Not Just BREN and DSSA: Here's the List of HSC Stocks
Jakarta, CNBC Indonesia — Morgan Stanley Capital International (MSCI) has announced an update regarding the evaluation of Indonesian securities’ free float as of 20 April 2026, as a follow-up to the index rebalancing freeze policy previously announced in January 2026.
In its statement, MSCI highlighted the capital market transparency reform policies implemented by the Financial Services Authority (OJK), the Indonesia Stock Exchange (BEI), and the Indonesian Central Securities Depository (KSEI).
The capital market reform policies include increased disclosure of shareholders holding more than 1%, more detailed investor classification, and the introduction of the High Shareholding Concentration (HSC) framework along with a roadmap to raise the minimum free float to 15%.
In the May 2026 index review, MSCI decided to maintain the temporary policy, namely continuing to freeze increases in the Foreign Inclusion Factor (FIF) and Number of Shares (NOS), not adding new stocks to the MSCI Investable Market Indexes (IMI), and not upgrading stocks between market capitalisation segments.
Additionally, MSCI may use 1% shareholder disclosure data to adjust free float estimates if necessary. However, other new data will not be incorporated into index calculations until the evaluation process is complete and input from market participants has been considered.
This step is taken to maintain index stability while allowing time for a comprehensive evaluation of the implementation of the new policies in the Indonesian capital market.
In line with this, MSCI also emphasised that stocks falling into the High Shareholding Concentration (HSC) category are potentially subject to exclusion from the indices, in accordance with applicable global policies.
In this context, two major issuers, PT Barito Renewables Energy Tbk (BREN) and PT Dian Swastatika Sentosa Tbk (DSSA), have come under the spotlight. Both stocks are at risk of being removed from the MSCI indices as they are included in the list of nine HSC stocks released by BEI and KSEI.
BREN and DSSA have very high ownership concentration levels of 97.31% and 95.76%, respectively. BREN is an entity owned by conglomerate Prajogo Pangestu, while DSSA is part of the Sinar Mas Group.
Besides these two stocks, there are seven other issuers on the HSC list based on data from BEI and KSEI as of 2 April 2026, namely PT Abadi Lestari Indonesia Tbk (RLCO) with 95.35% concentration, PT Rockfields Properti Indonesia Tbk (ROCK) at 99.85%, and PT Panca Anugrah Wisesa Tbk (MGLV) at 95.94%.
Additionally, there are PT Ifishdeco Tbk (IFSH) at 99.77%, PT Satria Mega Kencana Tbk (SOTS) at 98.35%, PT Samator Indo Gas Tbk (AGII) at 97.75%, and PT Lima Dua Lima Tiga Tbk (LUCY) with a concentration level of 95.47%.
The high ownership concentration in these stocks is considered to reduce liquidity and impact investability aspects, which is a key consideration in MSCI’s methodology.
Thus, MSCI is currently evaluating the effectiveness of the implemented reforms, including the use of shareholder disclosure data above 1% to refine free float estimates, while awaiting consistent implementation of the policies in practice.
The results of the further evaluation are scheduled to be announced in the Market Accessibility Review in June 2026, which could determine MSCI’s policy direction towards Indonesian stocks, particularly those in the HSC category.
BEI President Director Jeffrey Hendrik responded that BEI had met with MSCI on 16 April 2026 and appreciated that four proposals submitted had been acknowledged by MSCI.
“We will continue to communicate with index providers. We will also continue to engage with global investors to gather input for strengthening the capital market going forward,” he stated.