Two Shares Officially Enter LQ45 Index Today (3/8), Check Analyst Recommendations
Two shares have officially become members of the blue-chip LQ45 index on the Indonesia Stock Exchange (BEI) as of trading today, Monday, 3 August 2026. The exchange has revised the index composition, effective from 3 August to 30 October 2026, removing PT Semen Indonesia Tbk (SMGR) and PT Sarana Menara Nusantara Tbk (TOWR) and replacing them with PT Indika Energy Tbk (INDY) and PT Trimegah Bangun Persada Tbk (NCKL). Based on the BEI’s periodic evaluation announced on 27 July 2026, INDY enters the LQ45 with a weight of 0.25 percent, while NCKL has a weight of 0.46 percent. Both shares were selected for meeting the exchange’s liquidity and market capitalisation criteria, and their inclusion broadens the sector exposure of an index previously dominated by large-cap banking stocks.
Korea Investment & Sekuritas Indonesia (KISI) Head of Research Muhammad Wafi stated that INDY’s performance prospects for the second half of 2026 remain quite constructive. He noted that the thermal coal business continues to provide solid cash flow, supported by elevated commodity prices due to a war premium. Furthermore, Indika Energy’s diversification into the electric vehicle (EV) and renewable energy sectors serves as a long-term catalyst that could potentially lead to a rerating of the company’s valuation. However, Wafi cautioned that INDY is a high-beta stock, meaning its share price tends to be more volatile than the broader market. Should coal prices normalise or the war premium ease, a sharp correction in INDY’s share price could occur.
Conversely, the outlook for NCKL appears more challenging. Wafi assessed that NCKL’s entry into the LQ45 was driven more by a surge in retail trading liquidity rather than a significant improvement in its fundamentals. The global nickel industry continues to face structural oversupply pressures, reflected in nickel prices hovering around US$16,000 per tonne. Although PT Trimegah Bangun Persada Tbk possesses High Pressure Acid Leach (HPAL) technology capable of producing battery-grade nickel, a slowdown in global electric vehicle demand has reduced the expected valuation premium. From an investment perspective, Wafi favours INDY over NCKL for the second half of 2026, citing a clearer growth catalyst mix of strong coal cash flow and future energy diversification, while advising caution regarding NCKL due to ongoing fundamental pressures in the global nickel industry.