The performance of state-owned enterprise (SOE) stocks within the IDX BUMN 20 index throughout the year has outperformed both the benchmark IHSG and blue-chip stocks in the LQ45 index. While all indices have declined on a year-to-date (YtD) basis, the IDX BUMN 20 recorded the smallest correction. Based on Indonesia Stock Exchange (IDX) data as of Friday (19 June 2026), the SOE index fell only 17.28% YtD, compared with a 28.56% decline in the IHSG and a 28.02% drop in the LQ45 index. One contributing factor is the perception that SOE status adds intrinsic value to these companies.

In the mining sector, PT Bukit Asam Tbk (PTBA) is considered to hold a strategic position amid a single-window export policy that could pressure coal companies’ margins. As a state-owned entity, PTBA is seen as having a natural buffer against buyer resistance risks arising from the new export policy.

In addition to PTBA, PT Aneka Tambang Tbk (ANTM) is also supported by a new growth narrative through government assignments to develop an integrated nickel-based battery ecosystem. In banking, PT Danantara Indonesia is preparing a buyback program for undervalued Himbara bank shares. Meanwhile, in construction, the SOE ministry aims to complete the merger of construction SOEs this year, which is expected to improve the long-term financial health of state-owned construction firms through restructuring and efficiency gains.

“These factors lead investors to view SOE stocks as having more limited downside risk compared to the broader market,” said Senior Analyst Sukarno Alatas of Kiwoom Sekuritas Indonesia. He added that the outperformance of the IDX BUMN 20 is driven by attractive valuations, government policy support, and various corporate catalysts across SOE issuers.

According to him, the index’s strength is primarily supported by banking, mining, and telecommunications sectors. SOE banks benefit from buyback expectations and asset quality recovery, while mining names such as PTBA and ANTM are supported by commodity outlook and national downstreaming programs. Meanwhile, telecommunications company PT Telkom Indonesia Tbk (TLKM) is gaining investor attention as profitability improves and shareholder return potential increases.

Kiwoom Sekuritas Indonesia recommends buying TLKM (target price Rp3,630), MTEL (Rp705), JSMR (Rp3,850), ANTM (Rp4,800), BBRI (Rp3,500), BBNI (Rp4,400), BMRI (Rp5,300), and PGEO (Rp1,100).

Meanwhile, Equity Analyst at PT Indo Premier Sekuritas (IPOT), Imam Gunadi, explained that the large weighting of the banking sector is the main reason why IDX BUMN 20 has outperformed the IHSG. SOE banking stocks such as BMRI, BBRI, and BBNI posted strong gains after Himbara bank executives were summoned by Danantara, which the market interpreted as a positive signal of government commitment to strengthening SOE performance and valuations.

In addition, Danantara’s planned buyback of undervalued Himbara shares further strengthened market sentiment, as it is seen as both price support and a signal of long-term confidence from controlling shareholders in the banking sector outlook. A more favorable global environment, including easing geopolitical tensions between the U.S. and Iran, also boosted investor appetite for risk assets in emerging markets such as Indonesia.

At the same time, rupiah strength provided additional positive sentiment by reducing capital outflow pressure and improving foreign investor confidence in the domestic financial market.

From the commodities side, positive sentiment emerged after clarification of the single-window export policy through PT Danantara Sumberdaya Indonesia (DSI), which confirmed gradual implementation and eased market concerns over potential disruptions to contracts and mining margins. This gave room for mining stocks such as PTBA to regain investor interest.

Overall, the IDX BUMN 20 rally is still primarily driven by the banking sector, while mining and other SOE sectors provide additional support through favorable policy catalysts. As an additional recommendation, PGEO is suggested as a buy in the Rp850–Rp885 range with a target price of Rp970 and a stop loss below Rp830.

Disclaimer: this article is not intended as a recommendation to buy or sell stocks. Investment decisions remain entirely the responsibility of the reader.