PT Reliance Sekuritas Indonesia Tbk Stock 2027: Financial Analysis, Valuation, Growth Potential, and Risks
Published: October 30, 2025
Last Updated: October 7, 2026
Financial data and analysis reviewed as of October 7, 2026.
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| PT Reliance Sekuritas Indonesia Tbk |
Worldreview1989 - For American investors looking beyond U.S. stocks, Indonesia's securities industry offers an interesting way to gain exposure to the growth of retail investing, capital-market activity, digital financial services, and corporate fundraising.
One company worth watching is PT Reliance Sekuritas Indonesia Tbk (IDX: RELI), an Indonesian securities company involved in securities brokerage and underwriting.
The investment case for RELI in 2027 is not simply a question of whether Indonesia's stock market will rise. The more important question is whether Reliance can convert higher market activity into sustainable earnings and higher returns on shareholder capital.
That distinction is critical.
Check : Indonesia Stock Exchange Listed Companies Directory
What Does Reliance Sekuritas Do?
PT Reliance Sekuritas Indonesia Tbk was established in 1993 and has been listed on the Indonesia Stock Exchange since July 13, 2005 under the ticker RELI. Its principal activities include securities brokerage and securities underwriting.
The company had 69 employees at December 31, 2025, while its controlling shareholder was PT Reliance Capital Management. The 2025 annual report reported approximately 85.65% ownership by Reliance Capital Management and 14.35% public ownership.
For an American investor, RELI should therefore be viewed less like a traditional commercial bank and more like a capital-markets infrastructure and brokerage business.
Its earnings can be influenced by:
Stock-market trading activity
Brokerage commissions
Corporate-action mandates
Underwriting activity
Investment income
Capital-market sentiment
Digital investment adoption
Institutional and retail investor participation
This creates both an opportunity and a major risk: earnings can be highly sensitive to market conditions.
2025 Financial Performance: The Starting Point for a 2027 Forecast
Reliance's 2025 audited annual report provides an important baseline.
The company reported:
| Financial Metric | 2025 |
|---|---|
| Revenue | Rp58.80 billion |
| Net Income | Rp22.90 billion |
| Total Assets | Rp751.47 billion |
| Total Liabilities | Rp221.39 billion |
| Total Equity | Rp530.09 billion |
The company stated that 2025 revenue exceeded its target of Rp52.36 billion, although net income of Rp22.90 billion remained below its Rp25.27 billion target.
The balance sheet also expanded substantially. Assets increased to Rp751.47 billion, while liabilities reached Rp221.39 billion and equity increased to Rp530.09 billion.
The first important observation
Reliance was profitable in 2025, but the quality of that profitability deserves closer examination.
Using reported 2025 numbers:
Net Profit Margin
Rp22.90 billion ÷ Rp58.80 billion ≈ 38.9%
That appears extremely attractive at first glance.
However, investors should not automatically interpret a high net margin as evidence of a superior long-term competitive advantage.
Securities companies can experience significant changes in investment income and market-related earnings. Therefore, an investor should examine earnings composition, not just the headline net profit.
The Most Interesting Part of RELI's 2025 Numbers
The company's segment profitability provides a useful clue.
According to the 2025 annual report:
| Business Segment | 2025 Profitability |
|---|---|
| Securities Brokerage | Rp14.67 billion |
| Underwriting | — |
| Investment | Rp42.24 billion |
| Total | Rp56.91 billion |
Investment activities increased from Rp24.35 billion in 2024 to Rp42.24 billion in 2025, a gain of approximately 73.5%.
Brokerage profitability increased from Rp12.93 billion to Rp14.67 billion, or approximately 13.5%.
This creates one of the most important analytical questions for a 2027 investor:
Is RELI primarily becoming a stronger brokerage franchise, or is its earnings profile increasingly dependent on investment-related income?
That distinction matters enormously.
A brokerage franchise can potentially benefit from recurring client trading activity and market-share expansion.
Investment income can be more cyclical.
For a long-term investor, I would therefore give greater value to recurring brokerage and advisory income than to one-off or highly market-sensitive investment gains.
A U.S. Investor's Perspective on RELI
There is no sufficiently broad, reliable database of American customer reviews specifically covering RELI that would justify presenting invented “U.S. reader reviews.”
Instead, the more useful approach is to ask:
What would a U.S. investor probably examine before buying an Indonesian brokerage stock?
The questions would likely be:
How sustainable is earnings growth?
How much of earnings comes from recurring brokerage operations?
Is the stock cheap relative to book value?
Does management generate attractive ROE?
How liquid is the stock?
How concentrated is ownership?
What happens during a bear market?
Can digital investing increase customer acquisition?
Can the company win IPO and corporate-finance mandates?
Is the current share price already discounting future growth?
These questions are more useful than simply asking whether RELI's share price might rise.
Indonesia's Capital Market Provides a Long-Term Growth Opportunity
The structural opportunity for Indonesian securities companies is significant.
OJK reported that Indonesia had approximately 30.06 million capital-market investors by July 2026, representing 47.63% year-to-date growth. OJK also reported the continued development of the country's digital financial ecosystem.
That is potentially important for securities companies.
More investors can mean:
More investors → more accounts → more transactions → more commissions → greater operating leverage.
But the relationship is not automatic.
If investor numbers increase while trading activity per investor remains low, the benefit to a brokerage company may be smaller than headline investor growth suggests.
This is why RELI investors should monitor transaction value, active accounts, brokerage revenue and market share, rather than simply counting the number of Indonesian investors.
Regulatory Change Is a Major 2027 Consideration
OJK introduced POJK No. 3 of 2026, which strengthens the regulatory framework for securities companies and establishes three categories of securities-company business capacity: PEKU 1, PEKU 2 and PEKU 3.
The regulation also raises minimum paid-in capital and adjusted net working capital requirements depending on the company's business category.
For the industry, this can have two opposite effects.
Positive effect
Higher capital and governance requirements may strengthen the industry's overall credibility and create barriers to entry.
Negative effect
Smaller securities companies may need additional capital, technology investment, compliance spending and risk-management infrastructure.
For RELI, investors should therefore watch whether regulatory requirements translate into:
Higher capital requirements
Higher technology spending
Higher compliance costs
Greater competitive pressure
Opportunities to gain market share from weaker competitors
This is an important 2027 variable.
RELI Stock Valuation
At around Rp545 per share on October 8, 2026, market data showed a market capitalization of approximately Rp981 billion and 1.8 billion tradeable shares.
Using 2025 equity of approximately Rp530.09 billion and 1.8 billion shares gives an approximate:
Book Value Per Share = Rp294.50
At Rp545:
Price-to-Book Value ≈ 1.85x
That is not an obviously cheap valuation.
The stock therefore needs either:
Higher ROE,
Higher sustainable earnings,
Greater brokerage market share,
Stronger advisory/underwriting income,
or a meaningful improvement in capital efficiency
to justify a premium valuation.
This is where RELI becomes particularly interesting.
The ROE Problem
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| PT Reliance Sekuritas Indonesia Tbk |
With approximately Rp22.90 billion of 2025 net income and Rp530.09 billion of year-end equity, the simple year-end equity return calculation is:
22.90 ÷ 530.09 ≈ 4.3%
This is relatively modest.
That creates an unusual valuation situation.
The market can value RELI at approximately 1.8x book value, while the company's return on equity is only around the mid-single digits based on 2025 figures.
For a value investor, that raises an important question:
Why should investors pay a significant premium to book value for a company that currently produces only a modest return on equity?
The answer must come from future growth.
If ROE remains low, a premium PBV multiple becomes harder to defend.
If ROE rises materially through higher recurring earnings, the current valuation could become more reasonable.
RELI's 2027 Bull Case
The bullish case for RELI is based on operating leverage.
Imagine Indonesia's capital market experiences another period of strong growth in:
retail investors,
daily trading activity,
IPOs,
bond issuance,
corporate restructuring,
investment products,
digital brokerage adoption.
In that environment, RELI could potentially benefit from multiple revenue channels simultaneously.
The company's own 2026 strategy has emphasized strengthening its core brokerage and underwriting businesses, digital infrastructure and advisory services. The company also presented plans related to IPO and bond-market mandates.
If these initiatives successfully increase recurring revenue, earnings could grow faster than expenses.
That would create operating leverage.
For example:
Revenue growth → higher transaction income → relatively slower expense growth → higher operating margin → higher ROE → potentially higher valuation.
That is the most compelling version of the RELI 2027 investment thesis.
RELI's Bear Case
The bear case is equally important.
A securities company is highly exposed to market conditions.
If Indonesia experiences:
lower equity trading activity,
falling market sentiment,
declining IPO activity,
weaker corporate financing,
foreign capital outflows,
higher interest rates,
geopolitical stress,
brokerage and investment income can weaken.
OJK reported that Indonesia's financial sector remained stable in September 2026 despite increased global uncertainty, but also highlighted geopolitical risks, inflation pressures and tighter global monetary conditions.
For RELI, this means investors should not extrapolate one strong earnings year indefinitely.
The 2025 result may not represent normalized earnings.
The Liquidity Risk U.S. Investors Should Not Ignore
Another issue is share liquidity.
RELI is a small-cap Indonesian stock.
At approximately Rp545 per share and around Rp981 billion in market capitalization, it is substantially smaller than Indonesia's major banks, telecommunications companies and large consumer businesses.
The public ownership structure also deserves attention.
The 2025 annual report reported 14.35% public ownership, while later market disclosures have reflected changes in the free-float structure.
For an American investor, this creates additional risks:
Wider bid/ask spreads
Lower trading liquidity
Greater price volatility
Difficult exits during market stress
Greater sensitivity to individual orders
Therefore, RELI should not be evaluated using the same liquidity assumptions as a U.S. large-cap stock.
A Simple 2027 Scenario Model
Rather than pretending to know RELI's exact 2027 share price, a scenario approach is more appropriate.
Assume 2027 EPS develops under three broad scenarios.
| Scenario | 2027 EPS Assumption | Illustrative P/E | Implied Value |
|---|---|---|---|
| Bear | Rp10 | 25x | Rp250 |
| Base | Rp15 | 30x | Rp450 |
| Bull | Rp20 | 35x | Rp700 |
These are analytical scenarios, not company guidance or price targets.
The key insight is that RELI's valuation becomes much more attractive if sustainable EPS reaches Rp15–20 per share.
At Rp20 EPS, a Rp545 share price would represent only about 27x earnings.
At Rp10 EPS, however, Rp545 would represent approximately 54.5x earnings.
Therefore:
The investment outcome depends more on future normalized EPS than on today's headline P/E.
An Alternative PBV Scenario
Because RELI is a financial-services company, book value is another useful valuation tool.
Using an approximate 2025 book value per share of Rp294.50:
| PBV Scenario | Approximate Value |
|---|---|
| 1.0x | Rp295 |
| 1.25x | Rp368 |
| 1.50x | Rp442 |
| 1.75x | Rp515 |
| 2.0x | Rp589 |
| 2.25x | Rp663 |
| 2.50x | Rp736 |
This illustrates something important.
At around Rp545, the stock already trades at approximately 1.85x book value.
Consequently, investors should not buy RELI simply because its share price looks small in rupiah terms.
A Rp500–Rp700 Indonesian share is not necessarily cheap.
Valuation is about earnings, book value, cash generation and return on capital—not the nominal share price.
What Could Make RELI Stock Attractive in 2027?
I would watch five indicators.
1. Brokerage revenue growth
This is perhaps the most important operating indicator.
If brokerage revenue consistently grows faster than the market, that could indicate increasing competitiveness.
2. Recurring earnings quality
Investment gains should not be treated as equivalent to recurring brokerage revenue.
A healthier business model would increasingly rely on sustainable client and advisory income.
3. ROE
This may be the most important valuation indicator.
A move from approximately 4% ROE toward 8–10% would materially improve the investment argument.
A move above 10% would make a premium valuation considerably easier to defend.
4. IPO and underwriting pipeline
A strong Indonesian IPO market could create meaningful opportunities for securities companies.
Reliance's participation in IPO and corporate-finance activities should therefore be monitored.
5. Free float and trading liquidity
Improved free float could potentially improve price discovery and institutional investor participation.
What American Investors Should Know Before Buying RELI
An American investor buying RELI is taking several layers of risk.
Currency risk
The investment is denominated in Indonesian rupiah.
Even if RELI rises in rupiah terms, a weakening rupiah against the U.S. dollar can reduce the investor's USD return.
Country risk
Indonesia offers long-term growth potential, but emerging-market political, regulatory and macroeconomic risks can be higher than those faced by U.S. large-cap stocks.
Liquidity risk
Small-cap Indonesian securities can experience substantially lower liquidity than NYSE or Nasdaq-listed companies.
Market-cycle risk
Brokerage companies generally benefit from active markets but can suffer when investors reduce trading activity.
Valuation risk
A small company can appear attractive because of its growth story while still being expensive relative to its current earnings power.
RELI Stock 2027: My Analytical View
From a long-term perspective, I would categorize RELI as a speculative emerging-market financial-services opportunity rather than a conventional value stock.
The positive case is compelling:
Indonesia's investor base continues to expand.
Capital-market participation is growing.
Digital investment adoption is increasing.
RELI has an established operating history.
The company is active in brokerage and underwriting.
Its investment segment produced strong profitability growth in 2025.
Corporate-finance and advisory activity could provide additional growth.
However, there are equally important weaknesses:
ROE remains relatively modest.
Earnings quality needs to be monitored.
Investment income can be cyclical.
The stock is relatively small.
Liquidity can be a significant issue.
A premium PBV requires stronger future profitability.
Regulatory capital and technology requirements may increase costs.
Therefore, my central thesis is:
RELI could become significantly more interesting in 2027 if management can transform market participation growth into higher recurring brokerage/advisory earnings and materially improve ROE.
Without that improvement, the stock may struggle to justify a premium valuation.
RELI 2027 Investment Framework
For investors evaluating the stock, I would use the following framework:
Bullish
Brokerage revenue accelerates
Advisory/underwriting mandates increase
Investment income remains supportive
ROE moves toward double digits
EPS grows sustainably
Free float and liquidity improve
Neutral
Revenue grows moderately
Earnings remain volatile
ROE remains around mid-single digits
Valuation remains around 1.5–2.0x book value
Bearish
Trading activity declines
Investment income falls
Brokerage growth stagnates
ROE remains weak
EPS declines
Investors continue assigning a premium valuation
Bottom Line: Is RELI Stock a Buy for 2027?
For an American investor seeking a high-risk exposure to Indonesia's expanding capital-market ecosystem, RELI deserves a place on a watchlist.
But I would not classify it as an obvious bargain at current valuation levels.
The most important question for 2027 is not:
“Can RELI reach Rp700?”
The better question is:
“Can Reliance generate enough recurring earnings and ROE to justify a valuation substantially above book value?”
That is the central investment debate.
If the company can increase recurring brokerage and advisory income, capture more corporate-finance mandates and improve capital efficiency, the upside case becomes much stronger.
If earnings remain dependent on volatile investment results while ROE stays low, the stock could remain a speculative small-cap security rather than a high-quality compounder.
My 2027 stance: WATCH / SPECULATIVE, with a preference for buying only when valuation provides an adequate margin of safety and when improving operating results confirm the growth thesis.
Primary Sources and Investor References
PT Reliance Sekuritas Indonesia Tbk — 2025 Annual & Sustainability Report
Reliance Sekuritas 2025 Annual Report
PT Reliance Sekuritas Indonesia Tbk — Financial Reports
Reliance Sekuritas Financial Reports
Indonesia Stock Exchange — RELI / Reliance Sekuritas
Indonesia Stock Exchange — Reliance Sekuritas
Otoritas Jasa Keuangan — Securities Companies
OJK — Securities Companies Data
OJK — POJK No. 3/2026 and Strengthening of Securities Companies
OJK — Strengthening the Securities Industry in 2026
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