Finding a "multibagger"—a stock that gives returns several times its original cost—is the holy grail for Indonesian investors. As we head into 2026, the Indonesia Stock Exchange (IDX) is showing signs of a "Goldilocks" economy: stable growth combined with high liquidity.
With the Jakarta Composite Index (IHSG) projected by major firms like JP Morgan and Mandiri Sekuritas to potentially hit the 9,100 to 10,000 range by 2026, the environment is ripe for specific companies to outperform the broader market.
Here is an in-depth analysis of the sectors and stocks with multibagger potential for 2026.
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| Here is an in-depth analysis of the sectors and stocks with multibagger potential for 2026 |
1. The "Danantara" & Macro Catalyst
The establishment of Danantara (Indonesia’s Sovereign Wealth Fund) is a massive game-changer. With a mandate to stabilize and invest heavily in the domestic market, it provides a "safety floor" for blue-chip and state-owned enterprise (SOE) stocks. Coupled with expected BI Rate cuts of around 50 bps in 2026, capital is likely to flow from savings into high-growth equities.
2. Top Sectors with Multibagger Potential
A. Digital Infrastructure & Data Centers
As Indonesia pushes for a digital economy, the need for data storage is exploding. Companies managing data centers and fiber optic networks are no longer just "telcos"—they are the backbone of the future.
Key Stock to Watch: Indosat Ooredoo Hutchison (ISAT). With aggressive expansion in data services and operational efficiency, analysts see a significant upside.
The Dark Horse: DCI Indonesia (DCII). While already priced at a premium, its dominance in the Tier IV data center market makes it a long-term growth monster.
B. The EV Battery & Green Metals Chain
Indonesia holds the world's largest nickel reserves, and 2026 will be the year many downstream processing plants (smelters) reach full capacity.
Key Stock to Watch: Merdeka Battery Materials (MBMA) and Trimegah Bangun Persada (NCKL). These companies are at the heart of the global electric vehicle supply chain. If nickel prices stabilize and production ramps up, their valuations could see exponential growth.
C. Consumer Goods & Poultry (The Policy Beneficiaries)
The government’s "Free Nutritional Meal" (Makan Bergizi Gratis) program, with a budget of hundreds of trillions of Rupiah, is a direct catalyst for the food industry.
Key Stock to Watch: Japfa Comfeed (JPFA) and Charoen Pokphand Indonesia (CPIN). Increased demand for chicken and eggs directly impacts their bottom line.
Consumer Staples: Indofood CBP (ICBP) remains a defensive yet high-growth play due to its massive international footprint.
3. How to Identify a Multibagger in the IDX
To find the next "10-bagger," look for these four specific traits:
Low Free Float to High Growth: Stocks where the public shareholding is increasing, often leading to better liquidity and price discovery.
Debt-to-Equity Ratio: In a high-interest environment, companies with low debt survive; in a rate-cut environment (2026), they thrive.
The "LKH" Method: Following the wisdom of Lo Kheng Hong (Indonesia's Warren Buffett), look for companies with a Price-to-Book Value (PBV) < 1 but with consistently growing Net Profit.
Sector Tailwinds: Always align with the National Long-Term Development Plan (RPJPN).
4. Risks to Consider
No investment is without risk. For 2026, investors should monitor:
Rupiah Volatility: A weak Rupiah can hurt companies with high US Dollar-denominated debt.
Global Geopolitics: Trade wars can impact Indonesia’s commodity exports.
Summary of Potential Picks for 2026
| Ticker | Sector | Potential Catalyst |
| ISAT | Technology/Telco | 5G expansion & Data Center integration |
| NCKL | Basic Materials | EV Battery supply chain maturity |
| JPFA | Consumer Non-Cyclical | Government nutritional programs |
| BRIS | Finance (Sharia) | Dominance in the growing Sharia banking niche |
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing.
Would you like me to analyze the fundamental financial ratios (like PER and PBV) for one of these specific stocks?
This video provides a deep dive into the macroeconomic "roadmap" for the Indonesian stock market, explaining why the index is projected to reach new heights by 2026.