Indonesia’s MSCI Shake-Up: New Giants Set to Join the Index This August?

Why MSCI Rebalancing Matters

MSCI indices are widely used by institutional investors worldwide. Any additions or removals directly impact fund flows, especially from global passive funds and ETFs. But the selection is not just about quantity—quality matters more.

According to capital market analyst Kartika Sutandi, global index providers like MSCI and FTSE do not simply look at how many companies are listed on the Indonesia Stock Exchange (IDX). They focus on the market strength and liquidity of each issuer.

🌟 Potential New Entrants: Barito Group Stocks Lead the Race

Among the top candidates to be added to the MSCI Indonesia Index are:

• PT Barito Renewables Energy Tbk (BREN)

• PT Petrosea Tbk (PTRO)

• PT Petrindo Jaya Kreasi Tbk (CUAN)

These stocks belong to the Barito Pacific Group—a conglomerate led by billionaire Prajogo Pangestu. According to Prasetya Gunadi, Head of Research at Samuel Sekuritas Indonesia, these three companies now meet the MSCI inclusion criteria after resolving previous exclusions related to concentrated ownership structures.

Other Strong Contenders: DSSA and SSIA

Two more names are gaining traction among analysts:

• PT Dian Swastatika Sentosa Tbk (DSSA)
  Backed by the Sinar Mas Group, DSSA is seen as a prime candidate for the MSCI Indonesia Standard Index. Key figures include:

  • Free-float Market Cap (FFMC): USD 6.6 billion

  • 12-month Average Daily Trading Value (ADTV): USD 7.2 million

  • Annual Traded Value Ratio (ATVR): above the 15% threshold

• PT Surya Semesta Internusa Tbk (SSIA)
  SSIA is considered a strong fit for the MSCI Small Cap Index, particularly after a 5.89% stake acquisition by the Djarum Group, which boosted its free-float market cap to USD 618 million—well above the USD 250 million benchmark. Its 12-month ADTV also exceeds the USD 1 million daily minimum, and ATVR remains safely above the 10% threshold.

Analysts Weigh In

Hadi Soegiarto, Head of Research at CGS International Sekuritas Indonesia, also agrees that DSSA has a high probability of entering the MSCI Standard Index, backed by both liquidity and market capitalization metrics.

Are you investing in Indonesian equities?
Stay updated with the latest MSCI rebalancing news and review your portfolio ahead of the August reshuffle. Potential index inclusions often drive pre-announcement rallies—don't miss the momentum!

The August MSCI review could mark a milestone for Indonesian capital markets, especially if more local champions gain recognition in global indices. With stocks like DSSA, CUAN, and BREN on analysts’ watchlists, the month ahead could bring significant shifts in investor attention and market flows.

Satra Sinar Abadi Group

As the August 2025 rebalancing window approaches, Morgan Stanley Capital International (MSCI)—a global benchmark index provider—is set to finalize its updated list of index constituents. The official announcement is expected on Thursday, August 7, 2025, with the changes going into effect starting August 27, 2025.

This periodic adjustment is closely watched by both local and foreign investors, especially as the inclusion of Indonesian blue-chip stocks could increase capital inflow and global exposure.