Best Indonesian Stocks: October 2026
Quality 88: strong free cash flow and ROIC in the top 5% of its sector. Momentum 86: near its 52-week high and outperforming the market over 6 months. Value 76: a high yield and cheap on free cash flow.
October 2026 edition · data as of ·3 new, 3 out, biggest climb AALI.JK since September·Next edition forms ·How we score stocks·How past rankings did·All Indonesia stocks, refreshed daily
Top 25 Indonesian Stocks by StockRank
- New in October 2026: PT Mark Dynamics Indonesia Tbk MARK.JK, PT Samudera Indonesia Tbk SMDR.JK, PT Indo Tambangraya Megah Tbk ITMG.JK
- Dropped out: PT Mitra Pinasthika Mustika Tbk MPMX.JK, PT Jaya Real Property, Tbk. JRPT.JK, PT. Mitra Adiperkasa Tbk MAPI.JK
- Biggest climbs: PT Astra Agro Lestari Tbk AALI.JK #18 to #11, PT J Resources Asia Pasifik Tbk PSAB.JK #12 to #6, PT Selamat Sempurna Tbk SMSM.JK #19 to #13
- Biggest falls: PT Total Bangun Persada Tbk TOTL.JK #10 to #24, PT Asuransi Tugu Pratama Indonesia Tbk TUGU.JK #14 to #20, PT Perusahaan Perkebunan London Sumatra Indonesia Tbk LSIP.JK #5 to #10
What changed since September: 3 new, 3 out
- New in October 2026: PT Mark Dynamics Indonesia Tbk MARK.JK, PT Samudera Indonesia Tbk SMDR.JK, PT Indo Tambangraya Megah Tbk ITMG.JK
- Dropped out: PT Mitra Pinasthika Mustika Tbk MPMX.JK, PT Jaya Real Property, Tbk. JRPT.JK, PT. Mitra Adiperkasa Tbk MAPI.JK
- Biggest climbs: PT Astra Agro Lestari Tbk AALI.JK #18 to #11, PT J Resources Asia Pasifik Tbk PSAB.JK #12 to #6, PT Selamat Sempurna Tbk SMSM.JK #19 to #13
- Biggest falls: PT Total Bangun Persada Tbk TOTL.JK #10 to #24, PT Asuransi Tugu Pratama Indonesia Tbk TUGU.JK #14 to #20, PT Perusahaan Perkebunan London Sumatra Indonesia Tbk LSIP.JK #5 to #10
| # | Stock | Yield | P/E | Score | Q | V | M | Style · Activity | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Yield 16.9% | P/E 7.5 | 100 Score | 88 Q | 76 V | 86 M | Full HouseDeep dive → | ||
| 2 | Momentum 91: above its moving averages and outperforming the market over 6 months. Value 88: a high yield and cheap on P/E. Quality 83: strong free cash flow and interest well covered. | Yield 11.1% | P/E 5.8 | 100 Score | 83 Q | 88 V | 91 M | Full House | |
| 3 | Quality 84: strong free cash flow and low debt. Momentum 79: outperforming the market over 6 months and above its moving averages. Value 75: cheap on EV/EBITDA and cheap on P/E. | Yield 8.6% | P/E 5.9 | 100 Score | 84 Q | 75 V | 79 M | Full House | |
| 4 | Momentum 92: outperforming the market over 6 months and above its moving averages. Value 84: cheap on P/E and cheap on sales. Quality 60: F-Score 8/9 and high return on equity. | Yield 4.2% | P/E 4.4 | 100 Score | 60 Q | 84 V | 92 M | Full HouseBuyback | |
| 5 | Momentum 89: outperforming the market over 6 months and above its moving averages. Quality 86: high return on equity and strong free cash flow. Value 62: a high yield and cheap on P/E. | Yield 5.6% | P/E 13.3 | 100 Score | 86 Q | 62 V | 89 M | Full House | |
| 6 | Value 78: a high yield and cheap on P/E. Momentum 76: outperforming the market over 6 months and above its moving averages. Quality 73: F-Score 9/9 and high return on equity. | Yield 24.1% | P/E 4.3 | 100 Score | 73 Q | 78 V | 76 M | Full House | |
| 7 | Quality 81: high return on equity and strong free cash flow. Momentum 77: quarterly earnings growing and outperforming the market over 6 months. Value 67: cheap on P/E and cheap on EV/EBITDA. | Yield 1.9% | P/E 9.5 | 99 Score | 81 Q | 67 V | 77 M | Full House | |
| 8 | Quality 89: ROIC in the top 5% of its sector and high return on equity. Momentum 76: outperforming the market over 6 months and above its moving averages. Value 59: a high yield but far above book value. | Yield 5.4% | P/E 11.2 | 99 Score | 89 Q | 59 V | 76 M | Full House | |
| 9 | Value 77: cheap on EV/EBITDA and cheap on P/E. Quality 76: high gross profitability and strong free cash flow. Momentum 71: outperforming the market over 6 months. | Yield 1.8% | P/E 8.4 | 99 Score | 76 Q | 77 V | 71 M | Full House | |
| 10 | Value 82: cheap on EV/EBITDA and cheap on P/E. Quality 71: low debt and a liquid balance sheet. Momentum 66: above its moving averages and outperforming the market over 6 months. | Yield 4.8% | P/E 5.6 | 99 Score | 71 Q | 82 V | 66 M | Full House | |
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| 11 | Value 82: cheap on EV/EBITDA and cheap on P/E. Momentum 72: outperforming the market over 6 months and quarterly earnings growing. Quality 64: low debt and F-Score 9/9. | Yield 3.9% | P/E 8.9 | 99 Score | 64 Q | 82 V | 72 M | Full House | |
| 12 | Quality 76: a liquid balance sheet and high gross profitability. Momentum 71: outperforming the market over 6 months and above its moving averages. Value 68: a high yield and cheap on EV/EBITDA. | Yield 7.2% | P/E 13.1 | 99 Score | 76 Q | 68 V | 71 M | Full House | |
| 13 | Quality 85: wide operating margins and ROIC in the top 5% of its sector. Value 67: cheap on P/E and cheap on EV/EBITDA. Momentum 64: near its 52-week high and outperforming the market over 6 months. | Yield 4.7% | P/E 8.6 | 99 Score | 85 Q | 67 V | 64 M | Full HouseDeep dive → | |
| 14 | Value 89: cheap on EV/EBITDA and cheap on free cash flow. Momentum 69: quarterly earnings growing and above its moving averages. Quality 57: F-Score 8/8 but low gross profitability. | Yield 4.6% | P/E 7.8 | 99 Score | 57 Q | 89 V | 69 M | Full House | |
| 15 | Quality 81: a liquid balance sheet and low debt. Momentum 76: outperforming the market over 6 months and quarterly earnings growing. Value 56: a high yield but expensive on sales. | Yield 6.3% | P/E 11.9 | 98 Score | 81 Q | 56 V | 76 M | Full House | |
| 16 | Value 84: cheap on sales and cheap on free cash flow. Momentum 70: outperforming the market over 6 months and above its moving averages. Quality 58: strong free cash flow but a weak F-Score 4/9. | Yield 4.0% | P/E 7.0 | 98 Score | 58 Q | 84 V | 70 M | Full HouseBuyback | |
| 17 | Value 90: valuation ratios not meaningful for a financial. Momentum 75: quarterly earnings growing and outperforming the market over 6 months. Quality 46: mixed. | Yield 11.3% | P/E 5.5 | 98 Score | 46 Q | 90 V | 75 M | Second Wind | |
| 18 | Quality 87: F-Score 9/9 and high return on equity. Value 69: a high yield and cheap on P/E. Momentum 56: quarterly earnings growing but EPS deteriorating. | Yield 8.7% | P/E 8.7 | 98 Score | 87 Q | 69 V | 56 M | Full House | |
| 19 | Quality 83: wide operating margins and high return on equity. Momentum 76: above its moving averages and outperforming the market over 6 months. Value 52: a high yield but expensive on sales. | Yield 9.1% | P/E 10.8 | 98 Score | 83 Q | 52 V | 76 M | Full HouseDir. buy | |
| 20 | Value 84: cheap on sales and below book value; EV/EBITDA and P/FCF excluded. Momentum 65: outperforming the market over 6 months and above its moving averages. Quality 60: F-Score 7/7 and a liquid balance sheet. | Yield 6.3% | P/E 6.1 | 98 Score | 60 Q | 84 V | 65 M | Full House | |
| 21 | Value 81: a high yield and cheap on free cash flow. Quality 80: strong free cash flow and interest well covered. Momentum 47: EPS deteriorating. | Yield 8.6% | P/E 11.5 | 98 Score | 80 Q | 81 V | 47 M | Unloved Quality | |
| 22 | Value 87: cheap on EV/EBITDA and cheap on P/E. Momentum 75: outperforming the market over 6 months and quarterly earnings growing. Quality 47: wide operating margins but low gross profitability. | Yield 3.0% | P/E 7.4 | 97 Score | 47 Q | 87 V | 75 M | Second Wind | |
| 23 | Value 80: a high yield and cheap on P/E. Quality 64: a liquid balance sheet and high gross profitability. Momentum 64: outperforming the market over 6 months and quarterly earnings growing. | Yield 9.1% | P/E 7.8 | 97 Score | 64 Q | 80 V | 64 M | Full House | |
| 24 | Quality 76: high return on equity and ROIC in the top 5% of its sector. Momentum 73: outperforming the market over 6 months and above its moving averages. Value 60: a high yield and cheap on P/E. | Yield 7.1% | P/E 10.3 | 97 Score | 76 Q | 60 V | 73 M | Full House | |
| 25 | Value 75: a high yield and below book value. Quality 70: interest well covered and a liquid balance sheet. Momentum 61: outperforming the market over 6 months. | Yield 6.5% | P/E 7.9 | 97 Score | 70 Q | 75 V | 61 M | Full House | |
Ranked by StockRank (Quality + Value + Momentum composite) at a minimum market cap of $250M. Yield and P/E are as of the data date; click a ticker for today’s price and score. A new edition is generated on the first scoring run of each month.
Director buying reported in the 90 days to : PT Triputra Agro Persada Tbk TAPG.JK
Active share buybacks in the 180 days to : PT Sinar Mas Agro Resources and Technology Tbk SMAR.JK, PT Erajaya Swasembada Tbk ERAA.JK
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How Indonesia scores
Where the top 25 come from, and how the whole Indonesian market sits against the global universe. StockRank is a global percentile, so the universe splits evenly into five bands by construction; a market that piles up on the right is scoring well as a whole.
Top 25 by sector
- Consumer Defensive8
- Basic Materials4
- Consumer Cyclical3
- Industrials3
- Energy2
- Financial Services2
- Other3
Share of Indonesian stocks by StockRank band
- 0-1918% / 20%
- 20-3917% / 20%
- 40-5913% / 20%
- 60-7915% / 20%
- 80-10037% / 20%
Indonesiaall markets
Banks, Conglomerates and the Free-Float Problem
Indonesia is Southeast Asia's largest economy and its exchange is dominated by four banks and a handful of conglomerate groups, which is where nearly all the foreign money goes. Underneath them sit hundreds of mid caps, plantation companies, coal miners, industrial-estate developers, contractors and consumer brands, trading at single-digit multiples with almost no international coverage. The list below is where Quality, Value and Momentum agree.
MoatMap scored 299 Indonesian stocks on 2026-10-01; 157 cleared the $250M market-cap floor this list applies. The market's average StockRank is 58. Consumer Defensive is the most represented sector in the top 10 (3 names).
The Jakarta index is unusually top-heavy. Bank Central Asia, Bank Rakyat, Bank Mandiri and Bank Negara together make up a large share of the benchmark, and much of the rest belongs to family groups, Salim, Sinar Mas, Astra, Barito and Djarum among them, whose listed companies often have small free floats. The exchange lists close to nine hundred companies, but a long tail of them barely trade, and a number sit pinned at the exchange's minimum price. That is why this page applies a market-cap floor and why the ranked universe is a few hundred names rather than the full board: the companies below the floor cannot be bought or sold in size at the price the screen sees, and a top 25 that headlined them would be a list of numbers, not of investable businesses.
Commodities drive the composition. Indonesia is the world's largest exporter of thermal coal and palm oil and its largest nickel producer, and the government's ban on nickel-ore exports pushed a wave of smelting and downstream investment onshore. The coal miners in particular pay out a large share of earnings, so in a strong coal year they score high on Value and Momentum at once and crowd the top of the screen; in a weak year they vanish and plantation or consumer names take their place. Read the sector column before reading the list, and treat a materials-heavy top 25 as a statement about the cycle as much as about the companies.
Indonesian companies have a two-tier board. The Board of Directors runs the business and the Board of Commissioners supervises it, and both, along with holders of five percent or more, must report changes in their shareholding to the financial regulator and the exchange within a few working days under the current ownership-disclosure rule. MoatMap's Indonesia feed reads those filings from the exchange's announcement stream: director and commissioner rows are director dealings, substantial holders are the 5% category, and each transaction line carries the share count and rupiah price. It is the newest feed on the site and is still filling in, so an empty callout below the table this month reflects the feed's age more than the market's behaviour. Buyback disclosure is programme-level, an announcement rather than a daily print.
Foreigners can hold most Indonesian shares directly through an international broker, with sector-specific ownership limits in a few regulated industries. The rupiah is the part to respect. It is among the more volatile emerging-market currencies, sensitive to the dollar, to commodity prices and to the current account, and a year's equity return can be dominated by the currency leg in either direction. Dividends carry Indonesian withholding tax, reduced under treaties for some residents, and the local dividend culture is strong, so the gap between a headline yield and the cash that reaches a foreign holder is worth checking before comparing Jakarta yields against another market's.
Frequently Asked Questions
- What are the top-ranked Indonesian stocks right now?
- The table above ranks MoatMap's top 25 IDX-listed stocks by StockRank, a composite of Quality (ROIC, F-Score, leverage), Value (P/E, EV/EBITDA, P/B, shareholder yield) and Momentum (price trend plus earnings revisions). It refreshes monthly with a stated data date, and each ticker links to a full score breakdown.
- Is the Indonesian stock market just the big banks?
- By index weight, largely yes: four banks and a few conglomerate groups dominate the benchmark and attract most foreign flows. By opportunity set, no. The exchange has several hundred investable mid caps in coal, palm oil, nickel, cement, industrial estates, contractors, consumer staples and retail, most of them trading at single-digit earnings multiples with no international coverage. A factor screen is one of the few systematic ways to look at that tail.
- Why do so many Indonesian stocks pay high dividends?
- Commodity producers, coal miners above all, distribute a large share of their earnings, and family-controlled companies often prefer dividends to reinvestment. In a strong commodity year the yields look extraordinary and the companies crowd the top of the screen; in a weak year they fall away. Treat a commodity dividend as cyclical income, not a fixed coupon, and check the sector column before reading the yield.
- What is the difference between a director and a commissioner?
- Indonesian companies have two boards. Directors manage the company day to day; commissioners supervise the directors on behalf of shareholders. Both must disclose changes in their shareholdings, and MoatMap's feed treats both as director dealings for the purposes of the director-buying callout, with 5%-plus holders as a separate substantial-holder category.
- How can foreigners buy Indonesian stocks, and what about the rupiah?
- Most large international brokers offer direct IDX access and foreigners can hold most listed shares, with ownership limits in a few regulated sectors. The rupiah is volatile and can dominate a year's return, dividends carry withholding tax, and treaty relief depends on residency, so confirm the current treatment with your broker before comparing Indonesian yields with other markets.
- How often does this Indonesia ranking refresh?
- A new edition forms on the first scoring run of each calendar month and the page states its data-as-of date. Underlying scores recompute nightly; for the daily view, use the ranked-stocks screener filtered to Indonesia.