Quick Note - Indonesia Flow Radar - May-26: A trading market

研报英文原文证据摘录

Quick Note - Indonesia Flow Radar - May-26: A trading market

Nomura Securities Malaysia Sdn Bhd

4 June 2026Indonesia Flow Radar

EQUITY: EQUITY STRATEGY

May-26: A trading market Research Analysts

Indonesia Research Team

Tushar Mohata, CFA - NSMQuick Note tushar.mohata@nomura.com

+60(3)20276895

Flocking back to Financials, TMT, and FMCG

May-26 flows mark a near-complete reversal to that of April’s: investors sold commodities Onshore expert

and rotated back into conventional blue-chips such as financials, TMT, and FMCG, with Jupriadi Tan (jupriadi.tan@verdhana.id)

both local and foreign institutions crowding into the same trade. In our view, the whipsaw

underscores that the market remains highly sensitive to policy direction and narratives, Gerald Hugo (gerald.hugo@verdhana.id)

trading on news flow rather than fundamentals. We attribute the shift to elevated

Theonshoreexperts,whoareuncertainty across the commodity sector following recent news flows (see here and here employedbyPTVerdhanaSekuritas

). We continue to prefer USD earners and high-yield domestic names. Indonesia(“Verdhana”)andarenot

Local investors’ top adds: TLKM, BBCA, BBRI, BBNI; top sell: MDKA licensedoutsideIndonesia,have

Amid elevated commodity-sector uncertainty, domestic institutions rotated into TMT and contributedtothecontentofthis

financials, recovering their lightest weightings since 2023. TMT exposure rose to 9.1% of reportunderapartnershipagreement

AUM (Apr-26: 7.8%), driven by TLKM at 7.2% (vs Apr-26: 6.0%). betweenNomuraandVerdhana.

Financials exposure climbed to 28.8% of AUM (Apr-26: 26.1%) as local investors raised

holdings in the four large banks by 0.3-0.9% of AUM each. In FMCG, the top adds were

ICBP and INDF, and UNVR. A reduction in Metal stocks was the consensus call, with the