Indonesia Flow Radar: June-26: Stay defensive, deploy selectively Quick Note

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Indonesia Flow Radar: June-26: Stay defensive, deploy selectively Quick Note

Nomura Securities Malaysia Sdn Bhd

9 July 2026Indonesia Flow Radar

EQUITY: EQUITY STRATEGY

June-26: Stay defensive, deploy selectively Research Analysts

Indonesia Research Team

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

+60(3)20276895Jun-26 flows reaffirm investors' defensive stance. Fund managers raised cash for a

second straight month and rotated into FMCG, retail, and financials while trimming Onshore expert

positions in commodities and telco. The telco round trip within a month suggests

positioning horizons have shrunk from quarters to weeks, with investors reacting to Jupriadi Tan (jupriadi.tan@verdhana.id)

headlines and policy direction rather than changes in fundamentals, in our view. With Gerald Hugo (gerald.hugo@verdhana.id)

catalysts limited, we prefer to hold cash reserves while selectively allocating to

beaten-down quality names, select USD earners, and high-yield localized-demand Theonshoreexperts,whoare

names employedbyPTVerdhanaSekuritas

Indonesia(“Verdhana”)andarenot

Local investors add beaten-down names licensedoutsideIndonesia,have

AMRT (Buy), BBCA (Buy), and KLBF (Buy) were the most added by domestic fund contributedtothecontentofthis

managers in Jun'26 (0.3–0.5% of AUM). Earnings for these names have continued to reportunderapartnershipagreement

advance while prices hover near five-year lows, leaving valuations at close to decade betweenNomuraandVerdhana.

lows. Even post-rotation, BBCA and AMRT remain among the biggest UWs in their

respective sectors, suggesting the rotation has room to run.

TLKM and commodities funded the move. Within commodities, gold and O&G recorded

the largest trims, as a hawkish rate outlook dented gold's appeal while the Middle East