Overview of 2024 Market Performance
The Jakarta Composite Index (JCI) faced a challenging year in 2024, delivering a 3.7% decline in US dollar terms. This performance fell short of the MSCI Asia Pacific ex-Japan Index (MXASJ), which saw a robust return of 12.87%. Over the past three years, however, the JCI demonstrated resilience, posting a 5.6% gain compared to the MXASJ’s -2.51%. Notably, Singapore’s STI emerged as a top performer, with a 20.01% return in 2024 and a remarkable 39.56% gain over the 2022-24 period.
Sectoral Highlights
Energy Sector (IDXENER): Leading the Pack
The IDXENER sector outperformed all others in 2024 with an impressive 31.9% return. This stellar performance was driven by companies such as:
- PTRO: Achieved a remarkable gain of 426.3%.
- DSSA: Delivered a 362.5% return.
- GEMS: Posted an 83.2% gain.
- BREN: Contributed with a 24.1% return.
Healthcare Sector (IDXHLTH): Modest Gains
Healthcare managed a 2.2% return, buoyed by standout performers like:
- SRAJ: Recorded a staggering 686.7% gain.
- SILO: Achieved a 48.6% increase.
- HEAL: Delivered a 9.4% return.
Property Sector (IDXPROP): Positive Momentum
The IDXPROP sector saw a 1.9% gain, thanks to companies such as:
- JSPT: Achieved an extraordinary 651% gain.
- PANI: Notched a 226.5% return.
Company Analysis & Recommendations
Astra International (ASII)
Recommendation: BUY
Target Price: Rp 6,000
Potential Upside: 21.5%
Astra International remains a top pick in the automobile sector, with its strong fundamentals and robust market presence positioning it for continued growth.
Bank Mandiri (BMRI)
Recommendation: BUY
Target Price: Rp 8,120
Potential Upside: 40.0%
Bank Mandiri faced a slight decline (-5.8%) in 2024 but is poised for recovery. Its strong market capitalization and financial stability make it an attractive investment.
Bank Negara Indonesia (BBNI)
Recommendation: BUY
Target Price: Rp 6,560
Potential Upside: 42.3%
Despite a challenging year with a -19.1% return, Bank Negara Indonesia is expected to bounce back significantly, supported by strategic initiatives in the banking sector.
Bank Syariah Indonesia (BRIS)
Recommendation: BUY
Target Price: Rp 3,400
Potential Upside: 23.6%
Bank Syariah Indonesia showed resilience with a 56.9% gain and continues to be a key player in the Islamic banking space.
Cisarua Mountain Dairy (CMRY)
Recommendation: BUY
Target Price: Rp 6,000
Potential Upside: 22.4%
With a 34.7% return in 2024, Cisarua Mountain Dairy has proven its strength in the consumer goods sector, driven by strong product demand and market expansion.
Sido Muncul (SIDO)
Recommendation: BUY
Target Price: Rp 800
Potential Upside: 37.9%
Sido Muncul performed well, achieving a 12.4% return in 2024. The company’s focus on herbal products continues to resonate with consumers.
Kalbe Farma (KLBF)
Recommendation: BUY
Target Price: Rp 1,800
Potential Upside: 35.8%
Kalbe Farma remains a strong pick in the pharmaceutical sector, leveraging its innovative product pipeline and market leadership.
Summarecon Agung (SMRA)
Recommendation: BUY
Target Price: Rp 865
Potential Upside: 73.0%
Summarecon Agung is a standout in the property sector, with significant growth potential driven by strategic developments and robust demand.
Ciputra Development (CTRA)
Recommendation: BUY
Target Price: Rp 1,570
Potential Upside: 57.0%
Ciputra Development’s focus on residential and commercial property development positions it for strong future gains.
Ace Hardware Indonesia (ACES)
Recommendation: BUY
Target Price: Rp 1,200
Potential Upside: 60.0%
Ace Hardware Indonesia recorded solid performance and remains a top retail pick with its diversified product range and customer loyalty.
Gojek Tokopedia (GOTO)
Recommendation: BUY
Target Price: Rp 85
Potential Upside: 11.8%
Gojek Tokopedia continues to be a key player in the technology sector, leveraging its ecosystem to drive growth despite market challenges.
