Boy Thohir’s Empire is Dominating the Indonesia Stock Exchange in 2026

JAKARTA, Investortrust.id — The portfolio of Indonesian billionaire Garibaldi "Boy" Thohir is single-handedly rewriting the 2026 leaderboard on the Indonesia Stock Exchange (IDX). While other major industrial groups face massive selling pressure, Thohir’s diverse empire—spanning coal, gold, and finance—is surging to new heights, with four of his key entities now ranking among the country's top 10 market leaders.

Leading the charge is PT Adaro Andalan Indonesia Tbk (AADI), the energy play that has notched a spectacular 64.54% gain year-to-date. This rally is followed closely by PT BFI Finance Indonesia Tbk (BFIN), a major player in the country’s multi-finance sector, which surged 58.67% over the same period.

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The outperformance of the "Thohir Group" marks a significant shift in capital allocation within Southeast Asia’s largest economy. For global fund managers, this trend highlights a pivot toward companies with high operational efficiency and exposure to the energy transition. While other Indonesian conglomerates like those led by Prajogo Pangestu or the Sinarmas Group are "tumbling" in value, Thohir’s focus on gold and energy extraction has provided a defensive yet high-growth hedge against regional volatility.

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Dominating the Jakarta Composite Index

The impact of these gains is not just isolated to individual stock prices; they are fueling the entire Jakarta Composite Index (IHSG). PT Merdeka Gold Resources Tbk (EMAS), the gold mining arm of his Merdeka empire, has been the single largest contributor to the index’s growth, adding +36.18 points behind a 60.81% price surge.

Other heavyweights in the portfolio, including PT Merdeka Copper Gold Tbk (MDKA) and the flagship PT Adaro Energy Indonesia Tbk (ADRO), have surged 38.63% and 38.46% respectively. These entities provided a combined +38 points to the IHSG, effectively acting as the market's primary support system while other sectors languished.

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A Divergent Landscape

The momentum is not universal across all Thohir-affiliated names, but the gains far outweigh the losses. While PT Surya Esa Perkasa Tbk (ESSA), an ammonia and LPG producer, accelerated with a 41.46% gain, a few outliers saw red. PT Trimegah Sekuritas Indonesia Tbk (TRIM) fell -11.63%, and the financing arm PT Wahana Ottomitra Multiartha Tbk (WOMF) weakened by 8.02%.

Despite these minor setbacks, the narrative for 2026 remains clear. As of early May, BFIN and ESSA are showing signs of further acceleration. This sustained rally underscores a growing market consensus: in the current Indonesian economic climate, Thohir’s strategic bet on "hard assets" like gold and coal infrastructure is the winning play for 2026.