Foreign Investors Accumulate Rp 6.16 Trillion in TLKM, BBRI, ASII Shares — Here’s Where Analysts Say They're Headed
Main Takeaways
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JAKARTA, Investortrust.id — Shares of Telkom Indonesia, Bank Rakyat Indonesia, and Astra International have attracted Rp 6.16 trillion, or $381 million, in foreign inflows over the past month, topping the list of most accumulated stocks on the Indonesia Stock Exchange and outpacing the bourse’s total net buy figure.
According to exchange data, PT Telkom Indonesia Tbk, or TLKM, led the foreign net buy tally with Rp 2.65 trillion, followed by PT Bank Rakyat Indonesia Tbk, or BBRI, with Rp 2.38 trillion, and PT Astra International Tbk, or ASII, with Rp 1.13 trillion.
Together, these three stocks accounted for more than the entire Rp 4.15 trillion net foreign inflow recorded on the exchange over the same period. Meanwhile, the biggest foreign net sell positions came from PT Bank Central Asia Tbk, or BBCA, with Rp 1.69 trillion, followed by PT Indofood CBP Sukses Makmur Tbk (ICBP) with Rp 616.28 billion, and PT Bank Mandiri Tbk, or BMRI, with Rp 541.89 billion.
Share prices rose in tandem with the strong foreign buying. TLKM surged 23.97% to Rp 3,310, while ASII gained 6.46% to Rp 5,025 and BBRI climbed 5.10% to Rp 4,120 over the past month.
Price Targets Signal Further Upside
BRI Danareksa Sekuritas has maintained a “buy” call on TLKM with a target price of Rp 3,500, citing a potential re-rating for the telecommunications sector in the second half of 2025. The valuation combines a five-year EV/EBITDA expansion and a discounted cash flow (DCF) approach.
The estimate reflects a revised full-year profit forecast of Rp 20.88 trillion, down from a previous projection of Rp 23.64 trillion. Revenue is also expected to be lower at Rp 145.55 trillion from the earlier Rp 149.96 trillion target. In the first half of 2025, TLKM posted Rp 73 trillion in revenue and Rp 10.97 trillion in net income.
Meanwhile, BBRI has received widespread endorsement from analysts. Out of 18 brokerages tracked over the past three months, 12 issued a “buy” rating while six recommended “hold.” The average target price stands at Rp 4,500, indicating a potential upside of 9.24% from its current level.
As for ASII, Mandiri Sekuritas has set a target price of Rp 6,350, reflecting a 26.36% upside from its last close. The recommendation takes into account Astra’s first-half net income of Rp 15.5 trillion, which was in line with both the brokerage’s estimate and the consensus among analysts.
Significant Undervalued Stock
Astra International Tbk (ASII) appears to be significantly undervalued relative to its fair value projections, with a potential upside of 51.6% from its current price of Rp 5,025, according to Investing.com’s valuation models. The platform estimates the stock’s average fair value at Rp 7,618, with a spread range from Rp 6,283 to Rp 9,788, indicating low uncertainty and broad analyst confidence in future gains.
Sentiment around ASII remains largely positive, supported by its strong shareholder yield and attractive dividend payouts. Despite trading at a relatively high price-to-earnings (P/E) ratio when compared to near-term earnings growth, the stock is still seen as trading at a low earnings multiple on a broader basis — a dynamic that has caught the attention of long-term investors.
Source: Investing.com, data are updated as of the time of publication.
Analyst sentiment aligns with this view, with 21 analysts placing the average target at Rp 5,523 and a bullish InvestingPro model target of Rp 7,618. Financial health indicators show balanced fundamentals: solid relative value (score: 4) and moderate profitability, price momentum, and cash flow health (each scoring 3), though growth health lags slightly (score: 2).
Overall, ASII is perceived as a dividend-rich, value-oriented conglomerate with room for re-rating, particularly if earnings growth expectations begin to accelerate in upcoming quarters.
Attractive amid Volatility
Shares of PT Telkom Indonesia (Persero) Tbk (TLKM) remain attractively valued despite recent volatility, with Investing.com models assigning an average fair value of Rp 4,453 — implying a 34.5% upside from the current price of Rp 3,310. The spread range for valuation is between Rp 3,384 and Rp 6,272 with low uncertainty, signaling consistent optimism among analysts and valuation models.
Twenty-three analysts have placed a target price near Rp 3,323, in line with current market levels, but well below the modeled fair value, indicating possible conservative short-term expectations amid mixed sentiment.
Source: Investing.com, data are updated as of the time of publication.
Despite two recent downward revisions in earnings forecasts and a Relative Strength Index (RSI) that places the stock in overbought territory, TLKM has posted a significant weekly return. The company also maintains a strong track record of returning capital to investors, having raised its dividend for three consecutive years.
Financial health indicators suggest a solid base: cash flow and profitability health score moderately high at 3 and 4, respectively, while price momentum and relative value are more muted. Growth health lags slightly with a score of 2, reflecting ongoing restructuring efforts and evolving sector dynamics.
While TLKM has seen short-term technical pressure, its long-term valuation and dividend profile continue to support a bullish case, especially if earnings revisions stabilize in the next quarter.
Modest Upside
Bank Rakyat Indonesia (BBRI) continues to garner positive sentiment from investors and analysts, supported by consistent dividend payouts and modest valuation upside. With the stock trading at Rp 4,120, the average fair value across analyst and model estimates stands at Rp 4,528 — offering a potential 9.9% upside. The spread between low and high estimates ranges from Rp 4,329 to Rp 4,802, with medium valuation uncertainty.
Analyst sentiment remains bullish, with 21 analysts assigning an average target price of Rp 4,522. This aligns closely with model-driven fair value projections and suggests limited downside risk in the near term.
Recent developments further bolster confidence: BBRI has raised dividends for three consecutive years and delivered significant returns over the past week. Notably, two analysts have revised their earnings projections upward, signaling improved expectations for its financial performance in upcoming quarters.
Source: Investing.com, data are updated as of the time of publication.
Financial health metrics are balanced. While growth and cash flow health are moderate at 2, the bank scores 3 in profitability, price momentum, and relative value — supporting its position as a fundamentally stable player in Indonesia’s banking sector.
In sum, BBRI offers a steady value proposition for income-focused investors, with limited upside potential but strong dividend reliability and improving earnings momentum.
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