Bakrie Group Stocks Rally on Foreign Inflows, Restructuring Hopes, and Expansion into Alumina
Key Takeaways
|
JAKARTA, Investortrust.id — Shares of Indonesia’s Bakrie Group have rallied sharply over the past week, outpacing a mostly sideways Jakarta Composite Index, driven by foreign capital inflows, balance sheet improvement, and signs of corporate restructuring across the group’s listed entities.
The rally has been led by coal miner PT Bumi Resources Tbk, or BUMI, and electric vehicle unit PT VKTR Teknologi Mobilitas Tbk, both soaring more than 50% in the past month. Gains also extended to PT Bumi Resources Minerals Tbk (BRMS), PT Darma Henwa Tbk (DEWA), PT Energi Mega Persada Tbk (ENRG), PT Bakrie & Brothers Tbk (BNBR), and PT Bakrie Sumatera Plantations Tbk (UNSP), signaling renewed investor optimism toward the long-embattled conglomerate.
Founder of Republik Investor Hendra Wardana said the rally reflects more than short-term enthusiasm. “It is a combination of strategic sentiment, strong foreign inflows, and expectations of a major restructuring within the group,” he told Investortrust.id on Thursday, Nov. 13, 2025.
According to Hendra, the most transformative catalyst has been the entry of Salim Group through Mach Energy Hongkong Limited, now holding nearly 46% of BUMI’s shares. “This move changes BUMI’s image into part of a major conglomerate with deep business networks and financial resources,” he said.
The involvement of major global investors such as China Investment Corporation (CIC), UBS, Vanguard, and Dimensional Fund Advisors has further elevated BUMI’s international credibility. “The synergy between domestic and global capital creates a new foundation of confidence that Bakrie Group is transforming into a regional energy and resources powerhouse,” Hendra added.
Foreign investors have been net buyers of Bakrie Group stocks, purchasing about Rp 530 billion in BUMI and Rp 143 billion in BRMS. Hendra described this trend as part of an “orderly accumulation phase,” signaling a broader market revaluation of Bakrie’s restructuring and expansion prospects.
Expansion Catalysts
One of the major growth drivers is BUMI’s planned diversification into the bauxite and alumina sector. The company intends to acquire 45% of PT Laman Mining from PT Supreme Global Investment for US$ 59.1 million, or around Rp 985 billion. The move aligns with Indonesia’s national mineral downstreaming strategy and marks BUMI’s first major expansion beyond coal.
Indonesia holds vast bauxite reserves in West Kalimantan and Riau Islands, offering potential for BUMI to extend its value chain into alumina and aluminum production. Meanwhile, BRMS is expanding its gold mining operations in Australia, strengthening Bakrie Group’s shift toward a more diversified and sustainable mineral portfolio.
Hendra noted that the sustainability of Bakrie Group’s rally will depend on the execution of each entity’s transformation plans. “It ranges from coal production efficiency at BUMI, asset monetization at BRMS, to renewable energy development by VKTR and ENRG,” he said.
If the group maintains its reform momentum and governance discipline, Hendra sees room for a structural re-rating in Bakrie-related valuations. He set technical price targets of Rp 250–300 for BUMI, Rp 1,160 for BRMS, Rp 488 for DEWA, Rp 1,090 for ENRG, and Rp 500 for VKTR.