JAKARTA - Danantara Indonesia assesses that the market is increasingly confident in welcoming state-owned enterprise reforms.
In the Economic Outlook 2026 report released this week, the Danantara research team said that the capital injection given to a number of SOEs during 2025 had been positively responded by the market.
"The initial price signals from PT Krakatau Steel, PT Garuda Indonesia, PT Timah, and PT Telkom show that investors are optimistic about the recovery efforts," wrote the Danantara report quoted Tuesday, January 13.
According to Danantara, injecting funds into SOEs should not be interpreted as an effort to save the company alone, such as a bail-out scheme.
However, the capital that entered was categorized as an initial step to strengthen the business structure and improve operational performance.
"Capital injection and restructuring are important when accompanied by strict requirements, ranging from asset rationalization, operational performance improvement, and credible accountability," wrote Danantara.
Danantara emphasized that the capital injection was designed to create sustainable economic value that would have an impact on competitiveness and benefits for shareholders.
Launching the report, the growth was quite striking in the capital market from January to December 2025. PT Krakatau Steel (KRAS) shares jumped 243 percent, followed by PT Timah (TINS) which grew 221 percent and PT Garuda Indonesia (GIAA) which rose 187 percent.
Meanwhile, for PT Telkom Indonesia (TLKM) shares strengthened 30 percent in the same period.
Apart from the recipient emitters of the injection, PT Aneka Tambang (ANTM) and PT PP (PTPP) also recorded significant rallies of 194 percent and 189 percent respectively.
Danantara assessed that the achievement showed an increase in investor confidence in the state-owned company which is undergoing restructuring.
The report also shows that the agenda for Danantara reform has not stopped. The focus of the transformation is now directed at the State-Owned Bank Association (Himbara), namely BRI, BNI, BTN, and Bank Mandiri.
"Bank Rakyat Indonesia, Bank Mandiri, and Bank Negara Indonesia are all in the right position for revenue recovery as credit costs decline and credit growth improves," the report said.
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