JAKARTA - In the midst of market pressure and the trend of weakening national banking stocks, the global investor's trust in PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) has actually strengthened. This is reflected in the move by JPMorgan Chase & Co. which significantly increased its share of ownership in BBRI throughout the second quarter of 2025.
Based on Bloomberg data, JPMorgan purchased 117.42 million BRI shares during April to June 2025, bringing their total holdings to 1.54 billion shares. This purchase reflects the reversal of JPMorgan's strategy, which previously sold more than 500 million BRI shares in the first quarter of this year.
Interestingly, JPMorgan's decision came along with the sell-offs they made against two other blue chip bank issuers, namely Bank Mandiri (BMRI) and Bank Central Asia (BBCA). This strengthens the view that BRI is now the main focus of large institutional investors, even in the midst of ongoing market corrections.
Director of Reliance Sekuritas Indonesia Tbk, Reza Priyambada assessed that JPMorgan's move to increase BBRI's shares in the midst of weakening the market is not only a signal of investment in utilizing the existing momentum, but also a reflection of the trust market towards the transformation and foundation of BRI's strong business fundamentals.
With a consistent long-term strategy and a commitment to transparent governance, BRI is considered ready to become the main pillar of market recovery and national inclusive growth in the future. He also highlighted the statement by BRI President Director Hery Gunardi who emphasized the transformation strategy being carried out by the company at this time.
"Even though BBRI's shares are currently under pressure in line with market conditions, fundamentally it is still strong, with the support of a strong business foundation as well as a transformation strategy," he said, in a written statement, Thursday, July 3.
Market optimism towards BRI is also supported by analyst consensus. Quoting Bloomberg, as many as 31 analysts recommend buying, 5 holdings, with an average price target of 12 months in the future of IDR 4,703.61 providing yield potential of around 27.1 percent of the price earlier this month, Tuesday, July 1.
BRI's stock performance is still corrected, with prices as of July 1, 2025 closed at the level of IDR 3,700 per share. However, JPMorgan's actions show that institutional investors see something more basic, namely BRI's strong foundation and long-term transformation strategy.
BRI President Director Hery Gunardi emphasized that the company is accelerating its transformation through the BRIvolution Reignite program. This transformation includes strengthening business aspects, governance, risk management, and operational digitization, all leading to BRI's vision of becoming The Most Professional Bank in Southeast Asia by 2030.
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"We remain focused on strengthening fundamentals, both in terms of funding, quality lending, increasing digital capabilities, implementing adequate risk management to developing human resources," said Hery.
This transformation is in line with the national development corridor of Asta Cita Pemerintahan Presiden Prabowo Subianto, as well as showing BRI's seriousness in carrying out its mandate as a state-owned bank and the Indonesian people.
BRI also continues to show its commitment to the principles of good corporate governance (GCG) in the midst of the ongoing law enforcement process related to the alleged procurement of EDC machines for the 2020-2024 period. This step is part of BRI's strategy to maintain market confidence, that despite the challenges that arise, the company remains solid in complying with regulations and maintaining business continuity in a sustainable manner.
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