INDY and NCKL Will Enter the LQ45 on August 3, 2026

The Indonesia Stock Exchange has again changed the composition of the LQ45 index. Starting August 3, 2026, shares of PT Indika Energy Tbk or INDY sharesand PT Trimegah Bangun Persada Tbk or NCKL shareswill be a new constituent of the index.

Both of them replaced PT Semen Indonesia (Persero) Tbk or SMGR and PT Sarana Menara Nusantara Tbk or TOWR.

The new LQ45 arrangement will be in effect until 30 October 2026.

Based on initial calculations, INDY has a weight of around 0.25%, while NCKL's weight is around 0.46%.

The entry of these two stocks has the potential to increase the attention of institutional investors, especially investment managers who use the LQ45 as a portfolio reference.

However, status as an index resident does not automatically result in share prices continuing to rise.

Investors still need to compare business models, financial performance, valuations, and sectoral risks.before decidingINDY or NCKL shares are betterto be collected.

Key Takeaways

• INDY offers a catalyst for business diversification beyond coal, but its revenue is still largely supported by Kideco.

• NCKL has direct exposure to the growth of the integrated nickel industry, with the main risks being nickel prices and changes in mining policies.

• For a moderate profile, INDY appears more attractive due to its more diverse business catalysts. NCKL is more suitable for investors optimistic about the nickel cycle.

What is the Impact of INDY and NCKL's Entry into the LQ45?

LQ45 contains 45 stocks selected based on transaction liquidity, market capitalization, financial condition, and issuer compliance.

Evaluations are carried out periodically to ensure that the index continues to reflect actively traded stocks.

INDY shares have a free float ratio of around 27.71%, higher than NCKL's free float of 11.91%. However, NCKL's market capitalization makes it a larger index weighting than INDY.

The introduction of new shares typically creates potential demand for index mutual funds and investment products that track the LQ45. This effect can increase transaction value leading up to the effective date.

However, the phenomenon index inclusion This doesn't always result in sustained gains. Once portfolio adjustments are complete, market attention will return to earnings, cash flow, commodity prices, and corporate actions of individual issuers.

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INDY Stock Prospects After Entering LQ45

Shares of PT Indika Energy Tbk (INDY) | Source: Google Finance

Indika Energy is known as an integrated energy company with core assets in the coal business, mining services, infrastructure, minerals, electric vehicles, and sustainable energy projects.

In the first quarter of 2026, INDY's revenue was recorded at around US$493.2 million, representing a slight annual growth of 0.7%.

Gross profit increased 16.2% to US$74 million, while profit attributable to owners of the parent entity rose approximately 142.3% to US$7 million.

Revenue from non-coal businesses also grew 22.4% to US$113.3 million.

The growth of non-coal businesses is an important part of readingINDY stock prospects after entering LQ45. 

The company targets around 50% of revenue to come from non-coal business in 2028.

INDY's catalysts aren't limited to its inclusion in the LQ45. Investors are also closely monitoring developments in mineral investments, the Awak Mas gold project, electric vehicle businesses, nature-based solutions, and a possible restructuring of its energy portfolio.

However, Kideco's contribution is still dominant.

In the first quarter of 2026, the coal business contributed approximately 72.8% of consolidated revenue.

This means that INDY's profits are still sensitive to coal selling prices, production volumes, royalty policies, and demand from the Asian market.

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NCKL Stock Prospects After Entering LQ45

Shares of PT Trimegah Bangun Persada (NCKL) | Source: Google Finance

NCKL is an integrated nickel company that carries out nickel ore mining, refining, and processing. Its products include ferronickel, nickel sulfate, and mixed hydroxide precipitate (MHP), which is used in the electric vehicle battery supply chain.

In the first quarter of 2026, NCKL's revenue fell by around 4% year-on-year to Rp6.81 trillion due to a decline in average selling prices.

However, net profit jumped by around 64% to Rp2.71 trillion, mainly due to increased contributions from joint ventures and higher ferronickel production.

Nickel ore sales volume increased 67% to 9.15 million wet metric tons.

Ferronickel sales rose 22% to 53,666 tonnes, while MHP sales grew 8% to 32,613 tonnes.

This volume growth demonstrates the benefits of integrating NCKL's processing facilities.

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From a valuation perspective, NH Korindo Sekuritas recommends buying NCKL with a target price of IDR 1,000.

The target reflects a forward price-to-earnings ratio of approximately 4.92 times, while the valuation when the research was published was approximately 5.11 times.

Even thoughlook cheap,NCKL stock prospects after entering LQ45still depends onnickel price, quota

Work Plan and Budget, stainless steel demand, electric vehicle growth, and China's economic conditions.

The risk of a global nickel oversupply could also put pressure on the company's selling prices and margins.

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INDY and NCKL Stock Comparison

InINDY and NCKL stock comparison, both have different characters. 

INDY is an energy investment company that is diversifying, while NCKL is more likepure playin the nickel ecosystem.

INDY offers a broader range of catalyst sources. In addition to coal, the company has exposure to gold, electric vehicles, engineering services, infrastructure, and green businesses. This diversification provides growth opportunities but also carries execution risks and capital expenditure requirements.

NCKL has a more integrated business model from mining to processing facilities.

Its advantages lie in raw material reserves, increased production capacity, and the contribution of joint ventures.

However, concentrating on a single commodity makes its performance more susceptible to nickel price cycles.

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Are INDY or NCKL Stocks Better?

Based on its catalysts and risk profile, INDY is relatively more attractive for investors seeking diversification opportunities with LQ45 entry sentiment.

The Kontan article cited also noted that analysts favor INDY, although its share price target is still under review.

Meanwhile, NCKL is attractive to investors seeking low valuations and direct exposure to the growth of the nickel processing industry.

The increase in first-quarter 2026 profit indicates that capacity expansion can support performance despite depressed revenue and selling prices.

Thus, INDY is better suited for diversification-based strategies and corporate catalysts. NCKL is more suitable for investors with strong confidence in the recovery of nickel prices and increasing demand for battery raw materials.

Both have the potential to becomeThe best LQ45 stocks for investment in the second half of 2026, butThe selection needs to be adjusted to risk tolerance and investment horizon.

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Risks to Consider

Listing in the LQ45 may increase liquidity but does not eliminate the risk of price declines. INDY still faces a dependence on coal and uncertainty about the returns on new business investments.

NCKL faces risks from nickel price volatility, a slowdown in the electric vehicle industry, China's economic conditions, and changes in production quota policies.

NH Korindo also listed regulatory hurdles, slowing electric vehicle expansion, and China's economic slowdown as key risks for NCKL.

Investors should not buy solely based on index sentiment. Examine profit growth, operating cash flow, debt, realized capital expenditures, and valuations after the price increase.

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Conclusion

INDY and NCKL officially became members of the LQ45 starting August 3, 2026. The inclusion of these two stocks has the potential to increase liquidity and institutional demand, but fundamentals remain the primary determinant in the long term.

INDY is more attractive to moderate investors because it has several sources of growth beyond coal.

NCKL offers attractive valuations and nickel capacity expansion, but its risks are more concentrated in commodity prices and mining regulations.

The final decision is not based on sufficientstock recommendationsor status LQ45. Purchase price,Investment targets, market conditions, and the ability to withstand volatility still need to be taken into account.

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FAQ

When will INDY and NCKL officially enter LQ45?

INDY and NCKL will be constituents of LQ45 starting August 3, 2026 for an evaluation period until October 30, 2026.

What stocks are replaced by INDY and NCKL?

Both replace SMGR and TOWR which were removed from the LQ45 composition.

Are stocks that enter LQ45 sure to rise?

No. Being included in the LQ45 can trigger demand for index-based investment products, but prices are still influenced by fundamentals, valuations, sentiment, and market conditions.

Which is more attractive, INDY or NCKL shares?

INDY is relatively attractive for investors seeking diversification and corporate catalysts. NCKL is more suitable for investors optimistic about the nickel industry and prepared to weather commodity volatility.

Are INDY and NCKL suitable for long-term investment?

Both can be considered long-term if profit growth and business expansion proceed as planned. Investors should continue to monitor coal prices, nickel prices, cash flow, and government policies.