MSCI Small Caps Once again in the spotlight in November 2025 after MSCI, the global index provider, released its latest rebalancing results. In that announcement, six Indonesian issuers successfully entered the ranks. MSCI Small Cap Indexes, marking the increasing global recognition of the performance of Indonesia's stock market.
This change becomes effective after the close of trading on 24 November 2025, and will be fully implemented starting 25 November 2025.
Indonesian issuers on the MSCI Small Caps' new list.
The inclusion of Indonesian issuers in the MSCI index not only increases exposure to global investors, but also serves as an important benchmark for confidence in the fundamentals of Indonesian corporations. The issuers that are now affiliated, among others Dharma Satya Nusantara, Energi Mega Persada (ENRG), Kalbe Farma (KLBF), MNC Digital Entertainment (MSIN), Rukun Raharja (RAJA), dan Digital Synergy Solution (WIFI).
Meanwhile, Tin (TINS) which had briefly been announced to be on the list, in the end cancelledOn the other hand, three stocks were removed from the index, namely BRMS, SMSM, and ULTJ.
Performance of issuers included in MSCI Small Caps
DSNG Shows 53% Profit Jump
Dharma Satya Nusantara (DSNG) has become one of the listed issuers with the most impressive performance. Through the third quarter of 2025, the company booked revenue. Rp8.94 trillion, rise 24,68% Compared to the same period in the previous year.
The crude palm oil segment has become the largest contributor in terms of value. Rp7.84 trillion, followed by wood products Rp 948.75 billion, and renewable energy Rp 148.86 billion.
The increase in efficiency and commodity prices drives DSNG's net income to reach Rp1.31 trillion, surged 53.03% YoY, reflecting the strength of the agribusiness sector amid fluctuations in the global market.
ENRG records a 13% increase in revenue.
The Bakrie Group, through Energi Mega Persada (ENRG), has also demonstrated solid performance. Through September 2025, ENRG has booked revenue. US$361.38 million or go up 13.05% YoY.
The natural gas segment becomes the main contributor with US$220.49 million, while crude oil contributes US$112.14 million.
Although there was a slight decline in oil sales, diversification into gas and other sales helped maintain profitability, with net income rising to US$55.65 million or 8,54% Higher than the previous year.
Kalbe Farma (KLBF) Maintains Growth Consistency
Kalbe Farma (KLBF) proves its business stability amid the dynamics of the economy. Up to the third quarter of 2025, the company records revenue. Rp25.98 trillion, rise 7.22% YoY.
The largest contribution comes from prescription drugs amounting to IDR 7.65 trillion, grow 11.03% YoY, as well as the distribution and logistics division that is also strengthening. 10.41% YoY.
With cost efficiency and strong market penetration, Kalbe Farma's net profit increased to Rp2.63 trillion, or 10.97% YoY, reinforces its position as a leader in the national pharmaceutical industry.
Media and Digital Companies Also Included on the List
MSIN (MNC Digital Entertainment) Boosts Revenue by 25 Percent
MNC Digital Entertainment (MSIN) shows a positive trend in line with the growth of the digital entertainment sector. The Q3 2025 report records revenue. Rp2.89 trillion, increased from Rp2.30 trillion in the previous year.
The content segment and intellectual property rights have become the largest contributors, reaching Rp1.63 trillion, driven by digital expansion and cross-platform collaboration.
Net profit also increased to Rp403.41 billion, showing solid profitability amid competition in the streaming and online media industry.
WIFI (Digital Synergy Solution – Surge) grew 66 percent
Digital Synergy Solution Tbk. (WIFI) or Surge also recorded impressive performance with revenue growth. 66.17% YoY to become Rp 513.4 billion.
The bandwidth and advertising segments became the main drivers of growth, with contributions of Rp241.2 billion and Rp232.8 billion.
The company also reported a surge in net income reaching Rp227.9 billion, surged 153.62% YoY, as the adoption of digital infrastructure increases across Indonesia.
This aggressive growth shows that the national technology and telecommunications sector is increasingly attractive to global investors.
RAJA (Rukun Raharja) Still Focused on Gas and Oil & Gas Expansion
Rukun Raharja (RAJA) has not released the Q3/2025 report, but data for the first half of 2025 show revenue. US$127.63 million, grow 3.33% YoY.
The gas segment remains a major contributor with a value US$70.2 million, followed by oil and gas lifting US$25.15 million, and oil distribution services US$16.98 million.
Even though net profit fell to US$11.35 million, this decline is caused by investments in the expansion of the new network that are expected to drive long-term growth.
The impact of a listed company's inclusion in the MSCI Small Caps index.
Improving liquidity and investor confidence.
The inclusion of stocks into the MSCI index usually has an impact on increase in transaction volume dan foreign investor interest.
Global institutional investors benchmarked to the MSCI index tend to adjust their portfolios in line with the new composition, so newly added issuers stand to benefit from additional capital inflows.
This phenomenon is often seen in the first few days after rebalancing becomes effective.
Promoting a positive image of the Indonesian capital market
In macro terms, changes in the composition of MSCI Small Caps show the attractiveness of Indonesia's economy amid global uncertainty.
Issuers such as DSNG, KLBF, and WIFI reflect the nation's leading sectors—from agribusiness and pharmaceuticals to digital—that have managed to maintain performance amid global pressures.
This also reflects that the fundamentals of Indonesian companies are deemed worthy by global index providers to be on the international investment radar.
Implications for Domestic Investors
Positive Momentum Signal for National Stocks
The rebalancing of MSCI Small Caps provides a strong signal that domestic investor can consider new stocks that have entered the list for their medium-term growth potential.
In addition to expanding the investor base, inclusion in the MSCI index also often improves transparency and corporate governance.
Need to be wary of short-term volatility.
Nevertheless, analysts warn that the rise in stock prices due to the rebalancing effect may be temporary. After the initial adjustment period, prices tend to reflect the fundamental performance of each issuer again. Investors are advised to focus on companies with sustainable revenue and earnings growth.
Rebalancing MSCI Small Caps November 2025 Marking an important moment for Indonesia's capital market. Six domestic issuers are breaking into the global index stage, signaling resilience and cross-sector growth across energy, healthcare, and technology.
This change is an optimistic signal for investors regarding Indonesia's economic prospects in the coming year. Also read the latest analysis of the stock market and other economies on the channel. Economy Insimen News to understand the following trends and investment opportunities.
