Indonesian Mid-Cap Stocks Poised for Continued Outperformance in 2026

Strong 2025 Performance Sets Stage for 2026

The IDX SMC Liquid index, tracking high-liquidity mid-cap stocks, has demonstrated remarkable resilience and growth in 2025, with a 15.95-16.08% year-to-date increase as of December 2025 ¹

²

Source 2

https://investasi.kontan.co.id/news/saham-lapis-dua-melaju-kencang-simak-prospeknya-di-tahun-2026

. This performance significantly outpaces major benchmarks, including the LQ45 index (2.7-4% ytd growth) and IDX BUMN20 (7.38-7.82% ytd growth) ¹

Source 1

https://investasi.kontan.co.id/news/kinerja-saham-lapis-dua-diprediksi-tetap-kinclong-pada-tahun-2026

²

Source 2

https://investasi.kontan.co.id/news/saham-lapis-dua-melaju-kencang-simak-prospeknya-di-tahun-2026

.

Analyst Insights on Continuing Momentum

Senior Analyst Sukarno Alatas from Kiwoom Sekuritas believes the IDX SMC Liquid will maintain its outperformance in 2026, particularly if interest rate cycles begin to decline and investor rotation continues toward mid-cap stocks ¹

. Equity Analyst Imam Gunadi from PT Indo Premier Sekuritas notes that the current valuation discount of mid-cap stocks relative to large-cap stocks is a significant driver of this rotation ²

Source 2

https://investasi.kontan.co.id/news/saham-lapis-dua-melaju-kencang-simak-prospeknya-di-tahun-2026

.

Market Dynamics Supporting Mid-Cap Growth

The strong performance of mid-cap stocks is attributed to their attractive valuations and the ongoing rotation of investor funds. As of December 2025, the IDX SMC Liquid's growth reflects a broader market trend where investors are seeking opportunities beyond large-cap stocks. This shift is expected to continue into 2026, supported by favorable market conditions and potential monetary easing.