IHSG: Big Whales, Rate Cuts, Alphas. Maintain Tactical Buy

Key Summary:
- Monetary policy easing serves as a positive catalyst for IHSG
- Rotating from defensive to small-mid cap on liquidity support
- Alpha stocks: BUMI, BRMS, BUKA, BKSL, BRPT
On the 20th of March, we were the first to upgrade IHSG to tactical buy (read here) despite investors’ overwhelming bearishness that was fueled by false pessimism on Indonesia.
Even during peak bearish sentiment in April—when U.S. announced tariff war and local media or “experts” warned of a repeat of the 1997–98 financial crisis—we remained firm in our tactical buy stance.