Can Danantara & BPJS Continue to Carry SOE Stocks?

Key Summary:
- Momentum and sentiment from Danantara are fading
- BPJS equity flows surged +12%, is this short-lived?
- Fundamental & growth outlook are still weak for SOE
Since the establishment of Indonesia’s sovereign wealth fund, SOE (State-Owned Enterprises) stocks have risen significantly as investors' sentiments turn more positive on Danantara, despite initial overwhelming pessimism.
The upbeat sentiment on SOE stocks received further headwind from Danantara’s statements about potentially becoming a liquidity provider in the equity market, though details remain sparse.