Research

Looking for Indonesian Small Banks M&A Play? Watch These Stocks

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Algo Research Team

Market | Jan 21, 2026 | Views: 1475

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Key Summary:

  • Small banks have outperformed big banks significantly
  • M&A catalyst and light positioning push share prices higher
  • BJTM sees accretive M&A, KBMI consolidation for digital banks?

It is a widely held belief among investors in IHSG that equity prices of the big-4 banks must perform first before those of smaller banks can appreciate.


However, in 2026 and throughout much of the past year, this conventional wisdom has been wrong, largely due to the new smart money in the Indonesian equity market, namely the retail investors.

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