MSCI Inc. has formally announced the results of its November 2025 Semi-Annual Index Review (SAIR) for the MSCI Equity Indexes. The announced constituent changes are scheduled to be implemented as of the close of November 24, 2025, and will be effective at the market open on November 25, 2025. This review is categorized as an SAIR, which, along with the May review, typically involves more significant adjustments to stock weights and constituents compared to the Quarterly Index Reviews (QIRs) in February and August.
The primary thematic implication of this November 2025 rebalancing for the Indonesian equity market is a significant structural rotation within the MSCI Global Standard Index. This review marks a definitive shift away from established, defensive, large-cap consumer-oriented constituents. It favors the inclusion of high-growth, cyclical securities in the Energy and Materials sectors, thereby altering the investable benchmark’s risk profile.
The complete list of constituent changes for the MSCI Indonesia index series, based on the November 5, 2025 announcement, is summarized below.
MSCI Global Standard Index
| Additions | Deletions |
|---|---|
| BREN (Barito Renewables Energy) | ICBP (Indofood CBP Sukses Makmur) |
| BRMS (Bumi Resources Minerals) (Promotion) | KLBF (Kalbe Farma) (Demotion) |
MSCI Small Cap Index
| Additions | Deletions |
|---|---|
| KLBF (Kalbe Farma) (Demotion) | BRMS (Bumi Resources Minerals) (Promotion) |
| DSNG (Dharma Satya Nusantara) | SMSM (Selamat Sempurna) |
| ENRG (Energi Mega Persada) | ULTJ (Ultrajaya Milk Industry) |
| MSIN (MNC Studios International) | |
| RAJA (Rukun Raharja) | |
| WIFI (Solusi Sinergi Digital) |
It should be noted that TINS (PT Timah Tbk), which was widely anticipated for inclusion, was ultimately not added. Its inclusion was blocked by MSCI due to its classification on the Indonesia Stock Exchange’s Watchlist Board (often associated with Full Call Auction/FCA mechanisms) under Criteria 10 during the review period.
MSCI Micro Cap Index
| Additions | Deletions |
|---|---|
| No Additions | No Deletions |
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Constituent List Analysis: Pre- and Post-November 25, 2025
To provide a complete view of the rebalancing’s impact, the following analysis details the constituent lists for each index immediately before the change (Current) and as they will stand effective November 25, 2025 (Pro-Forma).
MSCI Global Standard Index
Current (Pre-Nov 25, 2025): As of October 31, 2025, the MSCI Indonesia Index (Global Standard) comprises 18 constituents. Key constituents include the top 10 holdings: BBCA (Bank Central Asia), BBRI (Bank Rakyat Indonesia), BMRI (Bank Mandiri), TLKM (Telkom Indonesia), ASII (Astra International), AMMN (Amman Mineral Internasional), DSSA (Dian Swastatika Sentosa), BRPT (Barito Pacific), BBNI (Bank Negara Indonesia), and TPIA (Chandra Asri Pacific). The list also includes the securities marked for deletion: ICBP (Indofood CBP Sukses Makmur) and KLBF (Kalbe Farma).
Pro-Forma (Effective Nov 25, 2025): Following the review, the index will still comprise 18 constituents.
- Removed: ICBP, KLBF.
- Added: BREN (Barito Renewables Energy), BRMS (Bumi Resources Minerals).
Pro-Forma List: The new constituent list will include: BREN, BRMS, BBCA, BBRI, BMRI, TLKM, ASII, AMMN, DSSA, BRPT, BBNI, TPIA, and the 6 other remaining constituents.
MSCI Small Cap Index
Current (Pre-Nov 25, 2025): As of October 31, 2025, the MSCI Indonesia Small Cap Index comprises 53 constituents. Key constituents include the securities marked for deletion/promotion: BRMS (Bumi Resources Minerals), SMSM (Selamat Sempurna), and ULTJ (Ultrajaya Milk Industry). Other major constituents include ANTM (Aneka Tambang), MDKA (Merdeka Copper Gold), PTRO (Petrosea), INKP (Indah Kiat Pulp & Paper), PGAS (Perusahaan Gas Negara), and BUMI (Bumi Resources).
Pro-Forma (Effective Nov 25, 2025): The index will see a net increase to 56 constituents (53 current – 3 deletions + 6 additions).
- Removed: BRMS (promoted to Global Standard), SMSM, ULTJ.
- Added: KLBF (demoted from Global Standard), DSNG (Dharma Satya Nusantara), ENRG (Energi Mega Persada), MSIN (MNC Studios International), RAJA (Rukun Raharja), WIFI (Solusi Sinergi Digital).
Pro-Forma List: The new list will include KLBF, DSNG, ENRG, MSIN, RAJA, WIFI, alongside existing members like ANTM, MDKA, PTRO, INKP, PGAS, BUMI, and other remaining constituents.
MSCI Micro Cap Index
Current (Pre-Nov 25, 2025) & Pro-Forma (Effective Nov 25, 2025): The November 2025 SAIR resulted in no additions to or deletions from the MSCI Indonesia Micro Cap Index. Therefore, the constituent list remains unchanged.
Granular Analysis: MSCI Global Standard Index Additions
Additions to the MSCI Global Standard Index, which is designed to represent the large and mid-cap segments covering approximately 85% of the Indonesian equity universe, require candidate securities to meet stringent minimums for both Free-Float Adjusted Market Capitalization (FFMC) and trading liquidity, measured by 12-month Average Daily Transaction Value (ADTV). The two securities added in this review, $BREN and $BRMS, successfully met these heightened criteria.
$BREN (Barito Renewables Energy)
The inclusion of BREN in the Global Standard Index was widely anticipated by market participants and analysts. The company’s qualification was driven by its satisfaction of key quantitative thresholds. Analysis from Samuel Sekuritas indicated that BREN’s FFMC stood at approximately USD 3.5 billion, which was comfortably above the estimated minimum inclusion cutoff of USD 3.1 billion. Concurrently, its 12-month ADTV of USD 12.9 million substantially exceeded the USD 2.5 million minimum liquidity requirement.
Line chart of Barito Renewables Energy Tbk (BREN) with timeframe 1 Year.
BREN 1-year price trajectory ahead of the November 2025 MSCI index review.
This successful inclusion was supported by proactive management efforts to increase the stock’s free float and strong investor momentum within the renewable energy theme.
$BRMS (Bumi Resources Minerals)
The addition of BRMS to the Global Standard Index represents a promotion from its previous position in the MSCI Small Cap Index. This upward migration was triggered by a sustained and significant rally in the company’s stock price, which reached the Rp 950 level. Analyst projections prior to the review had identified a price level above Rp 800 per share as the key hurdle for BRMS to meet the required FFMC threshold for the Global Standard index.
Line chart of Bumi Resources Minerals (BRMS) with timeframe 1 Year.
BRMS 1-year rally toward Rp 950.
A primary driver for its promotion was its exceptional liquidity. BRMS reported a robust 12-month ADTV of USD 22.1 million. This high level of liquidity is a critical factor for inclusion in the Global Standard index, which serves as a benchmark for large institutional asset managers who require low-friction market entry and exit.
Granular Analysis: MSCI Global Standard Index Deletions
Deletions from the Global Standard Index occur when a current constituent’s FFMC fails to meet the maintenance threshold. This threshold is set below the initial inclusion cutoff, creating a buffer zone designed to reduce index turnover. Both $KLBF and $ICBP failed to meet this maintenance requirement during the review period.
$KLBF (Kalbe Farma)
The deletion of KLBF from the Global Standard Index was anticipated by market analysts. Research published in October 2025 flagged KLBF as being at risk of removal, as its FFMC had declined below the estimated USD 1.2 billion maintenance threshold.
Line chart of Kalbe Farma Tbk (KLBF) with timeframe 1 Year.
KLBF 1-year price trend into the MSCI maintenance test.
This event is classified as a demotion rather than a full removal from the MSCI investable universe. Concurrent with its deletion from the Standard Index, KLBF was added to the MSCI Indonesia Small Cap Index, creating partial passive demand offset.
$ICBP (Indofood CBP Sukses Makmur)
In contrast to KLBF, the removal of ICBP was a full deletion from the MSCI Global Standard Index without a corresponding addition to the Small Cap Index. This implies that ICBP’s FFMC fell not only below the Standard Index maintenance threshold but also failed to meet the inclusion threshold for the Small Cap Index.
Market data show that ICBP.JK printed a 52-week low of IDR 8,425 on October 15, 2025, representing a deep drawdown from its 52-week high and eroding free-float market capitalization below required levels.
Line chart of Indofood CBP Sukses Makmur Tbk (ICBP) with timeframe 1 Year.
ICBP 1-year price vs 52-week low (Oct 2025).
Summary of Quantitative Drivers
The constituent changes for the Global Standard Index are based on MSCI’s quantitative methodology. The following table synthesizes the available metrics that drove the inclusion and deletion decisions.
| Ticker | Status | Metric | Estimated Value (USD) | Estimated MSCI Threshold (USD) | Result |
|---|---|---|---|---|---|
| BREN | Addition | FFMC | ~USD 3.5 Billion | > USD 3.1 Billion (Inclusion Cutoff) | Met |
| BREN | Addition | 12M ADTV | ~USD 12.9 Million | > USD 2.5 Million (Liquidity Minimum) | Met |
| BRMS | Addition | FFMC | > USD 3.1 Billion (Implied) | > USD 3.1 Billion (Inclusion Cutoff) | Met |
| BRMS | Addition | 12M ADTV | ~USD 22.1 Million | > USD 2.5 Million (Liquidity Minimum) | Met |
| KLBF | Deletion | FFMC | < USD 1.2 Billion | < USD 1.2 Billion (Maintenance Cutoff) | Failed |
| ICBP | Deletion | FFMC | < USD 1.2 Billion (Implied) | < USD 1.2 Billion (Maintenance Cutoff) | Failed |
Granular Analysis: MSCI Small Cap Index
The MSCI Indonesia Small Cap Index, which represents approximately 14% of the Indonesian equity universe, experienced significant turnover during this SAIR. The review resulted in six additions and three deletions, reflecting a dynamic shift in the small-cap segment.
Small Cap Additions and Deletions
The inclusion of five new securities—DSNG (Dharma Satya Nusantara), ENRG (Energi Mega Persada), MSIN (MNC Studios International), RAJA (Rukun Raharja), and WIFI (Solusi Sinergi Digital)—is a direct result of these companies crossing the minimum size and liquidity thresholds defined by the MSCI Global Investable Market Indexes (GIMI) methodology for the Small Cap segment.
Conversely, the deletions of SMSM (Selamat Sempurna) and ULTJ (Ultrajaya Milk Industry) were triggered by their failure to meet the maintenance thresholds for the Small Cap Index.
Critical Discrepancy Analysis: The Case of $TINS (Timah)
A critical discrepancy emerged during this review concerning $TINS. While preliminary data and market speculation listed TINS as a confirmed addition to the Small Cap Index, an official MSCI announcement on November 5, 2025, explicitly refutes this and blocks its inclusion due to its Watchlist Board status (Criteria 10).
Pro-Forma Impact Analysis: Sectoral Weighting and Market Implications
To accurately measure the impact of this rebalancing, it is necessary to establish the baseline composition of the MSCI Indonesia Global Standard Index. As of October 31, 2025 (pre-rebalance), the index was heavily dominated by the Financials sector, with significant allocations to Materials, Energy, Communication Services, Consumer Staples, and Industrials.
The pro-forma sectoral shift resulting from the November 2025 SAIR is significant. The index mechanics are as follows:
- Additions: BREN (GICS: Energy) and BRMS (GICS: Materials).
- Deletions: ICBP (GICS: Consumer Staples) and KLBF (GICS: Health Care).
The net effect is a measurable increase in exposure to cyclical sectors (Energy, Materials) and a reduction in defensive characteristics (Consumer Staples, Health Care).
| GICS Sector | Pre-Rebalance Weight (Oct 31, 2025) | Pro-Forma Weight (Effective Nov 25, 2025) | Estimated Change |
|---|---|---|---|
| Financials | ~52.2% | Diluted | (Decrease) |
| Materials | ~12.9% | Increased | (Increase) |
| Energy | ~9.0% | Increased | (Increase) |
| Communication Services | ~8.4% | Diluted | (Decrease) |
| Consumer Staples | ~6.6% | Decreased | (Decrease) |
| Industrials | ~6.6% | Diluted | (Decrease) |
| Health Care | ~1.2% | Near-Zero | (Decrease) |
| Consumer Discretionary | ~2.8% | Diluted | (Decrease) |
Market Implications and Fund Flows
This rebalancing will necessitate significant, non-discretionary trading activity from passive funds and index-replicating strategies that benchmark against the MSCI Indonesia indexes. Substantial buy-side demand will be concentrated in BREN and BRMS, while notable sell-side pressure will impact ICBP and KLBF.
All changes are mandated to be implemented as of the close of November 24, 2025. Most passive rebalancing trades will cluster around the closing auction on that date. The next MSCI review is scheduled for announcement on February 10, 2026, with an effective date of March 2, 2026.
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