Top 10 Indonesian stocks, ranked by price-based X-Ray score

The ranking reads only what a share price and its trading volume show: how firmly the price is trending, how far it has moved over three, six and twelve months, how calm it has been (volatility and the deepest fall of the past year) and how easily the shares change hands. A fifth lens, income, counts only for companies that pay a dividend. We hold no company accounts for Indonesian-listed businesses, so profits, debt and valuation play no part, and we do not store an industry for them or their membership of the LQ45 or IDX30 indices. The page answers "which Indonesian shares have behaved well and are easy to trade", not "which are cheap".

The Indonesia Stock Exchange has 914 shares with enough price history to score, and only 108 of them, about 12%, trade at least $1 million a day. The rest are real listed companies, but a share that goes days without a trade shows a very calm price only because nobody is buying or selling, and a ranking built on that price would reward the silence. That is why the $1 million cut-off is a filter first and a score second, and why this page ranks 108 companies where a larger market would rank several hundred.

Among those 108, trading is spread more evenly than in many markets: Bank Central Asia and Bank Rakyat Indonesia Persero, the two most heavily traded, account for 14% of the daily traded value, so there is no single stock whose volume dwarfs the rest. No foreign-registered companies or funds reach the cut-off, so unlike some other exchanges there was nothing to remove on those grounds.

Indonesian company names carry legal forms that are not part of the name, and this page drops them: "PT" (perseroan terbatas) marks a limited company and "Tbk" (terbuka) a publicly listed one. A third label is worth knowing. "Persero" in a name marks a state-owned company, one in which the government is the controlling shareholder and therefore decides the dividend at the shareholders' meeting. None of today's top ten carries the label.

Indonesian prices are in rupiah. Each company's daily traded value is converted into US dollars at the latest exchange rate before the $1 million cut-off is applied, so the threshold means the same here as on the other country lists, and in rupiah it is a very large number. 7 of today's ten trade under $5 million a day. Check the bid-ask spread before placing an order, and size a position to what the market can absorb.

The leader is Puradelta Lestari, and its strongest lens is trend. The top three are Puradelta Lestari, Ultra Jaya Milk Industry, Erajaya Swasembada. All three sit near the top of the trading-volume lens. All 10 have a dividend payment in our data for the last twelve months. The income lens is worth only a tenth of the score, so a company without a recent payment is not heavily penalised.

The ten stocks returned a median 52% over the last twelve months, against -14% for all 108 eligible Indonesian companies. The typical liquid Indonesian share lost money over the year, so the list is picking out the few whose prices held and climbed against a falling market: information about the past, not a forecast. A gap this wide also means the scores can reverse quickly if the price trend turns.

Use the table to pick companies for a closer look, then read the company's own annual report and the announcements on the Indonesia Stock Exchange website, where the exchange also publishes notices about unusual trading activity and companies under special monitoring; read them before trusting a price that has moved a long way in a short time. A price-only ranking is most useful for removing shares that are hard to trade or stuck in a downtrend, and least useful for judging whether a price is fair. For income, the Indonesian dividend list ranks the same companies on a different rule.