With the economic recovery going slower than expected, projection for Indonesian 2021 GDP growth was cut to 4.1% -5.1%. Entering 2H21, JCI movement will largely be influenced by several key sentiments such as: the handling of Covid-19 pandemic, vaccination progress, stock indices weighting adjustments, and the planned IPOs of potential new large cap stocks. NHKSI retains its 2021 end of year JCI projection at 6,800. Our top picks for 2H21 include: Banking (BBRI, BMRI); Infrastructures (TLKM, EXCL, TOWR, PTPP); Consumer Cyclical & Non-Cyclicals (ERAA, MNCN, JPFA) and Basic Materials (ANTM).
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