Kiwoom Lists Top 10 Indonesian Stock Picks for the Year of the Fire Horse

In a research report titled “2026 Year of Fire Horse Outlook,” Kiwoom said markets this year are unlikely to move in unison. Instead, gains will be driven by companies with strong growth narratives and high liquidity, which it views as key indicators.

According to the report, 2026 demands a move away from passive strategies toward more active and selective positioning.

Defensive sectors, the firm noted, are losing their appeal as growth engines and are instead functioning primarily as hedging instruments to cushion volatility in an increasingly momentum-driven market.

The brokerage linked its outlook to symbolism in the Chinese zodiac. The fire element represents transformation, volatility and heightened risk exposure, while the horse symbolizes speed, expansion and competition.

“In the Year of the Fire Horse, traditional buy-and-hold strategies will be eroded by inflation and volatility,” Kiwoom’s research team wrote in the report, cited on Wednesday, February 18, 2026.

Kiwoom expects rapid sector rotation throughout the year, with maximum returns achieved through active rebalancing and momentum plays. The firm advised investors to remain agile and adapt quickly to shifting market conditions.

Kiwoom’s Top 10 Stock Picks for 2026

1. Bank Mandiri (BMRI)
   Target price: Rp5,950

2. BTPN Syariah (BTPS)
   Target price: Rp1,635

3. Indah Kiat Pulp & Paper (INKP)
   Target price: Rp10,800

4. Sinar Eka Selaras (ERAL)
   Target price: Rp540

5. Japfa Comfeed Indonesia (JPFA)
   Target price: Rp3,110

6. Sinergi Inti Andalan Prima (INET)
   Target price: Rp630

7. Trinitiland (TRIN)
   Target price: Rp1,650

8. Energi Mega Persada (ENRG)
   Target price: Rp2,000

9. Telkom Indonesia (TLKM)
   Target price: Rp4,000

10. RMK Energy (RMKE)
    Target price: Rp13,100

Disclaimer: This article does not constitute an invitation to buy or sell stocks. Investment decisions remain entirely the responsibility of readers.

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