February 11, 2026 | 05:05 pm
TEMPO.CO, Jakarta - Global index provider Morgan Stanley Capital International (MSCI) has completed its latest index review, removing Indonesian food giant PT Indofood Sukses Makmur (INDF) from the MSCI Global Standard Indexes, its main benchmark category.
The changes will take effect after market close on February 27, 2026, according to MSCI’s February review announcement released on February 10.
INDF has been downgraded to the MSCI Small Cap Indexes. Two other Indonesian listed companies were also affected: PT Aspirasi Hidup Indonesia Tbk (ACES) and PT Sariguna Primatirta Tbk (CLEO), both of which were removed from the MSCI Small Cap Indexes.
Hendra Wardana, founder of investor community Republik Investor, said the downgrade of INDF was largely driven by technical index factors, including trading liquidity, effective free float, and global sector weight adjustments in the consumer segment.
“This is not due to a deterioration in the company’s fundamental performance,” Hendra said in a written statement to Tempo on Wednesday, February 11, 2026.
He noted that in the short term, MSCI’s rebalancing could trigger selling pressure, particularly from global passive funds that are required to adjust their portfolios.
However, fundamentally, INDF remains a defensive consumer stock with an integrated business model and strong cash flow, making it relatively resilient amid an economic slowdown.
Hendra added that the price correction resulting from the index adjustment could present a buying opportunity.
“Price pressure due to rebalancing may be used as a buy-on-weakness opportunity in the 6,450 to 6,500 range, with a recovery target around 7,424 as technical pressure eases and active institutional investors return,” he said.
Disclaimer: This article is not intended as investment advice. All investment decisions remain the responsibility of the reader.
Read: Why Indonesia's Stock Market Volatility Is Likely to Persist
Click here to get the latest news updates from Tempo on Google New
Indofood Clarifies Taiwan's Ethylene Oxide Findings on Indomie
16 September 2025
Indofood's Corporate Secretary, Gideon A. Putro, ensures that Indomie Soto Banjar Limau Kulit variant is not marketed in or exported to Taiwan.
Cheetos Makes Indonesian Comeback, Builds Factory Worth Rp3.3 Trillion
13 Februari 2025
Cheetos, a popular snack brand under PepsiCo, is re-entering Indonesia after leaving in August 2021.
Indofood Boss Explains the Retraction of Indomie Products in Australia
20 Desember 2024
Director of PT Indofood Sukses Makmur Tbk, Fransiscus Welirang, opened his voice regarding the news of the Indomie product withdrawal from Australia.
Indofood Responds to Taiwan's Allegation of Carcinogenic Substance in Indomie
27 April 2023
Taiwan's Department of Health found that "Indomie: Special Chicken Flavor" contain cancer-inducing substances.
Indofood Says Indomie Prices Won't Triple, Plays Down Minister's Forecast
11 Agustus 2022
Indofood director Franciscus Welirang responded to Agriculture Minister's statement on the three-fold hike in prices of instant noodles.
Cheetos, Lays, Doritos will Leave Indonesian Market
19 Februari 2021
Cheetos, Lays, and Doritos disappearing from the Indonesian market is the aftermath of the parting between PepsiCo and PT Indofood.
Investors Urged to Invest in Turkey Following Indofood's Success
15 Juli 2019
Indonesian Minister of Trade encouraged domestic businesses to invest in Turkey following the success of Indofood there.
