MSCI Inclusion Candidates: 3 Stocks to Watch (2025)

by Archynetys Economy Desk

stock

November 5 2025, shares that have the potential to enter the MSCI Global Standard will be announced. Who do you think has the potential to enter the MSCI global standard this time?

Stock MSCI

Mikirduit — 3 shares have a high probability of entering MSCI. Below, an update on 3 shares that have the potential to enter the November 2025 rebalancing edition of the MSCI Global Standard.

Previously, we calculated that BREN had the potential to enter MSCI. Then, EMTK and PANI have a small chance of entering the global standard. However, after recalculating, these three shares have a very slim chance of entering the November 2025 edition of MSCI.

Highlight

  • ANTM has the opportunity to move up from MSCI Small Caps to MSCI Global Standard thanks to its large capitalization, high free float and significant foreign accumulation in the last 3 months.
  • MDKA has the potential to return to MSCI Global Standard after previously leaving in February 2025, supported by capitalization of IDR 59 trillion and foreign net buy of around IDR 814 billion.
  • BRMS being the strongest candidate with a market cap of IDR 138 trillion and a foreign net buy of IDR 3.45 trillion, giving him a great opportunity to join the MSCI Global Standard in November 2025.
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So, who are the three stocks that have the potential to enter the November edition of MSCI?

ANTM shares

First, ANTM is the third position candidate with the potential to enter MSCI. In fact, currently ANTM is already in MSCI Small Caps, meaning that when it enters Global Standard it just moves up a caste.

ANTM passed several basic indicators such as market cap above IDR 50 trillion, free float above IDR 25 trillion (rounding). And the Annualized Trade Value Ratio (ATVR) is above 15 percent.

In the last three months, 3 ANTM shares have also been accumulated by foreigners on the regular market of around IDR 411 billion. In terms of ownership structure, ANTM’s free float was also absorbed by many foreign business entities, reaching 21.08 percent of the total shares. Meanwhile, local free float was mostly from individuals at 8.34 percent and pension funds at 2.06 percent.

MDKA shares

Second, MDKA shares have the potential to enter the MSCI Global Standard again after being kicked out of the global index at the beginning of this year. (February 2025 edition).

With a market capitalization scale that has reached IDR 59 trillion, a free float market cap of around IDR 28 trillion, and ATVR above 15 percent, MDKA is a candidate to return to MSCI.

Over the last 3 months, MDKA shares have also been bought up by foreign investors on a net basis (net buy) of around IDR 814 billion.

Then, in terms of free float share ownership, the majority of MDKA is also controlled by foreign business entities, amounting to 20.93 percent. Then, Indonesian individuals amounted to 19.14 percent, pension funds around 4.55 percent, and local governments around 3.97 percent.

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BRMS shares

Third, BRMS shares, on a market cap and free float scale, are the largest compared to the other three. BRMS is already in the MSCI small caps position.

BRMS’ market cap scale has reached IDR 138 trillion, while the free float market cap is around IDR 51.7 trillion. Then, in terms of ATVR, it has also been reduced by 15 percent.

In the last 3 months, BRMS shares have recorded a foreign net buy of around IDR 3.45 trillion.

On the other hand, even though BRMS’s free float has reached 41 percent, if you look at the company’s share ownership structure, 34.29 percent is held by a local limited liability company, while 50.55 percent is held by a limited liability company. On the other hand, 37 percent of the 50 percent limited liability companies are shareholders above 5 percent (Emirates Tarian Global Ventures SPC, GLASTRUST Ltd., CGS Internasional Securities Singapore).

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Conclusion

It is not 100 percent certain that these three shares will enter the MSCI Global Standard in November 2025. There are several other factors, including the weighting of the Indonesian stock market as a whole, which will open up the opportunity for these three shares to officially enter the MSCI. Even so, with existing indicators, these three stocks have a greater chance of entering MSCI Global Standard compared to other stocks that are still outside MSCI Global.

Apart from these three stocks, we also noted 15 stocks that have the probability of entering the MSCI Small Caps. Meanwhile, we have not yet calculated the shares that have the potential to exit because the conditions are slightly different from those that entered.

All complete data is in the Stock Digest Mikirsaham.com

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