We Screened the Indonesia Stock Exchange (IDX) Post-Crash: 5 Family-Controlled Compounders We Found
Quantitative screening of the Indonesia Stock Exchange (IDX) following the October 2026 market rout—identifying net-cash, high-ROIC family businesses trading at severe liquidity discounts, with start-of-year vs. post-crash price action and where to buy each listing globally.
01 // THE MACRO SETUP: LIQUIDITY SHOCK VS. FUNDAMENTAL REALITY
During the October 2026 sell-off, the Indonesia Stock Exchange (IDX) benchmark—the Jakarta Composite Index (IHSG)—plunged nearly 15% in a single week, briefly triggering an exchange-wide trading halt amidst institutional outflows and MSCI’s proposal to review Indonesia's market classification.
When index-level forced selling hits an emerging market, correlations go to one. Institutional funds liquidating broad basket positions indiscriminately dump pristine, cash-rich operators right alongside over-leveraged cyclical companies.
THE KINGSIDE DOSSIERS — QUANTITATIVE SCREENER PARAMETERS
UNIVERSE: INDONESIA STOCK EXCHANGE (IDX)We ran our quantitative screener post-crash across the Indonesia Stock Exchange (IDX) to isolate businesses that meet strict capital allocation criteria:
Founder or multi-generational family control with deep equity skin in the game across market cycles.
Minimal to zero leverage (Net Cash balance sheet position and Debt/Equity strictly < 0.25x).
Proven Return on Invested Capital (>15% TTM) paired with durable operating margins.
*Methodology Note: We only ran our quantitative screener for these companies and have not yet conducted a full deep-dive forensic or fundamental valuation analysis on these individual names.
02 // THE 2026 POST-CRASH SCREENER OUTPUT
Data as of Wednesday, October 21, 2026 • Prices in Indonesian Rupiah (IDR / Rp)
| Company Name | Primary Ticker | Controlling Family | Start of 2026 | Today's Price (Post-Crash) | Oct Crash Low | YTD Correction | ROIC (TTM) | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
| PT Industri Jamu dan Farmasi Sido Muncul Tbk | IDX: SIDO | Hidayat Family | Rp 540 | Rp 306 (Rp 326 bounce) | Rp 302 | -43.3% (-39.6% bounce) | 37.1% | 0.00x (Net Cash) |
| PT Avia Avian Tbk | IDX: AVIA | Tanoko Family | Rp 510 | Rp 350 (Rp 312–322 ex-div) | Rp 304 | -31.4% (to -38.8%) | 33.1% | 0.00x (Net Cash) |
| PT Mitra Keluarga Karyasehat Tbk | IDX: MIKA | Wijaya / Soeryadjaya | Rp 2,400 | Rp 1,475 (Rp 1,375 recent) | Rp 1,375 | -38.5% (to -42.7%) | 25.9% | 0.00x (Net Cash) |
| PT Mayora Indah Tbk | IDX: MYOR | Atmadja Family | Rp 2,155 | Rp 1,375 (Rp 1,370 close) | Rp 1,260 | -36.2% (-41.5% low) | 18.3% | 0.25x (Net Cash) |
| PT Kalbe Farma Tbk | IDX: KLBF | Setiawan Family | Rp 1,165 | Rp 675 (Rp 695 bounce) | Rp 630 | -42.1% (-40.3% bounce) | 16.7% | 0.03x (Net Cash) |
03 // COMPANY DOSSIERS, PRICE CORRECTION BREAKDOWN & GLOBAL EXECUTION
Each dossier details the business model, start-of-2026 vs. today's post-crash closing price correction, quantitative multiples, and every global exchange where the stock can be purchased.
PT Industri Jamu dan Farmasi Sido Muncul Tbk
Consumer Healthcare & Herbal Pharmaceuticals • Controlled by the Hidayat Family
Industry & What They Do
Controlled by the Hidayat family, Sido Muncul is Indonesia’s dominant producer of traditional herbal medicine (jamu), wellness supplements, and functional beverages, anchored by its flagship Tolak Angin brand. The company controls the entire value chain from standardized raw herbal extraction to nationwide retail distribution.
2026 Stock Price Correction (Start of Year vs. Post-Crash Today)
-43.3% YTD Drawdown (-39.6% Bounce)Sell-Off Impact: SIDO shares corrected -43.3% YTD from Rp 540 at the start of 2026 down to Rp 306 at the post-crash close (and -39.6% YTD at the Rp 326 stabilized bounce), including an acute -14.6% single-week liquidity drop during the October index rout on over 111 million shares of volume.
Screener Readout & The Opportunity
SIDO boasts the highest capital efficiency in our post-crash screener with an exceptional 37.1% ROIC and 32.2% operating margins, while carrying virtually zero debt (IDR 475B in cash vs. IDR 1.6B in total debt). At post-crash levels, the market is pricing this compounding machine at ~9.4x–10.0x trailing P/E and 6.5x EV/EBITDA, pushing its trailing dividend yield to ~11.3%–12.1%.
Where It Is Listed & How to Purchase
SIDO.JK • BBG: SIDO:IJ
PT Avia Avian Tbk
Specialty Chemicals & Architectural Coatings • Controlled by the Tanoko Family
Industry & What They Do
Founded and controlled by the Tanoko family (Hermanto Tanoko), Avia Avian is the undisputed market leader in Indonesia's decorative paints, waterproofing, and architectural coatings sector. Its competitive moat is anchored by a wholly owned nationwide distribution network supplying tens of thousands of traditional hardware stores directly.
2026 Stock Price Correction (Start of Year vs. Post-Crash Today)
-31.4% to -38.8% YTD DrawdownSell-Off Impact: Shares corrected -31.4% YTD from Rp 510 at the start of 2026 to Rp 350 during the October shock, and extended to a -36.9% to -38.8% YTD correction (Rp 312–322) following its October 20 ex-dividend adjustment and broad mid-cap institutional liquidation.
Screener Readout & The Opportunity
Generating a 33.1% ROIC and 50.3% gross margins, AVIA operates with a fortress balance sheet holding IDR 4.40 trillion in cash against negligible lease liabilities (net cash represents ~21% of its entire market cap). Following the sell-off, the stock trades at ~10.0x–10.9x P/E (and ~6.2x–6.6x EV/EBITDA) with a 6.86% dividend yield.
Where It Is Listed & How to Purchase
AVIA.JK • BBG: AVIA:IJ
A3C8UB (EUR) • US OTC: None
AVIA.JK)
PT Mitra Keluarga Karyasehat Tbk
Healthcare Facilities & Private Hospitals • Controlled by the Wijaya / Soeryadjaya Family
Industry & What They Do
Backed by the founding family (Jozef Darmawan Angkasa / Wijaya family), MIKA operates one of Indonesia’s most profitable networks of multi-specialty private hospitals across Greater Jakarta, Surabaya, and high-density urban corridors in Java.
2026 Stock Price Correction (Start of Year vs. Post-Crash Today)
-38.5% to -42.7% YTD DrawdownSell-Off Impact: MIKA suffered a -38.5% YTD correction from Rp 2,400 at the start of the year down to Rp 1,475 (after a -14.74% single-week drop), and touched a -42.7% YTD drawdown at Rp 1,375—erasing Rp 1,025 per share despite debt-free hospital operations.
Screener Readout & The Opportunity
Unlike most capital-intensive hospital rollouts that rely heavily on debt, MIKA funds its greenfield hospital expansions entirely through internal cash flows. It holds IDR 3.02 trillion in cash with zero bank debt, generating a 25.9% ROIC and 31.6% operating margins. After a ~40% YTD compression, a premier healthcare operator that historically commanded 25x–30x earnings is now trading at 13.6x–14.6x trailing P/E and ~8.5x–8.7x EV/EBITDA.
Where It Is Listed & How to Purchase
MIKA.JK • BBG: MIKA:IJ
PT Mayora Indah Tbk
Packaged Foods & Beverages (Global FMCG) • Controlled by the Atmadja Family
Industry & What They Do
Run by the Atmadja family, Mayora Indah is a global Fast-Moving Consumer Goods powerhouse producing biscuits, coffee, wafers, and confectionery (including household brands Kopiko, Torabika, and Danisa). Roughly half of its IDR 38.8 trillion revenue is generated outside Indonesia across more than 100 export markets.
2026 Stock Price Correction (Start of Year vs. Post-Crash Today)
-36.2% YTD Drawdown (-41.5% at Low)Sell-Off Impact: MYOR shares are down -36.2% to -36.4% YTD from Rp 2,155 at the start of 2026 (and -44.9% from their February 2026 high of Rp 2,490). At the worst point of the October panic (Rp 1,260), the stock had corrected -41.5% YTD before buyers stepped in at Rp 1,370–1,375.
Screener Readout & The Opportunity
MYOR maintains an 18.3% ROIC and a net cash balance sheet (IDR 5.60 trillion in cash vs. IDR 4.55 trillion in total debt, D/E of 0.25x). Critically, because of its massive export footprint, a weaker Indonesian Rupiah acts as a natural margin tailwind via USD and foreign currency export receipts. At Rp 1,370–1,375, MYOR trades at 9.0x P/E, 5.1x EV/EBITDA, and a 4.38% dividend yield.
Where It Is Listed & How to Purchase
MYOR.JK • BBG: MYOR:IJ
889877
MYOR.JK) for tight spreads
PT Kalbe Farma Tbk
Pharmaceuticals & Clinical Nutrition • Controlled by the Boenjamin Setiawan Family
Industry & What They Do
Founded by Dr. Boenjamin Setiawan and controlled by the Setiawan family, Kalbe Farma is Southeast Asia’s largest publicly listed pharmaceutical company. It operates across four synergistic divisions: prescription pharmaceuticals, over-the-counter (OTC) consumer health, clinical nutrition/dairy, and medical cold-chain distribution.
2026 Stock Price Correction (Start of Year vs. Post-Crash Today)
-42.1% YTD Drawdown (-40.3% Bounce)Sell-Off Impact: KLBF suffered a -42.1% YTD correction from Rp 1,165 at the start of the year down to Rp 675 during Friday's -14.56% crash close (and touched -45.9% YTD at its Rp 630 capitulation low on Oct 19), before stabilizing near Rp 695 (-40.3% YTD).
Screener Readout & The Opportunity
KLBF has compounded top-line revenue consistently (IDR 37.7 trillion TTM) while maintaining a net cash balance sheet (D/E of 0.03x) and a 16.7% ROIC. The October panic compressed the valuation of Indonesia's blue-chip healthcare bellwether to ~8.48x trailing earnings and 0.9x price-to-sales.
Where It Is Listed & How to Purchase
KLBF.JK • BBG: KLBF:IJ
PTKFY ADR = 200 IDX Shares (USD)
A1J5U9 • ISIN: ID1000125107
04 // QUICK REFERENCE: GLOBAL EXCHANGE & TICKER DIRECTORY
Complete cross-market ticker symbols and ISIN identifiers for international brokerage routing.
| Company | Primary Listing (IDX) | Yahoo / Reuters | Bloomberg | US OTC Tickers | German Exchanges (EUR) | ISIN Code |
|---|---|---|---|---|---|---|
| Sido Muncul | IDX: SIDO | SIDO.JK | SIDO:IJ | None | None | ID1000130305 |
| Avia Avian | IDX: AVIA | AVIA.JK | AVIA:IJ | None | P2C (WKN: A3C8UB) | ID1000165004 |
| Mitra Keluarga | IDX: MIKA | MIKA.JK | MIKA:IJ | None | None | ID1000135700 |
| Mayora Indah | IDX: MYOR | MYOR.JK | MYOR:IJ | PTMYF (Grey) | D7V (WKN: 889877) | ID1000060007 |
| Kalbe Farma | IDX: KLBF | KLBF.JK | KLBF:IJ | PTKFY (ADR) / PTKFF | LCLA (WKN: A1J5U9) | ID1000125107 |
Where Is the Opportunity?
The October 2026 crash on the Indonesia Stock Exchange (IDX) is a textbook example of an index-driven liquidity event punishing high-quality balance sheets. Across these five family-controlled compounders, share prices have corrected between -31.4% and -43.3% YTD (and up to -45.9% at their October capitulation lows)—despite every single one holding a net cash balance sheet and generating 16.7% to 37.1% ROIC.
When debt-free consumer and healthcare leaders see their valuation multiples compressed into single-digit EV/EBITDA territory (5x to 9x) purely due to broad index outflows, they earn a spot at the top of our watchlist for deeper fundamental valuation work.