英文印尼股票策略：资金回流；市场波动将持续，但我们预计下半年前景更好

Asia Pacific Equity Research27 May 2025JPMORGANwww.jpmorganmarkets.comHead of Indonesia Research & StrategyHenry Wibowo AC(622-1) 5291 8526henry.wibowo@jpmorgan.comPT J.P. Morgan Sekuritas IndonesiaRajiv Batra AC(65) 6882-8151rajiv.j.batra@jpmorgan.comJ.P. Morgan Securities Singapore Private LimitedSteven Suntoso(622-1) 5291 8090steven.suntoso@jpmorgan.comPT J.P. Morgan Sekuritas IndonesiaArnanto Januri(622-1) 5291 8047arnanto.januri@jpmorgan.comPT J.P. Morgan Sekuritas IndonesiaBenny Kurniawan, CFA(62-21) 5291 8024benny.kurniawan@jpmorgan.comPT J.P. Morgan Sekuritas IndonesiaKhoi Vu, CFA(65) 6882-8170khoi.t.vu@jpmorgan.comJ.P. Morgan Securities Singapore Private LimitedCan the $3bn outflow in the past 7M come back in 2H? May is usually a weak month for Indonesian equities, and the saying “Sell in May and go away” typically applies, largely on the back of dividend repatriation season, which puts pressure on the Rupiah. That being said, we are seeing a reversal trend happening as foreig