Top-performer in MSCI Indonesia Small Cap on aggressive net foreign inflows. FILM has emerged as one of IDX’s most explosive outperformers, rallying +21% over the past week, +96% over the past month, +183% in the past three months, and +204% over the past year. This exceptional performance positions FILM as the top-performing stock in MSCI Indonesia Small Cap universe over the past 30 trading days (Figure 8). On top of strong domestic stock demand for FILM, the rally has been further propelled by aggressive overseas investors’ accumulation, with net foreign inflows reaching IDR 316bn (1W), IDR 684bn (1M), IDR 798bn (3M), and IDR 1.46tn (25-YTD), reflecting unprecedented institutional interests towards Indonesia’s leading content powerhouse.

 

On track to MSCI Big Cap. We view FILM’s recent price appreciation as more than just sentiment, as the stock is gradually approaching eligibility for MSCI Global Standard Index (Big Cap), currently nearing or surpassing several key MSCI metrics. FILM’s 6M ADTV of USD 3.1mn/day is already above MSCI minimum requirement of USD 2.5mn/day (for Big Cap) while 12M ADTV stands at USD 2.2mn/day (IDR 36.8bn), just shy of the USD 2.5mn/day (IDR 41.3bn) benchmark. Additionally, 12M ATVR has climbed to 11.3%, moving closer to the 15% Big Cap threshold. Based on our calculation, FILM’s share price would need to reach IDR 13,300 to meet MSCI Global Standard parameters, assuming 32% free float and free-float–adjusted market cap of USD 2.85bn (IDR 48.0tn). This represents 50% applied buffer above the standard USD 1.9bn minimum, since FILM is already classified within the Small Cap Index. If FILM reaches this level and secure Big Cap inclusion, potential passive foreign inflows could range USD 180–300mn (IDR 3–5tn), potentially further propelling the share price.

 

IDR 200bn new credit facility to enhance flexibility. On 21 November 2025, FILM secured IDR 200bn credit facility from PT Bank Rakyat Indonesia Tbk (BBRI) with a one-year tenor. We believe this facility will strengthen FILM’s financial flexibility and help support its ongoing operations during the transition period, particularly as its newly acquired business unit, MDTV, progresses toward profitability. From balance-sheet perspective, FILM remains on solid footing, maintaining net cash position of –6.0% even after the additional borrowing. With interest costs to remain low at <2%, this new facility is unlikely to materially affect the company’s bottom line (figure 4).

 

Spec-BUY rating and new-higher TP of IDR 13,500 on MSCI momentum play. We assign Spec-BUY rating and new, higher TP of IDR 13,500, implying 23% potential upside from current levels. At this stage, we expect the strong share-price momentum to persist, supported by FILM’s growing likelihood of entering MSCI Global Standard (Big Cap) Index. Fundamentally, we remain optimistic on FILM’s long-term earnings growth trajectory, backed by several key catalysts: (1) synergy realization with SBS, broadcaster (3.8% ownership); (2) earnings turnaround in MDTV broadcasting business, and (3) upcoming launch of MD Now, FILM’s in-house OTT platform. Risks to our call: (1) slower-than-expected MDTV turnaround and (2) MSCI Big Cap inclusion delay.