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▪Index to be higher post HSC-stock exclusion: JCI ex HSC stocks would stand at 6,120 vs 5,098 on 29-Oct, up 20.1%.
▪Market valuation to drop as HSC-stocks have higher PEs: PE of the JCI would fall from 12.4x on 29-Oct to 9.8x, down 21.0%.
▪Top 10 highest-weighted stocks rise in concentration: Weight of the top 10 stocks post HSC exclusion would rise from 41.11% on 29-Oct to 48.06%, up 695bps after taking into account the set 9% cap. Top 45 stocks weight would reach 75.69%.
▪BBCA & BBRI – to have less impact on JCI movements due to cap effect: BBCA would rise marginally in weight from 8.92% to 9.00%, up 7.6bps vs 29-Oct level; BBRI to hit 9.00% cap, +79.1bps.
▪All other stocks to increase in weights: The remaining stocks would rise in terms of weight importance. For example, BMRI would experience weight increase from 5.88% to 7.37% while ASII would go up from 3.77% to 4.73%.
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