SMinfra18 Index

In line with  its vision as a catalyst in the acceleration of national infrastructure development, PT SMI in cooperation with the Indonesia Stock Exchange (IDX) formed SMinfra18 Index, a stock index comprising of 18 listed infrastructure companies and its supports. The objective of SMinfra18 index is to be a reference for investors who want to invest in infrastructure projects and to encourage the infrastructure companies to become public companies. By having the capital market, we hope that the financing capacity of the infrastructure companies will increase.



  • To be a reference for the investors to invest in infrastructure stocks with high liquidity and large capitalization
  • To be the underlying for the investment product development such as Exchange-Traded Fund (ETF), mutual funds, and other derivative products
  • To increase investors’ confidence which will then indirectly improve the listed infrastructure companies’ performance as well as its capacity to access wider and cheaper funding
  • To encourage infrastructure companies to become public companies


Selection Criteria

  • The infrastructure sectors eligible for PT SMI referring to the Ministry of Finance Regulation No.100 /PMK.010/2009 regarding  Infrastructure Financing Company
  • Fundamental factors as the basic criteria in the selection of SMinfra18 Index constituents and their contribution in the infrastructure development in Indonesia
  • Transaction activities such as regular transaction value, market capitalization, transaction frequency, number of transaction days and stock free float ratio
  • The selection of SMinfra18 index components is based on the companies’ good corporate governance (GCG)




Index Calculation Based Day

To test and to obtain the long historical data, SMinfra18 Index was calculated from the based calculation day in December 2004 with index score of 100.


Index Review Period

IDX and PT SMI will review the SMinfra18 Index components periodically every 6 months, in April and October. The SMinfra18 Index constituents will be updated every 1st of May and 1st of November.


Independent Committee

SMinfra18 Index will be periodically reviewed by Independent Committee. The members of the Independent Committee are as follow:

  1. Bacelius Ruru SH, LLM
  2. Prof. Firmanzah Ph.D
  3. DR. Aviliani

SMinfra18 Index Constituents

For the period November 2020 – April 2021

No. Code Name
1 AKRA AKR Corporindo Tbk.
2 BBNI Bank Negara Indonesia (Persero) Tbk.
3 BBRI Bank Rakyat Indonesia (Persero) Tbk.
4 BMRI Bank Mandiri (Persero) Tbk.
5 EXCL XL Axiata Tbk.
6 INTP Indocement Tunggal Prakarsa Tbk.
7 ISAT Indosat Tbk.
8 JSMR Jasa Marga (Persero) Tbk.
9 MEDC Medco Energi Internasional Tbk.
10 PGAS Perusahaan Gas Negara Tbk.
11 PTPP PP (Persero) Tbk.
12 SMGR Semen Indonesia (Persero) Tbk.
13 TBIG Tower Bersama Infrastructure Tbk.
14 TLKM Telkom Indonesia (Persero) Tbk.
15 TOWR Sarana Menara Nusantara Tbk.
16 UNTR United Tractors Tbk.
17 WIKA Wijaya Karya (Persero) Tbk.
18 WSKT Waskita Karya (Persero) Tbk.