Sminfra18 Index

In line with  its vision as a catalyst in the acceleration of national infrastructure development, PT Sarana Multi Infrastruktur (Persero) (“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 May – July 2018

1ADHIAdhi Karya (Persero) Tbk
2AKRAAKR Corporindo Tbk
3BBNIBank Negara Indonesia Tbk
4BBRIBank Rakyat Indonesia Tbk
5BMRIBank Mandiri Tbk
6EXCLXL Axiata Tbk
7INTPIndocement Tunggal Prakarsa Tbk
8ISATIndosat Tbk
9JSMRJasa Marga (Persero) Tbk
10MEDCMedco Energi Internasional Tbk
11PGASPerusahaan Gas Negara (Persero) Tbk
12PTPPPP (Persero) Tbk
13SMBRSemen Baturaja (Persero) Tbk*
14SMGRSemen Indonesia (Persero) Tbk
15TBIGTower Bersama Infrastructure Tbk
16TLKMTelekomunikasi Indonesia (Persero) Tbk
17UNTRUnited Tractors Tbk
18WIKAWijaya Karya (Persero) Tbk