The media conglomerate behind Indonesia’s well-loved TV channels SCTV and Indosiar is riding the tech stock hype machine. Emtek, founded back in 1983, entered the top ten of listed companies by market cap on the Indonesian Stock Exchange (IDX) as recently as February 2021.
This makes it an outlier. The usual suspects among the “big caps” are top-tier banks, FMCG majors, and industrial firms. There isn’t all that much movement when it comes to who makes this list.
That is, before the pandemic led to seemingly irrational stock market rallies. Emtek’s share price grew by more than 500% in the months since July 2020, and there’s no ceiling in sight.