MSCI Value May 2026: Leaner, BMRI Becomes Largest Weight Replacing BBRI
MSCI rebalanced its Value index for the May 2026 period — reducing the number of constituents from 10 to 7 stocks. BBCA, CPIN, and TPIA removed. BMRI rises to the throne as the largest weight. What does it mean for investors?
What Changed?
Morgan Stanley Capital International (MSCI) officially rebalanced the MSCI Value index for the May 2026 period. Based on Syailendra Research and MSCI data (20/5), the changes take effect from June 2, 2026.
Total constituents trimmed from 10 stocks to just 7 stocks — a signal that the index is becoming increasingly concentrated on big cap stocks with cheap valuation profiles and stable fundamentals.
Who's Out, Who's In?
Weight Shift: BMRI Takes the New Throne
The most striking change: BMRI is now the constituent with the largest weight in MSCI Value — at 27.3%, displacing BBRI which drops to 16.4%.
| Ticker | New Weight | Change |
|---|---|---|
| BMRI | 27.3% | +9.7% |
| TLKM | — | +6.9% |
| ASII | — | +3.3% |
| BBNI | — | +2.3% |
| BBRI | 16.4% | −7.4% |
| UNTR | — | −0.8% |
Source: Syailendra Research, MSCI data as of May 20, 2026.
Dividend Play: Average Yield of 8.7%
An eye-catching figure — six out of seven MSCI Value constituents have consistently distributed dividends over the past 18 years. Based on the latest dividends, the average dividend yield of these six issuers reaches approximately 8.7%.
Amid a global trend of declining interest rates, a dividend profile like this becomes a magnet for income-focused investors.
Cheap? Four Out of Seven at 5-Year Low Levels
Syailendra Research also highlights the fact that four out of seven MSCI Value constituents are currently at their lowest valuation levels in the past five years. Meaning — these big cap stocks are trading at a relative discount amid domestic market volatility.
Value trap or opportunity? That depends on each issuer's fundamentals and the macro outlook ahead.
Takeaway
1. MSCI Value is increasingly concentrated — banking dominates, BMRI becomes the weight king.
2. BBCA exits the value index — but that doesn't mean its fundamentals are poor. BBCA's price rose so it is no longer "cheap" on a relative basis.
3. Outflows from passive funds tracking MSCI Value may occur in BBCA, CPIN, and TPIA. The rebalancing window could be volatile.
4. Average dividend yield of 8.7% + valuations at 5-year low levels = still attractive for patient income investors.
Source: Bareksa — MSCI Value May 2026: Leaner, BMRI Becomes Largest Weight Replacing BBRI. Research: Syailendra Research, MSCI data as of May 20, 2026.
Disclaimer: This article is for informational purposes and does not constitute investment advice. Investment decisions are entirely the responsibility of the reader. Always conduct independent research before investing.