As of February 10, 2026, the classification of Indonesia Kendaraan Terminal Tbk (IPCC), Trimegah Bangun Persada Tbk (NCKL), Paramita Bangun Sarana Tbk (PBSA), Prime Agri Resources Tbk, Triputra Agro Persada Tbk (TAPG), and United Tractors Tbk (UNTR) as growth stocks is driven by some factors, including structural economic changes in Indonesia. In emerging markets such as Indonesia, a stock is considered a growth stock when investors expect its earnings to expand faster than overall economic growth over a sustained period. What makes these companies similar is that each of them is positioned in sectors benefiting from long-term national development programs, especially industrial down streaming, electrification, infrastructure expansion, and domestic consumption growth. At the macroeconomic level, Indonesia is transitioning from a commodity-exporting to a value-added industrial economy. Government encourages downstream processing (hilirisasi) particularly for mining resources such as nickel, coal, and other minerals, instead of exporting raw materials in which refining, battery manufacturing and industrial processing are prioritised. As the global warming issue arises, the energy sector is transforming, with some industries, including car manufacturing, shifting from gasoline-fueled cars to electric cars. This industry shift affects Indonesia, one of the world’s largest nickel producers, which is needed for lithium-ion batteries. Henceforth, companies in mining, processing, heavy equipment, and supporting infrastructure are expected to experience sustained revenue and investment growth.

Indonesia Kendaraan Terminal Tbk (IPCC) is categorized as a growth stock because it operates in automotive logistics and port terminal services, especially vehicle handling and distribution. The company benefits directly from rising vehicle ownership and increasing vehicle trade flows. The introduction of electric vehicles in Indonesia also contributes to higher automobile import and export volumes, thereby increasing port throughput. Since logistics businesses typically have high operating leverage, small increases in cargo volume can generate significant earnings growth, leading investors to expect future profits to grow faster than the broader economy.

Trimegah Bangun Persada Tbk (NCKL) represents one of the clearest growth cases. The company is involved in nickel mining and processing, particularly battery-grade materials used in EV batteries. Because Indonesia is developing an integrated EV battery supply chain—from mining to processing—NCKL is no longer viewed as a cyclical commodity producer but rather as a strategic materials supplier to the global battery industry. The expectation of long-term demand expansion, supported by foreign investment and industrial estates for smelting and refining, explains why investors assign growth characteristics to this company.

Paramita Bangun Sarana Tbk (PBSA) benefits from the same mining expansion but through a different channel. The company provides mining and construction services, including infrastructure development, road construction, and support facilities. When mining and smelter investment increases, contractors often grow faster than the resource producers themselves because they are involved in the construction phase of every project.

Prime Agri Resources Tbk and Triputra Agro Persada Tbk (TAPG) operate in the palm-oil plantation industry, which is traditionally classified as cyclical or value-oriented. Still, this classification has changed due to Indonesia’s biodiesel program and the downstream agro-processing industry. Palm oil is increasingly used not only for food but also for renewable energy and oleochemical products. With global food demand remaining strong, companies like TAPG can boost profits even without major land expansion.

United Tractors Tbk (UNTR) transitioned from a cyclical to a growth company profile, previously known as a heavy-equipment distributor to mining companies. UNTR has diversified into coal and gold mining, as well as energy projects. This diversification means the company benefits from both selling equipment (when mining expands) and owning mining operations. As the company is involved in the mining investment cycle simultaneously, it can capture value across multiple value chains, leading investors to expect sustained earnings growth rather than short-term commodity-price dependence.