Professional Documents
Culture Documents
Iecmd - Nov 2019 PDF
Iecmd - Nov 2019 PDF
Jul-19
Aug-19
Jan-19
Oct-18
Oct-19
Dec-18
Jun-19
Nov-18
Mar-19
Apr-19
May-19
Sep-19
Feb-18
Feb-19
Jul-18
Jul-19
Jun-18
Aug-18
Jun-19
Aug-19
Jan-18
Jan-19
Oct-17
Dec-17
Oct-18
Dec-18
Oct-19
Nov-17
Nov-18
Mar-18
Mar-19
Apr-18
May-18
Apr-19
May-19
Sep-18
Sep-19
Global Interest Rate Trend US Indicators: S&P 500 and US Gov Bond Yield 10Y
US Govt
7.00 S&P Index Bond 10 Year
6.00 3.5
3000
5.00
3
4.00 2800
2.5
3.00 2600
2.00 2
2400
1.00
SPX Index (3037.6) USGG10YR Index (1.691)
2200 1.5
0.00
Feb-18
Feb-19
Jul-19
Jul-18
Aug-18
Aug-19
Oct-17
Jun-18
Oct-18
Jun-19
Oct-19
Jan-18
Jan-19
Dec-17
Dec-18
Nov-17
Nov-18
Mar-18
Mar-19
Sep-18
Sep-19
Apr-19
Apr-18
May-18
May-19
-1.00 2000 1
Feb-18
Feb-19
Jul-18
Jul-19
Aug-18
Aug-19
Oct-17
Jun-18
Oct-18
Jun-19
Oct-19
Jan-18
Jan-19
Dec-17
Dec-18
Nov-17
Nov-18
Mar-18
Mar-19
Sep-18
Sep-19
Apr-19
Apr-18
May-19
May-18
US EU China India Japan Indonesia
Source : Bloomberg 3
World Net Flow of Equities and Bonds
Indonesia has welcomed the inflow of foreign capital both in the bond and stock markets
YTD, October 2019
Equity (USD Million) Bond (USD Million)
Note :
‘Blue Bar’ : Inflow
‘Red Bar’ : Outflow
Source : Bloomberg, based on data availability 4
Global Commodities and Currencies
Global commodity prices and currencies shows a mixed figure
Nickel 57.80%
Russian Ruble 8.43%
Thailand Baht 7.89%
MDEX : CPO 21.41% Philippine Peso 3.71%
Oil : WTI 19.52% Canadian Dollar 3.60%
Gold 18.07% Indonesian Rupiah 3.27%
Mexican Peso 2.21%
Silver 17.73%
Japanese Yen 2.07%
Rice 16.66% GB Poundsterling 1.91%
Oil : Brent 15.38% Taiwan Dollar 0.84%
Singapore Dollar 0.44%
Corn 3.86%
Hong Kong Dollar -0.09%
Soybean 3.85% Swiss Franc -0.18%
Aluminum 2.44% Malaysian Ringgit -0.58%
Indian Rupee -1.40%
Cocoa 1.58%
Chinese Yuan -2.28%
Wheat -0.54% Euro -2.55%
Copper -1.62% Brazilian Real -3.56%
Colombian Peso -3.73%
Tin -14.10%
South Korean Won -4.11%
Natural Gas -16.00% South African Rand -4.42%
Steel Billet F.E -20.14% Romanian Leu -4.51%
Swedish Krona -6.80%
Coal -34.35%
Turkish Lira -7.71%
Source: Bloomberg 5
Current Global Issues
Global uncertainties are mainly driven by US-China Trade War
Population2
Investors5
267 Mn 2018 2030 2050 ±1 million
1st 3rd Replacing Replacing
Working age
Germany, Japan • Significantly lower than number of bank
(15-64 years):
in ASEAN in Asia surpassing Rusia saving account (±90 million accounts)
±183,36 mn
and Brazil • Less than 1% of population
1 CEIC(2018) 4Indonesia Stock Exchange latest data, Credit Burau, Bank Indonesia (Dec 2015), Ministry of SOE (2015), Economic Census (2016)
(relatively low among ASEAN countries);
8
2 BPSProjection (2019) 5Indonesia Stock Exchange (2019), World Bank Global Findex (2017)
3PwC analysis for projections to 2050
International perception of Indonesia
46th Improvement in
3rd
Top destination
Logistic Performance for attracting
63rd Index (LPI)1 investors3
2 nd
World’s best
country to invest in4 3 rd
with the biggest
Moslem population5
• Member of ASEAN
• Member of G-20
• Member of the United Nations
Non-Permanent Security Council
2019-2020
1World Bank (Logistic Performance Index for 2018; 160 countries) 4US News – Best Countries to Invest In, 2018 6Various sources (Indonesia investment, Concise Geography, US Funds, World Atlas)
2World Bank (Ease of Doing Business Index for 2018; 190 countries) 5Ministry
of Foreign Affairs Republic of Indonesia – 7ASEAN, SEASIA (2018)
3The Economist – Asia Business Outlook Survey 2017 Our Country at a Glance, 2018 9
Economic Highlights
Indonesia has consistently maintained a robust economic fundamental despite the global turbulence
October 2019
Growth (%yoy)
20% Composition (%)
15% Non-profit institution CE:
expenditure
Government
10% Gross fixed Household Gross Fixed
capital expenditure 8%
Capital
formation Consumption
Formation
5% expenditure Net Export
33%
Government 3%
0% expenditure
Export of goods CE: Non-
and service
-5% CE: Profit
Import of goods Household Institutions
and service 1%
55%
-10%
III IV I II III IV I II III IV I II III
-2 12,000 20
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19
2018 2019
Aug
Oct
Oct
Oct
Sep
Sep
Dec
Dec
Apr
Apr
Mar
May
Mar
May
Nov
Nov
Jun
Jul
Jun
Jul
Feb
Feb
Jan
Jan
-
2018 2019 2011 2012 2013 2014 2015 2016 2017 2018 Jan-Sep Jan-Sep
'18 '19
Source: Bank Indonesia (BI), Statistics Indonesia (BPS), Indonesia Deposit Insurance Corporation (LPS), Indonesia Investment Coordinating Board (BKPM) 13
Domestic Economic Indicators
Domestic production and consumption still provide a positive signal amid economic contraction
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
45 -10
Apr-15
Apr-17
Apr-18
Apr-19
Apr-16
Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19
Mar-16
Mar-17
Mar-18
Mar-19
Sep-15
Sep-16
Sep-17
Sep-19
Sep-18
Dec-15
Dec-16
Dec-17
Dec-18
Apr-17
Apr-18
Apr-19
Apr-16
Aug-15
Aug-16
Aug-17
Aug-18
Aug-19
Source : Bloomberg 14
Current Account Balance and Rupiah Movement
Indonesia has been striving to maintain current account within the safe threshold
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Ratings Scale
BBB+/Baa1
BBB/Baa2 Fitch S&P Moody's
INVESTMENT GRADE
BBB-/Baa3
BB+/Ba1
BB/Ba2 Economic
crisis 1998
BB-/Ba3 Fitch upgrades rating to
BBB (20 Dec 2017),
B+/B1 reaffirmed in 13 March 2019
B/B2
B-/B3
Moody upgrades rating to
CCC+/Caa1 Fitch upgrades rating to Baa2 (13 Apr 2018)
CCC/Caa2 BBB- (15 Dec 2011)
CCC-/Caa3 S&P Moody upgrades rating S&P upgrades rating to BBB
downgrades to Baa3 (18 Jan 2012) (31 May 2019)
CC/Ca rating to
Selective
R/C/Ca Default but
D/C revises
2 days later
SD/DD
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Non-Performing Loan (NPL, %) Policy Rate (%) Foreign Reserves (USD Billion)
NPL level is below Policy rate is significantly lower Significantly higher than 1998 & 2008, ample to cover
the maximum threshold of 5% 7.1 months of import and external debt repayment
60
Government Debt/GDP (%) External Debt/GDP External Debt (Public & Private) to FX
Consistently well-maintained Slightly higher than 2008, but significantly Reserve Ratio
lower than 1998 Significantly lower than 1998 crisis
October 2019
Exchange Rate (% YTD) GDP Growth Q3-19 (%, yoy) Inflation (%, yoy)
Russia 7.52 Indonesia 5.02 Argentina 53.50
Policy Rate (%) Current Account Deficit (% GDP) Budget Deficit (% GDP)
Russia 7.01 Russia
Argentina 56.00 2.70
USD Million
2,500 2,500
0 0
10,000 10000
-2,500 -2,500
-5,000 -5,000
Aug-18
Aug-19
Sep-19*
Jan-19
Apr-18
Apr-19
Nov-18
May-18
May-19
Feb-19
Mar-19
Mar-18
Dec-18
Jul-19
Jul-18
Oct-18
Jun-18
Jun-19
Sep-18
0 0
7,500 7,500
-20,000 -20000
0 0
Oct-18
May-18
May-19
Aug-18
Aug-19
Apr-18
Apr-19
Sep-18
Dec-18
Sep-19*
Mar-18
Mar-19
Jan-19
Feb-19
Jul-18
Nov-18
Jul-19
Jun-18
Jun-19
-7,500 -7,500
Aug-18
Sep-19*
Aug-19
Jan-19
Apr-19
Apr-18
Nov-18
May-18
May-19
Feb-19
Mar-18
Mar-19
Dec-18
Jul-18
Jul-19
Oct-18
Jun-18
Jun-19
Sep-18
*Preliminary figure
Source: Statistics Indonesia 19
Banking Sector Highlights
The intermediation function remains sound with a solid bank resilience
August 2019
Aug-15
Aug-16
Aug-17
Aug-18
Aug-19
Feb-16
Feb-18
Feb-17
Feb-19
2014 2015 2016 2017 2018 Aug-19
Note: excluding Rural Banks
21
Source: OJK
Fiscal Updates
A healthier, more equitable, self-sufficient state budget in 2019
Indicatos
APBN APBN Realization Realization Healthier Breakdown (Trillion Rupiah)
APBN APBN Realization % Realization
2019 2018 2018 QI-2019 2019 2018 (per Aug-19) to APBN 2019
• Deficit 1.84% of GDP, the
lowest since 2013 A. GOVERNMENT INCOME 2,165.1 1,894.7 1,189.3 54.93%
Economic growth (%) 5.3 5.4 5.17 5.07 • Towards positive primary
I. Domestic Revenues 2,164.7 1,893.5 1,188.3 54.90%
balance
• Debt to GDP ratio below 1. Tax 1,786.4 1,618.1 920.2 51.51%
Inflation (%) 3.5 3.5 3.13 2.48 30% of GDP 2. Non-tax Revenues 378.3 275.4 268.2 70.89%
5.3 5.2
More equitable
Interest rate SPN 3 months (%) 4.95 5.80 B. GOVERNMENT EXPENDITURES 2,461.1 2,220.7 1,388.3 56.41%
• Strengthening
I. Central Government Expenditure 1,634.3 1,454.5 857.7 52.48%
decentralization (increasing
Exchange rates (IDR/USD) 15,000 13,400 14,247 14,016
fiscal transfer to regions) 1. Ministry/Agency Expenditure 855.4 847.4 481.7 56.31%
• Strengthening social protection 2. Non Ministry/Agency Expenditure 778.9 607.1 376.0 48.28%
programs
• Focusing on human capital quality II. Transfer to the Region and Village Fund 826.8 766.2 530.6 64.18%
Oil price (USD/brl) 70 48 67.5 63.6
improvement (inter-generational 1. Transfer to the Regions 756.8 706.2 488.4 64.54%
fairness)
2. Village Fund 70.0 60.0 42.2 60.29%
Oil lifting (thousand brl/day) 775 800 776 720.4 C. PRIMARY BALANCE -20.1 -87.3 -26.6 132.44%
Self-sufficient D. BUDGET SURPLUS/(DEFICIT) (A-B) -296.0 -325.9 -296.7
• Increasing tax revenue
Gas lifting (mboepd) 1.25 1.2 1.136 1.03 • Increasing the share of local %Surplus/Deficit Toward GDP -1.8 -2.2 -1.8
223
225 Deregulations are
Regulations to be finished
deregulated
Domestic World
Simplification of
Human capital Portfolio
regulation and
development as the Britain exit investment flow
bureaucracy
government’s focus (Brexit) negotiation based on MSCI
reform
and implementation index weights
25
Indonesia’s
03 Capital Market
Updates
2012
Sharia principals and
trading mechanism
Otoritas Jasa Keuangan 2017
Securities Investor Margin transaction
Protection Fund relaxation
Indonesia Securities
2012 Fund
2014
IDX Incubator
Lot size & tick
size readjustment
2017
2018 2019
2014 T+2 settlement
New data center
2013 Special notation 2019
Simplification on
2018 account registration
2013 Acceleration Board
New trading 2015 2016 Sustainable Stock
hours Exchange
2015 2016
IDX Channel Tick size re-adjustment
“Yuk Nabung Saham” Tax amnesty program
LQ-45 Index Futures Autorejection readjustment
Go public information center 27
Indonesia’s Financial System
CFFSC ensures the financial stability in achieving economic stability
28
Indonesia Stock Exchange and its Subsidiaries
President Director
Corporate Strategic
Corporate Secretary Legal Internal Audit
Management & Entities
Director of Director of Trading and Director of Market Director of IT and Risk Director of Finance and
Director of Business
Listing Membership Surveillance and Management Human Resources
Development
Compliance
Transaction
Clearing fees
fees 53%
27%
Profit for the Period (IDR bn) Total Asset (IDR bn) Total Equity (IDR bn)
8,354.24
392.04 7,521.94 3,881.94
344.80 6,805.02 3,611.49
3,280.61
310.65 5,840.82
5,367.50 2,706.34 2,834.75
265.99
118.79
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Source: IDX Consolidated Financial Statement 2018
INDONESIA’S CAPITAL MARKET AT A GLANCE
2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019
2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019
Source: IDX 33
Average Daily Trading Value of All Securities
Stocks and bonds are still the only securities with strong consistent growth
IDR Billion
Equity Fixed Income ETF & REIT
Stock Govt Bond ETF
9,368.01 27,431.86
8,500.36 24,150.45 2.53
7,498.32 7,603.33
5,763.78 15,943.65
13,820.88 14,738.75
0.95
0.55
0.05 0.12
2015 2016 2017 2018 Jan-Oct '19 2015 2016 2017 2018 Jan-Oct '19 2015 2016 2017 2018 Jan-Oct '19
1,385.23 1,521.45
1,349.10
904.51
18.84 762.83
13.08
4.52 0.51 0.37
1.15 0.05 0.14
2015 2016 2017 2018 Jan-Oct '19 2015 2016 2017 2018 Jan-Oct '19 2015 2016 2017 2018 Jan-Oct '19
Right ABS
3.05 4.47
2015 2016 2017 2018 Jan-Oct '19 2015 2016 2017 2018 Jan-Oct '19
Source: IDX 34
Jakarta Composite Index – 10 Years
JCI shows a remarkable growth for long-term investment and fast recovery from a downward trend
5,226.947
4,593.008 5,296.711
4,316.687
4,274.177
3,703.512
3,821.992
2,534.356
1,355.408
D-08 D-09 D-10 D-11 D-12 D-13 D-14 D-15 D-16 D-17 D-18 D-19
-0.98% -12.13% -2.54%
86.98% 46.13% 3.20% 12.94% 22.29% 15.32% 19.99% 0.55%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: IDX 35
JCI vs Major World Stock Indices
JCI favors a great return compared with major world stock indices
October 2019
Source: Bloomberg Selected stock exchanges based on market capitalization ≥ USD100 billion 36
IDX vs Major World Stock Exchanges
IDX has a large room to grow compared to other major world stock exchanges
September 2019
Listed Companies Market Capitalization (USD bn) Average Trading Value (USD mn)
**current position
Source: World Federation of Exchanges (WFE) Market capitalization ≥ USD100 billion
37
MSCI Index Comparison
MSCI Indonesia has outperformed other indices
2009-October 2019 (2009=100)
175 MSCI EM
USD 183.38
150
125 MSCI BRIC
USD 178.50
100
75
50
25
0
Jan-09 Feb-10 Mar-11 Apr-12 May-13 Jun-14 Jul-15 Aug-16 Sep-17 Oct-18 Oct-19
Source: Bloomberg 38
Market Capitalization & Trading Value by Sector
The largest contribution from the market cap & transaction is finance sector
October 2019
Finance (2,396 T)
Trade, Services &
Investment (714 T)
33.5%
10.0%
15.3% Agriculture (085 T)
Market 27.2%
1.2%
Trading 10.4%
Source: IDX 39
Top 20 Market Capitalization
These 20 companies comprise about 60% of the total market capitalization
October 2019
Market
No. Code Company Capitalization %
(in Trillion Rp)
1. BBCA Bank Central Asia Tbk. 767.65 10.72
2. BBRI Bank Rakyat Indonesia (Persero) Tbk. 514.09 7.18
3. TLKM Telekomunikasi Indonesia (Persero) Tbk. [S] 407.15 5.68
4. UNVR Unilever Indonesia Tbk. [S] 333.62 4.66
5. BMRI Bank Mandiri (Persero) Tbk. 324.55 4.53
6. ASII Astra International Tbk. [S] 281.36 3.93
7. HMSP H.M. Sampoerna Tbk. 247.76 3.46
8. TPIA Chandra Asri Petrochemical Tbk. [S] 169.42 2.37
9. BBNI Bank Negara Indonesia (Persero) Tbk. 141.70 1.98
10. ICBP Indofood CBP Sukses Makmur Tbk. [S] 135.57 1.89
11. GGRM Gudang Garam Tbk. 107.94 1.51
12. CPIN Charoen Pokphand Indonesia Tbk. [S] 103.31 1.44
13. BRPT Barito Pacific Tbk. [S] 84.56 1.18
14. UNTR United Tractors Tbk. [S] 80.85 1.13
15. SMGR Semen Indonesia (Persero) Tbk. [S] 75.03 1.05
16. KLBF Kalbe Farma Tbk. [S] 74.77 1.04
17. INTP Indocement Tunggal Prakarsa Tbk. [S] 73.62 1.03
18. INDF Indofood Sukses Makmur Tbk. [S] 67.61 0.94
19. POLL Pollux Properti Indonesia Tbk. [S] 66.34 0.93
20. SMMA Sinar Mas Multiartha Tbk. 61.29 0.86
Market Capitalization of The 20 Stocks 4,118.19 57.50
Source: IDX 40
Capital Market vs Banking Fund Raised
Fundraising through capital market can decrease dependency on bank loans
241 271 295 381 410 478 674 812 778 736 Total Fund Raised
12.03 IPO
IDR Trillion
27 Rights
Capital Market 9.6
29.7 75.5 2.98 Warrant
19.6 16.7 12.11
October 2019: 9.0 11.3 15.7 10.51 REIT
10.1 61.9
IDR736 Tn 48 42 39 43
18 39 46 1.30 1.01 DINFRA
(8.18%, yoy) 1.87 0.58 0.44 0.53
0.82 1.14 565 590 Government Bond
123 198 267 315 358 612
(total accumulation) 163
69 59 48 63
485
115 107 93
39 46 161 Corporate Bond
2010 2011 2012 2013 2014 2015 2016 2017 2018 Oct-19
1.229 1,533 1,908 2,384 2,661 2,952 3,175 3,403 3,821 3,951 Total Loan*
IDR Trillion
Banking
Working Capital
August 2019:
2,512 2,527
IDR3,951 Tn 2,049 2,223
(9.24%, yoy) 1,757 1,916
1,586 Investment
(total outstanding) 1,317
880 1,069
1,036 1,125 1,180 1,309 1,424
464 591 798 903
349
*) Working Capital + Investment Loan 2010 2011 2012 2013 2014 2015 2016 2017 2018 Aug-19
70 32 10
11
ENVY
NATO
Envy Technologies Indonesia Tbk.
Nusantara Properti Internasional Tbk.
222.00 IT Trading & Services
206.00 Hospitality through subsidiaries
12 HDIT Hensel Davest Indonesia Tbk. 200.11 E-commerce and Digital Product
13 MTPS Meta Epsi Tbk. 200.00 Construction Services & Consultant
60 28
57
14 KOTA DMS Propertindo Tbk. 186.60 Property, Hotel and Management Services
15 INOV Inocycle Technology Group Tbk. 152.00 Staple Fiber and Non Woven Industry
16 IRRA Itama Ranoraya Tbk. 148.63 Medical Devices Distribution
24
17 BEEF Estika Tata Tiara Tbk. 128.13 Production and distribution of processed food and others
50
18 SMKL Satyamitra Kemas Lestari Tbk. 125.45 Packaging and Box Industry
19 HRME Menteng Heritage Realty Tbk. 125.13 Tourism
20 ARKA Arkha Jayanti Persada Tbk. 118.00 Manufacturing and fabrication of heavy equipment components industry
42 20 21 NZIA Nusantara Almazia Tbk. 101.54 Property Developer
40
22 PURE Trinitan Metals and Minerals Tbk. 100.00 Metal & mineral processing
37 23 CLAY Citra Putra Realty Tbk. 93.60 Hospitality
16
24 CPRI Capri Nusa Satu Properti Tbk. 85.42 Property
31 25 TFAS Telefast Indonesia Tbk. 75.00 Telco Product Trading & HR Digital Platform Service Provider
26 Bima Sakti Pertiwi Tbk. 62.50 Real Estate
30
PAMG
25
27 ITIC Indonesian Tobacco Tbk. 60.02 Iris Tobacco Industry
23 23 24 12 28 SLIS Gaya Abadi Sempurna Tbk. 57.50 Electronic Component & Electric Vehicle Trading
29 EAST Eastparc Hotel Tbk. 54.88 Hotel, Restaurant and Event Organizer
20 18 16 30
31
OPMS
JAST
Optima Prima Metal Sinergi Tbk.
Jasnita Telekomindo Tbk.
54.00 Metal Wholesale
50.04 Telecommunication Equipment Wholesale
8
13 32
33
CCSI
JAYA
Communication Cable Systems Indonesia Tbk
Armada Berjaya Trans Tbk.
50.00 Fiber Optic Cable Industry, Eletrical Cable & Others Industry, Equipment
43.20 Land Transport & Logistic
34 POLU Golden Flower Tbk 43.20 Industry Garment
10 4 35 SFAN Surya Fajar Capital Tbk 39.95 Investment, services, management and business consulting
36 COCO Wahana Interfood Nusantara Tbk. 33.26 Cacao & chocolate production.
37 FUJI Fuji Finance Indonesia Tbk. 33.00 Financing
38 KJEN Krida Jaringan Nusantara Tbk 30.30 Courier Services, Courier Agents, Freight and Werehousing/Storage
0 0 39 KAYU Darmi Bersaudara Tbk. 22.50 Wood Processed Products Trading
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
40 FITT Hotel Fitra International Tbk. 22.44 Hotel Management & Tourism
41 BLUE Berkah Prima Perkasa Tbk. 21.84 Computer Equipment & Stationery Wholeseal, and Printing Services
42 FOOD Sentra Food Indonesia Tbk. 20.25 Food and beverages processing through subsidiaries
Total Fund Raised 12,033.78
Source: IDX 42
IPO Trend based on Sector
Trade, services & investment sector has the most IPO for the last decade
9.48% 38.10%
21.90% Agriculture
Source: IDX
43
Performance of Listed Companies
Economic slowdown had an impact on companies’ profit
Sep-19 compared to Sep-18
Sep-18 Sep-19
LQ45 Growth
(IDR tn) (IDR tn)
Total Asset 5,911.07 6,415.99 8.54%
Total Ekuitas 1,553.55 1,700.22 9.44%
Revenues 1,358.58 1,411.50 3.89%
Source: IDX 44
Income Performance of LQ45 Companies
Blue chip stocks’ profitability
Sep-19 compared to Sep-18 Profit For The Period
Change
No Code Listed Companies (Trillion Rp)
(%)
30-Sep-19 30-Sep-18
INTP 90.35% 1. BBRI Bank Rakyat Indonesia (Persero) Tbk. 24.80 23.55 5.33%
MNCN 62.71% 2. TLKM Telekomunikasi Indonesia (Persero) Tbk. 23.20 20.69 12.15%
3. BMRI Bank Mandiri (Persero) Tbk. 20.94 18.70 11.97%
WI KA 48.31%
4. BBCA Bank Central Asia Tbk. 20.92 18.51 13.04%
BTPS 39.80%
5. ASII Astra International Tbk. 19.63 21.52 -8.78%
GGRM 25.70%
6. BBNI Bank Negara Indonesia (Persero) Tbk. 12.08 11.45 5.55%
PWON 24.73%
7. HMSP H.M. Sampoerna Tbk. 10.20 9.69 5.26%
INDF 17.19%
8. UNTR United Tractors Tbk. 8.56 9.42 -9.13%
ICBP 15.92%
9. GGRM Gudang Garam Tbk. 7.24 5.76 25.70%
BBCA 13.04%
10. UNVR Unilever Indonesia Tbk. 5.51 7.30 -24.56%
TLKM 12.15%
11. INDF Indofood Sukses Makmur Tbk. 4.20 3.58 17.19%
BMRI 11.97%
12. ICBP Indofood CBP Sukses Makmur Tbk. 4.12 3.55 15.92%
KLBF 6.12%
13. INKP Indah Kiat Pulp & Paper Tbk. 3.37 7.71 -56.22%
BBNI 5.55%
14. PTBA Bukit Asam Tbk. 3.13 3.99 -21.76%
BBRI 5.33%
15. CPIN Charoen Pokphand Indonesia Tbk. 2.57 3.47 -26.05%
HMSP 5.26%
16. PGAS Perusahaan Gas Negara Tbk. 2.50 3.27 -23.58%
EXCL N/A
17. PWON Pakuwon Jati Tbk. 2.49 2.00 24.73%
SRIL -2.73%
18. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2.16 3.70 -41.60%
ASI I -8.78%
19. KLBF Kalbe Farma Tbk. 1.95 1.83 6.12%
UNT R -9.13%
20. MNCN Media Nusantara Citra Tbk. 1.78 1.09 62.71%
ANTM -11.08%
21. WIKA Wijaya Karya (Persero) Tbk. 1.57 1.06 48.31%
JSMR -15.68%
22. JSMR Jasa Marga (Persero) Tbk. 1.42 1.68 -15.68%
SCMA -16.65% 23. SMGR Semen Indonesia (Persero) Tbk. 1.29 2.07 -37.83%
LPPF -20.67% 24. LPPF Matahari Department Store Tbk. 1.19 1.50 -20.67%
PTBA -21.76% 25. INTP Indocement Tunggal Prakarsa Tbk. 1.18 0.62 90.35%
PGAS -23.58% 26. JPFA Japfa Comfeed Indonesia Tbk. 1.15 1.76 -34.52%
UNVR -24.56% 27. WSKT Waskita Karya (Persero) Tbk. 1.10 4.49 -75.46%
CPI N -26.05% 28. SRIL Sri Rejeki Isman Tbk. 1.02 1.05 -2.73%
CTRA -29.62% 29. SCMA Surya Citra Media Tbk. 0.99 1.19 -16.65%
JPFA -34.52% 30. BTPS Bank Tabungan Pensiunan Nasional Syariah Tbk. 0.98 0.70 39.80%
PT PP -35.17% 31. PTPP PP (Persero) Tbk. 0.73 1.12 -35.17%
SMGR -37.83% 32. ANTM Aneka Tambang Tbk. 0.56 0.63 -11.08%
TKIM -41.60% 33. AKRA AKR Corporindo Tbk. 0.52 1.27 -58.75%
INKP -56.22% 34. EXCL XL Axiata Tbk. 0.50 (0.14) N/A
AKRA -58.75% 35. CTRA Ciputra Development Tbk. 0.46 0.66 -29.62%
ERAA -73.17% 36. ERAA Erajaya Swasembada Tbk. 0.18 0.66 -73.17%
WSKT -75.46% 37. INDY Indika Energy Tbk. 0.13 1.94 -93.10%
INDY -93.10% 38. INCO Vale Indonesia Tbk. 0.002 0.82 -99.72%
INCO -99.72% Total of 45 Listed Companies of IDX LQ45 196.31 203.86 -3.70%
Total IDX* 293.32 296.77 -1.16%
No. Code Brokerage Firms IDR Trillion % of Total No. Code Brokerage Firms IDR Billion % of Total
1 CC Mandiri Sekuritas 305.80 8.04% 1 CS Credit Suisse Sekuritas Indonesia 1,066.31 5.45%
2 YP Mirae Asset Sekuritas Indonesia 178.60 4.69% 2 YP Mirae Asset Sekuritas Indonesia 978.00 5.00%
3 YU CGS-CIMB Sekuritas Indonesia 162.45 4.27% 3 XA NH Korindo Sekuritas Indonesia 930.58 4.76%
4 AK UBS Sekuritas Indonesia 158.27 4.16% 4 BK J.P. Morgan Sekuritas Indonesia 820.54 4.20%
5 MS Morgan Stanley Sekuritas Indonesia 148.42 3.90% 5 GR Panin Sekuritas Tbk. 709.32 3.63%
6 CS Credit Suisse Sekuritas Indonesia 136.83 3.60% 6 ZP Maybank Kim Eng Sekuritas 658.05 3.37%
7 KZ CLSA Sekuritas Indonesia 133.99 3.52% 7 DH Sinarmas Sekuritas 515.03 2.63%
8 RX Macquarie Sekuritas Indonesia 131.21 3.45% 8 RX Macquarie Sekuritas Indonesia 481.62 2.46%
9 ZP Maybank Kim Eng Sekuritas 115.31 3.03% 9 YU CGS-CIMB Sekuritas Indonesia 451.10 2.31%
10 PD Indo Premier Sekuritas 110.97 2.92% 10 DR RHB Sekuritas Indonesia 440.87 2.25%
11 CP Valbury Sekuritas Indonesia 104.64 2.75% 11 KZ CLSA Sekuritas Indonesia 428.25 2.19%
12 BK J.P. Morgan Sekuritas Indonesia 91.15 2.40% 12 MS Morgan Stanley Sekuritas Indonesia 405.78 2.08%
13 DH Sinarmas Sekuritas 89.72 2.36% 13 AP Pacific Sekuritas Indonesia 404.96 2.07%
14 XA NH Korindo Sekuritas Indonesia 77.43 2.03% 14 AK UBS Sekuritas Indonesia 399.85 2.04%
15 LG Trimegah Sekuritas Indonesia Tbk. 76.96 2.02% 15 KI Ciptadana Sekuritas Asia 389.55 1.99%
16 NI BNI Sekuritas 74.47 1.96% 16 PD Indo Premier Sekuritas 384.22 1.96%
17 DB Deutsche Sekuritas Indonesia 74.22 1.95% 17 LG Trimegah Sekuritas Indonesia Tbk. 377.11 1.93%
18 DR RHB Sekuritas Indonesia 73.18 1.92% 18 BQ Korea Investment and Sekuritas Indonesia 368.56 1.88%
19 CG Citigroup Sekuritas Indonesia 71.95 1.89% 19 EP MNC Sekuritas 362.29 1.85%
20 KS Kresna Sekuritas 65.57 1.72% 20 FG Nomura Sekuritas Indonesia 347.37 1.78%
Total of 20 2,381.15 62.58% Total of 20 10,919.36 55.84%
Total of IDX 3,805.24 Total of IDX 19,554.24
Source: IDX 46
Foreign Investor Activities and Rupiah Movement
Foreign net buy hits new record highs
48.14 9,000
50.00
10,000
30.00
11,000
10.00
12,000
(10.00) (3.80)
13,000
(30.00)
14,000
(70.00) 16,000
Oct-19
May-19
Apr-19
Aug-19
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Jul-19
Sep-19
2019*
Jan-19
Mar-19
Feb-19
Jun-19
Notes : : Foreign Net Buying
: Foreign Net Selling
Source: IDX 47
Investor Composition in Equity Market
Foreign investors hold higher ownership, while domestic investors are more active in trading
35.51% 36.21%
45.51% 48.70% 47.83% 49.16% Domestic
64.49% 63.79%
54.49% 51.30% 52.17% 50.84% Foreign
Ownership
Mutual Fund
18.02%
33.15% Corporate
48.79%
Others*
Foreign
Domestic
Corporate Bond
800.00 2500
Asset under management (Rp tn) No. of mutual funds
700.00 2,194
2,099
2000
600.00
1,777
500.00
1500
1,425
400.00 1,091
894 1000
300.00
543.74
505.39
457.51
200.00
338.75 500
241.57 271.97
100.00
- 0
2014 2015 2016 2017 2018 Sep-19
Source: OJK 51
Sharia Capital Market
Sharia compliance stocks account for 50% of stock trading activity on IDX
October 2019
%
Description ISSI IDX
(ISSI/IDX)
399 413
Number of listed 365
413 656 62.96% 331
companies 314 312 316 318
Frequency (x) 316,433 462,966 68.35% 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: IDX 52
Financial Literacy Index
Capital market literacy lags behind other financial sectors
21.8% 21.8%
17.8% 17.8%
15.8% 14.9%
13.1%
10.9% 11.0%
9.8%
7.1%
3.8% 4.4%
National Banking Insurance Pension Fund Financing Pawnbroking Capital Market Social Security Employees
Administrator Social Security
for Health System
Daily
Thousand of SID
70
55.02 55.85
60
50
Annually
39.76
40 31.05
30 20.63 25.83
19.41
20 Thousand of SID
500
10 450 405
0 400
J FMAM J J A S O N D J F MAM J J A S O N D J FMAM J J A S O N D J F MAM J J A S O N D J FMAM J J A S O N D J FMAM J J A S O 350 309
2014 2015 2016 2017 2018 2019 300 242
250 187
200 147 154
Monthly
150
Thousand of SID
100
225 186.33 205.76
50
200
175 -
127.93
150
125 98.79
78.24
100 66.54 63.59
75
50
25
-
J FMAM J J A S ON D J FMAM J J A S ON D J FMAM J J A S ON D J FMAM J J A S ON D J FMAM J J A S ON D J FMAM J J A S O
2014 2015 2016 2017 2018 2019
Source: IDX 54
Distribution Network
IDX’s distribution network plays an important role in promoting Indonesia’s capital market
29 444
Representative Investment
Offices Galleries
446
Investment
Communities
IDX
Channel
• Ch 100 Indovision
• Ch 398 First Media
• Ch 101 StarHub Singapore
Yuk Nabung Saham (YNS) – Equity Saving Plan
The Campaign aims to encourage the society to invest regularly in Indonesia’s capital market
Select
Account Nominal Fund, Fund Auto Auto Transaction
Opening Period, and Debit Transaction Done
Stocks
56
YNS Partners
57
Start-up Business Development
IDX Incubator aims to assist startups in improving all of their business aspects
Working Program
Training
Space
Development
Program Event
1 From Idea to
Capital Market 6
Startup
2 Idea
Go Big!
5
Factory
Curriculum
3 Traction Paperwork 4
58
69 Startups IDX Incubator (1/2)
E-Commerce Education Fintech
Kendi
IoT
Health On Demand Service
(Internet of Things)
Mager
59
69 Startups IDX Incubator (2/2)
SaaS
Property (Software as a Service) Lifestyle
Rexion
60
Indonesia’s Unicorns
Indonesia’s start-up companies are now part of the largest in South East Asia
GIC 420
Source: Crunchbase 61
04 ASEAN Comparison
6
BBB+ Baa1 BBB+
5
TH 29 Nov 2011 5 Aug 2011 8 Mar 2013
4
A- A3 A- 3
MY 15 May 2008 5 Aug 2011 21 Nov 2011
2
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Apr-16
Apr-17
Apr-18
Apr-19
BB Ba3 BB
VN 5 Apr 2019 10 Aug 2018 9 May 2019
October 2019
Average Daily Turnover (USD Million) PE Ratio (%)
Malaysia 384.25
Indonesia* 656 Singapore 921,000 16.33%
Philippines 278.30
Philippines 266 Philippines ± 1,000,000 0.94%
1
Open a security account in a Securities Company listed in the Exchange by:
2 3
Deposit early fund to
RDI account on behalf of
investor’s name. After your account
has been approved,
Each Securities Company you are ready to
sets a certain amount of make a deal.
deposit (starting from
Rp100,000 or USD7).
68
Simplification on investor account opening
NOW...
Broker
Send docs to receives SID Investor Investor
KYC e-face- Custodian and investor Send e-docs account account has Investor gets
Fill e-form to-face House account activation activated the account
(5 min) (10 min) (3 min) (10 min)
(5 min) (5 min) (1 min) (5 sec)
Fill form KYC by form Send docs to Broker Send Investor Investor Investor gets
(5 min) (30 min) Custodian receives SID original docs account account has the account
House and investor activation activated (5 sec)
account
(1-7 days) (5 min) (1 min)
(3 min)
(10 min)
PAST...
69
How to become a listed company
Stock
Criteria Bond
Main Board Development Board Acceleration Board**
Incorporated Limited Liabilities Company Limited Liabilities Company Limited Liabilities Company Business Entity
Audit Committee & Unit of 6 mo. of transition for medium asset company,
Internal Audit V V V
1 yr. of transition for small asset company
Audited Financial Report Min. 1 Year or since establishment if less than 1 Min. 3 years, unqualified
Min. 3 years, unqualified opinion Min. 12 months, unqualified opinion
year, unqualified opinion opinion
Number of Shareholder
≥ 1000 parties ≥ 500 parties ≥ 300 parties
* Net Tangible Asset = (Total Assets – Intangible Assets – Deferred Assets – Total Liabilities – Non Controlling interest) 70
IPO Process on IDX
Announcement of
Internal & documents summary of
Evaluation and
preparation, involving prospectus & Initial Public Listing & trading
inquiry of companies’ submission of share
underwriter & Offering of shares of shares on IDX
supporting
documents by price & other
OJK & IDX (primary market) (secondary market)
professions disclosure information
REQUIREMENTS BENEFITS
ISSI selection
process by Not doing any Interest-debt ratio Non-halal income
OJK activities restricted compared to total ratio of total revenue
by the sharia law assets ≤ 45% ≤ 10%
Indonesia Sharia
Jakarta Islamic Jakarta Islamic
Stock Index (ISSI)
Index 70 (JII70) Index (JII)
Reviewed every 6 months 70 sharia stocks 30 sharia stocks
(May and Nov) from ISSI from JII70
73
Special Notation
Special notation stated at the end of stock’s code to increase investor protection regarding company’s
financial performance. It has been implemented since December 28th, 2018.
E Negative equity
74
SRO Business Initiatives
Derivative Products,
Structured Bond Trading
Warrants, Index Platform on IDX
(ETP) Support for Regional
Development of hedging Securities Company
investment instruments:
• Structured Warrant Expansion of access on
Central Bank capital market: Securities Lending
• Single Stock Futures Tri-party
• Index Futures Money • Increased investments and Borrowing
REPO • Job creation
Indices: (CeBM)
• IDX Value30 & Growth30
Securities Financing (PT PEI)
As a securities finance agency
• Acceleration Board • e-Registration
Funding access for Small and
IDX - Sustainable Stock
Efficiency on IPO registration
Medium Enterprises (SME) in OJK and securities listing Exchange
on IDX based electronically
• E-IPO (Electronic
Indonesia Public Offering) • IDXNet-SPE Integration
Integrated information
Simplification on
Increased transparency and
access for retail investors in disclosure investor account opening
IPO’s to OJK & IDX
75
End of This Document
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