Indonesia’s Economic and

Capital Market Development

November 2019

Economic and Analysis Unit

Research Division

www.idx.co.id Indonesia Stock Exchange @indonesiastockexchange @IDX_BEI Indonesia Stock Exchange

Location: Sumba Island, East Nusa Tenggara, Indonesia
Source: https://says.com/
 Global Economic
01 Updates

Picture by: freepik.com

 Global Economic Trend
The Fed is expected to cut FFR in response to global uncertainties and slowing economy

Markit Manufacturing PMI Global Commodities & US Dollar Index

63 GSCI US Dollar
U.S. China Japan ASEAN EM EU Global Indonesia
Index
61
500.00 104.00
59
475.00 101.00
57
450.00 98.00
55
425.00 95.00
53
400.00 92.00
51 Expansion
threshold 375.00 89.00
49 SPGSCI Index (407.51)
350.00 86.00
47 DXY Curncy (97.35)
325.00 83.00
45
300.00 80.00
Feb-19

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)

Euro Area 151,182.50 Euro Area 215,754.80

China 81,188.35 United States 165,301

India 10,222.80 Japan 97,468.20

Indonesia 3,386.79 China 58,250.45

South Korea 2,924.91 South Korea 41,134.80

Philippines 191.49 Indonesia 11,450.34

Turkey 73.00 India 4,686.82

Thailand -430.63 Philippines 1,584.82

Brazil -7,621.11 Thailand -439.54

Japan -13,988.80 Brazil -570.50

United States -38,763 Turkey -2,855.00

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

YTD, October 2019

Commodity Currency

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

Source: Cartoonmovement, Global Research, Laprogressive, The Spectator, TheLiveTradeRoom

6
 Indonesia’s
02 Economic Updates

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 BEST OF INDONESIA

MASSIVE ECONOMY IMPRESSIVE OUTLOOK PROSPECTIVE CAPITAL MARKET

GDP Nominal1 Indonesia’s economy rank (GDP to PPP)3 Equity Issuers4

USD 1.04 Tn #4 ±650
• This number is relatively smaller than the
#5 USD10.50 T total potential listed companies in Indonesia:
1st 6th • ±120 SOEs, ±750 subsidiaries

in ASEAN in Asia Approximately equivalent

#16 USD5.42 T • ±26 millions SMEs
• ±104,000 ltd./inc as bank-loan receivers
to three ASEAN countries • The 2nd lowest among ASEAN-5 countries
USD3.24 T

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

Investment Grade Natural Resources6

• S&P (BBB), stable outlook*
73rd Improvement of • 1st largest producer of palm oil
• Moody’s (Baa2), stable outlook Ease of Doing Business (EODB) and nickel
• 2nd largest exporter of liquified
• Fitch (BBB), stable outlook 91st for the past two years2 natural gas (LNG)
*Upgraded in May 2019 • 5th largest gold producer
• 8th largest copper

46th Improvement in

3rd
Top destination
Logistic Performance for attracting
63rd Index (LPI)1 investors3

Largest democracy International Affairs7

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

+5.02% +3.13% (yoy) 3.27% (ytd) 5.00%

Real Economic Growth Headline Inflation
14,008 IDR/USD BI 7-Day Reverse Repo Rate
Q3-19 (yoy) 2019 Target: 3.5%±1%
Oct-18: -12.39% (ytd) 2018: 6 hikes
Q3-18 GDP: 5.17% (yoy) 2019: 4 cuts

-USD1.95 bn -2.66% (of GDP) USD126.69 bn

Trade Surplus/Deficit (Jan-Sep 19) Current Account Deficit Q3-19 Foreign Reserve
Jan-Sep 18: -USD3,8 bn Q3-18: -3.22% (of GDP) 5.01% (ytd); 10.02% (yoy)

Source: Bank Indonesia, Statistics Indonesia 10

GDP Growth and Composition by Expenditure
Indonesia’s economic growth is broadly stable at 5% p.a. over the last decade, with private consumption as the main contributor

Real Economic Growth (yoy) Growth Prospect

8
7 6.38%
Average Growth 2009-2019 = 5.38% Institution 2019 GDP growth (% yoy)
6.18% 6.03%
6 5.56%
5.01% 4.88%
5.02% 5.07% 5.17% 5.05% 2019 budget 5.3
5 4.71%
4 Bank Indonesia 5.0 - 5.4
3
IMF (WEO April 2019) 5.2
2
1 World Bank 5.2
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
ADB 5.2
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Consensus forecast (July 2019) 5.0

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

2016 2017 2018 2019

Source: Statistics Indonesia 11

GDP Growth and Composition by Sectors
Services are the fastest growing sectors, while the economy is mostly driven by manufacturing

Growth (%, yoy) Composition (%, yoy)

Q3-2019 Q3-2018

Other Services 10.7 Transportation &

Storage, 5.52% Information &
9.2
Communication,
Business Services 10.2 3.95%
8.7 Mining & Public Admin,
Quarrying, 6.92% Defense & Social
Human Health & Social Work Activity 9.2
7.5 Security, 3.43%
Information & Communication 9.1 Education Services,
8.1 3.28%
Construction,
Education Services 7.8 10.60%
6.6 Real Estate, 2.73%
Financial &
Transportation & Storage (TS) 6.6 Insuracne Activity, Accomodation, Food
5.6 4.19% & Beverages 2.73%
Financial & Insurance Activity (FI) 6.2
3.1
Others, 6.17%
Real Estate 6.0 Agriculture,
3.8 Forestry, and
Construction 5.6 Fisheries, 13.45%
5.8
Accommodation & Food Beverages Activity (AFB) 5.4
5.9
Wholesales and Retail Trade, Repairs (WR) 4.7
Wholesale and Manufacturing
5.3
Retail Trade, Industry, 19.62%
Water Supply;Sewerage, Waste & Recycling Mgt 4.7
Repairs, 13.02%
6.2
Manufacturing Industry (Mfg) 4.1
4.4
Electricity & Gas Supply (EG) 3.7
5.6
Agriculture, Forestry and Fisheries (AFF) 3.1
3.7 Others:
Mining & Quarrying (MQ) 1.9 Business Services (1.91%); Electricity & Gas Supply (1.16%); Human
2.7 Health & Social Work Activity (1.08%); Water Supply, Sewerage,
Public Admin, Defense & Social Security 1.9 Waste & Recycling Mgt (0.07%).
7.9

Source: Statistics Indonesia 12

Key Macroeconomic Indicators
Strong macroeconomic fundamentals lead to a steady growth in direct investment

Inflation (yoy) Exchange Rate & Foreign Reserves

10
CPI Headline (3.13%) Foreign Reserve
USD/IDR
Core (3.2%) (USD Bn)
8
Administered (1.58%) 16,000 140
Volatile Good (4.82%)
126.69
6 120
15,000
4
100
14,008
14,000 80
2
60
13,000
0
40

-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

Interest Rate (%) Foreign & Domestic Direct Investment

BI 7-Day Repo Rate (5%) IDR Trillion
8 Deposit Insurance Rate in IDR (6.5%)
Deposit Insurance Rate in USD (2%) 800
700 DDI Realization
6
600 FDI Realization
262.30 328.60
4 500 216.23
179.50 283.50
400 128.10 156.13 241.70
2 300 92.18
200 76.00 396.60 430.50 392.70
351.14 307.00 365.90 317.80
0 237.54 293.70
100 176.60
Aug

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

Production Indicators (%) Consumption Indicators

Manufacturing PMI Industrial production
30%
60 20 25% Retail Sales Survey
20%
15%
10%
55 10 5%
0%
-5%
-10%
50 0
-15%
-20%
Consumer Survey
-25%

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

Motor-Vehicle Sales (growth, %) Cement Consumption (growth, %)

100%
70%
80% 60%
Motorcycle Sales 50%
60%
40%
40% 30%
20%
20%
10%
0% 0%
-20% -10%
Car Sales -20%
-40% -30%
-60% -40%

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

Capital and Financial Account

20,000
Current Account
15,000 Balance of Payment
7,629.36
10,000
5,000 -45.86
0
-5,000 -7,665.29
Balance of Payment
-10,000
(USD Billion) -15,000
Through out 2018 and Q2 of Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019, current accounts were
experiencing a deficit 2011 2012 2013 2014 2015 2016 2017 2018 2019

CAD (% of GDP) IDR/USD

CAD
2.00 8,000
IDR/USD 9,000
1.00
0.00 10,000
11,000
-1.00
12,000
-2.00 -2.66
Current Account 13,000
-3.00 14,000
Balance (%GDP) and -4.00 14,008 15,000
IDR/USD -5.00 16,000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Statistics Indonesia, Bank Indonesia, Bloomberg 15

Credit Ratings
Indonesia is now fully rated as an investment grade country

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

Source: DJPPR – Ministry of Finance

16
 Current Condition vs Past Crises
Indonesia’s economy has improved since the past crises

IDR Depreciation (%YTD) Inflation (%YoY)

JCI Index (IHSG) Inflation is controlled under
JCI is significantly higher than 1998 & 2008 Rupiah appreciation compared to
depreciation in 1998 & 2008 the revised budget target
6,228.3 55.67
-197% 1998

1,355 -35% 2008 10.27

398 3.13
3.27% Oct-19
1998 2008 Oct-19 1998 2008 Oct-19

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

1998 30.00 1998 17.40

2008 3.80 9.25 5 2008 50.20

Aug-19 2.60 Oct-19 126.69

1998 2008 Oct-19

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

100.0% 116.8% 8.6x

27.4% 29.5% 33.2% 36.8% 3.1x 3.2x

1998 2008 QII-2019 1998 2008 QII-2019 1998 2008 QII-2019

Source: Bank Indonesia, IDX, Statistics Indonesia (BPS), Ministry of Finance 17
 Indonesia vs Emerging Markets
Indonesia’s economic prospect continues at a healthy pace among emerging markets

October 2019

Exchange Rate (% YTD) GDP Growth Q3-19 (%, yoy) Inflation (%, yoy)
Russia 7.52 Indonesia 5.02 Argentina 53.50

Indonesia 3.27 Russia 2.30 Turkey 9.26

Brazil -3.56 Brazil 1.12 South Africa 4.10

South Africa -5.26 South Africa 0.80 Russia 4.00

Turkey -8.02 Argentina 0.60 Indonesia 3.13

Argentina -58.36 Turkey -1.52 Brazil 2.89

Policy Rate (%) Current Account Deficit (% GDP) Budget Deficit (% GDP)
Russia 7.01 Russia
Argentina 56.00 2.70

Turkey Turkey 0.16 Indonesia

14.00 -1.76

Russia Brazil -1.48 Turkey

6.50 -2.00

South Africa 6.50 Indonesia -2.66 South Africa -4.40

Brazil 5.00 Argentina -3.05 Argentina -5.50

Indonesia 5.00 South Africa -3.20 Brazil -7.10

Note: Latest data available

Source: Bloomberg, Bank Indonesia 18
 Trade Balance
Trade deficit was narrower than last years’ amount

USD Million

Total Export-Import Oil and Gas

Ex/Im Net Export Ex/Im Net Export
20,000 20000 5,000 5,000

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

Non Oil and Gas

-10,000 -10000 Ex/Im Net Export
15,000 15,000

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

Export Import Net Export -15,000 -15,000

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

Loan Third Party Fund

+8.59% (yoy) +7.62% (yoy)

IDR 5,464.97 tn IDR 5,811.58 tn

23.93% 4.90% 94.66% 2.60%

Capital Adequacy Net Interest Margin Loan to Deposit Non-Performing
Ratio (CAR) (NIM) Ratio (LDR) Loan (NPL)
Above minimum threshold 8% Keep maintained under 5%
Source: Bank Indonesia, Statistics Indonesia, latest figure 20
Banking Sector Trend
Solid bank resilience was confirmed by a stable loan growth, higher CAR, and lower NPL
August 2019
Total Asset & Third Party Funds (IDR Trillion) Total Loan (Rp Trillion)
Asset (8.42% p.a) Third Party Funds (7.54% p.a) Total Loan
2,200 2,708 3,293 3,674 4,058 4,377 4,738 5,295 5,305
100%
90%
8,245 Working Capital
8,068 80%
48.6% 48.6% 48.2% 47.8% 47.2% 46.8% 46.9% 47.5% 46.2%
6,730 7,387 70%
5,615 6,133 5,630 5,812
4,837 5,289 60%
4,114 4,413 50% Investment
40% 21.1% 21.8% 24.2% 24.6% 25.5% 25.7% 24.9% 24.7% 26.1%
30%
20%
30.3% 29.5% 27.6% 27.6% 27.2% 27.5% 28.2% 27.8% 27.7% Consumption
10%
0%
2014 2015 2016 2017 2018 Aug-19
2011 2012 2013 2014 2015 2016 2017 2018 Aug-19

Deposit & Loan Growth Banking Ratios (%)

LDR, CAR ROA, NPL
Deposit Loan
12.3% 120% 5%
11.8% Loan to deposit ratio 94.66%
11.6% 10.4% 100% 4%
9.6% 9.4% 80%
8.2% Non performing loans 2.60%
8.6% 3%
7.9% 7.6% 60%
7.3% 6.5% Return on assets 2.49% 2%
40%
20% 1%
Capital adequacy ratio 23.93%
0% 0%

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

Macroeconomic Assumption Principles State Budget and Realization

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%

II. Grant 0.4 1.2 1.0 185.00%

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

currency bond issuance E. BUDGET FINANCING 296.0 325.9 280.3 94.70%

Note: • Domestic financial
• Green: Increasing; Red: Decreasing
deepening
• No changes on State Budget 2018
• Driving export
Source: Ministry of Finance
22
The Economic Policy Packages
Harmonizing regulations – Simplifying bureaucratic process – Ensuring law enforceability

I II 29 Sept ’15 III 7 Oct ’15 IV V 22 Oct ’15 VI 6 Nov ’15

Easing permit Financial services Improving industry Stimulating
9 Sept ’15 15 Oct ’15 and investment
requirement and facilitation, export economic activities
Improving national Social safety net and climate through tax
simplifying export financing and in border areas and
industry elimination of betterment of incentives and
proceeds facilitating strategic
competitiveness business unnecessary people welfare deregulation on
requirement commodities
burden sharia banking availability

XI X IX 27 Jan ’16 7 Dec ’15

VII Stimulating business
XII 28 Apr’16 29 Mar ’16 11 Feb ’16
Accelerating VIII 21 Des ‘15
Resolving land
activities in labor-
electricity acquisition disputes,
Improving Stimulating national Revising Negative intensive industries
generation, intensifying domestic
Indonesia’s rank on economy through investment List and nation-wide through
stabilizing meat oil production,
incentives in the form
Ease of Doing facilitation to SMEs improving protection stimulating domestic
prices and improving of accelerating land
Business (EODB) and industries for SMEs parts and aviation
rural –urban logistics certification process
sector industries
for individuals

XIII XIV XV XVI To improve national

24 Aug ’16
10 Nov’16
16 Nov ’18 industry
Low Cost Housing 15 Jun’17 Improving the competitiveness, export
Roadmap for E-
for Low-Income Improving logistic competitiveness and and investment to
commerce
Communities domestic economy
generate significant
economic growth

Source:: Bank Indonesia

23
Progress of the Economic Policy Packages

223
225 Deregulations are
Regulations to be finished
deregulated

Initially, there were As of January 23rd 2019, deregulation of 222

regulation are finished (99%), compromising:
236 regulations which need to be
deregulated. 53 regulations at Presidential level and
170 regulations at Ministerial/Institutional level.
Based on the further assessment,
Unfinished regulations:
11 regulations
has been revoked from deregulation 2 regulations
process. On Development of Business and competitiveness of
National Logistics Service Providers 24
Source: Bank Indonesia
 2020 Key Economic Issues

Domestic World

Listed companies’ Less dovish Trade tension

Tax revenue
financial report monetary policy between
optimization policy
release US and China

Policies to Projected Volatile oil price

Financial
improve current global economy and other
deepening
account defisit slowdown commodity prices

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

Picture by: freepik.com

Indonesia’s Capital Market Milestone
Domestic capital market has improved significantly in respond to rapid change in global financial market

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

Coordination Forum of Financial System Stability (CFFSC)

(Based on Law No. 9 of 2016)

Bank Financial Service Indonesia Ministry of

Indonesia Authority (OJK) Deposit Insurance Finance
Corporation (LPS)

Monetary policy Banking Insurance State treasury

Program

Payment system Non-bank Settlement and Fiscal authority

Financial Bank Failure
Institutions Management
Macroprudential
policy Capital Market

28
Indonesia Stock Exchange and its Subsidiaries

Credit Education and Investor Bond Pricing Media Securities

Agency IT Service
Rating Certification Protection Channel Financing
29
IDX Organization Structure

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

• Research • Finance &

• Listing Service and • Membership • Member Compliance • Digital Strategy and Accounting
• Business Development Management and Transformation
Development Monitoring • Human Capital
• Listing Group 1 • Market Surveillance
• IT Development
• Business • Data Service
Incubation • Listing Group 2 • IT Operation • General Affairs
• Market • Trading Support and (Trading & Support)
• Listing Group 3 Operation
Development • IT Operation
• Sharia Capital (Business & Office)
Market
• Risk Management
30
 IDX Financial Higlights
IDX’s largest source of revenue is from transaction fees

Operating Revenue (IDR bn)

Information services
and other facilities
1,354.12 6%
1,179.20 1,202.34
Listing fees
920.87 970.16 14%

Transaction
Clearing fees
fees 53%
27%

2014 2015 2016 2017 2018

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

Involved Equities 656 Market Cap USD500 bn

parties Outstd. Val.
Bonds 119 Govt: USD188 bn
Corp: USD31 bn
Products
Equity Listed Companies ETFs 35 AUM USD1.40 bn

656 Asset Backed Securities 14 Outstd. Val. USD600 mn

506
398 REITs 3 AUM USD1.1 bn

Infrastructure Investment Fund 1 AUM USD70 mn

2009 2014 2019
Futures 9 -

Equity and Bond Investors

Efficiency
1,219,243
New Data
T+2
466,250 acceleration, and
408,045
post-trade
processing accuracy Center
2009 2014 2019
New 3rd country (after Vietnam & Thailand)
3x larger in trading capacity
in ASEAN implementing T+2 settlement
Initiatives
Exchange Members
Regulation IDX Incubator IDX-IT Company
- Local: 76
105 - JV: 29
Enhancement
Listing, trading,
69 tech-based
start-up
To support
regional
(33 brokers comprise 80% of total trading turnover) companies securities
exchange membership companies
Source: IDX, KSEI 32
Average Daily Trading Activities
Liquidity in the stock market has increased over the past years
As of October 2019

Average Daily Trading Volume Average Daily Trading Turnover

million shares IDR billion

15,103 +9.38% p.a

+13.77% p.a
11,953 9,368
10,568 8,500
7,498 7,603
7,827 6,238 6,006 5,764
5,503 5,484 5,928 4,537
4,284

2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019

Average Daily Number of Trades Market Capitalization

times IDR trillion

462,966 +7.89% p.a

+17.96% p.a
7,052 7,023 7,163
386,804
5,754
312,485 5,228 4,873
264,127 4,127 4,219
212,635 221,583
153,686
121,712

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

Warrant Corp Bond REIT

47.74 4.88

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

1.98 2.67 2.38

0.94 1.62
0.71 0.74 0.98

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

2009 – October 2019 6,355.654 6,194.498

6,228.317

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

%YTD 2019 ±10 Years Period

China: Shenzen 29.10%
US Nasdaq 24.97% US Nasdaq 425.82%
Colombia 23.17% Russia 367.13%
Russia 22.70% Indonesia 359.52%
Brazil 22.00% Philippines 325.93%
Germany India 315.96%
21.86%
Norway 313.98%
Switzerland 21.24%
Turkey 266.54%
US: S&P500 21.17%
Thailand 255.92%
France 21.12%
US: S&P500 236.29%
Ireland 19.35%
Vietnam 216.46%
Australia 18.63%
US: Dow Jones 208.17%
China: Shanghai 17.45% Brazil 185.54%
Taiwan 16.77% Ireland 179.11%
US: Dow Jones 15.94% Germany 167.49%
Canada 15.08% South Africa 162.33%
Japan 14.55% Japan 158.78%
Austria 14.34% Israel 152.60%
Israel 13.00% Taiwan 147.40%
Vietnam 11.91% China: Shenzen 113.83%
Norway 11.49% Poland 112.21%
India 11.26% Chile 99.63%
UAE 8.59% Mexico 93.64%
Spain 8.40% Colombia 91.83%
Turkey 7.89% Hong Kong 87.01%
UK 7.73% South Korea 85.29%
South Africa 6.99% Australia 85.09%
Philippines 6.85% Switzerland 84.66%
Singapore 5.25% Canada 83.40%
Hong Kong 4.11% Singapore 83.35%
Mexico Malaysia 82.26%
4.08%
Austria 79.32%
Thailand 2.40%
France 78.06%
South Korea 2.08%
UAE 67.88%
Indonesia 0.55%
UK 63.47%
Poland 0.16%
Saudi Arabia 61.23%
Saudi Arabia -1.06%
China: Shanghai 60.87%
Qatar -1.07% Qatar 47.96%
Malaysia -5.48% Spain 0.67%
Chile -7.08%

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)

Japan 3,676 US-NYSE US-Nasdaq 65,110.10

23,089.20
US-Nasdaq 3,091 US-Nasdaq 11,719.82 US-NYSE 49,495.45
Hong Kong 2,395 Japan 5,834.15 China 34,975.91
US-NYSE 2,357 China 4,588.56 Japan 21,311.30
South Korea 2,245 Hong Kong 3,907.51
Hong Kong 7,753.86
Australia 2,096 India 2,024.90
South Korea 7,710.24
India 1,955 Germany 1,901.28
India 4,711.43
China 1,524 Australia 1,416.45
Australia 3,467.37
Malaysia 923 South Korea 1,315.04

Singapore Thailand 1,473.24

Singapore 734 657.06

Thailand 559.08 Singapore 775.72

Thailand 711
Indonesia 499.54 Indonesia 708.88
Indonesia 652
Malaysia 383.57 Malaysia
Germany 521 450.49

**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)

450 MSCI Indonesia

425 USD 373.23
400
375
350
325
300
275 MSCI World
250 USD 242.71
225 MSCI ASEAN
200 USD 212.26

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%

Capitalization 1.5% 5.0%

Mining (357 T)

Trading 10.4%

Value 10.1% Basic Industry And

11.3% Chemicals (725 T)
8.8%
11.5%
Infrastructure, Utilities &
5.9% 5.1%
Transportation (823 T) 11.5%
8.2%
Miscellaneous Industry (366
6.8% T)
16.9%
Property And Real Estate
(490 T)
Consumer Goods Industry
(1,208 T)

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

Total IDX 7,162.65

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

Source: IDX, OJK 41

 Equity IPO trend
The number of IPO broke the record since privatization last year
No. Code Company IDR bn Business Scope
As of October 2019 1 LIFE Asuransi Jiwa Sinarmas MSIG Tbk. 4,764.38 Insurance
2 GGRP Gunung Raja Paksi Tbk. 1,033.95 Steel industry
3 IPTV MNC Vision Networks Tbk. 845.28 Subscription TV, Fixed Broadband, and Digital Content Services
4 POLI Pollux Investasi Internasional Tbk. 657.44 Property and Real Estate
5 Digital Mediatama Maxima Tbk. 619.23 Digital Media Platform Provider Services
Number of IPO Total Value of New Issue
DMMX
6 BOLA Bali Bintang Sejahtera Tbk. 350.00 Football Club

Number Value 7 KEEN PT Kencana Energi Lestari Tbk. 290.37 Electricity

8 POSA Bliss Properti Indonesia Tbk. 255.00 Property : Mall, Hotel, and other activities/facilities
of IPO (IDR Tn) 9 BAPI Bhakti Agung Propertindo Tbk. 251.63 Property Real Estate

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

10 Years As of October 2019

Fund Raised Fund Raised

Trade, Services & Investment

Finance 25.77% Trade, Services & Investment
23.54%

9.48% 38.10%
21.90% Agriculture

15.33% Agriculture 1.06%

Infrastructure, Utilities &
5.79% 2.38%
Transportation
8.03%
14.45% Number of 4.76%
Number of 9.52% 11.73% Basic Industry And Chemicals
Listed Companies Finance Listed Companies
16.79% 10.22%
13.25% 39.87%
Mining 11.90%
9.52% 2.23%
0.94% Miscellaneous Industry
8.03%
10.22% Consumer Goods Industry
11.88% 2.92% 7.14%
6.57% 16.67%
13.30%
11.37%
Property And Real Estate
7.76% 2.45% Basic Industry And
5.10%
Chemicals
Property And Real Estate
Consumer Goods Industry Miscellaneous Industry
Infrastructure, Utilities &
Transportation

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%

Profit for The Period 203.86 196.31 -3.70%

*) 38 companies out of 45 LQ45 companies listed
Laba Bersih Entitas 188.83 182.36 -3.43%

Laba Komprehensif 195.25

Sep-18 207.81
Sep-19 6.43%
All Listed Companies Growth
(IDR tn) (IDR tn)
Total Assets 11,344.44 12,220.84 7.73%
Total Equity 3,260.87 3,530.79 8.28%
Revenues 2,829.50 2,844.72 0.54%

Profit for The Period 296.77 293.32 -1.16%

*) 535 companies out of 596 companies listed
Laba Bersih Entitas 272.21 268.39 -1.40%

Laba Komprehensif 285.12 315.64 10.70%

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%

N/A: the company recorded loss

Source: IDX 45
 Top 20 Brokerage Firms (Exchange Members)
60% of trading turnover were contributed by 20 exchange members
Jan-Oct, 2019
by total trading value by net adjusted working capital

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

IDR Trillion Foreign Net Position (LHS) IDR/USD (RHS) USD/IDR

70.00 8,000

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

(50.00) 14,008 15,000

(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

2014 2015 2016 2017 2018 Oct-19

59.42% 56.79% Domestic

63.23% 63.37% 63.03% 68.56%

Trading Activity 43.21% Foreign

40.58% 36.77% 36.63% 36.97% 31.44%

2014 2015 2016 2017 2018 Jan-Oct '19

Source: IDX, Custodian House (KSEI) 48

Equity Ownership Composition
Individual investors owned 11% of the total tradable stocks
October 2019

0.40% 0.46% 0.33%

2.87% 0.83% Foundation
4.85%
6.35% 2.59% 10.24%
8.63% Securities Company
7.16% 5.64%
2.35% Insurance
10.41%
18.21%
22.15% Pension Fund
11.08%
0.38%
Financial Institution
16.72% 23.87% 9.32%
Individual

Mutual Fund

18.02%
33.15% Corporate
48.79%
Others*

22.99% Others: cooperative, government,

11.86% or foreign institutions that claim
0.36% themselves as others.

Total Foreign Domestic

Source: Custodian House (KSEI)

49
Ownership Composition in Bond Market
Domestic investors are dominating both government and corporate bonds

38.21% 37.55% 39.82% 37.71% 38.99%

Foreign

61.79% 62.45% 60.18% 62.29% 61.01%

Domestic
Government Bond

2015 2016 2017 2018 Oct-19

7.46% 6.40% 7.90% 7.23% 7.41%

Foreign

92.54% 93.60% 92.10% 92.77% 92.59%

Domestic
Corporate Bond

2015 2016 2017 2018 Oct-19

Source: DJPPR (Ministry of Finance), IDX 50

 Domestic Mutual Fund
Mutual fund remains in an upward trend amid market volatility

Asset Under No. of mutual

Management (Rp tn) funds

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

Performance comparison between Trend of

ISSI and IDX sharia compliance stocks

%
Description ISSI IDX
(ISSI/IDX)
399 413
Number of listed 365
413 656 62.96% 331
companies 314 312 316 318

Market cap (IDR trillion) 3,806.75 7,162.65 50.01% 237

Volume (million shares) 8,340.51 15,103.08 55.22%

Value (IDR billion) 5,123.03 9,368.01 54.67%

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

Survey 2013 Survey 2016

29.7% 28.9% 28.3%

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

Source: OJK – Financial Literacy Survey

53
Total Number of Active Investor
The number of active investor has increased over the past three years
405,092 SID, as of October 31, 2019 (YTD)
Total SID : 1,061,517
Highest no. of daily active investors: 67,463 (Sep 16, 2019)

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

Investors must Purchase

Auto Debit
fill in the Power Orders are
from Personal
of Attorney exercised by
Bank Account to
Form and Auto Brokers based
Investment
Debit Form on the contract.
Account.
that stated auto
debit date,
contract period,
and selected
stocks.

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

Mentorship Funding Access

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

Transportation Media Logistic

60
Indonesia’s Unicorns
Indonesia’s start-up companies are now part of the largest in South East Asia

Tencent Holdings 1,500 Alibaba Group 1,100

Mitsubishi Corporation, Mitsubishi Motors,… 1,000
Alibaba Group, SoftBank Investment Advisers 1,100
Google, JD.com, Tencent Holdings 920
N/A 147
Kohlberg Kravis Roberts, Warburg Pincus 550
Total Funding: Total Funding:
PT Astra International Tbk 100 USD4.07 Billion CyberAgent Capital 0.70 USD2.35 Billion

GIC 420

Mirae Asset-Naver Asia

Expedia 350 50
Growth Fund

Total Funding: Total Funding:

N/A 150
USD920 Million USD920 Million

Source: Crunchbase 61
 04 ASEAN Comparison

Picture source: vectorstock.com, flaticon.com

 ASEAN 5 Country Rating & 10Y Government Bond Yield
Indonesia has been proven as a favorable place to invest in

Country S&P Moody’s Fitch 10Y Government Bond Yield

BBB Baa2 BBB Indonesia Thailand Malaysia

ID 31 May 2019 13 April 2018 2 Sep 2018
Philippines Singapore Vietnam
Outlook Outlook Outlook %
Stable Stable Stable 10
31 May 2019 13 April 2018 2 Sep 2018
9

AAA Aaa AAA 8

SG 5 Apr 2016 5 Aug 2011 21 Nov 2011 7

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

BBB Baa2 BBB- 1

PH 8 May 2014 11 Dec 2014 24 Sep 2015 0

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

Source: Various source

63
ASEAN Capital Market Comparisons (1/2)

October 2019
Average Daily Turnover (USD Million) PE Ratio (%)

Thailand 1,700.25 Malaysia 19.40

Singapore 750.90 Thailand 18.04

Indonesia 661.06 Philippines 17.70

Malaysia 472.12 Indonesia (LQ45) 16.46

Philippines 92.21 Singapore 11.95

Source: Bloomberg Source: Bloomberg 64

ASEAN Capital Market Comparisons (2/2)
September 2019
Market Capitalization (USD Billion) Listed Companies Investor (% total population)

Thailand 534.48 Malaysia 923 Malaysia ± 2,500,000 7.72%

Indonesia 515.40 Singapore 734 Thailand 1,568,499 2.31%

Singapore 485.87 Thailand Indonesia* 1,061,517 0.40%

711

Malaysia 384.25
Indonesia* 656 Singapore 921,000 16.33%

Philippines 278.30
Philippines 266 Philippines ± 1,000,000 0.94%

data as of Aug-18; *Sep-19 data as of 2018; *Oct-19

Source: Bloomberg Source: World Federation of Exchanges Source: Stock Exchange Annual Report 2018 65
 05 Other Informations

Picture source: vectorstock.com, flaticon.com

How to become an investor

1
Open a security account in a Securities Company listed in the Exchange by:

Submitting a copy of Fill in the agreement

personal identity card form provided by the
(KTP/KITAS/PASSPORT) Securities

For the list of Securities Companies, click: https://www.idx.co.id/en-us/investor/brokerage-near-you/

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).

For more information, visit http://yuknabungsaham.idx.co.id/mulai-investasi 67

Exchange Fee

FEE COMPONENT (%) BUY SELL

Transaction Fee (IDX) 0.018 0.018
Clearing Fee (KPEI) 0.009 0.009
Settlement Fee (KSEI) 0.003 0.003
0.030 0.030
VAT 10% 0.003 0.003
Guarantee Fund* (KPEI) 0.010 0.010
Income Tax 0.1% Final 0.100

Total 0.043 0.143

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)

STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 STEP 6 STEP 7 STEP 8

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

Independent Commissioner 6 mo. of transition for medium asset company,

V V V
1 yr. of transition for small asset company

Corporate Secretary 6 mo. of transition for medium asset company,

V V V
1 yr. of transition for small asset company

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

Operational Lifetime 36 months 12 months Since posting operating revenues 3 years

Operating Profit May suffer loss should have operating

May experience loss, but should have operating Min. 1 year
Min. 1 year profit max. 6 years based on projection
& net profit in 2 years based on projection

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

Capital Requirement a) Net Tangible Asset min. Rp 5 billion; or

Net Tangible Asset* : b) Net profit min. Rp1 billion and market
capitalization min. Rp100 billion; or - Min. Equity Rp20 billion
Min. Rp100 billion
c) Revenue min. Rp40 billion and market
capitalization min. Rp 200 billion

Number of owned shares Min. 300 million shares and:

by non controlling & non Min. 150 million shares and:
• 20% from total shares, for equity < Rp500
majority shareholder • 20% from total shares, for equity < Rp500 billion
billion
• 15% from total shares, for equity Rp500 billion – Min. 20% none
• 15% from total shares, for equity Rp500 billion
Rp2 trillion
– Rp2 trillion
• 10% from total shares, for equity > Rp2 trillion
• 10% from total shares, for equity > Rp2 trillion

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

PREPARATION EVALUATION BOOK BUILDING IPO LISTING

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

Registration Permit to Publish

Statement Summary of
Prospectus

Listing Principle Effective Listing

Application Approval for Statement Approval
Securities Listing
Share
Registration
Request
e-IPO

IPO process: ± 3-6 months*

*subject to each company’s readiness

71
How to join IDX Incubator

REQUIREMENTS BENEFITS

Participants are individuals or group or an

Indonesian legal entity

Registered participants minimum 2 people Comfortable Meeting Multipurpose

(Business Person & IT Person) and maximum co-working space room Training Room
4 people (Indonesian Citizen)

Business activities are digital based

Breakout High-Speed AWS & Microsoft

The project is LIVE or ready to LIVE Area Internet Azure Cloud

Participants have not participated in any

incubator program

Locker Print / Copy Coffee and Tea

Comply with our terms and conditions / Scan Corner
For more information, visit http://idxincubator.com/ 72
How to identify sharia stocks

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.

Notation Symbol Description

S No sales based on latest financial report

A Adverse opinion of the audited financial report

M Moratorium of debt payment

B Bankruptcy filing against the company

E Negative equity

L Late submission of financial report

D Disclaimer opinion of the audited financial report

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
Contact us: [email protected]

Heidy Ruswita Sari

+6221 515015 ext.4120

Adhel Rusd Lebih Baik!

+6221 515015 ext.4109

Anita K. Zonebia
+6221 515015 ext.4110

Sehari Lebih Cepat,

Selangkah Lebih Efisien

DISCLAIMER
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and
must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work.
Although every care has been taken to ensure the accuracy of the information contained within the publication, it should not
be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot
be held liable or otherwise responsible in anyway for any advice, action taken or decision made on the basis of the facts and
opinions stated or expressed or stated within this publication