Grasberg Mine, Papua

Photo by: Brian Liutama

Indonesian Economic and

Capital Market Development
December 2018
Economic and Analysis Unit
Research and Development Division

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

Indonesia’s Overview

2
Economic and capital market potentials
Regional Comparison Indonesia’s capital market potentials

#1 in ASEAN
(the only G20 member) Number of
GDP Nominal1 Equity Issuers4
#6 in Asia

USD 1.02 Tn
±600
Approximately equivalent
to three ASEAN countries
• This number is relatively smaller than the
total potential listed companies in
Indonesia:
• ±120 SOEs, ±750 subsidiaries
#1 in ASEAN
• ±26 millions SMEs
Indonesia’s population2 • ±104,000 ltd./inc as bank-loan
Working age 262 Million #3 in Asia receivers
• The 2nd lowest among ASEAN-5 countries
Economic Projection
Indonesia’s economy rank (GDP to PPP)3 Number of Investors5
USD10.50 T
USD5.42 T

USD3.03 T ±800,000
#5 #4 • Significantly lower than number of bank
#9 saving account (±90 million accounts)
• Less than 1% of population
2016 2030 2050 (relatively low among ASEAN countries);
Replacing Germany, Replacing Japan
surpassing Rusia and Brazil
1,2 IMF (2017) 4Credit Burau, Bank Indonesia (Dec 2015), Ministry of SOE (2015), Economic Census (2016)
3PwC analysis for projections to 2050 5Stock Exchange Annual Report, World Bank Global Findex (2017)
Global Perception
Improvement in
Investment Grade
73rd Ease of Doing
 S&P (BBB-) World’s best
 Moody’s (Baa2)
 Fitch (BBB)*
*Reaffirmed in Sep 2018
91st
Business (EODB)
for the past two years2
2 nd country to
invest in4

46th Improvement in Top destination

63rd
Logistic
Performance
3rd for attracting
investors3
Index (LPI)1
1World Bank (Logistic Performance Index for 2018; 160 countries) 3The Economist – Asia Business Outlook Survey 2017
2World Bank (Ease of Doing Business Index for 2019; 190 countries) 4US News – Best Countries to Invest In, 2018
4
Economic Updates

5
Global Economic Updates
Markit Manufacturing PMI Global Commodities & US Dollar Index
60
GSCI Index US Dollar Index
58 500 104

475 101
56
450 98
54
425 95

52 400 92

375 89
50
Expansion
threshold 350 86
48 SPGSCI Index (406.52)
May-18
Dec-17

Feb-18

Sep-18

Oct-18
Nov-17

Mar-18

Nov-18
Jun-18

DXY Curncy (97.27)

Jan-18

Jul-18

Aug-18
Apr-18

325 83

300 80

Aug-17
Sep-17

Aug-18
Sep-18
Jul-17

Jul-18
Nov-16
Dec-16
Jan-17

Jun-17

Dec-17
Nov-17

Jan-18

Jun-18

Nov-18
Feb-17

Feb-18
Mar-18
Mar-17

Oct-17
Apr-17

Apr-18
May-18

Oct-18
May-17
U.S. China Indonesia Japan ASEAN EM EU Global

Global Interest Rate Trend US Indicators: S&P 500 and US Gov Bond Yield 10Y
7.00
S&P Index US Govt Bond 10 Year
6.00 3000 3.5

5.00
2800 3
4.00

3.00 2600 2.5

2.00 2400 2
SPX Index (2760.17)
1.00
USGG10YR Index (2.99)
2200 1.5
0.00
Sep-17

Sep-18
Jan-17

Jan-18
Jul-17

Jul-18
Mar-17

Mar-18
Nov-16

Nov-17

Nov-18
May-17

May-18

2000 1
Nov-16

Nov-17

Nov-18
Sep-18
Sep-17
May-17

May-18

Jul-18
Jul-17
Mar-17

Mar-18
Jan-17

Jan-18
US EU China India Japan Indonesia

Source: IMF, Bloomberg 6

World Net Flow of Equities and Bonds
As of 30 November 2018 (YTD)

Equity (USD Billion) Bond (USD Billion)

Euro Area 176.23 339,24 United States

Turkey -1,05 40,99 South Korea

Philippines -1,07 8.94 Thailand

Brazil -2,58 6.49 Japan

Indonesia -3,30 4.62 Philippines

India -4,89 4.42 Brazil

South Korea -5,81 3.96 Indonesia

Thailand -8,90 -0.35 Turkey

Japan -40.39 -7,57 India

United States -83.53 -75.07 Euro Area

Note :
‘Green Bar’ : Inflow
‘Red Bar’ : Outflow
Source : Bloomberg, based on data availability 7
Global Commodities and Currencies
As of 30 November 2018 (YTD)

Commodity (YTD) Currency (YTD)

Turkish Lira -27,17%

Natural Gas 55,51%
Brazilian Real -14,34%
Wheat 20,78% Russian Ruble -14,01%
Cocoa 16,44% South African Rand -10,72%
Swedish Krona -10,12%
Corn 4,49%
Indian Rupee -8,21%
Coal 0,89% Colombian Peso -7,71%
Soybean -5,99% Chinese Yuan -6,52%
Euro -5,73%
Steel Billet F.E -6,76%
GB Poundsterling -5,65%
Gold -6,81%
Canadian Dollar -5,42%
Rice -6,81% Romanian Leu -5,32%

Tin -8,44%
Indonesian Rupiah -5,13%
Philippine Peso -4,93%
Aluminum -9,75%
South Korean Won -4,76%
Oil : Brent -12,20% Taiwan Dollar -3,53%

Nickel -12,31%
Mexican Peso -3,48%
Malaysian Ringgit -3,29%
Copper -15,54%
Singapore Dollar -2,65%
Oil : WTI -15,71% Swiss Franc -2,36%

Silver -16,28% Thailand Baht -1,11%

Japanese Yen -0,77%
MDEX : CPO -23,40%
Hong Kong Dollar -0,13%

Source: Bloomberg
8
Current Global Issues

Sumber: Madison, Hedgeye, The Spectator, Global Research, Hedgeye 9

 Indonesia Economy
November 2018

+5.17%
Real Economic
Growth Q3-2018 +3.23% (yoy) -5.83% (ytd) 6.0%
(yoy) Headline Inflation IDR/USD
BI 7-Day
2018 Target: 5.4% 2018 Target:(3.5%±1%) IDR14,339 RR Rate

Trade Surplus/Deficit Current Account Deficit Foreign Reserve

-USD5.51 bn Q3-2018 USD117.21 bn
Jan-Oct 2018 -3.37% (of GDP) -9.98% (ytd)

Source: Bank Indonesia, Statistics Indonesia

10
Indonesia GDP by Expenditure
Real Economic Growth (yoy)
8

7 6.38% Average Growth 2008-2018 = 5.46%

6.18% 6.03%
6.01%
6 5.56%
5.01% 5.02% 5.07% 5.17%
4.88%
5 4.71%

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
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Growth (%yoy) Composition (%)

2016 2017 2018
Component
III IV I II III IV I II III CE:
Gross Fixed
Government
Consumption Expenditure (CE) 3.99 3.43 4.77 4.14 4.77 4.79 4.79 5.22 5.23 Capital
8%
Formation
CE: Household 5.01 4.99 4.94 4.95 4.93 4.97 4.95 5.14 5.01 34%
Net Export
CE: Non-Profit Institutions 6.67 6.75 8.07 8.52 6.02 5.24 8.09 8.71 8.54 1%
CE: Government -2.95 -4.03 2.69 -1.92 3.48 3.81 2.71 5.21 6.28 CE: Non-
CE:
Gross Fixed Capital Formation 4.24 4.79 4.77 5.34 7.08 7.27 7.95 5.86 6.96 Household Profit
56% Institutions
Export of Goods and Services -5.75 4.15 8.41 2.80 17.01 8.5 6.1 7.63 7.52 1%

Import of Goods and Services -4.13 2.72 4.81 0.20 15.46 11.81 12.75 15.26 14.06
GDP Growth 5.01 4.94 5.01 5.01 5.06 5.19 5.06 5.27 5.17

Source: Statistics Indonesia, Bloomberg 11

 Indonesia Real GDP by Sectors

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

Q3-2018 Q3-2017

Other Services 9.2

9.3
Information & Communication 9.0 Wholesales and
8.8 Retail Trade,
Business Services 8.7 Repairs (WR),
9.4 Agriculture, 13.18%
Public Admin, Defense & Social Security Forestry and
7.9 Construction,
Fisheries (AFF),
0.7 9.90%
13.38%
Human Health & Social Work Activity 7.6
7.5
Education Services 6.6
Mining &
3.6
Quarrying (MQ),
Water Supply;Sewerage, Waste & Recycling Mgt 6.2 7.48%
4.8
Accommodation & Food Beverages Activity (AFB) 5.9
5.7 Information &
Manufacturing Communication,
Construction 5.8 Industry (Mfg), 5.17%
7.0 20.84% Transportation &
Transportation & Storage (TS) 5.6 Storage (TS),
8.9 4.13%
Electricity & Gas Supply (EG) 5.6 Financial &
4.9 Insurance Activity
(FI), 3.95%
Wholesales and Retail Trade, Repairs (WR) 5.3
5.2 Public Admin,
Others, 15.79% Defense & Social
Manufacturing Industry (Mfg) 4.3 Security, 3.21%
4.8 Education
Real Estate 3.9 Services, 2.97%
3.6
Agriculture, Forestry and Fisheries (AFF) 3.6
2.8
Financial & Insurance Activity (FI) 3.4
Others:
6.2 Education Services; Real Estate; Business Services; Other Services;
Mining & Quarrying (MQ) 2.7 Human Health & Social Work Activity; Electricity & Gas Supply (EG);
1.8 Water Supply; Sewerage, Waste & Recycling Mgt

Source: Statistics Indonesia

12
Key Macroeconomic Indicators
Inflation (yoy) Exchange Rate & Foreign Reserves
12 CPI Headline (3.23%)
Foreign Reserve
Core (3.03%) USD/IDR (USD Bn)
10
Administered (3.07%)

8 Volatile Good (4.32%) 16000 14,339 140

120
6 15000
100
4 117.212
14000 80
2 60
13000
0 40
12000 20
-2

Jan-17

Jun-17

Jan-18
Nov-16
Dec-16

Nov-17
Dec-17

Nov-18
Aug-17
Sep-17

Jun-18
Jul-18
Aug-18
Sep-18
Jul-17
May-17

May-18
Feb-17

Oct-17

Feb-18

Oct-18
Mar-18
Mar-17
Apr-17

Apr-18
Mar

Jul

Jul
Mar

May

Aug
Sep
Jan

Apr

Aug

Apr
May
Jun

Jan

Jun
Feb

Feb

Oct
Oct
Nov
Dec

Sept

Nov
Nov
Dec

2017 2018

Interest Rate (%) Foreign & Domestic Direct Investment

8 BI 7-Day Repo Rate (6%) IDR Trillion
Deposit Insurance Rate in IDR (6.75%)
Deposit Insurance Rate in USD (2%) 800.00
DDI Realization
6 700.00
FDI Realization
600.00
262.30
500.00 216.23
4
179.50
128.10 156.13 194.70 241.70
400.00

300.00 92.18
2
200.00 76.00 396.60 430.50
351.14 354.80 365.90
318.50 293.70
237.54
100.00 176.60
0
Jan

Mar

May
Jun
Jul
Aug

Jan

Mar

May
Jun
Jul
Aug
Sep
Apr

Apr
Feb

Feb
Oct

Oct
Nov
Dec

Nov
Dec

Nov
Sept

-
2011 2012 2013 2014 2015 2016 2017 Jan-Sep Jan-Sep
2017 2018 '17 '18

Source:
Source Bank Indonesia, Statistics Indonesia, Indonesia Deposit Insurance Corporation
: Bloomberg 13
Domestic Indicators
Production Indicators (%) Consumption Indicators (2010=100)
Manufacturing PMI Industrial production 40%
60 20
30%
Retail Sales Survey
20%

55 10 10%

0%

-10%
50 0
-20%
Consumer Survey
-30%

Nov-13

Nov-14
Aug-14

Nov-15

Nov-16

Nov-17
Aug-16

Aug-17

Aug-18
Nov-18
Aug-15
May-14

May-15

May-16

May-18
May-17
Feb-15

Feb-16

Feb-17

Feb-18
Feb-14
45 -10
Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18

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

100% 70%
80% 60%
Motorcycle Sales 50%
60%
40%
40% 30%
Car Sales 20%
20%
10%
0% 0%
-20% -10%
-20%
-40%
-30%
-60% -40%
Nov-14

Nov-15

Nov-17

Nov-18
Nov-16
May-15

May-16

May-18
May-17

Jun-16

Jun-17

Jun-18
Dec-15

Dec-16

Dec-17
Jun-14

Dec-14

Jun-15

Source
Source: : Bloomberg
Bloomberg 14
Current Account Balance and Rupiah Movement
20,000 Capital and Financial Account
Current Account
15,000
Balance of Payment
10,000
4,386.25
5,000
Balance of 4,173.5
Payment 0

(USD Million) -5,000 -8,846.08

-10,000

-15,000
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
2011 2012 2013 2014 2015 2016 2017 2018

CAD (% of GDP) IDR/USD

2.00 8,000
CAD
1.00 IDR/USD 9,000

10,000
0.00
11,000
Current Account -1.00
12,000
Balance (%GDP) -2.00
-3.37 13,000
and IDR/USD -3.00
14,000
-4.00 15,000
14903
-5.00 16,000
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

Source: Statistics Indonesia, Bank Indonesia, Bloomberg 15

 Indonesian Credit Ratings
Ratings Scale Fitch S&P Moody's
17
BBB+/Baa1
16
BBB/Baa2
INVESTMENT GRADE
15
BBB-/Baa3
14
BB+/Ba1
13
BB/Ba2 Economic
crisis 1998
12
BB-/Ba3
11
B+/B1 S&P upgrades
10 rating to BBB- (19
B/B2 May 2017)
B-/B39 Fitch upgrades
Fitch upgrades
8
CCC+/Caa1 rating to BBB (20
rating to BBB- (15 Dec 2017)
7
CCC/Caa2 Dec 2011)
Moody upgrades
6
CCC-/Caa3 Moody upgrades rating to Baa2 (13 Apr
5 downgrades
S&P rating to Baa3 (18 Jan 2018)
CC/Ca 2012)
rating to
4 Selective
R/C/Ca
D/C 3 Default but
revises

2 2 days later
1
SD/DD0
2003

2010

2017
1997
1998
1999
2000
2001
2002

2004
2005
2006
2007
2008
2009

2011
2012
2013
2014
2015
2016

2018
Source: DJPPR – Ministry of Finance
20
 Indonesia Current Condition vs Past Crises
JCI Index (IHSG) IDR Depreciation (%YTD) Inflation (%YoY)
JCI is significantly higher than 1998 & 2008 Depreciation rate is lower than 1998 & 2008 Inflation is controlled under
6,056.12 the revised budget target

1998
55,67
-197%
1.111
-35% 2008
256 10,27
3.23
-5.83% Nov-18
1998 2008 Nov-18 1998 2008 Nov-18

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
the maximum threshold of 5% 60 to cover 6.2 months of import and external
debt repayment
1998 30,00
1998 17,40
2008 3,80 9,25 6 2008 50,20
Sep-18 2.66
Nov-18 117.21
1998 2008 Nov-18

Government Debt/GDP (%) External Debt/GDP External Debt (Public & Private) to FX
Continue to decline and allocated to Slightly higher than 2008, but significantly Reserve Ratio
productive sectors lower than 1998 Significantly lower than 1998 crisis

100.0% 116.8%
27.4% 30.5% 8.6x
33.2% 34.5% 3.1x 3.1x

1998 2008 QIII-2018 1998 2008 QIII-2018 1998 2008 QIII-2018

Source: Bank Indonesia, IDX, Statistics Indonesia (BPS), Ministry of Finance 17

Indonesia vs Other Emerging Markets
(Argentina, Brazil, Russia, South Africa, Turkey)

Exchange Rate GDP Growth Inflation

(% YTD) (%, yoy) (%, yoy)
Argentina -50.67 Indonesia 5.17 Argentina 45.91

Turkey -27.17 Turkey 1.56 Turkey 21.62

Brazil -14.43 Russia 1.3 South Africa 5.2

Russia -13.96 Brazil Brazil 4.05

1.27
South Africa -10.72 Russia 3.8
South Africa 1.1
Indonesia -5.83 Indonesia 3.23
-4.2 Argentina

Policy Rate Current Account Deficit External Debt*

(%) (% GDP) (% GDP)
Argentina 58.97 Turkey -5.57 Turkey 53.2

Turkey 24 Argentina -5.27 South Africa 48.8

Russia 7.5 Indonesia -3.37 Argentina 36.71

South Africa 6.5 South Africa -3.5 Indonesia 34.8

Brazil 6.5 Brazil -0.81 Brazil 26.53

Indonesia 6 Russia 3.75 Russia 12.6

Source: Bloomberg, Bank Indonesia, data as of November 2018

* Data as of September 2018
18
Trade Balance
(USD Million)

Total Export-Import Oil and Gas

Ex/Im Net Export Ex/Im Net Export
20,000 3000 5,000 2,000

2,500 1,000

10,000
1500 0 0

-2,500 -1,000
0

0 -5,000 -2,000

Nov-17

Oct-18*
Feb-18

Sep-18
May-18
Oct-17

Aug-18
Jun-18
Jul-18
Mar-18
Apr-18
Dec-17
Jan-18
-10,000

-20,000
-1500 Non Oil and Gas
Ex/Im Net Export
15,000 3,000
-30,000 -3000
2,000
Nov-17

Aug-18
Oct-17

May-18
Mar-18

Jun-18
Dec-17

Feb-18

Sep-18
Jan-18

Jul-18

Oct-18*
Apr-18

7,500
1,000
0 0
-1,000
-7,500
Export Import Net Export -2,000
-15,000 -3,000

Oct-18*
Nov-17

Feb-18

Sep-18
May-18
Oct-17

Aug-18
Jun-18
Jul-18
Mar-18
Apr-18
Dec-17
Jan-18

*Preliminary figure
Source
Source: : Statistics
Statistics Indonesia
Indonesia 19
 Banking
September 2018

Loan Third Party Fund

+12.67% (yoy) +6.6% (yoy)

IDR 5,120.1 tn IDR 5,482.49 tn

22.91% 5.14% 94.09% 2.66%

Capital Adequacy Net Interest Loan to Deposit Non-Performing
Ratio (CAR) Margin (NIM) Ratio (LDR) Loan (NPL)
Above minimum threshold 8% Keep maintained under 5%

Source: Bank Indonesia, Statistics Indonesia, latest figure

24
Indonesia Banking Sector
Total Assets & Third Party Funds (IDR Trillion) Total Loan (Rp Trillion)
Investment (% of Total Loan) Working Capital (% of Total Loan)
Assets (9.93% p.a) Third Party Fund (8.85% p.a) Consumption (% of Total Loan)

1,766 2,200 2,708 3,293 3,674 4,058 4,377 4,738 4,976

100% 1
7,387 7,769 90%
6,730 30.4% 30.3% 29.5% 27.6% 27.6% 27.2% 27.5% 28.2% 27.9% 1
5,615 6,133 80%
4,954 5,289 5,482 70%
4,413 4,837 1
3,664 4,114 60%
50% 47.2% 46.8% 46.9% 47.3% 1
49.8% 48.6% 48.6% 48.2% 47.8%
40%
30% 0
20% 0
10% 19.7% 21.1% 21.8% 24.2% 24.6% 25.5% 25.7% 24.9% 24.8%
2013 2014 2015 2016 2017 Sep-18 0% -
2010 2011 2012 2013 2014 2015 2016 2017 Sep-18

Deposit & Loan Growth Banking Ratios (%)

LDR, CAR ROA, NPL
21.6% Deposit 100% 5%
Loan to deposit ratio

Loan 80% 4%
Return on assets
13.6% 60% 3%
12.3% 11.6% 12.7%
10.4% 9.6% 11.7%
9.4% 40% 2%
7.3% 7.9% 8.2% 7.9% Non performing loans
6.6% 20% 1%
Capital adequacy ratio
0% 0%
Sep-14

Sep-15

Sep-16

Sep-17

Sep-18
Mar-15

Mar-16

Mar-17

Mar-18
2013 2014 2015 2016 2017 Sep-17 Sep-18

Note: excluding Rural Banks

Source: OJK
21
 Fiscal Updates
State Budget Macroeconomic Assumption
APBN RAPBN
2018 2019
RAPBN APBN Realization % Realization
Breakdown (Trillion Rupiah) 2019 2018 until Sep-18 to APBN

A. GOVERNMENT REVENUE 2,142.5 1,894.7 1,312.3 69.3%

5.4 Economic
Growth (%)
5.3
I. Domestic Revenues 2,142.1 1,893.5 1,305.9 69.0%
1. Tax 1,781.0 1,618.1 1,024.5 63.3%
2. Non-tax Revenues 361.1 275.4 281.4 102.2% 3.5 3.5
Inflation (%)
II. Grant 0.4 1.2 6.4 537.2%
B. GOVERNMENT EXPENDITURES 2,439.7 2,220.7 1,512.6 68.1%
I. Central Government Expenditure 1,607.3 1,454.5 938.8 64.5% 5.2 5.3
Interest Rate
1. Ministry/Agency Expenditure 840.3 847.4 511.5 60.4%
SPN 3 month (%)
2. Non Ministry/Agency Expenditure 767.1 607.1 427.3 70.4%
II. Transfer to the Region and Village Fund 832.3 766.2 573.8 74.9%
1. Transfer to the Regions 759.3 706.2 535.8 75.9%
13,400 Exchange Rates 14,400
2. Village Fund 73.0 60.0 37.9 63.2% (IDR/USD)
C. PRIMARY BALANCE -21.7 -87.3 -2.4 2.7%
D. BUDGET SURPLUS/(DEFICIT) (A-B) -297.2 -325.9 -200.2 61.4%
48 70
%Surplus/Deficit Toward GDP -1.8 -2.2 -1.4 Oil Price (USD/brl)
E. BUDGET FINANCING (I + II + III + IV + V) 297.2 325.9 292.8 89.9%
I. Debt Financing 359.3 399.2 304.9 76.4% 800 750
II. Investment Financing -74.8 -65.7 -13.9 21.1% Oil Lifting (Thousand
III. Lending 2.3 -6.7 1.6 -24.5% barrel/day)
IV. Guarantee Obligation - -1.1 - -
V. Other Financing 15.0 0.2 0.1 62.3% 1.2 1.25
Gas Lifting
(mboepd)

Note: No changes on State Budget 2018 22

Source: Ministry of Finance
The Economic Policy Packages
To improve national industry competitiveness, export and investment to generate significant economic growth
Harmonizing Regulations
Phase I (9 Sept ’15)
Improving national industry
competitiveness
Phase II (29 Sept ’15)
Easing permit requirement and
simplifying export proceeds
requirement
Phase III (7 Oct ’15)
Financial services facilitation,
export financing and
elimination of business
unnecessary burden
Phase IV (15 Oct ’15)
Social safety net and
betterment of people welfare
Source:: Bank Indonesia
Simplifying Bureaucratic Process
Phase VIII (21 Dec ’15)
Resolving land acquisition
disputes, intensifying domestic
oil production, stimulating
domestic parts and aviation
industries
Phase VII (7 Dec ’15)
Stimulating business activities in
labor-intensive industries nation-
wide through incentives in the form
of accelerating land certification
process for individuals
Phase VI (6 Nov ’15)
Stimulating economic
activities in border areas and
facilitating strategic
commodities availability
Phase V (22 Oct ’15)
Improving industry and
investment climate through
tax incentives and
deregulation on sharia
banking
Ensuring Law Enforceability
Phase IX (27 Jan ’16)
Accelerating electricity
Phase XVI (16 Nov ’18)
generation, stabilizing meat Improving the competitiveness
prices and improving rural –
and domestic economy
urban logistics sector
Phase X (11 Feb ’16)
Revising Negative investment Phase XV (15 Jun’17)
List and improving protection Improving logistic
for SMEs
Phase XI (29 Mar ’16)
Stimulating national economy Phase XIV (10 Nov’16)
through facilitation to SMEs Roadmap for E-commerce
and industries
Phase XII (28 Apr’16) Phase XIII (24 Aug ’16)
Improving Indonesia’s rank on Low Cost Housing for Low-
Ease of Doing Business (EODB) Income Communities
23
 Progress of the Economic Policy Packages

TOTAL
REGULATIONS 233 I-XV 233 regulation to be deregulated

SET 220 FINISHED 99%

As of September 26th, 2018, deregulation of
52 PRESIDENTIAL LEVEL 220 regulations are finished (99%),
51 FINISHED 98% comprising 51 regulations at Presidential
TOTAL level and 169 regulations at
Ministerial/Institutional level
171 MINISTRIAL/INSTITUTIONAL
LEVEL
99%
TOTAL 169 FINISHED
Unfinished regulation: Proposed policy on
ON GOING
2 DISCUSSION 1% Development of Business and Competitiveness
of National Logistics Service Providers

Source:: Bank Indonesia 24

Capital Market Updates

25
IDX Milestone

2011
The Indonesia Capital
Market Institute (TICMI)

2015
2011
 IDX Channel
 “Yuk Nabung Saham”
2013  LQ-45 Index Futures
New trading hours
2015
2013

2017 2017
2012
 Margin transaction
relaxation
2012 2016  Indonesia Securities
 Sharia principals and Fund
trading mechanism 2014 2016  IDX Incubator
 Otoritas Jasa Keuangan  Tick size readjustment
 Securities Investor  Tax amnesty program
2014
Protection Fund  Autorejection readjustment
Lot size & tick size
readjustment  Go public information center

26
 IDX Achievements in 2018

618 Perusahaan
tercatat 847.727
Investor saham
69 Start-up di
IDX Incubator

Rata-rata harian 6.689,29 Rp 7.441,17 Tn

8,4T nilai Transaksi IHSG tertinggi sepanjang sejarah
(Februari 2018)
Kapitalisasi pasar tertinggi
sepanjang sejarah (Februari 2018)

386.743 kali New Data Center Percepatan dan

Rata-rata harian
frekuensi perdagangan
Peningkatan kapasitas
sistem perdagangan
T+2 efisiensi proses
settlement.

27
 28
Indonesia Financial System

Coordination Forum of Financial System Stability

(Based on Law No. 21 of 2011)

Bank Financial Service Indonesia Deposit Ministry of

Indonesia Authority (OJK) Insurance Corporation (LPS) Finance

Monetary policy Banking Insurance Program State treasury

Payment system Non-bank Settlement and Fiscal authority

Financial Bank Failure
Institutions Management
Macroprudential
policy Capital Market

28
 Indonesia Stock Exchange and its Subsidiaries
Self Regulatory Organizations (SRO)

100%
ownership

11.5% ownership
20%
ownership

Credit Capital Market Investor Bond Pricing Media Indonesia

Rating Education Protection Fund Agency Channel Securities Fund

29
IDX Organization Structure President Director
Corporate
Communication Corporate
Secretary
Internal
Audit

Strategic
Special Project Management Office
- Capital Market Intelligent
Center Project
- Economic Senior Researcher
- Sharia Capital Market
- IDX Incubator
Legal

Director of Director of Market Director of Director of IT and Director of

Director of
Trading and Surveillance and Business Finance and Human
Listing Risk Management
Membership Compliance Development Resources

Listing Service
Trading Market Research and IT Planning and
and Issuer Finance
Operation Surveillance Development Development
Monitoring

Privatization, Trading Support IT Project

Member Investor
Start-up, SME, and Management Accounting
Compliance Development
and Foreign Development Office
Listing
Membership
Potential Issuer
Management IT Operation Human Capital
Development
Issuer Information and Monitoring
Management and
Development
Domestic Area Risk
Development General Affair
Management

30
Indonesia Capital Market – November 2018

Stock Market Outstanding Outstanding AUM ETF

Bond IDR 10.60 Tn
Capitalization ABS (USD 739.24 Mn)
Govt IDR 2,353.02 Tn
(USD 164.10 Bn)
IDR 10.00 Tn
AUM REIT
IDR 6,858.37 Tn Corp IDR 417.11 Tn
(USD 478.30 Billion) (USD 697.73 Mn) IDR 619.80 Bn
(USD 29.09 Bn) (USD 43.22 Mn)

PRODUCTS

ETF 22
Stock
Exchange (53 new listings)
615
106 Warrant 33
Members
REIT 1
Single Investor ID 836,290
(stock) (33.09% YTD) 114 Futures (contracts) 9
Bond & Sukuk
Issuers
ABS 14

USD/IDR: 14,339 (BI)

Source: IDX 31
 Average Daily Trading and Market Capitalization
2011 – 30 November 2018

Average Daily Trading Volume Average Daily Trading Turnover

million shares billion IDR

+7.4% p.a
+16.1% p.a
11,953 8,380
10,314 7,498 7,603
6,238 6,006 5,764
7,827 4,953
5,928 4,537
4,873 5,503 5,484
4,284

2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018

Average Daily Number of Trades Market Capitalization

times trillion IDR

385,675 +12.2% p.a

+18.4% p.a 7,052 6,858
312,485
264,127 5,754
5,228 4,873
212,635 221,583 4,127 4,219
3,537
153,686
113,454 121,712

2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018

Source: IDX 32
Average Daily Trading Value of All Securities
IDR Billion
Equities Fixed Income ETF & REIT

Stocks Govt Bond ETF

2.30
8,380.06
7,498.32 7,603.33 20,200.87

6,005.75 5,763.78 15,943.65

13,820.88 14,738.75
11,566.56

0.55

0.03 0.05 0.12

2014 2015 2016 2017 Jan-Nov '18
2014 2015 2016 2017 Jan-Nov '18 2014 2015 2016 2017 Jan-Nov '18

Warrant Corp Bond REIT

23.42
1,349.10 1,351.88 0.58
0.51

13.08 904.51
762.83
679.16
0.23
4.52 0.14
3.71
1.15 0.05

2014 2015 2016 2017 Jan-Nov '18 2014 2015 2016 2017 Jan-Nov '18 2014 2015 2016 2017 Jan-Nov '18

Right ABS

2.19 4.47
1.98 3.88

2.67
0.94
0.71
1.24
0.98
0.13

2014 2015 2016 2017 Jan-Nov '18 2014 2015 2016 2017 Jan-Nov '18

Source: IDX 33
 Jakarta Composite Index – 10 Years
Annual Return Trend
2008 – 30 November 2018

6,355.654
6,056.124

5,226.947

5,296.711

3,703.512 4,593.008
4,316.687
4,274.177
3,821.992

2,745.826
2,534.356

1,355.408

-50.64% -0.98% -12.13% -4.71%

86.98% 46.13% 3.20% 12.94% 22.29% 15.32% 19.99%

D-07 2008 D-08 2009 D-09 2010 D-10 2011 D-11 2012 D-12 2013 D-13 2014 D-14 2015 D-15 2016 D-16 2017 D-17 2018 D-18

Source: IDX 34
JCI vs Major World Indices

%YTD 2018 ±10 Years Period*

India 6,28% Indonesia 120,56%

US: S&P500 3,24% Philippines 103,44%
Japan -1,82% Thailand 91,33%
Indonesia -4,71% US: S&P500 87,98%
France -5,81% India 78,41%
Thailand -6,38% Japan 46,01%
Malaysia -6,51% Germany 39,54%
Australia -6,78% Malaysia 16,25%

Singapore -8,38% South Korea 10,53%

UK -9,20% UK 8,11%

Hong Kong -11,41% Hong Kong -4,70%

Germany -12,85% Singapore -10,04%

Philippines -13,91% Australia -10,46%

South Korea -15,02% France -10,87%

China: Shanghai -21,74% China: Shanghai -50,81%

Source: Bloomberg *31 Dec 2007 – 30 Nov 2018

35
MSCI Index Comparison
January 2008 – 30 November 2018 (2008=100)

225 MSCI Indonesia

USD 181.03

200

175

150
MSCI World
USD 128.48
125 MSCI ASEAN
USD 103.32
100 MSCI EM
USD 79.84

75
MSCI BRIC
USD 66.96
50

25

0 Aug-15

Sep-16

Nov-18
Apr-11

Oct-17
Mar-10

Jul-14
Feb-09

May-12
Jan-08

Jun-13

Source: Bloomberg
36
Market Capitalization by sector
30 November 2018

Finance (2,163 T)
Market
Trade, Services &
Capitalization 31.5%
10.0%
Investment (682 T)

Agriculture (094 T)
24.8% 14.6%
1.4%

1.7%
5.6% Mining (385 T)

Trading 11.8%
Value
13.0% 9.2%
Basic Industry And
Infrastructure, Utilities & 10.4% Chemicals (628 T)
Transportation (711 T) 8.8%

9.8% 5.3% 6.2%

5.5% 10.1%
Miscellaneous Industry
Property And Real Estate (422 T)
(380 T) 20.3%

Consumer Goods Industry

(1,392 T)

Source: IDX

37
 Top 20 Market Capitalization
30 November 2018
Market
No. Code Company Capitalization %
(in Trillion Rp)
1. BBCA Bank Central Asia Tbk. 635.84 9.27
2. BBRI Bank Rakyat Indonesia (Persero) Tbk. 442.05 6.45
3. HMSP H.M. Sampoerna Tbk. 428.05 6.24
4. TLKM Telekomunikasi Indonesia (Persero) Tbk. [S] 364.55 5.32
5. ASII Astra International Tbk. [S] 346.13 5.05
6. BMRI Bank Mandiri (Persero) Tbk. 341.88 4.98
7. UNVR Unilever Indonesia Tbk. [S] 322.37 4.70
8. GGRM Gudang Garam Tbk. 157.78 2.30
9. BBNI Bank Negara Indonesia (Persero) Tbk. 156.93 2.29
10. ICBP Indofood CBP Sukses Makmur Tbk. [S] 114.87 1.67
11. UNTR United Tractors Tbk. [S] 102.58 1.50
12. CPIN Charoen Pokphand Indonesia Tbk. [S] 97.57 1.42
13. TPIA Chandra Asri Petrochemical Tbk. [S] 94.96 1.38
14. KLBF Kalbe Farma Tbk. [S] 71.48 1.04
15. SMGR Semen Indonesia (Persero) Tbk. [S] 71.33 1.04
16. BDMN Bank Danamon Indonesia Tbk. 70.45 1.03
17. INTP Indocement Tunggal Prakarsa Tbk. [S] 70.31 1.03
18. BYAN Bayan Resources Tbk. [S] 66.33 0.97
19. INDF Indofood Sukses Makmur Tbk. [S] 57.95 0.84
20. SMMA Sinar Mas Multiartha Tbk. 57.95 0.84
Market Capitalization of The 20 Stocks 4,071.36 59.36

Total IDX 6,858.37

Source: IDX 38
Capital Market vs Banking Fund Raised

241 271 297 383 412 480 674 803 767 Total Fund Raised

15.11
IDR Trillion 9.6
42 IPO
12.11 72.3
Capital Market 11.3 1.34 100 0.38 Rights
10.1 16.7 9.1 61.9 155
Jan-Nov 2018: 29.7 19.6
39 46 0.82 1.14 Warrant
42 18 39 1.46 63
IDR 767.35 T (-1.07%, yoy) 48
1.87 0.58 69
1.64 2.26 48 115 Corporate Bond
(total accumulation) 39 46 59 565
Government Bond
123 163 198 267 315 359 485 610

2010 2011 2012 2013 2014 2015 2016 2017 Jan-Nov '18

1001 1229 1553 1908 2384 2661 2952 3175 3691 Total Loan*

IDR Trillion

Banking Working Capital

2,424
September 2018: 2,049
1,916
IDR 3,690.88 T (13.09%, yoy) 1,757
1,586
(total outstanding) 1,317
1,069 Investment
880
703 1,036 1,125 1,267
798 903
349 464 591
298
2009 2010 2011 2012 2013 2014 2015 2016 End of
Sep-18

*) Working Capital + Investment Loan

Source: IDX, OJK 39
Equity IPO Trend
30 November 2018
Number of IPO Total Value of New Issue

Number of Value
IPO (IDR Tn)
60 40

53 36
50
32

28
40
37
24
31 31
30 20
25 24
22 22 23 23 16
21
20 19 18
16 12

12 12 13
8
10 8
6
4

0 0
2001

2002

2006

2007

2010

2011

2012

2015

2016

2017
2000

2003

2004

2005

2008

2009

2013

2014

2018
Source: IDX
40
Latest Equity IPO (2018)
IDR IDR
No. Code Company Business Scope No. Code Company Business Scope
Billion Billion
1 BRIS Bank BRISyariah Tbk. 1,337.91 Sharia Banking 29 SWAT Sriwahana Adityakarta Tbk. 106.27 Recycled Paper Manufacturing of Corrugated Carton Sheet

2 HEAL Medikaloka Hermina Tbk. 1,300.11 Public health services (hospitals)

30 ANDI Andira Agro Tbk 100.00 Plantation, agriculture and agro-industry
3 MAPA Map Aktif Adiperkasa Tbk. 897.88 Trading, including retail trading as agent or distributor
31 JSKY Sky Energy Indonesia Tbk. 81.30 Power plant machine industry
4 IPCC Indonesia Kendaraan Terminal Tbk. 835.00 Unloading activities into ship
32 SATU Kota Satu Properti Tbk. 58.50 Property developer, trading & services
5 SPTO Surya Pertiwi Tbk. 812.00 Sanitary products and fitting trading through subsidiaries
33 CAKK Cahayaputra Asa Keramik Tbk. 50.40 Materials & Ceramic Industry
6 MSIN MNC Studios International Tbk. 780.00 Production House, Advertising & Talent Management
34 YELO Yelooo Integra Datanet Tbk. 48.75 Services, industry, trade, tourism and transportation
7 POLL Pollux Properti Indonesia Tbk. 767.41 Property and Real Estate
35 DFAM Dafam Property Indonesia Tbk. 46.00 Property developer, building management & rental, and hospitality
8 BTPS Bank Tabungan Pensiunan Nasional Syariah Tbk. 751.11 Sharia Banking
36 KPAS Cottonindo Ariesta Tbk. 45.02 Pharmaceutical Industry, cotton-based industry for cosmetics and health
9 TUGU Asuransi Tugu Pratama Indonesia Tbk. 684.44 General Insurance
37 DEAL Dewata Freightinternational Tbk. 45.00 Freight forwarding services
10 PZZA Sarimelati Kencana Tbk. 664.81 Restaurant, catering, warehouse, distribution, food industry & processing

11 PRIM Royal Prima Tbk. 600.00 Public health services (hospitals) 38 GOOD Garudafood Putra Putri Jaya Tbk. 44.94 Food & Beverages Industry

12 TDPM Tridomain Performance Material Tbk. 411.02 Producers of specialty materials for various industries through subsidiaries 39 LCKM LCK Global Kedaton Tbk 41.60 Construction industry, Engineering Procurement & Construction (EPC)

13 CITY Natura City Developments Tbk. 312.00 Development, Trade and Services related to Real Estate Property 40 INPS Indah Prakasa Sentosa Tbk. 41.40 Wholesale, distribution & logistics service provider of fuel, lubricant, and LPG

14 NFCX NFC Indonesia Tbk. 308.33 Information Technology, Digital and Telecommunication Services 41 SOSS Shield on Service Tbk. 41.25 Provider of security services, cleaning, parking management

15 LAND Trimitra Propertindo Tbk. 301.59 Construction industry as general contractor and developer 42 KPAL Steadfast Marine Tbk. 40.25 Ship Industry

16 FILM MD Pictures Tbk. 274.63 Movie Studio 43 NICK Charnic Capital Tbk. 40.00 Trading, services, developer and investment
17 DUCK Jaya Bersama Indo Tbk. 259.23 Trading, industry & services, especially in food and drink ingredients
44 BPTR Batavia Prosperindo Trans Tbk. 40.00 Transportation Services
18 RISE Jaya Sukses Makmur Sentosa Tbk. 244.50 Property and Real Estate Developer, Services, & Management
45 SURE Super Energy Tbk. 37.20 Flaring Gas Processing & Sales, CNG Distribution & Sales
19 HKMU HK Metals Utama Tbk. 235.00 Trading, Services, Developer & Industry of Metal, Steel & Holo Iron
46 TRUK Guna Timur Raya Tbk 34.50 Freight forwarding services
20 SKRN Superkrane Mitra Utama Tbk 210.00 Crane Rental
47 TNCA Trimuda Nuansa Citra Tbk. 30.00 Post and giro service provider, trade and transportation services
21 MOLI Madusari Murni Indah Tbk. 203.58 Production of ethanol, liquid carbon dioxide, dry ice and fertilizer integrated
48 DIGI Arkadia Digital Media Tbk. 30.00 Web portal and multimedia content through subsidiaries
22 NUSA Sinergi Megah Internusa Tbk. 180.00 Tourism
49 HELI Jaya Trishindo Tbk. 27.50 Non-scheduled commercial air transport
23 GHON Gihon Telekomunikasi Indonesia Tbk. 178.87 Telecommunication Support
50 PANI Pratama Abadi Nusa Industri Tbk. 16.20 Packaging cans industry
24 MPRO Propertindo Mulia Investama Tbk. 164.18 Developer, Property & Real Estate
51 POLA Pool Advista Finance Tbk. 108.00 Multifinancing, investment financing, working capital financing, sharia financing
25 BOSS Borneo Olah Sarana Sukses Tbk. 160.00 Mining construction, processing and refining, trading and transportation

26 MGRO Mahkota Group Tbk. 158.33 Palm oil mill and plantation 52 DIVA Distribusi Voucher Nusantara Tbk. 632.14 Information technology and digital services.

27 TCPI Transcoal Pacific Tbk. 138.00 Marine Transportation Services 53 LUCK Sentral Mitra Informatika Tbk. 44.06 Printing and document solution business, and IT product services

28 SAPX Satria Antaran Prima Tbk. 108.33 Courier service, warehousing, printing services, agency and outsourcing Total Fund Raised 15,108.56

Source: IDX 41
Income Performance of LQ45 Companies
Profit For The Period
Sep 2018* compared to Sep 2017 No Code Listed Companies (Trillion Rp)
30-Sep-18 30-Sep-17
Change
(%)

ELSA 158,27% 1. BBRI Bank Rakyat Indonesia (Persero) Tbk. 23.55 20.54 14.64%
PGAS 2. ASII Astra International Tbk. 21.52 17.42 23.51%
138,61% TLKM Telekomunikasi Indonesia (Persero) Tbk. 20.69 26.01 -20.47%
3.
LPKR 103,10% 4. BMRI Bank Mandiri (Persero) Tbk. 18.70 15.63 19.66%
INKP 98,66% 5. BBCA Bank Central Asia Tbk. 18.51 16.85 9.84%
INDY 89,41% 6. BBNI Bank Negara Indonesia (Persero) Tbk. 11.45 10.25 11.68%
SRIL 65,14% 7. HMSP H.M. Sampoerna Tbk. 9.69 9.34 3.77%
ADHI 63,64% 8. UNTR United Tractors Tbk. 9.42 5.90 59.78%
UNTR 59,78% 9. INKP Indah Kiat Pulp & Paper Tbk. 7.71 3.88 98.66%
WSKT 10. UNVR Unilever Indonesia Tbk. 7.30 5.23 39.66%
54,70%
11. GGRM Gudang Garam Tbk. 5.76 5.42 6.33%
PTBA 49,92%
12. ADRO Adaro Energy Tbk. 5.25 5.58 -5.93%
SMGR 40,69% 13. WSKT Waskita Karya (Persero) Tbk. 4.49 2.91 54.70%
UNVR 39,66% 14. PTBA Bukit Asam Tbk. 3.99 2.66 49.92%
WIKA 38,57% 15. INDF Indofood Sukses Makmur Tbk. 3.58 4.32 -17.04%
ITMG 26,72% 16. ICBP Indofood CBP Sukses Makmur Tbk. 3.55 3.06 16.15%
BJBR 25,45% 17. PGAS Perusahaan Gas Negara Tbk. 3.27 1.37 138.61%
ASII 23,51% 18. BRPT Barito Pacific Tbk. 3.24 2.97 8.95%
BMRI 19. ITMG Indo Tambangraya Megah Tbk. 2.94 2.32 26.72%
19,66%
20. TPIA Chandra Asri Petrochemical Tbk. 2.60 3.38 -22.96%
ICBP 16,15%
21. BBTN Bank Tabungan Negara (Persero) Tbk. 2.24 2.01 11.51%
BBRI 14,64% 22. SMGR Semen Indonesia (Persero) Tbk. 2.07 1.47 40.69%
AKRA 14,02% 23. INDY Indika Energy Tbk. 1.94 1.03 89.41%
BBNI 11,68% 24. KLBF Kalbe Farma Tbk. 1.83 1.81 1.17%
BBTN 11,51% 25. LPKR Lippo Karawaci Tbk. 1.76 0.86 103.10%
BBCA 9,84% 26. JSMR Jasa Marga (Persero) Tbk. 1.68 1.84 -8.86%
BRPT 8,95% 27. LPPF Matahari Department Store Tbk. 1.50 1.50 -0.61%
SCMA 28. BJBR BPD Jawa Barat dan Banten Tbk. 1.34 1.07 25.45%
8,17%
29. AKRA AKR Corporindo Tbk. 1.27 1.11 14.02%
GGRM 6,33%
30. SCMA Surya Citra Media Tbk. 1.19 1.10 8.17%
HMSP 3,77% 31. PTPP PP (Persero) Tbk. 1.12 1.12 0.26%
KLBF 1,17% 32. MNCN Media Nusantara Citra Tbk. 1.09 1.20 -9.13%
PTPP 0,26% 33. WIKA Wijaya Karya (Persero) Tbk. 1.06 0.76 38.57%
LPPF -0,61% 34. SRIL Sri Rejeki Isman Tbk. 1.05 0.64 65.14%
ADRO -5,93% 35. WSBP Waskita Beton Precast Tbk. 0.88 1.07 -17.57%
JSMR -8,86% 36. BSDE Bumi Serpong Damai Tbk. 0.88 2.46 -64.34%
MNCN -9,13% 37. INCO Vale Indonesia Tbk. 0.82 (0.26) N/A
38. ANTM Aneka Tambang Tbk. 0.63 (0.33) N/A
INDF -17,04%
39. INTP Indocement Tunggal Prakarsa Tbk. 0.62 1.41 -56.08%
WSBP -17,57% 40. SSMS Sawit Sumbermas Sarana Tbk. 0.36 0.63 -42.51%
TLKM -20,47% 41. ADHI Adhi Karya (Persero) Tbk. 0.34 0.21 63.64%
TPIA -22,96% 42. ELSA Elnusa Tbk. 0.22 0.09 158.27%
SSMS -42,51% 43. BKSL Sentul City Tbk. 0.04 0.08 -46.69%
BKSL -46,69% 44. MEDC Medco Energi Internasional Tbk. (0.02) 2.27 N/A
INTP -56,08% 45. EXCL XL Axiata Tbk. (0.14) 0.24 N/A
BSDE -64,34% Total of 45 Listed Companies of IDX LQ45 213.00 190.42 11.86%
Total IDX* 296.35 256.03 15.75%
*) 41 companies out of 45 companies listed
N/A: the company recorded loss
Source: Statistical Publication Unit 42
Top 20 Listed Companies by Net Income
Sep 2018* compared to Sep 2017
Profit For The Period
Change
No Code Listed Companies (Trillion Rp)
(%)
30-Sep-18 30-Sep-17
1. BBRI Bank Rakyat Indonesia (Persero) Tbk. 23.55 20.54 14.64%
2. ASII Astra International Tbk. 21.52 17.42 23.51%
3. TLKM Telekomunikasi Indonesia (Persero) Tbk. 20.69 26.01 -20.47%
4. BMRI Bank Mandiri (Persero) Tbk. 18.70 15.63 19.66%
5. BBCA Bank Central Asia Tbk. 18.51 16.85 9.84%
6. BBNI Bank Negara Indonesia (Persero) Tbk. 11.45 10.25 11.68%
7. HMSP H.M. Sampoerna Tbk. 9.69 9.34 3.77%
8. UNTR United Tractors Tbk. 9.42 5.90 59.78%
9. INKP Indah Kiat Pulp & Paper Tbk. 7.71 3.88 98.66%
10. UNVR Unilever Indonesia Tbk. 7.30 5.23 39.66%
11. BYAN Bayan Resources Tbk. 6.10 3.07 98.29%
12. GGRM Gudang Garam Tbk. 5.76 5.42 6.33%
13. ADRO Adaro Energy Tbk. 5.25 5.58 -5.93%
14. WSKT Waskita Karya (Persero) Tbk. 4.49 2.91 54.70%
15. MPMX Mitra Pinasthika Mustika Tbk. 4.21 0.40 956.39%
16. PTBA Bukit Asam Tbk. 3.99 2.66 49.92%
17. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 3.70 0.30 1120.94%
18. INDF Indofood Sukses Makmur Tbk. 3.58 4.32 -17.04%
19. ICBP Indofood CBP Sukses Makmur Tbk. 3.55 3.06 16.15%
20. CPIN Charoen Pokphand Indonesia Tbk. 3.47 1.93 79.37%
Total of 20 Listed Companies 192.64 160.70 19.87%
Total IDX 294.94 253.53 16.33%
*) 568 companies out of 600

Source: IDX 43
Top 20 Brokerage Firms (Exchange Members)
data per November 2018

by net adjusted working capital by total trading value

Net Adjusted
Trading Value
No. Code Brokerage Firms Working Capital No. Code Brokerage Firms
(USD Million)
(USD Million)
1 CS Credit Suisse Sekuritas Indonesia 79.09 1 CC Mandiri Sekuritas 13,347.13
2 YP Mirae Asset Sekuritas Indonesia 75.25 2 CS Credit Suisse Sekuritas Indonesia 12,861.04
3 BK J.P. Morgan Sekuritas Indonesia 54.14 3 YP Mirae Asset Sekuritas Indonesia 11,663.85
4 ZP Maybank Kim Eng Sekuritas 47.30 4 RX Macquarie Sekuritas Indonesia 10,583.90
5 GR Panin Sekuritas Tbk. 44.25 5 AK UBS Sekuritas Indonesia 10,522.59
6 SQ BCA Sekuritas 37.70 6 MS Morgan Stanley Sekuritas Indonesia 10,314.94
7 DR RHB Sekuritas Indonesia 37.10 7 YU CGS-CIMB Sekuritas Indonesia 10,076.02
8 KZ CLSA Sekuritas Indonesia 34.49 8 CG Citigroup Sekuritas Indonesia 9,322.31
9 CG Citigroup Sekuritas Indonesia 34.15 9 DB Deutsche Sekuritas Indonesia 8,830.72
10 DH Sinarmas Sekuritas 32.09 10 KZ CLSA Sekuritas Indonesia 8,046.66
11 BQ Danpac Sekuritas 31.61 11 PD Indo Premier Sekuritas 7,477.28
12 XA NH Korindo Sekuritas Indonesia 31.32 12 CP Valbury Sekuritas Indonesia 6,419.46
13 RX Macquarie Sekuritas Indonesia 30.50 13 ZP Maybank Kim Eng Sekuritas 5,971.53
14 AP Pacific Sekuritas Indonesia 28.62 14 BK J.P. Morgan Sekuritas Indonesia 5,538.11
15 CC Mandiri Sekuritas 28.17 15 ML Merrill Lynch Sekuritas Indonesia 5,405.92
16 AK UBS Sekuritas Indonesia 27.36 16 LG Trimegah Sekuritas Indonesia Tbk. 5,354.30
17 MS Morgan Stanley Sekuritas Indonesia 26.60 17 DX Bahana Sekuritas 5,334.18
18 LG Trimegah Sekuritas Indonesia Tbk. 26.49 18 DR RHB Sekuritas Indonesia 4,793.96
19 FG Nomura Sekuritas Indonesia 25.05 19 KS Kresna Sekuritas 4,549.47
20 YU CGS-CIMB Sekuritas Indonesia 24.70 20 KI Ciptadana Sekuritas Asia 4,493.39
Total of 20 755.97 Total of 20 160,906.77
Total of IDX 1,425.39 Total of IDX 259,484.40
% 53.04% % 62.01%

44
Foreign Investor Activities and Rupiah Movement

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

90.00 8,000

70.00 9,000

50.00 10,000

30.00 11,000
9.00
10.00 12,000

(10.00) 13,000
14,339
(30.00) 14,000

(50.00) (45.59) 15,000

(70.00) 16,000
2018*

Nov-18
2005

2007
2008

2010
2011

2013
2014

2016
2017
2003
2004

2006

2009

2012

2015

Mar-18

Jul-18
Aug-18
Sep-18
Feb-18
Jan-18

Jun-18

Oct-18
Apr-18
May-18
Notes : : Foreign Net Buying
Source: IDX : Foreign Net Selling
45
Investors Composition in Equity Market

37.06% 35.51% 36.21%

45.51% 48.70% 47.32% Domestic

Ownership
62.94% 64.49% 63.79%
54.49% 51.30% 52.68% Foreign

2013 2014 2015 2016 2017 Nov-18

57.97% 56.79% Domestic

59.42% 63.23% 63.37% 62.36%
Trading
Activity
42.03% 43.21% Foreign
40.58% 36.77% 36.63% 37.64%

2013 2014 2015 2016 2017 Jan-Nov 2018

Source: IDX, Custodian House (KSEI) 46

Equity Ownership Composition
November 2018

0,38% 0,37% 0,39%

0,77%
2,69% 4,41%
6,38% 11,14% 2,10%
Foundation
7,26% 8,82%
5,52%
1,33% Securities Company
9,26%
16,38%
23,56% Insurance
11,36% 0,40%
Pension Fund
12,44% 1,16% 22,57%
9,99% Financial Institution

17,47% Individual
24,19%
Others
46,17%
Mutual Fund
32,77%
20,73% Corporate

Total Domestic Foreign

Source: Custodian House (KSEI) 47

Ownership Composition in Bond Market

38.13% 38.21% 37.55% 39.82% 37.85%

Foreign

Government
Bond
61.87% 61.79% 62.45% 60.18% 62.15%
Domestic

2014 2015 2016 2017 Nov-18

9.66% 7.46% 6.40% 7.90% 7.43%

Foreign

Corporate 90.34% 92.54% 93.60% 92.10% 92.57%

Bond
Domestic

2014 2015 2016 2017 Nov-18

Source: DJPPR (Ministry of Finance), IDX

48
 Financial Literacy Index
Survey in 2013 & 2016

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 Bank ing Insurance Pension Fund Financing Pawnbroking Capit al Social Employees
Market Security Social
Administrat or Security
for Health Sy stem

Source: OJK – Financial Literacy Survey

49
 Total Number of Active Investor
296,458 SID, as of November 30, 2018 (YTD)
Total SID : 836,290
Highest no. of daily active investors: 51.501 (Jan 24, 2018)

Daily
Thousand of SID

50 39.65 39.40
45
40
31.05
Annually
35
30 25.83
25 20.70 20.63 19.41
20
15 Thousand of SID 296
300
10
5 242
250
0
J M M J S N J M M J S N J M M J S N J M M J S N J M M J S N J M M J S N 200 187
154
2013 2014 2015 2016 2017 2018 150
138 147

100

Monthly 134.12
50
Thousand of SID

160
127.09 0
140
120 98.79
100 78.24
80 64.62 66.54 63.59
60
40
20
0
J M M J S N J M M J S N J M M J S N J M M J S N J M M J S N J M M J S N
2013 2014 2015 2016 2017 2018
50
IDX Distribution Channel

390
Investment Communities

30
Representative Offices 410
Investment Galleries

51
Yuk Nabung Saham (YNS)
National campaign for equity saving plan
Investors must fill Auto Debit from Purchase Orders
in the Power of Personal Bank are exercised by
Attorney Form Account to Brokers based on
and Auto Debit Investment the contract.
Form that stated Account.
auto debit date,
contract period,
and selected
stocks.

Select Nominal
Account Fund Auto Auto Transaction
Fund, Period,
Opening and Stocks Debit Transaction Done
52
YNS Partners

53
IDX Start-up Business Development
Mentorship Funding Access

Working Space
Program
Training

Development
Program Event

1 From Idea to
Capital Market 6
Startup

2 Idea
Factory Go Big!
5
Curriculum
3 Traction Paperwork 4

54
69 Start-ups joining IDX Incubator
Internet of Things (IoT),
Software as a Service Fintech E-commerce Education
(SaaS)

Farming
Magi Meter Pandora

Logistic, Property
Advertising and News Tourism and Social
Lifestyle Management, and
Media
Transportation Environment

Mulung
Sipromo
Perfect Wedding Mediapura

Already listed 55
Indonesian Unicorns

Investor: Investor:
Tencent Holdings, KKR & Co., Openspace Ventures Alibaba, Softbank, Beenos, CyberAgent, East
Total funding: Ventures, Indonusa Dwitama
$3.3 billion (IDR47,32 trillion) Total funding:
$2.4 billion (IDR34,41 trillion)

Investor: Investor:
Expedia, Global Founders Capital, East Ventures. Emtek Group, 500 Startups, GREE Ventures, Auchfan
Total funding: Co.
$500 million (IDR7,16 trillion) Total funding:
unspecified

Note: 1 USD = Rp14.339 (30 November 2018)

Source: Crunchbase 56
ASEAN Comparison

57
ASEAN 5 Country Rating & 10Y Government Bond Yield

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

BBB- Baa2 BBB Indonesia Thailand Malaysia

ID 31 May 2018 6 Feb 2018 2 Sep 2018
Philippines Singapore Vietnam
%
Outlook Outlook Outlook
10.00
Stable Stable Stable
31 May 2018 6 Feb 2018 2 Sep 2018 9.00
8.00
AAA Aaa AAA 7.00
SG 5 Apr 2016 5 Aug 2011 21 Nov 2011
6.00

BBB+ Baa1 BBB+ 5.00

29 Nov 2011 5 Aug 2011 8 Mar 2013 4.00

TH
3.00
A- A3 A- 2.00
MY 15 May 2008 5 Aug 2011 21 Nov 2011 1.00
0.00
BBB Baa2 BBB-
May-15

Nov-18
Oct-14

Feb-17

Sep-17
Dec-15

Apr-18
Jul-16
PH 8 May 2014 11 Dec 2014 24 Sep 2015

Source: Various source

58
 ASEAN Capital Market Comparisons – Monthly Data (1/2)

Market Capitalization
Listed Companies
Investor
in USD Billion (number of account, % total population)

Thailand 492.44 Malaysia 910 Malaysia 2,500,000 7.90%

Singapore 491.95 Singapore 744 Thailand 1,510,053 1.97%

Indonesia 476.74 Thailand 699 Singapore 921,000 16.43%

Malaysia 392.48 Indonesia 609 Philippines 773,187 0.74%

Philippines 249.04 Philippines 268 Indonesia* 836,290 0.32%

*data as of November 2018 *data as of October 2018 *data November 2018

Source: Bloomberg Source: World Federation of Exchanges Source: Stock Exchange Annual Report, latest data

59
ASEAN Capital Market Comparisons – Monthly Data (2/2)
November 2018

Daily Average (USD Mil) PE Ratio

Indonesia (IHSG) 19.24

Thailand 1,785.82

Malaysia 19.20
Singapore 894.67

Philippines 18.62
Malaysia 614.84

Indonesia (LQ45) 16.87

Indonesia 592.09

Vietnam 16.21

Vietnam 221.34

Thailand 15.07

Philippines 83.62
Singapore 11.53

Source: Bloomberg
60
 Market Capitalization
USD Billion

Thailand Singapore Indonesia Malaysia Philippines Vietnam

700

600

500

400

300

200

100

0
2013 2014 2015 2016 2017 Nov-18

2013 2014 2015 2016 2017 Nov-18

1 Japan 4,599.29 4,441.35 5,029.96 5,084.27 6,340.04 5,768.48
2 China 3,360.48 4,965.32 7,091.93 6,462.83 7,726.49 5,530.12
3 Australia 1,315.31 1,224.41 1,071.92 1,166.84 1,404.92 1,232.99
4 Thailand 345.12 415.79 332.94 410.63 526.80 492.44
5 Singapore 578.08 570.64 463.46 464.72 568.23 491.95
6 Indonesia 346.47 421.97 350.12 422.40 514.82 476.74
7 Malaysia 497.99 452.66 377.12 354.00 448.24 392.48
8 Philippines 213.36 256.80 234.93 234.64 285.14 249.04
9 Vietnam 45.66 54.20 60.42 84.50 153.53 173.64
Sumber
Source: : Bloomberg, World Federation Exchanges
Bloomberg 61
 Average Daily Trading Value Comparison
USD Million
Thailand Singapore Indonesia Malaysia Vietnam Philippines
2000
1800
1600
1400
1200
1000
800
600
400
200
0
2013 2014 2015 2016 2017 Jan-Nov '18

2013 2014 2015 2016 2017 Jan-Nov '18

1 China 16,212.22 24,248.80 80,373.97 77,782.79 67,690.09 57,727.52
2 Japan 25,734.40 22,311.01 22,707.77 21,316.30 21,859.61 24,152.77
3 Australia 3,484.41 3,192.93 3,146.07 3,671.35 3,933.47 4,121.07
4 Thailand 1,534.79 1,282.41 1,175.95 1,422.19 1,406.04 1,785.82
5 Singapore 1,119.23 830.76 820.21 760.24 829.35 894.67
6 Malaysia 598.68 622.26 504.52 438.50 538.15 614.84
7 Indonesia 475.29 392.43 318.34 533.02 567.89 592.09
8 Vietnam 41.72 88.99 76.82 109.98 177.09 222.03
9 Philippines 192.84 175.84 165.34 110.67 97.92 83.62
Sumber
Source: : Bloomberg, World Federation Exchanges
Bloomberg 62
 Average Daily Frequency
Thousand times

Thailand Indonesia Malaysia Vietnam Philippines

400

200

0
2013 2014 2015 2016 2017 Jan-Oct '18

2013 2014 2015 2016 2017 Jan-Oct '18

1 China 7,554.98 9,989.24 30,581.55 12,336.17 12,567.98 12,439.71
2 Japan 2,445.27 2,614.83 3,169.92 3,564.09 3,324.74 3,617.17
3 Australia 754.40 709.11 803.81 990.22 1,089.46 1,198.91
4 Thailand 321.49 336.97 367.79 373.85 348.16 353.12
5 Indonesia 153.25 212.21 221.12 263.79 311.84 350.47
6 Malaysia 113.16 141.69 153.20 143.28 174.09 204.58
7 Vietnam 30.03 48.70 43.26 50.54 74.50 95.16
8 Philippines 29.18 38.20 53.10 70.33 74.15 85.40

Source: World Federation Exchanges (WFE) 63

End of This Document
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Selangkah Lebih Efisien

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