Image source: Facebook “18th Asian Games Jakarta-Palembang 2018”

Indonesian Economic and

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

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

1
Indonesia’s Overview

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

#1 in ASEAN

GDP Nominal1
(the only G20 member) Number of Listed Issuers4
#6 in Asia

USD 1015 B ±104,000 ltd./inc.

getting bank loan
±120 SOEs,
Approximately equivalent
to three ASEAN countries ±750 subsidiaries

±26 millions
SMEs

#1 in ASEAN

Working age
Indonesia’s population2
262 Million #3 in Asia
Number of Investors
MY
Economic Projection
TH
Indonesia’s economy rank (GDP to PPP)3
USD10.50 T
USD5.42 T SG

USD3.03 T PH
±700,000
(less than 1% of
#5 #4 ID population)
#9
Huge potential growth of investors
2016 2030 2050
Replacing Germany, Replacing Japan
surpassing Rusia and Brazil
1,2 IMF (2017) 4Credit Burau, Bank Indonesia (Dec 2015), SOEs Ministry (2015), Economic Census (2016)
3PwC analysis for projections to 2050
Progressive Infrastructure

National Strategic Projects (Proyek Strategis Nasional/PSN)

Targeted period: No. of targeted projects: Targeted investment:

2016-2019 68 ±USD18.59 bn
Realization until: No. of finished projects: Realization:
End of 2017 30 ±USD6.77 bn

67% 100% 100%

(8/12) (7/7) (7/7)

% of PSN development
progress by the end of
2017, based on project
types: 19%
(No. of finished projects/ (4/21)
no. of targeted projects)
22% 20% 25%
(1/5) (1/4)
(2/9)

0% (0/3)

4
 Global Perception

Improvement in 72nd
ease of doing
business
(EODB)2 91st

46th Improvement Top destination

Investment grade
• S&P (BBB-) in Logistic
Performance Index
#3 for attracting
investors*4
• Moody’s (Baa2)* rd
• Fitch (BBB)
63 (LPI)1 *after China & India

*Improved from Baa3 World’s best

in Apr 2018
#2 country to
invest in3

1World Bank (Logistic Performance Index for 2018; 160 countries) 3US News – Best Countries to Invest In, 2018
2World Bank (Ease of Doing Business Index for 2018; 190 countries) 4The Economist – Asia Business Outlook Survey 2017
International Events (1/2)
Asian Games 2018

• The 18th Asian Games, is a pan-Asian multi-sport event.

• Aug 18 - Sept 2, 2018 in two Indonesian cities, Jakarta and Palembang.
• The biggest sporting event in Asia which is around 15,000 athletes from 45 nations
participating in 40 sports.
• Indonesia is now renovating and building new infrastructures for the event.

6
International Events (2/2)
IMF-WBG Annual Meetings 2018

• The Annual Meetings of International

Monetary Fund & World Bank Group (IMF-
WBG) are conducted annually in
October to discuss the work of their
respective institutions.

• Between 12,000 to 15,000 people attend

the Annual Meetings, including about
3,500 delegates from 189 member
countries, roughly 1,000 media
representatives, and more than 5,000
participants representing the private
sector, the banking community, academic
institutions, civil society organizations, and
also observers and parliamentarians.

• Aimed to discuss a range of issues related

to global financial and economic
development issues, including global
economic outlook, poverty eradication,
and aid effectiveness.

7
Economic Updates

8
 3.5
3.2

0
2
4
5
6
7

1
3
3.8

World
3.9
Jul-16 3.9
4.3
4.4

US
Sep-16 4.8

2015

Market
4.9

Emerging
5.1
Nov-16 2.1
1.8

EU
2.3
2.4

Euro Area
Jan-17 2.0

Source: IMF, Bloomberg

2016

4.9
5.0
Mar-17 5.3
5.3

ASEAN-5
5.4

China
Global interest rate trend
May-17
Economic Growth Forecast

2.9
1.5
2.3

US
2017

Jul-17 2.9
2.7
1.4

India
Sep-17 0.9
1.7

Japan
1.2
0.9
Nov-17
8.2
2018F

7.1
6.7
India
Jan-18 7.4

Japan
Global Economic Updates

7.8

Mar-18 6.9
6.7
6.9
China

6.6
May-18 6.4
2019F

4.9
5.0
Jul-18 5.1

Indonesia
5.3
Indonesia

5.5
200
250
300
350
400
450
500

1800
2000
2200
2400
2600
2800
3000

Jul-16
Jul-16
Aug-16
Aug-16
Sep-16
Sep-16
Oct-16
Oct-16
Nov-16
Nov-16
Dec-16
Dec-16
Jan-17
Jan-17 Feb-17
Feb-17
Mar-17
Mar-17
Apr-17
Apr-17
May-17
May-17
Jun-17
Jun-17
Jul-17
Jul-17
Aug-17
Aug-17
Sep-17
Sep-17
Oct-17
US Dollar Index (RHS)

Oct-17
Nov-17
Nov-17
Dec-17
Global Commodities & US Dollar Index

Dec-17
Jan-18
S&P Index (LHS)

Jan-18
Feb-18
Feb-18
Mar-18
Mar-18
Apr-18
GSCI Index (LHS)

Apr-18
May-18
May-18
Jun-18
Jun-18
US Indicators: S&P 500 and US Gov Bond Yield 10Y

US Govt Bond 10 Year (RHS)

Jul-18
Jul-18
85
89
91
95
97

87
93
99

1
101
103

1.3
1.9
2.2
2.8

1.6
2.5
3.1

9
World netflow of equities and bonds
As of 31 July 2018 (YTD)

Equity Bond
USD Million USD Million

Euro Area 135,924 192,739 United States

India -414 30,770 South Korea

Turkey 12,782 Japan

-1,248
5,734 Brazil
Philippines -1,268
3,453 Thailand
Brazil -1,551
2,548 Philippines
Indonesia -3,516
76 Turkey
South Korea -3,592
37 Indonesia
Thailand -5,963
-3,412 Malaysia
United States -8,504 India
-6,004
Japan -30,734 -13,775 Euro Area

Note :
‘Green Bar’ : Inflow
‘Red Bar’ : Outflow Source : Bloomberg, based on data availability

10
Commodities and Currencies Movement

Commodity (YTD) Currency (YTD)

Cocoa 32.77% Colombian Peso 1.85%

Japanese Yen 1.74%
Oil : WTI 22.72%
Malaysian Ringgit 0.20%
Oil : Brent 18.80% Hong Kong Dollar -0.42%
Nickel Mexican Peso -1.25%
16.69%
Thailand Baht -1.40%
Wheat 16.51% Swiss Franc -1.65%
Coal 13.49% Chinese Yuan -1.72%
Singapore Dollar -1.94%
Natural Gas 0.19%
GB Poundsterling -2.26%
Corn -0.14% Taiwan Dollar -2.43%
Rice -0.60% Romanian Leu -2.54%
Euro -2.67%
Tin -1.39% South Korean Won -4.24%
Steel Billet F.E -2.14% Canadian Dollar -4.28%
Indonesian Rupiah -5.32%
Gold -4.19%
Philippine Peso -6.60%
Silver -4.87% Indian Rupee -6.71%
MDEX : CPO -5.97% Russian Ruble -8.11%
Swedish Krona -8.49%
Aluminum -6.36%
South African Rand -9.78%
Soybean -9.80% Brazilian Real -14.56%
Turkish Lira -17.30%
Copper -10.13%

Source: Bloomberg
11
Current Global Issues

Source: Financial Times, The Cagle Post, The Economist, Royal Dutch Shell Group (News and Information Portal) 12
US Trade War Timeline
22-Jan-18: Trump approves
27-Feb-18: US Chamber of 7-Mar-18: EU announces its planned
global safeguard tariffs in 8-Mar-18: Trump issues steel
Commerce implements tariff retaliatory response on US goods such
imports of solar panels and and aluminum tariff.
on Chinese aluminum foil. as fruits, Harley Davidson, and jeans.
washing machines.

15-Jun-18: China issues

more retaliation on US
23-May-18:
goods such as jeans, 2-Apr-18: China imposes
US Commerce Dept.
automotive, and retaliatory tariffs on 128 US
initiates investigation into
agricultural products. goods worth USD3 billion.
imported autos.

1-Jul-18: Canada
18-Jun-18: and EU strikes back
Trump asks for on US goods: steel, Feb-19: Possibility by which Trump could
more tariffs on aluminum, and implement automotive tariffs as considered
Chinese goods. agricultural “threaten to national security”.
products.

Source: US Census Bureau, Reuters, Business Insider, dan other sources 13

 U.S and China Trade Relations
The widening trade gap The U.S imports these products from China
USD Billion

600

500

Imports from China

400

300
China imports these products from the U.S

200

Exports to China
100

0
1999
1998

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

Source: www.barrons.com , data from United States International Trade Commission 14

 Products Under Proposed Tariff

The Chinese products targeted The U.S products targeted

by the Trump administration by the Chinese Government

Other targeted goods Mineral fuels Other targeted goods

Cereals
Vehicles Aluminium Pharmaceutical products $1.7 B $1.3 B Chemical products
$2.1 B products Aircraft Cotton
$1.3 B
Furniture & bedding Soap
Articles of iron or steel Tobacco
Optical Plastics
instruments
Railway locomotives $3.3 B
Albuminoidal substances
$6.4 B Organic chemicals Oil seeds Organic chemicals
Machinery Iron & steel $12.4 B Residues & waste
$19.5 B
Rubber articles Preparations of vegetables
Arms & ammunition Rubber articles
Ships Vehicles Beverages
Electronic $8.7 B
$ 13.5 B Articles of base metal Vegetables products
Inorganic chemicals Photographic goods
Chemical products Milling industry products
Clocks & watches Aircraft

Source: www.barrons.com, data from United States International Trade Commission and Ministry of Commerce of China, trade value of 2017 15
 Indonesia Economy
July 2018

+5.27%
Real Economic
Growth Q2-2018
+3.18% (yoy) -5.91% (ytd)
(yoy) Headline Inflation IDR/USD
Target 2018: (3.5%±1%) IDR14,420

5.25% Trade Surplus/Deficit Foreign Reserve

BI 7-Day USD1.74 bn USD118.31 bn
RR Rate as of June 2018 -9.13% (ytd)

Source: Bank Indonesia, Statistics Indonesia

16
 Indonesian Credit Ratings
Ratings by Ratings by
S&P and Fitch Moody’s

BBB+ Issuance of govt bonds

Investment
Investment

BBB+ Economic Reprofiling VR & HB, Issuance of govt Issuance of govt via regular auction,
Baa1
crisis Recapitalization Asset-Bond Swap, & bonds via regular bonds via regular Baa

grade
buyback program, debt
grade

of banks issuance of long-term

BBB
BBB 1998 government bond
auction, Buyback
program
auction, buyback
program, & debt
swtiching, &
diversification of 1
Baa2
Baa
swtiching instruments
BBB-
BBB- 2
Baa3
BB+ Ba1
Ba1
BB Ba2
Ba2
BB- Ba3
Ba3
B+
B+ B1
S&P upgrades rating B1
Non Investment

BB to BBB- (19 Mei 2017)

Non Investment
B2
B2
Moody's upgrades rating
B-
grade

B- to Ba1 (17 Jan 2011)

B3
B3

grade
CCC+
CCC
Caa1
+
CCC
S&P downgrades Caa2
CCC- rating to Selective
S&P upgrades rating to
Default but revises
2 days later BB+ (8 Apr 2011) Fitch upgrades rating Caa3
CC to BBB (20 Dec 2017)
CaCa
R/C
R/C Moody’s upgrades rating
Fitch upgrades rating to to Baa2 (13 Apr 2018)
CC
SD/DD BBB- (15 Des 2011)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Fitch S&P Moody’s

(right-hand scale)

Source: DJPPR – Ministry of Finance

Indonesia GDP by expenditure
Real Economic Growth (%yoy)
8

7 6.38%
6.18% 6.03%
Average Growth 2008-2018 = 5.47%
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
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Growth (%yoy) Composition (%)

2016 2017 2018
Component
I II III IV I II III IV I II CE:
Gross Fixed
Government
Consumption Expenditure (CE) 4.84 5.24 3.99 3.43 4.77 4.13 4.77 4.79 4.79 5.22 Capital
8%
Formation
CE: Household 4.97 5.07 5.01 4.99 4.94 4.95 4.93 4.97 4.95 5.14 34%
Net Export
CE: Non-Profit Institutions 6.40 6.71 6.64 6.72 8.05 8.49 6.02 5.24 8.09 8.71 1%
CE: Government 3.43 6.23 -2.95 -4.05 2.68 -1.93 3.48 3.81 2.74 5.26 CE: Non-
CE:
Gross Fixed Capital Formation 4.67 4.18 4.24 4.80 4.78 5.35 7.08 7.27 7.95 5.87 Household Profit
56% Institutions
Export of Goods and Services -3.29 -2.18 -5.65 4.24 8.74 3.60 17.01 8.5 6.09 7.7 1%

Import of Goods and Services -5.14 -3.20 -3.67 2.82 5.11 0.22 15.46 11.81 12.66 15.17
GDP Growth 4.92 5.18 5.01 4.94 5.01 5.01 5.06 5.19 5.06 5.27

Source: Statistics Indonesia, Bloomberg 18

 Indonesia Real GDP by sectors
Growth (%, yoy) Composition (%, yoy)

Q2-2018 Q2-2017

Other Services 9.2

8.5 Wholesales and Retail
Trade, Repairs (WR),
Busine ss S ervice s 8.9 13.20%
8.2
Agriculture, Forestry
Transportation & Sto rage (TS) 8.6 and Fisheries (AFF),
8.8 13.36% Construction, 9.73%

Electricity & G as Sup ply (E G) 7.6

-2.5
Pub lic Admin, De fen se & Social Security 7.2
0.0
7.1 Mining & Quarrying
Human He alth & So cial Work A ctivity (MQ), 7.65%
6.3
Info rma tio n & Communication 6.1
11.1
Accommod ati on & Food Be ve rages A ctivity (AFB) 5.7 Information &
5.7 Communication,
Manufacturing
5.7 5.15%
Constru ction Industry (Mfg), 20.97%
6.9
Wholesale s and Retail Trad e, Repair s (WR) 5.2 Transportation &
3.5 Storage (TS), 4.15%

Edu cation Se rvices 4.9 Financial & Insurance

0.9 Activity (FI), 3.94%

Agr icul ture , Forestry and Fishe ries (A FF) 4.8 Public Admin,
3.2 Defense & Social
4.0 Others, 15.62% Security, 3.21%
Manufactu ring In dustry (Mfg)
3.5 Accommodation &
3.9 Food Beverages
Water S upply;Sewerage , Waste & Re cycling Mgt Activity (AFB), 3.01%
3.7
Real Estate 3.1
3.7
Financial & In sur ance A ctivity (FI) 3.0
5.9
Others:
Mining & Qua rryi ng ( MQ ) 2.2 Education Services; Real Estate; Business Services; Other Services; Human
2.1
Health & Social Work Activity; Electricity & Gas Supply (EG); Water Supply;
Sewerage, Waste & Recycling Mgt

Source: Statistics Indonesia

19
Indonesia economy has
been transforming..

20
Key macroeconomic indicators

Interest Rate & Inflation (yoy) Exchange Rate & Foreign Reserves
12
Administered (2.11%) Frgn Rsrv
10 USD/IDR (USD Bn)
8 16000 140
6
CPI Headline (3.18%) 15000 14,413
4 Core (2.87%)

2 14000 120
0 118.31
13000
-2 BI 7-Day RR (5.25%) Volatile Good (5.36%)

-4 12000 100
Jun

Jan

Mar

Jan

Mar
Apr

May
Jun
Apr
May

Apr
May
Jun
Jul
Aug

Jul

Jul
Aug
Feb

Feb
Sept
Oct
Nov
Dec

Sept

Nov
Dec
Oct

Jul-16

Jan-17

Jun-17
Jul-17

Jan-18

Jun-18
Nov-16
Aug-16
Sep-16

Dec-16

Aug-17
Sep-17

Nov-17
Dec-17

Jul-18
May-17

May-18
Oct-16

Feb-17

Oct-17

Feb-18
Mar-17

Mar-18
Apr-17

Apr-18
2017 2018

Balance of Payment (USD Million) Foreign & Domestic Direct Investment

20,000 IDR Trillion

15,000 Capital and Financial Account

800.00
DDI Realization
700.00
10,000
FDI Realization
600.00
262.30
5,000
500.00 216.23
179.50
128.10 156.13
0 400.00

300.00 92.18
-5,000
Balance of Payment 200.00 76.00 396.60 430.50
351.14 354.80 365.90
-10,000 68.80 76.40
100.00 237.54
176.60
Current Account 97.00 108.90
-15,000 -
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 2011 2012 2013 2014 2015 2016 2017 Jan-Mar Jan-Mar
'17 '18
2013 2014 2015 2016 2017 2018
Source
Source: : Bloomberg
Bank Indonesia, Statistics Indonesia 21
Domestic indicators

Industrial Production Indicators (%) Consumer Indicators (2010=100)

60 20 40.00%

30.00%
Retail Sales Survey
Industrial production (RHS)
20.00%
55 10
10.00%

0.00%

-10.00%
50 0
-20.00%
Consumer Survey
Manufacturing PMI (LHS)
-30.00%

Jan-14

Jan-16

Jan-17

Jan-18
Jan-15
Jul-13

Jul-14

Jul-15

Jul-17

Jul-18
Jul-16
Oct-13

Oct-14

Oct-15

Oct-16

Oct-17
Apr-14

Apr-15

Apr-16

Apr-17

Apr-18
45 -10
Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18

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

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

Jun-15

Jun-16

Jun-17

Jun-18

Jun-15

Jun-16

Jun-17
Dec-14

Dec-15

Dec-16

Dec-17

Dec-14

Dec-15

Dec-16

Dec-17
Jun-14

Jun-18
Source
Source: : Bloomberg
Bloomberg 22
Trade Balance
(USD Million)
Oil and Gas Total Export-Import
5,000 2,000
20,000 3000

2,500 1,000
Export (LHS) Export (LHS)
0 0

10,000 1500
-2,500 Net Import (RHS) -1,000 1,742.6
Import (LHS)

-5,000 -2,000 Net Export (RHS)

Nov-17
Dec-17
Aug-17
Sep-17
Oct-17

Apr-18

Jun-18*
Feb-18
Jul-17

Mar-18

May-18
Jun-17

Jan-18

0 0
Non Oil and Gas
15,000 Export (LHS) 3,000
Net Export (RHS)
2,000
7,500 -10,000 -1500
1,000

0 0
Import (LHS)
-1,000
-7,500
-2,000
Import (LHS)
-20,000 -3000
Jun-17

Jan-18
Oct-17

Feb-18
Nov-17

Dec-17

Apr-18
Mar-18

May-18
Aug-17

Sep-17

Jun-18*
Jul-17
-15,000 -3,000
Nov-17
Dec-17
Aug-17
Sep-17
Oct-17

Apr-18
Feb-18

Jun-18*
Mar-18
Jul-17

May-18
Jun-17

Jan-18

*Preliminary figure
Source
Source: : Statistics
Statistics Indonesia
Indonesia 23
 Banking
Mei 2018

Loan Third Party Fund

+10.26% (yoy) +6.47% (yoy)

IDR 4,879.3 tn IDR 5,336.58 tn

22.19% 5.09% 91.99% 2.79%

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

Indonesia Banking Sector
Total Assets & Third Party Funds (IDR Trillion) Total Loan (IDR Trillion)
Investment (% of Total Loan) Working Capital (% of Total Loan)
Assets (9.99% p.a) Third Party Fund (8.89% p.a) Consumption (% of Total Loan)

7,546 100% 1
7,387
6,730 90%
6,133 30.4% 30.3% 29.5% 27.6% 27.6% 27.2% 27.5% 28.2% 28.4% 1
5,615 80%
4,954 5,289 5,337 70%
4,413 4,837 1
3,664 4,114 60%
50% 47.2% 46.8% 46.9% 46.6% 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% 24.9%
0% -
2013 2014 2015 2016 2017 May-18 2010 2011 2012 2013 2014 2015 2016 2017 May-18

Deposit & Loan Growth (IDR Trillion) Banking Ratios (%)

LDR, CAR ROA, NPL

21.6% Deposit 100% Loan to deposit ratio 5%

80% 4%
Loan Return on assets
60% 3%
13.6%
12.3% 11.6%
10.4% 9.6% 11.2% 40% 2%
10.3%
9.4% 8.7% Non performing loans
7.3% 7.9% 8.2% 20% 1%
6.5% Capital adequacy ratio
0% 0%
Nov-14

Nov-15

Nov-16

Nov-17
May-15
May-14

May-16

May-17

May-18
2013 2014 2015 2016 2017 May-17 May-18

Source: Financial Service Authority (OJK) 1) For all commercial bank, excl. Rural Bank
25
 Fiscal Updates
State Budget Macroeconomic Assumption

APBNP Realization % Realization Realization APBN

Difference 2017 2018
Breakdown (Trillion Rupiah) 2017 until Nov-17 to APBNP

A. GOVERNMENT REVENUE 1,736.10 1,655.75 95.4% 158.7

I. Domestic Revenues 1,733.00 1,648.14 95.1% 160.6
1. Tax 1,472.70 1,339.78 91.0% 145.4 5.1 Economic 5.4
2. Non-tax Revenues 260.24 308.36 118.5% 15.2 Growth (%)
II. Grant 3.11 7.61 244.7% -1.9
B. GOVERNMENT EXPENDITURES 2,133.30 2,001.60 93.8% 121.7 3.61 3.5
I. Central Government Expenditure 1,367.00 1,259.61 92.1% 111.4
Inflation (%)
1. Ministry/Agency Expenditure 798.59 759.58 95.1% 78.2
2. Non Ministry/Agency Expenditure 568.37 500.02 88.0% 33.2 5 5.2
II. Transfer to the Region and Village Fund 766.34 741.99 96.8% 10.3 Interest Rate
1. Transfer to the Regions 706.34 682.23 96.6% 8.5 SPN 3 month (%)
2. Village Fund 60 59.77 99.6% 1.8
C. PRIMARY BALANCE -178.04 -129.27 72.6% 57 13,384 13,400
D. BUDGET SURPLUS/(DEFICIT) (A-B) -397.24 -345.84 87.1% 36.9 Exchange Rates
%Surplus/Deficit Toward GDP -2.92 -2.57 (IDR/USD)
E. BUDGET FINANCING (I + II + III + IV + V) 397.24 364.54 91.8% 3690.0%
I. Debt Financing 461.34 426.12 92.4% -27.8 50 48
II. Investment Financing -59.73 -59.75 100.0% -5.9 Oil Price (USD/brl)
III. Lending -3.67 -1.17 31.9% -3
IV. Guarantee Obligation -1 -1 100.0% -0.1 801 800
V. Other Financing 0.3 0.36 120.0% -0.1 Gas Lifting (mboepd)

1.13 1.2
Oil Lifting
(Thousand barrel/day)
Source: Ministry of Finance
 The Economic Policy Packages
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
generation, stabilizing meat
prices and improving rural –
urban logistics sector
Phase X (11 Feb ’16)
Revising Negative investment
List and improving protection
for SMEs
Phase XI (29 Mar ’16)
Stimulating national economy
through facilitation to SMEs
and industries
Phase XII (28 Apr’16)
Improving Indonesia’s rank on
Ease of Doing Business (EODB)
“To improve national
industry competitiveness,
export and investment to
generate significant
economic growth”
Phase XV (15 Jun’17)
Development of Business and
Competitivenesss of National
Logistics Service Provider
Phase XIV (10 Nov’16)
Roadmap for E-commerce
Phase XIII (24 Aug ’16)
Low Cost Housing for Low-
Income Communities
27
 Progress of the Economic Policy Packages

TOTAL
REGULATIONS 234 I-XV 234 regulation to be deregulated

SET 219 FINISHED 97%

As of January 18th, 2018, deregulation of 219
52 PRESIDENTIAL LEVEL
50 FINISHED 96% regulations are finished (97%), comprising 50
TOTAL regulations at Presidential level and 169
regulations at Ministerial/Institutional level
171 MINISTRIAL/INSTITUTIONAL
LEVEL
97%
TOTAL 169 FINISHED
Unfinished regulation: Proposed policy on
ON GOING
4 DISCUSSION 3% Development of Business and Competitiveness
of National Logistics Service Providers

Source:: Bank Indonesia 28

 Indonesia Current Condition vs Past Crises
JCI Index (IHSG) IDR Depreciation (%) Inflation (%)
JCI is significantly higher than 1998 & 2008 Depreciation rate is lower than 1998 & 2008 Inflation is controlled under
5,936.44 the revised budget target
1998 -197% 55.67

1,111 2008 -35%

256 10.27
3.18
Jul-18 -5.91%
1998 2008 Jul-18 1998 2008 Jul-18

Non-Performing Loan (NPL, %) Policy Rate (%) Foreign Reserves (USD Billion)
NPL level is below the maximum threshold of Policy rate is significantly lower Significantly higher than 1998 & 2008, ample
5% to cover 6.7 months of import and external
60 debt repayment
1998 30.00
1998 17.40
2008 3.80 9.25 5.25 2008 50.20
May-18 2.79
1998 2008 Jul-18 Jul-18 118.31

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

116.8%
100.0% 8.6x
27.4% 29.2% 33.2% 34.77%
3.1x 2.8x

1998 2008 2017 1998 2008 QI-2018 1998 2008 QI-2018

Source: Bank Indonesia 29

Capital Market Updates

30
 • The Indonesia capital
Market Institute
• DSN-MUI launched fatwa about
sharia principals and trading
IDX Milestone
(TICMI) was 2011 mechanism
established • Otoritas Jasa Keuangan was founded
under FSA Law No.21/2011 2012
• Securities Investor Protection Fund
opened

• Implementation of
2013 New Trading Hours

• New Adjustment of Lot

2014 Size & Tick Size Rule

• Establishment of IDX Channel

• “Yuk Nabung Saham” Campaign
launched
• Soft Re-launching of LQ-45
2015
Index Futures

• Readjustment of Tick Size Rule

2016 •
•
Tax Amnesty Program launched
Readjustment of Autorejection Rule
• Go Public Information Center
• Margin Transaction
2017 • Relaxation
Indonesia Securities Fund
• IDX Incubator

31
What’s new in 2018

• IDX BUMN 2O
Efficiency, acceleration, A modern-tech museum
Trading capacity: 20 stocks of SOEs, Municipal-
and post-trade processing gallery named Galeri Yuk
Owned, and affiliates based on
Before After accuracy. Nabung Saham.
market capitalization and liquidity.
Order • IDX High Dividend 20
5 mn 15 mn
per day
20 stocks that give cash dividends
Transaction for the past 3 years and have high
2.5 mn 7.5 mn

4
per day
dividend yields. New Museum
Order • JII70 Index
4,000 12,500 Gallery
2 Implementation
per second
70 sharia stocks based on market
of T+2 capitalization and liquidity.

New Data Center

1 and Trading
System Upgrade
Trading capacity is now
three times higher.
Advantages of T+2 implementation:
3 New Indices All-new layout design about:
• Investment products;
• Post-trading efficiency; Launching
• Global and domestic capital
• Settlement time alignment with market;
global stock exchanges (EU
• Listed companies in IDX; and
countries, India, Hong Kong,
Taiwan); • Entertainment area, such as photo
• Higher market liquidity;
Launched as new guidance booth, games, and animation
for investors to construct depicting capital market settings.
• Faster fund circulation; and
their portfolio.
• Market risk reduction.

32
 33
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

33
 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

34
 President Director
IDX Organization Structure
Corporate
Communication Corporate
Secretary
Internal
Audit

Special Project Strategic

- Capital Market Intelligent Management Office
Center Project
- Economic Senior Researcher
- Capital Market 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

35
Indonesia Capital Market – July 2018

Outstanding AUM ETF

Stock Market Bond
Outstanding
IDR 9.54 Tn
Capitalization ABS (USD 662.52 Mn)
Govt IDR 2,196.76 Tn
(USD 152.42 Bn) IDR 9.70 Tn
AUM REIT
IDR 6,689.53 Tn
(USD 464.13 Billion) Corp IDR 395.11 Tn (USD 699.33 Mn) IDR 529.62 Bn
(USD 27.41 Bn) (USD 38.17 Mn)

PRODUCTS

ETF 20
Exchange
Stock 594
105 Warrant 33
Members
REIT 1
Single Investor ID 726,510
114 Futures (contracts) 9
Bond & Sukuk
issuers
ABS 14

USD/IDR : 14,413 (BI)

Source: Bloomberg & IDX 36
Average Daily Trading and Market Capitalization
2011 – 31 July 2018

Average Daily Trading Volume Average Daily Trading Turnover

million shares billion IDR

+7.4% p.a
+16.1% p.a 8,703
11,953
10,784 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

392,397 +12.2% p.a

+18.4% p.a 7,052
312,485 6,690
264,127 5,754
5,228 4,873
212,635 221,583 4,127 4,219
153,686 3,537
113,454 121,712

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

37
Average Daily Trading Value of All Securities
IDR Billion
Equities Fixed Income ETF & REIT

Stocks Govt Bond ETF

8,703.47 22,253.71 0.55
7,498.32 7,603.33

6,005.75 5,763.78 15,943.65

13,820.88 14,738.75
11,566.56

0.12 0.12
0.03 0.05
2014 2015 2016 2017 Jan-Jul '18
2014 2015 2016 2017 Jan-Jul '18 2014 2015 2016 2017 Jan-Jul '18

Warrant Corp Bond REIT

31.57
1,349.10 1,324.04 0.58
0.51

904.51
762.83
679.16 0.28
13.08

0.14
3.71 4.52
0.05
1.15

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

Right ABS

3.45 4.47

1.98 2.67 for the period of

1.57
2014 – July 2018
0.94 1.24
0.71 0.98
0.13

2014 2015 2016 2017 Jan-Jul '18 2014 2015 2016 2017 Jan-Jul '18
Source: IDX Monthly Statistics
38
 Jakarta Composite Index – 10 Years
2008 – 31 July 2018
Annual Return Trend

6,355.654
5,936.443

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% 6.60%

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

39
JCI vs Major World Indices

%YTD 2018 ±10 Years Period*

India 10.42% Indonesia 116.20%

US: S&P500 5.34% Philippines 111.84%
France 3.74% Thailand 98.32%
Australia 3.22% US: S&P500 91.80%
UK 0.79% India 85.37%
Malaysia -0.70% Germany 58.73%
Germany -0.87% Japan 47.34%
Japan -0.93% Malaysia 23.47%
Singapore -2.44% South Korea 20.99%
Thailand -2.96% UK 20.01%
Hong Kong -4.47% Hong Kong 2.77%
Indonesia -6.60% Australia -0.85%
South Korea -6.98% France -1.83%
Philippines -10.36% Singapore -4.21%
China: Shanghai -13.03% China: Shanghai -45.33%

Source: Bloomberg *31 Dec 2007 – 31 Jul 2018

40
MSCI Index Comparison
January 2008 – 31 July 2018 (2008=100)

225 MSCI Indonesia

USD 169.36

200

175

150
MSCI World
USD 135.52
125 MSCI ASEAN
USD 107.34
100 MSCI EM
USD 87.28

75
MSCI BRIC
USD 71.87
50

25

0
Jul-08

Jul-10

Jul-11

Jul-13

Jul-14

Jul-16

Jul-17
Jul-09

Jul-12

Jul-15

Jul-18
Jan-08

Jan-11

Jan-14

Jan-17
Jan-09

Jan-10

Jan-12

Jan-13

Jan-15

Jan-16

Jan-18
41
 Market Capitalization
31 July 2018
Based on Sectors & Top 20

Market
No. Code Company Capitalization %
(in Trillion Rp)
Finance (1,937 T)
1. BBCA Bank Central Asia Tbk. 568.11 8.49
Trade, Services &
29.0% Investment (736 T) 2. HMSP H.M. Sampoerna Tbk. 446.66 6.68
Market 11.0%
3. BBRI Bank Rakyat Indonesia (Persero) Tbk. 374.88 5.60
Capitalization 23.5% 13.4%
Agriculture (092 T)
4. TLKM Telekomunikasi Indonesia (Persero) Tbk. [S] 359.86 5.38
1.4%
5. UNVR Unilever Indonesia Tbk. [S] 330.00 4.93
1.5%
7.1% Mining (475 T) 6. BMRI Bank Mandiri (Persero) Tbk. 307.23 4.59
Trading 7. ASII Astra International Tbk. [S] 289.46 4.33
13.5%
13.2% Value 8. GGRM Gudang Garam Tbk. 144.60 2.16
Infrastructure, Utilities & 10.6% 9. BBNI Bank Negara Indonesia (Persero) Tbk. 136.62 2.04
Transportation (711 T) 9.2%
Basic Industry And 10. UNTR United Tractors Tbk. [S] 131.49 1.97
8.6% Chemicals (617 T)
10.2% 11. INKP Indah Kiat Pulp & Paper Tbk. 105.04 1.57
4.9% 12.
5.7% 11.1% 5.5% ICBP Indofood CBP Sukses Makmur Tbk. [S] 101.75 1.52
Property And Real Estate
13. TPIA Chandra Asri Petrochemical Tbk. [S] 89.17 1.33
Miscellaneous Industry (367
(380 T)
20.6% T) 14. CPIN Charoen Pokphand Indonesia Tbk. [S] 74.12 1.11
15. MYOR Mayora Indah Tbk. [S] 69.09 1.03
16. BYAN Bayan Resources Tbk. [S] 65.83 0.98
Consumer Goods Industry
(1,375 T) 17. BDMN Bank Danamon Indonesia Tbk. 62.39 0.93
18. SMMA Sinar Mas Multiartha Tbk. 61.77 0.92
19. ADRO Adaro Energy Tbk. [S] 60.93 0.91
20. KLBF Kalbe Farma Tbk. [S] 60.70 0.91
Market Capitalization of The 20 Stocks 3,839.69 57.40

Total IDX 6,689.53

Source: IDX

42
Capital Market vs Banking Fund Raised
241 271 297 383 412 480 674 803 398 Total Fund Raised

IDR Trillion 9.6

11.74
72.3 IPO
12.11
1.34 18
Capital Market 9.1 11.3 61.9 0.30
Rights
10.1 16.7 155
July 2018: 29.7 19.6 39 46 1.14 Warrant
71
42 18 39 1.46 63 0.82 115
IDR 426.59 T (-14.26%, yoy) 48 1.64 2.26 48 Corporate Bond
1.87 0.58 69 59 565
(total accumulation) 39 46
Government Bond
123 163 198 267 315 359 485 325

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

1001 1229 1553 1908 2384 2661 2952 3175 3410 Total Loan*

IDR Trillion

Banking Working Capital

May 2018: 2,276
2,049
1,916
IDR 3,491.18 T (9.63%, yoy) 1,757
1,586
(total outstanding) 1,317
1,069 Investment
703
880
1,036 1,125 1,215
798 903
349 464 591
298
2009 2010 2011 2012 2013 2014 2015 2016 End of
May-18
*) Working Capital + Investment Loan
Source: IDX, OJK 43
 Equity IPO History
Number of IPO (LHS)
Total Value of New Issue (RHS)
Number of
Companies IDR Tn

40 35
No. Code Com pany IDR Billion Sub Sector
37
2018
1 BRIS Bank BRI Syariah Tbk. 1,337.91 Bank
35 2 HEAL Medikaloka Hermina Tbk. 1,300.11 Healthcare
30 3 MAPA Map Aktif Adiperkasa Tbk. 897.88 Retail Trade
4 IPCC Indonesia Kendaraan Terminal Tbk. 835.00 Toll Road, Airport, Harbor And Allied Products
31 31 5 SPTO Surya Pertiw i Tbk. 812.00 Wholesale
30
6 MSIN MNC Studios International Tbk. 780.00 Advertising, Printing & Media
30 7 POLL PT Pollux Properti Indonesia Tbk. 767.41 Property & Real Estate
25 8 BTPS BTPN Syariah Tbk. 751.11 Bank
9 TUGU Asuransi Tugu Pratama Indonesia Tbk. 684.44 Insurance
25 10 PZZA Sarimelati Kencana Tbk. 664.81 Tourism, Rest. and Hotel
25 24 11 PRIM Royal Prima Tbk. 600.00 Healthcare
23 23 12 TDPM Tridomain Performance Material Tbk. 411.02 Chemicals
22 22 20
21 13 NFCX PT NFC Indonesia Tbk. 308.33 Retail Trade
14 RISE Jaya Sukses Makmur Sentosa Tbk. 244.50 Property & Real Estate
20 19 15 NUSA PT Sinergi Megah Internusa Tbk. 180.00 Tourism, Restaurant & Hotel
18 16 GHON Gihon Telekomunikasi Indonesia Tbk. 178.87 Non Building Construction
17 BOSS Borneo Olah Sarana Sukses Tbk. 160.00 Coal Mining
16 15 18 MGRO PT Mahkota Group Tbk. 158.33 Plantation
19 TCPI Transcoal Pacific Tbk. 138.00 Transportation
15 20 SWAT Sriw ahana Adityakarta Tbk. 106.27 Pulp & Paper
13
12 12 21 JSKY Sky Energy Indonesia Tbk. 81.30 Electronics
22 DFAM Dafam Property Indonesia Tbk. 46.00 Tourism, Rest. and Hotel
10 23 LCKM LCK Global Kedaton Tbk. 41.60 Non Building Construction
10 24 INPS Indah Prakasa Sentosa Tbk. 41.40 Wholesale
8 25 KPAL Steadfast Marine Tbk. 40.25 Machinery And Heavy Equipment
6 26 NICK Charnic Capital Tbk. 40.00 Investment Company
27 BPTR Batavia Prosperindo Trans Tbk. 40.00 Transportation
5 28 TRUK Guna Timur Raya Tbk 34.50 Transportation
5
29 TNCA Trimuda Nuansa Citra Tbk. 30.00 Transportation
30 HELI Jaya Trishindo Tbk. 27.50 Transportation

Total Fund Raised 11,738.55

0 0
2000
2001
2002
2003

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016

2018
2004

2017

Source: IDX 44
 Latest Equity IPO (2017)
No. Code Company IDR Billion Sub Sector
2017
1 GMFI Garuda Maintenance Facility Aero Asia Tbk. 1,129.34 Machinery and Heavy Equipment
2 PPRE PP Presisi Tbk. 1,011.03 Non Building Construction
3 WEGE Wijaya Karya Bangunan Gedung Tbk. 832.88 Building Construction
4 KMTR Kirana Megatara Tbk. 527.82 Others
5 TOPS Totalindo Eka Persada Tbk. 516.46 Building Construction
6 ARMY Armidian Karyatama Tbk. 491.25 Property And Real Estate
7 DWGL Dwi Guna Laksana Tbk. 465.00 Wholesale (Durable & Non-Durable Goods)
8 IPCM Jasa Armada Indonesia Tbk. 461.89 Transportation
9 HRTA Hartadinata Abadi Tbk. 331.58 Others
10 WOOD Integra Indocabinet Tbk 325.00 Houseware
11 PBID Panca Budi Idaman Tbk. 318.75 Plastics & Packaging
12 NASA Ayana Land International Tbk. 309.00 Tourism, Restaurant and Hotel
13 PORT Nusantara Pelabuhan Handal Tbk. 308.62 Transportation
14 MCAS M Cash Integrasi Tbk. 300.52 Retail Trade
15 CAMP Campina Ice Cream Industry Tbk. 292.05 Food & Beverages
16 CARS Industri dan Perdagangan Bintraco Dharma Tbk. 262.50 Wholesale (Durable & Non-Durable Goods)
17 HOKI Buyung Poetra Sembada Tbk. 217.00 Food And Beverages
18 MDKI Emdeki Utama Tbk. 184.35 Chemicals
19 FIRE Alfa Energi Investama Tbk. 150.00 Coal Mining
20 PSSI Pelita Samudera Shipping Tbk. 135.81 Transportation
21 TGRA Terregra Asia Energy Tbk. 110.00 Energy
22 TAMU Pelayaran Tamarin Samudra Tbk. 82.50 Transportation
23 FINN First Indo American Leasing Tbk. 80.43 Financial Institution
24 ZINC Kapuas Prima Coal Tbk. 77.00 Metal and Mineral Mining
25 PCAR Prima Cakrawala Abadi Tbk. 70.00 Food And Beverages
26 FORZ Forza Land Indonesia Tbk. 68.75 Property And Real Estate
27 CSIS Cahayasakti Investindo Sukses Tbk. 62.10 Building Construction
28 JMAS Asuransi Jiwa Syariah Jasa Mitra Abadi Tbk. 56.00 Insurance
29 MABA Marga Abhinaya Abadi Tbk. 53.09 Tourism, Restaurant And Hotel
30 CLEO Sariguna Primatirta Tbk. 51.75 Food And Beverages
31 MPOW Megapower Makmur Tbk. 49.02 Energy
32 BELL Trisula Textile Industries Tbk. 45.00 Textile, Garment
33 KIOS Kioson Komersial Indonesia Tbk. 45.00 Retail Trade
34 MARK Mark Dynamics Indonesia Tbk 40.00 Ceramics, Glass, Porcelain
35 MAPB MAP Boga Adiperkasa Tbk. 37.25 Tourism, Restaurant And Hotel
36 MTWI Malacca Trust Wuwungan Insurance Tbk. 31.00 Insurance
37 MINA Sanurhasta Mitra Tbk. 27.56 Tourism, Restaurant And Hotel
Total Fund Raised 9,557.30

Source: IDX 45
Income Performance of LQ45 Companies
Profit For The Period
Change
Mar 2018* compared to Mar 2017 No Code Listed Companies (Trillion Rp)
31-Mar-18 31-Mar-17
(%)

1. TLKM Telekomunikasi Indonesia (Persero) Tbk. 7.98 9.38 -14.91%

ANTM 3603.22% 2. BBRI Bank Rakyat Indonesia (Persero) Tbk. 7.42 6.66 11.45%
BUMI 1038.04% 3. ASII Astra International Tbk. 6.33 6.08 4.13%
WSKT 285.90% 4. BMRI Bank Mandiri (Persero) Tbk. 6.08 4.28 42.04%
ADHI 281.54% 5. BBCA Bank Central Asia Tbk. 5.51 4.99 10.42%
INDY 234.73% 6. BBNI Bank Negara Indonesia (Persero) Tbk. 3.66 3.25 12.44%
AKRA 218.45%
7. HMSP H.M. Sampoerna Tbk. 3.03 3.29 -7.86%
WSBP 160.32%
8. UNTR United Tractors Tbk. 2.68 1.58 70.04%
SRIL 122.01%
9. GGRM Gudang Garam Tbk. 1.89 1.89 0.14%
PWON 71.06%
10. UNVR Unilever Indonesia Tbk. 1.84 1.96 -6.21%
UNTR 70.04%
PTBA 11. WSKT Waskita Karya (Persero) Tbk. 1.74 0.45 285.90%
66.73%
BMRI 42.04% 12. PTBA Bukit Asam Tbk. 1.47 0.88 66.73%
PTPP 26.45% 13. INDF Indofood Sukses Makmur Tbk. 1.46 1.76 -17.33%
SCMA 18.75% 14. BUMI Bumi Resources Tbk. 1.30 0.11 1038.04%
BBTN 15.13% 15. ADRO Adaro Energy Tbk. 1.21 1.47 -17.72%
BBNI 12.44% 16. ICBP Indofood CBP Sukses Makmur Tbk. 1.20 1.15 4.65%
BBRI 11.45% 17. PGAS Perusahaan Gas Negara Tbk. 1.11 1.30 -14.43%
BBCA 10.42% 18. TPIA Chandra Asri Petrochemical Tbk. 1.01 1.44 -29.50%
JSMR 7.03% 19. AKRA AKR Corporindo Tbk. 0.92 0.29 218.45%
ICBP 4.65% 20. INDY Indika Energy Tbk. 0.90 0.27 234.73%
ASII 4.13% 21. BRPT Barito Pacific Tbk. 0.81 1.37 -40.81%
BJBR 3.05% 22. BBTN Bank Tabungan Negara (Persero) Tbk. 0.68 0.59 15.13%
LPPF 1.05% 23. PWON Pakuwon Jati Tbk. 0.64 0.37 71.06%
KLBF 0.25% 24. KLBF Kalbe Farma Tbk. 0.60 0.60 0.25%
GGRM 0.14% 25. JSMR Jasa Marga (Persero) Tbk. 0.56 0.52 7.03%
MYRX N/A 26. SRIL Sri Rejeki Isman Tbk. 0.52 0.24 122.01%
INCO N/A
27. WSBP Waskita Beton Precast Tbk. 0.51 0.20 160.32%
BMTR -3.81%
28. BSDE Bumi Serpong Damai Tbk. 0.50 0.79 -36.91%
UNVR -6.21%
29. BJBR BPD Jawa Barat dan Banten Tbk. 0.46 0.45 3.05%
HMSP -7.86%
30. SMGR Semen Indonesia (Persero) Tbk. 0.41 0.75 -45.22%
PGAS -14.43%
SSMS -14.51% 31. SCMA Surya Citra Media Tbk. 0.36 0.30 18.75%
TLKM -14.91% 32. MNCN Media Nusantara Citra Tbk. 0.30 0.44 -33.50%
INDF -17.33% 33. INTP Indocement Tunggal Prakarsa Tbk. 0.26 0.49 -46.24%
ADRO -17.72% 34. LPPF Matahari Department Store Tbk. 0.25 0.24 1.05%
WIKA -18.76% 35. ANTM Aneka Tambang Tbk. 0.25 0.01 3603.22%
LPKR -20.19% 36. WIKA Wijaya Karya (Persero) Tbk. 0.22 0.27 -18.76%
TPIA -29.50% 37. SSMS Sawit Sumbermas Sarana Tbk. 0.21 0.24 -14.51%
MNCN -33.50% 38. PTPP PP (Persero) Tbk. 0.20 0.16 26.45%
BSDE -36.91% 39. BMTR Global Mediacom Tbk. 0.18 0.19 -3.81%
BRPT -40.81% 40. LPKR Lippo Karawaci Tbk. 0.18 0.23 -20.19%
SMGR -45.22% 41. INCO Vale Indonesia Tbk. 0.09 (0.08) N/A
INTP -46.24% 42. MYRX Hanson International Tbk. 0.07 (0.05) N/A
TRAM -61.15% 43. ADHI Adhi Karya (Persero) Tbk. 0.07 0.02 281.54%
EXCL -66.81% 44. EXCL XL Axiata Tbk. 0.02 0.05 -66.81%
45. TRAM Trada Alam Minera Tbk. 0.00 0.01 -61.15%
Total of 45 Listed Companies of IDX LQ45 67.10 60.87 10.23%
*) 557 companies out of 569 companies listed Total IDX* 91.17 88.39 3.14%
Note: The data were compiled and processed by Statistical Publication Unit 46
Top 20 Listed Companies by Net Income
Mar 2018* compared to Mar 2017

Profit For The Period

Change
No Code Listed Companies (Trillion Rp)
(%)
31-Mar-18 31-Mar-17
1. TLKM Telekomunikasi Indonesia (Persero) Tbk. 7.98 9.38 -14.91%
2. BBRI Bank Rakyat Indonesia (Persero) Tbk. 7.42 6.66 11.45%
3. ASII Astra International Tbk. 6.33 6.08 4.13%
4. BMRI Bank Mandiri (Persero) Tbk. 6.08 4.28 42.04%
5. BBCA Bank Central Asia Tbk. 5.51 4.99 10.42%
6. BBNI Bank Negara Indonesia (Persero) Tbk. 3.66 3.25 12.44%
7. HMSP H.M. Sampoerna Tbk. 3.03 3.29 -7.86%
8. UNTR United Tractors Tbk. 2.68 1.58 70.04%
9. INKP Indah Kiat Pulp & Paper Tbk. 2.13 1.14 86.57%
10. GGRM Gudang Garam Tbk. 1.89 1.89 0.14%
11. UNVR Unilever Indonesia Tbk. 1.84 1.96 -6.21%
12. BYAN Bayan Resources Tbk. 1.76 0.75 135.60%
13. WSKT Waskita Karya (Persero) Tbk. 1.74 0.45 285.90%
14. PTBA Bukit Asam Tbk. 1.47 0.88 66.73%
15. INDF Indofood Sukses Makmur Tbk. 1.46 1.76 -17.33%
16. BUMI Bumi Resources Tbk. 1.30 0.11 1038.04%
17. ADRO Adaro Energy Tbk. 1.21 1.47 -17.72%
18. ICBP Indofood CBP Sukses Makmur Tbk. 1.20 1.15 4.65%
19. PGAS Perusahaan Gas Negara (Persero) Tbk. 1.11 1.30 -14.43%
20. BDMN Bank Danamon Indonesia Tbk. 1.09 1.08 0.40% *) 557 companies out of 569
Total of 20 Listed Companies 60.88 53.45 13.90%
Total IDX 91.18 88.39 3.16%

47
Top 20 Brokerage Firms (Exchange Members)
data per July 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 Securities Indonesia 75.16 1 CS Credit Suisse Securities Indonesia 8,942.30
2 YP Daewoo Securities Indonesia 71.33 2 CC Mandiri Sekuritas 7,903.86
3 BK JP Morgan Securities Indonesia 52.77 3 YP Daewoo Securities Indonesia 7,662.45
4 GR Panin Sekuritas Tbk. 48.34 4 RX Macquarie Capital Securities Indonesia 7,007.00
5 DR RHB OSK Securities Indonesia 36.81 5 YU CIMB Securities Indonesia 6,456.16
6 BQ Danpac Sekuritas 36.62 6 MS Morgan Stanley Asia Indonesia 6,452.84
7 CC Mandiri Sekuritas 36.05 7 AK UBS Securities Indonesia 6,448.72
8 SQ BCA Sekuritas 35.18 8 CG Citigroup Securities Indonesia 6,182.64
9 KZ CLSA Indonesia 34.74 9 DB Deutsche Securities Indonesia 5,348.89
10 XA NH Korindo Securities Indonesia 33.63 10 KZ CLSA Indonesia 5,053.74
11 CG Citigroup Securities Indonesia 33.13 11 PD Indo Premier Securities 4,566.83
12 DH Sinarmas Sekuritas 32.57 12 CP Valbury Asia Securities 3,961.82
13 PD Indo Premier Securities 30.35 13 ZP Maybank Kim Eng Securities 3,729.53
14 ZP Maybank Kim Eng Securities 29.80 14 LG Trimegah Securities Tbk. 3,611.99
15 RX Macquarie Capital Securities Indonesia 29.42 15 DX Bahana Securities 3,523.73
16 AP Pacific Capital 27.20 16 ML Merrill Lynch Indonesia 3,508.47
17 LG Trimegah Securities Tbk. 26.28 17 BK JP Morgan Securities Indonesia 3,279.43
18 MS Morgan Stanley Asia Indonesia 25.99 18 KI Ciptadana Securities 3,040.07
19 YU CIMB Securities Indonesia 24.56 19 DR RHB OSK Securities Indonesia 3,004.87
20 AK UBS Securities Indonesia 24.45 20 KS Kresna Graha Sekurindo Tbk. 2,981.86
Total of 20 744.37 Total of 20 102,667.18
Total of IDX 1,392.59 Total of IDX 166,665.97
% 53.45% % 61.60%

48
Foreign investor activities and rupiah movement

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

100.00 8,000

80.00 9,000

60.00 10,000

40.00 11,000

20.00 12,000
0.79
- 13,000

(20.00) 14,000

(40.00) 14,413 15,000

(48.64)
(60.00) 16,000

2018*

Jul-18
2003

2004

2008

2009

2010

2014

2015

2016
2005

2006

2007

2011

2012

2013

2017

Feb-18

Mar-18
Jan-18

Jun-18
Apr-18

May-18
Notes : : Foreign Net Buying
Source: IDX : Foreign Net Selling
49
Investors Composition in Equity Market

54.49% 51.33% 47.19% Foreign

62.94% 64.49% 63.79%

Ownership
45.51% 48.67% 52.18% Domestic
37.06% 35.51% 36.21%

2013 2014 2015 2016 2017 Jul-18

42.03% 40.58% 43.21% 36.77% 36.63% 38.56%

Foreign

Trading
Activity
57.97% 59.42% 56.79% 63.23% 63.37% 61.44%
Domestic

2013 2014 2015 2016 2017 Jan-Jul 2018

Source: IDX, Custodian House (KSEI) A significant change in domestic investors percentage has turned up since Tax Amnesty Program
50
Ownership Composition in Bond Market

38.13% 38.21% 37.55% 39.82% 37.70%

Foreign

Government
Bond
61.87% 61.79% 62.45% 60.18% 62.30%
Domestic

2014 2015 2016 2017 Jul-18

9.66% 7.46% 6.40% 7.90% 7.68%

Foreign

Corporate 90.34% 92.54% 93.60% 92.10% 92.32%

Bond
Domestic

2014 2015 2016 2017 Jul-18

Source: DJPPR (Ministry of Finance), IDX

51
 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

52
 Total Number of Active Investor
242,754 SID, as of July 2018 (YTD)
Total SID : 726,510
Highest no. of daily active investors: 51.501 (Jan 24, 2018)

Daily
Thousand of SID

50
45
38.73 39.22
40
35
30 25.83
31.05
Annually
25 20.70 20.63 19.41
20
15 Thousand of SID 242 243
243
10 250
250
242
5 Thousand
0 200 of SID 187
200 154 187
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
150 138 147
154
2013 2014 2015 2016 2017 2018
150 138 147
100
Monthly 100
50
Thousand of SID

140 122.26 127.54

120 500
98.79
100
78.24 0
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
2013 2014 2015 2016 2017 2018
53
 IDX Distribution Channel

29 Representative Offices

6 Go-Public Centers

388 Investment Galleries

390 Investment Communities 54

Source: IDX
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
55
YNS Partners

56
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

57
42 Start-ups at IDX Incubator
Fintech Education
Funding Access
Niatmu
britishenglishclass.com

Working Space

Media and Lifestyle Marketplace

Jalanhalal Maqi

Pandora’s Box

Medis Online
Indonesia

E-commerce and IOT

Software as a Service Agribusiness and Logistics

58
ASEAN Comparison

59
 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 13 Apr 2018 20 Dec 2017
12.00 Philippines Singapore Vietnam
Outlook Outlook Outlook
Stable Stable Stable
31 May 2018 13 Apr 2018 20 Dec 2017 10.00

AAA Aaa AAA 8.00

SG 5 Apr 2016 5 Aug 2011 21 Nov 2011

6.00
BBB+ Baa1 BBB+
TH 29 Nov 2011 5 Aug 2011 8 Mar 2013 4.00

A- A3 A- 2.00
MY 15 May 2008 5 Aug 2011 21 Nov 2011

0.00
BBB Baa2 BBB-

Jan-18
Oct-16
Sep-14

Jul-15
Apr-14

Aug-17
Mar-17
Dec-15

Jun-18
Feb-15

May-16
PH 8 May 2014 11 Dec 2014 24 Sep 2015

Source: various source

60
 ASEAN Capital Market Comparisons – Monthly Data (1/2)

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

Singapore 528.90 Malaysia 906 Malaysia 2,500,000 7.90%

Thailand 503.74 Singapore 746 Thailand 1,510,053 1.97%

Indonesia 465.42 Thailand 692 Singapore 921,000 16.43%

Malaysia 437.14 Indonesia 585 Philippines 773,187 0.74%

Philippines 259.65 Philippines 268 Indonesia* 726,510 0.28%

*data July 2018

Source: Bloomberg Source: WFE – June 2018 Edition Source: Stock Exchange Annual Report, latest data

61
 ASEAN Capital Market Comparisons – Monthly Data (2/2)

Daily Average (USD Mil) PE Ratio

Thailand Indonesia (IHSG) 19.69

1,949.99

Philippines 19.59
Singapore 982.65

Malaysia 18.46
Malaysia 669.58

Indonesia (LQ45) 17.17

Indonesia 629.33

Thailand 17.12

Vietnam 252.27
Vietnam 17.04

Philippines 88.84
Singapore 11.94

Source: Bloomberg; data per July-2018 62

 Market Capitalization
USD Billion

Singapore Thailand Indonesia Malaysia Philippines Vietnam

700

600

500

400

300

200

100

0
2013 2014 2015 2016 2017 Jul-18

2013 2014 2015 2016 2017 Jul-18

1 China 3,360.48 4,965.32 7,091.93 6,462.83 7,726.49 6,368.92
2 Japan 4,599.29 4,441.35 5,029.96 5,084.27 6,340.04 6,169.45
3 Australia 1,315.31 1,224.41 1,071.92 1,166.84 1,404.92 1,399.37
4 Singapore 578.08 570.64 463.46 464.72 568.23 530.33
5 Thailand 345.12 415.79 332.94 410.63 526.80 505.46
6 Indonesia 346.47 421.97 350.12 422.40 514.82 461.68
7 Malaysia 497.99 452.66 377.12 354.00 448.24 440.59
8 Philippines 213.36 256.80 234.93 234.64 285.14 257.76
9 Vietnam 45.66 54.20 60.42 84.50 153.53 173.26
Sumber
Source: : Bloomberg, World Federation Exchanges
Bloomberg 63
 Average Daily Trading Value Comparison
USD Million
Thailand Singapore Indonesia Malaysia Vietnam Philippines
2500

2000

1500

1000

500

0
2013 2014 2015 2016 2017 Jan-Jul '18

2013 2014 2015 2016 2017 Jan-Jul '18

1 China 16,212.22 24,248.80 80,373.97 77,782.79 67,690.09 66,166.07
2 Japan 25,734.40 22,311.01 22,707.77 21,316.30 21,859.61 24,730.91
3 Australia 3,484.41 3,192.93 3,146.07 3,671.35 3,933.47 4,102.59
4 Thailand 1,534.79 1,282.41 1,175.95 1,422.19 1,406.04 1,949.99
5 Singapore 1,119.23 830.76 820.21 760.24 829.35 982.65
6 Malaysia 598.68 622.26 504.52 438.50 538.15 669.58
7 Indonesia 475.29 392.43 318.34 533.02 567.89 629.33
8 Vietnam 41.72 88.99 76.82 109.98 177.09 253.54
9 Philippines 192.84 175.84 165.34 110.67 97.92 88.84
Sumber
Source: : Bloomberg, World Federation Exchanges
Bloomberg 64
 Average Daily Frequency
Thousand times

Thailand Indonesia Malaysia Vietnam Philippines

600

400

200

0
2013 2014 2015 2016 2017 Jan-Jun '18

2013 2014 2015 2016 2017 Jan-Jun '18

1 China 7,554.98 9,989.24 30,581.55 12,336.17 12,567.98 13,024.93
2 Japan 2,445.27 2,614.83 3,169.92 3,564.09 3,324.74 3,658.41
3 Australia 754.40 709.11 803.81 990.22 1,089.46 1,152.97
4 Thailand 321.49 336.97 367.79 373.85 348.16 362.97
5 Indonesia 153.25 212.21 221.12 263.79 311.84 396.12
6 Malaysia 113.16 141.69 153.20 143.28 174.09 214.48
7 Vietnam 30.03 48.70 43.26 50.54 74.50 99.89
8 Philippines 29.18 38.20 53.10 70.33 74.15 96.13

Source: World Federation Exchanges (WFE) 65

End of This Document
For further inquiries :
Heidy Ruswita Sari
Head of Economic Analysis Unit
heidy.sari@idx.co.id
+6221 515015 ext.4120

Adhel Rusd
Economist
adhel.rusd@idx.co.id
+6221 515015 ext.4110

Luthfi F Ibrahim
Economist
luthfi.ibrahim@idx.co.id
+6221 515015 ext.4109

Anita K Zonebia Lebih Baik!

CMPDP
anita.kesia@idx.co.id
+6221 515015 ext.4110

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66