IECMD MAY 2019

Indonesia’s Economic and
Capital Market Development
May 2019
Economic and Analysis Unit
Research Division
www.idx.co.id
Indonesia Stock Exchange
@indonesiastockexchange
@IDX_BEI
Indonesia Stock Exchange
Mount Rinjani, Lombok,
Source: https://lastmanonthetrail.com/tag/gunung/
01
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Global Economic
Updates
Global Economic Trend
Markit Manufacturing PMI
Global Commodities & US Dollar Index
GSCI Index
64
U.S.
China
Japan
ASEAN
EM
EU
Global
Indonesia
US Dollar
Index
500.00
104.00
475.00
101.00
450.00
98.00
425.00
95.00
56
400.00
92.00
54
375.00
350.00
Global Interest Rate Trend
Apr-19
Mar-19
Jan-19
Feb-19
Dec-18
Nov-18
Oct-18
Sep-18
May-18
Apr-18
Mar-18
Feb-18
Jan-18
Dec-17
Nov-17
Oct-17
Sep-17
Aug-17
80.00
Apr-17
Apr-19
Mar-19
Feb-19
Jan-19
Dec-18
Nov-18
Oct-18
Sep-18
Aug-18
Jun-18
May-18
Apr-18
Jul-18
48
83.00
300.00
Jul-17
50
86.00
DXY Curncy (97.48)
325.00
Jun-17
Expansion
threshold
May-17
52
89.00
SPGSCI Index (446.45)
Aug-18
58
Jul-18
60
Jun-18
62
US Indicators: S&P 500 and US Gov Bond Yield 10Y
7.00
US Govt
Bond 10 Year
S&P Index
6.00
3000
3.5
2800
3
2600
2.5
2400
2
5.00
1.00
SPX Index (2945.83)
2200
Apr-19
Mar-19
Jan-19
Feb-19
Dec-18
Nov-18
Oct-18
Sep-18
Aug-18
Apr-18
Mar-18
Feb-18
Jan-18
Dec-17
Nov-17
Oct-17
Sep-17
Aug-17
Jul-17
Apr-19
Mar-19
Feb-19
Dec-18
Jan-19
Indonesia
Jun-17
Japan
Nov-18
Oct-18
Sep-18
Aug-18
Jul-18
Jun-18
Apr-18
Mar-18
May-18
India
1.5
1
May-17
China
Feb-18
Jan-18
Dec-17
Nov-17
Oct-17
Aug-17
Jul-17
Sep-17
EU
USGG10YR Index (2.50)
2000
Apr-17
US
Jun-17
May-17
Apr-17
0.00
Jul-18
2.00
Jun-18
3.00
May-18
4.00
3
World Net Flow of Equities and Bonds
As of 30 April 2019 (YTD)
Equity (USD Million)
Bond (USD Million)
India
113,298.90 Euro Area
9,767.3
South Korea
6,787.18
Indonesia
64,708.00
58,287.10
4,584.28
United States
Japan
Turkey
891.00
8,384.79
South Korea
Philippines
816.60
8,181.80
Brazil
Brazil
Thailand
Euro Area
720.35
-300.65
Japan
United States
4,583.81
146.15
560.3
-696.90
-486.38
-41,873.00
-2,067.00
-49,769.50
Note :
‘Blue Bar’ : Inflow
‘Red Bar’ : Outflow
Source : Bloomberg, based on data availability
Indonesia
Philippines
India
Thailand
Turkey
*Latest data available
4
Global Commodities and Currencies
As of 30 April 2019 (YTD)
Commodity
Currency
Oil : WTI
40.99%
Oil : Brent
39.46%
Nickel
13.88%
Copper
8.30%
Aluminum
4.61%
Steel Billet F.E
3.37%
Rice
2.19%
Tin
0.97%
Gold
0.21%
MDEX : CPO
-1.54%
Cocoa
-2.03%
Silver
-2.80%
Soybean
-4.70%
Corn
-5.93%
Coal
Wheat
Natural Gas
Source: Bloomberg
-14.33%
-18.18%
-20.31%
Russian Ruble
Mexican Peso
GB Poundsterling
Chinese Yuan
Thailand Baht
Canadian Dollar
Philippine Peso
South African Rand
Indonesian Rupiah
Colombian Peso
Indian Rupee
Malaysian Ringgit
Singapore Dollar
Hong Kong Dollar
Taiwan Dollar
Japanese Yen
Brazilian Real
Euro
Swiss Franc
Romanian Leu
South Korean Won
Swedish Krona
Turkish Lira -11.61%
7.63%
3.76%
2.62%
2.13%
2.01%
1.87%
1.41%
0.94%
0.92%
0.66%
0.53%
0.47%
0.40%
-0.18%
-0.69%
-1.03%
-1.09%
-2.00%
-3.40%
-4.01%
-4.48%
-5.19%
5
Current Global Issues
Source: Cartoonmovement, Global Research, Laprogressive, The Spectator
6
02
Picture by: freepik.com
Indonesia’s
Economic Updates
INDONESIA AT A GLANCE
MASSIVE ECONOMY
GDP Nominal1
IMPRESSIVE OUTLOOK
Indonesia’s economy rank (GDP to PPP)3
USD 1.04 Tn
1st
6th
in ASEAN
in Asia
#4
#5
Approximately equivalent
to three ASEAN countries
#9
USD10.50 T
USD5.42 T
USD3.03 T
Population2
265 Mn
1st
3rd
in ASEAN
in Asia
1 CEIC
4Credit
2 BPS
5Stock
(2018)
(2018)
3PwC analysis for projections to 2050
PROSPECTIVE CAPITAL MARKET
Equity Issuers4
±628
• This number is relatively smaller than the
total potential listed companies in Indonesia:
• ±120 SOEs, ±750 subsidiaries
• ±26 millions SMEs
• ±104,000 ltd./inc as bank-loan receivers
• The 2nd lowest among ASEAN-5 countries
Investors5
2016
2030
2050
Replacing
Germany,
surpassing Rusia
and Brazil
Replacing
Japan
Burau, Bank Indonesia (Dec 2015), Ministry of SOE (2015), Economic Census (2016)
Exchange Annual Report, World Bank Global Findex (2017)
±900,000
• Significantly lower than number of bank
saving account (±90 million accounts)
• Less than 1% of population
(relatively low among ASEAN countries);
8
Global Perception
Investment Grade
 S&P (BBB-)
 Moody’s (Baa2)
 Fitch (BBB)*
*Reaffirmed in Mar 2019
46th
63rd
1World
2World
Bank (Logistic Performance Index for 2018; 160 countries)
Bank (Ease of Doing Business Index for 2019; 190 countries)
3The
4US
73rd
Improvement in
Ease of Doing Business (EODB)
91st for the past two years2
Improvement in
Logistic Performance
Index
(LPI)1
Economist – Asia Business Outlook Survey 2017
News – Best Countries to Invest In, 2018
3rd
2
World’s best country
nd
to invest in4
Top destination
for attracting investors3
9
Economic Highlights
April 2019
+5.07%
Real Economic Growth
Q1-19 (yoy)
+2.83% (yoy)
Headline Inflation
2019 Target: 3.5%±1%
Trade Surplus/Deficit (Jan-Mar 19)
Jan-Mar 18: USD0,31 bn
Source: Bank Indonesia, Statistics Indonesia
14,215 IDR/USD
Q1-18: -2.43% (ytd)
Q1-18 GDP: 5.06% (yoy)
-USD0.19 bn
1,84% (ytd)
6.00%
BI 7-Day Reverse Repo Rate
2018: 6 hikes
2019: no hike
-2.60% (of GDP)
USD124.29 bn
Q1-18: -2% (of GDP)
3.02% (ytd); -0.49% (yoy)
Current Account Deficit Q1-19
Foreign Reserve
10
GDP Growth and Composition by Expenditure
Real Economic Growth (yoy)
8
Average Growth 2009-2019 = 5.4%
6.38%
7
6.18%
6.03%
6
5
5.56%
5.01%
4.71%
5.02%
4.88%
5.17%
5.07%
5.07%
4
3
2
1
0
Q1
Q2
Q3
Q4
Q1
2009
Q2
Q3
Q4
Q1
Q2
2010
Q3
Q4
Q1
Q2
2011
Q3
Q4
Q1
2012
Q2
Q3
Q4
Q1
2013
Q2
Q3
Q4
Q1
Q2
2014
2015
Growth (%yoy)
Component
2016
III
IV
II
2018
III
Q4
Q1
Q2
Q3
Q4
Q1
2016
Q2
Q3
Q4
Q1
Q2
2017
Q3
Q4
2018
Q1
2019
Composition (%)
2017
I
Q3
IV
I
II
2019
III
IV
I
Consumption Expenditure (CE)
3.99
3.43
4.77
4.14
4.77
4.79
4.79
5.22
5.22
5.10
CE: Household
CE: Non-Profit Institutions
CE: Government
5.01
6.67
-2.95
4.99
6.75
-4.03
4.94
8.07
2.69
4.95
8.52
-1.92
4.93
6.02
3.48
4.97
5.24
3.81
4.95
8.09
2.71
5.14
8.71
5.21
5.00
8.59
6.27
5.08 5.01
10.79 16.93
4.56 5.21
Gross Fixed Capital Formation
4.24
4.79
4.77
5.34
7.08
7.27
7.95
5.86
6.96
6.01
5.03
Export of Goods and Services
-5.75
4.15
8.41
2.80
17.01
8.5
6.1
7.63
8.08
4.33
-2.08
Import of Goods and Services
GDP Growth
-4.13
5.01
2.72
4.94
4.81
5.01
0.20
5.01
15.46 11.81 12.75 15.26 14.02
5.06 5.19 5.06 5.27 5.17
7.10
5.18
-7.75
5.07
5.25
Gross Fixed
Capital
Formation
34%
CE:
Government
6%
Net Export
2%
CE:
Household
57%
CE: NonProfit
Institutions
1%
11
GDP Growth and Composition by Sectors
Growth (%, yoy)
Composition (%, yoy)
Q1-2019
Q1-2018
Business Services
Other Services
8.4
Information & Communication
7.8
Water Supply;Sewerage, Waste & Recycling Mgt
7.3
4.2
Public Admin, Defense & Social Security
5.9
Accommodation & Food Beverages Activity (AFB)
5.9
5.2
Education Services
Wholesales and Retail Trade, Repairs (WR)
5.3
5.0
Transportation & Storage (TS)
5.3
Others, 15.05%
Agriculture,
Forestry and
Fisheries (AFF),
12.65%
8.6
Wholesales and
Retail Trade,
Repairs (WR),
13.20%
Manufacturing
Industry (Mfg),
20.07%
4.1
3.3
Manufacturing Industry (Mfg)
Source: Statistics Indonesia
Financial &
Insurance Activity
(FI), 4.34%
5.5
3.2
Electricity & Gas Supply (EG)
Education Services,
3.16%
7.4
5.6
4.8
Real Estate
Agriculture, Forestry and Fisheries (AFF)
Construction,
10.76%
6.4
5.8
Construction
Transportation &
Storage (TS),
5.52%
Mining &
Quarrying (MQ),
7.77%
Information &
Communication,
3.92%
Public Admin, Defense &
Social Security, 3.56%
8.6
6.1
Financial & Insurance Activity (FI)
10.0
9.0
9.0
3.6
Human Health & Social Work Activity
Mining & Quarrying (MQ)
10.4
8.0
3.9
4.6
1.1
2.3
1.8
Others:
Education Services; Real Estate; Business Services; Other Services; Human Health & Social Work
Activity; Electricity & Gas Supply (EG); Water Supply; Sewerage, Waste & Recycling Mgt
3.3
12
Key Macroeconomic Indicators
Inflation (yoy)
Exchange Rate & Foreign Reserves
12
CPI Headline (2.83%)
Core (3.05%)
10
16,000
Administered (3.17%)
8
Foreign Reserve
(USD Bn)
USD/IDR
Volatile Good (2.05%)
124.29
15,000
6
2
80
60
13,000
40
0
12,000
-2
2018
20
Apr-17
Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Jul-17
Oct-17
Jan-18
800
700
600
FDI Realization
400
300
2
200
100
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sept
Aug
Jul
0
Jun
Jan-19
Apr-19
DDI Realization
500
4
May
Oct-18
IDR Trillion
6
Apr
Jul-18
Foreign & Domestic Direct Investment
BI 7-Day Repo Rate (6%)
Deposit Insurance Rate in IDR (7%)
Deposit Insurance Rate in USD (2.25%)
2018
Apr-18
2019
Interest Rate (%)
8
120
14,215 100
14,000
4
140
76.00
176.60
128.10
156.13
351.14
307.00
179.50
216.23
92.18
237.54
365.90
396.60
262.30
328.60
430.50
392.70
2011
2012
2013
2014
2015
2019
Source: Bank Indonesia (BI), Statistics Indonesia (BPS), Indonesia Deposit Insurance Corporation (LPS), Indonesia Investment Coordinating Board (BKPM)
2016
2017
2018
76.35
87.20
108.90
107.90
Jan-Mar Jan-Mar
'18
'19
13
Domestic Indicators
Production Indicators (%)
Consumption Indicators
Motor-Vehicle Sales (growth, %)
20%
0%
-20%
Car Sales
-40%
Source : Bloomberg
Mar-19
Nov-18
Jul-18
Mar-18
Nov-17
Jul-17
Mar-17
Nov-16
Jul-16
Mar-16
Nov-15
Jul-15
Mar-15
-60%
Oct-18
Apr-19
Mar-19
40%
Sep-18
Motorcycle Sales
60%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
Mar-15
100%
80%
Apr-18
Cement Consumption (growth, %)
Mar-18
Oct-18
Sep-17
Apr-18
Mar-17
Oct-17
Sep-16
Apr-17
Mar-16
Oct-16
-10
Apr-19
Sep-15
45
Apr-16
Consumer Survey
Oct-17
0
Apr-17
50
Oct-16
10
Retail Sales Survey
Apr-16
55
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
Oct-15
20
Apr-15
60
Oct-14
Industrial production
Apr-14
Manufacturing PMI
14
Current Account Balance and Rupiah Movement
Capital and Financial Account
Current Account
Balance of Payment
10,052.69
20,000
15,000
10,000
2,419.39
5,000
0
Balance of Payment
(USD Million)
-6,966.00
-5,000
-10,000
-15,000
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
2011
2012
2013
2014
2015
2016
CAD (% of GDP)
Current Account
Balance (%GDP) and
IDR/USD
2017
2018
IDR/USD
CAD
IDR/USD
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
2019
8,000
9,000
10,000
11,000
12,000
-2.60
13,000
14,000
14,244 15,000
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 Q4 Q1
2010
Source: Statistics Indonesia, Bank Indonesia, Bloomberg
2011
2012
2013
2014
2015
2016
2017
2018
2019
15
Credit Ratings
Ratings Scale
BBB+/Baa117
BBB/Baa2 16
BBB-/Baa3 15
BB+/Ba1 14
BB/Ba2 13
Economic
crisis 1998
BB-/Ba3 12
B+/B1 11
B/B2 10
B-/B3 9
CCC+/Caa18
CCC/Caa2 7
S&P
CCC-/Caa3 6 downgrades
rating to
CC/Ca 5 Selective
R/C/Ca 4 Default but
revises
D/C
3 2 days later
2
1
SD/DD 0
Fitch
S&P
Moody's
INVESTMENT GRADE
S&P upgrades rating to
BBB- (19 May 2017)
Fitch upgrades rating to
BBB- (15 Dec 2011)
Moody upgrades rating to
Baa3 (18 Jan 2012)
Fitch upgrades rating to
BBB (20 Dec 2017),
reaffirmed in 13 March 2019
Moody upgrades rating to
Baa2 (13 Apr 2018)
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: DJPPR – Ministry of Finance
16
Current Condition vs Past Crises
IDR Depreciation (%YTD)
JCI Index (IHSG)
JCI is significantly higher than 1998 & 2008
6,455.35
Rupiah appreciation compared to
depreciation in 1998 & 2008
1998
-197%
2008
NPL level is below
the maximum threshold of 5%
1998
2008
Feb-19
Policy rate is significantly lower
60
2.59
1998
9.25
6
30.0%
2008
Q4-2018
2008
Apr-19
External Debt/GDP
Slightly higher than 2008, but significantly
lower than 1998
Source: Bank Indonesia, IDX, Statistics Indonesia (BPS), Ministry of Finance
1998
2.83
2008
Apr-19
Significantly higher than 1998 & 2008, ample to cover
6.8 months of import and external debt repayment
2008
116.8%
27.4%
10.27
Foreign Reserves (USD Billion)
1998
3.80
Continue to decline and allocated to
productive sectors
1998
Policy Rate (%)
30.00
Government Debt/GDP (%)
100.0%
1998
Apr-19
Non-Performing Loan (NPL, %)
55.67
Apr-19
1.84%
1998
Inflation is controlled under
the revised budget target
2008
-35%
1,111
256
Inflation (%YoY)
33.2%
36.2%
2008
Q4-2018
17.40
50.20
Apr-19
124.29
External Debt (Public & Private) to FX
Reserve Ratio
Significantly lower than 1998 crisis
8.6x
1998
3.1x
3.3x
2008
Q4-2018
17
Indonesia vs Emerging Markets
April 2019
GDP Growth 2018 (%, yoy)
Exchange Rate (% YTD)
Argentina
17.40
Turkey
12.79
Indonesia
0.97
South Africa
Russia
1.10
Russia
5.17
Brazil
1.07
South Africa
4.20
Brazil
4.08
Argentina
72.00
Turkey
24.00
-2.98
Indonesia
-6.20
Current Account Deficit (% GDP)
Policy Rate (%)
Russia
7.03
Brazil
-0.73
Turkey
Indonesia
South Africa
6.75
Turkey
-3.51
Russia
Brazil
6.50
South Africa
-3.58
South Africa
Indonesia
6.00
Argentina
-5.00
-1.50
Indonesia
7.75
-2.60
2.83
Budget Deficit (% GDP)
Russia
Note: Latest data available
Source: Bloomberg, Bank Indonesia
19.91
South Africa
Argentina
-6.82
34.88
Turkey
2.70
Turkey
-0.34
Argentina
5.07
Russia
1.84
Brazil
Indonesia
Inflation (%, yoy)
-1.76
Argentina
Brazil
-2.40
-2.70
-4.40
-7.10
18
Trade Balance
USD Million
Total Export-Import
Oil and Gas
Ex/Im
Net Export
20,000
20000
Ex/Im
Net Export
5,000
5,000
2,500
2,500
0
Mar-19*
Feb-19
Jan-19
Dec-18
Nov-18
Oct-18
Sep-18
0
Aug-18
-5,000
Jul-18
-5,000
Jun-18
-2,500
May-18
0
-2,500
Apr-18
10000
Mar-18
10,000
0
Non Oil and Gas
-10,000
-10000
Ex/Im
Net Export
15,000
15,000
7,500
Source: Statistics Indonesia
Mar-19*
Feb-19
Jan-19
Dec-18
Nov-18
Oct-18
Sep-18
-15,000
Aug-18
-15,000
Jul-18
-7,500
Jun-18
-7,500
May-18
Feb-19
Jan-19
Dec-18
Nov-18
Oct-18
Sep-18
Aug-18
Jul-18
Mar-19*
Net Export
0
Apr-18
*Preliminary figure
Import
0
Mar-18
Export
Jun-18
May-18
Apr-18
-20000
Mar-18
-20,000
7,500
19
Banking Sector Highlights
Feb 2019
Third Party Fund
Loan
+12.13% (yoy)
+6.57%
IDR 5,227.99 tn
23.45%
Capital Adequacy
Ratio (CAR)
Above minimum threshold 8%
Source: Bank Indonesia, Statistics Indonesia, latest figure
4.81%
Net Interest Margin
(NIM)
(yoy)
IDR 5,600.41 tn
94.12%
Loan to Deposit
Ratio (LDR)
2.59%
Non-Performing
Loan (NPL)
Keep maintained under 5%
20
Banking Sector Trend
Total Asset & Third Party Funds (IDR Trillion)
2017
2018
Feb-19
2,708 3,293 3,674 4,058 4,377 4,738 5,295 5,228
30.3%
29.5%
27.6%
27.6%
27.2%
27.5%
28.2%
27.8%
28.2%
Consumption
48.6%
48.6%
48.2%
47.8%
47.2%
46.8%
46.9%
47.5%
46.1%
Working Capital
21.1%
21.8%
24.2%
24.6%
25.5%
25.7%
24.9%
24.7%
25.7%
2011
2012
2013
2014
2015
2016
2017
2018
Feb-19
Deposit & Loan Growth
12.3%
Deposit
11.6%
10.4%
7.3%
Banking Ratios (%)
LDR, CAR
Loan
12.1%
11.8%
9.6%
7.9%
9.4%
ROA, NPL
80%
8.2%
6.5%
Non performing loans
60%
6.6%
40%
Return on assets
Note: excluding Rural Banks
Source: OJK
Feb-17
Aug-16
Feb-19
Feb-16
2018
Aug-15
2017
Feb-15
2016
5%
4%
2.59%
2.45%
Capital adequacy ratio 23.45%
0%
2015
94.12%
Loan to deposit
100%
20%
2014
Investment
3%
2%
1%
0%
Feb-19
2016
Total Loan
2,200
Aug-18
2015
5,600
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Feb-18
2014
7,965
5,630
5,289
4,837
4,413
4,114
8,068
7,387
6,730
6,133
5,615
Third Party Funds (7.68% p.a)
Aug-17
Asset (8.75% p.a)
Total Loan (Rp Trillion)
21
Fiscal Updates
Macroeconomic Assumption
Indicatos
Economic growth (%)
State Budget
APBN 2019
APBN 2018
Realization
5.3
5.4
5.17
Breakdown (Trillion Rupiah)
A.
APBN
2019
3.5
3.5
3.13
Exchange rates (IDR/USD)
Oil price (USD/brl)
5.3
5.2
4.95
1,894.7
350.1
16.17%
I. Domestic Revenues
2,164.7
1,893.5
350.0
16.17%
1,786.4
1,618.1
279.9
15.67%
378.3
275.4
70.0
18.52%
0.4
1.2
0.1
25.89%
GOVERNMENT EXPENDITURES
2,461.1
2,220.7
452.1
18.37%
I. Central Government Expenditure
1,634.3
1,454.5
260.7
15.95%
1. Ministry/Agency Expenditure
855.4
847.4
128.8
15.05%
2. Non Ministry/Agency Expenditure
778.9
607.1
132.0
16.94%
826.8
766.2
191.3
23.14%
756.8
706.2
181.2
23.95%
70.0
60.0
10.1
14.41%
-20.1
-87.3
-31.4
156.03%
-296.0
-325.9
-102.0
-1.8
-2.2
-0.6
296.0
325.9
177.5
2. Non-tax Revenues
15,000
13,400
14,247
70
48
67.5
B.
II. Transfer to the Region and Village Fund
1. Transfer to the Regions
2. Village Fund
Oil lifting (thousand brl/day)
Gas lifting (mboepd)
775
1.25
800
1.2
776
C.
PRIMARY BALANCE
D.
BUDGET SURPLUS/(DEFICIT) (A-B)
%Surplus/Deficit Toward GDP
1.136
E.
per Mar 31
% Realization to
APBN
2,165.1
II. Grant
Interest rate SPN 3 months (%)
st
GOVERNMENT INCOME
1. Tax
Inflation (%)
Realization
APBN
2018
BUDGET FINANCING
59.95%
Note:
• Green: Increasing; Red: Decreasing
• No changes on State Budget 2018
Source: Ministry of Finance
22
The Economic Policy Packages
Harmonizing regulations – Simplifying bureaucratic process
II
I
29 Sept ’15
Easing permit
requirement and
simplifying export
proceeds
requirement
9 Sept ’15
Improving national
industry
competitiveness
XII
28 Apr’16
Improving
Indonesia’s rank on
Ease of Doing
Business (EODB)
XI
29 Mar ’16
Stimulating national
economy through
facilitation to SMEs
and industries
24 Aug ’16
Low Cost Housing
for Low-Income
Communities
X
7 Oct ’15
Financial services
facilitation, export
financing and
elimination of
business unnecessary
burden
10 Nov’16
Roadmap for Ecommerce
IV
V
15 Oct ’15
Social safety net and
betterment of
people welfare
IX
11 Feb ’16
Revising Negative
investment List and
improving protection
for SMEs
XV
XIV
XIII
III
– Ensuring law enforceability
27 Jan ’16
Accelerating
electricity
generation,
stabilizing meat
prices and improving
rural –urban logistics
sector
XVI
15 Jun’17
Improving logistic
16 Nov ’18
Improving the
competitiveness and
domestic economy
VIII
VI
22 Oct ’15
Improving industry
and investment
climate through tax
incentives and
deregulation on
sharia banking
21 Des ‘15
Resolving land
acquisition disputes,
intensifying domestic
oil production,
stimulating domestic
parts and aviation
industries
6 Nov ’15
Stimulating
economic activities
in border areas and
facilitating strategic
commodities
availability
7 Dec ’15
VII Stimulating business
activities in laborintensive industries
nation-wide through
incentives in the form
of accelerating land
certification process
for individuals
To improve national
industry
competitiveness, export
and investment to
generate significant
economic growth
Source:: Bank Indonesia
23
Progress of the Economic Policy Packages
222
Regulations to be
deregulated
Initially, there were
233 regulations which need to be
deregulated.
Based on the further assessment,
11 regulations
has been revoked from deregulation
process.
Source: Bank Indonesia
220
Deregulations are
finished
As of September 26th 2018, deregulation of 220
regulation are finished (99%), compromising:
51 regulations at Presidential level and
169 regulations at Ministerial/Institutional level.
Unfinished regulations:
2 regulations
On Development of Business and competitiveness of
National Logistics Service Providers
24
2019 Key Economic Issues
Domestic
World
Listed companies’
financial report
release
General election
(presidential and
legislative)
Policies to
improve current
account defisit
Financial
deepening
Human capital
development as the
next government’s focus
The Fed interest
rate hike and global
monetary tightening
Projected
global economy
slowdown
Trade tension
between
US and China
Volatile oil price
and other
commodity prices
Britain exit
(Brexit) negotiation
and implementation
25
03
Picture by: freepik.com
Indonesia’s Capital
Market Updates
Indonesia’s Capital Market Milestone
2012
 Sharia principals and
trading mechanism
 Otoritas Jasa Keuangan
 Securities Investor
Protection Fund
2012
2017
 Margin transaction
relaxation
 Indonesia Securities
Fund
 IDX Incubator
2014
Lot size & tick
size readjustment
2017
2014
2013
2013
New trading
hours
2018
 T+2 settlement
 New data center
 Special notation
2018
2015
2015
 IDX Channel
 “Yuk Nabung Saham”
 LQ-45 Index Futures
2019
2019
 Simplification on
account registration
2016
2016
 Tick size readjustment
 Tax amnesty program
 Autorejection readjustment
 Go public information center
27
IDX’s Achievements in 2018
Trading
activities
Market
Development
Infrastructure
Development
Others
8.5T
All-time high
Average daily
turnover
+220,229
New SID Investors
T+2
Efficiency
acceleration, and
post-trade
processing accuracy
386,804 x
6,689.29
All-time high average daily
number of trades
All-time high JCI
(February 2018)
1.6 mn
SID investors
in capital market
+57
New Listed
companies
Rp7,441.17 tn
All-time high
market capitalization
(February 2018)
69
Start-ups at
IDX Incubator
New Data Center
3x Larger trading capacity
Regulation
Enhancement
ISO 22301:2012
Trading, listing, and stock
exchange membership
Business Continuity
Management System
Islamic Capital
Market Award
28
Indonesia’s Financial System
Coordination Forum of Financial System Stability
(Based on Law No. 21 of 2011)
Financial Service
Authority (OJK)
Indonesia
Deposit Insurance
Corporation (LPS)
Ministry of
Finance
Monetary policy
Banking
Insurance
Program
State treasury
Payment system
Non-bank
Financial
Institutions
Settlement and
Bank Failure
Management
Fiscal authority
Bank
Indonesia
Macroprudential
policy
Capital Market
29
Indonesia Stock Exchange and its Subsidiaries
PT IDX IT
Credit
Rating
Education &
Certification
Investor
Protection
Bond Pricing
Agency
Media
Channel
Securities
Financing
PT IDX IT
30
IDX Organization Structure
President Director
Legal
Corporate Secretary
Director of Business
Development
• Research
• Business
Development
• Business
Incubation
• Market
Development
• Sharia Capital
Market
Director of
Listing
• Listing Service and
Development
• Listing Group 1
• Listing Group 2
• Listing Group 3
Director of Trading and
Membership
• Membership
Management and
Monitoring
• Data Service
• Trading Support and
Operation
Corporate Strategic
Management & Entities
Director of Market
Surveillance and
Compliance
Internal Audit
Director of IT and Risk
Management
• Member Compliance
• Digital Strategy and
Transformation
• Market Surveillance
• IT Development
• IT Operation
(Trading & Support)
Director of Finance and
Human Resources
• Finance &
Accounting
• Human Capital
• General Affairs
• IT Operation
(Business & Office)
• Risk Management
31
IDX Financial Highlights
Operating Revenue (IDR bn)
1,179.20
Information services
and other facilities
6%
1,354.12
1,202.34
Listing fees
14%
970.16
920.87
Transaction
fees
53%
Clearing
fees
27%
2014
2015
2016
2017
2018
Total Asset (IDR bn)
Profit for the Period (IDR bn)
7,521.94
392.04
344.80
310.65
265.99
5,367.50
2018
2014
Total Equity (IDR bn)
8,354.24
6,805.02
5,840.82
3,280.61
2,706.34
2,834.75
2014
2015
3,611.49
3,881.94
118.79
2014
Source: IDX
2015
2016
2017
2015
2016
2017
2018
2016
2017
2018
Indonesia’s Capital Market Highlights
April 2019
Stock market
capitalization
IDR7,342.99 tn
(USD516.57 bn)
Exchange
members
106*
- Local: 76
- JV: 30
Outstanding bond
Govt IDR2,504.01 tn
(USD176.15 bn)
Corp IDR424.75 tn
(USD29.88 bn)
Outstanding ABS
629 issuers
958,184
(10 new listings)
Additional 105,944
(12.43% YTD)
Bond & Sukuk
33 brokers
(80% transaction)
Products
IDR12.16 tn (USD855.64 mn)
IDR9.32 tn
(USD655.65 mn)
Stock
Equity investor SID
AUM ETF
117 issuers
(23 new emissions)
AUM REIT
IDR619.80 bn (USD43.60 mn)
ETF
27
Warrant
46
REIT
2
Futures (contracts)
9
ABS
Infrastructure
Investment Fund
USD/IDR: 14,215 (BI)
Source: IDX
14
1
33
Average Daily Trading and Market Capitalization
2012 – April 2019
Average Daily Trading Volume
Average Daily Trading Turnover
million shares
IDR billion
+13.77% p.a
+9.38% p.a
14,456
11,953
10,568
7,827
4,284
2012
5,503
5,484
5,928
2013
2014
2015
6,238
6,006
5,764
2013
2014
2015
4,537
2016
2017
2018
2019
2012
Average Daily Number of Trades
Market Capitalization
times
IDR trillion
+17.96% p.a
386,804
212,635 221,583
121,712
2012
Source: IDX
264,127
10,278
8,500
7,498
7,603
2016
2017
2018
2019
7,052
7,023
7,343
2017
2018
2019
+7.89% p.a
436,072
312,485
4,127
4,219
2012
2013
5,228
4,873
5,754
153,686
2013
2014
2015
2016
2017
2018
2019
2014
2015
2016
34
Average Daily Trading Value of All Securities
IDR Billion
Fixed Income
Equities
Govt Bond
RNTH
5,763.78
2015
7,498.32 7,603.33 8,500.36
2016
2017
2018
10,277.72
Apr-19
22,603.37
2015
2016
1.15
2015
2016
21.53
13.08
2017
762.83
2018
Apr-19
Source: IDX
2016
2015
2015
2016
0.55
2017
2016
0.53
2018
Apr-19
REIT
0.51
0.27
2017
2018
Apr-19
2015
2016
0.14
2017
0.09
2018
Apr-19
4.47
2.06
2017
Apr-19
0.12
ABS
2.67
0.03
2015
2018
0.05
0.05
0.94
0.71
2.48
904.51
Right
1.98
2017
Corp Bond
1,349.10 1,320.50 1,327.55
38.61
ETF
27,613.36
15,943.65
13,820.88 14,738.75
Warrant
4.52
ETF & REIT
2018
Apr-19
2.91
1.39
0.98
2015
2016
2017
2018
Apr-19
35
Jakarta Composite Index – 10 Years
2009 – April 2019
6,355.654
6,455.352
6,194.498
5,226.947
5,296.711
4,593.008
4,316.687
4,274.177
3,703.512
3,821.992
2,534.356
1,355.408
D-08
D-09
D-10
D-11
D-12
86.98%
46.13%
3.20%
12.94%
2009
2010
2011
2012
Source: IDX
-0.98%
D-13
D-14
-12.13%
22.29%
2013
2014
2015
D-15
D-16
D-17
15.32%
19.99%
2016
2017
-2.54%
D-18
D-19
4.21%
2018
2019
36
JCI vs Major World Stock Indices
April 2019
%YTD 2019
China: Shenzen
China: Shanghai
US Nasdaq
Saudi Arabia
Colombia
France
Ireland
US: S&P500
Austria
Germany
Switzerland
Canada
Hong Kong
US: Dow Jones
Taiwan
Australia
Spain
Japan
South Africa
Singapore
UK
Norway
Vietnam
Brazil
UAE
Israel
Russia
India
South Korea
Mexico
Thailand
Philippines
Turkey
Poland
Indonesia
Chile
Qatar
Malaysia
Source: Bloomberg
±10 Years Period
29.98%
23.43%
22.01%
18.88%
18.68%
18.09%
17.80%
17.51%
17.08%
16.91%
15.90%
15.76%
14.91%
14.00%
12.75%
12.42%
12.07%
11.21%
10.98%
10.80%
10.26%
9.83%
9.76%
9.63%
9.38%
9.24%
8.51%
8.22%
7.96%
7.10%
7.01%
6.52%
4.54%
4.26%
4.21%
1.60%
0.76%
-2.86%
US Nasdaq
Indonesia
Philippines
Russia
Norway
India
Thailand
Turkey
US: S&P500
Vietnam
US: Dow Jones
Ireland
South Africa
Germany
Brazil
Japan
Israel
Taiwan
Poland
Chile
China: Shenzen
Hong Kong
Mexico
South Korea
Saudi Arabia
Singapore
Malaysia
Colombia
Canada
Austria
Switzerland
Australia
France
UAE
China: Shanghai
UK
Qatar
Spain
413.33%
376.27%
324.63%
313.11%
307.84%
304.58%
271.93%
255.18%
226.14%
210.39%
203.01%
175.48%
172.11%
156.62%
156.60%
151.24%
144.19%
138.88%
120.89%
118.27%
115.28%
106.42%
99.27%
95.97%
93.72%
93.02%
87.32%
84.84%
84.48%
83.62%
76.52%
75.40%
73.60%
69.11%
69.06%
67.30%
50.69%
4.08%
Selected stock exchanges based on market capitalization ≥ USD100 billion
37
IDX vs Major World Stock Exchanges*
March 2019
Listed Companies
Japan
Market Capitalization (USD bn)
3,665
US
23,211.05
Average Trading Value (USD mn)
US
80,161.68
Hong Kong
2,346
Japan
5,608.26
China
US
2,298
China
5,013.73
Japan
4,307.77
Hong Kong
8,242.57
South Korea
8,271.18
South Korea
2,215
Hong Kong
Australia
2,141
India
2,156.17
Germany
1,867.31
South Korea
1,468.21
India
1,931
China
1,464
Malaysia
913
Australia
1,384.11
Singapore
742
Singapore
715.12
Thailand
708
Thailand
535.30
Indonesia
Indonesia
Germany
Philippines
629
516
267
Source: World Federation of Exchanges (WFE)
38,369.61
22,353.60
India
4,560.15
Australia
3,350.13
Thailand
1,250.34
Singapore
756.57
516.45
Indonesia
686.60
Malaysia
409.66
Malaysia
479.17
Philippines
277.13
Philippines
131.31
*Market capitalization ≥ USD100 billion
38
MSCI Index Comparison
2009 – April 2019 (2009=100)
450
425
400
375
350
325
300
275
250
225
200
175
150
125
100
75
50
25
0
Jan-09
Source: Bloomberg
MSCI Indonesia
USD 387.17
MSCI World
USD 236.75
MSCI ASEAN
USD 218.31
MSCI EM
USD 189.94
MSCI BRIC
USD 165.56
Mar-10
May-11
Jul-12
Sep-13
Nov-14
Jan-16
Mar-17
May-18
Apr-19
39
Market Capitalization & Trading Value by Sector
April 2019
Finance (2,181 T)
Trade, Services &
Investment (680 T)
31.0%
9.7%
Agriculture (101 T)
15.2%
Market
Capitalization
1.4%
31.7%
1.5%
Trading
Value
Infrastructure, Utilities &
Transportation (734 T)
8.9%
5.6%
Property And Real Estate
(391 T)
Mining (401 T)
7.9%
10.5%
11.4%
5.7%
9.5%
Basic Industry And
Chemicals (667 T)
6.7%
8.8%
7.9%
20.7%
5.9%
Miscellaneous Industry (413
T)
Consumer Goods Industry
(1,456 T)
Source: IDX
40
Top 20 Market Capitalization
April 2019
No.
Source: IDX
Code
Market
Capitalization
(in Trillion Rp)
Company
%
1.
BBCA
Bank Central Asia Tbk.
701.74
9.56
2.
BBRI
Bank Rakyat Indonesia (Persero) Tbk.
533.63
7.27
3.
HMSP
H.M. Sampoerna Tbk.
407.11
5.54
4.
TLKM
Telekomunikasi Indonesia (Persero) Tbk. [S]
375.45
5.11
5.
BMRI
Bank Mandiri (Persero) Tbk.
356.89
4.86
6.
UNVR
Unilever Indonesia Tbk. [S]
347.17
4.73
7.
ASII
Astra International Tbk. [S]
308.69
4.20
8.
BBNI
Bank Negara Indonesia (Persero) Tbk.
177.24
2.41
9.
GGRM
Gudang Garam Tbk.
162.54
2.21
10.
ICBP
Indofood CBP Sukses Makmur Tbk. [S]
113.41
1.54
11.
UNTR
United Tractors Tbk. [S]
101.37
1.38
12.
TPIA
Chandra Asri Petrochemical Tbk. [S]
90.95
1.24
13.
CPIN
Charoen Pokphand Indonesia Tbk. [S]
86.50
1.18
14.
BDMN
Bank Danamon Indonesia Tbk.
83.98
1.14
15.
INTP
Indocement Tunggal Prakarsa Tbk. [S]
80.99
1.10
16.
SMGR
Semen Indonesia (Persero) Tbk. [S]
80.08
1.09
17.
KLBF
Kalbe Farma Tbk. [S]
72.42
0.99
18.
BRPT
Barito Pacific Tbk. [S]
71.70
0.98
19.
BYAN
Bayan Resources Tbk. [S]
63.33
0.86
20.
SMMA
Sinar Mas Multiartha Tbk.
61.77
0.84
Market Capitalization of The 20 Stocks
4,276.94
58.25
Total IDX
7,342.99
41
Capital Market vs Banking Fund Raised
241
271
295
381
410
478
674
IDR Trillion
Capital Market
April 2019:
IDR331 Tn
(10.02%, yoy)
(total accumulation)
Banking
February 2019:
IDR3,754 Tn
(13.18%, yoy)
(total outstanding)
*) Working Capital + Investment Loan
Source: IDX, OJK
29.7
19.6
48
42
1.87
123
0.58
9.0
39
10.1
16.7
18
39
39
163
46
198
69
267
59
315
48
2010
2011
2012
2013
2014
1.229
1,533
1,908
2,384
2,661
11.3
46
12.11
61.9
63
1.14
485
115
2015
2016
0.82
358
2,952
3,175
812
9.6
75.5
778
331
IPO
15.7
43
1.59
0.53
612
6
0.12
292
161
107
31
2017
2018
Apr-19
1.30
565
3,403
Total Fund Raised
3,821
3,754
Rights
Warrant
Government Bond
Corporate Bond
Total Loan*
IDR Trillion
Working Capital
880
349
2010
1,069
1,317
1,586
1,757
1,916
2,049
2,223
2,512
2,410
Investment
464
591
798
903
1,036
1,125
1,180
1,309
1,343
2011
2012
2013
2014
2015
2016
2017
2018
Feb-19
42
Equity IPO Trend
April 2019
Number of
IPO
70
Number of IPO
Value
(IDR Tn)
32
Total Value of New Issue
28
57
60
24
50
40
31
30
22
21
20
22
6
10
12
8
19
12
23
25
31
24
23
20
37
13
18
16
12
16
10
0
4
Code
Company
IDR bn
Sector
POLI
Pollux Investasi Internasional Tbk.
657.44
6
Property and Real Estate
2
NATO
Nusantara Properti Internasional Tbk.
206.00
9
Hospitality through subsidiaries
3
MTPS
PT Meta Epsi Tbk.
200.00
7
Construction Services & Consultant
4
BEEF
Estika Tata Tiara Tbk.
128.13
1
Production and distribution of processed food
5
HRME
PT Menteng Heritage Realty Tbk.
125.13
9
Tourism
6
CLAY
Citra Putra Realty Tbk.
93.60
9
Hospitality
7
CPRI
Capri Nusa Satu Properti Tbk.
85.42
6
Property
8
JAYA
Armada Berjaya Trans Tbk.
43.20
7
Land Transport & Logistic
9
COCO Wahana Interfood Nusantara Tbk.
33.26
5
Cacao & chocolate production
20.25
5
Food and beverages processing through subsidiaries
Sentra Food Indonesia Tbk.
Total Fund Raised
2019
2018
2017
Business Scope
1
10 FOOD
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
0
No.
Source: IDX
8
1,592.45
43
Latest Equity IPO
2018
No. Code
Company
Business Scope
1
BRIS
Bank BRISyariah Tbk.
1,337.91
Sharia Banking
2
HEAL
Medikaloka Hermina Tbk.
1,300.11
Public health services (hospitals)
3
MAPA Map Aktif Adiperkasa Tbk.
897.88
Trading, including retail trading as agent or distributor
4
IPCC
835.00
Unloading activities into ship
5
SPTO Surya Pertiwi Tbk.
812.00
Sanitary products and fitting trading through subsidiaries
6
MSIN MNC Studios International Tbk.
780.00
Production House, Advertising & Talent Management
7
POLL
Pollux Properti Indonesia Tbk.
767.41
Property and Real Estate
8
BTPS
Bank Tabungan Pensiunan Nasional
Syariah Tbk.
751.11
Sharia Banking
9
TUGU Asuransi Tugu Pratama Indonesia Tbk.
684.44
General Insurance
664.81
Restaurant, catering, warehouse, distribution, food
industry & processing
Indonesia Kendaraan Terminal Tbk.
10 PZZA Sarimelati Kencana Tbk.
11 DIVA
Distribusi Voucher Nusantara Tbk.
632.14
Information technology and digital services.
12 PRIM
Royal Prima Tbk.
600.00
Public health services (hospitals)
13 URBN Urban Jakarta Propertindo Tbk.
432.00
Property (Apartment and Shopping Center) Developer
14 TDPM Tridomain Performance Material Tbk.
411.02
15 CITY
Natura City Developments Tbk.
312.00
16 NFCX NFC Indonesia Tbk.
308.33
17 LAND Trimitra Propertindo Tbk.
301.59
18 FILM
274.63
MD Pictures Tbk.
19 DUCK Jaya Bersama Indo Tbk.
259.23
20 RISE
244.50
Jaya Sukses Makmur Sentosa Tbk.
Producers of specialty materials for various industries
through subsidiaries
Development, Trade and Services related to Real Estate
Property
Information Technology, Digital and Telecommunication
Services
Construction industry as general contractor and
developer
No. Code
Company
IDR
Billion
Business Scope
29 TCPI
Transcoal Pacific Tbk.
138.00
30 SAPX
Satria Antaran Prima Tbk.
108.33
31 POLA Pool Advista Finance Tbk.
108.00
32 SWAT Sriwahana Adityakarta Tbk.
106.27
33 ANDI
Andira Agro Tbk
100.00
Courier service, warehousing, printing services, agency
and outsourcing
Multifinancing, investment financing, working capital
financing, sharia financing
Recycled Paper Manufacturing of Corrugated Carton
Sheet
Plantation, agriculture and agro-industry
34 JSKY
Sky Energy Indonesia Tbk.
81.30
Power plant machine industry
35 SOTS
Satria Mega Kencana Tbk.
66.00
Property and tourism
36 ZONE Mega Perintis Tbk.
58.71
Retail Trading
37 SATU
58.50
Property developer, trading & services
38 CAKK Cahayaputra Asa Keramik Tbk.
50.40
Materials & Ceramic Industry
39 YELO
48.75
Services, industry, trade, tourism and transportation
Kota Satu Properti Tbk.
Yelooo Integra Datanet Tbk.
Marine Transportation Services
Property developer, building management & rental, and
hospitality
Pharmaceutical Industry, cotton-based industry for
cosmetics and health
40 DFAM Dafam Property Indonesia Tbk.
46.00
41 KPAS
Cottonindo Ariesta Tbk.
45.02
42 DEAL
Dewata Freightinternational Tbk.
45.00
Freight forwarding services
43 GOOD Garudafood Putra Putri Jaya Tbk.
44.94
Food & Beverages Industry
44 LUCK
44.06
Sentral Mitra Informatika Tbk.
Printing and document solution business, and IT product
services
Construction industry, Engineering Procurement &
Construction (EPC)
Wholesale, distribution & logistics service provider of
fuel, lubricant, and LPG
Provider of security services, cleaning, parking
management
45 LCKM LCK Global Kedaton Tbk
41.60
Movie Studio
46 INPS
Indah Prakasa Sentosa Tbk.
41.40
Trading, industry & services, especially in food and drink
ingredients
Property and Real Estate Developer, Services, &
Management
Trading, Services, Developer & Industry of Metal, Steel &
Holo Iron
47 SOSS
Shield on Service Tbk.
41.25
48 KPAL
Steadfast Marine Tbk.
40.25
Ship Industry
49 NICK
Charnic Capital Tbk.
40.00
Trading, services, developer and investment
50 BPTR
Batavia Prosperindo Trans Tbk.
40.00
Transportation Services
Super Energy Tbk.
37.20
Flaring Gas Processing & Sales, CNG Distribution & Sales
21 HKMU HK Metals Utama Tbk.
235.00
22 SKRN Superkrane Mitra Utama Tbk
210.00
Crane Rental
51 SURE
203.58
Production of ethanol, liquid carbon dioxide, dry ice and
fertilizer integrated
52 TRUK Guna Timur Raya Tbk
34.50
Freight forwarding services
53 TNCA Trimuda Nuansa Citra Tbk.
30.00
Post and giro service provider, trade and transportation
services
54 DIGI
Arkadia Digital Media Tbk.
30.00
Web portal and multimedia content through subsidiaries
55 HELI
Jaya Trishindo Tbk.
27.50
Non-scheduled commercial air transport
56 PANI
Pratama Abadi Nusa Industri Tbk.
16.20
Packaging cans industry
0.00
Medicines, medicinal raw materials, medical tools &
services.
23 MOLI
Source: IDX
IDR
Billion
Madusari Murni Indah Tbk.
24 NUSA Sinergi Megah Internusa Tbk.
180.00
Tourism
25 GHON Gihon Telekomunikasi Indonesia Tbk.
178.87
Telecommunication Support
26 MPRO Propertindo Mulia Investama Tbk.
164.18
Developer, Property & Real Estate
27 BOSS Borneo Olah Sarana Sukses Tbk.
160.00
Mining construction, processing and refining, trading and
transportation
28 MGRO Mahkota Group Tbk.
158.33
Palm oil mill and plantation
57 PEHA Phapros Tbk.
Total Fund Raised
15,665.27
44
Income Performance of LQ45 Companies
2018 compared to 2017
TKIM
ANTM
PGAS
ERAA
CPIN
WIKA
INKP
SMGR
UNTR
PWON
SRIL
ICBP
UNVR
ADHI
AKRA
BMRI
ASII
PTPP
PTBA
SCMA
BBRI
BBCA
WSBP
ELSA
WSKT
ITMG
BBNI
HMSP
MNCN
KLBF
GGRM
MEDC
INCO
EXCL
JSMR
INDF
ADRO
BRPT
BBTN
TLKM
INTP
TPIA
LPPF
BSDE
INDY
865.71%
540.59%
164.84%
156.18%
82.29%
52.89%
52.77%
51.04%
49.85%
39.63%
33.40%
31.49%
30.05%
24.75%
22.39%
20.56%
18.16%
13.64%
12.62%
11.94%
11.62%
10.85%
10.31%
10.19%
9.95%
9.91%
9.59%
6.85%
2.43%
1.79%
0.49%
N/A
N/A
N/A
-2.73%
-3.56%
-4.45%
-7.17%
-7.25%
-17.50%
-38.38%
-38.43%
-42.46%
-67.06%
-67.34%
Source: IDX
No
Code
Listed Companies
1.
2.
3.
4.
5.
BBRI
ASII
TLKM
BMRI
BBCA
Bank Rakyat Indonesia (Persero) Tbk.
Astra International Tbk.
Telekomunikasi Indonesia (Persero) Tbk.
Bank Mandiri (Persero) Tbk.
Bank Central Asia Tbk.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
BBNI
HMSP
UNTR
UNVR
INKP
GGRM
ADRO
PGAS
PTBA
INDF
ICBP
WSKT
CPIN
ITMG
TKIM
BRPT
SMGR
PWON
BBTN
TPIA
KLBF
WIKA
JSMR
PTPP
BSDE
MNCN
AKRA
SCMA
INDY
SRIL
INTP
WSBP
LPPF
ERAA
INCO
ANTM
ADHI
ELSA
MEDC
EXCL
Bank Negara Indonesia (Persero) Tbk.
H.M. Sampoerna Tbk.
United Tractors Tbk.
Unilever Indonesia Tbk.
Indah Kiat Pulp & Paper Tbk.
Gudang Garam Tbk.
Adaro Energy Tbk.
Perusahaan Gas Negara Tbk.
Bukit Asam Tbk.
Indofood Sukses Makmur Tbk.
Indofood CBP Sukses Makmur Tbk.
Waskita Karya (Persero) Tbk.
Charoen Pokphand Indonesia Tbk.
Indo Tambangraya Megah Tbk.
Pabrik Kertas Tjiwi Kimia Tbk.
Barito Pacific Tbk.
Semen Indonesia (Persero) Tbk.
Pakuwon Jati Tbk.
Bank Tabungan Negara (Persero) Tbk.
Chandra Asri Petrochemical Tbk.
Kalbe Farma Tbk.
Wijaya Karya (Persero) Tbk.
Jasa Marga (Persero) Tbk.
PP (Persero) Tbk.
Bumi Serpong Damai Tbk.
Media Nusantara Citra Tbk.
AKR Corporindo Tbk.
Surya Citra Media Tbk.
Indika Energy Tbk.
Sri Rejeki Isman Tbk.
Indocement Tunggal Prakarsa Tbk.
Waskita Beton Precast Tbk.
Matahari Department Store Tbk.
Erajaya Swasembada Tbk.
Vale Indonesia Tbk.
Aneka Tambang Tbk.
Adhi Karya (Persero) Tbk.
Elnusa Tbk.
Medco Energi Internasional Tbk.
XL Axiata Tbk.
Total of 45 Listed Companies of IDX LQ45
Total IDX*
N/A: the company recorded loss
Profit For The Period
(Trillion Rp)
31-Dec-18
31-Dec-17
32.42
29.04
27.37
23.17
26.98
32.70
25.85
21.44
25.85
23.32
15.09
13.54
11.50
9.11
8.55
7.79
6.94
5.30
5.12
4.96
4.66
4.62
4.55
3.76
3.57
3.52
3.09
2.83
2.81
2.65
2.50
2.07
2.04
1.96
1.70
1.61
1.60
1.48
1.42
1.23
1.15
1.10
1.10
0.89
0.88
0.87
0.65
0.28
(0.41)
(3.30)
283.25
374.66
13.77
12.67
7.67
7.00
5.60
7.76
7.27
2.00
4.55
5.15
3.54
4.20
2.50
3.42
0.37
3.79
2.04
2.02
3.03
4.31
2.45
1.36
2.09
1.72
5.17
1.57
1.30
1.32
4.36
0.92
1.86
1.00
1.91
0.35
(0.21)
0.14
0.52
0.25
1.79
0.38
262.57
348.02
Change
(%)
11.62%
18.16%
-17.50%
20.56%
10.85%
9.59%
6.85%
49.85%
30.05%
52.77%
0.49%
-4.45%
164.84%
12.62%
-3.56%
31.49%
9.95%
82.29%
9.91%
865.71%
-7.17%
51.04%
39.63%
-7.25%
-38.43%
1.79%
52.89%
-2.73%
13.64%
-67.06%
2.43%
22.39%
11.94%
-67.34%
33.40%
-38.38%
10.31%
-42.46%
156.18%
N/A
540.59%
24.75%
10.19%
N/A
N/A
7.87%
7.65%
45
Performance of Listed Companies
2018* compared to 2017
Dec-17
Dec-18
(IDR tn)
(IDR tn)
Total Assets
5,920.28
6,724.61
13.59%
Total Equity
1,594.52
1,782.63
11.80%
Revenues
1,828.39
2,069.29
13.18%
262.57
283.25
7.87%
Dec-17
Dec-18
(IDR tn)
(IDR tn)
Total Assets
10,589.72
11,684.80
10.34%
Total Equity
3,049.25
3,367.60
10.44%
Revenues
3,545.99
3,871.04
9.17%
348.10
374.75
7.66%
LQ45
Profit for The Period
All Listed Companies
Profit for The Period
Growth
Growth
*) 602 companies out of 629 companies listed
Source: IDX
46
Top 20 Brokerage Firms (Exchange Members)
April 2019
by net adjusted working capital (April)
by total trading value (January-April)
No.
Code
Brokerage Firms
IDR Trillion
% of Total
No.
Code
Brokerage Firms
IDR Billion
% of Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
CC
YP
YU
MS
AK
RX
CS
KZ
PD
DB
NI
CP
LG
KS
ZP
DR
CG
ML
BK
XA
Mandiri Sekuritas
Mirae Asset Sekuritas Indonesia
CGS-CIMB Sekuritas Indonesia
Morgan Stanley Sekuritas Indonesia
UBS Sekuritas Indonesia
Macquarie Sekuritas Indonesia
Credit Suisse Sekuritas Indonesia
CLSA Sekuritas Indonesia
Indo Premier Sekuritas
Deutsche Sekuritas Indonesia
BNI Sekuritas
Valbury Sekuritas Indonesia
Trimegah Sekuritas Indonesia Tbk.
Kresna Sekuritas
Maybank Kim Eng Sekuritas
RHB Sekuritas Indonesia
Citigroup Sekuritas Indonesia
Merrill Lynch Sekuritas Indonesia
J.P. Morgan Sekuritas Indonesia
NH Korindo Sekuritas Indonesia
Total of 20
Total of IDX
202.65
71.00
70.36
66.69
60.32
59.31
53.10
51.67
48.50
46.81
43.56
40.04
33.51
33.21
32.60
31.61
31.57
31.44
29.62
27.62
1,065.19
1,644.44
19.03%
6.67%
6.61%
6.26%
5.66%
5.57%
4.99%
4.85%
4.55%
4.39%
4.09%
3.76%
3.15%
3.12%
3.06%
2.97%
2.96%
2.95%
2.78%
2.59%
64.78%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
CS
YP
GR
BK
ZP
SQ
KZ
DR
CG
YU
XA
RX
DH
AK
AP
BQ
MS
FG
KI
FS
Credit Suisse Sekuritas Indonesia
Mirae Asset Sekuritas Indonesia
Panin Sekuritas Tbk.
J.P. Morgan Sekuritas Indonesia
Maybank Kim Eng Sekuritas
BCA Sekuritas
CLSA Sekuritas Indonesia
RHB Sekuritas Indonesia
Citigroup Sekuritas Indonesia
CGS-CIMB Sekuritas Indonesia
NH Korindo Sekuritas Indonesia
Macquarie Sekuritas Indonesia
Sinarmas Sekuritas
UBS Sekuritas Indonesia
Pacific Sekuritas Indonesia
Korea Investment and Sekuritas Indonesia
Morgan Stanley Sekuritas Indonesia
Nomura Sekuritas Indonesia
Ciptadana Sekuritas Asia
Yuanta Sekuritas Indonesia
1,137.25
1,082.94
875.40
790.96
588.03
536.89
531.85
521.84
512.02
475.50
474.41
469.33
463.76
429.89
418.68
403.31
368.86
360.17
357.63
349.16
11,147.88
20,689.36
10.20%
9.71%
7.85%
7.10%
5.27%
4.82%
4.77%
4.68%
4.59%
4.27%
4.26%
4.21%
4.16%
3.86%
3.76%
3.62%
3.31%
3.23%
3.21%
3.13%
53.88%
Source: IDX
Total of 20
Total of IDX
47
Foreign Investor Activities and Rupiah Movement
Foreign Net Position (LHS)
IDR Trillion
IDR/USD (RHS)
USD/IDR
90.00
8,000
64.38
70.00
53.11
50.00
9,000
10,000
Notes :
Apr-19
Mar-19
Feb-19
Jan-19
2019*
2018
2017
2016
2015
2014
16,000
2013
(70.00)
2012
14,215 15,000
2011
(50.00)
2010
14,000
2009
(30.00)
2008
13,000
2007
(10.00)
2006
12,000
2005
10.00
2004
11,000
2003
30.00
: Foreign Net Buying
: Foreign Net Selling
Source: IDX
48
Investors Composition in Equity Market
Ownership
Trading Activity
Source: IDX, Custodian House (KSEI)
35.51%
36.21%
64.49%
63.79%
2014
45.51%
48.70%
47.83%
47.03%
Domestic
54.49%
51.30%
52.17%
52.98%
Foreign
2015
2016
2017
2018
Apr-19
59.42%
56.79%
63.23%
63.37%
63.03%
65.67%
40.58%
43.21%
36.77%
36.63%
36.97%
34.33%
2014
2015
2016
2017
2018
Jan-Apr 19
Domestic
Foreign
49
Equity Ownership Composition
April 2019
0.39%
2.76%
6.36%
7.25%
11.22%
11.02%
12.21%
0.41%
4.49%
2.07%
8.71%
0.35%
0.80%
11.21%
Foundation
5.61%
1.38%
Securities Company
19.93%
23.11%
0.32%
Insurance
Pension Fund
0.42%
22.64%
9.84%
Financial Institution
Individual
17.15%
Others
23.61%
47.28%
Mutual Fund
31.65%
Corporate
17.81%
Total
Source: Custodian House (KSEI)
Foreign
Domestic
50
Ownership Composition in Bond Market
38.21%
37.55%
39.82%
37.71%
38.33%
61.79%
62.45%
60.18%
62.29%
61.67%
2015
2016
2017
2018
Apr-19
7.46%
6.40%
7.90%
7.23%
6.98%
Government Bond
Foreign
Domestic
Foreign
92.54%
93.60%
92.10%
92.77%
93.02%
Domestic
Corporate Bond
2015
Source: DJPPR (Ministry of Finance), IDX
2016
2017
2018
Apr-19
51
Domestic Mutual Fund
2014 – April 2019
No. of mutual
funds
Asset Under
Management (Rp tn)
800
2500
Asset under management (Rp tn)
No. of mutual funds
700
2,099
600
2,090
1,777
500
1500
1,425
400
300
1,091
894
1000
457.51
200
100
241.57
271.97
505.39
513.01
338.75
500
0
0
2014
Source: OJK
2000
2015
2016
2017
2018
Apr-19
52
Sharia Capital Market
April 2019
Performance comparison between
ISSI and IDX
Description
Number of listed
companies
ISSI
Trend of
sharia compliance stocks
IDX
%
(ISSI/IDX)
406
629
64.54%
Market cap (IDR trillion)
3,765.83
7,342.99
51.28%
Volume (million shares)
8,742.76
14,455.82
60.48%
Value (IDR billion)
5,330.67
10,277.72
51.87%
Frequency (x)
300,097
436,072
68.82%
Source: IDX
314
312
316
318
331
2012
2013
2014
2015
2016
365
399
406
2018
2019
237
2011
2017
53
Financial Literacy Index
Survey in 2013 & 2016
Survey 2013
29.7%
21.8%
Survey 2016
28.9%
28.3%
21.8%
17.8%
17.8%
15.8%
13.1%
10.9%
14.9%
11.0%
9.8%
7.1%
3.8%
National
Banking
Source: OJK – Financial Literacy Survey
Insurance
Pension Fund
Financing
4.4%
Pawnbroking Capital Market Social Security Employees
Administrator Social Security
for Health
System
54
Total Number of Active Investor
266,375 SID,266,375
as of April
(YTD)
SID,30,
as 2019
of April
30, 2019 (YTD)
Total SID : 958,184
Thousand of SID
Highest no. of daily active investors: 62,016 (Jan 28, 2019)
Daily
70
53.60
60
50
Annually
39.76
40
30
52.13
20.63
19.41
25.83
31.05
20
400
10
350
0
J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MA
2014
2015
2016
2017
2018
2019
Thousand of SID
127.93
63.59
266
187
147 154
100
176.82
171.82
98.79
66.54
242
250
150
Monthly
309
300
200
200
175
150
125
100
75
50
25
-
Thousand of SID
50
-
78.24
J F MAM J J A S O N D J F M AM J J A S O N D J F MAM J J A S O N D J F M AM J J A S O N D J F MA M J J A S O N D J F M A
2014
Source: IDX
2015
2016
2017
2018
2019
55
IDX Distribution Network
30
Representative
Offices
420
Investment
Galleries
446
IDX
Channel
• Ch 100 Indovision
• Ch 398 First Media
• Ch 101 StarHub Singapore
Investment
Communities
Yuk Nabung Saham (YNS)
National campaign for equity saving plan
Investors must
fill in the Power
of Attorney
Form and Auto
Debit Form
that stated auto
debit date,
contract period,
and selected
stocks.
Account
Opening
Select
Nominal Fund,
Period, and
Stocks
Auto Debit
from Personal
Bank Account to
Investment
Account.
Fund Auto
Debit
Purchase
Orders are
exercised by
Brokers based
on the contract.
Auto
Transaction
Transaction
Done
57
YNS Partners
58
IDX Start-up Business Development
Mentorship
Funding Access
Program
Working
Space
Training
Development
Program
1
Event
From Idea to
Startup
2
Idea
Factory
3
6
Capital Market
Curriculum
Traction
Paperwork
Go Big!
5
4
59
69 Start-ups IDX Incubator
E-Commerce
Education
Fintech
Kendi
Health
IoT
(Internet of Things)
On Demand Service
Mager
60
69 Start-ups IDX Incubator
Property
SaaS
(Software as a Service)
Lifestyle
Rexion
Transportation
Media
Logistic
61
Indonesia’s Unicorns
Investor:
Investor:
Tencent Holdings, KKR & Co., Openspace
Ventures
Alibaba, Softbank, Beenos, CyberAgent,
East Ventures, Indonusa Dwitama
Total funding:
Total funding:
$3.3 billion (IDR 48.07 trillion)
$2.4 billion (IDR 34.96 trillion)
Investor:
Expedia, Global Founders Capital, East Ventures.
Total funding:
$500 million (IDR7.28 trillion)
Note: USD/IDR = Rp14.568 (31 December 2018)
Source: Crunchbase
Investor:
Emtek Group, 500 Startups, GREE Ventures,
Auchfan Co.
Total funding:
unspecified
62
04
Picture source: vectorstock.com, flaticon.com
ASEAN Comparison
ASEAN 5 Country Rating & 10Y Government Bond Yield
Country
ID
S&P
Moody’s
Fitch
BBB-
Baa2
BBB
31 May 2018
13 April 2018
2 Sep 2018
Outlook
Outlook
Outlook
Stable
31 May 2018
SG
TH
Stable
13 April 2018
Stable
2 Sep 2018
AAA
Aaa
AAA
5 Apr 2016
5 Aug 2011
21 Nov 2011
BBB+
Baa1
BBB+
29 Nov 2011
5 Aug 2011
8 Mar 2013
10Y Government Bond Yield
%
Indonesia
Thailand
Malaysia
Philippines
Singapore
Vietnam
10
9
8
7
6
5
4
3
PH
Source: Various source
BBB
Baa2
BBB-
8 May 2014
11 Dec 2014
24 Sep 2015
Apr-19
0
Oct-18
21 Nov 2011
Apr-18
5 Aug 2011
Oct-17
15 May 2008
Apr-17
1
Oct-16
A-
Apr-16
A3
Oct-15
MY
A-
Apr-15
2
64
ASEAN Capital Market Comparisons – Monthly Data (1/2)
Market Capitalization (USD Billion)
Singapore
715.12
Listed Companies
Malaysia
Thailand
535.30
Singapore
Indonesia
516.57
Thailand
Malaysia
Philippines
409.66
277.13
Investor (% total population)
913
742
708
Indonesia
Philippines
626
267
Malaysia
Thailand
1,400,000
4.32%
1,131,041
1.67%
Indonesia**
958,184
0.36%
Singapore*
921,000
16.33%
Philippines*
877,114
0.82%
*data as of March 2019
*data as of March 2019
*data as of 2017; **data as of April 2019
Source: World Federation of Exchanges
Source: World Federation of Exchanges
Source: Stock Exchange Annual Report 2018
65
ASEAN Capital Market Comparisons – Monthly Data (2/2)
PE Ratio (%)
Daily Average (USD Million)
Thailand
1,250.34
Singapore
756.57
Malaysia
Philippines
Indonesia (LQ45)
Indonesia
19.44
18.15
686.60
Thailand
Malaysia
17.41
479.17
Vietnam
Philippines
20.62
131.31
Singapore
*data as of March 2019
*data as of April 2019
Source: World Federation of Exchanges
Source: Bloomberg
16.52
13.96
66
05
Picture source: vectorstock.com, flaticon.com
Other Informations
How to become an investor
1
Open a security account in a Securities Company listed in the Exchange by:
Submitting a copy of
personal identity card
(KTP/KITAS/PASSPORT)
Fill in the agreement
form provided by the
Securities
For the list of Securities Companies, click: https://www.idx.co.id/en-us/investor/brokerage-near-you/
2
Deposit early fund to
RDI account on behalf of
investor’s name.
Each Securities Company
sets a certain amount of
deposit (starting from
Rp100,000 or USD7).
3
After your account
has been approved,
you are ready to
make a deal.
For more information, visit http://yuknabungsaham.idx.co.id/mulai-investasi
68
Simplification on investor account opening
NOW...
KYC e-faceto-face
(10 min)
Send docs to
Custodian
House
(3 min)
Broker
receives SID
and investor
account
(10 min)
STEP 1
STEP 2
STEP 3
STEP 4
Fill form
(5 min)
KYC by form
(30 min)
Send docs to
Custodian
House
(3 min)
Broker
receives SID
and investor
account
(10 min)
Fill e-form
(5 min)
Send e-docs
(5 min)
STEP 5
Send
original docs
(1-7 days)
Investor
account
activation
(5 min)
Investor
account has
activated
(1 min)
Investor gets
the account
(5 sec)
STEP 6
STEP 7
STEP 8
Investor
account
activation
(5 min)
Investor
account has
activated
(1 min)
Investor gets
the account
(5 sec)
PAST...
69
How to become a listed company
Criteria
Incorporated
Independent Commissioner
Corporate Secretary
Audit Committee & Unit of
Internal Audit
Operational Lifetime
Stock
Development Board
Acceleration Board*
Limited Liabilities Company
Limited Liabilities Company
Limited Liabilities Company
Business Entity
V
V
6 mo. of transition for medium asset company,
1 yr. of transition for small asset company
V
V
V
6 mo. of transition for medium asset company,
1 yr. of transition for small asset company
V
V
V
6 mo. of transition for medium asset company,
1 yr. of transition for small asset company
V
36 months
12 months
1 last financial year (proven from revenue)
3 years
Min. 1 year
May experience loss, but should have operating
& net profit in 2 years based on projection
May suffer loss should have operating
profit max. 6 years based on projection
Min. 1 year
Min. 3 years, unqualified opinion
Min. 12 months, unqualified opinion
Min. 1 Year, unqualified opinion
Min. 3 years, unqualified
opinion
-
Min. Equity Rp20 billion
Min. 150 million shares and:
• 20% from total shares, for equity < Rp500 billion
• 15% from total shares, for equity Rp500 billion –
Rp2 trillion
• 10% from total shares, for equity > Rp2 trillion
Min. 20%
none
≥ 500 parties
≥ 300 parties
Operating Profit
Audited Financial Report
Capital Requirement
Net Tangible Asset* :
Min. Rp100 billion
Number of owned shares
by non controlling & non
majority shareholder
Number of Shareholder
Bond
Main Board
Min. 300 million shares and:
• 20% from total shares, for equity < Rp500
billion
• 15% from total shares, for equity Rp500 billion
– Rp2 trillion
• 10% from total shares, for equity > Rp2 trillion
≥ 1000 parties
For more information, visit http://gopublic.idx.co.id/
a)
b)
c)
Net Tangible Asset min. Rp 5 billion; or
Net profit min. Rp1 billion and market
capitalization min. Rp100 billion; or
Revenue min. Rp40 billion and market
capitalization min. Rp 200 billion
*on progress
70
How to join IDX Incubator
BENEFITS
REQUIREMENTS
Participants are individuals or group or an
Indonesian legal entity
Registered participants minimum 2 people
(Business Person & IT Person) and maximum
4 people (Indonesian Citizen)
Comfortable
co-working space
Meeting
room
Breakout
Area
High-Speed
Internet
AWS & Microsoft
Azure Cloud
Locker
Print / Copy
/ Scan
Coffee and Tea
Corner
Multipurpose
Training Room
Business activities are digital based
The project is LIVE or ready to LIVE
Participants have not participated in any
incubator program
Comply with our terms and conditions
For more information, visit http://idxincubator.com/
71
How to identify sharia stocks
ISSI selection
process by
OJK
Indonesia Sharia
Stock Index (ISSI)
Reviewed every 6 months
(May and Nov)
Not doing any
activities restricted
by the sharia law
Interest-debt ratio
compared to total
assets ≤ 45%
Jakarta Islamic
Index 70 (JII70)
70 sharia stocks
from ISSI
Non-halal income
ratio of total revenue
≤ 10%
Jakarta Islamic
Index (JII)
30 sharia stocks
from JII70
72
Special Notation
Special notation stated at the end of stock’s code to increase investor protection regarding company’s
financial performance. It has been implemented since December 28th, 2018.
Notation Symbol
Description
S
No sales based on latest financial report
A
Adverse opinion of the audited financial report
M
Moratorium of debt payment
B
Bankruptcy filing against the company
E
Negative equity
L
Late submission of financial report
D
Disclaimer opinion of the audited financial report
73
IDX Business Development
TRADITIONAL SECURITIES
(Equity, Bonds)
New Products
1. Acceleration Board (Equity)
2. Infrastructure Investment Fund
Primary Market
1. Electronic – Indonesia Public
Offering
2. Integrated Electronic Registration
Secondary Market
1. Integrated Disclosure System
2. Dual Language Disclosure System
3. T+2 Settlement Cycle
4. Special Notation
DERIVATIVES MARKET
New Products
1. Structured Warrants
2. IDX30 Index Future
3. Single Stock Futures
4. Indonesia Government Bond
Futures (Basket)
OTC MARKET & REPORTING
1. Electronic Trading Platform
(Alternative Trading Market) for
Bonds
2. Enhancement Centralized Trading
Platform - PLTE
Intermediaries
1. Additional Derivatives Exchange
Members
2. Additional Derivatives Liquidity
Provider
Intermediaries
1. Regional Securities Company
2. Standardization of trading display
Indices
Additional Indices
74
End of This Document
Contact us: [email protected]
Heidy Ruswita Sari
+6221 515015 ext.4120
Adhel Rusd
+6221 515015 ext.4109
Lebih Baik!
Anita K. Zonebia
+6221 515015 ext.4110
Sehari Lebih Cepat,
Selangkah Lebih Efisien
DISCLAIMER
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and
must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work.
Although every care has been taken to ensure the accuracy of the information contained within the publication, it should not
be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot
be held liable or otherwise responsible in anyway for any advice, action taken or decision made on the basis of the facts and
opinions stated or expressed or stated within this publication