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INTRODUCTION TO THE INDONESIAN MARKET
Frankfurt, 13 November 2007
Andy N. Purwohardono President Director
PT Danareksa Sekuritas
GDP Projection
0
10,000
20,000
30,000
40,000
50,000
60,000C
hina U
S
Indi
a
Japa
n
Bra
zil
Rus
sia
UK
Ger
man
y
Fran
ce
Indo
nesi
a
Italy
Can
ada
2005 US$ bn
2005 2025 2050
Future Projections
The economic landscape is likely to change in the next 50 years
Source: Goldman Sachs
Improving Macro Condition
Source: Indonesia Central Bank, Bloomberg
0
10
20
30
40
50
60
2004 2005 2006 2007 (October)
US$
Bn
Interest Rates and Inflation
0
3
6
9
12
15
Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07
(%)
0
2
4
6
8
10
12
14
16
18
20
SBI 1M % YOY Inflation
Source: BPS and Danareksa Research Institute
JCI vs Regional Indices
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.531
/01/
2002
31/0
5/20
02
30/0
9/20
02
31/0
1/20
03
30/0
5/20
03
30/0
9/20
03
30/0
1/20
04
31/0
5/20
04
30/0
9/20
04
31/0
1/20
05
31/0
5/20
05
30/0
9/20
05
31/0
1/20
06
31/0
5/20
06
29/0
9/20
06
31/0
1/20
07
31/0
5/20
07
28/0
9/20
07
IndonesiaMalaysiaSingaporeHong KongShanghaiThailandPhilippines
Source: Bloomberg, Danareksa Sekuritas
Our 5 Outstanding Companies
PT Bhakti Investama Tbk (BHIT)
PT Sentul City, Tbk (BKSL)
PT Multistrada Arah Sarana, Tbk (MASA)
PT Timah, Tbk (TINS)
PT Surya Semesta Internusa, Tbk (SSIA)
5
Full Service Investment Bank
Fund ManagementProduct DevelopmentRetail Distribution
Investment Management Investment
Management
TradingBrokerage
Debt Capital Market
Debt Capital Market
ResearchResearch
Fixed IncomeEquityEconomicSOE
TradingBrokerage
Equity Capital Market
Equity Capital Market
TreasuryTreasury
Currency TradingCurrency DerivativesFutures Brokerage
Wealth Management
Wealth Management
Investment AdvisoryFinancial Planning
Investment Banking
Investment Banking
Bond & Equity Underwriting Merger & AcquisitionCorporate Finance Advisory
6
Highly Awarded from Local and International Institution
“The Best Securities House “ 2004Indonesia’s Most Admired Companies 2003 & 2005“The Best in Building Corporate Image”“JSX Best Securities Company” 2004
“JSX Member of the Year” 2003“The Best in Transaction Activity” 2003“The Best in Franchising Program” 2003“The Best in Number of Issuances” 2003 “Top 5 in Financial Soundness in Indonesia” 2003 “The Most Active Brokerage House” 2003
“The Best Investment Banking in Indonesia” 2005“The Best Debt House in Indonesia” 2002“Best Domestic M&A House in Indonesia” 2000“The Best Domestic Securities House/ 2000Investment Bank”
“Indonesia’s No.1 Broker” 2005
“SSX Most Active Underwriter” 2007“SSX Most Active Equity Broker” 2004
”The Best Investment Banking” 2007”The Best Equity House” 2007”The Best Bond House” 2007”The Best Bond House” 2006”The Best Equity House” 2005“The Best Local Investment Bank in Indonesia” 2003“The Best Local Investment Bank and 2002Broker in Indonesia”
““The Best Domestic Equity House in Indonesia” 2007“The Best Equity House in Indonesia” 2006“The Best Local Brokerage in Indonesia” 2005”The Best Domestic Equity House” 2005“The Best Local Equity House & Brokerage” 2004”The Best Sales Person in Indonesia” 2004“The Best Equity House in Indonesia” 2003
“Indonesian Best Investment Bank” 2007“Indonesian Best Equity House” 2007“Indonesian Best Broker” 2007
“No.1 in Underwriter League Tables for IDR Bond” 2007“No.1 in Underwriter League Tables for Domestic IPO” 2007“No.1 in Underwriter League Tables for IDR Bond” 2006
Danareksa IPO Transactions in 2007
Joint Lead Underwriter
PT Media Nusantara Citra Tbk.
Rp 3,713 billion
June 2007
Initial Public Offering
PT Sampoerna Agro Tbk.
Rp 1,080 billion
Lead Underwriter
Initial Public Offering
June 2007
Joint Lead Underwriter
PT Ciputra Property Tbk.
Rp 2,107 billion
Lead Underwriter
Initial Public Offering
November 2007
PT Jasa Marga Tbk.
Rp 3,468 billion
Joint Lead Underwriter
Initial Public Offering
November 2007
Largest Largest Indonesian Indonesian
Property IPOProperty IPO
PT Perdana Gapuraprima Tbk.
Rp 298 billion
Joint Lead Underwriter
Initial Public Offering
October 2007
Largest IPO Largest IPO Post Crisis Post Crisis for Private for Private CompanyCompany
During 2007, Danareksa
has underwritten 5 IPOs
amounting to Rp10.7tn
(US$1.2bn)
And Always In The Top Position Among Domestic Houses
Equity Trading (2004)Equity Trading (2004)Equity Trading (2004)
Equity Trading (1Q 2007)Equity Trading (1Q 2007)Equity Trading (1Q 2007)Rp (billion)
Source: JSX
Rp (billion)
1. Bahana Securities 109,483*2. Danareksa Sekuritas 35,6643. Trimegah Securindo Lestari 20,9564. Mandiri Sekuritas 18,875 5. Ciptadana Sekuritas 17,8006. Caturpilar Investama 13,257 7. Lautandhana Securindo 12,9108. Indo Pasific Investama 12,2619. Sinarmas Sekuritas 9,96310. Investindo Nusantara Sekuritas 9,125
Equity Trading (2005)Equity Trading (2005)Equity Trading (2005)Top 10 Domestic Equity House Rp (billion) Top 10 Domestic Equity House
Top 10 Domestic Equity House
Source: JSX
Source: JSX
* Including the one time share crossing transaction of Sampoerna (IDR 91 trillion)
1. Danareksa Sekuritas 43,7472. Bahana Securities 28,8203. Trimegah Securities 27,0344. Mandiri Sekuritas 19,553 5. Ciptadana Sekuritas 18,3646. Valbury Asia Securities 12,983 7. Danatama Makmur 12,5398. Lautandhana Securindo 11,2549. Sarijaya Permana Sekuritas 10,837
Equity Trading (2006)Equity Trading (2006)Equity Trading (2006)Top 10 Domestic Equity House Rp (billion)
1. Danareksa Sekuritas 13,3532. Trimegah Securities 12,496 3. Bahana Securities 9,5324. Harumdana Sekuritas 6,0315. Ciptadana Sekuritas 5,9746. Caturpilar Investama 4,5367. Mandiri Sekuritas 4,4678. Ciptamahardhika 4,079 9. Valbury Asia Securities 2,529 10. Sarijaya Permana Sekuritas 2,215
1. Danareksa Sekuritas 32,792
2. Trimegah Securindo Lestari 19,4823. Bahana Securities 12,1374. Ciptadana Sekuritas 12,0475. Mandiri Sekuritas 11,0896. Valbury Asia Sekuritas 7,9457. Lautandhana Securindo 7,8088. Investindo Nusantara Sekuritas 7,7959. Mahakarya Artha Securities 7,61910. Bhakti Capital Indonesia 7,123
Source: JSX
#1
#1
#1
#2
Bond Underwriting in 2007
Lead Underwriter
PT TrimegahSecuritiesTbk
Bond IIRp 300 billion
2007
Joint Lead Underwriter
PT Duta Pertiwi Tbk
Bond VRp 500 billion
2007
PT Perusahaan Listrik Negara (Persero)
Bond IX and Sukuk IIRp 3 trillion
Joint Lead Underwriter2007
PT Pembangunan Jaya Ancol Tbk
Bond IRp 200 billion
Lead Underwriter2007
PT Indosat Tbk
Bond V and Sukuk IIRp 3 trillionJoint Lead Underwriter
2007
Bond IVRp 2 trillion
PT Indofood Sukses Makmur Tbk
Joint Lead Underwriter2007
Bond IIRp 1.5 trillion
PT ExcelcomindoPratama
Joint Lead Underwriter2007
PT Tunas Financindo Sarana
Bond IVRp 600 billion
Joint Lead Underwriter2007
PT Mobile-8 Telecom Tbk
Bond IRp 675 billion
Joint Lead Underwriter2007
Bond IVRp 1 trillion
PT Wahana Ottomitra Multiartha Tbk
2007Joint Lead Underwriter
Joint Lead UnderwriterJoint Lead Underwriter
Perum Pegadaian
Bond XIIRp 600 billion
2007
PEGADAIANPEGADAIAN
PT Danareksa (Persero)
Bond IIRp 500 billion
2007
During 2007, Danareksa acted as the Joint Lead Underwriter in 13 Rupiah bond transactions amounting to Rp27.9tn (US$3bn) and a USD bond transaction worth US$1bn.
Joint Lead Underwriter
PT BFI Finance Indonesia Tbk
Bond IRp 200 billion
2007
PT Perusahaan Listrik Negara (Persero)
Global Bond IIUSD 1 billion
2007Joint Lead Underwriter
10
Won international acclaim for its Indonesia Equity Compendium series and its special coverage on Indonesian banks, among numerous other research reports on individual companies.Provides comprehensive research coverage of Indonesian private and public companies.Publishes investment reports on individual company and business sector quarterly and annually which are distributed widely to customers, investors, fund managers and interested public.
Danareksa’s fixed income research team has been instrumental in Danareksa’s success as arranger and trader of debt-related instruments. Danareksa publishes high-quality fixed income investment reports quarterly and annually. Also produced are weekly reports and corporate update, that are distributed widely to customers, investors, fund managers and interested public.
Danareksa Research Institute produces economic research reports, which is among the most sought-after in Indonesia.Danareksa’s economists write newspaper articles regarding economic issues on a regular basis in leading Indonesian newspapers.Danareksa has established a strong research team to collect data and cover development of Indonesian State Owned Enterprises
The Most Comprehensive Research
EQUITY MARKET RESEARCHEQUITY MARKET RESEARCH
BOND MARKET RESEARCHBOND MARKET RESEARCH
ECONOMIC & SOE RESEARCHECONOMIC & SOE RESEARCH
