- HERMAWAN KARTAJAYA -
MICHAEL HERMAWAN - TAUFIK - JACKY MUSSRY - IWAN SETIAWAN FARID SUBKHAN - DIMAS SOEROJO - MELATI ASTRI M - LEVINA YULIANTI - ALVIN IBRAHIM
ABOUT MARKPLUS, INC. MarkPlus is the premiere and highly-focused marketing strategy consulting firm in Indonesia. It was established 23 years ago by Hermawan Kartajaya, co-author of five international marketing books with Prof. Philip Kotler, the Father of Modern Marketing at the Kellogg School, Northwestern University. Just as early as 2001, an industry publication had ranked MarkPlus first among national consulting firms. MarkPlus is able to provide a comprehensive service to its clients without the need to engage third-party vendors. MarkPlus consist of three main divisions of MarkPlus Consulting, MarkPlus Insight, and MarkPlus Institute of Marketing, which aim to provide clients with Solution, Insight and Knowledge respectively. MarkPlus operates in 17 major cities and owns research network in 33 provinces in Indonesia. Since 2004, MarkPlus has established ASEAN operations in Kuala Lumpur and Singapore. Headquartered in Jakarta, Indonesia, MarkPlus is strategically positioned to provide South East Asian companies with marketing expertise and breakthrough insights.
TrendinRetailBrokerage:
‘ME-TOO’ IS NOT MY STYLE THE GROWTH OF RETAIL BROKERAGE IN INDONESIA Upaya Bursa Efek Indonesia bersama dengan perusahaan sekuritas untuk melakukan edukasi pasar modal kepada masyarakat bisa dibilang cukup berhasil. Saat ini, saham bukan lagi sesuatu yang asing bagi masyarakat. Sayangnya, meningkatnya jumlah masyarakat yang mengenal saham tidak sejalan dengan minat terhadap perdagangan dan investasi saham. (Lihat Graph 1). GRAPH 1. INTEREST ON
Socialization of stock trading, conducted by Indonesian Stock Exchange and securities firms, is quite successful. Nowadays, more people are aware and familiar about stock as one of investment option. However, the interest for stock investment and trading is still very limited, though consistently show growth. (See Graph 1). STOCK INVESTMENT
(Source: MarkPlus Insight Research, n=600 respondents in Jakarta, Bandung, Medan Surabaya, July 2013)
Have already own stock for investment; 6% Have not yet own stock, but quite interested; 31%
Do not have stock, and not interested; 62%
Jumlah perusahaan sekuritas yang cenderung banyak, di pasar yang masih kecil, membuat perusahaan sekuritas untuk mau tidak mau turut berusaha memperbesar pasar. Dorongan untuk memperbesar pasar inilah yang mendorong semakin gencarnya edukasi dan sosialisasi perdagangan saham ke masyarakat. Perusahaan sekuritas ingin membentuk persepsi perdagangan saham sebagai sesuatu yang aman. (Lihat Graph 2)
The considerable number of securities firms, compared to the small market, encourage securities firms to search for new investors and enlarge the market. These conditions force securities firms to continuously conduct active education and socialization program. Through these programs, securities firms wants to build perception of stock as a safe investment option. (See Graph 2)
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GRAPH 2. INVESTOR PARTICIPATION (in percentage)
(Source: Daisaku Kadomae, The Rise of Retail Financial Services in Indonesia)
2007
2008
2009
Retail investors
5%
6%
7%
Indonesian institutional investors
29%
26%
26%
Foreign investors
66%
68%
67%
Di lain sisi, masyarakat saat ini semakin ‘canggih’. Beragam produk keuangan yang ditawarkan oleh lembaga keuangan turut membuka mata masyarakat akan adanya pilihan investasi lain selain emas dan tanah. Didukung dengan upaya edukasi dari perusahaan sekuritas, calon investor semakin memiliki keberanian untuk melakukan perdagangan saham. (Lihat Graph 3)
On the other hand, people are becoming more ‘sophisticated’ in their financial decisions. Diverse financial product offerings have exposed people to other investment options other than gold and property. Supported by a variety of educational programs from securities firms, potential retail investors are now more confident to participate in stock trading. (See Graph 3)
GRAPH 3. STOCK INVESTMENT PREFERENCE (Source: MarkPlus Insight Research, 600 respondents in Jakarta, Bandung, Medan Surabaya, July 2013; MarkPlus Insight Research, 620 respondents in Jakarta, Bandung, Medan, Surabaya, Semarang, Makasar, 2011)
Mutual Funds
40%
51%
49%
60%
2011
2013
Retail Trading
Retail Trading
Kebutuhan masyarakat akan alternatif investasi baru menjadi peluang bagi perkembangan perdagangan saham secara retail. Peningkatan komposisi investor retail dari tahun 2007 sampai tahun 2009 menunjukkan bahwa kepercayaan diri masyarakat untuk melakukan langsung perdagangan saham semakin meningkat. Bahkan, riset yang dilakukan MarkPlus Insight menunjukkan bahwa semakin banyak masyarakat yang berminat untuk melakukan perdagangan saham dibandingkan membeli reksadana. (Lihat Graph 4)
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Mutual Funds
The increasing need for a new investment and revenue alternative potentially will affect the increasing growth of retail brokerage. Bigger portion of retail investors, who participate in stock trading, shows higher confidence for retail brokerage. Research conducted by MarkPlus Insight revealed that there are more people who want to trade their own stock rather than buy mutual funds if they decided to invest in stock. (See Graph 4)
GRAPH 4. STOCK MARKET CAPITALIZATION (in billion rupiah)
(Source: Bursa Efek Indonesia, IDX Fact Book, 2008-2011; Badan Pengawas Pasar Modal dan Lembaga Keuangan, Siaran Pers Akhir Tahun 2012, Desember 2012)
4,092,230
3,537,294
3,247,096
1,988,326
2,019,375 1,076,490
2007
2008
2009
Frekuensi perdagangan saham yang meningkat juga menunjukkan bahwa investor retail semakin berani melakukan perdagangan saham. Investor retail tidak lagi hanya ‘buy and hold’. Rekomendasi-rekomendasi yang diberikan oleh analis telah berhasil membantu investor retail dalam keputusan jual beli mereka, sehingga frekuensi jual beli semakin meningkat. (Lihat Graph 5) Tidak hanya jumlah investor retail yang berkembang, jumlah emiten di pasar modal juga turut meningkat. Pada tahun 2011, tercatat ada 25 perusahaan yang melakukan IPO dengan total nilai saham 32 miliar rupiah. Dan sampai pertengahan 2012, sudah ada 5 perusahaan yang melakukan IPO dengan total nilai saham 4 miliar rupiah. Namun, tetap saja jumlah emiten saat ini, yang berkisar di angka 450, masih dinilai kecil. Otoritas Jasa Keuangan, sebagai regulator lembaga keuangan, terus berupaya melakukan perbaikan undang-undang dan pengawasan perdagangan saham untuk terus menarik emiten baru. (Lihat Graph 6)
2010
2011
2012
The increasing trading frequency, gives another evident that retail investors are more daring in trading stock. Retail investors are now more active in trading; they no longer implement ‘buy and hold’ strategy. Analysts’ recommendations has helped retail investors in their trading decisions, and hence encouraged them to actively trade their stocks. (See Graph 5) The increasing number of retail investors is also followed with the increasing number of issuers. In 2011, there were 25 companies that made a public offering with a total value of shares of 32 billion dollars. And until mid-2012, there were 5 companies with a total value of 4 billion shares. Still, the current number of issuers, around 450 issuers, is still considered small. Hence, Financial Services Authority, as the regulator, continues to make improvements to attract new issuers. (See Graph 6)
GRAPH 5. STOCK TRADING VALUE (Source: Badan Pengawas Pasar Modal dan Lembaga Keuangan, Siaran Pers Akhir Tahun 2012, Desember 2012)
2011
2012
Growth
Stock Trading Value
1,223.44
1,111.14
-9.2%
Mutual Funds’ Net Asset Value
202.4
223.03
10.2%
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GRAPH 6. TRADING FREQUENCY (Source: Bursa Efek Indonesia, IDX Fact Book, 2008-2011; Badan Pengawas Pasar Modal dan Lembaga Keuangan, Siaran Pers Akhir Tahun 2012, Desember 2012)
2006
2007
Total Trading Frequency (in thousand)
4,811
11,861
Dialy Average of Trading Frequency
20
48
2008
2009
13,417 20,977 56
2010
2012
28,023
29,828
113
117
87
THE ROADBLOCKS FOR FURTHER GROWTH Limited Knowledge on Stock Investment and Stock Trading Kata ‘saham’ yang semakin dikenal masyarakat tidak serta merta mendorong minat masyarakat untuk ikut dalam perdagangan saham. Sebagian besar masyarakat paham bahwa saham bisa menjadi salah satu alternatif untuk investasi, bahkan sebagai penghasilan tambahan. Namun pemahaman dan pengetahuan yang terbatas mengenai investasi dan perdagangan saham menjadi kendala bagi masyarakat untuk ikut dalam perdagangan saham. (Lihat Graph 7) Sudah tertanam dalam pikiran masyarakat bahwa saham adalah investasi dengan nilai pengembalian yang besar namun juga dengan resiko yang besar. Hal ini menyebabkan calon-calon investor retail baru untuk berpikir berulang kali sebelum melakukan investasi dan perdagangan saham. Ketidakpercayaan diri terhadap pengetahuan mereka tentang investasi dan perdagangan saham membuat mereka semakin ragu. (Lihat Graph 8)
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People are quite familiar with the ‘stock’, but it does not necessarily encourage them to have or buy stock. Limited understanding and knowledge about stock investment and trading holds investor retail back from participating in stock investment and trading. Though, actually, majority of people have understood that stock could be a good investment option, or even as an additional income. (See Graph 7) The perception of stock as a ‘high risk, high return’ investment option is widely accepted by public. This perception causes skepticism among prospective new retail investors. Having understood that their stock trading knowledge is limited, makes them more hesitant to participate in stock trading. (See Graph 8)
GRAPH 7. NUMBER LISTED COMPANIES BY INDUSTRY CLASSIFICATION (Source: Bursa Efek Indonesia, IDX Fact Book 2012; Bursa Efek Indonesia, IDX Statistics 2nd Quarter 2013) Industry Classification
Agriculture
Mining
Basic Industry and Chemicals
Miscellaneous Industry
Consumer Goods Industry
Property, Real Estate, Building Construction
Infrastructure, Utilities, & Transportation
Finance
Trade, Services, & Investment
Number of Listed Companies 2nd Quarter 2013
2011
Crops Plantation Animal Husbandry Fishery Forestry Others
2 14 0 3 0 1
2 10 2 3 0 1
Coal Mining Crude Petroleum & Natural Gas Production Metal and Mineral Mining Land/ Stone Quarrying Others
21 8 7 2 0
17 7 6 2 0
Cement Ceramics, Glass, Porcelain Metal and Allied Products Chemicals Plastics and Packaging Animal Feed Wood Industries Pulp & Paper Others
4 6 16 10 11 4 2 8 0
3 6 18 10 12 4 2 8 0
Machinery and Heavy Equipment Automotive and Components Textile, Garment Footwear Cable Electronics Others
0 12 20 2 6 1 0
0 12 19 3 6 1 0
Food and Beverages Tobacco Manufacturers Pharmaceuticals Cosmetics and Households Housewares Others
16 4 10 4 3 0
15 3 10 4 3 0
Property and Real Estate Building Construction Others
45 10 0
43 7 0
Energy Toll Road, Airport, Harbor, and Allied Products Telecommunication Transportation Non-building Construction Others
3 3 6 26 6 0
3 3 6 21 6 1
Bank Financial Institutions Securities Company Insurance Investment Fund/ Mutual Fund Others
33 12 10 11 0 8
31 13 10 11 0 8
Wholesale (Durable & Non-Durable Goods) Retail Trade Restaurant, Hotel, Tourism Advertising, Printing, And Media Healthcare Computer and Services Investment Company Others
33 21 21 12 2 4 10 4
29 20 23 11 1 5 8 3
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GRAPH 8. KNOWLEDGE ON STOCK INVESTMENT AND TRADING (Source: MarkPlus Insight Research, n=600 respondents in Jakarta, Bandung, Medan Surabaya, July 2013)
96%
AWARENESS of stock investment and trading
16%
14%
21%
Knowledge on SECURITIES firms
Knowledge on stock TRANSACTION
Knowledge on stock RISKS
17%
Knowledge on stock RETURN
Limited Information for Trading Decisions Meski frekuensi perdagangan saham semakin meningkat, perdagangan saham di Indonesia masih terkonsentrasi pada beberapa saham unggulan. Tujuh puluh lima persen dari total nilai transaksi perdagangan merupakan perdagangan dari lima puluh emiten dengan nilai kapitalisasi terbesar. Hal ini menunjukkan bahwa investor cenderung memilih saham-saham yang popular. (Lihat Graph 9) Fenomena ini menjadi indikasi adanya kecenderungan investor retail untuk mengikuti tindakan investor lain dalam perdagangan saham. Rekomendasi ‘buy’, ‘sell’, ‘hold’ yang diberikan oleh analis menjadi dasar pertimbangan utama dalam keputusan perdagangan mereka. Sayangnya tidak banyak investor retail yang benar-benar peduli mengapa suatu saham mendapat rekomendasi buy/ sell/ hold. Tindakan ‘ikut-ikutan’ ini akibat dari terbatasnya informasi kinerja emiten yang diberikan oleh analis dan perusahaan sekuritas. Analisa-analisa kinerja emiten sebagian besar hanya memasukkan informasi mengenai kinerja keuangan aktual emiten. Strategi pengembangan serta potensi perkembangan ke depan jarang sekali dimasukkan sebagai analisa dalam memberikan rekomendasi.
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The increased stock trading frequency, however, is still highly concentrated. 50 leading companies in market capitalization account for 75% of the annual trading value. This suggests that investors tend to trade stocks which are popular. (See Graph 9)
This figure indicates the me-too phenomenon, where retail investors have the tendency to follow the actions of other investors. Analyst’s recommendations to buy, sell, or hold have big impact to their trading decisions. And, unfortunately, most retail investors do not really care and understand the reason behind those recommendations. This me-too style is a result of the limited information from securities firms and analysts on the performance of issuers. The analysis mostly gave information on issuers’ financial performance. Whereas, development of strategy and potentials that are important rarely included in the analysis.
Meningkatnya minat perdagangan saham belum diikuti dengan kesiapan dan jumlah analis untuk memberikan analisa rekomendasi yang mendalam. Terbatasnya jumlah analis yang berpengalaman juga menjadi salah satu sebab makin maraknya trend ‘ikut-ikutan’ dalam keputusan perdagangan saham. Apalagi jumlah emiten yang cukup banyak dengan jenis industri yang beragam semakin memperumit analisa yang harus dilakukan oleh analis.
Increasing interest in stock trading that has not been followed by securities firms’ readiness in assisting new investors has led to this phenomenon. The limited number of experienced analysts makes it hard for securities firms to provide in-depth analysis on stock recommendation. Moreover, the number of issuers and diverse industry makes it even harder for analyst to have deep knowledge on the prospect of the issuers.
GRAPH 9. LEADING STOCK IN BURSA EFEK INDONESIA, 2ND QUARTER 2013 (Source: Bursa Efek Indonesia, IDX Statistics 2nd Quarter 2013)
Leading Companies in Market Capitalization
Most Active Stocks by Trading Volume
Most Active Stocks by Trading Value
Most Active Stocks by Trading Frequency
HM Sampoerna Tbk.
Energi Mega Persada Tbk.
Bank Rakyat Indonesia (Persero) Tbk.
Kalbe Farma Tbk.
Astra International Tbk.
Sentul City Tbk.
Astra International Tbk.
Astra International Tbk.
Bank Central Asia Tbk.
Sugih Energy Tbk.
Telekomunikasi Indonesia (Persero) Tbk.
Hanson International Tbk.
Unilever Indonesia Tbk.
Bakrieland Development Tbk.
Bank Mandiri (Persero) Tbk.
Bank Rakyat Indonesia (Persero) Tbk.
Telekomunikasi Indonesia (Persero) Tbk.
Panin Financial Tbk.
Trada Maritime Tbk.
Telekomunikasi Indonesia (Persero) Tbk.
Bank Mandiri (Persero) Tbk.
Nusantara Infrastructure Tbk.
Bank Central Asia Tbk.
Pakuwon Jati Tbk.
Bank Rakyat Indonesia (Persero) Tbk.
Trada Maritime Tbk.
Matahari Department Store Tbk.
Sugih Energy Tbk.
Perusahaan Gas Negara (Persero) Tbk.
AGIS Tbk.
Perusahaan Gas Negara (Persero) Tbk.
Global Mediacom Tbk.
Semen Indonesia (Persero) Tbk.
Pakuwon Jati Tbk.
Semen Indonesia (Persero) Tbk.
Bumi Resources Tbk.
Gudang Garam Tbk.
Alam Sutera Realty Tbk.
Bank Negara Indonesia (Persero) Tbk.
Bank Mandiri (Persero) Tbk.
Market Capitalization of 50 Leading Companies: 3,581,326 billion rupiah
Total Trading Volume 50 Stocks: 536,823 million
Total Trading Value of 50 Stocks: 622,378 billion rupiah
Total Frequency of 50 Stocks: 10,183,567 transaction
Total Market: 4,739,604 billion rupiah
Total Trading Volume: 759,596 million
Total Trading Value: 858,408 billion rupiah
Total Trading Frequency: 20,409,522 transaction
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THE FORMULA FOR SUSTAINABLE GROWTH Bertambahnya jumlah perusahaan sekuritas yang ada di pasar tidak serta merta meingkatkan minat investor untuk berinvestasi maupun meningkatkan pengertian investor tentang dunia saham. Sebaliknya, peningkatan jumlah pemain sekuritas ini tentunya malah menambah gejolak persaingan dalam menarik potensial investor. Oleh karena itu, dalam hal ini diferensiasi dibutuhkan untuk dapat menjadi faktor penarik bagi calon investor maupun sebagai enhancer bagi existing investor.
The increasing number of securities firms in the market does not automatically boost potential investor’s interest neither to invest in the stocks market nor to give a significant impact on investors’ understanding. On the contrary, the booming of securities firms also adds to the turmoil of competition in attracting potential investors. In this case, a good securities firm should have unique selling proposition as a differentiator to attract potential investors as well as to enhance the existing investors.
Integrated Financial Service for Attracting New Retail Investors Kenyataan di lapangan, khususnya bagi kebanyakan orang yang tidak mengerti tentang investasi saham secara mendalam, titik interaksi pertama mereka dengan dunia investasi adalah tentunya lembaga keuangan yang sudah biasa mereka gunakan sehari-hari. Bank sebagai salah satu institusi keuangan yang paling dekat dengan masyarakat diuntungkan dengan menjadi preferensi pertama masyarakat awam yang ingin berkenalan dengan dunia investasi. (Lihat Graph 10 )
The fact that most of people do not have depth understanding of stock investment and trading, makes bank as their familiar financial institution as their main source of information on stocks. Bank, having regular interaction with the public, have been benefitted as the first preference when people want to know more about stocks investment. (See Graph 10 )
GRAPH 10. TOP OF MIND OF SECURITIES FIRMS (Source: MarkPlus Insight Research, n=600 respondents in Jakarta, Bandung, Medan Surabaya, July 2013)
38.8
Do not know 15.2
Mandiri Sekuritas 6.8
BCA Sekuritas
5.3
Danareksa BNI Securities
8
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3.3
Bahana Sekuritas
2.2
Trimegah Securities
2.2
Beberapa sekuritas yang dimiliki oleh bank terkemuka seketika menjadi lebih terkenal dan “diyakini” sebagai lembaga sekuritas yang aman dan terpercaya. 88.3% dari 600 responden yang diwawancarai menyebutkan bahwa mereka memiliki investasi dalam bentuk tabungan di bank, 27.2% menyebutkan bahwa mereka punya deposito (yang juga di bank), 13.7% juga menyebutkan bahwa mereka memiliki tabungan pensiun (bisa jadi di bank).Kebiasaan masyarakat awam untuk menyimpan investasi mereka di bank ternyata memperkuat awareness terhadap lembaga sekuritas yang diselenggarakan oleh bank. Selain diuntungkan dengan awareness dari bank yang sudah kuat, asosiasi tambahan yang muncul bagi lembaga sekuritas yang diselenggarakan oleh bank adalah ‘aman’ dan ‘terpercaya’. Analogi bank dengan cabangnya yang banyak dan aman sebagai tempat menyimpan uang secara tidak langsung diwariskan ke jiwa sekuritas-sekuritas yang diselenggarakan bank tersebut. Uniknya, bank BRI yang baru berencana membuka sekuritas pun sudah terlebih dahulu dipersepsikan sebagai lembaga sekuritas yang aman dan terpercaya. (Lihat Graph 11 )
Several securities firms owned by bank have become more popular and believed to be a trustable securities firm. 88.3% for 600 respondents that were interviewed by MarkPlus Insight said that they currently have an account for investment in the bank; 27,2% said that they own a deposit account (potential contact with bank); whilst 13.7% also stated that they have pension fund (potential contact with bank). The habit of investing money and managing future money in the bank also strengthened the awareness of securities firms run by bank. Besides being benefitted by gaining the bank’s awareness, another association for securities company who are run by bank are ‘safe’ and ‘trusted’. The analogies of bank as a reliable financial institution with established branches that are safe to keep people’s money are indirectly passed on to the image of securities firms. Interestingly, BRI has already gained the image of safe and trusted securities even way before they open the securities firm itself. (See Graph 11 )
GRAPH 11. THE TRUSTED SECURITIES FIRMS (Source: MarkPlus Insight Research, n=600 respondents in Jakarta, Bandung, Medan Surabaya, July 2013)
68.8
No idea 8.8
Mandiri Sekuritas BCA Sekuritas
4.3
Danareksa Sekuritas
2.7
BNI Securities
2.2
Trimegah Sekuritas
1.0
BRI Securities
1.0
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Walaupun lembaga sekuritas yang diselenggarakan oleh bank diuntungkan dari segi awareness dan image, namun hal ini tentunya tidak cukup untuk menggiatkan roda investasi di pasar modal. Kenal dengan lembaga sekuritas saja tidak cukup untuk mendorong masyarakat untuk mau berinvestasi lebih banyak dan lebih aktif. Oleh karena itu, diperlukan upaya berkelanjutan untuk mengedukasi pasar tentang apa yang harus dilakukan dalam investasi saham ini.
However, being aware of a securities firm with good image does not necessarily support their actions in stocks market. Thus, having knew the existence of securities firms will not encourage potential investors to actively invest in bigger amount. Hence, securities firms need to have continuous efforts to educate the market about what should they do in the stocks market.
Industry Specialist for Better Decision Making Pertumbuhan jumlah investor retail harus diiringi pula oleh kapabilitas pelaku pasar modal untuk memenuhi kebutuhan dan keinginan para investor retail. Pelaku harus bisa terus membangun kepercayaan diri investor retail akan pengetahuannya terhadap emiten dan perdagangan saham, sehingga investor retail tidak lagi hanya ‘ikut-ikutan’ dalam keputusan perdagangan sahamnya. Tuntutan untuk memberikan informasi yang detail dan akurat kepada investor retail merupakan tantangan yang berat bagi pelaku. Akan sangat berat bagi analis yang bersifat generalis untuk bisa memahami kinerja dan prospek emiten yang tidak hanya sekedar kinerja laporan keuangan. Karena itu spesialisasi diperlukan. Keberadaan manager investasi dan analis industri memang sangat berpengaruh dalam pengambilan keputusan dalam pasar modal. Proses menjadi specialist dalam sebuah industri tentunya tidak mudah, sertifikasi-sertifikasi khusus seperti WPPE, WPEE atau WMI memang bisa menjadi daya jual, namun masih tetap diperlukan pemahaman lebih lanjut dari investor mengenai industri. Apalagi karena ternyata mayoritas pengelolaan saham masih dilakukan oleh diri investor sendiri, bukan manager investasi. (Lihat Graph 12 )
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Retail investors’ growth should be accompanied also by securities firms’ capabilities to meet the needs and desires of the retail investors. Securities firms should be able to continuously build retail investors’ knowledge on stock trading and issuers’ performance. Having deeper knowledge, retail investors will have the confidence to make independent decision on their trading activities. The demand for detailed and accurate information will definitely be a major challenge for securities firms. It would be very hard for analysts, who are mostly generalists, to have deep knowledge and understanding on issuers’ performance. Analysts are expected to construct their recommendation beyond financial report. This in-depth analysis is can only be done if analysts are industry-specialist. The helps from investment manager and industrial analysts are really matter in the decision making process. However, the process to be an industry analyst is not that easy, specific certification as investment manager could be one of the guarantee but they should also learn more about the specific industry. Additionally, most of the stocks trading decision come from the investor itself, not the investment manager. (See Graph 12 )
GRAPH 12. STOCK INVESTMENT DECISION MAKERS (Source: MarkPlus Insight Research, n=35 respondents in Jakarta, Bandung, Medan Surabaya, July 2013)
14.3
Me myself Securities / Analysts
85.7
Easy-to-use Tutorial Software for Better Trading Knowledge Sebagian besar masyarakat yang memiliki Asset Under Management (AUM) di atas Rp 25.000.000 ternyata belum teredukasi secara benar tentang investasi saham. Benar adanya mereka mengenal ada instrumen investasi berupa saham namun kenyataannya sebagian besar tidak paham benar apa yang harus dilakukan dalam berinvestasi saham, bagaimana cara memilih saham yang baik dan trik-trik untuk mendatangkan keuntungan berlipat. Kelompok orang seperti inilah yang biasanya menjadi golongan ‘me-too’ dalam berinvestasi. Untungnya, saat ini sudah cukup banyak tersedia software-software yang memungkinkan masyarakat awam untuk bisa bertransaksi secara mandiri, tentunya setelah mereka memiliki akun tersendiri. Di samping memfasilitasi transaksi, dukungan software tersebut dirasakan manfaatnya oleh orang-orang yang ingin belajar lebih mendalam tentang perdagangan saham.
Most people that are categorized as potential investor (those who have Asset Under Management above IDR 25 million) are not well educated about stocks investment. It is true that they have known about stocks as one of the investment instrument but most of them dont understand the trick to gain more profit. These people are usually having the ‘me-too’ style.
Luckily, nowadays the availability of trading tutorial software are quite wide; these trading software enable investors to deal with a transaction independently; of course after they are authorized with a unique account. Besides transaction, this software is also available to help investors who want to learn more about what happen in the stocks market.
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Sebuah situs berusaha mengkompilasi review terhadap software yang digunakan untuk perdagangan saham yang dinilai berdasarkan beberapa aspek antara lain pricing & management, technical management, news, ease of use dan technical analysis. Sebutlah Telechart TC2000, TradeStation, E-signal, MetaStock dan EquityFeed yang disebutkan sebagai software terbaik 1. Memang keberadaan software tersebut dapat membantu dalam mempelajari trik-trik investasi saham, namun tetap tidak dapat dipungkiri bahwa pengetahuan dasar tentang saham dan keuangan juga diperlukan. Di sinilah peranan financial planner dan industri analis untuk membantu mengedukasi investor tentang strategi investasi saham ini. Apalagi ternyata mayoritas potential investor ternyata tidak mengerti seluk beluk investasi di pasar modal. (Lihat Graph 13 )
A site tried to compile some reviews about softwares that are used for stocks trading; these softwares are being reviewed based on several aspects such as pricing & management, technical management, news, ease of use and technical analysis. Some of the best software that were mentioned in this site include Telechart TC2000, TradeStation, E-signal, MetaStock dan EquityFeed The presence of these softwares are able to help investors in understanding the trading techniques and trend although the basic knowledge of finance and stocks are still critically needed. Investment manager and industry analysts should do their role in helping investors to learn about this investment instrument. Moreover facing the fact that potential investors do not have sufficient knowledge about stocks market. (See Graph 13 )
GRAPH 13. LEVEL OF UNDERSTANDING ON STOCK INVESTMENT (Source: MarkPlus Insight Research, n=35 respondents in Jakarta, Bandung, Medan Surabaya, July 2013)
5.2 8.8 16.0 24.8
Totally understand Understand Slightly understand Slightly do not understand Do not understand Totally do not understand
38.3 6.8
http://www.liberatedstocktrader.com/top-10-best-stock-market-analysis-software-review/
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Easy-to-access Information about Stocks for Better Assesment Selain perusahaan sekuritas, masing-masing emiten pun harus memiliki diferensiasi yang memudahkan investor untuk mengambil keputusan. Data reputasi dan kinerja perusahaan menjadi salah satu hal penting yang mendasari keputusan investor untuk membeli suatu saham tertentu. Ketika data tersebut menjadi penting, proses akses untuk mendapatkan informasi tersebut pun menjadi kian krusial. Meningkatnya jumlah emiten tentunya memiliki dampak terhadap jumlah informasi yang dicari oleh investor. Salah satu artikel menyebutkan bahwa jumlah data yang dapat diakses meningkat secara signifikan sebanyak 84% sejak tahun 2008 2. Perusahaan sekuritas pada prakteknya mengakses data-data tersebut untuk memberikan informasi tambahan untuk para investor. Kejelasan informasi yang diberikan emiten juga menjadi salah satu penentu bagi suksesnya suatu emiten di pasar modal, serta menentukan tingkat ketertarikan investor untuk membeli saham yang mereka keluarkan.
Not only securities firms, stocks issuer also have to differentiate themself to help investors in assessing their decision to choose which stock they should buy. Company reputation and financial performance are becoming two important factors in the decision making process. The ease of getting company information has also becoming very critical since the information is very important for investors. With the explosion in the number of trading venues and issuers, the volume of market data that is searched has also increased dramatically over the last decade. One of the article said that the accessible data has increased 84 per cent since 2008 . Securities firms need to access this data to provide additional information to the investors. The clarity of information also becoming one of the most critical factors that define issuers’ success in the stocks market, in order to attract investors to buy the issued stocks.
Meeting The Challenges of The Global Securities Markets – Verizon
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ABOUT THE AUTHOR • Hermawan Kartajaya is the Managing Partner of MarkPlus Consulting. He has over 21 years of consulting experience. Hermawan was dubbed as “One of the 50 Gurus Who Have Shaped the Future of Marketing” by Chartered Institute of Marketing, United Kingdom • Michael Hermawan is a the Deputy CEO of MarkPlus Inc. • Taufik is a Partner at MarkPlus Consulting. He has over 16 years of consulting experience. Taufik has an MBA from the Nanyang Fellows Programme (Nanyang Technological University and MIT Sloan School of Management). • Jacky Mussry is a Partner at MarkPlus Consulting. He has over 16 years of consulting experience. Jacky has a doctorate degree in Strategic Management from University of Indonesia. • Iwan Setiawan is a Principal at MarkPlus Consulting. He has over 7 years of consulting experience. Iwan has an MBA from the Kellogg School of Management. • Farid Subkhan is the Chief Operation of MarkPlus Insight. He has over 10 years of research experience. Farid has a master degree in Management of Development from the University of Turin, Italy • Dimas Soerojo is a facilitator at MarkPlus Institute with 14 years of banking experience and 4 years of teaching experience. He is also the Practical Head of Financial Service Industry at MarkPlus Institute. Dimas has a master degree in Finance from PPM. • Melati Astri Maharani is a Manager at MarkPlus Consulting with over 5 years of consulting experience • Levina Yulianti is a Senior Research Executive at MarkPlus Insight. She has over 5 years of research experience. Levina has a master degree in Technopreneurship and Innovation from Nanyang Technological University • Alvin Ibrahim is a Research Executive at MarkPlus InsightAntonius Januar is a Research Executive of Automotive, Transportation, and Logistic Industry at MarkPlus Insight.
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Copyright © MarkPlus Consulting, 2013 All rights reserved General Disclaimer: This paper has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this paper.
