DEBT RESEARCH
MONTHLY REPORT MARCH 2014
Bright Outlook for Indonesian Bonds Feb 2014 Calendar Monday
Friday
Thursday
Wednesday
Tuesday 3
4
5
6
7
10
11
12
13
14
20
21
27
28
Indonesia FCLT Rating S&P BB+ Moody’s Baa3 Fitch BBBKey Market Indicators as of 12 March 2014 BI Rate 7.50% JCI 4,684 IDR 11,428 Inflation (YoY) 7.75% Inflation (MoM) 0.26% Domestic Bonds Outstanding Gov’t Bonds as of 5 Mar 14 IDR 1,049.65 tn Corp Bonds as of Feb 14 IDR 219.44 tn Trading Volume in February 2014 Government Bonds IDR150.12 tn Corporate Bonds IDR 9.99 tn Benchmark Yields as of 12 Mar 2014 FR0069 (5 year) 7.712% FR0070 (10 year) 8.002% FR0071 (15 year) 8.508% FR0068 (20 year) 8.606%
BJBR07A : Matured IDR 0.28tn
TAFS01ACN1, TAFS01BCN1: New Issuance IDR 0.6tn
Rating : BCAF idAA+ idAAA Rating : BCAF Subordinated idAA idAA+
Rating : IMAT idA idBBB+ Rating : IMFI negative Stable
Rating : IMAT idAidBBB+
17
18
19
Source: Bloomberg Mid YTM
Analysts Amir A. Dalimunthe (62 21) 2955 5777 ext 3405
[email protected]
MAPI01ACN2, MAPI01BCN2: New Issuance IDR 0.65tn
ASDF12C : Matured IDR 0.74tn
Ayesha Ardelia (62 21) 2955 5777 ext 3406
[email protected] Rifki Rizal (62 21) 2955 5777 ext 3404
[email protected]
www.danareksa.com Bloomberg Ticker: DFMJ
25
24
Sources: IDX & Pefindo
26
PRTLOI: New Issuance IDR 1tn
FEBRUARY 2014
Trade deficit in January 2014 Indonesia’s trade data in January 2014 shows a significant 14.63% decline in exports from USD16.98 billion to USD14.48 billion. Exports of crude oil, oil products and prices of Indonesian crude oil declined by 42.06%, 41.34%, and 1.32%, respectively. Meanwhile, imports declined by 3.50% to USD 14.92 billion. As the decline in exports surpassed the decline in imports, the trade balance showed a deficit of USD 0.43 billion in the first month of 2014.
Defisit neraca perdagangan Data neraca perdagangan Indonesia per Januari 2014 menunjukkan penurunan ekspor dari USD16,98 miliar menjadi senilai USD14,48 miliar. Penurunan ini dipengaruhi oleh ekspor minyak mentah, ekspor produk hasil minyak, dan harga minyak mentah Indonesia di pasar dunia yang masing-masing turun sebesar 42,06%, 41,34%, dan 1,32%. Sementara itu, impor mengalami penurunan sebesar 3,50% menjadi USD 14,92 miliar. Penurunan ekspor yang lebih besar dari penurunan impor tersebut menyebabkan defisit neraca perdagangan sebesar USD 0,43 miliar di bulan Januari 2014.
Improving market indicators Sentiment on the Rupiah was positive, and the currency recorded a 5.12% gain against the U.S. dollar in the first two months of 2014. From IDR12,213 per USD as of January 31, 2014, the Rupiah appreciated to IDR11,610 per USD as of February 28, 2014. Consistent with the Rupiah’s strengthening, Danareksa IDR Government Bond Yield Index declined to 8.47% as of February 28, 2014 from 8.97% in early January 2014, or down 49bps. Meanwhile, the main indicator of the stock market also showed an improvement in market conditions in 2M14: the JCI climbed to 4,620 by February 28, 2014, up 201 points from its position as of January 31, 2014.
Indikator pasar membaik Sentimen positif datang dari Rupiah yang mulai menunjukkan penguatan terhadap dollar AS. Rupiah berada pada level Rp 12.213 per USD pada akhir Januari 2014 menguat 5,19% ke level IDR11.610 per USD pada akhir Februari 2014. Sejalan dengan pergerakan Rupiah, yield indeks pada awal Januari 2014 sebesar 8,97% turun 49bps mencapai 8,47% per 28 Februari 2014. Sementara itu, indikator utama pasar modal juga menunjukkan kondisi pasar yang mengalami perbaikan pada 2M14 terlihat dari IHSG yang mencapai level 4.620 per 28 Februari 2014 atau menguat 201 poin dari tanggal 31 Januari 2014.
Exhibit 1. Rupiah and Danareksa IDR Government Bond Yield Index
Exhibit 2. JCI and Danareksa IDR Government Bond Yield Index
12500 12000
USDIDR
Yield Index
JCI
2-Mar-14
2-Jan-14
2-Feb-14
3900
2-Dec-13
4100
5.0%
2-Oct-13
5.5% 2-Nov-13
2-Mar-14
2-Jan-14
9500 2-Feb-14
2-Dec-13
2-Oct-13
2-Nov-13
2-Sep-13
2-Jul-13
2-Aug-13
2-Jun-13
2-Apr-13
2-May-13
2-Mar-13
2-Jan-13
2-Feb-13
5.0%
4300
6.0%
2-Sep-13
10000
5.5%
4500
6.5%
2-Jul-13
6.0%
7.0%
2-Aug-13
10500
4700
2-Jun-13
6.5%
7.5%
2-Apr-13
7.0%
IDr trillion
11000
4900
8.0%
11500
7.5%
5100
8.5%
2-May-13
8.0%
5300
9.0%
2-Mar-13
8.5%
9.5%
2-Jan-13
9.0%
2-Feb-13
9.5%
Yield Index
Source : Bloomberg & Danareksa Estimate
Source : Bloomberg & Danareksa Estimate
Low inflation, steady BI rate With a new base year, m-o-m inflation reached 0.26% in February 2014, or much lower than the previous month’s 1.27% and February 2013’s 0.7%. With low m-o-m inflation, y-o-y inflation declined from 8.22% in January 2014 to 7.75% as of February 2014. Due to seasonality, m-o-m inflation tends to be higher in February, mainly stemming from seasonal increases in the prices of foodstuffs and processed foods. In the following months (i.e. March and April), inflation can be expected to decline due to harvesting. Furthermore, the impact from the hikes in subsidized fuel prices in June 2013 will disappear by June 2014, bringing about a further decline in the y-o-y inflation by the end of the year
Inflasi rendah, BI rate tetap Inflasi m-o-m bulan Februari 2014 dengan tahun dasar baru (2012) sebesar 0,26%, jauh lebih rendah dari bulan sebelumnya yaitu sebesar 1,27% juga lebih rendah dibandingkan Februari tahun sebelumnya sebesar 0,7%. Dengan inflasi m-o-m yang rendah, inflasi y-o-y pun mengalami penurunan dari 8,22% di bulan Januari 2014 menjadi 7,75% per Februari 2014. Secara seasonal bulan Februari cenderung memiliki tingkat inflasi m-o-m yang tinggi disebabkan peningkatan kelompok pengeluaran bahan makanan dan makanan jadi. Sedangkan pada bulan berikutnya yaitu Maret dan April, inflasi m-o-m diekspektasi mengalami penurunan karena memasuki musim panen. Dengan akan hilangnya efek kenaikan bahan bakar minyak di pertengahan tahun 2014, inflasi y-o-y di akhir tahun ini diprediksi akan kembali mengalami penurunan.
2
FEBRUARY 2014
The low inflation rate encouraged Bank Indonesia to keep the BI rate and FASBI overnight rate unchanged at 7.5% and 5.75%, respectively. Meanwhile, the JIBOR overnight rate and JIBOR 3-month rate moved sideways in February 2014 at around 5.88% and 8.02%, respectively. During the period, the 10-year SUN yield fell 61bps to 8.30%.
Tingkat inflasi yang cukup rendah mendorong Bank Indonesia untuk mempertahankan suku bunga BI dan FASBI overnight rate masing-masing pada level 7,50% dan 5,75%. Sementara JIBOR overnight rate dan JIBOR 3 months rate cenderung bergerak mendatar yaitu pada level 5,88% dan 8,02% pada bulan Februari 2014. Pada periode waktu yang sama, yield SUN 10 tahun mengalami penurunan 61bps menjadi 8,30%.
Exhibit 3. Inflation, BI rate, and JIBOR 8.5%
7.5%
6.5%
5.5%
BI Rate
JIBOR
JIBOR 3M
1-Mar-14
3.5%
1-Feb-14
1-Jan-14
1-Dec-13
1-Nov-13
1-Oct-13
1-Sep-13
1-Aug-13
1-Jul-13
1-Jun-13
1-May-13
1-Apr-13
1-Mar-13
1-Feb-13
1-Jan-13
4.5%
Inflation YoY
Source : Bloomberg
Brisk activity in the primary market During the first two months of 2014, the government conducted four SUN auctions and three SBSN auctions. In the four SUN auctions, FR0070 was auctioned 3 times with incoming bids reaching IDR11.60 trillion, IDR 8.34 trillion, and IDR10.70 trillion, respectively. Higher demand was also seen for the SPN series with total incoming bids in 2M14 of IDR34.92 trillion and an average bid-to-cover ratio of 4 times. A significant increase in incoming bids was seen at the government bonds auction on March 4, 2014, with total incoming bids amounting to Rp39.20 trillion. From that amount, the government accepted IDR15 trillion of the bids, resulting in an overall bid to cover ratio of 4 times. During the auction, FR0071 (15-year benchmark) received the most bids amounting to IDR11.46 trillion with the government accepting IDR4 trillion of the bids. The higher demand for long tenor bonds reflects improving sentiment in Indonesia’s domestic bonds market since these instruments have a more aggressive risk and return profile.
Pasar primer aktif Selama dua bulan pertama di tahun 2014, Pemerintah telah melaksanakan 4 kali lelang SUN dan 3 kali lelang SBSN. Dari 4 kali lelang SUN, FR0070 sebagai benchmark 10-tahun telah dilelang sebanyak 3 kali dengan incoming bid secara berurutan sebesar Rp11,60 trilun, Rp8,34 triliun, dan Rp10,70 triliun. Minat yang tinggi juga ditunjukkan pada SPN dengan total incoming bid selama dua bulan pertama sebesar Rp34,92 triliun dengan rata-rata bid to cover ratio sebesar 4x. Peningkatan incoming bid yang signifikan terjadi pada lelang tanggal 4 Maret 2014, dengan total penawaran yang masuk sebesar Rp39,2 triliun dan total yang dimenangkan oleh pemerintah sebesar Rp15 triliun. Pada lelang tersebut, FR0071 (benchmark 15-tahun) menjadi seri obligasi pemerintah dengan total penawaran tertinggi yaitu sebesar Rp11,46 triliun dan diterima oleh pemerintah sebesar Rp4 triliun. Meningkatnya permintaan untuk tenor panjang merupakan sentimen positif bagi pasar obligasi Indonesia karena mengindikasikan peningkatan appetite untuk instrumen obligasi dengan potensi risk-andreturn yang lebih tinggi.
3
FEBRUARY 2014
In 2M14, total corporate bond issuances reached IDR2.25 trillion. Maturing corporate bonds, meanwhile, totaled IDR3.02 trillion. As such, total outstanding corporate bonds reached IDR218.28 trillion at the end of February 2014 or down by IDR796 billion from the position at the end of last year. As can be seen in Exhibit 4, corporate bonds were mostly owned by Pension Funds (28.86% of the total), Financial Institutions (19.67%), and Mutual Funds (19.16%).
Total issuance obligasi korporasi mencapai Rp2,25 triliun dan yang jatuh tempo sebesar Rp3,02 triliun, sehingga total outstanding obligasi korporasi sampai dengan Februari 2014 adalah sebesar Rp218,28 triliun. Dibandingkan total outstanding akhir tahun lalu, terjadi penurunan sebesar Rp796 miliar. Seperti terlihat pada Exhibit 4, obligasi korporasi sebagian besar diminati oleh Pension Funds, Financial Institutions, dan Mutual Funds dengan komposisi masingmasing sebesar 28,86%, 19,67%, dan 19,16%.
Exhibit 4. Corporate bonds’ ownership Individual 2.44% Financial Institution 19.67%
Mutual Fund 19.16% Foreign 6.46%
Securities 0.49%
Foundation 1.26%
Pension Fund 28.86%
Insurance 16.10%
Others 0.16%
Corporate 5.39%
Source : Bloomberg & KSEI
4
FEBRUARY 2014
Bond Market Review Better market performance The domestic bonds market showed better performance in February 2014, with a positive return of 3.79% after recording a negative return of 1.86% in the previous month. The capital gain was positive 3.17% while the return from coupon payments was 0.62%.
Pasar menunjukkan perbaikan Pasar obligasi domestik menunjukkan kinerja yang meningkat selama Februari 2014, mencatatkan return positif 3,79% dibandingkan dengan return bulan Januari sebesar negatif 1,86%. Return dari capital gain sebesar positif 3,17%, sedangkan return diperoleh dari pembayaran kupon sebesar positif 0,62%.
Returns on long tenor bonds were higher Returns on bonds with tenors more than 3 years was greater than the returns on short tenor bonds in February 2014. For the short tenors, the return was positive 0.61% while the long tenors gave a positive return of 4.21%.
Return Obligasi tenor panjang lebih tinggi Return obligasi bertenor panjang (obligasi dengan tenor lebih dari 3 tahun) yang lebih tinggi dibandingkan dengan obligasi bertenor pendek pada Februari 2014. Return dari masingmasing tenor sebesar positif 0,61% untuk tenor pendek dan positif 4,21% untuk tenor panjang.
Government bonds performed well Market conditions affected the prices of government bonds more than the prices of corporate bonds. For Government bonds, the return reached 4.05% while for corporate bonds the return was 1.64%. The capital gain for government bonds was 3.44% while the capital gain for corporate bonds was 0.92%. The return from coupon payments on corporate bonds was higher than that on government bonds at 0.72% and 0.61%, respectively.
Performa baik obligasi Pemerintah Kondisi pasar memberikan dampak yang lebih signifikan terhadap obligasi Pemerintah dibanding obligasi korporasi tercermin dari return obligasi Pemerintah sebesar positif 4,05% dan obligasi korporasi sebesar positif 1,64%. Capital gain obligasi Pemerintah sebesar 3,44% sedangkan obligasi korporasi sebesar 0,92%. Untuk return yang diperoleh dari pembayaran kupon, korporasi memiliki return lebih tinggi (0,72%) dari obligasi pemerintah (0,61%).
Slightly lower trading in the secondary market Total trading in the secondary market reached IDR160.11 trillion in February 2014. Government bonds trading was recorded at IDR150.12 trillion, or down from IDR 155.96 trillion in the previous month. Corporate bonds trading fell to IDR9.99 trillion from IDR10.05 trillion in the previous month.
Perdagangan sekunder obligasi sedikit menurun Total volume transaksi obligasi di pasar sekunder mencapai Rp160,11 triliun selama Februari 2014. Perdagangan obligasi pemerintah tercatat sebesar Rp150,12 triliun, turun dari Rp155,96 triliun di bulan sebelumnya. Perdagangan obligasi korporasi turun menjadi Rp9,99 triliun dari Rp10,05 triliun di
Exhibit 5. Changes in the yield curve
Exhibit 6. Average monthly trading
Term to Maturity (years) Source : Danareksa Estimate
Feb-14
31
29
27
25
23
21
19
17
15
13
9
11
7
5
3
1
0.25
-0.60%
Jan-14
-
Dec-13
-0.50% Nov-13
50,000
Oct-13
-0.40%
Sep-13
100,000
Aug-13
-0.30%
Jul-13
150,000
Jun-13
-0.20%
May-13
200,000
Apr-13
-0.10%
Feb-13
250,000
Mar-13
0.00%
Avg Monthly Transaction for Corporate Bonds : IDR10,608.45 trillion Avg Monthly Transaction for Governemnt Bonds : IDR143,157.52 trillion
Source : IDX process data & Danareksa Estimate
5
FEBRUARY 2014
Bond Market Review New Issuance of Corporate Bonds in Feb 2014 No. Bond ID Bond Name 1 TAFS01ACN1 Obligasi Berkelanjutan I Toyota Astra Financial Services Dengan Tingkat Bunga Tetap Tahap I Tahun 2014 Seri A
Issued Listed Maturity Coupon Rating Amount Date Date Date Rate (%) (IDRbn) 13-Feb-14 14-Feb-14 23-Feb-15 9.6 AAA(Idn) 88
2 TAFS01BCN1
Obligasi Berkelanjutan I Toyota Astra Financial Services Dengan Tingkat Bunga Tetap Tahap I Tahun 2014 Seri B
13-Feb-14 14-Feb-14 13-Feb-17
10.5
AAA(Idn)
512
3 MAPI01ACN2
Obligasi Berkelanjutan I Mitra Adiperkasa Tahap II 20-Feb-14 21-Feb-14 20-Feb-17 Tahun 2014 Dengan Tingkat Bunga Tetap Seri A
10.9
idAA-
370
4 MAPI01BCN2
Obligasi Berkelanjutan I Mitra Adiperkasa Tahap II 20-Feb-14 21-Feb-14 20-Feb-19 Tahun 2014 Dengan Tingkat Bunga Tetap Seri B
11.5
idAA-
280
5
PRTLOI
Obligasi Protelindo I Tahun 2014
10.5
AA-(idn)
1000
Total Issuance Feb 2014
2,250
28-Feb-14 3-Mar-14 28-Feb-17
Source: IDX
Maturity of Corporate Bonds in Feb 2014 No.
Bond ID
Bond Name
Maturity
Date
1
BJBR07A
Obligasi VII Bank Jabar Banten Tahun 2011 Seri A
2
ASDF12C
Obligasi Astra Sedaya Finance XII Tahun 2011 Seri C
Coupon
Rating
Amount
Rate (%)
(IDR bn)
9-Feb-14
9.2
idAA-
276
25-Feb-14
9.7
idAA+
741
Total Feb 2014
1,017
Source: IDX
Maturity of Corporate Bonds in Mar 2014 No.
Bond ID
Bond Name
1
ADMF02ACN1
Maturity Date
Coupon
Amount (IDR bn)
11-Mar-14
6.85
idAA+
439
2 SMADMF01ACN1 Sukuk Mudharabah Berkelanjutan I Adira Finance Tahap I Tahun 2013 Seri A
11-Mar-14
6.85
idAA+(sy)
66
3
ASDF11F
Obligasi Astra Sedaya Finance XI Tahun 2010 Seri F
18-Mar-14
10.9
idAA+
370
4
VRNA01C
Obligasi Verena Multi Finance I Tahun 2011 Seri C
18-Mar-14
11.25
idA
300
5
BCAF03D
Obligasi BCA Finance III Tahun 2010 Seri D
23-Mar-14
10.95
Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap II 31-Mar-14 Tahun 2013 Dengan Tingkat Bunga Tetap
6.8
6 SMFP02ACN2
Obligasi Berkelanjutan II Adira Finance Tahap I 2013 Seri A
Rating
Rate (%)
i dAAA /AA+(idn)
100
idAA
160
Total Mar 2014
1,435
Source: IDX
6
FEBRUARY 2014
Bond Market Review Rating Change of Corporate Bonds in Feb 2014 No.
Bond ID
Date Change
Previous
Change to
Reason of rating change
1 BCAF 10-Feb-14 idAA+ idAAA The upgrades reflect very strong likelihood of support as the core BCAF Subordinated idAA idAA+ subsidiary of PT Bank Central Asia Tbk (BBC A or the Pare nt) as the controlling share holder, in line with BCAF’s increasing contribution to the Parent. The ratings also reflect very strong market position in car financing business and favorable asset quality indicators. 2 IMAT 10-Feb-14 idA idBBB+ The rating downgrade is drive n by IMAT’s incre asing financial leverage and lower sales than expected, which significantly affected the Company’s cash flow protection measures. Lower ratings also reflect the decrease in the Company’s business performance which is below the overall industry growth. 3 IMFI 10-Feb-14 negative stable
The outlook revision is mainly triggered by the Company’s capability in recovering its asset quality profile especially from new car and motorcycle financing segments. The ratings reflect the strong business synergy with its ultimate parent, PT Indomobil Sukses Internasional Tbk (Indomobil Group) and strong capitalization.
4 INAF 12-Feb-14 idA- idBBB+ The downgrade is mainly driven by the Company’s weakening profitability stable negative margin due to higher labor expense and higher raw material costs following Rupiah depreciation against US Dollar. In addition, renovation during Fe bruary to July 2013 caused some disruption in INAF’s production facility, resulting in higher toll manufacturing expense. Lower profitability has led to deterioration of INAF’s financial leverage and cash flow protection ratios. Source: Pefindo
7
FEBRUARY 2014
Bond Market Review Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion No Bond ID
Bond Name
Maturity Rating Coupon Date
Last Trade
Last Last Vol Price YTM (IDRbn)
Freq
Maturity < 3 years 1 ASDF02BCN2 Obligasi Berkelanjutan II Astra Sedaya Finance dengan 26-Nov-16 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A
idAA+/AAA(idn) 9.50 27-Feb-14
100
9.50 575.00
16
2 ADMF02BCN2 Obligasi Berkelanjutan Ii Adira Finance Tahap II Tahun 2013 Seri A
24-Oct-16
idAA+
10.50 13-Feb-14
100 10.50 480.00
12
3 BEXI01BCN3 Obligasi Berkelanjutan Indonesia Eximbank I 23-May-16 Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B
idAAA
6.40 27-Feb-14
4 TAFS01BCN1 Obligasi Berkelanjutan I Toyota Astra Financial Services 13-Feb-17 Dengan Tingkat Bunga Tetap Tahap I Tahun 2014 Seri B
AAA(idn)
5
JPFA01CN1
Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012
12-Jan-17
idA/A+(idn)
6
APLN01B
Obligasi I Agung Podomoro Land Tahun 2011 Seri B
25-Aug-16
idA
7 FIFA01BCN2
Obligasi Berkelanjutan I Federal International Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B
8
Obligasi Toyota Astra Financial Serv ices III 2013 Seri B 17-May-16
TAFS03B
4-Apr-16
94.62
9.08 223.00
16
10.50 26-Feb-14 100.65 10.24 150.00
5
9.90 14-Feb-14 98.795 10.38 123.00
9
11.00 25-Feb-14 101.74 10.20 117.00
9
idAA+/AAA(idn) 7.75 26-Feb-14
100
7.75 107.00
12
AAA(Idn)
7.60 26-Feb-14
100
7.60 105.50
11
9 JSMR01BCN1S Obligasi Berkelanjutan I Jasa Marga Tahap I Tahun 2013 Seri S Seri B
27-Sep-16
idAA
8.70 11-Feb-14
100
8.70 92.00
3
10 BCAF01BCN2 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B
14-Jun-16
idAA+/AAA(idn) 7.50 25-Feb-14
96
9.45 80.00
2
11 BCAF01CCN1 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C
9-May-15
idAA+/AA+(idn) 7.60 26-Feb-14
98.5
8.93 75.52
5
idA/A+(idn)
9.90 14-Feb-14 98.745 10.40 72.00
6
12
JPFA01CN2
Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012
1-Feb-17
13
BNII01ACN2
Obligasi Berkelanjutan I Bank BII Tahap II 2012 Seri A
31-Oct-15
idAA+/AAA(idn) 7.60 27-Feb-14
97.5
9.22 70.00
2
14 BNGA01BCN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II Tahun 2013 dengan Tingkat Bunga Tetap Seri B
20-Nov-16
idAAA/AAA(idn) 9.15 25-Feb-14 100.15
9.09 62.00
4
idAA+(sy)
9.72 56.00
10
15
SIKISAT04B
Sukuk Ijarah Indosat IV Tahun 2009 Seri B
16
SMKBSBR01
8-Dec-16
11.75 27-Feb-14
104.9
Sukuk Mudharabah I Bank Nagari Tahun 2010
13-Jan-16
idA(sy)
17 BNGA01ACN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II Tahun 2013 dengan Tingkat Bunga Tetap Seri A
20-Nov-15
idAAA/AAA(idn) 8.75
18
SMKBSSB01
Sukuk Mudharabah Bank Sulselbar I Tahun 2011
12-May-16
19
AIRJ01C
Obligasi TPJ I Tahun 2008 Seri C
13-Mar-15
20 FIFA01CCN1
Obligasi Berkelanjutan I Federal International Finance dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C
20-Apr-15
idAA+
21
Syariah Ijarah PLN I Tahun 2006
21-Jun-16
idAA+(sy)
Obligasi II BII Finance Tahun 2013 Dengan Tingkat Bunga Tetap Seri A
19-Jun-16
AA+ (idn)
7.75 28-Feb-14
95.98
23 SMADMF01CCN1 Sukuk Mudharabah Berkelanjutan I Adira Finance Tahap I Tahun 2013 Seri C
1-Mar-16
idAA+(sy)
7.85 26-Feb-14
24
4-Mar-15
AA(idn)
11.00 26-Feb-14
PPLN08C
22 BIIF02A
WOMF05D
Obligasi V WOM Finance Tahun 2011 Seri D
- 11-Feb-14 101.37 (0.71)
55.00
7
4-Feb-14
97.65 10.20 52.00
6
idA
72.50 11-Feb-14
100.5 72.02 50.00
5
A(idn)
13.25 13-Feb-14 109.52
4.21 48.00
4
98.05
9.46 48.00
7
13.60 25-Feb-14 108.02
9.70 43.80
13
9.71 40.00
3
97
9.50 34.00
14
101.9
9.03 30.34
6
7.65 28-Feb-14
Source: PLTO IDX
8
FEBRUARY 2014
Bond Market Review Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion No Bond ID
Bond Name
Maturity Rating Coupon Date
Last Trade
Last Last Vol Price YTM (IDRbn)
Freq
Maturity < 3 years 25 SANF01BCN1 Obligasi Berkelanjutan I SAN Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2013 Seri B
25-Sep-16
idAA-/AA(idn)
9.75 14-Feb-14 100.24147
idAA
9.50 25-Feb-14
26 FAST01
Obligasi Fast Food Indonesia I Tahun 2011 dengan Tingkat Bunga Tetap
6-Oct-16
27
BTPN02B
Obligasi Bank BTPN II Tahun 2010 Seri B
18-May-15
28 TAFS02B
Obligasi Toyota Astra Financial Services II Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
5-Jun-15
AAA(idn)/idAA 7.50
29 BTPN01ACN2 Obligasi Berkelanjutan I Bank BTPN dengan Tingkat Bunga Tetap Tahap II Tahun 2012 Seri A
3-Aug-15
AA-(idn)
30 ADMF01BCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-15 dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri B
idAA+
31
idA-
Obligasi Bank Sulut IV Tahun 2010
9-Apr-15
32 BTPN01BCN1 Obligasi Berkelanjutan I Bank BTPN dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri B
BSLT04
28-Jun-16
33 BSDE01ACN1 Obligasi Berkelanjutan I Bumi Serpong Damai Tahap I Tahun 2012 Seri A
4-Jul-15
AA-(idn)
9.64 26.00
2
97.75 10.49 26.00
5
10.60 26-Feb-14 101.1333
9.61 25.00
3
95.9 10.85 23.00
5
7.75 26-Feb-14
100
7.75 23.00
5
7.75 13-Feb-14
100
7.75 22.50
7
7-Feb-14
12.00 26-Feb-14
100 11.99 22.00
2
AA-(idn)
9.90 24-Feb-14
99.35 10.21 22.00
3
idA+
8.00 13-Feb-14 111.97 (0.56)
9-Nov-15
idAA/AA(idn)
9.00 13-Feb-14 111.91
(Idr)BBB idA
34
PNBN05
Obligasi Bank Panin IV Tahun 2010
35
BIMF01B
Obligasi I Bima Multi Finance Tahun 2013 Seri B
9-Jan-16
36
BWPT01
Obligasi I BW Plantation Tahun 2010
16-Nov-15
16.00
4
2.01 16.00
4
11.65 24-Feb-14
99.9 11.70 14.00
3
10.68 13-Feb-14
86 20.34 11.00
5
37 ADMF01CCN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 16-Dec-16 Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri C
idAA+
9.00 26-Feb-14
100
9.00 11.00
2
38
AA(idn)
7.35 27-Feb-14
97.4
9.74 10.85
5
SMFP01BCN2 Obligasi Berkelanjutan I SMF Tahap II 2012 Berjamin Seri B 25-Apr-15
Source: PLTO IDX
9
FEBRUARY 2014
Bond Market Review
Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity 3 - 5 Year and Total Volume of more than IDR10 billion No Bond ID
Bond Name
Maturity Rating Coupon Date
Last Trade
Last Last Vol Price YTM (IDRbn)
Freq
Maturity > 3 < 5 yrs 1
LTLS01CN1
Obligasi Berkelanjutan I Lautan Luas Tahap I Tahun 2013 19-Jun-18
idA-
9.75 14-Feb-14 100.03
2
SSIA01B
Obligasi Surya Semesta Internusa I Tahun 2012 Seri B
6-Nov-17
idA
9.30 25-Feb-14
96.03 10.61 213.00
9
3
SIAGII02
Sukuk Ijarah Aneka Gas Industri II Tahun 2012
18-Dec-17
A-(idn)
9.90 26-Feb-14
85.1 15.11 167.50
12
4
AKRA01A
Obligasi I AKR Corporindo Tahun 2012 Seri A
21-Dec-17
idAA-
8.40 13-Feb-14
112.1
4.93 166.00
7
5 MEDC01CN2 Obligasi Berkelanjutan I Medco Energi Internasional Tahap II Tahun 2013
15-Mar-18
idAA-
8.85 13-Feb-14 111.95
5.56 136.00
8
9.25 25-Feb-14
93.04 11.30 90.20
20
6 APLN01CN1
Obligasi Berkelanjutan I Agung Podomoro Land Tahap I 27-Jun-18 Tahun 2013
idA
7
PPLN09A
Obligasi PLN IX Tahun 2007 Seri A
10-Jul-17
idAA+
8
PPLN01ACN2 Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri A 10-Dec-18
idAAA
9
AISA01
Obligasi TPS Food I Tahun 2013
5-Apr-18
idA-
10
SMKMYOR02 Sukuk Mudharabah II Mayora Indah Tahun 2012
9-May-17
idAA-(sy)
11 BNGA01BCN1 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
30-Oct-17
12
PNBN04SB
Obligasi Subordinasi Bank Panin III Tahun 2010
9-Nov-17
13
APLN02
Obligasi II Agung Podomoro Tahun 2012
15-Aug-17
14
ADHISM1CN2 Sukuk Mudharabah Berkelanjutan I ADHI Tahap II 2013 15-Mar-18
15 MEDC03
10.40
6-Feb-14 101.45
9.00 28-Feb-14 10.25 25-Feb-14
9.74 396.00
2
9.89 70.00
9
9.72 64.00
11
100 10.25 62.00
10
97.25
- 11-Feb-14 102.06 (0.63)
60.00
8
idAAA/AAA(idn) 7.75 27-Feb-14
88 11.82 59.75
12
idAA-/A+(idn) 10.50 25-Feb-14
97.86 11.21 54.33
7
idA
9.38 26-Feb-14
101.5
8.87 47.20
8
idA(sy)
0.63 25-Feb-14
100.5
0.51 42.00
8
Obligasi Medco Energi Internasional III Tahun 2012 Dengan Tingkat Bunga Tetap
19-Jun-17
idAA-
8.75 26-Feb-14
100
8.75 30.00
3
16 JSMR01CCN1S Obligasi Berkelanjutan I Jasa Marga Tahap I Tahun 2013 Seri S Seri C
27-Sep-18
idAA
8.90 11-Feb-14
99
9.17 30.00
2
100
9.75 20.00
1
90.53 10.49 20.00
2
17 ASDF02CCN2 Obligasi Berkelanjutan II Astra Sedaya Finance dengan 26-Nov-17 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A
idAA+/AAA(idn) 9.75
4-Feb-14
18 SMFP02BCN1 Obligasi Berkelanjutan II Sarana Multigriya Finansial 27-Dec-17 Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
idAA
7.50
5-Feb-14
19 IMFI01CCN2
Obligasi Berkelanjutan I Indomobil Finance dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C
8-May-17
idA
8.50 13-Feb-14 102.35
7.67 16.00
4
20
WSKT02B
Obligasi II Waskita Karya Tahun 2012 Seri B
5-Jun-17
idA-
9.75 26-Feb-14
99.95
9.77 16.00
4
21
JMPD13R
Jasa Marga XIII Seri R Tahun 2007
21-Jun-17
idAA
10.25 28-Feb-14 102.45
9.38 16.00
9
8.75 15.00
1
22 ADMF01CCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-17 dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri C
idAA+
8.75 26-Feb-14
100
23
BNII01SB
Obligasi Subordinasi I Bank BII Tahun 2011
19-May-18
idAA
10.75 28-Feb-14
98.55 11.18 15.00
5
24
BNLI02SB
Obligasi Subordinasi II Bank Permata Tahun 2011
28-Jun-18
idAA-
11.00 26-Feb-14
101 10.71 12.00
3
25
SIAISA01
Sukuk Ijarah TPS Food I Tahun 2013
5-Apr-18
idA-(sy)
10.25 25-Feb-14 101.17
9.90 11.00
4
Source: PLTO IDX
10
FEBRUARY 2014
Bond Market Review Transaction Activitiy in Feb 2014 for All Corporate Bonds with Maturity more than 5 Year and Total Volume of more than IDR10 billion No Bond ID
Bond Name
Maturity Rating Coupon Date
Last Trade
Last Price
Last Vol YTM (IDRbn)
Freq
9.25 25-Feb-14
95
10.43 217.00
3
10.15 26-Feb-14
23
Maturity > 5 yrs
1 BNII01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank BII Tahap II Tahun 2012
31-Oct-19 idAA/AA(idn)
2
BSBR02SB
Obligasi Subordinasi II Bank Nagari Tahun 2012
26-Jun-19
idA-
3
DSMF02
Efek Beragun Aset Danareksa SMF II - KPR BTN Kelas A
10-Dec-19
idAAA
4
SIKBLTA02B Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B
31-Mar-23
idA-(sy)
5 BBMISMSB1CN1 Sukuk Subordinasi Mudharabah Berkelanjutan I Tahap I Bank Muamalat Tahun 2012
29-Jun-22
idA(sy)
6 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012
20-Dec-19
idAA-
100
10.15 75.00
11.00 14-Feb-14 100.945
10.78 73.06
6
16.20 25-Feb-14
16.20 60.00
14
100
- 25-Feb-14 103.14 #VALUE! 9.40 26-Feb-14 10.40
26.00
11
100
9.40 25.10
8 5
7
PPLN12B
Obligasi PLN XII Tahun 2010 Seri B
8-Jul-22
idAA+
5-Feb-14
101.7
10.10 25.00
8
SIISAT05
Sukuk Ijarah Indosat V Tahun 2012
27-Jun-19
idAA+(sy)
8.63 27-Feb-14
94.85
9.88 21.00
6
9
BBTN14
Obligasi XIV Bank BTN Tahun 2010
11-Jun-20
idAA
10.25 10-Feb-14
99
10.47 20.00
2
10
ANTM01BCN1 Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri B 14-Dec-21
11
BBTN01CN2 Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013
12
JMPD14JM10 Obligasi Jasa Marga XIV Seri JM-10
idAA
9.05 27-Feb-14
93.2
10.33 17.00
6
27-Mar-23 idAA/AA(idn)
7.90 24-Feb-14
83.5
10.77 14.00
7
12-Oct-20
idAA
9.35 26-Feb-14
100
9.35 13.00
2
13 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank Permata Tahap II Tahun 2012
19-Dec-19
idAA-
9.40 26-Feb-14 101.45
9.08 12.00
3
14
23-Dec-20
AA(idn)
9.05 10.50
2
BNGA02SB
Obligasi Subordinasi II Bank CIMB Niaga Tahun 2010
10.85 26-Feb-14
109.1
Source: PLTO IDX
11
FEBRUARY 2014
Appendices
12
FEBRUARY 2014
Appendix Appendix 1. Winners and Losers in Feb 2014 TEN BEST Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return Obligasi Subordinasi Berkelanjutan I Bank Panin 9.40% 20-Dec-19 2,000,000,000,000.00 idAAA 0.6% 17.9% 18.6% Tahap I Tahun 2012 Obligasi I AKR Corporindo Tahun 2012 Seri A 8.40% 21-Dec-17 623,000,000,000.00 AA(idn) 0.5% 16.5% 17.0% Obligasi Berkelanjutan I Medco Energi Internasional 8.85% 15-Mar-18 1,500,000,000,000.00 idAA- 0.5% 12.2% 12.8% Tahap II Tahun 2013 Obligasi I AKR Corporindo Tahun 2012 Seri B 8.75% 21-Dec-19 877,000,000,000.00 idAA+ 0.6% 11.4% 12.0% Obligasi TPJ I Tahun 2008 Seri C 13.25% 13-Mar-15 368,000,000,000.00 idAA 0.9% 9.4% 10.2% Obligasi Medco Energi Internasional III Tahun 2012 8.75% 19-Jun-17 1,500,000,000,000.00 idA/A+(idn) 0.6% 9.0% 9.6% Dengan Tingkat Bunga Tetap Obligasi Subordinasi II Bank CIMB Niaga Tahun 2010 10.85% 23-Dec-20 1,600,000,000,000.00 idAAA 0.7% 8.2% 8.9% Obligasi Berkelanjutan I Indomobil Finance dengan 8.50% 8-May-17 208,000,000,000.00 idAA+ 0.5% 8.2% 8.7% Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C Obligasi Subordinasi III Bank OCBC NISP Tahun 2010 11.35% 30-Jun-17 880,000,000,000.00 idA/A+(idn) 0.8% 6.9% 7.7% Obligasi Subordinasi Berkelanjutan I Bank BII 10.00% 6-Dec-18 500,000,000,000.00 idA- 0.7% 6.1% 6.9% Tahap I Tahun 2011
TEN WORST
Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013 7.90% 27-Mar-23 2,000,000,000,000.00 idBBB+ 0.7% -16.3% -15.6% Obligasi Subordinasi Bank Mandiri I Tahun 2009 11.85% 11-Dec-16 3,500,000,000,000.00 idAA+ 1.1% -14.2% -13.1% Obligasi Berkelanjutan I OCBC NISP Tahap I Tahun 7.40% 19-Feb-16 1,498,000,000,000.00 idAA/AA(idn) 0.7% -7.4% -6.7% 2013 Dengan Tingkat Bunga Tetap Seri C Obligasi I PNM Tahun 2012 9.10% 12-Oct-17 500,000,000,000.00 idAA 0.7% -4.4% -3.7% Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 9.30% 6-Nov-17 550,000,000,000.00 idAA- 0.8% -3.6% -2.8% Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 7.75% 30-Oct-17 1,400,000,000,000.00 idAA- 0.7% -3.4% -2.7% Tahun 2012 Dengan Tingkat Bunga Tetap Seri B Obligasi Berkelanjutan I SMF Tahap II Tahun 2012 7.55% 25-Apr-17 838,000,000,000.00 idAA- 0.6% -2.3% -1.7% Berjamin Seri C Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri A 9.00% 10-Dec-18 593,000,000,000.00 idAA- 0.7% -2.3% -1.6% Obligasi Berkelanjutan I Bumi Serpong Damai 8.38% 5-Jun-18 1,750,000,000,000.00 idA 0.7% -2.2% -1.5% Tahap II Tahun 2013 Obligasi Berkelanjutan I BCA Finance Dengan 7.70% 9-May-16 600,000,000,000.00 idA 0.6% -2.0% -1.3% Tingkat Bunga Tetap Tahap I Tahun 2012 Seri D Appendix 2. Total Return Bond Index MoM (%) YoY (%) YTD (%) Dec-13 Jan-13 Feb-13 Dec-13 Jan-13 Feb-13 2012 2013 2014 Composite Governments Corporates Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property and Construction Corporate upper A- Corporate below A- up to BBB- SOE
1.84 1.88 1.61 0.83 1.55 3.02 -0.60 2.27 3.61 1.49 4.12 0.42
-1.86 3.79 -2.17 4.05 0.02 1.64 0.82 1.34 0.13 0.67 -1.91 1.00 1.28 1.91 0.05 2.20 -2.23 0.45 0.03 1.63 -0.10 1.90 0.97 -0.71
-10.14 -11.52 -9.24 12.20 -10.14 1.86 -13.18 -14.31 -11.90 12.52 -13.18 1.79 4.70 2.83 3.43 10.81 4.70 1.66 5.17 5.58 5.99 10.10 5.17 2.17 5.52 3.03 3.11 12.04 5.52 0.80 6.58 2.49 3.44 9.05 6.58 -0.93 -1.15 -1.75 -1.65 9.41 -1.15 3.22 6.85 3.90 2.52 10.07 6.85 2.25 6.97 3.10 1.29 13.16 6.97 -1.79 4.84 2.97 3.56 10.75 4.84 1.65 -1.67 -2.71 -2.30 12.80 -1.67 1.79 3.16 1.32 -1.04 9.95 3.16 0.26
Source: Danareksa Estimates
13
FEBRUARY 2014
Appendix Appendix 3. Danareksa Bond Index - Feb 2014 Overview
Return
Total Return per Periode
Total* Price Interest Last Last Year to Last Last 3mo 6mo Date 12mo 24mo
Broad Market Index (full maturity range)
Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE
3.79 3.17 4.05 3.44 1.64 0.92 1.34 0.66 0.67 -0.04 1.00 0.30 1.91 1.14 2.20 1.35 0.45 -0.31 1.63 0.91 1.90 1.11 -0.71 -1.51
0.62 3.73 4.31 -8.47 -9.24 -1.46 0.61 3.70 4.25 -11.63 -11.90 -4.88 0.72 3.30 4.00 6.44 3.43 14.80 0.67 3.01 4.61 7.45 5.99 14.50 0.71 2.36 4.00 6.37 3.11 17.48 0.70 2.07 1.85 5.59 3.44 13.22 0.77 2.60 0.86 2.04 -1.65 9.69 0.85 4.57 4.68 9.25 2.52 12.80 0.76 1.76 1.98 5.05 1.29 17.74 0.72 3.17 3.97 6.58 3.56 14.89 0.79 5.98 4.69 0.09 -2.30 9.33 0.80 0.68 1.40 3.43 -1.04 11.12
Short-term Market Index (1 to 3 yrs)
Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE
0.61 -0.08 0.70 2.35 4.12 1.18 0.49 0.70 2.51 4.53 -0.26 -0.96 0.70 2.02 3.44 1.55 0.88 0.67 3.08 4.71 -2.71 -3.36 0.65 -1.50 1.16 -0.28 -1.05 0.77 1.13 3.29 0.23 -0.56 0.79 1.83 4.19 2.27 1.36 0.91 12.82 11.32 0.83 0.02 0.81 3.70 3.54 -0.30 -1.00 0.70 1.97 3.39 -0.30 0.63 -0.93 5.55 6.63 -2.72 -3.60 0.87 -0.90 0.86
25.02 3.37 10.34 20.33 1.53 7.30 29.65 4.97 13.59 30.69 7.10 15.95 28.31 2.38 11.60 21.05 4.61 12.00 30.02 5.13 13.58 39.40 12.57 17.85 48.00 3.84 17.75 28.87 5.37 13.95 5.43 -21.80 -12.58 24.85 1.11 8.08
Mid-term Market Index (more than 3 yrs)
Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE
4.21 3.60 4.30 3.69 3.07 2.34 0.25 -0.46 2.87 2.12 1.61 0.95 3.17 2.42 2.16 1.35 0.38 -0.37 3.16 2.43 1.98 1.22 0.72 -0.03
0.61 3.88 4.33 22.18 -10.89 -2.94 0.61 3.80 4.23 19.62 -12.88 -5.64 0.73 4.31 4.71 39.90 3.10 15.95 0.72 2.47 4.13 24.36 2.63 10.14 0.74 4.91 6.05 40.03 4.42 20.31 0.66 1.46 1.08 37.99 2.53 8.12 0.76 3.66 0.81 32.91 -2.63 10.65 0.81 2.47 3.22 40.14 0.47 12.70 0.75 1.51 1.70 23.31 0.94 17.99 0.73 4.20 4.73 39.90 3.09 15.90 0.76 6.15 4.51 38.87 3.39 14.12 0.76 2.01 2.57 37.26 -0.75 13.23
14
FEBRUARY 2014
Appendix Appendix 4. Key Characteristics of Domestic Bonds (base year: Dec-04=100)
Total Weighted Average Average Average Average Market Return Average Coupon Modified Term Convexity Value Index YTM (%) Duration (IDR bn)
Composite Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE
Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE
Weight Weight in Sub in Broad Index Market
All Maturity Market Index
280.41 269.24 313.17 292.81 273.62 300.29 292.60 344.60
8.62 8.48 9.91 9.29 10.47 9.70 9.67 9.41
9.54 9.38 9.61 8.97 9.71 9.13 10.29 11.32
3.58 6.09 2.54 1.96 2.88 2.85 2.29 2.52
5.54 11.39 3.12 2.23 3.67 3.41 2.76 3.12
324.11 310.71 286.30 318.69
10.78 9.87 10.55 10.48
9.67 9.48 10.45 10.13
2.79 2.52 2.72 2.69
3.42 3.08 3.41 3.40
17.54 826,431 39.07 737,647 8.62 88,784 4.99 16,192 10.91 37,359 9.11 3,850 7.34 4,495 8.28 9,305
100.0 89.3 10.7 18.2 42.1 4.3 5.1 10.5
100.0 89.3 10.7 2.0 4.5 0.5 0.5 1.1
9.35 8.47 9.65 9.77
8,050 84,138 4,646 30,036
9.1 94.8 5.2 33.8
1.0 10.2 0.6 3.6
Short-term Market Index (1 to 3 yrs) 254.39 223.70 307.41 323.09 282.24 238.65 331.44 277.01
8.10 6.98 6.98 9.20 11.21 10.39 9.61 8.59
9.54 9.66 9.53 8.89 9.31 9.90 10.72 12.51
1.67 1.47 1.69 1.70 1.78 2.44 1.52 1.53
1.88 1.67 1.90 1.90 2.01 2.87 1.74 1.76
3.81 4.26 3.77 3.81 4.11 6.90 3.46 3.34
96,576 58,465 38,110 13,526 14,753 1,250 1,925 3,348
100.0 60.5 39.5 35.5 38.7 3.3 5.1 8.8
100.0 60.5 39.5 14.0 15.3 1.3 2.0 3.5
292.11 296.80 239.16 261.09
10.45 10.13 12.09 11.21
10.02 9.40 11.13 10.41
1.77 1.72 1.24 1.77
2.00 1.94 1.37 2.03
3.77 3.91 2.16 4.10
1,275 37,270 840 12,477
3.3 97.8 2.2 32.7
1.3 38.6 0.9 12.9
26.69 729,855 42.83 679,181 13.99 50,674 8.93 2,666 17.30 22,606 10.21 2,600 13.16 2,570 12.22 5,957
100.0 93.1 6.9 5.3 44.6 5.1 5.1 11.8
100.0 93.1 6.9 0.4 3.1 0.4 0.4 0.8
13.4 92.5 7.5 34.7
0.9 6.4 0.5 2.4
Mid-term Market Index (more than 3yrs) Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE
284.59 274.35 330.10 281.12 266.67 286.79 291.68 351.77
8.69 8.62 9.72 9.76 10.02 9.38 9.72 9.90
9.53 9.35 9.68 9.25 10.09 8.75 9.64 10.36
4.86 6.59 3.49 2.81 3.92 3.06 3.43 3.31
7.99 12.44 4.48 3.34 5.23 3.68 4.29 4.21
282.49 320.01 382.91 345.48
10.85 9.68 10.23 9.99
9.53 9.57 10.15 9.83
3.17 3.52 3.38 3.69
3.96 4.51 4.32 4.88
11.44 14.23 12.98 15.88
6,775 46,868 3,806 17,559
Source: Danareksa Estimates
15
FEBRUARY 2014
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[email protected] ext. 3215 Ariningtyas W. Agustina
[email protected] ext. 3224 Hernita Dwi Ariesandhy
[email protected] ext. 3216
Debt Trading & Investment Romi Mulyadi
[email protected]
ext. 3213
Product & Retail Setyo H. Purnomo
[email protected]
ext. 3226
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FEBRUARY 2014
PT Danareksa Sekuritas 1st-3rd Fl, Danareksa Building Jl. Merdeka Selatan No. 14 Jakarta, INDONESIA Tel : (62-21) 3509888 Fax : 62 21 3501709 DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue hereof. 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