Debt Research Financial institution Debt Issuance
June 2015
Sarana Multigriya Finansial (Persero) Solid Performances Investment highlights:
Country INDONESIA
Strong support from the shareholders. The Company is 100% owned by the Government of Indonesia. In the last five years, the Government of Indonesia has injected additional capital in 2011 and 2014 of Rp1 trillion each. This is one of the government's supports for the Company's business. In addition, the Company's involvement in the government's "One Million Houses" program is another factor to view that the Government support will remain strong.
Solid performances. Total loans outstanding increased 46% CAGR in the past five years, resulting in strong growth in the Company’s revenue. Interest income grew significantly by 33% CAGR from Rp212 billion in 2010 to Rp670 billion in 2014 and the net interest margin (NIM) is kept stable around 3 to 4% in the last five years. Meanwhile, the Company has maintained its efficiency as shown by the decreasing cost to income ratio (CIR) from 24.2% in 2010 to 17.7% in 2014. All of these result in net profit having increased significantly by 22.2% CAGR to Rp173 billion.
Sound credit metrics. The Company uses recourse scheme in its loans disbursement. Hence, the Company books zero NPL. We believe that the Company will continue to carry out a conservative approach to managing risk so we view that the NPL will be maintained at very low levels. On another front, the Company’s leverage is still low, as indicated by its low debt to equity ratio (DER). As of Dec14 DER stood at 1.4x, decreased from 1.7x in 2013. With the low NPL and strong capital, we view that the Company's liquidity and solvability will remain strong to cover its short term and long term liabilities.
Favorable industry condition. The government will start working on reducing a backlog of some 13.5 million housing units by implementing the program called “One Million Houses Program”. The government allocates Rp10 trillion of the 2015 revised state budget draft to realize the program. The allocated state budget will not only be used to construct houses, but also to fund the Housing Loan Liquidity Facility (FLPP), the government backed mortgage which was set up in 2010 to help low-income people acquire housing.
Sovereign rating S&P
BB+/positive
Moody’s
Baa3/stable
Fitch
BBB-/stable
Company rating Pefindo
idAA+/Stable
Shareholders (%) Government of Republic Indonesia
100
Outstanding bonds Bond ID
Size Rpbn
Maturity
Coupon %
SMFP02CN4
500
27-Sep-15
9.13
SMFP02ACN1
320
27-Dec-15
7.30
SMFP02ACN5
701
29-Dec-15
9.60
SMFP02BCN2
123
21-Mar-16
7.30 10.00
SMFP02BCN3
237
27-Mar-17
SMFP01CCN2
838
25-Apr-17
7.55
SMFP02BCN5
753
16-Dec-17
10.00
SMFP02BCN1
255
27-Dec-17
7.50
SMFP02CCN2
736
21-Mar-18
7.60
SMFP02CCN1
175
27-Dec-19
8.00
SMFP02DCN2
100
21-Mar-20
7.80
Offering Continuing Bonds Sarana Multigriya Finansial III phase I Year 2015 with fixed interest rate Rating Principal amount
idAA+/Stable
max Rp500 billion
Period Series A
370 days
Series B
3 years
FINANCIAL SUMMARY YE Dec (Rp billion) Total income Net interest income
+6221 5296 9629
[email protected]
2012A
2013A
2014A
2015F
2016F
258
436
538
675
804
955
123
212
239
265
347
401
Total debt
2,267
3,477
4,644
5,515
5,217
7,394
Total equity
2,508
2,648
2,791
3,964
4,197
4,469
0.9
1.3
1.7
1.4
1.2
1.7
0
0
0
0
0
0
3.9
4.3
3.5
3.1
3.7
3.8
21.6
17.3
19.0
17.7
14.7
13.6
Debt to equity (x) Ali Hasanudin
2011A
NPL NIM (%) CIR
Source: Company and Mandiri Sekuritas estimates
Please see important disclosure at the back of this report
SMFP | Jun 2015
Macroeconomics Outlook
Tinjauan ekonomi makro
A promising start The new government moved quickly in revamping the policy for energy subsidy that has been consuming a significant portion of fiscal space and creating unhealthy external imbalance. Massive infrastructure development project is set up and investment red tape is simplified to encourage more investment into the country. The current administration targets to build infrastructure projects worth Rp5,452 trillion in the next 5 years, double the spending in the last decade.
Awal yang menjanjikan Pemerintahan baru bergerak cepat dalam upayanya memperbaiki kebijakan subsidi energi yang telah menelan sumber daya fiskal secara signifikan dan menciptakan ketidakseimbangan eksternal. Proyek pembangunan infrastruktur masif telah dipersiapkan dan birokrasi disederhanakan untuk menarik masuk investasi ke dalam negeri. Pemerintah menargetkan pembangunan infrastruktur senilai Rp5,452 triliun dalam lima tahun ke depan, dua kali lipat lebih besar dibandingkan pengeluaran dalam satu dekade terakhir.
Managing expectations This year the government aims to double capital expenditure to Rp276 trillion to improve spending quality. Unfortunately, sharp decline in oil price has also reduced potential revenue from oil and gas sector. Hence, the government needs to rely on tax collection which targets an increase of 30% yoy, quite high by historical standard. Given the limited tax office's capacity and time to carry out tax reform coupled with modest economic growth recovery, we tone down our expectation for tax revenue and thus also for capital expenditure. At this juncture, we maintain a modest growth in investment this year.
Menjaga ekspektasi Tahun ini pemerintah menargetkan belanja modal meningkat dua kali lipat menjadi Rp276 triliun untuk meningkatkan kualitas belanja. Sayangnya, jatuhnya harga minyak juga menurunkan potensi penerimaan sektor minyak dan gas. Dengan demikian, pemerintah harus bergantung pada pengumpulan pajak yang ditargetkan meningkat 30% yoy, cukup tinggi dibandingkan standar kinerja masa lalu. Keterbatasan kapasitas dan waktu Dirjen Pajak untuk melaksanakan reformasi pajak ditambah dengan pertumbuhan ekonomi yang moderat menyebabkan penurunan ekspektasi kami untuk penerimaan pajak dan dengan demikian juga belanja modal. Kami tetap melihat pertumbuhan investasi akan moderat.
GDP growth to accelerate We forecast FY15 GDP growth to reach 5.3%, increasing from 5.0% last year. Private consumption will continue to be the primary contributor. Government consumption will improve on better budget process and procurement system, in our view. Investment will gradually improve as it grows by 6.2%, driven by government capital spending in 2H15. Meanwhile, the external demand contribution will increase, backed by manufacturing exports and weak imports due to unfavorable exchange rate.
Laju pertumbuhan ekonomi meningkat Kami memproyeksikan pertumbuhan PDB riil sebesar 5.3%, membaik dibandingkan realisasi tahun lalu yang sebesar 5.0%. Konsumsi rumah tangga akan terus menjadi kontributor utama pertumbuhan. Belanja pemerintah akan membaik didorong oleh proses anggaran dan pengadaan yang lebih baik. Pertumbuhan investasi akan secara bertahap meningkat ke 6.2%, ditopang oleh belanja modal pemerintah di semester-II 2015. Sementara itu, kontribusi permintaan eksternal akan meningkat seiring dengan ekspor manufaktur dan lemahnya impor akibat depresiasi kurs.
The rupiah continues depreciation We think pressure to the rupiah will continue even though the current account deficit is anticipated to narrow to 2.7% of GDP this year. The reasons are appreciating US Dollar over the expectation of Fed Funds Rate hike, thin foreign exchange market, and Bank Indonesia's effort to keep the rupiah competitive according to the Real Effective Exchange Rate. We forecast the Rupiah to end 2015 at Rp13,300/US$.
Rupiah melanjutkan depresiasi Kami memprakirakan tekanan terhadap rupiah masih akan berlanjut meskipun defisit neraca berjalan diantisipasi menurun ke 2.7% dari PDB tahun ini. Penyebabnya adalah penguatan US Dollar yang berdampak pada seluruh mata uang di dunia terutama di saat The Federal Reserve diantisipasi menaikkan Fed Fund Rate tahun ini, Bank Indonesia yang berupaya menjaga agar rupiah tetap kompetitif berdasarkan perhitungan Real Effective Exchange Rate, dan volume transaksi valuta asing yang tipis. Kami memperkirakan Rupiah pada akhir 2015 berada pada Rp 13,300 per USD.
Page 2 of 20
SMFP | June 2015
Inflation is manageable The recent rebound in oil price poses risk to inflation from the administered price. However, early fuel price cut this year set inflation at a really low start. Coupled with high bases in November and December as the government raised fuel prices last year, we expect inflation rate to end FY15 at 4.50%, slower than 2014’s 8.36%.
Inflasi terkendali Kembali naiknya harga minyak menjadi risiko inflasi dari sisi harga yang diatur pemerintah. Meskipun demikian, penurunan harga BBM di awal tahun membuat inflasi berjalan dari tingkat yang sangat rendah. Hal tersebut dan efek tahun dasar di bulan November dan Desember ketika pemerintah menaikkan harga BBM tahun lalu membuat kami memproyeksikan laju inflasi akhir tahun 2015 sebesar 4.50%, lebih lamban dari 8.36% di 2014.
Tight bias policy remains on higher external risk Bank Indonesia, in our view, has a limited room to cut the BI rate by another 25bp to 7.25%, hence maintaining a relatively tight monetary policy. Manageable inflation and narrowing current account deficit outlook allow monetary easing, yet there is external risk of currency pressure amid economic slowdown. We also think that Bank Indonesia will also utilize macro prudential measures such as LDR-linked reserve requirement ratio and LTV revision together with the interest rate cut
Kebijakan moneter ketat masih dipertahankan Kami memandang Bank Indonesia masih memiliki ruang terbatas untuk menurunkan BI rate sebesar 25 basis poin ke 7.25% sehingga posisi kebijakan moneter masih akan relatif ketat. Inflasi yang terkendali dan defisit neraca berjalan yang mengecil menjadi landasan pelonggaran, namun di sisi lain ada risiko eskternal terkait tekanan kurs di tengah perlambatan ekonomi. Kami juga berpendapat bahwa Bank Indonesia akan menggunakan kebijakan makroprudensial seperti GWM-LDR dan revisi LTV di samping pemotongan suku bunga.
Page 3 of 20
SMFP | Jun 2015
INDUSTRY OVERVIEW
TINJAUAN INDUSTRI
Residential market
Pasar residensial
Slowing price increase. Demand for residential property was very strong in the period of 2011-2013 driven by strong economic growth and the low interest rate environment. Marketing sales of well-known developers such as ASRI, BSDE, SMRA, APLN, CTRA and JRPT rose by 38% (CAGR 2011-2013) propelled by ASP increase. According to Bank Indonesia (BI), the residential property price index also showed steep increase in the same period, which raised concern on affordability as price to income ratio saw increasing trend (figure 21) especially in Jabotabek (Jakarta, Bogor, Tangerang and Bekasi) which saw the steepest incline in 2013. Accordingly, after the escalating growth, growth in price started to decline in 2014 after BI amended tighter LTV (Loan to value) ruling for mortgage to curb excessive property price and manage banks' credit quality as mortgage accounts for 75% of financing of housing ownership (based on BI’s data).
Peningkatan harga mengalami penurunan. Permintaan akan properti residensial sangat kuat pada periode 20112013 didorong oleh pertumbuhan ekonomi yang kuat dan tingkat suku bunga yang rendah. Marketing sales pengembang terkenal seperti ASRI, BSDE, SMRA, APLN, CTRA dan JRPT naik 38% (CAGR 2011-2013) didorong oleh kenaikan harga rata-rata. Berdasarkan data Bank Indonesia (BI), Indeks harga properti residensial juga menunjukkan peningkatan tajam pada periode yang sama yang menimbulkan kekhawatiran akan terjadinya harga properti yang tidak terjangkau karena rasio harga dan pendapatan yang mengalami peningkatan (gambar 21) khususnya di Jabotabek (Jakarta, Bogor, Tangerang dan Bekasi) dimana rasio tersebut naik sangat tajam di tahun 2013. Setelah harga mengalami kenaikan yang pesat, peningkatan harga mulai menurun pada 2014 setelah BI mengubah aturan LTV (Loan to value) yang lebih ketat untuk pinjaman perumahan. Peraturan ini dikeluarkan untuk membatasi peningkatan harga properti yang berlebihan dan menjaga kualitas kredit bank karena 75% dari pembiayaan kepemilikan rumah dibiayai oleh pinjaman bank (berdasarkan data BI).
The central bank plans to revise its rule on LTV The central bank plans to revise its rule on LTV for property ownership, which will increase the financing portion for house, apartment and shop house purchases by an average of 10%. The relaxation will be for the first, second and third or more financing.
Bank sentral berencana untuk merevisi aturan LTV Bank sentral berencana untuk merevisi aturan LTV untuk kepemilikan properti, yang akan meningkatkan porsi pembiayaan untuk rumah, apartemen dan pembelian ruko dengan rata-rata 10%. Pelonggaran aturan ini adalah pembiayaan rumah pertama, kedua dan ketiga atau lebih.
Most banks are still expecting to see 10-12% growth in their mortgage lending for 2015 but with the relaxation of LTV this may likely change towards 10-15%. Banks that may benefit from the new regulation are those with high portion of mortgage financing with middle to lower income segments, due to the improved ability of the home buyers to realize the transaction, such as BTN, Panin and BCA.
Mayoritas bank memperkirakan pertumbuhan KPR nya berkisar antara 10-12% di tahun 2015, tetapi dengan adanya kelonggaran dalam LTV ini maka akan berubah menjadi 10-15%. Bank-bank yang diuntungkan dari peraturan baru ini adalah yang porsi pembiayaan KPR-nya besar di segmen menengah ke bawah karena meningkatkan kemampuan dari pembeli rumah untuk merealisasikan transaksinya, seperti BTN, Panin dan BCA.
FIGURE 1. RESIDENTIAL PROPERTY PRICE INDEX AND PRICE TO INCOME RATIO IN JAVA-BALI 18.0% Small
16.0%
Medium
Large
Total
14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0%
Source: Bank Indonesia
Page 4 of 20
1Q15
Dec-14
Dec-13
Dec-12
Dec-11
Dec-10
Dec-09
0.0%
SMFP | June 2015
FIGURE 2. MORTGAGE GROWTH
50.0%
Mortgage growth (yoy)
45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0%
Mar-15
Sep-14
Dec-14
Jun-14
Mar-14
Dec-13
Jun-13
Sep-13
Mar-13
Dec-12
Jun-12
Sep-12
Mar-12
Dec-11
Jun-11
Sep-11
Mar-11
Sep-10
Dec-10
Jun-10
Mar-10
Sep-09
Dec-09
0.0%
Source: Bank Indonesia and Mandiri Sekuritas Estimates
Financing for Residential Property Home mortgages were the primary instrument for financing property acquisition. The survey indicated that most consumers (72.20%) turned to home mortgages as the predominant facility for financing their residential property purchase, particularly for small houses.
Pembiayaan Properti Residensial Fasilitas KPR tetap menjadi pilihan utama dalam melakukan transaksi pembelian properti. Hasil survey mengindikasikan bahwa sebagian besar konsumen (72.20%) masih memilih Kredit Pemilikan Rumah (KPR) sebagai fasilitas utama dalam melakukan transaksi pembelian property residensial terutama pada rumah tipe kecil.
FIGURE 3. INSTRUMENT FOR FINANCING PROPERTY ACQUISITION
Cash, 9.02%
Cash Installment, 18.78% Loan Facilities, 72.20%
Source: Bank Indonesia, 2014
Low Mortgage Penetration Indonesia’s mortgage to GDP ratio is the third lowest after Pakistan and Bangladesh. The highest is UK's mortgage. The low ratio of mortgage to GDP showed an increase in GDP not followed by increasing in home ownership through mortgage. The low of mortgage to total loans ratio and the low of mortgage to GDP ratio indicate that the Company's primary financing market has not been ideal and still has to be increased again by increasing the mortgage portfolio.
Penetrasi KPR yang rendah Rasio KPR terhadap PDB di Indonesia terendah ketiga setelah Pakistan dan Bangladesh. Rasio KPR tertinggi adalah Inggris. Masih rendahnya rasio KPR terhadap PDB menunjukkan peningkatan PDB yang tidak diikuti dengan peningkatan kepemilikan rumah melalui KPR. Rendahnya rasio KPR terhadap total kredit dan rendahnya rasio KPR terhadap PDB menunjukkan bahwa pasar pembiayaan primer Perseroan belum ideal dan masih harus ditingkatkan lagi dengan meningkatkan penyaluran KPR.
Page 5 of 20
SMFP | Jun 2015
FIGURE 4. LOW MORTGAGE PENETRATION 67.4% 65.2% 61.0% 53.0%
32.6%
37.6% 33.8%
19.3% 14.4%
US
UK
Swedia
Singapore
Japan
Malaysia
Korea …
Thailand
China
India
9.0%
Mongolia
Indonesia
Bangladesh
Pakistan
Turkey
4.5% 6.1% 1.0% 2.9% 3.0%
Source: IUHD, Hofinet, HDFC, 2014
FIGURE 5. MORTGAGE TO GDP RATIO Rp. tn
(%) 3.5 3
300
2.46 250
2.19 2.04
84
65
46
21
11
12
0.5
31
0.67
317
281
1.33
141
0.81
124
1.17
108
1.5
200
2.05
1.97
222
1.69
183
1.83
2
1
3.01
2.7
Mortgage to GDP Ratio
2.5
350
3.1
Mortgage
150 100 50 0
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0
Source: Bank Indonesia, 2015
FIGURE 6. INDONESIA’S MORTGAGE RATIO TO TOTAL BANK CREDIT 10.0%
8.91%
9.0%
7.78%
8.0% 6.63%
7.0%
8.64% 8.20%
7.96%
7.72%
7.69%
8.30%
8.01%
6.0% 5.0% 4.0%
4.76% 3.83%
5.46%
3.0% 2.91%
2.0% 1.0%
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0.0%
Source: Bank Indonesia, 2015
Page 6 of 20
SMFP | June 2015
Government Support
Dukungan Pemerintah
The government will start working on reducing a backlog of some 13.5 million housing units by implementing the program called “One Million Houses Program”. The government allocates Rp 10 trillion of the 2015 revised state budget draft to realize the program. The allocated state budget will not only be used to construct houses, but also to fund the Housing Loan Liquidity Facility (FLPP), the government backed mortgage which was set up in 2010 to help low-income people acquire housing.
Pemerintah akan mulai bekerja mengurangi kesenjangan kebutuhan 13.5 juta unit rumah dengan menerapkan program yang disebut "Program Satu Juta Rumah". Pemerintah mengalokasikan Rp10 triliun dari APBN-P untuk mewujudkan program ini. APBN-P yang dialokasikan tidak hanya akan digunakan untuk membangun rumah, tetapi juga untuk mendanai Fasilitas Likuiditas Pembiayaan Perumahan (FLPP), KPR yang didukung oleh Pemerintah yang didirikan pada tahun 2010 untuk membantu masyarakat berpenghasilan rendah mendapatkan rumah.
Therefore small houses will further grow, indicating an opportunity for FLPP to play a stronger role. Small houses which are financed by subsidies have been the largest component of sales growth (41% of total property sales).
Dengan demikian, rumah-rumah kecil akan terus bertumbuh, menunjukkan kesempatan bagi FLPP untuk memainkan peran yang lebih kuat. Rumah-rumah kecil yang dibiayai oleh subsidi, selama ini merupakan komponen terbesar dari pertumbuhan penjualan properti (41% dari total penjualan properti).
FIGURE 7. GOVERNMENT BUDGET ALLOCATION FOR HOUSING
FLPP, 57.67% Neighborhood Settlements, 11.73%
Public Rental, 18.02% Certification, 0.03% Management & Coordination, 6.88%
Self-Help Housing Improvement, 5.65%
Source: Ministry of National Development Planning Indonesia, 2014
Page 7 of 20
SMFP | Jun 2015
COMPANY PROFILE
PROFIL PERSEROAN
Since 1993 the Government has conducted intensive discussions about establishment of a secondary mortgage institution among stakeholders of the housing finance industry. The establishment of a particular secondary mortgage institution is necessary, so that home ownership is affordable for every Indonesian family. A series of feasibility studies was conducted by the Ministry of Finance between 1993 and 2005.
Sejak 1983 Pemerintah telah melakukan diskusi intensif mengenai pendirian lembaga pembiayaan sekunder perumahan di antara para pemangku kepentingan industri pembiayaan perumahan. Pendirian lembaga pembiayaan sekunder yang khusus untuk sektor perumahan dianggap perlu agar kepemilikan rumah menjadi terjangkau bagi setiap keluarga Indonesia. Serangkaian studi kelayakan tersebut dilakukan oleh Departemen Keuangan dalam kurun waktu 1993-2005.
As a result of those discussions and feasibility studies, PT. Sarana Multigriya Finansial (Persero) was established on July 22, 2005. The Company is the first secondary mortgage corporation in Indonesia.
Sebagai hasil dari diskusi dan studi kelayakan tersebut, PT. Sarana Multigriya Finansial (Persero) resmi didirikan pada 22 Juli 2005. Perseroan merupakan perusahaan pertama yang bergerak di bidang pembiayaan sekunder perumahan di Indonesia.
The Company carries a mission from the Government to channel funds from the capital market to mortgage lenders. The Company’s objective is to enhance acceleration of mortgage volume in Indonesia as an effort to increase the capacity, sustainability, as well as affordability of house financing to the public, especially those in the middle to lower class.
Perseroan mengemban misi dari pemerintah untuk mengalirkan dana dari pasar modal kepada penyalur Kredit Pemilikan Rumah (KPR). Tujuannya adalah untuk menambah percepatan volume KPR di Indonesia dalam rangka meningkatkan kapasitas dan kesinambungan pembiayaan perumahan, sehingga terjangkau oleh masyarakat, terutama masyarakat menengah ke bawah.
FIGURE 8. THE COMPANY’S MILESTONES
1983 Intensive discussions by stakeholders of housing finance concerning establishment of a secondary mortgage institution.
2005 On July 22, 2005, the Government established PT Sarana Multigriya Finansial (Persero). The establishment of the Company was based on the Regulation of the Government of the Republic of Indonesia No. 5/2005 dated February 7, 2005, regarding the Government of the Republic of Indonesia's capital investment and Presidential Decree No. 19/2005 dated February 7, 2005 regarding Secondary Mortgages. 2009 The first securitization transaction conducted through public offering of Residential Mortgage Backed Securities (RMBS) and Listed at the Indonesia Stock Exchange. The First issuance of the Company’s unsecured bonds through public offering. The first financing facility to Sharia Bank. 2012 The Participation Certificate is declared as securities by the Chairman of Bapepam-LK No. 11663/BL/2012 dated October 3, 2012.
1993 The Ministry of Finance conducted a series of feasibility studies since 1993.
2006 The first lending transaction to a mortgage lender, PT. Bank Tabungan Negara (Persero).
2007 The first lending transaction to a multifinance company.
2010 Launching of fair market value of EBA in cooperation with PT. Penilai Harga Efek Indonesia / Indonesian Bond Pricing Agency (IBPA). The first issuance of mortgage secured bonds through Public Offering. The first issuance of MTN through private placement. 2013 Establishment of Draft of Regulation on the RMBS – Participation Certificate by Financial Services Authority.
Source: Company
Page 8 of 20
1998 Government issued the Minister of Finance of Republic of Indonesia Decree No. 132/KMK.014/1998 that opened an opportunity for the establishment of a secondary mortgage institution, yet the result had not been implemented due to absence of shareholder candidates. 2008 The first loan disbursement to a Regional Development Bank (RDB). The Government issued Presidential Decree No. 1/2008 as Amendment to Presidential Decision No. 19/2005 regarding Secondary Mortgages, particularly allowing the Company to provide lending for 10 years starting from the issuance date of the regulation, until 2018, with tenor up to 15 years. 2011 Additional paid-up capital of Rp. 1 trillion. The first bond issuance with continuous public offering scheme.
2014 The issuance of Financial Services Authority Regulation concerning the Issuance and Reporting of Residential Mortgage Backed Securities – Participation Certificates (RMBS – SP) for secondary housing finance. The Company received additional capital investment from the Republic of Indonesia that amounted to Rp. 1 trillion.
SMFP | June 2015
The Company’s shares are 100% owned by the Government The Company’s shares are100% owned by the Government of the Republic of Indonesia, thus the Board of Commissioners, the Board of Directors, or public, let alone controlling shareholders, have no share ownership in the Company.
Saham Perseroan sepenuhnya dimiliki oleh Pemerintah Pemerintah Republik Indonesia merupakan pemilik saham Perseroan sepenuhnya, sebesar 100%, oleh sebab itu saham Perseroan tidak dimiliki oleh Dewan Komisaris, Dewan Direksi, pengendali ataupun kelompok pemegang saham masyarakat.
FIGURE 9. THE COMPANY’S OWNERSHIP
Government of Indonesia
100% Ownership
Source: Company
The Company’s Management The Company’s management consists of professionals, with good reputation and track record in the financial industry. Raharjo Adisusanto, the Company’s President Director, previously served as Senior Vice President - Head of Corporate Business Division of PT. Bank Mega Tbk. Sutomo was previously Director of PT. Mandiri Manajemen Investasi. Trisnadi Yurisman was previously Head of Internal Audit PT. Danareksa (Persero).
Manajemen Perseroan Manajemen Perseroan terdiri dari professional yang memiliki reputasi yang baik dan pengalaman yang cukup lama di industri keuangan. Raharjo Adisusanto, Presiden Direktur Perseroan, sebelumnya menjabat sebagai Vice President – Kepala Divisi Corporate Business PT. Bank Mega Tbk. Sutomo sebelumnya menjabat sebagai Direktur di PT. Mandiri Manajemen Investasi. Trisnadi Yurisman sebelumnya menjabat sebagai Kepala Divisi Internal Audit di PT. Danareksa (Persero).
FIGURE 10. THE COMPANY’S MANAGEMENT
Board of Commissioners President Commissioner
:
Herry Purnomo
Commissioner
:
Agus Rijanto Sedjati
Commissioner
:
Mariatul Aini
Board of Directors President Director : Raharjo Adisusanto Director of Finance and Administration : Sutomo Director of Risk Management and IT : Trisnadi Yulrisman Source: Company
Page 9 of 20
SMFP | Jun 2015
FIGURE 11. THE COMPANY’S ORGANIZATION STRUCTURE
General Meeting of Shareholders
Board of Commissioner Audit Committee
President Director
Internal Audit
Finance & Administration Director
Risk Management & IT Director
Risk Management & Compliance
Information Technology
Research & Development
Source: Company
Page 10 of 20
Corporate Secretary
Securitization & Financing
Finance
Accounting & Reporting
Human Resources & General Affairs
SMFP | June 2015
BUSINESS OVERVIEW
TINJAUAN BISNIS
Interest Income is the largest revenue contributor The Company’s largest revenues derive from the interest income which accounted for around 99% of total revenue, and the rest are from securitization, financial instrument and other income (Employees loan, interest on cash bank, etc.)
Pendapatan terbesar berasal dari pendapatan bunga Pendapatan Perseroan terbesar berasal dari pendapatan bunga yang berkontribusi sekitar 99% dari total pendapatan, sementara sisanya berasal dari sekuritisasi,instrumen keuangan dan pendapatan lain-lain (pinjaman kepada karyawan, pendapatan bunga bank dan lainnya).
FIGURE 12. REVENUE BREAKDOWN (2014)
Interest Income 99.2%
Gain/(Losses) from changes in fair value of trading financial instruments 0.4% Gains from sale of financial instruments 0.0% Other income 0.1% Securitisation income 0.3%
Source: Company
Loans is the largest contributor of Company’s interest income which accounted for 83.9% of total interest income in 2014, while the rest are from Residential Mortgage Backed Securities, placement on credit enhancement, Government bonds and time deposits which accounted for 7.2%, 0.5%,0.2% and 8.2% respectively.
Pinjaman yang diberikan merupakan kontributor terbesar dari pendapatan bunga Perseroan yang menyumbang sebesar 83.9% dari total pendapatan bunga tahun 2014, sementara sisanya berasal dari Efek Beragun Aset (EBA), penempatan dana pendukung kredit, SUN, dan deposito berjangka dengan masing-masing sebesar 7.2%, 0.5%, 0.2% dan 8.2%.
Interest income in 2014 that amounted Rp309 billion, or equal to 46.2% of total interest income, was derived from Bank BTN's loan and time deposit placement.
Pendapatan bunga di tahun 2014 sebesar Rp309 miliar, atau setara dengan 46.2%, diperoleh dari penyaluran pinjaman dan penempatan deposito pada Bank BTN.
FIGURE 13. INTEREST INCOME BREAKDOWN (2014)
FIGURE 14. INTEREST INCOME BREAKDOWN (2013) Residential Mortgage Backed Securities, 4.5%
Residential Mortgage Backed Securities, 7.2% Loans, 83.9%
Loans, 77.9% Time Deposits, 8.2%
Placement on credit enhancement, 0.5%
Time Deposits, 17.1% Placement on credit enhancement, 0.2%
Government Bonds, 0.2%
Government Bonds, 0.3%
Source: Company
Source: Company
Main activities of the Company The Company’s main duty is to facilitate the disbursement of funds from the capital market to the primary mortgage market. In order to achieve this objective, the Company performs the following 3 main activities, namely:
Aktivitas utama Perseroan Tugas utama Perseroan adalah memfasilitasi penyaluran dana dari pasar modal ke pasar pembiayaan primer perumahan. Untuk mencapai tujuan tersebut, Perseroan melakukan tiga kegiatan utama, yaitu:
Page 11 of 20
SMFP | Jun 2015
1.
2. 3.
Facilitating securitization transactions by acting as Issuer, Global Coordinator, Securitization Arranger, Credit Enhancer, and Investor. Providing lending to mortgage lenders. Issuing debt securities.
1.
2. 3.
Melalukan transaksi sekuritisasi, dengan peran sebagai Penerbit, Koordinator Global, Penata Sekuritisasi, Pendukung Kredit dan Investor. Menyalurkan pembiayaan kepada penyalur KPR. Menerbitkan surat utang.
Lending In order to encourage the growth of mortgage, the Company offers liquidity facility in the form of a lending program to mortgage lenders. The source of funds for this program derived from debt securities issuance. On mortgages that have been distributed, mortgage channeling institutions request financing to the Company to be able to have the funds for the issuance of new mortgage. On the basis of the funds that have been loaned to the channeling mortgage institution, the Company issues bonds that are sold to capital markets.
Penyaluran pinjaman Untuk mendorong pertumbuhan KPR, Perseroan menawarkan fasilitas likuiditas dalam bentuk program pinjaman kepada lembaga penyalur KPR. Sumber pendanaan untuk mendukung program penyaluran pinjaman ini berasal dari penerbitan surat utang. Atas KPR yang telah disalurkan, lembaga penyalur KPR mengajukan permintaan pembiayaan kepada Perseroan untuk dapat memiliki dana guna penerbitan KPR baru. Atas dasar dana yang telah dipinjamkan kepada lembaga penyalur KPR, Perseroan menerbitkan obligasi yang dijual ke pasar modal.
In 2014, the realization of the Company's loan portfolio reached Rp3 trillion, which is distributed to mortgage dealers comprising commercial banks, Regional Development Banks (BPD), Islamic Banks and finance companies
Pada tahun 2014, realisasi penyaluran pinjaman Perseroan mencapai Rp3 triliun, yang disalurkan kepada penyalur KPR yang terdiri dari bank umum, Bank Pembangunan Daerah (BPD), Bank Syariah dan perusahaan pembiayaan.
FIGURE 15. LOAN DISBURSEMENT TREND Rp. tn
3,500 3,029
3,000 2,507
2,500
2,252
2,000 1,500
1,254
1,000
702 534
500
305
408
100 0 2006
2007
2008
2009
2010
2011
2012
2013
2014
Source: Company
Securitization As an appropriate transaction model for mortgage lenders who wish to improve their funding structure, securitization transactions are performed by transforming non-liquid assets into liquid assets by purchasing mortgage receivables from mortgage lenders and issuing Residential Mortgage Backed Securities (RMBS) by using mortgage receivables as underlying asset.
Sekuritisasi Sebagai model transaksi bagi penyalur KPR yang memiliki keinginan untuk memperbaiki struktur pendanaannya, transaksi sekuritisasi dilakukan dengan mentransformasikan asset yang tidak likuid menjadi likuid dengan cara pembelian tagihan KPR dari penyalur KPR dan penerbitan Efek Beragun Aset (EBA) dengan menggunakan asset dasar tagihan KPR tersebut.
As of 2014, Bank Tabungan Negara (BTN) is the only mortgage lender that has utilized the Company’s program in the form of securitization transaction as one of the source of mortgage financing. In 2014, the Company facilitated a BTN mortgage securitization of Rp1.5 trillion.
Sampai dengan 2014, Bank Tabungan Negara (BTN) merupakan satu-satunya penyalur KPR yang telah memanfaatkan program Perseroan dalam bentuk transaksi sekuritisasi sebagai salah satu sumber pendanaan KPR-nya. Dan di tahun 2014, Perseroan memfasilitasi sekuritisasi KPR BTN sebesar Rp1.5 triliun.
Page 12 of 20
SMFP | June 2015
FIGURE 16. COMPANY’S SECURITIZATION TREND Rp. Bn 1,600 1,400
35,000
1,200 1,000
40,000
34,452
33,663
20,174
30,000
33,173
25,842
25,000
19,810
800
20,000
1,500
600
15,000 1,000
400 200
750
1,000 10,000
703
502
5,000
-
2009
2010
2011
2012
2013
Amount of Securitization
2014
Amount of Debtor
Source: Company
As a Residential Mortgage Backed Securities (RMBS) issuer With the issuance of Financial Services Authorities Regulation (POJK) on the issuance and reporting of Residential Mortgage Backed Securities in the form of Participation Certificates (RMBS-SP) No. 23/POJK.04/2014 on November 19, 2014, the Company’s role has been centralized, as mandated by Presidential Regulation, namely as RMBS issuer., besides its previous role since 2009 as Global Coordinator, Securitization Arranger, Credit Enhancer and Investor.
Sebagai Penerbit Efek Beragun Aset Dengan terbitnya Peraturan Otoritas Jasa Keuangan (POJK) tentang Penerbitan dan Pelaporan Efek Beragun Aset berbentuk Surat Partisipasi (EBA-SP) No. 23/POJK.04/2014 pada tanggal 19 November 2014, maka peran Perseroan sudah menjadi sentral sesuai yang diamanatkan dalam PerPres yaitu sebagai Penerbit EBA, selain yang telah dijalankan Perseroan sejak 2009, yaitu sebagai Koordinator Global, Penata Sekuritisasi, Pendukung Kredit dan Investor.
FIGURE 17. ISSUED RESIDENTIAL MORTGAGE BACKED SECURITIES No
Securitization
Year of Issuance
Average Remaining Term of Maturity (Year)
1
DSMF 01
11-Feb-09
5.3
2
DSMF 02
10-Nov-09
5.63
3
DBTN01
27-Dec-10
5.35
4
DBTN02
16-Nov-11
5.94
5
DBTN03
12-Dec-12
6.35
6
DBTN04
20-Dec-13
5.58
7
DBTN05
2-Dec-14
6.72
Tranches Amount in Rp. Bn Class-A
100
Class-B
11
Class-A
360
Class-B
31
Class-A
688.5
Class-B
61.5
Class-A
645
Class-B
58
Class-A
925
Class-B
75
Class-A1
403
Class-A2
525
Class-B
72
Class-A1
723.5
Class-A2
647.5
Class-B
129
Initial Rating
Current Rating
Coupon
RMBS Term (year)
13.00%
5.00
11.00%
5.00
9.25%
5.00
8.75%
5.00
7.75%
5.00
idAAA
idAAA
Unrated
Unrated
idAAA
idAAA
Unrated
Unrated
idAAA
idAAA
Unrated
Unrated
idAAA
idAAA
Unrated
Unrated
idAAA
idAAA
Unrated
Unrated
idAAA
idAAA
8.90%
3.00
idAAA
9.50%
5.00
idAAA Unrated
Unrated
idAAA
idAAA
10.00%
2.00
idAAA
idAAA
10.25%
3.00
Unrated
Unrated
Source: Company
Page 13 of 20
SMFP | Jun 2015
The Company's primary targets are the banking sector and also multifinance companies The Company has diversified its customer base by targeting conventional banks, sharia banks, regional development banks and multifinance companies, to ensure the facilities that Company provides are optimally utilized.
Target utama Perseroan adalah sektor perbankan dan juga perusahaan multifinance Perseroan melakukan diversifikasi nasabahnya dengan berorientasi kepada bank umum, bank shariah, bank pembangunan daerah serta perusahaan multifinance, agar fasilitas yang disediakan oleh Perseroan dapat dimanfaatkan secara maksimal.
In 2014, the Regional Development Bank (BPD) became one of the Company's focus on loan portfolio. BPD became the focus as the Company sees great potential contained in the regional development banks to provide mortgage financing, particularly to lower-middle income people. Currently, the Company has collaborated with several BPD, such as Bank DKI, NTB Bank, Bank Nagari, Bank Kalsel and Bank BPD DIY.
Pada tahun 2014, Bank Pembangunan Daerah (BPD) merupakan salah satu fokus penyaluran pinjaman Perseroan. BPD menjadi fokus kerjasama karena Perseroan melihat potensi besar yang terdapat pada Bank Pembangunan Daerah untuk memberikan pembiayaan perumahan, khususnya kepada masyarakat berpenghasilan menengah ke bawah. Saat ini, Perseroan telah bekerjasama dengan beberapa BPD, seperti Bank DKI, Bank NTB, Bank Nagari, Bank Kalsel, dan Bank BPD DIY.
FIGURE 18. LENDING BY COMPANY UP TO 2014
Rp. 6,400 Bn
Rp. 30 Bn
Rp. 100 Bn
Rp. 0.5 Bn
Rp. 250 Bn
Financing
Financing
Rp. 2,706 Bn
Rp. 630 Bn
Rp. 600 Bn
Rp. 200 Bn
Rp. 100 Bn
Rp. 13 Bn
Rp. 42 Bn
Rp. 12.5 Bn
Rp. 1 Bn
Financing
Financing
Source: Company
Supported by international institution In the early stages of the Company's establishment, the Government of Indonesia had support from the Municipal Finance Project (MFP), which is a collaboration between the Finance and Monetary Analysis Agency (BAKM) and USAID.
Didukung oleh Lembaga Internasional Pada awal tahap persiapan pendirian Perseroan, pemerintah Republik Indonesia mendapatkan dukungan dari proyek Municipal Finance Project (MFP) yang merupakan kerjasama antara Badan Analisa Keuangan & Moneter (BAKM) dan USAID.
It does not have a competitor Institutionally, the Company has no competitors because there are no similar companies in Indonesia with the same business. It is also a common pattern in other countries which have already started the construction of a secondary mortgage market first. The difference is the Company since its establishment was founded in the form of a legal entity, as a limited liability company, without getting specificity associated with the mission to be performed.
Tidak memiliki pesaing Secara kelembagaan, Perseroan tidak memiliki pesaing karena tidak ada perusahaan sejenis di Indonesia yang mempunyai usaha yang sama. Hal ini juga merupakan pola yang umum terjadi di negara-negara lain yang sudah memulai pembangunan pasar pembiayaan sekunder perumahan terlebih dahulu. Yang membedakan adalah Perseroan sejak awal pendiriannya didirikan dengan bentuk entitas hukum, berupa Perseroan Terbatas, tanpa mendapatkan kekhususan yang berkaitan dengan misi yang harus dijalankannya.
Page 14 of 20
SMFP | June 2015
FINANCIAL OVERVIEW AND OUTLOOK
TINJAUAN KEUANGAN DAN OUTLOOK
Strong lending growth…
Pertumbuhan kredit yang kuat…
Total loans outstanding increased 46% CAGR in the past five years while the industry saw a 23% increase. As a result, the Company’s share in mortgage loans increased to 1.9% in 2014 from 1% in 2010. As the government is launching the "One Million Houses" program, we expect the loan growth is still strong.
Total kredit meningkat 46% CAGR dalam lima tahun terakhir sementara industri menunjukkan peningkatan 23%. Alhasil, pangsa pasar KPR Perseroan meningkat menjadi 1.9% pada tahun 2014 dari 1% di tahun 2010. Kami berharap pertumbuhan kredit masih akan kuat seiring dengan program “Satu Juta Rumah” yang baru saja diluncurkan oleh Pemerintah.
FIGURE 19. INDONESIAS MORTGAGE LOANS TREND
FIGURE 20. COMPANY LOAN AS A PERCENT OF INDONESIAS MORTGAGE LOANS INCREASED TO AROUND 2%
Loans Rp billion 7,000
Rp trillion 400 342
CAGR:23%
350
6,501 CAGR: 46%
6,000
306
300
2.0% 1.5%
4,000
197 200
2,612
3,000
149
1.0%
150
2,000
100
1,434 0.5%
1,000
50
0.0%
-
2010
2011
2012
2013
2010
2014
2.5%
6,230
4,779
5,000
242
250
Company's loan as a percent of Indonesian mortgage loans
2011
2012
2013
2014
Source: Bank Indonesia
Source: BI, Company, Mandiri Sekuritas calculation
...resulting in strong growth on interest income…
…menghasilkan pertumbuhan pendapatan bunga yang kuat…
In line with strong loan growth, the Company’s interest income grew significantly by 33% CAGR from Rp212 billion in 2010 to Rp670 billion in 2014. With the strong trend of the Company’s loan growth we expect interest income to grow from Rp670 billion in 2014 to Rp801 billion in 2015 and to Rp952 billion in 2016.
Sejalan dengan pertumbuhan kredit yang kuat, pendapatan bunga Perseroan bertumbuh signifikan sebesar 33% CAGR dari Rp212 miliar pada 2010 menjadi Rp670 miliar pada tahun 2014. Dengan tren pertumbuhan kredit Perseroan yang kuat, kami berharap pendapatan bunga akan bertumbuh dari Rp670 miliar di tahun 2014 menjadi Rp801 miliar di tahun 2015 dan Rp952 miliar di tahun 2016.
FIGURE 21. STRONG GROWTH ON INTEREST INCOME Interest income
YoY growth
Rp billion 1,000
YoY 100%
900
90%
800
80%
700
70%
600
60%
500
50%
400
40%
300
30%
200
20%
100
10%
-
0% 2010
2011
2012
2013
2014
2015F
2016F
Source: Company
Page 15 of 20
SMFP | Jun 2015
..NIM maintained stable
..NIM dapat dipertahankan stabil
Net interest income increased 22% CAGR in 2010-2014 and grew 11%yoy in 2014 to Rp265 billion, resulting in net interest margin (NIM) maintained around 3 to 4% in the last five years.
Pendapatan bunga bersih meningkat dengan CAGR 22% di 2010-2014 dan bertumbuh 11%yoy pada tahun 2014 menjadi Rp265 miliar, sehingga marjin bunga bersih (NIM) dapat tetap dipertahankan di sekitar 3% sampai 4% dalam lima tahun terakhir.
As the Company got capital injection at the end of 2014, we expect lower debt growth in 2015, thus lowering interest expense growth. Therefore, we believe the Company can maintain its net interest margin (NIM) at around 3-4% in 2015-2016, compared to 3.1% recorded in 2014. The NIM is calculated based on interest income, minus the interest expenses and then divided with the average outstanding earnings asset.
Sebagaimana Perseroan mendapatkan suntikan modal pada akhir 2014, kami berharap pertumbuhan utang akan lebih rendah pada tahun 2015, sehingga mengurangi laju pertumbuhan beban bunga. Oleh karena itu, kami percaya Perseroan dapat mempertahankan net interest margin (NIM) di sekitar 3-4% pada 2015-2016 dibandingkan dengan 3.1% yang tercatat pada tahun 2014. NIM dihitung dari pendapatan bunga dikurangkan dengan beban bunga dan kemudian dibagi dengan rata-rata saldo earnings asset.
FIGURE 22. INTEREST EXPENSE GROWING TOCAPITAL INJECTION AT THE END OF 2014
FIGURE 23. MAINTAINED STABLE NIM
Interest expenses (LHS)
SLOWLY
DUE
YoY growth
Rp billion 600
YoY 120%
500
100%
400
80%
300
60%
200
40%
100 2010
2011
Source: Company
Page 16 of 20
2012
2013
2014
2015F
2016F
Net interest income (LHS)
Rp billion 500
NIM NIM 5%
400
4%
300
3%
200
2%
20%
100
1%
0%
-
0% 2010
Source: Company
2011
2012
2013
2014
2015F
2016F
SMFP | June 2015
Sound asset quality
Kualitas asset yang baik
The Company uses a recourse scheme in its loan disbursement. Hence, the Company books zero NPL. We believe that the Company will continue to carry out a conservative approach to managing risk so we view that the NPL will be maintained at very low levels.
Perseroan menggunakan skema recourse dalam menyalurkan kreditnya. Oleh karena itu, Perseroan membukukan nol NPL. Kami percaya bahwa Perseroan akan terus melakukan pendekatan konservatif dalam pengelolaan risiko sehingga kami memandang bahwa NPL akan tetap dipertahankan pada tingkat yang sangat rendah.
Capital structure to remain strong
Struktur permodalan akan tetap kuat
Supported by stable NIM, as we described above, and efficiency in operating its business, as shown by decreasing cost to income ratio (CIR) from 24.2% in 2010 to 17.7% in 2014, thus net profit increased significantly by 22.2% CAGR and still grew by 19.7%yoy in 2014 to Rp173 billion. Thus, total equity grew by 29% CAGR in 2010-2014. In addition, as of 30 December 2014, the Government of the Republic of Indonesia increased the issued paid-in capital by Rp1 trillion, thus total equity grew faster by 42%YoY to Rp4.5 trillion. Hence, total debt to equity (DER) decreased to 1.4x from 1.7x in 2013.
Didukung oleh NIM yang stabil, seperti dijelaskan di atas, dan efisiensi dalam menjalankan bisnisnya, sebagaimana ditunjukkan oleh penurunan cost to income ratio (CIR) dari 24.2% di tahun 2010 menjadi 17.7% di tahun 2014, laba bersih meningkat signifikan dengan CAGR 22.2% dan masih bertumbuh sebesar 19.7%yoy pada tahun 2014 menjadi Rp173 miliar. Dengan demikian, total ekuitas bertumbuh dengan CAGR 29% di 2010-2014. Selain itu, pada 30 Desember 2014, Pemerintah Republik Indonesia meningkatkan modal disetor sebesar Rp1 triliun, sehingga total ekuitas di tahun 2014 bertumbuh lebih pesat sebesar 42%yoy menjadi Rp4.5 triliun. Oleh karena itu, total hutang terhadap ekuitas (DER) turun menjadi 1.4x dari 1.7x di tahun 2013.
In regards of the new Rp500 billion bond issuance in 2015, we expect DER will be maintained low at 1.2x in 2015; note that there are around Rp2 trillion of bonds and MTN will be mature in 2015.
Dalam kaitannya dengan penerbitan obligasi baru sebesar Rp500 miliar di tahun 2015, kami berharap DER akan tetap dapat dipertahankan rendah pada posisi 1.2x di tahun 2015, mengingat bahwa ada sekitar Rp2 triliun obligasi dan MTN yang jatuh tempo di tahun 2015.
FIGURE 24. THE COMPANY’S NET PROFIT TREND
FIGURE 25. DER MAINTAINED LOW BELOW 2X
Rp billion 300
Net profit
%
CIR (RHS)
30
250
25
200
20
150
CAGR: 22.2%
15 10
100 50
5
0
0 2010
2011
Source: Company
2012
2013
2014
2015F
2016F
Total debt
Rp billion 8,000
Total Equity
DER (RHS)
X 2.0
7,000
1.8
6,000
1.5
5,000
1.3
4,000
1.0
3,000
0.8
2,000
0.5
1,000
0.3 -
2010
2011
2012
2013
2014
2015F
2016F
Source: Company
Page 17 of 20
SMFP | Jun 2015
Key risk
Risiko
High dependence on a few debtors
Ketergantungan yang tinggi pada sedikit debitur
Around 91% of the Company’s outstanding loan is contributed by two major debtors: Bank BTN and Bank Muamalat. If in the future these two companies reduced their funding from the Company, then the impact to the Company’s performance will be severely high.
Sekitar 91% dari saldo pinjaman yang diberikan Perseroan dikontribusi oleh dua debitur utama: Bank BTN dan Bank Muamalat. Jika di masa depan, kedua perusahaan tersebut mengurangi pendanaannya dari Perseroan, maka dampak terhadap kinerja Perseroan akan sangat tinggi.
In regards of the above risk, the Company has begun to expand its lending and diversified its debtors to other financial institutions such as regional development banks and multifinance companies.
Dalam kaitannya dengan risiko di atas, Perseroan mulai memperluas pinjaman serta mendiversifikasi debitur kepada lembaga keuangan lain seperti bank pembangunan daerah (BPD) dan perusahaan pembiayaan.
Page 18 of 20
SMFP | June 2015
FIGURE 26. FINANCIAL PROJECTION
Profit and loss YE Dec (Rp bn)
2010A
2011A
2012A
2013A
2014A
2015F
2016F
212 3 3 218 (91) 121 (31) 96 (19) 78
252 3 3 258 (128) 123 (28) 101 (21) 80
431 3 3 436 (219) 212 (38) 180 (39) 140
543 3 (8) 538 (304) 239 (44) 189 (44) 145
670 2 3 675 (405) 265 (48) 222 (49) 173
801 2 0 804 (454) 347 (51) 298 (65) 233
952 3 0 955 (552) 401 (55) 349 (77) 272
2010A 765 282 1,434 27 10 2 51
2011A 1,844 265 2,612 36 14 2 43
2012A 961 331 4,779 46 17 5 39
2013A 576 543 6,230 56 20 5 47
2014A 1,882 997 6,501 77 22 6 49
2015F 594 1,194 7,513 92 24 7 50
2016F 537 1,430 9,766 111 27 7 52
Total assets
2,571
4,817
6,179
7,478
9,534
9,474
11,930
Bonds & MTN Other liabilities Total liabilities Shareholder's equity Total liabilities and equity
1,114 29 1,143 1,428 2,571
2,267 42 2,309 2,508 4,817
3,477 54 3,531 2,648 6,179
4,644 43 4,687 2,791 7,478
5,515 55 5,570 3,964 9,534
5,217 60 5,277 4,197 9,474
7,394 66 7,460 4,469 11,930
2010A
2011A
2012A
2013A
2014A
2015F
2016F
3.5 5.6 n.a
2.2 4.1 3.9
2.6 5.4 4.3
2.1 5.3 3.5
2.0 5.1 3.1
2.4 5.7 3.7
2.5 6.3 3.8
0.6 0.4 0.8
0.5 0.5 0.9
0.4 0.6 1.3
0.4 0.6 1.7
0.4 0.6 1.4
0.4 0.6 1.2
0.4 0.6 1.7
24.2 1.2
21.6 0.6
17.3 0.6
19.0 0.6
17.7 0.5
14.7 0.5
13.6 0.5
0 -
0 -
0 -
0 -
0 -
0 -
0 -
Interest Income Securitisation income others Total income Interest exp. Net interest income Opex Income before tax Tax Net profit
Balance sheet YE Dec (Rp bn) Cash Marketable Securities Loans Credit enhancement Trade Receivables
Other Receivables Others
Key ratios YE Dec Profitability ROAA (%) ROAE (%) NIM (%) Capitalization Total equity/total asset (x) Total Debt/total asset (x) Debt to equity (x) Efficiency Cost to income Ratio (%) Cost to asset ratio (%) Asset quality NPL (%) Provision bal./Net Service Asset (%) Write off/ Net Service Asset (%) Coverage ratio (%) Source: Company and Mandiri Sekuritas estimates
Page 19 of 20
Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk Plaza Mandiri 28th Floor, Jl. Jend. Gatot Subroto Kav. 36 - 38, Jakarta 12190, Indonesia General: +62 21 526 3445, Fax : +62 21 527 5711 (Debt Research), +62 21 527 5701 (Debt Sales)
DEBT RESEARCH TEAM
Aldian Taloputra Chief Economist aldian.taloputra @mandirisek.co.id +62 21 5296 9572
Leo Putra Rinaldi Economist
[email protected] +62 21 5296 9406
Yulia Ansari Credit Analyst
[email protected] +62 21 5296 9408
Ali Hasanudin Credit Analyst
[email protected] +6221 5296 9629
Yudistira Yudadisastra Credit Analyst
[email protected] +62 21 5296 9698
Wisnu Trihatmojo Research Assistant
[email protected] +62 21 5296 9544
DEBT CAPITAL MARKET TEAM
Handy Yunianto Head of Institutional Sales
[email protected] +62 21 5296 9568
Sita Arvianti Institutional Sales
[email protected] +62 21 527 5378
Fonny Supargo Institutional Sales
[email protected] +62 21 527 5378
Teguh Suwarno Institutional Sales
[email protected] +62 21 527 5378
Indri Ratnasari Institutional Sales
[email protected] +62 21 527 5378
Mohammad Haikal Institutional Sales
[email protected] +62 21 527 5378
Ranny Rianovita Institutional Sales
[email protected] +62 21 527 5378
SINGAPORE DEBT CAPITAL MARKET TEAM
Lawrence Ong Director/Head of Singapore Branch
[email protected] +65-6589-3888
Chia Soo Meng Head of Fixed Income Sales & Trading
[email protected] +65 6589 3898
Miranti Wulansari AVP - Institutional Sales
[email protected] +65 6589 3899
Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk Plaza Mandiri, 28th Floor Jl. Jend. Gatot Subroto Kav. 36-38 Jakarta 12190 - Indonesia General: +62 21 526 3445 Fax: +62 21 527 5711 (Debt Research) +62 21 527 5701 (Debt Capital Market)
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