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Indonesia Stock Exchange: Indonesia Bond Market Directory - (2017-2018)

IM Insights
By IM Insights
5 years ago
Indonesia Stock Exchange: Indonesia Bond Market Directory - (2017-2018)

Arif, Halal, Iman, Islamic banking, Murabahah, Sukuk, Credit Risk, Fair Price, Participation, Provision, Receivables, Reserves, Sales

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  1. Indonesia Bond Market Directory 2017-2018 Indonesia Stock Exchange Indonesia Bond Pricing Agency INDONESIA BOND MARKET DIRECTORY 2016-2017 1
  2. INDONESIA BOND MARKET DIRECTORY 2017-2018 © 2017 PT Bursa Efek Indonesia Indonesia Stock Exchange Building, Tower I, 6th Floor Jln. Jend. Sudirman Kav. 52-53 Jakarta 12190 www.idx.co.id All right reserved. Published 2017. Printed in Indonesia Rights and Permissions This publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of Law of The Republic of Indonesia Number 19 Year 2002 Regarding Copyright. Disclaimer The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. PT Bursa Efek Indonesia cannot be held liable or otherwise responsible in any way for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication. Data Notes The trading data on this publication was taken on July 1, 2017. If in the future, any cancelation occurs on the securities transaction that was submitted by Participant or if any late reporting occurs in reporting the securities transaction performed by Participant, then such data may be revised at any time. All financial statement data are displayed in Indonesia rupiah (IDR). Any original published financial statement denominated in U.S. dollars (USD) are converted to IDR with end of year exchange mid-rate of Bank Indonesia. Dollar figures ($) are current U.S. dollars, unless otherwise specified. Billion means 1,000 million; trillion means 1,000 billion. 2 INDONESIA BOND MARKET DIRECTORY 2016-2017
  3. PREFACE Our thanks to God the Almighty , finally we finished IBMD 2017-2018 (Indonesia Bond Market Directory), the joint project between IDX (Indonesia Stock Exchange) with IBPA (Indonesia Bond Pricing Agency). IBMD 2017-2018 is compiled to present bonds and sukuk (Islamic/Sharia Bonds) conditions for all Indonesia government bonds and sukuk, as well as Indonesia corporate bonds and sukuk and influence of global condition on year 2016 until first semester 2017. IBMD 2017-2018 also contains of financial report and trading activities in bonds and sukuk market. For the first time in this edition the book also provide trading information and short analysis to enhance the readers understanding about the bond market. Price comparison between market price and valuation price from IBPA, contains both table and chart is hopefully would figure the real condition. IBPA analytical review section also provided to give deep information about corporate bonds issuer. We also thanks all parties which has positively contributed to this publication. We hope this book can provide adequate information to all parties and readers who want to know about the recent area potentials of bond in Indonesia. Finally, we apologize if these books are not well published and distributed, and we are looking forward any suggestions and criticism to improve in the future. Jakarta, November 2017 INDONESIA BOND MARKET DIRECTORY 2016-2017 3
  4. CONTENTS 3 4 Preface About IBPA 9 Indonesia Bond Market Reviews 11 ICBI , 2016 - June 2017 12 Historical Milestone 14 Indonesia Economic Review 19 Indonesia Bond Indexes 27 Bond Market Overview 33 Bond Ownership Profile 35 4 Government Bonds 37 Government Bonds 42 Trading Highlight 99 Corporate Bonds 101 Corporate Bonds and Sukuk 137 ADHI PT Adhi Karya (Persero) Tbk. 144 ADMF PT Adira Dinamika Multifinance Tbk. 159 AGII PT Aneka Gas Industri 163 AISA PT Tiga Pilar Sejahtera Food Tbk. 168 AKRA PT AKR Corporindo Tbk. 172 AMRT PT Sumber Alfaria Trijaya Tbk. 177 ANTM PT Aneka Tambang (Persero) Tbk. 181 APLN PT Agung Podomoro Land Tbk. 188 APOL PT Arpeni Pratama Ocean Line Tbk. 192 ASDF PT Astra Sedaya Finance 201 BACA PT Bank Capital Indonesia Tbk 205 BBIA PT Bank UOB Indonesia 210 BBKP PT Bank Bukopin Tbk. 214 BBMI PT Bank Muamalat Indonesia Tbk 218 BBRI PT Bank Rakyat Indonesia (Persero) Tbk. 226 BBRK PT Bank Pembangungan Daerah Riau Kepri 229 BBSY PT Bank BNI Syariah 232 BBTN PT Bank Tabungan Negara (Persero) Tbk. 241 BCAF PT BCA Finance 248 BCAP PT MNC Kapital Indonesia Tbk. 215 BDKI PT Bank DKI (BPD DKI) 254 BEXI Lembaga Pembiayaan Ekspor Indonesia 270 BFIN PT BFI Finance Indonesia Tbk. 277 BIIF PT BII Finance Center 283 BIMF PT Bima Multi Finance 289 BJBR PT BPD Jawa Barat Dan Banten Tbk. (Bank BJB) 292 BJTG PT BPD Jawa Tengah 296 BLAM PT BPD Lampung (Bank Lampung) 299 BLTA PT Berlian Laju Tanker Tbk. 305 BMLK PT Bank Pembangunan Daerah Maluku INDONESIA BOND MARKET DIRECTORY 2016-2017
  5. 308 BMRI PT Bank Mandiri (Persero) Tbk. 311 BMTR PT Global Mediacom Tbk 314 BNGA PT Bank CIMB Niaga Tbk. 321 BNII PT Bank International Indonesia Tbk. 329 BNLI PT Bank Permata Tbk. 336 BNTT PT Bank Pembangungan Daerah Nusa Tenggara Timur 340 BPFI PT Batavia Prosperindo Finance Tbk. 343 BRAP PT Brantas Abipraya (Persero) 346 BSBR PT BPD Sumatera Barat (Bank Nagari) 351 BSDE PT Bumi Serpong Damai Tbk. 357 BSEC PT MNC Securities 360 BSLT PT BPD Sulawesi Utara (Bank Sulut) 364 BSMT PT Bank Pembangunan Daerah Sumatera Utara 369 BTPN PT Bank Tabungan Pensiunan Nasional Tbk. 374 BVIC PT Bank Victoria International Tbk. 379 CTRR PT Ciputra Residence 384 DART PT Duta Anggada Realty Tbk. 387 DILD PT Intiland Development Tbk. 392 DNRK PT Danareksa (Persero) 397 EXCL PT XL Axiata Tbk. 403 FAST PT Fast Food Indonesia Tbk. 406 FIFA PT Federal International Finance 413 FREN PT Smartfren Telecom Tbk. 416 GIAA PT Garuda Indonesia (Persero) Tbk. 419 GWSA PT Greenwood Sejahtera Tbk. 422 IMAT PT Indomobil Wahana Trada 425 IMFI PT Indomobil Finance Indonesia 436 INDF PT Indofood Sukses Makmur Tbk. 440 ISAT PT Indosat Tbk. 459 JPFA PT JAPFA Comfeed Idonesia Tbk. 463 JSMR PT Jasa Marga (Persero) Tbk. 470 LTLS PT Lautan Luas Tbk. 473 MAPI PT Mitra Adiperkasa Tbk. 479 MAYA PT Bank Mayapada Internasional Tbk. 483 MDLN PT Modernland Reallty Tbk. 488 MEDC PT Medco Energi Internasional Tbk. 495 MFIN PT Mandala Multifinance Tbk. 500 MYOR PT Mayora Indah Tbk. 504 NISP PT Bank OCBC NISP Tbk. 511 PANR PT Panorama Sentrawisata Tbk. 515 PIGN PT Pelabuhan Indonesia I (Persero) 520 PIHC PT Pupuk Indonesia (Persero) 524 PJAA PT Pembangunan Jaya Ancol Tbk. 527 PNBN PT Bank Pan Indonesia Tbk. 532 PNMP PT Permodalan Nasional Madani (Persero) 537 PPGD PT Pegadaian (Persero) 550 PPLN PT Perusahaan Listrik Negara (Persero) 564 PPNX Perkebunan Nusantara X (Persero) 567 PRTL PT Profesional Telekomunikasi Indonesia 570 PTHK PT Hutama Karya (Persero) INDONESIA BOND MARKET DIRECTORY 2016-2017 5
  6. 574 PTPP PT PP (Persero) Tbk. 578 ROTI PT Nippon Indosari Corpindo Tbk. 582 SANF PT Surya Artha Nusantara Finance 588 SDRA PT Bank Himpunan Saudara 1906 Tbk. 592 SMAR PT Sinar Mas Agro Resources and Technology (SMART) Tbk. 596 SMFP PT Sarana Multigriya Finansial (Persero) 607 SMII PT Sarana Multi Infrastruktur (Persero) 611 SMMF PT Sinar Mas Multifinance 614 SMRA PT Summarecon Agung Tbk. 621 SSIA PT Surya Semesta Internusa Tbk. 624 SSMM PT Sumberdaya Sewatama 628 STTP PT Siantar Top Tbk. 633 TAFS PT Toyota Astra Financial Services 640 TAXI PT Express Transindo Utama Tbk. 643 TBIG PT Tower Bersama Infrastructure Tbk. 646 TBLA PT Tunas Baru Lampung Tbk. 649 TELE PT Tiphone Mobile Indonesia Tbk. 651 TLKM PT Telekomunikasi Indonesia (Persero) Tbk. 657 TRAC PT Serasi Autoraya 660 TUFI PT Mandiri Tunas Finance 668 VRNA PT Verena Multi Finance Tbk. 673 WOMF PT Wahana Ottomitra Multiartha Tbk. 680 WSKT PT Waskita Karya (Persero) Tbk. 687 6 Bond Instrument in Indonesia 689 Bond Market Institution 693 Bond Market Instrument Type 699 Bond Market Mechanism 702 Regulation Update 703 Glossary INDONESIA BOND MARKET DIRECTORY 2016-2017
  7. Part I INDONESIA BOND MARKET REVIEW 7 INDONESIA BOND MARKET DIRECTORY 2016-2017
  8. 8 INDONESIA BOND MARKET DIRECTORY 2016-2017
  9. INDONESIA BOND MARKET DIRECTORY 2016-2017 9 210 205 200 210 205 200 190 185 180 175 190 185 180 175 Jan-16 195 195 Feb-17 Mar-17 Apr-17 May-17 Jun-17 215 215 Nov-16 Dec-16 Jan-17 220 220 Aug-16 Sep-16 Oct-16 225 225 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 230 230 INDONESIA COMPOSTE BOND INDEX (ICBI), 2016 - JUNE 2017
  10. HISTORICAL MILESTONE 2016 - June 2017 ♦♦ Bank Indonesia cut benchmark rate by 25.0bps from 7.50% to 7.25% ♦♦ China manufacturing sector slowed ♦♦ Oil price dropped to another record low to US$27.96 for Brent and to US$28.00/barrel for WTI ♦♦ Fed Funds Rate maintained at 0.25%-0.50% ♦♦ The economic policy package IX was launched ♦♦ Bank of Japan announced negative interest rate policy ♦♦ January inflation stood at manageable level ♦♦ Indonesia economic growth for fourth quarter 2015 at 5.04%yoy ♦♦ Bank Indonesia cut benchmark rate by 25.0bps from 7.25% to 7.00% ♦♦ Low world oil prices environment continued ♦♦ The economic policy package X was launched ♦♦ Bank Indonesia cut benchmark rate for third consecutive time in 2016 by 25.0bps to 6.75% ♦♦ The Fed Funds Rate hike projection decreased ♦♦ The government announced economic policy package XI 10 JAN 2016 FEB 2016 MAR 2016 INDONESIA BOND MARKET DIRECTORY 2016-2017 AUG 2016 ♦♦ The Fed Funds Rate hike projection increased in September ♦♦ Over production of world oil which was triggered by increasing US crude oil inventories ♦♦ Bank Indonesia changed its benchmark rate to BI 7-day reverse repo rate at level 5.25% ♦♦ Indonesia economic growth for Q22016 rose at 5.18%yoy ♦♦ The government launched economic policy package XIII JUL 2016 ♦♦ Controlled inflation in June at level 3.21%yoy ♦♦ Second cabinet reshuffle responded positively by the market ♦♦ The Fed Funds Rate maintained at 0.25%-0.50% ♦♦ China’s GDP in Q2-2016 was better than consensus JUN 2016 ♦♦ Standard & Poor’s maintained Indonesia sovereign rating at BB+/ positive outlook ♦♦ UK leaves EU at a referendum (Brexit) ♦♦ Indonesia Tax Amnesty bill approved ♦♦ Bank Indonesia cut benchmark rate by 25.0bps from 6.75% to 6.50% MAY 2016 APR 2016 ♦♦ The Fed rate hike tension increase as FOMC minutes indicated hawkish comment ♦♦ Indonesia economy in the first quarter 2016 grew less than expected at 4.92%yoy ♦♦ Brent oil price bounced back to around US$50/barrel ♦♦ Domestic inflation for March 2016 continued at a manageable level of 4.45%yoy ♦♦ Indonesia foreign reserve increased to US$107.5 billion ♦♦ Bank Indonesia unveiled BI 7-day Reverse Repo rate to be effective in August 2016 ♦♦ Bank Indonesia hold BI rate at 6.75% ♦♦ The government launched economic policy package XII
  11. ♦♦ Domestic inflation for August stood at the lowest level of 2.70%yoy ♦♦ Bank Indonesia cut BI 7-day reverse repo rate by 25.0bps from 5.25% to 5.00% ♦♦ Delay of FFR rise during FOMC meeting last September ♦♦ Foreign recorded a net buy in government bond amounted to Rp16.89 trillion ♦♦ Uncertainty related to Brexit which encouraged a drop of Poundsterling against USD ♦♦ Uncertainty related with US Election and unexpected financial performance of issuers in Wall Street Exchange for Q3-2016 ♦♦ Bank Indonesia cut BI 7-day reverse repo rate by 25.0bps from 5.00% to 4.75% for the second time ♦♦ China’s GDP in Q3-2016 stuck at 6.7%yoy ♦♦ Unexpected US election result by winning Trump as the President Of United States ♦♦ Foreign recorded a net sell amounted to Rp19.58 trillion ♦♦ Rupiah dropped by -3.89%mom from Rp13.048/US$ to Rp13.555/US$ ♦♦ Indonesia economic growth for Q32016 down to 5.02%yoy ♦♦ The government launched economic policy package XIV ♦♦ Domestic inflation for Nov 2016 continued at a manageable level of 3.58%yoy ♦♦ The Fed Funds Rate increased to 0.50%-0.75% with more aggressive projection in 2017 ♦♦ Fitch Ratings raised Indonesia’s rating outlook to positive and maintained Indonesia’s rating at Investment Grade level (BBB-) ♦♦ Foreign inflow to the domestic SBN market by Rp9.75 trillion ♦♦ Domestic inflation for year 2016 stood at a manageable level of 3.02%yoy ♦♦ Bank Indonesia hold BI 7-day reverse repo rate at 4.75% ♦♦ Increased market anticipation which driven by a series of controversial policies from President Trump since Inauguration Day SEP 2016 OCT 2016 NOV 2016 DEC 2016 JAN 2017 JUN 2017 MAY 2017 APR 2017 MAR 2017 FEB 2017 ♦♦ The Fed Funds Rate increased to 1.00%-1.25% with dovish statement on next raise until the end of 2017 ♦♦ The government launched economic policy package XV ♦♦ Indonesia’s foreign reserves in May 2017 recorded the highest level from the beginning of time ♦♦ The share of foreign ownership in government bonds increased to 39.47% ♦♦ Indonesia’s rating upgraded to investment grade (BBB-/ stable outlook) by Standard & Poor’s ♦♦ Indonesia economic growth for first quarter 2017 at 5.01%yoy ♦♦ Market pessimism over the success of Trump’s tax cuts and political turmoil in US ♦♦ China’s downgrade to Aa3 / outlook stable level by Moody’s ♦♦ Stable macro condition such as maintained inflation, rise of forex reserve, and continued trade balance surplus ♦♦ Euphoria from the winning of Emmanuel Macron in the first round of France’s Presidential Election. ♦♦ Increased geopolitical tension and the Trump’s government in his 100 first day which was below expectation ♦♦ Increased in foreign exchange reserve that exceeded expectation ♦♦ Government optimism toward increased rating by S&P next May ♦♦ Rise of FFR that had been predicted before to level 0.75%-1.00% ♦♦ Dovish statement from the Fed related with the plan of next raise. ♦♦ Foreign recorded a significant net buy amounted to Rp31.33 trillion ♦♦ Increasing probability on Fed Funds rate rise during the FOMC meeting in March 2017 ♦♦ Indonesia economic growth for the year 2016 was better than 2015 at 5.02%yoy ♦♦ Moody’s had raised Indonesia’s rating outlook from stable to positive ♦♦ Controlled inflation in January 2017 at level 3.49%yoy INDONESIA BOND MARKET DIRECTORY 2016-2017 11
  12. CHAPTER 1 Indonesia Econonomic Review In 2016 , the global economic growth was not still strong enough at 3.1%, its recorded lower than the achievement in 2015 which at 3.2%. The economic consolidation was still continue in major economies such as China, US, Japan, and the Eurozone. The global trade also weakened, in line with the declining performance of exports, especially emerging countries including Indonesia. This was due to slow recovery in commodity prices, at least until quarter III-2016. Meanwhile, uncertainty in global financial markets continued to rise especially before the Fed Funds Rate (FFR) hike decision by the US Federal Reserve, which then strengthened US dollar. The world economy was getting more uncertain following the number of geopolitical events in some of the world’s major countries. At the end of the first semester of 2016, the result of British referendum that decided to leave the EU (Brexit) triggered uncertainty because it was not in line with market expectations. The bond market shock then increased driven by unexpected US presidential election result that elected Donald Trump as the US President. Bond market responded negatively to the beginning of Trump administration due to increasing inflation expectation as a result of planned massive fiscal stimulus and protectionism orientation of President Trump. Nevertheless Indonesia economy in 2016 remained resilient amid volatile financial market and uncertainty in global economy. Indonesia economic growth increased from 4.88% in 2015 to 5.02% in 2016 supported by domestic demand at a time when export performance was still weak. Improving domestic demand was mainly supported by solid household consumption. This performance was supported by fiscal stimulus, especially in the first half of 2016, as well as the positive impact of monetary and macroprudential policy easing. The macroeconomic policy response could keep consumer confidence and strong household consumption. The economic recovery in 2016 started to be supported by export improvement in the fourth quarter of 2016 which grew 4.2%yoy positively, quite high compared to the achievements over the last three years. The export performance improvement in Q4-2016 was driven by increasing global non-oil commodity prices, including coal, palm oil, rubber and copper prices. These developments then provided multiplier impacts to the private investment sector which was also beginning to increase. TABLE 1.1 Comparison of Developed & Developing Countries Country 2013 2014 2015 2016 Q1-2017 American Brazil United States 2.75% 1.90% 0.18% 2.40% -3.80% 2.60% -3.58% 1.60% -2.50% 2.00% European Union France Germany United Kingdom Euro Zone 0.60% 0.50% 1.90% -0.30% 0.90% 1.60% 3.10% 1.20% 1.10% 1.70% 2.20% 2.00% 1.20% 1.90% 1.80% 1.80% 1.10% 1.70% 2.00% 1.90% Asia China India Indonesia Japan Korea Malaysia Philippines Singapore 7.70% 6.53% 5.78% 2.00% 2.90% 4.70% 7.10% 4.68% 7.21% 6.11% 5.02% 0.35% 3.30% 6.00% 6.20% 3.28% 6.80% 7.25% 4.88% 1.10% 2.80% 5.00% 6.10% 1.95% 6.80% 6.97% 5.02% 1.03% 2.80% 4.20% 6.90% 1.98% 6.90% 7.00% 5.01% 1.30% 2.40% 5.60% 6.60% 2.90% Sources: Bloomberg & Indonesia Statistics Agency (BPS) 12 INDONESIA BOND MARKET DIRECTORY 2016-2017
  13. TABLE 1 .2 Indonesia GDP Growth Breakdown by Expenditure 2016 Type of Expenditure 2014 2015 Gross Domestic Product 5.02% 4.79% Household Consumption 5.14% 4.96% Q1 2017 Q1 Q2 Q3 Q4 4.92% 5.18% 5.02% 4.94% 5.01% 4.94% 5.04% 5.01% 4.99% 4.93% Government Expenditure 1.98% 5.38% 2.93% 6.28% -2.97% -4.05% 2.71% Gross Fixed Capital Formation 4.12% 5.07% 5.57% 5.06% 4.06% 4.80% 4.81% Export of Goods & Services 1.02% -1.97% -3.88% -2.73% -6.00% 4.24% 8.04% Import of Goods & Services 2.19% -5.84% -4.24% -3.01% -3.87% 2.82% 5.02% Sources: Indonesia Statistics Agency (BPS) FIGURE 1.1 Indonesia Trade Balance USD million USD million 1,750 17,500 1,500 15,000 1,250 12,500 1,000 10,000 750 7,500 500 5,000 250 2,500 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2016 Mar Apr May Jun - 2017 Trade Balance, LHS Export, RHS Import, RHS Sources: Indonesia Statistics Agency (BPS) FIGURE 1.2 Indonesia Inflation and BI Rate 8.00% 8.0% 6.0% 4.75% 4.0% 4.37% 4.00% 2.00% 2.0% 0.0% -2.0% 6.00% 0.69% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 Inflation %yoy Jan Feb Mar Apr May Jun 0.00% -2.00% 2017 Inflation %mom BI 7-day RR Sources: Indonesia Statistics Agency (BPS) INDONESIA BOND MARKET DIRECTORY 2016-2017 13
  14. In the real sector , the implementation of various structural reform policies was also continuously carried out to promote efficiency and productivity as well as to improve economic competitiveness. Structural reform policies were focused on several aspects such as regulatory harmonization, ease of licensing, and fiscal incentives to encourage investment. In 2016, the structural reform policy was set forth in the Economic Policy Package (PKE) IX-XIV which is a continuation of the policy package adopted by 2015. In addition, the Government has also and continues to build energy infrastructure such as power generation through the 35,000 MW Program and connectivity infrastructure such as Roads, ports, railways, and airports. Indonesia economic growth in 2016 was also supported by manageable inflation level. Inflation in 2016 was quite low at 3.02% which was within Bank Indonesia target of 4.0% ± 1%. The low inflation rate was influenced by well-managed aggregate demand, stronger rupiah exchange rate, and lower inflation expectations. Low inflation was also affected by low administered prices inflation as a result of falling prices of some strategic energy commodities such as fuel, electricity tariffs for customer groups above 2,200 VA and 12 kg of LPG. In addition, in 2016 there was a policy synergy between the Government, Bank Indonesia and Financial Services Authority (OJK) embodied through a policy mix between fiscal policy and monetary policy. On the fiscal side, the Government strengthens fiscal stimulus through increased spending to productive sectors, while consistently maintaining fiscal sustainability. In addition, the Government was also optimizing tax revenue through a tax amnesty program that raised the largest tax ransom in the world. On the monetary side, Bank Indonesia adopted an accomodative monetary policy to boost the economic recovery momentum while maintaining macroeconomic stability. The effectiveness of monetary policy was strengthened through reformulation of the monetary policy operational framework by changing the BI rate policy rate to BI 7-day (Reverse) Repo Rate (BI-7Day RR) since August 19, 2016 which followed efforts to foster accelerated deepening financial markets. Bank Indonesia also stabilized the rupiah exchange rate and strengthened the management of foreign exchange demand and supply so that rupiah volatility did not occur excessively. In 2016, the stability of macroeconomic was also influenced by the strengthening rupiah. The strengthening of the rupiah is inseparable from the influence of domestic economic resilience, including the declining of deficit in current transactions, and the positive impact of the Government tax amnesty program that increases the confidence to investment in Indonesia. The FIGURE 1.3 Foreign Ownership in Government Bond IDR trillion 50 40 30 20 10 (10) (20) 39.5% 38.9% Jan 37.6% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2016 Mar Apr May Jun 42% 40% 38% 36% 34% 32% 30% 28% 2017 Net Foreign Inflow (Outflow), LHS Share of Foreign Ownership, RHS Sources: Ministry of Finance FIGURE 1.4 Foreign Ownership in Corporate Bond IDR trillion 2.5 2.0 7.1% 1.5 1.0 0.5 (0.5) (1.0) Jan 6.2% Feb Mar Apr May Jun Jul Aug Sep 2016 Net Foreign Inflow (Outflow), LHS Sources: Indonesia Central Securities Depository (KSEI) 14 INDONESIA BOND MARKET DIRECTORY 2016-2017 Oct Nov Dec 6.0% Jan Feb Mar Apr 2017 Share of Foreign Ownership, RHS May Jun 8% 7% 6% 5% 4% 3% 2% 1%
  15. various positive perceptions then led to foreign capital inflows and the ultimately pushed the rupiah in a strong trend in 2016 which also pushed the position of Indonesia ’s foreign reserves at the end of 2016 which increased to US$116.36 billion from US $105.93 billion at the end of 2015. rating upgrade by S&P from BB++/positive outlook to BBB-/ stable outlook in May 19, 2017. The upgrade marked complete investment grade status for Indonesia from major international rating agencies. Positive expectation of Indonesia economy and the rating upgrade drove tremendous foreign capital inflow in the first half of 2017 that reached Rp104,74 trillion. However, foreign capital inflow in Indonesia corporate bond market was only Rp1.23 trillion during the period. In contrast to regional currencies that recorded depreciation, the rupiah exchange rate in 2016 on average was recorded at Rp13,305/US$, or up 0.7% compared to 2015. While point to point, the rupiah closed at Rp13.473/US$ at the end of 2016 was 2.3% higher compared to the end of 2015. The rupiah appreciation trend was mainly seen in the first three quarters of 2016, before it was pressured towards the end of the year. In the fourth quarter of 2016, the rupiah got depreciation pressures resulting from positive developments in the USA economy and USA Presidential election results that were different from market expectations. In 2016, fiscal policy was generally geared towards strengthening the stimulus to the economy while maintaining the prospect of fiscal sustainability. The direction of fiscal policy was initially embodied in several assumptions of world oil prices that were still at around 50 US dollars per barrel. These assumption then contributed to economic growth and inflation assumptions in 2016 that were at 5.3% and 4.7% respectively. However, the realization of global and domestic conditions was not in line with expectations and became challenges for the fiscal management during 2016. The global economy was not still strong enough, and commodity prices, including oil prices, were not as high as initial estimates. These conditions in turn caused the domestic economic outlook to be inadequate as the realization of economic growth in 2016 was lower than the assumption used in the 2016 APBN and APBN-P 2016. The improved condition of Indonesia’s economic fundamentals in 2016 helped boost the high interest of foreigners entering Indonesia from various sectors, one of them in the government securities market. In the government bond market, nonresident investors recorded a capital inflow of up to Rp107.28 trillion in 2016, or rose by Rp10.11 trillion compared to 2015. The rapid capital inflow in government bond was predicted still continued in 2017, in line with Indonesia’s sovereign FIGURE 1.5 Relation between Rupiah & Foreign Reserves IDR/USD Mid-rate USD million 14,250 14,000 13,750 13,500 13,250 13,000 12,750 12,500 12,250 130,000 125,000 120,000 115,000 110,000 105,000 100,000 95,000 90,000 Jan 16 Feb Mar 16 16 Apr May Jun 16 16 16 Jul 16 Aug Sep 16 16 Oct 16 Foreign Reserve, RHS Nov 16 Dec 16 Jan 17 Feb Mar 17 17 Apr May Jun 17 17 17 IDR/USD, LHS Sources: Bloomberg & Bank Indonesia (BI) TABLE 1.3 Relation between Rupiah & Foreign Reserves 2016 APBN APBN-P 2017 Realization APBN RAPBNP Economic Growth (%yoy) 5.3 5.2 5.0 5.1 5.2 Inflation (%yoy) 4.7 4.0 3.0 4.0 4.3 13,900 13,500 13,307 13,300 13,400 5.5 5.5 5.7 5.3 5.2 Rupiah to USD Exchange Rates Average 3-month Treasury Bills Rate (%p.a) International Oil Price (USD/Barrel) 50 40 40 45 50 Oil Lifting (Thousand Barrel/Day) 830 820 829 815 815 Gas Lifting (Thousand Barrel of Oil Equivalent/Day) 1,155 1,150 1,180 1,150 1,150 Sources: Ministry of Finance INDONESIA BOND MARKET DIRECTORY 2016-2017 15
  16. CHAPTER 2 Indonesia Bond Indexes OVERVIEW Bond index is an indicator to measure the movement and the development of bond price or yield . Bond index can also describe movement trends in bond market on certain conditions. In general, bond index also becomes a barometer of debt market performance either conventional bond or sharia bond. The index performance also becomes an important benchmark for investors and portfolio managers. If an investment or portfolio investments falls below the moving average market index, it can be said that the investor or investment manager failed to allocate funds in the bond market relative to the market. In development index bonds can be classified into 5 kinds: Total Return Index Total return index is a type of equity index that tracks both the capital gains of a group of bond over time, and assumes that any cash distributions are reinvested back into the index. This index displays more accurate representation bond’s performance. Clean Price Index Clean Price Index is tracks price of a coupon bond but not including any accrued interest. The index is like discounted future cash flows, not including any interest accruing on the next coupon payment date. After the coupon payment, the clean price will equal the dirty price. INDONESIA Bond Indexes (INDOBeX) In line with the increasing value of new bonds issuance, outstanding value, and volume-frequency from year to year, the increase indicates that the bonds become more important for the Government and the Corporation as a source of longterm financing as well as the choice of investment instruments for the people and market participants. Therefore, IBPA in cooperation with the Indonesia Stock Exchange on November 21, 2014 launched an index that called Indonesia Bond Indexes (INDOBeX). INDOBeX provides a wide range of bond index that calculates government bonds to corporate bonds or both of the market such as: Indonesia Bond Composite Indexes (INDOBeX) The index consists of entire government and corporate bonds that meet the criteria for indexing. Indonesia Composite Bond Index (ICBI) On November 11, 2015, IBPA and IDX relaunched INDOBeXTotal Return and changed its name to Indonesia Composite Bond Index (ICBI). The aim of ICBI is to be the main reference and the most reliable benchmark of Indonesia bond market performance that has equivalent role to IHSG (Jakarta Composite Index) in stock market. The index is calculated based on the value of total return domestic bonds which issued by Government and corporations. Government Bond Indonesia Indexes (INDOBeXG) Gross Price Index Gross price index describes the gross overall price movements of group of bonds calculated based on the price movements of bonds and the sum total of net interest earned each period. Effective Yield Index Effective yield index tracks the yield of a bond, assuming that investors will reinvest the coupon (interest payments) once you have received payment. Gross Redemption Yield The index consists of all government bonds including state securities (SBN). Corporate Bonds Indonesia Indexes (INDOBeXC) The index consists of all corporate bonds. SHARIA BOND Indonesia Sukuk Index (ISIX) Gross redemption yield index describes the movement of bond yields that accounted for the value of the interest earned and the duration of bonds. In line with the growing sharia bond market, IBPA on November 21, 2015 also launched an index that called Indonesia Sukuk Index (ISIX). ISIX provides a wide range of bond index that calculates sharia government bonds to sharia corporate bonds or both of the market such as: CONVENTIONAL BOND Indonesia Sukuk Index Composite (ISIXC) The index consists of entire sharia government and corporate 16 INDONESIA BOND MARKET DIRECTORY 2016-2017
  17. bonds that meet the criteria for indexing . Indonesia Government Sukuk Index (IGSIX) The index consists of all sharia government bonds. Indonesia Corporate Sukuk Index (ICSIX) The index consists of all sharia corporate bonds. INDOBEX AND ISIX CALCULATION INDOBeX calculations performed using the data base of bond fair market price and comprehensive information belonging IBPA, then combined with the standard methodology of index calculation in accordance with international best practices so that the accuracy from calculation method can be accountable. That calculation results the INDOBeX characteristics, namely Comprehensive, Representative, Accurate, Variety, Transparent, Replicable, and Stable. INDOBEX AND ISIX SPECIFICATIONS Currency Rupiah Outstanding Amount At least Rp100 billion The Type of Bond Fixed Rate Maturity At least 1 year or 365 days of legal maturity Rating Investment Grade (AAA to BBB-) Data Sources IBPA Fair Price & Yield Weighted Market Capitalization Index Rebalance End of each month on the last working day Time & Frequency Every day at 17.00 WIB DISSEMINATION OF INDOBEX ♦♦ ♦♦ ♦♦ ♦♦ ♦♦ IBPA Website (www.ibpa.co.id) IDX Website (www.idx.co.id) Bond Information & Pricing Services (BIPS) Mass Media Information Services Provider (Bloomberg, Thomson Reuters, etc) Designing bond indices posed a challenge in Indonesia capital market as the breadth and depth of the debt market has not been fully developed yet. One of the difficulties is that market prices of outstanding bonds may not be available daily and even in longer period. However, market participants still need an index to compare their performance with as well as the performance of different classes of assets. INDONESIA BOND MARKET DIRECTORY 2016-2017 17
  18. -2 (3&I<-RHSRIWME'SQTSWMXI&SRH-RHI\IW TABLE 2.1 FIGURE 2.1 INDOBeX - Indonesia Composite Bond Indexes 270 11 240 10 210 9 INDOBeX-CP 180 8 INDOBeX-GP ICBI 150 7 INDOBeX-EY 6 120 90 INDOBeX-GRY 5 J F MA M J J A S O N D J F M A M J J F M A M J J A S O N D J F M A M J 2017 2016 2017 2016 INDOBeX (Base 10 August 2009 = 100) Period INDOBeX-CP INDOBeX-GP Index Index % % ICBI Index INDOBeX-EY % % INDOBeX-GRY Index % Jan-16 107.375 2.42% 109.533 2.33% 188.900 3.07% 8.670 -5.07% 8.654 -4.66% Feb-16 107.516 0.13% 110.043 0.47% 190.504 0.85% 8.570 -1.16% 8.625 -0.33% Mar-16 110.862 3.11% 112.442 2.18% 197.705 3.78% 8.036 -6.23% 8.082 -6.30% Apr-16 112.362 1.35% 114.283 1.64% 201.639 1.99% 7.847 -2.35% 7.847 -2.92% May-16 111.301 -0.94% 113.196 -0.95% 201.210 -0.21% 7.989 1.81% 8.004 2.00% Jun-16 113.088 1.61% 115.301 1.86% 205.749 2.26% 7.739 -3.13% 7.725 -3.48% Jul-16 116.214 2.76% 118.318 2.62% 212.662 3.36% 7.253 -6.28% 7.254 -6.09% Aug-16 115.421 -0.68% 117.958 -0.30% 212.729 0.03% 7.323 0.96% 7.365 1.52% Sep-16 116.078 0.57% 117.682 -0.23% 215.302 1.21% 7.218 -1.42% 7.262 -1.40% Oct-16 114.175 -1.64% 116.241 -1.22% 213.257 -0.95% 7.454 3.27% 7.530 3.70% Nov-16 109.021 -4.51% 110.848 -4.64% 205.187 -3.78% 8.323 11.65% 8.330 10.61% Dec-16 110.020 0.92% 112.167 1.19% 208.449 1.59% 8.081 -2.90% 8.158 -2.06% Jan-17 111.249 1.12% 113.399 1.10% 212.193 1.80% 7.828 -3.14% 7.959 -2.44% Feb-17 111.604 0.32% 114.106 0.62% 214.238 0.96% 7.809 -0.24% 7.906 -0.67% Mar-17 114.356 2.47% 116.020 1.68% 220.960 3.14% 7.383 -5.45% 7.474 -5.46% Apr-17 114.657 0.26% 116.751 0.63% 222.879 0.87% 7.330 -0.72% 7.430 -0.59% May-17 114.957 0.26% 116.677 -0.06% 225.064 0.98% 7.292 -0.53% 7.377 -0.71% Jun-17 115.502 0.47% 117.435 0.65% 227.179 0.94% 7.221 -0.97% 7.295 -1.11% 1H2016 113.088 -5.05% 115.301 -5.00% 205.749 -8.19% 7.739 12.03% 7.725 12.03% FY2016 110.020 4.94% 112.167 4.79% 208.449 13.74% 8.081 -11.52% 8.158 -10.13% 1H2017 115.502 3.82% 117.435 3.56% 227.179 7.06% 7.221 -7.75% 7.295 -8.34% INDOBeX-CP : Indonesia Composite Bond Index - Clean Price INDOBeX-GP : Indonesia Composite Bond Index - Gross Price ICBI : Indonesia Composite Bond Index INDOBeX-EY : Indonesia Composite Bond Index - Effective Yield INDOBeX-GRY : Indonesia Composite Bond Index - Gross Redemption Yield 18 Index INDONESIA BOND MARKET DIRECTORY 2016-2017
  19. TABLE 2 .2 FIGURE 2.2 INDOBeXG --2(3&I<++SZIVRQIRX&SRH-RHSRIWME-RHI\IW Government Bond Indonesia Indexes 10 270 240 9 210 8 INDOBeXG-CP 180 INDOBeXG-GP 7 INDOBeXG-TR 150 INDOBeXG-EY 6 120 90 INDOBeXG-GRY 5 J F MA M J J A S O N D J F M A M J J F M A M J J A S O N D J F M A M J 2017 2016 2017 2016 INDOBeXG (Base 10 August 2009 = 100) Period INDOBeXG-CP INDOBeXG-GP Index Index % % INDOBeXG-TR Index INDOBeXG-EY % Index % INDOBeXG-GRY Index % Jan-16 107.467 2.59% 109.775 2.50% 186.204 3.23% 8.448 -5.08% 8.549 -4.66% Feb-16 107.524 0.05% 110.194 0.38% 187.616 0.76% 8.376 -0.84% 8.534 -0.18% Mar-16 111.194 3.41% 112.824 2.39% 195.216 4.05% 7.833 -6.49% 7.989 -6.39% Apr-16 112.820 1.46% 114.841 1.79% 199.281 2.08% 7.651 -2.32% 7.756 -2.91% May-16 111.668 -1.02% 113.600 -1.08% 198.671 -0.31% 7.798 1.92% 7.916 2.06% Jun-16 113.633 1.76% 115.983 2.10% 203.424 2.39% 7.542 -3.28% 7.637 -3.53% Jul-16 117.041 3.00% 119.267 2.83% 210.689 3.57% 7.045 -6.59% 7.164 -6.19% Aug-16 116.149 -0.76% 118.807 -0.39% 210.555 -0.06% 7.131 1.23% 7.280 1.61% Sep-16 116.863 0.61% 118.528 -0.24% 213.167 1.24% 7.028 -1.44% 7.176 -1.42% Oct-16 114.775 -1.79% 116.953 -1.33% 210.799 -1.11% 7.275 3.51% 7.451 3.82% Nov-16 109.315 -4.76% 111.174 -4.94% 202.303 -4.03% 8.111 11.49% 8.231 10.47% Dec-16 110.324 0.92% 112.617 1.30% 205.503 1.58% 7.887 -2.77% 8.067 -1.99% Jan-17 111.602 1.16% 113.881 1.12% 209.248 1.82% 7.651 -2.98% 7.873 -2.41% Feb-17 111.997 0.35% 114.645 0.67% 211.313 0.99% 7.630 -0.28% 7.818 -0.70% Mar-17 114.969 2.65% 116.713 1.80% 218.289 3.30% 7.201 -5.62% 7.389 -5.48% Apr-17 115.246 0.24% 117.468 0.65% 220.109 0.83% 7.159 -0.58% 7.349 -0.54% May-17 115.593 0.30% 117.339 -0.11% 222.316 1.00% 7.115 -0.62% 7.292 -0.77% Jun-17 116.193 0.52% 118.217 0.75% 224.486 0.98% 7.041 -1.04% 7.209 -1.15% 1H2016 113.633 5.74% 115.983 5.65% 203.424 9.25% 7.542 -10.72% 7.637 -10.68% FY2016 110.324 5.32% 112.617 5.15% 205.503 13.93% 7.887 -11.39% 8.067 -10.04% 1H2017 116.193 4.11% 118.217 3.81% 224.486 7.28% 7.041 -7.98% 7.209 -8.44% INDOBEXG-CP : Indonesia Government Bond Index - Clean Price INDOBEXG-GP : Indonesia Government Bond Index - Gross Price INDOBEXG-TR : Indonesia Government Bond Index - Total Return INDOBEXG-EY : Indonesia Government Bond Index - Effective Yield INDOBEXG-GRY : Indonesia Government Bond Index - Gross Redemption Yield INDONESIA BOND MARKET DIRECTORY 2016-2017 19
  20. -2 (3&I<''SVTSVEXI&SRH-RHSRIWME-RHI\IW TABLE 2.3 FIGURE 2.3 INDOBeXC - Corporate Bond Indonesia Indexes 280 13 250 12 220 11 INDOBeXC-CP 190 INDOBeXC-TR 9 130 100 INDOBeXC-EY 10 INDOBeXC-GP 160 INDOBeXC-GRY 8 7 J F MA M J J A S O N D J F M A M J J F M A M J J A S O N D J F M A M J 2016 2015 2016 2015 INDOBeXC (Base 10 August 2009 = 100) Period INDOBeXC-CP INDOBeXC-GP Index Index % % INDOBeXC-TR Index Index % INDOBeXC-GRY Index % Jan-16 104.450 1.27% 105.607 1.22% 200.494 2.04% 10.127 -4.12% 10.232 -3.95% Feb-16 105.125 0.65% 106.672 1.01% 203.418 1.46% 9.864 -2.60% 10.021 -2.06% Mar-16 106.237 1.06% 107.450 0.73% 207.306 1.91% 9.465 -4.04% 9.615 -4.05% Apr-16 106.838 0.57% 108.029 0.54% 210.033 1.32% 9.287 -1.88% 9.401 -2.22% May-16 106.430 -0.38% 108.028 0.00% 211.029 0.47% 9.381 1.02% 9.531 1.38% Jun-16 106.929 0.47% 108.126 0.09% 213.643 1.24% 9.228 -1.64% 9.348 -1.92% Jul-16 107.975 0.98% 109.172 0.97% 217.366 1.74% 8.874 -3.84% 8.933 -4.44% Aug-16 107.920 -0.05% 109.529 0.33% 219.067 0.78% 8.830 -0.50% 8.916 -0.19% Sep-16 108.147 0.21% 109.270 -0.24% 221.181 0.96% 8.734 -1.09% 8.854 -0.69% Oct-16 107.633 -0.48% 108.843 -0.39% 221.919 0.33% 8.865 1.51% 8.979 1.42% Nov-16 104.749 -2.68% 106.311 -2.33% 217.700 -1.90% 9.891 11.57% 9.973 11.06% Dec-16 105.656 0.87% 106.710 0.38% 221.295 1.65% 9.556 -3.38% 9.671 -3.02% Jan-17 106.526 0.82% 107.737 0.96% 224.846 1.60% 9.114 -4.63% 9.267 -4.18% Feb-17 106.595 0.07% 108.052 0.29% 226.630 0.79% 9.101 -0.14% 9.259 -0.08% Mar-17 107.759 1.09% 108.833 0.72% 231.028 1.94% 8.745 -3.91% 8.850 -4.42% Apr-17 108.221 0.43% 109.393 0.51% 233.619 1.12% 8.592 -1.74% 8.709 -1.60% May-17 108.195 -0.02% 109.699 0.28% 235.530 0.82% 8.602 0.11% 8.717 0.09% Jun-17 108.345 0.14% 109.610 -0.08% 237.111 0.67% 8.567 -0.40% 8.677 -0.46% 1H2016 106.929 2.37% 108.126 2.39% 213.643 6.56% 9.228 -8.87% 9.348 -8.64% FY2016 105.656 2.44% 106.710 2.28% 221.295 12.62% 9.556 -9.52% 9.671 -9.21% 1H2017 108.345 1.71% 109.610 1.74% 237.111 5.45% 8.567 -5.99% 8.677 -6.36% INDOBeXC-CP : Indonesia Corporate Bond Index - Clean Price INDOBeXC-GP : Indonesia Corporate Bond Index - Gross Price INDOBeXC-TR : Indonesia Corporate Bond Index - Total Return INDOBeXC-EY : Indonesia Corporate Bond Index - Effective Yield INDOBeXC-GRY : Indonesia Corporate Bond Index - Gross Redemption Yield 20 INDOBeXC-EY % INDONESIA BOND MARKET DIRECTORY 2016-2017
  21. TABLE 2 .4 FIGURE 2.4 ISIXC - Indonesia-7-<'-RHSRIWME7YOYO-RHI\'SQTSWMXI Sukuk Index Composite 210 11 190 10 170 9 ISIXC-CP 150 ISIXC-TR 7 110 90 ISIXC-EY 8 ISIXC-GP 130 ISIXC-GRY 6 5 J F MA M J J A S O N D J F M A M J J F M A M J J A S O N D J F M A M J 2016 2015 2016 2015 ISIXC (Base 10 August 2009 = 100) Period ISIXC-CP Index ISIXC-GP % Index ISIXC-TR % Index ISIXC-EY % Index ISIXC-GRY % Index % Jan-16 100.878 1.43% 102.619 1.21% 173.662 2.08% 8.670 -4.03% 8.983 -3.34% Feb-16 101.637 0.75% 103.182 0.55% 176.172 1.45% 8.332 -3.89% 8.801 -2.03% Mar-16 103.683 2.01% 104.696 1.47% 180.917 2.69% 7.809 -6.28% 8.299 -5.70% Apr-16 104.899 1.17% 106.069 1.31% 184.180 1.80% 7.805 -0.05% 8.009 -3.49% May-16 104.212 -0.66% 105.782 -0.27% 184.264 0.05% 7.865 0.76% 8.150 1.76% Jun-16 104.970 0.73% 106.992 1.14% 186.794 1.37% 7.739 -1.61% 7.989 -1.97% Jul-16 107.290 2.21% 108.897 1.78% 192.027 2.80% 7.169 -7.36% 7.485 -6.32% Aug-16 107.495 0.19% 109.091 0.18% 193.716 0.88% 7.050 -1.66% 7.419 -0.88% Sep-16 107.782 0.27% 108.933 -0.14% 195.466 0.90% 6.975 -1.06% 7.358 -0.81% Oct-16 106.658 -1.04% 108.152 -0.72% 194.730 -0.38% 7.160 2.65% 7.582 3.04% Nov-16 103.050 -3.38% 104.651 -3.24% 189.472 -2.70% 8.028 12.12% 8.424 11.10% Dec-16 103.764 0.69% 105.845 1.14% 192.016 1.34% 7.771 -3.20% 8.253 -2.02% Jan-17 104.857 1.05% 106.574 0.69% 195.295 1.71% 7.354 -5.37% 7.986 -3.25% Feb-17 104.908 0.05% 106.726 0.14% 196.639 0.69% 7.584 3.14% 8.046 0.76% Mar-17 106.609 1.62% 107.903 1.10% 201.158 2.30% 7.220 -4.81% 7.682 -4.53% Apr-17 106.962 0.33% 108.711 0.75% 203.027 0.93% 7.268 0.66% 7.638 -0.57% May-17 107.055 0.09% 108.312 -0.37% 204.630 0.79% 7.213 -0.75% 7.576 -0.80% Jun-17 107.351 0.28% 108.912 0.55% 206.139 0.74% 7.173 -0.55% 7.521 -0.73% 1H2016 104.970 4.06% 106.992 4.26% 186.794 7.56% 7.739 -10.74% 7.989 -11.06% FY2016 103.764 4.34% 105.845 4.39% 192.016 12.86% 7.771 -13.98% 8.253 -11.20% 1H2017 107.351 2.38% 108.912 2.19% 206.139 5.55% 7.173 -2.45% 7.521 -5.82% ISIXC-EY : Indonesia Sukuk Index Composite - Effective Yield ISIXC-GRY : Indonesia Sukuk Index Composite - Gross Redemption Yield ISIXC-CP : Indonesia Sukuk Index Composite - Clean Price ISIXC-GP : Indonesia Sukuk Index Composite - Gross Price ISIXC-TR : Indonesia Sukuk Index Composite - Total Return INDONESIA BOND MARKET DIRECTORY 2016-2017 21
  22. - +7-<-RHSRIWME+SZIVRQIRX7YOYO-RHI\ TABLE 2.5 FIGURE 2.6 IGSIX - Indonesia Government Sukuk Index 210 11 190 10 170 9 150 IGSIX-GP 7 IGSIX-TR 110 90 IGSIX-EY 8 IGSIX-CP 130 IGSIX-GRY 6 5 J F MA M J J A S O N D J F M A M J J F M A M J J A S O N D J F M A M J 2016 2015 2016 2015 IGSIX (Base 10 August 2009 = 100) Period IGSIX-CP Index IGSIX-GP % IGSIX-TR Index % Index IGSIX-EY % IGSIX-GRY % Index % Jan-16 100.878 1.42% 102.645 1.21% 171.972 2.06% 8.608 -4.15% 8.947 -3.42% Feb-16 101.645 0.76% 103.180 0.52% 174.464 1.45% 8.267 -3.96% 8.765 -2.03% Mar-16 103.720 2.04% 104.722 1.49% 179.199 2.71% 7.745 -6.31% 8.265 -5.71% Apr-16 104.945 1.18% 106.117 1.33% 182.438 1.81% 7.761 0.19% 7.981 -3.42% May-16 104.258 -0.65% 105.820 -0.28% 182.515 0.04% 7.820 0.77% 8.123 1.78% Jun-16 105.021 0.73% 107.062 1.17% 185.023 1.37% 7.698 -1.56% 7.966 -1.94% Jul-16 107.362 2.23% 108.981 1.79% 190.231 2.81% 7.129 -7.39% 7.463 -6.31% Aug-16 107.570 0.19% 109.159 0.16% 191.902 0.88% 7.011 -1.66% 7.398 -0.88% Sep-16 107.862 0.27% 109.005 -0.14% 193.636 0.90% 6.917 -1.34% 7.322 -1.02% Oct-16 106.725 -1.05% 108.231 -0.71% 192.877 -0.39% 7.106 2.72% 7.549 3.09% Nov-16 103.076 -3.42% 104.674 -3.29% 187.593 -2.74% 7.975 12.24% 8.393 11.18% Dec-16 103.777 0.68% 105.873 1.15% 190.079 1.33% 7.725 -3.14% 8.227 -1.97% Jan-17 104.897 1.08% 106.632 0.72% 193.367 1.73% 7.304 -5.45% 7.955 -3.31% Feb-17 104.941 0.04% 106.765 0.12% 194.676 0.68% 7.535 3.17% 8.019 0.80% Mar-17 106.658 1.64% 107.946 1.11% 199.167 2.31% 7.171 -4.83% 7.656 -4.52% Apr-17 107.005 0.32% 108.778 0.77% 200.999 0.92% 7.223 0.72% 7.616 -0.53% May-17 107.098 0.09% 108.344 -0.40% 202.577 0.79% 7.176 -0.65% 7.556 -0.78% Jun-17 107.390 0.27% 108.958 0.57% 204.058 0.73% 7.134 -0.59% 7.499 -0.75% 1H2016 105.021 4.11% 107.062 4.30% 185.023 7.59% 7.698 -10.57% 7.966 -10.97% FY2016 103.777 4.34% 105.873 4.39% 190.079 12.81% 7.725 -13.98% 8.227 -11.19% 1H2017 107.390 2.38% 108.958 2.18% 204.058 5.53% 7.134 -2.33% 7.499 -5.73% IGSIX-EY : Indonesia Government Sukuk Index - Effective Yield IGSIX-GRY : Indonesia Government Sukuk Index - Gross Redemption Yield IGSIX-CP : Indonesia Government Sukuk Index - Clean Price IGSIX-GP : Indonesia Government Sukuk Index - Gross Price IGSIX-TR : Indonesia Government Sukuk Index - Total Return 22 Index INDONESIA BOND MARKET DIRECTORY 2016-2017
  23. TABLE 2 .5 FIGURE 2.6 ICSIX - Indonesia-'7-<-RHSRIWME'SVTSVEXI7YOYO-RHI\ Corporate Sukuk Index 270 12 240 11 210 10 180 9 ICSIX-CP ICSIX-GP 150 8 ICSIX-TR 120 90 ICSIX-GRY ICSIX-EY 7 6 J F MA M J J A S O N D J F M A M J J F M A M J J A S O N D J F M A M J 2016 2015 2016 2015 ICSIX (Base 10 August 2009 = 100) Period ICSIX-CP ICSIX-GP Index % Jan-16 98.063 Feb-16 98.561 Mar-16 99.755 ICSIX-TR Index % Index 1.70% 99.105 1.25% 0.51% 100.346 1.25% 1.21% 101.060 0.71% 200.359 ICSIX-EY ICSIX-GRY % Index % % Index 193.639 2.50% 10.229 -4.20% 10.221 -4.23% 196.247 1.35% 10.087 -1.39% 10.077 -1.41% 2.10% 9.671 -4.12% 9.667 -4.08% Apr-16 100.644 0.89% 101.704 0.64% 203.687 1.66% 9.365 -3.17% 9.374 -3.02% May-16 99.951 -0.69% 101.790 0.08% 204.081 0.19% 9.527 1.73% 9.581 2.20% Jun-16 100.485 0.53% 101.761 -0.03% 206.797 1.33% 9.381 -1.53% 9.395 -1.94% Jul-16 101.905 1.41% 102.964 1.18% 211.357 2.20% 8.898 -5.15% 8.890 -5.38% Aug-16 101.967 0.06% 103.834 0.85% 213.308 0.92% 8.909 0.12% 8.858 -0.35% Sep-16 102.070 0.10% 103.478 -0.34% 215.215 0.89% 9.250 3.83% 9.295 4.93% Oct-16 101.470 -0.59% 102.444 -1.00% 215.795 0.27% 9.396 1.58% 9.458 1.75% Nov-16 99.546 -1.90% 101.247 -1.17% 213.469 -1.08% 10.167 8.20% 10.112 6.91% Dec-16 100.786 1.25% 102.194 0.94% 217.893 2.07% 9.694 -4.65% 9.684 -4.23% Jan-17 100.760 -0.03% 101.725 -0.46% 219.622 0.79% 9.421 -2.82% 9.511 -1.79% Feb-17 101.082 0.32% 102.654 0.91% 222.006 1.09% 9.340 -0.86% 9.418 -0.98% Mar-17 102.186 1.09% 103.642 0.96% 226.421 1.99% 8.981 -3.84% 9.022 -4.20% Apr-17 102.712 0.52% 103.622 -0.02% 229.236 1.24% 8.800 -2.01% 8.844 -1.97% May-17 102.795 0.08% 104.468 0.82% 231.449 0.97% 8.722 -0.89% 8.778 -0.74% Jun-17 103.225 0.42% 104.495 0.03% 233.694 0.97% 8.598 -1.41% 8.636 -1.62% 1H2016 100.485 2.47% 101.761 2.68% 206.797 6.80% 9.381 -8.29% 9.395 -8.08% FY2016 100.786 4.52% 102.194 4.41% 217.893 15.34% 9.694 -9.21% 9.684 -9.26% 1H2017 103.225 2.45% 104.495 2.72% 233.694 6.41% 8.598 -8.73% 8.636 -9.20% ICSIX-EY : Indonesia Corporate Sukuk Index - Effective Yield ICSIX-GRY : Indonesia Corporate Sukuk Index - Gross Redemption Yield ICSIX-CP : Indonesia Corporate Sukuk Index - Clean Price ICSIX-GP : Indonesia Corporate Sukuk Index - Gross Price ICSIX-TR : Indonesia Corporate Sukuk Index - Total Return INDONESIA BOND MARKET DIRECTORY 2016-2017 23
  24. CHAPTER 3 Bond Market Overview BOND MARKET PERFORMANCE Indonesia bond market showed positive performance in 2016 as reflected by IBPA-IGSYC (Indonesia Government Securities Yield Curve) that shifted downward. From the end of 2016 to the first half of 2017, the yield movement went down further. The average yield of medium tenor series (5-7 year) during the period had the deepest drop by -107.51bps from 7.8183% to 6.7432%. The average yield of short tenor (1-4 year) was down by -100.35bps from 7.3574% to 6.3539%. While the average yield of long tenor series (8-30 year) fell by -80.55bps from 8.3613% to 7.5559%. The positive performance of Indonesia bond market was also reflected from the movement of Indonesia Composite Bond Index (ICBI). In 2016, ICBI which is the main performance indicator reference in Indonesia bond market managed to rise at +13.76%yoy from 183.2759 to 208.4964. While in the first half 2017, ICBI grew by +8.96%ytd to 227.1790. ICBI even broke record high in June 2017 which stood at 227.3097. The ICBI performance was in line with movement of net foreign inflow/outflow to domestic government bond market. During the period of January to December 2016, the government bond market recorded Rp107.29 trillion of net foreign inflow. While from January to June 2017, the net foreign buy even showed remarkable growth which was by Rp104.74 trillion. The increasing ICBI and foreign inflow trend during the period indicated improving global investor sentiment amid external financial market turbulence and rising global political risks. The positive trend of Indonesia bond market during the period was more fuelled by rising investor confidence following stable domestic macroeconomic indicators and a long waited sovereign rating upgrade to investment grade status by Standard and Poor’s (S&P) in May 2017. However fading US inflation expectation following decreasing investor confidence over Trump fiscal stimulus and dovish major central banks were also key global driven factors that kept foreign investor flock to Indonesia bond market. FIGURE 3.1 Foreign Capital Flow of Bond Market and ICBI USD million 50.0 240.0000 40.0 210.0000 30.0 180.0000 20.0 150.0000 10.0 120.0000 - 90.0000 Foreign Inflow (Outflow), LHS Sources: IBPA 24 INDONESIA BOND MARKET DIRECTORY 2016-2017 ICBI, RHS Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16 Jun-16 May-16 Apr-16 30.0000 Mar-16 (20.0) Feb-16 60.0000 Jan-16 (10.0)
  25. of total issuance was raised by the Government , while the remaining 21.80% was raised by the corporate sector through public issues and private placement (Table below). OPTIMIZATION BOND ISSUANCE IN INDONESIA CAPITAL MARKET Bond market in Indonesia consists of two main types: government bond and corporate bond. Government bond dominates the bond market in terms of outstanding issues, market capitalization, and turnover value. Government also plays an important part in setting benchmark for the market. The main instruments in Government bond are fixed rate bonds (FR), retail bond (ORI), zero coupon (ZC), treasury bills (SPN), and variable rate (VR). Corporate bond, meanwhile, are issued by private corporate and state owned companies with more variant issued than the government did even though with smaller volume. In 2016, the government and corporate sectors collectively mobilized Rp521.57 trillion from primary bond market, or 26.44% higher than the previous year which amounted to Rp412.51 trillion. The issuance of government bond increased 27.54% from Rp349.94 trillion in 2015 to Rp407.89 trillion in 2016, while the issuance of corporate bond rocketed by 81.69% from Rp62.57 trillion to Rp113.69 trillion. DEBT ISSUANCES Government and Corporate sectors together raised a total of Rp521.57 trillion from primary market in 2016. About 78.20% PRIMARY MARKET During 2016, the gross borrowing of the central government increased by 29.76% from Rp502.36 trillion in 2015 to Rp651.85 trillion in 2016. In addition, the net borrowing increased by 16.56% from Rp349.94 trillion in 2015 to Rp407.88 trillion in 2016. The gross borrowing of central government realization in 2016 was 129.76% from revised budget target, while the net issuance realization in 2016 was 116.56% from the revised budget indicative target. SECONDARY MARKET In 2016, the average frequency of government bond daily transaction in outright type rose by 26.84%yoy from 644 times/day in 2015 to 817 times/day in 2016. And the average daily transaction volume increased by 9.38%yoy from Rp12.42 trillion/day in 2015 to Rp13.58 trillion/day in 2016. While for corporate bond in outright type, the average frequency of daily transactions recorded a slight increase by 5.65%yoy from 85 times/day in 2015 to 89 times/day in 2016, and the average daily transaction volume recorded a 20.49% increase from Rp643.02 billion/day in 2015 to Rp774.77 billion/day in 2016. TABLE 3.1 Bond New Issuance from Primary Market, 2012-2017 Budget Deficit (as % of GDP) 2012 2013 2014 2015 2016 Original 2016 Revised Realization -2.2 -2.4 -2.4 -2.8 -2.2 -2.4 -2.5 204.1 266.3 346.2 396.0 512.1 2016 Gross Issuances Domestic Bonds Coupon-bearing 116.7 165.5 199.9 202.1 251.4 Retail Bonds 12.7 20.2 48.5 27.4 23.6 Retail Sukuk 13.6 15.0 12.4 22.0 34.1 Domestic Sukuk 33.8 21.0 61.8 60.0 108.4 Zero-coupon 27.3 42.4 23.6 52.2 56.0 35.9 Private Placement - - - 25.7 USD Domestic Bonds - 2.3 - 6.7 2.7 39.0 56.5 82.0 106.3 139.8 Yankee Bonds 39.0 39.2 48.5 50.4 48.6 Global Sukuks - 17.2 17.7 26.4 33.4 Euro Denominated Bonds - - 15.8 18.5 45.0 Samurai Bonds - - - 11.1 243.1 322.7 428.1 502.4 204.1 266.3 346.2 396.0 512.1 39.0 56.5 82.0 106.3 139.8 Subtotal Net Issuances 243.1 322.7 428.1 502.4 651.9 Redemption + Buybacks -84.7 -98.5 -155.1 -152.4 -215.3 -152.4 Total Net Issuances 158.5 224.2 274.4 349.9 327.2 349.9 Global Bonds Total Gross Issuances 12.8 532.3 502.4 651.85 Net Issuances Domestic bonds Global bonds Sources: Ministry of Finance -244.0 407.88 in IDR trillion INDONESIA BOND MARKET DIRECTORY 2016-2017 25
  26. TABLE 3 .2 Bond New Issuance from Primary Market, 2012-2017 2012 Issuer Government Corporate Total 2013 % 159.1 68.4 227.5 69.95 30.05 2014 % 224.193 57.6 281.8 79.55 20.45 2015 % 274.4 45.8 320.2 85.70 14.30 2016 % 349.9 62.6 412.5 2017* % 84.83 15.17 407.9 113.7 521.6 78.20 21.80 Sources: Ministry of Finance % 395.1 60.7 455.8 86.68 13.32 in IDR trillion TABLE 3.3 Government Securities Trading, Outright Year/ Month Volume, IDR Billion Value, IDR Billion Frequency, x Trading Days 2012 2013 2014 2015 1,759,914.63 1,680,687.92 2,491,449.53 3,054,502.00 1,954,601.41 1,706,953.77 2,490,794.48 3,082,322.50 124,767 110,946 140,476 158,439 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 2016 233,258.00 282,960.00 319,358.00 299,645.00 204,232.00 281,446.00 210,769.00 253,572.00 515,088.00 226,991.00 314,301.00 212,890.00 3,354,510.00 230,405.29 283,998.65 325,835.65 310,938.48 210,549.61 290,570.92 225,706.23 273,072.63 353,854.00 233,404.41 319,278.62 216,118.00 3,273,732.50 Daily Average Volume, IDR Billion Value, IDR Billion Frequency, x 246 245 244 246 7,154.12 6,859.95 10,210.86 12,416.67 7,945.53 6,967.16 10,208.17 12,529.77 507 453 576 644 13,556 19,768 16,323 32,549 13,699 16,196 14,387 15,588 15,540 11,977 15,481 16,724 201,788 20 20 21 21 20 22 17 22 21 21 22 20 247 11,662.90 14,148.00 15,207.52 14,268.81 10,211.60 12,793.00 12,398.18 11,526.00 24,528.00 10,809.10 14,286.41 10,644.50 13,581.01 11,520.26 14,199.93 15,515.98 14,806.59 10,527.48 13,207.77 13,276.84 12,412.39 16,850.19 11,114.50 14,512.66 10,805.90 13,253.98 678 988 777 1,550 685 736 846 709 740 570 704 836 817 Sources: PLTE TABLE 3.4 Corporate Securities Trading, Outright Year/ Month Volume, IDR Billion Value, IDR Billion Frequency, x Trading Days 2012 2013 2014 2015 143,335.25 124,743.27 137,136.89 158,184.00 146,194.01 125,362.72 135,124.83 156,528.40 23,664 17,758 19,920 20,807 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 2016 11,143.00 17,514.00 13,507.00 13,513.00 13,728.00 17,623.00 13,547.00 18,372.00 19,200.00 12,930.00 21,882.00 18,408.00 191,367.00 11,103.56 17,550.62 13,510.65 13,532.76 13,786.24 17,664.39 13,600.02 18,393.13 19,216.00 12,950.84 21,936.00 18,417.00 191,661.20 1,619 1,833 1,715 1,805 1,749 2,122 1,921 1,918 1,900 1,611 1,872 2,007 22,072 Sources: PLTE 26 INDONESIA BOND MARKET DIRECTORY 2016-2017 Daily Average 246 245 244 246 Volume, IDR Billion 582.66 509.16 562.04 643.02 Value, IDR Billion 594.28 511.68 553.79 636.29 Frequency, x 96 72 82 85 20 20 21 21 20 22 17 22 21 21 22 20 247 557.15 875.70 643.19 643.48 686.40 801.05 796.88 835.09 914.29 615.71 994.64 920.40 774.77 555.18 877.53 643.36 644.42 689.31 802.93 800.00 836.05 915.05 616.71 997.09 920.85 775.96 81 92 82 86 87 96 113 87 90 77 85 100 89
  27. MAIN INDICATOR FOR BOND MARKET Government Bonds TABLE 3 .5 Top 10 GB Series by Trading Value, 2016 No. Series TABLE 3.6 Top 10 GB Series by Trading Frequency, 2016 Trading Value, IDR tn % of Total No. Series Frequency, times % of Total 1 FR0056 595.02 19.02 1 SR008 29,231 18.11 2 FR0053 388.90 12.43 2 FR0072 26,061 16.15 3 FR0073 348.94 11.15 3 FR0068 19,282 11.95 4 FR0070 279.51 8.93 4 FR0056 18,165 11.26 5 FR0072 239.41 7.65 5 FR0073 15,068 9.34 6 FR0068 199.56 6.38 6 ORI012 14,402 8.92 7 FR0069 172.50 5.51 7 FR0053 9,387 5.82 8 FR0071 169.94 5.43 8 FR0071 8,889 5.51 9 FR0059 113.56 3.63 9 FR0070 7,858 4.87 10 FR0061 96.00 3.07 10 ORI013 6,980 4.33 Total 2,603.34 83.20 Total 155,323 96.25 Sources: IDX, IBPA Sources: IDX, IBPA TABLE 3.7 Top 10 GB Series by Total Return, 2016 No. Series Capital Gain Coupon Total Return 1 PBS003 18.36% 6.00% 24.36% 2 FR0045 8.47% 9.75% 18.22% 3 FR0059 10.32% 7.00% 17.32% 4 FR0050 6.27% 10.50% 16.77% 5 FR0037 4.50% 12.00% 16.50% 6 IFR0010 6.27% 10.00% 16.27% 7 FR0052 5.75% 10.50% 16.25% 8 FR0072 7.95% 8.25% 16.20% 9 FR0057 6.61% 9.50% 16.11% 10 IFR0006 5.81% 10.25% 16.06% Sources: IDX, IBPA Corporate Bonds FIGURE 3.2 IDR Issuance Corporate Bond Series 501 121 116 114 249.86 93 82 Sources: IDX, IBPA 5 31 11 N J 22 A J A M M J 9 8 6 11 F Number of Series 2015 2017* 2016 Outstanding, IDR Trillion 2016 2013 2015 2014 2014 2012 2013 3 19 21 D 34 2017* 340.31 S 222.85 180 412 313.79 216.67 522 O 382 379 FIGURE 3.3 New Issuance of Corporate Bond Series Sources: IDX, IBPA INDONESIA BOND MARKET DIRECTORY 2016-2017 27
  28. TABLE 3 .8 Top 10 Industry by Outstanding, 2016 No. Business Sector 1 Financial Institution 2 Bank 3 Telecommunication Outstanding, IDR tn TABLE 3.10 Top 10 CB Series by Trading Value, 2016 % of Total Market Cap No. Series Trading Value, IDR tn % of Total 2.20 1 WSKT02CN1 3.49 2 PNBN04SB 3.46 2.18 3.16 2.00 108.79 34.67 88.24 28.12 3 FIFA02BCN3 8.33 4 BNLI01SBCN2 2.73 1.73 BIIF01ACN2 2.62 1.66 26.13 4 Property and Real Estate 14.83 4.73 5 5 Energy 12.51 3.99 6 BMRI01 2.37 1.50 6 Toll Road 10.50 3.35 7 BACA02SB 2.28 1.44 7 Building Construction 9.99 3.18 8 FIFA02BCN4 2.24 1.41 8 Food and Beverages 8.82 2.81 9 BNII01SB 2.05 1.30 2.13 10 ASDF01CCN1 1.99 1.26 26.40 16.7 9 10 Crude Petroleum & Gas 6.67 Retail Trade 4.65 1.48 Total Total 291.13 92.78 Sources: IDX, IBPA Sources: IDX, IBPA TABLE 3.9 Top 10 Companies by Outstanding, 2016 No. Company TABLE 3.11 Top 10 CB Series by Trading Frequency, 2016 Outstanding, IDR tn % of Total Market Cap 1 Bank Rakyat Indonesia (Persero) 15.95 5.08 2 Indosat 13.72 4.37 3 Perusahaan Listrik Negara (Persero) 11.73 3.74 Bank Tabungan Negara (Persero) 11.65 5 Lembaga Pembiayaan Ekspor Indonesia 10.86 3.46 6 Bank Pan Indonesia 9.69 3.09 7 Indonesia Eximbank 9.28 2.96 4 3.71 8 Telekomunikasi Indonesia 9.00 2.87 9 Federal International Finance 8.89 2.83 10 Adira Dinamika Multi Finance 8.64 2.75 109.41 34.87 Total Sources: IDX, IBPA No. Series 454 2.17 PNBN04SB 2 ASDF01CCN1 381 1.82 3 BNLI01SBCN2 355 1.69 4 MEDC03 311 1.48 5 BNGA01SB 302 1.44 6 BMRI01 274 1.31 7 MEDC01CN2 239 1.14 8 PNBN01SBCN1 220 1.05 9 INDF06 218 1.04 10 TUFI02ACN2 Total 217 1.03 2,971 14.17 Sources: IDX, IBPA TABLE 3.12 Top 10 CB Series by Total Return, 2016 No. Series Capital Gain Coupon Total Return 1 SIISAT01BCN3 10.49% 11.20% 21.69% 2 BVIC03SB 10.65% 10.50% 21.15% 3 ISAT01DCN3 9.89% 11.20% 21.09% 4 BIMF01BCN1 4.39% 14.50% 18.89% 5 GWSA01CN1 4.43% 14.25% 18.68% 6 MAYA03SB 7.61% 11.00% 18.61% 7 MAYA04SB 6.08% 12.50% 18.58% 8 BBKP02SBCN1 6.40% 12.00% 18.40% 9 SIEXCL01DCN1 6.88% 11.00% 17.88% 6.50% 11.00% 17.50% Sources: IDX, IBPA INDONESIA BOND MARKET DIRECTORY 2016-2017 % of Total 1 10 BVIC02SB 28 Frequency, times
  29. CHAPTER 4 Bond Ownership Profile GOVERNMENT BONDS Until the year ended 2016 , foreign investors, banking institutions, and insurance companies still stand as the three institutions that dominate the bond ownership in the domestic government securities market with ownership portion of 37.55%, 22.53%, and 13.43% respectively. During 2016, total foreign ownership in domestic government securities market increased by Rp107.29tn from Rp558.52tn in 2015 to Rp665.81tn in 2016. As a result, the amount of foreign ownership rose by 19.21% from 2015. Furthermore, the bond ownership of government securities for “Non-Bank Financial Institutions” such as mutual fund, pension fund, and insurance also recorded an increase which mainly driven by the regulation of Financial Services Authority (OJK) related to minimum portion for Non-Bank Financial Institutions to invest in domestic government securities market. The ownership of government securities for mutual fund institutions grew by 39.05% to Rp85.66tn, insurance companies grew by 38.82% to Rp238.24tn, and pension fund institutions grew by 75.16% to Rp87.28tn. TABLE 4.1 Government Bond Ownership Profile, 2012 - June 2016 No Institution 2013 (%) 2014 (%) 2015 (%) 2016 (%) June 2017 (%) 335.43 33.70% 375.55 31.04% 350.07 23.95% 399.46 22.53% 399.19 20.45% 1 Commercial Bank 2 Bank Indonesia 44.44 4.47% 41.63 3.44% 148.91 10.19% 134.25 7.57% 175.89 9.01% 3 Mutual Fund 42.50 4.27% 45.79 3.78% 61.60 4.21% 85.66 4.83% 91.56 4.69% 4 Insurance 129.55 13.02% 150.60 12.45% 171.62 11.74% 238.24 13.43% 254.21 13.02% 5 Foreign 323.83 32.54% 461.35 38.13% 558.52 38.21% 665.81 37.55% 770.55 39.47% 6 Pension Fund 39.47 3.97% 43.30 3.58% 49.83 3.41% 87.28 4.92% 89.11 4.56% 7 Individual 34.48 3.46% 30.41 2.51% 42.53 2.91% 57.75 3.26% 60.49 3.10% 8 Others 47.76 4.80% 61.32 5.07% 78.76 5.39% 104.84 5.91% 111.23 5.70% 995.25 100.00% 1,209.96 100.00% 1,461.85 100.00% 1,773.28 100.00% 1,952.23 100.00% Total Sources: Ministry of Finance in IDR trillion INDONESIA BOND MARKET DIRECTORY 2016-2017 29
  30. CORPORATE BONDS TABLE 4 .2 FIGURE 4.1 Corporate Bond Ownership Profile, 2016 No. Institution Ownership Value, tn IDR Portion 1 Mutual Fund (Local) 81.49 25.68% 2 Pension Fund (Local) 73.50 23.17% 3 Financial Institution (Local) 61.26 19.31% 4 Insurance (Local) 57.68 18.18% 5 Foreign 19.54 6.16% 1.31% 6 Corporate (Local) 8.90 2.81% 0.52% 7 Individual (Local) 8.81 2.78% 8 Foundation (Local) 4.16 1.31% 9 Others (Local) 1.65 0.52% 10 Securities Company (Local) Total 0.29 0.09% 317.28 100.00% 18.18% 6.16% 19.31% 2.81% 2.78% 0.09% 23.17% 25.68% MF - Mutual Fund (Local) PF - Pension Fund (Local) IB - Financial Institution (Local) IS - Insurance (Local) Foreign CP - Corporate (Local) ID - Individual (Local) FD - Foundation (Local) OT - Others (Local) SC - Securities Company (Local) TABLE 4.3 FIGURE 4.2 Corporate Bond Ownership Profile, June 2017 No. Institution Portion 1 Mutual Fund (Local) 98.12 28.37% 2 Pension Fund (Local) 75.93 21.95% 3 Financial Institution (Local) 62.50 18.07% 4 Insurance (Local) 62.42 18.05% 5 Foreign 20.77 6.00% 1.20% 6 Individual (Local) 9.99 2.89% 0.59% 7 Corporate (Local) 9.16 2.65% 8 Foundation (Local) 4.15 1.20% 9 Others (Local) 2.04 0.59% Securities Company (Local) 0.81 0.23% 345.89 100.00% 10 Total 30 Ownership Value, tn IDR INDONESIA BOND MARKET DIRECTORY 2016-2017 18.05% 6.00% 18.07% 2.89% 2.65% 0.23% 21.95% 28.37% MF - Mutual Fund (Local) PF - Pension Fund (Local) IS - Insurance (Local) IB - Financial Institution (Local) Foreign ID - Individual (Local) CP - Corporate (Local) FD - Foundation (Local) OT - Others (Local) SC - Securities Company (Local)
  31. Part II GOVERNMENT BONDS 31 INDONESIA BOND MARKET DIRECTORY 2016-2017
  32. 32 INDONESIA BOND MARKET DIRECTORY 2016-2017
  33. Ministry of Finance , Republic of Indonesia Government Bond Issuer : Ministry of Finance, Republic of Indonesia Direktorat Pengelolaan Surat Utang Negara (DPSUN) Address : Gedung A.A Maramis II Lantai III Jl. Lapangan Banteng Timur No. 2-4 Phone Fax Jakarta 10710, Indonesia : (62-021) 381-0175 (Hunting); (62-21) 350-0841 : (62-021) 384-6635 Website : http://www.dmo.or.id Profile : Fundamental Duty of Directorat Management of Government Securities Management is executing formula of policy, development, and implementing in bond management area. Bond management including issuing, sale, redemption obligation accountancy and administration, and operation of risk of portofolio obligation, and also development of obligation market, pursuant to technical policy which specified by Minister for Finance and current law and regulation. Directorat Management of Government Securities Management have a purpose to realize bond institution which reliable State, transparent, and accountable in interest expenses minimization effort on a long term at risk storey level able to be controlled FIXED RATE Listing Maturity Date Coupon Obligasi Negara RI Seri FR0031 17-Jun-05 15-Nov-20 11.00% 6 Months 918,492 FR0032 Obligasi Negara RI Seri FR0032 6-Sep-05 15-Jul-18 15.00% 6 Months 16,286,400 3. FR0034 Obligasi Negara RI Seri FR0034 27-Jan-06 15-Jun-21 12.80% 6 Months 11,023,750 4. FR0035 Obligasi Negara RI Seri FR0035 17-Feb-06 15-Jun-22 12.90% 6 Months 9,422,500 5. FR0036 Obligasi Negara RI Seri FR0036 20-Apr-06 15-Sep-19 11.50% 6 Months 2,450,000 6. FR0037 Obligasi Negara RI Seri FR0037 19-May-06 15-Sep-26 12.00% 6 Months 3,337,862 7. FR0038 Obligasi Negara RI Seri FR0038 25-Aug-06 15-Aug-18 11.60% 6 Months 4,175,000 8. FR0039 Obligasi Negara RI Seri FR0039 25-Aug-06 15-Aug-23 11.75% 6 Months 26,002,090 9. FR0040 Obligasi Negara RI Seri FR0040 22-Sep-06 15-Sep-25 11.00% 6 Months 14,774,100 10. FR0042 Obligasi Negara RI Seri FR0042 26-Jan-07 15-Jul-27 10.25% 6 Months 14,417,000 11. FR0043 Obligasi Negara RI Seri FR0043 23-Feb-07 15-Jul-22 10.25% 6 Months 18,014,000 12. FR0044 Obligasi Negara RI Seri FR0044 20-Apr-07 15-Sep-24 10.00% 6 Months 6,400,000 13. FR0045 Obligasi Negara RI Seri FR0045 25-May-07 15-May-37 9.75% 6 Months 16,855,000 14. FR0046 Obligasi Negara RI Seri FR0046 20-Jul-07 15-Jul-23 9.50% 6 Months 20,385,000 15. FR0047 Obligasi Negara RI Seri FR0047 31-Aug-07 15-Feb-28 10.00% 6 Months 5,022,570 16. FR0048 Obligasi Negara RI Seri FR0048 28-Sep-07 15-Sep-18 9.00% 6 Months 15,661,000 17. FR0050 Obligasi Negara RI Seri FR0050 25-Jan-08 15-Jul-38 10.50% 6 Months 23,500,000 18. FR0052 Obligasi Negara RI Seri FR0052 21-Aug-09 15-Aug-30 10.50% 6 Months 87,577,793 19. FR0053 Obligasi Negara RI Seri FR0053 9-Jul-10 15-Jul-21 8.25% 6 Months 27,096,000 20. FR0054 Obligasi Negara RI Seri FR0054 23-Jul-10 15-Jul-31 9.50% 6 Months 13,100,300 21. FR0056 Obligasi Negara RI Seri FR0056 24-Sep-10 15-Sep-26 8.38% 6 Months 13,550,000 22. FR0057 Obligasi Negara RI Seri FR0057 15-May-11 15-May-41 9.50% 6 Months 42,798,000 23. FR0058 Obligasi Negara RI Seri FR0058 22-Jul-11 15-Jun-32 8.25% 6 Months 26,630,000 24. FR0059 Obligasi Negara RI Seri FR0059 16-Sep-11 15-May-27 7.00% 6 Months 9,784,000 25. FR0061 Obligasi Negara RI Seri FR0061 7-Oct-11 15-May-22 7.00% 6 Months 12,400,000 26. FR0062 Obligasi Negara RI Seri FR0062 10-Feb-12 15-Apr-42 6.38% 6 Months 34,416,000 27. FR0063 Obligasi Negara RI Seri FR0063 14-Aug-12 15-May-23 5.63% 6 Months 29,895,000 28. FR0064 Obligasi Negara RI Seri FR0064 14-Aug-12 15-May-28 6.13% 6 Months 47,850,000 No. Code 1. FR0031 2. Name Date Coupon Period Nominal Value (Million Rp) INDONESIA BOND MARKET DIRECTORY 2016-2017 33
  34. Listing Maturity Date Coupon Coupon Nominal Value Obligasi Negara RI Seri FR0065 31-Aug-12 15-May-33 6 .63% 6 Months FR0066 Obligasi Negara RI Seri FR0066 29-Oct-12 17,811,000 15-May-18 5.25% 6 Months 20,100,000 31. FR0067 Obligasi Negara RI Seri FR0067 32. FR0068 Obligasi Negara RI Seri FR0068 19-Jul-13 15-Feb-44 8.75% 6 Months 92,400,000 2-Aug-13 15-Mar-34 8.38% 6 Months 33. FR0069 Obligasi Negara RI Seri FR0069 62,396,000 30-Aug-13 15-Apr-19 7.88% 6 Months 132,032,000 34. FR0070 Obligasi Negara RI Seri FR0070 30-Aug-13 15-Mar-24 8.38% 6 Months 92,102,000 35. 36. FR0071 Obligasi Negara RI Seri FR0071 13-Sep-13 15-Mar-29 9.00% 6 Months 38,310,000 FR0072 Obligasi Negara RI Seri FR0072 10-Jul-15 15-May-36 8.25% 6 Months 48,867,000 37. FR0073 Obligasi Negara RI Seri FR0073 7-Aug-15 15-May-31 8.75% 6 Months 17,278,032 38. FR0074 Obligasi Negara RI Seri FR0074 11-Nov-16 15-Aug-32 7.50% 6 Months 8,985,710 39. FR0028 Obligasi Negara RI Seri FR0028 24-Feb-05 15-Jul-17 10.00% 6 Months 12,706,744 40. FR0030 Obligasi Negara RI Seri FR0030 20-May-05 15-May-16 10.75% 6 Months 17,890,000 41. FR0055 Obligasi Negara RI Seri FR0055 24-Sep-10 15-Sep-16 7.38% 6 Months 106,064,000 42. FR0060 Obligasi Negara RI Seri FR0060 7-Oct-11 15-Apr-17 6.25% 6 Months No. Code 29. FR0065 30. Name Date Period TOTAL FIXED RATE (Million Rp) 31,200,000 1,251,884,343 FIXED RATE (USD) No. Code Name Listing Date Maturity Date Coupon Coupon Period Nominal Value (Million USD) 1. USDFR0002 Obligasi Negara RI Seri� USDFR0002 27-Jun-16 24-Jun-26 4.05% 6 Months 200 2. USDFR0001 Obligasi Negara RI Seri� USDFR0001 29-Oct-13 15-May-17 3.50% 6 Months 1,040 TOTAL FIXED RATE (USD) 1,240 VARIABEL RATE Listing Maturity Date Coupon Coupon Nominal Value Obligasi Pemerintah Tahun 2002 Seri VR0025 3-Dec-02 25-Sep-17 SPN 3 3 Months 3,209,300 VR0026 Obligasi Pemerintah Tahun 2002 Seri VR0026 3-Dec-02 VR0027 Obligasi Pemerintah Tahun 2002 Seri VR0027 3-Dec-02 25-Jan-18 SPN 3 3 Months 5,442,142 25-Jul-18 SPN 3 3 Months 4. VR0028 Obligasi Pemerintah Tahun 2002 Seri VR0028 5,442,142 3-Dec-02 25-Aug-18 SPN 3 3 Months 5. VR0029 7,033,994 Obligasi Pemerintah Tahun 2002 Seri VR0029 3-Dec-02 25-Aug-19 SPN 3 3 Months 12,212,320 6. 7. VR0030 Obligasi Pemerintah Tahun 2002 Seri VR0030 3-Dec-02 25-Dec-19 SPN 3 3 Months 10,503,015 VR0031 Obligasi Pemerintah Tahun 2002 Seri VR0031 3-Dec-02 25-Jul-20 SPN 3 3 Months 25,322,354 8. VR0022 Obligasi Pemerintah Tahun 2002 Seri VR0022 3-Dec-02 25-Mar-16 SPN 3 3 Months 9,016,749 9. VR0023 Obligasi Pemerintah Tahun 2002 Seri VR0023 3-Dec-02 25-Oct-16 SPN 3 3 Months 8,652,056 10. VR0024 Obligasi Pemerintah Tahun 2002 Seri VR0024 3-Dec-02 25-Feb-17 SPN 3 3 Months No. Code 1. VR0025 2. 3. Name Date Period TOTAL VARIABEL RATE (Million Rp) 9,909,300 96,743,372 RETAIL Listing Maturity Date Coupon Obligasi Negara RI Seri ORI011 23-Oct-14 15-Oct-17 ORI012 Obligasi Negara RI Seri ORI012 22-Oct-15 3. ORI013 Obligasi Negara RI Seri ORI013 4. ORI010 Obligasi Negara RI Seri ORI010 No. Code 1. ORI011 2. Name Coupon Nominal Value 8.50% 1 Months 21,215,910 15-Oct-18 9.00% 1 Months 27,438,755 27-Oct-16 15-Oct-19 6.60% 1 Months 19,691,455 10-Oct-13 15-Oct-16 8.50% 1 Months Date Period TOTAL RETAIL 34 INDONESIA BOND MARKET DIRECTORY 2016-2017 (Million Rp) 20,205,255 88,551,375
  35. GOVERNMENT SHARIA BONDS SUKUK IFR Listing Maturity Date Coupon Surat Berharga Syariah Negara RI Seri IFR-0002 27-Aug-08 15-Aug-18 Surat Berharga Syariah Negara RI Seri IFR-0006 5-Apr-10 15-Apr-30 IFR0007 Surat Berharga Syariah Negara RI Seri IFR-0007 22-Jan-10 4 . IFR0008 Surat Berharga Syariah Negara RI Seri IFR-0008 5. IFR0010 Surat Berharga Syariah Negara RI Seri IFR-0010 6. IFR0005 Surat Berharga Syariah Negara RI Seri IFR-0005 No. Code 1. IFR0002 2. IFR0006 3. Name Coupon Nominal Value 11.95% 6 Months 1,985,000 10.25% 6 Months 2,175,000 15-Jan-25 10.25% 6 Months 1,547,000 16-Apr-10 15-Mar-20 8.80% 6 Months 252,000 4-Mar-11 15-Feb-36 8.80% 6 Months 4,110,000 22-Jan-10 15-Jan-17 9.00% 6 Months Date Period TOTAL SUKUK IFR (Million Rp) 1,171,000 11,240,000 PROJECT BASED SUKUK Listing Maturity Date Coupon Coupon Nominal Value Sukuk Negara Seri PBS001 17-Feb-12 15-Feb-18 4.45% 6 Months 6,725,000 PBS002 Sukuk Negara Seri PBS002 3-Feb-12 PBS003 Sukuk Negara Seri PBS003 3-Feb-12 15-Jan-22 5.45% 6 Months 1,218,000 15-Jan-27 6.00% 6 Months 4. PBS004 Sukuk Negara Seri PBS004 3,786,000 17-Feb-12 15-Feb-37 6.10% 6 Months 10,149,000 5. PBS005 Sukuk Negara Seri PBS005 3-May-13 15-Apr-43 6.75% 6 Months 9,934,000 6. 7. PBS006 Sukuk Negara Seri PBS006 20-Sep-13 15-Sep-20 8.25% 6 Months 26,677,000 PBS007 Sukuk Negara Seri PBS007 30-Sep-14 15-Sep-40 9.00% 6 Months 7,525,000 8. PBS009 Sukuk Negara Seri PBS009 31-Jul-15 25-Jan-18 7.75% 6 Months 31,950,000 3,500,000 No. Code 1. PBS001 2. 3. Name Date Period (Million Rp) 9. PBS010 Sukuk Negara Seri PBS010 27-Oct-15 25-Jan-19 8.63% 6 Months 10. PBS011 Surat Berharga Syariah Negara Seri PBS011 15-Jan-16 15-Aug-23 8.75% 6 Months 6,985,000 11. PBS012 Surat Berharga Syariah Negara Seri PBS012 29-Jan-16 15-Nov-31 8.88% 6 Months 12,175,000 12. PBS013 Surat Berharga Syariah Negara Seri PBS013 7-Oct-16 15-May-19 6.25% 6 Months 2,960,000 13. PBS014 Surat Berharga Syariah Negara Seri PBS014 7-Oct-16 15-May-21 6.50% 6 Months 675,000 14. PBS008 Sukuk Negara Seri PBS008 16-Jan-15 15-Jun-16 7.00% 6 Months 19,630,000 TOTAL PROJECT BASE SUKUK 143,889,000 RETAIL SUKUK Listing Maturity Date Coupon Sukuk Negara Ritel Seri SR-006 6-Mar-14 5-Mar-17 SR007 Sukuk Negara Ritel Seri SR-007 12-Mar-15 3. SR008 Sukuk Negara Ritel Seri SR-008 4. SR004 Sukuk Negara Ritel Seri SR-004 5. SR005 Sukuk Negara Ritel Seri SR-005 No. Code 1. SR006 2. Name Coupon Nominal Value 8.75% 1 Months 19,323,345 11-Mar-18 8.25% 1 Months 21,965,035 11-Mar-16 10-Mar-19 8.30% 1 Months 31,500,000 22-Mar-12 21-Sep-15 6.25% 1 Months 13,613,805 28-Feb-13 27-Feb-16 6.00% 1 Months 14,968,875 Date Period TOTAL RETAIL SUKUK T-BILLS 101,371,060 Listing Maturity Date Coupon 1. SPN03170712 Surat Perbendaharaan Negara Seri SPN03170712 17-Apr-17 12-Jul-17 - DISKONTO 5,000,000 2. SPN03170726 Surat Perbendaharaan Negara Seri SPN03170726 28-Apr-17 26-Jul-17 - DISKONTO 5,000,000 3. SPN03170811 Surat Perbendaharaan Negara Seri SPN03170811 15-May-17 11-Aug-17 - DISKONTO 5,000,000 4. SPN03170825 Surat Perbendaharaan Negara Seri SPN03170825 29-May-17 25-Aug-17 - DISKONTO 3,250,000 5. SPN03170907 Surat Perbendaharaan Negara Seri SPN03170907 9-Jun-17 7-Sep-17 - DISKONTO 5,000,000 6. SPN12170720 Surat Perbendaharaan Negara Seri SPN12170720 22-Jul-16 20-Jul-17 - DISKONTO 2,000,000 No. Code Name Date Coupon (Million Rp) Period Nominal Value (Million Rp) INDONESIA BOND MARKET DIRECTORY 2016-2017 35
  36. T-BILLS No . Code Name Listing Date Maturity Date Coupon Coupon Period (Million Rp) 7. SPN12170804 Surat Perbendaharaan Negara Seri SPN12170804 5-Aug-16 4-Aug-17 - DISKONTO 3,150,000 8. SPN12170914 Surat Perbendaharaan Negara Seri SPN12170914 16-Sep-16 14-Sep-17 - DISKONTO 1,500,000 9. SPN12171012 Surat Perbendaharaan Negara Seri SPN12171012 14-Oct-16 12-Oct-17 - DISKONTO 900,000 10. SPN12171109 Surat Perbendaharaan Negara Seri SPN12171109 11-Nov-16 9-Nov-17 - DISKONTO 1,250,000 11. SPN12171207 Surat Perbendaharaan Negara Seri SPN12171207 9-Dec-16 7-Dec-17 - DISKONTO 800,000 12. SPN12180104 Surat Perbendaharaan Negara Seri SPN12180104 6-Jan-17 4-Jan-18 - DISKONTO 5,300,000 13. SPN12180201 Surat Perbendaharaan Negara Seri SPN12180201 3-Feb-17 1-Feb-18 - DISKONTO 9,450,000 14. SPN12180301 Surat Perbendaharaan Negara Seri SPN12180301 3-Mar-17 1-Mar-18 - DISKONTO 4,050,000 15. SPN12180412 Surat Perbendaharaan Negara Seri SPN12180412 17-Apr-17 12-Apr-18 - DISKONTO 5,000,000 16. SPN12180511 Surat Perbendaharaan Negara Seri SPN12180511 15-May-17 11-May-18 - DISKONTO 2,300,000 17. SPN12180607 Surat Perbendaharaan Negara Seri SPN12180607 9-Jun-17 7-Jun-18 - DISKONTO 2,550,000 8,750,000 18. SPN12160107 Surat Perbendaharaan Negara Seri SPN12160107 9-Jan-15 7-Jan-16 - DISKONTO 19. SPN03160115 Surat Perbendaharaan Negara Seri SPN03160115 19-Oct-15 15-Jan-16 - DISKONTO 650,000 20. SPN12160204 Surat Perbendaharaan Negara Seri SPN12160204 6-Feb-15 4-Feb-16 - DISKONTO 5,450,000 21. SPN03160211 Surat Perbendaharaan Negara Seri SPN03160211 13-Nov-15 11-Feb-16 - DISKONTO 800,000 22. SPN12160304 Surat Perbendaharaan Negara Seri SPN12160304 6-Mar-15 4-Mar-16 - DISKONTO 7,850,000 23. SPN12160401 Surat Perbendaharaan Negara Seri SPN12160401 6-Apr-15 1-Apr-16 - DISKONTO 4,900,000 24. SPN03160503 Surat Perbendaharaan Negara Seri SPN03160503 5-Feb-16 3-May-16 - DISKONTO 1,000,000 25. SPN12160512 Surat Perbendaharaan Negara Seri SPN12160512 15-May-15 12-May-16 - DISKONTO 2,600,000 26. SPN03160602 Surat Perbendaharaan Negara Seri SPN03160602 4-Mar-16 2-Jun-16 - DISKONTO 2,000,000 27. SPN12160610 Surat Perbendaharaan Negara Seri SPN12160610 12-Jul-15 10-Jun-16 - DISKONTO 2,350,000 28. SPN12160708 Surat Perbendaharaan Negara Seri SPN12160708 10-Jul-15 8-Jul-16 - DISKONTO 3,450,000 29. SPN03160713 Surat Perbendaharaan Negara Seri SPN03160713 15-Apr-16 13-Jul-16 - DISKONTO 2,000,000 30. SPN12160805 Surat Perbendaharaan Negara Seri SPN12160805 7-Aug-15 5-Aug-16 - DISKONTO 2,500,000 31. SPN03160811 Surat Perbendaharaan Negara Seri SPN03160811 13-May-16 11-Aug-16 - DISKONTO 1,000,000 32. SPN12160902 Surat Perbendaharaan Negara Seri SPN12160902 4-Sep-15 2-Sep-16 - DISKONTO 1,500,000 33. SPN03160908 Surat Perbendaharaan Negara Seri SPN03160908 10-Jun-16 8-Sep-16 - DISKONTO 2,000,000 34. SPN12161015 Surat Perbendaharaan Negara Seri SPN12161015 19-Oct-15 15-Oct-16 - DISKONTO 1,300,000 35. SPN03161020 Surat Perbendaharaan Negara Seri SPN03161020 22-Jul-16 20-Oct-16 - DISKONTO 2,000,000 36. SPN03161104 Surat Perbendaharaan Negara Seri SPN03161104 5-Aug-16 4-Nov-16 - DISKONTO 2,000,000 37. SPN12161111 Surat Perbendaharaan Negara Seri SPN12161111 13-Nov-15 11-Nov-16 - DISKONTO 950,000 38. SPN12161202 Surat Perbendaharaan Negara Seri SPN121161202 4-Dec-15 2-Dec-16 - DISKONTO 2,900,000 39. SPN12170106 Surat Perbendaharaan Negara Seri SPN12170106 8-Jan-16 6-Jan-17 - DISKONTO 7,000,000 40. SPN03170112 Surat Perbendaharaan Negara Seri SPN03170112 14-Oct-16 12-Jan-17 - DISKONTO 1,000,000 41. SPN12170203 Surat Perbendaharaan Negara Seri SPN12170203 5-Feb-16 3-Feb-17 - DISKONTO 4,890,000 42. SPN03170209 Surat Perbendaharaan Negara Seri SPN03170209 11-Nov-16 9-Feb-17 - DISKONTO 2,000,000 43. SPN12170302 Surat Perbendaharaan Negara Seri SPN12170302 4-Mar-16 2-Mar-17 - DISKONTO 6,350,000 44. SPN03170307 Surat Perbendaharaan Negara Seri SPN03170307 9-Dec-16 7-Mar-17 - DISKONTO 2,000,000 45. SPN03170404 Surat Perbendaharaan Negara Seri SPN03170307 6-Jan-17 4-Apr-17 - DISKONTO 6,100,000 46. SPN12170413 Surat Perbendaharaan Negara Seri SPN12170413 15-Apr-16 13-Apr-17 - DISKONTO 2,000,000 47. SPN03170418 Surat Perbendaharaan Negara Seri SPN03170418 20-Jan-17 18-Apr-17 - DISKONTO 5,000,000 48. SPN03170501 Surat Perbendaharaan Negara Seri SPN03170501 3-Feb-17 1-May-17 - DISKONTO 5,550,000 49. SPN12170511 Surat Perbendaharaan Negara Seri SPN12170511 13-May-16 11-May-17 - DISKONTO 3,600,000 50. SPN03170515 Surat Perbendaharaan Negara Seri SPN03170515 20-Feb-17 15-May-17 - DISKONTO 5,000,000 51. SPN03170601 Surat Perbendaharaan Negara Seri SPN03170601 3-Mar-17 1-Jun-17 - DISKONTO 5,000,000 52. SPN12170608 Surat Perbendaharaan Negara Seri SPN12170608 10-Jun-16 8-Jun-17 - DISKONTO 2,600,000 53. SPN03170615 Surat Perbendaharaan Negara Seri SPN03170615 17-Mar-17 15-Jun-17 - DISKONTO 2,700,000 54. SPN03170629 Surat Perbendaharaan Negara Seri SPN03170629 31-Mar-17 29-Jun-17 - DISKONTO 5,450,000 TOTAL T-BILLS 36 Nominal Value INDONESIA BOND MARKET DIRECTORY 2016-2017 185,690,000
  37. ISLAMIC T-BILLS No . Code Name Listing Date Maturity Date Coupon Coupon Period Nominal Value (Million Rp) 1. SPNS01122017 Surat Perbendaharaan Negara Syariah Seri SPNS01122017 5-Jun-17 1-Dec-17 - DISKONTO 2,000,000 2. SPNS03112017 Surat Perbendaharaan Negara Syariah Seri SPNS03112017 5-May-17 3-Nov-17 - DISKONTO 2,000,000 3. SPNS05102017 Surat Perbendaharaan Negara Syariah Seri SPNS05102017 7-Apr-17 5-Oct-17 - DISKONTO 2,000,000 4. SPNS08082017 Surat Perbendaharaan Negara Syariah Seri SPNS08082017 10-Feb-17 8-Aug-17 - DISKONTO 2,000,000 5. SPNS08092017 Surat Perbendaharaan Negara Syariah Seri SPNS08092017 10-Mar-17 8-Sep-17 - DISKONTO 2,000,000 6. SPNS11072017 Surat Perbendaharaan Negara Syariah Seri SPNS11072017 13-Jan-17 11-Jul-17 - DISKONTO 2,000,000 7. SPNS15012016 Surat Perbendaharaan Negara Syariah Seri SPNS15042016 3-Jul-15 15-Jan-16 - DISKONTO 1,340,000 8. SPNS05022016 Surat Perbendaharaan Negara Syariah Seri SPNS05022016 14-Aug-15 5-Feb-16 - DISKONTO 960,000 9. SPNS09032016 Surat Perbendaharaan Negara Syariah Seri SPNS09032016 11-Sep-15 9-Mar-16 - DISKONTO 1,255,000 10. SPNS07042016 Surat Perbendaharaan Negara Syariah Seri SPNS07042016 9-Oct-15 7-Apr-16 - DISKONTO 1,900,000 11. SPNS04052016 Surat Perbendaharaan Negara Syariah Seri SPNS04052016 6-Nov-15 4-May-16 - DISKONTO 3,560,000 12. SPNS13072016 Surat Perbendaharaan Negara Syariah Seri SPNS13072016 15-Jan-16 13-Jul-16 - DISKONTO 2,000,000 13. SPNS10082016 Surat Perbendaharaan Negara Syariah Seri SPNS10082016 12-Feb-16 10-Aug-16 - DISKONTO 1,500,000 14. SPNS09092016 Surat Perbendaharaan Negara Syariah Seri SPNS09092016 14-Mar-16 6-Sep-16 - DISKONTO 2,000,000 15. SPNS09092016 Surat Perbendaharaan Negara Syariah Seri SPNS09092016 10-Jun-16 8-Sep-16 - DISKONTO 2,000,000 16. SPNS06102016 Surat Perbendaharaan Negara Syariah Seri SPNS06102016 8-Apr-16 6-Oct-16 - DISKONTO 1,500,000 17. SPNS04112016 Surat Perbendaharaan Negara Syariah Seri SPNS04112016 10-May-16 4-Nov-16 - DISKONTO 710,000 18. SPNS01122016 Surat Perbendaharaan Negara Syariah Seri SPNS01122016 3-Jun-16 1-Dec-16 - DISKONTO 970,000 19. SPNS27012017 Surat Perbendaharaan Negara Syariah Seri SPNS27012017 29-Jul-16 27-Jan-17 - DISKONTO 1,200,000 20. SPNS24022017 Surat Perbendaharaan Negara Syariah Seri SPNS24022017 26-Aug-16 24-Feb-17 - DISKONTO 2,000,000 21. SPNS21032017 Surat Perbendaharaan Negara Syariah Seri SPNS21032017 23-Sep-16 21-Mar-17 - DISKONTO 2,000,000 22. SPNS19042017 Surat Perbendaharaan Negara Syariah Seri SPNS19042017 21-Oct-16 19-Apr-17 - DISKONTO 2,500,000 TOTAL ISLAMIC T-BILLS 39,395,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 37
  38. TRADING HIGHLIGHT FR0028 Listing Date ISIN CODE : IDG000005901 TRADING ACTIVITIES Volume 7500 6000 Feb-05 Frequency 175 Volume 140 Frequency Maturity Date Feb-07 Feb-09 Trading Activities, Feb-13 Feb-15 2016 Feb-17 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 3511.87 4185.75 6368.15 6730.61 2634.21 1926.25 37 38 41 41 31 109 Frequency (X) 144 169 163 94 53 25 4500 105 Trading days 3000 70 CTP Price - High 104.2500 104.5000 103.7000 105.7000 103.0000 101.4500 CTP Price - Low 101.5000 102.9200 102.8000 101.2500 101.1000 100.1530 Pastikan Link Grafik sudah be 27-Jan 29-Jun 29-Aug 28-Nov 17-Mar 22-Jun 35 1500 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date PRICE AND YTM MOVEMENT Price 107 YTM (%) 9.0 105 8.0 103 7.0 101 6.0 99 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 110.55 131.76 200.47 211.88 82.92 60.64 22-Mar 01-Apr 02-Aug 27-Dec 16-Jan 04-Apr 103.9761 103.3000 102.9677 101.8306 101.3531 100.3172 Pastikan Link Grafik sudah be 6.7173 6.6607 6.0755 6.5051 5.2289 4.8341 IBPA Fair Price IBPA Fair Yield (%) enar >> Feb-11 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.021 1.391 0.927 0.508 0.220 0.034 Mod. Duration (yrs) 1.183 Sensitivity (%) 0.012 Convexity (yrs) 0.941 0.745 0.009 0.007 0.504 0.005 0.285 0.062 0.003 0.001 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0031 Listing Date ISIN CODE : IDG000006206 TRADING ACTIVITIES Volume 7500 6000 Jun-05 Jun-07 Frequency 225 Volume 180 Frequency Maturity Date Jun-09 Trading Activities, Jun-15 Jun-17 Jun-19 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 3236.75 1445.85 2828.90 4069.11 7104.91 4529.89 45 37 39 41 51 Frequency (X) 151 110 121 107 205 111 37 135 Trading days 3000 90 CTP Price - High 114.0000 115.4000 116.1000 116.0000 115.1000 113.7500 CTP Price - Low 108.0000 112.7000 IBPA Fair Price 112.8842 113.5798 115.2823 111.0223 113.1859 Pastikan 113.0037Link Grafik sudah be - enar >> 45 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 117 PRICE AND YTM MOVEMENT YTM (%) 10.0 115 9.0 113 8.0 111 7.0 109 6.0 107 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 38 Jun-13 2016 4500 1500 enar >> Jun-11 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 72.37 32.33 18-Mar 22-Jun 05-Jan 31-May 7.6353 7.3122 63.25 90.98 158.86 101.84 11-Aug 21-Nov 09-Feb 09-May 27-Sep 24-Nov 15-Mar 08-Jun 6.8263 6.6548 15.7460 109.4000 102.4000 112.4000 6.6941 7.6539 31-Mar 30-Jun 30-Sep 30-Dec 16.250 15.284 13.680 12.460 3.537 0.035 3.475 0.035 3.253 0.033 3.137 0.031 31-Mar Pastikan 22-JunLink Grafik sudah be 2.915 11.014 0.029 2.835 10.169 0.028
  39. FR0032 ISIN CODE : IDG000006305 275 220 Frequency 15 Volume 12 Frequency Maturity Date Sep-07 Sep-09 Trading Activities, Sep-11 Sep-13 Sep-15 Sep-17 2016 Price and Yield Q1 Volume (Rp bn) - 15.00 266.00 118.00 79.00 - 1 5 2 4 Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 5 Q4 8 Q1 7 Q2 50.00 13 5 3 165 9 Trading days 110 6 CTP Price - High N/A 114.5000 115.2500 110.6600 111.3500 111.9000 CTP Price - Low N/A 114.3000 100.0000 110.4000 109.4500 110.5387 3 55 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 N/A Date N/A Date PRICE AND YTM MOVEMENT Price 118 YTM (%) 10.0 116 9.0 114 8.0 112 7.0 110 6.0 108 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.53 115.84 51.39 34.40 22.51 01-Jun 29-Jul 29-Nov 16-Feb 02-May 01-Jun 07-Sep 28-Nov 31-Jan 03-May 115.9512 114.8727 114.4321 111.2401 110.8113 109.3727 IBPA Fair Price 7.2981 IBPA Fair Yield (%) Last Date 7.0447 6.3315 7.1703 6.1502 5.7755 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.965 3.991 3.352 2.523 1.978 1.409 Mod. Duration (yrs) 1.923 Sensitivity (%) 0.019 Convexity (yrs) 1.685 1.557 0.017 0.016 1.311 0.013 1.161 0.941 0.012 0.009 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0034 Listing Date ISIN CODE : IDG000006503 Jan-06 Jan-08 TRADING ACTIVITIES Volume 4000 Frequency 175 Volume 3200 140 Frequency Maturity Date Jan-10 Trading Activities, Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 2608.17 1360.73 2225.83 3977.88 3755.57 2349.40 45 34 40 40 47 Frequency (X) 165 88 98 146 125 67 28 2400 105 Trading days 1600 70 CTP Price - High 123.0000 123.5000 129.8750 124.2500 121.5500 122.0000 CTP Price - Low 91.3500 120.9000 121.5000 117.5500 119.0000 120.8800 IBPA Fair Price 121.6898 122.3465 124.0177 118.9126 121.3073 121.1031 35 800 - enar >> enar >> Sep-05 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 126 PRICE AND YTM MOVEMENT YTM (%) 10.0 124 9.0 122 8.0 120 7.0 118 6.0 116 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 64.06 33.42 54.67 97.70 92.24 58.38 18-Mar 21-Apr 23-Aug 04-Oct 31-Mar 13-Apr 11-Jan 24-Jun 23-Aug 30-Nov 03-Jan 09-May 7.6636 7.3405 6.7529 7.7052 6.8763 6.6748 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 19.173 18.301 16.574 15.336 13.789 12.988 3.822 0.038 3.787 0.038 3.567 0.036 3.470 0.035 3.255 0.033 3.203 0.032 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 39
  40. FR0035 Listing Date ISIN CODE : IDG000006602 Feb-06 TRADING ACTIVITIES Volume 2250 Frequency 125 Volume 1800 100 Frequency Maturity Date Feb-09 Trading Activities, Feb-15 Feb-18 Feb-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 1232.95 1455.66 1129.72 1402.42 2084.09 1280.52 28 22 17 18 19 Frequency (X) 109 51 28 40 54 32 13 1350 75 Trading days 900 50 CTP Price - High 125.6500 126.5000 129.0000 128.2500 125.8000 126.3000 CTP Price - Low 118.7000 106.7500 124.2500 120.0000 122.6000 125.4000 IBPA Fair Price 125.1804 126.1959 128.2333 122.4109 125.6762 Pastikan 125.9048Link Grafik sudah be 25 450 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Feb-12 PRICE AND YTM MOVEMENT Price 132 YTM (%) 10.0 129 9.0 126 8.0 123 7.0 120 6.0 117 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 44.74 52.82 40.99 50.89 75.62 46.46 18-Mar 20-Apr 04-Aug 04-Oct 31-Mar 13-Jun 05-Jan 20-Apr 23-Aug 29-Nov 09-Jan 12-Apr 6.9363 6.6969 7.7130 7.3848 6.8370 7.7808 31-Mar 30-Jun 30-Sep 30-Dec 25.209 24.420 22.500 21.113 4.358 0.044 4.352 0.044 4.139 0.041 4.053 31-Mar Pastikan 22-JunLink Grafik sudah be 3.851 19.410 0.041 0.039 3.829 18.644 0.038 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0036 Listing Date ISIN CODE : IDG000006701 Apr-06 TRADING ACTIVITIES Volume 3000 Frequency 100 Volume 2400 80 Frequency Apr-08 Trading Activities, Apr-14 Apr-16 Apr-18 2016 Price and Yield Q1 Volume (Rp bn) Frequency (X) Apr-12 2017 Q2 Q3 1888.57 433.09 35 14 84 34 Q4 Q1 580.99 2296.55 2870.31 23 35 36 53 80 92 Q2 950.50 47 19 60 Trading days 1200 40 CTP Price - High 124.7000 112.6000 117.7800 112.9000 110.8500 111.6114 CTP Price - Low 101.5000 110.7000 111.2000 108.6000 109.0000 100.5000 IBPA Fair Price 111.8239 112.0132 113.1300 109.6081 110.8605 Pastikan 110.2454Link Grafik sudah be - enar >> 20 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 115 PRICE AND YTM MOVEMENT YTM (%) 10.0 113 9.0 111 8.0 109 7.0 107 6.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 40 Apr-10 1800 600 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 80.17 18.39 24.66 97.49 121.85 41.40 24-Mar 01-Apr 23-Aug 03-Oct 31-Mar 15-Jun 25-Feb 11-Apr 23-Sep 23-Nov 16-Feb 05-May 6.6329 6.4825 2.143 1.926 0.021 0.019 7.5471 7.2298 6.5439 7.5017 31-Mar 30-Jun 30-Sep 30-Dec 10.334 8.951 8.084 6.717 2.859 0.029 2.628 0.026 2.523 0.025 2.264 0.023 31-Mar Pastikan 22-JunLink Grafik sudah be 5.918 4.933
  41. FR0037 ISIN CODE : IDG000006800 250 Frequency 20 Volume 200 16 Frequency Maturity Date May-09 May-12 Trading Activities, May-15 May-18 May-21 May-24 2016 Price and Yield Q1 Q2 Volume (Rp bn) 128.83 99.00 7 5 16 Frequency (X) 2017 Q3 12 Q4 Q1 9.20 183.60 239.40 4 4 6 6 14 Q2 9 164.00 6 4 150 12 Trading days 100 8 CTP Price - High 128.5000 132.6000 136.2500 128.7500 130.2500 133.4600 CTP Price - Low 123.7500 128.4200 135.2500 127.8950 127.5000 132.5000 IBPA Fair Price 127.9826 130.9277 134.7562 126.0780 132.3611 133.7046 4 50 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 137 YTM (%) 10.0 133 9.0 129 8.0 125 7.0 121 6.0 117 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) 21.03 16.16 1.50 29.98 39.09 26.78 18-Mar 20-Jun 06-Sep 16-Nov 08-Mar 16-Jun 25-Feb 26-May 21-Jul 14-Dec 26-Jan 27-Apr 7.9990 7.5888 7.0768 8.0698 7.2178 6.9816 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 56.815 54.492 54.697 49.832 50.467 48.094 6.445 0.064 Sensitivity (%) 6.269 0.063 6.379 0.064 5.998 0.060 6.142 0.061 5.954 0.060 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0038 Listing Date ISIN CODE : IDG000007006 Aug-06 TRADING ACTIVITIES Volume 1250 Frequency 25 Volume 1000 20 Frequency Maturity Date Aug-09 Trading Activities, Aug-12 Aug-15 2017 Price and Yield Q1 Q2 Volume (Rp bn) 451.94 199.00 1207.00 12 7 9 Frequency (X) Aug-18 2016 22 Q3 12 Q4 15 Q1 Q2 511.60 329.60 316.60 7 9 9 11 9 4 750 15 Trading days 500 10 CTP Price - High 109.0000 109.4500 109.3500 108.0000 108.5700 109.6000 CTP Price - Low 106.7500 108.6000 108.6000 106.3500 106.0000 106.0500 IBPA Fair Price 109.1472 108.7917 109.1281 106.6176 107.0121 106.2789 5 250 - enar >> enar >> May-06 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 10.0 109 9.0 108 8.0 107 7.0 106 6.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 54.16 23.85 144.64 66.31 42.72 41.30 19-Feb 13-May 09-Sep 07-Nov 17-Mar 02-May 20-Jan 30-Jun 14-Jul 28-Dec 12-Jan 16-Jun 7.3270 6.3496 7.2056 6.2016 5.8547 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5.504 4.469 3.748 2.862 2.259 1.646 Mod. Duration (yrs) 2.055 Sensitivity (%) 0.021 Convexity (yrs) 7.0648 31-Mar 1.817 0.018 1.671 0.017 1.425 0.014 1.262 0.013 1.041 0.010 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 41
  42. FR0039 Listing Date ISIN CODE : IDG000007105 Aug-06 TRADING ACTIVITIES Volume 500 Frequency 50 Volume 400 40 Frequency Maturity Date Aug-09 Trading Activities, Aug-15 Aug-18 Aug-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 484.80 183.42 229.83 154.00 12.91 13 9 9 6 4 Frequency (X) 49 14 18 10 Q2 42.15 5 5 4 300 30 Trading days 200 20 CTP Price - High 121.5000 122.6000 127.3000 124.8500 121.2500 124.7500 CTP Price - Low 115.7500 121.1500 120.4500 118.6500 120.2000 123.7500 IBPA Fair Price 121.9323 123.5049 126.0784 119.7623 124.0926 Pastikan 124.8428Link Grafik sudah be 10 100 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Aug-12 PRICE AND YTM MOVEMENT Price 129 YTM (%) 10.0 126 9.0 123 8.0 120 7.0 117 6.0 114 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 46.45 17.57 22.02 14.75 1.24 4.04 23-Mar 28-Apr 15-Aug 21-Oct 09-Feb 25-Apr 12-Jan 06-Jun 23-Aug 16-Dec 13-Jan 21-Apr 6.9989 6.7437 7.7823 7.4375 6.9163 7.8629 31-Mar 30-Jun 30-Sep 30-Dec 34.199 31.959 31.310 28.278 5.102 0.051 4.889 0.049 4.912 0.049 4.606 0.046 31-Mar Pastikan 22-JunLink Grafik sudah be 4.641 27.797 0.046 4.435 25.824 0.044 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0040 Listing Date ISIN CODE : IDG000007204 Sep-06 TRADING ACTIVITIES Volume 2250 Frequency 150 Volume 1800 120 Frequency Sep-09 Trading Activities, Sep-18 Sep-21 Sep-24 2016 Price and Yield Q1 Volume (Rp bn) Frequency (X) Sep-15 2017 Q2 Q3 Q4 Q1 Q2 832.80 2119.15 1266.55 1444.21 2083.26 1329.42 40 36 38 36 35 124 125 100 105 93 86 36 90 Trading days 900 60 CTP Price - High 120.9000 124.0000 128.0000 126.4000 123.8000 126.0000 CTP Price - Low 112.7500 119.7500 125.1500 116.5000 118.5000 123.4500 IBPA Fair Price 120.1584 122.6593 126.0577 118.4953 124.1968 Pastikan 124.9079Link Grafik sudah be - enar >> 30 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 130 PRICE AND YTM MOVEMENT YTM (%) 10.0 126 9.0 122 8.0 118 7.0 114 6.0 110 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 42 Sep-12 1350 450 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 12.81 32.60 19.48 22.22 32.05 20.45 31-Mar 30-Jun 09-Aug 04-Oct 30-Mar 19-Jun 11-Jan 23-May 15-Sep 25-Nov 04-Jan 12-May 7.1382 6.9687 7.9288 7.5392 7.0296 8.0054 31-Mar 30-Jun 30-Sep 30-Dec 50.594 48.199 48.003 43.729 6.152 0.062 5.964 0.060 6.040 0.060 5.686 0.057 31-Mar Pastikan 22-JunLink Grafik sudah be 5.790 43.869 0.058 5.589 41.483 0.056
  43. FR0042 ISIN CODE : IDG000007402 2500 Frequency 100 Volume 2000 80 Frequency Maturity Date Jan-10 Trading Activities, Jan-13 Jan-16 Price and Yield Q1 Q2 Volume (Rp bn) 1918.10 25 Frequency (X) Jan-19 Jan-22 Jan-25 2016 75 2017 Q3 Q4 Q1 Q2 2492.83 85.36 858.84 538.45 249.34 22 9 14 19 52 17 35 44 28 12 1500 60 Trading days 1000 40 CTP Price - High 116.5000 120.5500 124.5000 155.9000 122.0000 122.5000 CTP Price - Low 100.0000 115.8000 122.7550 114.2500 114.9950 117.1437 IBPA Fair Price 116.0662 119.3175 123.3286 114.8897 121.1720 122.7214 20 500 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 126 YTM (%) 10.0 122 9.0 118 8.0 114 7.0 110 6.0 106 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 51.93 67.49 2.31 23.25 14.58 6.75 31-Mar 20-Apr 07-Sep 23-Dec 30-Mar 14-Jun 02-Feb 01-Jun 26-Jul 23-Nov 04-Jan 03-May 8.0535 7.6290 7.1138 8.1200 7.2874 7.0570 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 65.234 62.920 63.375 57.853 58.823 56.296 6.863 0.069 6.699 0.067 6.830 0.068 6.425 0.064 6.596 0.066 6.410 0.064 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0043 Listing Date ISIN CODE : IDG000007501 Feb-07 TRADING ACTIVITIES Volume 1500 Frequency 100 Volume 1200 80 Frequency Maturity Date Feb-10 Trading Activities, Feb-13 Price and Yield Q1 Volume (Rp bn) Frequency (X) Feb-16 Feb-19 Feb-22 2016 2017 Q2 Q3 Q4 1221.70 309.25 882.75 522.44 1426.84 22 17 22 15 23 83 27 54 24 Q1 61 Q2 158.98 27 15 900 60 Trading days 600 40 CTP Price - High 112.6000 114.5000 117.2500 116.0647 114.6000 115.5000 CTP Price - Low 106.5000 100.0000 114.7500 105.2500 110.8500 114.1000 IBPA Fair Price 112.4131 113.7374 116.0447 110.9132 114.4312 115.0279 20 300 - enar >> enar >> Jan-07 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 120 PRICE AND YTM MOVEMENT YTM (%) 10.0 117 9.0 114 8.0 111 7.0 108 6.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 33.90 8.58 24.49 14.49 39.59 4.41 21-Mar 19-Apr 11-Aug 20-Dec 29-Mar 20-Jun 04-Jan 15-Apr 11-Jul 11-Nov 09-Jan 18-May 7.7174 7.3884 6.8431 7.7867 6.9407 6.6992 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 27.474 25.366 24.485 21.927 21.131 19.349 4.619 0.046 4.398 0.044 4.381 0.044 4.094 0.041 4.078 0.041 3.867 0.039 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 43
  44. FR0044 Listing Date ISIN CODE : IDG000007709 May-07 TRADING ACTIVITIES Volume 3250 Frequency 150 Volume 2600 120 Frequency Maturity Date May-10 Trading Activities, May-16 May-19 May-25 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 3011.69 1914.91 3090.03 36 25 29 Frequency (X) May-22 2016 128 52 74 Q4 Q1 Q2 926.70 1596.93 1905.66 25 24 59 58 88 27 1950 90 Trading days 1300 60 CTP Price - High 113.6000 115.5000 119.5300 118.4774 116.0000 118.0000 CTP Price - Low 106.1500 112.2500 111.1500 109.8500 112.2500 113.5158 IBPA Fair Price 113.0531 115.1668 118.2078 111.6960 116.2441 117.9365 30 650 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> May-13 PRICE AND YTM MOVEMENT Price 120 YTM (%) 10.0 117 9.0 114 8.0 111 7.0 108 6.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 66.87 42.52 68.61 20.58 35.46 42.31 31-Mar 20-Apr 11-Aug 20-Dec 31-Mar 20-Jun 12-Jan 24-May 23-Aug 30-Nov 01-Feb 12-Apr 7.8570 7.4896 6.9786 7.9380 31-Mar 30-Jun 30-Sep 30-Dec 44.143 41.733 41.181 37.449 5.817 0.058 5.616 0.056 5.657 0.057 5.327 0.053 7.1503 6.8136 31-Mar Pastikan 22-JunLink Grafik sudah be 5.380 5.189 37.065 Pastikan 34.941Link Grafik sudah be 0.054 0.052 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0045 Listing Date ISIN CODE : IDG000007808 May-07 TRADING ACTIVITIES Volume 1500 Frequency 100 Volume 1200 80 Frequency Maturity Date May-10 Trading Activities, May-22 May-25 Q1 Volume (Rp bn) 2017 Q2 Q3 576.30 1305.55 17 9 56 55 Q4 Q1 Q2 1276.16 708.56 629.38 259.72 18 16 26 58 46 79 39 13 60 Trading days 600 40 CTP Price - High 118.8000 118.7500 124.6500 125.0000 118.1000 122.7500 CTP Price - Low 104.7500 114.5000 119.7500 100.0000 113.3500 118.0000 IBPA Fair Price 113.7770 118.2661 123.8995 114.6449 118.1853 Pastikan 120.1599Link Grafik sudah be - enar >> 20 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 128 PRICE AND YTM MOVEMENT YTM (%) 10.0 123 9.0 118 8.0 113 7.0 108 6.0 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 44 May-19 2016 Price and Yield Frequency (X) May-16 900 300 enar >> May-13 INDONESIA BOND MARKET DIRECTORY 2016-2017 36.02 81.60 53.03 29.44 26.15 10.79 29-Mar 30-Jun 29-Jul 04-Oct 15-Mar 23-May 06-Jan 02-Jun 19-Jul 05-Oct 06-Jan 08-May 7.9255 7.7454 8.3493 7.9422 7.4603 8.2516 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be Convexity (yrs) 138.097 144.001 144.829 136.936 135.809 Mod. Duration (yrs) Sensitivity (%) 9.280 0.093 9.641 0.096 9.648 0.097 9.392 0.094 9.310 0.093 9.556 138.990 0.096
  45. TRADING HIGHLIGHT FR0046 ISIN CODE : IDG000007907 3250 Frequency 100 Volume 2600 80 Frequency Maturity Date Jul-10 Trading Activities, Jul-13 Jul-16 Jul-19 Jul-22 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) 2312.17 1930.29 3170.10 1310.64 947.74 36 27 33 21 22 Frequency (X) 90 58 66 44 Q1 Q2 44 1050.25 45 19 1950 60 Trading days 1300 40 CTP Price - High 109.6000 111.7500 116.2200 113.7580 112.1500 114.4000 CTP Price - Low 103.0000 108.9000 112.0000 IBPA Fair Price 109.4317 111.1647 113.8258 108.2748 112.5627 113.5490 20 650 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 117 YTM (%) 10.0 114 9.0 111 8.0 108 7.0 105 6.0 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 54.87 45.81 51.38 21-Mar 18-Apr 23-Aug 07-Jan 23-May 01-Jul 7.7769 7.4335 6.9110 21.24 15.36 17.02 20-Dec 30-Mar 11-Apr 15-Nov 10-Jan 07-Apr 97.0500 108.5000 112.2500 7.8570 6.9941 6.7392 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 35.236 32.934 32.125 29.060 28.399 26.385 5.218 0.052 5.004 0.050 5.011 0.050 4.707 0.047 4.723 0.047 4.517 0.045 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0047 Listing Date ISIN CODE : IDG000008004 2000 Aug-07 TRADING ACTIVITIES Volume 2500 Frequency 225 Volume 180 Frequency Aug-10 Trading Activities, Maturity Date Aug-13 Aug-16 Aug-19 Aug-25 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 1452.81 1239.31 1261.39 22 42 33 Frequency (X) Aug-22 2016 66 108 69 Q4 Q1 Q2 646.75 2337.81 2267.78 26 30 52 80 44 19 1500 135 Trading days 1000 90 CTP Price - High 115.7500 122.2000 125.0000 122.1500 120.0000 121.1500 CTP Price - Low 106.5000 113.8000 118.6000 112.5000 112.0000 112.1800 IBPA Fair Price 114.3913 117.8110 122.0124 113.3199 119.7016 121.3106 45 500 - enar >> enar >> Jul-07 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 126 PRICE AND YTM MOVEMENT YTM (%) 10.0 122 9.0 118 8.0 114 7.0 110 6.0 106 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 28.51 24.32 24.75 12.69 45.87 44.50 10-Mar 15-Apr 09-Aug 03-Oct 20-Mar 16-Jun 07-Jan 23-May 27-Jul 29-Nov 20-Mar 12-Apr 8.0893 7.6567 7.1392 8.1536 7.3374 7.1103 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 70.885 68.598 69.275 63.263 64.529 61.925 7.156 0.072 7.000 0.070 7.145 0.071 6.722 0.067 6.911 0.069 6.728 0.067 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 45
  46. FR0048 Listing Date ISIN CODE : IDG000008202 Sep-07 TRADING ACTIVITIES Volume 2750 Frequency 75 Volume 2200 60 Frequency Maturity Date Sep-09 Trading Activities, Q1 Volume (Rp bn) 1975.81 17 Frequency (X) 45 Trading days 1100 30 CTP Price - High 15 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> PRICE AND YTM MOVEMENT Price 107 YTM (%) 10.0 105 9.0 103 8.0 101 7.0 99 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Q2 37 Sep-15 Sep-17 2017 Q3 Q4 Q1 Q2 940.15 1831.84 2594.69 2310.63 2641.06 18 30 26 21 45 156.70 74.87 24-Mar 04-May 04-Jan 19-May 58 63 50 37 23 145.89 217.39 193.59 221.88 07-Sep 07-Nov 23-Mar 02-Jun 22-Jul 23-Nov 09-Mar 09-Jun 6.2498 5.9294 1.352 1.135 0.014 0.011 103.6300 104.0000 105.1000 109.9000 104.2500 107.2500 99.7000 103.4000 99.3200 101.6800 100.0000 103.1500 103.6329 103.8376 104.7714 102.7621 103.7673 Pastikan 103.5777Link Grafik sudah be 7.3537 7.0835 6.3673 7.2387 31-Mar 30-Jun 30-Sep 30-Dec 6.025 4.944 4.151 3.195 Mod. Duration (yrs) 2.175 Sensitivity (%) 0.022 Convexity (yrs) Sep-13 2016 Price and Yield 1650 550 Sep-11 1.939 1.780 0.019 0.018 1.529 31-Mar Pastikan 22-JunLink Grafik sudah be 2.529 0.015 1.885 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0050 Listing Date ISIN CODE : IDG000008301 TRADING ACTIVITIES Volume 750 600 Jan-08 Frequency 225 Volume 180 Frequency Jan-11 Trading Activities, Jan-17 Jan-20 Jan-23 Jan-26 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 361.44 157.54 511.68 389.75 336.10 147.98 8 9 42 24 22 Frequency (X) 31 17 201 38 42 49 28 135 Trading days 300 90 CTP Price - High 117.0000 127.7500 136.0000 135.0000 127.7500 130.1500 CTP Price - Low 112.1621 124.2000 131.0000 IBPA Fair Price 121.4798 126.1874 132.0742 119.9447 125.7687 Pastikan 128.0439Link Grafik sudah be - enar >> 45 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 140 PRICE AND YTM MOVEMENT YTM (%) 11.0 134 10.0 128 9.0 122 8.0 116 7.0 110 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 46 Jan-14 450 150 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 9.23 4.02 13.07 08-Mar 20-Apr 18-Aug 07-Jan 23-May 26-Sep 8.3573 7.9602 7.4896 9.95 8.58 3.78 03-Oct 31-Mar 09-May 15-Nov 16-Jan 08-May 7.9650 7.7721 97.2500 119.2500 123.0000 8.4701 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be Convexity (yrs) 144.507 144.918 152.091 135.396 142.588 Mod. Duration (yrs) Sensitivity (%) 9.484 0.095 9.462 0.095 9.868 0.099 9.105 0.091 9.521 0.095 9.401 140.581 0.094
  47. FR0052 ISIN CODE : IDG000009002 7500 Frequency 250 Volume 6000 200 Frequency Maturity Date Feb-13 Trading Activities, Aug-16 Feb-20 Aug-23 Feb-27 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 6302.05 2742.19 4954.82 2749.41 2834.95 1790.14 53 47 48 38 49 Frequency (X) 243 235 203 138 168 79 27 4500 150 Trading days 3000 100 CTP Price - High 122.0000 128.1000 131.6000 129.6000 126.1000 128.7500 CTP Price - Low 110.7500 102.4500 123.5000 115.9000 117.7500 120.1707 IBPA Fair Price 119.0868 123.2217 128.2222 117.9598 124.6286 126.5238 50 1500 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 135 YTM (%) 11.0 130 10.0 125 9.0 120 8.0 115 7.0 110 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 107.27 46.68 84.34 46.80 48.25 30.47 10-Feb 13-Apr 09-Aug 11-Oct 21-Mar 20-Apr 05-Jan 20-Jun 01-Jul 28-Nov 04-Jan 03-May 8.2114 7.7624 7.2403 8.2753 7.5427 7.3220 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 89.280 87.474 89.493 81.332 84.027 81.399 7.864 0.079 7.747 0.078 7.966 0.080 7.460 0.075 7.726 0.077 7.558 0.076 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0053 Listing Date ISIN CODE : IDG000009101 Jul-10 TRADING ACTIVITIES Volume 100000 Frequency 2500 Volume Frequency 80000 2000 Maturity Date Jul-12 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 60000 1500 Trading days 40000 1000 CTP Price - High 500 20000 - enar >> enar >> Aug-09 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 115 PRICE AND YTM MOVEMENT YTM (%) 10.0 111 9.0 107 8.0 103 7.0 99 6.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) Jul-14 Jul-16 Jul-18 Jul-20 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 70328.71 80832.88 82498.88 91630.32 59155.94 35149.91 2305 2104 2298 2315 2074 1135 388.94 369.19 329.90 366.42 236.56 140.56 31-Mar 28-Apr 16-Sep 31-Mar 27-Apr 08-Jan 26-Apr 09-Sep 09-Feb 11-Apr 62 63 61 63 62 56 105.3000 106.5500 109.0000 109.0000 111.3500 107.7500 97.2500 1.2260 103.2500 04-Oct 95.4500 28-Dec 98.9482 103.8000 104.0000 104.1081 105.8281 102.8418 104.9935 105.5120 7.3204 7.2610 6.8000 7.4988 6.8821 6.6767 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 21.927 19.868 18.745 16.645 15.575 13.990 4.191 0.042 3.952 0.040 3.883 0.039 3.619 0.036 3.539 0.035 3.324 0.033 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 47
  48. FR0054 Listing Date ISIN CODE : IDG000009200 Jul-10 TRADING ACTIVITIES Volume 7500 Frequency 375 Volume 6000 300 Frequency Maturity Date Jul-13 Trading Activities, Jul-19 Jul-22 Jul-25 Jul-28 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 5129.47 4016.06 1108.13 2385.32 6240.81 3606.31 58 61 56 45 53 Frequency (X) 261 370 268 145 184 133 39 4500 225 Trading days 3000 150 CTP Price - High 113.5000 120.0000 123.0000 123.3000 118.8000 119.0000 CTP Price - Low 102.0000 109.7500 113.2500 108.6000 109.3000 114.1800 IBPA Fair Price 110.7804 114.9352 119.9366 109.9189 116.2634 Pastikan 118.2469Link Grafik sudah be 75 1500 - Q1-16 enar >> Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jul-16 PRICE AND YTM MOVEMENT Price 125 YTM (%) 11.0 120 10.0 115 9.0 110 8.0 105 7.0 100 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 75.72 59.29 16.36 35.21 92.13 53.24 18-Mar 21-Apr 11-Aug 05-Oct 23-Mar 21-Jun 18-Jan 01-Apr 22-Jul 14-Nov 04-Jan 12-Apr 7.6111 7.3906 8.2442 7.7957 7.2748 8.3113 31-Mar 30-Jun 30-Sep 30-Dec 98.685 97.104 99.688 90.459 8.217 0.082 8.117 0.081 8.364 0.084 7.820 0.078 31-Mar Pastikan 22-JunLink Grafik sudah be 8.110 93.684 0.081 7.951 91.063 0.080 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0056 Listing Date ISIN CODE : IDG000009507 Sep-10 TRADING ACTIVITIES Volume 150000 Frequency 7500 Volume 120000 6000 Frequency Maturity Date Sep-13 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 90000 4500 Trading days 60000 3000 CTP Price - High 1500 30000 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 116 PRICE AND YTM MOVEMENT YTM (%) 10.0 110 9.0 104 8.0 98 7.0 92 6.0 86 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 48 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) Sep-16 Sep-19 Sep-22 Sep-25 2016 Q1 Q2 2017 Q3 Q4 Q1 147128.43 143542.53 145236.89 72260.03 50312.85 Q2 50507.61 4474 5579 4877 2732 1783 689.01 541.34 478.48 238.06 165.76 166.40 16-Nov 31-Mar 19-Jun 23-Nov 24-Mar 26-Apr 7.0681 6.8217 62 64 61 63 63 1823 58 107.0000 186.9817 114.9362 110.9200 109.1500 111.1000 04-Mar 26.1110 17-Feb 21-Apr 89.9500 18-May 12-Aug 23.8580 03-Aug 93.7500 1.0810 100.0000 105.4500 106.8536 109.6748 102.9814 108.8979 Pastikan 110.4940Link Grafik sudah be 7.6090 7.4039 7.0083 7.9260 31-Mar 30-Jun 30-Sep 30-Dec 63.979 61.014 60.684 55.682 6.971 0.070 6.764 0.068 6.835 0.068 6.465 0.065 31-Mar Pastikan 22-JunLink Grafik sudah be 6.587 56.027 0.066 6.400 53.482 0.064
  49. FR0057 ISIN CODE : IDG000009606 4500 3600 Frequency 200 Volume 160 Frequency May-14 Trading Activities, Maturity Date May-17 May-20 May-23 May-29 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 849.98 134.83 9 8 Frequency (X) May-26 2016 19 16 Q4 Q1 Q2 53.30 4261.40 3133.49 1596.22 8 16 43 14 112 189 172 34 2700 120 Trading days 1800 80 CTP Price - High 118.7000 118.0000 123.0200 118.5100 117.0000 121.0000 CTP Price - Low 102.5577 104.0000 119.6000 109.1000 109.2500 110.1000 IBPA Fair Price 111.7779 116.1503 121.6466 110.2368 115.4659 118.1355 40 900 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 125 YTM (%) 11.0 120 10.0 115 9.0 110 8.0 105 7.0 100 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 25.09 3.98 1.24 98.89 72.72 37.04 29-Mar 20-Apr 11-Aug 28-Oct 31-Mar 22-May 07-Jan 06-Apr 15-Sep 29-Dec 10-Jan 11-Apr 8.3686 7.9932 7.5500 8.4967 8.0370 7.8117 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 164.039 172.314 174.796 160.995 163.337 168.990 Mod. Duration (yrs) Sensitivity (%) 9.902 0.099 10.323 0.103 10.377 0.104 9.933 0.099 9.981 0.100 10.309 0.103 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0058 Listing Date ISIN CODE : IDG000009705 Jul-11 TRADING ACTIVITIES Volume 10000 Frequency 2250 Volume 8000 1800 Frequency Jul-14 Trading Activities, Q3-16 Q4-16 Q1-17 - Q2-17 Q2 Volume (Rp bn) 8141.26 5899.44 4002.88 3681.62 3420.90 3129.67 61 63 59 63 62 Frequency (X) 1615 Turnover Ratio (%) 76.09 Date 114 PRICE AND YTM MOVEMENT YTM (%) 11.0 109 10.0 104 9.0 99 8.0 94 7.0 89 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2009 1437 55.14 37.41 30-Jun 02-Aug 24-Jun 18-Jul 776 34.41 834 31.97 688 54 29.25 103.7500 108.5000 112.8000 112.6700 108.0000 110.0000 17-Mar 99.7896 103.8197 108.6957 99.6396 105.0909 107.1086 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 110.022 113.034 111.893 105.903 105.212 106.579 Mod. Duration (yrs) Sensitivity (%) 8.2715 8.640 0.086 7.8261 8.900 0.089 7.3082 8.833 0.088 24-Nov 8.2911 8.606 0.086 96.0500 22-Jun IBPA Fair Price 08-Jan 97.0000 30-Mar 90.0000 Date 96.7500 103.0000 15-Nov CTP Price - Low IBPA Fair Yield (%) Price Jul-29 2017 Q1 CTP Price - High Q2-16 Jul-26 Q4 900 Q1-16 Jul-23 2016 Q3 4000 - Jul-20 Q2 Trading days 450 Jul-17 Q1 1350 2000 Maturity Date Price and Yield 6000 enar >> enar >> May-11 TRADING ACTIVITIES Volume enar >> enar >> Listing Date 06-Feb 7.6749 8.562 0.086 98.3045 11-Apr 7.4540 8.738 0.087 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 49
  50. FR0059 Listing Date ISIN CODE : IDG000009804 TRADING ACTIVITIES Volume 125000 100000 Sep-11 Frequency 10000 Volume 8000 Frequency Maturity Date Sep-14 Trading Activities, Price and Yield Q1 Volume (Rp bn) 6358.09 Frequency (X) Sep-20 Sep-23 Sep-26 2016 Q2 404 2017 Q3 Q4 Q1 Q2 4596.03 21734.39 69643.79 121929.48 93708.22 58 494 1438 4147 7610 5140 69.04 256.60 593.60 694.46 463.44 61 60 64 64 57 75000 6000 Trading days 50000 4000 CTP Price - High 96.9000 99.6500 116.2110 103.6000 104.8000 110.7000 CTP Price - Low 84.6000 90.0000 95.0000 90.2500 10.0000 IBPA Fair Price 93.0623 95.4518 99.8917 94.9775 99.9810 Pastikan 101.3559Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 71.077 70.859 68.643 65.930 2000 25000 - enar >> Date Date - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) IBPA Fair Yield (%) enar >> Sep-17 PRICE AND YTM MOVEMENT Price 118 YTM (%) 10.0 111 9.0 104 8.0 97 7.0 90 6.0 83 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 95.50 31-Mar 06-Jan 7.9494 7.275 0.073 21-Jun 05-Apr 7.6210 7.359 0.074 27-Sep 14-Jul 7.0131 7.219 0.072 06-Oct 25-Nov 7.7103 7.121 0.071 22-Mar 07-Feb 7.0011 6.986 63.845 0.070 26-Apr 10.0000 12-Jun 6.8081 7.033 63.197 0.070 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0061 Listing Date ISIN CODE : IDG000010000 TRADING ACTIVITIES Volume 75000 60000 Oct-11 Frequency 2500 Volume 2000 Frequency Maturity Date Oct-13 Trading Activities, Q1 Volume (Rp bn) 3477.64 Frequency (X) 1500 Trading days 30000 1000 CTP Price - High 500 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Price 113 PRICE AND YTM MOVEMENT YTM (%) 10.0 108 9.0 103 8.0 98 7.0 93 6.0 88 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 50 INDONESIA BOND MARKET DIRECTORY 2016-2017 Oct-19 247 54 44.59 Q2 Q3 Q4 656 1646 2290 1514 33.81 235.98 374.53 508.85 319.17 50 53 63 27-Jan 29-Apr 15-Aug 98.1979 100.7696 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 28.283 27.046 24.964 23.300 10-Feb 7.7085 4.747 0.047 20-May 7.3811 4.692 0.047 98.3000 05-Oct 96.5804 Sensitivity (%) 62 58 107.2000 121.3500 101.9000 110.0000 110.4500 104.2500 IBPA Fair Price Convexity (yrs) Q2 249 96.4000 Mod. Duration (yrs) Q1 2637.44 24290.69 45154.81 70062.43 54042.22 86.4000 Date Oct-21 2017 CTP Price - Low IBPA Fair Yield (%) enar >> Oct-17 2016 Price and Yield 45000 15000 Oct-15 01-Jul 6.8305 4.478 0.045 50.0000 16-Dec 23-Mar 96.1000 03-Feb 24-May 98.9200 21-Apr 97.9592 101.0000 Pastikan 101.5000Link Grafik sudah be 7.4651 4.361 0.044 6.7633 6.6340 31-Mar Pastikan 22-JunLink Grafik sudah be 4.148 21.370 0.041 4.072 20.201 0.041
  51. FR0062 ISIN CODE : IDG000010109 15000 12000 Frequency 450 Volume 360 Frequency Aug-14 Trading Activities, Aug-16 Aug-18 Aug-20 Aug-22 2016 Price and Yield Q1 Volume (Rp bn) 254.75 Frequency (X) 105 Turnover Ratio (%) Q2 2017 Q3 2025.87 12734.65 Q4 Q1 Q2 1092.70 178.13 270.59 43 46 275 447 8.49 65.35 380.37 32.64 18-Mar 08-Apr 14-Sep 29-Dec 36 54 56 152 107 203 46 9000 270 Trading days 6000 180 CTP Price - High 81.2500 100.0000 100.0000 104.2800 85.2000 88.0000 CTP Price - Low 70.0000 76.0000 81.1500 71.0000 75.0000 79.0000 IBPA Fair Price 78.9717 82.3470 86.6105 78.0061 82.0317 84.1744 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 190.330 200.261 203.854 187.012 190.453 197.249 90 3000 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 105 YTM (%) 11.0 97 10.0 89 9.0 81 8.0 73 7.0 65 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Sensitivity (%) 25-Jan 8.3707 10.657 0.107 01-Apr 8.0012 11.127 0.111 15-Sep 7.5666 11.220 0.112 09-Dec 8.5027 10.695 0.107 5.32 29-Mar 27-Jan 8.0543 10.784 0.108 8.08 21-Jun 23-May 7.8292 11.147 0.112 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0063 Listing Date ISIN CODE : IDG000010208 Aug-12 TRADING ACTIVITIES Volume 10000 Frequency 400 Volume 8000 320 Frequency Maturity Date Aug-14 Trading Activities, Aug-16 Aug-18 Aug-20 Aug-22 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 8121.59 7706.38 4460.74 4136.95 4595.01 3684.83 57 54 47 50 59 Frequency (X) 377 382 250 250 285 219 49 6000 240 Trading days 4000 160 CTP Price - High 89.6500 103.6000 122.5000 93.4000 100.5300 95.0000 CTP Price - Low 82.2500 87.7500 91.0000 87.1500 89.1000 92.7500 IBPA Fair Price 88.4416 90.4299 93.2996 89.0157 93.3081 94.6822 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 37.911 36.558 34.193 32.013 29.920 28.641 80 2000 - enar >> enar >> Maturity Date Aug-12 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 96 PRICE AND YTM MOVEMENT YTM (%) 10.0 93 9.0 90 8.0 87 7.0 84 6.0 81 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 94.39 89.57 50.24 18-Mar 13-Jun 01-Jul 11-Jan 7.7662 5.528 0.055 24-May 7.4258 5.483 0.055 11-Jul 6.9005 5.275 0.053 46.59 51.75 04-Oct 24-Mar 29-Nov 7.8454 5.136 0.051 03-Jan 6.9848 4.942 0.049 41.50 20-Jun 06-Apr 6.7309 4.879 0.049 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 51
  52. TRADING HIGHLIGHT FR0064 Listing Date ISIN CODE : IDG000010307 Aug-12 TRADING ACTIVITIES Volume 10000 Frequency 400 Volume 8000 320 Frequency Maturity Date Aug-15 Trading Activities, Aug-21 Aug-24 Aug-27 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 7824.69 3876.40 4273.85 4512.85 6423.68 3756.01 57 55 53 52 56 Frequency (X) 386 295 324 320 242 6000 240 Trading days 4000 160 CTP Price - High 99.3600 92.2500 113.6780 96.7500 97.0500 CTP Price - Low 77.7500 83.5000 87.5000 82.0000 0.8849 IBPA Fair Price 84.3192 88.1009 91.9917 85.0428 90.7305 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 82.911 83.547 81.155 77.158 75.477 80 2000 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Aug-18 PRICE AND YTM MOVEMENT Price 100 YTM (%) 10.0 95 9.0 90 8.0 85 7.0 80 6.0 75 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 104.70 21-Jan 06-Jan 8.1876 7.842 0.078 51.87 57.18 29-Jun 23-Sep 25-May 7.6680 7.987 0.080 27-Jul 7.1497 7.848 0.079 60.38 06-Oct 23-Nov 8.1672 7.679 0.077 85.95 24-Jan 187 43 50.26 95.5000 22-Jun 89.0000 Pastikan Link Grafik sudah be 08-Mar 03-Apr 7.3584 7.584 0.076 92.4484 Pastikan Link Grafik sudah be 7.1324 22-Jun 7.653 75.062 0.077 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0065 Listing Date ISIN CODE : IDG000010406 Aug-12 TRADING ACTIVITIES Volume 7500 Frequency 1000 Volume 6000 800 Frequency Aug-15 Trading Activities, Q1 Q2 Volume (Rp bn) 7140.25 6066.05 3109.26 6323.04 4295.44 3783.01 61 63 59 63 62 Frequency (X) CTP Price - High Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Price 105 PRICE AND YTM MOVEMENT YTM (%) 10.0 98 9.0 91 8.0 84 7.0 77 6.0 70 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 52 INDONESIA BOND MARKET DIRECTORY 2016-2017 788 999 59.69 50.71 05-Jan 22-Jun 100.2140 100.0000 993 895 609 25.99 52.86 35.91 11-Aug 01-Dec 28-Feb 768 53 31.37 98.9000 102.2500 101.8000 96.0000 84.0000 21-Jun CTP Price - Low 74.5000 82.0000 88.0000 83.0000 83.0000 IBPA Fair Price 84.8713 88.6097 93.1873 84.9849 89.8763 Pastikan 91.8443Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be Convexity (yrs) 125.512 129.130 128.349 121.183 120.710 Date IBPA Fair Yield (%) enar >> Aug-30 2017 Q4 400 Q1-16 Aug-27 Q3 3000 - Aug-24 2016 Q2 Trading days enar >> Aug-21 Q1 600 200 Aug-18 Price and Yield 4500 1500 Maturity Date Mod. Duration (yrs) Sensitivity (%) 20-Jan 8.2937 9.226 0.092 04-Apr 7.8534 9.512 0.095 15-Sep 7.3399 9.470 0.095 24-Nov 8.3190 9.203 0.092 20-Feb 7.7329 9.176 0.092 17-Apr 7.5113 9.367 122.390 0.094
  53. FR0066 ISIN CODE : IDG000010604 12500 10000 Frequency 325 Volume 260 Frequency Maturity Date Oct-14 Trading Activities, Oct-16 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 5907.91 6929.58 8064.15 45 51 51 Frequency (X) 196 305 278 Q4 Q1 Q2 6231.09 10707.70 207 205 139.94 240.47 55 53 8404.54 210 46 7500 195 Trading days 5000 130 CTP Price - High 99.2500 97.5000 105.8000 98.5100 99.4000 100.1000 CTP Price - Low 91.9500 95.7000 95.7100 96.5000 97.5000 90.4700 IBPA Fair Price 96.1496 96.9645 98.4030 97.6154 99.1474 99.6852 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.804 3.936 3.061 2.320 1.652 1.163 65 2500 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 107 YTM (%) 10.0 103 9.0 99 8.0 95 7.0 91 6.0 87 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 132.35 17-Feb 04-Jan 7.2340 Mod. Duration (yrs) 1.926 Sensitivity (%) 0.019 Convexity (yrs) 155.62 181.10 28-Apr 30-Sep 04-Apr 7.0008 1.737 23-Aug 6.2942 1.501 0.017 0.015 05-Oct 24-Nov 7.0933 1.291 27-Mar 04-Jan 6.0390 1.054 0.013 196.07 12-Apr 28-Apr 5.6079 0.860 0.011 0.009 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0067 Listing Date ISIN CODE : IDG000010703 10000 8000 Jul-13 TRADING ACTIVITIES Volume Frequency 750 Volume 600 Frequency Jul-16 Trading Activities, Q3-16 Q4-16 Q1-17 - Q2-17 Q2 Volume (Rp bn) 4923.13 2829.10 1727.74 1761.75 4291.69 7984.50 29 25 30 22 51 Frequency (X) Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 118 PRICE AND YTM MOVEMENT YTM (%) 11.0 113 10.0 108 9.0 103 8.0 98 7.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-31 2017 Q1 CTP Price - High Q2-16 Jul-28 Q4 300 Q1-16 Jul-25 2016 Q3 4000 - Jul-22 Q2 Trading days 150 Jul-19 Q1 450 2000 Maturity Date Price and Yield 6000 enar >> enar >> Oct-12 TRADING ACTIVITIES Volume enar >> enar >> Listing Date 191 153 127 107.02 56.30 27.85 24-Mar 20-Apr 08-Aug 13-Jan 02-May 15-Sep 151 335 602 53 27.92 64.81 113.30 05-Oct 29-Mar 20-Jun 26-Oct 03-Feb 11-Apr 103.8500 111.0200 114.5500 113.8700 110.7500 113.5000 94.8500 101.4500 105.8900 99.6300 102.0000 103.4500 104.0231 108.1178 113.2090 102.4864 107.2636 109.8828 8.3735 8.0142 7.5955 8.5121 8.0823 7.8576 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 187.058 189.527 200.818 176.538 187.495 187.254 Mod. Duration (yrs) Sensitivity (%) 10.553 0.106 10.587 0.106 11.091 0.111 10.161 0.102 10.663 0.107 10.609 0.106 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 53
  54. FR0068 Listing Date ISIN CODE : IDG000010802 Aug-13 TRADING ACTIVITIES Volume 75000 Frequency 7500 Volume 60000 6000 Frequency Maturity Date Feb-17 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 45000 4500 Trading days 30000 3000 CTP Price - High 1500 15000 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> PRICE AND YTM MOVEMENT Price 115 YTM (%) 11.0 110 10.0 105 9.0 100 8.0 95 7.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Aug-20 Feb-24 Aug-27 Feb-31 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 58449.00 43355.25 29131.06 41158.77 26627.95 20356.16 6381 5108 3622 3732 2526 2018 253.03 187.69 126.11 178.18 115.27 88.12 05-Oct 29-Mar 30-Nov 08-Mar 61 63 61 63 63 56 109.4500 110.7000 113.7500 113.1500 109.0000 111.3000 12-Jan 20.0000 10-Mar 21-Apr 94.1500 05-Apr 12-Aug 10.0000 30-Sep 97.7500 1.0375 05-Apr 91.9000 08-Jun 101.9061 106.4000 109.2368 100.9335 106.1500 Pastikan 107.6587Link Grafik sudah be 8.1701 7.7047 7.4220 8.2701 7.7179 7.5587 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be Convexity (yrs) 126.733 126.119 128.665 117.486 121.917 Mod. Duration (yrs) Sensitivity (%) 9.256 0.093 9.210 0.092 9.435 0.094 8.859 0.089 9.184 0.092 9.027 119.024 0.090 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0069 Listing Date ISIN CODE : IDG000010901 Aug-13 TRADING ACTIVITIES Volume 42500 Frequency 1250 Volume 34000 1000 Frequency Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 25500 750 Trading days 17000 500 CTP Price - High 250 8500 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 110 PRICE AND YTM MOVEMENT YTM (%) 10.0 107 9.0 104 8.0 101 7.0 98 6.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 54 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Maturity Date Aug-15 Q1 Q2 2017 Q3 Q4 Q1 Q2 32786.82 21564.01 34545.75 28821.04 41704.12 30461.53 1050 774 826 910 1096 630 210.19 138.24 221.46 184.76 267.35 195.28 22-Apr 29-Jul 05-Oct 31-Jan 13-Jun 08-Apr 01-Jul 21-Nov 31-Jan 13-Apr 6.5075 6.3179 1.803 1.653 0.018 0.017 60 64 59 62 62 57 101.9000 103.1000 109.6500 104.5000 103.2000 103.9000 18-Mar 96.5500 04-Jan 97.4000 101.7500 1.0020 100.7500 101.7000 101.0307 101.7090 103.2242 100.9369 102.5702 Pastikan 102.6158Link Grafik sudah be 7.4877 7.1819 6.4764 7.4145 31-Mar 30-Jun 30-Sep 30-Dec 8.497 7.515 6.326 5.345 Mod. Duration (yrs) 2.574 Sensitivity (%) 0.026 Convexity (yrs) Aug-17 2016 2.438 0.024 2.205 0.022 2.034 0.020 31-Mar Pastikan 22-JunLink Grafik sudah be 4.350 3.643
  55. FR0070 ISIN CODE : IDG000012006 75000 2500 2000 Frequency Aug-16 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 45000 1500 Trading days 30000 1000 CTP Price - High 500 15000 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 120 YTM (%) 10.0 115 9.0 110 8.0 105 7.0 100 6.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) Aug-19 Aug-22 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 69176.54 40555.55 50579.98 50312.71 56772.27 33238.45 2346 1498 1813 1741 1786 1164 209.58 122.87 152.19 151.39 170.82 100.01 11-Mar 23-Jun 30-Sep 05-Oct 29-Mar 15-Jun 21-Jan 25-May 07-Sep 06-Dec 23-Mar 02-May 62 63 63 63 62 58 118.2500 109.7000 125.5000 109.9500 110.3000 110.2000 84.0000 101.5000 100.0000 12.1500 100.6000 100.0000 104.1250 105.2425 108.1759 102.5345 107.5500 108.4982 7.6717 7.4651 6.9508 7.9034 6.9852 6.7784 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 42.324 39.718 38.896 35.364 34.778 32.563 5.768 0.058 5.549 0.056 5.561 0.056 5.243 0.052 5.272 0.053 5.068 0.051 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0071 Listing Date ISIN CODE : IDG000011107 Sep-13 TRADING ACTIVITIES Volume 47500 Frequency 3000 Volume 38000 2400 Frequency Maturity Date Sep-16 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 28500 1800 Trading days 19000 1200 CTP Price - High 600 9500 - enar >> enar >> Frequency Volume 60000 Maturity Date Aug-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 120 PRICE AND YTM MOVEMENT YTM (%) 10.0 115 9.0 110 8.0 105 7.0 100 6.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) Sep-19 Sep-22 Sep-25 Sep-28 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 46261.81 28952.48 26831.65 24864.12 33372.30 21560.25 2775 2479 1924 1344 1707 949 200.92 125.74 114.92 106.50 142.94 92.34 18-Mar 13-Apr 11-Aug 11-Oct 30-Mar 05-Jun 26-Jan 24-Jun 29-Jul 17-Nov 02-Feb 26-Apr 63 63 61 63 63 57 109.5000 114.5000 119.0000 117.6000 114.2500 116.3500 99.0000 100.0000 108.7500 100.1500 1.2800 108.5000 106.7328 111.1229 114.7791 105.9935 112.3043 114.0302 8.1482 7.6161 7.1841 8.2104 7.4285 7.2054 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 82.717 80.874 81.711 74.595 76.371 73.691 7.727 0.077 7.612 0.076 7.763 0.078 7.302 0.073 7.518 0.075 7.344 0.073 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 55
  56. FR0072 Listing Date ISIN CODE : IDG000011602 TRADING ACTIVITIES Volume 100000 80000 Jul-15 Frequency 10000 Volume 8000 Frequency Maturity Date Jul-18 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 60000 6000 Trading days 40000 4000 CTP Price - High 2000 20000 - enar >> Date CTP Price - Low Date - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) IBPA Fair Price IBPA Fair Yield (%) enar >> PRICE AND YTM MOVEMENT Price 120 YTM (%) 11.0 114 10.0 108 9.0 102 8.0 96 7.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-21 Jul-24 Jul-27 Jul-30 Jul-33 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 56175.96 43670.25 64640.58 48510.29 80860.85 87994.66 5555 6691 7657 5327 5500 5665 805.39 455.97 474.77 340.36 462.00 415.76 06-Oct 30-Mar 16-Nov 08-Mar 61 64 59 64 64 59 107.0000 109.2500 116.0000 113.0000 109.0000 110.4000 26-Jan 20.0000 24-Feb 28-Jun 99.0000 05-Apr 25-Jul 1.1730 11-Jul 96.2500 1.0299 22-Jun 10.0000 05-Jun 101.5000 105.8953 108.8250 101.1765 105.9500 Pastikan 107.2397Link Grafik sudah be 8.0962 7.6660 7.3897 8.1268 7.6512 7.5247 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be Convexity (yrs) 141.402 147.032 145.195 138.169 138.249 Mod. Duration (yrs) Sensitivity (%) 9.527 0.095 9.881 0.099 9.777 0.098 9.554 0.096 9.536 0.095 9.741 140.465 0.097 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FR0073 Listing Date ISIN CODE : IDG000011701 Aug-15 TRADING ACTIVITIES Volume 125000 Frequency 4750 Volume 100000 3800 Frequency Maturity Date Aug-18 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 75000 2850 Trading days 50000 1900 CTP Price - High 950 25000 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 120 PRICE AND YTM MOVEMENT YTM (%) 10.0 113 9.0 106 8.0 99 7.0 92 6.0 85 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 56 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) Aug-21 Aug-24 Aug-27 Aug-30 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 71068.27 107896.36 70152.68 55178.09 33444.18 27967.71 3587 4625 3809 2499 1720 1085 1157.70 883.18 438.34 333.32 202.03 168.95 22-Mar 30-Jun 10-Aug 06-Oct 02-Feb 14-Jun 30-Mar 26-May 16-Sep 27-Oct 23-Mar 27-Apr 61 63 60 64 63 56 109.7500 112.6000 118.0000 116.5000 113.2100 114.5000 23.6520 3.0000 103.0500 0.5000 100.4500 100.0000 105.8750 109.8005 113.1923 105.0415 111.4875 112.8419 8.0687 7.6347 7.2686 8.1465 7.4218 7.2654 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 99.596 101.841 99.593 94.946 94.342 94.977 8.251 0.083 8.478 0.085 8.347 0.084 8.177 0.082 8.139 0.081 8.276 0.083
  57. FR0074 ISIN CODE : IDG000012204 75000 60000 Nov-16 TRADING ACTIVITIES Volume Frequency 7500 Volume 6000 Frequency Maturity Date Nov-19 Trading Activities, Nov-22 Q1 Q2 Q3 Volume (Rp bn) N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 30000 3000 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 1500 - Price 108 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 105 9.0 102 8.0 99 7.0 96 6.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-28 Nov-31 2017 Price and Yield 4500 15000 Nov-25 2016 45000 enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 Q2 3320.68 28181.07 57899.61 583 3473 5641 759.01 1017.37 888.03 34 62 56 102.0000 104.2000 106.3500 27-Dec 30-Mar 94.0000 N/A 97.1888 101.0563 101.3652 N/A 30-Dec 31-Mar 22-Jun N/A 110.847 113.257 109.424 N/A N/A N/A N/A 15-Nov 7.8131 8.763 0.088 95.4220 04-Apr N/A 31-Jan 7.3826 8.995 0.090 97.0000 12-May 7.3476 8.785 0.088 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 57
  58. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 FR0028 3,512 FR0031 3,237 FR0032 43.4% FR0034 1,361 1,889 FR0037 Q4-2016 6,368 2,829 2,226 1,233 1,456 1,130 FR0036 Outstanding in Year 2016 Turnover 163.7% 64.7% 62.5% 47.4% 55.2% 581 17.2% FR0038 76.8% 1,207 FR0039 485 FR0040 25.2% 833 FR0042 2,119 1,918 FR0043 2,493 36.2% 20.4% 3,012 1,915 FR0045 1,306 1,276 FR0046 2,312 FR0047 21.8% 1,267 1,222 883 FR0044 FR0048 1,976 1,930 FR0050 512 940 3,170 35.3% 22.6% 1,832 153.8% 9.1% 6,302 - 49.6% 3,090 40.2% 1,453 1,239 1,261 FR0052 58 4,186 1,446 2,608 FR0035 Q3-2016 2,742 5,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 4,955 10,000 71.3% 15,000 20,000 25,000
  59. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 FR0053 70,329 FR0054 46.6% FR0056 Q3-2016 Q4-2016 82,499 80,833 Turnover 325.2% 145,237 143,543 147,128 FR0057 Outstanding in Year 2016 418.5% 30.7% FR0058 50.8% FR0059 218.1% FR0061 24,291 156.7% FR0062 120.3% FR0063 68.8% FR0064 68.5% FR0065 47.3% FR0066 152.3% FR0067 44.5% FR0068 58,449 FR0069 32,787 FR0070 69,177 FR0071 46,262 FR0072 56,176 FR0073 71,068 - 43,355 34,546 186.2% 188.7% 50,580 40,556 26,832 158.4% 135.9% 64,641 43,670 107,896 100,000 373.6% 70,153 200,000 459.5% 300,000 400,000 500,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 59
  60. TRADING HIGHLIGHT USDFR0002 Listing Date ISIN CODE : IDG000013004 Jun-16 TRADING ACTIVITIES Volume 5 Jun-20 4 Jun-22 Jun-24 Jun-26 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A - - - - - N/A - - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A N/A N/A N/A N/A N/A ah benar >> ah benar >> 5 Frequency Jun-18 Trading Activities, Frequency Volume 4 Maturity Date Price 107 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 7.0 104 6.0 101 5.0 98 4.0 95 3.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A N/A - N/A N/A 102.0778 105.6014 3.7979 N/A N/A 3.3697 N/A N/A - - N/A - N/A N/A N/A N/A N/A 97.4463 100.6077 102.0416 4.3819 N/A 3.9701 N/A N/A N/A Pastikan Link Grafik sudah be 3.7804 Pastikan N/A Link Grafik sudah be N/A 2.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date Listing Date Maturity Date TRADING VOLUME BY SERIES (IN MILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover USDFR0002 - 20 40 60 80 100 120 140 160 180 200 Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 60 INDONESIA BOND MARKET DIRECTORY 2016-2017
  61. TRADING HIGHLIGHT VR0025 ISIN CODE : IDG000003401 5 4 Frequency 5 Volume 4 Frequency Dec-05 Trading Activities, Dec-08 Dec-11 Dec-14 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 99.7415 99.6182 99.6591 99.6182 99.6046 100.0002 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.362 1.709 1.145 0.687 0.340 0.126 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.6671 Mod. Duration (yrs) 1.403 Sensitivity (%) 0.014 Convexity (yrs) - - N/A N/A 7.1616 1.181 N/A N/A 7.0681 0.949 0.012 0.009 - N/A N/A 7.4551 0.712 0.007 - - N/A N/A N/A N/A 6.8267 0.472 5.0529 0.252 0.005 0.003 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM VR0026 Listing Date ISIN CODE : IDG000003500 5 4 Dec-02 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Dec-05 Trading Activities, Dec-08 Dec-11 Dec-14 2016 Dec-17 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 100.0341 99.9127 99.9473 99.8476 99.9574 99.8204 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.374 2.604 1.912 1.305 0.829 0.471 enar >> enar >> Maturity Date Dec-02 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 6.0265 Mod. Duration (yrs) 1.685 Sensitivity (%) 0.017 Convexity (yrs) - N/A N/A 6.7276 1.474 0.015 - N/A N/A 6.0984 1.250 0.013 - N/A N/A 7.8432 1.016 0.010 - N/A N/A 5.7067 0.790 0.008 - N/A N/A 6.9051 0.572 0.006 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 61
  62. VR0027 Listing Date ISIN CODE : IDG000003609 TRADING ACTIVITIES Volume 5 4 Dec-02 Frequency 5 Volume 4 Frequency Maturity Date Dec-05 Trading Activities, Dec-11 Dec-14 Dec-17 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 100.0341 99.9127 99.9473 99.8476 99.9574 Pastikan 99.8204Link Grafik sudah be 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 5.230 4.297 3.416 2.588 enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) enar >> Dec-08 Price 103 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 6.0265 Mod. Duration (yrs) 2.114 Sensitivity (%) 0.021 Convexity (yrs) - - N/A N/A 6.7276 1.917 N/A N/A 6.0984 1.701 0.019 0.017 - - N/A - N/A N/A 7.8432 1.468 0.015 N/A N/A N/A 5.7067 6.9051 1.256 1.042 0.013 0.010 1.927 1.364 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM VR0028 Listing Date ISIN CODE : IDG000003708 Dec-02 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 4 Frequency Maturity Date Dec-05 Trading Activities, Dec-14 Dec-17 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 99.8927 99.8143 99.7847 99.7346 99.7803 Pastikan 99.6246Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 5.673 4.624 3.712 2.861 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 62 Dec-11 2016 3 enar >> enar >> Dec-08 INDONESIA BOND MARKET DIRECTORY 2016-2017 6.2832 Mod. Duration (yrs) 2.217 Sensitivity (%) 0.022 Convexity (yrs) - N/A N/A 6.8750 1.994 0.020 - N/A N/A 6.7638 1.781 0.018 - N/A N/A 7.4898 1.552 0.016 - N/A N/A - N/A N/A 6.4804 7.1504 1.337 1.123 0.013 0.011 2.155 1.559
  63. VR0029 ISIN CODE : IDG000003807 5 Frequency 5 Volume 4 4 Frequency Maturity Date Dec-05 Trading Activities, Dec-08 Dec-11 Dec-14 Dec-17 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 99.8927 99.8143 99.7847 99.7346 99.7803 99.6246 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 10.658 9.232 7.998 6.730 5.723 4.748 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 6.2832 3.054 0.031 - - N/A N/A 6.8750 2.839 N/A N/A 6.7638 2.644 0.028 0.026 - N/A N/A 7.4898 2.417 0.024 - - N/A N/A N/A 6.4804 2.232 N/A 7.1504 2.027 0.022 0.020 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM VR0030 Listing Date ISIN CODE : IDG000003906 5 4 Dec-02 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Dec-05 Trading Activities, Dec-08 Dec-11 Dec-14 Dec-17 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 99.7415 99.6182 99.6591 99.6182 99.6046 100.0002 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 12.444 11.125 9.739 8.388 7.231 6.177 enar >> enar >> Dec-02 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 6.6671 3.296 0.033 - N/A N/A 7.1616 3.126 0.031 - N/A N/A 7.0681 2.925 0.029 - N/A N/A 7.4551 2.711 0.027 - N/A N/A 6.8267 2.519 0.025 - N/A N/A 5.0529 2.312 0.023 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 63
  64. VR0031 Listing Date ISIN CODE : IDG000004003 Dec-02 TRADING ACTIVITIES Volume 5 4 Dec-08 Dec-14 Dec-17 2017 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 100.0341 99.9127 99.9473 99.8476 31-Mar 30-Jun 30-Sep 30-Dec 15.937 14.609 13.139 11.405 enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A 6.0265 IBPA Fair Yield (%) enar >> Dec-11 2016 Price and Yield 5 Frequency Dec-05 Trading Activities, Frequency Volume 4 Maturity Date Price 103 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 3.703 Mod. Duration (yrs) Convexity (yrs) 0.037 Sensitivity (%) - N/A N/A 6.7276 3.566 0.036 - - N/A - N/A N/A 6.0984 3.388 0.034 N/A 7.8432 3.146 0.031 - N/A N/A N/A 99.9574 N/A 99.8204 5.7067 6.9051 31-Mar Pastikan 22-JunLink Grafik sudah be 3.009 2.807 10.318 Pastikan 8.996Link Grafik sudah be 0.030 0.028 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SPN12170720 Q2-2016 800 Q3-2016 300 SPN12170804 Q4-2016 Turnover Outstanding in Year 2016 55.0% 2,080 66.0% Pastikan Link Grafik sudah be SPN12170914 1,210 80.7% Pastikan Link Grafik sudah be SPN12171012 SPN12171109 SPN12171207 - 64 500 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 1,500 2,000 2,500 3,000 3,500
  65. TRADING HIGHLIGHT ORI011 ISIN CODE : IDG000011503 10000 800 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 6691.99 7087.00 8300.83 3753.87 3055.75 2747.79 61 62 59 61 62 Frequency (X) Trading days 4000 400 CTP Price - High - Turnover Ratio (%) Date 200 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 CTP Price - Low Date - Q2-17 IBPA Fair Price IBPA Fair Yield (%) PRICE AND YTM MOVEMENT Price 107 9.0 105 8.0 103 7.0 101 6.0 99 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Last Date YTM (%) 2017 Q1 600 2000 2016 Price and Yield 6000 761 582 126.17 133.62 156.50 31-Mar 26-Apr 08-Sep 07-Jan 23-Jun 26-Sep 524 439 70.77 57.61 03-Nov 13-Jan 28-Dec 31-Mar 330 53 51.81 103.2000 105.0000 104.6000 103.5000 103.5000 103.8500 98.7500 100.0000 100.0000 95.0000 100.0000 27-Apr 99.8200 15-Jun 101.9352 101.6448 102.1543 101.6587 101.3376 100.9509 7.1539 7.1626 6.3567 6.3456 5.9393 5.4370 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.271 1.635 1.096 0.659 0.324 0.122 Mod. Duration (yrs) 1.437 Sensitivity (%) 0.014 Convexity (yrs) 549 1.217 0.992 0.012 0.010 0.763 0.008 0.526 0.309 0.005 0.003 4.0 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ORI012 Listing Date ISIN CODE : IDG000011800 32500 Frequency 10000 Volume 26000 8000 Frequency Oct-17 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 19500 6000 Trading days 13000 4000 CTP Price - High 2000 6500 - Date CTP Price - Low Date - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) IBPA Fair Price IBPA Fair Yield (%) Price 115 PRICE AND YTM MOVEMENT YTM (%) 10.0 111 9.0 107 8.0 103 7.0 99 6.0 95 Q1-16 Q2-16 Q3-16 Maturity Date Oct-15 TRADING ACTIVITIES Volume enar >> enar >> 1000 Frequency Oct-16 Trading Activities, Frequency Volume 8000 Maturity Date Oct-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q4-16 Q1-17 Q2-17 Last Date 2016 Q1 30318.34 11357.51 Q3 Q4 Q1 Q2 7940.05 6625.27 3218.65 6079.51 59 63 62 8066 2320 441.98 165.57 115.75 27-Apr 01-Sep 15-Jun 12-Aug 61 63 1968 1574 1293 1140 53 96.58 46.92 88.63 03-Oct 07-Mar 04-Apr 19-Dec 07-Mar 15-Jun 105.7500 106.7000 108.0000 108.0000 112.7491 106.6500 31-Mar 10.1500 01-Feb 99.7500 100.2000 97.8000 100.0000 100.4000 103.3613 103.5911 104.9097 104.5154 103.6576 103.2587 7.5317 7.2934 6.4273 6.3273 6.4832 6.4070 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5.687 4.714 3.821 3.006 2.265 1.688 Mod. Duration (yrs) 2.263 Sensitivity (%) 0.023 Convexity (yrs) Q2 2017 2.064 0.021 1.861 0.019 1.652 0.017 1.433 0.014 1.237 0.012 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 65
  66. ORI013 Listing Date ISIN CODE : IDG000012105 Oct-16 TRADING ACTIVITIES Volume 20000 6000 Frequency 2016 Trading Activities, Q1 Q2 Q3 Volume (Rp bn) N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 12000 4500 Trading days N/A 8000 3000 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 1500 - enar >> Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 99 7.0 96 6.0 93 5.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 7500 4000 enar >> Oct-18 Frequency Volume 16000 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 Q2 17846.64 13003.86 6354 4511 362.53 264.15 21 62 5247.46 2455 53 106.59 100.5000 103.2500 102.5000 30-Dec 29-Mar 14-Jun N/A 95.0000 89.9000 96.5000 N/A 99.9259 99.6534 99.6463 N/A 30-Dec N/A 7.043 N/A N/A N/A N/A 15-Dec 6.6290 2.537 22-Mar 21-Apr 6.7407 6.7655 31-Mar Pastikan 22-JunLink Grafik sudah be 2.326 2.137 5.904 Pastikan 4.969Link Grafik sudah be 0.025 0.023 0.021 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 ORI011 Q2-2016 6,692 7,087 Q3-2016 8,300.83 Q4-2016 3,754 Outstanding in Year 2016 Turnover 121.8% Pastikan Link Grafik sudah be ORI012 30,318 ORI013 66 5,000 10,000 7,940.05 6,625 205.0% 90.6% 17,847 - 11,358 15,000 20,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 Pastikan Link Grafik sudah be
  67. TRADING HIGHLIGHT IFR0002 ISIN CODE : IDP000000200 75 60 Frequency 15 Volume 12 Frequency Maturity Date Aug-10 Trading Activities, Price and Yield Volume (Rp bn) Aug-12 Q1 2016 Q2 Aug-14 Q3 Aug-16 Q4 2017 Q1 Q2 8.00 1.30 4.00 60.00 7.00 2 3 2 4 1 2 Frequency (X) 3 4 8 Aug-18 7.00 2 11 2 45 9 Trading days 30 6 CTP Price - High 108.6000 108.5000 109.0500 108.8500 107.2641 106.5000 CTP Price - Low 106.5000 108.5000 108.7900 107.8000 107.2441 106.3400 IBPA Fair Price 108.5390 108.2420 108.6315 106.1999 106.6484 105.9740 3 15 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 10.0 109 9.0 108 8.0 107 7.0 106 6.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 1.61 0.26 0.81 12.09 1.41 1.41 16-Feb 16-Jun 10-Aug 26-Oct 23-Jan 08-May 12-Jan 16-Jun 29-Jul 24-Oct 23-Jan 12-May 7.9270 6.9496 7.8056 6.8016 6.4547 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5.447 4.421 3.714 2.834 2.241 1.632 Mod. Duration (yrs) 2.042 Sensitivity (%) 0.020 Convexity (yrs) 7.6648 31-Mar 1.804 1.662 0.018 0.017 1.416 0.014 1.256 1.036 0.013 0.010 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IFR0006 Listing Date ISIN CODE : IDP000000804 100 Frequency 10 Volume 80 Maturity Date Apr-10 Apr-12 Apr-14 Apr-16 Apr-18 Apr-20 Apr-22 Apr-24 Apr-26 Apr-28 TRADING ACTIVITIES Volume 8 Frequency Trading Activities, 2016 Price and Yield Q1 Volume (Rp bn) 65.50 79.00 10.00 39.00 - 2 3 1 3 - Frequency (X) Q2 2017 7 Q3 6 Q4 2 Q1 6 - Q2 29.00 3 2 60 6 Trading days 40 4 CTP Price - High 110.4000 118.5471 124.2200 113.4100 N/A 122.0050 CTP Price - Low 109.1000 118.4000 124.2100 100.0000 N/A 120.0000 IBPA Fair Price 115.2342 119.1661 123.9534 114.2202 120.7325 122.5462 2 20 - enar >> enar >> Aug-08 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 127 PRICE AND YTM MOVEMENT YTM (%) 11.0 123 10.0 119 9.0 115 8.0 111 7.0 107 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 12.05 14.53 1.84 7.17 26-Jan 17-Jun 09-Sep 01-Dec 29-Jan 28-Jun 09-Sep 04-Nov 8.3774 7.9291 7.4070 8.4403 - N/A N/A 7.6929 5.33 02-May 16-Jun 7.4717 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 86.512 84.633 86.443 78.613 81.057 78.461 7.787 0.078 7.665 0.077 7.873 0.079 7.380 0.074 7.632 0.076 7.465 0.075 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 67
  68. IFR0007 Listing Date ISIN CODE : IDP000000606 Jan-10 TRADING ACTIVITIES Volume 100 Frequency 5 Volume 80 4 Frequency Maturity Date Jan-12 Jan-14 Jan-16 Price and Yield Q1 Q2 Volume (Rp bn) - Trading Activities, Frequency (X) - Turnover Ratio (%) - Jan-20 Jan-22 Q3 Q4 Q1 75.00 - - - - 2 - - - - 3 - - 2017 Jan-24 Q2 - - 60 3 Trading days 40 2 CTP Price - High N/A 115.1155 N/A N/A N/A N/A 20 1 N/A 115.1055 N/A N/A N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A Price 125 PRICE AND YTM MOVEMENT YTM (%) 10.0 121 9.0 117 8.0 113 7.0 109 6.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 19.39 - 17-Jun - N/A 16-Jun - N/A N/A - N/A N/A N/A N/A N/A 113.4404 115.6987 118.7998 112.1389 117.3464 Pastikan 118.5748Link Grafik sudah be IBPA Fair Price IBPA Fair Yield (%) enar >> Jan-18 2016 Last Date 8.0809 7.7061 7.1962 8.1608 31-Mar 30-Jun 30-Sep 30-Dec 45.500 43.112 42.713 38.884 5.837 Mod. Duration (yrs) Convexity (yrs) 0.058 Sensitivity (%) 5.639 0.056 5.699 0.057 5.362 0.054 7.2892 7.0390 31-Mar Pastikan 22-JunLink Grafik sudah be 5.444 38.757 0.054 5.245 36.524 0.052 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IFR0008 Listing Date ISIN CODE : IDP000000903 Apr-10 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 4 Frequency Maturity Date Apr-12 Trading Activities, Apr-18 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 4.00 - - - - - 1 - - Frequency (X) - Turnover Ratio (%) - - - Q4 Q1 1 - Q2 - 3 Trading days 2 2 CTP Price - High N/A N/A N/A 100.0000 N/A N/A 1 1 N/A N/A N/A 100.0000 N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 10.0 106 9.0 104 8.0 102 7.0 100 6.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 68 Apr-16 2016 3 enar >> enar >> Apr-14 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - N/A N/A - N/A N/A 6.35 04-Nov 04-Nov - N/A N/A - N/A N/A 103.7058 104.5442 106.3385 103.1155 105.1699 105.1651 7.6939 7.3714 6.7140 7.6784 6.8369 6.6919 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 13.464 11.888 10.873 9.260 8.319 7.149 3.298 0.033 3.068 0.031 2.961 0.030 2.699 0.027 2.578 0.026 2.362 0.024
  69. IFR0010 ISIN CODE : IDP000001000 Mar-11 TRADING ACTIVITIES Volume 150 Frequency 10 Volume 120 8 Frequency Maturity Date Mar-14 Trading Activities, Mar-17 Mar-20 Mar-23 Mar-26 2016 Price and Yield Q1 Volume (Rp bn) 125.00 2.60 31.00 16.00 3.03 3 1 2 2 2 Frequency (X) Q2 Mar-29 2017 6 Q3 2 Q4 5 Q1 2 Q2 3 4.04 4 2 90 6 Trading days 60 4 CTP Price - High 108.0141 115.5300 125.0000 112.5500 115.6554 117.0000 CTP Price - Low 106.4219 115.5000 108.5000 112.5300 115.5854 115.6334 IBPA Fair Price 114.8097 119.2892 124.8789 113.5805 119.4546 121.8482 2 30 - enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 126 PRICE AND YTM MOVEMENT YTM (%) 11.0 122 10.0 118 9.0 114 8.0 110 7.0 106 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 12.17 0.25 3.02 1.56 0.30 0.39 20-Jan 30-May 10-Aug 01-Dec 17-Mar 02-May 07-Jan 30-May 10-Aug 30-Nov 16-Mar 03-May 8.4476 8.0294 7.5361 8.5441 7.9856 7.7617 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 130.354 130.038 135.661 121.589 127.529 125.433 Mod. Duration (yrs) Sensitivity (%) 9.163 0.092 9.118 0.091 9.478 0.095 8.785 0.088 9.168 0.092 9.045 0.091 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 IFR0002 60 Q2-2016 IFR0008 Q4-2016 Outstanding in Year 2016 Turnover 3.7% IFR0006 66 IFR0007 75 Q3-2016 8.9% 4.8% 1.6% IFR0010 125 - 4.2% 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 INDONESIA BOND MARKET DIRECTORY 2016-2017 69
  70. TRADING HIGHLIGHT PBS001 Listing Date ISIN CODE : IDP000001307 275 220 Feb-12 TRADING ACTIVITIES Volume Maturity Date Frequency 15 Volume 12 Frequency Feb-14 Trading Activities, Feb-18 Q2 2017 Price and Yield Q1 Volume (Rp bn) 15.25 8.10 0.60 1.10 265.70 - 3 4 2 3 3 - 9 Frequency (X) Q3 7 Q4 2 Q1 3 Q2 14 165 9 Trading days 110 6 CTP Price - High 93.5500 94.9000 97.0200 97.0500 98.2000 55 3 92.2000 92.9200 97.0000 95.5000 96.7500 - - CTP Price - Low IBPA Fair Price 92.6627 93.8515 95.5957 95.6090 97.4455 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 3.902 3.021 2.312 1.628 1.107 enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Feb-16 2016 Price 99 PRICE AND YTM MOVEMENT YTM (%) 11.0 97 10.0 95 9.0 93 8.0 91 7.0 89 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 0.91 18-Feb 21-Mar 8.7707 Mod. Duration (yrs) 1.733 Sensitivity (%) 0.017 Convexity (yrs) 0.48 10-Jun 15-Apr 8.5747 1.495 0.04 08-Sep 02-Sep 7.8863 1.291 0.015 0.013 0.07 07-Dec 10-Nov 8.6105 1.049 0.010 - 15.80 14-Mar 10-Feb 7.5000 0.836 - N/A N/A N/A Pastikan Link Grafik sudah be N/A 98.4043 Pastikan Link Grafik sudah be 6.9942 22-Jun 0.617 0.683 0.008 0.006 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PBS002 Listing Date ISIN CODE : IDP000001109 TRADING ACTIVITIES Volume 150 120 Feb-12 Frequency 15 Volume 12 Frequency Maturity Date Feb-14 Trading Activities, Feb-20 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - - - - - - Frequency (X) - Turnover Ratio (%) - - - Q1 Q2 - 125.50 120.40 - 2 - 10 11 3 9 Trading days 60 6 CTP Price - High N/A N/A N/A N/A 92.1000 94.5050 CTP Price - Low N/A N/A N/A N/A 91.7500 92.7500 IBPA Fair Price 87.6934 89.4579 92.1184 88.7652 92.3237 Pastikan 93.4700Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 27.117 24.921 23.585 21.110 - enar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 95 PRICE AND YTM MOVEMENT YTM (%) 10.0 92 9.0 89 8.0 86 7.0 83 6.0 80 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 70 Feb-18 2016 90 30 enar >> Feb-16 INDONESIA BOND MARKET DIRECTORY 2016-2017 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 8.1556 4.728 0.047 - N/A N/A 7.8305 4.503 0.045 - N/A N/A 7.2683 4.420 0.044 - N/A N/A 8.2145 4.145 0.041 41.22 24-Jan 25-Jan 7.3775 4.058 19.877 0.041 39.54 20-Apr 05-May 7.1509 3.844 18.083 0.038
  71. PBS003 ISIN CODE : IDP000001208 50 40 Frequency 10 Volume 8 Frequency Maturity Date Feb-16 Trading Activities, Feb-18 Feb-20 Feb-22 Feb-24 2016 Feb-26 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 45.05 35.05 - - - 3 1 Frequency (X) - Turnover Ratio (%) - - - Q4 Q1 5 Q2 37.11 2 3 2 30 6 Trading days 20 4 CTP Price - High N/A N/A N/A 82.9200 86.0300 92.5050 CTP Price - Low N/A N/A N/A 81.4700 86.0000 90.5000 IBPA Fair Price 76.2150 78.8841 82.1498 83.8792 89.3085 90.9676 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 68.168 65.611 65.612 62.663 62.914 60.153 2 10 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 94 PRICE AND YTM MOVEMENT YTM (%) 11.0 89 10.0 84 9.0 79 8.0 74 7.0 69 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - N/A - N/A N/A 9.5821 7.175 0.072 N/A N/A 9.1658 7.006 0.070 N/A 8.6526 7.108 0.071 4.76 01-Dec 25-Oct 8.4080 6.908 0.069 3.70 01-Feb 01-Feb 7.5632 7.028 0.070 3.92 28-Apr 13-Jun 7.3295 6.838 0.068 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PBS004 Listing Date ISIN CODE : IDP000001406 Feb-12 TRADING ACTIVITIES Volume 750 Frequency 75 Volume 600 60 Frequency Feb-15 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Maturity Date Feb-18 Feb-21 Feb-24 Feb-27 Feb-30 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 605.76 7.00 604.00 209.00 9.50 68.00 2 3 11 6 7 7 6 30 10 30 52 9 450 45 Trading days 300 30 CTP Price - High 72.3700 92.1859 100.0000 100.0000 84.7500 82.5050 CTP Price - Low 69.5000 74.0000 81.0000 74.5000 74.0000 79.5000 IBPA Fair Price 74.8739 78.2138 82.4013 74.4267 78.7016 80.6427 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 157.835 158.066 165.083 148.080 155.351 153.359 15 150 - enar >> enar >> Feb-12 Feb-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 87 PRICE AND YTM MOVEMENT YTM (%) 11.0 83 10.0 79 9.0 75 8.0 71 7.0 67 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Sensitivity (%) 0.28 21-Mar 23-Feb 8.7364 10.136 0.101 23.81 8.24 0.37 27-May 28-Jul 17-Nov 24-May 8.3271 10.122 0.101 01-Aug 7.8429 10.532 0.105 18-Nov 8.8400 9.761 0.098 2.68 21-Feb 08-Mar 8.3055 10.190 0.102 23.87 25-Apr 27-Apr 8.0809 10.086 0.101 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 71
  72. PBS005 Listing Date ISIN CODE : IDP000001505 May-13 TRADING ACTIVITIES Volume 10000 Frequency 50 Volume 8000 40 Frequency May-16 Trading Activities, May-19 May-22 May-25 May-28 May-31 2016 Price and Yield Q1 Q2 Volume (Rp bn) 36.00 3 7 Frequency (X) 2017 Q3 Q4 93.73 94.09 252.97 8172.06 2 6 6 10 4 15 Q1 7 Q2 92.50 47 20 7 6000 30 Trading days 4000 20 CTP Price - High 75.7200 82.7500 87.8500 87.0500 85.4750 85.7500 CTP Price - Low 74.0300 79.4600 85.8000 77.9800 77.0000 82.4000 IBPA Fair Price 79.6814 82.9382 87.0343 78.6706 82.5262 Pastikan 84.6200Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be Convexity (yrs) 184.933 195.249 199.092 182.203 185.840 10 2000 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Maturity Date Price 90 PRICE AND YTM MOVEMENT YTM (%) 11.0 86 10.0 82 9.0 78 8.0 74 7.0 70 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Sensitivity (%) 1.45 09-Feb 15-Jan 8.7163 10.368 0.104 3.77 29-Jun 02-May 8.3526 10.846 0.109 3.79 18-Aug 30-Sep 7.9269 10.939 0.109 10.19 04-Oct 30-Nov 8.8521 10.422 0.104 329.05 16-Jan 21-Feb 8.4145 10.508 0.105 3.72 24-May 06-Apr 8.1896 10.885 193.122 0.109 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PBS006 Listing Date ISIN CODE : IDP000001604 Sep-13 TRADING ACTIVITIES Volume 5000 Frequency 175 Volume 4000 140 Frequency Trading Activities, Q4 Q1 Q2 Volume (Rp bn) 2595.49 2526.43 3462.68 4879.89 3481.36 1161.85 18 26 32 33 32 Frequency (X) 70 CTP Price - High Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 106 PRICE AND YTM MOVEMENT YTM (%) 10.0 104 9.0 102 8.0 100 7.0 98 6.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 72 INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Q3 2000 - Sep-19 Q2 Trading days enar >> Sep-17 2016 Q1 105 35 Sep-15 Price and Yield 3000 1000 Maturity Date Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 145 131 154 50.63 37.88 35.97 17-Mar 25-Apr 06-Sep 15-Jan 27-May 27-Sep 115 126 57 17 50.69 36.16 12.07 25-Oct 07-Feb 15-Jun 15-Nov 10-Jan 15-Jun 6.9185 6.7552 2.973 2.758 0.030 0.028 102.0100 102.9000 105.7825 105.7000 105.5756 105.4936 96.1000 100.5000 100.0000 97.9600 101.4600 101.4800 102.1565 102.0531 105.0035 101.5734 104.0266 Pastikan 104.2576Link Grafik sudah be 7.6680 7.6648 6.7860 7.7476 31-Mar 30-Jun 30-Sep 30-Dec 16.608 14.801 13.776 11.934 3.673 0.037 3.435 0.034 3.347 0.033 3.080 0.031 31-Mar Pastikan 22-JunLink Grafik sudah be 10.925 9.590
  73. PBS007 ISIN CODE : IDP000001703 275 Frequency 30 Volume 220 24 Frequency Sep-17 Trading Activities, Maturity Date Sep-20 Sep-23 Price and Yield Q1 Volume (Rp bn) 271.00 1.00 5 1 Frequency (X) Sep-26 Sep-29 Sep-32 2016 Q2 26 2017 Q3 2 Q4 Q1 20.00 - - 1 - - 2 - Q2 24.00 - 2 1 165 18 Trading days 110 12 CTP Price - High 100.3200 107.4850 100.0200 N/A N/A 109.2550 CTP Price - Low 97.0000 107.4750 100.0000 N/A N/A 109.2450 6 55 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 115 PRICE AND YTM MOVEMENT YTM (%) 11.0 111 10.0 107 9.0 103 8.0 99 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 14.41 0.05 1.06 21-Mar 28-Jun 28-Sep 28-Jan 28-Jun 28-Sep - N/A N/A - 1.28 N/A 03-May N/A 03-May 104.5840 108.6830 113.8758 103.2310 108.2082 110.6843 8.5493 8.1693 7.7198 8.6742 8.2054 7.9800 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 164.334 165.553 174.502 154.629 163.401 162.306 Mod. Duration (yrs) Sensitivity (%) 10.065 0.101 10.069 0.101 10.521 0.105 9.684 0.097 10.138 0.101 10.059 0.101 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PBS009 Listing Date ISIN CODE : IDP000001901 17500 Frequency 325 Volume 14000 260 Frequency Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 10500 195 Trading days 7000 130 CTP Price - High 65 3500 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Maturity Date Jul-15 TRADING ACTIVITIES Volume enar >> enar >> Sep-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q4-16 Q1-17 Q2-17 Last Date Jul-16 Q1 Q2 12363.71 15377.16 2017 Q3 Q4 Q1 Q2 8181.88 4733.52 4800.36 4106.20 47 33 35 221 314 241.36 192.52 87.06 50.37 51.08 43.35 28-Jun 15-Aug 18-Oct 31-Jan 05-May 14-Jun 13-Jul 22-Dec 27-Mar 20-Jun 29 47 169 82 143 84 24 100.5000 101.7500 101.9000 101.9000 101.8000 102.2100 31-Mar 98.1154 12-Jan 99.7000 100.7500 100.0000 101.2000 100.9000 100.5252 100.5360 101.8344 100.7832 101.4916 101.3849 7.4262 7.3762 6.2671 6.9702 5.8454 5.3260 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.621 2.769 2.134 1.478 0.994 0.591 Mod. Duration (yrs) 1.649 Sensitivity (%) 0.016 Convexity (yrs) Jul-17 2016 1.408 0.014 1.225 0.012 0.982 0.010 0.779 0.008 0.558 0.006 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 73
  74. PBS010 Listing Date ISIN CODE : IDP000002008 Oct-15 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 Maturity Date 4 Frequency Oct-16 Oct-18 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A Price 107 PRICE AND YTM MOVEMENT YTM (%) 10.0 105 9.0 103 8.0 101 7.0 99 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - - N/A N/A N/A N/A - N/A N/A - - N/A N/A N/A N/A 102.4907 102.9891 104.2475 102.0533 103.4101 Pastikan 103.3530Link Grafik sudah be IBPA Fair Price 7.6190 IBPA Fair Yield (%) enar >> Oct-17 2016 Last Date 6.6108 7.5304 30-Jun 30-Sep 30-Dec 7.534 6.324 5.465 4.376 Mod. Duration (yrs) 2.437 Sensitivity (%) 0.024 Convexity (yrs) 7.3233 31-Mar 2.200 2.057 0.022 0.021 1.807 0.018 6.5968 6.3690 1.648 1.428 0.016 0.014 31-Mar Pastikan 22-JunLink Grafik sudah be 3.630 2.848 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PBS011 Listing Date ISIN CODE : IDP000002107 TRADING ACTIVITIES Volume 7500 6000 Jan-16 Jan-17 Frequency 200 Volume 160 Frequency Maturity Date Jan-18 Trading Activities, Price and Yield Q1 Volume (Rp bn) Frequency (X) Jan-21 Jan-22 Jan-23 2017 Q2 Q3 Q4 Q1 Q2 806.42 1073.26 1988.21 1144.56 5013.10 4544.63 10 10 26 11 26 78 81 161 36 197 161 19 120 Trading days 3000 80 CTP Price - High 104.6000 105.8446 112.9000 109.4500 108.2000 108.3000 CTP Price - Low 97.9946 100.0000 105.7000 101.3400 103.2000 100.0000 - enar >> 40 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 115 PRICE AND YTM MOVEMENT YTM (%) 10.0 111 9.0 107 8.0 103 7.0 99 6.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 74 Jan-20 2016 4500 1500 enar >> Jan-19 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 143.68 61.46 75.42 43.42 143.54 117.21 10-Mar 19-Apr 02-Aug 25-Oct 29-Mar 15-Jun 21-Mar 09-May 12-Jul 30-Nov 10-Jan 07-Apr 7.4201 7.2007 104.0032 104.3407 108.2086 102.9654 106.6469 Pastikan 107.5731Link Grafik sudah be 8.0177 7.9378 7.2120 8.1586 31-Mar 30-Jun 30-Sep 30-Dec 36.683 34.113 33.416 30.281 5.356 0.054 5.122 0.051 5.141 0.051 4.837 0.048 31-Mar Pastikan 22-JunLink Grafik sudah be 4.843 29.522 0.048 4.635 27.443 0.046
  75. PBS012 ISIN CODE : IDP000002206 10000 8000 Frequency 750 Volume 600 Frequency Maturity Date Jan-19 Trading Activities, Jan-22 Jan-25 Jan-28 Jan-31 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 1805.56 3778.57 3655.48 3994.93 5196.92 8321.61 14 26 49 48 49 Frequency (X) 176 447 581 728 644 363 46 6000 450 Trading days 4000 300 CTP Price - High 105.8000 108.6370 116.7500 115.0000 109.6000 111.1185 CTP Price - Low 99.8790 100.0000 101.7756 102.0000 100.0000 100.0000 IBPA Fair Price 103.7314 105.6103 112.3978 102.3841 108.3158 109.4477 150 2000 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 118 PRICE AND YTM MOVEMENT YTM (%) 10.0 114 9.0 110 8.0 106 7.0 102 6.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 204.89 124.14 82.03 78.66 83.75 119.11 23-Mar 19-Apr 15-Aug 17-Oct 31-Mar 30-May 08-Mar 09-May 15-Sep 29-Dec 10-Mar 04-May 8.4387 8.2236 7.4897 8.5861 7.9039 7.7715 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 101.020 102.400 102.378 96.405 95.861 96.666 Mod. Duration (yrs) Sensitivity (%) 8.243 0.082 8.420 0.084 8.411 0.084 8.171 0.082 8.132 0.081 8.279 0.083 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PBS013 Listing Date ISIN CODE : IDP000002305 7500 Frequency 200 Volume 6000 Maturity Date Oct-16 TRADING ACTIVITIES Volume 160 Frequency Trading Activities, Oct-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A 1938.81 6766.45 5974.06 N/A N/A 6 23 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 3000 80 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 40 - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 99 8.0 97 7.0 95 6.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 120 1500 Oct-18 2016 4500 enar >> enar >> Jan-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 40 139 262.00 149.87 18-Oct 16-Jan 193 39 100.96 N/A 99.5000 100.2500 99.9800 N/A 98.3540 98.0607 98.5137 N/A 97.0241 98.6943 98.9914 N/A 30-Dec 31-Mar 22-Jun N/A 5.820 4.761 3.990 N/A N/A N/A N/A N/A 01-Nov 7.6383 2.144 0.021 07-Mar 6.9163 1.910 0.019 13-Jun 16-May 6.8210 1.748 0.017 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 75
  76. PBS014 Listing Date ISIN CODE : IDP000002404 Oct-16 TRADING ACTIVITIES Volume 4250 Frequency 150 Volume 3400 120 Frequency Oct-17 Trading Activities, Oct-18 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 1700 60 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 100 9.0 98 8.0 96 7.0 94 6.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-20 2017 Price and Yield 90 30 Oct-19 2016 2550 850 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 526.00 1821.06 4226.82 12 18 76 311.70 110 131.65 126 26 214.21 N/A 99.6000 99.0000 99.9800 N/A 93.0000 94.6700 97.4741 N/A 94.8636 97.9501 98.3026 N/A 30-Dec 31-Mar 22-Jun N/A 16.548 14.877 13.751 N/A N/A N/A N/A N/A 02-Nov 28-Nov 7.9083 3.686 0.037 21-Mar 06-Jan 7.0788 3.468 0.035 15-Jun 04-Apr 7.0025 3.361 0.034 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 76 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  77. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PBS001 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 0.40% PBS002 PBS003 1.2% PBS004 8.2% PBS005 4.8% PBS006 2,595 2,526 PBS007 3.9% PBS009 3,463 4,880 35.0% 12,364 PBS010 15,377 8,182 4,734 108.2% .0% PBS011 1,988 47.5% PBS012 1,806 3,779 PBS013 1,939 PBS014 3,655 3,995 65.1% 65.5% 77.9% - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 77
  78. TRADING HIGHLIGHT SR007 Listing Date ISIN CODE : IDJ000006705 Mar-15 TRADING ACTIVITIES Volume 20000 Frequency 3000 Volume 16000 2400 Frequency Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 12000 1800 Trading days 8000 1200 CTP Price - High 600 4000 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> PRICE AND YTM MOVEMENT Price 106 YTM (%) 10.0 104 9.0 102 8.0 100 7.0 98 6.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Last Date Maturity Date Mar-16 Q1 Mar-18 Q2 2017 Q3 Q4 18343.24 18377.42 15286.79 10714.38 Q1 Q2 6600.96 4915.01 2975 1054 789 591 334.04 334.67 278.38 195.12 120.21 89.51 02-Jun 30-Aug 22-Dec 31-Mar 12-Apr 04-Apr 15-Sep 99.0000 100.0000 100.0000 Pastikan Link Grafik sudah be 14-Dec 21-Mar 16-Jun 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.513 2.725 2.028 1.425 0.917 0.551 61 63 59 63 547 415 62 51 103.5000 104.2500 105.5000 104.7500 104.2500 104.0000 16-Mar 95.7500 04-Jan 98.0000 100.0000 101.4641 101.6176 102.5064 101.6563 101.9938 101.6431 Pastikan Link Grafik sudah be 7.4272 7.2340 6.4314 6.8051 6.0535 5.9111 Mod. Duration (yrs) 1.787 Sensitivity (%) 0.018 Convexity (yrs) Mar-17 2016 1.574 1.357 0.016 0.014 1.135 0.011 0.905 0.696 0.009 0.007 5.0 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SR008 Listing Date ISIN CODE : IDJ000007505 Mar-16 TRADING ACTIVITIES Volume 75000 Frequency 22500 Volume 60000 18000 Frequency Trading Activities, Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Trading days 30000 9000 CTP Price - High N/A CTP Price - Low N/A 4500 - Date - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date IBPA Fair Price IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 10.0 106 9.0 104 8.0 102 7.0 100 6.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date N/A Mar-19 N/A Q2 2017 Q3 61274.45 11883.30 21296 3954 778.09 150.90 30-Jun 01-Sep 22-Apr 16-Aug 63 59 Q4 Q1 Q2 9231.21 4679.55 6303.95 63 62 2411 117.22 1872 59.42 1474 53 80.05 105.3500 107.5000 106.2500 105.6000 105.9000 10.9500 100.0000 10-Oct 98.0000 13-Dec 08-Mar 99.0000 13-Jan 16-Jun 10.0000 11-Apr 101.3739 102.4509 104.0327 101.9978 102.8927 102.7066 7.7675 7.2951 6.5108 7.3116 6.6963 6.6273 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7.501 6.397 5.366 4.393 3.509 2.791 Mod. Duration (yrs) 2.596 Sensitivity (%) 0.026 Convexity (yrs) Mar-18 2016 13500 enar >> 78 Mar-17 45000 15000 enar >> Maturity Date 2.402 0.024 2.205 0.022 1.997 0.020 1.786 0.018 1.595 0.016
  79. SR009 ISIN CODE : IDJ000008503 20000 Frequency 7500 Volume 16000 Maturity Date Mar-17 TRADING ACTIVITIES Volume 6000 Frequency Mar-18 Trading Activities, Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A - 11079.56 N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 8000 3000 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 1500 - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 99 7.0 97 6.0 95 5.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-20 2017 Price and Yield 4500 4000 Mar-19 2016 12000 enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A 4956 53 - 315.72 N/A N/A 103.3300 N/A N/A 93.4500 N/A N/A N/A N/A N/A 27-Apr N/A 10-May 100.3994 100.1886 6.7427 6.8236 N/A 31-Mar 22-Jun N/A 7.709 6.658 N/A 2.648 N/A 0.026 2.466 0.025 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SR007 Q2-2016 18,343 Q3-2016 18,377 SR008 Q4-2016 15,286.79 10,714 61,274 - 10,000 20,000 30,000 285.6% 11,883.30 40,000 Turnover Outstanding in Year 2016 50,000 60,000 70,000 9,231 80,000 261.6% 90,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 79
  80. TRADING HIGHLIGHT SPN03170712 Listing Date ISIN CODE : IDQ000022509 7500 6000 Apr-17 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Trading Activities, Jul-17 2016 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 5737.20 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 45 Trading days N/A 3000 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 15 - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 101 7.0 100 6.0 99 5.0 98 4.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 4500 1500 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 67 23 458.98 99.7350 19-Jun 98.8000 Pastikan Link Grafik sudah be 09-May 99.7418 Pastikan Link Grafik sudah be 4.8319 22-Jun 0.055 N/A 0.002 N/A 0.001 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN03170726 Listing Date ISIN CODE : IDQ000022707 1400 Apr-17 TRADING ACTIVITIES Volume 1750 Frequency 30 Volume 24 Frequency Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 1734.61 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 700 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 6 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 101 7.0 100 6.0 99 5.0 98 4.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Price and Yield 18 enar >> 80 Trading Activities, Jul-17 2016 1050 350 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 25 11 138.77 N/A 99.5861 N/A 99.0954 N/A N/A 14-Jun 16-May N/A 99.5603Link Grafik sudah be Pastikan N/A 22-JunLink Grafik sudah be Pastikan N/A N/A N/A N/A 4.8444 0.093 0.003 0.001
  81. SPN03170811 ISIN CODE : IDQ000022905 2750 2200 Frequency 25 Volume 20 Frequency Aug-17 Trading Activities, 2016 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 2594.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 15 Trading days N/A 1100 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 5 550 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 101 7.0 100 6.0 99 5.0 98 4.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 1650 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 20 5 207.52 N/A 99.4580 N/A 98.8702 N/A 99.3514 N/A 22-Jun N/A 0.005 N/A N/A N/A N/A 21-Jun 15-May 4.8646 0.137 N/A 0.001 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN03170825 Listing Date ISIN CODE : IDQ000023101 1250 Frequency 15 Volume 1000 Maturity Date May-17 TRADING ACTIVITIES Volume 12 Frequency Trading Activities, 2016 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 1150.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 9 Trading days N/A 500 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 3 250 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 101 7.0 100 6.0 99 5.0 98 4.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 750 enar >> enar >> Maturity Date May-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 10 3 141.54 N/A 99.2792 N/A 98.8386 N/A 99.1669 N/A 22-Jun N/A 0.006 N/A N/A N/A N/A N/A 20-Jun 29-May 4.8866 0.175 0.002 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 81
  82. SPN03170907 Listing Date ISIN CODE : IDQ000023309 Jun-17 TRADING ACTIVITIES Volume 325 Frequency 5 Volume 260 4 Frequency Sep-17 Trading Activities, 2016 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 300.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 3 Trading days N/A 130 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 1 - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 101 7.0 100 6.0 99 5.0 98 4.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 195 65 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 98.8943 20-Jun 21-Jun N/A 98.9938Link Grafik sudah be Pastikan N/A 22-JunLink Grafik sudah be Pastikan 4.9104 N/A N/A N/A 98.9665 N/A N/A N/A N/A N/A N/A N/A N/A N/A 2 24.00 N/A N/A N/A N/A 2 N/A N/A N/A N/A N/A 0.211 N/A N/A 0.007 N/A 0.002 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN12170720 Listing Date ISIN CODE : IDQ000019703 TRADING ACTIVITIES Volume 1000 800 Frequency 10 Volume 8 Frequency Trading Activities, Jan-17 Q1 Q2 Q3 Volume (Rp bn) N/A N/A 800.00 300.00 600.00 - N/A 6 4 5 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 400 4 CTP Price - High N/A 200 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 102 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 100 7.0 98 6.0 96 5.0 94 4.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Jul-17 2017 Price and Yield Trading days Q1-16 Apr-17 2016 6 Price 82 Oct-16 600 enar >> enar >> Jul-16 Maturity Date N/A N/A Q4 9 160.00 Q1 4 60.00 Q2 9 120.00 - N/A 95.5785 96.5629 98.4186 N/A N/A 94.6400 95.2619 97.2779 N/A N/A 95.3728 96.5656 98.4570 Pastikan 99.6382Link Grafik sudah be N/A 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A 0.029 0.015 N/A N/A N/A N/A N/A 14-Sep 30-Aug 6.0796 0.803 0.008 27-Dec 11-Nov 6.5184 0.553 0.006 23-Mar 12-Jan N/A N/A 5.2464 4.8384 0.304 0.077 0.003 0.001 0.010 0.002
  83. SPN12170804 ISIN CODE : IDQ000020008 2250 Frequency 30 Volume 1800 24 Frequency Maturity Date Nov-16 Trading Activities, Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A - 2080.00 1432.00 1583.63 N/A - 8 10 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 900 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 100 7.0 98 6.0 96 5.0 94 4.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Aug-17 2017 Q1 Trading days 6 May-17 Price and Yield 18 450 Feb-17 2016 1350 N/A - N/A - 27 264.13 20 181.84 12 7 201.10 N/A N/A 96.5404 98.1843 99.2312 N/A N/A 95.2331 96.8229 98.3128 N/A 95.1325 96.2944 98.2336 99.4430 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 0.031 0.017 0.012 0.004 N/A N/A N/A N/A N/A N/A 6.0918 0.844 N/A 0.008 27-Dec 14-Nov 6.5574 0.595 20-Mar 11-Jan 5.2982 0.345 0.006 07-Jun 07-Apr 4.8550 0.118 0.003 0.001 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN12170914 Listing Date ISIN CODE : IDQ000020206 Sep-16 TRADING ACTIVITIES Volume 1250 Frequency 10 Volume 1000 8 Frequency Maturity Date Dec-16 Trading Activities, Mar-17 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A - 1210.00 640.00 N/A - 3 6 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 500 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 2 - Price 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 98 7.0 97 6.0 96 5.0 95 4.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-17 2017 Price and Yield 6 250 Jun-17 2016 750 enar >> enar >> Aug-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A - Q1 7 322.67 Q2 9 170.67 389.32 6 2 103.82 N/A N/A 95.9163 97.6845 98.2556 N/A N/A 95.4000 96.5486 98.1131 N/A 94.4750 95.5465 97.6088 98.8998 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 0.037 0.021 0.016 0.008 N/A N/A N/A N/A N/A N/A N/A 6.1243 0.956 0.010 27-Dec 09-Dec 6.6574 0.707 0.007 27-Mar 20-Jan 5.4322 0.458 0.005 27-Apr 26-Apr 4.9244 0.230 0.002 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 83
  84. SPN12171012 Listing Date ISIN CODE : IDQ000020503 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 4 Frequency Jan-17 Trading Activities, Apr-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 99 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 98 7.0 97 6.0 96 5.0 95 4.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-17 2017 Price and Yield 3 Q1-16 Jul-17 2016 3 enar >> enar >> Oct-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 95.0311 97.1714 Pastikan 98.5177Link Grafik sudah be N/A 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A 0.023 N/A N/A N/A 6.7206 0.784 5.5178 4.9871 0.534 0.307 0.005 0.003 0.019 0.008 0.011 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN12171109 Listing Date ISIN CODE : IDQ000020800 TRADING ACTIVITIES Volume 100 Frequency 5 Volume 80 4 Frequency Trading Activities, May-17 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 92.00 - N/A N/A - 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 40 2 CTP Price - High N/A 20 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 100 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 98 7.0 96 6.0 94 5.0 92 4.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Nov-17 2017 Price and Yield Trading days Q1-16 Aug-17 2016 3 Price 84 Feb-17 60 enar >> enar >> Nov-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q1 Q2 1 29.44 - N/A N/A 95.2801 N/A N/A N/A 95.2801 N/A N/A N/A N/A N/A 17-Jan 17-Jan N/A N/A N/A 94.5130 96.7264 Pastikan 98.1250Link Grafik sudah be N/A 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A 0.026 N/A N/A N/A 6.7799 0.860 0.009 5.5989 5.0586 0.611 0.384 0.006 0.004 0.023 0.014
  85. SPN12171207 ISIN CODE : IDQ000021006 275 Frequency 5 Volume 220 4 Frequency Maturity Date Mar-17 Jun-17 Trading Activities, Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 250.00 - N/A N/A - 2 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 110 2 CTP Price - High N/A 55 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 98 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 97 7.0 96 6.0 95 5.0 94 4.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-17 2017 Price and Yield 3 Q1-16 Sep-17 2016 165 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 125.00 - N/A N/A N/A 94.8220 N/A N/A 93.9926 96.2749 97.7210 N/A 30-Dec 31-Mar 22-Jun N/A 0.030 0.026 0.018 N/A N/A - - 95.1110 N/A N/A 4 N/A N/A N/A - Q2 N/A N/A N/A Q1 N/A N/A N/A 6.8356 0.937 20-Jan 17-Jan 5.6756 0.688 0.009 N/A N/A 5.1363 0.460 0.007 0.005 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN12180104 Listing Date ISIN CODE : IDQ000021204 Jan-17 TRADING ACTIVITIES Volume 2500 Frequency 40 Volume 2000 32 Frequency Maturity Date Apr-17 Trading Activities, Jul-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A 2014.18 2424.29 N/A N/A N/A 7 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 1000 16 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 8 - Price 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 97 7.0 96 6.0 95 5.0 94 4.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jan-18 2017 Price and Yield 24 500 Oct-17 2016 1500 enar >> enar >> Dec-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 21 78.22 37 9 89.79 N/A 94.9911 96.8642 N/A 94.1013 95.7548 N/A 95.8178 97.3056 N/A 31-Mar 22-Jun N/A 0.030 0.021 N/A N/A N/A N/A N/A 07-Feb 12-Jan 5.7482 0.764 0.008 06-Jun 18-Apr 5.2180 0.537 0.005 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 85
  86. SPN12180201 Listing Date ISIN CODE : IDQ000021600 Mar-17 TRADING ACTIVITIES Volume 22500 Trading Activities, 120 Frequency Sep-17 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 90 Trading days N/A 9000 60 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 97 7.0 96 6.0 95 5.0 94 4.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-18 2017 Q1 13500 30 Dec-17 2016 Price and Yield 150 4500 enar >> Jun-17 Frequency Volume 18000 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 10611.28 21475.04 72 131 293.74 535.20 16 35 N/A 95.1959 96.7699 N/A 94.5572 95.3603 N/A 95.3557 96.8794 N/A N/A N/A N/A N/A N/A N/A 27-Mar 16-Feb 21-Jun 05-Apr 5.8169 5.3018 31-Mar Pastikan 22-JunLink Grafik sudah be 0.841 0.614 0.033 Pastikan 0.025Link Grafik sudah be 0.008 0.006 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN12180301 Listing Date ISIN CODE : IDQ000022004 Mar-17 TRADING ACTIVITIES Volume 12500 Frequency 75 Volume 10000 60 Frequency Trading Activities, Sep-17 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 5000 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 97 7.0 96 6.0 95 5.0 94 4.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Mar-18 2017 Price and Yield Trading days 15 Dec-17 2016 45 enar >> 86 Jun-17 7500 2500 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 8362.33 10586.29 66 68 377.96 434.31 11 24 N/A 94.9068 96.3417 N/A 94.4311 94.8642 N/A 94.8896 Pastikan 96.4427Link Grafik sudah be N/A 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A N/A N/A 29-Mar 14-Mar 20-Jun 03-Apr 5.8819 5.3863 0.918 0.690 0.009 0.007 0.037 0.029
  87. TRADING HIGHLIGHT SPN12180412 ISIN CODE : IDQ000022608 225 180 Frequency 5 Volume 4 Frequency Maturity Date Jul-17 Trading Activities, Oct-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 223.61 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 90 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 1 - Price 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 97 7.0 96 6.0 95 5.0 94 4.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Apr-18 2017 Price and Yield 3 45 Jan-18 2016 135 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2 1 17.89 N/A 94.7361 N/A 94.7360 N/A 95.7704 N/A 22-Jun N/A 0.034 N/A N/A N/A N/A 03-May 03-May 5.5119 0.805 N/A 0.008 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPN12180511 Listing Date ISIN CODE : IDQ000023002 425 340 May-17 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Aug-17 Trading Activities, Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 400.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 170 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 96 7.0 95 6.0 94 5.0 93 4.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 May-18 2017 Q1 Trading days 1 Feb-18 Price and Yield 3 85 Nov-17 2016 255 enar >> enar >> Apr-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3 2 69.57 N/A 94.7934 N/A 94.6886 N/A 95.2954 N/A 22-Jun N/A 0.038 N/A N/A N/A N/A N/A 15-May 19-May 5.5965 0.885 0.009 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 87
  88. SPN12180607 Listing Date ISIN CODE : IDQ000023408 TRADING ACTIVITIES Volume 125 100 Jun-17 Frequency 5 Volume 4 Frequency Sep-17 Trading Activities, Dec-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 100.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 50 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 96 7.0 95 6.0 94 5.0 93 4.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-18 2017 Price and Yield 3 1 Mar-18 2016 75 25 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1 1 15.69 N/A 94.6032 N/A 94.6032 N/A N/A 12-Jun 12-Jun N/A 94.8466Link Grafik sudah be Pastikan N/A 22-JunLink Grafik sudah be Pastikan N/A N/A 5.6728 0.959 N/A 0.042 N/A 0.010 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPNS01122017 Listing Date ISIN CODE : IDQ000023200 Jun-17 TRADING ACTIVITIES Volume 1250 Frequency 10 Volume 1000 8 Frequency Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 1100.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 500 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 100 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 99 7.0 98 6.0 97 5.0 96 4.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Price and Yield Trading days 2 Dec-17 2016 6 enar >> 88 Trading Activities, Sep-17 750 250 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 8 1 97.78 N/A 97.6269 N/A 97.5580 N/A N/A 13-Jun 13-Jun N/A 97.8085Link Grafik sudah be Pastikan N/A 22-JunLink Grafik sudah be Pastikan N/A N/A N/A N/A 5.1193 0.444 0.017 0.004
  89. SPNS03112017 ISIN CODE : IDQ000022806 1500 20 16 Frequency Trading Activities, Aug-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 1345.47 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 600 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 4 - Price 100 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 99 7.0 98 6.0 97 5.0 96 4.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 12 300 Nov-17 2016 900 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 15 1 134.55 N/A 97.5855 N/A 97.5167 N/A 98.2101 N/A 22-Jun N/A 0.014 N/A N/A N/A N/A 16-May 16-May 5.0427 0.367 N/A 0.004 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPNS05102017 Listing Date ISIN CODE : IDQ000022400 750 600 Maturity Date Apr-17 TRADING ACTIVITIES Volume Frequency 30 Volume 24 Frequency Trading Activities, Jul-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 718.42 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 300 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 6 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 100 7.0 98 6.0 96 5.0 94 4.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 18 150 Oct-17 2016 450 enar >> enar >> Frequency Volume 1200 Maturity Date May-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 25 3 71.84 N/A 97.5584 N/A 97.4400 N/A 98.6142 N/A 22-Jun N/A 0.010 N/A N/A N/A N/A N/A 18-Apr 07-Apr 4.9705 0.288 0.003 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 89
  90. SPNS08082017 Listing Date ISIN CODE : IDQ000021709 Feb-17 TRADING ACTIVITIES Volume 2500 Frequency 25 Volume 2000 20 Frequency Trading Activities, May-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 710.00 N/A N/A N/A 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 1000 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 100 7.0 99 6.0 98 5.0 97 4.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 15 5 Aug-17 2016 1500 500 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 11 62.42 2495.48 21 13 219.38 N/A 98.2866 99.2620 N/A 97.5060 98.3623 N/A 98.1736 Pastikan 99.3907Link Grafik sudah be N/A 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A N/A N/A 31-Mar 21-Feb 13-Jun 11-Apr 5.3117 4.8603 0.356 0.129 0.004 0.001 0.012 0.004 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SPNS08092017 Listing Date ISIN CODE : IDQ000022103 Mar-17 TRADING ACTIVITIES Volume 1750 Frequency 10 Volume 1400 8 Frequency Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 1718.06 N/A N/A N/A 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 700 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 2 - Price 100 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 99 7.0 98 6.0 97 5.0 96 4.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Sep-17 2017 Price and Yield 6 enar >> 90 Trading Activities, Jun-17 2016 1050 350 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 8 171.81 94.65 2 2 9.46 N/A 97.6131 99.0314 N/A 97.3000 98.3841 N/A 97.7014 98.9804 N/A 31-Mar 22-Jun N/A 0.015 0.007 N/A N/A N/A N/A N/A 21-Mar 23-Mar 5.4133 0.441 0.004 20-Jun 18-May 4.9123 0.214 0.002
  91. SPNS11072017 ISIN CODE : IDQ000021303 TRADING ACTIVITIES Volume 1500 Frequency 20 Frequency Maturity Date Jan-17 Apr-17 Trading Activities, 2016 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A 1031.24 1305.89 N/A N/A N/A 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 900 15 Trading days N/A 600 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 5 300 - Price 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 8.0 100 7.0 99 6.0 98 5.0 97 4.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-17 2017 Price and Yield 25 Volume 1200 enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.8495 N/A 97.5732 98.6716 N/A 98.5895 99.7547 N/A 31-Mar 22-Jun N/A 0.009 0.002 N/A N/A N/A N/A N/A N/A 10 130.59 97.8605 N/A N/A 103.12 12 N/A N/A N/A 21 07-Feb 24-Jan 5.2147 N/A 0.279 0.003 20-Jun 07-Apr 4.8312 0.052 0.001 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SPN12170720 Q2-2016 800 Q3-2016 300 SPN12170804 Q4-2016 55.0% 2,080 SPN12170914 1,210 Turnover Outstanding in Year 2016 66.0% 80.7% SPN12171012 SPN12171109 SPN12171207 - 500 1,000 1,500 2,000 2,500 3,000 3,500 INDONESIA BOND MARKET DIRECTORY 2016-2017 91
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  93. Part III CORPORATE BONDS 93 INDONESIA BOND MARKET DIRECTORY 2016-2017
  94. 94 INDONESIA BOND MARKET DIRECTORY 2016-2017
  95. No . 1. 1. 2. 3. 4. 5. 6. 2. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Bond Code ISIN Code ADHI ADHI01ACN2 IDA0000574A6 ADHI01BCN2 IDA0000574B4 ADHISM1CN2 IDJ000005707 ADHI01ACN1 IDA0000535A7 ADHI01BCN1 IDA0000535B5 ADHISM1CN1 IDJ000005202 ADMF ADMF03ACN2 IDA0000698A3 ADMF03BCN2 IDA0000698B1 ADMF03CCN2 IDA0000698C9 ADMF01CCN3 IDA0000542C9 ADMF01CCN1 IDA0000502C3 ADMF02BCN4 IDA0000653B6 ADMF02CCN4 IDA0000653C4 ADMFSM1BCN2 IDJ0000065B4 ADMF03ACN3 IDA0000719A7 ADMF03BCN3 IDA0000719B5 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook PT Adhi Karya (Persero) Tbk. Obligasi Berkelanjutan I ADHI Tahap II Tahun 2013 Seri A Obligasi Berkelanjutan I ADHI Tahap II Tahun 2013 Seri B Sukuk Mudharabah Berkelanjutan I ADHI Tahap II Tahun 2013 Obligasi Berkelanjutan I Adhi Karya Tahap I Tahun 2012 Seri A Obligasi Berkelanjutan I Adhi Karya Tahap I Tahun 2012 Seri B Sukuk Mudharabah Berkelanjutan I Adhi Karya Tahap I Tahun 2012 15-Mar-18 18-Mar-13 15-Mar-20 7 years Stable 18-Mar-13 15-Mar-18 A- 500,000 125,000 5 years 5 years 4-Jul-12 3-Jul-17 4-Jul-12 3-Jul-19 4-Jul-12 3-Jul-17 375,000 250,000 125,000 Trustee 5 years 7 years 5 years A- Stable A- Stable A- Stable A- Stable A- Stable 8.10% 8.50% Nisbah 63.28125% from revenue 9.35% 9.80% Nisbah 73.05% Bank Mega Danareksa Bank Mega Danareksa Bank Mega Danareksa Tbk. Tbk. Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. PT Adira Dinamika Multi Finance Tbk. Obligasi Berkelanjutan III Adira Finance Tahap II Tahun 2015 Seri A Obligasi Berkelanjutan III Adira Finance Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan III Adira Finance Tahap II Tahun 2015 Seri C Obligasi Berkelanjutan I Adira Dinamika Multi Finance Tahap III Tahun 2012 Seri C Obligasi Berkelanjutan I Adira Dinamika Finance Tahap I Tahun 2011 Seri C Obligasi Berkelanjutan II Adira Finance Tahap IV Tahun 2014 Seri B Obligasi Berkelanjutan II Adira Finance Tahap IV Tahun 2014 Seri C Sukuk Mudharabah I Adira Finance Tahap II Tahun 2014 Seri B Obligasi Berkelanjutan III Adira Finance Tahap III Tahun 2016 Seri A Obligasi Berkelanjutan III Adira Finance Tahap III Tahun 2016 Seri B 26-Aug-15 492,000 26-Aug-15 668,000 26-Aug-15 277,000 28-Sep-12 673,000 19-Dec-11 1,533,000 13-Nov-14 808,000 13-Nov-14 88,000 13-Nov-14 45,000 3-Mar-16 73,000 3-Mar-16 330,500 Underwriter 6. Property, Real Estate & Building Construction | 62. Building Construction 18-Mar-13 125,000 Coupon Structure Page Corporate Bond and Sukuk 5-Sep-16 AAA STABLE 25-Aug-18 AAA 3 years Stable 25-Aug-20 AAA 5 years Stable 27-Sep-17 AAA 16-Dec-16 Stable AAA 5 years STABLE 12-Nov-17 AAA 3 years Stable 12-Nov-19 AAA 5 years 12-Nov-17 Stable AAA 3 years Stable 12-Mar-17 AAA 370 days 2-Mar-19 3 years BCA BCA Danareksa OSK Nusadana Ind. Danareksa OSK Nusadana Ind. Danareksa OSK Nusadana Ind. 1 1 1 1 1 1 8. Finance | 82. Financial Institution 370 days 5 years BCA STABLE AAA Stable 8.75% 9.50% 10.25% 8.75% 9.00% 10.50% 10.75% Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Danareksa Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Indo Premier Danareksa Indo Premier Indonesia (Persero) Tbk. (Persero) Tbk. Indo Premier Standard Chartered Ind. Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. M Mandiri 1 Danareksa DBS Vickers Indonesia Indo Premier 1 Standard Chartered Ind. Indonesia Bank Negara 1 CIMB Indonesia Indonesia Bank Negara 1 Standar Chartered Ind. Bank Negara (Persero) Tbk. 1 DBS Vickers Indonesia CIMB Indonesia 10,5% 9.50% CIMB Indonesia Bank Negara (Persero) Tbk. M Indo Premier Standard Chartered Ind. Bank Negara 8.75% Danareksa DBS Vickers Indonesia Indonesia Nisbah = 80%, or equal to CIMB Indonesia 1 Danareksa DBS Vickers Indonesia Indo Premier M Mandiri Danareksa DBS Vickers Indonesia Indo Premier 1 Mandiri INDONESIA BOND MARKET DIRECTORY 2016-2017 95
  96. No . 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 96 Bond Code ISIN Code ADMF03CCN3 IDA0000719C3 ADMF03ACN1 IDA0000691A8 ADMF03BCN1 IDA0000691B6 SMADMF02ACN1 IDJ0000071A4 SMADMF02BCN1 IDJ0000071B2 ADMF02BCN3 IDA0000629B6 ADMF02CCN3 IDA0000629C4 ADMF02CCN1 IDA0000572C6 ADMF02DCN1 IDA0000572D4 SMADMF01CCN1 IDJ0000056C1 ADMF02BCN2 IDA0000607B2 ADMF02CCN2 IDA0000607C0 ADMF03ACN4 IDA0000749A4 ADMF03ACN5 IDA0000795A7 ADMF03BCN4 IDA0000749B2 ADMF03BCN5 IDA0000795B5 ADMF03CCN4 IDA0000749C0 Series Name Obligasi Berkelanjutan III Adira Finance Tahap III Tahun 2016 Seri C Obligasi Berkelanjutan III Adira Finance Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan III Adira Finance Tahap I Tahun 2015 Seri B Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap I Tahun 2015 Seri A Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014 Seri C Obligasi Berkelanjutan II Adira Finance Tahap I Tahun 2013 Seri C Obligasi Berkelanjutan II Adira Finance Tahap I Tahun 2013 Seri D Sukuk Mudharabah Berkelanjutan I Adira Finance Tahap I Tahun 2013 Seri C Obligasi Berkelanjutan II Adira Finance Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan II Adira Finance Tahap II Tahun 2013 Seri C Obligasi Berkelanjutan III Adira Finance Tahap IV Tahun 2016 Seri A Obligasi Berkelanjutan III Adira Finance Tahap V Tahun 2017 Seri A Obligasi Berkelanjutan III Adira Finance Tahap IV Tahun 2016 Seri B Obligasi Berkelanjutan III Adira Finance Tahap V Tahun 2017 Seri B Obligasi Berkelanjutan III Adira Finance Tahap IV Tahun 2016 Seri C Listing Maturity Rating 3-Mar-16 2-Mar-21 AAA Outstanding* Issue Term Outlook 697,500 1-Jul-15 741,000 1-Jul-15 238,000 1-Jul-15 441,000 1-Jul-15 59,000 16-May-14 363,000 16-May-14 450,000 4-Mar-13 553,000 4-Mar-13 851,000 4-Mar-13 286,000 25-Oct-13 880,000 25-Oct-13 490,000 27-Jul-16 835,000 23-Mar-17 913,000 27-Jul-16 434,000 23-Mar-17 860,000 27-Jul-16 431,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 5 years 30-Jun-18 Stable AAA 3 years Stable 30-Jun-20 AAA 5 years Stable 10-Jul-16 AAA 370 days STABLE 30-Jun-18 AAA 3 years 14-May-17 Stable AAA 3 years STABLE 14-May-19 AAA 5 years 1-Mar-16 Stable AAA 3 years STABLE 1-Mar-18 AAA 5 years 1-Mar-16 Stable AAA 3 years STABLE 24-Oct-16 AAA 3 years 24-Oct-18 STABLE AAA 5 years Stable 7-Aug-17 AAA 370 days 2-Apr-18 Stable AAA 370 days Stable 26-Jul-19 AAA 3 years 22-Mar-20 Stable AAA 3 years Stable 26-Jul-21 AAA 5 years Stable Coupon Structure 10.25% 9.50% 10.25% Nisbah 72.917% Nisbah 79.167% 10.50% 10.75% 7.85% 8.90% 7.85% 10.50% 11.00% 7.90% 7.50% 8.75% 8.60% 9.25% Trustee Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Underwriter Page Corporate Bond and Sukuk Danareksa DBS Vickers Indonesia Indo Premier 1 Mandiri Danareksa DBS Vickers Indonesia 1 Indo Premier Mandiri Standard Chartered Ind. 1 Danareksa DBS Vickers Indonesia Indo Premier M Mandiri Danareksa DBS Vickers Indonesia Indo Premier 1 Mandiri Danareksa DBS Vickers Indonesia Standard Chartered Ind. M Indo Premier Danareksa DBS Vickers Indonesia Standard Chartered Ind. 1 Indo Premier Danareksa HSBC Indonesia Indo Premier M Standar Chartered Ind. Danareksa HSBC Indonesia Indo Premier 1 Standar Chartered Ind. Danareksa HSBC Indonesia Indo Premier M Standar Chartered Ind. Danareksa HSBC Indonesia Indo Premier M Standar Chartered Ind. Danareksa HSBC Indonesia Indo Premier 1 Standar Chartered Ind. BCA DBS Vickers Indonesia (affiliated) Indo Premier 1 Mandiri BCA CIMB Indonesia DBS Vickers Indonesia 1 BCA DBS Vickers Indonesia (affiliated) Indo Premier 1 Mandiri BCA CIMB Indonesia DBS Vickers Indonesia 1 BCA DBS Vickers Indonesia (affiliated) Indo Premier Mandiri 1
  97. No . 28. 29. 30. 31. 32. 33. 34. 3. 1. 2. 3. 4. 5. 6. 4. 1. 2. 3. Bond Code ISIN Code ADMF03CCN5 IDA0000795C3 SMADMF02ACN2 IDJ0000077A1 SMADMF02ACN3 IDJ0000086A2 SMADMF02BCN2 IDJ0000077B9 SMADMF02BCN3 IDJ0000086B0 SMADMF02CCN2 IDJ0000077C7 SMADMF02CCN3 IDJ0000086C8 AGII AGII02 Series Name Listing Maturity Rating 22-Mar-22 AAA Outstanding* Issue Term Outlook Obligasi Berkelanjutan III Adira Finance Tahap V Tahun 2017 Seri C Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap II Tahun 2016 Seri A Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap III Tahun 2017 Seri A Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap II Tahun 2016 Seri B Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap III Tahun 2017 Seri B Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap II Tahun 2016 Seri C Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap III Tahun 2017 Seri C 23-Mar-17 241,000 27-Jul-16 30,000 23-Mar-17 274,000 27-Jul-16 42,000 23-Mar-17 105,000 27-Jul-16 14,000 23-Mar-17 7,000 5 years Stable 6-Aug-17 AAA 370 days Stable 2-Apr-18 AAA 370 days Stable 26-Jul-19 AAA 3 years Stable 22-Mar-20 AAA 3 years Stable 26-Jul-21 AAA 5 years Stable 22-Mar-22 AAA 5 years Stable PT Aneka Gas Industri Tbk. IDA000055701 Industri II Tahun 2012 Obligasi Aneka Gas 19-Dec-12 18-Dec-17 SIAGII02 Sukuk Ijarah Aneka Gas 19-Dec-12 18-Dec-17 7-Jun-17 6-Jun-20 3 years Stable 7-Jun-17 6-Jun-22 A- IDJ000005400 AGII01ACN1 IDA0000810A4 AGII01BCN1 IDA0000810B2 SIAGII01ACN1 IDJ0000090A4 SIAGII01BCN1 IDJ0000090B2 AISA AISA01 IDA000057905 SIAISA01 IDJ000005905 SIAISA02 IDJ000007802 Industri II Tahun 2012 Obligasi Berkelanjutan I Aneka Gas Industri Tahap I Tahun 2017 Seri A Obligasi Berkelanjutan I Aneka Gas Industri Tahap I Tahun 2017 SeriB Sukuk Ijarah Berkelanjutan I Aneka Gas Industri Tahap I Tahun 2017 Seri A Sukuk Ijarah Berkelanjutan I Aneka Gas Industri Tahap I Tahun 2017 Seri B 200,000 200,000 45,000 19,000 7-Jun-17 147,000 7-Jun-17 99,000 5 years 5 years A- Stable A- Stable A- 5 years Stable 6-Jun-20 A- 3 years 6-Jun-22 5 years Stable A- Stable Coupon Tahun 2013 Sukuk Ijarah TPS Food I tahun 2013 Sukuk Ijarah TPS Food II Tahun 2016 8-Apr-13 600,000 8-Apr-13 300,000 20-Jul-16 1,200,000 5-Apr-18 A Stable 5-Apr-18 A 19-Jul-21 5 years Indonesia (Persero) Tbk. Bank Negara 7.90% Indonesia Nisbah 62.50% from revenue equal to return 7.50% p.a. (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara 8.75% Indonesia Nisbah 71.67% from revenue equal to return 8.60% p.a. (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara 8.25% Indonesia Nisbah 74.17% from revenue equal to return 8.90% p.a. (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Underwriter BCA CIMB Indonesia DBS Vickers Indonesia BCA Indo Premier Trimegah Ind. BCA CIMB Indonesia DBS Vickers Indonesia BCA Indo Premier Trimegah Ind. BCA CIMB Indonesia DBS Vickers Indonesia BCA Indo Premier Trimegah Ind. BCA CIMB Indonesia DBS Vickers Indonesia 1 1 1 1 1 1 1 3. Basic Industry And Chemicals | 34. Chemicals Bank Mega 9.80% Tbk. Rp99M /Billion p.a. Bank Mega Tbk. Bank Mega 9.90% Tbk. Bank Mega 10.35% Tbk. Ijarah Fee Rp14,55M p.a. Ijarah Fee Rp10,25M p.a. Bank Mega Tbk. Bank Mega Tbk. AAA Victoria Ind. AAA Victoria Ind. AAA Investindo Nusantara 1 1 1 DBS Vickers Indonesia Indo Premier Mandiri 1 Sucor DBS Vickers Indonesia Indo Premier Mandiri 1 Sucor DBS Vickers Indonesia Indo Premier Mandiri 1 Sucor 5. Consumer Goods Industry | 51. Food And Beverages 5 years 5 years Bank Negara 8.90% PT Tiga Pilar Sejahtera Food Tbk. Obligasi TPS Food I Trustee Structure Page Corporate Bond and Sukuk Stable A Stable 10.25% Rp25.625.000,- per Rp1.000.000.000,- per 3 months from Ijarah Fee Residual 126.600.000.000 (if principal = 1.2 triliun) p.a. from residual Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Danareksa HSBC Indo Premier Danareksa HSBC Indo Premier 1 1 BCA CIMB Indonesia DBS Vickers Indonesia 1 Indo Premier INDONESIA BOND MARKET DIRECTORY 2016-2017 97
  98. No . 5. 1. 2. 6. 1. 2. 3. 4. 7. 1. 2. 8. 1. 2. 3. 4. 5. 6. 9. 1. 98 Bond Code ISIN Code AKRA AKRA01A IDA0000562A1 AKRA01B IDA0000562B9 AMRT AMRT01CN1 IDA000063903 AMRT01ACN2 IDA0000684A3 AMRT01BCN2 IDA0000684B1 AMRT02CN1 IDA000080501 ANTM ANTM01ACN1 IDA0000501A9 ANTM01BCN1 IDA0000501B7 APAI Series Name Listing Maturity Rating Outstanding* Issue Term Outlook PT AKR Corporindo Tbk. Obligasi I AKR Corpindo Tahun 2012 Seri A Obligasi I AKR Corpindo Tahun 2012 Seri B 26-Dec-12 623,000 26-Dec-12 877,000 21-Dec-17 Stable 21-Dec-19 AA- 7 years Sumber Alfaria Trijaya Tahap I Tahun 2014 Obligasi Berkelanjutan I Sumber Alfaria Trijaya Tahap II Tahun 2015 Seri A Obligasi Berkelanjutan I Sumber Alfaria Trijaya Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan II Sumber Alfaria Trijaya Tahap I Tahun 2017 27-Jun-14 1,000,000 11-May-15 600,000 11-May-15 400,000 24-May-17 1,000,000 26-Jun-17 STABLE 8-May-18 AA- 3 years Stable 8-May-20 AA- 5 years Stable 23-May-20 AA- 3 years ANTAM Tahap I Tahun 2011 Seri A Obligasi Berkelanjutan I ANTAM Tahap I Tahun 2011 Seri B 15-Dec-11 900,000 15-Dec-11 2,100,000 PT Angkasa Pura I (Persero) 14-Dec-18 14-Dec-21 BBB+ 10 years 22-Nov-23 APAI01C Obligasi I Angkasa Pura I 23-Nov-16 22-Nov-26 SIAPAI01B SIAPAI01C IDJ0000083C5 APIA APIA01A IDA0000743A7 Tahun 2016 Seri B Tahun 2016 Seri C 622,000 389,000 1,489,000 Tbk. Bank Mega Tbk. 10.50% 9.70% 10.00% 8.50% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Stable 8.38% 9.05% Bank Permata Tbk. Bank Permata Tbk. 5 years 7 years AAA Stable AAA Stable AAA 10 years Stable AAA 8.10% 8.40% 8.55% Bank Mega Tbk. 23-Nov-16 22-Nov-23 Ijarah Fee AAA Stable Rp4.620.000.000 Bank Mega Sukuk Ijarah I Angkasa 23-Nov-16 22-Nov-26 Ijarah Fee AAA Stable Rp15.133.500.000 Bank Mega Pura I Tahun 2016 Seri C 177,000 PT Angkasa Pura II (Persero) Obligasi I Angkasa Pura II Tahun 2016 Seri A 1-Jul-16 1,000,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 BCA HSBC Indonesia IndoPremier BCA HSBC Indonesia Mandiri BCA HSBC Indonesia Mandiri BCA Mandiri Mandiri Deutsche Ind. Standard Chartered Ind. Mandiri Deutsche Ind. Standard Chartered Ind. 1 M 1 1 1 1 1 5 years 7 years 10 years Stable Ijarah Fee Rp21.708.000.000 1 1 Tbk. Sukuk Ijarah I Angkasa 55,000 Mandiri Bank Mega 22-Nov-21 Pura I Tahun 2016 Seri B Indo Premier Tbk. 23-Nov-16 268,000 1 Deutsche Ind. Bank Mega Sukuk Ijarah I Angkasa Pura I Tahun 2016 Seri A CIMB Indonesia 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod. 23-Nov-16 Tahun 2016 Seri A BBB+ Stable Obligasi I Angkasa Pura I IDJ0000083B7 Stable 7 years APAI01B IDJ0000083A9 8.75% Bank Mega 2. Mining | 23. Metal And Mineral Mining 22-Nov-21 SIAPAI01A AA- 3 years 23-Nov-16 IDA0000776C3 Stable 8.40% PT ANTAM (Persero) Tbk. Obligasi Berkelanjutan I Underwriter 9. Trade, Services & Investment | 93. Retail Trade Obligasi I Angkasa Pura I IDA0000776B5 AA- 5 years PT Sumber Alfaria Trijaya Tbk. Obligasi Berkelanjutan I Trustee 9. Trade, Services & Investment | 91. Wholesale (Durable & Non-Durable Goods) APAI01A IDA0000776A7 Coupon Structure Page Corporate Bond and Sukuk Bank Mega Tbk. Bahana Securities 1 BCA Danareksa Mandiri 1 1 Tbk. 1 Tbk. 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod. 30-Jun-21 5 years AAA Stable 8.60% Bank Mega Tbk. Danareksa (Affiliated) Mandiri (Affiliated) Daewoo Securities Indonesia Indo Premier Securities 1
  99. No . 2. 3. 10. 1. 2. 3. 4. 5. 6. 11. 1. 2. 12. 1. 2. 3. 4. 5. 6. Bond Code ISIN Code APIA01B IDA0000743B5 APIA01C IDA0000743C3 APLN APLN01CN4 IDA000067409 APLN01CN1 IDA000058903 APLN01CN3 IDA000065809 APLN01CN2 IDA000063101 APLN02 IDA000054100 APLN01B IDA0000496B0 APOL Series Name Listing Maturity Rating 1-Jul-16 30-Jun-23 AAA Outstanding* Issue Term Outlook Obligasi I Angkasa Pura II Tahun 2016 Seri B Obligasi I Angkasa Pura II Tahun 2016 Seri C 100,000 1-Jul-16 900,000 7 years Stable 30-Jun-26 AAA 10 years PT Agung Podomoro Land Tbk. Obligasi Berkelanjutan I Agung Podomoro Land Tahap IV Tahun 2015 Obligasi Berkelanjutan I Agung Podomoro Land Tahap I Tahun 2013 Obligasi Berkelanjutan I Agung Podomoro Land Tahap III Tahun 2014 Obligasi Berkelanjutan I Agung Podomoro Land Tahap II Tahun 2014 Obligasi II Agung Podomoro Land Tahun 2012 Obligasi I Agung Podomoro Land Tahun 2011 Seri B 26-Mar-15 99,000 28-Jun-13 1,200,000 22-Dec-14 451,000 9-Jun-14 750,000 16-Aug-12 1,200,000 26-Aug-11 875,000 25-Mar-20 5 years 27-Jun-18 Stable ANegative 5 years ANegative 12.50% 6-Jun-19 A- 19-Dec-19 5 years Negative 15-Aug-17 5 years ANegative 25-Aug-16 A- 5 years Negative 30-Jun-21 N/A APOL02B Obligasi APOL II Tahun 19-Mar-08 30-Jun-21 N/A ASDF ASDF02BCN4 IDA0000652B8 ASDF02BCN3 IDA0000625B4 ASDF02CCN3 IDA0000625C2 ASDF02BCN2 IDA0000609B8 ASDF02CCN2 IDA0000609C6 ASDF02CCN1 IDA0000591C6 2008 Seri B 324,000 14 years 14 years Bank Mega Tbk. Bank Mega Tbk. 12.25% 9.38% 11.00% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Sedaya Finance Dengan Tingkat Bunga Tetap Tahap IV Tahun 2014 Seri B Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap III Tahun 2014 Seri C Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2013 Seri C 30-Oct-14 1,500,000 7-Apr-14 740,000 7-Apr-14 75,000 27-Nov-13 870,000 27-Nov-13 385,000 28-Jun-13 950,000 Danareksa (Affiliated) Mandiri (Affiliated) Daewoo Securities Indonesia 1 Indo Premier Securities Danareksa (Affiliated) Mandiri (Affiliated) Daewoo Securities Indonesia 1 Indo Premier Securities Bahana Indo Premier CIMB Indonesia Indo Premier (Persero) Tbk. Mandiri Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. 1 Mandiri CIMB Indonesia Indonesia 1 CIMB Indonesia HSBC Indonesia Bank Rakyat N/A N/A 12.00% Indo Premier 1 1 Deutsche Ind. HSBC Indonesia Indo Premier 1 Mandiri Deutsche Ind. Standar Chartered Ind. Indo Premier M Mandiri 12.50% Bank Mega DBS Vickers Ind. Bank Mega DBS Vickers Ind. Tbk. Tbk. PT Astra Sedaya Finance Obligasi Berkelanjutan II Astra Underwriter 7. Infrastructure, Utilities & Transportation | 74. Transportation 19-Mar-08 IDA0000366B5 11.25% 9.25% 5 years Obligasi APOL II Tahun 276,000 9.00% ANegative PT Arpeni Pratama Ocean Line Tbk. 2008 Seri A 8.80% Trustee 6. Property, Real Estate & Building Construction | 61. Property And Real Estate APOL02A IDA0000366A7 Coupon Structure Page Corporate Bond and Sukuk CIMB Indonesia CIMB Indonesia 1 1 8. Finance | 82. Financial Institution 29-Oct-17 3 years 4-Apr-17 AAA Stable AAA 3 years STABLE 4-Apr-18 AAA 4 years 26-Nov-16 Stable AAA 3 years STABLE 26-Nov-17 AAA 4 years 27-Jun-16 3 years Stable AAA STABLE 10.50% 10.50% 10.60% 9.50% 9.75% 7.75% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. BCA CIMB Indonesia DBS Vickers Indonesia 1 Indo Premier BCA CIMB Indonesia DBS Vickers Indonesia M Indo Premier BCA CIMB Indonesia DBS Vickers Indonesia 1 Indo Premier BCA CIMB Indonesia DBS Vickers Indonesia M Mandiri BCA CIMB Securities Indonesia DBS Vickers Securities Indonesia 1 Mandiri BCA CIMB Indonesia HSBC M Mandiri INDONESIA BOND MARKET DIRECTORY 2016-2017 99
  100. No . 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 13. 1. 2. 14. 1. 2. 3. 100 Bond Code ISIN Code ASDF01BCN3 IDA0000569B4 ASDF03ACN1 IDA0000727A0 ASDF03BCN1 IDA0000727B8 ASDF01CCN1 IDA0000511C4 ASDF02ACN5 IDA0000693A4 ASDF02BCN5 IDA0000693B2 ASDF03ACN2 IDA0000764A3 ASDF03ACN3 IDA0000793A2 ASDF03BCN2 IDA0000764B1 ASDF03BCN3 IDA0000793B0 ASDF03CCN3 IDA0000793C8 BACA BACA01SB IDA000066401 BACA02SB IDA000071500 BBIA BBIA01A IDA0000677A7 BBIA01B IDA0000677B5 BBIA01C IDA0000677C3 Series Name Obligasi Berkelanjutan I Astra Sedaya Finance Tahap III Tahun 2013 Seri B Obligasi Berkelanjutan III Astra Sedaya Finance Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan III Astra Sedaya Finance Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Astra Sedaya Finance Tahap I Tahun 2012 Seri C Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap V Tahun 2015 Seri A Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap V Tahun 2015 Seri B Obligasi Berkelanjutan III Astra Sedaya Finance Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan III Astra Sedaya Finance Tahap III Tahun 2017 Seri A Obligasi Berkelanjutan III Astra Sedaya Finance Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan III Astra Sedaya Finance Tahap III Tahun 2017 Seri B Obligasi Berkelanjutan III Astra Sedaya Finance Tahap III Tahun 2017 Seri C Listing Maturity Rating 25-Feb-13 22-Feb-16 AAA Outstanding* Issue Term Outlook 1,120,000 12-May-16 770,000 12-May-16 1,230,000 22-Feb-12 2,250,000 2-Jul-15 750,000 2-Jul-15 825,000 19-Oct-16 850,000 6-Mar-17 1,000,000 19-Oct-16 850,000 6-Mar-17 1,125,000 6-Mar-17 375,000 3 years 21-May-17 STABLE AAA 370 days STABLE 11-May-19 AAA 3 years 21-Feb-17 Stable AAA 5 years STABLE 12-Jul-16 AAA 370 days 2-Jul-18 STABLE AAA 3 years Stable 28-Oct-17 AAA 370 days 13-Mar-18 Stable AAA 370 days Stable 18-Oct-19 AAA 3 years 3-Mar-20 Stable AAA 3 years Stable 3-Mar-22 AAA 5 years Stable Coupon Structure 7.75% 7.95% 8.50% 8.60% 8.50% 9.25% 7.25% 7.40% 7.95% 8.50% 8.75% Trustee Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia Bank Capital I Tahun 2014 Obligasi Subordinasi Bank Capital II Tahun 2015 13-Jan-22 18-Jan-16 15-Jan-23 250,000 Indonesia Tahun 2015 Seri A Obligasi I Bank UOB Indonesia Tahun 2015 Seri B Obligasi I Bank UOB Indonesia Tahun 2015 Seri C 2-Apr-15 400,000 2-Apr-15 600,000 Mandiri Indo Premier Mandiri CIMB Indonesia Indo Premier Mandiri 1 OCBC Indonesia BCA CIMB Securities Indonesia DBS Vickers Securities Indonesia M Mandiri DBS Vickers Indonesia Mandiri MNC M RHB Indonesia DBS Vickers Indonesia Mandiri MNC 1 RHB Indonesia CIMB Indonesia DBS Vickers Indonesia MNC 1 RHB Indonesia BCA CIMB Indonesia DBS Vickers Indonesia 1 Indo Premier CIMB Indonesia DBS Vickers Indonesia MNC 1 RHB Indonesia BCA CIMB Indonesia Mandiri (Persero) Tbk. M OCBC Indonesia Bank Rakyat Indonesia M CIMB Indonesia DBS Vickers Indonesia 7 years 7 years BBB- Stable BBB- Stable 12.00% 12.00% Bank Mega Tbk. Bank Mega Tbk. PT Bank UOB Indonesia Obligasi I Bank UOB Indo Premier 1 Indo Premier MNC 1 Trimegah Ind. 8. Finance | 81. Bank 14-Jan-15 200,000 CIMB Indonesia HSBC Indonesia (Persero) Tbk. PT Bank Capital Indonesia Tbk. Obligasi Subordinasi Underwriter Page Corporate Bond and Sukuk Sinarmas 1 Sinarmas 1 8. Finance | 81. Bank 11-Apr-16 370 days 1-Apr-18 3 years AAA STABLE AAA Stable 8.60% 9.40% Bank Permata Tbk. Bank Permata BCA Indo Premier Mandiri M Standard Chartered Ind. BCA Tbk. Indo Premier Bank Permata Standard Chartered Ind. 1 Mandiri 2-Apr-15 500,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 1-Apr-20 5 years AAA Stable 9.60% Tbk. UOB Kay Hian (affiliated) 1
  101. Bond Code No . ISIN Code BBIA01SB 4. IDA000063309 BBIA01ACN1 5. IDA0000778A3 BBIA01BCN1 6. IDA0000778B1 BBIA01CCN1 7. IDA0000778C9 BBIA01SBCN1 8. IDA000077903 15. BBKE01SB 1. IDA000079008 16. BBKP BBKP01SBCN1 1. IDA000051205 BBKP02SBCN1 2. IDA000069009 BBKP02SBCN2 3. IDA000078703 17. 1. BBKE BBMI Series Name Obligasi Subordinasi I Bank UOB Indonesia Tahun 2014 Obligasi Berkelanjutan I Bank UOB Indonesia Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan I Bank UOB Indonesia Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Bank UOB Indonesia Tahap I Tahun 2016 Seri C Obligasi Subordinasi Berkelanjutan I Bank UOB Indonesia Tahap I Tahun 2016 Obligasi Subordinasi I Bank BKE Tahun 2016 Obligasi Subordinasi Berkelanjutan I Bank Bukopin Tahap I Tahun 2012 Obligasi Subordinasi Berkelanjutan II Bank Bukopin Tahap I Tahun 2015 Obligasi Subordinasi Berkelanjutan II Bank Bukopin Tahap II Tahun 2017 18. 1. 2. 3. 4. BBRI BBRI01ACN1 IDA0000692A6 BBRI01ACN2 IDA0000716A3 BBRI01ACN3 IDA0000729A6 BBRI01BCN1 IDA0000692B4 30-May-14 28-May-21 AA 1,000,000 7 years 28-Nov-16 5-Dec-17 28-Nov-16 25-Nov-19 300,000 600,000 370 days Stable AAA Stable AAA 3 years Stable 28-Nov-16 25-Nov-21 AAA 28-Nov-16 25-Nov-23 100,000 100,000 5 years 7 years Stable AA Stable Coupon Structure 11.35% 7.20% 8.00% 8.25% 9.40% Trustee Underwriter Bank Permata Indo Premier Tbk. 23-Dec-16 170,000 22-Dec-21 5 years 7-Mar-12 1,500,000 6-Mar-19 7 years 30-Jun-22 1-Mar-17 28-Feb-24 1,405,000 Sukuk Subordinasi Tahap I Bank Muamalat Tahun 2012 Tahap II Bank Muamalat Tahun 2013 2-Jul-12 800,000 1-Apr-13 700,000 Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank BRI Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan I Bank BRI Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan I Bank BRI Tahap III Tahun 2016 Seri A Obligasi Berkelanjutan I Bank BRI Tahap I Tahun 2015 Seri B 6-Jul-15 BBB- Stable 7 years 7 years A Stable A- Stable A- Stable 29-Jun-22 A- 10 years Stable 28-Mar-23 A- 10 years Stable 7-Jul-16 AAA 5-Feb-16 8-Feb-17 AAA 6-Jul-15 925,000 1 Danareksa ekuritas Indo Premier UOB Kay Hian Securties Bank Mandiri 1 1 (Persero) Tbk. 11.85% Bank Negara Indonesia (Persero) Tbk. Danareksa 1 9.25% 12.00% 11.00% Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. CIMB Indonesia Indo Premier 1 Danareksa 1 CIMB Indonesia 1 Mandiri Nisbah year 1 s.d. 5 Bank Negara : 17.12%, year 6 s.d. Indonesia Bahana Danareksa 10 : 34.24% (Persero) Tbk. Indo Premier Nisbah year 1 s.d. 5 Bank Negara Mandiri (Persero) Tbk. Indo Premier : 15.79%, Nisbah year 6 s.d. 10 : 31.58% Indonesia Bahana 1 1 8. Finance | 81. Bank STABLE 1,212,000 CIMB Indonesia 8. Finance | 81. Bank 370 days 26-May-16 1 8. Finance | 81. Bank 655,000 808,000 1 Trimegah Ind. Bank Mandiri PT Bank Rakyat Indonesia (Persero) Tbk. Obligasi Berkelanjutan I Mandiri 8. Finance | 81. Bank 1-Jul-15 400,000 Danareksa (Persero) Tbk. PT Bank Muamalat Indonesia Tbk. BBMISMSB1CN2 Mudharabah Berkelanjutan I IDJ000005806 Rating PT Bank Bukopin Tbk. Sukuk Subordinasi 2. Maturity PT Bank Kesejahteraan Ekonomi BBMISMSB1CN1 Mudharabah Berkelanjutan I IDJ000005103 Listing Outstanding* Issue Term Outlook Page Corporate Bond and Sukuk 370 days 30-May-17 STABLE AAA 370 days STABLE 3-Jul-18 AAA 3 years Stable 8.40% 8.50% 7.50% 9.20% Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara M Bahana Danareksa (affiliated) Indo Premier Standard Chartered Ind. Indonesia M (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. M Bahana Danareksa (affiliated) Indo Premier 1 Standard Chartered Ind. INDONESIA BOND MARKET DIRECTORY 2016-2017 101
  102. No . 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 1. 20. 1. 102 Bond Code ISIN Code BBRI01BCN2 IDA0000716B1 BBRI01BCN3 IDA0000729B4 BBRI01CCN1 IDA0000692C2 BBRI01CCN2 IDA0000716C9 BBRI01CCN3 IDA0000729C2 BBRI02ACN1 IDA0000780A9 BBRI02ACN2 IDA0000800A5 BBRI02BCN1 IDA0000780B7 BBRI02BCN2 IDA0000800B3 BBRI02CCN1 IDA0000780C5 BBRI02CCN2 IDA0000800C1 BBRI02DCN1 IDA0000780D3 BBRI02DCN2 IDA0000800D9 BBRI02ECN1 IDA0000780E1 BBRK BBRK01 IDA000049407 BBSY SMBBSY01 IDJ000006903 Series Name Listing Maturity Rating 5-Feb-16 4-Feb-19 AAA Outstanding* Issue Term Outlook Obligasi Berkelanjutan I Bank BRI Tahap II Tahun 1,018,500 2016 Seri B Obligasi Berkelanjutan I Bank BRI Tahap III Tahun 26-May-16 2,437,000 2016 Seri B Obligasi Berkelanjutan I 6-Jul-15 Bank BRI Tahap I Tahun 1,420,000 2015 Seri C Obligasi Berkelanjutan I 5-Feb-16 Bank BRI Tahap II Tahun 2,823,500 2016 Seri C Obligasi Berkelanjutan I Bank BRI Tahap III Tahun 26-May-16 701,000 2016 Seri C Obligasi Berkelanjutan II 2-Dec-16 Bank BRI Tahap I Tahun 616,000 2016 Obligasi Berkelanjutan II Bank BRI Tahap II Tahun 12-Apr-17 1,131,000 2017 Seri A Obligasi Berkelanjutan II 2-Dec-16 Bank BRI Tahap I Tahun 964,000 2016 Obligasi Berkelanjutan II Bank BRI Tahap II Tahun 12-Apr-17 1,743,500 2017 Seri B Obligasi Berkelanjutan II 2-Dec-16 Bank BRI Tahap I Tahun 193,000 2016 Obligasi Berkelanjutan II Bank BRI Tahap II Tahun 12-Apr-17 925,000 2017 Seri C Obligasi Berkelanjutan II 2-Dec-16 Bank BRI Tahap I Tahun 477,000 2016 Obligasi Berkelanjutan II Bank BRI Tahap II Tahun 12-Apr-17 1,300,500 2017 Seri D Obligasi Berkelanjutan II 2-Dec-16 Bank BRI Tahap I Tahun 2,350,000 2016 3 years Stable 25-May-19 AAA 3 years Stable 3-Jul-20 AAA 5 years 4-Feb-21 Stable AAA 5 years Stable 25-May-21 AAA 5 years Stable 6-Dec-17 AAA 370 days Stable 16-Apr-18 AAA 370 days Stable 1-Dec-19 AAA 3 years 11-Apr-20 Stable AAA 3 years Stable 1-Dec-21 AAA 5 years Stable 11-Apr-22 AAA 5 years Stable 1-Dec-23 AAA 7 years Stable 11-Apr-27 AAA 10 years 1-Dec-26 10 years Stable AAA Stable Coupon Structure 9.25% 8.20% 9.50% 9.60% 8.70% 7.25% 7.20% 8.00% 8.10% 8.20% 8.30% 8.65% 8.80% 8.90% Trustee Bank Negara Indonesia 11-Jul-11 Tahun 2011 500,000 8-Jul-16 5 years A STABLE Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara BNI Syariah I Tahun 2015 1 Bahana Danareksa (affiliated) Indo Premier Indonesia 1 Bank Negara Indonesia 1 (Persero) Tbk. Bank Negara Indonesia 1 (Persero) Tbk. Bank Negara Indonesia 1 (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Bank Negara 1 Bahana BCA Danareksa DBS Vickers Indonesia Indonesia 1 Bank Negara Indonesia 1 (Persero) Tbk. Bank Negara Indonesia Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. 1 Indo Premier (Persero) Tbk. (Persero) Tbk. 1 Standard Chartered Ind. (Persero) Tbk. 1 Danareksa Indo Premier Kim Eng 1 Kresna Graha Tbk Bahana BCA Danareksa 1 DBS Vickers Indonesia 8. Finance | 81. Bank 10.40% Bank Mega Tbk. PT Bank BNI Syariah Sukuk Mudharabah Bank 1 (Persero) Tbk. PT Bank Pembangunan Daerah Riau Kepri Obligasi I Bank Riau Kepri Underwriter Page Corporate Bond and Sukuk Bahana Madani OCBC M 8. Finance | 81. Bank 27-May-15 500,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 26-May-18 3 years AA+ Stable Rp92.5M /Billion p.a. Bank Rakyat Indonesia (Persero) Tbk. BNI (affiliated) Danareksa (affiliated) 1
  103. No . 21. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 22. 1. 2. 3. 4. 5. Bond Code ISIN Code BBTN BBTN02ACN1 IDA0000696A7 BBTN02BCN1 IDA0000696B5 BBTN02CCN1 IDA0000696C3 BBTN02DCN1 IDA0000696D1 BBTN01CN1 IDA000052104 BBTN01CN2 IDA000057608 BBTN14 IDA000044804 BBTN15 IDA000048508 BBTN12 IDA000031108 BBTN02ACN2 IDA0000755A1 BBTN02BCN2 IDA0000755B9 BCAF BCAF01DCN1 IDA0000516D1 BCAF02ACN2 IDA0000734A6 BCAF02BCN2 IDA0000734B4 BCAF01BCN3 IDA0000623B9 BCAF02ACN1 IDA0000675A1 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook Coupon Structure Trustee PT Bank Tabungan Negara (Persero) Tbk. Obligasi Berkelanjutan II Bank BTN Tahap I tahun 2015 Seri A Obligasi Berkelanjutan II Bank BTN Tahap I tahun 2015 Seri B Obligasi Berkelanjutan II Bank BTN Tahap I tahun 2015 Seri C Obligasi Berkelanjutan II Bank BTN Tahap I tahun 2015 Seri D Obligasi Berkelanjutan I Bank BTN Tahap I Tahun 2012 Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013 Obligasi XIV Bank BTN Tahun 2010 Obligasi XV Bank BTN Tahun 2011 Obligasi XII Bank BTN Tahun 2006 Obligasi Berkelanjutan II Bank BTN Tahap II tahun 2016 Seri A Obligasi Berkelanjutan II Bank BTN Tahap II tahun 2016 Seri B 9-Jul-15 8-Jul-18 9-Jul-15 8-Jul-20 900,000 500,000 9-Jul-15 800,000 9-Jul-15 3 years AA Stable AA 5 years Stable 8-Jul-22 AA 7 years 8-Jul-25 Stable AA 800,000 10 years Stable 6-Jun-12 5-Jun-22 AA 2,000,000 28-Mar-13 2,000,000 14-Jun-10 1,650,000 30-Jun-11 1,300,000 10 years Stable 27-Mar-23 AA 10 years Stable 11-Jun-20 AA 10 years Stable 28-Jun-21 AA 10 years 20-Sep-06 19-Sep-16 31-Aug-16 30-Aug-19 1,000,000 1,347,000 31-Aug-16 1,653,000 10 years 3 years 30-Aug-21 5 years Stable AA+ STABLE AA Stable AA Stable 8. Finance | 81. Bank 9.63% 9.88% 10.00% 10.50% 7.90% 7.90% 10.25% 9.50% 12.75% 8.20% 8.75% Bank Mega BCA Finance Tahap I Tahun 2012 Seri D Obligasi Berkelanjutan II BCA Finance Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan II BCA Finance Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan I BCA Finance Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan II BCA Finance Tahap I Tahun 2015 Seri A 10-May-12 600,000 22-Jun-16 1,000,000 9-May-16 4 years 1-Jul-17 370 days AAA STABLE AAA Stable 22-Jun-16 21-Jun-19 28-Mar-14 27-Mar-17 3 years STABLE 23-Mar-15 30-Mar-16 AAA 250,000 275,000 438,000 3 years 370 days AAA Stable AAA STABLE 7.70% 7.45% 8.15% 10.00% 8.25% 1 Tbk. Bank Mega Tbk. Bank Mega Tbk. BCA Danareksa (affiliated) Trimegah Ind. Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. 1 1 Tbk. Bank Mega 1 CIMB Indonesia Bank Mega PT BCA Finance Obligasi Berkelanjutan I Underwriter Page Corporate Bond and Sukuk CIMB Indonesia Danareksa Indo Premier CIMB Indonesia Danareksa Indo Premier Mandiri Bahana Indo Premier 1 1 1 Mandiri Bapindo Bumi Nusantara Capital 1 Mega Capital Indonesia Standar Chartered Ind. BCA M 1 CIMB Indonesia Danareksa (affiliated) Trimegah Ind. 1 8. Finance | 82. Financial Institution Bahana HSBC Indonesia OSK Nusadana Ind. M Standard Chartered Ind. BCA (affiliated) 1 BNI Danareksa DBS Vickers Indonesia BCA DBS Vickers Indonesia BCA DBS Vickers Indonesia HSBC Indonesia 1 M M INDONESIA BOND MARKET DIRECTORY 2016-2017 103
  104. No . 6. 7. 8. 9. 23. 1. 24. 1. 2. 3. 25. 1. 2. 3. 4. 5. 6. 7. 8. 104 Bond Code ISIN Code BCAF02BCN1 IDA0000675B9 BCAF02CCN1 IDA0000675C7 BCAF01BCN2 IDA0000585B0 BCAF01CCN2 IDA0000585C8 BCAP BCAP01CN1 IDA000060305 BDKI BDKI02SB IDA000048102 BDKI06B IDA0000480B4 BDKI01CN1 IDA000074504 BEXI BEXI02CN2 IDA000064109 BEXI03ACN1 IDA0000732A0 BEXI03BCN1 IDA0000732B8 BEXI03CCN1 IDA0000732C6 BEXI02ACN7 IDA0000717A1 BEXI02BCN7 IDA0000717B9 BEXI02CCN7 IDA0000717C7 BEXI01BCN3 IDA0000582B7 Series Name Listing Maturity Rating 20-Mar-17 AAA Outstanding* Issue Term Outlook Obligasi Berkelanjutan II BCA Finance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan II BCA Finance Tahap I Tahun 2015 Seri C Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C 23-Mar-15 140,000 23-Mar-15 422,000 2 years STABLE 20-Mar-18 AAA 3 years 17-Jun-13 14-Jun-16 17-Jun-13 14-Jun-17 350,000 200,000 Stable AAA 3 years STABLE AAA 4 years STABLE Coupon Structure 8.50% 9.00% 7.50% 7.60% Trustee Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. PT MNC Kapital Indonesia Tbk. Obligasi Berkelanjutan I MNC Kapital Indonesia Tahap I Tahun 2013 8-Jul-13 225,000 Bank DKI Tahun 2011 Obligasi VI Bank DKI Tahun 2011 Seri B Obligasi Berkelanjutan I Bank DKI Tahap I Tahun 2016 5-Jul-18 BBB 5 years Stable 12.00% Bank CIMB Niaga Tbk. Indonesia Eximbank II Tahap II Tahun 2014 Obligasi Berkelanjutan Indonesia Eximbank III Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan Indonesia Eximbank III Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan Indonesia Eximbank III Tahap I Tahun 2016 Seri C Obligasi Berkelanjutan Indonesia Eximbank II Tahap VII Tahun 2016 Seri A Obligasi Berkelanjutan Indonesia Eximbank II Tahap VII Tahun 2016 Seri B Obligasi Berkelanjutan Indonesia Eximbank II Tahap VII Tahun 2016 Seri C Obligasi Berkelanjutan Indonesia Eximbank I Tahap III Tahun 2013 Seri B HSBC Indonesia BCA DBS Vickers Indonesia HSBC Indonesia HSBC Indonesia Standard Chartered Ind. HSBC Indonesia Standard Chartered Ind. M 1 M M MNC Securitess Valbury 1 8. Finance | 81. Bank 20-Jun-11 300,000 20-Jun-11 325,000 1-Jul-16 1,000,000 17-Jun-18 A 7 years Positive 17-Jun-16 A+ 5 years STABLE 30-Jun-21 A+ 5 years Stable 11.00% 9.90% 9.25% Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Lembaga Pembiayaan Ekspor Indonesia Obligasi Berkelanjutan BCA DBS Vickers Indonesia 8. Finance | 19. Others PT Bank DKI Obligasi Subordinasi II Underwriter Page Corporate Bond and Sukuk 18-Jul-17 3 years Stable 9-Jun-16 18-Jun-17 AAA 688,000 9-Jun-16 1,060,000 Nusantara Capital Mega Capital Indonesia 1 Bumi Putera Capital Ind. Mandiri Nusantara Capital Mega Capital Indonesia M Bumi Putera Capital Ind. Bahana BCA Mandiri 1 8. Finance | 81. Bank 21-Jul-14 500,000 Mandiri AAA 370 days STABLE 8-Jun-19 AAA 3 years Stable 8-Jun-21 AAA 9.25% 7.50% 8.20% Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri Bahana 1 Bahana BCA CIMB Indonesia M Danareksa Bahana BCA (Persero) Tbk. CIMB Indonesia Bank Mandiri DBS Vickers Indonesia 1 Danareksa 9-Jun-16 2,252,000 22-Feb-16 657,000 22-Feb-16 1,647,000 22-Feb-16 1,732,250 24-May-13 1,940,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 5 years Stable 1-Mar-17 AAA 370 days STABLE 19-Feb-19 AAA 3 years Stable 19-Feb-21 AAA 5 years Stable 23-May-16 AAA 3 years STABLE 8.70% 8.50% 9.25% 9.60% 6.40% (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank CIMB Niaga Tbk. Indo Premier 1 Mandiri Bahana CIMB Indonesia Danareksa M DBS Vickers Indonesia Bahana CIMB Indonesia Danareksa 1 DBS Vickers Indonesia Bahana CIMB Indonesia Danareksa 1 DBS Vickers Indonesia Bahana CIMB Indonesia Standard Chartered Ind. M
  105. No . 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Bond Code ISIN Code BEXI02ACN4 IDA0000660A3 BEXI02BCN4 IDA0000660B1 BEXI02ACN5 IDA0000669A4 BEXI02ACN6 IDA0000700A7 BEXI02BCN1 IDA0000634B6 BEXI02BCN5 IDA0000670B0 BEXI02BCN6 IDA0000700B5 BEXI02CCN1 IDA0000634C4 BEXI02CCN5 IDA0000671C6 BEXI02CCN6 IDA0000700C3 BEXI02DCN1 IDA0000634D2 BEXI02BCN3 IDA0000649B4 BEXI02CCN3 IDA0000649C2 BEXI05D IDA0000452D9 BEXI04D IDA0000410D7 BEXI01BCN1 IDA0000503B3 BEXI01CCN1 IDA0000503C1 Series Name Listing Maturity 8-Jan-15 7-Jan-18 8-Jan-15 7-Jan-20 16-Mar-15 23-Mar-16 370 days STABLE 17-Sep-15 26-Sep-16 AAA Rating Outstanding* Issue Term Outlook Obligasi Berkelanjutan Indonesia Eximbank II Tahap IV Tahun 2015 Seri A Obligasi Berkelanjutan Indonesia Eximbank II Tahap IV Tahun 2015 Seri B Obligasi Berkelanjutan Indonesia Eximbank II Tahap V Tahun 2015 Seri A Obligasi Berkelanjutan Indonesia Eximbank II Tahap VI Tahun 2015 Seri A Obligasi Berkelanjutan Indonesia Eximbank II Tahap I Tahun 2014 Seri B Obligasi Berkelanjutan Indonesia Eximbank II Tahap V Tahun 2015 Seri B Obligasi Berkelanjutan Indonesia Eximbank II Tahap VI Tahun 2015 Seri B Obligasi Berkelanjutan Indonesia Eximbank II 800,000 700,000 575,000 757,000 3 years 5 years 370 days AAA Stable AAA Stable AAA STABLE 6-Jun-14 5-Jun-16 2 years STABLE 16-Mar-15 13-Mar-18 AAA 134,000 1,298,000 17-Sep-15 309,000 6-Jun-14 AAA 3 years Stable 16-Sep-18 AAA 3 years Stable 5-Jun-17 AAA Tahap I Tahun 2014 Seri 1,594,000 Indonesia Eximbank II 16-Mar-15 13-Mar-20 17-Sep-15 16-Sep-20 5 years Stable 6-Jun-14 5-Jun-19 AAA C Obligasi Berkelanjutan Tahap V Tahun 2015 Seri C Obligasi Berkelanjutan Indonesia Eximbank II Tahap VI Tahun 2015 Seri C Obligasi Berkelanjutan Indonesia Eximbank II Tahap I Tahun 2014 Seri D Obligasi Berkelanjutan Indonesia Eximbank II Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan Indonesia Eximbank II Tahap III Tahun 2014 Seri C Obligasi Indonesia Eximbank I Tahun 2010 Seri D Obligasi Bank Ekspor Indonesia IV Tahun 2009 Seri D Obligasi Berkelanjutan I Indonesia Eximbank Tahap I Tahun 2011 Seri B Obligasi Berkelanjutan I Indonesia Eximbank Tahap I Tahun 2011 Seri C 2,727,000 913,000 1,469,000 3 years 5 years 5 years STABLE AAA Stable AAA Stable 17-Oct-14 16-Oct-17 17-Oct-14 16-Oct-19 5 years Stable 9-Jul-10 8-Jul-17 AAA 1,485,000 828,000 1,075,000 3 years 7 years AAA Stable AAA Stable 19-Jun-09 18-Jun-16 7 years STABLE 21-Dec-11 20-Dec-16 AAA 1,427,000 243,000 21-Dec-11 2,805,000 AAA 5 years STABLE 20-Dec-18 AAA 7 years Stable Coupon Structure 9.25% 9.75% 8.25% 8.40% 8.50% 9.00% 9.20% 9.25% 9.50% 9.50% 9.75% 9.25% 9.75% 10.00% 12.75% 7.75% 8.50% Trustee Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Underwriter CIMB Indonesia 1 CIMB Indonesia 1 Bank Mandiri M (Persero) Tbk. Bank Mandiri (Persero) Tbk. CIMB Indonesia HSBC Indonesia Indo Premier Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. M CIMB Indonesia HSBC Indonesia Indo Premier CIMB Indonesia HSBC Indonesia Indo Premier CIMB Indonesia HSBC Indonesia Indo Premier 1 Bank Mandiri 1 CIMB Indonesia HSBC Indonesia Indo Premier Bank Mandiri 1 Bank Mandiri 1 (Persero) Tbk. Bank Mega Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. 1 Standard Chartered Ind. (Persero) Tbk. (Persero) Tbk. M Standard Chartered Ind. (Persero) Tbk. Bank Mandiri 1 Standard Chartered Ind. Bank Mandiri (Persero) Tbk. 1 Standard Chartered Ind. (Persero) Tbk. Bank Mandiri M Standard Chartered Ind. (Persero) Tbk. Bank Mandiri Page Corporate Bond and Sukuk Trimegah Bahana Indo Premier Trimegah Danareksa Trimegah Indo Premier Danareksa Trimegah Indo Premier Danareksa 1 M M 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 105
  106. No . 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 26. 1. 2. 3. 4. 5. 106 Bond Code ISIN Code BEXI03ACN2 IDA0000754A4 BEXI03ACN3 IDA0000774A2 BEXI03ACN4 IDA0000790A8 BEXI03BCN2 IDA0000754B2 BEXI03BCN3 IDA0000774B0 BEXI03BCN4 IDA0000790B6 BEXI03CCN2 IDA0000754C0 BEXI03CCN3 IDA0000774C8 BEXI03CCN4 IDA0000790C4 BEXI03DCN3 IDA0000774D6 BEXI03DCN4 IDA0000790D2 BEXI03ECN4 IDA0000790E0 BFIN BFIN01CCN2 IDA0000568C4 BFIN02BCN1 IDA0000622B1 BFIN02CCN1 IDA0000622C9 BFIN02ACN2 IDA0000673A6 BFIN02ACN3 IDA0000718A9 Series Name Obligasi Berkelanjutan Indonesia Eximbank III Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan Indonesia Eximbank III Tahap III Tahun 2016 Seri A Obligasi Berkelanjutan Indonesia Eximbank III Tahap IV Tahun 2017 Seri A Obligasi Berkelanjutan Indonesia Eximbank III Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan Indonesia Eximbank III Tahap III Tahun 2016 Seri B Obligasi Berkelanjutan Indonesia Eximbank III Tahap IV Tahun 2017 Seri B Obligasi Berkelanjutan Indonesia Eximbank III Tahap II Tahun 2016 Seri C Obligasi Berkelanjutan Indonesia Eximbank III Tahap III Tahun 2016 Seri C Obligasi Berkelanjutan Indonesia Eximbank III Tahap IV Tahun 2017 Seri C Obligasi Berkelanjutan Indonesia Eximbank III Tahap III Tahun 2016 Seri D Obligasi Berkelanjutan Indonesia Eximbank III Tahap IV Tahun 2017 Seri D Obligasi Berkelanjutan Indonesia Eximbank III Listing Maturity Rating 5-Sep-17 AAA Outstanding* Issue Term Outlook Tahap IV Tahun 2017 Seri E 26-Aug-16 1,793,000 370 days Stable Coupon Structure 7.25% Trustee Bank Mandiri Finance Indonesia Tahap II Tahun 2013 Seri C Obligasi Berkelanjutan II BFI Finance Indonesia Tahap I Tahun 2014 Seri B Obligasi Berkelanjutan II BFI Finance Indonesia Tahap I Tahun 2014 Seri C Obligasi Berkelanjutan II BFI Finance Indonesia Tahap II Tahun 2015 Seri A Obligasi Berkelanjutan II BFI Finance Indonesia Tahap III Tahun 2016 Seri A Bahana BCA (Persero) Tbk. CIMB Indonesia Bank Mandiri DBS Vickers Indonesia 1 Danareksa 23-Nov-16 672,000 24-Feb-17 861,000 26-Aug-16 956,000 2-Dec-17 370 days 3-Mar-18 370 days 25-Aug-19 AAA Stable AAA Stable AAA 3 years Stable 22-Nov-19 AAA 7.15% 7.40% 7.95% (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri Indo Premier 1 Mandiri Indo Premier Mandiri NISP 1 OCBC Indonesia Bahana BCA (Persero) Tbk. CIMB Indonesia Bank Mandiri DBS Vickers Indonesia 1 Danareksa 23-Nov-16 540,000 24-Feb-17 1,339,000 26-Aug-16 1,582,000 3 years 23-Feb-20 Stable AAA 3 years Stable 25-Aug-21 AAA 5 years Stable 7.85% 8.40% 8.35% (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri Indo Premier 1 Mandiri Indo Premier Mandiri NISP 1 OCBC Bahana BCA (Persero) Tbk. CIMB Indonesia Bank Mandiri DBS Vickers Indonesia 1 Danareksa 23-Nov-16 282,000 24-Feb-17 748,000 23-Nov-16 1,038,000 24-Feb-17 1,007,000 24-Feb-17 1,266,000 22-Nov-21 AAA 5 years Stable 23-Feb-22 AAA 5 years 22-Nov-23 7 years 23-Feb-24 Stable AAA Stable AAA 7 years Stable 23-Feb-27 AAA 10 years Stable 8.20% 8.90% 8.50% 9.20% 9.40% (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. PT BFI Finance Indonesia Tbk. Obligasi Berkelanjutan I BFI Underwriter Page Corporate Bond and Sukuk 20-Feb-13 155,000 10-Mar-14 55,000 10-Mar-14 220,000 20-Mar-15 345,000 26-Feb-16 200,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 Indo Premier 1 Mandiri CIMB Indonesia HSBC Indonesia Indo Premier 1 Mandiri Bahana 1 BCA CIMB Indonesia Danareksa DBS Vickers Indonesia 1 Indo Premier Mandiri 1 8. Finance | 82. Financial Institution 19-Feb-16 A+ 3 years STABLE 7-Mar-16 A+ 2 years STABLE 7-Mar-17 A+ 3 years Positive 29-Mar-16 A+ 370 days 5-Mar-17 370 days STABLE A+ Positive 9.00% 11.00% 11.50% 9.88% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank 9.75% Danareksa Indo Premier Kim Eng Danareksa Indo Premier Kresna Graha M Trimegah Ind. Danareksa Indo Premier Kresna Graha M Trimegah Ind. Danareksa Indo Premier Mandiri M Trimegah Ind. Danareksa Tabungan Indo Premier (Persero) Tbk. Trimegah Ind. Negara M Kresna Graha Tbk Mandiri M
  107. No . 6. 7. 8. 9. 10. 11. 12. 13. 14. 27. 1. 2. 3. 4. 5. 6. 7. 8. Bond Code ISIN Code BFIN02BCN2 IDH0000673B7 BFIN02BCN3 IDA0000718B7 BFIN02CCN2 IDA0000673C2 BFIN02CCN3 IDA0000718C5 BFIN03ACN1 IDA0000768A4 BFIN03ACN2 IDA0000791A6 BFIN03BCN1 IDA0000768B2 BFIN03BCN2 IDA0000791B4 BFIN03CCN1 IDA0000768C0 BIIF BIIF01ACN2 IDA0000723A9 BIIF01BCN2 IDA0000723B7 BIIF01ACN1 IDA0000705A6 BIIF01BCN1 IDA0000705B4 BIIF01C IDA0000524C7 BIIF02A IDA0000589A4 BIIF02B IDA0000589B2 BIIF01ACN3 IDA0000773A4 Series Name Listing Maturity Rating 19-Mar-17 A+ Outstanding* Issue Term Outlook Obligasi Berkelanjutan II BFI Finance Indonesia Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan II BFI Finance Indonesia Tahap III Tahun 2016 Seri B Obligasi Berkelanjutan II BFI Finance Indonesia Tahap II Tahun 2015 Seri C Obligasi Berkelanjutan II BFI Finance Indonesia Tahap III Tahun 2016 Seri C Obligasi Berkelanjutan III BFI Finance Indonesia Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan III BFI Finance Indonesia Tahap II Tahun 2017 Seri A Obligasi Berkelanjutan III BFI Finance Indonesia Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan III BFI Finance Indonesia Tahap II Tahun 2017 Seri B Obligasi Berkelanjutan III BFI Finance Indonesia Tahap I Tahun 2016 Seri C 20-Mar-15 105,000 26-Feb-16 142,000 20-Mar-15 550,000 26-Feb-16 658,000 26-Oct-16 317,000 3-Mar-17 540,000 26-Oct-16 550,000 3-Mar-17 460,000 26-Oct-16 133,000 2 years 25-Feb-18 Positive AA- 2 years Stable 19-Mar-18 AA- 3 years 25-Feb-19 Stable AA- 3 years Stable 5-Nov-17 AA- 370 days Stable 12-Mar-18 AA- 370 days Stable 25-Oct-19 AA- 3 years 2-Mar-20 Stable AA- 3 years Stable 25-Oct-21 AA- 5 years Stable Coupon Structure 10.50% Obligasi Berkelanjutan I II Tahun 2016 Seri A Obligasi Berkelanjutan I Maybank Finance Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan I BII Finance Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan I BII Finance Tahap I Tahun 2015 Seri B Obligasi I BII Finance Tahun 2012 Seri C Obligasi II BII Finance Tahun 2013 Dengan Tingkat Bunga Tetap Seri A Obligasi II BII Finance Tahun 2013 Dengan Tingkat Bunga Tetap Seri B Obligasi Berkelanjutan I Maybank Finance Tahap III Tahun 2016 Seri A 14-Apr-16 750,000 13-Apr-19 AA+ 3 years Stable 14-Apr-16 13-Apr-21 5 years AA+ Stable 13-Nov-15 12-Nov-18 AA+ 350,000 300,000 13-Nov-15 200,000 3 years Stable 12-Nov-20 AA+ 5 years Stable 8-Jun-12 7-Jun-16 4 years STABLE 20-Jun-13 19-Jun-16 AA+ 143,000 775,000 20-Jun-13 525,000 4-Nov-16 800,000 AA+ 3 years STABLE 19-Jun-18 AA+ 5 years Stable 3-Nov-19 AA+ 3 years Stable Underwriter Bank Mega Indo Premier Tbk. Bank 10.25% 10.88% 10.75% 8.10% 8.00% 9.15% Bank Mega Indo Premier 9.35% 10.35% 10.90% 8.00% 7.75% 8.25% 8.30% Mandiri Mandiri Danareksa (Persero) Tbk. Bank Trimegah Ind. Mandiri DBS Vickers Indonesia (Persero) Tbk. Bank Trimegah Ind. Tabungan Mandiri Kresna Graha Tbk Tabungan DBS Vickers Indonesia (Persero) Tbk. Bank Trimegah Ind. Negara Indo Premier Tabungan DBS Vickers Indonesia Tabungan Negara Bank Mandiri (Persero) Tbk. (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Mandiri (Persero) Tbk. 1 Trimegah Ind. Danareksa Mandiri Danareksa 1 1 Danareksa Mandiri 1 Trimegah Ind. 8. Finance | 82. Financial Institution Bahana 1 DBS Vickers Indonesia Indo Premier Bank Mandiri Maybank Kim Eng (affiliated) (Persero) Tbk. Bank Mandiri 1 Danareksa Indo Premier Negara Negara 1 Danareksa Tabungan Negara 1 Trimegah Ind. Indo Premier Negara 1 Danareksa Tabungan (Persero) Tbk. 9.10% Danareksa (Persero) Tbk. Tbk. M Trimegah Ind. Trimegah Ind. Negara (Persero) Tbk. Bank 9.10% Mandiri Indo Premier (Persero) Tbk. Bank 8.80% Danareksa Tabungan Bank PT Maybank Indonesia Finance Maybank Finance Tahap Trustee Page Corporate Bond and Sukuk HSBC Indonesia Indo Premier May Bank Kim Eng (affiliated) HSBC Indonesia Indo Premier May Bank Kim Eng (affiliated) NISP Sekuritas Kim Eng Danareksa Sekuritas Kim Eng Danareksa 1 1 1 M M 1 DBS Vickers Indonesia Indo Premier Maybank Kim Eng (affiliated) 1 MNC INDONESIA BOND MARKET DIRECTORY 2016-2017 107
  108. No . 9. 28. 1. 2. 3. 4. 5. 6. 7. 8. 9. 29. 1. 2. 30. 1. 31. 1. 32. 1. 108 Bond Code ISIN Code BIIF01BCN3 IDA0000773B2 BIMF BIMF01B IDA0000566B0 BIMF01ACN1 IDA0000713A0 BIMF01BCN1 IDA0000713B8 BIMF01ACN2 IDA0000725A4 BIMF01BCN2 IDA0000725B2 BIMF01CCN2 IDA0000725C0 BIMF02ACN1 IDA0000786A6 BIMF02BCN1 IDA0000786B4 BIMF02CCN1 IDA0000786C2 BJBR Series Name Listing Maturity Rating 4-Nov-16 3-Nov-21 AA+ Outstanding* Issue Term Outlook Obligasi Berkelanjutan I Maybank Finance Tahap III Tahun 2016 Seri B 300,000 5 years Obligasi I Bima Multi Finance Tahun 2013 Seri B Obligasi Berkelanjutan I Bima Multi Finance Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan I Bima Multi Finance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan I Bima Multi Finance Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan I Bima Multi Finance Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan I Bima Multi Finance Tahap II Tahun 2016 Seri C Obligasi Berkelanjutan II Bima Multi Finance Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II Bima Multi Finance Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan II Bima Multi Finance Tahap I Tahun 2016 Seri C 10-Jan-13 9-Jan-16 3 years STABLE 23-Dec-15 2-Jan-17 BBB 90,000 370 days STABLE 23-Dec-15 22-Dec-18 N/A 42,000 12-May-16 95,000 12-May-16 35,000 12-May-16 20,000 22-Dec-16 136,000 22-Dec-16 2,000 22-Dec-16 2,000 3 years 10-May-17 10-May-18 N/A 2 years 10-May-19 3 years 31-Dec-17 370 days 21-Dec-18 2 years 21-Dec-19 3 years 10-Feb-11 9-Feb-18 BLAM03 IDA000054407 BLTA BLTA04B IDA0000400B2 N/A N/A N/A N/A N/A N/A N/A N/A N/A 11.65% (Persero) Tbk. Tahun 2011 Seri B Tahun 2011 Seri C 601,000 1,123,000 5 years 7 years AA- STABLE AA- Stable Bank Mega Tbk. Bank 13,5% Tabungan Negara (Persero) Tbk. Bank 14,5% Tabungan Negara (Persero) Tbk. Bank 13.50% Tabungan Negara 14.00% Tabungan Negara Obligasi Subordinasi I 21-Dec-15 500,000 14.50% Tabungan Negara Obligasi III Bank 10-Oct-12 500,000 18-Dec-22 7 years A Stable Obligasi Berlian Laju Seri B 29-May-09 150,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 MNC 9-Oct-17 5 years AAA Investindo Nusantara Trimegah Ind. Victoria Indonesia Trimegah Ind. Victoria Indonesia M M 1 Victoria Indonesia M Victoria Indonesia 1 Victoria Indonesia 1 12.50% Tabungan Negara Victoria Indonesia 1 Victoria Indonesia 1 Victoria Indonesia 1 (Persero) Tbk. Bank 13.00% Tabungan Negara (Persero) Tbk. Bank 13.50% Tabungan Negara (Persero) Tbk. 10.20% 10.40% Bank Mega Tbk. Bank Mega Tbk. 8. Finance | 81. Bank Bahana Trimegah Bahana Trimegah M 1 8. Finance | 81. Bank 12.25% Bank Mandiri (Persero) Tbk. Danareksa Mandiri M 8. Finance | 81. Bank A- Stable PT Berlian Laju Tanker Tbk. Tanker IV Tahun 2009 1 (Persero) Tbk. Bank PT Bank Lampung (BPD Lampung) Lampung Tahun 2012 Indo Premier Maybank Kim Eng (affiliated) (Persero) Tbk. Bank PT Bank Pembangunan Daerah Jawa Tengah Bank Jateng Tahun 2015 DBS Vickers Indonesia (Persero) Tbk. Bank PT BPD Jawa Barat dan Banten Tbk. Obligasi VII bank bjb BLAM BBB STABLE BJBR07C BJTG01SB N/A 370 days 9-Feb-16 IDA000071203 BBB 108,000 10-Feb-11 BJTG Bank Mandiri Underwriter 8. Finance | 82. Financial Institution Obligasi VII bank bjb IDA0000469C5 8.80% Trustee PT Bima Multi Finance BJBR07B IDA0000469B7 Stable Coupon Structure Page Corporate Bond and Sukuk 9.45% Bank Mandiri (Persero) Tbk. Bahana 1 7. Infrastructure, Utilities & Transportation | 74. Transportation 31-Mar-23 14 years N/A N/A 15.50% Bank CIMB Niaga Tbk. Danatama Makmur AAA 1
  109. No . 2. 3. 4. 5. 6. 33. 1. 34. 1. 2. 3. 4. 5. 6. 7. 8. 35. 1. 36. 1. Bond Code ISIN Code BLTA04C IDA0000401C8 SIKBLTA02A IDJ000003306 SIKBLTA02B IDJ000003405 SIKBLTA01 IDJ000001904 BLTA03 IDA000034003 BMLK BMLK01C IDA0000507C2 BMRI BMRI01 IDA000043103 BMRI01ACN1 IDA0000763A5 BMRI01ACN2 IDA0000814A6 BMRI01BCN1 IDA0000763B3 BMRI01BCN2 IDA0000814B4 BMRI01CCN1 IDA0000763C1 BMRI01CCN2 IDA0000814C2 BMRI01DCN2 IDA0000814D0 BMTR BMTR01B IDA0000539B7 BNGA BNGA01SB IDA000045504 Series Name Obligasi Berlian Laju Tanker IV Tahun 2009 Seri C Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri A Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B Sukuk Ijarah Berlian Laju Tanker Tahun 2007 Obligasi Berlian Laju Tanker III Tahun 2007 Maturity Rating 29-May-09 31-Mar-23 N/A 29-May-09 31-Mar-23 D Listing Outstanding* Issue Term Outlook 190,000 45,000 29-May-09 55,000 6-Jul-07 200,000 6-Jul-07 700,000 14 years N/A 14 years Negative 31-Mar-23 D 14 years Negative 31-Mar-23 16 years D Negative 31-Mar-23 N/A 16 years N/A Coupon Structure 16.25% Ijarah Fee Rp150,000,000,/Billion p.a. Ijarah Fee Rp162,000,000,/Billion p.a. Rp20.6B p.a. 10.35% Trustee Underwriter Bank CIMB Danatama Makmur Bank CIMB Danatama Makmur Bank CIMB Danatama Makmur Niaga Tbk. Niaga Tbk. Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. PT Bank Pembangunan Daerah Maluku dan Maluku Utara Obligasi I Bank Maluku Tahun 2011 Seri C 16-Jan-11 210,000 13-Jan-17 6 years A STABLE 10.70% Obligasi Subordinasi Tahun 2009 Obligasi Berkelanjutan I Bank Mandiri Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri A Obligasi Berkelanjutan I Bank Mandiri Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri B Obligasi Berkelanjutan I Bank Mandiri Tahap I Tahun 2016 Seri C Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri C Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri D 14-Dec-09 3,500,000 3-Oct-16 1,100,000 16-Jun-17 1,000,000 3-Oct-16 1,500,000 16-Jun-17 3,000,000 3-Oct-16 2,400,000 16-Jun-17 1,000,000 16-Jun-17 1,000,000 11-Dec-16 7 years 3-Sep-21 5 years 15-Jun-22 AA+ STABLE AAA Stable AAA 5 years Stable 30-Sep-23 AAA 7 years 15-Jun-24 Stable AAA 7 years Stable 30-Sep-26 AAA 10 years Stable 15-Jun-27 AAA 10 years Stable 15-Jun-20 AAA 3 years Stable PT Global Mediacom Tbk. Obligasi Global Mediacom I Tahun 2012 Seri B 13-Jul-12 1,000,000 11.85% 7.95% 8.00% 8.50% Bank Mandiri (Persero) Tbk. Bank Permata 8.65% Bank CIMB Niaga Tahun 2010 9-Jul-10 1,380,000 Danatama Makmur AAA HSBC Indonesia AAA 1 1 1 1 Bahana Negara Danareksa (affiliated) Tabungan Bahana (affiliated) Trimegah Ind. Negara CIMB Indonesia Bahana (Persero) Tbk. Bank Mandiri (Affiliated) Negara Danareksa (Affiliated) Tabungan Bahana (Affiliated) (Persero) Tbk. Bank Standard Chartered Ind. Negara Danareksa (Affiliated) Tabungan Negara Indo Premier 1 1 Mandiri (Affiliated) Bahana (Affiliated) 1 Trimegah Ind. BCA DBS Vickers Indonesia HSBC Indonesia 1 Danareksa Tabungan Indo Premier (Persero) Tbk. Trimegah Ind. Negara 1 Trimegah Ind. HSBC Indonesia Tabungan 1 CIMB Indonesia Tabungan Negara M Trimegah (Persero) Tbk. Bank Tabungan M 8. Finance | 81. Bank Mandiri Mandiri (affiliated) Mandiri 1 9. Trade, Services & Investment | 98. Investment Company 12-Jul-17 5 years A+ Negative 10.50% Bank Rakyat Indonesia (Persero) Tbk. PT Bank CIMB Niaga Tbk. Obligasi Subordinasi I AAA HSBC Indonesia Bank (Persero) Tbk. Bank 7.80% Danatama Makmur Danareksa (Persero) Tbk. Bank 8.65% AAA Tbk. (Persero) Tbk. Bank 8.50% AAA 1 8. Finance | 81. Bank PT Bank Mandiri (Persero) Tbk. Rupiah Bank Mandiri I AAA Page Corporate Bond and Sukuk Danareksa MNC 1 8. Finance | 81. Bank 8-Jul-17 7 years AA Stable 11.30% Bank Permata Tbk. Bahana CIMB Indonesia Mandiri 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 109
  110. No . 2. 3. 4. 5. 6. 7. 8. 9. 37. 1. 2. 3. 4. 5. 6. 7. 8. 9. 110 Bond Code ISIN Code BNGA01B IDA0000504B1 BNGA01BCN1 IDA0000548B8 BNGA01BCN2 IDA0000608B0 BNGA01CCn2 IDA0000608C8 BNGA02SB IDA000046502 BNGA02ACN1 IDA0000771A8 BNGA02BCN1 IDA0000771B6 BNGA02CCN1 IDA0000771C4 BNII BNII01SBCN1 IDA000050009 BNII01BCN1 IDA0000499B4 BNII01BCN2 IDA0000546B2 BNII01SBCN2 IDA000054704 BNII01SB IDA000047609 BNII02SBCN1 IDA000064307 SMBNII01CN1 IDJ000006309 BNII02SBCN2 IDA000073100 SMBNII01CN2 IDJ000007604 Series Name Listing Maturity 27-Dec-11 23-Dec-16 31-Oct-12 30-Oct-17 21-Nov-13 20-Nov-16 21-Nov-13 20-Nov-18 27-Dec-10 23-Dec-20 10 years Stable 4-Nov-16 13-Nov-17 AAA Rating Outstanding* Issue Term Outlook Obligasi I Bank CIMB Niaga Tahun 2011 Seri B Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I Tahun 2012 Seri B Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II Tahun 2013 Seri C Obligasi Subordinasi II Bank CIMB Niaga Tahun 2010 Obligasi Berkelanjutan II Bank CIMB Niaga Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II Bank CIMB Niaga Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan II Bank CIMB Niaga Tahap I Tahun 2016 Seri C 1,320,000 1,400,000 315,000 850,000 1,600,000 432,000 4-Nov-16 386,000 4-Nov-16 182,000 5 years 5 years 3 years 5 years AAA STABLE AAA Stable AAA STABLE AAA Stable AA 370 days Stable 3-Nov-19 AAA 3 years Stable 3-Nov-21 AAA 5 years Stable Coupon Structure 8.30% 7.75% 9.15% 9.75% 10.85% 7.25% 8.00% 8.25% Trustee Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. PT Bank Maybank Indonesia Tbk. Obligasi Subordinasi Berkelanjutan I Bank BII Tahap I Tahun 2011 Obligasi Berkelanjutan I Bank BII Tahap I Tahun 2011 Seri B Obligasi Berkelanjutan I Bank BII Tahap II Tahun 2012 Seri B Obligasi Subordinasi Berkelanjutan I Bank BII Tahap II Tahun 2012 Obligasi Subordinasi I Bank BII Tahun 2011 Obligasi Subordinasi Berkelanjutan II Bank BII Tahap I Tahun 2014 Sukuk Mudharabah Berkelanjutan I Bank BII Tahap I Tahun 2014 Obligasi Subordinasi Berkelanjutan II Bank Maybank Indonesia Tahap II Tahun 2016 Sukuk Mudharabah Berkelanjutan I Bank Maybank Indonesia Tahap II Tahun 2016 7-Dec-11 500,000 7-Dec-11 1,560,000 1-Nov-12 1,020,000 1-Nov-12 1,000,000 20-May-11 1,500,000 10-Jul-14 1,500,000 10-Jul-14 300,000 13-Jun-16 800,000 13-Jun-16 700,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 6-Dec-18 AA+ Stable 6-Dec-16 AAA 5 years STABLE 31-Oct-17 AAA 31-Oct-19 Stable AA+ 7 years Stable 19-May-18 AA+ 7 years Stable 8-Jul-21 AA 7 years Stable 8-Jul-17 AAA 3 years 10-Jun-23 7 years 10-Jun-19 3 years CIMB Indonesia M CIMB Indonesia 1 CIMB Indonesia M CIMB Indonesia 1 CIMB Indonesia 1 BCA CIMB Indonesia (Affiliated) Danareksa BCA CIMB Indonesia (Affiliated) Danareksa BCA CIMB Indonesia (Affiliated) Danareksa 1 1 1 8. Finance | 81. Bank 7 years 5 years Underwriter Page Corporate Bond and Sukuk Stable AA Stable AAA Stable 10.00% 7.85% 8.00% 9.25% 10.75% 11.35% Rp93M /Billion p.a. 9.63% Nisbah 37.27% Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mega Tbk. Bank Mega Tbk. Bahana DBS Vickers Ind. HSBC Indonesia 1 Indo Premier Bahana DBS Vickers Ind. HSBC M Indo Premier Bahana HSBC Indonesia Indo Premier 1 Kim Eng Bahana HSBC Indonesia Indo Premier 1 Kim Eng Bahana Indo Premier Mandiri HSBC Indonesia Indo Premier Maybank Kim Eng HSBC Indonesia 1 1 Indo Premier 1 HSBC Indonesia 1 Maybank Kim Eng Indo Premier Maybank Kim Eng RHB Indonesia 1
  111. No . 38. 1. 2. 3. 4. 5. 6. 39. 1. 2. 40. 1. 2. 3. 4. 41. 1. 42. 1. 43. 1. Bond Code ISIN Code BNLI BNLI01BCN1 IDA0000616B3 BNLI02SBCN1 IDA000061501 BNLI02SBCN2 IDA000065106 BNLI02SB IDA000048300 BNLI01SBCN2 IDA000055602 BNLI01SBCN1 IDA000052609 BNTT BNTT01C IDA0000492C7 BNTT01D IDA0000492D5 BPFI BPFI01C IDA0000593C2 BPFI01ACN1 IDA0000742A9 BPFI01BCN1 IDA0000742B7 BPFI01CN2 IDA000080303 BRAP BRAP01 Series Name Obligasi Berkelanjutan I Bank Permata Tahap I Tahun 2013 Seri B Obligasi Subordinasi Berkelanjutan II Bank Permata Tahap I Tahun 2013 Obligasi Subordinasi Berkelanjutan II Bank Permata Tahap II Tahun 2014 Obligasi Subordinasi II Bank Permata Tahun 2011 Obligasi Subordinasi Berkelanjutan I Bank Permata Tahap II Tahun 2012 Obligasi Subordinasi Berkelanjutan I Bank Permata Tahap I Tahun 2012 Obligasi I Bank NTT Tahun 2011 Seri C Obligasi I Bank NTT Tahun 2011 Seri D Obligasi Batavia Prosperindo Finance I Tahun 2013 Seri C Obligasi Berkelanjutan I Batavia Prosperindo Finance Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan I Batavia Prosperindo Finance Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Batavia Prosperindo Finance Tahap II Tahun 2017 IDA000071401 27-Dec-13 672,000 27-Dec-13 860,000 Obligasi I Brantas Sukuk Mudharabah Subordinasi I Bank BRISyariah Tahun 2016 24-Dec-16 3 years 24-Dec-20 7 years AAA STABLE AA+ Stable 10.50% 12.00% Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Tahun 2015 BCA Standard Chartered Ind. RHB Indonesia M Mandiri BCA Standard Chartered Ind. 1 RHB Indonesia 27-Oct-14 24-Oct-21 7 years Stable 30-Jun-11 28-Jun-18 AA+ 700,000 1,750,000 20-Dec-12 1,800,000 AA 7 years Stable 20-Dec-19 AA+ 18-Jun-12 700,000 7 years Stable 15-Jun-19 AA+ 7 years Stable 11.75% 11.00% 9.40% 8.90% Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. 11-Jul-11 8-Jul-16 230,000 11-Jul-11 135,000 A 5 years STABLE 8-Jul-18 A 7 years Stable 10.80% 11.50% 4-Jul-13 3-Jul-16 230,000 3 years 29-Jun-16 8-Jul-17 BBB STABLE BBB 370 days 29-Jun-16 28-Jun-18 2 years Stable 8-May-17 5-May-20 BBB 300,000 3 years 9-Apr-15 300,000 1 Standard Chartered Ind. Danareksa NISP 1 Bumiputera Capital Ind. Standard Chartered Ind. Mandiri Indo Premier 1 OSK Nusadana Ind. Standard Chartered Ind. NISP Mandiri 1 OSK Nusadana Ind. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. AAA Pacific Capital Victoria Ind. AAA Pacific Capital Victoria Ind. M 1 8. Finance | 82. Financial Institution 30,000 170,000 Mandiri Indo Premier 8. Finance | 81. Bank Stable BBB Stable 10.75% 10.50% 11.00% 11.00% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Victoria Indonesia M Victoria Indonesia 1 Victoria Indonesia 1 Mandiri Danareksa Indo Premier 1 Standard Chartered Ind. 7. Infrastructure, Utilities & Transportation | 75. Non Building Construction 8-Apr-18 3 years BBB+ Stable 11.50% Bank CIMB Niaga Tbk. Bahana (affiliated) 1 8. Finance | 81. Bank 17-Nov-16 1,000,000 16-Nov-23 7 years A+ Stable Nisbah 80.2013% Bank Negara Indonesia (Persero) Tbk. PT BPD Sumatera Barat Obligasi VII Bank Nagari Underwriter 8. Finance | 81. Bank PT Brantas Abipraya (Persero) PT Bank BRISyariah BSBR07 Trustee PT Batavia Prosperindo Finance Tbk. BRIS BSBR Coupon Structure PT Bank Pembangunan Daerah Nusa Tenggara Timur Abipraya Tahun 2015 IDJ000008206 Rating PT Bank Permata Tbk. IDA000067805 SMBRIS01SB Maturity Listing Outstanding* Issue Term Outlook Page Corporate Bond and Sukuk 11-Jan-16 500,000 Bahana Danareksa Indo Premier 1 8. Finance | 81. Bank 8-Jan-21 5 years A Stable 10.95% Bank Rakyat Indonesia (Persero) Tbk. Mandiri Danareksa 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 111
  112. No . 2. 3. 4. 5. 6. 44. 1. 2. 3. 4. 5. 45. 1. 46. 1. 47. 1. 2. 48. 1. 112 Bond Code ISIN Code SMBSBR02 IDJ000007406 BSBR02SB IDA000053003 BSBR01SB Series Name Listing Maturity Rating 11-Jan-16 8-Jan-21 A Sukuk Mudharabah II Bank Nagari Tahun 2015 500,000 5 years Obligasi Subordinasi II 27-Jun-12 26-Jun-19 Bank Nagari Tahun 2012 225,000 7 years Stable Obligasi Subordinasi I 14-Jan-11 13-Jan-18 BSBR06 Obligasi VI Bank Nagari 14-Jan-11 13-Jan-16 5 years STABLE SMKBSBR01 Sukuk Mudharabah I 14-Jan-11 13-Jan-16 A IDJ000004502 BSDE BSDE01CN2 IDA000058408 BSDE02ACN1 IDA0000736A1 BSDE02BCN1 IDA0000736B9 BSDE01BCN1 IDA0000536B3 BSDE01CCN1 Tahun 2010 Bank Nagari Tahun 2010 Obligasi Berkelanjutan I Bumi Serpong Damai Tahap II Tahun 2013 Obligasi Berkelanjutan II Bumi Serpong Damai Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II Bumi Serpong Damai Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Bumi Serpong Damai Tahap I Tahun 2012 Seri B Obligasi Berkelanjutan I Bumi Serpong Damai Tahap I Tahun 2012 Seri BSEC PT MNC Sekuritas BSEC02B Obligasi MNC Securities II BSLT BSLT05 IDA000065007 BSMT BSMT01SB C Tahun 2011 Seri B Obligasi Bank Sulut V Tahun 2010 Obligasi Subordinasi I BSMT03 Obligasi III Bank Sumut BSSB01B IDA0000475B4 7-Jun-13 1,750,000 17-Jun-16 625,000 5-Jun-18 5 years 16-Jun-21 A- A STABLE AA- AA- 16-Jun-23 7 years AA- Stable 5-Jul-12 4-Jul-17 AA- 436,000 5 years Stable 4-Jul-19 AA- 7 years Nisbah 32.92% (egual to 9.875% Stable 17-Jun-16 5-Jul-12 9.88% p.a.) Indonesia (Persero) Tbk. Bank Mandiri (Persero) Tbk. Tahun 2011 Tahun 2011 Seri B Mandiri Danareksa Trimegah Bank Mandiri Trimegah Bank Mandiri Trimegah Bank Mandiri Trimegah (Persero) Tbk. (Persero) Tbk. (Persero) Tbk. Stable 8.38% 9.00% 9.25% 9.25% 9.50% Bank CIMB Niaga Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. AAA AAA AAA 1 1 1 M M Indo Premier Mandiri 1 Sinarmas BCA 1 Mandiri Indo Premier Sinarmas (affiliated) Mandiri OSK Nusadana Ind. Sinarmas Mandiri OSK Nusadana Ind. Sinarmas 1 1 1 8. Finance | 83. Securities Company 6-Jul-11 100,000 5-Jul-16 5 years BBB STABLE 13.25% Bank Mega Tbk. 9-Oct-14 750,000 8-Oct-19 5 years A Stable 11.09% Bank Negara Indonesia (Persero) Tbk. 7-Jul-11 400,000 7-Jul-11 600,000 5-Jul-18 A- 7 years Stable 5-Jul-16 A 5 years STABLE 13-May-11 350,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 12-May-16 5 years A+ STABLE Panin Reliance Wanteg M 8. Finance | 81. Bank BCA Danareksa Mandiri 1 MNC 8. Finance | 81. Bank 11.35% 10.13% Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat Obligasi Bank Sulselbar I Underwriter 6. Property, Real Estate & Building Construction | 61. Property And Real Estate BCA Stable 479,000 10.90% Stable 5 years 25,000 10.15% Bank Rakyat PT Bank Pembangunan Daerah Sumatera Utara Bank Sumut Tahun 2011 BSSB 5 years p.a.) Trustee PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) IDA000048706 IDA000048607 100,000 PT Bumi Serpong Damai Tbk. IDA0000536C1 IDA0000490B3 500,000 7 years Nisbah 52.333% (equal to 10.99% A- Bank Nagari Tahun 2010 81,000 Structure Stable IDA0000467B1 IDA0000467A3 Coupon Outstanding* Issue Term Outlook Page Corporate Bond and Sukuk 10.40% Bank Mandiri (Persero) Tbk. Mandiri Madani Bumiputera Capital Ind. 1 NISP Mandiri Madani Bumiputera Capital Ind. M NISP 8. Finance | 81. Bank Danareksa AAA M
  113. No . 2. 3. 4. 49. 1. 50. 1. 51. 1. 2. 3. 52. 1. 53. 1. 2. 3. 4. 54. 1. 2. Bond Code ISIN Code SMKBSSB01 IDJ000004700 BSSB01CN1 IDA000075204 BSSB01CN2 IDA000077200 BTPN Series Name Sukuk Mudharabah Bank Sulselbar I Tahun 2011 Obligasi Berkelanjutan I Bank Sulselbar Tahap I BVIC BVIC02SB IDA000053201 CTRR CTRR01A IDA0000626A4 CTRR01B IDA0000626B2 CTRR01C IDA0000626C0 DART DART01CN1 IDA000060602 DILD DILD01B IDA0000595B9 DILD01A IDA0000595A1 DILD02A IDA0000744A5 DILD02B IDA0000744B3 DNRK DNRK01ACN1 IDA0000567A0 DNRK01BCN1 IDA0000567B8 13-May-11 100,000 Rating 12-May-16 A+ Obligasi Berkelanjutan I Bank Sulselbar Tahap II 5 years 18-Jul-16 15-Jul-21 4-Nov-16 3-Nov-21 500,000 Tahun 2016 450,000 Tahun 2016 5 years 5 years STABLE A+ Stable A+ Stable Coupon Structure Nisbah 72.5% (equal to 10.4% p.a.) 9.35% 9.00% Trustee Underwriter Bank Mandiri Danareksa (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk PT Bank Tabungan Pensiunan Nasional Tbk. Obligasi Berkelanjutan I BTPN01ACN3 Bank BTPN Dengan Tingkat IDA0000571A2 Maturity Listing Outstanding* Issue Term Outlook Bunga Tetap Tahap III 6-Mar-13 350,000 Tahun 2013 Seri A 5-Mar-16 3 years AA- STABLE Obligasi Subordinasi II 28-Jun-12 300,000 27-Jun-19 7 years PT Ciputra Residence Obligasi I Ciputra Residence Tahun 2014 Seri A Obligasi I Ciputra Residence Tahun 2014 Seri B Obligasi I Ciputra Residence Tahun 2014 Seri C Duta Anggada Realty Tahap 1 Tahun 2013 3-Apr-14 2-Apr-17 3-Apr-14 2-Apr-19 3-Apr-14 2-Apr-21 200,000 220,000 80,000 3 years 5 years 7 years Obligasi Intiland Seri B Obligasi Intiland Development Tahun 2013 Seri A 9-Oct-13 250,000 8-Oct-18 5 years 7.65% Bank Permata Tbk. 10-Jul-13 154,000 10-Jul-13 346,000 9-Jul-18 5 years 9-Jul-16 3 years 30-Jun-16 21-Jun-19 Obligasi II Intiland 30-Jun-16 21-Jun-21 Development 2016 Seri B Obligasi Berkelanjutan I 2012 Seri A Obligasi Berkelanjutan I Danareksa Tahap I Tahun 2012 Seri B M 8. Finance | 81. Bank BBB+ Stable 11.00% Bank Mega Tbk. 428,000 162,000 A STABLE AA- Stable AA- Stable 11.40% Victoria Ind. AAA 12.40% 13.00% Bank Permata CIMB Indonesia Bank Permata CIMB Indonesia Bank Permata CIMB Indonesia Tbk. Tbk. Tbk. BBB+ Negative 12.25% Bank Mega Tbk. 3 years 5 years ANegative 10.00% ANegative 9.75% A- Negative A- Negative 10.75% 11.00% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. PT Danareksa (Persero) Danareksa Tahap I Tahun Danareksa Indo Premier 1 9-Jan-16 10-Jan-13 9-Jan-18 375,000 Mandiri Mandiri M 1 1 BCA Maybank Kim Eng Victoria 1 Trimegah Ind. Lautandhana Ciptadana Trimegah Ind. Lautandhana Ciptadana Trimegah Ind. Sucorinvest Central Gani Trimegah Ind. Sucorinvest Central Gani 1 M 1 1 8. Finance | 19. Others 10-Jan-13 125,000 Mandiri 6. Property, Real Estate & Building Construction | 61. Property And Real Estate Obligasi II Intiland Development 2016 Seri A 1 6. Property, Real Estate & Building Construction | 61. Property And Real Estate PT Intiland Development Tbk. Development Tahun 2013 Danareksa Indo Premier 1 6. Property, Real Estate & Building Construction | 61. Property And Real Estate PT Duta Anggada Realty Tbk. Obligasi Berkelanjutan I Danareksa Indo Premier M 8. Finance | 81. Bank PT Bank Victoria International Tbk. Bank Victoria Tahun 2012 AAA Page Corporate Bond and Sukuk 3 years 5 years A STABLE A Positive 8.20% 8.80% Bank Mega Tbk. Bank Mega Tbk. Danareksa M Danareksa 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 113
  114. No . 3. 4. 5. 55. 1. 2. Bond Code ISIN Code DNRK01ACN2 IDA0000655A3 DNRK01BCN2 IDA0000655B1 DNRK05B IDA0000466B3 EXCL Series Name Obligasi Berkelanjutan I Danareksa Tahap II Tahun 2014 Seri A Obligasi Berkelanjutan I Danareksa Tahap II Tahun 2014 Seri B Obligasi V Danareksa Tahun 2010 Seri B SIEXCL01BCN1 IDJ0000072B0 Sukuk Ijarah Tahap I Tahun 2015 Seri A Sukuk Ijarah Berkelanjutan I XL Axiata Tahap I Tahun 2015 Seri B Sukuk Ijarah 3. 4. 5. 6. 7. 8. 9. 56. 1. 2. 57. 1. 2. 114 SIEXCL01CCN1 Berkelanjutan I XL Axiata IDJ0000072C8 Tahap I Tahun 2015 Seri C Sukuk Ijarah SIEXCL01DCN1 Berkelanjutan I XL Axiata IDJ0000072D6 Tahap I Tahun 2015 Seri D Sukuk Ijarah SIEXCL01ACN2 Berkelanjutan I XL Axiata IDJ0000088A8 Tahap II Tahun 2017 Seri A Sukuk Ijarah SIEXCL01BCN2 Berkelanjutan I XL Axiata IDJ0000088B6 Tahap II Tahun 2017 Seri B Sukuk Ijarah SIEXCL01CCN2 Berkelanjutan I XL Axiata IDJ0000088C4 Tahap II Tahun 2017 Seri C Sukuk Ijarah SIEXCL01DCN2 Berkelanjutan I XL Axiata IDJ0000088D2 Tahap II Tahun 2017 Seri D Sukuk Ijarah SIEXCL01ECN2 Berkelanjutan I XL Axiata IDJ0000088E0 FAST FAST01 Tahap II Tahun 2017 Seri E Obligasi Fast Food Indonesia I Tahun 2011 FAST02 Obligasi Fast Food FIFA FIFA02ACN3 IDA0000722A1 FIFA02BCN3 IDA0000722B9 17-Dec-14 16-Dec-17 17-Dec-14 16-Dec-19 5 years Positive 12-Jan-11 11-Jan-16 A Rating 250,000 250,000 375,000 3 years 5 years A Positive A STABLE Indonesia II Tahun 2016 Coupon Structure 10.50% 11.00% 10.20% Trustee Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. 3-Dec-15 494,000 3-Dec-15 258,000 3-Dec-15 323,000 3-Dec-15 425,000 2-May-17 1,040,000 2-May-17 402,000 2-May-17 142,000 2-May-17 260,000 2-May-17 336,000 12-Dec-16 AAA 370 days STABLE 2-Dec-18 AAA 7-Oct-11 200,000 2-Nov-16 200,000 Rp87.5M /Billion p.a. Rp102.5M 3 years Stable /Billion p.a. 2-Dec-20 AAA Rp105M /Billion 5 years Stable 2-Dec-22 AAA 7 years Stable 8-May-18 AAA 370 days 28-Apr-20 Stable AAA 3 years Stable 28-Apr-22 AAA 5 years 28-Apr-24 Stable AAA 7 years Stable 28-Apr-27 AAA 10 years Stable p.a. Rp110M /Billion p.a. Ijarah Fee Rp75.400.000.00 0 p.a. Ijarah Fee Rp33.768.000.00 0 p.a. Ijarah Fee Rp12.425.000.00 0 p.a. Ijarah Fee Rp75.400.000.00 0 p.a. Ijarah Fee Rp75.400.000.00 0 p.a. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Federal International Finance Tahap III Tahun 2016 Seri A Obligasi Berkelanjutan II Federal International Finance Tahap III Tahun 2016 Seri B Danareksa 1 Danareksa 1 Danareksa Mandiri Trimegah M 6-Apr-16 868,000 6-Apr-16 2,507,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 CIMB Indonesia Mandiri Maybank Kim Eng CIMB Indonesia Mandiri Maybank Kim Eng CIMB Indonesia Mandiri Maybank Kim Eng CIMB Indonesia Mandiri Maybank Kim Eng M 1 1 1 BCA Indo Premier Mandiri 1 Standard Chartered Ind. Bahana Securites Indo Premier Maybank Kim Eng (Affiliated) 1 CIMB Indonesia DBS Vickers HSBC Indonesia 1 Indo Premier CIMB Indonesia DBS Vickers Indo Premier 1 RHB Indonesia CIMB Indonesia Mandiri Maybank Kim Eng 1 DBS Vickers Indonesia 9. Trade, Services & Investment | 94. Tourism, Restaurant And Hotel 6-Oct-16 AA 5 years STABLE 1-Nov-21 AA 5 years Stable 9.50% 8.50% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. PT Federal International Finance Obligasi Berkelanjutan II Underwriter 7. Infrastructure, Utilities & Transportation | 73. Telecommunication PT Fast Food Indonesia Tbk. IDA000049704 IDA000077002 Maturity PT XL Axiata Tbk. SIEXCL01ACN1 Berkelanjutan I XL Axiata IDJ0000072A2 Listing Outstanding* Issue Term Outlook Page Corporate Bond and Sukuk 15-Apr-17 370 days 5-Apr-19 3 years OSK Nusadana Ind. BCA M 1 8. Finance | 82. Financial Institution AAA STABLE AAA Stable 8.50% 9.15% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. BCA DBS Vickers Indonesia Indo Premier M Mandiri BCA DBS Vickers Indonesia Indo Premier Mandiri 1
  115. No . 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 58. 1. 59. 1. 60. 1. 61. 1. 2. 3. Bond Code ISIN Code FIFA02ACN1 IDA0000680A1 FIFA02BCN1 IDA0000680B9 FIFA02ACN2 IDA0000699A1 FIFA02BCN2 IDA0000699B9 FIFA01BCN3 IDA0000620B5 FIFA01BCN2 IDA0000580B1 FIFA02ACN4 IDA0000757A7 FIFA02BCN4 IDA0000757B5 FIFA03ACN1 IDA0000804A7 FIFA03BCN1 IDA0000804B5 FREN FREN01 IDA000031900 GIAA GIAA01CN1 IDA000059703 GWSA GWSA01CN1 IDA000066302 IIFF IIFF01A IDA0000751A0 IIFF01B IDA0000751B8 IIFF01C IDA0000751C6 Series Name Obligasi Berkelanjutan II Listing Maturity Rating 27-Apr-15 4-May-16 AAA Outstanding* Issue Term Outlook Federal International Finance Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan II Federal International Finance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan II Federal International Finance Tahap II Tahun 2015 Seri A Obligasi Berkelanjutan II Federal International Finance Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan I Federal International Finance Dengan Tingkat Bunga Tetap Tahap III Obligasi Berkelanjutan I Federal International 939,000 27-Apr-15 2,061,000 14-Sep-15 913,000 14-Sep-15 587,000 17-Mar-14 745,000 5-Apr-13 Finance Tahap II Tahun 1,690,000 Federal International 28-Sep-16 2012 Seri B Obligasi Berkelanjutan II Finance Tahap IV Tahun 2016 Seri A Obligasi Berkelanjutan II Federal International Finance Tahap IV Tahun 2016 Seri B Obligasi Berkelanjutan III Federal International Finance Tahap I Tahun 2017 Seri A Obligasi Berkelanjutan III Federal International Finance Tahap I Tahun 2017 Seri B 868,000 28-Sep-16 1,257,000 27-Apr-17 1,424,000 27-Apr-17 2,076,000 370 days 24-Apr-18 STABLE AAA 3 years Stable 21-Sep-16 AAA 370 days 11-Sep-18 STABLE AAA 3 years Stable 14-Mar-17 AAA 3 years 4-Apr-16 STABLE AAA 3 years STABLE 7-Oct-17 AAA 370 days 27-Sep-19 Stable AAA 3 years Stable 6-May-18 AAA 370 days 26-Apr-20 3 years Stable AAA Stable PT Smartfren Telecom Tbk. Obligasi I Mobile-8 Telecom Tahun 2007 16-Mar-07 675,000 Garuda Indonesia Tahap I Tahun 2013 8-Jul-13 2,000,000 15-Jun-17 11 years 5-Jul-18 5 years PT Greenwood Sejahtera Tbk. Obligasi Berkelanjutan I Greenwood Sejahtera Tahap I Tahun 2014 15-Jan-15 72,000 8.50% 9.25% 8.50% 9.25% 10.50% 7.75% 7.25% 7.95% 7.35% 8.45% Trustee Underwriter Bank Rakyat CIMB Indonesia Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. CCC STABLE 12.38% Bank Permata Tbk. Infrastructure Finance BBB+ Stable Tahun 2016 Seri A Obligasi I Indonesia Infrastructure Finance 14-Jan-20 5 years BBB+ Stable Tahun 2016 Seri B Obligasi I Indonesia Infrastructure Finance Tahun 2016 Seri C 3 years Stable 20-Jul-16 19-Jul-21 AAA 20-Jul-16 425,000 DBS Vickers HSBC Indonesia 1 Indo Premier CIMB Indonesia DBS Vickers Indo Premier M Mandiri CIMB Indonesia DBS Vickers Indo Premier 1 Mandiri Indo Premier Mandiri BCA M CIMB Indonesia Mandiri Danareksa Indo Premier M Standard Chartered Ind. Indo Premier Mandiri MNC 1 Trimegah Ind. Indo Premier Mandiri MNC 1 Trimegah Ind. CIMB Indonesia Indo Premier Kresna Graha Tbk 1 NISP BCA CIMB Indonesia DBS Vickers Indonesia 1 Indo Premier MNC Danareksa M 9.25% Bank CIMB Niaga Tbk. Bahana Mandiri 1 14.25% Bank CIMB Niaga Tbk. 5 years 19-Jul-23 7 years Samuel Indonesia 1 8. Finance | 82. Financial Institution 19-Jul-19 250,000 Indo Premier CIMB Indonesia 6. Property, Real Estate & Building Construction | 61. Property And Real Estate 20-Jul-16 825,000 M 7. Infrastructure, Utilities & Transportation | 74. Transportation PT Indonesia Infrastucture Finance Obligasi I Indonesia DBS Vickers HSBC Indonesia 7. Infrastructure, Utilities & Transportation | 73. Telecommunication PT Garuda Indonesia (Persero) Tbk. Obligasi Berkelanjutan I Coupon Structure Page Corporate Bond and Sukuk AAA Stable AAA Stable 8.25% 8.70% 9.00% Bank Mega 1 Tbk. Bank Mega Tbk. Bank Mega Tbk. DBS Vickers Indonesia Danareksa Indo Premier 1 Mandiri 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 115
  116. No . 62. 1. 63. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 116 Bond Code ISIN Code IMAT IMAT01C IDA0000528C8 IMFI IMFI02ACN3 IDA0000721A3 IMFI02BCN3 IDA0000721B1 IMFI02CCN3 IDA0000721C9 IMFI02ACN1 IDA0000681A9 IMFI02ACN2 IDA0000704A9 IMFI02BCN1 IDA0000681B7 IMFI02CCN1 IDA0000681C5 IMFI01BCN2 IDA0000581B9 IMFI01CCN2 IDA0000581C7 IMFI01CCN1 IDA0000518C9 IMFI02BCN2 IDA0000704B7 IMFI02CCN2 IDA0000704C5 IMFI01BCN4 IDA0000628B8 IMFI01CCN4 IDA0000628C6 IMFI01BCN3 IDA0000611B4 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook PT Indomobil Wahana Trada Obligasi Indomobil Wahana Trada I Tahun 2012 Seri C 20-Jun-12 181,000 Coupon Structure Trustee 9. Trade, Services & Investment | 91. Wholesale (Durable & Non-Durable Goods) DBS Vickers Ind. 19-Jun-17 5 years BB+ STABLE 8.75% Bank Mega Tbk. PT Indomobil Finance Indonesia Obligasi Berkelanjutan II Indomobil Finance Tahap III Tahun 2016 Seri A Obligasi Berkelanjutan II Indomobil Finance Tahap III Tahun 2016 Seri B Obligasi Berkelanjutan II Indomobil Finance Tahap III Tahun 2016 Seri C Obligasi Berkelanjutan II Indomobil Finance Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan II Indomobil Finance tahap II tahun 2015 Obligasi Berkelanjutan II Indomobil Finance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan II Indomobil Finance Tahap I Tahun 2015 Seri C Obligasi Berkelanjutan I Indomobil Finance Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan I Indomobil Finance Tahap II Tahun 2013 Seri C Obligasi Berkelanjutan I Indomobil Finance Tahap I Tahun 2012 Seri C Obligasi Berkelanjutan II Indomobil Finance tahap II tahun 2015 Obligasi Berkelanjutan II Indomobil Finance tahap II tahun 2015 Obligasi Berkelanjutan I Indomobil Finance Tahap IV Tahun 2013 Seri B Obligasi Berkelanjutan I Indomobil Finance Tahap IV Tahun 2013 Seri C Obligasi Berkelanjutan I Indomobil Finance Tahap III Tahun 2013 Seri B 17-Mar-16 592,000 17-Mar-16 444,000 17-Mar-16 464,000 27-Apr-15 132,000 Underwriter Page Corporate Bond and Sukuk 26-Mar-17 370 days 16-Mar-19 A STABLE A Stable 16-Mar-20 A 4-May-16 370 days M Kresna Graha 8. Finance | 82. Financial Institution 3 years 4 years Mandiri CIMB Indonesia Stable A STABLE 9.60% 10.50% 10.65% 9.10% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. BCA CIMB Indonesia DBS Vickers Indonesia M Indo Premier BCA CIMB Indonesia 1 DBS Vickers Indonesia Indo Premier Nikko Indonesia 1 CIMB Indonesia M RHB Indonesia DBS Vickers Indo Premier 9-Nov-15 16-Nov-16 27-Apr-15 24-Apr-18 266,500 170,000 370 days 3 years A STABLE A Stable 10.25% 10.00% Bank Mega RHB Indonesia Tbk. Nikko Indonesia M Bank Mega CIMB Indonesia 1 Tbk. DBS Vickers Indo Premier 27-Apr-15 24-Apr-19 10-May-13 8-May-16 198,000 295,000 4 years 3 years A Stable A STABLE 10.25% 8.25% Bank Mega RHB Indonesia Tbk. Nikko Indonesia 1 Bank Mega CIMB Indonesia M Tbk. Indo Premier Kresna Graha 10-May-13 8-May-17 4 years STABLE 14-May-12 11-May-16 A 208,000 518,000 9-Nov-15 121,000 9-Nov-15 202,500 23-Apr-14 231,000 23-Apr-14 58,000 12-Dec-13 73,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 A 4 years STABLE 6-Nov-18 A 3 years 6-Nov-19 4 years 22-Apr-17 Stable A Stable A 3 years STABLE 22-Apr-18 A 4 years 11-Dec-16 3 years Stable A STABLE 8.50% 8.25% 10.75% 11.00% 11.25% 11.40% 10.75% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. NISP RHB Indonesia M CIMB Indonesia Kresna Graha Indo Premier M NISP DBS Vickers Indonesia Indo Premier RHB Indonesia 1 Nikko Indonesia DBS Vickers Indonesia Indo Premier RHB Indonesia 1 Nikko Indonesia Indo Premier Securites CIMB Indonesia RHB Indonesia M Kresna Graha Indo Premier Securites CIMB Indonesia RHB Indonesia 1 Kresna Graha Indo Premier Kresna Graha Maybank Kim Eng RHB Indonesia M
  117. No . 16. 17. 18. 19. 64. 1. 2. 65. 1. 2. 3. 66. 1. 2. 3. 4. 5. 6. 7. Bond Code ISIN Code IMFI01CCN3 IDA0000611C2 IMFI02ACN4 IDA0000796A5 IMFI02BCN4 IDA0000796B3 IMFI02CCN4 IDA0000796C1 IMPC IMPC01A IDA0000782A5 IMPC01B IDA0000782B3 INDF INDF06 IDA000052005 INDF07 IDA000063606 INDF08 IDA000080709 ISAT ISAT01ACN2 IDA0000686A8 ISAT01BCN2 IDA0000686B6 ISAT01CCN2 IDA0000686C4 ISAT01DCN2 IDA0000686D2 ISAT01ECN2 IDA0000686E0 SIISAT01ACN2 IDJ0000070A6 SIISAT01BCN2 IDJ0000070B4 Series Name Listing Maturity Rating 12-Dec-13 11-Dec-17 A Outstanding* Issue Term Outlook Obligasi Berkelanjutan I Indomobil Finance Tahap III Tahun 2013 Seri C Obligasi Berkelanjutan II Indomobil Finance Tahap IV Tahun 2017 Seri A Obligasi Berkelanjutan II Indomobil Finance Tahap IV Tahun 2017 Seri B Obligasi Berkelanjutan II Indomobil Finance Tahap IV Tahun 2017 Seri C 86,000 4 years Stable 24-Mar-17 3-Apr-18 24-Mar-17 23-Mar-20 3 years Stable 24-Mar-17 23-Mar-22 A 238,000 51,000 121,000 370 days 5 years A Stable A Stable PT Impack Pratama Industri Tbk. Obligasi I Impack Pratama Industri Tahun 2016 Seri A Obligasi I Impack Pratama Industri Tahun 2016 Seri B 5-Dec-16 2-Dec-19 5-Dec-16 2-Dec-21 400,000 100,000 3 years 5 years Coupon Structure 11.00% 8.00% 8.80% 9.40% 1-Jun-12 Makmur VI Tahun 2012 2,000,000 Obligasi Indofood Sukses 16-Jun-14 Makmur VII Tahun 2014 2,000,000 Obligasi Indofood Sukses 29-May-17 Makmur VIII Tahun 2017 2,000,000 31-May-17 A- Stable A- Stable AA+ STABLE 13-Jun-19 AA+ 5 years Stable 26-May-22 AA+ Stable PT Indosat Tbk. Obligasi Berkelanjutan I Indosat Tahap II Tahun 2015 Seri A Obligasi Berkelanjutan I Indosat Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan I Indosat Tahap II Tahun 2015 Seri C Obligasi Berkelanjutan I Indosat Tahap II Tahun 2015 Seri D Obligasi Berkelanjutan I Indosat Tahap II Tahun 2015 Seri E Sukuk Ijarah Berkelanjutan I Indosat Tahap II Tahun 2015 Seri A Sukuk Ijarah Berkelanjutan I Indosat Tahap II Tahun 2015 Seri B Bank Mega Kresna Graha Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Indo Premier Maybank Kim Eng 1 RHB Indonesia Indo Premier 1 Indo Premier 1 BCA CIMB Indonesia Indo Premier 1 10.00% 10.50% Bank Mega Sucorinvest Central Gani Bank Mega Sucorinvest Central Gani Tbk. Tbk. BCA BCA 1 1 5. Consumer Goods Industry | 51. Food And Beverages 5 years 5 years Underwriter 3. Basic Industry And Chemicals | 35. Plastics & Packaging PT Indofood Sukses Makmur Tbk. Obligasi Indofood Sukses Trustee Page Corporate Bond and Sukuk 7.25% 10.13% 8.70% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. DBS Vickers Ind. Indo Premier Kim Eng Sec M Mandiri Mandiri BCA DBS Vickers Indonesia 1 Indo Premier Bahana Mandiri Danareksa 1 7. Infrastructure, Utilities & Transportation | 73. Telecommunication 5-Jun-15 554,000 5-Jun-15 782,000 5-Jun-15 584,000 5-Jun-15 337,000 5-Jun-15 427,000 5-Jun-15 55,000 5-Jun-15 76,000 14-Jun-16 AAA 370 days STABLE 4-Jun-18 AAA 3 years 4-Jun-20 Stable AAA 5 years Stable 4-Jun-22 AAA 7 years 4-Jun-25 Stable AAA 10 years Stable 14-Jun-16 AAA 370 days 4-Jun-18 3 years STABLE AAA Stable 8.55% 9.25% 10.00% 10.25% 10.40% Ijarah Fee Rp4,7025M Ijarah Fee Rp7,03M Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. BCA BNI CIMB Indonesia BCA BNI CIMB Indonesia Indonesia Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia BCA Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. 1 BNI CIMB Indonesia HSBC Indonesia 1 DBS Vickers Indonesia Indo Premier Indonesia (Persero) Tbk. Bank Rakyat 1 HSBC Indonesia Bank Rakyat (Persero) Tbk. M HSBC Indonesia 1 BCA BNI CIMB Indonesia M HSBC Indonesia BCA BNI CIMB Indonesia 1 HSBC Indonesia INDONESIA BOND MARKET DIRECTORY 2016-2017 117
  118. No . 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 118 Bond Code ISIN Code SIISAT01CCN2 IDJ0000070C2 SIISAT01DCN2 IDJ0000070D0 SIISAT01ECN2 IDJ0000070E8 ISAT01ACN3 IDA0000707A2 ISAT01BCN3 IDA0000707B0 ISAT01CCN3 IDA0000707C8 ISAT01DCN3 IDA0000707D6 SIISAT01ACN3 Series Name Sukuk Ijarah Berkelanjutan I Indosat Tahap II Tahun 2015 Seri C Sukuk Ijarah Berkelanjutan I Indosat Tahap II Tahun 2015 Seri D Sukuk Ijarah Berkelanjutan I Indosat Tahap II Tahun 2015 Seri E Obligasi Berkelanjutan I Indosat Tahap III Tahun 2015 Seri A Obligasi Berkelanjutan I Indosat Tahap III Tahun 2015 Seri B Obligasi Berkelanjutan I Indosat Tahap III Tahun 2015 Seri C Obligasi Berkelanjutan I Indosat Tahap III Tahun 2015 Seri D Sukuk Ijarah Berkelanjutan I Indosat IDJ0000073A0 Tahap III Tahun 2015 Seri SIISAT01BCN3 Berkelanjutan I Indosat IDJ0000073B8 ISAT01ACN1 IDA0000659A5 ISAT01BCN1 IDA0000659B3 ISAT01CCN1 IDA0000659C1 ISAT01DCN1 IDA0000659D9 SIISAT01ACN1 IDJ0000066A4 SIISAT01BCN1 IDJ0000066B2 SIISAT01CCN1 A Sukuk Ijarah Tahap III Tahun 2015 Seri B Obligasi Berkelanjutan I Indosat Tahap I Tahun 2014 Seri A Obligasi Berkelanjutan I Indosat Tahap I Tahun 2014 Seri B Obligasi Berkelanjutan I Indosat Tahap I Tahun 2014 Seri C Obligasi Berkelanjutan I Indosat Tahap I Tahun 2014 Seri D Sukuk Ijarah Berkelanjutan I Indosat Tahap I Tahun 2014 Seri A Sukuk Ijarah Berkelanjutan I Indosat Tahap I Tahun 2014 Seri B Sukuk Ijarah Berkelanjutan I Indosat IDJ0000066C0 Tahap I Tahun 2014 Seri SIISAT05 Sukuk Ijarah Indosat V IDJ000005004 C Tahun 2012 Listing Maturity Rating 5-Jun-15 4-Jun-20 AAA Outstanding* Issue Term Outlook 67,000 5-Jun-15 43,000 5-Jun-15 175,000 10-Dec-15 201,000 10-Dec-15 301,000 10-Dec-15 130,000 10-Dec-15 162,000 10-Dec-15 65,000 10-Dec-15 41,000 15-Dec-14 950,000 15-Dec-14 750,000 15-Dec-14 250,000 15-Dec-14 360,000 15-Dec-14 64,000 15-Dec-14 16,000 15-Dec-14 110,000 28-Jun-12 300,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 5 years Stable 4-Jun-22 AAA 7 years 4-Jun-25 Stable AAA 10 years Stable 8-Dec-18 AAA 3 years Stable 8-Dec-20 AAA 5 years Stable 8-Dec-22 AAA 7 years Stable 8-Dec-25 AAA 10 years Stable 8-Dec-22 AAA 7 years Stable 8-Dec-25 AAA 10 years Stable 12-Dec-17 AAA 3 years Stable 12-Dec-19 AAA 5 years Stable 12-Dec-21 AAA 7 years Stable 12-Dec-24 AAA 10 years 12-Dec-17 Stable AAA 3 years Stable 12-Dec-19 AAA 5 years Stable 12-Dec-21 AAA 7 years Stable 27-Jun-19 AAA 7 years Stable Coupon Structure Ijarah Fee Rp6,7M Ijarah Fee Rp4,4075M Ijarah Fee Rp18,2M 10.00% 10.25% 10.60% 11.20% Ijarah Fee Rp6,89M Ijarah Fee Rp4,60M 10.00% 10.30% 10.50% 10.70% Ijarah Fee Rp6,40 M Ijarah Fee Rp1,65 M Ijarah Fee Rp11,55 M Rp25,875 M/TH Trustee Underwriter Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia BCA Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. HSBC Indonesia BCA DBS Vickers Indonesia Indo Premier BCA DBS Vickers Indonesia Indo Premier BCA DBS Vickers Indonesia Indo Premier BCA DBS Vickers Indonesia Indo Premier BCA DBS Vickers Indonesia Indo Premier BCA DBS Vickers Indonesia Indo Premier Indonesia Bank Rakyat Indonesia Bank Rakyat Indonesia BCA (Persero) Tbk. DBS Vickers Indonesia Bank Rakyat HSBC Indonesia Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. 1 1 1 1 1 1 (Persero) Tbk. Indonesia 1 1 (Persero) Tbk. (Persero) Tbk. 1 1 (Persero) Tbk. Indonesia 1 DBS Vickers Indonesia Indo Premier Indonesia Bank Rakyat Bank Rakyat 1 BNI CIMB Indonesia (Persero) Tbk. Bank Rakyat Page Corporate Bond and Sukuk 1 Danareksa Mandiri 1 1 1 1
  119. No . 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 29. 40. 41. Bond Code ISIN Code ISAT05B IDA0000332B7 ISAT07B IDA000042709 SIKISAT04B IDJ000004007 ISAT08A IDA0000529A0 ISAT08B IDA0000529B8 ISAT01ACN4 IDA0000756A9 ISAT01BCN4 IDA0000756B7 ISAT01CCN4 IDA0000756C5 ISAT01DCN4 IDA0000756D3 ISAT01ECN4 IDA0000756E1 ISAT02ACN1 IDA0000809A6 ISAT02BCN1 IDA0000809B4 ISAT02CCN1 IDA0000809C2 ISAT02DCN1 IDA0000809D0 ISAT08B IDA0000529B8 SIISAT01ACN4 IDJ0000080A5 SIISAT01BCN4 IDJ0000080B3 Series Name Listing Obligasi Indosat V Tahun 30-May-07 2007 Seri B 1,370,000 Obligasi Indosat VII Tahun 2009 Seri B Sukuk Ijarah Indosat IV Tahun 2009 Seri B Obligasi Indosat VIII Tahun 2012 Seri A Obligasi Indosat VIII Tahun 2012 Seri B Obligasi Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri A Obligasi Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri B Obligasi Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri C Obligasi Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri D Obligasi Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri E Obligasi berkelanjutan II Indosat Tahap I Tahun 2017 Seri A Obligasi berkelanjutan II Indosat Tahap I Tahun 2017 Seri B Obligasi berkelanjutan II Indosat Tahap I Tahun 2017 Seri C Obligasi berkelanjutan II Indosat Tahap I Tahun 2017 Seri D Obligasi Indosat VIII Tahun 2012 Seri B Sukuk Ijarah Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri A Sukuk Ijarah Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri B Maturity Rating 29-May-17 AAA Outstanding* Issue Term Outlook 9-Dec-09 600,000 9-Dec-09 172,000 28-Jun-12 1,200,000 28-Jun-12 1,500,000 2-Sep-16 1,075,000 2-Sep-16 1,047,000 2-Sep-16 734,000 2-Sep-16 115,000 2-Sep-16 201,000 2-Jun-17 844,000 2-Jun-17 628,000 2-Jun-17 312,000 2-Jun-17 378,000 28-Jun-12 1,500,000 2-Sep-16 163,000 2-Sep-16 61,000 10 years STABLE 8-Dec-16 AAA 7 years STABLE 8-Dec-16 AAA(SY) 7 years 27-Jun-19 STABLE AAA 7 years Stable 27-Jun-22 AAA 10 years Stable 12-Sep-17 AAA 370 days Stable 2-Sep-19 AAA 3 years 2-Sep-21 Stable AAA 5 years Stable 2-Sep-23 AAA 7 years Stable 2-Sep-26 AAA 10 years Stable 10-Jun-18 AAA 370 days 31-May-20 Stable AAA 3 years Stable 31-May-22 AAA 5 years 31-May-24 Stable AAA 7 years Stable 27-Jun-22 AAA 10 years 12-Sep-17 370 days 2-Sep-19 3 years Stable AAA Stable AAA Stable Coupon Structure 10.56% 11.75% Ijarah Fee Rp20,21 M 8.63% 8.88% 7.50% 8.00% 8.60% 9.00% 8.15% 7.00% 8.15% 8.55% 8.90% 8.88% Ijarah Fee Rp12.23M Ijarah Fee Rp4.88M Trustee Bank Rakyat Indonesia (Persero) Tbk. Underwriter Danareksa AAA Bank Rakyat Danareksa (Persero) Tbk. DBS Vickers Ind. Bank Rakyat Danareksa (Persero) Tbk. DBS Vickers Ind. Indonesia Indonesia Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Mandiri Mandiri DBS Vickers Ind. Mandiri Danareksa HSBC Indonesia Indonesia Bank Rakyat Indonesia (Persero) Tbk. DBS Vickers Indonesia Danareksa Indonesia Indonesia 1 (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat HSBC Indonesia Indo Premier Mandiri Bahana CIMB Indonesia Standard Chartered Ind. BCA CIMB Indonesia Bank Rakyat DBS Vickers Indonesia Indonesia Indo Premier (Persero) Tbk. Mandiri Bank Rakyat DBS Vickers Ind. Indonesia (Persero) Tbk. Bank Rakyat Indonesia Mandiri Standard Chartered Ind. 1 1 1 Danareksa BCA CIMB Indonesia Bank Rakyat DBS Vickers Indonesia Indonesia 1 Danareksa (Persero) Tbk. (Persero) Tbk. 1 Trimegah Ind. Indonesia (Persero) Tbk. 1 1 Bank Rakyat (Persero) Tbk. 1 Indo Premier (Persero) Tbk. Indonesia 1 BCA CIMB Indonesia Bank Rakyat M 1 Bank Rakyat Bank Rakyat M 1 (Persero) Tbk. Indonesia M Standard Chartered Ind. Bank Rakyat (Persero) Tbk. Page Corporate Bond and Sukuk 1 Danareksa Indo Premier 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 119
  120. No . 42. 43. 44. 45. 46. 47. 67. 1. 2. 3. 4. 5. 68. 1. 2. 3. 4. 5. 120 Bond Code ISIN Code SIISAT01CCN4 IDJ0000080C1 SIISAT01DCN4 Series Name Sukuk Ijarah Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri C Sukuk Ijarah Berkelanjutan I Indosat IDJ0000080D9 Tahap IV Tahun 2016 Seri SIISAT02ACN1 Berkelanjutan II Indosat IDJ0000089A6 SIISAT02BCN1 IDJ0000089B4 SIISAT02CCN1 D Sukuk Ijarah Tahap I Tahun 2017 Seri A Sukuk Ijarah Berkelanjutan II Indosat Tahap I Tahun 2017 Seri B Sukuk Ijarah Berkelanjutan II Indosat IDJ0000089C2 Tahap I Tahun 2017 Seri SIISAT02DCN1 Berkelanjutan II Indosat IDJ0000089D0 JPFA JPFA01CN1 IDA000050603 JPFA01CN2 IDA000050900 JPFA02ACN1 IDA0000781A7 JPFA02BCN1 IDA0000781B5 JPFA02CN2 IDA000080204 JSMR C Sukuk Ijarah Tahap I Tahun 2017 Seri D Listing Maturity Rating 2-Sep-16 2-Sep-21 AAA Outstanding* Issue Term Outlook 10,000 2-Sep-16 54,000 2-Jun-17 17,000 2-Jun-17 160,000 2-Jun-17 60,000 2-Jun-17 63,000 5 years 2-Sep-26 Stable AAA 10 years Stable 10-Jun-18 AAA 370 days Stable 31-May-22 AAA 5 years Stable 31-May-24 AAA 7 years Stable 31-May-27 AAA 10 years Stable Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012 Obligasi Berkelanjutan II JAPFA Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II JAPFA Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan II JAPFA Tahap II Tahun 2017 13-Jan-11 12-Jan-17 2-Feb-12 1-Feb-17 2-Dec-16 1-Dec-19 2-Dec-16 1-Dec-21 5 years Stable 25-Apr-17 21-Apr-22 AA- 1,250,000 250,000 850,000 150,000 1,000,000 PT Jasa Marga (Persero) Tbk. 6 years 5 years 3 years 5 years A- Negative A- Negative AA- Stable AA- Stable 1,000,000 10 years JMPD13R Obligasi Jasa Marga XIII 22-Jun-07 21-Jun-17 10 years STABLE JMPD14JM10 Obligasi Jasa Marga XIV 13-Oct-10 12-Oct-20 AA JSMR01CN2T IDA000064604 JSMR01BCN1S IDA0000605B6 Ijarah Fee Rp4.94M Ijarah Fee Rp1,19M Ijarah Fee Rp13,7M Ijarah Fee Rp5,34M Ijarah Fee Rp5,83M Seri R Tahun 2007 Seri JM-10 Obligasi Berkelanjutan I Jasa Marga Tahap II Tahun 2014 Seri T Obligasi Berkelanjutan I Jasa Marga Tahap I Tahun 2013 Seri S Seri B 7-Jul-06 1,500,000 1,000,000 6-Jul-16 10 years 22-Sep-14 19-Sep-19 30-Sep-13 27-Sep-16 1,000,000 400,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 Bank Rakyat Indonesia Underwriter BCA (Persero) Tbk. CIMB Indonesia Bank Rakyat DBS Vickers Indonesia Indonesia (Persero) Tbk. Bank Rakyat Indonesia Danareksa Indo Premier Mandiri (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. 1 1 1 BCA CIMB Indonesia Danareksa 1 DBS Vickers Indonesia HSBC Indonesia Standard Chartered Ind. 1 BCA BNI CIMB Indonesia 1 HSBC Indonesia 9.90% 9.90% 9.25% 9.75% 9.60% Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bahana M Bahana M Bahana DBS Vickers Indonesia Bahana DBS Vickers Indonesia 1 1 BCA BNI CIMB Indonesia 1 HSBC Indonesia 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod. Seri Q Tahun 2006 IDA000045603 Rp0.86M Trustee 3. Basic Industry And Chemicals | 36. Animal Feed Obligasi Jasa Marga XII IDA000033609 Ijarah Fee PT Japfa Comfeed Indonesia Tbk. JMPD12Q IDA0000699A1 Coupon Structure Page Corporate Bond and Sukuk 5 years 3 years AA STABLE AA Stable AA Stable AA STABLE 13.50% 10.25% 9.35% 9.85% 8,70% Bank Permata Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bahana M Bahana M Bahana Mandiri 1 Mandiri 1 Danareksa Mandiri M
  121. No . 6. 69. 1. 2. 70. 1. 2. 71. 1. 2. 3. 4. 5. 72. 1. 2. 73. 1. 2. 3. Bond Code ISIN Code JSMR01CCN1S IDA0000605C4 KEHA KEHA01SB IDA000078802 USDKEHA01SB IDA000078901 LTLS LTLS01CN1 IDA000058804 LTLS02CN1 IDA000081905 MAPI MAPI01ACN2 IDA0000617A3 MAPI01ACN3 IDA0000647A0 MAPI01BCN1 IDA0000558B7 MAPI01BCN2 IDA0000617B1 MAPI01BCN3 IDA0000647B8 MAYA MAYA03SB IDA000059901 MAYA04SB IDA000066104 MDLN MDLN01ACN1 IDA0000694A2 MDLN01BCN1 IDA0000694B0 MDLN02B IDA0000563B7 Series Name Listing Maturity 30-Sep-13 27-Sep-18 Rating Outstanding* Issue Term Outlook Obligasi Berkelanjutan I Jasa Marga Tahap I 1,000,000 Tahun 2013 Seri S Seri C 5 years AA Stable Coupon Structure 8,90% Trustee Underwriter Bank Mega Mandiri Tbk. PT Bank KEB Hana Indonesia Obligasi Subordinasi IDR 22-Dec-16 Bank KEB Hana I Tahun 244,000 2016 Obligasi Subordinasi USD 22-Dec-16 Bank KEB Hana I Tahun 48 2016 Lautan Luas Tahap I Tahun 2013 Obligasi Berkelanjutan II Lautan Luas Tahap I Tahun 2017 21-Dec-23 AA 7 years Stable 21-Dec-23 AA 7 years Stable 9.95% 6.05% Obligasi Berkelanjutan I Tahun 2014 Seri A Obligasi Berkelanjutan I Mitra Adiperkasa Tahap III Tahun 2014 Seri A Obligasi Bekelanjutan Mitra Adiperkasa Tahap I Tahun 2012 Seri B Obligasi Berkelanjutan I Mitra Adiperkasa Tahap II Tahun 2014 Seri B Obligasi Berkelanjutan I Mitra Adiperkasa Tahap III Tahun 2014 Seri B Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. 20-Jun-13 700,000 22-Jun-17 200,000 19-Jun-18 5 years 21-Jun-22 5 years A- Stable A- Stable 9.75% 10.50% Obligasi Subordinasi 2013 Obligasi Subordinasi Bank Mayapada IV Tahun 2014 20-Feb-17 22-Sep-14 19-Sep-17 13-Dec-12 12-Dec-17 21-Feb-14 20-Feb-19 22-Sep-14 19-Sep-19 USD 150,000 Mn 447,000 USD 280,000 Mn 200,000 3 years 3 years 5 years 5 years 5 years 8-Jul-13 5-Jul-20 18-Dec-14 17-Dec-21 700,000 255,800 7 years 7 years PT Modernland Realty Tbk. Obligasi Berkelanjutan I Modernland Reality Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan I Modernland Reality Tahap I Tahun 2015 Seri B Obligasi II Modernland Realty Tahun 2012 Seri B Indo Premier Bahana Danareksa Indo Premier 1 1 Tbk. Bank Mega Tbk. 8-Jul-15 600,000 8-Jul-15 150,000 28-Dec-12 250,000 Bahana BCA 1 Bahana 1 Kim Eng 9. Trade, Services & Investment | 93. Retail Trade 21-Feb-14 USD 266,500 Mn Bank Mega A- STABLE AA- Stable AA- Stable AA- Stable AA- Stable 10.90% 10.30% 8.45% 11.50% 10.90% Bank CIMB Indo Premier Bank CIMB Indo Premier Bank CIMB Indo Premier Bank CIMB Indo Premier Bank CIMB Indo Premier Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. PT Bank Mayapada Internasional Tbk. Bank Mayapada III Tahun Bahana Danareksa 9. Trade, Services & Investment | 91. Wholesale (Durable & Non-Durable Goods) PT Mitra Adiperkasa Tbk. Mitra Adiperkasa Tahap II 1 8. Finance | 81. Bank PT Lautan Luas Tbk. Obligasi Berkelanjutan I Page Corporate Bond and Sukuk Mandiri Mandiri Mandiri Mandiri Mandiri M 1 1 1 1 8. Finance | 81. Bank A- Stable BBB+ Stable 11.00% 12.50% Bank Mega Victoria Indonesia Bank Mega Victoria Indonesia Tbk. Tbk. RHB Indonesia RHB Indonesia 1 1 6. Property, Real Estate & Building Construction | 61. Property And Real Estate 7-Jul-18 3 years 7-Jul-20 5 years 27-Dec-17 5 years A Negative 12.00% A Negative 12.50% A Negative 11.00% Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. CIMB Indonesia Mandiri RHB Indonesia CIMB Indonesia 1 Mandiri 1 Minna Padi Investama 1 RHB Indonesia INDONESIA BOND MARKET DIRECTORY 2016-2017 121
  122. Bond Code No . ISIN Code 74. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 122 MEDC MEDC01CN2USD IDA0000493B7 MEDC01CN3USD IDA0000493C5 MEDC01CN1USD IDA0000493A9 MEDC01CN1 IDA000055909 MEDC03 IDA000052708 MEDC01CN2 IDA000057301 MEDC02ACN1 IDA0000750A2 MEDC02ACN2 IDA0000761A9 MEDC02ACN3 IDA0000784A1 MEDC02ACN4 IDA0000798A1 MEDC02ACN5 IDA0000812A0 MEDC02BCN1 IDA0000750B0 MEDC02BCN2 IDA0000761B7 MEDC02BCN3 IDA0000784B9 MEDC02BCN4 IDA0000798B9 MEDC02BCN5 IDA0000812B8 MEDC02CCN3 IDA0000784C7 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook PT Medco Energi Internasional Tbk. Obligasi Berkelanjutan USD Medco Energi International I Tahap II Tahun 2011 Obligasi Berkelanjutan USD Medco Energi International I Tahap III Tahun 2012 Obligasi Berkelanjutan USD Medco Energi International I Tahap I Tahun 2011 Obligasi Berkelanjutan I Medco Energi International 11-Nov-16 2-Aug-12 1-Aug-17 5 years Negative 15-Jul-11 14-Jul-16 A+ 20 50 20-Dec-12 Tahap I Tahun 2012 500,000 Obligasi Medco Energi 20-Jun-12 Internasional III tahun 2012 Obligasi Berkelanjutan I Medco Energi Internasional Tahap II Tahun 2013 Obligasi Berkelanjutan II Medco Energi Internasional Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II Medco Energi Internasional Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan II Medco Energi Internasional Tahap III Tahun 2016 Seri A Obligasi Berkelanjutan II Medco Energi Internasional Tahap IV Tahun 2017 Seri A Obligasi Berkelanjutan II Medco Energi Internasional Tahap V Tahun 2017 Seri A Obligasi Berkelanjutan II Medco Energi Internasional Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan II Medco Energi Internasional Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan II Medco Energi Internasional Tahap III Tahun 2016 Seri B Obligasi Berkelanjutan II Medco Energi Internasional Tahap IV Tahun 2017 Seri B Obligasi Berkelanjutan II Medco Energi Internasional Tahap V Tahun 2017 Seri B Obligasi Berkelanjutan II Medco Energi Internasional Tahap III Tahun 2016 Seri C 1,500,000 18-Mar-13 1,500,000 18-Jul-16 327,000 3-Oct-16 549,000 5 years A+ STABLE A+ 5 years STABLE 19-Dec-17 5 years A+ Negative 19-Jun-17 A+ 5 years STABLE 15-Mar-18 A+ 5 years Negative 15-Jul-19 A+ Negative 3 years 30-Sep-19 3 years A+ Negative 6.05% 6.05% 8.80% 8.75% 8.85% 10.80% 10.80% 21-Dec-19 31-Mar-17 30-Mar-20 3 years Negative 15-Jun-17 24-Jun-18 A+ Negative 8.75% A+ Negative 11.30% 380,000 248,500 18-Jul-16 923,000 3-Oct-16 701,000 22-Dec-16 5,000 31-Mar-17 1,000 15-Jun-17 269,500 22-Dec-16 23,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 3 years 370 days 15-Jul-21 5 years 30-Sep-21 5 years 21-Dec-21 5 years 30-Mar-22 A+ 6.05% 22-Dec-16 246,000 Negative A+ A+ Negative A+ Negative A+ 5 years Negative 14-Jun-20 A+ Negative 3 years 21-Dec-23 7 years Trustee Underwriter 2. Mining | 22. Crude Petroleum & Natural Gas Production 14-Nov-11 30 Coupon Structure Page Corporate Bond and Sukuk A+ Negative 10.80% 10.80% 11.30% 11.30% 11.30% 10.80% 11.80% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bahana M Bahana 1 Bahana Bumiputera Capital Ind. OSK Nusadana Ind. M Bahana DBS Vickers Ind. Mandiri 1 Danareksa DBS Vickers Ind. Standar Chartered Ind. Mandiri M DBS Vickers Indonesia Mandiri Danareksa 1 Standard Chartered Ind. Bahana BNI Danareksa 1 DBS Vickers Indonesia CIMB Indonesia 1 Danareksa DBS Vickers Indonesia Mandiri 1 Danareksa 1 CIMB Indonesia Danareksa Mandiri 1 Samuel Bahana BNI Danareksa 1 DBS Vickers Indonesia CIMB Indonesia Danareksa DBS Vickers Indonesia 1 Mandiri CIMB Indonesia Danareksa DBS Vickers Indonesia 1 Mandiri Sekuritas Kim Eng Danareksa Indo Premier Standard Chartered Ind. Trimegah Ind. 1 1 CIMB Indonesia Danareksa DBS Vickers Indonesia Mandiri 1
  123. No . 18. 19. 75. 1. 2. 3. 4. 76. 1. 2. 3. 77. 1. 2. 3. 4. 5. 6. 7. Bond Code ISIN Code MEDC02CCN4 IDA0000798C7 MEDC02CCN5 IDA0000812C6 MFIN MFIN02ACN1 IDA0000683A5 MFIN02BCN1 IDA0000683B3 MFIN02CCN1 IDA0000683C1 MFIN01BCN2 IDA0000632B0 MYOR MYOR04 IDA000051700 SMKMYOR02 IDJ000004908 MYOR01CN1 IDA000079404 NISP NISP03SB IDA000045009 NISP01CCN1 IDA0000570C0 NISP01ACN2 IDA0000665A2 NISP01BCN2 IDA0000666B8 NISP01CCN2 IDA0000667C4 NISP02ACN1 IDA0000726A2 NISP02BCN1 IDA0000726B0 Series Name Maturity Listing Rating Outstanding* Issue Term Outlook Obligasi Berkelanjutan II Medco Energi Internasional 31-Mar-17 30-Mar-24 7 years Negative 15-Jun-17 14-Jun-22 A+ 7,000 Tahap IV Tahun 2017 Seri C Obligasi Berkelanjutan II Medco Energi Internasional Tahap V Tahun 2017 Seri C 753,500 5 years A+ Negative Coupon Structure 11.80% 11.30% Trustee Bank Mega Tbk. Bank Mega Tbk. PT Mandala Multifinance Tbk. Obligasi Berkelanjutan II Mandala Multifinance Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan II Mandala Multifinance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan II Mandala Multifinance Tahap I Tahun 2015 Seri C Obligasi Berkelanjutan Mandala Multifinance I Tahun 2014 Tahap II Seri B 11-May-15 232,000 11-May-15 143,000 11-May-15 125,000 4-Jun-14 64,000 Sukuk Mudharabah II Mayora Indah Tahun 18-May-16 A 370 days STABLE 8-May-17 A 2 years STABLE 8-May-18 A 3 years Stable 3-Jun-17 A 3 years STABLE 2012 Obligasi Berkelanjutan I Mayora Indah Tahap I Tahun 2017 9-May-19 7 years AA- Stable 9-May-17 5 years STABLE 27-Feb-17 4-Feb-20 AA- 500,000 10.50% 11.00% 11.50% 12.00% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. 3 years AA- Stable 8.50% Nisbah 39.29% 9.25% Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank Permata Tbk. PT Bank OCBC NISP Tbk. Obligasi Subordinasi III Bank NISP Tahun 2010 Obligasi Berkelanjutan I OCBC NISP Tahap I Tahun 2013 Seri C Obligasi Berkelanjutan I OCBC NISP Tahap II Tahun 2015 Seri A Obligasi Berkelanjutan I OCBC NISP Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan I OCBC NISP Tahap II Tahun 2015 Seri C Obligasi Berkelanjutan II Bank OCBC NISP Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II Bank OCBC NISP Tahap I Tahun 2016 Seri B 1-Jul-10 880,000 20-Feb-13 1,498,000 11-Feb-15 1,095,000 11-Feb-15 670,000 11-Feb-15 1,235,000 30-Jun-17 AAA 7 years STABLE 19-Feb-16 AAA 3 years 20-Feb-16 STABLE AAA 370 days STABLE 10-Feb-17 AAA 2 years STABLE 10-Feb-18 AAA 3 years 21-May-17 12-May-16 11-May-18 380,000 BCA CIMB Indonesia HSBC 1 Mandiri BCA CIMB Indonesia Indo Premier BCA CIMB Indonesia Indo Premier BCA CIMB Indonesia Indo Premier Indo Premier M M 1 M Mandiri Danareksa Mandiri Danareksa 1 M Danareksa Mandiri Sucorinvest Central Gani 1 BCA 8. Finance | 81. Bank 12-May-16 837,000 1 5. Consumer Goods Industry | 51. Food And Beverages 10-May-12 250,000 Danareksa 8. Finance | 82. Financial Institution PT Mayora Indah Tbk. Obligasi IV Mayora Indah 10-May-12 Tahun 2012 750,000 Underwriter Page Corporate Bond and Sukuk 370 days 2 years Stable AAA STABLE AAA Stable 11.35% 7.40% 9.00% 9.40% 9.80% 7.50% 8.00% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Danareksa Standard Chartered Ind. NISP Indo Premier Mandiri NISP Indo Premier Mandiri Bank Mega RHB Indonesia Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. M OCBC Indonesia Tbk. Tbk. M M NISP OCBC Trimegah Sekurities M Indo Premier Mandiri NISP 1 OCBC Indo Premier, Mandiri, OCBC (affiliated), RHB Indonesia, BCA Indo Premier, Mandiri, OCBC (affiliated), RHB Indonesia, BCA M 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 123
  124. No . 8. 78. 1. 2. 3. 79. 1. 2. 80. 1. 2. 3. 4. 81. 1. 2. 82. 1. 2. 3. 124 Bond Code ISIN Code NISP02CCN1 IDA0000726C8 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook Obligasi Berkelanjutan II Bank OCBC NISP Tahap I Tahun 2016 Seri C 12-May-16 783,000 11-May-19 3 years AAA PT Oto Multiartha OTMA01A Obligasi Oto Multiartha I 31-May-17 9-Jun-18 370 days Stable OTMA01B Obligasi Oto Multiartha I 31-May-17 30-May-20 AA+ IDA0000808B6 OTMA01C IDA0000808C4 PANR PANR01CN1 IDA000060107 PANR01CN2 IDA000068506 PIGN PIGN01A IDA0000737A9 PIGN01B IDA0000737B7 PIGN01C IDA0000737C5 PIGN01D IDA0000737D3 PIHC PIHC01A IDA0000642A1 PIHC01B IDA0000642B9 PJAA PJAA02B IDA0000564B5 PJAA01ACN1 IDA0000762A7 PJAA01BCN1 IDA0000762B5 Tahun 2017 Tahun 2017 Obligasi Oto Multiartha I Tahun 2017 Panorama Sentrawisata Tahap I Tahun 2013 Obligasi Berkelanjutan I Panorama Sentrawisata Tahap II Tahun 2015 200,000 583,000 31-May-17 217,000 AA+ 3 years Stable 30-May-22 AA+ 5 years 10-Jul-13 9-Jul-18 13-May-15 12-May-18 100,000 340,000 5 years 3 years 7.35% 8.40% 8.90% Stable Obligasi I Pelindo 1 Tahun 2016 Seri A Obligasi I Pelindo 1 Gerbang Nusantara Tahun 2016 Seri B Obligasi I Pelindo 1 Gerbang Nusantara Tahun 2016 Seri C Obligasi I Pelindo 1 Gerbang Nusantara Tahun 2016 Seri D A- 11.50% Stable A- 11.00% Stable Obligasi I Pupuk Seri A Obligasi I Pupuk Indonesia Tahun 2014 Seri B 22-Jun-16 50,000 22-Jun-16 500,000 22-Jun-16 400,000 22-Jun-16 50,000 21-Jun-19 3 years 21-Jun-21 5 years 21-Jun-23 7 years 21-Jun-26 10 years AA Stable AA Stable AA Stable AA Stable 10-Jul-14 568,000 10-Jul-14 1,131,000 8-Jul-17 3 years 8-Jul-19 5 years AAA Stable AAA Stable PT Pembangunan Jaya Ancol Tbk. Obligasi II Jaya Ancol Tahun 2012 Seri B Obligasi Berkelanjutan I Jaya Ancol Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan I Jaya Ancol Tahap I Tahun 2016 Seri B Tbk. Indo Premier, Mandiri, OCBC (affiliated), RHB Indonesia, BCA 1 28-Dec-12 27-Dec-17 30-Sep-16 29-Sep-19 30-Sep-16 29-Sep-21 200,000 250,000 50,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 5 years 3 years 5 years Bank Mandiri Mandiri (Persero) Tbk. Danareksa Bank Mandiri DBS Vickers Indonesia (Persero) Tbk. Bank Mandiri (Persero) Tbk. 1 Danareksa Indo Premier 1 Mandiri Bahana Danareksa (Affiliated) Indo Premier 1 Standard Chartered Ind. Bank Mega Tbk. Bank Mega Tbk. Mandiri Kim Eng Mandiri OCBC Indonesia 1 1 & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod. Bank 8.25% Tabungan Negara Mandiri (affiliated) 1 Mandiri (affiliated) 1 Mandiri (affiliated) 1 Mandiri (affiliated) 1 (Persero) Tbk. Bank 9.00% Tabungan Negara (Persero) Tbk. Bank 9.25% Tabungan Negara (Persero) Tbk. Bank 9.50% Tabungan Negara (Persero) Tbk. PT Pupuk Indonesia (Persero) Indonesia Tahun 2014 Bank Mega Underwriter 9. Trade, Services & Investment | 94. Tourism, Restaurant And Hotel 7. Infrastructure, Utilities PT Pelabuhan Indonesia I (Persero) Gerbang Nusantara Trustee 8. Finance | 82. Financial Institution PT Panorama Sentrawisata Tbk. Obligasi Berkelanjutan I 8.25% Stable OTMA IDA0000808A8 Coupon Structure Page Corporate Bond and Sukuk 3. Basic Industry And Chemicals | 34. Chemicals BCA 9.63% 9.95% Bank Mega Tbk. Bank Mega Tbk. Danareksa HSBC Indonesia 1 Mandiri BCA Danareksa HSBC Indonesia 1 Mandiri 9. Trade, Services & Investment | 94. Tourism, Restaurant And Hotel AA- Stable AA- Stable AA- Stable 8.40% 8.10% 8.20% Bank Permata Indo Premier Bank Permata Indo Premier Bank Permata Indo Premier Tbk. Tbk. Tbk. Mandiri Mandiri Mandiri 1 1 1
  125. Bond Code No . ISIN Code 83. PNBN01CN1 1. IDA000056006 PNBN01SBCN1 2. IDA000056105 PNBN04SB 3. IDA000046106 PNBN02CN1 4. IDA000074108 PNBN02CN2 5. IDA000076707 PNBN02SBCN1 6. IDA000074009 PNBN02SBCN2 7. IDA000079701 84. IDA000054506 PNMP02 2. IDA000060008 PNMP01BCN1 3. IDA0000662B7 PNMP01CCN1 4. IDA0000662C5 PNMP01ACN2 5. IDA0000769A2 PNMP01BCN2 6. IDA0000769B0 85. 2. 3. PNMP PNMP01 1. 1. PNBN PPGD PPGD10BXBVTW IDA0000190B9 PPGD13B IDA0000416B8 PPGD13C IDA0000417C4 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook Coupon Structure Trustee PT Bank Pan Indonesia Tbk. Obligasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 Obligasi Subordinasi Bank Panin III Tahun 2010 Obligasi Berkelanjutan II Bank Panin Tahap I Tahun 2016 Obligasi Berkelanjutan II Bank Panin Tahap II Tahun 2016 Obligasi Subordinasi Berkelanjutan II Bank Panin Tahap I Tahun 2016 Obligasi Subordinasi Berkelanjutan II Bank Panin Tahap II Tahun 2017 21-Dec-12 1,000,000 21-Dec-12 2,000,000 10-Nov-10 2,460,000 29-Jun-16 2,000,000 28-Oct-16 2,125,000 8. Finance | 81. Bank 20-Dec-17 5 years 20-Dec-19 AA Stable AA- 7 years Stable 9-Nov-17 AA- 7 years Stable 28-Jun-21 AA 5 years Stable 27-Oct-21 AA 5 years Stable 29-Jun-16 28-Jun-23 7 years Stable 20-Mar-17 17-Mar-24 A+ 100,000 2,400,000 7 years A+ Stable 8.15% 9.40% 10.50% 9.15% 8.75% 9.60% 10.25% Bank Mandiri (Persero) Tbk. Bank Mandiri 2012 Obligasi II PNM Tahun 2013 Obligasi Berkelanjutan I PNM Tahap I Tahun 2014 Seri B Obligasi Berkelanjutan I PNM Tahap I Tahun 2014 Seri C Obligasi Berkelanjutan I PNM Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan I PNM Tahap II Tahun 2016 Seri B 15-Oct-12 500,000 12-Oct-17 5 years 10-Jul-13 9-Jul-18 22-Dec-14 19-Dec-17 22-Dec-14 19-Dec-19 4-Nov-16 3-Nov-19 4-Nov-16 3-Nov-21 1,000,000 187,000 246,000 661,000 839,000 5 years 3 years 5 years 3 years 5 years A Stable A Stable A Stable A Stable A Stable A Stable PT Pegadaian (Persero) Obligasi X Perum Pegadaian Tahun 2003 Seri B Obligasi XIII Perum Pegadaian Tahun 2009 Seri B Obligasi XIII Perum Pegadaian Tahun 2009 Seri C 15-Jul-03 63,500 2-Jul-09 650,000 2-Jul-09 400,000 CIMB Indonesia Danareksa Evergreen Capital Indo Premier Danareksa Evergreen Capital Bank Mandiri Evergreen Captial (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Indo Premier Mandiri 1 CIMB Indonesia Danareksa Evergreen Capital IndoPremier 1 Mandiri Danareksa Evergreen Capital Indo Premier 1 RHB Indonesia Evergreen Capital Bank Mandiri Evergreen Indonesia (Persero) Tbk. 1 Indo Premier Bank Mandiri (Persero) Tbk. 1 CIMB Indonesia (Persero) Tbk. PT Permodalan Nasional Madani (Persero) Obligasi I PNM Tahun Underwriter Page Corporate Bond and Sukuk NISP 1 Danareksa Indo Premier 1 RHB Indonesia 8. Finance | 82. Financial Institution 9.10% 9.20% 10.50% 10.75% 9.00% 9.50% Bank Rakyat Indonesia (Persero) Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Bahana 1 Bahana 1 Bahana Indo Premier Bahana Tbk. Indo Premier Bank Mega Bahana (Affiliated) Bank Mega Bahana (Affiliated) Tbk. Tbk. Indo Premier Indo Premier 1 1 1 1 8. Finance | 82. Financial Institution 11-Jul-18 15 years 1-Jul-17 8 years 1-Jul-19 10 years AAA Stable AAA Stable AAA Stable I-III : 13.125%, IVXV : SBI 3 months+1% (max. 15.50%, min. 12.65% 12.88% Bank Negara Indonesia (Persero) Tbk. Bank Mega Tbk. Bank Mega Tbk. AAA Danareksa 1 Bahana 1 Bahana 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 125
  126. No . 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 86. 1. 126 Bond Code ISIN Code PPGD01BCN1 IDA0000498B6 PPGD01CCN1 IDA0000498C4 PPGD01CCN2 IDA0000510C6 PPGD01DCN2 IDA0000510D4 PPGD02ACN3 IDA0000682A7 PPGD02BCN1 IDA0000602B3 PPGD02BCN2 IDA0000640B3 PPGD02BCN3 IDA0000682B5 PPGD02CCN1 IDA0000602C1 PPGD02CCN2 IDA0000640C1 PPGD02CCN3 IDA0000682C3 PPGD02DCN1 IDA0000602D9 PPGD11A IDA0000304A8 PPGD11B IDA0000304B6 PPGD12A IDA0000349A3 PPGD12B IDA0000349B1 PPLN PPLN11A IDA0000438A4 Series Name Obligasi Berkelanjutan I Perum Pengadaian Tahap I Tahun 2011 Seri B Obligasi Berkelanjutan I Perum Pengadaian Tahap I Tahun 2011 Seri C Obligasi Berkelanjutan I Perum Pengadaian Tahap II Tahun 2012 Seri C Obligasi Berkelanjutan I Perum Pengadaian Tahap II Tahun 2012 Seri D Obligasi Berkelanjutan II Pegadaian Tahap III Tahun 2015 Seri A Obligasi Berkelanjutan II Pegadaian Tahap I Tahun 2013 Seri B Obligasi Berkelanjutan II Pegadaian Tahap II Tahun 2014 Seri B Obligasi Berkelanjutan II Pegadaian Tahap III Tahun 2015 Seri B Obligasi Berkelanjutan II Pegadaian Tahap I Tahun 2013 Seri C Obligasi Berkelanjutan II Pegadaian Tahap II Tahun 2014 Seri C Obligasi Berkelanjutan II Pegadaian Tahap III Tahun 2015 Seri C Obligasi Berkelanjutan II Pegadaian Tahap I Tahun 2013 Seri D Obligasi XI Perum Pegadaian Tahun 2006 Seri A Obligasi XI Perum Pegadaian Tahun 2006 Seri B Obligasi XII Perum Pegadaian Tahun 2007 Seri A Obligasi XII Perum Pegadaian Tahun 2007 Seri B Listing Maturity 12-Oct-11 11-Oct-16 12-Oct-11 11-Oct-21 15-Feb-12 14-Feb-17 15-Feb-12 14-Feb-19 7 years Stable 8-May-15 17-May-16 AA+ Rating Outstanding* Issue Term Outlook 250,000 500,000 200,000 500,000 400,000 10-Jul-13 17,000 14-Jul-14 202,000 8-May-15 1,300,000 10-Jul-13 177,000 14-Jul-14 398,000 8-May-15 1,200,000 10-Jul-13 601,000 24-May-06 400,000 5 years 10 years 5 years AA+ STABLE AAA Stable AA+ STABLE AAA 370 days STABLE 9-Jul-16 AA+ 3 years STABLE 11-Jul-17 AAA 3 years Stable 7-May-18 AAA 3 years Stable 9-Jul-18 AAA 5 years Stable 11-Jul-19 AAA 5 years Stable 7-May-20 AAA 5 years Stable 9-Jul-20 AAA 7 years Stable 23-May-16 AA+ 10 years STABLE 24-May-06 23-May-16 AA+ 5-Sep-07 4-Sep-17 100,000 370,000 5-Sep-07 230,000 10 years AAA Stable 4-Sep-17 AAA Stable PT Perusahaan Listrik Negara (Persero) Obligasi PLN XI Tahun 2010 Seri A 13-Jan-10 920,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 12-Jan-17 7 years Trustee Bank Mega 8.00% Tbk. Bank Mega 9.00% Tbk. Bank Mega 7.50% Tbk. Bank Mega 7.75% Tbk. Bank Mega 8.50% Tbk. Bank Mega 7.40% Tbk. Bank Mega 9.35% Tbk. Bank Mega 9.25% Tbk. Bank Mega 7.75% Tbk. Bank Mega 9.75% Tbk. Bank Mega 8.50% Tbk. Bank Mega 8.00% Tbk. Bank Negara 13.10% Indonesia Year-1 : 13,1%; Year-2:SBI 1 (Persero) Tbk. Bank Negara Indonesia STABLE Month + 1,25% (Persero) Tbk. (Max.16, min. 10 years 10 years Coupon Structure Fixed 10.025% Year I: 10.025%; Year II-X: SBI+1%, max. 12%, min. 8% Bank Negara Indonesia (Persero) Tbk. Bank Negara Indonesia (Persero) Tbk. Underwriter Bahana Danareksa Bahana Danareksa Bahana Danareksa Bahana Danareksa Bahana Mandiri Danareksa Bahana Mandiri Danareksa Bahana Mandiri Danareksa Bahana Mandiri Danareksa Bahana Mandiri Danareksa Bahana Mandiri Danareksa Bahana Mandiri Danareksa Bahana Mandiri Danareksa Bahana Trimegah Bahana Trimegah Trimegah Danareksa Trimegah Danareksa Page Corporate Bond and Sukuk M 1 M 1 M M 1 1 1 1 1 1 M M 1 1 7. Infrastructure, Utilities & Transportation | 71. Energy AAA STABLE 11.95% Bank CIMB Niaga Tbk. Bahana Danareksa Mandiri M
  127. No . 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Bond Code ISIN Code PPLN11B IDA0000438B2 PPLN12B IDA0000454B9 SIKPPLN03A IDJ0000043A3 SIKPPLN03B IDJ0000043B1 SIKPPLN04B IDJ0000044B9 PPLN01ACN1 IDA0000598A5 PPLN01ACN2 IDA0000610A8 PPLN01BCN1 IDA0000598B3 PPLN01BCN2 IDA0000610B6 SIPPLN01ACN2 IDJ0000061A5 SIPPLN01BCN2 IDJ0000061B3 SIPPLN01CN1 IDJ000006002 PPLN08A IDA0000308A9 PPLN08B IDA0000308B7 PPLN08C IDJ000001706 PPLN09A IDA0000346A9 PPLN09B IDA0000346B7 Series Name Listing Maturity Rating 13-Jan-10 12-Jan-20 AAA Outstanding* Issue Term Outlook Obligasi PLN XI Tahun 2010 Seri B Obligasi PLN XII Tahun 1,783,000 9-Jul-10 10 years Stable 8-Jul-22 AAA 2010 Seri B 1,855,000 12 years Stable Sukuk Ijarah PLN IV 13-Jan-10 12-Jan-17 AAA Tahun 2010 Seri A Sukuk Ijarah PLN IV Tahun 2010 Seri B Sukuk Ijarah PLN V Tahun 2010 Seri B Obligasi Berkelanjutan I PLN Tahap I Tahun 2013 Seri A Obligasi Berkelanjutan II PLN Tahap I Tahun 2013 Seri A Obligasi Berkelanjutan I PLN Tahap I Tahun 2013 Seri B Obligasi Berkelanjutan II PLN Tahap I Tahun 2013 Seri B Sukuk Ijarah Berkelanjutan II PLN Tahap I Tahun 2013 Seri A Sukuk Ijarah Berkelanjutan II PLN Tahap I Tahun 2013 Seri B Sukuk Ijarah Berkelanjutan I PLN Tahap I Tahun 2013 Obligasi PLN VIII Tahun 2006 Seri A Obligasi PLN VIII Tahun 2006 Seri B Obligasi Syariah Ijarah PLN I Tahun 2006 Obligasi PLN IX Tahun 2007 Seri A Obligasi PLN IX Tahun 2007 Seri B 130,000 13-Jan-10 167,000 9-Jul-10 7 years STABLE 12-Jan-20 AAA 10 years Stable 8-Jul-22 AAA 340,000 12 years Stable 8-Jul-13 5-Jul-20 AAA 182,000 11-Dec-13 593,000 8-Jul-13 7 years 10-Dec-18 5 years 5-Jul-23 697,000 10 years 11-Dec-13 10-Dec-23 651,000 11-Dec-13 321,000 11-Dec-13 108,000 8-Jul-13 121,000 22-Jun-06 1,335,100 22-Jun-06 865,000 22-Jun-06 200,000 11-Jul-07 1,500,000 11-Jul-07 1,200,000 10 years 10-Dec-18 5 years 10-Dec-23 10 years 5-Jul-20 Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA 7 years Stable 21-Jun-16 AAA 10 years STABLE 21-Jun-21 AAA 15 years Stable 21-Jun-16 AAA 10 years STABLE 10-Jul-17 AAA 10 years 10-Jul-22 15 years Stable AAA Stable Coupon Structure 12.55% 10.40% Ijarah Fee Rp119,5M/Billio n p.a. Ijarah Fee Rp125,5M/Billio n p.a. Ijarah Fee Rp104M/Billion p.a. 8.00% 9.00% 8.25% 9.60% Trustee Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Permata Tbk. Rp90M /Billion Bank Permata p.a. Tbk. Rp96M /Billion Bank Permata p.a. Tbk. Rp80M /Billion Bank Permata p.a. 13.60% 13.75% Ijarah Fee : Rp6.800.000.000,/quarter 10.41% 10.90% Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Underwriter Bahana Danareksa Mandiri Bahana Danareksa Mandiri Bahana Danareksa Mandiri Bahana Danareksa Mandiri Bahana Danareksa Mandiri Page Corporate Bond and Sukuk 1 1 M 1 1 Bahana Danareksa Mandiri 1 Standard Chartered Ind. Bahana Danareksa Mandiri 1 Standard Chartered Ind. Bahana Danareksa Mandiri 1 Standard Chartered Ind. Bahana Danareksa Mandiri 1 Standard Chartered Ind. Bahana Danareksa Mandiri 1 Standard Chartered Ind. Bahana Danareksa Mandiri 1 Standard Chartered Ind. Bahana Danareksa Mandiri 1 Standard Chartered Ind. Danareksa AAA Trimegah Danareksa AAA Trimegah Danareksa AAA Trimegah M 1 M Danareksa Bahana Mandiri 1 Trimegah Danareksa Bahana Mandiri 1 Trimegah INDONESIA BOND MARKET DIRECTORY 2016-2017 127
  128. No . 19. 87. 1. 88. 1. 2. 89. 1. 2. 90. 1. 2. 3. 4. 5. 91. 1. 2. 92. 1. 2. 128 Bond Code ISIN Code SIKPPLN01 IDJ000002100 PPNX Series Name Sukuk Ijarah PLN II Tahun 2007 Obligasi I PTPN X Tahun PPRO PT PP Properti Tbk. PPRO01A Obligasi I PP Properti IDA0000746A0 PPRO01B IDA0000746B8 PRTL PRTL01 IDA000061907 PRTL01ACN1 IDA0000777A5 PTHK Maturity Rating 11-Jul-07 10-Jul-17 AAA 300,000 10 years 8-Jul-13 2013 700,000 5-Jul-18 5 years 11-Jul-16 Tahun 2016 Seri A 200,000 Obligasi I PP Properti 11-Jul-16 Tahun 2016 Seri B 400,000 1-Jul-19 1-Jul-21 BBB 5 years Obligasi Protelindo I 3-Mar-14 Tahun 2014 Obligasi Berkelanjutan I Protelindo Tahap I Tahun 1,000,000 24-Nov-16 661,000 2016 Seri A 28-Feb-17 23-Nov-19 AAA 3 years PT Hutama Karya (Persero) PTHK01C Obligasi I Hutama Karya 1-Jul-13 28-Jun-20 PTPP PTPP01CN2 IDA000066807 PTPP01CN1 IDA000057707 ROTI ROTI01CN1 IDA000058705 ROTI01CN2 IDA000067201 135,000 Tahun 2013 Seri B 290,000 Tahun 2013 Seri C Obligasi Berkelanjutan I Hutama Karya Tahap I 325,000 22-Dec-16 1,000,000 Tahun 2016 Obligasi Berkelanjutan I 7-Jun-17 Hutama Karya Tahap II 1,968,000 Tahun 2017 3 years 5 years 7 years PP Tahap II Tahun 2015 Obligasi Berkelanjutan I � PP Tahap I Tahun 2013 Stable A- STABLE A- Stable A- Stable 21-Dec-26 AAA(gg) 10 years Stable 6-Jun-27 AAA(gg) 10 years PT PP (Persero) Tbk. Obligasi Berkelanjutan I Bank CIMB 8.90% Niaga Tbk. Bank Mandiri 9.15% (Persero) Tbk. Bank Mandiri 9.90% 10.50% 7.90% Stable 8,75% 9,1% 9,5% 8.55% 8.07% 25-Feb-15 300,000 20-Mar-13 700,000 24-Feb-20 A+ 5 years Stable 19-Mar-18 A+ 5 years Obligasi Berkelanjutan I 12-Jun-13 11-Jun-18 Obligasi Berkelanjutan I 19-Mar-15 18-Mar-20 ROTI Tahap II Tahun 2015 Bahana Mandiri 1 Trimegah Bahana AAA 1 (Persero) Tbk. Binaartha Parama Danareksa (Affiliated) Mandiri (Affiliated) 1 Trimegah Ind. Binaartha Parama Danareksa (Affiliated) Mandiri (Affiliated) 1 Trimegah Ind. & Transportation | 75. Non Building Construction BCA Bank Permata Tbk. Bank Permata Tbk. BNI DBS Vickers Indonesia M Standar Chartered Ind. Bahana BCA DBS Vickers Indonesia 1 Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank Mega Tbk. Bank Mega Tbk. Mandiri Danareksa Mandiri Danareksa Mandiri Danareksa Bahana Danareksa RHB Indonesia M 1 1 1 Bahana BCA BNI 1 Danareksa 6. Property, Real Estate & Building Construction | 62. Building Construction Stable 10.20% 8.38% PT Nippon Indosari Corpindo Tbk. ROTI Tahap I Tahun 2013 Danareksa 7. Infrastructure, Utilities & Transportation | 75. Non Building Construction 28-Jun-18 Tahun 2013 Seri A AAA STABLE 1-Jul-13 IDA000081301 Stable 3 years Obligasi I Hutama Karya PTHK01CN2 Niaga Tbk. PT Profesional Telekomunikasi Indonesia 7. Infrastructure, Utilities PTHK01B IDA000078505 BBB Stable 28-Jun-16 PTHK01CN1 BBB Stable 3 years 1-Jul-13 IDA0000592C4 Bank CIMB Rp31,2B p.a. Underwriter 6. Property, Real Estate & Building Construction | 61. Property And Real Estate Obligasi I Hutama Karya IDA0000592B6 Trustee 1. Agriculture | 12. Plantation PTHK01A IDA0000592A8 Stable Coupon Structure PT Perkebunan Nusantara X PPNX01 IDA000059604 Listing Outstanding* Issue Term Outlook Page Corporate Bond and Sukuk 500,000 500,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 5 years 5 years Bank Permata Tbk. Bank Permata Tbk. Bahana Mandiri CIMB Indonesia Mandiri Bahana CIMB Indonesia 1 1 5. Consumer Goods Industry | 51. Food And Beverages AA- Stable AA- Stable 8.00% 10.00% Bank Mega Tbk. Bank Mega Tbk. BCA 1 BCA 1
  129. No . 93. 1. 2. 3. 4. 5. 6. 7. 8. 94. 1. 2. 95. 1. 2. 96. 1. 2. 3. 4. Bond Code ISIN Code SANF SANF02ACN1 IDA0000733A8 SANF02BCN1 IDA0000733B6 SANF01CN3 IDA000070106 SANF01CN2 IDA000065601 SANF01BCN1 IDA0000604B9 SANF02ACN2 IDA0000799A9 SANF02BCN2 IDA0000799B7 SANF02CCN2 IDA0000799C5 SDRA SDRA01SB IDA000055305 SDRA02 IDA000055206 SMAR SMAR01ACN1 IDA0000534A0 SMAR01BCN1 IDA0000534B8 SMFP SMFP01CCN2 IDA0000513C0 SMFP02BCN3 IDA0000624B7 SMFP02BCN2 IDA0000575B1 SMFP02CCN2 IDA0000575C9 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook Coupon Trustee Structure PT Surya Artha Nusantara Finance Obligasi Berkelanjutan II SAN Finance Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II SAN Finance Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I SAN Finance Tahap III Tahun 2015 Obligasi Berkelanjutan I SAN Finance Tahap II Tahun 2014 Obligasi Berkelanjutan I SAN Finance Tahap I Tahun 2013 Seri B Obligasi Berkelanjutan II San Finance Tahap II Tahun 2017 Seri A Obligasi Berkelanjutan II San Finance Tahap II Tahun 2017 Seri B Obligasi Berkelanjutan II San Finance Tahap II Tahun 2017 Seri C 10-Jun-16 560,000 10-Jun-16 1,090,000 7-Oct-15 500,000 17-Dec-14 1,000,000 26-Sep-13 391,000 31-Mar-17 801,000 31-Mar-17 440,000 31-Mar-17 31,000 9-Jun-17 370 days 8. Finance | 82. Financial Institution AA- STABLE 9-Jun-19 AA- 3 years Stable 6-Oct-18 AA- 3 years Stable 16-Dec-17 AA- 3 years Stable 25-Sep-16 AA- 3 years STABLE 10-Apr-18 AA- 370 days Stable 30-Mar-20 AA- 3 years Stable 30-Mar-22 AA- 5 years Stable 8.25% 9.00% 10.50% 10.50% 9.75% 8.00% 9.00% 9.25% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Obligasi Subordinasi 2012 Obligasi Bank Saudara II Tahun 2012 30-Nov-12 29-Nov-19 30-Nov-12 29-Nov-17 200,000 100,000 AA- 7 years Stable AA 5 years Stable SMART Tahap I Tahun 2012 Seri A Obligasi Berkelanjutan I SMART Tahap I Tahun 2012 Seri B 4-Jul-12 900,000 4-Jul-12 100,000 3-Jul-17 A+ 5 years Stable 3-Jul-19 A+ 7 years Stable Obligasi Berkelanjutan I Tahap II Tahun 2012 Berjaminan Seri C Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap II Tahun 2013 Seri C 26-Apr-12 838,000 28-Mar-14 237,000 22-Mar-13 123,000 22-Mar-13 736,000 25-Apr-17 Danareksa DBS Vickers Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. 1 Mandiri Mandiri 1 NISP Mandiri CIMB Indonesia 1 DBS Vickers Indonesia RHB Indonesia Danareksa DBS Vickers Indonesia M 1 1 Indo Premier Mandiri MNC RHB Indonesia 1 Trimegah Ind. 8. Finance | 81. Bank 12.63% 11.75% Bank Permata Tbk. Bank Permata Tbk. 9.00% 9.25% Bank Mega Tbk. Bank Mega Tbk. Victoria Ind. Woori Korindo Victoria Ind. Woori Korindo 1 1 1. Agriculture | 12. Plantation Bahana Indo Premier OSK Nusadana Ind. 1 Sinarmas Bahana Indo Premier OSK Nusadana Ind. 1 Sinarmas 8. Finance | 82. Financial Institution AA+ 5 years STABLE 27-Mar-17 AA+ 3 years STABLE 21-Mar-16 AA+ 3 years STABLE 21-Mar-18 AAA 5 years Mandiri CIMB Indonesia Indonesia M CIMB Indonesia Bank Rakyat PT Sarana Multigriya Finansial (Persero) Sarana Multigriya Finansial Danareksa DBS Vickers Indonesia Victoria Indonesia PT Sinar Mas Agro Resources And Technology (Smart) Tbk. Obligasi Berkelanjutan I CIMB Indonesia Indonesia (Persero) Tbk. PT Bank Woori Saudara Indonesia 1906 Tbk. Bank Saudara I Tahun Underwriter Page Corporate Bond and Sukuk Stable 7.55% 10.00% 7.30% 7.60% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. AAA Bahana CIMB Indonesia AAA CIMB Indonesia Bahana CIMB Indonesia Bahana CIMB Indonesia M M M 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 129
  130. No . 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 130 Bond Code ISIN Code SMFP02DCN2 IDA0000575D7 SMFP02BCN1 IDA0000565B2 SMFP02CCN1 IDA0000565C0 SMFP02BCN5 IDA0000657B7 SMFP03ACN4 IDA0000720A5 SMFP03BCN4 IDA0000720B3 SMFP03CN2 IDA000070601 SMFP03ACN1 IDA0000697A5 SMFP03BCN1 IDA0000697B3 SMFP03CN3 IDA000071005 SMFP03ACN5 0 SMFP03ACN7 IDA0000792A4 SMFP03BCN5 IDA0000738B5 SMFP03BCN7 IDA0000792B2 SMFP03CN6 IDA000075907 SMFP04ACN1 IDA0000818A7 SMFP04BCN1 IDA0000818B5 Series Name Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap II Tahun 2013 Seri D Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap I Tahun 2012 Seri B Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap I Tahun 2012 Seri C Obligasi Berkelanjutan II Sarana Multigriya Finansial Tahap V Tahun 2014 Seri B Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap IV Tahun 2016 Seri A Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap IV Tahun 2016 Seri B Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap II Tahun 2015 Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap III Tahun 2015 Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap V Tahun 2016 Seri A Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap VII Tahun 2017 Seri A Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap V Tahun 2016 Seri B Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap VII Tahun 2017 Seri B Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap VI Tahun 2016 Obligasi Berkelanjutan IV Sarana Multigriya Finansial Tahap I Tahun 2017 Seri A Obligasi Berkelanjutan IV Sarana Multigriya Finansial Tahap I Tahun 2017 Seri B Listing Maturity Rating 21-Mar-20 AAA Outstanding* Issue Term Outlook 22-Mar-13 100,000 28-Dec-12 255,000 28-Dec-12 175,000 17-Dec-14 753,000 14-Mar-16 330,000 14-Mar-16 300,000 7 years Stable 27-Dec-17 AAA 5 years Stable 27-Dec-19 AAA 7 years Stable 16-Dec-17 AAA 3 years Stable 21-Mar-17 AA+ 370 days STABLE 11-Mar-19 AAA 3 years 19-Nov-15 28-Nov-16 8-Jul-15 17-Jul-16 8-Jul-15 7-Jul-18 472,000 415,000 85,000 28-Dec-15 370 days 370 days 3 years 3-Jan-17 Stable AA+ STABLE AA+ STABLE AAA Stable AA+ 600,000 370 days STABLE 20-Jun-16 27-Jun-17 #N/A 488,000 3-Mar-17 677,000 20-Jun-16 457,000 3-Mar-17 1,000,000 28-Sep-16 1,176,000 21-Jun-17 696,500 21-Jun-17 303,500 INDONESIA BOND MARKET DIRECTORY 2016-2017 370 days 12-Mar-18 #N/A AAA 370 days Stable 17-Jun-19 AAA 3 years Stable 2-Mar-20 AAA 3 years Stable 27-Sep-21 AAA 5 years Stable 30-Jun-18 AAA 370 days Stable 20-Jun-20 AAA 3 years Stable Coupon Structure 7.80% 7.50% 8.00% 10.00% 8.60% 9.13% 8.90% 8.60% 9.25% 9.25% 7.60% 7.50% 8.20% 8.40% 8.60% 7.00% 7.80% Trustee Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Underwriter Bahana CIMB Indonesia CIMB Indonesia Danareksa CIMB Indonesia Danareksa CIMB Indonesia Indo Premier CIMB Indonesia Indo Premier Mandiri (affiliated) CIMB Indonesia Indo Premier Mandiri (affiliated) CIMB Indonesia Mandiri CIMB Indonesia Mandiri (affiliated) CIMB Indonesia Mandiri (affiliated) CIMB Indonesia Mandiri (affiliated) Page Corporate Bond and Sukuk 1 1 1 1 M 1 M M 1 M Bahana (Affiliated) CIMB Indonesia Indo Premier M Trimegah Ind. Danareksa Indo Premier Standard Chartered Ind. 1 Bahana (Affiliated) CIMB Indonesia Indo Premier 1 Trimegah Ind. Trimegah Ind. Lautandhana Ciptadana CIMB Indonesia DBS Vickers Indonesia Indo Premier 1 1 CIMB Indonesia DBS Vickers Indonesia Indo Premier 1 Mandiri Bahana Mandiri Danareksa 1
  131. Bond Code No . ISIN Code 97. SMGR SMGR01CN1 1. IDA000081707 98. SMII SMII01A 1. IDA0000635A5 SMII01B 2. IDA0000635B3 SMII01ACN1 3. IDA0000775A9 SMII01BCN1 4. IDA0000775B7 SMII01CCN1 5. IDA0000775C5 SMII01DCN1 6. IDA0000775D3 99. SMMF SMMF02 1. IDA000057806 SMMF03 2. IDA000078307 100. 1. 2. 3. 4. 5. 6. 7. SMRA SISMRA01CN1 IDJ000006101 SMRA01CN1 IDA000061204 SISMRA01CN2 IDJ000006408 SMRA01CN2 IDA000064802 SISMRA01CN3 IDJ000006804 SMRA01CN3 IDA000067904 SMRA02CN1 IDA000070908 Series Name Listing Maturity Rating Outstanding* Issue Term Outlook Coupon Structure PT Semen Indonesia (Persero) Tbk. Obligasi Berkelanjutan I Semen Indonesia Tahap I Tahun 2017 21-Jun-17 3,000,000 20-Jun-22 5 years AA+ Stable 8.60% PT Sarana Multi Infrastruktur (Persero) Obligasi I Sarana Multi Infrastruktur Tahun 2014 Seri A Obligasi I Sarana Multi Infrastruktur Tahun 2014 Seri B Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016 Seri C Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016 Seri D 12-Jun-14 100,000 11-Jun-14 900,000 11-Jun-17 3 years 11-Jun-19 5 years AAA STABLE AAA Stable 21-Nov-16 18-Nov-19 3 years Stable 21-Nov-16 18-Nov-21 AAA 2,298,000 1,328,000 5 years AAA Stable 9.60% 10.00% 7.85% 8.20% Trustee 3. Basic Industry And Chemicals | 31. Cement Bank Bahana Tabungan Danareksa 1 Negara Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Obligasi Sinar Mas 2013 Obligasi Sinar Mas Multifinance III Tahun 2016 Sukuk Ijarah Berkelanjutan I Tahun 2013 Obligasi Berkelanjutan I Summarecon Agung Tahap I Tahun 2013 Sukuk Ijarah Berkelanjutan I Summarecon Agung Tahap II Tahun 2014 Obligasi Berkelanjutan I Summarecon Agung Tahap II Tahun 2014 Sukuk Ijarah Berkelanjutan I Summarecon Agung Tahap III Tahun 2015 Obligasi Berkelanjutan I Summarecon Agung Tahap III Tahun 2015 Obligasi Berkelanjutan II Summarecon Agung Tahap I Tahun 2015 Danareksa Indo Premier Mandiri CIMB Indonesia Danareksa Indo Premier (Persero) Tbk. 1 Mandiri Bank Mandiri Bank Mandiri M 1 BCA CIMB Indonesia Danareksa 1 Indo Premier 21-Nov-16 700,000 21-Nov-16 674,000 18-Nov-26 10 years 18-Nov-31 15 years AAA Stable AAA Stable 8.65% 8.90% Bank Mandiri (Persero) Tbk. 11-Apr-13 10-Apr-18 15-Dec-16 14-Dec-21 500,000 500,000 12-Dec-13 150,000 12-Dec-13 450,000 13-Oct-14 300,000 13-Oct-14 800,000 5 years 5 years 11-Dec-18 5 years 11-Dec-18 5 years 10-Oct-19 5 years 10-Oct-19 5 years A- Stable A- Stable A+ Negative A+ Negative A+ Negative A+ Negative 22-Apr-18 23-Apr-15 22-Apr-18 3 years Negative 17-Dec-15 16-Dec-20 A+ Negative 150,000 500,000 1 Trimegah Ind. Bank Mandiri 1 (Persero) Tbk. 3 years 5 years 10.75% 9.50% Bank Permata Tbk. Bank Mega Tbk. Sinarmas 1 Sinarmas 1 6. Property, Real Estate & Building Construction | 61. Property And Real Estate Indo Premier 23-Apr-15 150,000 Mandiri Maybank Kim Eng 8. Finance | 82. Financial Institution PT Summarecon Agung Tbk. Summarecon Agung Tahap I 8. Finance | 82. Financial Institution CIMB Indonesia (Persero) Tbk. PT Sinar Mas Multifinance Multifinance II Tahun Underwriter Page Corporate Bond and Sukuk A+ Negative A+ Rp16,275 miliar per Tahun 10.85% Rp34,5B p.a. 11.50% Ijarah Fee Rp15,75 M 10.50% 11.25% Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Bank Permata Tbk. AAA Makinta 1 Mandiri Indo Premier AAA Makinta 1 Mandiri Indo Premier AAA Mandiri 1 BCA Indo Premier AAA Mandiri 1 BCA Mandiri 1 Mandiri 1 Mandiri Indo Premier BCA 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 131
  132. No . 101. 1. 2. 3. 102. 1. 2. 103. 1. 2. 3. 104. 1. 2. 3. 4. 5. 6. 7. 8. 132 Bond Code ISIN Code SSIA SSIA01B IDA0000549B6 SSIA01ACN1 IDA0000760A1 SSIA01BCN1 IDA0000760B9 SSMM SISSMM01 IDJ000005301 SSMM01B IDA0000554B6 STTP STTP01ACN2 IDA0000724A7 STTP01BCN1 IDA0000627B0 STTP01BCN2 IDA0000724B5 TAFS TAFS01ACN3 IDA0000703A1 TAFS01BCN3 IDA0000703B9 TAFS02ACN1 IDA0000728A8 TAFS02BCN1 IDA0000728B6 TAFS01BCN1 Series Name Obligasi Surya Semesta Internusa I Tahun 2012 Seri B Obligasi Berkelanjutan I Surya Semesta Internusa Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan I Surya Semesta Internusa Tahap I Tahun 2016 Seri B Sukuk Ijarah Sumberdaya Sewatama I Tahun 2012 Obligasi Sumberdaya Sewatama I Tahun 2012 Seri B Obligasi Berkelanjutan I Siantar Top Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan I Siantar Top Tahap I Tahun 2014 Seri B Obligasi Berkelanjutan I Siantar Top Tahap II Tahun 2016 Seri B IDA0000688A4 550,000 6-Nov-17 5 years 23-Sep-16 22-Sep-19 23-Sep-16 22-Sep-21 510,000 390,000 3 years 5 years 30-Nov-17 3-Dec-12 30-Nov-17 579,548 13-Apr-16 300,000 A Stable A Stable A Stable 5 years 5 years BB+ Stable BB+ Stable 12-Apr-19 3 years A Stable 10-Apr-14 8-Apr-17 3 years STABLE 13-Apr-16 12-Apr-21 A 215,000 200,000 Obligasi Berkelanjutan I Toyota Astra Financial Services Tahap III Tahun 2015 Seri A Obligasi Berkelanjutan I Toyota Astra Financial Services Tahap III Tahun 2015 Seri B Obligasi Berkelanjutan II Toyota Astra Financial Services Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan II Toyota Astra Financial Services Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Toyota Astra Financial Seri B Financial Services III Tahun 2013 Seri B Obligasi Toyota Astra Financial Services III Tahun 2013 Seri C Obligasi Berkelanjutan I Toyota Astra Financial Services Tahap II Tahun 2015 Seri A 9-Nov-15 170,000 9-Nov-15 1,498,000 2-Jun-16 500,000 2-Jun-16 1,000,000 14-Feb-14 512,000 20-May-13 700,000 20-May-13 100,000 12-Jun-15 698,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 Underwriter Bank Permata 9.30% Tbk. 9.88% Indo Premier Bank Permata Indo Premier Bank Permata Indo Premier Tbk. 10.50% Bahana HSBC Indonesia Tbk. Mandiri Mandiri 1 1 1 7. Infrastructure, Utilities & Transportation | 71. Energy 3-Dec-12 199,500 Trustee 6. Property, Real Estate & Building Construction | 62. Building Construction Ijarah Fee Rp 19,2M p.a. 9.60% 5 years A Stable 16-Nov-16 AAA 370 days STABLE 6-Nov-18 AAA 3 years 11-Jun-17 Stable AAA 370 days STABLE 1-Jun-19 AAA 3 years 13-Feb-17 Stable AAA 3 years STABLE 17-May-16 AAA 3 years STABLE 17-May-17 AAA 4 years 21-Jun-16 370 days STABLE AAA STABLE Bank CIMB Niaga Tbk. Bank CIMB Niaga Tbk. Mandiri DBS Vickers Ind. Mandiri DBS Vickers Ind. 1 1 5. Consumer Goods Industry | 51. Food And Beverages Bank 10.50% Tabungan Negara Mandiri 1 Mandiri M Mandiri 1 (Persero) Tbk. 11.40% Bank CIMB Niaga Tbk. Bank 10.75% Tabungan Negara (Persero) Tbk. PT Toyota Astra Financial Services Obligasi Toyota Astra TAFS01ACN2 7-Nov-12 Coupon Structure PT Siantar Top Tbk. TAFS03B IDA0000583C3 Rating PT Sumberdaya Sewatama Services Tahap I Tahun 2014 TAFS03C Maturity PT Surya Semesta Internusa Tbk. IDA0000618B9 IDA0000583B5 Listing Outstanding* Issue Term Outlook Page Corporate Bond and Sukuk 8.75% 9.50% 7.70% 8.40% 10.50% 7.60% 7.65% 8.50% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia 8. Finance | 82. Financial Institution BCA Indo Premier Mandiri BCA Indo Premier Mandiri DBS Vickers Indonesia Indo Premier Mandiri M Trimegah Ind. DBS Vickers Indonesia Indo Premier Mandiri 1 Trimegah Ind. HSBC Indonesia Indo Premier Mandiri M Trimegah Ind. HSBC Indonesia Indo Premier Mandiri M Trimegah Ind. HSBC Indonesia Indo Premier Mandiri Trimegah Ind. Bank Rakyat Indo Premier Indonesia 1 Standard Chartered Ind. (Persero) Tbk. (Persero) Tbk. M Standard Chartered Ind. Standard Chartered Ind. Trimegah Ind. M M
  133. Bond Code No . ISIN Code TAFS01BCN2 9. IDA0000688B2 TAFS02ACN2 10. IDA0000788A2 TAFS02BCN2 11. IDA0000788B0 105. TAXI01 1. IDA000063705 106. IDA0000613B0 TBIG02CN1 2. IDA000074702 TBIG02CN2 3. IDA000080105 107. IDA000053300 108. TELE TELE01CN1 1. IDA000069504 TELE01ACN2 2. IDA0000766A8 TELE01BCN2 3. IDA0000766B6 TELE01CCN2 4. IDA0000766C4 109. 3. TBLA TBLA02 1. 2. TBIG TBIG01BCN1 1. 1. TAXI TLKM TLKM01ACN1 IDA0000689A2 TLKM01BCN1 IDA0000689B0 TLKM01CCN1 IDA0000689C8 Series Name Listing Maturity Rating 12-Jun-15 11-Jun-18 AAA Outstanding* Issue Term Outlook Obligasi Berkelanjutan I Toyota Astra Financial Services Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan II Toyota Astra Financial Services Tahap II Tahun 2017 Seri A Obligasi Berkelanjutan II Toyota Astra Financial Services Tahap II Tahun 2017 Seri B 811,000 16-Feb-17 800,000 16-Feb-17 755,370 3 years Stable 24-Feb-18 AAA 370 days Stable 14-Feb-20 AAA 3 years Stable PT Express Transindo Utama Tbk. Obligasi I Express Transindo Utama Tahun 2014 25-Jun-14 1,000,000 24-Jun-19 5 years PT Tower Bersama Infrastructure Tbk. Obligasi Berkelanjutan I Tower Bersama Infrastructure Tahap I Tahun 2013 Seri B Obligasi Berkelanjutan II Tower Bersama Infrastructure Tahap I Tahun 2016 Obligasi Berkelanjutan II Tower Bersama Infrastructure Tahap II Tahun 2017 13-Dec-13 190,000 11-Jul-16 230,000 25-Apr-17 700,000 12-Dec-16 9.25% 7.65% 8.50% Trustee Bank Rakyat Obligasi II Tunas Baru 6-Jul-12 1,000,000 BB+ Negative 12.25% Standard Chartered Ind. Bank Rakyat DBS Vickers Indonesia (Persero) Tbk. Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Tiphone Tahap I Tahun AA- STABLE 1-Jul-21 AA- 5 years Stable 21-Apr-20 AA- 2015 Obligasi Berkelanjutan I Tiphone Tahap II Tahun 5-Jul-17 5 years 2016 Seri A Obligasi Berkelanjutan I Tiphone Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan I Tiphone Tahap II Tahun 2016 Seri C 10-Jul-18 17-Oct-16 24-Oct-17 17-Oct-16 14-Oct-19 17-Oct-16 14-Oct-21 334,000 256,000 110,000 Stable A- Stable Telkom Tahap I Tahun 3 years 370 days 3 years 5 years BBB+ Negative BBB+ Negative BBB+ Negative BBB+ Negative 2015 Seri A Obligasi Berkelanjutan I Telkom Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan I Telkom Tahap I Tahun 2015 Seri C 23-Jun-22 7 years Stable 24-Jun-15 23-Jun-25 AAA 2,100,000 24-Jun-15 1,200,000 1 DBS Vickers Indonesia Indo Premier Mandiri 1 Trimegah Ind. Bank Rakyat Indonesia (Persero) Tbk. BCA Mandiri Valbury 1 10.00% 9.25% 8.75% Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. Bank Rakyat Indonesia (Persero) Tbk. HSBC Indonesia Indo Premier NISP M UOB Kay Hian CIMB Indonesia DBS Vickers Indonesia Indo Premier CIMB Indonesia Mandiri (Affiliated) 1 1 10.50% 10 years 23-Jun-30 15 years Bank Sinarmas Tbk. CIMB Indonesia Mandiri 1 11.00% 9.15% 9.50% 10.65% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bahana Bahana Indo Premier Bahana Indo Premier Bahana Indo Premier 1 1 1 1 7. Infrastructure, Utilities & Transportation | 73. Telecommunication 24-Jun-15 2,200,000 MNC RHB Indonesia 9. Trade, Services & Investment | 93. Retail Trade PT Telkom Indonesia (Persero) Tbk. Obligasi Berkelanjutan I Mandiri 1 1. Agriculture | 12. Plantation 13-Jul-15 500,000 Trimegah Ind. 7. Infrastructure, Utilities & Transportation | 75. Non Building Construction PT Tiphone Mobile Indonesia Tbk. Obligasi Berkelanjutan I Indo Premier Indonesia PT Tunas Baru Lampung Tbk. Lampung Tahun 2012 Underwriter 7. Infrastructure, Utilities & Transportation | 74. Transportation 3 years 3 years Coupon Structure Page Corporate Bond and Sukuk AAA Stable AAA Stable 9.93% 10.25% 10.60% Bank Permata 1 Tbk. Bank Permata Tbk. Bank Permata Tbk. Bahana (affiliated) Danareksa (affiliated) Mandiri (affiliated) 1 Trimegah Ind. 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 133
  134. Bond Code No . 4. ISIN Code TLKM01DCN1 5. 110. 1. 2. 111. 1. 112. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 134 IDA0000689D6 TLKM02B IDA0000450B7 TPIA TPIA01A IDA0000787A4 TPIA01B IDA0000787B2 Series Name Obligasi Berkelanjutan I Telkom Tahap I Tahun 2015 Seri D Obligasi II Telkom Tahun 2010 Seri B Obligasi Chandra Asri Petrochemical I Tahun 2016 Seri A Obligasi Chandra Asri Petrochemical I Tahun 2016 Seri B PT Serasi Autoraya TRAC03D Obligasi Serasi Autoraya TUFI TUFI01ACN2 IDA0000630A6 TUFI01BCN2 IDA0000630B4 TUFI01CN3 IDA000068704 TUFI02ACN1 IDA0000711A4 TUFI02BCN1 IDA0000711B2 TUFI02ACN2 IDA0000730A4 TUFI02BCN2 IDA0000730B2 TUFI01ACN1 IDA0000586A0 TUFI01BCN1 IDA0000586B8 TUFI03ACN1 IDA0000765A0 TUFI03ACN2 IDA0000811A2 Maturity Rating 24-Jun-15 23-Jun-45 AAA 1,500,000 7-Jul-10 1,995,000 30 years Stable 6-Jul-20 AAA 10 years Stable Coupon Structure 11.00% 10.20% PT Chandra Asri Petrochemical Tbk. TRAC IDA0000537D7 Listing Outstanding* Issue Term Outlook III Tahun 2012 Seri D 23-Dec-16 361,400 23-Dec-16 138,600 6-Jul-12 148,000 22-Dec-19 3 years 22-Dec-21 5 years 5-Jul-16 4 years A+ Stable A+ Stable A+ STABLE Trustee Underwriter Bank Permata Danareksa (affiliated) Tbk. Bank CIMB Niaga Tbk. Obligasi Berkelanjutan I II Tahun 2014 Seri A Obligasi Berkelanjutan I Mandiri Tunas Finance Tahap II Tahun 2014 Seri B Obligasi Berkelanjutan I Mandiri Tunas Finance Tahap III Tahun 2015 Obligasi Berkelanjutan II Mandiri Tunas Finance Tahap I Tahun 2015 Seri A Obligasi Berkelanjutan II Mandiri Tunas Finance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan II Mandiri Tunas Finance Tahap II Tahun 2016 Seri A Obligasi Berkelanjutan II Mandiri Tunas Finance Tahap II Tahun 2016 Seri B Obligasi Berkelanjutan I Mandiri Tunas Finance Tahap I Tahun 2013 Seri A Obligasi Berkelanjutan I Mandiri Tunas Finance Tahap I Tahun 2013 Seri B Obligasi Berkelanjutan III Mandiri Tunas Finance Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan III Mandiri Tunas Finance Tahap II Tahun 2017 Seri A 23-May-17 26-May-14 23-May-18 10-Jun-15 9-Jun-18 21-Dec-15 18-Dec-18 21-Dec-15 18-Dec-20 2-Jun-16 1-Jun-19 2-Jun-16 1-Jun-21 7-Jun-13 5-Jun-16 7-Jun-13 5-Jun-17 10-Oct-16 7-Oct-19 7-Jun-17 6-Jun-20 175,000 150,000 500,000 100,000 720,000 680,000 425,000 75,000 400,000 610,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 Mandiri (affiliated) 1 Trimegah Ind. Mandiri Bahana Danareksa 1 10.80% Tabungan Negara (Persero) Tbk. Bank 11.30% Tabungan Negara (Persero) Tbk. DBS Vickers Indonesia Mandiri BCA DBS Vickers Indonesia Mandiri BCA 1 1 7. Infrastructure, Utilities & Transportation | 74. Transportation Victoria Ind. 8.75% Bank Mega Tbk. OSK Nusadana Ind. Indo Premier M Mandiri 8. Finance | 82. Financial Institution 26-May-14 425,000 Bahana (affiliated) 3. Basic Industry And Chemicals | 34. Chemicals Bank PT Mandiri Tunas Finance Mandiri Tunas Finance Tahap Page Corporate Bond and Sukuk 3 years 4 years 3 years 3 years 5 years 3 years 5 years 3 years 4 years 3 years 3 years AA STABLE AA+ Stable AA+ Stable AA+ Stable AA+ Stable AA+ Stable AA+ Stable AA STABLE AA STABLE AA+ Stable AA+ Stable 10.70% 10.85% 9.75% 10.20% 10.80% 8.95% 9.25% 7.75% 7.80% 8.20% 8.50% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Mandiri M Mandiri 1 Mandiri 1 Mandiri 1 Mandiri 1 Mandiri (affiliated) 1 Mandiri (affiliated) 1 Bank Mega Mandiri Bank Mega Mandiri Tbk. Tbk. Bank Mega Tbk. Bank Mega Tbk. M M Mandiri (Affiliated) 1 Mandiri (Affiliated) 1
  135. Bond Code No . ISIN Code TUFI03BCN1 12. IDA0000765B8 TUFI03BCN2 13. IDA0000811B0 113. 1. 2. 3. 4. VRNA01BCN3 IDA0000621B3 VRNA01ACN2 IDA0000614A0 VRNA01BCN2 IDA0000614B8 VRNA01CCN1 IDA0000555C1 114. 1. 2. 3. 4. 5. 6. 7. 8. 2. WOMF WOMF01ACN3 IDA0000676A9 WOMF01ACN4 IDA0000708A0 WOMF01BCN3 IDA0000676B7 WOMF01BCN4 IDA0000708B8 WOMF02ACN1 IDA0000739A5 WOMF02BCN1 IDA0000739B3 WOMF01BCN1 IDA0000638B7 WOMF01BCN2 IDA0000654B4 115. 1. VRNA WSKT WSKT02B IDA0000522B3 WSKT01ACN2 IDA0000702A3 Series Name Listing Maturity 10-Oct-16 7-Oct-21 7-Jun-17 6-Jun-22 Rating Outstanding* Issue Term Outlook Obligasi Berkelanjutan III Mandiri Tunas Finance Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan III Mandiri Tunas Finance Tahap II Tahun 2017 Seri B 100,000 240,000 5 years 5 years AA+ Stable AA+ Stable Coupon Structure 8.55% 8.85% Trustee Bank Mega Tbk. Bank Mega Tbk. PT Verena Multi Finance Tbk. Obligasi Berkelanjutan I Verena Multi Finance Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan I Verena Multi Finance Tahap II Tahun 2013 Seri A Obligasi Berkelanjutan I Verena Multi Finance Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan I Verena Multi Finance Tahap I Tahun 2012 Seri C 20-Mar-14 132,000 27-Dec-13 113,000 27-Dec-13 40,000 12-Dec-12 23,000 WOM Finance Tahap III Tahun 2015 Seri A Obligasi Berkelanjutan I WOM Finance Tahap IV Tahun 2015 Seri A Obligasi Berkelanjutan I WOM Finance Tahap III Tahun 2015 Seri B Obligasi Berkelanjutan I WOM Finance Tahap IV Tahun 2015 Seri B Obligasi Berkelanjutan II WOM Finance Tahap I Tahun 2016 Obligasi Berkelanjutan II WOM Finance Tahap I Tahun 2016 Obligasi Berkelanjutan I WOM Finance Tahap I Tahun 2014 Seri B Obligasi Berkelanjutan I WOM Finance Tahap II Tahun 2014 Seri B 6-Apr-15 140,000 23-Dec-15 19-Mar-17 A- 3 years STABLE 24-Dec-16 A- 3 years 24-Dec-17 4 years 11-Dec-16 4 years STABLE A- Stable A- STABLE 12-Apr-16 370 days STABLE 2-Jan-17 AA STABLE 6-Apr-15 2-Apr-18 AA- 397,000 27-Jun-16 3 years Stable 22-Dec-18 AA- 3 years Stable 4-Jul-17 AA- 442,000 370 days Stable 27-Jun-16 24-Jun-19 AA- 223,000 26-Jun-14 203,000 8-Dec-14 500,000 3 years Stable 25-Jun-17 AA 3 years 5-Dec-17 3 years PT Waskita Karya (Persero) Tbk. Obligasi II Waskita Karya Tahun 2012 Seri B Obligasi Berkelanjutan I Waskita Karya Tahap II Tahun 2015 Seri A AA 370 days 23-Dec-15 STABLE AA- Stable 5-Jun-17 5 years STABLE 19-Oct-15 16-Oct-18 A- 350,000 Mandiri (Affiliated) 1 12,55% 11.84% 12.15% 9.05% Bank Mega Tbk. Bank Mega Tbk. Bank Mega Tbk. Bank Sinarmas Tbk. 3 years Evergreen Capital RHB Indonesia CIMB Indonesia M Indo Premier Kresna Graha Maybank Kim Eng M RHB Indonesia Indo Premier Kresna Graha Maybank Kim Eng 1 RHB Indonesia Indo Premier Kresna Graha Maybank Kim Eng M RHB Indonesia 9.25% 9.35% 10.25% 10.80% 8.50% 9.50% 11.00% 11.25% Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bank Permata Tbk. Bank Permata Tbk. Bank Mandiri (Persero) Tbk. Bank Mandiri (Persero) Tbk. Bahana Securites Indo Premier Maybank Kim Eng (affiliated) Bahana Securites Indo Premier Maybank Kim Eng (affiliated) Bahana Securites Indo Premier Maybank Kim Eng (affiliated) Bahana Securites Indo Premier Maybank Kim Eng (affiliated) Bahana Securites Indo Premier Maybank Kim Eng (affiliated) Bahana Securites Indo Premier Maybank Kim Eng (affiliated) M M 1 1 1 1 Bahana HSBC Indonesia Indo Premier M Maybank Kim Eng Bahana HSBC Indonesia Indo Premier 1 Maybank Kim Eng 6. Property, Real Estate & Building Construction | 62. Building Construction 6-Jun-12 675,000 1 8. Finance | 82. Financial Institution 203,000 860,000 Mandiri (Affiliated) 8. Finance | 82. Financial Institution PT Wahana Ottomitra Multiartha Tbk. Obligasi Berkelanjutan I Underwriter Page Corporate Bond and Sukuk A- Positive 9.75% 10.40% Bank CIMB Niaga Tbk. Bank Mega Tbk. Bahana Bahana (affiliated) Danareksa (affiliated) Mandiri (affiliated) M 1 INDONESIA BOND MARKET DIRECTORY 2016-2017 135
  136. No . 3. 4. 5. 6. 7. 8. Bond Code ISIN Code WSKT01BCN2 IDA0000702B1 WSKT01CN1 IDA000065403 WSKT02CN1 IDA000073506 WSKT02ACN3 IDA0000789A0 WSKT02BCN3 IDA0000789B8 WSKT02CN2 IDA000075808 Series Name Obligasi Berkelanjutan I Waskita Karya Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan I Waskita Karya Tahap I Tahun 2014 Obligasi Berkelanjutan II Waskita Karya Tahap I Tahun 2016 Obligasi Berkelanjutan II Waskita Karya Tahap III Tahun 2017 Seri A Obligasi Berkelanjutan II Waskita Karya Tahap III Tahun 2017 Seri B Obligasi Berkelanjutan II Waskita Karya Tahap II Tahun 2016 Listing Maturity Rating 19-Oct-15 16-Oct-20 A- Outstanding* Issue Term Outlook 1,150,000 19-Nov-14 500,000 13-Jun-16 2,000,000 22-Feb-17 747,000 22-Feb-17 910,000 29-Sep-16 900,000 5 years Positive 18-Nov-17 A- 3 years Positive 10-Jun-19 A- 3 years Positive 21-Feb-20 A- 3 years Positive 21-Feb-22 A- 5 years Positive 28-Sep-21 A- 5 years *) Rp Million, M (Bond already mature), R (Bond has already been redeemed) 136 INDONESIA BOND MARKET DIRECTORY 2016-2017 Positive Coupon Structure 11.10% 10.40% 9.25% 8.50% 9.00% 8.50% Trustee Bank Mega Tbk. Bank CIMB Niaga Tbk. Bank Mega Tbk. Bank Mega Underwriter Bahana (affiliated) Danareksa (affiliated) Mandiri (affiliated) Bahana (affiliated) Danareksa (affiliated) Mandiri (affiliated) Bahana (affiliated) Danareksa (affiliated) Mandiri (affiliated) DBS Vickers Indo Premier Bank Mega HSBC Indonesia Bank Mega Tbk. 1 1 1 CIMB Indonesia Tbk. Tbk. Page Corporate Bond and Sukuk 1 Mandiri CIMB Indonesia Indo Premier 1 Standard Chartered Ind. Bahana (Affiliated) Danareksa (Affiliated) Mandiri (Affiliated) 1
  137. idA- ADHI PT Adhi Karya (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 In 2004, ADHI became the first construction company listed on the Indonesia Stock Exchange. As a public listed company, ADHI was prompted to continuously provide all the best for each of its stakeholders, including for the development of Indonesia's rapidly growing construction industry. Until December 2016, ADHI has successfully reached Rp16.5 trillion new contracts accounted for 91.6% achievement of the Work and Budget Plan (WBP) 2016 that amounted to Rp17.9 trillion. However, it increased by 17.8% compared to 2015, amounting to Rp14.0 trillion. Contributions per line of business on a new contract until the end of 2016 still dominated by the Construction and Energy amounted to 94,0% and the rest is other lines of business. Meanwhile, based on source of fund, the realization of new contracts from private projects/others as much as 27.6%, 35.7% State-Owned Enterprises and 36.7%. APBN/APBD. Based on presidential decree No. 65 year 2016, ADHI has been appointed by the government as Light Rail Transit (LRT) Jabodebek contractor. The large scale project will increase ADHI credential in railway construction project. Nevertheless, the project also triggers other business development such as property development nearby LRT station. In 2017, ADHI is planning to start selling property nearby LRT stations. The increasing competition in the construction industry has prompted the Company to redefine its vision and mission, which is becoming a Leading Construction Company in Southeast Asia. The company also launched “Beyond Construction” as a tagline, which reflects the Company’s motivation to expand its business to other businesses related to ADHI current core business. In effort of tightening competitiveness, ADHI initiated improvements in various aspects such as to strengthen the organization and to also improve the Company’s internal capacity. By being optimistic on the unlimited positive opportunities going forward, ADHI is ready to continue to work by: • • • • ADDRESS Property, Real Estate And Building Construction Building Construction www.adhi.co.id Ki Syahgolang Permata adhi@adhi.co.id Ingenicure-Architecten-en- Annemersbedrijf Associatie Selle en de Bruyn, Reyerse en de Vries NV (Associate NV) was a Dutch-owned company which led to the establishment of ADHI. It was nationalized and designated as PN Adhi Karya on March 11, 1960. The Initiative was then prompted the development in Indonesia. Later, based on the approval of the Minister of Justice of the Republic of Indonesia, on June 1, 1974, ADHI changed its status to Limited Liability Company. • Stable Incorporated performance based on the increase in Corporate Value; Conducting learning process as part of achieving business growth; Implementing a simple and down-to-earth corporate culture; Proactively performing five lines of business through professional governance practice to support corporate growth; Participating in partnership and community development (PKBL) and corporate social responsibility programs (CSR) along with corporate growth. Jln. Raya Pasar Minggu Km. 18 Jakarta Selatan Phone : (021) 797-5312 Fax : (021) 797-5311 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Property, Plant and Equipment Total Assets Trade Payables Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 3,311,392 3,971,029 19.92 p 14,691,152 16,835,408 14.60 p 329,881 354,542 4,317,348 162,651 368,090 1,099,427 Chg % 3,364,910 -22.06 q 131,016 -19.45 q 336,214 1,459,816 -8.66 q 7.48 p 32.78 p 16,761,064 20,095,436 19.89 p 9,414,462 13,044,370 38.56 p 11,598,932 14,652,656 544,000 544,000 3,561 3,561 6,489,310 3,118,534 5,440 356,085 100 8,372,701 4,272,038 5,440 356,085 100 29.02 p 36.99 p 26.33 p -  -  -  -  -  1,818,515 2,024,446 11.32 p 8,305 5,162,132 9,524 5,442,780 14.68 p 9,389,570 11,063,943 17.83 p 136,718 257,959 88.68 p 5,153,827 1,006,724 5,433,256 1,184,570 5.42 p 5.44 p 17.67 p Earning Before Tax 746,091 612,622 -17.89 q Income for the periods 465,026 315,108 -32.24 q Net Income … *) 463,685 313,451 -32.40 q EBITDA Comprehensive Income FINANCIAL RATIOS 913,476 878,754 926,587 1.44 p 404,657 -53.95 q DER (X) 0.60 0.78 NPM (%) 4.95 2.85 -42.49 q 2.77 ROA (%) EBITDA Coverage (X) 6.68 29.93 p 1.57 -43.48 q 3.59 -46.24 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 2. Public 51.00% 49.00% AUDIT COMMITTEE 1. Muchlis Rantoni Luddin 2. Dodi Masykur 3. Ratna Wardhani 4. Syaiful INDONESIA BOND MARKET DIRECTORY 2016-2017 137
  138. BOARD OF COMMISSIONERS 1 . Muhammad Fadjroel Rachman 2. Bobby AA. Nazief 3. Hironimus Hilapok * 4. Muchlis Rantoni Luddin * 5. Rildo Ananda Anwar 6. Wicipto Setiadi *) Independent Commissioner BOARD OF DIRECTORS 1. Budi Harto 2. BEP. Adji Satmoko 3. Budi Saddewa Soediro 4. Haris Gunawan 5. Partha Sarathi 6. Pundjung Setya Brata AS OF JUNE 2017 No. 1. 2. 3. 4. 5. 6. CODE ISIN CODE ADHI01BCN1 IDA0000535B5 ADHI01ACN1 IDA0000535A7 ADHISM1CN1 IDJ000005202 ADHI01BCN2 IDA0000574B4 ADHI01ACN2 IDA0000574A6 ADHISM1CN2 IDJ000005707 Series Name Obligasi Berkelanjutan I Adhi Karya Tahap I Tahun 2012 Seri B Obligasi Berkelanjutan I Adhi Karya Tahap I Tahun 2012 Seri A Outstanding (Rp Million) 250,000 Listing Date 04-Jul-12 Maturity Date 03-Jul-19 Issue Term 7 years Karya Tahap I Tahun Coupon Payment Date Trustee 9.80% 03-Jul-17 03-Oct-17 03-Jan-18 PT Bank Mega 03-Jul-17 - PT Bank Mega 03-Jul-17 - PT Bank Mega 15-Sep-17 15-Dec-17 15-Mar-18 PT Bank Mega 15-Sep-17 15-Dec-17 15-Mar-18 PT Bank Mega 15-Sep-17 15-Dec-17 15-Mar-18 PT Bank Mega Period Quarterly 375,000 04-Jul-12 03-Jul-17 5 years 9.35% Quarterly Sukuk Mudharabah Berkelanjutan I Adhi Coupon Structure / 125,000 04-Jul-12 03-Jul-17 5 years Nisbah 73.05% 2012 Quarterly Obligasi Berkelanjutan I 8.50% ADHI Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan I ADHI Tahap II Tahun 2013 Seri A Sukuk Mudharabah Berkelanjutan I ADHI Tahap II Tahun 2013 500,000 18-Mar-13 15-Mar-20 7 years Quarterly 125,000 18-Mar-13 15-Mar-18 5 years 8.10% Quarterly Nisbah 63.28125% 125,000 18-Mar-13 15-Mar-18 5 years from revenue Quarterly 03-Apr-18 - - 15-Jun-18 - - Rating / Outlook Pastikan Link Grafik sudah be Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. APastikan Stable Link Grafik sudah be A- Stable A- Stable A- Stable A- Stable A- Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 138 INDONESIA BOND MARKET DIRECTORY 2016-2017
  139. TRADING HIGHLIGHT ADHI01BCN1 ISIN CODE : IDA0000535B5 25 20 Frequency 15 Volume 12 Frequency Jan-14 Trading Activities, Jul-15 Jan-17 Jul-18 2016 Q2 2017 Price and Yield Q1 Volume (Rp bn) 10.00 4.00 - 12.00 24.00 1 2 - 1 3 5 Frequency (X) Q3 3 Q4 - Q1 4 Q2 2.00 12 2 1 15 9 Trading days 10 6 CTP Price - High 100.0550 96.5424 N/A 101.5500 101.7500 101.5000 CTP Price - Low 98.7500 93.7600 N/A 101.2500 98.8300 100.5000 IBPA Fair Price 99.3745 98.2754 99.7702 97.8089 99.9011 100.5999 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7.612 6.578 5.535 4.626 3.863 3 5 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 13.0 100 12.0 98 11.0 96 10.0 94 9.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 16.00 15-Mar 15-Mar 10.0171 Mod. Duration (yrs) 2.691 Sensitivity (%) 0.027 Convexity (yrs) 8.756 6.40 - 14-Jun 02-May 10.4754 2.510 19.20 N/A 10-Oct N/A 9.8958 2.335 0.025 10-Oct 10.8085 2.140 0.023 0.021 38.40 3.20 10-Jan 29-May 17-Jan 29-May 9.8353 1.955 9.4701 1.785 0.020 0.018 This series was first listed on 4 July 2012 and will be matured on 3 July 2019. This series has an outstanding amount of Rp250 billion with fixed coupon per annum at 9.80%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 93.9107% at the lowest and 100.8310% at the highest. At the same period, the fair yield for this series was ranging from 9.3478% to 11.9598%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADHI01ACN1 Listing Date ISIN CODE : IDA0000535A7 75 60 Jul-12 TRADING ACTIVITIES Volume Frequency 10 Volume 8 Frequency Maturity Date Jul-13 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Jul-14 Jul-15 Jul-16 2016 Q1 Q2 Jul-17 2017 Q3 Q4 Q1 Q2 4.00 - 9.00 - 8.00 1 - 2 - 1 4 - 5 - 4 58.00 2 1 45 6 Trading days 30 4 CTP Price - High 100.0500 N/A 101.1000 N/A 100.6000 100.1500 CTP Price - Low 97.2000 N/A 100.0000 N/A 100.5000 100.1100 IBPA Fair Price 100.0608 2 15 - enar >> enar >> Maturity Date Jul-12 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 101 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 99 10.0 98 9.0 97 8.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 Last Date 4.27 23-Mar 23-Mar 9.2754 N/A N/A 9.60 19-Sep 11-Jul - N/A N/A 8.53 61.87 04-Jan 13-Jun 04-Jan 13-Jun 99.6152 100.1036 100.0001 100.2797 100.0487 9.7544 9.2058 9.3480 8.1392 7.6618 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.660 1.129 0.693 0.354 0.121 0.008 Mod. Duration (yrs) 1.146 Sensitivity (%) 0.011 Convexity (yrs) - 0.930 0.009 0.708 0.007 0.480 0.005 0.245 0.002 0.030 0.000 This series listed on 04 July 2012, and matured on 03 July 2017. This series issued with nominal amount of Rp375.00 billion and have fixed interest rate per annum at 9.35%. Average trading volume for this series reached Rp3.25 billion/quarter on 2016 and increased to Rp33.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 97.2000% – 101.1000% while the IBPA fair price was between 97.3327% – 100.4555%. The IBPA fair yield for this series was between 7.4756% – 11.3114%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 139
  140. ADHISM1CN1 Listing Date ISIN CODE : IDJ000005202 TRADING ACTIVITIES Volume 75 60 Jul-12 Frequency 30 Volume 24 Frequency Maturity Date Jul-13 Trading Activities, Jul-15 Jul-16 2016 Price and Yield Q1 Q2 Volume (Rp bn) 21.00 4 10 Frequency (X) Jul-17 2017 Q3 Q4 Q1 0.80 59.20 10.22 57.20 - 2 8 6 4 - 4 25 14 Q2 14 - 45 18 Trading days 30 12 CTP Price - High 99.1487 99.6600 99.9600 100.3000 100.4200 N/A 15 6 97.3900 99.6000 98.3300 N/A - - CTP Price - Low IBPA Fair Price 99.8267 99.6156 99.8293 100.0003 100.2798 Pastikan 100.0487Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 1.658 1.129 0.691 0.354 enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jul-14 Price 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 67.20 24-Feb 06-Jan 9.4752 Mod. Duration (yrs) 1.145 Sensitivity (%) 0.011 Convexity (yrs) 2.56 23-May 27-May 9.7544 0.930 189.44 12-Jul 19-Jul 9.5852 0.708 0.009 0.007 32.70 03-Nov 99.0000 06-Oct 9.3480 0.480 0.005 183.04 - 08-Mar N/A 99.9900 09-Mar N/A 8.1392 7.6618 0.245 0.030 0.002 0.000 31-Mar Pastikan 22-JunLink Grafik sudah be 0.121 0.008 This series was listed since 04 July 2012 with nominal value of Rp125.00 billion and interest rate of 9.35 % per annum. While quarterly average turnover ratio reached 91.52 % on year 2017. This series had traded 67 times in 24 trading days with total volume booked of Rp148.42 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 97.3900 - 100.4200 while the IBPA fair price was between 97.3332% - 100.4556%, the fair yield for this series was between 7.4756% - 11.3114%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADHI01BCN2 Listing Date ISIN CODE : IDA0000574B4 TRADING ACTIVITIES Volume 125 100 Mar-13 Mar-14 Frequency 40 Volume 32 Frequency Trading Activities, Volume (Rp bn) 54.00 90.00 116.00 48.00 10.00 3 5 7 8 1 Frequency (X) Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Price 101 PRICE AND YTM MOVEMENT YTM (%) 13.0 98 12.0 95 11.0 92 10.0 89 9.0 86 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 140 INDONESIA BOND MARKET DIRECTORY 2016-2017 16 37 14 43.20 72.00 92.80 38.40 02-Mar 15-Jun 25-Jul 29-Dec 100.0500 100.6000 100.6000 100.0500 Q2 3 8.00 62.00 6 2 49.60 95.5200 100.1000 23-Mar 12-Jun CTP Price - Low 95.7000 93.0000 93.6000 93.3000 95.5000 IBPA Fair Price 93.7020 93.6685 94.8685 93.3909 95.5688 Pastikan 96.6686Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be Date IBPA Fair Yield (%) enar >> 10 Mar-20 2017 Q1 CTP Price - High Q2-16 Mar-19 Q4 16 Q1-16 Mar-18 Q3 50 - Mar-17 2016 Q2 Trading days enar >> Mar-16 Q1 24 8 Mar-15 Price and Yield 75 25 Maturity Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 17-Mar 10.4548 3.279 12.717 0.033 19-Apr 10.5853 3.106 11.375 0.031 12-Jul 10.2807 2.932 10.111 0.029 10-Oct 10.9701 2.741 8.828 0.027 23-Mar 99.0000 18-Apr 10.2444 9.9067 2.560 2.397 0.026 0.024 7.691 6.724 This series listed on 18 March 2013, and matured on 15 March 2020. This series issued with nominal amount of Rp500.00 billion and have fixed interest rate per annum at 8.50%. Average trading volume for this series reached Rp77.00 billion/quarter on 2016 and decreased to Rp36.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 93.0000 – 100.6000 while the IBPA fair price was between 88.3795% – 96.8991%. The IBPA fair yield for this series was between 9.8006% – 12.0733%.
  141. ADHI01ACN2 ISIN CODE : IDA0000574A6 30 24 Frequency 15 Volume 12 Frequency Maturity Date Mar-14 Trading Activities, Mar-15 Mar-16 Mar-17 2016 Price and Yield Q1 Volume (Rp bn) - 4.40 6.70 0.10 28.10 - 4 4 1 4 Frequency (X) - Turnover Ratio (%) - Q2 Mar-18 2017 Q3 7 Q4 5 Q1 1 Q2 7.20 10 7 3 18 9 Trading days 12 6 CTP Price - High N/A 96.7700 97.9300 97.0000 100.1000 100.4000 CTP Price - Low N/A 94.7500 96.0000 97.0000 97.5000 98.0000 IBPA Fair Price 96.6943 96.9296 98.1431 97.6848 98.9654 99.5942 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.932 2.221 1.586 1.056 0.668 3 6 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 101 PRICE AND YTM MOVEMENT YTM (%) 12.0 99 11.0 97 10.0 95 9.0 93 8.0 91 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM ADHISM1CN2 80 28-Apr N/A 9.9642 Mod. Duration (yrs) 1.775 Sensitivity (%) 0.018 Convexity (yrs) 3.730 20-May 10.0766 1.566 15-Sep 26-Sep 9.4759 1.353 0.016 0.014 0.32 16-Dec 16-Dec 10.1571 1.130 0.011 89.92 31-Jan 01-Mar 9.2120 0.905 Frequency 30 Volume 24 Frequency 23.04 08-Jun 10-Apr 8.6770 0.701 0.009 0.007 This series, matured on 15 March 2018, had average turnover of 24.80%/quarter and traded in 16 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp2.80 billion/quarter with average frequency about 3 times per quarter, while during the first semester of 2017 the average volume increased to Rp17.65 billion/quarter with average frequency increased to 9 times/quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was between 94.7500% at the lowest and peaked at 100.4000%, meanwhile the range of IBPA fair price 8.6583% at the lowest and 11.6229% at the highest. Mar-13 TRADING ACTIVITIES 100 N/A 21.44 Listing Date ISIN CODE : IDJ000005707 Volume 14.08 stood between 93.2495% and 99.6036%. The yield valued by IBPA for this series were l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Maturity Date Mar-14 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Mar-15 Mar-16 Mar-17 2016 Q1 Mar-18 2017 Q2 Q3 Q4 Q1 5.40 62.00 69.00 67.80 78.00 4 8 13 7 8 8 16 25 21 Q2 22.00 21 13 5 60 18 Trading days 40 12 CTP Price - High 96.5600 97.0900 98.9900 99.4000 99.4700 99.9200 CTP Price - Low 93.3200 96.6000 95.0000 98.6500 98.7000 99.5800 IBPA Fair Price 96.6943 97.1430 98.1431 97.6848 99.5054 99.9106 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.730 2.934 2.221 1.586 1.059 0.669 6 20 - enar >> enar >> Mar-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 101 PRICE AND YTM MOVEMENT YTM (%) 12.0 99 11.0 97 10.0 95 9.0 93 8.0 91 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 17.28 17-Mar 06-Jan 9.9642 Mod. Duration (yrs) 1.775 Sensitivity (%) 0.018 Convexity (yrs) 198.40 27-Jun 06-Apr 9.9368 1.567 0.016 220.80 16-Aug 20-Jul 9.4759 1.353 0.014 216.96 08-Nov 11-Nov 10.1571 1.130 0.011 249.60 23-Mar 09-Jan 8.6152 0.907 70.40 15-Jun 31-May 8.2252 0.009 0.701 0.007 This series has an outstanding amount of Rp125 billion with fixed coupon per annum at 8.10%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp304 billion and the total trading frequency was 104 times. The market prices for this series were 93.3200% at the lowest and 99.9200% at the highest. IBPA valued the fair prices for this series were 93.2495% for the lowest and 99.9106% for the highest. At the same period, the fair yield for this series was ranging from 8.2252% to 9.1512%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 141
  142. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 ADHI01BCN1 10 12 ADHI01ACN1 4 9 ADHISM1CN1 7 ADHISM1CN2 5 - Q4-2016 Outstanding in Year 2016 Turnover 3.5% 59 54 ADHI01ACN2 Q3-2016 10.4% 21 ADHI01BCN2 142 Q2-2016 10 73.0% 90 116 48 61.6% 9.0% 62 69 50 100 68 150 INDONESIA BOND MARKET DIRECTORY 2016-2017 163.4% 200 250 300 350 400 450 500
  143. IBPA ANALYTICAL REVIEW Description PT Adhi Karya (Persero) Tbk (ADHI) engages in Peer Group No. Company Total Revenue Net Profit Revenue bridges, irrigation, ports, hotels, hospitals, schools 1. PT Waskita Karya (Persero) Tbk. (Rp Bill) Margins (%) Growth (%) 23,788 7.6 68.1 and construction (EPC). 3. PT Adhi Karya (Persero) Tbk. 11,064 construction, such as construction of roads and and commercial buildings, engineering, procurement 2. PT PP (Persero) Tbk. 4. PT Hutama Karya (Persero) Business integration brought ADHI into five business lines, namely: Procurement, Construction, Construction), EPC Investment, Property and Real Estate division. For now ADHI focuses the EPC division only for the construction of Power Plants and Oil and Gas in the region of Indonesia. Starting for a core business of construction service, ADHI has spread its business wing by entering into engineering, procurement, and construction (EPC) service, and subsequently into investment in infrastructure. As of December 31, 7.0 15.8 8,816 3.4 39.6 2.8 17.8 Financial Statement as of Fiscal Year 2016 (Engineering, Infrastructure 16,459 Historical Corporate Ratings No. Rating Agency Rating 1. Pefindo idA- 3. Pefindo idA 2. Pefindo 4. Pefindo 5. Pefindo idAidA idA Rating Status Rating Date Outlook Affirmed 12-Apr-17 Stable Affirmed 10-Apr-15 Negative 15-Apr-14 Stable Downgraded** Revised* Affirmed 13-Apr-16 4-Sep-14 Stable Negative *Negative outlook was represented the margin pressure was caused by significant cost 2016, the Company’s shareholders consisted of Government of Indonesia (51.0%), Institutions-domestic (22.2%), Individualdomestic (13.7%), and Institutions-foreign (13.1%). increased while revenue contracted **the downgrade was driven by the Company’s weakening capital structure and cash flow protection measures SWOT Analysis S W trengths eaknesses - Strong domestic construction - Aggressive capital structure - Extensive experience in managing - Has the lowest net profit margin market position government projects - Weak cash flow protection compared the peers Financial Analysis In 2016, the Company recorded a revenue that amounted to Rp11.1 trillion, an increase of Rp1.7 trillion or 17.8% from Rp9.4 trillion in 2015. This was affected by the rise of four business lines of the Company from the previous year: construction increased by 15.1% from Rp8.0 trillion to Rp9.2 trillion, EPC (Energy) increased by 57.1% from Rp635.5 billion to Rp998.1 billion, property increased T by 9.9% from Rp610.6 billion to Rp671.3 billion, and O from Rp149.0 billion to Rp192.4 billion. At the end of - Potential margin improvement in - Potential margin improvement in increased by 19.9% from Rp16.8 trillion in 2015. The - Good financial supports from bank - Good financial supports from bank industrial investment (industry) increased by 29.1% pportunities 2016, the Company’s total assets was Rp20.1 trillion, the medium term composition of assets consisted of 83.8% current like loan and insurance hreats the medium term like loan and insurance assets and 16.2% non current assets. The Company’s liabilities in 2016 amounted to Rp14.7 trillion, increased by 26.3% from Rp11.6 trillion in 2015. The composition of capital Company was 72.91% of liabilities and 27.09% of equity. INDONESIA BOND MARKET DIRECTORY 2016-2017 143
  144. ADMF PT Adira Dinamika Multi Finance Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 PT Adira Dinamika Multi Finance Tbk. or Adira Finance, was established in 1990. The Company obtained its financing license from the Minister of Finance as per Decree No. 253/KMK.013/1991 dated 4 March 1991. According to Article 3 of its Articles of Association, the Company’s corporate activities in the financing sector include leasing, factoring, consumer financing and the credit card business. Until recently, consumer financing has been the Company’s core business. In January 2004, PT Bank Danamon Indonesia Tbk. became the Company’s controlling shareholder after acquiring 75% of its shares. Bank Danamon is a subsidiary of Asia Financial (Indonesia) Pte. Ltd., whose ultimate shareholder is Temasek Holding Pte. Ltd., a Singapore-based investment company solely owned by the Government of Singapore. On 23 March 2004, the Company issued an initial public offering (IPO) of 100,000,000 shares, each with a nominal value of Rp100 (full amount) at a price of Rp2,325 (full amount). The shares were listed on the Jakarta Stock Exchange and the Surabaya Stock Exchange on 31 March 2004. In 2009, Bank Danamon acquired another 20% of the Company’s shares, increasing its ownership to 95%. Currently, the shareholding of Bank Danamon is at 92.1%. In line with subsequent developments in the business and regulatory environment, including Financial Services Authority or Otoritas Jasa Keuangan/OJK Regulation (POJK) No. 29/POJK.05/2014 and POJK No. 31/POJK.05/2014, the Company expanded the business segments that it financed, diversifying its financing outside of motorcycles and car financing. Based on the Articles of Association, the Company’s scope of business includes: investment financing, working capital financing, multifinance, and other financing business activities as approved by OJK, as well as operating leases and/or other fee-based activities to the extent that these do not conflict with applicable laws and regulations in the financial sector as well as the principles of financing sharia. The Company’s sharia business unit engages in financing of sales and purchase, investment financing, and services financing. Adira Finance strives to continue to develop its business service by expanding and optimizing its business networks which becomes one of its competitive advantage. To date, the Company operates 523 business networks which consist of branches and smaller networks spread all over Indonesia, with more than 20 thousand employees. In conducting its business, the Company adopts strategies, among other: focus on the high-yield portfolio, implement prudent risk management, commitment to strong and close relationships with consumers and business partners, expansion of business service, development of information technology and human resources, synergy with the Parent Company, PT Bank Danamon Indonesia Tbk. and diversification of balanced funding sources. 144 INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS The Landmark I Building, 26th - 31st Fl. Jln. Jenderal Sudirman No. 1 Jakarta 12910 Phone : (021) 529-63232, 529-63322 Fax : (021) 529-64159 Finance Financial Institution www.adira.co.id I Dewa Made Susila af.corsec@adira.co.id SHAREHOLDERS 1. PT Bank Danamon Indonesia Tbk. 2. Public idAAA 92.07% 7.93% FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 1,059,985 143,803 Dec-2016 Chg % 940,948 -11.23 q 202,546 40.85 p 224,963 -7.57 q 23,389,928 24,439,773 Total Assets 27,744,207 27,643,104 -0.36 q Total Liabilities 23,383,418 22,665,905 -3.07 q 400,000 400,000 1,000.0 1,000.0 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 243,392 11,388,433 4,000.0 Authorized Capital Paid up Capital 100,000 Paid up Capital (Mil. Sh) Par Value (Rp) 100 Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses 11,619,525 4,000.0 100,000 100 4,240,619 4,886,349 - - 4,360,789 4,977,199 4,360,789 4,977,199 8,066,259 8,413,074 Interest Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS 7,163,123 -  -  -  -  -  15.23 p 14.14 p -  14.14 p 4.30 p -6.53 q 903,136 1,717,504 90.17 p 664,836 1,009,351 51.82 p 664,836 1,009,351 51.82 p 147,942 1,137,802 723,114 5.36 NPM (%) 8.24 EBITDA Coverage (X) 2.03 p 6,695,570 DER (X) ROA (%) 4.49 p 2.40 7.69 51,289 -65.33 q 1,843,888 948,910 62.06 p 31.23 p 4.55 -15.07 q 3.65 12.00 52.37 p 45.56 p 35.95 367.45 p *) … attributable to owners of the parent entity BOARD OF COMMISSIONERS 1. Sng Seow Wah 2. Djoko Sudyatmiko * 3. Eng Heng Nee Philip 4. Krisna Wijaya * 5. Muliadi Rahardja 6. Willy Suwandi Dharma *) Independent Commissioner AUDIT COMMITTEE 1. Krisna Wijaya 2. Christine Tjen 3. Richard Steven Dompas BOARD OF DIRECTORS 1. Hafid Hadeli 2. Cornel Hugroseno 3. Ho Lioeng Min 4. I Dewa Made Susila 5. Swandajani Gunadi
  145. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. 8. 9. CODE ISIN CODE ADMF01CCN3 Series Name IDA0000572D4 ADMF02CCN2 IDA0000607C0 ADMF02CCN3 IDA0000629C4 ADMF02CCN4 IDA0000653C4 ADMF02BCN4 IDA0000653B6 ADMFSM1BCN2 IDJ0000065B4 ADMF03BCN1 IDA0000691B6 ADMF03ACN1 IDA0000691A8 (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan I Adira Dinamika Multi IDA0000542C9 Finance Tahap III Tahun ADMF02DCN1 Outstanding 673,000 28-Sep-12 27-Sep-17 5 years 11. 12. 13. ADMF03CCN2 IDA0000698C9 ADMF03BCN2 IDA0000698B1 ADMF03CCN3 IDA0000719C3 Date Trustee 8.75% 27-Jun-17 27-Sep-17 - PT Bank Period Quarterly Obligasi Berkelanjutan 8.90% II Adira Finance Tahap I Tahun 2013 Seri D Obligasi Berkelanjutan II Adira Finance Tahap II Tahun 2013 Seri C Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014 Seri C Obligasi Berkelanjutan II Adira Finance Tahap IV Tahun 2014 Seri C Obligasi Berkelanjutan II Adira Finance Tahap IV Tahun 2014 Seri B Sukuk Mudharabah I Adira Finance Tahap II Tahun 2014 Seri B Obligasi Berkelanjutan III Adira Finance Tahap I Tahun 2015 Seri B Obligasi Berkelanjutan III Adira Finance Tahap I Tahun 2015 Seri A SMADMF02BCN1 Berkelanjutan II Adira IDJ0000071B2 Coupon Payment 2012 Seri C 851,000 04-Mar-13 01-Mar-18 5 years Quarterly 490,000 25-Oct-13 24-Oct-18 5 years Finance Tahap I Tahun 11.00% Quarterly 450,000 88,000 808,000 16-May-14 13-Nov-14 13-Nov-14 14-May-19 12-Nov-19 12-Nov-17 5 years 5 years 3 years 10.75% 13-Nov-14 12-Nov-17 3 years 01-Jul-15 30-Jun-20 5 years 01-Jul-15 30-Jun-18 3 years 01-Jul-15 30-Jun-18 3 years Obligasi Berkelanjutan III Adira Finance Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan III Adira Finance Tahap III Tahun 2016 Seri C 668,000 697,500 26-Aug-15 03-Mar-16 25-Aug-20 25-Aug-18 02-Mar-21 5 years 3 years 5 years 24-Jul-17 24-Oct-17 24-Jan-18 PT Bank Negara Indonesia 24-Apr-18 (Persero) Tbk. 14-Aug-17 14-Nov-17 14-Feb-18 PT Bank Negara Indonesia Negara Indonesia (Persero) Tbk. 10.50% 12-Aug-17 12-Nov-17 - PT Bank equal to 10,5% 10.25% 9.50% Nisbah 79.167% 10.25% 26-Aug-15 (Persero) Tbk. 12-May-18 Obligasi Berkelanjutan 277,000 - Quarterly Quarterly II Tahun 2015 Seri C Negara Indonesia PT Bank 2015 Seri B III Adira Finance Tahap PT Bank 12-Aug-17 12-Nov-17 12-Feb-18 Quarterly 59,000 01-Sep-17 01-Dec-17 01-Mar-18 10.75% Quarterly 741,000 (Persero) Tbk. (Persero) Tbk. Quarterly 238,000 - 14-May-18 Nisbah = 80%, or 45,000 Negara Indonesia Quarterly Quarterly Sukuk Mudharabah 10. Coupon Structure / Negara Indonesia - (Persero) Tbk. 12-Aug-17 12-Nov-17 - PT Bank Negara Indonesia - (Persero) Tbk. 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Negara Indonesia 30-Jun-18 (Persero) Tbk. 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Negara Indonesia 30-Jun-18 (Persero) Tbk. 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Negara Indonesia 30-Jun-18 (Persero) Tbk. 25-Aug-17 25-Nov-17 25-Feb-18 PT Bank Negara Indonesia Quarterly 25-May-18 (Persero) Tbk. 9.50% 25-Aug-17 25-Nov-17 25-Feb-18 PT Bank Negara Indonesia Quarterly 25-May-18 (Persero) Tbk. 10.25% 02-Sep-17 02-Dec-17 02-Mar-18 PT Bank Quarterly 02-Jun-18 Negara Indonesia (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 145
  146. AS OF JUNE 2017 No . 14. 15. CODE ISIN CODE ADMF03BCN3 IDA0000719B5 ADMF03CCN4 IDA0000749C0 Series Name Obligasi Berkelanjutan III Adira Finance Tahap III Tahun 2016 Seri B Obligasi Berkelanjutan III Adira Finance Tahap IV Tahun 2016 Seri C Outstanding (Rp Million) 330,500 Listing Date 03-Mar-16 Maturity Date 02-Mar-19 Issue Term 3 years 16. IDJ0000077C7 Finance Tahap II Tahun 431,000 27-Jul-16 26-Jul-21 5 years 17. ADMF03BCN4 IDA0000749B2 III Adira Finance Tahap IV Tahun 2016 Seri B 14,000 27-Jul-16 26-Jul-21 5 years 18. 19. IDJ0000077B9 Finance Tahap II Tahun ADMF03ACN4 IDA0000749A4 434,000 27-Jul-16 26-Jul-19 3 years 21. 42,000 27-Jul-16 26-Jul-19 3 years III Adira Finance Tahap IV Tahun 2016 Seri A 835,000 27-Jul-16 07-Aug-17 370 days 30,000 27-Jul-16 06-Aug-17 370 days 26-Apr-18 (Persero) Tbk. 26-Jul-17 26-Oct-17 26-Jan-18 PT Bank Negara Indonesia 26-Apr-18 (Persero) Tbk. 26-Jul-17 26-Oct-17 26-Jan-18 PT Bank Negara Indonesia 26-Apr-18 (Persero) Tbk. 26-Jul-17 26-Oct-17 26-Jan-18 PT Bank Negara Indonesia 26-Apr-18 (Persero) Tbk. 07-Aug-17 - PT Bank Negara Indonesia - (Persero) Tbk. 06-Aug-17 - PT Bank Negara Indonesia 22-Sep-17 22-Dec-17 22-Mar-18 PT Bank III Adira Finance Tahap V Tahun 2017 Seri C 241,000 23-Mar-17 22-Mar-22 5 years Quarterly Nisbah 74.17% from 7,000 23-Mar-17 22-Mar-22 5 years Obligasi Berkelanjutan III Adira Finance Tahap V Tahun 2017 Seri B Obligasi Berkelanjutan III Adira Finance Tahap V Tahun 2017 Seri A SMADMF02ACN3 Berkelanjutan II Adira IDJ0000086A2 Finance Tahap III Tahun revenue equal to return 8.90% p.a. Quarterly 860,000 23-Mar-17 22-Mar-20 3 years 8.60% Quarterly Nisbah 71.67% from 105,000 23-Mar-17 22-Mar-20 3 years revenue equal to return 8.60% p.a. Quarterly 913,000 23-Mar-17 02-Apr-18 370 days 7.50% Quarterly Nisbah 62.50% from 274,000 23-Mar-17 2017 Seri A 146 Negara Indonesia 8.90% Sukuk Mudharabah 26. PT Bank Obligasi Berkelanjutan IDJ0000086B0 Finance Tahap III Tahun IDA0000795A7 26-Jul-17 26-Oct-17 26-Jan-18 (Persero) Tbk. 2017 Seri B 25. (Persero) Tbk. - SMADMF02BCN3 Berkelanjutan II Adira ADMF03ACN5 7.90% 02-Jun-18 Quarterly Sukuk Mudharabah 24. 8.75% Negara Indonesia 2016 Seri A IDJ0000086C8 Finance Tahap III Tahun IDA0000795B5 8.75% Quarterly 2017 Seri C 23. 8.25% 7.90% SMADMF02CCN3 Berkelanjutan II Adira ADMF03BCN5 9.25% Obligasi Berkelanjutan Sukuk Mudharabah 22. PT Bank Quarterly IDJ0000077A1 Finance Tahap II Tahun IDA0000795C3 02-Sep-17 02-Dec-17 02-Mar-18 2016 Seri B SMADMF02ACN2 Berkelanjutan II Adira ADMF03CCN5 9.50% Quarterly Sukuk Mudharabah 20. Trustee Quarterly Sukuk Mudharabah SMADMF02BCN2 Berkelanjutan II Adira Date Period Quarterly 2016 Seri C Obligasi Berkelanjutan Coupon Payment Quarterly Sukuk Mudharabah SMADMF02CCN2 Berkelanjutan II Adira Coupon Structure / INDONESIA BOND MARKET DIRECTORY 2016-2017 02-Apr-18 370 days revenue equal to return 7.50% p.a. Quarterly Negara Indonesia 22-Jun-18 (Persero) Tbk. 22-Sep-17 22-Dec-17 22-Mar-18 PT Bank Negara Indonesia 22-Jun-18 (Persero) Tbk. 22-Sep-17 22-Dec-17 22-Mar-18 PT Bank 22-Jun-18 22-Sep-17 22-Dec-17 22-Mar-18 Negara Indonesia AAA Stable AAA Stable AAA Pastikan Stable Link Grafik sudah be Pastikan Link Grafik sudah be AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable (Persero) Tbk. Pastikan Link Grafik sudah be PT Bank Negara Indonesia 22-Jun-18 (Persero) Tbk. 02-Jul-17 02-Oct-17 02-Jan-18 PT Bank Negara Indonesia 02-Apr-18 (Persero) Tbk. 02-Jul-17 02-Oct-17 02-Jan-18 PT Bank 02-Apr-18 Rating / Outlook Negara Indonesia (Persero) Tbk. Pastikan AAA Link Grafik sudah be Stable AAA Stable AAA Stable
  147. TRADING HIGHLIGHT ADMF01CCN3 ISIN CODE : IDA0000542C9 275 Frequency 75 Volume 220 60 Frequency Maturity Date Sep-13 Trading Activities, Q4 Q1 Volume (Rp bn) 152.30 258.35 139.85 272.60 46.00 9 22 14 15 4 Frequency (X) 30 CTP Price - High Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 19 90.52 42 25 153.55 83.12 66 162.02 Q2 42.10 9 16 9 27.34 25.02 101.7500 102.0000 102.2100 101.4000 100.8300 100.7890 28-Mar 11-Apr Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.308 1.679 1.134 0.685 0.344 0.129 8.7329 Mod. Duration (yrs) 1.381 Sensitivity (%) 0.014 Convexity (yrs) 8.2077 1.166 14-Jul 7.9199 0.942 0.012 0.009 08-Dec 8.4234 0.711 0.007 98.5000 06-Apr 99.9986 100.6333 100.7835 100.2318 100.8112 100.5605 12-May 96.5000 06-Mar IBPA Fair Price 08-Mar 98.0000 12-Oct 94.5000 Date 97.5000 04-Aug CTP Price - Low IBPA Fair Yield (%) Price Sep-17 2017 Q3 110 - Sep-16 Q2 Trading days 15 Sep-15 2016 Q1 45 55 Sep-14 Price and Yield 165 30-Mar 7.0051 0.475 98.0000 05-Apr 6.5864 0.254 0.005 0.003 This series was first listed on 28 September 2012 and will be matured on 27 September 2017. This series has an outstanding amount of Rp673 billion with fixed coupon per annum at 8.75%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 97.8296% at the lowest and 101.1835% at the highest. At the same period, the fair yield for this series was ranging from 6.4864% to 10.1319%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADMF02DCN1 Listing Date ISIN CODE : IDA0000572D4 500 400 Mar-13 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Maturity Date Mar-14 Trading Activities, Q4 Q1 Q2 Volume (Rp bn) 139.00 203.50 232.75 390.00 481.00 223.00 7 16 15 19 19 Frequency (X) 30 CTP Price - High Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 15 65.33 40 95.65 38 109.40 41 52 23 13 183.31 226.09 104.82 02-Nov 29-Mar 21-Jun 01-Dec 22-Feb 20-Jun 104.5500 100.8030 101.8910 101.4000 101.3600 101.4500 19-Jan 01-Jun 97.9500 98.9486 98.6000 100.3000 100.4500 IBPA Fair Price 99.6169 100.0106 100.3355 99.9712 101.3297 101.2984 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.576 2.804 2.106 1.495 0.985 0.610 Date 04-Feb 9.1025 Mod. Duration (yrs) 1.731 Sensitivity (%) 0.017 Convexity (yrs) 95.1000 04-Aug CTP Price - Low IBPA Fair Yield (%) Price Mar-18 2017 Q3 200 - Mar-17 Q2 Trading days 15 Mar-16 2016 Q1 45 100 Mar-15 Price and Yield 300 enar >> enar >> Sep-12 TRADING ACTIVITIES Volume enar >> enar >> Listing Date 14-Jun 8.8896 1.525 26-Sep 8.6424 0.015 1.312 0.013 8.9213 1.092 0.011 7.3580 0.869 0.009 6.9559 0.664 0.007 This series listed on 04 March 2013, and matured on 01 March 2018. This series issued with nominal amount of Rp851.00 billion and have fixed interest rate per annum at 8.90%. Average trading volume for this series reached Rp241.31 billion/quarter on 2016 and increased to Rp352.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 95.1000 – 104.5500 while the IBPA fair price was between 97.7302% – 101.4909%. The IBPA fair yield for this series was between 6.9559% – 10.0874%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 147
  148. ADMF02CCN2 Listing Date ISIN CODE : IDA0000607C0 Oct-13 TRADING ACTIVITIES Volume 300 Frequency 35 Volume 240 28 Frequency Maturity Date Oct-14 Trading Activities, Oct-16 Oct-17 2016 Oct-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 295.90 80.00 124.80 154.80 180.70 12 6 9 8 11 Frequency (X) 30 10 13 10 Q2 85.80 19 11 9 180 21 Trading days 120 14 CTP Price - High 103.9000 105.2000 106.1000 105.5400 104.7645 104.9000 CTP Price - Low 82.7718 104.1000 104.7500 104.5300 104.0000 100.0000 7 60 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) enar >> Oct-15 Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 104 9.0 103 8.0 102 7.0 101 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 241.55 65.31 101.88 126.37 147.51 70.04 24-Mar 28-Jun 22-Sep 07-Oct 02-Feb 11-Apr 26-Feb 28-Apr 05-Aug 22-Nov 03-Feb 12-May 7.8317 7.5700 1.406 1.222 0.014 0.012 103.8639 104.4582 105.6367 103.4062 104.5929 Pastikan 104.3226Link Grafik sudah be 9.2748 8.0106 8.9441 30-Jun 30-Sep 30-Dec 5.752 4.837 3.983 3.157 Mod. Duration (yrs) 2.182 Sensitivity (%) 0.022 Convexity (yrs) 8.8477 31-Mar 2.000 1.812 0.020 0.018 1.607 0.016 31-Mar Pastikan 22-JunLink Grafik sudah be 2.442 1.867 This series was first listed on 25 October 2013 and will be matured on 24 October 2018. This series started to be traded since it was listed. From 2016 to the first half of year 2017, total volume traded amounted to Rp922.00 billion with 55 of total trading days and with average turnover around 125.44% per quarter. The CTP market price for this series during the period was within the range of 82.7718%-106.1000% while IBPA fair price ranged from 101.4979% to 105.6367%. On the other side, IBPA yield for this series were 7.5614% at the lowest and 10.3739% at the highest. By the end of June 2017, the outstanding amount of this series was Rp490.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADMF02CCN3 Listing Date ISIN CODE : IDA0000629C4 May-14 TRADING ACTIVITIES Volume 45 Frequency 10 Volume 36 8 Frequency Maturity Date May-15 Trading Activities, Price and Yield Q1 Volume (Rp bn) 35.00 1 Frequency (X) May-18 Q2 5 May-19 2017 Q3 Q4 Q1 42.00 - - - - 2 - - - - 6 - - - Q2 - 6 Trading days 18 4 CTP Price - High 102.5000 104.7700 N/A N/A N/A N/A 9 2 101.8000 102.5000 N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 104.1992 104.8619 105.6410 103.4556 104.9755 Pastikan 105.0143Link Grafik sudah be Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 11.0 106 10.0 104 9.0 102 8.0 100 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 148 May-17 2016 27 enar >> enar >> May-16 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date 31.11 37.33 11-Feb 14-Jun 11-Feb 28-Apr 9.1740 N/A N/A 8.3301 - N/A N/A 9.1102 31-Mar 30-Jun 30-Sep 30-Dec 8.160 7.098 6.081 5.076 Mod. Duration (yrs) 2.607 Sensitivity (%) 0.026 Convexity (yrs) 8.8126 - 2.434 0.024 2.254 0.023 2.056 0.021 - N/A N/A - N/A N/A 8.1541 7.8714 1.866 1.692 0.019 0.017 31-Mar Pastikan 22-JunLink Grafik sudah be 4.193 3.457 This series only traded in 2016 with the average quarterly turnover was about 17.11%. In 2016, the average trading volume was Rp19.25 billion/quarter. The market price that was observed through Centralized Trading Platform (CTP) during the whole 2016 to Q2-2017 period was between 101.8000% and 104.7700%. Meanwhile, the range IBPA fair price at the same year for this series was ranging from 100.8301% to 106.2534%. The outstanding amount of this series by the end of June 2017 was Rp450 billion.
  149. ADMF02CCN4 ISIN CODE : IDA0000653C4 100 Frequency 15 Volume 80 12 Frequency Maturity Date Nov-15 Trading Activities, Nov-16 Nov-17 Nov-18 2016 Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 Nov-19 2017 Q3 Q4 Q1 94.00 - - - - 6 - - - - 12 - - Q2 - - 60 9 Trading days 40 6 CTP Price - High N/A 103.2300 N/A N/A N/A N/A 20 3 N/A 101.8000 N/A N/A N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 104 10.0 102 9.0 100 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 427.27 - 01-Jun - N/A 04-Apr N/A N/A N/A - - N/A N/A N/A N/A 104.5221 103.1546 106.2796 103.8336 105.7065 105.7884 9.2522 9.6388 8.4351 9.2101 8.2861 8.0589 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 10.484 9.260 8.196 7.048 6.044 5.186 2.947 0.029 2.773 2.614 0.028 0.026 2.424 0.024 2.246 2.082 0.022 0.021 This series was first listed on 13 November 2014 and will be matured on 12 November 2019. This series has an outstanding amount of Rp88 billion with fixed coupon per annum at 10.75%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 100.7889% at the lowest and 107.0286% at the highest. At the same period, the fair yield for this series was ranging from 8.0350% to 10.4955%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADMF02BCN4 Listing Date ISIN CODE : IDA0000653B6 375 300 Nov-14 TRADING ACTIVITIES Volume Frequency 40 Volume 32 Frequency Trading Activities, Maturity Date Nov-15 Nov-16 Nov-17 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 122.40 224.00 90.40 360.00 32.20 7 9 7 11 3 Frequency (X) 14 22 10 36 Q2 5 161.80 20 9 225 24 Trading days 150 16 CTP Price - High 102.4885 103.5500 103.2000 102.8500 102.0200 101.8500 CTP Price - Low 101.6800 102.2400 102.5500 101.7800 101.8500 101.2800 IBPA Fair Price 102.4000 102.2797 102.9943 102.2604 101.7006 101.4493 8 75 - enar >> enar >> Nov-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 60.59 110.89 44.75 178.22 15.94 80.10 17-Mar 11-May 22-Sep 11-Oct 30-Jan 04-May 29-Feb 07-Jun 15-Sep 30-Nov 09-Feb 20-Jun 8.8658 7.6706 7.7703 7.5919 6.6795 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.590 1.936 1.367 0.881 0.492 0.236 Mod. Duration (yrs) 1.455 Sensitivity (%) 0.015 Convexity (yrs) 8.7071 31-Mar 1.248 0.012 1.036 0.010 0.814 0.008 0.584 0.006 0.376 0.004 This series listed on 13 November 2014, and matured on 12 November 2017. This series issued with nominal amount of Rp808.00 billion and have fixed interest rate per annum at 10.50%. Average trading volume for this series reached Rp199.20 billion/quarter on 2016 and decreased to Rp97.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 101.2800 – 103.5500 while the IBPA fair price was between 101.4441% – 103.3215%. The IBPA fair yield for this series was between 6.6795% – 9.6186%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 149
  150. ADMFSM1BCN2 Listing Date ISIN CODE : IDJ0000065B4 Nov-14 TRADING ACTIVITIES Volume 75 Frequency 15 Volume 60 Maturity Date 12 Frequency Nov-15 Trading Activities, Nov-17 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 55.00 5.00 - - - - 4 1 - Frequency (X) - Turnover Ratio (%) - - Q4 - Q1 11 Q2 1 - 45 9 Trading days 30 6 CTP Price - High N/A N/A N/A 102.6000 102.4400 N/A 15 3 N/A N/A N/A 100.0000 102.4400 N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Nov-16 2016 Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date - N/A N/A N/A N/A 488.89 44.44 20-Oct 09-Jan 15-Nov 09-Jan - N/A N/A 102.7581 102.4720 102.7650 101.7260 101.9358 Pastikan 101.4275Link Grafik sudah be 8.6297 8.5587 7.8829 8.4059 31-Mar 30-Jun 30-Sep 30-Dec 2.594 1.938 1.366 0.878 Mod. Duration (yrs) 1.456 Sensitivity (%) 0.015 Convexity (yrs) - 1.249 1.035 0.012 0.010 0.812 0.008 7.2040 6.7359 0.585 0.376 0.006 0.004 31-Mar Pastikan 22-JunLink Grafik sudah be 0.493 0.236 This series was actively traded from 13 November 2014 and will be matured on 12 November 2017. This series was traded with total volume reached Rp55.00 billion in 2016, while throughout 2017, this series reached at Rp5 billion. The CTP market price for this series during the period was 102.6000% at the highest. Meanwhile, IBPA fair price was ranging from 100.5379% to 103.1321%. On the other side, IBPA yield for this series were 6.6722% at the lowest and 10.1734% at the highest. By the end of June 2017, the outstanding amount of this series was Rp45.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADMF03BCN1 Listing Date ISIN CODE : IDA0000691B6 TRADING ACTIVITIES Volume 175 140 Jul-15 Frequency 15 Volume 12 Frequency Maturity Date Jul-16 Trading Activities, Price and Yield Q1 Volume (Rp bn) 84.00 3 Frequency (X) Jul-19 Q2 5 2017 Q3 Q4 60.00 102.00 160.00 - - 1 6 4 - - 6 11 Q1 7 - Q2 - 9 Trading days 70 6 CTP Price - High 101.2100 102.6500 106.6500 105.2500 N/A N/A 35 3 100.0000 102.0000 103.4800 101.7000 N/A N/A - - CTP Price - Low IBPA Fair Price 103.2003 103.5486 104.8008 103.3643 105.2362 Pastikan 105.4026Link Grafik sudah be Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 103 10.0 101 9.0 99 8.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 150 Jul-18 2016 105 enar >> enar >> Jul-17 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 141.18 100.84 171.43 268.91 09-Feb 20-Apr 19-Sep 07-Nov 19-Jan 20-Apr 18-Jul 09-Dec 9.3292 9.1800 8.7349 9.1165 31-Mar 30-Jun 30-Sep 30-Dec 14.074 12.744 11.470 10.159 3.429 0.034 3.270 0.033 3.109 0.031 2.928 0.029 - N/A N/A - N/A N/A 8.3924 8.2124 2.758 2.540 0.028 0.025 31-Mar Pastikan 22-JunLink Grafik sudah be 8.982 7.773 This series listed on 01 July 2015, and matured on 30 June 2020. This series issued with nominal amount of Rp238.00 billion and have fixed interest rate per annum at 10.25%. Average trading volume for this series reached Rp101.50 billion/quarter on 2016 and decreased to Rp0.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.0000 – 106.6500 while the IBPA fair price was between 98.9869% – 106.3085%. The IBPA fair yield for this series was between 8.1641% – 10.5358%.
  151. ADMF03ACN1 ISIN CODE : IDA0000691A8 275 30 24 Frequency Jul-16 Trading Activities, Jul-17 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 254.00 111.00 133.00 256.00 136.00 173.00 8 7 8 6 4 Frequency (X) 26 12 17 21 14 12 8 165 18 Trading days 110 12 CTP Price - High 101.0159 102.0000 102.4500 102.2623 102.1366 102.3500 CTP Price - Low 99.7000 100.8500 100.9000 100.1800 101.1500 101.9000 IBPA Fair Price 100.9500 101.9762 102.4776 101.4498 102.0749 102.0291 6 55 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM SMADMF02BCN1 36 71.79 138.19 73.41 93.39 17-Mar 28-Jun 22-Sep 09-Nov 08-Mar 13-Apr 11-Jan 05-Apr 12-Jul 24-Nov 16-Jan 17-May 9.0287 7.9692 8.4607 7.7424 Frequency 10 Volume 8 Frequency 7.4186 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.745 3.878 3.070 2.331 1.690 1.171 2.005 Sensitivity (%) 0.020 Convexity (yrs) 8.4161 31-Mar Mod. Duration (yrs) 1.809 1.603 0.018 0.016 1.387 0.014 1.169 0.949 0.012 0.009 This series was first listed on 01 July 2015 and will be matured on 30 June 2018. This series was issued with nominal amount of Rp741.00 billion with fixed interest rate per annum at 9.50%. This series, throughout 2016 and the first two quarters of 2017 period, was traded 102 times in 41 trading days. The average trading volume of this series during the period was Rp177.17 billion per quarter and the average trading frequency was 17 times per quarter. During the period, this series was traded at its market prices ranging from 99.7000 to 102.4500 that were observed through IDX Centralized Trading Platform At the same period, the fair yield for this series was in the range of 7.1466% to 9.6908% Jul-15 TRADING ACTIVITIES 45 59.92 Listing Date ISIN CODE : IDJ0000071B2 Volume Last Date 137.11 (CTP). While the IBPA fair prices for this series were ranging from 99.5843% to 102.5069%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Maturity Date Jan-16 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Jul-16 Jan-17 Jul-17 Jan-18 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 4.00 4.20 15.00 25.00 40.00 - 1 1 1 1 1 - 2 2 3 5 7 - 27 6 Trading days 18 4 CTP Price - High 98.2800 101.2700 101.7500 101.6000 102.1000 N/A 9 2 98.2600 101.2500 101.6700 N/A - - CTP Price - Low enar >> enar >> Frequency Volume 220 Maturity Date Jul-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 27.12 28.47 101.69 05-Jan 30-May 31-Aug 05-Jan 30-May 31-Aug 271.19 08-Nov 07-Feb 08-Nov 07-Feb 98.7000 101.8500 - N/A N/A 101.1151 101.3900 101.8228 100.9614 102.0749 102.1056 8.9473 8.7350 8.3694 8.8088 7.7424 7.3413 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.747 3.870 3.063 2.326 1.690 1.171 Mod. Duration (yrs) 2.006 Sensitivity (%) 0.020 Convexity (yrs) 169.49 1.807 0.018 1.601 0.016 1.386 0.014 1.169 0.012 0.949 0.009 The bond series SMADMF02BCN1, was first listed on 01 July 2015 with nominal value of Rp59.00 billion and fixed interest rate of 9.50% per annum. This series had traded 19 times in 5 trading days with total volume booked of Rp88.20 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 98.2600% - 102.1000% while the IBPA fair price was between 98.2421% - 102.5485%, the fair yield for this series was between 7.3385% 10.3112%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 151
  152. ADMF03CCN2 Listing Date ISIN CODE : IDA0000698C9 Aug-15 TRADING ACTIVITIES Volume 250 Frequency 50 Volume 200 40 Frequency Maturity Date Aug-16 Trading Activities, Q3 Volume (Rp bn) 74.20 236.00 10.00 98.00 71.65 6 9 2 4 8 Frequency (X) 100 20 CTP Price - High - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 110 PRICE AND YTM MOVEMENT YTM (%) 12.0 107 11.0 104 10.0 101 9.0 98 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Aug-20 2017 Q2 Trading days enar >> Aug-19 Q1 30 10 Aug-18 2016 Price and Yield 150 50 Aug-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 10 48 Q4 2 Q1 6 107.15 340.79 14.44 141.52 11-Feb 13-May 08-Aug 15-Nov 01-Feb 29-Apr 05-Aug 21-Dec Q2 5.20 17 2 2 103.47 7.51 101.6000 103.4000 105.8000 104.5100 106.0000 106.0000 96.0000 102.0000 105.7800 104.4500 23-Feb 96.0000 29-Mar 15-Jun 99.5000 25-Apr 102.3594 103.2116 105.5081 104.2553 107.0543 Pastikan 105.8007Link Grafik sudah be 9.5769 9.3067 8.5725 8.8712 31-Mar 30-Jun 30-Sep 30-Dec 14.750 13.431 12.182 10.850 3.489 0.035 3.337 0.033 3.187 0.032 3.011 0.030 7.8557 8.1558 2.850 2.690 0.029 0.027 31-Mar Pastikan 22-JunLink Grafik sudah be 9.678 8.596 This series was first listed on 26 August 2015 and matured on 25 August 2020. From this series listing to the first half of year 2017, total volume traded amounted to Rp495.05 billion with 31 of total trading days. The CTP market price for this series during the period was within the range of 96.0000% – 106.0000%. Meanwhile IBPA fair price ranged from 99.2422% to 107.1678%. IBPA yield for this series were 7.8281% at the lowest and 10.4563% at the highest. By the end of June 2017, the outstanding amount of this series was Rp277.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADMF03BCN2 Listing Date ISIN CODE : IDA0000698B1 Aug-15 TRADING ACTIVITIES Volume 225 Frequency 20 Volume 180 16 Frequency Trading Activities, Volume (Rp bn) 95.62 2.00 8 3 Frequency (X) Trading days 90 8 CTP Price - High - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 152 INDONESIA BOND MARKET DIRECTORY 2016-2017 Aug-17 Last Date Q2 19 57.25 2017 Q3 4 Q4 Q1 Q2 51.00 145.00 203.00 201.15 3 7 8 5 11 18 1.20 30.54 86.83 121.56 14-Jun 22-Sep 21-Dec 22-Mar 18 12 120.45 101.5000 101.1900 102.4500 102.5300 102.2000 102.5600 04-Jan 99.5000 99.0000 101.9000 100.8021 101.2500 09-Jun 98.7500 02-Feb 29-Jun 22-Aug 24-Nov 18-Jan 07-Jun Pastikan Link Grafik sudah be 101.0364 101.2065 102.4235 102.0326 102.2373 102.4364 9.0003 8.8750 8.1095 8.1691 7.7769 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 5.281 4.365 3.526 2.747 2.053 Mod. Duration (yrs) 2.109 Sensitivity (%) 0.021 Convexity (yrs) Aug-18 2016 Q1 12 4 Aug-16 Price and Yield 135 45 Maturity Date 1.914 0.019 1.715 0.017 1.506 0.015 1.292 0.013 7.3132 Pastikan Link Grafik sudah be 22-Jun 1.099 1.515 0.011 This series listed on 26 August 2015, and matured on 25 August 2018. This series listed with nominal amount of Rp668.00 billion and have fixed interest rate per annum at 9.50%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 98.7500% at the lowest and peaked at 102.5600%. However, IBPA fair price booked 99.5909% to 103.0038%. Meanwhile, the yield valued by IBPA was 7.1452% at the lowest, and 9.6754% at the highest. During 2016, average volume recorded by Rp73.40 billion/quarter and transacted 9.75 times/quarter, while during the first semester of 2017 increased to Rp202.08 billion/quarter and transacted 18.00 times/quarter.
  153. ADMF03CCN3 ISIN CODE : IDA0000719C3 400 320 Frequency 30 Volume 24 Frequency Mar-17 Trading Activities, Mar-18 Mar-19 2016 Price and Yield Q1 Volume (Rp bn) 2017 Q2 Q3 Q4 - 174.00 378.00 80.00 - - - 4 9 6 - - Frequency (X) - Turnover Ratio (%) - 10 25 Q1 8 Q2 - - 240 18 Trading days 160 12 CTP Price - High N/A 103.9000 107.3500 106.0000 N/A N/A 80 6 N/A 100.0000 100.0000 103.7100 N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 103 9.0 101 8.0 99 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 99.78 216.77 45.88 16-May 19-Sep 03-Nov 03-May 04-Aug 21-Dec - - N/A N/A N/A N/A 101.8523 103.7540 106.0590 103.4938 105.8779 106.1342 9.7625 9.2497 8.5872 9.2297 8.4629 8.3035 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 17.738 16.398 15.073 13.574 12.304 11.166 3.812 3.677 0.038 0.037 3.536 0.035 3.358 0.034 3.206 0.032 3.062 0.031 This bond listed with nominal value of Rp697.5 billion and interest rates of 10.25% per annum. This bond was effective from 3 March 2016 to 2 March 2021. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0000% and 107.3500%, while in first semester 2017 this bond was not traded. In year 2016, IBPA fair price recorded at range 100.0000% - 106.3652% and in first semester 2017 at range 103.5781% - 106.3448%. During 2016 this bond was traded with total volume amounted to Rp632 billion and transacted 43 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ADMF03BCN3 Listing Date ISIN CODE : IDA0000719B5 Jul-16 TRADING ACTIVITIES Volume 750 Frequency 20 Volume 600 16 Frequency Maturity Date Jul-17 Trading Activities, Jul-18 Jul-19 Jul-20 2016 Price and Yield Q1 Volume (Rp bn) Jul-21 2017 Q2 Q3 Q4 Q1 130.00 630.00 405.00 361.00 95.00 - 2 10 9 8 1 - 2 Frequency (X) 15 17 15 Q2 1 - 450 12 Trading days 300 8 CTP Price - High 100.2526 102.1969 102.9500 102.9500 101.9900 N/A 150 4 100.1708 100.0000 100.0000 101.6700 101.9900 N/A - - CTP Price - Low IBPA Fair Price 100.1529 102.0175 102.8435 101.5816 102.3730 102.7098 enar >> enar >> Maturity Date Mar-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 7.0 97 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Last Date 157.34 762.48 490.17 436.91 114.98 11-Mar 17-May 27-Sep 13-Oct 08-Mar 28-Mar 01-Jun 01-Jul 21-Dec 08-Mar 9.4267 8.1915 8.6904 8.1361 N/A N/A 7.7751 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7.435 6.408 5.408 4.448 3.585 2.888 Mod. Duration (yrs) 2.506 Sensitivity (%) 0.025 Convexity (yrs) 8.6441 - 2.328 0.023 2.137 0.021 1.934 0.019 1.731 0.017 1.549 0.015 This series listed on 3 March 2016 and matured on 2 March 2019. This series listed with nominal amount of Rp330.50 billion with interest rate per annum at 9.50%. Since this series listed until at the end second quarter in 2017, this series traded 50 times in 30 trading days with total volume booked of Rp1.62 trillion. During 2016, the average of total volume recorded of Rp381.5 billion/quarter while in Q2-2017 of Rp47.5 billion/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 100.0000% - 102.9500%, while the IBPA fair price was between 100.0000% and 103.3273%. The fair yield for this series was between 7.7622% - 9.5000%. INDONESIA BOND MARKET DIRECTORY 2016-2017 153
  154. ADMF03CCN4 Listing Date ISIN CODE : IDA0000749C0 TRADING ACTIVITIES Volume 75 60 Jul-16 Frequency 5 Volume 4 Frequency Jul-17 Trading Activities, Jul-18 Q1 Q2 Q3 Q4 Q1 N/A N/A 60.00 - - N/A N/A 2 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 30 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 7.0 97 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A Jul-21 2017 Volume (Rp bn) 3 enar >> Jul-20 2016 45 1 Jul-19 Price and Yield Trading days 15 enar >> Maturity Date 4 55.68 - Q2 20.00 - 4 1 - 18.56 N/A 101.9000 N/A N/A 102.7500 N/A 101.9000 N/A N/A 102.4500 N/A 101.5845 N/A 30-Sep 30-Dec N/A 17.585 15.977 N/A N/A N/A N/A N/A 06-Sep 06-Sep 8.8415 3.806 0.038 N/A N/A 22-May N/A N/A 22-May 99.4286 102.6801 Pastikan 102.8055Link Grafik sudah be 9.4037 3.631 0.036 8.4941 8.4310 31-Mar Pastikan 22-JunLink Grafik sudah be 3.489 14.659 0.035 3.348 13.420 0.033 This series was first listed on 27 July 2016 and will be matured on 26 July 2021. This series has an outstanding amount of Rp431 billion with fixed coupon per annum at 9.25%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, was 103.1123% at the highest. While the prices observed through CTP were ranging from 101.9000% to 102.7500%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMADMF02CCN2 Listing Date ISIN CODE : IDJ0000077C7 TRADING ACTIVITIES Volume 15 12 Frequency 5 Volume 4 Frequency Jul-17 Trading Activities, Jul-18 Q1 Q2 Q3 Volume (Rp bn) N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 6 2 CTP Price - High N/A 3 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-20 N/A N/A Jul-21 2017 Price and Yield 3 Q1-16 Jul-19 2016 9 enar >> enar >> Jul-16 Maturity Date Q4 Q1 10.00 - - - 2 - - - 2 285.71 - Q2 - - - - N/A 99.6000 N/A N/A N/A N/A 99.6000 N/A N/A N/A N/A 102.1394 N/A 30-Sep N/A 17.615 N/A N/A N/A N/A N/A 29-Aug 29-Aug 8.7007 3.810 0.038 N/A N/A N/A N/A N/A N/A 99.4286 102.6801 103.1430 Pastikan Link Grafik sudah be 9.4037 8.4941 8.3344 30-Dec 31-Mar 15.977 14.659 3.631 0.036 3.489 0.035 22-Jun Pastikan Link Grafik sudah be 3.350 13.433 0.034 This series has listed since 27 July 2016 and will be matured on 26 July 2021. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 47.62% per quarter and traded in 2 trading days throughout the period. The average trading volume reached Rp1.67 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 99.6000% at the lowest to 99.6000% at the highest. While the IBPA fair price for this series stood between 97.5821% and 103.3658%. The yield valued by IBPA in the period was 8.2720% at the lowest, and 9.9021% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 154 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  155. ADMF03BCN4 ISIN CODE : IDA0000749B2 1250 1000 Frequency 30 Volume 24 Frequency Jul-17 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A 1203.00 40.00 48.00 N/A N/A 8 5 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 500 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 7.0 98 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 18 6 Jul-19 Price and Yield 750 250 Jul-18 2016 Trading Activities, Trading days N/A N/A 27 8 Q2 8.00 6 2 2 1108.76 36.87 44.24 7.37 22-Sep 12-Oct 03-Mar 03-May 24-Nov 03-Mar 19-May N/A 101.1500 101.4500 100.9500 101.0000 N/A 99.8000 100.4700 100.7200 100.9803 N/A N/A 01-Aug N/A 100.0000 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.062 5.979 5.017 4.191 N/A N/A 8.7480 2.440 N/A 0.024 99.0769 101.5276 101.1481 9.1546 2.243 0.022 8.0088 2.053 8.1455 1.874 0.021 0.019 This series was first listed on 27 July 2016 and will be matured on 26 July 2019. This series has an outstanding amount of Rp434 billion with fixed coupon per annum at 8.75%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, was 101.6429% at the highest. While the prices observed through CTP were ranging from 99.8000% to 101.4500%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMADMF02BCN2 Listing Date ISIN CODE : IDJ0000077B9 5 4 Maturity Date Jul-16 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Trading Activities, Jul-17 Q1 Q2 Q3 Q4 Q1 N/A N/A - - - - N/A N/A - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 7.0 98 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Volume (Rp bn) 3 Q2-16 Jul-19 2016 3 Q1-16 Jul-18 Price and Yield Trading days enar >> enar >> Maturity Date Jul-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A - - Q2 - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.9314 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.081 5.979 5.011 4.196 N/A N/A N/A 8.3741 2.444 0.024 99.0769 101.0947 101.5150 9.1546 2.243 0.022 8.2136 2.051 0.021 7.9549 1.876 0.019 This series has an outstanding amounted to Rp42 billion with fixed coupon per annum at 8.75%. Since this series listed on 27 July 2016 until the end of June 2017, there was not transaction. IBPA valued the fair prices for this series were 98.0450% for the lowest and 101.5518% for the highest. At the same period, the fair yield for this series was ranging from 7.9392% to 9.5885%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 155
  156. ADMF03ACN4 Listing Date ISIN CODE : IDA0000749A4 TRADING ACTIVITIES Volume 1000 800 Jul-16 Frequency 75 Volume 60 Frequency Trading Activities, Jan-17 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A 978.00 270.00 116.00 127.00 N/A N/A 12 8 7 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 6.0 98 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0  IBPA Fair Price  YTM SMADMF02ACN2 24 Frequency 10 Volume 8 Frequency Oct-16 07-Mar 13-Apr 6.8818 6.4044 0.337 0.120 0.003 0.001 100.1034 N/A 30-Sep 30-Dec N/A 0.862 0.475 N/A 15-Aug 7.7675 0.806 N/A 0.008 Trading Activities, Jan-17 99.8456 100.3231 Pastikan 100.1767Link Grafik sudah be 8.1581 0.574 0.006 31-Mar Pastikan 22-JunLink Grafik sudah be 0.197 Q2 Q3 N/A N/A 26.00 4.00 13.00 - N/A N/A 4 1 3 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q4-16 Q1-17 Q2-17 2017 Q1 - Q2-17 Jul-17 Volume (Rp bn) N/A Q1-17 Apr-17 2016 CTP Price - Low Q4-16 0.044 Price and Yield 2 Q3-16 12-Oct N/A Maturity Date 6 Q2-16 05-Apr the other side, the fair price amounted to 99.7657% - 100.5087%. N/A Q1-16 01-Mar 99.9945 100.1000 100.1500 price between 99.5089% - 100.1935% and fair yield between 7.6258% - 8.6281%. At the CTP Price - High 97 27-Sep (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded 4 102 07-Nov 100.7000 100.5500 100.4600 100.3700 between 99.8000% and 100.7000%. Based of IBPA fair price in 2016, this series has a fair 12 Price 60.84 this series listed until at the end second quarter in 2017, this series traded 106 times in 36 6 Q3-16 55.57 99.8000 N/A 9 129.34 N/A N/A 20 trading days with total volume booked of Rp1.49 trillion. Based on the market price 18 Q2-16 N/A 12 with nominal amount of Rp835 billion and has interest rate per annum at 7.90%. Since Jul-16 TRADING ACTIVITIES Q1-16 N/A 468.50 22 The series listed on 27 July 2016 and will be matured on 7 August 2017. This series listed Trading days enar >> N/A 52 Listing Date ISIN CODE : IDJ0000077A1 30 N/A end of second quarter in 2017, the fair yield had recorded at 6.2541% until 8.3017%, on l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume 2017 Q1 400 - Jul-17 2016 45 15 Apr-17 Price and Yield 600 enar >> enar >> Oct-16 Trading days 200 enar >> Maturity Date N/A N/A N/A N/A N/A N/A Q4 6 Q1 2 346.67 53.33 12-Aug 03-Nov 08-Aug 03-Nov 99.9500 100.1500 100.0992 N/A 30-Sep 30-Dec N/A 0.862 0.475 N/A N/A 4 173.33 100.0000 100.1700 100.0200 N/A N/A Q2 7.7727 0.806 0.008 04-Jan 99.9800 02-Mar - N/A N/A N/A N/A 99.8456 100.3231 Pastikan 100.1767Link Grafik sudah be 8.1581 0.574 0.006 6.8818 6.4044 0.337 0.120 0.003 0.001 31-Mar Pastikan 22-JunLink Grafik sudah be 0.197 0.044 This series was traded in 8 trading days during 2016 to Q2-2017 period. The total trading volume was Rp43 billion and traded 12 times during the period. The IBPA fair prices for this series were 99.5456% at the lowest and 100.4250% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), this series was traded at 99.9500% at the lowest and 100.1700% at the highest. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 156 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  157. ADMF03CCN5 ISIN CODE : IDA0000795C3 20 Frequency 5 Volume 16 4 Frequency Maturity Date Mar-18 Trading Activities, Mar-19 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 1.00 N/A N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 2017 N/A 8 - Mar-22 Q1 3 1 Mar-21 2016 12 4 Mar-20 Price and Yield Trading days N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 N/A 1.66 N/A - N/A N/A N/A N/A N/A 18.00 1 3 3 29.88 - 102.9500 - 101.5500 14-Jun - 16-Jun 100.2318 101.5516 8.8353 8.4996 N/A 31-Mar 22-Jun N/A 18.932 17.622 N/A N/A 3.978 0.040 3.851 0.039 This series listed on 23 March 2017, and matured on 22 March 2022. This series issued with nominal amount of Rp241.00 billion and have fixed interest rate per annum at 8.90%. Average trading volume for this series reached Rp9.50 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 101.5500 – 102.9500 while the IBPA fair price was between 100.0000% – 102.0612%. The IBPA fair yield for this series was between 8.3713% – 8.9000%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMADMF02CCN3 Listing Date ISIN CODE : IDJ0000086C8 5 4 Mar-17 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Mar-18 Trading Activities, Mar-19 Q2 Q3 Q4 Q1 N/A N/A N/A N/A - - N/A N/A N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 2 Q3-16 Mar-22 Volume (Rp bn) 3 Q2-16 Mar-21 2016 3 Q1-16 Mar-20 Price and Yield Trading days enar >> enar >> Mar-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.2318 102.0888 8.8353 8.3626 N/A 31-Mar 22-Jun N/A 18.932 17.649 N/A N/A 3.978 0.040 3.855 0.039 This series was listed since 23 March 2017 and matured on 10 December 2023 have a nominal value of Rp7.00 billion with fixed interest rate of 8.90 % per annum. The IBPA fair price was between 100.0000% - 102.2979%, the fair yield for this series was between 8.3100% - 8.9000%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 157
  158. ADMF03BCN5 Listing Date ISIN CODE : IDA0000795B5 Mar-17 TRADING ACTIVITIES Volume 425 Frequency 20 Volume 340 16 Frequency Mar-18 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A 60.00 415.00 N/A N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 170 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 2017 Q1 12 enar >> Mar-20 2016 255 4 Mar-19 Price and Yield Trading days 85 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - 101.2295 - 100.8700 - 09-Jun - 02-May N/A 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A 7 193.02 100.0721 Pastikan 100.7762Link Grafik sudah be N/A N/A 27.91 15 N/A N/A N/A 2 N/A 8.5624 8.2815 2.596 2.429 0.026 0.024 7.879 6.888 This series listed on 23 March 2017, and matured on 22 March 2020. This series issued with nominal amount of Rp860.00 billion and have fixed interest rate per annum at 8.60%. Average trading volume for this series reached Rp237.50 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.8700 – 101.2295 while the IBPA fair price was between 99.9214% – 101.3750%. The IBPA fair yield for this series was between 8.0410% – 8.6290%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMADMF02BCN3 Listing Date ISIN CODE : IDJ0000086B0 TRADING ACTIVITIES Volume 275 220 Mar-17 Frequency 15 Volume 12 Frequency Mar-18 Q1 Q2 Q3 Q4 Q1 Q2 N/A N/A N/A N/A 30.00 260.00 N/A N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 110 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Volume (Rp bn) 9 enar >> Mar-20 2016 165 3 Mar-19 Price and Yield Trading days 55 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1 N/A 114.29 N/A - N/A N/A N/A 10 5 990.48 - 100.1000 - 100.0000 20-Jun - 20-Jun N/A 100.1218 Pastikan 99.8428Link Grafik sudah be N/A 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A 8.5434 8.6648 2.596 2.425 0.026 0.024 7.880 6.869 This series was traded in 6 trading days during 2016 to Q2-2017 period. The total trading volume was Rp290 billion and traded 11 times during the period. The IBPA fair prices for this series were 99.6836% at the lowest and 100.0000% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), this series was traded at 100.0000% at the lowest and 100.1000% at the highest. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 158 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  159. ADMF03ACN5 ISIN CODE : IDA0000795A7 1000 Frequency 75 Volume 800 60 Frequency Maturity Date Jun-17 Trading Activities, Sep-17 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A 234.00 829.00 N/A N/A N/A N/A 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 400 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 45 15 Mar-18 2016 600 200 Dec-17 Price and Yield Trading days N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 9 102.52 60 10 363.20 N/A 100.0708 100.4000 N/A 100.0000 N/A 100.0474 100.4507 N/A N/A N/A 31-Mar 31-Mar 7.4286 15-Jun 99.9000 03-Apr 6.8978 N/A 31-Mar 22-Jun N/A 1.146 0.740 N/A N/A 0.940 0.738 0.009 0.007 This series was first listed on 23 March 2017 and will be matured on 2 April 2018. This series has an outstanding amount of Rp913 billion with fixed coupon per annum at 7.50%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, was 100.4507% at the highest. While the prices observed through CTP were ranging from 99.9000% to 100.4000%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMADMF02ACN3 Listing Date ISIN CODE : IDJ0000086A2 300 240 Mar-17 TRADING ACTIVITIES Volume Frequency 40 Volume 32 Frequency Maturity Date Jun-17 Trading Activities, Sep-17 Q1 Q2 Q3 Q4 Q1 Q2 N/A N/A N/A N/A 47.00 287.00 N/A N/A N/A N/A 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 120 16 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 103 9.0 101 8.0 99 7.0 97 6.0 95 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Volume (Rp bn) 24 8 Mar-18 2016 180 60 Dec-17 Price and Yield Trading days enar >> enar >> Mar-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 4 68.61 38 9 418.98 N/A 100.0708 100.2200 N/A 100.0000 N/A 100.0704 100.2932 N/A N/A N/A 31-Mar 30-Mar 7.4046 16-Jun 99.9500 03-Apr 7.1070 N/A 31-Mar 22-Jun N/A 1.146 0.740 N/A N/A 0.940 0.009 0.737 0.007 This series has listed since 23 March 2017 and will be matured on 02 April 2018. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 81.27% per quarter and traded in 11 trading days throughout the period. The average trading volume reached Rp55.67 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 99.9500% at the lowest to 100.2200% at the highest. While the IBPA fair price for this series stood between 99.9520% and 100.3386%. The yield valued by IBPA in the period was 7.0576% at the lowest, and 7.5501% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 159
  160. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 ADMF01CCN3 152 ADMF02DCN1 139 258 296 35 42 94 ADMF02BCN4 122 80 224 60 ADMF03ACN1 102 254 25 ADMF03CCN2 74 ADMF03CCN3 174 145 SMADMF02CCN2 98.6% 360 170.6% 160 133 101.8% 256 98 151.0% 44.0% 378 80 90.6% 630 130 60 133.8% 155 90 111 236 96 2 51 ADMF03CCN4 113.4% 81.7% ADMF03BCN2 ADMF03BCN3 125 390 122.2% 84 SMADMF02BCN1 233 122.3% 106.8% 55 ADMF03BCN1 273 Turnover Outstanding in Year 2016 17.1% ADMF02CCN4 ADMFSM1BCN2 Q4-2016 140 204 ADMF02CCN2 ADMF02CCN3 Q3-2016 405 361 461.7% 13.9% 71.4% ADMF03BCN4 ADMF03CCN4 60 SMADMF02CCN2 1,203 40 286.4% 1,203 40 286.4% 13.9% 71.4% ADMF03BCN4 SMADMF02BCN2 ADMF03ACN4 978 SMADMF02ACN2 26 - 160 270 149.5% 100.0% 200 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 600 800 1,000 1,200 1,400 1,600
  161. IBPA ANALYTICAL REVIEW Description PT Adira Dinamika Multi Finance (ADMF) is an Indonesia based consumer finance company that Peer Group No. Company Total Revenue engages in consumer financing activities including 1. PT Pegadaian (Persero) leasing. ADMF is a subsidiary of PT Bank Danamon 3. PT Federal International Finance factoring, credit cards, consumer financing, and 2. PT Adira Dinamika Multi Finance Tbk. Indonesia Tbk. 4. PT Astra Sedaya Finance 5. PT Oto Multiartha networks globally in various major cities throughout Indonesia. ADMF started to expand and develop a proper strategy by serving consumers who need to obtain financing for motorcycle or car to strengthen its position as a multi-brand automotive financing company. Bank Danamon Indonesia Tbk. and 7.93% by public. 8,413 12.0 5,319 17.6 8,321 3,537 4.3 21.7 11.6 12.8 15.2 (2.7) Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Pefindo idAAA Affirmed 12-Jan-17 Stable 3. Pefindo idAAA Affirmed 3-Jun-15 Stable 2. Pefindo 4. Pefindo At the end of June 2017, ADMF is 92.1% owned by PT Revenue Financial Statement as of Fiscal Year 2016 ADMF mainly provides automotive financing services. ADMF operations are carried out through business Net Profit (Rp Bill) Margins (%) Growth (%) 9,708 22.8 9.1 5. Pefindo idAAA idAAA idAAA Affirmed Rating Date 27-Jan-16 Affirmed 7-Apr-15 Upgraded* 6-Nov-14 Outlook Stable Stable Stable *The upgraded based on Pefindo’s recent rating action to upgrade ADMF’s parent which is PT Bank Danamon Indonesia Tbk to “idAAA” from “idAA+ SWOT Analysis S W trengths eaknesses - Very strong synergy and mutual - Dependent on import spare parts parent (Bank Danamon) compare to its peers relationship between ADMF and its - Very strong market position in - Have the lowest profit margin automotive financing industry - Long experience in consumer Financial Analysis In 2016, ADMF’s total revenue amounted to Rp8.41 trillion, increased by 4.32% compared to 2015 finance business - Well diversified business portfolio amounted to Rp8.06 trillion. The increased was primarily due to the increasing in the margin murabahah by 82.82% from Rp877.38 billion in 2015 to Rp1.60 trillion in 2016. In the other side, consumer financing income decreased by 4.41% to Rp4.72 T trillion in 2016. In 2016, ADMF managed to recorded O increased - Expansion opportunity outside Java - Expansion opportunity outside - Indonesia was the largest - Indonesia was the largest net profit amounted to Rp1.01 trillion in 2016, or by 51.82% from the previous year pportunities amounted to Rp664.84 billion due to the declining area financing" by 30.97%. ADMF recorded total assets of automotive market in Southeast Asia decreased by 0.28% from the previous year of are still financed through credit "provision for impairment losses in consumer Rp27.67 trillion for the year ended 2016 or slightly - The majority of motor vehicle sales Rp27.74 trillion. In 2016, the Company's Return on facilities hreats Java area automotive market in Southeast Asia - The majority of motor vehicle sales are still financed through credit facilities Assets (ROA) at the level of 6.7% from 6.0% in 2015. INDONESIA BOND MARKET DIRECTORY 2016-2017 161
  162. AGII Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. A-(idn) PT Aneka Gas Industri Tbk. : : : : : : June 2017 ADDRESS UGM Samator Pendidikan Building, Tower A, 5th-6th Floor Jln. Dr. Sahardjo No. 83, Manggarai, Jakarta Jakarta Selatan Phone : (021) 8370-9111 Fax : (021) 8370-9911 Basic Industry and Chemicals Chemicals www.anekagas.com Rachmat Harsono agipusat@anekagas.com PT Aneka Gas Industri (the Company) is Indonesian's first and the oldest industrial gases company that has the largest distribution network throughout Indonesia Archipelago. The company produce and distribute industrial gases such as Oxygen, Nitrogen, Argon, Hydrogen, Carbon dioxide and speciality gases to supply multiindustry such as metal works, metallurgy, mining, chemical processes and petrochemical industry, electronic and electrical industry, medical and pharmaceutical industry, food and beverage industry, construction and engineering, waste water treatment, agribusiness. Throughout its journey, the Company has been through some fundamental changes. The experience and history are a living proof of the stability and maturity of the company in facing changes. The Company’s management readiness to face new change is proven through steady improvement. The Company evolve to become bigger and better as well as adaptable in the development of economy and industry in Indonesia. The Company’s future plan is to streamline the management to strengthen the foundation of the company comprehensive capabilities, thereby increasing enterprise value and guaranteeing stakaholders' welfare. The Company Head Office is at Gedung UGM Samator Pendidikan Tower a 5-6 Floor, Jln. Sahardjo No. 83, Manggarai, Jakarta Selatan and has several branches in Medan, Lhokseumawe, Pekanbaru, Jakarta, Lampung, Bandung, Semarang, Sidoarjo, Makassar, Kendari, Soroako, Palu, Bitung, and Gorontalo. The Company has direct and indirect ownership in subsidiaries: PT Samator Gas Industri, PT Ruci Gas, PT Krakatau Samator, and PT Samabayu Mandala. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 335,566 462,226 37.75 p 1,023,524 1,479,828 44.58 p 4,953,451 5,847,722 2,510,187 2,468,537 181,524 188,344 3,811,564 954,637 3,074,583 2 2,000,000 997,000 1 Chg % 390,381 115.06 p 295,680 4,217,336 1,312,711 2,996,929 9,200 56.99 p 10.65 p 18.05 p 37.51 p -1.66 q -2.53 q 459,900.00 p 4,600,000 130.00 p 1,533,330 3,067 53.79 p 307,488.77 p Par Value (Rp) 1,000,000 Total Equity …*) 1,509,308 2,534,794 67.94 p 1,714,769 2,760,840 61.00 p 1,426,441 1,651,136 15.75 p 183,653 205,348 11.81 p Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses 11,398 205,461 620,340 550,026 500 -99.95 q 66,288 481.58 p 226,046 763,563 675,648 Operating Profit 238,379 341,458 EBITDA 414,806 543,338 Comprehensive Income 597,704 Earning Before Tax Income for the periods AUDIT COMMITTEE 1. Agoest Soebehktie 2. Djony Winarto 3. Nurniawati Stable Net Income … *) FINANCIAL RATIOS 70,316 48,007 42,260 87,915 10.02 p 23.09 p 22.84 p 43.24 p 25.03 p 30.99 p 64,287 33.91 p 54,890 29.89 p 72,744 -87.83 q DER (X) 1.46 0.89 -38.92 q NPM (%) 3.37 3.89 ROA (%) EBITDA Coverage (X) 0.97 2.26 1.10 13.43 p 2.65 17.15 p 15.69 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Aneka Mega Energi 2. Public 3. PT Samator 4. Arief Harsono 5. Rachmat Harsono 6. Heyzer Harsono 7. Rasid Harsono 162 INDONESIA BOND MARKET DIRECTORY 2016-2017 37.79% 30.00% 27.76% 3.31% 0.87% 0.15% 0.13%
  163. BOARD OF COMMISSIONERS 1 . Arief Harsono 2. Agoest Soebhektie * 3. C.M. Bing Soekianto * 4. Djasri Marin 5. Hargo Utomo 6. Rasid Harsono *) Independent Commissioner BOARD OF DIRECTORS 1. Heyzer Harsono 2. Agus Purnomo 3. Budi Susanto 4. Ferryawan Utomo 5. Imelda Mulyani Harsono 6. Nini Liemijanto 7. Phajar Hadywibowo 8. Rachmat Harsono AS OF JUNE 2017 No. 1. 2. 3. CODE ISIN CODE AGII02 IDA000055701 SIAGII02 IDJ000005400 AGII01BCN1 IDA0000810B2 Series Name Obligasi Aneka Gas Industri II Tahun 2012 Sukuk Ijarah Aneka Gas Industri II Tahun 2012 Outstanding (Rp Million) 200,000 Listing Date 19-Dec-12 Maturity Date 18-Dec-17 Issue Term 5 years Tahap I Tahun 2017 200,000 19-Dec-12 18-Dec-17 5 years 19,000 07-Jun-17 06-Jun-22 5 years SeriB 5. SIAGII01BCN1 Berkelanjutan I Aneka IDJ0000090B2 AGII01ACN1 IDA0000810A4 Gas Industri Tahap I 07-Jun-17 06-Jun-22 5 years 45,000 07-Jun-17 06-Jun-20 3 years Seri A SIAGII01ACN1 Berkelanjutan I Aneka IDJ0000090A4 Gas Industri Tahap I Tahun 2017 Seri A 18-Sep-17 18-Dec-17 - PT Bank Mega 18-Sep-17 18-Dec-17 - PT Bank Mega 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Mega 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Mega Quarterly 06-Jun-18 9.90% 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Mega 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Mega Rp99M /Billion p.a. 10.35% Rp10,25M p.a. Quarterly Sukuk Ijarah 6. 9.80% Ijarah Fee 99,000 Obligasi Berkelanjutan I Tahap I Tahun 2017 Trustee Quarterly Tahun 2017 Seri B Aneka Gas Industri Date Period Quarterly Sukuk Ijarah 4. Coupon Payment Quarterly Obligasi Berkelanjutan I Aneka Gas Industri Coupon Structure / Ijarah Fee 147,000 07-Jun-17 06-Jun-20 3 years Rp14,55M p.a. Quarterly - - 06-Jun-18 06-Jun-18 06-Jun-18 Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Rating / Outlook A- Stable A- Stable A- Stable A- Stable A- Stable A- Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 163
  164. TRADING HIGHLIGHT AGII02 Listing Date ISIN CODE : IDA000055701 TRADING ACTIVITIES Volume 150 120 Dec-12 Frequency 30 Volume 24 Frequency Maturity Date Dec-13 Trading Activities, Dec-15 Dec-16 2016 Price and Yield Q1 Volume (Rp bn) - 80.00 - 2 Frequency (X) - Turnover Ratio (%) - Q2 Dec-17 2017 Q3 4 Q4 Q1 1.00 61.00 149.00 1 9 12 1 10 Q2 20.00 28 10 3 90 18 Trading days 60 12 CTP Price - High N/A 100.3000 101.1000 101.1000 101.2500 101.2000 CTP Price - Low N/A IBPA Fair Price 99.6248 100.2500 101.1000 100.0000 100.7500 100.7500 Pastikan Link Grafik sudah be 28-Apr 30-Sep 10-Nov 08-Mar 08-Jun Last Date 31-Mar 30-Jun 30-Sep 2.906 2.210 1.596 6 30 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) enar >> Dec-14 Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 10.0209 Mod. Duration (yrs) 1.554 Sensitivity (%) 0.016 Convexity (yrs) 160.00 2.00 122.00 298.00 40.00 03-May 30-Sep 02-Nov 01-Feb 27-Apr 99.7466 100.4185 9.9853 1.346 9.4290 1.132 0.013 0.011 99.8724 100.9638 100.9467 Pastikan Link Grafik sudah be 9.9362 8.3567 7.8055 30-Dec 31-Mar 22-Jun 1.066 0.639 0.342 0.909 0.009 0.682 0.474 0.007 0.005 This series listed on 19 December 2012, and matured on 18 December 2017. This series issued with nominal amount of Rp200.00 billion and have fixed interest rate per annum at 9.80%. Average trading volume for this series reached Rp35.50 billion/quarter on 2016 and increased to Rp84.50 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.0000 – 101.2500 while the IBPA fair price was between 96.5696% – 101.1678%. The IBPA fair yield for this series was between 7.8055% – 11.7867%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIAGII02 Listing Date ISIN CODE : IDJ000005400 TRADING ACTIVITIES Volume 225 180 Dec-12 Frequency 45 Volume 36 Frequency Maturity Date Dec-13 Trading Activities, Price and Yield Q1 Q2 Volume (Rp bn) 92.00 19.80 8 2 Frequency (X) Dec-16 20 Q3 4 Dec-17 2017 Q4 Q1 57.00 60.00 200.10 4 7 14 8 16 41 Q2 65.60 13 6 27 Trading days 90 18 CTP Price - High 98.2000 99.7500 100.0200 100.9100 100.9500 100.7709 CTP Price - Low 96.0000 97.5000 IBPA Fair Price 97.5008 99.8183 100.5321 Last Date 31-Mar - enar >> 9 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 101 PRICE AND YTM MOVEMENT YTM (%) 13.0 100 12.0 99 11.0 98 10.0 97 9.0 96 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 164 Dec-15 2016 135 45 enar >> Dec-14 INDONESIA BOND MARKET DIRECTORY 2016-2017 184.00 07-Mar 28-Jan 11.5046 Mod. Duration (yrs) 1.546 Sensitivity (%) 0.015 Convexity (yrs) 2.879 39.60 22-Jun 18-Apr 10.0321 114.00 22-Aug 98.9500 11-Aug 9.4290 120.00 22-Dec 99.3000 10-Oct 9.9362 30-Sep 30-Dec 2.207 1.595 1.066 0.013 1.131 0.011 131.20 01-Feb 12-Apr 20-Feb 21-Apr 8.7499 8.3098 0.681 0.473 0.007 0.005 97.5200 100.0200 99.9635 100.7600 Pastikan 100.7531Link Grafik sudah be 30-Jun 1.345 400.20 0.908 0.009 31-Mar Pastikan 22-JunLink Grafik sudah be 0.637 0.341 This bond listed with nominal value of Rp200 billion and interest rates of 9.90% per annum. This bond was effective from 19 December 2012 to 18 December 2017. During 2016 until at the end second quarter in 2017, this series has traded times with total volume amounted to Rp494.5 billion. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 96.0000% - 100.9500% while IBPA fair prices for this series were 96.6851% for the lowest and 100.9498% for the highest.
  165. AGII01BCN1 ISIN CODE : IDA0000810B2 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-22 2017 Q1 Trading days Q2-16 Jun-21 Price and Yield 3 Q1-16 Jun-20 2016 3 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.2711 N/A 22-Jun N/A N/A N/A N/A 10.2783 3.824 17.860 0.038 This series was first listed on 7 June 2017 and will be matured on 6 June 2022. This series has an outstanding amount of Rp19 billion with fixed coupon per annum at 10.35%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, was 100.3123% at the highest. While the IBPA fair yield for the series were ranging from 10.2678% to 10.3500%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIAGII01BCN1 Listing Date ISIN CODE : IDJ0000090B2 5 4 Jun-17 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-22 2017 Q1 Trading days Q2-16 Jun-21 Price and Yield 3 Q1-16 Jun-20 2016 3 enar >> enar >> Jun-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.2711 N/A 22-Jun N/A N/A N/A N/A 10.2783 3.824 17.860 0.038 This series was listed since 07 June 2017 with a maturity date on 06 June 2022 and has a fixed interest rate of 10.350% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 100.0000% - 100.3123% and on the other side IBPA’s Yield range between 10.2678% - 10.3500%. The outstanding for this series since issuance date were noted at Rp99.00 billion. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 165
  166. AGII01ACN1 Listing Date ISIN CODE : IDA0000810A4 TRADING ACTIVITIES Volume 10 8 Frequency 5 Volume 4 Frequency Trading Activities, Jun-18 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 4 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 1 - - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-20 2017 Price and Yield 3 2 Jun-19 2016 6 enar >> enar >> Jun-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 9.00 N/A 3 1 N/A 80.00 N/A - N/A - N/A N/A - N/A 99.9526 N/A 22-Jun N/A 7.548 N/A N/A 9.9169 2.525 N/A 0.025 This series was first listed on 7 June 2017 and will be matured on 6 June 2020. This series has an outstanding amount of Rp45 billion with fixed coupon per annum at 9.90%. This series was traded in 1 trading day with 40% of average quarterly turnover. Total trading volume since it was listed until 30 June 2017 was Rp9 billion and the trading frequency was 3 times. IBPA valued the fair prices for this series were 99.9526% for the lowest and 100.2111% for the highest. At the same period, the fair yield for this series was ranging from 9.8160% to 9.9169%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIAGII01ACN1 Listing Date ISIN CODE : IDJ0000090A4 TRADING ACTIVITIES Volume 75 60 Jun-17 Frequency 10 Volume 8 Frequency Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 30 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Jun-20 2017 Price and Yield Trading days 2 Jun-19 2016 6 enar >> 166 Jun-18 45 15 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 50.75 9 3 138.10 N/A 100.0200 N/A 99.9933 N/A 99.9416 N/A 22-Jun N/A 7.548 N/A N/A N/A N/A N/A 13-Jun 08-Jun 9.9213 2.525 0.025 This bond series was first listed on 07 June 2017 and will be matured on 06 June 2020. The series was actively traded in Q2-2017 with 3 days of total trading days during the trading period. The total trading volume reached Rp50.75 billion and the total trading frequency was 9 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 99.9933% or above its fair lowest price valued by IBPA at 99.9416%. On the other hand, the highest market price was 100.0200% or below its IBPA fair highest price at 100.2000%. The yield valued by IBPA was 9.8204% at the lowest, and 9.9213% at the highest.
  167. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 AGII02 Q3-2016 Q4-2016 80 SIAGII02 61 92 - 25 Outstanding in Year 2016 50 71.0% 20 75 100 Turnover 57 125 60 150 175 200 114.4% 225 250 INDONESIA BOND MARKET DIRECTORY 2016-2017 167
  168. IBPA ANALYTICAL REVIEW Description A long history and a strong background have led PT Aneka Gas Industri strives to become the largest Peer Group No . Company Total Revenue network industrial gas company in Indonesia. The 1. PT Pupuk Indonesia (Persero) (gas plant) spread in the region of Indonesia: North 3. PT Aneka Gas Industri Tbk. Company and subsidiaries currently has 44 plants Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 64,164 5.5 (3.1) 2. PT Chandra Asri Petrochemical Tbk. 25,936 15.5 1,651 36.5 3.9 15.8 Sumatra, Riau, Lampung, Jakarta, West Java, East Java, Central Kalimantan, South Kalimantan, East Financial Statement as of Fiscal Year 2016 Kalimantan, South Sulawesi and North Sulawesi. The largest factory is currently placed in Sidoarjo, East Java, where the plant is capable of producing gas products such as Oxygen, Nitrogen, Argon, Nitrous Oxide (N2O), C2H2, and specialty gases. PT Aneka Gas Industri provides products that suit the needs of each customer. The products can be divided into several purposes of categories: industry gas, specialty gas, health application, and food and beverages. Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Fitch Ratings A-(idn) Affirmed 3. Fitch Ratings A-(idn) Affirmed 2. Fitch Ratings 4. Fitch Ratings 5. Fitch Ratings A-(idn) A-(idn) A-(idn) Rating Date 22-Dec-16 Outlook Stable* Affirmed 27-May-16 Negative** Affirmed 11-Jun-14 Stable 28-May-15 Affirmed 12-Jun-13 Negative Stable **The revised follows the industrial gas producer’s large debt-funded expansion that has resulted in more aggresive capital structure As of June 30, 2017, the Company’s shareholders consisted of PT Aneka Mega Energi (37.79%), PT Samator (27.76%), Public (30%), and Others (4.45%). SWOT Analysis S trengths eaknesses - Strong distribution network - High capital intensive business gas business capital structure compared to other - Dominant player in local industry with strong distribution channel - Have strong industrial gas client Financial Analysis W base lead to higher manufacturing business - Highly dependent on electrical supply from PLN - Have a lowest net profit margin AGII’s net sales for the year ended December 31, compared the 2016, increased by 15.75% to Rp1.65 trillion. The peers increase in net sales was mainly contributed by the increase in sales of gas products by 18.74% since the sales price in 2016 has dropped as a result of lower electricity tariff. In line wit the increase, AGII’s cost of good sold in 2016 has increased by 10,11% to O an increase in cost installations by 17.50%. The - Rising demand for gas products - Rising demand for gas products 31, 2016, amounted to Rp64.29 billion or increased products products assets as of December 31, 2016, increased by 32.11% infrastructure developing driven by an increase in direct labor by 36.61% and pportunities Company booked profit the year ended December - Potential needs for specialty gas by 33.91% from Rp48.01 billion in 2015. AGII’s current - Focusing government to Rp769.57 billion and the non-current assets increased by 16,12% to Rp4.37 trillion. 168 T Rp887.57 billion. An increase in CoGS was mainly INDONESIA BOND MARKET DIRECTORY 2016-2017 hreats - Potential needs for specialty gas - Focusing government infrastructure developing
  169. idA AISA PT Tiga Pilar Sejahtera Food Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Plaza Mutiara Suite 1601, 16th Floor Jln. Dr. Ide Anak Gde Agung Kav. E.1.2 No. 1&2 Jakarta 12850 Phone : (021) 5790-5335 Fax : (021) 5790-5333, 5785-3456 Consumer Goods Industry Food And Beverages www.tigapilar.com Desilina corporate.secretary@tigapilar.com The company was established with the name of PT Tiga Pilar Sejahtera in 1992 by 3 entrepreneurs, they are: Mr. Joko Mogoginta, Mr. Budhi Istanto and the late Mr. Priyo Hadisutanto. To strengthen its existence, in 2003 the Company become a listed company under the name of PT Tiga Pilar Sejahtera Food Tbk. (“AISA”). The listing was conducted through a backdoor listing by acquiring PT Asia Inti Selera; therefore the Company is listed on the Indonesia Stock Exchange under the trading code of AISA. AISA is a food-related businesses company that currently has two divisions, the Food Division (TPS Food) and the Rice Division (TPS Rice). For the Food Division, AISA through subsidiary entities produce dried noodles with several mainstay brands such as “Ayam 2 Telor” and “Superior”; instant vermicelli with the brand “Bihunku”; snack with the brand “Taro”; snack noodle with the brand “Mie Kremezz”; candy with the brand “Gulas”; biscuits with the brand “Growie” as well as fortified biscuits for institutions. The location of food processing plants are located in Sragen – Central Java, Tangerang, Bogor, Medan and Banjarmasin. For the Rice Division, AISA produces several rice products which are divided into two clasifications: branded pack rice and branded bulk rice. Branded pack rice include “Ayam Jago”, “Maknyuss”, “Desa Cianjur”, “Rojolele Dumbo”, and “Jatisari”. Branded bulk rice include “Al Platinum”, “Kiwi”, “Putri Padi”, and “Golden Land”. Rice processing and distribution are centered in Cikarang, Cikampek - West Java and Sragen – Central Java. AISA has a strong image as a company within the food and rice industry. This can be seen from AISA’s market share, which is one of the market leaders for the snack noodle category, extrusion snack, and instant vermicelli as well as second highest within the dried noodle and dried vermicelli category. AISA has a strong image as a company within the food and rice industry. This can be seen from AISA’s market share, which is one of the market leaders for the snack noodle category, extrusion snack, and instant vermicelli as well as second highest within the dried noodle and dried vermicelli category. Meanwhile, AISA’s branded pack rice has been distributed national within 135 cities in Indonesia. AISA continues to expand their distribution network in order to reach even more customers. Up to today, AISA has 74 distributor groups reaching 171 cities in Indonesia. In 2013, AISA issued TPS Food Bonds I Year 2013 valued Rp600 billion and TPS Food Sukuk Ijarah I Year 2013 valued Rp300 billion. Furthermore, in July 2016, AISA listed TPS Food Sukuk Ijarah II Year 2016 within the Indonesian Stock Exchange with an amount of Rp1.2 trillion, this fund is to be entirely used to refinance bank debts. AUDIT COMMITTEE 1. Anton Apriyantono 2. Bondan Haryo Winarno 3. Sudibyo Hartanto 4. Wijaya Kusumo Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 Receivables 1,978,613 2,393,724 20.98 p Current Assets 4,463,635 5,949,164 33.28 p Cash & Cash Equivalents Inventories Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses 588,514 1,569,104 2,290,408 9,060,980 2,750,457 2,069,726 2,587,235 9,254,539 31.90 p 12.96 p 2.14 p 2,504,330 -8.95 q 5,094,072 4,990,139 -2.04 q 998,000 998,000 3,219 3,219 4,111,393 4,788 4,328,810 4,788 684,220 684,220 500 & 200 500 & 200 3,369,077 3,942,933 1,215,374 597,830 1,796,408 3,966,907 4,264,400 6,010,895 6,545,680 239,850 381,260 1,273,720 534,286 1,683,303 1,281,744 EBITDA 884,163 1,412,627 Income for the periods 373,750 Net Income … *) -  -  -  -  -  47.81 p 17.03 p 7.50 p 8.90 p 32.16 p 58.96 p 401,559 -24.84 q 739,434 500,435 5.29 p 321,467 -46.23 q Operating Profit Earning Before Tax Chg % 295,926 -49.72 q 898,431 73.34 p 79.53 p 59.77 p 719,228 92.44 p 323,441 593,475 83.49 p DER (X) 1.04 1.02 NPM (%) 6.22 10.99 Comprehensive Income FINANCIAL RATIOS 379,032 4.12 ROA (%) EBITDA Coverage (X) 3.69 706,681 86.44 p -2.06 q 7.77 88.41 p 3.71 0.51 p 76.71 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public 2. PT Tiga Polar Corpora 3. JP Morgan Chase Bank Non Treaty Clients 4. Trophy 2014 Investors Limited 5. Primanex Pte. Ltd. 6. Morgan Stanley & Co. LLC-Client Account 7. Primanex Limited 34.91% 28.13% 9.33% 9.09% 6.59% 6.58% 5.38% INDONESIA BOND MARKET DIRECTORY 2016-2017 169
  170. BOARD OF COMMISSIONERS 1 . Anton Apriyantono 2. Bondan Haryo Winarno * 3. Hengky Koestanto 4. Jaka Prasetya 5. Kang Hongkie Widjaja *) Independent Commissioner BOARD OF DIRECTORS 1. Stefanus Joko Mogoginta 2. Budhi Istanto Suwito 3. Hendra Adisubrata 4. Jo Tjong Seng AS OF JUNE 2017 CODE No. 1. ISIN CODE Series Name AISA01 Obligasi TPS Food I IDA000057905 Outstanding (Rp Million) 600,000 Tahun 2013 Listing Date 08-Apr-13 Maturity Issue Date 05-Apr-18 Term Coupon Structure / Coupon Payment 10.25% 05-Jul-17 05-Oct-17 05-Jan-18 Period 5 years Date 05-Apr-18 Quarterly Rp25.625.000,- per 2. 3. SIAISA01 IDJ000005905 Food I tahun 2013 SIAISA02 Sukuk Ijarah TPS IDJ000007802 Rp1.000.000.000,- per 3 Sukuk Ijarah TPS Food II Tahun 2016 300,000 08-Apr-13 05-Apr-18 5 years months from Ijarah Fee Residual 126.600.000.000 (if 1,200,000 20-Jul-16 19-Jul-21 5 years PT Bank Mega Pastikan Link Grafik sudah be A Tbk. Stable 05-Jul-17 05-Oct-17 05-Jan-18 PT Bank Mega 19-Jul-17 19-Oct-17 19-Jan-18 PT Bank Mega Tbk. 05-Apr-18 Quarterly principal = 1.2 triliun) p.a. from residual Tbk. 19-Apr-18 Quarterly Rating / Outlook Link Grafik sudah be Pastikan Trustee A Stable A Stable TRADING HIGHLIGHT AISA01 Listing Date ISIN CODE : IDA000057905 Apr-13 TRADING ACTIVITIES Volume 275 Frequency 45 Volume 220 36 Frequency Maturity Date Apr-14 Trading Activities, Q4 Q1 Q2 Volume (Rp bn) 58.00 272.94 66.00 95.50 132.10 176.71 7 17 15 14 10 CTP Price - High Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 100 10.0 98 9.0 96 8.0 94 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 10 Frequency (X) 18 Q1-16 2017 Q3 110 - 2016 Apr-18 Q2 Trading days enar >> Apr-17 Q1 27 9 Apr-16 Price and Yield 165 55 Apr-15 Last Date 38.67 41 181.96 28 44.00 32 30 33 11 63.67 88.07 117.80 01-Nov 13-Feb 02-May 20-Oct 09-Mar 03-May 9.1642 8.6443 0.929 0.734 0.009 0.007 100.0200 101.4500 101.9400 101.9000 102.8000 101.5100 18-Mar 96.8900 11-Jan 09-Jun 96.5000 06-Apr 08-Sep 97.5000 05-Aug 100.1431 100.5486 101.9165 10.1538 9.9062 8.8820 31-Mar 30-Jun 30-Sep 3.754 2.986 2.296 Mod. Duration (yrs) 1.755 Sensitivity (%) 0.018 Convexity (yrs) 1.559 0.016 1.359 0.014 97.2654 100.0000 100.5000 99.9959 101.0100 Pastikan 101.2043Link Grafik sudah be 10.2521 30-Dec 1.144 1.659 0.011 31-Mar Pastikan 22-JunLink Grafik sudah be 1.131 0.737 The bond series AISA01 listed on 08 April 2013 with nominal amount of Rp600.00 billion. The bond has interest rate per annum at 10.25% and this series will be matured on 05 April 2018. AISA01 was traded with total volume Rp492.44 billion in 2016 and Rp308.81 billion in a half of year 2017. During 2016, AISA01 has a total of 53 trading days and 111 total frequencies. In 2016, the market price (Centralized Trading Platform) was between 96.5000% and 101.9400%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 170 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  171. SIAISA01 ISIN CODE : IDJ000005905 150 120 Frequency 40 Volume 32 Frequency Maturity Date Apr-14 Q3 Q4 Q1 Q2 Volume (Rp bn) 81.30 35.30 66.97 121.70 137.00 9 15 9 7 10 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 103 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 99 11.0 97 10.0 95 9.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 66.93 30 21 108.40 47.07 25 37 89.29 162.27 19 7 182.67 100.0000 100.6600 101.3300 101.6600 101.9000 101.2500 30-Mar 09-Jun Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.741 2.988 2.289 1.662 1.130 0.737 10.6838 Mod. Duration (yrs) 1.751 Sensitivity (%) 0.018 Convexity (yrs) 9.8163 1.560 19-Jul 9.4049 1.357 0.016 0.014 13-Oct 9.9679 1.145 99.3200 07-Apr 99.1929 100.6930 101.1781 100.3295 100.9295 101.2043 11-Apr 97.0000 17-Mar IBPA Fair Price 18-Jan 94.7600 23-Nov 97.5400 Date 97.6400 29-Sep CTP Price - Low IBPA Fair Yield (%) Price 16 Frequency (X) CTP Price - High Q2-16 2017 Q2 16 Q1-16 2016 Apr-18 50.20 60 - Apr-17 Q1 24 8 Apr-16 Price and Yield 90 30 Apr-15 Trading Activities, Trading days 07-Feb 9.2477 0.929 0.011 99.4200 27-Apr 8.6443 0.734 0.009 0.007 This series will mature on 5 April 2018, and was traded in 57 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp82.08 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 94.7600% at the lowest and peaked also at 101.9000%. While the IBPA fair price for this series was valued between 96.4525% and 101.6504%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIAISA02 Listing Date ISIN CODE : IDJ000007802 750 600 Jul-16 TRADING ACTIVITIES Volume Frequency 100 Volume 80 Frequency Maturity Date Jul-17 Jul-18 Trading Activities, Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A 525.00 573.00 170.00 525.00 N/A 12 14 17 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 300 40 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-21 2017 Q1 Trading days 20 Jul-20 Price and Yield 60 150 Jul-19 2016 450 enar >> enar >> Apr-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 38 175.00 36 191.00 48 89 18 56.67 175.00 29-Mar 07-Jun 07-Mar 17-May 101.2200 103.8000 103.5000 103.6000 23-Aug 98.1200 14-Sep 22-Dec 99.0000 24-Oct 99.5000 100.0000 100.0721 101.8599 101.6649 103.5221 10.5291 30-Sep 3.656 16.580 0.037 10.0346 30-Dec 3.521 15.281 0.035 10.0585 9.4957 31-Mar 22-Jun 13.892 12.810 3.364 0.034 3.243 0.032 This bond series was first listed on 20 July 2016 and will be matured on 19 July 2021. The series was actively traded since Q3-2016 with 61 days of total trading days during the trading period. The total trading volume reached Rp1.79 trillion and the total trading frequency was 211 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 98.1200% or above its fair lowest price valued by IBPA at 96.9202%. On the other hand, the highest market price was 103.8000% or above its IBPA fair highest price at 103.6567%. The yield valued by IBPA was 9.4580% at the lowest, and 11.4094% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 171
  172. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 AISA01 58 SIAISA01 50 Q2-2016 273 81 35 67 SIAISA02 66 Q4-2016 96 Outstanding in Year 2016 100 200 Turnover 82.1% 77.9% 525 - 172 Q3-2016 573 300 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 500 600 700 800 91.5% 900 1,000 1,100 1,200
  173. IBPA ANALYTICAL REVIEW Description PT Tiga Pilar Sejahtera Food Tbk is an Indonesiabased company established in 1990 . The company is primarily engaged in milling and packaging rice. Its business is classified into three divisions: food, rice Peer Group No. Company Total Revenue 1. PT Indofood Sukses Makmur Tbk. 2. PT Mayora Indah Tbk. and palm oil. 3. PT Tiga Pilar Sejahtera Food Tbk. The food division categorizes its products into two 5. PT Siantar Top Tbk. vermicelli, and consumer foods, that comprise instant Historical Corporate Ratings noodles, instant vermicelli, chocolate biscuits, candies No. and snacks. The division also manufactures private label-branded rice. The palm oil division manages and operates several palm plantations in Sumatera and Kalimantan, Indonesia; it is also engaged in processing palm fresh fruit bunches, crude palm oil as well as palm kernels and its derivatives. of December 31, 2016, the Revenue 7.6 23.8 11.1 16.0 6,546 11.0 2,629 6.6 2,522 8.9 3.3 Financial Statement as of Fiscal Year 2016 types: basic foods, consisting of dried noodles, As 18,350 4. PT Nippon Indosari Corpindo Tbk. vermicelli, premium dried noodles and premium Net Profit (Rp Bill) Margins (%) Growth (%) 66,750 7.9 4.2 Rating Agency Rating 1. Pefindo idA 3. Pefindo idA- 5. Pefindo idA- 2. Pefindo 4. Pefindo Rating Status Rating Date Outlook Affirmed 10-May-17 Stable Affirmed 13-Jan-16 Stable Affirmed 8-Jan-14 idA Upgraded* idA- Affirmed 1-Jun-16 14-Jan-15 Stable Stable Stable *The upgrade was driven by expectation that AISA’s financial leverage and cash flow company’s shareholders were Public (37%), PT Tiga Pilar Corpora (21%), JP Morgan Chase Bank NA RE Non-Treaty Clients (9%), Trophy 2014 Investor Limited (9%), Primanex Limited (7%), Morgan Stanley and Co LLC (7%), Pandawa Treasures PTE.LTD (5%), and Primanex Limited (5%). protection measures to improve in the near term as a result of its plantation business divestment SWOT Analysis S W trengths eaknesses - Diversified product offering - Moderate capital structure - Stable demand in rice business - High exposure on fluctuate raw - Moderate cash flow protection material costs O T Financial Analysis In 2016, the company recorded an increase in total revenue by 8.90% to Rp6.55 trillion from Rp6.01 trillion. The increase in revenue was mainly driven by food manufacturing revenue that grew by 28.75% to Rp2.56 trillion from Rp1.99 trillion. The company’s rice mills revenue also grew but very slightly from Rp4.07 trillion to Rp4.11 trillion. Despite modest total revenue growth, the company booked operating expenses amounted to Rp697.05 billion. This figure was 28.43% higher than previous year figure which stood at Rp542.74 billion. However, amid higher operating expense growth, the company managed to record a strong growth in net profit which grew 92.44% from Rp373.35 billion to Rp719.23 billion. Strong net profit was backed by other income that pportunities hreats - Growing domestic demand backed - Growing domestic demand backed by favorable demographic profile. by favorable demographic profile. - Resilient food & beverages industry - Resilient food & beverages - Increasing middle income class industry people - Increasing middle income class people rocketed by 3394.86% from Rp8.46 billion to Rp295.49 billion. That was primarily driven by gain on written of corporate income tax payable of several subsidiaries resulted from tax amnesty program. INDONESIA BOND MARKET DIRECTORY 2016-2017 173
  174. idAA- AKRA PT AKR Corporindo Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Wisma AKR 7th - 8th Fl. Jln. Panjang No. 5, Kebon Jeruk Jakarta Phone : (021) 531-1110 Fax : (021) 531-1185, 531-1388 Trade, Services & Investment Wholesale (Durable & Non-Durable Goods) www.akr.co.id Harryati Utami harryati.utami@akr.co.id PT AKR Corporindo Tbk. is an integrated supply ch ain solutions compan y that operates in distribution of petroleum and basic chemicals, logistic services, and manufacturing of sorbitol and adhesive materials. The Company’s extensive assets include sea port and river port in Indonesia; river ports in China; tank terminals for petroleum and basic chemicals; Self Propelled Oil Barges; trucks; warehouses; and other logistics equipment. Today, AKR is supplying refined Petroleum products from International refineries to Mining, Government power utility, also industrial and commercial sector. While in retail sector, AKR has developed 129 units petrol stations across Java-Bali, Sumatera, Kalimantan, and Sulawesi as of 2016. Recently, AKR through JV with BP is also developing petroleum retail and aviation fuel business. AKR is also the raw material supplier of choice to industrial companies in Textiles, Alumina, Soap and detergent, construction and consumer related industries and represents World class producers of chemicals like Asahimas chemicals, Solvay Europe and USA among others. AKR is now known as a leading provider of third party logistics services, supply chain infrastructure in Indonesia. AKR is acquiring five river ports in Guigang, Guangxi Province China and has modernized also expanded the ports into modern Container and bulk commodity ports offering efficient port operations in the Pearl river. In Indonesia, AKR invest in Port facilities and other infrastructure to grow its trading and distribution and logistics business. Through JV with partner Royal Vopak, commissioned the largest independent petroleum storage terminal, PT Jakarta Tank Terminal (JTT) in Tanjung Priok Port. AKR along with Pelindo III has embarked on building Indonesia’s first Integrated industrial complex – Java Integrated Industrial Ports and Estate (JIIPE) in Manyar, Gresik, East Java. This industrial estate and Ports project encompasses a total of over 3,000 hectares including a residential estate being constructed by AKR’s sister company PT AKR Land development. The project under development since 2013 aims at providing efficient logistics facilities, energy and infrastructure solutions to industry being located in the strategic area of East Java with extensive multi – modal transportation facilities such as deep sea port, toll road, railway sidings and very close to Surabaya International facilities. One of the objectives of the bond of Rp1.5 trillion that issued on December 2012, are to support this project. The company also issued Sustainable Public Offering of Bond I AKR Corporindo Phase I Year 2017 of Rp1 trillion on July 2017 for funding working capital. The Company’s application of GCG has gained international recognition through the awarding of Asia’s Icon on Corporate Governance. AKR shares trade under Stock ticker “AKRA” and are part of the LQ 45 index and over 40% of the shareholdings are held by International and Indonesian investors delivering significant returns to the shareholders. AKR continues to constantly improve its operations while providing Strong Stable and Sustainable return to its stakeholders. 174 Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 1,289,809 3,093,357 976,998 1,366,943 862,466 -11.72 q 1.45 p 15,203,130 15,830,741 4.13 p 3,856,081 4,030,427 4,469,498 4,871,402 4,561,738 19.38 p 7,916,954 7,756,420 -2.03 q 750,000 750,000 3,949 3,992 7,500 394,903 100 7,500 399,178 100 Retained Earnings 4,375,360 5,028,694 Non Controlling Interest 1,195,839 1,253,217 INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA 2.06 p 5,815,708 Paid up Capital (Mil. Sh) Total Equity 5.98 p 2,600,467 -15.93 q 7,391,379 Paid up Capital Total Equity …*) Chg % 7,285,599 Authorized Capital Par Value (Rp) Dec-2016 6,090,336 7,286,175 19,764,821 2,215,994 115,830 866,825 1,349,170 1,317,021 1,703,520 6,821,104 8,074,320 4.52 p -  -  1.08 p 1.08 p -  14.93 p 12.00 p 4.80 p 10.82 p 15,212,591 -23.03 q 1,874,932 -15.39 q 63,962 -44.78 q 685,931 -20.87 q 1,175,360 -12.88 q 1,118,545 -15.07 q 1,686,491 -1.00 q Income for the periods 1,058,741 1,046,850 -1.12 q Net Income … *) 1,033,630 1,010,786 -2.21 q 0.53 0.50 Comprehensive Income 1,084,776 FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 6.96 5.36 14.71 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Arthakencana Rayatama 2. Public AUDIT COMMITTEE 1. I Nyoman Mastra 2. Edwin Gerungan 3. Sahat Pardede 901,038 -16.94 q -5.68 q 6.61 -5.04 qLink Grafik sudah be Pastikan 26.37 79.28 pLink Grafik sudah be Pastikan 6.88 28.46 p 58.58% 41.42%
  175. BOARD OF COMMISSIONERS 1 . Soegiarto Adikoesoemo 2. I Nyoman Mastra * 3. Mahendra Siregar *) Independent Commissioner AS OF JUNE 2017 CODE No. 1. 2. ISIN CODE Series Name Outstanding (Rp Million) Obligasi I AKR AKRA01B IDA0000562B9 Corpindo Tahun 877,000 2012 Seri B IDA0000562A1 Listing Maturity Date 26-Dec-12 Issue Date 21-Dec-19 Term Coupon Structure / Coupon Payment Date Trustee 8.75% 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega 21-Sep-17 21-Dec-17 - PT Bank Mega Period 7 years Corpindo Tahun 623,000 2012 Seri A 26-Dec-12 21-Dec-17 8.40% 5 years Tbk. - Quarterly Rating / Outlook Tbk. 21-Jun-18 Quarterly Obligasi I AKR AKRA01A AA- Stable AA- Stable TRADING HIGHLIGHT AKRA01B Listing Date ISIN CODE : IDA0000562B9 350 280 Frequency 100 Volume 80 Frequency Dec-15 Trading Activities, Q2 Q3 Q4 Q1 Volume (Rp bn) 215.89 131.59 326.42 174.37 225.04 12 16 26 15 17 Frequency (X) Trading days 140 40 CTP Price - High 70 20 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 97 10.0 94 9.0 91 8.0 88 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 39 98.47 39 60.02 90 148.88 44 79.53 Q2 52 102.64 43.35 13 5 19.77 102.5500 100.0000 100.5000 101.0500 101.0000 100.7000 19-Jan 10-Jun 20-Jul 27-Oct 17-Mar 89.0000 89.5000 94.0000 93.5000 IBPA Fair Price 96.7499 98.8654 99.1568 97.5343 100.3264 100.3576 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 11.489 10.264 9.019 7.794 6.720 5.784 Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 01-Feb 9.7932 3.122 0.031 06-Apr 9.1340 2.957 0.030 05-Sep 9.0536 2.774 0.028 07-Dec 9.7133 2.578 0.026 93.7500 16-Jun CTP Price - Low IBPA Fair Yield (%) Price 2017 Q1 60 Q1-16 Dec-18 2016 Price and Yield 210 - Maturity Date Dec-12 TRADING ACTIVITIES Volume enar >> enar >> BOARD OF DIRECTORS 1. Haryanto Adikoesoemo 2. Arief Budiman Utomo 3. Bambang Soetiono Soedijanto 4. Jimmy Tandyo 5. Mery Sofi 6. Nery Polim 7. Suresh Vembu 8. Ter Murti Tiban 10-Jan 8.6034 2.395 0.024 95.5000 19-May 8.5893 2.222 0.022 This series was first listed on 26 December 2012 and will be matured on 21 December 2019. This series has an outstanding amount of Rp877 billion with fixed coupon at 8.75% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 93.0488% at the lowest and 100.9492% at the highest. At the same period, the IBPA fair yield for this series was ranging from 8.3420% to 10.9370%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 175
  176. AKRA01A Listing Date ISIN CODE : IDA0000562A1 475 380 Dec-12 TRADING ACTIVITIES Volume Maturity Date Frequency 75 Volume 60 Frequency Dec-14 Trading Activities, 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 40.30 109.50 74.20 113.20 468.80 306.20 2 9 6 17 16 3 Frequency (X) 22 13 35 68 35 10 285 45 Trading days 190 30 CTP Price - High 97.5500 100.0200 100.2900 100.1600 101.0000 100.9000 CTP Price - Low 95.5000 97.6000 IBPA Fair Price 98.3044 98.6825 100.0436 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.980 2.265 1.640 1.097 0.657 0.354 15 95 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 25.87 17-Feb 13-Jan Date IBPA Fair Yield (%) enar >> Dec-16 9.4607 Mod. Duration (yrs) 1.579 Sensitivity (%) 0.016 Convexity (yrs) 70.30 07-Jun 12-May 9.3651 1.367 47.64 19-Aug 95.0000 23-Aug 8.3605 1.151 0.014 0.012 72.68 23-Dec 74.4180 25-Nov 301.00 28-Feb 99.5000 12-Jan 196.60 28-Apr 96.0000 18-May 99.7533 100.3853 100.7174 8.6644 0.924 7.8122 0.693 0.009 0.007 6.9193 0.484 0.005 This series, matured on 21 December 2017, had average turnover of 119.02%/quarter and traded in 60 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp84.30 billion/quarter with average frequency about 18 times per quarter, while during the first semester of 2017 the average volume increased to Rp387.50 billion/quarter with average frequency increased to 52 times/quarter. The range of IBPA fair price for this series stood between 95.9363% and 100.9080%, while the yield were 6.9193% at the lowest, and 10.7202% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 AKRA01B Q3-2016 216 AKRA01A 40 - 176 Q2-2016 110 100 Q4-2016 132 74 200 113 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 Turnover Outstanding in Year 2016 326 174 96.7% 54.1% 400 500 600 700 800 900
  177. IBPA ANALYTICAL REVIEW Description PT AKR Corporindo Tbk (AKRA) was founded in 1977 in Surabaya as PT Aneka Kimia Raya. AKRA is engaged in the trading and distribution of fuel and basic chemicals in Indonesia. Through its subsidiaries, Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 15,213 6.9 (23.0) 1. PT AKR Corporindo Tbk. 2. PT Lautan Luas Tbk. 6,438 1.8 (0.4) its also involved in logistic, manufacturing, coal mining, integrated industrial estates, and port. In addition to its businesses in Indonesia, it has a Financial Statement as of Fiscal Year 2016 manufacturing company and container and bulk commodity river ports in Southern China. In 2016, the Company began port operations in Java Integrated Historical Corporate Ratings Industrial and Port Estate (JIIPE) which located in No. Gresik with total loading and unloading volumes reaching 438,000 ton. Rating Agency Rating Rating Status Rating Date 1. Pefindo idAA- Affirmed 30-Mar-17 3. Pefindo idAA- Affirmed 12-Oct-15 Affirmed 9-Oct-13 2. Pefindo As of December 31, 2016, its shareholders were PT Arthakencana Rayatama (58.6%), management (0.7%), and the public (40.7%, each below 5% ownership). 4. Pefindo 5. Pefindo idAAidAAidAA- Affirmed Affirmed Outlook Stable* 5-Oct-16 Positive** 8-Oct-14 Stable Stable Stable **The positive outlook in anticipation of potential improvement in the Company's capital structure and cash flow protection measures along with the result of optimal cost management in its fuel distribution busniness SWOT Analysis S W trengths eaknesses - The leading provider of logistic - Decreasing trend of revenue services supply chain and - Thin gross profit margin infrastructure in Indonesia - Have extensive logistic infrastructure network - Increasing trust from BPH Migas to Financial Analysis The consolidated sales and revenues dropped by channel subsidized fuel since 2009 23.03% to Rp15.21 trillion in 2016 mainly due to lows average selling price. Gross profit in 2016 also decreased by 15.43% from Rp2.22 trillion in 2015 to Rp1.87 trillion in 2016. The reduction in income was offset by the Company’s efficient in purchasing raw materials at the right time at the right price. Nevertheless, the Company managed to recorded the consolidated gross profit margin amounted to 11.2% in 2016 or increased by 1.1% from 11.2% in 2015 due to the increased in gross profit from trading and distribution segment. But total comprehensive income for the year was slightly down 1.13% to Rp1.05 trillion due to this year’s loss of Rp145.80 O T pportunities hreats - The massive effort from - The massive effort from Government to develop infrastucture Government to develop - Growth in the number of motor infrastucture vehicles associated with - Growth in the number of motor vehicles associated with billion from foreign exchange. The Company’s total assets in 2016 amounted to Rp15.83 trillion or increased by 4.12% from Rp15.20 trillion in 2015 due to an increased in industrial estate load inventory under development from Rp3.02 trillion to Rp3.77 trillion. Total current assets reached Rp7.39 trillion or increased by 1.46% to previous year, while total noncurrent assets increased by 6.59% from previous to Rp8.44 trillion. INDONESIA BOND MARKET DIRECTORY 2016-2017 177
  178. AA- (idn) AMRT PT Sumber Alfaria Trijaya Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Jln. M.H. Thamrin No. 9 Cikokol Tangerang 15117 Phone : (021) 557-55966 Fax : (021) 557-55961 Trade, Services & Investment Retail Trade www.alfamartku.com Tomin Widian corsec@sat.co.id Established in 1989, PT Sumber Alfaria Trijaya Tbk. (“Company”) started its commercial operations focusing in trading cigarettes. Then in 1999 entered minimarket sector with the exponential expansions began in 2002 by acquiring 141 Alfaminimart stores and bringing the new name "ALFAMART". Nowadays ALFAMART served more than 3.8 million customers each day through its extensive stores and warehouses throughout Indonesia. FINANCIAL HIGHLIGHT BALANCE SHEETS Dec-2016 Receivables 1,517,313 2,066,604 Current Assets 7,738,527 10,232,917 15,195,887 19,474,367 3,577,555 5,732,299 Cash & Cash Equivalents Inventories Property, Plant and Equipment In 2016 with the increase in sales and numbers of stores, the Company’s consolidated net revenues reached Rp56.11 trillion, increasing 16.25% compared to 2015. The Company also booked income attributable to the owner of the parent company amounted to Rp601.59 billion, increased 33.36% compared to 2015 with a total amount of Rp451.09 billion. In 2016, successfully opened 1,251 stores of which 211 stores are franchise stores and 2 warehouses. Until 2016, the Company had 12,366 stores (including 3,363 franchise stores) and 32 warehouses spread throughout Indonesia. Paid up Capital To ensure sustainable business process, the Company commit to provide added value for all stakeholders through develop CSR programs by preserving working environment, review and develop of labour practices, enhancing social welfare and customer protection. BOARD OF COMMISSIONERS 1. Feny Djoko Susanto 2. Ahwil Loetan * 3. Budiyanto Djoko Susanto 4. Imam Santoso Hadiwidjaja * 5. Pudjianto *) Independent Commissioner BOARD OF DIRECTORS 1. Anggara Hans Prawira 2. Bambang Setyawan Djojo 3. Harryanto Susanto 4. Soeng Peter Suryadi 5. Solihin 6. Tomin Widian Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital (Mil. Sh) Par Value (Rp) 764,766 4,545,921 4,678,086 7,023,633 INCOME STATEMENTS Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax 11,420,080 1,200,000 41,525 41,525 120,000 415,245 10 3,978,949 Total Revenues 5,743,768 1,200,000 Non Controlling Interest Total Equity 6,058,907 14,179,604 2,225,570 Total Equity …*) 936,614 10,345,671 Retained Earnings 120,000 415,245 10 33.28 p 32.23 p 22.78 p 28.16 p 62.60 p 60.23 p 37.06 p -  -  -  -  -  6,732,773 69.21 p 16.25 p 4,850,216 5,294,763 48,265,453 56,107,056 515,389 525,827 10,872,498 9,600,318 1,143,889 1,272,180 2,790,842 3,305,991 N/A q 9.17 p 18.06 p 2.03 p 19.03 p 11.22 p 16.84 pLink Grafik sudah be Pastikan 553,835 19.31 pLink Grafik sudah be Pastikan 451,088 601,589 33.36 p DER (X) 0.74 1.08 46.78 p NPM (%) 0.96 0.99 EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS ROA (%) EBITDA Coverage (X) 583,627 36.20 p 18.91 p -1,438,010 8,065,151 22.47 p 2,646,527 871,267 9,209,040 Chg % 681,896 464,204 475,252 3.05 5.42 531,266 2.84 6.29 18.46 p 11.79 p -6.90 q 2.63 p 16.11 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Sigmantara Alfindo 2. Public (<5%) AUDIT COMMITTEE 1. Ahwil Loetan 2. Timotius 3. Wafaju INDONESIA BOND MARKET DIRECTORY 2016-2017 Millions of Rp, Unless Otherwise Stated Dec-2015 Total Assets Based on Nielsen Retail Audit, the Company’s market share in the mini market segment reached by 30.4%. These numbers represent dominance and aggressive expansion of the Company throughout 2016. 178 Stable 52.54% 47.46%
  179. AS OF JUNE 2017 CODE No . ISIN CODE (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 10.00% 08-Aug-17 08-Nov-17 08-Feb-18 PT Bank Period Obligasi Berkelanjutan I 1. AMRT01BCN2 Sumber Alfaria Trijaya IDA0000684B1 400,000 Tahap II Tahun 2015 11-May-15 08-May-20 5 years Seri B 2. 3. IDA0000684A3 AMRT02CN1 IDA000080501 600,000 Tahap II Tahun 2015 11-May-15 08-May-18 Rating / Outlook Rakyat AA- Indonesia Quarterly 08-May-18 (Persero) Tbk. 9.70% 08-Aug-17 08-Nov-17 08-Feb-18 PT Bank Obligasi Berkelanjutan I AMRT01ACN2 Sumber Alfaria Trijaya 3 years Rakyat AA- Indonesia Seri A Quarterly 08-May-18 (Persero) Tbk. Obligasi Berkelanjutan 8.50% 23-Aug-17 23-Nov-17 23-Feb-18 PT Bank II Sumber Alfaria Trijaya Tahap I Tahun 2017 1,000,000 24-May-17 23-May-20 3 years 23-May-18 Quarterly Stable Rakyat Stable AA- Indonesia (Persero) Tbk. Stable TRADING HIGHLIGHT AMRT01BCN2 Listing Date ISIN CODE : IDA0000684B1 May-15 TRADING ACTIVITIES Volume 125 Frequency 10 Volume 100 8 Frequency Maturity Date May-16 Trading Activities, May-17 May-18 May-19 2016 Price and Yield Q1 Volume (Rp bn) - 110.00 - 20.00 - - 3 - 1 - Frequency (X) - Turnover Ratio (%) - Q2 Q3 6 May-20 2017 - Q4 Q1 2 Q2 20.00 - 1 1 75 6 Trading days 50 4 CTP Price - High N/A 102.5000 N/A 100.8200 N/A 104.7500 CTP Price - Low N/A 100.2500 N/A 100.7200 N/A 104.7500 25 - enar >> enar >> Series Name Outstanding 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A 13-Jun 05-Apr - N/A N/A 20.00 28-Dec 28-Dec - 20.00 N/A 06-Jun N/A 06-Jun IBPA Fair Price 99.7572 100.7681 102.8876 100.6832 102.7823 102.9875 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 13.054 11.794 10.592 9.304 8.181 7.203 IBPA Fair Yield (%) Price N/A 110.00 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 10.0623 3.283 0.033 9.7563 3.128 0.031 9.0502 2.971 0.030 9.7562 2.786 0.028 8.9510 2.616 0.026 8.8107 2.459 0.025 The series was listed on 11 May 2015 with nominal value amounted Rp400.00 billion. The bond has interest rates of 10.00% per annum. This bond will be matured in 08 May 2020. In first semester 2016, IBPA fair price recorded at range 100.7510% - 103.1374%, while the CTP recorded at level 104.7500% - 104.7500%. From 2016 until June 2017, total volume recorded by Rp150.00 billion and transacted 2 times/quarter. AMRT01BCN2 has 5 total trading days since this series was issued until half of the year 2017. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 179
  180. AMRT01ACN2 Listing Date ISIN CODE : IDA0000684A3 TRADING ACTIVITIES Volume 225 180 May-15 Frequency 25 Volume 20 Frequency Trading Activities, May-16 May-17 May-18 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - 80.00 205.40 4.10 31.40 - 1 5 2 4 Frequency (X) - Turnover Ratio (%) - 5 Q4 24 Q1 5 Q2 10.20 10 5 3 135 15 Trading days 90 10 CTP Price - High N/A 100.7000 101.7500 101.2800 101.2000 101.7300 CTP Price - Low N/A 100.5500 100.8500 100.0000 100.5100 100.9700 5 45 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) enar >> Maturity Date Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 7.0 96 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date N/A N/A 136.93 2.73 20.93 6.80 06-Apr 04-Aug 08-Nov 08-Feb 09-May 06-Apr 11-Aug 20-Dec 05-Jan 05-Apr 100.0644 100.5113 101.5205 100.6086 101.5266 101.6414 9.6478 9.3924 8.6711 9.2119 8.2100 7.7409 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.137 3.324 2.586 1.913 1.339 0.905 Mod. Duration (yrs) 1.856 Sensitivity (%) 0.019 Convexity (yrs) 53.33 1.659 1.456 0.017 0.015 1.241 0.012 1.025 0.827 0.010 0.008 This series listed on 11 May 2015, and matured on 08 May 2018. This series issued with nominal amount of Rp600.00 billion and have fixed interest rate per annum at 9.70%. Average trading volume for this series reached Rp72.38 billion/quarter on 2016 and decreased to Rp20.80 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.0000 – 101.7500 while the IBPA fair price was between 97.7050% – 101.8458%. The IBPA fair yield for this series was between 7.6726% – 10.8177%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM AMRT02CN1 Listing Date ISIN CODE : IDA000080501 TRADING ACTIVITIES Volume 750 600 May-17 Frequency 15 Volume 12 Frequency Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 719.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 300 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 May-20 2017 Price and Yield Trading days 3 May-19 2016 9 enar >> 180 May-18 450 150 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 14 4 287.60 N/A 100.1800 N/A 100.0000 N/A 99.9152 N/A 22-Jun N/A 7.599 N/A N/A N/A N/A N/A 16-Jun 29-May 8.5312 2.544 0.025 This series has an outstanding amount of Rp1.0 trillion with fixed coupon per annum at 8.50%. From the first listed on 24 May 2017 to the end of June 2017, the trading volume for the series was Rp719 billion and the total trading frequency was 14 times. The market prices for this series were 100.0000% at the lowest and 101.1800% at the highest. IBPA valued the fair prices for this series were 99.9152% for the lowest and 100.2307% for the highest. At the same period, the fair yield for this series was ranging from 8.4091% to 8.5312%.
  181. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 AMRT01BCN2 110 AMRT01ACN2 20 Q3-2016 50 Turnover 48.3% 205 100 Outstanding in Year 2016 32.5% 80 - Q4-2016 150 200 250 300 350 400 450 500 550 600 INDONESIA BOND MARKET DIRECTORY 2016-2017 181
  182. IBPA ANALYTICAL REVIEW Description PT Sumber Alfaria Trijaya Tbk (AMRT) was a retailer with more than 5.000 stores providing affordable, high quality every day needs. AMRT went public in 2009. AMRT’s vision is to be an advanced retail network owned by the wider society. AMRT and its Peer Group No. Company Total Revenue Net Profit Revenue 1. PT Sumber Alfaria Trijaya Tbk. (Rp Bill) Margins (%) Growth (%) 56,107 1.0 16.2 3. PT Mitra Adiperkasa Tbk. 14,150 2. PT Tiphone Mobile Indonesia Tbk. 27,310 1.7 23.9 1.5 10.3 subsidiaries also are constantly striving to market store franchises and weave partnerships with wider Financial Statement as of Fiscal Year 2016 society. In 2016, the Company had operated 12,366 stores of Historical Corporate Ratings which 40.7% in the area Greater Jakarta, 40.7% were No. located on Java (outside Greater Jakarta), and 27.6% were in Sumatra, Kalimantan, Sulawesi, Bali, and Lombok. Number of new stores opened in 2016 was 1,251 that spread across Indonesia. As of December 31, 2016, its ownership structure consisted of PT Sigmantara Alfindo (52.54%), and public (47.46%). Rating Agency Rating Rating Status Rating Date Outlook 1. Fitch Ratings AA-(idn) Affirmed 12-Apr-17 Stable 3. Fitch Ratings AA-(idn) Assigned 22-Apr-15 Stable AA-(idn) Assigned 2. Fitch Ratings 4. Fitch Ratings 5. Fitch Ratings AA-(idn) AA-(idn) Affirmed 7-Mar-16 Affirmed 12-Mar-15 18-May-14 Stable Stable Stable SWOT Analysis S trengths W eaknesses -Sufficient supply chain -High dependence on local -Solid market position in Indonesia consumers modern retail -High business concentration on -Stable profitability growth Jakarta & Java O T Financial Analysis AMRT’s consolidated net revenue in 2016 was Rp56.11 trillion, moving up by 16.25% compared to consolidated net revenue in 2015 which was Rp48.27 trillion. Food revenue contributed the most to the total revenue which made up 64.93% of total revenue. The food revenue grew 10.86% from Rp32.86 trillion to Rp36.43 trillion. While non-food revenue posted a 27.73% growth from Rp15.40 trillion to Rp19.68 trillion. On the other hand, cost of revenue rose by 15.82% from Rp39.06 trillion to Rp45.23 trillion. The company still manage to record a positive growth in operating income which was up by 11.22% from Rp1.14 trillion to Rp1.28 trillion. At the bottom line, net profit increased by 19.31% from Rp464.20 billion to Rp553.84 billion. 182 INDONESIA BOND MARKET DIRECTORY 2016-2017 pportunities hreats -Business expansion into emerging -Business expansion into emerging market market -Expansion through new stores -Expansion through new stores -Decreasing interest rate -Decreasing interest rate
  183. idBBB ANTM PT ANTAM (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Aneka Tambang Building Tower A Jln. Letjen TB. Simatupang No. 1 Jakarta 12530 Phone : (021) 789-1234 Fax : (021) 789-1244 Mining Metal And Mineral Mining www.antam.com Aprilandi Hidayat Setia corsec@antam.com ANTAM is a leading global diversified and integrated natural resources-based c o rp or a t io n . W i th op er a t ion s s pr ea d throughout the mineral-rich Indonesian archipelago, ANTAM undertakes all activities from exploration, excavation, processing through to marketing of nickel ore, ferronickel, gold, silver, bauxite, alumina, coal and precious metal processing and refinery services. The company has long term loyal blue chip customers in Europe and Asia. Due to the vastness of the company's licensed exploration areas as well as its known large holdings of high quality reserves and resources, ANTAM has formed several joint ventures with international partners to profitably develop geological ore bodies into profitable mines. The company generates healthy cash flows, and has prudent capital management. The company became a limited liability state-controlled company in 1968 with the merger of several single commodity mining companies. In 1997, the company conducted an initial public offering (IPO) and listed its shares on the Indonesia Stock Exchange. In 1999, ANTAM listed its shares in Australia as a foreign exempt entity and then in 2002 augmented its status to the more stringent ASX Listing. ANTAM's objectives are centered on increasing shareholder value. The company's main objective is to enhance shareholder value by lowering costs while profitably expanding operations in a sustainable manner. The strategy maintains focus on ANTAM's core business of nickel, gold and bauxite with a view to maximizing output in order to increase cash generation and lower unit costs. ANTAM plans to sustain growth through reliable expansion projects, strategic alliances, increasing quality reserves and adding value by moving away from selling raw materials and increasing processing activities. ANTAM will also maintain financial strength. By generating as much cash as possible ANTAM ensures it will have sufficient funds to repay debts, finance continued growth and pay dividends. Lowering costs means operating more efficiently and productively, as well as increasing capacity to benefit from economies of scale. As a mining company, ANTAM realizes its operations have a direct impact on the surrounding environment and nearby communities. Environmental sustainability and community development are not viewed merely as being socially responsible, but also as risk management. The characteristic of mining in Indonesia is that it plays a big role in the development of remote areas and so given the mine's large role in community development it is crucial to operate not as an outsider but as a member of the community and a good corporate citizen and thereby reduce the likelihood of business interruptions. ANTAM believes environmental sustainability and proactive community development are necessary to successfully operate a mine. Serious attention to natural conservation efforts and proactive participation in community development are one of the keys to successful mining activities. BOARD OF COMMISSIONERS 1. Fachrul Razi 2. Anang Sri Kusuwardono * 3. Bambang Gatot Ariyono 4. Gumilar Rusliwa Somantri * 5. Robert A. Simanjuntak 6. Zaelani *) Independent Commissioner BOARD OF DIRECTORS 1. Arie Prabowo Ariotedjo 2. Dimas Wikan Pramudhito 3. Hari Widjajanto 4. Johan N.B. Nababan 5. Sutrisno S. Tatetdagat 6. Tatang Hendra FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 578,145 990,485 71.32 p 11,252,827 10,630,222 -5.53 q 30,356,851 29,981,536 -1.24 q 5,803,131 9,904,639 70.68 p Cash & Cash Equivalents 8,086,634 Receivables Inventories 1,752,585 Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) 12,267,804 4,339,330 3,800,000 24,031 24,031 2,403,076 Paid up Capital (Mil. Sh) Par Value (Rp) 100 Retained Earnings 9,593,048 Total Equity …*) INCOME STATEMENTS Total Revenues Gross Profit 4,352,314 3,800,000 Paid up Capital Total Equity 12,958,946 11,572,740 38,000 38,000 2,403,076 100 9,685,249 18,316,694 18,408,775 18,316,719 18,408,796 25 Chg % -5.73 q 1,388,416 -20.78 q 12,040,132 Authorized Capital Non Controlling Interest 7,623,385 5.63 p 0.30 p -3.88 q -  -  -  -  -  0.96 p 0.50 p 21 -16.51 q 0.50 p 10,531,505 9,106,261 -13.53 q 511,274 319,274 -37.55 q Interest Expenses Total Operating Expenses 195,141 843,639 -5.90 q -1,668,774 237,292 N/A p Income for the periods -1,440,853 64,806 N/A p Net Income … *) -1,440,852 64,810 N/A p 0.32 0.54 69.82 p -13.68 0.71 N/A p Operating Profit Earning Before Tax EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 896,579 851,795 336.50 p -701,439 -450,738 912,556 -4.75 ROA (%) NPM (%) EBITDA Coverage (X) -0.88 8,156 883,573 N/A p N/A p 92,077 -89.91 q 0.22 2.77 N/A p N/A p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 2. Public 65.00% 35.00% AUDIT COMMITTEE 1. Gumilar Rusliwa Somantri 2. Mursyid Amal 3. Rukmana Nugraha Adhi 4. Zaelani INDONESIA BOND MARKET DIRECTORY 2016-2017 183
  184. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name ANTM01BCN1 Berkelanjutan I IDA0000501B7 ANTM01ACN1 IDA0000501A9 Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.05% 14-Sep-17 14-Dec-17 14-Mar-18 Permata Tbk. 14-Sep-17 14-Dec-17 14-Mar-18 Permata Tbk. Period Obligasi ANTAM Tahap I 2,100,000 15-Dec-11 14-Dec-21 10 years Tahun 2011 Seri B 14-Jun-18 Quarterly Obligasi Berkelanjutan I 900,000 ANTAM Tahap I 15-Dec-11 14-Dec-18 8.38% 7 years Tahun 2011 Seri A 14-Jun-18 Quarterly Rating / Outlook PT Bank PT Bank BBB+ Stable BBB+ Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT ANTM01BCN1 Listing Date ISIN CODE : IDA0000501B7 Dec-11 TRADING ACTIVITIES Volume 750 Frequency 100 Volume 600 80 Frequency Trading Activities, Q3 Q4 Q1 Volume (Rp bn) 189.00 603.00 171.00 161.00 146.00 9 15 7 10 8 Frequency (X) 300 40 CTP Price - High enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Price 105 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 97 11.0 93 10.0 89 9.0 85 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 33 36.00 80 114.86 25 32.57 41 30.67 Q2 32 27.81 55.00 19 6 10.48 100.0550 102.5000 101.1000 101.1000 101.5500 100.4500 15-Mar 18-Apr 24-Aug 27-Oct 02-Mar 10-Apr CTP Price - Low 94.1000 94.9800 97.8700 93.1400 10.1500 IBPA Fair Price 96.3190 99.7294 98.8378 87.8689 89.9701 100.2634 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 23.248 21.867 20.182 16.551 15.787 Date IBPA Fair Yield (%) enar >> Dec-20 2017 Q2 Trading days - Dec-17 2016 Q1 60 20 Dec-14 Price and Yield 450 150 Maturity Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 25-Feb 9.8953 4.363 0.044 02-May 9.1126 4.249 0.043 24-Aug 9.3335 4.089 0.041 30-Nov 12.3588 3.838 17.923 0.038 21-Feb 11.8531 3.701 0.037 90.0000 16-May 8.9774 3.643 0.036 This series has an outstanding amount of Rp2.10 trillion with fixed coupon per annum at 9.05%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp1325.00 billion and the total trading frequency was 230 times. The market prices for this series were 100.1500% at the lowest and 102.5000% at the highest. IBPA valued the fair prices for this series were 87.4782% for the lowest and 102.6189% for the highest. At the same period, the fair yield for this series was ranging from 8.4366% to 12.4787%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 184 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  185. ANTM01ACN1 ISIN CODE : IDA0000501A9 125 Frequency 30 Volume 100 Maturity Date Dec-11 TRADING ACTIVITIES Volume 24 Frequency Dec-13 Dec-15 Dec-17 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 104.00 60.00 32.00 72.00 12.00 4 3 3 8 2 12 Frequency (X) 6 12 25 Q2 6 2.00 2 1 75 18 Trading days 50 12 CTP Price - High 100.0500 98.0000 95.7500 100.0500 96.0200 98.0200 CTP Price - Low 96.6000 94.6027 95.7000 95.1000 94.2500 98.0000 IBPA Fair Price 95.2355 95.9109 95.7201 94.1518 96.2310 97.1950 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun - Turnover Ratio (%) Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 02-Mar 11-Feb Date - Q2-17 46.22 Date 6 25 enar >> enar >> Listing Date 10.4065 IBPA Fair Yield (%) Price 101 PRICE AND YTM MOVEMENT YTM (%) 13.0 99 12.0 97 11.0 95 10.0 93 9.0 91 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) 2.368 Sensitivity (%) 0.024 6.577 Convexity (yrs) 26.67 04-May 22-Jun 10.2786 14.22 32.00 27-Sep 28-Dec 11-Jul 10.5740 2.175 5.559 0.022 1.973 06-Oct 11.7637 4.588 0.020 1.761 5.33 30-Jan 27-Feb 10.8066 3.680 0.018 1.554 2.894 0.016 0.89 13-Jun 13-Jun 10.4464 1.366 2.260 0.014 This series was first listed on 15 December 2011 and will be matured on 14 December 2018. This series has an outstanding amount of Rp900 billion with fixed coupon at 8.38% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 91.0808% at the lowest and 97.3459% at the highest. At the same period, the IBPA fair yield for this series was ranging from 9.6636% to 12.0230%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 ANTM01BCN1 Q2-2016 189 ANTM01ACN1 Q4-2016 603 104 60 32 72 - Q3-2016 200 171 161 Turnover Outstanding in Year 2016 53.5% 29.8% 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 185
  186. IBPA ANALYTICAL REVIEW Description PT Aneka Tambang (Persero) Tbk is a state owned company Indonesia which run a vertically integrated and diversified mining and metals business. The Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 9,106 0.7 (13.5) 1. PT ANTAM (Persero) Tbk. primary business activities of the company are exploration, exploitation, processing, refining and marketing of nickel ore, ferronickel, gold, silver, bauxite, coal and other precious metals. Financial Statement as of Fiscal Year 2016 The business segment of the company includes nickel segment, gold and refinery segment and others Historical Corporate Ratings operating segment. The commodities under its nickel No. segment include ferronickel and nickel ores, while those under its gold and refinery segment are gold, silver, platinum and palladium. Its others operating segment is comprised of bauxite and coal. The company also has subsidiaries, namely Asia Pacific Nickel Pty Ltd, PT Indonesia Coal Resources, PT Antam Resourcindo, PT Mega Citra Utama and PT International Mineral Capital. As of December shareholders 31, consisted 2016, of the the Company’s Government of Indonesia (65%), and Public (35%). Rating Agency Rating 1. Pefindo idBBB 3. Pefindo idA 2. Pefindo 4. Pefindo 5. Pefindo Rating Status Rating Date Downgraded* 16-Sep-16 Affirmed 11-Sep-14 idA- Downgraded** idA Downgraded*** idAA- Affirmed Outlook Stable 14-Sep-15 Negative 22-Apr-14 Negative 20-Jan-14 Negative CWNI **Due to pressured margins as a result of falling nickel price ***Due to potential lower profitability and cash flow amid rising leverage position SWOT Analysis S trengths W eaknesses - Strong support by Government - High exposure to fluctuating - Diversified metals and mining commodity price products - Aggressive financial leverage - Sizeable amount of resources and - Weak cash flow protection reserves Financial Analysis The company’s total revenue declined by 13.53% from Rp10.53 trillion to Rp9.11 trillion. The decline was mainly due to decreasing revenue from gold sales by 24.21% from Rp7.31 trillion to Rp5.54 trillion. While revenue from ferronickel sales increased slightly by 2.36% from Rp2.72 trillion to Rp2.78 trillion. Additionally, revenue from nickel ore sales rose dramatically by 2,606% from Rp10.91 billion to Rp295.17 billion. On the other side, the company’s cost of goods sold slowed by 5.90% from Rp896.58 billion to Rp843.64 billion. At the bottom line, the company managed to turn to net profit of Rp64.81 billion after recorded a net loss of Rp1.44 trillion in 2015. However the net profit was more backed by other income which stood at Rp487.03 billion, while the company recorded loss in other income in the previous year. The other income components of the company included income from insurance claim, gain on foreign exchange, and recovery of warehouse inventory. 186 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Relaxation on export ban of - Relaxation on export ban of unprocessed mineral ore unprocessed mineral ore - Prospect for nickel ore sales - Prospect for nickel ore sales - More stable currency exchange - More stable currency exchange
  187. idAAA APAI PT Angkasa Pura I (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Infrastructure, Utilities And Transportation Toll Road, Airport, Harbor And Allied Products www.ap1.co.id Israwadi PT Angkasa Pura I (Persero) is state-owned company which was established on February 20, 1964 under direct mandate from the nation’s founders to manage and develop Indonesian airports to equal airports of developed countries. The Company’s managed airports have strategic locations, situated in the heart of business areas (Surabaya, Makassar, Balikpapan, Banjarmasin, and Semarang) as well as Indonesia’s main tourism destinations (Bali, Biak, Manado, Yogyakarta, Surakarta, Lombok, Ambon and Kupang). Currently, the company manages the following airports: 1. I Gusti Ngurah Rai Airport – Bali 2. Juanda Airport – Surabaya 3. Sultan Hasanuddin Airport – Makassar 4. Sultan Aji Muhammad Sulaiman Sepinggan Airport – Balikpapan 5. Frans Kaisiepo Airport – Biak 6. Sam Ratulangi Airport – Manado 7. Syamsudin Noor Airport– Banjarmasin 8. Ahmad Yani Airport – Semarang 9. Adisutjipto Airport – Yogyakarta 10. Adi Soemarmo Airport – Surakarta 11. Lombok International Airport - Lombok 12. Pattimura Airport – Ambon 13. El Tari Airport – Kupang Various innovational steps taken by the company to realize its vision in managing world class airport indicated positive and encouraging result. It is shown in several achievements acquired by the airports managed by the Company, such as: 1. Three airports have achieved Airport Service Quality (ASQ) Award 2017 which was held by Airport Council International (ACI). Sultan Aji Muhammad Sulaiman Sepinggan of Balikpapan won the 1st World Best Airport in 2017 in 5-15 million passengers per year category. While I Gusti Ngurah Rai Airport of Bali won the 2nd World Best Airport 2017 in 15-25 million passengers per year category. Juanda Airport of Surabaya also won the 10th World Best Airport 2017 in 15-25 million passengers per year category. 2. The Most Punctual Airport 2016 from OAG Punctuality League 2016, big airport category, from a British air travel analyst organization OAG, was earned by Juanda Airport, Surabaya; 3. The Best Airport of The Year 2016 from Bandara Award held by Bandara Magazine, was earned by Sultan Aji Muhammad Sulaiman Sepinggan Airport, Balikpapan. PT Angkasa Pura I (Persero) is developing airports in order to increase terminal capacity and passengers comfort. The development projects are as follow: 1. Ahmad Yani Airport, Semarang Groundbreaking of Ahmad Yani Airport development has been done on June 17, 2014. The terminal will be designed in floating airport concept and able to accommodate 6 million passengers per year. 2. Syamsudin Noor Airport, Banjarmasin Syamsudin Noor Airport has finished its groundbreaking on May 18, 2015. The terminal development project will increase the capacity from 1,3 million passengers /year to 10 million passengers /year. 3. New Yogyakarta International Airport, Yogyakarta New Yogyakarta International Airport is one of the government strategic project located in Kulonprogo, Yogyakarta. The development of this airport can provide passenger capacity up to 14 million /year. Kota Baru Bandar Kemayoran Blok B12 Kav. 2 Jakarta 10610 Phone : (021) 654-1961 Fax : (021) 654-1513, 1514 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Millions of Rp, Unless Otherwise Stated Dec-2015 1,746,273 699,733 36,359 3,090,121 13,304,090 16,722,337 2,704,914 3,076,005 Dec-2016 495,215 -29.23 q 40,617 6,084,701 17,155,509 23,666,946 3,871,792 5,693,287 Authorized Capital 12,000,000 12,000,000 6 6 Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 12 6,414,412 NPM (%) EBITDA Coverage (X) 28.95 p 41.53 p 43.14 p 12 -  6,414,412 -  1,000,000 11,027,271 11,995,102 -  -  -  5,239,213 23.31 p 11,029,049 2,395 11,997,497 34.72 p 5,249,630 6,138,272 16.93 p 227,551 231,713 1,778 1,293,960 3,955,670 1,649,410 4,488,862 1,293,960 1,649,410 2,041,009 2,499,714 1,082,742 1,508,853 8.78 p 8.78 p 27.47 p 1.83 p 13.48 p 27.47 p 39.35 p 22.47 p 841,973 1,159,577 37.72 p 841,543 1,158,800 37.70 p 722,195 0.28 5.04 ROA (%) 96.91 p 11,669,449 104.97 p 1,000,000 4,248,721 11.71 p 8,053,194 161.81 p Total Liabilities Authorized Capital (Mil. Sh) Chg % 4,896,215 180.38 p 16.04 8.97 1,136,916 57.43 p 0.67 140.67 p 4.90 18.89 10.79 -2.69 q 17.78 p 20.27 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 100.00% AUDIT COMMITTEE 1. Boy Syahril Qamar 2. Agus Waluyo 3. Dwi Ary Purnomo 4. Selby Nugraha Rachman 5. Syaiful INDONESIA BOND MARKET DIRECTORY 2016-2017 187
  188. BOARD OF COMMISSIONERS 1 . Andi Widjajanto 2. Anandy Wati 3. Boy Syahril Qamar * 4. Dwi Ary Purnomo 5. Selby Nugraha Rachman 6. Suprasetyo *) Independent Commissioner BOARD OF DIRECTORS 1. Danang Sotyo Baskoro 2. Adi Nugroho 3. Mochammad Asrori 4. Novrihandri 5. Polana Banguningsih Pramesti 6. Wendo Asrul Rose AS OF JUNE 2017 No. 1. 2. 3. 4. 5. 6. CODE ISIN CODE APAI01C IDA0000776C3 SIAPAI01C IDJ0000083C5 APAI01B IDA0000776B5 SIAPAI01B IDJ0000083B7 APAI01A IDA0000776A7 SIAPAI01A IDJ0000083A9 Series Name Obligasi I Angkasa Pura I Tahun 2016 Seri C Sukuk Ijarah I Angkasa Pura I Tahun 2016 Seri C Obligasi I Angkasa Pura I Tahun 2016 Seri B Sukuk Ijarah I Angkasa Pura I Tahun 2016 Seri B Obligasi I Angkasa Pura I Tahun 2016 Seri A Sukuk Ijarah I Angkasa Pura I Tahun 2016 Seri A Outstanding (Rp Million) 1,489,000 177,000 389,000 55,000 622,000 268,000 Listing Date 23-Nov-16 23-Nov-16 23-Nov-16 23-Nov-16 23-Nov-16 23-Nov-16 Maturity Date 22-Nov-26 22-Nov-26 22-Nov-23 22-Nov-23 22-Nov-21 22-Nov-21 Issue Term 10 years 10 years 7 years 7 years 5 years 5 years Coupon Structure / Coupon Payment Date Trustee 8.55% PT Bank Mega Quarterly 22-Aug-17 22-Nov-17 22-Feb-18 22-May-18 Ijarah Fee PT Bank Mega Quarterly 22-Aug-17 22-Nov-17 22-Feb-18 22-May-18 8.40% PT Bank Mega Quarterly 22-Aug-17 22-Nov-17 22-Feb-18 22-May-18 Ijarah Fee 22-Aug-17 22-Nov-17 22-Feb-18 PT Bank Mega Quarterly 22-May-18 8.10% PT Bank Mega Quarterly 22-Aug-17 22-Nov-17 22-Feb-18 22-May-18 Ijarah Fee 22-Aug-17 22-Nov-17 22-Feb-18 PT Bank Mega Period Rp15.133.500.000 Rp4.620.000.000 Rp21.708.000.000 Quarterly 22-May-18 Pastikan Rating / Link Grafik sudah be Outlook Pastikan Link Grafik sudah be Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 188 INDONESIA BOND MARKET DIRECTORY 2016-2017
  189. TRADING HIGHLIGHT APAI01C ISIN CODE : IDA0000776C3 20 16 Frequency 5 Volume 4 Frequency Maturity Date Nov-18 Trading Activities, Nov-20 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 18.00 2.00 - N/A N/A 3 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 8 2 CTP Price - High N/A 4 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-26 2017 Q1 Trading days Q2-16 Nov-24 Price and Yield 3 Q1-16 Nov-22 2016 12 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 4 Q2 2 4.84 0.54 20-Dec 09-Jan 29-Dec 09-Jan - N/A 100.0600 100.0600 N/A N/A 100.0000 100.0400 N/A N/A N/A N/A N/A N/A 99.8970 97.8663 99.1564 N/A 30-Dec 31-Mar 22-Jun N/A 56.483 53.899 52.457 N/A 8.5647 N/A 6.572 N/A 8.8770 6.422 0.066 0.064 8.6813 6.363 0.064 This series was first listed on 23 November 2016 and will be matured on 22 November 2026. This series has an outstanding amount of Rp1,49 trillion with fixed coupon per annum at 8.55%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 102.2618% at the lowest and 102.2618% at the highest. At the same period, the fair yield for this series was ranging from 8.2117% to 9.5046%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIAPAI01C Listing Date ISIN CODE : IDJ0000083C5 75 60 Nov-16 TRADING ACTIVITIES Volume Frequency 10 Volume 8 Frequency Maturity Date Nov-18 Trading Activities, Nov-20 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 60.00 - N/A N/A - 3 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 30 4 CTP Price - High N/A 15 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-26 2017 Q1 Trading days Q2-16 Nov-24 Price and Yield 6 Q1-16 Nov-22 2016 45 enar >> enar >> Nov-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 - Q2 6 135.59 - N/A N/A 102.0860 N/A N/A N/A 93.9937 N/A N/A 99.1644 97.8663 99.1564 N/A 30-Dec 31-Mar 22-Jun N/A 56.303 53.899 52.457 N/A N/A N/A N/A N/A N/A N/A 8.6758 6.557 24-Jan 08-Feb 0.066 8.8770 6.422 0.064 N/A N/A 8.6813 6.363 0.064 This series will mature on 22 Nov 2026, and was traded in 3 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp10 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 93.9937% at the lowest and peaked also at 102.0860%. While the IBPA fair price for this series was valued between 93.8256% and 101.5004%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 189
  190. APAI01B Listing Date ISIN CODE : IDA0000776B5 TRADING ACTIVITIES Volume 25 20 Nov-16 Frequency 10 Volume 8 Frequency Nov-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 10 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 Trading days enar >> Nov-22 Price and Yield 6 2 Nov-20 2016 15 5 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 22.62 101.4000 N/A N/A N/A 100.5000 N/A N/A N/A 21-Jun N/A 22-May N/A 99.4116 98.7398 Pastikan 99.9894Link Grafik sudah be N/A 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A 32.661 N/A N/A 2 - N/A N/A N/A 5 N/A N/A N/A - 22.00 - N/A N/A N/A - Q2 N/A 8.5127 5.142 0.051 8.6456 8.4012 4.992 4.888 30.684 29.199 0.050 0.049 This series listed on 23 November 2016 with nominal amount of Rp389 billion. The bond has interest rate per annum at 8.40% and this series will be matured on 22 November 2023. This series was traded with total trading volume Rp22 billion in a half of year 2017, and total frequency 5 times. The market price (Centralized Trading Platform) for this series was between 100.5000% and 101.4000%. During this series listed to Q2-2017, the range of IBPA fair price was stood between 95.2683% and 101.2190%, while the fair yield were 8.1678% at the lowest, and 9.3470% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIAPAI01B Listing Date ISIN CODE : IDJ0000083B7 TRADING ACTIVITIES Volume 45 36 Nov-16 Frequency 5 Volume 4 Frequency Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 18 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Q1 N/A - Nov-22 Price and Yield Trading days 1 Nov-20 2016 3 enar >> 190 Nov-18 27 9 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - - Q2 40.00 4 1 290.91 N/A N/A N/A 99.7500 N/A N/A N/A 99.2000 N/A N/A N/A N/A N/A N/A 29-May 29-May N/A 99.4116 98.7398 Pastikan 100.3643Link Grafik sudah be N/A 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A 32.661 N/A N/A N/A 8.5127 5.142 0.051 8.6456 4.992 30.684 0.050 8.3252 4.892 29.234 0.049 This series has an outstanding amount of Rp55 billion with fixed coupon per annum at 8.40%. Since this series listed on 23 November 2016 until the end of June 2017, this series has transacted 4 times with total volume was Rp40 billion. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 99.2000% - 99.7500%. Meanwhile, IBPA valued the fair prices for this series were 95.2683% for the lowest and 101.2190% for the highest. At the same period, the fair yield for this series was ranging from 8.1678% to 9.3470%.
  191. APAI01A ISIN CODE : IDA0000776A7 45 36 Frequency 10 Volume 8 Frequency Maturity Date Nov-17 Trading Activities, Nov-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 40.00 - N/A N/A 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 18 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 99 8.0 97 7.0 95 6.0 93 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Nov-21 2017 Q1 Trading days 2 Nov-20 Price and Yield 6 9 Nov-19 2016 27 N/A N/A Q1 4 25.72 Q2 42.00 - 6 2 - 27.01 N/A 99.8000 N/A 100.4800 N/A 99.6000 N/A 96.0000 N/A 99.6410 98.3886 99.0757 N/A 30-Dec 31-Mar 22-Jun N/A 18.778 17.092 15.760 N/A N/A N/A 14-Dec 14-Dec 8.1885 N/A 3.972 N/A 0.040 N/A 19-Jun N/A 8.5164 3.793 0.038 05-Jun 8.3511 3.652 0.037 The bond series APAI01A, was first listed on 23 November 2016 with nominal value of Rp622.00 billion and fixed interest rate of 8.10% per annum. This series had traded 10 times in 3 trading days with total volume booked of Rp82.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 96.0000% - 100.4800% while the IBPA fair price was between 95.9762% - 101.1312%, the fair yield for this series was between 7.8216% 9.1430%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIAPAI01A Listing Date ISIN CODE : IDJ0000083A9 10 8 Nov-16 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Nov-17 Trading Activities, Nov-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 8.00 - N/A N/A - 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 4 2 CTP Price - High N/A 2 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 99 8.0 97 7.0 6.0 95 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-21 2017 Q1 Trading days Q2-16 Nov-20 Price and Yield 3 Q1-16 Nov-19 2016 6 enar >> enar >> Nov-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q1 Q2 4 11.94 - N/A N/A 98.2500 N/A N/A N/A 97.0000 N/A N/A 99.6410 98.3886 99.0757 N/A 30-Dec 31-Mar 22-Jun N/A 18.778 17.092 15.760 N/A N/A N/A N/A N/A N/A N/A 8.1885 3.972 0.040 17-Feb 17-Feb 8.5164 3.793 0.038 N/A N/A 8.3511 3.652 0.037 This series was listed since 23 November 2016 and matured on 06 October 2018 have a nominal value of Rp268.00 billion with fixed interest rate of 8.10 % per annum. The IBPA fair price was between 95.9762% - 101.1312%, the fair yield for this series was between 7.8216% - 9.1430%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 191
  192. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 APAI01C 18 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 1.2% SIAPAI01C APAI01B SIAPAI01B APAI01A 40 6.4% SIAPAI01A - 192 200 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 600 800 1,000 1,200 1,400
  193. IBPA ANALYTICAL REVIEW Description PT Angkasa Pura I (Persero) was established in 1964 on direct mandate from the nation’s founders to manage and develop Indonesian airports. Currently, the company has managed 13 airports in strategic locations situated in central business area (Surabaya, Makassar, Balikpapan, Banjarmasin, and Semarang) as Peer Group No. Company Total Revenue 1. PT Jasa Marga (Persero) Tbk. 2. PT Angkasa Pura II (Persero) 3. PT Angkasa Pura I (Persero) 29.2 17.7 2,409 30.4 2.9 18.9 16.9 Financial Statement as of Fiscal Year 2016 Manado, Yogyakarta, Surakarta, Lombok, Ambon, and Kupang). Revenue 6,646 6,138 4. PT Pelabuhan Indonesia I (Persero) well as prime tourism destinations (Bali, Biak, Net Profit (Rp Bill) Margins (%) Growth (%) 16,661 10.8 69.2 Historical Corporate Ratings The company provides airport affairs services that consist of non-ATS aeronautic which includes aircraft handling services, terminal management, and ground handling services. The company also provides nonaeronautics such as land provision, No. Rating Agency Rating 1. Pefindo 2. Pefindo idAAA idAAA Rating Status Rating Date Outlook Affirmed 17-Oct-16 Stable Assigned 22-Jun-16 Stable utilities management, and airport-related consulting services provision. In 2016, the company issued the first ever bonds and sharia compliant bonds with total principal amount to Rp3.00 trillion. The company was assigned AAA rating from Pefindo. The company is 100% owned by the government of Indonesia. subsidiaries The company that primarily also established engaged in 5 non- aeronautics businesses. SWOT Analysis S W trengths eaknesses -Strong government support -High financial leverage due to -Stable profitability margin expansion -Competitive advantage from its service area Financial Analysis In 2016, the company recorded a 16.93% increase in total revenue from Rp5.25 trillion to Rp6.14 trillion. The company’s main source of revenue (aeronautic revenue) improved by 14.49% from Rp3.16 trillion to Rp3.61 trillion. This was mainly driven by aircraft passenger ground handling service revenue that grew 16.55% from Rp2.38 trillion to Rp2.77 trillion. The steady revenue growth was also backed by nonaeronautic revenue that grew 20.61% from Rp2.09 trillion to Rp2.53 trillion. On the other hand, operating expenses rose by 13.48% from Rp3.96 trillion to Rp4.49 trillion. Additionally, in 2016, the company also incured a financial expenses that was O T pportunities hreats -Growing Asia Pacific air transport -Growing Asia Pacific air transport traffic traffic -Low-cost carrier industry expansion -Low-cost carrier industry expansion -Growing domestic flight demand -Growing domestic flight demand up from Rp227.55 billion to Rp231.71 billion, due to the first bond issuance. At the bottom line, the company recorded an increase in net profit by 37.72% from Rp841.97 billion to Rp1.16 trillion. Therefore, the net profit margin increased from 16.04% to 18.89%. INDONESIA BOND MARKET DIRECTORY 2016-2017 193
  194. APIA PT Angkasa Pura II (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Infrastructure, Utilities And Transportation Toll Road, Airport, Harbor And Allied Products www.angkasapura2.co.id Agus Haryadi PT Angkasa Pura II (Persero) is one of the State-Owned Enterprises in the Ministry of Transportation environment engaged in airport services and airport-related services in 13 airports on the Western part of Indonesia. As an Airport Services company Angkasa Pura II always ensures the fulfilment of the aspects of flight security and safety through compliance with procedures and prioritizes customer satisfaction aspect through best service and consumer protection. The Company understands well the importance of maintaining the performance quality of the Company and the public trust. Improvement of service quality is conducted by Angkasa Pura II through the provision of completeness of public facilities and infrastructure in the airport environment that affects the level of comfort perceived by the public as airport service users. In Airport Related Services Angkasa Pura II commitment is to provide the best service of various airport supporting services that are modern and supported with high-tech facilities that is convenience for service users in the airport environment. The financial performance of the Company up to the second Quarter of 2017, can be quite good as seen from the realization of profit after tax that exceeded the target of Rp1,124,567 billion with the realization of operating profit of Rp1,464.933 billion. The operating income was derived from operating revenues of Rp 3,820.633 billion. The achievement of profit is the result of support from human resources (HR) owned by the company amounted to 10,231 people including PKWT (Working Agreement of Certain Time), employees seconded, outsourcing. PT Angkasa Pura II (Persero) has established the Company’s Strategic Targets for 2016-2020 as follows: 1. To improve the growth of aircraft passengers so as to reach more than 120 million passengers within the period of 2016- 2020. 2. To develop airport service and other related businesses so as to reach income amounted to Rp13 trillion by 2020. 3. To reach non-aeronautics income portion amounted to 60% with proper risk management by 2020. 4. To develop airport service and other related businesses so as to reach profit before tax and average interest rate amounted to Rp6 trillion by 2020. 5. To reach CSI score of 4.7 (Corporate) based on the survey results of independent institution ASQ-ACI by 2020. The direction of Company’s development is drafted in a roadmap corporate that is divided into 5-year period. In 2016, the Company focused on improving income while in 2017, the Company focused on improving service to airport service users. In 2018, the Company shall accelerate growth and improvement while 2019 will be focused on improving global partnership and innovations, and finally, 2020 will be focused on developing Soekarno-Hatta airport as a high connectivity airport with the support of sophisticated technology in operations and service. BOARD OF COMMISSIONERS 1. Rhenald Kasali 2. Imam Bustomi 3. Iswan Elmi 4. M Harpin Ondeh * 5. Maryati Karma *) Independent Commissioner 194 BOARD OF DIRECTORS 1. Muhammad Awaluddin 2. Andra Y. Agussalam 3. Daan Achmad 4. Djoko Murdjatmojo 5. Ituk Herarindri 6. Tina T. Kemala Intan INDONESIA BOND MARKET DIRECTORY 2016-2017 AAA(Idn) Stable ADDRESS Soekarno-Hatta International Airport Building 600 Jakarta 19120 Phone : (021) 550-5079 Fax : (021) 550-2141 FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Cash & Cash Equivalents Inventories Current Liabilities 543,811 839,198 11,188 Current Assets Total Assets Dec-2016 2,930,498 Receivables Property, Plant and Equipment Dec-2015 4,023,890 15,775,560 20,270,763 2,287,803 Interest Bearing liabilities 1,197,641 8,081,134 100.83 p 19,288,216 27,991,218 3,155,876 8,063,602 Authorized Capital 20,000,000 20,000,000 Paid up Capital 5,000,000 Paid up Capital (Mil. Sh) 5 Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity 20 7,000,000 7 1,000,000 1,000,000 16,235,768 19,927,415 6,789,989 1 22.27 p 38.09 p 37.94 p 4,754,267 296.97 p 4,034,994 20 54.32 p 9,953 -11.04 q Total Liabilities Authorized Capital (Mil. Sh) Chg % 6,975,117 138.02 p 8,392,778 202 99.84 p -  -  40.00 p 40.00 p -  23.61 p 22.74 p 21,470.05 p 16,235,769 19,927,617 22.74 p 5,644,146 6,645,802 17.75 p INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA 2,277,919 1,444 3,366,227 2,070,538 4,575,265 2,070,538 -9.10 qLink Grafik sudah be Pastikan 2,903,084 3,043,936 4.85 pLink Grafik sudah be Pastikan 2,334,980 2,220,292 1,687,323 1,940,254 Net Income … *) 1,687,323 1,940,253 FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 35.92 p 2,277,919 Income for the periods Comprehensive Income -9.10 q 14,976 936.97 p 1,634,683 0.07 8.32 29.90 2,010.10 1,898,340 -4.91 q 14.99 p 16.13 p 14.99 p 0.24 223.43 p 6.93 -16.73 q 29.20 -2.34 q 203.25 -89.89 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia AUDIT COMMITTEE 1. M Harpin Ondeh 2. Dewi Hanggraeni 3. Irwanda Wisnu Wardhana 4. Iswan Elmi 100.00%
  195. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE (Rp Million) Obligasi I Angkasa APIA01C IDA0000743C3 Pura II Tahun 2016 900,000 Seri C IDA0000743B5 Pura II Tahun 2016 IDA0000743A7 100,000 Seri B Date 01-Jul-16 Maturity Issue Date 30-Jun-26 Term Coupon Structure / Coupon Payment Date Trustee 9.00% 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega Period 10 years 01-Jul-16 30-Jun-23 8.80% 7 years Pura II Tahun 2016 Seri A 1,000,000 01-Jul-16 30-Jun-21 5 years Tbk. 30-Jun-18 8.60% Tbk. 30-Jun-18 Quarterly Rating / Outlook Tbk. 30-Jun-18 Quarterly Obligasi I Angkasa APIA01A Listing Quarterly Obligasi I Angkasa APIA01B AAA Stable AAA Stable AAA Stable TRADING HIGHLIGHT APIA01C Listing Date ISIN CODE : IDA0000743C3 275 220 Jul-16 TRADING ACTIVITIES Volume Frequency 30 Volume 24 Frequency Maturity Date Jul-18 Trading Activities, Jul-20 Jul-22 Jul-24 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) N/A 21.00 78.30 7.00 271.00 1 4 1 7 Frequency (X) N/A Turnover Ratio (%) N/A - Date N/A - Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q3 3 Q4 10 Q1 3 Q2 26 4.00 3 165 18 Trading days N/A 110 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 56.273 54.373 51.136 50.995 48.149 55 - enar >> enar >> Series Name Outstanding Price 106 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 100 9.0 97 8.0 94 7.0 91 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 34.80 1 3.11 120.44 1.78 27-Dec 15-Mar 18-May 27-Dec 13-Jan 18-May - 103.3000 96.9300 103.3350 101.7800 - 100.0000 96.9000 100.1000 101.7300 100.0000 100.4545 95.1564 103.6715 103.2749 - 9.0000 6.548 0.066 25-Aug 30-Sep 8.9297 6.455 0.065 9.7889 6.245 0.062 8.4246 6.296 0.063 8.4767 6.070 0.061 This series has an outstanding amount of Rp900 billion with fixed coupon per annum at 9.00%. From the first listed on 1 July 2016 to the end of June 2017, the trading volume for the series was Rp381.30 billion and the total trading frequency was 45 times. In 2016, average trading volume amounted to Rp53.15 billion/quarter while during the first semester of 2017 the average volume increased to Rp137.15 billion/quarter. The market prices for this series observed through the Centralized Trading Platform (CTP) were 96.9000% at the lowest and 103.3350% at the highest. During this series listed to Q2- 2017, the range of IBPA fair price was stood between 93.4263% and 104.9440%, while the fair yield were 8.2322% at the lowest, and 10.0762% at the highest. Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 195
  196. APIA01B Listing Date ISIN CODE : IDA0000743B5 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Jul-17 Trading Activities, Jul-18 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - N/A N/A - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 2 Q4-16 Jul-22 N/A 2 Q3-16 Jul-21 Q1 3 Q2-16 Jul-20 2016 3 Q1-16 Jul-19 Price and Yield Trading days enar >> enar >> Jul-16 Maturity Date N/A - N/A - - Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.7138 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 31.310 29.141 27.681 25.732 N/A N/A N/A 8.8568 5.046 0.050 96.3386 100.0924 101.9214 9.5629 4.869 0.049 8.7806 4.766 0.048 8.3899 4.565 0.046 This series was listed since 01 July 2016 with nominal value of Rp100.00 billion with fixed interest rate of 8.80 % per annum. The IBPA fair price was between 94.1918% - 103.5306%, the fair yield for this series was between 8.1252% - 10.0133%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM APIA01A Listing Date ISIN CODE : IDA0000743A7 TRADING ACTIVITIES Volume 350 280 Frequency 40 Volume 32 Frequency Jul-17 Trading Activities, Jul-18 2016 Q3 Q4 Volume (Rp bn) N/A N/A 331.50 22.50 16.00 - N/A 16 4 2 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 140 16 CTP Price - High N/A 70 8 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q2 Trading days Q2-16 Jul-20 Q1 24 Q1-16 Jul-19 Price and Yield 210 enar >> enar >> Jul-16 Maturity Date N/A N/A 38 Q1 5 132.60 9.00 25-Jul 08-Nov 22-Sep 10-Nov Q2 4 6.40 - N/A 102.0000 101.5000 99.4200 N/A N/A 100.0000 101.0000 99.0200 N/A N/A 101.6756 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 17.803 16.032 14.675 13.121 N/A N/A N/A N/A N/A 8.1708 3.878 0.039 13-Mar 01-Mar N/A N/A 97.1008 100.7370 100.9134 9.3975 3.679 0.037 8.3920 3.530 0.035 8.3299 3.311 0.033 This series has an outstanding amount of Rp1.00 trillion with fixed coupon per annum at 8.60%. From 2016 to the end of June 2017, the trading volume for the series was Rp370.00 billion and the total trading frequency was 47 times. The market prices for this series were 99.0200% at the lowest and 102.0000% at the highest. IBPA valued the fair prices for this series were 95.2609% for the lowest and 102.1990% for the highest. At the same period, the fair yield for this series was ranging from 8.0501% to 9.8958%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 196 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  197. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 APIA01C 21 Q2-2016 78 7 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 11.8% APIA01B APIA01A 332 - 100 23 200 300 35.4% 400 500 600 700 800 900 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 197
  198. IBPA ANALYTICAL REVIEW Description PT Angkasa Pura II (Persero) was one of the StateOwned enterprises engaged in the airport services and airport related services in Western part of Indonesia. Angkasa Pura II has earned the trust of the Government of the Republic Indonesia to managed and developed the business of the Airport of Jakarta Peer Group No. Company Total Revenue 1. PT Angkasa Pura I (Persero) 2. PT Jasa Marga (Persero) Tbk. 3. PT Angkasa Pura II (Persero) Currently Angkasa Pura II has operated 13 airports, Historical Corporate Ratings namely No. Soekarno-Hatta Perdanakusuma (Jakarta) (Jakarta), Airport, Kualanamu Halim (Medan), Supadio (Pontianak), Minangkabau (Padang), Sultan Mahmud Badaruddin II (Palembang), Sultan Syarif Kasim II (Pekanbaru), Husein Sastranegara (Bandung), Sultan Iskandarmuda (Banda Aceh), Raja 10.8 69.2 2,409 30.4 2.9 29.2 17.7 Financial Statement as of Fiscal Year 2016 Soekarno-Hatta International Airport and Halim Perdanakusuma Airport since August 13, 1984. Revenue 16,661 6,646 4. PT Pelabuhan Indonesia I (Persero) Cengkareng that has changed its name to Jakarta Net Profit (Rp Bill) Margins (%) Growth (%) 6,138 18.9 16.9 Rating Agency 1. Fitch Ratings 2. Pefindo Rating Rating Status AAA(Idn) Affirmed idAAA Affirmed 3. Pefindo idAAA Affirmed Rating Date Outlook 20-Apr-17 Stable 6-Jun-16 Stable 10-Mar-17 Stable Haji Fisabilillah (Tanjungpinang), Sultan Thaha (Jambi), Depati Amir (Pangkal Pinang) and Silangit (Tapanuli Utara). SWOT Analysis S trengths W eaknesses - Strong government support - High financial leverage - Strong competitive position as the - Have limited flexibility to adjust nation’s largest airport operator tariffs - Have the highest profitability margin compared to its peers Financial Analysis In 2016, the Company managed to record total revenue amounted to Rp6.65 trillion or increased by - Diversified services, not only focused on aircraft passenger but also cargo business 17.74% from previous year of Rp5.64 trillion. All of the business segment’s revenue have increased where the largest was from aeronautical revenues which increased by 21.71% to Rp4.03 trillion. The Company posted a decreased in profit before tax by 6.04% from Rp2.27 trillion in 2015 to Rp2.13 trillion in 2016. Nevertheless, the Company still managed to recorded an increasing in net income of 14.99% to Rp1.94 trillion due to declining the corporate income tax to that must paid in 2016 untill 67.32%. In 2016, the Company total assets reached Rp27.99 trillion or increased by 38.09% from Rp20.27 trillion in 2015 with the composition was 28.87% of current assets and 71.13% of non-current assets. And the Company total liabilities increased by 99.84% from Rp4.03 trillion in 2015 to Rp8.06 trillion in 2016 due to the increasing long-term loans reached Rp3.54 trillion (295.66%) from Rp1.20 trillion in 2015 to RpRp4.74 trillion in 2016. 198 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Increasing trend in domestic flight - Increasing trend in domestic flight frequency frequency - There was not competitor - There was not competitor - Opening of new aviation routes - Opening of new aviation routes reaching remote areas reaching remote areas
  199. idA- APLN PT Agung Podomoro Land Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 APLN offers a more modern and unique style in developing both horizontal and vertical residential properties as well as commercial properties, like retail malls, trade malls and hotels. Unlike some of its competitors, APLN does not carry a large land bank as it relies on project with quicker turnover (3 - 5 years). APLN refers to this as its "fast churn" model. This provide a competitive advantage to the Company. Furthermore, APLN addopts and implements an integrated business model, with its in-house capabilities in the development and management of integrated property projects starting from land acquisition, design, development planning, project management, marketing, as well as the leasing and eventual operational management of the commercial (retail/trade) properties, office buildings and hotels with consideration given to harmony, resiliency, high-quality and environmentally friendly values. All of these has earned the Company the trust, respect and admiraton not only of its customers and peers, but also of the community where we operate. In 2016, APLN reported total sales and revenues of Rp6,007.0 billion, a slight increase of 0.6% from Rp5,971.6 billion from a year earlier. Sales revenues recognized from property developments increased by 0.5% to Rp4,368.0 billion, while recurring revenues had likewise increased 0.9% to Rp1,638.9 billion, as compared to 2015. APLN posted gross profit of Rp3,024.5 billion with a margin of 50.3% in 2016 from Rp3,090.9 billion in 2015. The Company recorded total comprehensive income and comprehensive income attributable to owners of the Company of Rp961.1 billion and Rp653.1 billion respectively in 2016, from Rp1,118.1 billion and Rp810.2 billion respectively from the previous year. BOARD OF DIRECTORS 1. Cosmas Batubara 2. Bambang Setiobudi Madja 3. Cesar M. Dela Cruz 4. Indra Widjaja Antono FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Property, Plant and Equipment Total Assets Trade Payables Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 1,122,957 1,210,762 2,894,283 8,332,771 9,781,716 245,937 9,943,307 252,710 7,520,414 24,559,175 25,711,953 7,041,360 7,654,753 909,344 6,314,961 4,048,794 1,174,672 6,513,235 15,486,506 15,741,191 5,740,000 5,740,000 20,501 20,501 57,400 2,050,090 100 57,400 2,050,090 100 3,819,691 4,451,549 Non Controlling Interest 2,263,009 2,462,157 Total Equity …*) Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses 6,809,660 9,970,763 5,971,582 6,006,952 683,406 Earning Before Tax 1,138,921 Income for the periods 1,116,763 EBITDA Comprehensive Income Net Income … *) FINANCIAL RATIOS NPM (%) 2,059,628 1,118,073 808,955 0.70 4.55 ROA (%) EBITDA Coverage (X) 7,508,606 9,072,669 3,090,896 18.70 3.01 7.82 p 19.33 p 8,173,959 -16.44 q 6,706,538 3,616,464 Chg % 1,172,967 -59.47 q Retained Earnings DER (X) BOARD OF COMMISSIONERS 1. Bacelius Ruru * 2. Wibowo Ngaserin *) Independent Commissioner AUDIT COMMITTEE 1. Bacelius Ruru 2. Djajarizki 3. Indaryono ADDRESS Podomoro City - APL Tower, 45th Fl. Jln. Letjen. S. Parman Kav. 28 Jakarta 11470 Phone : (021) 2903-4567 Fax : (021) 2903-4556 Property, Real Estate And Building Construction Property And Real Estate www.agungpodomoroland.com F. Justini Omas APLN.SP@agungpodomoroland.com APLN is one of the largest and well-respected p r op er t y de v e lo pe r in Ind one s ia . I t s development projects include some of the iconic properties in Indonesia including superblocks, commercial (retail/trade) properties, office buildings, apartments, residential housing complexes and hotels. With over 40 years of experience as a member of the Agung Podomoro Group, APLN is widely recoqnized as one of the leading property developer in Indonesia. As the end of December 2016, APLN has 40 (forty) subsidiaries, 10 (ten) entities owned indirectly through subsidiaries and 2 (two) associated companies with presence in Jakarta, Karawang, Bandung, Bali, Medan, Batam, Balikpapan, and Makassar. Negative 3,024,434 674,224 2.75 p 12.14 p 11.95 p 4.69 p 29.18 p 8.71 p 3.14 p 1.64 p -  -  -  -  -  16.54 p 10.26 p 8.80 p 9.90 p 0.59 p -2.15 q -1.34 q 960,934 -15.63 q 2,072,579 0.63 p 939,737 -15.85 q 961,077 -14.04 q 631,858 -21.89 q 0.65 -6.15 q 3.65 -19.62 q 15.64 -16.35 q 3.07 2.00 p *) … attributable to owners of the parent entity 5. 6. 7. 8. Miarni Ang Noer Indradjaja Paul Christian Ariyanto Veriyanto Setiady SHAREHOLDERS 1. PT Indofica 2. Publik 3. PT Prudential Life Assurance-Ref 4. Trihatma Kusuma Haliman 5. BOC & BOD 73.93% 15.21% 7.61% 3.20% 0.05% INDONESIA BOND MARKET DIRECTORY 2016-2017 199
  200. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. 5. ISIN CODE Series Name Outstanding (Rp Million) Obligasi II Agung APLN02 IDA000054100 APLN01CN1 IDA000058903 APLN01CN2 IDA000063101 APLN01CN3 IDA000065809 APLN01CN4 IDA000067409 Podomoro Land Tahun 2012 Obligasi Berkelanjutan I Agung Podomoro Land Tahap I Tahun 2013 1,200,000 Listing Date 16-Aug-12 Maturity Issue Date 15-Aug-17 Term Coupon Structure / Coupon Payment Date Trustee 9.38% 15-Aug-17 - PT Bank Period 5 years Quarterly 1,200,000 28-Jun-13 27-Jun-18 9.25% 5 years Quarterly Obligasi Berkelanjutan I 750,000 Agung Podomoro Land Tahap II Tahun 2014 09-Jun-14 06-Jun-19 12.25% 5 years Obligasi Berkelanjutan I 451,000 Agung Podomoro Land Tahap III Tahun 2014 22-Dec-14 19-Dec-19 5 years Quarterly Obligasi Berkelanjutan I 99,000 Agung Podomoro Land Tahap IV Tahun 2015 26-Mar-15 25-Mar-20 11.25% 5 years 27-Sep-17 27-Dec-17 27-Mar-18 PT Bank Rakyat Negative A- Indonesia 27-Jun-18 (Persero) Tbk. 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Negative Pastikan A- Link Grafik sudah be Rakyat Indonesia Negative (Persero) Tbk. Pastikan Link Grafik sudah be PT Bank Rakyat A- Indonesia 19-Jun-18 (Persero) Tbk. 25-Sep-17 25-Dec-17 25-Mar-18 PT Bank 25-Jun-18 Quarterly A- (Persero) Tbk. 19-Sep-17 19-Dec-17 19-Mar-18 12.50% Rakyat Indonesia - 06-Jun-18 Quarterly Rating / Outlook Rakyat Negative A- Indonesia (Persero) Tbk. Negative TRADING HIGHLIGHT APLN02 Listing Date ISIN CODE : IDA000054100 Aug-12 TRADING ACTIVITIES Volume 750 Frequency 100 Volume 600 80 Frequency Trading Activities, Q2 Q3 Q4 Q1 Volume (Rp bn) 550.90 67.80 438.70 297.82 419.70 7 11 29 28 24 Frequency (X) Trading days 300 40 CTP Price - High enar >> 20 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 20 183.63 22 78 22.60 146.23 08-Apr 26-Aug 25-May 28-Sep 88 99.27 Q2 99 139.90 53.00 22 7 17.67 100.1040 100.0000 101.0000 101.3000 101.1643 101.0000 18-Feb IBPA Fair Price 99.5467 99.8680 100.1617 100.1257 100.1981 100.2133 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 1.957 1.383 0.895 0.505 9.7052 Mod. Duration (yrs) 1.258 Sensitivity (%) 0.013 Convexity (yrs) 9.4936 1.044 0.010 9.1726 0.822 0.008 26-Oct 9.1548 0.594 0.006 93.5000 26-May CTP Price - Low 21-Jan 93.2500 06-Jan 93.0000 Date 1.0000 17-Oct 92.5000 IBPA Fair Yield (%) enar >> 2017 Q1 60 150 Aug-15 2016 Price and Yield 450 - Maturity Date 08-Mar 97.5000 26-May 8.7435 7.8656 31-Mar Pastikan 22-JunLink Grafik sudah be 0.359 0.144 0.218 Pastikan 0.056Link Grafik sudah be 0.004 0.001 This series was first listed on 16 August 2012 and will be matured on 15 August 2017. This series has an outstanding amount of Rp1.20 trillion with fixed coupon at 9.38% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 97.5824% at the lowest and 100.4498% at the highest. At the same period, the IBPA fair yield for this series was ranging from 7.7275% to 11.0253%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  201. APLN01CN1 ISIN CODE : IDA000058903 400 320 Frequency 125 Volume 100 Frequency Trading Activities, Jun-15 Jun-17 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 25.90 107.10 57.00 34.22 398.20 9 20 8 12 14 Frequency (X) 19 51 19 22 Q2 31.40 105 15 7 240 75 Trading days 160 50 CTP Price - High 97.8200 100.2300 99.1600 100.1600 101.5000 100.8500 CTP Price - Low 90.0000 90.0000 92.0000 88.0000 94.0000 IBPA Fair Price 98.0419 98.3525 99.2114 98.1666 99.7099 100.2008 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.815 3.017 2.284 1.656 1.145 25 80 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 99 11.0 96 10.0 93 9.0 90 8.0 87 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.63 35.70 16-Mar 22-Apr 09-Feb 10.2251 Mod. Duration (yrs) 1.993 Sensitivity (%) 0.020 Convexity (yrs) 4.688 21-Apr 10.1738 1.793 19.00 08-Sep 26-Jul 9.7472 1.588 0.018 0.016 11.41 28-Dec 16-Nov 10.5942 1.372 0.014 132.73 20-Feb 23-Feb 9.4774 1.156 10.47 03-Apr 90.0000 08-Jun 9.0391 0.938 0.012 0.009 This series was first listed on 28 June 2013 and will be matured on 27 June 2018. This series has an outstanding amount of Rp1.20 trillion with fixed coupon at 9.25% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 95.0344% at the lowest and 100.3648% at the highest. At the same period, the IBPA fair yield for this series was ranging from 8.8744% to 11.5811%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM APLN01CN2 Listing Date ISIN CODE : IDA000063101 50 40 Frequency 30 Volume 24 Frequency Trading Activities, Q2 Volume (Rp bn) 17.24 15.00 7 6 Frequency (X) Trading days 20 12 CTP Price - High 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 96 10.0 90 9.0 84 8.0 78 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 18 9.19 14 8.00 25-Feb 80.2249 26-Feb 20-May 96.0000 Q1 5.60 14.00 46.20 3 5 6 8 2.99 10 7.47 Q2 25 24.64 16.00 8 4 8.53 28-Apr 19-Jul 96.0000 28-Sep 22-Dec 96.0000 03-Nov 30-Jan 97.0000 26-Jan 09-Jun 98.5000 27-Apr 104.6123 104.4771 105.5261 104.4393 104.6916 104.8706 Mod. Duration (yrs) 2.605 2.437 Sensitivity (%) 0.026 Convexity (yrs) Q4 105.7500 102.0000 102.0000 105.9000 104.4820 105.0090 10.4549 Last Date 2017 Q3 10.5108 IBPA Fair Yield (%) Price Jun-18 2016 Q1 18 10 Jun-16 Price and Yield 30 - Maturity Date Jun-14 TRADING ACTIVITIES Volume enar >> enar >> Maturity Date Jun-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date 31-Mar 8.208 9.8773 10.1643 2.265 2.079 30-Jun 30-Sep 7.159 6.175 0.024 0.023 9.8153 9.4888 30-Dec 31-Mar 22-Jun 5.207 4.316 3.590 0.021 1.891 0.019 1.724 0.017 This series has an outstanding amount of Rp750.00 billion with fixed coupon per annum at 12.25%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp114.04 billion and the total trading frequency was 83 times. The market prices for this series were 80.2249% at the lowest and 105.9000% at the highest. IBPA valued the fair prices for this series were 100.8702% for the lowest and 106.0569% for the highest. At the same period, the fair yield for this series was ranging from 9.3694% to 11.9323%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 201
  202. APLN01CN3 Listing Date ISIN CODE : IDA000065809 300 240 Dec-14 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Trading Activities, 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 109.00 73.00 97.00 283.00 14.00 6 8 12 13 2 Frequency (X) 28 17 29 60 Q2 6.00 8 4 2 45 120 30 CTP Price - High 108.0500 104.7000 106.6300 105.7500 105.9592 106.0334 CTP Price - Low 100.2000 IBPA Fair Price 103.2505 104.8296 106.7874 102.9618 105.8501 105.8142 - 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 109 PRICE AND YTM MOVEMENT YTM (%) 13.0 105 12.0 101 11.0 97 10.0 93 9.0 89 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.0  IBPA Fair Price  YTM APLN01CN4 Frequency 15 Volume 28 Convexity (yrs) Sensitivity (%) 26-Jan 09-Jun 90.0000 21-Jun 86.03 16-Aug 90.0000 08-Sep 251.00 12.42 5.32 05-Oct 30-Mar 05-Apr 29-Nov 24-Mar 21-Apr 90.0000 101.0000 100.0000 11.4023 10.8106 10.0064 11.3100 2.946 2.798 2.644 2.455 31-Mar 10.570 0.029 30-Jun 30-Sep 9.483 8.423 0.028 0.026 9.9999 12 Frequency 9.8398 30-Dec 31-Mar 22-Jun 7.265 6.306 5.458 0.025 2.291 2.135 0.023 0.021 This series listed on 22 December 2014 and matured on 19 December 2019. This series issued with nominal amount of Rp451.00 billion with interest rate per annum at 12.50%. Since this series issued until at the end second quarter in 2017, this series traded 146 times in 43 trading days with total volume booked of Rp582.00 billion. During 2016, the average of total volume recorded of Rp140.50 billion/quarter and transacted 33.50 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 90.0000% - 108.0500%, while the IBPA between 9.7400% - 12.0388%. Maturity Date Mar-15 TRADING ACTIVITIES 35 Mod. Duration (yrs) 26-Jan 64.75 Listing Date ISIN CODE : IDA000067409 Volume Last Date 96.67 fair price was between 101.4255% and 106.9183%. The fair yield for this series was l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Trading Activities, Mar-17 Price and Yield Q1 Volume (Rp bn) Frequency (X) Mar-19 2016 2017 Q2 Q3 Q4 Q1 30.00 - - - - - 4 - - - - - 13 - - - - Q2 - 21 9 Trading days 14 6 CTP Price - High 101.0000 N/A N/A N/A N/A N/A 7 3 78.6451 N/A N/A N/A N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 13.0 100 12.0 94 11.0 88 10.0 82 9.0 76 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 202 Dec-18 180 enar >> enar >> Dec-16 Trading days 60 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 121.21 22-Feb 26-Feb - N/A N/A - N/A N/A - N/A N/A - N/A N/A - N/A N/A 101.4227 101.7881 103.4435 100.7381 103.2202 103.1901 10.7957 31-Mar 3.179 12.209 0.032 10.6629 10.0659 10.9752 3.023 2.866 2.681 30-Jun 10.988 0.030 30-Sep 9.833 0.029 9.9768 9.9135 30-Dec 31-Mar 22-Jun 8.598 7.542 6.436 0.027 2.516 0.025 2.297 0.023 This series listed on 26 March 2015 and matured on 25 March 2020. This series listed with nominal amount of Rp99 billion with interest rate per annum at 11.25%. During 2016, the average of total volume recorded of Rp7.50 billion/quarter while in Q2-2017 was not traded. The market price (Centralized Trading Platform) for this series was between 78.6451% and 101.0000%. Based of IBPA fair price, this series has a fair price between 97.2937% - 104.1238% and fair yield between 9.8722% - 12.0770% in 2016. Meanwhile, in first semester of 2017, the fair yield had recorded at 9.8069% until 10.9638%, on the other side, the fair price amounted to 100.7663% - 103.7430%.
  203. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 APLN02 Q3-2016 551 APLN01CN1 26 107 APLN01CN2 17 14 APLN01CN3 30 - 68 Turnover Outstanding in Year 2016 439 298 112.9% 18.7% 6.9% 109 APLN01CN4 57 34 Q4-2016 73 97 283 124.6% 30.3% 200 400 600 800 1,000 1,200 1,400 INDONESIA BOND MARKET DIRECTORY 2016-2017 203
  204. IBPA ANALYTICAL REVIEW Description PT Agung Podomoro Land Tbk (APLN) engages in property development company. APLN’s main business consisted of development that covers contractor and real estate, making direct or indirect investments in other companies through placements or capital release that are related to its core business, placing investments in other companies that have Peer Group No. Company Total Revenue 1. PT Bumi Serpong Damai Tbk. 2. PT Agung Podomoro Land Tbk. 6,007 3. PT Summarecon Agung Tbk. APLN implements an integrated property development business strategy with superblock concept that combines in one complex to create a comfortable and entertaining urban environment. At the end of 2016, featured residential and commercial projects under development were Podomoro City Deli Medan, Borneo Bay City Balikpapan, and Podomoro Golf View (PGV) Cimanggis. APLN has 40 subsidiaries, 10 entities, and 2 associate companies in property sector in Jakarta, Karawang, Bandung, Revenue 15.6 5,398 4. PT Surya Semesta Internusa Tbk. 0.6 11.2 3,797 5. PT Modernland Realty Tbk. (4.0) 2.7 2,465 (22.0) 20.3 (16.8) Financial Statement as of Fiscal Year 2016 related business activities to the company’s core business and certain business in the area of business. Net Profit (Rp Bill) Margins (%) Growth (%) 6,522 31.2 5.0 Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA- Affirmed 17-Apr-17 Negative* 3. Pefindo idA- Downgraded** 13-Jan-16 Negative idA Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idAidA Affirmed Affirmed 13-Apr-16 10-Apr-15 7-Apr-14 Negative Negative Negative ** The downgraded was due to the weakening capital structure and cash flow protection measures as a result of weak revenue recognition from its property development. Bali, Balikpapan, Batam Makassar, and Medan. As of December 31, 2016, APLN shareholders were PT Indofica (73.93%), PT Prudential Life Assurance-Ref (7.61%), Trihatma Kusuma Halim (3.20%), the board of directors and commissioners (0.05%) and public (15.21%). Financial Analysis APLN recorded sales and revenues of Rp6.01 trillion, an increase of 0.67% compared to Rp5.97 trillion in SWOT Analysis S trengths W eaknesses - Strong market position in the - Aggressive financial leverage industry - Sensitive to the change in the - Successful of integrated business macroeconomic condition model implementation - High dependency on property - High contribution from recurring sales income - Continuing strategy to expand to second-tier cities 2015. The revenues came from sales of apartments, home offices, and offices. The biggest revenue was mainly driven by sales of apartments amounted to Rp1.89 trillion or rose by 46.94% compared to 2015 that amounted to Rp1.28 trillion. Meanwhile, cost of goods sold reached Rp2.28 trillion, growing by 5.07% from Rp2.17 trillion in 2015. Cost of goods sold for apartment units significantly increased by 55.67% from Rp767.70 billion to Rp1.19 trillion, in line with increasing demand for apartments. Therefore, APLN posted decreasing net income by 15.85% from Rp1.12 trillion in 2015 to Rp939.74 billion. On the other side, APLN’s total assets grew by 4.48% to Rp25.71 trillion due to an increase in non-current assets by Rp2.76 trillion or 18.68% compared to 2015. The increase in non-current assets was mainly due to non-current assets inventory grew by Rp1.44 trillion or 37.0% to Rp5.32 trillion primarily driven by an increase in land not yet developed of Rp1.44 trillion or 37.6% from Rp3.82 trillion to Rp5.26 trillion. 204 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Increasing the middle-class - Increasing the middle-class demographic in Indonesia demographic in Indonesia - Opportunity to utilize the new - Opportunity to utilize the new taxation policy related to abolition of taxation policy related to abolition double taxation and final income tax of double taxation and final income of 1% gain for DIRE products - Decreasing of both the BI Rate and inflation rate tax of 1% gain for DIRE products - Decreasing of both the BI Rate and inflation rate
  205. idA- APOL PT Arpeni Pratama Ocean Line Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : N/A June 2017 ADDRESS Infrastructure, Utilities And Transportation Transportation www.apol.co.id Ferdy Suwandi corpsec@apol.co.id PT Arpeni Pratama Ocean Line Tbk. is one of In don esia’s lead in g di versified shipping companies providing dry bulk and liquid cargo shipping services, agency services, ship management, jetty management and stevedoring services. Established in 1975, APOL has continuously committed to being a reliable provider of innovative integrated transportation and logistics solutions through operational excellence. APOL owns and operates a fleet of quality and diversified vessels including Panamax bulk carriers, floating cranes, tugboats and barges, and tankers. The Company has 10 branch offices in Jakarta, Merak, Panjang, Semarang, Jepara, Surabaya, Banjarmasin, Pontianak, Kotabaru, and Samarinda. Jln. Abdul Muis No. 50 Jakarta Pusat 10160 Phone : (021) 3505-350, 3505-355 Fax : (021) 3505-440 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents BOARD OF DIRECTORS 1. Surjono Abdullah Suharsono 2. Josef Budi Kristanto 3. Mia Sitaresmi Surya 4. Suharyo Irianto AUDIT COMMITTEE 1. Yosaphat Didik Heru Purnomo 2. Lou Tje Ching 3. Nugroho 72,434 Dec-2016 72,821 Chg % 0.53 p Receivables 159,515 117,238 -26.50 q Current Assets 267,444 222,302 -16.88 q 1,600,998 1,214,104 -24.17 q Inventories Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital BOARD OF COMMISSIONERS 1. Oentoro Surya 2. Yosaphat Didik Heru Purnomo * *) Independent Commissioner Millions of Rp, Unless Otherwise Stated Dec-2015 Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS 5,581 1,143,963 6,571,906 6,178 10.70 p 970,338 -15.18 q 6,359,274 -3.24 q 6,730,081 6,514,054 -3.21 q 2,998,604 2,998,604 8,670 8,670 4,983,759 25,488 1,316,839 250&100 4,822,308 25,488 1,316,839 250&100 -6,182,085 -6,382,956 -62,808 -61,393 -5,066,275 -5,129,083 -5,238,556 -5,299,949 -3.24 q -  -  -  -  -  -3.25 q -3.40 q 2.25 p -3.33 q Total Revenues 663,386 439,078 -33.81 q Interest Expenses 221,998 223,869 Operating Profit -524,774 49,041 EBITDA -437,438 Gross Profit Total Operating Expenses Earning Before Tax 30,449 555,223 42,854 -6,188 40.74 p 0.84 p N/A q N/A p -783,198 -211,067 73.05 p Income for the periods -786,159 -212,268 73.00 p Net Income … *) -750,083 -200,871 73.22 p Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) -965,312 -0.97 120,840 -184,316 -0.91 N/A p 80.91 p 6.36 p -49.10 -17.48 64.40 p -1.97 0.54 N/A p -118.51 -48.34 59.21 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Mandira Sanni Pratama (Class B) 2. Public (Class A) 3. PT Mandira Sanni Pratama (Class A) 4. PT Ayrus Prima (Class A) 65.41% 16.70% 10.61% 7.28% INDONESIA BOND MARKET DIRECTORY 2016-2017 205
  206. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name APOL02A Obligasi APOL II IDA0000366A7 Tahun 2008 Seri A APOL02B Obligasi APOL II IDA0000366B5 Outstanding (Rp Million) 276,000 Listing Date 19-Mar-08 Maturity Issue Date Term 30-Jun-21 Coupon Structure / Coupon Payment Date Trustee Rating / Outlook 12.00% 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega N/A 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega N/A Period 14 years 30-Jun-18 Quarterly 324,000 Tahun 2008 Seri B 19-Mar-08 30-Jun-21 12.50% 14 years Tbk. Tbk. 30-Jun-18 Quarterly N/A N/A Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT APOL02A Listing Date ISIN CODE : IDA0000366A7 TRADING ACTIVITIES Volume 15 12 Mar-08 Frequency 5 Volume 4 Frequency Mar-10 Trading Activities, Mar-12 Mar-14 Price and Yield Q1 Q2 Volume (Rp bn) - - - - Frequency (X) - Turnover Ratio (%) - - 3 Trading days 6 2 CTP Price - High N/A N/A CTP Price - Low N/A N/A IBPA Fair Price - Last Date - 3 1 - - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 6 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2 2.0 1 1.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) Mar-16 Mar-18 Mar-20 2016 9 enar >> enar >> Maturity Date 4.553 23.760 0.046 - 2017 Q3 Q4 Q1 13.00 - - 1 - - 4 18.84 N/A 0.2500 N/A N/A N/A 10-Aug - - 4.364 21.796 0.044 - 4.170 19.881 0.042 N/A N/A - 3.974 18.041 0.040 2 1 - N/A 10-Aug - - 5.00 - 0.2500 N/A - - Q2 7.25 0.0500 N/A 09-Jun N/A 09-Jun - - 0.0500 - - - 3.773 16.256 0.038 - 3.548 14.553 0.035 This series listed on 19 March 2008 and matured on 30 June 2021. This series issued with nominal amount of Rp276.00 billion with interest rate per annum at 7.32%. Since 2016 until at the end of Q2-2017, this series traded 6 times in 2 trading days with total volume booked of Rp18.00 billion. During 2016-2017, the average of total volume recorded of Rp3.00 billion/quarter and transacted 1.00 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 206 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  207. APOL02B ISIN CODE : IDA0000366B5 25 20 Mar-08 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Sep-10 Trading Activities, Mar-13 Sep-15 Q2 Q4 Q1 Volume (Rp bn) - - 24.70 - - - - - 1 - - - Frequency (X) - Turnover Ratio (%) - - 10 2 CTP Price - High N/A N/A 5 1 N/A N/A - - CTP Price - Low IBPA Fair Price - Last Date - Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 6 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2 2.0 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 3 Q2-16 Sep-20 2016 15 Q1-16 Mar-18 Price and Yield Trading days enar >> enar >> Listing Date Mod. Duration (yrs) Convexity (yrs) - 23.760 - - - - N/A N/A 0.2500 N/A N/A N/A - - 0.044 - N/A 10-Aug 21.796 - Q2 0.2500 N/A 4.364 0.046 Sensitivity (%) 30.49 10-Aug - 4.553 4 N/A - - Q3 - N/A N/A N/A N/A - 4.170 19.881 0.042 18.041 0.040 - - - 3.974 N/A - - - N/A - - 3.773 16.256 0.038 - 3.548 14.553 0.035 This series was listed since 19 March 2008 with a maturity date on 30 June 2021 and has a fixed interest rate of 7.318% per annum. The outstanding for this series since issuance date were noted at Rp324.00 billion. 1.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 APOL02A 13 APOL02B 25 - Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 4.7% 7.6% 50 100 150 200 250 300 350 INDONESIA BOND MARKET DIRECTORY 2016-2017 207
  208. IBPA ANALYTICAL REVIEW Description PT Arpeni Pratama Ocean Line Tbk was established in 1975 . The company began its business with general cargo vessel, as a pioneer carrier of timber-based products to international markets, particularly in East Asia. Today, the company provides liquid, gas, goods, and dry bulk cargo transportation throughout Peer Group No. Company Total Revenue 1. PT Garuda Indonesia (Persero) Tbk. 2. PT Express Transindo Utama Tbk. 3. PT Arpeni Pratama Ocean Line Tbk. tugboats and barges, and a crude oil tanker. The Historical Corporate Ratings Company No. also developed its end-to-end transportation and logistic services, from agency, stevedoring, ship management, to jetty management. 618 (29.9) (36.3) 272 (77.7) (89.0) (48.3) (33.8) Financial Statement as of Fiscal Year 2016 current fleet of quality and diversified vessels comprises of Panamax bulk carriers, floating cranes, Revenue 439 4. PT Berlian Laju Tanker Tbk. Indonesia and international market. The Company’s Net Profit (Rp Bill) Margins (%) Growth (%) 51,916 0.2 (1.3) Rating Agency Rating Rating Status idA- Affirmed 1. Pefindo Rating Date Outlook 10-Jan-14 N/A By the end of 2016, the Company has more than 25 subsidiaries and 10 branch offices across various regions in Indonesia. The shareholding composition of the company in December 31, 2016 are PT Mandira Sanni Pratama (76.0%), PT Ayrus Prima (7.3%), and Public (16.7%). SWOT Analysis S trengths W eaknesses - Strong support from the major - Declining profitability shareholder - Low creditworthiness rating - Long experience in fleet business - Weakening business and financial profile - Depending on the demand and supply of dry bulk Financial Analysis The Company’s service revenue for the period ended 31 December 2016 decreased by 33.81% to Rp439.1 billion compared to the period ended in 2015. The decrease was caused by declining in vessels utilization and decline of coal transportation demand for export purpose, especially to the largest coal importer in the world such as China and India, and the weakening of international coal price. Nevertheless, the Company’s profit from operations as of 31 December 2016, increased by 109.35% to Rp49.0 billion compared to 2015 which recorded losses amounting Rp524.8 billion. In 2016, the Company recorded loss amounted to Rp212.3 billion or decreased by 73% from net loss of year 2015 amounting to Rp786.1 billion. In 2016, the Company’s current asset amounted to Rp222.3 billion or decreased by 16.88% was caused the decreased of trade receivables and other current assets. The Company’s non-current assets amounted to Rp991.8 billion in 2016 or decreased by 25.63% was due to the sale of the Company’s unproductive vessels and fixed assets and other non-current assets. 208 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Prospect from domestic market - Prospect from domestic market - Government commitment to - Government commitment to develop maritime sector and sea toll develop maritime sector and sea toll
  209. idAAA ASDF PT Astra Sedaya Finance Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Jln. TB Simatupang No. 90 Tanjung Barat, Jagakarsa Jakarta 12530 Phone : (021) 7885-9000 Fax : (021) 7885-1179 Finance Financial Institution www.acc.co.id Nur Mustika Ningtyas nur.mustikaningtyas@acc.co.id; corporate_secretary@acc.co.id BUSINESS FIELD In accordance with Articles of Association and obtained permits, the Company/ASF is able to perform financing service activities which include: investment financing, working capital financing, multipurpose financing; and/or sharia financing. The Company's business activity is in the field of consumer financing or multipurpose financing, leasing and sharia financing. CORPORATE ACHIEVEMENTS As of August, ASF has received several awards in 2017. Under the brand 'Astra Credit Companies', ASF is awarded Top Brand Award 2017 by Frontier and Majalah Marketing. ASF is also given the award of Indonesia Most Admired Companies by Warta Ekonomi and Corporate Image Award by Frontier and Majalah Tempo. In the field of service, ASF is awarded Service Quality Award, winning the first place in Financing Automotive 4 Wheels category. STRATEGIC PLAN In order to leverage company growth, the Company will maintain and strengthen leading position in car financing, strengthen risk and operational excellence, and implement the commitment on Corporate Social Responsibility (CSR). Furthermore, the Company will optimize funding and Asset Liability Management (ALM) and create new portfolio/initiatives to support the future growth onto the next level. CORPORATE EXCELLENCE As a trusted financing company under PT Astra International Tbk., The Company obtained the rating of idAAA (idn) from Fitch Rating and idAAA from Pefindo (as of December 2016). The Company provides various financing products with competitive rate and fast credit process. The Company has 75 branch offices in 58 cities across Indonesia and cooperates with more than 14,600 authorized dealers and used-car showrooms. As part of giving the best service for customers, the Company offers a secured storage and easy retrieval for BPKB and also provides reliable vehicle insurance coverage and life insurance protection facilities. Any information needed about the Company can be accessed through the contact center at 1500599 or the website at www.acc.co.id. BOARD OF COMMISSIONERS 1. Suparno Djasmin 2. Buyung Syamsudin * 3. Djony Bunarto Tjondro 4. Henry Santoso 5. Iwan Nataliputra 6. Mohammad Husni * *) Independent Commissioner BOARD OF DIRECTORS 1. Jodjana J. 2. Handoko Liem 3. Samuel Manasseh 4. Siswadi 5. Wie Mia FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 821,000 198,000 Dec-2016 Chg % 510,000 -37.88 q 192,000 -3.03 q 22,950,000 22,508,000 Total Assets 30,392,000 31,478,000 3.57 p Total Liabilities 24,699,000 25,696,000 4.04 p 1,500,000 1,500,000 950.4 950.4 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 139,000 9,026,000 1,500.0 Authorized Capital Paid up Capital 950,440 Paid up Capital (Mil. Sh) Par Value (Rp) 1,000 Retained Earnings Total Equity …*) Non Controlling Interest Total Equity 146,000 9,730,000 1,500.0 950,440 1,000 2,536,000 2,861,000 - - 5,693,000 5,782,000 -1.93 q 5.04 p 7.80 p -  -  -  -  -  12.82 p 1.56 p -  5,693,000 5,782,000 1.56 p Total Revenues 5,468,000 5,319,000 -2.72 q Interest Expenses 2,391,000 INCOME STATEMENTS Expenses Earning Before Tax EBITDA 4,228,000 4,120,000 -2.55 q 2,134,000 -10.75 q 1,271,000 1,230,000 -3.23 q 969,000 934,000 -3.61 q 969,000 934,000 -3.61 q 4.34 4.44 17.72 17.56 Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 3,696,000 1,237,000 3.19 ROA (%) NPM (%) EBITDA Coverage (X) 1.55 3,395,000 -8.14 q 709,000 -42.68 q 2.44 p 2.97 -6.94 q 1.59 2.92 p -0.91 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Astra International Tbk. 2. PT Garda Era Sedaya 3. PT Bank Permata Tbk. 4. PT Sedaya Multi Investama 28.13% 28.13% 25.00% 18.75% AUDIT COMMITTEE 1. Mohammad Husni 2. Lindawati Gani 3. Thomas H. Socokusumo INDONESIA BOND MARKET DIRECTORY 2016-2017 209
  210. AS OF JUNE 2017 No . CODE ISIN CODE Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan 1. ASDF02CCN2 II Astra Sedaya Finance IDA0000609C6 Tahap II Tahun 2013 385,000 27-Nov-13 26-Nov-17 4 years Seri C 2. IDA0000625C2 Tahap II Tahun 2013 75,000 07-Apr-14 04-Apr-18 4 years Seri C 3. IDA0000652B8 Tahap II Tahun 2013 1,500,000 30-Oct-14 29-Oct-17 3 years Seri C 4. IDA0000693B2 Tahap II Tahun 2013 825,000 02-Jul-15 02-Jul-18 3 years Seri C 5. IDA0000727B8 Tahap I Tahun 2016 1,230,000 12-May-16 11-May-19 3 years Seri B Obligasi Berkelanjutan 6. ASDF03BCN2 III Astra Sedaya Finance IDA0000764B1 Tahap II Tahun 2016 850,000 19-Oct-16 18-Oct-19 3 years Seri B 7. IDA0000764A3 Tahap II Tahun 2016 850,000 19-Oct-16 28-Oct-17 370 days Seri A 8. IDA0000793C8 Tahap III Tahun 2017 375,000 06-Mar-17 03-Mar-22 5 years Seri C 9. IDA0000793B0 Tahap III Tahun 2017 1,125,000 06-Mar-17 03-Mar-20 3 years Seri B 10. IDA0000793A2 Tahap III Tahun 2017 10.50% 9.25% 8.50% 1,000,000 06-Mar-17 Seri A 13-Mar-18 370 days Rakyat Indonesia - (Persero) Tbk. 04-Jul-17 04-Oct-17 04-Jan-18 PT Bank Rakyat Indonesia 04-Apr-18 (Persero) Tbk. 29-Jul-17 29-Oct-17 - PT Bank - 02-Jul-17 02-Oct-17 02-Jan-18 Rakyat Indonesia PT Bank Rakyat Indonesia 02-Apr-18 (Persero) Tbk. 11-Aug-17 11-Nov-17 11-Feb-18 PT Bank Rakyat Indonesia 11-May-18 (Persero) Tbk. 7.95% 18-Jul-17 18-Oct-17 18-Jan-18 PT Bank 7.25% 8.75% 8.50% 7.40% Quarterly Rakyat Indonesia 18-Apr-18 (Persero) Tbk. 28-Jul-17 28-Oct-17 - PT Bank Rakyat Indonesia - (Persero) Tbk. 03-Sep-17 03-Dec-17 03-Mar-18 PT Bank Rakyat Indonesia 03-Jun-18 (Persero) Tbk. 03-Sep-17 03-Dec-17 03-Mar-18 PT Bank Rakyat Indonesia 03-Jun-18 (Persero) Tbk. 13-Sep-17 13-Dec-17 13-Mar-18 PT Bank - Rating / Outlook AAA Stable AAA Stable AAA Stable (Persero) Tbk. Pastikan Link Grafik sudah be Quarterly Quarterly Obligasi Berkelanjutan ASDF03ACN3 III Astra Sedaya Finance 10.60% Quarterly Obligasi Berkelanjutan ASDF03BCN3 III Astra Sedaya Finance PT Bank Quarterly Obligasi Berkelanjutan ASDF03CCN3 III Astra Sedaya Finance 26-Aug-17 26-Nov-17 - Quarterly Obligasi Berkelanjutan ASDF03ACN2 III Astra Sedaya Finance 9.75% Quarterly Obligasi Berkelanjutan ASDF03BCN1 III Astra Sedaya Finance Trustee Quarterly Obligasi Berkelanjutan ASDF02BCN5 II Astra Sedaya Finance Date Period Quarterly Obligasi Berkelanjutan ASDF02BCN4 II Astra Sedaya Finance Coupon Payment Quarterly Obligasi Berkelanjutan ASDF02CCN3 II Astra Sedaya Finance Coupon Structure / Rakyat Indonesia (Persero) Tbk. Pastikan Link Grafik sudah be AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 210 INDONESIA BOND MARKET DIRECTORY 2016-2017
  211. TRADING HIGHLIGHT ASDF02CCN2 ISIN CODE : IDA0000609C6 175 Frequency 20 Volume 140 16 Frequency Maturity Date Nov-14 Nov-15 Nov-16 Nov-17 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Volume (Rp bn) 155.00 24.00 70.00 139.00 - 7 5 5 8 - 19 Frequency (X) Q3 6 Q4 6 Q1 15 Q2 81.00 - 12 5 105 12 Trading days 70 8 CTP Price - High 102.0500 102.0000 102.5000 101.9000 N/A 101.6300 CTP Price - Low 100.3800 101.7000 102.2250 101.2750 N/A 101.3000 IBPA Fair Price 101.3217 101.9844 102.1878 101.3065 101.5577 101.2959 4 35 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 161.04 24.94 72.73 144.42 29-Mar 23-May 19-Aug 06-Dec 28-Jan 12-May 07-Sep 28-Nov 8.8610 8.2360 7.7474 8.2313 - 84.16 N/A 05-Apr N/A 09-May 7.2448 6.6424 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.730 2.059 1.463 0.955 0.549 0.276 Mod. Duration (yrs) 1.500 Sensitivity (%) 0.015 Convexity (yrs) 1.294 1.077 0.013 0.011 0.853 0.624 0.009 0.415 0.006 0.004 This series has an outstanding amount of Rp385.00 billion with fixed coupon per annum at 9.75%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp469.00 billion and the total trading frequency was 58 times. The market prices for this series were 100.3800% at the lowest and 102.5000% at the highest. IBPA valued the fair prices for this series were 99.3367% for the lowest and 102.8762% for the highest. At the same period, the fair yield for this series was ranging from 6.6424% to 10.1363%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ASDF02CCN3 Listing Date ISIN CODE : IDA0000625C2 Apr-14 TRADING ACTIVITIES Volume 40 Frequency 10 Volume 32 8 Frequency Maturity Date Apr-15 Trading Activities, Apr-16 Price and Yield Q1 Volume (Rp bn) Frequency (X) Apr-17 Apr-18 2016 2017 Q2 Q3 Q4 Q1 35.00 - - - - 1 - - - - 7 - - - - Q2 10.00 2 1 24 6 Trading days 16 4 CTP Price - High 102.9000 N/A N/A N/A N/A 103.0000 CTP Price - Low 102.0000 N/A N/A N/A N/A 102.9500 IBPA Fair Price 102.5762 103.0004 103.6304 102.2681 102.8930 102.6121 2 8 - enar >> enar >> Nov-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 103 9.0 102 8.0 101 7.0 100 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 186.67 23-Mar 23-Mar 9.1659 N/A N/A 8.7425 - N/A N/A 8.0242 - N/A N/A 8.6808 - N/A N/A 7.5693 53.33 10-Apr 10-Apr 7.1381 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.753 2.988 2.292 1.663 1.132 0.737 Mod. Duration (yrs) 1.753 Sensitivity (%) 0.018 Convexity (yrs) - 1.559 0.016 1.357 0.014 1.144 0.011 0.929 0.009 0.733 0.007 This bond series was first listed on 07 April 2014 and will be matured on 04 April 2018. The series was actively traded in Q2-2017 with 2 days of total trading days during the trading period. The total trading volume reached Rp45.00 billion and the total trading frequency was 9 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 102.0000% or above its fair lowest price valued by IBPA at 100.6435%. On the other hand, the highest market price was 103.0000% or below its IBPA fair highest price at 103.9948%. The yield valued by IBPA was 7.1238% at the lowest, and 10.2760% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 211
  212. ASDF02BCN4 Listing Date ISIN CODE : IDA0000652B8 TRADING ACTIVITIES Volume 750 600 Oct-14 Frequency 45 Volume 36 Frequency Q3 Q4 Q1 Q2 Volume (Rp bn) 67.50 138.20 135.45 146.00 580.85 195.20 9 15 14 13 17 CTP Price - High Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 20 Frequency (X) 18 Q1-16 Turnover Ratio (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 10.0 103 9.0 102 8.0 101 7.0 100 6.0 99 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 18.00 98.0000 CTP Price - Low 17-Feb Date 32 25 36.85 35 36.12 38.93 22-Sep 01-Nov 01-Sep 24-Nov 40 30 16 154.89 52.05 103.2000 103.2000 103.4000 102.6500 102.5300 101.8500 29-Mar Date 27-Apr 97.5000 09-May 97.0000 100.5000 30-Jan 97.0000 25-Jan 05-Apr 98.5000 05-May 102.5921 102.7300 103.3941 101.9762 102.0047 Pastikan 101.4381Link Grafik sudah be IBPA Fair Price IBPA Fair Yield (%) enar >> Oct-17 2017 Q2 300 - Jan-17 Q1 Trading days enar >> Apr-16 2016 Price and Yield 27 9 Jul-15 Trading Activities, 450 150 Maturity Date Last Date 8.7027 8.3068 7.2020 8.0098 31-Mar 30-Jun 30-Sep 30-Dec 2.482 1.845 1.290 0.815 Mod. Duration (yrs) 1.420 Sensitivity (%) 0.014 Convexity (yrs) 1.214 1.002 0.012 0.778 0.010 6.8875 6.3311 0.550 0.341 0.005 0.003 31-Mar Pastikan 22-JunLink Grafik sudah be 0.444 0.008 0.202 This series has an outstanding amount of Rp1.5 trillion with fixed coupon per annum at 10.50%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp1.26 trillion and the total trading frequency was 182 times. The market prices for this series were 97.0000% at the lowest and 103.4000% at the highest. IBPA valued the fair prices for this series were 101.4224% for the lowest and 103.4290% for the highest. At the same period, the fair yield for this series was ranging from 6.3311% to 9.4338%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ASDF02BCN5 Listing Date ISIN CODE : IDA0000693B2 Jul-15 TRADING ACTIVITIES Volume 325 Frequency 25 Volume 260 20 Frequency Maturity Date Apr-16 Trading Activities, Jul-18 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) 306.90 173.60 191.60 85.00 72.00 7 6 8 6 5 Frequency (X) 23 11 24 Q1 8 Q2 6 252.40 17 11 15 Trading days 130 10 CTP Price - High 101.4500 101.7000 103.0000 101.9000 101.4000 102.1500 CTP Price - Low 100.0000 101.3400 101.7000 IBPA Fair Price 101.4038 101.4137 101.9894 100.4273 101.4298 Pastikan 101.9174Link Grafik sudah be - enar >> 5 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 212 Oct-17 195 65 enar >> Jan-17 2016 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date 148.80 84.17 92.90 28-Mar 27-Apr 23-Sep 14-Mar 08-Jun 21-Jul 8.5462 8.0235 34.91 122.38 10-Oct 23-Mar 20-Jun 28-Nov 11-Jan 03-Apr 8.0194 7.2946 1.148 0.956 0.011 0.010 98.5400 100.7000 100.1300 8.9431 31-Mar 30-Jun 30-Sep 30-Dec 4.689 3.820 3.026 2.293 Mod. Duration (yrs) 1.973 Sensitivity (%) 0.020 Convexity (yrs) 8.4758 41.21 1.777 0.018 1.575 0.016 1.361 0.014 31-Mar Pastikan 22-JunLink Grafik sudah be 1.666 1.185 This series was first listed on 2 July 2015 and will be matured on 2 July 2018. This series has an outstanding amount of Rp825 billion with fixed coupon per annum at 9.25%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 98.2509% at the lowest and 102.5385% at the highest. At the same period, the fair yield for this series was ranging from 7.2232% to 10.0623%.
  213. ASDF03BCN1 ISIN CODE : IDA0000727B8 275 Frequency 100 Volume 220 80 Frequency Maturity Date Feb-17 Nov-17 Aug-18 May-19 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A 265.05 134.55 147.20 121.30 28 11 8 5 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 94 31 13 Q2 62.95 9 4 165 60 Trading days N/A 110 40 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.341 6.225 5.188 4.269 3.507 20 55 - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 86.20 43.76 47.87 3 39.45 20.47 104.0000 102.0000 100.1500 100.0900 100.9300 14-Jun 99.9200 31-May 27-Jul 99.9900 28-Sep 101.2821 100.0204 7.9926 2.496 8.4888 0.025 2.296 0.023 01-Nov 98.5000 25-Nov 01-Feb 95.0000 13-Feb 10-May 97.5000 20-Jun 98.7136 100.6417 101.0933 9.1082 2.093 8.1514 1.895 0.021 7.8677 1.714 0.019 0.017 This series has an outstanding amount of Rp1.23 trillion with fixed coupon per annum at 8.50%. From 2016 to the end of June 2017, the trading volume for the series was Rp731.05 billion and the total trading frequency was 151 times. The market prices for this series were 95.0000% at the lowest and 104.0000% at the highest. IBPA valued the fair prices for this series were 97.4526% for the lowest and 101.8796% for the highest. At the same period, the fair yield for this series was ranging from 7.7517% to 9.6773%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ASDF03BCN2 Listing Date ISIN CODE : IDA0000764B1 1250 1000 Oct-16 TRADING ACTIVITIES Volume Frequency 35 Volume 28 Frequency Maturity Date Jul-17 Trading Activities, Apr-18 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 500 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 7 - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 96 6.0 94 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-19 2017 Price and Yield 21 250 Jan-19 2016 750 enar >> enar >> May-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 1201.00 490.00 336.00 11 5 34 565.18 16 25 10 230.59 158.12 14-Feb 08-May 06-Jan 22-May 102.7225 100.4100 101.5700 29-Dec N/A 96.8600 97.1000 100.1000 N/A 96.7813 99.2435 100.5097 N/A 30-Dec 31-Mar 22-Jun N/A 7.012 5.970 5.093 N/A N/A N/A N/A 28-Dec 9.2668 2.436 0.024 8.2710 2.247 0.022 7.7064 2.075 0.021 This series has listed since 19 October 2016 and will be matured on 18 October 2019. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 158.98% per quarter and traded in 26 trading days throughout the period. The average trading volume reached Rp337.83 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 96.8600% at the lowest to 102.7225% at the highest. While the IBPA fair price for this series stood between 95.7655% and 100.7793%. The yield valued by IBPA in the period was 7.5820% at the lowest, and 9.6446% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 213
  214. ASDF03ACN2 Listing Date ISIN CODE : IDA0000764A3 1000 800 Oct-16 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Jan-17 Trading Activities, Apr-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A 760.35 296.45 N/A N/A 18 15 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 400 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-17 2017 Price and Yield 45 15 Jul-17 2016 600 200 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 54 357.81 Q2 20.00 33 5 3 139.51 9.41 23-Mar 05-Apr 05-Jan 06-Apr 6.9189 6.6883 0.552 0.340 0.006 0.003 100.1100 100.2100 100.2000 26-Oct N/A 99.1000 N/A 99.3848 100.1625 Pastikan 100.1891Link Grafik sudah be N/A 30-Dec N/A 0.824 N/A N/A N/A N/A 06-Dec 8.0207 0.786 0.008 99.3019 100.1800 31-Mar Pastikan 22-JunLink Grafik sudah be 0.446 0.200 This bond listed with nominal value of Rp850 billion and interest rates of 7.25% per annum. This bond was effective from 19 October 2016 to 28 October 2017. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 99.1000% and 100.1100%, while in first semester 2017 was ranging from 99.3019% to 100.2100%. In year 2016, IBPA fair price recorded at range 99.1465% - 100.1100% and in first semester 2017 at range 99.3019% - 100.3373%. During the observation period this bond was traded with total volume amounted to Rp1.08 trillion and transacted 92 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ASDF03CCN3 Listing Date ISIN CODE : IDA0000793C8 TRADING ACTIVITIES Volume 5 4 Mar-17 Frequency 5 Volume 4 Frequency Trading Activities, Mar-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A - N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Mar-22 2017 Q1 N/A - Mar-21 Price and Yield Trading days 1 Mar-20 2016 3 enar >> 214 Mar-18 3 1 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 2.00 2 1 2.13 N/A N/A 101.8000 N/A N/A 101.7500 N/A N/A N/A N/A 28-Apr 28-Apr N/A 101.6635 Pastikan 101.4943Link Grafik sudah be N/A 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A 8.3276 3.952 18.687 0.040 8.3611 3.812 17.298 0.038 This series was first listed on 6 Mar 2017 and will be matured on 13 Mar 2022. This series has an outstanding amount of Rp375 billion with fixed coupon per annum at 8.75%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 100.0000% at the lowest and 101.9929% at the highest. At the same period, the fair yield for this series was ranging from 8.2382% to 8.7500%.
  215. ASDF03BCN3 ISIN CODE : IDA0000793B0 1000 800 Frequency 20 Volume 16 Frequency Maturity Date Dec-17 Sep-18 Trading Activities, Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 130.00 N/A N/A N/A 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 400 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 4 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-20 2017 Price and Yield 12 200 Jun-19 2016 600 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 6 768.00 19 12 46.22 273.07 27-Mar 28-Apr 16-Mar 27-Apr N/A 100.4000 100.8100 N/A 100.0000 100.0000 N/A 100.5047 100.1878 N/A N/A N/A 8.2930 8.4199 N/A 31-Mar 22-Jun N/A 7.627 6.629 N/A 2.550 N/A 2.379 0.026 0.024 This series listed which amounted to Rp1.13 trillion with interest rates of 8.50% per annum. This bond was listed from 6 March 2017 and matured in 3 March 2020. In first semester 2017, IBPA fair price recorded at range 99.7737% - 100.8283%, while the CTP recorded at level 100.0000% - 100.8100%. Until 30 June 2017, total volume recorded by Rp898 billion and transacted 25 times. This series has 16 total trading days since this series was listed. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ASDF03ACN3 Listing Date ISIN CODE : IDA0000793A2 1500 1200 Mar-17 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Maturity Date Jun-17 Trading Activities, Sep-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 1443.50 N/A N/A N/A 10 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 600 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 15 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-18 2017 Price and Yield 45 300 Dec-17 2016 900 enar >> enar >> Mar-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 65 Q2 385.00 17 8 577.40 154.00 22-Mar 31-May 14-Mar 28-Apr N/A 100.2000 100.4700 N/A 99.9000 100.1700 N/A 100.1741 100.4423 N/A N/A N/A 7.1840 6.7677 N/A 31-Mar 22-Jun N/A 1.060 0.667 N/A N/A 0.907 0.009 0.700 0.007 This series was first listed on 6 Mar 2017 and will be matured on 13 Mar 2018. This series has an outstanding amount of Rp1,00 trillion with fixed coupon per annum at 7.40%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 98.2509% at the lowest and 100.5204% at the highest. At the same period, the fair yield for this series was ranging from 6.7677% to 7.4309%. 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 215
  216. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 ASDF02CCN2 Q2-2016 155 ASDF02CCN3 35 ASDF02BCN4 68 ASDF02BCN5 24 70 Q3-2016 46.7% 138 135 32.5% 146 174 265 135 192 147 ASDF03BCN2 ASDF03ACN2 216 85 91.8% 44.5% 141.3% 1,201 89.5% 760 - Turnover Outstanding in Year 2016 100.8% 139 307 ASDF03BCN1 Q4-2016 200 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 600 800 1,000 1,200 1,400
  217. IBPA ANALYTICAL REVIEW Description PT Astra Sedaya Finance (ASDF) is one of the largest auto finance companies in Indonesia. ASDF provides financing for the purchase of a new car or used car brands in particular for vehicles manufactured by Astra such as Toyota, Daihatsu, Isuzu, Peugeot, and BMW. ASDF network spread in almost all major cities in Indonesia. ASDF also provides financing for the Peer Group No. Company Total Revenue 1. PT Pegadaian (Persero) 2. PT Astra Sedaya Finance 3. PT Adira Dinamika Multi Finance Tbk. ASDF current finance funding has 5. PT Federal International Finance Historical Corporate Ratings ASDF has access to the payment through ATM No. Indonesia (Persero), PT Bank Central Asia Tbk, PT Bank Mandiri (Persero), PT Bank Rakyat Indonesia (Persero) Tbk, as well as through PT Pos Indonesia throughout Indonesia 17.6 (2.7) 3,537 12.8 15.2 12.0 8,321 4.3 21.7 11.6 Financial Statement as of Fiscal Year 2016 supported more than 16,000 car dealers in Indonesia. cooperate with PT Bank Permata Tbk, PT Bank Negara Revenue 5,319 8,413 4. PT Oto Multiartha purchase of cars or heavy equipment in new or used condition. Net Profit (Rp Bill) Margins (%) Growth (%) 9,708 22.8 9.1 Rating Agency 1. Pefindo Rating Rating Status Rating Date Outlook idAAA Affirmed 14-Mar-17 Stable idAAA Affirmed 15-Mar-16 Stable Affirmed 18-Jun-15 2. Fitch Ratings AAA(idn) 4. Fitch Ratings AAA(idn) 3. Pefindo 5. Pefindo idAAA Affirmed 7-Dec-16 Affirmed 11-Dec-15 Stable Stable Stable At the end of 2016, ASDF has 73 branch offices at 58 cities across Indonesia. ASDF launched a product of multipurpose financing, working capital financing, and education financing. ASDF also launched application named “ACC Yes” for android and iOS. As of Dec 2016, ASDF ownership structure consisted of PT Astra International Tbk (ASII, 28.125%), and ASII’s subsidiaries PT Garda Era Sedaya (28.125%), PT Bank Permata Tbk (25.00%), and PT Sedaya Multi Investama (18.75%). SWOT Analysis S W trengths eaknesses - Strategically important subsidiary - Increasing pressure on profitability of Astra International - High reliance on Astra -Very strong position in car financing International performance market -Good company image and Financial Analysis ASDF’s net revenue recorded a slight decrease by reputation -Healthy assets quality 2.72% from Rp5.47 trillion to Rp5.32 trillion at the end of 2016. Throughout 2016, the main source of ASDF’s revenue derived from consumer financing. Although the Company's consumer financing revenue was down 12.08% caused by decreasing in consumer financing receivables amounted to Rp442 billion (1.93%), this sector still became the biggest revenue contributor to ASDF with 71.95% of total net revenue for the year 2016. The decline in total revenue and the increase of total expenses especially in provision for impairment losses led to a decrease in net income. ASDF’s net income in 2016 has recorded slight decrease by 3.60% to Rp934 billion in 2016 O T pportunities hreats - Expansion opportunity outside Java - Expansion opportunity outside area Java area - Cooperation with strategic partner - Cooperation with strategic partner - The rapid sales of Low Cost Green - The rapid sales of Low Cost Green Car (LCGC) Car (LCGC) from Rp969 billion in 2015. On the other side, ASDF managed total assets amounted to Rp31.48 trillion, increased by 3.57% compared to 2015 that was recorded at Rp30.39 trillion. The increase was primarily caused by the increase of murabaha receivables - net amounted to Rp3.42 trillion (213.34%). INDONESIA BOND MARKET DIRECTORY 2016-2017 217
  218. idBBB + BACA PT Bank Capital Indonesia Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Sona Topas Tower 12th Fl. Jln. Jend Sudirman Kav. 26 Jakarta 12920 Phone : (021) 250-6768 Fax : (021) 250-6769 Finance Bank www.bankcapital.co.id Budi Setiadi budi.setiadi@bankcapital.co.id Established in 1989, PT Bank Capital Indonesia Tbk ('Bank Capital' or 'the Bank') is one of the financial institutions in Indonesia conducting business in the banking sector. As of 30 June 2017, Bank Capital has a network of 71 operating offices consisting of Head Office, 33 Branch Offices, as well as 35 Cash Offices spread over Jakarta, Solo and Bandung. In line with the Bank's vision of "to be a sound and trusted retail Bank", Bank Capital continues to provide financial services with a personal approach as well as delivering maximum values to the Bank's stakeholders. Products and services offered by Bank Capital to customers included savings products, financing products, and other transaction banking services. Bank Capital's financial performance during 2016 had increased and improved comparing to year 2015. At end of 2016, Total Assets of Bank Capital had increased by 16.85% to Rp14.21 trillion compared to 2015 amounting to Rp12.16 trillion. The increase was a result of the increased of third party funds as well as financing expansion. Financing growth was recorded by 9.80% from Rp6.04 trillion in 2015 to Rp6.65 trillion in 2016. It was achieved through conservative growth strategy as well as focused on financing productive businesses. Bank Capital issued Subordinated Bonds I in year 2014 amounted Rp200 billion and Subordinated Bonds II in year 2015 amounted Rp250 billion as well as Subordinated Bonds III in year 2017 amounted Rp250 billion which have been listed on the Indonesia Stock Exchange. The Bank's Financial Performance was a result of Bank Capital’s strategic management from strategy formulation to strategy execution that focused on the retail segment, fund raising, fee based income, improvement on service quality to the customer by developing electronic channel , expanding office network as well as strengthening the Bank's capital structure. FINANCIAL HIGHLIGHT BALANCE SHEETS Dec-2016 Placements with Other Banks 1,834,572 1,724,389 Loans 6,044,761 6,636,940 Cash on Hand Marketable Securities Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses INDONESIA BOND MARKET DIRECTORY 2016-2017 - 231,792 3,739,483 - 319,465 12,159,197 14,207,414 - - 10,829,993 12,381,463 ROA (%) NPM (%) EBITDA Coverage (X) -  37.82 p 16.85 p 14.33 p -  2,800,000 60.00 p 6,405 7,038 17,500 640,453 100 393,014 28,000 703,794 100 499,452 1,053,416 1,315,040 1,053,416 1,315,040 1,116,871 1,238,425 - 828,538 45,724 214,982 -3,711 90,823 80,917 90,823 10.54 0.75 8.13 11.05 *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public 2. PT Delta Indo Swakarsa 3. PT Inigo Global Capital 4. Danny Nugroho 9.80 p 1,750,000 - 60.00 p 9.89 p 9.89 p -  27.08 p 24.84 p -  24.84 p Pastikan Link Grafik sudah be 10.88 p 878,011 5.97 pLink Grafik sudah be Pastikan 281,039 30.73 p 90,285 126,025 DER (X) -6.01 q 52.07 p 16.09 p 119,648 FINANCIAL RATIOS 26.07 p 12,892,374 Earning Before Tax Non-Operating Revenues Chg % 11,105,781 133,283 AUDIT COMMITTEE 1. Amrih Masjhuri 2. Alfanur HR 3. Budi Zainal Arifin 218 2,459,134 78,996 123,359 Net Income … *) BOARD OF DIRECTORS 1. Wahyu Dwi Aji 2. Gatot Wahyu Djatmiko 3. Gunarto Hanafi 4. Maxen Bastian Nggadas 5. Roy Iskandar Kusuma Widjaja 62,662 Income from Operations Comprehensive Income *) Independent Commissioner Millions of Rp, Unless Otherwise Stated Dec-2015 Income for the periods BOARD OF COMMISSIONERS 1. Danny Nugroho 2. Amrih Masjhuri * Stable 97.46 p 8.04 p -7,258 -95.58 q 5.33 p 93,457 2.90 p 93,457 2.90 p 9.80 -7.01 q 7.55 -7.20 q 198,870 145.77 p 0.66 -11.93 q 10.76 -2.56 q 54.08% 18.59% 14.79% 12.54%
  219. AS OF JUNE 2017 CODE No . 1. 2. Series Name BACA01SB Subordinasi Bank (Rp Million) Listing Date Maturity Issue Date Term 200,000 Capital I Tahun 14-Jan-15 13-Jan-22 7 years 2014 IDA000071500 Coupon Payment Date Trustee 12.00% 13-Jul-17 13-Oct-17 13-Jan-18 PT Bank Mega Subordinasi Bank 15-Jul-17 15-Oct-17 15-Jan-18 250,000 Capital II Tahun 18-Jan-16 15-Jan-23 PT Bank Mega 12.00% 7 years 2015 Tbk. 15-Apr-18 Quarterly Rating / Outlook Tbk. 13-Apr-18 Quarterly Obligasi BACA02SB Coupon Structure / Period Obligasi IDA000066401 BBB- Stable BBB- Stable TRADING HIGHLIGHT BACA01SB Listing Date ISIN CODE : IDA000066401 60 50 40 Jan-15 TRADING ACTIVITIES Volume Frequency Volume Frequency 56.00 54.00 2 4 3 2 4 Frequency (X) Trading days Turnover Ratio (%) 104 PRICE AND YTM MOVEMENT YTM (%) 15.0 98 13.0 92 11.0 86 9.0 80 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 4 Q3 7 Q4 6 Q1 5 Q2 11 42.00 70.00 90.00 112.00 108.00 26-Jan 24-May 28-Jul 14-Dec 06-Mar 23.00 3 2 46.00 CTP Price - High 100.5900 100.2700 100.3200 100.3200 100.0800 96.8000 CTP Price - Low 100.0200 94.5800 92.5800 100.2000 94.0000 96.6100 IBPA Fair Price 101.6023 92.9152 95.4492 92.5944 95.0821 96.7821 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Date Date IBPA Fair Yield (%) Price Q2 Jan-22 2017 45.00 - Q2-17 2016 35.00 2 Q1-17 Jan-21 21.00 10 Q4-16 Jan-20 Volume (Rp bn) 4 Q3-16 Jan-19 10 8 Q2-16 Jan-18 12 20 Q1-16 Trading Activities, Jan-17 Q1 6 - Jan-16 Maturity Date Price and Yield 30 enar >> enar >> ISIN CODE Outstanding Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 19-Feb 11.6066 4.042 21.159 0.040 16-Jun 13.8519 3.821 19.061 0.038 02-Aug 13.2081 3.728 17.953 0.037 10-Nov 14.0756 3.570 16.441 0.036 23-Feb 13.3972 3.463 15.321 0.035 16-Jun 05-Jun 12.9431 3.367 14.329 0.034 This series was first listed on 14 January 2015 and will be matured on 13 January 2022. This series has an outstanding amount of Rp200.00 billion with fixed coupon per annum at 12.00%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 17 trading days with 78.00% of average quarterly turnover. The average trading volume throughout the period was Rp39.00 billion per quarter and the average trading frequency was 6.00 times per quarter. The market prices for this series were 92.5800% at the lowest and 100.5900% at the highest. IBPA valued the fair prices for this series were 90.8493% for the lowest and 102.7419% for the highest. At the same period, the fair yield for this series was ranging from 11.3577% to 14.5609%. Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 219
  220. BACA02SB Listing Date ISIN CODE : IDA000071500 Jan-16 TRADING ACTIVITIES Volume 2000 1600 60 Q3 Q4 Volume (Rp bn) 99.00 98.00 1.00 13 5 4 3 1 30 CTP Price - High Q2-16 Q3-16 Q4-16 Q1-17 Turnover Ratio (%) Price 105 PRICE AND YTM MOVEMENT 15.0 101 14.0 97 13.0 93 12.0 89 11.0 85 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 10.0 158.40 156.80 11-Feb 02-May 04-Aug 14-Dec 18-Apr 13-Jul 13.7602 11.9308 4.271 4.271 IBPA Fair Price 101.0292 12-Feb Date YTM (%) 11.7693 31-Mar Mod. Duration (yrs) Convexity (yrs) 8 230.40 99.6950 Last Date 14 3092.80 CTP Price - Low IBPA Fair Yield (%) enar >> 16 Q1 100.2800 100.0700 100.3200 100.2200 Date - Q2-17 68 4.501 26.876 0.045 Sensitivity (%)  IBPA Fair Price  YTM 1 1.60 45 56 99.9200 100.0000 100.1800 93.0000 94.1800 92.4804 100.2970 90.2355 93.7874 95.0712 30-Dec 31-Mar 22-Jun 30-Jun 24.435 0.043 30-Sep 23.932 0.043 11-Nov 14.4484 4.022 21.484 0.040 27-Mar 13.5553 3.954 20.495 0.040 220 500 750 INDONESIA BOND MARKET DIRECTORY 2016-2017 25-Apr 13.2642 3.874 19.464 0.039 traded in 27 trading days during 2016 to Q2-2017 period. In 2016, average trading quarter, while during the first semester of 2017 the average volume decreased to Rp20.50 billion with average frequency at 1.50 times. The market price for this series observed through the Centralized Trading Platform (CTP) was between 93.0000% at the lowest and peaked at 100.3200% while the range of IBPA fair price for this series that stood between the lowest, and 14.8842% at the highest. Maturity Date Q4-2016 Turnover Outstanding in Year 2016 78.5% 250 25-Apr volume reached Rp568.50 billion/quarter with average frequency about 26.50 times per 1,933 - 1 64.00 This series, matured on 15 January 2023, had average turnover of 617.33%/quarter and Q3-2016 BACA02SB 2 94.2000 27-Mar Listing Date BACA01SB 40.00 93.0000 TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q2-2016 Q2 88.5192% and 102.6010%. On the other side, the yield valued by IBPA was 11.4417% at l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 Jan-23 2017 Q2 800 Q1-16 Jan-22 144.00 45 - Jan-21 Q1 1200 enar >> Jan-20 2016 Frequency (X) 15 Jan-19 1933.00 Trading days 400 Jan-18 Price and Yield 75 Frequency Jan-17 Trading Activities, Frequency Volume Maturity Date 1,000 144 1,250 1,500 1,750 2,000 99 98 2,250 909.6% 2,500
  221. IBPA ANALYTICAL REVIEW Description PT Bank Capital Indonesia Tbk (BACA) is a limited company established under the laws and regulations of Republic of Indonesia, founded first time under the name of PT Bank Credit Lyonnais Indonesia, domiciled in Jakarta. Based on the Bank's Articles of Association, purpose, objectives and business Peer Group No. Company Total Revenue 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 2. PT Bank Pembangunan Daerah Nusa Tenggara Timur 3. PT Bank Capital Indonesia Tbk. customers consisted of savings, financing products, Historical Corporate Ratings and other services such as payroll services, clearing, No. etc. At end of 2016, the number of offices consisting sub-branches, and cash offices Revenue 18.6 746 19.7 2.4 7.5 10.9 (5.1) Financial Statement as of Fiscal Year 2016 Products and services offered by Bank Capital to the branches, 1,256 1,238 4. PT Bank Lampung (BPD Lampung) activities of BACA is to conduct banking business. Net Profit (Rp Bill) Margins (%) Growth (%) 1,774 17.5 14.5 had reached 66 offices, in line with the Bank’s expansion Rating Agency Rating Rating Status 1. Pefindo idBBB+ Affirmed 3. Pefindo idBBB+ Affirmed 2. Pefindo 4. Pefindo idBBB+ idBBB+ Rating Date Outlook 2-May-17 Stable 9-Oct-15 Stable Affirmed 10-Oct-16 Assigned 30-Dec-14 Stable Stable strategy to strengthen its network in potential areas. As of December 2016, BACA’s shareholders are PT Delta Indo Swakarsa (18.59%), PT Inigo Global Capital (14.79%), Danny Nugroho (12.55%), and Public (54.07%). SWOT Analysis S Financial Analysis BACA’s total asset grew by 16.84% from Rp12.16 W trengths eaknesses - Strong capitalization and asset - Weak profitability profiles quality - Modest market position in banking - Strong liquidity management industry - Concentration risk in loan profile trillion in 2015 to Rp14.21 trillion in 2016. This increase was mostly contributed by marketable securities which amounted to Rp3.74 trillion or increased by 52.07% compared to the previous year. That increase was mainly driven by increasing the value of certificates of Bank Indonesia by Rp1.48 trillion (435.99%) compared to 2015. On the other side, BACA successfully recorded net profit growth by 2.90% to Rp93.46 billion from Rp90.82 billion in 2015. The main contribution to the positive growth of net profit was generated from net interest income which grew by 24.99% to Rp360.41 billion from Rp288.33 billion in 2015. That increase caused by increasing in interest income from loans which increased by 13.15% compared to 2015. BACA’s CAR position rose by 20.64% from 17.70% at O T pportunities hreats - Improvements of IT system - Improvements of IT system through the network access through the network access integration integration - Stable growth in middle size - Stable growth in middle size banking industry banking industry the end of 2015. The capital increase was affected retained earnings, right issue, and sub-debt issuance at the end of 2016. Meanwhile, The Bank’s gross NPL increase at 3.17% at the end of 2016. Nevertheless, the level is still below the maximum limit of banking NPL set by BI, which is 5%. At the end of 2016, BACA’s Third Party fund (DPK) increased by Rp1.20 trillion or 11.09%, from Rp10.82 trillion in 2015 to Rp12.02 trillion. INDONESIA BOND MARKET DIRECTORY 2016-2017 221
  222. BBIA PT Bank UOB Indonesia Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS UOB Plaza 15th Fl. Jln. MH Thamrin No.10 Jakarta Pusat 10230 Phone : (021) 2350-6000 Fax : (021) 299-36632 Finance Bank www.uob.co.id Susilowati susilowati@uob.co.id PT Bank UOB Indonesia (UOB Indonesia) was founded on 31 August 1956 under the name of PT Bank Buana Indonesia. In 2004, United Overseas Bank Limited (“UOB”) acquired a 23% shares in PT Bank Buana Indonesia through its wholly owned investment company, UOB International Investment Private Limited (“UOBII”). UOB and UOBII affirmed its commitment to the Indonesian banking industry by increasing its ownership of the UOB Indonesia to 98.999%. In May 2011, the Bank changed its name to PT Bank UOB Indonesia. UOB Indonesia’s service network comprises 41 branch offices, 137 sub-branch offices and 160 ATMs across 30 cities in 18 provinces in Indonesia. UOB Indonesia’s banking services are also accessible through its regional ATM network, the ATM Prima and ATM Bersama network as well as the Visa network. UOB Indonesia is rated AAA (idn) by the independent rating agency Fitch Ratings . Moreover, UOB Indonesia has attained several awards for its financial and services performance, and recently awarded The Best Trade Finance Solution from The Asset Triple A and The Best ATM in the Commercial Bank with Excellent Performance category from InfoBank Magazine and Marketing Research Indonesia. UOB Indonesia is well known for its focus on small and medium enterprises, and strong retail customer base. The Bank has built a consumer as well as corporate banking business which offers treasury and cash management products and services. With its extensive network of service, information technology systems, sound capital structure and highly qualified staff, UOB Indonesia aims to create sustainable long-term value for its stakeholders. UOB Indonesia’s focus remains on transforming UOB Indonesia into a significant bank in Indonesia through disciplined growth and stability. In addition, UOB Indonesia understands the importance of corporate social responsibility through its focus on promoting arts and education as well as helping children. Since 2011, UOB Indonesia has organised the prestigious Painting Of The Year Competition. UOB Indonesia also encourages active participation from all of its employees in its corporate social responsibility programmes through regular volunteer activities. This includes the annual UOB Heartbeat Run which is held simultaneously in Indonesia, Singapore, Malaysia, Thailand and mainland China. BOARD OF COMMISSIONERS 1. Wee Cho Yaw 2. Aswin Wirjadi * 3. Lee Chin Yong Francis 4. Rusdy Daryono * 5. Wayan Alit Antara * 6. Wee Ee Cheong *) Independent Commissioner BOARD OF DIRECTORS 1. Lam Sai Yoke 2. Henky Sulistyo 3. Iwan Satawidinata 4. Muljono Tjandra 5. Pardi Kendy 6. Soehadie Tansol AUDIT COMMITTEE 1. Wayan Alit Antara 2. Thomas Abdon 3. Winny Widya 222 AAA(idn) INDONESIA BOND MARKET DIRECTORY 2016-2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 2,855,655 3,321,154 16.30 p 60,573,523 64,698,998 6.81 p 1,135,316 1,093,316 -3.70 q 76,646,565 9.55 p 516,244 1,556,498 - 535,517 - 94,093,848 - - 76,379,033 83,272,778 9,000,000 9,000,000 9,554 9,554 36,000 2,388,471 250 5,970,609 36,000 2,388,471 250 6,449,882 10,268,292 10,821,070 10,268,292 10,821,070 7,192,872 7,404,292 - 4,116,397 681,315 2,470,862 630,549 - 3,867,144 7,823 638,372 7.44 7.70 NPM (%) 6.44 6.47 *) … attributable to owners of the parent entity SHAREHOLDERS 1. UOB International Investment Private Ltd. 2. United Overseas Bank Ltd. 3. Sukanta Tanudjaja 4. Others -  -  8.03 p 5.38 p -  5.38 p 2.94 p -6.06 q 9.78 p 3.50 p DER (X) 8.77 -  49.07 p 479,273 EBITDA Coverage (X) -  11,662 669,737 463,076 0.53 -  4.37 p Net Income … *) ROA (%) -  9.03 p 658,075 479,273 FINANCIAL RATIOS 8.59 p 16.26 p 463,076 420,075 -  792,063 2,712,467 Income for the periods Comprehensive Income 3.73 p 945,104 -39.28 q 86,647,325 69,963,813 Chg % 552,778 4.91 p 31.59 p 3.50 p 3.46 p 0.51 -4.69 q 8.89 1.39 p 0.54 p 68.94% 30.06% 1.00% 0.001%
  223. AS OF JUNE 2017 No . 1. 2. 3. 4. CODE ISIN CODE Series Name BBIA01SB Subordinasi I Bank IDA000063309 BBIA01C IDA0000677C3 BBIA01B IDA0000677B5 BBIA01SBCN1 Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi UOB Indonesia 1,000,000 30-May-14 28-May-21 7 years Tahun 2014 Obligasi I Bank UOB Indonesia Tahun 2015 Seri C Obligasi I Bank UOB Indonesia Tahun 2015 Seri B 500,000 02-Apr-15 01-Apr-20 5 years IDA000077903 UOB Indonesia Tahap I 600,000 02-Apr-15 01-Apr-18 3 years 100,000 28-Nov-16 25-Nov-23 7 years 5. 6. 7. IDA0000778C9 BBIA01BCN1 IDA0000778B1 BBIA01ACN1 IDA0000778A3 Obligasi Berkelanjutan I Bank UOB Indonesia Tahap I Tahun 2016 100,000 28-Nov-16 25-Nov-21 5 years Seri C Obligasi Berkelanjutan I Bank UOB Indonesia Tahap I Tahun 2016 600,000 28-Nov-16 25-Nov-19 3 years Seri B Obligasi Berkelanjutan I Bank UOB Indonesia Tahap I Tahun 2016 Seri A Date Trustee 11.35% Quarterly 28-Aug-17 28-Nov-17 28-Feb-18 28-May-18 Permata Tbk. 9.60% 01-Jul-17 01-Oct-17 01-Jan-18 Permata Tbk. 01-Jul-17 01-Oct-17 01-Jan-18 Permata Tbk. Period 9.40% Quarterly Tahun 2016 BBIA01CCN1 Coupon Payment Quarterly Obligasi Subordinasi Berkelanjutan I Bank Coupon Structure / 300,000 28-Nov-16 05-Dec-17 370 days 9.40% 01-Apr-18 01-Apr-18 25-Aug-17 25-Nov-17 25-Feb-18 Quarterly 25-May-18 8.25% 25-Aug-17 25-Nov-17 25-Feb-18 Quarterly 25-May-18 8.00% 25-Aug-17 25-Nov-17 25-Feb-18 Quarterly 25-May-18 7.20% 05-Sep-17 05-Dec-17 - Quarterly - PT Bank PT Bank PT Bank PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Rating / Outlook AA Stable AAA Stable AAA Stable AA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 223
  224. TRADING HIGHLIGHT BBIA01SB Listing Date ISIN CODE : IDA000063309 May-14 May-15 TRADING ACTIVITIES Volume 750 Frequency 30 Volume 600 Maturity Date 24 Frequency Trading Activities, May-16 May-17 May-18 May-19 May-20 May-21 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) 25.00 575.00 10.00 12.00 101.00 3 3 3 3 7 Frequency (X) 10 Q3 5 Q4 4 Q1 6 Q2 6.00 26 2 1 450 18 Trading days 300 12 CTP Price - High 103.3900 106.7500 109.0400 104.8200 107.0500 103.4100 CTP Price - Low 102.7500 103.0000 109.0000 104.7000 100.0000 103.3900 Pastikan Link Grafik sudah bena 03-Feb 21-Jun 26-Aug 21-Dec 09-Jan 15-Jun 6 150 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 114 PRICE AND YTM MOVEMENT YTM (%) 12.0 111 11.0 108 10.0 105 9.0 102 8.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 10.00 230.00 4.00 4.80 40.40 2.40 24-Feb 10-May 01-Sep 30-Dec 23-Mar 15-Jun 105.1045 107.2974 109.1950 104.4703 107.0711 108.0660 10.0600 9.4726 8.9156 31-Mar 30-Jun 30-Sep 18.618 17.335 16.024 3.873 0.039 3.751 0.038 3.618 0.036 10.0798 9.2814 8.8954 30-Dec 31-Mar 22-Jun 14.429 13.198 12.104 3.433 0.034 3.295 0.033 3.166 0.032 This bond series was first listed on 30 May 2014 and will be matured on 28 May 2021. This series has an outstanding amount of Rp1,000 billion with fixed coupon at 11.35% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 101.2194% at the lowest and 109.7222% at the highest. At the same period, the IBPA fair yield for this series was ranging from 8.8102% to 11.0446%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBIA01C Listing Date ISIN CODE : IDA0000677C3 Apr-15 TRADING ACTIVITIES Volume 225 Frequency 25 Volume 180 20 Frequency Maturity Date Apr-16 Trading Activities, Apr-18 Apr-19 2016 Apr-20 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 213.00 132.00 46.00 36.00 12.00 5 4 4 5 4 Frequency (X) 24 14 Q4 9 Q1 7 Q2 7 15.00 2 2 135 15 Trading days 90 10 CTP Price - High 101.0000 103.1000 109.2000 101.9100 102.0200 104.4000 CTP Price - Low 100.0500 IBPA Fair Price 101.1069 101.4246 103.8844 101.7698 103.2438Pastikan 104.3965 Link Grafik sudah bena 5 45 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 10.0 104 9.0 102 8.0 100 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 224 Apr-17 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 170.40 14-Mar 17-Feb 9.2578 105.60 15-Jun 99.9900 29-Jun 9.1471 36.80 28.80 9.60 12.00 07-Sep 28-Dec 10-Feb 17-May 13-Jul 09-Dec 17-Feb 09-May 99.9800 100.7000 101.6500 103.9000 8.3103 8.9666 8.3571 7.8213 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 12.588 11.306 10.122 8.852 7.728 6.786 3.220 0.032 3.057 0.031 2.899 0.029 2.711 0.027 2.536 0.025 2.380 0.024 This series was traded from 2016 to Q2-2017. The average quarterly turnover during the whole 2016 to Q2-2017 period was about 60.53% and was traded in 24 trading days during the period. The average trading volume during the period was Rp75.67 billion/quarter. The market price that was observed through Centralized Trading Platform (CTP) during the whole period was between 99.9800% and 109.2000%. Meanwhile, the range IBPA fair price at the same year for this series was ranging from 99.1447% to 104.7000%. The outstanding amount of this series by the end of June 2017 was Rp500.00 billion.
  225. BBIA01B Listing Date ISIN CODE : IDA0000677B5 Apr-15 TRADING ACTIVITIES Volume 225 Frequency 30 Volume 180 24 Frequency Trading Activities, Maturity Date Apr-16 Apr-17 Apr-18 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 202.00 135.00 13 6 29 Frequency (X) 15 Q4 Q1 14.00 106.00 55.00 4 9 5 4 19 Q2 66.00 18 8 4 135 18 Trading days 90 12 CTP Price - High 101.4000 102.4500 101.9500 102.0300 101.9498 102.2000 CTP Price - Low 99.8000 101.3500 100.0000 101.1500 100.8500 101.7500 IBPA Fair Price 101.3860 101.0628 102.0128 101.2841 101.6528 101.6946 6 45 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 134.67 90.00 9.33 70.67 36.67 44.00 24-Mar 23-May 29-Aug 04-Oct 07-Feb 07-Apr 19-Jan 20-May 21-Sep 28-Dec 09-Jan 03-Apr 8.6245 7.9654 8.3099 7.6445 7.1306 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.789 2.998 2.294 1.661 1.124 0.728 Mod. Duration (yrs) 1.768 Sensitivity (%) 0.018 Convexity (yrs) 8.7393 31-Mar 1.566 1.361 0.016 0.014 1.146 0.011 0.927 0.729 0.009 0.007 This series was first listed on 2 April 2015 and will be matured on 1 April 2018. This series has an outstanding amount of Rp600 billion with fixed coupon at 9.40% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 98.7754% at the lowest and 102.3750% at the highest. At the same period, the IBPA fair yield for this series was ranging from 7.1227% to 10.0162%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBIA01SBCN1 Listing Date ISIN CODE : IDA000077903 TRADING ACTIVITIES Volume 25 20 Nov-16 Nov-17 Frequency 5 Volume 4 Frequency Trading Activities, Maturity Date Nov-18 Q3 Q4 Volume (Rp bn) N/A N/A N/A 20.00 20.00 - N/A N/A 1 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 10 2 CTP Price - High N/A 5 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 2017 Q2 N/A Q3-16 Nov-22 Nov-23 Q1 Trading days Q2-16 Nov-21 Price and Yield 3 Q1-16 Nov-20 2016 15 ar >> Nov-19 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 2 Q2 2 80.00 80.00 30-Dec 03-Jan 30-Dec 03-Jan - N/A 100.0000 100.0200 N/A N/A 100.0000 100.0200 N/A N/A 101.7544 100.4207 101.6106 N/A N/A N/A 9.0542 9.3078 N/A N/A 9.0654 N/A 30-Dec 31-Mar 22-Jun N/A 31.512 29.573 28.185 N/A N/A 5.014 0.050 4.864 0.049 4.768 0.048 This series was first listed on 28 November 2016 and will be matured on 25 November 2023. This series has an outstanding amount of Rp100.00 billion with fixed coupon per annum at 9.40%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 2 trading days with 26.67% of average quarterly turnover. The average trading volume throughout the period was Rp6.67 billion per quarter and the average trading frequency was 0.67 times per quarter. The market prices for this series were 100.0000% at the lowest and 100.0200% at the highest. IBPA valued the fair prices for this series were 97.8382% for the lowest and 103.0542% for the highest. At the same period, the fair yield for this series was ranging from 8.8078% to 9.8361%. INDONESIA BOND MARKET DIRECTORY 2016-2017 225
  226. BBIA01CCN1 Listing Date ISIN CODE : IDA0000778C9 TRADING ACTIVITIES Volume 50 40 Nov-16 Frequency 5 Volume 4 Frequency Nov-17 Trading Activities, Nov-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 45.00 - N/A N/A 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 20 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 96 6.0 94 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM BBIA01BCN1 240 Frequency 15 Volume 12 Frequency N/A N/A 100.0200 - N/A 100.0000 N/A - N/A 101.6631 N/A 30-Dec 31-Mar 22-Jun N/A 18.855 17.097 15.784 N/A N/A N/A 7.8370 3.981 0.040 98.9552Pastikan 99.9355 Link Grafik sudah bena 8.5170 3.792 0.038 Trading Activities, Nov-17 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 294.00 107.00 N/A N/A 5 6 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Last Date N/A Convexity (yrs) N/A PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Nov-19 Q1 N/A - Q2-17 0.037 2017 Price and Yield IBPA Fair Price Q1-17 3.654 Nov-18 2016 N/A Q4-16 8.2664 Maturity Date CTP Price - Low 3 Q3-16 19-Jun N/A 101.8943%. N/A 60 19-Jun at 7.7795% until 9.1441%, on the other side, the fair price amounted to 96.5453% - CTP Price - High Q2-16 N/A N/A traded between 100.0000% and 100.0200%. Based of IBPA fair price in 2016, this series 6 Q1-16 N/A N/A - has a fair price between 99.8087% and 102.6861%. Fair yield for this series was between 120 102 N/A N/A 24.00 price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was N/A Price N/A - 2 - times in 2 trading days with total volume booked of Rp51 billion. Based on the market Trading days Q2-16 N/A N/A N/A 4 series listed with nominal amount of Rp100 billion and has interest rate per annum at Nov-16 TRADING ACTIVITIES Q1-16 N/A 180.00 6.00 - 8.25%. Since this series listed until at the end second quarter in 2017, this series traded 6 9 - N/A N/A Q2 The series listed on 28 November 2016 and will be matured on 25 November 2021. This 180 ar >> N/A 2 Listing Date ISIN CODE : IDA0000778B1 300 N/A N/A Q1 7.5945% and 8.2970%. At the end of second quarter in 2017, the fair yield had recorded l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume N/A Nov-21 2017 Q1 Trading days ar >> Nov-20 Price and Yield 3 1 Nov-19 2016 30 10 226 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 9 196.00 Q2 10 29.00 2 2 71.33 19.33 31-Mar 21-Jun 100.0400 100.0600 100.6500 21-Dec N/A 98.6000 N/A 101.0423 99.2802 99.8435 N/A 30-Dec 31-Mar 22-Jun N/A 7.623 6.452 5.529 N/A N/A N/A N/A 29-Dec 7.5948 2.553 0.026 98.6500 100.6000 05-Jan 8.2936 2.346 0.023 17-May 8.0698 2.172 0.022 This series was first listed on 28 November 2016 and will be matured on 25 November 2019. This series has an outstanding amount of Rp600.00 billion with fixed coupon per annum at 8.00%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 13 trading days with 47.78% of average quarterly turnover. The average trading volume throughout the period was Rp71.67 billion per quarter and the average trading frequency was 3.50 times per quarter. The market prices for this series were 98.6000% at the lowest and 100.6500% at the highest. IBPA valued the fair prices for this series were 98.0675% for the lowest and 101.8692% for the highest. At the same period, the fair yield for this series was ranging from 7.2890% to 8.7809%.
  227. BBIA01ACN1 Listing Date ISIN CODE : IDA0000778A3 TRADING ACTIVITIES Volume 300 240 Nov-16 20 16 Frequency Feb-17 May-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A 284.00 41.00 N/A N/A 4 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 12 Trading days N/A 120 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 4 - ar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-17 2017 Price and Yield 180 60 Aug-17 2016 Trading Activities, Frequency Volume Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 18 378.67 Q2 5 60.00 3 2 54.67 80.00 05-Jan 05-Apr 21-Feb 07-Apr N/A 100.1000 99.8000 100.1500 N/A 99.9300 99.7300 100.0550 N/A 99.7601 99.9304 100.1715 N/A 30-Dec 31-Mar 22-Jun N/A 1.020 0.591 0.304 N/A N/A N/A N/A N/A 05-Dec 06-Dec 7.4655 0.888 7.2705 0.009 0.653 0.007 6.8068 0.441 0.004 This series listed on 28 November 2016 and will be matured on 5 December 2017. This series listed with nominal amount of Rp300 billion and has interest rate per annum at 7.20%. Since this series listed until at the end second quarter in 2017, this series traded 26 times in 9 trading days with total volume booked of Rp385 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 99.7300% and 100.1500%. Based of IBPA fair price in 2016, this series has a fair price between 99.6392% and 100.2304% with fair yield between 6.9578% and 7.5983%. At the end of second quarter in 2017, the fair yield had recorded at 6.6684% until 7.7088%, on the other side, the fair price was at the range 99.6372% - 100.4188%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BBIA01SB Q2-2016 Q3-2016 25 BBIA01C 575 213 BBIA01B 20 BBIA01CCN1 45 14 36 Turnover 62.2% 85.4% 106 76.2% 400 500 20.0% 45.0% BBIA01BCN1 294 BBIA01ACN1 284 - 46 135 Outstanding in Year 2016 10 132 202 BBIA01SBCN1 Q4-2016 100 49.0% 94.7% 200 300 600 700 800 900 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 227
  228. IBPA ANALYTICAL REVIEW Description PT Bank UOB Indonesia (BBIA) was founded on 31 August 1956 under the name PT Bank Buana Indonesia. In May 2011, the Bank changed its name to PT Bank UOB Indonesia. BBIA focus on small and medium enterprises, besides its strong retail customer base and corporate banking business which offers treasury and cash management products and Peer Group No. Company Total Revenue 1. PT Bank Bukopin Tbk. 2. PT Bank UOB Indonesia 4. PT Bank Mayapada Internasional Tbk. Historical Corporate Ratings No. regional ATM network. As of December 2016, BBIA’s shareholders are UOB 6.5 2.9 21.8 19.6 5,305 18.5 16.7 13.6 20.5 Financial Statement as of Fiscal Year 2016 branch offices, 137 sub-branch offices and 180 ATMs Prima and Bersama Network, Visa Network and UOB’s Revenue 6,480 6,029 5. PT Bank Pembangunan Daerah Jawa Tengah Currently, BBIA’s service network comprises 41 banking services are also accessible through the ATM 7,404 3. Lembaga Pembiayaan Ekspor Indonesia services. across 30 cities in 18 provinces in Indonesia. BBIA’s Net Profit (Rp Bill) Margins (%) Growth (%) 9,409 11.6 13.3 Rating Agency Rating Rating Status Rating Date Outlook 1. Fitch Ratings AAA(idn) Affirmed 29-Mar-17 Stable 3. Fitch Ratings AAA(idn) Affirmed 13-Apr-15 Stable 2. Fitch Ratings 4. Fitch Ratings 5. Fitch Ratings AAA(idn) AAA(idn) AAA(idn) Affirmed 31-Mar-16 Affirmed 15-Apr-14 Affirmed 23-Apr-13 Stable Stable Stable International Investment Private Limited (68.943%), Singapore United Overseas Bank Limited (30.056%), and Others (1.001%). SWOT Analysis S trengths W eaknesses -Strategic important to major -Less diversification and still shareholder dependent on micro financing -Sound capitalization segment -Increasing profitability -Decreasing asset quality -Limited business network and channels Financial Analysis In 2016, deposit from customers reached Rp73.00 trillion or grew by 13.26%. The bank’s interest income increased slightly by 2.94% to Rp7.40 trillion in 2016. In 2016. The bank’s total assets reached Rp94.09 trillion or increased by 8.59% from Rp86.65 trillion in 2015. The growth was in line with the increase in loan by 7.32% to Rp65.42 trillion. During 2016, the Bank Net Interest Margin (NIM) stood at 4.31%, or increased from 3.97% in 2016. The Bank’s Capital Adequacy Ratio (CAR) also higher which stood at 16.20%, stronger compared with the previous year which was at 15.60%. However, the bank’s asset quality decreased as reflected in increasing net NonPerforming Loan (NPL) from 2.17% to 2.61% in 2016. Overall, the bank managed to keep profitability by showing an increase in net profit to Rp479 billion from the previous year’s Rp463 billion. 228 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Growing digital banking business. -Growing digital banking business. -Stable Indonesia economic growth. -Stable Indonesia economic growth. -Government’s tax amnesty program -Government’s tax amnesty program that brings more liquidity into that brings more liquidity into financial system financial system
  229. idBBB + BBKE PT Bank Kesejahteraan Ekonomi Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Gedung BKE Jln. R.P. Soeroso No. 21 Jakarta 10330 Phone : (021) 310-0422 Fax : (021) 3192-970 Finance Bank www.bankbke.co.id Zulfikar Chainar zulfikar@bankkesejahteraan.co.id PT Bank Kesejahteraan Ekonomi is located in Jakarta. The deed of establishment has been announced in State Gazette of Republic of Indonesia dated February 25, 2000 No. 16 Supplement No 1019/2000. The Articles of Association has been amended several times, where the last amendment has been adjusted to Law No. 40 year 2007 on Limited Liability Company, as stated in Deed dated July 31, 2008 No. 33 made by Mrs. Judy Sentana, SH, MH, Notary in Jakarta and has been approved by Minister of Law and Human Rights of Republic of Indonesia as stipulated in Decree dated December 22, 2008 No. AHU-98554.AH.01.02; in relation to deeds dated April 15, 2009 No. 11, dated June 17, 2009 No. 12, dated June 18, 2009 No. 13, dated November 03, 2009 No. 3 and dated April 07, 2010 No. 7, and dated April 12, 2011 No. 10, all of which were made Mrs. Judy Sentana, SH, MH, a Notary in Jakarta. The founder of PT Bank Kesejahteraan Ekonomi is Induk Koperasi Pegawai Republik Indonesia (IKP-RI) which was chaired by Mr. Prof. DR. Sumitro Djojohadikusumo (late) and PT Dana Tabungan Dan Asuransi Pegawai Negeri (PT Taspen Persero). Capital of the Company on its early establishment was Rp10 billion, with composition of 90% from IKP-RI and 10% from PT Taspen. In line with the development of the Company’s business, the number of shareholders is increasing as well as the participation of Pension Fund PT Jasindo, Pension Fund PT. Jasa Raharja, Pension Fund Pertamina, PT Asuransi Ekspor Indonesia and Koperasi Pegawai Bank BKE. In June 2005, the position of PT ASEI was replaced by PT Recapital Advisors. in 2014, PT Reliance Securiites joined Bank BKE as the Shareholder by investing in Rp60 billion of capital to strengthen the capital structure of the Bank and develop Bank BKE business in the future. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) AUDIT COMMITTEE 1. Mahyuddin Ramli 2. Arizal Anas 3. M. Didiek Madinendar K. BOARD OF DIRECTORS 1. Sasmaya Tuhuleley 2. Dhini Laswita 3. Zainal Riffandi Dec-2016 224,886 310,954 38.27 p 1,671,521 2,239,627 33.99 p 7,193 291,909 - 11,010 7,155 328,192 - 3,164,816 - - 2,576,433 2,071,769 2,800,868 800,000 800,000 28 28 80 278,129 -0.52 q 12.43 p -  9,908 -10.01 q 2,395,577 2,025,997 Chg % 80 278,129 32.11 p 27.17 p -  35.19 p -  -  -  -  10,000 10,000 Total Equity …*) 323,808 363,947 12.40 p Total Equity 323,808 363,947 12.40 p 308,500 378,008 22.53 p Retained Earnings Non Controlling Interest INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations BOARD OF COMMISSIONERS 1. Tasripin Mastar 2. I Nyoman Sidia * 3. Mahyuddin Ramli * *) Independent Commissioner Millions of Rp, Unless Otherwise Stated Dec-2015 32,609 - 176,795 3,058 113,560 - 192,266 -  8.75 p 15,799 416.63 p 143,417 26.29 p -407 58,124 174.14 p -998 -144.91 q Income for the periods 14,303 42,072 194.16 p Net Income … *) 14,303 42,072 194.16 p Non-Operating Revenues Earning Before Tax Comprehensive Income FINANCIAL RATIOS 21,203 -  74,681 129.02 p 20,795 14,158 DER (X) 6.40 NPM (%) 4.64 0.60 ROA (%) EBITDA Coverage (X) 6.87 *) … attributable to owners of the parent entity 57,127 174.71 p 40,139 183.52 p 7.70 20.28 p 1.33 122.66 p 11.13 140.07 p 15.38 123.73 p SHAREHOLDERS 1. Induk Koperasi Pegawai RI (Class A & B) 2. PT Reliance Securities Tbk. 3. PT Recapital Advisors 4. PT TASPEN (Persero) (Class A & B) 5. Dana Pensiun PT Jasa Raharja 6. Dana Pensiun PT Asuransi Jasa Indonesia 7. Koperasi Pegawai Bank Kesejahteraan Ekonomi 46.43% 20.55% 19.68% 9.93% 1.44% 1.24% 0.74% INDONESIA BOND MARKET DIRECTORY 2016-2017 229
  230. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name Outstanding (Rp Million) Obligasi BBKE01SB Subordinasi I Bank IDA000079008 170,000 BKE Tahun 2016 Listing Maturity Date 23-Dec-16 Issue Date Term 22-Dec-21 Coupon Structure / Coupon Payment Date Trustee 11.85% 22-Sep-17 22-Dec-17 22-Mar-18 PT Bank Period 5 years Negara BBB- Indonesia (Persero) Tbk. 22-Jun-18 Quarterly Rating / Outlook Stable TRADING HIGHLIGHT BBKE01SB Listing Date ISIN CODE : IDA000079008 TRADING ACTIVITIES Volume 125 100 Dec-16 Frequency 5 Volume 4 Frequency Maturity Date Dec-17 Dec-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 106.00 - N/A N/A - 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 50 2 CTP Price - High N/A 25 1 CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 15.0 100 14.0 98 13.0 96 12.0 94 11.0 92 10.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 Trading days Q1-16 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 - 249.41 97.7500 N/A N/A N/A 97.7300 N/A N/A 99.6793 95.4057 96.4760 N/A 30-Dec 31-Mar 22-Jun N/A N/A N/A N/A N/A N/A N/A 29-Mar N/A 11.9354 29-Mar 13.1601 3.708 17.096 0.037 230 40 INDONESIA BOND MARKET DIRECTORY 2016-2017 60 0.035 N/A N/A 12.8944 3.421 14.420 0.034 This series was traded from 2016 to semester I 2017 with the average quarterly turnover around 41.57% and total trading days of 1 days during the period. The average trading volume in 2016 was Rp0.00 billion/quarter and during the first semester 2017, the average trading volume reached Rp53.00 billion/quarter. During period of 2016 to semester I 2017, the market price that was observed through Centralized Trading Platform (CTP) was between 97.7300% and 97.7500%. Meanwhile, the IBPA fair price was ranging from 93.6085% to 101.2321%. The outstanding amount of this series by the end of June Q4-2016 Outstanding in Year 2016 Turnover BBKE01SB 20 3.529 15.484 TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 - - N/A 2017 was Rp170.00 billion. Q3-2016 - N/A  IBPA Fair Price  YTM Q2-2016 Q2 2 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 Dec-21 Price and Yield 3 - Dec-20 2016 Trading Activities, 75 ar >> Dec-19 80 100 120 140 160
  231. IBPA ANALYTICAL REVIEW Description PT Bank Kesejahteraan Ekonomi (BKE) is one of the national private bank which was established in 1992. Peer Group No. Company Total Revenue Bank BKE main business is providing loans to civil 1. PT Bank Woori Saudara Indonesia 1906 Tbk. to their member civil servants (PNS). Bank BKE 3. PT Bank Capital Indonesia Tbk. Bank BKE also optimized delivery channel through 5. PT Bank Kesejahteraan Ekonomi servant cooperative (KPRI) which then channel them 2. transformed by changing its name and logo in 2016. 4. PT Bank Lampung (BPD Lampung) PT Bank Pembangunan Daerah Nusa Tenggara Timur development of mobile apps by using sms to facilitate the transactions of customers. Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 1,774 17.5 14.5 1,256 18.6 746 19.7 1,238 378 2.4 7.5 10.9 11.1 22.5 (5.1) Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings As of December 31, 2016, its shareholders were Ikatan Koperasi Pegawai Republik Indonesia (IKPRI, 46.4%), PT Reliance Securities Tbk (20.6%), PT No. Rating Agency 1. Pefindo Rating Rating Status idBBB+ Assigned Rating Date Outlook 5-Dec-16 Stable Recapital Advisors (19.7%), PT Dana Tabungan dan Asuransi Pegawai Negeri (TASPEN, 9.9%), PT Jasa Raharja Pension Fund (1.2%), and Bank BKE employee cooperative (0.7%). SWOT Analysis S W trengths - Strong support from TASPEN - Has potential and clear captive market eaknesses - High operational expenses - Too concentrate of funding profile Financial Analysis In 2016, the Bank BKE managed to record interest income at Rp378.01 billion or increased by 22.53%. The increase was due to the increased interest income from loans which stood at Rp352.00 billion in 2016, increased by Rp69.23 billion or 24.48% compared to that of 2015 amounted to Rp282.76 billion. This was due to the increased loan disbursement by 33.58% compared to the previous year. However, loan yield acquisition at the end of T 2016 declined from 18.25% in 2015 to 17.39% in O Rp185.27 billion, increased by 40.67% compared to - The growth potential from its niche - The growth potential from its increase was caused by the increased interest income - With BI 7-day (Reverse) RR as the - With BI 7-day (Reverse) RR as the expense which is not as high as interest income encourage the growth of banking 2016. Bank BKE succeed record net interest income at pportunities that of 2015 which was Rp131.70 billion. Such market by 22.53% which was offset by increase in interest reference rate was expected to amounted to 8.75%. Gross NPL in 2015 was recorded credit hreats niche market reference rate was expected to encourage the growth of banking credit at 2.74%, decreased to 2.07% in 2016. This was due to improvement on the focus of the Bank’s performance to take measured move in the process of providing loans, thus the collectability rate of several debtors improved. The Capital Adequacy Ratio stood at 22.23%, 16.13%. improved compared previously which INDONESIA BOND MARKET DIRECTORY 2016-2017 231
  232. idA + BBKP PT Bank Bukopin Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Finance Bank www.bukopin.co.id Tantri Wulandari corsec@bukopin.co.id; investor.relations@bukopin.co.id Bank Bukopin is one of medium-size in don esian private ban k that covers individuals, cooperatives, enterprises, State Owned Enterprises (“BUMN”) and government institutions customers. The Bank divides its business segments into retail business (micro, SME and consumers) and commercial. Retail segments are their focus while commercial segment is expected to be their balancer. The Company has experienced a significant growth in December 2016. Asset grew 11.70% YoY from Rp94.4 trillion to Rp105.4 trilion. In the same period, net profit grew 13.10% YoY from Rp964 Billion to Rp1.09 trillion. Besides, loan grew 9.74% YoY from Rp66.0 trillion to Rp72.5 trillion and deposit grew 10.12% from Rp76.2 trillion to Rp83.9 trillion. The number of offices (branches, sub-branches, cash offices, microservices, payment points and pick-up services) increased from 440 on 31 December 2015 to 458 on 31 December 2016. In the same period, the Company’s ATM network also increased from 766 to 862. The Company will maintain its business activity on funding, lending and fee-based income through strategies that focus on areas such as performance enhancement, qualified asset growth, deposit structure, profit based on economic scale optimization and future business strategies. BOARD OF COMMISSIONERS BOARD OF DIRECTORS 1. Karya Budiana 1. Glen Glenardi 2. Deddy S.A. Kodir 2. Adhi Brahmantya 3. Luky Alfirman 3. Eko Rachmansyah Gindo 4. Margustienny Oemar Ali * 4. Heri Purwanto 5. M. Rachmat Kaimmudin 5. Irlan Suud 6. Mulia Panusunan Nasution * 6. Mikrowa Kirana 7. Parikesit Suprapto * 7. Setiawan Sudarmaji *) Independent Commissioner AUDIT COMMITTEE 1. Margustienny 2. Azrul Andaliza 3. Deddy SA. Kodir 4. Eddy Hutarso 5. Eddy Rizal Stable ADDRESS Bank Bukopin Building Jln. M.T. Haryono Kav. 50 - 51 Jakarta 12770 Phone : (021) 798-8266, 798-9837 Fax : (021)798-0625 FINANCIAL HIGHLIGHT BALANCE SHEETS Dec-2015 Dec-2016 Placements with Other Banks 10,074,600 9,407,491 Loans 64,863,291 70,966,849 Cash on Hand Marketable Securities Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS Millions of Rp, Unless Otherwise Stated 850,473 7,048,832 15 1,211,292 9,073,114 15 78,125,484 85,917,027 86,831,323 95,868,070 2,500,000 2,500,000 9,087 9,087 22,888 1,119,908 22,888 1,119,908 4,718,722 5,518,897 24,237 31,877 9,506,055 11.70 p 9.97 p 10.41 p -  -  -  -  -  16.96 p 26.56 p 31.52 p 9,537,932 26.58 p 8,303,973 9,408,677 13.30 p 1,178,227 1,373,607 16.58 p 1,172,663 1,389,576 18.50 p 1,178,728 1,357,170 15.14 p 5,406,535 2,542,289 6,065 5,815,627 7.57 p 2,911,604 Pastikan 14.53 Link p Grafik sudah bena -32,406 N/A q 964,307 1,090,635 13.10 p 960,425 1,086,605 13.14 p 946,994 2,290,880 141.91 p DER (X) 11.52 10.05 -12.78 q NPM (%) 11.61 11.59 ROA (%) EBITDA Coverage (X) 1.02 14.12 SHAREHOLDERS 1. Public 2. PT Bosowa Corporindo 3. Koperasi Pegawai Bulog Seluruh Indonesia 4. Republic of Indonesia INDONESIA BOND MARKET DIRECTORY 2016-2017 -  7,535,179 *) … attributable to owners of the parent entity 232 9.41 p 1,295,106 -43.39 q 10,000 & 100 10,000 & 100 7,510,942 -6.62 q 28.72 p 2,658,228 119.45 p 94,366,502 105,406,002 2,287,823 Chg % 679,665 -20.08 q 1.03 14.77 1.26 p -0.18 q 4.58 p 40.48% 30.00% 18.09% 11.43%
  233. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name BBKP01SBCN1 Outstanding (Rp Million) Listing Date Maturity Issue Date Term 9.25% 06-Sep-17 06-Dec-17 06-Mar-18 Obligasi Subordinasi Berkelanjutan I Bank IDA000051205 Bukopin Tahap I Tahun 1,500,000 07-Mar-12 06-Mar-19 7 years BBKP02SBCN1 Berkelanjutan II Bank 400,000 IDA000069009 Bukopin Tahap I Tahun 01-Jul-15 30-Jun-22 7 years Obligasi Subordinasi IDA000078703 Bukopin Tahap II Tahun 1,405,000 01-Mar-17 28-Feb-24 28-Aug-17 28-Nov-17 28-Feb-18 2017 Stable PT Bank A- Mandiri (Persero) Tbk. Stable PT Bank A- Mandiri 28-May-18 Quarterly A Mandiri (Persero) Tbk. 30-Jun-18 11.00% 7 years PT Bank 30-Sep-17 30-Dec-17 30-Mar-18 Quarterly Rating / Outlook Trustee 06-Jun-18 12.00% 2015 BBKP02SBCN2 Berkelanjutan II Bank Date Quarterly Obligasi Subordinasi 3. Coupon Payment Period 2012 2. Coupon Structure / (Persero) Tbk. Stable TRADING HIGHLIGHT BBKP01SBCN1 Listing Date ISIN CODE : IDA000051205 TRADING ACTIVITIES Volume 350 280 Mar-12 Mar-13 Frequency 75 Volume 60 Frequency Trading Activities, Maturity Date Mar-14 Mar-16 Mar-17 Mar-18 2016 Price and Yield Q1 Volume (Rp bn) Frequency (X) Mar-15 Mar-19 2017 Q2 Q3 Q4 Q1 Q2 115.00 193.16 106.00 50.50 328.00 140.63 4 8 5 7 14 9 41 24 15 58 21 7 210 45 Trading days 140 30 CTP Price - High 97.3000 102.2500 101.5000 100.7500 100.4500 101.2000 CTP Price - Low 74.5079 97.3500 IBPA Fair Price 97.5371 97.6838 101.2562 Last Date 31-Mar 70 - ar >> 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 96 9.0 90 8.0 84 7.0 78 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 30.67 17-Mar 26-Feb 10.2198 Mod. Duration (yrs) 2.515 Sensitivity (%) 0.025 Convexity (yrs) 7.475 51.51 12-Apr 01-Apr 10.2458 28.27 21-Jul 99.7500 21-Jul 8.6696 13.47 25-Oct 96.5400 28-Nov 87.47 12-Jan 98.8000 20-Jan 37.50 19-Jun 99.3000 19-Jun 98.9179 100.0857 101.0640 9.8038 9.1836 8.5706 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.409 5.457 4.473 3.612 2.918 2.329 0.023 2.149 0.021 1.941 0.019 1.739 0.017 1.559 0.016 This series has an outstanding amount of Rp1.5 trillion with fixed coupon per annum at 9.25%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp933 billion and the total trading frequency was 168 times. The market prices for this series were 74.5079% at the lowest and 102.2500% at the highest. IBPA valued the fair prices for this series were 95.9221% for the lowest and 101.4720% for the highest. At the same period, the fair yield for this series was ranging from 8.4884% to 10.8243%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 233
  234. BBKP02SBCN1 Listing Date ISIN CODE : IDA000069009 TRADING ACTIVITIES Volume 225 180 Jul-15 Frequency 35 Volume 28 Frequency Jul-16 Trading Activities, Maturity Date Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 20.00 10.00 71.35 201.05 178.50 109.50 1 2 4 7 9 4 Frequency (X) 2 8 33 28 9 5 135 21 Trading days 90 14 CTP Price - High 100.8500 105.0300 105.2000 105.8500 106.0300 106.3138 CTP Price - Low 100.6500 105.0000 100.0000 IBPA Fair Price 103.2485 104.1574 106.6525 104.3020 107.0660 107.2317 7 45 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 109 PRICE AND YTM MOVEMENT YTM (%) 13.0 106 12.0 103 11.0 100 10.0 97 9.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 20.00 10.00 71.35 01-Mar 28-Apr 28-Jul 01-Mar 27-Apr 21-Sep 11.2689 11.0432 4.389 4.280 31-Mar 24.547 0.044 30-Jun 23.176 0.043 201.05 178.50 109.50 07-Nov 21-Feb 12-May 10-Nov 31-Mar 19-May 10.4464 10.9485 10.2432 10.1437 4.180 4.027 3.916 30-Sep 21.908 0.042 95.5800 100.0000 100.0000 30-Dec 31-Mar 20.278 22-Jun 3.700 19.013 0.040 17.314 0.039 0.037 This bond series was first listed on 1 July 2015 and will be matured on 30 June 2022. This series has an outstanding amount of Rp400 billion with fixed coupon at 12.00% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 97.8560% at the lowest and 107.8668% at the highest. At the same period, the IBPA fair yield for this series was ranging from 10.1392% to 12.4866%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBKP02SBCN2 Listing Date ISIN CODE : IDA000078703 TRADING ACTIVITIES Volume 750 600 Mar-17 Frequency 45 Volume 36 Frequency Trading Activities, Mar-19 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 63.00 N/A N/A N/A 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 18 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 109 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 103 12.0 97 11.0 91 10.0 85 9.0 79 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Q3 300 Q1-16 Mar-23 Q2 N/A - Mar-22 Q1 Trading days ar >> Mar-21 Price and Yield 27 9 Mar-20 2016 450 150 234 Mar-18 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 6 17.94 591.07 42 14 168.28 N/A 101.1700 103.0000 N/A 100.0000 N/A 102.1073 100.2667 N/A N/A N/A N/A N/A N/A N/A 20-Mar 02-Mar 10.5650 31-Mar 4.777 29.385 0.048 26-May 50.0000 10-May 10.9417 22-Jun 4.659 27.820 0.047 This series was first listed on 01 March 2017 and will be matured on 28 February 2024. This series has an outstanding amount of Rp1.41 trillion with fixed coupon per annum at 11.00%. This series, throughout the first two quarters of 2017 period, was traded in 17 trading days with 31.04% of average quarterly turnover. The average trading volume throughout the period was Rp109.01 billion per quarter and the average trading frequency was 8.00 times per quarter. The market prices for this series were 50.0000% at the lowest and 103.0000% at the highest. IBPA valued the fair prices for this series were 100.0000% for the lowest and 103.3400% for the highest. At the same period, the fair yield for this series was ranging from 10.3076% to 11.0129%.
  235. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BBKP01SBCN1 Q2-2016 115 193 BBKP02SBCN1 20 71 - 106 201 150 Q3-2016 51 Q4-2016 Outstanding in Year 2016 Turnover 31.0% 75.6% 300 450 600 750 900 1,050 1,200 1,350 1,500 INDONESIA BOND MARKET DIRECTORY 2016-2017 235
  236. IBPA ANALYTICAL REVIEW Description Established in 1970 , PT Bank Bukopin Tbk (BBKP) is a commercial bank, which is indirectly related to BULOG, a government institution responsible for the price stability of the basic commodities. BBKP went Peer Group No. Company Total Revenue 1. PT Bank Bukopin Tbk. 2. PT Bank UOB Indonesia public in July 2006. 3. Lembaga Pembiayaan Ekspor Indonesia Currently, BBKP business activities are funding and 5. PT Bank Pembangunan Daerah Jawa Tengah Consumer Business, and Commercial Business. operating service network in Sorong, Palu and Banyuwangi. BBKP also increase of ownership in PT Bank Syariah Bukopin into 90.67% & Bukopin Finance into 96.06% and issued Medium Term Notes. 6.5 2.9 6,480 21.8 19.6 5,305 18.5 16.7 6,029 13.6 20.5 Historical Corporate Ratings No. In 2016, BBKP has expanded to East Indonesia by Revenue Financial Statement as of Fiscal Year 2016 lending that focus on four main pillars, namely Micro Business, 7,404 4. PT Bank Mayapada Internasional Tbk. Business, Small and Medium Enterprises (SMEs) Net Profit (Rp Bill) Margins (%) Growth (%) 9,409 11.6 13.3 Rating Agency Rating Rating Status 1. Pefindo idA+ Affirmed 12-Jun-17 Stable 3. Pefindo idA+ Affirmed 5-Apr-16 Stable 2. Pefindo 4. Pefindo 5. Pefindo idA+ idA+ idA+ Rating Date Affirmed 18-Jun-16 Affirmed 1-Jun-15 Affirmed 10-Jan-14 Outlook Stable Stable Stable As of 2016, BBKP’s controlling shareholder was PT. Bosowa Corporindo Cooperatives of Bulog (30.00%), Employees Indonesia, KOPELINDO (18.09%), Government of Republic of Indonesia (11.43%), and Public (40.48%). SWOT Analysis S trengths W eaknesses - Strong market position in the - Limited infrastructure such as banking industry branches, integrated services, and - Strategic business partnerships channeling in rural area with a number of SOEs - Modest asset quality - Strong capitalization - The highest interest income Financial Analysis In 2016, BBKP's total assets increased to Rp105.41 compare to its peers trillion from Rp94.37 trillion in 2015 or rose by Rp11.04 trillion (11.70%). The increase in total assets in particular derived from the Loans and Sharia financing/receivable which grew by Rp6.10 trillion to Rp70.97 trillion. While, BBKP's total liabilities increased by Rp9.04 trillion or 10.41% to Rp95.87 trillion in 2016. The increase in total liabilities, especially coming from customer deposits growth pportunities T hreats - Business opportunities derived - Business opportunities derived from trade finance and sharia from trade finance and sharia products products deposits and savings. - Government support for SME’s - Government support for SME’s development development Furthermore, BBKP's net income for the year - Selected as a Perception Bank to - Selected as a Perception Bank to accommodate repatriation funds accommodate repatriation funds from Tax Amnesty program from Tax Amnesty program (Third Party Funds) that amounted Rp7.71 trillion or 10.12% from Rp76.16 trillion in 2015 to Rp83.87 trillion in 2016, the biggest increase particularly on increased by Rp126 billion or 13.10% from Rp964 billion in 2015 to Rp1.09 trillion in 2016. The increase was derived from interest income and sharia which rose by Rp1.10 trillion or 13.30% to Rp9.41 trillion in 2016. And the Bank’s gross NPL stood at 3.77% increased from 2.83% at the end 2015, but it still considered as good credit quality and well below 5% set by BI. 236 O INDONESIA BOND MARKET DIRECTORY 2016-2017
  237. idA BBMI PT Bank Muamalat Indonesia Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Muamalat Tower, 17th Fl. Jln. Prof. Dr Satrio Kav 18 Jakarta 12940 Phone : (021) 8066-6000 Fax : (021) 8066-6066 Finance Bank www.bankmuamalat.co.id Ali Akbar Hutasuhut aliakbar@bankmuamalat.co.id PT Bank Muamalat Indonesia Tbk. (“Bank Muamalat Indonesia”) started its business journey as Indonesia’s first sharia bank on November 1, 1991 or 24 Rabi’us Tsani 1412 H. The establishment of Bank Muamalat Indonesia was initiated by Indonesia Ulama Council (MUI), Indonesian Muslim Intellectuals Association (ICMI), and Muslim entrepreneurs with the support of the Government of the Republic of Indonesia. The Bank officially commenced its operations on May 1, 1992 or 27 Syawal 1412 H. On October 27, 1994, only two years after the establishment, Bank Muamalat Indonesia successfully earned its recognitions as a Foreign Exchange Bank and a public company despite not listed on the Indonesia Stock Exchange (IDX). Both recognitions were increasingly strengthening the position of Bank Muamalat Indonesia as the country’s first and leading sharia bank that offers and keeps developing various products and services. In 2003, Bank Muamalat Indonesia conducted a Limited Public Offering with Pre-emptive Right, and became the country’s first banking institution issuing Subordinated Sukuk Mudharabah. In 2009, Bank Muamalat Indonesia obtained a l icense to open a branch in Kuala Lumpur, Malaysia, making it the first and only bank in Indonesia that expands its presence in Malaysia. To date, the Bank has 363 service offices including one in Malaysia. The Bank’s operations are also supported by wide service network that includes 1,337 units of ATM Muamalat, 120,000 units of ATM Bersama and ATM Prima networks, 103 units of Mobile Branches, as well as more than 11,000 units of ATM network in Malaysia through Malaysia Electronic Payment (MEPS). Bank Muamalat Indonesia keeps innovating and launching sharia financial products such as Sharia Insurance (Takaful Insurance), Pension Fund of Muamalat Financial Institution (DPLK Muamalat) and sharia multi finance (Al-Ijarah Indonesia Finance) – all of which have become a breakthrough in Indonesia. In addition, Bank Muamalat Indonesia offers an array of products and services, among others are Shar-e (Indonesia’s first instant savings launched in 2004), Shar-e Gold Debit Visa (launched in 2011, the product can be used as a means of payment at VISA merchants in the country and abroad), as well as e-channel services such as internet banking, mobile banking, ATM and cash management. Shar-e Gold Debit Visa earned an award from the Indonesian Museum of Records (MURI) as a sharia debit card with the first chip technology in Indonesia. Entering its 20th year in 2012, Bank Muamalat Indonesia rebranded its logo to increase awareness of its image as an Islamic, Modern and Professional Sharia Bank. At present, Bank Muamalat Indonesia operates with a number of its subsidiaries, providing the best services namely Al-Ijarah Indonesia Finance (ALIF) that offers sharia financing service, DPLK Muamalat with pension fund service provided through Financial Institution Pension Fund, and Baitulmaal Muamalat that provides service to channel funds for Zakat, Infak and Sedekah (ZIS). As the first pure sharia bank, Bank Muamalat Indonesia is committed to providing banking services that not only adhere to sharia principles, but are also competitive and accessible to the public. Committed to delivering banking services that not only adhere to sharia principles, but are also competitive and accessible to the public in all corners of the archipelago. The Bank has thus far gained various achievements with acknowledgments both nationally and internationally. Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Millions of Rp, Unless Otherwise Stated Dec-2015 1,194,368 22,745 Dec-2016 Chg % 891,776 -25.33 q 25,279 11.14 p 40,706,151 40,010,469 -1.71 q 2,485,103 2,638,165 4,504,594 28,970 3,831,312 -14.95 q 29,968 3.45 p 6.16 p 57,140,617 55,786,398 -2.37 q 1,804,925 2,669,203 47.88 p 5,651,880 5,513,455 8,952,097 9,476,756 3,000,000 3,000,000 10,208 10,208 29,173 2,682,360 29,173 2,682,360 -2.45 q 5.86 p -  -  -  -  200 & 100 200 & 100 3,518,593 3,618,747 3,518,593 3,618,747 4,949,360 3,801,051 -23.20 q 162,709 - 2,853,894 311,894 2,011,430 167,133 -58,223 243,220 - -  49.48 p 2.85 p -  2.85 p 2,302,328 -19.33 q 324,813 4.14 p 1,709,129 -15.03 q 85,766 -48.68 q 30,693 N/A p Earning Before Tax 108,910 116,459 Comprehensive Income 150,376 100,154 -33.40 q Income for the periods Net Income … *) FINANCIAL RATIOS 74,492 74,492 80,511 8.08 p 80,511 8.08 p DER (X) 2.54 2.62 NPM (%) 1.51 2.12 0.13 ROA (%) EBITDA Coverage (X) 3.38 *) … attributable to owners of the parent entity 6.93 p 0.14 2.93 p 10.70 p 40.73 p 2.26 -33.18 q INDONESIA BOND MARKET DIRECTORY 2016-2017 237
  238. BOARD OF COMMISSONERS 1 . Anwar Nasution * 2. Abdulsalam Mohammad Joher Al Saleh 3. Ayuoob Akbar Qadri 4. Iggi Haruman Achsien * BOARD OF DIRECTORS 1. Endy P.R. Abdurrahman 2. Andri Donny 3. Awaldi 4. Hery Syafril 5. Indra Yurana Sugiarto 6. Masa Paskalis Lingga 7. Purnomo Budiwibowo Soetadi SHAREHOLDERS 1. Islamic Development Bank 32.74% 2. Bank Boubyan 22.00% 3. Atwill Holdings Limited 17.91% 4. National Bank of Kuwait 8.45% 5. Public 6.64% 6. IDF Investment Foundation 3.48% 7. BMF Holdings Limited 2.84% 8. M. Rizal Ismael 2.34% 9. Koperasi Perkayuan Apkindo-MPI (KOPKAPINDO) 1.39% 10. Andre Mirza Hartawan 1.18% 11. Badan Pengelola Dana ONHI 1.03% AUDIT COMMITTEE 1. Anwar Nasution 2. Abdulsalam Mohammad Joher Al Saleh 3. Achmad Arifin 4. Iggi Haruman Achsien *) Independent Commissioner Pastikan Link Grafik sudah bena AS OF JUNE 2017 No. CODE ISIN CODE Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Sukuk Subordinasi 1. BBMISMSB1CN1 IDJ000005103 Mudharabah Berkelanjutan I Tahap I Bank Muamalat Tahun 800,000 02-Jul-12 29-Jun-22 10 years Sukuk Subordinasi 2. IDJ000005806 Mudharabah Berkelanjutan I Tahap II Bank Muamalat Tahun Coupon Payment Date Trustee Nisbah year 1 s.d. 5 29-Sep-17 29-Dec-17 29-Mar-18 PT Bank Period : 17.12%, year 6 s.d. 10 : 34.24% Quarterly Nisbah year 1 s.d. 5 2012 BBMISMSB1CN2 Coupon Structure / : 15.79%, Nisbah 700,000 01-Apr-13 2013 28-Mar-23 10 years year 6 s.d. 10 : 31.58% Quarterly Rating / Outlook Negara A- Indonesia 29-Jun-18 (Persero) Tbk. 28-Sep-17 28-Dec-17 28-Mar-18 PT Bank 28-Jun-18 Negara Indonesia Stable A- (Persero) Tbk. Stable Pastikan Link Grafik sudah bena 238 INDONESIA BOND MARKET DIRECTORY 2016-2017
  239. TRADING HIGHLIGHT BBMISMSB1CN1 Listing Date ISIN CODE : IDJ000005103 Jul-12 TRADING ACTIVITIES Volume 175 Frequency 35 Volume 140 28 Frequency Jul-13 Maturity Date Jul-14 Trading Activities, Price and Yield Volume (Rp bn) Jul-15 Jul-16 Jul-17Jul-18 Jul-19 Jul-20 Jul-21 2016 Q1 2017 Q2 Q3 3.00 169.00 96.00 - 20.00 2 9 5 - 4 4 Frequency (X) 30 Q4 18 Q1 - Q2 90.50 8 21 9 105 21 Trading days 70 14 CTP Price - High 85.9000 97.0000 97.0200 N/A 89.9371 93.8000 CTP Price - Low 82.2700 85.0000 86.0000 N/A 89.2000 90.3200 IBPA Fair Price 88.2025 88.0954 90.1104 87.7043 91.6860 92.8101 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7 35 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 99 PRICE AND YTM MOVEMENT YTM (%) 13.0 95 12.0 91 11.0 87 10.0 83 9.0 79 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 1.50 02-Mar 06-Jan 10.8849 Mod. Duration (yrs) 1.149 Sensitivity (%) 0.011 Convexity (yrs) 1.661 84.50 27-Jun 19-Apr 11.0353 0.932 48.00 19-Jul 26-Jul 10.4461 0.710 1.130 0.692 0.009 0.007 - 10.00 N/A 02-Mar N/A 11.2775 0.480 0.352 0.005 20-Jan 10.3007 45.25 09-Jun 03-May 10.0778 0.244 0.030 0.120 0.008 0.002 0.000 This series has an outstanding amount of Rp800.00 billion with fixed coupon per annum at 8.22%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp378.50 billion and the total trading frequency was 81 times. The market prices for this series were 82.2700% at the lowest and 97.0200% at the highest. IBPA valued the fair prices for this series were 82.2258% for the lowest and 92.8383% for the highest. At the same period, the fair yield for this series was ranging from 10.0685% to 12.2792%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBMISMSB1CN2 Listing Date ISIN CODE : IDJ000005806 Apr-13 Apr-14 Apr-15 Apr-16Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 TRADING ACTIVITIES Volume 100 Frequency 25 Volume 80 Maturity Date 20 Frequency Trading Activities, 2016 Price and Yield Q1 Q2 Volume (Rp bn) 50.95 84.00 7 2 Frequency (X) 20 2017 Q3 4 Q4 Q1 3.00 20.00 18.00 1 6 3 2 10 Q2 9 68.00 13 5 60 15 Trading days 40 10 CTP Price - High 83.2500 98.0300 86.8600 100.1600 85.4500 100.0500 CTP Price - Low 77.8200 97.9800 86.8400 83.5600 84.4000 86.4000 IBPA Fair Price 83.4275 83.7455 86.3492 82.9043 87.4015 87.1780 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5 20 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 101 PRICE AND YTM MOVEMENT YTM (%) 13.0 96 12.0 91 11.0 86 10.0 81 9.0 76 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 29.11 14-Mar 11-Jan 11.0491 5.163 32.969 0.052 48.00 02-Jun 30-May 11.1069 5.031 31.148 0.050 1.71 11.43 28-Sep 28-Dec 28-Sep 10.5950 4.924 29.594 0.049 14-Dec 11.4778 4.741 27.424 0.047 10.29 24-Feb 17-Jan 10.4676 4.643 26.046 0.046 38.86 18-May 04-May 10.6178 4.417 23.952 0.044 This series was first listed in April 2013 and will be matured in March 2023. From 2016 to the first half of year 2017, total volume traded amounted to Rp243.95 billion with 24 of total trading days and with average turnover around 23.23% per quarter. The CTP market price for this series during the period was within the range of 77.8200% -100.1600% while IBPA fair price which ranged from 77.7297% to 88.7183%. Meanwhile IBPA yield for this series were 10.2016% at the lowest and 12.3183% at the highest. By the end of June 2017, the outstanding amount of this series was Rp700 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 239
  240. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BBMISMSB1CN1 169 BBMISMSB1CN2 51 - 240 Q2-2016 84 100 Q3-2016 96 20 Q4-2016 Turnover Outstanding in Year 2016 33.5% 22.6% 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 300 400 500 600 700 800
  241. IBPA ANALYTICAL REVIEW Description PT Bank Muamalat Indonesia Tbk (BBMI) is one of the largest sharia bank in Indonesia. The Bank has retained approximately 3.0 million customers of its funding and financing products. BBMI has re-focused its business portfolio into three segments, namely Retail Banking, Corporate Banking, and International Banking & Financial Institution. As at December 31, 2016, BBMI serves through a Peer Group No. Company Total Revenue 1. PT Bank Muamalat Indonesia Tbk. 2. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) 4. PT Bank Pembangunan Daerah Sumatera Utara No. As of December 2016, BBMI is owned by Islamic Development Bank or IDB (32.74%), National Bank of Kuwait Group (30.45%), Boubyan Bank (22.00%), Saudi Economic And Development Company Group 6.0 1.2 17.6 (0.1) 2,802 9.9 15.3 18.8 2.6 Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings network, and 103 mobile branch units. Revenue 3,673 3,109 5. PT Bank BNI Syariah network of 83 branch offices, 202 sub-branch offices, 120,000 ATMs in the ATM Bersama and ATM Prima 2,896 3. PT Bank DKI and 78 cash offices. The bank was supported by a network of 1,337 Muamalat ATM units, around Net Profit (Rp Bill) Margins (%) Growth (%) 3,801 2.1 (23.2) Rating Agency Rating 1. Pefindo idA 2. Fitch Ratings N/A 4. Pefindo idA+ 3. Pefindo 5. Fitch Ratings Rating Status Affirmed Rating Date 5-Apr-17 Withdrawn idA Downgraded* A-(idn) Downgraded** Affirmed 4-May-16 13-Apr-16 28-Sep-15 8-May-15 Outlook Stable Stable Stable Negative Stable *Due to weak asset quality and profitability **Due to weakening asset quality (24.23%), and others (12.58%). SWOT Analysis S W trengths eaknesses -Strong support from major -Modest capitalization profile shareholders -Weakening asset quality profile -Strong market position in sharia -Below average profitability banking measures -Loyal customer with Islamic banking Financial Analysis brand In 2016, Bank Muamalat Indonesia recorded a net income of Rp80.51 billion, increased by 8.08% from Rp74.49 billion in 2015. In addition, Net Income Margin (NIM) rose 3.21%. This was backed by improving efficiency. In terms of assets, the bank’s total assets decreased by 2.37% from Rp57.14 trillion in 2015 to Rp55.79 trillion in 2016. The decrease was mainly the decline in securities investments and current accounts in other banks. Total financing disbursed amounted to Rp40.01 trillion in 2016 or decreased by 1.71% from previous year. The decline was attributable to the bank’s effort to improve financing disbursement quality. As a consequence the O T pportunities hreats -Growth prospect of sharia banking -Growth prospect of sharia banking segment segment -Positive and manageable domestic -Positive and manageable domestic macroeconomic conditions macroeconomic conditions net Non-Performing Financing (NPF) decreased from 4.20% to 1.40%. The bank also managed to increase its Capital Adequacy Ratio (CAR) from 12.00% to 12.74%. INDONESIA BOND MARKET DIRECTORY 2016-2017 241
  242. BBRI Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. PT Bank Rakyat Indonesia (Persero) Tbk. : : : : : : June 2017 Finance Bank www.bri.co.id / www.ir-bri.com Hari Siaga Amijarso corsec@bri.co.id / ir@bri.co.id Bank BRI is one of the 2nd largest bank in Indonesia. The state-owned bank went public in 2003 and the Indonesian governmentholds the majority of its shares by 56.75 percent, while the remaining 43.25% owns by public. Bank BRI has six Business segments in its portfolio: Micro Business, Consumer Business, Small Business, Medium Business, SOE Business and Corporate Business. What makes Bank BRI different and unique is its Micro Business, which occupied the largest loan portofolio with roughly 30%. Since its inception, Bank BRI’s strategies have been mostly focused on the development of micro, small and medium business segments. In so doing, Bank BRI takes into account its core competencies at all organization level. With strategic positioning in Indonesian banking industry supported by strong basis of core competencies in micro business segment, Bank BRI is able to achieve its optimal performance. By the end of 2016, Bank BRI considered as bank with the largest network and customers’ base in Indonesia, with more than 50 million customer accounts served by more than 10,656 outlets, including BRI New York Agency, BRI Cayman Island Branch, BRI Hong Kong Representative Office and BRI Singapore Branch. In addition, Bank BRI will be the first and only bank in the world to operate its own satellite to deliver banking services across Indonesia, enhancing the speed and reliability of transactions in all network channels throughout the nation. Its profitability has made Bank BRI more attractive in the investment perspective. Bank BRI has been the most profitable bank in Indonesia for ten consecutive years since 2005. The Rp26.2 trillion of net profit at the end of 2016 as a result of 2.2% solid business growth, manageable asset quality (2.03%/bank only), high ROE b/s level at 19.98% (bank only), and high ROA level (before tax) at 3.84% (bank only). These achievements are also supported by the high net interest margin of 8.27% (bank only), increasing fee-based income, and improving efficiency (cost efficiency ratio stood at 42.77%). BOARD OF COMMISSIONERS 1. Andrinof A Chaniago * 2. A. Fuad Rahmany * 3. A. Sony Keraf * 4. Adhyaksa Dault * 5. Gatot Trihargo 6. Jeffry J. Wurangian 7. Mahmud * 8. Nicolaus T 9. Vincentius Sony Loho *) Independent Commissioner 242 BOARD OF DIRECTORS 1. Suprajarto 2. Donsuwan Simatupang 3. Haru Koesmahargyo 4. Indra Utoyo 5. Kuswiyoto 6. Mohammad Irfan 7. Priyastomo 8. Randi Anto 9. Sis Apik Wijayanto 10. Sunarso 11. Susy Liestiowaty INDONESIA BOND MARKET DIRECTORY 2016-2017 AAA(idn) Stable ADDRESS BRI I Building, 20th Fl. Jln. Jend. Sudirman No. 44 - 46 Jakarta 10210 Phone : (021) 251-0244, 250-0124, 251-0315, 575-1966 Fax : (021) 570-0916, 575-2010 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 Chg % 28,771,635 25,212,024 -12.37 q Placements with Other Banks 49,834,664 78,142,754 56.80 p Marketable Securities 124,873,547 133,039,936 6.54 p Loans 547,318,355 621,286,679 13.51 p Investments 269,130 2,439 -99.09 q Property, Plant and Equipment 8,039,280 24,515,059 204.94 p Total Assets 878,426,312 1,003,644,426 14.25 p Deposits 282,157,299 756,755,912 168.20 p Fund Borrowings 35,480,358 35,008,781 -1.33 q Total Liabilities 765,299,133 856,831,836 11.96 p Authorized Capital (Mil. Sh) 60,000 60,000 -  Authorized Capital 15,000,000 15,000,000 -  Paid up Capital 6,167,291 6,167,291 -  Paid up Capital (Mil. Sh) 24,669 24,669 -  Par Value (Rp) 250 250 -  Retained Earnings 106,733,021 125,309,471 17.40 p Total Equity …*) 112,832,861 146,421,342 29.77 p Non Controlling Interest 294,318 391,248 32.93 p Total Equity 113,127,179 146,812,590 29.78 p INCOME STATEMENTS Total Interest Income 85,434,037 94,787,989 Other Operating Revenue 13,855,484 17,213,112 Interest Expenses Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax 27,154,270 31,275,696 31,959,350 534,668 32,494,018 27,211,975 37,098,320 33,964,542 25,410,788 26,227,991 Net Income … *) 25,397,742 26,195,772 FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 24,872,130 6.76 2.89 29.74 37.41 *) … attributable to owners of the parent entity 41,380,007 6.27 p 3.22 p 66.37 p 3.14 p 5.84 -13.73 q 2.61 -9.66 q 35.83 -4.21 q 27.67 SHAREHOLDERS 1. Republic of Indonesia (Class A Dwiwarna Share) 2. Republic of Indonesia (Class B) 3. Public (Class B) AUDIT COMMITTEE 1. A. Fuad Rahmany 2. A. Sony Keraf 3. Adhyaksa Dault 24.23 p 18.62 p 9,228 -98.27 q 33,973,770 4.55 p Income for the periods Comprehensive Income 10.95 p 0.21 p -6.97 q 1 share 56.75% 43.25% 4. I Gde Yadnya Kusuma 5. Pamuji Gesang Raharjo 6. Sunuaji Noor Widiyanto
  243. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. CODE Coupon Structure / Coupon Payment Date Trustee 9.50% 03-Jul-17 03-Oct-17 PT Bank 2015 Seri C Quarterly 03-Apr-18 (Persero) Tbk. Berkelanjutan I Bank 9.20% 03-Jan-18 Indonesia ISIN CODE Series Name BBRI01CCN1 Berkelanjutan I Bank IDA0000692C2 BBRI01BCN1 IDA0000692B4 BBRI01CCN2 IDA0000716C9 BBRI01BCN2 IDA0000716B1 BBRI01CCN3 BRI Tahap I Tahun IDA0000780E1 BBRI02DCN1 IDA0000780D3 BBRI02CCN1 IDA0000780C5 BBRI02BCN1 IDA0000780B7 BBRI02ACN1 IDA0000780A9 BBRI02DCN2 IDA0000800D9 BBRI02CCN2 IDA0000800C1 BBRI02BCN2 IDA0000800B3 BBRI02ACN2 IDA0000800A5 Maturity Date Term 1,420,000 06-Jul-15 03-Jul-20 5 years (Rp Million) Date Issue Obligasi BRI Tahap I Tahun 925,000 06-Jul-15 03-Jul-18 3 years Period 03-Jan-18 03-Jul-17 03-Oct-17 Negara Indonesia PT Bank Negara 03-Apr-18 (Persero) Tbk. 04-Feb-18 Indonesia 2015 Seri B Quarterly Berkelanjutan I Bank 9.60% 04-Aug-17 04-Nov-17 2016 Seri C Quarterly 04-May-18 (Persero) Tbk. Berkelanjutan I Bank 9.25% 04-Aug-17 04-Nov-17 2016 Seri B Quarterly 04-Feb-18 04-May-18 Indonesia (Persero) Tbk. Berkelanjutan I Bank 8.70% 25-Aug-17 25-Nov-17 Quarterly 25-Feb-18 25-May-18 Indonesia (Persero) Tbk. 25-Feb-18 Indonesia Obligasi BRI Tahap II Tahun 2,823,500 05-Feb-16 04-Feb-21 5 years Obligasi BRI Tahap II Tahun 1,018,500 05-Feb-16 04-Feb-19 3 years Obligasi 701,000 26-May-16 25-May-21 5 years Obligasi Berkelanjutan I Bank IDA0000729B4 BRI Tahap III Tahun 2016 Seri B BBRI02ECN1 Listing Obligasi IDA0000729C2 BRI Tahap III Tahun 2016 Seri C BBRI01BCN3 Outstanding 2,437,000 26-May-16 25-May-19 3 years Obligasi Berkelanjutan II Bank BRI Tahap I 2,350,000 02-Dec-16 01-Dec-26 10 years 01-Dec-23 7 years Indonesia Berkelanjutan II 8.20% 193,000 02-Dec-16 01-Dec-21 5 years Tahun 2016 Quarterly Berkelanjutan II 8.00% Obligasi Bank BRI Tahap I 964,000 02-Dec-16 01-Dec-19 3 years Tahun 2016 Quarterly Berkelanjutan II 7.25% Obligasi Bank BRI Tahap I 616,000 02-Dec-16 06-Dec-17 370 days PT Bank 01-Mar-18 8.90% Quarterly Bank BRI Tahap I Negara (Persero) Tbk. Tahun 2016 Obligasi PT Bank 25-May-18 8.65% 02-Dec-16 Negara Quarterly Berkelanjutan II 477,000 PT Bank 8.20% Quarterly Bank BRI Tahap I Negara 25-Aug-17 25-Nov-17 Tahun 2016 Obligasi PT Bank 01-Sep-17 01-Dec-17 Negara PT Bank Negara 01-Jun-18 (Persero) Tbk. 01-Mar-18 Indonesia 01-Sep-17 01-Dec-17 PT Bank Negara 01-Jun-18 (Persero) Tbk. 01-Mar-18 Indonesia 01-Sep-17 01-Dec-17 PT Bank Negara 01-Jun-18 (Persero) Tbk. 01-Mar-18 Indonesia 01-Sep-17 01-Dec-17 PT Bank Negara 01-Jun-18 (Persero) Tbk. - Indonesia 06-Sep-17 06-Dec-17 PT Bank Negara Tahun 2016 Quarterly Berkelanjutan II 8.80% 11-Jul-17 11-Oct-17 Tahun 2017 Seri D Quarterly 11-Apr-18 (Persero) Tbk. Berkelanjutan II 8.30% 11-Jul-17 11-Oct-17 Quarterly 11-Jan-18 11-Apr-18 Indonesia (Persero) Tbk. 11-Jan-18 Indonesia Obligasi Bank BRI Tahap II 1,300,500 12-Apr-17 11-Apr-27 10 years Obligasi Bank BRI Tahap II 925,000 12-Apr-17 11-Apr-22 5 years Tahun 2017 Seri C Obligasi - (Persero) Tbk. 11-Jan-18 Indonesia PT Bank Negara PT Bank Negara PT Bank 8.10% 11-Jul-17 11-Oct-17 Tahun 2017 Seri B Quarterly 11-Apr-18 (Persero) Tbk. Berkelanjutan II 7.20% 16-Jul-17 16-Oct-17 Quarterly 16-Jan-18 16-Apr-18 Indonesia Berkelanjutan II Bank BRI Tahap II 1,743,500 12-Apr-17 11-Apr-20 3 years Obligasi Bank BRI Tahap II Tahun 2017 Seri A 1,131,000 12-Apr-17 16-Apr-18 370 days Negara PT Bank Negara (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 243
  244. TRADING HIGHLIGHT BBRI01CCN1 Listing Date ISIN CODE : IDA0000692C2 TRADING ACTIVITIES Volume 75 60 Jul-15 Frequency 30 Volume 24 Frequency Maturity Date Jul-16 Jul-17 Jul-19 Jul-20 2016 Trading Activities, Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 Q4 46.00 - - 40.00 5 - - 3 12 - Q1 - Q2 52.27 5 29 7 45 18 Trading days 30 12 CTP Price - High N/A 102.520 N/A N/A 103.000 109.000 CTP Price - Low N/A 100.000 N/A N/A 100.000 IBPA Fair Price 100.564 100.264 103.028 100.594 103.099 104.200 Pastikan Link Grafik sudah b 06-Jun Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 14.007 12.647 11.429 10.081 8.927 7.910 15 - benar >> 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 N/A Date N/A Date 9.3301 IBPA Fair Yield (%) Price 111 PRICE AND YTM MOVEMENT YTM (%) 11.0 108 10.0 105 9.0 102 8.0 99 7.0 96 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM BBRI01BCN1 36 23-Jun 10-Jun 9.4199 3.229 0.032 - N/A 11.27 N/A N/A 8.5494 3.078 0.031 30-Jan N/A 9.2993 2.891 0.029 06-Feb 8.3935 2.726 Frequency 10 Volume 8 Frequency 14.72 16-Jun 103.417 8.2139 2.571 0.027 0.026 This series has an outstanding amount of Rp1.42 trillion with fixed coupon per annum at 9.50%. From 2016 to the end of June 2017, the trading volume for the series was Rp138.27 billion and the total trading frequency was 46 times. In 2016, average trading volume amounted to Rp11.50 billion/quarter while during the first semester of 2017 the average volume increased to Rp46.14 billion/quarter. The market prices for this series observed through the Centralized Trading Platform (CTP) were 100.0000% at the lowest and 109.0000% at the highest. The range of IBPA fair price for this sereies was stood 9.7777% at the highest. Jul-15 TRADING ACTIVITIES 45 0.034 Sensitivity (%) - Listing Date ISIN CODE : IDA0000692B4 Volume 3.393 Mod. Duration (yrs) 12.96 between 99.1594% and 103.8456%, while the fair yield were 8.1653% at the lowest, and l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Trading Activities, Maturity Date Jul-16 Jul-17 Jul-18 2016 Q1 Volume (Rp bn) - 10.00 - 40.00 - - - 1 - 3 - - Frequency (X) - Turnover Ratio (%) - Q2 2017 Price and Yield Q3 1 - Q4 Q1 6 - Q2 - 27 6 Trading days 18 4 CTP Price - High N/A 100.000 N/A 101.750 N/A N/A 9 2 N/A 100.000 N/A 100.500 N/A N/A - - CTP Price - Low IBPA Fair Price 100.479 100.672 101.781 100.463 101.699 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 4.691 3.824 3.035 2.303 1.676 benar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 244 Jul-18 INDONESIA BOND MARKET DIRECTORY 2016-2017 8.9504 Mod. Duration (yrs) 1.974 Sensitivity (%) 0.020 Convexity (yrs) 4.32 02-Jun 02-Jun 8.8308 1.778 0.018 - N/A N/A 8.1029 1.578 0.016 17.30 10-Oct 16-Nov 8.8678 1.365 0.014 - N/A N/A 7.7478 1.152 0.012 - N/A N/A 101.820 Pastikan Link Grafik sudah b 7.3478 22-Jun 0.959 1.191 0.010 This series was first listed on 6 Jul 2015 and will be matured on 3 Jul 2018. This series has an outstanding amount of Rp925 billion with fixed coupon per annum at 9.20%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 97.5525% at the lowest and 102.0392% at the highest. At the same period, the fair yield for this series was ranging from 7.3449% to 10.3242%.
  245. BBRI01CCN2 Listing Date ISIN CODE : IDA0000716C9 Feb-16 TRADING ACTIVITIES Volume 425 Frequency 30 Volume 340 24 Frequency Feb-17 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Maturity Date Feb-18 Feb-19 Feb-20 Feb-21 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 145.00 69.00 28.00 43.00 416.00 11 3 3 2 5 27 7 6 3 83.00 24 18 4 255 18 Trading days 170 12 CTP Price - High 102.150 102.650 105.000 100.500 103.800 110.200 CTP Price - Low 99.950 101.950 103.060 100.300 100.500 104.910 IBPA Fair Price 102.034 101.762 102.983 101.445 104.167 104.635 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 17.547 16.070 14.685 13.226 11.963 10.829 85 - benar >> 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 112 PRICE AND YTM MOVEMENT YTM (%) 11.0 109 10.0 106 9.0 103 8.0 100 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Sensitivity (%) 20.54 29-Mar 17-Mar 9.0681 3.796 0.038 9.78 02-May 04-Apr 9.1245 3.640 0.036 3.97 07-Sep 01-Sep 8.7652 6.09 01-Dec 30-Nov 9.1707 3.489 3.314 0.035 0.033 58.93 16-Mar 09-Mar 8.3127 3.160 0.032 11.76 19-Jun 19-Jun 8.1067 3.014 0.030 This series was first listed on 5 Feb 2016 and will be matured on 4 Feb 2021. This series has an outstanding amount of Rp2.82 trillion with fixed coupon per annum at 9.60%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 99.1275% at the lowest and 104.6437% at the highest. At the same period, the fair yield for this series was ranging from 8.1067% to 9.8554%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBRI01BCN2 Listing Date ISIN CODE : IDA0000716B1 Feb-16 TRADING ACTIVITIES Volume 750 Frequency 20 Volume 600 16 Frequency Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Maturity Date Feb-17 Feb-18 Feb-19 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 330.00 659.00 31.00 145.00 314.00 5 8 7 7 5 19 18 10 18 10 181.80 16 9 450 12 Trading days 300 8 CTP Price - High 101.050 102.500 102.400 102.800 102.500 102.600 CTP Price - Low 100.000 101.520 101.700 101.430 101.200 100.000 IBPA Fair Price 101.008 102.493 101.998 101.788 102.501 102.477 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7.100 6.082 5.082 4.163 3.325 2.647 150 - benar >> 4 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 129.60 23-Mar 04-Mar 8.8328 Mod. Duration (yrs) 2.444 Sensitivity (%) 0.024 Convexity (yrs) 258.81 11-May 13-Jun 8.1715 2.262 0.023 12.17 19-Aug 05-Aug 8.3009 2.065 0.021 56.95 22-Dec 15-Nov 8.3083 1.865 0.019 123.32 23-Mar 03-Jan 7.7636 1.661 0.017 71.40 19-Jun 03-May 7.6037 1.476 0.015 This series has an outstanding amount of Rp1.02 trillion with fixed coupon per annum at 9.25%. From the beginning of 2016 to the end of June 2017, the trading volume for the series was Rp1.66 trillion and the total trading frequency was 91 times. The market prices for this series were 100.0000% at the lowest and 102.8000% at the highest. IBPA valued the fair prices for this series were 100.0000% for the lowest and 102.9612% for the highest. At the same period, the fair yield for this series was ranging from 7.5265% to 9.2500%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 245
  246. BBRI01CCN3 Listing Date ISIN CODE : IDA0000729C2 TRADING ACTIVITIES Volume 125 100 May-16 25 20 Frequency May-18 Q1 Volume (Rp bn) N/A - Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A CTP Price - Low N/A IBPA Fair Price Price 107 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 101 9.0 98 8.0 95 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM BBRI01BCN3 340 19 27.96 Q2 43.00 46.00 101.00 4 4 9 24.54 17 26.25 Frequency 75 Volume 60 Frequency 6 57.63 102.110 102.000 102.900 105.000 - 100.500 96.800 100.000 101.620 N/A 100.564 100.551 97.999 102.021 102.749 Pastikan Link Grafik sudah b Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 18.503 16.939 15.308 13.998 12.772 21-Sep - 8.5565 3.929 0.039 11-Jul 8.5537 3.766 0.038 10-Oct 30-Nov 9.2570 3.582 0.036 09-Mar 13-Jan 8.1136 3.436 0.034 12-Jun 10-Apr 7.8775 3.290 0.033 This series was first listed on 26 May 2016 and will be matured on 25 May 2021. This series has an outstanding amount of Rp701.00 billion with fixed coupon per annum at 8.70%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 23 trading days with 23.11% of average quarterly turnover. The average trading volume throughout the period was Rp40.50 billion per quarter and the average trading frequency was 11.17 times per quarter. The market prices for this series were 96.8000% at the lowest and 105.0000% at the highest. IBPA valued the fair prices for this series were 95.6062% series was ranging from 7.8316% to 9.9240%. May-16 TRADING ACTIVITIES 20 - Listing Date ISIN CODE : IDA0000729B4 425 2 Q1 for the lowest and 102.9112% for the highest. At the same period, the fair yield for this l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume 8 N/A N/A Q4-16 1 Date CTP Price - High Q3-16 49.00 2.28 10 Q2-16 4.00 N/A 50 Q1-16 May-21 2017 Q4 Turnover Ratio (%) N/A - May-20 Q3 N/A Trading days benar >> Q2 Frequency (X) 15 5 May-19 2016 Price and Yield 75 25 Nov-16 Trading Activities, Maturity Date May-17 Nov-17 May-18 Nov-18 2016 Price and Yield Q1 Volume (Rp bn) N/A 144.00 422.10 368.60 220.00 6 20 10 7 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q2 May-19 2017 Q3 9 64 Q4 25 Q1 Q2 18 179.10 18 255 45 Trading days N/A 170 30 CTP Price - High N/A 100.020 103.000 102.800 101.070 CTP Price - Low N/A 99.980 100.000 99.300 100.030 IBPA Fair Price N/A 100.000 101.172 99.875 100.896 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.566 6.473 5.409 4.452 3.652 85 - benar >> Price 105 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 103 9.0 101 8.0 99 7.0 97 6.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 246 May-17 Trading Activities, Frequency Volume Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 23.64 27-May 29-Jun 8.1981 2.540 0.025 69.28 27-Jul 60.50 01-Nov 16-Aug 01-Dec 7.7053 8.2555 2.349 0.023 2.144 0.021 36.11 13-Feb 12-Jan 7.7302 1.941 0.019 7 29.40 100.750 23-May 97.500 31-May 99.912 Pastikan Link Grafik sudah b 8.2476 1.754 0.018 This series was first listed on 26 May 2016 and will be matured on 25 May 2019. This series has an outstanding amount of Rp2.44 trillion with fixed coupon per annum at 8.20%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 50 trading days with 36.49% of average quarterly turnover. The average trading volume throughout the period was Rp222.30 billion per quarter and the average trading frequency was 22.33 times per quarter. The market prices for this series were 97.5000% at the lowest and 103.0000% at the highest. IBPA valued the fair prices for this series were 98.6649% for the lowest and 101.2474% for the highest. At the same period, the fair yield for this series was ranging from 7.5808% to 8.8022%.
  247. BBRI02ECN1 Listing Date ISIN CODE : IDA0000780E1 TRADING ACTIVITIES Volume 75 60 Dec-16 Frequency 5 Volume 4 Frequency Maturity Date Dec-18 Dec-20 Trading Activities, 2016 Q3 Q4 Volume (Rp bn) N/A N/A N/A 10.00 20.00 N/A N/A 1 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 30 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q2 Trading days benar >> Dec-26 Q1 3 1 Dec-24 Price and Yield 45 15 Dec-22 N/A N/A N/A N/A 1 N/A 1.70 N/A - N/A N/A N/A N/A N/A N/A 1 11.57 - 100.100 100.000 N/A 100.641 100.106 100.595 N/A 30-Dec 31-Mar 22-Jun N/A 55.741 53.565 51.976 - 8.8017 N/A N/A 3.40 2 100.020 N/A N/A 68.00 2 100.650 N/A N/A Q2 - N/A N/A Q1 6.511 N/A 0.065 29-Mar 29-Mar 8.8790 6.394 0.064 12-Jun 12-Jun 8.8059 6.321 0.063 The series BBRI02ECN1 issued which amounted to Rp2.35 trillion with interest rates of 8.90% per annum. This bond was listed from 02 December 2016 and matured in 01 December 2026. In first semester 2017, IBPA fair price recorded at range 95.6121% - 101.7207%, while the CTP recorded at level 100.0000% - 100.6500%. Until 30 June 2017, total volume recorded by Rp88.00 billion and transacted 2.00 times/quarter. BBRI02ECN1 has 3 total trading days since this series was issued. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBRI02DCN1 Listing Date ISIN CODE : IDA0000780D3 TRADING ACTIVITIES Volume 75 60 Dec-16 Frequency 10 Volume 8 Frequency Dec-17 Maturity Date Dec-18 Trading Activities, Q2 Q3 Q4 N/A N/A N/A - 60.00 - N/A N/A - 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 30 4 CTP Price - High N/A 15 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-23 2017 Q1 N/A Q3-16 Dec-22 Volume (Rp bn) Trading days Q2-16 Dec-21 Price and Yield 6 Q1-16 Dec-20 2016 45 benar >> Dec-19 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A - Q1 Q2 6 50.31 - N/A N/A 100.750 N/A N/A N/A 100.150 N/A N/A 101.077 99.985 101.220 N/A 30-Dec 31-Mar 22-Jun N/A 32.720 30.713 29.241 N/A N/A N/A N/A N/A N/A N/A 8.4420 5.144 0.051 28-Feb 28-Feb 8.6473 4.991 0.050 N/A N/A 8.4020 4.889 0.049 This series was first listed on 2 Dec 2016 and will be matured on 1 Dec 2023. This series has an outstanding amount of Rp477 billion with fixed coupon per annum at 8.65%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 96.4946% at the lowest and 102.3954% at the highest. At the same period, the fair yield for this series was ranging from 8.1955% to 9.3493%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 247
  248. BBRI02CCN1 Listing Date ISIN CODE : IDA0000780C5 TRADING ACTIVITIES Volume 10 8 Dec-16 5 4 Frequency Dec-17 Trading Activities, Frequency Volume Maturity Date Dec-18 2016 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 8.00 N/A N/A - 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 4 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 96 6.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q2 Trading days benar >> Dec-21 Q1 3 1 Dec-20 Price and Yield 6 2 Dec-19 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A N/A N/A N/A Q2 2.00 4 - N/A N/A Q1 16.58 2 1 4.15 99.750 100.750 99.700 100.700 N/A 08-Mar N/A 08-Mar 7.9049 8.5180 29-May N/A 101.189 N/A 30-Dec 31-Mar 22-Jun N/A 18.997 17.245 15.910 N/A N/A 3.998 N/A 0.040 98.758 29-May 3.811 0.038 99.436 Pastikan Link Grafik sudah b 8.3521 3.671 0.037 This series was listed since 02 December 2016 with nominal value of Rp193.00 billion with fixed interest rate of 8.20 % per annum. The IBPA fair price was between 96.3341% 102.2945%, the fair yield for this series was between 7.6326% - 9.1460%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBRI02BCN1 Listing Date ISIN CODE : IDA0000780B7 TRADING ACTIVITIES Volume 25 20 Dec-16 Frequency 10 Volume 8 Frequency Dec-17 Trading Activities, Q1 Q2 Q3 Volume (Rp bn) N/A N/A N/A 4.00 - N/A N/A 3 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 10 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - benar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Dec-19 2017 Price and Yield 6 2 Dec-18 2016 15 5 248 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 N/A N/A Q1 4 1.66 - Q2 23.00 7 3 9.54 N/A 100.870 N/A 100.450 N/A 100.000 N/A 100.000 N/A 100.906 99.269 N/A 30-Dec 31-Mar 22-Jun N/A 7.707 6.532 5.603 N/A N/A N/A 28-Dec N/A N/A 08-Dec 7.6491 2.569 0.026 N/A N/A 8.2970 2.362 0.024 21-Apr 16-Jun 99.753 Pastikan Link Grafik sudah b 8.1109 2.188 0.022 This series was first listed on 2 Dec 2016 and will be matured on 1 Dec 2019. This series has an outstanding amount of Rp964 billion with fixed coupon per annum at 8.00%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 98.0455% at the lowest and 101.7323% at the highest. At the same period, the fair yield for this series was ranging from 7.3440% to 8.7855%.
  249. BBRI02ACN1 Listing Date ISIN CODE : IDA0000780A9 300 240 Dec-16 TRADING ACTIVITIES Volume Maturity Date Trading Activities, Frequency 20 Volume 16 Frequency Mar-17 Jun-17 2016 Q2 Q3 Volume (Rp bn) N/A N/A N/A 296.00 24.00 N/A N/A 5 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 120 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - benar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 12 4 Dec-17 Price and Yield 180 60 Sep-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A 3 21.43 N/A 99.990 99.500 100.000 99.982 99.941 100.216 N/A 30-Dec 31-Mar 22-Jun N/A 1.026 0.596 0.307 N/A N/A 15.58 3 100.200 N/A N/A 192.21 33.00 8 100.100 N/A N/A 18 Q2 100.010 N/A N/A Q1 N/A N/A N/A Q4 N/A 23-Dec 23-Dec 7.2668 0.891 0.009 08-Feb 04-Jan 7.3041 0.655 21-Jun 04-Apr 6.7606 0.444 0.007 0.004 This series has listed since 02 December 2016 and will be matured on 06 December 2017. During the period of 2016 and the first semester 2017, the average turnover of this series was 38.20% per quarter and traded in 12 trading days throughout the trading period. The average quarterly trading volume was Rp58.83 billion during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 99.5000% at the lowest to 100.2000% at the highest. While the IBPA fair price for this series stood between 99.7676% and 100.6864%. The yield valued by IBPA in the period was 6.4200% at the lowest, and 7.4999% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBRI02DCN2 Listing Date ISIN CODE : IDA0000800D9 TRADING ACTIVITIES Volume 175 140 Apr-17 Frequency 5 Volume 4 Frequency Maturity Date Apr-19 Trading Activities, Apr-21 Q1 Q2 Q3 Q4 Q1 Q2 N/A N/A N/A N/A N/A 162.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 70 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - benar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Apr-27 2017 Volume (Rp bn) 3 1 Apr-25 Price and Yield 105 35 Apr-23 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 4 2 49.83 N/A 100.098 N/A 100.083 N/A 100.909 N/A 22-Jun N/A 54.653 N/A N/A N/A N/A N/A 30-May 30-May 8.6609 6.431 0.064 This series was first listed on 12 April 2017 and will be matured on 11 April 2027. This series has an outstanding amount of Rp1.30 trillion with fixed coupon per annum at 8.80%. This series was traded in 2 trading days with 8.30% of average quarterly turnover. The average trading volume throughout the period was Rp27.00 billion per quarter and the average trading frequency was 0.67 times per quarter. The market prices for this series were 100.0826% at the lowest and 100.0976% at the highest. IBPA valued the fair prices for this series were 99.7016% for the lowest and 101.0647% for the highest. At the same period, the fair yield for this series was ranging from 8.6379% to 8.8447%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 249
  250. BBRI02CCN2 Listing Date ISIN CODE : IDA0000800C1 TRADING ACTIVITIES Volume 45 36 Apr-17 Frequency 10 Volume 8 Frequency Maturity Date Apr-18 Trading Activities, 2016 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 18 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - benar >> Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 96 6.0 94 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 6 2 Apr-20 Price and Yield 27 9 Apr-19 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 7.00 N/A N/A 3 2 3.03 N/A 100.600 N/A 100.000 N/A 99.993 N/A N/A N/A 02-May 21-Jun 8.3008 N/A 22-Jun N/A 17.941 N/A N/A 3.865 0.039 This series was first listed on 12 April 2017 and will be matured on 11 April 2022. This series has an outstanding amount of Rp925 billion with fixed coupon per annum at 8.30%. This series was traded in 2 trading days with 3.03% of turnover in Q2-2017. Total trading volume since it was listed until 30 June 2017 was Rp7 billion and the trading frequency was 3 times. IBPA valued the fair prices for this series were 99.6736% for the lowest and 100.8217% for the highest. At the same period, the fair yield for this series was ranging from 8.0919% to 8.3818%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBRI02BCN2 Listing Date ISIN CODE : IDA0000800B3 TRADING ACTIVITIES Volume 475 380 Apr-17 Frequency 20 Volume 16 Frequency Aug-17 Trading Activities, Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 455.80 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 190 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - benar >> Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Apr-18 2017 Price and Yield 12 4 Dec-17 2016 285 95 250 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 17 6 104.57 N/A 103.000 N/A 100.000 N/A 100.040 N/A 22-Jun N/A 7.071 N/A N/A N/A N/A N/A 20-Jun 12-Jun 8.0826 2.447 0.024 This series was first listed on 12 April 2017 and will be matured on 11 April 2020. This series has an outstanding amount of Rp1.74 trillion with fixed coupon per annum at 8.10%. Throughout 2017 period, this series was traded in 6 trading days with 17.43% of average quarterly turnover. The average trading volume throughout the period was Rp75.97 billion per quarter and the average trading frequency was 2.83 times per quarter. The market prices for this series were 100.0000% at the lowest and 103.0000% at the highest. IBPA valued the fair prices for this series were 99.5874% for the lowest and 100.3183% for the highest. At the same period, the fair yield for this series was ranging from 7.9759% to 8.2523%.
  251. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BBRI01CCN1 46 3.2% BBRI01BCN1 40 5.4% BBRI01CCN2 145 BBRI01BCN2 69 2843 Q3-2016 49 43 BBRI01BCN3 144 BBRI02ECN1 Outstanding in Year 2016 Turnover 10.1% 330 BBRI01CCN3 Q4-2016 659 31 145 114.4% 13.7% 422 369 38.4% .4% BBRI02DCN1 BBRI02CCN1 BBRI02BCN1 .4% BBRI02ACN1 296 - 48.1% 250 500 750 1,000 1,250 1,500 1,750 2,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 251
  252. IBPA ANALYTICAL REVIEW Description PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) is one Peer Group No. Company Total Revenue Net Profit Revenue micro funding and consumer sector growth, small to 1. PT Bank Pan Indonesia Tbk. (Rp Bill) Margins (%) Growth (%) 17,447 14.4 3.1 inception, BBRI has commitment to focus on banking 3. PT Bank Tabungan Negara (Persero) Tbk. 17,139 (MSME’s). This commitment is reflected in the 5. PT Bank CIMB Niaga Tbk. of Indonesia's banks with biggest unit system for medium enterprises, and agribusiness. Since its 2. PT Bank Rakyat Indonesia (Persero) Tbk. services in micro, small, and medium enterprises 4. PT Bank Mandiri (Persero) Tbk. allocation of loans for the sectors that affect the livelihood of the population and other financial services that the Bank offers to the community. It keeps its small and midsized business loan levels at about 80% of its total lending portfolio. At the end of December 2016, it was 56.75% owned by the Indonesian government and 43.25% by public. 94,788 27.7 86,088 17.0 10.9 15.3 21,325 14.5 6.1 9.8 (4.5) Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Fitch Ratings AAA(idn) Affirmed 3. Fitch Ratings AAA(idn) Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idAAA idAAA idAAA Rating Date Outlook 9-Jan-17 Stable 23-Aug-16 Stable Affirmed 24-Aug-16 Affirmed 7-Apr-16 Assigned 3-Jun-15 Stable Stable Stable SWOT Analysis S trengths - Superior business position - Strong Profitability - Strong support from Indonesia W eaknesses - Capitalization level is considered moderate Government Financial Analysis During 2016, BRI give the loan amounted to Rp663.42 trillion, increased by 14.17% compared to 2015 amounted to Rp581.10 trillion, while total deposits increased by 12.78% from Rp669.00 trillion in 2015 to Rp754.53 trillion in 2016. Stable loan growth in 2016 was supported by Micro, Consumer, and SOE & Corporate segments. Total micro loans increased by O by 13.22% to Rp100.20 trillion, and total SOE & - Government support for micro - Government support for micro trillion. Nevertheless, Non-Performing Loan (Gross) - Numbers of branch offices located - Numbers of branch offices located 2.10% in 2015. BRI managed to recorded net interest cities and small towns, even in rural reaching 8.9 million. Total consumer loans increased pportunities Corporate loans increased by 13.12% to Rp176.80 credit the Bank in 2016 slightly increased to 2.13% from throughout the country, both in big income amounted to Rp67.58 trillion in 2016 or areas increased by 15.95% from Rp58.28 trillion in 2015. During 2016, Net Interest Margin's BRI in 2016 reached 8.10% from 7.91% in 2015 due to the Bank managed to lower Cost of Fund (COF) from 4.24% in 2015 to 3.83% in 2016. 252 T 18.22% to Rp211.5 trillion with number of borrowers INDONESIA BOND MARKET DIRECTORY 2016-2017 hreats credit throughout the country, both in big cities and small towns, even in rural areas
  253. idAA + BBSY PT Bank BNI Syariah Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Gedung Tempo Pavilion 1 Jln. H.R. Rasuna Said, Kav. 10-11, 3rd.-8th. Floor Jakarta Selatan 12950 Phone : (021) 2970-1946 Fax : (021) 2966 7947 Finance Bank www.bnisyariah.co.id Adjat Djatnika Basarah info@bni.syariah.co.id BNI Syariah Company Profile 2016 BNI Syariah is a limited liability company that has business activities in the field of sharia banking. BNI Syariah was established in 2000 from the Islamic banking unit of PT BNI (Persero) Tbk. Business activity of BNI Syariah divided into 4 business segments as follows (1) commercial business: (2) Retail & Consumer Business; (3) Micro Business; and (4) Treasury & International Business. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 - 50,500 145,965 Placements with Other Banks Marketable Securities Loans Investments 2,299,101 159,912 4,263,555 17,136,313 19,821,692 159,759 214,585 - - Chg % 9.56 p - p 85.44 p 15.67 p -  34.32 p Business Achievement BNI Syariah’s financial performance continues to increase as of Juni 2017 with assets totalling Rp30,746 trillion, a 19,7% increase from Desember 2016 when its assets were valued at Rp28,314 trillion. BNI Syariah’s financial position as of Juni 2017 stood at Rp22,555 trillion, which was dominated by a variety of segmentations including consumer finance (51,85%), productive finance (21,67%), commercial finance (19,34%), micro finance (5,64%) and the Hasanah Card (1,50%). Property, Plant and Equipment Strategic Plan Commercial Business: (1) Selective growth on selective player; (2) Financing sinergy with BNI by working on Supply Chain Financing of BNI Corporate customers; (3) Expansion with a focus on business community, among others, entrepreneur association on prospective industrial sectors and enterpreneur association of Hajj and Umrah travel Agencies; Consumer and Retail Business: (1) BNI Syariah will perform direct asset purchase activities which would become the object which will be sold in Griya iB Hasanah products. (2) BNI Syariah collaborate with professional partner in the property field to market BNI Griya iB Hasanah (3) Maximize Umrah marketing by optimizing cooperation with the existing travel agencies. Hasanah Card Financing: Enchance business cooperation with ecommerce provider partner so that hasanah card can provide solutions to the needs of costumer; Fund: (1) Improvement in transactional tools such as mobile banking application, product developmet of Hasanah Payment, and optimization of product sales of BNI Direct and Virtual Account, (2) Optimization of ZISWAF transaction (Zakat, Infaq, Shadaqoh, and Waqf). Micro: (1) Sales of regular product (griya, flexi, umroh), (2) Fine tuning Branch Office organizations to accelerate the growth of micro financing, consumer financing and Third Party Fund (DPK) Par Value (Rp) 1,000,000 1,000,000 Total Equity …*) 2,215,658 2,486,566 2,215,658 2,486,566 12.23 p 2,429,243 2,801,575 15.33 p Company Advantage BNI Syariah continuously partners with BNI to optimise its services, thus customers of BNI Syariah are now provided access to modern banking services such as e-banking (SMS banking, internet banking and phone banking). BNI Syariah has 326 outlets spread throughout Indonesia, and currently over 16,977 ATMs. BOARD OF COMMISSIONERS 1. Fero Poerbonegoro 2. Max Niode 3. Muhammad Syakir Sula * 4. Rizqullah * BOARD OF DIRECTORS 1. Abdullah Firman Wibowo 2. Dhias Widhiyati 3. Junaidi Hisom Total Assets Deposits Fund Borrowings 23,017,667 28,314,175 - - 19,825,239 Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses 24,753,299 3,310,505 4,684,758 4,004,000 4,004,000 2 2 4 1,501,500 607,025 - 846,069 118,814 221,253 4 1,501,500 861,547 - 905,032 324,237 287,599 367,661 Earning Before Tax 307,768 373,197 20,169 24.86 p -  41.51 p -  -  -  -  -  41.93 p 12.23 p -  6.97 p 101,718 -14.39 q Income from Operations Non-Operating Revenues 23.01 p 46.55 p 27.84 p 5,536 -72.55 q 21.26 p Income for the periods 228,525 277,375 21.38 p Net Income … *) 228,525 277,375 21.38 p DER (X) 1.49 1.88 26.09 p NPM (%) 9.41 9.90 Comprehensive Income FINANCIAL RATIOS 265,658 0.99 ROA (%) EBITDA Coverage (X) 11.84 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Bank Negara Indonesia 2. PT BNI Life Insurance 270,908 0.98 13.12 1.98 p -1.33 q 5.25 p 10.85 p 99.90% 0.10% AUDIT COMMITTEE 1. Muhammad Syakir 2. Alexander Zulkarnain 3. Max Niode *) Independent Commissioner INDONESIA BOND MARKET DIRECTORY 2016-2017 253
  254. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name Outstanding (Rp Million) Sukuk Mudharabah SMBBSY01 Bank BNI Syariah I IDJ000006903 Listing 500,000 Tahun 2015 Maturity Date Date 27-May-15 Coupon Structure / Coupon Payment Date Trustee Rp92.5M /Billion 26-Aug-17 26-Nov-17 26-Feb-18 PT Bank Issue Term 26-May-18 Period p.a. 3 years Rakyat AA+ Indonesia (Persero) Tbk. 26-May-18 Quarterly Rating / Outlook Stable TRADING HIGHLIGHT SMBBSY01 Listing Date ISIN CODE : IDJ000006903 TRADING ACTIVITIES Volume 150 120 May-15 Trading days 60 12 CTP Price - High 30 6 - - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 105 PRICE AND YTM MOVEMENT 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q3 Q4 Q1 125.00 - - 2 - 7 5 - - 17 - 42.40 26 - 100.00 - 53 103.190 102.650 N/A N/A 98.210 N/A 100.090 99.500 N/A N/A 04-Mar Date 18-Feb N/A 30-Aug N/A 31-Aug 02-Nov 02-Nov N/A N/A - 254 50 100 INDONESIA BOND MARKET DIRECTORY 2016-2017 N/A 100.040 100.136 101.200 100.743 100.983 101.359 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.386 3.533 2.764 2.068 1.461 1.006 9.0167 Mod. Duration (yrs) 1.921 Sensitivity (%) 0.019 Convexity (yrs) 9.0645 1.719 0.017 8.3884 1.513 8.4327 1.298 0.015 8.0729 1.078 0.013 0.011 7.4654 0.879 0.009 This series has listed since 27 May 2015 and will be matured on 26 May 2018. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 24.00% per quarter and traded in 14 trading days throughout the period. The average trading volume reached Rp30.00 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 98.2100% at the lowest to 103.1900% at the highest. While the IBPA fair price for this series stood between 97.0963% and 101.7032%. The yield valued by IBPA in the period was 7.4267% at the lowest, and 10.4854% at the highest. Q4-2016 Turnover Outstanding in Year 2016 36.0% 150 N/A IBPA Fair Price Q3-2016 125 - N/A TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 SMBBSY01 - 98.500  IBPA Fair Price  YTM Q2-2016 Q2 53.00 - l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 May-18 - Date CTP Price - Low YTM (%) Nov-17 2.00 1.60 Turnover Ratio (%) IBPA Fair Yield (%) Price May-17 Q2 2 Frequency (X) 18 Nov-16 2016 Q1 Volume (Rp bn) 24 90 ar >> May-16 Price and Yield 30 Frequency Nov-15 Trading Activities, Frequency Volume Maturity Date 200 250 300 350 400 450 500
  255. IBPA ANALYTICAL REVIEW Description PT Bank BNI Syariah (BBSY) established on 19 June 2010. BNI Syariah is the spin off result of Sharia Business Unit PT Bank Negara Indonesia (Persero) Tbk operating since 29 April 2000. Originated from five branches in Yogyakarta, Malang, Pekalongan, Jepara and Banjarmasin, Sharia Business Unit of BNI was further developed into 28 Branch Offices and 31 Sub- Peer Group No. Company Total Revenue 1. PT Bank Muamalat Indonesia Tbk. 2. PT Bank DKI 3. PT Bank Pembangunan Daerah Sumatera Utara 5. PT Bank BNI Syariah Historical Corporate Ratings collecting funds in form of saving account or other No. ; collecting funds in form of investment ; distributing financing based on mudharabah, musyarakah contract, or other contracts which is not contrary to the sharia principles ; and conducting financing based Revenue 17.6 2,896 6.0 (0.1) 18.8 2,802 2.6 1.2 9.9 15.3 Financial Statement as of Fiscal Year 2016 Business activities of BBSY, among others, include contract which is not contrary to the sharia principles 3,673 3,109 4. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) Branch Offices. equivalent form based on wadi’ah contract or other Net Profit (Rp Bill) Margins (%) Growth (%) 3,801 2.1 (23.2) Rating Agency Rating Rating Status 1. Pefindo idAA+ Affirmed 3. Pefindo idAA+ Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idAA+ idAA+ idAA Rating Date 3-Feb-17 Stable 14-Apr-15 Stable Affirmed 12-Feb-16 Assigned 21-May-14 Assigned Outlook 2-May-13 Stable Stable Stable on mudharabah, salam, istishna’ contract, or other contract which isn’t contrary to the sharia principles In 2016, BBSY launched Hasanah Endowment to support BNI Syariah identity as the Hasanah (Kindness) Lifestyle Bank and the Bank got reward as the 1st Place in Sustainable Finance Awards 2016 organized by OJK. PT BNI (Persero) Tbk owns 99.90% of BBSY’s shares and PT BNI Life Insurance holds the remainder. SWOT Analysis S W trengths eaknesses - Core subsidiary of PT BNI (Persero) - High operational expenses Tbk - Moderate asset quality - Strong funding mix - Strong capitalization - High interest income growth compare to its peers. Financial Analysis As of Dec 2016, BNI Syariah recorded a total asset of Rp28.31 trillion or grew 23.01% compared to the previous year of Rp23.02 trillion. The increase was mainly driven by increasing investments in marketable securities of 70.68% to Rp3.93 trillion. Besides that, murabahah receivables also increased by 12.93% to Rp15.23 trillion. Amid the increasing number of murabahah receivables, BNI Syariah faced challenges in NPF management which rose to 3.38% (gross) and 1.95% (net). Third party funds (DPK) of BBSY increased to Rp4.91 trillion or grew 25.41% from 2015. The position of non-bank temporary syirkah funds still had a dominant role in the bank’s DPK structure with a contribution of 83.17% while customer deposits had a lower portion of 16.83% in 2016. In this year, BNI Syariah recorded a net income O T pportunities hreats - Have some potential strategy to - Have some potential strategy to strengthening commercial market strengthening commercial market target. target. - Expanding the network and - Expanding the network and services of branch offices services of branch offices - High potential growth in Sharia - High potential growth in Sharia banking industry banking industry of Rp277 billion or an increase of 21.38% compared to 2015. The increase in net income was in line with the increase in income from fund management by the bank as mudharib which was mainly driven by income from the sales and purchases of BNI Syariah grew by 7.83% to Rp1.89 trillion. INDONESIA BOND MARKET DIRECTORY 2016-2017 255
  256. IdAA + BBTN PT Bank Tabungan Negara (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 The Government of Indonesia is our largest shareholder with 60.00% ownership. Bank BTN is the seventh-largest bank of 119 banks in Indonesia in terms of asset and the sixth-largest bank of 119 banks in terms of loans, and the seventh-largets bank of 119 banks in terms of deposits. We have been actively involved in financial inclusion programs. In 2010, the World Savings Banks Institute (WSBI), cooperating with the Bill & Melinda Gates Foundation, granted Bank BTN to participate in the WSBI doubling savings accounts program to improve financial access to the poor. Bank BTN was listed in Indonesia Stock Exchange on December 17, 2009. Being a public company allows us to improve the quality of governance and transparency. We have committed to maintain our business activity by applying Good Corporate Governance principles as the guide. In 2016, Bank BTN became The Best Overall in Good Corporate Governance at IICD Award 2016, held by Indonesian Institute for Corporate Directorship. In the next 5 years, Bank BTN plans to maintain its strong position as the leading bank in housing finance with world class service with more than 30% market share of mortgage. The initiatives that will be taken are to simplify and speed up the mortgage service to customers. By participating in 1 million houses program, our loan transaction volume may also double or even triple. We are constantly improving the way we run our business by actively improving our service quality. In 2016, Bank BTN becomes the sixth largest bank in Indonesia (in term of assets). As of December 31, 2016, the Bank has 65 branches, 243 subbranches, 65 Sharia Outlets, 477 cash outlets, 40 priority outlets and 2,951 SOPPs (System on-line Payment Point/on-line Post Office). BOARD OF COMMISSIONERS BOARD OF DIRECTORS 1. I Wayan Agus Mertayasa 1. Maryono 2. Arie Coerniadi * 2. Adi Setianto 3. Garuda Wiko * 3. Budi Satria 4. Iman Sugema 4. Handayani 5. Kamaruddin Sjam * 5. Iman Nugroho Soeko 6. Lucky Fathul Aziz Hadibrata * 6. Nixon L.P Napitupulu 7. Maurin Sitorus 7. Oni Febriarto R 8. Sumiyati 8. R. Mahelan Prabantarikso *) Independent Commissioner 256 ADDRESS Menara Bank BTN Jln. Gajah Mada No. 1 Jakarta 10130 Phone : (021) 633-6789, ext. 2003 Fax : (021) 633-6719 Finance Bank www.btn.co.id Agus Susanto agus.susanto@btn.co.id Bank BTN is the largest mortgage provider in Indonesia with 35.4% of market share in mortgages. Up to date, we have financed around 3.5 million houses. We have consistently focused on the housing finance, since we pioneered the first mortgage in Indonesia on December 10, 1976. Bank BTN offers two types of mortgages. First, government mortgage program which is mortgage program supported by the government to help low income people to buy houses, and second is commercial mortgage. We dominate the market share of government mortgage program with more than 96% of market share. We are also a pioneer of mortgage securitization in Indonesia. After having a strict administrative process & meeting legal and regulatory requirements of mortgage securitization, we successfully launched the first mortgage securitization in 2009. Up to 2017, we have conducted mortgage securitization for 7 (seven) times with rating idAAA. INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Cash on Hand 1,181,219 7,839,477 Placements with Other Banks Marketable Securities 1,807,561 Loans 136,905,226 Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) - 1,553,401 Dec-2016 17,581,350 124.27 p 4,171,700 130.79 p 162,330,347 - 7,726,728 163,640,452 7,998,734 157,947,485 195,037,943 Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax 20,478 18.57 p -  4,659,379 199.95 p 171,807,592 214,168,479 129,429,868 Chg % 1,006,682 -14.78 q 20,478 24.66 p 26.43 p 3.52 p 23.48 p -  10,239,216 10,239,216 10,590 10,582 -0.07 q 9,008,204 33.27 p 5,291,173 500 6,759,480 -  5,295,000 500 0.07 p -  13,860,107 19,130,536 13,860,107 19,130,536 38.03 p 14,966,209 17,138,819 14.52 p 1,106,526 1,282,822 15.93 p - 8,155,133 44,907,187 - 8,975,274 38.03 p -  10.06 p 5,386,604 -88.01 q 2,533,605 3,352,232 32.31 p 2,541,886 3,330,084 31.01 p 8,281 -22,148 N/A q Income for the periods 1,850,907 2,618,905 41.49 p Net Income … *) 1,850,907 2,618,905 41.49 p Comprehensive Income FINANCIAL RATIOS 1,811,337 5,631,617 210.91 p DER (X) 11.40 10.20 -10.54 q NPM (%) 12.37 15.28 ROA (%) EBITDA Coverage (X) 1.08 16.93 *) … attributable to owners of the parent entity 1.22 13.51 p 19.56 15.54 p 23.56 p SHAREHOLDERS 1. Republic of Indonesia (Class A Dwiwarna Share) 2. Republic of Indonesia 3. Public AUDIT COMMITTEE 1. Kamaruddin Sjam 2. I Wayan Agus Mertayasa 3. Maurin Sitorus 4. Rachmat Supratman 5. Sondang Gayatri 6. Sumiyati 1 share 60.00% 40.00%
  257. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. CODE ISIN CODE Series Name BBTN14 Obligasi XIV Bank IDA000044804 BBTN15 IDA000048508 BBTN01CN1 BTN Tahun 2010 Obligasi XV Bank BTN Tahun 2011 Bank BTN Tahap I BBTN01CN2 Berkelanjutan I BBTN02DCN1 Berkelanjutan II BBTN02BCN1 Bank BTN Tahap I 1,300,000 30-Jun-11 28-Jun-21 10 years Bank BTN Tahap I 2,000,000 06-Jun-12 05-Jun-22 10 years 2,000,000 28-Mar-13 27-Mar-23 10 years 800,000 09-Jul-15 08-Jul-25 10 years 800,000 09-Jul-15 08-Jul-22 7 years 500,000 09-Jul-15 08-Jul-20 5 years 900,000 09-Jul-15 08-Jul-18 3 years BBTN02ACN2 Berkelanjutan II 1,653,000 31-Aug-16 30-Aug-21 5 years tahun 2016 Seri B tahun 2016 Seri A PT Bank Mega 05-Sep-17 05-Dec-17 05-Mar-18 PT Bank Mega 27-Sep-17 27-Dec-17 27-Mar-18 PT Bank Mega 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank Mega 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank Mega 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank Mega 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank Mega 30-Aug-17 30-Nov-17 02-Mar-18 PT Bank Mega 30-Aug-17 30-Nov-17 02-Mar-18 PT Bank Mega 7.90% 7.90% 10.50% 10.00% 9.88% 9.63% 8.75% Quarterly Obligasi Bank BTN Tahap II 28-Sep-17 28-Dec-17 28-Mar-18 9.50% Quarterly Obligasi Bank BTN Tahap II PT Bank Mega Quarterly tahun 2015 Seri A IDA0000755B9 11-Sep-17 11-Dec-17 11-Mar-18 Quarterly Obligasi Berkelanjutan II 10.25% Quarterly tahun 2015 Seri B Bank BTN Tahap I Trustee Quarterly Obligasi Berkelanjutan II Date Period Quarterly tahun 2015 Seri C Berkelanjutan II Coupon Payment Quarterly Obligasi Berkelanjutan II Coupon Structure / Quarterly tahun 2015 Seri D BBTN02ACN1 IDA0000755A1 10 years Obligasi Bank BTN Tahap I BBTN02BCN2 11-Jun-20 Term Tahun 2013 IDA0000696B5 IDA0000696A7 14-Jun-10 Date Issue Obligasi Bank BTN Tahap II IDA0000696C3 1,650,000 Date Maturity Tahun 2012 IDA000057608 BBTN02CCN1 (Rp Million) Listing Obligasi Berkelanjutan I IDA000052104 IDA0000696D1 Outstanding 1,347,000 31-Aug-16 30-Aug-19 3 years 8.20% Quarterly 11-Jun-18 28-Jun-18 05-Jun-18 27-Jun-18 08-Apr-18 08-Apr-18 08-Apr-18 08-Apr-18 02-Jun-18 02-Jun-18 Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Rating / Outlook AA Stable AA Stable AA Stable AA Stable AA Stable AA Stable AA Stable AA Stable AA Stable AA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 257
  258. TRADING HIGHLIGHT BBTN14 Listing Date ISIN CODE : IDA000044804 Jun-10 TRADING ACTIVITIES Volume 75 20 16 Frequency Jun-12 Trading Activities, Frequency Volume 60 Maturity Date Jun-14 Jun-16 Jun-18 Jun-20 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) 70.00 16.00 26.00 5.00 50.00 5 2 4 2 3 17 Frequency (X) Q3 5 Q4 9 Q1 5 Q2 66.00 10 8 3 45 12 Trading days 30 8 CTP Price - High 102.300 104.500 105.500 104.810 104.810 CTP Price - Low 100.500 101.300 103.860 104.750 IBPA Fair Price 102.278 103.260 104.874 101.838 103.500 104.143 Pastikan Link Grafik sudah bena 19-Jan 07-Apr Last Date 31-Mar 30-Jun 30-Sep 13.675 12.388 11.143 - Date 4 15 ar >> Turnover Ratio (%) Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 104 10.0 102 9.0 100 8.0 Convexity (yrs) Sensitivity (%) Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 28-Mar 03-Feb 9.5748 3.372 0.034 3.88 13-May 28-Jun 9.2533 3.217 0.032 6.30 22-Aug 22-Sep 8.6929 3.058 0.031 1.21 30-Dec 30-Dec 12.12 03-Jan 16.00 105.670 12-Jun 103.962 104.629 30-Dec 31-Mar 22-Jun 9.803 8.657 7.667 9.6156 2.869 8.8027 2.700 0.029 8.4695 2.546 0.027 0.025 This series was first listed on 14 June 2010 and will be matured on 11 June 2020. From 2016 to the first half of year 2017, total volume traded amounted to Rp233 billion with 19 of total trading days and with average turnover around 9.41% per quarter. The CTP market price for this series during the period was within the range of 100.5000% - 7.0 98 96 Mod. Duration (yrs) 11.0 16.97 105.6700% while IBPA fair price which ranged from 97.5537% to 105.4630%. Meanwhile IBPA yield for this series were 8.3356% at the lowest and 10.9523% at the highest. By the 6.0 end of June 2017, the outstanding amount of this series was Rp1.65 trillion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBTN15 Listing Date ISIN CODE : IDA000048508 TRADING ACTIVITIES Volume 35 28 Jun-11 Frequency 10 Volume 8 Frequency Maturity Date Jun-13 Trading Activities, Jun-17 Jun-19 2017 Price and Yield Q1 Q2 Volume (Rp bn) - - 30.00 2.00 2.00 - - 2 1 1 Frequency (X) - Turnover Ratio (%) - - Q3 Q4 6 6 Trading days 14 4 CTP Price - High N/A N/A 103.300 CTP Price - Low N/A N/A 101.520 IBPA Fair Price 99.661 100.625 101.999 31-Mar 30-Jun 20.204 18.718 2 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 100 9.0 97 8.0 94 7.0 91 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Jun-21 2016 21 7 258 Jun-15 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 9.5764 4.086 0.041 - N/A N/A 9.3419 3.943 0.039 9.23 Q1 2 0.62 99.020 11-Aug 30-Dec 22-Sep 30-Dec 99.000 Q2 2 0.62 20.00 6 3 6.15 99.040 105.000 99.020 101.000 30-Jan 30-Jan 08-Jun 07-Jun 99.010 101.943Pastikan 103.331 Link Grafik sudah bena 30-Sep 30-Dec 31-Mar 22-Jun 17.260 15.627 14.298 12.822 8.9777 3.797 0.038 9.7747 3.615 0.036 8.9371 3.468 0.035 8.5117 3.257 0.033 This series was first listed on 30 June 2011 and will be matured on 28 June 2021. This series has an outstanding amount of Rp1.30 trillion with fixed coupon per annum at 9.50%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 93.8449% at the lowest and 103.4767% at the highest. At the same period, the fair yield for this series was ranging from 8.4709% to 11.0107%.
  259. BBTN01CN1 Listing Date ISIN CODE : IDA000052104 Jun-12 TRADING ACTIVITIES Volume 30 20 16 Frequency Jun-14 Trading Activities, Frequency Volume 24 Maturity Date Jun-16 Volume (Rp bn) - 24.00 2.00 4.00 - - 6 1 1 - Frequency (X) - Turnover Ratio (%) - Q2 12 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price 91.891 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 102 PRICE AND YTM MOVEMENT 98 11.0 94 10.0 90 9.0 86 8.0 82 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 100.000 93.190 94.659 N/A 02-May 9.6516 9.4104 Sensitivity (%) Q1 2 0.40 88.090 Date Convexity (yrs) 2 100.020 15-Jun Mod. Duration (yrs) 12.0 Q4 99.000 N/A Last Date YTM (%) 4.80 Date IBPA Fair Yield (%) Price Q3 18 Trading days - Jun-22 2017 Q1 12 4 Jun-20 Price and Yield 18 6 Jun-18 2016 0.80 Q2 27.00 - 5 3 - 94.000 N/A 93.970 N/A 08-Aug 22-Dec 08-Aug 22-Dec 9.1139 9.9714 5.40 97.550 N/A 25-Apr N/A 07-Apr 95.760 91.390 95.371 9.0220 96.730 8.7193 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 27.344 25.681 24.023 22.049 20.605 19.225 4.740 0.047 4.607 0.046 4.469 4.282 0.045 0.043 4.155 0.042 4.027 0.040 This bond listed with nominal value of Rp2.0 trillion and interest rates of 7.90% per annum. This bond was effective from 6 June 2012 to 5 June 2022. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 88.0900% and 100.0200%, while in first semester 2017 was at range 95.795% - 97.5500%. Meanwhile IBPA fair price recorded at range 85.6805% - 96.2206% and in first semester 2017 at range 91.4134% - 96.8999%. During this periode observation, this series was traded with total volume amounted to Rp57 billion and transacted 27 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBTN01CN2 Listing Date ISIN CODE : IDA000057608 Mar-13 TRADING ACTIVITIES Volume 100 Frequency 10 Volume 80 8 Frequency Mar-15 Trading Activities, 80.00 52.00 20.00 40.00 4 3 2 1 1 4 CTP Price - High ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 98 11.0 94 10.0 90 9.0 86 8.0 82 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q2 8 9.60 100.050 Q3 6 16.00 93.480 92.252 93.653 31-Mar 30-Jun 30-Sep 33.282 31.731 29.989 Date 10-Mar 21-Apr 9.9989 9.4678 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 10.40 89.550 18-Apr IBPA Fair Price 4 95.500 02-Mar CTP Price - Low Q4 92.910 Date IBPA Fair Yield (%) Price Mar-23 2017 48.00 Frequency (X) 40 - Mar-21 Volume (Rp bn) Trading days - Mar-19 2016 Q1 6 2 Mar-17 Price and Yield 60 20 Maturity Date 88.870 89.510 5.196 0.052 5.095 0.051 Q1 4 4.00 98.010 Q2 2 8.00 93.650 48.00 2 1 9.60 95.053 13-Jul 11-Oct 08-Mar 07-Apr 13-Jul 11-Oct 08-Mar 07-Apr 9.2097 10.0834 9.0776 4.968 0.050 97.750 89.976 93.450 94.581 95.033 96.213 8.7432 30-Dec 31-Mar 22-Jun 27.773 26.348 24.400 4.781 0.048 4.679 0.047 4.474 0.045 This series was first listed on 28 Mar 2013 and will be matured on 27 Mar 2023. This series has an outstanding amount of Rp2.00 trillion with fixed coupon per annum at 7.90%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 84.3838% at the lowest and 96.2888% at the highest. At the same period, the fair yield for this series was ranging from 8.7252% to 11.0673%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 259
  260. BBTN02DCN1 Listing Date ISIN CODE : IDA0000696D1 TRADING ACTIVITIES Volume 5 4 Jul-15 Frequency 5 Volume 4 Frequency Maturity Date Jul-17 Jul-19 Jul-21 Jul-23 Jul-25 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 103.761 105.232 106.638 101.151 107.613Pastikan 109.410 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 45.932 44.523 43.041 40.278 39.664 38.447 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 98 10.0 92 9.0 86 8.0 80 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A 9.8709 5.817 Mod. Duration (yrs) Convexity (yrs) 0.058 Sensitivity (%) - N/A N/A 9.6253 5.751 0.058 N/A 9.3809 5.676 0.057 - - N/A N/A 10.2951 - N/A N/A N/A N/A 9.1714 5.477 5.481 0.055 0.055 8.8516 5.423 0.054 This series was listed since 09 July 2015 with a maturity date on 08 July 2025 and has a fixed interest rate of 10.500% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 96.3361% - 109.4102% and on the other side IBPA’s Yield range between 8.8516% - 11.1295%. The outstanding for this series since issuance date were noted at Rp800.00 billion. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBTN02CCN1 Listing Date ISIN CODE : IDA0000696C3 Jul-15 TRADING ACTIVITIES Volume 40 Frequency 10 Volume 32 8 Frequency Jul-16 Maturity Date Jul-17 Trading Activities, Jul-19 Jul-20 Jul-21 2016 Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 Q3 Q4 Q1 37.00 - - - 3 - - - 6 Jul-22 2017 - - - Q2 14.00 2 1 24 6 Trading days 16 4 CTP Price - High N/A 102.020 N/A N/A N/A 102.880 CTP Price - Low N/A 100.000 N/A N/A N/A 102.860 IBPA Fair Price 101.563 102.450 103.887 100.061 104.008Pastikan 105.165 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 26.030 24.509 23.020 21.154 19.871 18.614 2 8 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 101 10.0 98 9.0 95 8.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 260 Jul-18 INDONESIA BOND MARKET DIRECTORY 2016-2017 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 9.6585 4.532 0.045 18.50 21-Jun 10-Jun 9.4611 4.411 0.044 - N/A N/A 9.1256 4.290 0.043 - - N/A N/A 9.9850 N/A 4.111 0.041 N/A 9.0290 4.004 0.040 7.00 10-Apr 10-Apr 8.7224 3.890 0.039 This series listed on 09 July 2015, and matured on 08 July 2022. This series listed with nominal amount of Rp800.00 billion and have fixed interest rate per annum at 10.00%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 100.0000% at the lowest and peaked at 102.8800%. However, IBPA fair price booked 95.1873% to 105.6616%. Meanwhile, the yield valued by IBPA was 8.6809% at the lowest, and 11.0468% at the highest. During 2016, average volume recorded by Rp9.25 billion/quarter and transacted 1.5 times/quarter, while during the first semester of 2017 decreased to Rp7.00 billion/quarter and transacted 1.00 time/quarter.
  261. BBTN02BCN1 Listing Date ISIN CODE : IDA0000696B5 Jul-15 TRADING ACTIVITIES Volume 75 Frequency 10 Volume 60 8 Frequency Jul-16 Trading Activities, Maturity Date Jul-17 Jul-18 Jul-19 Jul-20 2016 Price and Yield Q1 Volume (Rp bn) 2017 Q2 Q3 35.00 - - 4.00 60.00 2 - - 2 1 4 Frequency (X) - Q4 - Q1 4 Q2 10.00 6 2 2 45 6 Trading days 30 4 CTP Price - High 100.000 N/A N/A 102.600 103.800 103.750 CTP Price - Low 100.000 N/A N/A 102.500 103.000 103.730 IBPA Fair Price 100.914 102.042 103.375 100.720 103.378 103.480 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 13.949 12.664 11.405 10.062 8.926 7.913 2 15 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM BBTN02ACN1 Sensitivity (%) 08-Mar 9.6032 3.380 0.034 - N/A 3.20 N/A N/A 9.2603 3.228 10-Nov N/A 8.8129 3.070 0.032 0.031 14-Nov 9.6308 2.884 48.00 29-Mar 29-Mar 8.6678 2.722 0.029 Frequency 20 Volume 200 16 Frequency 19-Jun 16-Jun 8.5631 2.568 0.026 The series listed on 9 July 2015 and will be matured on 8 July 2020. This series listed with nominal amount of Rp500 billion and has interest rate per annum at 9.88%. From 2016 until at the end second quarter in 2017, this series traded 16 times in 7 trading days with total volume booked of Rp109 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 100.0000% and 103.8000%. Based of IBPA fair price in 2016, this series has a fair price between 96.1897% - 101.1358% and fair yield between 8.6156% - 10.9576%. At the end of second the fair price amounted to 100.7689% - 103.7793%. Jul-15 TRADING ACTIVITIES 8.00 0.027 Listing Date ISIN CODE : IDA0000696A7 250 Convexity (yrs) 08-Mar - quarter in 2017, the fair yield had recorded at 8.4633% until 9.6140%, on the other side, l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume Mod. Duration (yrs) 28.00 Jan-16 Trading Activities, Maturity Date Jul-16 Jan-17 Jul-17 Jan-18 2016 Price and Yield Q1 Volume (Rp bn) 35.00 231.00 - 36.00 34.00 4 5 - 2 2 Frequency (X) Q2 Jul-18 2017 5 Q3 19 - Q4 Q1 4 Q2 6 1.00 2 1 150 12 Trading days 100 8 CTP Price - High 101.100 103.000 N/A 101.930 102.200 102.000 CTP Price - Low 98.500 100.000 N/A 101.860 101.150 101.980 IBPA Fair Price 100.677 101.727 101.955 100.757 101.725 102.038 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.711 3.860 3.062 2.331 1.701 1.216 4 50 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 7.0 97 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 15.56 23-Feb 21-Jan 9.2770 Mod. Duration (yrs) 1.976 Sensitivity (%) 0.020 Convexity (yrs) 102.67 09-Jun 10-Jun 8.6833 1.785 0.018 - N/A N/A 8.4247 1.584 0.016 16.00 20-Dec 10-Oct 9.0856 1.373 15.11 24-Jan 24-Jan 8.1594 0.014 1.161 0.012 0.44 09-Jun 09-Jun 7.5740 0.970 0.010 This series listed on 09 July 2015, and matured on 08 July 2018. This series listed with nominal amount of Rp900.00 billion and have fixed interest rate per annum at 9.63%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 98.5000% at the lowest and peaked at 103.0000%. However, IBPA fair price booked 97.7929% to 102.6862%. Meanwhile, the yield valued by IBPA was 7.5336% at the lowest, and 10.6375% at the highest. During 2016, average volume recorded by Rp75.50 billion/quarter and transacted 7 times/quarter, while during the first semester of 2017 decreased to Rp17.50 billion/quarter and transacted 4.00 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 261
  262. BBTN02BCN2 Listing Date ISIN CODE : IDA0000755B9 TRADING ACTIVITIES Volume 150 120 Aug-16 20 16 Frequency Aug-17 Trading Activities, Frequency Volume Maturity Date Aug-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 135.00 91.00 28.50 - N/A 4 3 4 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 60 8 CTP Price - High N/A 30 4 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Aug-21 2017 Q1 12 Q1-16 Aug-20 Price and Yield 90 ar >> Aug-19 2016 N/A N/A 17 32.67 Q1 7 22.02 Q2 9 - 6.90 - N/A 101.700 101.650 100.700 N/A N/A 100.600 100.600 100.000 N/A N/A 101.262 95.930 100.676 100.235 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 18.619 16.766 15.460 14.176 N/A N/A N/A N/A N/A 26-Sep 02-Sep 8.4326 3.943 0.039 11-Oct 14-Nov 9.8471 3.739 0.037 17-Jan 17-Jan 8.5631 3.604 0.036 N/A N/A 8.6812 3.459 0.035 This series was first listed on 31 Aug 2016 and will be matured on 30 Aug 2021. This series has an outstanding amount of Rp1.65 trillion with fixed coupon per annum at 8.75%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 94.0183% at the lowest and 101.7228% at the highest. At the same period, the fair yield for this series was ranging from 8.3132% to 10.3587%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BBTN02ACN2 Listing Date ISIN CODE : IDA0000755A1 TRADING ACTIVITIES Volume 225 180 Aug-16 Frequency 15 Volume 12 Frequency Trading Activities, Aug-17 Q3 Q4 Volume (Rp bn) N/A N/A 220.00 80.00 24.00 N/A 4 1 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 90 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Aug-19 2017 Q2 N/A - Feb-19 Q1 Trading days ar >> Aug-18 Price and Yield 9 3 Feb-18 2016 135 45 262 Feb-17 Maturity Date N/A N/A 11 65.33 Q1 3 23.76 Q2 9 7.13 5.00 1 1 1.48 N/A 100.500 100.020 N/A 100.000 100.000 N/A 100.446 97.098 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.648 6.453 5.429 4.595 N/A N/A N/A N/A N/A 22-Sep 09-Sep 8.0251 2.556 0.026 99.500 100.700 99.080 100.700 99.032 99.829 16-Nov 14-Feb 16-Nov 27-Jan 9.4421 8.6461 2.344 0.023 2.148 0.021 18-May 18-May 8.2844 1.975 0.020 The Bonds issued with nominal value of Rp1.35 trillion and interest rates of 8.20% per annum. This bond is effective from 31 August 2016 to 30 August 2019. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0000% - 100.5000%, while in first semester 2017 this bond was traded between 99.0800% and 100.7000%. In first semester 2017, IBPA fair price recorded at range 97.1191% - 99.9634%. During 2016 this bond was traded with volume amounting to Rp300.00 billion and transacted 14 times, meanwhile in a half of year 2017 recorded by Rp29.00 billion and transacted 10 times.
  263. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BBTN14 Q2-2016 70 26 BBTN15 30 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 7.1% 2.5% BBTN01CN1 1.5% BBTN01CN2 48 80 52 10.0% BBTN02DCN1 BBTN02CCN1 37 4.6% BBTN02BCN1 35 7.8% BBTN02ACN1 35 231 BBTN02BCN2 135 BBTN02ACN2 91 220 - 36 13.7% 80 200 33.6% 22.3% 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 263
  264. IBPA ANALYTICAL REVIEW Description PT Bank Tabungan Negara (Persero) Tbk (BBTN) was Peer Group No. Company Total Revenue Net Profit Revenue 1. PT Bank Rakyat Indonesia (Persero) Tbk. (Rp Bill) Margins (%) Growth (%) 94,788 27.7 10.9 Tabungan Negara in 1963. 3. PT Bank CIMB Niaga Tbk. 21,325 The bank has been focused on the housing finance, 5. PT Bank Tabungan Negara (Persero) Tbk. established in 1897 under the name Postspaarbank. The government then changed the name into Bank Tabungan Pos in 1950 and finally changed into Bank 2. PT Bank Mandiri (Persero) Tbk. 4. PT Bank Pan Indonesia Tbk. Subsidized financing Mortgages. housing The sector bank through conducts three its main products which are consumer banking, commercial banking, and Islamic banking. market (KPR) in Indonesia with market share of 33.57%. The company also a leader in the role of disbursing communities subsidized with KPR 96,12% of for low-income subsidy 17,447 14.4 17,139 6.1 9.8 (4.5) 15.3 14.5 3.1 Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo IdAA+ Affirmed 30-Mar-17 Stable 3. Pefindo IdAA+ Affirmed 18-Jul-16 Stable 2. Pefindo The company has been the leading of housing loan 17.0 Financial Statement as of Fiscal Year 2016 particularly through the Home Ownership Loan (mortgage), both Subsidized Mortgages and Non- 86,088 4. Pefindo 5. Pefindo IdAA+ IdAA+ IdAA Affirmed 10-Mar-17 Upgraded* Affirmed 21-Mar-16 9-Jun-15 Stable Stable Stable *The upgrade was due to the bank’s stronger level of support from its controlling shareholder amount disbursed. The company is also the main contributor in government’s one million housing program in which in 2016, the company disbursed 595,566 houses with credit value of Rp63.99trillion. As of December 2016, BBTN’s shareholders are Government (60.00%) and Public (40.00%). SWOT Analysis S trengths W eaknesses -Strong and proven support from -Modest asset quality the controlling shareholder by -Moderate Profitability Government of Indonesia -Very strong business position in mortgage loan segment Financial Analysis Bank BTN managed to grow its Net Interest Margin -Strong relationships with housing business stakeholders (NIM) slightly to 4.98% in 2016 from 4.87% in 2015. The increase in NIM was driven by the increase in the bank’s net interest revenue by 19.58% from Rp6.38 trillion in 2015 to Rp7.63 trillion in 2016. The positive growth of interest revenue was backed by the growth in the bank’s third party deposits by 25.28% to Rp159.99 trillion. The bank’s asset quality improved as reflected by decreasing net Non Performing Loan (NPL) to 1.85% from 2.11%. The bank posted strong profitability which is showed by increasing net income in by 41.49% to Rp5.63 trillion in 2016 from Rp1.85 trillion in 2015. 264 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Increasing purchasing power -Increasing purchasing power -Government housing program -Government housing program -Growth digital banking business -Growth digital banking business
  265. BCAF PT BCA Finance Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : AAA(idn) Stable June 2017 ADDRESS Wisma BCA Pondok Indah 2nd Floor Jln. Metro Pondok Indah No. 10 Jakarta 12310 Phone : (021) 2997-3100 Fax : (021) 2997-3200 Finance Financial Institution www.bcafinance.co.id Bambang Prastyanto corporate_planning@bcafinance.co.id BCA Finance (“Company”) was established in 1981 under the name PT Central Sari Metropolitan Leasing Corporation (CSML). At its inception, the Company’s shareholders consisted of PT Bank Central Asia and Japan Leasing Corporation. At that time the company still focused its business on commercial finances such as the production machines, heavy equipment, and transportation. By the Decree of the Minister of Finance of the Republic of Indonesia No. 441/KMK.017/1995 dated 14 September 1995 and Decree of the Minister of Finance of the Republic of Indonesia No. KEP034/KM.5/2006 dated 20 February 2006, the Company obtained a renewed business license as a finance institution to conduct activities in Leasing, Factoring, Credit Card, and Consumer Financing. Subsequently in 2001 the Company changed its name to PT Central Sari Finance (CSF), followed by a change of ownership, where PT Bank Central Asia (BCA) becomes the majority shareholder, as well as changes in business focus to automotive financing especially four wheel vehicles. Finally, pursuant to the Decree of the Minister of Law and Human Rights of the Republic of Indonesia No.C-08091 HT.01.04.TH.2005, as of 28 March 2005 the Company changed its name to PT BCA Finance. Along with the name change, the Company’s performance grew sharply, as reflected in the amount of new financing that consistently rose from year to year, which reached Rp3.3 trillion in 2005 to Rp20.4 trillion in 2011, or grew more than 600% in just over 6 years. This achievement is inseparable from the full support given by its parent company, PT BCA Tbk. The Company still focuses on automotive financing and continuously expand its market share. Some of these efforts are such as application of appropriate strategies, expansion by opening new branches, and provision of its best service to customers. The Company’s marketing network is relatively broad, up to December 2016, it has 61 business networks that are scattered in 54 major cities throughout Indonesia. BOARD OF COMMISSIONERS 1. Ricki Immanuel 2. Adhi Gunawan Budirahardjo * 3. Sulistiyowati * *) Independent Commissioner BOARD OF DIRECTORS 1. Roni Haslim 2. Amirdin Halim 3. David Pangestu 4. Lim Handoyo 5. Petrus Santoso Karim FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 83,824 127,288 3,003 4,593 Chg % 52.95 p 51.85 p 5,523,512 6,622,692 Total Assets 6,824,017 8,151,864 19.46 p Total Liabilities 4,634,342 5,249,823 13.28 p 500,000 500,000 20.0 20.0 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 179,696 894,440 50.0 Authorized Capital Paid up Capital 200,000 Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses 10,000 197,813 1,676,397 50.0 200,000 10,000 1,989,675 2,702,041 - - 2,189,675 2,902,041 19.90 p 10.08 p 87.42 p -  -  -  -  -  35.80 p 32.53 p -  2,189,675 2,902,041 32.53 p 2,379,076 2,639,418 10.94 p 303,937 295,568 -2.75 q 980,227 1,127,131 14.99 p Earning Before Tax 1,398,849 1,512,287 Income for the periods 1,047,225 1,138,699 8.73 p Net Income … *) 1,047,225 1,138,699 8.73 p EBITDA Comprehensive Income 1,713,689 1,050,658 FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 2.12 1,821,897 1,132,366 8.11 p 6.31 p 7.78 p 1.81 -14.53 q 15.35 13.97 -8.98 q 5.64 6.16 9.32 p 44.02 43.14 -1.99 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Bank Central Asia Tbk. 2. BCA Finance Ltd. (Hongkong) 99.58% 0.42% AUDIT COMMITTEE 1. Adhi Gunawan Budirahardjo 2. Daan Rahardja 3. Mendari Handaya INDONESIA BOND MARKET DIRECTORY 2016-2017 265
  266. AS OF JUNE 2017 CODE No . ISIN CODE Series Name Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.00% 20-Sep-17 20-Dec-17 20-Mar-18 PT Bank Mega 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega Period Obligasi BCAF02CCN1 Berkelanjutan II BCA 1. Finance Tahap I IDA0000675C7 422,000 23-Mar-15 20-Mar-18 3 years Tahun 2015 Seri C Obligasi BCAF02BCN2 Berkelanjutan II BCA 2. Finance Tahap II IDA0000734B4 250,000 22-Jun-16 8.15% 3 years 21-Jun-19 Tahun 2016 Seri B 1,000,000 22-Jun-16 01-Jul-17 01-Jul-17 - 7.45% 370 days Tahun 2016 Seri A Tbk. 21-Jun-18 Quarterly Obligasi BCAF02ACN2 Berkelanjutan II BCA 3. Finance Tahap II IDA0000734A6 Tbk. - Quarterly - Quarterly Rating / Outlook AAA Stable AAA Stable PT Bank Mega Pastikan AAA Link Grafik sudah be Tbk. Stable Pastikan Link Grafik sudah be TRADING HIGHLIGHT BCAF02CCN1 Listing Date ISIN CODE : IDA0000675C7 Mar-15 TRADING ACTIVITIES Volume 150 Frequency 30 Volume 120 24 Frequency Q2 Volume (Rp bn) 126.00 8 Frequency (X) 60 12 CTP Price - High - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) enar >> Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 25 119.43 Mar-18 2017 Q3 Q4 Q1 35.20 31.00 49.00 12.00 2 5 6 3 9 14 33.36 29.38 28-Jun 22-Sep 09-May 21-Jul 11 Q2 4 126.00 19 8 46.45 11.37 119.43 18-Oct 07-Feb 20-Apr 28-Nov 05-Jan 20-Jun 100.2500 101.2500 102.1500 101.3500 101.5000 101.7200 17-Mar 98.7500 08-Jan 99.5000 101.3000 98.6100 100.8500 100.7009 100.4970 100.6941 101.3846 100.0138 101.3330 101.3383 8.7077 8.5607 7.9922 8.9858 7.5360 7.1376 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.775 2.979 2.264 1.621 1.089 0.694 Mod. Duration (yrs) 1.784 Sensitivity (%) 0.018 Convexity (yrs) Jun-17 2016 Q1 Trading days enar >> Sep-16 Price and Yield 18 6 Dec-15 Trading Activities, 90 30 Maturity Date 1.578 0.016 1.365 0.014 1.143 0.011 0.920 0.009 0.715 0.007 This series has an outstanding amount of Rp422 billion with fixed coupon perPastikan annum atLink Grafik sudah be 9.00%. From 2016 to the end of June 2017, the trading volume for the series was Rp379.20 billion and the total trading frequency was 82 times. The market prices for thisLink Grafik sudah be Pastikan series were 98.6100% at the lowest and 102.1500% at the highest. IBPA valued the fair prices for this series were 97.8852% for the lowest and 101.8621% for the highest. At the same period, the fair yield for this series was ranging from 6.8046% to 10.0771%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 266 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  267. BCAF02BCN2 ISIN CODE : IDA0000734B4 100 20 16 Frequency Mar-17 Trading Activities, Dec-17 Sep-18 Jun-19 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) N/A 80.00 49.00 12.00 - N/A 1 6 3 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 10 Q1 6 Q2 60.00 - 15 5 60 12 Trading days 40 8 CTP Price - High N/A 100.0000 100.8800 97.8700 N/A 101.1000 CTP Price - Low N/A 99.9900 100.3000 97.3000 N/A 100.4500 IBPA Fair Price N/A 100.1293 100.3147 97.7305 99.9024 101.0913 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.959 6.818 5.704 4.739 3.940 4 20 - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0  IBPA Fair Price  YTM BCAF02ACN2 1000 29-Jun 26-Jul 29-Jun 26-Sep 8.0999 2.614 8.0195 2.418 0.026 0.024 19.20 30-Dec 01-Dec 9.1846 2.208 - Frequency 75 Volume 60 Frequency 96.00 N/A 22-Jun N/A 26-Apr 8.1863 2.009 0.022 7.5561 1.829 0.020 0.018 The series listed on 22 June 2016 and will be matured on 21 June 2019. This series issued with nominal amount of Rp250.00 billion and has interest rate per annum at 8.15%. Since this series issued until at the end second quarter in 2017, this series traded 33 times in 15 trading days with total volume booked of Rp201.00 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 97.3000% and 101.1000%. Based of IBPA fair price in 2016, this series has a fair price between 96.8163% - 101.6810% and fair yield between 7.4906% - 9.5629%. At the the other side, the fair price amounted to 97.8807% - 101.3281%. Jun-16 TRADING ACTIVITIES 1250 78.40 Listing Date ISIN CODE : IDA0000734A6 Volume 128.00 end of second quarter in 2017, the fair yield had recorded at 7.4349% until 9.1179%, on l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Maturity Date Sep-16 Trading Activities, Dec-16 Mar-17 Jun-17 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A 101.00 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2017 Q3 8 Q4 Q1 1004.00 249.00 93.25 14 9 6 64 23 Q2 10 54.50 5 750 45 Trading days N/A 500 30 CTP Price - High N/A CTP Price - Low N/A 99.9800 100.0000 99.6800 IBPA Fair Price N/A 99.9900 100.4235 99.7359 100.1541 100.0279 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 1.146 0.699 0.353 0.119 0.007 250 - enar >> enar >> Frequency Volume 80 Maturity Date Jun-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Price 102 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 40.40 401.60 28-Jun 31-Aug 30-Jun 11-Jul 99.60 5 37.30 21.80 17-Mar 13-Jun 04-Jan 09-May 100.0800 100.5100 100.6000 100.1700 100.0700 7.4602 0.940 0.009 6.8677 0.714 0.007 10-Oct 16-Dec 7.9907 0.480 99.9700 100.0200 6.7461 0.005 0.241 0.002 6.2699 0.025 0.000 This series listed on 22 June 2016, and matured on 01 July 2017. This series listed with nominal amount of Rp1000.00 billion and have fixed interest rate per annum at 7.45%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 99.6800% at the lowest and peaked at 100.6000%. However, IBPA fair price booked 99.6104% to 100.4927%. Meanwhile, the yield valued by IBPA was 6.0783% at the lowest, and 8.1632% at the highest. During 2016, average volume recorded by Rp338.50 billion/quarter and transacted 23.75 times/quarter, while during the first semester of 2017 decreased to Rp73.88 billion/quarter and transacted 7.50 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 267
  268. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BCAF02CCN1 126 BCAF02BCN2 80 BCAF02ACN2 101 - 268 Q2-2016 35 31 49 49 Q3-2016 Q4-2016 57.2% 56.4% 1,004 100 Turnover Outstanding in Year 2016 200 300 400 500 INDONESIA BOND MARKET DIRECTORY 2016-2017 600 135.4% 249 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500
  269. IBPA ANALYTICAL REVIEW Description PT BCA Finance (BCAF) was established in 1981 under the name of PT Central Sari Metropolitan Leasing Corporation (CSML). Initially, PT Bank Central Asia and Japan Leasing Corporation were BCAF’s shareholders. At that time, BCAF was focusing its business on commercial finance, such as financing for production machines, heavy equipment, and Peer Group No. Company Total Revenue 1. PT BFI Finance Indonesia Tbk. 2. PT Sarana Multi Infrastruktur (Persero) 3. PT BCA Finance 5. PT Mandiri Tunas Finance ongoing positive performance and to realize BCAF’s Historical Corporate Ratings No. operational excellence, most competitive price, prudent principle, and mutual relationship. As of December 2016, BCAF is owned by PT Bank Central Asia Tbk (BBCA, 99.58%) and BCA Finance 52.1 213.2 2,594 13.5 19.4 43.1 2,449 10.9 1.4 23.2 Financial Statement as of Fiscal Year 2016 mission of providing the best value to stakeholders, BCAF consistently implement four strategies covering: Revenue 2,329 2,639 4. PT Toyota Astra Financial Services transportation. Up to today, the car financing sector remains BCAF’s core business. In maintaining an Net Profit (Rp Bill) Margins (%) Growth (%) 3,227 24.7 14.0 Rating Agency Rating Rating Status 1. Fitch Ratings AAA(idn) Affirmed 3. Fitch Ratings AAA(idn) Affirmed 5. Fitch Ratings AAA(idn) 2. Pefindo 4. Fitch Ratings idAAA AAA(idn) Rating Date Outlook 21-Apr-17 Stable 4-May-16 Stable Affirmed 11-Nov-16 Affirmed 4-May-15 Assigned 15-Feb-15 Stable Stable Stable Limited, Hong Kong (0.42%). SWOT Analysis S W trengths eaknesses -Strong support from shareholder -Limited number of branch and (BCA) network -Favorable assets quality indicators -Concentration risk in consumer -Strong market position in financing income automotive financing industry -High margin compare to its peers Financial Analysis In 2016, BCAF’s total revenue was Rp2,64 trillion, increased by 10.94% compared to 2015. The increase in line with the increase in the Company’s assets under management, especially in consumer financing. In 2016, BCAF’s income from consumer financing reached Rp2.17 trillion, or 9.73% increase compared to the figure in 2015. BCAF’s expenses amounted to Rp1.13 trillion in 2016, increased by 14.99% compared to 2015. The incremental was primarily due to general and administrative expenses that rose by 35.84% from Rp291.46 billion to Rp395.93 billion. In 2016, BCAF’s net profit amounted to Rp1.14 trillion, O T pportunities hreats -Growing automotive industry -Growing automotive industry -Expansion opportunity outside Java -Expansion opportunity outside Java area area increased by 8.73% from the previous year amounted to Rp1.05 trillion. As of December, 31, 2016, BCAF’s total assets was Rp8.16 trillion, increased by 19.46% from Rp6.82 trillion in 2015. In 2016, BCAF’s NonPerforming Loan was recorded at 0.84%, or improved by last year figure which was at 0.99%. INDONESIA BOND MARKET DIRECTORY 2016-2017 269
  270. idBBB BCAP PT MNC Kapital Indonesia Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 1. MNC Bank, a fully licensed bank targeting both corporate and consumer market in mobilizing third party funds and lending. 2. MNC Finance, focuses on consumer financing with the majority portfolio in secondary mortgage and secondhand cars. 3. MNC Sekuritas, provides equity and fixed income brokerage, online brokerage services, investment banking and financial advisory services as well as research. 4. MNC Life, offers a wide range of protection covering the traditional life and health insurance products as well as wealth accumulation and unit link products in co-operation with MNC Asset Management. 5. MNC Insurance, provides a diverse range of innovative general insurance products targeting retail and corporate clients. 6. MNC Leasing, focuses on corporate clients with leasing services, both operating and financial lease including factoring. 7. MNC Asset Management, provides a wide range of domestic mutual funds with different risk profile, offshore funds, private equity & unit link asset management in co-operation with MNC Life. MNC Kapital Indonesia is the majority shareholder of MNC Finance, MNC Sekuritas, MNC Life, MNC Insurance, MNC Leasing, and MNC Asset Management, and the controlling shareholder of MNC Bank. MNC Kapital Indonesia is capitalizing on distinctive advantages to achieve high growth: 1. Benefit of the strong impact of the MNC Brand; 2. Creating synergies amongst subsidiaries; 3. Owned an integrated digital infrastructure & branch offices. MNC Kapital Indonesia developed several strategies : • Creating a one-stop financial service centre (financial supermarket); • Maximizing value creation and creating greater synergies amongst subsidiaries; • Developing an integrated online system (digitalization); • Strengthening market penetrations; • Focusing on retail businesses; • Implementing better risk management, corporate governance & lowering acquisition cost as well as cost of funds; • Expanding our investments through inorganic means (mergers and acquisitions) . BOARD OF COMMISSIONERS 1. Darma Putra Wati 2. Tien 3. Wina Armada Sukardi * *) Independent Commissioner BOARD OF DIRECTORS 1. Gregorius Andrew Andryanto Haswin 2. Mahjudin 3. Mashudi Hamka 270 ADDRESS MNC Financial Center 21st Floor Jln. Kebon Sirih No. 21-27 Jakarta 10340 Phone : (021) 2970-9700 Fax : (021) 398-36886 Finance Others www.mncfinancialservices.com Deisy Christina corsec.mncfinancialservices@mncgroup.com MNC Kapital Indonesia or better known as MNC Financial Services was established in early 2000 to cater all the financial businesses operated by the Group including its future expansions. In 2001, MNC Financial Services went public on the Indonesian Stock Exchange. Currently, MNC Financial Services provides products and services in the following business units: 4. Totok Sugiharto 5. Wito Mailoa INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 4,054,106 5,038,294 3,682,608 - 200,743 Chg % 3,245,481 -11.87 q - 224,300 24.28 p -  -  11.73 p Total Assets 19,394,669 22,216,019 14.55 p Total Liabilities 14,190,663 15,810,740 11.42 p 1,500,000 1,500,000 4,689 5,473 Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses Operating Profit Other Income (Expenses) 2,119,189 15,000 468,939 100 450,045 1,953,738 2,287,344 909,313 968,512 1,095,060 - Net Income … *) -43,249 NPM (%) EBITDA Coverage (X) 1,142,224 1,376,627 - -  16.71 p 16.71 p -  26.83 p 8.33 p 23.08 pLink Grafik sudah be Pastikan Pastikan Link Grafik sudah be 17.08 p 25.71 p 6.51 p -  -  N/A q -38,941 -1.58 q -45,713 -5.70 q 1,022,677 21,054 -100,543 2.73 -  -57,795 958,115 FINANCIAL RATIOS 32.86 p 404,332 -10.16 q 6,405,279 -38,336 ROA (%) 100 5,204,006 Income for the periods DER (X) 547,284 5,263,055 1,054,421 858,678 Comprehensive Income 15,000 4,149,585 Earning Before Tax EBITDA 2,815,557 2.47 6.74 p N/A q -9.48 q -0.20 -0.18 11.32 p 1.05 1.06 0.21 p -1.96 -1.70 13.24 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT MNC Investama Tbk. 2. Public 3. UOB Kay Hian (Hong kong) Ltd. 4. HT Capital Investment Ltd. 5. Darma Putra 6. Tien 7. Totok Sugiharto AUDIT COMMITTEE 1. Wina Armada Sukardi 2. Jenny Tajuw 68.79% 14.79% 9.24% 7.12% 0.04% 0.02% 0.00%
  271. AS OF JUNE 2017 CODE No . 1. ISIN CODE 225,000 MNC Kapital Indonesia IDA000060305 Listing (Rp Million) Obligasi Berkelanjutan I BCAP01CN1 Tahap I Tahun 2013 Maturity Date Issue Date 08-Jul-13 05-Jul-18 Term Coupon Structure / Coupon Payment Date Trustee 12.00% 05-Jul-17 05-Oct-17 05-Jan-18 PT Bank CIMB Period 5 years Niaga Tbk. 05-Apr-18 Quarterly Rating / Outlook BBB Stable TRADING HIGHLIGHT BCAP01CN1 Listing Date ISIN CODE : IDA000060305 200 160 Jul-13 TRADING ACTIVITIES Volume 30 24 Frequency Jul-14 Jul-15 Jul-16 Price and Yield Q1 Q2 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - - 199.00 16.00 - - - 8 5 - - - 80 12 CTP Price - High N/A N/A 40 6 N/A N/A - - CTP Price - Low Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A Date N/A IBPA Fair Price Price 104 PRICE AND YTM MOVEMENT 14.0 102 13.0 100 12.0 98 11.0 96 10.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 100.4489 100.7732 11.5628 Mod. Duration (yrs) 1.903 1.720 Sensitivity (%) 0.019 Last Date YTM (%) - 11.7531 IBPA Fair Yield (%) 31-Mar 4.458 Convexity (yrs) 2017 Q4 Trading days Date Jul-18 Q3 18 Q1-16 Jul-17 2016 Trading Activities, Frequency Volume Maturity Date 120 enar >> enar >> Series Name Outstanding 30-Jun 3.654 0.017 28 353.78 Q1 10 - 28.44 25-Aug 20-Sep - - 100.7000 100.7000 98.0000 Q2 31-Oct - N/A N/A N/A N/A N/A 99.9500 30-Nov N/A N/A N/A 99.9998 100.3874 101.5459 101.7625 11.9986 11.7154 10.6463 10.1813 1.526 1.330 1.127 0.942 30-Sep 2.894 0.015 30-Dec 31-Mar 2.222 0.013 1.626 0.011 22-Jun 1.163 0.009 This bond series was first listed on 8 July 2013 and will be matured on 5 July 2018. This series has an outstanding amount of Rp225 billion with fixed coupon at 12.00% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 97.4515% at the lowest and 101.7868% at the highest. At the same period, the IBPA fair yield for this series was ranging from 10.1803% to 13.2122%. 9.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 BCAP01CN1 Q4-2016 199 - 25 50 75 100 Turnover Outstanding in Year 2016 16 125 150 175 200 95.6% 225 250 INDONESIA BOND MARKET DIRECTORY 2016-2017 271
  272. IBPA ANALYTICAL REVIEW Description PT MNC Kapital Indonesia Tbk (BCAP) was founded by one of Indonesia’s prominent conglomerates, Hary Tanoesoedibjo, in 1989. BCAP started its business as a brokerage house and subsequently expanded into an asset management business in 1996. Then in 2012, the Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 2,287 (1.7) 17.1 1. PT MNC Kapital Indonesia Tbk. 2. PT Danareksa (Persero) 637 18.3 5.8 Company changed its name to PT MNC Kapital Indonesia Tbk. In 2014, BCAP passed the fit and proper test conducted by OJK and got OJK approval to be the major Financial Statement as of Fiscal Year 2016 shareholder of PT Bank ICB Bumiputera Tbk that subsequently changed the Bank’s name to PT Bank MNC International Tbk. Today, BCAP has become an investment holding company that has seven subsidiaries that engage in securities, asset management, consumer financing, lease financing, life insurance, non-life insurance, and banking business. In 2016, the Company started to develop Integrated Branches to provide integrated services under 1 (one) roof Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idBBB Affirmed 12-Apr-17 Stable 3. Pefindo idBBB Affirmed 13-Apr-15 Stable 2. Pefindo 4. Pefindo idBBB idBBB Affirmed 13-Apr-16 Affirmed 8-Apr-14 Stable Stable in 7 MNC Kapital subsidiaries in 4 branches. The Company plans to launch the Integrated Branches on several locations in 2017. By the end of December 2016, the shareholders composition of BCAP are PT MNC Investama Tbk 68.79%, UOB Kay Hian (Hongkong) Ltd 9.24%, HT Capital Investment Ltd 7.12%, and Public with 14.85% shares ownerships. SWOT Analysis S trengths W eaknesses - Strong impact from the MNC Brand - High dependence on the Group - Adequate liquidity and financial and its founder. flexibility. Financial Analysis In 2016, the total assets of BCAP reached Rp22.22 trillion, an increase of Rp2.82 trillion (14.55%) from Rp19.39 trillion in 2015. The increase was due to securities and lending which grew by Rp1.30 trillion and Rp862.82 billion respectively. BCAP’s total revenues in 2016 also increased Rp333.61 billion (17.08%) from Rp1.95 trillion in 2015 to Rp2.29 trillion in this year. The increase was due to interest and dividends, also financing income and operating leases which grew by Rp114.72 billion and Rp87.06 billion respectively. However, BCAP’s current year loss increased by Rp605 million from Rp38.34 billion in 2015 to Rp38.94 billion in 2016. This increase of net loss was due to an increase in total expenses by Rp340.77 billion or 17.00% to Rp2.34 trillion. The increase in expenses was due to general and administrative expenses that grew Rp202.21 billion. BCAP’s good receivables collectability is reflected by decreasing in total Non Performing Loan (NPL). In 2016 the net NPL ratio was 2.38%, decreased from 2015 that amounted 2.43%. At the end of 2016, the current ratio stood at 116.16%, an increase compared to 102.83% in 2015. 272 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Rising middle income class - Rising middle income class - Cross selling opportunity among - Cross selling opportunity among MNC Group. MNC Group. - Potential growth with an integrated - Potential growth with an digital infrastructure integrated digital infrastructure
  273. idA + BDKI PT Bank DKI Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Positive* June 2017 ADDRESS Finance Bank www.bankdki.co.id Zulfarshah zulfarshah@bdki.co.id; zulfarshahbdki@yahoo.com Bank DKI is a Commercial Bank owned by DKI Jakarta Provincial Government and PD Pasar Jaya. According to Article of Association, Bank DKI having a characteristic as Regional Development Bank that holds agent of development roles. Bank DKI established since April 11st, 1961 and having several legal status and corporate name alteration from the beginning of establishment named as PT Bank Pembangunan Daerah Djakarta Raya into Regional Enterpise at 1978 than altered into PT Bank Daerah Khusus Ibukota Jakarta Raya in 1999 till recently becoming PT Bank DKI since 2008. Bank DKI is also foreign exchange bank since 1992 and since 2004 having Sharia Business Unit. Bank DKI provide many product and banking services for multiple communities and business segmentation with a variety of banking and product services for consumer, retail, SME, corporate, commercial, syndicated, and treasury and also sharia banking segmentation. Bank DKI embrace its vision To Be The Best Bank that Inspire Pride and its mission as A bank with excellence in performance, being a strategic partner for businesses, communities and the Provincial Government of DKI Jakarta, that provides added value for the stakeholders through integrated and professional services excellence. The vision and mission have been stated since 2006. To encourage its vision and mission, Bank DKI have stated a commitment to implement transformation process to be The Great Company & Center of Excellence that emphasized Bank DKI excellence in 5 primary aspect which include performance, good corporate governance, human resource, service, and corporate social responsibility. This commitment have been stated in 2010. By transforming its old paradigm, and improve Bank DKI contribution for DKI Jakarta dan Indonesia economy widely, Bank DKI in 2012 has also stated a commitment to be a Today*. Bank DKI have grown into a Commercial Bank with a total asset of Rp47.3 trillion with a number of service network reaching to 402 office, supported by 3,248 dedicated employees (*by December 31st, 2016). Bank DKI always performing transformation towards The Great Company and Center of Excellence; holding Human Resources Excellence, Service Excellence, Performance Excellence, GCG Excellence implementation and CSR Excellence that become solid foundation for Bank DKI’s growth and performance improvement as well as sustainable framework in the future. Nation Wide Commercial Bank indicated by the expanding Bank DKI service network in many major cities in Indonesia. Jln. Ir. H. Juanda III No. 7-9 Jakarta Pusat 10120 Phone : (021) 2314-567 Fax : (021) 3517-660 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 3,104,321 6,050,705 24,524,160 24,000,400 -2.14 q 1,321,186 1,351,171 2.27 p 724,219 5,812,086 11,537 38,637,607 26,866,561 837,133 11,537 40,567,427 29,714,652 -3.00 q 11,500,000 11,500,000 94,311 12 3,931,159 4 764,863 711.00 p 12 4,431,159 4 5,885,831 7,396,445 INCOME STATEMENTS Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax 1,407,380 - 12.72 p -  40.90 p 25.67 p -  25.67 p 3,678,100 3,673,255 -0.13 q 1,454,832 122,017 1,268,427 342,254 806 343,060 Net Income … *) 231,800 DER (X) - -  12.72 p 7,396,445 231,800 FINANCIAL RATIOS 1,982,946 -  5,885,831 Income for the periods Comprehensive Income 4.99 p 30,632,721 Total Equity …*) Total Interest Income -  -3.70 q 1,000,000 Total Equity 94.91 p 25,872,525 1,000,000 Non Controlling Interest 15.59 p 4,482,963 -22.87 q Par Value (Rp) Retained Earnings Chg % 807,429 5.20 1,173,111 -19.36 q 343,951 181.89 p 1,472,088 16.06 p 891,109 160.36 p 23,614 2,829.78 p 914,723 166.64 p 645,107 178.30 p 1,080,155 33.78 p 645,107 178.30 p 4.02 -22.81 q 0.60 1.59 165.06 p ROA (%) BOARD OF COMMISSIONERS BOARD OF DIRECTORS 1. Honggo Widjojo Kangmasto 1. Kresno Sediarsi 6.30 17.56 178.67 p NPM (%) 2. Ahdi Jumhari Luddin * 2. Antonius Widodo Mulyono EBITDA Coverage (X) 9.31 24.26 160.71 p 3. Heru Budi Hartono 3. Budi Mulyo Utomo *) … attributable to owners of the parent entity 4. Farel Tua Silalahi *) Independent Commissioner 5. Priagung Suprapto SHAREHOLDERS 6. Sigit Prastowo 1. Province of DKI Jakarta (Class B) 95.46% 2. Province of DKI Jakarta (Class A Monumen Nasional) 4.51% 3. PD Pasar Jaya (Class B) 0.03% AUDIT COMMITTEE 1. Ahdi Jumhari Luddin 2. Sofyan Nasution 3. Supiyanto 4. Trisniati Anwar INDONESIA BOND MARKET DIRECTORY 2016-2017 273
  274. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name Outstanding (Rp Million) Obligasi BDKI02SB IDA000048102 Subordinasi II Bank 300,000 DKI Tahun 2011 Listing Date 20-Jun-11 Maturity Issue Date 17-Jun-18 Term Coupon Structure / Coupon Payment 11.00% 17-Sep-17 17-Dec-17 17-Mar-18 Period 7 years IDA000074504 Berkelanjutan I Bank DKI Tahap I 1,000,000 01-Jul-16 30-Jun-21 30-Sep-17 30-Dec-17 30-Mar-18 9.25% 5 years Tahun 2016 30-Jun-18 Quarterly Rating / Outlook Trustee 17-Jun-18 Quarterly Obligasi BDKI01CN1 Date PT Bank A Mandiri (Persero) Tbk. Positive PT Bank A+ Mandiri (Persero) Tbk. Stable Pastikan Link Grafik sudah bena TRADING HIGHLIGHT BDKI02SB Listing Date ISIN CODE : IDA000048102 TRADING ACTIVITIES Volume 45 36 Jun-11 Frequency 5 Volume 4 Frequency Jun-12 Maturity Date Jun-13 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Jun-14 Jun-15 Jun-16 Jun-17 2016 Q1 2017 Q2 Q3 8.00 - - 17.00 40.00 1 - - 2 2 2 - Jun-18 - Q4 Q1 3 Q2 4 28.00 4 1 27 3 Trading days 18 2 CTP Price - High 102.750 N/A N/A 102.750 103.130 103.150 CTP Price - Low 102.500 N/A N/A 100.000 102.880 103.000 IBPA Fair Price 102.576 101.760 102.339 101.186 102.024 102.003 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.501 3.652 2.885 2.181 1.573 1.106 1 9 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 10.67 18-Mar 18-Mar 9.6758 Mod. Duration (yrs) 1.941 Sensitivity (%) 0.019 Convexity (yrs) - N/A N/A 9.9993 1.745 0.017 - N/A N/A 9.5027 1.545 0.015 22.67 27-Oct 09-Nov 10.1151 1.334 0.013 53.33 29-Mar 27-Mar 9.1884 1.121 0.011 37.33 13-Jun 13-Jun 8.8543 0.927 0.009 This series was first listed in 20 June 2011 and will be matured in 17 June 2018. From 2016 to the first half of year 2017, total volume traded amounted to Rp93.00 billion with 6 of total trading days and with average turnover was around 20.67% per quarter. The CTP market price for this series during the period was within the range 100.0000% - 103.1500%. This range was around IBPA fair price which ranged from 99.7944% to 102.9728%. Meanwhile IBPA yield for this series were 8.8541% at the lowest and 11.0942% at the highest. By the end of June 2017, the outstanding amount of this series was Rp300.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 274 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  275. BDKI01CN1 Listing Date ISIN CODE : IDA000074504 TRADING ACTIVITIES Volume 300 240 Jul-16 Frequency 45 Volume 36 Frequency Maturity Date Jul-17 Trading Activities, Jul-18 2016 Q2 Q3 Volume (Rp bn) N/A 70.00 274.00 - 38.00 N/A 1 11 - 3 Frequency (X) N/A Turnover Ratio (%) N/A - Date N/A - Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 27 120 18 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price - ar >> Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 99 10.0 96 9.0 8.0 93 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 2017 Q1 180 9 Jul-20 Price and Yield Trading days 60 Jul-19 4 40 109.60 Q4 Q1 - Q2 4 15.20 92.00 8 2 36.80 - 103.300 N/A 100.010 102.300 - 100.000 N/A 96.600 100.000 N/A 100.000 101.881 97.902 98.132 Last Date N/A 30-Jun 30-Sep Convexity (yrs) N/A 18.888 17.438 - 9.2500 3.967 0.040 29-Aug 18-Jul 8.7616 3.823 0.038 N/A 07-Feb N/A 13-Mar 10.8426 9.8604 94.388 16-Jun 12-Jun 9.8172 30-Dec 31-Mar 22-Jun 15.567 14.272 12.751 3.606 0.036 3.465 0.035 3.246 0.032 The series listed on 01 July 2016 and will be matured on 30 June 2021. This series issued with nominal amount of Rp1.00 trillion and has interest rate per annum at 9.25%. Since this series issued until at the end of Q2-2017, this series traded 56 times in 17 trading days with total volume booked of Rp474.00 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 96.6000% and 103.3000%. Based of IBPA fair price in 2016, this series has a fair price between 92.5830% - 103.4072% and fair yield between 8.3945% - 11.3435%. At the end of second quarter in 2017, the fair yield had recorded at 9.7238% until 10.8254%, on l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM the other side, the fair price amounted to 94.4531% - 98.4325%. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BDKI02SB 817 BDKI01CN1 Q2-2016 Q4-2016 Outstanding in Year 2016 Turnover 8.3% 70 - Q3-2016 274 100 200 34.4% 300 400 500 600 700 800 900 1,000 1,100 INDONESIA BOND MARKET DIRECTORY 2016-2017 275
  276. IBPA ANALYTICAL REVIEW Description Bank DKI (BDKI) is commercial bank and regional owned enterprises which whole shares owned by DKI Jakarta Provincial Government and PD Pasar Jaya. BDKI engages in conventional & sharia banking activities ranging from commercial banking, retail banking, consumer banking, treasury banking, and micro banking. In addition, BDKI also offers modern Peer Group No. Company Total Revenue 1. PT Bank Muamalat Indonesia Tbk. 2. PT Bank BNI Syariah 4. PT Bank Pembangunan Daerah Sumatera Utara Historical Corporate Ratings No. services, and safe deposit boxes.As of 31 December 2016, BDKI supported by 221 office located in Jakarta and the other big cities across Indonesia, supported by 2,549 dedicated employees. 15.3 18.8 2.6 17.6 2,896 6.0 (0.1) 1.2 Financial Statement as of Fiscal Year 2016 a multi-purpose pre-paid card that can be used for payment services, tax payments, online banking Revenue 9.9 3,673 3,109 5. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) Transjakarta e-ticketing system and transaction in some partnered merchants. Other services include bill 2,802 3. PT Bank DKI banking services such as cash management system, ATM & debit card, and its special feature of JakCard, Net Profit (Rp Bill) Margins (%) Growth (%) 3,801 2.1 (23.2) Rating Agency 1. Pefindo 2. Fitch Ratings 3. Pefindo Rating Rating Status Rating Date Outlook Affirmed 13-Mar-17 Positive* idA+ Downgraded** 11-Mar-16 idAA- Affirmed 12-Mar-15 idA+ A+(idn) 4. Pefindo 5. Pefindo idAA- Assigned Affirmed 29-Apr-16 29-Sep-15 Stable Stable Negative*** Stable **The downgrade due to the weakening assets quality and profitability indicators which are As of December 31, 2016, BDKI’s shareholder structure comprised of Provincial Government of Jakarta (or Pemda DKI, 99.97%) and PD Pasar Jaya (0.03%). unlikely to undergone substantial recovery in the near term ***The negative outlook was due to increasing trend of non-performing loans (NPL) and special mentioned loans (SML) SWOT Analysis S Financial Analysis trengths W eaknesses - Strong support from DKI Jakarta - Less marketing strategy/ campaign province government conducted - Strong liquidity profile - High non performing loans O T By the end of 2016 total lending and financing Bank DKI amounted to Rp24.87 trillion, decreased by 3.19% from Rp25.69 trillion in 2015. The composition of loan disbursement and financing of Bank DKI is dominated consumer segment loans with a composition of 45.65% of total loans and financing. Until the end of 2016, the total interest income from credit and placement was recorded at Rp3.67 trillion or tend to not change compared with the previous year. This was the impact of the slowdown lending and financing throughout 2016. In 2016, Bank DKI recorded income for the year 2016 amounted to Rp645.11 billion, increased by 178.30% from Rp231.80 billion in 2015 due to the declining the provision of allowance for impairment losses. NPL gross of bank DKI has decreased in 2016 but still high at the level of 5.35 from 7.96 in 2015. In 2016 there was an increased in capital Paid by the provincial government. DKI Jakarta as the owner so that the total equity of Bank DKI at the end of 2016 was recorded at Rp7,40 trillion or an increase of 25.67% compared with the year 2015 recorded at Rp 5, 89 trillion. 276 INDONESIA BOND MARKET DIRECTORY 2016-2017 pportunities hreats - Potential funding for DKI Jakarta - Potential funding for DKI Jakarta province government projects province government projects - Potential for expansion to other - Potential for expansion to other cities in Indonesia cities in Indonesia
  277. BEXI Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. Lembaga Pembiayaan Ekspor Indonesia : : : : : : June 2017 Indonesia Eximbank was established by the Government to deal with National Export Financing (PEN), aiming to support the Government’s policy to encourage national export program. Indonesia Eximbank perform its mandate through providing Financing, Guarantee, Insurance, and Advisory Services to support export oriented sector, both legal and non-legal entities, including individuals who are domiciled either inside or outside the territory of the Republic of Indonesia. National Export Financing can also be based on the principles of Sharia. In the event that the LPEI’s (EximBank’s) capital becomes less than Rp4,000,000,000,000.00 (four trillion rupiah), the Government shall cover such deficiency from the State Budget based on the applicable mechanism. Indonesia Eximbank has also been appointed to carry out special assignment from Government which called National Interest Account (NIA). The implementation of NIA is in line with the Government’s 2015 Economic Policy Package, to increase competitiveness and value added of Indonesian products to support the growth of the domestic industry and has the potential for the long-term development of exports. Indonesia Eximbank provides The Export-oriented Kredit Usaha Rakyat (KURBE) Program as the form to support the government program in the Economic Policy Package Volume XI on 2016. The financing provided by Indonesia Eximbank without any security remuneration subsidy or interest subsidy for business agents with export-oriented for micro, small and medium (UMKM) scales. The KURBE Program may become the stimulus to increase the national export volume and provide export competitiveness based on UMKM and increase the quality and added value for export products. Indonesia Eximbank head office is located in Jakarta and it has 4 regional offices (Medan, Surabaya, Makassar, and Surakarta) and 3 MANAGING DIRECTORS 1. Sinthya Roesly 2. Dwi Wahyudi 3. Indra Wijaya Supriadi 4. Raharjo Adisusanto 5. Arif Setiawan *) Independent Commissioner BOARD OF DIRECTORS 1. Sinthya Roesly 2. Bachrul Chairi 3. Arif Budimanta 4. Susiwijono Moegiarso 5. Purwiyanto Stable ADDRESS Indonesia Stock Exchange Building, Tower II, 8th Floor Jln. Jend. Sudirman Kav. 52-53 Jakarta 12190 Phone : (021) 515-4638 Fax : (021) 515-4639 Finance Bank www.indonesiaeximbank.go.id Enny Listyorini enny@indonesiaeximbank.go.id I n do n e s ia E x i mb a n k is a f in a n c i a l institution owned by the Government of the Republic of Indonesia, It has been established pursuant to the Act of the Republic of Indonesia No. 2 of 2009 (Act 2/2009) on the Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank). Lembaga Pembiayaan Ekspor Indonesia carries out its activities under the name Indonesia Eximbank. Indonesia Eximbank is whollyowned (100%) by the Government of Indonesia. idAAA FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Government Capital Contribution Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 7,278,113 9,566,214 72,992,682 86,525,882 18.54 p 711,319 1,159,699 63.04 p - - 464 2,141,879 - 595 - 38,499,396 72,609,010 83,228,452 2,693,753 2,761,628 9,728,588 28.23 p 31.44 p 1,504,655 -29.75 q 84,971,236 100,669,017 39,044,798 Chg % 14,692,188 -  18.47 p -  -1.40 q 14.63 p 51.02 p 2.52 p 12,362,226 17,440,565 41.08 p 12,362,226 17,440,565 41.08 p 5,418,581 6,480,420 19.60 p - 3,112,986 394,473 519,464 1,789,551 10,890 1,800,441 - 4,229,466 -  35.87 p 332,359 -15.75 q 585,076 12.63 p 14,102 29.49 p 1,799,173 1,813,275 0.54 p 0.71 p Income for the periods 1,427,554 1,410,370 -1.20 q Net Income … *) 1,427,554 1,410,370 -1.20 q Comprehensive Income FINANCIAL RATIOS DER (X) 1,408,276 NPM (%) EBITDA Coverage (X) 4.77 -18.75 q 26.35 21.76 -17.39 q 33.03 *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 3.48 p 5.87 1.68 ROA (%) 1,457,234 1.40 -16.61 q 27.76 -15.94 q 100.00% AUDIT COMMITTEE 1. Bachrul Chairi 2. Deddy Supriyanto 3. Setiawan Kriswanto INDONESIA BOND MARKET DIRECTORY 2016-2017 277
  278. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 278 CODE ISIN CODE Series Name BEXI05D Obligasi Indonesia IDA0000452D9 BEXI01CCN1 IDA0000503C1 BEXI02DCN1 Eximbank I Tahun 2010 Seri D Outstanding (Rp Million) 1,075,000 Listing Date 09-Jul-10 Maturity Date 08-Jul-17 Issue Term 7 years Tahap I Tahun 2011 Seri 2,805,000 21-Dec-11 20-Dec-18 7 years C 10.00% 08-Jul-17 - Period 8.50% Quarterly Obligasi Berkelanjutan Indonesia Eximbank II Coupon Payment Quarterly Obligasi Berkelanjutan I Indonesia Eximbank Coupon Structure / 1,469,000 06-Jun-14 05-Jun-19 5 years 9.75% IDA0000634D2 Tahap I Tahun 2014 Seri D Quarterly BEXI02CN2 Obligasi Berkelanjutan 9.25% IDA000064109 BEXI02CCN3 IDA0000649C2 BEXI02BCN3 IDA0000649B4 BEXI02BCN4 IDA0000660B1 BEXI02ACN4 IDA0000660A3 BEXI02CCN5 IDA0000671C6 BEXI02BCN5 IDA0000670B0 BEXI02CCN6 IDA0000700C3 BEXI02BCN6 IDA0000700B5 BEXI02CCN7 IDA0000717C7 Indonesia Eximbank II Tahap II Tahun 2014 500,000 21-Jul-14 18-Jul-17 3 years Quarterly Obligasi Berkelanjutan Indonesia Eximbank II Tahap III Tahun 2014 Seri 828,000 17-Oct-14 16-Oct-19 5 years C Quarterly Obligasi Berkelanjutan Indonesia Eximbank II Tahap III Tahun 2014 Seri 1,485,000 17-Oct-14 16-Oct-17 3 years B Tahap IV Tahun 2015 Seri 700,000 08-Jan-15 07-Jan-20 5 years B Tahap IV Tahun 2015 Seri 800,000 08-Jan-15 07-Jan-18 3 years A Tahap V Tahun 2015 Seri 2,727,000 16-Mar-15 13-Mar-20 5 years C Tahap V Tahun 2015 Seri 1,298,000 16-Mar-15 13-Mar-18 3 years B Tahap VI Tahun 2015 Seri 913,000 17-Sep-15 16-Sep-20 5 years C Obligasi Berkelanjutan Indonesia Eximbank II Tahap VI Tahun 2015 Seri 309,000 17-Sep-15 16-Sep-18 3 years B Obligasi Berkelanjutan Indonesia Eximbank II Tahap VII Tahun 2016 9.00% Quarterly Obligasi Berkelanjutan Indonesia Eximbank II 9.50% Quarterly Obligasi Berkelanjutan Indonesia Eximbank II 9.25% Quarterly Obligasi Berkelanjutan Indonesia Eximbank II 9.75% Quarterly Obligasi Berkelanjutan Indonesia Eximbank II 9.25% Quarterly Obligasi Berkelanjutan Indonesia Eximbank II 9.75% 1,732,250 22-Feb-16 Seri C INDONESIA BOND MARKET DIRECTORY 2016-2017 19-Feb-21 5 years 9.50% Date - 20-Sep-17 20-Dec-17 20-Mar-18 20-Jun-18 05-Sep-17 05-Dec-17 05-Mar-18 05-Jun-18 18-Jul-17 - 16-Jul-17 16-Oct-17 16-Jan-18 16-Apr-18 16-Jul-17 16-Oct-17 - 07-Jul-17 07-Oct-17 07-Jan-18 07-Apr-18 07-Jul-17 07-Oct-17 07-Jan-18 - 13-Sep-17 13-Dec-17 13-Mar-18 13-Jun-18 13-Sep-17 13-Dec-17 13-Mar-18 - 16-Jun-17 16-Sep-17 16-Dec-17 Quarterly 16-Mar-18 9.20% 16-Jun-17 16-Sep-17 16-Dec-17 Quarterly 16-Mar-18 9.60% 19-Aug-17 19-Nov-17 19-Feb-18 Quarterly 19-May-18 Trustee PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable
  279. AS OF JUNE 2017 No . 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. CODE ISIN CODE BEXI02BCN7 IDA0000717B9 BEXI03CCN1 IDA0000732C6 BEXI03BCN1 IDA0000732B8 BEXI03CCN2 IDA0000754C0 BEXI03BCN2 IDA0000754B2 BEXI03ACN2 IDA0000754A4 BEXI03DCN3 IDA0000774D6 BEXI03CCN3 IDA0000774C8 BEXI03BCN3 IDA0000774B0 BEXI03ACN3 IDA0000774A2 BEXI03ECN4 IDA0000790E0 BEXI03DCN4 IDA0000790D2 BEXI03CCN4 IDA0000790C4 Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan Indonesia Eximbank II Tahap VII Tahun 2016 1,647,000 22-Feb-16 19-Feb-19 3 years Seri B Obligasi Berkelanjutan Indonesia Eximbank III Tahap I Tahun 2016 Seri 2,252,000 09-Jun-16 08-Jun-21 5 years C Tahap I Tahun 2016 Seri 1,060,000 09-Jun-16 08-Jun-19 3 years B Tahap II Tahun 2016 Seri 1,582,000 26-Aug-16 25-Aug-21 5 years C Obligasi Berkelanjutan Indonesia Eximbank III Tahap II Tahun 2016 Seri 956,000 26-Aug-16 25-Aug-19 3 years B Obligasi Berkelanjutan Indonesia Eximbank III Tahap II Tahun 2016 Seri 1,793,000 26-Aug-16 05-Sep-17 370 days A Tahap III Tahun 2016 Seri 1,038,000 23-Nov-16 22-Nov-23 7 years D Obligasi Berkelanjutan Indonesia Eximbank III Tahap III Tahun 2016 Seri 282,000 23-Nov-16 22-Nov-21 5 years C Obligasi Berkelanjutan Indonesia Eximbank III Tahap III Tahun 2016 Seri 540,000 23-Nov-16 22-Nov-19 3 years B Obligasi Berkelanjutan Indonesia Eximbank III Tahap III Tahun 2016 Seri 672,000 23-Nov-16 02-Dec-17 370 days A Tahap IV Tahun 2017 Seri 1,266,000 24-Feb-17 23-Feb-27 10 years E Obligasi Berkelanjutan Indonesia Eximbank III Tahap IV Tahun 2017 Seri 1,007,000 24-Feb-17 23-Feb-24 7 years D Obligasi Berkelanjutan Indonesia Eximbank III Tahap IV Tahun 2017 Seri C 748,000 24-Feb-17 23-Feb-22 5 years Date Quarterly 19-May-18 8.70% 08-Sep-17 08-Dec-17 08-Mar-18 8.20% 8.35% 08-Jun-18 08-Sep-17 08-Dec-17 08-Mar-18 08-Jun-18 25-Aug-17 25-Nov-17 25-Feb-18 Quarterly 25-May-18 7.95% 25-Aug-17 25-Nov-17 25-Feb-18 Quarterly 25-May-18 7.25% 05-Jun-17 05-Sep-17 - 8.50% - 22-Aug-17 22-Nov-17 22-Feb-18 Quarterly 22-May-18 8.20% 22-Aug-17 22-Nov-17 22-Feb-18 Quarterly 22-May-18 7.85% 22-Aug-17 22-Nov-17 22-Feb-18 Quarterly 22-May-18 7.15% 02-Sep-17 02-Dec-17 - Quarterly Obligasi Berkelanjutan Indonesia Eximbank III 19-Aug-17 19-Nov-17 19-Feb-18 Quarterly Obligasi Berkelanjutan Indonesia Eximbank III 9.25% Period Quarterly Obligasi Berkelanjutan Indonesia Eximbank III Coupon Payment Quarterly Obligasi Berkelanjutan Indonesia Eximbank III Coupon Structure / 9.40% - 23-Aug-17 23-Nov-17 23-Feb-18 Quarterly 23-May-18 9.20% 23-Aug-17 23-Nov-17 23-Feb-18 Quarterly 23-May-18 8.90% 23-Aug-17 23-Nov-17 23-Feb-18 Quarterly 23-May-18 Trustee PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 279
  280. AS OF JUNE 2017 CODE No . 27. 28. ISIN CODE Series Name BEXI03BCN4 IDA0000790B6 BEXI03ACN4 IDA0000790A8 Outstanding (Rp Million) Listing Maturity Date Issue Date Term Coupon Structure / Coupon Payment 8.40% 23-Aug-17 23-Nov-17 23-Feb-18 Period Obligasi Berkelanjutan Indonesia Eximbank III Tahap IV Tahun 2017 Seri 1,339,000 24-Feb-17 23-Feb-20 3 years B 861,000 Tahap IV Tahun 2017 Seri 24-Feb-17 03-Mar-18 23-May-18 7.40% 03-Sep-17 03-Dec-17 03-Mar-18 370 days A - Quarterly Rating / Outlook Trustee Quarterly Obligasi Berkelanjutan Indonesia Eximbank III Date PT Bank AAA Mandiri (Persero) Tbk. PT Bank Stable AAA Mandiri (Persero) Tbk. Stable Pastikan Link Grafik sudah bena TRADING HIGHLIGHT BEXI05D Listing Date ISIN CODE : IDA0000452D9 TRADING ACTIVITIES Volume 125 100 Jul-10 Frequency Volume Frequency - ar >> 30 Volume (Rp bn) 32.00 5 10 5 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Trading Activities, Trading days 103 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 11.0 101 9.0 100 7.0 99 5.0 98 3.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-15 Jul-16 11.91 Q3 Q4 28.00 102.00 41.00 45.00 2 9 6 6 2 10.42 Jul-17 2017 21 37.95 Q1 9 15.26 Q2 15 16.74 25.00 4 4 9.30 CTP Price - High 101.250 102.200 102.750 101.850 101.200 100.670 CTP Price - Low 99.980 102.180 101.870 100.800 101.000 100.000 IBPA Fair Price 101.940 101.614 101.678 101.200 100.761 100.160 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.694 1.161 0.718 0.373 0.132 0.013 Date Date IBPA Fair Yield (%) Price Q2 6 Frequency (X) Turnover Ratio (%) Jul-14 2016 Q1 15 25 Jul-13 Price and Yield 20 50 Jul-12 35 25 75 Jul-11 Maturity Date 11-Feb 12-Feb 8.3521 Mod. Duration (yrs) 1.158 Sensitivity (%) 0.012 Convexity (yrs) 04-May 03-May 8.3345 0.944 0.009 20-Jul 28-Jul 7.7376 0.723 0.007 13-Oct 05-Dec 7.6296 0.495 0.005 23-Feb 18-Jan 7.0425 0.259 0.003 17-Apr 29-May 6.2967 0.044 0.000 The bond series BEXI05D, was first listed on 09 July 2010 and matured on 08 July 2017. From this series listing to the first half of year 2017, total volume traded amounted to Rp273.00 billion with 32 of total trading days. The CTP market price for this series during the period was within the range of 99.9800% – 102.7500%. Meanwhile IBPA fair price ranged from 99.9347% to 102.2000%. IBPA yield for this series were 6.1135% at the lowest and 10.0462% at the highest. By the end of June 2017, the outstanding amount of this series was Rp1.08 trillion. Pastikan Link Grafik sudah bena Listing Date Maturity Date l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 280 INDONESIA BOND MARKET DIRECTORY 2016-2017
  281. BEXI01CCN1 Listing Date ISIN CODE : IDA0000503C1 TRADING ACTIVITIES Volume 225 180 Dec-11 Frequency 10 Volume 8 Frequency Maturity Date Dec-12 Trading Activities, Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 2016 Dec-18 2017 Price and Yield Q1 Q2 Q1 Q2 Volume (Rp bn) 70.00 10.00 5.00 - 22.00 210.00 3 2 1 - 2 5 Frequency (X) Q3 2 Q4 1 - 4 7 5 135 6 Trading days 90 4 CTP Price - High 100.000 100.150 101.500 N/A 101.290 102.150 CTP Price - Low 97.500 100.130 101.500 N/A 100.650 100.000 97.482 98.995 100.534 99.106 100.768 101.166 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.686 5.674 4.718 3.798 2.993 2.342 2 45 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 24-Feb Date 29-Mar IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0  IBPA Fair Price  YTM BEXI02DCN1 60 9.5503 Mod. Duration (yrs) 2.389 Sensitivity (%) 0.024 Convexity (yrs) 13-Jun 10-Jun 8.9565 2.200 0.71 02-Sep 02-Sep 8.2337 2.003 0.022 0.020 - 3.14 N/A 30-Mar N/A 8.9987 1.791 0.018 01-Feb 8.0021 1.583 Frequency 10 Volume 8 Frequency 03-May 15-Jun 7.6666 1.392 0.014 This series, matured on 20 December 2018, had average turnover of 7.53%/quarter and traded in 13 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp21.25 billion/quarter with average frequency about 2 times per quarter, while during the first semester of 2017 the average volume increased to Rp116 billion/quarter with average frequency increased to 6 times/quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was between 94.7500% at the lowest and peaked at 102.1500%, meanwhile the range of IBPA fair price 7.4864% at the lowest and 10.3992% at the highest. Jun-14 TRADING ACTIVITIES 29.95 0.016 Listing Date ISIN CODE : IDA0000634D2 75 Last Date 1.43 stood between 95.2201% and 101.5349%. The yield valued by IBPA for this series were l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume 9.98 Maturity Date Jun-15 Trading Activities, Jun-16 Jun-17 Jun-18 2016 Jun-19 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 30.00 40.00 55.00 - 38.00 3 1 4 - 1 Frequency (X) 4 4 Q4 7 - Q1 Q2 2 50.00 4 2 45 6 Trading days 30 4 CTP Price - High 101.780 104.250 104.850 N/A 103.500 104.500 CTP Price - Low 100.650 103.950 103.500 N/A 103.500 103.800 IBPA Fair Price 101.570 101.793 103.342 101.345 103.089 103.318 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 8.607 7.486 6.440 5.394 4.472 3.704 2 15 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 8.17 18-Mar 21-Jan 9.1634 Mod. Duration (yrs) 2.694 Sensitivity (%) 0.027 Convexity (yrs) 10.89 03-May 03-May 9.0444 2.515 0.025 14.98 11-Aug 14-Jul 8.3437 2.333 0.023 - N/A N/A 9.1243 2.133 0.021 10.35 04-Jan 04-Jan 8.1731 1.939 0.019 13.61 03-May 30-May 7.8978 1.762 0.018 This bond listed with nominal value of Rp1.47 trillion and interest rates of 9.75% per annum. This bond was effective from 6 June 2014 to 5 June 2019. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.6500% and 104.8500%, while in first semester 2017 was at range 103.5000% - 104.5000%. Meanwhile, in 2016 IBPA fair price recorded at range 97.9868% - 103.8705% and in first semester 2017 at range 101.3562% - 103.4624%. During the observation period, this series was traded with total volume amounted to Rp213 billion and transacted 21 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 281
  282. BEXI02CN2 Listing Date ISIN CODE : IDA000064109 TRADING ACTIVITIES Volume 75 60 Jul-14 Frequency 30 Volume 24 Frequency Maturity Date Jan-15 Trading Activities, Jul-15 Jan-16 Jul-16 Jan-17 2016 Jul-17 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) 53.40 36.80 35.70 11.40 7.80 4 5 4 3 3 7 Frequency (X) 8 8 Q1 7 Q2 13.20 6 6 1 45 18 Trading days 30 12 CTP Price - High 100.634 101.450 102.000 101.557 100.950 100.520 CTP Price - Low 99.580 100.980 101.745 100.800 100.800 100.470 IBPA Fair Price 101.253 101.341 101.149 100.607 100.689Pastikan 100.205 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.777 1.229 0.768 0.408 0.154 0.023 6 15 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 42.72 02-Mar 15-Jan 8.1997 Mod. Duration (yrs) 1.191 Sensitivity (%) 0.012 Convexity (yrs) 29.44 20-Apr 14-Apr 7.9027 0.976 28.56 19-Jul 16-Aug 7.7499 9.12 14-Oct 20-Oct 8.1033 0.752 0.010 0.523 0.008 0.005 6.24 20-Jan 20-Feb 6.8115 0.287 10.56 20-Apr 20-Apr 6.3343 0.071 0.003 0.001 This Series was first traded on 21 July 2014. Average trading volume for this series reached Rp34.33 billion/quarter on the year 2016, decreased at Rp10.50 billion/quarter at the first half of the year 2017. During 2016 until Q2-2017, this series has a total of 20 trading days and 42 times frequency. Market Price (CTP) range was 99.5800% 102.0000%, while IBPA's Fair Price moved around 98.8579% - 101.6401%. The outstanding for this series since listing date were noted at Rp500.00 billion and have fixed interest rate per annum at 9.25%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI02CCN3 Listing Date ISIN CODE : IDA0000649C2 Oct-14 TRADING ACTIVITIES Volume 75 Frequency 5 Volume 60 4 Frequency Maturity Date Oct-15 Trading Activities, Oct-16 Price and Yield Q1 Volume (Rp bn) 56.00 2 Frequency (X) Oct-17 Oct-18 Oct-19 2016 Q2 4 2017 Q3 Q4 Q1 14.00 - - - - 1 - - - - 1 - - Q2 - - 45 3 Trading days 30 2 CTP Price - High 101.250 102.240 N/A N/A N/A N/A 15 1 100.500 102.240 N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 101.490 101.833 103.534 101.344 103.335Pastikan 103.587 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 10.237 9.051 7.938 6.794 5.793 4.941 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 27.05 16-Feb 11-Feb 9.2419 2.915 0.029 6.76 04-Apr 04-Apr 9.0984 2.745 0.027 - - N/A N/A 8.4205 N/A 2.574 0.026 N/A 9.1974 2.380 0.024 - - N/A N/A N/A N/A 8.2697 2.198 0.022 8.0353 2.030 0.020 The bond series listed on 17 October 2014 with nominal amount of Rp828.00 billion. The bond has interest rate per annum at 9.75% and this series will be matured on 16 October 2019. BEXI02CCN3 was traded with total volume Rp70.00 billion in 2016 and Rp0.00 in a half of year 2017. During 2016, BEXI02CCN3 has a total of 3 trading days and 5 total frequencies. In 2016, the market price (Centralized Trading Platform) was between 100.5000% and 102.2400%. Based on market price throughout 2016 until June 2017, the highest CTP price was traded at 100.5000% on 102.2400%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 282 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  283. BEXI02BCN3 Listing Date ISIN CODE : IDA0000649B4 Oct-14 TRADING ACTIVITIES Volume 175 140 12 Oct-15 Apr-16 Oct-16 Apr-17 2016 Oct-17 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 109.00 151.00 61.00 34.00 41.00 7 8 7 4 6 15 Frequency Apr-15 Trading Activities, Frequency Volume Maturity Date 7 Frequency (X) 11 8 4 Q2 80.00 7 9 7 105 9 Trading days 70 6 CTP Price - High 100.700 102.050 102.500 100.970 101.490 101.070 CTP Price - Low 100.080 101.320 101.780 100.430 101.200 100.820 IBPA Fair Price 100.680 101.737 102.184 100.650 101.140 100.750 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.401 1.774 1.222 0.756 0.399 0.170 - Date 3 35 ar >> Turnover Ratio (%) Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 29.36 22-Mar 29-Feb 8.7541 Mod. Duration (yrs) 1.397 Sensitivity (%) 0.014 Convexity (yrs) 40.67 10-Jun 30-May 7.8229 1.190 16.43 20-Jul 18-Aug 7.0591 0.973 0.012 0.010 9.16 15-Nov 01-Dec 8.3905 0.746 11.04 09-Feb 02-Mar 7.0427 0.516 0.007 21.55 18-Apr 23-May 6.8249 0.306 0.005 0.003 This series listed on 17 October 2014, and matured on 16 October 2017. This series listed with nominal amount of Rp1.49 trillion and have fixed interest rate per annum at 9.25%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 100.0800% at the lowest and peaked at 102.5000%. However, IBPA fair price booked 99.1306% to 102.2106%. Meanwhile, the yield valued by IBPA was 6.8091% at the lowest, and 9.7852% at the highest. During 2016, average volume recorded by Rp88.75 6.0 billion/quarter and transacted 7.5 times/quarter, while during the first semester of 2017 decreased to Rp60.50 billion/quarter and transacted 8.00 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI02BCN4 Listing Date ISIN CODE : IDA0000660B1 Jan-15 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 4 Frequency Maturity Date Jan-16 Trading Activities, Jan-17 Jan-18 Jan-19 Jan-20 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 101.475 101.855 103.637 101.343 103.484 103.744 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 11.346 10.116 8.961 7.754 6.705 5.800 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 9.2725 3.061 0.031 - N/A N/A 9.1273 2.895 0.029 - N/A N/A 8.4644 2.730 0.027 - N/A N/A 9.2346 2.539 0.025 - - N/A N/A N/A 8.3169 2.362 0.024 N/A 8.1037 2.199 0.022 This series was first listed in 08 January 2015 and will be matured in 07 January 2020. There was no trading for this series since it was listed until the second quarter of 2017. The IBPA fair price for this series during the period was within the range of 97.5555% – 106.9183%. Meanwhile IBPA yield for this series were 8.0732% at the lowest and 10.5064% at the highest. This series issued with nominal amount of Rp700.00 billion and have fixed interest rate per annum at 9.750%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 283
  284. BEXI02ACN4 Listing Date ISIN CODE : IDA0000660A3 TRADING ACTIVITIES Volume 5 4 Jan-15 Frequency 5 Volume 4 Frequency Maturity Date Jul-15 Trading Activities, Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 100.824 100.861 101.565 100.700 101.374Pastikan 101.234 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.050 2.337 1.709 1.160 0.713 0.400 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A 8.7254 Mod. Duration (yrs) 1.582 Sensitivity (%) 0.016 Convexity (yrs) - - N/A N/A 8.6381 1.376 N/A N/A 7.9408 1.165 0.014 - 0.012 - N/A N/A 8.5245 0.944 0.009 N/A N/A N/A 7.3604 0.720 6.9042 0.516 0.007 0.005 This series will mature on 7 January 2018. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 98.2614% at the lowest and 101.7715 at the highest. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI02CCN5 Listing Date ISIN CODE : IDA0000671C6 Mar-15 TRADING ACTIVITIES Volume 1000 Frequency 75 Volume 800 60 Frequency Maturity Date Mar-16 Trading Activities, Mar-17 Mar-18 Mar-19 Mar-20 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 766.78 200.00 55.00 25.00 60.00 18 8 3 1 4 Frequency (X) 51 15 Q4 8 Q1 1 Q2 10 66.00 7 4 600 45 Trading days 400 30 CTP Price - High 101.694 103.500 104.000 103.200 103.600 104.150 CTP Price - Low 94.500 100.000 103.100 103.200 102.870 103.600 IBPA Fair Price 101.081 103.304 103.567 100.653 103.685Pastikan 103.267 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 12.591 11.350 10.073 8.773 7.671 6.687 15 200 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 101 9.0 98 8.0 95 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 112.47 03-Feb 03-Feb 9.1615 3.254 0.033 29.34 20-Jun 24-Jun 8.4503 3.096 0.031 8.07 07-Sep 01-Sep 8.3000 2.921 0.029 3.67 20-Dec 20-Dec 9.2606 2.725 0.027 8.80 22-Mar 13-Feb 8.0733 2.552 0.026 9.68 12-May 15-Jun 8.1499 2.384 0.024 This series has an outstanding amount of Rp2.73 trillion with fixed coupon per annum at 9.50%. From the beginning of 2016 to the end of June 2017, total trading volume for the series was Rp1.17 trillion and total trading frequency was 92 times. The market prices for this series based on CTP (Centralized Trading Platform) were 94.5000% at the lowest and 104.1500% at the highest. IBPA valued the fair prices for this series were 98.7762% for the lowest and 104.6890% for the highest. At the same period, the fair yield for this series was ranging from 7.6406% to 9.6810%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 284 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  285. BEXI02BCN5 Listing Date ISIN CODE : IDA0000670B0 Mar-15 TRADING ACTIVITIES Volume 750 Frequency 45 Volume 600 36 Frequency Maturity Date Sep-15 Trading Activities, Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 680.00 38.00 69.00 80.50 92.00 179.50 12 5 9 7 4 40 Frequency (X) 8 10 11 10 10 7 450 27 Trading days 300 18 CTP Price - High 106.050 101.300 101.850 101.500 101.670 101.550 CTP Price - Low 99.200 100.750 100.000 98.250 100.500 100.500 IBPA Fair Price 100.826 101.207 101.535 100.691 101.623 101.342 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.707 2.921 2.209 1.579 1.051 0.662 9 150 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 10.0 105 9.0 103 8.0 101 7.0 99 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0  IBPA Fair Price  YTM BEXI02CCN6 60 04-Jan 8.5204 Mod. Duration (yrs) 1.766 Sensitivity (%) 0.018 Convexity (yrs) 30-May 30-May 8.2309 1.560 21.26 02-Sep 24-Aug 7.8687 1.347 0.016 0.013 24.81 10-Oct 14-Dec 8.3868 1.126 28.35 06-Jan 15-Mar 7.1917 0.902 0.011 Frequency 5 Volume 4 Frequency 02-Jun 12-Jun 7.0820 0.696 0.007 This series listed on 16 March 2015 and matured on 13 March 2018. This series listed with nominal amount of Rp1.30 trillion with interest rate per annum at 9.00%. During 2016, the average of total volume recorded of Rp216.87 billion/quarter while in first semester of 2017 decreased to Rp135.75 billion/quarter. The market price (Centralized Trading Platform) for this series was between 98.2500% and 106.0500%. Based of IBPA fair price, this series has a fair price between 99.2000% - 101.9170% and fair yield between 7.6201% 9.4058% in 2016. Meanwhile, in first semester of 2017, the fair yield had recorded at 101.7758%. Sep-15 TRADING ACTIVITIES 55.32 0.009 Listing Date ISIN CODE : IDA0000700C3 75 19-Feb 11.71 7.0192% until 8.4589%, on the other side, the fair price amounted to 100.6045% - l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume 209.55 Maturity Date Sep-16 Trading Activities, Sep-17 Sep-18 Sep-19 Sep-20 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) - - 50.00 50.00 - - - - 1 2 - - Frequency (X) - Turnover Ratio (%) - - Q3 Q4 2 Q1 2 Q2 - - 45 3 Trading days 30 2 CTP Price - High N/A N/A 103.500 100.250 N/A N/A 15 1 N/A N/A 103.490 100.200 N/A N/A - - CTP Price - Low IBPA Fair Price 100.503 101.030 103.052 101.297 103.189 103.520 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 15.435 14.046 12.735 11.337 10.096 9.017 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 9.3524 3.590 0.036 - N/A N/A 9.2011 3.432 0.034 21.91 22-Aug 22-Aug 8.5819 3.276 0.033 21.91 01-Dec 30-Nov 9.0834 3.093 0.031 - - N/A N/A N/A 8.4183 2.924 0.029 N/A 8.2479 2.769 0.028 This series will mature on 16 September 2020, had average turnover of 7.30% per quarter and traded in 3 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp16.67 billion per quarter with average frequency about 1 transaction per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.2000% at the lowest and peaked at 103.5000%. While the IBPA fair price for this series was between 96.1533% and 103.9530%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 285
  286. BEXI02BCN6 Listing Date ISIN CODE : IDA0000700B5 Sep-15 TRADING ACTIVITIES Volume 45 Frequency 10 Volume 36 8 Frequency Mar-16 Trading Activities, Maturity Date Sep-16 Mar-17 Sep-17 Mar-18 2016 Sep-18 2017 Price and Yield Q1 Q2 Volume (Rp bn) 43.79 38.79 - 22.00 1.20 2 1 - 2 1 3 Frequency (X) Q3 2 Q4 - Q1 3 Q2 16.40 1 5 4 27 6 Trading days 18 4 CTP Price - High 101.500 101.760 N/A 101.430 102.000 102.570 CTP Price - Low 100.000 100.000 N/A 100.000 102.000 102.000 IBPA Fair Price 100.366 100.609 101.858 100.544 102.132Pastikan 102.001 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5.559 4.615 3.749 2.932 2.225 1.660 - Date 2 9 ar >> Turnover Ratio (%) Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 31-Mar 19-Jan 9.0192 Mod. Duration (yrs) 2.172 Sensitivity (%) 0.022 Convexity (yrs) 50.21 - 06-Apr 06-Apr 8.8919 1.976 28.48 N/A 21-Dec N/A 8.1632 1.776 0.020 0.018 01-Dec 8.8518 1.563 0.016 1.55 17-Mar 17-Mar 7.6236 1.352 21.23 20-Jun 19-Jun 7.4853 1.157 0.014 0.012 This series will mature on 16 September 2018, had average turnover of 26.36% per quarter and traded in 10 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp20.36 billion per quarter with average frequency about 2 times per quarter. The market price for this series observed through the 7.0 96 56.69 Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked at 102.5700%. While the IBPA fair price for this series was between 97.3004% and 6.0 102.3332%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI02CCN7 Listing Date ISIN CODE : IDA0000717C7 Feb-16 TRADING ACTIVITIES Volume 200 Frequency 35 Volume 160 28 Frequency Aug-16 Trading Activities, Maturity Date Feb-17 Aug-17 Feb-18 Aug-18 2016 Feb-19 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) 174.00 190.10 80.00 65.00 65.00 - 4 9 5 5 3 - Frequency (X) 11 34 10 Q1 7 Q2 9 - 120 21 Trading days 80 14 CTP Price - High 100.930 103.750 105.250 104.000 103.350 40 7 CTP Price - Low 100.000 100.000 103.980 101.470 IBPA Fair Price 102.194 104.049 103.452 101.270 100.400 N/A 06-FebPastikan N/ALink Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 17.876 16.491 15.001 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 10.0 106 9.0 104 8.0 102 7.0 100 6.0 98 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 40.18 18-Mar 24-Feb 9.0313 3.838 0.038 43.90 14-Jun 20-May 8.5318 3.698 0.037 18.47 22-Jul 11-Aug 8.6443 3.532 0.035 15.01 08-Nov 21-Dec 15.01 08-Mar - N/A N/A 103.614 104.058 30-Dec 31-Mar 22-Jun 13.500 12.212 11.067 9.2251 3.354 0.034 8.4884 3.198 0.032 8.3005 3.052 0.031 This series listed on 22 February 2016, and matured on 19 February 2021. This series listed with nominal amount of Rp1732.25 billion and have fixed interest rate per annum at 9.60%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 100.0000% at the lowest and peaked at 105.2500%. However, IBPA fair price booked 99.7124% to 106.2893%. Meanwhile, the yield valued by IBPA was 7.9303% at the lowest, and 9.6830% at the highest. During 2016, average volume recorded by Rp127.28 billion/quarter and transacted 15.5 times/quarter, while during the first semester of 2017 decreased to Rp32.50 billion/quarter and transacted 4.50 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 286 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  287. BEXI02BCN7 Listing Date ISIN CODE : IDA0000717B9 Feb-16 TRADING ACTIVITIES Volume 300 Frequency 20 Volume 240 16 Frequency Aug-16 Trading Activities, Maturity Date Feb-17 Aug-17 Feb-18 Aug-18 2016 Feb-19 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 97.00 286.00 35.00 45.00 15.00 - 6 7 4 3 2 - 9 Frequency (X) 18 5 5 Q2 3 - 180 12 Trading days 120 8 CTP Price - High 100.700 103.000 102.951 102.700 102.050 N/A 60 4 100.370 101.050 102.350 100.898 101.793 N/A - - CTP Price - Low IBPA Fair Price 100.682 102.536 102.973 101.109 102.482 102.293 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7.304 6.278 5.277 4.316 3.471 2.777 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 23.56 28-Mar 15-Mar 8.9666 Mod. Duration (yrs) 2.483 Sensitivity (%) 0.025 Convexity (yrs) 69.46 10-May 20-Apr 8.1684 2.303 8.50 13-Sep 09-Sep 7.8688 2.109 0.023 10.93 13-Dec 24-Nov 8.6722 1.903 0.021 0.019 3.64 - 03-Mar 28-Feb 7.8039 1.701 N/A N/A 7.7595 1.516 0.017 0.015 This series listed on 22 February 2016, and matured on 19 February 2019. This series listed with nominal amount of Rp1647.00 billion and have fixed interest rate per annum at 9.25%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 100.3700% at the lowest and peaked at 103.0000%. However, IBPA fair price booked 99.5785% to 103.7405%. Meanwhile, the yield valued by IBPA was 7.6069% at the lowest, and 9.4611% at the highest. During 2016, average volume recorded by Rp115.75 billion/quarter and transacted 9.25 times/quarter, while during the first semester of 2017 decreased to Rp7.50 billion/quarter and transacted 1.50 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI03CCN1 Listing Date ISIN CODE : IDA0000732C6 TRADING ACTIVITIES Volume 275 220 Feb-16 Frequency 40 Volume 32 Frequency Aug-16 Trading Activities, Maturity Date Feb-17 Aug-17 Feb-18 Aug-18 2016 Price and Yield Q1 Volume (Rp bn) N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q2 Feb-19 2017 Q3 Q4 Q1 Q2 2.00 251.00 171.00 206.00 190.96 1 13 11 8 1 36 32 37 32 165 24 Trading days N/A 110 16 CTP Price - High N/A 100.000 102.350 102.500 102.000 105.700 CTP Price - Low N/A 100.000 100.000 97.130 100.000 101.600 IBPA Fair Price N/A 100.392 101.225 97.456 101.731 101.822 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 18.781 17.249 15.546 14.239 12.981 8 55 - ar >> Price 106 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 0.36 16-Jun 16-Jun 8.6007 3.963 0.040 44.58 12-Aug 19-Jul 8.3803 3.806 0.038 30.37 10-Oct 01-Dec 9.4065 3.614 0.036 36.59 06-Mar 10-Feb 8.1994 3.470 0.035 9 33.92 15-Jun 30-May 8.1562 3.320 0.033 This series listed on 9 June 2016 and matured on 8 June 2021. This series listed with nominal amount of Rp2.25 trillion with interest rate per annum at 8.70%. Since this series listed until at the end second quarter in 2017, this series traded 138 times in 42 trading days with total volume booked of Rp820.96 billion. During 2016, the average of total volume amounting to Rp106 billion/quarter while in first semester 2017 amounting to Rp198.5 billion/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 97.1300% and 105.7000%, while the IBPA fair price was between 96.6890% and 102.2732%. The fair yield for this series was at range 8.0299% - 9.6098%. INDONESIA BOND MARKET DIRECTORY 2016-2017 287
  288. BEXI03BCN1 Listing Date ISIN CODE : IDA0000732B8 Jun-16 TRADING ACTIVITIES Volume 750 Frequency 25 Volume 600 20 Frequency Maturity Date Dec-16 Trading Activities, Jun-17 Dec-17 Jun-18 Dec-18 2016 Q2 Jun-19 2017 Price and Yield Q1 Volume (Rp bn) N/A 556.00 272.00 100.00 127.50 N/A 6 9 7 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q3 15 Q4 23 Q1 15 Q2 11 450 15 Trading days 300 10 CTP Price - High N/A 100.150 100.997 101.900 100.320 CTP Price - Low N/A 100.000 100.400 97.730 99.950 IBPA Fair Price N/A 100.050 100.600 Last Date N/A 30-Jun Convexity (yrs) N/A 7.757 150 5 - - benar >> Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 96 6.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 20 16 Aug-17 31-Mar 22-Jun 6.638 5.547 4.591 3.797 2.382 0.024 2.174 0.022 1.974 Trading Activities, Q2 N/A 163.00 95.00 - N/A 2 6 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 100 9.0 97 8.0 94 7.0 Q3-16 Q4-16 Q1-17 Q2-17 0.018 6.0 Aug-21 N/A N/A Q4-16 1.792 2017 Q1 CTP Price - Low Q3-16 7.7520 Aug-20 Price and Yield N/A 4 Aug-19 Volume (Rp bn) CTP Price - High 70 100.805 Pastikan Link Grafik sudah 0.020 2016 8 Q2-16 30-Dec 0.026 Aug-18 140 Q1-16 30-Sep 8.0262 Maturity Date N/A 91 100.319 series was between 7.6463% - 9.2874%. Trading days 106 98.475 2016 until a half of year 2017, this series was traded between 97.7300% and 101.9000%, Frequency Frequency 98.000 05-Jun Rp157.8 billion/quarter. Based on the market price (Centralized Trading Platform) from 12 Price 8.9007 24-May volume amounting to Rp232 billion/quarter while in first semester 2017 amounting to Aug-16 Volume Q2-16 7.9482 02-Mar Listing Date TRADING ACTIVITIES Q1-16 01-Dec 101.150 days with total volume booked of Rp1.24 trillion. During 2016, the average of total 210 - 2.576 14-Jul 29-Mar 10 70.94 while the IBPA fair price was between 97.5728% and 101.3976%. The fair yield for this ISIN CODE : IDA0000754C0 benar >> 8.1792 11-Oct 48.11 nominal amount of Rp1.06 trillion with interest rate per annum at 8.20%. Since this series 5.0 BEXI03CCN2 280 24-Jun 11-Aug 37.74 listed until at the end second quarter in 2017, this series traded 83 times in 36 trading  IBPA Fair Price  YTM 350 20-Jun 102.64 19 This series listed on 9 June 2016 and matured on 8 June 2019. This series listed with l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume 209.81 188.00 N/A N/A Q3 Q4 2 41.21 Q1 8 24.02 Q2 299.50 - 19 9 - 75.73 N/A 100.000 100.400 N/A 104.000 N/A 100.000 97.230 N/A 100.250 N/A 100.290 N/A N/A N/A N/A N/A N/A N/A 01-Sep 01-Sep 28-Oct 24-Nov N/A 19-Jun N/A 07-Apr 96.034 99.426 30-Sep 30-Dec 31-Mar 22-Jun 18.716 16.912 15.528 14.330 8.2761 3.961 0.040 9.4108 3.764 0.038 8.4999 3.618 0.036 102.250 Pastikan Link Grafik sudah 7.7133 3.487 0.035 This series will mature on 25 August 2021, had average turnover of 23.49% per quarter and traded in 17 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp92.92 billion per quarter with average frequency about 5 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.2300% at the lowest and peaked at 104.0000%. While the IBPA fair price for this series was between 94.1564% and 102.4961%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 288 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  289. BEXI03BCN2 Listing Date ISIN CODE : IDA0000754B2 325 260 Aug-16 TRADING ACTIVITIES Volume Maturity Date Frequency 25 Volume 20 Frequency Aug-17 Trading Activities, Q1 Q2 Volume (Rp bn) N/A N/A 310.00 315.00 35.00 N/A N/A 3 13 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 195 15 130 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A benar >> Price 102 5 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 Aug-19 2017 Price and Yield Trading days 65 Aug-18 2016 Q3 N/A N/A Q4 5 129.71 Q1 20 131.80 N/A 100.000 100.890 N/A 99.967 97.810 N/A N/A 13-Sep 21-Sep Q2 4 14.64 11 4 104.60 99.433 100.750 99.220 100.000 99.956 100.745 06-Oct 13-Feb 25-Nov 03-Mar 24-May 12-May N/A 100.047 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.610 6.463 5.425 4.571 N/A N/A 7.9298 2.551 N/A 0.026 98.826 250.00 8.4466 2.348 0.023 7.9579 2.149 7.5733 1.971 0.021 0.020 This series will mature on 25 August 2016, had average turnover of 63.46% per quarter and traded in 23 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp151.67 billion per quarter with average frequency about 7 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.8100% at the lowest and peaked at 100.8900%. While the IBPA fair price for this series was between 99.0448% and 101.0053%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI03ACN2 Listing Date ISIN CODE : IDA0000754A4 TRADING ACTIVITIES Volume 1000 800 Aug-16 Frequency 30 Volume 24 Frequency Maturity Date Nov-16 Trading Activities, Feb-17 Price and Yield Q1 Q2 N/A N/A 873.00 353.00 260.00 N/A 9 8 5 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 18 Trading days N/A 400 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A benar >> Price 102 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.0 Aug-17 2017 Volume (Rp bn) 600 200 May-17 2016 N/A N/A Q3 Q4 29 194.76 Q1 20 78.75 Q2 11 58.00 80.00 4 2 17.85 N/A 100.290 100.300 100.200 100.000 N/A 100.000 99.250 99.999 100.000 N/A 100.296 99.863 100.100 100.145 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 1.023 0.595 0.276 0.089 N/A N/A N/A N/A N/A 28-Sep 09-Sep 6.9149 0.889 0.009 05-Oct 28-Nov 7.4533 0.655 0.007 09-Mar 16-Mar 6.9569 0.416 0.004 24-May 24-May 6.5111 0.200 0.002 This series will mature on 5 September 2017, had average turnover of 58.23% per quarter and traded in 24 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp261 billion per quarter with average frequency about 11 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.2500% at the lowest and peaked at 100.3000%. While the IBPA fair price for this series was between 99.2900% and 100.3159%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 289
  290. BEXI03DCN3 Listing Date ISIN CODE : IDA0000774D6 TRADING ACTIVITIES Volume 5 4 Nov-16 Frequency 15 Volume 12 Frequency Maturity Date Nov-17 Nov-18 Trading Activities, Nov-19 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - N/A N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1 - 0.77 100.750 N/A N/A N/A 100.750 N/A N/A N/A 26-May N/A 26-May N/A 99.414 99.241 N/A 30-Dec 31-Mar 22-Jun N/A 32.507 30.596 29.117 N/A N/A - 1 N/A N/A N/A 2.00 - N/A N/A N/A - Q2 N/A N/A N/A Nov-23 2017 Q2 9 benar >> Nov-22 Q1 3 3 Nov-21 Price and Yield Trading days 1 Nov-20 2016 N/A 8.6125 5.125 0.051 8.6456 4.982 0.050 100.481 Pastikan Link Grafik sudah 8.4012 4.878 0.049 This bond listed with nominal value of Rp1.04 trillion and interest rates of 8.50% per annum. This bond was effective from 23 November 2016 to 22 November 2023. Since this series listed until at the end second quarter in 2017, this series only traded 1 time with total volume booked of Rp2 billion. In 2016, IBPA fair price recorded at range 98.0470% 101.2151% while in first semester 2017 at range 95.7675% - 100.4814%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI03CCN3 Listing Date ISIN CODE : IDA0000774C8 TRADING ACTIVITIES Volume 25 20 Nov-16 Frequency 10 Volume 8 Frequency Maturity Date Nov-17 Trading Activities, Nov-18 Q1 Q2 Q3 Q4 Q1 N/A N/A N/A - - N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 10 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A benar >> Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Nov-21 2017 Price and Yield 6 2 Nov-20 Volume (Rp bn) 15 5 Nov-19 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 23.40 - 6 2 - 33.19 N/A N/A N/A 101.850 N/A N/A N/A 100.500 N/A N/A N/A N/A N/A 16-Jun N/A 17-May N/A 99.632 98.769 N/A 30-Dec 31-Mar 22-Jun N/A 18.712 17.053 15.725 N/A N/A N/A 8.2909 3.962 0.040 8.5164 3.787 0.038 99.442 Pastikan Link Grafik sudah 8.3511 3.646 0.036 The series BEXI03CCN3 issued which amounted to Rp282.00 billion with interest rates of 8.20% per annum. This bond was listed from 23 November 2016 and matured in 22 November 2021. In first semester 2017, IBPA fair price recorded at range 96.3616% - 99.6577%, while the CTP recorded at level 100.5000% - 101.8500%. Until 30 June 2017, total volume recorded by Rp23.40 billion and transacted 3.00 times/quarter. BEXI03CCN3 has 2 total trading days since this series was issued. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 290 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  291. BEXI03BCN3 Listing Date ISIN CODE : IDA0000774B0 TRADING ACTIVITIES Volume 1500 1200 Nov-16 Frequency 35 Volume 28 Frequency Maturity Date May-17 Nov-17 Trading Activities, Q2 Q3 Volume (Rp bn) N/A N/A N/A 177.00 1312.00 N/A N/A N/A 4 12 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 600 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 Nov-19 2017 Q1 21 benar >> May-19 Price and Yield 900 7 Nov-18 2016 Trading days 300 May-18 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 7 131.11 Q2 375.00 31 971.85 5 1 277.78 N/A 100.050 100.300 100.190 N/A 100.000 99.550 100.000 N/A 99.961 100.577 99.523 N/A 30-Dec 31-Mar 22-Jun N/A 7.582 6.456 5.503 N/A N/A N/A N/A N/A 28-Dec 13-Dec 7.8633 2.546 0.025 20-Feb 04-Jan 02-Jun 02-Jun 7.5959 8.0673 2.348 2.167 0.023 0.022 This series listed on 23 November 2016, and matured on 22 November 2019. This series listed with nominal amount of Rp540.00 billion and have fixed interest rate per annum at 7.85%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 99.5500% at the lowest and peaked at 100.3000%. However, IBPA fair price booked 99.0243% to 101.0392%. Meanwhile, the yield valued by IBPA was 7.4521% at the lowest, and 8.2379% at the highest. During 2016, average volume recorded by Rp44.25 billion/quarter and transacted 1.75 times/quarter, while during the first semester of 2017 increased to Rp843.50 billion/quarter and transacted 18.00 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI03ACN3 Listing Date ISIN CODE : IDA0000774A2 TRADING ACTIVITIES Volume 750 600 Nov-16 Frequency 10 Volume 8 Frequency Maturity Date Feb-17 Trading Activities, May-17 Price and Yield Q1 Q2 Q3 N/A N/A N/A 520.00 - - N/A N/A 3 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 6 Trading days N/A 300 4 CTP Price - High N/A 150 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.0 Nov-17 2017 Volume (Rp bn) 450 benar >> Aug-17 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 7 309.52 Q2 - - - - N/A 100.020 N/A N/A N/A 100.000 N/A N/A N/A 100.209 99.904 100.150 N/A 30-Dec 31-Mar 22-Jun N/A 1.007 0.579 0.295 N/A N/A N/A N/A N/A 23-Nov 05-Dec 6.9106 0.881 0.009 N/A N/A N/A 7.2620 0.645 0.006 N/A 6.7977 0.433 0.004 This series listed on 23 November 2016, and matured on 02 December 2017. This series listed with nominal amount of Rp672.00 billion and have fixed interest rate per annum at 7.15%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 100.0000% at the lowest and peaked at 100.0200%. However, IBPA fair price booked 99.4786% to 100.5918%. Meanwhile, the yield valued by IBPA was 6.4554% at the lowest, and 7.7689% at the highest. During 2016, average volume recorded by Rp130.00 billion/quarter and transacted 1.75 times/quarter, while during the first semester of 2017 there was no trading activities for this series. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 291
  292. BEXI03ECN4 Listing Date ISIN CODE : IDA0000790E0 TRADING ACTIVITIES Volume 75 60 Feb-17 10 8 Frequency Feb-19 Feb-21 Trading Activities, Frequency Volume Maturity Date Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 69.80 - N/A N/A N/A N/A 4 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 6 30 4 CTP Price - High N/A 15 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 107 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 103 9.0 101 8.0 99 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Feb-27 2017 Q1 45 Q1-16 Feb-25 Price and Yield Trading days benar >> Feb-23 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 9 - 22.05 - N/A 102.350 N/A N/A 100.000 N/A N/A 102.923 N/A 31-Mar 22-Jun N/A 54.262 52.953 N/A N/A N/A N/A N/A 23-Mar 15-Mar 8.9467 6.395 0.064 N/A N/A 104.378 Pastikan Link Grafik sudah 8.7243 6.346 0.063 The series BEXI03ECN4 issued which amounted to Rp1266.00 billion with interest rates of 9.40% per annum. This bond was listed from 24 February 2017 and matured in 23 February 2027. In first semester 2017, IBPA fair price recorded at range 100.0000% - 104.4247%, while the CTP recorded at level 100.0000% - 102.3500%. Until 30 June 2017, total volume recorded by Rp69.80 billion and transacted 4.50 times/quarter. BEXI03ECN4 has 4 total trading days since this series was issued. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI03DCN4 Listing Date ISIN CODE : IDA0000790D2 TRADING ACTIVITIES Volume 10 8 Feb-17 Frequency 5 Volume 4 Frequency Feb-18 Maturity Date Feb-19 Trading Activities, Feb-20 Q2 Q3 Q4 N/A N/A N/A N/A 5.00 - N/A N/A N/A 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 4 2 CTP Price - High N/A 2 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 106 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Feb-24 2017 Q1 Trading days Q2-16 Feb-23 Price and Yield 3 Q1-16 Feb-22 Volume (Rp bn) 6 benar >> Feb-21 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 1 1.99 - N/A 100.000 N/A N/A 100.000 N/A N/A 101.851 N/A 31-Mar 22-Jun N/A 31.734 30.397 N/A N/A N/A N/A N/A 15-Mar 15-Mar 8.8325 5.039 0.050 N/A N/A 103.993 Pastikan Link Grafik sudah 8.4106 4.955 0.050 This series will mature on 23 Feb 2024, had average turnover of 0.33% per quarter and traded in 1 trading day during 2016 to Q2-2017 period. During the period. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000%. While the IBPA fair prices for this series was 100.0000% at the lowest and 103.9933% at the highest. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 292 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  293. BEXI03CCN4 Listing Date ISIN CODE : IDA0000790C4 TRADING ACTIVITIES Volume 100 80 Feb-17 12 Feb-19 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 40.00 N/A N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 9 40 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A benar >> Price 106 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 104 9.0 102 8.0 100 7.0 98 6.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Feb-22 2017 Q2 60 3 Feb-21 Q1 Trading days 20 Feb-20 2016 Price and Yield 15 Frequency Feb-18 Trading Activities, Frequency Volume Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.400 100.000 N/A 102.400 103.048 N/A 31-Mar 22-Jun N/A 18.410 17.076 N/A N/A N/A 5 49.20 103.020 N/A N/A 21.39 10 100.900 N/A N/A 92.00 4 N/A N/A N/A Q2 N/A 03-Mar 03-Mar 8.2913 3.916 0.039 16-Jun 09-Jun 8.1080 3.783 0.038 This series was first listed in 24 February 2017 and will be matured in 23 February 2022. This series started to be traded since it was listed. From 2016 to the first half of year 2017, total volume traded amounted to Rp132.00 billion with 6 of total trading days and with average turnover around 11.76% per quarter. The CTP market price for this series during the period was within the range of 100.0000%-103.0200%. This range was close to IBPA fair price which ranged from 100.0000% to 103.1173%. Meanwhile IBPA yield for this 5.0 series were 8.0913% at the lowest and 8.9000% at the highest. By the end of June 2017, the outstanding amount of this series was Rp748.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BEXI03BCN4 Listing Date ISIN CODE : IDA0000790B6 TRADING ACTIVITIES Volume 1000 800 Feb-17 Frequency 35 Volume 28 Frequency Maturity Date May-17 Trading Activities, Aug-17 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 N/A N/A N/A N/A 40.00 980.00 N/A N/A N/A 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 21 Trading days N/A 400 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A benar >> Price 108 7 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 106 9.0 104 8.0 102 7.0 100 6.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 Feb-18 2017 Volume (Rp bn) 600 200 Nov-17 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3 11.95 32 17 292.76 N/A 100.500 102.100 N/A 100.000 100.050 N/A 100.651 100.050 N/A 31-Mar 22-Jun N/A 7.503 6.505 N/A N/A N/A N/A N/A 21-Mar 27-Feb 8.1343 2.527 0.025 14-Jun 18-Apr 8.3771 2.354 0.024 This series was actively traded from 24 February 2017 and will be matured on 23 February 2020. This series was traded throughout 2017 and reached at Rp1.02 trillion. The CTP market price for this series during the period was 102.1000% at the highest. Meanwhile, IBPA fair price was ranging from 99.9406% to 100.9137%. On the other side, IBPA yield for this series were 8.0443% at the lowest and 8.4232% at the highest. By the end of June 2017, the outstanding amount of this series was Rp1.34 trillion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 293
  294. BEXI03ACN4 Listing Date ISIN CODE : IDA0000790A8 TRADING ACTIVITIES Volume 750 600 Feb-17 Frequency 35 Volume 28 Frequency May-17 Trading Activities, Aug-17 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A 635.00 N/A N/A N/A N/A 6 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 21 300 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A benar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Feb-18 2017 Price and Yield 450 7 Nov-17 2016 Trading days 150 294 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 30 295.01 419.50 11 5 194.89 N/A 100.500 100.550 N/A 100.000 100.000 N/A 100.316 100.374 N/A 31-Mar 22-Jun N/A 1.005 0.622 N/A N/A N/A N/A N/A 31-Mar 06-Mar 7.0169 0.880 0.009 31-May 02-Jun 6.8424 0.672 0.007 This series listed on 24 February 2017, and matured on 03 March 2018. This series listed with nominal amount of Rp861.00 billion and have fixed interest rate per annum at 7.40%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 100.0000% at the lowest and peaked at 100.5500%. The lowest CTP price was near to IBPA fair price that booked 100.0000%, as well as, the highest CTP price was also near from IBPA fair price that booked 100.6364%. Meanwhile, the yield valued by IBPA was 6.6681% at the lowest, and 7.4093% at the highest. During 2016, average volume recorded by Rp0.00 billion/quarter and transacted 0 times/quarter, while during the first semester of 2017 increased to Rp527.25 billion/quarter and transacted 20.50 times/quarter.
  295. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BEXI05D Q2-2016 102 BEXI01CCN1 70 BEXI02DCN1 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 18.9% 3.0% 8.5% 55 BEXI02CN2 533736 11 27.5% BEXI02CCN3 5614 8.5% BEXI02BCN3 109 151 61 23.9% BEXI02BCN4 BEXI02ACN4 BEXI02CCN5 767 BEXI02BCN5 200 680 BEXI02CCN6 5050 69 81 55 38.4% 66.8% 11.0% BEXI02BCN6 44 22 33.8% BEXI02CCN7 174 BEXI02BCN7 190 97 BEXI03CCN1 80 65 286 45 171 251 BEXI03BCN1 29.4% 28.1% 18.8% 556 BEXI03CCN2 163 BEXI03BCN2 95 272 100 87.5% 16.3% 310 315 BEXI03ACN2 65.4% 873 353 68.4% BEXI03DCN3 BEXI03CCN3 BEXI03BCN3 177 BEXI03ACN3 32.8% 520 - 77.4% 500 1,000 1,500 2,000 2,500 3,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 295
  296. IBPA ANALYTICAL REVIEW Description Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank) is a special institution set up by Indonesia program. Shareholder of Indonesia Eximbank was 100% of Indonesia’s Government. Indonesia Eximbank provides financing facilities, guarantees and insurance for exporters through conventional and sharia based principle. working capital export financing, investment export financing, warehouse receipt financing, export bill purchasing, letter of credit, trust receipt, suppliers No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 9,409 11.6 13.3 1. PT Bank Bukopin Tbk. 2. PT Bank UOB Indonesia 7,404 3. Lembaga Pembiayaan Ekspor Indonesia 4. PT Bank Mayapada Internasional Tbk. 6.5 21.8 19.6 5,305 18.5 16.7 6,029 5. PT Bank Pembangunan Daerah Jawa Tengah 2.9 6,480 13.6 20.5 Financial Statement as of Fiscal Year 2016 The products and services offered include domestic financing, Peer Group bill purchasing, plasma farm plantation loan, project financing, export insurance products that can provide protection against the risk of failure of payments from exports. Indonesia Eximbank also provides financing to overseas buyers Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Pefindo idAAA Affirmed 3. Pefindo idAAA 2. Pefindo 4. Pefindo 5. Pefindo idAAA idAAA idAAA Rating Date Outlook 6-Jun-17 Stable Affirmed 17-Mar-16 Stable Affirmed 22-Apr-14 Affirmed Affirmed 11-Jul-16 25-Feb-15 Stable Stable Stable in the form of Buyer’s Credit. Additionally Indonesia Eximbank also offers consultancy and producers of export commodities especially for Micro, Small and Medium Enterprises (MSME) and corporate sector. Financial Analysis Indonesia Eximbank recorded total income from interest and sharia profitsharing increased by 19.60% SWOT Analysis S trengths W eaknesses - Strong support from Indonesia’s - Management of idle fund was government strictly regulated - Strong position in the export - There is limited access to interbank financing segment money market - Strong capitalization profile from Rp5,42 trillion in 2015 to Rp6.48 trillion in 2016. Interest income and profit sharing sharia are still dominated by interest income and profit sharing from financing activities that increased by 22.82% in line with the growth of financing by 18.31% (yoy). Net interest income in 2016 decreased by 2.37% yoy to Rp2,250.95 billion. The decrease was due to the increase of NPL as well as source of funds. Gross NPL ratio in 2016 stood at 3.99%, higher than 3.55% in 2015. The increase of gross NPL ratio was due to the lack of improvement in export commodity prices as a result of the global economic slowdown that adversely affected Indonesia Eximbank’s debtors. NIM of Indonesia Eximbank in 2016 stood at 2.58% compared to 3.28% from last year. Indonesia Eximbank's total assets in 2016 grew by 18.47% to Rp100.67 trillion, compared to Rp84.97 Trillion last year. The increase in assets was supported by growth of financing by 18.31%, growth of demand deposits and placements with other banks respectively by 46.03% and 31.44%, and increase in the net acquisition of fixed assets amounted to 60.90%. 296 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Implementation economic policies - Implementation economic policies volume XI that focused on increasing volume XI that focused on export competitiveness of micro, increasing export competitiveness of small, and medium scale enterprises micro, small, and medium scale (MSMEs) enterprises (MSMEs) - Growing export insurance demand - Growing export insurance demand - Rebounding world commodity - Rebounding world commodity prices prices
  297. AA- (idn) BFIN PT BFI Finance Indonesia Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS BFI Tower - Sunburst CBD Lot .1.2, 5th Fl. Jln. Kapt. Soebijanto Djojohadikusumo BSD City Tangerang Selatan, 15322 Phone : (021) 2965-0300, 2965-0500 Fax : (021) 2966-0757, 2966-0758 Finance Financial Institution www.bfi.co.id Sudjono corsec@bfi.co.id BFI Finance Indonesia Tbk. primarily engaged in providing financing services for the purpose of investment, working capital and multipurposes. Established in 1982, the Company is one of the pioneer finance companies in Indonesia and has since grown to be one of the major players in the industry, particularly in automotive financing and equipment leasing industry. The largest BFI's shareholder, Trinugraha Capital, acquired a noncontrolling stake of 45% of the Company’s shares in 2011. It is a fund management company consists of TPG Capital, Northstar Group and Garibaldi 'Boy' Thohir. Other shareholders are mainly institutional funds. BFI’s main business is automotive financing, which contributes 85% of its total managed receivables (used car: 70%, new car: 7% and motor cycle: 8%) followed by heavy equipment and machinery financing with 13% contribution and property financing which donates 2%. As of 30 June 2017, BFI has 316 outlets (branches and kiosks) located throughout Indonesia and more than 9,000 employees. BFI reported total assets of Rp14,7 trillion (USD1.1 billion equivalent), a total net receivables portfolio of Rp13,5 trillion (USD1 billion) and total equity of Rp4,6 trillion (USD345 million). The Company has received multiple awards in recognition of its excellent performance in the multifinance industry, among others: 1. Awarded the Market Conduct 2015 by OJK as the Financial Services Company that has Implemented the Principles of Consumers Protection in Financial Services Sector based on the 2015 Self Assessment. 2. The Nomination (top 3) for the Sustainable Finanace Award 2016 for the Non-Bank Financial Industry - Other Financial Services Institutions by OJK. 3. Awarded the HR Asia Awards Indonesia “Best Companies to Work for in Asia 2017” by HR Asia. 4. Awarded “Multifinance Company with Excellent Financial Performance” and ranked Number One for the category of “Multifinance Companies with Assets of Rp 10 trillion and above” by Infobank magazine, 2016. 5. Awarded the "Warta Ekonomi Indonesia Multifinance Consumers Choice Award 2016" as the Multifinance Company with The Best Financial Performance for the Category of Assets above Rp5 trillion by Warta Ekomoni magazine. 6. Awarded the Golden Trophy for Multifinance Company with Excellent Financial Performance in Five Years Consecutively (20112015) by Infobank magazine. 7. Awarded the Corporate Image Award 2016 by Frontier Consulting Group in collaboration with TEMPO and MARKETING magazine for "The Best in Building and Managing Corporate Image" in Heavy Equipment Leasing category based on the Indonesia's Most Admired Companies ("IMAC") year 2014 - 2016. 8. Awarded the Indonesia's Top 100 Most Valuable Brands 2016 by Brand Finance and SWA magazine. 9. Awarded the indonesia Human Capital Study ("IHCS") 2016 by Dunamis Human Capital and BusinessNews Indonesia magazine in the category ot The Best Human Capital Initiatives (The Best Recruitment System Initiatives ). Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Consumer Financing Receivables Property, Plant and Equipment Total Assets Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) Millions of Rp, Unless Otherwise Stated Dec-2015 777,233 141,317 Dec-2016 164,090 16.11 p 414,143 -3.21 q 4,688,156 4,462,184 11,770,414 12,476,256 7,751,311 8,221,572 500,000 500,000 1,566.0 1,596.7 427,875 5,636,699 2,000.0 391,490 250 -4.82 q 6.00 p 4,690,939 -16.78 q 2,000.0 399,178 250 3,169,585 3,636,645 - - 4,019,103 Chg % 165,388 -78.72 q 4,254,684 6.07 p -  -  1.96 p 1.96 p -  14.74 p 5.86 p -  4,019,103 4,254,684 5.86 p 2,830,617 3,227,109 14.01 p 712,123 792,281 1,995,123 2,202,146 10.38 p 11.26 p 835,494 1,024,963 22.68 p 650,288 798,365 22.77 p 650,288 798,365 22.77 p 1.93 1.93 22.97 24.74 1,616,110 712,919 FINANCIAL RATIOS DER (X) 5.52 ROA (%) NPM (%) EBITDA Coverage (X) 2.27 1,888,499 735,321 16.85 p 3.14 p 0.19 p 6.40 15.83 p 2.38 5.03 p 7.69 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public 2. Trinugraha Capital Co. & SCA 57,19% 42,81% AUDIT COMMITTEE 1. Emmy Yuhassarie 2. Edy Sugito 3. Friso Palilingan INDONESIA BOND MARKET DIRECTORY 2016-2017 297
  298. BOARD OF COMMISSIONERS 1 . Kusmayanto Kadiman 2. Alfonso Napitupulu * 3. Cornellius Henry Kho 4. Dominic John Picone 5. Emmy Yuhassarie * 6. Johanes Sutrisno * 7. Sunata Tjiterosampurno *) Independent Commissioner BOARD OF DIRECTORS 1. Francis Lay Sioe Ho 2. Andrew Adiwijanto 3. Sigit Hendra Gunawan 4. Sudjono 5. Sutadi AS OF JUNE 2017 No. CODE ISIN CODE Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan 1. BFIN02CCN2 II BFI Finance Indonesia IDA0000673C2 Tahap II Tahun 2015 550,000 20-Mar-15 19-Mar-18 3 years Seri C Obligasi Berkelanjutan 2. BFIN02CCN3 II BFI Finance Indonesia IDA0000718C5 Tahap III Tahun 2016 658,000 26-Feb-16 25-Feb-19 3 years Seri C Obligasi Berkelanjutan 3. 4. 5. 6. 7. 8. BFIN02BCN3 II BFI Finance Indonesia IDA0000718B7 BFIN03CCN1 IDA0000768C0 BFIN03BCN1 IDA0000768B2 BFIN03ACN1 IDA0000768A4 BFIN03BCN2 IDA0000791B4 BFIN03ACN2 IDA0000791A6 Tahap III Tahun 2016 142,000 26-Feb-16 25-Feb-18 2 years Seri B Indonesia Tahap I 133,000 26-Oct-16 25-Oct-21 5 years Tahun 2016 Seri C Indonesia Tahap I 550,000 26-Oct-16 25-Oct-19 3 years Tahun 2016 Seri B Indonesia Tahap I 317,000 26-Oct-16 05-Nov-17 370 days Tahun 2016 Seri A Indonesia Tahap II 460,000 03-Mar-17 02-Mar-20 3 years Tahun 2017 Seri B III BFI Finance Indonesia Tahap II - 10.75% 25-Aug-17 25-Nov-17 25-Feb-18 540,000 03-Mar-17 Tahun 2017 Seri A 12-Mar-18 370 days Trustee Pastikan Link Grafik sudah be PT Bank Tabungan Negara 25-May-18 (Persero) Tbk. 10.25% 25-Aug-17 25-Nov-17 25-Feb-18 Tabungan 9.10% 8.80% 8.10% 9.15% 8.00% Quarterly PT Bank Negara - (Persero) Tbk. 25-Jul-17 25-Oct-17 25-Jan-18 Tabungan PT Bank Negara 25-Apr-18 (Persero) Tbk. 25-Jul-17 25-Oct-17 25-Jan-18 Tabungan PT Bank Negara 25-Apr-18 (Persero) Tbk. 05-Aug-17 05-Nov-17 - Tabungan PT Bank Negara - (Persero) Tbk. 02-Sep-17 02-Dec-17 02-Mar-18 Tabungan PT Bank Negara 02-Jun-18 (Persero) Tbk. 12-Sep-17 12-Dec-17 12-Mar-18 Tabungan - Rating / Outlook PT Bank Mega Pastikan AA- Link Grafik sudah be Tbk. Stable Quarterly Quarterly Obligasi Berkelanjutan Date Quarterly Quarterly Obligasi Berkelanjutan III BFI Finance 19-Sep-17 19-Dec-17 19-Mar-18 Quarterly Obligasi Berkelanjutan III BFI Finance 10.88% Period Quarterly Obligasi Berkelanjutan III BFI Finance Coupon Payment Quarterly Obligasi Berkelanjutan III BFI Finance Coupon Structure / PT Bank Negara (Persero) Tbk. AA- Stable AA- Stable AA- Stable AA- Stable AA- Stable AA- Stable AA- Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 298 INDONESIA BOND MARKET DIRECTORY 2016-2017
  299. TRADING HIGHLIGHT BFIN02CCN2 ISIN CODE : IDA0000673C2 300 240 Frequency 15 Volume 12 Frequency Maturity Date Dec-15 Trading Activities, Price and Yield Volume (Rp bn) Sep-16 Jun-17 Mar-18 2016 Q1 2017 Q2 Q3 4.00 - 2 - 2 Frequency (X) - Q4 Q1 - 285.00 25.00 - 3 2 - 13 Q2 17.00 3 5 2 180 9 Trading days 120 6 CTP Price - High 79.3060 N/A N/A 100.0400 102.5100 102.6000 CTP Price - Low 79.3060 N/A N/A 100.0000 100.4500 102.3800 3 60 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 2.91 26-Feb 26-Feb - N/A N/A N/A N/A 207.27 18.18 12.36 16-Nov 20-Mar 03-Apr 21-Dec 06-Jan 18-May 101.7476 101.7925 102.5346 101.1775 102.5631 102.4168 9.8687 9.7281 9.0117 9.8354 8.0640 7.4934 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.669 2.902 2.212 1.589 1.071 0.684 Mod. Duration (yrs) 1.750 Sensitivity (%) 0.017 Convexity (yrs) - 1.550 1.345 0.016 0.013 1.128 0.011 0.910 0.709 0.009 0.007 This series will mature on 20 Mar 2015, had average turnover of 40.12% per quarter and traded in 9 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp55.17 billion per quarter with average frequency about 5 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 79.3060% at the lowest and peaked at 102.6000%. While the IBPA fair price for this series was between 99.6781% and 102.7231%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BFIN02CCN3 Listing Date ISIN CODE : IDA0000718C5 Feb-16 TRADING ACTIVITIES Volume 1000 Frequency 20 Volume 800 16 Frequency Aug-16 Trading Activities, Maturity Date Feb-17 Feb-18 Aug-18 2016 Price and Yield Q1 Volume (Rp bn) Frequency (X) Aug-17 Q2 Q3 185.00 924.00 3 6 7 18 Feb-19 2017 Q4 Q1 482.00 - - 6 - - 17 - - Q2 800.00 4 2 600 12 Trading days 400 8 CTP Price - High 100.2600 102.0000 102.5000 N/A N/A 100.3000 CTP Price - Low 99.5000 100.0000 100.0000 N/A N/A 100.0000 4 200 - enar >> enar >> Mar-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 112.46 561.70 293.01 08-Mar 25-Apr 22-Jul 04-Mar 22-Apr 20-Jul 10.4109 10.5516 Mod. Duration (yrs) 2.442 2.261 Sensitivity (%) 0.024 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 102 10.0 101 9.0 100 8.0 99 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Convexity (yrs) - N/A N/A - N/A N/A 486.32 24-May 25-Apr 100.8022 100.4456 102.9778 100.7093 103.5731 103.6792 31-Mar 7.147 9.3485 10.3738 2.084 1.883 30-Jun 30-Sep 6.122 5.199 0.023 0.021 8.6716 8.3693 30-Dec 31-Mar 22-Jun 4.261 3.460 2.784 0.019 1.693 0.017 1.515 0.015 The series BFIN02CCN3 issued which amounted to Rp658.00 billion with interest rates of 10.75% per annum. This bond was listed from 26 February 2016 and matured in 25 February 2019. In first semester 2017, IBPA fair price recorded at range 100.6795% - 103.8796%, while the CTP recorded at level 100.0000% - 100.3000%. Until 30 June 2017, total volume recorded by Rp800.00 billion and transacted 2.00 times/quarter. BFIN02CCN3 has 17 total trading days since this series was issued. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 299
  300. BFIN02BCN3 Listing Date ISIN CODE : IDA0000718B7 Feb-16 TRADING ACTIVITIES Volume 125 Frequency 5 Volume 100 Maturity Date 4 Frequency Aug-16 Aug-17 Feb-18 2016 Trading Activities, Price and Yield Q1 Q2 Volume (Rp bn) 30.00 1 2 Frequency (X) 2017 Q3 Q4 Q1 100.00 - - - - 1 - - - - 1 - - Q2 - - 75 3 Trading days 50 2 CTP Price - High 100.0200 100.0000 N/A N/A N/A N/A 25 1 100.0000 100.0000 N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 100.2948 100.8268 101.6394 100.4941 101.8808 Pastikan 101.7747Link Grafik sudah be enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Feb-17 Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 84.51 281.69 07-Mar 28-Jun 07-Mar 28-Jun 10.0568 9.6977 - N/A N/A 8.9878 - N/A N/A 9.7847 31-Mar 30-Jun 30-Sep 30-Dec 3.448 2.704 2.035 1.437 Mod. Duration (yrs) 1.691 Sensitivity (%) 0.017 Convexity (yrs) 1.491 0.015 1.284 0.013 1.066 0.011 - - N/A N/A N/A N/A 8.0294 7.5212 0.847 0.644 0.008 0.006 31-Mar Pastikan 22-JunLink Grafik sudah be 0.943 0.581 This bond listed with nominal value of Rp142 billion and interest rates of 10.25% per annum. This bond was effective from 26 February 2016 to 25 February 2018. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0000% and 100.0200%, while in first semester 2017 this bond was not traded. In year 2016, IBPA fair price recorded at range 99.9444% - 101.6999% and in first semester 2017 at range 100.3989% - 102.0363%. During 2016 this bond was traded with total volume amounted to Rp130 billion and transacted 3 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BFIN03CCN1 Listing Date ISIN CODE : IDA0000768C0 TRADING ACTIVITIES Volume 5 4 Oct-16 Frequency 5 Volume 4 Frequency Trading Activities, Oct-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Oct-21 2017 Q1 N/A - Oct-20 Price and Yield Trading days 1 Oct-19 2016 3 enar >> 300 Oct-17 3 1 enar >> Maturity Date N/A N/A - - Q2 3.00 3 1 9.02 N/A N/A N/A 100.0000 N/A N/A N/A 100.0000 N/A N/A N/A N/A N/A N/A 27-Apr 27-Apr N/A 93.4070 99.9087 Pastikan 100.3467Link Grafik sudah be N/A 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A 10.8741 3.750 17.191 0.038 9.1164 3.642 16.043 0.036 9.0010 3.507 14.782 0.035 This series was listed since 26 October 2016 with a maturity date on 25 October 2021 and has a fixed interest rate of 9.100% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 93.1846% - 100.5453% and on the other side IBPA’s Yield range between 8.9456% - 10.9270%. The outstanding for this series since issuance date were noted at Rp133.00 billion.
  301. BFIN03BCN1 ISIN CODE : IDA0000768B2 1000 800 Frequency 35 Volume 28 Frequency Jul-17 Trading Activities, Apr-18 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A 828.00 778.80 - N/A N/A 12 9 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 400 14 CTP Price - High N/A 200 7 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-19 2017 Price and Yield 21 Q1-16 Jan-19 2016 600 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 31 Q2 31 602.18 566.40 28-Dec 20-Feb 20-Dec 23-Jan - N/A 100.1700 100.3700 N/A N/A 100.0000 100.0000 N/A N/A N/A N/A N/A N/A 95.7085 99.8362 100.2801 N/A 30-Dec 31-Mar 22-Jun 6.946 5.962 5.087 N/A N/A N/A N/A 10.5778 2.415 0.024 8.8591 2.239 8.6639 2.069 0.022 0.021 This series will mature on 25 Oct 2019, had average turnover of 194.76% per quarter and traded in 21 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp267.80 billion per quarter with average frequency about 10 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked at 100.3700%. While the IBPA fair price for this series was between 95.6080% and 101.0480%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BFIN03ACN1 Listing Date ISIN CODE : IDA0000768A4 375 300 Oct-16 TRADING ACTIVITIES Volume Frequency 35 Volume 28 Frequency Maturity Date Jan-17 Trading Activities, Apr-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A 364.00 120.00 - N/A N/A 10 5 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 150 14 CTP Price - High N/A 75 7 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-17 2017 Price and Yield 21 Q1-16 Jul-17 2016 225 enar >> enar >> Maturity Date Oct-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 31 Q2 9 459.31 151.42 08-Nov 15-Mar 25-Nov 02-Feb - N/A 100.1000 100.3500 N/A N/A 99.5300 100.0500 N/A N/A 99.9644 100.1413 100.3524 N/A 30-Dec 31-Mar 22-Jun N/A 0.855 0.468 0.217 N/A N/A N/A N/A N/A 8.1379 0.802 0.008 7.8085 0.569 0.006 N/A N/A 7.1127 0.358 0.004 This series listed on 26 October 2016, and matured on 05 November 2017. This series issued with nominal amount of Rp317.00 billion and have fixed interest rate per annum at 8.10%. Average trading volume for this series reached Rp91.00 billion/quarter on 2016 and decreased to Rp60.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 99.5300% – 100.3500% while the IBPA fair price was between 99.1562% – 100.4014%. The IBPA fair yield for this series was between 7.0222% – 9.1748%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 301
  302. BFIN03BCN2 Listing Date ISIN CODE : IDA0000791B4 Mar-17 TRADING ACTIVITIES Volume 225 Frequency 5 Volume 180 4 Frequency Dec-17 Trading Activities, Sep-18 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A 4.00 N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 90 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-20 2017 Price and Yield 3 1 Jun-19 2016 135 45 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 N/A Q2 2 N/A 3.48 N/A - N/A N/A N/A N/A N/A 200.00 1 1 173.91 - 100.0000 - 100.0000 22-Jun - 22-Jun 100.9473 100.9047 8.7670 8.7676 N/A 31-Mar 22-Jun N/A 7.512 6.540 N/A 2.523 N/A 2.357 0.025 0.024 The series BFIN03BCN2 issued which amounted to Rp460.00 billion with interest rates of 9.15% per annum. This bond was listed from 03 March 2017 and matured in 02 March 2020. In first semester 2017, IBPA fair price recorded at range 100.0000% - 101.1003%, while the CTP recorded at level 100.0000% - 100.0000%. Until 30 June 2017, total volume recorded by Rp204.00 billion and transacted 1.50 times/quarter. BFIN03BCN2 has 2 total trading days since this series was issued. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BFIN03ACN2 Listing Date ISIN CODE : IDA0000791A6 TRADING ACTIVITIES Volume 1000 800 Mar-17 Frequency 45 Volume 36 Frequency Trading Activities, Sep-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 810.00 N/A N/A N/A 6 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 400 18 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Mar-18 2017 Price and Yield Trading days 9 Dec-17 2016 27 enar >> 302 Jun-17 600 200 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 41 7.00 6 3 600.00 5.19 09-Mar 26-Apr 29-Mar 22-Jun N/A 100.1500 100.1200 N/A 100.0000 100.0000 N/A 100.0261 100.2979 N/A N/A N/A 7.9433 7.5696 N/A 31-Mar 22-Jun N/A 1.047 0.658 N/A N/A 0.900 0.009 0.694 0.007 This bond listed with nominal value of Rp540 billion and interest rates of 8.00% per annum. This bond was effective from 3 March 2017 to 12 March 2018. Based on the market price (Centralized Trading Platform), this bond was traded between 100.0000% and 100.1500% while IBPA fair price recorded at range 99.9868% - 100.3347%. In first semester 2017, this bond was traded with volume amounting to Rp817 billion and transacted 47 times.
  303. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BFIN02CCN2 185 BFIN02BCN3 30 100 Q4-2016 Outstanding in Year 2016 Turnover 52.5% 285 BFIN02CCN3 Q3-2016 924 482 241.8% 91.5% BFIN03CCN1 BFIN03BCN1 828 BFIN03ACN1 364 - 200 150.5% 114.8% 400 600 800 1,000 1,200 1,400 1,600 1,800 INDONESIA BOND MARKET DIRECTORY 2016-2017 303
  304. IBPA ANALYTICAL REVIEW Description PT BFI Finance Indonesia Tbk (BFIN) operates in the consumer financing business since 1982. BFIN’s scope of activity is to conduct a financing business by providing funds or capital goods in the form of finance lease, consumer financing, factoring, and credit card business. Peer Group No. Company Total Revenue 1. PT BFI Finance Indonesia Tbk. 2. PT BCA Finance 3. PT Toyota Astra Financial Services 5. PT Sarana Multi Infrastruktur (Persero) to middle income households. It also offers Finance Historical Corporate Ratings No. and is one of the most diversified multi finance companies in the country. Now, BFI has grown into one of the biggest finance companies with the widest network and product range, supported by 8,941 employees in 209 branches and 96 outlets all across Indonesia. At the end of 2016, BFIN is 42.81% owned by Trinugraha Capital, 6.28% by PT BFI Finance Indonesia Tbk and 50.91% by public. Revenue 43.1 2,449 1.4 10.9 13.5 2,329 19.4 23.2 52.1 213.2 Financial Statement as of Fiscal Year 2016 Lease of heavy equipment and non-heavy equipment. Geographically, its business spans across Indonesia, 2,639 2,594 4. PT Mandiri Tunas Finance BFIN focuses its business on consumer financing of four- and two-wheeled vehicles, targeted at the low Net Profit (Rp Bill) Margins (%) Growth (%) 3,227 24.7 14.0 Rating Agency Rating Rating Status Rating Date 1. Fitch Ratings AA-(idn) Upgraded* 25-Nov-16 3. Fitch Ratings A+(idn) Assigned 2. Fitch Ratings 4. Fitch Ratings 5. Fitch Ratings A+(idn) A+(idn) A+(idn) Assigned Assigned Stable 3-Aug-16 Positive** 2-Dec-15 Positive 3-Feb-16 Affirmed Outlook 2-Mar-15 Positive Stable **The positive outlook caused by sustainable growth that results in a greater market share while maintaining solid asset quality SWOT Analysis S trengths W eaknesses - Long experience in the multi - Limited channeling credit from finance industry banks - Strong capitalization - Relatively below average asset - The highest revenue growth & quality NPM compared to its peer Financial Analysis BFIN’s total assets in 2016 amounted to Rp12.48 trillion, or 6.00% increase from the year before. The largest contributor came from net investments in finance lease which grew by 36.69% to Rp7.12 trillion. Furthermore, the Non Performing Financing (NPF) ratio decreased to 0.91% from 1.33% in 2015. That result indicated that the assets quality from BFIN was O On the other side, BFIN booked an increase in profit - Growing demand outside Java - Growing demand outside Java - Expand strategic to non- - Expand strategic to non- commodity business commodity business - Digital strategy implementation - Digital strategy implementation with online financing with online financing - Growing middle-income statement - Growing middle-income statement for the year of Rp148.08 billion to Rp798.37 trillion, up by 22.77% from the previous year’s figure. This was mainly contributed by the increase in revenue of Rp396.49 billion or grew by 14.01% compared to the previous year. Increase in total revenue was mainly driven by increasing from finance lease income by 50.53% to Rp1.33 trillion from Rp884.98 billion and this component became the biggest contributor for BFIN’s total revenues. 304 T very good. INDONESIA BOND MARKET DIRECTORY 2016-2017 pportunities hreats
  305. BIIF Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. AA+(idn) PT Maybank Indonesia Finance : : : : : : June 2017 ADDRESS Wisma Eka Jiwa, 10th Floor Jln. Mangga Dua Raya Jakarta 10730 Phone : (021) 6230-0088 Fax : (021) 6230-0099 Finance Financial Institution www.maybankfinance.co.id Sufiana sufi@maybankfinance.co.id PT BII Finance Center was established on February 13, 1991, based on notarial deed No. 163 in Jakarta, as a company which having licenses in consumer finance, leasing, factoring and credit card (multi finance). Maybank Indonesia Finance (formerly PT BII Finance Center) obtain strong support from sole shareholder, PT Bank Maybank IndonesiaTbk. (Maybank Indonesia) and the ultimate parent, Malayan Banking Berhad (Maybank). Based on notarial deed no . 105 dated November 18, 2015 PT BII Finance Center name changes into PT Maybank Indonesia Finance (MIF). Currently Maybank Finance operates in financing four wheelers vehicles, heavy equipments and industrial machineries, which was supported by authorized dealers of various brands and showrooms throughout Indonesia. Maybank Finance had 30 branches and 10 representative offices spread out in major cities in Indonesia. MIF has strong asset quality shown by the NPL (overdue more than 90 days) ratio remained low at 0.39% of total net managed receivables at end-2016 and 0.35% at end-2015. Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 46,894 4,361 Dec-2016 Chg % 207,991 343.53 p 10,349 137.31 p 4,607,991 5,752,163 24.83 p Total Assets 4,930,160 6,253,753 26.85 p Total Liabilities 3,872,493 4,948,196 27.78 p 60,000 60,000 32.4 32.4 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest - 60.0 32,370 1,000 41,523 - 60.0 32,370 1,000 1,026,600 1,274,994 - - 1,057,667 1,305,557 -1.93 q -  -  -  -  -  -  24.20 p 23.44 p -  1,057,667 1,305,557 23.44 p Total Revenues 810,348 946,522 16.80 p Income after tax in 2016 was Rp248 billion which was increased by Rp0.8 billion (0.35%) compared to previous year and in Dec 2015 was Rp247 billion which was decreased by Rp19 billion (-7%) compared to Dec 2014. Interest Expenses 266,270 356,615 33.93 p MIF’s profitability remained healthy, with ROA at 5.99% in 2016 (end2015: 7.30%). This plummeting ratio occured due to significant increased in asset that not inline with increasing profit. Comprehensive Income In 2016, total asset was Rp6,253 billion, which was increased by Rp1,324 billion (27%) compared to previous year while the total asset was Rp4,930 billion in Dec 2015 increased by Rp731 billion (17%) compared to Dec 2014. MIF had achieved Awards from Infobank since 2007 until 2015 and Golden Trophy for 8 consecutive years as the best performance for finance company, IFSA award since 2010 until 2013 and 2015, Majalah Investor Award 2011 until 2015, Indonesia Multifinance Award (IMA) in 2013 and 2014 and Warta Ekonomi award in 2014 until 2016. BOARD OF COMMISSIONERS 1. Deswandhy Agusman * 2. Djaja Suryanto Sutandar *) Independent Commissioner BOARD OF DIRECTORS 1. Alexander 2. Anton Sutjipto 3. Miki Effendi Total Equity 42,341 INCOME STATEMENTS Expenses 477,163 611,563 28.17 p Earning Before Tax 333,185 334,959 Income for the periods 247,530 248,394 Net Income … *) 247,530 248,394 0.35 p 3.66 3.79 3.52 p EBITDA FINANCIAL RATIOS DER (X) 607,861 247,677 5.02 ROA (%) NPM (%) EBITDA Coverage (X) 30.55 2.28 699,835 247,890 0.53 p 15.13 p 0.35 p 0.09 p 3.97 -20.89 q 26.24 -14.09 q 1.96 -14.04 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Bank Maybank Indonesia Tbk. 99.99% 2. Koperasi Karyawan PT Bank Internasional Indonesia Tbk. 0.01% AUDIT COMMITTEE 1. Deswandhy Agusman 2. Hadi Indraprasta 3. Herwan Ng INDONESIA BOND MARKET DIRECTORY 2016-2017 305
  306. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. CODE ISIN CODE Series Name BIIF02B Finance Tahun 2013 IDA0000589B2 BIIF01BCN1 IDA0000705B4 BIIF01ACN1 IDA0000705A6 BIIF01BCN2 IDA0000723B7 BIIF01ACN2 IDA0000723A9 BIIF01BCN3 IDA0000773B2 BIIF01ACN3 IDA0000773A4 Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi II BII Dengan Tingkat 525,000 20-Jun-13 19-Jun-18 5 years Bunga Tetap Seri B Finance Tahap I 200,000 13-Nov-15 12-Nov-20 5 years Tahun 2015 Seri B Obligasi Berkelanjutan I BII Finance Tahap I 300,000 13-Nov-15 12-Nov-18 3 years Tahun 2015 Seri A Obligasi Berkelanjutan I Maybank Finance Tahap II Tahun 2016 350,000 14-Apr-16 13-Apr-21 5 years Seri B Tahap II Tahun 2016 750,000 14-Apr-16 13-Apr-19 3 years Seri A Tahap III Tahun 2016 300,000 04-Nov-16 03-Nov-21 5 years Seri B Obligasi Berkelanjutan I Maybank Finance Tahap III Tahun 2016 Trustee 8.25% 19-Sep-17 19-Dec-17 19-Mar-18 Permata Tbk. 10.90% 800,000 04-Nov-16 Seri A 03-Nov-19 3 years 19-Jun-18 12-Aug-17 12-Nov-17 12-Feb-18 Quarterly 12-May-18 10.35% 12-Aug-17 12-Nov-17 12-Feb-18 Quarterly 12-May-18 9.35% 13-Jul-17 13-Oct-17 13-Jan-18 9.10% Quarterly Obligasi Berkelanjutan I Maybank Finance Date Period Quarterly Obligasi Berkelanjutan I Maybank Finance Coupon Payment Quarterly Obligasi Berkelanjutan I BII Coupon Structure / 8.80% 13-Apr-18 13-Jul-17 13-Oct-17 13-Jan-18 13-Apr-18 03-Aug-17 03-Nov-17 03-Feb-18 Quarterly 03-May-18 8.30% 03-Aug-17 03-Nov-17 03-Feb-18 Quarterly 03-May-18 PT Bank PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri Rating / Outlook AA+ Stable AA+ Stable AA+ Stable (Persero) Tbk. Pastikan Link Grafik sudah be PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Pastikan Link Grafik sudah be AA+ Stable AA+ Stable AA+ Stable AA+ Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 306 INDONESIA BOND MARKET DIRECTORY 2016-2017
  307. TRADING HIGHLIGHT BIIF02B ISIN CODE : IDA0000589B2 350 280 Frequency 30 Volume 24 Frequency Maturity Date Jun-14 Trading Activities, Jun-15 Jun-16 Jun-17 2016 Price and Yield Q1 Volume (Rp bn) - 32.00 28.00 27.00 - - 3 4 2 - Frequency (X) - Turnover Ratio (%) - Q2 Q3 8 Jun-18 2017 Q4 8 Q1 8 Q2 334.00 - 29 11 210 18 Trading days 140 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price 98.3942 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.685 3.801 2.996 2.253 1.622 1.139 6 70 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 98 10.0 96 9.0 94 8.0 92 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 21.33 20-Jun 09-Sep 100.0000 100.0200 N/A 93.6000 N/A 9.0439 Mod. Duration (yrs) 1.996 Sensitivity (%) 0.020 Convexity (yrs) 24.38 20-Jun 95.0000 25-Aug 98.8997 100.0732 8.8637 1.793 8.2025 1.584 0.018 0.016 20.57 - 254.48 99.7827 N/A 101.0500 95.0000 N/A 99.2000 01-Dec 11-Oct N/A 20-Jun N/A 18-Apr 98.6565 100.1216 100.6843 9.2364 1.364 0.014 8.1224 1.144 7.5268 0.944 0.011 0.009 The series BIIF02B issued which amounted to Rp525.00 billion with interest rates of 8.25% per annum. This bond was listed from 20 June 2013 and matured in 19 June 2018. In first semester 2017, IBPA fair price recorded at range 98.5985% - 100.6843%, while the CTP recorded at level 99.2000% - 101.0500%. Until 30 June 2017, total volume recorded by Rp334.00 billion and transacted 14.50 times/quarter. BIIF02B has 20 total trading days since this series was issued. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BIIF01BCN1 Listing Date ISIN CODE : IDA0000705B4 Nov-15 TRADING ACTIVITIES Volume 45 Frequency 5 Volume 36 4 Frequency Maturity Date Nov-16 Trading Activities, Nov-17 Nov-18 Nov-19 2016 Price and Yield Q1 Volume (Rp bn) 42.00 - 40.00 40.00 - - 2 - 1 2 - - Frequency (X) Q2 Nov-20 2017 4 - Q3 Q4 2 Q1 2 - Q2 - 27 3 Trading days 18 2 CTP Price - High 102.2500 N/A 106.5000 104.7000 N/A N/A 9 1 100.0200 N/A 106.4900 104.6500 N/A N/A - - CTP Price - Low IBPA Fair Price 105.0750 105.7122 107.4065 104.7961 106.2045 106.7002 enar >> enar >> Jun-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 104 10.0 102 9.0 100 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 84.00 02-Mar 20-Jan 9.5184 - N/A N/A 9.2915 80.00 80.00 20-Jul 01-Dec 20-Jul 30-Nov 8.7365 9.4037 - N/A N/A 8.8637 - N/A N/A 8.5974 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 15.705 14.377 13.106 11.711 10.496 9.451 3.578 0.036 3.432 0.034 3.286 0.033 3.108 0.031 2.949 0.029 2.806 0.028 This series was listed since 13 November 2015 with nominal value of Rp200.00 billion with fixed interest rate of 10.90 % per annum. The IBPA fair price was between 99.5439% 107.7256%, the fair yield for this series was between 8.5235% - 11.0203%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 307
  308. BIIF01ACN1 Listing Date ISIN CODE : IDA0000705A6 325 260 Nov-15 TRADING ACTIVITIES Volume Maturity Date Frequency 40 Volume 32 Frequency Nov-16 Trading Activities, Price and Yield Q1 Q2 Volume (Rp bn) 160.00 30.00 - 303.00 - - 5 1 - 9 - - Frequency (X) 2 Q4 - Q1 39 Q2 - - Trading days 130 16 CTP Price - High 102.8500 102.5000 N/A 104.0500 N/A N/A 65 8 100.0000 102.4500 N/A 99.9500 N/A N/A - - CTP Price - Low IBPA Fair Price 101.7979 102.7917 103.8872 101.8269 102.9402 Pastikan 103.2525Link Grafik sudah be Price 106 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date  IBPA Fair Price  YTM BIIF01BCN2 160 24-Mar 01-Apr 12-Jan 01-Apr 9.5495 404.00 N/A 11-Oct N/A 21-Oct 8.3245 9.2686 30-Jun 30-Sep 30-Dec 6.020 5.081 4.196 3.343 2.242 Sensitivity (%) 0.022 Convexity (yrs) 9.0234 - 31-Mar Mod. Duration (yrs) 2.059 1.869 0.021 0.019 1.662 0.017 - Frequency 10 Volume 8 Frequency - N/A N/A N/A N/A 8.3630 7.8506 1.459 1.274 0.015 0.013 31-Mar Pastikan 22-JunLink Grafik sudah be 2.601 2.008 This series has an outstanding amount of Rp300 billion with fixed coupon per annum at 10.35%. From 2016 to the end of June 2017, total trading volume for the series was Rp493 billion and the total trading frequency was 55 times. In 2016, average trading volume amounted to Rp123.25 billion/quarter, while during the first semester of 2017 this series was not traded. The market prices for this series observed through the Centralized Trading Platform (CTP) were 99.9500% at the lowest and 104.0500% at the highest. During the observation period, the range of IBPA fair price was stood between 99.8200% highest. Apr-16 TRADING ACTIVITIES 200 40.00 Listing Date ISIN CODE : IDA0000723B7 Volume Last Date 213.33 and 104.0133%, while the fair yield were 7.8020% at the lowest, and 10.4206% at the l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Maturity Date Apr-17 Trading Activities, Apr-18 Apr-19 Apr-20 2016 Apr-21 2017 Price and Yield Q1 Q2 Volume (Rp bn) N/A 135.00 186.00 - 2.00 - 5 1 - 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q3 7 Q4 7 - Q1 Q2 1 - 120 6 Trading days N/A 80 4 CTP Price - High N/A 100.5000 102.2500 N/A 101.5000 N/A 40 2 N/A 99.8900 101.3000 N/A 101.5000 N/A - - CTP Price - Low IBPA Fair Price N/A 100.0897 101.8058 Last Date N/A 30-Jun 30-Sep 30-Dec Convexity (yrs) N/A 17.167 15.778 14.243 enar >> Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 7.0 97 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 308 14 Q3 24 IBPA Fair Yield (%) enar >> Nov-18 2017 195 enar >> enar >> Nov-17 2016 INDONESIA BOND MARKET DIRECTORY 2016-2017 154.29 212.57 04-May 07-Sep 29-Jun 07-Sep 9.3257 3.750 0.038 8.8613 3.605 0.036 - N/A N/A 2.29 26-Jan 26-Jan - N/A N/A 99.6262 101.4338 Pastikan 102.2496Link Grafik sudah be 9.4561 3.427 0.034 8.9144 8.6490 31-Mar Pastikan 22-JunLink Grafik sudah be 3.272 12.918 0.033 3.132 11.767 0.031 This series was first listed on 14 April 2016 and will be matured on 13 April 2021. This series has an outstanding amount of Rp350 billion with fixed coupon per annum at 9.35%. This series, throughout 2016 and the first two quarters of 2016 period, was traded in 7 trading days with 73.83% of average quarterly turnover. The average trading volume throughout the period was Rp53.83 billion per quarter and the average trading frequency was 3 times per quarter. The market prices for this series were 99.8900% at the lowest and 102.2500% at the highest. IBPA valued the fair prices for this series were 97.5704% for the lowest and 102.7310% for the highest. At the same period, the fair yield for this series was ranging from 8.5814% to 10.0410%.
  309. BIIF01ACN2 ISIN CODE : IDA0000723A9 1250 1000 Frequency 75 Volume 60 Frequency Jan-17 Trading Activities, Oct-17 Jul-18 Apr-19 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A 744.00 7 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2017 Q3 14 Q4 Q1 1016.00 845.00 225.00 18 16 4 73 51 Q2 7 230.00 14 750 45 Trading days N/A 500 30 CTP Price - High N/A 100.4300 101.3500 102.9700 101.6738 101.8334 CTP Price - Low N/A 100.0000 IBPA Fair Price N/A 100.3740 101.2795 102.0265 100.9549 101.6694 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 6.834 5.810 4.850 3.929 3.208 15 250 - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 396.80 09-Jun 27-Apr 8.9456 2.392 541.87 29-Sep 98.6500 120.00 122.67 21-Dec 08-Feb 19-Jun 31-Oct 03-Jan 20-Jun 99.9500 100.0500 100.5400 25-Aug 8.5323 0.024 9 450.67 8.1184 2.205 8.5687 2.012 0.022 1.806 0.020 8.0959 1.628 0.018 0.016 This series will mature on 13 April 2019, had average turnover of 272% per quarter and traded in 54 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp510 billion per quarter with average frequency about 10 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.6500% at the lowest and peaked at 102.9700%. While the IBPA fair price for this series was between 97.6132% and 103.1340%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BIIF01BCN3 Listing Date ISIN CODE : IDA0000773B2 45 36 Nov-16 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Nov-17 Trading Activities, Nov-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 40.00 - N/A N/A 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 18 2 CTP Price - High N/A CTP Price - Low N/A 1IBPA Fair Price N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date N/A Convexity (yrs) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Nov-21 2017 Q1 Trading days 1 Nov-20 Price and Yield 3 9 Nov-19 2016 27 enar >> enar >> Maturity Date Apr-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A Q1 2 53.33 - Q2 9.00 1 1 12.00 N/A 100.0200 N/A 100.0000 N/A 100.0000 N/A 100.0000 N/A 97.2056 99.3289 99.9092 N/A 30-Dec 31-Mar 22-Jun N/A 17.773 16.343 15.065 N/A N/A N/A N/A N/A 23-Dec 23-Dec 9.5256 3.833 0.038 N/A N/A 8.9719 3.686 0.037 25-Apr 25-Apr 8.8236 3.549 0.035 This series will mature on 3 November 2021, had average turnover of 10.89% per quarter and traded in 2 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp8.17 billion per quarter with average frequency about 1 transaction per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked at 100.0200%. While the IBPA fair price for this series was between 95.3518% and 100.5612%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 309
  310. BIIF01ACN3 Listing Date ISIN CODE : IDA0000773A4 1750 1400 Nov-16 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Aug-17 Trading Activities, Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 232.00 1607.00 N/A N/A 8 14 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 700 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-19 2017 Q1 Trading days enar >> Feb-19 Price and Yield 45 15 May-18 2016 1050 350 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 803.50 05-Dec 25-Jan BIIF02B 99.3508 100.7220 N/A 30-Dec 31-Mar 22-Jun N/A 7.184 6.121 5.241 30-Nov 9.2231 2.466 N/A 12-Jan 8.5698 2.276 0.025 0.023 160 30 BIIF01BCN2 135 186 BIIF01ACN2 BIIF01ACN3 - BIIF01ACN3 has 30 total trading days since this series was issued. Q4-2016 Turnover Outstanding in Year 2016 1,016 347.3% 845 29.0% 800 INDONESIA BOND MARKET DIRECTORY 2016-2017 0.021 100.9350%, while the CTP recorded at level 97.7500% - 100.9500%. Until 30 June 2017, 91.7% 400 2.106 total volume recorded by Rp1792.00 billion and transacted 31.00 times/quarter. 13.3% 232 7.9595 November 2019. In first semester 2017, IBPA fair price recorded at range 97.7571% - 164.3% 744 BIIF01BCN3 40 310 303 03-Apr 8.30% per annum. This bond was listed from 04 November 2016 and matured in 03 61.0% BIIF01ACN1 99.5500 The series BIIF01ACN3 issued which amounted to Rp800.00 billion with interest rates of 16.6% BIIF01BCN1 42 40 20-Jun 97.7099 TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q3-2016 8 92.50 N/A  IBPA Fair Price  YTM Q2-2016 12 100.0500 100.3500 100.9500 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 185.00 97.7500 N/A N/A 116.00 50 97.4000 N/A N/A 20 Q2 N/A N/A N/A Q1 1,200 1,600 2,000 2,400 2,800
  311. IBPA ANALYTICAL REVIEW Description PT Maybank Indonesia Finance previously PT BII Finance Center was established on February 13 , 1991 under the name PT BII Finance Center. Maybank Finance carries out business in Investment Financing, Capital Financing, Multipurpose Financing, and other. Maybank Finance also carry out Sharia-based financing business activities. Maybank finance’s main Peer Group No. Company Total Revenue 1. PT Maybank Indonesia Finance 2. PT Sinar Mas Multifinance 3. PT Surya Artha Nusantara Finance heavy equipment and industrial machineries. Maybank Finance currently has branches and representative offices in several provinces across Indonesia, including Aceh, North Sumatra, West Sumatra, Riau, South Sumatra, Jambi, Lampung, DKI Jakarta, West Java, Central Java, Yogyakarta, East Java, Bali, Lombok, East Kalimantan, West Kalimantan, Revenue 867 10.7 18.9 544 18.7 77.4 622 4. PT Indonesia Infrastucture Finance 5. PT Bima Multi Finance 13.0 436 (8.1) 5.3 22.3 Financial Statement as of Fiscal Year 2016 activities include four-wheel vehicle financing, namely new car financing. Maybank Finance also financed Net Profit (Rp Bill) Margins (%) Growth (%) 947 26.2 16.8 Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date Outlook 1. Fitch Ratings AA+(idn) Affirmed 29-Mar-17 Stable 3. Fitch Ratings AA+(idn) Affirmed 15-Apr-15 Stable 2. Fitch Ratings 4. Fitch Ratings 5. Fitch Ratings AA+(idn) AA+(idn) AA+(idn) Affirmed Affirmed Affirmed 14-Apr-16 17-Apr-14 22-Aug-13 Stable Stable Stable Central Kalimantan, South Sulawes, and North Sulawesi. BIIF share is owned by PT Bank Maybank Indonesia Tbk (BII) of 99.99%, and the remaining 0.01% is owned by the Bank Internasional Indonesia Employee Cooperatives. SWOT Analysis S W trengths eaknesses -Strong support from PT Bank -Moderate profitability growth Maybank Indonesia -Decreasing asset quality -Good position in the industry Financial Analysis In 2016, the company booked an increase in total revenue by 16.80% from Rp810.35 billion to Rp946.52 billion. The increase in total revenue was driven by increasing consumer financing income, finance lease income, ijarah income, and other income. The higher revenue was also in line with the company’s total assets that grew 26.85% from Rp4.93 trillion to Rp6.25 trillion. On the other hand the company’s operating expense in 2016 rose 28.17% from Rp477.16 billion in 2015 to Rp611.56 billion in 2016. Due to higher growth in operating expense, the company posted a slight increase in net profit which was by 0.35% from Rp247.53 billion to Rp248.39 O T pportunities hreats -Significant growth of middle -Significant growth of middle income population income population -Cooperates exclusively with -Cooperates exclusively with strategic partners strategic partners billion. INDONESIA BOND MARKET DIRECTORY 2016-2017 311
  312. idSD BIMF PT Bima Multi Finance Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Finance Financial Institution www.bimafinance.co.id MEJ Hesti Susanti hesti.susanti@bimafinance.co.id PT Bima Multi Finance (the Company), formerly named Berlian Pacific Finance, was established under the Deed No. 200 dated 19 April 1990 of Sutjipto S. H., a notary public of Jakarta. The Articles of Association were approved by the Minister of Justine in Decision Letter No. C2.3148.HT.01.01-TH.90 dated 31 May 1990. The Letter was published in State Gazette of Republic of Indonesia No. 60 announced dated 27 July 1990, Supplemental No. 2650. The Company has obtained business license as a financing company from the Ministry of Finance - The Republic of Indonesia in the Letter of Decree No.956/KMK.013/1990 dated 16 August 1990. And the company further obtained the Business Permit in renaming the company to PT Bima Multi Finance from the Ministry of Finance, in the Letter of Decree No. Kep148/KMK.12/2006 dated 1 December 2006. Since the name change, Bima Finance became a multi finance company that provides financing solutions focusing on financing used cars and motorcycles. In 2015 Bima Finance expanded its market to include other sectors such as retail trade factoring, small business, home and education financing. Grown to 40 branches and 163 point-of-service (POS) across the archipelago and supported by more than 3,000 employees, Bima Finance became a financing company that keeps on growing and strong in consumer financing market including investment financing, working capital financing, and multi-purpose financing. To this point Bima Finance still focus on financing used motor vehicles. The year 2016 was still a year clouded with the slowing global economy. In the midst of this bearish automotive market, Bima Finance still managed to move forward and even with assets grown to Rp1.4 trillion. This was achieved because of the strategy the Company executed supported by application of Bima Hebat values from line to line by every person in the company. Bima Finance believes that these values could increase productivity, creativity, profitability and future growth of the company. Jln. Cideng Barat No. 47i Jakarta 10150 Phone : (021) 638-58555 Fax : (021) 638-68576 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 128,598 Other Receivables 24,035 *) Independent Commissioner BOARD OF DIRECTORS 1. Wina Ratnawati 2. Djuanda Setiawan 3. Halim Gunadi 312 INDONESIA BOND MARKET DIRECTORY 2016-2017 Chg % 56,521 -56.05 q 33,857 40.87 p 853,098 1,092,993 1,196,750 1,425,996 19.16 p Total Liabilities 953,935 1,145,706 20.10 p Authorized Capital 150,000 150,000 220.0 220.0 Consumer Financing Receivables Property, Plant and Equipment Total Assets Fund Borrowings Authorized Capital (Mil. Sh) Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity 54,120 921,967 300.0 110,000 500 68,562 1,103,584 300.0 110,000 500 109,147 132,453 - - 242,815 280,290 28.12 p 26.69 p 19.70 p -  -  -  -  -  21.35 p 15.43 p -  242,815 280,290 15.43 p Total Revenues 356,639 436,081 22.28 p Interest Expenses 110,178 148,425 34.71 p INCOME STATEMENTS Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) 214,243 32,218 255,650 32,006 150,357 188,271 24,719 25,399 24,018 23,306 19.33 p -0.66 q 25.22 p -2.97 q 2.75 p 24,018 23,306 -2.97 q DER (X) 3.93 4.09 4.05 p NPM (%) 6.73 5.34 -20.64 q FINANCIAL RATIOS ROA (%) BOARD OF COMMISSIONERS 1. Eddy Edgar Hartono 2. Renny Octavianus Rorong * 3. Sukran Abdul Gani Dec-2016 EBITDA Coverage (X) 2.01 1.36 1.63 -18.56 q 1.27 -7.05 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Cipta Citra Internasional 2. Eddy Edgar Hartono AUDIT COMMITTEE 1. Renny Octavianus Rorong 2. Elizabeth Linandi 99.00% 1.00%
  313. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. CODE ISIN CODE BIMF01BCN1 IDA0000713B8 BIMF01CCN2 IDA0000725C0 BIMF01BCN2 IDA0000725B2 BIMF02CCN1 IDA0000786C2 BIMF02BCN1 IDA0000786B4 BIMF02ACN1 IDA0000786A6 Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan I Bima Multi Finance Tahap I Tahun 2015 42,000 23-Dec-15 22-Dec-18 3 years Seri B Tahap II Tahun 2016 20,000 12-May-16 10-May-19 3 years Seri C Obligasi Berkelanjutan I Bima Multi Finance Tahap II Tahun 2016 35,000 12-May-16 10-May-18 2 years Seri B Obligasi Berkelanjutan II Bima Multi Finance Tahap I Tahun 2016 2,000 22-Dec-16 21-Dec-19 3 years Seri C Tahap I Tahun 2016 2,000 22-Dec-16 21-Dec-18 2 years Seri B Tahap I Tahun 2016 Seri A Trustee 14,5% 22-Sep-17 22-Dec-17 22-Mar-18 Tabungan 14.50% 136,000 22-Dec-16 31-Dec-17 370 days PT Bank Negara 22-Jun-18 (Persero) Tbk. 10-Aug-17 10-Nov-17 10-Feb-18 Tabungan PT Bank Negara Quarterly 10-May-18 (Persero) Tbk. 14.00% 10-Aug-17 10-Nov-17 10-Feb-18 Tabungan PT Bank Negara Quarterly 10-May-18 (Persero) Tbk. 13.50% 21-Sep-17 21-Dec-17 21-Mar-18 Tabungan 13.00% Quarterly Obligasi Berkelanjutan II Bima Multi Finance Date Period Quarterly Obligasi Berkelanjutan II Bima Multi Finance Coupon Payment Quarterly Obligasi Berkelanjutan I Bima Multi Finance Coupon Structure / 12.50% Quarterly PT Bank Negara 21-Jun-18 (Persero) Tbk. 21-Sep-17 21-Dec-17 21-Mar-18 Tabungan PT Bank Negara 21-Jun-18 (Persero) Tbk. 01-Oct-17 01-Jan-18 - Tabungan - PT Bank Negara (Persero) Tbk. Rating / Outlook N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A INDONESIA BOND MARKET DIRECTORY 2016-2017 313
  314. TRADING HIGHLIGHT BIMF01BCN1 Listing Date ISIN CODE : IDA0000713B8 5 4 Dec-15 TRADING ACTIVITIES Volume Maturity Date Frequency 5 Volume 4 Frequency Dec-16 Dec-18 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Dec-17 2016 Price 108 PRICE AND YTM MOVEMENT YTM (%) 15.0 106 14.0 104 13.0 102 12.0 100 11.0 98 10.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date - - N/A N/A N/A N/A - - N/A - N/A N/A N/A N/A N/A Pastikan Link Grafik sudah be N/A N/A 105.4963 105.6493 106.3037 104.2791 105.3031 105.1178 Pastikan Link Grafik sudah be 12.0853 11.8341 11.2592 12.0340 11.0576 10.9286 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-May 6.092 5.200 4.358 3.536 2.812 2.364 Mod. Duration (yrs) 2.237 Sensitivity (%) 0.022 Convexity (yrs) 2.069 1.894 0.021 0.019 1.704 1.515 0.017 1.388 0.015 0.014 This series was listed since 23 December 2015 with a maturity date on 22 December 2018 and has a fixed interest rate of 14.500% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 99.8644% - 106.8268% and on the other side IBPA’s Yield range between 10.8809% - 14.5535%. The outstanding for this series since issuance date were noted at Rp42.00 billion. But, since 23 May 2017, there was not IBPA fair price for this series due to the level rating for this series dropped to non-investment grade. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BIMF01CCN2 Listing Date ISIN CODE : IDA0000725C0 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Trading Activities, Nov-17 Aug-18 May-19 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A - - - - - - - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - - - - Q2 - 3 Trading days N/A 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 109 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 15.0 107 14.0 105 13.0 103 12.0 101 11.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 10.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 314 Feb-17 3 enar >> enar >> May-16 Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 - N/A N/A - N/A N/A - N/A N/A - N/A N/A - N/A N/A 105.2923 106.6806 104.5329 105.8577 Pastikan 105.7663Link Grafik sudah be 12.2746 11.4989 12.2555 11.3170 11.1939 2.295 2.136 1.955 1.781 1.689 0.018 0.017 30-Jun 6.513 0.023 30-Sep 5.621 0.021 30-Dec 4.713 0.020 31-Mar Pastikan 22-MayLink Grafik sudah be 3.911 3.484 This series will mature on 10 May 2019. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 99.7876% at the lowest and 107.3368 at the highest. But, since 23 May 2017, there was not IBPA fair price for this series due to the level rating for this series dropped to non-investment grade.
  315. BIMF01BCN2 ISIN CODE : IDA0000725B2 5 4 Frequency 5 Volume 4 Frequency Maturity Date Nov-16 May-17 Nov-17 May-18 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A - - - - - - - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - - - Q2 - - 3 3 Trading days N/A 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 108 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 15.0 106 14.0 104 13.0 102 12.0 100 11.0 98 10.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - - N/A N/A N/A N/A - - N/A - N/A N/A N/A N/A N/A 104.1670 104.6056 102.9824 103.5999 103.3739 11.4775 10.8430 11.5944 10.4853 10.2935 1.602 1.412 1.210 1.005 0.840 30-Jun 30-Sep 3.171 0.016 2.483 0.014 30-Dec 31-Mar 1.849 22-May 1.306 0.012 0.940 0.010 0.008 This series was listed in May 2016 and will be matured in May 2018. From 2016 to the first half of year 2017, this series was not traded. IBPA fair price during the observation period was ranged from 99.8443% to 104.9403%. Meanwhile IBPA yield for this series were 10.2706% at the lowest and 14.0874% at the highest. By the end of June 2017, the outstanding amount of this series was Rp35 billion. But, since 23 May 2017, there was not IBPA fair price for this series due to the level rating for this series dropped to non- investment grade. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BIMF02CCN1 Listing Date ISIN CODE : IDA0000786C2 5 4 Dec-16 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Sep-17 Trading Activities, Jun-18 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low 1IBPA Fair Price N/A Price 108 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 15.0 106 14.0 104 13.0 102 12.0 100 11.0 98 10.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-19 2017 Price and Yield 3 Q1-16 Mar-19 2016 3 enar >> enar >> May-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Last Date N/A Convexity (yrs) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - - Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.8726 104.2844 104.4304 N/A 30-Dec N/A N/A N/A N/A 13.5506 11.6249 11.4871 2.409 2.259 2.213 7.061 0.024 31-Mar 6.176 0.023 22-May 5.821 0.022 This series was listed in December 2016 and will be matured in December 2019. From this series was listed until the first half of year 2017, this series was not traded. IBPA fair price during the observation period was ranged from 99.7949% to 104.5950%. Meanwhile IBPA yield for this series were 11.4593% at the lowest and 13.5833% at the highest. By the end of June 2017, the outstanding amount of this series was Rp2 billion. But, since 23 May 2017, there was not IBPA fair price for this series due to the level rating for this series dropped to non-investment grade. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 315
  316. BIMF02BCN1 Listing Date ISIN CODE : IDA0000786B4 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Jun-17 Trading Activities, Dec-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 15.0 103 14.0 102 13.0 101 12.0 100 11.0 99 10.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-18 2017 Price and Yield 3 Q1-16 Jun-18 2016 3 enar >> enar >> Dec-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.9320 102.9761 102.9635 N/A 30-Dec N/A N/A N/A N/A 13.0369 11.0555 10.9264 1.712 1.526 1.395 31-Mar 3.553 22-May 2.838 0.017 2.379 0.015 0.014 This series was listed since 22 December 2016 with nominal value of Rp2.00 billion with fixed interest rate of 13.00 % per annum. The IBPA fair price was between 99.8145% - 103.1421%, the fair yield for this series was between 10.8787% - 13.1058%. But, since 23 May 2017, there was not IBPA fair price for this series due to the level rating for this series dropped to non-investment grade. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BIMF02ACN1 Listing Date ISIN CODE : IDA0000786A6 TRADING ACTIVITIES Volume 45 36 Dec-16 Frequency 15 Volume 12 Frequency Trading Activities, Jun-17 Q1 Q2 Q3 Volume (Rp bn) N/A N/A N/A 3.00 40.00 N/A N/A 1 6 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 18 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 12.0 101 11.0 100 10.0 99 9.0 98 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Dec-17 2017 Price and Yield Trading days 3 Sep-17 2016 9 enar >> 316 Mar-17 27 9 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 1 8.82 Q2 10 20.00 4 1 117.65 58.82 20-Feb 05-May 02-Feb 05-May N/A 100.0000 102.2000 100.2000 N/A 100.0000 N/A 100.0394 101.1818 101.5861 N/A N/A N/A N/A N/A N/A N/A 29-Dec 29-Dec 99.9500 100.0000 12.4575 10.8866 0.901 0.708 30-Dec 1.078 0.009 9.7550 31-Mar 22-May 0.683 0.385 0.007 0.501 0.005 This bond series was first listed on 22 December 2016 and will be matured on 31 December 2017. The series was actively traded in Q2-2017 with 8 days of total trading days during the trading period. The total trading volume reached Rp63.00 billion and the total trading frequency was 15 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 99.9500% or above its fair lowest price valued by IBPA at 99.8717%. On the other hand, the highest market price was 102.2000% or above its IBPA fair highest price at 101.8102%. The yield valued by IBPA was 9.7550% at the lowest, and 12.5978% at the highest. But, since 23 May 2017, there was not IBPA fair price for this series due to the level rating for this series dropped to non-investment grade.
  317. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 BIMF01BCN1 BIMF01CCN2 BIMF01BCN2 BIMF02CCN1 BIMF02BCN1 BIMF02ACN1 3 - 2.2% 20 40 60 80 100 120 140 INDONESIA BOND MARKET DIRECTORY 2016-2017 317
  318. IBPA ANALYTICAL REVIEW Description PT Bima Multi Finance was established on April 19 , 1990 under the name of PT Lautan Berlian Pacific Finance. PT Bima Multi Finance (BIMF) engages in the business of consumer finance, leasing, and factoring focused on the micro financing segment which is relatively safe as well as introducing innovative and competitive products & services such as used car and Peer Group No. Company Total Revenue 1. PT Sinar Mas Multifinance 2. PT Surya Artha Nusantara Finance 3. PT Indonesia Infrastucture Finance 5. PT Verena Multi Finance Tbk. vehicle such as pick-up, car box, truck, travel bus, Historical Corporate Ratings No. consisted of PT Cipta Citra Irternasional (99%) and Eddy Edgar Hartono (1%). Revenue 13.0 436 5.3 (8.1) 18.7 77.4 1.9 (11.3) 336 22.3 Financial Statement as of Fiscal Year 2016 public transportation, and heavy equipment. As of December 31, 2016, its ownership structure 622 544 4. PT Bima Multi Finance used motorcycle financing. A business unit was established focusing on the financing of productive Net Profit (Rp Bill) Margins (%) Growth (%) 867 10.7 18.9 Rating Agency Rating Rating Status Rating Date Outlook idSD Downgraded* 22-May-17 Stable idBBB Affirmed 13-Sep-16 Stable 1. Pefindo 2. Pefindo idBBB 4. Pefindo idBBB 3. Pefindo Affirmed Assigned 4-Jan-17 7-Oct-15 Stable Stable SWOT Analysis S trengths - Solid management team W eaknesses - Low operating efficiency - The pressure on its asset quality - Below average market position Financial Analysis The company’s total assets in 2016 was Rp1.43 trillion, increased by 19.55% compared to the same period in 2015. This increasing was due to an increasing of consumer financing booked by 34.36%. In line with the increasing consumer financing, the Company's total revenue was Rp436.08 billion in 2016, increased by 22.28% compared to the same period in 2015. Neverthless in 2016, the Company booked net profit at Rp23.31 billion decreased by 2.96% from Rp24.02 billion in 2015 due to the increased of Company’s expenditures on salaries, benefit as the company grew. In 2016, the establishment of loss reserves recorded an increase to Rp46.03 billion or 25.43% compared to 2015. In 2016, the Company's Return on Assets (ROA) at the level of 1.63% from 2.01% in 2015. 318 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Significant growth of middle - Significant growth of middle income population income population - High demand for operational - High demand for operational vehicles vehicles
  319. idAA- BJBR PT BPD Jawa Barat dan Banten Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Menara Bank BJB Jln. Naripan No. 12 - 14 Bandung 40111 Phone : (022) 423-4868 Fax : (022) 420-6090 Finance Bank www.bankbjb.co.id Hakim Putratama ir@bankbjb.co.id PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk. known as bank bjb, is a commercial bank owned by the Provincial Government West Java, Provincial Government of Banten, all city and regency governments in West Java and Banten, and the public. The establishment of bank bjb initiated from NV DENIS (De Erste Nederlansche Indische shareholding), which was based in Bandung, engaged in mortgages and one of the Dutch-owned companies nationalized under Government Regulation (PP) of the Republic of Indonesia (GoI) No. 33 of 1960 about the determination of Dutch Companies in Indonesia. Bank Jabar Banten sharia banking unit was spun off and became a independent subsidiary called “Bank Jabar Banten Syariah” based on the business license from Bank Indonesia and in accordance with the Governor of Bank Indonesia Decree No.12/35/KEP.GBI/2010 dated April 30, 2010 regarding business license for PT Bank Jabar Banten Syariah. Based on the Letter from the Chairman of Bapepam-LK No. S-5901 / BL / 2010 On June 29, 2010 Notice Effective Registration Statement on Bank Jabar Banten carry out the initial public offering shares at an offering price of Rp600,00 (six hundred Rupiah) per share which are listed in the Indonesia Stock Exchange on July 8, 2010. Based on the results of the General Meeting Extraordinary Shareholders (EGM) of PT Bank Pembangunan Daerah Jawa Barat and Banten No. 26, April 21, 2010, Bank Indonesia Letter No. 12/78 / APBU / Bd dated June 30, 2010 regarding Logo Change Plan, and Directors Decree No. 1337 / SK / DIR-PPN / 2010 dated July 5, 2010, the call name “Bank Jabar Banten” has been officially changed to “bank bjb” on August 2, 2010. Bank bjb is a pioneer among regional development banks as the first to conduct an IPO, on the Indonesian Stock Exchange (IDX) on July 8, 2010. The funds from the Offering were used by bank BJB to strengthening the Company’s capital to support loan expansion, especially in the SME sector, expansion of networks and information technology development. Future bank bjb plans include to focus growth in the SME sector with the support of existing consumer sectors. bank bjb’s Initial Public Offering obtained relatively large interest from both domestic and foreign investors. In the Initial Public Offering of 1, 2 and 5 July 2010, the demand for bank bjb shares was oversubscribed by 11.2 times in the pooling portion. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax *) Independent Commissioner AUDIT COMMITTEE 1. Klemi Subiyantoro 2. Achmad Baraba 3. Memed Sueb 2,402,588 3,739,128 14,147,460 54,368,172 31,984 1,023,314 Dec-2016 2,215,341 9,206,598 -34.92 q 62,754,600 31,984 79,153,531 76,068,471 87,019,826 4,000,000 4,000,000 9,696 9,696 2,424,073 250 -  15.36 p 18.45 p 246,055 -43.39 q 16,000 2,424,073 250 4,601,329 4,933,645 44,338 42,401 7,712,880 15.43 p 2,740,397 167.80 p 66,822,171 16,000 -7.79 q 12,777,516 241.72 p 88,697,430 102,318,457 434,617 Chg % 14.40 p -  -  -  -  -  7.22 p 9,631,827 24.88 p 7,757,218 9,674,228 24.71 p 10,084,451 10,677,875 5,108,209 565,789 3,730,734 4,599,263 758,197 5,316,500 -4.37 q 5.88 p -9.96 q 34.01 p 42.51 p 1,811,297 1,520,309 -16.07 q 1,766,398 1,463,908 -17.12 q -44,899 -56,401 -25.62 q 1,380,964 1,153,225 -16.49 q Net Income … *) 1,377,109 1,154,421 -16.17 q Comprehensive Income FINANCIAL RATIOS NPM (%) 1,369,829 9.81 1.56 ROA (%) BOARD OF DIRECTORS 1. Ahmad Irfan 2. Agus Gunawan 3. Agus Mulyana 4. Benny Santoso 5. Fermiyanti 6. Nia Kania 7. Suartini Millions of Rp, Unless Otherwise Stated Dec-2015 Income for the periods DER (X) BOARD OF COMMISSIONERS 1. Klemi Subiyantoro * 2. Muhadi 3. Rudhyanto Mooduto * 4. Suwarta * 5. Yayat Sutaryat * Stable EBITDA Coverage (X) 13.69 17.96 *) … attributable to owners of the parent entity 2,741,103 100.11 p 9.00 -8.27 q 1.13 -27.61 q 10.80 -21.13 q 14.24 -20.73 q SHAREHOLDERS 1. Province of West Java (Class A) 2. Public (Class B) 3. Municipal & Regional Gov. of West Java (Class A) 4. Municipal & Regional Gov. of Banten (Class A) 5. Province of Banten (Class A) 38.26% 25.00% 23.61% 7.76% 5.37% 4. Ramson Sinaga 5. Rudhyanto Mooduto 6. Suwarta INDONESIA BOND MARKET DIRECTORY 2016-2017 319
  320. AS OF JUNE 2017 CODE No . 1. ISIN CODE Outstanding Series Name (Rp Million) Obligasi VII bank BJBR07C bjb Tahun 2011 Seri IDA0000469C5 C 1,123,000 Listing Date 10-Feb-11 Maturity Issue Date 09-Feb-18 Term Coupon Structure / Coupon Payment Date Trustee 10.40% 09-Aug-17 09-Nov-17 09-Feb-18 PT Bank Mega Period 7 years Tbk. - Quarterly Rating / Outlook AA- Stable TRADING HIGHLIGHT BJBR07C Listing Date ISIN CODE : IDA0000469C5 Feb-11 TRADING ACTIVITIES Volume 125 Frequency 20 Volume 100 16 Frequency Maturity Date Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 2016 Trading Activities, Feb-18 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) 108.00 - - - 89.00 - 3 - - - 4 - 12 Frequency (X) - - Q1 - Q2 17 - 75 12 Trading days 50 8 CTP Price - High 102.450 N/A N/A N/A 102.550 N/A 25 4 102.200 N/A N/A N/A 102.250 N/A - - CTP Price - Low IBPA Fair Price 102.521 101.597 102.288 101.384 102.254 101.784 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.311 2.568 1.917 1.339 0.862 0.515 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 38.47 Turnover Ratio (%) 29-Feb Date 18-Mar Date 8.8919 IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) 1.653 Sensitivity (%) 0.017 Convexity (yrs) - N/A N/A 9.3145 1.448 0.014 - N/A N/A 8.5920 1.241 0.012 - N/A N/A 9.0661 1.024 31.70 20-Feb 20-Feb 7.6196 0.010 0.803 0.008 - N/A N/A 7.4681 0.601 0.006 This bond series was first listed on 10 February 2011 and will be matured on 9 February 2018. This series has an outstanding amount of Rp1,123 billion with fixed coupon at 10.40% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 99.3263% at the lowest and 102.7970% at the highest. At the same period, the IBPA fair yield for this series was ranging from 7.4565% to 10.7587%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BJBR07C 108 - 320 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 9.6% 100 200 300 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 500 600 700 800 900 1,000 1,100 1,200
  321. IBPA ANALYTICAL REVIEW Description PT Bank Pembangunan Daerah Jawa Barat dan Peer Group No . Company Total Revenue Net Profit Revenue 1. PT Bank Tabungan Pensiunan Nasional Tbk. (Rp Bill) Margins (%) Growth (%) 13,695 13.7 5.3 sized businesses, and corporations in Indonesia. 3. PT Bank Maybank Indonesia Tbk. 13,546 The bank offers various funding products including 5. PT BPD Jawa Barat dan Banten Tbk. Banten Tbk, known as Bank BJB provides dual banking services which are conventional and sharia banking services to individuals, small and medium 2. PT Bank OCBC NISP Tbk. 4. PT Bank Permata Tbk. deposits. The bank also provides various loan Historical Corporate Ratings products ranging from consumer, micro, commercial, No. and mortgages. Rating Agency 1. Pefindo In 2016, Bank BJB appointed as Tax Amnesty Payment Bank, added regional office for eastern Indonesia, and launched the new product such as “BJB Cinta Guru Program” and “Kredit Usaha Bhakti”. At the end 17.5 10.7 14,399 (45.0) (10.7) 14.5 10,678 4.8 10.8 5.9 Financial Statement as of Fiscal Year 2016 current accounts, saving accounts, certificates of deposits, interbank call money accounts, and time 10,204 2. Fitch Ratings 3. Pefindo Rating idAA- Rating Status Affirmed AA-(idn) Assigned idAA- Affirmed 4. Pefindo 5. Pefindo idAAidAA- Rating Date 9-Nov-16 30-Oct-16 Affirmed 10-Nov-15 Affirmed 4-Nov-13 6-Nov-14 Outlook Stable Stable Stable Negative Stable of 2016, Bank BJB operated 63 branch offices, 311 sub branch offices, 337 cash offices, 144 payment points, 11 mobile cash units, and 1,216 ATMs. By the end of 2016, the bank’s shareholders consisted of West Java Provincial Government (38.26%), West Java Municipal Government (23.61%), Banten Provincial Government (5.37%), Banten Municipal Government (7.76%), and public (25.00%). SWOT Analysis S W trengths eaknesses - Strong market position in West - Insufficient IT infrastructure. Java & Banten region. - Less marketing strategy/ campaign - Strong support from provincial conducted. government. - Very strong capitalization profile Financial Analysis BJBR’s interest income in 2016 reached Rp10.63 - Wide products and services diversification trillion grew by 5.88%, mainly driven by income from loans that increased by Rp829 billion (10.49%) compared to 2015. Other operating expenses in 2016 amounted to Rp5.32 trillion, grew by Rp1.59 trillion or 42.51% compared to 2015. This is caused by the presence of provision for impairment losses on financial assets that increased by Rp853.27 billion. Consequently, income for the year of BJBR was experiencing a decrease of Rp227.74 billion (-16.49%) to Rp1.15 trillion in 2016. The NPL gross ratio was 1.72% in 2016, decreased from 2015 at level 2.92%. Moreover, BJBR’s total assets reached Rp102.32 trillion or rose by 15.36% from 2015. This increase derived from placements with Bank Indonesia and other banks, which increased by Rp9.04 trillion or 241.61% of Rp3.74 trillion in 2015 to Rp12.79 trillion in 2016. Meanwhile, total liabilities reached Rp87.02 trillion, an increase of Rp10.95 billion or 14.40% from O T pportunities hreats The credit segment market share is The credit segment market share is still wide open in West Java and still wide open in West Java and Banten regions Banten regions - Potential for credit and funding - Potential for credit and funding development. development. - Growing market size of commercial - Growing market size of commercial and micro segments. and micro segments. - Selected as a Perception Bank to - Selected as a Perception Bank to accommodate repatriation funds accommodate repatriation funds from Tax Amnesty program from Tax Amnesty program 2015 which amounted to Rp76.07 trillion. The increase was derived from third party funds that increased by Rp10.13 trillion or 16.10% to Rp73.03 trillion in 2016. INDONESIA BOND MARKET DIRECTORY 2016-2017 321
  322. idA + BJTG PT Bank Pembangunan Daerah Jawa Tengah Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Finance Bank www.bankjateng.co.id Rizeni Arifin humas@bankjateng.co.id Bank Pembangunan Daerah Jawa Tengah was established in Semarang under the Letter of Approval of the M in is ter of Gen eral Government and Regional Autonomy No. DU57/1/35 dated March 13, 1963 and business permit from the Minister of Central Bank Affair No. 4/ Kep/ MUBS/ 63 dated March 14, 1963 as Central Java operating basis. Starting on April 6, 1963, located at Bapindo Building, Jl. Pahlawan No. 3 Semarang as its Head Office, Bank Pembangunan Daerah Jawa Tengah operated for the very first time. The establishment of Bank Pembangunan Daerah Jawa Tengah was aimed at managing the regional monetary and assisting in improving regional economics through loan distributions to small enterprises. Jln. Pemuda 142 Semarang, Jateng 50132 Phone : (024) 354-7541 Fax : (024) 355-4025 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Millions of Rp, Unless Otherwise Stated Dec-2015 1,351,466 2,756,390 2,299,436 30,517,061 1,052 231,421 40,923,960 35,221,855 436,353 Dec-2016 6,754,481 145.05 p 2,550,533 35,877,502 1,052 51,245,700 41,792,899 3,000,000 5,000,000 66.67 p 2 2 Total Equity …*) 3,670,937 5,592,182 Total Equity INCOME STATEMENTS Interest Expenses BOARD OF COMMISSIONERS 1. Kodradi * 2. FX. Sugiyanto * 3. Sri Puryono Karto Soedarmo *) Independent Commissioner BOARD OF DIRECTORS 1. Supriyatno 2. Hanawijaya 3. Pujiono 4. Rahadi Widayanto AUDIT COMMITTEE 1. Casytha Arriwi Kathmandu 2. Dwi Ratmono 3. Munawar INDONESIA BOND MARKET DIRECTORY 2016-2017 Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Income for the periods Comprehensive Income 18.66 p 22.55 p 1,000,000 Non Controlling Interest 25.22 p 45,653,518 1,000,000 Retained Earnings -  37,253,023 Par Value (Rp) Paid up Capital (Mil. Sh) 17.57 p 2,066,520 373.59 p Later in 1999, under the Central Java Provincial Regulation No. 6 of 1998 and Deed of Establishment No. 1 dated May 01, 1999 and ratified based on the Decree of the Minister of Justice of the Republic of Indonesia No. C2.8223.HT.01.01 of 1999 dated May 15, 1999, the Bank was then changed into a Limited Liability Company. On May 7, 1999, PT Bank Pembangunan Daerah Jawa Tengah participated in Banking Recapitalization Program. Paid up Capital 10.92 p 1,505,478 550.54 p Authorized Capital (Mil. Sh) Authorized Capital Chg % 1,138,827 -15.73 q Bank Pembangunan Daerah Jawa Tengah is a Bank co-owned by the Provincial Government of Central Java and City/ Regency Governments in Central Java. Since established Bank Jateng had never underwent a name change. Total Interest Income 322 Stable 3 1,706,030 2,136,040 - 5 1,868,489 2,543,808 - 66.67 p 9.52 p 9.52 p -  19.09 p 52.34 p -  3,670,937 5,592,182 52.34 p 4,547,362 5,304,605 16.65 p 2,049,349 331,505 1,588,980 2,231,995 8.91 p 247,292 -25.40 q 1,837,932 15.67 p 1,181,392 1,341,154 13.52 p 1,138,613 1,342,873 17.94 p -42,779 815,176 1,720 N/A p 980,770 20.31 p 980,770 20.31 p 799,915 2,209,350 176.20 p DER (X) 10.15 8.16 -19.55 q NPM (%) 17.93 Net Income … *) FINANCIAL RATIOS ROA (%) EBITDA Coverage (X) 815,176 1.99 25.98 *) … attributable to owners of the parent entity 1.91 -3.92 q 25.28 -2.68 q 18.49 3.14 p
  323. SHAREHOLDERS 1 . Province of Jawa Tengah 2. City of Semarang 3. Regency of Cilacap 4. Regency of Pati 5. Regency of Pemalang 6. Regency of Sukoharjo 7. Regency of Demak 8. Regency of Wonogiri 9. Regency of Kendal 10. Regency of Purworejo 11. Regency of Tegal 12. Regency of Banjarnegara 13. Regency of Grobogan 14. City of Salatiga 15. Regency of Wonosobo 16. Regency of Semarang 17. Regency of Sragen 18. Regency of Kebumen 53.29% 3.48% 2.15% 2.14% 2.11% 1.93% 1.86% 1.86% 1.84% 1.75% 1.72% 1.64% 1.51% 1.39% 1.33% 1.24% 1.19% 1.13% 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 1.13% 1.12% 1.11% 1.09% 1.06% 1.04% 1.04% 1.02% 0.98% 0.97% 0.90% 0.89% 0.82% 0.78% 0.72% 0.67% 0.64% 0.47% City of Surakarta Regency of Temanggung Regency of Banyumas Regency of Kudus Regency of Purbalingga Regency of Blora Regency of Klaten Regency of Boyolali Regency of Pekalongan Regency of Rembang Regency of Karanganyar City of Tegal Regency of Batang Regency of Brebes Regency of Magelang Regency of Jepara City of Magelang City of Pekalongan AS OF JUNE 2017 No. 1. CODE ISIN CODE BJTG01SB IDA000071203 Series Name Obligasi Subordinasi I Bank Jateng Tahun 2015 Outstanding (Rp Million) 500,000 Listing Date 21-Dec-15 Maturity Date 18-Dec-22 Issue Term 7 years Coupon Structure / Coupon Payment 12.25% 18-Sep-17 18-Dec-17 18-Mar-18 Period Quarterly Date 18-Jun-18 Trustee PT Bank Mandiri (Persero) Tbk. Rating / Outlook A Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 323
  324. TRADING HIGHLIGHT BJTG01SB Listing Date ISIN CODE : IDA000071203 Dec-15 TRADING ACTIVITIES Volume 30 10 8 Frequency Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 2016 Trading Activities, Frequency Volume 24 Maturity Date Q2 Price and Yield Q1 Volume (Rp bn) 25.00 3.00 27.00 19.50 2.00 1 1 6 6 1 5 Frequency (X) Dec-22 2017 Q3 1 Q4 9 Q1 8 Q2 2 12.00 3 2 18 6 Trading days 12 4 CTP Price - High 101.800 105.840 108.170 109.600 107.420 107.920 CTP Price - Low 101.000 105.840 100.000 100.000 107.400 107.500 IBPA Fair Price 104.914 105.318 107.518 103.959 108.304 108.717 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 29-Jan Date - Q2-17 29-Jan Date 2 6 20.00 Turnover Ratio (%) 11.1913 IBPA Fair Yield (%) Price 112 PRICE AND YTM MOVEMENT YTM (%) 13.0 109 12.0 106 11.0 103 10.0 100 9.0 97 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.578 Mod. Duration (yrs) 2.40 11-Apr 11-Apr 11.0861 4.472 27.136 Convexity (yrs) 25.712 0.046 Sensitivity (%) 0.045 21.60 08-Sep 26-Jul 10.5831 4.379 24.439 0.044 15.60 19-Oct 10-Nov 11.3270 4.218 22.656 0.042 1.60 23-Mar 23-Mar 10.3008 4.136 21.541 0.041 9.60 11-Apr 16-Jun 10.1583 4.034 20.323 0.040 This bond series was first listed on 21 December 2015 and will be matured on 18 December 2022. The series was actively traded in Q2-2017 with 17 days of total trading days during the trading period. The total trading volume reached Rp88.50 billion and the total trading frequency was 28 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 100.0000% or above its fair lowest price valued by IBPA at 99.4235%. On the other hand, the highest market price was 109.6000% or above its IBPA fair highest price at 108.9100%. The yield valued by IBPA was 10.1169% at the lowest, and 12.3733% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BJTG01SB 25 3 27 - 324 Q2-2016 50 20 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 14.9% 100 150 INDONESIA BOND MARKET DIRECTORY 2016-2017 200 250 300 350 400 450 500
  325. IBPA ANALYTICAL REVIEW Description PT . BPD Jawa Tengah, also known as Bank Jateng is a regional development bank and was established in 1963. Currently, Bank Jateng has been the second largest among regional development banks in Peer Group No. Company Total Revenue 1. PT Bank Bukopin Tbk. 2. PT Bank UOB Indonesia Indonesia with Rp51.25 trillion of total assets. 3. Lembaga Pembiayaan Ekspor Indonesia Bank Jateng line of business covers third party fund, 5. PT Bank Pembangunan Daerah Jawa Tengah Historical Corporate Ratings Over the past three years, the bank has been more No. (MSMEs) segment with credit portion to this segment grew 49.80% in 2016, higher than consumer and corporate segment credit portions which grew 11.09% and 9.62% respectively. Revenue 6.5 2.9 6,480 21.8 19.6 5,305 18.5 16.7 6,029 13.6 20.5 Financial Statement as of Fiscal Year 2016 banking, sharia banking, and conventional services. focused on micro, small, and medium enterprises 7,404 4. PT Bank Mayapada Internasional Tbk. financing/loans, and Bank Jateng services. In terms of business segment, Bank Jateng offers conventional Net Profit (Rp Bill) Margins (%) Growth (%) 9,409 11.6 13.3 Rating Agency Rating Rating Status 1. Pefindo idA+ Affirmed 3. Pefindo idA+ Assigned 2. Pefindo 4. Pefindo idA+ idA+ Rating Date Outlook 9-Sep-16 Stable 9-Feb-15 Stable Affirmed 3-Dec-15 Assigned 24-Dec-13 Stable Stable The major and controlling shareholders as of 31 December 2016 were Provincial Government of Central Java with 53.29% of shares, Regency Governments of Central Java with 38.71% of shares, and the City Government of Central Java with 7.09% of shares. SWOT Analysis S W trengths eaknesses -Strong market position in Central -Lack of marketing strategy Java region -Decreasing asset quality -Strong support from provincial -Insufficient IT infrastructure government Financial Analysis Bank Jateng recorded an increase in income by 20.31% from Rp815 billion in 2015 to Rp981 in 2016. The increase in net income was in line with the bank’s net interest income by 23% from Rp2.50 trillion in 2015 to Rp3.07 trillion in 2016. Total loans granted increased by 17.74% to Rp35.88 trillion in 2016. As a result, the bank’s total assets rose by 25.22% to Rp51.25 trillion. However, the quality of assets decreased slightly as shown by slightly higher Non Performing Loan (NPL) from 1.26% in 2015 to 1.45% in 2016. As a consequence, Bank Jateng posted a decrease in Net Interest Margin (NIM) to 7.01% from 7.25%. Overall, the bank recorded an increase in Capital Adequacy Ratio (CAR) from 14.87% in 2015 to 20.25% in 2016. O T pportunities hreats -Growing market size of MSMEs -Growing market size of MSMEs segments segments -The increase in government -The increase in government infrastructure development infrastructure development -Strong government commitment to -Strong government commitment to increase financial inclusion increase financial inclusion INDONESIA BOND MARKET DIRECTORY 2016-2017 325
  326. A- BLAM PT Bank Lampung (BPD Lampung) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Finance Bank www.banklampung.co.id Suratman corsec@banklampung.co.id Jln. Wolter Monginsidi No. 182 Bandar Lampung Phone : (0721) 4820-32, 4861-23, 4868-36, 4871-75 Fax : (0721) 4855-30, 4827-03, 4879-73 Lampung Bank is a bank owned by Lampung regional government, where at its establishment was in form of Regional Government Company according to Law number 13 in 1962 about the main provisions of Regional Development Bank, and it was established based on yhe Decree of Lampung governor number 10A/1964 dated 1 August 1964 by the tittle of Bank Pembangunan Daerah Lampung, and it was validated by Minister of Domestic Affair of republic Indonesia with yhe Validation Letter Number : Des.57/7/3/150 dated 26 August 1965, and it received Business Permit from Minister of Central Bank of Republic of Indonesia Number Kep.66/UBS/1965 dated 13 August 1965. Bank Pembangunan Daerah Lampung started to operate in 31 Januari 1966. Lampung Bank has drafted Improvement of Bank Business Plan for 2017-2019 by being oriented to its predetermined targets. The frame of thingking to use in drafting improvement of Bank Business Plan 2017-2019 is that the Lampung Bank objective to improve performance in accordance to its vision and mission can be achieved with a target to turn back the bank healthy level in the quarter III of 2016 from composite rating 3 (moderate) into composite rating 2 (low to modetare). PT Bank Pembangunan Daerah Lampung is owned by the Lampung Province Government, together with the Government of Municipalities and Regencies Throughout Lampung and also SAIRASAN Cooperative. Operational Network: • 1 Central Office • 1 Main Branch Office • 5 Branch Offices • 26 Supporting Branch Offices SHAREHOLDERS 1. Province of Lampung 2. Regency of South Lampung 3. Regency of Central Lampung 4. City of Bandar Lampung 5. Regency of North Lampung 6. City of Metro 7. Regency of West Lampung 8. Regency of Tulang Bawang 9. Regency of Tanggamus 10. Regency of Way Kanan 11. Regency of East Lampung 12. Regency of Tulang Bawang Barat 13. Koperasi Sai Rasan 14. Regency of Mesuji 15. Regency of Pringsewu 16. Regency of Pesawaran 17. Regency of Pesisir Barat 326 Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital 235,492 869,765 216,573 Dec-2016 349,883 -59.77 q 246,739 3,626,736 3,719,318 24,846 29,942 579 5,835,228 4,448,966 15,045 5,171,932 50 50,045 579 5,367,474 50 50,045 10,000 10,000 Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Other Operating Revenue Other Operating Expenses 464,418 663,296 - -  20.51 p -8.02 q 7,045 -53.17 q Par Value (Rp) Retained Earnings 2.55 p 4,640,266 -10.28 q 201,661 18 13.93 p 3,947,946 -11.26 q 179,829 Paid up Capital (Mil. Sh) Chg % 194,100 -17.58 q Paid up Capital Interest Expenses 20 523,797 -  -  12.14 p 12.14 p -  12.79 p 727,208 Pastikan 9.64 Link p Grafik sudah bena - -  663,296 727,208 9.64 p 785,540 745,575 -5.09 q 326,626 23,845 225,380 325,141 -0.45 q 60,836 155.14 p 269,312 19.49 p -10,187 56.45 p Income from Operations 257,378 211,957 -17.65 q Earning Before Tax 233,988 201,771 -13.77 q Non-Operating Revenues 38.20% 8.69% 7.64% 7.44% 6.98% 5.50% 4.57% 4.29% 4.16% 2.98% 2.17% 1.98% 1.74% 1.49% 1.49% 0.45% 0.25% Millions of Rp, Unless Otherwise Stated Dec-2015 -23,389 Income for the periods 165,862 146,595 -11.62 q Net Income … *) 165,862 146,595 -11.62 q 7.80 6.38 -18.16 q Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 167,114 2.84 21.11 32.76 *) … attributable to owners of the parent entity 134,862 -19.30 q 2.73 19.66 -3.91 q -6.88 q 28.43 -13.23 q BOARD OF COMMISSIONERS BOARD OF DIRECTORS 1. Purwantari Budiman 1. Muhammad Syachroni 2. Lukman Hakim * 2. Mustopa Endi S Hasibuan 3. Zaidirina 3. Yuzar Herrysontama *) Independent Commissioner AUDIT COMMITTEE 1. Lukman Hakim 2. Muhammad Herjuno 3. Supreh
  327. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name Outstanding (Rp Million) Obligasi III Bank BLAM03 Lampung Tahun IDA000054407 Listing 500,000 2012 Maturity Date Issue Date 10-Oct-12 Term 09-Oct-17 Coupon Structure / Coupon Payment 9.45% 09-Jul-17 09-Oct-17 - Period 5 years Date PT Bank A- Mandiri (Persero) Tbk. - Quarterly Rating / Outlook Trustee Stable TRADING HIGHLIGHT BLAM03 Listing Date ISIN CODE : IDA000054407 TRADING ACTIVITIES Volume 175 140 Oct-12 40 32 Frequency Oct-13 Oct-14 Oct-15 Oct-16 2016 Trading Activities, Frequency Volume Maturity Date Price and Yield Q1 Volume (Rp bn) - 18.00 - 3 Frequency (X) - Turnover Ratio (%) - Q2 Oct-17 2017 Q3 6 Q4 Q1 - 170.00 31.00 - 12 3 - 38 Q2 8 11.00 2 1 105 24 Trading days 70 16 CTP Price - High N/A 100.300 N/A 101.600 101.150 100.820 CTP Price - Low N/A 95.070 N/A 74.919 101.000 100.800 IBPA Fair Price 99.620 100.064 100.099 99.865 100.401 100.387 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.327 1.706 1.165 0.718 0.372 0.153 35 - ar >> 8 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 N/A Date - Q2-17 N/A Date 9.7003 IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT Last Date YTM (%) 12.0 97 11.0 91 10.0 85 9.0 79 8.0 73 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) 1.372 Sensitivity (%) 0.014 Convexity (yrs) 14.40 20-Apr 02-May 9.3943 1.164 - N/A N/A 9.3455 0.947 0.012 0.009 136.00 07-Oct 24-Nov 9.6289 0.723 24.80 07-Feb 24-Mar 8.6048 0.494 0.007 0.005 8.80 12-Apr 12-Apr 8.1055 0.286 0.003 This series listed on 10 October 2012, and matured on 09 October 2017. This series issued with nominal amount of Rp500.00 billion and have fixed interest rate per annum at 9.45%. Average trading volume for this series reached Rp47.00 billion/quarter on 2016 and decreased to Rp21.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 74.9190% – 101.6000% while the IBPA fair price was between 96.4387% – 100.6694%. The IBPA fair yield for this series was between 8.0152% – 11.7129%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BLAM03 Q2-2016 18 - Q3-2016 170 50 100 Q4-2016 Outstanding in Year 2016 Turnover 37.6% 150 200 250 300 350 400 450 500 INDONESIA BOND MARKET DIRECTORY 2016-2017 327
  328. IBPA ANALYTICAL REVIEW Description PT BPD Lampung (Bank Lampung) was the regional bank of Lampung that established in 1964. The objectives of BPD Lampung establishment to manage the regional finance as the treasury of regional cash fund and help encouraging economy growth in province of Lampung. Bank Lampung was engaged in commercial banking with most of its service directed Peer Group No. Company Total Revenue 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 2. PT Bank Lampung (BPD Lampung) 3. 4. PT Bank Kesejahteraan Ekonomi 5. PT Bank Capital Indonesia Tbk. Until the end of 2016, Bank Lampung had 71 office Historical Corporate Ratings No. car, and 75 ATMs. Rating Agency Provincial Government of Lampung (38.20%), all (5.1) 378 11.1 22.5 18.6 1,238 2.4 7.5 10.9 Rating Rating Status Rating Date Outlook A- Affirmed 12-May-17 Stable A- Affirmed 11-May-16 Stable Affirmed 12-May-15 1. Pefindo 2. Fitch Ratings A(idn) 4. Fitch Ratings A(idn) 3. Pefindo As of December 31, 2016, BPD Lampung is owned by 19.7 Financial Statement as of Fiscal Year 2016 networks that contained of 1 headquarter, 1 main offices, 37 cashier offices, 1 unit of mobile banking Revenue 746 1,256 PT Bank Pembangunan Daerah Nusa Tenggara Timur to Lampung’s government and its employees. branch office, 5 branch offices, 26 supporting branch Net Profit (Rp Bill) Margins (%) Growth (%) 1,774 17.5 14.5 5. Pefindo A- Affirmed 26-Jan-17 Affirmed 1-Feb-16 Stable Stable Stable municipal government in Lampung (12.93%), all district government of Lampung (47.18%), and the Sairasan Cooperation (1.74%). SWOT Analysis S trengths W eaknesses - Strong support from provincial - Its concentrated funding source government of Lampung - Underdeveloped non captive - Strong capitalization market - Limited product and service differentiation Financial Analysis In 2016, Bank Lampung showed the growth of the third party fund decreased by 12.61% from Rp3.89 trillion in 2015 into Rp3.41 trillion in 2016, because of decreasing Giro of Rp79.91 billion (5.31%), and followed (34,.06%). decreasing While deposit saving grew of 518.24 billion Rp125.70 billion (14.66%) in 2016. In 2016, Bank Lampung managed to disburse credit of Rp3.72 trillion or increased by 2.56% from previously. Nevertheless, the interest income of Bank Lampung decreased by 5.09% from previous year amounted Rp785.54 billion to Rp745.57 billion in 2016. During 2016, Net Interest Margin's Bank Lampung reached 6.07% or declining from 6.78% previously. The Capital Adequacy Ratio stood at 20.39%, weakened compared previously which 23.46%. And the gross NPL stood at 1.25% increased by 1.12% from the end 2015, but it still well below 5% which set by OJK. 328 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Growing market size of commercial - Growing market size of commercial and micro segments and micro segments - Growing household consumption - Growing household consumption
  329. idSD BLTA PT Berlian Laju Tanker Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Wisma BSG 10th Fl. Jln. Abdul Muis No. 40 Jakarta Phone : (021) 300-60300, 350-5390 Fax : (021) 300-60390, 345-5362, 350-5488 Infrastructure, Utilities And Transportation Transportation www.blt.co.id Fitri Rachmawaty fitri@blt.co.id PT Berlian Laju Tanker Tbk. ('the Company') was first established under the name of PT Bhaita Laju Tanker in 1981. The Company commenced operations with two tankers with a total deadweight of 12,050 DWT. In 1988, the Company officially changed its name to become PT Berlian Laju Tanker. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets The Company's business of providing marine transportation services, with a particular focus on the transportation of liquid cargoes, has expanded rapidly. Over recent years, the increased demand for petrochemical and vegetable oil products has created a number of opportunities for the Company to expand the extent and range of its business. In 1986, the Company expanded the range of services it offers to include the transportation of a wide range of chemicals, liquefied petroleum gas (LPG) and vegetable oils. Property, Plant and Equipment The Company offers a wide range of maritime transportation and related services, including the following: Paid up Capital Vessel Chartering The Company charters in its vessels from third parties on a range of terms, including Short Term Time Charter; Medium Term Time Charter; and Long Term Time Charter basis. Vessel Operations The Company charters out cargo spaces in its vessels to the third parties. The vessels used to provide these services include vessels owned by the Company and chartered-in vessels. Vessel Agency Services Pursuant to the prevailing regulations in Indonesia, foreign vessels calling at Indonesian ports are required to appoint an Indonesian company to act as their general agent. As a registered Indonesian company, the Company acts as the general agent for many foreign vessels. Shore Storage Rental Liquid cargo must be stored in the appropriate facilities in ports before being transported by oil tankers or distributed to processing plants. The Company owns and operates shore storage facilities which it rents to the owners of liquid cargo. Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses BOARD OF DIRECTORS 1. Siana Anggraeni Surya 2. Anthony Budiawan 3. Franciscus Xaverius Sulaeman AUDIT COMMITTEE 1. Antonius Joenoes Supit 2. Denny Susilo 3. Timotius 151,172 138,655 3,679 325,766 428,996 1,481,911 329,064 432,552 942,372 46,695 Dec-2016 40,241 -70.98 q 7,551 105.25 p 250,595 -23.08 q 437,194 -8.09 q 395,462 -8.57 q 224,516 -31.77 q 717,765 -23.83 q 46,695 -  1,467,707 -  2,887,708 23,483 23,483 62.5 & 50 62.5 & 50 -18,518,621 -17,172,081 - - 539,539 539,539 2,481,240 932,376 1,209,499 1.91 p 1,362,048 2,887,708 1,467,707 Chg % 77,768 -48.56 q -  -  -  7.27 p 644,283 19.41 p 644,283 19.41 p -  272,119 -89.03 q 62,424 -93.30 q 25,461 -97.89 q 247,155 N/A p 2,504,192 -184,732 N/A q Income for the periods 2,744,069 -211,563 N/A q Net Income … *) 2,744,069 -211,563 N/A q Operating Profit Earning Before Tax EBITDA Comprehensive Income DER (X) *) Independent Commissioner Millions of Rp, Unless Otherwise Stated Dec-2015 -2,856,913 FINANCIAL RATIOS BOARD OF COMMISSIONERS 1. Hadi Surya 2. Antonius Joenoes Supit * 3. Safzen Noerdin N/A ROA (%) NPM (%) EBITDA Coverage (X) - 3,714,203 2,827,115 0.80 - -114,327 -  N/A q 15,330 -99.46 q 0.61 -23.44 q 185.17 -15.53 N/A q 3.07 -4.49 N/A q 110.59 -77.75 N/A q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Debt to equity swap 2. Public (<5%) 3. PT Tunggaladhi Baskara 4. Citibank Singapore S/A CBSG-CDP-Indonesia 5. Koperasi Karyawan Bina Surya Group 6. Siana Anggraeni Surya 50.81% 23.05% 18.67% 7.46% 0.01% 0.0003% INDONESIA BOND MARKET DIRECTORY 2016-2017 329
  330. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. CODE ISIN CODE BLTA03 IDA000034003 SIKBLTA01 IDJ000001904 BLTA04B IDA0000400B2 BLTA04C IDA0000401C8 SIKBLTA02A IDJ000003306 SIKBLTA02B IDJ000003405 Series Name Obligasi Berlian Laju Tanker III Tahun 2007 Sukuk Ijarah Berlian Laju Tanker Tahun 2007 Obligasi Berlian Laju Tanker IV Tahun 2009 Seri B Obligasi Berlian Laju Tanker IV Tahun 2009 Seri C Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri A Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B Outstanding (Rp Million) 700,000 Listing Date 06-Jul-07 Maturity Date 31-Mar-23 Issue Term 16 years Coupon Structure / Coupon Payment Date Trustee Rating / Outlook 10.35% 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank CIMB N/A 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank CIMB Niaga Tbk. Negative 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank CIMB Niaga Tbk. N/A N/A Pastikan Link Grafik sudah be 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank CIMB Pastikan Link Grafik sudah be N/A 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank CIMB 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank CIMB Period Quarterly 200,000 06-Jul-07 31-Mar-23 16 years Rp20.6B p.a. Quarterly 150,000 29-May-09 31-Mar-23 14 years 15.50% Quarterly 190,000 29-May-09 31-Mar-23 14 years 16.25% Quarterly Ijarah Fee 45,000 29-May-09 31-Mar-23 14 years Rp150,000,000,/Billion p.a. Quarterly Ijarah Fee 55,000 29-May-09 31-Mar-23 14 years Rp162,000,000,/Billion p.a. Quarterly 01-Apr-18 01-Apr-18 01-Apr-18 01-Apr-18 01-Apr-18 01-Apr-18 Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. N/A D N/A D Negative D Negative Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 330 INDONESIA BOND MARKET DIRECTORY 2016-2017
  331. TRADING HIGHLIGHT BLTA03 ISIN CODE : IDA000034003 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jul-10 Jul-13 Jul-16 Jul-19 Jul-22 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price - Last Date - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A Price 6 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2 2.0 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - Mod. Duration (yrs) Convexity (yrs) N/A - - 0.059 N/A N/A - 40.021 - N/A N/A 5.890 Sensitivity (%) - N/A - IBPA Fair Yield (%) - - - 5.707 37.517 0.057 - N/A 5.523 35.080 0.055 - 5.276 32.348 0.053 N/A N/A N/A - - - - - - - - 5.150 30.414 0.052 - 4.922 28.065 0.049 This series has an outstanding amounting Rp700 billion with fixed coupon per annum at 7.00%. This series listed on 6 July 2007 and will be matured on 31 March 2023. There was not CTP and IBPA fair priced for this series due to the level rating for this series was at non-investment grade. 1.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIKBLTA01 Listing Date ISIN CODE : IDJ000001904 5 4 Jul-07 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Jul-09 Maturity Date Jul-11 Trading Activities, Jul-13 Jul-15 Jul-17 Jul-19 Jul-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price - Last Date - enar >> enar >> Jul-07 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 6 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2 2.0 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 5.890 40.021 0.059 - N/A N/A - 5.707 37.517 0.057 - N/A N/A - 5.523 35.080 0.055 - N/A N/A - 5.276 32.348 0.053 - N/A N/A - 5.150 30.414 0.052 - N/A N/A - 4.922 28.065 0.049 This series has an outstanding amounting Rp200 billion with fixed coupon per annum at 7.00%. This series listed on 6 July 2007 and will be matured on 31 March 2023. There was not CTP and IBPA fair priced for this series due to the level rating for this series was at non-investment grade. 1.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 331
  332. BLTA04B Listing Date ISIN CODE : IDA0000400B2 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Trading Activities, May-13 May-15 May-17 May-19 May-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price - Last Date - enar >> enar >> May-09 May-11 Maturity Date Price 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2 2.0 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A - - N/A N/A N/A N/A - - N/A - - Link Grafik sudah be Pastikan - - Link Grafik sudah be Pastikan N/A N/A N/A N/A Sensitivity (%) N/A N/A N/A N/A N/A N/A N/A - N/A N/A - N/A - N/A N/A Mod. Duration (yrs) - - N/A - N/A - N/A - IBPA Fair Yield (%) Convexity (yrs) - - - - N/A N/A N/A N/A This series will mature on 31 March 2023. From the beginning of 2016 to the end of June 2017, this series was not traded at all. IBPA does not value this series since the rating of this series has been below investment grade rating. 1.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BLTA04C Listing Date ISIN CODE : IDA0000401C8 TRADING ACTIVITIES Volume 5 4 May-09 May-11 Frequency 5 Volume 4 Frequency Trading Activities, May-15 May-17 May-19 May-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price - Last Date - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 6 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2.0 2 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 1.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 332 May-13 3 enar >> enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 5.890 40.021 0.059 - N/A N/A - 5.707 37.517 0.057 - N/A N/A - 5.523 35.080 0.055 - N/A N/A - 5.276 32.348 0.053 - N/A N/A - N/A N/A - - Link Grafik sudah be Pastikan - - Link Grafik sudah be Pastikan 5.150 30.414 0.052 - 4.922 28.065 0.049 This series has listed since 29 May 2009 and will be matured on 31 March 2023. During the period of 2016 and the first semester 2017, there was no trading activities for this series. Due to non-investment grade rating, IBPA does not value this series. The series also had not been rated by Pefindo since 2012.
  333. SIKBLTA02A ISIN CODE : IDJ000003306 5 4 Frequency 5 Volume 4 Frequency Trading Activities, Maturity Date May-13 May-15 May-17 May-19 May-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price - Last Date - Price 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2 2.0 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A - - N/A N/A N/A N/A - - N/A - N/A N/A N/A N/A - - Mod. Duration (yrs) N/A N/A N/A N/A N/A N/A Sensitivity (%) N/A N/A N/A N/A N/A N/A - - N/A N/A - - - N/A - N/A - IBPA Fair Yield (%) Convexity (yrs) - - - N/A - - - - N/A N/A This series has listed since 29 May 2009 and will be matured on 31 March 2023. During the period of 2016 and the first semester 2017, there was no transaction at all. There was also no IBPA fair price for this series due to non-investment grade rating status. 1.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIKBLTA02B Listing Date ISIN CODE : IDJ000003405 5 4 May-09 May-11 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Trading Activities, Maturity Date May-13 May-15 May-17 May-19 May-21 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price - Last Date - enar >> enar >> May-09 May-11 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 6 PRICE AND YTM MOVEMENT YTM (%) 6.0 5 5.0 4 4.0 3 3.0 2.0 2 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 5.890 40.021 0.059 - N/A N/A - 5.707 37.517 0.057 - N/A N/A - 5.523 35.080 0.055 - N/A N/A - 5.276 32.348 0.053 - N/A N/A - 5.150 30.414 0.052 - N/A N/A - 4.922 28.065 0.049 This series has listed since 29 May 2009 and will be matured on 31 March 2023. During the period of 2016 and the first semester 2017, there was no trading activities for this series. Due to non-investment grade rating, IBPA does not value this series. The series also had not been rated by Pefindo since 2012. 1.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 333
  334. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 BLTA03 SIKBLTA01 BLTA04B BLTA04C SIKBLTA02A SIKBLTA02B - 334 100 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 300 400 500 600 700
  335. IBPA ANALYTICAL REVIEW Description PT Berlian Laju Tanker Tbk was established in 12 March 1981 . BLTA provides maritime transportation of liquid bulk cargo and chemical tanker. At the end of 2007, BLTA acquired Chembulk Tankers LLC. The services that the company offers its services by chartering out its vessels to third parties on a range Peer Group No. Company Total Revenue 1. PT Garuda Indonesia (Persero) Tbk. 2. PT Express Transindo Utama Tbk. 3. PT Arpeni Pratama Ocean Line Tbk. shore storage facilities to the owner of liquid cargo. Historical Corporate Ratings In January 2012, BLTA declared a debt standstill to No. help re-assess its financial position and restructure its operations. In 2014, BLTA has completed substantial key restructuring initiatives pursuant to the restructuring plan. rationalization of its fleet size and composition, have positively impacted Rating Agency the Group’s (29.9) (36.3) 272 (77.7) (89.0) (48.3) Rating Rating Status Rating Date idSD Downgraded* 14-Feb-12 3. Pefindo idBBB- Downgraded 16-Jan-12 5. Pefindo idA- 1. Pefindo 2. Pefindo 4. Pefindo Due to BLTA’s restructuring initiatives, including 618 (33.8) Financial Statement as of Fiscal Year 2016 vessels to the third parties, providing vessel agency service for foreign vessels, and renting out its own Revenue 439 4. PT Berlian Laju Tanker Tbk. of terms basis, chartering out cargo space in its Net Profit (Rp Bill) Margins (%) Growth (%) 51,916 0.2 (1.3) idCCC idA- Downgraded Affirmed Downgraded Outlook - 25-Jan-12 CNWI** 20-Jul-11 Negative 14-May-10 CNWI Stable **Credit Watch with Negative Implication due to the raising refinancing risk for its bond operational performance. After restructuring, the Company’s Group owns 5 vessels. However, after the succeed of efficiency, BLTA’s Group is able to increase the amount of the vessel up to 8 vessels in the third quarter of 2016. The addition of vessel’s amount is able to enhance BLTA’s selling value in 2016. By the end of Dec 2016, the shareholders of BLTA are PT Tunggaladhi Baskara (25.82%), Meadowstream Ltd (1.08%), Treasury Stock (0.18%), and Public (72.92%). SWOT Analysis S W trengths eaknesses - Favorable fleet profile - Non-investment grade status - Assurance of continuity in - Financial performance backed by operations as a result of the group’s non-operating income integration - High expenses in the post restructuring - High exposure of risk in shipping Financial Analysis industry BLTA’s total operating revenue for year ending 2016 was Rp273.69 billion and had significantly decreased by Rp3.22 trillion (92.22%) from the year ending 2015. The decrease of revenue was caused by declining revenue from each company’s business segment (chemical vessels, gas vessels, oil vessels, and others) and primarily due to the decrease of BLTA’s fleet. The decrease in BLTA’s fleet is the result of amended of PKPU Plan approved by the requisite creditors on 14 August 2015. It was certainly impact on the decline in the chemical vessel operating revenue that decreased by 95.40% compared to the previous year. As a result, the Company booked a net loss for the year 2016 amounted to Rp211.64 billion, down significantly by 108.20% compared to the 2015 that amounted to Rp2.58 trillion. Losses experienced by the company resulted in depreciation on the Company's ROA and O T pportunities hreats - Government commitment to - Government commitment to develop maritime sector develop maritime sector - Debt restructuring for better - Debt restructuring for better financial profile financial profile - Growth of petrochemical industry - Growth of petrochemical industry and edible oil opened up new and edible oil opened up new opportunities to expand company's opportunities to expand company's business scope business scope ROE. INDONESIA BOND MARKET DIRECTORY 2016-2017 335
  336. idAAA BMRI PT Bank Mandiri (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 In the second year of its third phase of transformation, Bank Mandiri sharpened its business strategy to increase its competitiveness in the midst of a challenging and fierce economic conditions and business competition. This step also supports the achievement of the Bank's aspiration to become Indonesia's best, ASEAN's prominent by 2020. To achieve Bank Mandiri’s aspiration, the 2016 business focus of Bank Mandiri is divided into three, first focus on base core competence by fostering corporate loan segment beyond market growth with the focus on anchor customers penetration and selected industrial sectors, and also enrichment of fee based income portion and CASA wholesale through improvement of transaction banking and cash management services. Second, develop new core competences by encouraging CASA retail growth through e-channel and the Bank at Work transaction by harnessing the virtue of relations and derivative of wholesale customers and also accelerating consumer lending business growth. Third, strengthen its fundamentals by decreasing cost to income ratio by digitizing customer transaction and its business processes, decreasing Non Performing Loan (NPL) through improvement of credit processes, and development of data analytics to improve customer insights and support cross selling. In line with the strategy to maintain business growth, Management has also taken steps to optimize the quality of the implementation of good corporate governance and disciplines to be part to gain recognition from the Institute of GCG Independent Rating Agency both in Indonesia and in Asia, which is becoming a very reliable company for 10 years in a row by IICG and ICON on Corporate Governance by Corporate Governance Asia. Bank Mandiri also awarded as The Best Bank in Service Excellence for 10 years in a row by the Quality Service survey result of MRI. Bank Mandiri also grew through strategic alliances with several major subsidiaries. In 2016, the five major subsidiaries of Bank Mandiri, i.e. Bank Syariah Mandiri, Mandiri Securities, AXA Mandiri Financial Services, Mandiri in-Health, and Mandiri Tunas Finance experienced significant growth. Total profits of the five major subsidiaries reached Rp2.22 trillion, or about 16.1% of consolidated profits of Bank Mandiri. 336 ADDRESS Plaza Mandiri Jln. Jend. Gatot Subroto Kav. 36 - 38 Jakarta 12190 Phone : (021) 5291-3321 Fax : (021) 5296-4024 Finance Bank www.bankmandiri.co.id Rohan Hafas CMA@bankmandiri.co.id Bank Mandiri was formed on 2 October 1998, as part of the government of Indonesia’s bank restructuring program. Bank Mandiri is the largest bank in Indonesia. Bank Mandiri offers a comprehensive range of financial solutions to private and state-owned large and medium corporations, small & micro businesses as well as retail consumers. Amidst the various external challenges, Mandiri Group successfully achieved a number of important milestones in 2016. There were some achievements that should be appreciated in 2016, asset growth by 14.1% amounting to Rp1,038.71 trillion in 2016. Third party funds, both from demand deposits, savings and time deposits in 2016 increased by 12.7% amounting to Rp762.50 trillion. INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Dec-2015 Dec-2016 Chg % Placements with Other Banks 37,320,863 73,616,927 97.25 p 616,706,193 9.27 p Cash on Hand Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated 25,109,124 43,641,564 564,393,595 48,394 9,761,688 22,906,775 56,551,643 33,764,671 35,663,290 265.34 p 711,399,426 35,882,757 736,198,705 824,559,898 32,000 32,000 16,000,000 16,000,000 23,333 23,333 11,666,667 500 89,224,718 117,070,290 29.58 p 245,136 406.54 p 910,063,409 1,038,706,009 634,968,568 -8.77 q 11,666,667 500 96,930,793 14.14 p 12.04 p 6.27 p 12.00 p -  -  -  -  -  8.64 p 150,453,938 28.52 p 119,491,841 153,369,723 28.35 p 2,421,551 2,915,785 81,117,020 86,087,629 18,635,871 20,047,967 32,616,847 40,797,072 20.41 p 6.13 p 31,609,829 -3.09 q 55,913,040 37.05 p -39,762 N/A q 7.58 p 26,338,972 18,612,727 -29.33 q 26,369,430 18,572,965 -29.57 q 30,458 Income for the periods 21,152,398 14,650,163 -30.74 q Net Income … *) 20,334,968 13,806,565 -32.10 q 6.16 5.38 -12.74 q 26.08 17.02 -34.74 q Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 20,446,829 2.32 32.47 *) … attributable to owners of the parent entity 40,345,048 97.32 p 1.41 -39.32 q 21.62 -33.41 q SHAREHOLDERS 1. Republic of Indonesia (Class A Dwiwarna Share) 2. Republic of Indonesia 3. Public 1 share 60.00% 40.00%
  337. BOARD OF COMMISSIONERS 1 . Imam Apriyanto Putro 2. Ardan Adiperdana 3. Askolani 4. Bangun S. Kusmulyono * 5. Goei Siauw Hong * *) Independent Commissioner AUDIT COMMITTEE 1. B.S. Kusmulyono 2. Ardan Adiperdana 3. Askolani BOARD OF DIRECTORS 1. Kartika Wirjoatmodjo 2. Ahmad Siddik Badruddin 3. Hery Gunardi 4. Kartini Sally 5. Ogi Prastomiyono 6. Rico Usthavia Frans 7. Royke Tumilaar 8. Sulaiman Arif Arianto 9. Tardi 4. Budi Sulistio 5. Goei Siauw Hong 6. Lista Irna AS OF JUNE 2017 No. 1. 2. 3. 4. 5. 6. 7. CODE ISIN CODE BMRI01CCN1 IDA0000763C1 BMRI01BCN1 IDA0000763B3 BMRI01ACN1 IDA0000763A5 BMRI01CCN2 IDA0000814C2 BMRI01BCN2 IDA0000814B4 BMRI01ACN2 IDA0000814A6 BMRI01DCN2 IDA0000814D0 Series Name Obligasi Berkelanjutan I Bank Mandiri Tahap I Tahun 2016 Seri C Obligasi Berkelanjutan I Bank Mandiri Tahap I Tahun 2016 Seri B Obligasi Berkelanjutan I Bank Mandiri Tahap I Tahun 2016 Seri A Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri C Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri B Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri A Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun 2017 Seri D Outstanding (Rp Million) 2,400,000 Listing Date 03-Oct-16 Maturity Date 30-Sep-26 Issue Term 10 years Coupon Structure / Coupon Payment Date Trustee 8.65% 30-Jun-17 30-Sep-17 Tabungan 30-Mar-18 (Persero) Tbk. Period Quarterly 1,500,000 03-Oct-16 30-Sep-23 7 years 8.50% Quarterly 1,100,000 03-Oct-16 03-Sep-21 5 years 7.95% Quarterly 1,000,000 16-Jun-17 15-Jun-27 10 years 8.65% Quarterly 3,000,000 16-Jun-17 15-Jun-24 7 years 8.50% Quarterly 1,000,000 16-Jun-17 15-Jun-22 5 years 8.00% Quarterly 1,000,000 16-Jun-17 15-Jun-20 3 years 7.80% Quarterly 30-Dec-17 30-Jun-17 30-Sep-17 30-Dec-17 30-Mar-18 03-Jun-17 03-Sep-17 03-Dec-17 03-Mar-18 15-Sep-17 15-Dec-17 15-Mar-18 15-Jun-18 15-Sep-17 15-Dec-17 15-Mar-18 15-Jun-18 15-Sep-17 15-Dec-17 15-Mar-18 15-Jun-18 15-Sep-17 15-Dec-17 15-Mar-18 15-Jun-18 PT Bank Negara PT Bank Tabungan Negara (Persero) Tbk. PT Bank Tabungan Negara (Persero) Tbk. PT Bank Tabungan Negara (Persero) Tbk. PT Bank Tabungan Negara (Persero) Tbk. PT Bank Tabungan Negara (Persero) Tbk. PT Bank Tabungan Negara (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 337
  338. TRADING HIGHLIGHT BMRI01CCN1 Listing Date ISIN CODE : IDA0000763C1 TRADING ACTIVITIES Volume 35 28 Oct-16 8 Q4 Volume (Rp bn) N/A N/A N/A 30.00 10.00 N/A N/A 2 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 14 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 97 9.0 94 8.0 91 7.0 88 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q3 N/A - Oct-25 Q2 Trading days ar >> Apr-24 Q1 6 2 Oct-22 2016 21 7 Apr-21 Price and Yield 10 Frequency Oct-19 Trading Activities, Frequency Volume Apr-18 Maturity Date N/A N/A N/A 3 N/A N/A N/A 5.00 N/A N/A N/A N/A 3 4.58 N/A 100.000 N/A 92.801 100.025 98.700 Pastikan Link Grafik sudah bena 03-Jan 18-May 30-Dec 9.8051 03-Jan 100.800 26-Apr 98.625 99.927 8.8656 8.6612 N/A 30-Dec 31-Mar 22-Jun N/A 53.677 53.040 50.495 N/A N/A 1.67 8 100.025 15-Nov N/A N/A 27.50 1 100.020 N/A N/A Q2 N/A N/A N/A Q1 6.395 N/A 0.064 6.405 0.064 6.209 0.062 This series listed on 03 October 2016, and matured on 30 September 2026. This series issued with nominal amount of Rp2.40 trillion and have fixed interest rate per annum at 8.65%. Average trading volume for this series reached Rp7.50 billion/quarter on 2016 and increased to Rp18.75 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 98.7000% – 100.8000% while the IBPA fair price was between 91.9454% – 100.2647%. The IBPA fair yield for this series was between 8.6079% – 9.9417%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BMRI01BCN1 Listing Date ISIN CODE : IDA0000763B3 TRADING ACTIVITIES Volume 225 180 Oct-16 Frequency 10 Volume 8 Frequency Oct-18 Trading Activities, Volume (Rp bn) N/A N/A 20.00 217.00 4.00 N/A 1 5 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 99 10.0 97 9.0 95 8.0 93 7.0 91 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Q3 90 - Oct-22 Q2 N/A - Oct-21 Q1 Trading days 2 Oct-20 Price and Yield 6 45 Oct-19 2016 135 ar >> 338 Oct-17 Maturity Date N/A 1 N/A - N/A - N/A N/A N/A Q4 Q1 8 57.87 - 100.000 - 94.980 Q2 2 1.07 98.850 11-Oct 23-Feb - 22-Dec 23-Feb 8.5000 9.5716 2 1 0.53 100.650 30-May 99.900 30-May N/A 100.000 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 33.669 31.198 29.801 27.726 N/A N/A N/A 5.235 0.052 94.717 98.800 2.00 5.034 0.050 99.331Pastikan 100.518 Link Grafik sudah bena 8.6355 4.945 0.049 8.3925 4.737 0.047 This series will mature on 30 September 2023, had average turnover of 9.91% per quarter and traded in 8 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp40.50 billion per quarter with average frequency about 2 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 94.9800% at the lowest and peaked at 100.6500%. While the IBPA fair price for this series was between 95.5246% and 100.5185%.
  339. BMRI01ACN1 Listing Date ISIN CODE : IDA0000763A5 TRADING ACTIVITIES Volume 175 140 Oct-16 Frequency 15 Volume 12 Frequency Oct-17 Trading Activities, Maturity Date Oct-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 40.00 25.50 N/A N/A 6 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 70 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - ar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 9 3 Oct-20 Price and Yield 105 35 Oct-19 2016 N/A N/A N/A N/A N/A N/A N/A N/A 94.220 N/A N/A N/A N/A N/A N/A Q2 9.27 3 62.36 100.700 96.980 100.100 97.571 100.498 27-Feb 20-Dec 17-Mar 9.5258 10 98.700 13-Oct 94.035 171.50 3 8.6069 12-Jun 12-Jun 7.8115 N/A 30-Dec 31-Mar 22-Jun N/A 17.800 16.372 14.843 N/A N/A 14.55 100.000 N/A N/A 8 N/A N/A N/A Q1 N/A 3.881 0.039 3.733 3.532 0.037 0.035 The Bonds issued with nominal value of Rp1.10 trillion and interest rates of 7.95% per annum. This bond is effective from 03 October 2016 to 03 September 2021. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 94.2200% - 100.0000%, while in first semester 2017 this bond was traded between 96.9800% and 100.7000%. In first semester 2017, IBPA fair price recorded at range 94.1237% - 100.6003%. During 2016 this bond was traded with volume amounting to Rp40.00 billion and transacted 8 times, meanwhile in a half of year 2017 recorded by Rp197.00 billion and transacted 13 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BMRI01CCN2 Listing Date ISIN CODE : IDA0000814C2 TRADING ACTIVITIES Volume 5 4 Jun-17 Frequency 5 Volume 4 Frequency Jun-19 Trading Activities, Maturity Date Jun-21 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 110 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 98 9.0 92 8.0 86 7.0 80 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-27 2017 Q1 3 Q1-16 Jun-25 Price and Yield 3 ar >> Jun-23 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.240 N/A 22-Jun N/A 57.338 N/A N/A N/A 8.6136 6.634 0.066 This series listed with nominal value of Rp1.0 trillion and interest rates of 8.65% per annum. This series was effective from 16 June 2017 to 15 June 2027. This series was not traded since it was listed until Q2-2017. IBPA fair price for this series recorded at range 100.0000% - 100.3397% while the IBPA fair yield was at range 8.5988% - 8.6500%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 339
  340. BMRI01BCN2 Listing Date ISIN CODE : IDA0000814B4 TRADING ACTIVITIES Volume 10 8 Jun-17 4 Jun-19 Jun-20 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 4 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - ar >> Price 110 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 104 9.0 98 8.0 92 7.0 86 6.0 80 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Jun-24 2017 Q3 Trading days - Jun-23 Q2 3 1 Jun-22 Q1 6 2 Jun-21 2016 Price and Yield 5 Frequency Jun-18 Trading Activities, Frequency Volume Maturity Date N/A N/A Q2 6.00 N/A N/A N/A 3 1 N/A 0.80 N/A - N/A N/A N/A - N/A N/A - N/A N/A - N/A Pastikan 100.222 Link Grafik sudah bena N/A N/A N/A N/A 22-Jun N/A 33.490 N/A N/A N/A 8.4572 N/A N/A 5.219 0.052 The series BMRI01BCN2 issued which amounted to Rp3.00 trillion with interest rates of 8.50% per annum. This bond was listed from 16 June 2017 and matured in 15 June 2024. In first semester 2017, IBPA fair price recorded at range 100.0000% - 100.2224%. Until 30 June 2017, total volume recorded by Rp6.00 billion and transacted 1.50 times/quarter. BMRI01BCN2 has 1 total trading days since this series was issued. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BMRI01ACN2 Listing Date ISIN CODE : IDA0000814A6 TRADING ACTIVITIES Volume 30 24 Jun-17 Frequency 5 Volume 4 Frequency Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 12 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 6.0 98 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Jun-22 2017 Q1 Trading days ar >> Jun-21 Price and Yield 3 1 Jun-20 2016 18 6 340 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 28.00 3 2 11.20 N/A 100.500 N/A 100.450 N/A 100.086 N/A 22-Jun N/A 19.569 N/A N/A N/A N/A N/A 21-Jun 21-Jun 7.9786 4.069 0.041 This bond listed with nominal value of Rp1.0 trillion and interest rates of 8.00% per annum. This bond was effective from 16 June 2017 to 15 June 2022. Based on the market price (Centralized Trading Platform), this bond was traded between 100.4500% and 100.5000% while IBPA fair price recorded at range 100.0000% - 100.1273%. In first semester 2017, this bond was traded with total volume amounted to Rp28 billion and transacted 3 times.
  341. BMRI01DCN2 Listing Date ISIN CODE : IDA0000814D0 TRADING ACTIVITIES Volume 5 4 Jun-17 Jun-18 4 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 90 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 84 9.0 78 8.0 72 7.0 60 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A 79.273 N/A 22-Jun N/A 165.183 N/A 7.8613 N/A 12.730 N/A 0.127 This series has been listed since 16 June 2017 and will be mature on 15 June 2020. This series is a zero coupon series with Rp1,00 trillion of total outstanding amount. Since it was listed, there had not been trading activities for the series. While the IBPA fair price during the period of 2016 to the end of June 2017 ranged from 79.2731% to 79.4545%. 6.0 66 Jun-20 2017 Q2 Trading days Q2-16 Dec-19 Q1 3 Q1-16 Jun-19 2016 3 ar >> Dec-18 Price and Yield 5 Frequency Dec-17 Trading Activities, Frequency Volume Maturity Date 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BMRI01CCN1 1.3% BMRI01BCN1 217 BMRI01ACN1 40 - Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 15.8% 3.6% 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 INDONESIA BOND MARKET DIRECTORY 2016-2017 341
  342. IBPA ANALYTICAL REVIEW Description PT Bank Mandiri (Persero) Tbk. is one of the leading Peer Group No. Company Total Revenue Net Profit Revenue second largest total assets in Indonesia. BMRI is still 1. PT Bank Rakyat Indonesia (Persero) Tbk. (Rp Bill) Margins (%) Growth (%) 94,788 27.7 10.9 in Indonesia, in terms of total assets, loans, and 3. PT Bank Tabungan Negara (Persero) Tbk. 17,139 trillion of total assets and employed 78,132 people 5. PT Bank CIMB Niaga Tbk. banking and financial service providers with the believed as one of the largest SOEs commercial bank 2. PT Bank Pan Indonesia Tbk. deposit. By the end of 2016, BMRI had Rp1,000 4. PT Bank Mandiri (Persero) Tbk. across Indonesia. The core business of BMRI has been lending, funding, and other banking services in a wide array of segments which include corporations, commercials and businesses, micro, retail, consumer, treasury, financial institution, management, & institutional banking. special asset various segments which are sharia segment (Bank Syariah Mandiri), micro banking (Bank Sinar Harapan 14.4 86,088 17.0 21,325 3.1 15.3 14.5 9.8 (4.5) 6.1 Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings No. Rating Agency 1. Pefindo 2. Fitch Ratings BMRI has also been supported by its subsidiaries in 17,447 3. Fitch Ratings 4. Pefindo Rating Rating Status idAAA Affirmed 8-May-17 Stable AAA(idn) Affirmed 23-Aug-16 Stable Affirmed 5-Oct-15 AAA(idn) 5. Pefindo idAAA idAAA Affirmed Rating Date Outlook 9-Jan-17 Affirmed 3-Jun-16 Stable Stable Stable Bali), capital market (Mandiri Sekuritas and Mandiri Manajemen Investasi), financing (Mandiri Tunas Finance), life insurance (AXA Mandiri Financial Services), and general insurance (Mandiri AXA General Insurance), and other segments. In 2016, BMRI received the award “The Most Trusted Indonesia Company” from IICG as much as ten times in a row. BMRI’s shareholders consisted Government of Indonesia 60% and public 40.00%. of SWOT Analysis S trengths W eaknesses -Superior business position and -Decreasing asset quality with -Supported by solid group business. -Higher cost of fund. brand. -Strong and proven support from its increasing NPL controlling shareholder (Government Financial Analysis During 2016 Bank Mandiri successfully booked consolidated net income amounted to Rp14.65 of Indonesia) -Very strong capitalization and liquidity profile trillion, decreased by 30.74% from Rp21.15 trillion in 2015. The decrease was mainly driven by the increase of allowance for impairment losses of Rp13.28 trillion or rose 113.84% to Rp24.94 trillion. Meanwhile, BMRI’s interest income increased from Rp66.37 O 2016 increased by 14.14% to Rp1.04 trillion. The Growing market size of commercial Growing market size of commercial which grew 11.18% in 2016 to Rp662.01 trillion. But, -Potential to develop branch -Potential to develop branch an increase in NPL from 2.60% to 4.00%. Moreover, services stabilization, innovative savings and time deposits in 2016 grew by 12.73% services. in 2015. accommodate repatriation funds to 2015. On the other side, total Assets of BMRI in 342 T trillion to Rp71.15 trillion or grew by 7.20% compared pportunities increase was mainly due to the increase in loans and SME segments the assets quality recorded a significant decline with network infrastructure, e-Channel Third party funds, both from demand deposits, product and digital banking based amounting to Rp762.50 trillion from Rp676.39 trillion -Selected as a Perception Bank to INDONESIA BOND MARKET DIRECTORY 2016-2017 from Tax Amnesty program hreats and SME segments network infrastructure, e-Channel services stabilization, innovative product and digital banking based services. -Selected as a Perception Bank to accommodate repatriation funds from Tax Amnesty program
  343. idA + BMTR PT Global Mediacom Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS MNC Tower, 27th - 29th Fl. Jln. Kebon Sirih No. 17 - 19 Jakarta 10340 Phone : (021) 390-0065 Fax : (021) 392-7859 Trade, Services & Investment Investment Company www.mediacom.co.id Ajun Sri Damayanti ajun.damayanti@mncgroup.com The Company is the Indonesian market leader in Free-To-Air (FTA) and pay-TV. With a vision of being the largest integrated media group in South-East Asia, a focus on providing the best quality content, and teams that implement our strategy with speed and decisiveness, BMTR has taken a commanding position within the Indonesian media industry. As leaders in our field, we aim to inspire and benefit our audience and stakeholders. BMTR has two core operating subsidiaries, PT Media Nusantara Citra Tbk. (MNC) and PT MNC Sky Vision Tbk. (MSKY), are the respective leaders in FTA television and pay-TV. In 2015, MNC’s three established FTA stations achieved a combined audience share of 31%, while we also launched our national FTA network with branded as iNewsTV (as of April 6th, 2015) focusing on news, sports and other factual programs. MSKY’s three pay-TV brands collectively accounted for 75% of all pay-TV subscribers in Indonesia. In 2015, we built four news state-of-the-art TV Studios that integrated program production for RCTI, MNCTV, GlobalTV and iNewsTV, confined into two location complex. Aside from improving efficient new synergies among our stations, these outstanding new facilities will help us set an impressive new quality benchmark for Indonesian TV. Our new fiber-optic broadband internet and pay-TV service, Play Media, rolled out 400,000 homepass in 6 major Indonesian cities in 2015. We also have laid out plans to integrate MSKY satellite pay-TV services with PlayMedia. By combining these two companies, plus the launch of Video-on-Demand (VoD) service 'Indovision Anywhere' also in 2015. Beyond our effective strategies and skilled teams, it is BMTR's understanding of the Indonesian people’s culture and values that sets us apart from our competitor. We produce and broadcast programs that can be enjoyed by the whole family, as well as programs that cater to every niche audience. We take our responsibility to the Indonesian TV audience very seriously. As the leaders of the nation’s media industry, we strive to innovate, to entertain, and to inspire. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS BOARD OF COMMISSIONERS 1. Rosano Barack 2. B. Rudijanto Tanoesoedibjo 3. Beti Puspitasari Santoso * 4. John Aristianto Prasetio * 5. Mohamed Idwan Ganie * Millions of Rp, Unless Otherwise Stated Dec-2015 631,992 Dec-2016 816,140 Chg % 29.14 p 984,029 3,272,738 232.59 p 9,944,857 8,687,868 -12.64 q 1,911,910 8,119,993 2,180,567 8,551,320 26,613,973 24,624,431 7,873,548 7,610,596 6,477,262 7,338,634 11,218,865 10,712,447 5,575,000 5,575,000 55,750 1,419,861 14,199 100 6,039,306 10,751,829 4,643,279 55,750 14.05 p 5.31 p -7.48 q 13.30 p -3.34 q -4.51 q -  -  1,419,862 0.00005 p 14,199 0.00005 p 100 6,171,880 -  2.20 p 9,234,399 -14.11 q 4,677,585 0.74 p 15,395,108 13,911,984 -9.63 q 10,581,319 10,459,641 -1.15 q 430,202 461,264 7.22 p 4,053,002 4,219,747 4.11 p 3,420,316 2,807,572 -17.91 q 632,686 1,412,175 123.20 p 301,507 786,540 160.87 p - 2,821,254 269,968 70,246 - 4,529,664 -  60.55 p 850,990 215.22 p 203,902 190.27 p DER (X) 0.51 0.55 NPM (%) 2.85 7.52 163.90 p 1.13 ROA (%) EBITDA Coverage (X) 6.56 6.97 p 3.19 181.95 p 9.82 49.74 p *) … attributable to owners of the parent entity *) Independent Commissioner BOARD OF DIRECTORS 1. Hary Tanoesoedibjo 4. Indra Pudjiastuti 2. Christophorus Taufik Siswandi 5. Oerianto Guyandi 3. David Fernando Audy 6. Syafril Nasution AUDIT COMMITTEE 1. Beti Puspitasari Santoso 2. Hery Kusnanto Negative SHAREHOLDERS 1. PT MNC Investama Tbk 2. Public & Koperasi 3. Hary Tanoesoedibjo 4. Indra Pudjiastuti 5. Oerianto Guyandi 6. Rosano Barack 7. David Fernando Audy 54.18% 45.23% 0.23% 0.18% 0.09% 0.07% 0.02% 3. John Aristianto Prasetio 4. Mohamed Idwan Ganie INDONESIA BOND MARKET DIRECTORY 2016-2017 343
  344. AS OF JUNE 2017 CODE No . 1. ISIN CODE Outstanding Series Name (Rp Million) Obligasi Global BMTR01B Mediacom I Tahun IDA0000539B7 1,000,000 2012 Seri B Listing Date 13-Jul-12 Maturity Issue Date Term 12-Jul-17 Coupon Structure / Coupon Payment Date Trustee 10.50% 12-Jul-17 - PT Bank Period 5 years - Quarterly Rating / Outlook Rakyat A+ Indonesia (Persero) Tbk. Negative TRADING HIGHLIGHT BMTR01B Listing Date ISIN CODE : IDA0000539B7 1000 800 Jul-12 TRADING ACTIVITIES Volume Maturity Date Frequency 50 Volume 40 Frequency Jul-13 Trading Activities, Price and Yield Volume (Rp bn) Jul-15 Jul-16 2016 Q1 Jul-17 2017 Q2 Q3 Q4 Q1 3.80 195.00 781.00 60.50 243.00 5 10 12 8 8 6 Frequency (X) 38 46 19 Q2 29 36.50 8 5 600 30 Trading days 400 20 CTP Price - High 101.1000 101.6000 101.4000 102.0800 102.0200 100.6900 CTP Price - Low 101.1000 IBPA Fair Price 101.2907 101.3709 100.9197 100.8370 100.6939 100.1649 200 - enar >> 10 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jul-14 Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date 1.52 17-Feb 17-Feb 9.3933 312.40 09-May 13-Jul 02-May 08-Sep 95.0800 100.0000 9.0915 9.2646 24.20 97.20 14.60 09-Dec 30-Jan 03-Apr 18-Nov 16-Jan 02-Jun 99.8500 100.0000 100.0500 8.8694 7.8837 7.4222 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.706 1.176 0.729 0.384 0.140 0.016 Mod. Duration (yrs) 1.161 Sensitivity (%) 0.012 Convexity (yrs) 78.00 0.950 0.010 0.729 0.007 0.503 0.005 0.269 0.003 0.055 0.001 The series BMTR01B issued which amounted to Rp1.00 trillion with interest rates of 10.50% per annum. This bond was listed from 13 July 2012 and matured in 12 July 2017. In first semester 2017, IBPA fair price recorded at range 100.1649% - 101.2154%, while the CTP recorded at level 100.0000% - 102.0200%. Until 30 June 2017, total volume recorded by Rp279.50 billion and transacted 18.50 times/quarter. BMTR01B has 48 total trading days since this series was issued. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BMTR01B Q3-2016 Q4-2016 195 - 344 Q2-2016 100 Outstanding in Year 2016 781 200 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 400 500 600 Turnover 61 700 800 900 1,000 104.0% 1,100
  345. IBPA ANALYTICAL REVIEW Description PT Global Mediacom Tbk (BMTR) is the largest and most integrated media group in Southeast Asia. BMTR’s content strategy is proudly built upon the Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 10,460 7.5 (1.1) 1. PT Global Mediacom Tbk. idea that “content is king” by giving audiences the most compelling, inventive and high quality programming available. As one of leading integrated media companies in Indonesia, BMTR offers a Financial Statement as of Fiscal Year 2016 portfolio of media that is essentially the most extensive in the nation, featuring television, Pay-TV, content business, internet, newspaper, radio, magazines, tabloids and media-related business such as artist management and advertising agency. BMTR’s two core operating subsidiaries, PT Media Nusantara Citra Tbk (MNC) and PT MNC Sky Vision Tbk (MSKY), are the respective leaders in FTA television and pay-TV. Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date 1. Pefindo idA+ Affirmed 18-Apr-17 3. Pefindo idA+ Affirmed 10-Apr-15 2. Pefindo 4. Pefindo 5. Pefindo idA+ idA+ idA+ Affirmed Affirmed Affirmed Outlook Stable 14-Apr-16 Negative 11-Apr-14 Stable 11-Apr-13 Stable Stable As of December 31, 2016, its major shareholders consisted of PT MNC Investama Tbk (54.18%), and Public and Cooperatives (45.23%), while the remaining shares are held by the company’s Board of Directors as well as President Commissioner. SWOT Analysis S W trengths eaknesses - Leading and largest media - Exposure to foreign currency companies volatility - A wide range of media services - Indirect access to operating cash - Good operating profitability flow O T Financial Analysis The company’s total revenue fell slightly by 1.15% from Rp10.58 trillion in 2015 to Rp10.50 trillion in 2016. The main source of revenue which was advertising and content based media contributed 62.18% grew by 6.58% from Rp6.10 trillion to Rp6.50 trillion. Despite a slight decrease in revenue, the company managed to shrink direct costs by 4.42% from Rp6.53 trillion to Rp6.24 trillion. The company also recorded gain on forex amounted to Rp220.59 billion from loss on forex in 2015 of Rp861.86 billion. As a result, profit before tax was up by 123.20% from Rp632.69 billion to Rp1.41 trillion. At the bottom line, profit for the year ended 2016 increased by 160.87% from Rp301.51billion to Rp786.54 billion. pportunities hreats - Growing digital media industry - Growing digital media industry - More stable Rupiah currency to - More stable Rupiah currency to USD USD - Increasing competition in the - Increasing competition in the consumer goods sector consumer goods sector INDONESIA BOND MARKET DIRECTORY 2016-2017 345
  346. BNGA PT Bank CIMB Niaga Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 CIMB Niaga was established on 26 September 1955 as PT Bank Niaga. It became a public company following the listing of shares under ticker code BNGA with the Indonesia Stock Exchange on 29 November 1989. In 1987, CIMB Niaga became the first bank in Indonesia to launch services via the Automated Teller Machine (ATM) and in 1991 the first bank to provide online banking services. CIMB Niaga is a result of the merger of Lippo Bank to CIMB Niaga in 2008. The majority of shares, or 97.9%, are owned by the CIMB Group Sdn Bhd, which is the fifth largest universal bank in the ASEAN region with an extensive network in Malaysia, Singapore, Thailand and Cambodia, among others. This benefits CIMB Niaga in terms of the Bank’s well positioned in ASEAN regional network through the CIMB Group. One of CIMB Niaga’s leading service is Transaction Banking, which offers a range of products and services, as well as a list of comprehensive solutions, for companies that manage their financial operations through both domestic and cross border transactions. The solutions include Cash Management products, Remittances, Trade Finance and Value Chain. To realize CIMB Niaga’s aspiration of becoming the leader in digital banking, the Bank remains focused on the development of branchless banking through the optimisation of cutting edge technology as well as an emphasis on customer experience – the qualities that distinguish the Bank in the market and identify CIMB Niaga’s digital banking services as one of the most comprehensive in the national banking industry. The Bank’s Branchless banking services include: Phone Banking services 14041, Preferred Phone Banking 500 800, Go Mobile mobile banking, CIMB Clicks internet banking, Digital Lounge and Rekening Ponsel. In addition, CIMB Niaga has access to a variety of national and regional ATMs, among others, through the network of ATM Prima, ATM Bersama, Cirrus, VISA and MEPS. 346 Stable ADDRESS Graha CIMB Niaga, 15th floor Jln. Jend. Sudirman Kav. 58 Jakarta Phone : (021) 250-5252, 250-5353 Fax : (021) 252-6749, 250-5202 Finance Bank www.cimbniaga.com Fransiska Oei corporate.secretary@cimbniaga.co.id PT Bank CIMB Niaga Tbk. (CIMB Niaga) is the fifth largest bank in Indonesia in terms of assets, loans and customer funds. The Bank had a market capitalization of Rp21 trillion and total assets of Rp241.5 trillion as of 31 December 2016. CIMB Niaga provides a variety of complete and innovative products and services from consumer banking, MSME banking, and commercial banking to corporate banking supported by the Treasury and Transaction Banking and the branchless banking network. In addition, the Bank provides commercial and Sharia products and services thought its Sharia Business Unit, namely CIMB Niaga Syariah. At 2016, CIMB Niaga received BBB international rating and AAA national rating from Fitch Ratings. AAA(idn) FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 4,240,006 5,883,668 9,821,623 163,682,732 13,048 3,361,851 184,187,487 6,684,630 4,424,305 -24.80 q 9,344,227 165,923,435 185,128,607 50,886 2,900,000 25,132 25,132 1,612,257 5,000 & 50 5,000 & 50 Total Equity …*) 28,678,599 34,206,804 Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations 20,260,558 788 1.14 p 0.51 p 5,436,073 -18.68 q Par Value (Rp) Retained Earnings 1.37 p 6,751,644 100.83 p 2,900,000 1,612,257 -4.86 q 3,574 -72.61 q 210,169,865 207,364,106 50,886 Chg % 3,261,730 -23.07 q 238,849,252 241,571,728 22,342,245 818 -1.33 q -  -  -  -  -  10.27 p 19.28 p 3.81 p 28,679,387 34,207,622 19.28 p 22,318,759 21,324,648 -4.45 q 2,331,718 3,065,414 31.47 p 10,932,399 7,682,958 9,230,618 -15.57 q 7,432,899 -3.25 q 691,663 2,753,594 298.11 p 570,004 2,850,708 400.12 p Non-Operating Revenues -121,659 Income for the periods 427,885 2,081,717 386.51 p Net Income … *) 427,831 2,081,687 386.57 p DER (X) 7.33 6.06 -17.28 q NPM (%) 1.92 Earning Before Tax Comprehensive Income FINANCIAL RATIOS ROA (%) EBITDA Coverage (X) 231,693 0.18 3.10 In 2016, CIMB Niaga continued to innovate in line with its aspiration to be recognized as the leading digital bank by launching contacless credit card "Wave n Go". The Wave n Go technology is implemented in the form of a sticker that can be attached to the flat surface of objects that customers often carry with them, such as mobile phones and wallets. *) … attributable to owners of the parent entity As of 31 December 2016, CIMB Niaga operated 634 offices in its operational network, 3,865 units of ATM, 769 Cash Deposit Machines/CDMs, 1 Multi Function Device and supported by 13,185 employees throughout Indonesia. AUDIT COMMITTEE 1. Zulkifli M. Ali 2. Jeffrey Kairupan 3. Mawar IR. Napitupulu 4. Yap Tjay Soen INDONESIA BOND MARKET DIRECTORY 2016-2017 Dec-2016 SHAREHOLDERS 1. CIMB Group Sdn. Bhd. 2. Public 97,114 N/A p 5,528,235 2,286.02 p 0.86 381.03 p 9.76 409.19 p 12.91 316.67 p 91.48% 8.52%
  347. BOARD OF COMMISSIONERS 1 . Dato' Sri Nazir Razak 2. Ahmad Zulqarnain Onn 3. Armida Salsiah Alisjahbana * 4. David Richard Thomas 5. Glenn Muhammad Surya Yusuf 6. Jeffrey Kairupan * 7. Pri Notowidigdo * 8. Zulkifli M. Ali * *) Independent Commissioner BOARD OF DIRECTORS 1. Tigor M. Siahaan 2. Fransiska Oei 3. Hedy Lapian 4. John Simon 5. Lani Darmawan 6. Megawati Sutanto 7. Pandji P. Djajanegara 8. Rita Mas'Oen 9. Vera Handajani 10. Wan Razly Abdullah AS OF JUNE 2017 No. 1. 2. 3. 4. 5. 6. 7. CODE ISIN CODE Series Name BNGA01SB Subordinasi I Bank CIMB Niaga Tahun BNGA02SB Subordinasi II Bank BNGA01BCN1 IDA0000548B8 BNGA01CCn2 IDA0000608C8 BNGA02CCN1 IDA0000771C4 BNGA02BCN1 IDA0000771B6 BNGA02ACN1 IDA0000771A8 Listing Maturity Date Term 1,380,000 09-Jul-10 08-Jul-17 7 years (Rp Million) Date Issue Obligasi IDA000045504 IDA000046502 Outstanding 2010 1,600,000 27-Dec-10 23-Dec-20 10 years 2010 Tahap I Tahun 2012 1,400,000 31-Oct-12 30-Oct-17 5 years Seri B Tahap II Tahun 2013 850,000 21-Nov-13 20-Nov-18 5 years Seri C Obligasi Berkelanjutan II Bank CIMB Niaga Tahap I Tahun 2016 182,000 04-Nov-16 03-Nov-21 5 years Seri C Obligasi Berkelanjutan II Bank CIMB Niaga Tahap I Tahun 2016 386,000 04-Nov-16 03-Nov-19 3 years Seri B Obligasi Berkelanjutan II Bank CIMB Niaga Tahap I Tahun 2016 Seri A Trustee 11.30% 08-Jul-17 - Permata Tbk. 23-Sep-17 23-Dec-17 23-Mar-18 Permata Tbk. 30-Jul-17 30-Oct-17 - Permata Tbk. Quarterly 20-Aug-17 20-Nov-17 20-Feb-18 20-May-18 Permata Tbk. 8.25% Quarterly 03-Aug-17 03-Nov-17 03-Feb-18 03-May-18 Permata Tbk. 8.00% Quarterly 03-Aug-17 03-Nov-17 03-Feb-18 03-May-18 Permata Tbk. 7.25% 13-Aug-17 13-Nov-17 - Permata Tbk. 10.85% 7.75% Quarterly Obligasi Berkelanjutan I Bank CIMB Niaga Date Period Quarterly Obligasi Berkelanjutan I Bank CIMB Niaga Coupon Payment Quarterly Obligasi CIMB Niaga Tahun Coupon Structure / 432,000 04-Nov-16 13-Nov-17 370 days 9.75% Quarterly - 23-Jun-18 - - PT Bank PT Bank PT Bank PT Bank PT Bank PT Bank PT Bank Rating / Outlook AA Stable AA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 347
  348. TRADING HIGHLIGHT BNGA01SB Listing Date ISIN CODE : IDA000045504 TRADING ACTIVITIES Volume 750 600 Jul-10 Frequency 125 Volume 100 Frequency Maturity Date Jul-11 Jul-12 Trading Activities, Jul-13 Jul-14 Jul-15 Jul-16 2016 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 390.50 293.90 567.70 379.00 156.30 113.00 13 20 30 33 22 Frequency (X) 42 67 106 85 450 75 Trading days 300 50 CTP Price - High 102.020 103.300 103.350 102.750 CTP Price - Low 97.500 97.290 100.000 82.283 25 150 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date 105 PRICE AND YTM MOVEMENT YTM (%) 13.0 100 11.0 95 9.0 90 7.0 85 5.0 80 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 113.19 18-Mar 24-Mar 85.19 01-Jun 02-May 164.55 29-Jul 26-Sep 109.86 22-Nov 19-Oct 61 45.30 101.730 05-Jan 7 4 32.75 101.160 10-Apr 99.850 99.500 Pastikan Link Grafik sudah bena 20-Mar 03-May IBPA Fair Price 102.132 102.453 101.698 101.055 101.112 100.210 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.667 1.149 0.709 0.368 0.132 0.013 IBPA Fair Yield (%) Price Jul-17 2017 9.4731 Mod. Duration (yrs) 1.144 Sensitivity (%) 0.011 Convexity (yrs) 8.7625 0.936 8.9962 0.716 0.009 0.007 9.2030 0.491 7.0143 0.258 0.005 6.4648 0.044 0.003 0.000 This bond series was first listed on 9 July 2010 and will be matured on 8 July 2017. This series has an outstanding amount of Rp1,380 billion with fixed coupon at 11.30% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 99.9989% at the lowest and 102.6793% at the highest. At the same period, the IBPA fair yield for this series was ranging from 6.2297% to 11.2996%. 3.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BNGA02SB Listing Date ISIN CODE : IDA000046502 Dec-10 TRADING ACTIVITIES Volume 450 Frequency 75 Volume 360 60 Frequency Maturity Date Dec-12 Trading Activities, Dec-16 Dec-18 Dec-20 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 325.05 427.75 339.80 238.30 426.90 268.00 13 15 16 17 19 Frequency (X) 45 46 37 35 68 40 11 270 45 Trading days 180 30 CTP Price - High 103.350 109.770 107.120 107.010 105.120 106.770 CTP Price - Low 95.000 98.900 100.000 100.200 97.000 101.750 15 90 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date Price 109 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 103 10.0 100 9.0 97 8.0 94 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 81.26 15-Mar 18-Feb 106.94 24-May 23-Jun 84.95 16-Aug 23-Sep 59.58 23-Dec 23-Dec 106.73 13-Feb 06-Jan 67.00 06-Apr 11-Apr IBPA Fair Price 103.400 105.472 106.652 103.830 104.885Pastikan 105.350 Link Grafik sudah bena Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 16.474 15.187 13.861 12.419 11.159 9.831 IBPA Fair Yield (%) 348 Dec-14 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 9.9319 3.679 0.037 9.3406 3.544 0.035 8.9436 3.395 0.034 9.6784 3.216 0.032 9.2756 3.055 0.031 9.0507 2.839 0.028 This bond series was first listed on 27 December 2010 and will be matured on 23 December 2020. This series has an outstanding amount of Rp1,600 billion with fixed coupon at 10.85% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 98.1923% at the lowest and 107.4878% at the highest. At the same period, the IBPA fair yield for this series was ranging from 8.7761% to 11.3299%.
  349. BNGA01BCN1 Listing Date ISIN CODE : IDA0000548B8 TRADING ACTIVITIES Volume 225 180 Oct-12 Frequency 45 Volume 36 Frequency Maturity Date Oct-13 Trading Activities, Q3 Q4 Q1 Volume (Rp bn) 39.00 97.50 59.00 214.50 141.10 8 6 11 12 11 Frequency (X) 90 18 CTP Price - High - ar >> Price 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 99 9.0 97 8.0 95 7.0 93 6.0 91 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-17 2017 Q2 Trading days - Oct-16 Q1 27 9 Oct-15 2016 Price and Yield 135 45 Oct-14 Turnover Ratio (%) 20 20 11.14 27.86 99.200 100.510 96.000 98.200 93.000 97.250 Date 27-Jan 07-Apr IBPA Fair Yield (%) 8.4043 8.1808 Last Date 99.035 22-Dec 7.3943 8.1330 31-Mar 30-Jun 2.559 1.894 Sensitivity (%) 0.015 1.238 03-Oct 29-Sep 100.363 1.453 Convexity (yrs) 02-Aug 99.457 Mod. Duration (yrs) 40.31 100.455 08-Jun IBPA Fair Price 61.29 4.50 27 100.270 31-Mar 92.000 16.86 40 99.500 Date CTP Price - Low 24 Q2 02-Mar 27-Jan 4 3 1.29 100.410 13-Jun 97.350 11-Apr 99.690 100.351 100.364 30-Sep 30-Dec 31-Mar 22-Jun 1.318 0.831 0.452 0.205 1.018 0.012 0.010 0.789 7.1230 0.557 0.008 6.6947 0.345 0.006 0.003 The Bonds issued with nominal value of Rp1.40 trillion and interest rates of 7.75% per annum. This bond is effective from 31 October 2012 to 30 October 2017. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 92.0000% - 100.4554%, while in first semester 2017 this bond was traded between 97.2500% and 100.5100%. In first semester 2017, IBPA fair price recorded at range 99.6040% - 100.6011%. During 2016 this bond was traded with volume amounting to Rp410.00 billion and transacted 104 times, meanwhile in a half of year 2017 recorded by Rp145.60 billion and transacted 31 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BNGA01CCn2 Listing Date ISIN CODE : IDA0000608C8 Nov-13 TRADING ACTIVITIES Volume 300 Frequency 30 Volume 240 24 Frequency Maturity Date Nov-14 Trading Activities, Q2 Q3 Volume (Rp bn) 290.30 52.10 8 5 Frequency (X) Trading days 120 12 CTP Price - High - - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 136.61 102.000 17-Mar Date 12-Jan Nov-18 95.250 18 24.52 Q4 Q1 13.85 31.00 45.10 4 6 6 9 6.52 13 14.59 101.350 103.450 103.878 95.000 100.000 100.500 03-Jun 24-May 21-Sep 10-Aug 03-Oct 16-Nov Q2 9 21.22 102.700 0.10 1 1 0.05 99.000 08-Mar 26-Apr 20-Mar 26-Apr 99.350 99.000 IBPA Fair Price 102.208 101.589 103.440 101.657 102.901 102.823 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.208 5.216 4.322 3.453 2.693 2.081 IBPA Fair Yield (%) Price 27 Date CTP Price - Low Nov-17 2017 Q1 18 6 Nov-16 2016 Price and Yield 180 60 Nov-15 8.7891 Mod. Duration (yrs) 2.285 Sensitivity (%) 0.023 Convexity (yrs) 9.0001 2.093 0.021 7.9813 1.903 0.019 8.7848 1.694 0.017 7.8254 1.489 0.015 7.6170 1.301 0.013 This series, matured on 20 November 2018, had average turnover of 33.92%/quarter and traded in 30 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp96.81 billion/quarter with average frequency about 17 times per quarter, while during the first semester of 2017 the average volume decreased to Rp22.60 billion/quarter with average frequency 5 times/quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was between 95.0000% at the lowest and peaked at 103.8781%, meanwhile the range of IBPA fair price stood between 98.4307% and 103.5047%. The yield valued by IBPA for this series were 7.6073% at the lowest and 10.3863% at the highest. INDONESIA BOND MARKET DIRECTORY 2016-2017 349
  350. BNGA02CCN1 Listing Date ISIN CODE : IDA0000771C4 TRADING ACTIVITIES Volume 5 4 Nov-16 Frequency 5 Volume 4 Frequency Maturity Date Nov-17 Nov-18 Trading Activities, Q2 Q3 Volume (Rp bn) N/A N/A N/A 2.00 - - N/A N/A 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 110 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 98 9.0 92 8.0 86 7.0 80 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-21 2017 Q1 3 Q1-16 Nov-20 Price and Yield 3 ar >> Nov-19 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 N/A Q1 1 N/A 4.40 N/A - N/A N/A N/A Q2 - - - - - N/A N/A - N/A N/A - N/A N/A N/A N/A N/A 95.461 N/A 30-Dec 31-Mar 22-Jun N/A 18.030 16.633 15.322 N/A N/A N/A 9.4271 3.873 0.039 98.981Pastikan 99.636 Link Grafik sudah bena 8.5130 3.732 0.037 8.3489 3.592 0.036 This series listed with nominal value of Rp182 billion and interest rates of 8.25% per annum. This series was effective from 4 November 2016 to 3 November 2021. This series was not traded since it was listed until Q2-2017. IBPA fair price for this series recorded at range 95.2714% - 100.0000% while the IBPA fair yield was at range 8.2500% - 9.4713%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BNGA02BCN1 Listing Date ISIN CODE : IDA0000771B6 TRADING ACTIVITIES Volume 5 4 Nov-16 Frequency 5 Volume 4 Frequency Nov-17 Trading Activities, Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 110 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 10.0 105 9.0 100 8.0 95 90 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Nov-19 2017 Q2 N/A Q3-16 May-19 Q1 Trading days Q2-16 Nov-18 Price and Yield 3 Q1-16 May-18 2016 3 ar >> 350 May-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - - Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 97.009 99.324 99.886 N/A 30-Dec 31-Mar 22-Jun N/A 7.220 6.160 5.259 N/A N/A N/A 9.2059 2.475 0.025 8.2807 2.286 0.023 8.0512 2.112 0.021 This series was listed since 04 November 2016 with a maturity date on 03 November 2019 and has a fixed interest rate of 8.000% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 96.8603% - 100.0000% and on the other side IBPA’s Yield range between 8.0000% - 9.2382%. The outstanding for this series since issuance date were noted at Rp386.00 billion.
  351. BNGA02ACN1 Listing Date ISIN CODE : IDA0000771A8 425 340 Nov-16 TRADING ACTIVITIES Volume Maturity Date Frequency 20 Volume 16 Frequency Feb-17 Trading Activities, May-17 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 415.00 - N/A N/A 6 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 12 Trading days N/A 170 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 4 - ar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-17 2017 Price and Yield 255 85 Aug-17 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 17 Q2 120.00 - 384.26 4 3 - 111.11 N/A 100.070 N/A 100.120 N/A 99.350 N/A 100.000 99.572 100.002 100.221 N/A 30-Dec 31-Mar 22-Jun N/A 0.901 0.502 0.240 N/A N/A N/A N/A N/A N/A 10-Nov 25-Nov 7.7581 0.827 N/A 31-May N/A 7.2069 0.593 0.008 0.006 22-May 6.6647 0.381 0.004 The bond code BNGA02ACN1 issued as much as Rp432.00 billion with interest rate of 7.25% per annum. This bond is effective from 04 November 2016 to 13 November 2017. During 2016, the market price (Centralized Trading Platform) was traded between 99.3500% and 100.0700%, while in first half year 2017 this bond was traded between 100.0000% and 100.1200%. Total volume amounted to Rp535.00 billion and transacted 21 times. IBPA fair price during year 2016-2017 was traded with maximum price at 100.2207% while IBPA yield amounted the minimum yield at 6.6647%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BNGA01SB Q3-2016 391 BNGA02SB 294 325 BNGA01BCN1 39 BNGA01CCn2 98 59 290 BNGA02CCN1 Q4-2016 Outstanding in Year 2016 568 428 340 Turnover 379 238 118.2% 83.2% 29.3% 215 52 31 45.6% 1.1% BNGA02BCN1 BNGA02ACN1 415 - 200 96.1% 400 600 800 1,000 1,200 1,400 1,600 1,800 INDONESIA BOND MARKET DIRECTORY 2016-2017 351
  352. IBPA ANALYTICAL REVIEW Description PT Bank CIMB Niaga Tbk (BNGA) is the fifth largest bank in terms of assets, deposits, lending and branch distribution network in Indonesia, which was formed by a merger between PT Bank Niaga Tbk. and PT Bank Lippo Tbk. BNGA also has the 7th widest network of branches among Indonesian banks with a total of 634 branches and has the 5th largest network Peer Group No. Company Total Revenue 3. PT Bank Mandiri (Persero) Tbk. 86,088 2. PT Bank Rakyat Indonesia (Persero) Tbk. 4. PT Bank Tabungan Negara (Persero) Tbk. 5. PT Bank CIMB Niaga Tbk. CIMB Niaga offers comprehensive conventional and Historical Corporate Ratings No. supported by branch office network and branchless banking throughout Indonesia. CIMB Niaga also has sharpened its focus on the development of its branchless banking by a digital lounge and mobile 94,788 27.7 10.9 17,139 15.3 14.5 17.0 21,325 6.1 9.8 (4.5) Financial Statement as of Fiscal Year 2016 sharia banking in consumer banking, Micro, Small segments as well as payment system services that are Revenue 1. PT Bank Pan Indonesia Tbk. of ATM machine with 3,865 units across Indonesia. and Medium enterprises (MSMEs), and treasury Net Profit (Rp Bill) Margins (%) Growth (%) 17,447 14.4 3.1 Rating Agency 1. Fitch Ratings 2. Pefindo 3. Pefindo 4. Fitch Ratings 5. Pefindo Rating Rating Status AAA(idn) Affirmed idAAA Affirmed idAAA AAA(idn) idAAA Rating Date Outlook 29-Mar-17 Stable 18-Jul-16 Stable Affirmed 25-Aug-16 Affirmed 31-Mar-16 Affirmed 2-Jul-14 Stable Stable Stable phone account (Rekening Ponsel). At the end of 2016, tha bank’s core capital exceed Rp30.00 trillion which in turn upgraded its status from BUKU III bank to BUKU IV bank. The shareholders of the bank are CIMB Group Sdn Bhd (91.48%), Khazanah Nasional Berhad (1.59%), PT Commerce Kapital (1.02%), and Public (5.91%). SWOT Analysis S trengths W eaknesses -Strong support from CIMB Group -Decreasing asset quality shown by Sdn Bhd higher NPL -Strong business position with wide -Moderate Net Interest Margin network coverage growth -Diversified and innovative digital Financial Analysis banking provider Bank CIMB Niaga recorded a decrease in interest income by 4.45% from Rp22.32 trillion in 2015 to Rp21.32 trillion in 2016. The lower interest income was in line with the bank’s small loan growth by 1.76% from Rp170.59 trillion in 2015 to Rp173.59 trillion in 2016. The deposit from customers recorded a steady growth by 1.14% to Rp180.57 trillion in 2016. The quality of assets recorded a slight decrease as shown by higher Non Performing Loan (NPL) from 3.74% in 2015 to 3.89% in 2016. However, Bank CIMB Niaga posted a strong growth in Net Income by 386.51% from Rp427.89 billion to Rp2.08 trillion. The superior net income growth was driven by significant increase in operating income by 298.11% to Rp2.75 trillion from Rp692 billion. Overall, the bank was still resilient to shock as shown by the increasing CAR from 16.28% to 17.96%. 352 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Increasing income per capita that -Increasing income per capita that drives consumer and wealth drives consumer and wealth management segments management segments -High growth potential of digital -High growth potential of digital banking services banking services -Growing fee based income services -Growing fee based income services -Government’s tax amnesty program -Government’s tax amnesty program that brings more liquidity into financial system that brings more liquidity into financial system
  353. BNII Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. PT Bank Maybank Indonesia Tbk. : : : : : : June 2017 As a publicly listed company, Bank has grown to become one of leading private banks in Indonesia. In 2008, the largest bank in Malaysia that is also one of the leading financial groups in ASEAN, Malayan Banking Berhad (Maybank), acquired Bank through its entirely owned subsidiary, Maybank Offshore Corporate services (Labuan) Sdn. Bhd. (MOCS). Since then, Maybank has become the majority shareholder of Bank through two of its subsidiaries, Sorak Financial Holdings Pte. Ltd. (Sorak) and MOCS. To comply with the share sell down requirement of the authority, Maybank in June 2013 sold 9% of its shares in Bank to public, and sold another 9.3% in November 2013. Following this share sell down transactions, as of 30 June 2014 Maybank owns 78.98% shares in Bank while the public holds 21.02%. FINANCIAL HIGHLIGHT BALANCE SHEETS Dec-2015 Placements with Other Banks 13,947,693 Cash on Hand Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings The Bank changed its name from PT Bank Internasional Indonesia Tbk. to become PT Bank Maybank Indonesia Tbk. (Maybank Indonesia) through the Bank’s General Meeting of Shareholders dated August 24, 2015 and has been approved by the Financial Services Authority since September 23, 2015. Total Equity …*) As of December 31, 2016 Bank is one of the largest banks in Indonesia with 428 branches including Shariah branches, micro functional offices spread across Indonesia and overseas branches with more than 20,000 ATMs under ATM PRIMA, ATM BERSAMA, ALTO, CIRRUS, and Malaysian Electronic Payment System (MEPS) network, and to more than 3,500 Maybank ATMs in Malaysia and Singapore. Maybank Indonesia has a banking presence in Mauritius and Mumbai. Total Interest Income The Bank provides full range of financial services through its branch and ATM network, phone banking, mobile banking and internet banking channels. Bank is listed on the Indonesia Stock Exchange (BNII) and is active in Community Financial Services and Global Banking. BOARD OF COMMISSIONERS 1. Datuk Abdul Farid Alias 2. Achjar Iljas * 3. Budhi Dyah Sitawati * 4. Edwin Gerungan 5. Spencer Lee Tien Chye 6. Umar Juoro * *) Independent Commissioner BOARD OF DIRECTORS 1. Taswin Zakaria 2. Dhien Tjahajani 3. Effendi 4. Eri Budiono 5. Irvandi Ferizal 6. Jenny Wiriyanto 7. Restiana Ia Tjoe L. 8. Thilagavathy Nadason Stable ADDRESS Sentral Senayan III, 26th Fl. Jln. Asia Afrika No. 8, Gelora Bung Karno Senayan Jakarta Pusat 10270 Phone : (021) 292-28888 Fax : (021) 2922-8730 Finance Bank www.maybank.co.id Dhien Tjahajani CORPORATESECRETARY@maybank.co.id PT Bank Maybank Indonesia Tbk. (the “Bank”) was established on 15 May 1959 under the name of PT Bank Internasional Indonesia Tbk. After obtaining a licenseas a foreign exchange bank in 1988, Bank had its shares listed on the Jakarta Stock Exchange and Surabaya Stock Exchange (now merged as Indonesia stock Exchange) in 1989. AAA(idn) Non Controlling Interest Total Equity INCOME STATEMENTS Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated 1,978,750 451,475 102,330,246 9,466,874 Dec-2016 Chg % 1,470,208 -25.70 q 3,553,721 -74.52 q 1,735,426 284.39 p 108,002,377 5.54 p 15,689,244 65.73 p 157,619,013 166,678,902 5.75 p 1,145,223 118,384,898 4,275,496 2,545,082 122.23 p 121,722,559 141,875,745 147,406,296 476,609 476,609 12,864,766 12,864,766 67,747 67,747 3,665,370 3,665,370 900 & 225 & 22.5 900 & 225 & 22.5 7,149,514 9,040,872 15,505,655 19,016,216 15,743,268 19,272,606 12,923,499 13,546,449 2,020,018 2,103,853 237,613 6,962,123 6,424,665 1,556,729 87,311 1,644,040 2.82 p 2,350,380 -45.03 q 256,390 3.90 p -  -  -  -  -  26.45 p 22.64 p 7.90 p 22.42 p 4.82 p 6,938,906 -0.33 q 6,126,213 -4.65 q 2,585,183 4.15 p 66.07 p 25,457 -70.84 q 2,610,640 58.79 p Income for the periods 1,143,562 1,967,276 72.03 p Net Income … *) 1,139,070 1,948,312 71.04 p Comprehensive Income FINANCIAL RATIOS 1,204,995 DER (X) 9.01 NPM (%) 8.85 0.73 ROA (%) EBITDA Coverage (X) 12.05 *) … attributable to owners of the parent entity 3,529,338 192.89 p 7.65 -15.13 q 1.18 62.68 p 19.08 58.43 p 14.52 64.12 p SHAREHOLDERS 1. Sorak Financial Holdings Pte. Ltd. 45.02% 2. Maybank Offshore Corporate Services (Labuan) Sdn. Bhd. 33.96% 3. UBS AG London 18.31% 4. Public 2.71% AUDIT COMMITTEE 1. Achjar Iljas 2. Agus Kretarto 3. Nina Diyanti 4. Umar Juoro INDONESIA BOND MARKET DIRECTORY 2016-2017 353
  354. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. 8. CODE ISIN CODE BNII01SB IDA000047609 BNII01SBCN1 IDA000050009 BNII01SBCN2 IDA000054704 BNII01BCN2 IDA0000546B2 BNII02SBCN1 IDA000064307 SMBNII01CN1 IDJ000006309 BNII02SBCN2 IDA000073100 SMBNII01CN2 IDJ000007604 Series Name Obligasi Subordinasi I Bank BII Tahun 2011 Obligasi Subordinasi Berkelanjutan I Bank BII Tahap I Tahun 2011 Obligasi Subordinasi Berkelanjutan I Bank BII Tahap II Tahun 2012 Obligasi Berkelanjutan I Bank BII Tahap II Tahun 2012 Seri B Obligasi Subordinasi Berkelanjutan II Bank BII Tahap I Tahun 2014 Sukuk Mudharabah Berkelanjutan I Bank BII Tahap I Tahun 2014 Outstanding (Rp Million) 1,500,000 500,000 Listing Date 20-May-11 07-Dec-11 Maturity Date 19-May-18 06-Dec-18 Issue Term 7 years 7 years Maybank Indonesia 1,000,000 1,020,000 01-Nov-12 01-Nov-12 31-Oct-19 31-Oct-17 7 years 5 years 1,500,000 10-Jul-14 08-Jul-21 7 years 19-Aug-17 19-Nov-17 19-Feb-18 300,000 10-Jul-14 08-Jul-17 3 years 19-May-18 10.00% 06-Sep-17 06-Dec-17 06-Mar-18 9.25% 13-Jun-16 10-Jun-23 7 years 13-Jun-16 Tahap II Tahun 2016 10-Jun-19 3 years 31-Jul-17 31-Oct-17 31-Jan-18 01-May-18 8.00% 31-Jul-17 31-Oct-17 - 11.35% Rp93M /Billion p.a. 9.63% Quarterly 700,000 06-Jun-18 Quarterly Quarterly 800,000 Date Quarterly Quarterly Sukuk Mudharabah Maybank Indonesia 10.75% Period Quarterly Tahap II Tahun 2016 Berkelanjutan I Bank Coupon Payment Quarterly Obligasi Subordinasi Berkelanjutan II Bank Coupon Structure / Nisbah 37.27% Quarterly - 08-Jul-17 08-Oct-17 08-Jan-18 08-Apr-18 08-Jul-17 - Rating / Outlook Trustee PT Bank AA+ Mandiri (Persero) Tbk. PT Bank AA+ Mandiri (Persero) Tbk. PT Bank Stable (Persero) Tbk. Pastikan Link Grafik sudah bena PT Bank AAA Mandiri (Persero) Tbk. PT Bank (Persero) Tbk. PT Bank Stable AAA Mandiri (Persero) Tbk. 10-Sep-17 10-Dec-17 10-Mar-18 PT Bank Mega Tbk. Tbk. Stable AA Mandiri PT Bank Mega 10-Jun-18 Stable AA+ Mandiri 10-Sep-17 10-Dec-17 10-Mar-18 10-Jun-18 Stable Stable AA Stable AAA Stable Pastikan Link Grafik sudah bena 354 INDONESIA BOND MARKET DIRECTORY 2016-2017
  355. TRADING HIGHLIGHT BNII01SB Listing Date ISIN CODE : IDA000047609 May-11 TRADING ACTIVITIES Volume 1750 Frequency 125 Volume 1400 100 Frequency May-12 Maturity Date May-13 Trading Activities, May-14 May-15 Price and Yield Q1 Volume (Rp bn) 1690.85 278.01 21 6 Frequency (X) May-16 May-17 2016 Q2 122 Q3 31 May-18 2017 Q4 Q1 Q2 5.00 51.00 130.45 415.38 2 4 8 5 13 18 43 12 1050 75 Trading days 700 50 CTP Price - High 106.550 102.650 103.630 103.500 102.760 103.130 CTP Price - Low 80.466 97.870 100.000 100.000 101.750 102.200 25 350 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date 108 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 96 9.0 90 8.0 84 7.0 78 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 05-Jan 26-Feb 74.14 09-Jun 02-May 1.33 26-Jul 25-Jul 13.60 02-Nov 19-Dec 34.79 23-Jan 18-Jan 110.77 22-May 06-Apr IBPA Fair Price 101.643 103.197 103.889 102.486 102.663 102.712 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.200 3.406 2.664 1.984 1.399 0.959 IBPA Fair Yield (%) Price 450.89 9.8677 Mod. Duration (yrs) 1.868 Sensitivity (%) 0.019 Convexity (yrs) 8.8860 1.678 8.1820 1.477 0.017 0.015 8.8194 1.265 0.013 8.2364 1.049 7.6251 0.854 0.010 0.009 This series listed on 20 May 2011, and matured on 19 May 2018. This series issued with nominal amount of Rp1.50 trillion and have fixed interest rate per annum at 10.75%. Average trading volume for this series reached Rp506.22 billion/quarter on 2016 and decreased to Rp272.91 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 80.4663% – 106.5500% while the IBPA fair price was between 99.5517% – 104.0722%. The IBPA fair yield for this series was between 7.6251% – 10.9625%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BNII01SBCN1 Listing Date ISIN CODE : IDA000050009 TRADING ACTIVITIES Volume 125 100 Dec-11 Frequency 25 Volume 20 Frequency Dec-12 Trading Activities, Maturity Date Dec-13 Dec-14 Dec-15 Price and Yield Q1 Volume (Rp bn) 31.00 28.50 4 4 Frequency (X) Dec-16 Dec-17 2016 Q2 8 Q3 5 Dec-18 2017 Q4 Q1 11.00 105.00 45.00 2 8 5 4 21 Q2 15 44.00 14 6 75 15 Trading days 50 10 CTP Price - High 100.130 102.520 102.490 102.530 102.220 102.200 CTP Price - Low 99.000 101.200 100.000 100.000 101.000 100.700 IBPA Fair Price 101.340 102.614 103.274 100.957 102.301 102.227 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.368 5.401 4.477 3.589 2.818 2.195 5 25 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 24.80 18-Feb 18-Jan 9.4149 Mod. Duration (yrs) 2.317 Sensitivity (%) 0.023 Convexity (yrs) 22.80 29-Jun 13-Jun 8.7926 2.133 0.021 8.80 05-Aug 22-Aug 8.3415 1.940 0.019 84.00 12-Oct 21-Dec 9.4491 1.731 0.017 36.00 21-Mar 09-Jan 8.4971 1.527 0.015 35.20 13-Jun 10-May 8.3563 1.340 0.013 The series listed on 7 December 2011 and will be matured on 6 December 2018. This series listed with nominal amount of Rp500 billion and has interest rate per annum at 10.00%. From 2016 until at the end second quarter in 2017, this series traded 67 times in 29 trading days with total volume booked of Rp264.50 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 99.0000% and 102.5300%. Based of IBPA fair price in 2016, this series has a fair price between 98.6780% - 103.9813% and fair yield between 8.0996% - 10.5298%. At the end of second quarter in 2017, the fair yield had recorded at 8.2859% until 9.4657%, on the other side, the fair price was at range 100.9241% - 102.5216%. INDONESIA BOND MARKET DIRECTORY 2016-2017 355
  356. BNII01SBCN2 Listing Date ISIN CODE : IDA000054704 Nov-12 TRADING ACTIVITIES Volume 225 Frequency 50 Volume 180 40 Frequency Maturity Date Nov-13 Trading Activities, Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 31.00 180.00 52.00 105.00 92.00 216.00 4 16 8 5 10 Frequency (X) 13 45 17 10 34 36 9 135 30 Trading days 90 20 CTP Price - High 103.050 101.750 102.740 101.530 101.050 101.750 CTP Price - Low 93.750 95.170 98.840 99.950 99.150 100.250 98.958 100.385 101.693 100.117 100.812Pastikan 101.007 Link Grafik sudah bena 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 10.536 9.360 8.213 7.053 5.990 5.120 10 45 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 27-Jan Date 08-Jan IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 99 9.0 96 8.0 93 7.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 12.40 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 9.6036 2.968 0.030 72.00 02-Jun 02-May 9.1129 20.80 13-Jul 11-Jul 8.6074 2.802 42.00 10-Oct 30-Nov 9.1897 2.628 0.028 2.434 0.026 0.024 36.80 13-Mar 16-Mar 8.9036 2.242 86.40 09-Jun 05-Apr 8.7578 2.074 0.022 0.021 This bond series was first listed on 1 November 2012 and will be matured on 31 October 2019. This series has an outstanding amount of Rp1,000 billion with fixed coupon at 9.25% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 94.8351% at the lowest and 102,3124% at the highest. At the same period, the IBPA fair yield for this series was ranging from 8.4052% to 10.9033%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BNII01BCN2 Listing Date ISIN CODE : IDA0000546B2 TRADING ACTIVITIES Volume 750 600 Nov-12 Frequency 45 Volume 36 Frequency Maturity Date Nov-13 Trading Activities, Q1 Volume (Rp bn) Frequency (X) 27 Trading days 300 18 CTP Price - High 9 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 99 8.0 97 7.0 95 6.0 93 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 356 INDONESIA BOND MARKET DIRECTORY 2016-2017 Q4 Q1 Q2 57.50 251.00 244.00 371.50 630.00 237.50 6 8 8 16 11 8 22.55 95.69 41 145.69 38 247.06 14 8 93.14 100.870 100.520 100.650 100.790 96.500 99.480 100.200 99.500 100.000 100.100 99.545 100.341 100.006 100.489Pastikan 100.447 Link Grafik sudah bena 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.548 1.893 1.320 0.836 0.453 0.206 98.587 8.9793 Mod. Duration (yrs) 1.448 Sensitivity (%) 0.014 Convexity (yrs) 98.43 19 100.550 12-Jan Last Date 16 98.600 Date IBPA Fair Yield (%) 2017 Q3 29-Feb IBPA Fair Price Nov-16 Q2 Date CTP Price - Low Nov-15 2016 Price and Yield 450 150 Nov-14 16-May 15-Jun 8.3601 22-Sep 1.237 0.012 19-Sep 7.6437 1.019 0.010 29-Nov 10-Oct 7.9587 0.791 0.008 01-Feb 13-Jan 7.1680 0.557 0.006 09-May 13-Apr 6.6520 0.346 0.003 The bond code BNII01BCN2 issued as much as Rp1.02 trillion with interest rate of 8.00% per annum. This bond is effective from 01 November 2012 to 31 October 2017. During 2016, the market price (Centralized Trading Platform) was traded between 96.5000% and 100.8700%, while in first half year 2017 this bond was traded between 100.0000% and 100.7900%. Total volume amounted to Rp1791.50 billion and transacted 136 times. IBPA fair price during year 2016-2017 was traded with maximum price at 100.6941% while IBPA yield amounted the minimum yield at 6.6465%.
  357. BNII02SBCN1 Listing Date ISIN CODE : IDA000064307 Jul-14 TRADING ACTIVITIES Volume 25 Frequency 10 Volume 20 8 Frequency Jul-15 Trading Activities, Maturity Date Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 2016 Q2 Price and Yield Q1 Volume (Rp bn) 10.00 20.00 - 20.00 24.00 1 1 - 2 3 1 Frequency (X) Q3 2 Jul-21 2017 Q4 - Q1 2 Q2 4.00 8 4 1 15 6 Trading days 10 4 CTP Price - High 107.500 106.250 N/A 105.450 105.400 106.000 CTP Price - Low 107.500 106.240 N/A 105.400 104.600 101.000 IBPA Fair Price 106.285 106.862 109.106 105.524 106.957 108.216 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 19.057 17.686 16.408 14.857 13.582 12.501 2 5 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 12.0 108 11.0 106 10.0 104 9.0 102 8.0 100 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 2.67 26-Feb 26-Feb 9.8008 3.887 0.039 5.33 - 07-Jun 07-Jun 9.6107 5.33 N/A 01-Dec N/A 8.9821 3.756 3.631 0.038 30-Nov 9.8216 3.456 0.036 0.035 6.40 21-Feb 09-Jan 9.3465 3.314 0.033 1.07 16-Jun 16-Jun 8.9071 3.192 0.032 The bond code BNII02SBCN1 issued as much as Rp1500.00 billion with interest rate of 11.35% per annum. This bond is effective from 10 July 2014 to 08 July 2021. During 2016, the market price (Centralized Trading Platform) was traded between 105.4000% and 107.5000%, while in first half year 2017 this bond was traded between 101.0000% and 106.0000%. Total volume amounted to Rp78.00 billion and transacted 17 times. IBPA fair price during year 2016-2017 was traded with maximum price at 109.7322% while IBPA yield amounted the minimum yield at 8.8480%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMBNII01CN1 Listing Date ISIN CODE : IDJ000006309 TRADING ACTIVITIES Volume 25 20 Jul-14 Frequency 10 Volume 8 Frequency Jan-15 Trading Activities, Maturity Date Jul-15 Jan-16 Jul-16 Jan-17 2016 Price and Yield Q1 Volume (Rp bn) 10.00 9.00 9.00 20.00 2.00 2 2 2 3 1 Frequency (X) Q2 Jul-17 2017 5 Q3 3 Q4 4 Q1 8 Q2 2 4.00 2 1 15 6 Trading days 10 4 CTP Price - High 101.420 101.600 101.820 101.050 100.300 100.220 CTP Price - Low 101.200 101.300 101.000 99.500 100.270 100.200 IBPA Fair Price 101.312 101.274 101.418 100.796 100.741 100.145 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.698 1.164 0.720 0.373 0.132 0.013 2 5 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 11.0 101 9.0 100 7.0 99 5.0 98 3.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 13.33 11-Mar 11-Mar 8.5263 Mod. Duration (yrs) 1.160 Sensitivity (%) 0.012 Convexity (yrs) 12.00 13-Apr 25-May 8.3345 0.946 0.009 12.00 27-Jul 11-Jul 7.7376 0.724 0.007 26.67 11-Nov 10-Nov 8.0735 0.495 0.005 2.67 13-Feb 13-Feb 6.7733 0.259 0.003 5.33 02-Jun 02-Jun 6.2967 0.044 0.000 This series listed on 10 July 2014, and matured on 08 July 2017. This series issued with nominal amount of Rp300.00 billion and have fixed interest rate per annum at 9.65%. Average trading volume for this series reached Rp12.00 billion/quarter on 2016 and decreased to Rp3.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 99.5000% – 101.8200% while the IBPA fair price was between 99.4486% – 101.6841%. The IBPA fair yield for this series was between 6.1135% – 10.0462%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 357
  358. BNII02SBCN2 Listing Date ISIN CODE : IDA000073100 TRADING ACTIVITIES Volume 175 140 Jun-16 15 12 Frequency Jun-18 Trading Activities, Frequency Volume Jun-17 Maturity Date Jun-19 Jun-20 Jun-21 Jun-22 2016 Price and Yield Q1 Volume (Rp bn) N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q2 Jun-23 2017 Q3 Q4 5.00 139.00 172.00 - - 1 4 4 - - 2 10 Q1 10 Q2 - - 105 9 Trading days N/A 70 6 CTP Price - High N/A 100.000 102.800 100.160 N/A N/A 35 3 N/A 100.000 100.000 96.300 N/A N/A - - CTP Price - Low IBPA Fair Price N/A 100.550 101.032 Last Date N/A 30-Jun 30-Sep Convexity (yrs) N/A 31.465 29.770 ar >> Price 107 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 101 10.0 98 9.0 95 8.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2.50 17-Jun 17-Jun 9.5150 5.003 0.050 69.50 13-Jul 86.00 23-Dec 23-Sep 01-Dec 9.4144 10.1942 4.880 - - N/A N/A N/A N/A 97.330 102.019 102.670 30-Dec 31-Mar 22-Jun 27.668 26.402 24.995 4.705 0.049 0.047 9.1872 4.621 0.046 9.0404 4.513 0.045 This series was listed since 13 June 2016 with a maturity date on 10 June 2023 and has a fixed interest rate of 9.625% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 95.8793% - 104.1885% and on the other side IBPA’s Yield range between 8.8015% - 10.5039%. The outstanding for this series since issuance date were noted at Rp800.00 billion. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMBNII01CN2 Listing Date ISIN CODE : IDJ000007604 TRADING ACTIVITIES Volume 75 60 Jun-16 Frequency 15 Volume 12 Frequency Trading Activities, Jun-17 Dec-17 Jun-18 Dec-18 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A 50.50 60.50 2.00 3.50 4 6 2 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q3 6 Q4 13 Q1 2 9 Trading days N/A 30 6 CTP Price - High N/A 100.020 100.650 100.000 CTP Price - Low N/A 100.000 99.290 100.000 IBPA Fair Price N/A 100.376 100.129 97.886 Last Date N/A 30-Jun 30-Sep Convexity (yrs) N/A 7.796 6.663 3 - ar >> Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 96 6.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Jun-19 2017 45 15 358 Dec-16 Maturity Date 28.86 21-Jun 24-Jun 8.1037 2.584 0.026 34.57 11-Aug 31-Aug 8.0996 2.387 0.024 1.14 Q2 2 2.00 29.50 6 4 16.86 98.400 102.000 98.400 100.150 99.929 101.121 30-Dec 31-Mar 22-Jun 5.567 4.612 3.824 26-Oct 07-Feb 26-Oct 07-Feb 9.1274 2.179 0.022 8.1773 1.979 0.020 12-Jun 17-Apr 7.5350 1.799 0.018 This bond listed with nominal value of Rp700 billion and interest rates of 8.15% per annum. This bond was effective from 13 June 2016 to 10 June 2019. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 99.2900% and 100.6500%, while in first semester 2017 this series was traded at range 98.4000% - 102.0000%. Meanwhile, in 2016 IBPA fair price recorded at range 97.1045% - 101.9281% and in first semester 2017 at range 97.9089% - 101.3553%. During the observation period, this series was traded with total volume amounted to Rp146 billion and transacted 29 times.
  359. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 BNII01SB Q4-2016 Outstanding in Year 2016 1,691 BNII01SBCN1 31 105 35.1% BNII01SBCN2 31 180 52 105 BNII01BCN2 58 251 BNII02SBCN1 3.3% SMBNII01CN1 16.0% BNII02SBCN2 139 172 SMBNII01CN2 51 612 16.1% - 200 278 Turnover 51 135.0% 36.8% 244 372 90.6% 39.5% 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 INDONESIA BOND MARKET DIRECTORY 2016-2017 359
  360. IBPA ANALYTICAL REVIEW Description PT Bank Maybank Indonesia , formerly known as Bank International Indonesia (BII) is one of the largest Banks in Indonesia with a wide network of 428 branches, including sharia branches spread across Indonesia and two overseas branches in India and Mauritius. In 2008, Malayan Banking Berhad (Maybank) acquired BII through its subsidiaries, Bhd Peer Group No. Company Total Revenue 3. PT Bank Maybank Indonesia Tbk. 13,546 2. PT Bank Tabungan Pensiunan Nasional Tbk. 4. PT Bank Permata Tbk. 5. PT Bank OCBC NISP Tbk. Historical Corporate Ratings Maybank Group corporate identity hence providing No. consisted of Sorak Financial Rating Agency 1. Fitch Ratings As of December 31, 2016, the bank’s shareholders Holdings Pte.Ltd. (45.02%), Maybank Offshore Corporate Services Sdn. Bhd. (33.96%), and public (21.02%). 13,695 13.7 5.3 14,399 (45.0) (10.7) 14.5 10,204 4.8 17.5 10.7 Financial Statement as of Fiscal Year 2016 logo ‘Maybank Indonesia” that is in line with the added value to the customers. Revenue 1. PT BPD Jawa Barat dan Banten Tbk. and Sorak Financial Holdings Pte.Ltd. In 24 August 2015, BII Bank officially announced the Bank’s new Net Profit (Rp Bill) Margins (%) Growth (%) 10,678 10.8 5.9 2. Pefindo Rating Rating Status Rating Date Outlook AAA(idn) Affirmed 29-Mar-17 Stable idAAA Affirmed 13-Apr-16 Stable idAAA 3. Pefindo 4. Pefindo 5. Fitch Ratings idAAA AAA(idn) Affirmed 20-Mar-17 Affirmed 7-Apr-16 Affirmed 31-Mar-16 Stable Stable Stable SWOT Analysis S trengths W eaknesses - Strong support from Maybank - Moderate profitability Group - Below average asset quality profile - Strong market position - Strong liquidity profile Financial Analysis In 2016, position of Third-Party Funds the Bank rose to Rp118.86 trillion from Rp115.39 trillion at the end of 2015 or increased by 3.01%. Maybank’s loans also increased by 2.85% reaching Rp115.74 trillion in 2016 from a figure of Rp112.53 trillion in 2015. However, the market share of third party funds and credit market share of Maybank in late 2016 fell 0.1% compared to last year become 2.5% and 2.6%. In 2016, the Bank’s net interest income grew by 10.84% to Rp6.61 trillion from Rp5.96 trillion, in line with improved Bank Net Interest Margin to 4.61% from 4.45% previously. As of December 31, 2016, NPLgross recorded at 3.42%, decreasing 0.3% from 3.67% in the same period in 2015. Decreasing of NPL achieved due to improved assets quality through stringent management of exposure to potential non performing loans. However the level was relatively higher between peer groups. 360 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Rapid growth of Micro, Small, and - Rapid growth of Micro, Small, and Medium Enterprises (MSMEs) and Medium Enterprises (MSMEs) and Sharia segments Sharia segments - The increased “Sovereign Credit - The increased “Sovereign Credit Rating” for Indonesia to investment Rating” for Indonesia to investment grade by S&P and the application of grade by S&P and the application of BI’s Foreign Currency Reserve BI’s Foreign Currency Reserve Requirements Requirements
  361. idAAA BNLI PT Bank Permata Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS World Trade Center II Building Jln. Jend. Sudirman Kav. 29-31 Jakarta 12920 Phone : (021) 523-7788, 523-7899 Fax : (021) 523-7244 Finance Bank www.permatabank.com Katharine Grace kgrace@permatabank.co.id PermataBank was establihed through a merger of 5 banks under the oversight of IBRA (Indonesian Banking Restructuring Agency), namely PT Bank Bali Tbk., PT Bank Universal Tbk., PT Bank Prima Express, PT Bank Artamedia, and PT Bank Patriot in 2002. In 2004, Standard Chartered Bank and PT Astra International Tbk. took over PermataBank and started a major transformation of the organization. Subsequently, as a manifestation of their commitment to PermataBank, these major shareholders increased their joint ownership to 89.01% in 2006 and continued to support PermataBank. PT Astra International Tbk. is a leading Indonesian company with extensive experinece in the domestic market, whilst Standard Chartered Bank is a well-respected international bank with market leading expertise and global experince. The unique combination of our strategic shareholders has created a synergy to become one of our core strengths, one that is unique in the Indonesian banking industry. In 2014, PermataBank delivered good operating performance and maintained a strong balance sheet despite headwinds of tight liquidity and high interest rates in the banking industry. In managing the external risks, Permatabank continues to closely monitor the macro economic environment and adjust its strategies accordingly in order to ensure long-term sustainable growth. At the moment, PermataBank has grown as a leading private bank which offers inovative and comprehensive products and services. PermataBank is confident in living up to its commitment to offer the most innovative banking solutions supported with excellent service quality that best meet the needs of all PermataBank customers. BOARD OF COMMISSIONERS 1. Sebastian Ramon Arcuri 2. David Allen Worth * 3. I. Supomo * 4. Ian Charles Anderson 5. Lukita Dinarsyah Tuwo * 6. Mark Spencer Greenberg 7. Suparno Djasmin 8. Tony Prasetiantono * *) Independent Commissioner AUDIT COMMITTEE 1. David Allen Worth 2. Adi Pranoto Leman 3. Darwin Suzandi Stable BOARD OF DIRECTORS 1. Ridha DM. Wirakusumah 2. Abdy Dharma Salimin 3. Achmad Kusna Permana 4. Bianto Surodjo 5. Darwin Wibowo 6. Indri Koesindrijastoeti H. 7. Julian Loong Choon Fong 8. Lea Setianti Kusumawijaya 9. Loh Tee Boon 10. Mirah Wiryoatmodjo FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 8,290,830 8,045,662 2,012,662 14,909,196 125,867,973 2,465,417 2,724,378 147,782,495 - Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses 2.88 p -2.96 q 94,782,664 -24.70 q 2,488,861 2,554,424 0.95 p -6.24 q -9.39 q 132,964,295 -10.03 q - -  42,139 -  163,876,507 146,237,906 -10.76 q 42,139 Paid up Capital Par Value (Rp) Chg % 30,629,706 105.44 p 182,689,351 165,527,512 Authorized Capital Paid up Capital (Mil. Sh) 2,070,557 5,600,000 5,600,000 11,884 22,340 1,818,122 3,125,134 12,500 & 125 12,500 & 125 4,539,311 -1,981,321 -  71.89 p 87.99 p -  N/A q 18,812,835 19,289,597 2.53 p 18,812,844 19,289,606 2.53 p 16,130,822 14,398,570 -10.74 q 9 Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS 9,933,923 851,920 293,535 -8,634,034 N/A q 293,535 -8,634,034 N/A q - 4,578,598 - 4.58 p -  247,112 -6,483,084 N/A q 247,112 -6,483,084 N/A q 1,896,109 NPM (%) 1.53 0.14 1.82 *) … attributable to owners of the parent entity SHAREHOLDERS 1. Standard Chartered Bank 2. PT Astra International Tbk. 3. Public 8,515,129 -14.28 q 20.55 p 8.71 EBITDA Coverage (X) -  1,027,020 4,377,899 DER (X) ROA (%) 9 -6,518,768 N/A q 7.58 -12.97 q -3.92 N/A q -59.96 N/A q -45.03 N/A q 44.56% 44.56% 10.88% INDONESIA BOND MARKET DIRECTORY 2016-2017 361
  362. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name BNLI02SB Subordinasi II Bank Outstanding (Rp Million) Listing Maturity Date Issue Date Term BNLI01SBCN1 Permata Tahun 1,750,000 30-Jun-11 28-Jun-18 7 years 2011 Berkelanjutan I Bank 700,000 18-Jun-12 15-Jun-19 15-Sep-17 15-Dec-17 15-Mar-18 PT Bank CIMB 20-Sep-17 20-Dec-17 20-Mar-18 PT Bank CIMBPastikan AA+Link Grafik sudah bena 24-Sep-17 24-Dec-17 24-Mar-18 PT Bank CIMB 24-Jul-17 24-Oct-17 24-Jan-18 PT Bank CIMB 7 years Berkelanjutan I Bank 1,800,000 20-Dec-12 20-Dec-19 7 years Obligasi Subordinasi Berkelanjutan II Bank 860,000 27-Dec-13 24-Dec-20 Obligasi Subordinasi 700,000 IDA000065106 Permata Tahap II Tahun 27-Oct-14 24-Oct-21 11.75% 7 years 2014 Niaga Tbk. 24-Apr-18 Quarterly AA+ Stable AA+ Stable Stable Niaga Tbk. 24-Jun-18 Quarterly Berkelanjutan II Bank Niaga Tbk. 20-Jun-18 12.00% 7 years Niaga Tbk. 15-Jun-18 Quarterly Rating / Outlook Niaga Tbk. 28-Jun-18 9.40% 2013 5. PT Bank CIMB Quarterly IDA000061501 Permata Tahap I Tahun BNLI02SBCN2 28-Sep-17 28-Dec-17 28-Mar-18 8.90% 2012 4. 11.00% Obligasi Subordinasi IDA000055602 Permata Tahap II Tahun BNLI02SBCN1 Trustee Obligasi Subordinasi 2012 3. Date Quarterly IDA000052609 Permata Tahap I Tahun BNLI01SBCN2 Coupon Payment Period Obligasi IDA000048300 Coupon Structure / AA+ Stable AA Stable TRADING HIGHLIGHT BNLI02SB Listing Date ISIN CODE : IDA000048300 Jun-11 TRADING ACTIVITIES Volume 375 Frequency 75 Volume 300 60 Frequency Jun-12 Maturity Date Jun-13 Trading Activities, Jun-14 Jun-15 Jun-16 Jun-17 2016 Jun-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 368.00 259.41 18.55 159.10 246.20 202.90 12 14 8 14 18 Frequency (X) 39 43 11 26 50 29 14 225 45 Trading days 150 30 CTP Price - High 103.500 103.520 108.140 104.920 104.676 103.500 CTP Price - Low 100.500 97.540 102.150 99.500 100.500 100.000 IBPA Fair Price 102.727 103.587 104.099 102.027 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 4.627 3.787 3.004 2.276 15 75 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 11.0 107 10.0 104 9.0 101 8.0 98 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 84.11 14-Mar 12-Jan 9.6191 Mod. Duration (yrs) 1.972 Sensitivity (%) 0.020 Convexity (yrs) 59.29 29-Jun 02-May 9.0144 4.24 14-Jul 1.780 0.018 19-Jul 8.4475 1.580 0.016 36.37 04-Oct 09-Nov 9.5283 1.366 0.014 56.27 14-Mar 07-Feb 46.38 13-Jun 12-May 102.814 103.582 Link Grafik sudah bena 8.5657Pastikan 7.3101 31-Mar 22-Jun 1.654 1.148 1.153 0.012 0.936 0.009 The bond code BNLI02SB issued as much as Rp1750.00 billion with interest rate of 11.00% per annum. This bond is effective from 30 June 2011 to 28 June 2018. During 2016, the market price (Centralized Trading Platform) was traded between 97.5400% and 108.1400%, while in first half year 2017 this bond was traded between 100.0000% and 104.6758%. Total volume amounted to Rp1254.16 billion and transacted 198 times. IBPA fair price during year 2016-2017 was traded with maximum price at 104.3667% while IBPA yield amounted the minimum yield at 7.3101%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 362 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  363. BNLI01SBCN1 Listing Date ISIN CODE : IDA000052609 Jun-12 TRADING ACTIVITIES Volume 325 Frequency 35 Volume 260 28 Frequency Jun-13 Price 103 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 97 10.0 94 9.0 8.0 91 88 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 2016 Q3 Q4 Q1 Volume (Rp bn) 312.00 131.00 147.20 5 12 7 5 6 34 Frequency (X) Turnover Ratio (%) 119.43 74.86 84.11 101.520 100.600 90.500 93.570 100.080 98.850 99.150 97.541 100.475 101.036 31-Mar 30-Jun 8.836 7.746 06-Jan IBPA Fair Yield (%) 9.7918 Mod. Duration (yrs) 2.740 Sensitivity (%) 0.027 Convexity (yrs) 15-Apr 07-Apr 8.7150 2.569 15-Sep 20-Dec 01-Aug 20-Dec 8.4666 9.2608 43.00 28 100.790 Date Last Date 178.29 16 101.250 18-Mar IBPA Fair Price 144.57 22 Q2 97.520 Date CTP Price - Low 28 Jun-19 2017 Q2 CTP Price - High Q1-16 Jun-18 253.00 14 ar >> Jun-17 Q1 130 - Jun-16 209.00 21 - Jun-15 Price and Yield 195 7 Jun-14 Trading Activities, Trading days 65 Maturity Date 01-Feb 01-Feb 7 4 24.57 101.720 12-May 99.950 15-Jun 99.211 100.592 101.278 30-Sep 30-Dec 31-Mar 22-Jun 6.645 5.571 4.617 3.833 2.379 0.026 0.024 2.176 0.022 8.5890 1.978 8.1936 1.799 0.020 0.018 This bond listed with nominal value of Rp700 billion and interest rates of 8.90% per annum. This bond was effective from 18 June 2012 to 15 June 2019. Based on the market price (Centralized Trading Platform), this bond was traded between 90.5000% and 101.7200% while IBPA fair price recorded at range 93.1805% - 101.5438%. In the observation period, this bond was traded with total volume amounted to Rp1.10 trillion and transacted 135 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BNLI01SBCN2 Listing Date ISIN CODE : IDA000055602 Dec-12 TRADING ACTIVITIES Volume 1750 Frequency 225 Volume 1400 180 Frequency Dec-13 Trading Activities, 22.83 5 Frequency (X) 700 90 CTP Price - High - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 99 9.0 96 8.0 93 7.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 16 5.07 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) Q3 Q4 1526.25 677.25 412.40 1244.00 26 14 21 21 208 339.17 Dec-19 2017 48 150.50 75 91.64 Q1 Q2 128 276.44 753.00 70 11 167.33 103.827 103.250 102.040 101.670 93.000 94.950 97.908 95.430 99.000 100.400 13-Jan Last Date Dec-18 102.500 Date IBPA Fair Price Dec-17 99.824 17-Mar IBPA Fair Yield (%) Price Q2 Date CTP Price - Low Dec-16 2016 Volume (Rp bn) Trading days ar >> Dec-15 Q1 135 45 Dec-14 Price and Yield 1050 350 Maturity Date 08-Apr 07-Apr 04-Aug 26-Sep 10-Oct 28-Nov 05-Jan 07-Feb 12-Jun 13-Jun 98.351 100.716 101.957 100.007 101.060 101.220 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 11.305 10.115 8.920 7.707 6.617 5.702 9.9263 3.088 0.031 9.1557 2.927 0.029 8.6955 2.752 0.028 9.3960 2.558 0.026 8.9445 2.371 0.024 8.8485 2.202 0.022 This bond series was first listed on 20 Dec 2012 and will be matured on 20 Dec 2019. This series has an outstanding amount of Rp1,80 trillion with fixed coupon at 9.40% per annum. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 96.4351% at the lowest and 102,6900% at the highest. At the same period, the IBPA fair yield for this series was ranging from 8.4258% to 10.5390%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 363
  364. BNLI02SBCN1 Listing Date ISIN CODE : IDA000061501 TRADING ACTIVITIES Volume 200 160 Dec-13 Frequency 15 Volume 12 Frequency Dec-14 Maturity Date Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 2016 Trading Activities, Dec-20 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) 135.00 78.50 84.00 188.00 4.00 3 4 5 6 1 8 Frequency (X) 9 13 Q1 10 Q2 20.00 3 5 1 120 9 Trading days 80 6 CTP Price - High 107.620 109.100 111.020 111.000 109.270 108.550 CTP Price - Low 106.800 104.450 107.150 100.074 109.250 108.050 IBPA Fair Price 109.288 108.892 110.145 108.491 109.300 110.152 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 16.210 14.849 13.577 12.226 10.994 9.699 3 40 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 113 PRICE AND YTM MOVEMENT YTM (%) 11.0 110 10.0 107 9.0 104 8.0 101 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 62.79 10-Feb 01-Feb 9.5298 3.636 Mod. Duration (yrs) Convexity (yrs) 0.036 Sensitivity (%) 36.51 05-Apr 12-May 9.5386 3.489 0.035 39.07 12-Aug 23-Sep 9.0858 3.345 0.033 87.44 09-Nov 25-Nov 9.4183 3.179 0.032 1.86 24-Mar 24-Mar 9.0267 3.021 9.30 09-Jun 09-Jun 8.6137 2.809 0.030 0.028 The Bonds issued with nominal value of Rp860.00 billion and interest rates of 12.00% per annum. This bond is effective from 27 December 2013 to 24 December 2020. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0741% - 111.0200%, while in first semester 2017 this bond was traded between 108.0500% and 109.2700%. In first semester 2017, IBPA fair price recorded at range 108.5421% - 110.5061%. During 2016 this bond was traded with volume amounting to Rp485.50 billion and transacted 40 times, meanwhile in a half of year 2017 recorded by Rp24.00 billion and transacted 8 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BNLI02SBCN2 Listing Date ISIN CODE : IDA000065106 TRADING ACTIVITIES Volume 150 120 Oct-14 Frequency 20 Volume 16 Frequency Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 2016 Trading Activities, Price and Yield Q1 Q2 Volume (Rp bn) 49.00 14.00 3 3 11 Frequency (X) Q3 4 Oct-21 2017 Q4 Q1 2.00 147.00 10.00 1 6 1 1 17 Q2 2 3.00 3 1 90 12 Trading days 60 8 CTP Price - High 103.550 108.320 100.000 105.500 104.320 108.570 CTP Price - Low 102.700 107.500 100.000 100.500 104.300 108.550 IBPA Fair Price 108.133 109.264 110.966 105.238 110.089 110.027 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 20.695 19.345 18.020 16.302 15.182 14.015 4 30 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 113 PRICE AND YTM MOVEMENT YTM (%) 12.0 110 11.0 107 10.0 104 9.0 101 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 28.00 21-Jan 13-Jan Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 9.8264 4.041 0.040 8.00 12-May 28-Apr 9.5083 3.921 0.039 1.14 01-Aug 01-Aug 9.0276 3.798 0.038 84.00 21-Dec 19-Dec 10.3531 3.609 0.036 5.71 24-Mar 24-Mar 9.0196 3.501 0.035 1.71 19-Jun 19-Jun 8.9347 3.375 0.034 This series listed on 27 October 2014 and matured on 24 October 2021. This series listed with nominal amount of Rp700 billion with interest rate per annum at 11.75%. During 2016, the average of total volume recorded of Rp53 billion/quarter while in first semester of 2017 decreased to Rp6.5 billion/quarter. The market price (Centralized Trading Platform) for this series was between 100.0000% and 108.5700%. Based of IBPA fair price, this series has a fair price between 103.0770% - 111.7375% and fair yield between 8.9052% - 11.0234% in 2016. Meanwhile, in first semester of 2017, the fair yield had recorded at range 8.8839% until 10.3316%, on the other side, the fair price was at range 105.3155% - 110.4033%. Listing Date 364 Maturity Date Maturity Date
  365. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BNLI02SB Q2-2016 368 BNLI01SBCN1 259 209 253 Q3-2016 19 159 312 BNLI01SBCN2 Q4-2016 46.0% 131 129.3% 135 79 84 BNLI02SBCN2 49 147 - 200 188 412 677 1,526 BNLI02SBCN1 Turnover Outstanding in Year 2016 146.6% 56.5% 30.3% 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 INDONESIA BOND MARKET DIRECTORY 2016-2017 365
  366. IBPA ANALYTICAL REVIEW Description PT Bank Permata Tbk was established through a merger of five banks under the oversight of IBRA (Indonesian Banking Restructuring Agency), namely PT Bank Bali Tbk, PT Bank Universal Tbk, PT Bank Prima Express, PT Bank Artamedia, and PT Bank Patriot in 2002. Peer Group No. Company Total Revenue 3. PT Bank Permata Tbk. 14,399 (45.0) (10.7) 10,204 17.5 10.7 2. PT Bank Maybank Indonesia Tbk. 13,546 4. PT BPD Jawa Barat dan Banten Tbk. and commercial banking, and its services are Historical Corporate Ratings categorized into e-channels, No. wealth management, cash management, securities and agency services. At the end of 2016, the Bank supported by 331 branch offices in 62 cities in Indonesia with more than 100,000 ATM access conected with ATM Prima, ATM Bersama, ALTO, CIRRUS, VISA and Master Card. 14.5 10,678 4.8 10.8 5.9 Financial Statement as of Fiscal Year 2016 Bank Permata products are categorized into liabilities, preferred banking, Revenue 1. PT Bank Tabungan Pensiunan Nasional Tbk. 5. PT Bank OCBC NISP Tbk. asset, credit card and bancassurance, sharia banking Net Profit (Rp Bill) Margins (%) Growth (%) 13,695 13.7 5.3 Rating Agency Rating Rating Status 1. Pefindo idAAA Affirmed 5-Sep-16 Stable 3. Pefindo idAAA Upgraded* 9-Sep-14 Stable 2. Pefindo 4. Pefindo idAAA idAA+ Rating Date Affirmed Outlook 4-Sep-15 Affirmed 22-Oct-13 Stable Stable *Due to the track record of support for the Bank from its shareholders and Pefindo’s expectation of continued strong support in the future As of 2016, the ownerships profile of Bank Permata consisted of PT Astra International Tbk (44.56%), Standard Chartered Bank (44.56%), and Public (10.88%). Financial Analysis Permata Bank posted loss for the year amounted to SWOT Analysis S trengths W eaknesses -Strong support by major -Decreasing asset quality by shareholders (Standard Chartered increasing NPL ratio over the upper Bank and Astra International). limit -Comprehensive distribution -Significant drop in income compare network. to its peers -Strong market position especially in -Lack of control for customer’s NPL. corporate funding. Rp6.48 trillion; significantly deteriorated from 2015 performance which posted a net profit of Rp247.11 billion. The loss was mainly due to the increased NPL that led to high allowance expense of impairment losses on financial assets amounted to Rp12.21 trillion; increased by 231.9% than 2015. The increase of gross NPL ratio at 8.8% in 2016 reflects the increase of credit nominal in the collectability category of substandard, doubtful, and loss, hence the total principal amount of NPL increased by Rp6.04 trillion to Rp9.61 trillion in 2016. Furthermore, Permata Bank’s total assets stood at Rp165.53 trillion; 9.4% lower than the previous year. The decrease was mainly caused by Rp31.09 trillion decreased of net loans asset. Moreover, current accounts with Bank Indonesia also decrease by Rp2.29 trillion aligned with the decrease of the Bank’s third party funds (TPF). As of 2016, total TPF of Permata Bank stood at Rp130.30 trillion; 10.4% lower than 2015. 366 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Deepening opportunities through -Deepening opportunities through Astra Synergy Astra Synergy -Growing commercial and SME -Growing commercial and SME segments. segments. -Selected as a Perception Bank to -Selected as a Perception Bank to accommodate repatriation funds accommodate repatriation funds from Tax Amnesty program from Tax Amnesty program
  367. BNTT Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. idA PT Bank Pembangunan Daerah Nusa Tenggara Timur : : : : : : June 2017 ADDRESS Jln. W.J. Lalamentik 102 Kota Kupang Nusa Tenggara Timur Phone : (0380) 840-555 Fax : (0380) 840-567 Finance Bank www.bankntt.co.id Nasaruddin corsec@bpdntt.co.id BPD Nusa Tenggara Timur started to operate its activity as the bank at July 17th, 1962 pursuant to Minister of Finance and Central Bank Decree No. BUM 9-13/II dated February 5th, 1962 regarding Business License Approval to PT Bank Pembangunan Daerah Nusa Tenggara Timur with the business place location in Kupang, Capital of East Nusa Tenggara Province. VISSION "to be Sound, Strong and Trusted Bank" MISSION: 1. Economy Development pioneer. 2. Exploring regional potential source to be productively optimized for NTT society welfare. 3. Increasing Local Revenue resources 4. Optimizing Bank intermediary function. Motto: "Serve more truly" Currently, Bank NTT is continuosly indicating excellent perfomance in Indonesian banking industry. Throughout 2013, the Company recorded several key achievement both on the business as well as operational aspects. In June 2011, the Company issued bonds amounting to Rp500 billion with fixed interest rate that will be posted as long-term financing source regarding the Company's expansion plan. Afterwards, Bank NTT also succeeds in achieving Best Bank predicete on Asset below Rp10 trillion category from Investor magazine. Besides perfomance achievement, Bank NTT also established partnership with various parties to enhance Company's service to the customers. The partnerships held by Bank NTT in 2013 such as APEX Bank towards Regional Champion Cooperation and Bank NTT & Jamsostek for Public Service Empowerment Partnership. Since Desember 21st, 2010, the Goverment launched a program for Indonesian Regional Bank which is acknowledge as BPD Regional Champion, which refers to a transformation program for Regional Bank in Indonesia to be a regional bank to provide positive contribution on economic development of each region. BPD Regional Champion has 3 pillars, Pillar-1: Institutional Resilience, Pillar-2: Capacity of agent of regional economy development and Pillar-3: Ability of serving the customers demand. All of three pillars are developed upon 2 foundations which are risk management and good corporate governance. For Bank NTT, Regional Champion program is a useful method to accelerate vision achievement as sound, strong and trusted bank, and the mission as pioneer of public economy engine, exploring regional source potential to bring welfare fo NTT's society, increase regional revenue and improve intermediary function. As a company which is operated on financial service, Bank NTT in carrying and developing its business activity always faces higher risk and business challenge. Within every fiscal year, Bank NTT continues to improve and refine business activity, and the effort has indicated several improvements which is reflected from increasing working profesionalism that increase business productivity. Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 744,536 774,365 228,039 973,465 222,895 Chg % -2.26 q 4.01 p 569,182 -41.53 q 6,470,298 7,169,864 10.81 p 111,290 133,392 19.86 p 7,493,071 0.64 p - 9,551,162 7,445,690 9,228 8,056,342 100 1,000,000 790,448 79 10,000 520,514 - 9,597,927 -  0.49 p 29,534 220.04 p 7,928,942 -1.58 q 400 300.00 p 4,000,000 300.00 p 1,081,098 108 10,000 523,778 36.77 p 36.77 p -  0.63 p 1,494,820 1,668,985 11.65 p 1,494,820 1,668,985 11.65 p 1,226,531 1,256,441 2.44 p - 335,983 40,776 542,064 - -  300,395 -10.59 q 41,540 1.87 p 679,181 25.30 p 3,522 N/A p Income from Operations 389,261 318,405 -18.20 q Earning Before Tax 378,079 321,927 -14.85 q Non-Operating Revenues -11,182 Income for the periods 258,229 233,844 -9.44 q Net Income … *) 258,229 233,844 -9.44 q Comprehensive Income FINANCIAL RATIOS DER (X) EBITDA Coverage (X) 233,245 -31.12 q 5.39 4.75 -11.85 q 21.05 18.61 -11.60 q 2.70 ROA (%) NPM (%) 338,632 31.74 *) … attributable to owners of the parent entity 2.44 -9.88 q 25.34 -20.15 q INDONESIA BOND MARKET DIRECTORY 2016-2017 367
  368. BOARD OF COMMISSIONERS 1 . Fransiskus Salem 2. Fredrik Lukas Benu * 3. Petrus Elias Jemadu * *) Independent Commissioner SHAREHOLDERS 1. Province of East Nusa Tenggara 2. Regency of Kupang 3. City of Kupang 4. Regency of Sumba Timur 5. Regency of Sumba Barat 6. Regency of Timor Tengah Utara 7. Regency of Belu 8. Regency of Timor Tengah Selatan 9. Regency of Sumba Barat Daya 10. Regency of Manggarai Timur 11. Regency of Manggarai 12. Regency of Rote Ndao 13. Regency of Manggarai Barat 14. Regency of Nagekeo 15. Regency of Sumba Tengah 16. Regency of Lembata 17. Regency of Sabu Raijua 18. Regency of Flores Timur 19. Regency of Ende 20. Regency of Sikka 21. Regency of Alor 22. Regency of Ngada 23. Charles Amos Corputty (Class B) 24. Johan Christian Tallo (Class B) BOARD OF DIRECTORS 1. Daniel P. M. D. Tagu Dedo 2. Absalom Sine 3. Adrianus Ceme 4. Eduardus Bria Seran 5. Tomy Jeferson Ndolu AUDIT COMMITTEE 1. Fredrik Lukas Benu 2. Dencik Syamsurizal 3. Yosep Dasi Jawa 30.53% 8.32% 6.21% 6.00% 5.50% 4.27% 4.23% 4.08% 3.30% 3.00% 2.88% 2.56% 2.50% 2.30% 2.25% Pastikan Link Grafik sudah bena 2.24% 2.20% 2.20% 1.60% 1.57% 1.13% 1.10% 0.02% 0.01% AS OF JUNE 2017 No. 1. 368 CODE ISIN CODE Series Name BNTT01D Obligasi I Bank NTT IDA0000492D5 Tahun 2011 Seri D Outstanding (Rp Million) 135,000 Listing Date 11-Jul-11 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date 08-Jul-18 Issue Term 7 years Coupon Structure / Coupon Payment 11.50% 08-Jul-17 08-Oct-17 08-Jan-18 Period Quarterly Date 08-Apr-18 Trustee PT Bank Mandiri (Persero) Tbk. Rating / Outlook A Stable
  369. TRADING HIGHLIGHT BNTT01D Listing Date ISIN CODE : IDA0000492D5 TRADING ACTIVITIES Volume 5 4 Jul-11 Frequency 5 Volume 4 Frequency Maturity Date Jul-12 Jul-13 Trading Activities, Jul-14 Jul-15 Jul-16 Jul-17 2016 Jul-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 102.417 102.668 103.189 101.874 102.659 102.552 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.744 2.982 2.277 1.666 1.193 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 10.2762 Mod. Duration (yrs) 1.932 Sensitivity (%) 0.019 Convexity (yrs) 4.567 - N/A N/A 10.0244 1.747 0.017 - - N/A - N/A N/A 9.5214 N/A 10.1537 1.554 0.016 1.350 - N/A N/A N/A 9.2317 0.013 1.144 0.011 N/A 8.9089 0.956 0.010 This series will mature on 8 July 2018. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 99.0586% at the lowest and 103.4765% at the highest. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 BNTT01D - 20 40 60 80 100 120 140 INDONESIA BOND MARKET DIRECTORY 2016-2017 369
  370. IBPA ANALYTICAL REVIEW Description BPD Nusa Tenggara Timur was established in 1962 . The Bank engages in consumer banking, SME banking, commercial and corporate banking, treasury banking, and a wide range of technology based products such as payroll services, Cash Deposit Machine (CDM), BPD net online, etc with most service being directed to the government of East Nusa Peer Group No. Company Total Revenue 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 2. PT Bank Pembangunan Daerah Nusa Tenggara Timur 3. PT Bank Capital Indonesia Tbk. Revenue 746 19.7 378 2.4 7.5 10.9 11.1 22.5 (5.1) Financial Statement as of Fiscal Year 2016 The Bank is supported by 1,592 employees spread Historical Corporate Ratings No. As of Dec 2016, the East Nusa Tenggara province 18.6 5. PT Bank Kesejahteraan Ekonomi across 199 offices (including 55 cash offices, 52 cash units). 1,256 1,238 4. PT Bank Lampung (BPD Lampung) Tenggara (Nusa Tenggara Timur) and its employees. functional offices, 19 payment points, and 11 mobile Net Profit (Rp Bill) Margins (%) Growth (%) 1,774 17.5 14.5 Rating Agency Rating 1. Pefindo idA 3. Pefindo idA- 2. Pefindo idA Rating Status Rating Date Outlook Affirmed 11-Apr-17 Stable Affirmed 13-Apr-15 Stable Upgraded* 7-Apr-16 Stable government became the majority shareholder with 32.28% ownership then followed by Kupang regent government as the second largest shareholder that owns 6.59% stakes, while the rest of stakes is owned *The upgrade was due to the bank’s continuously improving capitalization and profitability profiles. by other East Nusa Tenggara municipal government with 61.09% ownership collectively. SWOT Analysis S trengths W eaknesses -Strong support from provincial -Insufficient human capital government -Limited brand awareness -Strong customer loyalty -Pressure in asset quality -Strong capitalization Financial Analysis Bank NTT recorded an increase in interest income by 2.44% from Rp1.23 trillion in 2015 to Rp1.26 trillion in 2016. The higher interest income was in line with the bank’s modest loan growth by 10.81% from Rp6.47 trillion in 2015 to Rp7.17 trillion in 2016. However the deposit from customers declined by 6.68% to Rp6.80 trillion in 2016. As a result, interest expense fell by 10.59% to Rp300.40 billion. The bank managed to increase the quality of assets as reflected by decreasing net Non Performing Loan (NPL) from 1.05% in 2015 to 0.77% in 2016. As a result, bank NTT recorded increasing Net Interest Margin (NIM) from 9.19% to 9.73%. Overall, in 2016 Bank NTT recorded a decrease in net income by 9.44% from Rp258.23 billion to Rp233.84 billion. 370 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Government programs and fiscal - Government programs and fiscal stimulus for provincial and villages stimulus for provincial and villages development development - Prospects from municipality - Prospects from municipality government spending and projects government spending and projects - Prospect to increase fee based - Prospect to increase fee based income income
  371. BPFI Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. PT Batavia Prosperindo Finance Tbk. : : : : : : June 2017 The company initialy ventured in the consumer financing business for used passenger and commercial auto vehicles. In early 2012 BPF expanded the scope of its business into heavy equipments financial leasing, which included new and used equipments mainly in the mining, infrastructure, plantation and rental sectors. BPF, together with its parent company, acquired an insurance company, which was subsequently named PT Malacca Trust Wuwungan Insurance, in 2011. The company has held an initial public offering and PT Batavia Prosperindo Finance Tbk. has been officially listed as a public company on the Indonesian Stock Exchange since June 2009, where the company stock is traded as BPFI. In mid-2013, and for the first time, the Company issued a corporate bond named Obligasi Batavia Prosperindo Finance I, with a BBB rating, which was listed in the Indonesian Stock Exchange in July 4, 2013. This fixed interest rate bond placed a total of Rp300 bilion in 3 tranches. Subsequently in June 28, 2016, the Company issued another corporate bond named Obligasi Berkelanjutan I Batavia Prosperindo Finance Tahap I Tahun 2016, also with with a BBB rating. This fixed interest rate bond placed a total of Rp200 bilion in 2 tranches. BPF currently has 1 head office, 50 branch offices and 2 representative offices throughout Indonesia, grouped into 6 regions, namely:  Western Java and Western Kalimantan  Eastern Java, Bali and West Nusa Tenggara  Northen Sumatra  Southern Sumatra  Eastern Kalimantan  Sulawesi BOARD OF COMMISSIONERS 1. Irena Istary Iskandar 2. Christopher Joseph Clower 3. Desti Liliati * *) Independent Commissioner BOARD OF DIRECTORS 1. Markus Dinarto Pranoto 2. Hady Sutiono 3. Indah Mulyawan 4. Jasin Hermawan Stable ADDRESS Plaza Chase 15th Fl. Jln. Jend. Sudirman Kav. 21 Jakarta 12920 Phone : (021) 520-0434 Fax : (021) 520-9160 Finance Financial Institution www.bpfi.co.id Indah Mulyawan indah@bpfi.co.id; indah.mulyawan@gmail.com PT Batavia Prosperindo Finance Tbk. (BPF or the Company), established in 1994, is a m u l t if in an ce co mpan y h o ld in g th e operating license for financial leasing, receivable factoring, credit cards and cosumer financing. idBBB FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 34,861 58,764 13,868 15,164 Consumer Financing Receivables 600,792 610,434 Total Assets 981,723 1,037,602 Total Liabilities 482,504 533,797 Authorized Capital 220,000 220,000 1,360.6 1,360.6 Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 58,749 229,859 2,200.0 136,063 100 NPM (%) EBITDA Coverage (X) 316,840 2,200.0 136,063 100 193,612 198,795 - - 499,219 503,805 499,219 503,805 249,938 258,400 193,890 63,968 55,454 123,968 41,742 64,083 41,742 0.97 4.25 ROA (%) 61,941 16.70 1.94 216,659 58,742 Chg % 9.35 p 68.57 p 1.60 p 5.43 p 5.69 p 37.84 p 10.63 p -  -  -  -  -  2.68 p 0.92 p -  0.92 p 3.39 p 11.74 p -8.17 q 44,129 -20.42 q 108,765 -12.26 q 33,913 -18.76 q 34,588 -46.03 q 33,913 -18.76 q 1.06 9.62 p 3.27 -23.13 q 13.12 -21.42 q 1.85 -4.46 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Batavia Prosperindo Makmur 2. PT Batavia Prosperindo Internasional 3. Public (<5%) 4. UOB Kay Hian Pte., Ltd. 50.39% 32.69% 9.56% 7.36% AUDIT COMMITTEE 1. Desti Liliati 2. Eddy Silalahi 3. Iwan Setiawan INDONESIA BOND MARKET DIRECTORY 2016-2017 371
  372. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name BPFI01BCN1 Outstanding (Rp Million) Listing Maturity Date Issue Date Term Coupon Structure / Coupon Payment Date Trustee 11.00% 28-Sep-17 28-Dec-17 28-Mar-18 PT Bank Mega 08-Jul-17 - PT Bank Mega Period Obligasi Berkelanjutan I Batavia Prosperindo 170,000 IDA0000742B7 Finance Tahap I Tahun 29-Jun-16 2 years 28-Jun-18 2016 Seri B 2. BPFI01ACN1 Obligasi Berkelanjutan I Batavia Prosperindo 30,000 IDA0000742A9 Finance Tahap I Tahun 29-Jun-16 08-Jul-17 10.50% 370 days 2016 Seri A 3. Batavia Prosperindo 300,000 IDA000080303 Finance Tahap II Tahun 08-May-17 05-May-20 05-Aug-17 05-Nov-17 05-Feb-18 11.00% 3 years 2017 Tbk. - Quarterly Obligasi Berkelanjutan I BPFI01CN2 Tbk. 28-Jun-18 Quarterly 05-May-18 Quarterly Rating / Outlook BBB Stable BBB Stable PT Bank Mega Pastikan BBB Link Grafik sudah be Tbk. Stable Pastikan Link Grafik sudah be TRADING HIGHLIGHT BPFI01BCN1 Listing Date ISIN CODE : IDA0000742B7 125 100 Jun-16 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Trading Activities, 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) N/A - 50.00 102.00 - - 1 3 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - Q3 Q4 4 Q1 10 Q2 18.00 - 12 75 9 Trading days N/A 50 6 CTP Price - High N/A N/A 100.0200 100.0200 N/A 100.0000 CTP Price - Low N/A N/A 100.0000 N/A 99.0000 IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 25 - enar >> enar >> Maturity Date Price 102 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 100 11.0 99 10.0 98 9.0 97 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A N/A 117.65 240.00 15-Aug 16-Nov 15-Aug 99.9805 100.1015 11.0106 10.9348 1.768 1.567 30-Jun 3.740 0.018 30-Sep 2.960 0.016 98.5000 12-Oct 4 - 42.35 N/A 21-Jun N/A 16-May 99.0512 100.3986 100.8012 11.7006 10.6266 10.1583 1.357 1.146 0.928 30-Dec 2.248 0.014 31-Mar 1.636 0.011 22-Jun 1.131 0.009 Pastikan This series listed on 29 June 2016, and matured on 28 June 2018. This series issued withLink Grafik sudah be nominal amount of Rp170.00 billion and have fixed interest rate per annum at 11.00%. Average trading volume for this series reached Rp38.00 billion/quarter on Pastikan 2016 andLink Grafik sudah be decreased to Rp9.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 98.5000% – 100.0200% while the IBPA fair price was between 98.9121% – 100.9693%. The IBPA fair yield for this series was between 10.1577% – 11.8003%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 372 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  373. BPFI01ACN1 ISIN CODE : IDA0000742A9 30 4 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A 28.00 - - - - N/A 1 - - - - Frequency (X) N/A Turnover Ratio (%) N/A 373.33 Date N/A - Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 18 3 12 2 CTP Price - High N/A 6 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 5 Frequency 2016 Price and Yield Trading days 1 - - - - Q2 - - - - - N/A N/A N/A N/A - N/A N/A N/A N/A N/A - N/A N/A 100.0083 100.2147 10.4884 10.2036 0.935 0.716 30-Jun 30-Sep 1.144 0.009 0.707 0.007 N/A N/A N/A N/A N/A 99.9457 100.3011 100.0788 10.6026 9.2485 8.6110 30-Dec 31-Mar 22-Jun 0.367 0.130 0.013 0.490 0.005 0.257 0.044 0.003 0.000 The bond code BPFI01ACN1 issued as much as Rp30.00 billion with interest rate of 10.50% per annum. This bond is effective from 29 June 2016 to 08 July 2017. During 2016 until Q2-2017 this bond was traded with total volume amounted to Rp28.00 billion and transacted 1 times. IBPA fair price during year 2016-2017 was traded with maximum price at 100.4695% while IBPA yield amounted the minimum yield at 8.4031%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BPFI01CN2 Listing Date ISIN CODE : IDA000080303 425 340 Maturity Date May-17 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency May-19 Trading Activities, 2016 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 412.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 3 Trading days N/A 170 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 1 85 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 100 11.0 99 10.0 98 9.0 97 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 255 enar >> enar >> Trading Activities, Frequency Volume 24 Maturity Date Jun-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2 1 549.33 N/A 100.0000 N/A 100.0000 N/A 98.6851 N/A 22-Jun N/A N/A N/A N/A N/A N/A 21-Jun 21-Jun 11.5408 2.393 6.907 0.024 This series has an outstanding amount of Rp300 billion with fixed coupon per annum at 11.00%. From this series listed (8 May 2017) to the end of June 2017, the trading volume for the series was Rp412 billion with total trading frequency was 2 times. The market prices for this series was at the level 100.0000%. IBPA valued the fair prices for this series were 98.6851% for the lowest and 100.2701 %for the highest. At the same period, the fair yield for this series was ranging from 10.8862% to 11.5408%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 373
  374. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BPFI01BCN1 Q4-2016 50 BPFI01ACN1 28 - 374 Q3-2016 Outstanding in Year 2016 Turnover 89.4% 102 93.3% 20 40 INDONESIA BOND MARKET DIRECTORY 2016-2017 60 80 100 120 140 160
  375. IBPA ANALYTICAL REVIEW Description PT Batavia Prosperindo Finance Tbk (BPFI), was established in 1994 and commenced operation with the operating license for financial leasing, receivable factoring, credit cards and consumer financing. BPFI then joined Batavia Prosperindo Group in 2004 and changed its name to PT Batavia Prosperindo Finance in 2007. Together with its holding company, BPFI Peer Group No. Company Total Revenue 1. PT Surya Artha Nusantara Finance 2. PT Indonesia Infrastucture Finance 3. PT Bima Multi Finance 5. PT Batavia Prosperindo Finance Tbk. Historical Corporate Ratings business segment, particularly relating to mining, No. By the end of 2016, BPFI’s network has expanded into 53 branches and representative offices in 10 regions throughout Indonesia. In this year, BPFI issued the first phase of sustainable bonds amounted to Rp200 18.7 77.4 336 1.9 (11.3) 5.3 258 22.3 13.1 3.4 Financial Statement as of Fiscal Year 2016 BPFI began exploring the heavy equipment financing infrastructure, plantation and rental sectors. Revenue 544 436 4. PT Verena Multi Finance Tbk. acquired an insurance company PT Malacca Trust Wuwungan Insurance in 2011. In the following year, Net Profit (Rp Bill) Margins (%) Growth (%) 622 13.0 (8.1) Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idBBB Affirmed 14-Mar-17 Stable 3. Pefindo idBBB Affirmed 13-Apr-15 Stable 2. Pefindo 4. Pefindo 5. Pefindo idBBB idBBB idBBB Affirmed 22-Mar-16 Affirmed 7-Apr-14 Assigned 11-Jun-13 Stable Stable Stable billion of the total bonds value of Rp500 billion. As of 2016, PT Batavia Prosperindo Makmur took over the shares previously owned by Malaca Trust Pte. Ltd and became the majority shareholder of BPFI with 50.39% ownership. Other shareholdings consisted of: PT Batavia Prosperindo Internasional (32.68%), UOB Kay Hian Pte Ltd (7.36%), and public (9.57%). SWOT Analysis S W trengths eaknesses -Established presence in the used car -Low operating efficiency segment -Below average asset quality -Conservative leverage -Pressure on growth O T Financial Analysis In 2016, BPFI recorded Rp258.40 billion in total revenue. This was 3.38% higher than revenue in 2015 that reached Rp249.94 billion. The increasing total revenue was supported by the increasing income from factoring activities by 54.99% to Rp25.66 billion and increasing income from administration fees by 29.38% to Rp84.46 billion. That increase in line with the increase in total units of vehicle financed. In this year, BPFI posted Rp216.66 billion in total expense or 11.74% higher than in 2015 that reached Rp193.89 billion. As a result, BPFI recorded a decreased net income for the year 2016 from Rp41.74 billion in 2015 to Rp33.91 billion in 2016 (-18.76%). As of December pportunities hreats -Resilient automotive industry -Resilient automotive industry -Continued expansion to strategic -Continued expansion to strategic market market -Decreasing trend in interest rate -Decreasing trend in interest rate 2016, BPFI recorded Rp1.04 trillion assets, an 6.01% increase from 2015. This was mainly driven by the increase in factoring receivables by 91.44% from previous year. The 2016 NPL ratio increased at 1.5% caused by slowdown in installment payment from customers. INDONESIA BOND MARKET DIRECTORY 2016-2017 375
  376. idBBB + BRAP PT Brantas Abipraya (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Infrastructure, Utilities And Transportation Non Building Construction www.brantas-abipraya.co.id Dynna Tiara Kamil bap@brantas-abipraya.com PT Brantas Abipraya (Persero) is established as a profit oriented company, based on the result of t h e e x p an s io n of B r a n t as R iv e r P r o j e c t Development, with a head office in Malang, 1981. In 1995, the headquarters office moved to Jakarta. The company is engaged in the industry that is very competitive , namely construction services or commonly called the Contractor. In accordance with its resources, experience and expertise, Brantas Abipraya play in a major market segments namely Water Constructions. In this field the Company has an extensive experience, especially in building Large Dams. In its development, the company has entered the field of other works, such as roads and bridges, transport infrastructure, such as ports and airports, electrical, building, and so forth, so that PT Brantas Abipraya has grown into a General Contractor. At this time company has 2 divisions office in Jakarta, 4 regional divisions office in Medan, Palembang, Surabaya and Makassar, also 4 brances office in Padang, Pekanbaru, Banjarmasin and Balikpapan. In 2012, diversified its business by investing in Hydroelectric Power Plan through Brantas Energi as a subsidiary of PT Brantas Abipraya. In 2013, built new business unit, Abipraya Beton. The Company set up concrete factories located in Sunter (Jakarta), Gempol (East Java) and Subang (West Java). In order to optimize the utilization of the company's assets, the Company explored the property business development through cooperation with experienced consultants in the property business. In term of the Company's organization, the Company pioneered the formation of strategic business units in the property, Abipraya Properti. In 2015, PT Brantas Abipraya (Persero) issued bonds for the first time. The company's vision is "To become a trusted company in the construction industry" while the mission is "To provide high quality construction products and professional as well as sustaineble." BOARD OF COMMISSIONERS 1. Haryadi * 2. Bambang Riswanda 3. Imam Haryono 4. Yusid Toyib *) Independent Commissioner BOARD OF DIRECTORS 1. Bambang E. Marsono 2. Suradi 3. Syarif 4. Widyo Praseno AUDIT COMMITTEE 1. Imam Haryono 2. Alex Abdi Cholik 3. Umardin 376 Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 Jln. DI. Panjaitan Kav. 14 Jakarta 13340 Phone : (021) 851-6290 Fax : (021) 851-6095 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 418,272 625,357 49.51 p 1,500,180 1,869,065 24.59 p 2,278,794 2,976,366 439,813 697,602 668,998 67,447 267,044 1,081,661 669,112 86,071 333,282 1,634,319 1,607,173 2,145,026 600,000 600,000 0.16 0.16 0.60 161,555 0.60 161,555 1,000,000 1,000,000 664,245 822,540 327,494 7,375 671,620 491,422 8,800 831,340 Chg % 0.02 p 27.61 p 24.80 p 30.61 p 51.09 p 58.61 p 33.47 p -  -  -  -  -  50.06 p 23.83 p 19.32 pLink Grafik sudah be Pastikan 23.78 p Pastikan Link Grafik sudah be 3,153,189 3,323,326 5.40 p 48,907 69,747 42.61 p 310,202 338,494 9.12 p Total Operating Expenses 110,197 129,938 Earning Before Tax 219,123 271,289 23.81 p Income for the periods 131,606 178,254 35.45 p Net Income … *) 131,514 177,079 34.65 p DER (X) 0.65 0.84 28.14 p NPM (%) 4.17 5.36 28.51 p Operating Profit EBITDA Comprehensive Income FINANCIAL RATIOS ROA (%) EBITDA Coverage (X) - 311,956 324,759 5.78 6.38 - 397,887 17.91 p -  27.55 p 172,621 -46.85 q 5.99 3.70 p 5.70 -10.56 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 100.00%
  377. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name (Rp Million) Obligasi I Brantas BRAP01 Abipraya Tahun IDA000067805 300,000 2015 Listing Maturity Date 09-Apr-15 Issue Date 08-Apr-18 Term Coupon Structure / Coupon Payment Date Trustee 11.50% 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank CIMB Period 3 years Niaga Tbk. 08-Apr-18 Quarterly Rating / Outlook BBB+ Stable TRADING HIGHLIGHT BRAP01 Listing Date ISIN CODE : IDA000067805 175 140 Maturity Date Apr-15 TRADING ACTIVITIES Volume Frequency 20 Volume 16 Frequency Apr-16 Apr-17 Apr-18 2016 Trading Activities, Q1 Volume (Rp bn) - 10.00 64.00 3.80 1.00 - 1 8 2 1 Frequency (X) - Turnover Ratio (%) - Q2 2017 Price and Yield Q3 4 Q4 17 Q1 4 Q2 2 166.00 15 5 105 12 Trading days 70 8 CTP Price - High N/A 100.6200 100.6100 102.6000 100.8800 101.8200 CTP Price - Low N/A 100.6000 35 - enar >> enar >> Outstanding 4 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 N/A Date N/A Date 104 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 12.0 100 11.0 98 10.0 96 9.0 94 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 27-Jun 27-Jun 85.33 5.07 1.33 221.33 01-Aug 08-Nov 15-Mar 12-May 10-Aug 16-Dec 15-Mar 07-Jun 98.8600 101.8800 100.8600 100.0000 100.1281 100.6667 101.3004 100.1112 101.0734 101.6886 IBPA Fair Price 11.4084 11.0785 10.5618 11.4021 10.3435 Mod. Duration (yrs) 1.734 1.545 1.348 1.139 0.928 Sensitivity (%) 0.017 IBPA Fair Yield (%) Price 13.33 31-Mar Last Date 3.699 Convexity (yrs) 30-Jun 2.953 0.015 30-Sep 2.271 0.013 30-Dec 9.2644 31-Mar 22-Jun 1.132 0.744 1.653 0.011 0.009 0.737 0.007 This series will mature on 8 April 2018, had average turnover of 54.40% per quarter and traded in 17 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp40.80 billion per quarter with average frequency about 7 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.8600% at the lowest and peaked at 102.6000%. While the IBPA fair price for this series was between 97.3763% and 101.6886%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BRAP01 Q2-2016 10 - 64 25 Q3-2016 4 50 75 Q4-2016 Outstanding in Year 2016 Turnover 25.9% 100 125 150 175 200 225 250 275 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 377
  378. IBPA ANALYTICAL REVIEW Description At first PT Brantas Abipraya (Persero) which was originally known as the contractor dealing with the construction of Government projects, especially dams. Since the beginning, BRAP’s staff are professionally trained and become a valuable asset, Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 5,053 60.1 13.1 1. PT Profesional Telekomunikasi Indonesia 2. PT Tower Bersama Infrastructure Tbk. 3,711 3. PT Brantas Abipraya (Persero) 35.1 3,323 8.5 5.4 5.4 the skills and expertise continue to be developed in a way to recruit younger generation to replace the old Financial Statement as of Fiscal Year 2016 employees in the company. At present, the Company is known as a general Historical Corporate Ratings construction company not only handles irrigation No. projects, but also has implemented prestigious projects located within and outside the country, such as dams, tunnels, roads and bridges, airports, buildings, power plants, etc. BRAP line business consist of construction services, energy, concrete Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idBBB+ Affirmed 15-Dec-16 Stable 3. Pefindo idBBB+ Assigned 9-Apr-15 Stable 2. Pefindo 4. Pefindo idBBB+ idBBB+ Affirmed 14-Dec-15 Assigned 8-Jan-15 Stable Stable products, and property. BRAP is a construction company wholly owned by the Government of Indonesia (100%). The Company has 4 branches and 462 employees located in Medan, Jakarta, Surabaya, Makassar, and Samarinda. SWOT Analysis S Financial Analysis trengths W eaknesses Total assets of BRAP in 2016 amounted to 2.98 -Long experience and expertise in -Increasing financial leverage trillion, up 30.61% compared to 2015 amounted to water-related projects -Less diversified revenue sources Rp1.61 trillion. The increase was mainly due to an -Benefits of being a state-owned company to its peers increase in current assets of the accounts receivable construction company -Relative volatile in construction and prepaid taxes. Trade accounts receivable industry amounted to Rp623.35 billion, increased 51.71% compared to 2015. And, BRAP’s prepaid taxes reached to Rp362.53 billion in 2016 (64.19%). BRAP’s total revenue in 2016 amounted to Rp3.33 trillion, an increase of 5.71% compared to revenues in 2015 amounted to Rp3.15 trillion. The revenue is dominated by construction services with contributed 89.78% of total revenue. Meanwhile, the biggest increase in total revenue obtained by construction revenue from concession project which amounted to Rp207.16 billion from Rp86.46 billion, or grew 139.60% compared to the previous year. Therefore, BRAP booked net profit for the year amounted to Rp178.25 billion, an increase of 35.45% or equivalent Rp40.77 billion, compared to net income for the year 2015 amounted to Rp131.61 billion. The liquidity ratio in 2016 decreased compared to 2015, whether measured using the cash ratio and current ratio. But the magnitude of BRAP’s current ratio still exceeds 1x, it indicates that the Company’s ability to pay debts was excellent. 378 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -High demand from the need of -High demand from the need of infrastructure investment infrastructure investment -High demand project from -High demand project from Government of Indonesia in Government of Indonesia in infrastructure infrastructure
  379. BRIS Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. AA+(idn) PT Bank BRISyariah : : : : : : Stable June 2017 ADDRESS Jln. Abdul Muis No.2-4 Jakarta Pusat 10160 Finance Bank www.brisyariah.co.id Indriati Tri Handayani indriati.handayani@brisyariah.co.id BRISyariah operates under Sharia Banking principles. Focusing as a leading modern Retail Bank to meet customers’ needs for more meaningful life, offering wide-range of financial services with simplest accessible aligned with BRISyariah vision and mission. BRISyariah provides wide-ranges product and financial services including financing products and funding products such as Faedah Saving, Impian Saving, Hajj Saving, Current Account and Deposits. Total assets as of year-end 2016 amounted to Rp27,68 trillion and income before tax amounted to Rp238,61 million. For the financing portfolios amounted to Rp18,04 trillion and third party funds itself amounted to Rp22,05 trillion. Phone : (021) 345-0226, 0227 Fax : (021) 351-8812, 344-1904 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Inline with the Corporate vision, BRISyariah has planning to leverage its positioning to commercial banks conducting business group 3 (Book III) in 2018. Capital injection from Parent Company (Bank BRI) and Initial Public Offering among of the strategy aiming by BRISyariah. The additional capital will be used to expansion of financing, developing IT system as well as to increase the office network to ease the customer transactions. Total Liabilities BRISyariah operates 271 branches spreadout from the farthest east to west of Indonesia consisting 54 main branches, 206 sub-branches and 11 cash offices. BRISyariah also operates 1.044 Sharia Offices Channeling (KLS) throughout BRI branches. In early 2017, BRISyariah has acquired to disburse People’s Business Sharia Financing (KUR) alignment with Government programs to improve people welfare specifically in Micro sector. Alongside with that program, BRISyariah also acknowledged as the top performer for subsidized housing financing. BRISyariah equipped with the tecnology which adequate with ranges of financial transaction including internet banking, cash management system/CMS, company payroll, MobileBRIS services, SMSBanking services, 479 ATM network services linked to the network of ATM Bersama, Prima and BRILink. Total Equity …*) BOARD OF COMMISSIONERS 1. Eko B. Suharno 2. Hermanto Siregar 3. Komaruddin Hidayat *) Independent Commissioner BOARD OF DIRECTORS 1. Moch Hadi Santoso 2. Agus Katon Eko S 3. Hilman Purakusumah 4. Indra Praseno 5. Wildan Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 279,855 318,105 4,899,555 2,181,054 4,706,065 115.77 p 18,035,124 2,181,054 8.25 p 4,706,065 115.77 p 140,816 24,230,247 27,687,188 100,000 100,000 20,148,155 13.67 p 4,267,569 -12.90 q 16,660,267 156,188 Chg % 22,045,058 6,421,537 8,464,428 5,000,000 5,000,000 3,958 3,958 10,000 1,979,000 500 349,090 10,000 -9.84 q 14.27 p 9.41 p -  31.81 p -  -  1,979,000 500 519,299 -  -  -  48.76 p 2,339,812 2,510,014 2,339,812 2,510,014 7.27 p 2,424,752 2,634,201 8.64 p 130,460 127,967 -1.91 q 239,232 50.48 p 238,609 41.13 p - 1,027,442 1,137,438 158,979 10,090 169,069 - 1,035,501 1,168,424 -623 7.27 p -  0.78 p 2.72 p N/A q Income for the periods 122,637 170,209 38.79 p Net Income … *) 122,637 170,209 38.79 p DER (X) 2.74 3.37 22.87 p NPM (%) 5.06 6.46 27.76 p Comprehensive Income FINANCIAL RATIOS 125,322 0.51 ROA (%) EBITDA Coverage (X) 6.56 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Bank Rakyat Indonesia (Persero) Tbk. 2. Yayasan Kesejahteraan Pekerja BRI AUDIT COMMITTEE 1. Komaruddin Hidayat 2. Eko B Suharno 3. Hermanto Siregar 170,202 0.61 9.08 35.81 p 21.46 p 38.52 p 99.999975% 0.000025% 4. Irdam Halim 5. Ismir Kamili 6. Widuri M. Kusumawati INDONESIA BOND MARKET DIRECTORY 2016-2017 379
  380. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name Outstanding (Rp Million) Listing Maturity Date Date Subordinasi I Bank BRISyariah Tahun IDJ000008206 1,000,000 17-Nov-16 16-Nov-23 Coupon Payment Date Trustee Nisbah 80.2013% 16-Aug-17 16-Nov-17 16-Feb-18 PT Bank Term Period Sukuk Mudharabah SMBRIS01SB Coupon Structure / Issue 7 years 2016 16-May-18 Quarterly Rating / Outlook Negara A+ Indonesia (Persero) Tbk. Stable TRADING HIGHLIGHT SMBRIS01SB Listing Date ISIN CODE : IDJ000008206 TRADING ACTIVITIES Volume 150 120 Nov-16 35 28 Frequency Nov-18 Nov-19 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A 77.00 125.00 N/A N/A 10 7 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 60 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 22 30.80 Q2 30 50.00 77 - 101.300 N/A 99.970 98.200 100.000 99.858 102.303 99.063 N/A 30-Dec 31-Mar 22-Jun N/A 30.962 29.525 27.660 N/A 24-Nov N/A 9.5271 N/A N/A N/A 4.956 0.050 05-Jan 23-Feb 8.8845 4.862 0.049 380 12-Jun 9.6272 4.710 0.047 trading volume was Rp285 billion and traded 65 times during the period. The IBPA fair prices for this series were 95.4212% at the lowest and 102.5337% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 98.2000% and peaked at 102.0000%. 7.0 Q4-2016 Outstanding in Year 2016 Turnover 7.7% INDONESIA BOND MARKET DIRECTORY 2016-2017 27-Apr This series was traded in 24 trading days during 2016 to Q2-2017 period. The total Q3-2016 200 7 33.20 101.400 13-Dec TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 SMBRIS01SB 13 102.000 N/A  IBPA Fair Price  YTM Q2-2016 83.00 N/A l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 Nov-23 2017 Q2 Trading days ar >> Nov-22 Q1 21 7 Nov-21 Price and Yield 90 30 Nov-20 2016 Trading Activities, Frequency Volume Nov-17 Maturity Date 400 600 800 1,000
  381. IBPA ANALYTICAL REVIEW Description Bank BRISyariah officially operating on November 17 , 2008. Commenced from the acquisition of PT Bank Rakyat Indonesia (Persero) Tbk with Bank Jasa Arta on December 19,2007, and then obtaining license from Bank Indonesia on October 16,2008. BRISyariah then alter its business activities from conventional to sharia based banking activities. BRISyariah activities were Peer Group No. Company Total Revenue 1. PT Bank BRISyariah 2. PT Bank KEB Hana Indonesia 3. PT Bank Victoria International Tbk. 29.4 Revenue 2,294 14.9 33.8 4.6 1,901 PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 7.3 1.3 31.9 14.2 Financial Statement as of Fiscal Year 2016 stronger since the Separation Deed of the Sharia Business Unit of PT BRI to merge into PT Bank BRI 2,192 2,161 4. PT BPD Sumatera Barat 5. Net Profit (Rp Bill) Margins (%) Growth (%) 2,634 6.5 8.6 Syariah (the spin-off) in December 19,2009. As of Historical Corporate Ratings December 31, 2016, BRISyariah owned 99.99% by BRI. No. Rating Agency 1. Fitch Ratings Rating Rating Status Rating Date Outlook AA+(idn) Assigned 13-Oct-16 Stable SWOT Analysis S W trengths eaknesses - Strong support from BRI - Weakening its asset quality - The second largest bank with - High non-performing finance around 14% share of system assets - Strong credit fundamental Financial Analysis In 2016, BRISyariah managed to achieve the highest profit since its establishment that amounted to Rp170.21 billion, increased by 38.79% from Rp122.64 billion in 2015. In 2016, BRISyariah posted revenue from fund management as Mudharib amounted to Rp2.63 trillion, increased by 8.64% from Rp2.43 trillion in 2015 was mainly derived from income from Murabahah financing and securities. And income from operation in 2016 reached Rp239.23 billion, increased by 50.48% from Rp158.98 billion in 2015. The increased was due to the BRISyariah managed to optimize of operating expenses. Operating expense in 2016 amounted to Rp1.17 trillion or only increased by 3.16% from Rp1.14 trillion in 2015. In 2016, The O T pportunities hreats - Increasing opportunity in cross- - Increasing opportunity in cross- selling products with more varied selling products with more varied product types product types - Resilient Micro, Small and Medium - Resilient Micro, Small and Medium Enterprise (SME) segments Enterprise (SME) segments Third Party Fund grew 9.41% to Rp22.05 trillion in 2016, while total financing grew 8.33% to Rp17.91 trillion. Non-Performing Finance (Gross) the Bank in 2016 still quite high at the level 4.57% from 4.86% in 2015. INDONESIA BOND MARKET DIRECTORY 2016-2017 381
  382. idA BSBR PT BPD Sumatera Barat Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 ADDRESS Jln. Pemuda No. 21 Padang 251117 Sumatera Barat Phone : (0751) 315-77, 315-78, 315-81 Fax : (0751) 377-49, 314-91 Finance Bank www.banknagari.co.id Azmi Febrian azmifebrian67@gmail.com PT Bank Pembangunan Daerah Sumatera Barat was established on March 12, 1962. In 1996, as did the opening the Bank’s first office network outside West Sumatra (Jakarta Branch Office), PT. Bank Pembangunan Daerah Sumatera Barat began to introduce the call name as Bank Nagari, to improve with purpose to be familiarity with the public, particularly migrants and business actors originated from West Sumatra. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 2,038,045 2,144,324 13,123,193 13,899,386 5.91 p 356,788 360,429 1.02 p 553,415 492,764 2,168 556,320 2,168 To encourage bank business development, Bank Pembangunan Daerah Sumatera Barat changed its legal entity from Regional Company (PD) into Limited Liability Company (PT) based on the decision of the Annual General Meeting of Shareholders (AGM) on April 23, 2007; Regional Regulation No. 3 of 2006, and Notarial Deed of H. Hendri Final, S.H., No. 1 dated February 1, 2007 with authorized capital of Rp1,000,000,000,000 (one trillion rupiah). Bank Nagari is a commercial bank whose shares owned by by the Government of West Sumatra Province with 33.32% shareholding, 12 Regency Governments and 7 City Governments with 64.67% shareholding, and Multipurpose Cooperative of Bank Pembangunan Daerah Sumatera Barat Extended Family with 2.01% shareholding. One of the Bank’s business activities in accordance with Bank’s Charter is to support Regional Autonomy with the duties among others to drive and encourage regional development, manage regional cash, serve as one of the regional sources of revenue. Additionally, Bank Nagari has been serving as a foreign exchange bank since 1991and opened the Sharia Business Unit in 2006. Paid up Capital 1,187,328 Par Value (Rp) 1,000,000 1,000,000 Total Equity …*) 2,139,600 2,474,316 2,139,600 2,474,316 2,265,374 2,293,980 BOARD OF COMMISSIONERS 1. Efa Yonnedi * 2. Hamdani * 3. Syafrial 4. Wilson Hasan *) Independent Commissioner BOARD OF DIRECTORS 1. Dedy Ihsan 2. Edrizanof 3. Hendri 4. Muhamad Irsyad 5. Syafrizal Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital (Mil. Sh) Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses 13,990,752 696,976 17,011,422 9 920,000 1 859,234 - 1,081,836 92,633 778,289 20,616,860 15,186,732 17,110,157 1,405,728 1 977,926 - 1,026,267 93,505 838,379 Earning Before Tax 446,824 456,339 Net Income … *) 317,279 340,705 DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 0.58 p 340,412 7.95 1.63 14.01 18.99 *) … attributable to owners of the parent entity SHAREHOLDERS 1. Regencies and Cities of West Sumatera 2. Province of West Sumatera 3. Koperasi Karyawan PT BPD Sumatera Barat 18.39 p 18.39 p -  13.81 p 15.64 p -  15.64 p 1.26 p -5.14 q 0.94 p 7.72 p 1.26 p 7.38 p 340,705 FINANCIAL RATIOS 8.55 p 24.74 p 317,279 361,657 6.01 p 20,648 Income for the periods Comprehensive Income -  23,000,000 2,400.00 p 435,691 16,553 5.21 p 23 150.00 p 430,272 Non-Operating Revenues 0.52 p 398,079 -42.88 q Income from Operations AUDIT COMMITTEE 1. Hamdani 2. Amsal Djunid 3. Busyra Azheri INDONESIA BOND MARKET DIRECTORY 2016-2017 19,448,300 Chg % 1,041,020 111.26 p Property, Plant and Equipment Bank Nagari continues to provid the best services to the community through the provision of banking products such as savings, current accounts, and term deposits, in addition to provision of loans for MSMEs, commercial, corporate, and syndication segments. These are the efforts to achieve Bank Nagari vision into a Leading and Trustworthy Regional Development Bank in Indonesia. 382 Stable 2.13 p Pastikan Link Grafik sudah bena -5.87 q 7.38 p 6.92 -13.03 q 1.65 1.30 p 18.99 -0.00 q 14.85 6.04 p 64.67% 33.32% 2.01%
  383. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. ISIN CODE Series Name Outstanding (Rp Million) Obligasi BSBR01SB IDA0000467B1 Subordinasi I Bank 81,000 Nagari Tahun 2010 IDA000053003 Subordinasi II Bank 225,000 Nagari Tahun 2012 500,000 IDA000071401 Nagari Tahun 2015 IDJ000007406 Date 14-Jan-11 13-Jan-18 Term Coupon Structure / Coupon Payment 10.90% 13-Jul-17 13-Oct-17 13-Jan-18 Period 7 years Date 27-Jun-12 26-Jun-19 26-Sep-17 26-Dec-17 26-Mar-18 10.15% 7 years 26-Jun-18 11-Jan-16 08-Jan-21 08-Jul-17 08-Oct-17 08-Jan-18 10.95% 5 years Quarterly II Bank Nagari 500,000 Tahun 2015 11-Jan-16 08-Jan-21 (equal to 10.99% 5 years p.a.) PT Bank A- Mandiri (Persero) Tbk. Stable PT Bank A- Mandiri (Persero) Tbk. Stable PT Bank Rakyat A Indonesia 08-Apr-18 (Persero) Tbk. 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank 08-Apr-18 Quarterly Rating / Outlook Trustee - Nisbah 52.333% Sukuk Mudharabah SMBSBR02 Date Issue Quarterly Obligasi VII Bank BSBR07 Maturity Quarterly Obligasi BSBR02SB Listing Rakyat Stable A Indonesia (Persero) Tbk. Stable TRADING HIGHLIGHT BSBR01SB Listing Date ISIN CODE : IDA0000467B1 TRADING ACTIVITIES Volume 75 60 Jan-11 Frequency 15 Volume 12 Frequency Jan-12 Price and Yield Volume (Rp bn) Frequency (X) 9 Trading days 30 6 CTP Price - High - ar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Jan-13 Trading Activities, 45 15 Maturity Date Turnover Ratio (%) 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jan-15 Q1 Q2 Q1 2.00 53.00 19.00 1 3 1 6 3 9.88 3 IBPA Fair Price 101.321 101.243 Last Date 31-Mar 26-Jan 26-Jan 10.0616 Mod. Duration (yrs) 1.569 Sensitivity (%) 0.016 3.027 2 34.57 Jan-18 Q2 7.00 2 102.930 Convexity (yrs) Q4 2.00 99.500 Date Jan-17 2017 Q3 103.300 CTP Price - Low Jan-16 2016 99.540 Date IBPA Fair Yield (%) Price Jan-14 9.88 13 261.73 8 93.83 20.50 12 5 101.23 98.830 101.320 102.150 101.620 98.810 99.750 101.420 101.300 101.724 101.300 101.428 101.326 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.331 1.714 1.175 0.729 0.415 05-Apr 16-Jun 10.0139 02-Aug 02-Aug 1.370 0.014 9.4575 1.164 0.012 22-Dec 21-Dec 9.5630 0.949 0.009 25-Jan 29-Mar 8.9529 0.728 0.007 27-Apr 19-Jun 8.4345 0.528 0.005 The bond code BSBR01SB issued as much as Rp81.00 billion with interest rate of 10.90% per annum. This bond is effective from 14 January 2011 to 13 January 2018. During 2016, the market price (Centralized Trading Platform) was traded between 98.8100% and 103.3000%, while in first half year 2017 this bond was traded between 101.3000% and 102.1500%. Total volume amounted to Rp103.50 billion and transacted 40 times. IBPA fair price during year 2016-2017 was traded with maximum price at 102.1699% while IBPA yield amounted the minimum yield at 8.3131%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 383
  384. BSBR02SB Listing Date ISIN CODE : IDA000053003 TRADING ACTIVITIES Volume 10 8 Jun-12 Frequency 5 Volume 4 Frequency Maturity Date Jun-13 Trading Activities, Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 2016 Jun-19 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 5.00 - - - - - 1 - - Frequency (X) - Turnover Ratio (%) - - - Q4 Q1 1 Q2 - - 6 3 Trading days 4 2 CTP Price - High N/A N/A N/A 100.000 N/A N/A 2 1 N/A N/A N/A 100.000 N/A N/A - - CTP Price - Low IBPA Fair Price 98.962 99.186 100.613 98.590 100.606Pastikan 101.099 Link Grafik sudah bena 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7.661 6.613 5.562 4.641 3.774 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 98 10.0 96 9.0 94 8.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A 10.4701 Mod. Duration (yrs) 2.720 2.544 Sensitivity (%) 0.027 Last Date Convexity (yrs) - N/A 10.5213 IBPA Fair Yield (%) Price - 31-Mar 8.778 N/A N/A 8.89 09-Nov 09-Nov 9.8910 10.8029 2.365 2.167 0.025 0.024 0.022 - - N/A N/A N/A N/A 9.8302 1.978 9.5422 1.760 0.020 0.018 This series was listed since 27 June 2012 with a maturity date on 26 June 2019 and has a fixed interest rate of 10.150% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 94.4937% - 101.2704% and on the other side IBPA’s Yield range between 9.4497% - 12.1161%. The outstanding for this series since issuance date were noted at Rp225.00 billion. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BSBR07 Listing Date ISIN CODE : IDA000071401 TRADING ACTIVITIES Volume 125 100 Jan-16 Frequency 20 Volume 16 Frequency Maturity Date Jan-17 Trading Activities, Price and Yield Q1 Volume (Rp bn) Frequency (X) Jan-19 Jan-20 2016 Jan-21 2017 Q2 Q3 56.00 - - 8.00 32.00 2 - - 2 1 7 - - Q4 Q1 2 Q2 3 114.00 17 3 75 12 Trading days 50 8 CTP Price - High 102.500 N/A N/A 102.020 103.250 106.400 CTP Price - Low 101.000 N/A N/A 102.000 103.200 105.300 IBPA Fair Price 101.348 101.167 103.259 99.977 102.947 106.049 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 12.173 11.030 10.068 4 25 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 109 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 103 10.0 100 9.0 97 8.0 94 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) INDONESIA BOND MARKET DIRECTORY 2016-2017 44.80 15-Jan 14-Jan 10.5777 3.599 16.183 0.036 - N/A N/A 10.6208 3.453 14.831 0.035 - N/A N/A 10.0025 3.319 13.603 0.033 6.40 20-Oct 24-Oct 10.9563 3.140 0.031 25.60 14-Feb 14-Feb 9.9921 2.999 0.030 91.20 19-May 19-May 8.9385 2.878 0.029 The series listed on 11 January 2016 and will be matured on 8 January 2021. This series listed with nominal amount of Rp500 billion and has interest rate per annum at 10.95%. During the observation period, this series has traded 29 times in 8 trading days with total volume booked of Rp210 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 101.0000% and 106.4000%. Based of IBPA fair price in 2016, this series has a fair price between 97.7197% - 103.8920% and fair yield between 9.8488% - 11.6530%. At the end of second quarter in 2017, the fair yield had recorded at 8.8708% until 10.9370%, on the other side, the fair price amounted to 100.0398% - 106.2787%. Listing Date 384 Jan-18 Maturity Date
  385. SMBSBR02 Listing Date ISIN CODE : IDJ000007406 TRADING ACTIVITIES Volume 15 12 Jan-16 5 4 Frequency Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 2016 Trading Activities, Frequency Volume Maturity Date Q2 2017 Price and Yield Q1 Volume (Rp bn) 10.00 - 6.00 10.00 - - 1 - 1 4 - - 2 Frequency (X) Q3 - Q4 2 Q1 4 - Q2 - 9 3 Trading days 6 2 CTP Price - High 100.020 N/A 100.000 100.000 N/A N/A 3 1 100.000 N/A 100.000 99.920 N/A N/A - - CTP Price - Low IBPA Fair Price 101.496 101.309 103.397 Last Date 31-Mar 30-Jun 30-Sep ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 40.00 Turnover Ratio (%) 12-Jan Date 12-Jan Date 10.5777 IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 13.0 104 12.0 102 11.0 100 10.0 98 9.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - 3.597 Mod. Duration (yrs) N/A N/A 10.6208 3.451 16.169 Convexity (yrs) 14.819 0.036 Sensitivity (%) 0.035 24.00 29-Sep 40.00 24-Nov 29-Sep 29-Dec 10.0025 11.0538 3.317 13.592 0.033 - N/A N/A - N/A N/A 99.792 103.071 103.339 30-Dec 31-Mar 22-Jun 12.151 11.021 9.971 3.136 0.031 9.9921 2.998 0.030 9.8607 2.860 0.029 This series has listed since 11 January 2016 and will be matured on 08 January 2021. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 17.33% per quarter and traded in 6 trading days throughout the period. The average trading volume reached Rp4.33 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 99.9200% at the lowest to 100.0200% at the highest. While the IBPA fair price for this series stood 8.0 between 98.8020% and 104.0336%. The yield valued by IBPA in the period was 9.7646% at the lowest, and 11.3558% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BSBR01SB 272 BSBR02SB 5 BSBR07 53 Outstanding in Year 2016 Turnover 2.2% 10 6 10 - Q4-2016 79.0% 56 SMBSBR02 Q3-2016 8 12.8% 26.0% 50 100 150 200 250 300 350 400 450 500 INDONESIA BOND MARKET DIRECTORY 2016-2017 385
  386. IBPA ANALYTICAL REVIEW Description PT BPD Sumatera Barat , or known as Bank Nagari was established in 1962 as a regional development Bank. The Bank focuses its banking activities on West Sumatra province. The Bank offers complete banking services include corporate, commercial, consumer, micro/retail, treasury, and shariah. Peer Group No. Company Total Revenue 1. PT Bank BRISyariah 2. PT Bank KEB Hana Indonesia 3. PT Bank Victoria International Tbk. payment point as well as 191 unit ATMs. In this year, Historical Corporate Ratings No. Finance Award as The Most Profitable Sharia Unit Assets less than 1.5trillion. By the end of 2016, the majority and controlling shareholder of bank Nagari Government of West Sumatera was Regency with Revenue 2,294 14.9 33.8 4.6 7.3 1.3 31.9 14.2 Financial Statement as of Fiscal Year 2016 the Bank received Infobank Award in “Excellent Financial Performance” category, and from Islamic 29.4 1,901 PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat As of December 2016, Bank Nagari employed 1,873 people and operated 144 office networks with 28 2,192 2,161 4. PT BPD Sumatera Barat 5. Net Profit (Rp Bill) Margins (%) Growth (%) 2,634 6.5 8.6 Rating Agency Rating Rating Status 1. Pefindo idA Affirmed 3. Pefindo idA 2. Pefindo 4. Pefindo 5. Pefindo idA idA idA Rating Date Outlook 10-Oct-16 Stable Affirmed 11-Mar-15 Stable Affirmed 5-Mar-13 Affirmed 23-Dec-15 Affirmed 4-Mar-14 Stable Stable Stable 42.35% ownerships. The remaining shares were owned by Government of West Sumatera with 31.03% ownership, Municipal Government of West Sumatera with 24.66% ownership, and the Bank cooperative with 1.95% ownership. SWOT Analysis S trengths W eaknesses -Strong captive market in West - Below average profitability Sumatera province. performance -High margin business from - Increasing Non Performing Loan. consumer loan segment. Financial Analysis Total Bank assets at the end of 2016 amounted to Rp20.62 trillion, an increase of Rp1.17 trillion or 6.01% from the position end of 2015 amounted to Rp19.45 trillion. Increased assets is influenced by the increase in the amount of loans granted 5.98% to Rp14.07 trillion. From the liabilities side, total liabilities at the end of 2016 amounted to Rp18.14 trillion, up Rp834.10 billion or 4.82% from 2015 amounted to Rp17.31 trillion. Increasing in liabilities was dominated by the increase of Third Party Funds by 7.33% to Rp15.67 trillion. Until the end of 2016, interest income was Rp2.13 trillion, an increase of Rp27.43 billion or 1.31% from 2015. The increase was due to increase in interest income from loans by 2.02% to Rp1.91 trillion. Furthermore, the Bank successfully booked total profit after tax amounted to Rp340.71 billion, increased Rp23.43 billion from the previous year. However, Bank Nagari’s NPL ratio increase from 2.74% in 2015 to 3.07% in 2016. 386 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Government programs and fiscal - Government programs and fiscal stimulus for provincial and villages stimulus for provincial and villages development. development. - Prospects from municipality - Prospects from municipality government spending and projects. government spending and projects.
  387. idAA- BSDE PT Bumi Serpong Damai Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Property, Real Estate And Building Construction Sinar Mas Land Plaza, Wing 3B Property And Real Estate Grand Boulevard, BSD Green Office Park, BSD City www.sinarmasland.com, www.bsdcity.com Tangerang 15345 Christy Grassela Phone : (021) 5036-8368 christy.grassela@sinarmasland.com; corporate.secretary@sinarmasland.com Fax : (021) 5058-8270 PT Bumi Serpong Damai Tbk. has been at the forefront of self-sufficient city development since 1984. A business group under Sinar M as Lan d, th e Compan y bro u gh t to Indonesia its flagship project, the BSD City –the most ambitious urban planning scheme in Indonesia to combine housing, business and commercial properties. The Company has cemented its place amongst the leading developers in the region, offering unique concepts and the upmost quality. The Company’s footprint now extends across the country with projects throughout key cities in Indonesia. To deliver a unique living experience, the Company establishes highquality residential, leisure and commercial developments. It is committed to deliver this for its customers, encompassing every element from the design, materials, location, as well as ensuring that the customer journey from prospecting to the handover of keys is worth their time and investment. The Company has thrived over the years in its business operations – it has remained strong as it launched new projects and site developments. It has consistently received support and confidence from the market as evidenced by its revenue and successful expansions. In 2008, the Company listed its stocks in the Indonesia Stock Exchange with the stock code BSDE. Then in 2010, it had its first right issue to acquire PT Duta Pertiwi Tbk (Stock code: DUTI), PT Sinar Mas Teladan and PT Sinar Mas Wisesa. Since 2012, the Company is actively issuing a number of bonds and new shares. As of December 2016, the Company’s market capitalization has reached Rp33.78 trillion. BOARD OF COMMISSIONERS 1. Muktar Widjaja 2. Susiyati Bambang Hirawan * 3. Teddy Pawitra * 4. Teky Mailoa 5. Yoseph Franciscus Bonang *) Independent Commissioner BOARD OF DIRECTORS 1. Franciscus Xaverius RD. 2. Hermawan Wijaya 3. Liauw Herry Hendarta 4. Lie Jani Harjanto 5. Michael JP. Widjaja 6. Monik William 7. Petrus Kusuma 8. Syukur Lawigena FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 6,109,240 Receivables Inventories Current Assets Investments 168,108 6,547,652 Total Assets Trade Payables Total Liabilities Authorized Capital (Mil. Sh) 4,000,958 22.07 p 36,022,148 38,292,206 6.30 p 6,146,403 5,566,197 -9.44 q 13,925,458 13,939,299 0.10 p 4,000,000 4,000,000 19,247 19,247 803,253 316,601 7,924,891 40,000 Paid up Capital 1,924,670 Paid up Capital (Mil. Sh) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity 13.64 p 3,277,560 6,332,810 Authorized Capital Par Value (Rp) 422,051 151.06 p 7,440,632 16,341,456 Current Liabilities Interest Bearing liabilities Chg % 3,568,916 -41.58 q 16,789,560 Property in Investments Property, Plant and Equipment Dec-2016 100 6,709,770 823,401 -2.67 q 5.95 p 2.51 p 261,224 -17.49 q 7,487,088 40,000 1,924,670 100 -5.52 q -  -  -  -  -  10,727,657 12,412,443 15.71 p 3,247,169 3,772,259 16.17 p 18,849,521 20,580,648 9.18 p 22,096,690 24,352,907 10.21 p 6,209,574 6,521,770 5.03 p 574,967 612,614 6.55 p INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses 4,638,016 4,681,466 0.94 p Earning Before Tax 2,362,082 2,065,443 -12.56 q Income for the periods 2,351,380 2,037,538 -13.35 q Net Income … *) 2,139,497 1,796,156 -16.05 q 0.36 0.31 -14.28 q 37.87 31.24 -17.50 q EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 3,240,959 2,346,110 6.53 ROA (%) NPM (%) EBITDA Coverage (X) 5.64 3,048,110 -5.95 q 2,018,142 -13.98 q 5.32 -18.48 q 4.98 -11.73 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public (<5%) 2. PT Paraga Artamida 3. PT Ekacentra Usahamaju 48.42% 26.57% 25.01% AUDIT COMMITTEE 1. Susiyati Bambang Hirawan 2. Herawan Hadidjaja 3. Rusli Prakarsa INDONESIA BOND MARKET DIRECTORY 2016-2017 387
  388. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name BSDE01CCN1 IDA0000536C1 BSDE01BCN1 IDA0000536B3 BSDE01CN2 IDA000058408 Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.50% 04-Jul-17 04-Oct-17 04-Jan-18 PT Bank CIMB 04-Jul-17 - PT Bank CIMB Period Obligasi Berkelanjutan I Bumi Serpong Damai 436,000 Tahap I Tahun 2012 05-Jul-12 04-Jul-19 7 years Seri C Obligasi Berkelanjutan I Bumi Serpong Damai 479,000 Tahap I Tahun 2012 05-Jul-12 04-Jul-17 9.25% 5 years Seri B Quarterly Obligasi Berkelanjutan I 8.38% Bumi Serpong Damai Tahap II Tahun 2013 1,750,000 07-Jun-13 05-Jun-18 5 years Obligasi Berkelanjutan 4. IDA0000736B9 25,000 Tahap I Tahun 2016 17-Jun-16 16-Jun-23 Seri B BSDE02ACN1 II Bumi Serpong Damai IDA0000736A1 625,000 Tahap I Tahun 2016 17-Jun-16 16-Jun-21 9.00% 5 years Seri A AA- Stable 05-Jun-18 16-Sep-17 16-Dec-17 16-Mar-18 Permata Tbk. 16-Sep-17 16-Dec-17 16-Mar-18 Permata Tbk. 16-Jun-18 Quarterly AA- Stable PT Bank CIMB Pastikan AA- Link Grafik sudah be Niaga Tbk. Stable Pastikan Link Grafik sudah be 16-Jun-18 Quarterly Obligasi Berkelanjutan 5. 05-Sep-17 05-Dec-17 05-Mar-18 9.25% 7 years Niaga Tbk. - Quarterly BSDE02BCN1 II Bumi Serpong Damai Niaga Tbk. 04-Apr-18 Quarterly Rating / Outlook PT Bank PT Bank AA- Stable AA- Stable TRADING HIGHLIGHT BSDE01CCN1 Listing Date ISIN CODE : IDA0000536C1 TRADING ACTIVITIES Volume 100 80 Jul-12 Frequency 25 Volume 20 Frequency Jul-13 Trading Activities, Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 2016 Price and Yield Q1 Q2 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Jul-19 2017 Q3 Q4 - 88.00 23.00 7.20 - - 9 2 5 - - 21 Q1 4 Q2 11 - 60 15 Trading days 40 10 CTP Price - High N/A N/A 101.5500 100.9119 101.3000 N/A 20 5 N/A 100.0000 100.0000 N/A - - CTP Price - Low N/A IBPA Fair Price 98.7422 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 8.823 7.717 6.671 5.620 enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) enar >> Maturity Date Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 9.9463 Mod. Duration (yrs) 2.705 Sensitivity (%) 0.027 Convexity (yrs) - N/A N/A 80.73 21.10 11-Aug 20-Dec 25-Aug 20-Oct 99.6440 101.3884 9.6372 2.533 0.025 8.9266 2.357 0.024 6.61 23-Mar 99.7028 05-Jan - N/A N/A 99.7333 101.4235 101.7617 9.6203 2.161 0.022 8.7854 8.5454 31-Mar Pastikan 22-JunLink Grafik sudah be 1.972 1.799 4.689 Pastikan 3.911Link Grafik sudah be 0.020 0.018 The bond code BSDE01CCN1 issued as much as Rp436.00 billion with interest rate of 9.50% per annum. This bond is effective from 05 July 2012 to 04 July 2019. During 2016, the market price (Centralized Trading Platform) was traded between 100.0000% and 101.5500%, while in first half year 2017 this bond was traded between 99.7028% and 101.3000%. Total volume amounted to Rp118.20 billion and transacted 36 times. IBPA fair price during year 2016-2017 was traded with maximum price at 101.8127% while IBPA yield amounted the minimum yield at 8.5260%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 388 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  389. BSDE01BCN1 ISIN CODE : IDA0000536B3 25 20 Frequency 10 Volume 8 Frequency Maturity Date Jul-13 Trading Activities, Volume (Rp bn) 4.00 - 2 4 5 2 1 - 5 2 - - Q2-17 Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 3 Frequency (X) Turnover Ratio (%) Last Date Q2 2017 20.50 CTP Price - High Q1-17 2016 9.76 4 Q4-16 Jul-17 9.75 10 Q3-16 Jul-16 10.60 6 Q2-16 Jul-15 Q1 15 Q1-16 Jul-14 Price and Yield Trading days 8.85 5 Q4 9 8.14 Q1 5 Q2 3 8.15 17.12 3.34 10-Aug 11-Oct 07-Feb 23-Sep 10-Nov 07-Feb - 100.0000 100.0000 101.5000 100.6237 100.7000 14-Mar 98.9890 03-Mar 02-Jun 98.5000 29-Apr N/A N/A 98.9890 100.4500 100.5500 N/A N/A 100.1668 100.0703 100.6776 100.3555 100.5169 100.0871 9.0858 9.1752 8.3206 8.5296 7.1306 6.5474 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.670 1.139 0.701 0.359 0.124 0.009 Mod. Duration (yrs) 1.150 Sensitivity (%) 0.012 Convexity (yrs) Q3 0.934 0.713 0.009 0.007 0.484 0.005 0.248 0.033 0.002 0.000 This series will mature on 4 July 2017, had average turnover of 7.60% per quarter and traded in 14 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp9.10 billion per quarter with average frequency about 14 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.5000% at the lowest and peaked at 101.5000%. While the IBPA fair price for this series was between 98.5945% and 100.7812%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BSDE01CN2 Listing Date ISIN CODE : IDA000058408 1000 800 Jun-13 TRADING ACTIVITIES Volume Frequency 125 Volume 100 Frequency Maturity Date Jun-14 Trading Activities, Jun-15 Jun-16 Jun-17 2016 Jun-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 175.65 180.75 569.16 207.00 239.00 896.00 15 14 14 7 12 Frequency (X) 36 37 60 15 43 124 27 600 75 Trading days 400 50 CTP Price - High 100.0500 CTP Price - Low 91.8000 93.2000 IBPA Fair Price 96.9294 98.2211 100.0685 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.493 3.640 2.862 2.132 1.526 1.057 25 200 - enar >> enar >> Jul-12 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 97 9.0 94 8.0 91 7.0 88 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 40.15 02-Mar 18-Feb 9.9440 Mod. Duration (yrs) 1.950 Sensitivity (%) 0.020 Convexity (yrs) 41.31 130.09 47.31 54.63 204.80 99.0000 101.0000 100.0000 100.8000 100.6000 04-May 14-Jun 9.3904 1.750 0.018 27-Jul 95.0000 08-Aug 8.3281 1.544 0.015 21-Dec 96.5100 28-Nov 20-Jan 91.8200 18-Jan 26-Apr 99.7500 11-Apr 98.0034 100.1637 100.6101 9.8850 1.322 0.013 8.2034 1.105 0.011 7.7014 0.905 0.009 The bond series BSDE01CN2, was first listed on 07 June 2013 with nominal value of Rp1750.00 billion and fixed interest rate of 8.38% per annum. This series had traded 315 times in 89 trading days with total volume booked of Rp2267.56 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 91.8000% - 101.0000% while the IBPA fair price was between 94.6283% - 100.6101%, the fair yield for this series was between 7.7014% - 10.9288%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 389
  390. BSDE02BCN1 Listing Date ISIN CODE : IDA0000736B9 5 4 Frequency 5 Volume 4 Frequency Jun-18 Trading Activities, Jun-20 Jun-22 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) N/A - - - 4.00 - N/A - - - 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - - Q1 - Q2 2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A 103.0000 N/A 1 1 N/A N/A N/A N/A 100.9000 N/A - - CTP Price - Low IBPA Fair Price N/A 100.5339 99.4547 95.6611 99.7564 100.6695 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 32.182 30.269 28.119 26.770 25.360 enar >> enar >> Jun-16 TRADING ACTIVITIES Volume Maturity Date Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 99 10.0 96 9.0 93 8.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - - N/A - N/A N/A 9.1448 5.080 0.051 64.00 N/A N/A 9.3596 4.935 0.049 - 31-Jan N/A 10.1737 4.756 0.048 N/A 31-Jan 9.2958 4.663 0.047 N/A 9.1033 4.556 0.046 This series will mature on 16 June 2023, had average turnover of 10.67% per quarter and traded in only 1 trading day during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.9000% at the lowest and peaked at 103.0000%. While the IBPA fair price for this series was between 93.3819% and 103.1913%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BSDE02ACN1 Listing Date ISIN CODE : IDA0000736A1 TRADING ACTIVITIES Volume 750 600 Frequency 30 Volume 24 Frequency Jun-17 Trading Activities, Jun-18 Price and Yield Q1 Q2 Volume (Rp bn) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A Last Date Convexity (yrs) 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A IBPA Fair Price 11.0 - IBPA Fair Yield (%) - YTM (%) 7 N/A N/A - CTP Price - Low PRICE AND YTM MOVEMENT 6 Date 6 103 1 - 150 Price - N/A N/A Q2-17 - Date CTP Price - High Q1-17 639.00 9.60 12 Q4-16 605.00 N/A 300 Q3-16 15.00 Turnover Ratio (%) N/A Jun-21 2017 Q4 N/A Trading days Q2-16 Jun-20 Q3 Frequency (X) 18 Q1-16 Jun-19 2016 450 enar >> enar >> Jun-16 Maturity Date 2 18 387.20 Q1 25 408.96 Q2 - - - - - 100.0200 100.1600 N/A N/A - 100.0000 96.2000 N/A N/A 100.3908 99.7662 96.6814 99.6965 100.0950 N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun N/A 18.763 17.174 15.521 14.184 12.957 - 8.9009 3.956 0.040 26-Sep 23-Sep 9.0606 3.791 0.038 23-Dec 01-Dec 9.9288 3.606 0.036 N/A N/A N/A N/A 9.0794 3.457 0.035 8.9709 3.312 0.033 This bond listed with nominal value of Rp625 billion and interest rates of 9.00% per annum. This bond was effective fro17 June 2016 to 16 June 2021. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 96.2000% and 100.1600%, while in first semester 2017 this bond was not traded. In year 2016, IBPA fair price recorded at range 94.4468% - 102.3988% and in first semester 2017 at range 96.7708% - 100.3035%. In 2016 this bond was traded with total volume amounted to Rp1.26 trillion and transacted 45 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 390 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  391. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BSDE01CCN1 88 23 BSDE01BCN1 21 BSDE01CN2 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 25.5% 10.6% 176 181 569 207 64.7% BSDE02BCN1 BSDE02ACN1 15 - 605 250 639 500 750 1,000 201.4% 1,250 1,500 1,750 INDONESIA BOND MARKET DIRECTORY 2016-2017 391
  392. IBPA ANALYTICAL REVIEW Description PT Bumi Serpong Damai Tbk (BSDE) was established in 1984 and currently is one of the leading real estate developers in Indonesia. The Company’s main business activities include planning and development an integrated residential area with amenities/infrastructure, environmental facilities and parks, designed to become a self-sufficient city called Peer Group No. Company Total Revenue 1. PT Bumi Serpong Damai Tbk. 2. PT Agung Podomoro Land Tbk. No. namely PT Duta Pertiwi Tbk, PT Sinar Mas Wisesa, PT Sinar Mas Teladan and PT Bumi Paramudita Mas. On January 24, 2014, it establish subsidiaries, namely PT (4.0) 2.7 2,465 (22.0) 20.3 (16.8) Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings Banten Province. It has four direct subsidiaries, 0.6 11.2 3,797 5. PT Modernland Realty Tbk. building, house, shop house, office space, education located in Serpong District in Tangerang Regency, Revenue 15.6 5,398 4. PT Surya Semesta Internusa Tbk. Its business segments are divided into land, industrial projects under the name Bumi Serpong Damai are 6,007 3. PT Summarecon Agung Tbk. BSD City. centre, industrial building and hotel. The Company’s Net Profit (Rp Bill) Margins (%) Growth (%) 6,522 31.2 5.0 Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idAA- Affirmed 14-Mar-17 Stable 3. Pefindo idAA- Affirmed 10-Apr-15 Stable Upgraded* 11-Apr-13 2. Pefindo 4. Pefindo 5. Pefindo idAAidAAidAA- Affirmed 4-Apr-16 Affirmed 8-Apr-14 Stable Stable Stable *The upgrade was due the company’s stronger cash flow protection Transbsd Balaraja and PT Duta Mitra Mas. On February 11, 2014, it acquired Rasuna Epicentrum commercial district from PT Bakrie Swastika Utama. As of December 2016, BSDE’s shareholders consisted of PT Paraga Artamida (26.57%), PT Ekacentra Usahamaju (25.01%), public (38.93%), and the remaining is held by several companies. Financial Analysis BSDE’s year on SWOT Analysis S trengths W eaknesses - Diversified property products and - Decreasing land and building area coverage. business profitability - Huge land banks - High dependence on property - Very strong business position in sales property industry - Increasing cost of sales - Strong recurring income from year total revenue increased rental business moderately by 5.03% from Rp6.21 trillion to Rp6.52 trillion. The increase was mainly driven by rental business that rose 12.36% from Rp722.19 billion to Rp811.43 billion. The company’s main business which is land and buildings sales, however, decreased slightly by 0.55% from Rp4.80 trillion to Rp4.78 trillion. Despite a moderate increase in total revenue, cost of sales rose much higher by 17.53% from Rp1.43 trillion to Rp1.68 trillion, and operating expenses increased by 5.49% from Rp2.09 trillion to Rp2.21 trillion. Due to higher increase in costs, BSDE’s operating income fell by 2.80% from Rp2.55 trillion to Rp2.48 trillion. As a result BSDE’s year on year net income decreased by 13.35% from Rp2.35 trillion to Rp2.04 trillion 392 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Property financing regulation - Property financing regulation relaxation relaxation - Increasing foreign investment into - Increasing foreign investment into Indonesia Indonesia - Decreasing interest rate trend - Decreasing interest rate trend
  393. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) A(idn) Stable BSLT Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Finance Bank www.banksulutgo.co.id Maria Jeane D'arch Rogi banksulutcorsec@yahoo.com Jln. Sam Ratulangi No. 9 Manado 95111 Phone : (0431) 8514-51, 8617-61 Fax : (0431) 8545-22, 8465-15, 8625-34 Bank SulutGo formerly well-known as PT Ban k Pembangunan Daerah Su law esi Utara Gorontalo (PT Regional Development Bank of North Sulawesi Gorontalo) established in 1961. The operational area spread all over Sulawesi Utara and Gorontalo Provinces as well as several major cities in Indonesia and it remains one of Bank SulutGo potential and excellence. Within core customers basis from Sulawesi Utara and Gorontalo public servant, the management is confident that Bank SulutGo will be able to overcome competition with other banks, especially the banks operated at Sulawesi Utara and Gorontalo, considering Bank SulutGo’s long experience in serving customers at the core area, high customers loyalty and Bank SulutGo’s commitment to always improve its service quality. Bank SulutGo answers the challenge by continuously improving service the customers by inaugurating new branch offices. Several working plans 2015-2017 are including new product launching to improve services to the customers such as flazz card, cash deposit machine, the central unit prosperous partners and unit syariah. Moreover, in order to raise public accessibility on Bank’s product, Bank Sulut establishes new supporting branch offices spread all over Sulawesi Utara and Gorontalo area. SHAREHOLDERS 1. Province of North Sulawesi 2. PT Mega Corpora 3. Regency of Boalemo 4. Koperasi Karyawan PT Bank SulutGo 5. Regency of Gorontalo 6. Province of Gorontalo 7. Regency of Minahasa 8. City of Bitung 9. Regency of Bolaang Mongondow 10. Regency of Pohuwato 11. City of Manado 12. City of Gorontalo 13. Regency of Sangihe 14. Regency of North Gorontalo 15. Regency of Bone Bolango 16. City of Tomohon 17. Regency of North Minahasa 18. Regency of South Minahasa 19. Regency of Sitaro 20. City of Kotamobagu 21. Regency of South Bolaang Mongondow 22. Regency of Talaud 23. Regency of East Bolaang Mongondow 24. Regency of North Bolaang Mongondow 25. Regency of Southeast Minahasa AUDIT COMMITTEE 1. Mustamir Bakrie 2. Adolf F. Mangundap FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Dec-2016 125,447 250,447 237,379 761,001 8,571,662 978 Property, Plant and Equipment Total Assets 71,456 10,736,801 Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) 8,819,646 1,256 311,554 807,968 8,828,349 9,026,383 1,500,000 1,500,000 7 15 771,226 8 100,000 100,000 Total Equity …*) 949,201 1,258,004 949,201 1,258,004 2,862,397 2,895,586 Retained Earnings Non Controlling Interest INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses 269,208 - 1,956,953 252,092 896,628 Income from Operations 248,676 Earning Before Tax 188,330 Non-Operating Revenues -60,345 99.64 p 6.17 p 2.99 p 5.06 p 2.34 p - -100.00 q 10,021,610 668,901 31.25 p 226,387 216.82 p 11,279,613 9,787,600 15 Chg % 489 -50.00 q Par Value (Rp) Total Equity 34.88% 24.90% 6.30% 5.10% 3.64% 3.46% 3.30% 2.93% 2.25% 2.11% 2.11% 1.98% 1.67% 1.51% 0.85% 0.68% 0.65% 0.52% 0.52% 0.52% 0.08% 0.03% 0.00% 0.00% 0.00% Millions of Rp, Unless Otherwise Stated Dec-2015 309,934 - 1,889,686 2.39 p -  -  15.30 p 15.30 p -  15.13 p 32.53 p -  32.53 p 1.16 p -3.44 q 294,787 16.94 p 276,451 11.17 p 1,015,781 -18,832 257,619 13.29 p 68.79 p 36.79 p Income for the periods 126,908 173,418 36.65 p Net Income … *) 126,908 173,418 36.65 p Comprehensive Income FINANCIAL RATIOS DER (X) 10.31 1.18 ROA (%) NPM (%) 127,409 EBITDA Coverage (X) 4.43 8.69 317,878 149.49 p 7.97 -22.74 q 1.54 30.07 p 9.55 9.90 p 5.99 35.08 p *) … attributable to owners of the parent entity BOARD OF COMMISSIONERS BOARD OF DIRECTORS 1. Sanny James Parengkuan 1. Jeffry Andre M Dendeng 2. Frederik Gerard Worang 2. Machmud Turuis 3. Max Kembuan 3. Maudy Revino Pepah 4. Peggy Adeline Mekel 4. Meiky Thoms Taliwuna 5. Rustam Akili 5. Welan Towai Palilingan 3. Jan F. Mangindaan INDONESIA BOND MARKET DIRECTORY 2016-2017 393
  394. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name BSLT05 Obligasi Bank Sulut Outstanding (Rp Million) 750,000 V Tahun 2010 IDA000065007 Listing Maturity Date Issue Date 09-Oct-14 Term 08-Oct-19 Coupon Structure / Coupon Payment Date Trustee 11.09% 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank Period 5 years 08-Apr-18 Quarterly Rating / Outlook Negara A Indonesia (Persero) Tbk. Stable TRADING HIGHLIGHT BSLT05 Listing Date Oct-14 TRADING ACTIVITIES Volume 45 Frequency 15 Volume 36 12 Frequency Maturity Date Oct-15 Trading Activities, 38.00 1.00 41.28 - 40.00 Frequency (X) 9 11 1 9 - 8 3 5 1 7 - 2 19.73 20.27 0.53 22.02 - 21.33 105.600 105.550 96.500 103.780 N/A 05-Feb 04-Apr 26-Sep 12-Oct N/A 09-May 103.600 100.000 96.500 98.500 N/A 104.350 CTP Price - High Price 108 Q2-16 Q3-16 Q4-16 Q1-17 Turnover Ratio (%) Date PRICE AND YTM MOVEMENT CTP Price - Low - Q2-17 YTM (%) 12.0 2017 Q2 6 Q1-16 2016 37.00 18 - Oct-19 Q1 9 ar >> Oct-18 Volume (Rp bn) 27 3 Oct-17 Price and Yield Trading days 9 Oct-16 Q3 Q4 Q1 Q2 106.350 Date 14-Mar 18-Apr 26-Sep 05-Oct N/A 14-Jun IBPA Fair Price 104.326 104.212 105.387 102.838 104.665 104.055 IBPA Fair Yield (%) 10.4048 10.3647 9.8171 10.7021 9.7746 9.9002 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Mod. Duration (yrs) 2.793 2.632 2.470 2.285 2.114 1.953 Convexity (yrs) 9.622 8.515 7.475 6.399 5.467 4.658 0.028 0.026 0.025 0.023 0.021 0.020 105 11.0 Sensitivity (%) 102 10.0 The bond code BSLT05 issued as much as Rp750.00 billion with interest rate of 11.90% 99 9.0 96 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 per annum. This bond is effective from 09 October 2014 to 08 October 2019. During 2016, the market price (Centralized Trading Platform) was traded between 96.5000% and 105.6000%, while in first half year 2017 this bond was traded between 104.3500% and 106.3500%. Total volume amounted to Rp157.28 billion and transacted 38 times. IBPA fair price during year 2016-2017 was traded with maximum price at 106.5951% while IBPA 7.0 yield amounted the minimum yield at 9.6203%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BSLT05 37 - 394 Q2-2016 38 1 41 100 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 15.6% 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 300 400 500 600 700
  395. IBPA ANALYTICAL REVIEW Description PT BPD Sulawesi Utara Gorontalo (Bank SulutGo) is a regional Bank of North Sulawesi headquartered in Manado city. The Bank has focused its business in providing banking services in North Sulawesi and Gorontalo as well as several branch offices in Jakarta and East Java. Bank Sulut also acts as a treasurer for the North Sulawesi and Gorontalo provincial Peer Group No. Company Total Revenue 1. PT Bank Muamalat Indonesia Tbk. 2. PT Bank DKI 3. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) Revenue 3,673 17.6 (0.1) 2,802 9.9 15.3 2,896 4. PT Bank BNI Syariah 5. PT Bank Pembangunan Daerah Sumatera Utara 6.0 3,109 1.2 18.8 2.6 Financial Statement as of Fiscal Year 2016 governments, and is the main lender to both provinces’ civil servants. Net Profit (Rp Bill) Margins (%) Growth (%) 3,801 2.1 (23.2) Historical Corporate Ratings The Bank offers it products and services through 41 branch offices, 49 cash offices, and 143 ATM units. The bank is supported by 1,769 employees spread from North Sulawesi, Gorontalo, East Java, and Jakarta (as of Dec 2016). Also, in 2016 the bank’s total asset reached Rp11.28 trillion and its core capital stood at Rp1.17 trillion making the bank upgrade its No. Rating Agency Rating Rating Status A(idn) Affirmed 1-Feb-16 Stable idA- Affirmed 20-Jan-15 Stable Affirmed 26-Mar-14 1. Fitch Ratings 2. Fitch Ratings 3. Pefindo 4. Pefindo 5. Fitch Ratings A(idn) idA- A(idn) Affirmed Affirmed Rating Date 6-Feb-15 7-Nov-14 Outlook Stable Stable Stable status to BUKU 2 bank. By the end of December 2016, shareholders of Bank SulutGo are North Sulawesi province government (33.73%), PT Mega Corpora (24.90%), regency and city government of North Sulawesi—Gorontalo (31.89%), Gorontalo province government (3.18%), and Bank Sulut Employee Cooperative (4.69%). SWOT Analysis S W trengths eaknesses -Strong support from provincial - Low productive credit composition government - High reliance on local government -Stronger capitalization funds -Lower systemic risk to banking - High dependent on civil servant system customer segment O T Financial Analysis The bank experienced 1.50% increase in credit from Rp8.56 trillion in 2015 to Rp8.79 trillion in 2016. The increase in credit contributed to the growth in total assets which grew 5.03% from Rp10.74 trillion to Rp11.28 trillion. On the other hand, third party fund declined by 4.52% from Rp8.31 trillion to Rp7.94trillion. The decline was due to slowing depositor funds by 13.03% and decreasing time deposits by 4.86%. Meanwhile, the quality of productive assets in 2016 remained well maintained as shown by decreasing net Non Performing Loan (NPL) to 0.50% from 0.55%. Overall, the bank achieved net profit growth by 36.65% to Rp127 pportunities hreats - Positive domestic and regional - Positive domestic and regional economic growth economic growth - Prospects from municipality - Prospects from municipality government spending and projects government spending and projects billion and managed to strengthen its Capital Adequacy Ratio (CAR) from 13.79% in 2015 to 17.11% in 2016. INDONESIA BOND MARKET DIRECTORY 2016-2017 395
  396. BSMT Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. idA PT Bank Pembangunan Daerah Sumatera Utara : : : : : : Stable June 2017 ADDRESS Finance Bank www.banksumut.com Erwin Zaini corporate@banksumut.com Bank Pembangunan Daerah Sumatera Utara (Regional Development Bank of North Sumatra) was established on November 4, 1961 with Notarial Deed Number 22 of Notary Rusli as Limited Company (PT), with nickname of BPDSU. In 1962, based on Law No. 13 year 1962 about Principal Provision of Regional Development Bank and in accordance with Regional Regulation Level I North Sumatra No. 5 year 1965, the Bank was changed into a Regional-Owned Enterprise (BUMD). The authorized capital at the time was Rp100 million and the shares are owned by Regional Government Level I of North Sumatra and Regional Government Level II of North Sumatra. In line with the Recapitalisation Program, the legal form of BPDSU must be changed from Local Company into Limited Company so that the shares of Central Government is able to enter for development and later on the day of third party shares is possible to enter by the approval of the Regional House of Representative Level I of North Sumatra, based on that matter, in 1999, legal form of BPDSU was converted back into a limited company under the name of PT Bank Pembangunan Daerah Sumatera Utara or abbreviated PT Bank SUMUT domiciled and headquartered in Medan, Jl. Imam Bonjol No. 18, which was established by Deed No.38 dated April 16, 1999 made before Alina Halim, SH, Notary in Medan which was approved by the Ministry of Justice of the Republic of Indonesia Number C-8224 HT.01.01.TH 99 dated May 5, 1999. The authorized capital at the time was amounted to Rp400 billion. Along with the consideration of the needs of the projected growth of the Bank, then on December 15, 1999 with Deed No. 31, the authorized capital was increased to Rp 500 billion. In accordance with Deed No. 39 dated June 10, 2008, made before H. Marwansyah Nasution, SH, Notary in Medan related to the Deed of Confirmation No.05 dated November 10, 2008 which have been approved by the Minister of Law and Human Rights of the Republic of Indonesia as stated in the Decree No. AHU-AH.01-87927.AH.01.02 year 2008 dated 20 November 2008 which was published in the State Gazette of the Republic of Indonesia No. 10 dated February 3, 2009, then the authorized capital increased from Rp500 billion to Rp1 trillion. The final Articles of Association, in accordance with the Deed No.12, dated May 18, 2011 from Notary Afrizal Arsad Hakim, S.H., of the Statement of Meeting Resolutions of PT Bank Pembangunan Daerah Sumatera Utara. Changes in the Articles of Association have been approved by the Minister of Law and Human Rights of the Republic of Indonesia as stated in the Decree No. AHU-33566.AHU.01.02 Year 2011 dated July 5, 2011, which amended the authorized capital from Rp1 trillion to Rp2 trillion. Jln. Imam Bonjol No. 18 Medan 20152 Phone : (061) 4155-100, 4515-100 Fax : (061) 414-2937, 451-2652 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 1,248,452 1,681,465 34.68 p 17,925,612 18,677,822 4.20 p 689,069 2,019,845 750 187,814 24,130,113 19,919,847 101,738 697,929 2,287,938 886,293 996,333 3,030,495 3,108,758 615,488 10,812 626,300 -  3.40 p 112 10,000 2,719,149 125,760 -  1,119,986 1,992,417 1,408,702 5.93 p 200 2,719,149 1,132,064 8.41 p 344,751 238.86 p 1,992,417 - 8.45 p 21,595,607 2,000,000 108 -  26,170,044 2,000,000 10,000 13.27 p 833,602 343.84 p 23,450,895 1,083,206 1.29 p 750 22,137,696 200 Chg % - 1,020,239 3.40 p -  12.42 p 36.47 p -  36.47 p 2.58 p -9.88 q 143,910 14.43 p 788,698 28.14 p 787,226 25.69 p 1,443,730 -1,473 2.49 p N/A q Income for the periods 464,935 584,500 25.72 p Net Income … *) 464,935 584,500 25.72 p Comprehensive Income FINANCIAL RATIOS 471,487 DER (X) 11.11 NPM (%) 15.34 ROA (%) EBITDA Coverage (X) 1.93 20.31 *) … attributable to owners of the parent entity 106,871 -77.33 q 8.62 -22.38 q 2.23 15.92 p 25.37 24.92 p 18.80 22.55 p BOARD OF COMMISSIONERS BOARD OF DIRECTORS 1. Rizal Fahlevi Hasibuan * 1. Edie Rizliyanto 2. Brata Kesuma * 2. Didi Duharsa 3. Hendra Arbie 3. T. Mahmud Jeffry 4. Yulianto Maris *) Independent Commissioner AUDIT COMMITTEE 1. Rizal Fahlevi Hasibuan 2. Effendy Harahap 3. Tadjuddin 396 INDONESIA BOND MARKET DIRECTORY 2016-2017
  397. SHAREHOLDERS 1 . Provincial Gov. of Sumatera Utara 2. Regional Gov. of Tapanuli Selatan 3. Regional Gov. of Deli Serdang 4. Regional Gov. of Simalungun 5. Regional Gov. of Mandailing Natal 6. Municipal Gov. of Padang Sidimpuan 7. Municipal Gov. of Tebing Tinggi 8. Regional Gov. of Labuhan Batu 9. Regional Gov. of Nias 10. Regional Gov. of Dairi 11. Regional Gov. of Tapanuli Tengah 12. Municipal Gov. of Sibolga 13. Municipal Gov. of Pematang Siantar 14. Municipal Gov. of Medan 15. Regional Gov. of Asahan 16. Regional Gov. of Tapanuli Utara 49.91% 9.01% 4.29% 3.78% 2.71% 2.46% 2.31% 2.12% 1.96% 1.96% 1.88% 1.85% 1.79% 1.62% 1.61% 1.51% 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 1.39% 1.33% 0.84% 0.83% 0.81% 0.77% 0.68% 0.57% 0.52% 0.47% 0.28% 0.24% 0.18% 0.18% 0.09% 0.04% Regional Gov. of Langkat Municipal Gov. of Tanjung Balai Regional Gov. of Humbang Hasundutan Regional Gov. of Padang Lawas Regional Gov. of Serdang Bedagai Regional Gov. of Toba Samosir Municipal Gov. of Binjai Regional Gov. of Nias Selatan Regional Gov. of Karo Regional Gov. of Samosir Regional Gov. of Padang Lawas Utara Regional Gov. of Pakpak Bharat Regional Gov. of Labuhan Batu Utara Regional Gov. of Nias Barat Regional Gov. of Batubara Regional Gov. of Nias Utara AS OF JUNE 2017 No. 1. CODE ISIN CODE BSMT01SB IDA000048706 Series Name Obligasi Subordinasi I Bank Sumut Tahun 2011 Outstanding (Rp Million) 400,000 Listing Date 07-Jul-11 Maturity Date 05-Jul-18 Issue Term 7 years Coupon Structure / Coupon Payment 11.35% 05-Jul-17 05-Oct-17 05-Jan-18 Period Quarterly Date 05-Apr-18 Trustee PT Bank Mandiri (Persero) Tbk. Rating / Outlook A- Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 397
  398. TRADING HIGHLIGHT BSMT01SB Listing Date ISIN CODE : IDA000048706 TRADING ACTIVITIES Volume 10 8 Jul-11 Frequency 5 Volume 4 Frequency Jul-12 Trading Activities, Price and Yield Trading days 4 2 CTP Price - High 2 1 - - Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 96 10.0 90 9.0 84 8.0 78 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q1 Jul-16 Jul-17 Jul-18 2017 Q3 2.00 - - 5.00 - - 2 - - 1 - - 2 2.00 - Q4 - Q1 1 - Q2 - 5.00 - - - 79.107 N/A N/A 100.000 N/A N/A 79.107 N/A N/A 100.000 N/A N/A 26-Feb Date 26-Feb CTP Price - Low Jul-15 Q2 Date N/A N/A N/A 09-Nov N/A 09-Nov N/A N/A N/A N/A IBPA Fair Price 102.117 102.103 102.771 101.341 102.276 102.299 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.716 2.958 2.253 1.646 1.176 IBPA Fair Yield (%) Price Jul-14 2016 Frequency (X) 3 Q1-16 Jul-13 Volume (Rp bn) 6 ar >> Maturity Date 10.2733 Mod. Duration (yrs) 1.927 Sensitivity (%) 0.019 Convexity (yrs) 4.543 10.1809 1.740 0.017 9.6220 10.3802 1.547 0.015 1.342 9.3913 1.136 0.013 0.011 8.9968 0.949 0.009 This series was listed since 07 July 2011 with a maturity date on 05 July 2018 and has a fixed interest rate of 11.350% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 98.7459% - 103.0210% and on the other side IBPA’s Yield range between 8.9740% - 11.9368%. The outstanding for this series since issuance date were noted at Rp400.00 billion. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BSMT01SB 25 - 398 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 1.8% 50 100 INDONESIA BOND MARKET DIRECTORY 2016-2017 150 200 250 300 350 400
  399. IBPA ANALYTICAL REVIEW Description BPD Sumatera Utara (Bank Sumut) is a regional development bank and is headquartered in Medan, the capital city of North Sumatera. The Bank is mainly focused on consumer and micro, small, and medium (MSME) segments. By the end of December 2016, the share of Bank Sumut is dominated by the province Government of North Sumatera with 49.69%, Peer Group No. Company Total Revenue 1. PT Bank Muamalat Indonesia Tbk. 2. PT Bank DKI 3. PT Bank Pembangunan Daerah Sumatera Utara To support its operation, as of December 2016, the Bank has been supported by 2,499 employees in 1 head office, 36 conventional branch offices, 5 sharia branch offices, 97 conventional sub-branch offices, 17 sharia supporting branch offices, 34 cash offices, 29 mobile cash offices, 65 payment points, 27 car cash points, and 239 ATM units. Throughout in 2016, Bank Sumut has improved Pandan and Spiroc status from 3,673 17.6 2,896 6.0 3,109 4. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) 5. PT Bank BNI Syariah Revenue (0.1) 18.8 2,802 2.6 1.2 9.9 15.3 Financial Statement as of Fiscal Year 2016 Regional Government with 38.27% and Municipal Government with 12.04%. Net Profit (Rp Bill) Margins (%) Growth (%) 3,801 2.1 (23.2) Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA Affirmed 10-Mar-17 Stable 3. Pefindo idA Affirmed 11-Mar-15 Stable Affirmed 12-Mar-14 2. Pefindo 4. Pefindo 5. Pefindo idA idA idA+ Affirmed 4-Mar-16 Downgraded* 1-Oct-14 Stable Stable Negative *The downgraded due to weakening asset quality Domestic Sub-Branches to Domestic Branches. SWOT Analysis S W trengths eaknesses - Captive market in North Sumatera - Inadequate technology province infrastructure to support the - Strong margin from high-yield development of technology-based segment products - Moderate capitalization - Below average asset quality Financial Analysis During 2016, Bank Sumut give the loan amounted to Rp18.68 trillion or increased by 4.20% compared to 2015 which Rp17.93 trillion. This pushed total assets increased by 8.45% to Rp26.17 trillion from Rp24.13 trillion in 2015. In the other side, total liabilities of Bank Sumut also increased by 5.93% to Rp23.45 trillion in 2016 from Rp22.14 trillion in 2015 due to the increased of short-term liabilities by 5.61%. The deposit from customers in 2016 increased by 6.94% to Rp20.80 trillion. In 2016, Bank Sumut succeeded booked net interest margin in 2016 at 7.89%, higher than 2015 which is 7.26%. This is influenced by the growth of interest income and sharia income-net and productive assets respectively at 10.01% and 5.88%. Nevertheless, Gross Non-Performing Loan the Bank O T pportunities hreats - Prospect for North Sumatera - Prospect for North Sumatera economic growth economic growth - The increased of Infrastructure - The increased of Infrastructure development in North Sumatera as a development in North Sumatera as a result implementation of tax result implementation of tax amnesty policy amnesty policy in 2016 was still high in 4.70% or slightly decreased from 5.00% in 2015. The high gross NPL was driven by high gross NPL from the sharia segment at 15.61%. INDONESIA BOND MARKET DIRECTORY 2016-2017 399
  400. BSSB : : : : : : Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. Stable June 2017 Finance Bank www.banksulselbar.co.id Dirhamsyah corsecbssb@gmail.com; corsec.report@gmail.com PT Bank Sulselbar (The Bank) was established under the name of PT Bank Pembangunan Daerah Sulawesi Selatan & Sulawesi Tenggara based on the Notarial Deed No. 95 dated 13 Januari 1961, made by Raden Kadiman. The Bank has transformed into limited liability (Perseroan Terbatas) named PT Bank Pembangunan Daerah Sulawesi Selatan based on Rule of Local Government No. 13 year of 2003 and increased its authorized capital into total amount of Rp650 billion. In the year of 2011, The Bank has changed its name into PT Bank Pembangunan Daerah Sulawesi Selatan & Sulawesi Barat based on the Law & Human Rights Ministry Act No.: AHU.11756.AH.01.02 year of 2011 and Governor of Bank Indonesia's Act No.: 13/32/KEP.GBI/2011. The Bank authorized capital in 2011 was in amount of Rp1.600 billion. The Bank main business are to provide banking services in funding and loan for consumer, commercial and SME's as well as other financial services. The Bank also running the sharia banking. BOARD OF COMMISSIONERS 1. Abdul Latif 2. Ellong Tjandra * *) Independent Commissioner Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Jln. Dr. Sam Ratulangi No. 16 Sulawesi Selatan 90125 Phone : (0411) 859-171 Fax : (0411) 859-464 Millions of Rp, Unless Otherwise Stated Dec-2015 302,856 590,943 593,572 8,330,259 82 138,406 347,445 561,479 11,827,379 82 100,017 100,017 11,642,432 8,981,018 13,229,603 2,000,000 2,000,000 2 688,669 1 14.72 p -5.41 q 41.98 p -  123,200 -10.99 q 16,242,239 7,921,251 Chg % 2,393,486 305.03 p 11,520,292 2 810,470 1 40.99 p 46.98 p -  47.31 p -  -  17.69 p 17.69 p 1,000,000 Total Equity …*) 2,050,963 2,459,069 19.90 p 2,050,963 2,459,069 19.90 p 1,664,159 1,900,909 14.23 p Retained Earnings INCOME STATEMENTS Interest Expenses Other Operating Revenue Other Operating Expenses 1,320,019 - 491,259 85,056 573,441 - 604,392 603,793 819,093 Earning Before Tax 674,819 814,532 -9,697 -  23.03 p 126,370 Pastikan 48.57 Link p Grafik sudah bena 684,515 Non-Operating Revenues -  606,123 -54.08 q Income from Operations -4,561 5.29 p 19.66 p 52.96 p 20.70 p Income for the periods 501,177 606,123 20.94 p Net Income … *) 501,177 606,123 20.94 p 4.38 5.38 22.86 p 30.12 31.89 5.88 p Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 504,761 4.35 41.13 *) … attributable to owners of the parent entity INDONESIA BOND MARKET DIRECTORY 2016-2017 Dec-2016 1,000,000 Total Interest Income 56.11% 36.15% 5.52% ADDRESS Par Value (Rp) Total Equity AUDIT COMMITTEE 1. Muhammad Amri 2. Hasbir Paserangi 3. M. Natsir Kadir SHAREHOLDERS 1. Regencies/Cities in South Sulawesi 2. Province of South Sulawesi 3. Regencies in West Sulawesi FINANCIAL HIGHLIGHT BALANCE SHEETS Non Controlling Interest BOARD OF DIRECTORS 1. Andi Muhammad Rahmat 2. Ambo Samsuddin 3. Rosmala Arifin 400 idA+ PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 602,311 19.33 p 3.73 -14.22 q 43.09 4.76 p
  401. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name BSSB01CN1 Berkelanjutan I Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment 9.35% 15-Jul-17 15-Oct-17 15-Jan-18 Period Obligasi IDA000075204 500,000 Bank Sulselbar IDJ000007901 IDA000077200 5 years II Bank Sulselbar 50,000 Tahun 2016 18-Jul-16 15-Jul-21 5 years 15-Jul-17 15-Oct-17 15-Jan-18 Rp1 Billion / equal to 9.35% 15-Apr-18 Quarterly 450,000 Bank Sulselbar Tahap II Tahun 2016 04-Nov-16 03-Nov-21 03-Aug-17 03-Nov-17 03-Feb-18 9.00% 5 years 03-May-18 Quarterly Rating / Outlook Trustee 15-Apr-18 Quarterly Rp93.5M for each Obligasi Berkelanjutan I BSSB01CN2 15-Jul-21 Tahap I Tahun 2016 Sukuk Mudharabah SMBSSB02 18-Jul-16 Date PT Bank A+ Mandiri (Persero) Tbk. Stable PT Bank A+ Mandiri (Persero) Tbk. Stable PT Bank A+ Mandiri (Persero) Tbk Stable TRADING HIGHLIGHT BSSB01CN1 Listing Date ISIN CODE : IDA000075204 TRADING ACTIVITIES Volume 275 220 Jul-16 Frequency 20 Volume 16 Frequency Maturity Date Jul-17 Trading Activities, Jul-18 2016 Q3 Volume (Rp bn) N/A N/A 143.00 272.00 79.00 N/A 2 5 6 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 110 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 99 10.0 96 9.0 93 8.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 2017 Q2 Trading days ar >> Jul-21 Q1 12 4 Jul-20 Price and Yield 165 55 Jul-19 N/A N/A Q4 4 114.40 Q1 8 217.60 Q2 18 63.20 48.00 6 3 38.40 N/A 102.000 102.300 101.700 101.600 N/A 100.000 94.000 94.030 101.270 N/A 98.046 94.683 101.414 98.436 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 17.095 15.455 14.343 13.000 N/A N/A N/A N/A N/A 26-Jul 26-Oct 20-Jul 30-Dec 9.8657 10.8469 3.738 0.037 3.555 0.036 25-Jan 03-Jan 8.9412 3.443 0.034 26-Apr 04-Apr 9.8197 3.282 0.033 This series listed on 18 July 2016 and matured on 15 July 2021. This series listed with nominal amount of Rp500 billion with interest rate per annum at 9.35%. Since this series listed until at the end second quarter in 2017, this series traded 36 times in 16 trading days with total volume booked of Rp542 billion. During 2016, the average of total volume amounted to Rp103.75 billion/quarter while in first semester 2017 amounted to Rp63.50 billion/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 94.0000% - 102.3000%, while the IBPA fair price was between 92.8770% and 101.7522%. The fair yield for this series was between 8.8456% - 11.3465%. Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 401
  402. SMBSSB02 Listing Date ISIN CODE : IDJ000007901 TRADING ACTIVITIES Volume 25 20 Jul-16 10 8 Frequency Jul-17 Trading Activities, Frequency Volume Maturity Date Jul-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A 20.00 20.00 20.50 N/A N/A 3 2 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 10 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - ar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 98 10.0 96 9.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 4 4 160.00 160.00 19-Jul 24-Nov N/A 01-Sep N/A 9.4738 N/A N/A N/A N/A 100.000 98.630 99.524 N/A 30-Sep N/A 17.624 N/A N/A 3.821 0.038 94.320 Q2 4.00 6 164.00 100.000 2 1 32.00 97.000 03-Mar 15-Jun 01-Dec 05-Jan 15-Jun 10.6752 9.9777 94.200 95.357 94.800 95.452 96.980 94.814 9.8197 30-Dec 31-Mar 22-Jun 15.883 14.525 13.299 3.626 0.036 3.478 0.035 3.337 0.033 The bond series SMBSSB02, was first listed on 18 July 2016 with nominal value of Rp50.00 billion and fixed interest rate of 8.27% per annum. This series had traded 16 times in 8 trading days with total volume booked of Rp64.50 billion during the year 2016 until Q2- 2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 8.0 94 2017 Q1 6 - Jul-21 2016 15 2 Jul-20 Price and Yield Trading days 5 Jul-19 this series was traded between 94.2000% - 100.0000% while the IBPA fair price was between 93.0408% - 101.4250%, the fair yield for this series was between 8.9875% - 7.0 11.1735%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BSSB01CN2 Listing Date ISIN CODE : IDA000077200 TRADING ACTIVITIES Volume 75 60 Nov-16 Frequency 15 Volume 12 Frequency Nov-17 Trading Activities, Nov-18 Q2 Q3 Volume (Rp bn) N/A N/A N/A 5.00 59.00 N/A N/A 1 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 30 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 98 10.0 96 9.0 94 8.0 92 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Nov-21 2017 Q1 Trading days ar >> Nov-20 Price and Yield 9 3 Nov-19 2016 45 15 402 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 1 N/A 4.44 N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 7 52.44 60.00 12 4 53.33 - 100.420 100.800 - 100.000 100.250 93.002 96.254 100.138 31-Mar 22-Jun 16.076 14.979 - 10.8763 30-Dec 3.778 17.400 0.038 05-Jan 23-Feb 10.0191 3.645 0.036 09-May 10-Apr 8.9596 3.535 0.035 This series will mature on 3 November 2021, had average turnover of 18.37% per quarter and traded in 7 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked at 100.8000%. While the IBPA fair price for this series was between 93.0023% and 101.1961%.
  403. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 BSSB01CN1 Q3-2016 Q4-2016 143 SMBSSB02 20 BSSB01CN2 5 - 20 Turnover Outstanding in Year 2016 272 83.0% 80.0% 1.1% 50 100 150 200 250 300 350 400 450 500 INDONESIA BOND MARKET DIRECTORY 2016-2017 403
  404. IBPA ANALYTICAL REVIEW Description PT BPD Sulawesi Selatan dan Sulawesi Barat also widely known as Bank Sulselbar was established in Peer Group No . Company Total Revenue 1961 as a regional development bank. 1. PT Bank BRISyariah The Bank is engaged in consumer banking, micro 3. PT Bank Victoria International Tbk. banking, commercial and corporate banking, and sharia business unit with most of services being 2. PT Bank KEB Hana Indonesia At present, Bank Sulselbar is supported by 1,009 employees spread across 35 office networks, 49 cash offices, 7 payment points, and 147 ATMs linked to ATM Bersama and Prima Networks. As of 31 December 2016, the Bank was owned by city and municipal government of South Sulawesi with 58.70% ownership, provincial government of South Sulawesi with 35.04% ownership, city and municipal 29.4 Revenue 2,294 14.9 33.8 4.6 1,901 PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 7.3 1.3 31.9 14.2 Financial Statement as of Fiscal Year 2016 directed to South Sulawesi and West Sulawesi governments and their employees. 2,192 2,161 4. PT BPD Sumatera Barat 5. Net Profit (Rp Bill) Margins (%) Growth (%) 2,634 6.5 8.6 Historical Corporate Ratings No. Rating Agency Rating 1. Pefindo idA+ 3. Pefindo idA+ 2. Pefindo 4. Pefindo idA+ idA Rating Status Rating Date Outlook Affirmed 13-Feb-17 Stable Upgraded* 11-Feb-16 Stable Assigned 17-Jun-16 Affirmed 3-Feb-15 Stable Stable *The upgrade reflects the Bank’s continuously improving financial indicators including capitalization and asset quality profiles. government of West Sulawesi with 5.03% ownerships and the remaining 1.23% stakes owned by provincial government of West Sulawesi. SWOT Analysis S Financial Analysis Compared to 2015, BSSB’s interest income rose by trengths W eaknesses - Captive market in the province of - Limited IT network and South Sulawesi and West Sulawesi infrastructure - Strong support from city and - Concentrated funding only from municipal government from South regional government Sulawesi and also West Sulawesi - Small scope of operations - Very strong capitalization and asset quality Rp236.13 billion or 15.29% from Rp1.57 trillion to Rp1.81 trillion during 2016, in line with credit and financing achievements. The Bank was able to book a profit in 2016 amounting to Rp606.12 billion, higher by Rp104.95 billion or 20.94% compared to 2015 which was Rp501.18 billion. The gross NPL ratio in 2016 was realized at 0.51%, decreasing 0.14% compared to 0.65% at the end of 2015. This showed the credit quality was getting better along with the better credit expansion and billing. The LDR ratio in 2016 was managed at 103.00%, decreasing 14.17% from 117.17% at the end of December 2015. The decline was mainly due to the growth of the Third Party Funds by 51.62% from Rp7.61 trillion to Rp11.53 trillion. On the other side, the total of these assets showed an increase to Rp16.24 trillion in 2016, an increase of Rp4.72 trillion or 40.99%. This growth was supported by the loan growth (in term of current asset) of Rp3.00 trillion or 36.00%. 404 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - The implementation of Loan to - The implementation of Loan to Funding Ratio (LFR) that can widen Funding Ratio (LFR) that can widen banking sector liquidity banking sector liquidity - Regional economic growth - Regional economic growth - Funding for government - Funding for government infrastructure projects infrastructure projects
  405. BTPN PT Bank Tabungan Pensiunan Nasional Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 BTPN provides a wide range of banking services that is divided into six businesses. The first is the BTPN Purna Bakti focusing on pensioners and pre-pensioners. The second is BTPN Mitra Usaha Rakyat focusing on micro entrepreneurs. The third is BTPN Mitra Bisnis focusing on small and medium business segment. The fourth is BTPN Sinaya focusing on gathering deposits from institutions and high-income individuals. The last two are the Bank's two mobile phone banking platforms. BTPN wow!, which services the lowerincome segment, using a simple mobile-phone, is the fifth business, while the last is Jenius, which caters to the more urban tech-savvy customers who use smartphones. While most companies aspire to make a difference through CSR programs separate from their business, BTPN integrates its social program within its business. So much so that our tag-line, "Together with our stakeholders, we create opportunities for growth and greater significance" is not just our social responsibility-but integrated in our daily business activity down to the branch level. Phone : (021) 300-26200, Fax : (021) 300-26308, 300-26310 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses BOARD OF COMMISSIONERS 1. Mari Elka Pangestu * 2. Arief Tarunakarya Suryowidjojo * 3. Chow Ying Hoong 4. Irwan Mahjudin Habsjah * 5. Shinichi Nakamura *) Independent Commissioner BOARD OF DIRECTORS 1. Jerry Ng 2. Anika Faisal 3. Arief Harris Tandjung 4. Djemi Suhenda 5. Kharim Indra G. Siregar 6. Ongki Wanadjati Dana 7. Wolf Arno Kluge AUDIT COMMITTEE 1. Irwan Mahjudin Habsjah 2. Arief T. Surowidjojo 3. Kanaka Puradiredja 4. Yosef Antonius Boliona Badilangoe Stable ADDRESS Jln. Dr. Ide Anak Agung Gde Agung, Kav 5.5 - 5.6 Jakarta 12950 Finance Bank www.btpn.com Anika Faisal corporate.secretary@btpn.com BTPN is a bank that focuses on serving and empowering low-income communities consisting of pensioners, micro, small and medium enterprises, as well as productive poor communities (mass market). Established in Bandung, West Java in 1958 under the name Bapemil, the Bank changed its name to Bank Tabungan Pensiunan Nasional in 1986. Today BTPN its headquarter in Jakarta and branches in more than 300 cities throughout Indonesia. AAA(idn) Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 6,208,649 7,005,442 12.83 p 58,710,409 63,247,619 7.73 p 876,223 1,632,265 1,352,401 4,930,068 22 1,448,180 8,651,657 22 Chg % 7.08 p 75.49 p -  86.28 p 81,039,663 91,371,387 12.75 p 2,766,046 3,750,671 35.60 p 57,475,178 62,956,814 67,115,804 75,058,959 150,000 150,000 5,840 5,840 7,500 7,500 116,806 116,806 20 1,107,788 20 1,206,315 9.54 p 11.83 p -  -  -  -  -  8.89 p 13,576,068 15,837,896 16.66 p 13,923,859 16,312,428 17.15 p 13,003,876 13,695,226 347,791 5,308,265 474,532 705,835 5,941,739 2,459,707 -27,096 2,432,611 36.44 p 5.32 p 4,841,247 -8.80 q 6,854,205 15.36 p -5,197 80.82 p 7.03 p 609,942 -13.59 q 2,609,716 2,604,519 6.10 p 7.07 p Income for the periods 1,752,609 1,875,846 Net Income … *) 1,701,847 1,752,097 2,598,021 37.18 p 4.82 4.60 -4.54 q 13.48 13.70 1.63 p Comprehensive Income FINANCIAL RATIOS DER (X) 2.16 ROA (%) NPM (%) 1,893,851 EBITDA Coverage (X) 18.92 *) … attributable to owners of the parent entity SHAREHOLDERS 1. Sumitomo Mitsui Banking Corporation 2. Public 3. Summit Global Capital Management B.V 4. TPG Nusantara S.a.r.l 2.05 19.06 2.95 p -5.07 q 0.74 p 40.00% 31.62% 20.00% 8.38% INDONESIA BOND MARKET DIRECTORY 2016-2017 405
  406. AS OF JUNE 2017 CODE No . ISIN CODE Series Name Outstanding Listing (Rp Million) Maturity Date Issue Date Term Coupon Structure / Coupon Payment Date Trustee 8.25% 03-Aug-17 - Permata Tbk. 05-Sep-17 05-Dec-17 05-Mar-18 Permata Tbk. 04-Jul-17 04-Oct-17 04-Jan-18 Permata Tbk. 01-Jul-17 01-Oct-17 01-Jan-18 Permata Tbk. 11-Jul-17 - Permata Tbk. Period Obligasi Berkelanjutan I 1. BTPN01BCN2 IDA0000540B5 Bank BTPN Dengan 725,000 Tingkat Bunga Tetap Tahap II Tahun 2012 06-Aug-12 03-Aug-17 5 years 2. 3. 4. 5. BTPN01BCN3 IDA0000571B0 BTPN02BCN1 IDA0000594B2 BTPN03BCN1 IDA0000748B4 BTPN03ACN1 IDA0000748A6 - Quarterly Seri B Obligasi Berkelanjutan I Bank BTPN Dengan 400,000 Tingkat Bunga Tetap Tahap III Tahun 2013 06-Mar-13 05-Mar-18 8.25% 5 years Seri B Quarterly Obligasi Berkelanjutan 8.25% 350,000 II Bank BTPN Tahap I Tahun 2013 Seri B 05-Jul-13 04-Jul-18 5 years - 04-Apr-18 Quarterly Obligasi Berkelanjutan 300,000 III Bank BTPN Tahap I Tahun 2016 Seri B 11-Jul-16 01-Jul-19 8.00% 3 years 01-Apr-18 Quarterly Obligasi Berkelanjutan 700,000 III Bank BTPN Tahap I Tahun 2016 Seri A 11-Jul-16 11-Jul-17 7.50% 370 days - Quarterly Rating / Outlook PT Bank PT Bank AAA Stable AAA Stable PT Bank Pastikan AAALink Grafik sudah bena PT Bank PT Bank Stable AAA Stable AAA Stable TRADING HIGHLIGHT BTPN01BCN2 Listing Date ISIN CODE : IDA0000540B5 Aug-12 TRADING ACTIVITIES Volume 125 Frequency 40 Volume 100 32 Frequency Aug-13 Trading Activities, Volume (Rp bn) Frequency (X) Trading days 50 16 CTP Price - High - - ar >> Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 14.0 100 12.0 97 10.0 94 8.0 91 6.0 88 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Q4 Q1 13.60 114.00 124.00 22.80 12.65 5 8 14 6 7 9 7.50 62.90 37 68.41 15 12.58 11 6.98 101.000 101.070 101.020 100.500 91.500 98.830 99.180 96.500 97.500 16-Feb IBPA Fair Yield (%) 8.4168 19-Apr 20-Jun 09-Aug 14-Jul 10-Oct 08-Dec 99.763 100.349 101.014 100.127 31-Mar 30-Jun 30-Sep 30-Dec 1.899 1.329 0.849 0.464 Mod. Duration (yrs) 1.239 Sensitivity (%) 0.012 Convexity (yrs) 30 Q2 99.000 Date Last Date Aug-17 2017 Q3 Date IBPA Fair Price Aug-16 Q2 18-Jan CTP Price - Low Aug-15 2016 Q1 24 8 Aug-14 Price and Yield 75 25 Maturity Date 7.9082 1.022 0.010 6.9939 0.798 0.008 8.0193 0.565 0.006 29-Mar 30.10 9 7 16.61 100.400 05-Apr 98.500 20-Mar 06-Jun 31-Mar 22-Jun 0.190 0.040 100.435 100.205 Link Grafik sudah bena 6.8709Pastikan 6.3935 0.328 0.003 0.112 0.001 This series was actively traded from 06 August 2012 and will be matured on 03 August 2017. This series was traded with total volume reached Rp274.40 billion in 2016, while throughout 2017, this series reached at Rp42.75 billion. The CTP market price for this series during the period was 101.0700% at the highest. Meanwhile, IBPA fair price was ranging from 97.2254% to 101.0677%. On the other side, IBPA yield for this series were 6.2400% at the lowest and 10.1783% at the highest. By the end of June 2017, the outstanding amount of this series was Rp725.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 406 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  407. BTPN01BCN3 Listing Date ISIN CODE : IDA0000571B0 Mar-13 TRADING ACTIVITIES Volume 125 Frequency 35 Volume 100 28 Frequency Maturity Date Mar-14 Trading Activities, Mar-15 Mar-16 Mar-17 Mar-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) - 93.00 34.00 41.00 89.00 101.00 - 5 3 5 7 Frequency (X) - Turnover Ratio (%) - 19 6 12 31 15 7 75 21 Trading days 50 14 CTP Price - High N/A 100.250 100.700 100.520 100.630 101.000 CTP Price - Low N/A 99.600 100.400 99.320 99.900 100.600 IBPA Fair Price 98.989 100.291 100.567 99.694 100.395 101.069 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.648 2.870 2.158 1.531 1.008 0.630 7 25 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date N/A N/A 8.8094 Mod. Duration (yrs) 1.752 Sensitivity (%) 0.018 Convexity (yrs) 93.00 16-Jun 20-Apr 8.0603 1.547 34.00 05-Aug 15-Jul 7.8241 1.331 0.015 0.013 41.00 31-Oct 01-Dec 8.5211 1.107 89.00 09-Feb 30-Mar 7.7754 0.881 0.011 101.00 26-May 03-May 6.6765 0.677 0.009 0.007 The bond series BTPN01BCN3, was first listed on 06 March 2013 with nominal value of Rp400.00 billion and fixed interest rate of 8.25% per annum. This series had traded 83 times in 27 trading days with total volume booked of Rp358.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 99.3200% - 101.0000% while the IBPA fair price was between 95.7955% - 101.0690%, the fair yield for this series was between 6.6765% - 10.4378%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BTPN02BCN1 Listing Date ISIN CODE : IDA0000594B2 Jul-13 TRADING ACTIVITIES Volume 25 Frequency 10 Volume 20 8 Frequency Maturity Date Jul-14 Trading Activities, Jul-15 Jul-16 Jul-17 Jul-18 2016 Price and Yield Q1 Volume (Rp bn) - 19.00 20.00 20.00 - - - 2 1 1 - - Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 7 Q4 4 Q1 4 Q2 - - 15 6 Trading days 10 4 CTP Price - High N/A 100.260 100.500 100.400 N/A N/A 5 2 N/A 97.000 100.400 100.300 N/A N/A - - CTP Price - Low IBPA Fair Price 98.555 98.938 100.457 99.209 100.572 100.886 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.762 3.879 3.078 2.333 1.696 1.205 ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 8.9514 Mod. Duration (yrs) 1.996 Sensitivity (%) 0.020 Convexity (yrs) 21.71 16-Jun 01-Apr 8.8316 1.797 0.018 22.86 06-Sep 06-Sep 7.9686 1.594 0.016 22.86 05-Oct 05-Oct 8.8141 1.378 0.014 - - N/A N/A N/A 7.7496 1.162 0.012 N/A 7.3500 0.966 0.010 This bond listed with nominal value of Rp350 billion and interest rates of 8.25% per annum. This bond was effective from 5 July 2013 to 4 July 2018. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 97.0000% and 100.5000%, while in first semester 2017 this bond was not traded. In 2016, IBPA fair price recorded at range 95.0982% - 100.4779% and in first semester 2017 at range 99.1559% - 100.8907%. During 2016 this bond was traded with total volume amounted to Rp59 billion and transacted 15 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 407
  408. BTPN03BCN1 Listing Date ISIN CODE : IDA0000748B4 TRADING ACTIVITIES Volume 750 600 Jul-16 Frequency 5 Volume 4 Frequency Maturity Date Jan-17 Trading Activities, Jul-17 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A 540.00 - - - N/A N/A 1 - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 150 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 6.0 96 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 2017 N/A 300 Q3-16 Jul-19 Q1 3 Q2-16 Jan-19 2016 450 Q1-16 Jul-18 Price and Yield Trading days ar >> Jan-18 N/A N/A 2 720.00 - Q2 - - - - - N/A 100.020 N/A N/A N/A N/A 100.000 N/A N/A N/A N/A 99.124 97.475 99.581 100.132 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 6.818 5.727 4.768 3.966 N/A N/A N/A N/A 24-Aug 24-Aug 8.3594 2.398 N/A 0.024 N/A N/A N/A 9.1401 2.194 0.022 N/A N/A 8.1943 1.999 N/A 7.9276 1.820 0.020 0.018 This series was actively traded from 11 July 2016 and will be matured on 01 July 2019. This series was traded with total volume reached Rp540.00 billion in 2016, while there was no trading activites for this series until Q2-2017. The CTP market price for this series during the period was 100.0200% at the highest. Meanwhile, IBPA fair price was ranging from 96.4276% to 101.7447%. On the other side, IBPA yield for this series were 7.3233% at the lowest and 9.5703% at the highest. By the end of June 2017, the outstanding amount of this series was Rp300.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM BTPN03ACN1 Listing Date ISIN CODE : IDA0000748A6 TRADING ACTIVITIES Volume 1200 960 Jul-16 Frequency 30 Volume 24 Frequency Maturity Date Oct-16 Trading Activities, Jan-17 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 996.00 12.00 50.00 N/A 8 2 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 18 Trading days N/A 480 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 6 - ar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-17 2017 Price and Yield 720 240 Apr-17 2016 N/A N/A 25 569.14 N/A 100.200 N/A 99.850 N/A N/A N/A N/A Q1 6 6.86 28.57 10.00 1 1 5.71 100.123 100.200 99.680 100.103 100.200 99.733 100.175 100.060 12-Oct 22-Sep 28-Dec 7.5008 3 99.945 26-Aug 99.998 Q2 8.0146 30-Jan 30-Jan 6.7848 11-Apr 11-Apr 6.3080 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 0.743 0.386 0.139 0.015 N/A N/A 0.739 0.007 0.507 0.005 0.269 0.003 0.052 0.001 This series will mature on 11 July 2017, had average turnover of 101.71% per quarter and traded in 13 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.6800% at the lowest and peaked at 100.2000%. While the IBPA fair price for this series was between 99.3360% and 100.2989%. 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 408 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  409. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BTPN01BCN2 14 BTPN01BCN3 Q2-2016 114 93 BTPN02BCN1 19 20 124 34 41 Q3-2016 23 Q4-2016 Outstanding in Year 2016 37.8% 42.0% 16.9% BTPN03BCN1 180.0% 540 BTPN03ACN1 12 996 - Turnover 100 200 300 400 500 600 700 800 900 1,000 144.0% 1,100 INDONESIA BOND MARKET DIRECTORY 2016-2017 409
  410. IBPA ANALYTICAL REVIEW Description PT Bank Tabungan Pensiunan Nasional Tbk (Bank BTPN) was founded in Bandung in 1958 under the name Bapemil. The bank changed its name into BTPN in 1986. The main business of the bank focuses on serving and empowering low income community including pensioners, entrepreneurs, and small productive and medium pre-prosperity Peer Group No. Company Total Revenue 3. PT Bank Permata Tbk. 14,399 (45.0) (10.7) 10,204 17.5 10.7 2. PT Bank Maybank Indonesia Tbk. No. focuses on upper to middle income individuals. And the rests are BTPN Wow and Jenius or mobile banking business units that serve mass markets. 4.8 10.8 5.9 Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings medium entrepreneurs. Fourth is BTPN Sinaya that 14.5 10,678 5. PT Bank OCBC NISP Tbk. units. First is BTPN Purna Bakti which focuses on BTPN Partners Businesses that cater to small to 13,546 4. PT BPD Jawa Barat dan Banten Tbk. BTPN conducts its business through six business Usaha Rakyat serving Micro-entrepreneurs. Third is Revenue 1. PT Bank Tabungan Pensiunan Nasional Tbk. societies. retired and pre-paid segments. Second is BTPN Mitra Net Profit (Rp Bill) Margins (%) Growth (%) 13,695 13.7 5.3 Rating Agency Rating 1. Fitch Ratings AAA(idn) 3. Fitch Ratings AA+(idn) 5. Fitch Ratings AA-(idn) 2. Fitch Ratings 4. Fitch Ratings AAA(idn) AA(idn) Rating Status Rating Date Outlook Affirmed 19-Jan-17 Stable Upgraded** 29-Jan-15 Stable Upgraded* Upgraded*** Affirmed 21-Jan-16 12-Jun-14 27-Jun-13 Stable Stable Stable *The upgraded was due to SMBC high propensity to support BTPN Currently the bank has operated about 1.107 branch offices backed with more than 25.000 employees. The main shareholder of the company is Sumitomo Mitsui Banking Corporation with 40.00% stakes. While the remaining shareholders are Summit Global Capital Management BV (20.00%), TPG Nusantara (8.38%) and public (31.62%). SWOT Analysis S trengths W eaknesses -Strong support from major -Moderate increase in profitability shareholder (Sumitomo Mitsui -Moderate loan growth Banking Corporation) -Strong Capital Adequacy Ratio (CAR) -Strong brand image among middle Financial Analysis In 2016, Bank BTPN posted Rp13.70 trillion in net to lower income community. income, or increased by 5.32% from 2015 which amounted to Rp13.00 trillion. The company managed to decrease its interest expenses by 8.80% to Rp4.84 trillion. Therefore, BTPN’s net interest income increased from the previous year which amounted to Rp8.85 trillion or up 15.05% from Rp7.70 trillion in 2015. Overall, BTPN’s total assets showed an increased by 12.75% from Rp81.04 trillion in 2015 to Rp91.37 trillion mainly due to growth in loans. In 2016. Loans grew from Rp58.71 trillion to Rp63.25 trillion compared to 2015. BTPN recorded moderate increase in net income by 7.03% from Rp1.75 trillion in 2015 to Rp1.88 trillion in 2016. The bank also managed to improve its asset quality as reflected in the decreasing net Non-Performing Loan (NPL) slightly from 0.40% to 0.38%. 410 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Potential micro lending segments -Potential micro lending segments -Government commitment to -Government commitment to improve financial literacy improve financial literacy -Growing digital mass markets -Growing digital mass markets banking banking -Government’s tax amnesty program -Government’s tax amnesty program that brings more liquidity into financial system that brings more liquidity into financial system
  411. BVIC Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. idA- PT Bank Victoria International Tbk. : : : : : : June 2017 ADDRESS Panin Tower Senayan City 15th Floor Jln. Asia Afrika Lot. 19 Jakarta 10270 Phone : (021) 7278-1800 Fax : (021) 7278-1900 Finance Bank www.victoriabank.co.id Ruly Dwi Rahayu corsec@victoriabank.co.id PT Bank Victoria International Tbk. hereinafter referred to Bank Victoria or the Bank, was established in Jakarta on 5 October 1992 as a private commercial bank. As of June 30, 2017 the majority of the shares (45.43%) was held by PT Victoria Investama Tbk. The operation of the Bank was commenced by developing its main mission, to provide the best quality of services to its customers while maintaining prudent principles. In line with its continuous effort to improve its risk management and financial performance, the Bank invests in developing its human resources to be loyal and significant assets to the company, updating its information technology and office network, as well as embracing the principles and dedication to support the individual's capability improvement to uphold and apply the GCG principles. In 1999, the Bank listed its shares in the Jakarta Stock Exchange and Surabaya Stock Exchange. Since then, the Bank has been actively carrying out corporate actions, such as: limited public offering and issuing bonds. In 2007, the Bank issued Bond II and Subordinated Bond I, each having the value of Rp200 billion. In 2008, the Bank executed Limited Public Offering (Right Issue) IV amounting to Rp116.75 billion along with the issuance of Warrant Series V amounting to Rp63.04 billion. In 2011, the Bank added the capital through limited public offering without preemptive rights valuing Rp58 billion, Right Issue amounting to Rp195 billion, Exercise Warrant amounting to Rp8 billion. In 2012 and 2013, the Bank issued Bond III & IV each having the value of Rp200 billion and Subordinated Bond II & III each having the value of Rp300 billion. End of the year 2016, the Bank adds capital through a capital increase without HMETD amounting to Rp277,6 billion from new investors, namely DEG (Deutsche Investitions-und Entwicklungsgesellschaft). As of June 30, 2017, the Bank’s shares were amounted to 8,671,048,162 shares with a value of Rp867,104,816,200. Until of 30 June 2017, the Bank has 104 Operational Office Network, consisting of 1 Head Office, 8 Branch Offices, 67 Sub-branches Offices and 28 Cash Offices spread across the areas of Jakarta, Depok, Tangerang, Bogor, Bekasi, Bandung, Surabaya and Manado. With the synergy between the management and its employees of approximately 1.236 people, the Bank has expanded its business through various integrated financial services. BOARD OF COMMISSIONERS 1. Oliver Simorangkir 2. Debora Wahjutirto Tanoyo 3. Gunawan Tenggarahardja * 4. Zaenal Abidin * *) Independent Commissioner AUDIT COMMITTEE 1. Gunawan Tenggarahardja 2. Oliver Simorangkir 3. Retno Dwijanti Widaningsih 4. Tonny Setiadi BOARD OF DIRECTORS 1. Daniel Budirahayu 2. Ramon Marlon Runtu 3. Rita Gosal 4. Rusli 5. Tamunan Stable* FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Income for the periods Comprehensive Income Net Income … *) Millions of Rp, Unless Otherwise Stated Dec-2015 68,339 1,837,189 5,830,697 Dec-2016 73,136 7,282,892 14,260,847 567,678 544,491 60 23,250,686 25,999,981 - - 18,819,416 20,856,798 20,031,590 22,174,912 1,400,000 1,400,000 7,139 7,891 14,000 713,917 100 14,000 789,065 100 1,123,776 1,222,303 16 17 2,113,674 7.02 p 1,449,178 -21.12 q 12,824,744 60 Chg % 24.91 p 11.20 p -  -4.08 q 11.82 p 10.83 p -  10.70 p -  -  10.53 p 10.53 p -  8.77 p 2,626,253 24.25 p 2,113,690 2,626,271 24.25 p 2,013,810 2,160,859 203,314 313,458 1,657,331 482,955 76,839 1,170 78,009 1,857,234 531,820 85,262 6.74 p 7.30 p 12.06 p 54.17 p 10.12 p 10.96 p 7,599 549.60 p 92,861 19.04 p 78,085 100,360 28.53 p 78,087 100,362 28.53 p 353,870 FINANCIAL RATIOS 169,653 -52.06 q DER (X) 9.48 8.44 -10.91 q NPM (%) 3.88 4.64 0.34 ROA (%) EBITDA Coverage (X) 3.82 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Victoria Investama Tbk. 2. Public <5% 3. Suzanna Tanojo 4. DEG - Deutsche Investitions 5. PT Suryayudha Investindo Cipta 6. PT Nata Patindo 0.39 14.94 p 3.95 3.41 p 19.78 p 45.43% 26.00% 11.99% 9.00% 4.96% 2.62% INDONESIA BOND MARKET DIRECTORY 2016-2017 411
  412. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name Outstanding (Rp Million) Obligasi BVIC02SB IDA000053201 Subordinasi II Bank 300,000 Victoria Tahun 2012 Listing Date 28-Jun-12 Maturity Issue Date 27-Jun-19 Term Coupon Structure / Coupon Payment Date Trustee 11.00% 27-Sep-17 27-Dec-17 27-Mar-18 PT Bank Mega 27-Sep-17 27-Dec-17 27-Mar-18 PT Bank Mega 27-Sep-17 27-Dec-17 27-Mar-18 Pastikan PT Bank Mega A- Link Grafik sudah bena Period 7 years Obligasi BVIC03SB IDA000059109 BVIC04 IDA000059000 Subordinasi Bank 300,000 Victoria III Tahun 28-Jun-13 27-Jun-20 10,50% 7 years 2013 Quarterly Obligasi Bank Victoria 9.50% 200,000 IV Tahun 2013 Dengan Tingkat Bunga Tetap 28-Jun-13 27-Jun-18 5 years Tbk. 27-Jun-18 Quarterly Tbk. 27-Jun-18 Tbk. 27-Jun-18 Quarterly Rating / Outlook BBB+ Stable BBB+ Stable Stable TRADING HIGHLIGHT BVIC02SB Listing Date ISIN CODE : IDA000053201 TRADING ACTIVITIES Volume 125 100 Jun-12 Frequency 35 Volume 28 Frequency Jun-13 Trading Activities, Maturity Date Jun-14 Jun-15 Jun-16 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - - - - Frequency (X) - Turnover Ratio (%) - - - 21 Trading days 50 14 CTP Price - High N/A N/A N/A CTP Price - Low N/A N/A N/A 7 - - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price 105 PRICE AND YTM MOVEMENT YTM (%) 14.0 102 13.0 99 12.0 96 11.0 93 10.0 90 9.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 96.436 - N/A N/A 98.109 Jun-19 - Q4 Q1 Q2 5.00 95.00 115.00 2 2 5 6.67 12 126.67 99.750 100.700 97.760 99.600 6 153.33 102.750 N/A 13-Oct N/A 25-Nov 25-Jan 05-May 99.866 98.711 25-Jan 32 99.570 04-May 98.650 99.053 12.3386 11.7584 11.0568 11.6025 11.2032 11.5326 Mod. Duration (yrs) 2.672 2.509 2.337 2.147 1.957 1.736 Sensitivity (%) 0.027 IBPA Fair Yield (%) Price Jun-18 2017 75 25 Jun-17 2016 Last Date Convexity (yrs) 31-Mar 8.546 30-Jun 7.505 0.025 30-Sep 6.496 0.023 30-Dec 5.486 0.021 31-Mar 4.567 0.020 22-Jun 3.697 0.017 The Bonds issued with nominal value of Rp300.00 billion and interest rates of 11.00% per annum. This bond is effective from 28 June 2012 to 27 June 2019. Based on the market Pastikan Link Grafik sudah bena price (Centralized Trading Platform) during 2016, this bond was traded between 97.7600% - 99.7500%, while in first semester 2017 this bond was traded between 98.6500% and 102.7500%. In first semester 2017, IBPA fair price recorded at range 98.3940% - 99.9992%. During 2016 this bond was traded with volume amounting to Rp5.00 billion and transacted 5 times, meanwhile in a half of year 2017 recorded by Rp210.00 billion and transacted 44 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 412 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  413. BVIC03SB Listing Date ISIN CODE : IDA000059109 Jun-13 TRADING ACTIVITIES Volume 200 Frequency 40 Volume 160 32 Frequency Maturity Date Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 2016 Trading Activities, Jun-20 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 168.00 92.50 65.00 102.00 125.00 178.00 5 8 8 4 5 10 Frequency (X) 10 15 11 25 120 24 Trading days 80 16 CTP Price - High 100.000 100.501 100.250 100.170 100.500 CTP Price - Low 88.000 99.980 98.750 97.050 96.000 40 8 - - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT Price 104 YTM (%) 16.0 100 14.0 96 12.0 92 10.0 88 8.0 84 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0  IBPA Fair Price  YTM BVIC04 Date 31-Mar Date 24-Mar IBPA Fair Yield (%) 12.8624 IBPA Fair Price Last Date 175 Frequency 35 Volume 28 Frequency of Rp106.9 17-Apr 10.4997 10.5430 11.0775 11.6875 11.2761 3.224 3.058 2.880 2.696 2.483 30-Jun 12.467 0.032 99.868 30-Sep 11.177 0.031 98.345 30-Dec 96.803 35 7 - - Q1-17 Q2-17 31-Mar 9.895 YTM (%) 12.0 100 11.0 98 10.0 96 9.0 94 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 22-Jun 8.660 0.029 7.503 0.027 0.025 billion/quarter while in Q2-2017 increased to Rp151.5 Maturity Date Jun-14 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Turnover Ratio (%) Jun-15 Q1 4.00 - - 5.00 9.00 1 - - 1 2 2 8.00 - - Q1 1 10.00 Q2 3 18.00 N/A N/A 100.000 100.450 95.900 N/A N/A 100.000 95.920 98.457 N/A N/A 30-Jun 30-Sep 3.805 3.013 Mod. Duration (yrs) 1.988 1.790 Sensitivity (%) 0.020 4.673 N/A 99.817 10.1738 31-Mar N/A 98.798 10.2654 Convexity (yrs) - Q4 95.920 18-Feb Last Date Jun-18 2017 Q3 Date IBPA Fair Price Jun-17 Q2 18-Feb CTP Price - Low Jun-16 2016 Date IBPA Fair Yield (%) PRICE AND YTM MOVEMENT 98.038 9.7858% - 13.9121%. CTP Price - High 92 27-Mar a half of year 2017, this series was traded between 88.0000% - 100.5009%, while the IBPA 14 Q4-16 95.500 25-Nov billion/quarter. Based on the market price (Centralized Trading Platform) from 2016 until 70 Q3-16 27-Apr with total volume booked of Rp730.50 billion. During 2016, the average of volume recorded Trading days Q2-16 100.500 17-Mar until at the end second quarter in 2017, this series traded 109 times in 36 trading days 21 Q1-16 237.33 nominal amount of Rp300 billion with interest rate per annum at 10.50%. During 2016 105 102 04-Oct 6 166.67 This series listed on 28 June 2013 and matured on 27 June 2020. This series listed with Jun-13 TRADING ACTIVITIES Volume Price 05-Sep 136.00 19-Aug 31-Mar 0.033 Sensitivity (%) 86.67 14-Apr 100.000 13.430 Convexity (yrs) 23-Jun 92.338 3.327 Mod. Duration (yrs) 123.33 Listing Date ISIN CODE : IDA000059000 ar >> 224.00 fair price was between 88.7696% and 102.2739%. The fair yield for this series was between l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price 140 Turnover Ratio (%) 38 0.018 21-Dec 21-Dec 18-Jan 30 6 324.00 100.250 04-May 98.500 26-Apr 98.816 100.117 100.501 30-Dec 31-Mar 22-Jun 2.282 1.654 1.144 9.6151 10.3662 1.586 1.371 0.016 06-Jan 162.00 0.014 9.3755 1.155 0.012 8.9761 0.936 0.009 This series will mature on 27 Jun 2018, had average turnover of 60% per quarter and traded in 10 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 95.9000% at the lowest and peaked at 100.4500%. While the IBPA fair price for this series was between 94.8413% and 100.5113%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 413
  414. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 BVIC02SB 5 Q2-2016 Q4-2016 168 BVIC04 45 - Turnover Outstanding in Year 2016 1.7% BVIC03SB 414 Q3-2016 93 65 102 142.5% 4.5% 50 100 150 INDONESIA BOND MARKET DIRECTORY 2016-2017 200 250 300 350 400 450
  415. IBPA ANALYTICAL REVIEW Description PT Bank Victoria International Tbk (Bank Victoria) has been established for more than two decades in the national banking industry. Bank Victoria officially operates as a commercial bank in 1994, and as a foreign exchange trader in 1997. In December 13, 2016, Bank victoria has obtained the license to become a Foreign Exchange Bank, and actively Peer Group No. Company Total Revenue 1. PT Bank BRISyariah 2. PT Bank KEB Hana Indonesia 3. PT Bank Victoria International Tbk. Historical Corporate Ratings consumer banking products and institutional services No. office in Greater Jakarta, East Java, West Java, and North Sulawesi. In 2016, Bank Victoria has launched Tabungan VIP safe which is a personal saving, Tabungan Victoria 88 which is a product bundling of 3month time deposit Revenue 2,294 14.9 33.8 4.6 7.3 1.3 31.9 14.2 Financial Statement as of Fiscal Year 2016 By supporting the development of a variety of consisting of 102 operational offices and 1 head 29.4 1,901 PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat operated on 20 February 2017. for the community, Bank Victoria now has 103 offices 2,192 2,161 4. PT BPD Sumatera Barat 5. Net Profit (Rp Bill) Margins (%) Growth (%) 2,634 6.5 8.6 Rating Agency Rating Rating Status 1. Pefindo idA- Affirmed 5-Apr-17 3. Pefindo idA- Affirmed 6-Apr-15 2. Pefindo 4. Pefindo 5. Pefindo idAidAidA- Rating Date Affirmed Affirmed Upgraded Outlook Stable* 6-Apr-16 Negative** 7-Apr-14 Stable 5-Apr-13 Stable Stable **the negative outlook driven by the Bank’s weakening asset quality profile as seen on increasing NPL and Bank Victoria’s saving, and VIP Giro which is an individual and corporate demand deposit. By the end of 2016, the Bank’s shareholding compositions are PT Victoria Investama Tbk (45.43%), Suzanna Tanojo (11.99%), PT Suryayudha Investindo Cipta (4.96%), PT Nata Patindo (2.62%), other Public (26.00%), and DEG/foreign institution (9.00%). SWOT Analysis S W trengths eaknesses - Strong capitalization - Weakening Net Interest Margin - Strong liquidity - High NPL-gross - Having an integrated business - Below average profitability group to support the Bank’s compared to its peers business development Financial Analysis Bank Victoria recorded an increase in total assets amounted to Rp25.99 trillion in 2016 from Rp23.25 trillion in 2015. That increased was primarily due to an increase in foreclosed assets and net-deferred tax assets. Meanwhile, the increase in loans, financing and net sharia receivables reached 11.20% from Rp12.82 trillion in 2015 to Rp14.26 trillion in 2016. In 2016, the Bank’s net operating income reached Rp303.62 billion, decreased by 14.83% from the previous year. The decrease is caused by higher interest and sharia expenses which increased by 12.06%, than the increase of interest and sharia income at the level of 7.30%. Therefore, net interest margin of Bank Victoria declined from 2.08% in 2015 to 1.30% in 2016. However, Bank Victoria managed to reduce the NPL-gross level in 2016 to 4.17% from 4.92% in 2015. O T pportunities hreats - Potential of mutual benefit synergy - Potential of mutual benefit synergy with all of the business groups and with all of the business groups and subsidiaries subsidiaries - The success of Tax Amnesty - The success of Tax Amnesty program will pushed the rapid and program will pushed the rapid and evenly distributed infrastructure evenly distributed infrastructure development development - Government commitment to - Government commitment to improve financial literacy improve financial literacy INDONESIA BOND MARKET DIRECTORY 2016-2017 415
  416. A- (idn) CTRR PT Ciputra Residence Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Property, Real Estate And Building Construction Property And Real Estate www.ciputraresidence.com Veni Desianti Hoo investor@ciputraresidence.com PT Ciputra Residence is a member of Ciputra G rou p w h ich en g age d in r esi den t ia l development project which was initially established under name PT Ciputra Habitat industrial Estate Tangerang in 1989. As a property developer group, the Company carries out business activities covering land provision, planning, construction and selling of residential area (real estate), offices, comercial centers, shopping centers along with its facilities and infrastructures. In 1990, the Company changed its name to PT Citraland Estate, then changing again in 1996 and 1999 to PT Ciputra Estate and PT Ciputra Residence, respectively. The company owns large land bank which gives the advantage of increasing land added value to the Company as time goes by. Currently, the Company owns 29 subsidiaries, 13 subsidiaries with indirect ownership and 2 Joint Ventures. The Company possesses strong fundamentals to become a qualified developer to work on the property market in Indonesia with more than 27 years of experience in the property sector. The Company consistenly continues to improve its business with innovative spirit, expanding projects by acquisition of new lands as well as through cooperation with business partner by entering into partnership in order to extend network in big cities all over Indonesia. Various projects both residential and commercial properties has gained positive response from the public. The Company will develop more commercial property assets with the purpose of increasing the recurring income. PT Ciputra Residence received "Developer Of The Year" award which is the highest appreciation award in the Annual Indonesia Property & Bank Award 2016. Our projects: CitraRaya Tangerang was awarded "The Most Favorite Residential with Innovation and Growth", CitraGarden City Malang won an award "The Best Selling in Malang", Citra Maja Raya awarded as "The Best Selling and Consumenrs' Choice in Greater Jakarta". Our other projects in Jakarta, Banten, Palembang also awarded with many awards during year 2016. BOARD OF COMMISSIONERS 1. Candra Ciputra 2. Lanny Bambang * 3. Sandra Hendharto *) Independent Commissioner Stable ADDRESS CitraRaya Management Office Jln. Ecopolis Avenue Blok. VE.07 No. 07-09 CitraRaya - Tangerang 15710 Phone : (021) 2259-6888 Fax : (021) 2966-0928 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Property, Plant and Equipment Total Assets Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 286,745 476,264 716,716 1,187,829 2,615,969 2,958,568 203,962 236,450 3,763,673 139,988 317,411 4,755,754 191,090 315,348 Chg % 65.73 p 66.09 p 13.10 p 26.36 p 15.93 p 36.50 p -0.65 q 5,698,208 7,090,665 24.44 p Current Liabilities 1,620,057 1,843,579 13.80 p Total Liabilities 3,035,418 4,183,808 5,600,000 5,600,000 1,400 1,400 Trade Payables Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses 119,792 891,400 5,600 1,400,314 1,000 136,036 1,560,777 5,600 1,400,314 1,000 13.56 p 75.09 p 37.83 p -  -  -  -  -  1,198,403 1,434,299 19.68 p 95,465 91,810 -3.83 q 2,567,325 2,815,047 9.65 p 2,662,789 2,906,857 1,715,300 1,497,836 -12.68 q 1,030,776 108,495 9.17 pLink Grafik sudah be Pastikan Pastikan Link Grafik sudah be 917,941 -10.95 q 124,020 14.31 p Earning Before Tax 661,477 501,240 -24.22 q Income for the periods 566,822 422,331 -25.49 q Net Income … *) 554,856 428,942 -22.69 q EBITDA Comprehensive Income 744,532 565,918 FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 0.33 9.95 33.05 6.86 611,405 -17.88 q 417,772 -26.18 q 0.54 60.39 p 5.96 -40.12 q 28.20 -14.67 q 4.93 -28.16 q *) … attributable to owners of the parent entity BOARD OF DIRECTORS 1. Budiarsa Sastrawinata 2. Agussurja Widjaja 3. Cakra Ciputra 4. Junita Ciputra 5. M.I. Meiko Handoyo 6. Mary Octo Sihombing 416 INDONESIA BOND MARKET DIRECTORY 2016-2017 SHAREHOLDERS 1. PT Ciputra Development Tbk. 2. PT Sang Pelopor AUDIT COMMITTEE 1. Lanny Bambang 2. Henk Wangitan 3. Sian Christine Wiradinata 99.999% 0.001%
  417. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE (Rp Million) Obligasi I Ciputra CTRR01C IDA0000626C0 Residence Tahun 80,000 2014 Seri C IDA0000626B2 Listing Date 03-Apr-14 Maturity Issue Date 02-Apr-21 Term Coupon Structure / Coupon Payment Date Trustee 13.00% 02-Jul-17 02-Oct-17 02-Jan-18 Permata Tbk. 02-Jul-17 02-Oct-17 02-Jan-18 Permata Tbk. Period 7 years Residence Tahun 220,000 2014 Seri B 03-Apr-14 02-Apr-19 12.40% 5 years PT Bank 02-Apr-18 Quarterly Rating / Outlook PT Bank 02-Apr-18 Quarterly Obligasi I Ciputra CTRR01B AA- Stable AA- Stable TRADING HIGHLIGHT CTRR01C Listing Date ISIN CODE : IDA0000626C0 15 12 Apr-14 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Apr-15 Trading Activities, Maturity Date Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 2016 Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 Apr-21 2017 Q3 Q4 Q1 10.00 - - - - 1 - - - - 2 - - Q2 - - 9 3 Trading days 6 2 CTP Price - High N/A 108.3500 N/A N/A N/A N/A 3 1 CTP Price - Low N/A 108.3300 N/A N/A N/A N/A - enar >> enar >> Series Name Outstanding Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 112 PRICE AND YTM MOVEMENT YTM (%) 13.0 110 12.0 108 11.0 106 10.0 104 9.0 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 50.00 27-Jun 27-Jun - N/A N/A - N/A N/A - - N/A N/A N/A N/A 109.1578 108.8819 110.6594 106.7638 109.6879 109.7363 10.6087 31-Mar 3.611 16.709 0.036 10.5979 30-Jun 3.478 15.417 0.035 10.0302 30-Sep 3.355 14.238 0.034 10.9885 30-Dec 3.184 12.818 0.032 10.0224 9.8794 31-Mar 22-Jun 11.726 10.703 3.058 0.031 2.932 0.029 This series was listed since 03 April 2014 and matured on 05 July 2018 have a nominal value of Rp80.00 billion with fixed interest rate of 13.00 % per annum. The IBPA fair price was between 103.0808% - 111.5548%, the fair yield for this series was between 9.7867% - 12.1950%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 417
  418. CTRR01B Listing Date ISIN CODE : IDA0000626B2 TRADING ACTIVITIES Volume 125 100 Apr-14 Frequency 15 Volume 12 Frequency Maturity Date Apr-15 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Apr-17 Apr-18 2016 Q1 Q2 Apr-19 2017 Q4 Q1 0.02 15.00 - 42.00 100.00 1 1 - 5 2 2 Q3 2 - 13 Q2 4 4 2 75 9 50 6 CTP Price - High 99.5000 104.9500 N/A 103.1000 104.9000 105.6070 CTP Price - Low 99.0000 104.9300 N/A 96.0000 104.5000 104.8289 - enar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 0.04 27.27 23-Feb 27-Jun 23-Feb 27-Jun 10.3108 10.2303 Mod. Duration (yrs) 2.431 2.262 Sensitivity (%) 0.024 Turnover Ratio (%) Date Date Price 108 PRICE AND YTM MOVEMENT YTM (%) 13.0 105 12.0 102 11.0 99 10.0 9.0 96 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.0 - N/A N/A 76.36 181.82 47.27 30-Nov 22-Mar 09-Jun 01-Nov 14-Mar 13-Jun 105.3058 105.1523 105.9075 103.2528 104.9461 104.7711 IBPA Fair Price IBPA Fair Yield (%) Last Date Convexity (yrs) 31-Mar 7.289 9.7149 10.7562 2.090 1.898 30-Jun 30-Sep 6.301 5.373 0.023 0.021 9.6387 31-Mar 22-Jun 4.446 3.646 2.975 0.019 1.717 0.017 CTRR01C 10 CTRR01B throughout 2017, this series reached at Rp126 billion. The CTP market price for this series during the period was 105.6070% at the highest. Meanwhile, IBPA fair price was ranging from 101.3020% to 106.4438%. On the other side, IBPA yield for this series were 9.3426% at the lowest and 11.9084% at the highest. By the end of June 2017, the outstanding amount of this series was Rp220.00 billion. Q4-2016 Outstanding in Year 2016 Turnover 12.5% 15 - Q3-2016 25.9% 42 25 50 75 INDONESIA BOND MARKET DIRECTORY 2016-2017 0.015 This series was traded with total volume reached Rp57.02 billion in 2016, while TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q2-2016 1.549 This series was actively traded from 03 April 2014 and will be matured on 02 April 2019.  IBPA Fair Price  YTM Q1-2016 9.4508 30-Dec l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price 418 26.00 Trading days 25 enar >> Apr-16 100 125 150 175 200 225
  419. IBPA ANALYTICAL REVIEW Description PT Ciputra Residence (“Perseroan”) (CTRR) is a member of Ciputra Group which engaged in Peer Group No. Company Total Revenue residential development project which was initially 1. PT Intiland Development Tbk. Estate Tangerang in 1989. As a property developer 3. PT Ciputra Residence land provision, planning, construction and selling of 5. PT Greenwood Sejahtera Tbk. established under name PT Ciputra Habitat Industrial 2. PT PP Properti Tbk. group, CTRR carries out business activities covering 4. PT Duta Anggada Realty Tbk. residential area (real estate), office spaces, commercial centers, shopping centers along with its facilities and infrastructures. Currently, CTRR owns 28 (twenty eight) Subsidiaries, 12 (twelve) subsidiaries with indirect ownership, 3 (three) Joint Ventures, and 2 (two) Associated Entities. CTRR possesses strong fundamentals to become a qualified developer to work on the property market in Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 2,276 13.1 3.4 2,150 17.0 1,498 755 42.8 28.2 (12.7) 148.6 68.9 25.4 141 (10.4) Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Fitch Rating A-(idn) Affirmed 3. Fitch Rating A-(idn) Affirmed 2. Fitch Rating 4. Fitch Rating A-(idn) A-(idn) Rating Date Outlook 8-Feb-17 Stable 17-Feb-15 Stable Affirmed 11-Feb-16 Assigned 23-Feb-14 Stable Stable Indonesia with more than 25 years of experience in the property sector. As of December 2016, CTRR’s shareholders consisted of PT Ciputra Development Tbk (99.99%) and PT Ciputra Graha Mitra (0.01%) SWOT Analysis S W trengths eaknesses - Full support from parent company - The lower sales compared the - A leading integrated residential - Leverage increased as instalments (Ciputra Development) developer peers lengthen Financial Analysis The Company recorded Rp1.50 trillion revenue in 2016, decreasing by 12.68% compared to Rp1.72 trillion in 2015, The decrease was derived from residential sales recognition amounting to Rp240.69 billion. In line with the decrease of the company’s revenues, cost of sales and direct costs of the company also decrease by 15.4% become Rp579.9 T billion in 2016 from Rp684.52 trillion in 2015. In 2016, O by 18.7% compared to Rp726.2 billion in 2015. - High purchasing power in - High purchasing power in 42.3% to 39.4% in 2016. Total assets of the Company - Policies favourable for the property - Policies favourable for the property 24.4% from Rp5.70 trillion. This was in line with the requirements and benchmark rates trillion, inventories by 13.1% to Rp2.96 trillion, and amnesty may boost property operating profit decreased to Rp590.1 billion, falling pportunities Meanwhile, operating profit margin fell by 6.9% from Indonesia’s middle class segment in 2016 reached to Rp7.09 trillion, increasing by market such as lower down payment hike in cash and equivalent by 65.7% to Rp1.19 - The implementation of a tax increase in land for development by 75.7% to demand hreats Indonesia’s middle class segment market such as lower down payment requirements and benchmark rates - The implementation of a tax amnesty may boost property demand Rp473.1 billion. INDONESIA BOND MARKET DIRECTORY 2016-2017 419
  420. idBBB + DART PT Duta Anggada Realty Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Chase Plaza Tower 21st Fl. Jln. Jend. Sudirman Kav. 21 Jakarta Phone : (021) 520-8000 Fax : (021) 520-8100 Property, Real Estate And Building Construction Property And Real Estate www.dutaanggadarealty.com Aka Permata aka@dutaanggada.com The Beginnings of Duta Anggada Realty can be traced back thirty years when in 1983 the Company began its involvement in the Indonesian property market. The company started out with strategic development of prime residential investment complexes, aimed at the international expatriate market and then developed a series of prime commercial office and retail investment properties to satisfy the rising demand for office and retail premises. In order to maintain its leading position, Duta Anggada Realty expanded its capabilities to include property management and also the Company is currently entering the hotel sector. Today, in addition to land bank, the Company portofolio represents prestigious investment and development properties in strategic location in Jakarta and Bali. Duta Anggada Realty is now regarded as one of prime movers in the Indonesian property, investment, and development business. Prime locations, quality construction and innovative architecture have characterized each and every Duta Anggada Realty's property and have earned the Company a high standing in the property investment and development fields. In addition, Duta anggada Realty's strategy of prudent expansion for the sake of long-term value continues to fuel the Company's prosperity while contributing strength to its foundation of established excellence. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents BOARD OF DIRECTORS 1. Ventje Chandraputra Suardana 2. Hadi Siswanto 3. Randy Angkosubroto 4. Widyanto Taufiq AUDIT COMMITTEE 1. Fred Perry Martono 2. Ananda Surja 3. Halim INDONESIA BOND MARKET DIRECTORY 2016-2017 63,895 188,018 Current Assets 491,951 Inventories Investments Property in Investments Property, Plant and Equipment Total Assets Trade Payables Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS BOARD OF COMMISSIONERS 1. Hartadi Angkosubroto 2. Fred Perry Martono * 3. Johanna Zakaria *) Independent Commissioner Millions of Rp, Unless Otherwise Stated Dec-2015 Receivables Total Revenues 420 Negative Gross Profit Interest Expenses 189,548 - Dec-2016 113,603 77,730 -58.99 q 389,912 -20.74 q - 1,879,078 5,739,863 6,066,258 105,901 740,783 1,964,924 136,752 5,000,000 5,000,000 3,141 3,141 500 1,405,792 3,428,389 14 3,428,404 842,707 421,821 69,025 5.69 p 29.13 p 605,141 -18.31 q 2,084,996 2,442,909 1,570,695 -  47.64 p 75,622 175.49 p 2,311,459 10,000 77.80 p 139,251 -25.94 q 1,272,726 27,450 Chg % 10,000 1,570,695 6.11 p 5.69 p -  -  -  -  500 - Link Grafik sudah be Pastikan 3,622,837 5.67 pLink Grafik sudah be Pastikan 1,598,008 13.67 p 512 3,451.65 p 3,623,349 5.69 p 754,738 -10.44 q 437,806 76,910 3.79 p 11.42 p Earning Before Tax 240,177 233,675 Income for the periods 177,766 191,876 7.94 p Net Income … *) 177,770 191,880 7.94 p 0.57 0.58 0.40 p 21.09 25.42 20.52 p EBITDA Comprehensive Income 355,323 179,009 FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 3.10 5.15 365,726 192,212 3.16 4.76 -2.71 q 2.93 p 7.38 p 2.13 p -7.62 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Duta Anggada 2. Hartadi Angkosubroto 3. Bank of Singapore Limited 4. UOB Kay Hian Finance Limited 5. Public (<5%) 44.95% 26.99% 19.72% 8.91% 8.34%
  421. AS OF JUNE 2017 CODE No . 1. ISIN CODE (Rp Million) Obligasi Berkelanjutan I DART01CN1 250,000 Duta Anggada Realty IDA000060602 Tahap 1 Tahun 2013 Listing Maturity Date 09-Oct-13 Issue Date 08-Oct-18 Term Coupon Structure / Coupon Payment Date Trustee 12.25% 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank Mega Period 5 years Tbk. 08-Apr-18 Quarterly Rating / Outlook BBB+ Negative TRADING HIGHLIGHT DART01CN1 Listing Date ISIN CODE : IDA000060602 5 4 Oct-13 TRADING ACTIVITIES Volume 5 4 Frequency Oct-14 Oct-15 Oct-16 Oct-17 2016 Trading Activities, Frequency Volume Maturity Date Oct-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low enar >> enar >> Series Name Outstanding Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price 105 PRICE AND YTM MOVEMENT 13.0 104 12.0 103 11.0 102 10.0 101 100 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A - N/A N/A N/A N/A - N/A N/A 104.1178 103.9797 102.6340 100.8867 101.9685 102.3486 10.7811 11.6866 10.8033 10.2842 Mod. Duration (yrs) 2.100 1.922 1.730 1.533 1.337 1.159 Sensitivity (%) 0.021 31-Mar 5.417 Convexity (yrs) 30-Jun 4.537 0.019 30-Sep 3.693 0.017 30-Dec 31-Mar 2.919 0.015 2.245 0.013 22-Jun 1.709 0.012 This series was listed on 9 October 2013 and will be matured in 8 October 2018. From 2016 to the first half of year 2017, this series was not traded. IBPA fair price during the observation period was ranged from 100.0442% to 104.5565%. Meanwhile IBPA yield for this series were 10.1156% at the lowest and 12.2162% at the highest. By the end of June 9.0 Q1-16 N/A N/A - 10.2626 Last Date YTM (%) N/A - 10.3570 IBPA Fair Yield (%) Price - 2017, the outstanding amount of this series was Rp250 billion. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover DART01CN1 - 50 100 150 200 250 INDONESIA BOND MARKET DIRECTORY 2016-2017 421
  422. IBPA ANALYTICAL REVIEW Description PT Duta Anggada Realty Tbk (DART) is one of the leading developers in terms of the estimated total office market share by net leasable area for existing Grade A office buildings located in Jakarta’s central business district (CBD). DART is primarily engaged in the development, sales, rental and management of high quality Indonesia. properties The in portfolio prime include locations in Peer Group No. Company Total Revenue 1. PT Intiland Development Tbk. 2. PT PP Properti Tbk. No. (hotel). While the properties is still in development such as such as Holiday Inn & Suites (hotel & retail) and Icon Complex (mixed-use). As of December 2016, DART’s shareholders were PT Duta Anggada (44.94%), Bank of Singapore Ltd. (19.72%), Crystal Development Pte.Ltd. (17.56%), UOB Kay Hian Finance Ltd. (8.91%) and public (8.86%). 42.8 28.2 (12.7) 148.6 68.9 25.4 141 (10.4) Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings Bali 755 5. PT Greenwood Sejahtera Tbk. district and adjoining neighborhoods. La Maison Barito (apartment) and Hilton Garden Inn Revenue 17.0 1,498 4. PT Duta Anggada Realty Tbk. hotels, primarily located in Jakarta’s central business The properties has been completed in 2016 such as 2,150 3. PT Ciputra Residence residential apartments, office buildings, shopping center and Net Profit (Rp Bill) Margins (%) Growth (%) 2,276 13.1 3.4 Rating Agency Rating 1. Pefindo idBBB+ 3. Pefindo idA- 2. Pefindo Rating Status 13-Jul-17 Negative* Affirmed 8-Jul-15 Stable Downgraded** idA- Affirmed 5. Pefindo idA- Outlook Affirmed idBBB+ 4. Pefindo Rating Date 20-Jul-16 10-Jul-14 Assigned 2-Jul-13 Stable Stable Stable ** The downgraded was mainly driven by DART’s weakening financial condition resulted from lower than projected revenue amid higher debt balance and Pefindo expectation that its cash flow protection will remain aggressive over the near to medium term SWOT Analysis S trengths W eaknesses - Stable recurring income from - Aggressive financial leverage property investment - Weakening financial condition - Has some strategic value such as - High dependency on property prime location, quality constructions sales. and innovative architecture. Financial Analysis DART’s total revenues in 2016 recorded Rp754.7 billion or a decrease of 10.4%, compared to previous year which stood at Rp842.7 billion. The decrease is derived primarily from the decrease of strata title units sold by 15% from Rp421.5 billion in 2015 to Rp358.2 billion in 2016 and recurring revenue slightly decreased 5.9%, from Rp421.2 billion in 2015 to Rp396.5 billion in 2016. In line with the decline in sales and operating revenue, DART’s cost of sales and direct costs also decreased by 24.7% to Rp316.9 billion in this year. General and Administrative Expenses in 2016 was recorded Rp116 billion or down 3.7% compared to 2015 due to a decrease 26.9% in licenses and taxes expenses. As of result of the declining cost of sales and general expenses, DART still reached net profit for the year of Rp191.9 billion, an increase of 7.9% compared to the previous year. 422 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Government programs to - Government programs to encourage the development of encourage the development of infrastructure infrastructure - Various deregulation policies - Various deregulation policies including tax reform directly related including tax reform directly related to the property industry to the property industry
  423. idA- DILD PT Intiland Development Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Intiland Tower, Penthouse Fl. Jln. Jend. Sudirman 32 Jakarta 10220 Phone : (021) 570-1912, 570-8088 Fax : (021) 570-0014, 570-0015 Property, Real Estate And Building Construction Property And Real Estate www.intiland.com Theresia Rustandi info@intiland.com PT Intiland Development Tbk. is a leading Indonesian property developer with over 40 years of heritage with primary focus on property development, management, and in ves tmen t. Lis ted on the In don esia Stock Exchange since 1991, Intiland is known to be a trend-setter and innovator in the Indonesian property industry. The Company's portfolio includes mixed-use & high rise developments, townships & landed residentials, industrial estates, and investment properties in strategic locations in the greater Jakarta and Surabaya. Over the years, Intiland has developed some of the nation’s most iconic buildings such as South Quarter, an integrated mixed use development in South Jakarta CBD designed by Tom Wright (of Burj Al Arab fame), The Regatta, a seafront luxury condominium in Pluit, North Jakarta, also designed by Tom Wright, and Intiland Tower Jakarta and Intiland Tower Surabaya, its two flagship office towers in Jakarta and Surabaya designed by the late Paul Rudolph. Intiland’s main township development in Surabaya, Graha Famili, has become one of the city’s most prestigious addresses. Today, Intiland’s diversified real estate portfolio includes residential townships, office towers, high-rise apartments, industrial estates as well as sports and golf club management. In addition to achieving a success in developing a number of prestigious projects, Intiland is also proactive in its contribution to the industrial development as well as social commitment. The company is one of the founders of Green Building Council Indonesia, an exclusive member of Indonesia Health Fund and PT Pembangunan Kota Tua Jakarta. Intiland also runs Intiland Teduh, the company’s program that assists low-income communities to enjoy decent home and environment. Intiland has become the leading lifestyle concept property developer. BOARD OF COMMISSIONERS 1. Cosmas Batubara * 2. Jahja Asikin 3. Lennard Ho Kian Guan 4. Ping Handayani Hanli 5. Thio Gwan Po Micky * 6. Walman Siahaan *) Independent Commissioner BOARD OF DIRECTORS 1. Hendro S. Gondokusumo 2. Archied Noto Pradono 3. Perry Yoranouw 4. Ricky Holil 5. Sinarto Dharmawan 6. Suhendro Prabowo 7. Utama Gondokusumo Negative FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Millions of Rp, Unless Otherwise Stated Dec-2015 404,577 310,454 Dec-2016 473,343 Chg % 17.00 p 243,188 -21.67 q 3,563,994 3,925,515 10.14 p 261,666 257,258 -1.68 q 2,925,607 3,034,100 3.71 p 1,117,921 1,608,377 43.87 p 10,288,572 11,840,060 15.08 p Current Liabilities 3,285,725 3,292,501 Total Liabilities 5,517,743 6,782,582 6,000,000 6,000,000 10,366 10,366 Property, Plant and Equipment Total Assets Trade Payables Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses 225,290 332,695 3,199,507 24,000 2,591,464 250 1,141,402 4,681,562 89,266 243,529 191,263 -42.51 q 4,455,142 24,000 2,591,464 250 1,385,153 4,980,122 5,057,478 2,200,900 2,276,460 89,669 0.21 p 39.24 p 22.92 p -  -  -  -  -  21.36 p 6.38 p 77,356 -13.34 q 4,770,829 1,042,816 8.10 p 1,036,403 6.01 p 3.43 p -0.61 q 173,860 93.89 p 546,225 0.54 p Earning Before Tax 419,201 299,286 -28.61 q Income for the periods 419,044 297,351 -29.04 q Net Income … *) 401,478 298,892 -25.55 q EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 543,303 419,925 0.67 4.07 ROA (%) NPM (%) EBITDA Coverage (X) 19.04 6.06 292,729 -30.29 q 0.88 31.35 p 2.51 -38.34 q 13.06 -31.40 q 3.14 -48.15 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public (<5%) 57.86% 2. Credit Suisse AG Singapore Trust Acc. CL ST Inv. Ltd. 19.89% 3. DB Spore DCS A/C VP Bank AG for Truss I P Pte. Ltd. 12.60% 4. UBS AG Singapore S/A Truss Inv. Partners Pte. Ltd. 9.65% AUDIT COMMITTEE 1. Thio Gwan Po Micky 2. Friso Palilingan 3. Hariawan Pribadi INDONESIA BOND MARKET DIRECTORY 2016-2017 423
  424. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name Outstanding (Rp Million) Obligasi Intiland DILD01B IDA0000595B9 154,000 Development Tahun 2013 Seri B IDA0000744B3 DILD02A Development 2016 162,000 Seri B 10-Jul-13 Issue Date 09-Jul-18 Term Coupon Structure / Coupon Payment Date Trustee 10.00% 09-Jul-17 09-Oct-17 09-Jan-18 PT Bank Mega 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega Period 5 years 30-Jun-16 21-Jun-21 11.00% 5 years Development 2016 428,000 Seri A 30-Jun-16 21-Jun-19 3 years Tbk. 21-Jun-18 21-Sep-17 21-Dec-17 21-Mar-18 10.75% 21-Jun-18 Quarterly Rating / Outlook Tbk. 09-Apr-18 Quarterly Obligasi II Intiland IDA0000744A5 Date Maturity Quarterly Obligasi II Intiland DILD02B Listing A- Negative A- Negative PT Bank Mega Pastikan A- Link Grafik sudah be Tbk. Negative Pastikan Link Grafik sudah be TRADING HIGHLIGHT DILD01B Listing Date ISIN CODE : IDA0000595B9 Jul-13 TRADING ACTIVITIES Volume 75 Frequency 10 Volume 60 8 Frequency Maturity Date Jul-14 Trading Activities, Price and Yield Q1 Volume (Rp bn) 60.00 3 Frequency (X) Jul-16 Jul-17 2016 Q2 6 Jul-18 2017 Q3 Q4 Q1 20.00 - - - - 2 - - - - 2 - - Q2 - - 45 6 Trading days 30 4 CTP Price - High 100.5200 98.7500 N/A N/A N/A N/A 15 2 100.0200 98.7000 N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 99.7622 Last Date 31-Mar enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jul-15 Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 155.84 15-Feb 11-Feb 10.1031 Mod. Duration (yrs) 1.965 Sensitivity (%) 0.020 Convexity (yrs) 4.672 51.95 11-Apr 06-Apr - N/A N/A 99.6635 100.6019 10.1844 9.6254 30-Jun 30-Sep 3.816 3.036 1.772 0.018 1.575 0.016 - N/A N/A - - N/A N/A N/A N/A 99.4576 100.6837 100.9776 10.3871 9.3991 9.0070 30-Dec 31-Mar 22-Jun 2.313 1.692 1.209 1.366 0.014 1.157 0.012 0.966 0.010 This series will mature on 9 Jul 2018, had average turnover of 34.63% per quarter and traded in 5 trading days during 2016 to Q2-2017 period. The market price forPastikan this seriesLink Grafik sudah be observed through the Centralized Trading Platform (CTP) was 98.7000% at the lowest and peaked at 100.5200%. While the IBPA fair price for this series was between 96.2960% and 101.3926%. Pastikan Link Grafik sudah be 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 424 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  425. DILD02B ISIN CODE : IDA0000744B3 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jun-17 Trading Activities, Jun-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A - - - - N/A N/A - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 103 12.0 101 11.0 99 10.0 97 9.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 2 Q3-16 Jun-21 Q1 3 Q2-16 Jun-20 2016 3 Q1-16 Jun-19 Price and Yield Trading days N/A - N/A - - Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 102.5769 N/A 30-Sep N/A N/A N/A N/A 10.3067 3.679 16.493 0.037 N/A N/A N/A N/A N/A 99.4324 102.9498 102.9549 11.1621 10.1278 3.505 3.374 30-Dec 14.946 0.035 31-Mar 13.742 0.034 10.0958 22-Jun 3.155 12.260 0.032 This series was listed since 30 June 2016 with a maturity date on 21 June 2021 and has a fixed interest rate of 11.000% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 97.3191% - 103.5776% and on the other side IBPA’s Yield range between 9.9738% - 11.7621%. The outstanding for this series since issuance date were noted at Rp162.00 billion. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM DILD02A Listing Date ISIN CODE : IDA0000744A5 1000 800 Jun-16 TRADING ACTIVITIES Volume Frequency 40 Volume 32 Frequency Trading Activities, Maturity Date Jun-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A 829.00 222.40 34.00 N/A 9 9 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 400 16 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 8 - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 12.0 100 11.0 98 10.0 96 9.0 94 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-19 2017 Price and Yield 24 200 Jun-18 2016 600 enar >> enar >> Jun-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 37 774.77 34 Q2 8 55.80 6 1 207.85 31.78 52.15 19-Oct 27-Jan 27-Apr 19-Oct 06-Feb 27-Apr 101.1000 101.0000 101.7500 101.5000 29-Sep 98.5000 24-Aug 99.5000 100.0000 100.0000 100.4210 100.8240 101.7999 101.9761 10.5712 10.3710 2.353 2.168 30-Sep 6.568 0.024 9.8324 9.6599 30-Dec 31-Mar 22-Jun 5.575 4.644 3.775 0.022 1.977 0.020 1.758 0.018 This series was actively traded from 30 June 2016 and will be matured on 21 June 2019. This series was traded with total volume reached Rp1051.40 billion in 2016, while throughout 2017, this series reached at Rp89.8 billion. The CTP market price for this series during the period was 101.7500% at the highest. Meanwhile, IBPA fair price was ranging from 97.3412% to 102.1405%. On the other side, IBPA yield for this series were 9.5808% at the lowest and 11.9563% at the highest. By the end of June 2017, the outstanding amount of this series was Rp428.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 425
  426. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 DILD01B 60 20 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 51.9% DILD02B DILD02A 829 - 426 100 200 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 400 245.7% 222 500 600 700 800 900 1,000 1,100
  427. IBPA ANALYTICAL REVIEW Description PT Intiland Development Tbk (DILD) is engaged in property development and investment activities. The company’s business is classified into real estate development, commercial property rental, industrial estate management, hotel and sport facilities operation. Peer Group No. Company Total Revenue 1. PT Modernland Realty Tbk. 2. PT Intiland Development Tbk. 3. PT PP Properti Tbk. 5. PT Duta Anggada Realty Tbk. Historical Corporate Ratings reserve and is supported by 1,543 employees. Most No. and Surabaya areas, while its industrial estate is located in Mojokerto, East Java. By the end of 2016, its shareholders have been Credit Suisse Singapore Trust (19.89%), DB Spore DCS (12.60%), UBS AG Singapore (9.65%), and Public (57.86%). Revenue 13.1 1,498 28.2 3.4 17.0 755 42.8 (12.7) 25.4 (10.4) Financial Statement as of Fiscal Year 2016 The company currently also has 2,106 hectare of land of its projects are strategically located in the Jakarta 2,276 2,150 4. PT Ciputra Residence Currently, the company has been developing more than 50 diverse projects with 9 product portfolios. Net Profit (Rp Bill) Margins (%) Growth (%) 2,465 20.3 (16.8) Rating Agency Rating 1. Pefindo idA- 3. Pefindo idA 2. Pefindo 4. Pefindo Rating Status Rating Date Outlook Affirmed 11-Apr-17 Negative Affirmed 10-Apr-15 Stable idA- Downgraded* idA Affirmed 13-Apr-16 8-Apr-14 Negative Stable *Due to weaker capital structure and cash flow protection ratios following a weaker than expected sales realization. SWOT Analysis S W trengths eaknesses - Strong market position in the - Aggresive capital structure property industry - Weaker cash flow protection ratios - Favorable assets quality - Low contribution from recurring - Sizeable land bank income O T Financial Analysis DILD made moderate year on year revenue growth in 2016 by 3.43% from Rp2.20 trillion to Rp2.28 trillion. The modest growth in revenue was due to declining the company’s main revenue source of income (property sales) by 2.30% from Rp1.97 trillion to Rp1.93 trillion. Despite the declining property sales, the company recorded strong growth in rental revenue which was up by 53.39% from Rp226.60 billion to Rp347.59 billion. In the operating cost side, the company posted an increase by 7.94% from Rp585.67 billion to Rp632.15 billion. However the company’s net profit slumped by 29.04% from Rp419.04 billion to Rp297.35 billion. The declining in profit was also because of higher interest expense which was up by 93.89% from Rp89.67 billion to Rp173.86 billion. That was due to increasing liabilities pportunities hreats - Supportive government policy for - Supportive government policy for property sector property sector - A large populations and the - A large populations and the urbanization trend urbanization trend - Opportunity to acquisitions of land - Opportunity to acquisitions of land development and real estate companies development and real estate companies by 22.92% to Rp6.78 trillion. Higher liabilities was also reflected in higher Debt to Equity Ratio from 60.66% to 80.70%. INDONESIA BOND MARKET DIRECTORY 2016-2017 427
  428. idA DNRK PT Danareksa (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Finance Others www.danareksa.com Donny Susatio Adjie donnysa@danareksa.com, cs@danareksa.com History of PT Danareksa (Persero) is closely related to the history of the Indonesian Capital Market, which began in 1912, with the establishment of. The stock exchange was the pioneer of stock exchange industry in Southeast Asia. Due to the World War II, Batavia Stock Exchange was closed and reopened in 1952. After a few years, the Stock Exchange was inactive since 1958 due to lack of transactions. Later, President Suharto inaugurated the opening of the Jakarta Stock Exchange at Danareksa Building on August 10, 1977, as a symbol of capital market reactivation in Indonesia. PT Semen Cibinong was the first company listed by PT Danareksa (Persero) on the exchange in 1977. PT Danareksa (Persero) also issued Danareksa Certificate for PT Semen Cibinong’s shares worth Rp10,000 per certificate. In 1992, PT Danareksa (Persero) conducted organization restructuring by establishing three subsidiaries with PT Danareksa (Persero) as the parent company. The three subsidiaries are PT Danareksa Sekuritas, which is engaged in the underwriting, financial advisory and securities brokerage; PT Danareksa Investment Management, which is engaged in fund management (mutual fund) and PT Danareksa Finance, which is engaged in financing sector. Along with the development of business and customers’ needs, PT Danareksa (Persero) founded PT Danareksa Capital in 2010, with a primary focus on investment and private equity. Advantages and Added Values 1. Proven experience in the Capital Market. Danareksa has more than 39 years of experience in settlement and execution of transactions in the Capital Market, with a total of more than Rp100 trillion of funds raised from the Indonesian Capital Market. 2. Fully owned by the Government and synergy of SOEs. Danareksa is 100% owned by the Government of Indonesia, by conducting and settling transactions independently, and in synergy with other SOEs to assist clients. 3. Comprehensive products and services. A non-banking financial institution with the most comprehensive products and services (financial advisory services, underwriters, securities brokers, direct financing, investment managers, private equity, multifinance and treasury). 4. Diversified funding alternatives. Danareksa provides funding directly or indirectly, through Money Market and Capital Market, with equity instruments, debt instruments or a combination of both. 5. Experienced team and inter-group synergy. Danareksa has a dedicated and experienced team of more than 39 years in the Capital Market, as well as intergroup synergies with a focus on continuity and growth of client. 6. Top Rank in various Capital Market Activities; with awards from leading media and institutions. 7. Danareksa has close ties with various parties and Capital Market players. Danareksa has proven experience in interacting with Indonesia Stock Exchange, Bank Indonesia, OJK, KSEI, KPEI and cooperation with local and foreign financial institutions. BOARD OF DIRECTORS 1. Heru D. Adhiningrat 2. Bondan Pristiwandana 3. Marciano H. Herman 428 INDONESIA BOND MARKET DIRECTORY 2016-2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Positive ADDRESS Danareksa Building Jln. Medan Merdeka Selatan No. 14 Jakarta 10110 Phone : (021) 29-555-777, 29-555-888 Fax : (021) 350-1712 Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 1,788,102 1,763,700 -1.36 q 96,734 141,578 46.36 p 445,800 Receivables Inventories 776,654 Current Assets Property, Plant and Equipment 612,043 475,382 Chg % 6.64 p 617,531 -20.49 q 609,198 -0.46 q Total Assets 3,719,334 3,607,389 -3.01 q Total Liabilities 2,469,737 2,236,621 -9.44 q 2,800,000 2,800,000 1 1 Fund Borrowings Authorized Capital (Mil. Sh) 2,035,337 3 Authorized Capital Paid up Capital 701,480 Paid up Capital (Mil. Sh) 1,672,055 -17.85 q 3 701,480 Par Value (Rp) 1,000,000 1,000,000 Total Equity …*) 1,249,473 1,370,629 Retained Earnings Non Controlling Interest 40,696 -  -  -  -  148,422 264.71 p 9.70 p 1,249,597 139 1,370,768 12.84 p Total Revenues 602,193 636,942 5.77 p Interest Expenses 217,952 191,332 -12.21 q Total Equity INCOME STATEMENTS Expenses 124 -  279,778 300,251 Operating Profit 104,463 145,358 Earning Before Tax 113,078 148,606 78,675 116,259 78,665 116,242 Other Income (Expenses) EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 8,614 338,012 504,659 1.98 2.12 13.06 1.55 9.70 p 7.32 p 39.15 p 3,248 -62.30 q 348,162 31.42 p 3.00 pLink Grafik sudah be Pastikan 47.77 p 121,172 -75.99 qLink Grafik sudah be Pastikan 47.77 p 1.63 -17.44 q 3.22 52.36 p 1.82 17.33 p 18.25 39.71 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia AUDIT COMMITTEE 1. Dyah Kartika Rini 2. Djasriadi 3. Imbuh Sulistyarini BOARD OF COMMISSIONERS 1. Dyah Kartika Rini 2. Eko Sulistyo *) Independent Commissioner 100.00%
  429. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name DNRK01BCN1 Berkelanjutan I (Rp Million) Danareksa Tahap I DNRK01BCN2 Berkelanjutan I 375,000 Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 8.80% 09-Jul-17 09-Oct-17 09-Jan-18 PT Bank Mega 16-Sep-17 16-Dec-17 16-Mar-18 PT Bank Mega 16-Sep-17 16-Dec-17 - PT Bank Mega Period 10-Jan-13 09-Jan-18 5 years Tahun 2012 Seri B Obligasi 250,000 17-Dec-14 16-Dec-19 11.00% 5 years Obligasi Berkelanjutan I 250,000 IDA0000655A3 Danareksa Tahap II Tahun 2014 Seri A 17-Dec-14 16-Dec-17 10.50% 3 years Tbk. 16-Jun-18 Quarterly Tbk. - Quarterly Rating / Outlook Tbk. - Quarterly IDA0000655B1 Danareksa Tahap II Tahun 2014 Seri B DNRK01ACN2 Listing Obligasi IDA0000567B8 A Positive A Positive A Positive TRADING HIGHLIGHT DNRK01BCN1 Listing Date ISIN CODE : IDA0000567B8 30 24 Jan-13 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Maturity Date Jan-14 Trading Activities, Price and Yield Jan-15 Jan-16 Jan-17 2016 Q1 Volume (Rp bn) Q2 Q3 Q4 Q1 Q2 4.00 16.00 - 29.00 20.00 1 1 - 4 4 4 Frequency (X) Jan-18 2017 4 - 5 10 9.00 3 2 18 9 Trading days 12 6 CTP Price - High 97.4000 100.8500 N/A CTP Price - Low 97.0000 100.3500 N/A IBPA Fair Price 98.2548 98.6205 99.3583 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.062 2.348 1.716 1.167 0.720 0.405 6 - enar >> enar >> Outstanding 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.27 17.07 18-Feb 16-Jun 18-Feb 9.8672 Mod. Duration (yrs) 1.587 Sensitivity (%) 0.016 Convexity (yrs) 16-Jun 9.7830 1.381 0.014 - N/A N/A 9.3378 1.169 0.012 30.93 21.33 9.60 16-Feb 15-Jun 07-Mar 21-Jun 100.3000 100.9800 100.2400 08-Dec 96.8100 30-Nov 99.9000 100.0000 99.0676 100.0908 100.2780 9.7645 0.949 0.009 8.6418 0.725 0.007 8.2687 0.520 0.005 This series will mature on 9 January 2018, had average turnover of 13.87% per quarter and traded in 12 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 96.8100% at the lowest and peaked at 100.9800%. While the IBPA fair price for this series was between 95.1058% and 100.2780%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 429
  430. DNRK01BCN2 Listing Date ISIN CODE : IDA0000655B1 TRADING ACTIVITIES Volume 75 60 Dec-14 Frequency 10 Volume 8 Frequency Maturity Date Dec-15 Dec-17 Dec-18 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - Dec-19 - - Q2 60.00 - 6 1 45 6 Trading days 30 4 CTP Price - High N/A N/A N/A N/A N/A 104.6000 CTP Price - Low N/A N/A N/A N/A N/A 103.9000 2 15 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Price 105 PRICE AND YTM MOVEMENT YTM (%) 13.0 103 12.0 101 11.0 99 10.0 97 9.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A Date Date IBPA Fair Price IBPA Fair Yield (%) enar >> Dec-16 Last Date Mod. Duration (yrs) Convexity (yrs) N/A - - N/A - N/A N/A N/A N/A N/A - 96.00 N/A 21-Apr N/A 21-Apr 101.6893 101.5506 103.1293 100.6161 102.7501 102.8645 10.4336 10.4586 3.009 2.844 31-Mar 10.889 0.030 Sensitivity (%) 9.8498 10.7524 2.680 2.491 30-Jun 30-Sep 9.692 8.576 0.028 0.027 9.8175 9.6874 30-Dec 31-Mar 22-Jun 7.409 6.397 5.523 0.025 2.317 2.155 0.023 0.022 This series was listed since 17 December 2014 with a maturity date on 16 December 2019 and has a fixed interest rate of 11.000% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 96.7740% - 103.5450% and on the other side IBPA’s Yield range between 9.6105% - 12.0376%. The outstanding for this series since issuance date were noted at Rp250.00 billion. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM DNRK01ACN2 Listing Date ISIN CODE : IDA0000655A3 TRADING ACTIVITIES Volume 225 180 Dec-14 Frequency 10 Volume 8 Frequency Trading Activities, Dec-16 Dec-17 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) - - 204.00 - 2.00 - - - 2 - 1 - Frequency (X) - Turnover Ratio (%) - - Q3 Q4 6 - Q1 Q2 2 - 6 Trading days 90 4 CTP Price - High N/A N/A 103.0000 N/A 101.5200 N/A 45 2 N/A N/A 100.0000 N/A 101.5000 N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 430 Dec-15 135 enar >> enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date N/A N/A 326.40 01-Sep 30-Sep - N/A N/A 3.20 03-Feb 03-Feb - N/A N/A 101.0145 101.0115 101.3459 100.7206 101.2033 101.0482 9.8273 9.7458 9.3086 9.7011 8.6885 8.2619 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.874 2.185 1.577 1.053 0.628 0.334 Mod. Duration (yrs) 1.543 Sensitivity (%) 0.015 Convexity (yrs) - 1.336 0.013 1.123 0.011 0.902 0.009 0.675 0.007 0.467 0.005 This bond listed with nominal value of Rp250 billion and interest rates of 10.50% per annum. This bond was effective from 17 December 2014 to 16 December 2017. In 2016, average trading volume amounted to Rp51 billion/quarter with average while during the first semester of 2017 decreased to Rp1.0 billion/quarter. Based on the market price (Centralized Trading Platform), this bond was traded between 100.0000% and 103.0000% while IBPA fair price recorded at range 98.2151% - 101.6521%.
  431. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 DNRK01BCN1 4 16 Q2-2016 29 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 13.1% DNRK01BCN2 DNRK01ACN2 204 - 50 100 81.6% 150 200 250 300 350 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 431
  432. IBPA ANALYTICAL REVIEW Description PT Danareksa (Persero) is a state owned company (100% of shares owned by the government of Indonesia) and was established in 1976. Danareksa is a holding company that has four subsidiaries Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 2,287 (1.7) 17.1 1. PT MNC Kapital Indonesia Tbk. 2. PT Danareksa (Persero) 637 18.3 5.8 engaging in various financial services business. The four subsidiaries of the company include PT Financial Statement as of Fiscal Year 2016 Danareksa Sekuritas that provides securities trading, brokerage, and underwriter business. PT Danareksa Investment Management that engages in fund and Historical Corporate Ratings portfolio management services such as mutual fund, No. third party fund management, and mortgage management. PT Danareksa Finance that offers financing and leasing. And PT Danareksa Capital which provides direct investment, fund creation, financial advisory, and private equity services. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA Affirmed 11-Oct-16 Positive 3. Pefindo idA Affirmed 9-Oct-12 Stable 2. Pefindo 4. Pefindo 5. Pefindo idA idA idA Affirmed 2-Oct-14 Affirmed 22-Jun-12 Affirmed 1-Nov-11 Stable Stable Negative By the end of 2016, the company has 34 marketing and distribution networks across Indonesia and is also supported by 392 employees. SWOT Analysis S trengths W eaknesses - Strong support from government - High exposure on capital market of Indonesia volatility - Strong relationships with other - Unstable revenue stream government institutions and State Owned Enterprise (SOE) Financial Analysis The company booked total revenue of Rp636.94 - Strong liquidity and financial flexibility billion in 2016, a small increase from 2015 that reached Rp602.19 billion. The increase in total revenue was driven by gain on trading marketable securities that rocketed by 827.54% from Rp5.12 billion in 2015 to Rp47.49 billion in 2016. The company also recorded an increase in underwriting and securities selling revenue by 95.97% from Rp38.15 billion to Rp74.75 billion. In terms of expenses, the company booked lower financing expense from Rp217.95 billion to Rp191.33 billion. Additionally, operating expense was down slightly by 1.23% to Rp491.58 billion. As a result, operating income increased by 39.15% from Rp104.46 billion in 2015 to Rp145.36 billion in 2016. At the bottom line, net profit improved by 47.77% from Rp78.68 billion to Rp116.26 billion. 432 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Strong possibility of DNRK to - Strong possibility of DNRK to become an investment holding for become an investment holding for state owned financial companies state owned financial companies - Still low level of financial literacy - Still low level of financial literacy - Financial Services Authority (OJK) - Financial Services Authority (OJK) commitment to widen domestic commitment to widen domestic investor base investor base
  433. EXCL PT XL Axiata Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : AAA(idn) Stable June 2017 ADDRESS grhaXL Jln. DR. Ide Anak Agung Gde Agung Lot. E4 - 7 No. 1 Kawasan Mega Kuningan, Jakarta Selatan 12950 Phone : (021) 576-1881 Fax : (021) 5795-9928 Infrastructure, Utilities And Transportation Telecommunication www.xl.co.id Murni Nurdini murni@xl.co.id Initially starting business as a trading and general services company established on 6 October 1989 under the name of PT Grahametropolitan Lestari. In 1996, XL entered the telecommunications field after obtaining a GSM 900 operating license and officially launching its GSM services, becoming the first private company in Indonesia to provide cellular mobile telephony services. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 3,311,867 Receivables Inventories Current Assets Property, Plant and Equipment Later on, following a cooperation agreement with the Rajawali Group and three foreign investors (NYNEX, AIF and Mitsui), the Company’s name was changed to PT Excelcomindo Pratama. In September 2005, XL launched an Initial Public Offering (IPO) and listed its shares on the Jakarta Stock Exchange now known as the Indonesia Stock Exchange (IDX). At that time, XL was a subsidiary of Indocel Holding Sdn. Bhd., which is now known as Axiata Investment (Indonesia) Sdn. Bhd., which all shares owned by TM International Sdn.Bhd., (“TMI”) through TM International (L) Limited. In 2009, TMI changed its name to Axiata Group Berhad (“Axiata”) which later in the same year PT Excelcomindo Pratama Tbk. also changed its name to PT XL Axiata Tbk. for synergy purpose. Total Assets As a leading market player in Indonesia, XL provides services for retail customers and offers business solutions to corporate customers with wide network and service coverage throughout Indonesia. The services include Data, Voice, SMS and other value added digital services. XL operates its network on GSM 900/DCS 1800 and IMT2000/3G technologies. XL also holds a Content Provider License, Internet Services Provider (ISP), Internet Interconnection Services License, Voice Over Internet Protocol License, Leased Line License, Money Remittance as well as E-Money Issuer License from the Central Bank of Indonesia, which enables XL to provide remittance service to its subscribers. Non Controlling Interest Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) 33,426,750 58,844,320 15,748,214 20,055,922 44,752,685 22,650 Paid up Capital Par Value (Rp) Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax *) Independent Commissioner BOARD OF DIRECTORS 1. Dian Siswarini 2. Abhijit Navalekar 3. Allan Bonke 4. Mohamed Adlan bin Ahmad Tajudin 5. Willem Lucas Timmermans 6. Yessie D. Yosetya 33,182,920 54,896,286 14,477,038 -8.07 q 33,687,141 -24.73 q 22,650 2,265,000 2,265,000 8,541 10,688 7,605,052 -0.73 q -6.71 q 14,670,767 -26.85 q 1,068,796 100 100 8,001,601 -  -  25.13 p 25.13 p -  5.21 p 14,091,635 21,209,145 50.51 p 14,091,635 21,209,145 50.51 p 22,876,182 21,341,425 -6.71 q 1,517,890 1,606,528 - 22,876,182 - 21,341,425 -  -6.71 q 5.84 p 19,736,905 19,654,551 -0.42 q -630,526 185,581 N/A p -25,338 375,516 N/A p -25,338 375,516 N/A p 3,139,277 EBITDA BOARD OF COMMISSIONERS 1. Muhamad Chatib Basri 2. David R. Dean * 3. Kenneth Shen 4. Mohd Khairil Abdullah 5. Muliadi Rahardja * 6. Peter J. Chambers 7. Tan Sri Jamaludin bin Ibrahim 8. Vivek Sood 9. Yasmin Stamboel Wirjawan * 161,078 103.95 p 6,806,863 -32.95 q 854,138 Paid up Capital (Mil. Sh) Total Equity …*) 662,711 -28.05 q 78,979 10,151,586 Chg % 1,399,910 -57.73 q 921,042 Authorized Capital Retained Earnings Dec-2016 Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 1,686,874 -46.27 q 8,393,044 7,871 1.42 -0.04 ROA (%) NPM (%) EBITDA Coverage (X) -0.11 5.53 -60,292 N/A q 396,549 4,938.10 p 0.69 -51.40 q 0.68 N/A p -0.04 N/A q 1.76 N/A p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Axiata Investments (Indonesia) Sdn. Bhd. 2. Public 66.36% 33.34% AUDIT COMMITTEE 1. Yasmin Stamboel Wirjawan 2. Haryanto Thamrin 3. Paul Capelle INDONESIA BOND MARKET DIRECTORY 2016-2017 433
  434. AS OF JUNE 2017 No . CODE ISIN CODE Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Sukuk Ijarah SIEXCL01DCN1 Berkelanjutan I XL 1. Axiata Tahap I IDJ0000072D6 425,000 03-Dec-15 02-Dec-22 7 years Tahun 2015 Seri D 323,000 03-Dec-15 02-Dec-20 5 years Tahun 2015 Seri C 4. SIEXCL01ECN2 IDJ0000088E0 Rp110M /Billion p.a. 02-Sep-17 02-Dec-17 02-Mar-18 PT Bank Mega 02-Sep-17 02-Dec-17 02-Mar-18 PT Bank Mega 02-Sep-17 02-Dec-17 02-Mar-18 PT Bank Mega Tbk. Stable Pastikan Link Grafik sudah be 28-Jul-17 28-Oct-17 28-Jan-18 PT Bank Mega Pastikan Link Grafik sudah be AAA 28-Jul-17 28-Oct-17 28-Jan-18 PT Bank Mega 28-Jul-17 28-Oct-17 28-Jan-18 PT Bank Mega 28-Jul-17 28-Oct-17 28-Jan-18 PT Bank Mega 08-Aug-17 08-Nov-17 08-Feb-18 PT Bank Mega Rp105M /Billion p.a. Rp102.5M /Billion 258,000 03-Dec-15 02-Dec-18 3 years p.a. Quarterly Sukuk Ijarah Ijarah Fee Berkelanjutan I XL Axiata Tahap II 336,000 02-May-17 28-Apr-27 10 years Tahun 2017 Seri E Rp75.400.000.000 p.a. Quarterly Ijarah Fee Sukuk Ijarah 7. Trustee Tahun 2015 Seri B SIEXCL01DCN2 Berkelanjutan I XL 5. Axiata Tahap II IDJ0000088D2 6. Date Period Quarterly Sukuk Ijarah SIEXCL01BCN1 Berkelanjutan I XL 3. Axiata Tahap I IDJ0000072B0 Coupon Payment Quarterly Sukuk Ijarah SIEXCL01CCN1 Berkelanjutan I XL 2. Axiata Tahap I IDJ0000072C8 Coupon Structure / 260,000 02-May-17 28-Apr-24 7 years Rp75.400.000.000 p.a. Tahun 2017 Seri D Quarterly Sukuk Ijarah Ijarah Fee SIEXCL01CCN2 Berkelanjutan I XL Axiata Tahap II IDJ0000088C4 142,000 02-May-17 28-Apr-22 5 years Rp12.425.000.000 p.a. Tahun 2017 Seri C Quarterly Sukuk Ijarah Ijarah Fee SIEXCL01BCN2 Berkelanjutan I XL Axiata Tahap II IDJ0000088B6 402,000 02-May-17 28-Apr-20 3 years Tahun 2017 Seri B p.a. Quarterly Ijarah Fee Sukuk Ijarah SIEXCL01ACN2 Berkelanjutan I XL 8. Axiata Tahap II IDJ0000088A8 Rp33.768.000.000 1,040,000 02-May-17 Tahun 2017 Seri A 08-May-18 370 days Rp75.400.000.000 p.a. Quarterly 02-Jun-18 02-Jun-18 02-Jun-18 28-Apr-18 28-Apr-18 28-Apr-18 28-Apr-18 08-May-18 Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 434 INDONESIA BOND MARKET DIRECTORY 2016-2017
  435. TRADING HIGHLIGHT SIEXCL01DCN1 ISIN CODE : IDJ0000072D6 100 Frequency 15 Volume 80 12 Frequency Maturity Date Dec-16 Trading Activities, Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 2016 Price and Yield Q1 Volume (Rp bn) - 85.40 9.40 53.00 78.00 - - 3 1 2 4 - Frequency (X) - Turnover Ratio (%) - Q2 Dec-22 2017 Q3 14 Q4 2 Q1 4 Q2 6 - 60 9 Trading days 40 6 CTP Price - High N/A 107.7000 110.6059 110.2292 109.2000 N/A 20 3 N/A 107.0000 110.5959 109.3648 104.0000 N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 113 PRICE AND YTM MOVEMENT YTM (%) 12.0 110 11.0 107 10.0 104 9.0 101 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 80.38 8.85 49.88 73.41 15-Jun 28-Sep 04-Oct 10-Feb 26-Apr 28-Sep 20-Oct 06-Feb - N/A N/A 106.9443 107.6333 110.2522 106.6528 110.7370 111.3640 9.5721 9.4018 8.8265 9.5160 8.5811 8.3781 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 28.416 26.885 25.506 23.619 22.343 21.036 4.729 0.047 4.615 0.046 4.514 0.045 4.345 0.043 4.247 0.042 4.136 0.041 The Bonds issued with nominal value of Rp425.00 billion and interest rates of 11.00% per annum. This bond is effective from 03 December 2015 to 02 December 2022. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 107.0000% - 110.6059%, while in first semester 2017 this bond was traded between 104.0000% and 109.2000%. In first semester 2017, IBPA fair price recorded at range 106.6833% - 111.5188%. During 2016 this bond was traded with volume amounting to Rp147.80 billion and transacted 20 times, meanwhile in a half of year 2017 recorded by Rp78.00 billion and transacted 6 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIEXCL01CCN1 Listing Date ISIN CODE : IDJ0000072C8 Dec-15 TRADING ACTIVITIES Volume 225 Frequency 10 Volume 180 8 Frequency Maturity Date Dec-16 Trading Activities, Dec-17 Price and Yield Q1 Volume (Rp bn) 201.60 3 Frequency (X) Dec-18 Dec-19 2016 Q2 8 Dec-20 2017 Q3 Q4 2.10 - - 45.00 - 1 - - 2 - 1 - - Q1 Q2 7 - 135 6 Trading days 90 4 CTP Price - High 100.5300 107.6000 N/A N/A 105.4450 N/A 45 2 100.2500 107.6000 N/A N/A 105.0000 N/A - - CTP Price - Low IBPA Fair Price 104.1829 104.5960 106.5472 103.7530 106.4949 106.5997 enar >> enar >> Dec-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 12.0 107 11.0 104 10.0 101 9.0 8.0 98 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 249.66 2.60 24-Feb 15-Jun 12-Feb 15-Jun 9.3746 9.2209 - N/A N/A 8.6136 - N/A N/A 9.3441 55.73 10-Mar 09-Jan 8.4145 - N/A N/A 8.2767 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 16.269 14.893 13.598 12.159 10.953 9.863 3.657 0.037 3.507 0.035 3.361 0.034 3.180 0.032 3.026 0.030 2.879 0.029 This series will mature on 2 December 2020, and was traded in 6 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp41.45 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.2500% at the lowest and peaked also at 107.6000%. While the IBPA fair price for this series was valued between 98.0040% and 107.6420%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 435
  436. SIEXCL01BCN1 Listing Date ISIN CODE : IDJ0000072B0 Dec-15 TRADING ACTIVITIES Volume 150 Frequency 10 Volume 120 8 Frequency Dec-16 Trading Activities, Dec-17 Dec-18 2016 Q2 2017 Price and Yield Q1 Volume (Rp bn) 10.00 141.00 2.00 26.00 6.00 1 2 1 3 1 2 Frequency (X) Q3 3 Q4 2 Q1 8 Q2 4.00 6 4 2 90 6 Trading days 60 4 CTP Price - High 100.2600 100.1300 103.8000 103.5400 103.3500 103.2300 CTP Price - Low 100.2500 100.0000 103.7000 103.2670 102.6200 103.1800 IBPA Fair Price 102.7188 102.8074 103.6380 102.2094 103.4878 Pastikan 103.2230Link Grafik sudah be 2 30 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Maturity Date Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 15.50 218.60 3.10 40.31 9.30 6.20 12-Feb 01-Apr 06-Sep 10-Oct 06-Jan 07-Jun 12-Feb 06-Apr 06-Sep 20-Dec 06-Jan 18-May 7.9795 7.8646 1.516 1.329 0.015 0.013 9.0780 8.3975 8.9822 30-Jun 30-Sep 30-Dec 6.310 5.330 4.419 3.550 Mod. Duration (yrs) 2.303 Sensitivity (%) 0.023 Convexity (yrs) 8.9452 31-Mar 2.116 0.021 1.924 0.019 1.719 0.017 31-Mar Pastikan 22-JunLink Grafik sudah be 2.785 2.165 This series listed on 03 December 2015, and matured on 02 December 2018. This series issued with nominal amount of Rp258.00 billion and have fixed interest rate per annum at 10.25%. Average trading volume for this series reached Rp44.75 billion/quarter on 2016 and decreased to Rp5.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.0000% – 103.8000% while the IBPA fair price was between 99.2359% – 104.4442%. The IBPA fair yield for this series was between 7.7013% – 10.5559%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIEXCL01ECN2 Listing Date ISIN CODE : IDJ0000088E0 TRADING ACTIVITIES Volume 250 200 May-17 Frequency 45 Volume 36 Frequency Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 243.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 18 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 May-26 2017 Q2 100 Q1-16 Nov-24 Q1 N/A - May-23 Price and Yield Trading days 9 Nov-21 2016 27 enar >> 436 Trading Activities, May-20 150 50 enar >> Nov-18 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 43 9 289.29 N/A 102.6000 N/A 100.0000 N/A 102.8255Link Grafik sudah be Pastikan N/A 22-JunLink Grafik sudah be Pastikan N/A N/A N/A N/A N/A N/A 08-Jun 02-May 8.9641 6.349 53.669 0.064 This series will mature on 28 April 2027, and was traded in 9 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp40.50 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked also at 102.6000%. While the IBPA fair price for this series was valued between 99.9395% and 102.9210%.
  437. SIEXCL01DCN2 ISIN CODE : IDJ0000088D2 5 4 Frequency 5 Volume 4 Frequency May-19 Trading Activities, Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q3 2 Q4-16 May-23 Q2 N/A Q3-16 May-22 Q1 Trading days Q2-16 May-21 Price and Yield 3 Q1-16 May-20 2016 3 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A 103.5154 N/A 22-Jun N/A 31.612 N/A 8.4184 N/A 5.032 N/A 0.050 This series has an outstanding amounted to Rp260 billion with fixed coupon per annum at 9.10%. Since this series listed on 2 May 2017 until the end of June 2017, there was not transaction. IBPA valued the fair prices for this series were 99.4216% for the lowest and 103.5154% for the highest. At the same period, the fair yield for this series was ranging from 8.4184% to 9.2128%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIEXCL01CCN2 Listing Date ISIN CODE : IDJ0000088C4 75 60 May-17 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date May-18 Trading Activities, May-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 30 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 Trading days 1 May-21 Price and Yield 3 15 May-20 2016 45 enar >> enar >> Maturity Date May-17 May-18 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 61.00 2 2 171.83 N/A 100.0000 N/A 100.0000 N/A 101.5149 N/A 22-Jun N/A 18.107 N/A N/A N/A N/A N/A 03-May 03-May 8.3654 3.880 0.039 This bond series was first listed on 02 May 2017 and will be matured on 28 April 2022. The series was actively traded in Q2-2017 with 2 days of total trading days during the trading period. The total trading volume reached Rp61.00 billion and the total trading frequency was 2 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 100.0000% or above its fair lowest price valued by IBPA at 99.5966%. On the other hand, the highest market price was 100.0000% or below its IBPA fair highest price at 101.7166%. The yield valued by IBPA was 8.3153% at the lowest, and 8.8506% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 437
  438. SIEXCL01BCN2 Listing Date ISIN CODE : IDJ0000088B6 May-17 TRADING ACTIVITIES Volume 30 Frequency 10 Volume 24 8 Frequency Nov-17 Trading Activities, May-18 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 12 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q2 N/A - Nov-19 Q1 Trading days enar >> May-19 Price and Yield 6 2 Nov-18 2016 18 6 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 29.00 N/A N/A 7 4 28.86 N/A 100.8000 N/A 99.9300 N/A 100.4951 N/A 22-Jun N/A 7.270 N/A N/A N/A N/A 16-Jun 10-May 8.2014 2.483 N/A 0.025 This series has an outstanding amount of Rp402 billion with fixed coupon per annum at 8.40%. Since this series listed on 2 May 2017 until the end of June 2017, this series has transacted 7 times with total volume was Rp29 billion. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 99.9300% - 100.80000%. Meanwhile, IBPA valued the fair prices for this series were 99.8342% for the lowest and 100.7667% for the highest. At the same period, the fair yield for this series was ranging from 8.0956% to 8.4628%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIEXCL01ACN2 Listing Date ISIN CODE : IDJ0000088A8 TRADING ACTIVITIES Volume 1500 1200 May-17 Frequency 75 Volume 60 Frequency Trading Activities, Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 1295.30 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 600 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 May-18 2017 Q1 N/A - Feb-18 Price and Yield Trading days 15 Nov-17 2016 45 enar >> 438 Aug-17 900 300 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 73 15 498.19 N/A 100.3141 N/A 99.8700 N/A 100.3458 N/A 22-Jun N/A 0.921 N/A N/A N/A N/A N/A 20-Jun 16-May 6.8363 0.837 0.008 This bond series was first listed on 02 May 2017 and will be matured on 08 May 2018. The series was actively traded in Q2-2017 with 15 days of total trading days during the trading period. The total trading volume reached Rp1.30 trillion and the total trading frequency was 73 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 99.8700% or above its fair lowest price valued by IBPA at 99.8662%. On the other hand, the highest market price was 100.3141% or below its IBPA fair highest price at 100.3458%. The yield valued by IBPA was 6.8363% at the lowest, and 7.3914% at the highest.
  439. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SIEXCL01DCN1 Q2-2016 85 Q3-2016 9 SIEXCL01CCN1 53 Q4-2016 10 - 63.1% 141 50 26 100 Turnover 34.8% 202 SIEXCL01BCN1 Outstanding in Year 2016 150 69.4% 200 250 300 350 400 450 INDONESIA BOND MARKET DIRECTORY 2016-2017 439
  440. IBPA ANALYTICAL REVIEW Description EXCL started its business as a trading and general services company established on 6 October 1989 under the name of PT Grahametropolitan Lestari . In 1996, XL entered the telecommunications field after obtaining a GSM 900 operating license and officially Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 116,333 25.1 13.5 1. PT Telkom Indonesia (Persero) Tbk. 2. PT Indosat Tbk. 29,185 3. PT XL Axiata Tbk. 4.4 21,341 9.0 1.8 (6.7) launching its GSM services, becoming the first private company in Indonesia to provide cellular mobile Financial Statement as of Fiscal Year 2016 telephony services. Currently, the majority of EXCL’s shares are owned by Historical Corporate Ratings Axiata through Axiata Investments (Indonesia) Sdn. No. Bhd. (66.4%) and the remaining is held by the public (33.6%). Rating Agency Rating Rating Status 1. Fitch Ratings AAA(idn) Affirmed 12-Jan-17 Stable 3. Fitch Ratings AAA(idn) Assigned 28-Oct-15 Stable 2. Fitch Ratings EXCL provides services for retail customers and offers AAA(idn) Affirmed Rating Date Outlook 21-Jan-16 Stable corporate customers with wide network and service coverage throughout Indonesia. The services include Data, Voice, SMS and other value added digital services. XL also holds a Content Provider License, Internet Services Provider (ISP), Internet Interconnection Services License, Voice Over Internet Protocol License, Leased Line License, Money Remittance as well as E-Money Issuer License from the Central Bank of Indonesia, which enables XL to provide remittance service to its subscribers. SWOT Analysis S trengths W eaknesses - Strong support from Axiata Group - Decreasing revenue - Improving data yields and ARPU - Have a lowest profit margin - Stabilizing EBITDAR margin compared to its peers O T Financial Analysis As of 31 December 2016, EXCL recorded a decrease in gross revenue by 7%. The decrease was due to shift in legacy services (voice and SMS) to Data. Even though Data service increased by 31% from Rp6.22 trillion to Rp8.13 trillion was not enough to offset the decline in Non-Data service of 21% from Rp13.24 trillion to Rp10.46 trillion. As of Q4-2016, Data contributed 38% revenue to EXCL total revenues, or higher than previous year figure of 27%. Nevertheless, EXCL succeeded in booking net profits of Rp376 billion, compared with Rp25 billion in losses in the same period in 2015. This was due to the positive effect of the rupiah’s strengthening against the US dollar, as well as a gain recognized from the sale ad leaseback of tower transactions. In 2016, EXCL’s total assets decreased by 7% to Rp54.90 trillion compared with the same period in 2015. Current assets decreased by 32% due to the utilization of cash from the sale and leaseback of tower to pay off debts. And non-current assets decreased by 1% due to accelerated depreciation charges taken during the year. 440 INDONESIA BOND MARKET DIRECTORY 2016-2017 pportunities hreats - Industry consolidation - Industry consolidation - Growing data/digital segment - Growing data/digital segment - Increasing smartphone users - Increasing smartphone users
  441. idAA FAST PT Fast Food Indonesia Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. • • • • • • : : : : : : Stable June 2017 ADDRESS Trade, Services & Investment Tourism, Restaurant And Hotel www.kfcku.com Justinus Dalimin Juwono jd.juwono@kfcindonesia.com PT Fast Food Indonesia Tbk., the only franchise holder of KFC Brand in Indonesia is a public Company primarily engages in quick service restaurant (QSR) operation. To ensure market leadership in the QSR business in Indonesia, always put a big “Yum!” on every customer’ face with the following strategies: Develop and instill a deep and strong culture within the organization where everyone makes a difference by being innovative and always thinking “out of the box”; Create a “Customer and Sales Mania” mindset with high intentionality in providing customer satisfaction beyond expectation; Provide an exceptional competitive brand differentiation through innovative ideas and strategies; Develop continuity in people and process with solid focus on competency and capability development; Maintain exceptional results consistently; Apply the most modern IT Technology to improve the Company’s overall system. The Company’s corporate culture “We are the Owner of KFC” is instilled in every employee’ mind to create an extraordinary sense of belonging in order to produce a high level of performance and excellence in all their undertakings, particularly in providing top quality food with speed and hospitable service and ensuring effective coordination in between all the functions within the Company. Maintain good relationship and provide customer satisfaction beyond their expectation by putting “CHAMPS Management System” (CMS) into action in every restaurant to assure restaurant Cleanliness, provide great Hospitality in serving customers, ensure Accuracy in order-taking and packing, assure high level of Maintenance, ensure consistency in producing quality Products and assure Speed of service is always executed. Innovation does not stop only in developing new ideas, approaches and strategies in achieving one's objective, but also encompasses a change in mindset starting from oneself in order to successfully effect changes, particularly on matters related to updated IT Technology. The Company continued to expand its network of restaurants to achieve maximum coverage in the Indonesian market, both to maximize the KFC brand opportunity and to minimize the potential entry of competitors to establish chicken-based restaurants business. During the year, additional 42 new store units were opened wherein 7 units are relocations, contributing a total of 35 new store openings & bringing a total nationwide network to 575 store units spread nationwide over 145 cities in 33 out of 34 provincies of Indonesia. Jln. Letjend. M. T. Haryono Kav. 7 Jakarta 12810 Phone : (021) 8301-133, 8313-368 Fax : (021) 8309-384, 8300-569 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 129,348 127,141 653,554 166,546 791,579 203,264 996,745 1,210,852 2,310,536 2,577,820 377,532 789,862 199,078 410,374 197,176 1,354,609 798,000 798,000 1,995 1,995 199,514 100 914,459 1,114,917 21.12 p -1.71 q 22.05 p 21.48 p 8.70 p 11.57 p 675,247 -14.51 q 1,195,619 7,980 Chg % 7,980 199,514 100 -0.96 q 13.30 p -  -  -  -  -  10,022,753 996.03 p 1,223,211 9.71 p 1,114,917 1,223,211 9.71 p 4,475,061 4,883,307 - 2,723,683 21,324 - 3,054,078 2,836,026 133,455 226,366 204,404 9.12 p 12.13 p 19,176 -10.07 q 2,599,842 123,841 -  218,052 302,663 9.08 p 76.07 p 69.62 p 48.07 p Income for the periods 105,024 172,606 64.35 p Net Income … *) 105,024 172,606 64.35 p DER (X) 0.18 0.16 NPM (%) 2.35 Comprehensive Income FINANCIAL RATIOS 123,706 4.55 ROA (%) EBITDA Coverage (X) 9.59 148,196 19.80 p -9.72 q 6.70 47.31 p 15.78 64.65 p 3.53 50.61 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Gelael Pratama 2. PT Indoritel Makmur Internasional Tbk. 3. Publik 43.84% 35.84% 20.32% AUDIT COMMITTEE 1. Saptari Hoedaja 2. Adi Pranoto Leman 3. Hannibal S. Anwar INDONESIA BOND MARKET DIRECTORY 2016-2017 441
  442. BOARD OF COMMISSIONERS 1 . Anthoni Salim 2. Benny Setiawan Santoso 3. Elisabeth Gelael 4. Gunawan Solaiman * 5. Noni Rosalia Gelael Barki 6. Saptari Hoedaja * *) Independent Commissioner BOARD OF DIRECTORS 1. Ricardo Gelael 2. Adhi Indrawan 3. Cahyadi Wijaya 4. Fabian Gelael 5. Ferry Noviar Yosaputra 6. Justinus Dalimin Juwono 7. Omar Luthfi Anwar AS OF JUNE 2017 CODE No. 1. ISIN CODE Series Name Outstanding (Rp Million) Obligasi Fast Food FAST02 IDA000077002 200,000 Indonesia II Tahun 2016 Listing Date 02-Nov-16 Maturity Issue Date 01-Nov-21 Term Coupon Structure / Coupon Payment Date Trustee 8.50% 01-Aug-17 01-Nov-17 01-Feb-18 PT Bank Period 5 years Rakyat AA Indonesia (Persero) Tbk. 01-May-18 Quarterly Rating / Outlook Stable TRADING HIGHLIGHT FAST02 Listing Date ISIN CODE : IDA000077002 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Nov-17 Trading Activities, Nov-18 2016 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 2 CTP Price - High N/A 1 1 CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 7.0 95 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q3 N/A Q2-16 Nov-21 Q2 Trading days Q1-16 Nov-20 Q1 3 - Nov-19 Price and Yield 3 enar >> enar >> Nov-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 94.7511 98.0293 98.4325 N/A 30-Dec 31-Mar 22-Jun N/A 17.783 16.404 15.105 N/A N/A N/A 9.8767 3.837 0.038 9.0217 3.697 0.037 8.9366 3.558 0.036 This series was listed since 02 November 2016 and matured on 27 June 2019 have a nominal value of Rp200.00 billion with fixed interest rate of 8.50 % per annum. The IBPA fair price was between 94.5986% - 100.0267%, the fair yield for this series was between 8.4933% - 9.9107%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 442 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  443. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover FAST02 - 20 40 60 80 100 120 140 160 180 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 443
  444. IBPA ANALYTICAL REVIEW Description PT Fast Food Indonesia Tbk . (FAST) is the exclusive Kentucky Fried Chicken franchise holder in Indonesia. The main product is the original KFC fried chicken recipe. FAST has an International Master Franchise Agreement with Pepsi Cola Overseas Ltd. of London Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 4,883 3.5 9.1 1. PT Fast Food Indonesia Tbk. 2. PT Panorama Sentrawisata Tbk. 2,133 3. PT Pembangunan Jaya Ancol Tbk. 0.1 1,284 10.9 12.0 13.4 who was appointed by Pepsi Cola International to be the KFC franchiser in Indonesia. FAST continues to Financial Statement as of Fiscal Year 2016 the expansion of the restaurant chain's market share in Indonesia. The Company opened additional 42 new store units in 2016 to the entire system in various regions with 10 new cities & municipalities further added to the whole store network consisting of West Java, North Sumatera, West Sumatera, West Kalimantan, South Sulawesi, East Kalimantan, Central Kalimantan, papua and Aceh. During the year, the total number of store Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Pefindo idAA Affirmed 10-Jul-17 Stable 3. Pefindo idAA Affirmed 7-Jul-15 Stable 2. Pefindo 4. Pefindo 5. Pefindo idAA idAA idAA Affirmed Rating Date 15-Jul-16 Affirmed 11-Jul-14 Affirmed 10-Jul-13 Outlook Stable Stable Stable units was at 575. As of December 31 2016, the shareholders were: PT Gelael Pratama 43.84% (the Gelael family), PT Indoritel Makmur Internasional Tbk 35.84%, HSBC Funds Services Clients 10.14%, and public 10.18%. SWOT Analysis S trengths W eaknesses - Strong and the most favorite brand - Dependent on global commodity equity for chicken based quick- price sevice restaurant - Less diversified business - Well diversified store location - Continuous innovation Financial Analysis FAST’s sources of revenue comes from food & beverages sales, CD consignment sales, and delivery service. Food and beverages revenue made up 98.36% of total revenue in 2016 or down from 98.42% in 2015. The food and beverages revenue grew moderately in 2016 which was up by 9.05% from Rp4.41 trillion to Rp4.80 trillion. However, the CD consignment sales grew 26.72% from Rp41.68 billion to Rp52.81 billion. While delivery service revenue declined by 5.18% to Rp27.23 billion due to the emergence of online transport and delivery business. Similarly, the cost of goods sold increased moderately by 4.45% from Rp1.75 trillion to Rp1.83 trillion. Hence the company managed to increase its operating revenue by 76.07% from Rp123.84 billion to Rp218.05 billion. At the bottom line, the company recorded a 64.35% increase in net profit from Rp105.02 billion to Rp172.61billion. 444 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Expansion to strategic location - Expansion to strategic location - High demand from young people - High demand from young people segment segment - Growing productive age population - Growing productive age population
  445. FIFA idAAA PT Federal International Finance Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 ADDRESS Menara FIF Jln. T.B. Simatupang Kav. 15, Cilandak Jakarta Selatan 12430 Phone : (021) 7698-899 Fax : (021) 7590-5599 Finance Financial Institution www.fifgroup.co.id Sri Noerhayati noer@fifgroup.astra.co.id PT Federal International Finance (FIF) was established under the name of Mitrapusaka Artha Finance on May 1st, 1989 and changing its name into FIF in 1991. FIF started its business on consumer financing, leasing and factoring, and later since 1996, the Company decided to focus its business on Honda motorcycle financing. Astra, which is majority owned by the Jardine Cycle & Carriage Limited (50.1%), a member of Jardine Matheson group, is the large automotive producer and distributor in Indonesia and has become one of Indonesia’s large diversified conglomerates with business spanning across automotive, heavy equipment, agribusiness, financial services, IT and infrastructure. By the end of December 2016, through its subsidiary, PT Astra Honda Motor (“AHM”), Astra sold around 4.4 million units Honda motorcycles which accounted for over 74% of the total market share in Indonesia. FIF’s primary activity is to provide the financing for Honda motorcycles assembled by AHM, the leading motorcycle brand in the retail market segment. FIF is currently the large motorcycle financing company in Indonesia with over 4.5 million customers as of December 2016. To penetrate the end users of motorcycles, FIF maintains an extensive distribution network through 1,679 Honda dealers and its 194 branches/ 416 Points of Service ("POS") spreading over cities throughout the country. By the end of December 2016, FIF captured about 47.9% of all Honda motorcycles credit sales, which implies that FIF finances approximately 32.6% of overall Honda motorcycle sales. Through FIF's brands FIFASTRA and SPEKTRA, FIF also provide used motorcycle financing and multi purpose financing which is dedicated to meet public demand on electronic, home appliances, furniture, gadget, lifestyle products as well as other appliances, that successfully brought FIF to achieved Rp1.81 trillion net profit as of December 2016. BOARD OF COMMISSIONERS 1. Suparno Djasmin 2. Buyung Syamsudin * 3. Johannes Loman *) Independent Commissioner BOARD OF DIRECTORS 1. Margono Tanuwijaya 2. Hendry Christian Wong 3. Indra Gunawan 4. R. Nunu Soetjahja Noegroho 5. Rusdimin Adikarta Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 148,063 186,190 131,283 241,159 25,962,056 28,000,574 Total Assets 28,734,369 29,410,938 Total Liabilities 23,011,426 24,455,477 300,000 300,000 280.0 280.0 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 285,022 14,466,846 Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity 300.0 280,000 1,000 5,349,122 5,722,943 - 310,472 13,929,331 300.0 280,000 1,000 Chg % 83.69 p 25.75 p 7.85 p 8.93 p 2.35 p -3.72 q 6.28 p -  -  -  -  -  4,710,476 -11.94 q 4,955,461 -13.41 q - -  5,722,943 4,955,461 -13.41 q Total Revenues 7,459,494 8,321,279 Interest Expenses 1,850,023 1,984,342 INCOME STATEMENTS Expenses 5,416,097 5,710,259 11.55 p 5.43 p 7.26 p Earning Before Tax 2,043,397 2,611,020 27.78 p Income for the periods 1,506,663 1,805,686 19.85 p Net Income … *) 1,506,663 1,805,686 19.85 p 4.02 4.94 22.73 p 20.20 21.70 7.43 p EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 4,003,219 1,729,161 5.24 ROA (%) NPM (%) EBITDA Coverage (X) 2.16 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Astra International Tbk. 4,717,923 1,680,558 6.14 2.38 17.85 p -2.81 q 17.09 p 9.88 p 100.00% AUDIT COMMITTEE 1. Buyung Syamsudin 2. Gede Harja Wasistha 3. Juliani Eliza Syaftari INDONESIA BOND MARKET DIRECTORY 2016-2017 445
  446. AS OF JUNE 2017 No . 1. CODE ISIN CODE FIFA02BCN1 Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan II Federal International IDA0000680B9 Finance Tahap I Tahun 2,061,000 27-Apr-15 24-Apr-18 3 years 2015 Seri B 2. FIFA02BCN2 IDA0000699B9 Finance Tahap II Tahun 587,000 14-Sep-15 11-Sep-18 3 years 2015 Seri B 3. FIFA02BCN3 Obligasi Berkelanjutan II Federal International IDA0000722B9 Finance Tahap III Tahun 2,507,000 06-Apr-16 05-Apr-19 3 years 2016 Seri B 4. 5. 6. FIFA02BCN4 IDA0000757B5 FIFA02ACN4 IDA0000757A7 FIFA03BCN1 Finance Tahap IV 1,257,000 28-Sep-16 27-Sep-19 3 years Tahun 2016 Seri B Obligasi Berkelanjutan II Federal International Finance Tahap IV 868,000 28-Sep-16 07-Oct-17 370 days Tahun 2016 Seri A IDA0000804B5 Finance Tahap I Tahun 2,076,000 27-Apr-17 26-Apr-20 3 years 2017 Seri B 7. FIFA03ACN1 IDA0000804A7 Finance Tahap I Tahun 9.25% 24-Jul-17 24-Oct-17 24-Jan-18 PT Bank 9.25% 1,424,000 27-Apr-17 2017 Seri A 06-May-18 370 days Rakyat Indonesia 24-Apr-18 (Persero) Tbk. 11-Jun-17 11-Sep-17 11-Dec-17 PT Bank Rakyat Indonesia Quarterly 11-Mar-18 (Persero) Tbk. 9.15% 05-Jul-17 05-Oct-17 05-Jan-18 PT Bank 7.95% 05-Apr-18 27-Jun-17 27-Sep-17 27-Dec-17 Rakyat Indonesia PT Bank Rakyat Indonesia 27-Mar-18 (Persero) Tbk. 7.25% 07-Jul-17 07-Oct-17 - PT Bank 8.45% 7.35% Quarterly Rakyat Indonesia - (Persero) Tbk. 26-Jul-17 26-Oct-17 26-Jan-18 PT Bank Rakyat Indonesia 26-Apr-18 (Persero) Tbk. 06-Aug-17 06-Nov-17 06-Feb-18 PT Bank 06-May-18 Rating / Outlook AAA Stable AAA Stable AAA Stable (Persero) Tbk. Pastikan Link Grafik sudah be Quarterly Quarterly Obligasi Berkelanjutan III Federal International Trustee Quarterly Obligasi Berkelanjutan III Federal International Date Period Quarterly Obligasi Berkelanjutan II Federal International Coupon Payment Quarterly Obligasi Berkelanjutan II Federal International Coupon Structure / Rakyat Indonesia (Persero) Tbk. Pastikan Link Grafik sudah be AAA Stable AAA Stable AAA Stable AAA Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 446 INDONESIA BOND MARKET DIRECTORY 2016-2017
  447. TRADING HIGHLIGHT FIFA02BCN1 ISIN CODE : IDA0000680B9 1000 800 Frequency 100 Volume 80 Frequency Trading Activities, Q4 Q1 Q2 Volume (Rp bn) 114.00 320.50 215.50 237.49 151.60 837.40 5 12 12 16 9 Frequency (X) 40 CTP Price - High Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Apr-18 2017 Q3 400 - Apr-17 2016 Q2 Trading days 20 Apr-16 Q1 60 200 Maturity Date Price and Yield 600 Last Date 12 22.13 27 62.20 41.82 16-May 04-Aug 22-Jun 21-Sep 40 15 85 23 46.09 29.42 162.52 12-Oct 17-Feb 28-Apr 14-Dec 09-Jan 11-Apr 101.1500 101.7000 102.2000 102.1100 101.8800 102.1200 29-Mar 95.0000 04-Feb 99.9500 101.5000 97.5000 100.0000 100.3800 100.8554 100.9306 102.1311 100.4445 101.8305 101.7733 8.7766 8.6878 7.7889 8.8845 7.4199 7.0488 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.032 3.220 2.490 1.820 1.262 0.839 Mod. Duration (yrs) 1.832 Sensitivity (%) 0.018 Convexity (yrs) 43 1.631 1.426 0.016 0.014 1.208 0.012 0.991 0.792 0.010 0.008 This series will mature on 24 April 2018, and was traded in 77 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 95.0000% at the lowest and peaked at 102.2000%. While the IBPA fair price for this series was between 97.8889% and 102.2686%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FIFA02BCN2 Listing Date ISIN CODE : IDA0000699B9 150 120 Sep-15 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Trading Activities, Maturity Date Sep-16 Sep-17 Price and Yield Q1 Volume (Rp bn) 88.20 86.00 5 2 Frequency (X) Sep-18 2016 Q2 8 2017 Q3 10 Q4 Q1 - 34.60 136.00 - 7 6 - 12 Q2 9 96.00 11 8 90 9 Trading days 60 6 CTP Price - High 100.9700 101.4500 N/A 102.3500 102.0500 102.3600 CTP Price - Low 99.7800 100.9000 N/A 100.8000 100.9000 101.8300 3 30 - enar >> enar >> Apr-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date 60.10 58.60 29-Mar 05-Apr 02-Mar 05-Apr N/A N/A 23.58 92.67 65.42 02-Nov 22-Mar 05-May 24-Nov 05-Jan 22-May 100.9616 100.7109 101.9415 100.7548 102.1032 101.9793 8.7953 8.8881 8.1593 8.7638 7.6789 7.5340 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5.502 4.556 3.696 2.887 2.183 1.625 Mod. Duration (yrs) 2.159 Sensitivity (%) 0.022 Convexity (yrs) - 1.961 0.020 1.762 0.018 1.550 0.015 1.338 0.013 1.143 0.011 This series was actively traded from 14 September 2015 and will be matured on 11 September 2018. This series was traded with total volume reached Rp208.80 billion in 2016, while throughout 2017, this series reached at Rp232 billion. The CTP market price for this series during the period was 102.3600% at the highest. Meanwhile, IBPA fair price was ranging from 98.9033% to 102.3604%. On the other side, IBPA yield for this series were 7.3969% at the lowest and 9.7228% at the highest. By the end of June 2017, the outstanding amount of this series was Rp587.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 447
  448. FIFA02BCN3 Listing Date ISIN CODE : IDA0000722B9 Apr-16 TRADING ACTIVITIES Volume 3000 Frequency 100 Volume 2400 80 Frequency Apr-17 Apr-18 Apr-19 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2017 Q3 Q4 2857.00 235.00 59.00 - 32 8 7 - 87 19 Q1 12 1800 60 Trading days N/A 1200 40 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep 30-Dec Convexity (yrs) N/A 6.711 5.714 4.735 20 600 - enar >> enar >> Trading Activities, Maturity Date Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 455.84 37.50 9.41 30-May 22-Sep 14-Nov 13-Jul 25-Nov 102.5000 102.7500 102.7500 99.9400 29-Jun 99.9330 100.1100 Q2 84.40 - 15 9 - 13.47 N/A 102.2500 N/A 100.8500 N/A 21-Jun N/A 21-Apr 100.0672 101.8974 100.8373 101.8731 Pastikan 102.1984Link Grafik sudah be 9.1216 2.367 8.3054 2.184 0.024 0.022 8.7377 1.985 0.020 8.1180 7.8176 1.786 1.607 0.018 0.016 31-Mar Pastikan 22-JunLink Grafik sudah be 3.854 3.136 This series listed on 06 April 2016, and matured on 05 April 2019. This series issued with nominal amount of Rp2.51 trillion and have fixed interest rate per annum at 9.15%. Average trading volume for this series reached Rp787.75 billion/quarter on 2016 and decreased to Rp42.20 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 99.9330% – 102.7500% while the IBPA fair price was between 98.7204% – 102.2500%. The IBPA fair yield for this series was between 7.7886% – 9.7621%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FIFA02BCN4 Listing Date ISIN CODE : IDA0000757B5 TRADING ACTIVITIES Volume 2250 1800 Sep-16 Frequency 75 Volume 60 Frequency Q1 Q2 Q3 Volume (Rp bn) N/A N/A 176.00 2020.20 580.40 N/A 2 18 7 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 900 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Sep-19 2017 Price and Yield Trading days 15 Sep-18 2016 45 enar >> 448 Sep-17 1350 450 enar >> Trading Activities, Maturity Date N/A N/A Q4 3 56.01 66 Q1 Q2 16 92.20 8 4 642.86 184.69 29.34 21-Oct 13-Jan 31-May 15-Nov 05-Jan 19-Jun 7.4930 8.0608 2.240 2.015 0.022 0.020 N/A 100.0171 100.3000 100.3500 100.4500 N/A 100.0000 N/A 100.0395 100.0964 101.0073 Pastikan 99.7717Link Grafik sudah be N/A N/A N/A 29-Sep 29-Sep 7.9348 99.9500 100.0200 100.0000 7.9103 N/A 30-Sep 30-Dec N/A 8.083 6.926 N/A N/A 2.638 0.026 2.441 0.024 31-Mar Pastikan 22-JunLink Grafik sudah be 5.846 4.833 This series listed on 28 September 2016 and matured on 27 September 2019. This series listed with nominal amount of Rp1.26 trillion with interest rate per annum at 7.95%. During 2016, the average of total volume recorded of Rp1.10 trillion/quarter while in first semester of 2017 decreased to Rp336.30 billion/quarter. The market price (Centralized Trading Platform) for this series was between 99.9500% and 100.4500%. Based of IBPA fair price, this series has a fair price between 98.2087% - 100.3757% and fair yield between 7.8035% - 8.6686% in 2016. Meanwhile, in first semester of 2017, the fair yield had recorded at range 7.4453% until 8.1598%, on the other side, the fair price was at range 99.5358% - 101.1322%.
  449. FIFA02ACN4 ISIN CODE : IDA0000757A7 1500 1200 Frequency 75 Volume 60 Frequency Maturity Date Dec-16 Mar-17 Trading Activities, Q1 Q2 Q3 Volume (Rp bn) N/A N/A 280.00 N/A 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 600 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 15 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-17 2017 Price and Yield 45 300 Jun-17 2016 900 N/A N/A Q4 4 129.03 Q1 Q2 1467.00 300.00 365.00 17 10 69 19 676.04 20 8 138.25 168.20 10-Mar 20-Jun 27-Feb 21-Jun N/A 99.9500 100.2500 100.1200 100.2500 N/A 99.9500 99.1100 N/A 99.9510 99.4654 100.0400 100.1785 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 1.183 0.723 0.371 0.150 N/A N/A N/A N/A 29-Sep 29-Sep 7.2991 N/A 0.958 0.010 13-Oct 21-Nov 7.9715 0.728 99.8400 100.0300 0.007 7.1288 0.495 6.6198 0.283 0.005 0.003 This bond listed with nominal value of Rp868 billion and interest rates of 7.25% per annum. This bond was effective from 28 September 2016 to 7 October 2017. Based on the market price (Centralized Trading Platform), this bond was traded between 99.1100% and 100.2500% while IBPA fair price recorded at range 99.2432% - 100.2119%. Since it was listed until Q2-2017, total trading volume for this series amounted to Rp2.41 trillion with 112 transactions. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM FIFA03BCN1 Listing Date ISIN CODE : IDA0000804B5 2250 1800 Apr-17 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Maturity Date Jan-18 Trading Activities, Oct-18 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 2226.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 900 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 15 - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Apr-20 2017 Price and Yield 45 450 Jul-19 2016 1350 enar >> enar >> Sep-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 52 12 428.90 N/A 101.8000 N/A 100.0000 N/A 99.7349 N/A 22-Jun N/A 7.217 N/A N/A N/A N/A N/A 22-Jun 16-Jun 8.5539 2.472 0.025 This series was actively traded from 27 April 2017 and will be matured on 26 April 2020. This series was traded with total volume reached Rp2.23 trillion until the end of June 2017. The CTP market price for this series during the period was 101.8000% at the highest. Meanwhile, IBPA fair price was ranging from 99.7349% to 100.3132%. On the other side, IBPA yield for this series were 8.3239% at the lowest and 8.5539% at the highest. By the end of June 2017, the outstanding amount of this series was Rp2076.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 449
  450. FIFA03ACN1 Listing Date ISIN CODE : IDA0000804A7 Apr-17 TRADING ACTIVITIES Volume 2250 Frequency 100 Volume 1800 80 Frequency Jul-17 Oct-17 Trading Activities, Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 2041.80 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 900 40 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Apr-18 2017 Price and Yield 60 20 Jan-18 2016 1350 450 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.9000 N/A 100.0590 N/A 22-Jun N/A 0.908 N/A N/A N/A N/A N/A N/A N/A 17 573.54 100.5300 N/A N/A 92 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 12-Jun 09-May 7.2747 0.830 0.008 This series will mature on 6 May 2018, and was traded in 17 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.9000% at the lowest and peaked at 100.5300%. While the IBPA fair price for this series was between 99.9200% and 100.3500%. 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 FIFA02BCN1 114 FIFA02BCN2 88 86 Q2-2016 321 216 Q3-2016 237 35.6% 2,857 FIFA02BCN4 176 FIFA02ACN4 235 600 900 125.7% 201.3% 1,467 300 59 174.7% 2,020 280 - Turnover Outstanding in Year 2016 43.1% FIFA02BCN3 450 Q4-2016 1,200 INDONESIA BOND MARKET DIRECTORY 2016-2017 1,500 1,800 2,100 2,400 2,700 3,000 3,300
  451. IBPA ANALYTICAL REVIEW Description PT Federal International Finance (FIFA) is a subsidiary of PT Astra International Tbk. FIFA undertook a corporate identity transformation by launching FIFGROUP brand in 2013 offering financing products Peer Group No. Company Total Revenue 1. PT Pegadaian (Persero) 2. PT Astra Sedaya Finance and services. 3. PT Adira Dinamika Multi Finance Tbk. FIFA also expanded to provide multi product 5. PT Federal International Finance motor cycle financing service under FIFASTRA cycle. Besides motorcycle financing, FIFA completed FIFGROUP financing business in the four wheels financing segment under its brand called AFTRA. By the end of 2016, FIFA has 194 branches and 416 Points of Service. FIFA’s operation is supported by 17.6 (2.7) 3,537 12.8 15.2 12.0 8,321 4.3 21.7 11.6 Financial Statement as of Fiscal Year 2016 financing in electronics and home appliances under providing financing service for new and used motor Revenue 5,319 8,413 4. PT Oto Multiartha SPEKTRA. FIFA also has operated in the segment of Net Profit (Rp Bill) Margins (%) Growth (%) 9,708 22.8 9.1 Historical Corporate Ratings No. Rating Agency 1. Pefindo Rating Rating Status Rating Date Outlook idAAA Affirmed 10-Feb-17 Stable idAAA Affirmed 4-Feb-16 Stable 2. Fitch Ratings AAA(idn) 4. Fitch Ratings AAA(idn) 3. Pefindo 5. Pefindo idAAA Affirmed 7-Dec-16 Affirmed 11-Dec-15 Affirmed 26-Mar-15 Stable Stable Stable 18,000 employees all over Indonesia. Also as of December 31, 2016 (FY2015), its ownership structure consisted of PT Astra International Tbk (99.99%), and PT Arya Kharisma (0.00004%). SWOT Analysis S W trengths eaknesses -Good synergy with shareholder -Increasing cost of financing (Astra International) -Increasing operating expenses -Strong asset quality -Very strong market position Financial Analysis FIFA recorded a positive growth of total revenue by 11.93% from Rp7.16 trillion in 2015 to Rp8.01 trillion in 2016. New motorcycle financing still made up the biggest portion of the company’s total financing contract value which was 66.65% (Rp20.94 trillion) of total contract value. However the contract value for the segment grew modestly by 7.42%. While used motorcycle total contract value grew quit strongly by 30.08% to Rp7.64 trillion. However, FIFA posted higher total expense by 5.43% to Rp5.71 trillion due to the increase in operating expenses by 18.19% to Rp2.57 trillion. Interest & financing expenses rose by 6.77% to Rp2.20 trillion. The increase in interest and financing cost was driven by increasing bond O T pportunities hreats -Loosening credit down payment -Loosening credit down payment policy policy -Growing non-automotive financing -Growing non-automotive financing segment segment -E-commerce business potential -E-commerce business potential outstanding by 28.22% to Rp8.88 trillion. Overall, FIFA managed to record a positive growth in net income by 19.85% from Rp1.51 trillion in 2015 to Rp1.81 trillion in 2016. INDONESIA BOND MARKET DIRECTORY 2016-2017 451
  452. GIAA PT Garuda Indonesia (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Presenting a new standard of service quality in air travel industry, Garuda Indonesia currently flies to 83 destinations, consists of 64 cities in Indonesia and 19 cities abroad. Along with the increasing demand for air travel services and support the government tourism program, the Company continues to expand its network, reaching fast growing economic cities and new tourist destinations in the Western and Eastern region of Indonesia. In addition to serve its own flight routes, Garuda Indonesia also entered into the agreement of “codeshare” with 26 international airlines. Additionally, starting on March 5, 2014, Garuda Indonesia, officially joined the SkyTeam global alliance, as part of its international network expansion program. By joining the SkyTeam, Garuda Indonesia passengers are now able to fly to 1,062 destinations in 177 countries served by all SkyTeam member airlines with more than 17,300 flights per day and access 672 lounges worldwide. Garuda Indonesia is also listed as one of IATA Operational Safety Audit (IOSA) operators, applying safety and security standards equivalent to major international airline members of IATA. Garuda Indonesia received first IOSA certification in 2008 and proceed the renewal every 2 years. For further info about Garuda Indonesia please visit www.garuda-indonesia.com. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA BOARD OF COMMISSIONERS 1. Jusman Syafii Djamal * 2. Chairal Tanjung 3. Dony Oskaria 4. Hasan M. Soedjono * 5. Isa Rachmatarwata 6. Muzaffar Ismail *) Independent Commissioner BOARD OF DIRECTORS 1. M. Arif Wibowo 2. A. Toni Soetirto 3. Helmi Imam Satriyono 4. Iwan Joeniarto 5. Linggarsari Suharso 6. Nicodemus Panurung Lampe 7. Novianto Herupratomo 8. Sigit Muhartono 452 INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS Management Building, Garuda City Bandara Udara Internasional Soekarno Hatta Cengkareng 19120 Phone : (021) 2560-1001 Fax : (021) 559-15673 Infrastructure, Utilities And Transportation Transportation www.garuda-indonesia.com Hengki Heriandono hengki@garuda-indonesia.com Garuda Indonesia is the national flag carrier of Indonesia, serves as full service carrier and provide low cost carrier services under our subsidiaries Citilin k Indon esia. As of December 31, 2016, Garuda Indonesia Group operates 196 aircrafts comprising 2 units Boeing 747-400, 10 units Boeing 777-300ER, 17 units Airbus A330-300, 7 units Airbus A330-200, 75 units Boeing 737800NG, 18 units CRJ1000 NextGen, 15 units ATR 72-600, and Citilink’s fleet of 52 aircraft comprising 44 units Airbus A320-200, 5 units Boeing 737-300 and 3 units Boeing 737-500. idBBB+(idn) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 1,918,872 2,854,724 48.77 p 13,902,255 15,654,731 12.61 p 45,658,292 50,217,982 18,695,580 22,761,483 7,172,503 1,263,961 11,960,629 16,495,543 12,450,698 8.41 p 15.82 p 4.10 p 9.99 p 27.36 p 32,544,016 36,649,003 12.61 p 13,770,000 13,770,000 25,869 25,869 30,000 11,873,837 459 -2,951,427 30,000 11,873,837 459 -2,888,577 12,876,985 13,339,341 13,114,276 13,568,979 237,290 229,638 21.75 p -  -  -  -  -  2.13 p 3.59 p -3.22 qLink Grafik sudah be Pastikan 3.47 p Pastikan Link Grafik sudah be 52,623,969 51,915,650 -1.35 q 946,055 1,186,112 25.37 p 52,623,969 48,990,938 2,327,675 1,471,270 4,835,147 1,075,576 Net Income … *) 1,054,968 FINANCIAL RATIOS 1,463,912 Chg % 21,008,209 Income for the periods Comprehensive Income 7,775,450 982,900 51,915,650 50,584,090 -1.35 q 3.25 p 1,331,561 -42.79 q 239,036 -83.75 q 1,502,402 -68.93 q 125,826 -88.30 q 795,062 -19.11 q 108,420 -89.72 q DER (X) 1.43 1.68 NPM (%) 2.04 0.24 -88.14 q ROA (%) EBITDA Coverage (X) 2.36 5.11 17.67 p 0.25 -89.36 q 1.27 -75.22 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 2. PT Trans Airways 3. Public (<5%) AUDIT COMMITTEE 1. Hasan M. Sudjono 2. Prasetyo Suhardi 3. Regina Jansen Arsjah 60.54% 25.62% 13.85%
  453. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name GIAA01CN1 Berkelanjutan I (Rp Million) Listing Maturity Date Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.25% 05-Jul-17 05-Oct-17 05-Jan-18 PT Bank CIMB Period Obligasi Garuda Indonesia IDA000059703 2,000,000 08-Jul-13 05-Jul-18 5 years Tahap I Tahun 2013 Niaga Tbk. 05-Apr-18 Quarterly Rating / Outlook BBB+ Stable TRADING HIGHLIGHT GIAA01CN1 Listing Date ISIN CODE : IDA000059703 Jul-13 TRADING ACTIVITIES Volume 500 75 60 Frequency Maturity Date Jul-14 Q4 Q1 Q2 Volume (Rp bn) 494.00 214.00 320.00 139.00 160.00 184.00 13 13 6 5 3 200 30 CTP Price - High Q2-16 Q3-16 Q4-16 Q1-17 73 98.80 Turnover Ratio (%) 105 PRICE AND YTM MOVEMENT 15.0 102 13.0 99 11.0 96 9.0 93 7.0 90 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 64.00 14 27.80 18 28 8 32.00 36.80 21-Jan 20-May 31-Oct 09-Jan 20-Jun 99.0000 99.7500 93.1700 100.0000 IBPA Fair Price 97.6726 100.0878 100.2065 96.8374 98.4078 99.2474 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.664 3.833 3.033 26-Jan 10.4035 Mod. Duration (yrs) 1.967 Sensitivity (%) 0.020 Convexity (yrs) 97.5500 10-Aug 92.8000 Date YTM (%) 42.80 35 CTP Price - Low IBPA Fair Yield (%) Price 41 104.0500 100.8000 101.0000 101.0000 101.2500 101.1800 Date - Q2-17 2017 Q3 Trading days Q1-16 2016 Jul-18 Q2 45 - Jul-17 Q1 Frequency (X) 15 Jul-16 Price and Yield 300 100 Jul-15 Trading Activities, Frequency Volume 400 enar >> enar >> Outstanding 18-Apr 9.2010 1.780 0.018 24-Aug 9.1211 1.577 0.016 10-Oct 11.5558 1.358 2.282 0.014 18-Jan 10.5892 1.148 1.663 0.011 25-Apr 10.0201 0.957 1.185 0.010 The Bonds issued with nominal value of Rp2.00 trillion and interest rates of 9.25% per annum. This bond is effective from 08 July 2013 to 05 July 2018. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 92.8000% - 104.0500%, while in first semester 2017 this bond was traded between 93.1700% and 101.2500%. In first semester 2017, IBPA fair price recorded at range 96.7810% - 100.8510%. During 2016 this bond was traded with volume amounting to Rp1167.00 billion and transacted 163 times, meanwhile in a half of year 2017 recorded by Rp344.00 billion and transacted 46 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 GIAA01CN1 Q2-2016 494 - 200 Q3-2016 Q4-2016 214 400 600 320 800 Outstanding in Year 2016 139 1,000 Turnover 58.4% 1,200 1,400 1,600 1,800 2,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 453
  454. IBPA ANALYTICAL REVIEW Description PT Garuda Indonesia (Persero) Tbk (GIAA) is a stateowned full service airline that offers domestic and international both scheduled and unscheduled passenger services flights. In addition, GIAA also provides domestic and international air cargo services. Peer Group No. Company Total Revenue 1. PT Garuda Indonesia (Persero) Tbk. 2. PT Express Transindo Utama Tbk. 3. PT Arpeni Pratama Ocean Line Tbk. that focuse on supporting Historical Corporate Ratings namely PT Aero Wisata, PT Sabre Travel Network No. PT Aero Systems Indonesia, PT Citilink Indonesia, PT Gapura Angkasa, and Garuda Indonesia (GIH) France. GIAA was supported by 7,988 employees spread across the headquarters and branch offices. GIAA in 2016 has expanded its routes to 64 domestic routes 618 (29.9) (36.3) 272 (77.7) (89.0) (48.3) (33.8) Financial Statement as of Fiscal Year 2016 products/services of the parent entity’s business, Indonesia, PT Garuda Maintenance Facility Aero Asia, Revenue 439 4. PT Berlian Laju Tanker Tbk. By 2016, GIAA had already owned 7 (seven) subsidiaries Net Profit (Rp Bill) Margins (%) Growth (%) 51,916 0.2 (1.3) Rating Agency 1. Pefindo 2. Fitch Ratings 3. Fitch Ratings 4. Fitch Ratings Rating idBBB+(idn) Rating Status Assigned Rating Date 3-Feb-17 Stable 29-Jan-16 Stable N/A Withdrawn 29-Jan-17 BBB+(idn) Downgraded* 6-Feb-15 BBB+(idn) Affirmed Outlook N/A Negative *Due to weaker financial profile and 19 international routes. As a result, GIAA managed to increase its flight frequency from 250,088 flights to 274,696 flights served by 196 fleets. As of December 2016, GIAA is owned by Government of Republic Indonesia (60.5%), Credit Suisse AG Singapore TR AC CL (24.6%), and public (14.9%). SWOT Analysis S trengths W eaknesses -Strong brand image and good -High financial leverage reputation -Decreasing profitability -Strong support from the -Highly currency mismatch Government of Indonesia -Improving efficiency and leverage profile Financial Analysis In 2016, GIAA recorded a moderate decrease in total revenue by 1.35% from Rp52.63 trillion in 2015 to Rp51.92 trillion in 2016. The scheduled airline services that contributed the most to the company’s total revenue which made up about 84.88% of total revenue posted a small decrease by 0.44% from Rp44.26 trillion to Rp44.07 trillion. While nonscheduled airline services declined by 28.54% from Rp3.61 trillion to Rp2.58 trillion. The company managed to decrease its total operating expenses slightly by 0.93% from Rp51.48 trillion to Rp51.00 trillion. The decrease was attributable to lower flight operation cost by 2.75% from Rp30.22 trillion to Rp29.39 trillion. However, the company gained Rp257.58 billion from foreign exchange after recorded Rp209.87 billion loss in 2015. As a result, GIAA posted quite significant decrease in net income from Rp1.08 trillion to Rp125.83 billion. 454 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Increasing the capacity of new fleet -Increasing the capacity of new fleet -Low oil price trend -Low oil price trend -Increasing prospect of tourism -Increasing prospect of tourism sector and visa free regulation, as sector and visa free regulation, as well as increasing hajj quota well as increasing hajj quota
  455. GWSA PT Greenwood Sejahtera Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : BBB+(idn) Stable June 2017 ADDRESS The City Tower, 30th Fl. Jln. M.H. Thamrin No. 81 Jakarta Phone : (021) 319-96000 Fax : (021) 319-96008 Property, Real Estate And Building Construction Property And Real Estate www.greenwoodsejahtera.com Linda Halim pr@greenwoodsejahtera.com PT Green w ood Se jah tera Tbk. ("Th e Company") was founded in the name of PT G r e en w o o d S e j ah t e r a . I n 200 8 , t h e Company started build TCC Batavia project a super block (mix-used development) consisting of: offices, apartments, hotels and shopping mall located in central business distriction. In line with the property industry development in Indonesia, the Company has a rapid consolidation through acquisition of shares of a number of property companies. With such acquisition, the Company has become an integrated company in which the Company owns the overall or takes control over the projects including office buildings, malls, apartments, hotels. The project belongs to the Company has been widely known as TCC-Batavia, Senayan City, Kuningan City, The Peak Apartment, Lindeteves Trade Center, Emporium Pluit Mall, Holiday Inn Express Pluit and Festival CityLink. The Company and its subsidiaries projects that will be developed in the future are: TCC Batavia - Tower 2, TCC Batavia Phase 2, Capital Square, JORR Project and SBY 2 Project. The Company acquired JORR for office and apartments project development plan, acquired land SBY 2 in Surabaya for apartment tower project development plan. During 2014, the Company acquired PT Trisakti Makmur Persada ("TMP") with 99.99% shareownership. Through TMP, the Company has a flagship project named Capital Square. Capital Square is a superblock region for the upper middle class with the concept of "Working, Playing, Living and Rejuvenating". Other than that, in 2014, the Company has obtained an effective statement letter of GWSA Bonds from the Financial Services Authority (FSA) on December 31st, 2014. The Company had been received several awards, such as: A.In 2013, the Company has acquired 2 awards, with the following details: • "Corporate Social Responsibility (CSR)" award from DKI Jakarta Province Government for its role in Green Belt Management at the median of Jln. MH. Thamrin, segment 8, Dukuh Atas to Tosari; • "2013 Top 50 Best Companies ward" by Forbes Indonesia after it ranked 47th of 50 best companies in Indonesia in 2013 B. In 2015, the Company received an award from the City of Central Jakarta Mayor for Compliance, Punctuality and Appropriate amount in paying for Rural and Urban Land and Building Tax (PBB-P2). C. In 2017, the Company received an award from Plt DKI Jakarta Province Government for its participation in implementing the Corporate Social Responsibilities ("CSR") program in the Province of Jakarta Capital Special Region by Building RPTRA Marundra, Cluster Block A, Rusun Marunda, Cilincing, Administrative City of North Jakarta. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Property, Plant and Equipment Total Assets Trade Payables Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 31,844 33,679 134,875 560,058 613,420 3,131,309 3,415,842 809,864 2,307,430 212,862 6,805,278 38,035 Current Liabilities 230,320 Total Liabilities 536,332 Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings 139,869 190,116 23,000 810,593 5.76 p 9.53 p 0.09 p 9.09 p -5.57 q 6,963,273 2.32 p 202,486 -4.87 q 16,125 -57.60 q 92,103 -60.01 q 244,515 28.61 p 478,485 -10.79 q 23,000 -  780,076 -  2,300,000 7,801 7,801 100 3.70 p 2,178,890 2,300,000 780,076 Chg % 100 -  -  -  5,216,349 5,424,273 3.99 p 53,256 6,268,946 60,820 6,484,788 14.20 p Total Revenues 83,739 141,440 68.90 p Interest Expenses 21,899 24,281 10.88 p Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Gross Profit 6,215,690 58,661 6,423,968 102,098 3.35 p 3.44 p 74.05 p Earning Before Tax 1,269,114 215,112 -83.05 q Income for the periods 1,263,864 210,149 -83.37 q Net Income … *) 1,261,414 207,924 -83.52 q EBITDA Comprehensive Income 1,302,380 1,264,139 FINANCIAL RATIOS DER (X) NPM (%) 0.03 18.57 ROA (%) EBITDA Coverage (X) 1,509.28 59.47 251,171 -80.71 q 210,038 -83.38 q 0.04 24.33 p 3.02 -83.75 q 148.58 -90.16 q 10.34 -82.61 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Prima Permata Sejahtera 2. PT Kencana Graha Nusamandiri 3. Public 4. Ang Andri Pribadi 56.25% 23.24% 20.47% 0.04% AUDIT COMMITTEE 1. Arie Kusumastuti Maria 2. Andreas Bahana 3. Poltak Gindo Parluhutan Tampubolon INDONESIA BOND MARKET DIRECTORY 2016-2017 455
  456. BOARD OF COMMISSIONERS 1 . Ang Andri Pribadi 2. Arie Kusumastuti Maria * 3. Juanto Salim *) Independent Commissioner BOARD OF DIRECTORS 1. Paulus Indra Intan 2. Anita 3. Dedy Ismunandar Soetiarto 4. Suherman Anggawinatan AS OF JUNE 2017 CODE No. 1. ISIN CODE Series Name GWSA01CN1 IDA000066302 Outstanding (Rp Million) Obligasi Berkelanjutan I 72,000 Greenwood Sejahtera Tahap I Tahun 2014 Listing Date 15-Jan-15 Maturity Issue Date 14-Jan-20 Term Coupon Structure / Coupon Payment Date Trustee 14.25% 14-Jul-17 14-Oct-17 14-Jan-18 PT Bank CIMB Period 5 years Niaga Tbk. 14-Apr-18 Quarterly Rating / Outlook BBB+ Stable TRADING HIGHLIGHT GWSA01CN1 Listing Date ISIN CODE : IDA000066302 TRADING ACTIVITIES Volume 15 12 Jan-15 Frequency 5 Volume 4 Frequency Maturity Date Jan-16 Trading Activities, Jan-19 2016 Jan-20 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 11.00 - - - - - 2 - - Frequency (X) - Turnover Ratio (%) - - - Q4 Q1 2 - Q2 - 3 Trading days 6 2 CTP Price - High N/A N/A N/A 100.2000 N/A N/A 3 1 N/A N/A N/A 100.0427 N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 109 PRICE AND YTM MOVEMENT YTM (%) 15.0 107 14.0 105 13.0 103 12.0 101 11.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 10.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 456 Jan-18 9 enar >> enar >> Jan-17 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - N/A N/A - N/A N/A 61.11 10-Nov 25-Nov - N/A N/A - N/A N/A 104.7146 106.2618 108.1122 105.3484 106.6919 106.9182 12.6488 12.0481 11.2620 12.1171 11.3958 11.1052 2.838 2.705 2.564 2.392 2.235 2.093 31-Mar 10.211 0.028 30-Jun 9.211 0.027 30-Sep 8.227 0.026 30-Dec 7.153 0.024 31-Mar 6.222 0.022 22-Jun 5.426 0.021 This bond listed with nominal value of Rp72 billion and interest rates of 14.25% per annum. This bond was effective from 15 January 2015 to 14 January 2020. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0427% and 100.2000%, while in first semester 2017 this series was not traded. Meanwhile, in 2016 IBPA fair price recorded at range 100.7660% - 108.6828% and in first semester 2017 at range 105.3477% - 107.1076%. During the observation period, this series was traded with total volume amounted to Rp11 billion and transacted 2 times.
  457. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 GWSA01CN1 Q2-2016 11 - Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 15.3% 10 20 30 40 50 60 70 80 INDONESIA BOND MARKET DIRECTORY 2016-2017 457
  458. IBPA ANALYTICAL REVIEW Description PT Greenwood Sejahtera Tbk (GWSA) is a property acquired lands available for further development and property development on the land. After the completion of a development project, GWSA will execute the sale of existed units, as well as lease and Indonesia. Peer Group No. Company Total Revenue 1. PT Intiland Development Tbk. 2. PT PP Properti Tbk. company and has a rapid growth. GWSA has made a Historical Corporate Ratings No. property companies. With such acquisition, GWSA’s project property has been widely known among others are TCC-Batavia, Senayan City, Kuningan City, The Peak Apartment, Lindeteves Trade Revenue 755 (12.7) 148.6 68.9 25.4 141 42.8 28.2 (10.4) Financial Statement as of Fiscal Year 2016 consolidation through acquisition of shares of a of 17.0 1,498 4. PT Duta Anggada Realty Tbk. In line with the property industry development in number 2,150 3. PT Ciputra Residence 5. PT Greenwood Sejahtera Tbk. Indonesia, GWSA has become an integrated property Net Profit (Rp Bill) Margins (%) Growth (%) 2,276 13.1 3.4 Rating Agency Rating Rating Status Rating Date Outlook 1. Fitch Rating BBB+(idn) Affirmed 24-Oct-16 Stable 3. Fitch Rating BBB+(idn) Assigned 31-Oct-14 Stable 2. Fitch Rating BBB+(idn) Affirmed 27-Oct-15 Stable Center, Emporium Pluit Mall, Holiday Inn Express Pluit and Festival CityLink. As of December 2016, GWSA’s shareholders consisted of PT Prima Permata Sejahtera (56.25%), PT Kencana Graha Nusamandiri (23.24%), President Commissioner-Ang Andri Pribadi (0.04%) and public (20.47%). SWOT Analysis S trengths W eaknesses - High development margins - Has small scale and limited record - The good relationship with its in the property development ultimate shareholder business - Liquidity pressure Financial Analysis In 2016, GWSA managed to record total revenue increased by 68.90% to Rp141.44 billion, compared to Rp2015 at Rp83.74 billion. The increase was mainly due to an increase in sales of offices and apartments as well as rental and hotel income. In line with the increase of total revenues, total cost of sales in 2016 increased by 56.88% to Rp39.34 billion, compared to Rp25.08 billion in 2015. Nevertheless, the total amount of comprehensive income for the year 2016 decreased by 83.37% to Rp210.04 billion compared to 2015 amounting to Rp1.26 trillion due to the decreased in net fair value of investment properties amounted to Rp137.55 billion from increased at Rp1.07 trillion in 2015. In 2016, the Company’s assets increased by 2.32% to Rp6.96 trillion from 2015 amounting to Rp6.81 trillion. Total equity also increased by 3.44%, while liabilities decreased by 10.79%. In 2016, the composition of the Company’s capital structure comprised of 6.87% liabilities and 93.13% equity. 458 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -The implementation of a tax -The implementation of a tax amnesty may boost property amnesty may boost property demand demand - A large populations and the - A large populations and the urbanization trend urbanization trend
  459. IIFF Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. PT Indonesia Infrastucture Finance : : : : : : June 2017 The participation of World Bank, Asian Development Bank, and other institutions in the global banking community in IIF’s capital structure further forms a solid foundation for IIF to support its business activities. Entering into 2015, IIF has reached the lending and growth phase, with its thriving performance in both operational and financial sectors. Such achievement is the key factor to realizing IIF’s vision of becoming the leading catalyst for infrastructure financing development in Indonesia. In addition to its role as an infrastructure financing institution, IIF is known for its experience, respected repository of knowledge, and skills in the field of commercially viable infrastructure project development and financing. Certainly, we could not earn this recognition without the support of our superlative, professional, and substantial human capital. For the first time in 2016, IIF issued a corporate bond in the amount of Rp1.5 trillion on the Indonesia Stock Exchange. In addition to providing additional funding for IIF to finance its infrastructure projects, IIF conducted its bond issuance to show the market that there were other financing alternatives aside from bank loans to realize infrastructure programs. In 2016, IIF continued to demonstrate a positive growth trend in its business performance that was proven by the increased number of projects that were arranged effectively to meet financing needs, the high demand for advisory services, and IIF’s established strategy to optimize the syndication group performance. In 2016, IIF secured 10 (ten) new commitments with total financing contracts worth of Rp3,781 billion resulting in the total of the gross commitment is Rp10,479 billion by the end of the 2016. Among key projects this year are BP Tangguh Train 3 Liquefied Natural Gas (LNG), Umbulan Bulk Water Supply and Palapa Ring II Fiber Optic Network Central Package. BOARD OF COMMISSIONERS 1. M. Chatib Basri 6. Richard Lyon Ranken 2. Edwin Gerungan * 7. Robert Olivier Dolk 3. Hans-Juergen Hertel 8. Robert Pakpahan 4. Marwanto Harjowiryono 9. Zulkifli Zaini * 5. Rajeev Veeravalli Kannan *) Independent Commissioner AUDIT COMMITTEE 1. Zulkifli Zaini 2. Agus Kretarto 3. Edwin Gerungan 4. M. Chatib Basri Stable ADDRESS The Energy Building 30th Floor, SCBD Lot. 11A Jln. Jend. Sudirman Kav. 52-53 Jakarta 12190 Phone : (021) 2991-5060 Fax : (021) 29915061 Finance Financial Institution www.iif.co.id Nastantio W. Hadi corsec@iif.co.id PT Indonesia Infrastruture Finance was established on January 15, 2010. As a specialized institution that offers long-term solutions to cater to significant infrastructure financing needs in Indonesia and to fill the gap of the contribution of institutions in spurring the growth of Indonesia’s infrastructure and financing, IIF has emerged to enhance private sector’s active contribution to infrastructure development of the country by providing a wide range of financial and non-financial services. To help us achieve this goal, IIF provides long-term fundbased products that include senior loans, mezzanine finance and equity participations, as well as non-fund-based products such as guarantees and feebased services. idAAA FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Consumer Financing Receivables Property, Plant and Equipment Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 - - 1,025,744 - 8,895 Total Assets 5,508,988 Total Liabilities 3,300,914 Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) 3,248,709 2.0 - -  -  6,927 -22.12 q 10,790,761 95.88 p 6,909,620 112.69 p 8,500,260 157.51 p 2.0 -  2,000,000 -  2,000,000 2,000,000 2.0 2.0 2,000,000 Chg % 3,538,279 244.95 p -  -  Par Value (Rp) 1,000,000 1,000,000 Total Equity …*) 2,208,074 2,290,501 2,208,074 2,290,501 3.73 p 306,347 543,547 77.43 p Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 176,110 - 202,921 87,330 NPM (%) EBITDA Coverage (X) - -  57.51 p 3.73 p -  406,443 100.30 p 251,018 187.44 p 103,426 137,104 32.56 p 74,640 101,793 36.38 p 74,640 101,793 36.38 p 195,859 71,793 398,111 103.26 p 82,427 14.81 p 1.49 3.71 148.25 p 24.36 18.73 -23.14 q 1.35 ROA (%) 277,384 2.24 0.94 -30.37 q 1.59 -29.28 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Sarana Multi Infrastruktur (Persero) 2. Asian Development Bank 3. International Finance Corporation 4. DEG - Deutsche Investitions 5. Sumitomo Mitsui Banking Corporation 30.00% 19.99% 19.99% 15.12% 14.90% BOARD OF DIRECTORS 1. Arisudono Soerono 2. Harold J.D. Tjiptadjaja 3. Hilda Savitri 4. Indrawati Darmawan 5. Wito Krisnahadi INDONESIA BOND MARKET DIRECTORY 2016-2017 459
  460. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.00% 19-Jul-17 19-Oct-17 19-Jan-18 PT Bank Mega 19-Jul-17 19-Oct-17 19-Jan-18 PT Bank Mega Period Obligasi I Indonesia Infrastructure IIFF01C 425,000 IDA0000751C6 Finance Tahun 2016 Seri C 20-Jul-16 19-Jul-23 7 years Obligasi I Indonesia Infrastructure IIFF01B 250,000 IDA0000751B8 Finance Tahun 2016 Seri B 20-Jul-16 19-Jul-21 8.70% 5 years Obligasi I Indonesia Infrastructure IIFF01A 825,000 IDA0000751A0 Finance Tahun 2016 Seri A 20-Jul-16 19-Jul-19 19-Jul-17 19-Oct-17 19-Jan-18 8.25% 3 years 19-Apr-18 Quarterly Stable AAA Tbk. 19-Apr-18 Quarterly AAA Tbk. 19-Apr-18 Quarterly Rating / Outlook Stable PT Bank Mega Pastikan AAA Link Grafik sudah be Tbk. Stable Pastikan Link Grafik sudah be TRADING HIGHLIGHT IIFF01C Listing Date ISIN CODE : IDA0000751C6 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Jul-17 Trading Activities, Jul-18 Volume (Rp bn) N/A N/A - 2.00 - - N/A - 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 10.0 102 100 9.0 98 8.0 96 7.0 94 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-23 2017 Q3 2 Q4-16 Jul-22 Q2 N/A Q3-16 Jul-21 Q1 Trading days Q2-16 Jul-20 Price and Yield 3 Q1-16 Jul-19 2016 3 enar >> enar >> Jul-16 Maturity Date N/A N/A - Q4 Q1 2 1.88 Q2 - - - - N/A N/A 103.1500 N/A N/A N/A N/A 101.4500 N/A N/A N/A N/A N/A N/A 05-Oct 05-Oct N/A N/A N/A N/A N/A 100.5083 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 30.955 28.827 27.502 26.079 N/A N/A N/A 8.8988 4.965 0.050 97.2582 101.7947 102.8695 9.5671 4.792 0.048 8.6219 4.705 0.047 8.3912 4.600 0.046 Pastikan Link Grafik sudah be The bond series IIFF01C, was first listed on 20 July 2016 with nominal value of Rp425.00 billion and fixed interest rate of 9.00% per annum. This series had traded 2 Pastikan times in 1Link Grafik sudah be trading days with total volume booked of Rp2.00 billion during the year 2016 until Q2- 2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 101.4500% - 103.1500% while the IBPA fair price was between 95.1114% - 102.9086%, the fair yield for this series was between 8.3834% 10.0152%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 460 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  461. IIFF01B ISIN CODE : IDA0000751B8 100 80 Frequency 10 Volume 8 Frequency Maturity Date Jul-17 Trading Activities, Jul-18 Q2 Q3 Volume (Rp bn) N/A 69.00 - 80.00 N/A N/A 3 - 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 7.0 95 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 2017 N/A 40 - Jul-21 Q1 6 2 Jul-20 2016 60 20 Jul-19 Price and Yield Trading days N/A N/A Q4 7 110.40 Q1 - Q2 80.00 4 - 4 1 128.00 128.00 12-Jan 17-Apr 12-Jan 17-Apr N/A 102.4000 N/A 101.7500 102.1000 N/A 101.0000 N/A 100.6500 101.7500 N/A 100.8999 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 17.738 16.033 14.693 13.451 N/A N/A N/A N/A N/A 30-Aug 13-Sep 8.4690 3.834 0.038 N/A N/A 97.4198 100.7126 101.2516 9.4020 3.645 0.036 8.4927 3.500 0.035 8.3332 3.358 0.034 This series was actively traded from 20 July 2016 and will be matured on 19 July 2021. This series was traded with total volume reached Rp69.00 billion in 2016, while throughout 2017, this series reached at Rp160 billion. The CTP market price for this series during the period was 102.4000% at the highest. Meanwhile, IBPA fair price was ranging from 95.5691% to 102.1120%. On the other side, IBPA yield for this series were 8.1681% at the lowest and 9.9005% at the highest. By the end of June 2017, the outstanding amount of this series was Rp250.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IIFF01A Listing Date ISIN CODE : IDA0000751A0 1250 1000 Jul-16 TRADING ACTIVITIES Volume Frequency 45 Volume 36 Frequency Trading Activities, Maturity Date Jul-17 Q3 Volume (Rp bn) N/A N/A 765.00 N/A 14 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 500 18 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q2 Trading days 9 Jul-19 2016 Q1 27 250 Jul-18 Price and Yield 750 enar >> enar >> Jul-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A 27 370.91 Q4 Q1 Q2 1033.00 140.00 168.50 20 8 40 500.85 13 14 9 67.88 81.70 21-Mar 15-Jun 05-Jan 02-Jun N/A 101.2000 101.3500 102.0000 101.5500 N/A 100.0000 98.9800 N/A 100.0000 98.7188 100.9310 100.9401 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.045 5.947 4.975 4.151 N/A N/A N/A N/A N/A 05-Sep 30-Sep 8.2486 2.440 0.024 10-Oct 06-Dec 8.8143 2.240 0.022 98.9300 100.5300 7.7919 2.046 0.020 7.7530 1.866 0.019 This series will mature on 19 July 2019, and was traded in 51 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.9300% at the lowest and peaked at 102.0000%. While the IBPA fair price for this series was between 97.7473% and 101.3600%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 461
  462. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 IIFF01C Q2-2016 Q4-2016 Outstanding in Year 2016 Turnover 0.5% IIFF01B 69 27.6% IIFF01A 765 - 462 Q3-2016 200 400 1,033 600 INDONESIA BOND MARKET DIRECTORY 2016-2017 800 1,000 1,200 217.9% 1,400 1,600 1,800 2,000
  463. IBPA ANALYTICAL REVIEW Description PT Indonesia Infrastructure Finance (IIF) was established on January 15, 2010, as a private nonbank financial institution that focuses on investing in commercially feasible infrastructure projects. IIF provides long-term fund-based products such as senior loans, participations, mezzanine in finance, addition to and equity non-fund based Peer Group No. Company Total Revenue 1. PT Sinar Mas Multifinance 2. PT Indonesia Infrastucture Finance 3. PT Bima Multi Finance 5. PT Verena Multi Finance Tbk. Historical Corporate Ratings 1st company’s bond of Rp1.50 trillion. No. Sarana Multi Infrastruktur (Persero) (SMI, 30%), International Finance Corporation (IFC, 19.99%), Asian Development Bank (ADB, Investitions-Und (DEG,15.21%), 19.99%), Deutsche Revenue 18.7 622 13.0 77.4 5.3 336 22.3 (8.1) 1.9 (11.3) Financial Statement as of Fiscal Year 2016 employees and 1 office. In 2016, IIF issuance of the As of December 31, 2016, IIF’s shareholders are PT 544 436 4. PT Surya Artha Nusantara Finance products such as guarantees and fee-based services. To run its operations IIF was supported by 78 Net Profit (Rp Bill) Margins (%) Growth (%) 867 10.7 18.9 Rating Agency 1. Pefindo 2. Fitch Ratings 3. Fitch Ratings 4. Pefindo Rating Rating Status idAAA Affirmed AAA(idn) Assigned AAA(idn) idAAA Rating Date Outlook 7-Apr-17 Stable 23-Jun-16 Stable Affirmed 13-Dec-16 Assigned 21-Jun-16 Stable Stable Entwicklungsgesellschaft and Sumitomo Mitsui Banking Corporation (SMBC,14.90%). SWOT Analysis S W trengths eaknesses - Strong support from its - Lack of commercially viable shareholders infrastructure projects - Very strong capitalization profile - The Company concentrated in - Has important role in infrastructure financing profile development in the country - Strong asset quality indicators Financial Analysis The Company recorded total revenue of Rp543.55 billion or increased by 77.43% (Rp237.20 billion) compared to Rp306.35 billion in 2015. The increased was mainly due to the increased in interest income by 54.83% from Rp319.75 billion in 2015 to Rp495.07 billion in 2016. Nevertheless, the Company’s net profit was recorded at Rp101.79 billion or only increased by 36.37% from 74.64 billion in 2015 due to the increased in operating income of Rp237.20 billion was compensated by the increased in operational expenses of Rp203.52 billion. In 2016, the Company’s assets increased by 95.88% from Rp5.51 trillion in 2015 to Rp10.79 trillion in 016. The increasing was influenced by the increased in Cash and Cash Equivalents amounting to Rp2.51 trillion (244.83%), the purchased of securities of Rp1.52 trillion O T pportunities hreats - Have various the Government’s - Have various the Government’s new programs in support of new programs in support of infrastructure development infrastructure development - The government provides capital - The government provides capital investment from national tax income investment from national tax income funds collected from tax amnesty program funds collected from tax amnesty program (168.29%), and loan disbursements of Rp1.17 trillion (34.88%). In 2016, ROA of the Company at the level 1.3% from 1.4% in 2015. And Debt to Equity Ratio (DER) has increased to 3.66x in 2016 from 1.47x in 2015. INDONESIA BOND MARKET DIRECTORY 2016-2017 463
  464. IMFI Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 In 1993, the Company was founded under the name of PT Indomaru Multi Finance as a joint venture between PT Indomobil Sukses Internasional, Tbk. (IMSI) and Marubeni Corporation. Later on, the Company underwent major shareholder restructuring in 2000 with 99.25% owned by IMSI and 0.75% owned by PT IMG Sejahtera Langgeng (IMGSL). In 2001, the Company continued to expand its business by establishing its first branch. In 2003, the Company changed its name into PT Indomobil Finance Indonesia to strengthen its reputation as a Subsidiary of Indomobil Group. Along with each and every change that followed, the Company has continued to improve its performance to affirm its position as a highly competitive financing company in national financing industry. In the middle of 2009, the Company had implemented a policy regarding its expansion by providing a distinct financing service for commercial vehicles. In 2010, the expansion was continued by providing financing services for heavy duty, machinery, and others, which was in line with the rapid growth of business opportunities in mining and commodities sectors in Indonesia. In 2012, the Company added a new line on its business activities, namely sharia financing by establishing the Sharia Business Unit and possessing Sharia Supervisory Board along with the assigned duties, authorities, and meeting arrangements. In 2013, the Company has held an Extraordinary General Meeting of Shareholders (EGMOS) that approved the sales or the transfer of the Company's shares, which were previously owned by IMSI to PT Indomobil Multi Jasa, Tbk. (IMJ), amounted to 599,250 shares. In 2015, the Company diversified its financing product by providing property financing. Latest business expansion has been made on early 2017 when the Company started microfinancing business. At the end of 2016, the Company had 80 branches in Indonesia. BOARD OF COMMISSIONERS 1. Soebronto Laras 2. Josef Utamin 3. Rhenald Kasali * *) Independent Commissioner BOARD OF DIRECTORS 1. Jusak Kertowidjojo 2. Edy Handojo Santoso 3. Gunawan INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS Wisma Indomobil, 11th Floor Jln. Letjend. M.T. Haryono Kav. 8 Jakarta 13330 Phone : (021) 8564-846, 8508-230 Fax : (021) 8564-381, 8566-171 Finance Financial Institution www.indomobilfinance.com Edy Handojo Santoso edy@indomobilfinance.com Since it was founded in 1 November 1993, PT Indomobil Finance Indonesia (the Company) has continued to maintain its commitment to be a reliable and trusted financing company in Indonesia through its business strategies that are aligned with the demand of the ever-changing business climate. 464 idA PT Indomobil Finance Indonesia FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 345,085 2,016 Dec-2016 Chg % 120,990 -64.94 q 5,254 160.65 p 3,689,254 4,669,424 26.57 p Total Assets 8,913,401 9,414,717 5.62 p Total Liabilities 7,597,182 8,035,238 2,000,000 2,000,000 0.7 0.7 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) 68,136 7,442,140 2.0 650,000 78,177 7,875,709 2.0 650,000 14.74 p 5.83 p 5.77 p -  -  -  -  Par Value (Rp) 1,000,000 1,000,000 Total Equity …*) 1,316,218 1,379,479 1,316,218 1,379,479 4.81 p 1,415,923 1,655,379 16.91 p 549,901 733,631 33.41 p 856,789 25.54 p Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses Earning Before Tax 648,743 - 745,389 731,037 - 794,200 -  12.69 p 4.81 p -  6.55 p 120,633 127,548 80,172 90,294 12.63 p 80,172 90,294 12.63 p DER (X) 5.77 5.82 0.92 p NPM (%) 5.66 5.45 -3.67 q EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS ROA (%) EBITDA Coverage (X) 682,488 100,014 0.90 1.24 5.73 p 71,261 -28.75 q 0.96 1.17 6.63 p -5.90 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Indomobil Multi Jasa Tbk. 2. PT IMG Sejahtera Langgeng AUDIT COMMITTEE 1. Rhenald Kasali 2. Galuh Ika Shakuntala 3. Nikita Puspita Ing Endit 99.88% 0.12%
  465. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. CODE ISIN CODE IMFI01CCN3 IDA0000611C2 IMFI01CCN4 IDA0000628C6 IMFI02CCN1 IDA0000681C5 IMFI02BCN1 IDA0000681B7 IMFI02CCN2 IDA0000704C5 IMFI02BCN2 IDA0000704B7 IMFI02CCN3 IDA0000721C9 IMFI02BCN3 IDA0000721B1 IMFI02CCN4 IDA0000796C1 IMFI02BCN4 IDA0000796B3 IMFI02ACN4 IDA0000796A5 Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan I Indomobil Finance Tahap III Tahun 2013 86,000 12-Dec-13 11-Dec-17 4 years Seri C Tahap IV Tahun 2013 58,000 23-Apr-14 22-Apr-18 4 years Seri C Tahap I Tahun 2015 198,000 27-Apr-15 24-Apr-19 4 years Seri C Tahap I Tahun 2015 Trustee 11.00% 11-Sep-17 11-Dec-17 - PT Bank Mega 22-Jul-17 22-Oct-17 22-Jan-18 PT Bank Mega 24-Jul-17 24-Oct-17 24-Jan-18 PT Bank Mega 24-Jul-17 24-Oct-17 24-Jan-18 PT Bank Mega PT Bank Mega Quarterly 06-Aug-17 06-Nov-17 06-Feb-18 06-May-18 10.75% PT Bank Mega Quarterly 06-Aug-17 06-Nov-17 06-Feb-18 06-May-18 10.65% 16-Sep-17 16-Dec-17 16-Mar-18 PT Bank Mega 16-Sep-17 16-Dec-17 16-Mar-18 PT Bank Mega 23-Sep-17 23-Dec-17 23-Mar-18 PT Bank Mega 23-Sep-17 23-Dec-17 23-Mar-18 PT Bank Mega 03-Jul-17 03-Oct-17 03-Jan-18 PT Bank Mega 11.40% 10.25% Quarterly Obligasi Berkelanjutan II Indomobil Finance Date Period Quarterly Obligasi Berkelanjutan II Indomobil Finance Coupon Payment Quarterly Obligasi Berkelanjutan I Indomobil Finance Coupon Structure / 170,000 27-Apr-15 24-Apr-18 3 years 10.00% Seri B Quarterly Obligasi Berkelanjutan 11.00% II Indomobil Finance tahap II tahun 2015 Obligasi Berkelanjutan II Indomobil Finance tahap II tahun 2015 202,500 121,000 09-Nov-15 09-Nov-15 06-Nov-19 06-Nov-18 4 years 3 years Obligasi Berkelanjutan II Indomobil Finance Tahap III Tahun 2016 464,000 17-Mar-16 16-Mar-20 4 years Seri C Quarterly Obligasi Berkelanjutan II Indomobil Finance Tahap III Tahun 2016 444,000 17-Mar-16 16-Mar-19 3 years Seri B Quarterly Obligasi Berkelanjutan II Indomobil Finance Tahap IV Tahun 2017 121,000 24-Mar-17 23-Mar-22 5 years Seri C Tahap IV Tahun 2017 51,000 24-Mar-17 23-Mar-20 3 years Seri B Tahap IV Tahun 2017 Seri A 8.80% Quarterly Obligasi Berkelanjutan II Indomobil Finance 9.40% Quarterly Obligasi Berkelanjutan II Indomobil Finance 10.50% 238,000 24-Mar-17 03-Apr-18 370 days 8.00% Quarterly - 22-Apr-18 24-Apr-18 24-Apr-18 16-Jun-18 16-Jun-18 23-Jun-18 23-Jun-18 03-Apr-18 Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Rating / Outlook A Stable A Stable A Stable A Stable A Stable A Stable A Stable A Stable A Stable A Stable A Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 465
  466. TRADING HIGHLIGHT IMFI01CCN3 Listing Date ISIN CODE : IDA0000611C2 TRADING ACTIVITIES Volume 25 20 Dec-13 Frequency 5 Volume 4 Frequency Maturity Date Dec-14 Dec-16 Dec-17 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - - - - 20.00 - - - - - 2 - Frequency (X) - Turnover Ratio (%) - - - Q1 - Q2 4 15 3 Trading days 10 2 CTP Price - High N/A N/A N/A N/A 102.5500 5 1 N/A N/A N/A N/A 102.3000 - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Dec-15 Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date - - N/A N/A N/A N/A - N/A N/A - 93.02 18-Jan 17-Jan - N/A N/A N/A Pastikan Link Grafik sudah be N/A 101.7903 101.6792 101.8973 101.1689 101.5238 101.2542 Pastikan Link Grafik sudah be 9.8186 9.7379 9.3023 9.6875 8.6712 8.2424 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.817 2.138 1.539 1.023 0.605 0.318 Mod. Duration (yrs) 1.524 Sensitivity (%) 0.015 Convexity (yrs) 1.319 1.107 0.013 0.011 0.887 0.660 0.009 0.453 0.007 0.005 This series has an outstanding amount of Rp86 billion with fixed coupon per annum at 11.00%. From the beginning of 2016 to the end of June 2017, total trading volume for the series was Rp20 billion and total frequency was 4 times. The market prices for this series were 102.3000% at the lowest and 102.5500% at the highest. IBPA valued the fair prices for this series were 99.0911% for the lowest and 101.1235% for the highest. At the same period, the fair yield for this series was ranging from 8.2016% to 11.5261%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IMFI01CCN4 Listing Date ISIN CODE : IDA0000628C6 Apr-14 TRADING ACTIVITIES Volume 30 Frequency 5 Volume 24 4 Frequency Maturity Date Apr-15 Trading Activities, Apr-18 Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 Q4 Q1 25.00 - - - 1 - - - 2 - - - Q2 5.00 2 1 3 Trading days 12 2 CTP Price - High N/A 102.4100 N/A N/A N/A 102.0200 CTP Price - Low N/A 102.3900 N/A N/A N/A 102.0000 - enar >> 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 102 10.0 100 9.0 8.0 98 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 466 Apr-17 18 6 enar >> Apr-16 2016 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date N/A N/A 27-Jun 27-Jun - N/A N/A - N/A N/A - N/A N/A 34.48 02-May 02-May 102.5142 102.4547 102.7939 101.6889 102.3044 Pastikan 102.1442Link Grafik sudah be 10.0141 9.8990 9.4497 10.0041 1.392 1.183 31-Mar 30-Jun 30-Sep 3.881 3.107 2.402 Mod. Duration (yrs) 1.784 Sensitivity (%) 0.018 Convexity (yrs) 172.41 1.591 0.016 0.014 30-Dec 1.765 0.012 9.0602 8.6961 0.970 0.776 0.010 0.008 31-Mar Pastikan 22-JunLink Grafik sudah be 1.222 0.814 This series will mature on 22 April 2018, and was traded in 2 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 102.0000% at the lowest and peaked at 102.4100%. While the IBPA fair price for this series was between 99.4804% and 103.2408%.
  467. IMFI02CCN1 ISIN CODE : IDA0000681C5 200 160 Frequency 15 Volume 12 Frequency Volume (Rp bn) 23.00 80.00 74.00 130.00 175.00 5 1 5 7 6 Frequency (X) CTP Price - High Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 100 10.0 98 9.0 96 8.0 94 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Apr-19 2017 Q3 6 Q1-16 Apr-18 Q2 80 - Apr-17 2016 Q1 Trading days 3 Apr-16 Price and Yield 9 40 Maturity Date Trading Activities, 120 Last Date 10 5 46.46 161.62 149.49 27-Jan 20-Apr 14-Jul 20-Apr 22-Sep Q1 9 262.63 Q2 60.00 12 3 3 353.54 121.21 17-Jan 31-May 03-Jan 26-Apr 100.5000 101.0000 103.0369 102.9196 102.5330 102.5400 95.5000 100.7000 102.0000 26-Jan 100.7958 9.9326 31-Mar Mod. Duration (yrs) 2.557 Sensitivity (%) 0.026 Convexity (yrs) 11 Q4 7.878 99.8645 101.1672 10.3034 9.7279 30-Jun 30-Sep 6.793 5.804 2.375 2.197 0.024 0.022 06-Oct 98.4500 29-Dec 98.4500 102.4500 99.9144 101.0941 101.3250 10.2889 9.6412 9.4525 30-Dec 31-Mar 22-Jun 4.833 3.963 3.247 2.002 0.020 1.810 1.635 0.018 0.016 This series listed on 27 April 2015, and matured on 24 April 2019. This series issued with nominal amount of Rp198.00 billion and have fixed interest rate per annum at 10.25%. Average trading volume for this series reached Rp76.75 billion/quarter on 2016 and increased to Rp117.50 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 95.5000% – 103.0369% while the IBPA fair price was between 95.4921% – 101.4186%. The IBPA fair yield for this series was between 9.4093% – 11.9213%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IMFI02BCN1 Listing Date ISIN CODE : IDA0000681B7 Apr-15 TRADING ACTIVITIES Volume 150 Frequency 45 Volume 120 36 Frequency Trading Activities, Maturity Date Apr-16 Price and Yield Q1 Volume (Rp bn) Frequency (X) Apr-17 Apr-18 2016 2017 Q2 Q3 20.00 129.00 34.25 6.25 40.00 2 11 7 3 6 2 44 Q4 12 Q1 5 Q2 15 61.00 14 8 90 27 Trading days 60 18 CTP Price - High 100.0700 103.1500 102.0000 101.0200 102.2500 101.9000 CTP Price - Low 100.0500 100.0000 IBPA Fair Price 100.3147 101.2379 100.7841 9 30 - enar >> enar >> Apr-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 100 10.0 98 9.0 96 8.0 94 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 47.06 303.53 17-Mar 12-Apr 16-Mar 10-Jun 9.8117 14.71 94.12 143.53 31-Aug 18-Oct 02-Feb 21-Jun 20-Dec 09-Jan 17-May 97.5000 100.5000 100.2100 100.6500 13-Sep 9.4517 31-Mar 30-Jun 30-Sep 3.970 3.183 2.449 Mod. Duration (yrs) 1.812 Sensitivity (%) 0.018 Convexity (yrs) 9.2485 80.59 1.618 0.016 1.411 0.014 99.9838 101.1952 100.8260 10.0083 8.7811 8.9590 30-Dec 31-Mar 22-Jun 1.798 1.247 0.828 1.198 0.012 0.983 0.010 0.786 0.008 The Bonds issued with nominal value of Rp170.00 billion and interest rates of 10.00% per annum. This bond is effective from 27 April 2015 to 24 April 2018. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 97.5000% - 103.1500%, while in first semester 2017 this bond was traded between 100.2100% and 102.2500%. In first semester 2017, IBPA fair price recorded at range 99.8983% - 101.3583%. During 2016 this bond was traded with volume amounting to Rp189.50 billion and transacted 63 times, meanwhile in a half of year 2017 recorded by Rp101.00 billion and transacted 29 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 467
  468. IMFI02CCN2 Listing Date ISIN CODE : IDA0000704C5 Nov-15 TRADING ACTIVITIES Volume 20 Frequency 5 Volume 16 4 Frequency Maturity Date Nov-16 Trading Activities, Nov-18 Nov-19 2016 Price and Yield Q1 Volume (Rp bn) 2017 Q2 Q3 15.00 - - 15.00 - - 2 - - 1 - - 3 Frequency (X) - - Q4 Q1 3 Q2 - - 12 3 Trading days 8 2 CTP Price - High 101.6400 N/A N/A 102.0000 N/A N/A 4 1 101.3000 N/A N/A 101.7500 N/A N/A - - CTP Price - Low IBPA Fair Price 101.3286 101.5690 103.0831 100.6615 102.7019 Pastikan 102.8093Link Grafik sudah be enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Nov-17 Price 105 PRICE AND YTM MOVEMENT YTM (%) 13.0 103 12.0 101 11.0 99 10.0 97 9.0 95 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 29.63 22-Mar 18-Mar - N/A 10.4359 2.899 2.736 10.212 0.029 N/A N/A 10.5385 31-Mar - N/A 29.63 07-Nov 07-Nov 9.8311 10.7239 2.572 2.383 30-Jun 30-Sep 9.063 7.981 0.027 0.026 30-Dec 6.857 0.024 - - N/A N/A N/A N/A 9.7933 9.6569 2.209 2.047 0.022 0.020 31-Mar Pastikan 22-JunLink Grafik sudah be 5.881 5.042 This bond listed with nominal value of Rp202.5 billion and interest rates of 11.00% per annum. This bond was effective from 9 November 2015 to 6 November 2019. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 101.3000% and 102.0000%, while in first semester 2017 this bond was not traded. In 2016, IBPA fair price recorded at range 96.8953% - 103.4863% and in first semester 2017 was at range 100.6858% - 102.9895%. During 2016 this bond was traded with total volume amounted to Rp30 billion and transacted 6 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IMFI02BCN2 Listing Date ISIN CODE : IDA0000704B7 TRADING ACTIVITIES Volume 225 180 Nov-15 Frequency 5 Volume 4 Frequency Trading Activities, Nov-17 Nov-18 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 100.00 200.00 - - - - 1 1 - Frequency (X) - Turnover Ratio (%) - - - Q4 Q1 1 Q2 4 - 3 Trading days 90 2 CTP Price - High N/A N/A N/A 100.0000 100.0000 N/A 45 1 N/A N/A N/A 100.0000 100.0000 N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 - N/A N/A 10.1549 Mod. Duration (yrs) 2.210 2.026 Sensitivity (%) 0.022 Last Date Convexity (yrs) - N/A N/A 330.58 661.16 13-Dec 10-Mar 13-Dec 10-Mar - N/A N/A 101.1779 101.2222 102.1222 100.6618 101.8872 Pastikan 101.9959Link Grafik sudah be 10.2116 IBPA Fair Yield (%) 468 Nov-16 135 enar >> enar >> Maturity Date 31-Mar 5.882 9.6178 10.3474 1.837 1.635 30-Jun 30-Sep 4.946 4.078 0.020 0.018 30-Dec 3.250 0.016 9.4399 9.1794 1.433 1.250 0.014 0.013 31-Mar Pastikan 22-JunLink Grafik sudah be 2.525 1.942 This series, matured on 6 November 2018, had average turnover of 165.29%/quarter and traded in 2 trading days during 2016 to Q2-2017 period. In 2016, average trading volume amounted to Rp25 billion/quarter while in the first semester of 2017 increased to Rp100 billion/quarter. The range of IBPA fair price for this series stood between 98.7227% and 102.3713%, while based on the market price (Centralized Trading Platform), this bond was traded at the level 100.0000%.
  469. IMFI02CCN3 ISIN CODE : IDA0000721C9 75 60 Frequency 20 Volume 16 Frequency Maturity Date Mar-17 Trading Activities, Mar-18 Mar-19 Mar-20 2016 Price and Yield Q1 Volume (Rp bn) - 10.00 4.00 50.00 - - - 2 4 2 - - Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 17 Q4 7 Q1 5 Q2 - - 45 12 Trading days 30 8 CTP Price - High N/A 102.0000 101.5000 101.0000 N/A N/A 15 4 N/A 101.0000 N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 12.0 100 11.0 98 10.0 96 9.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 8.62 06-Apr 07-Apr 3.45 43.10 22-Jul 09-Nov 21-Jul 03-Nov 97.0000 100.7000 100.2114 100.4348 102.2009 10.5733 31-Mar 3.184 12.208 0.032 10.5055 9.8898 30-Jun 30-Sep 10.964 9.797 3.023 2.864 0.030 0.029 - - N/A N/A N/A N/A 99.5642 101.9569 102.1447 10.8107 9.8665 9.7459 30-Dec 31-Mar 22-Jun 8.552 7.484 6.550 2.677 0.027 2.508 2.350 0.025 0.024 This series will mature on 16 March 2020, and was traded in 8 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.0000% at the lowest and peaked at 102.0000%. While the IBPA fair price for this series was between 97.6057% and 102.6317%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IMFI02BCN3 Listing Date ISIN CODE : IDA0000721B1 Mar-16 TRADING ACTIVITIES Volume 750 Frequency 75 Volume 600 60 Frequency Trading Activities, Maturity Date Mar-17 Mar-18 Mar-19 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 30.00 636.00 199.00 93.10 144.10 462.00 3 14 11 8 5 Frequency (X) 44 51 26 11 14 9 6 450 45 Trading days 300 30 CTP Price - High 103.0000 102.6000 104.0500 103.0000 102.7500 102.9100 CTP Price - Low 101.0000 100.0000 100.0000 98.0000 IBPA Fair Price 100.9848 102.4434 103.6697 99.9742 101.5549 101.7409 15 150 - enar >> enar >> Mar-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 102 10.0 100 9.0 98 8.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 27.03 572.97 179.28 23-Mar 28-Jun 28-Jul 23-Mar 07-Jun 19-Aug 10.0979 8.8231 30-Jun 30-Sep 7.487 6.469 5.490 Mod. Duration (yrs) 2.509 Sensitivity (%) 0.025 Convexity (yrs) 9.4659 31-Mar 2.335 0.023 2.151 0.022 83.87 10-Nov 24-Nov 10.5109 129.82 416.22 03-Feb 31-May 03-Jan 10-May 98.4500 100.0000 9.6019 9.3987 30-Dec 31-Mar 22-Jun 4.501 3.658 2.963 1.943 0.019 1.748 0.017 1.569 0.016 This series will mature on 16 March 2019, and was traded in 47 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.0000% at the lowest and peaked at 104.0500%. While the IBPA fair price for this series was between 98.4118% and 104.4633%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 469
  470. IMFI02CCN4 Listing Date ISIN CODE : IDA0000796C1 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Mar-18 Trading Activities, Mar-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A - - N/A N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-22 2017 Q1 Trading days Q2-16 Mar-21 Price and Yield 3 Q1-16 Mar-20 2016 3 enar >> enar >> Mar-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.1548 Pastikan 98.0064Link Grafik sudah be N/A 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A 9.3536 3.933 18.625 0.039 9.9312 3.695 16.770 0.037 This series was listed since 24 March 2017 with nominal value of Rp121.00 billion and interest rate of 9.40 % per annum. The IBPA fair price was between 97.4627% - 100.7153% and the fair yield for this series was between 9.2148% - 10.0655%. The series was not actively traded as since the first day it was listed until the end of Q2-2017, there was no trading activities for this series. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM IMFI02BCN4 Listing Date ISIN CODE : IDA0000796B3 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A - - N/A N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 101 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 99 9.0 98 8.0 97 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Mar-20 2017 Price and Yield Trading days Q1-16 Mar-19 2016 3 Price 470 Trading Activities, Mar-18 3 enar >> enar >> Mar-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.0320 98.0184 N/A 31-Mar 22-Jun N/A 7.857 6.668 N/A N/A N/A 8.7776 2.590 0.026 9.6279 2.361 0.024 This series was listed since 24 March 2017 with nominal value of Rp51.00 billion and interest rate of 8.80 % per annum. The IBPA fair price was between 97.6969% - 100.4835% and the fair yield for this series was between 8.6067% - 9.7285%. The series was not actively traded as since the first day it was listed until the end of Q2-2017, there was no trading activities for this series.
  471. IMFI02ACN4 ISIN CODE : IDA0000796A5 225 180 Mar-17 TRADING ACTIVITIES Volume 25 20 Frequency Jun-17 Sep-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 33.00 N/A N/A N/A 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 90 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price 45 N/A 5 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-18 2017 Price and Yield 15 45 Dec-17 2016 Trading Activities, Frequency Volume Maturity Date 135 enar >> enar >> Listing Date Last Date N/A Convexity (yrs) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 4 209.00 22 8 55.46 351.26 30-Mar 02-Jun N/A 100.0200 100.5000 N/A 100.0000 100.0000 N/A 100.0000 99.5210 N/A 31-Mar 22-Jun N/A 1.144 0.737 N/A N/A N/A N/A 31-Mar 7.9762 N/A 0.939 0.009 12-Jun 8.6381 0.736 0.007 This series was actively traded from 24 March 2017 and will be matured on 03 April 2018. This series was traded with total volume reached at Rp242 billion until the end of June 2017. The CTP market price for this series during the period was 100.5000% at the highest. Meanwhile, IBPA fair price was ranging from 99.4694% to 100.4488%. On the other side, IBPA yield for this series were 7.4857% at the lowest and 8.6918% at the highest. By the end of June 2017, the outstanding amount of this series was Rp238.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover IMFI01CCN3 IMFI01CCN4 25 43.1% IMFI02CCN1 23 80 IMFI02BCN1 20 IMFI02CCN2 129 50 IMFI02BCN3 111.5% 34 82.6% 100 IMFI02CCN3 155.1% 130 14.8% 15 IMFI02BCN2 74 13.8% 30 - 636 100 200 300 93 199 400 500 600 700 800 900 215.8% 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 471
  472. IBPA ANALYTICAL REVIEW Description PT Indomobil Finance Indonesia (IMFI), further has built a reputation as a professional and competitive financing solution provider in Indonesia. IMFI’s business activities are to provide financing services for motorcycle, passenger car, commercial vehicle, as well as heavy duty, machinery, and others. IMFI also engages in financial lease in terms of capital goods procurement and also factoring in terms activities which is sharia financing by establishing the Unit and possessing Sharia Supervisory Board along with the assigned duties, authorities, and meeting arrangements. To strengthen the capitalization, Total Revenue 1. PT Wahana Ottomitra Multiartha Tbk. 2. PT Indomobil Finance Indonesia 1,655 3. PT Mandala Multifinance Tbk. 4. PT Permodalan Nasional Madani (Persero) Revenue 5.5 16.9 1,484 17.2 (12.7) 980 32.4 18.7 1,292 5. PT Sarana Multigriya Finansial (Persero) 6.0 9.2 Financial Statement as of Fiscal Year 2016 No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA Affirmed 13-Feb-17 Stable 3. Pefindo idA Affirmed 11-Feb-15 Stable 2. Pefindo 4. Pefindo IMFI Net Profit (Rp Bill) Margins (%) Growth (%) 1,922 3.1 10.4 Historical Corporate Ratings In 2012, IMFI added a new line on its business Business No. Company of purchasing or transferring account receivables. Sharia Peer Group idA idA Affirmed 11-Feb-16 Affirmed 10-Feb-14 Stable Stable issued Continuous Bonds II with Fixed Interest Rate Phase III in March 2016 with total amount of Rp1.50 trillion. In 2016, IMFI's business network covered 214 service points, consisting of 80 branch offices and 134 outlets. Shareholder of the Company was 99.875% of PT Indomobil Multi Jasa Tbk and 0.125% of PT IMG Sejahtera Langgeng. SWOT Analysis S trengths W eaknesses -Strong business synergy with -Below average asset quality. Indomobil Group. -Moderate profitability profiles. -Well-diversified business portfolio -Strong asset-liability management profile. Financial Analysis As of 2016, IMFI successfully booked an increase by 5.62% in asset value from Rp8.91 trillion in 2015 to Rp9.42 trillion. The asset increase was influenced by the 26.57% hike in consumer financing receivables to Rp4.70 trillion from Rp3.69 trillion. Besides that, total revenue of IMFI was realized at Rp1.66 trillion in 2016, increasing from the performance of 2015 which was realized at Rp1.42 trillion. Consumer financing remained the biggest contributor to the Company's revenue with 54.40% contribution. This portion increased from 47.90% it made in 2015. As the financing activities increased, financing charges expense from IMFI also increased by 33.41% to Rp733.63 billion. Therefore, the Company booked income for the year amounting to Rp90.3 billion, representing a 12.6% increase from Rp80.2 billion it booked in 2015. In 2016, Non Performing Financing (NPF) rate was at 1.06% rose slightly at 0.96% compared to 2015. 472 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Opportunity to expand the line of -Opportunity to expand the line of businesses as a result of the businesses as a result of the implementation of OJK regulation. implementation of OJK regulation. -Increasing middle class’ -Increasing middle class’ consumption level. consumption level. -Loosening credit down payment -Loosening credit down payment policy. policy.
  473. idA- IMPC PT Impack Pratama Industri Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Basic Industry and Chemicals ALTIRA Office Tower, 38th Floor Plastics & Packaging ALTIRA Business Park, Jln. Yos Sudarso Kav. 85, Sunter Jaya, Tanjung Priok www.impack-pratama.com Jakarta 14350 Lenggana Linggawati Phone : (021) 2188-2000 corporate.secretary@impack-pratama.com Fax : (021) 2188-2002 The history of the Company began in 1981 as the starting point of the Company’s establishment which was legally and administratively stipulated based on the Ratification Letter of Minister of Justice of the Republic of Indonesia No.Y.A.5/179/4. After passing the legal-formal aspect, in 1982, the Company commenced its operational activities for the first time under the name PT Impack Pratama Industries Co. Ltd. Then, based on the deed of Meeting Resolution No. 143 dated June 30, 1993, the Company has officially changed its name to PT Impack Pratama Industri and based on the deed of shareholders Meeting Resolution No. 166 dated August 26, 2014 the company name became PT Impack Pratama Industri Tbk. up to the present. Based on the latest Company Article of Association article 3 Company Article of Association, as stipulated in the Deed no. 23/2015, Company objectives and purpose are in the industry, trade, transportation and service. Company line of business does not undergo any changes since the Deed no. 23/2015 till the present. The Company’s main business activity is to become a manufacturer and distributor of plastic building materials for the customers’ need, such as fiberglass, polycarbonate, aluminium composite panel, ventilator, and other plastic and non-plastic building materials/equipment. The Company also conducts trading business related to the mentioned products, including import, export and local trading. Currently, Company already has 13 (thirteen) subsidiaries which run in various sectors, including plastic building material industry, distribution, supporting plastic industry, and other related business activities such as property and glue/adhesive materials industry. This is part of the Company’s strategic efforts to remain competitive and expand market share as well as capture other business opportunities. BOARD OF COMMISSIONERS 1. Handojo Tjiptodihardjo 2. Cornelius Wielim Pranata * *) Independent Commissioner BOARD OF DIRECTORS 1. Haryanto Tjiptodihardjo 2. Allend Wibowo 3. David Herman Liasdanu 4. Janto Salim 5. Lindawati 6. Nga Seg Min AUDIT COMMITTEE 1. Cornelius Wielim Pranata 2. Priscella Pipie Widjaja 3. Rusdy Sugiharta FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 152,121 186,533 22.62 p 897,761 1,261,952 40.57 p 1,675,233 2,276,032 35.86 p 121,769 Receivables Inventories 470,013 Current Assets Property, Plant and Equipment Total Assets Current Liabilities 465,913 395,268 Interest Bearing liabilities 336,579 Chg % 521,518 328.28 p 486,878 699,966 3.59 p 50.24 p 334,534 -15.37 q 766,780 127.82 p Total Liabilities 578,353 1,050,387 Authorized Capital 170,000 170,000 -  483 483 -  Authorized Capital (Mil. Sh) 1,700 Paid up Capital 48,335 Paid up Capital (Mil. Sh) Par Value (Rp) 100 48,335 619,716 708,876 Non Controlling Interest 214,871 246,838 Total Equity INCOME STATEMENTS Total Revenues Gross Profit 882,009 -  10 -90.00 q Retained Earnings Total Equity …*) 81.62 p 17,000 900.00 p 978,807 14.39 p 10.97 p 14.88 p 1,096,880 1,225,645 11.74 p 1,147,838 1,135,296 -1.09 q 42,539 45,072 Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 370,823 166,528 NPM (%) EBITDA Coverage (X) 9.49 p 5.96 p 187,225 12.43 p 164,796 11.95 p 129,759 125,823 -3.03 q 76,797 102,544 33.53 p 204,294 147,205 250,692 123,571 0.31 7.75 ROA (%) 406,028 11.30 5.89 218,803 272,301 120,447 7.10 p 8.62 p -2.53 q 0.63 103.88 p 5.53 -28.63 q 11.08 6.04 -1.96 q 2.52 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Harimas Tunggal Perkasa 2. PT Tunggal Jaya Investama 3. Public 4. Haryanto Tjiptodihardjo 43.72% 42.79% 11.80% 1.69% INDONESIA BOND MARKET DIRECTORY 2016-2017 473
  474. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name Outstanding (Rp Million) Obligasi I Impack IMPC01B IDA0000782B3 Pratama Industri 100,000 Tahun 2016 Seri B IDA0000782A5 Date 05-Dec-16 Maturity Issue Date 02-Dec-21 Term Coupon Structure / Coupon Payment Date Trustee 10.50% 02-Sep-17 02-Dec-17 02-Mar-18 PT Bank Mega 02-Sep-17 02-Dec-17 02-Mar-18 PT Bank Mega Period 5 years Pratama Industri 400,000 Tahun 2016 Seri A 05-Dec-16 02-Dec-19 10.00% 3 years Tbk. 02-Jun-18 Quarterly Rating / Outlook Tbk. 02-Jun-18 Quarterly Obligasi I Impack IMPC01A Listing A- Stable A- Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT IMPC01B Listing Date ISIN CODE : IDA0000782B3 TRADING ACTIVITIES Volume 20 Frequency 5 Volume 16 4 Frequency Dec-17 Trading Activities, Dec-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 18.00 - N/A N/A - 2 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 8 2 CTP Price - High N/A 4 1 - - CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-21 2017 Q1 Trading days Q2-16 Dec-20 Price and Yield 3 Q1-16 Dec-19 2016 12 enar >> enar >> Dec-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q1 Q2 4 72.00 - N/A N/A 100.0200 N/A N/A N/A 100.0000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 06-Mar 06-Mar N/A N/A 100.9959 101.4816 101.3369 10.2381 10.0886 3.784 3.636 30-Dec 17.557 0.038 31-Mar 16.130 0.036 10.1212 22-Jun 3.506 14.899 0.035 This series was first listed on 5 December 2016 and will be matured on 2 December 2021. This series has an outstanding amount of Rp100 billion with fixed coupon per annum at 10.50%. This series was traded in 2 trading days during first semester 2017 with total volume amounted to Rp18 billion and transacted 4 times. IBPA valued the fair prices for this series were 98.8203% for the lowest and 102.0425% for the highest, while the market price (Centralized Trading Platform) for this series was traded between 100.0000% and 100.0200%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 474 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  475. IMPC01A ISIN CODE : IDA0000782A5 Dec-16 TRADING ACTIVITIES Volume 25 Frequency 5 Volume 20 4 Frequency Jun-17 Trading Activities, Maturity Date Dec-17 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A 23.40 17.00 N/A N/A N/A 3 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 8.0 99 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Dec-19 2017 N/A 10 - Jun-19 Q1 3 1 Dec-18 2016 15 5 Jun-18 Price and Yield Trading days enar >> enar >> Listing Date N/A N/A 4 Q2 4 1.00 1 1 23.40 17.00 1.00 29-Dec 13-Feb 06-Jun 29-Dec 13-Feb N/A 100.0000 100.0000 100.0000 N/A 100.0000 100.0000 100.0000 N/A N/A N/A 99.9004 100.1378 N/A 30-Dec 31-Mar 7.360 6.292 N/A N/A N/A N/A 10.0371 2.488 9.9259 0.025 2.301 0.023 06-Jun 99.9493 10.0212 22-Jun 2.134 5.405 0.021 This series was listed since 05 December 2016 and matured on 19 July 2023 have a nominal value of Rp400.00 billion with fixed interest rate of 10.00 % per annum. The IBPA fair price was between 99.8256% - 101.5702%, the fair yield for this series was between 9.3867% - 10.0716%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover IMPC01B IMPC01A 23 - 5.9% 50 100 150 200 250 300 350 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 475
  476. IBPA ANALYTICAL REVIEW Description PT Impack Pratama Industri Tbk (IMPC) manufactures and distributes plastic building materials in Indonesia and abroad, and starting commercial operations in Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 1,135 11.1 (1.1) 1. PT Impack Pratama Industri Tbk. 1982. IMPC provides various roofing products: polycarbonate, vinyl, and fiber reinforced polyester products; aluminum composite panels; sealants; packaging products comprising corrugated plastic Financial Statement as of Fiscal Year 2016 boards; and polymer resins. IMPC also distributes roofing sheet of plastic and adhesives, and is involved in the development properties. IMPC performed an Historical Corporate Ratings initial public offering (IPO) in December 2014. No. In 2016, IMPC already has 10 subsidiaries which run Rating Agency Rating Rating Status idA- Assigned 1. Pefindo Rating Date 7-Sep-16 Outlook Stable in various sectors, including plastic building material industry, distribution, supporting plastic industry, and other related business activities such as property, and glue/adhesive materials industry. As of December 31, 2016, its shareholders were PT Harimas Tunggal Perkasa (33.69%), PT Tunggal Jaya Investama (33.69%), and others including public (32.62%). SWOT Analysis S trengths W eaknesses - Strong market position in the - The dependence on the property polycarbonate sector roofing product industry - High real estate inventory - Extensive distribution network - Moderate financial leverage Financial Analysis In 2016, IMPC managed to record their net revenues at Rp1.14 trillion or decreased slightly 1.09% from previous year. The decreased was due to the decreasing real estates revenues by 34.53%, while the Company’s main sector (manufacture and distribution) increased by 5.28% compared to 2015. In line with the decreasing, the cost of revenues of IMPC also decreased by 34.53% compared to 2015 become amounted to Rp729,27 billion which is due to the decline of cost of revenue for real estate by 38.52%. In 2016, IMPC booked operational revenues at Rp218.80 billion or increasing 7.10% compared to 2015. Nevertheless, the profit for the year in 2016 is decreased by 3.03% become at Rp125.82 billion. The decreased was mainly due to the increasing interest expense of the company from bank loan and MTN. IMPC’s total assets as of December 31, 2016, amounted to Rp2.28 trillion or increased by 35.86% from the previous year. The assets consisted of 55.45% current assets, and 44.55% non-current assets. 476 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - The increasing need and demand - The increasing need and demand from community for property and from community for property and consumption goods consumption goods - Massive infrastructure - Massive infrastructure development by government development by government
  477. INDF PT Indofood Sukses Makmur Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 (1) Consumer Branded Products Supported by the strength of its product brands, the Group produces a diverse range of consumer branded products including noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages. (2) Bogasari The Group is primarily a producer of wheat flour as well as pasta, with business operations supported by its own shipping and packaging units. (3) Agribusiness The Group’s principal activities range from research and development, seed breeding, oil palm cultivation and milling, to the production and marketing of branded cooking oils, margarine and shortening. The Group also cultivates and processes rubber, sugar cane and other crops. (4) Distribution With the most extensive distribution network in Indonesia, the Group distributes the majority of the consumer products manufactured by Indofood and its subsidiaries, as well as by third parties, to the market. (5) Cultivation & Processed Vegetables The Group manages an integrated demand-driven operation with wide-ranging cultivation and processing capabilities, and produces branded products. BOARD OF COMMISSIONERS 1. Manuel Velez Pangilinan 2. Adi Pranoto Leman * 3. Bambang Subianto * 4. Benny Setiawan Santoso *) Independent Commissioner 5. 6. 7. 8. Christopher H. Young Edward Anthony Tortorici Robert Charles Nicholson Utomo Josodirdjo * BOARD OF DIRECTORS 1. Anthoni Salim 2. Axton Salim 3. Darmawan Sarsito (Kevin Sietho) 4. Franciscus Welirang 5. Joedianto Soejonopoetro 6. Joseph Bataona 7. Moleonoto (Paulus Moleonoto) 8. Taufik Wiraatmadja 9. Tjhie Tje Fie (Thomas Tjhie) 10. Werianty Setiawan Stable ADDRESS Sudirman Plaza, Indofood Tower, 27th Floor Jln. Jend. Sudirman Kav. 76-78 Jakarta 12910 Phone : (021) 5795-8822 Fax : (021) 5793-7373 Consumer Goods Industry Food And Beverages www.indofood.com Elly Putranti corporate.secretary@indofood.co.id Over the last two decades, Indofood has progressively transformed into a Total Food Solutions company with operations in all stages of food manufacturing, from the production of raw materials and their processing, to consumer products in the market. Today, it is renowned as a well-established company and a leading player in each business category in which it operates. In its business operations, Indofood capitalizes on economies of scale and a resilient business model with five complementary Strategic Business Groups (“Group”), namely: idAA+ FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 5,116,610 5,204,517 13,076,076 7,627,360 13,362,236 Chg % 2.19 p 1.72 p 8,469,821 11.05 p 25,701,913 2.41 p 42,816,745 28,985,443 -32.30 q 91,831,526 82,174,515 -10.52 q 25,096,342 25,107,538 25,858,266 48,709,933 30,000 19,219,441 -23.45 q 21,203,219 -18.00 q 38,233,092 -21.51 q 30,000 -  878,043 -  3,000,000 3,000,000 8,780 8,780 878,043 100 100 -  -  -  Retained Earnings 16,827,340 20,406,084 21.27 p Non Controlling Interest 15,852,242 14,967,137 -5.58 q Total Equity …*) Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA 27,269,351 43,121,593 43,941,423 64,061,947 66,750,317 17,258,058 6.25 p 1.90 p 4.20 p 19,428,440 12.58 p 9,895,163 11,143,433 12.61 p 4,962,084 7,385,228 1,534,123 7,362,895 8,363,523 Income for the periods 3,709,501 Net Income … *) 2,967,951 Comprehensive Income 28,974,286 4,867,347 FINANCIAL RATIOS 1,574,152 8,285,007 11,065,060 2.61 p 12.52 p 48.83 p 32.30 p 5,266,906 41.98 p 4,144,571 39.64 p 4,984,305 2.40 p DER (X) 0.60 0.48 -19.53 q NPM (%) 5.79 7.89 4.04 ROA (%) EBITDA Coverage (X) 5.45 6.41 58.67 p 7.03 28.94 p 36.27 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. CAB Holdings Ltd., Seychelles 2. Public 3. Anthoni Salim 4. Taufik Wiraatmadja 5. Franciscus Welirang 50.07% 49.91% 0.02% 0.00% 0.00% AUDIT COMMITTEE 1. Utomo Josodirdjo 2. Adi Pranoto Leman 3. Hendra Susanto INDONESIA BOND MARKET DIRECTORY 2016-2017 477
  478. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name (Rp Million) Obligasi Indofood INDF07 IDA000063606 INDF08 Outstanding Sukses Makmur VII Tahun 2014 Obligasi Indofood IDA000080709 Sukses Makmur VIII Tahun 2017 2,000,000 Listing Date 16-Jun-14 Maturity Issue Date 13-Jun-19 Term Coupon Structure / Coupon Payment Date Trustee 10.13% 13-Sep-17 13-Dec-17 13-Mar-18 PT Bank Mega 26-Aug-17 26-Nov-17 26-Feb-18 PT Bank Mega Period 5 years 2,000,000 29-May-17 26-May-22 8.70% 5 years Tbk. 13-Jun-18 Quarterly Tbk. 26-May-18 Quarterly Rating / Outlook AA+ Stable AA+ Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT INDF07 Listing Date ISIN CODE : IDA000063606 Jun-14 TRADING ACTIVITIES Volume 225 Frequency 35 Volume 180 28 Frequency Maturity Date Jun-15 Trading Activities, Jun-17 Jun-18 2016 Jun-19 2017 Price and Yield Q1 Q2 Volume (Rp bn) 223.00 22.00 61.00 13.00 40.00 8 3 6 3 1 Frequency (X) 32 Q3 6 Q4 9 Q1 4 Q2 2 44.00 6 3 135 21 Trading days 90 14 CTP Price - High 103.1000 103.3500 105.7000 105.7000 103.7600 105.1500 CTP Price - Low 100.9500 102.0000 IBPA Fair Price 102.9122 103.5250 103.9736 102.0524 103.0242 103.4915 7 45 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jun-16 Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 103 9.0 101 8.0 99 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 44.60 4.40 22-Mar 08-Jun 13-Jan 08-Jun 9.0555 2.60 8.00 8.80 22-Sep 04-Oct 25-Jan 10-Apr 20-Jul 25-Nov 25-Jan 07-Apr 99.9000 102.4100 103.7400 103.2112 8.4632 9.1790 8.5873 8.1911 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 8.687 7.577 6.509 5.465 4.531 3.766 Mod. Duration (yrs) 2.706 Sensitivity (%) 0.027 Convexity (yrs) 8.7557 12.20 2.530 0.025 2.345 0.023 2.147 0.021 1.952 0.020 1.777 0.018 This series will mature on 13 June 2019, and was traded in 24 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.9000% at the lowest and peaked at 105.7000%. While the IBPA fair price for this series was between 100.4529% and 104.4586%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 478 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  479. INDF08 ISIN CODE : IDA000080709 350 280 May-17 TRADING ACTIVITIES Volume 20 16 Frequency May-18 May-19 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A 325.50 N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 140 - May-22 Q1 12 4 May-21 Price and Yield 210 70 May-20 2016 Trading Activities, Frequency Volume Maturity Date Trading days enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 19 6 N/A 65.10 N/A 102.3500 N/A 99.9000 N/A 100.0186 N/A 22-Jun N/A 18.672 N/A 21-Jun N/A 14-Jun N/A 8.6941 N/A 3.949 N/A 0.040 The bond series INDF08 listed on 29 May 2017 with nominal amount of Rp2.00 trillion. The bond has interest rate per annum at 8.70% and this series will be matured on 26 May 2022. INDF08 was traded with total volume Rp325.50 billion in a half of year 2017. During 2017, INDF08 has a total of 6 trading days and 19 total frequencies. Throughout 2017, the market price (Centralized Trading Platform) was between 99.9000% and 102.3500%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 INDF07 Q2-2016 223 - 61 200 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 16.0% 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 479
  480. IBPA ANALYTICAL REVIEW Description PT Indofood Sukses Makmur Tbk (INDF) engages in total food solutions with operations in all stages of food manufacturing from the production of raw materials and their processing, to consumer products in the market. In providing its total food solutions, INDF divides its strategic business into five major strategic businesses that are run through five Peer Group No. Company Total Revenue 1. PT Indofood Sukses Makmur Tbk. 2. PT Mayora Indah Tbk. 4. PT Nippon Indosari Corpindo Tbk. Historical Corporate Ratings No. with main business in Agribusiness including cooking oils, and China Minzhong Food Corporation (CMFC), that engages in cultivation and processed vegetables activities. 23.8 11.1 16.0 11.0 2,629 6.6 8.9 3.3 Financial Statement as of Fiscal Year 2016 business, Bogasari that produces wheat flour and company Revenue 7.6 6,546 2,522 5. PT Siantar Top Tbk. that conducts Consumer Branded Products (CBP) pasta, Indofood Agri Resources Ltd, a SGX-listed 18,350 3. PT Tiga Pilar Sejahtera Food Tbk. complementary Strategic Business Group. The group consists PT Indofood CBP Sukses Makmur Tbk (ICBP) Net Profit (Rp Bill) Margins (%) Growth (%) 66,750 7.9 4.2 Rating Agency Rating Rating Status 1. Pefindo idAA+ Affirmed 3. Pefindo idAA+ Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idAA+ idAA+ idAA+ Rating Date 5-Apr-17 Stable 9-Apr-15 Stable Affirmed 11-Apr-16 Affirmed 16-May-14 Affirmed Outlook 3-Apr-14 Stable Stable Stable By the end of 2016, INDF is owned by CAB Holding Limited with 50.07% shares and Public with 49.93% shares. SWOT Analysis S trengths W eaknesses - Superior market position in the - Aggressively finance its expansion packaged food industry with debt substantially larger than - Well diversified business portfolio projected - Have a vertically integrated - The company's ability to generate business operations profit relatively low - Strong cash flow protection Financial Analysis INDF recorded consolidated net sales of Rp66.75 trillion in 2016, an increase of 4.2% from Rp64.06 trillion in 2015 driven by sales growth across the Groups, except Bogasari Group. Bogasari’s total sales decreased 1.3% become Rp18.93 trillion in 2016 from Rp19.18 trillion in 2015. The decreased was mainly due to the lower average selling price in relation to decline in international wheat price. The CBP Group continues to be the biggest contributor to consolidated net sales at 50.8%. In 2016, the CBP Group posted a 7.5% growth in total sales value of Rp34.11 trillion as compared with Rp31.74 trillion in 2015, driven by volume growth and higher average selling pricing. In 2016, INDF’s income from operation increased 12.5% to Rp8.29 trillion from Rp7.36 trillion in 2015, and operating margin improved to 12.4% from 11.5% in conjunction with gross margin improvement. INDF’s total assets as of 31 December 2016 were Rp82.17 trillion, a decrease of 10.5% from Rp91.83 trillion as of 31 December 2015. The decreased due to the exclusion of assets of disposal group classified as held for sale in relation to the completion of CMZ divestment. 480 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Growing domestic demand for - Growing domestic demand for packaged food packaged food - Resilient food & beverages industry - Resilient food & beverages - Increasing middle income class industry people - Increasing middle income class people
  481. ISAT Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. idAAA PT Indosat Tbk. : : : : : : Stable June 2017 ADDRESS Infrastructure, Utilities And Transportation Telecommunication www.indosatooredoo.com Hadi Susilo hadi.susilo@indosatooredoo.com Established in 1967, PT Indosat Tbk ("Indosat Ooredoo") is a leading telecommunication and information service provider in Indonesia and a member of Ooredoo Group, a global telecommunications provider. Indosat Ooredoo provides cellular, fixed data and wireless broadband services as well as fixed telecommunication or fixed voice offerings including IDD, fixed wireless and fixed phone services, and digital services. In addition, together with its subsidiaries PT Indosat Mega Media (IM2) and PT Aplikanusa Lintasarta, Indosat Ooredoo provides fixed data or Multimedia, Internet & Data Communication services such as IPVPN, leased line, internet services and IT services to corporate segments. Indosat Ooredoo is listed on the Indonesia Stock Exchange (IDX: ISAT). Jln. Medan Merdeka Barat No. 21 Jakarta 10110 Phone : (021) 3000-3001, 3044-2615 Fax : (021) 3000-3757 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity BOARD OF COMMISSIONERS 1. Waleed Mohamed Ebrahim Alsayed 2. Ajay Bahri 3. Chris Kanter 4. Damian Philip Chappell 5. Edy Sudarmanto 6. Elisa Lumbantoruan * 7. Hans Anthony Kuropatwa 8. Heru Pambudi 9. Syed Maqbul Quader * 10. Wijayanto Samirin * *) Independent Commissioner BOARD OF DIRECTORS 1. Alexander Rusli 2. Caba Pinter 3. Herfini Haryono 4. Johnny Ingemar Svedberg 5. Joy Wahjudi AUDIT COMMITTEE 1. Syed Maqbul Quader 2. Unggul Saut Marupa Tampubolon 3. Wijayanto Samirin INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 2,741,407 2,750,192 3,623,346 39,346 9,918,677 1,850,425 Chg % -48.93 q 0.32 p 79,272 101.47 p 8,073,481 -18.60 q 55,388,517 50,838,704 -8.21 q 27,643,086 23,674,739 -14.36 q 41,821,703 20,052,600 42,124,676 20,000 39,078,409 19,086,592 20,000 - 543,393 - 2,000,000 5,434 5,434 100 100 9,730,564 10,835,606 781,006 826,916 12,482,835 -4.82 q 36,661,585 -12.97 q 2,000,000 543,393 -6.56 q 13,350,203 - 11.36 6.95 5.88      p p p p 13,263,841 14,177,119 6.89 26,768,525 29,184,624 9.03 p 2,203,880 1,838,286 -16.59 q 3,940,553 66.82 p 11,473,306 12,863,819 12.12 p -986,704 1,038,710 26,768,525 24,406,415 2,362,110 -1,785,835 29,184,624 25,244,071 1,795,263 3.43 p N/A p Income for the periods -1,163,478 Net Income … *) -1,310,001 1,105,042 N/A p 2.08 1.67 -19.87 q -4.35 4.37 Comprehensive Income FINANCIAL RATIOS DER (X) -2.10 ROA (%) NPM (%) EBITDA Coverage (X) 5.21 1,275,655 9.03 p 2.51 7.00 N/A p N/A p N/A p N/A p 34.42 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Ooredoo Asia Pte. Ltd. 2. Public 3. Republic of Indonesia 65.00% 20.71% 14.29% INDONESIA BOND MARKET DIRECTORY 2016-2017 481
  482. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 482 CODE ISIN CODE Series Name ISAT08B Obligasi Indosat VIII IDA0000529B8 ISAT08A IDA0000529A0 SIISAT05 IDJ000005004 ISAT01DCN1 IDA0000659D9 ISAT01CCN1 IDA0000659C1 SIISAT01CCN1 IDJ0000066C0 ISAT01BCN1 IDA0000659B3 SIISAT01BCN1 IDJ0000066B2 ISAT01ACN1 IDA0000659A5 SIISAT01ACN1 IDJ0000066A4 ISAT01ECN2 IDA0000686E0 SIISAT01ECN2 IDJ0000070E8 ISAT01DCN2 IDA0000686D2 Tahun 2012 Seri B Obligasi Indosat VIII Tahun 2012 Seri A Sukuk Ijarah Indosat V Tahun 2012 Outstanding (Rp Million) 1,500,000 Listing Date 28-Jun-12 Maturity Date 27-Jun-22 Issue Term 10 years Indosat Tahap I 1,200,000 28-Jun-12 27-Jun-19 7 years 300,000 28-Jun-12 27-Jun-19 7 years 360,000 15-Dec-14 12-Dec-24 10 years 250,000 15-Dec-14 12-Dec-21 7 years 110,000 15-Dec-14 12-Dec-21 7 years 750,000 15-Dec-14 12-Dec-19 5 years Tahun 2014 Seri B Indosat Tahap I 16,000 15-Dec-14 12-Dec-19 5 years Tahun 2014 Seri B Indosat Tahap I 950,000 15-Dec-14 12-Dec-17 3 years Tahun 2014 Seri A Indosat Tahap I 64,000 15-Dec-14 12-Dec-17 3 years Tahun 2014 Seri A Indosat Tahap II 427,000 05-Jun-15 04-Jun-25 10 years Tahun 2015 Seri E Indosat Tahap II 175,000 05-Jun-15 04-Jun-25 10 years Tahun 2015 Seri E Indosat Tahap II Ijarah Fee Rp1,65 M 10.00% Ijarah Fee Rp6,40 M 10.40% Ijarah Fee Rp18,2M Quarterly Obligasi Berkelanjutan I 10.30% Quarterly Sukuk Ijarah Berkelanjutan I M Quarterly Obligasi Berkelanjutan I 10.50% Quarterly Sukuk Ijarah Berkelanjutan I 10.70% Quarterly Obligasi Berkelanjutan I Rp25,875 M/TH Quarterly Sukuk Ijarah Berkelanjutan I 8.63% Quarterly Obligasi Indosat Tahap I PT Bank Ijarah Fee Rp11,55 Tahun 2014 Seri C Berkelanjutan I 27-Sep-17 27-Dec-17 27-Mar-18 Quarterly Sukuk Ijarah Indosat Tahap I 8.88% Quarterly Tahun 2014 Seri C Berkelanjutan I Trustee Quarterly Obligasi Indosat Tahap I Date Period Quarterly Tahun 2014 Seri D Berkelanjutan I Coupon Payment Quarterly Obligasi Berkelanjutan I Coupon Structure / 337,000 05-Jun-15 Tahun 2015 Seri D INDONESIA BOND MARKET DIRECTORY 2016-2017 04-Jun-22 7 years 10.25% Quarterly Rakyat Indonesia 27-Jun-18 (Persero) Tbk. 27-Sep-17 27-Dec-17 27-Mar-18 PT Bank Rakyat Indonesia 27-Jun-18 (Persero) Tbk. 27-Sep-17 27-Dec-17 27-Mar-18 PT Bank Rakyat Indonesia 27-Jun-18 (Persero) Tbk. 12-Sep-17 12-Dec-17 12-Mar-18 PT Bank Rakyat Indonesia 12-Jun-18 (Persero) Tbk. 12-Sep-17 12-Dec-17 12-Mar-18 PT Bank Rakyat Indonesia 12-Jun-18 (Persero) Tbk. 12-Sep-17 12-Dec-17 12-Mar-18 PT Bank Rakyat Indonesia 12-Jun-18 (Persero) Tbk. 12-Sep-17 12-Dec-17 12-Mar-18 PT Bank Rakyat Indonesia 12-Jun-18 (Persero) Tbk. 12-Sep-17 12-Dec-17 12-Mar-18 PT Bank Rakyat Indonesia 12-Jun-18 (Persero) Tbk. 12-Sep-17 12-Dec-17 - PT Bank Rakyat Indonesia - (Persero) Tbk. 12-Sep-17 12-Dec-17 - PT Bank Rakyat Indonesia - (Persero) Tbk. 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank Rakyat Indonesia 04-Jun-18 (Persero) Tbk. 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank Rakyat Indonesia 04-Jun-18 (Persero) Tbk. 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank 04-Jun-18 Rakyat Indonesia (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable
  483. AS OF JUNE 2017 No . 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. CODE ISIN CODE Series Name SIISAT01DCN2 Berkelanjutan I IDJ0000070D0 ISAT01CCN2 IDA0000686C4 SIISAT01CCN2 IDJ0000070C2 ISAT01BCN2 IDA0000686B6 SIISAT01BCN2 IDJ0000070B4 ISAT01DCN3 IDA0000707D6 SIISAT01BCN3 IDJ0000073B8 ISAT01CCN3 IDA0000707C8 SIISAT01ACN3 IDJ0000073A0 ISAT01BCN3 IDA0000707B0 ISAT01ACN3 IDA0000707A2 ISAT01ECN4 IDA0000756E1 SIISAT01DCN4 IDJ0000080D9 Outstanding (Rp Million) Listing Date Maturity Date Issue Coupon Structure / Coupon Payment Date Trustee Ijarah Fee 7 years 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank Rp4,4075M Term Sukuk Ijarah Indosat Tahap II 43,000 05-Jun-15 04-Jun-22 Tahun 2015 Seri D Quarterly Obligasi Berkelanjutan I Indosat Tahap II 584,000 05-Jun-15 04-Jun-20 5 years Tahun 2015 Seri C Indosat Tahap II 67,000 05-Jun-15 04-Jun-20 5 years Tahun 2015 Seri C Indosat Tahap II 782,000 05-Jun-15 04-Jun-18 3 years Tahun 2015 Seri B Indosat Tahap II 76,000 05-Jun-15 04-Jun-18 3 years Tahun 2015 Seri B Indosat Tahap III 162,000 10-Dec-15 08-Dec-25 10 years Tahun 2015 Seri D Indosat Tahap III 41,000 10-Dec-15 08-Dec-25 10 years Tahun 2015 Seri B Indosat Tahap III 130,000 10-Dec-15 08-Dec-22 7 years Tahun 2015 Seri C Indosat Tahap III 65,000 10-Dec-15 08-Dec-22 7 years Tahun 2015 Seri A Indosat Tahap III 301,000 10-Dec-15 08-Dec-20 5 years Tahun 2015 Seri B Indosat Tahap III 201,000 10-Dec-15 08-Dec-18 3 years Tahun 2015 Seri A Indosat Tahap IV 201,000 02-Sep-16 02-Sep-26 10 years Tahun 2016 Seri E Sukuk Ijarah Berkelanjutan I Indosat Tahap IV Tahun 2016 Seri D 10.00% Quarterly Obligasi Berkelanjutan I 10.25% Quarterly Obligasi Berkelanjutan I Ijarah Fee Rp6,89M Quarterly Obligasi Berkelanjutan I 10.60% Quarterly Sukuk Ijarah Berkelanjutan I Ijarah Fee Rp4,60M Quarterly Obligasi Berkelanjutan I 11.20% Quarterly Sukuk Ijarah Berkelanjutan I Ijarah Fee Rp7,03M Quarterly Obligasi Berkelanjutan I 9.25% Quarterly Sukuk Ijarah Berkelanjutan I Ijarah Fee Rp6,7M Quarterly Obligasi Berkelanjutan I 10.00% Quarterly Sukuk Ijarah Berkelanjutan I Period 54,000 02-Sep-16 02-Sep-26 10 years 8.15% Rakyat Indonesia 04-Jun-18 (Persero) Tbk. 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank Rakyat Indonesia 04-Jun-18 (Persero) Tbk. 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank Rakyat Indonesia 04-Jun-18 (Persero) Tbk. 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank Rakyat Indonesia 04-Jun-18 (Persero) Tbk. 04-Sep-17 04-Dec-17 04-Mar-18 PT Bank Rakyat Indonesia 04-Jun-18 (Persero) Tbk. 08-Sep-17 08-Dec-17 08-Mar-18 PT Bank Rakyat Indonesia 08-Jun-18 (Persero) Tbk. 08-Sep-17 08-Dec-17 08-Mar-18 PT Bank Rakyat Indonesia 08-Jun-18 (Persero) Tbk. 08-Sep-17 08-Dec-17 08-Mar-18 PT Bank Rakyat Indonesia 08-Jun-18 (Persero) Tbk. 08-Sep-17 08-Dec-17 08-Mar-18 PT Bank Rakyat Indonesia 08-Jun-18 (Persero) Tbk. 08-Sep-17 08-Dec-17 08-Mar-18 PT Bank Rakyat Indonesia 08-Jun-18 (Persero) Tbk. 08-Sep-17 08-Dec-17 08-Mar-18 PT Bank Rakyat Indonesia 08-Jun-18 (Persero) Tbk. 02-Jun-17 02-Sep-17 02-Dec-17 PT Bank Rakyat Indonesia Quarterly 02-Mar-18 (Persero) Tbk. Ijarah Fee Rp4.94M 02-Jun-17 02-Sep-17 02-Dec-17 PT Bank Quarterly 02-Mar-18 Rakyat Indonesia (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 483
  484. AS OF JUNE 2017 No . 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 484 CODE ISIN CODE Series Name ISAT01DCN4 Berkelanjutan I IDA0000756D3 ISAT01CCN4 IDA0000756C5 SIISAT01CCN4 IDJ0000080C1 ISAT01BCN4 IDA0000756B7 SIISAT01BCN4 IDJ0000080B3 ISAT01ACN4 IDA0000756A9 SIISAT01ACN4 IDJ0000080A5 ISAT02ECN1 IDA0000809E8 SIISAT02DCN1 IDJ0000089D0 ISAT02DCN1 IDA0000809D0 SIISAT02CCN1 IDJ0000089C2 ISAT02CCN1 IDA0000809C2 SIISAT02BCN1 IDJ0000089B4 Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Indosat Tahap IV 115,000 02-Sep-16 02-Sep-23 7 years Tahun 2016 Seri D Obligasi Berkelanjutan I Indosat Tahap IV 734,000 02-Sep-16 02-Sep-21 5 years Tahun 2016 Seri C Sukuk Ijarah Berkelanjutan I Indosat Tahap IV 10,000 02-Sep-16 02-Sep-21 5 years Tahun 2016 Seri C Obligasi Berkelanjutan I Indosat Tahap IV 1,047,000 02-Sep-16 02-Sep-19 3 years Tahun 2016 Seri B Sukuk Ijarah Berkelanjutan I Indosat Tahap IV 61,000 02-Sep-16 02-Sep-19 3 years Tahun 2016 Seri B Obligasi Berkelanjutan I Indosat Tahap IV 1,075,000 02-Sep-16 12-Sep-17 370 days Tahun 2016 Seri A Indosat Tahap IV 02-Sep-16 12-Sep-17 370 days 538,000 02-Jun-17 31-May-27 10 years Tahun 2017 Seri E Indosat Tahap I 63,000 02-Jun-17 31-May-27 10 years Tahun 2017 Seri D Indosat Tahap I 378,000 02-Jun-17 31-May-24 7 years Tahun 2017 Seri D Indosat Tahap I 60,000 02-Jun-17 31-May-24 7 years Tahun 2017 Seri C Indosat Tahap I 312,000 02-Jun-17 31-May-22 5 years Tahun 2017 Seri C Berkelanjutan II Indosat Tahap I 02-Mar-18 (Persero) Tbk. 8.60% 02-Jun-17 02-Sep-17 02-Dec-17 PT Bank 160,000 02-Jun-17 Tahun 2017 Seri B INDONESIA BOND MARKET DIRECTORY 2016-2017 31-May-22 5 years Rakyat Indonesia Quarterly 02-Mar-18 (Persero) Tbk. Ijarah Fee Rp0.86M 02-Jun-17 02-Sep-17 02-Dec-17 PT Bank Rakyat Indonesia Quarterly 02-Mar-18 (Persero) Tbk. 8.00% 02-Jun-17 02-Sep-17 02-Dec-17 PT Bank Rakyat Indonesia Quarterly 02-Mar-18 (Persero) Tbk. Ijarah Fee Rp4.88M 02-Jun-17 02-Sep-17 02-Dec-17 PT Bank Rakyat Indonesia Quarterly 02-Mar-18 (Persero) Tbk. 7.50% 12-Jun-17 12-Sep-17 - PT Bank Rp12.23M 9.25% Ijarah Fee Rp5,83M 8.90% Ijarah Fee Rp5,34M 8.55% Quarterly Sukuk Ijarah Rakyat Indonesia Quarterly Quarterly Obligasi berkelanjutan II PT Bank Quarterly Sukuk Ijarah Berkelanjutan II 02-Jun-17 02-Sep-17 02-Dec-17 Quarterly Obligasi berkelanjutan II 9.00% Quarterly Sukuk Ijarah Berkelanjutan II Trustee Quarterly Obligasi Indosat Tahap I Date Period Ijarah Fee 163,000 Tahun 2016 Seri A berkelanjutan II Coupon Payment Quarterly Sukuk Ijarah Berkelanjutan I Coupon Structure / Ijarah Fee Rp13,7M Quarterly Rakyat Indonesia - (Persero) Tbk. 12-Jun-17 12-Sep-17 - PT Bank Rakyat Indonesia - (Persero) Tbk. 31-Aug-17 01-Dec-17 01-Mar-18 PT Bank Rakyat Indonesia 01-Jun-18 (Persero) Tbk. 31-Aug-17 01-Dec-17 01-Mar-18 PT Bank Rakyat Indonesia 01-Jun-18 (Persero) Tbk. 31-Aug-17 01-Dec-17 01-Mar-18 PT Bank Rakyat Indonesia 01-Jun-18 (Persero) Tbk. 31-Aug-17 01-Dec-17 01-Mar-18 PT Bank Rakyat Indonesia 01-Jun-18 (Persero) Tbk. 31-Aug-17 01-Dec-17 01-Mar-18 PT Bank Rakyat Indonesia 01-Jun-18 (Persero) Tbk. 31-Aug-17 01-Dec-17 01-Mar-18 PT Bank 01-Jun-18 Rakyat Indonesia (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Pastikan Stable Link Grafik sudah be AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable
  485. AS OF JUNE 2017 CODE No . 40. 41. 42. ISIN CODE Series Name ISAT02BCN1 berkelanjutan II IDA0000809B4 ISAT02ACN1 IDA0000809A6 SIISAT02ACN1 IDJ0000089A6 Outstanding Listing (Rp Million) Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 8.15% 31-Aug-17 01-Dec-17 01-Mar-18 PT Bank Period Obligasi 628,000 Indosat Tahap I 02-Jun-17 31-May-20 3 years Tahun 2017 Seri B Quarterly Obligasi berkelanjutan II 844,000 Indosat Tahap I 02-Jun-17 10-Jun-18 7.00% 370 days Tahun 2017 Seri A Quarterly Sukuk Ijarah Berkelanjutan II 17,000 Indosat Tahap I 02-Jun-17 10-Jun-18 370 days Ijarah Fee Rp1,19M Tahun 2017 Seri A Rakyat AAA Indonesia 01-Jun-18 (Persero) Tbk. 10-Sep-17 10-Dec-17 10-Mar-18 PT Bank Rakyat Stable AAA Indonesia 10-Jun-18 (Persero) Tbk. 10-Sep-17 10-Dec-17 10-Mar-18 PT Bank 10-Jun-18 Quarterly Rating / Outlook Rakyat Stable AAA Indonesia (Persero) Tbk. Stable TRADING HIGHLIGHT ISAT08B Listing Date ISIN CODE : IDA0000529B8 Jun-12 TRADING ACTIVITIES Volume 350 Frequency 45 Volume 280 36 Frequency Maturity Date Jun-14 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 210 27 Trading days 140 18 CTP Price - High 70 - enar >> 9 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 108 PRICE AND YTM MOVEMENT YTM (%) 11.0 Jun-18 Jun-20 Jun-22 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 343.40 313.90 207.75 101.00 225.62 10 13 19 9 11 36 91.57 44 83.71 38 55.40 18 26.93 38 60.17 133.15 39 13 35.51 100.5000 100.0200 107.7000 103.4500 102.4500 103.2000 10-Mar 25-May 97.2879 101.3928 100.9889 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 27.233 25.801 24.110 22.153 20.749 18.888 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 9.5158 4.715 0.047 8.7901 4.609 0.046 29-Aug 8.6584 4.467 0.045 19-Dec 9.5146 4.282 0.043 93.5000 15-May 96.9848 100.3914 100.9713 09-Jun 93.0000 02-Mar IBPA Fair Price 03-Feb 94.0000 25-Oct 85.0000 Date 91.0000 15-Sep CTP Price - Low IBPA Fair Yield (%) Price Jun-16 09-Feb 8.5366 4.161 0.042 96.2500 02-Jun 8.6296 3.938 0.039 103 10.0 98 9.0 The bond series ISAT08B listed on 28 June 2012 with nominal amount of Rp1500.00 93 8.0 27 June 2022. ISAT08B was traded with total volume Rp966.05 billion in 2016 and 88 7.0 83 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 billion. The bond has interest rate per annum at 8.88% and this series will be matured on Rp358.77 billion in a half of year 2017. During 2016, ISAT08B has a total of 51 trading days and 136 total frequencies. In 2016, the market price (Centralized Trading Platform) was between 85.0000% and 107.7000%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 485
  486. ISAT08A Listing Date ISIN CODE : IDA0000529A0 Jun-12 TRADING ACTIVITIES Volume 350 Frequency 75 Volume 280 60 Frequency Jun-13 Maturity Date Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 2016 Trading Activities, Q1 Price and Yield Volume (Rp bn) Q2 Jun-19 2017 Q1 Q2 153.20 333.74 179.48 270.74 77.72 161.85 24 23 17 26 5 52 Frequency (X) Q3 51 Q4 32 60 15 24 12 210 45 Trading days 140 30 CTP Price - High 98.7500 99.7500 102.0000 101.0200 100.7500 104.3900 CTP Price - Low 90.3500 93.5000 IBPA Fair Price 98.2498 99.0880 100.8319 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 9.103 7.940 6.844 5.750 4.781 3.899 70 - enar >> 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 98 9.0 95 8.0 92 7.0 89 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 51.07 19-Jan 28-Jan 9.2471 Mod. Duration (yrs) 2.789 Sensitivity (%) 0.028 Convexity (yrs) 111.25 25-May 19-Apr 8.9757 2.606 59.83 22-Aug 95.0000 11-Aug 8.2824 2.420 0.026 90.25 30-Nov 94.0000 22-Dec 25.91 21-Mar 98.5000 28-Feb 53.95 15-Jun 98.0000 14-Jun 99.0681 100.7970 Pastikan 101.7224 Link Grafik sudah be 9.0466 2.216 0.024 0.022 8.2199 2.017 7.6930 1.800 0.020 0.018 This series will mature on 27 June 2019, and was traded in 107 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp196.12 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 90.3500% at the lowest and peaked at 104.3900%. While the IBPA fair price for this series was between 94.7693% and 101.9000%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIISAT05 Listing Date ISIN CODE : IDJ000005004 TRADING ACTIVITIES Volume 35 28 Jun-12 Frequency 15 Volume 12 Frequency Jun-13 Maturity Date Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 2016 Trading Activities, Q1 Price and Yield Volume (Rp bn) Q2 Q3 Q4 Q1 Q2 1.00 0.40 8.00 15.00 34.00 1 1 1 1 1 1 Frequency (X) 2 Jun-19 2017 4 5 3 25.00 10 3 21 9 Trading days 14 6 CTP Price - High 95.6500 100.0300 101.5000 100.4000 101.0200 101.4000 CTP Price - Low 95.6500 100.0000 100.8500 99.5000 101.0000 101.0000 IBPA Fair Price 98.3927 98.8681 100.8557 Pastikan 100.9967 Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 9.106 7.936 6.845 5.747 4.782 3.890 7 - enar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 1.33 0.53 10.67 19-Jan 30-Jun 29-Sep 30-Jun 29-Sep 19-Jan 9.1951 Mod. Duration (yrs) 2.790 Sensitivity (%) 0.028 Convexity (yrs) 98.8855 100.8822 9.0541 2.606 0.026 8.2618 2.421 0.024 20.00 45.33 33.33 02-Nov 09-Feb 16-Jun 02-Nov 09-Feb 16-Jun 9.1378 2.215 0.022 8.1911 2.018 0.020 8.0831 1.798 0.018 The Bonds issued with nominal value of Rp300.00 billion and interest rates of 8.63% per annum. This bond is effective from 28 June 2012 to 27 June 2019. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 95.6500% - 101.5000%, while in first semester 2017 this bond was traded between 101.0000% and 101.4000%. In first semester 2017, IBPA fair price recorded at range 98.8910% 101.4849%. During 2016 this bond was traded with volume amounting to Rp24.40 billion and transacted 12 times, meanwhile in a half of year 2017 recorded by Rp59.00 billion and transacted 13 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 486 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  487. ISAT01DCN1 Listing Date ISIN CODE : IDA0000659D9 Dec-14 TRADING ACTIVITIES Volume 200 Frequency 15 Volume 160 12 Frequency Maturity Date Dec-16 Trading Activities, Dec-18 Dec-20 Dec-22 2016 Q2 Dec-24 2017 Price and Yield Q1 Volume (Rp bn) 35.00 180.00 38.00 8.00 15.00 - 2 6 1 2 2 - 7 Frequency (X) Q3 12 Q4 2 Q1 2 Q2 3 - 120 9 Trading days 80 6 CTP Price - High 104.0000 105.7800 108.2500 106.5200 107.7900 N/A 40 3 100.6000 103.5000 108.2000 106.5000 107.7500 N/A - - CTP Price - Low IBPA Fair Price 105.5131 106.7171 109.8100 105.6150 110.9656 112.3400 enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 113 PRICE AND YTM MOVEMENT YTM (%) 11.0 110 10.0 107 9.0 104 8.0 101 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 38.89 200.00 42.22 8.89 16.67 31-Mar 28-Apr 23-Aug 20-Oct 26-Jan 03-Feb 08-Apr 23-Aug 24-Oct 25-Jan 9.7469 9.5326 8.9951 9.6784 8.7234 - N/A N/A 8.4550 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 42.584 41.071 39.805 37.409 36.394 35.058 5.683 0.057 5.602 0.056 5.542 5.369 0.055 0.054 5.330 0.053 5.254 0.053 The bond series ISAT01DCN1 listed on 15 December 2014 with nominal amount of Rp360.00 billion. The bond has interest rate per annum at 10.70% and this series will be matured on 12 December 2024. ISAT01DCN1 was traded with total volume Rp261.00 billion in 2016 and Rp15.00 billion in a half of year 2017. During 2016, ISAT01DCN1 has a total of 11 trading days and 23 total frequencies. In 2016, the market price (Centralized Trading Platform) was between 100.6000% and 108.2500%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01CCN1 Listing Date ISIN CODE : IDA0000659C1 Dec-14 TRADING ACTIVITIES Volume 150 Frequency 20 Volume 120 16 Frequency Dec-15 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Maturity Date Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 2016 Q1 Q2 Dec-21 2017 Q3 Q4 Q1 Q2 141.00 31.00 - - 50.00 - 5 3 - - 2 - 19 7 - - 6 - 90 12 Trading days 60 8 CTP Price - High 103.7500 104.6000 N/A N/A 105.8000 N/A 30 4 100.8000 104.0000 N/A N/A 101.5000 N/A - - CTP Price - Low IBPA Fair Price 103.9560 105.0385 107.2613 104.1643 107.5692 107.9401 enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 111 PRICE AND YTM MOVEMENT YTM (%) 11.0 108 10.0 105 9.0 102 8.0 99 7.0 96 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 225.60 49.60 15-Mar 20-May 20-Jan 08-Apr 9.5833 9.3096 - - N/A N/A N/A 8.7460 N/A 9.4361 80.00 16-Feb 24-Mar 8.5200 - N/A N/A 8.3534 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 22.497 21.036 19.638 17.952 16.643 15.399 4.264 0.043 4.136 0.041 4.011 0.040 3.837 0.038 3.709 0.037 3.579 0.036 The bond series ISAT01CCN1 listed on 15 December 2014 with nominal amount of Rp250.00 billion. The bond has interest rate per annum at 10.50% and this series will be matured on 12 December 2021. ISAT01CCN1 was traded with total volume Rp172.00 billion in 2016 and Rp50.00 billion in a half of year 2017. During 2016, ISAT01CCN1 has a total of 8 trading days and 26 total frequencies. In 2016, the market price (Centralized Trading Platform) was between 100.8000% and 104.6000%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 487
  488. SIISAT01CCN1 Listing Date ISIN CODE : IDJ0000066C0 Dec-14 TRADING ACTIVITIES Volume 10 8 Price and Yield 5 Volume (Rp bn) 4 Frequency Dec-16 Trading Activities, Frequency Volume Dec-15 Maturity Date Dec-17 Dec-18 Dec-19 Dec-20 2016 Q1 Q2 Dec-21 2017 Q4 Q1 3.20 5.00 0.60 - - - 1 1 1 - - - 4 Frequency (X) Q3 2 2 - Q2 - - 6 3 Trading days 4 2 CTP Price - High 100.0200 100.0300 100.0500 N/A N/A N/A 2 1 100.0000 100.0000 100.0200 N/A N/A N/A - - CTP Price - Low IBPA Fair Price 104.4279 105.0385 107.2613 104.1643 107.5692 Pastikan 107.9401 Link Grafik sudah be enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 111 PRICE AND YTM MOVEMENT YTM (%) 10.0 105 9.0 102 8.0 99 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Mod. Duration (yrs) 11.0 108 96 Last Date Q2-17 Convexity (yrs) Sensitivity (%) 11.64 18.18 2.18 08-Mar 30-Jun 14-Jul 08-Mar 30-Jun 14-Jul 9.4778 9.3096 8.7460 - - N/A - N/A N/A N/A N/A 9.4361 N/A 8.5200 8.3534 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 22.533 21.036 19.638 17.952 16.643 15.399 4.269 4.136 0.043 0.041 4.011 0.040 3.837 0.038 3.709 0.037 3.579 0.036 This series was traded in 3 trading days during 2016 to Q2-2017 period. The total trading volume was Rp8.80 billion during the period. The IBPA fair prices for this series were 99.5540% at the lowest and 108.6591% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), this series was traded within its fair prices which were 100.0000% at the lowest and at 100.0500% at the highest. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01BCN1 Listing Date ISIN CODE : IDA0000659B3 Dec-14 TRADING ACTIVITIES Volume 750 Frequency 40 Volume 600 32 Frequency Dec-15 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Maturity Date Dec-16 Dec-17 Dec-18 Dec-19 2016 Q1 Q2 2017 Q3 Q4 Q1 Q2 555.00 112.00 31.10 250.50 73.00 9 8 5 13 2 31 16 7 36 6 279.50 20 10 450 24 Trading days 300 16 CTP Price - High 106.5500 103.7000 106.0000 105.8500 105.6000 106.3500 CTP Price - Low 100.5000 102.5000 102.8000 IBPA Fair Price 102.3941 103.3597 105.1331 103.8670 104.7531 Pastikan 105.7428 Link Grafik sudah be 150 - enar >> 8 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 103 9.0 101 8.0 99 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 296.00 59.73 16.59 19-Jan 12-May 22-Sep 19-Jan 05-Apr 19-Jul 9.5140 9.1518 8.4509 133.60 38.93 149.07 04-Oct 23-Feb 22-May 14-Dec 19-Jan 22-May 99.0000 104.6000 100.6000 8.7957 8.3031 7.7248 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 11.048 9.852 8.707 7.541 6.474 5.595 3.041 0.030 2.877 0.029 2.709 0.027 2.522 0.025 2.337 0.023 2.175 0.022 The bond series ISAT01BCN1 listed on 15 December 2014 with nominal amount of Rp750.00 billion. The bond has interest rate per annum at 10.30% and this series will be matured on 12 December 2019. ISAT01BCN1 was traded with total volume Rp948.60 billion in 2016 and Rp352.50 billion in a half of year 2017. During 2016, ISAT01BCN1 has a total of 35 trading days and 90 total frequencies. In 2016, the market price (Centralized Trading Platform) was between 99.0000% and 106.5500%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 488 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  489. SIISAT01BCN1 Listing Date ISIN CODE : IDJ0000066B2 Dec-14 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 4 Frequency Maturity Date Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 2016 Trading Activities, Q1 Q3 Q4 Q1 Volume (Rp bn) - 4.00 - - - - - 1 - - - - Frequency (X) - Turnover Ratio (%) - Q2 2017 Price and Yield 1 - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A 98.5900 N/A N/A N/A N/A 1 1 N/A 98.5900 N/A N/A N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 103 9.0 101 8.0 99 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) 100.00 - 02-May - N/A 02-May N/A N/A N/A - - N/A N/A N/A N/A 103.1833 103.4591 105.1331 102.7481 104.7531 104.9194 9.2632 9.1185 8.4509 9.2235 8.3031 8.0836 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 11.074 9.855 8.707 7.516 6.474 5.581 3.046 0.030 Sensitivity (%) 2.877 2.709 0.029 0.027 2.517 0.025 2.337 2.172 0.023 0.022 This series was traded in only 1 trading day during 2016 to Q2-2017 period. The total trading volume was Rp4.00 billion during the period. The IBPA fair prices for this series were 99.3513% at the lowest and 105.8568% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), this series was traded at 98.5900% at that trading day. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01ACN1 Listing Date ISIN CODE : IDA0000659A5 Dec-14 TRADING ACTIVITIES Volume 300 Frequency 45 Volume 240 36 Frequency Jun-15 Maturity Date Dec-15 Dec-16 Jun-17 2016 Trading Activities, Q1 Price and Yield Volume (Rp bn) Jun-16 Q2 Dec-17 2017 Q3 Q4 Q1 Q2 255.20 255.90 212.00 239.85 290.65 16 18 12 14 18 33 Frequency (X) 40 29 34 37 143.60 12 5 180 27 Trading days 120 18 CTP Price - High 101.7500 102.9300 103.3000 103.0300 102.5000 102.1800 CTP Price - Low 100.7700 IBPA Fair Price 101.6249 102.3678 102.7577 102.1685 102.0438 101.5282 60 - enar >> 9 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 14.0 103 12.0 101 10.0 99 8.0 97 6.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 107.45 31-Mar 28-Jan 8.9385 107.75 21-Jun 97.0000 28-Apr 8.2477 89.26 15-Jul 99.8500 09-Aug 7.5710 100.99 10-Oct 97.7500 01-Nov 7.6081 122.38 60.46 20-Mar 07-Apr 05-Jan 29-May 96.0000 100.0000 6.9375 6.6812 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.865 2.180 1.569 1.044 0.617 0.324 Mod. Duration (yrs) 1.541 Sensitivity (%) 0.015 Convexity (yrs) 1.335 0.013 1.120 0.011 0.897 0.009 0.668 0.007 0.459 0.005 This series was listed since 15 December 2014 with a maturity date on 12 December 2017 and has a fixed interest rate of 10.000% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 99.7128% - 103.0448% and on the other side IBPA’s Yield range between 6.5617% - 10.1619%. The outstanding for this series since issuance date were noted at Rp950.00 billion. 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 489
  490. SIISAT01ACN1 Listing Date ISIN CODE : IDJ0000066A4 TRADING ACTIVITIES Volume 35 28 Dec-14 Frequency 10 Volume 8 Frequency Maturity Date Jun-15 Trading Activities, Dec-15 Jun-16 Dec-16 Jun-17 2016 Dec-17 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - 10.00 14.00 24.00 34.00 - 2 2 3 2 Frequency (X) - Turnover Ratio (%) - 4 7 7 Q2 27.00 6 4 2 21 6 Trading days 14 4 CTP Price - High N/A 102.0800 101.3700 102.1700 101.7700 101.6350 CTP Price - Low N/A 101.9600 101.3300 100.7500 101.0000 101.4200 7 - enar >> 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date N/A N/A 87.50 150.00 212.50 168.75 31-May 22-Sep 22-Dec 10-Feb 26-Apr 06-Apr 31-Aug 23-Nov 09-Feb 26-May 102.0292 102.0914 102.3614 101.3771 101.8017 Pastikan 101.3742 Link Grafik sudah be 8.6827 8.4492 7.9144 8.4713 7.2901 7.0115 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.869 2.177 1.566 1.040 0.616 0.324 Mod. Duration (yrs) 1.542 Sensitivity (%) 0.015 Convexity (yrs) 62.50 1.334 1.119 0.013 0.011 0.895 0.667 0.009 0.458 0.007 0.005 This bond series was first listed on 15 December 2014 and will be matured on 12 December 2017. The series was actively traded since 2016 until Q2-2017 with 11 days of total trading days during the trading period. The total trading volume reached Rp109.00 billion and the total trading frequency was 28 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 100.7500% or above its fair lowest price valued by IBPA at 99.6497%. On the other hand, the highest market price was 102.1700% or below its IBPA fair highest price at 102.6544%. The yield valued by IBPA was 7.0115% at the lowest, and 10.1981% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01ECN2 Listing Date ISIN CODE : IDA0000686E0 Jun-15 TRADING ACTIVITIES Volume 75 Frequency 10 Volume 60 8 Frequency Maturity Date Jun-17 Trading Activities, Jun-19 Jun-21 Jun-23 Jun-25 2016 Price and Yield Q1 Volume (Rp bn) 20.00 60.00 3.00 10.00 20.00 1 2 1 2 1 Frequency (X) Q2 2017 1 Q3 8 Q4 2 Q1 2 Q2 2 26.00 4 2 45 6 Trading days 30 4 CTP Price - High 100.0000 102.3500 105.6800 100.8600 106.8521 110.5100 CTP Price - Low 100.0000 100.8000 105.6600 100.8400 106.8421 110.3650 IBPA Fair Price 103.6848 104.9887 108.2279 103.9088 109.1658 Pastikan 110.8688 Link Grafik sudah be 15 - enar >> 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 112 PRICE AND YTM MOVEMENT YTM (%) 11.0 109 10.0 106 9.0 103 8.0 100 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 18.74 56.21 2.81 9.37 18.74 24.36 24-Feb 16-May 11-Jul 01-Dec 10-Mar 14-Jun 24-Feb 11-May 11-Jul 30-Nov 10-Mar 09-Jun 9.7812 9.5619 9.0216 9.7143 8.8096 8.5043 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 46.232 44.739 43.535 40.985 40.030 38.734 5.894 0.059 5.820 0.058 5.771 0.058 5.594 0.056 5.565 0.056 5.500 0.055 The bond series ISAT01ECN2 listed on 05 June 2015 with nominal amount of Rp427.00 billion. The bond has interest rate per annum at 10.40% and this series will be matured on 04 June 2025. ISAT01ECN2 was traded with total volume Rp93.00 billion in 2016 and Rp46.00 billion in a half of year 2017. During 2016, ISAT01ECN2 has a total of 6 trading days and 13 total frequencies. In 2016, the market price (Centralized Trading Platform) was between 100.0000% and 105.6800%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 490 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  491. SIISAT01ECN2 Listing Date ISIN CODE : IDJ0000070E8 Jun-15 TRADING ACTIVITIES Volume 100 80 16 Jun-19 Jun-21 Jun-23 Jun-25 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 86.00 27.60 10.00 9.00 10.00 4 2 4 6 3 20 Frequency Jun-17 Trading Activities, Frequency Volume Maturity Date 18 Frequency (X) 8 Q4 7 Q1 9 Q2 0.50 10 1 1 60 12 Trading days 40 8 CTP Price - High 100.7200 105.1200 107.8200 108.1500 106.0750 105.8056 CTP Price - Low 99.0000 100.0000 100.3000 100.3000 104.9800 105.8056 IBPA Fair Price 101.9078 105.1100 108.0987 104.6220 106.6932 110.9321 20 - enar >> Turnover Ratio (%) Date 4 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Yield (%) Price 112 PRICE AND YTM MOVEMENT YTM (%) 11.0 109 10.0 106 9.0 103 8.0 100 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) 196.57 63.09 22.86 20.57 22.86 1.14 11-Feb 30-Jun 16-Sep 10-Oct 27-Mar 06-Apr 24-Feb 30-Jun 29-Sep 06-Oct 09-Feb 06-Apr 10.0730 9.5422 9.0422 9.5930 9.2195 8.4940 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 45.854 44.763 43.512 41.108 39.646 38.743 5.860 0.059 Sensitivity (%) 5.822 0.058 5.769 0.058 5.606 0.056 5.528 0.055 5.500 0.055 This series has listed since 05 June 2015 and will be matured on 04 June 2025. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 54.51% per quarter and traded in 20 trading days throughout the period. The average trading volume reached Rp23.85 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 99.0000% at the lowest to 108.1500% at the highest. While the IBPA fair price for this series stood between 98.2268% and 110.9321%. The yield valued by IBPA in the period was 8.4940% at the lowest, and 10.6999% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01DCN2 Listing Date ISIN CODE : IDA0000686D2 TRADING ACTIVITIES Volume 15 12 Jun-15 Frequency 5 Volume 4 Frequency Jun-16 Maturity Date Jun-17 Trading Activities, Jun-18 Jun-19 Jun-20 Jun-21 2016 Price and Yield Q1 Volume (Rp bn) - 3.00 2.00 10.00 13.00 - - 1 1 2 1 - Frequency (X) - Turnover Ratio (%) - Q2 Jun-22 2017 Q3 3 Q4 2 Q1 2 Q2 3 - 9 3 Trading days 6 2 CTP Price - High N/A 104.0500 105.6000 100.1400 106.1500 N/A 3 1 N/A 103.9000 105.5500 100.1200 105.2808 N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 11.0 107 10.0 104 9.0 101 8.0 98 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 3.56 2.37 11.87 15.43 19-Apr 25-Aug 01-Dec 15-Mar 19-Apr 25-Aug 30-Nov 15-Mar - N/A N/A 103.3244 104.0619 106.4318 103.2511 106.6125 107.5598 9.5244 9.3483 8.7974 9.4755 8.6441 8.3680 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 25.696 24.154 22.725 20.921 19.568 18.290 4.537 0.045 4.412 0.044 4.296 0.043 4.125 0.041 4.005 0.040 3.886 0.039 The bond series ISAT01DCN2, was first listed on 05 June 2015 with nominal value of Rp337.00 billion and fixed interest rate of 10.25% per annum. This series had traded 10 times in 5 trading days with total volume booked of Rp28.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 100.1200% - 106.1500% while the IBPA fair price was between 98.3055% - 107.8897%, the fair yield for this series was between 8.3206% - 10.6161%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 491
  492. ISAT01CCN2 Listing Date ISIN CODE : IDA0000686C4 TRADING ACTIVITIES Volume 100 80 Jun-15 Frequency 5 Volume 4 Frequency Maturity Date Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - - 40.00 80.00 - - - - 2 2 - - Frequency (X) - Turnover Ratio (%) - - 3 Q1 4 Q2 - - 60 3 Trading days 40 2 CTP Price - High N/A N/A 100.1200 100.2600 N/A N/A 20 1 N/A N/A 100.1000 100.1400 N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 96 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 27.40 54.79 26-Sep 23-Dec 23-Sep 19-Dec - - N/A N/A N/A N/A Pastikan Link Grafik suda 102.2929 102.6971 104.5733 102.0585 104.4375 104.6732 IBPA Fair Price IBPA Fair Yield (%) Price - Last Date Mod. Duration (yrs) Convexity (yrs) 9.3213 9.1727 8.5363 9.2899 8.3829 8.1989 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 13.645 12.328 11.086 9.758 8.613 7.609 3.370 0.034 Sensitivity (%) 3.210 0.032 3.051 0.031 2.863 0.029 2.695 2.537 0.027 0.025 This series was listed since 05 June 2015 and matured on 02 December 2019 have a nominal value of Rp584.00 billion with fixed interest rate of 10.00 % per annum. The IBPA fair price was between 98.1365% - 105.4206%, the fair yield for this series was between 8.1529% - 10.5315%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIISAT01DCN2 Listing Date ISIN CODE : IDJ0000070D0 TRADING ACTIVITIES Volume 5 4 Jun-15 Frequency 5 Volume 4 Frequency Jun-16 Maturity Date Jun-17 Trading Activities, Jun-18 Jun-19 Jun-20 Jun-21 2016 Jun-22 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A - - CTP Price - Low N/A Pastikan Link Grafik suda enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 11.0 106 10.0 104 9.0 102 8.0 100 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - N/A N/A - N/A N/A - N/A N/A - - N/A N/A N/A N/A 103.3244 104.0619 106.4318 103.2511 107.0178 107.5598 9.5244 9.3483 8.7974 9.4755 8.5501 8.3680 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 25.696 24.154 22.725 20.921 19.593 18.290 4.537 0.045 4.412 0.044 4.296 0.043 4.125 0.041 4.008 0.040 3.886 0.039 This series listed on 5 June 2015 and will be matured on 4 June 2022. During 2016 until the end of June 2017, there was not transaction for this series. IBPA valued the fair prices for this series were 98.3055% for the lowest and 107.8897% for the highest. At the same period, the fair yield for this series was ranging from 8.3206% to 10.6161%. At the end of June 2017, the outstanding amount for this series was Rp43 billion. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 492 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  493. SIISAT01CCN2 Listing Date ISIN CODE : IDJ0000070C2 Jun-15 TRADING ACTIVITIES Volume 75 Frequency 15 Volume 60 Maturity Date 12 Frequency Jun-16 Trading Activities, Jun-17 Jun-18 Jun-19 2016 Price and Yield Q1 Volume (Rp bn) - 53.80 2.00 - 65.20 - 4 1 - 4 Frequency (X) - Turnover Ratio (%) - Q2 Jun-20 2017 Q3 11 Q4 2 - Q1 Q2 2.00 9 2 1 45 9 Trading days 30 6 CTP Price - High N/A 103.3000 104.8100 N/A 104.4500 104.5000 CTP Price - Low N/A 102.2500 104.7800 N/A 100.7700 104.4800 15 - ah benar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 N/A N/A 321.19 11.94 23-May 02-Sep 08-Jun 02-Sep - N/A N/A 389.25 11.94 10-Feb 06-Apr 06-Feb 06-Apr 102.2929 103.4310 104.7577 102.0585 104.4375 104.6732 9.3213 8.9525 8.4789 9.2899 8.3829 8.1989 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 13.645 12.354 11.092 9.758 8.613 7.609 Mod. Duration (yrs) Sensitivity (%) 3.370 0.034 3.215 0.032 3.052 0.031 2.863 0.029 2.695 2.537 0.027 0.025 This bond series was first listed on 05 June 2015 and will be matured on 04 June 2020. The series was actively traded since 2016 until Q2-2017 with 10 days of total trading days during the trading period. The total trading volume reached Rp123.00 billion and the total trading frequency was 24 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 100.7700% or above its fair lowest price valued by IBPA at 98.1365%. On the other hand, the highest market price was 104.8100% or below its IBPA fair highest price at 105.4206%. The yield valued by IBPA was 8.1529% at the lowest, and 10.5315% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01BCN2 Listing Date ISIN CODE : IDA0000686B6 TRADING ACTIVITIES Volume 350 280 Jun-15 Frequency 75 Volume 60 Frequency Maturity Date Dec-15 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) 210 45 Trading days 140 30 CTP Price - High 70 - ah benar >> 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 107 PRICE AND YTM MOVEMENT YTM (%) 10.0 105 9.0 103 8.0 101 7.0 99 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 Dec-16 Jun-17 Dec-17 2016 Q1 Q2 Q3 Q4 Q1 Q2 188.60 149.20 127.60 100.30 109.60 16 15 10 11 8 50 96.47 37 76.32 Jun-18 2017 14 65.27 19 51.30 13 56.06 326.70 27 15 167.11 106.5500 101.8000 102.6000 102.3200 102.0500 102.2000 06-Jan 10-Jun Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.453 3.613 2.841 2.117 1.513 1.051 9.3282 Mod. Duration (yrs) 1.937 Sensitivity (%) 0.019 Convexity (yrs) 8.6563 1.740 0.017 16-Aug 7.7235 1.536 0.015 18-Oct 99.0000 07-Jun 99.8164 101.0388 102.3762 12-Apr 99.0000 12-Jan IBPA Fair Price 29-Mar 98.5000 10-Oct 98.0000 Date 98.1000 22-Sep CTP Price - Low IBPA Fair Yield (%) Price Jun-16 06-Jan 99.8500 07-Apr 99.9568 101.5136 102.0850 9.2785 1.315 0.013 7.8647 1.099 0.011 6.9593 0.901 0.009 This series listed on 05 June 2015, and matured on 04 June 2018. This series issued with nominal amount of Rp782.00 billion and have fixed interest rate per annum at 9.25%. Average trading volume for this series reached Rp141.43 billion/quarter on 2016 and increased to Rp218.15 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 98.0000% – 106.5500% while the IBPA fair price was between 99.2542% – 102.4049%. The IBPA fair yield for this series was between 6.9593% – 9.5966%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 493
  494. SIISAT01BCN2 Listing Date ISIN CODE : IDJ0000070B4 Jun-15 TRADING ACTIVITIES Volume 35 Frequency 10 Volume 28 8 Frequency Maturity Date Dec-15 Trading Activities, Price and Yield Volume (Rp bn) Jun-16 Dec-16 Jun-17 Dec-17 2016 Q1 Q2 Jun-18 2017 Q3 Q4 Q1 Q2 9.00 30.00 - 25.00 - - 1 1 - 1 - - 1 Frequency (X) 7 - 5 - - 21 6 Trading days 14 4 CTP Price - High 100.6500 101.5000 N/A 101.6500 N/A N/A 7 2 100.6500 100.9500 N/A 100.0000 N/A N/A - - CTP Price - Low IBPA Fair Price 100.6155 101.3350 101.8166 100.6282 101.7058 101.7859Pastikan Link Grafik suda ah benar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date 47.37 157.89 04-Feb 22-Jun 04-Feb 22-Jun 8.9201 N/A N/A 131.58 02-Nov 02-Nov 8.0783 8.7732 - - N/A N/A N/A N/A 7.6941 7.2836 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.465 3.617 2.835 2.123 1.515 1.050 Mod. Duration (yrs) 1.939 Sensitivity (%) 0.019 Convexity (yrs) 8.4892 - 1.741 1.534 0.017 1.317 0.015 0.013 1.099 0.901 0.011 0.009 This bond series was first listed on 05 June 2015 and will be matured on 04 June 2018. The series was actively traded since 2016 until Q2-2017 with 3 days of total trading days during the trading period. The total trading volume reached Rp64.00 billion and the total trading frequency was 13 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 100.0000% or above its fair lowest price valued by IBPA at 97.7517%. On the other hand, the highest market price was 101.6500% or below its IBPA fair highest price at 102.1924%. The yield valued by IBPA was 7.2824% at the lowest, and 10.3098% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01DCN3 Listing Date ISIN CODE : IDA0000707D6 TRADING ACTIVITIES Volume 150 120 Dec-15 Frequency 10 Volume 8 Frequency Maturity Date Dec-17 Trading Activities, Dec-19 Dec-21 Dec-23 2016 Price and Yield Q1 Volume (Rp bn) - 9.30 - 70.00 130.00 - - 1 - 2 3 - Frequency (X) - Turnover Ratio (%) - Q2 Dec-25 2017 Q3 2 - Q4 Q1 8 Q2 5 - 90 6 Trading days 60 4 CTP Price - High N/A 100.0200 N/A 107.3000 110.9593 N/A 30 2 N/A 100.0000 N/A 106.0000 110.9000 N/A - - CTP Price - Low ah benar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 117 PRICE AND YTM MOVEMENT YTM (%) 12.0 113 11.0 109 10.0 105 9.0 101 97 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 22.96 07-Apr 07-Apr - N/A N/A 172.84 320.99 01-Dec 27-Feb 01-Dec 25-Jan - N/A N/A 108.5593 109.9129 113.3306 107.9752 114.2350 115.8564Pastikan Link Grafik suda 9.8149 9.5909 9.0473 9.8470 8.8303 8.5476 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 48.758 47.357 46.295 43.525 42.890 41.650 Mod. Duration (yrs) Sensitivity (%) 6.002 0.060 5.938 0.059 5.903 0.059 5.713 0.057 5.714 0.057 5.657 0.057 This bond listed with nominal value of Rp162 billion and interest rates of 11.20% per annum. This bond was effective from 10 December 2015 to 8 December 2025. During 2016 until at the end second quarter in 2017, this series traded was 15 times with total volume booked of Rp209 billion. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 100.0000% - 110.9593% while IBPA fair prices for this series were 98.2501% for the lowest and 115.8564% for the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 494 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  495. SIISAT01BCN3 Listing Date ISIN CODE : IDJ0000073B8 TRADING ACTIVITIES Volume 25 20 Dec-15 Frequency 5 Volume 4 Frequency Maturity Date Dec-17 Trading Activities, Dec-19 Dec-21 Dec-23 2016 Dec-25 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - - - - 20.00 - - - - - 1 - Frequency (X) - Turnover Ratio (%) - - - Q1 - Q2 2 - 15 3 Trading days 10 2 CTP Price - High N/A N/A N/A N/A 111.6287 N/A 5 1 N/A N/A N/A N/A 111.6187 N/A - - CTP Price - Low ah benar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 117 PRICE AND YTM MOVEMENT YTM (%) 12.0 113 11.0 109 10.0 105 9.0 101 8.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - - N/A N/A N/A N/A - 195.12 N/A - 10-Mar N/A N/A 10-Mar N/A 108.5593 109.9129 113.3306 108.5723 114.0645 115.8564 9.8149 9.5909 9.0473 9.7511 8.8563 8.5476 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 48.758 47.357 46.295 43.639 42.861 41.650 Mod. Duration (yrs) Sensitivity (%) 6.002 0.060 5.938 0.059 5.903 0.059 5.723 0.057 5.711 0.057 5.657 0.057 This series was listed since 10 December 2015 and matured on 02 December 2018 have a nominal value of Rp41.00 billion with fixed interest rate of 11.20 % per annum. The IBPA fair price was between 98.2501% - 115.8564%, the fair yield for this series was between 8.5476% - 11.4965%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01CCN3 Listing Date ISIN CODE : IDA0000707C8 Dec-15 TRADING ACTIVITIES Volume 15 Frequency 5 Volume 12 4 Frequency Dec-16 Trading Activities, Maturity Date Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 2016 Dec-22 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 10.00 - - - - - 1 - - Frequency (X) - Turnover Ratio (%) - - - Q4 Q1 2 Q2 - - 9 3 Trading days 6 2 CTP Price - High N/A N/A N/A 104.0100 N/A N/A 3 1 N/A N/A N/A 104.0000 N/A N/A - - CTP Price - Low ah benar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 111 PRICE AND YTM MOVEMENT YTM (%) 12.0 108 11.0 105 10.0 102 9.0 99 8.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 - N/A N/A - N/A N/A 30.77 15-Dec 15-Dec - - N/A N/A N/A N/A 104.9920 105.7974 108.2816 104.8629 108.9732 109.6528 9.5736 9.3888 8.8467 9.5174 8.5821 8.3784 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 28.859 27.310 25.892 23.987 22.687 21.359 Mod. Duration (yrs) Sensitivity (%) 4.778 0.048 4.663 0.047 4.559 0.046 4.390 0.044 4.289 0.043 4.177 0.042 This series has an outstanding amount of Rp130 billion with fixed coupon per annum at 10.60%. During 2016 to the end of June 2017, this series only transacted 2 times with total volume was Rp10 billion. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 104.0000% - 104.0100%. IBPA valued the fair prices for this series were 98.5709% for the lowest and 109.8334% for the highest. At the same period, the fair yield for this series was ranging from 8.3477% to 10.8950%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 495
  496. SIISAT01ACN3 Listing Date ISIN CODE : IDJ0000073A0 Dec-15 TRADING ACTIVITIES Volume 45 Frequency 5 Volume 36 4 Frequency Maturity Date Dec-16 Trading Activities, Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 2016 Q2 Dec-22 2017 Price and Yield Q1 Volume (Rp bn) 40.00 - 20.00 - 20.00 - 1 - 1 - 1 - 4 Frequency (X) Q3 - Q4 4 Q1 - Q2 2 - 27 3 Trading days 18 2 CTP Price - High 106.0000 N/A 109.8500 N/A 106.0200 N/A 9 1 105.0000 N/A 108.8000 N/A 106.0000 N/A - - CTP Price - Low IBPA Fair Price 105.8039 105.7974 108.5837 104.8629 108.9732 109.6528Pastikan Link Grafik suda ah benar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 111 PRICE AND YTM MOVEMENT YTM (%) 11.0 108 10.0 105 9.0 102 8.0 99 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 246.15 18-Mar 18-Mar 9.4137 - 123.08 N/A - 22-Sep N/A N/A 22-Sep 9.3888 123.08 09-Feb N/A 8.7860 - N/A 09-Feb 9.5174 N/A 8.5821 8.3784 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 28.944 27.310 25.917 23.987 22.687 21.359 Mod. Duration (yrs) Sensitivity (%) 4.788 0.048 4.663 0.047 4.562 4.390 0.046 0.044 4.289 4.177 0.043 0.042 The bond series SIISAT01ACN3, was first listed on 10 December 2015 with nominal value of Rp65.00 billion and fixed interest rate of 10.60% per annum. This series had traded 10 times in 3 trading days with total volume booked of Rp80.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q22017 this series was traded between 105.0000% - 109.8500% while the IBPA fair price was between 98.5709% - 109.8334%, the fair yield for this series was between 8.3477% 10.8950%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01BCN3 Listing Date ISIN CODE : IDA0000707B0 Dec-15 TRADING ACTIVITIES Volume 125 Frequency 15 Volume 100 12 Frequency Maturity Date Dec-16 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Dec-17 Dec-18 Dec-19 2016 Q1 Q2 Dec-20 2017 Q3 Q4 Q1 Q2 102.00 26.00 - 0.50 100.00 1 5 - 1 1 3 13 - 1 100.00 2 2 1 75 9 Trading days 50 6 CTP Price - High 102.2500 103.8500 N/A 101.6500 100.0000 100.5000 CTP Price - Low 100.0000 102.0000 N/A 101.6500 100.0000 100.5000 IBPA Fair Price 103.2503 103.7032 105.6899 102.9458 105.6465 105.8767Pastikan Link Grafik suda 25 - ah benar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 103 10.0 101 9.0 99 97 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 135.55 34.55 19-Feb 02-May 19-Feb 26-Apr 9.3763 9.2224 - N/A N/A 8.6160 0.66 132.89 132.89 09-Dec 20-Feb 24-May 09-Dec 20-Feb 24-May 9.3458 8.4420 8.2787 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 16.476 15.086 13.776 12.322 11.100 10.001 Mod. Duration (yrs) Sensitivity (%) 3.687 0.037 3.536 0.035 3.389 0.034 3.207 0.032 3.051 0.031 2.903 0.029 This bond listed with nominal value of Rp301 billion and interest rates of 10.25% per annum. This bond was effective from 10 December 2015 to 8 December 2020. During 2016 until at the end second quarter in 2017, this series traded was 21 times with total volume booked of Rp328.5 billion. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 100.0000% - 103.8500% while IBPA fair prices for this series were 99.0630% for the lowest and 106.7617% for the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 496 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  497. ISAT01ACN3 Listing Date ISIN CODE : IDA0000707A2 Dec-15 TRADING ACTIVITIES Volume 1000 Frequency 25 Volume 800 20 Frequency Maturity Date Jun-16 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Dec-16 Jun-17 Dec-17 Jun-18 2016 Q1 Q2 Q3 Q4 Q1 765.00 331.00 46.00 26.00 - 12 6 4 3 - 22 8 Dec-18 2017 10 6 Q2 60.00 - 4 2 600 15 Trading days 400 10 CTP Price - High 101.0000 102.3000 104.6000 103.4600 N/A 100.5000 CTP Price - Low 100.0000 100.0000 103.4000 102.5000 N/A 100.0000 IBPA Fair Price 100.1417 102.2750 103.5176 101.7777 103.1186 103.2207 200 - ah benar >> 5 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 103 10.0 101 9.0 99 8.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 Last Date 1522.39 658.71 91.54 51.74 03-Mar 31-May 22-Sep 10-Oct 22-Mar 22-Apr 05-Aug 11-Nov 9.9250 8.2252 8.9878 119.40 N/A 24-May N/A 25-Apr 7.9871 7.6470 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.371 5.420 4.503 3.619 2.845 2.219 Mod. Duration (yrs) 2.317 Sensitivity (%) 0.023 Convexity (yrs) 8.9490 - 2.137 1.946 0.021 0.019 1.739 0.017 1.535 1.348 0.015 0.013 This series has an outstanding amount of Rp201 billion with fixed coupon per annum at 10.00%. During 2016 to the end of June 2017, total trading volume for the series was Rp1.23 trillion with total frequency was 50 times. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 100.0000% - 104.6000%. IBPA valued the fair prices for this series were 99.7261% for the lowest and 103.9383% for the highest. At the same period, the fair yield for this series was ranging from 7.6367% to 10.1216%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01ECN4 Listing Date ISIN CODE : IDA0000756E1 TRADING ACTIVITIES Volume 50 40 Sep-16 Frequency 10 Volume 8 Frequency Maturity Date Sep-18 Trading Activities, Sep-20 Q1 Q2 Q3 Q4 Q1 N/A N/A 45.00 13.00 26.00 N/A 2 1 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 20 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - ah benar >> Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Sep-26 2017 Price and Yield 6 2 Sep-24 Volume (Rp bn) 30 10 Sep-22 2016 N/A N/A 6 89.55 3 25.87 Q2 5 51.74 26.00 6 2 51.74 N/A 100.5000 N/A 99.9800 97.4500 N/A 99.9417 95.9600 100.5133 103.1682 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 54.727 51.792 50.907 49.801 N/A N/A N/A N/A N/A 07-Sep 02-Sep 9.1581 6.429 0.064 97.4800 100.5200 100.7700 27-Dec 27-Dec 9.8002 6.246 0.062 31-Mar 98.5950 08-Mar 9.0635 6.233 0.062 22-May 98.5500 10-May 8.6463 6.199 0.062 The Bonds issued with nominal value of Rp201.00 billion and interest rates of 9.15% per annum. This bond is effective from 02 September 2016 to 02 September 2026. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 97.4500% - 100.5000%, while in first semester 2017 this bond was traded between 98.5500% and 100.7700%. In first semester 2017, IBPA fair price recorded at range 95.7986% - 103.1682%. During 2016 this bond was traded with volume amounting to Rp58.00 billion and transacted 9 times, meanwhile in a half of year 2017 recorded by Rp52.00 billion and transacted 11 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 497
  498. SIISAT01DCN4 Listing Date ISIN CODE : IDJ0000080D9 TRADING ACTIVITIES Volume 35 28 Sep-16 4 Sep-20 Q2 Q3 Volume (Rp bn) N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 21 3 14 2 CTP Price - High N/A 7 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-24 N/A N/A Sep-26 2017 Q1 Trading days ah benar >> Sep-22 2016 Price and Yield 5 Frequency Sep-18 Trading Activities, Frequency Volume Maturity Date Q4 Q1 30.00 - - - 1 - - - 2 222.22 - Q2 - - - - - N/A 100.5500 N/A N/A N/A N/A 100.5500 N/A N/A N/A N/A 99.9909 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 54.739 51.792 51.194 49.801 N/A N/A N/A N/A N/A 07-Sep 07-Sep 9.1505 6.430 0.064 N/A N/A N/A N/A N/A N/A 95.9600 101.8121 103.1682 9.8002 6.246 0.062 8.8595 6.258 0.063 8.6463 Pastikan Link Grafik sudah be 6.199 0.062 This series was traded in only 1 trading day during 2016 to Q2-2017 period. The total trading volume was Rp30.00 billion during the period. The IBPA fair prices for this series were 94.2756% at the lowest and 103.1682% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), this series was traded at 100.5500% at that trading day. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01DCN4 Listing Date ISIN CODE : IDA0000756D3 TRADING ACTIVITIES Volume 35 28 Sep-16 Frequency 5 Volume 4 Frequency Maturity Date Sep-18 Trading Activities, Q1 Q2 Q3 N/A N/A - 30.00 - - N/A - 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 14 2 CTP Price - High N/A 7 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 100 8.0 98 7.0 96 6.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Price and Yield 3 Q1-16 Sep-22 Volume (Rp bn) 21 ah benar >> Sep-20 2016 N/A N/A - Q4 Q1 2 104.35 Q2 - - - - N/A N/A 100.3000 N/A N/A N/A N/A 100.2500 N/A N/A N/A N/A N/A N/A 03-Nov 03-Nov N/A N/A N/A N/A N/A 100.0768 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 32.108 29.982 28.641 27.197 N/A N/A N/A 8.9839 5.077 0.051 97.1731 101.7783 102.8978 9.5771 4.908 0.049 8.6302 4.822 0.048 8.3944 Pastikan Link Grafik sudah be 4.716 0.047 This series will mature on 2 September 2023, and was traded in only 1 trading day during 2016 to Q2-2017 period. During the period, average trading volume reached Rp5 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.2500% at the lowest and peaked at 100.3000%. While the IBPA fair price for this series was between 94.9113% and 102.9151%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 498 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  499. SIISAT01CCN4 Listing Date ISIN CODE : IDJ0000080C1 TRADING ACTIVITIES Volume 30 24 Sep-16 Frequency 10 Volume 8 Frequency Maturity Date Sep-17 Trading Activities, Sep-18 2016 Q2 Q3 Q4 N/A N/A - - 25.00 N/A N/A - - 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 12 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 6 enar >> Sep-21 Volume (Rp bn) 18 2 Sep-20 Price and Yield Trading days 6 Sep-19 N/A - N/A - - Q1 Q2 20.00 5 - 4 1 1000.00 800.00 24-Mar 04-Apr 24-Mar 04-Apr N/A N/A N/A 100.4500 101.0000 N/A N/A N/A 100.2500 100.5700 N/A N/A N/A N/A N/A N/A N/A 100.0083 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 18.692 16.962 15.593 14.307 N/A N/A N/A 8.5967 3.953 0.040 96.9509 100.4972 100.9069 9.4127 3.767 0.038 8.4562 3.624 0.036 8.3405 3.480 0.035 This series was listed since 02 September 2016 with a maturity date on 02 September 2021 and has a fixed interest rate of 8.600% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 95.0704% - 101.2031% and on the other side IBPA’s Yield range between 8.2652% - 9.9111%. The outstanding for this series since issuance date were noted at Rp10.00 billion. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01BCN4 Listing Date ISIN CODE : IDA0000756B7 TRADING ACTIVITIES Volume 1000 800 Sep-16 Frequency 20 Volume 16 Frequency Trading Activities, Maturity Date Sep-17 2016 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A 858.50 445.50 52.50 183.50 N/A 7 10 5 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 400 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 99 9.0 98 8.0 97 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 12 4 Sep-19 Price and Yield 600 200 Sep-18 N/A N/A N/A N/A 18 327.98 18 170.20 12 13 5 20.06 70.11 20-Feb 20-Jun 21-Feb 06-Apr 100.3500 100.2000 100.3100 101.1500 23-Sep 09-Nov N/A 99.9800 97.7100 98.9500 100.0300 N/A 100.0730 98.8763 99.4493 100.8757 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.704 6.552 5.498 4.649 N/A N/A N/A N/A 02-Sep 7.9701 2.568 0.026 25-Nov 8.4724 2.366 0.024 8.2409 2.165 0.022 7.5616 1.989 0.020 This series will mature on 2 September 2019, and was traded in 27 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.7100% at the lowest and peaked at 101.1500%. While the IBPA fair price for this series was between 97.6778% and 101.0864%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 499
  500. SIISAT01BCN4 Listing Date ISIN CODE : IDJ0000080B3 5 4 Sep-16 TRADING ACTIVITIES Volume Maturity Date Frequency 5 Volume 4 Frequency Sep-17 Trading Activities, Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A - - - - N/A - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 3 Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 97 9.0 94 8.0 91 7.0 88 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-19 2017 Price and Yield 3 enar >> Sep-18 2016 N/A - N/A - - Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.0820 97.2377 99.4493 Pastikan 100.0089Link Grafik sudah be N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.704 6.520 5.498 4.637 N/A N/A 7.9666 2.568 N/A 0.026 9.1753 2.359 8.2409 2.165 0.024 7.9938 1.986 0.022 0.020 This series has an outstanding amounted to Rp61 billion with fixed coupon per annum at 8.00%. Since this series listed on 2 September 2016 until the end of June 2017, there was not transaction. IBPA valued the fair prices for this series were 96.1236% for the lowest and 100.1981% for the highest. At the same period, the fair yield for this series was ranging from 7.9225% to 9.6148%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT01ACN4 Listing Date ISIN CODE : IDA0000756A9 TRADING ACTIVITIES Volume 1250 1000 Sep-16 Frequency 50 Volume 40 Frequency Dec-16 Trading Activities, Mar-17 Q1 Q2 Q3 Volume (Rp bn) N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 500 20 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Sep-17 2017 Price and Yield 30 10 Jun-17 2016 750 250 500 Maturity Date N/A N/A N/A N/A Q4 Q1 1100.00 194.00 165.00 10 9 6 49 409.30 17 72.19 Q2 9 170.50 14 8 61.40 63.44 03-Jan 09-May 07-Feb 13-Apr 100.5200 100.8500 100.7800 100.4200 28-Sep 21-Dec N/A 99.9800 N/A 100.5225 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 1.060 0.624 0.297 0.102 N/A N/A N/A N/A 02-Sep 6.9242 0.907 0.009 99.8500 13-Dec 99.9000 100.1500 99.9032 100.2200 Pastikan 100.2096Link Grafik sudah be 7.6391 0.673 0.007 6.9459 0.435 0.004 6.5353 0.219 0.002 This series will mature on 12 September 2017, and was traded in 33 trading days during 2016 to Q2-2017 period. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.8500% at the lowest and peaked at 100.8500%. While the IBPA fair price for this series was between 99.3358% and 100.5399%.
  501. SIISAT01ACN4 Listing Date ISIN CODE : IDJ0000080A5 75 60 Sep-16 TRADING ACTIVITIES Volume Maturity Date Frequency 20 Volume 16 Frequency Dec-16 Trading Activities, Mar-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A 52.00 37.00 50.00 N/A 4 8 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 12 Trading days N/A 30 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 4 - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-17 2017 Price and Yield 45 15 Jun-17 2016 N/A N/A 10 127.61 16 90.80 Q2 43.00 11 15 7 122.70 105.52 27-Mar 05-Apr 04-Jan 13-Apr N/A 100.0300 100.0300 100.1800 100.2000 N/A 100.0000 99.8000 N/A 100.0200 99.8145 100.1529 100.2096 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 1.057 0.624 0.297 0.102 N/A N/A N/A N/A 30-Sep 13-Sep 7.4749 N/A 0.906 0.009 24-Nov 21-Dec 7.7705 0.673 0.007 99.8000 100.0500 7.0984 0.435 6.5353 0.219 0.004 0.002 This bond listed with nominal value of Rp163 billion and interest rates of 7.50% per annum. This bond was effective from 2 September 2016 to 12 September 2017. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 99.8000% and 100.0300%, while in first semester 2017 this series was traded at range 99.8000% - 100.2000%. Meanwhile, in 2016 IBPA fair price recorded at range 99.5175% - 100.0864% and in first semester 2017 at range 99.7293% - 100.4348%. During the observation period, this series has traded with total volume amounted to Rp182 billion and transacted 52 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT02ECN1 Listing Date ISIN CODE : IDA0000809E8 TRADING ACTIVITIES Volume 5 4 Jun-17 Frequency 5 Volume 4 Frequency Maturity Date Jun-19 Trading Activities, Jun-21 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 3 Q1-16 Jun-25 Price and Yield 3 enar >> Jun-23 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.7342 N/A 22-Jun N/A 54.841 N/A N/A N/A 9.1282 6.438 0.064 This series was listed on 2 June 2017 and will be matured on 31 May 2027. From 2016 to the first half of year 2017, this series was not traded. IBPA fair price during the observation period was ranged from 99.9782% to 100.8305%. Meanwhile IBPA yield for this series were 9.1135% at the lowest and 9.2540% at the highest. By the end of June 2017, the outstanding amount of this series was Rp538 billion. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 501
  502. SIISAT02DCN1 Listing Date ISIN CODE : IDJ0000089D0 Jun-17 TRADING ACTIVITIES Volume 15 Frequency 5 Volume 12 4 Frequency Maturity Date Jun-19 Trading Activities, Jun-21 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 6 2 CTP Price - High N/A 3 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 102 8.0 101 7.0 100 6.0 99 5.0 98 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 3 Q1-16 Jun-25 Price and Yield 9 enar >> Jun-23 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.7342Link Grafik sudah be Pastikan 9.1282 N/A 22-Jun N/A 54.841 N/A 6.438 N/A 0.064 This series was listed since 02 June 2017 with nominal value of Rp63.00 billion and interest rate of 9.25 % per annum. The IBPA fair price was between 99.9782% - 100.8305% and the fair yield for this series was between 9.1135% - 9.2540%. The series was not actively traded as since the first day it was listed until the end of Q2-2017, there was no trading activities for this series. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT02DCN1 Listing Date ISIN CODE : IDA0000809D0 TRADING ACTIVITIES Volume 30 24 Jun-17 Frequency 15 Volume 12 Frequency Trading Activities, Jun-19 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 6 CTP Price - High N/A 6 3 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 111 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 109 11.0 107 10.0 105 9.0 103 8.0 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Q3 12 Q4-16 Jun-23 Q2 N/A Q3-16 Jun-22 Q1 Trading days Q2-16 Jun-21 Price and Yield 9 Q1-16 Jun-20 2016 18 enar >> 502 Jun-18 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.5859Link Grafik sudah be Pastikan 8.7759 N/A 22-Jun N/A 32.520 N/A N/A 5.119 0.051 This series was listed since 02 June 2017 with a maturity date on 31 May 2024 and has a fixed interest rate of 8.900% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 99.9399% - 100.5859% and on the other side IBPA’s Yield range between 8.7759% - 8.9048%. The outstanding for this series since issuance date were noted at Rp378.00 billion.
  503. SIISAT02CCN1 Listing Date ISIN CODE : IDJ0000089C2 TRADING ACTIVITIES Volume 25 20 Jun-17 Frequency 5 Volume 4 Frequency Maturity Date Jun-18 Trading Activities, Jun-19 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 10 2 CTP Price - High N/A 5 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 115 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 113 11.0 111 10.0 109 9.0 107 8.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q2 N/A Q3-16 Jun-23 Q1 Trading days Q2-16 Jun-22 Price and Yield 3 Q1-16 Jun-21 2016 15 enar >> Jun-20 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.5859 N/A 22-Jun N/A 32.520 N/A 8.7759 N/A 5.119 N/A 0.051 This series will mature on 31 May 2024. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 99.9399% at the lowest and 100.5859% at the highest. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT02CCN1 Listing Date ISIN CODE : IDA0000809C2 TRADING ACTIVITIES Volume 125 100 Jun-17 Frequency 5 Volume 4 Frequency Maturity Date Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 100.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 50 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 7.0 98 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 3 1 Jun-21 Price and Yield 75 25 Jun-20 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2 1 128.21 N/A 100.9000 N/A 100.9000 N/A 100.2926 N/A 22-Jun N/A 18.899 N/A N/A N/A 07-Jun N/A N/A 07-Jun 8.4640 3.980 0.040 The bond series ISAT02CCN1 listed on 02 June 2017 with nominal amount of Rp312.00 billion. The bond has interest rate per annum at 8.55% and this series will be matured on 31 May 2022. ISAT02CCN1 was traded with total volume Rp100.00 billion in a half of year 2017. During 2017, ISAT02CCN1 has a total of 1 trading day and 2 total frequencies. In 2017, the market price (Centralized Trading Platform) was recorded at 100.9000%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 503
  504. SIISAT02BCN1 Listing Date ISIN CODE : IDJ0000089B4 TRADING ACTIVITIES Volume 25 20 Jun-17 Frequency 5 Volume 4 Frequency Maturity Date Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 10 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 3 1 Jun-21 Price and Yield 15 5 Jun-20 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 23.00 N/A N/A 5 2 57.50 N/A 100.0000 N/A 100.0000 N/A 100.2518Link Grafik sudah be Pastikan N/A N/A N/A 02-Jun 02-Jun 8.4742 N/A 22-Jun N/A 18.897 N/A N/A 3.979 0.040 This series has an outstanding amount of Rp160 billion with fixed coupon per annum at 8.55%. Since this series listed on 2 June 2017 until at the end second quarter in 2017, this series has transacted 5 times in 2 trading days with total volume booked of Rp23 billion. Based on the market price (Centralized Trading Platform), this series was traded at the level 100.0000%. Meanwhile based of IBPA fair price, this series has a fair price between 99.9288% - 100.2958% and fair yield between 8.4633% - 8.5560%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM ISAT02BCN1 Listing Date ISIN CODE : IDA0000809B4 TRADING ACTIVITIES Volume 75 60 Jun-17 Frequency 10 Volume 8 Frequency Jun-18 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 30 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Price and Yield 6 2 Jun-19 2016 45 15 504 Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 69.00 8 3 43.95 N/A 100.6350 N/A 100.5500 N/A 100.5024Link Grafik sudah be Pastikan N/A N/A N/A 09-Jun 06-Jun 7.9380 N/A 22-Jun N/A 7.791 N/A N/A 2.583 0.026 This series will mature on 31 May 2020, and was traded in 3 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp11.50 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.5500% at the lowest and peaked at 100.6350%. While the IBPA fair price for this series was between 99.9850% and 100.7732%.
  505. ISAT02ACN1 Listing Date ISIN CODE : IDA0000809A6 TRADING ACTIVITIES Volume 1000 800 Jun-17 Frequency 45 Volume 36 Frequency Maturity Date Sep-17 Trading Activities, Dec-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 869.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 27 Trading days N/A 400 18 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 9 - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-18 2017 Price and Yield 600 200 Mar-18 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 40 6 411.85 N/A 100.0300 N/A 99.9850 N/A 100.1631 N/A 22-Jun N/A 1.098 N/A N/A N/A N/A 08-Jun 12-Jun 6.8224 0.925 N/A 0.009 This series was listed on 2 June 2017 and will be matured on 10 June 2018. This series has an outstanding amount of Rp844 billion with fixed coupon per annum at 7.00%. Since it listed until at the end of June 2017, this series has traded in 6 trading days with total volume was Rp869 billion and transacted 40 times. IBPA valued the fair prices for this series were 99.9365% for the lowest and 100.1631% for the highest. At the same period, the market price based on Centralized Trading Platform (CTP) for this series was ranging from 99.9850% to 100.0300%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIISAT02ACN1 Listing Date ISIN CODE : IDJ0000089A6 TRADING ACTIVITIES Volume 15 12 Jun-17 Frequency 10 Volume 8 Frequency Maturity Date Sep-17 Trading Activities, Dec-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 6 Trading days N/A 6 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 2 - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 4.0 Jun-18 2017 Price and Yield 9 3 Mar-18 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 10.00 6 2 235.29 N/A 100.0000 N/A 100.0000 N/A 100.1028 N/A 22-Jun N/A 1.097 N/A N/A N/A N/A N/A 12-Jun 12-Jun 6.8873 0.925 0.009 This series was listed since 02 June 2017 with nominal value of Rp17.00 billion and interest rate of 7.00 % per annum. While quarterly average turnover ratio reached 117.65 % on year 2017. This series had traded 6 times in 2 trading days with total volume booked of Rp10.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 100.0000 - 100.0000 while the IBPA fair price was between 99.9403% - 100.1162%, the fair yield for this series was between 6.8792% - 7.0624%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 505
  506. ISAT01CCN4 Listing Date ISIN CODE : IDA0000756C5 TRADING ACTIVITIES Volume 150 120 Sep-16 Frequency 10 Volume 8 Frequency Sep-17 Trading Activities, Sep-18 Q2 Volume (Rp bn) N/A N/A 2.74 62.00 - N/A 2 3 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 60 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 107 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 103 10.0 101 9.0 99 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Sep-21 2017 Q1 Trading days enar >> Sep-20 Price and Yield 6 2 Sep-19 2016 90 30 506 Maturity Date N/A N/A Q3 Q4 2 Q1 4 1.49 33.79 22-Sep 04-Oct - Q2 142.26 7 5 77.53 N/A 100.5000 100.7500 N/A 102.1000 N/A 100.1500 98.1100 N/A 101.0000 N/A 100.3697 96.9509 100.3314 101.9869 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 18.712 16.962 15.586 14.350 N/A N/A N/A N/A N/A 06-Sep 8.5061 3.956 0.040 25-Nov 9.4127 3.767 0.038 N/A N/A 8.5015 3.623 0.036 20-Jun 21-Apr 8.0363 3.487 0.035 This series will mature on 4 September 2021, had average turnover of 18.80% per quarter and was traded in 10 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp34.50 billion per quarter with average frequency about 2 transactions per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.1100% at the lowest and peaked at 102.1000%. While the IBPA fair price for this series was between 95.0704% and 102.1000%.
  507. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 ISAT08B Q3-2016 343 ISAT08A 314 153 SIISAT05 15 ISAT01DCN1 35 Q4-2016 334 Outstanding in Year 2016 208 179 101 271 Turnover 64.4% 78.1% 8.1% 180 ISAT01CCN1 141 SIISAT01CCN1 38 8 31 72.5% 68.8% 8.0% ISAT01BCN1 555 SIISAT01BCN1 112 31 251 126.5% 25.0% ISAT01ACN1 255 SIISAT01ACN1 24 86 ISAT01DCN2 240 101.4% 75.0% ISAT01ECN2 20 60 SIISAT01ECN2 212 256 21.8% 28 75.8% 4.5% ISAT01CCN4 62 ISAT01CCN2 40 SIISAT01CCN2 54 ISAT01BCN2 8.8% 80 20.5% 83.3% 189 SIISAT01BCN2 3025 ISAT01DCN3 70 149 128 100 72.3% 84.2% 49.0% SIISAT01BCN3 - 200 400 600 800 1,000 1,200 1,400 INDONESIA BOND MARKET DIRECTORY 2016-2017 507
  508. ISAT01CCN3 7 .7% SIISAT01ACN3 40 20 ISAT01BCN3 102 92.3% 261 42.7% ISAT01ACN3 765 ISAT01ECN4 45 13 581.1% 28.9% SIISAT01DCN4 30 55.6% ISAT01DCN4 30 26.1% ISAT01CCN4 46 26 331 62 8.8% SIISAT01CCN4 ISAT01BCN4 446 859 124.5% SIISAT01BCN4 ISAT01ACN4 1,100 SIISAT01ACN4 52 37 - 508 194 120.4% 54.6% 200 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 600 800 1,000 1,200 1,400
  509. IBPA ANALYTICAL REVIEW Description PT Indosat Ooredoo Tbk (ISAT), established in 1967, is one of the leading telecommunication and information service operators in Indonesia. ISAT together with its subsidiaries provides cellular, Multimedia, Internet & Data (MIDI), and fixed Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 116,333 25.1 13.5 1. PT Telkom Indonesia (Persero) Tbk. 2. PT Indosat Tbk. 29,185 3. PT XL Axiata Tbk. 4.4 21,341 9.0 1.8 (6.7) telecommunication services for both retail and corporate segments. To further expand its business, since 2014, ISAT has Financial Statement as of Fiscal Year 2016 modernized its network to become high speed 4G- Historical Corporate Ratings LTE network in Java and outside Java. Besides that, in No. the same year, ISAT also launched digital services focusing on digital platform for mobile finance, advertising, and e-commerce mobile. In 2015, the company rebranded as Indosat Ooredoo. At the end of 2016, ISAT has a wide and diversified distribution network with 85.7 million cellular subscribers; 56,483 Rating Agency 1. Pefindo Rating Rating Status Rating Date Outlook idAAA Affirmed 17-Mar-17 Stable idAAA Affirmed 15-Aug-16 Stable Affirmed 14-Sep-15 2. Fitch Ratings AAA(idn) 4. Fitch Ratings AAA(idn) 3. Pefindo 5. Pefindo idAAA Affirmed Affirmed 10-Mar-17 15-Mar-16 Stable Stable Stable of total BTS and 4,415 employees to support its operations. As of December 2016, Ooredoo Asia Pte. Ltd (previously known as Qatar Telecom) has maintained its 65.00% ownership in ISAT. The remaining shares are owned by the government of Indonesia (14.29%) and public (20.71%). SWOT Analysis S W trengths eaknesses - Strong support from the major - Declining profitability. shareholder. - Exposure to Rupiah depreciation. - Strong market positioning. - Stable operating performance. Financial Analysis ISAT recorded Rp29.18 trillion in revenue for 2016, increased from Rp26.77 trillion in 2015 (+9.03%). Solid revenue growth primarily as a result of an increase in revenues from cellular services and Multimedia, Data Communication, Internet (MIDI) services. During 2016, revenues from cellular services increased by 10.05% (Rp2.20 trillion) from Rp21.89 trillion in 2015 to Rp24.10 trillion in 2016. Operating revenues from MIDI services also increased by 10.05% (Rp377.0 billion) from Rp3.75 trillion in 2015 to Rp4.13 trillion in 2016. Besides that, others-net expense decreased by Rp90.6 billion, or 51.3% from Rp176.5 billion in 2015 to Rp85.9 billion in 2016 mainly due to ISAT received a gain on foreign O T pportunities hreats - Growing data / digital segment - Growing data / digital segment - Expand new line business - Expand new line business - Low internet and mobile - Low internet and mobile broadband penetration. broadband penetration. - Widen international expansion - Widen international expansion exchange amounted to Rp273.81 billion or increased by Rp1.57 trillion compared to the previous year. Therefore, ISAT recorded a profit for the year of Rp1.28 trillion in 2016, or grew significantly by +209.63% compared to a loss for the year of Rp1.16 trillion in 2015. INDONESIA BOND MARKET DIRECTORY 2016-2017 509
  510. JPFA PT Japfa Comfeed Indonesia Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 JAPFA’s core business is its Poultry Operations, which consists of three vertically integrated divisions, the Poultry Feed Division, the Poultry Breeding Division and the Poultry Commercial Farming Division. JAPFA commands a strong market share in both poultry feed and day-old-chicks (DOC) in Indonesia. The Poultry Feed Division produces several brands of feed that are widely known and well regarded by chicken farmers, one of which is "Comfeed" and “Benefeed”. Feed of consistent quality is produced using the right technology, a precise feed formulation, as well as using the superior raw materials. The Poultry Breeding Division consists of breeding farms and central hatcheries located in the major regions throughout Indonesia. The division operates an efficient breeding system which implements the highest international standards of biosecurity. The division produces both broiler DOC and layer DOC, with a proven reliable quality. The Poultry Commercial Farming Division produces live chicken, as well as primary processed raw chicken meat. To support its operations, JAPFA has a research and production facility for poultry and other animal vaccines. Besides its Poultry Operations, JAPFA also operates in the beef and aquaculture industries. The Beef Division is engaged in cattle breeding and feedlot fattening. In addition to selling live cattle, this division also produces premium quality fresh meat under the brands "Santori Beef" and "Tokusen Wagyu Beef". The Aquaculture Division primarily produces fish feed and shrimp feed. The cultivations of tilapia fish and shrimp tillapia snapper breeding, etc., as well as operating fish and shrimp hatcheries. BOARD OF COMMISSIONERS 1. Syamsir Siregar 2. Achmad Syaifudin Haq * 3. Hendrick Kolonas 4. Ignatius Herry Wibowo * 5. Jaka Prasetya 6. Retno Astuti Wibisono * *) Independent Commissioner BOARD OF DIRECTORS 1. Handojo Santosa 2. Bambang Budi Hendarto 3. Koesbyanto Setyadharma 4. Rachmat Indrajaya 5. Tan Yong Nang 510 INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS Wisma Millenia 7th Fl. Jln. MT Haryono Kav. 16 Jakarta 12810 Phone : (021) 285-45680 Fax : (021) 831-0309 Basic Industry and Chemicals Animal Feed www.japfacomfeed.co.id Maya Pradjono maya.pradjono@japfa.com JAPFA is one of the leading dependable providers of affordable protein foods in the growing domestic market of Indonesia. JAPFA has more than 45 years of business experience and has been listed on the Indonesia Stock Exchange since 1989. In 2016, JAPFA’s consolidated sales exceeded Rp27 trillion. AA-(idn) FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 Receivables 1,253,885 1,297,333 Current Assets 9,604,154 11,061,008 15.17 p 17,159,466 19,251,026 12.19 p Cash & Cash Equivalents Inventories Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA 901,207 5,854,975 6,808,971 5,352,670 6,827,992 Chg % 2,701,265 199.74 p 5,500,017 7,512,091 5,193,549 3.47 p -6.06 q 10.33 p -2.97 q 5,869,351 -14.04 q 11,049,774 9,878,062 -10.60 q 3,000,000 6,400,000 113.33 p 35,000 1,666,250 10,661 200 & 40 100,000 185.71 p 1,816,250 11,411 200 & 40 2,797,573 4,630,555 497,787 529,470 5,611,905 8,843,494 6,109,692 9,372,964 25,022,913 27,063,310 3,993,001 681,060 2,265,058 1,727,943 697,677 123 5,478,898 9.00 p 7.04 p -  65.52 p 57.58 p 6.36 p 53.41 p 8.15 p 37.21 p 510,465 -25.05 q 2,557,987 2,920,911 12.93 p 69.04 pLink Grafik sudah be Pastikan 2,766,591 296.54 p 3,920,621 pLink Grafik sudah be Pastikan 3,187,396.75 Income for the periods 524,484 2,171,608 314.05 p Net Income … *) 468,230 2,064,650 340.95 p Comprehensive Income 925,458 FINANCIAL RATIOS DER (X) 1.12 NPM (%) 2.10 ROA (%) EBITDA Coverage (X) 3.06 0.00 2,804,370 203.03 p 0.63 -43.97 q 11.28 269.06 p 8.02 282.83 p 7.68 4,252,643.16 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Japfa Ltd. 2. Public 3. KKR Jade Investments Pte. Ltd. 4. Treasury Stock AUDIT COMMITTEE 1. Retno Astuti Wibisono 2. Edwin Suratman 3. Karya Utama Atmadilaga 51.00% 36.86% 11.98% 0.16%
  511. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name JPFA02BCN1 Berkelanjutan II IDA0000781B5 JPFA02ACN1 IDA0000781A7 (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.75% 01-Sep-17 01-Dec-17 01-Mar-18 PT Bank Mega 01-Sep-17 01-Dec-17 01-Mar-18 PT Bank Mega 21-Jul-17 21-Oct-17 21-Jan-18 PT Bank Mega Period Obligasi 150,000 JAPFA Tahap I 02-Dec-16 01-Dec-21 5 years Tahun 2016 Seri B Obligasi Berkelanjutan II 850,000 JAPFA Tahap I 02-Dec-16 01-Dec-19 9.25% 3 years Tahun 2016 Seri A IDA000080204 Berkelanjutan II JAPFA Tahap II 1,000,000 25-Apr-17 21-Apr-22 9.60% 5 years Tahun 2017 Tbk. 01-Jun-18 Quarterly Tbk. 21-Apr-18 Quarterly Rating / Outlook Tbk. 01-Jun-18 Quarterly Obligasi JPFA02CN2 AA- Stable AA- Stable AA- Stable TRADING HIGHLIGHT JPFA02BCN1 Listing Date ISIN CODE : IDA0000781B5 5 4 Dec-16 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Dec-17 Trading Activities, Dec-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 103 9.0 102 8.0 101 7.0 100 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-21 2017 Q1 Trading days Q2-16 Dec-20 Price and Yield 3 Q1-16 Dec-19 2016 3 enar >> enar >> Outstanding N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 101.1440 102.3143 102.6850 9.4549 9.1270 9.0085 N/A 30-Dec 31-Mar 22-Jun N/A 18.002 16.553 15.294 N/A N/A 3.851 0.039 3.702 0.037 3.570 0.036 This series will mature on 1 December 2021. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 100.0000% at the lowest and 102.8835% at the highest. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 511
  512. JPFA02ACN1 Listing Date ISIN CODE : IDA0000781A7 TRADING ACTIVITIES Volume 1500 1200 Dec-16 Frequency 40 Volume 32 Frequency Jun-17 Trading Activities, Dec-17 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 228.90 1341.10 N/A N/A N/A 1 8 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 16 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Dec-19 2017 N/A 600 - Jun-19 Q1 24 enar >> Dec-18 2016 900 8 Jun-18 Price and Yield Trading days 300 enar >> Maturity Date N/A N/A Q1 6 Q2 20.00 36 2 1 107.72 631.11 9.41 09-Dec 20-Feb 20-Jun 09-Dec 01-Mar 20-Jun N/A 100.1000 100.2700 101.2250 N/A 100.0500 100.0000 101.2100 N/A 100.8879 101.0483 101.0007 N/A N/A N/A 8.8991 8.7919 8.7881 N/A 30-Dec 31-Mar 22-Jun N/A 7.493 6.396 5.489 N/A N/A 2.519 0.025 2.327 2.156 0.023 0.022 This series has an outstanding amount of Rp850 billion with fixed coupon per annum at 9.25%. From this series listed (2 December 2016) to the end of June 2017, the trading volume for the series reached Rp1.59 trillion with total frequency was 44 times. The market prices for this series was at the range 100.0000% - 101.2250%. IBPA valued the fair prices for this series were 99.7361% for the lowest and 101.6989% for the highest. At the same period, the fair yield for this series was ranging from 8.5940% to 9.3531%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM JPFA02CN2 Listing Date ISIN CODE : IDA000080204 TRADING ACTIVITIES Volume 375 300 Apr-17 Frequency 15 Volume 12 Frequency Trading Activities, Apr-19 2016 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 374.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Q3 150 Q1-16 Apr-22 Q2 N/A - Apr-21 Q1 Trading days 3 Apr-20 Price and Yield 9 enar >> 512 Apr-18 225 75 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 10 6 149.60 N/A 100.0600 N/A 100.0000 N/A 99.9501 N/A 22-Jun N/A 17.344 N/A N/A N/A N/A N/A 08-May 15-Jun 9.6114 3.769 0.038 The bond series JPFA02CN2 listed on 25 April 2017 with nominal amount of Rp1.00 trillion. The bond has interest rate per annum at 9.60% and this series will be matured on 21 April 2022. JPFA02CN2 was traded with total volume Rp374.00 billion in a half of year 2017. During 2017, JPFA02CN2 has a total of 6 trading days and 10 total frequencies. In 2017, the market price (Centralized Trading Platform) was between 100.0000% and 100.0600%.
  513. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover JPFA02BCN1 JPFA02ACN1 229 - 100 26.9% 200 300 400 500 600 700 800 INDONESIA BOND MARKET DIRECTORY 2016-2017 513
  514. IBPA ANALYTICAL REVIEW Description PT Japfa Comfeed Indonesia Tbk (JPFA) was first established in January 1971. JPFA is one of the leading poultry feed producer in Indonesia and is considered as one of the most Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 27,063 8.0 8.2 1. PT Japfa Comfeed Indonesia Tbk. integrated agribusiness enterprises. The company’s business fields are agriculture, livestock, fisheries, and Industrial & General Trading. In 2016, JPFA increased Financial Statement as of Fiscal Year 2016 its capital and received additional capital injection through private placement. Historical Corporate Ratings As an integrated poultry company, JPFA also owns Poultry Breeding Unit, which is one of the important links to the poultry business. The Poultry Breeding Unit produces and markets Day Old Chicks (DOC), for broiler and layers. The Unit has 66 breeding farms for broilers and layers and 24 hatcheries spread over major regions including Java, Sumatera, Kalimantan, Bali and Sulawesi. No. Rating Agency 1. Fitch Ratings 2. Fitch Ratings 3. Pefindo 4. Fitch Ratings 5. Pefindo Rating Rating Status Rating Date AA-(idn) Upgraded* 14-Dec-16 idA Affirmed 26-Aug-16 Affirmed 12-Oct-15 A+(idn) A+(idn) idA Assigned Affirmed Outlook Stable 24-Oct-16 Negative 7-Apr-16 Negative Positive* Stable *The positive outlook reflects Pefindo expectation of improving financial profile that could be sustained in the medium term As of December 2016, Japfa Ltd (formerly known as Japfa Holding Pte.Ltd) owns the majority of JPFA shares with 51.00% shares owned and the remaining 49.00% of shares have been owned by public (36.84%), KKR Jade Investments Pte Ltd (11.98%) and treasury stock (0.18%). SWOT Analysis S trengths W eaknesses - Strong market position in the - Weakened cash flow protection poultry industry - Volatile nature of the Day-Old- - Well integrated operations and Chick (DOC) and commercial diversified production facilities farming business - Stable revenue growth and operating margins Financial Analysis In 2016, JPFA recorded net revenue Rp27.06 trillion, an increase of 8.15% compared to Rp25.02 trillion in - Wide and extensive geographical coverage 2015. JPFA’s net revenue growth was supported by the sales growth of animal feed segment which increased Rp865 billion to Rp10.07 trillion in 2016. In addition, the Commercial Farms & Consumer Products and Day Old Chick (DOC) segments also experienced sales growth of Rp623 billion and Rp450 billion respectively. As a result, net income in 2016 increased by 314.31% or Rp1.65 trillion to Rp2.17 trillion in 2016. Moreover, JPFA’s Total Assets in 2016 increased by 12.18% to Rp19.25 trillion. The increase in assets was due to the increase of Cash and Cash Equivalents from Rp901.21 billion in 2015 to Rp2.70 trillion in 2016 (199.67%) and the Company’s Property, Plant and Equipment which rose by 10.28% to Rp7.51 trillion in 2016. 514 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Growth prospect for chicken - Growth prospect for chicken demand in Indonesia because demand in Indonesia because poultry consumption is still low poultry consumption is still low - Huge potential from Farming - Huge potential from Farming business in Indonesia business in Indonesia - More product and market - More product and market diversification opportunity diversification opportunity
  515. idAA JSMR PT Jasa Marga (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Infrastructure, Utilities And Transportation Toll Road, Airport, Harbor And Allied Products www.jasamarga.com Mohamad Agus Setiawan agus.setiawan@jasamarga.co.id Jasa Marga is a state owned company with the line business of planning, constructing, operating and maintaining toll roads along with developing and maximizing the use of land in toll road areas and other related businesses. Jasa Marga’s business characteristics are defensive and resistant to fluctuated condition of global economy. Adding new toll road concessions is Jasa Marga’s main strategic plan. Currently, Jasa Marga has added 18 new toll road concessions with the total length of 600 km, through its subsidiaries, in which Jasa Marga is the major shareholder. As total, Jasa Marga will manage 1260 km of concession by the end of 2019. This will maintain Jasa Marga’s position as the market leader in toll road industry in Indonesia, where currently, as of 30 June 2017, the Company operates 600 km or 61% of the market share in terms of toll road length and 80% of the country’s toll roads average daily traffic. The Company’s target to add its operating toll roads in 2017 was successfully achieved with the operation of one toll road sections in the first semester of 2017, i.e. Gempol-Pasuruan Toll Road (7 km) to prove the commitment of the Company to constantly adding its operating toll roads and maintaining its position to keep dominating the market share of toll roads in Indonesia. In the second semester of 2017, the Company has targeted to operate two additional toll road sections: Gempol-Pasuruan Toll Road Section Gempol-Bangil (6.8 km) and section Rembang-Pasuruan (6.6 km), also last section of Semarang-Solo Toll Road section Bawen-Salatiga (17.50 km), and Surabaya-Mojokerto Section Sepanjang-Krian (15.5 km), MedanKualanamu-Tebing Tinggi Toll Road (41.69 km), Solo-Ngawi Toll Road (90.25 km) and Ngawi-Kertosono (49.51 km). Going forward, the Company’s business prospect will be robust as it is supported by new concessions with sound financial feasibility that is integrated with existing concession portfolio, strong and trusted financial structure, as well as assets utilization in prospective businesses, which, in turn will support the Company’s sustainable growth. BOARD OF COMMISSIONERS 1. Refly Harun * 2. Agus Suharyono 3. Boediarso Teguh Widodo 4. Muhammad Sapta Murti 5. Sigit Widyawan * 6. Sugihardjo *) Independent Commissioner BOARD OF DIRECTORS 1. Desi Arryani 2. Donny Arsal 3. Hasanudin 4. Kushartanto Koeswiranto 5. Mohammad Sofyan 6. Subakti Syukur Plaza Tol Taman Mini Indonesia Indah Jakarta 13550 Phone : (021) 841-3630 Fax : (021) 840-1533, 841-3540 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Millions of Rp, Unless Otherwise Stated Dec-2015 3,323,221 164,374 20,154 3,729,047 913,843 36,724,982 7,543,411 14,556,978 Dec-2016 4,124,886 24.12 p 8,278,539 4,936.39 p 86,975 331.56 p 12,965,884 247.70 p 884,666 53,500,323 20,428,842 37,161,483 9,520,000 9,520,000 6,800 7,258 3,400,000 500 4,895,330 -3.19 q 45.68 p 18,626,989 146.93 p 24,356,318 19,040 Chg % 19,040 3,628,936 500 6,491,367 40.34 p 52.57 p -  -  6.73 p 6.73 p -  32.60 p 10,418,505 13,679,125 12,368,664 16,338,840 32.10 p 9,848,242 16,661,403 69.18 p 1,405,043 1,509,003 1,950,159 4,127,820 4,411,280 2,659,715 4,856,391 4,971,858 3,477,665 4,165,507 4,285,030 5,228,530 2,068,304 2,649,679 31.30 p 36.38 p 17.65 p 7.40 p 12.71 p 19.78 p 28.11 p 22.02 p Income for the periods 1,319,201 1,803,054 36.68 p Net Income … *) 1,449,327 1,770,726 22.18 p 1.18 1.25 Comprehensive Income FINANCIAL RATIOS DER (X) 1,302,378 3.59 ROA (%) NPM (%) EBITDA Coverage (X) 13.40 3.05 1,684,225 29.32 p 6.24 p 3.37 -6.18 q 3.46 13.61 p 10.82 -19.21 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia (Class A Dwiwarna Share) 2. Republic of Indonesia 3. Public 4. BPJS Ketenagakerjaan - JHT 5. Employee 1 share 70.00% 27.03% 2.87% 0.10% AUDIT COMMITTEE 1. Sigit Widyawan 2. Agita Widjajanto 3. Teguh Indra Prastiyo INDONESIA BOND MARKET DIRECTORY 2016-2017 515
  516. AS OF JUNE 2017 CODE No . ISIN CODE Series Name Outstanding (Rp Million) JMPD14JM10 Obligasi Jasa Marga 1. XIV Seri JM-10 IDA000045603 2. JSMR01CCN1S 1,000,000 Listing Maturity Date 13-Oct-10 Issue Date 12-Oct-20 Term Coupon Structure / Coupon Payment Date Trustee 9.35% 12-Jul-17 12-Oct-17 12-Jan-18 PT Bank Mega 27-Jun-17 27-Sep-17 27-Dec-17 PT Bank Mega Period 10 years Obligasi Berkelanjutan I Jasa Marga Tahap I IDA0000605C4 Tahun 2013 Seri S Seri 1,000,000 30-Sep-13 27-Sep-18 8,90% 5 years C Quarterly 27-Mar-18 9.85% 19-Jun-17 19-Sep-17 19-Dec-17 Obligasi JSMR01CN2T Berkelanjutan I Jasa 3. Marga Tahap II IDA000064604 1,000,000 22-Sep-14 19-Sep-19 5 years Tahun 2014 Seri T Tbk. 12-Apr-18 Quarterly 19-Mar-18 Quarterly Rating / Outlook Tbk. AA Stable AA Stable PT Bank Mega Pastikan AA Link Grafik sudah be Tbk. Stable Pastikan Link Grafik sudah be TRADING HIGHLIGHT JMPD14JM10 Listing Date ISIN CODE : IDA000045603 Oct-10 TRADING ACTIVITIES Volume 75 Frequency 20 Volume 60 16 Frequency Maturity Date Oct-13 Trading Activities, Price and Yield Q1 Volume (Rp bn) 25.00 5.00 10 1 Frequency (X) Oct-19 18 Q2 2017 Q3 1 Q4 Q1 20.00 64.00 19.00 2 4 2 4 12 Q2 7 44.00 8 4 45 12 Trading days 30 8 CTP Price - High 100.0000 CTP Price - Low 75.7284 99.3395 82.8000 95.4100 100.5000 100.0000 IBPA Fair Price 97.9889 99.6497 101.6460 98.9505 101.7468 100.7542 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 15.549 14.225 12.925 11.492 10.291 9.178 15 - enar >> 4 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Oct-16 2016 Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 99 10.0 96 9.0 93 8.0 90 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 10.00 24-Mar 26-Feb 9.8979 3.571 0.036 2.00 8.00 25.60 7.60 17.60 19-Dec 27-Mar 09-Jun 30-Nov 13-Mar 16-Jun 99.3395 100.9100 100.4000 103.0000 104.6000 17-Jun 17-Jun 9.4495 3.425 0.034 13-Jul 10-Aug 8.8593 3.273 0.033 9.6836 3.087 0.031 8.7602 2.928 0.029 9.0817 2.770 0.028 This series listed on 13 October 2010, and matured on 12 October 2020. This series issued with nominal amount of Rp1000.00 billion and have fixed interest rate per Pastikan annum atLink Grafik sudah be 9.35%. Average trading volume for this series reached Rp28.50 billion/quarter on 2016 and increased to Rp31.50 billion/quarter on the first half of the year 2017. Based on the Pastikan Link Grafik sudah be market price (Centralized Trading Platform), this series was traded between 75.7284% – 104.6000% while the IBPA fair price was between 94.0292% – 102.2749%. The IBPA fair yield for this series was between 8.5776% – 10.9749%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 516 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  517. JSMR01CCN1S ISIN CODE : IDA0000605C4 200 24 Sep-17 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 192.00 95.00 60.00 - 135.00 13 5 3 - 3 Frequency (X) 26 16 Q4 6 Q1 - Q2 40.00 13 4 1 120 18 Trading days 80 12 CTP Price - High 101.0500 101.7500 102.6000 N/A 101.5200 102.0000 CTP Price - Low 96.7300 101.0000 101.5000 N/A 101.2400 101.7500 IBPA Fair Price 100.8000 101.7050 100.7724 - Turnover Ratio (%) Date 6 40 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT 11.0 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Last Date YTM (%) 103 Q2-17 76.80 38.00 24.00 29-Mar 10-Jun 22-Sep 19-Jan 13-Apr 19-Sep 8.5288 8.4741 N/A N/A 54.00 16.00 02-Feb 12-Jun 25-Jan 12-Jun 99.5635 100.6994 101.0691 9.1735 8.3780 8.0013 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5.737 4.783 3.868 3.036 2.309 1.699 Mod. Duration (yrs) 2.212 Sensitivity (%) 0.022 Convexity (yrs) 8.0607 - 2.017 1.808 0.020 0.018 1.595 0.016 1.381 1.162 0.014 0.012 The bond series JSMR01CCN1S, was first listed on 30 September 2013 with nominal value of Rp1000.00 billion and fixed interest rate of 8.90% per annum. This series had traded 65 times in 25 trading days with total volume booked of Rp522.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 96.7300% - 102.6000% while the IBPA fair price was between 95.7119% - 102.9865%, the fair yield for this series was between 6.0 7.3534% - 10.7334%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM JSMR01CN2T Listing Date ISIN CODE : IDA000064604 Sep-14 TRADING ACTIVITIES Volume 100 Frequency 10 Volume 80 8 Frequency Maturity Date Sep-16 Trading Activities, Sep-18 2016 Price and Yield Q1 Volume (Rp bn) 85.00 - 8.50 - 22.00 4 - 3 - 2 Frequency (X) Q2 2017 6 - Q3 Q4 6 - Q1 Q2 5 2.00 2 1 60 6 Trading days 40 4 CTP Price - High 101.7500 N/A 104.1000 N/A 101.6000 103.7500 CTP Price - Low 100.0000 N/A 97.0000 N/A 101.2500 103.6500 IBPA Fair Price 100.1956 101.5150 103.5022 100.9340 102.1496 102.6447 2 20 - enar >> enar >> 30 Frequency Sep-15 Trading Activities, Frequency Volume 160 Maturity Date Sep-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 34.00 23-Feb 17-Mar 9.7724 N/A N/A 9.2990 3.40 28-Sep 10-Aug 8.5020 - N/A N/A 9.4552 8.80 0.80 09-Mar 13-Jun 22-Feb 13-Jun 8.8575 8.5407 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 9.970 8.815 7.709 6.566 5.557 4.718 Mod. Duration (yrs) 2.899 Sensitivity (%) 0.029 Convexity (yrs) - 2.730 0.027 2.556 0.026 2.358 0.024 2.168 0.022 1.998 0.020 This series listed on 22 September 2014 and matured on 19 September 2019. This series listed with nominal amount of Rp1.00 trillion with interest rate per annum at 9.85%. During 2016, the average of total volume recorded of Rp23.38 billion/quarter while in first semester 2017 decreased to Rp12.0 billion/quarter. The market price (Centralized Trading Platform) for this series was between 97.0000% and 104.1000%. Based of IBPA fair price, this series has a fair price between 96.8576% - 103.5022% and fair yield between 8.4963% 10.8915 during the observation period. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 517
  518. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 JMPD14JM10 25 20 JSMR01CCN1S 64 85 - 9 100 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 11.4% 192 JSMR01CN2T 518 Q2-2016 95 60 34.7% 9.4% 200 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 400 500 600 700 800 900 1,000
  519. IBPA ANALYTICAL REVIEW Description PT Jasa Marga (Persero) Tbk is BUMN, which is engaged in the business plan, build, operate and maintain toll roads as well as means completeness. JSMR’s business also include land rent, advertisements and operation of other party’s toll road. In 2016, JSMR managed to increase 5 toll road concession rights with the acquisition of Batang- Semarang, Balikpapan Samarinda, Manado-Bitung, Peer Group No. Company Total Revenue 1. PT Jasa Marga (Persero) Tbk. 2. PT Angkasa Pura II (Persero) 3. PT Angkasa Pura I (Persero) With the addition of five toll roads, then JSMR has the length of the operated toll road along the 593 km Moreover, in the end of 2016, JSMR controlled 61% market share of the toll road industry in term of road length (km) in Indonesia. Until 2017, Jasa Marga plans to operate additional ± 177 km new toll roads, bringing the total operating toll roads operated by the Company to 738 km in 2017 or an increase by 31.62% compared to the total length of the 29.2 17.7 2,409 30.4 2.9 18.9 16.9 Financial Statement as of Fiscal Year 2016 Roads. right road concession 1,260 km expressway along the Revenue 6,646 6,138 4. PT Pelabuhan Indonesia I (Persero) Pandaan-Malang and Jakarta-Cikampek Elevated II Toll Net Profit (Rp Bill) Margins (%) Growth (%) 16,661 10.8 69.2 Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Pefindo idAA Affirmed 13-Jun-17 3. Pefindo idAA Affirmed 9-Jun-15 2. Pefindo 4. Pefindo 5. Pefindo idAA idAA idAA Affirmed Affirmed Affirmed Rating Date Outlook Stable 9-Jun-16 Negative* 5-Jun-14 Stable Negative 28-Jun-13 Stable *Negative outlook reflects Pefindo expectation that the substantial debt funded capital expenditure plan in the near term to finance new toll Company’s operating toll roads at present. Given the abovementioned conditions, Jasa Marga is the leader of toll road industry in Indonesia. As of December 31, 2016, JSMR’s shareholders consisted of the Government of Indonesia (70.0%), and Public (30.0%). Financial Analysis During 2016, JSMR’s total revenues reached Rp16.66 trillion or increased by 69.2% from Rp9.84 trillion in 2015. The increase was mainly driven by increasing in toll SWOT Analysis S W trengths eaknesses - Dominant position in the toll road - High dependency to toll revenue. sector. - Aggressive capital structure in the - Strong revenue growth near to medium term - Concession period of toll roads range between 35-45 year. - Strong profitability indicators revenues and construction revenues. Toll Revenues reached Rp7.92 trillion or increasing by 11.3% compared to Rp7.12 trillion in 2015. This increase is due to the increase of transaction tariff volume and tariff adjustment in 15 toll roads in the end of 2015 and 4 toll roads in 2016. Besides that, the increase also caused by increasing construction revenue to Rp7.83 trillion or grew significantly by 253.05%. In line with that increase, JSMR’s construction expenses also increased to Rp7.78 trillion or grew 253.4% compared to 2015. Throughout 2016, JSMR succeed booked an increase of net profit which grew by 36.68% from Rp1.32 trillion to Rp1.80 trillion. This year JSMR’s assets stood at Rp53.5 trillion, up 45.7% compared to 2015. This growth was due to the increase in current other receivables by Rp8.1 trillion to Rp8.2 trillion at the end of 2016. This increase caused by the bailouts given to the government for land acquisition for toll road O T pportunities hreats - Potential toll revenue growth - Potential toll revenue growth driven by regular tariff adjustment driven by regular tariff adjustment from government. from government. - Government programs to enhance - Government programs to enhance infrastructure in Indonesia infrastructure in Indonesia - The growth automotive market in - The growth automotive market in Indonesia. Indonesia. in the subsidiary company. From the liquidity ratios, it can be seen that JSMR’s liquidity is increasing, reflected by increasing in current ratio from 0.49 in 2015 to 0.70 in 2016 INDONESIA BOND MARKET DIRECTORY 2016-2017 519
  520. KEHA PT Bank KEB Hana Indonesia Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 As the Bank changed its status and became Commercial Bank, Bank’s name was changed into PT Bank Bintang Manunggal (Bank Bima) based on Decree of Minister of Finance of the Republic of Indonesia No. 1306/KMK.013/1989 dated November 30, 1989. In 2007, Hana Financial Group acquired Bank Bima, thus the name was changed into PT Bank Hana through the Decision of Governor of Indonesia's Central Bank No. 10/20/KEP.BI/2008 dated March 18, 2008. Therefore, PT Bank Hana merged with and into PT Bank KEB Indonesia to form PT Bank KEB Hana in 2013. One year later, PT Bank KEB Hana was changed and officially became PT Bank KEB Hana Indonesia which has been approved by Financial Services Authority (OJK) based on Decree of Board of Commissioners of OJK No. 13/KDK.03/2014 dated June 27, 2014. KEB Hana Bank has a commitment to provide financial services that prioritize the convenience of its customers in line with its vision to become the Best Customer-Focused Bank in Indonesia. For different customer needs, KEB Hana Bank provides a wide array of products and services including consumer banking, SME, and corporate banking. As of December 2016, KEB Hana Bank has recorded total assets of Rp34,8 trillion and has operated 55 branch offices across 11 provinces in Indonesia. The achievements of KEB Hana Bank was confirmed by winning several awards such as 2016 Investor Awards for Best Bank 2016 in the category of Commercial Banks with IDR 25 Trillion to IDR 100 Trillion Asset; 2016 Infobank Award for Very Good Financial Performance for the five-year period category; 2016 Indonesia Banking Award for The Most Reliable and The Most Efficient Bank; 2016 TOP BANK in BUKU III Category; 2016 Best Banking Brand Award by Warta Ekonomi. With the synergy and support from Hana Financial Group as one of the largest financial holding company in South Korea, KEB Hana Bank is committed to position itself among the Top 20 Banks in Indonesia in 2020. BOARD OF COMMISSIONERS BOARD OF DIRECTORS 1. Ko Yung Ryul 1. Lee Hwa Soo 2. Betty Juliaantje Parinussa * 2. Bayu Wisnu Wardhana 3. Eka Noor Asmara * 3. Jong Jin Park 4. Nasser Atorf * 4. Liem Konstantinus 5. Sugiarto K. Chandra *) Independent Commissioner AUDIT COMMITTEE 1. Eka Noor Asmara 2. Abdussalam Konstituanto 3. Betty Juliaantje Parinussa 520 4. Edi Timbul Hardiyanto 5. Ko Yung Ryul 6. Nasser Atorf INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS Wisma Mulia, 52nd Floor Jln. Jend. Gatot Subroto No. 42 Jakarta 12710 Phone : (021) 522-0222, 0223 Fax : (021) 522-0133 Finance Bank www.kebhana.co.id Bayu Wisnu Wardhana margi_simanjuntak@kebhana.co.id PT Bank KEB Hana Indonesia (”KEB Hana Bank”) was established under the name PT Bank Pasar Pagi Madju based on Deed No. 25 dated April 27, 1971 and has been approved by the Minister of Justice of the Republic of Indonesia through Decision Letter No. Y.A.5/189/25 dated May 25, 1974. AAA(idn) FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Millions of Rp, Unless Otherwise Stated Dec-2015 129,932 3,236,868 1,457,406 Dec-2016 200,180 2,247,950 54.24 p 44,231 -2.67 q 26,308,898 133,637 140,287 28,554,623 34,801,053 1,912,634 2,767,725 21,314,388 25,416,409 23,953,314 29,576,987 4,600,000 4,600,000 2,450 2,450 4,600 2,450,000 1,000 4,600 2,450,000 1,000 2,326,191 2,970,383 - - 4,601,309 5,224,066 4,601,309 5,224,066 1,638,617 2,191,704 171,957 218,798 810,074 406,544 54.07 p 2,791,336 -13.76 q 20,990,357 45,446 Chg % 976,843 510,113 25.34 p 4.98 p 21.88 p 19.25 p 44.71 p 23.48 p -  -  -  -  -  27.69 p 13.53 p -  13.53 p Pastikan Link Grafik sudah bena 33.75 p 20.59 p 27.24 p 25.48 p Income from Operations 582,283 856,075 47.02 p Earning Before Tax 583,365 855,456 46.64 p Non-Operating Revenues 1,082 -619 N/A q Income for the periods 443,196 643,427 45.18 p Net Income … *) 443,196 643,427 45.18 p 5.21 5.66 27.05 29.36 Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 429,057 1.55 35.54 *) … attributable to owners of the parent entity SHAREHOLDERS 1. KEB Hana Bank, Seoul 2. International Finance Corporation 3. Bambang Setijo 622,757 45.15 p 8.76 p 1.85 19.12 p 39.06 9.92 p 8.54 p 89.00% 9.99% 1.01%
  521. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name KEHA01SB Subordinasi IDR Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.95% 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Period Obligasi IDA000078802 Bank KEB Hana I USDKEHA01SB Subordinasi USD IDA000078901 244,000 22-Dec-16 21-Dec-23 7 years Tahun 2016 Quarterly Obligasi 48 Bank KEB Hana I 22-Dec-16 21-Dec-23 6.05% 7 years Tahun 2016 Rakyat AA Indonesia 21-Jun-18 (Persero) Tbk. 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank 21-Jun-18 Quarterly Rating / Outlook Rakyat Stable AA Indonesia (Persero) Tbk. Stable TRADING HIGHLIGHT KEHA01SB Listing Date ISIN CODE : IDA000078802 TRADING ACTIVITIES Volume 40 32 Dec-16 Frequency 15 Volume 12 Frequency Dec-17 Maturity Date Dec-18 Trading Activities, 2016 Q4 Volume (Rp bn) N/A N/A N/A 33.00 37.40 N/A N/A 2 6 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 16 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 106 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 102 10.0 100 9.0 98 8.0 96 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Dec-23 2017 Q3 N/A - Dec-22 Q2 Trading days ar >> Dec-21 Q1 9 3 Dec-20 Price and Yield 24 8 Dec-19 N/A N/A Q1 5 54.10 Q2 10 61.31 3.00 3 2 4.92 N/A 100.020 100.720 104.220 N/A 99.980 100.000 102.500 99.860 103.462 104.222 N/A 30-Dec 31-Mar 22-Jun N/A 31.219 29.873 28.464 N/A N/A N/A N/A N/A N/A 29-Dec 22-Dec 9.9776 4.973 0.050 14-Feb 20-Jan 9.2469 4.888 0.049 21-Jun 06-Jun 9.0825 4.790 0.048 This series will mature on 21 December 2023, and was traded in 10 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp12.23 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.9800% at the lowest and peaked at 104.2200%. While the IBPA fair price for this series was between 99.6682% and 104.2321%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 521
  522. USDKEHA01SB Listing Date ISIN CODE : IDA000078901 TRADING ACTIVITIES Volume 50 40 Dec-16 10 8 Frequency Dec-18 Dec-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A - - - N/A N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 4 CTP Price - High N/A 10 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 100 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 96 10.0 92 9.0 88 8.0 84 7.0 80 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 20 Q3-16 Dec-23 N/A 6 Q2-16 Dec-22 Q1 30 Q1-16 Dec-21 Price and Yield Trading days ar >> Dec-20 2016 Trading Activities, Frequency Volume Dec-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A N/A - - N/A #N/A #N/A #N/A N/A N/A N/A N/A N/A N/A N/A #N/A #N/A N/A N/A #N/A N/A N/A N/A N/A This series will mature on 21 December 2023 and has the outstanding amount of US$47.50 million with 6.05% fixed coupon per annum. Because this is a corporate global bond series, there was no transaction and IBPA fair prices for this series. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 KEHA01SB Q2-2016 33 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 13.5% USDKEHA01SB - 522 25 50 75 INDONESIA BOND MARKET DIRECTORY 2016-2017 100 125 150 175 200 225 250
  523. IBPA ANALYTICAL REVIEW Description Hana Financial Group acquired Bima Bank and had the name changed into PT Bank Hana in 2007 . PT Bank Hana was further merged its business with PT Bank KEB Indonesia in 2013 where the name was changed into PT Bank KEB Hana. In 2014, name of PT Bank KEB Hana was changed into PT Bank KEB Hana Indonesia (KEHA) as approved by the Financial Peer Group No. Company Total Revenue 1. PT Bank BRISyariah 2. PT Bank KEB Hana Indonesia 3. PT Bank Victoria International Tbk. Revenue 2,294 14.9 33.8 4.6 7.3 1.3 31.9 14.2 Financial Statement as of Fiscal Year 2016 KEHA’s business lines consisted of collecting funds, Historical Corporate Ratings disbursing loans, issuing bonds, purchasing, investing No. currently has 55 branches spread across DKI Jakarta, 29.4 1,901 PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat Service Authority. funds, performing custody activities, etc. The Bank 2,192 2,161 4. PT BPD Sumatera Barat 5. Net Profit (Rp Bill) Margins (%) Growth (%) 2,634 6.5 8.6 Rating Agency 1. Fitch Ratings Rating Rating Status Rating Date Outlook AAA(idn) Assigned 21-Nov-16 Stable Banten, West Java, Central Java, East Java, Lampung, North Sumatera, South Sulawesi, Bali, South Sumatera and South Sulawesi area. Besides branch office, KEB Hana Bank network is also including 64 On-Site ATMs, 66 Off-Site ATMs, 4 Mobile ATMs and 1 unit Mobile Cashier. As of 2016, KEHA’s ownerships structure are KEB Hana Bank Korea (88.07%), International Finance Corporation (9.99%), Bambang Setijo (1.01%), and PT Bank KEB Hana Indonesia (0.93%). SWOT Analysis S W trengths eaknesses - Strong support from its major - Lack of campaigns or advertising shareholder on bank’s products - Strong capital and high quality assets - The highest interest income growth Financial Analysis compared to its peers Total assets booked positive growth from Rp28.55 trillion in 2015 to Rp34.80 trillion in 2016 or grew Rp6.25 trillion (21.88%). Increase was underpinned primarily by increasing Loans amounted to Rp26.44, achieving Rp5.37 trillion or 25.47% higher than the previous year. Non-Performing Loan Gross (NPL Gross) ratio of KEB Hana Bank increased from 0.21% in 2015 to 0.61% in 2016. That level indicated that quality of KEB Hana Bank’s assets was very good. On the other hand, the interest income achieved Rp2.19 trillion in 2016 from Rp1.64 trillion booked in 2015 or grew by 33.75%. Besides that, other operating incomes also booked an increased by O T pportunities hreats - Huge investment for the IT - Huge investment for the IT development to make more development to make more advanced development in the advanced development in the internet banking services internet banking services - Continuing promotional programs - Continuing promotional programs 27.24% to Rp218.80 billion due to increasing gain on sale of securities. Therefore, KEB Hana Bank scored Rp643.43 billion net income for fiscal year ended in 2016 that was Rp200.23 billion or 45.18% higher than Rp443.20 billion booked as of Dec 2015. INDONESIA BOND MARKET DIRECTORY 2016-2017 523
  524. idA- LTLS PT Lautan Luas Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Graha Indramas Jln. AIP II KS Tubun Raya No.77 Jakarta 11410 Phone : (021) 8066-0777 Fax : (021) 8066-0020 Trade, Services & Investment Wholesale (Durable & Non-Durable Goods) www.lautan-luas.com Herman Santoso herman.santoso@lautan-luas.com As a leading basic and specialty chemical company in Indonesia, PT LAUTAN LUAS Tbk (“the Company” or “Lautan Luas”) has been serving its customers for more than sixty five years by providing high quality products and services. The Company was established on 13 July 1951 as Persekutuan Andil Maskapai Dagang dan Industry “Lim Teck Lee” (Indonesia), aka NV Lim Teck Lee Coy. Ltd. At present, Lautan Luas represents over 100 international principals, distributes more than 1,000 chemical products, and serves more than 2,000 industrial end-users throughout Indonesia and the Asia-Pacific region. To oversee its vast distribution networks, Lautan Luas, is headquartered in Jakarta, operates five branches and six representative offices located in major cities throughout the Indonesia archipelago. A regional office in Singapore overlooks the Company’s activities in China, Thailand, and Vietnam. Lautan Luas currently operates in fourteen manufacturing facilities in Indonesia, two in China, and a water treatment chemical plant in Vietnam. PT LAUTAN LUAS Tbk., as holder of the AEO certificate, obtained facilities in accelerating the clearance process from/to ports without document verification and physical examination, also receiving special priority services for customs simplification systems and procedures as an importer/exporter. PT LAUTAN LUAS Tbk. and PT Taruna Bina Sarana (Lautan Luas' Group) have received Bonded Logistics Center Permits. The permits were presented by the Ministry of Finance of the Republic of Indonesia. Bonded Logistic Center is a facility to store goods from outside Indonesian Customs area and / or goods from other place in the Indonesian Costoms area, to accommodate several simple activities at certain period of time. The Company focuses on creating value to its stakeholders, maintaining sustainable growth and developing its operational excellence. The Company recorded CAGR 2006-2016 of 18% for sales and revenues. The average for dividend payout ratio is 25% in the last 5 years. LTLS has issued the new shelf-registered bond II/2017 in June this year with total offering target of Rp1,000 billion. The first issuance in June was Rp200 billion with coupon of 10.5%, which would be utilized for the Company’s . BOARD OF COMMISSIONERS 1. Joan Fudiana 2. Costa Antonio da Silva * 3. Hari Slamet Widodo * 4. Isien Fudianto 5. Pranata Hajadi 6. Zaenal Arifin * *) Independent Commissioner BOARD OF DIRECTORS 1. Indrawan Masrin 2. Danny Suryadi Adenan 3. Herman Santoso 4. Jimmy Masrin 5. Joshua Chandraputra Asali 6. Soewandhi Soekamto AUDIT COMMITTEE 1. Rifana Erni 2. Budi Kurniawan Ratulangi 3. Fransiskus Yoseph Ame Palle 524 Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 Receivables 1,410,679 1,541,696 Current Assets 2,649,202 2,633,477 5,393,330 5,658,360 Cash & Cash Equivalents Inventories Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) 120,385 899,518 1,575,155 2,676,623 -1.86 q 3,773,710 3,979,344 5.45 p 600,000 600,000 1,560 1,560 2,727,244 2,291,346 4,800 195,000 Paid up Capital (Mil. Sh) Par Value (Rp) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses -0.59 q 17.07 p Paid up Capital Total Equity …*) 9.29 p 778,226 -13.48 q 1,844,071 Authorized Capital Retained Earnings Chg % 69,142 -42.57 q 125 855,160 2,389,898 4,800 195,000 125 6,465,959 6,438,172 746,854 1,152,568 787,885 327,495 341,668 EBITDA 392,909 428,819 Comprehensive Income 157,320 Income for the periods Net Income … *) FINANCIAL RATIOS 78,922 34,032 4,068 -  -  1.60 p 3.67 p -0.43 qLink Grafik sudah be Pastikan 6.28 p 154,571 -17.07 qLink Grafik sudah be Pastikan Operating Profit Earning Before Tax -  18.26 p 1,679,016 Total Operating Expenses -  237,538 1,619,620 186,396 -  7.03 p 1,441,478 1,084,467 4.30 p 915,258 1,418,752 200,868 4.91 p 144,591 5.49 p 4.33 p 83.21 p 9.14 p 115,337 238.91 p 74,209 -52.83 q 60,098 1,377.34 p DER (X) 1.41 1.42 NPM (%) 0.53 1.79 240.37 p ROA (%) EBITDA Coverage (X) 0.63 2.11 0.61 p 2.04 223.03 p 2.77 31.61 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Caturkarsa Megatunggal 2. Public 3. Joan Fudiana 4. Pranata Hajadi 5. Indrawan Masrin 6. Jimmy Masrin 53.44% 43.33% 1.89% 0.61% 0.57% 0.16%
  525. AS OF JUNE 2017 CODE No . 1. 2. Series Name LTLS01CN1 Berkelanjutan I (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.75% 19-Sep-17 19-Dec-17 19-Mar-18 PT Bank Mega 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega Period Obligasi 700,000 IDA000058804 Lautan Luas Tahap I Tahun 2013 20-Jun-13 19-Jun-18 5 years Obligasi 200,000 IDA000081905 Lautan Luas Tahap I Tahun 2017 22-Jun-17 21-Jun-22 10.50% 5 years Tbk. 21-Jun-18 Quarterly Rating / Outlook Tbk. 19-Jun-18 Quarterly Berkelanjutan II LTLS02CN1 A- Stable A- Stable TRADING HIGHLIGHT LTLS01CN1 Listing Date ISIN CODE : IDA000058804 100 80 Jun-13 TRADING ACTIVITIES Volume Frequency 30 Volume 24 Frequency Maturity Date Jun-14 Trading Activities, Jun-15 Jun-16 Jun-17 2016 2017 Price and Yield Q1 Volume (Rp bn) 55.50 0.50 52.00 6.50 2.00 4 1 2 4 1 Frequency (X) Q2 Jun-18 20 Q3 1 Q4 7 Q1 7 Q2 2 95.00 27 7 60 18 Trading days 40 12 CTP Price - High 99.5500 99.5000 100.2500 100.7000 100.6716 100.8500 CTP Price - Low 96.4500 99.5000 IBPA Fair Price 98.7435 99.2616 100.2193 Last Date 31-Mar 6 20 - enar >> enar >> ISIN CODE Outstanding Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 31.71 21-Mar 22-Jan 10.3756 Mod. Duration (yrs) 1.962 Sensitivity (%) 0.020 Convexity (yrs) 4.566 0.29 09-May 09-May 10.1666 29.71 04-Aug 99.2100 29-Jul 9.6081 30-Jun 30-Sep 3.714 2.933 1.765 0.018 1.562 0.016 3.71 1.14 22-Dec 30-Jan 31-Oct 30-Jan 99.7300 100.6516 54.29 08-May 98.5000 11-Apr 99.1858 100.4152 100.7601 10.3519 9.3593 8.9396 30-Dec 31-Mar 22-Jun 2.214 1.597 1.123 1.348 0.013 1.132 0.011 0.936 0.009 This series listed on 20 June 2013, and matured on 19 June 2018. This series listed with nominal amount of Rp700.00 billion and have fixed interest rate per annum at 9.75%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 96.4500% at the lowest and peaked at 100.8500%. However, IBPA fair price booked 95.9397% to 100.7750%. Meanwhile, the yield valued by IBPA was 8.9396% at the lowest, and 11.6715% at the highest. During 2016, average volume recorded by Rp28.63 billion/quarter and transacted 8.75 times/quarter, while during the first semester of 2017 increased to Rp48.50 billion/quarter and transacted 14.50 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 525
  526. LTLS02CN1 Listing Date ISIN CODE : IDA000081905 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A - N/A N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 12.0 101 11.0 100 10.0 99 9.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 2 Q3-16 Jun-22 Q1 3 Q2-16 Jun-21 2016 3 Q1-16 Jun-20 Price and Yield Trading days enar >> enar >> Jun-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.9969 N/A 22-Jun N/A 10.5007 N/A 3.849 N/A 18.073 N/A 0.038 This series was listed since 22 June 2017 with a maturity date on 21 June 2022 and has a fixed interest rate of 10.500% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 99.9969% - 100.0000% and on the other side IBPA’s Yield range between 10.5000% - 10.5007%. The outstanding for this series since issuance date were noted at Rp200.00 billion. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 LTLS01CN1 56 - 526 Q2-2016 52 7 100 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 16.4% 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 300 400 500 600 700
  527. IBPA ANALYTICAL REVIEW Description PT Lautan Luas Tbk (LTLS) has been serving its customers for more than sixty years by providing high quality products and services. LTLS was established on 13 July 1951 as Persekutuan Andil Maskapai Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 15,213 6.9 (23.0) 1. PT AKR Corporindo Tbk. 2. PT Lautan Luas Tbk. 6,438 1.8 (0.4) Dagang dan Industri “Lim Teck Lee” (Indonesia), also known as NV Lim Teck Lee (Indonesia) Coy. Ltd. It began as an importer and distributor of basic Financial Statement as of Fiscal Year 2016 chemicals for the batik and food industries in Indonesia. In 1965, this company changed its name to PT Lautan Luas. At present, LTLS represents over 100 international principals, distributes more than 1,000 chemical products, and serves more than 2,000 industrial endusers throughout Indonesia and the Asia-Pacific region. LTLS currently operates 17 manufacturing facilities in Indonesia, two in China, and a water Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Pefindo idA- Affirmed 3. Pefindo idA- Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idAidAidA- Rating Date 5-Apr-17 Stable 10-Apr-15 Stable Affirmed 12-Apr-16 Affirmed 10-Apr-14 Affirmed Outlook 21-May-13 Stable Stable Stable treatment chemical manufacturing plant in Vietnam. As of December 31, 2016, LTLS’s shareholders were PT Caturkarsa Megatunggal (54.05%), management (2.62%), treasury stock (3.03%) and public (40.30%). SWOT Analysis S W trengths eaknesses -Well diversified products, -High financial leverage customers, and suppliers -Weakening cash flow protection -Long experience in specialty and basic industry -Have three integrated business segment Financial Analysis LTLS’s total revenues for 2016 were Rp6.44 trillion, decreasing slightly by Rp27.79 billion from the Rp6.47 trillion in 2015. The decreased was mainly driven by decreasing in third parties sales to Rp5.49 trillion in this year from Rp5.92 trillion in the previously year. On the other hand, LTLS’s net profit for the year was Rp115.34 billion, grew significantly by 238.91% from Rp34.03 billion in 2015. The increase mainly contributed by decreasing cost of sales by Rp95.89 billion (-1.78%) and decrease in finance costs by Rp31.83 billion (-17.07%) compared to the previous year. LTLS’s total assets reached Rp5.66 trillion, up 4.91% from Rp5.39 trillion in 2015. The increase was due to increasing total non-current assets at end of 2016 were Rp3.03 trillion, rose by 10.23% from O T pportunities hreats -Government policy to support local -Government policy to support local product product -Broadening its product base by -Broadening its product base by diversifying its support services diversifying its support services -Divested entirely of the company -Divested entirely of the company investment investment Rp2.74 trillion at end of 2015. The increase in fixed assets due to expansion of LTLS manufacturing facilities became the main trigger for the increase in total non-current assets INDONESIA BOND MARKET DIRECTORY 2016-2017 527
  528. idAA- MAPI PT Mitra Adiperkasa Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Sahid Sudirman Center, 29th Fl. Jln. Jend. Sudirman Kav. 86 Jakarta 10220 Phone : (021) 8064-8488 Fax : (021) 5740-150 Trade, Services & Investment Retail Trade www.map-indonesia.com Johanes Ridwan corporate.secretary@map.co.id PT Mitra Adiperkasa Tbk. is a lifestyle retail company. As of July 2016, MAP operates 1,933 retail outlets in 68 major cities throughout Indonesia. The major retail concepts under the group among others. The major retail concepts under the group among others: Department Stores: Sogo, Debenhams, Seibu and Galleries Lafayette; Fashion & Lifestyle: Zara, Marks & Spencer, Topman, Topshop, Next, Kipling, Lacoste, Nautica, Massimo Dutti, Staccato, Crabtree & Evelyn, Swarovski, Zara Home and Sephora; Sports: Converse, Golf House, Payless ShoeSource, Oakley, Planet Sports, Reebok, Rockport, Skechers, Sports Station, The Athlete's Foot and The Sports Warehouse; Food & Beverage: Starbucks, Burger King, Domino’s Pizza, Pizza Marzano, Krispy Kreme, Cold Stone Creamery Ice Cream, Godiva and Paul Bakery; Kids: Kidz Station, Oshkosh B’Gosh, and Carter’s; Others: Kinokuniya and Alun Alun Indonesia. For more information about MAP please visit www.map.co.id FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables AUDIT COMMITTEE 1. Prabukusumo 2. Imam Sugiarto 3. Riono Trisongko 528 INDONESIA BOND MARKET DIRECTORY 2016-2017 503,892 568,003 Dec-2016 Chg % 1,525,716 202.79 p 578,011 1.76 p 6,616,256 16.15 p 9,482,935 10,683,438 12.66 p 3,655,942 4,499,879 3,356,489 3,006,978 -10.41 q Property, Plant and Equipment 2,437,928 2,636,983 Current Assets Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Total Equity …*) BOARD OF DIRECTORS 1. Herman Leopold Mantiri 2. Hendry Hasiholan Batubara 3. Johanes Ridwan 4. Michael David Capper 5. Sjeniwati Gusman 6. Susiana Latif 7. Virendra Prakash Sharma Millions of Rp, Unless Otherwise Stated Dec-2015 Inventories Retained Earnings BOARD OF COMMISSIONERS 1. Mien Sugandhi * 2. Agus Gozali 3. Christine Barki 4. Handaka Santosa 5. Prabukusumo * *) Independent Commissioner Stable Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) 5,696,202 3,290,535 4,181,304 6,508,024 7,479,928 2,000,000 2,000,000 1,660 1,660 4,000 830,000 500 4,000 830,000 500 8.16 p 27.07 p 23.08 p 14.93 p -  -  -  -  -  1,697,102 1,905,578 12.28 p 15 2,974,911 15 3,203,510 -1.08 q 12,832,798 14,149,615 10.26 p 329,513 303,996 2,974,895 5,782,715 5,634,626 3,203,495 6,873,018 6,471,528 7.68 p 7.68 p 18.85 p -7.74 q 14.85 p 5,854,156 6,471,528 10.55 p 1,056,800 1,329,083 25.76 p 148,089 30,095 68,507 37,334 FINANCIAL RATIOS 401,490 171.11 p 208,476 592.72 p 228,600 233.69 p 208,476 458.41 p Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be DER (X) 1.23 1.40 NPM (%) 0.23 1.47 528.26 p ROA (%) EBITDA Coverage (X) 0.32 3.21 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Satya Mulia Gema Gemilang 2. Public 14.30 p 1.95 514.88 p 4.37 36.32 p 56.00% 44.00%
  529. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. ISIN CODE Series Name MAPI01BCN1 Bekelanjutan Mitra (Rp Million) MAPI01BCN2 IDA0000617B1 MAPI01BCN3 IDA0000647B8 MAPI01ACN3 IDA0000647A0 Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 8.45% 12-Sep-17 12-Dec-17 - PT Bank CIMB PT Bank CIMB Quarterly 20-Aug-17 20-Nov-17 20-Feb-18 20-May-18 10.90% PT Bank CIMB Quarterly 19-Jun-17 19-Sep-17 19-Dec-17 19-Mar-18 10.30% 19-Jun-17 19-Sep-17 - PT Bank CIMB Period Obligasi 447,000 IDA0000558B7 Adiperkasa Tahap I Tahun 2012 Seri B 13-Dec-12 12-Dec-17 5 years Obligasi Berkelanjutan I 280,000 Mitra Adiperkasa Tahap II Tahun 2014 Seri B Obligasi Berkelanjutan I 200,000 Mitra Adiperkasa Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan I 150,000 Mitra Adiperkasa Tahap III Tahun 2014 Seri A 21-Feb-14 22-Sep-14 22-Sep-14 20-Feb-19 19-Sep-19 19-Sep-17 11.50% 5 years 5 years 3 years Niaga Tbk. - Quarterly Niaga Tbk. Niaga Tbk. Niaga Tbk. - Quarterly Rating / Outlook AA- Stable AA- Stable AA- Stable AA- Stable TRADING HIGHLIGHT MAPI01BCN1 Listing Date ISIN CODE : IDA0000558B7 300 240 Dec-12 TRADING ACTIVITIES Volume Frequency 50 Volume 40 Frequency Maturity Date Dec-13 Trading Activities, Q2 Volume (Rp bn) 104.00 4 Frequency (X) Trading days 120 20 CTP Price - High - 10 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 96 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-16 24 Q3 Q4 Q1 Q2 34.50 247.00 276.00 153.00 116.00 6 10 12 8 8 93.06 Dec-17 2017 48 30.87 221.03 15-Jun 27-Jul 13-Apr 19-Aug 39 21 11 5 246.98 136.91 103.80 27-Dec 20-Mar 25-Apr 24-Nov 02-Mar 21-Jun 104.0500 100.0000 101.0000 100.4500 100.6700 100.8800 26-Jan CTP Price - Low 95.6000 98.0000 100.0000 74.4180 100.0000 100.0000 IBPA Fair Price 98.1614 99.0255 100.2459 99.9540 100.7319 100.5469 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.894 2.194 1.579 1.047 0.619 0.324 Date IBPA Fair Yield (%) Price Dec-15 2016 Q1 30 60 Dec-14 Price and Yield 180 enar >> enar >> Outstanding 26-Jan 9.6176 Mod. Duration (yrs) 1.554 Sensitivity (%) 0.016 Convexity (yrs) 9.1726 1.343 0.013 8.2296 1.126 0.011 8.4970 0.900 0.009 7.3287 0.670 0.007 7.2574 0.459 0.005 This series will mature on 12 December 2017, and was traded in 45 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp155.08 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) peaked at 104.0500%. While the IBPA fair price for this series was between 96.0801% and 100.9559%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 529
  530. MAPI01BCN2 Listing Date ISIN CODE : IDA0000617B1 Feb-14 TRADING ACTIVITIES Volume 75 Frequency 15 Volume 60 12 Frequency Maturity Date Feb-15 Trading Activities, Feb-17 Feb-18 2016 Feb-19 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 72.00 - - - - - 3 - - - - - Frequency (X) 11 - - - Q2 - - 45 9 Trading days 30 6 CTP Price - High 110.5500 N/A N/A N/A N/A N/A 15 3 81.7325 N/A N/A N/A N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) enar >> Feb-16 Price 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 104 10.0 102 9.0 100 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 Last Date 102.86 07-Jan 26-Feb - N/A - N/A N/A - N/A N/A - N/A N/A N/A N/A N/A 103.9915 104.4358 105.6185 103.7700 104.8491 Pastikan 104.8746Link Grafik sudah be 9.8786 9.5742 8.8609 9.5265 31-Mar 30-Jun 30-Sep 30-Dec 7.032 6.042 5.110 4.196 Mod. Duration (yrs) 2.416 Sensitivity (%) 0.024 Convexity (yrs) - 2.241 2.061 0.022 0.021 1.864 0.019 8.6664 8.3232 1.670 1.494 0.017 0.015 31-Mar Pastikan 22-JunLink Grafik sudah be 3.386 2.723 The bond series MAPI01BCN2, was first listed on 21 February 2014 with nominal value of Rp280.00 billion and fixed interest rate of 11.50% per annum. This series had traded 11 times in 3 trading days with total volume booked of Rp72.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 81.7325% - 110.5500% while the IBPA fair price was between 101.3963% - 105.9677%, the fair yield for this series was between 8.2539% - 10.9621%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MAPI01BCN3 Listing Date ISIN CODE : IDA0000647B8 Sep-14 TRADING ACTIVITIES Volume 250 Frequency 30 Volume 200 24 Frequency Maturity Date Sep-15 Trading Activities, Sep-18 2016 Price and Yield Q1 Volume (Rp bn) Frequency (X) Sep-17 Sep-19 2017 Q2 Q3 22.00 246.00 10.00 28.00 167.00 1 9 2 2 4 4 29 Q4 6 Q1 6 Q2 8 12.00 4 1 150 18 Trading days 100 12 CTP Price - High 102.4500 105.5500 104.5000 104.1000 101.0400 104.4000 CTP Price - Low 102.0000 100.9200 102.5000 103.6500 100.9400 103.1500 IBPA Fair Price 102.8365 101.6786 104.4503 103.9671 104.4972 104.3516 50 - enar >> 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 44.00 492.00 20.00 56.00 334.00 24.00 03-Mar 13-Jun 02-Sep 16-Dec 01-Mar 31-May 03-Mar 17-May 02-Sep 14-Dec 27-Feb 31-May 9.9122 10.2796 Mod. Duration (yrs) 2.861 2.685 Sensitivity (%) 0.029 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Sep-16 Price 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 104 10.0 102 9.0 100 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Convexity (yrs) 31-Mar 9.788 9.1697 9.2323 8.8377 8.7408 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 8.603 7.556 6.486 5.488 4.658 0.027 2.521 0.025 2.336 0.023 2.148 0.021 1.980 0.020 This series listed on 22 September 2014, and matured on 19 September 2019. This series issued with nominal amount of Rp200.00 billion and have fixed interest rate per annum at 10.90%. Average trading volume for this series reached Rp76.50 billion/quarter on 2016 and increased to Rp89.50 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.9200% – 105.5500% while the IBPA fair price was between 99.4817% – 105.3012%. The IBPA fair yield for this series was between 8.6157% – 11.0707%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 530 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  531. MAPI01ACN3 ISIN CODE : IDA0000647A0 Sep-14 TRADING ACTIVITIES Volume 100 30 24 Frequency Maturity Date Mar-15 Trading Activities, Frequency Volume 80 Sep-15 Mar-16 Sep-16 Mar-17 2016 Q2 2017 Price and Yield Q1 Q3 Q4 Q1 Volume (Rp bn) 77.50 2.00 20.00 30.60 22.40 6 1 2 6 5 15 Frequency (X) 2 Sep-17 7 14 Q2 16 40.00 4 1 60 18 Trading days 40 12 CTP Price - High 101.4000 100.0300 102.0500 102.3200 101.4500 101.2700 CTP Price - Low 100.0000 100.0000 101.8000 101.0000 100.5500 101.1100 IBPA Fair Price 101.1733 101.3121 102.0555 101.0657 101.2218 100.8040 - Turnover Ratio (%) Date 6 20 enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Last Date Q2-17 206.67 5.33 53.33 81.60 59.73 106.67 02-Mar 27-May 29-Aug 14-Oct 27-Feb 09-May 31-Mar 27-May 29-Aug 30-Dec 06-Feb 09-May 9.4123 8.0714 8.7512 7.5580 6.9136 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.209 1.600 1.080 0.645 0.317 0.115 Mod. Duration (yrs) 1.345 Sensitivity (%) 0.013 Convexity (yrs) 9.1480 31-Mar 1.133 0.011 0.914 0.009 0.686 0.007 0.452 0.005 0.238 0.002 This series, matured on 19 September 2017, had average turnover of 85.56%/quarter and traded in 21 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp32.53 billion/quarter with average frequency about 10 times per quarter, while during the first semester of 2017 the average volume decreased to Rp31.20 billion/quarter with average frequency 10 times/quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was between 100.0000% at the 6.0 lowest and peaked at 102.3200%, meanwhile the range of IBPA fair price stood between 99.4953% and 102.0827%. The yield valued by IBPA for this series were 6.7656% at the l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM lowest and 10.6239% at the highest. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 MAPI01BCN1 Q2-2016 104 MAPI01BCN2 72 MAPI01BCN3 35 - Turnover Outstanding in Year 2016 247 246 78 Q4-2016 276 148.0% 25.7% 22 MAPI01ACN3 Q3-2016 20 31 100 10 28 153.0% 86.7% 200 300 400 500 600 700 INDONESIA BOND MARKET DIRECTORY 2016-2017 531
  532. IBPA ANALYTICAL REVIEW Description PT Mitra Adiperkasa Tbk . (MAPI) operates in the family clothing stores sector. MAPI engages in the trading of clothing, shoes, accessories, bags and sports equipment in 1,931 stores and outlets located in Jakarta, Bandung, Surabaya, Bali, Medan, Makassar, Peer Group No. Company Total Revenue Net Profit Revenue 1. PT Sumber Alfaria Trijaya Tbk. (Rp Bill) Margins (%) Growth (%) 56,107 1.0 16.2 3. PT Mitra Adiperkasa Tbk. 14,150 2. PT Tiphone Mobile Indonesia Tbk. 27,310 1.7 23.9 1.5 10.3 Batam, Manado and other cities in Indonesia. Its subsidiaries are engaged in the retail business, department stores, manufacturing, cafes Historical Corporate Ratings MAPI is the retail company for famous brands such as Converse, Reebok, Etonic, Nine West, Marks & Spencer, Zara, Next, Kipling, Nikko, Toy Biz, OshKosh B'gosh, Starbucks Coffee, Financial Statement as of Fiscal Year 2016 and restaurants, bookstores and others. Spicegarden and Chatterbox Café. No. Rating Agency Rating Rating Status 1. Pefindo idAA- Affirmed 3. Pefindo idAA- 2. Pefindo 4. Pefindo As of December 2016, MAPI’s shareholder was PT Satya Mulia Gema Gemilang (56.0%) and public (44.0%) 5. Pefindo idAAidAAidAA- Affirmed Rating Date 5-Sep-16 11-Sep-15 Assigned 26-May-15 Affirmed 3-Sep-13 Affirmed Outlook 4-Sep-14 Stable* Negative Negative** Stable Stable **The negative outlook was assigned to anticipate weaker-than-projected capital structure resulting from lowering profitability margins SWOT Analysis S trengths W eaknesses - Strong market position in the - Moderate capital structure due to modern retail industry sizeable capital expenditures - Well-diversified existing stores - Lowering profitability margin - Above average cash flow protection Financial Analysis The Company posted net revenue of Rp14.15 trillion in 2016 or increased by 10.26% from previous year of Rp12.83 trillion. Specialty stores and department stores were still the two main key performers for the Company revenues. Specialty Stores contributed Rp9.70 trillion (68.70%), while Department Stores contributed Rp2.50tn (17.40%). Net revenue for Specialty Stores increased by 14.40%, while net revenue from Department Stores decreased by 3.60%. This year, the Company’s gross profit increased by 14.51% to Rp6.87 trillion compared to Rp6.00 trillion in 2015. Therefore gross profit margin increased by 1.80% from 46.77% in 2015 to Rp48.58% in 2016. In 2016, the total current assets of the Company increased by 16.15% to Rp6.62 trillion due to the increased in cash and cash equivalent of Rp1.02 trillion, while total non-current assets increased by 7.42% to Rp4.07 trillion. 532 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Rapid urbanization, growing - Rapid urbanization, growing affluence, and the phenomenal affluence, and the phenomenal growth of its middle class growth of its middle class - The higher consumer spending - The higher consumer spending
  533. idA- MAYA PT Bank Mayapada Internasional Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Mayapada Tower, 1st Fl. Jln. Jend. Sudirman Kav. 28 Jakarta 12920 Phone : (021) 521-2288, 521-2300 Fax : (021) 579-40100 Finance Bank www.bankmayapada.com Jennifer Ann jennifer.ann@bankmayapada.com Bank Mayapada focuses in commercial and trade, both corporate and SME (SME Banking and Micro Banking). Bank Mayapada constantly expanding the business with a high attention to the principle of prudence and Good Corporate Governance practice. As of March 2017, Bank Mayapada has banking services network consisting of 1 Main Office, 26 Branch Offices, 85 Sub-branch Offices, 4 Cash Offices and 86 Functional Offices. The network is also supported by 134 unit Bank Mayapada ATM and 1 CDM as well as 101.723 ATM in cooperation with ATM Bersama and Prima, and 428.254 EDC network throughout Indonesia. In June 2017, Bank Mayapada is officially regarded as Bank BUKU III by the authority. Bank Mayapada also obtained the Charter Award from Infobank Magazine as “SANGAT BAGUS” financial performance in 2015 and the Platinum Trophy “SANGAT BAGUS” financial performance in 2004-2015, consecutively. BOARD OF COMMISSIONERS 1. Dato' Sri. Tahir 2. Hendra 3. Insmerda Lebang * 4. Kumhal Djamil * 5. Lee Wei Cheng 6. Winarto * *) Independent Commissioner BOARD OF DIRECTORS 1. Hariyono Tjahjarijadi 2. Andreas Wiryanto 3. Chang Fa Hsiang 4. Hariati Tupang 5. Hung Li Chen 6. Jane Dewi Tahir 7. Rudy Mulyono 8. Wang Tien Chen AUDIT COMMITTEE 1. Insmerda Lebang 2. Benny K. Yudiaatmaja 3. Usman Gumanti Saleh Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 5,606,786 5,439,470 34,099,344 46,674,165 36.88 p 754,370 1,277,383 69.33 p 161,914 2,636,602 - 160,221 2,841,950 - 47,305,954 60,839,102 - - 41,263,621 42,718,881 4,947 650,000 585,744 4,304 52,100,198 53,785,630 -2.98 q 7.79 p -  28.61 p 26.26 p -  25.91 p 21,447 333.54 p 647,236 4,919 500 & 100 4,587,073 7,053,472 - -1.05 q 2,300,000 253.85 p 500 & 100 1,892,359 Chg % 2,619,379 - 10.50 p 14.29 p -  38.42 p 53.77 p -  4,587,073 7,053,472 53.77 p 5,002,094 6,029,021 20.53 p 3,306,066 48,972 867,181 3,611,373 9.23 p 41,511 -15.23 q 1,419,925 63.74 p Income from Operations 877,818 1,039,234 Earning Before Tax 878,213 1,087,200 658,227 1,566,747 138.03 p 9.31 7.63 -18.12 q Non-Operating Revenues 395 Income for the periods 652,325 Net Income … *) 652,325 Comprehensive Income FINANCIAL RATIOS DER (X) 1.38 ROA (%) NPM (%) EBITDA Coverage (X) 13.04 17.55 *) … attributable to owners of the parent entity SHAREHOLDERS 1. JPMCB Cathay Life Insurance Co. Ltd 2. PT Mayapada Karunia 3. Public (<5%) 4. Galasco Investment Limited 5. Unity Rise Ltd. 6. PT Mayapada Kasih 47,966 18.39 p 12,047.81 p 23.80 p 820,191 25.73 p 820,191 25.73 p 1.35 -2.23 q 17.24 -1.78 q 13.60 4.32 p 40.00% 26.42% 12.97% 10.00% 7.31% 3.30% INDONESIA BOND MARKET DIRECTORY 2016-2017 533
  534. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name MAYA03SB Subordinasi Bank Outstanding (Rp Million) Listing Maturity Date Issue Date Term 700,000 05-Jul-20 08-Jul-13 Date Trustee 11.00% 05-Jul-17 05-Oct-17 05-Jan-18 7 years PT Bank Mega Obligasi 17-Sep-17 17-Dec-17 17-Mar-18 255,800 IDA000066104 Mayapada IV Tahun 2014 18-Dec-14 17-Dec-21 PT Bank Mega 12.50% 7 years Tbk. 17-Jun-18 Quarterly Rating / Outlook Tbk. 05-Apr-18 Quarterly Subordinasi Bank MAYA04SB Coupon Payment Period Obligasi IDA000059901 Mayapada III Tahun 2013 Coupon Structure / A- Stable BBB+ Stable Pastikan Link Grafik sudah bena TRADING HIGHLIGHT MAYA03SB Listing Date ISIN CODE : IDA000059901 TRADING ACTIVITIES Volume 400 320 Jul-13 Frequency 125 Volume 100 Frequency Jul-14 Trading Activities, Jul-15 Jul-16 Jul-17 Jul-19 2016 Price and Yield Q1 Volume (Rp bn) 12.00 57.00 1 4 Frequency (X) Jul-18 Q2 1 2017 Q3 5 Jul-20 Q4 Q1 Q2 45.00 131.00 328.00 378.00 3 8 10 4 17 28 240 75 Trading days 160 50 CTP Price - High 100.000 100.514 100.000 100.120 102.100 CTP Price - Low 100.000 100.000 94.700 91.500 97.000 25 80 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 14.0 100 13.0 97 12.0 94 11.0 91 10.0 88 9.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) INDONESIA BOND MARKET DIRECTORY 2016-2017 6.86 26-Jan 26-Jan 32.57 23-Jun 25.71 26-Sep 74.86 11-Oct 30-Jun 02-Aug 10-Nov 12.8719 12.2805 11.4389 12.2627 3.231 3.099 2.962 2.787 93.897 31-Mar 13.063 0.032 95.987 30-Jun 11.931 0.031 98.671 30-Sep 10.822 0.030 187.43 01-Mar 101.000 25-Apr 97.650 25-Apr 10.8538 11.0215 2.643 2.493 100.365 30-Dec 31-Mar 0.028 12 216.00 23-Jan 96.437 9.565 122 8.543 0.026 99.941 22-Jun 7.571 0.025 This series has an outstanding amount of Rp700 billion with fixed coupon per annum at 11.00%. During 2016 to the end of June 2017, total trading volume for the series was Rp951 billion and transacted 177 times. In 2016, average trading volume amounted to Rp61.25 billion/quarter while during the first semester of 2017 the average volume increased to Rp353 billion/quarter. The market prices for this series observed through the Centralized Trading Platform (CTP) were 91.5000% at the lowest and 102.1000% at the highest. During the observation period, the range of IBPA fair price was stood between 89.5067% and 100.5399%, while the fair yield were 11.3523% at the lowest, and 14.1978% at the highest. Listing Date 534 Maturity Date Maturity Date
  535. MAYA04SB Listing Date ISIN CODE : IDA000066104 TRADING ACTIVITIES Volume 100 80 Dec-14 12 Dec-16 Dec-17 Q2 Q3 Q4 Q1 Volume (Rp bn) 17.00 94.00 25.70 14.00 2 2 3 5 1 Frequency (X) 6 40 6 CTP Price - High 100.020 CTP Price - Low 91.000 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) 104 PRICE AND YTM MOVEMENT 15.0 101 14.0 98 13.0 95 12.0 11.0 92 89 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 146.88 11 40.16 99.970 91.000 100.000 96.935 101.107 101.675 30-Dec 31-Mar 22-Jun 06-Sep 16-Dec 13.4761 13.1906 12.5823 13.3526 3.976 3.871 3.770 3.613 Convexity (yrs) 20.322 0.040 Sensitivity (%) 2 40.63 96.400 14-Jun Mod. Duration (yrs) 13 100.020 04-Jan 31-Mar 21.88 26.00 100.000 Date Last Date 2 100.020 14-Jun 96.112 Q2 97.000 18-Feb IBPA Fair Price YTM (%) 26.56 8 Date IBPA Fair Yield (%) Price 25.00 7 Dec-21 2017 16.00 9 - Dec-20 Q1 60 3 Dec-19 2016 Trading days 20 Dec-18 Price and Yield 15 Frequency Dec-15 Trading Activities, Frequency Volume Maturity Date 97.335 30-Jun 19.104 0.039 25-Aug 99.683 30-Sep 17.944 0.038 01-Nov 16.444 0.036 18-Jan 18-Jan 12.1766 3.514 15.385 0.035 103.000 05-May 98.500 26-Apr 12.0109 3.402 14.303 0.034 This series will mature on 17 December 2021, and was traded in 15 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp32.12 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 91.0000% at the lowest and peaked at 103.0000%. While the IBPA fair price for this series was between 91.2811% and 102.1419%. 10.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 MAYA03SB 12 MAYA04SB 16 17 - Q2-2016 57 45 94 131 26 100 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 35.0% 59.6% 200 300 400 500 600 700 INDONESIA BOND MARKET DIRECTORY 2016-2017 535
  536. IBPA ANALYTICAL REVIEW Description PT Bank Mayapada established on 7 Internasional September (MAYA) 1989 and was is headquartered in Jakarta. The bank provides a wide range of banking products and services such as savings, deposits, investment & bancassurance, loans, etc. In 2016, the bank launched its new funding product initiated by the Financial Services Authority Peer Group No. Company Total Revenue 1. PT Bank Bukopin Tbk. 2. PT Bank UOB Indonesia bank from an early stage. As of December 2016, the bank has expanded its offices network to 212 offices scattered in 81 cities in 23 provinces. The bank has also expanded its ATM network to 135 units. 4. Lembaga Pembiayaan Ekspor Indonesia reached 532 shareholders with the majority Revenue 6.5 2.9 6,029 13.6 20.5 5,305 18.5 16.7 6,480 5. PT Bank Pembangunan Daerah Jawa Tengah 21.8 19.6 Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings No. Rating Agency Rating Rating Status idA- Affirmed 3. Fitch Ratings BBB+(idn) Downgraded * 5. Fitch Ratings A-(idn) Affirmed 1. Pefindo 2. Pefindo 4. Pefindo At the end of 2016, the total shareholders of the bank 7,404 3. PT Bank Mayapada Internasional Tbk. (OJK), namely Tabungan Simpanan Pelajar (SimPel). The product aims to educate public to start saving in Net Profit (Rp Bill) Margins (%) Growth (%) 9,409 11.6 13.3 idAidA- Rating Date 8-Sep-16 Affirmed Affirmed Outlook Stable 8-Sep-15 Negative 30-Sep-14 Stable 8-May-15 26-May-14 Stable Stable *Due to strong credit growth appetite despite weaker operating environment shareholding of the bank is owned by JPMCB-Cathay Life Insurance Co.Ltd (40% shareholding). While the remaining shareholders are Galasco Investment Limited (10%), Unity Rise Limited (7.31%), PT Mayapada Karunia (26.42%), PT Mayapada Kasih (3.30%), and Public (12.97%). SWOT Analysis S trengths W eaknesses -Adequate liquidity -High funding dependence on time -Strong credit surveillance policy deposits -Improving asset quality -Weakened capital profile -High exposure to corporate sector -Limited network Financial Analysis Bank Mayapada successfully recorded a 25.73% increase in net income compared to 2015, from Rp658.23 billion to Rp1.57 trillion. This increase was driven by net Interest Income that grew 42.55% from Rp1.70 trillion to Rp2.42 trillion in 2016. This increase especially resulted from the increase of loans distributed that was up by 37.84% to Rp47.20 trillion. Bank Mayapada total assets in 2016 was recorded at Rp60.84 trillion, a 28.61% from the previous year at Rp47.31 trillion. The bank also managed to reduce its credit risk as shown by the decreasing gross NPL ratio from 2.52% to 2.11%. However, the bank only recorded slight increase in Net Interest Margin (NIM) from 4.78% to 5.16%. The bank also managed to maintain its Capital Adequacy Ratio that increased from 12.97% to 13.34%. 536 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Government’s tax amnesty program -Government’s tax amnesty program that brings more liquidity into that brings more liquidity into financial system financial system -The implementation of Loan to -The implementation of Loan to Funding Ratio (LFR) that can widen Funding Ratio (LFR) that can widen banking sector liquidity banking sector liquidity -Government commitment to -Government commitment to improve financial literacy improve financial literacy
  537. idA MDLN PT Modernland Realty Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Green Central City, Commercial Area 5th. Floor Jln. Gajah Mada No. 188 Jakarta Barat 11120 Phone : (021) 2936-5888 Fax : (021) 2936-9999 Property, Real Estate And Building Construction Property And Real Estate www.modernland.co.id Cuncun M. Wijaya Wibowo corporate@modernland.co.id PT M odern Realty Tbk. ("Th e Company") develop townships, residential projects, and industrial estates and develop and operate hospitality developments. The company among the first developers in Indonesia to have developed a large-scale township that includes residential and commercial properties. In 1989, PT Modern Realty Tbk. launched their flagship township, Kota Modern, which has a site area of 400 hectares in the heart of Tangerang City. Kota Modern comprises middle to high-end residential properties supported by retail, educational, medical, and other infrastructure. Also various facilities that were developed on 9 hectares as commercial land lots and are operated independently of Kota Modern. Another residential and commercial township that is developed by PT Modernland Realty Tbk. is Jakarta Garden City, which has a site area of 370 hectares in Cakung, East Jakarta. Jakarta Garden City is close proximity to East Flood Canal and Kelapa Gading (5 km). Modern Hill is their exclusive developments of middle to high-end single family homes and multistory residential properties with a suburban site area of 60 hectares. We also developed Modern Park, a 48 hectares township in East Jakarta. In industrial estates business, PT Modern Realty Tbk. improve raw land with basic infrastructure, sell ready-to-build land lots of a customized size to industrial users, and provide maintenance services to tenants. They also develop housing complexes in the vicinity of their industrial estates. Their hospitality operations currently comprise the Novotel Gajah Mada, a four-star 235 room hotel operated by the Accor Group. They are developing the Modern Cikande Industrial Estate, which is located in Serang, Banten, approximately 65 kilometers west of Jakarta, 75 kilometers from the largest seaport in Greater Jakarta, Tanjung Priok Seaport, and 50 kilometers from the Soekarno-Hatta International Airport. Modern Cikande Industrial Estate can be accessed via the Jakarta-Merak Toll Road. The project is also 50 kilometers away from Greater Jakarta’s two existing international seaports, namely Ciwadan and Cigading, and is 55 kilometers away from Bojonegara Seaport. In addition, a planned exit from the Jakarta-Merak Toll Road, which is under development, would shorten the distance from Jakarta to Modern Cikande Industrial Estate by approximately 16 kilometers. In addition, our Modern Hill residential project offers a scenic and hilly view with fresh air in close proximity to Jakarta. BOARD OF COMMISSIONERS 1. Luntungan Honoris 2. Edwyn Lim 3. Iwan Suryawijaya * 4. Nita Tanawidjaja * 5. Oscar Jaro Tavera *) Independent Commissioner BOARD OF DIRECTORS 1. William Honoris 2. Andy Kesuma Natanael 3. Dharma Mitra 4. L.H. Freddy Chan Negative FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 Receivables 1,530,410 2,169,408 41.75 p Current Assets 3,145,580 3,921,828 24.68 p Cash & Cash Equivalents Inventories Investments Property in Investments Property, Plant and Equipment Total Assets 518,620 850,914 - 1,128,136 Chg % 398,849 -23.09 q 1,252,848 755,191 - 1,174,120 47.24 p - p -  4.08 p 12,843,051 14,540,108 13.21 p Current Liabilities 3,150,692 2,917,041 -7.42 q Total Liabilities 6,785,594 7,944,774 17.08 p 6,000,000 6,000,000 12,533 12,533 Trade Payables Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 77,795 4,542,848 41,886 2,330,845 NPM (%) EBITDA Coverage (X) 4,497,532 41,886 2,330,845 250 & 125 250 & 125 6,057,456 6,595,333 3,724,177 1 4,228,540 1 -1.00 q -  -  -  -  -  13.54 p 8.88 p -  6,057,457 6,595,334 2,962,461 2,465,212 -16.78 q 1,675,774 508,951 960,109 1,626,341 873,420 885,206 873,420 0.75 6.80 ROA (%) 246,639 217.04 p 29.48 3.20 1,601,710 539,283 8.88 p -4.42 q 5.96 p 550,569 -42.66 q 1,203,672 -25.99 q 501,350 -42.60 q 501,679 -43.33 q 501,350 -42.60 q 0.68 -9.07 q 3.45 -49.30 q 20.34 -31.02 q 2.23 -30.15 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public (<5%) 2. Woodside Global Venture Inc. 3. Webster Heights Holdings Pte. Ltd. 4. AA Land Pte. Ltd. Singapura 65.71% 13.17% 11.54% 9.58% AUDIT COMMITTEE 1. Nita Tanawidjaja 2. Bernard Saleh 3. Hari Hartoyo INDONESIA BOND MARKET DIRECTORY 2016-2017 537
  538. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name Outstanding (Rp Million) Obligasi II MDLN02B IDA0000563B7 250,000 Modernland Realty Tahun 2012 Seri B Listing Date 28-Dec-12 Maturity Issue Date 27-Dec-17 Term Coupon Structure / Coupon Payment 11.00% 27-Sep-17 27-Dec-17 - PT Bank A Permata Tbk. Negative 07-Jul-17 07-Oct-17 07-Jan-18 PT Bank A Permata Tbk. Negative Period 5 years 2. IDA0000694B0 Berkelanjutan I 150,000 Modernland Reality Tahap I Tahun 2015 08-Jul-15 07-Jul-20 12.50% 5 years 3. MDLN01ACN1 IDA0000694A2 07-Apr-18 Quarterly Seri B Obligasi Berkelanjutan I 600,000 Modernland Reality Tahap I Tahun 2015 08-Jul-15 07-Jul-18 07-Jul-17 07-Oct-17 07-Jan-18 12.00% 3 years 07-Apr-18 Quarterly Seri A Rating / Outlook Trustee - Quarterly Obligasi MDLN01BCN1 Date Pastikan Link Grafik sudah be PT Bank A Permata Tbk. Negative Pastikan Link Grafik sudah be TRADING HIGHLIGHT MDLN02B Listing Date ISIN CODE : IDA0000563B7 TRADING ACTIVITIES Volume 45 36 Dec-12 Frequency 20 Volume 16 Frequency Maturity Date Dec-13 Trading Activities, Dec-15 Dec-16 Dec-17 2016 Price and Yield Q1 Volume (Rp bn) - 6.00 - 20.00 41.00 - - 1 - 2 4 - Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 2 - Q4 Q1 4 Q2 17 - 27 12 Trading days 18 8 CTP Price - High N/A 100.5000 N/A 101.7000 101.8000 N/A 9 4 N/A 100.4700 N/A 101.0700 100.5000 N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Dec-14 Price 103 PRICE AND YTM MOVEMENT YTM (%) 16.0 14.0 102 101 12.0 100 10.0 99 8.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 13-Jun 13-Jun - N/A N/A 32.00 65.60 17-Nov 01-Mar 28-Dec 09-Feb - N/A N/A 101.7951 101.6968 101.9450 101.1337 101.5684 101.3412 9.8459 9.7630 9.3221 9.7854 8.7485 8.3041 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.961 2.265 1.647 1.112 0.675 0.361 Mod. Duration (yrs) 1.567 Sensitivity (%) 0.016 Convexity (yrs) 9.60 1.363 0.014 1.150 0.012 0.930 0.009 0.704 0.007 0.484 0.005 Pastikan Link Grafik sudah be This bond listed with nominal value of Rp250 billion and interest rates of 11.00% per annum. This bond was effective from 28 December 2012 to 27 December 2017.Pastikan Based onLink Grafik sudah be the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.4700% and 101.7000%, while in first semester 2017 this series was traded at range 100.5000% - 101.8000%. Meanwhile, in 2016 IBPA fair price recorded at range 99.0465% - 102.1655% and in first semester 2017 at range 101.0357% - 101.8928%. During the observation period, this series was traded with total volume amounted to Rp67 billion and transacted 23 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 538 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  539. MDLN01BCN1 ISIN CODE : IDA0000694B0 125 Frequency 20 Volume 100 16 Frequency Maturity Date Jul-16 Trading Activities, Jul-17 Jul-18 Jul-19 Jul-20 2016 Q1 Volume (Rp bn) - 105.00 4.00 - 112.00 - 4 1 - 6 Frequency (X) - Turnover Ratio (%) - Q2 2017 Price and Yield Q3 15 Q4 2 Q1 - Q2 31.00 13 8 4 75 12 Trading days 50 8 CTP Price - High N/A 106.7000 106.6100 N/A 106.5900 108.1517 CTP Price - Low N/A 102.2500 106.5900 N/A 102.3000 103.3000 4 25 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 109 PRICE AND YTM MOVEMENT YTM (%) 13.0 107 12.0 105 11.0 103 10.0 9.0 101 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.0 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 280.00 10.67 21-Apr 11-Aug 02-Jun 11-Aug - N/A N/A 298.67 82.67 20-Jan 13-Jun 06-Feb 19-Jun 106.7354 106.2347 107.9786 104.7029 107.0952 107.7890 10.5107 31-Mar 3.229 13.087 0.032 10.5749 9.9355 10.8729 2.941 2.764 30-Jun 30-Sep 11.859 10.737 3.081 0.031 0.029 9.9188 9.5186 30-Dec 31-Mar 22-Jun 9.481 8.440 7.526 0.028 2.615 2.477 0.026 0.025 The Bonds issued with nominal value of Rp150.00 billion and interest rates of 12.50% per annum. This bond is effective from 08 July 2015 to 07 July 2020. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 102.2500% - 106.7000%, while in first semester 2017 this bond was traded between 102.3000% and 108.1517%. In first semester 2017, IBPA fair price recorded at range 102.2548% - 108.0898%. During 2016 this bond was traded with volume amounting to Rp109.00 billion and transacted 17 times, meanwhile in a half of year 2017 recorded by Rp143.00 billion and transacted 21 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MDLN01ACN1 Listing Date ISIN CODE : IDA0000694A2 150 120 Maturity Date Jul-15 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Trading Activities, Jul-17 2016 Q1 Volume (Rp bn) 15.00 - 4.00 44.00 132.00 2 - 2 4 5 Frequency (X) Q2 2017 Price and Yield 3 - Q3 Q4 2 Q1 9 Q2 14 30.00 6 2 90 9 Trading days 60 6 CTP Price - High 102.5500 N/A 104.0200 101.9900 103.2100 103.3000 CTP Price - Low 102.3500 N/A 104.0000 100.0000 IBPA Fair Price 103.7727 103.5710 104.0479 102.3515 103.2003 103.3050 30 - enar >> enar >> Jul-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date 106 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 100 10.0 97 9.0 94 8.0 91 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 17-Mar 15-Mar - N/A N/A 10.1010 10.0232 Mod. Duration (yrs) 1.922 1.736 Sensitivity (%) 0.019 IBPA Fair Yield (%) Price 10.00 Last Date Convexity (yrs) 31-Mar 4.534 2.67 29.33 30-Aug 30-Dec 26-Aug 21-Dec 9.4864 10.3063 1.545 1.341 30-Jun 30-Sep 3.712 2.959 0.017 0.015 88.00 20.00 29-Mar 19-Jun 17-Jan 16-Jun 93.0000 102.0000 9.2685 8.6436 30-Dec 31-Mar 22-Jun 2.256 1.653 1.185 0.013 1.138 0.011 0.952 0.010 This series listed on 08 July 2015, and matured on 07 July 2018. This series listed with nominal amount of Rp600.00 billion and have fixed interest rate per annum at 12.00%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 93.0000% at the lowest and peaked at 104.0200%. However, IBPA fair price booked 100.8605% to 104.3262%. Meanwhile, the yield valued by IBPA was 8.6429% at the lowest, and 11.5991% at the highest. During 2016, average volume recorded by Rp15.75 billion/quarter and transacted 3.5 times/quarter, while during the first semester of 2017 increased to Rp81.00 billion/quarter and transacted 10.00 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 539
  540. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 MDLN02B 6 20 MDLN01BCN1 15 - Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 10.4% 105 MDLN01ACN1 540 Q2-2016 44 4 72.7% 10.5% 100 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 300 400 500 600
  541. IBPA ANALYTICAL REVIEW Description PT Modernland Realty Tbk (MDLN) was established by the Modern Group is the developer of Kota Modern, a property project that includes residential and commercial areas in Tangerang. The main business activities of MDLN are developing the residences, apartments, office spaces, shopping centers, and golf course services and management. Peer Group No. Company Total Revenue 1. PT Bumi Serpong Damai Tbk. 2. PT Agung Podomoro Land Tbk. business segments, namely residential, industrial, and hospitality and commercial segments. In 2016, MDLN issued USD57.42 million of USD bonds 2019 and established a JV with Astra Land Indonesia to develop Jakarta Garden City. MDLN had land bank areas more than 1,700 ha including in Bekasi, Cikande, Cakung and Tangerang. MDLN’s land bank is sufficient to support the development for the next 15-20 years. Heights Revenue 15.6 5,398 4. PT Surya Semesta Internusa Tbk. 3,797 5. PT Modernland Realty Tbk. 0.6 11.2 (4.0) 2.7 2,465 (22.0) 20.3 (16.8) Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date 1. Pefindo idA Affirmed 11-Apr-17 3. Pefindo idA Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idA idA idA Affirmed Upgraded Negative* 8-Apr-16 Negative** 8-Apr-15 Stable 3-Jun-15 Affirmed Outlook 7-Oct-14 Stable Stable ** The negative outlook to anticipate a weakening in company cash flow protection measures in case of a slower than expected which may impact EBITDA generation over the near to As of December 31, 2016, its shareholders were Webster 6,007 3. PT Summarecon Agung Tbk. MDLN operates its property development business in three Net Profit (Rp Bill) Margins (%) Growth (%) 6,522 31.2 5.0 Holdings Pte Ltd (11.54%), Woodside Global Ventures Inc (11.17%), AA Land Pte Ltd Singapore (9.61%), and public (67.68%). medium term. SWOT Analysis S W trengths eaknesses - Having relatively sizable land bank - Weakening cash flow protection for future development measures - Good asset quality - Lack of recurring revenue - Well profitability margin Financial Analysis Throughout 2016, MDLN’s total revenues decreased by 16.8% to Rp2.46 trillion from Rp2.96 trillion in 2015. The decrease was mainly driven by decreasing in net sales by 17.2% to Rp2.36 trillion and caused by the Company’s decision to postpone the sale of new clusters in Jakarta Garden City (JGC). In line with the declined sales activities, cost of sales fell by 35.5% to Rp775.56 billion in 2016. As a result, MDLN’s net income for the year amounted to Rp501.35 billion in 2016 declined by 42.6% compared to Rp873.42 billion in 2015. On the other side, MDLN’s total assets increased by 13.2% from Rp12.84 trillion in 2015 to Rp14.54 trillion primarily due to an increase in trade receivables from related parties amounted to Rp1.05 trillion for sale of land to PT Astra Modern Land in O T pportunities hreats - Growing demand for commercial - Growing demand for commercial space especially in modern city area space especially in modern city area - Government taxation policy that - Government taxation policy that will benefit the company will benefit the company - Huge potential market for - Huge potential market for investment in property sector investment in property sector JGC project. Overall, MDLN’s liabilities during 2016 were well managed. An increase in current ratio to 1.24x in 2016 indicated that the Company was able to maintain stable current liabilities. Meanwhile, MDLN’s ability to settle non-current liabilities was indicated by its solvency ratio which increased to 124.0%. The increase was mainly due to the increasing bonds payable in 2016. INDONESIA BOND MARKET DIRECTORY 2016-2017 541
  542. MEDC PT Medco Energi Internasional Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 MedcoEnergi was established on June 9, 1980 under the laws of the Republic of Indonesia. Its name has been changed three times, from that of PT Meta Epsi Pribumi Drilling Company in its initial establishment (1980) to PT Medco Energi Corporation prior to its 1994 Initial Public Offering (IPO), and then finally to PT Medco Energi Internasional Tbk in 2000, following the completion of the debt restructuring in late 1999. It started its business as a drilling rig services company and was the first Indonesian private sector drilling contractor. Within three decades MedcoEnergi has significantly grown its business and built a solid fundamental for our human capital and array of portfolios from all over the world, especially in Indonesia and Middle Eastern and North African countries. BOARD OF COMMISSIONERS 1. Muhammad Lutfi * 2. Bambang Subianto * 3. Marsillam Simandjuntak * 4. Yani Yuhani Rodyat 5. Yaser Raimi A. Panigoro *) Independent Commissioner BOARD OF DIRECTORS 1. Hilmi Panigoro 2. Amri Siahaan 3. Anthony R. Mathias 4. Robert Lorato 5. Robert Lorato 6. Ronald Gunawan AUDIT COMMITTEE 1. Marsillam Simandjuntak 2. Ida Anggrainy Sarwani 3. Jul Azmi 542 ADDRESS The Energy Building 53rd & 55th Fl., SCBD Lot. 11A Jln. Jend. Sudirman, Senayan Jakarta 12190 Phone : (021) 299-53000 Fax : (021) 299-53001 Mining Crude Petroleum & Natural Gas Production www.medcoenergi.com Siendy K. Wisandana corporate.secretary@medcoenergi.com PT M edco En ergi In t ern asion al Tbk. (MedcoEnergi) is a publicly listed integrated energy company with focus in exploration and production of oil and gas business. MedcoEnergi has operations in Indonesia, including operating 9 oil and gas blocks, maintaining working interest in one block operated by partner, and holding economic participating interest in an exploration field. In overseas, MedcoEnergi operates in Oman, Yemen, Libya, Papua New Guinea and Gulf of Mexico in the United States of America. In addition MedcoEnergi operates several gas-fired, coal power plants and supplies electricity to the Indonesian State-Owned Electricity Company (Perusahaan Listrik Negara/PLN), coal mining and also gas distribution business. INDONESIA BOND MARKET DIRECTORY 2016-2017 idA+ Negative* FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax Millions of Rp, Unless Otherwise Stated Dec-2015 6,389,039 3,053,509 552,685 Dec-2016 7,185,845 135.33 p 944,427 14,412,844 15,239,928 40,137,903 48,331,047 23,195,985 25,976,364 951,259 7,264,132 11,562,488 36,366,170 400,000 400,000 3,332 3,332 333,245 100 6,159,052 70.88 p 5.74 p 69,468 -92.70 q 30,460,117 4,000 Chg % 2,211,040 -65.39 q 4,000 333,245 100 8,481,607 20.41 p 59.17 p 11.99 p 19.39 p -  -  -  -  -  37.71 p 9,607,282 11,925,154 9,677,786 11,964,877 23.63 p 8,669,243 8,066,327 -6.95 q 1,066,675 1,430,601 34.12 p 70,504 2,872,773 5,796,470 - 24.13 p 39,723 -43.66 q 3,366,760 -130,607 - 17.20 p N/A q -  -2,019,263 3,497,366 Income for the periods -2,568,078 2,513,190 Net Income … *) -2,595,121 2,482,403 N/A p 2.40 2.17 -9.42 q -29.62 31.16 EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 2,990,984 -2,507,977 -6.40 2.80 3,655,581 2,619,495 5.20 2.56 N/A p 22.22 p N/A p N/A p N/A p N/A p -8.87 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. CSAGSING-Encore Energy Pte. Ltd.-2023334078 2. CSAGSING-CLIO Capital Ventures Ltd.-2023334077 3. Mitsubishi UFJ SEC S/A Mitsubishi Corporation 4. CSAGSING-PT Medco Jaya Abadi Lestari-2023334079 5. PT Medco Duta 6. PT Multifabrindo Gemilang 7. PT Medco Energi Internasional Tbk. (Treasury Stock) 8. Public 51.26% 20.96% 17.46% 10.01% 0.25% 0.06% 0.06% 0.06%
  543. AS OF JUNE 2017 No . 1. CODE ISIN CODE MEDC01CN3USD Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan USD Medco Energi IDA0000493C5 International I Tahap III 20 02-Aug-12 01-Aug-17 5 years Tahun 2012 2. 3. 4. 5. 6. 7. 8. 9. 10. MEDC01CN1 IDA000055909 MEDC01CN2 IDA000057301 MEDC02BCN1 IDA0000750B0 MEDC02ACN1 IDA0000750A2 MEDC02BCN2 IDA0000761B7 MEDC02ACN2 IDA0000761A9 MEDC02CCN3 IDA0000784C7 MEDC02BCN3 IDA0000784B9 MEDC02ACN3 International Tahap I 500,000 20-Dec-12 19-Dec-17 5 years Tahun 2012 Internasional Tahap II 1,500,000 18-Mar-13 15-Mar-18 5 years Tahun 2013 Internasional Tahap I 923,000 18-Jul-16 15-Jul-21 5 years Tahun 2016 Seri B Internasional Tahap I 327,000 18-Jul-16 15-Jul-19 3 years Tahun 2016 Seri A Internasional Tahap II 701,000 03-Oct-16 30-Sep-21 5 years Tahun 2016 Seri B Obligasi Berkelanjutan II Medco Energi Internasional Tahap II 549,000 03-Oct-16 30-Sep-19 3 years Tahun 2016 Seri A Obligasi Berkelanjutan II Medco Energi Internasional Tahap III 23,000 22-Dec-16 21-Dec-23 7 years Tahun 2016 Seri C Internasional Tahap III 5,000 22-Dec-16 21-Dec-21 5 years Tahun 2016 Seri B IDA0000784A1 Internasional Tahap III 246,000 22-Dec-16 21-Dec-19 3 years Tahun 2016 Seri A 11. MEDC02CCN4 IDA0000798C7 Internasional Tahap IV 7,000 31-Mar-17 30-Mar-24 7 years Tahun 2017 Seri C 12. MEDC02BCN4 Obligasi Berkelanjutan II Medco Energi IDA0000798B9 Internasional Tahap IV 1,000 31-Mar-17 30-Mar-22 5 years Tahun 2017 Seri B 13. MEDC02ACN4 IDA0000798A1 Internasional Tahap IV Tahun 2017 Seri A 15-Sep-17 15-Dec-17 15-Mar-18 PT Bank Mega 15-Jul-17 15-Oct-17 15-Jan-18 PT Bank Mega 15-Jul-17 15-Oct-17 15-Jan-18 PT Bank Mega PT Bank Mega Quarterly 30-Jun-17 30-Sep-17 30-Dec-17 30-Mar-18 10.80% PT Bank Mega Quarterly 30-Jun-17 30-Sep-17 30-Dec-17 30-Mar-18 11.80% 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega Quarterly 30-Jun-18 11.30% 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Mega 8.85% 11.30% 10.80% 11.30% 11.30% 10.80% 11.80% Quarterly Obligasi Berkelanjutan II Medco Energi PT Bank Mega Quarterly Obligasi Berkelanjutan II Medco Energi 19-Sep-17 19-Dec-17 - 8.80% Quarterly Obligasi Berkelanjutan II Medco Energi PT Bank Mega Quarterly Obligasi Berkelanjutan II Medco Energi 01-Aug-17 - Quarterly Obligasi Berkelanjutan II Medco Energi 6.05% Quarterly Obligasi Berkelanjutan II Medco Energi Trustee Quarterly Obligasi Berkelanjutan II Medco Energi Date Period Quarterly Obligasi Berkelanjutan I Medco Energi Coupon Payment Quarterly Obligasi Berkelanjutan I Medco Energi Coupon Structure / 380,000 31-Mar-17 30-Mar-20 3 years 10.80% Quarterly - - - 15-Apr-18 15-Apr-18 21-Jun-18 21-Jun-18 21-Jun-18 30-Jun-18 30-Jun-18 Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Rating / Outlook A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative INDONESIA BOND MARKET DIRECTORY 2016-2017 543
  544. AS OF JUNE 2017 CODE No . 14. 15. 16. ISIN CODE Series Name MEDC02CCN5 IDA0000812C6 MEDC02BCN5 IDA0000812B8 MEDC02ACN5 IDA0000812A0 Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 11.30% 14-Sep-17 14-Dec-17 14-Mar-18 PT Bank Mega 14-Sep-17 14-Dec-17 14-Mar-18 PT Bank Mega Period Obligasi Berkelanjutan II Medco Energi 753,500 Internasional Tahap V 15-Jun-17 14-Jun-22 5 years Tahun 2017 Seri C Obligasi Berkelanjutan II Medco Energi 269,500 Internasional Tahap V 15-Jun-17 14-Jun-20 10.80% 3 years Tahun 2017 Seri B II Medco Energi 248,500 Internasional Tahap V 15-Jun-17 24-Jun-18 24-Sep-17 24-Dec-17 24-Mar-18 8.75% 370 days Tahun 2017 Seri A Tbk. 14-Jun-18 Quarterly Obligasi Berkelanjutan Tbk. 14-Jun-18 Quarterly 24-Jun-18 Quarterly Rating / Outlook A+ Negative A+ Negative PT Bank Mega Pastikan A+ Link Grafik sudah be Tbk. Negative Pastikan Link Grafik sudah be TRADING HIGHLIGHT MEDC01CN3USD Listing Date ISIN CODE : IDA0000493C5 TRADING ACTIVITIES Volume 5 4 Aug-12 Frequency 5 Volume 4 Frequency Aug-13 Trading Activities, Price and Yield Volume (Rp bn) Aug-14 Aug-15 Aug-16 2016 Q1 Q2 Q3 Q4 Q1 0.00 - - - - 1 - - - - 3 Frequency (X) - Aug-17 2017 - - - Q2 0.00 1 1 3 3 Trading days 2 2 CTP Price - High 98.6700 N/A N/A N/A N/A 100.0000 CTP Price - Low 98.6400 N/A N/A N/A N/A 100.0000 IBPA Fair Price - Last Date - 1 - enar >> enar >> Maturity Date Price 100 1 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 6.0 99 5.0 98 4.0 97 3.0 96 2.0 95 1.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date 37.01 05-Feb 05-Feb - N/A N/A - N/A N/A - N/A N/A - N/A N/A - 02-May 02-May - N/A N/A N/A N/A N/A N/A Sensitivity (%) N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A - - Mod. Duration (yrs) - - - - - - - IBPA Fair Yield (%) Convexity (yrs) - - - N/A - N/A This series MEDC01CN3USD was listed since 02 August 2012 with a maturity date on 01 August 2017 and has a fixed interest rate of 6.050% per annum. Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 544 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  545. MEDC01CN1 ISIN CODE : IDA000055909 175 140 Frequency 50 Volume 40 Frequency Maturity Date Dec-13 Trading Activities, Dec-14 Dec-15 Dec-16 2016 2017 Price and Yield Q1 Q3 Q4 Q1 Q2 Volume (Rp bn) - 2.00 19.00 35.50 167.00 161.00 - 1 3 4 11 Frequency (X) - Turnover Ratio (%) - Q2 Dec-17 1 4 14 45 31 9 105 30 Trading days 70 20 CTP Price - High N/A 101.0000 99.2500 100.5000 100.7500 100.6000 CTP Price - Low N/A 101.0000 97.8700 IBPA Fair Price 98.5128 Last Date 31-Mar 30-Jun 30-Sep 2.946 2.239 1.618 10 35 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 101 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 99 10.0 98 9.0 8.0 97 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 1.60 N/A 10-Jun N/A 9.7323 Mod. Duration (yrs) 1.568 Sensitivity (%) 0.016 Convexity (yrs) 10-Jun 15.20 22-Sep 12-Jul 98.9197 100.0431 9.5950 1.358 8.7602 1.142 0.014 0.011 28.40 08-Dec 97.2200 133.60 128.80 01-Feb 15-May 06-Jan 06-Apr 99.2000 100.1500 30-Nov 98.8202 100.0937 100.3564 10.0896 8.6252 8.0519 30-Dec 31-Mar 22-Jun 1.076 0.644 0.345 0.914 0.686 0.009 0.477 0.007 0.005 This series will mature on 19 December 2017, and was traded in 28 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp64.08 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.2200% at the lowest and peaked at 101.0000%. While the IBPA fair price for this series was between 96.2140% and 100.6746%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MEDC01CN2 Listing Date ISIN CODE : IDA000057301 750 600 Mar-13 TRADING ACTIVITIES Volume Frequency 125 Volume 100 Frequency Maturity Date Mar-14 Trading Activities, Mar-15 Mar-16 Mar-17 2016 Mar-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 375.10 487.12 48.14 162.25 397.19 705.55 27 29 16 16 30 Frequency (X) 46 123 23 43 72 119 29 450 75 Trading days 300 50 CTP Price - High 97.0000 100.0000 100.0600 100.0000 100.6000 101.5000 CTP Price - Low 90.0000 91.0000 IBPA Fair Price 98.1871 98.7087 100.0807 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.704 2.919 2.216 1.590 1.056 0.667 25 150 - enar >> enar >> Dec-12 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 98 10.0 96 9.0 94 8.0 92 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 100.03 13-Jan 02-Feb 9.8633 Mod. Duration (yrs) 1.765 Sensitivity (%) 0.018 Convexity (yrs) 129.90 27-Jun 06-Apr 9.6768 1.560 0.016 12.84 28-Sep 95.0000 09-Sep 8.7880 1.350 0.013 43.27 22-Dec 94.2500 16-Dec 105.92 16-Mar 94.0000 01-Feb 188.15 25-Apr 96.0000 19-Jun 99.9786 100.2743 100.3236 8.8659 1.130 0.011 8.5183 0.904 0.009 8.3864 0.700 0.007 This series listed on 18 March 2013, and matured on 15 March 2018. This series listed with nominal amount of Rp1.50 trillion and have fixed interest rate per annum at 8.85%. The market price for this bond observed through the Centralized Trading Platform (CTP) was between 90.0000% at the lowest and peaked at 101.5000%. However, IBPA fair price booked 95.7812% to 101.0449%. Meanwhile, the yield valued by IBPA was 7.8768% at the lowest, and 11.0359% at the highest. During 2016, average volume recorded by Rp268.15 billion/quarter and transacted 58.75 times/quarter, while during the first semester of 2017 increased to Rp551.37 billion/quarter and transacted 95.50 times/quarter. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 545
  546. MEDC02BCN1 Listing Date ISIN CODE : IDA0000750B0 TRADING ACTIVITIES Volume 100 80 Jul-16 Frequency 30 Volume 24 Frequency Jul-17 Trading Activities, Jul-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 40 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 107 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 105 12.0 103 11.0 101 10.0 99 9.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A - N/A Jul-21 2017 Q1 18 enar >> Jul-20 2016 60 6 Jul-19 Price and Yield Trading days 20 enar >> Maturity Date - - - Q2 6.00 - 2 1 - 2.60 N/A N/A N/A N/A 103.1570 N/A N/A N/A N/A 103.1370 N/A N/A N/A N/A N/A N/A N/A N/A 9.8657 30-Sep N/A 16.377 N/A 19-Jun N/A 19-Jun 105.4196 101.6029 104.5346 Pastikan 104.9051Link Grafik sudah be N/A N/A N/A 3.624 0.036 10.8469 30-Dec 3.448 14.817 0.034 9.9777 9.8197 31-Mar Pastikan 22-JunLink Grafik sudah be 3.319 13.625 0.033 3.192 12.513 0.032 This series will mature on 15 July 2021, and was traded in only 1 trading day during 2016 to Q2-2017 period. During the period, total trading volume reached Rp1.00 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 103.1370% at the lowest and peaked at 103.1570%. While the IBPA fair price for this series was between 99.8824% and 105.7057%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MEDC02ACN1 Listing Date ISIN CODE : IDA0000750A2 TRADING ACTIVITIES Volume 20 16 Jul-16 Frequency 5 Volume 4 Frequency Jul-17 Q1 Q2 Q3 Volume (Rp bn) N/A N/A 15.00 - 14.00 N/A 2 - 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 8 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 102 10.0 101 9.0 100 8.0 99 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jul-19 2017 Price and Yield 3 1 Jul-18 2016 12 4 enar >> Trading Activities, Maturity Date N/A N/A Q4 3 18.35 - Q1 Q2 2 18.00 2 1 17.13 22.02 27-Mar 12-May 27-Mar 12-May 9.6488 9.4390 1.970 1.802 0.020 0.018 N/A 100.0200 N/A 102.2200 102.2270 N/A 100.0000 N/A 102.2000 102.2070 N/A 103.2381 100.6497 102.3073 Pastikan 102.5193Link Grafik sudah be N/A N/A N/A 10-Aug 10-Aug 10.5032 2.346 2.152 30-Sep N/A 6.661 N/A N/A 9.4647 N/A N/A N/A 0.023 30-Dec 5.616 0.022 31-Mar Pastikan 22-JunLink Grafik sudah be 4.707 3.943 This bond listed with nominal value of Rp327 billion and interest rates of 10.80% per annum. This bond was effective from 18 July 2016 to 15 July 2019. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0000% and 100.0200%, while in first semester 2017 this series was traded at range 102.2000% - 102.2270%. Meanwhile, in 2016 IBPA fair price recorded at range 99.6160% - 103.3106% and in first semester 2017 at range 100.6503% - 102.6465%. During the observation period, this series was traded with total volume amounted to Rp47 billion and transacted 7 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 546 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  547. MEDC02BCN2 ISIN CODE : IDA0000761B7 75 60 Frequency 10 Volume 8 Frequency Maturity Date Jul-17 Trading Activities, Apr-18 Q2 Q3 Q4 Volume (Rp bn) N/A 60.00 - - N/A N/A N/A 2 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A CTP Price - High N/A 15 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 106 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 104 12.0 102 11.0 100 10.0 98 9.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.0 2017 N/A 4 Q4-16 Apr-21 N/A 30 Q3-16 Jul-20 Q1 6 Q2-16 Oct-19 2016 45 Q1-16 Jan-19 Price and Yield Trading days N/A N/A N/A 5 N/A N/A N/A 34.24 N/A N/A 100.0000 N/A N/A N/A 101.5878 104.6402 105.0718 10-Oct 10-Oct 10.8676 30-Dec 3.650 N/A N/A - N/A N/A N/A - N/A N/A N/A - N/A N/A N/A - 100.2500 N/A N/A Q2 N/A N/A N/A Q1 16.302 N/A 0.037 N/A N/A N/A N/A 10.0067 9.8310 31-Mar 22-Jun 15.060 13.537 3.522 0.035 3.307 0.033 The bond series MEDC02BCN2, was first listed on 03 October 2016 with nominal value of Rp701.00 billion and fixed interest rate of 11.30% per annum. This series had traded 5 times in 2 trading days with total volume booked of Rp60.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 100.0000% - 100.2500% while the IBPA fair price was between 97.8370% - 105.3691%, the fair yield for this series was between 9.7497% 11.8882%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MEDC02ACN2 Listing Date ISIN CODE : IDA0000761A9 1250 1000 Oct-16 TRADING ACTIVITIES Volume Frequency 35 Volume 28 Frequency Maturity Date Apr-17 Trading Activities, Oct-17 Q2 Q3 Volume (Rp bn) N/A N/A 210.00 N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 500 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 103 12.0 101 11.0 99 10.0 97 9.0 95 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Apr-19 2017 Q1 Trading days 7 Oct-18 Price and Yield 21 250 Apr-18 2016 750 enar >> enar >> Oct-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A 2 N/A - N/A - N/A N/A N/A Q4 396.50 6 12 22 33 9 834.24 340.62 288.89 20-Dec 29-Mar 11-Apr 21-Dec 01-Feb 30-May 10.8399 10.4723 2.352 2.166 99.9000 100.0000 100.1800 - 30-Sep N/A 467.50 21 - N/A N/A 1145.00 100.2500 100.7000 101.9000 100.0000 N/A Q2 - N/A N/A Q1 10.8000 2.534 7.627 0.025 99.9063 100.7126 102.5854 30-Dec 6.564 0.024 9.5199 31-Mar 22-Jun 5.568 4.644 0.022 1.954 0.020 This series will mature on 30 September 2019, and was traded in 28 trading days during 2016 to Q2-2017 period. During the period, average trading volume reached Rp369.83 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.9000% at the lowest and peaked at 101.9000%. While the IBPA fair price for this series was between 97.3235% and 102.7357%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 547
  548. MEDC02CCN3 Listing Date ISIN CODE : IDA0000784C7 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Dec-17 Dec-18 Trading Activities, Q3 Volume (Rp bn) N/A 1.00 - - N/A N/A N/A 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 110 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 107 12.0 104 11.0 101 10.0 9.0 98 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q2 CTP Price - High Q1-17 Dec-23 N/A 2 Q4-16 Dec-22 N/A 2 Q3-16 Dec-21 Q1 3 Q2-16 Dec-20 2016 3 Q1-16 Dec-19 Price and Yield Trading days enar >> enar >> Dec-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 1 17.39 Q2 - - - - - N/A N/A - N/A N/A - N/A - N/A N/A N/A N/A 99.6037 107.4269 Pastikan 108.9375Link Grafik sudah be N/A 30-Dec N/A N/A N/A N/A 11.8835 4.690 28.653 0.047 10.2505 9.9174 31-Mar Pastikan 22-JunLink Grafik sudah be 4.677 28.008 0.047 4.600 26.826 0.046 The bond series MEDC02CCN3, was first listed on 22 December 2016 with nominal value of Rp23.00 billion and fixed interest rate of 11.80% per annum. This series was only traded 1 times in 1 trading day with total volume booked of Rp1.00 billion during the year 2016 until Q2-2017. IBPA fair price for this series was between 99.5864% 108.9375%, the fair yield for this series was between 9.9174% - 11.8871%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MEDC02BCN3 Listing Date ISIN CODE : IDA0000784B9 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Dec-17 Trading Activities, Dec-18 Q2 Q3 Volume (Rp bn) N/A N/A N/A 1.00 - - N/A N/A 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 107 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 105 12.0 103 11.0 101 10.0 99 9.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-21 2017 Q1 Trading days Q2-16 Dec-20 Price and Yield 3 Q1-16 Dec-19 2016 3 enar >> enar >> Dec-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 1 80.00 Q2 - - - - - N/A N/A - N/A N/A - N/A N/A N/A N/A N/A 99.7647 104.6743 Pastikan 105.2505Link Grafik sudah be N/A 30-Dec N/A N/A N/A N/A 11.3616 3.754 17.404 0.038 10.0363 9.8410 31-Mar Pastikan 22-JunLink Grafik sudah be 3.648 16.265 0.036 3.526 15.089 0.035 This series was listed since 22 December 2016 with a maturity date on 21 December 2021 and has a fixed interest rate of 11.300% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 99.7647% - 105.5121% and on the other side IBPA’s Yield range between 9.7727% - 11.3616%. The outstanding for this series since issuance date were noted at Rp5.00 billion. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 548 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  549. MEDC02ACN3 ISIN CODE : IDA0000784A1 275 220 Frequency 50 Volume 40 Frequency Trading Activities, Maturity Date Dec-17 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 100.00 6.00 N/A N/A N/A 1 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 110 20 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 102 10.0 101 9.0 100 8.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0  IBPA Fair Price  YTM MEDC02CCN4 8 Frequency 5 Volume 4 Frequency N/A N/A N/A N/A 16-Jun N/A 30-Dec 31-Mar 22-Jun 7.493 6.486 5.602 N/A N/A 05-Jan 99.7703 102.5788 102.6453 N/A N/A - N/A N/A N/A 20-Jun 100.0000 100.1000 N/A 10.8901 2.508 0.025 9.6979 2.336 Trading Activities, Mar-19 N/A N/A N/A N/A 5.00 - N/A N/A N/A 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A Last Date N/A Convexity (yrs) N/A 12.0 106 11.0 103 10.0 9.0 100 Q4-16 Q1-17 Q2-17 Mar-24 2017 Volume (Rp bn) IBPA Fair Price 109 Mar-23 Q4 - 13.0 Mar-22 Q3 - YTM (%) Mar-21 Q2 N/A PRICE AND YTM MOVEMENT Mar-20 Q1 CTP Price - Low Q2-17 0.022 Price and Yield 1 Q1-17 2.173 0.023 2016 2 Q4-16 9.5959 Maturity Date N/A Q3-16 N/A 05-Jan - times/quarter. CTP Price - High Q2-16 N/A 100.0200 102.8750 recorded by Rp25.00 billion/quarter and transacted 0.25 times/quarter, while during the 2 Q1-16 N/A - IBPA fair price booked 99.6886% to 102.8931%. Meanwhile, the yield valued by IBPA was 4 97 - 409.76 9.4990% at the lowest, and 10.9228% at the highest. During 2016, average volume N/A 112 N/A N/A N/A 11 9.76 Platform (CTP) was between 100.0000% at the lowest and peaked at 102.8750%. However, Trading days Price 162.60 47 listed with nominal amount of Rp246.00 billion and have fixed interest rate per annum at 3 Q3-16 N/A N/A 2 10.80%. The market price for this bond observed through the Centralized Trading 6 Q2-16 N/A 1 Q2 252.00 This series listed on 22 December 2016, and matured on 21 December 2019. This series Mar-17 Mar-18 TRADING ACTIVITIES Q1-16 N/A Listing Date ISIN CODE : IDA0000798C7 10 N/A Q1 first semester of 2017 increased to Rp129.00 billion/quarter and transacted 24.50 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume 2017 Q1 30 10 Dec-19 2016 165 55 Dec-18 Price and Yield Trading days enar >> enar >> Dec-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 3 N/A 285.71 N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A - - N/A - N/A N/A - N/A 100.1604 109.1210 11.7661 9.9331 31-Mar 22-Jun 28.931 27.897 4.719 0.047 4.621 0.046 This series was listed since 31 March 2017 and matured on 01 August 2017 have a nominal value of Rp7.00 billion with fixed interest rate of 11.80 % per annum. The IBPA fair price was between 99.8758% - 109.1210%, the fair yield for this series was between 9.9331% - 11.8254%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 549
  550. MEDC02BCN4 Listing Date ISIN CODE : IDA0000798B9 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Mar-18 Trading Activities, Mar-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A - N/A N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 107 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 105 12.0 103 11.0 101 10.0 99 9.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 2 Q3-16 Mar-22 Q1 3 Q2-16 Mar-21 2016 3 Q1-16 Mar-20 Price and Yield Trading days enar >> enar >> Mar-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A N/A - N/A N/A N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 105.4613 Pastikan Link Grafik sudah be 9.8511 22-Jun Pastikan Link Grafik sudah be 3.606 16.238 0.036 This series was listed on 31 March 2017 and will be matured on 30 March 2022. From it was listed to the first half of year 2017, this series was not traded. IBPA fair price during the observation period was ranged from 99.8744% to 105.6658%. Meanwhile IBPA yield for this series were 9.8004% at the lowest and 11.3324% at the highest. By the end of June 2017, the outstanding amount of this series was Rp1.0 billion. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MEDC02ACN4 Listing Date ISIN CODE : IDA0000798A1 TRADING ACTIVITIES Volume 1000 800 Jun-17 Frequency 45 Volume 36 Frequency Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 861.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 400 18 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 100 11.0 99 10.0 98 9.0 97 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-22 2017 Q1 Trading days enar >> Jun-21 Price and Yield 27 9 Jun-20 2016 600 200 enar >> Jun-18 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 42 15 906.32 N/A 101.4500 N/A 100.0000 N/A Pastikan 100.9097Link Grafik sudah be N/A Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A N/A N/A 02-Jun 02-Jun 10.4168 2.316 6.518 0.023 This series was listed since 31 March 2017 with nominal value of Rp380.00 billion and interest rate of 10.80 % per annum. While quarterly average turnover ratio reached 453.16 % on year 2017. This series had traded 42 times in 15 trading days with total volume booked of Rp861.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 100.0000 - 101.4500 while the IBPA fair price was between 99.9245% 101.4719%, the fair yield for this series was between 10.1900% - 10.8286%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 550 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  551. MEDC02CCN5 ISIN CODE : IDA0000812C6 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 100 11.0 99 10.0 98 9.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 2 - Jun-22 Volume (Rp bn) 3 1 Jun-21 2016 3 1 Jun-20 Price and Yield Trading days N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 2.00 N/A 1 1 N/A 1.06 N/A - N/A - N/A N/A - N/A 100.1083 N/A 22-Jun N/A N/A N/A N/A 11.2704 3.760 17.446 0.038 This series was listed on 15 June 2017 and will be matured in 14 June 2022. From it was listed to the first half of year 2017, this series was not traded. IBPA fair price during the observation period was ranged from 100.0000% to 100.1472%. Meanwhile IBPA yield for this series were 11.2604% at the lowest and 11.3000% at the highest. By the end of June 2017, the outstanding amount of this series was Rp753.50 billion. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM MEDC02BCN5 Listing Date ISIN CODE : IDA0000812B8 75 60 Jun-17 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Trading Activities, Maturity Date Jun-18 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 30 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 3 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 100 11.0 99 10.0 98 9.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-20 2017 Price and Yield 9 15 Jun-19 2016 45 enar >> enar >> Jun-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 71.00 10 3 105.38 N/A 100.0000 N/A 100.0000 N/A 99.9452 N/A 22-Jun N/A N/A N/A N/A N/A N/A 21-Jun 21-Jun 10.8206 2.512 7.511 0.025 This series will mature on 14 June 2020, and was traded in 3 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp11.83 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked also at 100.0000%. While the IBPA fair price for this series was between 99.9452% and 100.0784%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 551
  552. MEDC02ACN5 Listing Date ISIN CODE : IDA0000812A0 TRADING ACTIVITIES Volume 150 120 Jun-17 Frequency 10 Volume 8 Frequency Sep-17 Trading Activities, Dec-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 130.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 60 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-18 2017 Price and Yield 6 2 Mar-18 2016 90 30 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 5 2 N/A 209.26 N/A 100.1500 N/A 100.0000 N/A 100.0162 N/A 22-Jun N/A 1.134 N/A 21-Jun N/A 22-Jun N/A 8.7324 N/A 0.933 N/A 0.009 This series has an outstanding amount of Rp248.50 billion with fixed coupon per annum at 8.75%. From this series listed (15 June 2017) to the end of June 2017, total trading volume for the series amounted to RP130 billion with total frequency was 5 times. The market prices for this series was at the range 100.0000% - 100.1500%. IBPA valued the fair prices for this series were 99.9540% for the lowest and 100.0164% for the highest. At the same period, the fair yield for this series was ranging from 8.7320% to 8.7955%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 552 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  553. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 MEDC01CN3USD Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 9.3% MEDC01CN1 36 11.3% MEDC01CN2 375 487 48 162 71.5% MEDC02BCN1 MEDC02ACN1 4.6% MEDC02BCN2 60 MEDC02ACN2 8.6% 210 MEDC02CCN3 4.3% MEDC02BCN3 20.0% MEDC02ACN3 100 - 1,145 246.8% 40.7% 200 400 600 800 1,000 1,200 1,400 INDONESIA BOND MARKET DIRECTORY 2016-2017 553
  554. IBPA ANALYTICAL REVIEW Description PT Medco Energi Internasional Tbk (MEDC) is an integrated energy company engages in oil and gas exploration and production (E&P), downstream oil Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 8,066 31.2 (7.0) 1. PT Medco Energi Internasional Tbk. and gas activities, power generation and drilling services. MEDC operates areas around the world from Southeast Asia to the Middle East to North Africa and the United States of America. MEDC began with Financial Statement as of Fiscal Year 2016 drilling services in 1980 as Indonesia's first private sector drilling contractor. Historical Corporate Ratings Further, MEDC provides power project support services comprising operating and maintenance power plant services, project engineering, procurement and construction, and power plant project development and management services, as well as is involved in the natural gas downstream activities, including processing associated gas to produce liquefied petroleum gas, the storage and fuel distribution of high speed diesel, and the No. Rating Agency Rating Rating Status idA+ Affirmed idA+ Down graded idAA- Affirmed 1. Pefindo 2. Pefindo 3. Pefindo 4. Pefindo 5. Pefindo idA+ idAA- Rating Date 3-Nov-16 Outlook Negative* Affirmed 26-Apr-16 Negative** Affirmed 22-Jun-15 Negative 12-Oct-15 10-Oct-14 Stable Stable **The revised in rating outlook to anticipate the MEDC’s more aggressive capital structure and cash flow protection measures on a sustainable basis production of industrial grade bio-ethanol. In 2016, MEDC completed the acquisition of a 41.1% indirect interest in PT Newmont Nusa Tenggara and the Company raised Rp2.8 trillion through a IDR Bond Program and USD55 million through Medium Term Notes. As of December 31, 2016, MEDC’s shareholders consisted of Encore Energy Pte. Ltd (35.71%), Credit Suisse Ag (20.73%), Mitsubishi Corporation (20.73%), SWOT Analysis S trengths W eaknesses - Optimal diversified assets - Moderate cash flow protection - Competitive lifting cost measures - Reliable downstream business - High capital requirements for - Successfully maintain its E&P business expansion business to other countries Prudential Life Assurance (7.13%), and the remaining by Public less than 5.0%. Financial Analysis In 2016, MEDC recorded net profit for the year of Rp2.67 trillion, rose by 224.64% compared to the previous year which recorded loss of Rp2.14 trillion. That profit caused by increasing in total revenues and lowering cost structure. MEDC’s total revenues amounted to Rp8.11 trillion in 2016 (grew 1.54%). That revenue growth was contributed by revenue from oil & gas sales of Rp7.88 trillion and revenue from rental of Rp234.12 billion. Meanwhile, MEDC has reduced cost of sales and other direct costs by 4.93% to Rp4.73 trillion compared to Rp4.97 trillion in 2015. Throughout 2016, general and administration expenses decreased by 15.11%, from Rp1.56 trillion in 2015 to Rp1.32 trillion. In other side, total assets as of 2016 were Rp48.61 trillion, increased by 20.28% from Rp40.41 trillion in 2015. That increase was mainly driven by increasing in long-term investments which amounted to Rp12.49 trillion from Rp2.90 trillion in 2015, grew significantly by 331.02%. 554 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Opportunities on renewable energy - Opportunities on renewable sector energy sector - Rising target of crude oil - Rising target of crude oil production from government production from government - Potential reserve from - Potential reserve from underdeveloped fields underdeveloped fields
  555. idA MFIN PT Mandala Multifinance Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Negative* June 2017 ADDRESS Jln. Menteng Raya No. 24 A-B Jakarta Pusat 10340 Finance Financial Institution www.mandalafinance.com Mahrus corsec@mandalafinance.com PT Mandala Multifinance Tbk. (hereafter referred as the Company) was established in 1983 by the name of PT Cipta Vidya Leasing Corporation. After changing its name for several times, the company finally held the name of PT Mandala Multifinance on July 21st, 1997, as approved by the Ministry of Finance of Republic Indonesia No. 323/KMK.017/1997, with business activities include Leasing, Factoring, Credit Cards, and Consumer Financing. Until present, the Company focuses itself on consumer financing business activities, especially in motorcycle financing. The Company listed its shares with commercial code [MFIN] in the Indonesia Stock Exchange on September 6, 2005 by offering 24.52% of its shares to the public. Apart from strengthening the capital structure, the action was also aimed to increase fund source for the Company's working capital. In order to fulfill the community needs of sharia-based financing plan, the Company has established the Sharia Business Unit in April 2006, based on the recommendation of National Sharia Board – the Board of Indonesian Ulamas No.U-075/ DSN-MUI/IV/2006. In 2015, The Company obtained License for Sharia Business Unit from Financial Services Authority with an official decision No. KEP125/NB.223/2015 dated June 9, 2015 . The main shareholders of PT Mandala Multifinance Tbk. consist of the highly competent professional experiences in the automotive industry, which was started as the main motorcycle dealers in Lampung and West Java in the first place. The Company strongly upholds the commitment in providing the best services to consumers and business partners through optimal services, which is supported by a well-planned human resource management in an integrated and sustainable manner, as well as the availability of adequate infrastructure. BOARD OF COMMISSIONERS 1. Alex Hendrawan 2. Deddy Heruwanto * *) Independent Commissioner BOARD OF DIRECTORS 1. Harryjanto Lasmana 2. Elise 3. Suwinto Johan Phone : (021) 292-59955 Fax : (021) 292-59950 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 72,034 Other Receivables 4,476 Dec-2016 Chg % 58,592 -18.66 q 6,682 49.29 p 155,405 -1.33 q 4,227,900 3,263,919 -22.80 q Total Assets 4,595,141 3,562,235 -22.48 q Total Liabilities 3,000,756 1,748,809 -41.72 q Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 157,501 2,211,303 4,000.0 Authorized Capital Paid up Capital Par Value (Rp) Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses -  132,500 -  400,000 1,325.0 1,325.0 100 Retained Earnings 4,000.0 400,000 132,500 Paid up Capital (Mil. Sh) 1,245,934 -43.66 q 100 1,462,666 1,692,775 - - 1,594,385 1,813,426 -  -  -  15.73 p 13.74 p -  1,594,385 1,813,426 1,700,357 1,484,312 -12.71 q Interest Expenses 1,370,920 396,460 13.74 p 1,145,345 -16.45 q 268,503 -32.27 q Earning Before Tax 329,437 338,967 2.89 p Income for the periods 246,564 255,284 3.54 p Net Income … *) 246,564 255,284 3.54 p EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 750,715 238,305 1.88 5.37 ROA (%) NPM (%) EBITDA Coverage (X) 14.50 1.89 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Jayamandiri Gemasejati 2. Others 3. Alex Hendrawan 640,269 -14.71 q 244,216 2.48 p 0.96 -48.76 q 7.17 33.56 p 2.38 25.93 p 17.20 18.61 p 70.42% 24.52% 5.06% AUDIT COMMITTEE 1. Deddy Heruwanto 2. Elly Bujung 3. Yulianti S. Sitorus INDONESIA BOND MARKET DIRECTORY 2016-2017 555
  556. AS OF JUNE 2017 CODE No . 1. ISIN CODE Outstanding Series Name Obligasi (Rp Million) Berkelanjutan II MFIN02CCN1 125,000 Mandala IDA0000683C1 Listing Multifinance Tahap Maturity Date 11-May-15 Issue Date 08-May-18 Term Coupon Structure / Coupon Payment Date Trustee 11.50% 08-Aug-17 08-Nov-17 08-Feb-18 PT Bank Period 3 years 08-May-18 Quarterly I Tahun 2015 Seri C Rating / Outlook Rakyat A Indonesia (Persero) Tbk. Stable TRADING HIGHLIGHT MFIN02CCN1 Listing Date ISIN CODE : IDA0000683C1 20 16 May-15 TRADING ACTIVITIES Volume Volume (Rp bn) 8 Frequency Trading days 8 4 CTP Price - High - Turnover Ratio (%) Date 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 CTP Price - Low Date - Q2-17 IBPA Fair Price IBPA Fair Yield (%) enar >> Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Last Date Q2-17 Q2 May-18 2017 Q3 Q4 Q1 Q2 3.00 10.95 16.68 0.15 0.31 4 5 7 1 2 7 Frequency (X) 6 4 Q1 Price and Yield 10 May-17 2016 Trading Activities, Frequency Volume May-16 12 enar >> Maturity Date 7 9 1 9.60 35.04 53.36 0.48 17-Mar 26-May 07-Sep 20-Dec 16-Aug 20-Dec 9.4841 10.0371 1.434 1.225 102.0000 101.5000 103.0400 100.5000 97.0000 15-Mar 97.5000 20-May 97.5000 100.5000 2 0.98 7.60 8 6 24.32 98.5000 102.9000 24-Feb 97.0000 10-Feb 04-May 99.0000 10-Apr 102.7114 102.5891 102.9616 101.8240 102.4588 102.6659 10.0338 9.9495 31-Mar 30-Jun 30-Sep 4.043 3.253 2.533 Mod. Duration (yrs) 1.825 Sensitivity (%) 0.018 Convexity (yrs) 1.633 0.016 0.014 9.0988 8.3105 30-Dec 31-Mar 22-Jun 1.878 1.318 0.895 0.012 1.013 0.010 0.820 0.008 This series will mature on 8 May 2018, and was traded in 25 trading days during 2016 to Q2-2017 period. During the period, total trading volume reached Rp38.68 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.0000% at the lowest and peaked at 103.0400%. While the IBPA fair price for this series was between 99.3354% and 103.2797%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 MFIN02CCN1 3 - 556 Q2-2016 10.95 16.68 13 26 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 24.6% 39 INDONESIA BOND MARKET DIRECTORY 2016-2017 52 65 78 91 104 117 130
  557. IBPA ANALYTICAL REVIEW Description PT . Mandala Multifinance, Tbk. is one of the financing Peer Group No. Company companies in Indonesia. The main business of the 2. PT Indomobil Finance Indonesia factoring. The company focuses itself on consumer 4. PT Permodalan Nasional Madani (Persero) financing. By the end of 2016, the company has Historical Corporate Ratings Yamaha motorcycle, with 70.42% stakes, followed by No. (the company’s President 5.5 16.9 17.2 (12.7) 980 32.4 18.7 6.0 9.2 Financial Statement as of Fiscal Year 2016 PT Jayamandiri Gemasejati, an official dealer of Hendrawan Revenue 1,484 1,292 5. PT Sarana Multigriya Finansial (Persero) operated 261 point of services Across Indonesia. Alex 1,655 3. PT Mandala Multifinance Tbk. financing business activities especially in motorcycle Net Profit (Rp Bill) Margins (%) Growth (%) 1,922 3.1 10.4 1. PT Wahana Ottomitra Multiartha Tbk. company include consumer financing, leasing, and The majority shareholder of the company has been Total Revenue Commissioner) with 5.05%, and the remaining 24.53% Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA Affirmed 10-Feb-17 Negative* 3. Pefindo idA Affirmed 22-Apr-15 Stable 2. Pefindo shares are owned by public. 4. Pefindo 5. Pefindo idA idA idA Affirmed 11-Feb-16 Affirmed 7-Apr-14 Affirmed 10-Apr-13 Stable Stable Stable 0 SWOT Analysis S W trengths eaknesses -Strong market position in used -Asset quality pressure motorcycle outside Java -Less diversification financing -Strong capitalization products -Weakened profitability Financial Analysis The Company booked a decline in total revenue by 12.71% from Rp1.70 trillion in 2015 to Rp1.48 trillion in 2016. The decline was due to lower new financing in 2016. The lower financing revenue was in line with decreasing total assets by 22.48% from Rp4.60 trillion to Rp3.56 trillion. However, the total expenses also declined by 16.45% from Rp1.37 trillion to Rp1.15 trillion. The decline was mostly due to decreasing funding expenses by 32.27% which amounted to Rp127 billion. The falling expenses then resulted in moderate increase in net profit by 3.50% from Rp246.65 billion to Rp255.28 billion. O T pportunities hreats -Growing demand for non- -Growing demand for non- automotive financing automotive financing -Growing demand outside Java -Growing demand outside Java -Low interest rate environment -Low interest rate environment INDONESIA BOND MARKET DIRECTORY 2016-2017 557
  558. idAA- MYOR PT Mayora Indah Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Consumer Goods Industry Food And Beverages www.mayora.com; mayoraindah.co.id Andi Laurus Hermawan@mayora.co.id; yuni@mayora.co.id PT Mayora Indah Tbk. has been progressively transformed from a humble home biscuit industry into one of the biggest Fast Moving Consumer Goods Companies. Mayora became a public listed company in 1990, by listing its share on Ja kar ta S toc k Exch an ge, an d h rou gh ou t the following years, MAYORA Group continues its rapid expansion to become an ASEAN based Company, by establishing production facilities and marketing offices in several South East Asia countries. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Currently, Mayora products are sold in many countries around the world. Supported not only by modern logistic and warehouse management system, but also powered by strong distribution network, Mayora has maintained its product availability in the market. Current Liabilities As of today, PT Mayora Indah Tbk. has 6 (six) divisions which producing defferent yet integrated product, namely:  Biscuit: Roma, Danisa, Better, Slai O Lai.  Confectionery: Kopiko, Kopiko, Milko, Kis, Tamarin.  Waffer: Beng Beng, Astor, Roma Wafer Coklat, Roma, Zuperrr Keju.  Chocolate: Choki-choki.  Coffee: Torabika Duo, Torabika Duo Susu, Torabika Moka, Torabika 3 in One, Torabika Cappuccino, Kopiko Brown Coffee.  Health Food: Energen Cereal, Energen Oatmilk, Energen Go Fruit Paid up Capital Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues BOARD OF COMMISSIONERS 1. Jogi Hendra Atmadja 2. Gunawan Atmadja 3. Hermawan Lesmana 4. Ramli Setiawan * 5. Suryanto Gunawan * *) Independent Commissioner BOARD OF DIRECTORS 1. Andre Sukendra Atmadja 2. Hendarta Atmadja 3. Hendrik Polisar 4. Mulyono Nurlimo 5. Wardhana Atmadja AUDIT COMMITTEE 1. Suryanto Gunawan 2. Lenny Halim 3. Yuyun Susanti 558 Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA ADDRESS Jln. Tomang Raya No. 21 - 23 Jakarta Phone : (021) 565-5311 Fax : (021) 565-5323 Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 3,368,431 4,388,399 30.28 p 8,739,783 17.24 p 1,682,075 1,763,233 7,454,347 3,770,696 1,543,129 2,123,676 3,859,420 11,342,716 12,922,422 3,808,254 4,075,722 3,151,495 3,884,051 6,148,256 6,657,166 1,500,000 1,500,000 894 894 3,000 447,174 500 3,000 447,174 500 4,633,114 5,675,490 117,009 143,766 5,077,451 6,121,490 Chg % -8.26 q 20.44 p 2.35 p 13.93 p 23.24 p 7.02 p 8.28 p -  -  -  -  -  22.50 p 20.56 p 22.87 p 5,194,460 6,265,256 14,818,731 18,349,960 23.83 pLink Grafik sudah be Pastikan 378,652 356,714 -5.79 qLink Grafik sudah be Pastikan 4,198,336 2,335,715 4,900,422 2,585,180 1,862,621 2,315,242 2,488,010 2,717,077 1,640,495 1,845,683 20.61 p 16.72 p 10.68 p 24.30 p 12.51 p 9.21 p Income for the periods 1,250,233 1,388,676 11.07 p Net Income … *) 1,220,021 1,354,950 11.06 p Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 1,266,519 0.73 1,345,717 6.25 p 0.65 -11.27 q 11.02 10.75 -2.50 q 6.57 7.62 15.92 p 8.44 7.57 -10.30 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Unita Branindo 2. PT Mayora Dhana Utama 3. Jogi Hendra Atmadja 4. Public 32.93% 26.14% 25.22% 15.71%
  559. AS OF JUNE 2017 CODE No . 1. 2. Series Name MYOR04 Obligasi IV Mayora IDA000051700 IDA000079404 (Rp Million) 750,000 Indah Tahun 2012 Listing Date 10-May-12 Maturity Issue Date 09-May-19 Term Coupon Structure / Coupon Payment Date Trustee 8.50% 09-Aug-17 09-Nov-17 09-Feb-18 PT Bank CIMB Period 7 years Quarterly 09-May-18 9.25% 04-Aug-17 04-Nov-17 04-Feb-18 Obligasi Berkelanjutan I MYOR01CN1 500,000 Mayora Indah 27-Feb-17 04-Feb-20 3 years Tahap I Tahun 2017 04-May-18 Quarterly Rating / Outlook Niaga Tbk. PT Bank Permata Tbk. AA- Stable AA- Stable TRADING HIGHLIGHT MYOR04 Listing Date ISIN CODE : IDA000051700 May-12 May-13 TRADING ACTIVITIES Volume 200 Frequency 40 Volume 160 32 Frequency Trading Activities, Maturity Date May-14 May-15 May-16 May-17 May-18 May-19 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 180.00 112.00 159.00 110.25 72.00 123.00 6 10 12 10 6 Frequency (X) 28 23 36 23 21 21 6 120 24 Trading days 80 16 CTP Price - High 103.0500 CTP Price - Low 93.5200 93.3400 94.0000 95.8500 97.9331 99.0105 IBPA Fair Price 96.7108 96.8421 98.3102 96.8416 99.0000 99.8752 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 8.347 7.216 6.166 5.133 4.224 3.472 8 40 - enar >> enar >> ISIN CODE Outstanding Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 99 10.0 96 9.0 93 8.0 90 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 96.00 15-Jan 06-Jan 9.7277 Mod. Duration (yrs) 2.657 Sensitivity (%) 0.027 Convexity (yrs) 59.73 84.80 58.80 38.40 65.60 96.7700 100.0200 100.1000 100.1500 100.2500 28-Apr 29-Apr 9.7772 2.471 0.025 08-Aug 25-Aug 9.2338 2.284 0.023 11-Nov 01-Dec 10.0172 2.080 0.021 16-Mar 30-Jan 9.0106 1.884 0.019 05-Apr 13-Jun 8.5693 1.704 0.017 This series listed on 10 May 2012, and matured on 09 May 2019. This series issued with nominal amount of Rp750.00 billion and have fixed interest rate per annum at 8.50%. Average trading volume for this series reached Rp140.31 billion/quarter on 2016 and decreased to Rp97.50 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 93.3400% – 103.0500% while the IBPA fair price was between 93.5042% – 100.3104%. The IBPA fair yield for this series was between 8.3304% – 10.8424%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 559
  560. MYOR01CN1 Listing Date ISIN CODE : IDA000079404 TRADING ACTIVITIES Volume 325 260 Feb-17 5 4 Frequency Feb-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 2.00 N/A N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Feb-20 2017 N/A 130 - Aug-19 Q1 3 enar >> Feb-19 2016 195 1 Aug-18 Price and Yield Trading days 65 enar >> Aug-17 Trading Activities, Frequency Volume Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 N/A Q2 1 N/A 1.60 N/A - N/A N/A N/A N/A N/A 312.00 4 2 249.60 - 100.0000 - 100.0000 24-May - 24-May 101.7298 100.2762 8.8035 9.1752 N/A 31-Mar 22-Jun N/A 18.175 16.764 N/A 3.881 N/A 0.039 3.735 0.037 The bond series MYOR01CN1, was first listed on 27 February 2017 with nominal value of Rp500.00 billion and fixed interest rate of 9.25% per annum. This series had traded 5 times in 3 trading days with total volume booked of Rp314.00 billion until Q2-2017. Based on the market price (Centralized Trading Platform), this series was traded at 100.0000% while the IBPA fair price was between 99.8662% - 101.8095%, the fair yield for this series was between 8.7893% - 9.2842%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 MYOR04 Q3-2016 180 - 560 Q2-2016 100 Q4-2016 112 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 159 300 Outstanding in Year 2016 110 400 500 Turnover 74.8% 600 700
  561. IBPA ANALYTICAL REVIEW Description PT Mayora Indah Tbk (MYOR) was established in 1977 with its initial operation coverage only limited in Greater Jakarta area. Today MYOR has became one of the leading packaged food or snacks manufacturing products that are sold nationally and internationally supported by around 500 distributors throughout Indonesia and around the world. Currently MYOR and its subsidiaries has classified its Peer Group No. Company Total Revenue 1. PT Indofood Sukses Makmur Tbk. 2. PT Mayora Indah Tbk. 4. PT Siantar Top Tbk. No. MYOR also has 5 subsidiaries namely, PT Sinar Pangan Barat and PT Sinar Pangan Timur that engage in office and warehouse rental, PT Torabika Eka Semesta, engaged in coffee and cereal processing business, PT Kakao Mas Gemilang engaged in cacao processing activities, and Mayora Nederland BV which engages in finance services. As of December 31, 2016, MYOR has been owned by PT Unita Branindo that owns 32.93% shares, PT Mayora Dhana Utama 26.14%, Jogi Hendra A. (President Commissioner of MYOR) 25.22% and public 15.71%. 11.0 2,522 11.1 23.8 8.9 6.6 3.3 16.0 Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings (Bekasi), and Tangerang. Revenue 7.6 6,546 2,629 5. PT Nippon Indosari Corpindo Tbk. products into 6 divisions which are biscuits, candies, production facilities that are located in Cibitung 18,350 3. PT Tiga Pilar Sejahtera Food Tbk. waffers, chocolate, coffee, and healthy food divisions. The products are produced and manufactured in its Net Profit (Rp Bill) Margins (%) Growth (%) 66,750 7.9 4.2 Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idAA- Affirmed 30-Nov-16 Stable 3. Pefindo idAA- Affirmed 10-Dec-15 Stable* Affirmed 5-Dec-14 2. Pefindo 4. Pefindo 5. Pefindo idAAidAAidAA- Affirmed 9-Feb-16 Affirmed 11-Feb-15 Stable Negative Negative** **Revised outlook from stable to negative was due to weaker capital structure and cash flow protection measure * Revised outlook from negative to stable was driven by the sustainable recovery in profitability margin and improvement in its financial profiles SWOT Analysis S W trengths - Strong position in the domestic eaknesses - Weakened capital structure packaged food market - Increasing contributions from overseas markets Financial Analysis MYOR's Revenues in 2016 amounted to Rp18.35 trillion, while those in 2015 amounted to Rp14.82 trillion or increased by Rp3.53 trillion (23.83%). The - Strategic position in the provision of the products needed by the people - Well diversified business portfolio increase was owing to the increase in sales quantity amounted to Rp10.13 trillion in 2016, or rose by 33.29% compared to the previous year which amounted to Rp7.60 trillion. In line with business growth, MYOR’s operating expenses increased by 10.68% to Rp2.59 trillion in 2016 compared with 2015 which was Rp2.34 trillion. The increase was due to the selling expenses rose by 10.77% from Rp1.88 trillion in 2015 to Rp2.08 trillion in 2016. Nevertheless, MYOR succeed closed the year 2016 with net profit of Rp1.39 trillion, or higher 11.12% than Rp1.25 trillion in 2015. Meanwhile, MYOR's total assets as of December 31, 2016 amounted to Rp12.92 trillion, O T pportunities hreats - Resilient food & beverages industry - Resilient food & beverages - Growing domestic and export industry market for packaged food - Growing domestic and export - Increasing middle income class market for packaged food people - Increasing middle income class people while those in 2015 amounted to Rp11.34 trillion or increased by Rp1.58 trillion (13.93%) The Company was still able to pay its current accounts payable properly indicated by the current ratio of 2.25x. INDONESIA BOND MARKET DIRECTORY 2016-2017 561
  562. idAAA NISP PT Bank OCBC NISP Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Bank OCBC NISP managed to pass the Asia monetary crisis and the fall of banking industry without any recapitalization obligation aid from the government in 1998. Through disciplined implementation of Good Corporate Governance (GCG) principles, Bank OCBC NISP became one of the first few banks to resume lending during the crisis. Over the two decades since IPO, the bank’s total assets grew significantly from Rp66 billion in June 1994 when it first become a public company, to reach Rp103 trillion in the end of 2014. Bank OCBC NISP’s good reputation with well established franchise and its promising growth have attracted the interest of International Finance Corporation (IFC), a part of World Bank Group. OCBC NISP was the first bank in Indonesia who received loan facility from IFC back in 1997, which then became a shareholder in 2001-2010. OCBC Singapore, which acquired 22.5% of OCBC NISP in mid-2004, then became the majority shareholder Bank OCBC NISP starting in 2005, after going through several acquisitions and tender offers. OCBC Singapore Bank currently holds 85.1% of the stock in OCBC NISP. Besides of a dynamic growth in Indonesia economy and industries in general, the bank also benefits from high-quality business relationships built over the past decades. The bank always aligns its corporate culture with the pursuit to become a “customer-centric” organization, as incorporated in ‘Your Partner for Life’ brand positioning. Additionally, the bank can effectively show further competitiveness by having a regional capability through leveraging synergies across the OCBC Group. Bank OCBC NISP currently employs 6,847 dedicated staff to serve customers in 60 cities across Indonesia through its 337 offices and 759 ATMs. Currently, the bank continues to focus in developing its network by increasing service quality to customers, productivity and effectiveness, while developing secured, yet user friendly internet banking and mobile banking services. BOARD OF COMMISSIONERS 1. Pramukti Surjaudaja 2. Hardi Juganda 3. Jusuf Halim * 4. Kwan Chiew Choi * 5. Lai Teck Poh (Dua Teck Poh) 6. Peter Eko Sutioso * 7. Roy Athanas Karaoglan * 8. Samuel Nag Tsien *) Independent Commissioner BOARD OF DIRECTORS 1. Parwati Surjaudaja 2. Andrae Krishnawan W. 3. Emilya Tjahjadi 4. Hartati 5. Johannes Husin 6. Joseph Chan Fook Onn 7. Low Seh Kiat (Thomas) 8. Martin Widjaja 9. Rama P. Kusumaputra 10. Yogadharma Ratnapalasari AUDIT COMMITTEE 1. Jusuf Halim 2. Kurnia Irwansyah 3. Made Rugeh Ramia 562 ADDRESS OCBC NISP Tower Jln. Prof. Dr. Satrio Kav. 25 Jakarta 12940 Phone : (021) 255-33888 Fax : (021) 579-44000, 579-43939 Finance Bank www.ocbcnisp.com Ivonne Chandra ivonne.chandra@ocbcnisp.com Bank OCBC NISP (formerly known as Bank NISP) is the fourth oldest bank in Indonesia, which was founded in 4 April 1941. Bank OCBC NISP then grew to be a solid and dependable bank, especially in providing service for small and medium business segments. INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax Millions of Rp, Unless Otherwise Stated Dec-2015 938,280 9,278,095 3,834,508 84,040,768 - 1,076,606 Dec-2016 881,749 2,757,000 14,346,755 274.15 p 90,247,652 - 103,689,000 28,000 3,500,000 11,473 11,473 125 1,434,081 125 8,211,002 10,010,943 - - 16,411,347 -  14.70 p 18.65 p - -100.00 q 3,500,000 1,434,081 7.39 p 2,413,987 124.22 p 104,069,055 118,689,765 28,000 -6.02 q 3,442,070 -62.90 q 120,480,402 138,196,341 87,393,790 Chg % 19,506,576 14.05 p -  -  -  -  -  21.92 p 18.86 p -  16,411,347 19,506,576 18.86 p 9,221,005 10,204,341 10.66 p 854,463 1,415,506 65.66 p 4,802,088 2,818,186 2,000,887 574 2,001,461 4,811,054 0.19 p 3,150,676 Pastikan 11.80 Link p Grafik sudah bena 2,342,461 17.07 p 8,641 1,405.40 p 2,351,102 17.47 p Income for the periods 1,500,835 1,789,900 19.26 p Net Income … *) 1,500,835 1,789,900 19.26 p 6.34 6.08 -4.05 q 16.28 17.54 7.77 p Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 1,467,981 1.25 21.70 *) … attributable to owners of the parent entity SHAREHOLDERS 1. OCBC Overseas Investments Pte. Ltd. 2. Public <5% 3. Parwati Surjaudaja 4. Pramukti Surjaudaja 3,095,229 110.85 p 1.30 22.96 3.97 p 5.79 p 85.08% 14.91% 0.01% 0.001%
  563. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name NISP01CCN2 IDA0000667C4 NISP02CCN1 IDA0000726C8 NISP02BCN1 IDA0000726B0 Outstanding (Rp Million) Obligasi Berkelanjutan I OCBC NISP Tahap II Tahun 2015 Seri C 1,235,000 Listing Maturity Date Issue Date 11-Feb-15 10-Feb-18 Term Coupon Structure / Coupon Payment Date Trustee 9.80% 10-Aug-17 10-Nov-17 10-Feb-18 PT Bank Mega PT Bank Mega Quarterly 11-Aug-17 11-Nov-17 11-Feb-18 11-May-18 8.00% 11-Aug-17 11-Nov-17 11-Feb-18 PT Bank Mega Period 3 years Obligasi Berkelanjutan II 783,000 Bank OCBC NISP Tahap I Tahun 2016 Seri C Obligasi Berkelanjutan II 380,000 Bank OCBC NISP Tahap I Tahun 2016 Seri B 12-May-16 12-May-16 11-May-19 11-May-18 8.25% 3 years 2 years Tbk. - Quarterly Tbk. Tbk. 11-May-18 Quarterly Rating / Outlook AAA Stable AAA Stable AAA Stable TRADING HIGHLIGHT NISP01CCN2 Listing Date ISIN CODE : IDA0000667C4 Feb-15 TRADING ACTIVITIES Volume 450 Frequency 50 Volume 360 40 Frequency Aug-15 Trading Activities, Maturity Date Feb-16 Aug-16 Feb-17 Aug-17 2016 Feb-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 415.00 79.00 165.00 216.00 448.00 361.00 13 3 5 8 13 Frequency (X) 46 10 15 28 43 16 8 270 30 Trading days 180 20 CTP Price - High 101.880 102.650 103.300 102.450 102.580 102.250 CTP Price - Low 100.900 101.750 102.450 100.500 101.100 101.730 IBPA Fair Price 101.864 101.659 102.485 101.701 102.354 101.895 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.345 2.601 1.941 1.357 0.873 0.522 90 - ar >> 10 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 134.41 28-Mar 20-Jan 8.6844 Mod. Duration (yrs) 1.664 Sensitivity (%) 0.017 Convexity (yrs) 25.59 18-May 18-May 8.6814 1.460 0.015 53.44 12-Aug 28-Sep 7.8526 1.251 69.96 10-Oct 24-Nov 8.1770 0.013 1.032 0.010 145.10 12-Jan 10-Feb 6.9208 0.810 0.008 116.92 05-Apr 12-May 6.7110 0.606 0.006 This series has an outstanding amount of Rp1.24 trillion with fixed coupon per annum at 9.80%. During 2016 to the end of June 2017, this series has transacted 158 times with total volume was Rp1.68 trillion. During the observation period, the average of trading volume amounted to Rp280.67 billion/quarter with the average of frequency was 26 times/quarter. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 100.5000% - 103.3000%. IBPA valued the fair prices for this series were 99.3777% for the lowest and 102.9411% for the highest. At the same period, the fair yield for this series was ranging from 6.7054% to 10.1288%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 563
  564. NISP02CCN1 Listing Date ISIN CODE : IDA0000726C8 TRADING ACTIVITIES Volume 400 320 May-16 20 16 Frequency May-17 Nov-17 May-18 2016 Q1 Q2 Q3 Q4 Volume (Rp bn) N/A 82.20 392.90 20.00 0.10 - N/A 6 10 2 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 10 19 12 160 8 CTP Price - High N/A 101.000 102.000 80 4 N/A 99.840 99.980 - - CTP Price - Low IBPA Fair Price N/A Last Date N/A 30-Jun Convexity (yrs) N/A 7.355 Price 104 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 29-Jun 99.974 8.2583 2.500 10.22 99.790 1 0.05 N/A 97.500 N/A 20-Dec 28-Feb 01-Aug 10-Oct 28-Feb 99.813 100.659 30-Sep 30-Dec 31-Mar 22-Jun 6.254 5.205 4.282 3.516 8.3282 2.304 0.025 0.023 9.1082 2.098 0.021 8.1514 1.899 7.8677 1.717 0.019 0.017 trading days with total volume booked of Rp495.20 billion. During 2016, the average of total volume recorded of Rp123.78 billion/quarter and transacted 8.25 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 97.5000% - 102.0000%, while the IBPA fair price was 9.5309%. May-16 Frequency 5 4 Frequency N/A 100.162 between 97.2240% and 101.1500%. The fair yield for this series was between 7.7774% - ISIN CODE : IDA0000726B0 Volume N/A 98.187 Listing Date TRADING ACTIVITIES - 97.500 27-Jul 99.720 - series issued until at the end second quarter in 2017, this series traded 34 times in 19 6.0 NISP02BCN1 36 30-Jun 200.72 4 Q2 nominal amount of Rp783.00 billion with interest rate per annum at 8.25%. Since this  IBPA Fair Price  YTM 45 41.99 Q1 This series listed on 12 May 2016 and matured on 11 May 2019. This series issued with l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume May-19 2017 240 Q1-16 Nov-18 Price and Yield Trading days ar >> Maturity Date Nov-16 Trading Activities, May-17 Nov-17 May-18 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) N/A 10.00 25.00 42.00 - - 1 2 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q3 2 Q4 2 Q1 4 - Q2 - 27 3 Trading days N/A 18 2 CTP Price - High N/A 100.030 100.470 100.050 N/A N/A 9 1 N/A 100.000 100.450 100.000 N/A N/A - - CTP Price - Low 9IBPA Fair Price N/A 100.205 99.909 99.055 100.347 100.652 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 3.445 2.662 1.966 1.377 0.931 ar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 564 Nov-16 Trading Activities, Frequency Volume Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 10.53 31-May 31-May 7.8776 1.699 0.017 26.32 18-Aug 28-Jul 8.0574 1.484 0.015 44.21 01-Nov 01-Nov 8.7384 1.264 0.013 - N/A N/A 7.6470 1.043 0.010 - N/A N/A 7.2281 0.842 0.008 This series will mature on 11 May 2018, and was traded in 4 trading days during 2016 to Q2-2017 period. During the period, total trading volume reached Rp77 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.0000% at the lowest and peaked at 100.4700%. While the IBPA fair price for this series was between 98.6040% and 100.6577%.
  565. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 NISP01CCN2 Q3-2016 415 NISP02CCN1 82 NISP02BCN1 25 42 - Q4-2016 79 216 165 20 393 Outstanding in Year 2016 Turnover 70.9% 63.2% 20.3% 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 INDONESIA BOND MARKET DIRECTORY 2016-2017 565
  566. IBPA ANALYTICAL REVIEW Description PT Bank OCBC NISP Tbk was founded in 1941 and is headquartered in Jakarta . The company is a subsidiary of OCBC Overseas Investment Pte. Ltd with 85.08% of share ownership while the remaining 14.92% of shares are held by public (as of 31 December 2016). The Bank provides a wide range of banking products & services with main focus on Peer Group No. Company Total Revenue segments. The bank also provides 3. PT BPD Jawa Barat dan Banten Tbk. 10,678 2. PT Bank Maybank Indonesia Tbk. 4. PT Bank Permata Tbk. 5. PT Bank OCBC NISP Tbk. Historical Corporate Ratings banking and mobile banking for retail customers and No. financial transactions for business banking customers. As of December 31, 2016, OCBC Bank had a global network of over 610 branches and representative offices, including more than 50 branches in 13,546 14.5 4.8 14,399 (45.0) (10.7) 10.8 10,204 5.9 17.5 10.7 Financial Statement as of Fiscal Year 2016 electronic distribution channels such as internet a comprehensive cash management for non-cash Revenue 1. PT Bank Tabungan Pensiunan Nasional Tbk. commercial / small & medium enterprise (SME) and consumer Net Profit (Rp Bill) Margins (%) Growth (%) 13,695 13.7 5.3 Rating Agency Rating Rating Status idAAA Affirmed 3. Fitch Ratings AAA(idn) Affirmed 5. Fitch Ratings AAA(idn) 1. Pefindo 2. Pefindo 4. Pefindo idAAA idAAA Rating Date 3-Feb-17 Stable 31-Mar-16 Stable Affirmed 31-Mar-16 Affirmed 4-Feb-16 Affirmed Outlook 13-Apr-15 Stable Stable Stable Singapore, 45 branches in Malaysia, 340 branches and offices in Indonesia, and over 100 branches and offices in Hong Kong, China and Macau under OCBC Wing Hang. SWOT Analysis S trengths - Very strong support from Oversea- W eaknesses - Moderate profitability profile Chinese Bank Corp Ltd (OCBC) - Very strong asset quality profile - Very strong capitalization - Have the highest NPM compared Financial Analysis to its peers Bank OCBC NISP booked an increasing net interest income by 22.1% to Rp5.4 trillion in 2016 from Rp4.42 trillion in 2015, mainly driven by the increase in interest income along with the growth in the gross loans and decline in average interest rate of time deposits. The net interest margin stood at 4.6% in 2016 from 4.1% in 2015 due to the increase in net interest income of 22.0%, higher than the growth of earning assets of 15.2%. Bank OCBC NISP posted total assets of Rp 138.2 trillion or grew by 14.7% from Rp 120.5 trillion in 2015. Total assets growth was mainly contributed 8.7% growth of total gross loans, which was also supported by the growth of thirdparty deposits of 18.7% in 2016. In 2016, Bank OCBC NISP succeed maintained its assets quality, as reflected by the gross NPL at 1.9% of total gross loans on December 31, 2016, lower than the industry average of about 2.9% at the end of 2016. 566 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Potentially to penetrate sharia - Potentially to penetrate sharia finance segment finance segment - Government commitment to - Government commitment to improve financial literacy and to improve financial literacy and to develop branchless banking program develop branchless banking - The success of Tax Amnesty program program will pushed the rapid and - The success of Tax Amnesty evenly distributed infrastructure program will pushed the rapid and development evenly distributed infrastructure - The implementation of Loan to development Funding Ratio (LFR) that can widen - The implementation of Loan to
  567. IdAA + OTMA PT Oto Multiartha Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Summitmas II Building, 18th Floor Jln. Jend. Sudirman Kav. 61-62 Jakarta 12190 Phone : (021) 5226-410 Fax : (021) 5226-424 Finance Financial Institution www.oto.co.id Nugroho Triko Pramono nugrohot@oto.co.id PT Oto Multiartha is one of the leading automotive companies in Indonesia with more than 20 years of experience in consumer financing, among others car ownership financing, both new and used cars. The Company also provides lease financing based on customer’s request. The main target of the Company is an individual consumer, in addition of business entities. The company is established in Jakarta on March 28, 1994, named PT Manunggal Multi Finance. On September 1995, the company changed its name into PT Oto Multiartha. Since March 2016, the structure of the Company’s stockholders includes PT Summit Auto Group, Sumitomo Mitsui Banking Corporation and PT Sinar Mas Multiartha. Supported by stockholders, PT Oto Multiartha succeeded to grow and increase distributed financing and has networks which spread in various regions. As an independent financing Company, PT Oto Multiartha has no association with any manufacturers, hence has the flexibility to financing all car brands in the market. The Company has enjoyed a strong domestic car market growth in the past few years, and able to maintain its position as one of the prominent players in car financing. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 105,536 132,898 541,737 840,903 19,716,865 20,855,752 Total Assets 22,287,590 22,956,795 Total Liabilities 17,301,279 17,812,567 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 214,350 16,641,396 396.6 Authorized Capital 396,599 Paid up Capital 298,169 Paid up Capital (Mil. Sh) 396.6 Par Value (Rp) 1,000 Retained Earnings 4,075,519 Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS 386,777 16,787,218 1,000 5,144,228 3.17 p 4,986,311 5,144,228 3.17 p 15.19 p - - 1,706,298 In an effort to provide “one–stop–service”, the Company develops a website www.oto.co.id. The website has acknowledged as the first automotive portal in Indonesia. The Company continues to strengthen the Information EBITDA *) Independent Commissioner BOARD OF DIRECTORS 1. Djohan Marzuki 2. Adi Fausta Lauw 3. Edi Suyitno 4. Koji Hayakawa 5. Tetsuaki Matsumoto -  4,986,311 1,598,779 BOARD OF COMMISSIONERS 1. Masaki Nakajima 2. Edward Herawan Hadidjaja * 3. Masataka Takanishi 4. Murniaty Santoso * 5. Takeshi Kimoto 0.88 p 2.96 p 866,850 -78.73 q Interest Expenses On March 1, 2016, PT Pemeringkat Efek Indonesia (Pefindo) rated PT Oto Multiartha with (Double A; Stable Outlook). 3.00 p 928.7 134.17 p 3,537,054 Supported by a strong capital, a reliable management team, business partners, loyal customers, and 2,880 employees, in 2016, PT Oto Multiartha has managed to grow with the total assets of Rp22.96 trillion, total equity increased to Rp5.14 trillion, and net income recorded by Rp452.04 billion. 5.78 p 80.44 p 3,405,234 1,042.05 p 3,070,512 Until the end of 2016, PT Oto Multiartha has operated 74 business networks spread throughout Indonesia. In addition, the Company also collaborated with a range of national networked banks and PT Pos Indonesia (Indonesia Post Office) for installment payments, to make it easier and convenient for consumers to pay the their credit installment. 25.93 p 928.7 134.17 p Total Revenues Technology system to broaden its market share by increasing efficiency and productivity in Branch Offices to serve consumers. 55.22 p 928,707 134.17 p With the performance guideline of “3M + 1T” (Man, Management, Money, plus Technology), the Company is able to provide a satisfying service to its consumers and recorded a significant performance improvement throughout 2016. Expenses Chg % Earning Before Tax Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 2,548,080 522,432 NPM (%) EBITDA Coverage (X) 452,039 15.18 p 100,979 -281,328 3.47 3.46 12.78 12.78 493,458 1.35 6.73 p 16.08 p 2,372,899 392,479 15.01 p 606,415 2,158,971 1.76 ROA (%) 2,930,639 -  9.91 p N/A q 170,711 -65.41 q -0.21 q 1.97 11.82 p 1.39 2.98 p -0.02 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Summit Auto Group 2. Summitomo Mitsui Bank Corporation 3. PT Sinarmas Multiartha 49.90% 35.10% 15.00% AUDIT COMMITTEE 1. Edward Herawan Hadidjaja 2. Irina Nurulita Licyll Utama 3. Nena Suhayati INDONESIA BOND MARKET DIRECTORY 2016-2017 567
  568. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name Outstanding (Rp Million) Obligasi Oto OTMA01C IDA0000808C4 Multiartha I Tahun 217,000 2017 IDA0000808B6 Multiartha I Tahun 583,000 2017 IDA0000808A8 31-May-17 Issue Date Term 30-May-22 Coupon Structure / Coupon Payment 8.90% 30-Aug-17 30-Nov-17 02-Mar-18 Period 5 years 31-May-17 02-Jun-18 Multiartha I Tahun 200,000 2017 31-May-17 09-Jun-18 09-Sep-17 09-Dec-17 09-Mar-18 7.35% 370 days 09-Jun-18 Quarterly Rating / Outlook Trustee 30-Aug-17 30-Nov-17 02-Mar-18 8.40% 3 years 30-May-20 Date 02-Jun-18 Quarterly Obligasi Oto OTMA01A Date Maturity Quarterly Obligasi Oto OTMA01B Listing PT Bank AA+ Mandiri (Persero) Tbk. PT Bank Stable AA+ Mandiri (Persero) Tbk. PT Bank Stable Pastikan AA+ Link Grafik sudah be Mandiri (Persero) Tbk. Stable Pastikan Link Grafik sudah be TRADING HIGHLIGHT OTMA01C Listing Date ISIN CODE : IDA0000808C4 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency May-18 Trading Activities, May-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 May-22 2017 Q1 Trading days Q2-16 May-21 Price and Yield 3 Q1-16 May-20 2016 3 enar >> enar >> May-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.3914 N/A 22-Jun N/A 18.651 N/A N/A N/A 8.8003 3.944 0.039 This series will mature on 30 May 2022. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 100.0000% at the lowest and 100.4354 at the highest. Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 568 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  569. OTMA01B ISIN CODE : IDA0000808B6 125 100 Frequency 10 Volume 8 Frequency May-18 Trading Activities, Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 119.00 N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 50 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 6 2 May-20 2016 75 25 May-19 Price and Yield Trading days N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 6 1 N/A 81.65 N/A - N/A - N/A N/A - N/A 99.8859 N/A 22-Jun N/A 7.718 N/A N/A 8.4427 2.567 N/A 0.026 This series was listed on 31 May 2017 and will be matured in 30 May 2020. From it was listed to the end of June 2017, this series was not traded. IBPA fair price during the observation period was ranged from 99.8859% to 100.1502%. Meanwhile IBPA yield for this series were 8.3409% at the lowest and 8.4427% at the highest. By the end of June 2017, the outstanding amount of this series was Rp583 billion. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM OTMA01A Listing Date ISIN CODE : IDA0000808A8 175 140 May-17 TRADING ACTIVITIES Volume Frequency 30 Volume 24 Frequency Maturity Date Aug-17 Trading Activities, Nov-17 Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A N/A N/A 171.00 N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 70 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 6 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 9.0 101 8.0 100 7.0 99 6.0 98 5.0 97 4.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 May-18 2017 Price and Yield 18 35 Feb-18 2016 105 enar >> enar >> Maturity Date May-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 27 4 342.00 N/A 100.0000 N/A 99.9500 N/A 100.0911 N/A 22-Jun N/A 1.088 N/A N/A N/A N/A N/A 12-Jun 12-Jun 7.2491 0.920 0.009 This series was listed since 31 May 2017 with nominal value of Rp200.00 billion and interest rate of 7.35 % per annum. While quarterly average turnover ratio reached 171.00 % on year 2017. This series had traded 27 times in 4 trading days with total volume booked of Rp171.00 billion until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 99.9500 - 100.0000 while the IBPA fair price was between 99.9355% - 100.0911%, the fair yield for this series was between 7.2491% - 7.4175%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 569
  570. IBPA ANALYTICAL REVIEW Description In 1994 , PT Oto Multiartha established in Jakarta by the name PT Manunggal Multi Finance, and in 1995 changed its name to PT Oto Multiartha. OTMA was a financing company that focused on the new and used car segment. The Company delivered its services through 62 branches and 2 marketing points, 2,568 employees, and more than 5,000 authorized car Peer Group No. Company Total Revenue 1. PT Pegadaian (Persero) 2. PT Adira Dinamika Multi Finance Tbk. 3. PT Federal International Finance 5. PT Oto Multiartha Historical Corporate Ratings PT Sinar Mas Multiartha joined as a new shareholder No. Sumitomo Mitsui Banking Corporation Revenue 12.0 5,319 17.6 3,537 4.3 21.7 11.6 12.8 15.2 (2.7) Financial Statement as of Fiscal Year 2016 In 2016, Sumitomo Mitsui Banking Corporation and Company owned by PT Summit Auto Group (49.9%), 8,413 8,321 4. PT Astra Sedaya Finance dealers located in major cities throughout Indonesia. of the Company. So as of December 31, 2016, the Net Profit (Rp Bill) Margins (%) Growth (%) 9,708 22.8 9.1 Rating Agency 1. Pefindo Rating Rating Status Rating Date Outlook IdAA+ Assigned 17-Mar-17 Stable (SMBC, 35.1%), and PT Sinar Mas Multiartha Tbk (15.0%). PT Summit Auto Group is wholly-owned by Sumitomo Corporation, Japan. SWOT Analysis S trengths W eaknesses - Strong business position in used - Lower margin compare to its peers car financing - Too focused on providing financial - Strong capitalization services in vehicle ownership - Have an affiliate relationship with Sumitomo Corporation Financial Analysis In 2016, the Company successfully recorded total revenue of Rp3.54 trillion or increased by 15.19% from Rp3.07 trillion in 2015. This increasing was mainly due to an increased in consumer financing revenue by 14.60% to Rp2.84 trillion in 2016. And the Company’s net income for the year 2016 increased by 15.18% compared to the previous year, from Rp392.48 billion in 2015 to Rp452.04 billion in 2016. An increase in net income was not much different from the increase in total revenue because the company managed to suppress the increase in total cost not exceeds the increase of total revenue. Total expenses in 2016 recorded an increased by 15.01% from Rp2.55 trillion in 2015 to Rp2.93 trillion in 2016. Total assets of the Company amounted to Rp22.96 trillion in 2016, increased by 3.00% from Rp22.29 trillion in 2015 due to the increasing of consumer financing receivables to Rp20.86 trillion (5.78%). In 2016, the Company's Return on Assets (ROA) at the level of 2.64% from 1.80% in 2015. 570 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Increasing household consumption - Increasing household consumption - Expansion opportunity outside Java - Expansion opportunity outside area Java area
  571. idA- PANR PT Panorama Sentrawisata Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Panorama Building 6th Fl. Jln. Tomang Raya No. 63 Jakarta 11440 Phone : (021) 255-65000 Fax : (021) 255-65055 Trade, Services & Investment Tourism, Restaurant And Hotel www.panorama-sentrawisata.com Karsono Probosetio corsec.panr@panorama-group.com PT PANORAMA SENTRAWISATA Tbk. is the only and largest Indonesian public company that focuses on Tourism and Hospitality with more than 43 years experiences, supported by 5 business pillars with technology based integration, makes it an excellence choice for investment. PT PANORAMA SENTRAWISATA Tbk. (PANR) become a holding company with more than 30 brands and more than 20 subsidiaries, some of which are joint-venture companies with prestigious global strategic partners. PANR has now transformed into a technology based integrated Tourism and Hospitality Company supported by 5 business pillars: Destination Management (Inbound Tours), Travel & Leisure Management, Media Management (Convention and Exhibition, Publication), Hospitality, and Transportation Management. PANR and its subsidiaries have booth offline (more than 90 outlets accross Indonesia) and online distribution channel that could chatter all market segment. We are dedicated to innovation, excellent services and sustainable values for the community and for the environment in which we operate. Two Divisions under PANR have now become public listed companies, listed and trading their shares on the Indonesia Stock Exchange. They are PT DESTINASI TIRTA NUSANTARA Tbk. (Panorama Destination) referred as PDES, a Subsidiary Company, and PT WEHA TRANSPORTASI INDONESIA Tbk. referred as WEHA, an Associated Company. In line with progressive business consolidation and growth, we envision a better future through our commitment to delivering ‘experience life’ and truly becoming a pride of Indonesia…! BOARD OF COMMISSIONERS 1. Adhi Tirtawisata 2. Agus Ariandy Sijoatmodjo * 3. Dharmayanto Tirtawisata 4. Satrijanto Tirtawisata 5. Toni Setioko * *) Independent Commissioner BOARD OF DIRECTORS 1. Budijanto Tirtawisata 2. Amanda Arlin Gunawan 3. Daniel Martinus 4. Ramajanto Tirtawisata AUDIT COMMITTEE 1. Agus Ariandy Sijoatmodjo 2. Felicia Mirayati Boma 3. Toni Setioko Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 340,072 424,718 24.89 p 868,598 40.27 p 101,333 Receivables Inventories 2,671 Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) 619,237 811,410 812,872 978,545 1,525,056 150,000 150,000 1,200 1,200 3,000 60,000 Paid up Capital (Mil. Sh) Par Value (Rp) 50 Retained Earnings 178,379 Non Controlling Interest 223,354 Total Equity …*) INCOME STATEMENTS Gross Profit 189,895 3,000 60,000 50 32.51 p 30.55 p 11.36 p 20.38 p 14.43 p -  -  -  -  -  158,308 -11.25 q 470,751 147.90 p 283,597 26.97 p 754,348 82.54 p 1,923,139 2,133,214 10.92 p 71,128 104,874 47.44 p 399,552 291,194 441,425 338,816 Operating Profit 108,358 102,609 EBITDA 188,432 181,431 Earning Before Tax 82.18 p 413,249 Interest Expenses Total Operating Expenses 711,710 1,332,733 Paid up Capital Total Revenues 1,075,159 2,279,404 Authorized Capital Total Equity 4,866 1,745,981 639,118 Chg % 288,862 185.06 p Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS 67,206 50,646 53,538 49,008 10.48 p 16.35 p -5.31 q 19,551 -70.91 q -3.72 q 2,906 -94.26 q 197,947 269.73 p -16,661 N/A q DER (X) 1.97 1.30 -34.05 q NPM (%) 2.63 0.14 -94.83 q 2.90 ROA (%) EBITDA Coverage (X) 2.65 0.13 -95.60 q 1.73 -34.70 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Panorama Tirta Anugerah 2. Public (<5%) 3. Adhi Tirtawisata 4. Satrijanto Tirtawisata 5. Daniel Martinus 6. Amanda Arlin Gunawan 64.25% 34.68% 0.75% 0.32% 0.01% 0.002% INDONESIA BOND MARKET DIRECTORY 2016-2017 571
  572. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name PANR01CN1 IDA000060107 PANR01CN2 IDA000068506 Outstanding (Rp Million) Obligasi Berkelanjutan I 100,000 Panorama Sentrawisata Tahap I Tahun 2013 Listing Date 10-Jul-13 Maturity Issue Date 09-Jul-18 Term Coupon Structure / Coupon Payment Date Trustee 11.50% 09-Jul-17 09-Oct-17 09-Jan-18 PT Bank Mega 12-Aug-17 12-Nov-17 12-Feb-18 PT Bank Mega Period 5 years Obligasi Berkelanjutan I 340,000 Panorama Sentrawisata Tahap II Tahun 2015 13-May-15 12-May-18 11.00% 3 years Tbk. 09-Apr-18 Quarterly Tbk. 12-May-18 Quarterly Rating / Outlook A- Stable A- Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT PANR01CN1 Listing Date ISIN CODE : IDA000060107 TRADING ACTIVITIES Volume 75 60 Jul-13 Frequency 5 Volume 4 Frequency Maturity Date Jul-14 Trading Activities, Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Jul-17 Turnover Ratio (%) - Q2 Q3 Q4 Q1 50.00 - - - 1 - - - 1 Jul-18 2017 - - Q2 1.00 - 1 1 3 Trading days 30 2 CTP Price - High N/A 101.8000 N/A N/A N/A 101.5000 CTP Price - Low N/A 101.8000 N/A N/A N/A 101.5000 15 1 - - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date Date IBPA Fair Price Price 104 PRICE AND YTM MOVEMENT YTM (%) 13.0 103 12.0 102 11.0 101 10.0 100 9.0 99 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM N/A 01-Apr 01-Apr Mod. Duration (yrs) 1.935 1.748 Sensitivity (%) 0.019 Convexity (yrs) - N/A N/A - N/A N/A - 4.00 N/A 19-May N/A 19-May 102.4175 102.3769 103.0224 101.5477 102.4619 102.4601 10.1844 Last Date 31-Mar 4.578 9.6254 10.3871 1.556 1.351 30-Jun 30-Sep 3.750 2.989 0.017 0.016 9.3991 9.0070 30-Dec 31-Mar 22-Jun 2.282 1.672 1.198 0.014 1.146 0.011 0.959 0.010 This series listed on 10 July 2013 and matured on 09 July 2018. This series issued with nominal amount of Rp100.00 billion with interest rate per annum at 11.50%. Since this series issued until at the end second quarter in 2017, this series traded 2 times in 2 trading days with total volume booked of Rp51.00 billion. During 2016, the average of total volume recorded of Rp12.50 billion/quarter and transacted 0.25 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 101.5000% - 101.8000%, while the IBPA fair price was between 99.0560% and 103.2891%. The fair yield for this series was between 8.9838% - 11.9392%. Listing Date INDONESIA BOND MARKET DIRECTORY 2016-2017 N/A 200.00 10.2772 IBPA Fair Yield (%) 572 Jul-16 2016 45 enar >> enar >> Jul-15 Maturity Date
  573. PANR01CN2 ISIN CODE : IDA000068506 40 32 May-15 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Maturity Date Nov-15 Trading Activities, May-16 Nov-16 May-17 2016 Q1 Q2 Q3 Q4 Volume (Rp bn) - - - - 35.00 - - - - 2 Frequency (X) - Turnover Ratio (%) - - - 16 6 CTP Price - High N/A N/A N/A N/A CTP Price - Low N/A N/A N/A N/A 3 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 N/A Date N/A Date 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 8.0 99 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A - - N/A N/A N/A N/A Q2 7 41.18 25.00 11 3 29.41 102.6000 101.5500 20-Feb 99.7000 17-Feb 02-May 99.1000 17-May 101.4350 101.4510 102.1039 100.8983 101.7693 101.3302 IBPA Fair Price 10.2167 10.1320 Mod. Duration (yrs) 1.842 1.649 Sensitivity (%) 0.018 IBPA Fair Yield (%) Price N/A Q1 - 9 - May-18 2017 24 8 Nov-17 Price and Yield Trading days enar >> enar >> Listing Date Last Date Convexity (yrs) 31-Mar 4.103 9.5743 10.2802 1.449 1.239 30-Jun 30-Sep 3.304 2.576 0.016 0.014 9.2772 9.4131 30-Dec 31-Mar 22-Jun 1.912 1.345 0.913 0.012 1.026 0.010 0.830 0.008 This series was listed since 13 May 2015 and matured on 30 March 2024 have a nominal value of Rp340.00 billion with fixed interest rate of 11.00 % per annum. The IBPA fair price was between 98.1588% - 102.3169%, the fair yield for this series was between 9.1274% - 11.9030%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PANR01CN1 Q2-2016 50 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 50.0% PANR01CN2 - 50 100 150 200 250 300 350 INDONESIA BOND MARKET DIRECTORY 2016-2017 573
  574. IBPA ANALYTICAL REVIEW Description PT Panorama Sentrawisata Tbk (PANR) was established in 1995 and started its commercial operation in 1998. PANR was one of the leading integrated tourism companies in Indonesia, with travel and leisure, inbound, media and hospitality Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 4,883 3.5 9.1 1. PT Fast Food Indonesia Tbk. 2. PT Panorama Sentrawisata Tbk. 2,133 3. PT Pembangunan Jaya Ancol Tbk. 0.1 1,284 10.9 12.0 13.4 business segment. PANR was a part of the Panorama Group, which also has hotels, transportation, Financial Statement as of Fiscal Year 2016 recreation parks, restaurants and cafes. As of December 31, 2016, PANR was 64.25% owned by PT Panorama Tirta Anugerah, Adhi Tirtawisata (0.75%), Historical Corporate Ratings Satrijanto Tirtawisata (0.32%), and public 34.69%. No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA- Affirmed 13-Apr-17 Stable 3. Pefindo idA- Affirmed 10-Apr-15 Stable 2. Pefindo 4. Pefindo 5. Pefindo idAidAidA- Affirmed 14-Apr-16 Affirmed 14-Apr-14 Assigned 13-Jun-13 Stable Stable Stable SWOT Analysis S trengths W eaknesses - Diversified business with good - Aggressive financial leverage synergy - Have the lowest margin compare - Extensive network to its peers - Strong market position Financial Analysis In 2016, the Company’s total revenue amounted to Rp2.13 trillion or increased by 10.92% from previously year. The increased especially donated by increased the revenue from business pilar in Inbound and travel & Leisure. The gross profit increased by 10.52% to Rp441.43 billion in 2016 from Rp399.55 billion in 2015. Nevertheless, in 2016 the Company recorded a decreased net income until 94.26% from Rp50.65 billion in 2015 to Rp2.91 billion in 2016. The declined was due to the increased in business cost, an increased in interest expenses, losses by association entity, and a profit of subsidiaries before the company lose controlled in 2016. In 2016, the Company recorded an increased of current assets by 40.27% to Rp868.60 billion due to an increased in Cash and Cash Equivalent about Rp187.53 billion (185.06%). While total non-current assets increased by 25.21% from Rp1.113 trillion in 2015 to Rp1.41 trillion in 2016 due to an increased of Deferred Tax Assets about Rp8.86 billion (72.45%) and net fixed assets about Rp263.75 billion (32.15%) as a result of revaluation assets. 574 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Improvement of product - Improvement of product diversifications diversifications - Increasing the total number of - Increasing the total number of tourist tourist - Arising number of middle class in - Arising number of middle class in Indonesia Indonesia - Potential to expand market share in - Potential to expand market share tourism industry in tourism industry
  575. idAA PIGN PT Pelabuhan Indonesia I (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Infrastructure, Utilities And Transportation Toll Road, Airport, Harbor And Allied Products www.pelindo1.co.id Muhammad Eriansyah pelabuhan1@pelindo1.co.id; asaputro@pelindo1.co.id PT Pelabuhan Indonesia I (Persero) was a company formerly known as "Haven Badrift" in the Dutch colonial period. Furthermore, from 1945 (after Indonesia's independence) to 1950 the Company’s status was changed to Port Bureau. The government of Republic of Indonesia in 1991 changed the Company status into PT Pelabuhan Indonesia I (Persero) based on Government Regulation No. 56 1991. The Company's business activities are port services covering 4 areas/provinces: North Sumatra, Aceh, Riau, and Riau Islands. The company manages 14 branch ports and 11 representative ports, and 4 business units. There are 5 primary branchs or units of the Company: Belawan Branch, Belawan International Container Terminal (BICT), Dumai Branch, Domestic Container Terminal Branch, and Pekanbaru Branch, through contributing significant profits to the Company. BOARD OF COMMISSIONERS 1. M. Nawawiy Loebis 2. Djarot Sri Sulistyo 3. Zulfahmi Rizal *) Independent Commissioner BOARD OF DIRECTORS 1. Bambang Eka Cahyana 2. Farid Luthfi 3. Iman A. Sulaiman 4. M. Hamied Wijaya 5. Syahputra Sembiring AUDIT COMMITTEE 1. Icu Zukafril 2. Ambal Lubis 3. Djarot Sri Sulistyo 4. Lidya Noor Haryanto Jln. Krakatau Ujung No. 100 Medan 20241 Phone : (061) 661-0220 Fax : (061) 661-0906 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 167,749 191,409 1,479,384 21,226 2,200,770 20,116 5,491,916 7,301,351 32.95 p 3,073,382 1,114,461 547,495 3,750,635 1,511,587 1,851,690 3,000,175 1,800,000 1,800,000 2 2 2 1,700,000 2 1,700,000 3,638,577 4,259,719 INCOME STATEMENTS Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 1,507,482 22.04 p 35.63 p 1,095,654 100.12 p Total Equity …*) Total Revenues -5.23 q 29.39 p 1,000,000 Total Equity 14.10 p 4,820,008 1,000,000 Non Controlling Interest 48.76 p 3,725,242 Par Value (Rp) Retained Earnings Chg % 62.02 p -  -  -  -  -  2,135,810 41.68 p 3,640,225 4,301,176 18.16 p 2,340,724 2,408,900 2.91 p 47,731 69,976 46.61 p 1,649 2,340,724 17.07 p 41,457 2,414.74 p 2,408,900 2.91 p 1,494,456 1,413,053 846,268 995,846 17.68 p 733,302 4.70 p - - 1,376,481 1,256,891 715,304 726,117 700,368 715,333 0.15 -5.45 q -  -8.69 q 1.51 p 726,418 1.55 p 0.25 69.37 p 30.44 1.74 p ROA (%) 12.75 10.04 -21.25 q EBITDA Coverage (X) 28.84 17.96 -37.72 q NPM (%) 29.92 *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 100.00% INDONESIA BOND MARKET DIRECTORY 2016-2017 575
  576. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. ISIN CODE Series Name Outstanding (Rp Million) Obligasi I Pelindo 1 PIGN01D IDA0000737D3 Gerbang Nusantara 50,000 Tahun 2016 Seri D IDA0000737C5 Gerbang Nusantara 400,000 Tahun 2016 Seri C IDA0000737B7 Gerbang Nusantara 500,000 Tahun 2016 Seri B IDA0000737A9 Date Term 21-Jun-26 Coupon Structure / Coupon Payment Date Trustee 9.50% 21-Sep-17 21-Dec-17 21-Mar-18 Tabungan Period 10 years 22-Jun-16 21-Jun-23 9.25% 7 years 22-Jun-16 21-Jun-21 9.00% 5 years Gerbang Nusantara 50,000 Tahun 2016 Seri A 22-Jun-16 21-Jun-19 3 years 21-Jun-18 (Persero) Tbk. 21-Sep-17 21-Dec-17 21-Mar-18 Tabungan Stable PT Bank AA Negara 21-Jun-18 (Persero) Tbk. 21-Sep-17 21-Dec-17 21-Mar-18 Tabungan PT Bank Stable Pastikan AA Link Grafik sudah be Negara Stable (Persero) Tbk. Pastikan Link Grafik sudah be PT Bank Tabungan AA Negara (Persero) Tbk. 21-Jun-18 Quarterly AA Negara 21-Sep-17 21-Dec-17 21-Mar-18 8.25% Rating / Outlook PT Bank 21-Jun-18 Quarterly Obligasi I Pelindo 1 PIGN01A 22-Jun-16 Issue Quarterly Obligasi I Pelindo 1 PIGN01B Date Maturity Quarterly Obligasi I Pelindo 1 PIGN01C Listing Stable TRADING HIGHLIGHT PIGN01D Listing Date ISIN CODE : IDA0000737D3 TRADING ACTIVITIES Volume 10 8 Jun-16 Frequency 10 Volume 8 Frequency Trading Activities, Jun-19 Dec-20 Jun-22 Dec-23 Jun-25 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - 2017 Q3 Q4 Q1 9.00 - - 2 - - 9 - Q2 6.00 - 6 6 6 Trading days N/A 4 4 CTP Price - High N/A N/A 104.0000 N/A N/A 101.4000 CTP Price - Low N/A N/A 100.0000 N/A N/A 100.0000 IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep Convexity (yrs) N/A 54.366 52.307 2 - enar >> enar >> Dec-17 Maturity Date Price 106 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 100 10.0 97 9.0 94 8.0 91 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A N/A 72.00 27-Sep 08-Aug 100.6161 100.0129 9.4037 6.398 0.064 9.4976 6.288 0.063 - N/A N/A 2 - 48.00 N/A 06-Jun N/A 05-Apr 94.9265 99.8367 101.7616 30-Dec 31-Mar 10.3460 6.085 49.203 0.061 9.5221 9.2098 22-Jun 6.080 6.033 48.442 Pastikan 47.234Link Grafik sudah be 0.061 0.060 Pastikan Link Grafik sudah be This series listed on 22 June 2016, and matured on 21 June 2026. This series issued with nominal amount of Rp50.00 billion and have fixed interest rate per annum at 9.50%. Average trading volume for this series reached Rp2.25 billion/quarter on 2016 and increased to Rp3.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.0000% – 104.0000% while the IBPA fair price was between 93.4754% – 104.6453%. The IBPA fair yield for this series was between 8.7909% – 10.5924%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 576 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  577. PIGN01C ISIN CODE : IDA0000737C5 150 120 Frequency 25 Volume 20 Frequency Maturity Date Jun-17 Trading Activities, Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 2016 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) N/A 64.00 140.50 8.00 8.00 N/A 2 8 2 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 16 Jun-23 Q4 21 Q1 4 Q2 42.50 4 5 3 90 15 Trading days 60 10 CTP Price - High N/A 100.0200 102.4000 97.8700 99.5200 101.7900 CTP Price - Low N/A 99.9800 100.0000 96.2200 97.9921 100.4361 IBPA Fair Price N/A 100.0100 99.4034 Last Date N/A 30-Jun 30-Sep Convexity (yrs) N/A 32.263 30.401 5 30 - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 8.0 95 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 64.00 140.50 30-Jun 11-Aug 27-Jun 9.2476 5.087 0.051 07-Sep 9.3701 4.948 0.049 8.00 30-Dec 28-Dec 8.00 42.50 14-Feb 12-Jun 30-Jan 18-Apr 96.1898 100.2514 100.9499 10.0573 9.1905 9.0430 30-Dec 31-Mar 22-Jun 28.307 26.945 25.510 4.776 0.048 4.682 0.047 4.572 0.046 The bond series PIGN01C, was first listed on 22 June 2016 with nominal value of Rp400.00 billion and fixed interest rate of 9.25% per annum. This series had traded 50 times in 17 trading days with total volume booked of Rp263.00 billion during the year 2016 until Q2- 2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 96.2200% - 102.4000% while the IBPA fair price was between 94.0939% - 102.3921%, the fair yield for this series was between 8.7839% 10.5055%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PIGN01B Listing Date ISIN CODE : IDA0000737B7 375 300 Jun-16 TRADING ACTIVITIES Volume Frequency 50 Volume 40 Frequency Maturity Date Jun-17 Trading Activities, Jun-18 Jun-19 Jun-20 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Jun-21 2017 Q3 Q4 Q1 21.00 367.00 185.40 25.60 3 14 11 3 6 45 33 Q2 8 32.00 12 225 30 Trading days N/A 150 20 CTP Price - High N/A CTP Price - Low N/A 99.9800 100.0000 98.0000 99.1000 100.2700 IBPA Fair Price N/A 100.0100 102.5500 99.0338 99.6022 100.1603 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 18.852 17.421 15.734 14.278 13.053 10 75 - enar >> enar >> Jun-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 16.80 293.60 30-Jun 16-Aug 27-Jun 23-Sep 148.32 4 20.48 25.60 20-Mar 05-May 20-Mar 16-Jun 100.0200 103.0000 103.5000 100.8000 102.0200 8.9969 3.967 0.040 8.3409 3.825 0.038 15-Dec 01-Dec 9.2656 3.636 0.036 9.1066 3.470 0.035 8.9518 3.326 0.033 This series will mature on 21 June 2021, and was traded in 35 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp105.17 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.0000% at the lowest and peaked also at 103.5000%. While the IBPA fair price for this series was between 97.3342% and 102.7100%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 577
  578. PIGN01A Listing Date ISIN CODE : IDA0000737A9 TRADING ACTIVITIES Volume 10 8 5 4 Frequency Jun-17 Dec-17 Jun-18 Dec-18 2016 Trading Activities, Frequency Volume Dec-16 Jun-19 2017 Price and Yield Q1 Q2 Volume (Rp bn) N/A - 7.00 2.00 1.00 - N/A - 2 1 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - Q3 Q4 4 Q1 1 Q2 1 - 6 3 Trading days 4 2 CTP Price - High N/A N/A 102.5000 98.4900 98.7800 N/A 2 1 N/A N/A 100.6000 98.4900 98.7800 N/A - - CTP Price - Low IBPA Fair Price N/A 100.1563 99.1090 97.4965 99.1028 99.6540 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.942 6.780 5.688 4.718 3.916 enar >> enar >> Jun-16 Maturity Date Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A N/A 8.1896 2.610 0.026 56.00 07-Sep 13-Jul 8.6196 2.410 0.024 16.00 24-Oct 24-Oct 9.3945 2.204 8.00 27-Jan 27-Jan 8.6854 0.022 2.004 0.020 - N/A N/A 8.4400 1.823 0.018 This series has an outstanding amount of Rp50 billion with fixed coupon per annum at 8.25%. From this series listed (22 June 2016) to the first half of year 2017, the trading volume for the series only amounted to Rp10 billion with total frequency was 6 times. The market prices for this series was at the range 98.4900% - 102.5000%. IBPA valued the fair prices for this series were 95.7837% for the lowest and 101.7463% for the highest. At the same period, the fair yield for this series was ranging from 7.5642% to 10.1358%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PIGN01D 9 PIGN01C Q3-2016 141 21 PIGN01A 72 - Q4-2016 Outstanding in Year 2016 Turnover 18.0% 64 PIGN01B 578 Q2-2016 8 53.1% 367 185 114.7% 18.0% 50 100 150 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 250 300 350 400 450 500 550 600
  579. IBPA ANALYTICAL REVIEW Description PT Pelabuhan Indonesia I (Persero) or Pelindo I is a state owned company engaged in port service businesses. The company is 100% owned by the Government of Indonesia. The operational area of the company is in 4 provinces in the Sumatera region including Aceh province, North Sumatera province, Peer Group No. Company Total Revenue 1. PT Jasa Marga (Persero) Tbk. 2. PT Angkasa Pura I (Persero) 3. PT Angkasa Pura II (Persero) seaports and 1 international container terminal Historical Corporate Ratings (Belawan International Container Terminal/BICT) in No. North Sumatera which is regarded as the busiest port outside Java. in port terminal and logistic service businesses which Prima Rating Agency Rating 1. Pefindo idAA 3. Pefindo idAA 2. Pefindo The company also had 5 subsidiaries mostly engaged PT Indonesia Logistik, 18.9 16.9 2,409 30.4 2.9 29.2 17.7 Financial Statement as of Fiscal Year 2016 By the end of 2016, the company managed 24 are Revenue 6,138 6,646 4. PT Pelabuhan Indonesia I (Persero) Riau province, and Riau Islands province. Net Profit (Rp Bill) Margins (%) Growth (%) 16,661 10.8 69.2 PT 4. Pefindo Rating Status Rating Date Outlook Affirmed 14-Mar-17 Stable Assigned 31-Mar-16 Stable idAA Assigned idAA Assigned 15-Jun-16 19-Dec-14 Stable Stable Prima Pengembang Kawasan, PT Prima Terminal Petikemas, PT Prima Multi Terminal, and PT Terminal Petikemas Indonesia. SWOT Analysis S W trengths eaknesses - Strong potential of government - Weakened financial leverage level support and cash flow - Strong market position in Sumatera - Sizeable capital expenditure - Stable profitability margin requirement - High dependence on economic and regulatory conditions Financial Analysis In 2016, Pelindo I recorded revenue about Rp2.41 trillion or increased by 2.91% from the previous year amounted to Rp2.34 trillion. Shipping cargo terminal service still contributed the largest portion to total revenue amounting to Rp1.04 trillion or increased by 5.08% from the previous year. Meanwhile shipping services generated Rp305.81 billion revenue or down by 7.96% from 2015. The operating expenses decreased slightly by 5.45% from Rp1.49 trillion to Rp1.41 trillion. As a result, the company booked an increase in net income to Rp733.30 billion in 2016, or up by 4.70% from Rp700.37 billion in 2015. O T pportunities hreats - Government fiscal stimulus to - Government fiscal stimulus to encourage the development of real encourage the development of real sector sector - Decreasing trend of oil price - Decreasing trend of oil price INDONESIA BOND MARKET DIRECTORY 2016-2017 579
  580. PIHC PT Pupuk Indonesia (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 PT Pupuk Indonesia (Persero) is the largest fertilizer manufacturer in Southeast Asia with total assets of Rp93.19 trillion and total production capacity of 13.19 million tonnes per year. In assuming the function to support national food security, PT Pupuk Indonesia (Persero) and ten subsidiaries operate 14 urea and ammonia plants in 13 different locations spread across the island of Java, Sumatra and Kalimantan. PIHC focuses its operations on the processing of fertilizers and other chemicals, trade and distribution, corporate management services and management consulting firms and other various other services. As an integrated company, PIHC also runs other supporting businesses which support its core business, such as transportation, agriculture, plantations, mining and optimization of resources. The company is committed to becoming an integrated agrochemical company, sustainable and world class. Corporate Mission • • • Developing main business in fertilizer, chemical, energy and the infrastructure Developing a food security-supporting business Developing an investment portfolio to increase Company added value. Generating quality and competitive products and services BOARD OF COMMISSIONERS 1. Bungaran Saragih 2. Megananda Daryono * 3. Ony Suprihartono 4. Sukriansyah S. Latief 5. Widharma Raya Dipodiputro 6. Yanuar Rizky * *) Independent Commissioner BOARD OF DIRECTORS 1. Aas Asikin Idat 2. Achmad Tossin Sutawikara 3. Gusrizal 4. Indarto Pamoengkas 5. Koeshartono 6. Mohamad Djohan Safri 580 Stable ADDRESS Jln. Taman Anggrek Kemanggisan Jaya Jakarta 11480 Phone : (021) 548-2767 Fax : (021) 548-0607 Basic Industry and Chemicals Chemicals www.pupuk-indonesia.com Bapak Budi Asikin info@pupuk-indonesia.com Incorporated in 24 December 1959, PT Pupuk Indonesia (Persero), formerly known as PT Pupuk Sriwidjaja (Persero) or Pusri (Persero), is a State-Owned Enterprise (SOEs) being the first fertilizer manufacturer in Indonesia which supports national development policy. • AAA(idn) INDONESIA BOND MARKET DIRECTORY 2016-2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Dec-2015 Dec-2016 Chg % Receivables 18,115,609 21,782,025 20.24 p Current Assets 49,771,980 49,575,126 Cash & Cash Equivalents Inventories Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Millions of Rp, Unless Otherwise Stated 8,249,735 13,695,505 37,427,720 72,620,564 33,648,317 42,525,709 63,094,409 66,190,179 40,000,000 40,000,000 13 13 44,882,061 40 12,899,908 1,000,000 16,385,858 28,565,067 181,590 10.01 p 9,988,430 -27.07 q 91,841,066 127,096,965 49,955,683 40 12,899,908 1,000,000 18,427,887 -0.40 q 94.03 p 38.39 p 26.38 p 11.30 p 4.91 p -  -  -  -  -  12.46 p 60,772,848 112.75 p 133,938 -26.24 q 28,746,657 60,906,786 111.87 p 66,230,955 64,164,003 1,909,271 2,819,325 12,074,172 5,448,551 12,191,796 -3.12 q 0.97 pLink Grafik sudah be Pastikan 47.66 p 4,526,403 -16.92 qLink Grafik sudah be Pastikan 6,625,621 7,665,393 15.69 p 8,126,322 9,896,339 21.78 p 4,953,770 Income for the periods 3,394,560 Net Income … *) 3,395,259 Comprehensive Income 9,075,415 4,844,643 3,525,940 -2.20 q 3.87 p 3,613,141 33,691,692 832.48 p DER (X) 1.56 0.82 -47.47 q NPM (%) 5.13 5.50 FINANCIAL RATIOS ROA (%) EBITDA Coverage (X) 3.70 4.26 3,569,579 5.13 p 2.77 -24.94 q 7.22 p 3.51 -17.53 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia AUDIT COMMITTEE 1. Megananda Daryono 2. Dodi Syaripudin 3. Tungkot Sipayung 100.00%
  581. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE (Rp Million) Obligasi I Pupuk PIHC01B IDA0000642B9 Indonesia Tahun 2014 Seri B 1,131,000 IDA0000642A1 Listing Date 10-Jul-14 Maturity Issue Date 08-Jul-19 Term Coupon Structure / Coupon Payment Date Trustee 9.95% 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank Mega 08-Jul-17 - PT Bank Mega Period 5 years Indonesia Tahun 568,000 2014 Seri A 10-Jul-14 08-Jul-17 9.63% 3 years Tbk. - Quarterly Rating / Outlook Tbk. 08-Apr-18 Quarterly Obligasi I Pupuk PIHC01A AAA Stable AAA Stable TRADING HIGHLIGHT PIHC01B Listing Date ISIN CODE : IDA0000642B9 225 180 Jul-14 TRADING ACTIVITIES Volume Frequency 30 Volume 24 Frequency Trading Activities, Maturity Date Jan-16 Jul-17 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 43.00 85.00 3 4 Frequency (X) Jan-19 2016 11 13 Q4 Q1 12.00 209.00 22.00 1 12 3 6 25 Q2 6 8.00 4 2 135 18 Trading days 90 12 CTP Price - High 102.1100 103.3500 104.8000 104.6000 103.3000 104.2300 CTP Price - Low 100.8000 100.0000 104.1000 102.1000 102.9000 100.0000 IBPA Fair Price 101.8816 103.4523 104.6479 103.2200 103.4591 103.7641 45 6 - - enar >> enar >> Series Name Outstanding Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 12.0 11.0 103 10.0 100 9.0 8.0 97 7.0 94 91 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 15.21 30.06 4.24 73.92 7.78 2.83 18-Mar 26-May 30-Aug 04-Nov 03-Jan 21-Apr 16-Feb 10-Jun 30-Aug 29-Nov 07-Mar 27-Apr 9.2661 8.0615 8.5169 8.2504 7.9354 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 8.868 7.782 6.725 5.679 4.724 3.948 Mod. Duration (yrs) 2.711 Sensitivity (%) 0.027 Convexity (yrs) 8.6390 31-Mar 2.543 0.025 2.365 0.024 2.172 0.022 1.978 0.020 1.807 0.018 This series will mature on 8 July 2019, and was traded in 25 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp63.17 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked also at 104.8000%. While the IBPA fair price for this series was between 98.5031% and 104.8180%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 581
  582. PIHC01A Listing Date ISIN CODE : IDA0000642A1 Jul-14 TRADING ACTIVITIES Volume 75 Frequency 15 Volume 60 12 Frequency Jul-15 Trading Activities, Jul-16 Jul-17 2016 Q2 2017 Price and Yield Q1 Q3 Q4 Q1 Volume (Rp bn) 71.50 4.00 26.00 24.80 74.00 4 1 4 3 6 11 Frequency (X) 2 7 6 Q2 10 33.00 14 7 45 9 Trading days 30 6 CTP Price - High 101.8000 101.5000 101.9500 101.3600 101.0800 100.7747 CTP Price - Low 100.9500 101.4900 100.0000 100.8000 IBPA Fair Price 101.7861 101.2501 101.6985 100.8034 100.7344 100.1438 3 15 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Maturity Date Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 6.0 Q2-17 Last Date 50.35 2.82 18.31 17.46 22-Mar 12-May 26-Aug 10-Oct 25-Feb 12-May 01-Aug 22-Dec 8.1093 8.3345 7.3400 8.0349 52.11 23.24 10-Jan 05-Apr 23-Mar 13-Jun 99.9800 100.1500 6.7733 6.2967 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.702 1.164 0.721 0.373 0.132 0.013 Mod. Duration (yrs) 1.162 Sensitivity (%) 0.012 Convexity (yrs) 0.946 0.725 0.009 0.007 0.495 0.259 0.005 0.003 0.044 0.000 The series listed on 10 July 2014 and will be matured on 8 July 2017. This series listed with nominal amount of Rp568 billion and has interest rate per annum at 9.63%. During the observation period, this series has transacted 50 times in 25 trading days with total volume amounted to Rp233 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 99.9800% and 101.9500%. Meanwhile, based of IBPA fair price this series has a fair price between 99.6428% - 101.9150% and fair yield between 6.1135% - 9.8815%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PIHC01B 43 PIHC01A 72 - 582 Q2-2016 85 12 26 25 100 Q3-2016 209 Q4-2016 Outstanding in Year 2016 Turnover 30.9% 22.2% 200 300 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 500 600 700 800 900 1,000 1,100
  583. IBPA ANALYTICAL REVIEW Description PT Pupuk Indonesia (Persero) or PIHC, formerly known as PT Pupuk Sriwidjaja (Persero) or Pusri (Persero) is a State-Ownned Enterprise (SOEs) being the first fertilizer manufacturer in Indonesia. PIHC also the largest fertilizer producer in Southeast Asia Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 64,164 5.5 (3.1) 1. PT Pupuk Indonesia (Persero) 2. PT Chandra Asri Petrochemical Tbk. 25,936 3. PT Aneka Gas Industri Tbk. 15.5 1,651 36.5 3.9 15.8 consisting of urea, NPK, ZK, ZA, and SP-36 with a spread across the island of Java, Sumatra, and Financial Statement as of Fiscal Year 2016 Kalimatan. PIHC has ten subsidiaries with direct investment with Historical Corporate Ratings the percentage of ownership more than 50%, as No. described: (1) PT Petrokimia Gresik, 99.9%; (2) PT Pupuk Kujang, 99.9%; (3) PT Pupuk Kalimantan Timur, 99.9%; (4) PT Pupuk Iskandar Muda, 99.9%; (5) PT Pupuk Sriwidjaja Palembang, 99.9%; (6) PT Rekayasa Industri, 90.1%; (7) PT Mega Eltra, 98.7%; (8) PT Pupuk Indonesia Logistik, 55.5%; (9) PT Pupuk Indonesia Rating Agency Rating Rating Status 1. Fitch Ratings AAA(idn) Affirmed 1-Mar-17 Stable 3. Fitch Ratings AAA(idn) Affirmed 13-Mar-15 Stable Assigned 3-Apr-13 2. Fitch Ratings 4. Fitch Ratings 5. Fitch Ratings AAA(idn) AAA(idn) AAA(idn) Affirmed Rating Date Outlook 4-Mar-16 Affirmed 18-Mar-14 Stable Stable Stable Energi, 50.0%; and (10) PT Pupuk Indonesia Pangan, 90.9%. Shareholder of PIHC was 100% of Indonesia’s Government. Several projects implemented successfully in 2016 include Amurea II project in PT Petrokimia Gresik, Pusri IIB Project in Palembang, UBS project in Bontang, and exploration for petrochemical industry development in Bintuni. SWOT Analysis S W trengths eaknesses Strong support from the the - Aggressive revitalization plan Government of Indonesia - Increasing leverage - Strong linkage from the subsidiaries - Conduct business diversification to Financial Analysis As of 2016, PHIC’s total assets amounted to Rp127.10 trillion or grew by 38.39% compared to previous year which amounted to Rp91.84 trillion. A significant increase of fixed assets due to revaluation of land support major business - State-owned enterprises acting as sole agents to produce & distribute subsidized fertilizer to eligible farmers fixed assets by Rp35.19 trillion or 94.03% compared to 2015 became a major cause of PIHC’s assets growth. In 2016, PIHC posted a decreased in total revenue by 3.12% from Rp66.23 trillion to Rp64.16 trillion. This decrease caused by decreasing in nonsubsidy fertilizer sales by Rp1.48 trillion and from services & trading revenue by Rp1.59 trillion. However, PHIC’s cost of revenues and general & administrative expenses decreased by Rp2.18 trillion and Rp227.06 billion, respectively. This condition drove the company’s net income slightly increased by O T pportunities hreats - Beneficiary of capped gas price - Beneficiary of capped gas price - High demand in line with - High demand in line with agricultural development programs agricultural development programs through self-sufficiency through self-sufficiency - Government fiscal stimulus - Government fiscal stimulus package package 3.87% from Rp3.39 trillion to Rp3.53 trillion in 2016. INDONESIA BOND MARKET DIRECTORY 2016-2017 583
  584. PJAA PT Pembangunan Jaya Ancol Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Asset in 2016 is increased by 20% from Rp3,130,177 million in 2015 to Rp3,768,551 million. In 2016 and 2015, The actual cost of revenues are respectively Rp703,295 million and Rp591,324 million, which is decrease of 19%. Overall, The Company recorded total operating expenses in 2016 for Rp262,358 million, increase 16% from previous year, which in 2015 total operating expenses was Rp220,395 million. The land and building tax in 2016 is 80,401 million, which is increase 83% from the previous year. In 2015 was 43,925 million. Prospect of The Company The Board of Directors view that current and future economic prospect are still be promising, along with recovery and infrastructure development, and the increase in domestic expenditure. Bank Indonesia (BI) projected that the economic growth will reach 5.2%--5.3% in 2017. Improvement in macroeconomic situation in 2016 is expected to continue in 2017. In response to this condition, the Board of Directors is optimistic that the Company will grow beyond the industry level by optimizing competitive advantages. At the same time, consolidation and policy improvement implemented in 2016 will also set the foundation to deal with the future challenges. In 2017, the Company will implement some strategic initiatives, including:  Revitalization, that includes innovation and renovation across business units, among others: • Revitalizing the existing Sea World Ancol and New Sea World development plan; • Providing new attraction such as New Slide at Atlantis Water Adventure and Indoor Playground at Dufan, also- preparing for New Coaster ride development as new innovation on 2018. • Improving the implementation of Ancol internal traffic management including central parking lot, additional shuttles, and developing alternative route for internal transportation, Sato-sato. • Conducting beach revitalization, providing beach cleaner, and additional toilet facilities. • Renovating the cottages, restaurants, and front office, and preparing new hotel innovation at hotel at Putri Duyung Cottage. • Innovation in new cafe, namely Lagoon Cafe at Lagoon Beach area. • Conducting some renovations, such as replacing water pipeline, adding some flood pumps, fireplace access at Ancol Property area.  Finalizing comprehensive Ancol Master Plan on the existing and future land bank as integrated area for recreation, property, and resort, including development of the reclamation, MICE, Ancol Walk and public transport plan by the local government.  Realizing the partnership with reputable developers to lever the price of the property products. 584 INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS Ecovention Building-Ecopark Jln. Lodan Timur No.7 Taman Impian Jaya Ancol Jakarta Utara Phone : (021) 2922-2222 Fax : (021) 6471-0502 Trade, Services & Investment Tourism, Restaurant And Hotel www.ancol.com Ellen Gaby Tulangow investor@ancol.com, gaby@ancol.com The strategy implementation contributed to the achievement of Rp1,283,535 million of revenue and Rp130,825 million of net income. The Company manages a number of businesses, namely property, tourism, trading and services. The recreation business unit has always been backbone of the Company’s business, that in 2016 contributed 84% to total revenue of the Company and revenues from property segment contributed 16%. idAA- FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 191,758 198,944 309,942 7,125 613,109 2,471,176 915,674 2,778,831 3,768,551 913,028 1,005,054 1,028,727 1,341,639 1,940,439 1,440,000 1,440,000 1,600 1,600 5,760 400,000 5,760 400,000 500 & 250 500 & 250 1,682,008 1,698,488 1,245,298 3.75 p 36.04 p 49.35 p 12.45 p 20.39 p 97.94 p 10.08 p 44.63 p -  -  -  -  -  1,261,779 1.32 p 1,788,538 129,625 1,828,112 21.68 p 1,131,490 1,283,535 13.44 p 36,142 45,485 25.85 p 106,530 540,165 119,719 Operating Profit 420,446 EBITDA 296,593 Earning Before Tax 9,692 3,130,177 519,711 Chg % 753,939 143.25 p 378,600 580,240 0.98 p 2.21 p 7.42 p 339,970 183.97 p 240,270 -42.85 q 246,664 -34.85 q 296,593 -  Income for the periods 289,420 153,894 -46.83 q Net Income … *) 290,861 130,825 -55.02 q Comprehensive Income 289,408 FINANCIAL RATIOS 0.51 DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 9.25 25.58 8.21 *) … attributable to owners of the parent entity 149,980 -48.18 q 0.55 11.99 -53.13 q qLink Grafik sudah be 6.52 -20.54 Pastikan SHAREHOLDERS 1. Province of DKI Jakarta (Class A) 2. PT Pembangunan Jaya (Seri B) 3. Province of DKI Jakarta (Class C) 4. PT Pembangunan Jaya (Seri C) 5. Public AUDIT COMMITTEE 1. Ngadiman 2. Jundariatin Rowi 7.70 p qLink Grafik sudah be 4.08 -55.83 Pastikan 3. Muhammad Riyanto 4. Sukarjono 1 share 1 share 72.00% 18.01% 9.99%
  585. BOARD OF COMMISSIONERS 1 . Ngadiman * 2. Daryanto Mangoenpratolo Yosodiningrat * 3. Trisna Muliadi 4. Tuty Kusumawati *) Independent Commissioner AS OF JUNE 2017 CODE No. 1. ISIN CODE Series Name Outstanding (Rp Million) Obligasi II Jaya PJAA02B IDA0000564B5 Ancol Tahun 2012 200,000 Seri B Listing Date 28-Dec-12 Maturity Issue Date 27-Dec-17 Term Coupon Structure / Coupon Payment Date Trustee 8.40% 27-Sep-17 27-Dec-17 - Quarterly - Permata Tbk. 8.20% Quarterly 29-Jun-17 29-Sep-17 29-Dec-17 29-Mar-18 Permata Tbk. 8.10% 29-Jun-17 29-Sep-17 29-Dec-17 Permata Tbk. Period 5 years Obligasi PJAA01BCN1 Berkelanjutan I Jaya 2. Ancol Tahap I IDA0000762B5 50,000 30-Sep-16 29-Sep-21 5 years Tahun 2016 Seri B Obligasi PJAA01ACN1 Berkelanjutan I Jaya 3. Ancol Tahap I IDA0000762A7 250,000 30-Sep-16 29-Sep-19 3 years Tahun 2016 Seri A 29-Mar-18 Quarterly Rating / Outlook PT Bank PT Bank PT Bank AA- Stable AA- Stable AA- Stable TRADING HIGHLIGHT PJAA02B Listing Date ISIN CODE : IDA0000564B5 150 120 Dec-12 TRADING ACTIVITIES Volume Frequency 25 Volume 20 Frequency Maturity Date Dec-13 Trading Activities, Dec-14 Dec-15 Dec-16 2016 2017 Price and Yield Q1 Volume (Rp bn) - 49.00 143.00 8.00 82.50 - 1 4 2 7 Frequency (X) - Turnover Ratio (%) - Q2 Dec-17 Q3 7 Q4 21 Q1 4 Q2 24 54.00 7 3 90 15 Trading days 60 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price 98.2757 98.8009 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.036 2.315 1.680 1.134 0.683 0.367 5 30 - enar >> enar >> BOARD OF DIRECTORS 1. C. Paul Tehusijarana 2. Arif Nugroho 3. Budiwidiantoro 4. Daniel Nainggolan 5. Harianto Badjoeri 6. Teuku Sahir Syahali Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 9.4704 Mod. Duration (yrs) 1.596 Sensitivity (%) 0.016 Convexity (yrs) 98.00 286.00 17-May 20-Jul 16.00 165.00 108.00 28-Dec 13-Jan 05-Jun 27-Dec 11-Jan 15-May 100.4000 100.5000 100.1600 100.5300 100.7000 96.9000 100.0000 17-May 9.2694 1.384 0.014 10-Aug 99.7000 100.0000 100.5000 99.8276 100.0995 100.2933 100.7365 8.5472 1.166 0.012 8.2937 0.942 0.009 7.9552 0.709 0.007 6.9269 0.490 0.005 The series listed on 28 December 2012 and will be matured on 27 December 2017. This series listed with nominal amount of Rp200 billion and has interest rate per annum at 8.40%. During the observation period, this series has transacted 63 times in 17 trading days with total volume amounted to Rp336.5 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 96.9000% and 100.7000%. Meanwhile, based of IBPA fair price this series has a fair price between 95.8984% - 100.7365% and fair yield between 6.9269% - 10.7251%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 585
  586. PJAA01BCN1 Listing Date ISIN CODE : IDA0000762B5 TRADING ACTIVITIES Volume 15 12 Frequency 5 Volume 4 Frequency Sep-17 Trading Activities, Sep-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 10.00 - - N/A N/A N/A 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 3 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 101 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 99 10.0 97 9.0 95 8.0 93 7.0 91 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 2017 N/A 6 Q3-16 Sep-21 Q1 3 Q2-16 Sep-20 2016 9 Q1-16 Sep-19 Price and Yield Trading days enar >> enar >> Sep-16 Maturity Date N/A N/A N/A 2 N/A N/A N/A 80.00 N/A N/A N/A N/A - - N/A N/A 100.0000 N/A N/A N/A 93.3834 96.6530 97.2038 N/A 30-Dec 31-Mar 22-Jun N/A 17.590 16.179 14.561 03-Oct 03-Oct 9.9663 N/A N/A - N/A N/A N/A - 100.0200 N/A N/A Q2 N/A N/A N/A Q1 3.850 N/A 0.039 N/A N/A N/A 9.1091 3.704 0.037 N/A 8.9955 3.487 0.035 The bond series PJAA01BCN1, was first listed on 30 September 2016 with nominal value of Rp50.00 billion and fixed interest rate of 8.20% per annum. This series had traded 2 times in 1 trading days with total volume booked of Rp10.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 100.0000% - 100.0200% while the IBPA fair price was between 91.0898% - 100.0202%, the fair yield for this series was between 8.1947% 10.5757%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PJAA01ACN1 Listing Date ISIN CODE : IDA0000762A7 TRADING ACTIVITIES Volume 450 360 Frequency 20 Volume 16 Frequency Trading Activities, Sep-17 Volume (Rp bn) N/A N/A 5.00 449.00 - - N/A 1 8 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 8 CTP Price - High N/A 90 4 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 103 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Sep-19 2017 Q2 180 Q3-16 Mar-19 Q1 N/A Q2-16 Sep-18 Price and Yield Trading days Q1-16 Mar-18 2016 12 Price 586 Mar-17 270 enar >> enar >> Sep-16 Maturity Date N/A N/A Q3 Q4 2 - Q1 15 718.40 - Q2 - N/A 99.9800 100.1500 N/A N/A N/A 99.9800 100.0000 N/A N/A N/A 99.9800 96.2498 98.3268 98.8980 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 8.085 6.856 5.809 4.828 N/A N/A N/A N/A N/A 30-Sep 07-Dec 30-Sep 08-Dec 8.1075 2.637 0.026 9.6707 2.425 0.024 N/A N/A 8.8438 2.231 0.022 N/A N/A 8.6392 2.013 0.020 The bond series PJAA01ACN1, was first listed on 30 September 2016 with nominal value of Rp250.00 billion and fixed interest rate of 8.10% per annum. This series had traded 17 times in 9 trading days with total volume booked of Rp454.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q22017 this series was traded between 99.9800% - 100.1500% while the IBPA fair price was between 94.6292% - 100.0067%, the fair yield for this series was between 8.0971% 10.3056%.
  587. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PJAA02B Q2-2016 49 PJAA01BCN1 10 PJAA01ACN1 5 - Q3-2016 143 Q4-2016 8 Outstanding in Year 2016 Turnover 100.0% 20.0% 449 50 100 150 200 181.6% 250 300 350 400 450 500 INDONESIA BOND MARKET DIRECTORY 2016-2017 587
  588. IBPA ANALYTICAL REVIEW Description PT Pembangunan Jaya Ancol Tbk (PJAA) classified its businesses into 3 main businessses, namely property, tourism, and trading and services businesses in Indonesia. PJAA engages in the construction of residential properties, such as lots and town house Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 4,883 3.5 9.1 1. PT Fast Food Indonesia Tbk. 2. PT Panorama Sentrawisata Tbk. 2,133 3. PT Pembangunan Jaya Ancol Tbk. 0.1 1,284 10.9 12.0 13.4 units; commercial areas; and commercial properties. Financial Statement as of Fiscal Year 2016 PJAA also manages entrance gates, recreational parks and beaches, amusement parks, swimming pools, animal shows, and lodging facilities; and trades Historical Corporate Ratings merchandise such as t-shirts, dolls, caps, umbrellas, No. and other stuff serving as memorabilia to the visitors. In 2016, PJAA continuously consolidated its internal foundation innovation through in facility recreation, improvement resort and and property segments. PJAA launched “Dragon Slide,” new Rating Agency Rating Rating Status 1. Pefindo idAA- Affirmed 14-Jun-17 Stable 3. Pefindo idAA- Affirmed 12-Oct-15 Stable Affirmed 2-Oct-13 2. Pefindo 4. Pefindo 5. Pefindo idAAidAAidAA- Rating Date Affirmed 22-Jun-16 Affirmed 10-Oct-14 Outlook Stable Stable Stable attraction, at Atlantis Water Adventure and held “Festival Waisak Indonesia” (FWI) at Pasar Seni Ancol. The Vesak Festival won a record of Indonesian Record Museum (MURI) as the first Vesak Festival in Indonesia and the biggest in the world. As of December 31, 2016, PJAA’s major shareholders were Municipal Government of DKI Jakarta (72.00% of ownership), PT Pembangunan Jaya (18.00%), and public (10.00%). Financial Analysis As of December 31, 2016, PJAA booked Rp3.77 trillion assets that was 20.39% higher than Rp3.13 trillion booked in 2015. Increasing assets was mostly contributed by increasing current assets by Rp302.57 billion or 49.35%. This was driven by increasing cash SWOT Analysis S trengths W eaknesses - Strong presence in the recreational - Land limitation on property area segment development - Strong cash flow protection and - Dependency on the reclamation liquidity process for further business - Support from the local government expansion as the majority shareholders - Strong reputation as exclusive and luxurious property developed in Indonesia to Rp753.94 billion (+143.25%) after some projects delays such as new hotel development and suspended reclamation; unabsorbed bonds proceeds; and short-term loans for working capital. PJAA’s total revenues also increased from Rp1.13 trillion in 2015 to Rp1.28 trillion in 2016 (+13.44%) due to increasing revenue from entrance ticket and recreation rides during the period. Nevertheless, net profit for the year decreased by Rp135.53 billion (-46.83%) from Rp289.42 billion in 2015 to Rp153.89 billion in 2016. The decreased was due to soaring other expenses by 816.77% from Rp12.78 billion to Rp117.13 billion, comprising of: cancellation of retail land sales in 2015; project reserves for new hotel completion delay and revenue refund on Management Right extension collected by the Company as enforcement of GCG principle. In this year, PJAA’s current ratio achieved 89.10% in 2016 from 117.97% in 2015, this was consequence of ongoing investment implemented by the Company. 588 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Potential to expand new - Potential to expand new attractions. attractions. - Development of ecotourism - Development of ecotourism - The rapidly development of the - The rapidly development of the entertainment and recreational entertainment and recreational industry industry
  589. idAA PNBN PT Bank Pan Indonesia Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Panin Bank Centre Jln. Jend. Sudirman Jakarta Phone : (021) 270-0545, 573-5555 Fax : (021) 270-0340 Finance Bank www.panin.co.id Jasman Ginting jasman@panin.co.id Established on 17 August 1971, PT Bank Panin T b k . u n d e r t o o k a s e r i e s o f b u s i n e ss transformations in line with its business growth and developments of the national economy. PaninBank was the first bank to go public in 1982. At present, 46.04% of its shares are held by PT Panin Financial Tbk., 38.82% by Votraint No 1103 Pty. Ltd., and the remaining by investor and public shareholders. By the end of 2016, Panin Bank total assets reached Rp199,2 trillion, is one of 10 major national bank. Loans totaling Rp134,6 trillion and Third Party Funds for Rp142,7 trillion and its own capital Rp34,2 trillion. PaninBank provides comfort services through 564 branches and 973 ATMs spread from Aceh to Papua and continuously innovates by strengthening its banking products and services including digital banking channels in line with the customers’ need. PaninBank vision is striving to become one of the First Tier Bank in Indonesia, continuing its involvement to support the development of the national banking industry. This will be achieved through innovative products, nation-wide distribution network, and in-depth market knowledge, as well as optimizing its intermediary function from funding to financing the consumer, commercial and corporate segments. As a Bank that has operated more than 46 years, PaninBank has a solid reputation and continuously strengthening its capital structure. The bank provides innovative products and services to a growing customer base, including those of Sharia products and services through its subsidiary, PT Panin Bank Syariah Tbk., the first sharia bank to go public in January 2014. With its long history, PaninBank offers professional banking experience to satisfy customers’ banking needs with value added and integrated solutions. In support of its vision and mission, PaninBank continues to improve and develop its Human Resources, Information Technology, Risk Management, and the implementation of best practices in Good Corporate Governance. BOARD OF COMMISSIONERS 1. Johnny 2. Bambang Winarno * 3. Chandra R Gunawan 4. Lianna Loren Limanto 5. Lintang Nugroho * 6. Riyanto * *) Independent Commissioner BOARD OF DIRECTORS 1. Herwidayatmo 2. Ahmad Hidayat 3. Antonius Ketut Dwirianto 4. Edy Heryanto 5. Gunawan Santoso 6. Hendrawan Danusaputra 7. Januar Hardi 8. Lionto Gunawan 9. Ng Kean Yik 10. Roosniati Salihin 11. Suwito Tjokrorahardjo FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 1,372,501 1,433,984 Placements with Other Banks 8,475,461 12,528,047 Marketable Securities 21,397,498 25,559,895 Loans 117,743,573 125,049,120 Investments 507,022 561,648 Property, Plant and Equipment 9,134,396 9,851,752 Total Assets 183,120,540 199,175,053 Deposits 133,811,045 144,372,355 Fund Borrowings 3,308,999 3,269,131 Total Liabilities 152,314,331 164,974,253 Authorized Capital (Mil. Sh) 96,000 96,000 Authorized Capital 9,600,000 9,600,000 Paid up Capital 2,408,765 2,408,765 Paid up Capital (Mil. Sh) 24,088 24,088 Par Value (Rp) 100 100 Retained Earnings 16,622,118 19,029,464 Total Equity …*) 28,351,199 31,614,893 Non Controlling Interest 2,455,010 2,585,907 Total Equity 30,806,209 34,200,800 INCOME STATEMENTS Total Interest Income 16,914,828 17,447,007 Other Operating Revenue 1,017,918 1,295,280 Interest Expenses Other Operating Expenses Income from Operations Non-Operating Revenues Earning Before Tax 9,713,532 5,793,718 2,425,496 32,188 2,457,684 Income for the periods 1,567,845 Net Income … *) 1,406,891 Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 7,744,040 6,531,085 32.23 p 2,518,048 60.61 p 3,388,179 -56.25 q 2,405,293 70.97 p 9.27 14.43 14.34 27.25 p 12.73 p 99,020 207.63 p 3,306,183 34.52 p 4.82 0.86 3.15 p -7.30 q 3,207,163 4.94 *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Panin Financial Tbk. 2. Voltrain No. 1103 PTY Ltd. 3. Public 9,004,039 Chg % 4.48 p 47.82 p 19.45 p 6.20 p 10.77 p 7.85 p 8.77 p 7.89 p -1.20 q 8.31 p -  -  -  -  -  14.48 p 11.51 p 5.33 p 11.02 p -2.44 q 1.26 47.66 p 18.38 28.19 p 55.71 p 46.04% 38.82% 15.15% AUDIT COMMITTEE 1. Riyanto 2. Lianna Loren Limanto 3. Lukman Abdullah 4. Yessica Novia Santoso INDONESIA BOND MARKET DIRECTORY 2016-2017 589
  590. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. 6. 7. CODE ISIN CODE PNBN04SB IDA000046106 PNBN01SBCN1 IDA000056105 PNBN01CN1 IDA000056006 PNBN02SBCN1 IDA000074009 PNBN02CN1 IDA000074108 PNBN02CN2 IDA000076707 PNBN02SBCN2 IDA000079701 Series Name Obligasi Subordinasi Bank Panin III Tahun 2010 Outstanding (Rp Million) 2,460,000 Listing Date 10-Nov-10 Maturity Date 09-Nov-17 Issue Term 7 years Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2,000,000 21-Dec-12 20-Dec-19 7 years Coupon Structure / Coupon Payment 10.50% 09-Aug-17 09-Nov-17 - Period Date Quarterly - 9.40% 20-Sep-17 20-Dec-17 20-Mar-18 2012 Quarterly 20-Jun-18 Obligasi Berkelanjutan 8.15% 20-Sep-17 20-Dec-17 - I Bank Panin Tahap I Tahun 2012 1,000,000 21-Dec-12 20-Dec-17 5 years Obligasi Subordinasi Berkelanjutan II Bank Panin Tahap I Tahun 100,000 29-Jun-16 28-Jun-23 7 years 2016 Obligasi Berkelanjutan II Bank Panin Tahap I Tahun 2016 Obligasi Berkelanjutan II Bank Panin Tahap II Tahun 2016 2,000,000 2,125,000 29-Jun-16 28-Oct-16 28-Jun-21 27-Oct-21 5 years 5 years Obligasi Subordinasi Berkelanjutan II Bank Panin Tahap II Tahun 2,400,000 20-Mar-17 2017 17-Mar-24 7 years Quarterly - 9.60% 28-Sep-17 28-Dec-17 28-Mar-18 Quarterly 28-Jun-18 9.15% 28-Sep-17 28-Dec-17 28-Mar-18 Quarterly 28-Jun-18 8.75% 27-Jul-17 27-Oct-17 27-Jan-18 Quarterly 27-Apr-18 10.25% 17-Sep-17 17-Dec-17 17-Mar-18 Quarterly 17-Jun-18 Trustee PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Rating / Outlook AA- Stable AA- Stable AA Stable Pastikan Link Grafik sudah A+ Stable AA Stable AA Stable A+ Stable Pastikan Link Grafik sudah 590 INDONESIA BOND MARKET DIRECTORY 2016-2017
  591. TRADING HIGHLIGHT PNBN04SB Listing Date ISIN CODE : IDA000046106 Nov-10 TRADING ACTIVITIES Volume 1250 Frequency 200 Volume 1000 160 Frequency Nov-11 Trading Activities, Price and Yield Volume (Rp bn) Maturity Date Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Q4 Q1 2016 Q1 Q2 2017 Q3 Q2 926.87 303.30 1142.28 974.75 695.91 25 20 32 35 36 98 Frequency (X) 59 144 149 175 750 120 Trading days 500 80 CTP Price - High 101.214 102.950 103.180 103.050 102.550 CTP Price - Low 94.000 94.970 98.150 80.000 99.150 250 benar >> 40 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date 17-Mar Date 02-Feb 109 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 101 10.0 97 9.0 93 8.0 89 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 49.32 14-Jun 02-May 185.74 22-Sep 09-Aug 158.50 05-Oct 19-Oct 113.16 19-Jan 08-Mar 265.33 48 14 43.14 101.640 07-Apr 99.650 09-May IBPA Fair Price 100.979 100.190 101.935 101.923 101.500 101.152 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.896 1.342 0.864 0.479 0.227 IBPA Fair Yield (%) Price 150.71 Nov-17 9.8093 Mod. Duration (yrs) 1.442 Sensitivity (%) 0.014 Convexity (yrs) 2.550 10.3421 1.234 8.6442 1.025 0.012 0.010 8.1492 0.805 0.008 7.8901 0.575 7.3874 0.367 0.006 0.004 This series listed on 10 November 2010, and matured on 09 November 2017. This series issued with nominal amount of Rp2.46 trillion and have fixed interest rate per annum at 10.50%. Average trading volume for this series reached Rp836.80 billion/quarter on 2016 and decreased to Rp480.62 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 80.0000% – 103.1800% while the IBPA fair price was between 98.6385% – 102.4750%. The IBPA fair yield for this series was between 7.3600% – 11.3255%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PNBN01SBCN1 Listing Date ISIN CODE : IDA000056105 TRADING ACTIVITIES Volume 750 600 Dec-12 Frequency 125 Volume 100 Frequency Dec-13 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Maturity Date Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 2016 Q1 Q2 2017 Q3 Q4 Q1 117.30 140.90 654.30 450.40 450.00 8 11 26 17 21 17 46 Dec-19 106 49 76 Q2 483.00 58 14 450 75 Trading days 300 50 CTP Price - High 104.050 102.500 101.750 102.150 102.120 101.950 CTP Price - Low 92.000 94.000 95.000 99.000 98.500 100.000 150 benar >> 25 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 99 9.0 96 8.0 93 7.0 90 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 23.46 12-Jan 18-Feb 97.980 10.0479 28.18 12-Apr 29-Apr 130.86 07-Sep 15-Sep 90.08 25-Oct 31-Oct 90.00 26-Jan 22-Feb 96.60 20-Jun 20-Jun 98.477 101.188 100.702 101.040 101.016 9.9228 8.9703 9.1265 8.9533 8.9407 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) 11.310 10.066 8.916 7.738 6.631 5.711 Mod. Duration (yrs) Sensitivity (%) 3.088 0.031 2.918 0.029 2.751 0.028 2.564 0.026 2.373 0.024 2.204 0.022 The bond series PNBN01SBCN1, was first listed on 21 December 2012 with nominal value of Rp2000.00 billion and fixed interest rate of 9.40% per annum. This series had traded 352 times in 97 trading days with total volume booked of Rp2295.90 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 92.0000% - 104.0500% while the IBPA fair price was between 94.5959% - 102.1200%, the fair yield for this series was between 8.5286% - 11.1062%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 591
  592. PNBN01CN1 Listing Date ISIN CODE : IDA000056006 TRADING ACTIVITIES Volume 225 180 Dec-12 Frequency 30 Volume 24 Frequency Maturity Date Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 2016 Trading Activities, Price and Yield Q1 Volume (Rp bn) 2017 Q2 Q3 24.00 38.50 46.00 117.20 217.50 3 8 3 7 9 5 Frequency (X) 16 Q4 7 Q1 16 Q2 44.00 25 6 3 135 18 Trading days 90 12 CTP Price - High 103.050 102.350 100.400 100.460 100.850 100.600 CTP Price - Low 97.600 98.250 100.050 99.000 99.500 100.450 IBPA Fair Price 98.606 99.085 99.853 100.096 100.284 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.985 2.268 1.636 1.096 0.653 0.351 45 benar >> 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) 14-Jan Date 15-Jan Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 9.60 9.0173 Mod. Duration (yrs) 1.582 Sensitivity (%) 0.016 Convexity (yrs) 15.40 18.40 15-Jun 12-Jul 03-Jun 28-Jul 8.8180 8.2757 1.369 1.149 0.014 0.011 46.88 13-Oct 10-Oct 8.0445 0.924 0.009 87.00 07-Mar 26-Jan 7.7060 0.691 17.60 09-May 09-May 100.544 Pastikan Link Grafik sudah 7.0199 0.481 0.007 0.005 This series will mature on 20 Dec 2017, and was traded in 33 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp81.20 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.6000% at the lowest and peaked also at 103.0500%. While the IBPA fair price for this series was between 95.8265% and 100.7342%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PNBN02SBCN1 Listing Date ISIN CODE : IDA000074009 TRADING ACTIVITIES Volume 200 160 Jun-16 Frequency 20 Volume 16 Frequency Jun-18 Trading Activities, Jun-19 Jun-20 Jun-21 Jun-22 2016 Jun-23 2017 Price and Yield Q1 Q2 Volume (Rp bn) N/A - 2.00 - 180.00 - - 1 - 3 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - Q3 Q4 1 - Q1 Q2 19 - 120 12 Trading days N/A 80 8 CTP Price - High N/A N/A 103.000 N/A 100.650 N/A 40 4 N/A N/A 103.000 N/A 99.000 N/A - - CTP Price - Low IBPA Fair Price N/A 100.645 97.966 Last Date N/A 30-Jun Convexity (yrs) N/A 32.015 benar >> Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 99 10.0 96 9.0 93 8.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 592 Jun-17 Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 - N/A N/A 9.4727 5.057 0.051 8.00 14-Sep 14-Sep 10.0183 30-Sep 4.895 29.957 0.049 - N/A N/A 720.00 03-Feb 03-Feb - N/A N/A 93.582 101.525 98.675 Pastikan Link Grafik sudah 30-Dec 31-Mar 22-Jun 27.774 26.850 24.540 10.9956 4.711 0.047 9.2698 4.668 0.047 9.8945 4.417 0.044 This series will mature on 28 June 2023, and was traded in 4 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp182 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.0000% at the lowest and peaked also at 103.0000%. While the IBPA fair price for this series was between 91.8006% and 104.1063%.
  593. PNBN02CN1 Listing Date ISIN CODE : IDA000074108 1250 1000 Jun-16 TRADING ACTIVITIES Volume Maturity Date Trading Activities, Frequency 35 Volume 28 Frequency Jun-17 Jun-18 2016 N/A 130.00 338.00 1200.00 2.00 - 1 7 3 2 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 500 14 CTP Price - High N/A 250 7 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date Convexity (yrs) Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q2 2017 Volume (Rp bn) Trading days Q2-16 Jun-21 Q1 21 Q1-16 Jun-20 Price and Yield 750 benar >> Jun-19 Q3 3 26.00 Q4 32 67.60 Q1 15 Q2 3 240.00 - 0.40 - - 102.300 100.160 102.030 N/A - 95.000 100.000 100.000 N/A 100.454 100.659 97.600 100.538 100.820 N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun N/A 18.935 17.390 15.734 14.389 12.861 - 03-Aug - 9.0360 3.975 0.040 15-Sep 8.9777 3.817 0.038 22-Dec 05-Oct 21-Mar 10-Jan 9.8168 3.633 0.036 8.9887 3.484 0.035 N/A N/A 8.9043 3.266 0.033 The Bonds issued with nominal value of Rp2.00 trillion and interest rates of 9.15% per annum. This bond is effective from 29 June 2016 to 28 June 2021. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 95.0000% - 102.3000%, while in first semester 2017 this bond was traded between 100.0000% and 102.0300%. In first semester 2017, IBPA fair price recorded at range 97.6499% - 101.0226%. During 2016 this bond was traded with volume amounting to Rp1.67 trillion and transacted 50 times, meanwhile in a half of year 2017 recorded by Rp2.00 billion and transacted 3 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PNBN02CN2 Listing Date ISIN CODE : IDA000076707 TRADING ACTIVITIES Volume 750 600 Oct-16 Frequency 30 Volume 24 Frequency Maturity Date Oct-17 Trading Activities, Oct-18 Q1 Q2 Q3 N/A N/A N/A 385.50 514.50 N/A N/A 7 8 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 300 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - - benar >> Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-21 2017 Volume (Rp bn) 18 6 Oct-20 Price and Yield 450 150 Oct-19 2016 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q4 Q1 12 72.56 Q2 26 96.85 N/A 100.700 101.000 N/A 94.600 94.630 N/A 10-Nov N/A 29-Dec N/A 9.8074 N/A 14-Feb 03-Jan 452.50 24 10 85.18 102.004 06-Jun 99.000 30-May 95.968 98.966 102.160 N/A 30-Dec 31-Mar 22-Jun N/A 17.605 16.228 15.068 N/A N/A 3.811 0.038 9.0204 3.671 0.037 8.1535 3.552 0.036 This series has an outstanding amount of Rp2.13 trillion with fixed coupon per annum at 8.75%. During 2016 to the end of June 2017, total trading volume for the series was Rp1.35 trillion and transacted 62 times. In 2016, average trading volume amounted to Rp96.38 billion/quarter while during the first semester of 2017 the average volume increased to Rp483.5 billion/quarter. The market prices for this series observed through the Centralized Trading Platform (CTP) were 94.6000% at the lowest and 102.0036% at the highest. Meanwhile the range of IBPA fair price was stood between 94.5624% and 102.2574%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 593
  594. PNBN02SBCN2 Listing Date ISIN CODE : IDA000079701 TRADING ACTIVITIES Volume 2000 1600 Mar-17 Frequency 1000 Volume 800 Frequency Maturity Date Mar-18 Mar-19 Trading Activities, Mar-20 2016 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A 346.40 N/A N/A N/A 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 800 400 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A benar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Mar-24 2017 Q2 Trading days - Mar-23 Q1 600 200 Mar-22 Price and Yield 1200 400 Mar-21 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 11 57.73 1880.96 773 17 313.49 N/A 100.500 N/A 100.000 N/A 100.912 100.125 N/A 31-Mar 22-Jun N/A N/A N/A N/A N/A N/A 29-Mar 29-Mar 10.0597 4.927 30.783 0.049 100.500 05-Jun 99.950 05-Apr 10.2237 Rp2400.00 billion and fixed interest rate of 10.25% per annum. This series had traded 784 times in 20 trading days with total volume booked of Rp2.23 trillion until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 99.9500% - 100.5000% while the IBPA fair price was between 99.8579% 101.1108%, the fair yield for this series was between 10.0253% - 10.2776%.  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q2-2016 PNBN04SB 927 PNBN01SBCN1 PNBN01CN1 39 117 PNBN02SBCN1 2.0% 130 PNBN02CN2 1,142 450 Turnover Outstanding in Year 2016 975 136.1% 68.1% 22.6% 338 1,200 200 83.4% 18.1% 386 - Q4-2016 303 654 117 141 PNBN02CN1 594 Q3-2016 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 INDONESIA BOND MARKET DIRECTORY 2016-2017 0.048 The bond series PNBN02SBCN2, was first listed on 20 March 2017 with nominal value of l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 4.817 29.253
  595. IBPA ANALYTICAL REVIEW Description PT Bank Pan Indonesia Tbk (Bank Panin), established on 17 August 1971, was the first bank to go public in 1982. The bank provides various conventional banking products with main focus on commercial and retail sectors. In the retail banking segment, the bank engages in various funding and financing products & services including mortgages, car loans, and personal Peer Group No. Company Total Revenue 3. PT Bank CIMB Niaga Tbk. 21,325 2. PT Bank Mandiri (Persero) Tbk. 4. PT Bank Pan Indonesia Tbk. 5. PT Bank Tabungan Negara (Persero) Tbk. Historical Corporate Ratings & medium sized businesses throughout Indonesia. No. provide a variety of financial services such as sharia banking, consumer financing, finance lease, and insurance. Some of the Bank’s biggest subsidiaries are PT Clipan Finance Indonesia Tbk and PT Verena 86,088 17.0 17,447 14.4 17,139 6.1 9.8 (4.5) 15.3 14.5 3.1 Financial Statement as of Fiscal Year 2016 working capital and investment loans for micro, small The Bank also has a number of subsidiaries that Revenue 1. PT Bank Rakyat Indonesia (Persero) Tbk. loans as well as e-banking services. While in the commercial banking segment, the bank provides Net Profit (Rp Bill) Margins (%) Growth (%) 94,788 27.7 10.9 Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idAA Affirmed 12-Apr-17 Stable 3. Pefindo idAA Affirmed 12-Oct-15 Stable Affirmed 3-Oct-13 2. Pefindo 4. Pefindo 5. Pefindo idAA idAA idAA Affirmed 4-Apr-16 Affirmed 7-Oct-14 Stable Stable Stable Multi Finance Tbk (both in consumer finance sector), and PT Bank Panin Syariah (Banking sector). Bank Pan provides commercial banking services through 565 offices across Indonesia. At present, the Bank has around 13,379 employees and more than 1,000 self owned ATMs. By the end of 2016, the Bank’s shareholding compositions are PT Panin Financial Tbk (46.04%), Votraint No 1103 Pty Ltd owned by ANZ (38.82%), and Public (15.14%). SWOT Analysis S W trengths eaknesses - Strong support from major - Moderate profitability shareholders such as ANZ Banking performance Group - Decreasing asset quality reflected - Very strong business position in by increasing NPL commercial and retail loan segments Financial Analysis - Strong capitalization Total assets at the end of 2016 amounted to Rp199.18 trillion, grew by Rp16.05 trillion or 8.77% compared to 2015. Such increase was mainly caused by an increase in Loans which grew by 6.20% to Rp125.05 trillion. The Bank’s total liabilities in 2016 reached Rp164.97 trillion or grew by 8.31%. This growth was mainly driven by increasing in third party funds to Rp14.34 trillion or 11.17%. While, PNBN’s total interest revenues amounted to Rp17.45 trillion in 2016, an increase of Rp532.18 billion (3.15%) from Rp16.91 trillion. The Bank’s total interest revenues are composed of interest earned amounted to Rp16.91 trillion, as well as Loan Commissions and Fees amounted to Rp532.60 billion, or increased by 2.87% and 12.68% respectively. Therefore, income for the year rose by Rp950.20 billion or around 60.61% to Rp2.52 trillion. Total NPL increased by Rp694.89 O T pportunities hreats - Implement a competitive marketing - Implement a competitive and interest pricing program marketing and interest pricing - Government commitment to program improve financial literacy - Government commitment to - Potential of mutual benefit synergy improve financial literacy with all of the business groups and - Potential of mutual benefit synergy subsidiaries with all of the business groups and subsidiaries billion, or 22.49% to Rp3.78 trillion in 2016. With the increase in the number of NPL, the NPL ratio increased to 2.81% (Gross NPL) and 0.82% (Net NPL) in 2016. INDONESIA BOND MARKET DIRECTORY 2016-2017 595
  596. idA PNMP PT Permodalan Nasional Madani (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Finance Financial Institution www.pnm.co.id Errinto Pardede errinto.pardede@pnm.co.id; sekretarisperusahaan@pnm.co.id Scope of Business PT PermodalanNasionalMadani (Persero) is one of BUMNs (State owned company) with special duty to finance andnempower Ultra Micro, Micro, Small, Medium and Cooperative (MSME) entrepreneurs. Company focuses on entrepreneur segments who are less or under banking criteria to get loan/financing. PNM provides two main products: ULaMM and Mekaar. Cash & Cash Equivalents Other Receivables Consumer Financing Receivables Property, Plant and Equipment - 133,850 Chg % 704,956 -45.56 q 77,610 597.70 p - -  301,290 125.10 p Total Liabilities 4,278,038 5,958,026 39.27 p Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital 1,291,565 1.2 1,200,000 300,000 0.3 977,374 -24.33 q 5.2 333.33 p 5,200,000 333.33 p 1,300,000 333.33 p 1.3 333.33 p Par Value (Rp) 1,000,000 1,000,000 Total Equity …*) 1,720,971 1,789,336 1,728,064 1,797,596 1,182,465 1,291,807 392,795 401,871 Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS In the short and Middle term Strategic is to grow at double digit. The Company has determined a target to increase the number of ULaMM and Mekaar offies in potential areas in Indonesia. This addition is important in order to keep abreast with MSME growth and open up for new MSME entrepreneurs.PNM plans to increase the numberof Mekaar customers (NOA-Numbers of Account) up to 2 million NOA in the end of 2017. This number increases drastically from the target of 400 thousands in the 2016 fiscal year. In 2017, PNM also aims to increase the number ofcapacity building trainings held up to 850 trainings and 35,000 entrepreneurs. Total Revenues Company’s Achievement Now, after 18 years of operation, PNM has developed to be a reliable and trusted Special Financial Institution forMSME, with 62 Branch Offices ULaMM, 1.040 Branch Offices Mekaar and 631 outlets of Micro Capital Service Unit in total about 1,733 offices branchesspread throughout Indonesia . The number of employees drastically increased for the past two years in order to keep up with the business. At present the number of employees more than 20,000 employees FINANCIAL RATIOS INDONESIA BOND MARKET DIRECTORY 2016-2017 11,124 Dec-2016 29.13 p Paid up Capital (Mil. Sh) PNM Mekaar is the only state owned company providing financing to poor productive people, only to women in a group and collected weekly payments. 1,294,987 7,755,622 Mekaar is nationwide empowerment effort aiming at women, especially poor productive who has or start up a business. Mekaar established with group model, given capital injection and installment by weekly. The group is indoctrinated with hard work, honesty, discipline and saving habits. The Company consistently implements unconventional approach to customers. In addition to capital solutions, PNM provides nonfinancial solutions in the form of capacity increase to empower the MSME players which called Capacity Building. Such non-financial solutions then give unique positioning in Indonesia’s financial industry. Millions of Rp, Unless Otherwise Stated Dec-2015 6,006,102 ULaMM is a financing capital, empowering, mentoringto micro and small enterprises.In providing best service to our customer ULaMM costumers, PNM is not only comitted to finance, but also provide consultacy and monitoring progress of MSME in Indonesia. Capacity Building is a real result of its commitment. PNM Competitive Advantage The Company supports the principle of market economy in providing capital solutions to MSME players in Indonesia byimplementing required feasibility study. It is carried outto maintain business sustainability, operational effectiveness, and to enhance the Company’s competitive edge. ADDRESS Gedung Arthaloka, 1st, 6th Fl. Jln. Jend. Sudirman Kav. 2 Jakarta 10220 Phone : (021) 251-1404 Fax : (021) 251-1371 Total Assets Fund Borrowings Strategic Plan In the long term strategic plan is to carry special duties from the Government to increase people’s prosperity through direct business financing. 596 FINANCIAL HIGHLIGHT BALANCE SHEETS Stable Expenses Interest Expenses Earning Before Tax EBITDA Income for the periods 421,438 7,093 795,699 112,225 539,092 17.54 p 8,260 16.44 p 995,363 3.97 p 4.02 p 9.25 p 25.09 p 2.31 p 89,605 -20.16 q 542,882 0.70 p 77,017 17.41 p 64,161 75,911 18.31 p DER (X) 2.48 3.31 33.88 p NPM (%) 5.55 5.96 Comprehensive Income Net Income … *) ROA (%) EBITDA Coverage (X) 65,598 -  495,377 65,545 1.09 1.37 70,929 0.99 1.35 8.21 p -9.08 q 7.47 p -1.57 q *) … attributable to owners of the parent entity This is consistently demonstrates excellent performance. Commitment, consistency, and competency of PNM enable theCompany to present various breakthroughs through effectiveand efficient corporate actions. SHAREHOLDERS 1. Gov. of Indonesia AUDIT COMMITTEE 1. Meidyah Indreswari 2. Hari Setiadi 3. Kamaruddin 100.00%
  597. BOARD OF COMMISSIONERS 1 . Agus Muharram 2. M. Sholeh Amin * 3. Meidyah Indreswari 4. Suprianto BOARD OF DIRECTORS 1. Parman Nataaatmadja 2. Arief Mulyadi 3. Carolina Dina Rusdiana 4. M. Lukman Rizal 5. R. Tjatur Herry Priyono *) Independent Commissioner AS OF JUNE 2017 No. 1. 2. 3. 4. 5. 6. CODE ISIN CODE Series Name PNMP01 Obligasi I PNM IDA000054506 PNMP02 IDA000060008 PNMP01CCN1 Tahun 2012 Obligasi II PNM Tahun 2013 IDA0000769B0 PNMP01ACN2 IDA0000769A2 500,000 Date 15-Oct-12 Maturity Date 12-Oct-17 Issue Term 5 years 1,000,000 10-Jul-13 09-Jul-18 5 years PNM Tahap II 246,000 22-Dec-14 19-Dec-19 5 years 187,000 22-Dec-14 19-Dec-17 3 years Tahun 2016 Seri A Trustee 9.10% 12-Jul-17 12-Oct-17 - PT Bank 839,000 04-Nov-16 03-Nov-21 5 years 661,000 04-Nov-16 03-Nov-19 3 years Rakyat Indonesia - (Persero) Tbk. 09-Jul-17 09-Oct-17 09-Jan-18 PT Bank Mega 19-Sep-17 19-Dec-17 19-Mar-18 PT Bank Mega 19-Sep-17 19-Dec-17 - PT Bank Mega PT Bank Mega Quarterly 03-Aug-17 03-Nov-17 03-Feb-18 03-May-18 9.00% 03-Aug-17 03-Nov-17 03-Feb-18 PT Bank Mega 9.20% 10.75% 10.50% Quarterly Obligasi PNM Tahap II Date Period Quarterly Tahun 2016 Seri B Berkelanjutan I Coupon Payment Quarterly Obligasi Berkelanjutan I Coupon Structure / Quarterly Obligasi Berkelanjutan I IDA0000662B7 PNM Tahap I Tahun 2014 Seri B PNMP01BCN2 (Rp Million) Listing Obligasi Berkelanjutan I IDA0000662C5 PNM Tahap I Tahun 2014 Seri C PNMP01BCN1 Outstanding 9.50% Quarterly 09-Apr-18 19-Jun-18 - 03-May-18 Tbk. Tbk. Tbk. Tbk. Tbk. Rating / Outlook A Stable A Stable A Stable A Stable A Stable A Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 597
  598. TRADING HIGHLIGHT PNMP01 Listing Date ISIN CODE : IDA000054506 TRADING ACTIVITIES Volume 75 60 Oct-12 Frequency 15 Volume 12 Frequency Maturity Date Oct-13 Trading Activities, Oct-15 Oct-16 2016 Price and Yield Q1 Volume (Rp bn) - 4.00 - 56.00 3.00 - 1 - 3 1 Frequency (X) - Turnover Ratio (%) - Q2 Oct-17 2017 Q3 1 Q4 - Q1 10 Q2 40.00 3 6 1 45 9 Trading days 30 6 CTP Price - High N/A 94.3000 N/A 100.7500 100.6000 100.6700 CTP Price - Low N/A 94.3000 N/A 3IBPA Fair Price 99.1173 99.3546 99.8777 100.0000 100.3500 100.6400 Pastikan Link Grafik sudah be 06-Oct 31-Jan 15-Jun Last Date 31-Mar 30-Jun 30-Sep 2.359 1.730 1.186 3 15 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) enar >> Oct-14 Price 101 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 99 10.0 98 9.0 97 8.0 96 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 9.7063 Mod. Duration (yrs) 1.384 Sensitivity (%) 0.014 Convexity (yrs) 3.20 - 02-May N/A 02-May N/A 9.6380 9.2224 1.174 0.957 0.012 0.010 44.80 2.40 32.00 24-Oct 31-Jan 15-Jun 99.6884 100.3105 100.3270 Pastikan Link Grafik sudah be 9.5133 8.4442 7.9929 30-Dec 31-Mar 22-Jun 0.734 0.383 0.160 0.733 0.503 0.007 0.294 0.005 0.003 This series was listed on 15 October 2012 and will be matured in 12 October 2017. This series has an outstanding amount of Rp500 billion with fixed coupon per annum at 9.10%. From 2016 to the first half of year 2017, total volume for this series amounted to Rp103 billion. The market prices for this series observed through the Centralized Trading Platform (CTP) were 94.3000% at the lowest and 100.7500% at the highest. Meanwhile the range of IBPA fair price was stood between 96.2691% and 100.6258%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PNMP02 Listing Date ISIN CODE : IDA000060008 TRADING ACTIVITIES Volume 100 80 Jul-13 Frequency 15 Volume 12 Frequency Maturity Date Jul-14 Trading Activities, Jul-17 Price and Yield Q1 Q2 Volume (Rp bn) - - 42.00 3.00 - - - 2 1 - Frequency (X) - Turnover Ratio (%) - Q3 - Jul-18 2017 Q4 5 Q1 3 - Q2 75.00 10 1 9 Trading days 40 6 CTP Price - High N/A N/A 100.9500 102.9500 N/A 101.1500 CTP Price - Low N/A N/A 99.2000 100.9500 N/A 100.7500 IBPA Fair Price 98.1566 98.5013 99.4769 98.6631 99.9319 Pastikan 100.2816Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 3.856 3.064 - enar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 100 10.0 98 9.0 8.0 96 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 598 Jul-16 2016 60 20 enar >> Jul-15 INDONESIA BOND MARKET DIRECTORY 2016-2017 N/A N/A 10.1031 Mod. Duration (yrs) 1.981 Sensitivity (%) 0.020 Convexity (yrs) 4.722 - N/A N/A 10.0255 1.786 0.018 16.80 1.20 13-Jul 07-Oct 04-Aug 9.5223 1.586 0.016 07-Oct 10.1555 1.375 2.334 0.014 - N/A N/A 30.00 07-Jun 07-Jun 9.2337 8.9114 1.164 0.971 0.012 0.010 1.704 1.217 This series will mature on 9 July 2018, and was traded in 4 trading days during 2016 to Q22017 period. During the period, the total trading volume reached Rp120 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.2000% at the lowest and peaked also at 102.9500%. While the IBPA fair price for this series was between 94.9073% and 100.2952%.
  599. PNMP01CCN1 ISIN CODE : IDA0000662C5 35 28 Frequency 5 Volume 4 Frequency Maturity Date Dec-15 Trading Activities, Dec-16 Dec-17 Dec-18 2016 Dec-19 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - - - - 30.00 - - - - - 1 - Frequency (X) - Turnover Ratio (%) - - - Q1 - Q2 3 - 21 3 Trading days 14 2 CTP Price - High N/A N/A N/A N/A 102.7100 N/A 7 1 N/A N/A N/A N/A 102.4000 N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 12.0 100 11.0 98 10.0 96 9.0 94 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - - N/A - N/A N/A N/A N/A 100.9278 100.8302 102.4507 10.4348 10.4603 3.026 2.860 31-Mar 10.987 0.030 9.8512 30-Jun 30-Sep 9.779 8.654 2.695 0.029 48.78 0.027 - 30-Mar N/A N/A 30-Mar N/A 99.9850 102.5082 102.3217 10.7544 9.6759 9.6896 30-Dec 31-Mar 22-Jun 7.478 6.464 5.576 2.506 0.025 2.332 2.168 0.023 0.022 This bond listed with nominal value of Rp246 billion and interest rates of 10.75% per annum. This bond was effective from 22 December 2014 to 19 December 2019. Based on the market price (Centralized Trading Platform), this bond was not traded during 2016, while in first semester 2017 this bond was traded at range 102.4000% - 102.7100%. In first semester 2017, this bond was only transacted 3 times with total volume amounted to Rp30 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PNMP01BCN1 Listing Date ISIN CODE : IDA0000662B7 Dec-14 TRADING ACTIVITIES Volume 25 Frequency 10 Volume 20 8 Frequency Trading Activities, Maturity Date Dec-15 Dec-16 Dec-17 2016 Price and Yield Q1 Volume (Rp bn) 24.60 1.80 2.00 20.00 20.00 - 5 4 2 3 2 - Frequency (X) Q2 2017 6 Q3 4 Q4 2 Q1 4 Q2 4 - 15 6 Trading days 10 4 CTP Price - High 101.8500 102.6000 100.0000 100.7300 101.9500 N/A 5 2 100.6000 102.2700 100.0000 N/A - - CTP Price - Low IBPA Fair Price 101.4551 101.0112 101.3511 100.6746 101.2109 101.0612 enar >> enar >> Dec-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 Last Date 52.62 3.85 4.28 03-Mar 17-May 08-Aug 16-Feb 20-Apr 08-Aug 9.5516 9.3123 42.78 20-Dec 03-Feb 23-Nov 02-Feb 78.8970 101.6500 9.7586 8.6988 - N/A N/A 8.2735 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.906 2.209 1.597 1.069 0.641 0.344 Mod. Duration (yrs) 1.552 Sensitivity (%) 0.016 Convexity (yrs) 9.7505 42.78 1.345 0.013 1.131 0.011 0.910 0.009 0.683 0.007 0.475 0.005 The bond series PNMP01BCN1, was first listed on 22 December 2014 with nominal value of Rp187.00 billion and fixed interest rate of 10.50% per annum. This series had traded 20 times in 16 trading days with total volume booked of Rp68.40 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q22017 this series was traded between 78.8970% - 102.6000% while the IBPA fair price was between 98.2034% - 101.5797%, the fair yield for this series was between 8.2378% 11.5351%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 599
  600. PNMP01BCN2 Listing Date ISIN CODE : IDA0000769B0 TRADING ACTIVITIES Volume 225 180 Nov-16 Frequency 30 Volume 24 Frequency Nov-17 Trading Activities, Nov-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 90 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Nov-21 2017 Q1 Trading days enar >> Nov-20 Price and Yield 18 6 Nov-19 2016 135 45 enar >> Maturity Date N/A N/A N/A N/A Q1 Q2 52.00 223.00 120.00 2 6 6 29 24.79 106.32 16-Nov 21-Mar 30-Nov 23-Mar 4 2 57.21 100.5150 102.0000 100.0200 18-Apr N/A 99.5000 100.0000 98.7700 N/A 94.2057 102.2624 98.6905 N/A 30-Dec 31-Mar 22-Jun 17.156 16.108 14.675 N/A N/A N/A N/A N/A 11.0597 3.740 0.037 8.8859 3.647 0.036 20-Jun 9.8709 3.485 0.035 The Bonds issued with nominal value of Rp839.00 billion and interest rates of 9.50% per annum. This bond is effective from 04 November 2016 to 03 November 2021. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 99.5000% - 100.5150%, while in first semester 2017 this bond was traded between 98.7700% and 102.0000%. In first semester 2017, IBPA fair price recorded at range 94.2602% - 102.7687%. During 2016 this bond was traded with volume amounting to Rp52.00 billion and transacted 6 times, meanwhile in a half of year 2017 recorded by Rp343.00 billion and transacted 33 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PNMP01ACN2 Listing Date ISIN CODE : IDA0000769A2 TRADING ACTIVITIES Volume 1000 800 Nov-16 Frequency 35 Volume 28 Frequency Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A 505.60 838.00 N/A N/A 8 13 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 400 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 99 10.0 98 9.0 97 8.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Nov-19 2017 Price and Yield Trading days 7 Nov-18 2016 21 enar >> 600 Nov-17 600 200 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 19 31 305.96 507.11 14-Dec 03-Feb 01-Dec 23-Mar Q2 96.00 12 4 58.09 100.1200 100.8000 100.0200 19-Jun N/A 97.3500 100.0000 99.9800 N/A 98.5091 100.3212 99.7931 N/A 30-Dec 31-Mar 22-Jun N/A 7.086 6.048 5.154 N/A N/A N/A N/A 9.6032 2.442 0.024 8.8466 2.256 0.023 15-Jun 9.0953 2.083 0.021 This series will mature on 3 November 2019, and was traded in 25 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp1.44 trillion. The market price for this series observed through the Centralized Trading Platform (CTP) was 97.3500% at the lowest and peaked also at 100.8000%. While the IBPA fair price for this series was between 97.0064% and 100.5857%.
  601. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PNMP01 56 PNMP02 42 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 12.0% 4.5% PNMP01CCN1 PNMP01BCN1 25 20 PNMP01BCN2 52 25.9% 6.2% PNMP01ACN2 506 - 100 200 76.5% 300 400 500 600 700 800 900 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 601
  602. IBPA ANALYTICAL REVIEW Description PT Permodalan established Nasional as Madani realization of (PNM) was government’s commitment to develop, promote, and maintain the Micro, Small, and Medium Enterprises and Cooperatives (MSMECs) as one of the supporting pillars of Indonesian economy. Shareholder of PNM was 100% of Indonesia’s Government. Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 1,922 3.1 10.4 1. PT Wahana Ottomitra Multiartha Tbk. 2. PT Indomobil Finance Indonesia 1,655 3. PT Mandala Multifinance Tbk. 4. PT Permodalan Nasional Madani (Persero) 5.5 17.2 (12.7) 980 32.4 18.7 1,292 5. PT Sarana Multigriya Finansial (Persero) 16.9 1,484 6.0 9.2 Financial Statement as of Fiscal Year 2016 In general, financial and non-financial products of the company can be divided into three categories. The Historical Corporate Ratings first category is a financing services that consists of No. direct financing service through Micro Financing Service Unit (ULaMM), indirect financing service through Community/Sharia Credit Banks (BPR/S), Cooperatives, and other micro financing. The second category is the capacity building management service, and the third category is the venture capital Rating Agency Rating Rating Status 1. Pefindo idA Affirmed 3. Pefindo idA Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idA idA idA Rating Date Outlook 13-Apr-17 Stable 8-Sep-15 Stable Affirmed 14-Sep-16 Affirmed 14-Apr-14 Affirmed 27-Jun-13 Stable Stable Stable financing service provided through PT PNM Venture Capital (PNM VC), and investment management service provided through PT PNM Investment Management (PNM IM). In 2016, PNM launching of new financing program named Mekaar (Membina Ekonomi Keluarga Sejahtera) PNM currently has 73 branches and 669 units/outlet ULaMM, and 372 Mekaar branch offices which is spread all over Indonesia. The company also has five subsidiary companies engaged in financial services, investment management, and management SWOT Analysis S trengths W eaknesses - Strong support from Indonesia - Weak asset quality government - High operating expense - Strong liquidity and financial - Below average profitability flexibility performance O T consultancy as well as the development of small and medium enterprises (SMEs). Financial Analysis In 2016, the Company recorded a total assets of Rp7.76 trillion, grew by 29.13% compare with 2015 at Rp6,01 trillion. The increased was due to the development of Mekaar. Total liabilities in 2016 was Rp5.96 trillion, increased by 39.27% compared with 2015 at Rp4.28 trillion. The Increased in liabilities was due to the increased in number of bonds issued for the expansion of Mekaar and ULaMM financing. In 2016, the Company recorded operating revenue of Rp1.39 trillion, increased by 10.30% compared with 2015 at Rp1.26 trillion. And net profit for the year in 2016 also increased by 17.40% to Rp77.01 billion compared with 2015 at Rp65.59 billion. 602 INDONESIA BOND MARKET DIRECTORY 2016-2017 pportunities hreats - Expansion its services and networks - Expansion its services and - Growing Micro, Small, and Medium networks Enterprises and Cooperative - Growing Micro, Small, and (MSMEC) segment. Medium Enterprises and Cooperative (MSMEC) segment.
  603. idAAA PPGD PT Pegadaian (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Finance Financial Institution www.pegadaian.co.id Udin Salahudin sekper@pegadaian.co.id; sekper.pegadaian@gmail.com Officially established back on April 1st, 1901 by the name of Pegadaian Negara (State Pawn Company), the company that currently known as PT Pegadaian (Persero) is a non-bank financial company mainly dealing with pawn business. Since its operation during the colonial era until recently, Pegadaian has evolved in numerous legal status. The last change of its legal status was in April 1st, 2012 when the company changed from a State-owned Public Entities into a State-owned Limited Liability Enterprise (Persero) with 100% of its shares belongs to the Government of Indonesia. The main business of Pegadaian is providing loans to people based on the pawn and fiduciary law, both on conventional and sharia scheme. Pegadaian has been serving people, especially those who categorized as middle to low income, and acting as agent of development in improving society welfare. Due to its simple business process, Pegadaian offer a quick service to customers who are in need of cash in order to meet their need for either productive or consumptive reason. The customers just bring in their valuable things as collateral, then Pegadaian's staff will estimate the value of the collateral. By formulating a certain Loan to Value ratio then Pegadaian will loan them such amount of money that must be repaid (both principle and interest) in a certain period. While Pegadaian accepts most valuable things, currently about 98% of collaterals are gold jewelries and bars. Providing loans to people with easy process, Pegadaian has a motto: "Solving Problems without Hassles" In responding to the development of market and industry, Management of Pegadaian has set out a new course in expanding its business. Pegadaian, now, has 5 lines of business, namely Pawn Business, Gold Business, Sharia Business, Fiduciary Based Financing/SME Financing Business and Payments & Remittances Business as well as Assets Optimization Business. Pegadaian has also done a transformation initiative through structuring branch offices network, developing continuous online information and technology system, conducting company rebranding and identity, and strategic alliance with other financial institutions. BOARD OF COMMISSIONERS 1. 2. Bandung Pardede 3. Fadlansyah Lubis 4. Heru Subiyantoro 5. Satya Arinanto 6. Umiyatun Hayati Triastuti *) Independent Commissioner BOARD OF DIRECTORS 1. Riswinandi 2. Dijono 3. Ferry Febrianto 4. Harianto Widodo Jln. Kramat Raya No. 162 Jakarta 10430 Phone : (021) 315-5550 Fax : (021) 3914-221, 3249-67 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Consumer Financing Receivables Property, Plant and Equipment Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 14,162 21,744 339,022 30,985,223 4,967,294 412,618 Chg % 21.71 p 53.53 p - -100.00 q 8,036,782 61.79 p Total Assets 39,157,960 46,873,892 19.70 p Total Liabilities 26,625,016 30,396,979 14.17 p Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) 15,927,685 1.0 1,000,000 251,252 0.3 22,630,699 42.08 p 25.0 2,400.00 p 25,000,000 2,400.00 p 6,250,000 2,387.54 p 6.3 2,387.54 p 1,000,000 1,000,000 12,532,095 16,475,180 31.46 p 12,532,944 16,476,913 31.47 p Total Revenues 8,897,166 9,708,058 9.11 p Interest Expenses 2,422,331 2,511,847 Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Expenses 8,710,868 848 6,323,992 -  4,337,923 -50.20 q 1,733 104.29 p 6,707,875 6.07 p 3.70 p Earning Before Tax 2,644,614 2,997,238 13.33 p Income for the periods 1,938,429 2,210,252 14.02 p Net Income … *) 1,938,429 2,210,118 14.02 p EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 5,291,581 2,217,257 2.12 4.95 ROA (%) NPM (%) EBITDA Coverage (X) 21.79 2.18 5,719,450 8.09 p 4,527,534 104.20 p 1.84 -13.16 q 4.72 -4.75 q 2.28 4.23 p 22.77 4.50 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 100.00% AUDIT COMMITTEE 1. Heru Subiyantoro 2. Faisal 3. Yasmine Nasution INDONESIA BOND MARKET DIRECTORY 2016-2017 603
  604. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 604 ISIN CODE PPGD10BXBVTW IDA0000190B9 PPGD12A IDA0000349A3 PPGD12B IDA0000349B1 PPGD13C IDA0000417C4 PPGD13B IDA0000416B8 PPGD01CCN1 IDA0000498C4 PPGD01DCN2 IDA0000510D4 PPGD02DCN1 IDA0000602D9 PPGD02CCN1 IDA0000602C1 PPGD02CCN2 IDA0000640C1 PPGD02BCN2 IDA0000640B3 PPGD02CCN3 IDA0000682C3 PPGD02BCN3 IDA0000682B5 Series Name Obligasi X Perum Pegadaian Tahun 2003 Seri B Obligasi XII Perum Pegadaian Tahun 2007 Seri A Obligasi XII Perum Pegadaian Tahun 2007 Seri B Obligasi XIII Perum Pegadaian Tahun 2009 Seri C Obligasi XIII Perum Pegadaian Tahun 2009 Seri B Tahap I Tahun 2011 Issue Structure / Payment (Rp Million) Date Date Term Period I-III : 13.125%, IV-XV Date Trustee 11-Jul-17 11-Oct-17 11-Jan-18 PT Bank : SBI 3 months+1% 63,500 370,000 15-Jul-03 05-Sep-07 11-Jul-18 04-Sep-17 15 years 10 years (max. 15.50%, min. 10.50%) Quarterly Fixed 10.025% Quarterly Year I: 10.025%; 230,000 05-Sep-07 04-Sep-17 10 years Year II-X: SBI+1%, max. 12%, min. 8% Quarterly 400,000 02-Jul-09 01-Jul-19 10 years 12.88% Quarterly 650,000 02-Jul-09 01-Jul-17 8 years 12.65% Quarterly 500,000 12-Oct-11 11-Oct-21 10 years 9.00% Quarterly Obligasi Berkelanjutan I Tahap II Tahun 2012 Rating / Maturity Seri C Perum Pengadaian Coupon Listing Obligasi Berkelanjutan I Perum Pengadaian Coupon Outstanding 500,000 15-Feb-12 14-Feb-19 7 years 7.75% Negara Indonesia 11-Apr-18 (Persero) Tbk. 04-Jun-17 04-Sep-17 - PT Bank Negara Indonesia - (Persero) Tbk. 04-Jun-17 04-Sep-17 - PT Bank Negara (Persero) Tbk. 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank Mega Pastikan Link Grafik sudah be AAA 01-Jul-17 - PT Bank Mega 11-Jul-17 11-Oct-17 11-Jan-18 PT Bank Mega 14-Aug-17 14-Nov-17 14-Feb-18 PT Bank Mega 01-Apr-18 - 11-Apr-18 Tbk. Tbk. Tbk. Tbk. Obligasi Berkelanjutan 8.00% 09-Jul-17 09-Oct-17 09-Jan-18 PT Bank Mega 09-Jul-17 09-Oct-17 09-Jan-18 PT Bank Mega 11-Jul-17 11-Oct-17 11-Jan-18 PT Bank Mega 11-Jul-17 - PT Bank Mega Quarterly - 8.50% PT Bank Mega Quarterly 07-Aug-17 07-Nov-17 07-Feb-18 07-May-18 9.25% 07-Aug-17 07-Nov-17 07-Feb-18 PT Bank Mega Obligasi Berkelanjutan II Pegadaian Tahap I Tahun 2013 Seri C Obligasi Berkelanjutan II Pegadaian Tahap II Tahun 2014 Seri C Obligasi Berkelanjutan II Pegadaian Tahap II Tahun 2014 Seri B Obligasi Berkelanjutan II Pegadaian Tahap III Tahun 2015 Seri C Obligasi Berkelanjutan II Pegadaian Tahap III Tahun 2015 Seri B 10-Jul-13 09-Jul-20 7 years Quarterly 177,000 10-Jul-13 09-Jul-18 5 years 7.75% Quarterly 398,000 14-Jul-14 11-Jul-19 5 years 9.75% Quarterly 202,000 1,200,000 1,300,000 14-Jul-14 08-May-15 08-May-15 INDONESIA BOND MARKET DIRECTORY 2016-2017 11-Jul-17 07-May-20 07-May-18 3 years 5 years 3 years 9.35% Quarterly AAA - 14-May-18 601,000 AAA Stable Stable Pastikan Link Grafik sudah be Quarterly Tahun 2013 Seri D AAA Stable Indonesia Seri D II Pegadaian Tahap I Outlook 09-Apr-18 09-Apr-18 11-Apr-18 07-May-18 Tbk. Tbk. Tbk. Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable Pastikan Link Grafik sudah be Tbk. Tbk. Tbk. AAA Pastikan Stable Link Grafik sudah be AAA Stable AAA Stable
  605. TRADING HIGHLIGHT PPGD10BXBVTW ISIN CODE : IDA0000190B9 15 12 Frequency 5 Volume 4 Frequency Maturity Date Jul-06 Trading Activities, Jul-09 Jul-12 Jul-15 2016 Jul-18 2017 Price and Yield Q1 Q2 Volume (Rp bn) - - 2.00 2.00 3.70 - - 1 1 2 Frequency (X) - Turnover Ratio (%) - Q3 - Q4 2 Q1 2 Q2 12.00 4 4 1 9 3 Trading days 6 2 CTP Price - High N/A N/A 103.4200 102.3200 102.7700 103.3500 CTP Price - Low N/A N/A 103.4000 102.2900 100.0200 103.1500 1 3 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date - N/A N/A N/A N/A 12.60 23.31 75.59 15-Sep 23-Dec 30-Mar 20-Jun 15-Sep 23-Dec 17-Mar 20-Jun 102.8890 102.8777 103.5490 102.2080 102.7799 103.2785 9.0676 8.9330 8.3328 8.9382 8.1650 7.2338 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.699 3.845 3.063 2.339 1.711 1.229 Mod. Duration (yrs) 1.969 Sensitivity (%) 0.020 Convexity (yrs) 12.60 1.778 1.581 0.018 0.016 1.373 0.014 1.163 0.974 0.012 0.010 This series listed on 15 July 2003 and matured on 11 July 2018. This series issued with nominal amount of Rp63.50 billion with interest rate per annum at 10.50%. Since 2016 until at the end second quarter in 2017, this series traded 12 times in 5 trading days with total volume booked of Rp19.70 billion. During 2016, the average of total volume recorded of Rp1.00 billion/quarter and transacted 1.00 time/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 100.0200% - 103.4200%, while the IBPA fair price was between 99.9795% and 103.8021%. The fair yield for this series was between 7.2324% - 10.5082%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPGD12A Listing Date ISIN CODE : IDA0000349A3 75 60 Sep-07 TRADING ACTIVITIES Volume Frequency 20 Volume 16 Frequency Maturity Date Sep-09 Trading Activities, Sep-11 Price and Yield Q1 Volume (Rp bn) 21.00 3 Frequency (X) Sep-13 Sep-15 2016 Q2 5 Sep-17 2017 Q3 Q4 Q1 53.00 38.00 56.00 12.00 4 5 7 1 9 12 18 Q2 4 6.00 2 1 45 12 Trading days 30 8 CTP Price - High 101.8500 102.3000 102.8000 102.6500 101.6500 101.5200 CTP Price - Low 100.0350 101.4700 IBPA Fair Price 101.8792 101.4910 101.8212 100.9215 101.1352 100.6901 4 15 - enar >> enar >> Jul-03 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 7.0 99 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date 22.70 57.30 18-Mar 01-Apr 15-Mar 27-Jun 8.5874 60.54 12.97 6.49 23-Aug 13-Oct 06-Jan 19-Jun 10-Aug 09-Dec 06-Jan 19-Jun 82.8000 101.0000 101.5500 101.5000 7.9635 8.6025 7.2285 6.5076 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.105 1.506 0.998 0.582 0.272 0.087 Mod. Duration (yrs) 1.309 Sensitivity (%) 0.013 Convexity (yrs) 8.6747 41.08 1.095 0.011 0.875 0.009 0.646 0.006 0.411 0.004 0.197 0.002 The Bonds issued with nominal value of Rp370.00 billion and interest rates of 10.03% per annum. This bond is effective from 05 September 2007 to 04 September 2017. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 82.8000% - 102.8000%, while in first semester 2017 this bond was traded between 101.5000% and 101.6500%. In first semester 2017, IBPA fair price recorded at range 100.6901% - 101.4409%. During 2016 this bond was traded with volume amounting to Rp168.00 billion and transacted 44 times, meanwhile in a half of year 2017 recorded by Rp18.00 billion and transacted 6 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 605
  606. PPGD12B Listing Date ISIN CODE : IDA0000349B1 TRADING ACTIVITIES Volume 30 24 Sep-07 Frequency 15 Volume 12 Frequency Maturity Date Sep-09 Trading Activities, Sep-13 Sep-15 2016 Price and Yield Q1 Q2 Volume (Rp bn) - - - - Frequency (X) - Turnover Ratio (%) - Q3 - Sep-17 2017 Q4 Q1 27.00 - - 3 - - 10 - Q2 3.00 - 1 1 18 9 Trading days 12 6 CTP Price - High N/A N/A 100.5900 N/A N/A 100.0000 CTP Price - Low N/A N/A 100.0200 N/A N/A 100.0000 IBPA Fair Price 99.3177 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 2.136 1.525 1.008 0.587 3 6 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) enar >> Sep-11 Price 101 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 99 9.0 98 8.0 97 7.0 96 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 8.5927 Mod. Duration (yrs) 1.324 Sensitivity (%) 0.013 Convexity (yrs) - N/A N/A 46.96 05-Sep 24-Aug 99.3830 100.0917 8.5524 1.105 - 7.8920 0.881 0.011 - N/A 5.22 N/A N/A 04-Apr N/A 04-Apr 99.7858 100.2962 Pastikan 100.2916Link Grafik sudah be 8.3219 0.649 0.009 0.006 7.2285 6.5076 0.413 0.197 0.004 0.002 31-Mar Pastikan 22-JunLink Grafik sudah be 0.273 0.087 This series has an outstanding amount of Rp230 billion with fixed coupon per annum at 8.10%. During 2016 to the end of June 2017, total trading volume for the series was only amounted to Rp30 billion with total frequency was 11 times. The market prices for this series was at the range 100.0000% - 100.5900%. IBPA valued the fair prices for this series were 96.5282% for the lowest and 100.4341% for the highest. At the same period, the fair yield for this series was ranging from 6.3867% to 10.2897%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPGD13C Listing Date ISIN CODE : IDA0000417C4 TRADING ACTIVITIES Volume 40 32 Jul-09 Frequency 10 Volume 8 Frequency Maturity Date Jul-11 Trading Activities, Jul-17 Price and Yield Q1 Q2 Volume (Rp bn) - - 10.00 35.00 - - - 1 1 - Frequency (X) - Turnover Ratio (%) - - Jul-19 2017 Q3 Q4 2 Q1 7 - Q2 6.00 2 1 6 Trading days 16 4 CTP Price - High N/A N/A 111.2700 108.2000 N/A 108.8115 CTP Price - Low N/A N/A 111.2500 107.2000 N/A 108.7915 - enar >> 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 114 PRICE AND YTM MOVEMENT YTM (%) 11.0 112 10.0 110 9.0 108 8.0 106 7.0 104 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 606 Jul-15 2016 24 8 enar >> Jul-13 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date N/A N/A N/A N/A 10.00 35.00 14-Jul 30-Nov 14-Jul 30-Nov - N/A N/A 6.00 07-Apr 07-Apr 109.8054 109.7082 110.7082 108.5765 108.6311 Pastikan 109.1692Link Grafik sudah be 9.3321 9.1412 8.4728 9.0089 31-Mar 30-Jun 30-Sep 30-Dec 8.349 7.314 6.339 5.358 Mod. Duration (yrs) 2.597 Sensitivity (%) 0.026 Convexity (yrs) - 2.434 0.024 2.269 0.023 2.085 0.021 8.6017 7.9276 1.903 1.744 0.019 0.017 31-Mar Pastikan 22-JunLink Grafik sudah be 4.469 3.750 This series listed on 02 July 2009 and matured on 01 July 2019. This series issued with nominal amount of Rp400.00 billion with interest rate per annum at 12.88%. Since 2016 until at the end second quarter in 2017, this series traded 11 times in 3 trading days with total volume booked of Rp51.00 billion. During 2016, the average of total volume recorded of Rp11.25 billion/quarter and transacted 2.25 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 107.2000% - 111.2700%, while the IBPA fair price was between 106.3974% and 111.0562%. The fair yield for this series was between 7.9122% - 10.6517%.
  607. PPGD13B ISIN CODE : IDA0000416B8 125 100 Frequency 20 Volume 16 Frequency Jul-11 Trading Activities, Jul-13 Price and Yield Q1 Q2 Volume (Rp bn) 47.00 6 Frequency (X) Jul-15 Jul-17 2016 13 2017 Q3 Q4 19.00 32.00 109.00 4.00 5 5 6 2 5 10 Q1 18 Q2 4.00 2 2 2 75 12 Trading days 50 8 CTP Price - High 105.0000 104.8500 104.5500 103.2000 101.5000 100.3100 CTP Price - Low 100.0350 103.3000 IBPA Fair Price 104.7071 104.0172 103.4428 102.0931 101.3936 100.1559 4 25 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 103 9.0 101 8.0 99 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 28.92 11.69 04-Mar 15-Apr 15-Mar 30-Jun 8.6158 67.08 2.46 2.46 23-Aug 10-Nov 20-Mar 13-Jun 10-Aug 06-Dec 17-Mar 13-Jun 82.8000 101.7000 101.4800 100.3100 7.8939 8.3548 6.8985 6.2699 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.610 1.101 0.677 0.345 0.117 0.007 Mod. Duration (yrs) 1.119 Sensitivity (%) 0.011 Convexity (yrs) 8.4298 19.69 0.911 0.695 0.009 0.007 0.471 0.005 0.238 0.025 0.002 0.000 This series will mature on 1 Jul 2017, and was traded in 26 trading days during 2016 to Q22017 period. During the period, the total trading volume reached Rp215 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 82.8000% at the lowest and peaked also at 105.0000%. While the IBPA fair price for this series was valued at premium between 100.1559% and 105.1570%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPGD01CCN1 Listing Date ISIN CODE : IDA0000498C4 350 280 Oct-11 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Maturity Date Oct-13 Trading Activities, Oct-15 Price and Yield Q1 Volume (Rp bn) 20.00 1 Frequency (X) Oct-17 Oct-19 2016 Q2 1 Q3 Q4 - 339.00 126.00 - - 3 2 - - Oct-21 2017 10 Q1 3 - Q2 54.00 8 2 210 9 Trading days 140 6 CTP Price - High 100.0000 N/A 103.7000 100.0200 N/A 103.0800 CTP Price - Low 100.0000 N/A 101.1500 N/A 100.4146 IBPA Fair Price 97.4181 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 21.866 20.357 18.901 17.224 15.821 14.662 3 70 - enar >> enar >> Maturity Date Jul-09 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 99 10.0 96 9.0 93 8.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 16.00 24-Feb 24-Feb 9.6006 4.208 0.042 - N/A N/A 271.20 100.80 09-Sep 25-Nov 30-Aug 98.4957 100.4445 9.3637 4.073 0.041 8.8888 3.937 0.039 99.9800 24-Nov - N/A N/A 43.20 20-Jun 07-Apr 98.0271 100.0982 102.8188 9.5177 3.760 0.038 8.9659 3.614 0.036 8.2146 3.493 0.035 The bond series PPGD01CCN1, was first listed on 12 October 2011 with nominal value of Rp500.00 billion and fixed interest rate of 9.00% per annum. This series had traded 22 times in 8 trading days with total volume booked of Rp539.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q22017 this series was traded between 99.9800% - 103.7000% while the IBPA fair price was between 92.2470% - 102.9215%, the fair yield for this series was between 8.1873% 10.8253%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 607
  608. PPGD01DCN2 Listing Date ISIN CODE : IDA0000510D4 Feb-12 TRADING ACTIVITIES Volume 35 Frequency 10 Volume 28 8 Frequency Feb-13 Trading Activities, Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 2016 Q2 Price and Yield Q1 Volume (Rp bn) 30.00 16.00 6.00 3.00 - 5 1 2 2 - 8 Frequency (X) Q3 4 Feb-19 2017 Q4 4 Q1 3 Q2 6.00 - 2 1 21 6 Trading days 14 4 CTP Price - High 98.2100 98.1000 98.8000 97.3500 N/A 98.9737 CTP Price - Low 95.7500 96.1000 97.7500 97.3100 N/A 98.9537 IBPA Fair Price 96.7920 96.9272 98.7961 97.4172 98.7285 Pastikan 99.9920Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 7.401 6.307 5.304 4.327 2 7 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Maturity Date Price 101 PRICE AND YTM MOVEMENT YTM (%) 11.0 99 10.0 97 9.0 95 8.0 93 7.0 91 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 24.00 02-Mar 03-Mar 9.0195 Mod. Duration (yrs) 2.512 Sensitivity (%) 0.025 Convexity (yrs) 12.80 19-Apr 19-Apr 9.0777 2.318 4.80 05-Sep 14-Sep 8.3121 2.123 0.023 0.021 2.40 28-Nov 25-Nov 9.0992 1.912 0.019 - 4.80 N/A 07-Apr N/A 07-Apr 8.4761 7.7522 1.704 1.518 0.017 0.015 3.462 2.770 The bond series PPGD01DCN2, was first listed on 15 February 2012 with nominal value of Rp500.00 billion and fixed interest rate of 7.75% per annum. This series had traded 21 times in 11 trading days with total volume booked of Rp61.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q22017 this series was traded between 95.7500% - 98.9737% while the IBPA fair price was between 92.5265% - 100.1808%, the fair yield for this series was between 7.6308% 10.6058%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPGD02DCN1 Listing Date ISIN CODE : IDA0000602D9 TRADING ACTIVITIES Volume 35 28 Jul-13 Frequency 10 Volume 8 Frequency Jul-14 Trading Activities, Jul-16 Jul-17 Jul-18 Jul-19 2016 Price and Yield Q1 Volume (Rp bn) - 5.00 - 15.00 5.00 - 1 - 2 1 Frequency (X) - Turnover Ratio (%) - Q2 Q3 5 Jul-20 2017 - Q4 Q1 3 Q2 1 30.00 2 1 6 Trading days 14 4 CTP Price - High N/A 96.0000 N/A 100.0200 100.0250 97.9025 CTP Price - Low N/A 95.2000 N/A 100.0000 100.0250 97.8825 IBPA Fair Price 94.8180 95.8023 97.8473 95.9593 97.6799 Pastikan 99.4175Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 14.573 13.187 11.868 10.469 - enar >> 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 99 11.0 96 10.0 93 9.0 8.0 90 87 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 608 Jul-15 21 7 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 9.4815 3.489 0.035 3.33 28-Apr 28-Apr 9.2606 3.326 0.033 - N/A N/A 8.6742 3.161 0.032 9.98 3.33 15-Nov 03-Jan 30-Dec 9.3583 2.969 0.030 03-Jan 19.97 07-Apr 07-Apr 8.8147 8.2168 2.792 2.636 0.028 0.026 9.232 8.199 This series will mature on 9 Jul 2020, and was traded in 5 trading days during 2016 to Q2- 2017 period. During the period, the total trading volume reached Rp55 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.0600% at the lowest and peaked also at 100.0250%. While the IBPA fair price for this series was valued at discount between 90.3155% and 99.5473%.
  609. PPGD02CCN1 ISIN CODE : IDA0000602C1 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jul-14 Trading Activities, Jul-15 Jul-16 Jul-17 2016 Jul-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 97.2994 97.8317 99.2183 98.3942 99.4835 100.3862 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.849 3.953 3.138 2.384 1.735 1.239 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 9.0655 Mod. Duration (yrs) 2.019 Sensitivity (%) 0.020 Convexity (yrs) - - N/A N/A 8.9313 1.818 N/A N/A 8.2268 1.613 0.018 0.016 - N/A N/A 8.8862 1.396 0.014 - - N/A N/A N/A N/A 8.1613 1.178 7.3607 0.983 0.012 0.010 This series was listed since 10 July 2013 with nominal value of Rp177.00 billion and interest rate of 7.75 % per annum. The IBPA fair price was between 93.9759% - 100.3904% and the fair yield for this series was between 7.3574% - 10.5073%. The series was not actively traded since 2016 until the end of Q2-2017, there was no trading activities for this series. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPGD02CCN2 Listing Date ISIN CODE : IDA0000640C1 5 4 Jul-14 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Jul-15 Trading Activities, Jul-16 Jul-17 Jul-18 2016 Jul-19 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low enar >> enar >> Jul-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 8.0 97 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date N/A N/A - N/A N/A - N/A N/A - N/A N/A - N/A N/A 101.1247 101.5820 103.1174 101.2368 102.3089 103.3961 9.3373 9.1453 8.4786 9.1953 8.6095 7.9387 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 8.939 7.818 6.764 5.704 4.759 3.988 Mod. Duration (yrs) 2.725 Sensitivity (%) 0.027 Convexity (yrs) - 2.551 0.026 2.374 0.024 2.178 0.022 1.987 0.020 1.818 0.018 This series was listed since 14 July 2014 and matured on 09 November 2017 have a nominal value of Rp398.00 billion with fixed interest rate of 9.75 % per annum. The IBPA fair price was between 97.3776% - 103.5397%, the fair yield for this series was between 7.9232% - 10.6546%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 609
  610. PPGD02BCN2 Listing Date ISIN CODE : IDA0000640B3 TRADING ACTIVITIES Volume 5 4 Jul-14 Frequency 5 Volume 4 Frequency Maturity Date Jan-15 Trading Activities, Jan-16 Jul-16 Jan-17 2016 Jul-17 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Jul-15 Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date - N/A N/A N/A N/A - N/A N/A - - N/A N/A N/A N/A 101.0347 100.8768 101.1496 100.6050 100.6320 Pastikan 100.1560Link Grafik sudah be 8.4651 8.4500 7.8143 8.1683 31-Mar 30-Jun 30-Sep 30-Dec 1.723 1.183 0.734 0.383 Mod. Duration (yrs) 1.171 Sensitivity (%) 0.012 Convexity (yrs) - 0.955 0.733 0.010 0.007 0.503 0.005 6.9535 6.3080 0.267 0.052 0.003 0.001 31-Mar Pastikan 22-JunLink Grafik sudah be 0.139 0.015 This series listed on 14 July 2014 and will be matured on 11 July 2017. This series has an outstanding amounted to Rp202 billion with fixed coupon per annum at 9.35%. From 2016 to the first half of year 2017, this series was not traded. IBPA fair price during the observation period was ranged from 98.7746% to 101.2128%. Meanwhile IBPA yield for this series were 6.1284% at the lowest and 10.2295% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPGD02CCN3 Listing Date ISIN CODE : IDA0000682C3 May-15 TRADING ACTIVITIES Volume 45 Frequency 5 Volume 36 4 Frequency Maturity Date May-16 Trading Activities, Price and Yield Q1 Volume (Rp bn) - Frequency (X) - May-19 Turnover Ratio (%) - Q2 May-20 2017 Q3 Q4 Q1 40.00 - - - - 1 - - - - 2 - - - Q2 - 3 Trading days 18 2 CTP Price - High N/A 100.0300 N/A N/A N/A N/A 9 1 N/A 100.0000 N/A N/A N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 610 May-18 2016 27 enar >> enar >> May-17 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 13.33 17-May 17-May - N/A N/A - N/A N/A - N/A N/A - N/A N/A 100.0976 100.8155 102.6254 100.4655 101.8851 103.3365 9.4612 9.2439 8.6422 9.3344 8.7871 8.1834 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 13.250 11.948 10.710 9.402 8.243 7.277 3.318 0.033 3.157 0.032 2.995 0.030 2.807 0.028 2.631 0.026 2.477 0.025 This series has an outstanding amount of Rp1.20 trillion with fixed coupon per annum at 9.50%. This bond was effective from 8 May 2015 to 7 May 2020. Based on the market price (Centralized Trading Platform), this bond transacted was between 100.0000% and 100.0300% during 2016, while in first semester 2017 this bond was not traded. Meanwhile, IBPA fair price for this bond was between 98.6243% and 103.4549% and fair yield at range 8.1401% and 9.8993%. During 2016, this bond was only transacted 2 times with total volume amounted to Rp40 billion.
  611. PPGD02BCN3 ISIN CODE : IDA0000682B5 325 260 May-15 TRADING ACTIVITIES Volume Frequency 25 Volume 20 Frequency Maturity Date May-16 Trading Activities, May-17 May-18 2016 2017 Price and Yield Q1 Q2 Volume (Rp bn) 66.00 48.00 20.00 28.00 70.00 4 4 4 3 1 Frequency (X) 12 Q3 9 Q4 8 Q1 6 Q2 4 311.00 20 8 195 15 Trading days 130 10 CTP Price - High 100.6000 101.7000 102.7500 101.6200 101.2000 102.0500 CTP Price - Low 98.0600 100.0000 100.0000 100.5000 101.1800 100.7500 IBPA Fair Price 100.2146 100.2013 101.9221 100.4671 101.3830 101.9106 5 65 - enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 20.31 14.77 6.15 8.62 21.54 95.69 15-Feb 30-May 22-Sep 10-Oct 13-Mar 26-May 15-Jan 03-Jun 22-Sep 16-Nov 13-Mar 21-Apr 9.1198 7.9571 8.8749 7.8984 6.9742 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.163 3.336 2.599 1.916 1.339 0.906 Mod. Duration (yrs) 1.865 Sensitivity (%) 0.019 Convexity (yrs) 9.1269 31-Mar 1.664 0.017 1.461 0.015 1.243 0.012 1.025 0.010 0.828 0.008 This series will mature on 7 May 2018, and was traded in 24 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp543 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 98.0600% at the lowest and peaked also at 102.7500%. While the IBPA fair price for this series was between 97.8063% and 101.9771%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 611
  612. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PPGD10BXBVTW Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 6.3% PPGD12A 21 53 38 56 PPGD12B 27 11.7% PPGD13C 35 PPGD13B 47 19 32 11.3% 109 PPGD01CCN1 20 PPGD01DCN2 3016 PPGD02DCN1 15 45.4% 31.8% 339 126 97.0% 11.0% 3.3% PPGD02CCN1 PPGD02CCN2 PPGD02BCN2 PPGD02CCN3 40 PPGD02BCN3 66 - 612 3.3% 48 28 12.5% 200 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 600 800 1,000 1,200
  613. IBPA ANALYTICAL REVIEW Description PT Pegadaian (Persero) is a state-owned company that operates its service in the field of pawn and fiduciary, conventionally and sharia based, and other financial services in accordance with the provisions of laws and regulations, particularly for communities from middle to lower class, micro, small, and medium business, as well as to optimize the use of company’s Peer Group No. Company Total Revenue 1. PT Pegadaian (Persero) 2. PT Adira Dinamika Multi Finance Tbk. 3. PT Federal International Finance 5. PT Oto Multiartha Historical Corporate Ratings metals, and precious stones. No. outlets to merge to outlets that are relatively close together, relocate the outlet to more potential locations, or close locations that are less productive and replace them with the mobile services units. By Revenue 12.0 5,319 17.6 3,537 4.3 21.7 11.6 12.8 15.2 (2.7) Financial Statement as of Fiscal Year 2016 appraisal services, certificates, and trade precious In 2014, PPGD conduct structured and mapping 8,413 8,321 4. PT Astra Sedaya Finance resources by applying the principle of limited liability. Additionally, PPGD also provides courier services, Net Profit (Rp Bill) Margins (%) Growth (%) 9,708 22.8 9.1 Rating Agency Rating Rating Status idAAA Upgraded* idAA+ Affirmed 1. Pefindo 2. Pefindo idAA+ 4. Pefindo idAA+ 3. Pefindo 5. Pefindo idAA+ Rating Date 7-Apr-17 Stable 13-Apr-15 Stable Affirmed 11-Apr-16 Affirmed 5-May-14 Affirmed Outlook 6-May-13 Stable Stable Stable the end of 2016, PPGD had more than 4,500 outlets backed by more than 12,900 employees spread widely throughout Indonesia. Shareholder of the Company was 100.0% of the Government of Republic of Indonesia. Financial Analysis As of 2016, PPGD’s total assets increased by 19.70% SWOT Analysis S W trengths eaknesses -Strong support from Indonesia -Slow business expansion and government. growth. -Superior position in the pawn -The sizeable portion of cost of service business. employee due to the pawn business -Very Strong capitalization and models that are labor intensive. liquidity -Financial flexibility position to Rp46.87 trillion. That increase was mainly driven by increasing in total Loans Provided by the Company in 2016 amounted to Rp35.47 trillion or grew by 14.46% compared to the amount of Loans Provided in 2015 amounted to Rp30.98 trillion. This was a result of the growing number of customers and the ongoing marketing activities carried out in 2016. PPGD recorded a gain on the Net Profit for the current Period of Rp2.21 trillion, increased Rp271.82 billion or 14.02% over the previous year’s period of Rp1.94 trillion. The increase in Net Profit was due to higher operating revenues on business performance, higher O T pportunities hreats -Rising consumption along with the -Rising consumption along with the increase in middle class. increase in middle class. -Low penetration of micro financing -Low penetration of micro financing especially in remote areas. especially in remote areas. than the increase in operating expenses. Interest Revenue posted the biggest revenue and has reached 89% from total operating revenue, which has increased from 2015 by 8.67%. Number of Interest Revenue by the end of 2016 amounted to Rp8.82 trillion, increased Rp683.38 billion or 8.40% versus last year which was Rp8.14 trillion. This increase was caused by the distribution of provided loan. INDONESIA BOND MARKET DIRECTORY 2016-2017 613
  614. PPLN PT Perusahaan Listrik Negara (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 We supply electricity to approximately 61.1 million customers as of December 2015. Our customer can be broadly classified, based on tariff category, as residential, business, industry and public. Our sales to all of our customer groups increase 2.14 percent to 202.8 TWh as of December, 2015 compare to last year achievement 198.6 TWh. Our strategic Objectives in this year are including the following: Improving financial capability, Improving investment efficiency, optimizing energy mixed to reduce our operating costs, Improving operation performance, improving corporate image, continuing the Fast Track Programs to increase generation capacity, Introduce initiatives to improve the efficiency of our business operations. In doing business, we have a strong relationship with the Government; we are a dominant provider of electricity in Indonesia’s fast-growing electricity market; we continuously focus on improving our operating efficiency and reducing costs, we have experienced Board of Directors, Board of Commissioners and management team; and we own a Stable Financial Profile. BOARD OF COMMISSIONERS 1. Hasan Bisri 5. 2. Aloysius Kiik Ro 6. 3. Budiman 7. 4. Darmono * 8. *) Independent Commissioner BOARD OF DIRECTORS 1. Sofyan Basir 2. Amin Subekti 3. Amir Rosidin 4. Djoko Rahardjo Abu Manan 5. Haryanto W.S. 6. Machnizon 7. Muhamad Ali 8. Murtaqi Syamsuddin 9. Nasri Sebayang 10. Nicke Widyawati 11. Sarwono Sudarto 12. Supangkat Iwan Santoso 614 FINANCIAL HIGHLIGHT BALANCE SHEETS Dec-2015 Dec-2016 Receivables 37,816,917 39,003,258 Cash & Cash Equivalents Inventories Current Assets INDONESIA BOND MARKET DIRECTORY 2016-2017 Millions of Rp, Unless Otherwise Stated 23,596,339 11,415,863 79,344,793 41,909,223 11,569,596 Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit 120,138,893 382,731,462 121,623,355 63 63,000,000 46,197,380 46 204 223.81 p 204,000,000 223.81 p 46,197,380 -  56 20.50 p 68,094,624 119,897,237 76.07 p 81,234 116,990 44.02 p 217,346,990 222,821,956 2.52 p 1,000,000 804,709,383 1,000,000 880,680,722 804,790,617 880,797,712 Earning Before Tax -15,913,435 15,976,481 FINANCIAL RATIOS 1.24 p 509,580,264 393,778,518 -22.72 q 254,449,802 Net Income … *) -3.57 q 281,829,571 -26.36 q 225,574,076 Comprehensive Income 1.35 p -3.03 q Total Operating Expenses EBITDA 3.14 p 1,314,370,881 1,274,576,230 222,821,956 Operating Profit 77.61 p 27.25 p 217,346,990 Interest Expenses Chg % 100,967,332 Property, Plant and Equipment 1,187,879,590 1,145,529,527 Income for the periods Harry Susetyo Nugroho Jarman Oegroseno * Rionald Silaban Stable ADDRESS Jln. Trunojoyo Blok M 1/135 Kebayoran Baru Jakarta 12160 Phone : (021) 726-1875, 726-1122, 726-2234 Fax : (021) 722-2328 Infrastructure, Utilities And Transportation Energy www.pln.co.id Bambang Dwiyanto bambang.dwiyanto@pln.co.id PT PLN (Persero) or “PLN” in brief, is a major provider of all public electricity and electricity infrastructure in Indonesia including construction of power plants, power generation, transmission, distribution, and retail sales of electricity. We are the largest electricity producer in Indonesia, and as of December 31, 2015, we owned and operated 5.218 electricity generating units in Indonesia including fuel oil-fired, natural gas-fired, coal-fired, geothermal, and hydroelectric plants. We also purchase most of the electricity produced in Indonesia by IPPs, which are private companies that own electricity generating plants. Customers and Sales idAAA 39,977,228 48,325,446 49,977,055 -  9.44 p 9.44 p 2.52 p 18,703,276 -53.22 q 12.80 p 28,813,674 -40.38 q 62,443,117 N/A p 24.94 p 6,026,507 10,548,638 75.04 p 6,010,568 10,511,911 74.89 p 648,759,328 8,466,856 -98.69 q DER (X) 0.48 0.32 -32.72 q NPM (%) 2.77 4.73 ROA (%) EBITDA Coverage (X) 0.46 1.25 0.83 80.50 p 70.74 p 3.34 167.06 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia AUDIT COMMITTEE 1. Darmono 2. Achmad Wahyudi 3. Hasan Bisri 4. Sugeng Rochadi 100.00%
  615. AS OF JUNE 2017 No . 1. 2. 3. 4. 5. CODE ISIN CODE Series Name PPLN08B Obligasi PLN VIII IDA0000308B7 Tahun 2006 Seri B PPLN09B Obligasi PLN IX IDA0000346B7 Tahun 2007 Seri B PPLN09A Obligasi PLN IX IDA0000346A9 Tahun 2007 Seri A SIKPPLN01 Sukuk Ijarah PLN II IDJ000002100 PPLN11B IDA0000438B2 Tahun 2007 Obligasi PLN XI Tahun 2010 Seri B Outstanding (Rp Million) 865,000 Listing Date 22-Jun-06 Maturity Date 21-Jun-21 Issue Term 15 years Coupon Structure / Coupon Payment Date Trustee 13.75% 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega 10-Jul-17 10-Oct-17 10-Jan-18 PT Bank CIMB 10-Jul-17 - PT Bank CIMB 10-Jul-17 - PT Bank CIMB 12-Jul-17 12-Oct-17 12-Jan-18 PT Bank CIMB 12-Jul-17 12-Oct-17 12-Jan-18 PT Bank CIMB 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank CIMB 08-Jul-17 08-Oct-17 08-Jan-18 PT Bank CIMB Period Quarterly 1,200,000 11-Jul-07 10-Jul-22 15 years 10.90% Quarterly 1,500,000 11-Jul-07 10-Jul-17 10 years 10.41% Quarterly 300,000 11-Jul-07 10-Jul-17 10 years Rp31,2B p.a. Quarterly 1,783,000 13-Jan-10 12-Jan-20 10 years 12.55% Quarterly Ijarah Fee 6. 7. 8. SIKPPLN03B IDJ0000043B1 PPLN12B Sukuk Ijarah PLN IV Tahun 2010 Seri B Obligasi PLN XII IDA0000454B9 Tahun 2010 Seri B SIKPPLN04B Sukuk Ijarah PLN V IDJ0000044B9 Tahun 2010 Seri B 167,000 13-Jan-10 12-Jan-20 10 years 1,855,000 09-Jul-10 08-Jul-22 12 years Ijarah Fee 340,000 09-Jul-10 08-Jul-22 12 years 697,000 08-Jul-13 05-Jul-23 10 years 182,000 08-Jul-13 05-Jul-20 7 years 11. IDJ000006002 Berkelanjutan I PLN Tahap I Tahun 2013 08-Jul-13 05-Jul-20 7 years Obligasi PPLN01BCN2 Berkelanjutan II PLN 12. IDA0000610B6 Tahap I Tahun 2013 651,000 11-Dec-13 10-Dec-23 10 years Seri B Seri B 108,000 11-Dec-13 10-Dec-23 10 years - 12-Apr-18 12-Apr-18 08-Apr-18 08-Apr-18 Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. 05-Jul-17 05-Oct-17 05-Jan-18 Permata Tbk. 05-Jul-17 05-Oct-17 05-Jan-18 Quarterly 05-Apr-18 Permata Tbk. 9.60% 10-Sep-17 10-Dec-17 10-Mar-18 Permata Tbk. 10-Sep-17 10-Dec-17 10-Mar-18 Permata Tbk. 8.00% Rp80M /Billion p.a. Quarterly Sukuk Ijarah SIPPLN01BCN2 Berkelanjutan II PLN 13. IDJ0000061B3 Tahap I Tahun 2013 - Niaga Tbk. Permata Tbk. Quarterly 121,000 10-Apr-18 Niaga Tbk. 05-Jul-17 05-Oct-17 05-Jan-18 8.25% Quarterly Seri A Sukuk Ijarah Rp104M/Billion p.a. Quarterly Obligasi SIPPLN01CN1 10.40% Quarterly Seri B PPLN01ACN1 Berkelanjutan I PLN 10. IDA0000598A5 Tahap I Tahun 2013 p.a. Quarterly Obligasi PPLN01BCN1 Berkelanjutan I PLN 9. IDA0000598B3 Tahap I Tahun 2013 Rp125,5M/Billion 21-Jun-18 Tbk. Rp96M /Billion p.a. Quarterly 05-Apr-18 05-Apr-18 10-Jun-18 10-Jun-18 PT Bank PT Bank PT Bank PT Bank PT Bank Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 615
  616. AS OF JUNE 2017 CODE No . ISIN CODE Series Name Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.00% 10-Sep-17 10-Dec-17 10-Mar-18 Permata Tbk. 10-Sep-17 10-Dec-17 10-Mar-18 Permata Tbk. Period Obligasi PPLN01ACN2 Berkelanjutan II PLN 14. IDA0000610A8 Tahap I Tahun 2013 593,000 11-Dec-13 10-Dec-18 5 years Seri A Sukuk Ijarah SIPPLN01ACN2 Berkelanjutan II PLN 15. IDJ0000061A5 Tahap I Tahun 2013 321,000 11-Dec-13 10-Dec-18 5 years Rp90M /Billion p.a. Seri A PT Bank 10-Jun-18 Quarterly PT Bank 10-Jun-18 Quarterly Rating / Outlook AAA Stable AAA Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT PPLN08B Listing Date ISIN CODE : IDA0000308B7 TRADING ACTIVITIES Volume 10 8 Jun-06 Frequency 5 Volume 4 Frequency Maturity Date Jun-09 Trading Activities, Jun-15 Jun-18 2016 Jun-21 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - - - - 6.00 - - - - - 1 - Frequency (X) - Turnover Ratio (%) - - - - Q1 Q2 2 - 6 3 Trading days 4 2 CTP Price - High N/A N/A N/A N/A 117.3550 N/A 2 1 CTP Price - Low N/A N/A N/A N/A 117.3400 N/A - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Jun-12 Price 122 PRICE AND YTM MOVEMENT YTM (%) 12.0 120 11.0 118 10.0 116 9.0 114 8.0 112 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - N/A N/A - N/A N/A - N/A N/A 2.77 10-Mar 10-Mar - N/A N/A 117.6177 117.6928 119.4405 115.7571 118.5730 118.2737 9.4305 9.2696 8.6887 9.3953 8.4637 8.3282 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 18.407 17.079 15.838 14.370 13.206 12.115 3.832 0.038 3.702 0.037 3.577 0.036 3.411 0.034 3.282 0.033 3.154 0.032 The bond series PPLN08B, was first listed on 22 June 2006 with nominal value of Rp865.00 billion and fixed interest rate of 13.75% per annum. This series had traded 2 times in 1 trading days with total volume booked of Rp6.00 billion during the year 2016 until Q2- 2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 117.3400% - 117.3550% while the IBPA fair price was between 112.9972% - 121.0832%, the fair yield for this series was between 8.2654% - 10.5832%. Pastikan Link Grafik sudah be l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Pastikan Link Grafik sudah be Listing Date 616 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  617. PPLN09B ISIN CODE : IDA0000346B7 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jan-10 Trading Activities, Jul-12 Jan-15 Jul-17 Jan-20 2016 Jul-22 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 111 PRICE AND YTM MOVEMENT YTM (%) 12.0 109 11.0 107 10.0 105 9.0 103 8.0 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - - N/A N/A N/A N/A - - N/A - N/A N/A N/A N/A N/A 106.3639 107.0481 109.3943 106.0362 109.8373 110.3277 9.5340 9.3562 8.8073 9.4836 8.5563 8.3702 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 25.546 24.057 22.688 20.909 19.643 18.380 4.471 0.045 4.353 0.044 4.244 0.042 4.076 0.041 3.969 0.040 3.853 0.039 This series will mature on 10 July 2022. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 101.3070% at the lowest and 110.9377 at the highest. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPLN09A Listing Date ISIN CODE : IDA0000346A9 350 280 Jul-07 TRADING ACTIVITIES Volume Frequency 45 Volume 36 Frequency Maturity Date Jul-09 Trading Activities, Jul-11 Price and Yield Q1 Volume (Rp bn) 110.00 4 Frequency (X) Jul-13 Jul-15 2016 Q2 14 Jul-17 2017 Q3 Q4 7.00 340.00 40.00 74.00 2 13 6 5 3 40 Q1 6 Q2 13 65.65 16 10 210 27 Trading days 140 18 CTP Price - High 102.6500 102.8600 102.7200 101.5500 101.6000 100.9512 CTP Price - Low 101.4000 102.7500 IBPA Fair Price 102.5000 102.0078 102.2838 101.1847 100.9114 100.1996 9 70 - enar >> enar >> Jul-07 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 29.33 1.87 31-Mar 25-Apr 29-Jan 08-Apr 8.2916 10.67 19.73 17.51 21-Jul 23-Nov 04-Jan 05-Apr 10-Aug 17-Nov 13-Feb 09-Jun 82.8000 101.1500 100.9700 100.0000 7.3490 8.0795 6.9446 6.3042 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.704 1.170 0.728 0.378 0.136 0.015 Mod. Duration (yrs) 1.161 Sensitivity (%) 0.012 Convexity (yrs) 8.3386 90.67 0.947 0.009 0.728 0.007 0.499 0.005 0.264 0.003 0.049 0.000 This series has listed since on 11 July 2007 and will be matured on 10 July 2017. This series had average turnover of 28.30%/quarter and traded in 40 trading days during 2016 to Q2-2017 period. In 2016, average trading volume amounted to Rp124.25 billion/quarter while in the first semester of 2017 decreased to Rp69.83 billion/quarter. During the observation period, the range of IBPA fair price for this series stood between 100.1996% and 102.9134%, while based on the market price (Centralized Trading Platform), this bond was at the range 82.8000% - 102.8600%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 617
  618. SIKPPLN01 Listing Date ISIN CODE : IDJ000002100 Jul-07 TRADING ACTIVITIES Volume 10 Frequency 10 Volume 8 8 Frequency Maturity Date Jul-09 Trading Activities, Price and Yield Volume (Rp bn) Jul-13 Jul-15 2016 Q1 Q2 Jul-17 2017 Q3 Q4 Q1 Q2 9.00 4.00 6.00 4.00 3.50 3 3 3 2 2 5 Frequency (X) 4 5 4 2.00 3 2 1 6 6 Trading days 4 4 CTP Price - High 102.3500 102.3900 102.6000 102.1600 101.2500 100.9200 CTP Price - Low 100.9500 101.4000 102.2800 102.1000 101.2000 100.9000 IBPA Fair Price 102.3249 102.0078 101.9867 101.1847 100.9565 Pastikan 100.1996Link Grafik sudah be 2 2 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jul-11 Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date 12.00 5.33 8.00 5.33 4.67 2.67 22-Mar 14-Apr 11-Jul 11-Oct 25-Jan 12-Apr 21-Jan 13-Jun 21-Jul 19-Oct 10-Jan 12-Apr 6.7810 6.3042 0.264 0.049 0.003 0.000 8.4353 7.7401 8.0795 30-Jun 30-Sep 30-Dec 1.702 1.170 0.726 0.378 Mod. Duration (yrs) 1.160 Sensitivity (%) 0.012 Convexity (yrs) 8.3386 31-Mar 0.947 0.727 0.009 0.007 0.499 0.005 31-Mar Pastikan 22-JunLink Grafik sudah be 0.136 0.015 This series listed on 11 July 2007, and matured on 10 July 2017. This series issued with nominal amount of Rp300.00 billion and have fixed interest rate per annum at 10.40%. Average trading volume for this series reached Rp5.75 billion/quarter on 2016 and decreased to Rp2.75 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.9000% – 102.6000% while the IBPA fair price was between 100.1996% – 102.4904%. The IBPA fair yield for this series was between 6.1234% – 10.0485%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPLN11B Listing Date ISIN CODE : IDA0000438B2 TRADING ACTIVITIES Volume 75 60 Jan-10 Frequency 10 Volume 8 Frequency Maturity Date Jan-12 Trading Activities, Jan-16 Jan-18 2016 Price and Yield Q1 Volume (Rp bn) 16.00 - 26.00 69.00 - 1 - 2 3 - Frequency (X) Q2 2 - Jan-20 2017 Q3 Q4 6 Q1 9 Q2 20.00 - 4 2 45 6 Trading days 30 4 CTP Price - High 109.1700 N/A 112.1500 112.2300 N/A 110.6500 CTP Price - Low 109.1500 N/A 82.8000 109.0000 N/A 110.3500 IBPA Fair Price 110.3136 110.2294 111.5941 109.4941 110.3765 Pastikan 110.1564Link Grafik sudah be 2 15 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jan-14 Price 115 PRICE AND YTM MOVEMENT YTM (%) 12.0 113 11.0 111 10.0 109 9.0 107 8.0 105 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 3.59 19-Jan 19-Jan 9.2742 - N/A N/A 9.1289 5.83 15.48 27-Jul 18-Oct 10-Aug 23-Nov 8.4669 8.9403 31-Mar 30-Jun 30-Sep 30-Dec 10.871 9.721 8.640 7.516 2.964 0.030 2.808 0.028 2.653 0.027 2.476 0.025 - 4.49 N/A 18-Apr N/A 18-Apr 8.3195 8.1075 2.306 2.152 0.023 0.022 31-Mar Pastikan 22-JunLink Grafik sudah be 6.507 5.651 This series listed on 13 January 2010 and matured on 12 January 2020. This series issued with nominal amount of Rp1.78 trillion with interest rate per annum at 12.55%. Since 2016 until at the end second quarter in 2017, this series traded 21 times in 8 trading days with total volume booked of Rp131.00 billion. During 2016, the average of total volume recorded of Rp27.75 billion/quarter and transacted 4.25 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 82.8000% - 112.2300%, while the IBPA fair price was between 106.6178% and 112.6291%. The fair yield for this series was between 8.0764% - 10.5073%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 618 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  619. SIKPPLN03B ISIN CODE : IDJ0000043B1 15 12 Frequency 10 Volume 8 Frequency Maturity Date Jan-12 Jan-14 Jan-16 Jan-18 2016 Trading Activities, Jan-20 2017 Price and Yield Q1 Q2 Volume (Rp bn) - - 4.00 8.00 4.00 - - 1 2 1 Frequency (X) - Turnover Ratio (%) - Q3 - Q4 2 Q1 4 Q2 10.00 2 6 3 9 6 Trading days 6 4 CTP Price - High N/A N/A 110.9800 110.2200 110.2404 110.6600 CTP Price - Low N/A N/A 110.9600 109.7100 110.2204 110.6000 2 3 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 N/A Date N/A Date Price 115 PRICE AND YTM MOVEMENT YTM (%) 11.0 113 10.0 111 9.0 109 8.0 107 7.0 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 - N/A N/A 9.58 19.16 9.58 23.95 31-Aug 29-Dec 17-Feb 02-May 31-Aug 16-Nov 17-Feb 27-Apr 110.3136 110.2294 111.5941 108.6747 110.3765 110.1564 IBPA Fair Price IBPA Fair Yield (%) Last Date 9.2742 9.1289 8.4669 9.2366 8.3195 8.1075 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 10.871 9.721 8.640 7.497 6.507 5.651 2.964 Mod. Duration (yrs) Convexity (yrs) 0.030 Sensitivity (%) 2.808 2.653 0.028 0.027 2.472 2.306 0.025 2.152 0.023 0.022 This series, matured on 12 January 2020, had average turnover of 10.38%/quarter and traded in 7 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp3.0 billion/quarter while in the first semester of 2017 increased to Rp7.0 billion/quarter. The range of IBPA fair price for this series stood between 106.6178% and 112.5792%, while based on the market price (Centralized Trading Platform), this bond was traded at the range 109.7100% - 110.9800%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPLN12B Listing Date ISIN CODE : IDA0000454B9 250 200 Jul-10 TRADING ACTIVITIES Volume Frequency 30 Volume 24 Frequency Maturity Date Jul-13 Trading Activities, Jul-16 Jul-19 Jul-22 2016 Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 Q4 39.00 226.00 14.00 38.00 1 3 1 3 1 26 Q1 7 Q2 14 76.00 6 2 150 18 Trading days 100 12 CTP Price - High N/A 104.3327 108.5000 107.0000 108.6500 107.8729 CTP Price - Low N/A 104.3327 104.4500 105.0000 105.5000 106.4952 6 50 - enar >> enar >> Jan-10 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 12.0 107 11.0 104 10.0 101 9.0 98 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 8.41 48.73 3.02 8.19 16.39 17-Jun 06-Sep 08-Dec 27-Mar 07-Apr 17-Jun 12-Jul 08-Dec 26-Jan 12-Jun 104.0243 104.8241 107.2424 104.1317 107.7286 108.2794 9.5335 9.3430 8.7864 9.4310 8.5559 8.3701 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 25.818 24.310 22.918 21.126 19.820 18.536 4.505 0.045 4.386 0.044 4.276 0.043 4.107 0.041 3.996 0.040 3.878 0.039 The Bonds issued with nominal value of Rp1.86 trillion and interest rates of 10.40% per annum. This bond is effective from 09 July 2010 to 08 July 2022. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 104.3327% - 108.5000%, while in first semester 2017 this bond was traded between 105.5000% and 108.6500%. In first semester 2017, IBPA fair price recorded at range 104.1895% - 108.4779%. During 2016 this bond was traded with volume amounting to Rp279.00 billion and transacted 34 times, meanwhile in a half of year 2017 recorded by Rp114.00 billion and transacted 20 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 619
  620. SIKPPLN04B Listing Date ISIN CODE : IDJ0000044B9 75 60 Jul-10 TRADING ACTIVITIES Volume Maturity Date Frequency 15 Volume 12 Frequency Jul-13 Trading Activities, Jul-19 Jul-22 2016 Q2 2017 Price and Yield Q1 Q3 Q4 Volume (Rp bn) 10.53 - 10.00 66.70 8.00 5 - 2 2 1 8 Frequency (X) - 4 Q1 13 Q2 2.00 2 2 1 45 9 Trading days 30 6 CTP Price - High 102.3800 N/A 108.7500 105.2300 105.0200 108.2600 CTP Price - Low 101.1200 N/A 107.1200 104.2000 105.0000 108.2400 IBPA Fair Price 102.6496 104.7638 107.5331 103.9040 107.7286 Pastikan 108.2794Link Grafik sudah be 3 15 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Jul-16 Price 109 PRICE AND YTM MOVEMENT YTM (%) 12.0 107 11.0 105 10.0 103 9.0 101 8.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 12.39 17-Mar 05-Feb 9.8224 - N/A N/A 9.3558 11.76 78.47 9.41 2.35 15-Aug 23-Nov 09-Jan 25-Apr 31-Aug 28-Nov 09-Jan 25-Apr 8.5559 8.3701 8.7245 9.4831 31-Mar 30-Jun 30-Sep 30-Dec 25.687 24.305 22.940 21.109 4.489 0.045 4.385 0.044 4.278 0.043 4.104 0.041 31-Mar Pastikan 22-JunLink Grafik sudah be 3.996 19.820 0.040 3.878 18.536 0.039 This series was traded in 11 trading days during 2016 to Q2-2017 period. The total trading volume was Rp97.23 billion during the period. The IBPA fair prices for this series were 100.2662% at the lowest and 108.7364% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), this series was traded at premium which were 101.1200% at the lowest and 108.7500% at the highest. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PPLN01BCN1 Listing Date ISIN CODE : IDA0000598B3 TRADING ACTIVITIES Volume 100 80 Jul-13 Frequency 15 Volume 12 Frequency Maturity Date Jul-15 Trading Activities, Jul-19 Jul-21 2016 Price and Yield Q1 Volume (Rp bn) - 10.00 80.00 9.00 3.00 - 1 3 2 1 Frequency (X) - Turnover Ratio (%) - Q2 Jul-23 2017 Q3 1 Q4 14 Q1 3 Q2 1 21.00 5 2 60 9 Trading days 40 6 CTP Price - High N/A 93.5194 98.5000 100.0200 100.0250 101.7500 CTP Price - Low N/A 93.5194 93.6500 100.0000 100.0250 IBPA Fair Price 92.8406 94.0806 97.0270 93.6828 98.2026 Pastikan 99.3384Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be 34.484 32.806 31.293 29.096 3 20 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) enar >> Jul-17 Price 101 PRICE AND YTM MOVEMENT YTM (%) 12.0 98 11.0 95 10.0 92 9.0 89 8.0 86 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 9.6267 5.218 0.052 5.74 17-Jun 17-Jun 9.4123 5.107 0.051 45.91 5.16 1.72 28-Sep 15-Nov 03-Jan 12-Jul 8.8384 5.010 0.050 30-Dec 9.5640 4.830 0.048 03-Jan 8.6193 4.739 27.718 0.047 12.05 11-Apr 98.4317 07-Apr 8.3903 4.629 26.255 0.046 This series will mature on 5 Jul 2023, and was traded in 9 trading days during 2016 to Q2- 2017 period. During the period, the total trading volume reached Rp123 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 93.5194% at the lowest and peaked also at 101.7500%. While the IBPA fair price for this series was valued at discount between 87.7312% and 99.3808%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 620 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  621. PPLN01ACN1 ISIN CODE : IDA0000598A5 10 8 Frequency 10 Volume 8 Frequency Jul-14 Maturity Date Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 2016 Trading Activities, 2017 Price and Yield Q1 Q3 Q4 Volume (Rp bn) - 6.00 - - 6.00 - - 2 - - 1 - Frequency (X) - Turnover Ratio (%) - Q2 Jul-20 6 - Q1 - Q2 3 - 6 6 Trading days 4 4 CTP Price - High N/A 96.9500 N/A N/A 98.3406 N/A 2 2 N/A 95.2500 N/A N/A 98.3106 N/A - - CTP Price - Low IBPA Fair Price 95.3391 96.0697 98.2439 96.1399 98.7111 99.4252 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 14.517 13.123 11.810 10.407 9.196 8.139 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A Price 100 PRICE AND YTM MOVEMENT YTM (%) 12.0 98 11.0 96 10.0 94 9.0 92 8.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 13.19 3.482 Mod. Duration (yrs) Convexity (yrs) 0.035 Sensitivity (%) - 25-Apr 9.3307 IBPA Fair Yield (%) 28-Apr 9.1814 3.316 0.033 N/A N/A 8.5502 3.153 0.032 - 13.19 N/A - 20-Mar N/A 9.3000 2.959 0.030 20-Mar 8.4477 2.786 N/A N/A 8.2149 2.625 0.028 0.026 This series listed on 08 July 2013, and matured on 05 July 2020. This series issued with nominal amount of Rp182.00 billion and have fixed interest rate per annum at 8.00%. Average trading volume for this series reached Rp1.50 billion/quarter on 2016 and increased to Rp3.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 95.2500% – 98.3406% while the IBPA fair price was between 91.0061% – 99.5536%. The IBPA fair yield for this series was between 8.1662% – 10.5367%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIPPLN01CN1 Listing Date ISIN CODE : IDJ000006002 Jul-13 TRADING ACTIVITIES Volume 75 Frequency 10 Volume 60 8 Frequency Jul-14 Maturity Date Jul-15 Trading Activities, Jul-16 Jul-17 Jul-18 Jul-19 2016 Price and Yield Q1 Volume (Rp bn) 55.00 2.00 - 11.50 36.00 - 2 1 - 4 1 - Frequency (X) Q2 Jul-20 2017 5 Q3 2 - Q4 Q1 6 Q2 2 - 45 6 Trading days 30 4 CTP Price - High 98.8500 96.5000 N/A 100.1500 98.5200 N/A 15 2 98.7300 96.4500 N/A 96.9000 98.5000 N/A - - CTP Price - Low IBPA Fair Price 95.3391 96.0697 98.2439 96.5914 98.8614 99.4252 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 14.517 13.123 11.810 10.421 9.200 8.139 enar >> enar >> Jul-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 100 PRICE AND YTM MOVEMENT YTM (%) 12.0 98 11.0 96 10.0 94 9.0 92 8.0 90 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 181.82 25-Jan 22-Jan 9.3307 3.482 0.035 6.61 27-Apr 27-Apr 9.1814 3.316 0.033 - N/A N/A 8.5502 3.153 0.032 38.02 13-Dec 07-Dec 9.1448 2.962 0.030 119.01 09-Feb 09-Feb 8.3942 2.787 0.028 - N/A N/A 8.2149 2.625 0.026 This series, matured on 5 July 2020, had average turnover of 57.58%/quarter and traded in 8 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp17.1 billion/quarter while in the first semester of 2017 increased to Rp18.0 billion/quarter. The range of IBPA fair price for this series stood between 91.0061% and 99.5536%, while based on the market price (Centralized Trading Platform), this bond was traded at the range 96.4500% - 100.1500%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 621
  622. PPLN01BCN2 Listing Date ISIN CODE : IDA0000610B6 45 36 Dec-13 TRADING ACTIVITIES Volume Maturity Date Trading Activities, Frequency 10 Volume 8 Frequency Dec-15 Dec-19 Dec-21 2016 Dec-23 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 15.00 5.00 - - - 2 1 Frequency (X) - Turnover Ratio (%) - - Q4 - Q1 3 Q2 40.00 1 8 1 27 6 Trading days 18 4 CTP Price - High N/A N/A N/A 102.9200 102.9250 106.4500 CTP Price - Low N/A N/A N/A 102.9000 102.9250 105.8000 - enar >> Date 2 9 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Price IBPA Fair Yield (%) enar >> Dec-17 Price 107 PRICE AND YTM MOVEMENT 11.0 101 10.0 98 9.0 95 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Mod. Duration (yrs) 12.0 104 92 Last Date YTM (%) Q2-17 Convexity (yrs) Sensitivity (%) N/A N/A - - N/A N/A N/A N/A 9.22 3.07 24.58 15-Nov 03-Jan 19-Jun 30-Dec 03-Jan 19-Jun 99.6177 100.7148 103.5299 100.0001 104.7637 106.3256 Pastikan Link Grafik sudah be 9.6651 9.4642 8.9289 9.5990 8.6490 8.3245 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 36.707 35.085 33.639 31.437 30.167 5.361 0.054 5.259 0.053 5.172 0.052 5.000 0.050 4.925 0.049 22-Jun Pastikan Link Grafik sudah be 4.831 28.788 0.048 This series listed on 11 December 2013 and matured on 10 December 2023. This series issued with nominal amount of Rp651.00 billion with interest rate per annum at 9.60%. Since 2016 until at the end second quarter in 2017, this series traded 12 times in 4 trading days with total volume booked of Rp60.00 billion. During 2016, the average of total volume recorded of Rp3.75 billion/quarter and transacted 0.75 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this 7.0 series was traded between 102.9000% - 106.4500%, while the IBPA fair price was between 94.3859% and 106.3256%. The fair yield for this series was between 8.3245% - 10.6566%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIPPLN01BCN2 Listing Date ISIN CODE : IDJ0000061B3 TRADING ACTIVITIES Volume 10 8 Dec-13 Frequency 5 Volume 4 Frequency Maturity Date Dec-14 Trading Activities, Dec-17 Dec-18 2017 Price and Yield Q1 Q2 Volume (Rp bn) - - 2.00 6.00 - - - - 1 1 - - Frequency (X) - Turnover Ratio (%) - - Q3 Q4 2 Q1 2 - Q2 - 3 Trading days 4 2 CTP Price - High N/A N/A 103.1500 103.7490 N/A N/A 2 1 N/A N/A 103.0500 103.7290 N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 101 9.0 98 8.0 95 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 - N/A N/A 7.41 22.22 01-Aug 31-Oct 01-Aug 31-Oct - N/A N/A - N/A N/A IBPA Fair Price 99.6177 100.7148 103.5299 100.0001 104.7637 Pastikan 105.9231Link Grafik sudah be Last Date 31-Mar 30-Jun 30-Sep 30-Dec 36.707 35.085 33.639 31.437 IBPA Fair Yield (%) 622 Dec-16 2016 6 enar >> enar >> Dec-15 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 9.6651 5.361 0.054 9.4642 5.259 0.053 8.9289 5.172 0.052 9.5990 5.000 0.050 8.6490 8.4028 31-Mar Pastikan 22-JunLink Grafik sudah be 4.925 30.167 0.049 4.827 28.751 0.048 The bond series SIPPLN01BCN2, was first listed on 11 December 2013 with nominal value of Rp108.00 billion and fixed interest rate of 9.60% per annum. This series had traded 4 times in 2 trading days with total volume booked of Rp8.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 103.0500% - 103.7490% while the IBPA fair price was between 94.3859% - 105.9231%, the fair yield for this series was between 8.4028% 10.6566%.
  623. PPLN01ACN2 ISIN CODE : IDA0000610A8 100 Frequency 15 Volume 80 12 Frequency Maturity Date Dec-14 Trading Activities, Dec-15 Dec-16 Dec-17 2016 Dec-18 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) 95.00 97.00 - - 3.00 4 4 - - 1 11 Frequency (X) 10 - - Q1 Q2 5.00 1 4 2 60 9 Trading days 40 6 CTP Price - High 99.7500 101.4300 N/A N/A 101.2500 101.8000 CTP Price - Low 99.0300 N/A N/A 101.2500 101.6400 IBPA Fair Price 99.7730 100.1038 101.5345 100.0140 101.5576 101.8533 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.526 5.513 4.577 3.676 2.888 2.252 3 20 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 64.08 65.43 01-Feb 11-Apr 19-Jan 9.0835 Mod. Duration (yrs) 2.354 Sensitivity (%) 0.024 Convexity (yrs) - N/A 99.7700 01-Apr 8.9503 2.163 N/A 8.2266 1.968 0.022 0.020 - N/A N/A 8.9896 1.758 0.018 2.02 3.37 26-Jan 04-May 26-Jan 05-Apr 7.9896 1.550 7.6503 1.361 0.016 0.014 This series listed on 11 December 2013 and matured on 10 December 2018. This series listed with nominal amount of Rp593 billion with interest rate per annum at 9.00%. During 2016, the average of total volume recorded of Rp48 billion/quarter while in first semester of 2017 decreased to Rp4 billion/quarter. The market price (Centralized Trading Platform) for this series in 2016 was between 99.0300% and 101.8000%. Based of IBPA fair price, this series has a fair price between 97.9767% - 101.8663%, while in first semester of 2017was at range 99.9896% - 101.9169%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SIPPLN01ACN2 Listing Date ISIN CODE : IDJ0000061A5 5 4 Dec-13 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Dec-14 Trading Activities, Dec-15 Dec-16 Dec-17 2016 Dec-18 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 CTP Price - Low N/A N/A N/A N/A N/A N/A - enar >> enar >> Dec-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date N/A Date N/A 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A - N/A N/A - N/A N/A - - N/A N/A N/A N/A IBPA Fair Price 99.7730 100.1038 101.5345 100.0140 101.5576 101.8533 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.526 5.513 4.577 3.676 2.888 2.252 IBPA Fair Yield (%) Price - 9.0835 Mod. Duration (yrs) 2.354 Sensitivity (%) 0.024 Convexity (yrs) 8.9503 2.163 0.022 8.2266 1.968 0.020 8.9896 1.758 0.018 7.9896 1.550 0.016 7.6503 1.361 0.014 This series was listed since 11 December 2013 with nominal value of Rp321.00 billion and interest rate of 9.00 % per annum. The IBPA fair price was between 96.5141% - 101.9210% and the fair yield for this series was between 7.6399% - 10.3950%. The series was not actively traded as since the first day it was listed until the end of Q2-2017, there was no trading activities for this series. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 623
  624. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover PPLN08B PPLN09B PPLN09A 110 SIKPPLN01 340 40 33.1% 7.7% PPLN11B 1626 69 SIKPPLN03B 6.2% 7.2% PPLN12B 39 SIKPPLN04B 67 PPLN01BCN1 80 PPLN01ACN1 15.0% 226 25.7% 14.2% 3.3% SIPPLN01CN1 55 56.6% PPLN01BCN2 2.3% SIPPLN01BCN2 7.4% PPLN01ACN2 95 97 32.4% SIPPLN01ACN2 - 624 200 400 600 INDONESIA BOND MARKET DIRECTORY 2016-2017 800 1,000 1,200 1,400 1,600 1,800 2,000
  625. IBPA ANALYTICAL REVIEW Description PT Perusahaan Listrik Negara (PLN) is a state-owned company that generates, transmits, and distributes electricity. The Company also plans and develops electricity infrastructure and installs electricity Peer Group No. Company Total Revenue Net Profit Revenue (25.1) (16.6) (Rp Bill) Margins (%) Growth (%) 222,822 4.7 2.5 1. PT Perusahaan Listrik Negara (Persero) 2. PT Sumberdaya Sewatama 1,265 equipment in Indonesia. Shareholder of PLN was 100% of Indonesia’s Government. Currently PT PLN (Persero) have 27 subsidiaries such as: PT. Financial Statement as of Fiscal Year 2016 Pembangkitan Jawa Bali, PT. Indonesia Power, and PT. Indonesia Comnets Plus, PT Prima Layanan Nasional Enjiniring (PT PLN Enjiniring), Pelayanan Listrik Historical Corporate Ratings Nasional Tarakan (PT PLN Tarakan), Pelayanan Listrik No. Nasional Tarakan (PT PLN Tarakan), PT. PLN Batubara, PT. PLN Geothermal, Majapahit Holding BV, PT. Geo Dipa Energi, etc. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idAAA Affirmed 21-Apr-17 Stable 3. Pefindo idAAA Affirmed 15-May-15 Stable Upgraded* 3-May-13 2. Pefindo 4. Pefindo 5. Pefindo idAAA idAAA idAAA Affirmed Affirmed 1-Jul-16 6-May-14 Stable Stable Stable SWOT Analysis S W trengths eaknesses - Strong and proven support from - High dependency on fuel price the Government - Sizeable amount of capital - Strong financial flexibility expenditure plan - Superior market position - Wide operations through network and subsidiaries Financial Analysis The Company revenue in 2016 that derived from electricity sales to customers, customer connection services, and others reached Rp222.82 trillion, up 2.52% compared to 2015 at Rp217.35 trillion. Revenue from electricity sales in 2016 rose 2.05% to Rp214.14 trillion, compared to 2015 of Rp209.84 trillion due to the growing number of customers and electricity energy sold perspective by 5.09% and 6.49% from last year. Revenue from customer connections in 2016 also rose by 14.83% to Rp7.05 trillion from Rp6.14 trillion in 2015. Nevertheless, the Company booked the total operating loss before subsidy of Rp31.63 trillion or increased 284.44% from Rp8.23 trillion in 2015. This was caused by unachieved revenue target on R1-450/900 VA O T pportunities hreats - Holding “35,000 MW Power - Holding “35,000 MW Power generation project that has generation project that has widespread construction over 21 widespread construction over 21 locations across Indonesia locations across Indonesia - Global renewable energy initiatives - Global renewable energy initiatives - Growing demand of electricity - Growing demand of electricity customers as non-subsidized tariff was not yet implemented. But after subsidy, the Company managed to recorded operating profit of Rp28.81 trillion although down 40.37% compared to 2015 of Rp48.32 trillion. Total assets Company until the end of 2016 reached Rp1,274.58 trillion, down 3.03% from Rp1,314.37 trillion in 2015. INDONESIA BOND MARKET DIRECTORY 2016-2017 625
  626. idBBB PPNX PT Perkebunan Nusantara X Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 ADDRESS Agriculture Plantation www.ptpn10.co.id Adi Santoso ads9164@yahoo.com Based on Government Regulation No. 15 of 1996 as stipulated in Jakarta on February 14th, 1996, PT Perkebunan XIX (Persero) which was established under Government Regulation No. 13 of 1990, PT Perkebunan XXI – XXII (Persero) which was established under Government Regulation No. 23 of 1973 and PT Perkebunan XXVII which was established under Government Regulation No. 7 of 1972, were merged into PT Perkebunan Nusantara X (Persero). Pursuant to the merger, an Indonesian legal entity was established taken form as Perusahaan Perseroan (Persero) Perseroan Terbatas, located in Surabaya Regency, East Java Province, named Perusahaan Perseroan (Persero). PT Perkebunan Nusantara X or acknowledged as PTPN X based on Establishment Deeds of Perusahaan Perseroan (Persero) Perseroan Terbatas No. 43 dated March 11th, 1996 made in prescence of Harun Kamil, S.H., Notary in Jakarta and has granted authorization from Minister of Justice Republic of Indonesia pursuant to Decree No.C28338.HT.01.01.TH.96 dated August 8th, 1996 and registered on the Company List No.020/BH.13.01/Sept/1996 dated September 18th, 1996, as announced on National Gazzette of Republic Indoensia No. 81 dated October 8th, 1996, appendix No. 8681 (later acknowledged as “Establishment Deeds”). Based on PP No 72 tahun 2014, the shareholder of PTPN X are PT Perkebunan Nusantara III (Persero) about 90% and Indonesia Government about 10%. PT Perkebunan Nusantara X is operated on sugar and tobacco industry. In carrying the Company’s operational on sugar and tobacco industry, the Company conducts sales through free and coordinated competition. Besides several major business as mentioned, PTPN X has subsidiaries in plastic woven bag, hospitals and bioethanol industry, PTPN X also cooperates with strategic partners edamame and okra beans industry. PT Perkebunan Nusantara X with head office (BOD Office) at Jalan Jembatan Merah No. 3-11 Surabaya operates 11 units sugar mill, 3 units tobacco plantation and 4 subsidiaries (PT Dasaplast Nusantara, PT Energi Agro Nusantara, PT Nusantara Medika Utama and PT Mitratani Dua Tujuh). BOARD OF COMMISSIONERS 1. Rudi Wibowo 2. Arvan Rivaldy R. Siregar 3. Sukardi Rinakit 4. YB. Priyatmo Hadi *) Independent Commissioner BOARD OF DIRECTORS 1. Dwi Satriyo Annurogo 2. Muhammad Hanugroho 3. Mustaqim 626 Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 Jln. Jembatan Merah No. 3-11, Surabaya Jawa Timur 60175 Phone : (031) 352-3143 Fax : (031) 352-3167 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 1,370,886 415,619 595,597 Dec-2016 371,465 -10.62 q 905,981 2,436,820 2,557,767 12,323,717 13,061,122 1,915,195 2,559,868 8,679,923 975,042 3,056,462 3 3,400,000 870,596 1 8,824,201 31.45 p 7 114.71 p 1,845,596 111.99 p 2 111.99 p 9,231,798 9,003,973 9,267,255 9,043,259 Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses 39,286 2,531,558 618,336 107,267 319,151 250,799 -59.44 q 111,546 29.63 p -216,836 N/A q 519,698 -105,290 FINANCIAL RATIOS 198,363 N/A q -155,783 N/A q 119,053 -161,353 N/A q 0.28 36.97 p -6.89 N/A q 7,220,886 0.21 NPM (%) 4.99 EBITDA Coverage (X) N/A q 126,428 DER (X) ROA (%) 3.99 p 413,718 EBITDA Net Income … *) -2.42 q 2,260,374 -10.71 q -162,920 Comprehensive Income -2.47 q 10.80 pLink Grafik sudah be Pastikan Pastikan Link Grafik sudah be 302,290 Income for the periods -  345,400 -38.98 q Operating Profit Earning Before Tax 33.66 p 7,300,000 114.71 p Total Equity …*) 35,456 1.66 p 5.98 p 4,017,863 1,000,000 Non Controlling Interest 4.96 p 35.44 p 1,000,000 566,011 52.11 p 1,320,604 Par Value (Rp) Retained Earnings Chg % 1,202,993 -12.25 q -138,886 1.03 -1.19 4.84 -0.94 N/A q N/A q N/A q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Perkebunan Nusantara III (Persero) 2. Pemerintah Indonesia AUDIT COMMITTEE 1. Arvan Rivaldy R Siregar 2. Adi Rahardjo 3. Wisnu Pudjiatmoko 90.00% 10.00%
  627. AS OF JUNE 2017 CODE No . 1. Series Name PPNX01 Obligasi I PTPN X Listing (Rp Million) Date 700,000 Tahun 2013 IDA000059604 08-Jul-13 Maturity Issue Date 05-Jul-18 Term Coupon Structure / Coupon Payment Date Trustee 8.90% 05-Jul-17 05-Oct-17 05-Jan-18 PT Bank CIMB Period 5 years Niaga Tbk. 05-Apr-18 Quarterly Rating / Outlook BBB Stable TRADING HIGHLIGHT PPNX01 Listing Date ISIN CODE : IDA000059604 Jul-13 TRADING ACTIVITIES Volume 100 Frequency 25 Volume 80 20 Frequency Maturity Date Jul-14 Trading Activities, Jul-15 Q1 Volume (Rp bn) 60.00 Q2 3 7 Frequency (X) 15 Trading days 40 10 CTP Price - High 102.0500 CTP Price - Low 20 - 5 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) 105 PRICE AND YTM MOVEMENT YTM (%) 14.0 102 13.0 99 12.0 96 11.0 93 10.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 9.0 34.29 Jul-17 Jul-18 2017 Q3 Q4 Q1 7.00 32.00 84.00 88.00 1 6 5 3 7 11 17 4.00 18.29 48.00 21-Apr 26-Aug 22-Dec Q2 17 50.29 80.00 22 8 45.71 99.0000 100.0000 100.2500 99.8000 100.2700 96.0000 96.5000 95.2300 98.0000 97.4354 97.9300 IBPA Fair Price 94.6190 95.8805 97.5711 96.3577 97.9339 98.7515 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 15-Feb Date 11-Feb Date IBPA Fair Yield (%) Price Jul-16 2016 Price and Yield 60 enar >> enar >> ISIN CODE Outstanding 11.6241 Mod. Duration (yrs) 1.964 Sensitivity (%) 0.020 Convexity (yrs) 21-Apr 11.2127 1.773 4.647 3.800 0.018 02-Aug 10.4244 21-Oct 11.5558 1.574 3.021 0.016 1.361 2.290 0.014 23-Mar 30-Jan 10.6463 1.150 1.667 0.012 21-Jun 03-Apr 10.1813 0.958 1.187 0.010 This series has listed since on 8 July 2013 and will be matured on 5 July 2018. This series had average turnover of 33.43%/quarter and traded in 26 trading days during 2016 to Q22017 period. In 2016, average trading volume amounted to Rp45.75 billion/quarter while in the first semester of 2017 increased to Rp84.00 billion/quarter. The range of IBPA fair price for this series during the observation period stood between 91.2897% and 98.7515%, while based on the market price (Centralized Trading Platform), this bond was at the range 95.2300% - 102.0500%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PPNX01 Q2-2016 60 - 7 32 50 100 Q3-2016 84 150 Q4-2016 Turnover Outstanding in Year 2016 26.1% 200 250 300 350 400 450 500 550 600 650 700 INDONESIA BOND MARKET DIRECTORY 2016-2017 627
  628. IBPA ANALYTICAL REVIEW Description PT Perkebunan Nusantara X Tbk primary business activities are in sugar , molasses, tobacco and bobbin (cigar wrap) cutting service industry. Besides several major business as mentioned, PTPN-X has subsidiaries on plastic bag industry, hospitals, and bio- Peer Group No. Company 1. Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 29,752 8.7 (17.9) PT Sinar Mas Agro Resources And Technology (Smart) Tbk. 2. PT Tunas Baru Lampung Tbk. 6,514 3. PT Perkebunan Nusantara X 9.5 2,260 22.2 (6.9) (10.7) ethanol industry. PTPN-X also cooperated with strategic partners on Edamame and Okra industry. In sugar industry, PTPN-X had 11 units Sugar Mill Financial Statement as of Fiscal Year 2016 (SM) spread in East Java. In tobacco industry, its Historical Corporate Ratings business activity was carried in Jember and Klaten No. Regency area. In cutting bobbin services was located in Jember. Furthermore PTPN-X’s hospital units are comprising of three hospitals in Mojokerto, Kediri, and Jember. By the end of 2016, PTPN-X’s total areas consisted of Rating Agency 1. Pefindo Rating Rating Status Rating Date Outlook idBBB Downgraded* 21-Feb-17 Stable idBBB+ Affirmed 14-Apr-15 2. Pefindo idBBB+ 4. Pefindo idBBB+ 3. Pefindo 5. Pefindo idA Affirmed Downgraded Downgraded 13-Apr-16 10-Dec-14 2-Sep-14 Stable Stable Negative Negative the sugar cane plantation area of 70,601 ha; the tobacco plantations area of 1,078 ha; and the other area of 878 ha. PTPN-X’s major productions facilities include 11 sugar cane mills, 3 tobacco farms, and 4 subsidiaries in bio-ethanol, which area located in East Java. As of December 31, 2016, PTPN X ’s shareholders consisted of PT Perkebunan Nusantara III (90.0%), and Government of Indonesia (10.0%). SWOT Analysis S trengths W eaknesses - Good operating management and - Non investment grade status integrated operations - High dependency on farmers’ - Have a fairly large in plantation sugar cane supply assets - Lower margin compare to its peers - The largest sugar producing - Weakened capital structure company in Indonesia Financial Analysis In 2016, PPNX’s total revenue amounted to Rp2.26 trillion, down by 10.71% from 2015. The decrease was due to the sharply decline on revenue mainly the revenue from sugar segment which was down 25.00% to Rp1.02 trillion. In 2016, the contribution of sugar business segment reached 45.21% or lower than the contribution of 2015 by 53.82%. Moreover, PPNX’s cost of sales in 2016 increased by 5.04% to be Rp2.01 trillion compared to 2015 amounted to Rp1.91 trillion due to an increase cost of sales of the hospital segment, tobacco and others, each posted a 10.00% growth. Consequently, PPNX posted a loss for the year amounting to Rp155.78 billion in 2016 or down by -223.22%. On the other side, PPNX’s total assets in 2016 amounted to Rp13.01 trillion or grew 5.98% compared to 2015. The increase was mainly supported by increasing in long term receivables from related parties by 36.72% to Rp1.22 trillion. As of 2016, PPNX's current ratio in 2016 was 193.68%, a decrease compared with the 250.45% current ratio. 628 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Government regulations on the - Government regulations on the price of sugar price of sugar - High demand of sugar - High demand of sugar
  629. idBBB + PPRO PT PP Properti Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Plaza PP, 7th Floor Jln. Letjend. TB. Simatupang No. 57 Pasar Rebo - Jakarta 13760 Phone : (021) 8779-2734 Fax : (021) 8779-2947 Property, Real Estate And Building Construction Property And Real Estate www.pp-properti.com Indaryanto investor.relations@pp-properti.com a. Company Achievement Commitment of PT PP Properti Tbk. to be the leading property developer in Indonesia is marked by rapid Realty business growth throughout 2016. In July 2017 PT PP Property Tbk. hit 1.97 trillion sales record from the target 2.99 trillion with revenue 1.32 trillion or grew 28% from 1.04 trillion in July 2016. To be continue building a better life, PT PP Properti Tbk. is oriented towards sustainable business in adapting with National property business development. In 2017 PT PP Properti Tbk. was awarded as : 1. "The Best Top 50 Asean CG Scorecard" by The IICD CG Appreciation 2017. 2. "The Best Outstanding Corporate Innovator" (OCI) Award and "Indonesia Most Creative Companies 2017" by SWA Magazine Awards 2017. 3. Runner Up : "Pengembang Dengan Penjualan Properti Terbanyak" at Indonesia Properti Expo 2017. b. Business Portofolio As end of Fiscal Year 2016, portofolio of PT PP Properti Tbk. consisted of 3 segments, such as Residential, Commercial and Hospitality with total 31 projects that had been built and developed, including 3 Hotels, 20 residential and 8 commercials across several cities nationwide, such as Jakarta, Tangerang, Bogor, Semarang, Surabaya, Bandung dan Balikpapan. c. Business Startegy and Plan In 2016, management of PT PP Properti Tbk. implemented comprehensive business strategy including series of effective and efficient program and activities to support business growth as well as strengthen operational aspect of PT PP Properti Tbk. Realization of business strategy throughout 2016 was achieved by improving principal aspects, as follows : 1. Advancing existing land assets development, 2. Adding land assets, 3. Increasing recurring income, 4. Focusing on mid-market, and 5. Continuos innovation d. Particular Characteristic PT PP Properti Tbk. has particular characteristic such as : 1. Leading and experience0 real estate developer with strong support from shareholder PT PP (Persero) Tbk. 2. Targeting the growing middle class market and keep looking at the opportunity of upper class market. 3. Focus to develope the highrise bulding products with "Beyond Space" concept. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 357,422 Dec-2016 624,472 74.72 p Receivables 1,199,500 2,810,291 134.29 p Current Assets 3,186,686 5,164,654 Inventories Investments Property in Investments Property, Plant and Equipment Total Assets Trade Payables 1,498,070 208,875 - 1,674,282 5,318,957 658,506 Current Liabilities 1,226,354 Total Liabilities 2,801,370 Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses 349,430 36,528 1,606,415 312,974 - 1,997,713 8,826,284 65.94 p 2,082,373 495.93 p 36,528 -  1,404,441 -  14,044 14,044 753,780 -  19.32 p 5,858,373 109.13 p 3,652,824 100 49.84 p 2,778,512 126.57 p 3,652,824 1,404,441 7.23 p 62.07 p 1,526,642 131.83 p 100 -  -  -  1,059,082 40.50 p 2,517,587 2,967,911 17.89 p 1,505,172 2,150,061 42.84 p 33,844 56,973 2,515,879 1,708 447,823 2,821,180 12.13 p 146,731 8,490.63 p 585,904 30.83 p 68.34 p Earning Before Tax 301,067 368,223 22.31 p Income for the periods 300,329 365,374 21.66 p Net Income … *) 300,325 365,383 21.66 p EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 354,082 635,662 NPM (%) EBITDA Coverage (X) 28.55 p 365,358 -42.52 q 0.14 0.70 405.51 p 19.95 16.99 -14.83 q 5.65 ROA (%) 455,174 10.46 4.14 -26.69 q 7.99 -23.64 q *) … attributable to owners of the parent entity BOARD OF COMMISSIONERS 1. Lukman Hidayat 3. Kelik Wirawan Wahyu Widodo * 2. Betty Ariana 4. Mohammad Farela * *) Independent Commissioner SHAREHOLDERS 1. PT PP (Persero) Tbk. 2. Public 3. Asuransi Jiwasraya 4. Yayasan Kesejahteraan Karyawan PT PP (YKPP) BOARD OF DIRECTORS 1. Taufik Hidayat 2. Galih Saksono 3. Indaryanto AUDIT COMMITTEE 1. Mohammad Farela 2. Aryo Wibisono 3. Herry Subiyono 4. Nanang Siswanto 5. Sinurlinda Gustina M. Chg % 64.96% 26.13% 8.85% 0.06% INDONESIA BOND MARKET DIRECTORY 2016-2017 629
  630. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name Outstanding (Rp Million) Obligasi I PP PPRO01B IDA0000746B8 Properti Tahun 400,000 2016 Seri B IDA0000746A0 Date 11-Jul-16 Maturity Issue Date 01-Jul-21 Term Coupon Structure / Coupon Payment 9.90% 01-Jul-17 01-Oct-17 01-Jan-18 Period 5 years Date Properti Tahun 200,000 2016 Seri A 11-Jul-16 01-Jul-19 01-Jul-17 01-Oct-17 01-Jan-18 9.15% 3 years 01-Apr-18 Quarterly Rating / Outlook Trustee 01-Apr-18 Quarterly Obligasi I PP PPRO01A Listing PT Bank BBB Mandiri (Persero) Tbk. PT Bank Stable BBB Mandiri (Persero) Tbk. Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT PPRO01B Listing Date ISIN CODE : IDA0000746B8 TRADING ACTIVITIES Volume 100 80 Frequency 15 Volume 12 Frequency Trading Activities, Jul-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 98.00 10.00 36.00 N/A 4 4 5 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 40 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - - 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 99 11.0 97 10.0 95 9.0 93 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM N/A N/A N/A N/A 11 98.00 Q1 6 10.00 Q2 11 36.00 20.00 8 3 20.00 102.5000 100.7700 101.1500 100.4300 29-Sep 31-Oct 22-Mar 14-Jun N/A 99.9800 97.2100 95.5800 95.5877 N/A 101.0334 95.5776 93.8700 94.7630 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 16.642 N/A N/A N/A N/A 13-Jul 9.6264 3.674 0.037 22-Dec 11.1628 3.476 14.934 0.035 27-Mar 11.7434 3.305 13.477 0.033 03-Apr 11.5441 3.178 12.371 0.032 This series listed on 11 July 2016 and matured on 01 July 2021. This series issued with nominal amount of Rp400.00 billion with interest rate per annum at 9.90%. Since this series issued until at the end second quarter in 2017, this series traded 36 times in 16 trading days with total volume booked of Rp164.00 billion. During 2016, the average of total volume recorded of Rp27.00 billion/quarter and transacted 4.25 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 95.5800% - 102.5000%, while the IBPA fair price was between 93.0850% and 102.6295%. The fair yield for this series was between 9.2239% 11.9829%. Listing Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Jul-21 2017 Q1 N/A 3 Jul-20 Price and Yield Trading days 20 Jul-19 2016 9 Price 630 Jul-17 60 enar >> enar >> Jul-16 Maturity Date Maturity Date
  631. PPRO01A ISIN CODE : IDA0000746A0 275 220 Maturity Date Jul-16 TRADING ACTIVITIES Volume Frequency 10 Volume 8 Frequency Jul-17 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 110.00 254.80 - - N/A N/A 3 3 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 110 4 CTP Price - High N/A 55 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 8.0 95 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q1 6 Q2-16 Jul-19 Price and Yield 165 Q1-16 Jul-18 2016 Trading Activities, Trading days enar >> enar >> Listing Date N/A N/A 3 Q1 7 220.00 509.60 23-Sep 05-Oct 14-Jul 28-Oct - Q2 - N/A 100.0500 100.0800 N/A N/A N/A 100.0000 100.0000 N/A N/A N/A N/A N/A N/A N/A N/A N/A 98.2248 96.4084 95.9271 96.9753 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 6.618 N/A N/A N/A 9.8945 2.348 0.023 10.8069 2.150 11.2077 1.952 5.563 4.600 0.022 0.020 10.8320 1.782 3.839 0.018 This series will mature on 1 Jul 2019, and was traded in 6 trading days during 2016 to Q2- 2017 period. During the period, the total trading volume reached Rp365 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked also at 100.0800%. While the IBPA fair price for this series was valued between 95.3169% and 101.2952%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PPRO01B Q2-2016 98 PPRO01A Q3-2016 10 Q4-2016 50 Turnover 27.0% 110 - Outstanding in Year 2016 255 100 150 200 182.4% 250 300 350 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 631
  632. IBPA ANALYTICAL REVIEW Description PT PP Properti Tbk (PPRO) is an Indonesia-based company primarily engaged in property development. The company has been in the business since 1991. However during that period, it was only a business units to PT Pembangunan Perumahan, Tbk (PTPP). In October 2013, the company was restructured and launched its IPO in 2015. units: commercial, No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 2,276 13.1 3.4 1. PT Intiland Development Tbk. 2. PT PP Properti Tbk. 2,150 3. PT Ciputra Residence 17.0 1,498 4. PT Duta Anggada Realty Tbk. 755 5. PT Greenwood Sejahtera Tbk. 42.8 28.2 (12.7) 148.6 68.9 25.4 141 (10.4) Financial Statement as of Fiscal Year 2016 The company classifies its business into three business Peer Group residential and hospitality. PPRO has been more focused on high-rise developments in Java area and targeted medium to low segments. Some of its projects are Grand Kamala Lagoon, Paladian Park, Pavilion Permata 1, Pavilion Permata 2, Gunung Putri Square, Grand Sungkono Lagoon, Payon Amartha, Park Hotel and Kaza City; the Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date 1. Pefindo idBBB+ Downgraded* 14-Mar-17 3. Pefindo idA- Affirmed 27-May-16 2. Pefindo 4. Pefindo idAidA- Affirmed Assigned Outlook Stable 12-Jan-17 Negative 30-Dec-15 Stable Stable projects are located in several areas in Indonesia, such as Jakarta, Surabaya, Bogor, Bandung and Semarang. Its subsidiaries include PT Gitanusa Sarana Niaga. As of 2016, the company’s shareholding composition are PT PP (Persero) Tbk with 64.96% ownership, Public (34.98% Kesejahteraan ownership), Karyawan PT and Yayasan Pembangunan Perumahan (YKKPP) with 0.06% ownership. SWOT Analysis S trengths W eaknesses - High operating efficiency - Limiterd land bank - Rapid earning growth - Relatively high leverage due to - Supported by parent company expansion PTPP, one of largest state owned - Small market segments companies in construction sector Financial Analysis In 2016, PPRO’s revenue grew quite strongly by 42.84% from Rp1.51 trillion to Rp2.15 trillion. Revenue from property sales which made up 93.75% of PPRO’s total revenue increased by 46% from Rp1.38 trillion to Rp2.02 trillion. On the other hand, cost of goods sold rose by 47.93% from Rp1.06 trillion to Rp1.56 trillion. Additionally, operating expenses increased by 26.17% from Rp62.32 billion to Rp78.63 billion. At the bottom line, net profit improved by 21.66% from Rp300.33 billion to Rp365.37 billion 632 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Property financing regulation - Property financing regulation easing easing - More room to expand its market - More room to expand its market - Medium to low market segment - Medium to low market segment growth potential growth potential
  633. PRTL PT Profesional Telekomunikasi Indonesia Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 Achievement: • During 2016, Protelindo achieved Rp5,053.1 billion in revenue and Rp4,398.0 billion in EBITDA. • In 2016, Protelindo grew the business by adding a net of 2,325 towers. A major contributor to this increase was the acquisition of towers from XL Axiata. We also sold, with substantial capital gains, 260 towers through the divestment of our stake in Protelindo Towers B.V. Strategy: • to maintain our position as the leading tower company in Indonesia; • to maintain the Company’s investment grade ratings from all three global rating agencies; • to capitalize on our strong balance sheet for organic and inorganic growth opportunities; • to begin returning capital to shareholders thru dividends and share buy-backs under prevailing rules and regulations in Indonesia. Competitive Advantages: Faced with market weakness in 2016, we maintained our position as the leading independent tower company in Indonesia with the largest tower portfolio, healthiest balance sheet and strongest credit rating among our peers. During 2016, we were the only tower company in Indonesia to receive a credit rating upgrade. Standard & Poor’s upgraded our ratings from BB+/Stable to BBB-/Stable. Fitch International and Fitch Indonesia upgraded our ratings from BB+ and AA+ to BBB- and AAA, respectively. Moody’s also upgraded our corporate credit rating from Ba1 to Baa3. As of March 2017, Protelindo had surpassed ownership of 14,587 towers with 24,070 tenants. BOARD OF COMMISSIONERS 1. Ario Wibisono 2. Kenny Harjo 3. Kusmayanto Kadiman * *) Independent Commissioner BOARD OF DIRECTORS 1. Ferdinandus Aming Santoso� 2. Adam Gifari� 3. Eko Santoso Hadiprodjo 4. Indra Gunawan 5. Onggo Wijaya 6. Rinaldy Santosa 7. Stephen Duffus Weiss Stable ADDRESS Menara BCA, 53rd and 55th. Floor Jln. M.H. Thamrin No. 1 Jakarta 10310 Phone : (021) 2358-5500 Fax : (021) 2358-6446 Infrastructure, Utilities And Transportation Non Building Construction www.protelindo.co.id Aditya Masno Aditya.Masno@protelindo.net Line of Business: Protelindo’s main business is to lease space on tower sites which can be jointly used by multiple wireless operators. AAA(idn) FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Millions of Rp, Unless Otherwise Stated Dec-2015 2,986,279 471,323 11,076 Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA 2,904,014 3,592,955 21,412,957 25,018,927 9,902,539 9,918,871 157,179 2,000,002 238,958 3,327,991 13,754,322 14,336,047 1,000,000 1,000,000 3,323 3,323 10,000 332,262 100 10,000 332,262 100 7,340,486 10,373,899 -1,619 4 7,660,254 10,682,876 -2.75 q 1.71 p 52.03 p 16.84 p 66.40 p 0.16 p 4.23 p -  -  -  -  -  41.32 p 39.46 p N/A p 7,658,635 10,682,880 39.49 p 4,469,784 5,053,112 13.05 p 503,499 590,620 17.30 p 3,899,044 524,447 4,385,014 12.46 p 445,672 -15.02 q 4,496,680 4,313,231 -4.08 q 3,763,655 4,397,985 16.85 p 3,946,526 3,700,426 Income for the periods 2,956,750 3,036,677 Net Income … *) 2,950,500 3,033,413 Comprehensive Income Chg % 353,044 -25.10 q - -100.00 q 3,532,622 Paid up Capital (Mil. Sh) Par Value (Rp) Dec-2016 2,953,982 FINANCIAL RATIOS DER (X) 1.29 13.81 ROA (%) NPM (%) EBITDA Coverage (X) 66.15 7.47 3,027,744 -6.24 q 2.70 p 2.50 p 2.81 p 0.93 -28.19 q 12.14 -12.10 q 60.10 7.45 -9.15 q -0.38 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Sarana Menara Nusantara Tbk. 2. PT Caturguwiratna Sumapala 3. PT Tricipta Mandhala Gumilang 100.00% 0.00% 0.00% AUDIT COMMITTEE 1. Kusmayanto Kadiman 2. Anang Yudiansyah Setiawan 3. Patricia Marina Sugondo INDONESIA BOND MARKET DIRECTORY 2016-2017 633
  634. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE Series Name PRTL01CCN1 Berkelanjutan I (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 8.75% Quarterly 23-Aug-17 23-Nov-17 23-Feb-18 23-May-18 Permata Tbk. 8.25% Quarterly 23-Aug-17 23-Nov-17 23-Feb-18 23-May-18 Permata Tbk. 7.90% 23-Aug-17 23-Nov-17 23-Feb-18 Permata Tbk. Period Obligasi IDA0000777C1 Protelindo Tahap I PRTL01BCN1 Berkelanjutan I 103,000 24-Nov-16 23-Nov-23 7 years Tahun 2016 Seri C Obligasi IDA0000777B3 Protelindo Tahap I PRTL01ACN1 Berkelanjutan I IDA0000777A5 Outstanding 36,000 24-Nov-16 23-Nov-21 5 years Tahun 2016 Seri B Obligasi 661,000 Protelindo Tahap I 24-Nov-16 23-Nov-19 3 years Tahun 2016 Seri A PT Bank PT Bank PT Bank 23-May-18 Quarterly Rating / Outlook AAA Stable AAA Stable Pastikan AAA Link Grafik sudah be Stable Pastikan Link Grafik sudah be TRADING HIGHLIGHT PRTL01CCN1 Listing Date ISIN CODE : IDA0000777C1 TRADING ACTIVITIES Volume 5 4 Nov-16 Nov-17 Frequency 5 Volume 4 Frequency Nov-18 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - N/A N/A - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q3 2 Q1-16 Nov-22 Nov-23 Q2 N/A - Nov-21 Q1 Trading days enar >> Nov-20 Price and Yield 3 1 Nov-19 2016 3 1 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 2.00 - 2 1 - 7.77 N/A N/A N/A 101.8000 N/A N/A N/A 101.7500 N/A N/A N/A N/A N/A N/A N/A 17-May N/A 17-May 100.2980 100.4929 101.7118 8.6910 8.6458 8.4013 N/A 30-Dec 31-Mar 22-Jun N/A 32.254 30.405 28.944 N/A N/A 5.096 0.051 4.960 0.050 4.857 0.049 This series will mature on 23 November 2023, and was traded in 1 trading day during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp365 billion. The market price for this series observed through the Centralized Trading PlatformLink Grafik sudah be Pastikan (CTP) was 100.0000% at the lowest and peaked also at 100.8000%. While the IBPA fair price for this series was valued between 97.0132% and 101.5908%. Pastikan Link Grafik sudah be l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 634 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  635. PRTL01BCN1 ISIN CODE : IDA0000777B3 5 4 Frequency 5 Volume 4 Frequency Maturity Date Nov-17 Trading Activities, Nov-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A - - - N/A N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 7.0 97 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 2 Q3-16 Nov-21 Q1 3 Q2-16 Nov-20 2016 3 Q1-16 Nov-19 Price and Yield Trading days N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.4484 98.9574 99.6244 N/A 30-Dec 31-Mar 22-Jun N/A 18.745 17.055 15.729 N/A N/A N/A 8.1368 3.966 0.040 8.5166 3.786 0.038 8.3512 3.646 0.036 This series has an outstanding amount of Rp36 billion with fixed coupon per annum at 8.25%. This series was not traded since this series listed on 24 November 2016 until the end of June 2017. IBPA valued the fair prices for this series were 96.5512% for the lowest and 101.4443% for the highest. At the same period, the fair yield for this series was ranging from 7.8943% to 9.1434%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PRTL01ACN1 Listing Date ISIN CODE : IDA0000777A5 1250 1000 Nov-16 TRADING ACTIVITIES Volume Frequency 40 Volume 32 Frequency May-17 Trading Activities, Maturity Date Nov-17 Q3 Q4 Volume (Rp bn) N/A N/A N/A 202.00 1249.00 N/A N/A 3 10 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 500 16 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Nov-19 2017 Q2 N/A - May-19 Q1 Trading days 8 Nov-18 Price and Yield 24 250 May-18 2016 750 enar >> enar >> Nov-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A Q1 6 122.24 35 755.82 Q2 581.00 27 10 351.59 N/A 100.0200 100.3300 100.4000 N/A 100.0000 N/A 100.3899 101.1251 100.1796 N/A N/A N/A 19-Dec 19-Dec 7.7467 07-Feb 96.5000 21-Feb 7.4169 20-Jun 96.8500 08-May 7.8159 N/A 30-Dec 31-Mar 22-Jun N/A 7.597 6.473 5.521 N/A N/A 2.549 0.025 2.351 0.024 2.170 0.022 This series listed on 24 November 2016, and matured on 23 November 2019. This series issued with nominal amount of Rp661.00 billion and have fixed interest rate per annum at 7.90%. Average trading volume for this series reached Rp50.50 billion/quarter on 2016 and increased to Rp915.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 96.5000% – 100.4000% while the IBPA fair price was between 97.6675% – 101.2033%. The IBPA fair yield for this series was between 7.3935% – 8.8285%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 635
  636. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 PRTL01CCN1 PRTL01BCN1 PRTL01ACN1 202 - 636 100 30.6% 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 300 400 500 600 700
  637. IBPA ANALYTICAL REVIEW Description PT Profesional Telekomunikasi Indonesia , also known as Protelindo, was established in Bandung, West Java, in 2003. The company provides telecommunications supporting services that engages in construction, and operating telecommunication infrastructure as well as Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 5,053 60.1 13.1 1. PT Profesional Telekomunikasi Indonesia 2. PT Tower Bersama Infrastructure Tbk. 3,711 3. PT Brantas Abipraya (Persero) 35.1 3,323 8.5 5.4 5.4 leasing space at its multi-tenant tower sites to all major wireless operators in Indonesia pursuant to Financial Statement as of Fiscal Year 2016 long term lease agreement. The company’s 99.9% shares are owned by PT Sarana Menara Nusantara Tbk, an investment company focusing on operating Historical Corporate Ratings telecommunication towers for wireless operators. No. Protelindo is the largest independent owner and operator of towers for wireless communications company in Indonesia. The company operates independently from any wireless communications operator and has diversified customer base that includes some major wireless communications companies in Indonesia namely Indosat, XL Axiata, and Telkomsel. As of December 2016, the company and its subsidiaries owned and operated 14,562 tower sites with more than 24,144 site leases. Rating Agency Rating 1. Fitch Ratings AAA(idn) 3. Fitch Ratings AA+(idn) 2. Fitch Ratings 4. Fitch Ratings Rating Status Affirmed Rating Date 9-May-17 Stable 13-May-15 Stable AAA(idn) Upgraded** 13-May-16 AA-(idn) Affirmed 30-May-13 Upgraded* Outlook Stable Stable *due to track record of deleveraging and gradual improvement in its cash flow generation since 2012. ** due to moderate debt profile, strong and predictable cash position, and improving EBITDA margin. SWOT Analysis S W trengths - Improvement and solid cash flow eaknesses - Exposure to weaker tenants generation - Increasing recurring income - Improving EBITDA Financial Analysis In 2016, total revenue increased by 13.05% from Rp4.47 trillion in 2015 to Rp5.05 trillion in 2016. The increase was primarily driven by an increase in the total number of tower rental sales from Rp4.42 trillion to Rp4.88 trillion. PT Hutchison 3 Indonesia, PT XL Axiata, and PT Telekomunikasi Selular are the company’s major tenants with combined contribution to Protelindo total revenue reached 79% in 2016. While VSAT rental revenue rocketed by 336.79% from Rp24.21 billion to Rp105.75 billion. Despite positive growth in revenue, the company recorded an increase in cost of revenue by 17.06% from Rp570.74billion to Rp668.10 billion. This was driven by higher depreciation and amortization by 17.89% to Rp458.64 billion. Consequently, operating income O T pportunities hreats - Acquisitions opportunity from - Acquisitions opportunity from smaller independent tower smaller independent tower companies companies - Network expansion from main - Network expansion from main players in Telco players in Telco decreased 4.08% to Rp4.31 trillion. However the company recorded an increase in finance income from Rp12.36 billion to Rp56.06 billion. That drove company’s net profit higher by 353.66% from Rp15.37 billion to Rp70.08 billion. INDONESIA BOND MARKET DIRECTORY 2016-2017 637
  638. idA- PTHK PT Hutama Karya (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 The status of the Company changes to Limited Liability Company in accordance with the Government Regulation No. 14 year 1971 juncto the Deed of Liability Company No. 74 on March 15, 1973, juncto the Deed of Change No. 48 on August 8, 1973, both of which were made in front of the Notary Kartini Mulyadi, SH, in which later March 29 is determined as the Company's anniversary date. Hutama Karya bears the meaning of “Noble and Quality Works”. With such meaning, the Company delivers and produces monumental and iconic works. In accordance with Corporate Articles of Association, Article 3, the purposes of the establishment of the Company are to give attempts in the construction industry, toll road business, manufacturing industry, lease services, agency services, investment, agro-industry, trading, territorial management, services of upgrading in the field of construction services, information technology, corporate development and management, as well as optimization of the use of Company’s resources by applying principles of Limited Company. The Company uses 4DX method to achieve strategic goals implemented within the next five years. The strategy are : improving market penetration and expansion; developing construction product; and diversifying concentric. The company's competitive advantage, among others : Pioneers in construction services and is always involved in monumental projects; Has reliable and experience Human Resources; Design & Build Contractors; Prominent Contractor of Toll Roads, Suspnsion Cable Bridge, High Rise Building and others; Engaging in Engineering, Procurement & Construction (EPC); Contractor with the widest operation in Indonesia; Having ready-to-be-developed subsidiaries and other entities. BOARD OF COMMISSIONERS 1. Burhanuddin 2. Achmad Gani Ghazali A. 3. Achmad Hidayat 4. Adityawarman 5. Eddy Yusbar Badaruddin 6. Mukhamad Taufiq *) Independent Commissioner BOARD OF DIRECTORS 1. I Gusti Ngurah Putra 2. Anis Anjayani 3. Bambang Pramusinto 4. Putut Ariwibowo 5. Sugeng Rochadi 6. Suroto 638 ADDRESS Hutama Karya Building Jln. Letjend. M.T. Haryono Kav. 8 Jakarta Timur 13340 Phone : (021) 819-3708 Fax : (021) 819-6107 Infrastructure, Utilities And Transportation Non Building Construction www.hutamakarya.com Adjib Al Hakim pthk@hutama-karya.com PT Hutama Karya (Persero) was originally a private company of Hindia Belanda named “Hollandsche Beton Maatschappij”. In 1961 the Company was nationalized under the name PN. Hutama Karya through Government Regulation No. 61/1961 dated March 29, 1961. INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Millions of Rp, Unless Otherwise Stated Dec-2015 4,305,691 1,508,500 1,221,567 Dec-2016 4,932,837 1,345,393 12,825,557 12,336,882 24,012,009 94.64 p 2,445,636 3,181,338 30.08 p 655,027 5,554,129 7,081,316 164 934,538 9,311,306 4,100,000 -  4 4 Total Equity …*) 5,254,028 7,543,504 INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit 1,538 67.65 p -  164,000,000 719,123 42.67 p 164 164,000,000 4,100,000 24.45 p 16,466,428 132.53 p 1,000,000 Total Equity 10.14 p 10,305,965 1,000,000 Non Controlling Interest 14.57 p 3,493,575 131.59 p Par Value (Rp) Retained Earnings Chg % 1,007,788 2,077 -  -  -  40.14 p 43.58 p 35.04 p 5,255,566 7,545,581 43.57 p 6,315,781 8,816,477 39.59 p 156,473 161,849 3.44 p 583,904 377,235 - 1,189,143 103.65 p 403,835 - 7.05 p -  Earning Before Tax 257,411 375,672 45.94 p Income for the periods 251,210 301,765 20.12 p Net Income … *) 250,732 301,202 EBITDA Comprehensive Income FINANCIAL RATIOS 274,018 702,080 574,520 109.67 p 302,575 -56.90 q Pastikan Link Grafik sudah be 20.13 p Pastikan Link Grafik sudah be DER (X) 0.47 0.42 NPM (%) 3.98 3.42 -13.95 q ROA (%) EBITDA Coverage (X) 2.04 1.75 -9.40 q 1.26 -38.28 q 3.55 102.70 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia AUDIT COMMITTEE 1. Eddy Yusbar Badaruddin 2. Eduard Pauner 3. Mukhamad Taufiq 4. R. Mohammad Ajito 100.00%
  639. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. ISIN CODE (Rp Million) Obligasi I Hutama PTHK01C IDA0000592C4 Karya Tahun 2013 325,000 Seri C IDA0000592B6 PTHK01CN1 IDA000078505 PTHK01CN2 IDA000081301 Listing Date 01-Jul-13 Maturity Issue Date Term 28-Jun-20 Coupon Structure / Coupon Payment Date Trustee 9,5% 28-Sep-17 28-Dec-17 28-Mar-18 PT Bank CIMB 28-Sep-17 28-Dec-17 28-Mar-18 PT Bank CIMB Period 7 years Karya Tahun 2013 290,000 Seri B 01-Jul-13 9,1% 5 years 28-Jun-18 Obligasi Berkelanjutan I Hutama Karya 1,000,000 22-Dec-16 21-Dec-26 8.55% 10 years Tahap I Tahun 2016 Quarterly Obligasi Berkelanjutan I 8.07% Hutama Karya Tahap II Tahun 2017 1,968,000 07-Jun-17 06-Jun-27 10 years A- Stable 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Mega AAA(gg) Tbk. Stable 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Mega AAA(gg) Tbk. Stable 21-Jun-18 06-Jun-18 Quarterly A- Stable Niaga Tbk. 28-Jun-18 Quarterly Rating / Outlook Niaga Tbk. 28-Jun-18 Quarterly Obligasi I Hutama PTHK01B TRADING HIGHLIGHT PTHK01C Listing Date ISIN CODE : IDA0000592C4 Jul-13 TRADING ACTIVITIES Volume 25 Frequency 10 Volume 20 8 Frequency Jul-14 Trading Activities, Maturity Date Jul-15 Jul-16 Jul-17 Price and Yield Q1 Volume (Rp bn) 20.00 21.00 2 1 Frequency (X) Jul-18 Jul-19 2016 Q2 4 2017 Q3 7 Q4 Q1 4.00 - - 1 - - 2 - Q2 2.00 - 2 1 15 6 Trading days 10 4 CTP Price - High 96.1500 97.7500 100.5000 N/A N/A 102.2500 CTP Price - Low 95.0500 90.0000 100.4000 N/A N/A 100.6000 IBPA Fair Price 95.9667 96.2641 98.0827 95.6382 98.5681 98.7849 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 8.936 7.725 5 - enar >> enar >> Series Name Outstanding 2 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 100 PRICE AND YTM MOVEMENT YTM (%) 13.0 98 12.0 96 11.0 94 10.0 92 9.0 90 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 24.62 11-Mar 08-Mar 10.6864 3.428 14.042 0.034 25.85 4.92 13-Jun 19-Sep 13-Jun 10.6605 3.267 12.700 0.033 19-Sep 10.1213 3.108 11.439 0.031 - N/A N/A 11.0206 2.919 10.085 0.029 - 2.46 N/A 17-May N/A 10.0125 2.753 0.028 17-May 9.9707 2.534 0.025 The Bonds issued with nominal value of Rp325.00 billion and interest rates of 9.50% per annum. This bond is effective from 01 July 2013 to 28 June 2020. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 90.0000% - 100.5000%, while in first semester 2017 this bond was traded between 100.6000% and 102.2500%. In first semester 2017, IBPA fair price recorded at range 95.6858% - 99.0736%. During 2016 this bond was traded with volume amounting to Rp45.00 billion and transacted 13 times, meanwhile in a half of year 2017 recorded by Rp2.00 billion and transacted 2 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 639
  640. PTHK01B Listing Date ISIN CODE : IDA0000592B6 TRADING ACTIVITIES Volume 10 8 Jul-13 Frequency 10 Volume 8 Frequency Maturity Date Jul-14 Trading Activities, Jul-16 Jul-17 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - - - - 9.00 - - - - - 3 - Frequency (X) - Turnover Ratio (%) - - - Q1 - Q2 9 - 6 6 Trading days 4 4 CTP Price - High N/A N/A N/A N/A 100.6500 N/A 2 2 N/A N/A N/A N/A 100.0000 N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 - - N/A N/A N/A N/A 2IBPA Fair Price 97.6622 98.0814 99.1798 Last Date 31-Mar 30-Jun 30-Sep 3.831 3.033 IBPA Fair Yield (%) enar >> Jul-15 10.2664 Mod. Duration (yrs) 1.998 Sensitivity (%) 0.020 Convexity (yrs) 4.706 10.1746 1.798 9.6159 0.018 1.593 0.016 - 12.41 N/A - 27-Mar N/A N/A 27-Mar N/A 98.2647 100.0693 Pastikan 100.1151Link Grafik sudah be 10.3680 30-Dec 1.377 2.297 0.014 9.0183 8.9787 1.161 0.941 0.012 0.009 31-Mar Pastikan 22-JunLink Grafik sudah be 1.669 1.152 This series listed on 01 July 2013 and matured on 28 June 2018. This series issued with nominal amount of Rp290.00 billion with interest rate per annum at 9.10%. Since 2016 until at the end second quarter in 2017, this series traded 9 times in 3 trading days with total volume booked of Rp9.00 billion. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 100.0000% - 100.6500%, while the IBPA fair price was between 95.1709% and 100.4179%. The fair yield for this series was between 8.7106% - 11.3975%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM PTHK01CN1 Listing Date ISIN CODE : IDA000078505 TRADING ACTIVITIES Volume 25 20 Dec-16 Frequency 5 Volume 4 Frequency Dec-18 Trading Activities, Dec-20 Q2 Q3 Volume (Rp bn) N/A N/A N/A 2.00 - N/A N/A 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 10 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Dec-26 2017 Q1 Trading days enar >> Dec-24 Price and Yield 3 1 Dec-22 2016 15 5 enar >> Maturity Date N/A Q4 Q1 1 N/A 0.80 N/A - N/A N/A N/A Q2 20.00 - 1 1 - 8.00 - N/A 100.0000 - N/A 100.0000 - N/A 15-Jun N/A 15-Jun N/A 99.6015 97.8190 99.0731 N/A 30-Dec 31-Mar 22-Jun N/A 57.471 54.927 53.467 N/A N/A N/A 8.6096 6.644 0.066 8.8833 6.500 0.065 8.6943 6.440 0.064 This series has an outstanding amount of Rp1.0 trillion with fixed coupon per annum at 8.55%. Since this series listed on 22 December 2016 to the end of June 2017, the trading volume for the series was Rp22 billion with total frequency was 2 times. The market prices for this series was at the level 100.0000%. IBPA valued the fair prices for this series were 93.7212% for the lowest and 101.9608% for the highest. At the same period, the fair yield for this series was ranging from 8.2575% to 9.5406%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 640 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  641. PTHK01CN2 ISIN CODE : IDA000081301 100 80 Jun-17 TRADING ACTIVITIES Volume 10 8 Frequency Jun-19 Jun-21 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 80.00 6 2 16.26 N/A 99.9600 N/A 99.9600 N/A 100.6016 N/A 22-Jun N/A 59.244 N/A N/A N/A N/A N/A 07-Jun 07-Jun 7.9814 6.786 0.068 This series will mature on 6 June 2027, and was traded in 2 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp80 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.9600% at the lowest and peaked also at 99.9600%. While the IBPA fair price for this 6.0 98 2017 N/A 40 - Jun-27 Q1 6 2 Jun-25 Price and Yield 60 20 Jun-23 2016 Trading Activities, Frequency Volume Maturity Date Trading days enar >> enar >> Listing Date series was valued between 99.8736% and 100.7031%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PTHK01C 2021 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 13.8% PTHK01B PTHK01CN1 0.2% - 100 200 300 400 500 600 700 800 900 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 641
  642. IBPA ANALYTICAL REVIEW Description The purposes of the establishment of PT Hutama Karya (Persero) are to give construction industry, toll manufacturing industry, attempts lease road in the business, services, agency services, investment, agro-industry, trading, territorial management, services of upgrading in the field of construction services, information Peer Group No. Company Total Revenue 3. PT Adhi Karya (Persero) Tbk. 11,064 2. PT PP (Persero) Tbk. 4. PT Hutama Karya (Persero) applying principles of Limited Company. Shareholder Historical Corporate Ratings of No. Karya was 100% of Indonesia’s Government. In the construction services, the Company operates as provider of public construction service with business activities such as: roads and bridges, high rise building, resorts and villa, dam and irrigation, jetty 16,459 7.0 15.8 8,816 3.4 39.6 2.8 17.8 Financial Statement as of Fiscal Year 2016 corporate development and management, as well as Hutama Revenue 1. PT Waskita Karya (Persero) Tbk. technology, optimization of the use of Company’s resources by Net Profit (Rp Bill) Margins (%) Growth (%) 23,788 7.6 68.1 Rating Agency Rating Rating Status 1. Pefindo idA- Affirmed 3. Pefindo idA- Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idAidAidA- Rating Date Outlook 22-Sep-16 Stable 11-Mar-15 Stable Affirmed 14-Mar-16 Affirmed 5-Mar-14 Assigned 12-Apr-13 Stable Stable Stable and sea port, airport, packing plant semen and power plant. Currently, the Company was implementing business transformation from construction industry towards Toll Road Enterprise (BUJT) with supporting business including Procurement Construction & Services, Construction Engineering (EPC), Property, Concerete Asphalt, and Investment. SWOT Analysis S trengths W eaknesses - Strong support from Government - Aggressive financial profile of Indonesia - Lower margin compare to its peers - Important role in providing Trans Sumatera toll road infrastructure Financial Analysis In 2016, the Company booked Rp8.82 trillion operating revenue that increased by 39.59% from Rp6.32 trillion booked in 2015. The increased was derived from significant growth in construction revenue on Trans Sumatera Toll Road that grew Rp3.04 trillion and followed by Rp542.31 billion from JORR-S Toll Road Concession. And at the end December 31, 2016, the Company managed to recorded net income of Rp301.76 billion or increased by 20.10 from Rp251.21 billion in 2015. In line with the implementation of Trans Sumatera and JORR-S Toll Road project in 2016, total asset Company also increased by 96.64% from Rp12.34 trillion in 2015 to Rp24.01 trillion due to the increasing intangible assets (a concession rights on that projects valued Rp8.65 trillion). And in the other side, total liabilities' Company also significantly increased by 132.53% to Rp16.47 trillion in 2016 from Rp7.08 trillion to fund Trans Sumatera toll Road project construction. The composition of capital Company was 68.57% of liabilities and 31.43% of equity. 642 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - High demand of the infrastructure - High demand of the infrastructure investment investment - The implementation of MEA and - The implementation of MEA and support from the Government to support from the Government to accelerate infrastructure accelerate infrastructure development development
  643. idA + PTPP PT PP (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : Stable June 2017 ADDRESS Plaza PP, Wisma Subiyanto Building Jln. Letjend. T.B. Simatupang No. 57 Pasar Rebo, Jakarta 13760 Phone : (021) 840-3883 Fax : (021) 840-3890 Property, Real Estate And Building Construction Building Construction www.pt-pp.com Nugroho Agung corsec@pt-pp.com Referring to PTPP vision "to become leading construction and investment company in Indonesia with international competitive advantage", the company formulates business strategy focusing on six business lines, consisting of Construction, Engineering Procurement Costruction (EPC), Property, Precast, Equipment and Investment (on power plant and infrastructure). The business strategy is to develop business lines which related each other, to ensure effective synergy among the business lines with enhancement of human resources capacity. Supported by Goverment program as stated on Indonesia Economic Growth Acceleration and Expansion Master Plan, as well as provided by PTPP competency, the Company is confident that all of company's strategies will support the sustainable growth realization. Thus, industrial trend towards green building concept also becomes considerable factor to raise Company's competitive advantages. BOARD OF COMMISSIONERS 1. Andi Gani Nena Wea * 2. Arie Setiadi Moerwanto 3. Aryanto Sutadi * 4. Muhammad Khoerur Roziqin 5. Sumardi 6. Wismana Adi Suryabrata *) Independent Commissioner BOARD OF DIRECTORS 1. Tumiyana 2. Abdul Haris Tatang 3. Agus Purbianto 4. Lukman Hidayat 5. M. Aprindy 6. M. Toha Fauzi AUDIT COMMITTEE 1. Aryanto Sutadi 2. Handoko Tripriyono 3. Sularso FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Property, Plant and Equipment Total Assets Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 4,111,735 6,297,782 53.17 p 15,430,535 24,344,025 57.77 p 113,376 113,376 3,025,394 2,498,625 2,655,638 622,833 2,989,066 Chg % 9,125,169 201.62 p 634,235 4,177,883 6.28 p 1.83 p -  39.77 p 19,158,985 31,232,767 63.02 p Current Liabilities 10,770,485 15,878,599 47.43 p Total Liabilities 14,011,689 20,436,609 1,500,000 1,500,000 4,842 6,200 Trade Payables Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Earning Before Tax 7,371,750 3,328,113 15,000 10,237,242 38.87 p 6,913,850 107.74 p 15,000 484,244 619,990 100 100 2,044,974 45.85 p -  -  28.03 p 28.03 p -  2,921,539 42.86 p 1,000,301 35.69 p 14,217,373 16,458,884 15.77 p 372,987 408,740 4,410,101 737,195 5,147,296 2,006,961 9,795,857 122.12 p 10,796,158 109.74 p 2,455,530 22.35 p 9.59 p 1,287,388 1,703,610 32.33 p 845,418 1,151,432 36.20 p 740,178 1,023,369 38.26 p DER (X) 0.65 0.64 -0.96 q NPM (%) 5.95 7.00 17.65 p EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS 1,740,987 2,037,741 4.41 ROA (%) EBITDA Coverage (X) 4.67 2,214,983 27.23 p 1,277,066 -37.33 q 3.69 -16.45 q 5.42 16.10 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 2. Public 3. Koperasi Karyawan PT PP (Persero) Tbk. 51.00% 48.92% 0.08% INDONESIA BOND MARKET DIRECTORY 2016-2017 643
  644. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name Outstanding (Rp Million) Obligasi � PTPP01CN1 IDA000057707 Berkelanjutan I PP 700,000 Tahap I Tahun 2013 Listing Date 20-Mar-13 Maturity Issue Date 19-Mar-18 Term IDA000066807 Coupon Payment Date Trustee 8.38% 19-Sep-17 19-Dec-17 19-Mar-18 Permata Tbk. 24-Aug-17 24-Nov-17 24-Feb-18 Permata Tbk. Period 5 years - Quarterly Obligasi PTPP01CN2 Coupon Structure / Berkelanjutan I PP 300,000 Tahap II Tahun 25-Feb-15 24-Feb-20 10.20% 5 years 2015 24-May-18 Quarterly Rating / Outlook PT Bank PT Bank A+ Stable A+ Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT PTPP01CN1 Listing Date ISIN CODE : IDA000057707 TRADING ACTIVITIES Volume 100 80 Mar-13 Frequency 35 Volume 28 Frequency Maturity Date Mar-14 Trading Activities, Price and Yield Q1 Volume (Rp bn) Frequency (X) Mar-16 Mar-17 2016 Q2 Q3 35.00 66.00 1 5 1 13 Mar-18 2017 Q4 Q1 12.00 96.00 53.00 2 8 9 7 22 Q2 30 7.60 4 3 60 21 Trading days 40 14 CTP Price - High 97.5000 98.0500 101.6500 100.8500 100.6000 100.3500 CTP Price - Low 97.5000 94.1000 98.2500 98.2500 IBPA Fair Price 97.1541 98.0873 98.5856 98.0166 100.2914 Last Date 31-Mar 30-Jun 30-Sep 3.761 2.969 2.249 20 7 - - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Mar-15 Price 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 100 11.0 98 10.0 96 9.0 94 8.0 92 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 20.00 04-Mar 04-Mar 9.9697 Mod. Duration (yrs) 1.782 Sensitivity (%) 0.018 Convexity (yrs) 37.71 11-May 13-Jun 9.5932 1.576 0.016 6.86 04-Aug 15-Jul 9.4150 1.362 0.014 54.86 27-Oct 08-Dec 10.1219 30.29 4.34 17-Mar 12-May 99.6000 100.3000 27-Feb 8.0320 19-Jun 99.9440 8.4527 30-Dec 31-Mar 22-Jun 1.611 1.084 0.686 1.140 0.011 0.918 0.009 0.711 0.007 This series listed on 20 March 2013 and matured on 19 March 2018. This series issued with nominal amount of Rp700.00 billion with interest rate per annum at 8.38%. Since 2016 until at the end second quarter in 2017, this series traded 77 times in 28 trading days with total volume booked of Rp269.60 billion. During 2016, the average of total volume recorded of Rp52.25 billion/quarter and transacted 10.75 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 94.1000% - 101.6500%, while the IBPA fair price was between 93.8155% and 100.6150%. The fair yield for this series was between 7.6549% - 11.5978%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 644 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  645. PTPP01CN2 ISIN CODE : IDA000066807 75 60 Feb-15 TRADING ACTIVITIES Volume Frequency 20 Volume 16 Frequency Maturity Date Feb-16 Trading Activities, Price and Yield Volume (Rp bn) Feb-17 Feb-19 2016 Q1 Feb-20 2017 Q2 Q3 2.00 50.00 47.00 5.80 7.00 2 2 8 3 3 2 Frequency (X) Feb-18 4 Q4 16 Q1 8 Q2 8 7.20 6 3 45 12 Trading days 30 8 CTP Price - High 75.7721 100.0100 100.0200 102.3500 102.6500 102.0200 CTP Price - Low 75.7721 IBPA Fair Price 99.1365 100.2477 Last Date 31-Mar 4 15 - enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) 26-Feb Date 26-Feb Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 99 11.0 97 10.0 95 9.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.0 2.67 Mod. Duration (yrs) Convexity (yrs) 10.4611 3.146 11.930 0.031 Sensitivity (%) 66.67 22-Jun 99.8400 07-Jun 10.1155 30-Jun 2.988 10.717 0.030 62.67 7.73 9.33 9.60 09-Sep 23-Nov 16-Mar 21-Apr 07-Oct 31-Jan 05-May 97.8500 100.5000 100.1600 101.7000 10-Aug 99.9123 10.2281 30-Sep 98.7983 100.8933 101.7994 10.6510 2.815 9.486 0.028 9.8279 9.4277 30-Dec 31-Mar 22-Jun 8.292 7.223 6.311 2.633 0.026 2.461 0.025 2.304 0.023 The bond series PTPP01CN2, was first listed on 25 February 2015 with nominal value of Rp300.00 billion and fixed interest rate of 10.20% per annum. This series had traded 44 times in 21 trading days with total volume booked of Rp119.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 75.7721% - 102.6500% while the IBPA fair price was between 93.9911% - 102.0816%, the fair yield for this series was between 9.3153% - 12.0657%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 PTPP01CN1 35 PTPP01CN2 50 - Q2-2016 66 47 12 6 100 Q3-2016 96 Q4-2016 Turnover Outstanding in Year 2016 29.9% 34.9% 200 300 400 500 600 700 INDONESIA BOND MARKET DIRECTORY 2016-2017 645
  646. IBPA ANALYTICAL REVIEW Description PT Pembangunan Perumahan (Persero) Tbk (PTPP) is one of the state-owned construction company (BUMN). PTPP’s business activity is including Construction Service (Building/Office, Roads/Bridges, Irrigation, Harbors, etc), EPC (Power Plant, Mining), Property (Commercial, Residential, Hotel), Investment Peer Group No. Company Total Revenue 3. PT Adhi Karya (Persero) Tbk. 11,064 2. PT PP (Persero) Tbk. 4. PT Hutama Karya (Persero) (RPJMN) Policy for 2015–2019 period” to achieve Historical Corporate Ratings long-term No. vision, independent, progressive, fair and wealthy Indonesia. Throughout 2016, PTPP executed corporate actions to support capital strengthening performance such as State and improve Revenue from Government Investment (PMN) of Rp2.25 trillion and 16,459 7.0 15.8 8,816 3.4 39.6 2.8 17.8 Financial Statement as of Fiscal Year 2016 stake piling). In 2015, PTPP had implemented “The development Revenue 1. PT Waskita Karya (Persero) Tbk. (Power Plant & Infrastructure) and others (Precast, Third National Medium Term Development Plan Net Profit (Rp Bill) Margins (%) Growth (%) 23,788 7.6 68.1 Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA+ Upgraded* 16-Nov-16 Stable 3. Pefindo idA Affirmed 5-Dec-14 Stable 2. Pefindo 4. Pefindo 5. Pefindo idA idA idA- Affirmed 14-Dec-15 Upgraded 11-Dec-13 Affirmed 28-Dec-12 Stable Stable Stable Spin-Off of two business divisions. Beside that, PTPP booked Rp32.60 trillion new contract in 2016. The value increased 20.41% from Rp27.07 trillion contract booking value achieved in 2015. SWOT Analysis As of December 2016, its shareholders were the Indonesian government (51.00%), the Employees Cooperative (Kopkar) with 0.10%, and public (48.90%). S trengths W eaknesses - Strong support from the - Dependency to the government government projects - Strong presence in the national - Lack of labor construction business - Improving business diversification Financial Analysis In 2016, PTPP booked total revenues to Rp16.46 - Above average cash flow protection. trillion in 2016 or grew 15.76% from 2015. Increase in revenues was contributed Rp1.44 trillion from EPC segment, Rp604.39 billion from property and realty segment, and Rp545.36 billion from construction service segment. In 2016, PTPP booked Rp14 trillion cost of sales realization, increased Rp1.79 trillion from Rp12.21 trillion in 2015. The increase was contributed by EPC segment with Rp1.27 trillion and construction segment with Rp458.14 billion. So, as of Dec 2016, PTPP recorded net profit amounted to Rp1.15 trillion or rose by 36.20% compared from 2015 which amounted to Rp845.42 billion. On the other side, total assets of PTPP amounted Rp31.23 trillion, increased Rp12 trillion or 63.02% from 2015 which amounted to Rp19.16 trillion. The increase was mainly attributable from Rp8.91 trillion or 57.76% increase in current assets caused by PTPP booked Rp6.10 trillion or 201.19% cash and cash equivalents from Rp3.03 trillion in 2015 to Rp9.13 trillion in 2016. This was primarily driven by State Revenue from Government Investment (PMN) to PTPP and revenue from right issue proceeds. 646 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - A variety of government program - A variety of government program that offer a lot of infrastructure and that offer a lot of infrastructure and energy project energy project - Potential to expand its line - Potential to expand its line business business
  647. ROTI PT Nippon Indosari Corpindo Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Established in 1995, PT Nippon Indosari Corpindo Tbk. currently has 10 factories in Indonesia, 3 factories in Bekasi , Pasuruan, Semarang, Medan, Palembang, Makassar, Cikande and Purwakarta. To achieve its vision, the Company utilizes excellent distribution and logistics strategies along with quality assurance to grow and maintain the Company's position in Indonesia. This is achieved by product variety and diversification, deeper and wider market penetration through a distribution network that reaches many consumers throughout the Indonesian archipelago. As a company in the food and beverage industry, the Company is committed to maintain the quality of products through continuous improvement based on Good Manufacturing Practice (GMP), Sanitation Standard Operating Procedure (SSOP), Halal Assurance System, ISO 9001:2008 (Standard of Quality Management System) and ISO/TS 22002-1:2009 and ISO 22000:2005 (Standard of Food Safety Management System). All Sari Roti products have been registered in Indonesia National Agency of Drug and Food Control (BPOM) and certified halal by the Indonesian Council of Ulama. It is the Company’s commitment to always give the best to its Stakeholders. This is evidenced by Sari Roti receiving the Top Brand Award and Top Brand for Kids Award since 2009, 2010 REBI Award, 2010 Indonesia Original Brand Award, 2010 Marketing Award, Care Towards The Special Needs Of Muslim Community 2013 Award, Peduli Gizi 2013 Product Innovation Award, Indonesian Customer Satisfaction (ICSA) Award 2013, the Forbes Best Under a Billion and Best of the Best Top 50 Companies Award, Asia's Best Companies 2014-Best Investor Relations from Finance Asia, "Perusahaan Masal Roti Terbesar dan Kandungan Gizi Terbaik" from Economic Review, "Peringkat ke-4 Bidang Makanan & Minuman - Anugerah Perusahaan Tbk. Indonesia 2014" from Economic Review, Best of the Best Award “The Top 50 Companies For 2015” from Forbes Indonesia, Halal Award 2015 and 2016 from LPPOM MUI, and “Pemenang Sektor Makanan dan Minuman” - Investor Awards 2016, “Indonesia Investment Award 2017” and “Indonesia Most Innovative Business Award 2017” from Warta Ekonomi. BOARD OF COMMISSIONERS 1. Benny Setiawan Santoso 2. Jusuf Arbianto Tjondrolukito * 3. Tan Hang Huat *) Independent Commissioner BOARD OF DIRECTORS 1. Wendy Sui Cheng Yap 2. Chin Yuen Loke 3. Indrayana 4. Kaneyoshi Morita 5. Ryoji Ippuri Stable ADDRESS Jln. Selayar Blok A9, Kawasan Industri MM2100 Desa Mekarwangi, Kecamatan Cikarang Barat, Bekasi Jawa Barat 17520 Phone : (021) 899-83876, 898-44953 Fax : (021) 898 - 44955 Consumer Goods Industry Food And Beverages www.sariroti.com Sri Mulyana sri.mulyana@sariroti.com PT Nippon Indosari Corpindo Tbk., through its SARI ROTI Brand, is the largest bread manufacturing company in Indonesia that uses modern technology from Japan. idAA- FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 250,544 283,954 515,237 Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) 43,169 812,991 1,821,378 2,706,324 395,920 994,405 INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses 2,919,641 995,988 5,062 5,062 101,236 20 17,200 101,236 20 915,065 1,127,742 - 43,454 1,188,535 1,399,298 13.33 p 17.55 p 16.78 p 1.17 p 7.88 p 0.16 p -2.69 q -  -  -  -  -  23.24 p 17.73 p - p 1,442,752 21.39 p 2,174,502 2,521,921 15.98 p 90,239 91,585 1,154,990 701,332 1,301,088 369,417 -2.34 q EBITDA 569,408 562,028 Income for the periods 270,539 279,777 Net Income … *) 270,539 279,961 FINANCIAL RATIOS DER (X) 263,711 NPM (%) EBITDA Coverage (X) 263,392 -2.34 q -1.30 q 3.41 p -0.12 q 3.48 p 0.84 0.69 -17.49 q 12.44 11.09 -10.83 q 10.00 ROA (%) 1.49 p 22.34 p 443,045 378,252 12.65 p 858,043 453,658 Comprehensive Income 18.58 p 1,188,535 Operating Profit Earning Before Tax Chg % 320,502 -19.05 q 344,000 17,200 Par Value (Rp) Total Equity 1,842,722 344,000 Paid up Capital (Mil. Sh) Non Controlling Interest 949,414 1,476,889 Paid up Capital Total Equity …*) 50,747 1,517,789 Authorized Capital Retained Earnings 610,989 6.31 9.58 -4.14 q 6.14 -2.75 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Indoritel Makmur Internasional Tbk. 2. Public 3. Bonlight Investments Limited 4. Pasco Shikishima Corporation 5. Sojitz Corporation 31.50% 29.24% 26.50% 8.50% 4.25% AUDIT COMMITTEE 1. Jusuf Arbianto Tjondrolukito 2. A. Bayu Purnama Irawan 3. Rini Trisna INDONESIA BOND MARKET DIRECTORY 2016-2017 647
  648. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name ROTI01CN1 Berkelanjutan I Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 8.00% 11-Sep-17 11-Dec-17 11-Mar-18 PT Bank Mega 18-Sep-17 18-Dec-17 18-Mar-18 PT Bank Mega Period Obligasi 500,000 IDA000058705 ROTI Tahap I Tahun 2013 12-Jun-13 11-Jun-18 5 years Obligasi Berkelanjutan I ROTI01CN2 500,000 ROTI Tahap II IDA000067201 19-Mar-15 18-Mar-20 10.00% 5 years Tahun 2015 Tbk. 11-Jun-18 Quarterly Tbk. 18-Jun-18 Quarterly Rating / Outlook AA- Stable AA- Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT ROTI01CN1 Listing Date ISIN CODE : IDA000058705 TRADING ACTIVITIES Volume 75 60 Jun-13 Frequency 20 Volume 16 Frequency Maturity Date Jun-14 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Jun-17 2016 Q1 Q2 Jun-18 2017 Q3 Q4 Q1 Q2 6.00 - 13.10 - 27.00 1 - 4 - 2 2 - 6 - 8 72.00 17 6 12 Trading days 30 8 CTP Price - High 100.0800 N/A 100.0200 N/A CTP Price - Low 100.0000 N/A 95.7500 N/A IBPA Fair Price 96.6760 97.4985 98.9055 98.3070 99.9877 100.2170 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.588 3.716 2.921 2.193 1.571 1.093 - enar >> 4 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 4.80 26-Jan 26-Jan 9.6842 Mod. Duration (yrs) 1.974 Sensitivity (%) 0.020 Convexity (yrs) - N/A N/A 9.4189 1.771 0.018 10.48 19-Sep 14-Jul 8.6983 1.563 0.016 - N/A N/A 9.2606 1.344 0.013 21.60 57.60 100.1500 100.9500 09-Mar 99.5000 17-Mar 7.9883 1.124 0.011 07-Jun 99.9000 13-Apr 7.7633 0.923 0.009 This series was first listed on 12 June 2013 and will be matured on 11 June 2018. This series has an outstanding amount of Rp500 billion with fixed coupon per annum at 8.00%. This series was traded in 13 trading days with 15.75% of average quarterly turnover during the observation period. Total trading volume during 2016 until 30 June 2017 was Rp118 billion and the trading frequency was 33 times. The market prices for this series observed through the Centralized Trading Platform (CTP) were 95.7500% at the lowest and 100.9500% at the highest. IBPA valued the fair prices for this series were 94.0672% for the lowest and 100.2511% for the highest. At the same period, the fair yield for this series was ranging from 7.7569% to 10.7999%. Listing Date 648 Jun-16 45 15 enar >> Jun-15 Maturity Date
  649. ROTI01CN2 ISIN CODE : IDA000067201 Mar-15 TRADING ACTIVITIES Volume 200 35 28 Frequency Maturity Date Mar-16 Mar-17 Mar-18 Mar-19 2016 Trading Activities, Frequency Volume 160 Mar-20 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) - 186.00 51.00 29.00 4.00 - 8 4 4 2 Frequency (X) - Turnover Ratio (%) - 30 17 Q1 5 Q2 4 18.00 2 1 120 21 Trading days 80 14 CTP Price - High N/A 102.3000 102.7500 100.9500 102.0200 103.1200 CTP Price - Low N/A 100.0000 101.0000 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 N/A Date - Q2-17 N/A Date 7 40 enar >> enar >> Listing Date 105 PRICE AND YTM MOVEMENT YTM (%) 103 11.0 101 10.0 99 9.0 97 8.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 20-Jun 16-Sep 20-Jun 27-Jul 23.20 3.20 14.40 01-Dec 10-Feb 12-May 25-Nov 27-Jan 12-May 99.4400 101.9800 103.1000 99.8214 100.9927 102.7668 100.4475 102.7301 102.9442 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 12.456 11.210 10.007 8.740 7.638 6.680 10.0455 3.228 Mod. Duration (yrs) 12.0 40.80 IBPA Fair Price IBPA Fair Yield (%) Price 148.80 Convexity (yrs) 0.032 Sensitivity (%) 9.6777 3.069 0.031 9.0600 2.905 0.029 9.8348 2.716 8.9303 0.027 2.542 0.025 8.7784 2.380 0.024 This series will mature on 18 Mar 2020, and was traded in 19 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp288 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.4400% at the lowest and peaked also at 103.1200%. While the IBPA fair price for this series was valued between 96.2191% and 103.5484%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 ROTI01CN1 6 13 Q2-2016 Q3-2016 Outstanding in Year 2016 Turnover 3.8% ROTI01CN2 186 - Q4-2016 50 100 51 150 200 29 250 53.2% 300 350 400 450 500 INDONESIA BOND MARKET DIRECTORY 2016-2017 649
  650. IBPA ANALYTICAL REVIEW Description PT Nippon Indosari Corpindo Tbk (ROTI) is one of bread manufacturing company in Indonesia with line of business in bread, cake and other foods industry. In line with increasing in market demand, ROTI expanded its business by building new factories in Palembang and Makassar. Furthermore, ROTI added a new production line in each of the plants in Peer Group No. Company Total Revenue 1. PT Indofood Sukses Makmur Tbk. 2. PT Mayora Indah Tbk. 4. PT Nippon Indosari Corpindo Tbk. Historical Corporate Ratings No. flour. The products are distributed through modern markets, such as convenience stores, and traditional markets. 23.8 11.1 16.0 11.0 2,629 6.6 8.9 3.3 Financial Statement as of Fiscal Year 2016 facilities with 35 production lines and combined includes white bread, sweet bread, cakes and bread Revenue 7.6 6,546 2,522 5. PT Siantar Top Tbk. In 2016, the Company operated 10 production pieces of bread per day. The company product lines 18,350 3. PT Tiga Pilar Sejahtera Food Tbk. Pasuruan, Semarang and Medan. production capacity reached more than 4.2 million Net Profit (Rp Bill) Margins (%) Growth (%) 66,750 7.9 4.2 Rating Agency Rating Rating Status 1. Pefindo idAA- Affirmed 9-Mar-17 Stable 3. Pefindo idAA- Affirmed 3-Mar-15 Stable 2. Pefindo 4. Pefindo 5. Pefindo idAAidAAidAA- Affirmed Rating Date 8-Mar-16 Affirmed 6-Mar-14 Assigned 7-May-13 Outlook Stable Stable Stable As of December 2016, ROTI’s shareholders consisted of PT Indoritel Makmur Internasional Tbk (31.50%), Bonlight Investments Limited (25.12%), Pasco Shikishima Corporation(8.50%), Sojitz Corporation (4.25%), and public (30.62%). SWOT Analysis S trengths W eaknesses - Strong market position as a mass - Relatively short shelf life of the bread producer products - Strong cash flow and liquidity - High exposure to the fluctuation of measures raw material price - Support from shareholding partners Financial Analysis In 2016, total revenue grew 15.98% from Rp2.17 trillion to Rp2.52 trillion. Each of company’s business lines recorded increases with revenue from cake sales grew 39.98% from Rp37.63 billion to Rp52.68 billion. While the company’s main product revenue (white bread revenue) improved by 21.39% from Rp1.45 trillion to Rp1.76 trillion. On the other hand, the cost of goods sold increased by 19.75% from Rp1.02 trillion to Rp1.22 trillion. The company’s operating expenses also grew by 24.22% from Rp739.13 billion to Rp918.14 billion. The company posted strong operating profit which grew 73.34% from Rp739.43 billion to Rp1.28 trillion. Hence the net profit increased by 3.41% from Rp270.54 billion to Rp279.78 billion. 650 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Indonesia large population base - Indonesia large population base - A rapidly rising middle class - A rapidly rising middle class - Increasing demand in convenience - Increasing demand in convenience food food
  651. SANF PT Surya Artha Nusantara Finance Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 Stable ADDRESS 18 Office Park Building, 23rd. Floor Jln. T.B. Simatupang, Kav. 88 Jakarta Selatan 12520 Phone : (021) 7817-555 Fax : (021) 7819-111 Finance Financial Institution www.sanfinance.com Tiur Tamara Kardinal tiur.tamara@sanfinance.com PT Surya Artha Nusantara Finance (“SANF”) was established in 1983. SANF is a multi finance company that focuses on heavy equipment financing. idAA- FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 1,249,562 Other Receivables 42,462 Dec-2016 Chg % 1,083,223 -13.31 q 248,480 485.18 p SANF is owned by PT Astra International Tbk. (“parents”) which indirectly has 60% of shares through its wholly owned subsidiary, PT Sedaya Multi Investama. Marubeni Corporation owns 35% of shares and PT Marubeni Indonesia owns another 5% of shares. Consumer Financing Receivables Total Assets 6,692,984 6,791,778 1.48 p Dedication of SANF to provide heavy equipment financing through sustainable relationship with business partners has led SANF to become one of the largest heavy equipment financing Company in Indonesia. SANF has been following the guidance of the parents to be an asset to the nation, provide the best service to the customers, respect individually and promote teamwork and continually strive for the excellence. Total Liabilities 5,284,906 5,347,664 1.19 p 2,000,000 2,000,000 574.9 574.9 To provide the best services to our customers, SANF has marketing networks located in DKI Jakarta, East Java, North Sumatera, Riau, South Sumatera, Jambi, West Kalimantan, East Kalimantan, South Kalimantan and South Sulawesi. BOARD OF COMMISSIONERS 1. Gidion Hasan 2. Diana Makmur 3. Hardi Montana * 4. Masamichi Takeda 5. Mohammad Husni * *) Independent Commissioner BOARD OF DIRECTORS 1. Bugie Laksmana 2. Andrijanto 3. Harly Setiabudi 4. Motoki Toyoshima 5. Naga Sujady AUDIT COMMITTEE 1. Mohammad Husni 2. Budy Kurniawan Ratulangi 3. Lianny Leo Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 834,858 57,970 1,439,770 2,000.0 Authorized Capital Paid up Capital 574,885 Paid up Capital (Mil. Sh) Par Value (Rp) 1,000 Retained Earnings 782,675 Total Equity …*) 2,228,391 166.92 p 61,728 6.48 p 1,083,145 -24.77 q 2,000.0 574,885 1,000 821,099 -  -  -  -  -  4.91 p 1,408,078 1,444,114 1,408,078 1,444,114 2.56 p Total Revenues 676,736 621,717 -8.13 q Interest Expenses 241,080 315,358 30.81 p 408,844 11.29 p Non Controlling Interest Total Equity INCOME STATEMENTS Expenses - 552,614 Earning Before Tax 124,122 Income for the periods 110,450 Net Income … *) 110,450 EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) 367,360 113,210 3.75 1.65 ROA (%) NPM (%) EBITDA Coverage (X) 16.32 1.52 - 533,694 2.56 p -  -3.42 q 88,023 -29.08 q 80,895 -26.76 q 79,727 -29.58 q 80,895 -26.76 q 3.70 -1.34 q 1.19 -27.82 q 13.01 -20.28 q 1.30 -14.92 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Sedaya Multi Investama 2. Marubeni Corp. (Japan) 3. PT Marubeni Indonesia 60.00% 35.00% 5.00% INDONESIA BOND MARKET DIRECTORY 2016-2017 651
  652. AS OF JUNE 2017 No . 1. 2. 3. CODE ISIN CODE Series Name SANF01CN2 Berkelanjutan I SAN IDA000065601 SANF01CN3 IDA000070106 SANF02BCN1 Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Finance Tahap II 1,000,000 17-Dec-14 16-Dec-17 3 years Tahun 2014 Finance Tahap III 500,000 07-Oct-15 06-Oct-18 3 years Tahun 2015 IDA0000733B6 SAN Finance Tahap I Tahun 2016 Seri B 1,090,000 10-Jun-16 09-Jun-19 3 years 31,000 31-Mar-17 30-Mar-22 5 years Tahun 2017 Seri C 440,000 31-Mar-17 30-Mar-20 3 years Tahun 2017 Seri B 16-Sep-17 16-Dec-17 - PT Bank 10.50% 9.00% 9.25% 9.00% Quarterly Obligasi SANF02ACN2 Berkelanjutan II San 6. Finance Tahap II IDA0000799A9 10.50% Quarterly Obligasi SANF02BCN2 Berkelanjutan II San 5. Finance Tahap II IDA0000799B7 Trustee Quarterly Obligasi SANF02CCN2 Berkelanjutan II San 4. Finance Tahap II IDA0000799C5 Date Period Quarterly Obligasi Berkelanjutan II Coupon Payment Quarterly Obligasi Berkelanjutan I SAN Coupon Structure / 801,000 31-Mar-17 Tahun 2017 Seri A 10-Apr-18 370 days 8.00% Quarterly Rakyat Indonesia - (Persero) Tbk. 06-Jul-17 06-Oct-17 06-Jan-18 PT Bank Rakyat Indonesia 06-Apr-18 (Persero) Tbk. 09-Sep-17 09-Dec-17 09-Mar-18 PT Bank 09-Jun-18 30-Sep-17 30-Dec-17 30-Mar-18 Rakyat Indonesia AA- Stable AA- Stable AA- Stable (Persero) Tbk. Pastikan Link Grafik sudah be PT Bank Rakyat Indonesia 30-Jun-18 (Persero) Tbk. 30-Sep-17 30-Dec-17 30-Mar-18 PT Bank Rakyat Indonesia 30-Jun-18 (Persero) Tbk. 10-Jul-17 10-Oct-17 10-Jan-18 PT Bank 10-Apr-18 Rating / Outlook Rakyat Indonesia (Persero) Tbk. Pastikan Link Grafik sudah be AAStable AA- Stable AA- Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 652 INDONESIA BOND MARKET DIRECTORY 2016-2017
  653. TRADING HIGHLIGHT SANF01CN2 ISIN CODE : IDA000065601 275 220 Frequency 40 Volume 32 Frequency Trading Activities, 62.23 6.60 8 8 16 CTP Price - High Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 15.0 102 13.0 100 11.0 98 9.0 96 7.0 94 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM SANF01CN3 32 Q3 14 Q4 Q1 31.43 91.80 250.03 4 11 17 9 2.64 12.57 24 36.72 Q2 Frequency 5 Volume 4 Frequency 13 6 100.01 34.40 101.2500 102.3000 103.0000 102.1000 102.4500 101.8300 02-Mar 97.0000 05-Jan 13-Jun 93.0000 25-Apr 21-Sep 98.0000 13-Sep 21-Dec 97.2500 07-Oct 18-Jan 95.0000 19-Jan 05-May 98.5000 28-Apr 101.8658 101.9567 102.2790 101.1749 101.6369 101.6182 9.2869 9.0524 8.4967 9.2044 8.0607 7.0620 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.883 2.194 1.584 1.055 0.630 0.336 1.545 Sensitivity (%) 0.015 1.339 1.126 0.013 0.011 0.903 0.009 0.676 0.469 0.007 0.005 This series listed on 17 December 2014 and matured on 16 December 2017. This series issued with nominal amount of Rp1.00 trillion with interest rate per annum at 10.50%. Since 2016 until at the end second quarter in 2017, this series traded 108 times in 54 trading days with total volume booked of Rp528.08 billion. During 2016, the average of total volume recorded of Rp48.01 billion/quarter and transacted 14.50 times/quarter. Based on the market price (Centralized Trading Platform) from 2016 until a half of year 2017, this series was traded between 93.0000% - 103.0000%, while the IBPA fair price was 10.7162%. Oct-15 TRADING ACTIVITIES 86.00 37 Listing Date ISIN CODE : IDA000070106 40 24.89 Mod. Duration (yrs) Convexity (yrs) Dec-17 2017 between 99.6186% and 102.4585%. The fair yield for this series was between 7.0620% - l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume Last Date Q2 11 Frequency (X) 110 - Dec-16 2016 Volume (Rp bn) Trading days 8 Dec-15 Q1 24 55 Maturity Date Price and Yield 165 Trading Activities, Maturity Date Oct-16 Oct-17 Oct-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 37.00 3 1 24 3 Trading days 16 2 CTP Price - High N/A N/A N/A N/A N/A 101.0200 CTP Price - Low N/A N/A N/A N/A N/A 101.0000 IBPA Fair Price 99.1156 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 5.633 4.706 3.847 3.032 2.320 1.750 1 8 - enar >> enar >> Dec-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 100 10.0 98 9.0 8.0 96 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 9.7881 Mod. Duration (yrs) 2.164 Sensitivity (%) 0.022 Convexity (yrs) - N/A N/A - N/A N/A 99.8002 101.1311 9.4981 1.976 0.020 8.7810 1.783 0.018 - N/A N/A - N/A N/A 29.60 12-Jun 12-Jun 99.9959 101.2511 101.0394 9.4015 1.576 0.016 8.4925 1.370 0.014 8.5371 1.181 0.012 This series was listed since 07 October 2015 and matured on 23 November 2019 have a nominal value of Rp500.00 billion with fixed interest rate of 9.40 % per annum. The IBPA fair price was between 96.4698% - 101.6132%, the fair yield for this series was between 8.1876% - 10.9015%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 653
  654. SANF02BCN1 Listing Date ISIN CODE : IDA0000733B6 1250 1000 Jun-16 TRADING ACTIVITIES Volume Frequency 100 Volume 80 Frequency Jun-17 Trading Activities, Q1 Q2 Volume (Rp bn) N/A 279.33 1012.68 15 22 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 500 40 CTP Price - High N/A CTP Price - Low N/A 2IBPA Fair Price N/A - enar >> Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-19 2017 Price and Yield 60 20 Jun-18 2016 750 250 enar >> Maturity Date Q3 47 102.50 92 371.62 Q4 Q1 Q2 165.10 195.10 158.00 5 5 8 29 60.59 14 5 71.60 57.98 104.0000 103.0000 102.0600 102.0600 100.7500 16-Jun 99.9700 21-Jun 22-Jul 99.9500 07-Sep 100.5750 100.2072 8.7744 8.9107 30-Dec 95.0000 13-Dec 9.6044 N/A 30-Jun 30-Sep 30-Dec Convexity (yrs) N/A 7.644 6.534 5.477 0.025 2.356 0.024 06-Mar 27-Apr 99.0000 11-Apr 98.6935 100.0310 Pastikan 99.8222Link Grafik sudah be Last Date 2.549 03-Jan 99.1500 2.154 8.9693 9.0981 1.957 1.776 0.020 0.018 31-Mar Pastikan 22-JunLink Grafik sudah be 4.533 0.022 3.746 This series will mature on 9 June 2019, and was traded in 52 trading days during 2016 to Q2-2017 period. During the period, the average trading volume reached Rp301.70 billion per quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was 95.0000% at the lowest and peaked also at 104.0000%. While the IBPA fair price for this series was valued between 97.2757% and 101.8772%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SANF02CCN2 Listing Date ISIN CODE : IDA0000799C5 TRADING ACTIVITIES Volume 5 4 Frequency 5 Volume 4 Frequency Trading Activities, Mar-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Mar-22 2017 Q1 N/A Q2-16 Mar-21 Price and Yield Trading days Q1-16 Mar-20 2016 3 Price 654 Mar-18 3 enar >> enar >> Mar-17 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.8412Link Grafik sudah be Pastikan N/A 22-JunLink Grafik sudah be Pastikan N/A N/A N/A N/A 9.0305 3.751 17.163 0.038 This series was listed since 31 March 2017 with a maturity date on 30 March 2022 and has a fixed interest rate of 9.250% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 99.8697% - 101.0102% and on the other side IBPA’s Yield range between 8.9869% - 9.2824%. The outstanding for this series since issuance date were noted at Rp31.00 billion.
  655. SANF02BCN2 ISIN CODE : IDA0000799B7 400 320 Frequency 15 Volume 12 Frequency Mar-18 Trading Activities, Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 38.00 N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 160 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 3 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-20 2017 Price and Yield 9 80 Mar-19 2016 240 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 1 34.55 394.00 14 7 358.18 - 101.0500 - 100.0000 N/A 99.9301 99.8099 N/A 31-Mar 22-Jun N/A 7.922 6.770 N/A N/A N/A N/A N/A N/A - 28-Apr - 9.0269 2.601 15-Jun 9.0775 2.380 0.026 0.024 This bond series was first listed on 31 March 2017 and will be matured on 30 March 2020. The series was actively traded in Q2-2017 with 8 days of total trading days during the trading period. The total trading volume reached Rp432.00 billion and the total trading frequency was 15 times. The lowest market price observed through the Centralized Trading Platform (CTP) was 100.0000% or above its fair lowest price valued by IBPA at 99.7415%. On the other hand, the highest market price was 101.0500% or above its IBPA fair highest price at 100.9911%. The yield valued by IBPA was 8.6115% at the lowest, and 9.1004% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SANF02ACN2 Listing Date ISIN CODE : IDA0000799A9 1250 1000 Mar-17 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Maturity Date Jun-17 Trading Activities, Sep-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 12.00 N/A N/A N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 500 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 15 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 6.0 98 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 Mar-18 2017 Price and Yield 45 250 Dec-17 2016 750 enar >> enar >> Maturity Date Mar-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 3 N/A 5.99 N/A - N/A N/A N/A N/A N/A 1116.20 67 16 557.40 - 100.7241 - 99.9000 - 20-Jun 11-Apr 100.0010 100.0161 7.9742 7.9749 N/A 31-Mar 22-Jun N/A 1.185 0.772 N/A N/A 0.958 0.010 0.756 0.008 This series has an outstanding amount of Rp801 billion with fixed coupon per annum at 8.00%. Since this series listed on 31 March 2017 until at the end second quarter in 2017, this series has transacted 70 times in 17 trading days with total volume booked of Rp1.13 trillion. Based on the market price (Centralized Trading Platform), this series was traded between 99.9000% and 100.7241%. Meanwhile based of IBPA fair price, this series has a fair price between 99.8521% - 100.2143% and fair yield between 7.7236% - 8.1660%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 655
  656. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SANF01CN2 62 31 Q2-2016 92 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 19.2% SANF01CN3 SANF02BCN1 279 - 656 1,013 200 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 600 800 165 1,000 1,200 1,400 133.7% 1,600
  657. IBPA ANALYTICAL REVIEW Description PT Surya Artha Nusantara Finance (SANF) was established on 25 August 1983, formerly known as PT Sangga Loka Subur, then changed its name to PT Surya Artha Nusantara Leasing in 1984. Later in 1989, the company changed its name to PT Surya Artha Nusantara Finance. SANF is a joint Peer Group No. Company Total Revenue 1. PT Verena Multi Finance Tbk. 2. PT Surya Artha Nusantara Finance 3. PT Indonesia Infrastucture Finance venture between PT 4. PT Batavia Prosperindo Finance Tbk. Multi Investama and Marubeni Corporation Group Historical Corporate Ratings with the composition of shares of 60% and 40% No. SANF engages in financing businesses that consists of financing leases, consumer financing, factoring, and working capital financing. The company provides the financing facility of the heavy equipment and all Revenue 13.0 258 13.1 436 (8.1) 18.7 77.4 5.3 22.3 3.4 Financial Statement as of Fiscal Year 2016 Astra respectively. 622 544 5. PT Bima Multi Finance International Tbk through its subsidiary, PT Sedaya Net Profit (Rp Bill) Margins (%) Growth (%) 336 1.9 (11.3) Rating Agency 1. Pefindo 2. Fitch Ratings 3. Fitch Ratings 4. Pefindo 5. Fitch Ratings Rating Rating Status Rating Date Outlook idAA- Affirmed 10-Feb-17 Stable AA(idn) Affirmed 7-Dec-16 Stable AA(idn) idAA- AA(idn) Affirmed Affirmed Affirmed 9-Feb-17 14-Jun-16 11-Dec-15 Stable Stable Stable of its supporting tools. The company classifies its financing portfolio based on mining, agro, forestry, construction, and industry segments. The company is supported by its 12 marketing networks that spread in 5 regions, namely DKI Jakarta, Java, Kalimantan, Sumatera, and Sulawesi. SWOT Analysis S W trengths eaknesses -Strong support and commitment -Decreasing profitability from its major shareholder (Astra -Below average asset quality Group) -Strong capitalization -Leader market in the heavy Financial Analysis equipment business The Company recorded a decrease in total revenue by 8.13% from Rp676.74 billion in 2015 to Rp621.72 billion in 2016. The decrease was due to the revenue from financial leases business that slowed by 50.01% from Rp449.17 billion to Rp224.53 billion. This business contribution to total revenue also decreased from 66.37% to 36.11%. However, the company managed to increase its consumer financing business revenue by 184.87% from Rp73.98 billion to Rp210.74 billion. This was in line with strong growth in receivable from consumer financing by 166.92% to Rp2,228.39 billion. On the other hand, total expenses also decreased slightly by 3.42% from Rp552.61 billion to Rp533.69 billion. Interest & financing O T pportunities hreats -Government’s commitment to -Government’s commitment to increase infrastructure development increase infrastructure development -Coal price recovery trend -Coal price recovery trend -Potential synergy in the Astra Group -Potential synergy in the Astra network Group network expense increased by 20.50% to Rp409.98 billion. This was driven by increasing bonds payable from Rp1,884.71 billion to Rp3,140.68 billion. At the bottom line, the companies booked a decrease in net income by 26.76% to Rp80.90 billion. INDONESIA BOND MARKET DIRECTORY 2016-2017 657
  658. idAA SDRA PT Bank Woori Saudara Indonesia 1906 Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Bank Woori Saudara Building Jln. Diponegoro No. 28 Bandung 40115 Phone : (022) 8783-1906, (022) 8783-1900 (Hunting) Fax : (022) 8783-1918 Finance Bank www.bankwoorisaudara.com Arinto Hartoyo saudara@bankwoorisaudara.com Since its first establishment in 1906, Bank Saudara has evolved through many phases. In 2006, the Bank became a publicly owned bank through its Initial Public Offering (IPO). In 2014, the Bank was acquired by Woori Bank Korea (WBK), the second largest bank in Korea and it’s fully owned by the Korean Government. WBK has international presence in over 17 countries with plans to go further. In 2015, Bank Saudara announced the change of name and logo. After the merger, the Bank adopted a new legal name “PT Bank Woori Saudara Indonesia 1906 Tbk.” and new commercial nickname “Bank Woori Saudara/(BWS)”. The Bank’s merger leads to the expansion of the Bank’s branch network. This expansion makes the customers easier to access the products and services of the Bank. Today, BWS offers several products and services mainly focus in the consumer and corporate segments. The core lending products are loans focused on employees and pensioners called KUPEG (Kredit Pegawai/loan for Employee) and KUPEN (Kredit Pensiun/loan for pensioners), whereas the core funding products are term deposits including time deposit with insurance (TASKA). After Marger, Bank Woori Saudara has develop several Payment services through IT development such as Debit Card , Flazz Card (co-branding with BCA), Internet Banking and soon we will launching Mobile Banking. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash on Hand Placements with Other Banks Marketable Securities Loans Investments Property, Plant and Equipment Total Assets Deposits Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Interest Income Interest Expenses Other Operating Revenue BOARD OF COMMISSIONERS 1. Farid Rahman 2. Ahmad Agus Setiadjaja * 3. Ahmad Fajarprana * 4. Maskan Iskandar * *) Independent Commissioner BOARD OF DIRECTORS 1. Park Tae Yong 2. Denny Novisar Mahmuradi 3. Hardono Budi Prasetya 4. I Made Mudiastra 5. Kim Dong Soo 6. Madyantoro Purbo AUDIT COMMITTEE 1. Ahmad Agus Setiadjaja 2. Gasmara Tisnawinata 3. Nanny Dewi 4. Suharjadi Sunarja 5. Waldy Gutama 658 INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable Other Operating Expenses Millions of Rp, Unless Otherwise Stated Dec-2015 205,336 269,835 1,264,091 Dec-2016 238,471 1,598,422 16,260,828 326,607 355,551 20,019,523 14,463,056 689,250 449 22,630,634 15,687,637 18,218,744 600,000 600,000 5,211 5,211 521,134 100 6,000 521,134 100 1,847,558 2,123,517 - - 4,135,931 4,411,890 4,135,931 4,411,890 1,549,763 1,773,722 202,894 234,023 779,094 608,108 26.45 p 18.04 p -  8.86 p 13.04 p 8.47 p 1,751,425 154.11 p 15,883,592 6,000 16.14 p 554,868 105.63 p 13,775,638 449 Chg % 868,476 725,368 14.70 p -  -  -  -  -  14.94 p 6.67 p -  6.67 p Pastikan Link Grafik sudah bena 14.45 p 11.47 p 15.34 p 19.28 p Income from Operations 365,455 413,901 13.26 p Earning Before Tax 362,094 419,489 15.85 p Non-Operating Revenues -3,361 5,588 N/A p Income for the periods 265,230 309,816 16.81 p Net Income … *) 265,230 309,816 16.81 p 3.84 4.13 7.53 p 17.11 17.47 Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 257,026 1.32 23.58 *) … attributable to owners of the parent entity SHAREHOLDERS 1. Woori Bank Korea 2. Arifin Panigoro 3. Public 4. PT Medco Intidinamika 5. Bank's Management 316,538 1.37 23.34 23.15 p 3.33 p 2.06 p -1.04 q 74.02% 12.46% 7.28% 6.06% 0.18%
  659. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name SDRA01SB Subordinasi Bank Outstanding (Rp Million) Listing Maturity Date Issue Date Term 200,000 Saudara I Tahun IDA000055206 29-Nov-19 7 years 2012 Date Trustee 12.63% 29-Aug-17 29-Nov-17 01-Mar-18 Permata Tbk. 29-Aug-17 29-Nov-17 - Permata Tbk. 01-Jun-18 Quarterly Obligasi Bank SDRA02 30-Nov-12 Coupon Payment Period Obligasi IDA000055305 Coupon Structure / Saudara II Tahun 100,000 2012 30-Nov-12 29-Nov-17 11.75% 5 years - Quarterly Rating / Outlook PT Bank PT Bank AA- Stable AA Stable TRADING HIGHLIGHT SDRA01SB Listing Date ISIN CODE : IDA000055305 TRADING ACTIVITIES Volume 100 80 Nov-12 Frequency 15 Volume 12 Frequency Nov-13 Trading Activities, Maturity Date Nov-14 Nov-15 Nov-16 Nov-18 2016 Price and Yield Q1 Volume (Rp bn) 12.00 21.00 2 6 Frequency (X) Nov-17 Q2 5 2017 Q3 9 Nov-19 Q4 Q1 38.00 76.00 10.00 4 5 1 9 10 Q2 38.00 2 4 2 60 9 Trading days 40 6 CTP Price - High 103.500 107.810 108.670 106.750 106.076 107.540 CTP Price - Low 101.000 101.000 98.000 100.500 106.040 107.500 IBPA Fair Price 106.617 106.172 107.479 103.956 106.627 108.538 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 9.184 8.123 6.989 6.040 5.252 3 20 - ar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 110 PRICE AND YTM MOVEMENT YTM (%) 12.0 107 11.0 104 10.0 101 9.0 98 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 24.00 12-Feb 26-Jan 10.4267 2.906 10.322 0.029 42.00 16-Jun 18-Apr 10.4492 2.746 0.027 76.00 09-Sep 30-Sep 9.8419 2.589 0.026 152.00 05-Oct 20-Oct 11.0149 2.401 0.024 20.00 09-Mar 09-Mar 9.7677 2.235 76.00 02-May 21-Apr 8.6951 0.022 2.089 0.021 This bond listed with nominal value of Rp200 billion and interest rates of 12.63% per annum. This bond was effective from 30 November 2012 to 29 November 2019. During 2016 until at the end second quarter in 2017, this series traded was 39 times with total volume amounted to Rp195 billion. The market prices based on Centralized Trading Platform (CTP) for this series was at the range 98.0000% - 108.6700% while IBPA fair prices for this series were 101.8161% for the lowest and 108.6474% for the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 659
  660. SDRA02 Listing Date ISIN CODE : IDA000055206 15 12 Nov-12 TRADING ACTIVITIES Volume Maturity Date Frequency 10 Volume Trading Activities, Price and Yield Volume (Rp bn) 8 Frequency Nov-13 Nov-14 Nov-16 Q1 Q2 2017 Q3 Q4 Q1 Q2 5.00 3.20 10.00 6.00 4.00 1 2 1 3 2 3 1 6 4 1.10 2 1 9 6 Trading days 6 4 CTP Price - High 103.250 105.950 102.620 103.360 102.880 100.100 CTP Price - Low 103.000 99.970 102.620 102.590 102.320 100.000 IBPA Fair Price 103.489 102.854 102.575 101.890 102.641 101.969 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.699 2.036 1.452 0.954 0.554 0.283 - ar >> Turnover Ratio (%) Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 04-Mar Date - Q2-17 IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 11.0 105 10.0 103 9.0 101 8.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 9.4563 Mod. Duration (yrs) 1.486 Sensitivity (%) 0.015 Convexity (yrs) 12.80 21-Apr 13-Jun 9.5620 1.282 0.013 40.00 09-Sep 09-Sep 9.3814 24.00 22-Dec 21-Nov 1.071 0.011 9.5540 0.851 16.00 17-Jan 13-Feb 7.6332 0.627 0.009 0.006 12 SDRA02 5 3 10 - 21 6 20 103.5770%. 6.0 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 76 73.5% 24.2% 60 INDONESIA BOND MARKET DIRECTORY 2016-2017 0.422 0.004 the IBPA fair price for this series was valued at premium between 101.3381% and 38 40 7.1136 billion per quarter. The market price for this series observed through the Centralized TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 SDRA01SB 12-Apr Trading Platform (CTP) was 99.9700% at the lowest and peaked also at 105.9500%. While  IBPA Fair Price  YTM Q2-2016 12-Apr 2016 to Q2-2017 period. During the period, the average trading volume reached Rp4.88 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 4.40 This series will mature on 29 November 2017, and was traded in 10 trading days during 7.0 99 20.00 04-Mar Date 2 3 660 Nov-17 2016 5 Frequency (X) Nov-15 80 100 120 140 160 180 200
  661. IBPA ANALYTICAL REVIEW Description PT Bank Woori Saudara Indonesia 1906 Tbk (Bank Woori Saudara), previously known as Bank Himpunan Saudara 1906 Tbk (Bank Saudara), is a merging Bank between Bank Woori Indonesia and Bank Saudara. In December 2013, Woori Bank Korea Acquired 33% shares of Bank Saudara. Following the acquisition, Woori Bank Korea merged Bank Saudara with Bank Peer Group No. Company Total Revenue 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 2. PT Bank Pembangunan Daerah Nusa Tenggara Timur 3. PT Bank Capital Indonesia Tbk. 4. PT Bank Lampung (BPD Lampung) Historical Corporate Ratings No. of Bank Woori Indonesia and the retail banking of Bank Saudara. The Bank’s merger leads to the expansion of the Bank’s branch network. As of December 2016, the Bank has 171 branch offices in several cities in Sumatera, Java, Bali, and supported Revenue 746 19.7 378 2.4 7.5 10.9 11.1 22.5 (5.1) Financial Statement as of Fiscal Year 2016 Bank Saudara officially changed its name to Bank diversify by synergizing corporate banking products 18.6 5. PT Bank Kesejahteraan Ekonomi Woori Saudara. Following the merger, the Bank has planned to 1,256 1,238 Woori Indonesia to comply with Bank Indonesia’s single presence regulation. Later in February 2015, Net Profit (Rp Bill) Margins (%) Growth (%) 1,774 17.5 14.5 Rating Agency Rating Rating Status idAA Upgraded* 9-Mar-17 idA+ Upgraded** 11-Mar-15 Affirmed 2-Aug-13 1. Pefindo 2. Pefindo idA+ 4. Pefindo idA- 3. Pefindo 5. Pefindo idBBB+ Rating Date Affirmed Upgraded*** 3-Mar-16 7-Mar-14 Outlook Stable Stable Stable Positive Stable **Due to strong support from Woori Bank Korea ***Due to approved acquisition of 33% Bank’s share by Woori Bank Korea by 2,256 employees. As of Dec 2016, the Bank’s shareholders composition are Woori Bank Korea (74.02%), Arifin Panigoro (12.46%), PT Medco Intidinamika (6.06%), PT Medco Duta (1.65%), and public (5.81%). SWOT Analysis S W trengths eaknesses -Strategically important subsidiary of -Bank’s concentrated funding Woori Bank Korea -Moderate profitability -Improved products & services diversification -Strong capitalization and asset Financial Analysis quality Bank Woori Saudara recorded an increase in total assets amounted to Rp22.63 trillion in 2016 from Rp20.02 trillion in 2015. That increas was primarily due to an increase in total third party loans by 21.83% to Rp16.39tn. The Bank succeeded to record Net interest Revenues in 2016 at Rp905.25 billion, or increased by 17.46% from Rp770.67 billion in 2015. Therefore, Net income in 2016 was at Rp309.82 billion, an increase by 16.81% from previous year that was recorded at Rp265.23 billion. Good performance of the Bank also reflected by decreasing net NonPerforming Loan (NPL) ratio in 2016 from 1.26% in 2015 to 0.98%. However the bank experienced a slight decrease in Capital Adequacy Ratio (CAR) from 18.82% to 17.20% and keep the Net Interest Margin (NIM) at 4.74% or the same figure as in 2015. O T pportunities hreats -Increasing opportunity in cross- -Increasing opportunity in cross- selling products with more varied selling products with more varied product types product types -Resilient Micro, Small and Medium -Resilient Micro, Small and Medium Enterprise (SME) segments Enterprise (SME) segments -Knowledge and innovation spillover -Knowledge and innovation spillover from parent company from parent company INDONESIA BOND MARKET DIRECTORY 2016-2017 661
  662. SMAR Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. PT Sinar Mas Agro Resources And Technology (Smart) Tbk. : : : : : : June 2017 SMART is moving to the next level of business transformation, with a strategic shift from growth to profitability, by optimising margin creation across our vertically integrated operations. With the large scale of plantations managed, we are concentrating on and extending initiatives around operational excellence, yield improvement, cost management, people development and sustainability. These endeavours involve well-planned mechanisation and automation, as well as intensive control and supervision using cutting-edge technology, and replanting activity with the best planting materials. We will also advance efforts to perfect our operations across the downstream value chain, extracting margin opportunities that arise from providing global customers with a portfolio of value-added products and services. These will be supported by our competitive advantage with our sufficient supply of quality CPO, our vertically integrated business model, new technology employed in our refineries as well as logistics and distribution capabilities. BOARD OF COMMISSIONERS 1. Franky Oesman Widjaja 2. Budi Wijana 3. Endro Agung Partoyo * 4. Hikmahanto Juwana * *) Independent Commissioner Muktar Widjaja Rafael Buhay Concepcion, Jr. Susiyati B. Hirawan * Teddy Pawitra * BOARD OF DIRECTORS 1. Jo Daud Dharsono 2. Dirgahayu Agus Purnomo 3. Edy Saputra Suradja 4. Gianto Widjaja 5. Jimmy Pramono 6. Lukmono Sutarto 662 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 3,023,512 3,203,949 10,680,145 11,246,586 23,957,015 26,141,410 11,849,347 12,229,268 1,549,281 Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) 3,389,788 10,736,651 9,897,188 2,872 2,872 574,439 Par Value (Rp) 200 Retained Earnings 5,016,150 Total Equity …*) INCOME STATEMENTS Total Revenues Gross Profit Operating Profit Earning Before Tax INDONESIA BOND MARKET DIRECTORY 2016-2017 574,439 200 7,607,091 10,194,108 7,622,770 10,199,435 5.30 p 3.99 p 9.12 p 3.21 p -2.40 q -  -  -  -  -  51.65 p 33.85 p 5,327 -22.05 q 33.80 p 36,230,113 29,752,126 -17.88 qLink Grafik sudah be Pastikan 392,695 318,569 -18.88 qLink Grafik sudah be Pastikan 3,939,032 Interest Expenses Total Operating Expenses 5,000 7,615,936 6,834 5.97 p 29.44 p 8,356,807 -15.56 q 1,000,000 5,000 Paid up Capital (Mil. Sh) Total Equity 11,165,271 1,000,000 Paid up Capital Non Controlling Interest 4,387,631 15,941,975 Authorized Capital Chg % 350,467 -77.38 q 16,334,245 2,922,013 4,236,118 2,790,670 7.54 p -4.49 q 1,017,019 1,445,448 42.13 p 1,818,916 2,291,000 25.95 p EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS 5. 6. 7. 8. Stable ADDRESS Plaza Sinar Mas Land, Tower II, 30th Floor Jln. MH. Thamrin No. 51 Jakarta 10350 Phone : (021) 503-38899 Fax : (021) 503-89999 Agriculture Plantation www.smart-tbk.com Jimmy Pramono investor@smart-tbk.com PT SMART Tbk.’s primary activities range from cultivating and harvesting oil palm trees, processing fresh fruit bunches (“FFB”) into crude palm oil (“CPO”) and palm kernel (“PK”), to refining CPO into industrial and consumer products such as cooking oil, margarine and shortening and biodiesel as well as merchandising palm products throughout the world. In 2016, the Company cultivates almost 138,000 hectares of oil palm plantations in Indonesia, including plasma. Our 16 mills extract CPO and PK from FFB, with a total capacity of 4.2 million tonnes per annum. Our CPO is processed further into value-added bulk, industrial and branded products through our own refineries, with a total capacity of 2.9 million tonnes per annum. The PK is crushed in our kernel crushing plants, which have an annual capacity of 480 thousand tonnes, producing higher-value palm kernel oil and palm kernel meal. SMART also markets and exports palm-based consumer products. Besides bulk and industrial oil, SMART’s refined products are also marketed under several brands, such as Filma and Kunci Mas. Today, these brands are recognised for their high quality and command significant market share in their respective segments in Indonesia. idA+ DER (X) ROA (%) NPM (%) EBITDA Coverage (X) -206,650 1,430,802 -385,509 2,599,539 -386,175 2,600,909 -279,997 1.55 -1.61 -1.06 4.63 2,576,665 N/A p N/A p N/A p N/A p 1.20 -22.87 q 9.94 N/A p 7.19 55.26 p 8.74 N/A p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Purimas Sasmita 2. Others AUDIT COMMITTEE 1. Susiyati B. Hirawan 2. Agustinus Antonius 3. Edward Herawan Hadidjaja 97.20% 2.80%
  663. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name SMAR01BCN1 Berkelanjutan I IDA0000534B8 SMAR01ACN1 IDA0000534A0 (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.25% 03-Jul-17 03-Oct-17 03-Jan-18 PT Bank Mega 03-Jul-17 - PT Bank Mega Period Obligasi 100,000 SMART Tahap I 04-Jul-12 03-Jul-19 7 years Tahun 2012 Seri B Obligasi Berkelanjutan I 900,000 SMART Tahap I 04-Jul-12 03-Jul-17 9.00% 5 years Tahun 2012 Seri A Tbk. 03-Apr-18 Quarterly Tbk. - Quarterly Rating / Outlook A+ Stable A+ Stable TRADING HIGHLIGHT SMAR01BCN1 Listing Date ISIN CODE : IDA0000534B8 75 60 Jul-12 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Jul-13 Trading Activities, Maturity Date Jul-14 Jul-15 Jul-17 Jul-18 2016 Price and Yield Q1 Volume (Rp bn) 20.00 1 Frequency (X) Jul-16 Q2 2 Jul-19 2017 Q3 Q4 40.00 38.00 10.00 60.00 - 1 3 1 2 - 8 10 Q1 4 Q2 8 - 45 9 Trading days 30 6 CTP Price - High 95.0000 98.9500 100.5400 99.3000 101.0000 N/A 15 3 CTP Price - Low 94.8000 95.3000 95.3000 99.2800 100.5000 N/A IBPA Fair Price 99.1521 98.9278 99.9403 97.2877 101.5065 Last Date 31-Mar 30-Jun 30-Sep 8.877 7.733 6.666 - enar >> enar >> Outstanding Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 80.00 22-Mar 22-Mar 9.5463 Mod. Duration (yrs) 2.718 Sensitivity (%) 0.027 Convexity (yrs) 160.00 23-Jun 23-Jun 9.6647 2.538 0.025 152.00 29-Aug 11-Jul 9.2744 2.357 0.024 40.00 240.00 29-Nov 13-Mar 29-Nov 20-Feb 10.4935 8.4968 - N/A N/A 99.6770 9.4250 30-Dec 31-Mar 22-Jun 5.592 4.702 3.890 2.156 0.022 1.976 0.020 1.795 0.018 This series was traded in 8 trading days during 2016 to Q2-2017 period. The total trading volume was Rp168 billion and traded 32 times during the period. The IBPA fair prices for this series were 94.6728% at the lowest and 101.7365% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 94.8000% and peaked at 101.0000%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 663
  664. SMAR01ACN1 Listing Date ISIN CODE : IDA0000534A0 TRADING ACTIVITIES Volume 225 180 Jul-12 Frequency 20 Volume 16 Frequency Maturity Date Apr-13 Trading Activities, Q4 Q1 Volume (Rp bn) 54.80 222.20 47.00 - 2 3 5 9 5 - Frequency (X) 45 4 - - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date Price 101 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 99 9.0 98 8.0 97 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 6 17.78 8 15 18 32.89 24.36 98.76 22-Jun 21-Sep 13-Oct 22-Jun 09-Sep 20-Dec Q2 12 20.89 100.4700 100.0100 100.8300 100.8500 100.6000 10-Mar 97.5500 04-Jan 98.6367 100.0000 100.0000 06-Feb 99.8500 02-Feb Last Date 8.6688 SMAR01BCN1 20 40 SMAR01ACN1 40 - 664 38 108.0% 74 55 100 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 N/A 8.3675 8.9557 6.9885 7.3755 30-Dec 31-Mar 22-Jun 1.670 1.136 0.697 0.355 0.122 0.008 1.151 Sensitivity (%) 0.012 0.934 0.711 0.009 0.007 0.481 0.005 0.246 0.002 0.030 0.000 This series, matured on 3 July 2017, had average turnover of 32.44%/quarter and traded in 24 trading days during 2016 to Q2-2017 period. In 2016, the average trading volume for this series amounted to Rp97.75 billion/quarter while in the first semester of 2017 decreased to Rp23.50 billion/quarter. Based on the market price (Centralized Trading Platform), this Series was traded at the range 97.5500% - 100.8500%, while the range of IBPA fair price for this series stood between 97.6798% and 100.5424%. Q4-2016 222 200 N/A 30-Sep Mod. Duration (yrs) Convexity (yrs) 8.9259 TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q3-2016 N/A 30-Jun  IBPA Fair Price  YTM Q2-2016 - N/A 31-Mar l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 - 100.3650 100.0699 100.4594 100.0210 100.4849 100.0469 IBPA Fair Price IBPA Fair Yield (%) enar >> 2017 Q3 CTP Price - High Q1-17 2016 74.00 8 Q4-16 Jan-17 Q2 90 Q3-16 Apr-16 40.00 12 Q2-16 Jul-15 Q1 135 Q1-16 Oct-14 Price and Yield Trading days enar >> Jan-14 Outstanding in Year 2016 Turnover 43.4% 400 500 600 700 800 900
  665. IBPA ANALYTICAL REVIEW Description PT . Sinar Mas Agro Resources and Technology Tbk (SMAR) is one of the palm-based consumer products. Peer Group No. Company Total Revenue SMART was established in 1962. 1. The 3. PT Perkebunan Nusantara X Company’s primary PT Sinar Mas Agro Resources And Technology (Smart) Tbk. 2. PT Tunas Baru Lampung Tbk. activities range from Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 29,752 8.7 (17.9) 6,514 9.5 2,260 22.2 (6.9) (10.7) cultivating and harvesting oil palm trees, processing fresh fruit bunches (“FFB”) into crude palm oil (“CPO”) Financial Statement as of Fiscal Year 2016 and palm kernel (“PK”), to refining CPO into industrial and consumer products such as cooking oil, margarine and shortening, as well as merchandising Historical Corporate Ratings palm products throughout the world. SMART planted No. oil palm plantations in Indonesia covering approximately 139,000 hectares, including plasma. 16 mills to process FFB into CPO and PK, with a total capacity of 4.2 million tons per year. The company also markets and exports palm-based consumer products. Besides bulk and industrial oil, Rating Agency 1. Pefindo Rating Rating Status Rating Date idA+ Affirmed 11-Apr-17 idA+ Downgraded* idAA- Affirmed 2. Fitch Ratings AA(idn) 4. Fitch Ratings AA(idn) 3. Pefindo 5. Pefindo Affirmed Affirmed Outlook Stable 3-Feb-17 Positive 22-Mar-16 Negative 12-Sep-16 14-Dec-15 Stable Negative *The downgrade was due to high financial leverage in the near medium term SMART’s refined products are also marketed under several brands, such as Filma and Kunci Mas. As of December 31, 2016, SMART’s shareholders consisted of PT Purimas Sasmitra (97.20%), and Others (2.80%). SWOT Analysis S W trengths eaknesses -Vertically integrated operations - Aggressive capital structure -Good diversified products and areas - High dependency on CPO -Significant market share in their purchase from external parties resprective segment Financial Analysis In 2016, SMART managed to record a Rp2.60 trillion of net profit form net loss of Rp385.51 billion in the previous year. The company’s operating income also improved by 42.13% from Rp1.02 trillion to Rp1.45 trillion. Improving operating income was due to decreasing operating expense from Rp2.92 trillion to Rp2.79 trillion. The company also gained on foreign exchange after recorded loss on foreign exchange in 2015. The cost of goods sold also declined by 20.98% from Rp32.29 trillion to Rp25.52 trillion. Despite increasing operating income, total revenue decreased by 17.88% from Rp36.23 trillion to Rp29.75 trillion. The company’s sales from domestic market increased by 16.80% from Rp5.86 trillion to Rp6.84 trillion. O T pportunities hreats - Prospect for the palm oil industry - Prospect for the palm oil industry remain promising in the long term remain promising in the long term - Implementation of the B20 - Implementation of the B20 biodiesel mixture mandate by the biodiesel mixture mandate by the Government of Indonesia Government of Indonesia While export sales which the company’s main source of income was down by 34.95% from Rp26.57 trillion to Rp17.28 trillion INDONESIA BOND MARKET DIRECTORY 2016-2017 665
  666. SMFP PT Sarana Multigriya Finansial (Persero) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 The establishment of SMF as a Secondary Mortgage Institution governed by Presidential Regulation No. 19/2005, dated February 7th, 2005, for the purpose of serving as a special institution to mobilize long-term funds through the Capital Market, in order to support the national goal of home ownership, and become spearhead for the development of mortgage-related securities. Cash & Cash Equivalents Other Receivables Property, Plant and Equipment Total Assets Fund Borrowings Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) With the Initial Paid-up Capital of Rp1 trillion and additional Paid-up capital of Rp1 trillion at the end of 2011, 2014 and 2015, so total Paid-up Capital of Rp4 trillion from the Authorized Capital of Rp8 trillion, SMF has been in operation for eleven years since commencement of business in June 2005. Up to June 2016, SMF has extended liquidity to mortgage lenders in the amount of Rp18.8 trilion and issued corporate bonds in the amount of Rp13.9 trillion. Total Equity Company's Vision & Mission Vision To become an independent entity that supports decent and affordable home ownership for every Indonesian Family. Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 8,045 11,232 39.61 p 40,567 40.92 p 1,323,046 - Consumer Financing Receivables In January 26, 2008, Presidential Regulation No.1/2008 of the alteration of Presidential Regulation No. 19/2005 on Secondary Mortgage Institutions was issued, especially stipulating and regard with the ability of company to distribute liquidity or loan facility until 2018. SMF has successfully introduced mortgage securitization (Asset Backed Securities (ABS) at the security exchange started in 2009, with cumulative portfolio at Rp5.66 trilion. After POJK No.23/POJK.04/2014 was issued by Financial Service Authority in 19 November 2014, The Company's role is as Issuer of ABS Participation Certificate, beside as Arranger, Credit Enhancer and Investor. 28,788 30.43 p 4,848,841 6,598,065 36.08 p 8,000,000 8,000,000 8.0 3,000,000 3.0  INDONESIA BOND MARKET DIRECTORY 2016-2017 4,000,000 4.0 Total Equity …*) 5,212,329 6,524,226 1,212,329 - 1,529,950 - -  -  -  33.33 p 33.33 p -  26.20 p 25.17 p -  5,212,329 6,524,226 25.17 p Total Revenues 825,826 979,894 18.66 p Interest Expenses 450,835 497,198 INCOME STATEMENTS Expenses 551,588 615,699 11.62 p 10.28 p Earning Before Tax 274,238 364,195 32.80 p Income for the periods 247,762 317,281 28.06 p Net Income … *) 247,762 317,281 28.06 p 0.93 1.01 30.00 32.38 EBITDA Comprehensive Income 726,023 248,087 FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 2.46 1.61 AUDIT COMMITTEE 1. Iskandar Saleh 2. Nursevianto Tahier 3. Widuri Meintari Kusumawati  8.0 1,000,000 Company's Main Businesses  - 1,000,000 Non Controlling Interest -  13,122,290 - *) … attributable to owners of the parent entity To perform mortgage securitization transaction, by purchasing pools of mortgage loan receivables including the security rights attached thereto, from banks and non-bank financial institutions. To extend loans to mortgage lenders to be further utilized to produce mortgage loans by Mortgage Refinancing & Mortgage Repo (Purchase with Recourse). To raise funds to support such business by issuing medium/long term bonds. To do other business which support and are in line with the aforesaid main business - Par Value (Rp) Retained Earnings Chg % 2,968,993 124.41 p 10,061,170 Mission To promote and develop secondary mortgage financing system that can enhance the availability of medium/long term funds for housing sector that will increase the affordability of owning a decent home for every Indonesian family.  666 FINANCIAL HIGHLIGHT BALANCE SHEETS Stable ADDRESS Grha SMF Jln. Panglima Polim I No. 1 Jakarta 12160 Phone : (021) 270-0400 Fax : (021) 270-1400 Finance Financial Institution www.smf-indonesia.co.id Bonai Subiakto bsubiakto@smf-indonesia.co.id; corsec@smf-indonesia.co.id PT Sarana Multigriya Finansial (Persero) (“SMF”), established on July 22, 2005, as a limited liability company – wholly owned by the Government of the Republic of Indonesia. SMF’s mission is to enhance the affordability of Indonesian families to own a decent home. idAAA SHAREHOLDERS 1. Republic of Indonesia BOARD OF COMMISSIONERS 1. Iskandar Saleh * 2. Mariatul Aini 3. Rina Widiyani Wahyuningdyah *) Independent Commissioner 862,108 311,897 18.74 p 25.72 p 8.71 p 2.42 -1.81 q 1.73 7.67 p 7.92 p 100.00% BOARD OF DIRECTORS 1. Ananta Wiyogo 2. Heliantopo 3. Trisnadi Yulrisman
  667. AS OF JUNE 2017 No . 1. CODE ISIN CODE SMFP02CCN1 Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan II Sarana Multigriya IDA0000565C0 Finansial Tahap I Tahun 175,000 28-Dec-12 27-Dec-19 7 years 2012 Seri C 2. SMFP02BCN1 IDA0000565B2 Finansial Tahap I Tahun 255,000 28-Dec-12 27-Dec-17 5 years 2012 Seri B 3. 4. 5. 6. SMFP02DCN2 IDA0000575D7 SMFP02CCN2 IDA0000575C9 SMFP02BCN5 IDA0000657B7 SMFP03BCN1 Finansial Tahap II 100,000 22-Mar-13 21-Mar-20 7 years Tahun 2013 Seri D Finansial Tahap II 736,000 22-Mar-13 21-Mar-18 5 years Tahun 2013 Seri C Finansial Tahap V 753,000 17-Dec-14 16-Dec-17 3 years Tahun 2014 Seri B IDA0000697B3 Finansial Tahap I Tahun 85,000 08-Jul-15 07-Jul-18 3 years 2015 Seri B 7. 8. 9. 10. 11. 12. SMFP03BCN4 IDA0000720B3 SMFP03BCN5 IDA0000738B5 SMFP03CN6 IDA000075907 SMFP03BCN7 IDA0000792B2 SMFP03ACN7 IDA0000792A4 SMFP04BCN1 Finansial Tahap IV 300,000 14-Mar-16 11-Mar-19 3 years Tahun 2016 Seri B Finansial Tahap V 457,000 20-Jun-16 17-Jun-19 3 years Tahun 2016 Seri B Finansial Tahap VI 1,176,000 28-Sep-16 27-Sep-21 5 years Tahun 2016 Obligasi Berkelanjutan III Sarana Multigriya Finansial Tahap VII 1,000,000 03-Mar-17 02-Mar-20 3 years Tahun 2017 Seri B Finansial Tahap VII 677,000 03-Mar-17 12-Mar-18 370 days Tahun 2017 Seri A Obligasi Berkelanjutan IV Sarana Multigriya IDA0000818B5 Finansial Tahap I Tahun 303,500 21-Jun-17 20-Jun-20 3 years 2017 Seri B 13. SMFP04ACN1 IDA0000818A7 Finansial Tahap I Tahun 2017 Seri A 10.00% 9.25% 9.13% 8.20% 8.60% 696,500 21-Jun-17 30-Jun-18 370 days (Persero) Tbk. 27-Sep-17 27-Dec-17 - PT Bank (Persero) Tbk. 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank (Persero) Tbk. 21-Sep-17 21-Dec-17 21-Mar-18 PT Bank Rakyat Indonesia - (Persero) Tbk. 16-Sep-17 16-Dec-17 - PT Bank - 07-Jul-17 07-Oct-17 07-Jan-18 07-Apr-18 11-Sep-17 11-Dec-17 11-Mar-18 11-Jun-18 17-Sep-17 17-Dec-17 17-Mar-18 17-Jun-18 27-Jun-17 27-Sep-17 27-Dec-17 02-Sep-17 02-Dec-17 02-Mar-18 02-Jun-18 12-Sep-17 12-Dec-17 12-Mar-18 Quarterly - 7.80% 20-Sep-17 20-Dec-17 20-Mar-18 Quarterly Rakyat Indonesia 21-Jun-18 8.40% 7.00% Rakyat Indonesia - 27-Mar-18 7.50% Rakyat Indonesia 27-Jun-18 Quarterly Quarterly Obligasi Berkelanjutan IV Sarana Multigriya 7.60% Quarterly Obligasi Berkelanjutan III Sarana Multigriya 7.80% Quarterly Obligasi Berkelanjutan III Sarana Multigriya 7.50% Quarterly Obligasi Berkelanjutan III Sarana Multigriya PT Bank Quarterly Obligasi Berkelanjutan III Sarana Multigriya 27-Sep-17 27-Dec-17 27-Mar-18 Quarterly Obligasi Berkelanjutan III Sarana Multigriya 8.00% Quarterly Obligasi Berkelanjutan II Sarana Multigriya Trustee Quarterly Obligasi Berkelanjutan II Sarana Multigriya Date Period Quarterly Obligasi Berkelanjutan II Sarana Multigriya Coupon Payment Quarterly Obligasi Berkelanjutan II Sarana Multigriya Coupon Structure / 20-Jun-18 30-Sep-17 30-Dec-17 30-Mar-18 30-Jun-18 Rakyat Indonesia (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Rating / Outlook AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable AAA Stable INDONESIA BOND MARKET DIRECTORY 2016-2017 667
  668. TRADING HIGHLIGHT SMFP02CCN1 Listing Date ISIN CODE : IDA0000565C0 TRADING ACTIVITIES Volume 5 4 Dec-12 Frequency 5 Volume 4 Frequency Maturity Date Dec-13 Trading Activities, Dec-15 Dec-16 Dec-17 Dec-18 2016 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 95.5630 96.4346 98.3929 96.6893 99.2212 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 11.799 10.496 9.261 7.999 6.888 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 100 PRICE AND YTM MOVEMENT YTM (%) 12.0 98 11.0 96 10.0 94 9.0 92 8.0 90 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-19 2017 3 enar >> enar >> Dec-14 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - - N/A 9.4133 3.177 0.032 - N/A N/A 9.2053 3.000 N/A N/A 9.2798 2.821 2.621 0.028 - N/A N/A N/A 8.5729 0.030 - 0.026 N/A N/A 8.3112 2.433 N/A Pastikan Link Grafik sudah be N/A 99.7841 Pastikan Link Grafik sudah be 8.0953 22-Jun 2.214 5.819 0.024 0.022 This series was listed since 28 December 2012 with nominal value of Rp175.00 billion and interest rate of 8.00 % per annum. The IBPA fair price was between 91.3598% - 99.8492% and the fair yield for this series was between 8.0661% - 10.6976%. The series was not actively traded as since the first day it was listed until the end of Q2-2017, there was no trading activities for this series. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMFP02BCN1 Listing Date ISIN CODE : IDA0000565B2 TRADING ACTIVITIES Volume 40 32 Dec-12 Frequency 15 Volume 12 Frequency Maturity Date Dec-13 Trading Activities, Dec-16 Q1 Volume (Rp bn) 14.00 7.00 - 35.00 1.00 - 1 1 - 4 1 - Frequency (X) Q2 Dec-17 2017 Price and Yield 2 Q3 1 - Q4 Q1 13 Q2 1 - 9 Trading days 16 6 CTP Price - High 97.9000 98.5500 N/A 100.0500 99.6200 N/A 8 3 97.8500 98.5500 N/A 98.8000 99.6200 N/A - - CTP Price - Low IBPA Fair Price 98.1461 98.3021 99.3728 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 3.075 2.338 1.694 1.136 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 668 Dec-15 2016 24 enar >> enar >> Dec-14 INDONESIA BOND MARKET DIRECTORY 2016-2017 21.96 16-Mar 16-Mar 8.6446 Mod. Duration (yrs) 1.609 Sensitivity (%) 0.016 Convexity (yrs) 10.98 12-Apr 12-Apr 8.7258 1.393 0.014 - N/A N/A 8.0353 1.173 0.012 54.90 29-Dec 29-Dec 1.57 01-Feb 01-Feb - N/A N/A 98.9070 100.0994 Pastikan 100.3135Link Grafik sudah be 8.6613 0.944 0.009 7.3311 6.8723 0.712 0.492 0.007 0.005 31-Mar Pastikan 22-JunLink Grafik sudah be 0.687 0.368 This series has an outstanding amount of Rp255 billion with fixed coupon per annum at 7.50%. During 2016 to the end of June 2017, total trading volume for the series amounted to Rp50 billion with total frequency was 17 times. The market prices for this series was at the range 97.8500% - 100.0500% while IBPA valued the fair prices for this series were 94.8840% for the lowest and 100.3358% for the highest. At the same period, the fair yield for this series was ranging from 6.8354% to 10.3903%.
  669. SMFP02DCN2 ISIN CODE : IDA0000575D7 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jun-14 Trading Activities, Sep-15 Dec-16 Mar-18 Jun-19 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 - - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price 94.5769 95.5309 97.5646 95.8173 98.5349 99.1337 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 13.133 11.773 10.481 9.144 7.973 6.957 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Yield (%) Price 100 PRICE AND YTM MOVEMENT YTM (%) 12.0 98 11.0 96 10.0 94 9.0 92 8.0 90 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) - - N/A 9.4450 N/A 9.2308 3.349 3.176 0.033 0.032 - N/A - N/A N/A N/A N/A 8.6178 9.3157 3.001 2.802 0.030 - 0.028 N/A N/A 8.3523 2.619 N/A 8.1551 2.448 0.026 0.024 This series has an outstanding amounted to Rp100 billion with fixed coupon per annum at 7.80%. During the observation period (Q1-2016 until Q2-2017) there was not transaction for this series. IBPA valued the fair prices for this series were 90.2274% for the lowest and 99.2262% for the highest. At the same period, the fair yield for this series was ranging from 8.1164% to 10.7159%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMFP02CCN2 Listing Date ISIN CODE : IDA0000575C9 350 280 Mar-13 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Mar-14 Trading Activities, Mar-15 Mar-16 Mar-17 2016 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 20.00 - - - - 1 - Frequency (X) - Turnover Ratio (%) - - Mar-18 2017 - Q4 Q1 2 - Q2 332.00 4 1 210 3 Trading days 140 2 CTP Price - High N/A N/A N/A 100.0300 N/A 100.5600 CTP Price - Low N/A N/A N/A 100.0000 N/A 100.5100 IBPA Fair Price 97.5862 98.0555 99.2746 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.836 3.022 2.294 1.645 1.102 0.702 1 70 - enar >> enar >> Mar-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A 8.9339 Mod. Duration (yrs) 1.804 Sensitivity (%) 0.018 Convexity (yrs) - N/A N/A 8.8264 1.594 0.016 - N/A N/A 8.1256 1.378 0.014 10.87 06-Oct 06-Oct - N/A N/A 180.43 30-May 30-May 98.6975 100.0348 100.3587 8.7311 1.154 0.012 7.5383 0.927 0.009 7.1026 0.721 0.007 This series listed on 22 March 2013, and matured on 21 March 2018. This series issued with nominal amount of Rp736.00 billion and have fixed interest rate per annum at 7.60%. Average trading volume for this series reached Rp5.00 billion/quarter on 2016 and increased to Rp166.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.0000% – 100.5600% while the IBPA fair price was between 94.4325% – 100.3688%. The IBPA fair yield for this series was between 7.0923% – 10.4479%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 669
  670. SMFP02BCN5 Listing Date ISIN CODE : IDA0000657B7 TRADING ACTIVITIES Volume 325 260 Dec-14 Frequency 25 Volume 20 Frequency Trading Activities, Dec-15 Dec-16 Dec-17 2016 Q2 2017 Price and Yield Q1 Volume (Rp bn) 20.00 20.00 20.00 20.00 20.00 2 2 2 2 2 2 Frequency (X) Q3 2 Q4 2 Q1 2 Q2 2 302.00 22 10 195 15 Trading days 130 10 CTP Price - High 101.9200 101.8500 102.4500 100.9500 101.9500 101.9000 CTP Price - Low 101.9000 101.8300 102.4200 100.9300 101.9300 101.0000 IBPA Fair Price 102.1338 101.8864 102.4197 101.1647 101.7580 Pastikan 101.6679Link Grafik sudah be 5 65 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Maturity Date Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 10.62 10.62 10.62 10.62 10.62 160.42 17-Mar 14-Jun 09-Sep 02-Dec 28-Feb 13-Apr 16-Mar 13-Jun 08-Sep 01-Dec 27-Feb 18-Apr 7.3947 6.4646 0.678 0.470 0.007 0.005 8.6254 7.8828 8.7197 30-Jun 30-Sep 30-Dec 2.907 2.207 1.594 1.061 Mod. Duration (yrs) 1.553 Sensitivity (%) 0.016 Convexity (yrs) 8.6096 31-Mar 1.345 1.130 0.013 0.906 0.011 0.009 31-Mar Pastikan 22-JunLink Grafik sudah be 0.633 0.338 This series was traded in 20 trading days during 2016 to Q2-2017 period. The total trading volume was Rp80 billion and traded 32 times during the period. The IBPA fair prices for this series were 99.1027% at the lowest and 102.4500% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 100.9300% and peaked at 102.4500%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMFP03BCN1 Listing Date ISIN CODE : IDA0000697B3 TRADING ACTIVITIES Volume 125 100 Jul-15 Frequency 15 Volume 12 Frequency Trading Activities, Price and Yield Q1 Volume (Rp bn) Frequency (X) Jul-17 Jul-18 2016 2017 Q2 Q3 70.00 - 1 - 8 - Q4 Q1 - 100.00 15.00 - 1 1 - 13 Q2 1 15.00 1 1 9 Trading days 50 6 CTP Price - High 100.5000 N/A N/A 101.4500 101.9147 102.2380 CTP Price - Low 99.6500 N/A N/A 101.1000 101.9147 102.2380 - enar >> 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 670 Jul-16 75 25 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date 329.41 10-Feb N/A 10-Feb N/A - N/A N/A 470.59 70.59 70.59 13-Dec 07-Feb 21-Jun 13-Dec 07-Feb 21-Jun 7.7550 7.0069 1.163 0.970 0.012 0.010 100.3514 100.5842 101.6702 100.7759 101.7637 Pastikan 102.2317Link Grafik sudah be 9.0634 8.9296 8.2251 8.6981 31-Mar 30-Jun 30-Sep 30-Dec 4.730 3.860 3.068 2.336 Mod. Duration (yrs) 1.983 Sensitivity (%) 0.020 Convexity (yrs) - 1.787 0.018 1.587 0.016 1.376 0.014 31-Mar Pastikan 22-JunLink Grafik sudah be 1.703 1.217 This series has listed since 08 July 2015 and will be matured on 07 July 2018. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 156.86% per quarter and traded in 4 trading days throughout the period. The average trading volume reached Rp33.33 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 99.6500% at the lowest to 102.2380% at the highest. While the IBPA fair price for this series stood between 97.2600% and 102.2380%. The yield valued by IBPA in the period was 7.0062% at the lowest, and 10.5064% at the highest.
  671. SMFP03BCN4 ISIN CODE : IDA0000720B3 125 Frequency 25 Volume 100 20 Frequency Trading Activities, Maturity Date Mar-17 Mar-18 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) 104.68 105.32 11 6 Frequency (X) Mar-19 2016 21 15 Q4 Q1 77.00 - - - 2 - - - 3 - Q2 - - 75 15 Trading days 50 10 CTP Price - High 102.0000 104.5200 100.2000 N/A N/A N/A 25 5 100.0000 100.5000 N/A N/A N/A - - CTP Price - Low IBPA Fair Price 100.9824 100.0775 101.5747 100.0104 101.8127 102.1304 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 139.57 140.43 30-Mar 28-Apr 14-Mar 12-May 8.7319 29-Jul 99.9800 13-Jul 8.4046 - - N/A - N/A N/A N/A N/A 9.1176 N/A 8.0931 7.7877 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 7.646 6.541 5.537 4.556 3.692 2.980 Mod. Duration (yrs) 2.549 Sensitivity (%) 0.025 Convexity (yrs) 9.0905 102.67 2.357 2.167 0.024 0.022 1.962 0.020 1.761 1.577 0.018 0.016 This series was listed since 14 March 2016 and matured on 08 July 2017 have a nominal value of Rp300.00 billion with fixed interest rate of 9.13 % per annum. The IBPA fair price was between 98.9973% - 102.2053%, the fair yield for this series was between 7.7745% - 9.6172%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMFP03BCN5 Listing Date ISIN CODE : IDA0000738B5 Jun-16 TRADING ACTIVITIES Volume 200 Frequency 20 Volume 160 16 Frequency Trading Activities, Maturity Date Jun-17 Jun-18 Jun-19 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2017 Q3 Q4 190.00 165.00 135.00 4.00 3 8 6 1 7 12 Q1 19 Q2 2 65.00 3 120 12 Trading days N/A 80 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.891 6.753 5.668 4.690 3.885 4 40 - enar >> enar >> Mar-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 166.30 144.42 118.16 21-Jun 22-Sep 18-Oct 100.0200 101.6500 100.8000 99.9900 29-Jun 99.8800 08-Sep 100.1287 100.1785 8.1497 2.601 0.026 8.1250 2.405 0.024 97.9600 25-Nov 2 3.50 56.89 03-Jan 14-Jun 03-Jan 22-May 99.0000 101.7560 98.9800 100.2000 98.9196 100.0087 100.2880 8.6906 2.200 0.022 8.1830 1.998 0.020 8.0411 1.815 0.018 This series listed on 20 June 2016 and matured on 17 June 2019. This series listed with nominal amount of Rp457 billion with interest rate per annum at 8.20%. During 2016, the average of total volume recorded of Rp122.5 billion/quarter while in first semester of 2017 decreased to Rp34.5 billion/quarter. The market price (Centralized Trading Platform) for this series in 2016 was between 97.9600% and 101.6500%, while in first semester 2017 was at range 98.9800% - 101.7560%. Based of IBPA fair price, during the observation period the fair price for this series was between 97.3858% and 101.8946%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 671
  672. SMFP03CN6 Listing Date ISIN CODE : IDA000075907 TRADING ACTIVITIES Volume 300 240 Sep-16 Frequency 30 Volume 24 Frequency Sep-17 Trading Activities, Sep-18 Q2 Q3 Volume (Rp bn) N/A N/A 41.00 51.00 160.00 N/A 2 5 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 120 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 99 9.0 97 8.0 95 7.0 93 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-21 2017 Q1 Trading days enar >> Sep-20 Price and Yield 18 6 Sep-19 2016 180 60 enar >> Maturity Date N/A N/A Q4 3 13.95 Q1 6 17.35 Q2 9 299.00 27 9 54.42 101.70 31-Mar 13-Jun 10-Mar 19-Jun 8.4369 8.2025 N/A 100.5000 100.2500 100.6300 101.5500 N/A 100.5000 N/A 99.7102 N/A 30-Sep 30-Dec N/A 19.234 17.496 N/A N/A N/A N/A N/A 29-Sep 29-Sep 8.6720 4.019 0.040 22-Nov 96.6800 16-Dec 98.9900 100.0000 96.9351 100.5800 Pastikan 101.4170Link Grafik sudah be 9.4085 3.835 0.038 31-Mar Pastikan 22-JunLink Grafik sudah be 3.692 16.111 0.037 3.478 14.514 0.035 This series has listed since 28 September 2016 and will be matured on 27 September 2021. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 31.24% per quarter and traded in 20 trading days throughout the period. The average trading volume reached Rp91.83 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 96.6800% at the lowest to 101.5500% at the highest. While the IBPA fair price for this series stood between 95.0148% and 101.5500%. The yield valued by IBPA in the period was 8.1672% at the lowest, and 9.9096% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMFP03BCN7 Listing Date ISIN CODE : IDA0000792B2 TRADING ACTIVITIES Volume 175 140 Mar-17 Frequency 10 Volume 8 Frequency Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 43.00 N/A N/A N/A 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 70 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Mar-20 2017 Price and Yield Trading days 2 Mar-19 2016 6 enar >> 672 Mar-18 105 35 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 3 160.00 6 5 17.20 64.00 06-Mar 02-Jun 06-Mar 22-May 8.0412 8.0491 2.553 2.382 0.026 0.024 N/A 100.0000 100.9742 N/A 100.0000 100.3800 N/A 100.8984 Pastikan 100.8389Link Grafik sudah be N/A 31-Mar Pastikan 22-JunLink Grafik sudah be N/A N/A N/A N/A N/A N/A 7.638 6.642 This series was traded in 7 trading days during 2016 to Q2-2017 period. The total trading volume was Rp203 billion and traded 9 times during the period. The IBPA fair prices for this series were 100.0000% at the lowest and 101.1173% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 100.0000% and peaked at 100.9742%.
  673. SMFP03ACN7 ISIN CODE : IDA0000792A4 1000 800 Frequency 30 Volume 24 Frequency Maturity Date Jun-17 Trading Activities, Sep-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 820.00 N/A N/A N/A 7 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 400 12 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 6 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Mar-18 2017 Price and Yield 18 200 Dec-17 2016 600 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 90.00 28 8 4 484.49 53.18 100.0200 100.3500 08-Mar 99.7500 31-Mar 18-Apr 99.9250 03-Apr 100.1362 100.2920 7.3244 7.0794 N/A 31-Mar 22-Jun N/A 1.053 0.661 N/A N/A 0.903 0.696 0.009 0.007 This series was traded in 11 trading days during 2016 to Q2-2017 period. The total trading volume was Rp910 billion and traded 36 times during the period. The IBPA fair prices for this series were 99.9665% at the lowest and 100.3710% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 99.7500% and peaked at 100.3500%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMFP04BCN1 Listing Date ISIN CODE : IDA0000818B5 Jun-17 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 4 Frequency Trading Activities, Maturity Date Jun-18 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 6.0 98 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-20 2017 Price and Yield 3 Q1-16 Jun-19 2016 3 enar >> enar >> Mar-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 - N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.7836 N/A 22-Jun N/A 8.120 N/A N/A N/A 7.8817 2.646 0.026 This series has an outstanding amounted to Rp303.5 billion with fixed coupon per annum at 7.80%. Since this series listed on 21 June 2017 until the end of June 2017, there was not transaction. IBPA valued the fair prices for this series were 99.7836% for the lowest and 100.0000% for the highest. At the same period, the fair yield for this series was ranging from 7.8000% to 7.8817%. 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 673
  674. SMFP04ACN1 Listing Date ISIN CODE : IDA0000818A7 TRADING ACTIVITIES Volume 100 80 Jun-17 Frequency 5 Volume 4 Frequency Trading Activities, Dec-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 40 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Jun-18 2017 Price and Yield Trading days 1 Mar-18 2016 3 enar >> 674 Sep-17 60 20 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 88.00 3 2 50.54 N/A 100.0000 N/A 100.0000 N/A 100.0007 N/A 22-Jun N/A 1.193 N/A N/A N/A N/A N/A 22-Jun 22-Jun 6.9981 0.963 0.010 This series was listed since 21 June 2017 with a maturity date on 30 June 2018 and has a fixed interest rate of 7.000% per annum. During 2016 until Q2-2017, IBPA's Fair Price moved around 100.0000% - 100.0007% and on the other side IBPA’s Yield range between 6.9981% - 6.9986%. The outstanding for this series since issuance date were noted at Rp696.50 billion.
  675. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover SMFP02CCN1 SMFP02BCN1 22.0% 35 SMFP02DCN2 SMFP02CCN2 20 2.7% SMFP02BCN5 20 20 SMFP03BCN1 70 SMFP03BCN4 10.6% 105 SMFP03BCN5 200.0% 100 105 77 190 SMFP03CN6 41 - 95.7% 165 107.2% 135 7.8% 51 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 INDONESIA BOND MARKET DIRECTORY 2016-2017 675
  676. IBPA ANALYTICAL REVIEW Description PT Sarana Multigriya Finansial (Persero) was established by the Government with the objective of promoting and developing the secondary mortgage market to enhance the capacity and sustainability of affordable housing finance for the community. The Company’s main duty is to facilitate the flow of funds from the capital market to the primary mortgage Peer Group No. Company Total Revenue 1. PT Wahana Ottomitra Multiartha Tbk. 2. PT Indomobil Finance Indonesia 4. PT Permodalan Nasional Madani (Persero) Historical Corporate Ratings No. the Repo program, (3) Issue debt securities. In accordance with the Presidential Regulation No. 19 of 2005 on Secondary Mortgage, which was amended by Presidential Regulation No. 101 of 2016, the 5.5 16.9 17.2 (12.7) 980 32.4 18.7 6.0 9.2 Financial Statement as of Fiscal Year 2016 Facilitates securitization transactions by acting as an mortgage lenders through mortgage refinancing and Revenue 1,484 1,292 5. PT Sarana Multigriya Finansial (Persero) Issuer, Global Coordinator, Securitization Arranger, Credit Enhancer and Investor. (2) Provides loans to 1,655 3. PT Mandala Multifinance Tbk. market. In order to achieve this objective, the Company performs 3 (three) main activities: (1) Net Profit (Rp Bill) Margins (%) Growth (%) 1,922 3.1 10.4 Rating Agency Rating 1. Pefindo idAAA 3. Pefindo idAA+ 2. Pefindo 4. Fitch Ratings 5. Fitch Ratings Rating Status Affirmed idAAA Upgraded* AA+(idn) Affirmed AA+(idn) Rating Date 4-Apr-17 Stable 5-Sep-16 Stable 8-Feb-17 Affirmed 24-Aug-15 Affirmed Outlook 13-Oct-14 Stable Stable Stable *The upgraded reflects the stronger level of support from the government of Indonesia objective of secondary mortgage is to increase the capacity and sustainability of affordable mortgage for the public. In 2016, the Company also expanded its business activities through the expansion of cooperation with Regional Development Banks. SWOT Analysis S trengths W eaknesses - Strong support from government - Less of diversification product of Indonesia - Low brand and business awareness - Strong capitalization profile - Have the highest profit margin compared to its peers Financial Analysis SMFPs total assets in 2016 reached Rp13.12 trillion, compared to Rp10.06 trillion in 2015, a growth of 30.43%, This is partly due to a significant increase in cash and cash equivalents, as well as the increase in loans to third parties that have been distributed, and to marketable securities. In 2016, total loans granted to third parties reached Rp3.22 trillion and Rp5,10 trillion to associated companies. The total loan portfolio reached Rp8.32 trillion, up by 6.10% from Rp7.84 trillion in 2015. In 2016, the Company’s total interest income reached Rp966.69 billion, up by 17.12% from Rp825.36 billion in 2015. The biggest contributor to interest income was from lending, amounting to Rp745.74 billion. The Company’s net profit increased by 28.6% in 2016 from Rp247.76 billion to Rp317.28 billion. This improvement was due to increasing interest income by 17.12% from Rp825.83 billion to Rp966.69 billion. In 2016, operating expenses to operating income decline to 58.71% in 2016 from 61.97% in 2015. 676 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Growing needs for housing - Growing needs for housing mortgages mortgages - Rising population - Rising population - Lower interest rate - Lower interest rate
  677. SMII Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. PT Sarana Multi Infrastruktur (Persero) : : : : : : June 2017 Currently, the core business of SMII is providing financing facility to the infrastructure sector. In addition, Advisory Services in infrastructure sector is a lucrative business; therefore, SMII is offering solutions for their clients in expanding their business in infrastructure sector by providing advisory services in decision making process, business plan, project management, deal transaction, project structuring, financial planning, fund raising, investment /divestment, merger & acquisition. The key success factors in infrastructure sector are the effective infrastructure project preparation and the comprehensive and measurable project development process. SMII, that has excellent track record and credentials in those areas, believes that it can play a key role in infrastructure sector by setting up the Project Development Services as its third business pillar. Development efforts to expand SMII’s services continued with the opening of a Sharia Business Unit in 2016 to accommodate the needs of Sharia financing, investment and advisory services. Stable ADDRESS Sahid Sudirman Center 47th.-48th. Floor Jln. Jendral Sudirman No. 86 Jakarta Pusat 10220 Phone : (021) 8082-5288 Fax : (021) 8082-5258 Finance Financial Institution www.ptsmi.co.id Ramona Harimurti corporatesecretary@ptsmi.co.id SMII was established with a mandate to be a catalyst for the acceleration of infrastructure development in Indonesia, and to support the implementation of Public-Private Partnership (PPP) schemes. SMII develops its business through 3 business pillars; 1) Financing and Investments; 2) Advisory; 3) Project Development. idAAA FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 - - 5,772,147 Other Receivables - Consumer Financing Receivables Property, Plant and Equipment Total Assets 7,795 8,089,506 - Chg % 40.15 p -  -  37,943 386.73 p 32,714,276 44,332,137 35.51 p Total Liabilities 7,281,601 13,496,427 85.35 p Authorized Capital 25,000,000 Fund Borrowings Authorized Capital (Mil. Sh) Paid up Capital Paid up Capital (Mil. Sh) 7,042,005 25.0 22,356,600 22.4 Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity 13,091,271 85.90 p 50.0 100.00 p 50,000,000 100.00 p 24,356,600 24.4 8.95 p 8.95 p 1,000,000 1,000,000 25,432,675 30,835,710 21.24 p 25,432,675 30,835,710 21.24 p 1,059,670 INCOME STATEMENTS - Total Revenues 743,834 Interest Expenses 176,302 - -  2,329,444 213.17 p In 2016, the realization of SMII’s financing commitments reached Rp44,896 billion, grew 95.17% compared to the previous year and exceeded the annual target by 145.97%. Total loan also grew by 77.43% to Rp30,442 billion compared to the previous year. Expenses Earning Before Tax 365,327 1,426,292 290.42 p In 2016, the realization of SMII’s total loans reached Rp30,442 billion, grew 77.43% compared to the previous year. SMII’s financing commitments reached Rp44,896 billion also grew 95.17% compared to the previous year, exceeded the annual target by 145.97%, and generated multiplier effect of 4.3 times. Income for the periods 305,389 1,212,803 297.13 p Net Income … *) 305,389 1,212,803 297.13 p For the past five years, SMII’s net profit continued to experience a positive growth. In 2016, the increase of net profit reached 297.13% compare to the previous year, which mainly supported by the increased of financing. Total assets grew by 35.31% at the end of 2016. DER (X) The financing portfolio of SMII spreads across Indonesia. SMII are allowed to finance infrastructures sectors such as electricity, transportation, telecommunication, toll road & bridges, water supply, oil & gas, and irrigation & waterway, waste water & waste management, train rolling stock, renewable energy (wind, geothermal, biomass, solar, and hydro power plants) and social infrastructure (hospital, prison, school, market, regional infrastructure and tourism infrastructure). By the end of 2016, toll road become the largest contributor for its financing portfolio of 43%. SMII’s main strategies are implementing government infrastructure development program and developing SMII’s business model into 6. Lembaga Pembiayaan Pembangunan Indonesia (LPPI). The strategic business plan serves as a guideline for the future direction of its business development, and to ensure a sustainable and strong contribution towards Indonesia’s development. EBITDA Comprehensive Income FINANCIAL RATIOS 367,746 -  2,271,882 114.40 p 547,603 289,906 NPM (%) EBITDA Coverage (X) 324,129 83.85 p 1,759,103 221.24 p 1,243,035 328.77 p 0.29 0.44 52.87 p 41.06 52.06 26.81 p 0.93 ROA (%) 794,476 116.04 p 3.11 2.74 193.06 p 5.43 74.73 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia 100.00% AUDIT COMMITTEE 1. Sukatmo Padmosukarso 2. Boy Michael Eko Tjahyono 3. Mohamad Israwan BOARD OF COMMISSIONERS 1. Eko Putro Adijayanto 2. A. Kunta Wibawa DN. 3. Langgeng Subur 4. Sukatmo Padmosukarso * 5. Wahyu Utomo *) Independent Commissioner BOARD OF DIRECTORS 1. Emma Sri Martini 2. Agresius R. Kadiaman 3. Darwin Trisna Djajawinata 4. Edwin Syahruzad 5. M. Ghozie Indra Dalel INDONESIA BOND MARKET DIRECTORY 2016-2017 677
  678. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. 5. ISIN CODE Series Name Outstanding (Rp Million) Obligasi I Sarana SMII01B IDA0000635B3 SMII01DCN1 IDA0000775D3 SMII01CCN1 IDA0000775C5 SMII01BCN1 IDA0000775B7 SMII01ACN1 IDA0000775A9 Multi Infrastruktur 900,000 Tahun 2014 Seri B Listing Date 11-Jun-14 Maturity Issue Date Term Coupon Structure / Coupon Payment 10.00% 11-Sep-17 11-Dec-17 11-Mar-18 Period 5 years 11-Jun-19 Sarana Multi 674,000 Infrastruktur Tahap I 21-Nov-16 18-Nov-31 15 years Tahun 2016 Seri D Quarterly 18-May-18 8.65% 18-Aug-17 18-Nov-17 18-Feb-18 Obligasi Berkelanjutan I Sarana Multi 700,000 Infrastruktur Tahap I 21-Nov-16 18-Nov-26 10 years Tahun 2016 Seri C Quarterly 18-May-18 8.20% 18-Aug-17 18-Nov-17 18-Feb-18 Obligasi Berkelanjutan I Infrastruktur Tahap I 1,328,000 21-Nov-16 18-Nov-21 5 years Tahun 2016 Seri B Quarterly 18-May-18 7.85% 18-Aug-17 18-Nov-17 18-Feb-18 Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I 2,298,000 21-Nov-16 18-Nov-19 3 years Tahun 2016 Seri A PT Bank PT Bank Stable AAA Mandiri (Persero) Tbk. PT Bank Stable Pastikan AAA Link Grafik sudah be Mandiri (Persero) Tbk. PT Bank Stable Pastikan Link Grafik sudah be AAA Mandiri (Persero) Tbk. PT Bank Stable AAA Mandiri (Persero) Tbk. 18-May-18 Quarterly AAA Mandiri (Persero) Tbk. 18-Aug-17 18-Nov-17 18-Feb-18 8.90% Rating / Outlook Trustee 11-Jun-18 Quarterly Obligasi Berkelanjutan I Sarana Multi Date Stable TRADING HIGHLIGHT SMII01B Listing Date ISIN CODE : IDA0000635B3 Jun-14 TRADING ACTIVITIES Volume 40 Frequency 10 Volume 32 8 Frequency Maturity Date Jun-15 Trading Activities, Jun-17 Jun-18 2016 Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 Jun-19 2017 Q3 Q4 37.00 - - 26.00 - 3 - - 1 - 7 - - Q1 Q2 6 - 24 6 Trading days 16 4 CTP Price - High N/A 103.7500 N/A N/A 103.1250 N/A 8 2 N/A 102.7000 N/A N/A 103.1100 N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Jun-16 Price 106 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 102 10.0 100 9.0 98 8.0 96 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 23-May 22-Apr - N/A N/A - N/A N/A 11.56 10-Mar 10-Mar - N/A N/A 102.1962 102.4365 103.9505 101.8885 103.5887 103.7841 9.1876 9.0471 8.3473 9.1280 8.1828 Pastikan 7.9048Link Grafik sudah be 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 8.663 7.545 6.498 5.450 4.527 Mod. Duration (yrs) 2.703 Sensitivity (%) 0.027 Convexity (yrs) 16.44 2.524 0.025 2.344 0.023 2.144 0.021 22-Jun 1.952 Pastikan 1.775Link Grafik sudah be 0.020 3.756 0.018 The bond series SMII01B, was first listed on 11 June 2014 with nominal value of Rp900.00 billion and fixed interest rate of 10.00% per annum. This series had traded 13 times in 4 trading days with total volume booked of Rp63.00 billion during the year 2016 until Q2- 2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 102.7000% - 103.7500% while the IBPA fair price was between 98.1590% - 104.5057%, the fair yield for this series was between 7.8897% 10.6457%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 678 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  679. SMII01DCN1 ISIN CODE : IDA0000775D3 75 60 Frequency 5 Volume 4 Frequency Maturity Date Nov-19 Trading Activities, Nov-22 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 50.00 - - N/A N/A N/A 1 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 15 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 97 9.0 94 8.0 91 7.0 88 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 2017 N/A 30 Q3-16 Nov-31 Q1 3 Q2-16 Nov-28 2016 45 Q1-16 Nov-25 Price and Yield Trading days N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 1 29.67 Q2 - - - - N/A 100.0000 N/A N/A N/A 100.0000 N/A N/A N/A 98.4510 97.6316 97.2992 N/A 30-Dec 31-Mar 22-Jun N/A 94.183 91.755 90.038 N/A N/A N/A N/A N/A 21-Nov 21-Nov 9.0901 8.066 0.081 N/A N/A N/A 9.1921 7.969 0.080 N/A 9.2403 7.915 0.079 This series, matured on 18 November 2031, had average turnover of 4.95%/quarter and traded in 1 trading days during 2016 to Q2-2017 period. In 2016, average trading volume reached Rp12.50 billion/quarter with average frequency about 0.25 times per quarter, while during the first semester of 2017 there was no trading activity. The market price for this series observed through the Centralized Trading Platform (CTP) at 100.0000% while the range of IBPA fair price for this series that stood between 90.7908% and 101.6331%. On the other side, the yield valued by IBPA was 8.7031% at the lowest, and 10.1085% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMII01CCN1 Listing Date ISIN CODE : IDA0000775C5 5 4 Nov-16 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Nov-18 Trading Activities, Nov-20 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 94 7.0 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Nov-26 2017 Q1 Trading days Q2-16 Nov-24 Price and Yield 3 Q1-16 Nov-22 2016 3 enar >> enar >> Nov-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q2 - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 97.6519 98.5158 99.8064 N/A 30-Dec 31-Mar 22-Jun N/A 55.417 53.570 52.139 N/A N/A N/A 9.0105 6.486 0.065 8.8762 6.396 0.064 8.6795 6.337 0.063 This series will mature on 18 November 2026. From the beginning of 2016 to the end of June 2017, this series was not traded at all. However, the fair prices valued by IBPA for the series were 94.0628% at the lowest and 100.9806% at the highest. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 679
  680. SMII01BCN1 Listing Date ISIN CODE : IDA0000775B7 TRADING ACTIVITIES Volume 150 120 Frequency 5 Volume 4 Frequency Nov-17 Trading Activities, Nov-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A 130.00 - - N/A N/A N/A 3 - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A 30 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 96 7.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 2017 N/A 60 Q3-16 Nov-21 Q1 3 Q2-16 Nov-20 2016 90 Q1-16 Nov-19 Price and Yield Trading days enar >> enar >> Nov-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 4 39.16 Q2 - - - - N/A 100.0000 N/A N/A N/A 98.9800 N/A N/A N/A 100.7187 98.7735 99.4444 N/A 30-Dec 31-Mar 22-Jun N/A 18.681 16.968 15.643 N/A N/A N/A N/A N/A 21-Nov 24-Nov 8.0194 3.959 0.040 N/A N/A N/A 8.5157 3.776 0.038 N/A 8.3507 3.635 0.036 This series was first listed on 21 November 2016 and matured on 18 November 2021. This series has an outstanding amount of Rp1.33 trillion with fixed coupon per annum at 8.20%. This series was only traded in 3 trading days during first semester 2017 with total volume amounted to Rp130 billion and transacted 4 times. IBPA valued the fair prices for this series were 96.3739% for the lowest and 101.7192% for the highest, while the market price (Centralized Trading Platform) for this series was traded between 98.9800% and 100.0000%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SMII01ACN1 Listing Date ISIN CODE : IDA0000775A9 TRADING ACTIVITIES Volume 1250 1000 Nov-16 Frequency 40 Volume 32 Frequency Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 500 16 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Nov-19 2017 Price and Yield Trading days 8 Nov-18 2016 24 enar >> 680 Nov-17 750 250 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 582.00 1130.00 1112.00 9 12 24 18 35 12 101.31 196.69 193.56 24-Nov 09-Feb 14-Jun 25-Nov 09-Feb 29-May N/A 100.0400 100.3300 101.4290 N/A 98.2100 100.0000 100.0000 N/A 99.4626 100.1483 100.5657 N/A 30-Dec 31-Mar 22-Jun N/A 7.513 6.395 5.470 N/A N/A N/A N/A N/A 8.0588 2.533 0.025 7.7760 2.335 0.023 7.5885 2.160 0.022 This series, matured on 18 November 2019, had average turnover of 81.93%/quarter and traded in 33 trading days during 2016 to Q2-2017 period. In 2016, average trading volume reached Rp145.50 billion/quarter with average frequency about 6.00 times per quarter, while during the first semester of 2017 the average volume increased to Rp1.12 trillion with average frequency at 26.50 times. The market price for this series observed through the Centralized Trading Platform (CTP) was between 98.2100% at the lowest and peaked at 101.4290% while the range of IBPA fair price for this series that stood between 97.5651% and 100.8563%. On the other side, the yield valued by IBPA was 7.4582% at the lowest, and 8.8244% at the highest.
  681. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SMII01B 37 SMII01DCN1 50 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 4.1% 7.4% SMII01CCN1 SMII01BCN1 130 9.8% SMII01ACN1 582 - 200 25.3% 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 INDONESIA BOND MARKET DIRECTORY 2016-2017 681
  682. IBPA ANALYTICAL REVIEW Description PT Sarana Multi Infrastruktur (Persero) or SMII engaged in the field of infrastructure financing. Established on 26 February 2009, SMII is a StateOwned Enterprise (SOE) with its total capital shares 100% owned by the Republic of Indonesia. SMII was established with a mandate to be a catalyst for the acceleration of infrastructure development in Peer Group No. Company Total Revenue 1. PT BFI Finance Indonesia Tbk. 2. PT BCA Finance 3. PT Mandiri Tunas Finance 5. PT Sarana Multi Infrastruktur (Persero) and services were financing and investment products, Historical Corporate Ratings No. and project development products. benefits Rating Agency Rating 1. Pefindo Throughout 2016, SMII focuses on delivering tangible to the people of Indonesia through accelerated infrastructure development from the Western to Eastern Regions in the form of various innovations in financing products in. Not only that, SMII provided new financing facilities to 10 Local Revenue 43.1 2,594 13.5 10.9 1.4 2,329 23.2 19.4 52.1 213.2 Financial Statement as of Fiscal Year 2016 advisory products, 2,639 2,449 4. PT Toyota Astra Financial Services Indonesia and to support the implementation of Public Private Partnerships schemes. SMII’s products Net Profit (Rp Bill) Margins (%) Growth (%) 3,227 24.7 14.0 2. Pefindo idAAA Affirmed Affirmed 12-Oct-15 Stable Affirmed 13-Oct-14 idAA+ Affirmed 5. Fitch Ratings AA+(idn) Outlook Stable Upgraded* AA+(idn) Rating Date 8-Sep-16 idAAA 3. Fitch Ratings 4. Pefindo Rating Status 3-Mar-16 9-Mar-15 Stable Stable Stable *The upgrade reflects Pefindo views on very strong likelihood of support from Government of Indonesia to SMI. Governments which 70% of them were in Central and Eastern of Indonesia. SWOT Analysis As of 2016, total length of the toll roads financed was 1,052km including Trans Sumatera Toll Road, Trans Java Toll Road, and border lines. The Company had participated in the Palapa Ring national project through project development and financing. SMII also added its financing products by establishing Sharia Business Unit for infrastructure financing. S trengths W eaknesses -Strong support from Government of -Lack of commercially viable Indonesia infrastructure projects -Have an important role to the government of Indonesia -Very strong asset quality and capitalization profile Financial Analysis Total assets of SMII grew by 35.51% from Rp32.71 trillion in 2015 to Rp44.33 trillion at the end of 2016. -The highest revenue growth and NPM compared to its peers This increase mainly came from an increase in loan disbursement (net) amounting Rp12.94 trillion (+65.66%) to Rp32.65 trillion because of to boost the role of the Company in financing infrastructure development. In 2016, SMII’s total revenue amounted to Rp2.33 trillion or increased significantly by 213.46% compared to 2015. The increase driven by the income from financing activities (interest on loan receivables) which grew by 157.02% from Rp585.44 billion in 2015 to Rp1.50 trillion and the revenue from facilitation assignment for project preparation reached Rp34.69 billion or increased by 198.59% compared to year 2015. Because of the strong revenue growth, SMII succeed recorded a Net Profit of Rp1.21 trillion or grew significantly by 297.14% from Rp305.39 billion in 2015. Meanwhile, SMII’s Non-Performing Loan (NPL) net ratio in 2016 recorded at 0.44% or decreased from 2015 which recorded at 0.49%. 682 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -High demand for infrastructure -High demand for infrastructure financing financing -Increasing the investment in -Increasing the investment in connectivity infrastructure connectivity infrastructure -Government programs to enhance -Government programs to enhance infrastructure across Indonesia infrastructure across Indonesia
  683. A- (idn) SMMF PT Sinar Mas Multifinance Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Plaza Sinar Mas Land, Tower I, 9th Floor Jln. M.H. Thamrin No. 51 Jakarta Phone : (021) 3190-2888 Fax : (021) 3190-3589 Finance Financial Institution www.simasfinance.co.id Lila Surjati lila.surjono@simasfinance.co.id PT Sinar Mas Multifinance (SMMF) is a company engaged in the business services of leasing, factoring and consumer finance. To become one of the leading financing companies in Indonesia. To operates as a retail finance company with an extensive network, supported by effective information technology, human resources are reliable, and sustainable source of funding. Become one of the leading financing companies in Indonesia. To operates as a retail finance company with an extensive network, supported by effective information technology, human resources are reliable, and sustainable source of funding. By end of December 2016, The Company has total assets of Rp 4.3 trillion and profit after tax of 92 billion. For year 2016, the company has financing is Rp 3,08 trillion to all portfolio. The development of consumer financing, particulary in car loan financing, until December 31, 2015 PT Sinar Mas Multifinance operated 105 branches spread all over Indonesia and supported by 5,671 employees BOARD OF COMMISSIONERS 1. Indra Widjaja 2. Ivena Widjaja 3. Mulabasa Hutabarat * *) Independent Commissioner BOARD OF DIRECTORS 1. Doddy Susanto 2. Hawanto Hartono 3. Irawan Susatya L. 4. Ricky Faerus 5. Robby Sugiharto Harjanto AUDIT COMMITTEE 1. Mulabasa Hutabarat 2. Dani Lihardja 3. Yuli Soedargo Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Millions of Rp, Unless Otherwise Stated Dec-2015 15,702 Other Receivables 101,985 Property, Plant and Equipment 794,459 Dec-2016 Chg % 89,952 472.87 p 31,683 -68.93 q 435,567 800,010 83.67 p Total Assets 3,289,863 4,319,071 31.28 p Total Liabilities 2,149,679 3,002,987 39.69 p 3,000,000 3,000,000 1.0 1.0 Consumer Financing Receivables Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) 1,127,391 3.0 1,000,000 912,264 1,457,094 3.0 1,000,000 14.83 p 29.24 p -  -  -  -  Par Value (Rp) 1,000,000 1,000,000 Total Equity …*) 1,140,184 1,316,084 1,140,184 1,316,084 15.43 p Total Revenues 728,948 866,551 18.88 p Interest Expenses 224,351 257,831 Retained Earnings Non Controlling Interest Total Equity INCOME STATEMENTS Expenses 140,184 - Earning Before Tax EBITDA Income for the periods Comprehensive Income 661,241 241,662 - 742,765 -  72.39 p 15.43 p -  12.33 p 14.92 p 67,707 123,786 82.83 p 49,902 92,810 85.98 p 353,363 450,033 27.36 p 51,533 101,478 92,810 85.98 p DER (X) 1.89 2.28 21.02 p NPM (%) 6.85 10.71 56.45 p Net Income … *) FINANCIAL RATIOS 49,902 1.52 ROA (%) EBITDA Coverage (X) 1.58 2.15 1.75 96.92 p 41.67 p 10.82 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Sinar Mas Multiartha Tbk. 100.00% INDONESIA BOND MARKET DIRECTORY 2016-2017 683
  684. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name Outstanding (Rp Million) Obligasi Sinar Mas SMMF02 IDA000057806 Multifinance II 500,000 Tahun 2013 IDA000078307 Date 11-Apr-13 Maturity Issue Date 10-Apr-18 Term Coupon Structure / Coupon Payment Date Trustee 10.75% 10-Jul-17 10-Oct-17 10-Jan-18 Permata Tbk. Period 5 years 10-Apr-18 Quarterly Obligasi Sinar Mas SMMF03 Listing Multifinance III 500,000 Tahun 2016 15-Dec-16 14-Dec-21 14-Sep-17 14-Dec-17 14-Mar-18 9.50% 5 years PT Bank PT Bank Mega Tbk. 14-Jun-18 Quarterly Rating / Outlook A- Stable A- Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT SMMF02 Listing Date ISIN CODE : IDA000057806 TRADING ACTIVITIES Volume 15 12 Apr-13 Frequency 5 Volume 4 Frequency Maturity Date Apr-14 Trading Activities, Apr-16 Apr-17 2016 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 2.00 - - - - 1 - Frequency (X) - Turnover Ratio (%) - - Apr-18 2017 - Q4 Q1 2 Q2 12.00 - 4 1 9 3 Trading days 6 2 CTP Price - High N/A N/A N/A 100.0000 N/A 102.0300 CTP Price - Low N/A N/A N/A 99.9500 N/A 100.0000 3 1 - - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date Date IBPA Fair Price Price 102 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 100 11.0 99 10.0 98 9.0 97 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A N/A - N/A N/A 10.1019 Mod. Duration (yrs) 1.760 1.566 Sensitivity (%) 0.018 Last Date Convexity (yrs) - N/A N/A 1.60 30-Nov 30-Nov - 9.60 N/A 10-Apr N/A 10-Apr 101.0003 101.0394 101.6916 100.4249 101.4699 101.5190 10.1795 IBPA Fair Yield (%) enar >> Apr-15 31-Mar 3.782 9.5447 10.3877 1.365 1.153 30-Jun 30-Sep 3.013 2.317 0.016 0.014 9.2008 8.7572 30-Dec 31-Mar 22-Jun 1.686 1.156 0.758 0.012 0.940 0.009 0.746 0.007 This series listed on 11 April 2013, and matured on 10 April 2018. This series issued with nominal amount of Rp500.00 billion and have fixed interest rate per annum at 10.75%. Average trading volume for this series reached Rp0.50 billion/quarter on 2016 and increased to Rp6.00 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 99.9500% – 102.0300% while the IBPA fair price was between 97.7791% – 101.8625%. The IBPA fair yield for this series was between 8.7412% – 11.8808%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 684 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  685. SMMF03 ISIN CODE : IDA000078307 1250 1000 Dec-16 TRADING ACTIVITIES Volume Frequency 10 Volume 8 Frequency Maturity Date Dec-17 Trading Activities, Dec-18 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A 1000.00 584.00 416.00 N/A N/A N/A 1 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 8.0 95 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 2017 N/A 500 - Dec-21 Q1 6 2 Dec-20 2016 750 250 Dec-19 Price and Yield Trading days enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2 4 5 3 800.00 467.20 332.80 15-Dec 01-Mar 21-Jun N/A 100.0000 100.0000 100.0000 N/A 100.0000 100.0000 100.0000 N/A N/A 15-Dec 01-Mar 21-Jun N/A 99.9874 97.4538 98.3340 N/A 30-Dec 31-Mar 22-Jun N/A 18.375 16.708 15.473 N/A N/A N/A 9.5022 3.900 0.039 10.1794 3.722 0.037 9.9651 3.594 0.036 This bond listed with nominal value of Rp500 billion and interest rates of 9.50% per annum. This bond was effective from 5 December 2016 to 14 December 2021. Since this series listed until at the end of June 2017, this series has transacted 11 times with total volume reached Rp2.0 trillion. During the observation period, based on the market price (Centralized Trading Platform) this bond was traded at the level 100.0000%, while IBPA fair prices was at the range 95.1136% - 101.5137%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SMMF02 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 0.4% SMMF03 200.0% - 100 200 300 400 500 600 700 800 900 1,000 1,100 INDONESIA BOND MARKET DIRECTORY 2016-2017 685
  686. IBPA ANALYTICAL REVIEW Description PT Sinarmas Multifinance or Simas Finance was founded in 1985 . The scope of business of the company includes leasing, factoring and consumer financing. The consumer financing business provides used cars, used motorbikes, and electronics goods financing services. Peer Group No. Company Total Revenue 1. PT Maybank Indonesia Finance 2. PT Sinar Mas Multifinance 3. PT Surya Artha Nusantara Finance 5. PT Bima Multi Finance Historical Corporate Ratings December 31, 2016, the Company’s shareholders No. Sinartama Gunita (0.01%). 10.7 18.9 544 18.7 77.4 13.0 436 (8.1) 5.3 22.3 Financial Statement as of Fiscal Year 2016 employees across Indonesia. Also, at the end of consisted of PT Sinar Mas Multiartha (99.99%), and PT Revenue 867 622 4. PT Indonesia Infrastucture Finance By the end of 2016, the company has operated 105 branch offices and 306 outlets backed by 5,671 Net Profit (Rp Bill) Margins (%) Growth (%) 947 26.2 16.8 Rating Agency 1. Fitch Ratings 2. Fitch Ratings Rating Rating Status Rating Date Outlook A-(idn) Assigned 19-Dec-16 Stable A-(idn) Assigned 29-Dec-15 Stable SWOT Analysis S trengths W eaknesses -Strong commitment from -Limited synergies with parent’s shareholder (Sinarmas Multiartha) business -Positive reputation in financing -Not optimal in the performance of industry the marketing -Strong financing lease business segment growth Financial Analysis The Company booked an increase in total revenue by 18.88% from Rp729 billion in 2015 to Rp867 billion in 2016. This increased was driven by the increased in consumer financing revenue to Rp370 billion in 2016 or up by 27.37% compared to 2015. The consumer financing revenue made up 42.65% which was the biggest portion of total revenue. While financing lease business recorded a remarkable growth by 259.48% from Rp2.74 billion to Rp9.84 billion In 2016. However, the financing lease segment only contributed 1.14% to total revenue. On the other hand, the company recorded an increase in financing interest and financing cost by 14.92% from Rp224 billion to Rp258 billion. The increase in financing cost was driven by the increase in company’s bond outstanding significantly by 99.82% from Rp496 billion to Rp991 billion. Overall, the company managed to increase its net income quite strongly by 96.92% from Rp52 billion in 2015 to Rp102 billion in 2016. 686 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Positive domestic economic growth -Positive domestic economic growth -Expansion opportunity to financing -Expansion opportunity to financing for business & industry segment for business & industry segment -Prospect of increasing purchasing -Prospect of increasing purchasing power power
  687. idA + SMRA PT Summarecon Agung Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Plaza Summarecon Jln. Perintis Kemerdekaan No. 42 Jakarta Timur 13210 Phone : (021) 489-2107, 471-4567 Fax : (021) 489-2976, 471-4486 Property, Real Estate And Building Construction Property And Real Estate www.summarecon.com Jemmy Kusnadi corp_secretary@summarecon.com PT Summarecon Agung Tbk. ("Summarecon") was founded in 1975 by Mr. Soetjipto Nagaria and his associates to undertake real estate construction and development. Over the years, Summarecon has built a reputation as one of the leading property players in Indonesia, especially in the development of townships which integrates residential developments with commercial developments that are supported with a wide and complete range of amenities for the residents of the townships. Negative FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Millions of Rp, Unless Otherwise Stated Dec-2015 1,503,546 152,036 Dec-2016 2,076,201 38.09 p 548,310 260.65 p 4,924,807 5,531,047 - - 7,289,682 Chg % 8,698,817 12.31 p 19.33 p -  4,311,752 4,486,694 4.06 p 18,758,262 20,810,320 10.94 p 4,409,686 4,217,372 11,228,512 12,644,764 2,500,000 2,500,000 14,427 14,427 420,472 451,343 7.34 p Summarecon's business units are now grouped into three distinct activities : Property, Plant and Equipment 1. Property Development Property Development is Summarecon's core business. This business unit develops property products for sale such as residential house, apartment, landplots and commercial shoplots. These property projects are integral to the development of a township's residential and commercial development and include supporting facilities such as education facilities, sports and recreation, places of worship and healthcare facilities. Currently, Summarecon is developing 5 (five) townships namely Summarecon Kelapa Gading, Summarecon Serpong , Summarecon Bekasi, Summarecon Bandung and Summarecon Emerald Karawang. Trade Payables Retained Earnings 4,545,366 4,775,726 5.07 p 2. Property Investment and Management This business unit develops properties which are retained and leased out, particularly retail shopping malls. The revenue stream from shopping malls and other rental properties provide stable and consistent recurring incomes to the company. In each township development is an area designated as a central business district wherein a shopping mall will provide for full range of facilities that meets the needs of modern society. Currently company owns 380,000 m2 of retail space located in Sentra Kelapa Gading, Sentra Gading Serpong and Sentra Summarecon Bekasi. Non Controlling Interest 1,516,936 7,529,750 1,922,597 8,165,555 26.74 p 5,623,561 5,397,949 -4.01 q 633,528 31.03 p 3. Leisure, Hospitality and Others Summarecon is also developing other properties including offices which are intended for own corporate use, hotels and residential buildings to further support facilities in its township. Currently, The Company already has accumulated landbank more than 2,000 ha (existing and new locations). Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Total Equity …*) Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses 6,197,820 25,000 1,442,678 100 6,012,814 2,906,805 483,494 Earning Before Tax 1,382,183 Income for the periods 1,064,080 EBITDA Comprehensive Income Net Income … *) FINANCIAL RATIOS DER (X) 2,106,636 1,086,441 855,186 0.82 5.67 ROA (%) NPM (%) AUDIT COMMITTEE 1. Esther Melyani Homan 2. Leo A. Mancianno 3. Neneng Martini 63,007 EBITDA Coverage (X) 18.92 4.36 57,614 7,426,642 25,000 1,442,678 100 6,242,958 -8.56 q -4.36 q 19.83 p 12.61 p -  -  -  -  -  3.83 p 8.44 p 2,598,411 -10.61 q 877,505 -36.51 q 1,779,880 -15.51 q 605,051 -43.14 q 595,879 -45.15 q 311,666 -63.56 q 0.91 10.50 p 2.91 -48.75 q 11.21 -40.76 q 2.81 -35.52 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public 62.08% 2. PT Semarop Agung 25.43% 3. PT Sinarmegah Jayasentosa 6.60% 4. BNYM SA/NV Stichting Dep. APG Strategic Real Estate Pool 5. Harto Djojo Nagaria INDONESIA BOND MARKET DIRECTORY 2016-2017 687
  688. BOARD OF COMMISSIONERS 1 . Soetjipto Nagaria 2. Edi Darnadi * 3. Esther Melyani Homan * 4. Harto Djojo Nagaria *) Independent Commissioner BOARD OF DIRECTORS 1. Adrianto Pitoyo Adhi 2. Ge Lilies Yamin 3. Herman Nagaria 4. Lexy Arie Tumiwa 5. Liliawati Rahardjo 6. Sharif Benyamin 7. Soegianto Nagaria 8. Yong King Ching AS OF JUNE 2017 No. 1. 2. 3. 4. 5. 6. 7. CODE ISIN CODE SMRA01CN1 IDA000061204 SISMRA01CN1 IDJ000006101 SMRA01CN2 IDA000064802 SISMRA01CN2 IDJ000006408 SMRA01CN3 Series Name Obligasi Berkelanjutan I Summarecon Agung Tahap I Tahun 2013 Summarecon Agung 12-Dec-13 Date 11-Dec-18 Issue Term 5 years Coupon Structure / Coupon Payment Date Trustee 10.85% 11-Sep-17 11-Dec-17 11-Mar-18 PT Bank CIMB 11-Sep-17 11-Dec-17 11-Mar-18 PT Bank CIMB 10-Jul-17 10-Oct-17 10-Jan-18 PT Bank CIMB 10-Jul-17 10-Oct-17 10-Jan-18 PT Bank CIMB 22-Jul-17 22-Oct-17 22-Jan-18 PT Bank CIMB 22-Jul-17 22-Oct-17 22-Jan-18 PT Bank CIMB Period Quarterly Rp16,275 miliar per 150,000 12-Dec-13 11-Dec-18 5 years Tahun Quarterly Obligasi Berkelanjutan I 11.50% Summarecon Agung Tahap II Tahun 2014 800,000 13-Oct-14 10-Oct-19 5 years Quarterly Sukuk Ijarah Berkelanjutan I Summarecon Agung 300,000 13-Oct-14 10-Oct-19 5 years Rp34,5B p.a. Tahap II Tahun 2014 Quarterly Obligasi Berkelanjutan I 10.50% Summarecon Agung SISMRA01CN3 Berkelanjutan I IDA000070908 450,000 Date Maturity Tahap I Tahun 2013 Tahap III Tahun 2015 SMRA02CN1 (Rp Million) Listing Sukuk Ijarah Berkelanjutan I IDA000067904 IDJ000006804 Outstanding 150,000 23-Apr-15 22-Apr-18 3 years Quarterly Sukuk Ijarah Summarecon Agung Ijarah Fee Rp15,75 150,000 23-Apr-15 22-Apr-18 3 years Tahap III Tahun 2015 Obligasi Berkelanjutan II Summarecon Agung Tahap I Tahun 2015 M Quarterly 500,000 17-Dec-15 16-Dec-20 5 years 11.25% Quarterly 11-Jun-18 11-Jun-18 10-Apr-18 10-Apr-18 22-Apr-18 22-Apr-18 16-Sep-17 16-Dec-17 16-Mar-18 16-Jun-18 Rating / Outlook Pastikan Link Grafik sudah be Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. Niaga Tbk. A+ Pastikan NegativeLink Grafik sudah be A+ Negative A+ Negative A+ Negative A+ Negative A+ Negative PT Bank A+ Permata Tbk. Negative Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 688 INDONESIA BOND MARKET DIRECTORY 2016-2017
  689. TRADING HIGHLIGHT SMRA01CN1 ISIN CODE : IDA000061204 200 Frequency 35 Volume 160 28 Frequency Maturity Date Dec-14 Trading Activities, Q4 Volume (Rp bn) 187.00 110.50 137.90 64.00 68.50 9 10 6 5 8 CTP Price - High Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 34 Frequency (X) 14 Q1-16 Dec-18 2017 Q3 80 - Dec-17 Q2 Trading days 7 Dec-16 2016 Q1 21 40 Dec-15 Price and Yield 120 Last Date 166.22 31 98.22 122.58 29-Jun 28-Jul 29-Apr 24-Aug 9 Q2 23.50 20 8 2 56.89 60.89 20.89 14-Nov 30-Mar 14-Jun 05-Dec 13-Mar 14-Jun 104.5500 103.0200 104.2500 102.5800 102.7600 102.7000 31-Mar 80.1926 26-Feb 99.4500 103.0000 99.7000 101.1700 101.8500 102.5049 103.1086 103.5270 101.7716 102.7390 102.1565 9.7672 9.4106 9.0591 9.8360 9.0680 9.2610 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.346 5.384 4.470 3.600 2.833 2.209 Mod. Duration (yrs) 2.307 Sensitivity (%) 0.023 Convexity (yrs) 19 Q1 2.125 1.935 0.021 1.731 0.019 0.017 1.529 1.344 0.015 0.013 This series was traded in 40 trading days during 2016 to Q2-2017 period. The total trading volume was Rp591.40 billion during the period. The IBPA fair prices for this series were 99.3160% at the lowest and 104.2625% at the highest. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SISMRA01CN1 Listing Date ISIN CODE : IDJ000006101 35 28 Dec-13 TRADING ACTIVITIES Volume Frequency 30 Volume 24 Frequency Maturity Date Dec-14 Trading Activities, Dec-15 Dec-16 Dec-17 2016 Price and Yield Q1 Volume (Rp bn) - Frequency (X) - Turnover Ratio (%) - Q2 Dec-18 2017 Q3 Q4 7.00 31.20 18.80 14.80 3 11 4 3 7 29 Q1 7 Q2 10 28.00 8 4 21 18 Trading days 14 12 CTP Price - High N/A 102.8000 103.4900 102.7300 102.1000 103.0100 CTP Price - Low N/A 101.5800 100.0000 100.0000 101.6800 101.8500 6 7 - enar >> enar >> Dec-13 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 102 10.0 101 9.0 100 8.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 N/A 83.20 50.13 39.47 74.67 12-May 13-Jul 27-Oct 11-Jan 04-May 19-May 29-Sep 25-Oct 05-Jan 13-Jun 9.1791 10.0930 1.934 1.730 101.6501 101.5356 103.2857 101.3175 102.3053 102.6753 10.1279 10.1310 Mod. Duration (yrs) 2.304 2.119 Sensitivity (%) 0.023 IBPA Fair Yield (%) Price N/A 18.67 Last Date Convexity (yrs) 31-Mar 6.329 30-Jun 30-Sep 5.357 4.467 0.021 0.019 9.3427 8.8855 30-Dec 31-Mar 22-Jun 3.594 2.828 2.214 0.017 1.528 0.015 1.345 0.013 This series was traded in 25 trading days during 2016 to Q2-2017 period. The total trading volume was Rp99.80 billion and traded 61 times during the period. The IBPA fair prices for this series were 99.1461% at the lowest and 103.4029% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), this series was traded at 100.0000% at the lowest and 103.4900% at the highest. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 689
  690. SMRA01CN2 Listing Date ISIN CODE : IDA000064802 TRADING ACTIVITIES Volume 75 60 Oct-14 Frequency 20 Volume 16 Frequency Maturity Date Oct-15 Trading Activities, Q1 Volume (Rp bn) Trading days 30 8 CTP Price - High 4 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price Price 107 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 101 10.0 98 9.0 95 8.0 92 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17  IBPA Fair Price  YTM SISMRA01CN2 42.00 68.00 60.00 3 4 5 4 3 12.50 13 8.10 21.00 12 TRADING ACTIVITIES Frequency 20 Volume 16 Frequency 15.00 14 34.00 30.00 10-Oct 30-Mar 30-Nov 15-Mar 6 3 7.50 102.7000 103.0000 104.7800 105.2800 104.8500 105.3000 16-Mar 95.0000 12-Jan 17-Jun 97.0000 19-Apr 15-Sep 94.0000 19-Sep 99.7400 103.2000 19-Jun 97.0000 11-Apr 103.5340 103.6113 105.0048 102.9634 104.6985 Pastikan 104.0219Link Grafik sudah be Mod. Duration (yrs) 2.815 2.653 Sensitivity (%) 0.028 Convexity (yrs) 17 Q2 31-Mar 9.732 9.5750 10.2589 2.490 2.306 30-Jun 30-Sep 8.614 7.564 0.027 0.025 30-Dec 6.486 0.023 9.3749 9.5294 2.132 1.968 0.021 0.020 31-Mar Pastikan 22-JunLink Grafik sudah be 5.537 4.716 This series, matured on 10 October 2019, had average turnover of 18.85%/quarter and traded in 22 trading days during 2016 to Q2-2017 period. In 2016, average trading volume reached Rp37.80 billion/quarter with average frequency about 12.00 times per quarter, while during the first semester of 2017 the average volume decreased to Rp37.50 billion with average frequency at 10.00 times. The market price for this series observed through the Centralized Trading Platform (CTP) was between 94.0000% at the lowest and peaked at 105.3000% while the range of IBPA fair price for this series that stood between the lowest, and 11.0805% at the highest. Maturity Date Trading Activities, Oct-16 Oct-18 2016 Price and Yield Q1 Volume (Rp bn) 2017 Q2 Q3 Q4 Q1 - 80.00 14.00 76.00 56.00 - - 5 6 6 5 - Frequency (X) - Turnover Ratio (%) - 18 12 15 Q2 13 - 60 12 Trading days 40 8 CTP Price - High N/A 105.4500 105.0000 103.5700 103.4173 N/A 20 4 N/A 103.2800 103.1300 N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 106.67 18.67 13-Apr 12-Aug 08-Jun 31-Aug 10.2808 10.1560 10.0312 10.8460 Mod. Duration (yrs) 2.815 2.653 2.484 2.299 Sensitivity (%) 0.028 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 103 10.0 101 9.0 99 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 690 16.20 6 Oct-14 80 enar >> 25.00 Listing Date ISIN CODE : IDJ000006408 100 Q1 101.0943% and 105.2539%. On the other side, the yield valued by IBPA was 9.1881% at l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume Q4 10.1889 Last Date Oct-19 2017 Q3 10.2808 IBPA Fair Yield (%) enar >> Oct-18 Q2 Frequency (X) 12 Oct-17 2016 Price and Yield 45 15 Oct-16 INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Convexity (yrs) 101.33 74.67 12-Oct 24-Jan 30-Nov 22-Feb 98.9600 103.0000 - N/A N/A 103.5340 103.7039 103.7913 101.5468 103.3042 Pastikan 104.0219Link Grafik sudah be 31-Mar 9.732 30-Jun 8.617 0.027 30-Sep 7.534 0.025 30-Dec 6.455 0.023 9.9887 9.5294 2.126 1.968 0.021 0.020 31-Mar Pastikan 22-JunLink Grafik sudah be 5.511 4.716 This series has listed since 13 October 2014 and will be matured on 10 October 2019. From 2016 to Q2-2017, the average quarterly turnover of this series resulted in 50.22% per quarter and traded in 22 trading days throughout the period. The average trading volume reached Rp37.67 billion per quarter during the period. The market price for this series observed through the Centralized Trading Platform (CTP) was ranging from 98.9600% at the lowest to 105.4500% at the highest. While the IBPA fair price for this series stood between 100.3271% and 105.2603%. The yield valued by IBPA in the period was 9.4648% at the lowest, and 11.3606% at the highest.
  691. SMRA01CN3 ISIN CODE : IDA000067904 25 20 Frequency 10 Volume 8 Frequency Trading Activities, Maturity Date Apr-16 Apr-17 Apr-18 2016 Price and Yield Q1 Q2 Volume (Rp bn) - - - - Frequency (X) - Turnover Ratio (%) - 2017 Q3 - Q4 Q1 22.00 - - - 2 - - - 7 - Q2 - - 15 6 Trading days 10 4 CTP Price - High N/A N/A 102.2000 N/A N/A N/A 5 2 N/A N/A 101.7500 N/A N/A N/A - - CTP Price - Low Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 8.0 97 95 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 58.67 N/A 22-Aug N/A 22-Aug - - N/A - N/A N/A N/A N/A N/A 101.0483 101.1885 102.0863 100.7125 101.5540 101.5394 9.9124 9.7725 9.0481 9.9089 8.9145 8.5586 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.924 3.138 2.427 1.778 1.230 0.818 Mod. Duration (yrs) 1.798 Sensitivity (%) 0.018 Convexity (yrs) - 1.603 1.402 0.016 0.014 1.189 0.012 0.975 0.779 0.010 0.008 This series was listed since 23 April 2015 and matured on 30 June 2018 have a nominal value of Rp150.00 billion with fixed interest rate of 10.50 % per annum. The IBPA fair price was between 98.8693% - 102.1506%, the fair yield for this series was between 8.5586% - 11.0607%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SISMRA01CN3 Listing Date ISIN CODE : IDJ000006804 50 40 Apr-15 TRADING ACTIVITIES Volume Frequency 20 Volume 16 Frequency Trading Activities, Maturity Date Apr-16 Apr-17 Apr-18 2016 Price and Yield Q1 Volume (Rp bn) - 8.00 34.00 10.00 14.40 - 1 2 2 4 Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 2 Q4 7 Q1 3 Q2 11 46.40 15 7 30 12 Trading days 20 8 CTP Price - High N/A 100.9600 102.2700 100.7700 101.7200 102.0700 CTP Price - Low N/A 100.9400 101.9500 100.7000 101.4900 101.8000 4 10 - enar >> enar >> Apr-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date N/A N/A 90.67 26.67 38.40 123.73 08-Jun 27-Sep 20-Dec 23-Mar 04-May 08-Jun 07-Sep 01-Dec 06-Mar 17-May 101.0483 100.9754 102.2346 100.7009 101.7278 102.0418 9.9124 9.9014 8.9466 9.9184 8.7430 7.9366 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.924 3.135 2.429 1.778 1.231 0.820 Mod. Duration (yrs) 1.798 Sensitivity (%) 0.018 Convexity (yrs) 21.33 1.602 0.016 1.403 0.014 1.189 0.012 0.975 0.010 0.781 0.008 This series listed on 23 April 2015, and matured on 22 April 2018. This series issued with nominal amount of Rp150.00 billion and have fixed interest rate per annum at 10.50%. Average trading volume for this series reached Rp13.00 billion/quarter on 2016 and increased to Rp30.40 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 100.7000% – 102.2700% while the IBPA fair price was between 98.8693% – 102.2600%. The IBPA fair yield for this series was between 7.9366% – 11.0607%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 691
  692. SMRA02CN1 Listing Date ISIN CODE : IDA000070908 TRADING ACTIVITIES Volume 300 240 Dec-15 15 12 Frequency Dec-16 Dec-17 Dec-19 Q2 Price and Yield Q1 Volume (Rp bn) 204.00 46.00 6.00 3 2 1 8 Frequency (X) Q3 8 Dec-20 2017 Q4 2 Q1 Q2 25.00 285.00 203.00 2 6 7 13 3 9 Trading days 120 6 CTP Price - High 103.0000 105.5000 105.3400 103.9500 105.5000 104.4700 CTP Price - Low 100.0000 103.0000 105.3200 103.1000 100.0000 100.0000 IBPA Fair Price 103.9719 103.2872 105.0114 101.4929 104.3884 104.3144 - enar >> Turnover Ratio (%) Date 3 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT 12.0 105 11.0 103 10.0 101 9.0 99 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 36.80 4.80 20.00 228.00 162.40 07-Mar 15-Jun 24-Aug 26-Oct 05-Jan 10-Apr 19-Feb 20-Apr 24-Aug 27-Dec 20-Feb 27-Apr 10.1687 10.3199 9.7825 10.7804 31-Mar Last Date YTM (%) 163.20 3.633 Mod. Duration (yrs) 16.153 Convexity (yrs) 0.036 Sensitivity (%) 30-Jun 30-Sep 14.765 13.504 3.480 0.035 3.339 9.8132 31-Mar 22-Jun 12.069 10.908 9.842 3.158 0.033 0.032 3.011 0.030 SMRA01CN1 traded in 17 trading days during 2016 to Q2-2017. In 2016, average trading volume Rp244.0 billion/quarter. The range of IBPA fair price for this series stood between 99.5217% and 105.9226%, while based on the market price (Centralized Trading Platform), this bond was traded at the range 100.0000% - 105.5000%. Q3-2016 187 SISMRA01CN1 7 31 19 SMRA01CN2 SISMRA01CN2 22 SISMRA01CN3 Turnover 111.0% 64 14 76 18.9% 56.7% 34.7% 204 - 138 Outstanding in Year 2016 14.7% 8 34 10 SMRA02CN1 111 68 80 SMRA01CN3 Q4-2016 38.0% 25 16 42 100 46 6 25 200 INDONESIA BOND MARKET DIRECTORY 2016-2017 0.029 amounted to Rp70.3 billion/quarter while in the first semester of 2017 increased to TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q2-2016 2.868 This series, matured in December 2020, had average turnover of 102.53%/quarter and  IBPA Fair Price  YTM Q1-2016 9.7730 30-Dec l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price 692 6 180 60 enar >> Dec-18 2016 Trading Activities, Frequency Volume Maturity Date 56.2% 300 400 500 600 700 800
  693. IBPA ANALYTICAL REVIEW Description PT Summarecon Agung Tbk (SMRA) engages in property development and management activities. SMRA develops residential and commercial properties such as mall complexes, schools, hospitals, places of worship and parks. It is also involved in leasing property, and providing recreational club facilities. Starting from Kelapa Gading, currently Peer Group No. Company Total Revenue 1. PT Bumi Serpong Damai Tbk. 2. PT Agung Podomoro Land Tbk. SMRA’s current business units grouped according to three different activities, consisted of Property Development, Property Investment and Management, and Leisure & Hospitality. Property development is SMRA’s core business. This business unit building projects property for sale, such as houses, apartments, residential plots and commercial shop. 6,007 3. PT Summarecon Agung Tbk. Revenue 15.6 5,398 4. PT Surya Semesta Internusa Tbk. 0.6 11.2 3,797 5. PT Modernland Realty Tbk. (4.0) 2.7 2,465 (22.0) 20.3 (16.8) Financial Statement as of Fiscal Year 2016 SMRA has expanded the business to 4 locations, namely Serpong, Bekasi, Bandung, and Karawang. Net Profit (Rp Bill) Margins (%) Growth (%) 6,522 31.2 5.0 Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Pefindo idA+ Affirmed 3. Pefindo idA+ Affirmed 11-Aug-15 Affirmed 6-Nov-13 2. Pefindo 4. Pefindo 5. Pefindo idA+ idA+ idA+ Affirmed Assigned Rating Date 6-Sep-16 15-Sep-15 7-Aug-14 Outlook Negative* Stable Stable Stable Stable As of December 31, 2016, SMRA’s shareholders consisted of PT Semarop Agung (25.43%), PT Sinarmegah Jayasentosa (6.60%), Mellon Bank NA S/A Stichting Depositary APG Strategic Real Estate Pool (5.61), and Others shareholders holding less than 5% each (62.36%). SWOT Analysis S W trengths eaknesses - Good reputation and brand loyalty - Limited land bank for the Company’s property products - Lower revenue recognition of - Strong presence in property property development business - Good asset quality Financial Analysis SMRA recorded total assets of Rp20.81 trillion, an increase of Rp2.05 trillion (10.94%) in 2016 from Rp18.76 trillion in 2015. The increase were mainly due to increase in Cash and Cash Equivalents by Rp572.66 billion (38.09%) to Rp2.08 trillion and increase in inventories by Rp606.24 billion (12.31%) to Rp5.53 trillion. Meanwhile, total revenue for the year decreased by Rp225.61 billion (4.01%) from Rp5.62 trillion to Rp5.40 trillion mainly from the Property Development business which recorded a decrease of Rp416.54 billion (10.47%) compared to Rp3.98 trillion in 2015. Property development is still SMRA’s main business and contributing to 66% of total revenue for the year. The decrease in Property Development O T pportunities hreats - Growing demand for property - Growing demand for property especially from Serpong and Bekasi especially from Serpong and Bekasi Area Area - Growing population - Growing population - Lower interest rate - Lower interest rate revenues resulted in decrease in total gross profit by Rp308.39 billion (10.61%). In terms of cost, SMRA’s finance costs increased Rp150.03 billion (31.03%) to Rp633.53 billion was mainly driven by increasing loans interest expense from banks by 15.29% to Rp319.69 billion. Consequently, SMRA’s net profit for the year decreased by Rp459.03 billion (-43.14%) to Rp605.05 billion from Rp1.06 trillion in 2015. INDONESIA BOND MARKET DIRECTORY 2016-2017 693
  694. SSIA Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 Property, Real Estate And Building Construction Building Construction www.suryainternusa.com Herman Gunadi inquiry@suryainternusa.com Established as PT Multi Investments Limited on 15 June 1971, the Company transformed into PT Surya Semesta Internusa (“Surya Internusa”) in 1995. The Company is primarily engaged in commercial real estate, construction services, industrial estate development, and hospitality through its subsidiaries. Supported by professionMarking its humble beginning as a developer, the Company successfully developed Kuningan Raya area, a residential and business area located in the Golden Triangle of South Jakarta. The Company also developed Glodok Plaza as one of the first modern shopping centers in Indonesia located in the heart of West Jakarta’s commercial area. Its subsequent projects led the Company to grow into Surya Internusa of today. After more than forty years of success in developing property business in Indonesia, the Company has strengthened its brand recognition and cemented its position as one of the most prominent property developers in the country. With a long list of achievements as a leading company, Surya Internusa continues to ramp up its performance and strengthen its commitment to deliver remarkable results. As Surya Internusa grew and firmly established itself as the market leader, the Company listed its shares on Jakarta Stock Exchange (now the Indonesia Stock Exchange) and became a public company on 27 March 1997. Today, the Company enjoys rapid growth and has eight main subsidiaries with diversified business portfolio comprised of (i) property, (ii) construction services, and (iii) hospitality.with the diversified line of business including (i) property, (ii) constructions services and infracstructure and (iii) hospitality. Cash & Cash Equivalents Receivables Inventories Current Assets Investments Property in Investments Property, Plant and Equipment Total Assets BOARD OF COMMISSIONERS 1. Hagianto Kumala * 2. Crescento Hermawan 3. Emil Salim * 4. Royanto Rizal 5. Steen Dahl Poulsen 6. William Jusman *) Independent Commissioner BOARD OF DIRECTORS 1. Johannes Suriadjaja 2. Eddy Purwana Wikanta 3. Herman Gunadi 4. The Jok Tung AUDIT COMMITTEE 1. Emil Salim 2. Lanny Harliman 3. Mamat Ma'mun INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS Tempo Scan Tower 5th Floor Jln. HR Rasuna Said Kav. 3-4 Kuningan Jakarta 12950 Phone : (021) 526-2121 Fax : (021) 526-7878 FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 923,632 638,485 475,738 Dec-2016 1,519,977 391,698 -17.67 q 3,380,679 16.58 p 624,731 605,046 -3.15 q 1,336,912 1,129,632 1,276,797 1,182,205 Current Liabilities 1,856,796 1,896,353 Total Liabilities 3,125,924 3,842,621 800,000 800,000 4,705 4,705 Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Interest Expenses 64.57 p 2,899,771 7,195,448 Trade Payables Chg % 524,552 -17.84 q 6,463,923 Gross Profit 694 idA PT Surya Semesta Internusa Tbk. 416,667 1,376,926 6,400 588,156 125 538,366 2,456,103 6,400 588,156 125 1,919,822 1,918,007 429,560 440,907 2,908,440 2,911,920 -4.50 q 4.65 p 11.32 p 29.21 p 2.13 p 78.38 p 22.93 p -  -  -  -  -  -0.09 q 0.12 p 2.64 p 3,338,000 3,352,827 4,867,889 3,796,963 -22.00 q 1,178,889 139,694 1,068,951 180,760 0.44 p -9.33 q 29.40 pLink Grafik sudah be Pastikan Earning Before Tax 392,244 Income for the periods 383,182 100,855 -73.68 q Net Income … *) 302,463 62,465 -79.35 q EBITDA Comprehensive Income FINANCIAL RATIOS 684,576 368,686 93,243 -76.23 q 437,907 -36.03 qLink Grafik sudah be Pastikan 80,052 -78.29 q DER (X) 0.41 0.73 NPM (%) 7.87 2.66 -66.26 q ROA (%) EBITDA Coverage (X) 5.93 4.90 77.59 p 1.40 -76.36 q 2.42 -50.56 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Others 2. PT Persada Capital Investama 3. PT Arman Investments Utama 4. HSBC-Fund Services, Lynas Asia Fund 5. PT Union Sampoerna 73.79% 7.85% 7.11% 5.85% 5.40%
  695. AS OF JUNE 2017 CODE No . 1. 2. 3. ISIN CODE (Rp Million) Obligasi Surya SSIA01B IDA0000549B6 SSIA01BCN1 IDA0000760B9 SSIA01ACN1 IDA0000760A1 Semesta Internusa I 550,000 Tahun 2012 Seri B Listing Date 07-Nov-12 Maturity Issue Date 06-Nov-17 Term Coupon Structure / Coupon Payment Date Trustee 9.30% 06-Aug-17 06-Nov-17 - Permata Tbk. Quarterly 22-Jun-17 22-Sep-17 22-Dec-17 22-Mar-18 Permata Tbk. 9.88% 22-Jun-17 22-Sep-17 22-Dec-17 Permata Tbk. Period 5 years - Quarterly Obligasi Berkelanjutan I Surya Semesta 390,000 Internusa Tahap I 23-Sep-16 22-Sep-21 10.50% 5 years Tahun 2016 Seri B Obligasi Berkelanjutan I Surya Semesta 510,000 Internusa Tahap I 23-Sep-16 22-Sep-19 3 years Tahun 2016 Seri A 22-Mar-18 Quarterly Rating / Outlook PT Bank PT Bank PT Bank A Stable A Stable A Stable TRADING HIGHLIGHT SSIA01B Listing Date ISIN CODE : IDA0000549B6 750 600 Nov-12 TRADING ACTIVITIES Volume Frequency 75 Volume 60 Frequency Maturity Date Nov-13 Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Nov-14 Nov-15 Nov-16 2016 Q1 Nov-17 2017 Q2 Q3 Q4 Q1 Q2 9.50 150.50 86.00 662.00 263.00 108.00 2 9 10 17 12 3 27 21 58 51 33 9 450 45 Trading days 300 30 CTP Price - High 99.6000 101.5000 101.0000 101.3300 100.7000 100.6500 CTP Price - Low 99.4000 99.4300 99.1500 100.0000 100.0000 IBPA Fair Price 99.4991 100.0707 100.6788 99.5084 100.4872 100.5529 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.555 1.904 1.333 0.847 0.469 0.219 150 - enar >> enar >> Series Name Outstanding 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 100 10.0 98 9.0 96 8.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 6.91 30-Mar 16-Feb 9.6194 Mod. Duration (yrs) 1.447 Sensitivity (%) 0.014 Convexity (yrs) 109.45 09-Jun 98.1206 22-Jun 9.2386 1.239 0.012 62.55 13-Sep 06-Sep 8.6408 1.023 0.010 481.45 191.27 78.55 14-Nov 08-Mar 18-Apr 29-Nov 09-Mar 19-May 9.9017 0.797 0.008 8.4043 0.568 0.006 7.7634 0.360 0.004 This series, matured on 06 November 2017, had average turnover of 155.03%/quarter and traded in 59 trading days during 2016 to Q2-2017 period. In 2016, average trading volume reached Rp227.00 billion/quarter with average frequency about 27.25 times per quarter, while during the first semester of 2017 the average volume decreased to Rp185.50 billion with average frequency at 42.00 times. The market price for this series observed through the Centralized Trading Platform (CTP) was between 98.1206% at the lowest and peaked at 101.5000% while the range of IBPA fair price for this series that stood between 96.8848% and 101.1134%. On the other side, the yield valued by IBPA was 7.7634% at the lowest, and 11.1934% at the highest. Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 695
  696. SSIA01BCN1 Listing Date ISIN CODE : IDA0000760B9 TRADING ACTIVITIES Volume 75 60 Sep-16 Frequency 5 Volume 4 Frequency Sep-17 Trading Activities, Sep-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A - 46.00 50.00 N/A N/A - 3 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 101 12.0 99 11.0 97 10.0 95 9.0 93 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.0 2017 N/A 30 - Sep-21 Q1 3 enar >> Sep-20 2016 45 1 Sep-19 Price and Yield Trading days 15 enar >> Maturity Date N/A - N/A 4 - Q2 1.00 2 1 1 47.18 51.28 1.03 29-Dec 06-Mar 06-Jun 29-Dec 06-Mar 06-Jun 11.0468 10.0924 N/A N/A 100.0000 100.0200 100.0000 N/A N/A 100.0000 100.0000 100.0000 N/A 99.8732 98.0041 101.4221 102.0333 N/A 30-Sep N/A N/A N/A N/A N/A N/A N/A N/A 10.5323 3.829 17.915 0.038 30-Dec 3.665 16.369 0.037 9.9080 31-Mar 22-Jun 15.121 13.942 3.536 0.035 3.407 0.034 The bond series SSIA01BCN1, was first listed on 23 September 2016 with nominal value of Rp390.00 billion and fixed interest rate of 10.50% per annum. This series had traded 7 times in 5 trading days with total volume booked of Rp97.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2- 2017 this series was traded between 100.0000% - 100.0200% while the IBPA fair price was between 95.5854% - 102.3038%, the fair yield for this series was between 9.8310% 11.7101%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM SSIA01ACN1 Listing Date ISIN CODE : IDA0000760A1 TRADING ACTIVITIES Volume 750 600 Frequency 20 Volume 16 Frequency Trading Activities, Sep-17 Q1 Q2 Q3 Volume (Rp bn) N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 300 8 CTP Price - High N/A 150 4 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-19 2017 Price and Yield 12 Q1-16 Sep-18 2016 450 enar >> enar >> Sep-16 Maturity Date N/A N/A Q4 Q1 200.00 641.00 474.60 - 2 7 3 - 2 156.86 18 Q2 10 502.75 372.24 21-Dec 13-Jan 16-Nov 23-Feb - N/A 100.0000 100.1500 100.3500 N/A N/A 100.0000 99.9850 100.0000 N/A N/A 100.0070 99.8444 100.9214 100.5136 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 7.669 6.582 5.571 4.719 N/A N/A N/A N/A N/A 29-Sep 29-Sep 9.8713 2.548 0.025 9.9398 2.360 0.024 9.4400 2.171 0.022 N/A N/A 9.6184 1.998 0.020 This series was traded in 12 trading days during 2016 to Q2-2017 period. The total trading volume was Rp1.32 trillion and traded 30 times during the period. The IBPA fair prices for this series were 97.1983% at the lowest and 100.1133% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 99.9850% and peaked at 100.3500%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 696 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  697. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SSIA01B 10 SSIA01BCN1 46 SSIA01ACN1 Q2-2016 151 Q3-2016 Q4-2016 86 662 165.1% 11.8% 200 - Turnover Outstanding in Year 2016 100 641 200 300 400 500 164.9% 600 700 800 900 INDONESIA BOND MARKET DIRECTORY 2016-2017 697
  698. IBPA ANALYTICAL REVIEW Description PT Surya Semesta Internusa is a real estate development company . The Company’s business units into three main business units, namely : (1) construction, general contractor services for commercial buildings, mining, and infrastructure; (2) property, development and management of industrial estates, real estate, and commercial centers; (3) Peer Group No. Company Total Revenue 1. PT Bumi Serpong Damai Tbk. 2. PT Agung Podomoro Land Tbk. 6,007 3. PT Summarecon Agung Tbk. Revenue 15.6 5,398 4. PT Surya Semesta Internusa Tbk. 0.6 11.2 3,797 5. PT Modernland Realty Tbk. (4.0) 2.7 2,465 (22.0) 20.3 (16.8) Financial Statement as of Fiscal Year 2016 hospitality, development and management of hotels and resorts. Net Profit (Rp Bill) Margins (%) Growth (%) 6,522 31.2 5.0 Historical Corporate Ratings At the end of the year 2016, the Company had nine subsidiaries, namely: PT Suryacipta Swadaya, PT TCP Internusa, PT Enercon Paradhaya International, PT Karsa Sedaya Sejahtera, PT Sitiagung Makmur, PT Surya Internusa Hotels, PT Batiqa Hotel Manajemen, PT Suryalaya Anindita Internasional, and PT Nusa No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idA Affirmed 14-Mar-17 Negative 3. Pefindo idA Affirmed 7-Aug-15 Stable 2. Pefindo 4. Pefindo idA idA Affirmed 7-Mar-16 Affirmed 12-Aug-14 Stable Stable Raya Cipta Tbk. As of December 31, 2016, the Company’s shareholders consisted of PT Arman Investments Utama (9.00%), PT Persada Capital Investama (7.85%), PT Union Sampeorna (6.46%), HSBC-Fund Services & Lynas Asia Fund (5.85%), PT Surya Semesta Internusa (0.75%), and others (70.10%). SWOT Analysis S trengths W eaknesses - Favorable asset quality - Decreasing profitability - Supported by solid subsidiaries - Limited land bank - High dependence on construction business Financial Analysis SSIA’s Revenue in 2016 declined by 22% from Rp4.87 trillion to Rp3.80 trillion in 2015. This was mainly due to decreasing revenue from construction business 30.06% to Rp2.46 trillion and decreasing revenue from industrial estate business by 10.59% from Rp492.71 billion to Rp438.75 billion. However, the Company’s general and administrative expenses rose by 3.87% from Rp566.05 billion in 2015 to Rp587.97 billion in 2016. As a result, at the end of December 2016, net income of SSIA amounted to Rp100.86 billion, or decreased by 73.68% from Rp383.18 billion in 2015. Hence the company’s net profit margin dropped to 1.70% from 6.20%, and the company’s Return on Asset (ROA) was also down from 4.70% to 0.90%. 698 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Property regulation easing - Property regulation easing - Government support to - Government support to infrastructure infrastructure - Increasing needs for commercial - Increasing needs for commercial buildings buildings
  699. idBB + SSMM PT Sumberdaya Sewatama Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Gedung Tiara Marga Trakindo 2, 1st & 2nd Floor Jln. Cilandak KKO No. 1 Jakarta Selatan Phone : (021) 2997-6712 Fax : (021) 2997-6725 Infrastructure, Utilities And Transportation Energy www.sewatama.com Nadia Diposanjoyo info@sewatama.com 25 years of experience in providing power s o l u t i on s h as g i v en P T S u mb e r da y a Sewatama (“Sewatama”) the recognition it deserves as a leader in the industry. We have grown from strength to strength since our humble beginning as a diesel generator rental for utility and non-utility purposes, to become what we are today. Sewatama is a subsidiary of PT ABM Investama Tbk., a holding company engaged in Mining and Energy-related businesses. Our parent company, in turn, is a member of the Tiara Marga Trakindo Group, a solid group of companies engaged in virtually the entire spectrum of commercial activities: from heavy equipment sales and services, investment company in diversified businesses, one-stop shop financing to integrated energy company. While our own subsidiaries have taken us to the forefront of developing long term power solutions. The synergies that exist among members of the Group have provided us with the end-to-end capabilities to ensure effective scales of operation. These, coupled with our decades of experience have enabled us to provide customer satisfaction without fail. Along with the ignition of diversed energy use for electricity, our company has also grow its multiple product offering, on top of what we have today namely hybrid power generation (combining one or more energy resources for electricity), solar PV, comissioning, cogeneration, Turn Key Projects, Operations and Maintenance Power Plant, Independent power plant, loadbank and dewatering. Headquartered in Jakarta and 3 sub branches and depot, Sewatama has efficently able to provide electricity to the remotest areas of Indonesia. We also serves overseas market with our O&M capability. 1,800 skilled personnel is ready to serve for electricity needs 24/7 . We served our customer from the utility, mining, oil & gas, manufacturing, construction industries as well as industrial estates. We have also successfully established a reputation for being a trusted partner to the government of Indonesia in its national electrification efforts – a testimony to our credibility and reliability in the industry. Moving forward, we will continue to support the government’s effort to establish national electrification, as well as meet the private sector’s growing demand for electrical power. We shall remain faithful to our vision to become the country’s industry leader, providing total power solutions, first to the nation, then the region and the world. BOARD OF COMMISSIONERS 1. Achmad Ananda Djayanegara 2. Adrian Erlangga 3. Todung Mulya Lubis * *) Independent Commissioner BOARD OF DIRECTORS 1. Yofie Priadi 2. Ferry Arief Sunandar Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 378,941 355,996 457,639 51,136 1,118,357 2,519,825 Chg % 98,094 -78.57 q 69,313 -6.06 q 35.55 p 716,915 -35.90 q 2,060,947 -18.21 q 3,946,851 3,120,996 -20.92 q 1,906,802 1,626,786 -14.69 q 2,342,947 2,969,688 26.75 p 3,204,437 3,001,011 -6.35 q 600,000 600,000 200 200 600 200,000 1,000 219,158 600 200,000 1,000 -96,036 -  -  -  -  -  N/A q 723,431 105,593 -85.40 q 742,414 119,985 -83.84 q 1,517,716 1,265,337 -16.63 q 18,983 271,196 196,268 453,978 -182,782 -368,107 388,529 14,392 -24.18 q 265,316 -2.17 q 517,946 14.09 p 177,791 -9.41 q -252,630 -38.21 q -407,943 -10.82 q 138,332 -64.40 q Income for the periods -282,930 -317,636 -12.27 q Net Income … *) -277,298 -315,194 -13.67 q Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) -275,789 2.57 -328,133 -18.98 q 13.56 427.89 p -7.17 -10.18 -41.97 q 1.98 0.78 -60.70 q -18.64 -25.10 -34.66 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT ABM Investama Tbk. 2. PT Sanggar Sarana Baja 99.99% 0.01% AUDIT COMMITTEE 1. Todung Mulya Lubis 2. Andradiet I.J. Alis 3. Setiawan Kriswanto INDONESIA BOND MARKET DIRECTORY 2016-2017 699
  700. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name SSMM01B Sumberdaya Outstanding (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.60% 30-Aug-17 30-Nov-17 - PT Bank CIMB 30-Aug-17 30-Nov-17 - PT Bank CIMB Period Obligasi IDA0000554B6 Sewatama I Tahun SISSMM01 Sumberdaya 579,548 03-Dec-12 30-Nov-17 5 years 2012 Seri B Sukuk Ijarah IDJ000005301 Ijarah Fee Rp 19,2M 199,500 Sewatama I Tahun 03-Dec-12 30-Nov-17 p.a. 5 years 2012 Niaga Tbk. - Quarterly Niaga Tbk. - Quarterly Rating / Outlook BB+ Stable BB+ Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT SSMM01B Listing Date ISIN CODE : IDA0000554B6 TRADING ACTIVITIES Volume 1000 800 Dec-12 Frequency 125 Volume 100 Frequency Maturity Date Dec-13 Trading Activities, Dec-16 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 188.00 243.00 220.20 350.30 978.80 209.00 8 17 14 16 21 Frequency (X) 28 50 43 54 113 12 5 75 Trading days 400 50 CTP Price - High 99.6000 100.9000 102.7000 101.0900 100.8900 99.5450 CTP Price - Low 96.7200 99.2000 98.0500 60.0000 IBPA Fair Price 99.5144 100.9079 101.1023 100.2820 99.5150 99.6702 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 25-Apr 2.746 2.084 1.484 0.969 - enar >> 25 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 129.43 167.30 151.60 241.17 673.87 30-Mar 09-Jun 18-Jul 04-Oct 07-Feb 07-Jan 9.9154 Mod. Duration (yrs) 1.506 Sensitivity (%) 0.015 Convexity (yrs) 95.0500 02-May 8.9063 1.303 0.013 98.0000 10-Aug 8.5918 1.086 0.011 27-Dec 9.2678 0.860 0.009 06-Mar 10.3516 0.627 0.552 0.006 143.89 30-May 15-May 10.1637 0.433 0.297 0.004 This series, matured in November 2017, had average turnover of 251.21%/quarter and traded in 81 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp250.4 billion/quarter with average frequency about 44 times per quarter, while during the first semester of 2017 the average volume increased to Rp593.9 billion/quarter with average frequency increased to 63 times/quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was between 60.0000% at the lowest and peaked at 102.7000%, meanwhile the range of IBPA fair price stood between 97.4578% and 101.2945%. The yield valued by IBPA for this series were 8.5753% at the lowest and 11.0946% at the highest. Listing Date 700 Dec-15 600 200 enar >> Dec-14 Maturity Date
  701. SISSMM01 ISIN CODE : IDJ000005301 Dec-12 TRADING ACTIVITIES Volume 275 Frequency 45 Volume 220 36 Frequency Maturity Date Dec-13 Trading Activities, Dec-14 Dec-15 Dec-16 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 155.60 23.50 37.50 36.50 266.60 15 5 8 7 7 Frequency (X) 41 12 16 15 Q2 37 6.90 4 1 165 27 Trading days 110 18 CTP Price - High 99.3000 99.9800 100.4500 101.0200 100.8700 98.0800 CTP Price - Low 96.0000 98.5000 98.2200 98.5000 99.4500 98.0800 IBPA Fair Price 99.3854 99.8362 100.3348 99.6782 99.4114 99.5741 Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 25-Apr 2.745 2.075 1.479 0.965 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 Turnover Ratio (%) Date 9 55 enar >> enar >> Listing Date IBPA Fair Yield (%) Price 102 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 311.20 29-Mar 15-Feb 10.0006 Mod. Duration (yrs) 1.506 Sensitivity (%) 0.015 Convexity (yrs) 47.00 75.00 73.00 533.20 06-Jun 08-Aug 10-Nov 13-Feb 28-Apr 9.7203 1.300 0.013 14-Jul 9.2883 1.084 05-Oct 9.9647 0.011 0.859 13-Feb 10.5148 0.626 0.552 0.009 0.006 13.80 17-May 17-May 10.3318 0.433 0.297 0.004 This series was first listed on 3 December 2012 and will be matured on 3 November 2017. This series has an outstanding amounted to Rp200 billion with fixed coupon per annum at 9.60%. This series was transacted in 43 trading days with 175.53% of turnover during the observation period. Total trading volume during 2016 until 30 June 2017 was Rp527 billion and the trading frequency was 125 times. IBPA valued the fair prices for this series were 97.4772% for the lowest and 101.0014% for the highest. At the same period, the fair yield for this series was ranging from 8.2143% to 11.4644%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 SSMM01B Q2-2016 188 SISSMM01 156 - 100 Q3-2016 Q4-2016 243 24 38 37 200 Outstanding in Year 2016 220 Turnover 350 172.4% 126.6% 300 400 500 600 700 800 900 1,000 1,100 INDONESIA BOND MARKET DIRECTORY 2016-2017 701
  702. IBPA ANALYTICAL REVIEW Description PT Sumberdaya Sewata is a national provider of electrical solutions . Sewata is a subsidiary of ABM Group, as an integrated business listed on the Indonesia Stock Exchange and a subsidiary of TMT Peer Group No. Company Total Revenue Net Profit Revenue (25.1) (16.6) (Rp Bill) Margins (%) Growth (%) 222,822 4.7 2.5 1. PT Perusahaan Listrik Negara (Persero) 2. PT Sumberdaya Sewatama 1,265 Group. Products and services the company has four business lines, which three are integrated with each other, namely Power Provider (Temporary Power), Financial Statement as of Fiscal Year 2016 Pillar and Energy Optimization, Operation and Maintenance of Plant Engineering. And other business units, namely Long Term Electricity Supply Historical Corporate Ratings Solutions. At the end of 2016, the Company has two No. direct subsidiaries, namely PT Nagata Bisma Sakti and PT Pradipa Aryasatya. As of December 31, 2016, SSMM’s generating capacity reached more than 1,100MW generated from over 900 generator sets in more than 130 project locations throughout Indonesia. SSMM also won the tender for the operations of Electricity Project Sumbagut II Peaker/250 MW in 2018. By the end of December 2016, shareholder of SSMM was 99.98% of PT ABM Investama Tbk and PT Sanggar Sarana Baja (0.02%). Rating Agency Rating 1. Pefindo idBB+ 3. Pefindo idBBB- 5. Pefindo idA 2. Pefindo 4. Pefindo Rating Status Rating Date Affirmed 31-May-17 idBB+ Downgraded* idA Affirmed Downgraded Affirmed Outlook Stable 25-Apr-17 Credit Watch 15-Sep-16 Negative 24-Feb-17 Credit Watch** 16-Jun-16 Negative *The downgraded reflects increased refinancing risk for maturing Bond upon confirmation of SSMM’s plan to restructure all of its debts, worsening capital structure, and tightening liquidity SWOT Analysis S trengths Businesses synergy with its Group. W eaknesses -Non investment grade status -Worsening capital structure -Tightening liquidity -Worsening debt to equity ratio -The dependence on a few suppliers of equipment and components. Financial Analysis As of 2016, SSMM’s Total Assets declined by -20.92% from Rp3.95tn to Rp3.12tn. That decrease was driven due to several factors, including significant decline of Cash and Equivalents of Cash by Rp359.55 billion (78.57%) from Rp457.64 billion to Rp98.04 billion, in line with redemption of mandatory convertible bonds and decline of fixed assets from Rp2.52 trillion to O In 2016, SSMM posted total revenues of Rp1.27 -Potential growth in demand -Potential growth in demand electricity and electrification ratio electricity and electrification ratio -Debt restructuring to renewal -Debt restructuring to renewal financial condition financial condition trillion, decline of 16.63% (Rp252.38 billion) from Rp1.52 trillion in 2015, mostly contributed by the Temporary Power business line which decreased by 18.00% to Rp1.04tn. Besides that, other expenses (provision for impairment losses of fixed assets, late payment fee, loss on sale of fixed assets, etc) grew by 348.83% from Rp66.04 billion to Rp296.42 billion. Therefore, SSMM recorded a net loss amounted to Rp317.64 billion or getting worst compared to loss of Rp282.93 billion in 2015. 702 T Rp2.06 trillion. INDONESIA BOND MARKET DIRECTORY 2016-2017 pportunities hreats
  703. idA STTP PT Siantar Top Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Jln. Tambak Sawah No. 21 - 23 Waru Sidoarjo 61256 Phone : (031) 866-7382, 866-6480 Fax : (031) 866-7380, 867-3832 Consumer Goods Industry Food And Beverages www.siantartop.co.id Armin armin@siantartop.co.id; corp_sec@siantartop.co.id The Company established in 1972. Its main products are crackers. As time goes by, company's status was improved to PT with its name of PT Siantar Top. In 1989, the Company expanded its business by built a new factory in an area 25.000 m2 at Tambak Sawah No. 2123 Waru, Sidoarjo. Beside produced crackers, the company also develop business to snack noodles. In 1991 the Company was back to develop its business for producing candy. The Company listed its shares in Jakarta Stock Exchange (now Indonesia Stock Excange) in December 16, 1996. The Company's share code is STTP. The initial public offering was 27,000.000 shares of common stock. The nominal value was Rp500 per shares. The market value was Rp2,200 per shares. The Company delisted from Surabaya Stock Excange in 2000 after Shareholders' Meeting. In year 2009 company has been distributing biscuits & wafers that has planned in year 2007. Until now, the company has four production facilities in Sidoarjo, Medan, Bekasi dan Makasar. BOARD OF COMMISSIONERS 1. Osbert Kosasih * 2. Juwita Wijaya *) Independent Commissioner BOARD OF DIRECTORS 1. Pitoyo 2. Armin 3. Shindo Sumidomo 4. Suwanto AUDIT COMMITTEE 1. Osbert Kosasih 2. Didit Lasmono 3. I Gde Cahyadi Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 Receivables 315,428 371,017 17.62 p Current Assets 659,691 921,134 39.63 p 1,919,568 2,336,411 21.72 p 616,010 809,189 31.36 p Cash & Cash Equivalents Inventories Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities 9,815 298,730 1,006,245 554,491 279,955 1,133,722 556,752 Total Liabilities 910,759 1,167,899 Authorized Capital 300,000 300,000 1,310 1,310 Authorized Capital (Mil. Sh) Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses 3,000 131,000 100 856,843 983,884 24,926 Chg % 25,399 158.77 p 3,000 131,000 100 1,031,315 1,156,032 -6.28 q 12.67 p 0.41 p 28.23 p -  -  -  -  -  20.36 p 17.50 p 12,480 -49.93 q 1,008,809 1,168,512 15.83 p 2,544,278 2,629,107 3.33 p 69,213 86,646 25.19 p 532,007 549,237 3.24 p Total Operating Expenses 300,001 331,491 Earning Before Tax 232,005 217,746 -6.15 q Income for the periods 185,705 174,177 -6.21 q Net Income … *) 185,736 174,472 -6.06 q DER (X) 0.61 0.69 13.41 p NPM (%) 7.30 6.62 -9.23 q Operating Profit EBITDA Comprehensive Income FINANCIAL RATIOS - 358,539 183,516 9.67 ROA (%) EBITDA Coverage (X) 5.18 - 356,550 170,805 10.50 p -  -0.55 q -6.93 q 7.45 -22.94 q 4.12 -20.56 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Shindo Tiara Tunggal 2. Public 3. Shindo Sumidomo 4. Juwita Wijaya 56.76% 40.05% 3.10% 0.09% INDONESIA BOND MARKET DIRECTORY 2016-2017 703
  704. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE Series Name STTP01BCN2 Berkelanjutan I Outstanding (Rp Million) Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 10.75% 12-Jul-17 12-Oct-17 12-Jan-18 Tabungan Period Obligasi 200,000 IDA0000724B5 Siantar Top Tahap II Tahun 2016 Seri B STTP01ACN2 Listing 13-Apr-16 12-Apr-21 5 years Quarterly Obligasi Berkelanjutan I 300,000 IDA0000724A7 Siantar Top Tahap II Tahun 2016 Seri A 13-Apr-16 12-Apr-19 10.50% 3 years PT Bank A Negara 12-Apr-18 (Persero) Tbk. 12-Jul-17 12-Oct-17 12-Jan-18 Tabungan Stable PT Bank A Negara (Persero) Tbk. 12-Apr-18 Quarterly Rating / Outlook Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be TRADING HIGHLIGHT STTP01BCN2 Listing Date ISIN CODE : IDA0000724B5 TRADING ACTIVITIES Volume 75 60 Frequency 5 Volume 4 Frequency Apr-17 Trading Activities, Apr-18 Apr-19 Apr-20 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A - Apr-21 2017 Q3 Q4 Q1 52.00 - - - 2 - - - 3 - Q2 - - 45 3 Trading days N/A 30 2 CTP Price - High N/A N/A 101.5000 N/A N/A N/A 15 1 CTP Price - Low N/A N/A 100.0000 N/A N/A N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> enar >> Apr-16 Maturity Date Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 - N/A N/A 104.00 29-Jul 21-Jul 100.3763 102.5809 10.6475 30-Jun 3.621 16.340 0.036 10.0334 30-Sep 3.492 15.080 0.035 - N/A N/A - - N/A N/A N/A N/A 99.1774 102.3442 102.7220 10.9921 30-Dec 3.314 13.575 0.033 10.0259 9.8813 31-Mar 22-Jun 12.400 11.305 3.179 0.032 3.045 0.030 This series, matured on 12 April 2021, had average turnover of 17.33%/quarter and traded in 2 trading days during 2016 to Q2-2017 period. In 2016, average trading volume reached Rp13.00 billion/quarter with average frequency about 0.75 times per quarter, while during the first semester of 2017, there was no trading activity. The market price for this series observed through the Centralized Trading Platform (CTP) was between 100.0000% at the lowest and peaked at 101.5000% while the range of IBPA fair price for this series that stood between 97.1948% and 103.0211%. On the other side, the yield valued by IBPA was 9.7893% at the lowest, and 11.5738% at the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 704 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  705. STTP01ACN2 ISIN CODE : IDA0000724A7 Apr-16 TRADING ACTIVITIES Volume 1000 Frequency 10 Volume 800 8 Frequency Maturity Date Oct-16 Trading Activities, Apr-17 Oct-17 Apr-18 Oct-18 2016 Apr-19 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A 800.00 - - - - N/A 3 - - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 5 - - Q2 - - 600 6 Trading days 400 4 CTP Price - High N/A 100.1300 N/A N/A N/A N/A 200 2 N/A 100.0000 N/A N/A N/A N/A - - CTP Price - Low IBPA Fair Price N/A 100.4893 101.7274 Last Date N/A Convexity (yrs) N/A enar >> enar >> Listing Date Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 1066.67 23-May 24-May 10.2940 - N/A N/A 9.7209 30-Jun 30-Sep 6.607 5.635 2.336 0.023 2.158 0.022 - - N/A - N/A N/A N/A N/A N/A 99.9154 101.5575 101.7415 10.5402 9.6295 9.4364 30-Dec 31-Mar 22-Jun 4.673 3.828 3.126 1.962 0.020 1.773 0.018 1.600 0.016 This series was traded in 3 trading days during 2016 to Q2-2017 period. The total trading volume was Rp800 billion and traded 5 times during the period. The IBPA fair prices for this series were 98.8144% at the lowest and 101.9932% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 100.0000% and peaked at 100.1300%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 STTP01BCN2 52 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 26.0% STTP01ACN2 800 - 100 200 300 400 266.7% 500 600 700 800 900 INDONESIA BOND MARKET DIRECTORY 2016-2017 705
  706. IBPA ANALYTICAL REVIEW Description PT Siantar Top Tbk (STTP) established in 1972 with main product is crackers. In 1987, STTP’s status was improved to PT with its name of PT Siantar Top. Beside produced crackers, STTP also develop business to snack noodles. In 1991, STTP was back to develop its business for producing candy Peer Group No. Company Total Revenue 1. PT Indofood Sukses Makmur Tbk. 2. PT Mayora Indah Tbk. 18,350 3. PT Tiga Pilar Sejahtera Food Tbk. 4. PT Nippon Indosari Corpindo Tbk. produced variety of snack, such as crackers, noodle, Historical Corporate Ratings No. As of December 2016, STTP’s shares were 56.8% owned by PT Shindo Tiara Tunggal, 40.1% by public, 3.10% by Shindo Sumidomo, and 0.09% by Juwita 23.8 11.1 16.0 11.0 2,629 6.6 8.9 3.3 Financial Statement as of Fiscal Year 2016 and candy. Until now, STTP has owned production facilities in Sidoarjo, Bekasi, Medan, and Makassar. Revenue 7.6 6,546 2,522 5. PT Siantar Top Tbk. In year 2009, STTP has been distributing biscuits and wafers that has planned in year 2007. STTP also Net Profit (Rp Bill) Margins (%) Growth (%) 66,750 7.9 4.2 Rating Agency Rating Rating Status 1. Pefindo idA Affirmed 11-Jan-17 Stable 3. Pefindo idA Affirmed 14-Jan-15 Stable 2. Pefindo 4. Pefindo idA idA Affirmed Rating Date 12-Jan-16 Assigned 6-Mar-14 Outlook Stable Stable Wijaya. SWOT Analysis S trengths W eaknesses - Superior market position in the - Aggressively finance its expansion packaged food industry with debt substantially larger than - Well diversified business portfolio projected - Have a vertically integrated - The company's ability to generate business operations profit relatively low - Strong cash flow protection Financial Analysis In 2015, the Company booked net sales of Rp2.63 trillion, increased by 3.33% from Rp2.54 trillion in 2014. The largest contribution of sales revenues are still come from Crackers products follow by noodle products, biscuit and wafer. Nevertheless, the company recorded a decreased net profit for the year 2016 by 6.21% from Rp185.71 billion in 2015 to Rp174.18 billion due to an increasing selling expenses by 9.62%, an increased the general and administrative expenses by 20.45%, and an increased the finance charges by 25.19%. In 2016, the Company recorded an increased total assets increased of 21.72% to Rp2.34 trillion from Rp1.92 trillion in 2015. Total current assets in 2016 amounted to Rp921.13 billion or increased by 39.63%, while total non-current assets amounted to Rp1.42 trillion or increased by 12.33% from the previous year. 706 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Growing domestic demand for - Growing domestic demand for packaged food packaged food - Resilient food & beverages industry - Resilient food & beverages - Increasing middle income class industry people - Increasing middle income class people
  707. TAFS PT Toyota Astra Financial Services Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. : : : : : : June 2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Consumer Financing Receivables Property, Plant and Equipment Total Assets Fund Borrowings Total Liabilities The Company is the 31st sales finance company of TFSC that operates globally in 34 countries and locations. As a part of Toyota Value Chain, it was established to support Toyota sales through financing and leasing services. Authorized Capital (Mil. Sh) The Company started operation since May 2006, starting from DKI Jakarta, Java and Bali area. In 2007, the Company opened Representative Office in Semarang, and continuously expanded its business by entering Sumatera area in 2008 and Kalimantan area in 2009. By the end of 2013 the Company has 27 Branch Offices and 1 Representative Office. Par Value (Rp) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity Millions of Rp, Unless Otherwise Stated Dec-2015 243,304 59,204 15,368,416 120,882 17,804,027 7,671,746 15,547,776 2,000.0 2,000,000 800,000 800.0 1,000 1,373,534 2,256,251 2,256,251 To support business expansion, the Company’s Shareholders increased shares issued and fully paid reached Rp800 billion in 2013. Also in 2011, the Company issued Local Bond - Toyota Astra Financial Services I and followed by Bond II in 2012, Bond III in 2013 and Continuance Bond I Phase I in 2014, while the Company continue paying bond principle and interest on time. Expenses Earning Before Tax 406,940 Toyota Astra Finance has been engaging in financing for Toyota vehicle sales by providing fast, easy, and competitive services. Income for the periods 306,305 Net Income … *) 306,305 1. Consumer Vehicle Financing This product is customized for individuals who wish to purchase vehicles for non-commercial purposes. The Company provides various Consumer Financing products to suit different needs and lifestyles. 2. Business Vehicle Financing The product is suitable for businesses that need to finance large number of vehicle. 3. Vehicle Financial Leasing This product is intended for businesses, which prefer lease financing and is most suited for the financing of commercial vehicle for business purposes. BOARD OF COMMISSIONERS 1. Yasuhiro Yomoda 2. Chiew Sin Cheok 3. Wiltarsa Halim * *) Independent Commissioner BOARD OF DIRECTORS 1. David Iskandar 2. Bambang Bodhianto 3. Naoki Tokuhisa 4. Ryusuke Taniyama 5. Wisnu Kusumawardhana Stable ADDRESS Mega Plaza Building, 8th Floor Jln. H.R. Rasuna Said Kav. C3 Jakarta 12920 Phone : (021) 5789-8999 Fax : (021) 5212-919 Finance Financial Institution www.tafinance.com Ferdinan Agustinus ferdinan.agustinus@tafinance.com In 2006, PT Astra International Tbk. (AI) and Toyota Financial Services Corporation (TFSC) purchased shares of PT KDLC Bancbali Finance, a limited liability company established in 1994. And since 2006, changed name into PT Toyota Astra Financial Services (the "Company"). The Company has licensed issued by the Ministry of Finance in financing business, comprising consumer financing, leasing, factoring and credit card. The Company focuses in financing Toyota vehicle or other vehicle brand which is produced by Toyota Motor Corporation and/or its affiliations. AAA(idn) INCOME STATEMENTS Total Revenues Interest Expenses EBITDA Comprehensive Income FINANCIAL RATIOS DER (X) ROA (%) NPM (%) EBITDA Coverage (X) 2,173,512 1,766,572 91,193 514,176 Dec-2016 Chg % 513,425 111.02 p 72,272 22.07 p 19,725,355 28.35 p 142,888 18.20 p 22,201,062 24.70 p 10,881,125 41.83 p 19,689,801 26.64 p 2,000.0 -  2,000,000 -  800,000 -  800.0 -  1,000 -  1,726,245 25.68 p 2,511,261 11.30 p -  2,511,261 11.30 p 2,594,416 2,125,688 19.37 p 20.33 p 1,436,223 1,474.93 p 468,728 15.18 p 1,922,690 273.94 p 350,508 14.43 p 6.89 7.84 13.78 p 14.09 13.51 -4.13 q 455,448 1.72 5.64 255,010 -44.01 q 350,508 14.43 p 1.58 -8.23 q 1.34 -76.26 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Astra International Tbk. 2. Toyota Financial Services Corporation 50.00% 50.00% AUDIT COMMITTEE 1. Wiltarsa Halim 2. Eduardus Paulus Supit 3. Thomas H. Secokusumo INDONESIA BOND MARKET DIRECTORY 2016-2017 707
  708. AS OF JUNE 2017 CODE No . ISIN CODE Series Name Outstanding Listing (Rp Million) Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.25% 11-Sep-17 11-Dec-17 11-Mar-18 PT Bank Period Obligasi Berkelanjutan 1. TAFS01BCN2 I Toyota Astra Financial 811,000 IDA0000688B2 Services Tahap II Tahun 12-Jun-15 11-Jun-18 3 years 2015 Seri B 2. IDA0000703B9 Services Tahap III 1,498,000 09-Nov-15 06-Nov-18 (Persero) Tbk. 9.50% 06-Aug-17 06-Nov-17 06-Feb-18 PT Bank 3. IDA0000728B6 II Toyota Astra Financial Services Tahap I Tahun 2016 1,000,000 02-Jun-16 (Persero) Tbk. 8.40% 01-Sep-17 01-Dec-17 01-Mar-18 PT Bank 4. TAFS02BCN2 IDA0000788B0 Quarterly 01-Jun-18 (Persero) Tbk. II Toyota Astra 8.50% 14-Aug-17 14-Nov-17 14-Feb-18 PT Bank 755,370 Financial Services Tahap II Tahun 2017 16-Feb-17 14-Feb-20 3 years 5. TAFS02ACN2 IDA0000788A2 Rakyat Quarterly 14-May-18 (Persero) Tbk. II Toyota Astra 7.65% 24-Aug-17 24-Nov-17 24-Feb-18 PT Bank 800,000 Financial Services Tahap II Tahun 2017 16-Feb-17 24-Feb-18 370 days Rakyat Pastikan Link Grafik suda Stable AAA Indonesia (Persero) Tbk. - Quarterly Seri A Stable AAA Indonesia Seri B Obligasi Berkelanjutan Stable AAA Pastikan Link Grafik suda Rakyat Indonesia Seri B Obligasi Berkelanjutan Stable AAA 06-May-18 3 years 01-Jun-19 Rakyat Indonesia Quarterly Obligasi Berkelanjutan TAFS02BCN1 AAA 11-Jun-18 3 years Tahun 2015 Seri B Rakyat Indonesia Quarterly Obligasi Berkelanjutan TAFS01BCN3 I Toyota Astra Financial Rating / Outlook Stable TRADING HIGHLIGHT TAFS01BCN2 Listing Date ISIN CODE : IDA0000688B2 Jun-15 TRADING ACTIVITIES Volume 325 Frequency 35 Volume 260 28 Frequency Trading Activities, Price and Yield Volume (Rp bn) Frequency (X) Jun-16 Jun-17 Jun-18 2016 Q1 2017 Q2 Q3 Q4 Q1 Q2 312.20 96.80 35.50 51.00 28.40 236.00 12 5 4 11 7 32 10 8 16 9 21 11 195 21 Trading days 130 14 CTP Price - High 101.0100 101.8500 101.9500 101.8600 101.8000 102.1300 CTP Price - Low 100.0000 100.0000 100.0000 100.0000 100.0000 101.0000 IBPA Fair Price 100.7353 100.7738 101.9082 7 65 - ah benar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) ah benar >> Maturity Date Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 6.0 Last Date 153.98 47.74 17.51 25.15 14.01 116.40 02-Feb 13-Apr 26-Aug 10-Oct 14-Mar 12-Jun 05-Jan 13-Jun 23-Aug 21-Dec 13-Mar 12-Jun 8.8629 8.0337 9.2660 7.4829 6.9677Pastikan Link Grafik suda 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.545 3.681 2.899 2.172 1.563 1.091 Mod. Duration (yrs) 1.959 Sensitivity (%) 0.020 Convexity (yrs) 8.8108 99.9741 101.9764 102.1195 1.758 0.018 1.553 0.016 1.334 0.013 1.119 0.011 0.920Pastikan Link Grafik suda 0.009 The Bonds issued with nominal value of Rp811.00 billion and interest rates of 9.25% per annum. This bond is effective from 12 June 2015 to 11 June 2018. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0000% - 101.9500%, while in first semester 2017 this bond was traded between 100.0000% and 102.1300%. In first semester 2017, IBPA fair price recorded at range 99.9073% - 102.2315%. During 2016 this bond was traded with volume amounting to Rp495.50 billion and transacted 66 times, meanwhile in a half of year 2017 recorded by Rp264.40 billion and transacted 30 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 708 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  709. TAFS01BCN3 ISIN CODE : IDA0000703B9 1250 Frequency 25 Volume 1000 20 Frequency Trading Activities, Maturity Date Nov-16 Nov-17 Nov-18 2016 Price and Yield Q1 Volume (Rp bn) 1168.40 53.00 158.00 123.40 170.00 7 6 3 7 10 Frequency (X) Q2 2017 21 Q3 14 Q4 13 Q1 18 Q2 23 118.92 17 6 750 15 Trading days 500 10 CTP Price - High 100.6400 102.6000 103.7500 102.3300 102.7800 103.5500 CTP Price - Low 100.0000 101.0000 102.4500 100.0000 100.5000 101.1400 IBPA Fair Price 100.9780 101.1940 102.9586 100.7735 102.7103 102.5104 250 - 5 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 6.0  IBPA Fair Price  YTM TAFS02BCN1 800 42.19 32.95 45.39 31.75 10-Feb 06-Jun 22-Sep 02-Nov 02-Feb 26-May 05-Feb 15-Apr 07-Sep 13-Dec 10-Mar 08-May 9.0593 7.9533 9.0375 7.6627 Frequency 75 Volume 60 Frequency 7.5526 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.035 5.068 4.182 3.319 2.580 1.979 2.250 Sensitivity (%) 0.023 Convexity (yrs) 8.9281 31-Mar Mod. Duration (yrs) 2.060 1.869 0.021 0.019 1.658 0.017 1.454 1.265 0.015 0.013 This series will be matured in November 2018 and has an outstanding amounted to Rp1.50 trillion with fixed coupon per annum at 9.50%. In 2016, the average trading volume for this series amounted to Rp375.7 billion/quarter with average frequency about 17 times per quarter, while during the first semester of 2017 the average volume decreased to Rp144.5 billion/quarter with average frequency about 20 times/quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was between 100.0000% at the lowest and peaked at 103.7500%, meanwhile the range of series were 7.4956% at the lowest and 9.5866% at the highest. Jun-16 TRADING ACTIVITIES Volume 14.15 Listing Date ISIN CODE : IDA0000728B6 1000 Last Date 311.99 IBPA fair price stood between 99.7815% and 103.0153%. The yield valued by IBPA for this l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Trading Activities, Maturity Date Jun-17 Jun-18 Jun-19 2016 Price and Yield Q1 Q1 Q2 Volume (Rp bn) N/A 160.03 966.46 196.00 99.86 136.66 14 21 10 5 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Q2 2017 29 Q3 59 Q4 15 9 12 600 45 Trading days N/A 400 30 CTP Price - High N/A 102.0000 102.2500 102.0200 100.9500 101.2500 CTP Price - Low N/A 100.0000 IBPA Fair Price N/A 100.3864 100.7678 100.3000 100.8988 101.0085 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.627 6.519 5.469 4.503 3.715 200 - ah benar >> ah benar >> Nov-15 TRADING ACTIVITIES Volume ah benar >> ah benar >> Listing Date Price 103 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 64.01 24-Jun 21-Jun 8.2479 2.550 0.026 386.58 27-Jul 99.9900 19-Jul 8.0755 2.357 0.024 78.40 39.94 01-Nov 29-Mar 28-Nov 19-Jan 99.6659 100.0000 8.2598 2.156 0.022 7.9309 1.952 0.020 6 54.66 19-Jun 99.7500 12-May 7.8330 1.770 0.018 This series, matured on 01 June 2019, had average turnover of 103.93%/quarter and traded in 56 trading days during 2016 to Q2-2017 period. In 2016, average trading volume reached Rp330.62 billion/quarter with average frequency about 25.75 times per quarter, while during the first semester of 2017 the average volume decreased to Rp118.26 billion with average frequency at 10.50 times. The market price for this series observed through the Centralized Trading Platform (CTP) was between 99.6659% at the lowest and peaked at 102.2500% while the range of IBPA fair price for this series that stood between 99.4064% and 101.6462%. On the other side, the yield valued by IBPA was 7.6252% at the lowest, and 8.6610% at the highest. Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 709
  710. TAFS02BCN2 Listing Date ISIN CODE : IDA0000788B0 450 360 Feb-17 TRADING ACTIVITIES Volume Frequency 25 Volume 20 Frequency Feb-18 Trading Activities, 2016 Q3 Q4 Volume (Rp bn) N/A N/A N/A N/A 138.00 N/A N/A N/A 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 180 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 103 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 6.0 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 2017 Q2 Trading days ah benar >> Feb-20 Q1 15 5 Feb-19 Price and Yield 270 90 ah benar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 Q2 10 426.50 21 12 73.08 225.85 21-Mar 28-Apr 01-Mar 15-Jun N/A 100.8000 101.3500 N/A 100.0000 100.0000 N/A 100.7740 100.9875 N/A N/A N/A 8.1834 8.0793 N/A 31-Mar 22-Jun N/A 7.359 6.389 N/A 2.499 N/A 2.330 0.025 0.023 This series was listed since 16 February 2017 with nominal value of Rp755.37 billion and interest rate of 8.50 % per annum. While quarterly average turnover ratio reached 149.46 % on year 2017. This series had traded 31 times in 15 trading days with total volume booked of Rp564.50 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 100.0000 - 101.3500 while the IBPA fair price was between 99.6535% 101.2600%, the fair yield for this series was between 7.9663% - 8.6325%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TAFS02ACN2 Listing Date ISIN CODE : IDA0000788A2 TRADING ACTIVITIES Volume 1250 1000 Feb-17 Frequency 75 Volume 60 Frequency Trading Activities, Aug-17 2016 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 1049.00 N/A N/A N/A 10 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 500 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 5.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 2017 Q2 N/A - Feb-18 Q1 Trading days 15 Nov-17 Price and Yield 45 ah benar >> 710 May-17 750 250 ah benar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 68 Q2 122.00 10 6 524.50 61.00 14-Mar 20-Jun 27-Feb 28-Apr N/A 100.3677 100.5500 N/A 99.9000 100.2950 N/A 100.3281 100.5927 N/A N/A N/A 7.2408 6.7355 N/A 31-Mar 22-Jun N/A 0.954 0.584 N/A N/A 0.854 0.009 0.647 0.006 This series was traded in 16 trading days during 2016 to Q2-2017 period. The total trading volume was Rp1.17 trillion and traded 78 times during the period. The IBPA fair prices for this series were 99.9506% at the lowest and 100.5927% at the highest. While in the market, observed through IDX Centralized Trading Platform (CTP), the price of this series bottomed at 99.9000% and peaked at 100.5500%.
  711. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 TAFS01BCN2 Q2-2016 312 Q3-2016 97 36 51 TAFS01BCN3 Q4-2016 Outstanding in Year 2016 61.1% 1,168 TAFS02BCN1 160 - 53 966 200 400 Turnover 600 196 800 1,000 1,200 158 123 100.3% 132.2% 1,400 1,600 INDONESIA BOND MARKET DIRECTORY 2016-2017 711
  712. IBPA ANALYTICAL REVIEW Description PT Toyota Astra Financial Services was established in 2006 as a result of the acquisition of PT KDLC Bancbali Finance by PT Astra International Tbk and Toyota Financial Services Corporation . The company was established to support Toyota sales through consumer financing and leasing services. Peer Group No. Company Total Revenue 1. PT BFI Finance Indonesia Tbk. 2. PT BCA Finance 3. PT Toyota Astra Financial Services 4. PT Mandiri Tunas Finance are consumer vehicle financing, business vehicle Historical Corporate Ratings financing, and vehicle financial leasing. No. offices and 1 representative office in Greater Jakarta, Java, Bali, Sumatera, Kalimantan, and Sulawesi. And with the support by 890 of total employees. Revenue 43.1 2,449 1.4 10.9 13.5 2,329 19.4 23.2 52.1 213.2 Financial Statement as of Fiscal Year 2016 The company has been engaging in retail financing By the end of 2015, the company has 30 branch 2,639 2,594 5. PT Sarana Multi Infrastruktur (Persero) for new Toyota sales in three main segments which Net Profit (Rp Bill) Margins (%) Growth (%) 3,227 24.7 14.0 Rating Agency 1. Fitch Ratings 2. Fitch Ratings 3. Pefindo 4. Pefindo 5. Pefindo Rating Rating Status AAA(idn) Affirmed IdAA+ Affirmed AAA(idn) IdAA+ IdAA Rating Date Outlook 7-Dec-16 Stable 9-Feb-15 Stable Affirmed 11-Dec-15 Upgraded 2-Oct-14 Affirmed 7-Feb-14 Stable Stable Stable As of December 31, 2016, the company is owned by PT Astra International Tbk and Toyota Financial Services Corporation with 50.0% share ownerships each. SWOT Analysis S trengths W eaknesses - Strong support from Toyota - Highly focused on new car Financial Services Corporation and financing business the other major shareholders - Moderate profitability -Strong positioning in the market Financial Analysis TAFS’s total revenues is generated from consumer financing income, finance lease income, and dealer financing income. Consumer financing and finance lease income for the year ended 31 December 2016 reached Rp2.31 trillion, and Rp66.28 billion increased amounted Rp357.43 billion (18.33%) and decreased Rp11.88 billion (15.19%) compared to year 2015. TAFS’s assets showed a good increase in resources together with the increase in consumer financing activities. TAFS’s total asset position increased by Rp4.36 trillion or 28.35% from Rp15.37 trillion in 2015 and reached Rp19.73 trillion in 2016. This achievement due to the increase of consumer financing receivables in line with the new financing of Toyota and Daihatsu vehicle in 2016. Compared to 2015, the Company’s consumer financing receivables net as of 31 December 2016 showed an increase by 28.35% or Rp4.36 trillion and grow to Rp19.73 trillion. 712 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Increasing middle income class - Increasing middle income class people people - Access to dealership networks - Access to dealership networks
  713. TAXI PT Express Transindo Utama Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Express Group embraced a status of a public company through the implementation of Initial Public Offering (IPO) on Indonesia Stock Exchange on November 2, 2012, through which the Company released 1.05 billion shares or equal to 49.0% of total issued and fully paid-in Capital of the Company. The stake ownership in Express Group shows that PT Rajawali Corpora is the majority shareholder by dominating 51.0% from total share capital of the Company. As the corporate vision, Express Group has applied a unique partnership business model that offers mutual benefits for the company, partner drivers and the public in general. This business model has earned recognition from United Nations Development Program (UNDP) in 2008 for the contribution to the provision of jobs as well as economic development by empowering the public as the stakeholder. Through December 31, 2016, Express Group has managed more than 17,000 skilled drivers and a total of 9,740 fleet. With operational areas covering Jadetabek, Bandung, Medan, Surabaya, Semarang, Padang and Bali as well as Lombok through the associates, the Company successfully establishes a wide customer base representing various market segments through the delivery of regular taxi service, premium taxi, as well as Value-Added Transportation Business (VATB) including limousine and bus services. Express Group is optimistic with the prospect of the Company performance in the upcoming year as the stronger fundamental across the business lines that was established will create a room to grow the business in the future years. Meanwhile, there is still a huge potential for developing the transportation service along with the Company’s decision to focus its business development plans to support the government’ infrastructure development agenda. BOARD OF COMMISSIONERS 1. Abed Nego 2. M. Alfan Baharudin * 3. Satrio *) Independent Commissioner BOARD OF DIRECTORS 1. Benny Setiawan 2. Megawati Affan 3. Shafruhan Sinungan 4. Sofia Negative ADDRESS Express Building Jln. Sukarjo Wiryopranoto No. 11 Jakarta 11160 Phone : (021) 265-07000 Fax : (021) 265-07008 Infrastructure, Utilities And Transportation Transportation www.expressgroup.co.id Megawati Affan investor.relation@expressgroup.co.id PT Express Transindo Utama Tbk., further referred as ‘Express Group’ or ‘the Company’, has built a reputation as one of the leading, most innovative and the biggest transportation service providers in Indonesia with experience of more than two decades. idBBB FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 420,134 556,661 32.50 p 712,447 15.23 p 136,500 14,109 618,300 2,024,183 2,883,807 425,778 1,632,826 9,837 -30.28 q 1,652,123 -18.38 q 2,557,263 -11.32 q 174,751 -58.96 q 1,535,842 1,962,823 1,820,550 540,000 540,000 2,146 2,146 5,400 214,560 100 381,874 919,992 992 Chg % 16,249 -88.10 q 5,400 214,560 100 -5.94 q -7.25 q -  -  -  -  -  197,880 -48.18 q 735,999 -20.00 q 714 -28.01 q 920,984 736,713 -20.01 q Total Revenues 970,093 618,207 -36.27 q Interest Expenses 205,369 190,801 -7.09 q Operating Profit 239,909 -26,194 N/A q EBITDA 514,681 INCOME STATEMENTS Gross Profit Total Operating Expenses Earning Before Tax Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS 341,059 101,150 -0.82 q -223,365 32,322 -184,740 N/A q 32,247 -184,506 N/A q 2.08 17.59 p -29.88 N/A q 34,337 1.77 NPM (%) 3.33 1.12 EBITDA Coverage (X) 100,316 50,716 DER (X) ROA (%) 74,122 -78.27 q 2.51 N/A q 227,442 -55.81 q -184,227 -7.22 N/A q N/A q 1.19 -52.44 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Rajawali Corpora 2. Public 51.00% 49.00% AUDIT COMMITTEE 1. M. Alfan Baharudin 2. Ari Singgih 3. Harry Wiguna INDONESIA BOND MARKET DIRECTORY 2016-2017 713
  714. AS OF JUNE 2017 CODE No . 1. ISIN CODE Series Name Outstanding (Rp Million) Obligasi I Express TAXI01 Transindo Utama IDA000063705 Listing Date 1,000,000 Tahun 2014 Maturity 25-Jun-14 Issue Date 24-Jun-19 Term Coupon Structure / Coupon Payment Date Trustee 12.25% 24-Sep-17 24-Dec-17 24-Mar-18 PT Bank Period 5 years 24-Jun-18 Quarterly Rating / Outlook Rakyat BB+ Indonesia (Persero) Tbk. Negative TRADING HIGHLIGHT TAXI01 Listing Date ISIN CODE : IDA000063705 TRADING ACTIVITIES Volume 100 80 Jun-14 45 36 Frequency Jun-15 Q4 Q1 Volume (Rp bn) 41.94 36.36 76.25 59.00 52.00 9 13 10 11 3 40 18 CTP Price - High Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Turnover Ratio (%) Date CTP Price - Low Date - Q2-17 IBPA Fair Price Price 108 PRICE AND YTM MOVEMENT 13.0 12.0 104 11.0 102 10.0 100 9.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 16.78 25 14.54 41 30.50 20 23.60 Q2 10 20.80 7.20 6 3 2.88 100.0000 106.4800 106.4800 106.4800 100.6700 101.9000 04-Feb 70.0000 04-Feb 09-Jun 84.0000 07-Jun 25-Aug 73.5000 05-Aug 06-Oct 72.5000 13-Oct 27-Mar 55.0000 26-Jan 18-Apr 50.0000 05-Apr 104.6529 104.6163 106.4762 101.1335 101.7501 102.0934 10.4286 Mod. Duration (yrs) 2.654 2.486 Sensitivity (%) 0.027 Last Date YTM (%) 106 20 10.5203 IBPA Fair Yield (%) enar >> 2017 Q3 Trading days - 2016 Jun-19 Q2 27 enar >> Jun-18 Q1 Frequency (X) 9 Jun-17 Price and Yield 60 20 Jun-16 Trading Activities, Frequency Volume Maturity Date 31-Mar 8.475 Convexity (yrs) 9.5298 11.7161 11.3332 11.0712 2.318 2.114 1.929 1.712 30-Jun 30-Sep 7.413 6.427 0.025 0.023 30-Dec 5.364 0.021 31-Mar 4.469 0.019 22-Jun 3.626 0.017 This series has an outstanding amounted to Rp1.0 trillion with fixed coupon per annum at 12.25%. During 2016 until at the end of June 2017, the trading volume for the series amounted to Rp272,8 billion with total frequency was 122 times. The market prices for this series was at the range 50.0000% - 106.4800%. IBPA valued the fair prices for this series were 98.9030% for the lowest and 106.6822% for the highest. At the same period, the fair yield for this series was ranging from 9.4914% to 12.6439%. 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 TAXI01 42 - 714 Q2-2016 36 76 100 59 200 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 21.4% 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 400 500 600 700 800 900 1,000
  715. IBPA ANALYTICAL REVIEW Description PT Express Transindo Utama Tbk , established in 1989, is one of the leading taxi operators in Indonesia that operates primarily in Greater Jakarta. Express group has an integrated transportation to cater needs of various markets. By the end of 2016, the shareholding compositions are PT Rajawali Corpora (51.0%), and Peer Group No. Company Total Revenue 1. PT Garuda Indonesia (Persero) Tbk. 2. PT Berlian Laju Tanker Tbk. 3. PT Express Transindo Utama Tbk. supported by 2 brands namely Express and Eagle. Historical Corporate Ratings Eagle taxi started joining in Express group armada No. since early 2014 to serve shelters and five star hotels in Greater Jakarta. Additionally, the company also offers premium taxi services under Tiara Express brand which offers different benefits in terms of vehicle type that uses luxury brands and more sophisticated features. The company also provides added 272 (77.7) (89.0) 439 (48.3) (33.8) (29.9) (36.3) Financial Statement as of Fiscal Year 2016 Express group offers regular taxi services which are value Revenue 618 4. PT Arpeni Pratama Ocean Line Tbk. Public (49.0%). Net Profit (Rp Bill) Margins (%) Growth (%) 51,916 0.2 (1.3) transportation business such Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idBBB Downgraded* 14-Mar-17 Negative 3. Pefindo idBBB+ Downgraded** 1-Sep-16 Negative 5. Fitch Ratings A-(idn) 4-Feb-16 Stable 2. Fitch Ratings 4. Pefindo N/A idA- Withdrawn Downgraded*** Downgraded 18-Oct-16 10-Mar-16 Stable Negative as limousine service, and bus service. The company is supported by more than 25,000 skilled drivers and more than 17,000 fleet at end of December 2016 transportation and services has in its land Jabodetabek served area, Bandung, Medan, Surabaya, Semarang, Padang, Bali and Lombok through its regular and premium taxi services as well as value added transportation business. SWOT Analysis S W trengths eaknesses - Strong and established brands in - Aggressive financial leverage the market - Decreasing revenue and lower - Favorable fleet profile profit margin O T Financial Analysis In 2016, Express Group recorded income of Rp618.20 billion or declined by 36.27% while in 2015 the income was Rp970.09 billion. Express taxi was the biggest contributor to the total income, followed by Eagle Taxi, the Premium Taxi. The Company’s direct expenses per December 31, 2016 dropped to Rp544.09 billion from Rp629.03 billion in 2015. Depreciation of fleet and its equipment was the biggest components in direct cost. In 2016, the Company recorded net loss of Rp184.74 billion from previously managed to recorded net income of Rp32.32 billion in 2015 due to loss on sale of property and equipment amounted to Rp18.76 billion. In 2016, the Company recorded total assets of pportunities hreats - Demand prospects in other cities - Demand prospects in other cities outside Jabodetabek area outside Jabodetabek area - Product development - Product development opportunities in land transportation opportunities in land transportation services services 2.56 trillion or decreased by 11.31% from Rp2.88 trillion in 2015 with the composition 27.86% of current assets and 72.14% of non-current assets. INDONESIA BOND MARKET DIRECTORY 2016-2017 715
  716. TBIG PT Tower Bersama Infrastructure Tbk . AA-(idn) Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 Infrastructure, Utilities And Transportation Non Building Construction www.tower-bersama.com Helmy Yusman Santoso corporate.secretary@tower-bersama.com The principal business of PT Tower Bersama Infrastructure Tbk and its subsidiaries (“TBIG”) is leasing space for antennas and o th e r e qu i pm en t for w ir el ess s ign a l transmission at tower sites under long-term lease agreements with telecommunications operators. The Company also provides telecommunications operators with access to its Distributed Antennae System (“DAS”) networks in shopping malls and office buildings in major urban areas. TBIG is publicly listed on the Indonesian Stock Exchange and is majority owned by Saratoga Group and Provident Capital. As one of the leading independent tower companies, Tower Bersama Group is well positioned to benefit from the continued growth in demand for telecommunications towers. As of December 31, 2016, the Company had 20,486 tenants and 12,610 telecommunications sites. The Company’s telecommunications sites comprised of 12,539 telecommunications towers and 71 DAS networks. TBIG generated revenue and EBITDA of Rp3,711.2 billion and Rp3,220.1 billion, respectively, for the full year ending 31 December 2016. The Company's EBITDA margin improved significantly to 86.8% for full year 2016 versus 85.1% for full year 2015. TBIG has maintained its overall leverage levels at ~5x net debt to annualized EBITDA over the last three years. Moreover, TBIG has successfully accessed both the bank and bond markets at consistently lower pricing and with longer tenors. The competitive pricing of TBIG's debt facilities, on an unsecured basis, reflects the low credit risk and credit providers’ support and comfort in TBIG's business. TBIG have the flexibility to continue to grow organically, finance acquisitions, refinance debt and grow shareholder return initiatives. As of December 31, 2016, valuing USD loans at their hedged exchange rate, TBIG net debt was Rp16,744 billion and net senior debt was Rp9,086 billion. Using the 4th quarter 2016 annualized EBITDA, the net senior debt to EBITDA ratio was 2.8x, and net debt to EBITDA ratio was 5.1x, giving TBIG ample borrowing headroom based on the financial covenants contained in its bank and bond facilities of 5.0x and 6.25x, respectively. BOARD OF COMMISSIONERS 1. Edwin Soeryadjaya 2. Herry Tjahjana * 3. Wahyuni Bahar * 4. Winato Kartono *) Independent Commissioner BOARD OF DIRECTORS 1. Herman Setya Budi 2. Budianto Purwahjo 3. Gusandi Sjamsudin 4. Hardi Wijaya Liong 5. Helmy Yusman Santoso 716 INDONESIA BOND MARKET DIRECTORY 2016-2017 Stable ADDRESS The Convergence Indonesia, 11th Floor Jln. Epicentrum Boulevard Barat, Kawasan Rasuna Epicentrum Jakarta Selatan 12940 Phone : (021) 2924-8900 Fax : (021) 2157-2015 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Millions of Rp, Unless Otherwise Stated Dec-2015 296,131 693,171 306,651 2,605,510 534,039 22,799,671 1,914,539 Dec-2016 365,342 Chg % 23.37 p 487,134 -29.72 q 217,206 -29.17 q 1,960,672 -24.75 q 429,307 -19.61 q 23,620,268 3.60 p 2,899,952 51.47 p 21,208,875 21,996,126 3.71 p 1,442,012 1,442,012 4,797 4,531 18,480,270 14,420 479,653 100 3,201,198 1,530,032 60,764 18,907,931 14,420 479,653 100 2.31 p -  -  -  -5.53 q -  2,748,799 -14.13 q 1,555,713 68,429 1.68 p 12.61 p 1,590,796 1,624,142 3,421,177 3,711,174 8.48 pLink Grafik sudah be Pastikan 1,472,516 1,691,801 14.89 pLink Grafik sudah be Pastikan 2,972,267 311,423 3,293,509 315,601 2.10 p 10.81 p 1.34 p 2,660,844 2,977,908 11.92 p 2,911,226 3,220,094 10.61 p 1,089,197 1,363,951 25.23 p Income for the periods 1,445,027 1,301,393 Net Income … *) 1,429,903 1,290,357 DER (X) 11.62 11.64 NPM (%) 42.24 35.07 -16.98 q Comprehensive Income FINANCIAL RATIOS ROA (%) EBITDA Coverage (X) 770,039 6.34 1.98 1,530,057 -9.94 q 98.70 p -9.76 q 0.21 p 5.51 -13.07 q 1.90 -3.73 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public (<5%) 2. PT Wahana Anugerah Sejahtera 3. PT Provident Capital Indonesia 4. JPMCC SPO Partners II LP AUDIT COMMITTEE 1. Wahyuni Bahar 2. Aria Kanaka 3. Ignatius Andy 38.16% 29.39% 25.52% 6.92%
  717. AS OF JUNE 2017 CODE No . 1. 2. ISIN CODE (Rp Million) Listing Date Maturity Issue Date Term Coupon Structure / Coupon Payment Date Trustee 9.25% 01-Jul-17 01-Oct-17 01-Jan-18 PT Bank Period Obligasi Berkelanjutan TBIG02CN1 IDA000074702 II Tower Bersama 230,000 Infrastructure Tahap I 11-Jul-16 01-Jul-21 5 years Tahun 2016 Quarterly Obligasi Berkelanjutan TBIG02CN2 IDA000080105 II Tower Bersama 700,000 Infrastructure Tahap II 25-Apr-17 21-Apr-20 8.75% 3 years Tahun 2017 Rakyat AA- Indonesia 01-Apr-18 (Persero) Tbk. 21-Jul-17 21-Oct-17 21-Jan-18 PT Bank Rakyat Stable AA- Indonesia (Persero) Tbk. 21-Apr-18 Quarterly Rating / Outlook Stable TRADING HIGHLIGHT TBIG02CN1 Listing Date ISIN CODE : IDA000074702 150 120 Jul-16 TRADING ACTIVITIES Volume Frequency 25 Volume 20 Frequency Maturity Date Jul-17 Trading Activities, Jul-18 2016 Volume (Rp bn) N/A N/A 148.28 - 30.00 N/A 5 - 2 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 60 10 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 Q3 N/A - Jul-21 Q2 Trading days 5 Jul-20 Q1 15 30 Jul-19 Price and Yield 90 enar >> enar >> Series Name Outstanding N/A N/A Q4 20 257.88 - Q1 Q2 6 62.00 20 5 52.17 107.83 07-Feb 27-Apr 10-Jan 05-Apr N/A 101.5000 N/A 100.7000 103.6000 N/A 100.0000 N/A 99.9500 100.8000 N/A 100.5979 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 17.003 15.377 14.082 12.881 N/A N/A N/A N/A N/A 28-Jul 28-Jul 9.0936 3.730 0.037 N/A N/A 97.5374 100.5556 100.9192 9.9349 3.548 0.035 9.0836 3.407 0.034 8.9747 3.268 0.033 This series was first listed on 11 July 2016 and will be matured on 1 July 2021. This series has an outstanding amount of Rp230 billion with fixed coupon per annum at 9.25%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 12 trading days with 69.65% of average quarterly turnover. The total trading volume throughout the period was Rp240.28 billion and the total trading frequency was 46 transactions. The market prices for this series were 99.9500% at the lowest and 103.6000% at the highest. IBPA valued the fair prices for this series were 95.2925% for the lowest and 101.9716% for the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 717
  718. TBIG02CN2 Listing Date ISIN CODE : IDA000080105 TRADING ACTIVITIES Volume 750 600 Apr-17 Frequency 25 Volume 20 Frequency Trading Activities, Apr-18 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A N/A N/A 559.00 N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 100 10.0 99 9.0 98 8.0 97 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 2017 N/A 10 Q1-16 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 99.4500 N/A 99.9324 N/A 22-Jun N/A 7.102 N/A N/A N/A N/A 718 INDONESIA BOND MARKET DIRECTORY 2016-2017 8.7751 2.448 0.024 trading volume reached Rp279.50 billion with average frequency at 10.50 times. The market price for this series observed through the Centralized Trading Platform (CTP) was between 99.4500% at the lowest and peaked at 100.0000% while the range of IBPA fair price for this series that stood between 99.4750% and 100.1982%. On the other side, the yield valued by IBPA was 8.6685% at the lowest, and 8.9526% at the highest. Q3-2016 50 05-May in 9 trading days since it was listed on 25 April 2017 until 30 June 2017. In 2017, average Q4-2016 Outstanding in Year 2016 148 - 08-May This series, matured on 21 April 2020, had average turnover of 53.24%/quarter and traded TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 TBIG02CN1 9 319.43 100.0000 N/A  IBPA Fair Price  YTM Q2-2016 21 N/A l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 Apr-20 N/A 300 - Oct-19 Q1 15 enar >> Apr-19 2016 450 5 Oct-18 Price and Yield Trading days 150 enar >> Oct-17 Maturity Date Turnover 64.5% 100 150 200 250
  719. IBPA ANALYTICAL REVIEW Description PT Tower Bersama Infrastructure Tbk and its subsidiaries provide leasing space for antennas and other equipment for wireless signal transmission at tower sites and shelter-only sites under long-term lease agreements with telecommunication operators . The company also provides Peer Group No. Company Total Revenue 1. PT Profesional Telekomunikasi Indonesia 2. PT Tower Bersama Infrastructure Tbk. buildings in major urban areas. 35.1 3,323 8.5 5.4 5.4 Financial Statement as of Fiscal Year 2016 Historical Corporate Ratings Tower Bersama Group is well positioned to benefit continued Revenue telecommunication System (DAS) networks in shopping malls and office the 3,711 3. PT Brantas Abipraya (Persero) operators with access to its Distributed Antennae from Net Profit (Rp Bill) Margins (%) Growth (%) 5,053 60.1 13.1 growth in demand for telecommunication towers. As of December 31, 2016, the company had 20,486 tenants on 12,610 sites with 6 different telecommunications operators, and 2 WiMAx providers. Telkomsel and Indosat have given No. Rating Agency Rating Rating Status 1. Fitch Ratings AA-(idn) Affirmed 1-Dec-16 Stable 3. Fitch Ratings AA-(idn) Affirmed 8-Jan-15 Stable 2. Fitch Ratings 4. Fitch Ratings AA-(idn) AA-(idn) Affirmed Affirmed Rating Date 3-Dec-15 17-Mar-14 Outlook Stable Stable the biggest contribution to the company’s total revenue contribution which made up 36.8% and 22.2% of total revenue respectively. SWOT Analysis S W trengths eaknesses - Stronger organic growth against its - High leverage in the medium term closest peers - Aggressive shareholder return - Strong profit margin policy - Indonesia’s largest independent tower operator Financial Analysis The Company’s revenue increased by 8.48% to Rp3.71 trillion in 2016 from Rp3.42 trillion in 2015, driven by the increase of tenancies. PT Telekomunikasi Selular was the largest contributor to the total revenue of 40.47% or equivalent to Rp1.50 trillion. The revenue from PT Telekomunikasi Selular in 2016 increased by 13.70% from Rp1.32 trillion in 2015 to Rp1.50 trillion. Nevertheless, the Company’s net profit decreased by 9.97% from Rp1.45 trillion in 2015 to Rp1.30 trillion in 2016 due to the required restatement on the tax treatment by the Financial Accounting Standard Board in 2015. In 2016, the O T pportunities hreats - Stable industry rental tariff - Stable industry rental tariff - Network expansion from main - Network expansion from main players in Indonesia Telco industry players in Indonesia Telco industry Company booked total assets of Rp23.62 trillion or increased by 3.60% from Rp22.80 trillion in 2015 which driven by organic tenancies growth in 2016. Current assets were lower by 24.76% to Rp1.96 trillion in 2016, but non-current assets increased by 7.25% to Rp21.66 trillion in 2016. INDONESIA BOND MARKET DIRECTORY 2016-2017 719
  720. N /A TBLA PT Tunas Baru Lampung Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Wisma Budi 8th - 9th Fl. Jln. HR. Rasuna Said Kav.C-6 Jakarta Phone : (021) 521-3383 Fax : (021) 521-3332 Agriculture Plantation www.tunasbarulampung.com Hardy hardy.tbl@sungaibudi.com Established in 1973, PT Tunas Baru Lampung Tbk. is a member company of Sungai Budi Group which was founded in 1974 and is a pioneer in Indonesia’s agricultural industry. Such involvement stems from a desire to assist in the country’s development and to capitalize on Indonesia’s competitive advantages in agriculture. Today, Sungai Budi Group is one of Indonesia’s largest manufacturers and distributors of agricultural based consumer products. Another member company of the Sungai Budi Group is a public listed company, PT Budi Starch & Sweetener Tbk., the largest and most fully integrated tapioca starch manufacturer in Indonesia. Since PT Tunas Baru Lampung Tbk. began its operations in Lampung in the early 1970s, we have grown to become one of the largest and lowest cost vegetable cooking oil producers. PT Tunas Baru Lampung Tbk. was publicly listed in Jakarta Stock Exchange in 14 February 2000. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables INDONESIA BOND MARKET DIRECTORY 2016-2017 1,132,119 42.02 p 3,102,155 5,058,143 63.05 p 9,293,023 12,596,824 35.55 p 4,690,464 5,780,166 4,442,482 Current Assets Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit 2,708,333 5,342 5,342 667,762 125 6,400 667,762 125 1,350,333 1,854,854 21,463 26,158 2,865,892 3,394,457 2,887,355 3,420,615 5,331,404 6,513,980 223,136 301,508 1,172,434 605,819 - 200,783 Net Income … *) 197,012 FINANCIAL RATIOS 4,583,285 800,000 Income for the periods Comprehensive Income 5,472,981 800,000 263,214 EBITDA 2,579,842 124.85 p 9,176,209 6,400 822,876 567,104 Chg % 126,377 -57.30 q 6,405,668 Earning Before Tax 1,625,325 1,104,195 - 23.20 p 69.23 p 23.23 p 43.25 p -  -  0.00 p -  -  37.36 p 18.44 p 21.87 p 18.47 pLink Grafik sudah be Pastikan Pastikan Link Grafik sudah be 22.18 p 38.63 p 35.12 p 82.26 p -  802,712 204.97 p 1,435,643 74.47 p 638,167 12.53 p 4.02 p 621,011 209.29 p 615,446 212.39 p DER (X) 1.62 1.69 NPM (%) 3.77 9.53 153.14 p ROA (%) EBITDA Coverage (X) 2.16 3.69 4.93 128.18 p 4.76 29.12 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Public 2. PT Budi Delta Swakarya 3. PT Sungai Budi 4. Widarto 5. Santoso Winata 720 797,163 Property, Plant and Equipment Total Equity AUDIT COMMITTEE 1. Justinus Aditya Sidharta 2. Rini Sari Widjaja 3. Sukanda Wiradinata Dec-2016 295,969 1,147,362 Non Controlling Interest BOARD OF DIRECTORS 1. Widarto 2. Djunaidi Nur 3. Mawarti Wongso Nagarajah 4. Oey Alfred 5. Sengaravih 6. Sudarmo Tasmin Millions of Rp, Unless Otherwise Stated Dec-2015 Inventories Total Equity …*) BOARD OF COMMISSIONERS 1. Santoso Winata 2. Justinus Aditya Sidharta * 3. Oey Albert *) Independent Commissioner Stable 48.67% 26.21% 25.04% 0.04% 0.04%
  721. AS OF JUNE 2017 CODE No . 1. ISIN CODE (Rp Million) Obligasi II Tunas TBLA02 Baru Lampung IDA000053300 Tahun 2012 1,000,000 Listing Maturity Date Issue Date 06-Jul-12 05-Jul-17 Term Coupon Structure / Coupon Payment Date Trustee 10.50% 05-Jul-17 - Sinarmas Tbk. Period 5 years - Quarterly Rating / Outlook PT Bank A- Stable TRADING HIGHLIGHT TBLA02 Listing Date ISIN CODE : IDA000053300 75 60 Jul-12 TRADING ACTIVITIES Volume 15 12 Frequency Jul-13 Jul-14 Jul-15 Jul-16 2016 Trading Activities, Frequency Volume Maturity Date 2017 Price and Yield Q1 Volume (Rp bn) - 19.50 72.00 5.00 45.00 - - 2 5 1 2 - Frequency (X) - Turnover Ratio (%) - Q2 Jul-17 Q3 3 Q4 12 Q1 2 Q2 5 - 45 9 Trading days 30 6 CTP Price - High N/A 102.0500 101.1700 101.3100 100.6000 N/A 15 3 CTP Price - Low N/A 100.0000 101.0000 101.2900 100.5000 N/A - enar >> enar >> Series Name Outstanding Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 15.0 102 13.0 101 11.0 100 9.0 99 7.0 98 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Last Date Q2-17 7.80 28.80 2.00 18.00 18-Apr 12-Jul 19-Oct 10-Mar 24-Jun 27-Jul 19-Oct 13-Mar - N/A N/A 101.1703 100.7067 100.9403 100.5657 100.5769 100.0979 9.4804 9.7578 9.2090 9.3565 8.1500 7.6716 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 1.656 1.131 0.697 0.359 0.125 0.010 Mod. Duration (yrs) 1.142 Sensitivity (%) 0.011 Convexity (yrs) 0.929 0.009 0.710 0.007 0.484 0.005 0.250 0.002 0.035 0.000 The Bonds issued with nominal value of Rp1.00 trillion and interest rates of 10.50% per annum. This bond is effective from 06 July 2012 to 05 July 2017. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 100.0000% - 102.0500%, while in first semester 2017 this bond was traded between 100.5000% and 100.6000%. In first semester 2017, IBPA fair price recorded at range 100.0979% - 100.8832%. During 2016 this bond was traded with volume amounting to Rp96.50 billion and transacted 17 times, meanwhile in a half of year 2017 recorded by Rp45.00 billion and transacted 5 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 TBLA02 20 - Q2-2016 72 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 9.7% 100 200 300 400 500 600 700 800 900 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 721
  722. IBPA ANALYTICAL REVIEW Description PT Tunas Baru Lampung Tbk (TBLA) is a crude palm oil (CPO) producer and its derivative with operation mainly based in Southern Sumatra and Kalimantan. The company is a member company of Sungai Budi Group, one of the largest business group in Peer Group No. Company 1. Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 29,752 8.7 (17.9) PT Sinar Mas Agro Resources And Technology (Smart) Tbk. 2. PT Tunas Baru Lampung Tbk. 6,514 3. PT Perkebunan Nusantara X 9.5 2,260 22.2 (6.9) (10.7) Lampung. As a member of Sungai Budi Group, TBLA utilize the extensive distribution network of the Financial Statement as of Fiscal Year 2016 Group which had been developed since 1947. The company has vertically integrated operation with Historical Corporate Ratings palm oil plantations and varieties of CPO derivatives No. products. Currently TBLA has 63,224ha of planted area consisting of 52,584 ha palm oil plantation and 10,640 ha for sugar cane. As of December 31, 2016, TBLA’s shareholders consisted of PT Budi Delta Swakarya (26.2%), PT Sungai Budi (25.0%), and Others (48.8%). Rating Agency Rating 1. Pefindo N/A Rating Status Rating Date Withdrawn* 23-May-17 Affirmed 11-Aug-15 2. Pefindo idA- Downgraded** 4. Pefindo idA Affirmed 3. Pefindo idA Outlook N/A 20-Jun-16 Stable 18-Aug-14 Stable Stable **The downgrade reflects the Company’s weakened capital structure and cash flow protection measures as a result of higher than projected SWOT Analysis S Financial Analysis trengths W eaknesses - Vertically integrated product - Have a weak capital structure - Extensive marketing network - Have a weak operating cash flow throughout - Lack of infrastructure in certain Indonesia prospective - Have a vertically integrated locations operations In 2016, TBLA’s sales amounted to Rp6.51 trillion, increased by 22.18% compared to the previous year amounted to Rp5.33 trillion. This caused by the increased of average selling price of 17.0% and in sales volume for sugar 160.0%. Sales composition in 2016 was 22.0% for export sales and 78.0% for domestic sales. In line with the increase in sales volume of sugar, TBLA’s cost of sales has also increased by 17.50% to Rp4.89 trillion in 2016 from Rp4.16 trillion in 2015. TBLA has recorded net income amounted to Rp621.01 billion in 2016 or jump 209.29% compared to 2015 amounted to Rp200.78 billion caused by the increased of selling price and strengthening of the rupiah against the US dollar. In 2016, TBLA assets financed by 72.85% from liabilities and 27.15% from equity. The increase of liabilities was caused by additional bank loans for purpose of investing activities. As of 31 December 2016, total liabilities increased by 43.26% compared to 2015. TBLA’s short term liabilities has increased by 69.24% and long term liabilities increased by 24.21%. 722 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Palm oil is one of the commodities - Palm oil is one of the commodities with the highest contributor to with the highest contributor to Indonesian export Indonesian export - Potential growth in the near term - Potential growth in the near term from its sugar business from its sugar business
  723. TELE PT Tiphone Mobile Indonesia Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 TELE has a strong market position as the major authorized distributor of vouchers from PT Telekomunikasi Selular (Telkomsel), a subsidiary of PT Telekomunikasi Indonesia Tbk. Its vouchers revenue grew at a five-year compound annual growth rate (5Y CAGR) of 24.9%, with 64.6% year-on-year (YoY) increase to Rp14.6 trillion in 2015. TELE’s voucher market share grew to 20% in 2015 from 12% in 2014 following its acquisition of PT Simpatindo Multimedia (SMM) and the re-arragement of the Telkomsel distribution cluster. Through its subsidiaries, it retains 28 of 133 Telkomsel distribution clusters, covering an area spanning North Sumatra to Papua. We also consider that TELE has a strong relationship with the Telkom group following the entrance of PINS, a subsidiary of Telkom, in September 2014 into TELE’s shareholders. We expect the synergy with the Telkom group to benefit TELE through several strategic business projects. TELE’s strong market position in the distribution of mobile phone vouchers is supported by its diversified and extensive distribution network covering all of Indonesia. TELE’s distribution includes conventional, modern market, and machine-to-machine channels. Its conventional distribution network coverage included 200 branches, 400 outlets, and around 250,000 active resellers as of 2015. For modern market and machine-to-machine channels, TELE cooperates with several supermarkets and 28 private banks to distribute Telkomsel vouchers. This extensive and diversified distribution network should serve as a barrier to entry and protect its position from competitors. Despite its low margin, we are of the view that the voucher business, which generated around 70% of TELE’s total revenue, has a more stable revenue stream compared to the handset business due to its affordability and fast moving nature. In addition, data and internet services are considered as a new wave business for telecommunication operators, which benefits TELE’s voucher distribution business. We are also of the view that the stable revenue stream in TELE’s voucher distribution business is supported by Telkomsel being the leading cellular operator in the country, representing around 58% of the market in 2015. Given Telkomsel’s widest network coverage and quality of service, we expects it to continue to grow and be the leading cellular operator in the near to medium term, which will benefit TELE’s future revenue growth. Negative ADDRESS Jln. Gajah Mada No. 27A Krukut, Taman Sari Jakarta Barat 11140 Phone : (021) 2999-9999 Fax : (021) 2982-8282 Trade, Services & Investment Retail Trade www.tiphonemobile.com Semuel Kurniawan semuel@tiphonemobile.com PT Tiphone Mobile Indonesia (TELE) was established on 25 June 2008. The Company was established to address the needs of telecommunication industry in Indonesia. The Company’s main business activities at the moment are distributing of prepaid vouchers, global brand cellular phones including spare parts and accessories, after sales services and content providers. The main contribution of the Company’s consolidated revenues is derived from prepaid vouchers and handsets But the Company also saw the development of the contents business and after-sales services to support the Company’s business activities. BBB+(idn) FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Cash & Cash Equivalents Inventories 2,938,376 21.00 p 7,472,601 17.42 p 6,364,111 163,629 Property, Plant and Equipment Total Assets Current Liabilities Total Liabilities Authorized Capital (Mil. Sh) Paid up Capital Par Value (Rp) Total Equity …*) Total Equity -6.69 q 4,213,613 21.92 p 1,247,690 4,313,276 5,010,118 1,600,000 1,600,000 7,120 7,182 16,000 718,212 100 1,151,307 1,519,517 1,581 2,231 2,813,860 Non Controlling Interest 53.48 p 3,455,981 100 Retained Earnings 152,680 -8.93 q 15.24 p 712,010 Paid up Capital (Mil. Sh) 2,906,541 Chg % 8,215,481 16,000 Authorized Capital 1,068,111 7,128,717 1,256,834 Interest Bearing liabilities Gross Profit 2,428,486 1,893,708 Current Assets INCOME STATEMENTS Dec-2016 1,172,828 Receivables Total Revenues Dec-2015 3,203,132 -0.73 q 16.16 p -  -  0.87 p 0.87 p -  31.98 p 13.83 p 41.11 p 2,815,441 3,205,363 13.85 p 22,039,666 27,310,057 23.91 p 286,906 362,643 26.40 p Interest Expenses Total Operating Expenses 1,207,520 431,254 1,580,877 566,506 Operating Profit 776,266 1,014,371 EBITDA 814,189 1,025,399 Earning Before Tax 500,724 Income for the periods 370,649 Net Income … *) 634,448 30.92 p 31.36 p 30.67 p 26.71 p 25.94 p 468,878 26.50 p 370,351 468,188 26.42 p DER (X) 1.23 1.31 7.09 p NPM (%) 1.68 1.72 Comprehensive Income FINANCIAL RATIOS 363,405 5.20 ROA (%) EBITDA Coverage (X) 2.84 463,562 5.71 2.83 27.56 p 9.77 p 2.09 p -0.36 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Upaya Cipta Sejahtera 2. Public (<5%) 3. PT PINS Indonesia 4. PT Esa Utama Inti Persada 37.32% 25.00% 24.00% 13.67% AUDIT COMMITTEE 1. Lukman Hadikusumo 2. Erry Firmansyah 3. Muhammad Noer Qomari INDONESIA BOND MARKET DIRECTORY 2016-2017 723
  724. BOARD OF COMMISSIONERS 1 . Hengky Setiawan 2. Achmad Herlanto Anggono * 3. Ferry Setiawan 4. Lukman Hadikusumo * 5. Mohamad Firdaus *) Independent Commissioner BOARD OF DIRECTORS 1. Tan Lie Pin 2. Andri Ryanto 3. Meijaty Jawidjaja 4. Rukmono Cahyadi AS OF JUNE 2017 No. 1. 2. 3. 4. CODE ISIN CODE Series Name TELE01CN1 Berkelanjutan I Tiphone Tahap I TELE01CCN2 Berkelanjutan I TELE01BCN2 IDA0000766B6 TELE01ACN2 IDA0000766A8 (Rp Million) Listing Date Maturity Date Issue Term Obligasi IDA000069504 IDA0000766C4 Outstanding 500,000 13-Jul-15 10-Jul-18 3 years Tahun 2015 110,000 17-Oct-16 14-Oct-21 5 years Tahun 2016 Seri C Tiphone Tahap II 256,000 17-Oct-16 14-Oct-19 3 years Tahun 2016 Seri B Tiphone Tahap II Trustee 11.00% 10-Jul-17 10-Oct-17 10-Jan-18 PT Bank Mega 14-Jul-17 14-Oct-17 14-Jan-18 PT Bank Mega 14-Jul-17 14-Oct-17 14-Jan-18 PT Bank Mega 24-Jul-17 24-Oct-17 - PT Bank Mega 10.65% 9.50% Quarterly Obligasi Berkelanjutan I Date Period Quarterly Obligasi Berkelanjutan I Coupon Payment Quarterly Obligasi Tiphone Tahap II Coupon Structure / 334,000 17-Oct-16 Tahun 2016 Seri A 24-Oct-17 370 days 9.15% Quarterly 10-Apr-18 14-Apr-18 14-Apr-18 - Rating / Outlook Pastikan Link Grafik sudah be Tbk. Tbk. Tbk. Tbk. BBB+ Pastikan NegativeLink Grafik sudah be BBB+ Negative BBB+ Negative BBB+ Negative Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 724 INDONESIA BOND MARKET DIRECTORY 2016-2017
  725. TRADING HIGHLIGHT TELE01CN1 ISIN CODE : IDA000069504 1000 25 20 Frequency Apr-16 Trading Activities, Price and Yield Volume (Rp bn) Jan-17 Oct-17 Jul-18 2016 Q1 2017 Q2 Q3 4.00 858.80 58.20 7.60 6.60 1 5 5 2 2 3 Frequency (X) 20 Q4 9 Q1 4 Q2 80.00 4 5 2 600 15 Trading days 400 10 CTP Price - High 101.0500 101.7500 101.7500 100.0300 100.0300 102.4200 CTP Price - Low 101.0200 100.0000 100.0000 100.0000 100.0000 101.5000 IBPA Fair Price 101.2490 101.4723 101.8000 100.8497 101.8705 101.7800 5 200 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 3.20 687.04 46.56 6.08 5.28 64.00 11-Mar 21-Apr 11-Aug 27-Dec 12-Jan 18-May 11-Mar 10-May 26-Sep 27-Dec 24-Mar 22-Jun 10.3604 10.1853 9.8815 10.3888 Mod. Duration (yrs) 1.946 1.759 1.564 1.359 Sensitivity (%) 0.019 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 13.0 103 12.0 101 11.0 99 10.0 97 9.0 95 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Convexity (yrs) 31-Mar 30-Jun 30-Sep 3.781 3.009 4.616 0.018 0.016 9.4010 9.1971 30-Dec 31-Mar 22-Jun 2.300 1.685 1.206 0.014 1.152 0.963 0.012 0.010 The bond series TELE01CN1, was first listed on 13 July 2015 with nominal value of Rp500.00 billion and fixed interest rate of 11.00% per annum. This series had traded 45 times in 17 trading days with total volume booked of Rp1015.20 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 100.0000% - 102.4200% while the IBPA fair price was between 97.9804% - 102.2948%, the fair yield for this series was between 8.9124% - 11.9397%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TELE01CCN2 Listing Date ISIN CODE : IDA0000766C4 175 140 Oct-16 TRADING ACTIVITIES Volume Frequency 10 Volume 8 Frequency Maturity Date Oct-17 Trading Activities, Oct-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 162.00 10.00 - N/A N/A 4 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 70 4 CTP Price - High N/A 35 2 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 104 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 13.0 102 12.0 100 11.0 98 10.0 96 9.0 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 8.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Oct-21 2017 Q1 Trading days Q2-16 Oct-20 Price and Yield 6 Q1-16 Oct-19 2016 105 enar >> enar >> Frequency Volume 800 Maturity Date Jul-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 8 589.09 Q2 2 36.36 - N/A 100.5000 99.8400 N/A N/A 99.8000 99.8200 N/A N/A 97.9861 101.7286 102.5612 N/A 30-Dec N/A N/A N/A N/A N/A N/A 21-Oct 14-Nov 11.1977 3.615 16.298 0.036 05-Jan 05-Jan 10.1604 N/A N/A 9.9110 31-Mar 22-Jun 15.108 13.964 3.496 0.035 3.374 0.034 This series, matured on 14 October 2021, had average turnover of 104.24%/quarter and traded in 5 trading days during 2016 to Q2-2017 period. In 2016, average trading volume reached Rp40.50 billion/quarter with average frequency about 2.00 times per quarter, while during the first semester of 2017 the average volume decreased to Rp5.00 billion with average frequency at 1.00 times. The market price for this series observed through the Centralized Trading Platform (CTP) was between 99.8000% at the lowest and peaked at 100.5000% while the range of IBPA fair price for this series that stood between 96.9840% and 102.8275%. On the other side, the yield valued by IBPA was 9.8367% at the lowest, and 11.4633% at the highest. INDONESIA BOND MARKET DIRECTORY 2016-2017 725
  726. TELE01BCN2 Listing Date ISIN CODE : IDA0000766B6 TRADING ACTIVITIES Volume 175 140 Frequency 5 Volume 4 Frequency Apr-17 Oct-17 Trading Activities, Q3 Q4 Volume (Rp bn) N/A N/A N/A 154.00 4.00 - N/A N/A 1 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 70 2 CTP Price - High N/A 35 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 101 11.0 99 10.0 97 9.0 95 8.0 93 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-19 2017 Q2 N/A Q3-16 Apr-19 Q1 Trading days Q2-16 Oct-18 Price and Yield 3 Q1-16 Apr-18 2016 105 enar >> enar >> Oct-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q1 4 Q2 4 240.63 6.25 19-Oct 24-Mar 19-Oct 24-Mar - N/A 100.0000 101.0000 N/A N/A 100.0000 100.0000 N/A N/A N/A N/A N/A N/A 96.7099 99.0812 99.7123 N/A 30-Dec 31-Mar 22-Jun 6.705 5.720 4.879 N/A N/A N/A N/A 10.8819 2.362 9.9001 2.183 0.024 9.6378 2.017 0.022 0.020 This series was first listed on 17 October 2016 and will be matured on 14 October 2019. This series has an outstanding amount of Rp256 billion with fixed coupon per annum at 9.50%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 2 trading days with 41.15% of average quarterly turnover. The total trading volume throughout the period was Rp154 billion and the total trading frequency was 8 transactions. The market prices for this series were 100.0000% at the lowest and 101.0000% at the highest. IBPA valued the fair prices for this series were 95.4328% for the lowest and 100.3471% for the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TELE01ACN2 Listing Date ISIN CODE : IDA0000766A8 TRADING ACTIVITIES Volume 400 320 Oct-16 Frequency 50 Volume 40 Frequency Trading Activities, Apr-17 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A 382.00 119.80 N/A N/A 15 21 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 160 20 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 101 10.0 100 9.0 99 8.0 98 7.0 97 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Oct-17 2017 Price and Yield Trading days 10 Jul-17 2016 30 enar >> 726 Jan-17 240 80 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 45 457.49 44 143.47 Q2 66.60 28 8 79.76 100.1200 100.1100 100.5500 20-Dec 98.9000 08-Nov 13-Jan 98.9600 16-Feb 12-Jun 99.9800 12-Jun 100.1053 100.0773 100.2151 9.0084 8.9529 8.4827 N/A 30-Dec 31-Mar 22-Jun N/A 0.792 0.424 0.188 N/A N/A 0.766 0.008 0.535 0.005 0.326 0.003 This series has an outstanding amounted to Rp334 billion with fixed coupon per annum at 9.15%. During 2016 until at the end of June 2017, total trading volume for the series amounted to Rp568.4 billion with total frequency was 117 times. The market prices for this series was at the range 98.9000% - 100.5500%. IBPA valued the fair prices for this series were 99.5982% for the lowest and 100.4365% for the highest. At the same period, the fair yield for this series was ranging from 8.4827% to 9.6074%.
  727. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 TELE01CN1 Outstanding in Year 2016 859 TELE01CCN2 162 TELE01BCN2 154 TELE01ACN2 100 58 8 185.7% 147.3% 60.2% 382 - Turnover 200 114.4% 300 400 500 600 700 800 900 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 727
  728. IBPA ANALYTICAL REVIEW Description PT Tiphone Mobile Indonesia was established on 25 June 2008 . In 2010, the Company expanded its business field to repair services of mobile phones and provider of mobile phone application and content by setting up two subsidiaries, namely PT Setia Utama Peer Group No. Company Total Revenue Net Profit Revenue 1. PT Sumber Alfaria Trijaya Tbk. (Rp Bill) Margins (%) Growth (%) 56,107 1.0 16.2 3. PT Mitra Adiperkasa Tbk. 14,150 2. PT Tiphone Mobile Indonesia Tbk. 27,310 1.7 1.5 23.9 10.3 Service (SUS) and PT Setia Utama Media Aplikasi (SUMA). In 2015, the Company also acquisition PT Financial Statement as of Fiscal Year 2016 Simpatindo Multi Media which is an authorized dealer of Telkomsel with a national charge area. The Company’s business field are trading of mobile phones, vouchers, accessories, and providing mobile phone content provider along repair services. in 2016, PJAA signed an agreement with PT Dompet Anak Bangsa (Go-Jek) in selling of Telkomsel Product. Until the end of 2016, the Company has 200 branches, 400 outlets, 96 service centers, and 250,000 active Historical Corporate Ratings No. Rating Agency Rating Rating Status 1. Fitch Ratings BBB+(idn) Downgraded* 3. Fitch Ratings A-(idn) Affirmed 2. Pefindo 4. Pefindo 5. Pefindo idA idA idA Rating Date 19-Jun-17 Negative* 27-Jun-16 Negative 21-May-15 Stable Affirmed 12-May-17 Affirmed 11-May-16 Affirmed Outlook Stable Stable resellers spread across Indonesia. To support all of the business, in January 2012 the Company began to list its shares on the Indonesia Stock Exchange (IDX) with shares trading code TELE. As of December 31, 2016, TELE’s shareholders were PT Upaya Cipta Sejahtera (37.99%), PT PINS Indonesia (24.43%), PT Esa Utama Inti Persada (13.92%), and public (23.66%). SWOT Analysis S trengths W eaknesses -Strong market position in the -Aggressive capital structure mobile phone voucher distribution -Negative cash flow from operations -Diversified and extensive -Increasing leverage distribution network -Stable revenue stream Financial Analysis In 2016, TELE recorded net revenues of Rp27.31 trillion, an increase of 23.91% compared to 2015 which reached Rp22.04 trillion. The increase was fueled by the increase in vouchers business revenue which grew significantly in 2016 amounted to Rp21.92 trillion, or an increase of 50.10% compared to 2015 which reached Rp14.60 trillion. Voucher business is still a major contributor to TELE’s revenue throughout 2016 and contributed 80.3% of total net revenue. An increase in revenue in the voucher segment is mainly due to the expansion of TELE’s distribution network in collaboration with banks and retailers in 2016. As a result, TELE’s net income in 2016 reached Rp468.8 billion, up 26.50% compared to Rp370.65 billion previously. Besides that, TELE’s total assets stood at Rp8.22 trillion, an increase of 15.20% from Rp7.13 trillion in 2015. That increased was due to the increase in third party trade receivables and increased inventories. Therefore, TELE’s performance in 2016 has increased compared to 2015 although sales of smart phones Company began decelerating. 728 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Continued expansion into strategic -Continued expansion into strategic locations locations -Rapidly change in people’s lifestyles -Rapidly change in people’s -Optimizing synergy with the Telkom lifestyles Group -Optimizing synergy with the Telkom Group
  729. idAAA TLKM PT Telkom Indonesia (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Graha Merah Putih, 5th Floor Jln. Gatot Subroto Kav. 52 Jakarta 12710 Phone : (021) 5215-109 Fax : (021) 5220-500 Infrastructure, Utilities And Transportation Telecommunication www.telkom.co.id Andi Setiawan investor@telkom.co.id Telkom Group is transforming to become digital telecommunication company that envisions to be “the King of Digital in The Region”, the king of telecommunication and digital services . Telkom envisions “To be the King of Digital In the Region”, which means that as a digital telco, Telkom is committed to provide various, customer experience-based, end-toend digital solution services. In order to serve customers better as well as to grow digital business, Telkom Group continues to invest in digital infrastructure including access network, backbone network and data center. Telkom continues to strengthen broadband connectivity services as its core business, develop digital mediation platform and digital services. These are the three pillars for Telkom’s digital business growth in order to increase its competitiveness and company value. We continue to explore business development opportunities through various inorganic domestic and global initiatives, selectively and prudently and in consideration to synergy value. This is given the fact that technology and digital business are increasingly borderless. We always develop our digital competence in accordance to the international standards so that we have the competitive edge to operate more extensively in the global market. BOARD OF COMMISSIONERS 1. Hendri Saparini 2. Cahyana Ahmadjayadi * 3. Devy W. Suradji 4. Dolfie Othniel Fredric Palit 5. Hadiyanto 6. Margiyono Darsasumarja * 7. Pamiyati Pamela Johanna Waluyo * 8. Rinaldi Firmansyah *) Independent Commissioner BOARD OF DIRECTORS 1. Alex J. Sinaga 2. Abdus Somad Arief 3. David Bangun 4. Dian Rachmawan 5. Harry M. Zen 6. Herdy Rosadi Harman 7. Mas'ud Khamid 8. Zulhelfi Abidin AUDIT COMMITTEE 1. Margiyono Darsasumarja 2. Cahyana Ahmadjayadi 3. Dolfie Othniel Fredric Palit 4. Rinaldi Firmansyah 5. Sarimin Mietra Sardi 6. Tjatur Purwadi Stable FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets Property, Plant and Equipment Total Assets Current Liabilities Interest Bearing liabilities Total Liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Millions of Rp, Unless Otherwise Stated Dec-2015 Dec-2016 7,872,000 7,900,000 28,117,000 528,000 29,767,000 103,700,000 114,498,000 10.41 p 35,413,000 39,762,000 12.28 p 72,745,000 74,067,000 1.82 p 20,000,000 20,000,000 100,800 100,800 47,912,000 47,701,000 166,173,000 179,611,000 34,612,000 400,000 5,040,000 50 31,799,000 400,000 5,040,000 50 76,615,000 Non Controlling Interest 18,292,000 21,160,000 INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA 0.36 p 10.61 p 70,457,000 Total Equity 5.87 p 584,000 Retained Earnings Total Equity …*) Chg % 75,136,000 -0.44 q 8.09 p -8.13 q -  -  -  -  -  8.74 p 84,384,000 12.31 p 93,428,000 105,544,000 12.97 p 102,470,000 116,333,000 13.53 p 32,418,000 39,195,000 71,552 77,888 2,481,000 2,810,000 32,418,000 39,195,000 51,415,000 59,498,000 31,342,000 38,189,000 15.68 p 20.91 p 13.26 p 8.86 p 20.91 p 21.85 p 15.72 p Income for the periods 23,317,000 29,172,000 25.11 p Net Income … *) 15,489,000 19,352,000 24.94 p Comprehensive Income FINANCIAL RATIOS DER (X) 23,948,000 0.37 27,073,000 13.05 p 0.30 -18.67 q ROA (%) 14.03 16.24 15.75 p EBITDA Coverage (X) 20.72 21.17 2.17 p NPM (%) 22.75 25.08 10.20 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. Republic of Indonesia (Class A Dwiwarna Share) 2. Republic of Indonesia 3. Public 1 share 52.09% 47.91% INDONESIA BOND MARKET DIRECTORY 2016-2017 729
  730. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. 5. ISIN CODE Series Name TLKM02B Obligasi II Telkom IDA0000450B7 Tahun 2010 Seri B TLKM01DCN1 Berkelanjutan I IDA0000689D6 TLKM01CCN1 IDA0000689C8 TLKM01BCN1 IDA0000689B0 TLKM01ACN1 IDA0000689A2 Outstanding (Rp Million) 1,995,000 Listing Date 07-Jul-10 Maturity Issue Date Term 06-Jul-20 Coupon Structure / Coupon Payment Date Trustee 10.20% 06-Jul-17 06-Oct-17 06-Jan-18 PT Bank CIMB Period 10 years Obligasi Telkom Tahap I 1,500,000 24-Jun-15 23-Jun-45 11.00% 30 years Tahun 2015 Seri D Telkom Tahap I 1,200,000 24-Jun-15 23-Jun-30 10.60% 15 years Tahun 2015 Seri C Telkom Tahap I 2,100,000 24-Jun-15 23-Jun-25 10.25% 10 years Tahun 2015 Seri B Telkom Tahap I 2,200,000 24-Jun-15 23-Jun-22 9.93% 7 years Tahun 2015 Seri A 23-Sep-17 23-Dec-17 23-Mar-18 Permata Tbk. 23-Sep-17 23-Dec-17 23-Mar-18 Permata Tbk. 23-Sep-17 23-Dec-17 23-Mar-18 Permata Tbk. 23-Jun-18 Quarterly Obligasi Berkelanjutan I Permata Tbk. 23-Jun-18 Quarterly Obligasi Berkelanjutan I 23-Sep-17 23-Dec-17 23-Mar-18 23-Jun-18 Quarterly Obligasi Berkelanjutan I Niaga Tbk. 06-Apr-18 Quarterly 23-Jun-18 Quarterly Rating / Outlook PT Bank PT Bank PT Bank PT Bank AAA Stable AAA Stable Pastikan AAA Link Grafik sudah be Stable Pastikan Link Grafik sudah be AAA Stable AAA Stable TRADING HIGHLIGHT TLKM02B Listing Date ISIN CODE : IDA0000450B7 TRADING ACTIVITIES Volume 100 80 Jul-10 Frequency 15 Volume 12 Frequency Jan-12 Trading Activities, Jul-13 Jan-15 Jul-16 Jan-18 Jul-19 2016 Price and Yield Q1 Volume (Rp bn) - 10.10 17.00 30.00 78.00 - 2 4 2 3 Frequency (X) - Turnover Ratio (%) - Q2 2017 Q3 3 Q4 9 Q1 6 Q2 14 28.00 7 6 60 9 Trading days 40 6 CTP Price - High N/A 104.0000 106.2200 106.1000 105.1000 105.8500 CTP Price - Low N/A 101.5200 3 20 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) enar >> Maturity Date Price 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 104 10.0 102 9.0 100 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A 2.03 14-Jun 20-May 3.41 6.02 15.64 5.61 18-Jul 11-Oct 26-Jan 05-Apr 10-Aug 14-Nov 07-Mar 09-Jun 82.8000 105.2500 104.0000 105.1600 102.9996 103.3870 105.2620 102.6706 105.0862 105.4886 9.3311 9.1817 8.5507 9.3003 8.3930 Pastikan 8.1417Link Grafik sudah be 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 13.861 12.557 11.331 10.002 8.868 3.365 0.034 3.210 0.032 3.056 0.031 2.872 0.029 22-Jun 2.710 Pastikan 2.558Link Grafik sudah be 0.027 7.871 0.026 This series has listed since on 7 July 2010 and will be matured on 6 July 2020. This series has an outstanding amounted to Rp2.0 trillion with fixed coupon per annum at 10.20%. In 2016, the average trading volume for this series amounted to Rp14.3 billion/quarter while in the first semester of 2017 increased to Rp53.0 billion/quarter. The range of IBPA fair price for this series during the observation period stood between 100.0365% and 106.0500%, while based on the market price (Centralized Trading Platform) this bond was at the range 82.8000% - 106.2200%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 730 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  731. TLKM01DCN1 ISIN CODE : IDA0000689D6 750 Frequency 35 Volume 600 28 Frequency Maturity Date Jun-18 Jun-21 Jun-24 Jun-27 Jun-30 Jun-33 2016 Trading Activities, 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) 546.00 37.00 27.00 84.00 148.00 6 3 4 6 6 31 Frequency (X) 8 6 18 Q2 53.00 11 4 2 450 21 Trading days 300 14 CTP Price - High 104.2500 110.5400 114.3800 117.1835 113.2549 113.7700 CTP Price - Low 103.9000 105.4100 104.1500 104.2000 109.0000 113.7157 IBPA Fair Price 109.0133 110.0298 116.6184 109.1461 113.4030 112.6224 7 150 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date Price 118 PRICE AND YTM MOVEMENT YTM (%) 12.0 114 11.0 110 10.0 106 9.0 102 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 145.60 9.87 7.20 22.40 39.47 14.13 04-Feb 21-Jun 11-Aug 04-Oct 27-Mar 10-Apr 02-Feb 02-May 13-Sep 20-Dec 25-Jan 18-Apr 9.3312 10.0247 10.0389 IBPA Fair Yield (%) 9.9412 Last Date 31-Mar 30-Jun 30-Sep Convexity (yrs) 152.641 153.628 163.901 Mod. Duration (yrs) 9.299 0.093 Sensitivity (%) 9.351 0.094 9.746 0.098 9.6135 9.6872 30-Dec 31-Mar 22-Jun 150.497 156.742 151.275 9.265 0.093 9.514 0.095 9.246 0.093 This series listed on 24 June 2015, and matured on 23 June 2045. This series issued with nominal amount of Rp1.50 trillion and have fixed interest rate per annum at 11.00%. Average trading volume for this series reached Rp173.50 billion/quarter on 2016 and decreased to Rp100.50 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 103.9000% – 117.1835% while the IBPA fair price was between 100.2078% – 117.2683%. The IBPA fair yield for this series was between 9.2666% – 10.9753%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TLKM01CCN1 Listing Date ISIN CODE : IDA0000689C8 45 36 Jun-15 Jun-17 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Maturity Date Jun-19 Trading Activities, Jun-21 Jun-23 Jun-25 Jun-27 2016 Price and Yield Q1 Volume (Rp bn) - 3.00 - 40.00 - - - 1 - 2 - - Frequency (X) - Turnover Ratio (%) - Q2 Jun-29 2017 Q3 1 - Q4 Q1 2 Q2 - - 27 3 Trading days 18 2 CTP Price - High N/A 101.8300 N/A 111.0400 N/A N/A 9 1 N/A 101.8300 N/A 111.0200 N/A N/A - - CTP Price - Low enar >> enar >> Jun-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 115 PRICE AND YTM MOVEMENT YTM (%) 12.0 111 11.0 107 10.0 103 9.0 99 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 1.00 02-May 02-May - N/A N/A 13.33 04-Oct 03-Oct - - N/A N/A N/A N/A 104.6142 106.4616 111.0158 104.5804 111.2546 111.1345 9.9850 9.7483 9.1802 9.9780 9.1224 9.1285 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 81.129 80.437 80.878 76.156 77.369 74.093 7.445 0.074 7.446 0.075 7.520 0.075 7.262 0.073 7.389 0.074 7.167 0.072 The bond series TLKM01CCN1, was first listed on 24 June 2015 and matured on 23 June 2030. From 2016 to the first half of year 2017, total volume traded amounted to Rp43.00 billion with 3 of total trading days. The CTP market price for this series during the period was within the range of 101.8300% – 111.0400%. Meanwhile IBPA fair price ranged from 98.3215% to 113.0614%. IBPA yield for this series were 8.9471% at the lowest and 10.8305% at the highest. By the end of June 2017, the outstanding amount of this series was Rp1.20 trillion l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 731
  732. TLKM01BCN1 Listing Date ISIN CODE : IDA0000689B0 TRADING ACTIVITIES Volume 35 28 Jun-15 Frequency 5 Volume 4 Frequency Maturity Date Jun-17 Trading Activities, Jun-21 Jun-23 2016 2017 Price and Yield Q1 Volume (Rp bn) - 14.00 - 34.00 4.00 - - 1 - 1 1 - Frequency (X) - Turnover Ratio (%) - Q2 Jun-25 Q3 2 Q4 - Q1 2 Q2 2 - 21 3 Trading days 14 2 CTP Price - High N/A 103.6000 N/A 105.2200 105.0700 N/A 7 1 N/A 103.5800 N/A 105.2000 105.0500 N/A - - CTP Price - Low enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) enar >> Jun-19 Price 111 PRICE AND YTM MOVEMENT YTM (%) 11.0 108 10.0 105 9.0 102 8.0 99 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 2.67 - 27-Jun N/A 27-Jun N/A 6.48 0.76 14-Nov 02-Mar 14-Nov 02-Mar - N/A N/A 102.7757 104.3734 107.3480 103.0466 108.0519 110.0925 9.7848 9.5197 9.0244 9.7181 8.8566 8.4989 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 47.060 45.605 44.333 41.752 40.745 38.585 5.962 0.060 5.893 0.059 5.839 0.058 5.662 0.057 5.628 0.056 5.440 0.054 This series was first listed on 24 June 2015 and will be matured on 23 June 2025. This series has an outstanding amount of Rp2,100 billion with fixed coupon per annum at 10.25%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 3 trading days with 1.65% of average quarterly turnover. The total trading volume throughout the period was Rp52 billion and the total trading frequency was 6 transactions. The market prices for this series were 103.5800% at the lowest and 105.2200% at the highest. IBPA valued the fair prices for this series were 97.3925% for the lowest and 110.0925% for the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TLKM01ACN1 Listing Date ISIN CODE : IDA0000689A2 TRADING ACTIVITIES Volume 750 600 Jun-15 Frequency 30 Volume 24 Frequency Jun-16 Trading Activities, Jun-18 Jun-19 Jun-20 Jun-21 2016 Price and Yield Q1 Q2 Volume (Rp bn) - - 116.00 - - 3 Frequency (X) - Turnover Ratio (%) - - Jun-22 2017 Q3 Q4 18 Q1 Q2 - 563.00 284.00 - 10 - 29 22 7 18 Trading days 300 12 CTP Price - High N/A N/A 107.2000 N/A 107.2500 107.7500 CTP Price - Low N/A N/A 104.2400 N/A 105.0000 107.1000 - enar >> 6 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 108 PRICE AND YTM MOVEMENT YTM (%) 11.0 106 10.0 104 9.0 102 8.0 100 7.0 98 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 732 Jun-17 450 150 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) N/A N/A - N/A N/A 21.09 27-Sep 20-Jul - N/A N/A 102.36 51.64 27-Mar 21-Apr 25-Jan 26-Apr 101.8126 102.5978 106.6548 101.8842 107.4435 107.8650 9.5295 9.3525 8.4476 9.4797 8.1557 8.0017 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 26.390 24.817 23.478 21.520 20.268 18.494 4.614 0.046 4.488 0.045 4.386 0.044 4.198 0.042 4.094 0.041 3.879 0.039 This series has listed since on 24 June 2015 and will be matured on 23 June 2022. This series had average turnover of 29.18%/quarter and traded in 20 trading days during 2016 to Q2-2017. In 2016, average trading volume amounted to Rp29.0 billion/quarter while in the first semester of 2017 significantly increased to Rp423.5 billion/quarter. The range of IBPA fair price for this series during the observation period stood between 99.6980% and 107.9128%, while based on the market price (Centralized Trading Platform) this bond was at the range 104.2400% - 107.7500%.
  733. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 TLKM02B 30 Q2-2016 546 TLKM01CCN1 40 3.6% TLKM01BCN1 34 2.3% 116 - Q4-2016 Outstanding in Year 2016 Turnover 2.9% TLKM01DCN1 TLKM01ACN1 Q3-2016 37 84 46.3% 5.3% 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 INDONESIA BOND MARKET DIRECTORY 2016-2017 733
  734. IBPA ANALYTICAL REVIEW Description PT Telekomunikasi Indonesia Tbk (Telkom), established in 1991, is the largest telecommunication operator in Indonesia. Telkom is a state owned company with the government of Indonesia owned about 52,09% shares of the company, while the Peer Group No. Company Total Revenue Net Profit Revenue (Rp Bill) Margins (%) Growth (%) 116,333 25.1 13.5 1. PT Telkom Indonesia (Persero) Tbk. 2. PT Indosat Tbk. 29,185 3. PT XL Axiata Tbk. 4.4 21,341 9.0 1.8 (6.7) remaining 47,91% of the company’s shares are owned by public. Financial Statement as of Fiscal Year 2016 Telkom and its subsidiaries provide a wide range of telecommunication services which telecommunication, wireless, include fixed cellular services, network and interconnections, as well as internet & data communications services. Telkom also provides services in information, media, and edutainment including cloud-based and server-based managed services, e-payment, IT enabler, e-commerce, and Historical Corporate Ratings No. Rating Agency Rating Rating Status Rating Date Outlook 1. Pefindo idAAA Affirmed 13-Mar-17 Stable 3. Fitch Ratings idAAA Affirmed 30-Jul-15 Stable 2. Pefindo 4. Pefindo idAAA idAAA Affirmed 10-Mar-16 Affirmed 21-May-15 Stable Stable other portal services. Telkom has expanded its presence internationally through its 9 international offices under PT Telekomunikasi Indonesia International (Telin). Since 2012, Telkom has committed to be leader in growing Indonesia digital business, and has set ambitious goal to realize Indonesia Digital Network by 2020. By the end of 2016, Telkom has served more than 200 million users supported by 129,033 BTS towers, 106,000 km fiber optic backbone, and 3 satellites. SWOT Analysis S trengths W eaknesses - Market leader in Indonesia telco - High capital expenditure industry - Decreasing fixed line business - Diversified business and extensive income network - Slow making strategy decision as a - Resilient profitability state owned company (BUMN) - Strong support from the Financial Analysis In 2016, Telkom posted an increase in total revenue government of Indonesia by 13.53% to Rp116.33 trillion from Rp102.47 trillion in 2015. Revenue from data, internet, and IT services which made up about 50.69% of total revenue experienced the highest growth which increased by 23.32% to Rp58.97 trillion from Rp47.82 trillion. The telephone services revenue increased by 2.04% to Rp46.04 trillion. However revenue from interconnection decreased by 3.24% from Rp4.29 trillion to Rp4.15 trillion. In terms of operating expenses, Telkom telecommunication recorded services an increase maintenance in and operational cost which rose by 11.19% from Rp28.12 trillion to Rp31.26 trillion. As a result, operating income improved by 20.91% from Rp32.42 trillion to Rp39.20 trillion. At the bottom line, Telkom managed to increase its net income by 25.11% from Rp23.32trillion to Rp29.17trillion. The company also managed to reduce Debt to Equity ratio from 96.80% to 87.80%. 734 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Growing data, digital segment - Growing data, digital segment - Low internet and mobile - Low internet and mobile broadband penetration broadband penetration - Growing fintech and e-commerce - Growing fintech and e-commerce business business
  735. TPIA Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. PT Chandra Asri Petrochemical Tbk. : : : : : : June 2017 FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Current Assets After the merger, we became the largest publicly listed petrochemical company in Indonesia. Currently, CAP is owned by two major shareholders, Barito Pacific Group and SCG Chemicals Co., Ltd. (SCG), a subsidiary of SCG Group, Thailand. Property, Plant and Equipment CAP is Indonesia’s largest integrated petrochemical company that operates the country’s only world-scale size Naphtha Cracker. After the completion of Naphtha Cracker expansion in December 2015, CAP current capacity consists of Ethylene 860KTA, Propylene 470KTA, Py-Gas 400KTA, and Mixed C4 315KTA. Total Liabilities Our plant is strategically located in Ciwandan, Cilegon, Banten province, providing convenient access to our key customers. Further exploiting our geographical advantage, we have installed and operate a 45 km distribution pipeline which connects our petrochemical complex to customers within the area. We incorporate state-of-the-art technologies and supporting facilities to produce 1,330KTA of Olefins (Ethylene, Propylene), Py-Gas and Mixed C4; and 816KTA of Polyolefins (Polyethylene and Polypropylene). Our production facilities include two trains for Polyethylene and three trains for Polypropylene. To support the overall production operations, CAP has on-site power generator capacity that excesses the normal production requirements as a back-up power source which is connected to the State Power Company (PLN). Our subsidiary, PT Styrindo Mono Indonesia (SMI), produces 340KTA of Styrene Monomer, which first started in 1992. Until today, SMI remains the sole Styrene Monomer producer in Indonesia. SMI is located in Bojonegara, Serang, Banten province, about 40 km from CAP’s main petrochemical complex in Cilegon. SMI also owns a subsidiary, PT Redeco Petrolin Utama (RPU), that engage in the business segment of tank and jetty rental. RPU is also handling refined petroleum product for local and international oil companies. Since 2013, another subsidiary, PT Petrokimia Butadiene Indonesia (PBI) operates the only Butadiene plant in Indonesia that produces Butadiene. The 100KTA Butadiene plant consumes Mixed C4 produced from our Olefins plant as its raw materials. Butadiene is a raw material for the production of Styrene Butadiene Rubber, Acrylonitrile Butadiene Styrene, and Styrene Butadiene Latex. Furthermore, the output product from Butadiene plant will be used as feedstock for our future synthetic rubber plant that will produce raw material for environmental friendly tires. The synthetic rubber manufacturer, PT Synthetic Rubber Indonesia, is a joint venture company between SMI and a multinational tire producer, Compagnie Financiere Michelin as strategic partner. This joint venture reflects our objective in capturing the added value of our petrochemical value of our petrochemical products chain. AUDIT COMMITTEE 1. Djoko Suyanto 2. Ahmadi Hadibroto 3. Reynold M. Batubara Stable ADDRESS Wisma Barito Pacific Tower A, 7th Floor Jln. Letjend. S. Parman Kav. 62-63 Jakarta 11410 Phone : (021) 530-7950 Fax : (021) 530-8930 Basic Industry and Chemicals Chemicals www.chandra-asri.com Suryandi investor-relations@capcx.com PT Chandra Asri Petrochemical Tbk (CAP) is a result of merger between PT Tri Polyta Indonesia Tbk (TPI) and PT Chandra Asri (CA) on January 1st, 2011. TPI was the largest Polypropylene producer in Indonesia and was established in 1984. CA was the producer of Olefins and Polyethylene products and was established in 1989. idA+ Total Assets Current Liabilities Interest Bearing liabilities Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Gross Profit Interest Expenses Total Operating Expenses Operating Profit Earning Before Tax EBITDA Millions of Rp, Unless Otherwise Stated Dec-2015 1,335,742 693,549 2,460,850 5,747,049 18,043,214 25,689,752 5,210,725 6,863,977 1,887,610 172.17 p 2,680,589 61.91 p 28,608,858 11.36 p 17,691,772 6,098,896 12,264,786 3,287 3,287 1,000 5,690,342 -1.95 q 17.05 p 5,710,609 -16.80 q 12,264,786 3,286,963 8.93 p 9,304,779 13,269,407 12,265 Chg % 4,014,180 200.52 p 13,456,599 12,265 3,286,963 1,000 8,990,095 -1.39 q -  -  -  -  -  57.99 p 12,140,155 15,249,833 12,233,154 15,339,451 25.39 p 19,002,242 25,935,994 36.49 p 310,875 428,434 37.82 p 92,999 2,010,186 917,398 89,618 25.61 p -3.64 q 6,641,657 230.40 p 947,614 3.29 p 1,092,788 5,694,042 421.06 p 154,825 509,548 229.11 p 4,032,480 1,013.41 p 771,071 Income for the periods 362,175 Net Income … *) 363,293 Comprehensive Income Dec-2016 FINANCIAL RATIOS 357,651 DER (X) 0.56 NPM (%) 1.91 ROA (%) EBITDA Coverage (X) 5,381,830 597.97 p 4,010,646 1,021.39 p 4,031,015 1,009.58 p 0.37 -33.65 q 1.41 14.10 899.80 p 0.50 1.19 138.81 p 15.55 715.75 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Barito Pacific Tbk. 2. SCG Chemicals Co., Ltd. 3. Prajogo Pangestu 4. Marigold Resources Pte. Ltd. 5. Public 6. Henry Halim 7. Erwin Ciputra 8. Lim Chong Thian 45.04% 30.57% 15.32% 5.15% 3.80% 0.06% 0.06% 0.00% INDONESIA BOND MARKET DIRECTORY 2016-2017 735
  736. BOARD OF COMMISSIONERS 1 . Djoko Suyanto * 2. Agus Salim Pangestu 3. Chaovalit Ekabut 4. Cholanat Yanaranop 5. Ho Hon Cheong * 6. Loeki Sundjaja Putra 7. Tan Ek Kia * *) Independent Commissioner BOARD OF DIRECTORS 1. Erwin Ciputra 2. Baritono Prajogo Pangestu 3. Fransiskus Ruly Aryawan 4. Kulachet Dharachandra 5. Piboon Sirinantanakul 6. Suryandi 7. Terry Lim Chong Thian AS OF JUNE 2017 CODE No. 1. 2. ISIN CODE Series Name Outstanding (Rp Million) Obligasi Chandra TPIA01B IDA0000787B2 Asri Petrochemical I 138,600 Tahun 2016 Seri B IDA0000787A4 Date 23-Dec-16 Maturity Issue Date 22-Dec-21 Term Coupon Payment Date Trustee 11.30% 22-Sep-17 22-Dec-17 22-Mar-18 Tabungan Period 5 years Quarterly Obligasi Chandra TPIA01A Listing Asri Petrochemical I 361,400 Tahun 2016 Seri A 23-Dec-16 22-Dec-19 Pastikan Link Grafik sudah be Coupon Structure / 10.80% 3 years PT Bank A+ Negara 22-Jun-18 (Persero) Tbk. 22-Sep-17 22-Dec-17 22-Mar-18 Tabungan Stable PT Bank A+ Negara (Persero) Tbk. 22-Jun-18 Quarterly Rating / Link Grafik sudah be Pastikan Outlook Stable TRADING HIGHLIGHT TPIA01B Listing Date ISIN CODE : IDA0000787B2 TRADING ACTIVITIES Volume 150 120 Frequency 5 Volume 4 Frequency Dec-17 Trading Activities, Dec-18 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A - 146.00 - N/A N/A - 1 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 60 2 CTP Price - High N/A 30 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 107 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 103 10.0 101 9.0 99 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Dec-21 2017 Q1 Trading days Q2-16 Dec-20 Price and Yield 3 Q1-16 Dec-19 2016 90 enar >> enar >> Dec-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - Q1 Q2 2 421.36 - N/A N/A 100.0000 N/A N/A N/A 100.0000 N/A N/A N/A N/A N/A 01-Mar 01-Mar N/A N/A N/A 99.6756 104.6755 105.2531 N/A 30-Dec N/A N/A N/A N/A 11.3854 3.756 17.419 0.038 10.0366 9.8411 31-Mar 22-Jun 16.286 15.109 3.650 0.037 3.529 0.035 The bond series TPIA01B, was first listed on 23 December 2016 and matured on 22 December 2021. From this series listing to the first half of year 2017, total volume traded amounted to Rp146.00 billion with 1 of total trading day. The CTP market price for this series during the period was within the range of 100.0000% – 100.0000%. Meanwhile IBPA fair price ranged from 99.6756% to 105.5134%. IBPA yield for this series were 9.7730% at the lowest and 11.3854% at the highest. By the end of June 2017, the outstanding amount of this series was Rp138.60 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 736 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  737. TPIA01A ISIN CODE : IDA0000787A4 250 200 Dec-16 TRADING ACTIVITIES Volume Frequency 45 Volume 36 Frequency Maturity Date Jun-17 Trading Activities, Dec-17 Q2 Q3 Q1 Q2 Volume (Rp bn) N/A 4.00 161.00 228.00 N/A N/A N/A 2 8 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2017 N/A 18 Q1-16 Dec-19 N/A 100 - Jun-19 Q1 27 9 Dec-18 2016 150 50 Jun-18 Price and Yield Trading days enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A 178.20 252.35 29-Dec 11-Jan 26-Apr 29-Dec 17-Feb 06-Jun 9.6985 10.1783 2.339 2.171 N/A 99.8993 102.5798 101.3572 N/A 30-Dec 31-Mar 7.510 6.499 N/A N/A 6 4.43 100.0000 100.0000 100.0000 N/A N/A 36 N/A N/A N/A 40 100.0000 102.0000 102.2500 N/A N/A 12 N/A N/A N/A Q4 N/A 10.8389 2.512 0.025 0.023 22-Jun 5.591 0.022 This series will mature on 22 Dec 2019, and was traded in 16 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp393 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest and peaked also at 102.2500%. While the IBPA fair price for this series was valued between 99.7411% and 102.8946%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover TPIA01B TPIA01A 4 - 1.1% 50 100 150 200 250 300 350 400 INDONESIA BOND MARKET DIRECTORY 2016-2017 737
  738. IBPA ANALYTICAL REVIEW Description PT Chandra Asri Petrochemical Tbk (TPIA) was established in 2011 based on the merger between PT Tri Polyta Indonesia Tbk (TPI), the largest producer of Polypropylene in Indonesia, and PT Chandra Asri (CA), producer of Olefins and Polyethylene. Peer Group No. Company Total Revenue 1. PT Pupuk Indonesia (Persero) 2. PT Chandra Asri Petrochemical Tbk. well as Styrene Monomer and Butadiene, along with Historical Corporate Ratings the by-products for domestic and regional markets. No. The Company also has a tank and jetty rental business. The Company offers Polyethylene resin Revenue 15.5 1,651 36.5 3.9 15.8 Financial Statement as of Fiscal Year 2016 and the by-products, such as Py-Gas and Mixed C4) and Polyolefin (Polyethylene and Polypropylene), as 25,936 3. PT Aneka Gas Industri Tbk. The Company produces Olefins (Ethylene, Propylene Net Profit (Rp Bill) Margins (%) Growth (%) 64,164 5.5 (3.1) Rating Agency Rating Rating Status Rating Date Outlook idA+ Assigned 11-Nov-16 Stable 1. Pefindo under the Asrene brand, which covers High Density Polyethylene (HDPE) and Linear Low Density Polyethylene (LLDPE) products. The Company also produces resin used for environmental friendly shopping bags under the Grene brand. The Company offers Polypropylene resin is sold under the Trilene brand, which includes the various types of Homopolymer, Random Copolymer and Impact (Block) Copolymer. The major shareholder of the company is PT Barito Pacific Tbk (45.04%), and SCG Chemicals Co.Ltd (30.57%). SWOT Analysis S trengths W eaknesses - Leading position in domestic - Sensitive to industry cyclicality petrochemical industry - Volatility of spread between - Vertically integrated operations feedstock costs and product prices - Strong cash flow protection measures Financial Analysis The company booked total revenue of Rp19.31 trillion in 2016, or 21.65% increase compared with 2015 revenue amounted to Rp15.88 trillion. The overall Cost of Revenues also rose by 13.42% from Rp17.11 trillion in 2015 to Rp19.41 trillion in 2016. The operating expenses rose slightly by 0.79% from Rp1.47 trillion to Rp1.48 trillion. However the company before tax grew dramatically by 597.20% from Rp776.38 billion to Rp5.41 trillion. The dramatic increase was backed by gain on derivative financial instruments amounted to Rp8.19 billion from loss Rp21.17 billion in 2015. Sharp increase in profit before tax was also driven by a significant decrease in net loss on foreign exchange from Rp159.79 billion to Rp17.84 billion. As a result, the company also posted a sharp increase in net profit from Rp360.11 billion to Rp4.03 trillion. 738 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Business integration opportunity - Business integration opportunity - Limited domestic players - Limited domestic players - Growing domestic demand for - Growing domestic demand for plastic raw materials plastic raw materials
  739. TUFI Data as of Sector Sub Sector Website Corporate Sec . Email Corporate Sec. idAA+ PT Mandiri Tunas Finance : : : : : : Stable June 2017 ADDRESS Graha Mandiri, 3A Floor Jln. Imam Bonjol No. 61 Jakarta Pusat 10310 Phone : (021) 2305-608 Fax : (021) 2305-618 Finance Financial Institution www.mtf.co.id Citra Judith Lupitadevi citra.judith@mtf.co.id; corporate.secretary@mtf.co.id PT Mandiri Tunas Finance is an Indonesian company engaged in business of automotive financing services including but not limited to provide investment financing, working capital financing, multipurpose financing & other financing activities based on prior approval from Indonesia Financial Services Authority (OJK) such as provides financing for individual person and company to procure new vehicles, premium motorcycles, fleet financing (passenger cars and commercial cars), heavy equipments and various multipurpose financing such as education, marriage, house renovation, hajj, spiritual tourism, holiday and health sector. The shareholders of the company are PT Bank Mandiri (Persero) Tbk. (51%) as the largest asset Bank in Indonesia and PT Tunas Ridean Tbk. (49%) as the largest independent automotive company group in Indonesia. As of 31 December 2016, total net operating revenues increased from Rp 1,987.53 billion to Rp2,449.26 billion, which means 23% change. Net profit in 2016 was Rp306.80 billion, increased 28% from the last year. As a part of Bank Mandiri Group, the Company intends to be the best, the biggest and the trustworthy multifinance company in Indonesia. The company has business strategic in 2016 to realize it such as the company are more focused on financing tier 1 segments such as passenger segment with minimum down payment (DP) 25% with composition of 60% -70% of new lending, provide financing to the commercial segment will be focused on segments with high DP as well as limitation of principal debt, market penetration in relative healthy areas especially in Jabodetabek and East Java, areas with high AR loss history will be focused on shifting portfolios and improving credit quality, optimization of alliances with Bank Mandiri especially for KPM product financing cooperation and continuing alliance strategy with other subsidiaries of Bank Mandiri, optimize fleet financing business portfolio with focus on Car Ownership Program (COP) or rental to state company, operates a cost efficiency policy by controlling costs particularly related to collection expenses and increasing employee productivity, the company has plans to expand multipurpose financing by reaching the education, marriage, home renovation, spiritual tourism, holiday and health sector. In 2016, the company has 91 branches in 29 provinces in Indonesia. They are located in Sumatera, Java, Borneo, Sulawesi, Bali and West Nusa Tenggara. The Company is well supported by Bank Mandiri networking branches throughout Indonesia and its strategic alliance with the Group of Bank Mandiri, the company will be the best solution for customers to get vehicles financing. BOARD OF COMMISSIONERS 1. Rico Adisurja Setiawan 2. Harry Gale 3. Ravik Karsidi * *) Independent Commissioner FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 91,966 465,344 Dec-2016 Chg % 257,894 180.42 p 344,005 -26.08 q 7,883,435 9,668,871 22.65 p Total Assets 9,202,994 11,404,062 23.92 p Total Liabilities 8,030,356 9,929,933 23.65 p 1,000,000 1,000,000 2,500.0 2,500.0 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) 102,852 5,486,590 10,000.0 250,000 100 141,322 5,609,152 10,000.0 250,000 100 934,134 1,238,824 - - 1,172,638 1,474,129 37.40 p 2.23 p -  -  -  -  -  32.62 p 25.71 p -  1,172,638 1,474,129 25.71 p 1,987,532 2,449,269 23.23 p 663,245 874,251 31.81 p 1,576,688 410,844 2,000,384 448,885 26.87 p 9.26 p 1,091,759 1,344,016 23.11 p 301,384 306,800 332,171 335,370 10.22 p 6.85 6.74 -1.64 q 306,800 FINANCIAL RATIOS DER (X) 3.33 ROA (%) NPM (%) EBITDA Coverage (X) 15.44 1.65 335,370 9.31 p 9.31 p 2.94 -11.79 q 13.69 -11.30 q 1.54 -6.61 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Bank Mandiri (Persero) Tbk. 2. PT Tunas Ridean Tbk. 51.00% 49.00% AUDIT COMMITTEE 1. Ravik Karsidi 2. Ellen Situngkir 3. Irene Yudhistira Junarso BOARD OF DIRECTORS 1. Ignatius Susatyo Wijoyo 2. Arya Suprihadi 3. Harjanto Tjitohardjojo INDONESIA BOND MARKET DIRECTORY 2016-2017 739
  740. AS OF JUNE 2017 No . 1. 2. 3. CODE ISIN CODE TUFI01BCN2 IDA0000630B4 TUFI01CN3 IDA000068704 TUFI02BCN1 Series Name Outstanding (Rp Million) Listing Date Maturity Date Issue Term Obligasi Berkelanjutan I Mandiri Tunas Finance Tahap II Tahun 2014 175,000 26-May-14 23-May-18 4 years PT Bank Mega Tbk. Stable Pastikan Link Grafik sudah be 18-Sep-17 18-Dec-17 18-Mar-18 PT Bank Mega Pastikan Link Grafik sudah be AA+ 01-Sep-17 01-Dec-17 01-Mar-18 PT Bank Mega 01-Sep-17 01-Dec-17 01-Mar-18 PT Bank Mega 07-Jul-17 07-Oct-17 07-Jan-18 PT Bank Mega 07-Jul-17 07-Oct-17 07-Jan-18 PT Bank Mega 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Mega 06-Sep-17 06-Dec-17 06-Mar-18 PT Bank Mega 150,000 10-Jun-15 09-Jun-18 3 years Quarterly Obligasi Berkelanjutan II Mandiri Tunas 100,000 21-Dec-15 18-Dec-20 5 years Obligasi Berkelanjutan II Mandiri Tunas 500,000 21-Dec-15 18-Dec-18 3 years 680,000 02-Jun-16 01-Jun-21 5 years 720,000 02-Jun-16 01-Jun-19 3 years IDA0000765B8 Finance Tahap I Tahun TUFI03ACN1 100,000 10-Oct-16 07-Oct-21 5 years IDA0000765A0 Finance Tahap I Tahun 400,000 10-Oct-16 07-Oct-19 3 years 2016 Seri A 9. TUFI03BCN2 IDA0000811B0 Finance Tahap II Tahun 240,000 07-Jun-17 06-Jun-22 5 years 2017 Seri B 10. TUFI03ACN2 IDA0000811A2 Finance Tahap II Tahun 8.85% Quarterly Obligasi Berkelanjutan III Mandiri Tunas 8.20% Quarterly Obligasi Berkelanjutan III Mandiri Tunas 8.55% Quarterly Obligasi Berkelanjutan III Mandiri Tunas 8.95% Quarterly Obligasi Berkelanjutan III Mandiri Tunas 9.25% Quarterly Obligasi Berkelanjutan II Mandiri Tunas 10.20% Quarterly Obligasi Berkelanjutan II Mandiri Tunas 10.80% Quarterly 2016 Seri B 8. AA+ Stable 18-Sep-17 18-Dec-17 18-Mar-18 Tahap III Tahun 2015 IDA0000730A4 Finance Tahap II Tahun TUFI03BCN1 Tbk. PT Bank Mega Mandiri Tunas Finance 2016 Seri A 7. PT Bank Mega 09-Sep-17 09-Dec-17 09-Mar-18 IDA0000730B2 Finance Tahap II Tahun TUFI02ACN2 23-Aug-17 23-Nov-17 23-Feb-18 9.75% 2016 Seri B 6. 10.85% Rating / Outlook Obligasi Berkelanjutan I 2015 Seri A 5. Trustee 23-May-18 IDA0000711A4 Finance Tahap I Tahun TUFI02BCN2 Date Period Quarterly 2015 Seri B 4. Coupon Payment Seri B IDA0000711B2 Finance Tahap I Tahun TUFI02ACN1 Coupon Structure / 610,000 07-Jun-17 2017 Seri A 06-Jun-20 3 years 8.50% Quarterly 09-Jun-18 18-Jun-18 18-Jun-18 01-Jun-18 01-Jun-18 07-Apr-18 07-Apr-18 06-Jun-18 06-Jun-18 Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. AA+ Stable AA+ Stable AA+ Stable AA+ Stable AA+ Stable AA+ Stable AA+ Stable AA+ Stable Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 740 INDONESIA BOND MARKET DIRECTORY 2016-2017
  741. TRADING HIGHLIGHT TUFI01BCN2 ISIN CODE : IDA0000630B4 75 60 Frequency 15 Volume 12 Frequency Maturity Date May-15 Trading Activities, May-16 May-17 May-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - Q2 55.00 - 11 4 45 9 Trading days 30 6 CTP Price - High N/A N/A N/A N/A N/A 103.5500 CTP Price - Low N/A N/A N/A N/A N/A 100.4500 3 15 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Date Date IBPA Fair Price IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 103 9.0 102 8.0 7.0 101 100 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date N/A N/A - N/A N/A N/A N/A - N/A N/A - 125.71 N/A 26-May N/A 28-Apr 103.0845 103.1035 104.0604 102.6276 102.9844 103.5034 9.2305 9.0472 8.1856 8.8249 8.0665 6.8796 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.256 3.438 2.697 2.012 1.425 0.984 Mod. Duration (yrs) 1.882 Sensitivity (%) 0.019 Convexity (yrs) - 1.687 1.487 0.017 0.015 1.275 0.013 1.060 0.866 0.011 0.009 This series was listed since 26 May 2014 and matured on 05 July 2017 have a nominal value of Rp175.00 billion with fixed interest rate of 10.85 % per annum. The IBPA fair price was between 100.3948% - 104.1914%, the fair yield for this series was between 6.8796% - 10.6562%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TUFI01CN3 Listing Date ISIN CODE : IDA000068704 5 4 Jun-15 TRADING ACTIVITIES Volume Frequency 5 Volume 4 Frequency Trading Activities, Maturity Date Jun-16 Jun-17 Jun-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) - - - - - - - - - - - - Frequency (X) - Turnover Ratio (%) - - - - - Q2 - 3 3 Trading days 2 2 CTP Price - High N/A N/A N/A N/A N/A N/A 1 1 N/A N/A N/A N/A N/A N/A - - CTP Price - Low enar >> enar >> May-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Date N/A Date N/A IBPA Fair Price IBPA Fair Yield (%) Price 103 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 101 9.0 100 8.0 99 7.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date N/A N/A - N/A N/A - N/A N/A - N/A N/A - N/A N/A 100.9503 101.2098 102.4195 101.2037 101.8226 102.0692 9.2497 9.0607 8.2008 8.8479 8.1022 7.5016 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 4.486 3.637 2.866 2.153 1.540 1.074 Mod. Duration (yrs) 1.943 Sensitivity (%) 0.019 Convexity (yrs) - 1.744 0.017 1.542 0.015 1.327 0.013 1.109 0.011 0.912 0.009 This series has an outstanding amounted to Rp150 billion with fixed coupon per annum at 9.75%. During 2016 until at the end of June 2017, there was not transaction. IBPA valued the fair prices for this series were 98.0517% for the lowest and 102.4599% for the highest. At the same period, the fair yield for this series was ranging from 7.4625% to 10.6675%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 741
  742. TUFI02BCN1 Listing Date ISIN CODE : IDA0000711B2 TRADING ACTIVITIES Volume 45 36 Dec-15 Frequency 5 Volume 4 Frequency Maturity Date Dec-16 Trading Activities, Dec-18 Dec-19 2016 Q2 Price and Yield Q1 Volume (Rp bn) 30.00 - 30.00 30.00 - 1 - 1 2 - 2 Frequency (X) Q3 - Dec-20 2017 Q4 2 Q1 2 Q2 40.00 - 2 1 27 3 Trading days 18 2 CTP Price - High 102.2300 N/A 105.2500 104.3000 N/A 106.2295 CTP Price - Low 102.2200 N/A 105.2400 104.2500 N/A 106.2145 IBPA Fair Price 103.9760 104.9358 107.1470 104.5329 105.9997 Pastikan 106.5339Link Grafik sudah be 1 9 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Dec-17 Price 108 PRICE AND YTM MOVEMENT YTM (%) 12.0 106 11.0 104 10.0 102 9.0 100 8.0 98 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) 120.00 02-Mar 02-Mar 9.7298 - N/A N/A 9.4321 120.00 120.00 22-Jul 01-Dec 22-Jul 30-Nov 8.7538 9.4162 31-Mar 30-Jun 30-Sep 30-Dec 16.428 15.086 13.806 12.372 3.674 0.037 Sensitivity (%) 3.531 0.035 3.388 0.034 3.210 0.032 - 160.00 N/A 07-Apr N/A 07-Apr 8.8765 8.6115 31-Mar Pastikan 22-JunLink Grafik sudah be 3.050 11.124 0.031 2.907 10.049 0.029 The bond series TUFI02BCN1, was first listed on 21 December 2015 with nominal value of Rp100.00 billion and fixed interest rate of 10.80% per annum. This series had traded 8 times in 5 trading days with total volume booked of Rp130.00 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q22017 this series was traded between 102.2200% - 106.2295% while the IBPA fair price was between 99.4837% - 107.7351%, the fair yield for this series was between 8.5384% 10.9349%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TUFI02ACN1 Listing Date ISIN CODE : IDA0000711A4 Dec-15 TRADING ACTIVITIES Volume 750 Frequency 75 Volume 600 60 Frequency Trading Activities, Dec-17 Dec-18 2016 Price and Yield Q1 Q2 Volume (Rp bn) 567.70 20 57 Frequency (X) 2017 Q3 Q4 Q1 Q2 95.00 25.75 175.60 129.10 189.05 5 8 11 10 6 10 19 17 15 8 45 Trading days 300 30 CTP Price - High 102.0000 103.7500 104.2191 104.1400 104.2900 103.1500 CTP Price - Low 100.0000 100.0000 IBPA Fair Price 102.3767 102.2181 104.2458 103.8146 102.0837 Pastikan 103.0118Link Grafik sudah be - enar >> 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 106 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 102 9.0 100 8.0 98 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 742 Dec-16 450 150 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 Last Date 454.16 76.00 02-Mar 28-Jun 18-Feb 27-Apr 9.1882 9.1833 20.60 28-Sep 96.5000 15-Sep 8.0871 140.48 10-Oct 97.5000 28-Dec 8.0810 31-Mar 30-Jun 30-Sep 30-Dec 6.522 5.521 4.611 3.734 Mod. Duration (yrs) 2.347 Sensitivity (%) 0.023 Convexity (yrs) 2.159 0.022 1.971 0.020 1.769 0.018 103.28 151.24 24-Jan 20-Jun 11-Jan 20-Jun 8.8582 8.0328 1.556 1.373 0.016 0.014 97.0000 3.0000 31-Mar Pastikan 22-JunLink Grafik sudah be 2.916 2.292 This series will mature on 18 Dec 2018, and was traded in 62 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp1,182 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 104.2900% at the highest. While the IBPA fair price for this series was valued between 99.7681% and 104.7817%.
  743. TUFI02BCN2 ISIN CODE : IDA0000730B2 325 260 Frequency 75 Volume 60 Frequency Maturity Date Jun-17 Trading Activities, Jun-18 Jun-19 Jun-20 2016 Jun-21 2017 Price and Yield Q1 Q2 Q3 Q4 Volume (Rp bn) N/A 28.30 302.50 162.60 44.60 7 12 6 8 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 60 21 Q1 9 Q2 58.00 13 8 195 45 Trading days N/A 130 30 CTP Price - High N/A 103.0000 101.6500 102.2500 102.5000 103.6500 CTP Price - Low N/A 100.0000 IBPA Fair Price N/A 100.9442 101.5299 100.0255 102.4520 101.8844 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 18.304 16.807 15.252 13.901 12.654 15 65 - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 16.65 08-Jun 21-Jun 9.0089 3.896 0.039 177.94 95.65 22-Sep 08-Nov 13-Jul 28-Dec 99.9800 100.0500 8.8450 3.742 0.037 9.2413 3.569 0.036 5 26.24 34.12 23-Mar 16-Jun 12-Jan 07-Apr 97.0000 101.3463 8.5360 3.416 0.034 8.6790 3.266 0.033 This series listed on 2 June 2016 and matured on 1 June 2021. This series listed with nominal amount of Rp680 billion with interest rate per annum at 9.25%. During 2016, the average of total volume for this series recorded of Rp123.4 billion/quarter while in first semester of 2017 decreased to Rp51.3 billion/quarter. The market price (Centralized Trading Platform) for this series during the observation period was between 97.0000% and 103.6500% while IBPA fair price for this series was at the range 97.0943% 103.5285%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TUFI02ACN2 Listing Date ISIN CODE : IDA0000730A4 275 220 Jun-16 TRADING ACTIVITIES Volume Frequency 175 Volume 140 Frequency Trading Activities, Maturity Date Jun-17 Jun-18 Jun-19 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) N/A 117.08 234.22 273.30 83.65 203.60 19 15 14 9 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 161 33 23 14 16 165 105 Trading days N/A 110 70 CTP Price - High N/A CTP Price - Low N/A 97.2500 100.5000 IBPA Fair Price N/A 101.0786 101.5320 Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.548 6.459 5.400 4.464 3.686 35 55 - enar >> enar >> Jun-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 65.04 130.12 17-Jun 01-Jul 28-Jun 14-Jul 151.83 46.47 9 113.11 104.0000 103.0000 101.5000 101.1500 101.7000 8.5268 2.532 0.025 8.3022 2.342 0.023 11-Oct 98.5000 25-Oct 27-Mar 95.5000 06-Mar 14-Jun 97.0000 29-May 99.6908 101.2159 101.3725 9.0913 2.138 0.021 8.3165 1.941 0.019 8.1761 1.760 0.018 The bond series TUFI02ACN2, was first listed on 02 June 2016 and matured on 01 June 2019. From this series listing to the first half of year 2017, total volume traded amounted to Rp911.85 billion with 66 of total trading days. The CTP market price for this series during the period was within the range of 95.5000% – 104.0000%. Meanwhile IBPA fair price ranged from 98.3192% to 102.6164%. IBPA yield for this series were 7.9013% at the lowest and 9.7127% at the highest. By the end of June 2017, the outstanding amount of this series was Rp720.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 743
  744. TUFI03BCN1 Listing Date ISIN CODE : IDA0000765B8 TRADING ACTIVITIES Volume 5 Frequency 5 Volume 4 4 Frequency Oct-17 Trading Activities, Oct-18 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A - - - N/A N/A - - - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 102 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 98 9.0 96 8.0 7.0 94 92 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Oct-21 2017 Q1 Trading days Q2-16 Oct-20 Price and Yield 3 Q1-16 Oct-19 2016 3 enar >> enar >> Oct-16 Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A Q2 - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 96.3276 98.4468 Pastikan 99.5065Link Grafik sudah be N/A 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A 17.325 N/A 9.5164 N/A 3.779 N/A 0.038 8.9648 3.631 15.902 0.036 8.6881 3.496 14.652 0.035 This series was listed since 10 October 2016 and matured on 23 June 2045 have a nominal value of Rp100.00 billion with fixed interest rate of 8.55 % per annum. The IBPA fair price was between 94.4796% - 100.0361%, the fair yield for this series was between 8.5401% - 9.9966%. 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TUFI03ACN1 Listing Date ISIN CODE : IDA0000765A0 TRADING ACTIVITIES Volume 750 600 Oct-16 Frequency 20 Volume 16 Frequency Q1 Q2 Q3 Q4 Volume (Rp bn) N/A N/A N/A 701.00 - N/A N/A 12 - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 300 8 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 101 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 100 10.0 99 9.0 98 8.0 97 7.0 96 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 Oct-19 2017 Price and Yield Trading days 4 Oct-18 2016 12 enar >> 744 Oct-17 450 150 enar >> Trading Activities, Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 18 701.00 Q1 - Q2 21.00 2 2 21.00 N/A 100.1500 N/A 100.3000 N/A 99.4900 N/A 100.0000 N/A 97.4780 98.9185 Pastikan 100.3418Link Grafik sudah be N/A 30-Dec 31-Mar Pastikan 22-JunLink Grafik sudah be N/A 6.834 N/A N/A N/A N/A N/A 06-Dec 30-Nov 9.2419 2.399 0.024 N/A N/A 26-May 24-May 8.6716 8.0338 2.207 2.037 0.022 0.020 5.791 4.935 This series will mature on 7 October 2019, and was traded in 14 trading days during 2016 to Q2-2017 period. During the period, the total trading volume reached Rp722 billion. The market price for this series observed through the Centralized Trading Platform (CTP) was 99.4900% at the lowest and 100.3000% at the highest. While the IBPA fair price for this series was valued between 96.1107% and 100.6059%.
  745. TUFI03BCN2 ISIN CODE : IDA0000811B0 5 4 Frequency 5 Volume 4 Frequency Maturity Date Jun-18 Trading Activities, Jun-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A - N/A N/A N/A N/A - Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 2 2 CTP Price - High N/A 1 1 N/A - - CTP Price - Low IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A Price 103 Q3-16 Q4-16 Q1-17 Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 99 8.0 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-22 2017 Q1 Trading days Q2-16 Jun-21 Price and Yield 3 Q1-16 Jun-20 2016 3 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 N/A - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A 100.2823 N/A 22-Jun N/A 18.810 N/A N/A N/A 8.7783 3.964 0.040 This series has an outstanding amounted to Rp240 billion with fixed coupon per annum at 8.85%. Since this series listed on 7 June 2017 until at the end of June 2017, there was not transaction. IBPA valued the fair prices for this series were 100.0000% for the lowest and 100.3248% for the highest. At the same period, the fair yield for this series was ranging from 8.7678% to 8.8500%. 7.0 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TUFI03ACN2 Listing Date ISIN CODE : IDA0000811A2 75 60 Jun-17 TRADING ACTIVITIES Volume Frequency 10 Volume 8 Frequency Trading Activities, Maturity Date Jun-18 Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A N/A N/A N/A N/A N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 30 4 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 2 - Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jun-20 2017 Price and Yield 6 15 Jun-19 2016 45 enar >> enar >> Jun-17 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 71.00 6 4 46.56 N/A 100.7500 N/A 100.0000 N/A 99.8342 N/A 22-Jun N/A 7.787 N/A N/A N/A N/A N/A 21-Jun 15-Jun 8.5628 2.579 0.026 The bond series TUFI03ACN2, was first listed on 07 June 2017 and matured on 06 June 2020. From this series listing to the first half of year 2017, total volume traded amounted to Rp71.00 billion with 4 of total trading days. The CTP market price for this series during the period was within the range of 100.0000% – 100.7500%. Meanwhile IBPA fair price ranged from 99.8342% to 100.2103%. IBPA yield for this series were 8.4187% at the lowest and 8.5628% at the highest. By the end of June 2017, the outstanding amount of this series was Rp610.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 745
  746. Listing Date Maturity Date TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Turnover Outstanding in Year 2016 TUFI01BCN2 TUFI01CN3 TUFI02BCN1 30 30 30 90.0% TUFI02ACN1 568 TUFI02BCN2 28 TUFI02ACN2 95 303 117 163 234 26 176 172.8% 72… 273 86.8% TUFI03BCN1 TUFI03ACN1 701 - 746 100 200 300 INDONESIA BOND MARKET DIRECTORY 2016-2017 175.3% 400 500 600 700 800 900
  747. IBPA ANALYTICAL REVIEW Description PT Mandiri Tunas Finance (TUFI) formerly known as PT Sarana Financindo which was established in 1989. TUFI engages in the financing of motor vehicles to both retail and corporate customers in the form of consumer financing and leasing. Type of vehicle being financed include new cars, used cars, motorcycles, and heavy equipment. In 2016, TUFI has mastered enough market share for Peer Group No. Company Total Revenue 1. PT Mandiri Tunas Finance 2. PT BFI Finance Indonesia Tbk. 3. PT Sarana Multi Infrastruktur (Persero) 5. PT Toyota Astra Financial Services Historical Corporate Ratings No. By the end of 2016, TUFI has 93 branch offices spread across Indonesia throughout 32 provinces and have 21 satellite operations located on Branch Offices of Bank Mandiri. Revenue 24.7 2,639 43.1 2,594 14.0 52.1 213.2 13.5 19.4 10.9 Financial Statement as of Fiscal Year 2016 financing amounted to Rp18.6 trillion with total trillion. 3,227 2,329 4. PT BCA Finance new cars. The company also has distributed new financing receivables managed amounted to Rp31.3 Net Profit (Rp Bill) Margins (%) Growth (%) 2,449 1.4 23.2 Rating Agency 1. Pefindo Rating Rating Status idAA+ Affirmed idAA+ Upgraded* AA(idn) Affirmed 2. Fitch Ratings AA(idn) 4. Fitch Ratings AA(idn) 3. Pefindo 5. Fitch Ratings Rating Date Outlook 13-Jul-17 Stable 1-Aug-16 Stable Affirmed 23-Aug-16 Affirmed 22-Sep-15 29-Sep-14 Stable Stable Stable *The upgrade reflects stronger synergy with PT Bank Mandiri (Persero) Tbk which supports the Company’s steady improvement in the business position The main shareholders of the company are PT Bank Mandiri (Persero) Tbk with 51.00% and PT Tunas Ridean Tbk with 49.00%. The Company was originally founded to provide motor vehicle financing facility for the PT Tunas network of car dealerships. SWOT Analysis S W trengths -A very strong support from eaknesses -Moderate profitability shareholder (Bank Mandiri) -Wide business network in 32 provinces and has financing packages complete and competitive Financial Analysis As of 2016, TUFI’s total assets reached Rp11.40 interest -Strong financial flexibility trillion, an increase of 23.92% compared to 2015 which only amounted to Rp9.20 trillion. The increase was caused by rising consumer financing receivables portfolio amounted to 22.65% or valued at Rp1.78 trillion. In terms of liquidity, TUFI’s liquidity grew up in 2016 which measured by current ratio. TUFI’s current ratio in 2016 stood at 0.89 times, increased from 2015 which stood at 0.82 times. TUFI recorded a profit in 2016 amounted to Rp335.37 billion or increased by 9.31% from the previous year amounted to Rp306.80 billion. This increase was supported by TUFI’s revenue increased by 23.23% from last year’s revenue portfolio. Enhancement in total revenue was mainly driven by consumer financing income which grew by O T pportunities hreats -Expansion opportunity outside Java -Expansion opportunity outside Java island island -Relatively low density for -Relatively low density for motorcycle outside Java motorcycle outside Java -Optimizing the alliance with Bank -Optimizing the alliance with Bank Mandiri Mandiri 24.52% to Rp1.77 trillion from Rp1.42 trillion. INDONESIA BOND MARKET DIRECTORY 2016-2017 747
  748. idA- VRNA PT Verena Multi Finance Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Bank Panin Building 3rd Fl. Jln. Pecenongan Raya No. 84 Jakarta 10120 Phone : (021) 350-4890 Fax : (021) 350-4891 Finance Financial Institution www.verena.co.id Iman Syahrizal investor@verena.co.id PT Verena Multi Finance Tbk. (Verena) was established on September 1, 2003 under the name of PT Verena Oto Finance and engaged in consumer finance, specifically in 4-wheeled automotive financing. It became public listed company in June 2008 and at the same time Panin Bank increased its ownership to 42.87%. In 2010, Verena changed its name to PT Verena Multi Finance Tbk., due to additional line of business of non-automotive financing. Verena is one of the subsidiary consolidated to Panin Bank – a National Bank with total asset of more than Rp200 trillion and part of Panin Group financial conglomerates which implements integrated risk management & corporate governance. Verena issued its first Bond in March 2011 amounted Rp500 billion, followed by issuance of Rp200 billion Medium Term Notes I in December 2011. In 2012, Verena registered Continuous Bond I with First Phase issuance of Rp300 billion. The following year, Verena continuously issued the Second & Third Phase amounting Rp153 billion (2013) and Rp135 billion (2014) respectively. In total Verena has issued Bonds and MTN amounted at Rp1.288 trillion of which Rp1.116 trillion has matured and fully paid timely as of December 31, 2016. Under POJK No. 29/POJK.05/2014 dated 19 November 2014, Verena has entered the new business in financing investment, working capital & multipurpose. In terms of product financed, Verena maintains its core business which focuses on used car financing. To overcome competition and to win the market, Verena prepares the following strategies: 1. Extends market coverage by adding more office network; 2. Offers well-diversified and innovative collateral-based financing product; 3. Improves asset quality by enhancing business process, comprehensive risk management & prudent credit analysis; 4. Applies real time and online information technology system to promotes effective and efficient business process, accurate decision making and timely reporting; 5. Develops experienced professional and creative Management Team, by continuous training programs to enhance competency, skill & knowledge through Verena Learning Centre; 6. Strengthens close relationship with business partners and stakeholders. On May 24, 2017, Verena successfully conducted its 1st Right Issue with total raised fund of Rp177.3 billion. Through the right issue, Panin Bank increased its ownership to 57.54%. The right issue has attracted foreign investor, namely DEG (Deutsche Investitions – und Entwicklungsgesellschaft mbH) with equity ownership of 19.99%. DEG is a financial institution fully owned by KfW, a development bank in Germany which focuses on developing private sector enterprises with prospect for further improvement. In 2016, DEG portfolio runs to approximately EUR8.6 billion – financing about 600 customers in 81 countries. With the successful capital increase, Verena is ready to capitalize the strong support from the Majority Shareholder (Panin Bank) and benefit from DEG’s expertise, to Rise Up to the Next Level. FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents INDONESIA BOND MARKET DIRECTORY 2016-2017 Millions of Rp, Unless Otherwise Stated Dec-2015 9,373 Other Receivables 3,847 Dec-2016 12,818 Chg % 36.76 p 35,272 816.93 p 1,255,481 1,371,278 9.22 p Total Assets 1,894,358 1,790,467 -5.48 q Total Liabilities 1,610,010 1,503,726 -6.60 q 400,000 400,000 1,002.0 1,002.0 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) 38,518 1,246,395 Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity 4,000.0 100,200 100 34,208 -11.19 q 1,269,174 4,000.0 100,200 100 181,839 188,305 - - 284,348 286,741 1.83 p -  -  -  -  -  3.56 p 0.84 p -  284,348 286,741 Total Revenues 379,016 336,358 -11.26 q Interest Expenses 209,317 183,320 -12.42 q INCOME STATEMENTS Expenses Earning Before Tax EBITDA Income for the periods Comprehensive Income Net Income … *) FINANCIAL RATIOS 372,924 6,092 224,850 2,419 1,340 2,419 0.84 p Pastikan Link Grafik sudah be 327,050 -12.30 qLink Grafik sudah be Pastikan 9,308 52.79 p 201,487 -10.39 q 6,466 167.28 p 2,393 78.56 p -7.38 q 6,466 167.28 p DER (X) 5.66 5.24 NPM (%) 0.64 1.92 201.18 p ROA (%) EBITDA Coverage (X) 0.13 1.07 0.36 182.79 p 1.10 2.32 p *) … attributable to owners of the parent entity SHAREHOLDERS 1. PT Bank Pan Indonesia Tbk. 2. DEG - Deutsche Investitions 3. Public 4. PT Verena Kapital 57.54% 19.99% 13.03% 9.44% AUDIT COMMITTEE 1. Evi Firmansyah 2. Bondan Anugrah 3. Evelyn Natasha BOARD OF COMMISSIONERS 1. Murniaty Santoso 2. Evi Firmansyah * 3. Gunawan Santoso BOARD OF DIRECTORS 1. Andi Harjono 2. Iman Santoso Iskandar 3. Iman Syahrizal *) Independent Commissioner 748 Stable
  749. AS OF JUNE 2017 CODE No . 1. ISIN CODE 40,000 Verena Multi IDA0000614B8 Listing (Rp Million) Berkelanjutan I VRNA01BCN2 Finance Tahap II Maturity Date Issue Date 27-Dec-13 24-Dec-17 Term Coupon Structure / Coupon Payment Date Trustee 12.15% 24-Sep-17 24-Dec-17 - PT Bank Mega Period 4 years Rating / Outlook Tbk. - Quarterly Tahun 2013 Seri B A- Stable TRADING HIGHLIGHT VRNA01BCN2 Listing Date ISIN CODE : IDA0000614B8 30 24 Dec-13 TRADING ACTIVITIES Volume 5 4 Frequency Dec-14 Dec-15 Dec-16 Dec-17 2016 Trading Activities, Frequency Volume Maturity Date 2017 Price and Yield Q1 Q2 Q3 Volume (Rp bn) - - - 10.00 1.00 - - - 1 1 Frequency (X) - Turnover Ratio (%) - - - Q4 Q1 1 Q2 1 25.00 4 2 18 3 Trading days 12 2 CTP Price - High N/A N/A N/A 100.0000 102.9000 102.8000 CTP Price - Low N/A N/A N/A 100.0000 102.9000 102.2500 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Date - Q2-17 IBPA Fair Price IBPA Fair Yield (%) Price 104 PRICE AND YTM MOVEMENT 13.0 12.0 102 11.0 101 10.0 100 9.0 99 8.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Last Date YTM (%) 103 Q2-17 N/A Date 1 6 enar >> enar >> Series Name Obligasi Outstanding N/A - N/A N/A - N/A N/A 100.00 10.00 250.00 08-Nov 22-Mar 18-Apr 08-Nov 22-Mar 18-May 103.2978 102.9389 103.1234 102.0317 102.2545 101.8357 10.0306 9.9920 9.4357 9.9530 8.8894 8.4018 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.902 2.220 1.615 1.088 0.659 0.349 Mod. Duration (yrs) 1.547 Sensitivity (%) 0.015 Convexity (yrs) 1.345 0.013 1.136 0.011 0.918 0.009 0.694 0.007 0.474 0.005 The bond series VRNA01BCN2, was first listed on 27 December 2013 and matured on 24 December 2017. From 2016 to the first half of year 2017, total volume traded amounted to Rp36.00 billion with 4 of total trading days. The CTP market price for this series during the period was within the range of 100.0000% – 102.9000%. Meanwhile IBPA fair price ranged from 100.6168% to 103.4923%. IBPA yield for this series were 8.3565% at the lowest and 11.7924% at the highest. By the end of June 2017, the outstanding amount of this series was Rp40.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 Q2-2016 VRNA01BCN2 - - 10.00 4 Q3-2016 Q4-2016 Outstanding in Year 2016 Turnover 25.0% 8 12 16 20 24 28 32 36 40 INDONESIA BOND MARKET DIRECTORY 2016-2017 749
  750. IBPA ANALYTICAL REVIEW Description PT Verena Multi Finance Tbk was established in 2003 with its initial name PT Verena Oto Finance . The company has been engaging in various type of financing business, namely investment financing, multi purpose financing, working capital financing, and operating lease. The company is currently conducting financing activities for automotive and Peer Group No. Company Total Revenue 1. PT Surya Artha Nusantara Finance 2. PT Indonesia Infrastucture Finance 3. PT Bima Multi Finance 5. PT Batavia Prosperindo Finance Tbk. Historical Corporate Ratings Finance, a joint venture between the company and IBJ No. companies. PT Verena Multi Finance focuses on financing that can provide a high return and controllable risk. Rating Agency has been PT Bank Panin Tbk (42.87%), PT Verena 77.4 336 1.9 (11.3) 5.3 258 13.1 22.3 3.4 Rating Rating Status 1. Pefindo idA- Affirmed 5-Sep-16 Stable 3. Pefindo idA- Downgraded* 4-Sep-14 Stable idA Affirmed 2. Pefindo 4. Pefindo 5. Pefindo By the end of 2016, the shareholders of the company 18.7 Financial Statement as of Fiscal Year 2016 The company has synergized with PT IBJ Verena offering financing for individual or small to big size Revenue 544 436 4. PT Verena Multi Finance Tbk. non-automotive financing. Leasing Co.Ltd (part of Mizuho Financial Group) in Net Profit (Rp Bill) Margins (%) Growth (%) 622 13.0 (8.1) idAidA Rating Date Affirmed Affirmed 7-Sep-15 4-Sep-13 25-Sep-12 Outlook Stable Stable Stable *Driven by VRNA’s limited capitalization that has affected the company ability to expand its market share Kapital (24.35%), Murniaty Santoso (9.74%), and Public (23.04%). SWOT Analysis S trengths W eaknesses -A committed shareholder (Bank -Decreasing asset quality Panin) -Decreasing profitability -Decreasing financing expenses -Relatively smaller number of -Adequate liquidity and financial branches flexibility profile Financial Analysis The Company recorded a decrease in total revenue by 11.25% from Rp379.02 billion in 2015 to Rp336.36 billion in 2016. The decrease was due to the revenue from consumer financing business that slowed by 0.82% from Rp218.15 billion to Rp216.35 billion. The consumer financing business had the biggest contribution to company’s total revenue which made up to 64.32% of total revenue. However the company’s consumer financing receivable rose by 9.22% to Rp1,371.28 billion. This condition indicated decreasing asset quality. Company’s factoring business revenue also fall quite sharply by 38.75% from Rp159.53 billion to Rp97.71 billion. On the other hand, total expenses also decreased by 12.30% from Rp372.92 billion to Rp327.05 billion. Interest & financing expense decreased by 12.23% to Rp186.06 billion. This was driven by decreasing securities payable from Rp307.55 billion to Rp171.96 billion. Due to decreasing total expenses, the companies managed to record a net income increase by 167.30% to Rp6.47 billion. 750 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats -Expansion opportunity throughout -Expansion opportunity throughout Indonesia Indonesia -Growing non-automotive financing -Growing non-automotive financing segment business segment business
  751. WOMF PT Wahana Ottomitra Multiartha Tbk . Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 The Company then obtained the effective statement from OJK (formerly the Capital Market and Financial Institution Supervisory Agency/Bapepam-LK) to conduct the Initial Public offering. On that opportunity, the Company offered 200,000,000 shares with the nominal value of Rp100 per share and initial offering price of Rp700 per share. The shares were listed in the Indonesia StockExchange on December 13, 2004 under the ticker symbol WOMF. In 2005, the Company became a part of PT Bank Maybank Indonesia Tbk. (formerly PT Bank Internasional Indonesia Tbk) business group after Maybank Indonesia acquired 43% share ownership in the Company. In 2015, the Company conducted a Right Issue through the Public Offering I, where MBI acted as the standby buyer. In this Right Issue, the Company issued 1,481,481,480 new shares. Later, MBI’s share ownership increased to 68.55%. In order to support the business growth and increase the financing products, in June 2016, the Company issued the Serial Bonds II Tranche I Year 2016, that was listed as Rp665 billion and rated AA(idn) (Double A) by PT Fitch Ratings Indonesia (Fitch). Currently, the Company is supported by 168 network offices and 3000 employees for each 1 million active consumers. Furthermore, the Company always maintains good relationship with more than 3,000 dealers. The Company always endeavors to realize the Company’s vision to be one of the best financing companies in Indonesia. For that purpose, the Company will also constantly improve the service quality for all customers by utilizing the development of Information Technology so that the customers can be served immediately, accurately, effectively and efficiently. Vission : To be one of the best consumer financing company in Indonesia by implementing good corporate governance. Mission : 1. Placing the satisfaction of customers and business partners as the first priority 2. Establishing IT-based infrastructures to promote sound processing 3. Developing and expanding business network, particularly in potential areas 4. Optimizing company performance BOARD OF COMMISSIONERS 1. I Nyoman Tjager * 2. Garibaldi Thohir 3. Myrnie Zachraini Tamin * *) Independent Commissioner 4. Robbyanto Budiman 5. Thilagavathy Nadason Stable ADDRESS Mega Glodok Kemayoran Office Tower B 2nd Fl. Jln. Angkasa Kav. B-6 Bandar Kemayoran Jakarta Pusat 10610 Phone : (021) 2937-1345 Fax : (021) 6570-1524 Finance Financial Institution www.wom.co.id Zacharia Susantadiredja corporate_secretary@wom.co.id PT Wahana Ottomitra Multiartha Tbk. was established in 1982, under the name of PT Jakarta Tokyo Leasing, a company engaged in the motorcycle finan cing services, particularly for motorcycles under the Honda brand. In 2000, the Company changed its name to PT Wahana Ottomitra Multiartha in line with the Company’s business transformation. Further, this Company no longer restricted its service exclusively for financing Honda motorcycles. It also covered the other Japanese motorcycle brands, such as Yamaha, Suzuki and Kawasaki. AA-(idn) FINANCIAL HIGHLIGHT BALANCE SHEETS Cash & Cash Equivalents Other Receivables Millions of Rp, Unless Otherwise Stated Dec-2015 853,966 74,721 Dec-2016 Chg % 547,353 -35.90 q 82,453 10.35 p 3,572,237 4,840,183 Total Assets 5,306,269 6,670,916 25.72 p Total Liabilities 4,550,678 5,855,617 28.68 p 500,000 500,000 3,481.5 3,481.5 Consumer Financing Receivables Property, Plant and Equipment Fund Borrowings Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) Par Value (Rp) Retained Earnings Total Equity …*) Non Controlling Interest Total Equity INCOME STATEMENTS Total Revenues Expenses Interest Expenses 45,192 - 5,000.0 348,148 100 71,014 2,556,549 5,000.0 348,148 100 253,407 313,710 - - 755,591 815,299 35.49 p 57.14 p - p -  -  -  -  -  23.80 p 7.90 p -  755,591 815,299 7.90 p 1,740,347 1,922,083 10.44 p - - 1,716,560 1,887,407 9.95 p -  Earning Before Tax 23,787 34,676 Income for the periods 15,667 60,303 284.90 p Net Income … *) 15,667 60,303 284.90 p EBITDA Comprehensive Income FINANCIAL RATIOS 51,615 25,358 54,035 45.78 p 4.69 p 59,708 135.46 p DER (X) 6.02 7.18 NPM (%) 0.90 3.14 248.51 p 0.30 ROA (%) EBITDA Coverage (X) N/A 19.25 p 0.90 206.17 p N/A -  *) … attributable to owners of the parent entity SHAREHOLDERS 1. Bank International Indonesia Tbk. 2. PT Wahana Makmur Sejati 3. Public 68.55% 17.67% 13.78% AUDIT COMMITTEE 1. Myrnie Zachraini Tamin 2. Patricia Marina Sugondo 3. Setiawan Kriswanto BOARD OF DIRECTORS 1. Djaja Suryanto Sutandar 2. Anthony Y Panggabean 3. Njauw Vido Onadi 4. Simon Tan Kian Bing 5. Zacharia Susantadiredja INDONESIA BOND MARKET DIRECTORY 2016-2017 751
  752. AS OF JUNE 2017 CODE No . 1. 2. 3. 4. 5. ISIN CODE Series Name WOMF01BCN2 IDA0000654B4 WOMF01BCN3 IDA0000676B7 WOMF01BCN4 IDA0000708B8 WOMF02BCN1 IDA0000739B3 WOMF02ACN1 IDA0000739A5 Outstanding (Rp Million) Obligasi Berkelanjutan I 500,000 WOM Finance Tahap II Tahun 2014 Seri B Listing Date 08-Dec-14 Maturity Issue Date Term Coupon Payment 11.25% 05-Sep-17 05-Dec-17 - Period 3 years 05-Dec-17 Coupon Structure / Date - Quarterly Obligasi Berkelanjutan I 860,000 WOM Finance Tahap III Tahun 2015 Seri B 06-Apr-15 02-Apr-18 02-Jul-17 02-Oct-17 02-Jan-18 10.25% 3 years 02-Apr-18 Quarterly Obligasi Berkelanjutan I 397,000 WOM Finance Tahap IV Tahun 2015 Seri B 23-Dec-15 22-Dec-18 22-Sep-17 22-Dec-17 22-Mar-18 10.80% 3 years 22-Jun-18 Quarterly Obligasi Berkelanjutan II 223,000 WOM Finance 27-Jun-16 24-Jun-19 9.50% 3 years Tahap I Tahun 2016 Obligasi Berkelanjutan II 442,000 WOM Finance 27-Jun-16 04-Jul-17 8.50% 370 days Tahap I Tahun 2016 PT Bank PT Bank Stable AA- Mandiri (Persero) Tbk. PT Bank Stable Pastikan AA- Link Grafik sudah be Mandiri (Persero) Tbk. 24-Sep-17 24-Dec-17 24-Mar-18 Permata Tbk. 04-Jul-17 - Permata Tbk. PT Bank PT Bank - Quarterly AA- Mandiri (Persero) Tbk. 24-Jun-18 Quarterly Rating / Outlook Trustee Stable Pastikan Link Grafik sudah be AA- Stable AA- Stable TRADING HIGHLIGHT WOMF01BCN2 Listing Date ISIN CODE : IDA0000654B4 TRADING ACTIVITIES Volume 175 140 Dec-14 Frequency 25 Volume 20 Frequency Trading Activities, Dec-15 Dec-16 Dec-17 2016 Price and Yield Q1 Volume (Rp bn) 38.00 - 22.00 62.00 174.00 2 - 3 7 9 Frequency (X) Q2 2017 8 - Q3 Q4 7 Q1 9 Q2 24 76.00 18 7 105 15 Trading days 70 10 CTP Price - High 103.1500 N/A 103.7500 103.9758 103.1000 102.3706 CTP Price - Low 100.8000 N/A 103.1500 5 35 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Price IBPA Fair Yield (%) enar >> Maturity Date Price 105 PRICE AND YTM MOVEMENT YTM (%) 11.0 104 10.0 103 9.0 102 8.0 101 7.0 100 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 30.40 21-Mar N/A 17.60 15-Aug 49.60 139.20 60.80 03-Oct 12-Jan 05-Apr 98.5000 102.1000 101.5000 19-Feb N/A 16-Aug 12-Oct 13-Feb 13-Apr 103.1484 103.1492 103.3225 102.1285 102.3157 Pastikan 101.8475Link Grafik sudah be 9.1825 8.8769 8.2620 8.8352 31-Mar 30-Jun 30-Sep 30-Dec 2.768 2.098 1.505 0.994 Mod. Duration (yrs) 1.509 Sensitivity (%) 0.015 Convexity (yrs) - 1.305 0.013 1.093 0.011 0.872 0.009 7.6696 7.0597 31-Mar Pastikan 22-JunLink Grafik sudah be 0.645 0.438 0.006 0.004 0.582 0.301 The Bonds issued with nominal value of Rp500.00 billion and interest rates of 11.25% per annum. This bond is effective from 08 December 2014 to 05 December 2017. Based on the market price (Centralized Trading Platform) during 2016, this bond was traded between 98.5000% - 103.9758%, while in first semester 2017 this bond was traded between 101.5000% and 103.1000%. In first semester 2017, IBPA fair price recorded at range 101.8400% - 102.8924%. During 2016 this bond was traded with volume amounting to Rp122.00 billion and transacted 24 times, meanwhile in a half of year 2017 recorded by Rp250.00 billion and transacted 42 times. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date 752 INDONESIA BOND MARKET DIRECTORY 2016-2017 Maturity Date
  753. WOMF01BCN3 ISIN CODE : IDA0000676B7 475 380 50 Volume 40 Frequency Q3-16 Q4-16 Q1-17 - Q2-17 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 295.40 314.10 464.85 321.90 11 11 13 9 16 103 PRICE AND YTM MOVEMENT YTM (%) 12.0 102 11.0 101 10.0 100 9.0 8.0 99 98 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 7.0 Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price  IBPA Fair Price  YTM WOMF01BCN4 Frequency 125 Volume 100 Frequency 25 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 12.0 104 11.0 102 10.0 100 9.0 98 8.0 96 7.0 Q1-16 Q2-16 Q3-16 20-May 02-Sep 97.0000 24-Aug 07-Dec 99.0000 29-Nov 10-Jan 96.5000 06-Mar Q4-16 Q1-17 Q2-17 04-May 99.0000 14-Jun 9.4288 9.2919 8.6960 8.7772 8.4928 8.2462 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 3.741 2.970 2.275 1.653 1.118 0.725 1.555 1.352 0.016 0.014 1.141 0.011 0.923 0.726 0.009 0.007 Rp259.6 billion/quarter with average frequency about 26 times per quarter, while during the first semester of 2017 the average volume increased to Rp393.4 billion/quarter with average frequency about to 41 times/quarter. The market price for this series observed through the Centralized Trading Platform (CTP) was between 80.0045% at the lowest and peaked at 102.9155%, meanwhile the range of IBPA fair price stood between 99.8600% 10.3193% at the highest. Trading Activities, Maturity Date Dec-16 Dec-17 Dec-18 2016 2017 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2 Volume (Rp bn) 477.80 256.15 97.10 141.00 156.85 371.10 26 8 8 10 8 Frequency (X) Turnover Ratio (%) Date CTP Price - Low Date IBPA Fair Price IBPA Fair Yield (%) 106 17-May 96.0000 2016 to Q2-2017. In 2016, the average trading volume for this series amounted to CTP Price - High 100 14 149.72 This series had average turnover of 141.5%/quarter and traded in 74 trading days during 50 Price 216.21 46 31-Mar 0.018 200 Q3-16 26-Feb Sensitivity (%) Trading days Q2-16 146.09 36 101.4557 101.5350 102.1704 101.7324 101.6475 101.4921 1.751 75 Q1-16 30-Mar 80.0045 Convexity (yrs) 300 - 137.40 20 101.6262 102.1500 102.9155 102.6494 102.5985 102.3500 Mod. Duration (yrs) Dec-15 TRADING ACTIVITIES 400 66.84 30 Listing Date ISIN CODE : IDA0000708B8 500 Last Date 132.56 29 and 102.8768%. The yield valued by IBPA for this series were 7.8622% at the lowest and l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Volume 24 Frequency (X) IBPA Fair Yield (%) Price 2017 143.70 CTP Price - High Q2-16 2016 Q1 20 Q1-16 Apr-18 285.00 190 10 Apr-17 Price and Yield 30 95 Apr-16 Trading Activities, 285 enar >> enar >> Frequency Trading days - Maturity Date Apr-15 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Last Date 108 481.41 258.09 11 12 97.83 142.07 02-Sep 03-Oct 20-Sep 30-Nov 21 158.04 11 7 373.90 103.0000 103.3965 104.2900 104.7993 104.4300 104.3400 21-Jan 98.8050 04-Jan 17-May 98.5000 30-Jun 97.0000 102.8500 25-Jan 96.5000 29-Mar 20-Apr 99.0000 12-Jun 100.8997 103.5395 104.2618 104.3951 102.8494 103.5483 10.4030 9.1854 8.6744 8.3645 8.9807 8.2606 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 6.465 5.531 4.608 3.747 2.935 2.312 Mod. Duration (yrs) 2.332 Sensitivity (%) 0.023 Convexity (yrs) 12 2.158 0.022 1.968 0.020 1.771 0.018 1.560 0.016 1.378 0.014 This series was first listed on December, 23th 2015 and will be matured on December, 22nd 2018. This series has an outstanding amount of Rp397 billion with fixed coupon per annum at 10.80%. The IBPA prices for this series, throughout 2016 and the first two quarters of 2017 period, were 98.7951% at the lowest and 105.5069% at the highest. At the same period, the fair yield for this series was ranging from 7.6630% to 11.2826%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM Listing Date Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 753
  754. WOMF02BCN1 Listing Date ISIN CODE : IDA0000739B3 175 140 Jun-16 TRADING ACTIVITIES Volume Frequency 125 Volume 100 Frequency Jun-17 Trading Activities, Jun-18 Jun-19 2016 2017 Price and Yield Q1 Q2 Q3 Q1 Q2 Volume (Rp bn) N/A 90.00 51.00 0.30 10.70 154.10 N/A 2 6 2 3 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 6 Q4 113 2 7 17 7 105 75 Trading days 70 50 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 7.770 6.705 5.636 4.686 3.807 25 35 - enar >> enar >> Maturity Date Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 100 9.0 98 8.0 7.0 96 94 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 161.43 91.48 27-Jun 20-Jul 100.1500 103.0000 99.9500 27-Jun 98.7500 11-Jul 0.54 19.19 276.41 98.5000 101.0000 101.0000 18-Oct 98.5000 18-Oct 16-Jan 95.5000 24-Jan 04-May 97.5000 14-Jun 100.3123 102.1185 100.2250 101.6049 101.7640 9.3781 2.569 8.6211 2.388 0.026 0.024 9.3966 2.187 0.022 8.6878 1.991 8.5334 1.772 0.020 0.018 This series listed on 27 June 2016, and matured on 24 June 2019. This series issued with nominal amount of Rp223.00 billion and have fixed interest rate per annum at 9.50%. Average trading volume for this series reached Rp35.33 billion/quarter on 2016 and increased to Rp82.40 billion/quarter on the first half of the year 2017. Based on the market price (Centralized Trading Platform), this series was traded between 95.5000% – 103.0000% while the IBPA fair price was between 98.9311% – 102.1860%. The IBPA fair yield for this series was between 8.5155% – 9.9746%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM WOMF02ACN1 Listing Date ISIN CODE : IDA0000739A5 TRADING ACTIVITIES Volume 1000 800 Jun-16 Frequency 75 Volume 60 Frequency Trading Activities, Dec-16 Mar-17 Jun-17 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 2017 Q3 Q4 Q1 - 851.00 313.60 100.00 - 16 9 4 - 57 24 Q2 9 102.00 4 45 Trading days N/A 400 30 CTP Price - High N/A N/A 101.2000 100.7922 100.6500 100.3900 CTP Price - Low N/A N/A 100.0000 100.0335 100.3000 100.0500 IBPA Fair Price N/A Last Date N/A 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun Convexity (yrs) N/A 1.149 0.704 0.361 0.124 0.009 - enar >> Price 103 15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 102 9.0 101 8.0 100 7.0 99 6.0 98 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 754 Sep-16 600 200 enar >> Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 - N/A N/A 4 770.14 283.80 90.50 92.31 29-Jul 03-Oct 10-Jan 13-Apr 05-Aug 27-Dec 11-Jan 31-May 100.1533 100.3007 100.0923 100.3620 100.0625 8.3393 0.941 0.009 8.0874 0.716 0.007 8.3118 0.486 0.005 6.9937 0.249 0.002 6.5474 0.033 0.000 The bond series WOMF02ACN1, was first listed on 27 June 2016 and matured on 04 July 2017. From this series listing to the first half of year 2017, total volume traded amounted to Rp1366.60 billion with 33 of total trading days. The CTP market price for this series during the period was within the range of 100.0000% – 101.2000%. Meanwhile IBPA fair price ranged from 99.8547% to 100.5474%. IBPA yield for this series were 6.2700% at the lowest and 8.7382% at the highest. By the end of June 2017, the outstanding amount of this series was Rp442.00 billion.
  755. TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q1-2016 WOMF01BCN2 Q2-2016 38 22 62 WOMF01BCN3 Q3-2016 144 WOMF01BCN4 295 478 90 51 256 314 97 141 120.7% 244.8% 63.4% WOMF02ACN1 851 - Turnover Outstanding in Year 2016 24.4% 285 WOMF02BCN1 Q4-2016 200 400 314 600 800 1,000 263.5% 1,200 INDONESIA BOND MARKET DIRECTORY 2016-2017 755
  756. IBPA ANALYTICAL REVIEW Description PT Wahana Ottomitra Multiartha Tbk , also known as WOM Finance, started its operations in 23 March 1982. WOM Finance runs financing services business with specialization in consumer financing, finance leases, receivables factoring, credit card issuance, and sharia financing. The company’s operations cover Greater Jakarta, Java, Sumatra, Kalimantan, and Peer Group No. Company Total Revenue 1. PT Wahana Ottomitra Multiartha Tbk. 2. PT Indomobil Finance Indonesia 4. PT Permodalan Nasional Madani (Persero) Historical Corporate Ratings No. By the end of 2016, the company shareholders composition were PT Bank Maybank Indonesia Tbk with 68.55%, PT Wahana Makmur Sejati with 17.66%, 5.5 16.9 17.2 (12.7) 980 32.4 18.7 6.0 9.2 Financial Statement as of Fiscal Year 2016 Maybank Indonesia Tbk’s (MBI) (previously PT Bank Company. Revenue 1,484 1,292 5. PT Sarana Multigriya Finansial (Persero) Internasional Indonesia Tbk) business group in 2005 after MBI acquired 43% share ownership in the 1,655 3. PT Mandala Multifinance Tbk. Sulawesi supported by 3,000 employees spread out in 170 offices. The Company became a part of PT Bank Net Profit (Rp Bill) Margins (%) Growth (%) 1,922 3.1 10.4 Rating Agency Rating Rating Status Rating Date 1. Fitch Ratings AA-(idn) Downgraded* 17-May-17 3. Fitch Ratings AA(idn) Assigned 14-Apr-16 AA(idn) Affirmed 2. Fitch Ratings 4. Fitch Ratings 5. Fitch Ratings AA(idn) AA(idn) Affirmed Affirmed 29-Mar-17 Outlook Stable Negative 3-Dec-15 15-Apr-15 Stable Stable Stable DBS Nominees Pte.Ltd with 5.0%, and Public with 13.78%. SWOT Analysis S trengths W eaknesses - Well diversified portfolio - Have low ability to earn profits - Extraordinary support from compared to its peers Maybank Group - Relatively smaller number of network Financial Analysis In 2016, the Company accounted Rp44.64 billion or 284.90% growth of the Income for the Current Year from Rp15.67 billion in 2015 to Rp60.30 billion in 2016. The Income for the Current Year in 2016 has been the highest income growth for the Company in the last three years. This achievement was due to increasing Consumer Financing (net) income growth by 34.19% from Rp977.66 billion in 2015 to Rp1.31 trillion in 2016. The Consumer Financing Receivables in 2016 growth of 35.50%. In 2016, the Company’s ability to earn profits is slightly increased than 2015 that indicated of ROA in 2016 was 0.9% when in 2015 was 0.3%. 756 INDONESIA BOND MARKET DIRECTORY 2016-2017 O pportunities T hreats - Public’s need for motorcycle s an - Public’s need for motorcycle s an alternative transportations remains alternative transportations remains high high - Increasing middle income class - Increasing middle income class - There regulation of the Total - There regulation of the Total Acquisition Cost (TAC) and the form Acquisition Cost (TAC) and the form of relaxation on the down payment of relaxation on the down payment
  757. idA- WSKT PT Waskita Karya (Persero) Tbk. Data as of Sector Sub Sector Website Corporate Sec. Email Corporate Sec. : : : : : : June 2017 ADDRESS Waskita Building 9th Fl. Jln. M.T. Haryono, Kav. No. 10, Cawang Jakarta 13340 Phone : (021) 850-8510 Fax : (021) 850-8506 Property, Real Estate And Building Construction Building Construction www.waskita.co.id Shastia Hadiarti waskita@waskita.co.id The Company was first established as a foreign company under the name "Volker Aaneming Maatschappij NV" which later became nationalized to State Company (PN) Waskita Karja on January 1, 1961 with the status of State-Owned Enterprise (SOE) and at the time was based in Jakarta. Since the company goes public in 2012, the company has started to expand by engaging in other business lines such as Concrete Precast, Toll Road, Realty and Energy. Until 2016, the company has 4 subsidiaries; PT Waskita Beton Precast engages in Precast business, PT Waskita Karya Energy engages in Mini Hydro Power Plant, PT Waskita Karya Realty engages in Realty and Property, and PT Waskita Toll Road engages in Toll Roads. As the government plans to develop the infrastructur projects, the company is currently striving to expand the toll road business through its subsidiary, PT Waskita Toll Road by engaging 18 toll roads in total. Company effort to exceed the toll road development projects in Java and Sumatra leads the company to increase its contract value by 118.09% in 2016. The company also recorded an increase of revenues by 68.08% compared to 2015. In the upcoming years, the company plans to win more toll road concessions and to be the biggest toll road contractor in the country. FINANCIAL HIGHLIGHT BALANCE SHEETS Millions of Rp, Unless Otherwise Stated Dec-2015 Cash & Cash Equivalents 5,511,188 Receivables 3,243,759 Inventories 826,384 Current Assets Investments Total Assets 10,653,781 Chg % 93.31 p 8,823,079 172.00 p 2,556,732 209.39 p 36,882,457 133.35 p 259,970 53,411 -79.46 q 1,923,144 Property, Plant and Equipment Dec-2016 15,805,624 2,112,075 Property in Investments 2,619,105 24.01 p 3,275,335 70.31 p 7,361,695 34.53 p 30,309,111 61,425,182 102.66 p Current Liabilities 13,664,812 31,461,536 130.24 p Total Liabilities 20,604,904 44,651,963 116.71 p 26,000,000 2,600,000 -90.00 q 13,572,249 13,573 -99.90 q Trade Payables 5,472,021 Interest Bearing liabilities 11,034,853 Authorized Capital (Mil. Sh) Authorized Capital Paid up Capital Paid up Capital (Mil. Sh) 26,000 1,357,224,933 Par Value (Rp) 100 Retained Earnings 1,804,640 During 2016, the company sees building projects, civil projects, as well as EPC projects from the government are quite appealing with the growing civil projects, the company seeks to keep up with this development by making investment in new resources while still maintaining good portfolio of company's building projects. The Company’s strategy is realized by achieving set targets in terms of contract value, revenue and profit by employing the following strategies and policies:  Remain focus on the core business with new market expansion in related business sectors: precast concrete, realty and investment in toll roads;  Focus on public sector and potential civil works from private sector, particularly large-scale and prestigious infrastructure projects;  Improvement of competitiveness through improvement in work system and capital structure;  Improvement of cooperation with strategic partners and EPC activities;  Focus on the application of value engineering;  Increase of margin through cost reduction program and business diversification;  Expanding foreign market;  Improving IT system with the implementation of the Enterprise Resources Planning (ERP) program. Gross Profit INCOME STATEMENTS 26,000 -  1,357,328 -99.90 q 100 -  9,547,095 11,069,553 84.75 p 9,704,207 16,773,219 72.84 p 14,152,753 23,788,323 68.08 p 157,112 Total Equity Total Revenues 25,240,671 128.74 p 3,334,162 Total Equity …*) Non Controlling Interest With the motto of “Onward through High Quality Performance”, the company is committed to move forward and develop as the leading Indonesia company in construction industry, engineering, infrastructure investment and realty. Given the advantages, experiences, and resources, The Company is ready to welcome a brighter future. Positive Interest Expenses 1,921,238 340,008 15.95 p 5,703,665 3,530.32 p 3,967,838 106.53 p 982,836 189.06 p Earning Before Tax 1,117,090 2,155,589 92.96 p Income for the periods 1,047,591 1,813,069 73.07 p Net Income … *) 1,047,738 1,713,261 63.52 p DER (X) 1.14 1.50 32.34 p NPM (%) 7.40 7.62 2.97 p EBITDA Comprehensive Income FINANCIAL RATIOS 1,599,817 1,567,117 3.46 ROA (%) EBITDA Coverage (X) 4.71 3,336,348 108.55 p 1,809,183 15.45 p 2.95 -14.60 q 3.39 -27.85 q *) … attributable to owners of the parent entity SHAREHOLDERS 1. Government of Indonesia 2. Public 66.04% 33.96% AUDIT COMMITTEE 1. Viktor S. Sirait 2. Hengki Z. P. Tampubolon 3. R. Agus Sartono 4. Tjahjo Winarto INDONESIA BOND MARKET DIRECTORY 2016-2017 757
  758. BOARD OF COMMISSIONERS 1 . Jend. Pol. (PURN) Badrodin Haiti 2. Arif Baharudin 3. Danis Hidayat Sumadilaga 4. M. Aqil Irham * 5. R. Agus Sartono 6. Viktor S. Sirait * *) Independent Commissioner BOARD OF DIRECTORS 1. M. Choliq 2. Adi Wibowo 3. Agus Sugiono 4. Bambang Rianto 5. N. Wirya Adnyana 6. Tunggul Rajagukguk AS OF JUNE 2017 No. 1. 2. 3. 4. 5. 6. 7. CODE ISIN CODE WSKT01CN1 IDA000065403 WSKT01BCN2 IDA0000702B1 WSKT01ACN2 IDA0000702A3 WSKT02CN1 IDA000073506 WSKT02CN2 IDA000075808 WSKT02BCN3 IDA0000789B8 WSKT02ACN3 IDA0000789A0 Series Name Obligasi Berkelanjutan I Waskita Karya Tahap I Tahun 2014 Obligasi Berkelanjutan I Waskita Karya Tahap II Tahun 2015 Seri B Obligasi Berkelanjutan I Waskita Karya Tahap II Tahun 2015 Seri A Obligasi Berkelanjutan II Waskita Karya Tahap I Tahun 2016 Obligasi Berkelanjutan II Waskita Karya Tahap II Tahun 2016 Obligasi Berkelanjutan II Waskita Karya Tahap III Tahun 2017 Seri B Obligasi Berkelanjutan II Waskita Karya Tahap III Tahun 2017 Seri A Outstanding (Rp Million) 500,000 Listing Date 19-Nov-14 Maturity Date 18-Nov-17 Issue Term 3 years Coupon Structure / Coupon Payment 10.40% 18-Aug-17 18-Nov-17 - Period Quarterly 1,150,000 19-Oct-15 16-Oct-20 5 years 19-Oct-15 16-Oct-18 3 years 16-Jul-17 16-Oct-17 16-Jan-18 PT Bank Mega 10-Sep-17 10-Dec-17 10-Mar-18 PT Bank Mega PT Bank Mega Quarterly 28-Jun-17 28-Sep-17 28-Dec-17 28-Mar-18 9.00% PT Bank Mega Quarterly 21-Aug-17 21-Nov-17 21-Feb-18 21-May-18 8.50% 21-Aug-17 21-Nov-17 21-Feb-18 PT Bank Mega 10.40% 13-Jun-16 10-Jun-19 3 years 9.25% Quarterly 900,000 910,000 747,000 29-Sep-16 22-Feb-17 22-Feb-17 28-Sep-21 21-Feb-22 21-Feb-20 5 years 5 years 3 years 8.50% Quarterly 16-Apr-18 16-Apr-18 10-Jun-18 21-May-18 Rating / Outlook Link Grafik sudah be Pastikan PT Bank CIMB Pastikan A- Link Grafik sudah be Niaga Tbk. Positive PT Bank Mega Quarterly 2,000,000 - Trustee 16-Jul-17 16-Oct-17 16-Jan-18 11.10% Quarterly 350,000 Date Tbk. Tbk. Tbk. Tbk. Tbk. Tbk. A- Positive A- Positive A- Positive A- Positive A- Positive A- Positive Pastikan Link Grafik sudah be Pastikan Link Grafik sudah be 758 INDONESIA BOND MARKET DIRECTORY 2016-2017
  759. TRADING HIGHLIGHT WSKT01CN1 ISIN CODE : IDA000065403 150 20 16 Frequency Nov-15 Trading Activities, Nov-16 Nov-17 2016 Price and Yield Q1 Volume (Rp bn) 2017 Q2 Q3 30.00 143.00 2 4 2 Frequency (X) 16 Q4 Q1 56.00 10.30 56.20 1 5 3 7 11 Q2 46.00 7 10 4 90 12 Trading days 60 8 CTP Price - High 100.0300 102.9000 103.2500 102.2500 102.1000 101.3000 CTP Price - Low 100.0000 100.1000 102.7500 100.7783 100.4500 100.3500 IBPA Fair Price 100.8925 100.5664 101.0616 100.4534 100.9627 100.8615 4 30 - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 105 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 101 10.0 99 9.0 97 8.0 95 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date 24.00 114.40 44.80 8.24 44.96 36.80 12-Jan 18-May 12-Jul 02-Nov 21-Feb 05-Jun 13-Jan 20-Jun 12-Jul 21-Oct 05-Jan 13-Apr 9.7775 9.3946 9.8484 8.7620 8.2027 30-Jun 30-Sep 30-Dec 31-Mar 22-Jun 2.630 1.969 1.394 0.903 0.512 0.250 Mod. Duration (yrs) 1.468 Sensitivity (%) 0.015 Convexity (yrs) 9.9505 31-Mar 1.260 1.047 0.013 0.010 0.826 0.008 0.599 0.391 0.006 0.004 The bond series WSKT01CN1, was first listed on 19 November 2014 and matured on 18 November 2017. From 2016 to the first half of year 2017, total volume traded amounted to Rp341.50 billion with 19 of total trading days. The CTP market price for this series during the period was within the range of 100.0000% – 103.2500%. Meanwhile IBPA fair price ranged from 98.1620% to 101.3428%. IBPA yield for this series were 8.2024% at the lowest and 11.4996% at the highest. By the end of June 2017, the outstanding amount of this series was Rp500.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM WSKT01BCN2 Listing Date ISIN CODE : IDA0000702B1 Oct-15 TRADING ACTIVITIES Volume 225 Frequency 45 Volume 180 36 Frequency Maturity Date Oct-16 Trading Activities, Oct-17 Oct-18 Oct-19 2016 Oct-20 2017 Price and Yield Q1 Q2 Volume (Rp bn) 205.00 42.60 3.00 174.00 2.00 7 6 3 5 1 Frequency (X) 41 Q3 11 Q4 3 Q1 16 Q2 2 0.20 1 1 135 27 Trading days 90 18 CTP Price - High 104.9000 105.1500 106.3000 106.0500 100.9918 105.2000 CTP Price - Low 99.5000 102.3750 106.1000 100.0000 100.9718 105.2000 IBPA Fair Price 101.1818 102.0818 104.0649 100.9800 103.0649 103.0042 9 45 - enar >> enar >> Frequency Volume 120 Maturity Date Nov-14 TRADING ACTIVITIES Volume enar >> enar >> Listing Date Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 Turnover Ratio (%) Date Date IBPA Fair Yield (%) Price 107 PRICE AND YTM MOVEMENT YTM (%) 12.0 105 11.0 103 10.0 101 9.0 99 8.0 97 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Mod. Duration (yrs) Convexity (yrs) Sensitivity (%) 71.30 14.82 1.04 60.52 0.70 0.07 31-Mar 13-Apr 19-Sep 24-Oct 03-Jan 12-Jun 24-Feb 13-May 15-Sep 22-Nov 03-Jan 12-Jun 10.7576 10.4901 9.8674 10.7801 10.0493 10.0217 3.461 3.321 3.181 3.002 2.850 2.706 31-Mar 14.895 0.035 30-Jun 30-Sep 13.634 12.428 0.033 0.032 30-Dec 11.061 0.030 31-Mar 9.918 0.029 22-Jun 8.898 0.027 This series was first listed on October, 19th 2015 and will be matured on October, 16th 2020. This series has an outstanding amount of Rp1,150 billion with fixed coupon per annum at 11.10%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 23 trading days with 24.74% of average quarterly turnover. The total trading volume throughout the period was Rp426.80 billion and the total trading frequency was 74 transactions. The market prices for this series were 99.5000% at the lowest and 106.3000% at the highest. IBPA valued the fair prices for this series were 98.9918% for the lowest and 105.5394% for the highest. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 759
  760. WSKT01ACN2 Listing Date ISIN CODE : IDA0000702A3 Oct-15 TRADING ACTIVITIES Volume 250 Frequency 10 Volume 200 8 Frequency Trading Activities, Oct-16 Oct-17 Oct-18 2016 Q2 2017 Price and Yield Q1 Volume (Rp bn) 240.00 34.00 - 46.00 - 2 3 - 3 - 3 Frequency (X) Q3 7 - Q4 Q1 4 Q2 12.00 - 4 1 150 6 Trading days 100 4 CTP Price - High 100.1500 100.9000 N/A 100.5150 N/A 103.0000 CTP Price - Low 100.0500 100.0000 N/A 100.0000 N/A 100.6000 IBPA Fair Price 100.4214 100.2594 101.2677 100.4314 101.1511 Pastikan 101.4203Link Grafik sudah be 2 50 - enar >> Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 274.29 38.86 05-Feb 13-Apr 03-Feb 12-Apr 10.1947 10.2693 Mod. Duration (yrs) 2.164 1.977 Sensitivity (%) 0.022 Turnover Ratio (%) Date Date IBPA Fair Yield (%) enar >> Maturity Date Price 104 PRICE AND YTM MOVEMENT YTM (%) 12.0 103 11.0 102 10.0 101 9.0 100 8.0 99 7.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Last Date Convexity (yrs) 31-Mar 5.660 - N/A N/A 52.57 16-Nov 22-Nov 9.7064 10.1311 1.788 1.586 30-Jun 30-Sep 4.733 3.882 0.020 0.018 30-Dec 3.078 0.016 - 13.71 N/A 18-May N/A 18-May 9.5659 9.2372 1.382 1.198 0.014 0.012 31-Mar Pastikan 22-JunLink Grafik sudah be 2.365 1.800 This series was listed on 19 October 2015 and will be matured in 16 October 2018. This series has an outstanding amount of Rp350 billion with fixed coupon per annum at 10.40%. From 2016 until the first half of year 2017, total volume for this series amounted to Rp332 billion. The market prices for this series observed through the Centralized Trading Platform (CTP) were 100.0000% at the lowest and 103.0000% at the highest. Meanwhile the range of IBPA fair price was stood between 99.5017% and 101.5685%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM WSKT02CN1 Listing Date ISIN CODE : IDA000073506 TRADING ACTIVITIES Volume 2250 1800 Jun-16 Frequency 100 Volume 80 Frequency Jun-18 Jun-19 2016 Price and Yield Q1 Q2 Volume (Rp bn) N/A 935.00 11 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A 53 2017 Q3 Q4 Q1 2038.00 287.00 145.40 26 15 8 85 40 Q2 22 49.00 17 60 Trading days N/A 900 40 CTP Price - High N/A 101.3500 102.6000 102.1500 100.7000 101.4700 CTP Price - Low N/A 100.0000 IBPA Fair Price N/A 100.1267 100.2324 Last Date N/A 30-Jun 30-Sep 30-Dec Convexity (yrs) N/A 7.605 6.513 5.469 - enar >> Price 105 20 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 101 9.0 99 8.0 97 7.0 95 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM 760 Jun-17 1350 450 enar >> Trading Activities, Maturity Date INDONESIA BOND MARKET DIRECTORY 2016-2017 187.00 13-Jun 21-Jun 9.1986 2.540 0.025 407.60 08-Sep 98.9900 02-Aug 9.1498 2.350 0.024 9 57.40 29.08 9.80 08-Nov 18-Jan 09-Jun 12-Oct 29-Mar 23-May 8.6398 8.5573 1.958 1.778 0.020 0.018 98.5000 100.0000 100.2500 99.1019 101.1780 Pastikan 101.2389Link Grafik sudah be 9.6647 2.152 0.022 31-Mar Pastikan 22-JunLink Grafik sudah be 4.541 3.759 This series was first listed on June, 13th 2016 and will be matured on June, 10th 2019. This series has an outstanding amount of Rp2,000 billion with fixed coupon per annum at 9.25%. This series, throughout 2016 and the first two quarters of 2017 period, was traded in 69 trading days with 115.15% of average quarterly turnover. The total trading volume throughout the period was Rp3,260 billion and the total trading frequency was 217 transactions. The market prices for this series were 98.5000% at the lowest and 102.6000% at the highest. IBPA valued the fair prices for this series were 97.6334% for the lowest and 101.5846% for the highest.
  761. WSKT02CN2 ISIN CODE : IDA000075808 400 320 Frequency 75 Volume 60 Frequency Maturity Date Sep-17 Trading Activities, Sep-18 Q1 Q2 Q3 Volume (Rp bn) N/A N/A 38.00 N/A 1 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 160 30 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A 15 - Price 105 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 102 10.0 99 9.0 96 8.0 93 7.0 90 6.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Sep-20 N/A N/A Sep-21 2017 Price and Yield 45 80 Sep-19 2016 240 Q4 2 16.89 Q1 Q2 68.00 81.00 382.00 2 4 8 30.22 25 36.00 62 10 169.78 N/A 100.0000 100.0300 101.7500 102.0000 N/A 100.0000 94.1888 92.0000 N/A 100.0000 94.2514 94.0609 100.0290 N/A 30-Sep 30-Dec 31-Mar 22-Jun N/A 19.340 15.877 14.521 N/A N/A N/A N/A N/A 30-Sep 30-Sep 8.4999 4.034 0.040 28-Dec 20-Dec 10.0377 3.827 17.434 0.038 08-Mar 17-Mar 10.1555 3.658 0.037 12-Apr 97.0000 26-Apr 8.4914 3.479 0.035 The bond series WSKT02CN2, was first listed on 29 September 2016 and matured on 28 September 2021. From this series listing to the first half of year 2017, total volume traded amounted to Rp569.00 billion with 17 of total trading days. The CTP market price for this series during the period was within the range of 92.0000% – 102.0000%. Meanwhile IBPA fair price ranged from 92.3215% to 100.5919%. IBPA yield for this series were 8.3365% at the lowest and 10.6313% at the highest. By the end of June 2017, the outstanding amount of this series was Rp900.00 billion. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM WSKT02BCN3 Listing Date ISIN CODE : IDA0000789B8 125 100 Feb-17 TRADING ACTIVITIES Volume Frequency 15 Volume 12 Frequency Maturity Date Feb-18 Trading Activities, Feb-19 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 113.30 N/A N/A N/A 5 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A N/A 50 6 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - Price 104 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 11.0 103 10.0 102 9.0 101 8.0 100 7.0 99 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 6.0 Feb-22 2017 Q1 Trading days 3 Feb-21 Price and Yield 9 25 Feb-20 2016 75 enar >> enar >> Sep-16 TRADING ACTIVITIES Volume enar >> enar >> Listing Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Q2 10 44.20 9 3 49.80 19.43 31-Mar 22-May 29-Mar 22-May N/A 101.6900 103.0000 N/A 100.0000 101.8000 N/A 101.6800 102.1591 N/A N/A N/A 8.5682 8.4339 N/A 31-Mar 22-Jun N/A 18.264 16.935 N/A N/A 3.896 0.039 3.762 0.038 This series was first listed on 22 February 2017 and will be matured on 21 February 2022. This series has an outstanding amount of Rp910 billion with fixed coupon per annum at 9.00%. This series was traded in 8 trading days with 34.62% of average quarterly turnover. Total trading volume since it was listed until 30 June 2017 was Rp157.5 billion and total frequency was 19 times. IBPA valued the fair prices for this series were 99.8663% for the lowest and 102.1961% for the highest while the market price for this series based on CTP (Centralized Trading Platform) was at the the range 100.0000% - 103.0000%. At the same period, the fair yield for this series was ranging from 8.4314% to 9.0334%. l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price  IBPA Fair Price  YTM INDONESIA BOND MARKET DIRECTORY 2016-2017 761
  762. WSKT02ACN3 Listing Date ISIN CODE : IDA0000789A0 1500 1200 Feb-17 TRADING ACTIVITIES Volume Frequency 35 Volume 28 Frequency Feb-18 Trading Activities, Q1 Q2 Q3 Q4 Q1 Volume (Rp bn) N/A N/A N/A N/A 65.00 N/A N/A N/A 4 Frequency (X) N/A Turnover Ratio (%) N/A Date N/A Date N/A IBPA Fair Yield (%) N/A Mod. Duration (yrs) N/A Sensitivity (%) N/A Trading days N/A 600 14 CTP Price - High N/A CTP Price - Low N/A IBPA Fair Price N/A Last Date N/A Convexity (yrs) N/A - enar >> Price 102 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 - Q2-17 PRICE AND YTM MOVEMENT YTM (%) 10.0 101 9.0 100 8.0 99 7.0 98 6.0 97 5.0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Feb-20 2017 Price and Yield 21 7 Feb-19 2016 900 300 enar >> Maturity Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 703.19 20-Mar 24-May 06-Mar 21-Apr N/A 100.8474 100.0065 8.1568 31-Mar 22-Jun N/A 7.461 6.464 2.519 N/A 0.025 WSKT01CN1 143 56 % on year 2017. This series had traded 38 times in 15 trading days with total volume booked of Rp1378.20 billion during the year 2016 until Q2-2017. Based on the market price (Centralized Trading Platform), from 2016 to Q2-2017 this series was traded between 100.0000 - 100.5200 while the IBPA fair price was between 100.0000% 100.9986%, the fair yield for this series was between 8.1057% - 8.5000%. 205 43 174 WSKT01ACN2 240 46 WSKT02CN1 68 - Turnover Outstanding in Year 2016 36.9% 91.4% 935 WSKT02CN2 762 Q4-2016 47.9% WSKT01BCN2 2,038 287 163.0% 11.8% 500 1,000 INDONESIA BOND MARKET DIRECTORY 2016-2017 0.023 interest rate of 8.50 % per annum. While quarterly average turnover ratio reached 369.00 TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2016 Q3-2016 2.345 This series was listed since 22 February 2017 with nominal value of Rp747.00 billion and  IBPA Fair Price  YTM Q2-2016 8.4951 N/A l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price Q1-2016 11 34.81 100.0000 100.0150 N/A N/A 30 N/A N/A N/A 1313.20 100.5200 100.4700 N/A N/A 8 N/A N/A N/A Q2 1,500 2,000 2,500 3,000 3,500
  763. IBPA ANALYTICAL REVIEW Description PT Waskita Karya (Persero) is a government-owned construction service companies in Indonesia. The company has been engaged in 5 main business units, namely construction, concrete precast, toll road, realty, and energy. The Company Peer Group No. Company Total Revenue business 3. PT Adhi Karya (Persero) Tbk. 11,064 2. PT PP (Persero) Tbk. (construction) toll road business in 2016 contributed significantly to company's revenue growth. The total Historical Corporate Ratings toll road concessions managed by the company in No. 2016 was 15 toll lines with a total length of 750 km. At the end of 2016, the company has had about 33 strategic projects across Indonesia ranging from toll roads, power generations, transportations, dams, ports, and light rail transit, as well as giant sea wall in Jakarta. While the total contract value reached Rp69.97 trillion or increased by 118.09% from 2015. As of December 31, 2016, the Company’s shareholders consisted of Government of Indonesia (66.04%), and public (33.96%). 16,459 7.0 15.8 8,816 3.4 39.6 2.8 17.8 Financial Statement as of Fiscal Year 2016 contributed 94% to its total revenue in 2016. While the Revenue 1. PT Waskita Karya (Persero) Tbk. 4. PT Hutama Karya (Persero) main Net Profit (Rp Bill) Margins (%) Growth (%) 23,788 7.6 68.1 Rating Agency Rating 1. Pefindo idA- 3. Pefindo idA 2. Pefindo 4. Pefindo 5. Pefindo Rating Status Rating Date Outlook Affirmed 14-Mar-17 Positive Affirmed 12-Aug-15 Stable Affirmed 6-Mar-14 idA- Downgraded* idA Affirmed idA 1-Apr-16 27-Oct-14 Stable Stable Stable *The downgrade was driven by Pefindo expectation that the Company’s capital structure and cash flow protection measures will weaken further SWOT Analysis S W trengths eaknesses -Leading national player with good -High financial leverage reputation -Aggressive toll road business -Stable income growth expansion -Wider customer base Financial Analysis In 2016, the company recorded a remarkable net profit which grew by 73.07% from Rp1.05 trillion to Rp1.81 trillion. The growth in net profit was driven by higher total revenue by 68.08% from Rp14.15 trillion to Rp23.79 trillion. The positive company’s financial performance was supported by increasing revenue from construction business which was up by 85.80% from Rp12.04 trillion to Rp22.37 trillion. Additionally, revenue from toll road segment rocketed from Rp31.79 billion to Rp218.05 billion or increased by 585.86%. The strong growth in construction and toll road business was backed by contract value that increased by 118.09% from Rp32.08 trillion to Rp69.97 trillion. As a result the company managed to increase its Net Profit Margin from 7.40% to 7.62%. O T pportunities hreats -Strong government commitment in -Strong government commitment in infrastructure spending infrastructure spending -Decreasing and low interest rate -Decreasing and low interest rate environment environment -High infrastructure needs -High infrastructure needs -Government support to Public -Government support to Public Private Partnership scheme in Private Partnership scheme in infrastructure spending infrastructure spending INDONESIA BOND MARKET DIRECTORY 2016-2017 763
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  765. Part IV BOND INSTRUMENT IN INDONESIA 765 INDONESIA BOND MARKET DIRECTORY 2016-2017
  766. 766 INDONESIA BOND MARKET DIRECTORY 2016-2017
  767. CHAPTER 5 Bond Market Institution INDONESIA FINANCIAL SERVICES AUTHORITY (OTORITAS JASA KEUANGAN/OJK) The Indonesia Financial Services Authority (OJK) was established in 2011 under the Act No. 21 of 2011. The Law establishes the OJK as a new independent financial institution, which will take over several regulatory and supervisory authorities presently held by Bank Indonesia and the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK). The functions and authorities of the Ministry of Finance that are performed by Bapepam-LK have been transferred effectively to the OJK by 31 December 2012, while Bank Indonesia’s authority over the banking industry will be transferred on 31 December 2013. OJK regulates and supervises all activities in Indonesia financial sector including: banking, financial markets, insurance and re-insurance, pension funds, financing institutions, and other types of financial service institutions. OJK is funded from the State Budget and/or fees (levy) from parties who conduct their businesses in the financial services sector. With the objective to promote and organize a system of regulations and supervisions that is integrated into the overall activities in the financial services sector, OJK have the authority to ensure that the overall activities within the financial services sector are implemented in an organized, fair, transparent and accountable manner, promotes a financial system that grows in a sustainable and stable manner, and protect the interest of Consumer in the Financial Market. Besides, OJK also have the authority to issue a permit for the establishment of a bank and supervise all bank activities (bank business plans, mergers, consolidations and acquisitions, and articles of association), regulate and supervise a bank’s financial health (capital ratio, liquidity, reserves, reports, and accounting standards), and assess prudence such as risk management, bank governance, and know your customer (KYC) principles in order to prevent money laundering and terrorism and banking crimes. These authorities will no longer be held by Bank Indonesia although OJK can coordinate with Bank Indonesia and other financial institutions in deciding issues. OJK can also impose sanctions on parties in the financial sector. INDONESIA STOCK EXCHANGE (IDX) Indonesia Stock Exchange (IDX) or Bursa Efek Indonesia (BEI) is a stock exchange based in Jakarta, Indonesia. It was previously known as Jakarta Stock Exchange (JSX) before its name changed in 2007 after merging with Surabaya Stock Exchange (SSX). IDX provides services for stock brokers and traders to trade stocks, bonds, and other securities. Securities traded on IDX include shares issued by companies, unit trusts, derivatives, pooled investment products and bonds. To be able to trade a security on IDX, it must be listed first. The initial offering of stocks and bonds to investors by definition called primary market and subsequent trading by definition called secondary market. INDONESIA SECURITIES DEPOSITORY AND SETTLEMENT INSTITUTION (KSEI) PT Kustodian Sentral Efek Indonesia (KSEI) is a Securities Depository and Settlement Institution (LPP) in Indonesia Capital Market that was established in Jakarta on December 23, 1997 and obtained its operational license on November 11, 1998.  In Indonesia Capital Market structure, KSEI is one of the Self-Regulatory Organizations (SROs), in addition to the Stock Exchange and Clearing & Guarantee Institution.  KSEI, pursuant to the provisions under Law Number 8 Year 1995 regarding Capital Market, takes its role as LPP in Indonesia Capital Market by providing orderly, fair and efficient Securities Central Depository and Transaction settlement services. KSEI shares are owned by its service users, namely: the SROs (PT Bursa Efek Indonesia and PT Kliring Penjaminan Efek Indonesia), Custodian Bank, Securities Companies, and Registrars. The main functions of KSEI are the registration of listed corporate bonds and management of depository accounts. It also facilitates the settlement of securities from the Indonesian exchange. KSEI has been appointed by Bank Indonesia to act as a sub-registry handling government bonds. Thus, KSEI has become a member of BI-RTGS. KSEI designed the C-BEST to carry out electronic registration and settlement of securities, including Shari’a bonds, multi-currency bonds, and promissory notes. Under Indonesia’s bond settlement system, pre-matching can be done either via telephone or the C-BEST system. KSEI can maintain accounts at an individual accountholder level, while maintaining an omnibus account at BI. No third-party access to KSEI is allowed; only brokers and custodians are allowed as participants. INDONESIA CLEARING AND GUARANTEE CORPORATION (KPEI) PT Kliring Penjaminan Efek Indonesia was established INDONESIA BOND MARKET DIRECTORY 2016-2017 767
  768. based upon the Capital Market Law No . 8/1995 to provide orderly, fair, and efficient clearing services and transaction settlement guarantee. PT Kliring Penjaminan Efek Indonesia (KPEI) is a Self Regulatory Organization (SRO) which also has a role in shaping the direction of Indonesian capital market development. As a Central Counterparty (CCP), KPEI provides clearing and guarantee services of stock exchange transactions settlement.  KPEI functions to improve efficiency and certainty of transactions settlement in Indonesia Stock Exchange (IDX). KPEI performs clearing process to determine Clearing Members’ (CMs) rights and obligations in terms of securities and/or cash which must be settled on settlement date.  As a CCP, KPEI is the only seller for every buyer and the only buyer for every seller for every transaction settlement over every investment instrument that is traded in the stock exchange. This is possible by means of netting clearing process through novation. INDONESIA BOND PRICING AGENCY (IBPA) Indonesia Bond Pricing Agency  (IBPA) is the first private institution in Indonesia that focusing itslef in valuating the Indonesia fixed income securities and sukuk (Islamic / Syariah Bonds). IBPA provides daily market fair price and yield information for all Indonesia government bonds and sukuk, as well as Indonesia corporate bonds and sukuk. IBPA establishment on the year of 2008 was primarily aimed to support the development of Indonesia fixed income market in order become more fairly, orderly, efficient, liquid and transparent. IBPA serves the needs of market participants  such as fund managers, pension funds, insurance companies, securities companies, banking, auditors, and other financial and non-financial  institutions which own fixed income securities and sukuk in their portofolios. Until now, Bapepam-​​LK or OJK has issued regulations to use IBPA fair prices as a mandatory usage to asset valuation for a wide range of institutions, such as insurance, pension funds, and investment manager. INTER DEALER MARKET ASSOCIATION (IDMA) The Indonesia bond market has one market association called the Inter-Dealer Market Association for Government Securities (HIMDASUN). HIMDASUN holds a license from OJK or Bapepam-LK as a market operator for government bonds with self-governing rules, such as membership, trading, surveillance, and master repurchase agreement rules. However, the market operator and self-governing rules functions of HIMDASUN are currently inactive. Inter Dealer Market Association established based on establishment deed number 25, date 15 November 2002 and its changed number 14 date 12 Maret 2003. DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT The main task of Directorate General of Budget Financing and Risk Management, as known as DJPPR, is to formulate and implement the technical policy and standardization with respect to debt management in accordance with the policy set forth by the Ministry of Finance of Indonesia and with the existing laws. DJPPR envisions become a professional and reliable government debt management unit in accordance with international standards. DJPPR has functions of prepare the formulation of the ministry of finance policy in debt management sector, perform the debt management policy, formulate standards, norms, guides, criterion, and procedures 768 INDONESIA BOND MARKET DIRECTORY 2016-2017 in debt management sector, provide technical and evaluation guidance, and manage the Directorate General administration management. PRIMARY DEALERS (PD’S) Primary dealer is a formal designation of a firm as a market maker of government securities. In Indonesia a primary dealer is a bank or securities broker-dealer that may trade directly with debt management office (DMO). Such firms are required to make bids or offers when the DMO conducts government bond auction in primary market, provide information to the DMO, and to participate actively in government bond auctions as a market maker for secondary market. BANK INDONESIA (BI) Bank Indonesia (BI) has one single objective of achieving and maintaining stability of the Rupiah value. The stability of the value of the Rupiah comprises two aspects, one is stability of Rupiah value against goods and services and the other is the stability of the exchange rate of the Rupiah against other currencies. The first aspect is as reflected by the rate of inflation and the second aspect is as reflected by the development of Rupiah exchange rate against other currencies. The prescribed single objective is intended to establish a target that is clear and to be achieved by Bank Indonesia within its limits and responsibilities. Thus way, the achievement of the objective of Bank Indonesia will be easily measurable. In Indonesia bond market, BI acts as a central registry in conducting the registration, clearing, settlement, payment, and redemption of government securities. It appoints a bank or financial institution as the sub-registry to operate as custodian for each individual customer account. To administer transactions for government securities and Sertifikat Bank Indonesia (SBI), BI employs the BI-SSSS. This system is an information portal that facilitates electronic auctions and the settlement of government securities for market participants. It is linked seamlessly to BI’s Real-Time Gross Settlement System (RTGS). RATING AGENCIES A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves. In some cases, the servicers of the underlying debt are also given ratings. In most cases, the issuers of securities are companies, special purpose entities, state and local governments, non-profit organizations, or national governments issuing debt-like securities (i.e., bonds) that can be traded on a secondary market. A credit rating for an issuer takes into consideration the issuer’s credit worthiness (i.e., its ability to pay back a loan), and affects the interest rate applied to the particular security being issued. Credit ratings are used by investors, issuers, investment banks, broker-dealers, and governments. For investors, credit rating agencies increase the range of investment alternatives and provide independent, easy-to-use measurements of relative credit risk, this generally increases the efficiency of the market, lowering costs for both borrowers and lenders. This in turn increases the total supply of risk capital in the economy, leading to stronger growth. It also opens the capital markets to categories of borrower who might otherwise be shut out altogether: small governments, startup companies, hospitals, and universities.
  769. A CRA in Indonesia is licensed by Bapepam-LK , and, thus, comes under its supervision and monitoring. To obtain a license, a CRA should fulfill certain requirements such as capital and internal control. PT Pemeringkat Efek Indonesia, and PT Fitch Ratings Indonesia are the existing CRAs in Indonesia, while PT ICRA Indonesia in mid June 2015 pulled out services from Indonesia. The following Bapepam-LK Rules govern the credit rating system (CRS): ♦♦ ♦♦ ♦♦ ♦♦ ♦♦ ♦♦ No. IX.C.11: Rating of Debt Securities No. V.C.2: Licensing of Rating Agency No. V.H.3: Behavior of Rating Agency Companies No. V.H.4: Ranking Agreement Guidelines No. X.F.4: Company Reports Rating Agency No. X.F.5: Document Maintenance Company by Rating Agency ♦♦ No. X.F.6: Publications by Rating Agency Companies Pemeringkat Efek Indonesia (PEFINDO) PT. PEFINDO or “PT. Pemeringkat Efek Indonesia” was established in Jakarta on December 21, 1993, through the initiative of BAPEPAM (the Capital Market Supervisory Board), and Bank Indonesia (The Central Bank). On August 13, 1994, PEFINDO obtained its operating license (No. 39/PM-PI/1994) from BAPEPAM and remains one of the supporting institutions of the Indonesian Capital Market. PEFINDO main function is to provide objective, independent, and credible ratings on the credit risk of publicly issued debt securities through rating activities. Apart from rating activities, PEFINDO continues to produce & publicize credit information relating to the debt capital markets. These publication products cover credit opinion on major companies that have issued Bonds and its underlying sectors. PEFINDO is a private limited liability company, and as of December 2011 owned by  92 domestic institutional shareholders, comprising of major pension funds, banks, insurers, Indonesia Stock Exchange (IDX) and securities companies. To enhance the rating methodology & criteria as well as rating process, PEFINDO is supported through its affiliate global partner: Standard & Poor Rating Services (S&P). PEFINDO also continues to actively participate in the Asian Credit Rating Agencies Association (ACRAA). Fitch Ratings PT. Fitch Ratings Indonesia (Fitch) is a wholly-owned subsidiary of Fitch Ratings Ltd. Fitch is the only international rating agency with a local presence in Indonesia. Fitch is also able to produce both international and national rating through one process. PT Fitch Ratings Indonesia was established in 2005, Fitch Rating Indonesia obtained Bapepam license and Bank Indonesia’s recognition in 2006. At present, Fitch Rating Indonesia cover 66 companies in Indonesia comprising 55 national ratings, 26 international ratings and 15 dual ratings (both national and international ratings). Fitch strives to bring international standards of transparency in rating criteria and rating process to the local market. It includes detailed company reports with regular updates and criteria/ methodology reports, sector reviews, and comments. Fitch Rating Indonesia have the high quality analysts and analysis of international standards, a different perspective to credits (Fitch is an international firm built on local knowledge and understanding), and dedicated investor services facility. INDONESIA BOND MARKET DIRECTORY 2016-2017 769
  770. CHAPTER 6 Bond Ownership Instrument INDONESIA GOVERNMENT BOND (SBN) According to Law No. 24 2002 on government debt securities, government bonds are the kind of government debt securities that mature after more than 12 months. Since 2002, the government represented by the Minister of Finance has issued different types of bonds based on this law since the government has flexibility to issue any type of bonds that meet market preferences. Based on this law, the government has issued various domestic bonds including coupon and zerocoupon bonds; fixed- and floating-rate bonds; and tradable and non-tradable conventional and retail bonds with different maturities from short, medium, and long-end maturity bonds. In addition, domestic bonds outstanding still consist of nontradable promissory notes that are issued related to the banking liquidity support and guarantee program during the financial crisis in 1998. For foreign-denominated bonds, the government has launched the US dollar global conventional, US dollar global sukuk, and yen denominated bonds, namely Samurai bonds. FIXED RATE (FR) Fixed rate bonds are bonds with a fixed coupon (interest) rate, as opposed to a floating rate / variable rate. A fixed rate bond is a long term debt paper that carries a predetermined interest rate. The interest rate is known as coupon rate and interest is payable at specified dates before bond maturity. VARIABLE RATE (VR) Variabel rate bonds are bonds that have a variable coupon, equal to a money market reference rate, like LIBOR, JIBOR or Bank Indonesia (BI) rate, plus a spread. The spread is a rate that remains constant. Almost all variable rate’s have quarterly coupons, i.e. they pay out interest every three months, though counter examples do exist. At the beginning of each coupon period, the coupon is calculated by taking the fixing of the reference rate for that day and adding the spread. A typical coupon would look like 3 months SBI 3 Month +0.20%. ZERO COUPON (ZC) A zero-coupon bonds (also called a discount bond or deep discount bond) are bonds bought at a price lower than its 770 INDONESIA BOND MARKET DIRECTORY 2016-2017 face value, with the face value repaid at the time of maturity. It does not make periodic interest payments, or have so-called “coupons,” hence the term zero-coupon bond. When the bond reaches maturity, its investor receives its par (or face) value. In contrast, an investor who has a regular bond receives income from coupon payments, which are usually made semiannually. The investor also receives the principal or face value of the investment when the bond matures. Some zero coupon bonds are inflation indexed, so the amount of money that will be paid to the bond holder is calculated to have a set amount of purchasing power rather than a set amount of money, but the majority of zero coupon bonds pay a set amount of money known as the face value of the bond. Zero coupon bonds may be long or short term investments. Long-term zero coupon maturity dates typically start at ten to fifteen years. The bonds can be held until maturity or sold on secondary bond markets. Short-term zero coupon bonds generally have maturities of less than one year and are called bills. GOVERNMENT RETAIL BOND (ORI) Series of bonds sold to individuals / individual Indonesian citizens through a selling agent with a predetermined minimum volume. ORI issued to finance the state budget, diversified sources of financing, managing the country’s debt portfolio and broaden the investor base. ORI is an investment that is free of default risk. Government Retail Bond market name that has been published is the ORI 001 up to ORI 010. GOVERNMENT SAVING BOND RETAIL (SBR) Series of bonds sold to individuals / individual Indonesian citizens through a selling agent with a predetermined minimum volume. One specific characteristic of this bond is that the investor should hold it to maturity, there is no option for the investor to sell it in the secondary market. As ORI, SBR were also issued to finance the state budget, diversified sources of financing, managing the country’s debt portfolio and broaden the investor base. SBR is risk free instrument as well since it is guaranteed by the Government. Government Retail Bond market name that has been published is the SBR001. TREASURY BILLS/ NOTES (SPN) An Indonesia treasury security is government debt issued by
  771. the Indonesia Department of the Finance through the debt management office . Treasury securities are the debt financing instruments of the Indonesia government, and they are often referred to simply as Treasuries. INDONESIA SYARIAH BOND (SUKUK) Sukuk is the arabic name for financial certificates, but commonly refers to the Islamic equivalent of bonds. Since fixed income, interest bearing bonds are not permissible in Islam, Sukuk securities are structured to comply with the Islamic law and its investment principles, which prohibits the charging, or paying of interest. Indonesian government or corporate publish bond based on syariah in order to finance budget. In the term of publishing sukuk, they should have a reference or underlying asset to be a backed up for the bond. IJARAH Ijarah means lease, rent or wage. Generally, Ijarah concept means selling the benefit of use or service for a fixed price or wage. Under this concept, government or corporate makes available to the customer the use of service of bond for a fixed period and price. MUDHARABAH Mudharabah is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise. The investment comes from the first partner who is called “rabb-ul-mal”, while the management and work is an exclusive responsibility of the other, who is called “mudarib”. The mudharabah (Profit Sharing) is a contract, with one party providing 100 percent of the capital and the other party providing its specialist knowledge to invest the capital and manage the investment project. Profits generated are shared between the parties according to a pre-agreed ratio. SUKUK RETAIL Retail Sukuk are Islamic Securities issued and sales arranged by the State, namely the Ministry of Finance (MoF). Which the government will choose the seller’s agent and legal consulting retail sukuk. Seller’s agent should be required to have a commitment to the government in developing the sukuk market and experienced in selling Islamic financial products. While the candidate is open to legal consultants, provided that a partner who has registered as a Capital Market Supporting FIGURE 6.1 IBPA Indonesia Government Securities Yield Curve Maturity Coupon Fix Rate Bonds T1 T2 T3 T4 T5 Face Value Maturity Coupon Variable Rate Bonds T1 T2 T3 T4 T5 Face Value Maturity Zero Coupon Bonds T1 T2 T3 T4 T5 Face Value INDONESIA BOND MARKET DIRECTORY 2016-2017 771
  772. Professionals in Bapepam- ​​LK and experienced in the issuance of sukuk or Islamic bonds. In Indonesia, the government undertook the selection of dealer retail sukuk that are open to Islamic and conventional banks, and securities firms by four criteria, i.e having an experienced team members in sales of Islamic finance products, is committed in developing SBSN market, has a work plan , sales strategy and methodology, and has the support of adequate information technology systems in retail sukuk sales. For the sukuk is an instrument targeting retail investors, individual communities because in the midst of global financial crisis that is still broke down the individual investor be an alternative when many companies are affected by the economic crisis. PROJECT BASED SUKUK Subordinated Bond Subordinated bonds are those that have a lower priority than other bonds of the issuer in case of liquidation. In case of bankruptcy, there is a hierarchy of creditors. First the liquidator is paid, then government taxes, etc. The first bond holders in line to be paid are those holding what is called senior bonds. After they have been paid, the subordinated bond holders are paid. As a result, the risk is higher. Therefore, subordinated bonds usually have a lower credit rating than senior bonds. The main examples of subordinated bonds can be found in bonds issued by banks, and asset-backed securities. The latter are often issued in tranches. The senior tranches get paid back first, the subordinated tranches later. Project-based sukuk (PBS) is a new product of sukuk. PBS issuance aims to develop sources for financing or capital distribution to the real sector. Underlying assets for this type is a government project. The government needs to build a coordination structure with National Sharia Board and the technical implementation for selected projects. According to the plan, the sukuk will be used to finance one project only. The infrastructure project is expected to be an example of sukuk financing to list the projects. Akad for this type is ljarah Asset to be leased. MONEY-MARKETS INSTRUMENTS CONVENTIONAL BONDS Surat Perbendaharaan Negara-Syariah (SPN-S) is similar to SPN, which is issued by the government, sold on discount, and with a maximum maturity of 12 months. The government issued the first SPN-S in early August 2011 with a 6-month tenor. Conventional bonds that is, bonds not indexed to inflation, are issued by a variety of institutions. These include: the governments; municipalities; Indonesian companies; and non-Indonesian companies that wish to obtain financing in Indonesian rupiah. Plain Vanilla A borrower (typically a company) will issue a bond in return for a loan. The bond is the financial instrument whereby the issuer promises to repay the loan (the bond face value amount) by a certain date. The bond instrument will state the applicable terms and conditions including the date for repayment and the interest rate. A vanilla bond will be a simple repayment plus interest instrument (fixed). Non Plain Vanilla Convertible Bond Convertible bond (or, if it has a maturity of greater than 10 years, a convertible debenture) is a type of bond that the holder can convert into shares of common stock in the issuing company or cash of equal value, at an agreed-upon price. It is a hybrid security with debt- and equity-like features. Although it typically has a low coupon rate, the instrument carries additional value through the option to convert the bond to stock, and thereby participate in further growth in the company’s equity value. The investor receives the potential upside of conversion into equity while protecting downside with cash flow from the coupon payments. Non Investment Bond A non-investment grade bond, also called a speculative bond, a high yield bond, an unsecured debenture, or a junk bond, is a bond that is considered a low quality investment because the issuer may default. Rating agencies have systems for rating bonds as investment grade or non-investment grade. Noninvestment grade bonds offer higher yields than investment 772 grade bonds to compensate for the greater risk. INDONESIA BOND MARKET DIRECTORY 2016-2017 Treasury Bills (Surat Perbendaharaan Negara) Surat Perbendaharaan Negara (SPN), widely known as Treasury bills, is a short-term note issued by the government and sold on discount. Its maximum maturity is 12 months. Currently, the government regularly offers 3-month and 12-month SPN at every auction. Islamic Treasury Bills (Surat Perbendaharaan NegaraSyariah) Certificate of the Central Bank (Sertifikat Bank Indonesia) SBI was issued in one tenor (9 months) by BI. Prior to the advent of treasury bills, SBIs were the main tool used by BI for openmarket operations and to control the liquidity of the banking system. SBIs were the most actively traded money-market instrument in Indonesia. Beginning in June 2010, SBI certificates were auctioned on a monthly basis with maturities of 28, 91, and 182 days. In addition, BI also issued a 28-day Sharia compliant SBIs on a monthly basis. In November 2010, BI stopped issuing 3-month SBIs and began offering term-deposit instruments to absorb excess bank liquidity. Subsequently, in February 2011, BI announced that it would no longer issue SBIs with maturities less than 9 months. Commercial Paper Commercial paper is the short-term securities in the money market with no guarantee, issued with discount by companies. Usually these instruments are not used for long-term investment but rather just for funding purchased inventory or to manage working capital. Normally, all these instruments are purchased by financial institutions because the face value is too large for private investors, and these are included in a very safe investment so that the yield of commercial paper is also low. Since the maturity of commercial paper does not exceed 9 months, and it is used only for the purpose of payment transactions, the offering of commercial paper was excluded from the obligation to submit a registration statement to Bapepam-LK. CPs grew rapidly in the early 1990s as they offered a substitute for bonds. Since CP programs can be rolled over almost automatically, they are economically the same as floating-rate bonds, but involve less cost and effort.
  773. Repurchase Agreement Indonesia ’s repurchase market is jointly managed by BI, the Indonesian Securities Inter-Dealer Association, and the Indonesian Fixed-Income Dealer Association. BI has established provisions for secondary market trading of SBI notes under repurchase agreements (repo). The government launched a repo market in 2004 and a Master Repurchase Agreement (MRA) in 2005. The MRA is the benchmark for repurchase transactions, which are set at the BI rate plus 3% for overnight repurchases. ABS (ASSET BACKED SECURITIES) An asset-backed security (ABS) in Indonesia is a participating unit of a collective investment contract with a portfolio that consists of financial assets comprising of: ♦♦ ♦♦ ♦♦ ♦♦ ♦♦ ♦♦ ♦♦ Claims arising from commercial papers, Credit card receivables, Future receivables, Loans including homes or apartment mortgages, Debt securities guaranteed by the government, Credit or cash flow enhancement, and Equivalent financial assets and other financial assets related to the aforementioned financial assets. The collective investment contract of an ABS is an agreement signed by an investment management company and a custodian bank. The contract binds the holder of the participating unit(s) and authorizes the investment management company to manage the collective investment portfolio while the custodian bank provides collective custody services. There are two types of ABS—fixed cash flow ABS and variable cash flow ABS. Fixed cash flow ABS are those that give investors certain income similar to those received by debt securities holders. Variable cash flow ABS is those that give the investors uncertain income similar to those received by equity securities holders. Assets for the portfolio of an ABS shall be acquired from true sale transaction that satisfies generally accepted accounting principles. The true sale is from the originator of the ABS Collective Investment Contract. The assets in the portfolio must be supported by an opinion of a legal consultant registered with Bapepam-LK, certifying that the rights of the ABS holders are the same as what has been stated in the ABS Disclosure Document. The originator can only engage in the true sale transaction of assets in the portfolio of an ABS of no more than 10% of the total amount of the assets that have originally been transferred into the ABS by the originator. The ABS Collective Investment Contract may: ♦♦ Contain different classes or no different classes whatsoever of ABS with different rights; ♦♦ Provide the terms under which the ABS of a specified class may be transferred to other Persons; ♦♦ Provide for liquidation of the ABS Collective Investment Contract including the disbursement of the financial assets to some or all classes of ABS holders at a specific time or under certain conditions; ♦♦ Determine the presence or absence of: insurance for the financial assets in the portfolio for various types of risks, such as credit risks; credit rating of Wsome or all classes of ABS; guarantees from third persons; credit or cash flow enhancements; retention and reinvestment of certain cash flows of the Collective Investment Contract portfolio; and issuance of additional ABS that may be owned by new investors or holders of previously issued ABS. Backed Securities – Letter of Participation (EBA‣‣ Asset SP). Besides in the form of collective investment contract, Asset Backed Securities also can be in the form of Letter of Participation, as known as EBA-SP (Surat Partisipasi). EBA-SP is the asset-backed securities issued by the issuer whose portfolio consists of receivables collection. EBA-SP is also proportionally ownership of a receivables collection which is owned jointly by holders group of EBA-SP. In Indonesia the legal basis of EBASP is under the Regulation of Indonesia Financial Services Authority Number 23/POJK.04/2014 concerning the issuance guidelines and reporting of asset - backed securities as a letter of participation in the context financing of secondary housing that was officially launched in 1 December 2014. Differences of ABS–Letter of Participation (EBA-SP) and ABS-Collective Investment Contract (KIK-EBA) EBA - SP KIK - EBA Legal Basis Regulation of President Number 1 Year 2008 changes Regulation of President Number 19 Year 2005 concerning secondary housing financial institutions. Regulation of Indonesia Financial Services Authority Number 23/POJK.04/2014 concerning the issuance guidelines and reporting of asset - backed securities as a letter of participation in the context financing of secondary housing. Regulation Number IX.K.1 concerning guidelines for asset-backed securities collective investment contract. Definition EBA-SP is the asset-backed securities issued by the issuer with a portfolio consist of receivables collection. EBASP is also proportionally ownership of a receivables collection which is jointly owned by holders group of EBA-SP. KIK-EBA is a contract between investment manager and custodian bank that binds holders of assetbacked securities which the investment manager is authorized to manage the collective investment portfolio and custodian bank is authorized to do their custody services. Issuance Form EBA-SP doesn’t use the collective investment contract and doesn’t involve investment manager in its management, but uses EBA-SP issuance agreement between the issuer with the custodian bank and the trustee. A collective investment contract between an investment manager and a custodian bank Securitization Mechanism ‣‣ ‣‣ ‣‣ ‣‣ ‣‣ ‣‣ INDONESIA BOND MARKET DIRECTORY 2016-2017 773
  774. EBA - SP KIK - EBA Issuers buy financial assets (mortgage bills) from the origin creditor to securitized into EBA-SP For the interest of KIKEBA, investment manager buy financial assets (bills/ receivables) from the origin creditor to securitized into EBA Financial Asset Receivables acquired from the origin creditor granting mortgage loans to debtors, including collateral / guarantee along with a security right attached to it. Claims arising from commercial paper, credit card bills, future receivables, lending including mortgages or apartments, debt securities guaranteed by the government, credit enhancement, cash flow, as well as similar financial assets and other financial assets associated with that financial asset. MTN (MEDIUM TERM NOTES) A medium term note (MTN) is a debt note that usually matures (is paid back) in 5–10 years, but the term may be less than one year or as long as 50 years. They can be issued on a fixed or floating (variable) coupon basis. Variable rate medium term notes can be as simple as paying the holder a coupon linked to SBI +/- basis points or can be more complex structured notes linked, for example, to swap rates, treasuries, indices, etc. MTNs can be issued with a fixed maturity date (noncallable) or can be issued with embedded call or put options and triggers where the notes will redeem early based on certain parameters. MTNs are most commonly issued as senior, unsecured debt of investment grade credit rated entities which have fixed rates. MTNs offer more flexibility to the issuer and investor both in terms of structure and documentation. 774 INDONESIA BOND MARKET DIRECTORY 2016-2017
  775. CHAPTER 7 BOND MARKET MECHANISM PRIMARY MARKET The primary market is part of the capital markets that deals with the issuance of new securities . Companies, governments or public sector institutions can obtain funding through the sale of a bond issue. This is typically done through a syndicate of securities dealers. The process of selling new issues to investors is called underwriting. In the case of a new bond issue, this sale is an initial public offering (IPO). Dealers earn a commission that is built into the price of the security offering, though it can be found in the prospectus. Primary markets creates long term instruments through which corporate entities borrow from capital market. Methods of Issuing Bonds Government Bonds (SUN and SBSN) Under Law No. 24 2002 on government debt securities (SUN) and Law No. 19 2008 on sovereign Sharia securities (also known as SBSN), the authority to issue government securities (or SBN), consisting of SUN and SBSN, lies with the government represented by the MOF. The MOF should consult with BI prior to executing the government securities issuance program every year. The issuance program considers the maximum net SBN issuance approved by Parliament. In addition, payment of all interest and principal obligations arising from the issuance of SUN, or payment of total obligations of benefits, and par value arising from SBSN issuance and the state property, are SBSN’s assets. The issuance and offering of government securities including SUN and SBSN may be conducted through auction, book building, and private placement in the local or international primary markets. Corporate Bond and Sukuk ♦♦ Submission of Registration Statement to Conduct Public Offering. Issuers have to submit a Registration Statement and supporting documents according to OJK regulations on public offering registration procedures. Issuers are fully responsible for the accuracy, adequacy, truthfulness, and fairness of all information contained in the registration statement and its supporting documents. Underwriters, capital market support professionals such as lawyers and accountants, and other parties involved who provide advice and/or information contained in the registration statement are responsible for their statements and opinions. ♦♦ Request for Amendment and/or Additional Information. OJK could request for amendment and/or additional information from issuers, and issuers have to deliver the amendment and/or additional information to the Registration Statement no later than 10 working days after the issuer has received the request from OJK. ♦♦ Publication of Summary Prospectus, Prospectus, and Preliminary Prospectus. After the document has been completed, with or without a request for amendment and/ or additional information, OJK gives permission for the publication of the Summary Prospectus and issuers have to publish it within 2 working days at least in one Indonesianlanguage newspaper. When issuers would like to do book building, book building could only been done after OJK gives a statement that issuers are allowed to undertake the book building. ♦♦ Effectiveness of Registration Statement. The Registration Statement becomes effective 45 days from the date the completed Registration Statement is received by OJK, or from the date of last change requested by OJK is received, or the issuance of effective notice from OJK that there is no further need for amendment and/or additional information. ♦♦ Publication of Revision of and/or Additional Summary Prospectus. Once the Registration Statement becomes effective and before the commencement of the public offering period, issuers have to publish any revision to and/ or additional Summary Prospectus concerning additional information and effective date within 1 working day in at least one Indonesian-language newspaper upon effectiveness of the Registration Statement. Along with the publication of additional information, issuer could do the public offering. ♦♦ Period of Public Offering, Allotment, and Report on the Result of Initial Public Offering. In order to perform public offering, securities could be offered by an underwriter with assistance from a securities-selling agent. Issuers are obliged to execute public offering within 2 working days when the Registration Statement becomes effective. The period of public offering is at least 1 working day and a maximum of 5 working days. In the event of termination of trading on the stock exchange for at least 1 trading day during the offering period, the issuer can make an extension of the offering period to cover the period of termination. Subscriptions to securities in a public offering should be fully paid no later than the time of securities’ delivery. Listing of securities offered in a public offering should be done no later than 1 working day following the date of securities’ delivery. The underwriter or issuer (if there is no underwriter) shall submit a Report on Result of Public Offering to OJK no later than 5 working days after INDONESIA BOND MARKET DIRECTORY 2016-2017 775
  776. the date of allotment , along with an Allotment Report. The underwriter or issuer (if there is no underwriter) shall appoint an accountant registered with OJK to conduct a special audit on whether the funds have been received by the issuer. These are governed by Bapepam-LK Rules No. IX.A.7 on Responsibilities of Underwriters with Respect to Subscription and Allotment of Securities in a Public Offering and No. IX.A.2 on Public Offering Registration Procedure. ♦♦ Shelf registration, also called sustainable public offering, is a public offering for debt securities and/or sukuk, which is done continuously to enable the issuer or public company with good performance to make a public offering of debt securities and/or sukuk within a period of time. Shelf registration should be implemented no longer than 2 years upon the effectiveness of the Registration Statement with certain criteria for both the issuer and securities. Shelf registration is covered under Bapepam-LK Rules No. IX.A.15 on sustainable public offering. ♦♦ Listing of Debt Securities. Listing on the stock exchange is not mandatory. Issuers are to determine by themselves whether they would list the securities on the exchange or not. There is, however, obligation to disclose the plan in the prospectus whether the securities would be listed on the exchange or not. Trading of bonds are via both exchange and Over-the-Counter (OTC), although most of trading is executed OTC. SECONDARY MARKET The secondary market, also called aftermarket, is the financial market where previously issued securities and financial instruments such as stock, bonds, options, and futures are bought and sold. The term secondary market is also used to refer to the market for any used goods or assets, or an alternative use for an existing product or asset where the customer base is the second market. With primary issuances of securities or financial instruments, or the primary market, investors purchase these securities directly from issuers such as corporations issuing shares in an IPO or private placement, or directly from the government in the case of treasuries. After the initial issuance, investors can purchase from other investors in the secondary market. The secondary market for a variety of assets can vary from loans to stocks, from fragmented to centralized, and from illiquid to very liquid. The major stock exchanges are the most visible example of liquid secondary markets - in this case, for stocks of publicly traded companies. Exchanges such as the Indonesia Stock Exchange, liquid secondary market for the investors who own stocks that trade on those exchanges. Most bonds and structured products trade “over the counter,” or by phoning the bond desk of one’s broker-dealer. Loans sometimes trade online using a Loan Exchange. Secondary marketing is vital to an efficient and modern capital market. In the secondary market, securities are sold by and transferred from one investor or speculator to another. It is therefore important that the secondary market be highly liquid (originally, the only way to create this liquidity was for investors and speculators to meet at a fixed place regularly; this is how stock exchanges originated, see History of the Stock Exchange). As a general rule, the greater the number of investors that participate in a given marketplace, and the greater the centralization of that marketplace, the more liquid the market. Fundamentally, secondary markets mesh the investor’s preference for liquidity (i.e., the investor’s desire not to tie up his or her money for a long period of time, in case the investor needs it to deal with unforeseen circumstances) with the capital user’s preference to be able to use the capital for an extended period of time. Accurate share price allocates scarce capital more efficiently when new projects are financed 776 INDONESIA BOND MARKET DIRECTORY 2016-2017 through a new primary market offering, but accuracy may also matter in the secondary market because: 1) price accuracy can reduce the agency costs of management, and make hostile takeover a less risky proposition and thus move capital into the hands of better managers, and 2) accurate share price aids the efficient allocation of debt finance whether debt offerings or institutional borrowing. TRADING AND REPORTING PLATFORMS Debt securities trading and reporting platforms in Indonesia are: Exchange Platform Debt securities and sukuk that can be transacted through the exchange platform are those listed on the IDX using trading facilities provided by IDX called Fixed-Income Trading System (FITS). In June 2005, the Surabaya Stock Exchange introduced the Fixed-Income Trading System (FITS) to facilitate the trading of bonds on the exchange. After the exchange merged with the Jakarta Stock Exchange and became the IDX, the system still exists. The bonds and sukuk trading mechanism through the FITS is integrated with the systems for clearing and settlement. Over-the-Counter Platform In OTC transactions, there are a large number of market participants broader traders and transactions are entered into through a negotiation mechanism. OTC transactions are done in various platforms such as voice box, chatting, or instant messenger. Settlement of government securities is done through a sub-registry designated by BI on Bank IndonesiaScripless Securities Settlement System (BI-SSSS), whereas settlement for OTC transactions on corporate bonds is done by Indonesian Central Securities Depository (KSEI) using its system, Central Depository and Book-Entry Settlement (C-BEST). The Ministry of Finance Dealing System The MOF, through its Debt Management Office (DJPU), may buyback government bonds in the secondary market. It can be done through buyback auction using the Ministry of Finance Dealing System (MOFIDS) or through direct transaction via the MOF dealing room. Each buyback scheme has a different finance minister regulation as legal basis. Direct transaction is based on Finance Minister Regulation No. 170/PMK.08/2008 regarding government debt securities direct transaction, while buyback including debt switch auction is based on Finance Minister Regulation No. 209/PMK.08/2009. Centralized Trading Platform The Centralized Trading Platform (CTP)-Reporting System is a system developed by IDX as a Beneficiary of Bond Transaction Report (PLTE) to facilitate the reporting obligations of participants of their bond transactions, as prescribed by Bapepam- LK Rule No. X.M.3 regarding bond transaction reporting. IDX was appointed by Bapepam-LK as a PLTE by virtue of Chairman of Bapepam-LK Decision No. KEP- 338/ BL/2009 dated 30 September 2009. As the trading repository, IDX must help disseminate the reported bond information (prices, volumes, etc.). The information then could be used by the market as a price reference for various purposes. On 29 May 2009, the regulation was amended and took effect on 1 October 2009 to include sukuk transaction reporting and to shorten the reporting period to 30 minutes. Bank Indonesia-Scripless Securities Settlement System
  777. In the domestic primary market , BI is appointed as the auction agent for government securities. Government securities auctions are conducted based on calendar issuance and facilitated by the Bank Indonesia-Scripless Securities Settlement System (BISSSS). BI-SSSS is designed to provide a system for government securities settlement. It facilitates online settlement transactions between the sub-registries. Meanwhile, cash settlement of government securities still relies on Bank Indonesia-Real Time Gross Settlement (BI-RTGS). INDONESIA BOND MARKET DIRECTORY 2016-2017 777
  778. CHAPTER 8 REGULATION UPDATE ♦♦ Decision of the Director General of Debt Management Number 01/PR/2016 concerning Government Debt Securities Benchmark Series 2016 ♦♦ Regulation of Financial Services Authority Number 26/ POJK.04/2016 concerning Investments product in capital market in order to support the Law on Tax Amnesty ♦♦ Regulation of Financial Services Authority Number 61/ POJK.04/2016 concerning the Implementation of Sharia Principles in Capital Market on Investment Managers ♦♦ Regulation of Financial Services Authority Number 1/ POJK.05/2016 concerning Investment in Government Securities for Non-Bank Financial Institutions ♦♦ Regulation of Minister of Finance Number 25/ PMK.05/2016 concerning the Procedures of The Payment execution for Activities That Are Financed By The Issuance of Government Islamic Securities ♦♦ Regulation of Financial Services Authority Number 36/ POJK.05/2016 concerning the Changes on the Regulation of Financial Services Authority Number 1/POJK.05/2016 concerning Investment in Government Securities for NonBank Financial Institution 778 INDONESIA BOND MARKET DIRECTORY 2016-2017 ♦♦ Regulation of Minister of Finance Number 46/ PMK.08/2016 concerning the Changes on the Regulation of Minister of Finance Number 238/PMK.08/2014 concerning the Sales of Yen Denominated Government Bond in Japan Primary Market ♦♦ Decision of the Director General of Debt Management Number 47/PR/2016 concerning Government Debt Securities Benchmark Series 2017 ♦♦ Regulation of Financial Services Authority Number 7/ POJK.04/2017 concerning Registration Statement Document in order to Public Offering of Equity Securities, Debt Securities and or Islamic Securities ♦♦ Regulation of Financial Services Authority Number 9/ POJK.04/2017 concerning the Form and Content of Prospectus as well as Brief Prospectus for the Public Offering of Debt Securities ♦♦ Regulation of Minister of Finance Number 4/ PMK.08/2017 concerning the Second Changes on the Regulation of Minister of Finance Number 43/ PMK.08/2013 concerning Local and Foreign Currency Government Bond Auction in Domestic Primary Market
  779. GLOSSARY Accrued Interest number of coupons (interest) bonds calculated from since the last coupon payment until the date of settlement Adjusted Gross Income Income on which individuals or households in calculating federal income tax. Agen Lelang Surat Utang Negara Party appointed by the Government to implement the Government Securities Auction in Primary Market. Agen Fiskal Designated agent to perform the registration of ownership (registry) and pay interest and principal of bonds. Allotment Bond allocation obtained. State Budget Adjustment (APBN Penyesuaian) Budget adjusted for volume as a result of changes in macroeconomic assumptions. These adjustments do not require ratification of the Act, but simply discussed with the House. system will automatically record and sort on the basis of chronological. Average Maturity average maturities of the bonds. Benchmark Yield Curve curves that describe the relationship between rates of return (yield) at various maturity of securities with no risk. This curve is a basic reference in the pricing of bonds and other financial assets and forming market expectations about future interest rates. Bid-to-cover Ratio The ratio between the number of incoming bids by the number of bids won. BI-SKRIP (Bank Indonesia-Sistem Kliring, Registrasi, Informasi dan Penatausahaan Surat Berharga) System used by Bank Indonesia to administer government bonds, which consists of (i) registration of ownership, (ii) settlement of transactions, and (iii) payment of interest and principal of Government Bonds. State Budget Revision (APBN Perubahan) Current year budget at the end of this period made the changes, and these changes require ratification by the government with the House in the form of the Act (Budget Amendment Act). Changes in ABPN Formerly known as the Budget-TP. Book Entry Registry (BER) Bonds scripless recording system in an electronic journal. Arranger and Selling Agent Party appointed by the government to implement the Book-building and sales of Bonds in the primary market. Buyback Repurchase of bonds (Government Securities) before maturity. Asset to Bond Swap Exchanges between the assets managed by BPPN with state bonds issued in connection with bank recapitalization program. Capital Gain Profits derived from the difference between selling price and buying price of a financial asset. Automatic Bidding System Auction bidding system automatically by means of electronic auctions are connected (on line). Bidder to enter bid and the Bookbuilding Activities of collecting subscription from investors. CAR (Capital Adequacy Ratio) Fulfillment of the provisions of the capital adequacy of banks is currently at 8%. CAR is the ratio of capital to risk-weighted assets (RWA). INDONESIA BOND MARKET DIRECTORY 2016-2017 779
  780. Central Registry Party responsible for keeping records of ownership of government bonds , the coupon payments and administer rights movement holdings of government bonds. Bank Indonesia is currently acting as the Central Registry. Divesting Release of ownership (equity / shares) in a company. Clean Price Bond price minus accrued interest. Duration The weighted average maturities of the bonds. Duration is used to measure the volatility of bonds, the smaller the duration the higher the volatility of the bond. Code of Conduct Standards of behavior which are written rules that must be obeyed by the members of a society in its activities. Competitive Bid Auction Auction system in which each bidder submit the bid price (bid price) respectively. Continuous Auction Continuous auction mechanism that will stop if there correspondence between the bid-offer. Cost of Funds Costs incurred on funds before calculated reserve requirement. Credit Risk Risk that the issuer can not afford to pay interest and principal of the bonds at maturity. Credit risk is often also called default risk. Cross Currency Swaps Exchange of two currencies or currency that is different from the agreement of both parties will return to trade at its face value at maturity. Day Count Number of days used in calculating the accrued interest bonds. Debt Switching Redemption of bonds which had been circulated with other types of bonds that have maturities and/or a different coupon. State Budget Deficit Negative difference between government revenue and government expenditure. Dirty Price Bond prices contain accrued interest, often also called full price. Discounted Bonds (Zero Coupon Bonds) Bonds that do not give coupons or interest, sold at discount and at maturity the bonds are paid or repaid in accordance with the nominal value. Bonds at Discount Excess of selling price or face value over the acquisition price of bonds, excluding interest runs (accrued interest) to bond with a coupon. 780 INDONESIA BOND MARKET DIRECTORY 2016-2017 Due Dilligence In-depth examination of an aspect of a particular institution. Federal Tax Policies that aim to ensure that individuals, trusts, estates, and corporations are wealthy pay at least some income tax. Financial Market Financial markets, the markets in which short-term instruments and long-term trading, including money market and capital markets. Fixed Rate Bonds Bonds have a fixed rate until maturity. Interest is paid every six months on the 15th of the month that has been determined. Flat Yield Curve The bond yield curve where short term with long-term bond yields. Floating Rate Bonds (Variable Rate Bonds) Bond interest rate is adjusted periodically based on the Treasury Bills interest rate or the average time deposits of certain banks. Bond variable interest rate issued by the government in order to recap the interest rate determined every three months based on 3-months SBI interest rate. Foreign Currency Loan Loans in foreign currencies. Forward Foreign Exchange Contract Submission of a contract or agreement then a number of foreign exchange for a transaction (underlying) at a certain agreed period. Gross Income Individual’s total income before deduction (deductions) and exceptions (exclusions). Multiple Price (Harga Beragam) Price paid by each winning bidder in accordance with its proposed offer price. Indicative Price (Harga Indikatif) Average price of government bonds on the secondary market within a period of 1 (one) week. Settlement Price Price to be paid for the auction of Government Securities, which was won.
  781. Hedge Bonds Bond interest rate determined based on the interest rate SIBOR (Singapore Interbank Offered Rate) 3 months + 2% on the principal is indexed to changes in the rupiah exchange rate against U.S. $. These bonds are intended to cover net open position (net open position) banks recap. Holding Period The ownership of a bond which is calculated since purchase. Humped-backed Yield Curve Curve where the yield has fluctuated. Indonesia Goverment Securities Trading System Securities trading system electronically that are used in trading of Government Securities in the secondary market by traders Government Securities. Inflation Percentage increase in general prices of goods and services within a certain period. Instrumen Investasi Pendapatan Tetap (Fixed Income Asset) Securities offer a fixed income over time. In Indonesia, the securities referred to (usually bonds) offered by securities firms as fixed-income mutual fund products. Inter Dealer Market Inter-dealer market traders Government Securities. Interest Rate Swap Agreement where two parties (called counterparties) made an agreement to exchange periodic interest payments. Investment Portfolio Account (Rekening Portofolio Investasi) Accounts used to record the government bonds owned by banks in the investment portfolio / asset with its historical value (historical price). Coupon The amount of interest paid on a regular basis, expressed as a percentage of the nominal value of bonds. Government Bond Auction Sales of Government Securities by way of submission of bids on a competitive basis and noncompetitive bidding in a time period that has been determined and previous diumukan. Loan to Deposit Ratio (LDR) Ratio between the loans provided by third-party funds collected by banks. Market Expected Yield Results expected by the market on a securities (e.g. government bonds). Market Maker (Penggerak Pasar) Financial institution that acts as a driver of the market by providing two-way price quotations (bid and offer prices) and at all times ready to sell and buy. Mismatch Exposure Inequality between bank’s liabilities side and asset side. Multiple Price Auction Auction system in which the winning bidder will pay the price of securities in accordance with the bid price (bid price) the filing. Multiple Price Various pricing methods, the method of determining the winner of the auction where the price paid by each winner in accordance with its proposed offer price. Negative Spread Minus the difference between the cost of funds with interest income. Non-competitive Bid Auction Auction system in which some bidders did not submit the bid price and would receive or pay on the average price of the auction results of the competitive bidders. Government Bond (ON) Government Securities (bonds) denominated in dollars with a coupon or a discount with the interest payment, term of more than 12 (twelve) months, and repaid at maturity for face value. Government Bond Government Securities with a maturity of more than 12 (twelve) months with periodic interest payments and / or interest payment discount. Open Market Operation Monetary policy instrument to influence the money supply in the banking system through the sale or purchase of securities. Outliers Term that describes the yield of commercial transactions that are significantly different from the general yield level and occurs naturally in the secondary market within a certain time. Outright Transaction Transaction without any obligation bonds to buy or sell back the bonds. The opposite of repo transactions. Oversubscribed Situation where the demand of new types of securities issued exceeds the amount offered. Over-the-Counter Government bond markets are conducted through a trading market outside the stock exchange. Paperless (Scripless) Securities or securities with no slips. Par to Par INDONESIA BOND MARKET DIRECTORY 2016-2017 781
  782. Exchange bonds (fixed rate to variable rate) is based on the value nominal value each. Trading system in the primary market by using a panel of primary dealers (primary dealers). International Primary Market Bond offerings and sales activities in foreign countries outside the territory of Indonesia for the first time. Primary Market Supply and sales activities of securities (including government bonds) for the first time. Primary Market (Pasar Perdana) Bidding activity and sales of Government Securities for the first time. Prospectus Written information about the bond offering to the public in order for the purchase of bonds in question. Secondary Market (Pasar Sekunder) Sovereign Debt trading activities that have been sold in the primary market. Public Offering Auction System Public offering of bonds by using an auction system. Government Bond Administration Bureau (Pelaksana Penatausahaan Surat Utang Negara) Party appointed by the Government to conduct ownership registration, clearing and settlement, as well as the paying agent of interest and principal of Government Securities. Competitive Bidders (Pemesanan Pembelian Kompetitif) Purchase order by stating the volume and yield the desired level of customer. Non-Competitive Bidders (Pemesanan Pembelian Non Kompetitif) Purchase order by stating the volume without yield the desired level of customer. Competitive Offers (Penawaran Pembelian Kompetitif) Submission of bids by stating the desired volume and yield bidder. Allotment Bond allocation obtained by each ordering compatible with the sales results. Government Bond Market Interdealer Association An association which was established since November 2002 to conduct inter-dealer market traders Government Securities, based on trading systems and codes of conduct agreed upon by all members. Auction Participant (Peserta Lelang) Party appointed by the Minister of Finance to be able to participate in the auction of Government Securities. Positive Yield Curve (Normal Yield Curve) A curve where short-term bond yield is lower than the longterm bonds and so-called inverted yield curve is negative or if the opposite happens. Primary Dealer Financial institutions appointed by the government, to actively make an offer (bid) in the primary market of government bonds. Primary Dealers can also act as a driver of the market (market makers) in the secondary market. Primary Dealer System 782 INDONESIA BOND MARKET DIRECTORY 2016-2017 Redemption of Debt Back debt repayment before or after maturity at a discount (at discount) or premium (at premium). Redemption Value Principal amount payable to holders of bonds on the bond matures. Reference Rate Interest rate used as a benchmark or reference for determining the interest on the bonds, such as level-1-month SBI interest rate or a 3-month SIBOR / Libor. Reference rate is also often referred to as a benchmark. Refinancing Risk Risks which the government is not able to obtain funds from the sale of new bonds needed to pay off the bonds will mature. Refunding Bonds Bonds issued in order to pay off bonds that will mature. Rekening Kas Negara Accounts that hold good throughout the state revenues derived from taxation, non-taxation, and grants and all state expenditures in furtherance of the activities of government. Remote Trading Long-distance trading system that can be done by members of the office of Member of Stock Exchange respectively where each order is sent directly to the trading system without the need to enter orders through the trading floor. Reopening Reissuing the series of bonds previously issued. Repo Which is also called the RPS or buybacks, are often used as an instrument of money market investments and as an instrument of monetary policy by the Central Bank. Reprofiling Programs offer an exchange (exchange offer) with the intention to restructure the maturity structure of bonds in order to become more balanced and reduce fiscal pressures in the future.
  783. Repurchase Agreement (Repo) Agreement between the seller and the buyer of securities which the seller agrees to repurchase the securities at a price and with a term that has been agreed. Straight Bonds Bonds can be repaid by or sold back to its owner before it matures. Revenue Bonds Bonds issued by local governments to finance specific projects or companies where the owners of bonds secured by the results (revenue) projects financed by bonds. This bond is one type of municipal bonds. Sub Registry Institution appointed by Bank Indonesia to do the whole clearing, settlement, including the registration and transfer of ownership of government bonds and perform functions as paying agent for the owners of securities listed on the Sub-Registry. Reverse Repo Purchases of securities by one party (purchaser) of any other party (seller) with the agreement will be resold at a price and the agreed time period. Surat Perbendaharaan Negara (SPN) Government Securities (bonds) denominated in dollars are sold without a discount coupon, maturity of up to 12 (twelve) months, and repaid at maturity with a nominal value. Risk Exposure There is a potential risk of a portfolio of owned structures. Surat Utang Negara (SUN) Securities in the form of debt instruments denominated in rupiah or foreign currency, interest and principal payments are guaranteed by the Republic of Indonesia, in accordance with the validity period. Risk Management Management of risks that may arise from the issuance of Government Securities primarily related to financing risk, default risk, operational risk, market risk. Rounding Method How to rounding up results of a calculation, for example, rounding the full (simple rounding) or rounding with decimals or fractions. Saving Bond Bond that offers a fixed rate of interest over a fixed period of time. Secondary Market (Pasar Sekunder) Securities trading activities (including state bonds) that have been sold in the primary market. Sector Grouping of bonds based on its time to maturity. Settlement Sovereign Debt settlement consisting of a settlement fund and the settlement of ownership of Government Securities. Single Price/Uniform Price Auction Auction system in which the winning bidder will pay for the securities in accordance with the average price bid. Stapled Bond Bonds are classified into long bond exchange program with 2 (two) types of new bonds, which bonds the first type provides a higher coupon bonds of the second type, but the weighted average coupon is the same two types of bonds with a coupon bonds to be exchanged recap . Example: Bond Series FR0001 and FR0006 exchanged for Series FR0007. Series FR0003 and FR0009 FR0008 exchanged. Stop-out Rate Sales of Government Securities based on the target number of Securities to be sold the Government. Syndicate Underwriting In the form of underwriting syndicate consisting of the lead underwriter, managing underwriter and co-underwriters. Tax Exemption Exemption from the obligation to pay tax on a particular object based on tax regulations. Tax Washing Action to avoid payment of taxes by the taxpayer, by making use of individuals or institutions that obtain tax exemption facility. Taxable Income Net income (net income) before tax. Tenor Maturities of the bonds. Time to Maturity The remaining time (usually in years) until a bond is redeemed or matures. Trading Portfolio Account (Rekening Portofolio Perdagangan) Accounts used to record the government bonds owned by banks in the investment portfolio / asset with its market value (marked to market) and is ready to be traded. Treasuries Letter of acknowledgment of debt guaranteed by the U.S. Federal Government payment (full faith and credit), was published in a variety of maturities and can be traded. Securities consist of Treasury Bills, Treasury Notes and Treasury Bonds. Treasury Bills Securities with a maturity of one year or less sold by way of discount (at discount) from the nominal value through short INDONESIA BOND MARKET DIRECTORY 2016-2017 783
  784. lelang .berjangka issued by the United States (U.S. Treasury) with a discount and paid at maturity in accordance with the nominal value. Treasury Bonds (T-Bonds) Long-term securities with maturities of 10 years or more are issued with a minimum denomination of $ 1,000. Treasury Notes (T-Notes) Maturity of the securities which make a medium tempo up to 10 years is sold by way of direct (cash subscription) through redemption of government debt is still running or falling due, or through auction. Denomination ranging from $ 1,000. Primary Money or Reserve Money Liabilities of the monetary authority consisting of banknotes and coins outside the BI and KPKN, which is owned by commercial banks and the private sector, and demand deposits of commercial banks and the private sector (residents) in BI. Variable Rate Bonds Bond interest rate determined based on 3-month SBI interest rate. Interest is paid every three months on the 25th of the month that has been determined. 784 INDONESIA BOND MARKET DIRECTORY 2016-2017 Weighted Average Price (WAP) Bond prices are determined by the weighted average. Withholding Tax Taxes collected in advance by a Payer Pick. Yield (Imbal Hasil) Profits expected by investors as a percentage per year. Yield Curve (Kurva Imbal Hasil) Graph illustrating the relationship between the level of profit (rate of return) or yields with various maturities of the bonds. Yield to Maturity (YTM) Rates of return (rate of return) will be accepted on a bond if the investor held to maturity.