Local mutual fund ownership Local pension fund ownership Foreign mutual fund ownership
SMART MONEY
April 2018
By:
Evan Lie Hadiwidj aj a
Richard Suherm an
Ba n k in g Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in ba n k in g se ct or
Loca l m u t u a l fu n d ow n e r sh ip
90.0%
83.2%
82.9%
82.3%
81.6%
81.4%
80.7%
80.0%
80.5%
79.9%
80.0%
79.2%
78.6%
79.0%
79.9%
79.9%
79.9%
80.3%
81.2%
82.4%
82.2%
7.0%
82.0%
72.1%
72.0%
72.1%
71.1%
70.1%
70.0%
60.7%
57.4%
60.0%
57.5%
58.7%
59.7%
60.1%
61.0%
63.3%
60.8%
60.2%
69.5%
5.5%
63.8%
60.5%
5.9%
6.0%
5.0%
5.5%
6.1%
5.9%
6.1%
6.1%
5.9%
6.0%
6.1%
6.2%
6.1%
5.8%
5.5%
5.5%
5.3%
4.9%
4.8%
4.7%
4.4%
50.0%
4.3%
4.5%
4.4%
4.5%
4.4%
4.0%
4.1%
3.9%
4.1%
3.7%
3.7%
3.6%
4.2%
4.2%
4.3%
4.8%
4.5%
4.2%
3.8%
40.0%
3.0%
30.0%
2.0%
20.0%
1.0%
10.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
30.0%
6.0%
5.2%
5.0%
4.8%
4.3%
4.9%
4.9%
26.9% 27.1% 26.6%
26.1%
5.0%
4.7%
4.7%
4.6%
25.0%
4.3%
3.7%
3.7%
3.3%
3.0%
3.8%
3.9%
3.8%
3.8%
20.0%
3.3%
3.3%
3.1%
3.1%
3.0%
2.7%
2.5%
2.7%
2.7%
2.4%
2.2%
2.0%
2.2%
2.2%
2.3%
25.6% 25.2%
24.1% 24.3%
4.6%
3.9%
4.0%
3.0%
4.8%
17.7% 18.1%
16.8% 17.0% 17.3%
16.6% 16.5% 16.6% 16.3% 16.3% 16.1%
16.0% 16.3% 16.3% 16.1% 16.1% 16.4%
20.0%
19.3% 19.3% 19.5%
18.7% 19.0% 19.0%
20.7% 21.2%
22.1% 22.0% 21.9% 22.4%
15.0%
2.3%
2.0%
2.0%
10.0%
1.0%
5.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Despit e accum ulat ion from local inst it ut ions, foreign capit al out flow m ay serve as a headwind for banking sect or as foreign
ownership out weighs local ownership.
Ce m e n t Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in ce m e n t se ct or
Loca l m u t u a l fu n d ow n e r sh ip
90.0%
4.5%
88.0%
86.1%
86.0%
84.7%
86.5%
85.9%
85.9%
85.9%
86.4%
86.3%
86.7%
87.2%
86.8%
86.8%
86.3%
86.8%
87.2%
86.5%
87.1%
87.2%
4.2%
4.1%
87.3%
4.0% 3.8%
86.6%
3.7%
3.5%
84.4%
84.0%
3.7%
3.6%
3.5%
3.6%
3.5%
3.7%
4.0%
3.8%
3.4%
3.1%
3.0%
2.8%
82.0%
2.6%
2.7%
2.6%
2.6%
2.4%
2.5%
79.7%
80.0%
2.2%
2.2%
2.0%
78.0% 77.5%
77.9%
77.7%
77.9%
77.8%
77.5%
77.6%
77.5%
77.2%
77.1%
77.6%
76.8%
78.0%
77.8%
2.0%
78.0%
1.7%
77.0%
1.6%
1.6%
1.6%
1.6%
2.2%
2.2%
2.3%
2.0%
2.0%
1.8%
1.8%
1.7%
1.5%
76.0%
74.0%
1.0%
72.0%
0.5%
70.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
5.4%
For e ign m u t u a l fu n d ow n e r sh ip
25.0%
5.3%
5.3%
5.3%
5.2%
5.2% 5.2%
5.1%
1.9%
1.9%
5.1%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.1%
5.1%
5.2%
20.0% 20.0%
19.5%
19.3% 19.5% 19.7%
19.2% 19.0%
18.8% 19.0% 18.8% 19.2% 19.2%
18.8% 19.2%
18.5% 18.7% 18.9%
18.0% 18.4% 18.0% 18.3%
18.0% 18.1% 17.9%
17.4% 17.8% 17.7% 17.6% 17.5% 17.3% 17.4% 17.5% 17.6% 17.5%
17.0%
20.0%
5.1%
5.1%
5.1%
5.1%
5.0%
5.0%
5.0%
5.0%
15.3% 15.6%
5.0%
5.0%
4.9%
15.0%
4.9%
4.9%
4.9%
4.9%
4.8%
4.8%
4.8%
4.9%
4.9%
4.9%
4.9%
4.8%
4.8%
4.7%
4.7%
10.0%
4.7%
4.6%
5.0%
4.5%
4.4%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Foreign MF shows gradual accum ulat ion while selling pressure from local MF has norm alized.
Con su m e r St a ple s Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in con su m e r st a ple s se ct or
Loca l m u t u a l fu n d ow n e r sh ip
50.0%
5.0%
45.1%
44.9%
4.6%
45.0%
4.3%
4.5%
40.0% 39.1%
39.0%
40.3%
38.6%
37.3%
37.2%
36.8%
36.6%
36.4%
36.4%
36.4%
36.5%
36.6%
36.3%
36.7%
36.7%
37.2%
39.1%
37.8%
40.4%
37.9%
37.8%
37.6%
37.3%
37.5%
39.6%
36.5%
36.7%
36.7%
36.5%
37.1%
37.0%
37.0%
37.1%
4.2%
39.0%
4.0% 3.8%
36.9%
35.0%
4.6%
4.5%
4.3%
4.5%
4.5%
4.6%
4.3%
4.3%
4.3%
4.4%
4.4%
4.2%
4.1%
3.9%
4.6%
4.6%
4.6%
4.4%
4.3%
4.4%
4.4%
4.1%
4.1%
4.2%
4.3%
4.1%
4.1%
3.7%
4.0%
3.8%
3.9%
3.9%
3.5%
30.0%
3.0%
25.0%
2.5%
20.0%
2.0%
15.0%
1.5%
10.0%
1.0%
5.0%
0.5%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
12.0%
5.0%
4.4%
4.5%
4.0%
4.0%
3.5%
3.0%
4.5%
4.2%
3.0%
3.1%
3.1%
3.2%
3.2%
3.3%
3.4%
3.4%
3.4%
3.4%
3.4%
3.3%
3.6%
3.4%
3.2%
3.2%
3.1%
3.1%
3.1%
2.9%
3.2%
3.3%
3.7%
3.7%
3.8%
4.3%
4.0%
3.9%
3.9%
3.9%
4.0%
4.4%
4.4%
4.1%
10.0%
3.3%
8.0%
7.8%
7.8%
7.9%
8.0%
7.9%
7.6%
7.4%
7.4%
7.7%
7.9%
8.0%
8.1%
8.3%
7.9%
8.3%
8.6%
9.0%
8.9%
8.2%
8.3%
9.3%
8.9%
8.8%
8.7%
8.6%
8.5%
9.5%
9.8%
9.8%
9.7%
9.4%
9.7%
10.0% 10.1% 10.1% 10.0% 10.1%
8.9%
2.9%
2.5%
6.0%
2.0%
4.0%
1.5%
1.0%
2.0%
0.5%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Wait - and- see as bot h local and foreign ownerships t end t o m ove sideways.
Coa l Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in coa l se ct or
Loca l m u t u a l fu n d ow n e r sh ip
30.0%
4.5%
4.0%
29.1%
4.0%
29.0% 28.7%
3.7%
3.8%
3.5%
27.9%
28.0%
27.9%
28.1%
3.5%
27.3%
27.4%
27.2%
27.1%
26.9%
27.0%
26.9%
26.7%
26.4%
25.8%
26.0%
25.5%
25.6%
25.9%
27.1%
27.0%
27.0%
27.2%
26.7%
26.4%
26.4%
26.2%
26.1%
26.3%
26.0%
26.0%
25.8%
25.9%
25.9%
3.2%
2.9%
3.0%
27.2%
2.5%
26.7%
26.6%
2.5%
2.6%
2.7%
2.4%
2.5% 2.3%
26.2%
2.0%
25.9%
2.5%
2.0%
2.0%
1.8%
1.8%
25.6%
1.7%
1.6%
1.6%
1.6%
1.5%
1.4%
1.5%
1.6%
1.7%
1.8%
1.8%
2.0%
2.4%
2.5%
2.7%
2.8%
2.8%
2.6%
2.1%
1.8%
1.3%
1.2%
25.0%
1.0%
24.0%
0.5%
23.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
8.0%
3.5%
7.4%
3.0%
3.0%
2.5%
2.8%
2.8%
2.8%
2.8%
2.8%
2.7%
7.0%
6.4%
2.7%
2.7%
2.7%
2.6%
2.6%
2.6%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.4%
2.3%
2.3%
2.3%
2.3%
2.4%
2.4%
6.0% 5.7%
2.4%
2.3%
2.2%
2.1%
2.0%
2.1%
5.8%
5.8%
5.9%
5.6%
5.6%
5.4%
5.6%
5.6%
5.7%
5.3%
5.2%
5.3%
5.2%
5.3%
5.3%
5.9%
6.7%
6.9%
6.1%
5.9%
5.6%
5.3%
5.7%
5.6%
5.5%
5.5%
5.7%
5.7%
5.7%
5.7%
5.8%
5.8%
5.7%
5.8%
5.8%
5.0%
2.0%
1.7%
4.0%
1.5%
1.5%
1.3%
3.0%
1.0%
2.0%
0.5%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Dist inct accum ulat ion by bot h local and foreign MFs; inline wit h our view on coal sect or.
Con st r u ct ion Se ct or
CONSTRUCTION
BANKING
SECTOR
SECTOR
For e ign ow n e r sh ip in con st r u ct ion se ct or
Loca l m u t u a l fu n d ow n e r sh ip
50.0%
30.0%
45.0%
42.0%
40.0%
35.2%
36.0%
34.4%
35.0%
33.6%
34.9%
34.2%
35.3%
35.9%
36.4%
37.1%
37.8%
38.6%
39.4%
38.4%
42.9%
40.2%
39.5%
41.3%
39.7%
38.3%
38.2%
37.4%
37.5%
38.6%
39.7%
41.2%
41.0%
42.1%
40.8%
40.8%
41.7%
27.3% 27.5% 27.2%
26.6% 26.9%
40.6%
41.6%
41.7%
40.2%
40.0%
25.0% 25.4%
26.1% 26.1% 25.7% 25.8%
25.0%
24.8%
24.2%
24.9% 24.4%
23.0%
35.4%
21.4%
20.3% 20.4%
19.9% 19.6%
19.4% 19.2%
20.0%
18.5%
30.0%
16.6%
16.2% 16.4%
15.1%
15.1%
25.0%
15.0%
15.4%
13.8% 13.5% 13.8%
13.4%
13.3% 13.0% 12.8%
12.7%
20.0%
10.0%
15.0%
10.0%
5.0%
5.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
16.0%
14.0%
14.6%
12.0%
10.9%
10.5% 10.4%
10.0%
9.3%
7.7%
8.0%
6.9%
8.2%
7.4%
8.3%
11.3% 11.5% 11.3%
11.0% 11.0% 11.0% 11.0% 11.1% 11.0% 10.8% 10.9%
10.4% 10.2% 10.4%
10.7%
11.5%
12.0%
9.5%
9.4%
8.7%
8.7%
10.2% 10.3%
9.0%
8.4%
8.2%
8.0%
7.6%
8.1%
10.0%
7.5%
10.3%
9.8%
9.3%
8.9%
8.9%
8.9%
14.0%
13.4%
12.5%
12.0% 12.1% 12.3%
12.4%
11.2%
12.8% 12.6%
12.4% 12.3% 12.5% 12.2% 12.3% 12.2%
11.7% 11.6%
12.0% 12.0% 12.1%
12.5%
12.9%
12.4% 12.3%
9.8%
9.2%
7.0%
8.0%
6.4%
6.0%
13.9%
14.0%
5.8%
6.0%
4.0%
4.0%
2.0%
2.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Selling pressure from local MF while foreign MF t end t o m ove sideways.
M e dia Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in m e dia se ct or
Loca l m u t u a l fu n d ow n e r sh ip
35.0%
3.0%
2.7%
2.6%
33.8%
34.0%
33.5%
33.1%
33.0%
32.3%
32.4%
2.5%
33.3%
32.3%
32.3%
32.3%
32.4%
32.4%
32.4%
32.6%
32.7%
32.5%
33.2%
32.9%
32.8%
2.4%
2.3%
2.3%
2.4%
2.4%
2.5%
2.5%
2.6%
2.6%
2.5%
2.5%
2.4%
2.4%
2.4%
2.4%
2.3%
2.3%
2.4%
2.3%
2.2%
32.9%
32.5%
32.5%
2.5%
2.2%
2.1%
32.7%
2.0%
2.3%
2.3%
2.0%
2.0%
1.8%
32.0%
1.8%
1.8%
1.8%
32.0%
1.7%
1.5%
31.4%
1.5%
31.1%
30.8%
31.0%
30.6%
30.6%
30.3%
30.2%
30.1%
30.4%
30.1%
1.3%
1.4%
30.6%
30.5%
30.4%
30.2%
30.2%
1.4%
1.0%
30.0%
0.5%
29.0%
28.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
0.6%
12.0%
0.5% 0.5%
10.0% 9.4%
10.3%
10.0%
10.0% 10.1%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
9.6%
9.6%
9.7%
9.6%
9.4%
8.7%
0.4%
0.4%
9.9%
8.5%
8.5%
8.8%
9.0%
9.1%
9.2%
9.4%
9.4%
0.4%
0.4%
0.4%
0.3%
9.0%
9.0%
9.0%
8.9%
8.7%
8.6%
8.9%
9.1%
8.7%
8.8%
9.0%
8.4%
8.4%
7.8%
8.0%
0.4%
9.5%
7.7%
8.6%
7.9%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
6.0%
0.2%
4.0%
0.1%
2.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Gradual accum ulat ion from local and foreign MFs despit e recent sell - off from local PF.
Pla n t a t ion Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in pla n t a t ion se ct or
Loca l m u t u a l fu n d ow n e r sh ip
45.0%
18.0%
16.6%
37.0%
35.0%
16.5%
38.9%
40.0%
36.7%
37.2%
36.2%
33.6%
34.6%
35.0%
34.4%
34.6%
34.7%
35.7%
34.5%
16.0%
16.3%
16.0%
36.9%
35.7%
14.4%
33.4%
33.0%
32.6%
30.8%
30.4%
28.8%
30.0%
28.4%
29.0%
29.3%
29.6%
31.0%
32.7%
33.1%
31.2%
30.7%
30.1%
31.3%
32.3%
32.4%
33.0%
33.4%
32.5%
32.9%
14.0%
13.0%
13.9%
14.3%
13.8% 14.0%
13.4%
12.7%
12.0% 11.5%
25.0%
10.0%
14.4%
13.6%
12.7% 12.5%
12.1%
10.8% 10.7% 10.6% 11.1%
11.4%
10.5%
11.3%
10.9% 11.0%
10.4%
10.1%
10.0%
9.4%
8.8%
9.5%
9.2%
8.7%
8.0%
20.0%
8.0%
15.0%
6.0%
10.0%
4.0%
5.0%
2.0%
0.0%
7.9%
7.4%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
14.0%
13.2% 13.2% 13.1%
12.9% 12.9%
12.3% 12.2% 12.3% 12.3% 12.4% 12.3% 12.2%
14.0%
11.0% 10.9% 11.2% 11.2% 11.1% 11.0%
11.0% 10.7% 10.8%
10.6% 10.7% 10.8%
10.6% 10.5%
10.3% 10.3% 10.4%
12.6%
12.4% 12.4%
12.2% 12.3%
12.0%
12.0% 11.4% 11.5%
11.2%
10.6% 10.5% 10.5%
10.4% 10.4%
10.2% 10.3%
10.0%
10.0%
8.0%
8.0%
6.0%
6.0%
4.0%
4.0%
2.0%
2.0%
0.0%
11.7%
10.9%
11.7%
11.1%
10.5%
10.8% 11.0%
12.1%
11.9%
11.1%
11.0% 11.0%
10.0% 10.1%
10.4%
11.9%
11.4% 11.6%
10.8% 10.7%
10.4%
11.1% 11.2% 11.3%
10.8% 10.8% 10.8%
10.2% 10.2%
10.6% 10.6% 10.5%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
We see an upt ick from local and foreign MFs, nonet heless, we rem ain vigilant t owards t he sect or given t he weak 1Q18
result s and pressure on t he CPO price.
Pr ope r t y Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in pr ope r t y se ct or
Loca l m u t u a l fu n d ow n e r sh ip
50.0%
45.0% 44.2%
44.1%
42.9%
43.8%
43.3%
43.0%
43.1%
43.5%
42.9%
43.0%
42.8%
43.4%
44.5%
45.0%
44.5%
44.5%
45.3%
45.8%
45.5%
45.9%
45.3%
45.3%
45.2%
45.5%
45.7%
46.6%
47.5%
9.0%
42.7%
41.0%
40.9%
40.5%
40.0%
7.8%
8.0%
39.5%
38.7%
7.1%
35.2%
35.3%
35.0%
34.9%
34.9%
7.9%
7.8%
7.3%
7.6%
7.8%
7.3%
7.9%
7.8%
7.4%
7.6%
7.3%
7.2%
6.8%
7.0%
6.9%
6.8%
6.2%
35.0%
6.0%
6.0%
5.4%
30.0%
5.7%
5.5%
5.0%
5.5%
5.0%
5.0%
4.6%
25.0%
4.4%
4.1%
4.0%
4.0%
3.9%
4.0%
4.0%
3.8%
4.0%
4.6%
4.6%
4.1%
3.7%
20.0%
3.0%
15.0%
10.0%
2.0%
5.0%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
12.0%
2.5%
2.0%
2.0%
2.0%
2.0%
2.1%
2.1%
2.2%
2.2%
2.1%
2.1%
10.4%
2.1%
2.1%
2.1%
2.0%
1.9%
1.9%
1.8%
1.8%
1.7%
1.6%
1.5%
1.9%
2.0%
2.1%
2.1%
2.0%
2.0%
2.0%
2.0%
2.0%
1.9%
1.9%
1.9%
1.9%
2.0%
2.0%
2.0%
1.6%
1.5%
10.0% 9.7%
9.5%
10.7%
10.1% 10.1%
9.4%
8.9%
8.8%
8.8%
8.6%
8.4%
8.6%
8.4%
8.5%
8.3%
8.6%
8.7%
9.0%
9.8%
9.7%
9.9%
10.1% 10.2%
10.5%
10.8% 10.8% 10.8% 10.8% 10.7% 10.7% 10.6% 10.6% 10.6%
10.5% 10.5% 10.6%
8.9%
8.0%
1.5%
6.0%
1.0%
4.0%
0.5%
2.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Wait - and- see as bot h local and foreign ownerships t end t o m ove sideways; concerns on USD/ I DR.
Re t a il Se ct or
RETAIL SECTOR
BANKING
SECTOR
For e ign ow n e r sh ip in r e t a il se ct or
Loca l m u t u a l fu n d ow n e r sh ip
76.0%
8.0%
7.2%
75.0%
75.0%
74.6%
74.6%
74.4%
74.3%
74.0%
73.8%
74.0%
74.3%
73.9%
73.9%
73.8%
73.7%
73.4%
73.6%
73.5%
73.5%
73.3%
73.1%
73.0%
6.8%
7.0%
74.5%
72.9%
6.0%
73.7%
73.3%
73.3%
73.3%
73.0%
72.7%
73.1%
72.9%
72.8%
73.1%
72.8%
72.5%
71.9%
5.5%
5.5%
5.4%
5.1%
4.7%
4.5%
4.6%
4.5%
4.5%
4.4%
4.2%
72.4%
72.0%
5.5%
5.0% 4.8%
4.4%
4.4%
4.4%
4.5%
4.8%
4.6%
4.3%
4.2%
4.2%
4.2%
4.8%
4.9%
4.6%
5.1%
4.9%
5.1%
5.5%
5.5%
5.0%
5.6%
5.6%
5.1%
4.4%
4.0%
72.1%
71.7%
71.3%
3.0%
71.2%
71.0%
2.0%
70.0%
1.0%
69.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
40.0%
1.4%
1.2%
1.1%
1.0%
0.8%
1.1%
1.2%
1.1%
35.0%
1.1%
0.9%
0.9%
0.9%
28.8% 28.5%
30.0% 29.0% 28.1%
28.1% 27.7% 28.7%
27.9% 28.5%
0.9%
0.9%
0.9%
0.9%
0.8%
0.8%
0.8%
0.8%
0.7%
0.8%
0.7%
0.7%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.6%
0.7%
0.7%
0.8%
31.8% 32.2%
30.5% 30.2% 30.2% 31.2%
29.8% 30.1%
33.2%
34.0%
37.6%
36.8% 37.1% 36.8%
36.1% 35.7% 36.2% 35.8% 35.7%
35.3% 35.9% 35.6% 35.4% 35.2% 34.9% 34.7% 35.4% 35.8% 36.0%
25.0%
0.8%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
20.0%
0.6%
15.0%
0.4%
10.0%
0.2%
5.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Gradual accum ulat ion from local MF and foreign MF; in - line wit h our view on t he sect or.
Te le com m u n ica t ion Se ct or
TELECOMMUNICATION
BANKING
SECTOR
SECTOR
For e ign ow n e r sh ip in t e le com m u n ica t ion se ct or
86.0%
85.0%
7.0%
84.9%
83.8%
83.8%
84.0%
83.4%
83.1%
82.3%
82.0%
82.0%
81.3%
81.7%
81.7%
81.8%
81.5%
81.5%
82.5%
82.1%
82.7%
Loca l m u t u a l fu n d ow n e r sh ip
85.3%
85.3%
83.4%
83.2%
82.6%
83.9%
82.6%
82.2%
83.4%
82.8%
82.0%
6.0%
5.6%
82.6%
82.1%
5.8%
5.8%
5.9%
6.1%
6.1%
6.3%
6.3%
6.2%
5.7%
81.5%
5.7%
5.7%
5.8%
5.1%
5.1%
5.0%
4.8%
5.0% 4.7%
5.0%
4.7%
4.6%
4.3%
80.0%
79.5%
79.0%
4.7%
4.7%
4.5%
4.3%
4.2%
4.0%
4.0%
4.0%
4.2%
4.3%
4.4%
4.4%
5.1%
4.4%
4.4%
4.1%
4.0%
78.8%
78.4%
77.9%
78.0%
77.0%
77.0%
3.0%
76.0%
2.0%
74.0%
1.0%
72.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
25.0%
8.0%
7.0%
6.7%
6.1%
6.7%
6.7%
6.8%
6.2%
20.0%
17.4%
5.0%
4.2%
4.0% 3.7%
4.5%
4.5%
4.2%
4.0%
3.8%
3.8%
3.8%
3.7%
3.7%
3.1%
3.1%
3.0%
3.0%
3.2%
2.9%
2.9%
2.9%
3.9%
4.0%
4.1%
3.8%
3.7%
2.3%
21.7%
22.8% 22.4%
22.2% 22.7%
21.5% 21.2%
20.6% 20.8% 20.7% 21.1%
17.2%
16.7% 16.8% 16.7% 16.7% 16.7% 16.9%
15.0%
4.0%
3.6%
3.2%
2.9%
2.1%
22.6%
18.7% 18.8%
18.3%
6.0%
3.0%
22.1%
21.7% 21.6% 21.6% 21.3%
21.2% 21.6%
21.0% 21.1% 21.3%
20.4% 20.8% 20.5%
19.9% 20.0%
6.8%
10.0%
2.3%
2.0%
5.0%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Oversold. Selling pressure from foreign has bot t om ing while local MF keeps showing gradual accum ulat ion.
Toba cco Se ct or
TOBACCO SECTOR
BANKING
For e ign ow n e r sh ip in t oba cco se ct or
Loca l m u t u a l fu n d ow n e r sh ip
70.0%
65.6%
66.1%
65.1%
64.1%
64.3%
64.6%
65.1%
62.9%
64.5%
64.5%
30.0%
63.6%
63.4%
61.7%
61.9%
62.8%
60.0%
56.7%
56.9%
57.7%
57.1%
56.8%
25.1%
55.5%
25.0%
23.7%
21.6%
50.0%
20.0%
41.6%
41.5%
40.9%
41.7%
41.4%
42.3%
41.5%
41.4%
20.0%
40.7%
40.1%
40.0%
40.4%
39.9%
40.0%
40.0%
16.6%
37.5%
34.8%
32.3%
15.0%
30.0%
13.1% 13.5% 13.0%
14.2%
16.0% 16.3%
17.0%
17.9% 18.4% 18.2% 17.7%
19.4% 18.9%
17.2% 17.1%
17.7%
15.0% 14.6%
14.4%
18.3% 18.2% 17.9%
17.2% 17.0%
18.1%
15.9% 16.2% 15.8%
19.0% 18.7% 19.1% 19.1%
16.9%
10.0%
20.0%
5.0%
10.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
25.0%
6.0%
4.8%
5.0%
4.0%
4.0%
4.0%
3.9%
4.0%
4.0%
4.1%
4.2%
4.3%
4.4%
4.4%
4.2%
4.4%
4.4%
4.5%
4.4%
4.3%
4.5%
4.2%
4.1%
21.3% 21.1%
5.0%
4.6%
20.0%
4.2%
19.6% 19.6% 19.6%
20.1% 20.2% 20.1%
19.4%
21.8%
20.5%
19.8%
20.3%
19.7% 20.2%
17.3% 17.3% 17.4% 17.4% 17.5%
18.0%
18.2% 18.2% 18.3% 18.4% 18.1% 17.9%
17.5% 17.8%
17.4% 17.1%
17.3% 17.0%
16.9%
16.6%
16.6%
14.9%
15.0%
3.1%
3.0% 2.8%
2.3%
2.4%
2.3%
2.3%
2.3%
3.0%
3.0%
3.2%
3.0%
3.1%
3.1%
13.0%
2.9%
2.3%
10.0%
2.0%
5.0%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Selling pressure from foreign MF m ay serve as a risk t o t he sect or despit e gradual accum ulat ion from local MF and local PF.
Appe n dix
INDEX MEMBERS
BANKING
SECTOR
Se ct or
M e m be r s
Banking
BBRI , BBNI , BMRI , BBCA, BBTN
Cem ent
I NTP, SMGR
Consum er St aples
UNVR, I NDF, I CBP, MYOR, KLBF, ROTI
Coal
ADRO, PTBA, I TMG, HRUM, UNTR, DOI D
Const ruct ion
PTPP, ADHI , WI KA, WSKT
Media
SCMA, MNCN
Plant at ion
AALI , LSI P
Propert y
BSDE, SMRA, ASRI , CTRA, PWON
Ret ail
ACES, MAPI , LPPF, RALS
Telecom m unicat ion
TLKM, EXCL
Tobacco
HMSP, GGRM
BANKING SECTOR
DISCLAIMER
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©Sinarmas Sekuritas(2018). All rights reserved.
April 2018
By:
Evan Lie Hadiwidj aj a
Richard Suherm an
Ba n k in g Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in ba n k in g se ct or
Loca l m u t u a l fu n d ow n e r sh ip
90.0%
83.2%
82.9%
82.3%
81.6%
81.4%
80.7%
80.0%
80.5%
79.9%
80.0%
79.2%
78.6%
79.0%
79.9%
79.9%
79.9%
80.3%
81.2%
82.4%
82.2%
7.0%
82.0%
72.1%
72.0%
72.1%
71.1%
70.1%
70.0%
60.7%
57.4%
60.0%
57.5%
58.7%
59.7%
60.1%
61.0%
63.3%
60.8%
60.2%
69.5%
5.5%
63.8%
60.5%
5.9%
6.0%
5.0%
5.5%
6.1%
5.9%
6.1%
6.1%
5.9%
6.0%
6.1%
6.2%
6.1%
5.8%
5.5%
5.5%
5.3%
4.9%
4.8%
4.7%
4.4%
50.0%
4.3%
4.5%
4.4%
4.5%
4.4%
4.0%
4.1%
3.9%
4.1%
3.7%
3.7%
3.6%
4.2%
4.2%
4.3%
4.8%
4.5%
4.2%
3.8%
40.0%
3.0%
30.0%
2.0%
20.0%
1.0%
10.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
30.0%
6.0%
5.2%
5.0%
4.8%
4.3%
4.9%
4.9%
26.9% 27.1% 26.6%
26.1%
5.0%
4.7%
4.7%
4.6%
25.0%
4.3%
3.7%
3.7%
3.3%
3.0%
3.8%
3.9%
3.8%
3.8%
20.0%
3.3%
3.3%
3.1%
3.1%
3.0%
2.7%
2.5%
2.7%
2.7%
2.4%
2.2%
2.0%
2.2%
2.2%
2.3%
25.6% 25.2%
24.1% 24.3%
4.6%
3.9%
4.0%
3.0%
4.8%
17.7% 18.1%
16.8% 17.0% 17.3%
16.6% 16.5% 16.6% 16.3% 16.3% 16.1%
16.0% 16.3% 16.3% 16.1% 16.1% 16.4%
20.0%
19.3% 19.3% 19.5%
18.7% 19.0% 19.0%
20.7% 21.2%
22.1% 22.0% 21.9% 22.4%
15.0%
2.3%
2.0%
2.0%
10.0%
1.0%
5.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Despit e accum ulat ion from local inst it ut ions, foreign capit al out flow m ay serve as a headwind for banking sect or as foreign
ownership out weighs local ownership.
Ce m e n t Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in ce m e n t se ct or
Loca l m u t u a l fu n d ow n e r sh ip
90.0%
4.5%
88.0%
86.1%
86.0%
84.7%
86.5%
85.9%
85.9%
85.9%
86.4%
86.3%
86.7%
87.2%
86.8%
86.8%
86.3%
86.8%
87.2%
86.5%
87.1%
87.2%
4.2%
4.1%
87.3%
4.0% 3.8%
86.6%
3.7%
3.5%
84.4%
84.0%
3.7%
3.6%
3.5%
3.6%
3.5%
3.7%
4.0%
3.8%
3.4%
3.1%
3.0%
2.8%
82.0%
2.6%
2.7%
2.6%
2.6%
2.4%
2.5%
79.7%
80.0%
2.2%
2.2%
2.0%
78.0% 77.5%
77.9%
77.7%
77.9%
77.8%
77.5%
77.6%
77.5%
77.2%
77.1%
77.6%
76.8%
78.0%
77.8%
2.0%
78.0%
1.7%
77.0%
1.6%
1.6%
1.6%
1.6%
2.2%
2.2%
2.3%
2.0%
2.0%
1.8%
1.8%
1.7%
1.5%
76.0%
74.0%
1.0%
72.0%
0.5%
70.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
5.4%
For e ign m u t u a l fu n d ow n e r sh ip
25.0%
5.3%
5.3%
5.3%
5.2%
5.2% 5.2%
5.1%
1.9%
1.9%
5.1%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.2%
5.1%
5.1%
5.2%
20.0% 20.0%
19.5%
19.3% 19.5% 19.7%
19.2% 19.0%
18.8% 19.0% 18.8% 19.2% 19.2%
18.8% 19.2%
18.5% 18.7% 18.9%
18.0% 18.4% 18.0% 18.3%
18.0% 18.1% 17.9%
17.4% 17.8% 17.7% 17.6% 17.5% 17.3% 17.4% 17.5% 17.6% 17.5%
17.0%
20.0%
5.1%
5.1%
5.1%
5.1%
5.0%
5.0%
5.0%
5.0%
15.3% 15.6%
5.0%
5.0%
4.9%
15.0%
4.9%
4.9%
4.9%
4.9%
4.8%
4.8%
4.8%
4.9%
4.9%
4.9%
4.9%
4.8%
4.8%
4.7%
4.7%
10.0%
4.7%
4.6%
5.0%
4.5%
4.4%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Foreign MF shows gradual accum ulat ion while selling pressure from local MF has norm alized.
Con su m e r St a ple s Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in con su m e r st a ple s se ct or
Loca l m u t u a l fu n d ow n e r sh ip
50.0%
5.0%
45.1%
44.9%
4.6%
45.0%
4.3%
4.5%
40.0% 39.1%
39.0%
40.3%
38.6%
37.3%
37.2%
36.8%
36.6%
36.4%
36.4%
36.4%
36.5%
36.6%
36.3%
36.7%
36.7%
37.2%
39.1%
37.8%
40.4%
37.9%
37.8%
37.6%
37.3%
37.5%
39.6%
36.5%
36.7%
36.7%
36.5%
37.1%
37.0%
37.0%
37.1%
4.2%
39.0%
4.0% 3.8%
36.9%
35.0%
4.6%
4.5%
4.3%
4.5%
4.5%
4.6%
4.3%
4.3%
4.3%
4.4%
4.4%
4.2%
4.1%
3.9%
4.6%
4.6%
4.6%
4.4%
4.3%
4.4%
4.4%
4.1%
4.1%
4.2%
4.3%
4.1%
4.1%
3.7%
4.0%
3.8%
3.9%
3.9%
3.5%
30.0%
3.0%
25.0%
2.5%
20.0%
2.0%
15.0%
1.5%
10.0%
1.0%
5.0%
0.5%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
12.0%
5.0%
4.4%
4.5%
4.0%
4.0%
3.5%
3.0%
4.5%
4.2%
3.0%
3.1%
3.1%
3.2%
3.2%
3.3%
3.4%
3.4%
3.4%
3.4%
3.4%
3.3%
3.6%
3.4%
3.2%
3.2%
3.1%
3.1%
3.1%
2.9%
3.2%
3.3%
3.7%
3.7%
3.8%
4.3%
4.0%
3.9%
3.9%
3.9%
4.0%
4.4%
4.4%
4.1%
10.0%
3.3%
8.0%
7.8%
7.8%
7.9%
8.0%
7.9%
7.6%
7.4%
7.4%
7.7%
7.9%
8.0%
8.1%
8.3%
7.9%
8.3%
8.6%
9.0%
8.9%
8.2%
8.3%
9.3%
8.9%
8.8%
8.7%
8.6%
8.5%
9.5%
9.8%
9.8%
9.7%
9.4%
9.7%
10.0% 10.1% 10.1% 10.0% 10.1%
8.9%
2.9%
2.5%
6.0%
2.0%
4.0%
1.5%
1.0%
2.0%
0.5%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Wait - and- see as bot h local and foreign ownerships t end t o m ove sideways.
Coa l Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in coa l se ct or
Loca l m u t u a l fu n d ow n e r sh ip
30.0%
4.5%
4.0%
29.1%
4.0%
29.0% 28.7%
3.7%
3.8%
3.5%
27.9%
28.0%
27.9%
28.1%
3.5%
27.3%
27.4%
27.2%
27.1%
26.9%
27.0%
26.9%
26.7%
26.4%
25.8%
26.0%
25.5%
25.6%
25.9%
27.1%
27.0%
27.0%
27.2%
26.7%
26.4%
26.4%
26.2%
26.1%
26.3%
26.0%
26.0%
25.8%
25.9%
25.9%
3.2%
2.9%
3.0%
27.2%
2.5%
26.7%
26.6%
2.5%
2.6%
2.7%
2.4%
2.5% 2.3%
26.2%
2.0%
25.9%
2.5%
2.0%
2.0%
1.8%
1.8%
25.6%
1.7%
1.6%
1.6%
1.6%
1.5%
1.4%
1.5%
1.6%
1.7%
1.8%
1.8%
2.0%
2.4%
2.5%
2.7%
2.8%
2.8%
2.6%
2.1%
1.8%
1.3%
1.2%
25.0%
1.0%
24.0%
0.5%
23.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
8.0%
3.5%
7.4%
3.0%
3.0%
2.5%
2.8%
2.8%
2.8%
2.8%
2.8%
2.7%
7.0%
6.4%
2.7%
2.7%
2.7%
2.6%
2.6%
2.6%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.4%
2.3%
2.3%
2.3%
2.3%
2.4%
2.4%
6.0% 5.7%
2.4%
2.3%
2.2%
2.1%
2.0%
2.1%
5.8%
5.8%
5.9%
5.6%
5.6%
5.4%
5.6%
5.6%
5.7%
5.3%
5.2%
5.3%
5.2%
5.3%
5.3%
5.9%
6.7%
6.9%
6.1%
5.9%
5.6%
5.3%
5.7%
5.6%
5.5%
5.5%
5.7%
5.7%
5.7%
5.7%
5.8%
5.8%
5.7%
5.8%
5.8%
5.0%
2.0%
1.7%
4.0%
1.5%
1.5%
1.3%
3.0%
1.0%
2.0%
0.5%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Dist inct accum ulat ion by bot h local and foreign MFs; inline wit h our view on coal sect or.
Con st r u ct ion Se ct or
CONSTRUCTION
BANKING
SECTOR
SECTOR
For e ign ow n e r sh ip in con st r u ct ion se ct or
Loca l m u t u a l fu n d ow n e r sh ip
50.0%
30.0%
45.0%
42.0%
40.0%
35.2%
36.0%
34.4%
35.0%
33.6%
34.9%
34.2%
35.3%
35.9%
36.4%
37.1%
37.8%
38.6%
39.4%
38.4%
42.9%
40.2%
39.5%
41.3%
39.7%
38.3%
38.2%
37.4%
37.5%
38.6%
39.7%
41.2%
41.0%
42.1%
40.8%
40.8%
41.7%
27.3% 27.5% 27.2%
26.6% 26.9%
40.6%
41.6%
41.7%
40.2%
40.0%
25.0% 25.4%
26.1% 26.1% 25.7% 25.8%
25.0%
24.8%
24.2%
24.9% 24.4%
23.0%
35.4%
21.4%
20.3% 20.4%
19.9% 19.6%
19.4% 19.2%
20.0%
18.5%
30.0%
16.6%
16.2% 16.4%
15.1%
15.1%
25.0%
15.0%
15.4%
13.8% 13.5% 13.8%
13.4%
13.3% 13.0% 12.8%
12.7%
20.0%
10.0%
15.0%
10.0%
5.0%
5.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
16.0%
14.0%
14.6%
12.0%
10.9%
10.5% 10.4%
10.0%
9.3%
7.7%
8.0%
6.9%
8.2%
7.4%
8.3%
11.3% 11.5% 11.3%
11.0% 11.0% 11.0% 11.0% 11.1% 11.0% 10.8% 10.9%
10.4% 10.2% 10.4%
10.7%
11.5%
12.0%
9.5%
9.4%
8.7%
8.7%
10.2% 10.3%
9.0%
8.4%
8.2%
8.0%
7.6%
8.1%
10.0%
7.5%
10.3%
9.8%
9.3%
8.9%
8.9%
8.9%
14.0%
13.4%
12.5%
12.0% 12.1% 12.3%
12.4%
11.2%
12.8% 12.6%
12.4% 12.3% 12.5% 12.2% 12.3% 12.2%
11.7% 11.6%
12.0% 12.0% 12.1%
12.5%
12.9%
12.4% 12.3%
9.8%
9.2%
7.0%
8.0%
6.4%
6.0%
13.9%
14.0%
5.8%
6.0%
4.0%
4.0%
2.0%
2.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Selling pressure from local MF while foreign MF t end t o m ove sideways.
M e dia Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in m e dia se ct or
Loca l m u t u a l fu n d ow n e r sh ip
35.0%
3.0%
2.7%
2.6%
33.8%
34.0%
33.5%
33.1%
33.0%
32.3%
32.4%
2.5%
33.3%
32.3%
32.3%
32.3%
32.4%
32.4%
32.4%
32.6%
32.7%
32.5%
33.2%
32.9%
32.8%
2.4%
2.3%
2.3%
2.4%
2.4%
2.5%
2.5%
2.6%
2.6%
2.5%
2.5%
2.4%
2.4%
2.4%
2.4%
2.3%
2.3%
2.4%
2.3%
2.2%
32.9%
32.5%
32.5%
2.5%
2.2%
2.1%
32.7%
2.0%
2.3%
2.3%
2.0%
2.0%
1.8%
32.0%
1.8%
1.8%
1.8%
32.0%
1.7%
1.5%
31.4%
1.5%
31.1%
30.8%
31.0%
30.6%
30.6%
30.3%
30.2%
30.1%
30.4%
30.1%
1.3%
1.4%
30.6%
30.5%
30.4%
30.2%
30.2%
1.4%
1.0%
30.0%
0.5%
29.0%
28.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
0.6%
12.0%
0.5% 0.5%
10.0% 9.4%
10.3%
10.0%
10.0% 10.1%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
9.6%
9.6%
9.7%
9.6%
9.4%
8.7%
0.4%
0.4%
9.9%
8.5%
8.5%
8.8%
9.0%
9.1%
9.2%
9.4%
9.4%
0.4%
0.4%
0.4%
0.3%
9.0%
9.0%
9.0%
8.9%
8.7%
8.6%
8.9%
9.1%
8.7%
8.8%
9.0%
8.4%
8.4%
7.8%
8.0%
0.4%
9.5%
7.7%
8.6%
7.9%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
6.0%
0.2%
4.0%
0.1%
2.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Gradual accum ulat ion from local and foreign MFs despit e recent sell - off from local PF.
Pla n t a t ion Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in pla n t a t ion se ct or
Loca l m u t u a l fu n d ow n e r sh ip
45.0%
18.0%
16.6%
37.0%
35.0%
16.5%
38.9%
40.0%
36.7%
37.2%
36.2%
33.6%
34.6%
35.0%
34.4%
34.6%
34.7%
35.7%
34.5%
16.0%
16.3%
16.0%
36.9%
35.7%
14.4%
33.4%
33.0%
32.6%
30.8%
30.4%
28.8%
30.0%
28.4%
29.0%
29.3%
29.6%
31.0%
32.7%
33.1%
31.2%
30.7%
30.1%
31.3%
32.3%
32.4%
33.0%
33.4%
32.5%
32.9%
14.0%
13.0%
13.9%
14.3%
13.8% 14.0%
13.4%
12.7%
12.0% 11.5%
25.0%
10.0%
14.4%
13.6%
12.7% 12.5%
12.1%
10.8% 10.7% 10.6% 11.1%
11.4%
10.5%
11.3%
10.9% 11.0%
10.4%
10.1%
10.0%
9.4%
8.8%
9.5%
9.2%
8.7%
8.0%
20.0%
8.0%
15.0%
6.0%
10.0%
4.0%
5.0%
2.0%
0.0%
7.9%
7.4%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
14.0%
13.2% 13.2% 13.1%
12.9% 12.9%
12.3% 12.2% 12.3% 12.3% 12.4% 12.3% 12.2%
14.0%
11.0% 10.9% 11.2% 11.2% 11.1% 11.0%
11.0% 10.7% 10.8%
10.6% 10.7% 10.8%
10.6% 10.5%
10.3% 10.3% 10.4%
12.6%
12.4% 12.4%
12.2% 12.3%
12.0%
12.0% 11.4% 11.5%
11.2%
10.6% 10.5% 10.5%
10.4% 10.4%
10.2% 10.3%
10.0%
10.0%
8.0%
8.0%
6.0%
6.0%
4.0%
4.0%
2.0%
2.0%
0.0%
11.7%
10.9%
11.7%
11.1%
10.5%
10.8% 11.0%
12.1%
11.9%
11.1%
11.0% 11.0%
10.0% 10.1%
10.4%
11.9%
11.4% 11.6%
10.8% 10.7%
10.4%
11.1% 11.2% 11.3%
10.8% 10.8% 10.8%
10.2% 10.2%
10.6% 10.6% 10.5%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
We see an upt ick from local and foreign MFs, nonet heless, we rem ain vigilant t owards t he sect or given t he weak 1Q18
result s and pressure on t he CPO price.
Pr ope r t y Se ct or
BANKING SECTOR
For e ign ow n e r sh ip in pr ope r t y se ct or
Loca l m u t u a l fu n d ow n e r sh ip
50.0%
45.0% 44.2%
44.1%
42.9%
43.8%
43.3%
43.0%
43.1%
43.5%
42.9%
43.0%
42.8%
43.4%
44.5%
45.0%
44.5%
44.5%
45.3%
45.8%
45.5%
45.9%
45.3%
45.3%
45.2%
45.5%
45.7%
46.6%
47.5%
9.0%
42.7%
41.0%
40.9%
40.5%
40.0%
7.8%
8.0%
39.5%
38.7%
7.1%
35.2%
35.3%
35.0%
34.9%
34.9%
7.9%
7.8%
7.3%
7.6%
7.8%
7.3%
7.9%
7.8%
7.4%
7.6%
7.3%
7.2%
6.8%
7.0%
6.9%
6.8%
6.2%
35.0%
6.0%
6.0%
5.4%
30.0%
5.7%
5.5%
5.0%
5.5%
5.0%
5.0%
4.6%
25.0%
4.4%
4.1%
4.0%
4.0%
3.9%
4.0%
4.0%
3.8%
4.0%
4.6%
4.6%
4.1%
3.7%
20.0%
3.0%
15.0%
10.0%
2.0%
5.0%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
12.0%
2.5%
2.0%
2.0%
2.0%
2.0%
2.1%
2.1%
2.2%
2.2%
2.1%
2.1%
10.4%
2.1%
2.1%
2.1%
2.0%
1.9%
1.9%
1.8%
1.8%
1.7%
1.6%
1.5%
1.9%
2.0%
2.1%
2.1%
2.0%
2.0%
2.0%
2.0%
2.0%
1.9%
1.9%
1.9%
1.9%
2.0%
2.0%
2.0%
1.6%
1.5%
10.0% 9.7%
9.5%
10.7%
10.1% 10.1%
9.4%
8.9%
8.8%
8.8%
8.6%
8.4%
8.6%
8.4%
8.5%
8.3%
8.6%
8.7%
9.0%
9.8%
9.7%
9.9%
10.1% 10.2%
10.5%
10.8% 10.8% 10.8% 10.8% 10.7% 10.7% 10.6% 10.6% 10.6%
10.5% 10.5% 10.6%
8.9%
8.0%
1.5%
6.0%
1.0%
4.0%
0.5%
2.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Wait - and- see as bot h local and foreign ownerships t end t o m ove sideways; concerns on USD/ I DR.
Re t a il Se ct or
RETAIL SECTOR
BANKING
SECTOR
For e ign ow n e r sh ip in r e t a il se ct or
Loca l m u t u a l fu n d ow n e r sh ip
76.0%
8.0%
7.2%
75.0%
75.0%
74.6%
74.6%
74.4%
74.3%
74.0%
73.8%
74.0%
74.3%
73.9%
73.9%
73.8%
73.7%
73.4%
73.6%
73.5%
73.5%
73.3%
73.1%
73.0%
6.8%
7.0%
74.5%
72.9%
6.0%
73.7%
73.3%
73.3%
73.3%
73.0%
72.7%
73.1%
72.9%
72.8%
73.1%
72.8%
72.5%
71.9%
5.5%
5.5%
5.4%
5.1%
4.7%
4.5%
4.6%
4.5%
4.5%
4.4%
4.2%
72.4%
72.0%
5.5%
5.0% 4.8%
4.4%
4.4%
4.4%
4.5%
4.8%
4.6%
4.3%
4.2%
4.2%
4.2%
4.8%
4.9%
4.6%
5.1%
4.9%
5.1%
5.5%
5.5%
5.0%
5.6%
5.6%
5.1%
4.4%
4.0%
72.1%
71.7%
71.3%
3.0%
71.2%
71.0%
2.0%
70.0%
1.0%
69.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
40.0%
1.4%
1.2%
1.1%
1.0%
0.8%
1.1%
1.2%
1.1%
35.0%
1.1%
0.9%
0.9%
0.9%
28.8% 28.5%
30.0% 29.0% 28.1%
28.1% 27.7% 28.7%
27.9% 28.5%
0.9%
0.9%
0.9%
0.9%
0.8%
0.8%
0.8%
0.8%
0.7%
0.8%
0.7%
0.7%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.6%
0.7%
0.7%
0.8%
31.8% 32.2%
30.5% 30.2% 30.2% 31.2%
29.8% 30.1%
33.2%
34.0%
37.6%
36.8% 37.1% 36.8%
36.1% 35.7% 36.2% 35.8% 35.7%
35.3% 35.9% 35.6% 35.4% 35.2% 34.9% 34.7% 35.4% 35.8% 36.0%
25.0%
0.8%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
20.0%
0.6%
15.0%
0.4%
10.0%
0.2%
5.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Gradual accum ulat ion from local MF and foreign MF; in - line wit h our view on t he sect or.
Te le com m u n ica t ion Se ct or
TELECOMMUNICATION
BANKING
SECTOR
SECTOR
For e ign ow n e r sh ip in t e le com m u n ica t ion se ct or
86.0%
85.0%
7.0%
84.9%
83.8%
83.8%
84.0%
83.4%
83.1%
82.3%
82.0%
82.0%
81.3%
81.7%
81.7%
81.8%
81.5%
81.5%
82.5%
82.1%
82.7%
Loca l m u t u a l fu n d ow n e r sh ip
85.3%
85.3%
83.4%
83.2%
82.6%
83.9%
82.6%
82.2%
83.4%
82.8%
82.0%
6.0%
5.6%
82.6%
82.1%
5.8%
5.8%
5.9%
6.1%
6.1%
6.3%
6.3%
6.2%
5.7%
81.5%
5.7%
5.7%
5.8%
5.1%
5.1%
5.0%
4.8%
5.0% 4.7%
5.0%
4.7%
4.6%
4.3%
80.0%
79.5%
79.0%
4.7%
4.7%
4.5%
4.3%
4.2%
4.0%
4.0%
4.0%
4.2%
4.3%
4.4%
4.4%
5.1%
4.4%
4.4%
4.1%
4.0%
78.8%
78.4%
77.9%
78.0%
77.0%
77.0%
3.0%
76.0%
2.0%
74.0%
1.0%
72.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
25.0%
8.0%
7.0%
6.7%
6.1%
6.7%
6.7%
6.8%
6.2%
20.0%
17.4%
5.0%
4.2%
4.0% 3.7%
4.5%
4.5%
4.2%
4.0%
3.8%
3.8%
3.8%
3.7%
3.7%
3.1%
3.1%
3.0%
3.0%
3.2%
2.9%
2.9%
2.9%
3.9%
4.0%
4.1%
3.8%
3.7%
2.3%
21.7%
22.8% 22.4%
22.2% 22.7%
21.5% 21.2%
20.6% 20.8% 20.7% 21.1%
17.2%
16.7% 16.8% 16.7% 16.7% 16.7% 16.9%
15.0%
4.0%
3.6%
3.2%
2.9%
2.1%
22.6%
18.7% 18.8%
18.3%
6.0%
3.0%
22.1%
21.7% 21.6% 21.6% 21.3%
21.2% 21.6%
21.0% 21.1% 21.3%
20.4% 20.8% 20.5%
19.9% 20.0%
6.8%
10.0%
2.3%
2.0%
5.0%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Oversold. Selling pressure from foreign has bot t om ing while local MF keeps showing gradual accum ulat ion.
Toba cco Se ct or
TOBACCO SECTOR
BANKING
For e ign ow n e r sh ip in t oba cco se ct or
Loca l m u t u a l fu n d ow n e r sh ip
70.0%
65.6%
66.1%
65.1%
64.1%
64.3%
64.6%
65.1%
62.9%
64.5%
64.5%
30.0%
63.6%
63.4%
61.7%
61.9%
62.8%
60.0%
56.7%
56.9%
57.7%
57.1%
56.8%
25.1%
55.5%
25.0%
23.7%
21.6%
50.0%
20.0%
41.6%
41.5%
40.9%
41.7%
41.4%
42.3%
41.5%
41.4%
20.0%
40.7%
40.1%
40.0%
40.4%
39.9%
40.0%
40.0%
16.6%
37.5%
34.8%
32.3%
15.0%
30.0%
13.1% 13.5% 13.0%
14.2%
16.0% 16.3%
17.0%
17.9% 18.4% 18.2% 17.7%
19.4% 18.9%
17.2% 17.1%
17.7%
15.0% 14.6%
14.4%
18.3% 18.2% 17.9%
17.2% 17.0%
18.1%
15.9% 16.2% 15.8%
19.0% 18.7% 19.1% 19.1%
16.9%
10.0%
20.0%
5.0%
10.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
% Foreign Ownership
%local MF ownership
Loca l pe n sion fu n d ow n e r sh ip
For e ign m u t u a l fu n d ow n e r sh ip
25.0%
6.0%
4.8%
5.0%
4.0%
4.0%
4.0%
3.9%
4.0%
4.0%
4.1%
4.2%
4.3%
4.4%
4.4%
4.2%
4.4%
4.4%
4.5%
4.4%
4.3%
4.5%
4.2%
4.1%
21.3% 21.1%
5.0%
4.6%
20.0%
4.2%
19.6% 19.6% 19.6%
20.1% 20.2% 20.1%
19.4%
21.8%
20.5%
19.8%
20.3%
19.7% 20.2%
17.3% 17.3% 17.4% 17.4% 17.5%
18.0%
18.2% 18.2% 18.3% 18.4% 18.1% 17.9%
17.5% 17.8%
17.4% 17.1%
17.3% 17.0%
16.9%
16.6%
16.6%
14.9%
15.0%
3.1%
3.0% 2.8%
2.3%
2.4%
2.3%
2.3%
2.3%
3.0%
3.0%
3.2%
3.0%
3.1%
3.1%
13.0%
2.9%
2.3%
10.0%
2.0%
5.0%
1.0%
0.0%
0.0%
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
31-Mar-15 30-Apr-15 29-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15 30-Oct-15 30-Nov-15 30-Dec-15 29-Jan-16 29-Feb-16 31-Mar-16 29-Apr-16 31-May-16 30-Jun-16 29-Jul-16 31-Aug-16 30-Sep-16 31-Oct-16 30-Nov-16 30-Dec-16 31-Jan-17 28-Feb-17 31-Mar-17 28-Apr-17 31-May-17 22-Jun-17 31-Jul-17 31-Aug-17 29-Sep-17 31-Oct-17 30-Nov-17 29-Dec-17 31-Jan-18 28-Feb-18 29-Mar-18 30-Apr-18
%local PF ownership
%foreign MF ownership
Source: KSEI , Sinarm as I nvest m ent Research
Selling pressure from foreign MF m ay serve as a risk t o t he sect or despit e gradual accum ulat ion from local MF and local PF.
Appe n dix
INDEX MEMBERS
BANKING
SECTOR
Se ct or
M e m be r s
Banking
BBRI , BBNI , BMRI , BBCA, BBTN
Cem ent
I NTP, SMGR
Consum er St aples
UNVR, I NDF, I CBP, MYOR, KLBF, ROTI
Coal
ADRO, PTBA, I TMG, HRUM, UNTR, DOI D
Const ruct ion
PTPP, ADHI , WI KA, WSKT
Media
SCMA, MNCN
Plant at ion
AALI , LSI P
Propert y
BSDE, SMRA, ASRI , CTRA, PWON
Ret ail
ACES, MAPI , LPPF, RALS
Telecom m unicat ion
TLKM, EXCL
Tobacco
HMSP, GGRM
BANKING SECTOR
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