Local mutual fund ownership Local pension fund ownership Foreign mutual fund ownership
SMART MONEY
May 2018
By:
Evan Lie Hadiwidjaja
Richard Suherman
Banking Sector
BANKING SECTOR
Foreign ownership in banking sector
Local mutual fund ownership
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%
63.3%
60.7%
57.4%
60.0%
57.5%
58.7%
59.7%
60.1%
61.0%
60.8%
60.2%
69.5%
5.9%
6.0%
5.5%
68.8%
63.8%
60.5%
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%
4.5%
4.4%
4.0%
4.1%
3.9%
4.1%
3.7%
3.7%
3.6%
4.2%
4.2%
4.3%
4.8%
4.7%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
24.1% 24.3%
4.6%
3.9%
4.0%
3.0%
4.8%
3.8%
3.9%
3.8%
3.8%
20.0%
3.5%
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%
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%
25.6% 25.2% 25.1%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
In addition to PF accumulation, selling pressure from foreign MF appears to be bottoming. Though foreign ownership is still
deteriorated, some of the capital outflow was due to currency volatility which has stabilized over the past week on the back
of policy rate adjustment by the central bank. Meanwhile, we see banking sector is trading at an attractive valuation.
Cement Sector
BANKING SECTOR
Foreign ownership in cement sector
Local mutual fund ownership
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%
87.3%
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%
1.9%
1.9%
1.7%
77.0%
1.6%
1.6%
1.6%
1.6%
2.2%
2.2%
2.3%
2.0%
2.0%
1.8%
1.7%
1.8%
1.8%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
5.4%
Foreign mutual fund ownership
25.0%
5.3%
5.3%
5.3%
5.2%
5.2% 5.2%
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% 19.9%
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%
5.1%
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%
4.8%
4.9%
4.9%
4.9%
4.9%
4.9%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
In addition to the selling pressure from local PF and MF, capital inflow from foreign MF has weakened. While we see positive
catalyst as cement players started to increase selling price amidst tight competition, rising commodity prices continue to
pressurize profitability.
Consumer Staples Sector
BANKING SECTOR
Foreign ownership in consumer staples sector
Local mutual fund ownership
50.0%
5.0%
45.1%
4.6%
44.9%
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%
40.4%
39.1%
37.8%
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%
39.0%
38.7%
36.9%
4.2%
4.0% 3.8%
35.0%
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%
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%
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%
3.9%
3.7%
4.0%
3.8%
3.9%
3.9%
3.9%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
4.4%
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%
9.5%
9.8%
9.8%
9.7%
9.4%
9.7%
10.0% 10.1% 10.1% 10.0% 10.1% 10.0%
8.9%
8.5%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Despite capital outflow in JCI, foreign ownership in consumer staples sector remains stable as it is rather defensive
compared to other sectors. Nonetheless, we continue to like the sector as we see the forthcoming events to bring up
positive sentiments toward rising household consumption.
Coal Sector
BANKING SECTOR
Foreign ownership in coal sector
Local mutual fund ownership
30.0%
5.0%
4.6%
29.1%
29.0% 28.7%
4.5%
27.9%
28.0%
27.9%
4.0%
28.1%
4.0%
27.3%
27.2%
27.1%
26.9%
27.0%
27.0%
25.8%
25.5%
25.6%
25.9%
26.9%
26.7%
26.4%
26.0%
3.7%
27.1%
27.0%
27.2%
26.7%
26.4%
26.4%
26.1%
26.2%
26.3%
26.0%
26.0%
25.8%
25.9%
25.9%
3.8%
3.5%
27.4%
3.5%
27.2%
26.7%
26.6%
3.2%
2.9%
3.0%
26.2%
2.5%
25.9%
2.5%
2.5%
2.6%
2.7%
2.4%
2.5% 2.3%
25.6%
2.0%
24.9%
25.0%
2.0%
2.0%
1.8%
1.8%
1.7%
1.6%
1.6%
1.5%
1.5%
1.6%
1.4%
1.3%
24.0%
1.6%
1.7%
1.8%
1.8%
1.8%
2.0%
2.4%
2.5%
2.7%
2.8%
2.8%
2.6%
2.1%
1.2%
1.0%
23.0%
0.5%
22.0%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
8.0%
3.5%
7.4%
3.0%
3.0%
2.5%
2.8%
2.8%
2.8%
2.8%
2.8%
7.0%
6.4%
2.7%
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%
2.1%
2.0%
5.8%
5.8%
5.9%
5.6%
2.3%
2.2%
2.1%
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%
6.9%
6.1%
5.9%
5.6%
5.7%
5.3%
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-May-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 31-May-18
%local PF ownership
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
We see foreign ownership to inch down in May which we suspect due to below-than-expected result from ADRO. However,
we remain bullish in coal sector as demand for coal will increase entering the summer season. On another note, Newcastle
coal price touched $111/Mt last Friday, record high for the past 2 years.
Construction Sector
CONSTRUCTION
BANKING
SECTOR
SECTOR
Foreign ownership in construction sector
Local mutual fund ownership
50.0%
30.0%
45.0%
42.0%
40.0%
35.2%
36.0%
35.0%
34.4%
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%
27.3% 27.5% 27.2%
26.6% 26.9%
41.7%
40.6%
41.6%
41.7%
40.2%
40.0%
39.4%
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% 14.9%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
16.0%
30.0%
27.3% 27.5% 27.2%
26.6% 26.9%
25.0% 25.4%
25.0%
14.6%
26.1% 26.1% 25.7% 25.8%
24.8%
23.0%
11.5%
12.0%
21.4%
20.0%
13.9%
14.0%
24.9% 24.4%
24.2%
20.3% 20.4%
19.9% 19.6%
19.4% 19.2%
10.2% 10.3%
18.5%
10.0%
16.6%
16.2% 16.4%
15.1%
15.1%
15.0%
10.3%
9.8%
9.3%
8.9%
8.9%
8.9%
12.5%
12.0% 12.1% 12.3%
14.0%
13.4%
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%
12.1%
9.8%
9.2%
15.4% 14.9%
13.8% 13.5% 13.8%
13.4%
13.3% 13.0% 12.8%
12.7%
8.0%
6.0%
10.0%
4.0%
5.0%
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-May-18
%local MF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Despite deterioration in local MF and PF ownerships, we believe the sector’s performance will improve as cash flow has been
experiencing a turnaround through faster project executions. Additionally, valuations are at multi-year low levels, which
boosts attractiveness to the sector.
Media Sector
BANKING SECTOR
Foreign ownership in media sector
Local mutual fund ownership
35.0%
3.0%
2.7%
2.6%
33.8%
34.0%
33.5%
33.1%
33.0%
32.3%
32.4%
33.4%
33.3%
32.3%
32.3%
32.3%
32.4%
32.4%
32.4%
32.6%
32.7%
32.5%
2.5%
33.2%
32.9%
32.8%
2.5%
2.6%
2.4%
2.3%
2.3%
2.4%
2.4%
2.5%
2.6%
2.5%
2.5%
2.5%
2.4%
2.4%
2.4%
2.3%
2.4%
2.3%
2.2%
32.5%
32.5%
2.4%
2.3%
32.9%
2.2%
2.1%
32.7%
2.0%
2.3%
2.3%
2.4%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
0.6%
12.0%
0.5% 0.5%
10.0% 9.4%
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%
0.4%
9.6%
9.6%
9.7%
9.6%
9.4%
8.7%
0.4%
0.4%
10.3%
10.0% 9.9%
10.0% 10.1%
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%
7.9%
8.6%
8.2%
0.4%
0.3%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
We see an uptick in foreign ownership and gradual accumulation from local MF as we expect a boost on media ad spending
due to Lebaran and upcoming World Cup & Asian Games.
Plantation Sector
BANKING SECTOR
Foreign ownership in plantation sector
Local mutual fund ownership
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%
31.3%
32.3%
32.4%
33.0%
33.4%
32.5%
32.9%
32.1%
14.0%
13.0%
13.9%
14.3%
13.8% 14.0%
13.4%
12.7%
30.1%
12.0% 11.5%
25.0%
10.0%
14.4%
13.6%
12.7% 12.5%
12.7%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
14.0%
13.2% 13.2% 13.1%
12.9% 12.9% 13.0%
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% 11.9%
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-May-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 31-May-18
%local PF ownership
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Regardless of local MF accumulation, we see lack of catalyst in the sector. CPO price tends to benefit from rising oil price,
though the impact is minimal as correlation between the two commodities has weakened.
Property Sector
BANKING SECTOR
Foreign ownership in property sector
Local mutual fund ownership
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%
35.0%
7.9%
7.8%
7.3%
7.8%
7.6%
7.3%
7.9%
7.8%
7.4%
7.6%
7.3%
7.2%
6.8%
7.0%
6.9%
6.8%
34.7%
6.2%
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%
4.5%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
2.0%
2.1%
2.1%
2.0%
1.9%
2.0%
2.0%
2.0%
2.0%
1.9%
1.9%
1.9%
1.9%
2.0%
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%
10.2%
9.9% 10.1%
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% 10.5%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
We take neutral stance on the sector due to challenging outlook stemmed by 50 bps of policy rate hike, which may have an
impact to demand and higher cost of fund.
Retail Sector
RETAIL SECTOR
BANKING
SECTOR
Foreign ownership in retail sector
Local mutual fund ownership
76.0%
9.0%
75.0%
75.0%
74.6%
8.0%
74.6%
74.4%
74.3%
74.0%
73.8%
74.0%
73.9%
7.2%
73.6%
73.5%
73.5%
73.3%
73.1%
72.9%
73.7%
6.0%
73.3%
73.3%
73.3%
6.8%
7.0%
73.9%
73.8%
73.7%
73.4%
73.0%
7.6%
74.5%
74.3%
73.0%
72.7%
73.1%
72.9%
72.8%
72.8%
72.5%
5.0%
72.4%
71.9%
72.0%
5.5%
73.1%
5.5%
5.5%
5.4%
5.1%
4.7%
4.5%
4.6%
4.5%
4.5%
4.2%
72.1%
4.4%
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%
71.7%
71.3%
4.8%
71.3%
71.2%
3.0%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
36.3%
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%
0.6%
0.6%
20.0%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Foreign capital outflow in ACES and RALS weighed down aggregate foreign sector ownership due to currency volatility
concerns on ACES (-2.5% YTD USD/IDR and -3.8% YTD CNY/IDR) and demanding valuation on RALS (20.3x FY18E PE).
Telecommunication Sector
TELECOMMUNICATION
BANKING
SECTOR
SECTOR
Foreign ownership in telecommunication sector
Local mutual fund ownership
88.0%
7.0%
86.0%
85.0%
85.3%
84.9%
85.3%
6.0%
84.0%
83.4%
83.1%
82.3%
82.0%
82.0%
81.3%
81.7%
81.7%
81.8%
81.5%
81.5%
82.1%
82.5%
82.2%
82.7%
83.8%
83.8%
83.2%
82.6%
83.9%
83.4%
82.0%
5.8%
5.8%
5.9%
6.1%
6.1%
6.3%
6.3%
6.2%
5.7%
5.7%
5.7%
5.8%
5.6%
83.4%
82.8%
82.6%
5.6%
5.1%
5.1%
82.6%
82.1%
4.8%
5.0% 4.7%
81.5%
5.0%
5.0%
4.7%
4.6%
4.3%
79.5%
80.0%
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%
76.0%
2.0%
74.0%
1.0%
72.0%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
25.0%
8.0%
7.0%
6.7%
6.1%
6.7%
6.7%
6.8%
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%
3.9%
3.7%
3.7%
3.1%
3.1%
3.0%
3.0%
3.2%
2.9%
2.9%
2.9%
4.0%
4.1%
3.8%
3.7%
22.6%
21.7%
22.8% 22.4%
22.2% 22.7%
21.5% 21.2%
21.4%
20.6% 20.8% 20.7% 21.1%
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%
17.2%
16.7% 16.8% 16.7% 16.7% 16.7% 16.9%
15.0%
4.0%
3.6%
3.2%
10.0%
2.9%
2.1%
2.3%
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-May-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 31-May-18
%local PF ownership
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Oversold and attractive. We see a turnaround on foreign MF ownership followed by stronger local MF accumulation. We
expect an increase in data pricing before Lebaran and continuous growth in data traffic will bring positive sentiment to the
sector, which has been trading at –1.5x SD below 5-yr average EV/EBITDA.
Tobacco Sector
TOBACCO SECTOR
BANKING
Foreign ownership in tobacco sector
Local mutual fund ownership
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%
26.8%
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%
30.3%
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%
18.3% 18.2% 17.9%
17.7%
17.2% 17.0%
17.2% 17.1%
15.0% 14.6%
14.4%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
25.0%
6.0%
5.2%
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%
11.8%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Selling pressure from foreign MF may serve as a headwind to the sector despite gradual accumulation from local MF and
local PF as the sector experienced significant correction due to concerns on weak volume growth.
Appendix
INDEX MEMBERS
BANKING
SECTOR
Sector
Members
Banking
BBRI, BBNI, BMRI, BBCA, BBTN
Cement
INTP, SMGR
Consumer Staples
UNVR, INDF, ICBP, MYOR, KLBF, ROTI
Coal
ADRO, PTBA, ITMG, HRUM, UNTR, DOID
Construction
PTPP, ADHI, WIKA, WSKT
Media
SCMA, MNCN
Plantation
AALI, LSIP
Property
BSDE, SMRA, ASRI, CTRA, PWON
Retail
ACES, MAPI, LPPF, RALS
Telecommunication
TLKM, EXCL
Tobacco
HMSP, GGRM
BANKING SECTOR
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Opinions expressed are current opinions as of original publication date appearing on this material and the information, including the opinions contained herein, is
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©Sinarmas Sekuritas(2018). All rights reserved.
May 2018
By:
Evan Lie Hadiwidjaja
Richard Suherman
Banking Sector
BANKING SECTOR
Foreign ownership in banking sector
Local mutual fund ownership
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%
63.3%
60.7%
57.4%
60.0%
57.5%
58.7%
59.7%
60.1%
61.0%
60.8%
60.2%
69.5%
5.9%
6.0%
5.5%
68.8%
63.8%
60.5%
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%
4.5%
4.4%
4.0%
4.1%
3.9%
4.1%
3.7%
3.7%
3.6%
4.2%
4.2%
4.3%
4.8%
4.7%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
24.1% 24.3%
4.6%
3.9%
4.0%
3.0%
4.8%
3.8%
3.9%
3.8%
3.8%
20.0%
3.5%
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%
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%
25.6% 25.2% 25.1%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
In addition to PF accumulation, selling pressure from foreign MF appears to be bottoming. Though foreign ownership is still
deteriorated, some of the capital outflow was due to currency volatility which has stabilized over the past week on the back
of policy rate adjustment by the central bank. Meanwhile, we see banking sector is trading at an attractive valuation.
Cement Sector
BANKING SECTOR
Foreign ownership in cement sector
Local mutual fund ownership
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%
87.3%
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%
1.9%
1.9%
1.7%
77.0%
1.6%
1.6%
1.6%
1.6%
2.2%
2.2%
2.3%
2.0%
2.0%
1.8%
1.7%
1.8%
1.8%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
5.4%
Foreign mutual fund ownership
25.0%
5.3%
5.3%
5.3%
5.2%
5.2% 5.2%
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% 19.9%
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%
5.1%
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%
4.8%
4.9%
4.9%
4.9%
4.9%
4.9%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
In addition to the selling pressure from local PF and MF, capital inflow from foreign MF has weakened. While we see positive
catalyst as cement players started to increase selling price amidst tight competition, rising commodity prices continue to
pressurize profitability.
Consumer Staples Sector
BANKING SECTOR
Foreign ownership in consumer staples sector
Local mutual fund ownership
50.0%
5.0%
45.1%
4.6%
44.9%
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%
40.4%
39.1%
37.8%
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%
39.0%
38.7%
36.9%
4.2%
4.0% 3.8%
35.0%
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%
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%
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%
3.9%
3.7%
4.0%
3.8%
3.9%
3.9%
3.9%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
4.4%
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%
9.5%
9.8%
9.8%
9.7%
9.4%
9.7%
10.0% 10.1% 10.1% 10.0% 10.1% 10.0%
8.9%
8.5%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Despite capital outflow in JCI, foreign ownership in consumer staples sector remains stable as it is rather defensive
compared to other sectors. Nonetheless, we continue to like the sector as we see the forthcoming events to bring up
positive sentiments toward rising household consumption.
Coal Sector
BANKING SECTOR
Foreign ownership in coal sector
Local mutual fund ownership
30.0%
5.0%
4.6%
29.1%
29.0% 28.7%
4.5%
27.9%
28.0%
27.9%
4.0%
28.1%
4.0%
27.3%
27.2%
27.1%
26.9%
27.0%
27.0%
25.8%
25.5%
25.6%
25.9%
26.9%
26.7%
26.4%
26.0%
3.7%
27.1%
27.0%
27.2%
26.7%
26.4%
26.4%
26.1%
26.2%
26.3%
26.0%
26.0%
25.8%
25.9%
25.9%
3.8%
3.5%
27.4%
3.5%
27.2%
26.7%
26.6%
3.2%
2.9%
3.0%
26.2%
2.5%
25.9%
2.5%
2.5%
2.6%
2.7%
2.4%
2.5% 2.3%
25.6%
2.0%
24.9%
25.0%
2.0%
2.0%
1.8%
1.8%
1.7%
1.6%
1.6%
1.5%
1.5%
1.6%
1.4%
1.3%
24.0%
1.6%
1.7%
1.8%
1.8%
1.8%
2.0%
2.4%
2.5%
2.7%
2.8%
2.8%
2.6%
2.1%
1.2%
1.0%
23.0%
0.5%
22.0%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
8.0%
3.5%
7.4%
3.0%
3.0%
2.5%
2.8%
2.8%
2.8%
2.8%
2.8%
7.0%
6.4%
2.7%
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%
2.1%
2.0%
5.8%
5.8%
5.9%
5.6%
2.3%
2.2%
2.1%
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%
6.9%
6.1%
5.9%
5.6%
5.7%
5.3%
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-May-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 31-May-18
%local PF ownership
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
We see foreign ownership to inch down in May which we suspect due to below-than-expected result from ADRO. However,
we remain bullish in coal sector as demand for coal will increase entering the summer season. On another note, Newcastle
coal price touched $111/Mt last Friday, record high for the past 2 years.
Construction Sector
CONSTRUCTION
BANKING
SECTOR
SECTOR
Foreign ownership in construction sector
Local mutual fund ownership
50.0%
30.0%
45.0%
42.0%
40.0%
35.2%
36.0%
35.0%
34.4%
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%
27.3% 27.5% 27.2%
26.6% 26.9%
41.7%
40.6%
41.6%
41.7%
40.2%
40.0%
39.4%
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% 14.9%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
16.0%
30.0%
27.3% 27.5% 27.2%
26.6% 26.9%
25.0% 25.4%
25.0%
14.6%
26.1% 26.1% 25.7% 25.8%
24.8%
23.0%
11.5%
12.0%
21.4%
20.0%
13.9%
14.0%
24.9% 24.4%
24.2%
20.3% 20.4%
19.9% 19.6%
19.4% 19.2%
10.2% 10.3%
18.5%
10.0%
16.6%
16.2% 16.4%
15.1%
15.1%
15.0%
10.3%
9.8%
9.3%
8.9%
8.9%
8.9%
12.5%
12.0% 12.1% 12.3%
14.0%
13.4%
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%
12.1%
9.8%
9.2%
15.4% 14.9%
13.8% 13.5% 13.8%
13.4%
13.3% 13.0% 12.8%
12.7%
8.0%
6.0%
10.0%
4.0%
5.0%
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-May-18
%local MF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Despite deterioration in local MF and PF ownerships, we believe the sector’s performance will improve as cash flow has been
experiencing a turnaround through faster project executions. Additionally, valuations are at multi-year low levels, which
boosts attractiveness to the sector.
Media Sector
BANKING SECTOR
Foreign ownership in media sector
Local mutual fund ownership
35.0%
3.0%
2.7%
2.6%
33.8%
34.0%
33.5%
33.1%
33.0%
32.3%
32.4%
33.4%
33.3%
32.3%
32.3%
32.3%
32.4%
32.4%
32.4%
32.6%
32.7%
32.5%
2.5%
33.2%
32.9%
32.8%
2.5%
2.6%
2.4%
2.3%
2.3%
2.4%
2.4%
2.5%
2.6%
2.5%
2.5%
2.5%
2.4%
2.4%
2.4%
2.3%
2.4%
2.3%
2.2%
32.5%
32.5%
2.4%
2.3%
32.9%
2.2%
2.1%
32.7%
2.0%
2.3%
2.3%
2.4%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
0.6%
12.0%
0.5% 0.5%
10.0% 9.4%
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%
0.4%
9.6%
9.6%
9.7%
9.6%
9.4%
8.7%
0.4%
0.4%
10.3%
10.0% 9.9%
10.0% 10.1%
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%
7.9%
8.6%
8.2%
0.4%
0.3%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
We see an uptick in foreign ownership and gradual accumulation from local MF as we expect a boost on media ad spending
due to Lebaran and upcoming World Cup & Asian Games.
Plantation Sector
BANKING SECTOR
Foreign ownership in plantation sector
Local mutual fund ownership
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%
31.3%
32.3%
32.4%
33.0%
33.4%
32.5%
32.9%
32.1%
14.0%
13.0%
13.9%
14.3%
13.8% 14.0%
13.4%
12.7%
30.1%
12.0% 11.5%
25.0%
10.0%
14.4%
13.6%
12.7% 12.5%
12.7%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
14.0%
13.2% 13.2% 13.1%
12.9% 12.9% 13.0%
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% 11.9%
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-May-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 31-May-18
%local PF ownership
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Regardless of local MF accumulation, we see lack of catalyst in the sector. CPO price tends to benefit from rising oil price,
though the impact is minimal as correlation between the two commodities has weakened.
Property Sector
BANKING SECTOR
Foreign ownership in property sector
Local mutual fund ownership
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%
35.0%
7.9%
7.8%
7.3%
7.8%
7.6%
7.3%
7.9%
7.8%
7.4%
7.6%
7.3%
7.2%
6.8%
7.0%
6.9%
6.8%
34.7%
6.2%
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%
4.5%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
2.0%
2.1%
2.1%
2.0%
1.9%
2.0%
2.0%
2.0%
2.0%
1.9%
1.9%
1.9%
1.9%
2.0%
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%
10.2%
9.9% 10.1%
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% 10.5%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
We take neutral stance on the sector due to challenging outlook stemmed by 50 bps of policy rate hike, which may have an
impact to demand and higher cost of fund.
Retail Sector
RETAIL SECTOR
BANKING
SECTOR
Foreign ownership in retail sector
Local mutual fund ownership
76.0%
9.0%
75.0%
75.0%
74.6%
8.0%
74.6%
74.4%
74.3%
74.0%
73.8%
74.0%
73.9%
7.2%
73.6%
73.5%
73.5%
73.3%
73.1%
72.9%
73.7%
6.0%
73.3%
73.3%
73.3%
6.8%
7.0%
73.9%
73.8%
73.7%
73.4%
73.0%
7.6%
74.5%
74.3%
73.0%
72.7%
73.1%
72.9%
72.8%
72.8%
72.5%
5.0%
72.4%
71.9%
72.0%
5.5%
73.1%
5.5%
5.5%
5.4%
5.1%
4.7%
4.5%
4.6%
4.5%
4.5%
4.2%
72.1%
4.4%
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%
71.7%
71.3%
4.8%
71.3%
71.2%
3.0%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
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%
36.3%
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%
0.6%
0.6%
20.0%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Foreign capital outflow in ACES and RALS weighed down aggregate foreign sector ownership due to currency volatility
concerns on ACES (-2.5% YTD USD/IDR and -3.8% YTD CNY/IDR) and demanding valuation on RALS (20.3x FY18E PE).
Telecommunication Sector
TELECOMMUNICATION
BANKING
SECTOR
SECTOR
Foreign ownership in telecommunication sector
Local mutual fund ownership
88.0%
7.0%
86.0%
85.0%
85.3%
84.9%
85.3%
6.0%
84.0%
83.4%
83.1%
82.3%
82.0%
82.0%
81.3%
81.7%
81.7%
81.8%
81.5%
81.5%
82.1%
82.5%
82.2%
82.7%
83.8%
83.8%
83.2%
82.6%
83.9%
83.4%
82.0%
5.8%
5.8%
5.9%
6.1%
6.1%
6.3%
6.3%
6.2%
5.7%
5.7%
5.7%
5.8%
5.6%
83.4%
82.8%
82.6%
5.6%
5.1%
5.1%
82.6%
82.1%
4.8%
5.0% 4.7%
81.5%
5.0%
5.0%
4.7%
4.6%
4.3%
79.5%
80.0%
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%
76.0%
2.0%
74.0%
1.0%
72.0%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
25.0%
8.0%
7.0%
6.7%
6.1%
6.7%
6.7%
6.8%
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%
3.9%
3.7%
3.7%
3.1%
3.1%
3.0%
3.0%
3.2%
2.9%
2.9%
2.9%
4.0%
4.1%
3.8%
3.7%
22.6%
21.7%
22.8% 22.4%
22.2% 22.7%
21.5% 21.2%
21.4%
20.6% 20.8% 20.7% 21.1%
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%
17.2%
16.7% 16.8% 16.7% 16.7% 16.7% 16.9%
15.0%
4.0%
3.6%
3.2%
10.0%
2.9%
2.1%
2.3%
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-May-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 31-May-18
%local PF ownership
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Oversold and attractive. We see a turnaround on foreign MF ownership followed by stronger local MF accumulation. We
expect an increase in data pricing before Lebaran and continuous growth in data traffic will bring positive sentiment to the
sector, which has been trading at –1.5x SD below 5-yr average EV/EBITDA.
Tobacco Sector
TOBACCO SECTOR
BANKING
Foreign ownership in tobacco sector
Local mutual fund ownership
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%
26.8%
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%
30.3%
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%
18.3% 18.2% 17.9%
17.7%
17.2% 17.0%
17.2% 17.1%
15.0% 14.6%
14.4%
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-May-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 31-May-18
% Foreign Ownership
%local MF ownership
Local pension fund ownership
Foreign mutual fund ownership
25.0%
6.0%
5.2%
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%
11.8%
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-May-18
%local PF ownership
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-May-18
%foreign MF ownership
Source: KSEI, Sinarmas Investment Research
Selling pressure from foreign MF may serve as a headwind to the sector despite gradual accumulation from local MF and
local PF as the sector experienced significant correction due to concerns on weak volume growth.
Appendix
INDEX MEMBERS
BANKING
SECTOR
Sector
Members
Banking
BBRI, BBNI, BMRI, BBCA, BBTN
Cement
INTP, SMGR
Consumer Staples
UNVR, INDF, ICBP, MYOR, KLBF, ROTI
Coal
ADRO, PTBA, ITMG, HRUM, UNTR, DOID
Construction
PTPP, ADHI, WIKA, WSKT
Media
SCMA, MNCN
Plantation
AALI, LSIP
Property
BSDE, SMRA, ASRI, CTRA, PWON
Retail
ACES, MAPI, LPPF, RALS
Telecommunication
TLKM, EXCL
Tobacco
HMSP, GGRM
BANKING SECTOR
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