Local mutual fund ownership Local pension fund ownership Foreign mutual fund ownership

(1)

SMART MONEY

April 2018

By:

Evan Lie Hadiw idj aj a

(2)

BANKING SECTOR

Ba n k in g Se ct or

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}

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

Despit e accum ulat ion from local inst it ut ions, foreign capit al out flow m ay serve as a headw ind for banking sect or as foreign

ow nership out w eighs local ow nership.

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

83.2% 82.9% 82.3% 81.6% 81.4% 80.7% 80.0% 80.5% 79.9% 79.2% 78.6% 79.0% 79.9% 79.9% 79.9% 80.3% 81.2% 82.4% 82.2% 82.0%

60.7% 57.4% 57.5% 58.7% 59.7%

60.1% 61.0% 60.8% 60.2% 60.5% 63.3% 63.8%

72.1% 72.0% 72.1% _71.1% 70.1% 69.5%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

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 % Foreign Ownership

3.0% 3.1% 3.3%

3.7% 3.9%

4.3% 4.8% 4.8% 4.9% 4.9%

5.2% 5.0%

4.7% 4.7% 4.6% 4.6% 4.3%

3.3% 3.7% 3.8%

3.9% _3.8% 3.8%

3.0% 2.5%

2.2% 2.0% 2.2%

2.7% 2.4%

2.7%

2.2% 2.0%

2.3% 2.3% 2.7%

3.1% 3.3%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

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 %local PF ownership

5.5% 5.5%

5.9% 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% 4.7%

4.4% 4.3% 4.5% 4.4% 4.5% 4.4% 4.1%

3.9% 3.7% 3.7% _3.6% 3.8%

4.1% 4.2% 4.2% 4.3% _4.2% 4.5% 4.8% 4.8%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

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 %local MF ownership

16.6% 16.5% 16.6% 16.3% 16.3% 16.1% 16.0% 16.3% 16.3% 16.1% 16.1% 16.4% 16.8% 17.0% 17.3%

17.7% 18.1% 18.7% 19.0% 19.0% 19.3% 19.3% 19.5% 20.0%

20.7% 21.2% 22.1% 22.0% 21.9% 22.4%

24.1% 24.3% 26.9% 27.1% _26.6%

26.1% 25.6% 25.2%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

(3)

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}

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

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

Foreign MF show s gradual accum ulat ion w hile selling pressure from local MF has norm alized.

BANKING SECTOR

Ce m e n t Se ct or

77.5% 77.9% 77.7% 77.9% 77.8% _77.5% 77.6% 77.5% 77.2% 77.1% _76.8% 77.0% 77.6% 78.0% 77.8% 78.0%

79.7% 84.7% 84.4%

86.1% _85.9% _85.9% 85.9% 86.5% 86.4% 86.3% 86.7% 87.2% 86.8% 86.8%

86.3% 86.8% 86.5% 86.6% 87.2% 87.1% 87.2% 87.3%

70.0% 72.0% 74.0% 76.0% 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0%

5.2% 5.1% 5.2% 5.2%

5.2% 5.2%

5.1% 5.1%

5.2% _5.2% 5.1%

5.1% 5.3%

5.3% 5.2%

5.1% 5.1%

5.0% 5.0% 5.0% 5.0%

5.0% 4.9% 4.9% 4.9%

4.8% 4.8% 4.8% 4.8%

4.7% 4.7% 4.9% 4.9% 4.9% _4.9%

4.9%

4.4% 4.5% 4.6% 4.7% 4.8% 4.9% 5.0% 5.1% 5.2% 5.3% 5.4%

3.8% 3.7% 3.7% _3.6%

3.5% 3.6% 3.5% 3.7% 4.1%

4.2% 4.0%

3.8% 3.4%

3.1% 2.8%

2.6% 2.7% 2.6% 2.6% 2.4%

2.2% 2.0%

1.9% 1.7% _1.6% _1.6% _1.6%

1.6% 1.7% 1.9%

2.2% 2.2% 2.2% 2.3% 2.0% 2.0%

1.8% 1.8%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5%

15.3% 15.6% 17.0%

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% 18.0%

18.4% _18.0% 18.3% 18.5% 18.7% 18.9% 19.2% 19.0% 18.8% 19.2% 19.5% 18.8% 19.0% 18.8% 19.2% 19.2% 19.3% 19.5% 19.7% 20.0% 20.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

(4)

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

Wait - and- see as bot h local and foreign ow nerships t end t o m ove sidew ays.

BANKING SECTOR

Con su m e r St a ple s Se ct or

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}

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

39.1% 39.0% 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% 37.8% 45.1% 44.9%

40.3% 39.1%

37.9% 37.8% 37.6% 37.3% 37.5% 40.4%

36.5% 36.7% 36.7% 36.5% 37.1% 37.0% 37.0% 37.1% 36.9% 39.6% _39.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

3.0% 3.1% 3.1% 3.2% 3.2% 3.3%

3.4% 3.4% 3.4% 3.4% 3.4% _3.3% 3.4% 3.2% 3.2% 3.1% 3.1%

2.9% 2.9% 3.1% 3.2% 3.3%

3.3% 3.6% 3.7%

3.7% 3.8% 4.0%

4.4% 4.0%

3.9% 3.9% 3.9% 4.0% 4.1% 4.3%

4.4% 4.4%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

3.8% 3.9% 4.2%

4.3% 4.3%

4.6% 4.6% 4.5% _4.5% 4.5% 4.6% 4.3% 4.3% 4.3% 4.4%

4.1% 3.7%

4.2% _4.2% 4.4% 4.5% 4.6% 4.6%

4.4% 4.3% 4.1% 4.1% 4.2% _4.1%

4.4% 4.6%

4.4% 4.3%

4.1% 4.0%

3.8% 3.9% 3.9%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

7.8% 7.8% 7.9% 8.0% 7.9% _7.6% 7.4% 7.4% 7.7%

7.9% 8.0% 8.1% 7.9% 8.3% 8.3% 8.6% 8.9%

8.2% 8.3% 9.0% 8.9% _8.8%

8.7% 8.6% 8.5% 8.9%

9.3% 9.5% 9.8% 9.8% 9.7% 9.4% 9.7%

10.0% 10.1% 10.1% 10.0% 10.1%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

(5)

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

25.5% 25.6% 25.6% 25.8% 25.9% 25.8%

26.1% 27.9% 27.9% 28.1%

27.3% 27.2% 25.9% 25.9% 25.9%

26.3% 26.2%

2.8% 2.8% 2.8% 2.8% _2.8%

2.3%

5.7% 5.8% 5.8% 5.9% _5.6%

(6)

CONSTRUCTION SECTOR

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

Selling pressure from local MF w hile foreign MF t end t o m ove sidew ays.

BANKING SECTOR

Con st r u ct ion Se ct or

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}

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

35.2% 36.0% _34.4% 33.6% 34.9% 34.2% 35.3%

35.9% 36.4% 35.4%

37.1% 37.8% 38.6% 39.4%

38.4% 39.5% 42.0% 42.9%

40.2% 39.7%

38.3% 38.2% _37.4% _37.5% 38.6% 39.7%

41.3% 41.2% 41.0% 40.8% 40.8% 42.1% 41.7% 40.6% 41.6% 41.7% 40.2% 40.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

6.9% 7.7%

7.4% 8.2% 8.3%

9.3% 9.4% 8.7% 8.7% 9.0% _8.4%

8.2% 8.0% 7.6% 7.5%

7.0% 6.4%

5.8% 8.1%

9.5% 10.5% 10.4%

10.9% 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%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

25.0% 25.4%

26.6% 26.9% 27.3% 27.5% 27.2% _26.1% _26.1% 25.7% 25.8%

24.8% 24.2% 24.9% 24.4%

23.0% 21.4%

19.9% 19.6% 19.4% 19.2% 20.3% 20.4%

18.5% 16.6%

15.1% 13.8% 13.5% 13.8% _13.3%

13.0% 12.8% 12.7% 13.4% 15.1%

16.2% 16.4% 15.4%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

10.2% 10.3% 9.3%

8.9% 8.9% 8.9% 9.2% 9.8% 10.3% 9.8%

11.5% 12.0% 12.1% 12.3%

11.2% 12.5%

13.9% 14.6%

14.0% 13.4%

12.4% 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%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

(7)

Gradual accum ulat ion from local and foreign MFs despit e recent sell - off from local PF.

32.3% 32.3% 32.3% 32.4% 32.4% 32.4% 32.6% 32.5% 32.5% 32.7% 32.9%

0.5%

2.6%

9.4%

(8)

We see an upt ick from local and foreign MFs, nonet heless, w e rem ain vigilant t ow ards t he sect or given t he w eak 1Q18

result s and pressure on t he CPO price.

BANKING SECTOR

35.0% _34.4% 36.2% 34.6% 34.7% 34.5% 35.7% 37.2% 36.9%

35.7% 33.4% 33.0%

30.4%

28.8% 28.4% 29.0% 29.3% 29.6% 30.8% 31.0% 30.7%

32.6% 32.7% 33.1% 31.2%

30.1% 31.3%

32.3% 32.4% 33.0% 33.4% 32.5% 32.9%

0.0%

12.3% 12.2% 12.3% 12.3% 12.4% 12.3% 12.2%

11.0% _10.7% 10.8% _10.6% 10.5% _10.3%

10.3% 10.4% 10.6% 10.7% 10.8%

12.2% 12.3%

11.0% 10.9% 11.2% 11.2% 11.1% 11.0% 10.6% 10.5% 10.5%

10.2% 10.3% 10.4% 10.4%

13.2% 13.2% 13.1% _12.9% _12.9%

0.0%

11.5%

10.8% 10.7% 10.6% 11.1% 11.4%

10.5% 13.8% 14.0% 14.4%

16.5%

11.4% 11.5%

10.5% 10.8% 11.0% 11.7% 12.1%

12.6% 11.9%

11.0% 11.0% 10.0% 10.1% 10.4%

11.1% 11.4% 11.6%

10.8% 10.7%

10.4% 10.8% 10.8% 10.8% 10.2% 10.2% 10.6% 10.6% 10.5% 11.1% 11.2% 11.3%

11.9%

(9)

Wait - and- see as bot h local and foreign ow nerships t end t o m ove sidew ays; concerns on USD/ I DR.

BANKING SECTOR

Pr ope r t y Se ct or

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

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}

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

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%

42.7% 41.0% 40.9% 40.5%

39.5% _38.7%

35.2% 35.3% 35.0% 34.9% 34.9%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

2.0% 2.0% 2.0% 2.1% 2.1% 2.2%

2.2% 2.1% 2.1%

2.1% 2.1% 2.1% 1.9%

1.8% 1.7%

1.6% _1.5% 1.5%

1.6% 1.8%

1.9% 1.9%

2.0% 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%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5%

7.1% 7.3% 7.8% 7.9% 7.8%

7.6% 7.3% 7.4%

7.8% 7.9% 7.8% 7.2%

6.8% 6.8% 7.3%

7.6%

6.9% 6.2% _6.0%

5.4% 5.5% 5.0%

5.7% _5.5% 5.0%

4.6%

4.1% 4.0% _3.9% 4.0% 4.0% 3.8% _3.7% 4.0% 4.1%

4.4% 4.6% 4.6%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

9.7% 9.5% 8.9% 8.8% 8.8% _8.6%

8.4% 8.6%

8.4% 8.5% 8.3% 8.6% 8.7% 9.0% 8.9%

9.4% 10.4% 10.7%

10.1% 10.1%

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%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

(10)

RETAIL SECTOR

1.1% 1.1%

4.8%

29.0%

28.1% 27.9% 28.5% 28.8% 28.5% 28.1% 27.7% 28.7%

29.8% 30.1% 30.5% 30.2% 30.2% 31.2% 31.8% 32.2% 33.2%

34.0%

35.3% 35.9% 35.6% 35.4% 35.2% 34.9% 34.7% 35.4% 35.8% 36.0% 36.1% 35.7% 36.2% 35.8% 35.7% 36.8%

37.1% 36.8% 37.6%

0.0%

(11)

TELECOMMUNICATION SECTOR

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

Oversold. Selling pressure from foreign has bot t om ing w hile local MF keeps show ing gradual accum ulat ion.

BANKING SECTOR

81.3% 81.7% 81.7% 81.8%

81.5% 81.5% 81.5% 82.3% 82.1%

82.5% 82.2%

82.7% 82.6% 83.4%

85.0% 85.3% 84.9% 85.3%

3.7%

4.7%

18.3% 17.4%

16.7% 16.8% 16.7% 16.7% 16.7% 16.9% 17.2% 18.7% 18.8%

19.9% 20.0% 20.4%

20.8% 20.5% 21.0% 21.1% 21.3%

21.7% 21.6% 21.6% 21.3% 21.2% 21.6%

22.1% 22.6% _21.7% 22.2% 22.7% 22.8% 22.4% 21.5% 21.2%

20.6% 20.8% 20.7% 21.1%

0.0%

(12)

TOBACCO SECTOR

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.

BANKING SECTOR

Toba cco Se ct or

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}

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

Sour ce: KSEI , Sinar m as I nvest m ent Resear ch

65.6% 66.1% _65.1% 64.1% 64.3% 64.6% 65.1%

62.9% 64.5% 64.5% 63.6% 63.4% 61.7% 61.9% 62.8%

56.7% 56.9% 57.7% 57.1% 56.8% 55.5%

41.6% 41.5% 40.9% 41.7% 41.4% 42.3% 41.5% 41.4% 40.7% 40.1% 40.0% 40.4% 39.9% 40.0% 37.5%

34.8% 32.3%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

2.8%

2.3% 2.4% 2.3% 2.3% 2.3% 2.3% 3.1%

3.0% 3.0% 3.2% 3.0% 3.1% 3.1% 2.9%

4.0% 4.0% 3.9% 4.0% 4.0% 4.1% 4.2% 4.3% 4.4%

4.2%

4.4% 4.4% 4.4% 4.5% _4.4% 4.3%

4.2% _4.1% 4.2% 4.5% 4.6%

4.8% 5.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

13.1% 13.5% 13.0% 14.2% 15.0% 14.6% 14.4%

16.6% 16.0% 16.3% 17.0%

17.9% 18.4% 18.2% 17.7%

20.0% 19.4% _18.9%

17.2% 17.1% 17.7% 18.3% 18.2% 17.9%

17.2% 17.0% 15.9% 16.2% _15.8% 16.9%

18.1% 19.0% 18.7% 19.1% 19.1%

21.6% 23.7%

25.1%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

19.6% 19.6% 19.6% 20.1% 20.2% 20.1% 19.4% 21.3% 21.1%

20.5% 19.8%

21.8% 20.3%

19.7% 20.2%

17.3% 17.3% 17.4% 17.4% 17.5% 18.0% 17.3% _17.0%

16.6% 17.4% 17.1% 16.9% 17.5%

17.8% 18.2% 18.2% 18.3% 18.4% 18.1% 17.9% 16.6%

14.9% 13.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

(13)

INDEX MEMBERS

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

(14)

DISCLAIMER

This report has been prepared by PT Sinarmas Sekuritas, an affiliate of Sinarmas Group.

This material is: (i) created based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as

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Opinions expressed are current opinions as of original publication date appearing on this material and the information, inclu ding the opinions contained herein, is

subjected to change without notice. The analysis contained herein is based on numerous assumptions. Different assumptions cou ld result in materially different results.

The analyst(s) responsible for the preparation of this publication may interact with trading desk personnel, sales personnel and other constituencies for the purpose of

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