Country / Indonesia

Indonesia

Group Research / April 01, 2019

Photo Credit - AFP

Indonesia
 201620172018e2019f2020f
GDP growth, % YoY5.05.15.25.25.1
CPI inflation, % YoY3.53.83.23.63.6
 Mar-292Q193Q194Q191Q20
Exchange rates, end of period14,24314,30014,50014,40014,300
Policy interest rates, end of period6.006.006.006.006.00
/aics/search.page[Akamai-Origin-Hop] = [3] [User-Agent] = [Mozilla/5.0 ((Windows; U; Windows NT 6.1; fr; rv:1.9.2) Gecko/20100115 Firefox/3.6)] [Connection] = [close] [X-Forwarded-Host] = [www.dbs.com] [Host] = [runtime-prod-01-pwebdsgsmc.sgp.dbs.com:8343] [Accept-Encoding] = [gzip] [True-Client-IP] = [163.172.71.24] [Akamai-Origin-Request] = [1] [Via] = [1.1 v1-akamaitech.net(ghost) (AkamaiGHost), 1.1 v1-akamaitech.net(ghost) (AkamaiGHost), 1.1 akamai.net(ghost) (AkamaiGHost)] [X-Akamai-CONFIG-LOG-DETAIL] = [true] [Cache-Control] = [max-age=21600] [X-Forwarded-For] = [163.172.71.24, 2.17.43.101, 10.86.215.211, 10.89.109.73] [X-Forwarded-Server] = [dbsweb-p00-grp.corp.dbs.com] templatedata/article/region/data/en/AIO/012016/19012016_indonesia.xml.xmlaics/regionIndonesiaIndonesia Industry InsightsInsightsIndustryView AllRead Morenotaligned47Indonesian telecoms industry abuzz with M&A rumours following reiteration by Communications Minister about need for consolidation.IndonesiaTMT/iwov-resources/aics/images/AICS/AIO/en/042019/190423_insights_thumb_indonesian_telecom.jpg/aics/templatedata/article/generic/data/en/GR/042019/190423_insights_indonesian_telecom.xmlIndonesian Telecom Sector: M&A on the horizon among major playersApril 23, 2019Digital advertising a continued challenge for Indonesian media companies as rate card growth continues on a downward trend. Our top pick is SCMA.IndonesiaMedia/iwov-resources/aics/images/AICS/AIO/en/032019/190311_insights_thumb_indonesian_media.jpg/aics/templatedata/article/generic/data/en/GR/032019/190311_insights_indonesian_media.xmlIndonesian Media: February 2019 audience shareMarch 11, 2019TOWR is our top pick as it offers 50% upside potential and 5.5% yield.IndonesiaTelecom/iwov-resources/aics/images/AICS/AIO/en/112018/181123_insights_thumb_opportunity_to_buy_business_near_the_replacement_cost.jpg/aics/templatedata/article/generic/data/en/GR/112018/181123_insights_opportunity_to_buy_business_near_the_replacement_cost.xmlID Tower: Opportunity to buy business near the replacement costNovember 23, 2018Indonesia Economics InsightsInsightsEconomicsView AllRead Morenotaligned18March trade balance recorded a surplus, marking two consecutive months of surplus.IndonesiaGDP/iwov-resources/aics/images/AICS/AIO/en/042019/190418_insights_thumb_pressure_eases_on_indonesias_trade_balance.jpg/aics/templatedata/article/generic/data/en/GR/042019/190418_insights_pressure_eases_on_Indonesias_trade_balance.xmlPressure eases on Indonesia’s trade balanceApril 18, 2019The Indonesian second presidential debate on energy, food, and infrastructure was held on 17 Feb 2019.IndonesiaGDP/iwov-resources/aics/images/AICS/AIO/en/022019/190220_insights_image_Indonesia_election_watch_food_energy_and_infrastrcture.jpg/aics/templatedata/article/generic/data/en/GR/022019/190220_insights_indonesia_election_watch_food_energy_and_infrastructure.xmlIndonesia election watch: energy, food, and infrastructureFebruary 20, 2019Bank Indonesia left 7DDR unchanged at 6% yesterday on the back of stable inflation expectation and stronger Rupiah.IndonesiaFX/iwov-resources/aics/images/AICS/AIO/en/012019/190118_insights_thumb_indonesia_likely_end_of_BI_tightening_cycle.jpg/aics/templatedata/article/generic/data/en/GR/012019/190118_insight_indonesia_likely_end_of_BI_tightening_cycle.xmlIndonesia: Likely end of BI tightening cycleJanuary 18, 2019Indonesia Economics DailyEconomicsView AllRead Morenotaligned45For second half of the year, household demand and government spending are likely to remain supportive, with a tighter policy regime to be a dampener at the margin.IndonesiaGDP/iwov-resources/aics/images/AICS/AIO/en/082018/180807_economics_thumb_indonesia_chart_book_consumption_trumps_weak_trade.jpg/aics/templatedata/article/generic/data/en/GR/082018/180807_economics_indonesia_chart_book_consumption_trumps_weak_trade.xmlIndonesia chart book – Consumption trumps weak tradeAugust 07, 2018Indonesia’s real GDP growth came in at 5.2% in 4Q17, just a tick above our expectation. Investment growth came in at a robust 7.3%, a positive sign for the outlook. We maintain our forecast at 5.3% and 5.4% for 2018 and 2019, respectively.IndonesiaGDP/iwov-resources/aics/images/AICS/AIO/en/022018/180205_economics_thumb_an_investment_led_gdp_growth.jpg/aics/templatedata/article/generic/data/en/GR/022018/180205_economics_an_investment_led_gdp_growth.xmlAn investment-led GDP growthFebruary 05, 2018The preliminary 2017 budget realisation numbers revealed an improvement in the government’s budget delivery. Looking ahead, stronger tax revenue growth remains key for the longer-term outlook.IndonesiaGDP/iwov-resources/aics/images/AICS/AIO/en/012018/180103_economics_thumb_indonesia_improved_budget_delivery.jpg/aics/templatedata/article/generic/data/en/GR/012018/180103_economics_indonesia_improved_budget_delivery.xmlIndonesia: Improved budget deliveryJanuary 03, 2018Indonesia EquitiesInsightsEquitiesView AllRead Morenotaligned7Jokowi expected to emerge victorious based on preliminary quick vote counts, and is set to serve as Indonesia’s President for a second term.IndonesiaEquities/iwov-resources/aics/images/AICS/AIO/en/042019/190418_insights_thumb_strategy_indonesia.jpg/aics/templatedata/article/generic/data/en/GR/042019/190418_insights_strategy_indonesia.xmlMarket Strategy: Re-rating on Jokowi’s winApril 18, 2019Market is likely to be Neutral to slightly positive on the fuel price hike. The key factor in our view is whether this action will help stabilise the Rupiah because without it, JCI will likely be rang...IndonesiaEquities/iwov-resources/aics/images/AICS/AIO/en/102018/181011_insights_thumb_much_needed_adjustments.jpg/aics/templatedata/article/generic/data/en/GR/102018/181011_insights_much_needed_adjustments.xmlID Market Strategy: Much needed adjustmentsOctober 11, 2018Stock picks: AKR Corporindo, Bank Central Asia, Indofood CBP, Indotambang Raya and Surya Citra Media.IndonesiaEquities/iwov-resources/aics/images/AICS/AIO/en/072018/180716_insights_thumb_choppy_waters_ahead.jpg/aics/templatedata/article/generic/data/en/GR/072018/180716_insights_choppy_waters_ahead.xmlIndonesia Market Strategy: Choppy waters aheadJuly 16, 2018Indonesia MarketsMarketsView AllRead Morenotaligned0

Disclaimers and Important Notices

The information herein is published by DBS Bank Ltd and PT Bank DBS Indonesia (collectively, the “DBS Group”). It is based on information obtained from sources believed to be reliable, but the Group does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained herein does not have regard to the specific investment objectives, financial situation & the particular needs of any specific addressee. The information herein is published for the information of addressees only & is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Group, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Group or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Group & its associates, their directors, officers and/or employees may have positions or other interests in, & may effect transactions in securities mentioned herein & may also perform or seek to perform broking, investment banking & other banking or finan­cial services for these companies. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Sources for all charts & tables are CEIC & Bloomberg unless otherwise specified.

DBS Bank Ltd., 12 Marina Blvd, Marina Bay Financial Center Tower 3, Singapore 018982. Tel: 65-6878-8888. Company Registration No. 196800306E.

PT Bank DBS Indonesia, DBS Bank Tower, 33rd floor, Ciputra World 1, Jalan Prof. Dr. Satrio Kav 3-5, Jakarta, 12940, Indonesia. Tel: 62-21-2988-4000. Company Registration No. 09.03.1.64.96422.