Southeast Asia IPO market with additional coverage on Singapore and Indonesia 2016 Report Brochure / report title goes here | Section title goes here
The Southeast Asia economy 01 Southeast Asia IPO market 02 Singapore IPO market 10 Indonesia IPO market 16 About us 20 Talk to us 21
Report as of December 9, 2016 02 The Southeast Asia economy Southeast Asia, with 7% of the world population, contributes 3% of world GDP
The Association of Southeast Asian Nations ("ASEAN") is the seventh-largest economy in the world, with a The combined market capitalisation combined Gross Domestic Product ("GDP") of US$2.4 trillion in 2013. With more than 22 percent of the of ASEAN Exchanges was US$2.1 region's population living in cities, these urban areas account for more than 54 percent of the region's GDP. trillion, with over 3,600 listed companies, as at end August 2012.
Source: World Federation of Exchanges, 2012
GDP in 2013 (US$'billion)
USA 16,800
China 9,181
Japan 4,902
Germany 3,636
France 2,737
UK 2,536
Southeast Asia
Brazil 2,243
Russia 2,118
Italy 2,072
ASEAN is well positioned in global trade flows and is the fourth-largest exporting region in the world, trailing only the European Union, North America, and China/Hong Kong. Over the years, its member states have developed more sophisticated manufacturing capabilities with increasing diversification in their exports.
Source: McKinsey, 2016
01 Southeast Asia IPO market
Southeast Asia Number of IPOs and amount of funds raised 2014 2015 2016 IPO market 149 deals 154 deals 106 deals S$9.8 billion S$5.9 billion S$7.2 billion (40% ) (23% )
*data is accurate as at December 9, 2016 and does not include the upcoming There was a total of 409 IPOs across IPOs from December 10 to 31, 2016 Southeast Asia from 2014 to 2016. Despite the global political and macro-economic situation over “There is a lot of potential in the the past years, which includes Brexit and the U.S. presidential emerging markets in Southeast Asia. elections, funds raised in the region increased 23% from 2015 to 2016. Listings in the top three performing industries were largely from Thailand Vietnam contributed the highest and Vietnam with Singapore being the number of IPOs at 147 out of 409 IPOs third contributing country. With an across ASEAN from 2014 to 2016. average economic growth rate of 4.8% This is due to government efforts to privatise state-owned in ASEAN, the countries that make enterprises ("SOE"), and to reduce the country's increasing government debt-to-GDP ratio resulting from the consistent 5 up this dynamic region represent a to 6 percent GDP budget deficit in recent years. thriving trade and economic hub, and
In uncertain times, corporate governance and regulations the prospects will be even greater if play even greater roles as investors move to traditionally less there are to be further improvements to risky assets, including Gold and currencies like the Japanese Yen. Exchanges with more robust regulations such as the SGX infrastructure and regulatory policies.” continue to be favoured by investors.
Dr Ernest Kan, Deputy Managing Partner (Markets), Deloitte Singapore, November 21, 2016
Number of IPOs in 2014 – 2016
Indonesia
Malaysia Philippines
Singapore
Thailand
Vietnam
2014 H1 2014 H2 2015 H1 2015 H2 2016 H1 2016 H2
02 Southeast Asia IPO market
An overview of 2014 to 2016: funds raised and market capitalisation
While Thailand has the highest amount raised and market capitalisation, Singapore and Malaysia markets have a higher proportion of funds raised to total market capitalisation of all IPOs over the past three years. Investors have larger capital bases, and are willing to invest and hold onto larger stakes for new IPOs.
This could indicate greater confidence in these markets where investors believe in management’s ability to steer these companies forward and deliver on their promises.
Amount raised and market capitalisation of IPOs
30,000 26,278 25,000 21,586 20,000 17,297 16,704 15,000 10,376 10,000 7,704 6,226 6,570 4,254 5,000 3,374 1,758 665 0 Indonesia Malaysia Philippines Singapore Thailand Vietnam
Amt Raised (S$'m) Market Cap (S$'m)
In Vietnam, we see that Major privatisation of SOEs in Vietnam, the amount raised as a proportion of the market with many of them having low capitalisation is less than 5%. profitability and slow listing progress, In the Vietnam market, investors take on minority stakes in companies, and are also may have caused low funds raised as deterred by concerns over their large amounts of debt and unclear company valuation after compared to market capitalisation. decades of government ownership. This market is less mature with a smaller pool of investments and foreign direct investments Source: Business Times, November 1, 2016 ("FDIs") to absorb the influx of IPOs released into the market by the government.
03 Southeast Asia IPO market
Year-on-Year amount raised in 2014 – 2016
4,000 3,500 3,000 2,500 2,000 1,500
Amt Raised (S$ m) 1,000 500
-
o es a a a s aMalaysia pp esPhilippines aporeSingapore a a Thailand et amVietnam ota ▪ 2014 965 2,272 425 3,451 2,514 135 9,762 ▪ 2015 1,166 1,697 157 512 2,085 264 5,881 ▪ 2016 1,243 285 1,176 2,263 1,971 266 7,204 ota
I o esia h s consistentl Si a ore r et h s r ise ro i tel S re o n e in to illion e ch e r res e its osition s r et le er in So the st si
Thailand leads the region both in terms of On Indonesia total IPO amount raised (S$6.6 billion) and “The push is part of an effort market capitalisation (S$26.3 billion). to become Southeast Asia’s Being developing nations with strong government efforts in revitalising the stock markets, countries like Thailand and Indonesia biggest stock exchange have a good pipeline of eligible home grown companies primed for listing, and have shown a stable number of IPOs and capital within five years”, CEO of PT raised over the past three years. Indonesia, which has Southeast Asia’s biggest population and largest economy, plans to start Bursa Efek Indonesia (BEI), an exchange dedicated to young technology companies, while Thailand’s premier has also highlighted the importance of the Tito Sulistio said in February country’s capital markets. 2016. He is also asking for rule Singapore’s slide down the IPO rankings in 2015 reflects not so much its own failings, but that of the success of other Southeast changes to enable IPOs for real Asian countries, such as Indonesia and Thailand, which have been targeting local companies to list on their stock exchanges rather estate trusts and more state- than to list in traditional regional capitals such as Singapore and Hong Kong. For example, to attract these local companies and owned enterprises.” Real Estate Investment Trusts ("REITs") which are already listed on stock exchanges, the IDX has turned to promises such as greater tax rebates and other forms of incentives. However, Singapore has Source: Bloomberg, March 30, 2016 rebounded to raise the most funds in Southeast Asia in 2016.
04 Southeast Asia IPO market
Vis-à-vis other global exchanges
Five of the ten member countries of ASEAN are among the top 25 countries globally in terms of GDP growth. Given current growth patterns, the ASEAN IPO listings in Southeast Economic Community (“AEC”) is predicted to rise to become the fourth- largest economy by 2030. Asia outperformed
Compounded by the fact that China’s economic growth has been slowing Hong Kong and Australia over the years, foreign companies and investors are led to look towards Southeast Asia as a region of economic interest. by IPO count for three consecutive years
Number of IPOs in 2014 – 2016
A ua ea P ro th
AS A 250 o 219 o 191 200 hi a Austra ia 149 154 Source: IMF 150 125 116 106 106 103 99 100 No. of IPOs 76 83 2014
50 2015
2016 0 Southeast Asia o o hi a Austra ia S$22.8 billion S$91.7 billion S$77.5 billion S$35.9 billion
Source: Bloomberg
This is in line with Annual Real GDP Growth which shows that ASEAN-5 had a higher growth rate at 4.8% as compared to Hong Kong (2016: 1.4%) and Australia (2016: 2.9%) throughout the period.
Moreover, the high number of IPOs indicate that Southeast Asia stock markets are active and liquid.
05 Southeast Asia IPO market
Industry analysis
As ASEAN develops, the market has shown a movement towards tertiary industries such as Financial Services and Life Sciences and Health Care, a move from traditional ASEAN stronghold industries such as Consumer Business and Energy and Resources. Going forward, there is likely to be a greater shift to tertiary industries as the region continues to focus on human capital and invest funds into research and development.
Industry breakdown in 2015 and 2016 by number of IPOs
TMT TMT 6% 7% PS CB PS 10% 28% 18% CB 11% LSHC 5% LSHC 9%
RE 16% RE IP IP 11% 22% FS 14% 4% FS ER 9% ER 17% 13%
Public Sector (PS) Energy and Resources (ER) Technology, Media and Telecommunications (TMT) Financial Services (FS) Consumer Business (CB) Real Estate (RE) Industrial Products (IP) Life Sciences and Health Care (LSHC)
Total number of IPOs and amount raised in 2014 – 2016
9,000 100 Top 3 industries based on Real Estate raised the most funds 88 at S i io over the past 8,000 IPO count 90 three years. 80 7,000 71 Out of which S i io came 68 from REITs in Singapore (S$3.8 70 6,000 billion), Thailand (S$2.2 billion) m)
$ and Malaysia (S$80.9 million) 60
( S 55
d 5,000 e s i 50
a 44
4,000 No. of IPOs t R 40 m 33 A 3,000 29 30 2,000 21 20 1,000 10 0 0
Consumer Industrial Energy and Financial Real Life Sciences Public Technology, Media and Business Products Resources Services Estate and Health Care Sector Telecommunications
06 Southeast Asia IPO market
•• Consumer Business, Energy and Resources and Industrial Products are the top 3 industries based on IPO count in 2014 to 2016. In Southeast Asia emerging markets, all these industries represent 50-60% of total GDP. With cheap labour market, improved infrastructure and technology utilisation, as well as recent formation of the AEC which further eases exploitation of economies of scale, Southeast Asia is seen as a growing production base for the 3 sectors.
•• Singapore’s, Thailand’s and Malaysia’s REITs listings over the period raised a total of S$6.1 billion (S$3.8 billion, S$2.2 billion and S$80.9 million respectively), which made up 68% of funds raised in Real Estate sector.
Amount raised in 2015 and 2016
3,500 3,365
3,000 Top industries in 2016 by amount raised: 2,500 1) Real Estate m)
$ 2,054 2,031 1,893 2) Energy and Resources ( S 2,000
d 3) Industrial Products e s i 1,500 a 1,030 t R 1,000 834 m
A 561 500 272 228 263 177 81 150 23 38 85 0
Consumer Industrial Energy and Financial Real Life Sciences Public Technology, Media and Business Products Resources Services Estate and Health Care Sector Telecommunications
2015 2016
Total number of IPOs in 2014 – 2016
0 5 10 15 20 25 30 35 40
Consumer Business
Industrial Products
Energy and Resources
Financial Services
Real Estate
Life Sciences and Health Care
Public Sector
Technology, Media and Telecommunications
Indonesia Malaysia Philippines Singapore Thailand Vietnam
07 Southeast Asia IPO market
Indonesia 4 6 8 15 8 2 3 8 54
Malaysia 9 6 7 2 5 2 1 3 35
Philippines 4 3 2 0 3 0 0 1 13
Singapore 13 8 9 6 10 7 1 4 58
Thailand 23 16 21 7 20 6 0 9 102
Vietnam 35 29 24 3 9 4 39 4 147
Total 88 68 71 33 55 21 44 29 409
In Singapore, Malaysia and Thailand, due to the more developed capital markets and correspondingly, the greater ability to attract FDIs, capital The listings on the intensive sectors such as Real Estate have a larger number of IPOs. respective exchanges With large number of Energy and Resources companies in Vietnam and Thailand, and where a significant portion of the workforce is involved in the reflect the respective primary and secondary industries, there is also a large number of IPOs in the Energy and Resources sector that are seeking capital for expansion. countries' customs,
Indonesia also ranks amongst the countries which traditionally have a large industry composition number of financial institutions due to geographical layout of the country. In recent years, with the primary reserve requirement ratio for Rupiah deposits and local regulations. lowered by 6.5 percent1, and with the government undertaking major reforms and stimulus packages to improve the banking system in Indonesia, many banks have turned to capital markets to improve brand reputation and seek fresh capital, resulting in a high number of IPOs from companies in the Financial Services sector over the past three years.
1. Indonesia Investments, March 23, 2016
08 Southeast Asia IPO market
Valuation
Median price-earnings (“PE”) ratio as at IPO in 2014 - 2016
iet am hai a pp es 9
I o esia iet am a hai a IPOs ha e a a s a e e tio a hi h P s 10
I o esia
apore 0
Indonesia, Vietnam and Thailand IPOs have higher PEs as compared to the IPOs on exchanges like the SGX and Bursa Malaysia. This could be attributed to the investors' expectation of higher growth and returns from the companies listed on these stock markets.
For the traditionally more regulated markets in ASEAN such as Singapore and Malaysia, PE is usually stable at between 8 - 10 times earnings. For such developed markets, dividends are also often paid out more frequently. Capital appreciations are consequently more stable.
Change in share price from IPO date to December 9, 2016 for IPOs in 2015 and 2016
Indonesia 66
Malaysia 11 ere s pos t e performa ce for s 2 Philippines from t e past 2 ears across o t east s a Singapore
Thailand 62
Vietnam
The above chart shows strong post-IPO performances across Southeast Asia for 2015 and 2016 IPOs, with a range of 7% to 66% average change in share prices from initial offer prices to December 9, 2016. Displaying especially high changes in share prices are Indonesia and Thailand, which could be attributed to the success of continued efforts by the local governments in expanding capital markets.
09 Singapore IPO market
Singapore IPO market
Overview Singapore saw 16 listings in 2016 to date. There were 2 Company IPOs and 3 REITs on SGX Singapore IPO performance improved in 2016. This is in spite of global issues such as Brexit, the impact Mainboard, with S$235 million and S$1.9 of the 2016 U.S. presidential elections, uncertainty billion funds raised respectively, and S$1.3 billion and surrounding a federal interest rate hike, and a decrease in domestic GDP y-o-y growth rate in Q3 S$2.6 billion market capitalisation at IPO. 2015 of 0.6%. In addition, there were another 11 Catalist IPOs with Persistent low interest rates around the world have driven demand for REITs, which pay out a large S$106 million funds raised and S$529 million portion of their earnings as dividends. market capitalisation at IPO.
In 2016, REITs continue to be the main contributor to total amount raised during the year at S$1.9 billion 2015: 12 Catalist listings with S$237 million funds raised and IPO market capitalisation of S$2.6 billion. (2015: total amount raised of S$275.5 million and S$394.2 and S$1.5 billion market capitalisation million) 1 REIT listing with S$276 million funds raised and S$394 million market capitalisation
Singapore IPO performance took a better turn in 2016 with 342% increase in amount raised and 133% increase in market capitalisation.
Amount raised and market capitalisation in 2014 - 2016
4,500
4,000 3,500 3,000
2,500 2,000
1,500 1,000
500 0 2015 H1 2015 H2 2016 H1 2016 H2
Market Cap (S$'m) Amt Raised (S$'m)
10 Singapore IPO market
Listings in 2016
Over the past eleven months, the SGX has raised over S$2.2 billion proceeds and achieved total market capitalisation of S$4.4 billion. The share prices of the 16 IPOs in 2016 have on average increased by 12% from their IPO prices, with Acromec Limited being the best performer with an increase of 138%. Conversely, Eindec Corporation Limited and Anchor Resources Limited have seen their share prices falling by 76% and 62% since IPO date respectively.
# Company Mainboard/ Date of Amount IPO Offer Share Price Share Price Catalist listing Raised Market Cap Price as at Dec 9, % Change (S$’million) (S$’million) (S$) 2016
1 Eindec Corporation Catalist 15-Jan-16 7.52 22.62 0.210 0.051 -75.71% Limited
2 GS Holdings Limited Catalist 18-Jan-16 6.00 31.00 0.250 0.335 34.00%
3 Secura Group Limited Catalist 28-Jan-16 28.00 100.00 0.250 0.205 -18.00%
4 Anchor Resources Catalist 18-Mar-16 7.20 69.93 0.250 0.094 -62.40% Limited
5 Acromec Limited Catalist 18-Apr-16 5.94 26.46 0.220 0.525 138.64%
6 Manulife US REIT Mainboard 20-May-16 650.001 720.002 USD USD 0.820 -1.20% (REIT) 0.830
7 Frasers Logistics and Mainboard 20-Jun-16 903.00 1,268.38 0.890 0.940 5.62% Industrial Trust (REIT)
8 United Global Limited Catalist 08-Jul-16 10.70 70.70 0.250 0.285 14.00%
9 Advancer Global Catalist 11-Jul-16 9.46 38.10 0.220 0.370 68.18% Limited
10 Procurri Corporation Mainboard 20-Jul-16 38.57 156.80 0.560 0.405 -27.68% Limited
11 Katrina Group Limited Catalist 26-Jul-16 7.52 48.62 0.210 0.220 4.76%
12 Wong Fong Industries Catalist 28-Jul-16 9.89 54.05 0.230 0.275 19.57% Limited
13 EC World Real Estate Mainboard 28-Jul-16 368.19 626.79 0.810 0.720 -11.11% Investment Trust (REIT)
14 China Jinjiang Mainboard 3-Aug-16 196.81 1,095.14 0.900 0.850 -5.56% Environment Holding Company Limited
15 AGV Group Limited Catalist 26-Aug-16 5.92 27.71 0.220 0.200 -9.09%
16 HC Surgical Specialists Catalist 3-Nov-16 8.10 39.50 0.270 0.600 122.22% Limited
Total 2,262.82 4,395.80 12.26%
1. USD 469.88 million (USD/SGD: 1.383) 2. USD 519.20 million (USD/SGD: 1.383)
11 Singapore IPO market
In 2016, SGX had 3 REITs IPOs that contributed to 85% of amount raised for the Industry overview: year. While in 2015, the listing of a single REIT, BHG REIT, contributed to 54% of the total proceeds raised during the year.
2016 comparison The 5 Mainboard listings in 2016 contributed to 95% of the total amount raised, a rise from the single Mainboard listing in 2015 which contributed 54% of total with 2015 proceeds.
Amount raised in 2015 and 2016
1,921
2015 2016 29 300
21 200
10 100 Amt Raised (S$ m)
1 2 9 12 6 0
Consumer Industrial Energy and Financial Real Life Sciences Technology, Media and Business Products Resources Services Estate and Health Care Telecommunications
Industry breakdown in 2015 and 2016 by number of IPOs
TMT TMT 6% 8% LSHC CB 6% 19% Consumer Business (CB) LSHC CB 15% 31% Energy and Resources (ER) RE Real Estate (RE) 19% Industrial Products (IP) Financial Services (FS) Life Sciences and Health Care (LSHC) RE FS Technology, Media and 15% 0% IP IP Telecommunications (TMT) 8% 31% ER FS ER 19% 8% 15%
12 Singapore IPO market
Over the past 3 years, 67% of the 9 Singapore IPO Review: REITs and Business Trusts (collectively Real Estate Investment "Trusts") listed in Singapore has assets based overseas. SGX continues Trusts and Business Trusts to attract Trusts listings and the top 3 largest Trusts listed over the past 3 years all have overseas assets.
Main geographical assets for Trusts
OP S m I S m
S S m P S m
SI PO S n S I S m
Note: Most REITs hold assets across regions and we have categorised the geographical region by the most pre-dominant asset within each REIT. The amounts above represent funds raised.
Top 3 Trusts in 2014 - 2016 based on amount raised
1,268 1,066
903 759 720 650
Frasers Logistics Accordia Golf Trust Manulife US REIT and Industrial Trust (1-Aug-14) (20-May-16) (20-Jun-16)
Amount Raised (S$'m) Market Cap (S$'m)
13 Singapore IPO market
IPOs over three years 2014 - 2016
S ain oar S ata i t r t 1 0 b o 6 m o 6 b o Funds Raised Funds Raised Funds Raised 11 1 b o b o IPO Market Cap IPO Market Cap 0 b o IPO Market Cap PE Ratio 9 PE Ratio
SGX continues to focus on Trusts and Mainboard listings as means to attract large amounts of capital into the market. Although Trusts comprise only 16% of the total number of IPOs over the past 3 years, they contributed to 73% of total amount raised.
Total number of IPOs and amount raised in 2014 – 2016
4,500 13 14 3,876 4,000 12 3,500 10 3,000 9 10 8 2,500 7 8 6
2,000 6 No. of IPOs 1,500 1,180 4
Amt Raised (S$ m) 4 1,000 754 2 500 112 151 1 79 58 16 0 0
Consumer Industrial Energy and Financial Real Life Sciences Public Technology, Media and Business1 Products Resources Services Estate2 and Health Care Sector Telecommunications
1. Consumer Business includes Accordia Golf Trust (total amount raised: S$758.6 million) 2. Real Estate includes 8 REITs (total amount raised: S$3.8 billion)
Trusts form 73% of total amount raised.
14 Singapore IPO market
Singapore IPO
Review: Consumer Business Real Estate Energy and Resources 13 deals 10 deals 9 deals by industry (S$1.2 billion) (S$3.9 billion) (S$754.5 million)
Growth industries such as Financial Services and Technology, Media and Telecommunications contributed 17% of Singapore IPOs over the past three years and have consistently had amongst the highest median PE ratios as at IPO of 12 to 13. The higher valuation based on their pre-IPO earnings may indicate investors’ confidence in the growth prospect of such companies.
Median PE ratio as at IPO in 2014 – 2016
ea P
Consumer Business 9
Industrial Products
Energy and Resources 6
Financial Services 12 ec re o s m te (2014 PE: 13) Real Estate mm2 s a m te (2014 PE: 16) Life Sciences and Health Care focomm m te (2015 PE: 7) Public Sector roc rr orporat o m te (2016 PE: 13) Technology, Media and Telecommunications 1 *Does not include REITs
15 Indonesia IPO market
Indonesia IPO market
Overview Indonesia saw 15 listings in 2016 as of December 9, 2016. There were 3 Company Financial policy reforms USD 300 IPOs on IDX Mainboard, and 12 on the passed by the billion Tax Amnesty Secondary Board, with total amount raised government, such repatriated as macroeconomic fund of IDR 11.9 trillion. Total market ease imposed by BI’s lowered 7 REITs 0.5% Bank Indonesia day reverse final tax and capitalisation also grew by from repo rate 18% ("BI"), IDX 1% BPHTB to 4.75% I ro t in 2015 to incentives, REITs an e IDR 4,873 trillion tax reduction, 14 IDR 5,756 trillion as of December 9, 2016. economic reform IDX packages, and tax decreased 14 Economic The JCI has performed very well, as shown amnesty program allotment size Reform to 100 shares by the 16% increase in JC Index from 4,593 in should bring Package per lot positive impact for 2015 to 5,308 as of December 9, 2016. This the Indonesia IPO shows a good sign of investors flowing into the market. Indonesia stock market and positive results from Indonesia's policy reform.
Jakarta Composite Index ("JCI") decreased significantly in 2008 due to the global economic crisis and rebounded afterwards by showing an outstanding compound annual growth rate ("CAGR") of 23% from 2008 to the end of 2015.
Jakarta Composite Index and Capital Market Milestones 1992 - December 9, 2016 r Highest Index ec es Establishment ec 5,500 of SIPF l r 5,000 Financial Crisis JATS Next G n Establishment of OJK 4,500 ct g Se Suspend Trading Founding of KPEI T+4 to T+3 4,000 Settlement l 3,500 o Merging of SSX into r Consolidation of Adjustment Bursa Paralel Indonesia Implementation of the SSX into JSX to Tick Size Remote Trading Index 3,000 to become the IDX n n l Extending Adjustment to Lot JATS 2,500 Scriptless Trading Trading Hours Size Tick Size 2,000 l ec ct Privatisation Launching of 1,500 of JSX Founding of KSEI Stock Option 1,000 ct R 200 201 22 Lowest Index ost oba 200 cr s s 500 ec in 2008 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Year 16 Indonesia IPO market
Listings in 2016
During the year of 2016, the IDX has raised more than IDR 11.9 trillion funds. Share prices of the 15 newly listed companies in 2016 have an average increase of 80% from their initial IPO prices, with PT Indo Komoditi Korpora Tbk being the top performer by achieving 374%, while PT Bank Ganesha Tbk experiences the largest share price decrease of 22%.
# Company Mainboard/ Date of Amount IPO Offer Share Price Share Price Catalist listing Raised Market Cap Price as at Dec 9, % Change (IDR billion) (IDR billion) (IDR) 2016
1 PT Bank Artos Secondary 12-Jan-16 32 158 132 160 21.21% Indonesia Tbk
2 PT Mitra Pemuda Tbk Secondary 10-Feb-16 31 142 185 290 56.76%
3 PT Mahaka Radio Secondary 11-Feb-16 79 394 750 905 20.67% Integra Tbk
4 PT Bank Ganesha Tbk Secondary 12-May-16 553 1,140 103 80 -22.33%
5 PT Cikarang Listrindo Mainboard 14-Jun-16 2,413 24,131 1,500 1,450 -3.33% Tbk
6 PT Sillo Maritime Secondary 16-Jun-16 70 350 140 448 220.00% Perdana Tbk
7 PT Duta Intidaya Tbk Secondary 28-Jun-16 86 374 180 190 5.56%
8 PT Graha Andrasentra Secondary 29-Jun-16 322 3,161 140 446 218.57% Propertindo Tbk
9 PT Protech Mitra Secondary 18-Jul-16 30 68 190 252 32.63% Perkasa Tbk
10 PT Capital Financial Secondary 19-Jul-16 715 1,501 130 460 253.85% Indonesia Tbk
11 PT Waskita Beton Secondary 20-Sep-16 5,167 12,917 490 590 20.41% Precast Tbk
12 PT Indo Komoditi Secondary 28-Sep-16 N/A* 177 100 474 374.00% Korpora Tbk
13 PT Paramita Bangun Mainboard 28-Sep-16 360 1,800 1,200 1,290 7.50% Sarana Tbk
14 PT Aneka Gas Industri Mainboard 28-Sep-16 843 3,373 1,100 1,005 -8.64% Tbk
15 PT Prodia Secondary 7-Dec-16 1,219 6,094 6,500 6,500 0.00% Widyahusada Tbk
Total 11,920 55,780 79.79%
Note: *) Re-listing
17 Indonesia IPO market
Between 2014 to December 9, 2016, there were 54 new companies listed Listed Companies in Indonesia. Among the 54 companies, Financial Services companies and Technology, Media and Telecommunications companies accounted for the most, amounting to 15 and 8 companies, respectively. Life Sciences and Health Care by Industry and Public Sector are expected to improve starting from 2017.
Number of IPOs per sector in 2014 - 2016
2014 2015 8 2016 7
6 5 4 No. of IPOs 3
2 2 2 2 2 2 2
1 1 1 1 1 1 1 1
0 0 0 0
Consumer Industrial Energy and Financial Real Life Sciences Public Technology, Media and Business Products Resources Services Estate and Health Care Sector Telecommunications
Sector
The two charts below show the total trade values of listed companies on the IDX by industry in October 2016, as well as their market capitalisations as of October 2016. Finance, Consumer Goods, and Property, Real Estate and Construction recorded the highest total trade values, while Finance, Consumer Goods, and Infrastructure, Utilities and Transportation held the highest market capitalisations - in aggregate, over 60% of the total market capitalisation in Indonesia.
Total Trade Value (IDR billion) - October 2016 Market Capitalisation (IDR billion) - October 2016
Trade, Services and Agriculture Agriculture Mining Trade, Services and Investments 4,076 132,995 271,733 9,585 Investments Basic Industry 4% 2% 4% and Chemicals 9% Mining 624,108 400,259 17,435 11% 7% 17% Finance Miscellaneous 19,985 Finance Industries 1,472,596 392,627 19% Basic Industry 25% 7% and Chemicals 9,132 9%
Miscellaneous Industries Consumer Goods Infrastructure, 7,230 1,367,653 Utilities and 7% 23% Transportation Consumer Goods 11,341 Infrastructure, Property, Real 7,654 Property, Real 11% Utilities and Estate and 7% Transportation Estate and Construction 750,608 Construction 18,133 13% 454,382 17% 8% Source: IDX Monthly Statistics, October 2016 18 Indonesia IPO market
Indonesia Review: by industry IDX Industry Sector Highlight – October 2016
The top sectors include Finance (total 89 companies with total market cap of IDR 1,472.6 trillion and PE of 20.5x), Consumer Goods (total 39 companies with total market cap of IDR 1,367.7 trillion and PE of 13.6x), and Infrastructure, Utilities and Transportation (total 56 companies with total market cap of IDR 750.6 trillion and PE of 9.9x).
r c t re as c str a Include Indonesia s major Includes various mining em ca s agriculture players with sectors from energy and Include Indonesian s key worldwide distribution resources industry chemical industry players PE PE PE 29 2 Total 21 companies, with 1 0 Total companies, with 12 0 Total 66 companies, with total market cap of total market cap of total market cap of DR 1 0 tr o DR 2 1 tr o DR 00 tr o
sce a eo s frastr ct re, t t es o s mer oo s str es a ra sportat o Include Indonesian s key Include other Indonesia s The largest growing sector consumer goods players growing industries supported by the Government with worldwide distribution PE PE PE 12 0 Total 2 companies, with 9 Total 6 companies, with total 1 Total 9 companies, with total market cap of market cap of total market cap of DR 92 6 tr o DR 0 6 tr o DR 1, 6 tr o
ropert , Rea state a ce ra e, er ces a a o str ct o Include former state-owned estme ts Include major construction banks Full range of companies in fields in Indonesia trading, services, and PE PE Total 9 companies, with PE investments 2 0 Total 6 companies, with 20 0 total market cap of 1 9 total market cap of DR 1, 2 6 tr o Total 120 companies, with DR tr o total market cap of DR 62 1 tr o Source: IDX Monthly Statistics, October 2016 IDX Outlook for 2017 IDX targets 35 IPOs next year IDX expects to reach crease s of crease s of D to e e op D o promote DR tr o fore compa es state owned firms. c bators for format o a 60 m o The IDX has selected State owned firms start p compa es e cate pote t a a era e a 52 foreign companies play a big role in the to provide them with compa es t ro tra sact o s, up that generate 50 Indonesian economy places, technical o b c from the targeted percent of their but relatively few are guidance and format o ce tres IDR 6.6 trillion set in earnings in Indonesia listed. 14 units of opportunities to in various regions in a 2016. but are currently state-owned meet with angel bid to grow the listed abroad. enterprises plan for investors, so they number of listed IPOs in 2017. would be able to companies. head for IPO.
19 Southeast Asia IPO market
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20 Southeast Asia IPO market
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To find out more, please contact the respective GIOS Country Leaders:
Southeast Asia and Singapore Ernest Kan [email protected] +65 6530 5517
Guam Indonesia Malaysia Vensel, Lee H. Sinaga, Rosita Huang, Gary [email protected] [email protected] [email protected] +1 671 646 3884 +62 21 2992 3100 ext 32555 +60 3 7610 8812
Philippines Singapore Thailand Baltazar, Wilfredo Tay Hwee Ling Meakhaamnouychai, Suwatchai [email protected] [email protected] [email protected] +63 2 581 9000 ext 011 +65 6216 3258 +66 2034 0139 ext 40139
Vietnam Le Dinh, Tu [email protected] +84 8391 00751 ext 6226
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About Deloitte Southeast Asia Deloitte Southeast Asia Ltd – a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – was established to deliver measurable value to the particular demands of increasingly intra-regional and fast growing companies and enterprises.
Comprising 290 partners and over 7,400 professionals in 25 office locations, the subsidiaries and affiliates of Deloitte Southeast Asia Ltd combine their technical expertise and deep industry knowledge to deliver consistent high quality services to companies in the region.
All services are provided through the individual country practices, their subsidiaries and affiliates which are separate and independent legal entities.
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