source: www.mirifica.

net

www.idx.co.id Indonesia Stock Exchange @indonesiastockexchange @IDX_BEI Indonesia Stock Exchange

Indonesia's 2021 IPO Listings

May 25th, 2021
Tech Company and E-commerce Have Dominated US Stock Market
Top 10 US listed companies based on market cap

2020 2010
Year Year
Rank Company USD bn Rank Company USD bn
established established
1 Apple 1976 1,605.70 1 Exxon 1870 368.71

2 Microsoft 1975 1,524.04 2 Apple 1976 295.89

3 Amazon 1994 1,500.77 3 Microsoft 1975 238.78

4 Alibaba 1999 668.00 4 Berkshire 1955 198.31

5 Visa 1958 379.27 5 General Electric 1892 194.87

6 Procter & Gamble 1837 311.83 6 Walmart 1962 192.10

7 Mastercard 1966 308.07 7 Alphabet 2015 189.94

8 JPMorgan 1871 299.46 8 Chevron 1879 183.63

9 Tesla 2003 262.87 9 IBM 1911 182.33

10 Nvidia 1993 250.78 10 Procter & Gamble 1837 180.07

Source: Bloomberg, Google

FOR DISCUSSION PURPOSES ONLY | 1
ASEAN Start-up Landscape
Indonesia Have Shown Huge Potential Embracing New Economy

Indonesia’s Unicorns and Centaurs

1) The growing affluence of a large young population is driving
much of the growth in Southeast Asia1)

670 11
Unicorns

Million Countries
Population

2) Indonesia is the Most Unicorn Maker Country in ASEAN

7
Out of 13 Unicorns3) Combined valuation2)
Centaurs

come from
Indonesia USD 38.2 bio
3) Indonesia Has Great Potential to Create New Unicorns

Source: Mandiri Capital – Unicorns & Centaurs Collaboration with Financial Institutions, updated It is estimated that currently ASEAN has
70 start-up companies with centaur
38%
or 27 centaurs
References:
1) https://mandiri-capital.co.id/wp-content/uploads/2020/07/DSResearch_MCI_Unicorn_Public_Rev3-compressed.pdf status4)
come from Indonesia
2) Multiple sources April 2021 (bloomberg, cbinsights, dealstreetasia, seaasia.co, techinasia.com)
3) Unicorn: Start-up with ≥USD1 billion valuation
4) Centaur: Start-up with USD100 million - <USD1 billion valuation

FOR DISCUSSION PURPOSES ONLY | 2

INDONESIA
CAPITAL MARKET SNAPSHOT
Source: IDX, May 21st, 2021

IDR USD
Total Listed Companies : Total Market Capitalization
IHSG
13.66T 959.9M
728 130 IDR USD
475B
5,773.1
Stocks Bonds 6,832T Average Daily
Trading Value

2021
Products • 15 Newly Listed Stocks
• Fund Raised IDR 3.37 T
Stocks Bonds • 25 Companies on Pipeline
Equity
REITs Sukuk
• 29 Debt Issuances from 23 2021
ETFs SBN Issuers
• Fund Raised IDR 33.34 T
LQ-45 Index futures Asset Backed Securities • 22 Debt Issuances from 18
Debt Issuers on Pipeline
Stocks
2,381,650 Single
Investor ID
40,49%
YTD

FOR DISCUSSION PURPOSES ONLY | 3

Equity Listing Trend
The number of listed companies increased sharply for the last three years and the highest among ASEAN
As of 30th April 2021
Jumlah Number of IPO Total Value of New Issue Nilai Number of Listing in 2019
IPO (IDR Tn)
55
70 25

30 28
60 57
55
20
51 13
50 4

25 Perusahaan 15 Indonesia Malaysia Thailand Singapore Philippines

40 37
31 dalam Pipeline

30 27
10 Number of Listing in 2020
25 24
23
51
20 18
16 16
5
10 28
18
0 - 11
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

(YTD) '21
Jan-Mei '20 3
Jan-Mei
Indonesia Thailand Malaysia Singapore Philippines

Source: IDX, WFE FOR DISCUSSION PURPOSES ONLY | 4

The Biggest Fundraising Companies in IDX *) Mid Rate on respective
Listing Date

Listing
Ticker Code ADRO ICBP BYAN BORN WSBP
Listing Date 16-Jul-08 7-Oct-10 12-Aug-08 26-Nov-10 20-Sep-16
Market Cap. IDR35.18 Trillion IDR31.45 Trillion IDR19.33 Trillion IDR20.70 Trillion IDR12.91 Trillion
*)
IDR12.25 Trillion IDR6.29 Trillion IDR5.55 Trillion IDR5.17 Trillion IDR5.16 Trillion
Fundraising
USD1.28 Billion USD656.40 Million USD579.89 Million USD536.89 Million USD539.04 Million

Ticker Code MIKA BBRI TLKM SIMP JSMR

Listing Date 24-Mar-15 10-Nov-03 14-Nov-95 9-Jun-11 12-Nov-07
Market Cap. IDR24.73 Trillion IDR11.35 Trillion IDR19.59 Trillion IDR17.39 Trillion IDR11.56 Trillion
*)
IDR4.45 Trillion IDR4.17 Trillion IDR3.83 Trillion IDR3.48 Trillion IDR3.46 Trillion
Fundraising
USD464.53 Million USD491.29 Million USD1.70 Billion USD363.02 Million USD361.81 Million
Source: IDX
FOR DISCUSSION PURPOSES ONLY | 5
Investor Growth in Indonesia Capital Market
(Investor Growth 31% Ytd)
Online Education
IDX continues to carry out investment
education activities to the public Source: KSEI The transaction value composition of foreign and
through an online platform during the 5.088 in thousand domestic investors in the stock market
PSBB. 31%

Total
Investor 67,97% 68,54%
(Stocks, Domestic
56% 3.880
Mutual Foreign
Funds,
Bonds) 32,03% 31,46%

2019 2020

53% 2.484 The composition of foreign and domestic investor

2.294 ownership in the stock market
Integrasi 44%
Reksa Dana
26% 1.695
1.619
106% 48,15% 50,79%

19% 1.123 1.105 Equity

14% Domestic
14% 894 852 Investors
Foreign
630 (45%)
536 51,85% 49,21%
364 434
281 321
2019 2020

2012 2013 2014 2015 2016 2017 2018 2019 2020 30-Apr-21 Source: BEI, KSEI
FOR DISCUSSION PURPOSES ONLY | 6
Retail vs. Institution Investors Composition in Equity Market
The contribution of retail investors increased rapidly over the last five years

Investor Ownership
Highest Number
6,5% 8,3% 8,6% 11,1% 10,6%
of Trades in ASEAN
13,1%
30,1%
37,6%
IDX daily trading frequency has been the highest compared to other ASEAN Market
40,5% 36,7% 37,7% 37,8%
for the past 3 years.
In Thousand
63,4%
54,1% 50,9% 52,1% 51,7% 49,1% Highest Daily Trading Frequency
2,006,823 Indonesia; 1.381
14 Jan 2021
2015 2016 2017 2018 2019 2020

Investor Trading Average Daily

Composition Trading Value
Thailand; 801
Rp5.8 T Rp7.5 T Rp7.6 T Rp8.5 T Rp9.1 T Rp9.2 T

677 Malaysia; 564

34,2% 36,0% 33,9% 36,2% 37,0%
48,4%
469 Vietnam; 549
22,8% 29,8% 387
27,1% 27,3% 31,0%
20,5% 313
264
43,0% 36,9% 36,3% 36,5% 32,1% 31,1% Philippine; 177

2015 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Mar-21
Institution (Foreign) Institution (Domestic) Retail Sumber: World Federation of Exchanges
FOR DISCUSSION PURPOSES ONLY | 7
Tech Unicorn to MSCI Indonesia Index
Indonesia’s Tech Unicorn could take place on the top 15 of MSCI Indonesia Index weighting
MSCI Indonesia Index Indonesia Tech Unicorn MSCI Indonesia Weight Adjustment (est.)
• The MSCI Indonesia Index is designed to measure the Potential Listing at IDX Assumption
performance of the large and mid cap segments of the • Market cap adjusted to 31% free-float according to Technology Sector average.
• Pass the minimum liquidity requirement of MSCI Investable Equity.
Indonesian market. PT Aplikasi Karya Anak
• 22 total constituents covers 85% Indonesian equity universe. Bangsa (Gojek)
as of 21 May 2021
Estimated Market Cap Market Cap
as of 21 May 2021 ± USD 10.5 billion No. Constituents (Free Float Adj.) Weight
Market Cap USD bio.
No. Constituents (Free Float Adj.) Weight 1 PT Bank Central Asia Tbk 21.78 20.90%
USD bio. PT Global JET Express 2 PT Bank Rakyat Indonesia Tbk 15.00 14.39%
1 PT Bank Central Asia Tbk 21.78 23.12% (J&T Express) 3 PT Telkomunikasi Indonesia Tbk 11.25 10.79%
2 PT Bank Rakyat Indonesia Tbk 15.00 15.92% 4 PT Bank Mandiri Tbk 7.55 7.25%
11.25
Estimated Market Cap
3 PT Telkomunikasi Indonesia Tbk 11.94% 5 PT Astra International Tbk 7.10 6.81%
7.55
± USD 7.5 billion
4 PT Bank Mandiri Tbk 8.02% 6 Gojek 3.29 3.15%
5 PT Astra International Tbk 7.10 7.54% 7 PT Charoen Pokphand Indo Tbk 3.23 3.10%
6 PT Charoen Pokphand Indo Tbk 3.23 3.43% 8 PT Unilever Indonesia Tbk 2.95 2.83%
2.95
PT Tokopedia (Tokopedia) 9 PT Bank Negara Indonesia Tbk 2.76 2.65%
7 PT Unilever Indonesia Tbk 3.14%
8 PT Bank Negara Indonesia Tbk 2.76 2.93% Estimated Market Cap 10 PT United Tractors Tbk 2.53 2.42%
9 PT United Tractors Tbk 2.53 2.68% ± USD 7.5 billion 11 J&T Express 2.42 2.32%
2.15 12 Tokopedia 2.33 2.23%
10 PT Kalbe Farma Tbk 2.29%
1.94 13 PT Kalbe Farma Tbk 2.15 2.07%
11 PT Semen Indonesia Tbk 2.06%
14 PT Semen Indonesia Tbk 1.94 1.86%
12 PT Indofood Sukses Makmur Tbk 1.94 2.06%
13 PT Barito Pacific Tbk 1.92 2.04%
PT Bukalapak.com 15 PT Indofood Sukses Makmur Tbk 1.94 1.86%
16 PT Barito Pacific Tbk 1.92 1.84%
14 PT Indah Kiat Pulp & Paper Tbk 1.75 1.86% (Bukalapak)
17 PT Indah Kiat Pulp & Paper Tbk 1.75 1.68%
15 PT Sarana Menara Nusantara Tbk 1.70 1.80% Estimated Market Cap 18 PT Sarana Menara Nusantara Tbk 1.70 1.63%
16 PT Merdeka Copper Gold Tbk 1.62 1.72% ± USD 3.5 billion 19 PT Merdeka Copper Gold Tbk 1.62 1.56%
17 PT Aneka Tambang Tbk 1.36 1.44% 20 PT Aneka Tambang Tbk 1.36 1.31%
18 PT Indofood Cbp Sukses Tbk 1.35 1.43% 21 PT Indofood Cbp Sukses Tbk 1.35 1.29%
19 PT Indocement Tunggal Tbk 1.21 1.28% PT Trinusa Travelindo 22 PT Indocement Tunggal Tbk 1.21 1.16%
20 PT Adaro Energy Tbk 1.16 1.24% (Traveloka) 23 PT Adaro Energy Tbk 1.16 1.12%
21 PT Gudang Garam Tbk 1.10 1.17% Estimated Market Cap 24 PT Gudang Garam Tbk 1.10 1.06%
22 PT Perusahaan Gas Negara Tbk 0.84 0.89% ± USD 3 billion 25 Bukalapak 1.09 1.04%
Total 94.21 26 Traveloka 0.93 0.89%
27 PT Perusahaan Gas Negara Tbk 0.84 0.80%
Source: MSCI
Total 104.25
Source: IDX Listing Service
FOR DISCUSSION PURPOSES ONLY | 8
Policy and Regulation Considerations for Unicorns to be Listed in IDX
1 RECLASSIFYING THE
SECTOR AND
SUBSECTOR
Reclassifying the sector and subsector in IDX
based on the best-practice in global capital
market. The new classification will increase
competitiveness of Indonesia Capital Market,
especially among the institutional investor like
Index Fund.
2 LISTING BOARD
Updating the requirement to be listed in
Main Board of IDX to not limited for
profitable company and/or heavily-tangible
assets company
3 DUAL-CLASS OF
SHARES
Considering the implementation of DCS with
multiple voting shares (MVS) in Indonesia by
looking at the best practices of several
foreign stock exchanges and technology
companies that are listed as implementing
MVS in their stock structure as a form of
protection for the company's long-term ideas
and vision.
FOR DISCUSSION PURPOSES ONLY | 9
IDX Industrial Classification (IDX-IC)
New industrial classification has formulated based on business exposure (Effective on January 25th 2021)

Classification Sectors in JASICA Classification Sectors in IDX – IC

1 2 3 A E I

Energy Consumer Cyclicals Technology

Agricultural Mining Basic Industry and
Chemicals
B F J

4 5 6

Basic Materials Infrastructure

Healthcare

Manufacturing Consumer Goods Property, Real-Estate, and C G K

Construction

7 8 9 Industrials Financial Transportation & Logistics

D H Z

Infrastructure, Utilities Financial Trade, Services and

and Transportation Investment
Consumer Non-Cyclicals Property & Real-Estate Listed Investment
Products*

*) Notes: Sector Z is classification for listed financial product such as ETF, REIT, Infrastructure Fund (DINFRA), or underlying for bond futures. This sector was built
to accommodate such investment product in our trading machine, thus there is no sectoral index for Sector Z.
FOR DISCUSSION PURPOSES ONLY | 10
REVISION TO IDX LISTING RULE I-A

CURRENT CONDITION PROPOSED LISTING BOARD REVISION

MAIN BOARD DEVELOPMENT BOARD MAIN BOARD DEVELOPMENT BOARD

1 Profit before tax and Net Tangible Net Tangible Asset at least IDR50 bio; or
The company has Net Tangible Asset of at least
Asset at least IDR250 bio; or
business profits for IDR5 bio; or
the last 1 (one)
business profits for the last 1
financial year 2 Cumulative profit before tax for the Cumulative profit before tax for the past 2
(one) financial year of at
and Net Tangible past 2 years at least IDR100 bio and years at least IDR10 bio and Market
least IDR1 bio and market
Asset of at least Market Capitalization at least Capitalization at least IDR100 bio; or
capitalization at least IDR100 bio;
IDR100 bio; or IDR1 T; or
or
Note: in Revenue at least IDR40 bio
current Listing Rule I- and market capitalization at least 3 Revenue at least IDR600 bio and Revenue at least IDR40 bio and Market
A stipulates in IDR200 bio Market Capitalization at least IDR3 T Capitalization at least IDR200 bio; or
different article. ; or
4 The minimum total of Asset is Rp1 The minimum total of asset is IDR250 bio
Update: The progress of the draft Exchange Rule is already in the T and Market Capitalization at least and Market Capitalization IDR500 bio; or
Rule Making Rule (RMR) stage IDR2 T; or
5 Cumulative operating cashflow for Cumulative Operating Cashflow for the past 2
the past 2 years at least IDR200 bio years at least IDR20 bio and Market
and Market Capitalization at Capitalization at least IDR400 bio.
least IDR4 T.

FOR DISCUSSION PURPOSES ONLY | 11

REVISION TO MAIN BOARD CONTINUOUS LISTING OBLIGATION

CHANGES TO THE REQUIREMENTS OF LISTED COMPANIES TO REMAIN LISTED ON THE MAIN BOARD
No
PROPOSED CONTINOUS OBLIGATION PROPOSED CONTINOUS OBLIGATION
OPTION 1 OPTION 2

1 Did not post a net loss for 2 consecutive years; Revenue Growth CAGR 20% for 3 years

PER is not more than 3x PER market, and

2 Minimal Market Capitalization is Rp12 Trio
PBV is not more than 3x PBV market

3 Shareholders ≥ 750 parties

Public Float ≥ 10 % with market cap more than Rp200 bio

4
In the event that the market cap of the Public Float is more than Rp1 T, there is no minimum limit on the percentage of the Public Float.

5 Did not post negative equity in the latest financial statements

6 Did not obtain the written warning letter III (sanction) in the last 1 year

7 Obtain an unqualified opinion for 2 consecutive years

8 Did not meet the criteria of watchlist board

FOR DISCUSSION PURPOSES ONLY | 12

 13

13
“The good parts about being a public company
are increased discipline, increased execution
and increased transparency to make sure that
you are really building a company for a
hundred years” – Dan Rosensweig

INDONESIA STOCK EXCHANGE

Email: gopublic@idx.co.id For Further Information:
Website: www.idx.co.id
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