Fund Ownership, Foreign and Domestic Flow Analysis

Short summary:

• Foreign ownership position is rising towards end-2023, but still at a low-level vs 3-year average.
• Top domestic Equity funds have been increasing positions to Consumer (ICBP) and Healthcare (KLBF), as seen
in the Top-10 holdings.
• Good quality names with solid growth fundamentals for a turnaround in 2024, picked from the top sold by
institutional funds (both domestic and foreign in FY2023): SMRA and MTEL. Meanwhile, JSMR and AKRA in the
top bought for FY2023 should continue to outperform the market.
• December 2023 average cash position for domestic equity funds maintained at 5.9% MoM.
• Equity funds continued to experienced redemptions as total AUMs dropped 1% MoM in December 2023.

Thematic idea: Seeking under-owned high-beta stocks in a potential bull-run market. There is an upside risk for one
round of election as the latest political poll suggest Prabowo’s electability has surpassed 45%, nearing to the 50%
threshold limit for one-round election.

We have compiled the Top 10 performers of 45 days prior and post 4 past elections with Beta above 1x in the IDX80
(Top-80 Equity funds by market cap, liquidity and fundamentals). Three of the largest SOE listed Banks are in the list,
while other notable names are TKIM and INCO. We have excluded the 2009 elections as the key drivers for share price
performance was due to the US Quantitative Easing measures post-Global Financial Crisis 2008 leading to unusual
performance by the companies in IDX80.
Price Price Price Price
Performance Performance Performance Performance
against election against election against election against election Adjusted
Ticker Name 5 Jul 2004 20 Sep 2004 9 Jul 2014 17 Apr 2019 Beta Average
BRPT IJ Equity Barito Pacific Tbk PT 16.7% 46.7% 0.0% 10.1% 1.19 18.3%
BBRI IJ Equity Bank Rakyat Indonesia Persero Tbk PT 6.4% 22.2% 13.7% 5.9% 1.05 12.1%
BMRI IJ Equity Bank Mandiri Persero Tbk PT 14.0% 16.6% 6.9% 7.0% 1.21 11.1%
INCO IJ Equity Vale Indonesia Tbk PT 7.6% 39.6% 9.7% -30.4% 1.23 6.6%
ANTM IJ Equity Aneka Tambang Tbk 27.4% 13.8% 13.4% -31.3% 1.45 5.8%
TKIM IJ Equity Pabrik Kertas Tjiwi Kimia Tbk PT 9.0% 36.3% -15.5% -8.5% 1.03 5.3%
BFIN IJ Equity BFI Finance Indonesia Tbk PT 0.0% 15.9% 0.0% 0.8% 1.08 4.2%
BBNI IJ Equity Bank Negara Indonesia Persero Tbk PT 2.2% 10.3% 4.6% -6.4% 1.06 2.7%
TINS IJ Equity Timah Tbk PT 22.3% -6.0% 10.2% -18.5% 1.48 2.0%
DOID IJ Equity Delta Dunia Makmur Tbk PT 23.8% 3.8% -5.7% -14.3% 1.61 1.9%

Prabowo is gaining on December 2023 poll.

1
JCI Foreign Institutional Ownership Market Capitalization Weighted Average

Rising foreign ownership towards end-2023 continues in January 2024 with BMRI, BBCA, BBRI, TLKM have the highest
foreign inflows YTD. At 51.0% level foreign equity ownership is already at par with the historical trend in 2022 and
2021 at 50-51%.
Weighted Average Stock Market
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Dec-22 Dec-21
47.0% 47.4% 47.5% 47.8% 49.5% 49.4% 49.1% 47.8% 46.8% 45.8% 45.6% 51.0% 50.3% 50.1%

JCI Local Institutional Ownership Market Capitalization Weighted Average

Falling local ownerships towards end-2023 is a gradual decrease in the participation of local institutions in the stock
market from 9.0% in January 2023 towards December 2023.
Weighted Average Stock Market
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Dec-22 Dec-21
9.0% 9.0% 9.0% 8.8% 8.9% 8.9% 8.3% 8.1% 8.0% 7.5% 7.1% 6.9% 8.9% 11.1%

Foreign Trx YTD (8 Jan '24)

Net BUY Net SELL
Ticker Value (IDRbn) Share Px Ticker Value (IDRbn) Share Px
BMRI 1,160.0 6,372 ASII 251.4 5,653
BBCA 1,135.8 9,486 MDKA 123.3 2,747
BBRI 373.0 5,694 BRPT 59.8 1,369
FILM 302.9 4,390 KLBF 46.3 1,591
TLKM 256.1 3,929 PGAS 39.0 1,148

Total Net (IDRbn) 3,473.6

Source: RHB, Bloomberg

Foreign Trx Des '23

Net BUY Net SELL
Ticker Value (IDRbn) Share Px Ticker Value (IDRbn) Share Px
BBCA 3,048.3 9,109 GOTO 1,140.4 95
BBRI 1,780.5 5,524 MDKA 337.9 2,464
TLKM 1,521.8 3,915 KLBF 269.1 1,618
BMRI 715.9 5,900 UNTR 263.0 21,815
ASII 494.6 5,614 MIKA 218.7 2,743
Total Net (IDRbn) 5,536.6
Source: RHB, Bloomberg

Top Bought and Sold FY2023 Recap (Based on 3M ADTV > 20bn).
Quick recap of 2023, see below for Institutional fund flow position YTD. Sorted top 30 Bought and Sold. Note that the
% YTD changes in percentage point changes from % of outstanding shares of individual companies.

Some notable names are SMRA and MTEL among the Top Sold that should reverse in 2024, while JSMR and AKRA in
Top Bought should continue to outperform the index. (Please see the next page for the table)

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Top Bought YTD Changes PP (Against Dec-22)
Ticker 3M ADTV Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
ACES IJ Equity 47,089,310,625 -0.2 pp 2.3 pp -0.4 pp -3.9 pp 1.4 pp 1.1 pp 2.6 pp 3.4 pp 4.8 pp 9.1 pp 9.9 pp 10.5 pp
NATO IJ Equity 47,034,550,219 2.3 pp 2.3 pp 2.4 pp 2.4 pp 2.3 pp 1.7 pp 2.0 pp 4.2 pp 3.7 pp 4.4 pp 9.5 pp 8.7 pp
JSMR IJ Equity 28,746,179,875 0.6 pp 2.3 pp 1.3 pp 1.2 pp 2.1 pp 3.1 pp 3.7 pp 3.8 pp 5.1 pp 6.6 pp 7.2 pp 7.6 pp
AMRT IJ Equity 76,429,293,125 0.0 pp 0.2 pp 3.9 pp 3.8 pp 4.3 pp 4.3 pp 5.0 pp 5.7 pp 5.9 pp 6.2 pp 6.1 pp 6.4 pp
AKRA IJ Equity 34,653,329,859 0.2 pp 0.1 pp 0.5 pp 0.2 pp 0.7 pp 1.5 pp 1.4 pp 2.3 pp 3.3 pp 5.7 pp 6.4 pp 5.7 pp
ISAT IJ Equity 34,200,735,281 0.2 pp 2.5 pp 2.9 pp 2.9 pp 5.2 pp 5.4 pp 5.1 pp 4.9 pp 4.9 pp 4.9 pp 4.8 pp 4.7 pp
GOTO IJ Equity 495,354,355,156 0.1 pp 0.4 pp 2.0 pp 2.1 pp 1.8 pp 3.9 pp 3.9 pp 2.0 pp 2.7 pp 2.4 pp 3.2 pp 3.7 pp
ASII IJ Equity 284,587,149,844 0.7 pp 0.9 pp 0.7 pp 1.6 pp 2.5 pp 3.3 pp 3.4 pp 3.6 pp 3.5 pp 2.8 pp 1.8 pp 2.2 pp
WIIM IJ Equity 22,239,055,938 0.1 pp 0.2 pp 2.4 pp 2.9 pp 3.5 pp 3.0 pp 2.2 pp 1.8 pp 1.7 pp 1.5 pp 1.9 pp 2.2 pp
BRMS IJ Equity 33,272,089,953 0.1 pp 0.1 pp -0.1 pp 0.0 pp -0.2 pp -0.5 pp -0.3 pp -0.1 pp 2.1 pp 2.4 pp 2.6 pp 2.1 pp
GJTL IJ Equity 50,706,911,000 0.0 pp 0.0 pp -0.1 pp -0.1 pp -0.1 pp 0.0 pp 0.1 pp 0.3 pp 0.2 pp 0.2 pp 0.3 pp 2.1 pp
TOWR IJ Equity 22,682,051,219 0.2 pp 0.6 pp 0.5 pp 0.7 pp 0.9 pp 1.2 pp 1.6 pp 1.6 pp 1.7 pp 1.1 pp 1.6 pp 2.1 pp
CTRA IJ Equity 25,454,541,469 0.2 pp 0.2 pp 0.0 pp -0.1 pp -1.2 pp -0.7 pp 0.3 pp 1.4 pp 0.9 pp 1.2 pp 1.8 pp 2.0 pp
TLKM IJ Equity 275,788,587,188 1.1 pp 1.4 pp 1.8 pp 1.9 pp 1.6 pp 1.2 pp 0.6 pp 0.8 pp 0.8 pp 0.9 pp 1.0 pp 1.5 pp
BBCA IJ Equity 659,794,857,813 -0.4 pp -0.2 pp -0.2 pp 0.0 pp -0.4 pp 0.5 pp 0.3 pp 0.4 pp 0.3 pp 0.7 pp 0.8 pp 1.4 pp
MIKA IJ Equity 31,944,553,281 -0.1 pp 0.0 pp 0.1 pp 0.1 pp 0.5 pp 0.6 pp 0.6 pp 0.6 pp 0.6 pp 0.8 pp 0.7 pp 1.4 pp
DSNG IJ Equity 26,740,671,406 0.3 pp 0.3 pp 0.8 pp 0.8 pp 0.5 pp 0.0 pp 0.6 pp 0.7 pp 0.6 pp 1.1 pp 1.0 pp 0.9 pp
SMGR IJ Equity 34,163,907,344 1.1 pp 1.3 pp 0.2 pp -2.3 pp -3.0 pp -3.4 pp -1.7 pp -1.1 pp -1.4 pp -1.6 pp -1.6 pp 0.9 pp
MAPI IJ Equity 47,868,623,234 0.5 pp 0.7 pp 0.7 pp 0.4 pp 0.4 pp 0.0 pp -0.7 pp -1.2 pp -0.9 pp -0.5 pp -0.3 pp 0.8 pp
ADMR IJ Equity 38,676,234,531 0.4 pp 0.3 pp 0.1 pp 0.2 pp -0.3 pp -0.2 pp -0.2 pp -0.1 pp 0.3 pp 0.5 pp 0.7 pp 0.7 pp
CPIN IJ Equity 37,363,345,734 0.1 pp 0.5 pp 0.2 pp -0.7 pp 0.2 pp 0.7 pp 0.7 pp 1.0 pp 1.1 pp 1.3 pp 1.2 pp 0.7 pp
BMRI IJ Equity 441,140,296,875 -0.3 pp -0.1 pp -0.2 pp -0.3 pp 0.0 pp 0.3 pp 0.0 pp 0.3 pp 0.4 pp 0.5 pp 0.7 pp 0.6 pp
BRIS IJ Equity 46,006,774,078 0.1 pp 0.2 pp 0.4 pp 0.4 pp 0.6 pp 0.5 pp 0.4 pp 0.4 pp 0.3 pp 0.3 pp 0.4 pp 0.5 pp
PANI IJ Equity 59,614,389,859 0.0 pp 0.0 pp 0.0 pp 0.0 pp 0.0 pp 0.0 pp 0.0 pp 0.0 pp 0.2 pp 0.2 pp 0.3 pp 0.5 pp
DEWA IJ Equity 29,896,401,641 0.1 pp 0.0 pp 0.0 pp 0.0 pp -0.1 pp -0.6 pp -0.8 pp -1.0 pp -1.1 pp -1.1 pp 0.0 pp 0.4 pp
BHAT IJ Equity 79,936,565,884 0.2 pp 0.5 pp 0.3 pp 0.3 pp 0.3 pp 0.2 pp 2.1 pp 3.5 pp 3.7 pp 2.5 pp 0.4 pp 0.4 pp
FILM IJ Equity 52,565,344,688 0.0 pp 0.0 pp 0.1 pp 0.3 pp 0.2 pp 0.6 pp 0.3 pp 0.2 pp 0.4 pp 0.5 pp 0.5 pp 0.4 pp
BBRI IJ Equity 700,258,381,250 0.1 pp 0.1 pp 0.5 pp 0.4 pp 0.2 pp 0.7 pp 0.2 pp 0.2 pp 0.1 pp -0.4 pp -0.4 pp 0.4 pp
SGER IJ Equity 34,748,071,906 0.0 pp -0.1 pp -0.1 pp -0.1 pp -0.1 pp -0.1 pp -0.1 pp -0.1 pp -0.1 pp 0.2 pp 0.4 pp 0.1 pp
BUMI IJ Equity 44,116,168,047 -0.2 pp -0.3 pp -0.3 pp -0.4 pp -0.5 pp -0.5 pp -0.4 pp -0.3 pp 0.6 pp 0.6 pp 0.5 pp 0.1 pp

Top Sold YTD Changes PP (Against Dec-22)

Ticker 3M ADTV Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
PGAS IJ Equity 45,501,748,125 -1.6 pp -2.3 pp -3.9 pp -5.4 pp -7.3 pp -7.6 pp -9.0 pp -7.4 pp -8.5 pp -8.2 pp -10.5 pp -11.4 pp
MNCN IJ Equity 26,072,149,125 -0.6 pp -1.3 pp -1.9 pp -2.1 pp -2.7 pp -2.6 pp -2.6 pp -3.2 pp -3.6 pp -3.6 pp -7.8 pp -7.9 pp
PTBA IJ Equity 26,846,431,313 -0.4 pp -0.8 pp 1.2 pp 1.5 pp -0.8 pp -4.1 pp -4.2 pp -3.4 pp -4.4 pp -5.5 pp -6.2 pp -6.8 pp
CARE IJ Equity 37,934,870,280 0.0 pp 0.0 pp -1.9 pp -1.9 pp -2.0 pp -1.9 pp -2.1 pp -2.1 pp -2.7 pp -2.8 pp -3.3 pp -5.8 pp
ITMG IJ Equity 26,473,760,625 -1.1 pp -1.9 pp -1.8 pp -3.0 pp -3.9 pp -3.7 pp -3.5 pp -2.9 pp -3.1 pp -3.7 pp -4.2 pp -4.5 pp
UNTR IJ Equity 113,815,360,313 -0.2 pp -0.1 pp 1.1 pp 0.2 pp -2.2 pp -3.3 pp -1.9 pp -2.1 pp -1.8 pp -1.7 pp -2.9 pp -4.4 pp
BIPI IJ Equity 36,380,566,781 -0.1 pp -0.5 pp -0.5 pp -0.5 pp -1.3 pp 2.2 pp 2.0 pp 1.6 pp -2.0 pp -3.0 pp -3.1 pp -3.1 pp
HMSP IJ Equity 27,610,205,547 -1.1 pp 0.4 pp 0.7 pp -1.0 pp -1.1 pp -1.7 pp -2.3 pp -4.3 pp -4.7 pp -4.3 pp -1.9 pp -3.1 pp
MTEL IJ Equity 31,901,916,953 0.1 pp 0.5 pp 0.9 pp 0.7 pp 0.6 pp 0.2 pp 0.1 pp -1.3 pp -1.5 pp -1.9 pp -2.7 pp -3.0 pp
BBYB IJ Equity 59,757,149,516 -0.1 pp -0.5 pp -1.3 pp -1.4 pp -1.9 pp -2.7 pp -2.7 pp -2.8 pp -3.2 pp -3.2 pp -2.8 pp -2.9 pp
APIC IJ Equity 80,526,447,953 0.0 pp 0.0 pp 0.8 pp 0.6 pp 0.7 pp 0.9 pp 0.4 pp -0.5 pp -0.6 pp -1.4 pp -1.2 pp -2.9 pp
BOGA IJ Equity 150,039,272,444 -0.1 pp -0.4 pp -0.7 pp -0.5 pp -0.5 pp -1.3 pp -1.2 pp -1.6 pp -1.3 pp -1.4 pp -1.9 pp -2.8 pp
INDF IJ Equity 46,332,844,375 0.5 pp 0.6 pp 0.6 pp 0.1 pp 0.8 pp 0.0 pp 0.2 pp -0.2 pp -1.2 pp -1.2 pp -2.0 pp -2.8 pp
SMRA IJ Equity 27,250,733,750 -0.4 pp -0.2 pp -0.7 pp -1.0 pp 0.5 pp 0.9 pp 1.0 pp 0.6 pp -0.4 pp -1.7 pp -1.7 pp -2.7 pp
INKP IJ Equity 63,193,330,625 -0.2 pp -1.5 pp -2.7 pp -3.1 pp -3.4 pp -3.9 pp -2.9 pp -2.1 pp -2.8 pp -3.1 pp -2.8 pp -2.6 pp
ANTM IJ Equity 62,617,085,469 2.7 pp 1.9 pp -0.3 pp 0.0 pp -0.1 pp 0.0 pp 0.0 pp 1.0 pp 0.9 pp 0.1 pp -2.0 pp -2.4 pp
GGRM IJ Equity 34,939,854,563 1.0 pp 3.3 pp 5.2 pp 5.3 pp 5.8 pp 4.4 pp 4.5 pp 2.4 pp 0.5 pp 2.5 pp 0.1 pp -2.2 pp
BBNI IJ Equity 259,809,360,938 -0.6 pp -1.1 pp -1.2 pp -2.0 pp -4.0 pp -3.3 pp -4.6 pp -3.8 pp -3.7 pp -3.3 pp -3.2 pp -2.2 pp
KAEF IJ Equity 21,483,188,890 0.0 pp -0.6 pp -0.7 pp -0.7 pp -1.5 pp -1.5 pp -1.5 pp -1.5 pp -1.5 pp -1.5 pp -1.5 pp -2.1 pp
UNVR IJ Equity 46,628,385,625 0.2 pp -0.4 pp -0.3 pp -0.5 pp 0.9 pp 0.7 pp -0.2 pp -0.5 pp -0.8 pp 0.7 pp -1.2 pp -1.7 pp
CASA IJ Equity 108,858,079,911 0.0 pp 0.0 pp 0.0 pp -0.1 pp -0.1 pp -0.1 pp -0.1 pp -0.1 pp -1.9 pp -2.0 pp -1.7 pp -1.4 pp
SRTG IJ Equity 24,385,290,859 -0.3 pp -0.4 pp -0.5 pp -0.7 pp -0.9 pp -1.1 pp -1.2 pp -1.2 pp -1.0 pp -1.3 pp -1.3 pp -1.2 pp
MDKA IJ Equity 135,627,597,188 0.0 pp -0.1 pp 0.7 pp 0.5 pp -1.0 pp -0.8 pp -0.5 pp -0.4 pp 0.0 pp -0.6 pp -1.2 pp -1.0 pp
WIFI IJ Equity 24,229,557,172 -0.1 pp -0.3 pp -0.5 pp -0.6 pp -0.8 pp -0.8 pp -0.9 pp -0.9 pp -0.9 pp -1.0 pp -1.0 pp -1.0 pp
ADRO IJ Equity 105,583,184,531 -0.5 pp -1.0 pp -1.0 pp -0.9 pp -1.7 pp -1.7 pp -1.4 pp -0.8 pp -0.1 pp -0.2 pp -0.6 pp -1.0 pp
MEDC IJ Equity 125,113,303,594 0.4 pp -0.3 pp -0.4 pp -0.5 pp -1.7 pp -1.6 pp -1.4 pp -0.4 pp -1.4 pp -0.7 pp -0.8 pp -0.9 pp
PTRO IJ Equity 44,727,341,438 0.1 pp 0.3 pp 0.5 pp 0.5 pp -0.1 pp 0.4 pp 1.7 pp 1.9 pp 1.9 pp 0.6 pp -0.5 pp -0.7 pp
RAJA IJ Equity 22,297,678,817 0.2 pp 0.1 pp 0.1 pp 0.1 pp 0.1 pp 0.0 pp -0.1 pp -0.4 pp -0.4 pp -0.6 pp -0.6 pp -0.6 pp
ARTO IJ Equity 110,655,857,500 -0.2 pp -0.7 pp -1.1 pp -1.1 pp -0.6 pp -0.2 pp -0.4 pp -0.9 pp -1.2 pp -1.5 pp -0.9 pp -0.5 pp
ICBP IJ Equity 48,694,184,359 0.6 pp 0.3 pp 2.0 pp 2.5 pp -0.8 pp -2.2 pp -2.1 pp -1.6 pp -1.6 pp -1.6 pp -0.5 pp -0.5 pp

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SMRA

We like the stock for its positive growth trajectory (earnings CAGR of 26% by FY25) post robust marketing sales booked,
being a beneficiary from property tax incentives in FY24, and is well supported well by recurring income. Attractive
valuation: 60% discount to RNAV (our TP implies a 49.5% discount to RNAV at its 5-year mean) and 8.4-9.6x FY24-25F
P/Es. Risks to our call include slower-than-expected project deliveries, lower1than-expected marketing sales, and
changes in government regulations. Latest report: https://tinyurl.com/dkv2ddps

MTEL

The company has the largest number of towers in the country with a large growth potential in the collocation ratio,
given it is one of the lowest in the sector. Given that a large portion of the tower assets were acquired from Telkomsel,
whom used to operate towers at only 1x collocation ratio. The stock trades at just 9.75x 2024F EV/EBITDA. Latest
report: http://tinyurl.com/4fdxjk37

AKRA

Despite the inevitable factor of normalizing sales prices (in the fuel and chemicals distribution segments), the outlook
for AKRA on the upbeat side (FY24F net earnings growth at c.15% YoY). This is underpinned by higher land sales from
the industrial segment, stable fuel distribution volumes due to higher energy demand (eg diesel fuel) from mining
activities, and the rise in the number of smelters here, ie more chemicals are required, which is a positive catalyst for
the company’s chemicals distribution wing. Apart from the support from a stable domestic economy, AKRA’s long-
term catalyst, in our view, will come from the provision of utilities (ie water and electricity) and services (ie port
handling), which will be marked by the operations of a copper smelter (operated by Freeport) in May 2024, c.145MW
of electricity requirements, and c.6m tonnes of cargo traffic. Latest report: http://tinyurl.com/4ws7x3nv

JSMR

As of November 2023, the revenue stood at IDR 15,632.3 billion, slightly lower than FY2022's IDR 16,582.8 billion, but
the net profit increased to IDR 3,451.7 billion from FY2022's IDR 2,746.9 billion. Currently, JSMR shares are priced at
IDR 4,750.0 with metrics like PE at 15.7x and PBV at 1.27. For 2024, JSMR has allocated IDR 10 trillion for CAPEX,
primarily for land acquisition and new toll road construction, expecting completion in 2-3 years. JSMR plans to sell
shares in the Trans Java toll road operator in the first half of 2024. With a projected 15.9% increase in toll road users
for 2024, revenue is forecasted to rise to IDR 18,119.9 billion, resulting in a PE of 12.6x and PBV of 1.2x. Given these
factors, including dividend commitments and a current undervalued share price, we recommend a BUY with a target
price of IDR 5,700.0. Latest report: http://tinyurl.com/m4t74rwk

Fund Fact Sheet

Cash Position

The table below indicates the cash position of the top 20 Equity funds in Indonesia up to December 2023. A large drop
in November 2023 cash level, looking at the Santa rally at end-2023, cash position should remain low at the end 2023.
Then cash position maintained at 5.9% from November 2023 to December 2023. (Please see the next page for the
table)

4
Mutual Fund Cash Portion Dec 2022 Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023
Schroder Dana Prestasi Plus 12.7% 11.4% 4.6% 4.1% 1.3% 13.3% 13.3% 8.2% 6.4% 5.6% 10.5% 6.8% 5.3%
Manulife Dana Saham Kelas A 6.9% 3.3% 2.0% 1.4% 1.5% 6.0% 3.1% 4.7% 2.7% 2.0% 2.7% 0.8% 1.3%
Sucorinvest Equity Fund 2.6% 0.3% 0.3% 0.8% 0.0% 1.1% 4.5% 1.3% 0.3% 3.6% -0.4% -0.2% 0.0%
Schroder Dana Prestasi 7.0% 5.1% 4.9% 6.0% 2.0% 8.5% 8.5% 8.5% 8.5% 5.5% 11.3% 3.2% 3.6%
Ashmore Dana Ekuitas Nusantara 5.0% 5.9% 5.9% 4.3% 2.4% 3.0% 3.6% 5.8% 0.6% 2.6% 4.4% 8.1% 3.7%
Batavia Dana Saham 9.2% 12.9% 11.2% 12.8% 5.7% 5.4% 6.3% 13.5% 4.9% 10.5% 9.9% 9.8% 8.5%
HPAM Smart Beta Ekuitas 1.0% 6.0% 6.0% 5.0% 5.0% 4.0% 3.0% 8.0% 4.0% 0.0% 8.0% 4.0% 16.0%
SAM Dana Cerdas 4.1% 2.6% 2.3% 9.3% 4.4% 11.7% 3.3% 2.2% 7.7% 13.2% 13.3% 3.6% 4.2%
Manulife Saham Andalan 3.7% 2.4% 5.0% 1.2% 0.6% 1.0% 3.2% 1.5% 0.5% 2.9% 0.2% 0.2% 0.4%
HPAM Ekuitas Syariah Berkah 4.0% 8.0% 8.0% 5.0% 8.0% 11.0% 9.0% 2.0% 4.0% 0.0% 21.0% 18.0% 21.0%
Danareksa Mawar Ekuitas Plus 5.0% 3.9% 4.2% 4.2% 4.8% 4.0% 4.8% 3.3% 3.8% 3.4% 8.1% 4.9% 4.2%
Ashmore Dana Progresif Nusantara 3.4% 5.3% 7.4% 3.8% 1.8% 4.6% 3.3% 8.7% 0.8% 3.3% 10.0% 3.4% 2.2%
Panin Dana Teladan 17.4% 17.3% 12.0% 19.8% 15.1% 18.3% 15.9% 14.7% 12.1% 12.1% 10.8% 10.3% 10.8%
BNI-AM Inspiring Equity Fund 8.0% 12.0% 9.0% 10.0% 9.0% 13.0% 12.0% 12.0% 11.0% 7.0% 11.0% 10.0% 10.0%
Schroder Dana Prestasi Prima 5.9% 5.4% 4.8% 6.1% 2.5% 11.7% 11.7% 3.9% 7.1% 4.7% 6.0% 4.6% 5.7%
BNP Paribas Ekuitas 18.0% 9.8% 10.8% 6.0% 5.1% 12.3% 9.9% 14.0% 7.5% 9.7% 15.7% 10.8% 8.4%
Danareksa Mawar Ekuitas Utama 6.0% 4.3% 4.5% 5.3% 5.2% 5.0% 5.2% 3.6% 4.9% 3.6% 9.1% 5.2% 4.4%
Panin Dana Maksima 3.5% 2.7% 1.9% 2.2% 3.7% 2.2% 2.4% 4.2% 3.7% 2.5% 5.2% 5.4% 3.8%
Mandiri Investa Cerdas Bangsa Kelas A 6.6% 4.3% 6.3% 4.5% 3.0% 8.6% 10.1% 10.4% 7.4% 8.5% 2.7% 7.3% 3.4%
Ashmore Saham Dinamis Nusantara 1.3% 2.8% 1.8% 3.7% 1.3% 4.9% 1.8% 7.3% 0.8% 13.6% 4.6% 2.1% 1.7%
Average 6.6% 6.3% 5.6% 5.8% 4.1% 7.5% 6.7% 6.9% 4.9% 5.7% 8.2% 5.9% 5.9%

Top 10 Holdings:

Among the Top 20 Equity funds in Indonesia, below are their Top 10 holdings. Highlights: One fund added BBNI in the
top 10 holdings in December 2023, 3 funds excluded ICBP, 1 fund in KLBF and 2 funds added AKRA for the month.

Stock (No of Ownership by Funds) Dec 2022 Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023
BBRI (Financial Services) 19 19 19 19 19 19 19 18 17 16 18 19 19
BMRI (Financial Services) 18 19 19 19 18 18 18 18 18 18 19 19 19
BBCA (Financial Services) 16 17 17 17 17 18 18 18 18 16 18 18 18
TLKM (Telco) 17 17 17 17 17 17 17 17 17 16 16 17 17
ASII (Automotive) 15 16 18 18 19 19 18 18 17 14 15 12 12
BBNI (Financial Services) 15 15 13 12 11 8 9 9 11 10 9 9 10
MYOR (Consumer) 4 3 5 7 6 7 7 6 6 6 7 6 6
EXCL (Telco) 2 2 2 2 1 2 2 3 4 5 5 6 5
ICBP (Consumer) 1 3 5 2 4 5 7 9 9 6 3 8 5
KLBF (Medical) 7 7 6 7 8 7 7 4 5 4 4 6 5
AKRA (Chemical) 4 4 3 3 2 2 3 2 2 0 4 2 4
BRIS (Financial Services) 0 1 1 2 3 2 3 3 3 1 1 2 4
JSMR (Construction) 0 0 0 0 0 0 0 0 0 0 0 3 4
MIKA (Medical) 2 0 0 1 2 4 4 4 4 4 3 4 4
AMRT (Consumer) 2 2 1 3 1 1 0 3 3 3 3 2 3
GOTO (Consumer) 1 3 7 6 7 4 3 3 1 1 0 1 3
MAPI (Consumer) 5 3 5 3 3 5 5 5 5 5 5 4 3
ADMR (Mining) 1 1 1 1 1 0 0 0 2 2 1 1 2
ADRO (Mining) 9 8 6 6 6 2 2 4 6 5 3 4 2
BBTN (Financial Services) 1 2 1 1 1 2 2 2 1 3 2 2 2
MEDC (Oil & Gas) 3 4 1 1 1 1 1 1 1 3 3 2 2
PNBN (Financial Services) 2 2 2 2 2 2 2 2 2 2 2 2 2
PNLF (Financial Services) 2 2 2 2 2 2 2 2 2 2 2 2 2
SSIA (Construction) 1 1 1 1 2 2 2 2 2 0 2 2 2
TOWR (Telco) 3 3 2 1 1 1 1 1 1 2 1 2 2
TPIA (Chemical) 2 2 2 2 2 2 2 2 2 0 2 2 2
ACES (Consumer) 0 0 0 0 0 0 0 0 1 0 1 1 1
ADMF (Financial Services) 1 1 1 1 1 1 1 1 1 1 1 1 1
AMMN (Mining) 0 0 0 0 0 0 0 0 1 0 1 1 1
BFIN (Financial Services) 0 0 0 0 1 1 0 0 0 0 0 1 1

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AUM Performance

Equity redemptions seem to continue amidst high interest rate environment. Total AUM fell 1% MoM, despite a strong
Santa Claus rally towards the end 2023.
Mutual Funds (IDRtn) Dec 2022 Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023 YTD (%)
Schroder Dana Prestasi Plus 8.16 8.02 7.56 7.44 7.33 7.68 7.19 6.18 6.47 6.77 6.87 6.77 6.72 -15.81
Manulife Dana Saham Kelas A 6.24 5.94 5.79 5.23 5.11 5.52 5.19 4.80 3.64 3.50 3.50 3.20 3.03 -43.91
Sucorinvest Equity Fund 3.63 3.56 3.45 3.32 3.33 3.22 3.33 3.31 3.20 3.17 2.99 3.03 3.00 -17.63
Schroder Dana Prestasi 2.80 2.76 2.73 2.61 2.63 2.62 2.78 2.55 2.72 2.79 2.88 2.79 2.77 2.86
Ashmore Dana Ekuitas Nusantara 3.96 3.73 3.61 3.42 3.29 3.37 3.22 3.02 2.86 2.78 2.78 2.70 2.57 -29.80
Batavia Dana Saham 5.17 5.05 4.93 4.41 4.14 4.50 4.17 3.67 3.01 2.20 2.55 2.18 2.05 -50.68
HPAM Smart Beta Ekuitas 2.10 2.29 2.31 2.26 2.31 2.20 2.24 2.27 2.31 0.00 2.32 2.35 2.61 10.48
SAM Dana Cerdas 2.29 2.34 2.30 2.28 2.35 2.30 2.34 2.41 2.40 2.47 2.32 2.34 2.38 1.31
Manulife Saham Andalan 2.80 2.71 2.72 2.48 2.43 2.33 2.33 2.14 1.99 2.01 1.76 1.73 1.65 -37.14
HPAM Ekuitas Syariah Berkah 1.36 1.36 1.48 1.51 1.52 1.41 1.47 1.52 1.61 0.00 1.71 1.67 1.65 25.74
Danareksa Mawar Ekuitas Plus 1.51 1.52 1.51 1.53 1.57 1.55 1.57 1.60 1.60 1.60 1.51 1.52 1.52 0.00
Ashmore Dana Progresif Nusantara 2.19 2.12 2.11 1.96 1.85 1.86 1.77 1.61 1.50 1.37 1.44 1.39 1.31 -34.25
Panin Dana Teladan 1.00 0.98 0.92 1.03 0.94 1.35 1.56 1.57 1.57 1.53 1.43 1.53 1.54 43.00
BNI-AM Inspiring Equity Fund 1.29 1.30 1.28 1.28 1.31 1.31 1.31 1.33 1.33 1.31 1.24 1.29 1.28 -3.88
Schroder Dana Prestasi Prima 1.34 1.34 1.37 1.38 1.39 1.39 1.41 1.16 1.17 1.14 1.10 1.11 1.13 -17.91
BNP Paribas Ekuitas 1.53 1.46 1.46 1.32 1.11 1.28 1.24 1.08 1.04 1.06 1.09 1.06 1.05 -28.76
Danareksa Mawar Ekuitas Utama 1.04 1.04 1.05 1.06 1.14 1.14 1.14 1.15 1.15 1.13 1.07 1.10 1.10 2.88
Panin Dana Maksima 1.15 1.15 1.09 1.07 1.09 1.04 1.10 1.17 1.11 1.08 1.04 1.05 1.06 -9.57
Mandiri Investa Cerdas Bangsa Kelas A 1.30 1.17 1.16 1.17 1.17 1.15 1.15 1.14 1.12 1.09 1.03 1.05 1.07 -20.77
Ashmore Saham Dinamis Nusantara 0.84 0.83 0.80 0.75 0.74 0.74 0.76 0.76 0.83 0.87 1.02 0.99 0.95 21.43
TOTAL AUM (IDRtn) 53.26 52.24 51.18 47.51 46.75 49.47 48.80 46.01 45.57 39.24 45.54 40.85 40.44 -14.49
Growth MoM -2% -2% -7% -2% 6% -1% -6% -1% -14% 16% -10% -1%

Please find below our recommended stocks to BUY.

Other Top Picks for 2024:

ANTM

Downsides have now been limited for the company, which had previously been hampered by negative news flows
with regards to gold transactions. This has now been clarified, although provisions have been set aside since last year
to deal with this issue. 9M23’s earnings achievement so far remains on an upbeat trend despite weakened selling
prices, given the normalizing trends in the global commodities market. This is supported by a massive increase in one
of ANTM’s biggest margins businesses, ie nickel ore sales. High demand of safe haven assets will also give substantial
support to the company’s overall topline, in our view, given that the bulk of ANTM’s revenue comes mostly from
refining gold. Link to the latest report: http://tinyurl.com/yeyk79es

BBTN

The company has completed Phase 1 of its distressed assets sale totaling IDR861bn (c.7.7% of NPL at 9M23) to the
National Asset Management Co or PPA was done at end 2023.This is set to immediately reduce NPLs, resulting in lower
provision expenses. The expected 2H24 drop in the Bank Indonesia (BI) rate is seen as advantageous for BBTN in
managing cost of funds (CoFs). It expects mortgage loans to drive 2024 loan growth by 11% YoY. To increase the
customer base, it intends to expand its new business segment, focusing on high-ticket lending products for the
emerging affluent market. The management guides for another IDR1trn distressed asset sale in 2024 to further reduce
NPL. Link to the latest report: http://tinyurl.com/4k8489py

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BBNI

The stock is trading at an undemanding 1.1x P/BV against ROE of 14.7%, i.e., the cheapest valuation among the Big-4
banks. As such, we see good headroom for valuation rerating. We anticipate further improvements in NIM as BBNI
plans to reprice an additional IDR250trn (37% of loans) of its loans in 4Q to offset the higher funding costs. Asset
quality stayed benign as its loans at risk LAR and NPL ratios were lower at 14.4% (Jun 2023: 16.1%) and 2.3% (Jun 2023:
2.5%) while the LAR and NPL coverage ratios further increased to 51% (2Q23: 47%) and 324% (2Q23: 309%),
respectively. Link to the latest report: http://tinyurl.com/mpep7k77

BSDE

One of the developers with high exposure in the mid-up segment, boasting better and more resilient purchasing
power. Its JV with Mitbana is also aimed at supporting revenue from land sales (targeted at IDR500bn-1tn annually).
BSDE boasts an ample land bank, one of the largest compared to its peers, and a strong balance sheet (currently at
0.04x net gearing). Attractive valuation at a 60% discount to RNAV. Link to the latest report:
http://tinyurl.com/339bwrya

Please don't hesitate to reach out if you have any questions or require further clarification. I'm available via email or
phone at +6281-282-333-999.

Best regards,