Ibmd 2021

6.493.
289 investor
pasar modal, termasuk
2.935.928 investor
saham, sudah mulai
aktif berinvestasi*
Bagaimana dengan Anda?
ikuti Sekolah Pasar Modal yang

diselenggarakan di 30 wilayah Kantor
Perwakilan BEI, untuk jadi investor cerdas
*per 6 Oktober 2021
Indonesia Stock Exchange @indonesiastockexchange Indonesia Stock Exchange idx_bei

@Sinarmas_Sekuritas | @Sim_Invest SimInvest
INDONESIA BOND MARKET DIRECTORY
2021
Research and Market Information Department

PT. Penilai Harga Efek Indonesia
INDONESIA BOND MARKET DIRECTORY 2021
IBMD was published in collaboration between PT Penilai Harga Efek Indonesia and PT Bursa Efek
Indonesia
ISBN 978-623-91669-2-2
© 2021 PT Bursa Efek Indonesia Published by: PT Penilai Harga Efek Indonesia
Indonesia Stock Exchange Building, Tower 1, Indonesia Stock Exchange Building, Tower 2, GF
Jln. Jend. Sudirman Kav. 52-53 Jakarta 12190 Jln. Jend. Sudirman Kav. 52-53 Jakarta 12190
www.idx.co.id www.phei.co.id
All right reserved. Published 2021.

Printed in Indonesia
Rights and Permissions

This publication is copyrighted. Copying and/or transmitting portions or all of this work without
permission may be a violation of Law of The Republic of Indonesia Number 19 Year 2002 Regarding
Copyright.
Disclaimer
The facts and opinions stated or expressed in this publication are for information purposes only and
are not necessarily and must not be relied upon as being those of the publisher or of the institutions
for which the contributing authors work. Although every care has been taken to ensure the accuracy
of the information contained within the publication it should not be by any person relied upon as the
basis for taking any action or making any decision. PT Penilai Harga Efek Indonesia cannot be held
liable or otherwise responsible in any way for any advice action taken or decision made on the basis
of the facts and opinions stated or expressed or stated within this publication.
Data Notes
The trading data on this publication was taken on July 1, 2021. If in the future, any cancelation occurs
on the securities transaction that was submitted by Participant or if any late reporting occurs in
reporting the securities transaction performed by Participant, then such data may be revised at any
time.
All financial statement data are based on issuers’ financial reports for full year 2020 and 2019 that are
published on IDX website. All financial accounts are displayed in Indonesia rupiah (IDR). Any original
published financial statement denominated in U.S. dollars (USD) are converted to IDR with end of year
exchange mid-rate of Bank Indonesia.
The profile of bond issuers data are as of June 2021 that are taken from public information. Some
profile data cut off are later than June 2021 based on issuers confirmation.
Dollar figures ($) are current U.S. dollars, unless otherwise specified. Billion means 1,000 million;
trillion means 1,000 billion.
Indonesia Bond Market Directory 2021

FOREWORDS
CHIEF EXECUTIVE OF CAPITAL MARKET SUPERVISION
FINANCIAL SERVICES AUTHORITY (OJK) on IBMD 2021
The Corona Virus Disease (Covid-19) global pandemic has made a significant impact on the world and
domestic economy. Almost all countries in the world noted negative economic growth in 2020.
Indonesia’s economic condition also recorded economic growth contraction in 2020 by 2.07%.
However, these conditions had improved gradually in 2021 with Indonesia’s economic growth in
quarter II 2021 noted by 7.07%(yoy). With this development, Indonesia’s economic growth in 2021 is
projected to remain within Bank Indonesia’s projection range, which is in the range between 3.5% -
4.3%. This encouraging achievement of economic growth certainly could not be realized without the
cooperation between the Financial Services Authority, Bank Indonesia and the Indonesian
Government in providing stimulus and easing in an effort to strengthen Indonesia’s economic
fundamentals.
In terms of trade, Indonesia’s bond market in 2020 had shown positive performance, as reflected from
the rise of all bond return indexes that noted an all-time-high. Indonesia’s bond return index, ICBI,
increased by +14.49% (yoy). Despite being hit by the panic selling in the first quarter or at the
beginning of the Covid-19 pandemic, the effects of monetary and fiscal policies had pushed the SBN
market into a bullish trend. The combination between the monetary and fiscal policies had improved
the liquidity in the financial systems both globally and domestically. Monetary policy easing has also
been done by Bank Indonesia by lowering the BI 7-Day Reserve Repo Rate by 5 times or 125bps from
level 5.00% to 3.75%. The Government has released a massive fiscal stimulus as part of the funding
for the National Economic Recovery (PEN) program and the placement policy of state money in 4 state-
owned banks that are regulated through the Finance Minister Regulation No 64/PMK/05/2020. In
addition, the Ministry of Finance cooperates with Bank Indonesia through a burden sharing scheme.
This policy ensures the ability to maintain bond market growth in 2021, which at the end of the second
quarter noted a rise in ICBI by +1.27%y (ytd).
Increasing trend of literacy and awareness among the Indonesian people on capital market investment
during the pandemic will continue in 2021. This is reflected in the increasing number of investors who
registered through Single Investor Identification (SID) at PT Kustodian Sentral Efek Indonesia
throughout 2020, recording a relatively significant growth of new investors, with SID crosslink (which
consisted of shares SID, mutual funds SID, and SBN SID) grew by 56.215 from around 2.48million in
December 2019 to 3.88 million investors as of December 2020. On a year-to-date basis in 2021 (up to
September 29), share investors SID had grown by 71.06%, with 1.2 million new investors. So as the
SBN SID and mutual fund SID which on ytd basis (up to August 2021) had grown each by 21.36% and
71.57%, each with additional 98,000 and 2.27 million new investors.
In order to be able to continue maintaining a sustainable market growth and deepening, strong
coordination and collaborations between fellow regulators as well as between regulators and market
players and other supporting institutions are needed, especially to succeed the market development
and deepening programs. With strong support and commitment from all stakeholders, the
development and deepening target will be achieved as expected or even accelerated.
Indonesia Bond Market Directory (IBMD) is a part of the efforts from PT Penilai Harga Efek Indonesia
to improve literacy and increase the awareness of Indonesian people on the important role of the
capital market, especially the bond market. In addition, for more than a decade, IBMD has also been
used as a comprehensive and reliable data source for the market participants. The use of IBMD by
stakeholders from players, authorities and investors is one the forms of positive collaboration in
market development and deepening.
We welcome the presence of IBMD 2021 as one of the main guides for the bond market in Indonesia.
We hope that IBMD can continue to contribute in the efforts to improve market transparency to
support the deepening of the bond market in Indonesia.
Hoesen
Chief Executive of Capital Market Supervision
Financial Services Authority (OJK)
IDX President Director’s Forewords on IBMD 2021
It is an honor for Indonesia Stock Exchange in collaboration with Indonesia Securities Pricing
Corporation to present the Indonesia Bond Market Directory (IBMD) 2021. For more than a decade,
IBMD has made a significant contribution to increase bond market literacy for public and as a
reference for market participants and stakeholders.
IBMD is a tangible form of our commitment to support the Government's efforts to deepen the bond
market in Indonesia. IBMD presents a complete summary of the activities and events in the Indonesian
bond market over the past year.
We believe that all parties will utilize IBMD as a reliable reference and source of data to snapshot the
Indonesian bond market condition.
Keep moving forward Indonesia Capital Market.
Inarno Djajadi
President Director
Indonesia Stock Exchange
PHEI President Director’s Forewords on IBMD 2021
We proudly present to you, The Indonesia Bond Market Directory 2021 (IBMD 2021), a complete
summary and guidance to Indonesia Bond Market for the period of 2020-2021. IBMD 2021 is the 11th
collaboration between Indonesia Stock Exchange and PHEI.
IBMD 2021 summarizes the Indonesia bond market during Q2 2020 – Q2 2021, including Indonesia
economic review, bond indices data and review, bond market overview and bond ownership profiles,
bond trading highlights, newly issued bonds in Indonesia, regulatory updates, and PHEI Analytical
Review. We also include some remarkable events in the global economy to highlight their direct or
indirect impact on Indonesia bond market.
We genuinely hope that the IBMD 2021 could assist you in your investment, trading, reporting, and
research activities. Lastly, we are delighted to receive feedback from the readers to improve this book
in the future.
Thank you.
Yoyok Isharsaya
President Director
PT Penilai Harga Efek Indonesia
About PHEI
PT Penilai Harga Efek Indonesia (PHEI) is the first and the only licensed independent Securities Pricing
Agency in Indonesia that focuses on valuating and pricing Indonesia fixed income securities, Sukuk,
and other securities.
PHEI acquired its license as t securities pricing agency in Indonesia from Bapepam-LK (now Financial
Service Authority or OJK) in August 2009. Since then, PHEI has provided daily fair market price and
yield of all Indonesian government bonds and Sukuk and investment-grade corporate bonds and
Sukuk. PHEI also provides bond market data such as bond indexes, credit spread matrix, yield curves,
research reports, investment analysis, monitoring tools, and trading summary.
PHEI establishment was projected to promote and support Indonesia's orderly, efficient, liquid, and
transparent fixed-income market. Over the years, PHEI has managed to stand as Indonesia's most
reliable bond market data provider and bond market data center. PHEI is committed to improving its
role through continuous innovations to support the bond market deepening program.
CONTENTS
Indonesia Bond Market Review
21 Indonesia Economic Review
25 Indonesia Bond Market Review
32 Bond Indices
Government Bonds
51 Government Bonds
56 Trading Highlight
Corporate Bonds
129 ABSM PT AB Sinar Mas Multifinance
134 ADCP PT Adhi Commuter Properti
138 ADHI PT Adhi Karya (Persero) Tbk.
143 ADMF PT Adira Dinamika Multi Finance Tbk.
161 AGII PT Aneka Gas Industri Tbk.
171 AGRO PT Bank Rakyat Indonesia Agroniaga Tbk.
174 AISA PT Tiga Pilar Sejahtera Food Tbk.
179 AKRA PT AKR Corporindo Tbk.
183 ANTM PT Aneka Tambang Tbk.
186 APAI PT Angkasa Pura I (Persero)
192 APIA PT Angkasa Pura II (Persero)
200 ASDF PT Astra Sedaya Finance
210 BACA PT Bank Capital Indonesia Tbk.
215 BAFI PT Bussan Auto Finance
222 BALI PT Bali Towerindo Sentra Tbk.
225 BBCA PT Bank Central Asia Tbk.
229 BBIA PT Bank UOB Indonesia
235 BBKP PT Bank Bukopin Tbk.
239 BBNI PT Bank Negara Indonesia (Persero) Tbk.
242 BBRI PT Bank Rakyat Indonesia (Persero) Tbk.
252 BBTN PT Bank Tabungan Negara (Persero) Tbk.
262 BCAF PT BCA Finance
266 BCAP PT MNC Kapital Indonesia Tbk.
269 BCOM PT Bank Commonwealth
272 BDMN PT Bank Danamon Indonesia Tbk.
275 BEXI Indonesia Eximbank
305 BFIN PT BFI Finance Indonesia Tbk.
311 BIIF PT Maybank Indonesia Finance
317 BJBR PT Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk.
327 BJTG PT Bank Pembangunan Daerah Jawa Tengah
330 BKSW PT Bank QNB Indonesia Tbk.
334 BLAM PT Bank Pembangunan Daerah Lampung
337 BMLK PT Bank Pembangunan Daera Maluku dan Maluku Utara
340 BMRI PT Bank Mandiri (Persero) Tbk.
348 BMTP PT Bank Mandiri Taspen Pos
354 BMTR PT Global Mediacom Tbk.
364 BNGA PT Bank CIMB Niaga Tbk.
376 BNII PT Bank Maybank Indonesia Tbk.
385 BNLI PT Bank Permata Tbk.
388 BNTT PT Bank Pembangunan Nusa Tenggara Timur
393 BRIS PT Bank BRISyariah Tbk.
396 BRPT PT Barito Pacific Tbk.
403 BSDE PT Bumi Serpong Damai Tbk.
406 BSMT PT Bank Pembangunan Daerah Sumatera Utara
409 BSSB PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat
416 BTPN PT Bank Tabungan Pensiunan Nasional Tbk.
420 BVIC PT Bank Victoria International Tbk.
427 DART PT Duta Anggada Realty Tbk.
430 DSNG PT Dharma Satya Nusantara Tbk
434 ELSA PT Elnusa Tbk
437 EXCL PT XL Axiata Tbk
452 FAST PT Fast Food Indonesia Tbk.
456 FIFA PT Federal International Finance
462 HEAL PT Medikaloka Hermina Tbk
466 HRTA PT Hartadinata Abadi Tbk.
470 IIFF PT Indonesia Infrastructure Finance
477 IMFI PT Indomobil Finance Indonesia
484 IMPC PT Impack Pratama Industri Tbk.
487 INDF PT Indofood Sukses Makmur Tbk.
490 INKP PT Indah Kiat Pulp & Paper Tbk
499 ISAT PT Indosat Tbk.
531 JLBS PT Jakarta Lingkar Baratsatu
536 JPFA PT Japfa Comfeed Indonesia Tbk.
539 JSMR PT Jasa Marga (Persero) Tbk.
544 KAII PT Kereta Api Indonesia (Persero)
549 KEHA PT Bank KEB Hana Indonesia
553 KETR PT Ketrosden Triasmitra
557 LPPI PT Lontar Papyrus Pulp & Paper Industry
561 LTLS PT Lautan Luas Tbk.
566 MAYA PT Bank Mayapada Internasional Tbk.
571 MDKA PT Merdeka Copper Gold Tbk.
577 MDLN PT Modernland Realty Tbk.
580 MEDC PT Medco Energi Internasional Tbk.
590 MEDP PT Medco Power Indonesia
599 MFIN PT Mandala Multifinance Tbk.
606 MLJK PT Marga Lingkar Jakarta
611 MORA PT Mora Telematika Indonesia
619 MPMF PT Mitra Pinasthika Mustika Finance
624 MYOR PT Mayora Indah Tbk.
631 NISP PT Bank OCBC NISP Tbk.
634 OTMA PT Oto Multiartha
639 PIGN PT Pelabuhan Indonesia I (Persero)
643 PIHC PT Pupuk Indonesia (Persero)
651 PIKI PT Pelabuhan Indonesia IV (Persero)
656 PJAA PT Pembangunan Jaya Ancol Tbk.
661 PLTM PT Polytama Propindo
667 PNBN PT Bank Pan Indonesia Tbk.
673 PNMP PT Permodalan Nasional Madani (Persero)
685 PPAP PT Perusahaan Pengelola Aset (Persero)
690 PPGD PT Pegadaian (Persero)
704 PPLN PT Perusahaan Listrik Negara (Persero)
769 PPRO PT PP Properti Tbk.
777 PRTL PT Profesional Telekomunikasi Indonesia
782 PSAB PT J Resources Asia Pasifik Tbk.
790 PTHK PT Hutama Karya (Persero)
796 PTPP PT PP (Persero) Tbk.
800 PYFA PT Pyridam Farma Tbk
803 SANF PT Surya Artha Nusantara Finance
807 SGRO PT Sampoerna Agro Tbk.
815 SMAR PT Sinar Mas Agro Resources and Technology Tbk.
824 SMFP PT Sarana Multigriya Finansial (Persero)
838 SMGR PT Semen Indonesia (Persero) Tbk
843 SMII PT Sarana Multi Infrastruktur (Persero)
862 SMMA PT Sinar Mas Multiartha Tbk
868 SMMF PT Sinar Mas Multifinance
878 SMRA PT Summarecon Agung Tbk.
883 SSIA PT Surya Semesta Internusa Tbk.
886 SSMM PT Sumberdaya Sewatama
890 TAFS PT Toyota Astra Financial Services
893 TAXI PT Express Transindo Utama Tbk.
896 TBIG PT Tower Bersama Infrastructure Tbk.
905 TBLA PT Tunas Baru Lampung Tbk.
910 TDPM PT Tridomain Performance Materials Tbk.
914 TELE PT Tiphone Mobile Indonesia Tbk.
919 TINS PT Timah Tbk.
925 TLKM PT Telekomunikasi Indonesia (Persero) Tbk.
930 TPIA PT Chandra Asri Petrochemical Tbk.
942 TRAC PT Serasi Autoraya
945 TUFI PT Mandiri Tunas Finance
954 VOKS PT Voksel Electric Tbk.
958 WIKA PT Wijaya Karya (Persero) Tbk
968 WOMF PT Wahana Ottomitra Multiartha Tbk.
974 WOOD PT Integra Indocabinet Tbk.
979 WSBP PT Waskita Beton Precast Tbk.
983 WSKT PT Waskita Karya (Persero) Tbk.
991 ZINC PT Kapuas Prima Coal Tbk.
995 Bond Market Beta
1011 Bond Instrument in Indonesia
1037 Regulation Update
1039 Glossary
INDONESIA ECONOMIC REVIEW

Path to Recovery Amid Considerable Uncertainty
Real GDP Growth Projections (%yoy)
5.7
4.5
5.3 4.6
World
Euro Area
-3.4
-6.5
8.5
5.8
2.3
China
6.0
3.9
United States
-3.4
4.9
3.7
2020e 2021f 2022f

Indonesia
-2.1
Source: OECD Economic Outlook, Sep 2021
Indonesia Economic Growth (%yoy) After experiencing contractions due to COVID-19

pandemic, the global economy is projected to grow 5.7% in
7.07% 2021 and 4.5% in 2022 according to OECD September
2.97%
Q2-2021 projection. The growth is backed by strong recoveries from
Q1-2020 major economies, especially the United States, which
-2.19% -0.71% experienced an exceptionally strong growth in the first half
-5.32% -3.49%
Q4-2020 Q1-2021 of 2021. The fast recovery of the US economy has been
Q2-2020 Q3-2020
backed by substantial fiscal support and fast pace of
COVID-19 vaccine roll out. By contrast, the economic
Growth by Industry Q2-2021 VS FY-2020 (%yoy) recovery in most developing economies is expected to be
slower due to the rise of Delta variant infections along with
-15.04
Transportation
25.10
uneven vaccine roll out.
Accomodation -10.22 It is expected that the major downside risks to the global
Food, & Beverage 21.58
economy are virus mutation, uneven vaccination progress,
11.6 and increasing debt levels in many developing countries. In
Health & Social
11.62 addition the world also has experienced major supply
-3.72
disruption and persistent inflation. By 2022, World Bank
Wholesale & Retail
9.44 estimates that the economic prospects for major and
developing economies will be below pre pandemic levels.
3.25
Financial Services
8.35
While the Indonesia economy has experienced gradual
Information & 10.58 recovery in which the Q2-2021 managed to record 7.07%
Communication 6.87
growth or out from contraction. This recovery is reflected
-2.93 by most industry sectors with transportation, food &
Processing Industry
6.58 beverage, and wholesale & retail recorded faster recovery.
-1.95
The prospect for the remining year, however, could
Mining
5.22 potentially be hold back due to the rise of infections in
Q3-2021 that forced the government to put restriction
-3.26
Construction
4.42
measures for sometime. Against this backdrop, Indonesia
economy by year end 2021 is projected to grow 4.4% by
Agriculture 1.75 World Bank, and 5.0%-5.5% by the government. Apart
Forestry, & Fishery 0.38
from pandemic uncertainty, the reverse monetary policy is
FY-2020 Q2-2021 also the major economic risk for Indonesia economy
Sources: Statistics Indonesia following the Fed tapering plan.
21

Well Maintained Economic Indicators
BI 7-Days Reverse Repo Rate & Inflation (yoy) Consumer Confidence Index
2020 Jan,
5.00% 2020 Dec,
121.7 2021 Sep, 95.5
96.5
3.75%
3.50%
2.68%
1.68% 1.60%
Nov
Feb
Sep
Feb
Sep
Jan
Jan
Mar
Dec
Apr
May
Aug
Mar
Apr
May
Aug
Jun
Jul
Oct
Jun
Jul
Nov
Feb
Sep
Feb
Sep
Jan
Jan
Apr
May
Aug
Dec
Apr
May
Aug
Mar
Jun
Jul
Mar
Jul
Oct
Jun
2020 2021
Inflation %y/y BI 7-day RR 2020 2021
Source: Bank Indonesia Source: Bank Indonesia
Economic contractions during the pandemic translated into exceptionally low headline consumer price inflation during the
period of 2020 to 1H2021. During this period the government applied economic and social activity restriction measures that
led to decreasing household and private consumptions. As a consequence, the headline inflation had been falling below
2.0% since July 2020 or under Bank Indonesia target range (2%—4%). To stimulate consumption under low inflation
environment, the central bank cut its benchmark rate (BI 7-Day Reverse Repo Rate) by accumulatively 125bps from 5.00%
in January 2020 to 3.75% in December 2020. Bank Indonesia cut the benchmark rate further to 3.50% in June 2021. Low
inflationary pressure has given Bank Indonesia some space to keep accomodative monetery policy for the remaining year.
However, the uncertain outlook due to virus mutation and monetary tightening prospect from The Fed could pose a major
set back for household consumption. As reflected from the consumer confidence index that has been under 100 or
pesimism indicator since the outbreak. This condition would also pose major challenges for the central bank to keep low
monetary policy due the Fed tapering that may prevent further easing. According to Bloomberg economists median
forecast, Bank Indonesia will raise benhcmark rate to 4.00% by Q4-2022.
Indonesia External Sector Performance The first wave of pandemic triggered

Balance of Payment & Current Account Foreign Reserves panic selling in the financial market that
resulted to significant foreign outflow
9.25
12.00 0.60
10.00
0.39 0.32 137.10 137.09
0.40
135.90
135.15
from stock and bond market at the end
4.07
8.00 0.20
2.05
6.00 0.00 131.72

4.00
2.00
-0.20
-0.40
of Q1-2020. The outflow increased the
0.00
pressure to Indonesia balance of
-8.55
-2.00 -0.60
-0.16
-0.45
-4.00 -0.38 -0.80

120.97
-6.00
-8.00
-0.77
-1.00
-1.20
payment that recorded around Rp8.55
-1.18
-10.00
-1.25
Q1 Q2 Q3 Q4 Q1 Q2
-1.40
billion of deficit. This then made the
2020 2021
Rupiah agains US Dollar reached the
Q1 Q2 Q3 Q4 Q1 Q2
Balance of Payment Current Account (%GDP)
2020 2021
lowest point since 1998 monetary crisis
or at Rp16,575/US$ in mid March 2020.
Source: Bank Indonesia, figure expressed in IDR Billion, except stated differently
On the other hand, the pressure in
17,000 1000 portfolio investment were much offset by
16,500
IDR/USD Trend 900 decreasing import transactions that
800 resulted in current account surplus for
16,000
1 month volatility
700
15,500
the remaining year 2020, the first surplus
IDR/USD
600
ever recoreded since 2011. While during
15,000 500
the first semester 2021, external
14,500 400
300
volatilites remained but with decreasing
14,000 pressure. During this period Rupiah
200
13,500 100 against US Dollar was managed to
13,000 0 stabilize within Rp13.895 to Rp14.615 per
USD. And foreign reserves were managed
30-Jan-20
30-Apr-20
31-May-20
30-Jun-20
30-Nov-20
30-Apr-21
31-May-21
30-Jun-21
29-Feb-20
31-Mar-20
31-Aug-20
30-Sep-20
31-Dec-20
31-Jan-21
28-Feb-21
31-Mar-21
31-Aug-21
30-Sep-21
31-Oct-20
31-Jul-20
31-Jul-21
to gradually increase driven by surplus in

tarde balance and foreign inflow in stock
and bond market.
Volatility [Right Axis] IDR/USD
Sources: Bloomberg,
22

Downside Risks Remained
Indonesia COVID-19 Situation
60,000 3000
50,000 2500
40,000 2000
Daily Deaths
Daily Cases
30,000 1500
20,000 1000
10,000 500
- 0
31-May-21
30-Mar-20
31-May-20
31-Jan-21
31-Mar-21
31-Jul-20
30-Sep-20
31-Dec-20
28-Feb-21
31-Jul-21
30-Sep-21
30-Apr-20
31-Oct-20
30-Nov-20
30-Apr-21
30-Jun-20
31-Aug-20
30-Jun-21
31-Aug-21
Sources: Our World in Data
Global COVID-19 Vaccination Rate It is expected that COVID-19 still be one of the main
downside risks to Indonesia economy for 2021 and 2022.
Although the economy managed to get out of contractions
in Q2-2021, but the rest of the year remains a challenge
triggered by the rise of infections of COVID-19 during
Q3-2021. This second wave of infections made the
government put economic, social, and mobility restrictions
during the period also known as PPKM. The progress of
vaccine roll out was quite steady with around 37 million
people or 22% population were fully vaccinated as of
September 2021. The government has targeted that herd
immunity to be achieved by Q1-2022. At the same time,
neighboring and some developed countries started to see
increasing infections due to Delta variant. The virus
mutation has somehow complicated the outlook of the
Sources: Our World in Data, Sep 2021 Indonesia economy.
Major Central Bank Target Rates Outlook
0.75
Another major risk is monetery policy tightening from
advanced economies due to strong recovery, notably the
0.50 US Fed that considered to reduce asset purchase by the
end of 2021 and followed by Fed Funds Rate (FFR) increase
afterward. According to median forecast, It is projected
0.25 0.25 that FFR will increase in 2023 (Bloomberg). Even though in
0.10 0.10
the short term, tapering might have less tantrum impact
than in 2013 due to increasing domestic ownership in
0.0 0.0 0.0
government bond, but the rate raise aferward could give
-0.04 -0.04 -0.03 pressure to the government financing that still need
The Fed BOE ECB BOJ
considerable huge fiscal spending to boost the recovery for
2021f 2022f 2023f several years ahead.
Sources: Bloomberg
The US Macroeconomic Indicators

Quarterly GDP (%yoy) Inflation (%yoy) 5.4 14.8
Unemployment Rate (%)
33.8
4.5 6.3 6.7 6.7

2.5
4.8
1.4 3.5
(5.1)
0.1
(31.2)
May-20
Jul-20
Mar-20
Sep-20
May-21
Mar-21
Jul-21
Sep-21
Nov-20
Jan-20
Jan-21
Q1 Q2 Q3 Q4 Q1 Q2
Jul-20
Jul-21
Mar-20
May-20
Nov-20
May-21
Jan-20
Sep-20
Jan-21
Mar-21
Sep-21
2020 2021
Sources: Bloomberg
23

Government Policy Mix Outlook
The severe and prolonged pandemic has damaged Indonesia economic growth over the past year. The government has put
extraordinary measures to cushion the economic shock by giving huge fiscal support to the economy. The exceptional
circumstance prompted the government to increase fiscal defisit limit of 3% GDP to 6.34% GDP until 2022. Increasing fiscal
deficit was also supported by monetary stimulus from Bank Indonesia by deploying government bond purchase program
through monetary operation and burden sharing scheme to stabilize the economy and to help finance the fiscal deficit.
Fiscal Policies Monetary Policies

Fiscal policy has been focusing on Monetary policy has been
boosting the economic recovery accomodative but with the
and is expected to be expansive prospect of tightening subject to
until fiscal deficit relaxation end in the Fed tapering realization. Bank
2022. The government has Indonesia has injected around
expanded spending related to Rp114 trillion of liquidity into the
social protection, health sector and banking industry as of August 2021.
business incentive programs as part Bank Indonesia also continues the
of National Economic Recovery commitment to purchase
Program (PEN). The 2022 proposed government bond (SBN) in primary
budget will focus on health sector market to support government PEN
and strengthening community program financing through burden
protection while maintaining sharing scheme with the Ministry of
structural reform. The government Finance until 2022. Under this
also has proposed to narrow fiscal scheme Bank Indonesia will buy
deficit to 4.85% in 2022 to SBN totalling Rp215 trillion in 2021
anticipate external risks and and Rp224 trillion in 2022 and bear
uncertainties. all or part of interest expenses.
Financial Sector Policies

Apart from expansive fiscal and monetary policy, there have been measures to strengthen financial system stability issued
by Financial Services Authority (OJK) and Indonesia Deposit Insurance Corporation (LPS). Both OJK and LPS have issued
integrated, forward looking and countercycal measures for banking, capital markets, and the non-bank financial institutions
to cushion the impact of the pandemic. Some of main policy initiatives are various relaxations for financial services industry
so that financial system could be well-functioned to support financial intermediaries during turbulence time.
Government Budget for 2022 (APBN 2022)

According to budget for 2022 (APBN), the government set
Posture (in Rp Trillion) 2021 Outlook APBN 2022 to be more optimistic with higher revenue and
expenditure while at the same time lower budget deficit.
Revenues 1,735.7 1,846.1
Total revenues is set to be Rp1,840.7 trillion which will be
Expenditures 2,697.2 2,714.2 supported by stronger economic growth around 5.0 to 5.5
percent based on macroeconomic assumptions. On the
Surplus (Deficit) -961.5 -868.0
other hand, expenditure totalling Rp2,708.7 trillion will be
%GDP -5.82 -4.85 directed to support policies in health care, community
protection, and economic recovery.
Net Government Financing 961.5 868
APBN 2022 Macroeconomic Assumptions
Economic Inflation Currency 10-y SBN Yield Oil Price Oil Lifting Gas Lifting
Growth Exchange 703,000 1,036
5.2% 3.0% Rp14,350/$ 6.80% $63/Barrel Barrel/Day Barrel/Day
Sources: Ministry of Finance
24
INDONESIA BOND MARKET REVIEW

Bond Market Performance
Indonesia Composite Bond Index (ICBI)
Indonesia economy
Joe Biden US treasury yield
recovered to 7.07%
340 elected as The recorded highest level 340
in Q2-2021
US president
Fitch Ratings affirmed
Indonesia sovereign
rating at BBB (stable)
320 COVID-19 declared a 320
pandemic by WHO
Evergrande
Debt Crisis
Global COVID-19 cases

300 The Fed 300
surpassed 1 Million
tapering plan
Indonesia
COVID-19 cases COVID-19 delta
surpassed 1 variant infections
280 million cases surged 280
Indonesia got into
technical recession
260 Trade agreement Indonesia COVID-19 260

signed between Burden sharing scheme vaccination program
US & China between Bank began
Indonesia and MoF
Indonesia omnibus
The Fed cut rates to law on job creation
240 enacted 240
zero and launched a
new round of QE
Foreign Inflow / Outflow in SBN (in Rp Trillion)

15.20 8.79 21.80 15.56 13.41 13.20 19.86 14.66
7.07 5.17 3.40
220 220
(2.15) (3.85) (8.79) (7.14)
(28.90) (15.92) (20.00) (11.53) (18.67)
200 (121.26) 200

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
Sources: PHEI, Ministry of Finance

As the world shocked by the COVID-19 pandemic, Indonesia
Government Bond Yield Curve bond market experienced massive sell off from foreign
9
investors at the end of Q1-2020. This triggered a significant
8 drop in Indonesia Composite Bond Index (ICBI). However,
7 driven by accomodative monetary policies combined with
6
significant fiscal stimulus, Indonesia bond market managed to
Yield to Maturity (%)
rebound with increasing trend. ICBI managed to rose 14.47%

5
for full year 2020. The positive trend during the first semester
4
2021 slightly reversed as seen from the government bond
3 yield curve that moved up in this period triggered by stronger
2 than expected US economy. This led to the Fed tapering
1
speculation. As the uncertainty about the pandemic lingered
during 2021, the goverment still focused their budget on
0
0 3 6 9 12 15 18 21 24 27 30 economic recovery and social protection programs. Despite
TIme to Maturity (Years)
market volatility, the government has been successfully
30-Sep-21 30-Dec-20 30-Dec-19
raising fund through bond market auction as can bee seen
Sources: PHEI from oversubscribtion from investors.
Government Bond Issuance Target & Realization 2021 Government Bond Auction Conditions
Amount in Rp Trillion
440.00 8.00
1,565.14 6.28
330.00 6.00
(67.29%)
1,207.27
Rp Triliun
220.00 4.00
(58.93%) 4.36
2.96 2.95
3.26 3.33
2.70 2.51
2.17
2.24
1,053.16
2.13 1.99 1.97 2.00
2.71 1.62 1.62
110.00 1.49 1.49 1.55 2.00
711.48 1.67
- -
May-20
Jul-20
Jul21
Mar-20
Ápr-20
Jun-20
Óct-20
Nov-20
Ápr-21
May-21
Jun-21
Jan-20
Feb-20
Áug-20
Sep-20
Dec-20
Jan-21
Feb-21
Mar-21
Áug-21
Sep-21
Target Gross Gross Issuance Target Net Net Issuance

Ytd Sep 2021 Ytd Sep 2021
Incoming Bids Awarded Bids % Bid to Cover Ratio [RHS]
Sources: Ministry of Finance Sources: Ministry of Finance
25

Government Bond Issuance Realizations (Amount in Rp Trillion)
2017 2018 2019 2020 2021 2021
Realization Realization Realization Realization Revised Realization*
Budget Deficit to GDP (%) -2.70 -2.12 -2.20 -6.09 -5.70 -1.72
Gross Issuances
Domestic Bonds 577.1 635.4 754.8 976.9 878.6
Coupon-bearing government debt securities (GDS) 223.0 267.5 412.8 479.6 510.0
Retail bonds 8.9 32.6 19.6 33.6 33.5
Retail sukuk 14.0 13.4 30.3 43.2 43.7
Zero-coupon (Conventional T-Bills) 182.1 143.1 89.3 57.4 51.4
Domestic Sukuk (IFR/PBS/T-Bills Sukuk/SDHI) 138.5 136.3 178.8 223.6 205.3
Private placement 10.5 19.7 23.9 139.5 34.8
USD domestic bonds 0.0 22.9 0.0 0.0 0.0
Global bonds 142.0 139.3 148.6 159.2 174.6
Yankee bonds 74.6 68.1 43.4 67.5 17.8
Global sukuks 40.0 41.4 29.5 35.7 42.8
Euro Denominated Bonds 15.4 17.0 52.5 0.0 8.4
Dual Currency (USD & EUR) 0.0 0.0 0.0 42.5 92.4
Samurai bonds 12.1 12.8 23.2 13.4 13.2
Special Instrument 0.0 0.0 0.0 397.6 0.0
Total gross issuances 719.04 774.62 903.36 1,533.63 1,565.14 1053.16
as % of target gross issuance 100.17% 96.95% 99.92% 100.32% 67.29%
Net issuances
Domestic bonds 577.1 635.4 754.8 976.9 878.6
Global bonds 142.0 139.3 148.6 159.2 174.6
Special Instrument 0.0 0.0 0.0 397.6 0.0
Subtotal net issuances 719.0 774.6 903.4 1533.6 1053.2
Redemption + buybacks -282.3 -416.2 -457.6 -308.2 -341.7
Total net issuances 436.73 358.40 445.76 1,225.45 1,207.27 711.48

as % of target net issuance 100.87% 93.53% 99.84% 104.41% 58.93%
Sources: Ministry of Finance, as of 30 Sep 2021
Due to extrordinary situations, the government secured budget defisit relaxation limit from 3.00% GDP to 6.34% GDP until
2022. During 2020, gross borrowing of the central government increased by 69.77% from Rp903.36 trillion in 2019 to
Rp1,533.63 trillion in 2020. While net borrowing increased by 174.91% from Rp445.76 trillion in 2019 to Rp1,225.27 trillion
in 2020. The gross borrowing of central government realization in 2020 was 100.32% from revised budget target, while the
net issuance realization in 2020 was 104.41% from the revised budget indicative target. Despite significant financing needs
amid foreign investors sell off, the government managed to sell bonds to domestic investors especially local commercial
banks. Apart from that, government financing was also supported by burden sharing scheme with Bank Indonesia.
Corporate Bond Profiles

15.74 , 25.68 ,
Financing Service
3.56% 5.81% 27 26 Financing Service
16.94 , Banks
Banks
3.83% Basic Materials Basic Materials
31.72 ,
127.70 , Utilities Utilities
7.17% 9
28.88%
Heavy Constructions & Civil
33.71 , Engineering
Heavy Constructions & Civil
Engineering
7.62% Telecommunication Telecommunication
9 31
38.31 ,
95.41 , Transportation Infrastructure Transportation Infrastructure
8.67%
56.95 , 21.58% Food & Beverage 8 Food & Beverage
12.88%
Others
5 Others
4
17
68.05 ,
92.32 , 104.02 , 15.39%
20.94% 23.60% A 152.49 ,
0.72 , 0.16%
AA 34.49%
24.78 , <5
AAA
5.62% 5-7
BB
2.00 , 0.45% >7
216.98 , BBB
221.63 ,
49.22% CCC 50.12%
Sources: KSEI, as of Sep 2021
26

Financing services and banks were two corporate sub sectors with the largest corporate bonds outstanding with total
outstanding in each sub sector amounted to Rp127.70 trillion and Rp95.41 trillion respectively or made up 28.88% and
21.58% of all outstanding corporate bonds as of the end of September 2021. In terms of credit rating, most of corporate
bond issuers were concentrated in AAA rating that made up Rp216.98 trillion of outstanding or almost half of the total
corporate bond outstanding. While in terms of time to maturity, the majority of corporate bond series were under 7 years
which made up Rp374.12 trillion or 84.61% total outstanding. In terms of issuer, PT Perusahaan Listrik Negara (Persero) or
PPLN was listed as the issuer with the biggest bond outstanding in 2020 that amounted to Rp35.99 trillion. That
outstanding amount of PPLN made up 8.08% of the total Indonesia corporate bond outstanding value in 2020.
Top 10 Corporate Bond Outstanding

No Business Sub Sector Outstanding % of Total Outstanding
(Rp Trillion)
1 Perusahaan Listrik Negara (Persero), PT 35.99 8.08%
2 Lembaga Pembiayaan Ekspor Indonesia 29.00 6.51%
3 Sarana Multi Infrastruktur (Persero), PT 20.51 4.60%
4 Bank Rakyat Indonesia (Persero) Tbk, PT 20.14 4.52%
5 Sarana Multigriya Finansial (Persero), PT 18.29 4.11%
6 Bank Tabungan Negara (Persero) Tbk, PT 15.97 3.59%
7 Bank Mandiri (Persero) Tbk, PT 14.00 3.14%
8 Bank Pan Indonesia Tbk, PT 13.43 3.01%
9 Permodalan Nasional Madani (Persero), PT 11.81 2.65%
10 Indosat Tbk, PT 11.78 2.64%
Total 431.62 96.88%

Sources: IDX CTP
Corporate Bond Issuance By Sectors (Rp Trillion) Corporate Bond Issuance & Maturity (Amount in Rp Trillion)
New Issuance Mature
Financing Service 24.78

18.88
18.88
19.55
16.99
14.60
14.10
Basic Materials 13.99
13.64
13.86
13.19
12.76
12.52
12.34
12.12
12.11
11.29
9.48
8.99
8.47
8.58
Telecommunication
7.85
6.17
7.19
6.86
6.30
6.14
6.10
6.73
5.82
5.58
5.41
4.79
4.67
4.04
3.88
3.71
3.70
3.21
3.08
3.17
3.02
Heavy Constructions &

1.85
1.67
5.67
Civil Engineering
-
Banks 3.00 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP
2020 2021
Food & Beverage 2.89 Sources: KSEI
Properties & Financing services, basic materials, and telecommunication were

1.00
Real Estate the three sub sectors with the biggest amount of new bond
issuance during January to September 2021 period. Bank was
Consumer Services 0.73 previously one of the largest bond issuers, but during the
pandemic Bank showed decreasing fund raising through bond
Transportation 0.72 issuance. Compared with 2019 in which banks issued Rp124.93
trillion, in 2020 banks issued much lower amount of bonds of
Household Goods 0.60 Rp6.76 trillion. While during the period of January to September
2021 bank only issued Rp3.00 trillion of bonds. Ample liquidity was
Pharmaceuticals & the main factors that made banks reduce their bond issuance quite
0.30
Health Care Research
significantly. Overall, net bond issuance from corporates was
Sources: KSEI, as of 30 September 2021
negative or less issuance than maturity. During January to
September 2021, bond issuance was Rp78.74 trillion, while bond
maturity was Rp82.32 trillion.
27

Secondary Market Trading Activities
In 2020, the average daily transaction frequency of government bond for outright transaction increased by 87.35% to 1,841
transactions/day from 983 transactions/day in 2019. The average daily transaction volume increased by 47.06% to Rp25.72
trillion/day in 2020 from Rp17.49 trillion/day in 2019. Meanwhile for outright corporate bond transactions recorded
12.29% increase in transactions/day from 136 transactions/day in 2019 to 152 transactions/day in 2020. The average daily
transaction volume of outright corporate bond transaction also increased by 14.15% to Rp1.46 trillion/day in 2020 from
Rp1.28 trillion/day in 2019.
Government Bond Value & Frequency (Outright Transactions)
Year Volume Value Frequency Average Daily Trading
(Rp Billion) (Rp Billion)
Volume Value Frequency
2016 3,354,510 3,273,733 201,788 13,581 13,254 817
2017 3,327,066 3,455,195 199,387 13,979 14,518 838
2018 3,944,967 3,944,818 210,759 16,575 16,575 886
2019 4,284,789 4,357,384 240,748 17,489 17,785 983
2020 6,223,862 6,412,869 445,512 25,718 26,499 1,841
Jan-21 541,089 569,229 41,860 27,054 28,461 2,093
Feb-21 631,622 661,960 36,935 33,243 34,840 1,944
Mar-21 532,186 548,027 43,748 24,190 24,910 1,989
Apr-21 406,415 420,436 47,398 19,353 20,021 2,257
May-21 377,554 390,804 31,059 22,209 22,988 1,827
Jun-21 614,205 636,393 48,373 29,248 30,304 2,303
Jul-21 419,616 435,732 37,353 19,982 20,749 1,779
Aug-21 518,605 542,725 46,253 25,930 27,136 2,313
Sep-21 559,962 592,519 44,241 25,453 26,933 2,011
Ytd 2021 4,601,255 4,797,824 377,220 25,143 26,218 2,061
Corporate Bond Value & Frequency (Outright Transactions)

Year Volume Value Frequency Average Daily Trading
Volume Value Frequency
2016 191,367 191,661 22,072 775 776 89
2017 258,356 259,420 27,147 1,086 1,090 114
2018 263,665 263,913 28,984 1,108 1,109 122
2019 314,052 312,003 33,252 1,282 1,273 136
2020 354,093 355,348 36,883 1,463 1,468 152
Jan-21 23,143 23,478 2,788 1,157 1,174 139
Feb-21 30,896 31,345 2,741 1,626 1,650 144
Mar-21 31,456 31,798 3,145 1,430 1,445 143
Apr-21 30,993 31,617 3,447 1,476 1,506 164
May-21 23,409 23,849 2,314 1,377 1,403 136
Jun-21 28,930 29,605 3,085 1,378 1,410 147
Jul-21 27,761 28,375 3,314 1,322 1,351 158
Aug-21 18,807 19,281 2,641 940 964 132
Sep-21 29,458 30,117 3,300 1,339 1,369 150
Ytd 2021 244,853 249,463 26,775 1,338 1,363 146

Sources: IDX CTP
28

Top 10 Government Bond Series
FR0082 series was transacted with the biggest volume with Rp941.35 trillion or made up 15.12% of the total volume of SBN
transactions. Meanwhile, FR0076 series was noted as the series that transacted with the highest frequency of 61,318 times.
However, the SBN series that gives the highest total return in 2020 was PBS004 that recorded total return of 21.49%. The
capital gains of PBS004 was 15.39% and coupon return of the series was 6.10%. While total return for FR0082 for full year
2020 was 15.10% which consisted of 8.10% capital gains and 7.00% of coupon return, and total return for FR0076 was
16.37% which consisted of of 8.99% capital gain and 7.38% of coupon rate.
Top 10 Series by Trading Volume for Full Year 2020

No Series Series Name Total Volume (Rp Billion) % of Total Volume
1 FR0082 Obligasi Negara Republik Indonesia Seri FR0082 941.35 15.12%
4 FR0061 Obligasi Negara Republik Indonesia seri FR0061 269.47 4.33%

Sources: IDX CTP
Top 10 Series by Trading Frequency for Full Year 2020
No Series Series Name Frequency % of Total Freq
1 FR0076 Obligasi Negara Republik Indonesia Seri FR0076 61,318 13.76%
9 SR013 Sukuk Negara Ritel Seri SR-013 13,459 3.02%

Sources: IDX CTP
Top 10 Series by Total Return for Full Year 2020

No Series Series Name Capital Gain Coupon Total Return
1 PBS004 SBSN Seri PBS004 15.39% 6.10% 21.49%
2 PBS005 SBSN Seri PBS005 14.18% 6.75% 20.93%
3 FR0085 Obligasi Negara Republik Indonesia Seri FR0085 12.00% 7.75% 19.75%
4 PBS015 SBSN Seri PBS015 11.14% 8.00% 19.14%
5 PBS020 SBSN Seri PBS020 9.94% 9.00% 18.94%
10 PBS022 SBSN Seri PBS022 9.94% 8.63% 18.57%

Sources: IDX CTP
29

Top 10 Corporate Bond Series
SMFP05ACN3 series was transacted with the biggest volume of Rp5.92 trillion. Meanwhile, corporate bond series with the
highest frequency was recorded by SPSMFBTN02A2 with to 1,421 transactions. However, the corporate bond series that
gives the largest total return in 2020 was BMTR02CCN1 series which generated 22,23% of total return which consisted of
12.00% coupon return. While the series SMFP05ACN3 recorded a total return of 6.14% which consisted of 0.14% coupon
return and the series SPSMFBTN02A2 recorded a total return of 8.93% which gave 8.75% coupon rate.
Top 10 Series by Trading Volume for Full Year 2020
No Series Series Name Total Volume % of Total Volume
(Rp Trillion)
1 SMFP05ACN3 Obligasi Berkelanjutan V Sarana Multigriya Finansial Tahap III Tahun 2020 Seri A 5.92 1.67%
2 ASDF04ACN4 Obligasi Berkelanjutan IV Astra Sedaya Finance Tahap IV Tahun 2020 Seri A 5.28 1.49%
3 INKP01BCN1 Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap I Tahun 2020 Seri B 3.74 1.06%
4 PNBN02CN3 Obligasi Berkelanjutan II Bank Panin Tahap III Tahun 2018 3.71 1.05%
5 BTPN04ACN1 Obligasi Berkelanjutan IV Bank BTPN Tahap I Tahun 2019 Seri A 3.36 0.95%
6 MEDC03ACN3 Obligasi Berkelanjutan III Medco Energi Internasional Tahap III Tahun 2020 Seri A 2.98 0.84%
7 TBIG03BCN4 Obligasi Berkelanjutan III Tower Bersama Infrastructure Tahap IV Tahun 2020 Seri B 2.83 0.80%
8 WSKT03BCN2 Obligasi Berkelanjutan III Waskita Karya Tahap II Tahun 2018 Seri B 2.81 0.79%
9 BIIF02ACN2 Obligasi Berkelanjutan II Maybank Finance Tahap II Tahun 2019 Seri A 2.79 0.79%
10 SMII01BCN2 Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II Tahun 2017 Seri B 2.69 0.76%
Sources: IDX CTP
Top 10 Series by Trading Frequency for Full Year 2020

No Series Series Name Total Freq % of Total Freq
(X)
1 SPSMFBTN02A2 EBA-SP SMF-BTN02 Kelas A Seri A2 1,421 3.85%
2 PNBN02SBCN2 Obligasi Subordinasi Berkelanjutan II Bank PANIN Tahap II Tahun 2017 480 1.30%
3 PPLN04CCN1 Obligasi Berkelanjutan IV PLN Tahap I Tahun 2020 Seri C 320 0.87%
4 BNGA02SB Obligasi Subordinasi II Bank CIMB Niaga Tahun 2010 307 0.83%
5 KAII02B Obligasi II Kereta Api Indonesia Tahun 2019 Seri B 274 0.74%
6 SMGR01ACN2 Obligasi Berkelanjutan I Semen Indonesia Tahap II Tahun 2019 Seri A 269 0.73%
7 WSKT03BCN2 Obligasi Berkelanjutan III Waskita Karya Tahap II Tahun 2018 Seri B 266 0.72%
8 PPLN03BCN5 Obligasi Berkelanjutan III PLN Tahap V Tahun 2019 Seri B 258 0.70%
9 KAII02A Obligasi II Kereta Api Indonesia Tahun 2019 Seri A 249 0.68%
10 SMGR01CN1 Obligasi Berkelanjutan I Semen Indonesia Tahap I Tahun 2017 246 0.67%
Sources: IDX CTP
Top 10 Series by Total Return for Full Year 2020

No Series Series Name Capital Gain Coupon Total
Return
1 BMTR02CCN1 Obligasi Berkelanjutan II Global Mediacom Tahap I Tahun 2020 Seri C 10.23% 12.00% 22.23%
2 SIBMTR02CCN1 Sukuk Ijarah Berkelanjutan II Global Mediacom Tahap I Tahun 2020 Seri C 10.23% 12.00% 22.23%
3 BBKP02SBCN2 Obligasi Subordinasi Berkelanjutan II Bank Bukopin Tahap II Tahun 2017 10.54% 11.00% 21.54%
4 INKP01CCN2 Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap II Tahun 2020 Seri C 9.09% 11.50% 20.59%
5 SMMF02BCN1 Obligasi Berkelanjutan II Sinar Mas Multifinance Finance Tahap I Tahun 2020 Seri B 9.04% 11.50% 20.54%
6 SIMORA01BCN2 Sukuk Ijarah Berkelanjutan I Moratelindo Tahap II Tahun 2020 Seri B 7.40% 11.25% 18.65%
7 SIMORA01BCN3 Sukuk Ijarah Berkelanjutan I Moratelindo Tahap III Tahun 2020 Seri B 7.39% 11.25% 18.64%
8 PPLN03ECN5 Obligasi Berkelanjutan III PLN Tahap V Tahun 2019 Seri E 8.62% 9.90% 18.52%
9 APIA01DCN2 Obligasi Berkelanjutan I Angkasa Pura II Tahap II Tahun 2020 Seri D 8.98% 9.25% 18.23%
10 INKP01CCN1 Obligasi Berkelanjutan I Indah Kiat Pulp & Paper Tahap I Tahun 2020 Seri C 7.18% 11.00% 18.18%
Sources: IDX CTP
30

Bond Ownership Profiles
Government Bond Ownership (Rp Trillion, % Portion) Corporate Bond Ownership (Rp Trillion, % Portion)
Pension Fund,
Mutual Fund, 65.14 , 14.49%
146.25 , 3.28%
Insurance &
Pension Fund,
595.18 , 13.34%
Bank Indonesia,
663.15 , 14.87%
Mutual Fund,
120.32 , 26.77% Financial
Non Resident, Institution, 92.81 ,
961.78 , 21.56% 20.65%
Bank, 1,502.91 , Insurance, 102.73 ,

33.69% 22.86%
Non Resident,
23.44 , 5.22%
Corporatation,
Others (Local), 12.93 , 2.88%
7.41 , 1.65%
Others, 370.82 ,
Individual, 19.34 ,
8.31% Securities 4.30%
Individual, Company, 0.77 ,
220.37 , 0.17% Foundation, 4.52 ,
4.94% 1.01%
Sources: MoF, as of 30 September 2021 Sources: KSEI, as of 30 September 2021
Net Buy/ Net Sell in SBN (Amount In Rp Trillion) Net Buy/ Net Sell in Corporate Bond (Amount In Rp Trillion)
1.07
794.20 Others
Bank 0.19
127.35
0.97
Individual
0.58
191.87
Bank Indonesia 208.78
Corporates 0.89
2.35
68.23
Others -0.25
139.28 Foundation
0.05
50.06 Securities Company -0.54

Individual 0.52
89.13
-2.42
Insurance & Non Resident
71.15 -6.17
Pension Fund 52.37
Insurance & -2.52
Pension Fund -2.02
30.46
Mutual Fund
-15.08
Bank -4.03
-1.04
-87.95
Non Resident -13.63
-12.13 Mutual Fund
4.55
2020 ytd 2021 2020 ytd 2021
Sources: MoF, as of 30 September 2021 Sources: KSEI, as of 30 September 2021
The beginning of Covid-19 pandemic triggered massive sell off from non resident investors in government bond (SBN)
market. By the end of 2020, non resident recorded net outflow amounted to Rp87.95 trillion. On the contrary, local banks
and Bank Indonesia recorded significant net buy of Rp794.20 trillion and Rp191.87 trillion in SBN respectively. The year
2020 also recorded the first time that local banks ownership in SBN surpassed non resident ownership. Therefore by the
end of 2020, local banks had 32.50% ownership in SBN, while non resident recorded 22.82% ownership in SBN. The role of
local banks in buying SBN is expected to continue in 2022 due to ample liquidity. Bank Indonesia is also projected to buy
SBN significantly driven by liquidity injections and the extension of burden sharing scheme with Ministry of Finance.
The pandemic also influenced corporate bond ownership quite significantly. Relatively low new issuance, increasing credit
risk, and high amount of maturity resulted in decreasing ownership from major investors. Mutual fund as the largest holder
in corporate bond recorded a Rp13.63 trillion decrease nfor full year 2020. Insurance and pension fund also recorded a
decrease in corporate bond by Rp2.52trillion. Non resident in corporate bond recorded net sell of Rp2.42 trillion in 2020.
Overall, the three largerst investors in corporate bond by August 2021 were Mutual Fund with 27.22% ownership, Insurance
with 22.43% ownership, and Financial Institutions with 20.79% owenership.
31
32
33
34
35
36
ICBI - Indonesia Composite Bond Index
INDOBeX (Base 10 August 2009 = 100)

Period INDOBeX-CP INDOBeX-GP ICBI INDOBeX-EY ICBX-GRY
Index % Index % Index % Index % Index %
Jan-20 116.643 1.79% 118.739 2.00% 281.155 2.43% 6.711 -5.34% 6.980 -4.45%
Feb-20 116.038 -0.52% 118.459 -0.24% 281.374 0.08% 6.709 -0.03% 7.065 1.21%
Mar-20 109.865 -5.32% 111.809 -5.61% 268.304 -4.64% 7.690 14.62% 8.054 14.00%
Apr-20 110.756 0.81% 113.169 1.22% 272.298 1.49% 7.615 -0.97% 7.916 -1.72%
May-20 112.767 1.82% 114.298 1.00% 279.008 2.46% 7.321 -3.86% 7.566 -4.42%
Jun-20 114.308 1.37% 116.134 1.61% 284.545 1.98% 7.001 -4.38% 7.316 -3.30%
Jul-20 116.661 2.06% 118.795 2.29% 292.154 2.67% 6.637 -5.20% 6.959 -4.88%
Aug-20 117.422 0.65% 119.884 0.92% 295.836 1.26% 6.429 -3.13% 6.831 -1.84%
Sep-20 116.696 -0.62% 118.677 -1.01% 295.814 -0.01% 6.548 1.85% 6.936 1.53%
Oct-20 118.089 1.19% 120.272 1.34% 300.904 1.72% 6.313 -3.58% 6.724 -3.04%
Nov-20 120.540 2.08% 122.026 1.46% 309.094 2.72% 5.974 -5.38% 6.372 -5.25%
Dec-20 121.861 1.10% 123.594 1.29% 314.247 1.67% 5.854 -2.01% 6.189 -2.86%
Jan-21 120.450 -1.16% 122.567 -0.83% 312.459 -0.57% 6.035 3.10% 6.381 3.10%
Feb-21 118.110 -1.94% 120.465 -1.71% 308.176 -1.37% 6.377 5.67% 6.715 5.23%
Mar-21 117.207 -0.76% 119.255 -1.00% 307.899 -0.09% 6.457 1.26% 6.832 1.74%
Apr-21 118.675 1.25% 120.829 1.32% 313.520 1.83% 6.250 -3.21% 6.617 -3.14%
May-21 119.223 0.46% 120.708 -0.10% 316.837 1.06% 6.134 -1.85% 6.531 -1.30%
Jun-21 119.066 -0.13% 120.802 0.08% 318.251 0.45% 6.157 0.38% 6.552 0.32%
Jul-21 120.379 1.10% 122.571 1.46% 323.545 1.66% 5.941 -3.50% 6.361 -2.92%
Aug-21 121.292 0.76% 123.655 0.88% 327.927 1.35% 5.813 -2.15% 6.229 -2.07%
Sep-21 120.376 -0.75% 122.420 -1.00% 327.334 -0.18% 5.921 1.85% 6.343 1.82%
1H2020 114.308 2.04% 116.134 2.24% 284.545 -1.19% 7.001 -4.14% 7.316 -4.59%
FY2020 121.861 6.35% 123.594 6.17% 314.247 14.49% 5.854 -17.43% 6.189 -15.28%
1H2021 119.066 -1.15% 120.802 -1.44% 318.251 1.85% 6.157 2.03% 6.552 2.68%
Source: PHEI
37
INDOBeXG - Indonesia Government Bond Index
INDOBeXG (Base 10 August 2009 = 100)

Period INDOBeXG-CP INDOBeXG-GP INDOBeXG-TR INDOBeXG-EY INDOBeXG-GRY
Jan-20 116.978 1.88% 119.188 2.11% 275.979 2.51% 6.598 -5.33% 6.928 -4.44%
Feb-20 116.266 -0.61% 118.837 -0.29% 275.927 -0.02% 6.621 0.33% 7.024 1.39%
Mar-20 109.836 -5.53% 111.880 -5.85% 262.515 -4.86% 7.576 14.43% 7.998 13.87%
Apr-20 110.772 0.85% 113.333 1.30% 266.503 1.52% 7.503 -0.96% 7.857 -1.76%
May-20 112.884 1.91% 114.450 0.98% 273.282 2.54% 7.212 -3.89% 7.512 -4.39%
Jun-20 114.486 1.42% 116.398 1.70% 278.825 2.03% 6.903 -4.28% 7.268 -3.25%
Jul-20 116.916 2.12% 119.141 2.36% 286.424 2.73% 6.557 -5.01% 6.920 -4.79%
Aug-20 117.812 0.77% 120.405 1.06% 290.329 1.36% 6.331 -3.44% 6.784 -1.97%
Sep-20 117.085 -0.62% 119.158 -1.04% 290.287 -0.01% 6.438 1.68% 6.883 1.46%
Oct-20 118.554 1.26% 120.835 1.41% 295.427 1.77% 6.199 -3.72% 6.670 -3.10%
Nov-20 121.132 2.17% 122.647 1.50% 303.723 2.81% 5.862 -5.44% 6.320 -5.25%
Dec-20 122.580 1.20% 124.377 1.41% 309.053 1.75% 5.732 -2.22% 6.133 -2.96%
Jan-21 121.069 -1.23% 123.268 -0.89% 307.041 -0.65% 5.914 3.18% 6.327 3.17%
Feb-21 118.542 -2.09% 121.003 -1.84% 302.373 -1.52% 6.277 6.14% 6.669 5.41%
Mar-21 117.531 -0.85% 119.668 -1.10% 301.799 -0.19% 6.381 1.67% 6.797 1.92%
Apr-21 119.066 1.31% 121.303 1.37% 307.440 1.87% 6.175 -3.23% 6.584 -3.14%
May-21 119.642 0.48% 121.149 -0.13% 310.729 1.07% 6.060 -1.86% 6.498 -1.29%
Jun-21 119.453 -0.16% 121.249 0.08% 312.009 0.41% 6.094 0.56% 6.524 0.39%
Jul-21 120.819 1.14% 123.092 1.52% 317.295 1.69% 5.882 -3.49% 6.334 -2.91%
Aug-21 121.776 0.79% 124.232 0.93% 321.672 1.38% 5.750 -2.24% 6.201 -2.09%
Sep-21 120.811 -0.79% 122.930 -1.05% 320.953 -0.22% 5.861 1.95% 6.317 1.86%
1H2020 114.486 -2.13% 116.398 -2.34% 278.825 1.03% 6.903 4.61% 7.268 4.91%
FY2020 122.580 6.76% 124.377 6.55% 309.053 14.80% 5.732 -17.77% 6.133 -15.41%
1H2021 119.453 -1.34% 121.249 -1.64% 312.009 1.62% 6.094 3.05% 6.524 3.11%
Source: PHEI
38
INDOBeXC - Indonesia Corporate Bond Index
INDOBeXC (Base 10 August 2009 = 100)

Period INDOBeXC-CP INDOBeXC-GP INDOBeXC-TR INDOBeXC-EY INDOBeXC-GRY
Jan-20 111.015 1.08% 112.203 1.15% 305.198 1.81% 7.606 -5.14% 7.784 -4.65%
Feb-20 111.239 0.20% 112.409 0.18% 307.822 0.86% 7.452 -2.02% 7.713 -0.91%
Mar-20 107.272 -3.57% 108.372 -3.59% 299.103 -2.83% 8.627 15.77% 8.931 15.79%
Apr-20 107.784 0.48% 108.971 0.55% 302.805 1.24% 8.529 -1.13% 8.820 -1.24%
May-20 108.905 1.04% 110.108 1.04% 308.220 1.79% 8.289 -2.81% 8.475 -3.92%
Jun-20 109.888 0.90% 110.936 0.75% 313.141 1.60% 7.880 -4.94% 8.149 -3.84%
Jul-20 111.496 1.46% 112.748 1.63% 320.010 2.19% 7.402 -6.06% 7.682 -5.74%
Aug-20 110.992 -0.45% 112.171 -0.51% 320.819 0.25% 7.409 0.10% 7.746 0.84%
Sep-20 110.297 -0.63% 111.349 -0.73% 321.027 0.06% 7.674 3.57% 7.990 3.14%
Oct-20 110.921 0.57% 112.113 0.69% 324.893 1.20% 7.498 -2.29% 7.818 -2.15%
Nov-20 112.076 1.04% 113.245 1.01% 330.780 1.81% 7.166 -4.43% 7.476 -4.38%
Dec-20 112.068 -0.01% 113.123 -0.11% 333.076 0.69% 7.226 0.84% 7.482 0.09%
Jan-21 111.700 -0.33% 112.949 -0.15% 334.248 0.35% 7.377 2.08% 7.601 1.59%
Feb-21 111.288 -0.37% 112.533 -0.37% 335.126 0.26% 7.457 1.09% 7.755 2.02%
Mar-21 111.527 0.22% 112.604 0.06% 338.586 1.03% 7.298 -2.13% 7.652 -1.33%
Apr-21 112.266 0.66% 113.493 0.79% 343.116 1.34% 7.095 -2.79% 7.428 -2.93%
May-21 112.491 0.20% 113.708 0.19% 346.276 0.92% 6.989 -1.49% 7.352 -1.01%
Jun-21 112.683 0.17% 113.735 0.02% 349.182 0.84% 6.882 -1.53% 7.274 -1.06%
Jul-21 113.359 0.60% 114.576 0.74% 353.673 1.29% 6.684 -2.88% 7.080 -2.67%
Aug-21 113.719 0.32% 114.902 0.28% 357.279 1.02% 6.670 -0.21% 7.000 -1.12%
Sep-21 113.444 -0.24% 114.491 -0.36% 358.765 0.42% 6.749 1.19% 7.080 1.14%
1H2020 109.888 -1.02% 110.936 -1.13% 313.141 2.60% 7.880 3.60% 8.149 4.69%
FY2020 112.068 2.04% 113.123 1.98% 333.076 11.11% 7.226 -9.87% 7.482 -8.35%
1H2021 112.683 0.88% 114.491 0.70% 349.182 4.47% 6.882 -6.71% 7.274 -4.30%
Source: PHEI
39
ISIXC - Indonesia Sukuk Index Composite
ISIXC (Base 10 August 2009 = 100)

Period ISIXC-CP ISIXC-GP ISIXC-TR ISIXC-EY ISIXC-GRY
Jan-20 110.050 1.54% 111.979 1.67% 256.070 2.16% 6.532 -5.68% 7.078 -4.32%
Feb-20 109.919 -0.12% 111.940 -0.03% 257.222 0.45% 6.398 -2.05% 7.089 0.16%
Mar-20 105.645 -3.89% 107.672 -3.81% 248.824 -3.26% 7.176 12.17% 7.924 11.78%
Apr-20 106.293 0.61% 108.405 0.68% 251.949 1.26% 7.159 -0.25% 7.830 -1.20%
May-20 107.453 1.09% 108.844 0.40% 256.266 1.71% 7.208 0.70% 7.612 -2.78%
Jun-20 109.285 1.71% 111.272 2.23% 262.127 2.29% 6.834 -5.20% 7.304 -4.04%
Jul-20 110.570 1.18% 112.441 1.05% 266.759 1.77% 6.474 -5.26% 7.070 -3.20%
Aug-20 111.954 1.25% 113.983 1.37% 271.636 1.83% 6.139 -5.18% 6.830 -3.40%
Sep-20 112.215 0.23% 114.362 0.33% 273.870 0.82% 6.138 -0.02% 6.830 0.00%
Oct-20 112.970 0.67% 114.581 0.19% 277.124 1.19% 5.967 -2.78% 6.699 -1.92%
Nov-20 114.483 1.34% 115.760 1.03% 282.584 1.97% 5.730 -3.97% 6.459 -3.58%
Dec-20 115.842 1.19% 117.686 1.66% 287.493 1.74% 5.624 -1.86% 6.279 -2.79%
Jan-21 115.240 -0.52% 117.059 -0.53% 287.611 0.04% 5.707 1.49% 6.367 1.40%
Feb-21 114.029 -1.05% 116.182 -0.75% 286.162 -0.50% 6.072 6.38% 6.588 3.47%
Mar-21 113.078 -0.83% 115.386 -0.69% 285.683 -0.17% 6.220 2.45% 6.724 2.06%
Apr-21 113.828 0.66% 115.385 0.00% 289.186 1.23% 6.209 -0.18% 6.633 -1.36%
May-21 113.960 0.12% 115.110 -0.24% 291.216 0.70% 6.090 -1.91% 6.590 -0.64%
Jun-21 114.327 0.32% 116.065 0.83% 293.787 0.88% 5.944 -2.40% 6.524 -1.00%
Jul-21 115.064 0.64% 117.110 0.90% 297.296 1.19% 5.740 -3.44% 6.396 -1.96%
Aug-21 115.666 0.52% 117.948 0.72% 300.576 1.10% 5.578 -2.82% 6.292 -1.63%
Sep-21 115.246 -0.36% 117.553 -0.34% 301.132 0.19% 5.637 1.06% 6.337 0.72%
1H2020 109.285 -0.70% 111.272 -0.63% 262.127 2.37% 6.834 4.62% 7.304 3.19%
FY2020 115.842 6.89% 117.686 6.85% 287.493 14.70% 5.624 -18.79% 6.279 -15.12%
1H2021 114.327 -0.79% 116.065 -0.85% 293.787 2.15% 5.944 4.15% 6.524 2.47%
Source: PHEI
40
IGSIX - Indonesia Government Sukuk Index

Period IGSIX-CP IGSIX-GP IGSIX-TR IGSIX-EY IGSIX-GRY
Jan-20 110.079 1.55% 112.032 1.69% 253.113 2.16% 6.481 -5.71% 7.045 -4.33%
Feb-20 109.938 -0.13% 111.998 -0.03% 254.220 0.44% 6.349 -2.03% 7.059 0.21%
Mar-20 105.690 -3.86% 107.734 -3.81% 245.967 -3.25% 7.112 12.02% 7.885 11.69%
Apr-20 106.334 0.61% 108.477 0.69% 249.031 1.25% 7.098 -0.20% 7.793 -1.16%
May-20 107.499 1.10% 108.902 0.39% 253.297 1.71% 7.160 0.88% 7.582 -2.70%
Jun-20 109.352 1.72% 111.353 2.25% 259.121 2.30% 6.787 -5.21% 7.275 -4.05%
Jul-20 110.628 1.17% 112.518 1.05% 263.663 1.75% 6.434 -5.20% 7.047 -3.14%
Aug-20 112.078 1.31% 114.138 1.44% 268.625 1.88% 6.086 -5.40% 6.799 -3.52%
Sep-20 112.375 0.26% 114.541 0.35% 270.905 0.85% 6.075 -0.19% 6.796 -0.05%
Oct-20 113.138 0.68% 114.757 0.19% 274.128 1.19% 5.905 -2.79% 6.666 -1.91%
Nov-20 114.654 1.34% 115.938 1.03% 279.516 1.97% 5.675 -3.89% 6.430 -3.54%
Dec-20 116.047 1.21% 117.898 1.69% 284.432 1.76% 5.569 -1.86% 6.251 -2.78%
Jan-21 115.448 -0.52% 117.281 -0.52% 284.549 0.04% 5.652 1.48% 6.339 1.41%
Feb-21 114.217 -1.07% 116.405 -0.75% 283.063 -0.52% 6.021 6.54% 6.563 3.53%
Mar-21 113.244 -0.85% 115.571 -0.72% 282.523 -0.19% 6.176 2.57% 6.702 2.12%
Apr-21 113.988 0.66% 115.551 -0.02% 285.956 1.22% 6.171 -0.08% 6.614 -1.31%
May-21 114.118 0.11% 115.270 -0.24% 287.945 0.70% 6.053 -1.92% 6.572 -0.64%
Jun-21 114.491 0.33% 116.233 0.84% 290.492 0.88% 5.904 -2.46% 6.505 -1.01%
Jul-21 115.229 0.64% 117.292 0.91% 293.947 1.19% 5.702 -3.42% 6.378 -1.95%
Aug-21 115.834 0.53% 118.141 0.72% 297.183 1.10% 5.539 -2.85% 6.274 -1.63%
Sep-21 115.413 -0.36% 117.734 -0.34% 297.723 0.18% 5.604 1.16% 6.321 0.74%
1H2020 109.352 -0.66% 111.353 -0.61% 259.121 2.37% 6.787 4.73% 7.275 3.27%
FY2020 116.047 7.06% 117.898 7.02% 284.432 14.80% 5.569 -18.97% 6.251 -15.11%
1H2021 114.491 -0.83% 116.233 -0.89% 290.492 2.09% 5.904 4.46% 6.505 2.62%
Source: PHEI
41
ICSIX - Indonesia Corporate Sukuk Index

Period ICSIX-CP ICSIX-GP ICSIX-TR ICSIX-EY ICSIX-GRY
Jan-20 105.916 1.36% 107.152 1.08% 303.662 2.12% 7.879 -4.29% 8.086 -3.97%
Feb-20 106.024 0.10% 106.959 -0.18% 306.078 0.80% 7.754 -1.58% 8.056 -0.38%
Mar-20 101.192 -4.56% 102.694 -3.99% 294.500 -3.78% 8.968 15.65% 9.216 14.40%
Apr-20 101.941 0.74% 103.166 0.46% 299.034 1.54% 8.825 -1.60% 9.049 -1.81%
May-20 102.899 0.94% 103.927 0.74% 304.212 1.73% 8.612 -2.41% 8.800 -2.75%
Jun-20 104.119 1.19% 105.640 1.65% 310.039 1.92% 8.198 -4.80% 8.480 -3.63%
Jul-20 105.602 1.42% 106.855 1.15% 316.855 2.20% 7.752 -5.44% 8.090 -4.61%
Aug-20 104.940 -0.63% 105.962 -0.84% 317.235 0.12% 7.851 1.28% 8.226 1.69%
Sep-20 104.124 -0.78% 105.640 -0.30% 317.121 -0.04% 8.202 4.47% 8.477 3.05%
Oct-20 104.604 0.46% 105.938 0.28% 320.754 1.15% 8.054 -1.81% 8.326 -1.78%
Nov-20 105.958 1.29% 106.953 0.96% 327.581 2.13% 7.763 -3.61% 8.008 -3.82%
Dec-20 106.084 0.12% 107.610 0.61% 330.448 0.88% 7.797 0.44% 7.966 -0.52%
Jan-21 105.358 -0.68% 106.640 -0.90% 330.618 0.05% 7.998 2.57% 8.130 2.06%
Feb-21 104.851 -0.48% 105.766 -0.82% 331.289 0.20% 7.986 -0.14% 8.243 1.39%
Mar-21 104.745 -0.10% 106.317 0.52% 333.919 0.79% 8.026 0.50% 8.256 0.16%
Apr-21 105.739 0.95% 107.035 0.68% 339.519 1.68% 7.747 -3.48% 7.982 -3.33%
May-21 105.946 0.20% 107.011 -0.02% 342.849 0.98% 7.664 -1.07% 7.947 -0.43%
Jun-21 106.035 0.08% 107.591 0.54% 345.649 0.82% 7.710 0.60% 7.969 0.27%
Jul-21 106.747 0.67% 108.057 0.43% 350.572 1.42% 7.484 -2.93% 7.774 -2.45%
Aug-21 107.211 0.43% 108.306 0.23% 354.822 1.21% 7.564 1.07% 7.708 -0.84%
Sep-21 106.855 -0.33% 108.391 0.08% 356.184 0.38% 7.541 -0.30% 7.763 0.71%
1H2020 104.119 -1.70% 105.640 -1.41% 310.039 2.10% 8.198 4.05% 8.480 4.87%
FY2020 106.084 1.52% 107.610 1.51% 330.448 11.13% 7.797 -5.29% 7.966 -5.40%
1H2021 106.035 0.64% 107.591 0.89% 345.649 4.55% 7.710 -3.60% 7.969 -1.98%
Source: PHEI
42
A3GBI - ASEAN3 Government Bond Index
157
ASEAN3 Government Bond Index
ASEAN3 Government Baht Bond Index
ASEAN3 Government Ringgit Bond Index
149
ASEAN3 Government Rupiah Bond Index
141
133
125
117
109
Feb-20
Sep-20
Feb-21
Sep-21
Apr-20
May-20
Dec-20
Apr-21
May-21
Oct-20
Jan-20
Mar-20
Aug-20
Jan-21
Mar-21
Aug-21
Jun-20
Jun-21
Jul-20
Nov-20
Jul-21
ASEAN 3 GOVERNMENT BOND INDEX (A3GBI) (Base 2 January 2017 = 100)
ASEAN3 Government Bond ASEAN3 Government ASEAN3 Government
Period
Index ASEAN3 Government Baht Bond Index Ringgit Bond Index Rupiah Bond Index
Index % Index % Index % Index %
Jan-20 123.834 2.09% 117.099 1.11% 123.317 2.32% 131.054 2.84%
Feb-20 125.452 1.31% 118.809 1.46% 126.584 2.65% 130.804 -0.19%
Mar-20 119.949 -4.39% 116.371 -2.05% 122.522 -3.21% 120.492 -7.88%
Apr-20 122.660 2.26% 118.327 1.68% 126.910 3.58% 122.311 1.51%
May-20 124.014 1.10% 118.192 -0.11% 127.263 0.28% 126.179 3.16%
Jun-20 124.584 0.46% 118.562 0.31% 126.115 -0.90% 128.671 1.97%
Jul-20 127.405 2.26% 119.128 0.48% 130.331 3.34% 132.514 2.99%
Aug-20 127.517 0.09% 117.921 -1.01% 130.049 -0.22% 134.505 1.50%
Sep-20 127.453 -0.05% 119.152 1.04% 129.153 -0.69% 133.830 -0.50%
Oct-20 128.348 0.70% 119.067 -0.07% 129.314 0.12% 136.589 2.06%
Nov-20 129.215 0.68% 119.630 0.47% 127.812 -1.16% 140.331 2.74%
Dec-20 131.224 1.55% 121.212 1.32% 130.106 1.79% 142.497 1.54%
Jan-21 130.646 -0.44% 121.012 -0.17% 129.895 -0.16% 141.078 -1.00%
Feb-21 126.929 -2.85% 116.575 -3.67% 125.920 -3.06% 138.518 -1.81%
Mar-21 125.970 -0.76% 115.138 -1.23% 124.199 -1.37% 138.968 0.32%
Apr-21 127.662 1.34% 116.635 1.30% 125.332 0.91% 141.490 1.81%
May-21 127.873 0.17% 116.223 -0.35% 125.221 -0.09% 142.816 0.94%
Jun-21 128.570 0.55% 117.492 1.09% 125.556 0.27% 143.209 0.28%
Jul-21 130.374 1.40% 119.012 1.29% 126.647 0.87% 146.143 2.05%
Aug-21 130.812 0.34% 119.101 0.07% 126.777 0.10% 147.347 0.82%
Sep-21 129.375 -1.10% 117.065 -1.71% 125.605 -0.92% 146.370 -0.66%
1H2020 124.584 -0.60% 118.562 -1.23% 126.115 -2.22% 128.671 1.85%
FY2020 131.224 8.18% 121.212 4.66% 130.106 7.95% 142.497 11.82%
1H2021 128.570 -1.59% 117.492 -2.91% 125.556 -3.34% 143.209 1.51%
Source: PHEI, Thai BMA, BPAM, Processed by PHEI
43
Ministry of Finance, Republic of Indonesia

Government Bond
Issuer : Ministry of Finance, Republic of Indonesia
Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko (DJPPR)
Address : Gedung Frans Seda
Jl. Dr. Wahidin Raya No. 1
Jakarta 10710, Indonesia
Phone : (62-021) 386-5330 (Hunting); (62-21) 350-5052; 386-5330
Fax : -
Website : http://www.djppr.kemenkeu.go.id
Profile : Fundamental Duty of Directorate General of Budget Financing and Risk Management is executing formula of policy,
development, and implementing in bond management area. Bond management including issuing, sale, redemption
obligation accountancy and administration, and operation of risk of portofolio obligation, and also development of
obligation market, pursuant to technical policy which specified by Minister for Finance and current law and regulation.
Directorate General of Budget Financing and Risk Management have a purpose to realize bond institution which reliable
State, transparent, and accountable in interest expenses minimization effort on a long term at risk storey level able to be
controlled.
These following series are tradable Government Securities and listed on the Indonesia Stock Exchange :
FIXED RATE
Listing Maturity Coupon Nominal Value
No. Code Name Date Date Coupon Period (Million Rp)
1. FR0035 Obligasi Negara RI Seri FR0035 17-Feb-06 15-Jun-22 12.90% 6 Months 10,442,750
2. FR0037 Obligasi Negara RI Seri FR0037 19-May-06 15-Sep-26 12.00% 6 Months 2,450,000
3. FR0039 Obligasi Negara RI Seri FR0039 25-Aug-06 15-Aug-23 11.75% 6 Months 4,061,000
4. FR0040 Obligasi Negara RI Seri FR0040 22-Sep-06 15-Sep-25 11.00% 6 Months 25,714,090
5. FR0042 Obligasi Negara RI Seri FR0042 26-Jan-07 15-Jul-27 10.25% 6 Months 14,774,100
6. FR0043 Obligasi Negara RI Seri FR0043 23-Feb-07 15-Jul-22 10.25% 6 Months 13,542,000
7. FR0044 Obligasi Negara RI Seri FR0044 20-Apr-07 15-Sep-24 10.00% 6 Months 17,701,000
8. FR0045 Obligasi Negara RI Seri FR0045 25-May-07 15-May-37 9.75% 6 Months 9,624,304
9. FR0046 Obligasi Negara RI Seri FR0046 20-Jul-07 15-Jul-23 9.50% 6 Months 23,846,000
10. FR0047 Obligasi Negara RI Seri FR0047 31-Aug-07 15-Feb-28 10.00% 6 Months 20,385,000
11. FR0050 Obligasi Negara RI Seri FR0050 25-Jan-08 15-Jul-38 10.50% 6 Months 15,661,000
12. FR0052 Obligasi Negara RI Seri FR0052 21-Aug-09 15-Aug-30 10.50% 6 Months 23,500,000
15. FR0056 Obligasi Negara RI Seri FR0056 24-Sep-10 15-Sep-26 8.38% 6 Months 121,414,000
16. FR0057 Obligasi Negara RI Seri FR0057 15-May-11 15-May-41 9.50% 6 Months 17,236,573
17. FR0058 Obligasi Negara RI Seri FR0058 22-Jul-11 15-Jun-32 8.25% 6 Months 42,798,000
18. FR0059 Obligasi Negara RI Seri FR0059 16-Sep-11 15-May-27 7.00% 6 Months 117,080,000
19. FR0061 Obligasi Negara RI Seri FR0061 7-Oct-11 15-May-22 7.00% 6 Months 102,729,000
20. FR0062 Obligasi Negara RI Seri FR0062 10-Feb-12 15-Apr-42 6.38% 6 Months 13,692,000
21. FR0063 Obligasi Negara RI Seri FR0063 14-Aug-12 15-May-23 5.63% 6 Months 93,768,000
24. FR0067 Obligasi Negara RI Seri FR0067 19-Jul-13 15-Feb-44 8.75% 6 Months 28,488,284
25. FR0068 Obligasi Negara RI Seri FR0068 2-Aug-13 15-Mar-34 8.38% 6 Months 137,758,000
26. FR0070 Obligasi Negara RI Seri FR0070 30-Aug-13 15-Mar-24 8.38% 6 Months 135,439,421
27. FR0071 Obligasi Negara RI Seri FR0071 13-Sep-13 15-Mar-29 9.00% 6 Months 93,390,682
28. FR0072 Obligasi Negara RI Seri FR0072 10-Jul-15 15-May-36 8.25% 6 Months 90,910,000
51

30. FR0074 Obligasi Negara RI Seri FR0074 11-Nov-16 15-Aug-32 7.50% 6 Months 50,831,140
35. FR0079 Obligasi Negara RI Seri FR0079 8-Jan-19 15-Apr-39 8.38% 6 Months 57,180,000
36. FR0080 Obligasi Negara RI Seri FR0080 5-Jul-19 15-Jun-35 7.50% 6 Months 109,138,300
37. FR0081 Obligasi Negara RI Seri FR0081 2-Aug-19 15-Jun-25 6.50% 6 Months 150,089,400
38. FR0082 Obligasi Negara RI Seri FR0082 2-Aug-19 15-Sep-30 7.00% 6 Months 161,188,800
39. FR0083 Obligasi Negara RI Seri FR0083 8-Nov-19 15-Apr-40 7.50% 6 Months 128,999,500
40. FR0084 Obligasi Negara RI Seri FR0084 5-May-20 15-Feb-26 7.25% 6 Months 37,877,372
41. FR0085 Obligasi Negara RI Seri FR0085 5-May-20 15-Apr-31 7.75% 6 Months 21,177,940
42. FR0086 Obligasi Negara RI Seri FR0086 14-Aug-20 15-Apr-26 5.50% 6 Months 139,182,000
43. FR0087 Obligasi Negara RI Seri FR0087 14-Aug-20 15-Feb-31 6.50% 6 Months 182,311,300
44. FR0088 Obligasi Negara RI Seri FR0088 8-Jan-21 15-Jun-36 6.25% 6 Months 43,994,500
45. FR0089 Obligasi Negara RI Seri FR0089 8-Jan-21 15-Aug-51 6.88% 6 Months 30,061,100
TOTAL FIXED RATE 3,011,886,209
FIXED RATE (USD)

No. Code Name Date Date Coupon Period (Million USD)
1. USDFR0002 Obligasi Negara RI SeriUSDFR0002 27-Jun-16 24-Jun-26 4.05% 6 Months 200
TOTAL FIXED RATE (USD) 200
VARIABEL RATE
1. VR0033 Obligasi Negara RI Seri VR0033 5-May-20 25-Apr-25 3.34% 3 Months 3,568,686
2. VR0034 Obligasi Negara RI Seri VR0034 11-Aug-20 10-Aug-25 3.30% 3 Months 20,525,000
10. VR0042 Obligasi Negara RI Seri VR0042 29-Sep-20 28-Sep-25 3.30% 3 Months 21,100,000
14. VR0046 Obligasi Negara RI Seri VR0046 13-Oct-20 12-Oct-25 3.30% 3 Months 11,550,000
52

22. VR0054 Obligasi Negara RI Seri VR0054 17-Nov-20 16-Nov-25 3.30% 3 Months 4,370,000
30. VR0062 Obligasi Negara RI Seri VR0062 15-Dec-20 14-Dec-25 3.57% 3 Months 25,742,500
TOTAL VARIABEL RATE 401,128,686
RETAIL
1. ORI015 Obligasi Negara RI Seri ORI015 1-Nov-18 15-Oct-21 8.25% 1 Months 23,378,269
2. ORI016 Obligasi Negara RI Seri ORI016 31-Oct-19 15-Oct-22 6.80% 1 Months 8,213,531
3. ORI017 Obligasi Negara RI Seri ORI017 16-Jul-20 15-Jul-23 6.40% 1 Months 18,336,042
4. ORI018 Obligasi Negara RI Seri ORI018 2-Nov-20 15-Oct-23 5.70% 1 Months 12,972,170
5. ORI019 Obligasi Negara RI Seri ORI019 25-Feb-21 15-Feb-24 5.57% 2 Months 26,000,868
TOTAL RETAIL 88,900,880
GOVERNMENT SHARIA BONDS

SUKUK IFR
1. IFR0006 SBSN Seri IFR0006 5-Apr-10 15-Mar-30 10.25% 6 Months 2,175,000
2. IFR0007 SBSN Seri IFR0007 22-Jan-10 15-Jan-25 10.25% 6 Months 1,547,000
3. IFR0010 SBSN Seri IFR0010 4-Mar-11 15-Feb-36 10.00% 6 Months 4,110,000
TOTAL SUKUK IFR 7,832,000
PROJECT BASED SUKUK

1. PBS002 Surat Berharga Syariah Negara Seri PBS002 3-Feb-12 15-Jan-22 5.45% 6 Months 63,660,857
2. PBS003 Surat Berharga Syariah Negara Seri PBS003 3-Feb-12 15-Jan-27 6.00% 6 Months 18,386,000
3. PBS004 Surat Berharga Syariah Negara Seri PBS004 17-Feb-12 15-Feb-37 6.10% 6 Months 38,507,277
4. PBS005 Surat Berharga Syariah Negara Seri PBS005 3-May-13 15-Apr-43 6.75% 6 Months 34,324,000
5. PBS007 Surat Berharga Syariah Negara Seri PBS007 30-Sep-14 15-Sep-40 9.00% 6 Months 10,375,000
6. PBS011 Surat Berharga Syariah Negara Seri PBS011 15-Jan-16 15-Aug-23 8.75% 6 Months 21,750,000
7. PBS012 Surat Berharga Syariah Negara Seri PBS012 29-Jan-16 15-Nov-31 8.88% 6 Months 47,680,694
8. PBS015 Surat Berharga Syariah Negara Seri PBS015 24-Jul-17 15-Jul-47 8.00% 6 Months 23,043,000
9. PBS017 Surat Berharga Syariah Negara Seri PBS017 12-Jan-18 15-Oct-25 8.13% 6 Months 58,636,476
10. PBS018 Surat Berharga Syariah Negara Seri PBS018 6-Jun-18 15-May-28 7.63% 6 Months 7,500,000
11. PBS019 Surat Berharga Syariah Negara Seri PBS019 5-Oct-18 15-Sep-23 8.25% 6 Months 43,040,000
12. PBS020 Surat Berharga Syariah Negara Seri PBS020 23-Oct-18 15-Oct-27 9.00% 6 Months 2,250,000
53

13. PBS021 Surat Berharga Syariah Negara Seri PBS021 6-Dec-18 15-Nov-26 8.50% 6 Months 13,185,000
14. PBS022 Surat Berharga Syariah Negara Seri PBS022 25-Jan-19 15-Apr-34 8.63% 6 Months 16,330,000
15. PBS023 Surat Berharga Syariah Negara Seri PBS023 16-May-19 15-May-30 8.13% 6 Months 10,875,000
18. PBS026 Surat Berharga Syariah Negara Seri PBS026 18-Oct-19 15-Oct-24 6.63% 6 Months 60,395,000
20. PBS028 Surat Berharga Syariah Negara Seri PBS028 24-Jul-20 15-Oct-46 7.75% 6 Months 64,403,418
21. PBS029 Surat Berharga Syariah Negara Seri PBS029 15-Jan-21 15-Mar-34 6.38% 6 Months 28,516,794
22. PBS030 Surat Berharga Syariah Negara Seri PBS029 7-Jun-21 15-Jul-28 5.88% 6 Months 350,000
TOTAL PROJECT BASE SUKUK 641,258,884
PROJECT BASED SUKUK (USD)

1. USDPBS001 Surat Berharga Syariah Negara Seri USDPBS001 16-Nov-18 15-Nov-21 4.05% 6 Months 100
2. USDPBS002 Surat Berharga Syariah Negara Seri USDPBS002 15-Jan-19 11-Jan-22 4.00% 6 Months 100
TOTAL PROJECT BASE SUKUK (USD) 200
RETAIL SUKUK
1. SR011 Sukuk Negara Ritel Seri SR-011 29-Mar-19 10-Mar-22 8.05% 1 Months 21,117,570
3. SR013 Sukuk Negara Ritel Seri SR-013 1-Oct-20 10-Sep-23 6.05% 1 Months 25,665,971
TOTAL RETAIL SUKUK 75,631,193
T-BILLS
1. SPN12210701 Surat Perbendaharaan Negara Seri SPN12210701 3-Jul-20 1-Jul-21 DISCOUNT - 4,940,000
2. SPN12210812 Surat Perbendaharaan Negara Seri SPN12210812 14-Aug-20 12-Aug-21 DISCOUNT - 2,000,000
3. SPN12210909 Surat Perbendaharaan Negara Seri SPN12210909 11-Sep-20 9-Sep-21 DISCOUNT - 3,000,000
4. SPN12211007 Surat Perbendaharaan Negara Seri SPN12211007 9-Oct-20 7-Oct-21 DISCOUNT - 2,900,000
5. SPN12211104 Surat Perbendaharaan Negara Seri SPN12211104 6-Nov-20 4-Nov-21 DISCOUNT - 1,050,000
6. SPN12211202 Surat Perbendaharaan Negara Seri SPN12211202 4-Dec-20 2-Dec-21 DISCOUNT - 800,000
7. SPN12220106 Surat Perbendaharaan Negara Seri SPN12220106 8-Jan-21 6-Jan-22 DISCOUNT - 6,050,000
8. SPN12220203 Surat Perbendaharaan Negara Seri SPN12220203 5-Feb-21 3-Feb-22 DISCOUNT - 5,200,000
9. SPN12220303 Surat Perbendaharaan Negara Seri SPN12220303 5-Mar-21 3-Mar-22 DISCOUNT - 3,850,000
10. SPN12220331 Surat Perbendaharaan Negara Seri SPN12220331 5-Apr-21 31-Mar-22 DISCOUNT - 3,255,000
11. SPN03210714 Surat Perbendaharaan Negara Seri SPN03210714 16-Apr-21 14-Jul-21 DISCOUNT - 1,340,000
12. SPN03210728 Surat Perbendaharaan Negara Seri SPN03210728 30-Apr-21 28-Jul-21 DISCOUNT - 1,000,000
13. SPN03210826 Surat Perbendaharaan Negara Seri SPN03210826 31-May-21 26-Aug-21 DISCOUNT - 1,000,000
14. SPN12220527 Surat Perbendaharaan Negara Seri SPN12220527 31-May-21 27-May-22 DISCOUNT - 3,150,000
15. SPN03210922 Surat Perbendaharaan Negara Seri SPN03210922 25-Jun-21 22-Sep-21 DISCOUNT - 1,000,000
TOTAL T-BILLS 40,535,000
54
ISLAMIC T-BILLS
1. SPN-S 13072021 Surat Perbendaharaan Negara Seri SPN-S13072021 15-Jan-21 13-Jul-21 DISCOUNT - 1,800,000
2. SPN-S 10082021 Surat Perbendaharaan Negara Seri SPN-S10082021 15-Feb-21 10-Aug-21 DISCOUNT - 5,150,000
3. SPN-S 10092021 Surat Perbendaharaan Negara Seri SPN-S10092021 15-Mar-21 10-Sep-21 DISCOUNT - 2,150,000
4. SPN-S 07102021 Surat Perbendaharaan Negara Seri SPN-S07102021 9-Apr-21 7-Oct-21 DISCOUNT - 4,100,000
5. SPN-S 05112021 Surat Perbendaharaan Negara Seri SPN-S05112021 7-May-21 5-Nov-21 DISCOUNT - 1,150,000
6. SPN-S 03122021 Surat Perbendaharaan Negara Seri SPN-S03122021 7-Jun-21 3-Dec-21 DISCOUNT - 1,100,000
TOTAL ISLAMIC T-BILLS 15,450,000
55
TRADING HIGHLIGHT
FR0035
Listing Date Maturity Date
ISIN CODE : IDG000006602 Feb-06 Jun-08 Oct-10 Feb-13 Jun-15 Oct-17 Feb-20 Jun-22
Volume Trading Activities, 2020 2021

TRADING ACTIVITIES Frequency
50,000 45 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2

Volume Volume (Rp bn) 445 40,356 13,466 8,628 2,122 1,194
40,000 36
Frequency Frequency (X) 28 36 37 37 28 31
30,000 27 Trading days 15 19 15 25 16 17
Turnover Ratio (%) 17.06 1545.78 515.80 330.49 81.28 45.74
20,000 18 CTP Price - High 116.400 115.700 115.450 113.900 112.550 110.200
Date 05-Mar 14-Apr 03-Sep 01-Oct 07-Jan 19-Apr
10,000 9
CTP Price - Low 112.750 112.630 112.250 108.110 109.980 108.750
- - Date 20-Mar 29-May 09-Jul 21-Dec 29-Mar 30-Jun
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 PHEI Fair Price 113.218 113.244 113.815 112.594 110.027 108.628
PHEI Fair Yield (%) 6.3745 5.6591 4.4029 3.9293 4.2851 3.6582
Last Date 31-Mar 30-Jun 30-Sep 30-Dec 31-Mar 30-Jun
Price PRICE AND YTM MOVEMENT YTM (%)
Mod. Duration (yrs) 1.884 1.747 1.514 1.349 1.102 0.913
118 7.0
Convexity (yrs) 4.772 4.057 3.187 2.541 1.813 1.296
Sensitivity (%) 0.021 0.020 0.017 0.015 0.012 0.010
115 6.0
112 5.0
109 4.0
106 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price
 PHEI Fair Price  YTM
FR0037 Listing Date Maturity Date
ISIN CODE : IDG000006800 May-06 Mar-09 Jan-12 Nov-14 Sep-17 Jul-20 May-23 Mar-26


ar >> Volume Volume (Rp bn) 1,927 802 521 612 1,129 305
2,000 48
1,500 36 Trading days 19 16 15 13 11 9
Turnover Ratio (%) 314.53 130.88 85.06 99.92 184.33 49.80
1,000 24 CTP Price - High 129.050 127.500 130.100 131.650 130.800 128.270
Date 14-Feb 12-Jun 07-Sep 17-Dec 16-Feb 29-Jun
500 12
CTP Price - Low 116.750 122.150 124.750 108.500 102.900 127.510
- - Date 24-Mar 23-Apr 02-Jul 26-Oct 05-Feb 29-Apr
PHEI Fair Yield (%) 7.7892 6.8693 6.2096 5.4917 6.1494 5.6391
Mod. Duration (yrs) 4.650 4.469 4.467 4.262 4.174 3.957
135 9.0
Convexity (yrs) 27.922 26.163 25.416 23.509 22.089 20.216
128 8.0 Sensitivity (%) 0.056 0.056 0.057 0.056 0.053 0.051
121 7.0
114 6.0
107 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
56
ISIN CODE : IDG000007105 Aug-06 Dec-08 Apr-11 Aug-13 Dec-15 Apr-18 Aug-20 Dec-22


ar >> Volume Volume (Rp bn) 46 645 884 46 497 70
800 16
600 12 Trading days 4 4 11 3 5 5
Turnover Ratio (%) 4.49 63.53 87.07 4.53 48.95 6.89
400 8 CTP Price - High 117.100 113.100 119.000 117.820 116.250 114.920
Date 07-Jan 16-Apr 02-Sep 29-Dec 27-Jan 10-Jun
200 4
CTP Price - Low 112.650 112.750 116.000 110.230 115.500 114.050
- - Date 20-Mar 12-May 16-Jul 21-Dec 25-Feb 21-Apr
PHEI Fair Yield (%) 6.9673 6.1864 5.0772 4.5243 5.0324 4.4360
Mod. Duration (yrs) 2.787 2.562 2.461 2.229 2.084 1.846
121 8.0
Convexity (yrs) 9.903 8.588 7.759 6.558 5.653 4.603
Sensitivity (%) 0.032 0.030 0.029 0.026 0.024 0.021
118 7.0
115 6.0
112 5.0
109 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0040
ISIN CODE : IDG000007204 Sep-06 Jan-09 May-11 Sep-13 Jan-16 May-18Sep-20 Jan-23 May-25


Volume Volume (Rp bn) 24,419 35,630 31,220 7,898 23,693 20,336
32,000 240
ar >> 24,000 180 Trading days 61 61 63 49 45 49
Turnover Ratio (%) 375.64 548.11 480.27 121.50 364.48 316.34
16,000 120 CTP Price - High 171.600 119.750 123.250 124.150 123.300 121.750
Date 06-Feb 03-Jun 26-Aug 14-Dec 04-Jan 25-Jun
8,000 60
CTP Price - Low 111.800 111.500 112.850 121.500 118.900 119.740
- - Date 24-Mar 06-Apr 26-Aug 07-Oct 10-Mar 15-Apr
PHEI Fair Yield (%) 7.5914 6.6929 5.9064 5.2456 5.8753 5.4766
Mod. Duration (yrs) 4.162 3.964 3.927 3.708 3.600 3.373
125 9.0
Convexity (yrs) 21.933 20.218 19.336 17.551 16.227 14.527
122 8.0 Sensitivity (%) 0.048 0.047 0.048 0.046 0.043 0.041
119 7.0
116 6.0
113 5.0
110 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
57
ISIN CODE : IDG000007402 Jan-07 Mar-09 May-11 Jul-13Sep-15 Nov-17 Jan-20Mar-22 May-24 Jul-26


ar >> Volume Volume (Rp bn) 34,778 5,073 8,921 12,403 10,482 5,921
32,000 96
24,000 72 Trading days 32 23 22 20 17 21
Turnover Ratio (%) 941.59 137.35 241.53 335.80 283.79 160.31
16,000 48 CTP Price - High 121.500 117.500 120.750 124.150 123.600 122.110
Date 04-Mar 22-Jun 14-Aug 30-Dec 09-Feb 11-May
8,000 24
CTP Price - Low 111.500 109.000 115.000 118.500 119.700 120.370
PHEI Fair Yield (%) 7.9214 7.0016 6.4280 5.7773 6.3377 5.8666
Mod. Duration (yrs) 5.135 4.968 4.981 4.787 4.705 4.490
127 10.0
Convexity (yrs) 34.436 32.624 31.876 29.856 28.279 26.180
123 9.0 Sensitivity (%) 0.058 0.059 0.060 0.059 0.056 0.055
119 8.0
115 7.0
111 6.0
107 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0043
ISIN CODE : IDG000007501 Feb-07 Apr-09 Jun-11 Aug-13 Oct-15 Dec-17 Feb-20 Apr-22


Volume
Volume (Rp bn) 18,689 43,129 67,844 29,727 32,475 23,947
Frequency
60,000 90 Frequency (X) 102 42 57 63 55 61
ar >> Trading days 38 24 28 34 33 33
40,000 60 Turnover Ratio (%) 552.02 1273.93 2003.96 878.07 959.24 707.34
CTP Price - High 111.000 109.000 110.380 110.200 109.100 107.710
20,000 30 Date 05-Mar 11-Jun 10-Aug 03-Nov 08-Jan 10-May
CTP Price - Low 30.000 105.500 104.000 109.000 107.550 106.500
- - Date 23-Jan 20-May 08-Sep 29-Dec 26-Feb 24-May
PHEI Fair Yield (%) 6.4262 5.7080 4.4587 3.9774 4.3474 3.7242
Mod. Duration (yrs) 2.005 1.771 1.621 1.383 1.198 0.955
114 7.0
Convexity (yrs) 5.262 4.267 3.553 2.724 2.072 1.432
Sensitivity (%) 0.022 0.019 0.018 0.015 0.013 0.010
111 6.0
108 5.0
105 4.0
102 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
58
ISIN CODE : IDG000007709 Apr-07 Feb-10 Dec-12 Oct-15 Aug-18 Jun-21 Apr-24


ar >> Volume Volume (Rp bn) 28,969 915 17,214 9,137 17,569 5,624
28,000 120
21,000 90 Trading days 43 18 35 23 34 27
Turnover Ratio (%) 654.62 20.67 388.99 206.47 397.02 127.09
14,000 60 CTP Price - High 116.500 112.500 116.600 116.980 118.500 114.600
7,000 30
CTP Price - Low 110.000 108.500 112.250 106.090 113.000 113.000
- - Date 20-Mar 15-Apr 10-Jul 04-Nov 12-Mar 03-May
PHEI Fair Yield (%) 7.3380 6.4859 5.5498 4.9427 5.5292 5.0459
Mod. Duration (yrs) 3.597 3.385 3.309 3.080 2.947 2.716
120 8.0
Convexity (yrs) 16.148 14.560 13.607 12.031 10.834 9.416
Sensitivity (%) 0.040 0.038 0.038 0.036 0.034 0.031
116 7.0
112 6.0
108 5.0
104 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0045
ISIN CODE : IDG000007808 May-07 Mar-10 Jan-13 Nov-15 Sep-18 Jul-21 May-24 Mar-27


Volume Volume (Rp bn) 882 297 732 1,990 1,009 671
2,000 64
ar >> 1,500 48 Trading days 19 18 15 19 18 17
Turnover Ratio (%) 36.67 12.36 30.42 82.71 41.94 27.89
1,000 32 CTP Price - High 122.400 116.050 123.000 125.510 129.700 127.350
500 16
CTP Price - Low 112.000 109.000 112.500 117.000 119.000 120.000
- - Date 20-Mar 22-Apr 21-Jul 12-Oct 25-Mar 12-Apr
PHEI Fair Yield (%) 8.2638 8.1142 7.5313 7.0810 7.3877 7.1906
Mod. Duration (yrs) 8.513 8.689 8.662 8.924 8.574 8.737
131 9.0
Convexity (yrs) 110.397 111.888 111.664 114.790 108.404 109.611
126 8.5 Sensitivity (%) 0.097 0.100 0.105 0.112 0.105 0.108
121 8.0
116 7.5
111 7.0
106 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
59
ISIN CODE : IDG000007907 Jul-07 Mar-10 Nov-12 Jul-15 Mar-18 Nov-20 Jul-23


ar >> Volume Volume (Rp bn) 2,172 1,433 2,817 841 12,381 7,586
12,000 80
9,000 60 Trading days 16 28 22 20 30 31
Turnover Ratio (%) 36.14 23.84 46.88 14.00 206.03 127.25
6,000 40 CTP Price - High 111.550 109.200 113.050 112.350 111.300 110.180
Date 04-Mar 25-Jun 15-Sep 30-Nov 08-Jan 17-Jun
3,000 20
CTP Price - Low 100.315 105.500 101.750 111.250 109.000 109.250
- - Date 24-Mar 06-May 11-Sep 22-Oct 18-Mar 29-Apr
PHEI Fair Yield (%) 6.9325 6.1574 5.0352 4.4867 4.9867 4.3890
Mod. Duration (yrs) 2.772 2.546 2.430 2.197 2.037 1.799
114 8.0
Convexity (yrs) 9.729 8.415 7.533 6.343 5.399 4.370
111 7.0 Sensitivity (%) 0.030 0.028 0.027 0.025 0.022 0.020
108 6.0
105 5.0
102 4.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0047
ISIN CODE : IDG000008004 Aug-07 Oct-09 Dec-11 Feb-14 Apr-16Jun-18Aug-20 Oct-22 Dec-24 Feb-27


Volume
Frequency Volume (Rp bn) 15,886 5,327 7,396 5,197 776 12,230
16,000 120
Frequency (X) 119 88 115 90 49 64
ar >> 12,000 90 Trading days 44 37 38 34 22 24
Turnover Ratio (%) 311.71 104.53 145.13 101.98 15.23 239.98
8,000 60 CTP Price - High 121.350 118.000 120.500 123.000 122.650 122.430
4,000 30
CTP Price - Low 101.700 108.000 102.200 112.170 118.270 119.900
- - Date 04-Mar 07-Apr 12-Aug 29-Dec 19-Mar 13-Apr
PHEI Fair Yield (%) 8.0006 7.0891 6.5665 6.1271 6.4545 6.0131
Mod. Duration (yrs) 5.484 5.326 5.348 5.144 5.085 4.872
125 9.5
Convexity (yrs) 39.225 37.392 36.683 34.417 32.946 30.706
120 8.5 Sensitivity (%) 0.061 0.062 0.064 0.063 0.061 0.059
115 7.5
110 6.5
105 5.5
100 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
60
FR0050
ISIN CODE : IDG000008301 Jan-08 Jun-10 Nov-12 Apr-15 Sep-17 Feb-20 Jul-22 Dec-24 May-27


Volume Volume (Rp bn) 2,236 1,520 829 5,621 1,136 2,878
4,800 160
3,600 120 Trading days 34 36 28 36 22 25
Turnover Ratio (%) 57.11 38.83 21.17 143.57 29.01 73.51
2,400 80 CTP Price - High 130.000 124.500 131.000 132.570 137.000 134.500
1,200 40
CTP Price - Low 103.350 114.000 120.000 127.250 125.000 125.500
- - Date 03-Feb 30-Apr 21-Jul 26-Oct 31-Mar 09-Apr
PHEI Fair Yield (%) 8.6191 8.0562 7.5620 7.1815 7.4379 7.2789
Mod. Duration (yrs) 8.632 8.622 8.943 8.856 8.865 8.683
139 9.0
Convexity (yrs) 115.050 115.377 119.822 118.481 116.723 113.529
Sensitivity (%) 0.101 0.106 0.115 0.118 0.115 0.114
130 8.0
121 7.0
112 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDG000009002 Aug-09 Jun-12 Apr-15 Feb-18 Dec-20 Oct-23 Aug-26 Jun-29


13,600 212
10,200 159 Trading days 59 40 35 38 35 33
Turnover Ratio (%) 239.57 77.64 114.42 77.79 47.71 62.55
6,800 106 CTP Price - High 128.600 122.750 126.550 131.750 131.000 129.000
Date 24-Feb 04-Jun 12-Aug 17-Dec 04-Jan 16-Apr
3,400 53
CTP Price - Low 102.321 114.000 121.000 102.250 121.000 125.700
- - Date 31-Jan 02-Apr 02-Jul 14-Oct 19-Mar 14-Apr
PHEI Fair Yield (%) 8.2340 7.4021 6.8744 6.1359 6.8409 6.5888
Mod. Duration (yrs) 6.500 6.387 6.489 6.352 6.270 6.059
135 9.0
Convexity (yrs) 57.579 56.022 56.106 54.231 52.025 49.299
128 8.0 Sensitivity (%) 0.075 0.078 0.082 0.083 0.078 0.077
121 7.0
114 6.0
107 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
61
ISIN CODE : IDG000009101 Jul-10 Sep-12 Nov-14 Jan-17 Mar-19 May-21

120,000 1,500 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2

Volume
ar >> Frequency Volume (Rp bn) 98,462 94,324 86,145 91,036 96,830 106,154
96,000 1,200
Frequency (X) 1,178 1,310 734 785 603 683
72,000 900 Trading days 95 113 83 87 75 72
Turnover Ratio (%) 399.69 382.90 349.69 369.55 393.07 430.92
48,000 600 CTP Price - High 107.000 104.750 106.630 104.050 103.840 101.650
Date 12-Mar 12-Jun 22-Jul 20-Oct 15-Feb 08-Apr
24,000 300
CTP Price - Low 1.040 101.000 103.000 100.690 100.650 100.000
- - Date 03-Feb 14-May 16-Jul 21-Dec 15-Mar 28-Apr
PHEI Fair Yield (%) 5.6351 4.9108 3.6460 3.3122 3.4590 2.7470
Mod. Duration (yrs) 1.200 0.960 0.758 0.516 0.288 0.041
108 7.0
Convexity (yrs) 2.066 1.434 0.955 0.528 0.224 0.022
106 6.0 Sensitivity (%) 0.012 0.010 0.008 0.005 0.003 0.000
104 5.0
102 4.0
100 3.0
98 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0054
ISIN CODE : IDG000009200 Jul-10 Nov-12Mar-15 Jul-17 Nov-19Mar-22 Jul-24 Nov-26 Mar-29


Volume
Frequency Volume (Rp bn) 12,474 10,012 7,145 7,714 4,166 2,461
12,000 195 Frequency (X) 248 202 135 160 167 137
ar >> Trading days 61 64 50 49 56 49
8,000 130 Turnover Ratio (%) 184.14 147.81 105.48 113.88 61.50 36.33
CTP Price - High 120.250 115.500 118.550 124.750 125.250 122.150
4,000 65 Date 11-Feb 30-Jun 12-Aug 17-Dec 06-Jan 17-Jun
CTP Price - Low 102.000 106.600 113.000 100.000 115.250 116.500
PHEI Fair Yield (%) 8.2880 7.4925 7.1410 6.3004 6.9496 6.6607
Mod. Duration (yrs) 6.927 6.831 6.929 6.830 6.747 6.548
130 9.0
Convexity (yrs) 66.173 64.758 64.756 63.263 60.840 58.070
Sensitivity (%) 0.075 0.079 0.081 0.085 0.080 0.079
122 8.0
114 7.0
106 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
62
ISIN CODE : IDG000009507 Sep-10 Apr-13 Nov-15 Jun-18 Jan-21 Aug-23 Mar-26


Volume
ar >> 150,000 2,000 Volume (Rp bn) 149,387 124,594 147,147 159,957 136,865 105,943
Frequency
Frequency (X) 1,767 2,110 1,253 1,027 947 941
120,000 1,600
Trading days 104 108 95 89 91 93
90,000 1,200 Turnover Ratio (%) 492.16 410.48 484.78 526.98 450.90 349.03
CTP Price - High 112.350 108.950 124.750 115.750 115.300 113.500
60,000 800
Date 04-Mar 24-Jun 02-Jul 29-Dec 04-Jan 09-Jun
30,000 400
CTP Price - Low 99.250 77.402 106.650 100.610 101.500 110.650
- - Date 23-Mar 17-Apr 06-Jul 24-Nov 08-Mar 01-Apr
PHEI Fair Yield (%) 7.7892 6.7435 6.0942 5.3494 6.0223 5.5220
Mod. Duration (yrs) 4.929 4.753 4.721 4.515 4.399 4.181
127 9.5
Convexity (yrs) 30.366 28.541 27.511 25.488 23.809 21.820
121 8.5 Sensitivity (%) 0.051 0.051 0.053 0.052 0.049 0.047
115 7.5
109 6.5
103 5.5
97 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0057
ISIN CODE : IDG000009606 Apr-11 Feb-14 Dec-16 Oct-19 Aug-22 Jun-25 Apr-28 Feb-31


Volume Volume (Rp bn) 2,395 514 2,034 1,007 342 712
2,000 64
ar >> 1,500 48 Trading days 27 17 28 22 12 12
Turnover Ratio (%) 55.57 11.92 47.20 23.37 7.94 16.52
1,000 32 CTP Price - High 120.000 114.250 119.500 125.000 127.400 125.600
Date 24-Jan 11-Jun 18-Aug 28-Dec 04-Feb 25-May
500 16
CTP Price - Low 106.250 107.750 110.610 117.000 119.000 120.000
- - Date 26-Mar 15-Apr 04-Sep 26-Oct 26-Mar 11-May
PHEI Fair Yield (%) 8.7258 8.0789 7.7256 7.2558 7.5267 7.3208
Mod. Duration (yrs) 9.128 9.616 9.556 9.932 9.553 9.785
132 9.0
Convexity (yrs) 134.843 143.571 142.928 149.151 141.273 144.225
127 8.5 Sensitivity (%) 0.098 0.110 0.113 0.123 0.115 0.120
122 8.0
117 7.5
112 7.0
107 6.5
102 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
63
ISIN CODE : IDG000009705 Jul-11 May-14 Mar-17 Jan-20 Nov-22 Sep-25 Jul-28 May-31


24,000 480
18,000 360 Trading days 72 96 72 84 71 59
Turnover Ratio (%) 250.69 70.54 172.69 134.96 30.70 54.04
12,000 240 CTP Price - High 111.600 110.760 110.750 116.500 115.000 114.000
6,000 120
CTP Price - Low 1.099 96.250 102.900 104.500 105.000 107.750
PHEI Fair Yield (%) 8.3300 7.5707 7.3178 6.4693 7.0454 6.7851
Mod. Duration (yrs) 7.411 7.623 7.431 7.624 7.277 7.347
118 9.0
Convexity (yrs) 76.301 78.005 74.990 76.415 71.160 70.772
114 8.5 Sensitivity (%) 0.074 0.080 0.080 0.087 0.080 0.082
110 8.0
106 7.5
102 7.0
98 6.5
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0059


Volume
Volume (Rp bn) 106,586 89,942 55,708 101,155 110,288 91,130
Frequency
Frequency (X) 2,050 1,801 1,150 1,384 1,259 1,116
80,000 1,400
ar >> Trading days 113 125 87 95 112 96
Turnover Ratio (%) 364.15 307.28 190.32 345.59 376.80 311.34
CTP Price - High 104.350 110.030 106.750 108.500 107.850 107.400
40,000 700
Date 19-Feb 17-Jun 15-Jul 11-Dec 15-Feb 21-Jun
CTP Price - Low 91.250 90.900 99.000 101.000 101.150 100.300
- - Date 24-Mar 08-Apr 09-Jul 08-Oct 19-Mar 21-May
PHEI Fair Yield (%) 7.8968 6.8869 6.5411 5.6310 6.1513 5.7546
Mod. Duration (yrs) 5.327 5.347 5.128 5.111 4.837 4.774
110 8.5
Convexity (yrs) 36.018 35.346 32.929 31.963 29.123 27.811
Sensitivity (%) 0.051 0.054 0.053 0.055 0.050 0.051
105 7.5
100 6.5
95 5.5
90 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
64
ISIN CODE : IDG000010000 Oct-11 Nov-13 Dec-15 Jan-18 Feb-20 Mar-22


Volume
ar >> Volume (Rp bn) 151,688 143,471 96,204 121,165 192,797 126,697
Frequency
150,000 1,200 Frequency (X) 1,367 1,516 1,015 1,009 1,068 645
Trading days 114 117 84 90 115 103
100,000 800 Turnover Ratio (%) 590.64 558.64 374.59 471.78 750.70 493.33
CTP Price - High 114.150 105.750 105.100 116.120 104.750 104.300
50,000 400 Date 04-Mar 19-Jun 20-Jul 11-Nov 02-Mar 16-Apr
CTP Price - Low 3.700 99.040 100.000 100.710 101.560 101.750
- - Date 24-Feb 16-Jun 28-Jul 21-Dec 12-Mar 20-Apr
PHEI Fair Yield (%) 6.0753 5.6061 4.3434 3.8784 3.8074 3.5877
Mod. Duration (yrs) 1.904 1.729 1.496 1.301 1.055 0.843
109 7.0
Convexity (yrs) 4.756 3.929 3.070 2.369 1.668 1.133
Sensitivity (%) 0.019 0.018 0.016 0.014 0.011 0.009
106 6.0
103 5.0
100 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0062
ISIN CODE : IDG000010109 Feb-12 Dec-14 Oct-17 Aug-20 Jun-23 Apr-26 Feb-29 Dec-31


Volume
Frequency Volume (Rp bn) 1,853 777 3,072 5,076 4,599 2,597
4,800 2,400
Frequency (X) 362 225 624 2,628 2,591 1,638
ar >> 3,600 1,800 Trading days 60 70 68 73 62 64
Turnover Ratio (%) 54.13 22.69 89.75 148.29 134.36 75.87
2,400 1,200 CTP Price - High 91.750 93.700 91.500 104.500 103.250 103.650
Date 18-Mar 16-Jun 25-Sep 24-Nov 25-Feb 17-May
1,200 600
CTP Price - Low 76.500 73.000 81.500 84.500 85.050 87.510
PHEI Fair Yield (%) 8.7261 8.0051 7.6149 6.9284 7.0889 6.6307
Mod. Duration (yrs) 9.946 10.544 10.537 11.085 10.748 11.139
110 9.0
Convexity (yrs) 159.300 171.085 171.480 182.118 174.467 181.277
Sensitivity (%) 0.077 0.088 0.092 0.104 0.099 0.108
100 8.0
90 7.0
80 6.0
70 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
65
TRADING HIGHLIGHT
FR0063
ISIN CODE : IDG000010208 Aug-12 Sep-14 Oct-16 Nov-18 Dec-20 Jan-23


120,000 1,200
Frequency Frequency (X) 879 1,221 975 1,037 871 884
90,000 900 Trading days 101 112 86 92 103 104
Turnover Ratio (%) 431.71 498.97 213.66 420.71 559.64 451.24
60,000 600 CTP Price - High 102.449 99.350 108.100 109.250 103.500 103.000
Date 18-Feb 11-May 11-Sep 02-Nov 03-Mar 25-May
30,000 300
CTP Price - Low 96.200 89.900 97.490 94.030 100.950 101.250
- - Date 26-Mar 15-Apr 01-Jul 21-Dec 15-Mar 28-Apr
PHEI Fair Yield (%) 6.6779 6.0970 4.9499 4.4104 4.8932 4.2928
Mod. Duration (yrs) 2.752 2.597 2.371 2.196 1.945 1.758
112 7.5
Convexity (yrs) 9.408 8.313 7.085 6.071 4.905 4.034
Sensitivity (%) 0.027 0.026 0.024 0.023 0.020 0.018
107 6.5
102 5.5
97 4.5
92 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDG000010307 Aug-12 Mar-15 Oct-17 May-20 Dec-22 Jul-25 Feb-28


Volume
ar >> Volume (Rp bn) 81,593 51,251 41,697 44,238 24,581 49,559
Frequency
Frequency (X) 1,629 1,582 1,340 1,739 1,888 1,499
60,000 1,400
Trading days 94 109 87 91 78 78
Turnover Ratio (%) 302.77 190.18 154.73 161.90 89.96 178.12
CTP Price - High 110.000 100.920 100.220 117.950 103.000 102.500
30,000 700
Date 23-Jan 19-Jun 19-Aug 16-Dec 03-Feb 03-Jun
CTP Price - Low 85.500 84.110 92.150 95.000 95.000 95.750
PHEI Fair Yield (%) 8.0306 7.1242 6.7243 5.9541 6.6289 6.0710
Mod. Duration (yrs) 6.002 6.044 5.836 5.834 5.540 5.506
122 8.5
Convexity (yrs) 45.689 45.129 42.526 41.554 38.118 36.889
115 8.0 Sensitivity (%) 0.053 0.057 0.056 0.059 0.054 0.055
108 7.5
101 7.0
94 6.5
87 6.0
80 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
66


Volume
44,000 12,000
Frequency (X) 2,389 2,177 7,389 14,653 8,132 8,545
33,000 9,000 Trading days 110 118 132 156 142 135
Turnover Ratio (%) 185.77 140.76 184.58 241.38 101.07 115.52
22,000 6,000 CTP Price - High 196.000 100.160 107.650 116.750 112.000 112.750
Date 11-Mar 22-Jun 16-Sep 24-Nov 19-Feb 15-Jun
11,000 3,000
CTP Price - Low 82.500 82.500 87.000 0.500 79.950 95.250
- - Date 26-Mar 06-Apr 13-Aug 13-Nov 22-Mar 28-May
PHEI Fair Yield (%) 8.3621 7.6365 7.2028 6.3916 6.9252 6.6663
Mod. Duration (yrs) 8.036 8.270 8.129 8.341 7.983 8.061
120 9.0
Convexity (yrs) 89.520 91.631 89.168 90.919 85.047 84.683
112 8.0 Sensitivity (%) 0.069 0.076 0.077 0.085 0.078 0.080
104 7.0
96 6.0
88 5.0
80 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0067


Volume
9,600 400
Frequency (X) 267 319 353 421 213 280
ar >> 7,200 300 Trading days 53 63 60 69 51 54
Turnover Ratio (%) 70.37 98.53 81.65 150.46 53.65 72.89
4,800 200 CTP Price - High 114.500 110.750 114.000 119.000 119.500 116.750
2,400 100
CTP Price - Low 98.000 95.000 104.090 103.440 108.050 109.000
- - Date 19-Mar 03-Apr 04-Sep 13-Nov 10-Mar 13-Apr
PHEI Fair Yield (%) 8.7031 8.0771 7.6970 7.3023 7.6795 7.3611
Mod. Duration (yrs) 9.875 10.025 10.423 10.432 10.351 10.302
126 9.0
Convexity (yrs) 158.786 163.546 170.985 172.065 167.609 167.222
120 8.5 Sensitivity (%) 0.099 0.107 0.116 0.121 0.115 0.119
114 8.0
108 7.5
102 7.0
96 6.5
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
67


88,000 4,800
Frequency Frequency (X) 3,236 5,449 1,891 2,136 2,023 1,784
66,000 3,600 Trading days 109 152 89 98 87 91
Turnover Ratio (%) 297.67 215.22 108.06 186.84 150.16 114.71
44,000 2,400 CTP Price - High 112.500 110.860 113.250 119.000 119.000 114.250
Date 06-Mar 22-Jun 13-Aug 29-Dec 07-Jan 16-Jun
22,000 1,200
CTP Price - Low 95.000 94.000 100.550 10.000 101.400 97.000
- - Date 26-Mar 19-Jun 24-Jul 05-Nov 21-Jan 01-Apr
PHEI Fair Yield (%) 8.3846 7.6870 7.4693 6.4300 7.2590 7.0843
Mod. Duration (yrs) 8.110 8.057 8.181 8.196 8.047 7.849
124 9.0
Convexity (yrs) 92.242 91.365 91.776 91.928 87.914 84.648
118 8.5 Sensitivity (%) 0.081 0.085 0.088 0.096 0.088 0.087
112 8.0
106 7.5
100 7.0
94 6.5
88 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0070


Volume
200,000 2,000
Frequency (X) 1,514 2,190 1,223 1,380 1,212 1,045
ar >> 150,000 1,500 Trading days 110 129 96 107 102 106
Turnover Ratio (%) 474.75 438.78 372.81 548.19 711.91 522.15
100,000 1,000 CTP Price - High 113.500 108.000 110.600 112.850 111.000 110.250
Date 20-Mar 15-Jun 25-Aug 14-Dec 05-Jan 19-May
50,000 500
CTP Price - Low 98.250 99.000 102.050 100.430 104.750 95.250
- - Date 13-Feb 07-Apr 19-Aug 21-Dec 23-Feb 28-May
PHEI Fair Yield (%) 7.3427 6.3609 5.6650 4.7622 5.5010 4.7301
Mod. Duration (yrs) 3.325 3.111 2.997 2.771 2.611 2.383
116 8.5
Convexity (yrs) 13.629 12.145 11.089 9.674 8.499 7.248
Sensitivity (%) 0.034 0.033 0.032 0.031 0.028 0.026
111 7.5
106 6.5
101 5.5
96 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
68


52,000 1,200
Frequency Frequency (X) 1,424 1,194 823 1,114 989 693
39,000 900 Trading days 98 102 76 87 77 101
Turnover Ratio (%) 269.14 178.28 126.18 148.59 139.67 74.24
26,000 600 CTP Price - High 116.400 113.500 115.850 119.850 119.750 118.500
13,000 300
CTP Price - Low 101.550 100.800 103.300 104.360 98.500 100.000
- - Date 23-Mar 09-Jun 30-Jul 02-Nov 20-Jan 10-May
PHEI Fair Yield (%) 8.2251 7.2361 6.9683 6.0377 6.6989 6.3563
Mod. Duration (yrs) 6.127 6.002 6.022 5.873 5.785 5.577
124 9.0
Convexity (yrs) 48.996 47.337 46.496 44.578 42.560 40.067
118 8.0 Sensitivity (%) 0.064 0.067 0.068 0.070 0.066 0.065
112 7.0
106 6.0
100 5.0
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0072


Volume
Volume (Rp bn) 36,409 38,828 23,351 50,956 50,845 16,303
Frequency
Frequency (X) 3,067 7,877 3,240 3,665 2,918 1,856
36,000 6,000
ar >> Trading days 109 148 118 114 103 96
Turnover Ratio (%) 160.20 170.84 102.74 224.20 223.72 71.73
CTP Price - High 111.750 107.750 111.600 119.250 119.000 114.750
18,000 3,000
CTP Price - Low 92.500 93.250 101.250 15.000 100.500 100.000
- - Date 26-Mar 13-Apr 03-Jul 06-Nov 06-Jan 13-Apr
PHEI Fair Yield (%) 8.4219 7.7834 7.5609 6.5143 7.4412 7.1363
Mod. Duration (yrs) 8.506 8.834 8.668 9.096 8.556 8.732
120 9.0
Convexity (yrs) 107.615 111.832 108.890 114.926 105.112 106.474
Sensitivity (%) 0.084 0.092 0.092 0.106 0.092 0.096
110 8.0
100 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
69
ISIN CODE : IDG000011701 Aug-15 Nov-17 Feb-20 May-22 Aug-24 Nov-26 Feb-29 May-31


Volume
40,000 960
Frequency (X) 1,004 870 598 715 544 424
30,000 720 Trading days 83 86 69 81 69 71
Turnover Ratio (%) 274.83 169.16 136.31 168.80 127.48 67.49
20,000 480 CTP Price - High 115.850 110.400 121.770 120.350 121.000 120.000
Date 18-Feb 08-Jun 30-Sep 17-Dec 06-Jan 09-Jun
10,000 240
CTP Price - Low 97.500 100.750 93.100 105.000 110.000 103.950
PHEI Fair Yield (%) 8.2791 7.5449 7.1207 6.2232 6.9308 6.6360
Mod. Duration (yrs) 6.885 7.056 6.886 7.047 6.696 6.751
126 9.0
Convexity (yrs) 65.575 66.584 64.085 64.966 60.052 59.508
Sensitivity (%) 0.071 0.077 0.077 0.084 0.076 0.078
118 8.0
110 7.0
102 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0074
ISIN CODE : IDG000012204 Nov-16 Feb-19 May-21 Aug-23 Nov-25 Feb-28 May-30 Aug-32


20,000 3,200
Frequency Frequency (X) 1,543 3,720 2,148 1,994 934 781
ar >> 15,000 2,400 Trading days 87 134 84 84 65 73
Turnover Ratio (%) 186.04 204.00 171.47 195.86 116.76 100.93
10,000 1,600 CTP Price - High 106.000 104.010 114.500 111.850 109.750 108.250
5,000 800
CTP Price - Low 31.700 87.000 96.270 100.000 100.000 98.150
- - Date 22-Jan 03-Apr 04-Sep 06-Oct 09-Mar 08-Apr
PHEI Fair Yield (%) 8.3365 7.5835 7.2573 6.4208 7.1164 6.8057
Mod. Duration (yrs) 7.722 7.644 7.750 7.676 7.569 7.382
120 9.0
Convexity (yrs) 81.167 79.824 79.918 78.596 75.537 72.608
Sensitivity (%) 0.072 0.076 0.079 0.084 0.078 0.078
110 8.0
100 7.0
90 6.0
80 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
70
FR0075
ISIN CODE : IDG000012303 Aug-17 Oct-19 Dec-21 Feb-24 Apr-26 Jun-28 Aug-30 Oct-32 Dec-34 Feb-37


Volume
Volume (Rp bn) 39,381 26,114 27,382 32,121 23,021 15,859
Frequency
30,000 9,000 Frequency (X) 8,919 10,228 7,645 10,466 5,563 4,152
Trading days 158 202 153 158 119 117
20,000 6,000 Turnover Ratio (%) 230.23 152.67 160.08 187.78 134.58 92.71
CTP Price - High 107.200 104.000 105.000 112.500 117.500 108.200
10,000 3,000 Date 29-Jan 17-Jun 30-Sep 26-Nov 06-Jan 14-Jun
CTP Price - Low 85.500 88.250 95.250 0.500 97.250 1.000
- - Date 26-Mar 03-Apr 06-Jul 13-Nov 09-Mar 11-Jun
PHEI Fair Yield (%) 8.3923 7.6359 7.5295 6.6923 7.3985 7.2345
Mod. Duration (yrs) 9.165 9.613 9.416 9.864 9.336 9.501
120 10.0
Convexity (yrs) 127.454 134.552 130.768 137.815 127.297 128.555
Sensitivity (%) 0.084 0.095 0.094 0.107 0.094 0.097
110 9.0
100 8.0
90 7.0
80 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDG000012501 Sep-17 Jul-20 May-23 Mar-26 Jan-29 Nov-31 Sep-34 Jul-37


32,000 16,000
24,000 12,000 Trading days 121 160 168 159 141 143
Turnover Ratio (%) 421.85 203.87 172.24 202.36 129.13 139.12
16,000 8,000 CTP Price - High 109.000 101.750 106.900 109.850 107.850 110.150
Date 06-Mar 30-Jun 22-Jul 17-Dec 04-Jan 22-Apr
8,000 4,000
CTP Price - Low 3.000 85.000 92.750 0.200 94.500 96.500
- - Date 27-Feb 09-Apr 03-Jul 13-Nov 16-Mar 08-Apr
PHEI Fair Yield (%) 8.3741 7.7178 7.4170 6.9118 7.4068 7.2476
Mod. Duration (yrs) 10.642 11.368 11.378 11.975 11.320 11.623
113 9.0
Convexity (yrs) 193.941 211.772 213.357 227.640 210.106 215.806
106 8.5 Sensitivity (%) 0.095 0.109 0.113 0.127 0.113 0.118
99 8.0
92 7.5
85 7.0
78 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
71
ISIN CODE : IDG000012808 Sep-18 Jun-21 Mar-24


Volume
ar >> Volume (Rp bn) 141,229 87,726 83,691 152,886 151,612 85,189
Frequency
Frequency (X) 2,069 1,594 1,071 766 836 822
120,000 1,400
Trading days 94 136 98 96 95 92
Turnover Ratio (%) 631.23 392.09 374.06 683.33 677.63 385.14
CTP Price - High 110.000 107.500 110.390 111.500 110.300 110.500
60,000 700
Date 21-Feb 29-Jun 25-Aug 26-Nov 06-Jan 03-Jun
CTP Price - Low 101.000 100.500 100.900 100.700 105.720 104.250
PHEI Fair Yield (%) 7.2360 6.4045 5.6737 4.8244 5.3910 4.6830
Mod. Duration (yrs) 3.372 3.281 3.056 2.942 2.686 2.552
113 8.0
Convexity (yrs) 14.328 13.299 11.766 10.726 9.156 8.157
110 7.0 Sensitivity (%) 0.035 0.035 0.033 0.032 0.029 0.028
107 6.0
104 5.0
101 4.0
98 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0078
ISIN CODE : IDG000012907 Sep-18 Apr-21 Nov-23 Jun-26 Jan-29


Volume
160,000 4,000
Frequency (X) 4,868 2,156 1,169 1,054 1,419 797
ar >> 120,000 3,000 Trading days 107 120 90 87 83 75
Turnover Ratio (%) 659.95 250.22 231.42 157.01 212.62 162.25
80,000 2,000 CTP Price - High 112.650 111.280 111.760 117.100 115.800 113.450
Date 20-Feb 07-Apr 07-Jul 21-Dec 07-Jan 30-Jun
40,000 1,000
CTP Price - Low 96.500 97.000 100.050 102.250 100.500 103.950
- - Date 19-Mar 06-Apr 19-Aug 13-Nov 25-Feb 31-May
PHEI Fair Yield (%) 8.0152 7.1498 6.8184 5.9694 6.7513 6.3303
Mod. Duration (yrs) 6.166 6.271 6.066 6.136 5.814 5.825
118 9.0
Convexity (yrs) 50.523 50.638 47.987 47.715 43.782 42.892
Sensitivity (%) 0.063 0.067 0.066 0.070 0.064 0.065
112 8.0
106 7.0
100 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
72
ISIN CODE : IDG000013202 Jan-19 Dec-22 Nov-26 Oct-30 Sep-34 Aug-38


48,000 4,000
36,000 3,000 Trading days 107 149 105 101 83 79
Turnover Ratio (%) 350.03 182.84 143.29 214.38 193.03 74.14
24,000 2,000 CTP Price - High 113.650 109.500 112.500 120.000 120.250 116.500
12,000 1,000
CTP Price - Low 93.300 95.000 99.000 100.000 99.000 100.000
- - Date 23-Mar 02-Apr 19-Aug 17-Nov 23-Mar 13-Apr
PHEI Fair Yield (%) 8.4443 7.7842 7.6602 6.6300 7.6467 7.2673
Mod. Duration (yrs) 9.057 9.494 9.308 9.880 9.195 9.471
125 9.5
Convexity (yrs) 128.230 135.295 131.801 141.674 127.766 131.336
118 8.5 Sensitivity (%) 0.090 0.100 0.100 0.117 0.099 0.105
111 7.5
104 6.5
97 5.5
90 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0080
ISIN CODE : IDG000013509 Jul-19 Jun-23 May-27 Apr-31 Mar-35


120,000 12,000
ar >> 90,000 9,000 Trading days 123 182 132 131 118 112
Turnover Ratio (%) 1001.00 413.93 417.83 467.34 249.76 239.35
60,000 6,000 CTP Price - High 112.500 106.000 105.850 113.750 113.000 129.780
Date 09-Mar 12-Jun 26-Aug 18-Dec 04-Jan 05-May
30,000 3,000
CTP Price - Low 89.000 8.850 96.000 97.800 97.750 98.800
- - Date 27-Mar 16-Jun 15-Jul 16-Oct 10-Mar 15-Apr
PHEI Fair Yield (%) 8.1805 7.6125 7.4171 6.3668 7.2827 7.1141
Mod. Duration (yrs) 8.574 8.841 8.658 9.033 8.530 8.641
118 9.0
Convexity (yrs) 105.613 108.611 105.317 110.220 101.258 101.442
Sensitivity (%) 0.081 0.088 0.087 0.100 0.087 0.089
110 8.0
102 7.0
94 6.0
86 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
73
ISIN CODE : IDG000013707 Aug-19 Jan-21 Jun-22 Nov-23 Apr-25


320,000 4,800
240,000 3,600 Trading days 117 146 96 107 133 124
Turnover Ratio (%) 900.59 939.31 964.13 789.86 901.53 544.07
160,000 2,400 CTP Price - High 104.200 107.140 105.300 108.120 106.300 106.500
Date 20-Feb 16-Jun 27-Aug 29-Dec 03-Feb 08-Jun
80,000 1,200
CTP Price - Low 95.350 10.250 98.500 7.000 101.300 102.000
- - Date 23-Mar 03-Jun 08-Jul 13-Nov 19-Mar 28-Apr
PHEI Fair Yield (%) 7.1522 6.4847 5.7043 5.1753 5.7959 5.0888
Mod. Duration (yrs) 4.253 4.172 3.956 3.848 3.586 3.469
110 9.0
Convexity (yrs) 22.234 21.011 19.139 17.835 15.765 14.540
106 8.0 Sensitivity (%) 0.041 0.042 0.041 0.040 0.037 0.036
102 7.0
98 6.0
94 5.0
90 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0082
ISIN CODE : IDG000013806 Aug-19 Apr-22 Dec-24 Aug-27 Apr-30


Volume
Volume (Rp bn) 317,172 302,113 278,776 227,726 153,468 109,304
Frequency
270,000 9,000 Frequency (X) 9,656 10,986 7,387 6,013 4,039 2,613
ar >> Trading days 133 158 120 123 113 134
180,000 6,000 Turnover Ratio (%) 1299.13 861.46 709.40 579.50 390.53 271.24
CTP Price - High 108.350 104.250 104.750 116.450 110.000 110.850
90,000 3,000 Date 24-Jan 30-Jun 19-Aug 16-Nov 04-Jan 21-May
CTP Price - Low 5.000 50.000 97.000 98.000 98.200 99.450
PHEI Fair Yield (%) 7.8727 7.1707 6.9290 5.9260 6.7719 6.5316
Mod. Duration (yrs) 7.174 7.042 7.076 6.970 6.841 6.632
114 8.5
Convexity (yrs) 66.739 64.692 63.845 62.138 59.219 56.259
Sensitivity (%) 0.067 0.070 0.071 0.075 0.070 0.068
107 7.5
100 6.5
93 5.5
86 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
74
ISIN CODE : IDG000014101 Nov-19 Sep-23 Jul-27 May-31 Mar-35 Jan-39


84,000 12,000
63,000 9,000 Trading days 123 207 156 144 165 172
Turnover Ratio (%) 903.48 434.72 259.28 330.19 419.70 239.40
42,000 6,000 CTP Price - High 107.750 102.750 105.750 114.100 113.350 109.100
Date 05-Mar 05-Jun 01-Sep 17-Dec 10-Feb 10-Jun
21,000 3,000
CTP Price - Low 88.000 83.200 1.000 0.480 97.000 2.450
- - Date 26-Mar 15-Apr 16-Jul 13-Nov 17-Mar 20-Apr
PHEI Fair Yield (%) 8.2994 7.6173 7.4224 6.5138 7.4625 7.2430
Mod. Duration (yrs) 9.529 10.016 9.872 10.441 9.737 9.961
115 9.0
Convexity (yrs) 142.125 150.635 147.864 158.155 143.082 145.710
110 8.5 Sensitivity (%) 0.088 0.099 0.100 0.116 0.098 0.102
105 8.0
100 7.5
95 7.0
90 6.5
85 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0084
ISIN CODE : IDG000014309 May-20 Oct-21 Mar-23 Aug-24 Jan-26


Volume Volume (Rp bn) - 20,837 14,913 13,235 13,192 12,087
20,000 400
Frequency Frequency (X) - 436 452 237 215 238
ar >> 15,000 300 Trading days - 55 60 52 47 46
Turnover Ratio (%) - 220.05 157.49 139.77 139.31 127.64
10,000 200 CTP Price - High - 105.150 107.000 110.000 108.850 107.750
Date - 08-Jun 26-Aug 17-Dec 01-Feb 25-Jun
5,000 100
CTP Price - Low - 98.500 101.000 105.000 98.400 101.000
- - Date - 06-May 28-Jul 16-Oct 30-Mar 29-Jun
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 PHEI Fair Price - 102.757 105.867 108.392 105.220 107.212
PHEI Fair Yield (%) - 6.6521 5.9562 5.3547 5.9975 5.4627
Last Date - 30-Jun 30-Sep 30-Dec 31-Mar 30-Jun
Mod. Duration (yrs) - 4.465 4.405 4.190 4.060 3.835
114 8.0
Convexity (yrs) - 24.884 23.718 21.755 20.126 18.232
Sensitivity (%) - 0.046 0.047 0.045 0.043 0.041
108 7.0
102 6.0
96 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
75
FR0085
ISIN CODE : IDG000014408 May-20 Dec-23 Jul-27 Feb-31


Volume
Volume (Rp bn) - 12,386 6,490 10,132 23,029 5,648
Frequency
18,000 600 Frequency (X) - 732 219 333 211 82
Trading days - 58 48 50 49 31
12,000 400 Turnover Ratio (%) - 233.95 122.58 191.37 434.96 106.68
CTP Price - High - 106.000 110.500 112.800 112.800 109.660
6,000 200 Date - 24-Jun 25-Aug 30-Dec 04-Jan 14-Jun
CTP Price - Low - 96.850 100.000 105.750 105.800 106.000
- - Date - 20-May 29-Jul 23-Oct 31-Mar 09-Apr
PHEI Fair Yield (%) - 7.2204 6.9278 6.1569 6.9214 6.6237
Mod. Duration (yrs) - 7.201 7.007 7.137 6.780 6.827
114 9.0
Convexity (yrs) - 68.567 65.672 66.103 61.067 60.401
Sensitivity (%) - 0.075 0.074 0.080 0.072 0.074
109 8.0
104 7.0
99 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDG000015108 Aug-20 May-23 Feb-26


ar >> Volume Volume (Rp bn) - - 43,272 78,308 206,786 168,896
176,000 3,200
Frequency Frequency (X) - - 1,016 1,594 3,297 3,486
132,000 2,400 Trading days - - 37 66 101 104
Turnover Ratio (%) - - 651.93 612.38 911.38 485.40
88,000 1,600 CTP Price - High - - 101.500 113.310 104.600 115.650
Date - - 26-Aug 20-Nov 08-Feb 25-May
44,000 800
CTP Price - Low - - 97.780 98.750 50.000 98.000
- - Date - - 22-Sep 12-Oct 30-Mar 25-May
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 PHEI Fair Price - - 99.522 101.600 98.274 100.575
PHEI Fair Yield (%) - - 5.6010 5.1488 5.9000 5.3602
Last Date - - 30-Sep 30-Dec 31-Mar 30-Jun
Mod. Duration (yrs) - - 4.601 4.502 4.229 4.123
117 6.5
Convexity (yrs) - - 25.799 24.320 21.817 20.421
Sensitivity (%) - - 0.046 0.046 0.042 0.041
111 6.0
105 5.5
99 5.0
93 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
76


Volume
ar >> Frequency Volume (Rp bn) - - 60,408 154,845 271,403 288,215
240,000 12,800
Frequency (X) - - 5,917 11,392 15,418 14,335
180,000 9,600 Trading days - - 76 145 193 186
Turnover Ratio (%) - - 949.44 921.01 919.82 632.36
120,000 6,400 CTP Price - High - - 103.500 107.750 115.000 104.850
Date - - 07-Sep 10-Dec 25-Feb 15-Jun
60,000 3,200
CTP Price - Low - - 95.000 0.500 20.000 96.750
- - Date - - 14-Sep 13-Nov 24-Feb 01-Apr
PHEI Fair Yield (%) - - 6.8529 5.8543 6.7739 6.5553
Mod. Duration (yrs) - - 7.351 7.260 7.115 6.901
110 7.0
Convexity (yrs) - - 69.081 67.517 64.235 61.099
Sensitivity (%) - - 0.072 0.076 0.070 0.069
106 6.5
102 6.0
98 5.5
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FR0088
ISIN CODE : IDG000018201 Jan-21 Jan-24 Jan-27 Jan-30 Jan-33 Jan-36


Volume
Frequency Volume (Rp bn) - - - - 56,668 28,097
48,000 19,200
Frequency (X) - - - - 21,837 12,399
ar >> 36,000 14,400 Trading days - - - - 156 153
Turnover Ratio (%) - - - - 705.51 255.46
24,000 9,600 CTP Price - High - - - - 105.850 104.250
Date - - - - 18-Jan 12-Apr
12,000 4,800
CTP Price - Low - - - - 93.500 95.000
- - Date - - - - 30-Mar 01-Apr
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 PHEI Fair Price - - - - 96.424 98.611
PHEI Fair Yield (%) - - - - 6.6254 6.3953
Last Date - - - - 31-Mar 30-Jun
Mod. Duration (yrs) - - - - 9.432 9.559
108 7.0
Convexity (yrs) - - - - 121.590 122.075
Sensitivity (%) - - - - 0.091 0.094
103 6.5
98 6.0
93 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
77
ISIN CODE : IDG000018300 Jan-21 Oct-23 Jul-26 Apr-29 Jan-32 Oct-34 Jul-37 Apr-40


ar >> Volume Volume (Rp bn) - - - - 13,350 13,987
12,000 Frequency
8,000
Frequency (X) - - - - 5,405 8,211
9,000 6,000 Trading days - - - - 109 125
Turnover Ratio (%) - - - - 267.32 186.11
6,000 4,000 CTP Price - High - - - - 109.750 104.700
Date - - - - 20-Jan 16-Jun
3,000 2,000
CTP Price - Low - - - - 95.750 94.850
- - Date - - - - 15-Mar 16-Apr
PHEI Fair Yield (%) - - - - 7.0221 6.8953
Mod. Duration (yrs) - - - - 12.432 12.314
112 7.5
Convexity (yrs) - - - - 252.566 250.330
Sensitivity (%) - - - - 0.122 0.123
106 7.0
100 6.5
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2020
Q1-2020 Q2-2020 Q3-2020 Q4-2020 Outstanding in Year 2020 Turnover
FR0035 445 40,356 13,466 8,628 602.3%

ar >>
FR0037 157.6%
FR0039 39.9%
FR0040 24,419 35,630 31,220 7,898 381.4%
FR0042 34,778 5,073 8,921 12,403 414.1%
FR0043 18,689 43,129 67,844 29,727 1177.0%
FR0044 28,969 915 17,214 9,137 317.7%
FR0045 40.5%
FR0046 30.2%
FR0047 15,886 5,327 7,396 165.8%
- 30,000 60,000 90,000 120,000 150,000 180,000
78
ar >> FR0050 65.2%
FR0052 127.4%
FR0053 98,462 94,324 86,145 91,036 375.5%
FR0054 137.8%
FR0056 149,387 124,594 147,147 159,957 478.6%
FR0057 34.5%
FR0058 157.2%
FR0059 106,586 89,942 55,708 101,155 301.8%
FR0061 151,688 143,471 96,204 121,165 498.9%
FR0062 78.7%
FR0063 102,982 119,027 50,968 100,885 389.8%
FR0064 81,593 51,251 41,697 44,238 200.2%
FR0065 39,634 39,381 51,501 188.1%
FR0067 100.1%
FR0068 102,515 74,119 37,217 64,346 201.9%
FR0070 160,750 148,569 126,234 185,618 458.6%
FR0071 62,837 41,624 29,460 180.5%
FR0072 36,409 38,828 23,351 164.5%
FR0073 186.8%
FR0074 189.3%
- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000
79
ar >>
FR0075 182.7%
FR0076 169.6%
FR0077 141,229 87,726 83,691 152,886 520.2%
FR0078 179,464 68,043 62,933 42,697 324.6%
FR0079 222.6%
FR0080 107,608 61,457 85,591 127,513 350.2%
FR0081 173,093 292,945 355,330 291,103 754.6%
FR0082 317,172 302,113 278,776 227,726 716.2%
FR0083 244.2%
FR0084 129.3%
FR0085 137.0%
FR0086 43,272 78,308 237.7%
FR0087 60,408 154,845 320.1%
- 200,000 400,000 600,000 800,000 1,000,000 1,200,000
80
VR0043
ISIN CODE : IDG000015801 Sep-20 May-21 Jan-22 Sep-22 May-23 Jan-24 Sep-24 May-25 Jan-26 Sep-26


Volume Volume (Rp bn) - - 10,991 58,819 143,472 81,646
120,000 120
Frequency Frequency (X) - - 5 55 88 125
90,000 90 Trading days - - 1 15 27 16
Turnover Ratio (%) - - 208.36 1115.05 2719.85 1547.79
60,000 60 CTP Price - High - - 100.000 100.000 100.010 100.000
Date - - 30-Sep 17-Dec 15-Mar 29-Apr
30,000 30
CTP Price - Low - - 94.890 94.910 89.970 89.990
- - Date - - 30-Sep 30-Dec 08-Feb 07-Jun
PHEI Fair Yield (%) - - 4.2663 4.0125 3.8922 3.8825
Mod. Duration (yrs) - - 5.316 5.159 4.987 4.786
102 4.5
Convexity (yrs) - - 31.633 29.613 27.533 25.329
Sensitivity (%) - - 0.053 0.052 0.050 0.048
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0044 Listing Date Maturity Date
ISIN CODE : IDG000015900 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27


ar >> Volume Volume (Rp bn) - - 500 33,201 38,120 38,083
32,000 48
24,000 36 Trading days - - 1 13 6 9
Turnover Ratio (%) - - 9.48 629.40 722.65 721.95
16,000 24 CTP Price - High - - 94.920 100.000 100.000 100.000
Date - - 30-Sep 08-Dec 09-Mar 19-May
8,000 12
CTP Price - Low - - 94.920 94.950 95.000 89.910
- - Date - - 30-Sep 27-Oct 05-Mar 21-Apr
PHEI Fair Yield (%) - - 4.2663 4.0125 3.8922 3.8825
Mod. Duration (yrs) - - 6.087 5.951 5.798 5.606
102 4.5
Convexity (yrs) - - 41.735 39.609 37.369 34.866
Sensitivity (%) - - 0.061 0.060 0.058 0.056
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
81
ISIN CODE : IDG000016007 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27 Sep-28


Volume
ar >> Frequency Volume (Rp bn) - - - 1,679 9,000 3,745
7,500 6 Frequency (X) - - - 5 1 6
Trading days - - - 3 1 2
5,000 4 Turnover Ratio (%) - - - 31.83 170.62 71.00
CTP Price - High - - - 100.000 100.000 93.080
2,500 2 Date - - - 04-Nov 04-Jan 02-Jun
CTP Price - Low - - - 95.070 100.000 92.950
- - Date - - - 12-Oct 04-Jan 21-May
PHEI Fair Yield (%) - - 4.2663 4.0125 3.8922 3.8825
Mod. Duration (yrs) - - 6.828 6.715 6.582 6.398
102 4.5
Convexity (yrs) - - 52.910 50.754 48.422 45.650
Sensitivity (%) - - 0.068 0.067 0.066 0.064
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0046
ISIN CODE : IDG000016205 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25


Volume
Volume (Rp bn) - - - 55,181 86,716 48,511
Frequency
75,000 60 Frequency (X) - - - 28 57 60
ar >> Trading days - - - 13 13 13
50,000 40 Turnover Ratio (%) - - - 1911.03 3003.15 1680.03
CTP Price - High - - - 100.000 100.010 100.000
25,000 20 Date - - - 16-Dec 31-Mar 29-Jun
CTP Price - Low - - - 94.900 94.900 89.970
- - Date - - - 13-Oct 13-Jan 02-Jun
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 PHEI Fair Price - - - 99.996 100.014 100.005
PHEI Fair Yield (%) - - - 3.9430 3.1248 3.1421
Last Date - - - 30-Dec 31-Mar 30-Jun
Mod. Duration (yrs) - - - 4.315 4.146 3.953
102 4.5
Convexity (yrs) - - - 20.890 19.185 17.389
Sensitivity (%) - - - 0.043 0.041 0.040
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
82
ISIN CODE : IDG000016304 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26


ar >> Volume Volume (Rp bn) - - - 49,819 89,120 26,468
80,000 Frequency
40
Frequency (X) - - - 27 49 45
60,000 30 Trading days - - - 10 16 11
Turnover Ratio (%) - - - 1725.33 3086.41 916.64
40,000 20 CTP Price - High - - - 100.000 100.000 100.000
Date - - - 03-Dec 02-Mar 23-Jun
20,000 10
CTP Price - Low - - - 94.940 94.180 89.900
- - Date - - - 05-Nov 16-Mar 03-May
PHEI Fair Yield (%) - - - 3.9430 3.1248 3.1421
Mod. Duration (yrs) - - - 5.120 4.977 4.800
102 4.5
Convexity (yrs) - - - 29.519 27.678 25.626
Sensitivity (%) - - - 0.051 0.050 0.048
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0048
ISIN CODE : IDG000016403 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 Oct-27


Volume
Volume (Rp bn) - - - 8,906 15,312 14,743
Frequency
12,000 15 Frequency (X) - - - 8 14 14
ar >> Trading days - - - 4 5 6
8,000 10 Turnover Ratio (%) - - - 308.43 530.29 510.58
CTP Price - High - - - 100.000 100.000 100.000
4,000 5 Date - - - 04-Dec 18-Mar 21-Apr
CTP Price - Low - - - 94.910 94.990 92.400
- - Date - - - 14-Oct 10-Mar 16-Apr
PHEI Fair Yield (%) - - - 3.9430 3.1248 3.1421
Mod. Duration (yrs) - - - 5.895 5.780 5.619
102 4.5
Convexity (yrs) - - - 39.356 37.477 35.226
Sensitivity (%) - - - 0.059 0.058 0.056
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
83
ISIN CODE : IDG000016502 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 Oct-27 Oct-28


ar >> Volume Volume (Rp bn) - - - 1,000 - 2,640
2,400 4
Frequency Frequency (X) - - - 1 - 3
1,800 3 Trading days - - - 1 - 1
Turnover Ratio (%) - - - 34.63 - 91.43
1,200 2 CTP Price - High - - - 95.240 - 92.860
Date - - - 09-Nov - 27-May
600 1
CTP Price - Low - - - 95.240 - 83.570
- - Date - - - 09-Nov - 27-May
PHEI Fair Yield (%) - - - 3.9430 3.1248 3.1421
Mod. Duration (yrs) - - - 6.641 6.556 6.413
102 4.5
Convexity (yrs) - - - 50.298 48.487 46.093
Sensitivity (%) - - - 0.066 0.066 0.064
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0050
ISIN CODE : IDG000016601 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25


Volume
Volume (Rp bn) - - - 51,308 28,945 24,293
Frequency
40,500 24 Frequency (X) - - - 26 24 29
ar >> Trading days - - - 14 13 11
27,000 16 Turnover Ratio (%) - - - 3589.54 2025.01 1699.55
CTP Price - High - - - 100.010 100.000 100.010
13,500 8 Date - - - 16-Dec 24-Feb 07-Apr
CTP Price - Low - - - 94.890 89.970 94.870
- - Date - - - 27-Oct 22-Feb 28-Apr
PHEI Fair Yield (%) - - - 3.8405 3.4017 3.4287
Mod. Duration (yrs) - - - 4.355 4.179 3.987
102 4.5
Convexity (yrs) - - - 21.244 19.474 17.664
Sensitivity (%) - - - 0.044 0.042 0.040
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
84
ISIN CODE : IDG000016700 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26


Volume
ar >> Volume (Rp bn) - - - 20,403 71,962 10,399
Frequency
60,000 30 Frequency (X) - - - 19 35 16
40,000 20 Turnover Ratio (%) - - - 1427.41 5034.51 727.52
CTP Price - High - - - 100.000 100.000 99.910
20,000 10 Date - - - 26-Nov 17-Mar 24-May
CTP Price - Low - - - 94.900 94.920 92.380
- - Date - - - 27-Oct 29-Jan 29-Apr
PHEI Fair Yield (%) - - - 3.8405 3.4017 3.4287
Mod. Duration (yrs) - - - 5.161 5.007 4.830
102 4.5
Convexity (yrs) - - - 29.945 28.001 25.939
Sensitivity (%) - - - 0.052 0.050 0.048
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0052
ISIN CODE : IDG000016809 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 Oct-27


Volume
Frequency Volume (Rp bn) - - - 1,000 2,254 6,961
6,400 12
Frequency (X) - - - 1 4 11
ar >> 4,800 9 Trading days - - - 1 3 4
Turnover Ratio (%) - - - 69.96 157.69 487.00
3,200 6 CTP Price - High - - - 100.000 95.580 100.000
Date - - - 16-Nov 25-Mar 09-Jun
1,600 3
CTP Price - Low - - - 100.000 95.000 92.850
- - Date - - - 16-Nov 08-Jan 09-Jun
PHEI Fair Yield (%) - - - 3.8405 3.4017 3.4287
Mod. Duration (yrs) - - - 5.938 5.807 5.647
102 4.5
Convexity (yrs) - - - 39.858 37.821 35.563
Sensitivity (%) - - - 0.059 0.058 0.056
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
85
VR0053
ISIN CODE : IDG000016908 Oct-20 Feb-22 Jun-23 Oct-24 Feb-26 Jun-27 Oct-28


Volume (Rp bn) - - - 260 - 1,620
Volume
Trading days - - - 1 - 1
900 1 Turnover Ratio (%) - - - 18.19 - 113.34
CTP Price - High - - - 95.030 - 92.770
Date - - - 06-Nov - 02-Jun
CTP Price - Low - - - 95.030 - 92.770
- - Date - - - 06-Nov - 02-Jun
PHEI Fair Yield (%) - - - 3.8405 3.4017 3.4287
Mod. Duration (yrs) - - - 6.685 6.579 6.436
102 4.5
Convexity (yrs) - - - 50.879 48.835 46.439
Sensitivity (%) - - - 0.067 0.066 0.064
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDG000017005 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25


Volume
ar >> Volume (Rp bn) - - - 5,363 18,992 14,825
Frequency
Frequency (X) - - - 10 19 12
14,000 14
Turnover Ratio (%) - - - 490.89 1738.40 1356.98
CTP Price - High - - - 100.000 100.000 100.000
7,000 7
Date - - - 02-Dec 03-Feb 24-May
CTP Price - Low - - - 94.980 95.000 94.940
- - Date - - - 10-Dec 18-Jan 24-May
PHEI Fair Yield (%) - - - 3.7789 3.6525 3.6807
Mod. Duration (yrs) - - - 4.414 4.231 4.038
102 4.5
Convexity (yrs) - - - 21.777 19.925 18.093
Sensitivity (%) - - - 0.044 0.042 0.040
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
86
ISIN CODE : IDG000017104 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-26


Volume
ar >> Volume (Rp bn) - - - 10,449 68,758 3,819
Frequency
54,000 18 Frequency (X) - - - 9 20 12
36,000 12 Turnover Ratio (%) - - - 956.43 6293.64 349.57
CTP Price - High - - - 100.000 100.000 93.240
18,000 6 Date - - - 18-Nov 31-Mar 30-Apr
CTP Price - Low - - - 94.910 94.970 92.450
- - Date - - - 18-Nov 24-Feb 25-May
PHEI Fair Yield (%) - - - 3.7789 3.6525 3.6807
Mod. Duration (yrs) - - - 5.222 5.057 4.880
102 4.5
Convexity (yrs) - - - 30.584 28.520 26.438
Sensitivity (%) - - - 0.052 0.051 0.049
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0056
ISIN CODE : IDG000017203 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-26 Nov-27


Volume Volume (Rp bn) - - - 2,429 489 5,292
4,400 8
Frequency Frequency (X) - - - 2 2 8
ar >> 3,300 6 Trading days - - - 2 2 4
Turnover Ratio (%) - - - 222.33 44.76 484.39
2,200 4 CTP Price - High - - - 94.920 95.560 93.160
Date - - - 19-Nov 08-Jan 22-Apr
1,100 2
CTP Price - Low - - - 94.890 95.430 92.460
- - Date - - - 20-Nov 25-Mar 20-May
PHEI Fair Yield (%) - - - 3.7789 3.6525 3.6807
Mod. Duration (yrs) - - - 6.000 5.853 5.693
102 4.5
Convexity (yrs) - - - 40.605 38.394 36.119
Sensitivity (%) - - - 0.060 0.059 0.057
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
87
ISIN CODE : IDG000017302 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-26 Nov-27 Nov-28


ar >> Volume Volume (Rp bn) - - - - 50 2,050
1,680 4
Frequency Frequency (X) - - - - 1 4
1,260 3 Trading days - - - - 1 3
Turnover Ratio (%) - - - - 4.58 187.64
840 2 CTP Price - High - - - - 100.000 100.010
Date - - - - 05-Mar 05-May
420 1
CTP Price - Low - - - - 100.000 92.770
- - Date - - - - 05-Mar 23-Jun
PHEI Fair Yield (%) - - - 3.7789 3.6525 3.6807
Mod. Duration (yrs) - - - 6.749 6.622 6.479
102 4.5
Convexity (yrs) - - - 51.737 49.444 47.036
Sensitivity (%) - - - 0.068 0.066 0.065
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0058
ISIN CODE : IDG000017401 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25


Volume
Volume (Rp bn) - - - 21,804 49,726 9,519
Frequency
39,000 24 Frequency (X) - - - 11 28 22
26,000 16 Turnover Ratio (%) - - - 1292.09 2946.73 564.09
CTP Price - High - - - 100.000 100.000 100.000
13,000 8 Date - - - 02-Dec 27-Jan 30-Jun
CTP Price - Low - - - 94.960 90.000 94.940
- - Date - - - 02-Dec 28-Jan 31-May
PHEI Fair Yield (%) - - - 3.8080 3.7127 3.7342
Mod. Duration (yrs) - - - 4.433 4.250 4.056
102 4.5
Convexity (yrs) - - - 21.945 20.089 18.243
Sensitivity (%) - - - 0.044 0.043 0.041
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
88
ISIN CODE : IDG000017500 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-26


80,000 32
60,000 24 Trading days - - - 4 15 6
Turnover Ratio (%) - - - 369.13 4811.02 831.70
40,000 16 CTP Price - High - - - 95.250 100.010 100.000
Date - - - 18-Dec 15-Jan 15-Apr
20,000 8
CTP Price - Low - - - 94.990 94.910 92.370
- - Date - - - 27-Nov 25-Feb 25-May
PHEI Fair Yield (%) - - - 3.8080 3.7127 3.7342
Mod. Duration (yrs) - - - 5.241 5.075 4.897
102 4.5
Convexity (yrs) - - - 30.780 28.713 26.615
Sensitivity (%) - - - 0.052 0.051 0.049
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0060
ISIN CODE : IDG000017609 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-26 Nov-27


Volume
Volume (Rp bn) - - - - 2,100 7,896
Frequency
Frequency (X) - - - - 3 12
6,000 10
ar >> Trading days - - - - 1 3
Turnover Ratio (%) - - - - 124.44 467.91
CTP Price - High - - - - 95.480 93.370
3,000 5
Date - - - - 08-Jan 20-May
CTP Price - Low - - - - 95.480 92.540
- - Date - - - - 08-Jan 09-Jun
PHEI Fair Yield (%) - - - 3.8080 3.7127 3.7342
Mod. Duration (yrs) - - - 6.018 5.871 5.710
102 4.5
Convexity (yrs) - - - 40.827 38.611 36.319
Sensitivity (%) - - - 0.060 0.059 0.057
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
89
ISIN CODE : IDG000017708 Nov-20Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Nov-26 Nov-27 Nov-28


Volume - - - - - 3,330
ar >> Volume (Rp bn)
Frequency
Frequency (X) - - - - - 2
2,600 2
Trading days - - - - - 1
Turnover Ratio (%) - - - - - 197.33
CTP Price - High - - - - - 92.390
1,300 1
Date - - - - - 27-May
CTP Price - Low - - - - - 92.390
- - Date - - - - - 27-May
PHEI Fair Yield (%) - - - 3.8080 3.7127 3.7342
Mod. Duration (yrs) - - - 6.767 6.639 6.496
102 4.5
Convexity (yrs) - - - 51.983 49.683 47.255
Sensitivity (%) - - - 0.068 0.066 0.065
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
VR0062
ISIN CODE : IDG000017807 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25


Volume
120,000 90 Frequency (X) - - - 17 96 116
80,000 60 Turnover Ratio (%) - - - 642.47 2434.57 1174.90
CTP Price - High - - - 95.080 100.010 100.010
40,000 30 Date - - - 30-Dec 25-Feb 07-Jun
CTP Price - Low - - - 94.890 89.860 89.940
- - Date - - - 16-Dec 16-Mar 22-Apr
PHEI Fair Yield (%) - - - 3.9251 3.8421 3.8433
Mod. Duration (yrs) - - - 4.508 4.323 4.113
102 4.5
Convexity (yrs) - - - 22.586 20.688 18.727
Sensitivity (%) - - - 0.045 0.043 0.041
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
90
VR0063
ISIN CODE : IDG000017906 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26


Volume Volume (Rp bn) - - - 21,078 105,395 76,050
80,000 60
Turnover Ratio (%) - - - 327.52 1637.68 1181.70
CTP Price - High - - - 100.000 100.010 100.000
40,000 30
CTP Price - Low - - - 94.890 87.970 89.960
- - Date - - - 16-Dec 25-Jan 03-May
PHEI Fair Yield (%) - - - 3.9251 3.8421 3.8433
Mod. Duration (yrs) - - - 5.323 5.156 4.954
102 4.5
Convexity (yrs) - - - 31.596 29.486 27.189
Sensitivity (%) - - - 0.053 0.052 0.050
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDG000018003 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27


Volume
ar >> Volume (Rp bn) - - - - - 15,541
Frequency
12,000 24 Frequency (X) - - - - - 29
8,000 16 Turnover Ratio (%) - - - - - 241.48
CTP Price - High - - - - - 100.010
4,000 8 Date - - - - - 09-Jun
CTP Price - Low - - - - - 89.990
- - Date - - - - - 24-May
PHEI Fair Yield (%) - - - 3.9251 3.8421 3.8433
Mod. Duration (yrs) - - - 6.109 5.961 5.766
102 4.5
Convexity (yrs) - - - 41.839 39.583 36.976
Sensitivity (%) - - - 0.061 0.060 0.058
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
91
ISIN CODE : IDG000018102 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28

900 3 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2

ar >> Volume Volume (Rp bn) - - - 800 - 500
Frequency
Frequency (X) - - - 2 - 1
600 2
Turnover Ratio (%) - - - 13.73 - 8.58
CTP Price - High - - - 100.000 - 83.840
300 1
Date - - - 16-Dec - 27-May
CTP Price - Low - - - 95.000 - 83.840
- - Date - - - 23-Dec - 27-May
PHEI Fair Yield (%) - - - 3.9251 3.8421 3.8433
Mod. Duration (yrs) - - - 6.866 6.738 6.550
102 4.5
Convexity (yrs) - - - 53.213 50.877 47.986
Sensitivity (%) - - - 0.069 0.067 0.066
101 4.0
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ar >> VR0033 23.1%
VR0034 36,545 108,698 707.6%
VR0035 50,707 106,917 768.0%
VR0036 31,696 47,172 384.3%
VR0037 8,263 6,757 73.2%
VR0038 10,918 307.9%
- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000
92
ar >> VR0039 7,120 63,404 1661.3%
VR0040 3,807 9,131 304.8%
VR0041 26.3%
VR0042 13,509 103,869 556.3%
VR0043 10,991 58,819 330.9%
VR0044 33,201 159.7%
VR0045 8.0%
VR0046 55,181 477.8%
VR0047 49,819 431.3%
VR0048 8,906 77.1%
VR0049 8.7%
VR0050 51,308 897.4%
VR0051 20,403 356.9%
VR0052 17.5%
VR0053 4.5%
VR0054 5,363 122.7%
VR0055 10,449 239.1%
VR0056 55.6%
VR0057 0.0%
VR0058 21,804 323.0%
- 20,000 40,000 60,000 80,000 100,000 120,000
93
VR0059 6,229 92.3%

ar >>
VR0060 0.0%
VR0061 0.0%
VR0062 41,347 160.6%
VR0063 21,078 81.9%
VR0064 0.0%
VR0065 3.4%
- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000
94
TRADING HIGHLIGHT
ORI015
ISIN CODE : IDG000013103 Nov-18 Oct-19 Sep-20 Aug-21


Volume
Frequency (X) 1,451 1,728 1,413 1,386 1,615 1,224
12,000 1,200
Trading days 92 96 81 78 88 79
Turnover Ratio (%) 117.77 280.62 61.08 50.80 45.67 32.75
CTP Price - High 106.600 106.000 135.500 106.300 104.750 103.750
6,000 600
Date 27-Feb 20-May 24-Aug 09-Oct 11-Jan 05-Apr
CTP Price - Low 100.000 100.000 101.000 100.000 99.700 99.000
- - Date 23-Mar 10-Jun 17-Sep 30-Dec 07-Jan 08-Apr
PHEI Fair Yield (%) 5.4701 5.3123 4.0319 3.8774 3.7295 3.1823
Mod. Duration (yrs) 1.443 1.222 0.996 0.766 0.527 0.288
109 6.5
Convexity (yrs) 2.286 1.645 1.103 0.663 0.326 0.107
Sensitivity (%) 0.015 0.013 0.010 0.008 0.005 0.003
106 5.5
103 4.5
100 3.5
97 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ORI016 Listing Date Maturity Date
ISIN CODE : IDG000014002 Oct-19 Jul-20 Apr-21 Jan-22 Oct-22


ar >> Volume Volume (Rp bn) 4,672 1,663 2,666 1,643 1,344 955
4,000 1,600
Frequency Frequency (X) 1,677 1,158 1,173 742 564 465
3,000 1,200 Trading days 64 86 64 67 63 73
Turnover Ratio (%) 227.52 81.00 129.83 80.01 65.45 46.51
2,000 800 CTP Price - High 104.750 104.000 106.250 106.250 105.750 105.250
Date 11-Mar 05-May 18-Aug 14-Dec 10-Mar 23-Apr
1,000 400
CTP Price - Low 96.000 98.000 13.250 100.000 98.000 95.000
- - Date 04-Mar 05-May 31-Aug 21-Dec 25-Jan 19-May
PHEI Fair Yield (%) 6.5632 6.0504 4.4419 4.0904 4.0017 3.6777
Mod. Duration (yrs) 2.321 2.114 1.904 1.686 1.460 1.234
109 7.0
Convexity (yrs) 5.890 4.871 3.943 3.093 2.324 1.669
Sensitivity (%) 0.023 0.021 0.020 0.018 0.015 0.013
105 6.0
101 5.0
97 4.0
93 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
95
Jul-20 Apr-21 Jan-22 Oct-22 Jul-23


Volume
ar >> Volume (Rp bn) - - 10,909 4,479 3,221 1,386
Frequency
9,000 9,000 Frequency (X) - - 9,605 2,971 2,116 1,389
Trading days - - 23 85 85 89
6,000 6,000 Turnover Ratio (%) - - 237.98 97.71 70.27 30.24
CTP Price - High - - 105.500 105.900 105.250 104.700
3,000 3,000 Date - - 17-Sep 11-Dec 18-Feb 18-Jun
CTP Price - Low - - 96.390 97.000 97.000 95.000
- - Date - - 25-Sep 29-Dec 16-Mar 07-Jun
PHEI Fair Yield (%) - - 5.3146 4.6444 5.0612 4.6200
Mod. Duration (yrs) - - 2.550 2.344 2.125 1.910
108 6.5
Convexity (yrs) - - 7.092 5.974 4.906 3.960
105 6.0 Sensitivity (%) - - 0.026 0.024 0.022 0.020
102 5.5
99 5.0
96 4.5
93 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ORI018
Nov-20 Oct-21 Sep-22 Aug-23


Volume
5,200 4,800
Frequency (X) - - - 5,864 3,317 1,549
ar >> 3,900 3,600 Trading days - - - 16 73 79
Turnover Ratio (%) - - - 160.22 187.26 117.27
2,600 2,400 CTP Price - High - - - 103.450 104.000 104.000
Date - - - 30-Dec 25-Jan 18-Jun
1,300 1,200
CTP Price - Low - - - 99.750 98.900 99.000
- - Date - - - 15-Dec 18-Mar 14-Apr
PHEI Fair Yield (%) - - - 4.8618 5.1481 4.6515
Mod. Duration (yrs) - - - 2.575 2.357 2.142
106 6.0
Convexity (yrs) - - - 7.190 6.014 4.964
Sensitivity (%) - - - 0.026 0.024 0.022
104 5.5
102 5.0
100 4.5
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
96
Feb-21 Nov-21 Aug-22 May-23 Feb-24


Volume
ar >> Volume (Rp bn) - - - - - 17,009
Frequency
Frequency (X) - - - - - 13,684
12,000 10,000
Turnover Ratio (%) - - - - - 261.67
CTP Price - High - - - - - 104.000
6,000 5,000
Date - - - - - 15-Jun
CTP Price - Low - - - - - 95.000
- - Date - - - - - 27-May
PHEI Fair Yield (%) - - - - 5.8051 4.7262
Mod. Duration (yrs) - - - - 2.642 2.435
105 7.0
Convexity (yrs) - - - - 7.574 6.417
Sensitivity (%) - - - - 0.026 0.025
102 6.0
99 5.0
96 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ar >> ORI015 6,883 16,401 3,570 2,969 127.6%
ORI016 4,672 1,663 2,666 1,643 129.6%
ORI017 10,909 4,479 83.9%
ORI018 5,196 40.1%
- 4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000
97
TRADING HIGHLIGHT
IFR0006
ISIN CODE : IDP000000804 Apr-10 Feb-13 Dec-15 Oct-18 Aug-21 Jun-24 Apr-27 Feb-30


Volume
Volume (Rp bn) 14 12 78 191 170 90
Frequency
150 18 Frequency (X) 7 4 8 20 7 7
Trading days 3 3 2 10 4 4
100 12 Turnover Ratio (%) 2.57 2.11 14.34 35.13 31.26 16.55
CTP Price - High 123.420 110.020 122.660 128.010 127.570 126.510
50 6 Date 03-Feb 27-Apr 17-Sep 16-Dec 04-Feb 22-Apr
CTP Price - Low 121.000 110.000 122.580 122.980 124.180 124.540
- - Date 13-Jan 27-Apr 10-Aug 07-Oct 15-Mar 01-Apr
PHEI Fair Yield (%) 8.2515 7.4008 6.9148 6.0839 6.5792 6.2279
Mod. Duration (yrs) 6.404 6.285 6.367 6.229 6.169 5.969
131 9.0
Convexity (yrs) 55.044 53.427 53.277 51.406 49.547 47.004
Sensitivity (%) 0.073 0.075 0.078 0.080 0.077 0.076
125 8.0
119 7.0
113 6.0
107 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IFR0007 Listing Date Maturity Date
ISIN CODE : IDP000000606 Jan-10 Jan-13 Jan-16 Jan-19 Jan-22 Jan-25


ar >> Volume Volume (Rp bn) - - 41 - 1,107 60
Frequency Frequency (X) - - 3 - 5 5
800 4
Trading days - - 2 - 3 3
Turnover Ratio (%) - - 10.60 - 286.23 15.51
CTP Price - High - - 117.780 - 115.860 116.080
400 2
Date - - 17-Sep - 15-Mar 19-Apr
CTP Price - Low - - 117.760 - 115.850 116.010
- - Date - - 17-Sep - 15-Mar 05-May
PHEI Fair Yield (%) 7.4721 6.6022 5.5937 5.1963 5.4560 5.0253
Mod. Duration (yrs) 3.744 3.535 3.481 3.253 3.141 2.907
120 8.5
Convexity (yrs) 17.799 16.168 15.276 13.625 12.453 10.923
Sensitivity (%) 0.042 0.040 0.041 0.038 0.037 0.034
117 7.5
114 6.5
111 5.5
108 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
98
IFR0010 Listing Date Maturity Date
ISIN CODE : IDP000001000 Mar-11 Jan-14 Nov-16 Sep-19 Jul-22 May-25 Mar-28 Jan-31


Volume
ar >> Volume (Rp bn) 50 48 5 103 1,952 91
Frequency
1,500 6 Frequency (X) 3 6 2 6 4 7
1,000 4 Turnover Ratio (%) 4.83 4.70 0.49 10.02 189.98 8.86
CTP Price - High 111.810 119.630 - 127.350 124.720 126.390
500 2 Date 27-Mar 25-Jun - 25-Nov 15-Mar 08-Apr
CTP Price - Low 111.800 119.600 - 127.320 124.710 126.370
- - Date 27-Mar 25-Jun - 25-Nov 15-Mar 08-Apr
PHEI Fair Yield (%) 8.4189 7.7747 7.4864 6.6694 7.2547 7.0601
Mod. Duration (yrs) 8.291 8.261 8.449 8.466 8.369 8.184
134 9.0
Convexity (yrs) 101.321 101.042 102.656 103.096 99.640 96.510
129 8.5 Sensitivity (%) 0.094 0.099 0.104 0.111 0.104 0.104
124 8.0
119 7.5
114 7.0
109 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IFR0006 13.5%
ar >>
IFR0007 2.7%
IFR0010 5.0%
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
99
TRADING HIGHLIGHT
PBS002
ISIN CODE : IDP000001109 Feb-12 Jun-14 Oct-16 Feb-19 Jun-21


36,000 640
27,000 480 Trading days 55 89 62 46 61 42
Turnover Ratio (%) 263.00 296.28 254.85 57.89 150.43 93.48
18,000 320 CTP Price - High 100.960 100.110 101.900 101.950 101.600 101.400
Date 16-Mar 30-Jun 13-Aug 26-Nov 28-Jan 06-Apr
9,000 160
CTP Price - Low 97.695 98.250 100.000 101.350 100.000 101.000
- - Date 10-Jan 08-May 15-Jul 06-Oct 21-Jan 24-Jun
PHEI Fair Yield (%) 5.8537 5.5404 4.2770 3.9418 3.7759 3.4060
Mod. Duration (yrs) 1.664 1.424 1.225 0.985 0.765 0.519
105 7.0
Convexity (yrs) 3.658 2.800 2.132 1.483 0.967 0.531
Sensitivity (%) 0.017 0.014 0.012 0.010 0.008 0.005
103 6.0
101 5.0
99 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS003 Listing Date Maturity Date
ISIN CODE : IDP000001208 Feb-12 Mar-14 Apr-16 May-18 Jun-20 Jul-22 Aug-24 Sep-26


ar >> Volume Volume (Rp bn) 58 2,418 1,240 1,770 4,383 1,499
4,000 24
3,000 18 Trading days 4 3 2 5 7 8
Turnover Ratio (%) 4.19 56.44 28.94 41.32 102.31 32.61
2,000 12 CTP Price - High 97.000 93.920 97.500 99.200 100.500 101.250
Date 21-Feb 28-May 17-Sep 19-Nov 16-Feb 20-May
1,000 6
CTP Price - Low 88.600 90.781 97.150 93.940 100.200 99.800
- - Date 24-Mar 27-Apr 17-Sep 12-Oct 16-Feb 26-Apr
PHEI Fair Yield (%) 8.2658 6.8882 6.5613 6.0364 6.2056 5.6745
Mod. Duration (yrs) 5.297 5.146 5.083 4.872 4.766 4.547
104 9.0
Convexity (yrs) 34.626 32.889 31.476 29.256 27.557 25.397
Sensitivity (%) 0.047 0.049 0.049 0.049 0.047 0.046
99 8.0
94 7.0
89 6.0
84 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
100
ISIN CODE : IDP000001406 Feb-12 Dec-14 Oct-17 Aug-20 Jun-23 Apr-26 Feb-29 Dec-31


Volume
6,400 1,200
Frequency (X) 120 172 147 672 1,449 373
4,800 900 Trading days 29 34 52 55 56 55
Turnover Ratio (%) 70.21 60.75 21.09 103.42 73.33 31.24
3,200 600 CTP Price - High 86.000 97.992 91.250 99.500 101.500 99.750
Date 18-Feb 21-Apr 30-Sep 22-Dec 02-Feb 30-Jun
1,600 300
CTP Price - Low 75.500 76.990 79.580 80.830 90.000 89.900
- - Date 24-Mar 13-May 04-Sep 12-Oct 19-Mar 19-Apr
PHEI Fair Yield (%) 8.4253 8.0470 7.4997 6.5709 6.7000 6.5869
Mod. Duration (yrs) 9.463 9.370 9.672 9.776 9.799 9.595
104 9.0
Convexity (yrs) 128.374 126.614 130.489 132.409 130.842 126.759
Sensitivity (%) 0.075 0.077 0.084 0.093 0.092 0.091
96
8.0
88
7.0
80
72 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS005
ISIN CODE : IDP000001505 May-13 Aug-16 Nov-19 Feb-23 May-26 Aug-29 Nov-32


Volume
Volume (Rp bn) 21,516 6,611 10,072 19,229 5,213 6,460
Frequency
Frequency (X) 421 309 522 1,641 604 456
16,000 1,200
ar >> Trading days 57 68 68 65 62 61
Turnover Ratio (%) 335.35 84.69 117.38 224.09 60.75 75.28
CTP Price - High 100.000 100.000 96.750 105.000 113.350 103.100
8,000 600
Date 27-Mar 26-Jun 09-Sep 30-Dec 10-Feb 31-May
CTP Price - Low 77.750 77.308 81.820 84.900 94.000 94.000
- - Date 30-Mar 08-Apr 22-Jul 23-Dec 31-Mar 13-Apr
PHEI Fair Yield (%) 8.7002 8.0885 7.4979 6.6198 6.8996 6.8316
Mod. Duration (yrs) 9.973 10.532 10.666 11.369 10.950 11.125
115 9.5
Convexity (yrs) 162.871 174.049 178.076 192.955 183.055 184.847
108 9.0 Sensitivity (%) 0.081 0.091 0.098 0.115 0.108 0.110
101 8.5
94 8.0
87 7.5
80 7.0
73 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
101
ISIN CODE : IDP000001703 Sep-14 Feb-17 Jul-19 Dec-21 May-24 Oct-26 Mar-29 Aug-31 Jan-34


Volume
ar >> Volume (Rp bn) - 2,553 16 1,524 2,286 15
Frequency
Frequency (X) - 20 4 5 4 5
1,800 14
Trading days - 2 2 3 2 2
Turnover Ratio (%) - 98.43 0.62 58.76 88.13 0.58
CTP Price - High - 107.000 110.730 114.510 118.760 115.890
900 7
Date - 05-May 29-Jul 23-Oct 08-Jan 05-Apr
CTP Price - Low - 104.782 110.300 114.480 118.740 113.490
- - Date - 06-May 24-Aug 23-Oct 08-Jan 30-Jun
PHEI Fair Yield (%) 8.4494 8.0004 7.5781 6.9203 7.4336 7.3176
Mod. Duration (yrs) 9.510 9.496 9.840 9.920 9.794 9.609
127 9.5
Convexity (yrs) 139.757 140.075 145.529 147.775 142.845 139.284
121 8.5 Sensitivity (%) 0.100 0.104 0.113 0.121 0.114 0.113
115 7.5
109 6.5
103 5.5
97 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS011
ISIN CODE : IDP000002107 Jan-16 Nov-17 Sep-19 Jul-21 May-23


Volume Volume (Rp bn) 2,247 1,242 892 5,419 2,738 6,025
5,200 120
ar >> 3,900 90 Trading days 31 33 23 29 22 26
Turnover Ratio (%) 41.33 22.84 16.40 99.66 50.35 110.80
2,600 60 CTP Price - High 110.370 107.150 111.000 110.700 110.300 108.480
Date 05-Mar 08-Apr 30-Sep 09-Nov 16-Feb 22-Jun
1,300 30
CTP Price - Low 101.900 100.000 106.500 101.510 100.000 107.000
- - Date 24-Mar 26-Jun 09-Jul 29-Dec 30-Mar 21-Apr
PHEI Fair Yield (%) 7.1345 6.3612 5.1611 4.5773 5.2466 4.6104
Mod. Duration (yrs) 2.875 2.648 2.528 2.296 2.130 1.893
114 8.0
Convexity (yrs) 10.323 8.965 8.044 6.814 5.817 4.748
Sensitivity (%) 0.030 0.028 0.028 0.025 0.023 0.020
110 7.0
106 6.0
102 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
102
ISIN CODE : IDP000002206 Jan-16 Aug-18 Mar-21 Oct-23 May-26 Dec-28 Jul-31


Volume 4,300 2,984 4,697 12,978 14,449 6,963
Frequency
Frequency (X) 259 321 320 334 181 216
12,000 240
Trading days 50 53 51 60 42 44
Turnover Ratio (%) 36.08 25.03 39.40 108.87 121.21 58.41
CTP Price - High 113.826 113.240 122.700 121.100 119.820 121.000
6,000 120
CTP Price - Low 100.000 103.000 105.250 107.270 109.500 111.500
- - Date 30-Jan 03-Apr 20-Jul 17-Dec 31-Mar 07-May
PHEI Fair Yield (%) 8.2096 7.4332 7.1824 6.3986 6.9047 6.7141
Mod. Duration (yrs) 7.064 7.261 7.065 7.229 6.901 6.952
124 8.7
Convexity (yrs) 69.587 71.002 68.082 69.026 64.295 63.670
118 8.2 Sensitivity (%) 0.074 0.081 0.080 0.086 0.079 0.081
112 7.7
106 7.2
100 6.7
94 6.2
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS015
ISIN CODE : IDP000002503 Jul-17 Oct-20 Jan-24 Apr-27 Jul-30 Oct-33 Jan-37


12,000 240
ar >> 9,000 180 Trading days 35 46 52 32 17 24
Turnover Ratio (%) 119.91 147.43 89.32 222.28 33.09 94.47
6,000 120 CTP Price - High 112.656 124.000 107.500 111.850 113.000 108.000
Date 12-Feb 06-May 24-Jul 18-Dec 07-Jan 15-Jun
3,000 60
CTP Price - Low 89.500 94.700 100.000 101.550 106.890 104.860
- - Date 26-Mar 16-Apr 09-Sep 01-Oct 09-Mar 07-Apr
PHEI Fair Yield (%) 8.0340 7.5260 7.5988 7.0520 7.6217 7.3920
Mod. Duration (yrs) 10.827 10.986 11.103 11.295 11.020 10.952
114 8.5
Convexity (yrs) 194.672 200.417 200.881 207.367 197.032 196.349
Sensitivity (%) 0.108 0.116 0.116 0.126 0.115 0.117
108 8.0
102 7.5
96 7.0
90 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
103
ISIN CODE : IDP000002701 Jan-18 Aug-20 Mar-23 Oct-25


24,000 400
18,000 300 Trading days 21 28 33 38 44 49
Turnover Ratio (%) 71.35 84.44 99.90 86.56 123.22 175.64
12,000 200 CTP Price - High 101.250 97.900 103.500 103.600 103.550 106.000
6,000 100
CTP Price - Low 94.200 90.450 97.350 101.800 100.000 99.900
PHEI Fair Yield (%) 7.9887 6.7170 5.7229 5.3481 5.7794 5.3263
Mod. Duration (yrs) 4.425 4.384 4.181 4.076 3.818 3.704
108 9.0
Convexity (yrs) 24.337 23.363 21.503 20.108 17.951 16.633
Sensitivity (%) 0.041 0.043 0.043 0.042 0.039 0.038
103 8.0
98 7.0
93 6.0
88 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS018
ISIN CODE : IDP000002800 Jun-18 Nov-20 Apr-23 Sep-25 Feb-28


Volume (Rp bn) - - - - - 1,000
Volume Frequency (X) - - - - - 1
Frequency - - - - - 1
ar >> Trading days
600 1 Turnover Ratio (%) - - - - - 53.33
CTP Price - High - - - - - -
Date - - - - - -
CTP Price - Low - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.4673 7.5414 6.7628 5.7885 6.4341 6.2807
Mod. Duration (yrs) 5.726 5.795 5.622 5.657 5.363 5.319
116 9.0
Convexity (yrs) 42.755 42.490 40.375 39.799 36.461 35.130
Sensitivity (%) 0.054 0.058 0.059 0.063 0.057 0.057
109 8.0
102 7.0
95 6.0
88 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
104
PBS019
ISIN CODE : IDP000002909 Oct-18 Feb-21 Jun-23


12,000 240
9,000 180 Trading days 59 29 25 26 29 20
Turnover Ratio (%) 89.94 14.19 16.12 14.60 114.86 9.79
6,000 120 CTP Price - High 109.400 106.750 109.510 109.450 108.820 108.150
Date 05-Mar 16-Jun 24-Sep 03-Nov 19-Jan 10-Jun
3,000 60
CTP Price - Low 96.100 101.500 104.750 102.250 104.750 106.600
- - Date 09-Jan 30-Apr 17-Sep 21-Dec 19-Jan 20-Apr
PHEI Fair Yield (%) 6.6029 5.8000 5.5057 4.6347 5.0384 4.7020
Mod. Duration (yrs) 2.980 2.756 2.616 2.385 2.218 1.981
112 7.0
Convexity (yrs) 10.968 9.579 8.523 7.259 6.232 5.122
Sensitivity (%) 0.031 0.030 0.028 0.026 0.024 0.021
108 6.0
104 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDP000003006 Oct-18 Dec-20 Feb-23 Apr-25 Jun-27


ar >> Volume Volume (Rp bn) - - - - - 1,350
Frequency Frequency (X) - - - - - 5
1,000 4
Turnover Ratio (%) - - - - - 240.00
500 2
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.7709 7.8231 6.6515 5.7113 6.3231 5.9574
Mod. Duration (yrs) 5.198 5.265 5.115 5.141 4.856 4.827
121 9.5
Convexity (yrs) 35.960 35.694 34.001 33.381 30.424 29.340
Sensitivity (%) 0.053 0.056 0.058 0.061 0.055 0.056
115 8.5
109 7.5
103 6.5
97 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
105
ISIN CODE : IDP000003204 Dec-18 Jul-21 Feb-24 Sep-26


Volume
ar >> Frequency Volume (Rp bn) 2,313 1,204 269 93 9,044 3,144
8,000 52
Frequency (X) 52 61 32 21 39 18
6,000 39 Trading days 13 16 13 9 9 9
Turnover Ratio (%) 70.17 36.53 8.16 2.82 274.37 95.38
4,000 26 CTP Price - High 111.950 107.760 112.500 114.930 114.000 112.850
Date 17-Feb 09-Jun 01-Sep 18-Dec 02-Feb 27-May
2,000 13
CTP Price - Low 108.000 101.620 107.300 110.750 113.550 110.750
- - Date 12-Mar 14-May 13-Jul 08-Oct 02-Feb 20-May
PHEI Fair Yield (%) 8.1499 7.2201 6.1863 5.5312 6.2285 5.6414
Mod. Duration (yrs) 4.858 4.874 4.694 4.660 4.380 4.328
118 9.0
Convexity (yrs) 30.460 29.795 27.946 26.910 24.262 23.163
Sensitivity (%) 0.049 0.052 0.052 0.053 0.048 0.049
113 8.0
108 7.0
103 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS022
ISIN CODE : IDP000003402 Jan-19 Mar-21 May-23 Jul-25 Sep-27 Nov-29 Jan-32 Mar-34


Volume
Volume (Rp bn) 832 4,229 1,513 3,814 455 2,192
Frequency
3,300 120 Frequency (X) 88 102 154 118 43 101
ar >> Trading days 21 26 24 27 14 27
2,200 80 Turnover Ratio (%) 36.25 116.42 37.06 93.42 11.15 53.69
CTP Price - High 111.750 106.780 111.550 118.050 118.500 114.500
1,100 40 Date 07-Feb 09-Jun 23-Sep 23-Dec 03-Feb 26-Apr
CTP Price - Low 98.700 99.200 100.000 104.210 112.230 113.250
PHEI Fair Yield (%) 8.6480 7.8656 7.5158 6.5792 7.0956 7.0128
Mod. Duration (yrs) 7.740 8.040 7.890 8.191 7.822 7.898
120 10.0
Convexity (yrs) 87.757 91.048 88.589 91.863 85.817 85.438
Sensitivity (%) 0.077 0.086 0.086 0.097 0.088 0.090
113 9.0
106 8.0
99 7.0
92 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
106
ISIN CODE : IDP000003501 May-19 Jan-22 Sep-24 May-27 Jan-30


ar >> Volume Volume (Rp bn) - 6,676 684 117 782 5,079
4,800 120
Trading days - 27 15 8 10 12
Turnover Ratio (%) - 245.54 25.16 4.30 28.76 186.81
CTP Price - High - 106.750 110.500 114.000 113.870 111.570
2,400 60
Date - 19-Jun 16-Sep 23-Dec 07-Jan 15-Jun
CTP Price - Low - 100.850 105.380 107.000 109.500 108.700
- - Date - 19-May 09-Jul 10-Nov 19-Mar 16-Apr
PHEI Fair Yield (%) 8.0476 7.3786 6.8977 6.1424 6.6859 6.4515
Mod. Duration (yrs) 6.624 6.742 6.567 6.662 6.351 6.367
118 9.5
Convexity (yrs) 59.115 59.371 56.902 56.901 52.764 51.806
Sensitivity (%) 0.067 0.071 0.071 0.076 0.070 0.071
112 8.5
106 7.5
100 6.5
94 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS024
ISIN CODE : IDP000003600 May-19 Mar-21 Jan-23 Nov-24 Sep-26 Jul-28 May-30 Mar-32


Volume Volume (Rp bn) - - - - - 2,700
2,000 4
ar >> Trading days - - - - - 3
Turnover Ratio (%) - - - - - 360.00
1,000 2
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.5692 7.7911 7.2871 6.3792 7.2378 7.1133
Mod. Duration (yrs) 7.256 7.475 7.334 7.538 7.139 7.190
118 10.0
Convexity (yrs) 73.959 75.734 73.523 75.072 69.132 68.468
Sensitivity (%) 0.072 0.078 0.080 0.087 0.078 0.079
112 9.0
106 8.0
100 7.0
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
107
ISIN CODE : IDP000003709 May-19 Feb-22 Nov-24 Aug-27 May-30 Feb-33


Volume - - 7,338 12,788 1,615 3,699
Frequency 90 Frequency (X) - - 74 99 41 34
10,000
Trading days - - 18 25 12 13
60 Turnover Ratio (%) - - 209.66 206.80 26.12 59.82
CTP Price - High - - 110.570 113.860 114.300 113.200
5,000
30 Date - - 15-Sep 10-Nov 11-Feb 03-Jun
CTP Price - Low - - 98.380 100.000 108.600 110.800
PHEI Fair Yield (%) 8.6828 7.9360 7.1232 6.7732 7.2622 6.8685
Mod. Duration (yrs) 7.559 7.812 7.758 7.883 7.535 7.658
116 9.5
Convexity (yrs) 81.713 84.123 83.198 83.594 78.127 78.489
Sensitivity (%) 0.074 0.081 0.086 0.089 0.082 0.086
108 8.5
100 7.5
92 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS026
ISIN CODE : IDP000003808 Oct-19 Dec-20 Feb-22 Apr-23 Jun-24


Volume
20,000 500 Volume (Rp bn) 6,334 18,187 21,214 14,461 12,460 5,437
Frequency
Frequency (X) 256 396 521 375 174 197
16,000 400
ar >> Trading days 47 48 59 50 43 42
12,000 300 Turnover Ratio (%) 116.64 218.50 187.34 99.91 86.09 36.01
CTP Price - High 103.900 103.500 105.750 106.220 106.000 105.800
8,000 200
Date 05-Mar 30-Jun 22-Sep 14-Dec 08-Jan 21-Jun
4,000 100
CTP Price - Low 96.250 96.500 100.000 102.500 103.100 103.500
- - Date 24-Mar 04-May 29-Jul 19-Oct 25-Feb 30-Apr
PHEI Fair Yield (%) 7.0828 6.4150 5.3187 5.0643 5.4106 4.8546
Mod. Duration (yrs) 3.738 3.642 3.430 3.300 3.048 2.913
108 8.0
Convexity (yrs) 17.391 16.211 14.599 13.324 11.603 10.460
Sensitivity (%) 0.037 0.037 0.036 0.035 0.032 0.031
104 7.0
100 6.0
96 5.0
92 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
108
ISIN CODE : IDP000003907 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23


ar >> Volume Volume (Rp bn) - 1,080 10,974 5,561 11,330 45,405
40,000 440
30,000 330 Trading days - 7 28 30 41 62
Turnover Ratio (%) - 76.61 304.01 115.32 168.23 360.96
20,000 220 CTP Price - High - 102.540 105.350 107.990 104.700 104.250
Date - 24-Jun 17-Sep 10-Nov 28-Jan 22-Apr
10,000 110
CTP Price - Low - 100.050 100.000 103.800 103.040 103.000
- - Date - 04-Jun 28-Jul 25-Nov 23-Mar 29-Apr
PHEI Fair Yield (%) - 5.4310 4.5862 4.4963 4.8589 4.4050
Mod. Duration (yrs) - 2.582 2.351 2.178 1.928 1.746
109 7.0
Convexity (yrs) - 8.269 7.021 6.003 4.853 3.997
Sensitivity (%) - 0.027 0.025 0.023 0.020 0.018
106 6.0
103 5.0
100 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PBS028
Jul-20 Oct-23 Jan-27 Apr-30 Jul-33 Oct-36 Jan-40


12,000 480
ar >> Trading days - - 51 57 47 45
Turnover Ratio (%) - - 383.85 52.94 31.16 72.36
CTP Price - High - - 105.000 113.000 111.000 109.800
6,000 240
CTP Price - Low - - 98.050 101.000 103.500 104.000
- - Date - - 24-Jul 08-Oct 22-Mar 25-May
PHEI Fair Yield (%) - - 7.4829 7.1009 7.2236 7.2199
Mod. Duration (yrs) - - 10.944 11.402 11.067 11.233
114 8.5
Convexity (yrs) - - 196.402 206.129 198.065 199.803
Sensitivity (%) - - 0.113 0.123 0.118 0.119
109 8.0
104 7.5
99 7.0
94 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
109
PBS029
ISIN CODE : IDP000004202 Jan-21 May-23 Sep-25 Jan-28 May-30 Sep-32


Volume Volume (Rp bn) - - - - 16,631 5,998
16,000 1,200
Frequency Frequency (X) - - - - 1,214 375
12,000 900 Trading days - - - - 51 53
Turnover Ratio (%) - - - - 276.41 84.13
8,000 600 CTP Price - High - - - - 102.000 102.100
Date - - - - 17-Feb 08-Jun
4,000 300
CTP Price - Low - - - - 93.000 95.000
- - Date - - - - 10-Mar 08-Jun
PHEI Fair Yield (%) - - - - 6.6272 6.5920
Mod. Duration (yrs) - - - - 8.648 8.417
104 7.5
Convexity (yrs) - - - - 97.931 93.863
Sensitivity (%) - - - - 0.085 0.083
100 7.0
96 6.5
92 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDP000004301 Jun-21 Aug-22 Oct-23 Dec-24 Feb-26 Apr-27 Jun-28


ar >> Volume Volume (Rp bn) - - - - - 764
640 120
480 90 Trading days - - - - - 13
Turnover Ratio (%) - - - - - 873.14
320 60 CTP Price - High - - - - - 101.890
Date - - - - - 11-Jun
160 30
CTP Price - Low - - - - - 99.000
- - Date - - - - - 14-Jun
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 PHEI Fair Price - - - - - 99.263
PHEI Fair Yield (%) - - - - - 6.0042
Last Date - - - - - 30-Jun
Mod. Duration (yrs) - - - - - 5.541
102 6.5
Convexity (yrs) - - - - - 38.002
Sensitivity (%) - - - - - 0.055
100 6.0
98 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
110
ar >> PBS002 24,979 42,257 40,560 9,214 183.8%
PBS003 32.0%
PBS004 3,640 6,197 59.0%
PBS005 21,516 6,611 10,072 19,229 167.3%
PBS007 39.5%
PBS011 5,419 45.1%
PBS012 4,300 2,984 4,697 12,978 52.3%
PBS015 5,858 7,203 4,364 12,805 131.2%
PBS017 1,137 7,749 9,230 8,907 65.7%
PBS018 0.0%
PBS019 9,678 1,527 33.7%
PBS020 0.0%
PBS021 29.4%
PBS022 4,229 63.6%
PBS023 6,676 68.8%
PBS024 0.0%
PBS025 7,338 12,788 81.4%
PBS026 6,334 18,187 21,214 14,461 104.0%
PBS027 1,080 10,974 5,561 91.3%
PBS028 15,786 5,395 52.0%
- 20,000 40,000 60,000 80,000 100,000 120,000
111
TRADING HIGHLIGHT
SR011
ISIN CODE : IDJ000012802 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22


12,000 1,600
Frequency Frequency (X) 1,854 1,870 1,375 1,055 1,164 879
9,000 1,200 Trading days 119 144 115 106 111 101
Turnover Ratio (%) 102.06 136.74 148.54 231.69 92.23 29.08
6,000 800 CTP Price - High 107.250 106.000 107.250 107.000 106.000 105.600
Date 17-Feb 10-Jun 14-Sep 12-Nov 09-Feb 28-May
3,000 400
CTP Price - Low 99.800 99.000 100.000 100.000 101.000 100.250
- - Date 29-Jan 03-Jun 06-Aug 02-Dec 30-Mar 07-Jun
PHEI Fair Yield (%) 6.2379 5.6595 4.3422 3.9487 3.6899 3.3983
Mod. Duration (yrs) 1.791 1.578 1.360 1.138 0.906 0.673
109 7.0
Convexity (yrs) 3.523 2.733 2.034 1.430 0.917 0.518
Sensitivity (%) 0.019 0.016 0.014 0.012 0.009 0.007
105 6.0
101 5.0
97 4.0
93 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SR012 Listing Date Maturity Date


ar >> Volume Volume (Rp bn) - 12,256 6,945 1,515 1,615 1,827
12,000 12,000
Frequency Frequency (X) - 13,782 2,800 921 791 539
9,000 9,000 Trading days - 50 83 73 82 72
Turnover Ratio (%) - 403.73 228.78 49.91 53.20 60.18
6,000 6,000 CTP Price - High - 102.000 105.250 105.100 104.750 104.200
Date - 25-Jun 31-Aug 04-Dec 03-Mar 29-Jun
3,000 3,000
CTP Price - Low - 98.000 0.220 98.000 97.000 100.000
- - Date - 30-Jun 01-Jul 24-Nov 12-Mar 28-Jun
PHEI Fair Yield (%) 6.2992 6.0547 4.8449 4.4341 4.8836 4.3510
Mod. Duration (yrs) 2.671 2.465 2.259 2.046 1.822 1.602
106 7.0
Convexity (yrs) 7.801 6.627 5.548 4.546 3.608 2.791
Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.017
103 6.0
100 5.0
97 4.0
94 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
112
SR013 Listing Date Maturity Date
ISIN CODE : IDJ000016605 Oct-20 Mar-21 Aug-21 Jan-22 Jun-22 Nov-22 Apr-23 Sep-23


12,000 12,000
Frequency Frequency (X) - - - 13,484 5,410 2,189
9,000 9,000 Trading days - - - 35 104 106
Turnover Ratio (%) - - - 224.42 217.55 70.86
6,000 6,000 CTP Price - High - - - 105.000 104.850 104.600
Date - - - 22-Dec 11-Feb 03-Jun
3,000 3,000
CTP Price - Low - - - 97.000 90.000 99.900
- - Date - - - 28-Dec 18-Jan 20-Apr
PHEI Fair Yield (%) - - 6.0500 4.8514 5.1703 4.5469
Mod. Duration (yrs) - - 2.682 2.481 2.262 2.049
109 6.5
Convexity (yrs) - - 7.847 6.689 5.559 4.552
106 6.0 Sensitivity (%) - - 0.027 0.026 0.023 0.021
103 5.5
100 5.0
97 4.5
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SR014


Volume
Volume (Rp bn) - - - - - 9,481
Frequency
7,500 6,000 Frequency (X) - - - - - 6,307
5,000 4,000 Turnover Ratio (%) - - - - - 227.02
CTP Price - High - - - - - 103.600
2,500 2,000 Date - - - - - 11-Jun
CTP Price - Low - - - - - 99.650
- - Date - - - - - 11-Jun
PHEI Fair Yield (%) - - - - 5.4484 4.7372
Mod. Duration (yrs) - - - - 2.705 2.496
106 5.5
Convexity (yrs) - - - - 7.938 6.744
Sensitivity (%) - - - - 0.027 0.025
104 5.3
102 5.0
100 4.8
98 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
113
ar >> SR011 5,388 7,219 7,842 12,232 154.8%
SR012 12,256 6,945 1,515 170.6%
SR013 14,400 56.1%
- 5,000 10,000 15,000 20,000 25,000 30,000 35,000
114
TRADING HIGHLIGHT
SPN12210701
ISIN CODE : IDQ000035709 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21


8,000 80
6,000 60 Trading days - - 6 22 27 21
Turnover Ratio (%) - - 449.93 521.50 733.66 275.47
4,000 40 CTP Price - High - - 97.550 98.640 99.270 99.960
Date - - 28-Sep 30-Dec 25-Mar 21-Jun
2,000 20
CTP Price - Low - - 97.220 96.820 98.260 99.380
PHEI Fair Yield (%) - - 3.6077 3.2828 3.4184 2.7005
Mod. Duration (yrs) - - 0.751 0.501 0.252 0.003
103 5.5
Convexity (yrs) - - 0.062 0.041 0.016 0.000
Sensitivity (%) - - 0.008 0.005 0.003 0.000
100 4.5
97 3.5
94 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN12210812 Listing Date Maturity Date
ISIN CODE : IDQ000036103 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21


ar >> Volume Volume (Rp bn) - - 83 1,104 3,968 2,951
3,600 36
2,700 27 Trading days - - 1 5 10 13
Turnover Ratio (%) - - 33.20 220.80 793.60 590.20
1,800 18 CTP Price - High - - - 97.930 98.810 99.680
900 9
CTP Price - Low - - - 97.500 98.300 99.000
- - Date - - - 06-Nov 04-Feb 06-May
PHEI Fair Yield (%) - - 3.7206 3.3700 3.5385 2.8378
Mod. Duration (yrs) - - 0.866 0.616 0.367 0.118
100 4.0
Convexity (yrs) - - 0.072 0.052 0.024 0.009
Sensitivity (%) - - 0.009 0.006 0.004 0.001
99 3.5
98 3.0
97 2.5
96 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
115
ISIN CODE : IDQ000036509 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21


Volume
ar >> Frequency Volume (Rp bn) - - 3,040 3,053 3,515 3,749
3,200 36
Frequency (X) - - 14 20 31 41
2,400 27 Trading days - - 5 14 9 7
Turnover Ratio (%) - - 608.00 610.60 703.00 499.87
1,600 18 CTP Price - High - - 96.890 97.800 104.750 99.380
Date - - 24-Sep 28-Dec 03-Mar 24-Jun
800 9
CTP Price - Low - - 96.820 97.020 97.770 99.220
- - Date - - 17-Sep 05-Oct 08-Jan 09-Jun
PHEI Fair Yield (%) - - 3.7928 3.4265 3.6159 2.9254
Mod. Duration (yrs) - - 0.942 0.693 0.444 0.195
100 4.5
Convexity (yrs) - - 0.080 0.060 0.030 0.015
Sensitivity (%) - - 0.009 0.007 0.004 0.002
98 3.5
96 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN12211007
ISIN CODE : IDQ000036707 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21


Volume Volume (Rp bn) - - - 5,361 6,259 4,101
5,600 Frequency
80
Frequency (X) - - - 40 61 41
ar >> 4,200 60 Trading days - - - 14 11 11
Turnover Ratio (%) - - - 739.45 863.31 565.66
2,800 40 CTP Price - High - - - 97.640 98.380 99.110
1,400 20
CTP Price - Low - - - 96.980 97.700 98.420
- - Date - - - 22-Oct 05-Jan 01-Apr
PHEI Fair Yield (%) - - - 3.4819 3.6913 3.0102
Mod. Duration (yrs) - - - 0.770 0.521 0.271
100 5.0
Convexity (yrs) - - - 0.068 0.036 0.021
Sensitivity (%) - - - 0.008 0.005 0.003
98 4.0
96 3.0
94 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
116
ISIN CODE : IDQ000037002 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21


1,200 16
900 12 Trading days - - - 3 4 3
Turnover Ratio (%) - - - 476.57 460.19 404.19
600 8 CTP Price - High - - - 96.880 98.110 98.510
Date - - - 27-Nov 24-Mar 10-May
300 4
CTP Price - Low - - - 96.870 97.710 98.190
- - Date - - - 26-Nov 01-Feb 07-Apr
PHEI Fair Yield (%) - - - 3.5361 3.7646 3.0921
Mod. Duration (yrs) - - - 0.847 0.597 0.348
100 4.5
Convexity (yrs) - - - 0.076 0.042 0.028
Sensitivity (%) - - - 0.008 0.006 0.003
99 4.0
98 3.5
97 3.0
96 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN12211202
ISIN CODE : IDQ000037309 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21


Volume
Volume (Rp bn) - - - 473 789 337
Frequency
600 6 Frequency (X) - - - 6 3 4
400 4 Turnover Ratio (%) - - - 236.50 394.50 168.50
CTP Price - High - - - - 97.820 98.310
200 2 Date - - - - 22-Mar 18-May
CTP Price - Low - - - - 97.810 98.300
- - Date - - - - 22-Mar 18-May
PHEI Fair Yield (%) - - - 3.5891 3.8361 3.1714
Mod. Duration (yrs) - - - 0.923 0.674 0.425
100 4.5
Convexity (yrs) - - - 0.084 0.048 0.035
Sensitivity (%) - - - 0.009 0.007 0.004
99 4.0
98 3.5
97 3.0
96 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
117
ISIN CODE : IDQ000037606 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22


7,200 56
5,400 42 Trading days - - - - 4 15
Turnover Ratio (%) - - - - 268.49 532.17
3,600 28 CTP Price - High - - - - 97.590 98.320
Date - - - - 29-Mar 24-May
1,800 14
CTP Price - Low - - - - 97.000 97.630
- - Date - - - - 19-Jan 12-Apr
PHEI Fair Yield (%) - - - - 3.9228 3.2669
Mod. Duration (yrs) - - - - 0.770 0.521
100 4.5
Convexity (yrs) - - - - 0.056 0.043
Sensitivity (%) - - - - 0.008 0.005
98 4.0
96 3.5
94 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN12220203
ISIN CODE : IDQ000038000 Feb-21 May-21 Aug-21 Nov-21 Feb-22


Volume Volume (Rp bn) - - - - 3,359 743
3,200 32
ar >> 2,400 24 Trading days - - - - 7 4
Turnover Ratio (%) - - - - 258.38 57.15
1,600 16 CTP Price - High - - - - 97.270 98.070
Date - - - - 24-Mar 29-Jun
800 8
CTP Price - Low - - - - 96.990 97.700
- - Date - - - - 03-Mar 18-May
PHEI Fair Yield (%) - - - - 3.9901 3.3405
Mod. Duration (yrs) - - - - 0.847 0.597
99 4.5
Convexity (yrs) - - - - 0.063 0.051
Sensitivity (%) - - - - 0.008 0.006
98 4.0
97 3.5
96 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
118
ISIN CODE : IDQ000038307 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22


2,800 28
2,100 21 Trading days - - - - 2 9
Turnover Ratio (%) - - - - 217.14 307.12
1,400 14 CTP Price - High - - - - 96.980 97.710
Date - - - - 16-Mar 16-Jun
700 7
CTP Price - Low - - - - 96.900 97.100
- - Date - - - - 16-Mar 09-Apr
PHEI Fair Yield (%) - - - - 4.0557 3.4118
Mod. Duration (yrs) - - - - 0.923 0.674
98 4.5
Convexity (yrs) - - - - 0.069 0.058
Sensitivity (%) - - - - 0.009 0.007
97 4.0
96 3.5
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN12220331
ISIN CODE : IDQ000038604 Apr-21 Mar-22


Volume
Frequency Volume (Rp bn) - - - - 300 1,976
1,600 20
Frequency (X) - - - - 2 23
ar >> 1,200 15 Trading days - - - - 1 3
Turnover Ratio (%) - - - - - 242.83
800 10 CTP Price - High - - - - - 97.520
Date - - - - - 22-Jun
400 5
CTP Price - Low - - - - - 96.850
- - Date - - - - - 13-Apr
PHEI Fair Yield (%) - - - - 4.1197 3.4810
98 4.5
Convexity (yrs) - - - - - 0.065
Sensitivity (%) - - - - - 0.008
97 4.0
96 3.5
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
119
SPN03210714
ISIN CODE : IDQ000038802 Apr-21 May-21 Jun-21 Jul-21


1,600 36
1,200 27 Trading days - - - - - 9
Turnover Ratio (%) - - - - - 570.15
800 18 CTP Price - High - - - - - 99.760
Date - - - - - 15-Jun
400 9
CTP Price - Low - - - - - 99.300
- - Date - - - - - 19-Apr
PHEI Fair Yield (%) - - - - - 2.7437
100 3.5
Convexity (yrs) - - - - - 0.003
Sensitivity (%) - - - - - 0.000
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDQ000038901 Apr-21 May-21 Jun-21 Jul-21


ar >> Volume Volume (Rp bn) - - - - - 1,199
1,000 12
Turnover Ratio (%) - - - - - 479.60
CTP Price - High - - - - - 99.440
500 6
Date - - - - - 20-May
CTP Price - Low - - - - - 99.440
- - Date - - - - - 20-May
PHEI Fair Yield (%) - - - - - 2.7895
100 3.5
Convexity (yrs) - - - - - 0.006
Sensitivity (%) - - - - - 0.001
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
120
ISIN CODE : IDQ000039107 May-21 Jun-21 Jul-21 Aug-21


Volume
ar >> Volume (Rp bn) - - - - - 745
Frequency
600 9 Frequency (X) - - - - - 10
400 6 Turnover Ratio (%) - - - - - 298.00
200 3 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 2.8820
100 3.5
Convexity (yrs) - - - - - 0.012
Sensitivity (%) - - - - - 0.002
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN12220527
ISIN CODE : IDQ000039206 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22


1,400 16
Turnover Ratio (%) - - - - - 260.32
CTP Price - High - - - - - 97.050
700 8
Date - - - - - 10-Jun
CTP Price - Low - - - - - 96.840
- - Date - - - - - 08-Jun
PHEI Fair Yield (%) - - - - - 3.6152
98 4.0
Convexity (yrs) - - - - - 0.081
Sensitivity (%) - - - - - 0.009
97 3.5
96 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
Listing Date
121
ISIN CODE : IDQ000039404 Jun-21 Jul-21 Aug-21 Sep-21


ar >> Volume Volume (Rp bn) - - - - - 400
400 4
300 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 160.00
200 2 CTP Price - High - - - - - -
Date - - - - - -
100 1
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 2.9651
101 3.5
Convexity (yrs) - - - - - 0.018
Sensitivity (%) - - - - - 0.002
100 3.0
99 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ar >> SPN12210701 201 3,082 5,919 202.7%
SPN12210812 83 1,104 59.4%
SPN12210909 3,040 3,053 304.7%
SPN12211007 5,361 184.9%
SPN12211104 1,251 119.1%
SPN12211202 473 59.1%
- 2,000 4,000 6,000 8,000 10,000
122
TRADING HIGHLIGHT
SPN-S 13072021
ISIN CODE : IDQ000037705 Jan-21 Mar-21 May-21 Jul-21


Volume Volume (Rp bn) - - - - - -
8,000 80
Frequency Frequency (X) - - - - - -
6,000 60 Trading days - - - - - -
Turnover Ratio (%) - - - - - -
4,000 40 CTP Price - High - - - - - -
Date - - - - - -
2,000 20
- - Date - - - - - -
PHEI Fair Yield (%) - - - - 3.4533 2.7404
Mod. Duration (yrs) - - - - 0.285 0.036
101 4.0
Convexity (yrs) - - - - 0.018 0.003
Sensitivity (%) - - - - 0.003 0.000
100 3.5
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN-S 10082021 Listing Date Maturity Date
ISIN CODE : IDQ000038109 Feb-21 Apr-21 Jun-21 Aug-21


ar >> Volume Volume (Rp bn) - - - - - -
3,600 36
2,700 27 Trading days - - - - - -
1,800 18 CTP Price - High - - - - - -
Date - - - - - -
900 9
- - Date - - - - - -
PHEI Fair Yield (%) - - - - 3.5329 2.8314
Mod. Duration (yrs) - - - - 0.362 0.112
100 4.0
Convexity (yrs) - - - - 0.024 0.009
Sensitivity (%) - - - - 0.004 0.001
99 3.5
98 3.0
97 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
123
ISIN CODE : IDQ000038406 Mar-21 Jun-21 Sep-21


Volume
ar >> Frequency Volume (Rp bn) - - - - - -
3,200 36
Frequency (X) - - - - - -
2,400 27 Trading days - - - - - -
1,600 18 CTP Price - High - - - - - -
Date - - - - - -
800 9
- - Date - - - - - -
PHEI Fair Yield (%) - - - - 3.6186 2.9285
Mod. Duration (yrs) - - - - 0.447 0.197
100 4.5
Convexity (yrs) - - - - 0.030 0.015
Sensitivity (%) - - - - 0.004 0.002
98 3.5
96 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN-S 07102021
ISIN CODE : IDQ000038703 Apr-21 Jun-21 Aug-21 Oct-21


5,600 Frequency
80
ar >> 4,200 60 Trading days - - - - - -
2,800 40 CTP Price - High - - - - - -
Date - - - - - -
1,400 20
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 3.0102
100 4.0
Convexity (yrs) - - - - - 0.021
Sensitivity (%) - - - - - 0.003
99 3.5
98 3.0
97 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
124
ISIN CODE : IDQ000039008 May-21 Jul-21 Sep-21 Nov-21


ar >> Volume Volume (Rp bn) - - - - - -
1,200 16
900 12 Trading days - - - - - -
600 8 CTP Price - High - - - - - -
Date - - - - - -
300 4
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 3.0950
100 4.0
Convexity (yrs) - - - - - 0.028
Sensitivity (%) - - - - - 0.004
99 3.5
98 3.0
97 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SPN-S 03122021
ISIN CODE : IDQ000039305 Jun-21 Sep-21 Dec-21


Volume
Volume (Rp bn) - - - - - -
Frequency
600 6 Frequency (X) - - - - - -
ar >> Trading days - - - - - -
400 4 Turnover Ratio (%) - - - - - -
200 2 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 3.1742
100 3.5
Convexity (yrs) - - - - - 0.035
Sensitivity (%) - - - - - 0.004
99 3.0
98 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
125
ABSM PT AB Sinar Mas Multifinance

Sector : Financials ADDRESS
Sub Sector : Financing Service Tower 1 Sinarmas Land Plaza 9th Fl.
Website : www.absimasfinance.co.id Jln. MH Thamrin No.51 Gondangdia
Corporate Sec. : Edy Tjandra Jakarta Pusat 10350
Email Corporate Sec. : [email protected] Phone : (021) 392-5660
Fax : (021) 392-5788
SHAREHOLDERS
1. PT Sinar Mas Multiartha Tbk. 99.99%
2. PT Sinar Mas Multifinance 0.01%
PT. AB Sinar Mas Multifinance (ABSM) was established in 1995

under the name PT. Megadana Pratama Multifinance. In 2001,
PT. Sinar Mas Multiartha Tbk bought almost all of the shares of
PT AB Sinar Mas Multifinance and until now become the largest
shareholder of IDR 374.99 billion (99.99%). The remaining share AUDIT COMMITTEE
ownership is owned by PT. Sinar Mas Multifinance as much as 1. Mulabasa Hutabarat
IDR 5 million (0.01%). ABSM is located at Sinar Mas Land Plaza 2. Theophylus Hartono
Tower 1, 9th Floor, Jl. MH. Thamrin no. 51 Jakarta.
3. Yuli Soedargo
The company currently has divided its businesses into as follows:
Working Capital Financing. Products included in the

Company’s working capital financing is factoring with resources) BOARD OF COMMISSIONERS
and the (sale and leaseback with a financing period of not more 1. Indra Widjaja
than two (2) years. 2. Herry Hermana S. *
Multipurpose Financing. Products included in the Company’s 3. Kurniawan Udjaja

multipurpose financing are purchases with installments. Items
that can be purchased under the installment scheme are
fourwheeled and two-wheeled vehicles.
*independen
Sharia Financing. Products included in the Sharia financing
business activities are Service Financing. Sharia services funding BOARD OF DIRECTORS
provided for Hajj Financing. 1. Felix
2. Edy Tjandra
Operation Lease. Products included in operation lease is leasing
of Company operation asset with fee based. 3. Hendricus A. Hormein
In 2020, the main focus of the company was the structuring and
management of portfolios where the pandemic has caused a
slow growth in the financing sector. The marketing processes
were solely reliant on online financing with operational
limitation throughout all Company’s office network affected by
Covid-19. The Company also ran and continues to apply a strict Historical Corporate Ratings
and selective Risk Management system in providing new
financing. Not only that, but the Company has also supported No. Rating Agency Rating Rating Date Outlook
the Government in providing restructurisation for customers
1. Kredit Rating Indonesia irA- 19-May-21 Stable
affected by the pandemic.
2. Kredit Rating Indonesia irA- 30-Apr-21 Stable
3. Kredit Rating Indonesia irA- 20-May-20 Stable
as of June 2021
SWOT Analysis
STRENGTHS WEAKNESSES
- Strong commitment from Sinarmas Multiartha - Limited synergies with parent’s business
- Positive reputation in financing industry
S W - Increasing risk profile due to the pandemic
- The lower profitability compared the peers
- Economic recovery prospect - Tight competition in the industry

- Low interest rate environment - Unfavorable impact of COVID-19
O T
OPPORTUNITIES THREATS
129
AS OF JUNE 2021
Coupon Coupon
No. CODE Outstanding Listing Maturity Issue Structure / Payment Rating /
ISIN CODE Series Name (Rp Million) Date Date Term Period Date Trustee Outlook
-
Obligasi AB Sinar
ABSM01A 10.00% 04-Dec-20 PT Bank irA-
1. Mas Multifinance I 115,000 07-Sep-20 14-Sep-21 1
IDA0001097A7 04-Mar-21 Bukopin Tbk. Stable
Tahun 2020 Seri A
Quarterly 04-Jun-21
-
Obligasi AB Sinar
ABSM01B 10.50% 04-Dec-20 PT Bank irA-
IDA0001097B5 04-Mar-21 Bukopin Tbk. Stable
Tahun 2020 Seri B
Quarterly 04-Jun-21
-
Obligasi AB Sinar
ABSM01C 11.00% 04-Dec-20 PT Bank irA-
IDA0001097C3 04-Mar-21 Bukopin Tbk. Stable
Tahun 2020 Seri C
Quarterly 04-Jun-21
TRADING HIGHLIGHT
ABSM01A
ISIN CODE : IDA0001097A7 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
Trading 2020 2021
Volume TRADING ACTIVITIES Frequency
Activities,
400 40 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
350 35 Volume (Rp bn) - - 120.00 395.00 - 1.00
Frequency
300 30 Frequency (X) - - 11 31 - 1
250 25 Trading days - - 2 14 - 1
200 20 Turnover Ratio (%) - - 417.39 1,373.91 - 3.48
150 15 CTP Price - High - - 100.020 103.210 - -
100 10 Date - - 15-Sep 10-Dec - -
50 5 CTP Price - Low - - 100.000 92.700 - -
- - Date - - 15-Sep 01-Dec - -
PHEI Fair Yield (%) - - 9.9084 7.5124 7.6470 6.8533
Mod. Duration (yrs) - - 0.897 0.675 0.438 0.202
104 11.0
Convexity (yrs) - - 1.043 0.628 0.301 0.091
103 10.0 Sensitivity (%) - - 0.009 0.007 0.004 0.002
102 9.0
101 8.0
100 7.0
99 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
130
ABSM01B Listing Date Maturity Date
ISIN CODE : IDA0001097B5 Sep-20 Sep-21 Sep-22

Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
k sudah benar >> Volume Volume (Rp bn) - - 10.00 20.00 20.00 2.00
20 4
15 3 Trading days - - 1 1 1 1
Turnover Ratio (%) - - 160.00 320.00 320.00 32.00
10 2 CTP Price - High - - - 100.020 100.640 100.020
5 1
CTP Price - Low - - - 100.000 100.200 100.000
- - Date - - - 10-Dec 27-Jan 16-Apr
PHEI Fair Yield (%) - - 10.5643 8.4639 8.7366 8.5387
Mod. Duration (yrs) - - 1.712 1.519 1.305 1.093
105 11.0
Convexity (yrs) - - 3.527 2.798 2.096 1.503
Sensitivity (%) - - 0.017 0.015 0.013 0.011
103 10.0
101 9.0
99 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ABSM01C
ISIN CODE : IDA0001097C3 Sep-20 Sep-21 Sep-22 Sep-23

Trading 2020 2021
Activities,
100 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
k sudah benar >> Volume Volume (Rp bn) - - - - 90.00 -
80 8
Frequency Frequency (X) - - - - 6 -
60 6 Trading days - - - - 3 -
Turnover Ratio (%) - - - - 1,028.57 -
40 4 CTP Price - High - - - - 103.300 -
Date - - - - 07-Jan -
20 2
CTP Price - Low - - - - 100.200 -
- - Date - - - - 27-Jan -
PHEI Fair Yield (%) - - 11.1081 9.0396 9.3851 9.4239
Mod. Duration (yrs) - - 2.454 2.295 2.101 1.911
106 12.0
Convexity (yrs) - - 7.220 6.288 5.278 4.375
Sensitivity (%) - - 0.025 0.023 0.021 0.019
104 11.0
102 10.0
100 9.0
98 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
131
k sudah benar >>

ABSM01A 120 395 447.8%
ABSM01B 10 20 120.0%
ABSM01C 0.0%
- 100 200 300 400 500 600
132
ABSM FINANCIAL HIGHLIGHT

Financial Statements
Amount in Rp Million, Unless Otherwise Stated PROFITABILITY RATIOS
BALANCE SHEETS Dec-2019 Dec-2020 Chg %
83.81
Cash & Cash Equivalents 20,593 21,546 4.63 p
69.33
Other Receivables 16,363 10,389 -36.51 q 65.16
Consumer Financing Receivables 514 124 -75.96 q
Property, Plant and Equipment 7,292 8,935 22.52 p
32.79
Total Assets 789,062 847,098 7.36 p
(%)
15.63 15.01
Fund Borrowings - - -  6.00 8.54
5.38
Total Liabilities 337,113 378,348 12.23 p
Authorized Capital (Shares) 500,000 500,000 - 
31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital 500,000 500,000 - 
Paid up Capital 375,000 375,000 -  Operating Profit Margin Net Profit Margin
Paid up Capital (Shares) 375,000 375,000 -  Net Interest Margin
Par Value (Rp Full Amount) 1,000,000 1,000,000 - 
Retained Earnings 64,822 88,738 36.89 p
Non Controlling Interest - - - 
Total Equity 451,949 468,750 3.72 p
7.68
5.32
(%)
4.25
3.40
Amount in Rp Million, Unless Otherwise Stated 2.53
1.95
INCOME STATEMENTS
Total Revenues 97,215 107,410 10.49 p
Expenses 89,261 45,428 -49.11 q
31-Dec-18 31-Dec-19 31-Dec-20
Finance Costs - - - 
Earning Before Tax 20,024 46,287 131.16 p Return on Assets Return on Equity
EBITDA 20,786 47,128 126.73 p
Income (Loss) for the periods 15,374 36,010 134.23 p
Comprehensive Income (Loss) 15,512 28,585 84.28 p
Net income/loss attributed to 15,374 36,010 134.23 p LIQUIDITY & SOLVENCY RATIOS
owners of parent entity
168.84 172.29
149.29
Peer Group
(%)
No. Company Total Revenue Net Profit Revenue

(Rp Bill) Margins Growth 34.84
30.67
1. PT Maybank Indonesia Finance 1,122 32.29 -1.67 16.19
2. Indonesia Infrastructure Finance 894 4.76 8.47
3. PT Sinar Mas Multiartha Tbk 344 162.59 62.30 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Surya Artha Nusantara Finance 339 3.75 -16.08
5. PT AB Sinar Mas Multifinance 107 33.53 10.49 BOPO Loan To Deposit Ratio
Financial Ratios
Periode Ending 31-Dec-18 31-Dec-19 31-Dec-20
Operating Profit Margin (%) 83.81 69.33 65.16
Net Profit Margin (%) 15.63 15.01 32.79
Net Interest Margin (%) 6.00 5.38 8.54
Return on Assets (%) 2.53 1.95 4.25
Return on Equity (%) 5.32 3.40 7.68
BOPO (%) 16.19 30.67 34.84
Loan to Deposit Ratio (%) 149.29 168.84 172.29
Cash Flow / Debt (%) 45.74 60.21 -8.77
Interest Coverage Ratio (x) 135.99 147.76 335.08
133
ADCP PT Adhi Commuter Properti

Sector : Properties & Real Estate ADDRESS
Sub Sector : Properties & Real Estate
Website : www.acp.id Jln. Pengantin Ali No. 88, Ciracas
Corporate Sec. : Rakhmat Adi Sampurno Jakarta Timur 13740
Fax : (021) 2282-2081
PT Adhi Commuter Properti (ADCP) is a SHAREHOLDERS

subsidiary of the State-Owned Enterprise
1. PT Adhi Karya (Persero) Tbk 100.00%
( B UM N) P T Ad h i K a r ya ( Per s er o) Tb k
(ADHI) which is engaged in Property, Town Management & Support. 2. Koperasi Jasa Adhi Sejahtera 0.00%
Starting from the establishment of the Department of Transit
Oriented Development (TOD) as one of the ADHI Divisions. On May
16, 2016, which was established with the aim of meeting the need to
provide integrated residential areas and support facilities in the area
around the Light Rail Transit (LRT) line by producing high-quality and
highly competitive residential products and services so as to increase AUDIT COMMITTEE
the value of the Company and public trust.
ADCP participates in the progress of the property sector in Indonesia

which is increasingly rapidly with a city planning concept that is
considered the most appropriate for long-term solutions for urban
communities. By prioritizing the elements of connect, mixed-use,
shift & transit, walkable and densify, the LRT City area will be a
solution for people who not only provide a comfortable place to live, BOARD OF COMMISSIONERS
but more than that, this area will become a new civilization in the 1. Pundjung Setya Brata
lives of urban people.
2. A.A. Gede Agung
Through the LRT City brand product, ADCP has contributed to the 3. Amrozi Hamidi *
development of green environmental areas in the city of Jakarta and 4. Muhamad Isnaini *
the flanking cities in the Bogor, Depok, Tangerang and Bekasi areas.
5. Parwanto
ADCP's dedication in developing the area around TOD is
demonstrated by the development of 12 projects at mass 6. Tjatur Waskito Putro
transportation points throughout the Greater Jakarta area. *independen
BOARD OF DIRECTORS
The entire LRT City area has a total of more than 54,000 units, with a
landbank of 140 hectares, namely LRT City Bekasi – Eastern Green, 1. Rizkan Firman
LRT City Bekasi – Green Avenue, LRT City Jatibening, LRT City MTH, 2. Hanif Setyo Nugroho
LRT City Tebet, LRT City Ciracas, LRT City Cibubur, LRT City Sentul, 3. Indra Syahruzza Nasution
Adhi City Sentul, Grand Central Bogor – Member of LRT City, Cisauk
Point – Member of LRT City, and Oase Park – Member of LRT City.
4. Mochamad Yusuf
5. Rozi Sparta
Historical Corporate Ratings
No. Rating Agency Rating Rating Date Outlook
1. Pefindo idBBB 26-Feb-21 Negative

2. Pefindo idBBB 25-May-21 Negative
as of June 2021
SWOT Analysis
- Strong support from Adhi Karya - Aggressive capital structure
- Captive market from LRT commuters
- Good asset quality S W - Weak cash flow protection measures
- Limited recurring income
- Vulnerability to changes in macroeconomic conditions
- Economic recovery prospect - Tight competition in property market
O T
- Increasing the middle-class demographic in Indonesia - Adverse economic conditions due to COVID-19
pandemic
- Uncertainty in macroeconomic conditions
134
AS OF JUNE 2021
Coupon Coupon
- PT Bank
Obligasi I Adhi
ADCP01A 10.50% - Pembangunan idBBB
1. Commuter Properti 491,000 21-May-21 27-May-22 1
IDA0001151A2 - Jawa Barat dan Negative
Tahun 2021 Seri A Banten Tbk
Quarterly -
- PT Bank
Obligasi I Adhi
ADCP01B 11.00% - Pembangunan idBBB
2. Commuter Properti 9,000 21-May-21 20-May-24 3
IDA0001151B0 - Jawa Barat dan Negative
Tahun 2021 Seri B Banten Tbk
Quarterly -
TRADING HIGHLIGHT
ADCP01A
ISIN CODE : IDA0001151A2 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22
Volume
Trading 2020 2021
Activities,
900 18 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
750 15 Volume (Rp bn) - - - - - 738.00
Frequency
Frequency (X) - - - - - 14
600 12
450 9 Turnover Ratio (%) - - - - - 601.22
CTP Price - High - - - - - 100.640
300 6
Date - - - - - 31-May
150 3
CTP Price - Low - - - - - 100.000
- - Date - - - - - 28-May
PHEI Fair Yield (%) - - - - - 10.2205
102 11.0
Convexity (yrs) - - - - - 0.947
Sensitivity (%) - - - - - 0.008
101 10.5
100 10.0
99 9.5
98 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
135
ADCP01B Listing Date Maturity Date
ISIN CODE : IDA0001151B0 May-21 May-22 May-23 May-24
Volume
Trading 2020 2021
Activities,
8 4 Q1 Q2 Q3 Q4 Q1 Q2
Volume Price and Yield
Frequency Volume (Rp bn) - - - - - 7.00
6 3 Frequency (X) - - - - - 2
4 2 Turnover Ratio (%) - - - - - 311.11
2 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 10.5520
102 12.0
Convexity (yrs) - - - - - 7.058
Sensitivity (%) - - - - - 0.024
101 11.5
100 11.0
99 10.5
98 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
136
ADCP FINANCIAL HIGHLIGHT

BALANCE SHEETS Dec-2019 Sep-2020 Chg %
35.29
Cash & Cash Equivalents 297,240 60,520 -79.64 q
Receivables 133,666 47,256 -64.65 q
Inventories 1,775,869 2,871,623 61.70 p 21.50
17.15
Current Assets 2,982,368 3,394,281 13.81 p 15.14
Investments 87,000 93,609 7.60 p
(%)
Property in Investments 3,488 3,353 -3.89 q
Property, Plant and Equipment 3,488 3,353 -3.89 q
Total Assets 4,708,876 4,708,876 - 
31-Dec-19 30-Sep-20
Trade Payables 758,834 749,221 -1.27 q
Current Liabilities 1,848,983 2,356,909 27.47 p
Gross Profit Margin Net Profit Margin
Interest Bearing liabilities - 139 - p
Total Liabilities 2,151,466 2,744,746 27.58 p
Authorized Capital (Shares) 8,000,000 8,000,000 - 
Authorized Capital 8,000,000 8,000,000 - 
Paid up Capital 4,500,000 4,500,000 -  10.20
Paid up Capital (Shares) 4,500,000 4,500,000 - 
Retained Earnings 214,850 -35,879 -116.70 q
(%)
Non Controlling Interest - 9 - p 3.98 4.26
Total Equity 2,214,850 1,964,130 -11.32 q
1.87
INCOME STATEMENTS Dec-2019 Dec-2020 Chg %

Total Revenues 582,688 699,091 19.98 p
31-Dec-19 30-Sep-20
Gross Profit 205,635 119,861 -41.71 q
Interest Expenses - 139 - p Return on Assets Return on Equity
Earning Before Tax 88,212 152,425 72.79 p
EBITDA 88,212 153,810 74.36 p
Comprehensive Income (Loss) 150,312 88,225 -41.31 q LIQUIDITY & SOLVENCY RATIOS
Net Income/Loss Attributed 88,225 77,576 -12.07 q
to Owners of Parent Entity 161.30
144.01 139.74
Peer Group 97.14

(%)

(Rp Bill) Margins (%) Growth (%)
1. PT Bumi Serpong Damai Tbk. 6,181 7.87 -12.76
2. PT Summarecon Agung Tbk. 5,030 4.89 -15.34
3. PT PP Properti Tbk. 2,075 5.13 27.77
31-Dec-19 30-Sep-20
4. PT Modernland Realty Tbk. 732 -241.13 -52.73
5. PT Adhi Commuter Properti 699 21.50 19.98 Current Ratio Debt to Equity Ratio
Financial Ratios
Periode Ending 31-Dec-19 30-Sep-20
Gross Profit Margin (%) 35.29 17.15
Net Profit Margin (%) 15.14 21.50
Return on Assets (%) 1.87 4.26
Return on Equity (%) 3.98 10.20
Current Ratio (%) 161.30 144.01
Debt to Equity Ratio (%) 97.14 139.74
137
ADHI PT Adhi Karya (Persero) Tbk.

Sector : Infrastructures ADDRESS
Sub Sector : Heavy Constructions & Civil Engineering South Building
Website : www.adhi.co.id Jln. Raya Pasar Minggu Km. 18
Corporate Sec. : Farid Budiyanto Jakarta 12510
Email Corporate Sec. : [email protected], [email protected] Phone : (021) 797-5312
Fax : (021) 797-5311
PT Adhi Karya (Persero) Tbk., (ADHI) began as a SHAREHOLDERS

Dutch company called Architecten-en-Ingenicure
1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
Annemersbedrijf Associatie Selle & de Bruyn,
Reyerse & de Vries N.V. (Associate N.V.). In March 2. Republic of Indonesia (Class B) 51.00%
11, 1960 it was nationalized as a State-Owned 3. Public 49.00%
Company, named PN Adhi Karya, which became
the origin of the best infrastructure development
company in Indonesia. Based on the approval of the Minister of Justice of
the Republic of Indonesia No. 26 of 1974, starting from June 1, 1974 the
status of PN Adhi Karya changed to a Limited Liability Company. AUDIT COMMITTEE
1. Abdul Muni
In 2004, ADHI became the first construction company to be listed on the
2. Ratna Wardhani
Indonesia Stock Exchange on March 18, 2004 with the composition of
share ownership of 51% by the Government, 24.5% by Employee 3. Taufik Hidayat
Management Buy Out or EMBO, and 24.5% owned by public.
Based on presidential decree No. 65 year 2016, ADHI has been appointed
BOARD OF COMMISSIONERS
by the government as Light Rail Transit (LRT) Jabodebek contractor. The
large scale project will increase ADHI credential in railway construction 1. Dody Usodo Hargosuseno
project. Nevertheless, the project also triggers other business 2. Abdul Muni *
development such as property development nearby LRT station. 3. Cahyo Rahadian Muzhar
4. Hironimus Hilapok *
In 2018, ADHI has established a new subsidiary of the TOD property with
the name of PT Adhi Commuter Property. The increasing competition in 5. Widiarto
the construction industry has prompted the Company to redefine its 6. Yustinus Prastowo
vision and mission, which is To become an Innovative Company and *independen
Cultured Corporation for Sustainable Growth. The company also launched
BOARD OF DIRECTORS
“Beyond Construction” as a tagline, which reflects the Company’s
motivation to expand its business to other businesses related to ADHI 1. Entus Asnawi Mukhson
current core business. In effort of tightening competitiveness, ADHI 2. A.A Gede Agung Dharmawan
initiated improvements in various aspects such as to strengthen the 3. Agus Karianto
organization and to also improve ADHI's internal capacity.
4. Alloysius Suko Widigdo
As of 2020, ADHI has 5 subsidiaries, namely PT Adhi Persada Properti, PT 5. Pundjung Setya Brata
Adhi Commuter Properti, PT Dumai Tirta Persada, PT Adhi Persada Beton, 6. V Partha Sarathi
dan PT Adhi Persada Gedung.
1. Pefindo idA- 18-Aug-20 Negative

2. Pefindo idA- 9-Apr-20 Negative
3. Pefindo idA- 12-Apr-19 Stable
as of June 2021
SWOT Analysis
- Strong domestic construction market position - Aggressive capital leverage
- Strong new contract wins in 2021
- Strong synergy with subsidiaries S W - Weak cash flow protection
- Slower construction progress
- Longer cash cycle due to the pandemic
- Government target to boost infrastructure spending -Adverse economic conditions due to COVID-19
O T
-Volatile construction and property industries
-Increasing execution risks
138
AS OF JUNE 2021
Coupon Coupon
Obligasi 25-Sep-20
ADHI02ACN2 Berkelanjutan II Adhi 9.25% 25-Dec-20 PT Bank Mega idA-
1. 556,000 26-Jun-19 25-Jun-22 3
IDA0000984A7 Karya Tahap II Tahun 25-Mar-21 Tbk. Negative
2019 Seri A Quarterly 25-Jun-21
Obligasi 25-Sep-20
ADHI02BCN2 Berkelanjutan II Adhi 9.75% 25-Dec-20 PT Bank Mega idA-
2. 473,500 26-Jun-19 25-Jun-24 5
IDA0000984B5 Karya Tahap II Tahun 25-Mar-21 Tbk. Negative
2019 Seri B Quarterly 25-Jun-21
Obligasi 22-Sep-20
ADHI02CN1 Berkelanjutan II Adhi 9.25% 22-Dec-20 PT Bank Mega idA-
3. 2,997,000 03-Jul-17 22-Jun-22 5
IDA000082002 Karya Tahap I Tahun 22-Mar-21 Tbk. Negative
2017 Quarterly 22-Jun-21
PT Bank
Obligasi -
Pembangunan
ADHI03CN1 Berkelanjutan III Adhi 9.75% - idA-
4. 289,600 19-Nov-20 18-Nov-23 3 Daerah Jawa
IDA000111900 Karya Tahap I Tahun 18-Feb-21 Negative
Barat dan
2020 Quarterly 18-May-21
Banten Tbk.
TRADING HIGHLIGHT
ADHI02ACN2
ISIN CODE : IDA0000984A7 Jun-19 Jun-20 Jun-21 Jun-22
Volume
Trading 2020 2021
Activities,
120 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
100 25 Volume (Rp bn) - - - 14.00 11.00 113.00
Frequency
Frequency (X) - - - 4 7 26
80 20
60 15 Turnover Ratio (%) - - - 10.07 7.91 81.29
CTP Price - High - - - 101.520 101.700 102.500
40 10
Date - - - 26-Nov 05-Jan 09-Jun
20 5
CTP Price - Low - - - 100.000 100.000 100.000
- - Date - - - 28-Dec 03-Mar 03-May
PHEI Fair Yield (%) 9.6782 8.8891 8.4718 8.3054 8.5727 8.2944
Mod. Duration (yrs) 1.991 1.796 1.589 1.376 1.154 0.934
105 11.0
Convexity (yrs) 4.681 3.824 3.021 2.296 1.650 1.118
103 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
101 9.0
99 8.0
97 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
139
ADHI02BCN2 Listing Date Maturity Date
ISIN CODE : IDA0000984B5 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
Volume
Trading 2020 2021
Activities,
400 48 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
350 42 Volume (Rp bn) 12.00 271.00 2.00 28.00 55.00 2.00
Frequency
300 36 Frequency (X) 6 42 1 20 15 4
250 30 Trading days 3 6 1 6 5 2
200 24 Turnover Ratio (%) 10.14 228.93 1.69 23.65 46.46 1.69
150 18 CTP Price - High 100.750 98.110 - 102.500 101.090 100.980
100 12 Date 17-Feb 06-May - 02-Nov 06-Jan 30-Jun
50 6 CTP Price - Low 100.050 87.000 - 97.580 100.500 98.120
- - Date 23-Jan 20-May - 15-Oct 17-Feb 29-Apr
PHEI Fair Yield (%) 10.5145 9.7240 9.7474 9.3965 9.7224 9.9078
Mod. Duration (yrs) 3.412 3.267 3.096 2.927 2.741 2.559
105 12.0
Convexity (yrs) 13.940 12.701 11.375 10.134 8.875 7.725
103 11.0 Sensitivity (%) 0.034 0.033 0.031 0.029 0.027 0.026
101 10.0
99 9.0
97 8.0
95 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADHI02CN1
ISIN CODE : IDA000082002 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
1800 120 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
1500 100 Volume (Rp bn) 532.50 1,376.60 121.00 180.00 466.00 755.00
Frequency
Frequency (X) 33 79 29 54 53 36
1200 80
Trading days 14 24 16 15 12 10
900 60 Turnover Ratio (%) 71.07 183.73 16.15 24.02 62.20 100.77
CTP Price - High 102.000 100.500 101.590 103.500 102.750 102.100
600 40
Date 24-Jan 11-Jun 07-Sep 19-Nov 04-Mar 10-May
300 20
CTP Price - Low 98.940 97.000 96.000 99.600 99.500 100.360
- - Date 26-Mar 27-May 02-Jul 26-Nov 31-Mar 30-Jun
PHEI Fair Yield (%) 9.7629 9.4651 8.6664 8.3214 8.4181 8.2049
Mod. Duration (yrs) 1.982 1.784 1.580 1.368 1.146 0.926
105 11.0
Convexity (yrs) 4.644 3.780 2.990 2.272 1.631 1.101
103 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.011 0.009
101 9.0
99 8.0
97 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
140
ADHI03CN1
ISIN CODE : IDA000111900 Nov-20 Nov-21 Nov-22 Nov-23
Volume
Trading 2020 2021
Activities,
1000 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - 72.00 759.00 30.00
800 80
600 60 Trading days - - - 5 14 1
Turnover Ratio (%) - - - 99.45 1,048.34 41.44
400 40 CTP Price - High - - - 101.040 102.740 103.150
200 20
CTP Price - Low - - - 101.000 10.000 102.050
- - Date - - - 01-Dec 02-Mar 10-Jun
PHEI Fair Yield (%) - - - 9.2826 9.2529 9.5590
Mod. Duration (yrs) - - - 2.466 2.275 2.083
105 10.0
Convexity (yrs) - - - 7.232 6.161 5.172
Sensitivity (%) - - - 0.025 0.023 0.021
103 9.5
101 9.0
99 8.5
97 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADHI02ACN2 2.5%
ADHI02BCN2 271 66.1%
ADHI02CN1 533 1,377 121 180 73.7%
ADHI03CN1 72 24.9%
- 500 1,000 1,500 2,000 2,500 3,000 3,500
141
ADHI FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 3,255,010 2,363,649 -27.38 q 16.01 15.26 16.03
3,904,181 2,986,515 -23.50 q 13.58
Receivables
11.49
Inventories 4,869,420 6,405,523 31.55 p 9.74 9.42
Current Assets 30,315,155 30,090,503 -0.74 q
6.26
Property, Plant and Equipment 1,836,865 2,204,377 20.01 p
(%)
3.39 4.12 4.34
Total Assets 36,515,833 38,093,889 4.32 p
Current Liabilities 24,562,727 27,069,198 10.20 p 0.22
Interest Bearing liabilities 10,521,866 9,745,295 -7.38 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital (Shares) 14,000,000,000 14,000,000,000 -  Gross Profit Margin Operating Profit Margin
Authorized Capital 1,400,000 1,400,000 -  Net Profit Margin
Paid up Capital 356,085 356,085 - 
Paid up Capital (Shares) 3,560,849,376 3,560,849,376 - 
Par Value (Rp Full Amount) 100 100 - 
Retained Earnings 3,397,430 1,989,825 -41.43 q 10.26
9.73
Non Controlling Interest 24,279 26,544 9.33 p 8.76
Total Equity 6,834,298 5,574,810 -18.43 q
(%)
Amount in Rp Million, Unless Otherwise Stated
2.14
INCOME STATEMENTS 1.82 1.82
0.43
Total Revenues 15,307,860 10,827,682 -29.27 q 0.06
Gross Profit 2,336,054 1,735,714 -25.70 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Interest Expenses 772,884 862,829 11.64 p
Total Operating Expenses 894,067 727,681 -18.61 q Return on Assets Return on Equity
Operating Profit 1,441,986 1,008,033 -30.09 q
Earning Before Tax 1,183,575 356,341 -69.89 q
EBITDA 2,132,998 1,381,933 -35.21 q
Income for the periods 665,048 23,703 -96.44 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 665,608 64,909 -90.25 q
Net Income/Loss Attributed 663,806 23,977 -96.39 q 583.32
to Owners of Parent Entity
434.30
382.68 379.19
Peer Group
(%)

(Rp Bill) Margins Growth 140.74 134.09 123.77 111.16
1. PT Hutama Karya (Persero) 21,643 -9.52 -17.99
2. PT Wijaya Karya (Persero) Tbk 16,536 1.95 -39.23
3. PT Waskita Karya (Persero) Tbk. 16,190 -58.65 -48.42 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT PP (Persero) Tbk. 15,831 1.68 -32.84
5. PT Adhi Karya (Persero) Tbk. 10,828 0.22 -29.27 Current Ratio Debt to Equity Ratio
Financial Ratios
Periode Ending 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Gross Profit Margin (%) 13.58 16.01 15.26 16.03
Operating Profit Margin (%) 9.74 11.49 9.42 6.26
Net Profit Margin (%) 3.39 4.12 4.34 0.22
Return on Assets (%) 1.82 2.14 1.82 0.06
Return on Equity (%) 8.76 10.26 9.73 0.43
Current Ratio (%) 140.74 134.09 123.77 111.16
Debt to Equity Ratio (%) 382.68 379.19 434.30 583.32
Cash Flow/Debt (%) -14.37 0.30 1.67 4.24
142
ADMF PT Adira Dinamika Multi Finance Tbk.

Sub Sector : Financing Service Millennium Centennial Center, 53th - 61st Floor
Website : www.adira.co.id Jln. Jenderal Sudirman Kav. 25
Corporate Sec. : Perry Barman Slangor Jakarta 12920
Email Corporate Sec. : [email protected] Phone : (021) 529-63232, 529-63322
Fax : (021) 3973 4949
PT Adira Dinamika Multi Finance Tbk. or Adira SHAREHOLDERS

Finance (ADMF), was established in 1990. ADMF
1. PT Bank Danamon 92.07%
obtained its financing license from the Minister of
Finance as per Decree No. 253/KMK.013/1991 Indonesia Tbk
dated 4 March 1991. Since the beginning, Adira 2. Public (<5%) 7.93%
Finance committed to be the best and foremost finance company in
Indonesia. Adira Finance presents to serve various financing as of vehicles,
both new or used ones, according to the consumer’s life cycle and
providing a profitable experience for Adira Finance’s Friends.
AUDIT COMMITTEE
In 2004, seeing various business opportunities in the country, Adira
Finance issued an initial public offering (IPO) of 100,000,000 shares and PT 1. Manggi Taruna Habir
Bank Danamon Indonesia Tbk. became the Company’s controlling 2. Lungguk Gultom
shareholder after acquiring 75% of its shares. Through some corporate 3. Jusuf Sukiman
actions currently Bank Danamon owns 92.07% of Adira Finance’s shares. As
a subsidiary of Bank Danamon, Adira Finance is part of the MUFG Group,
which is one of the largest banks in the world.
Based on the Articles of Association, ADMF's scope of business includes:
1. Yasushi Itagaki 6. Congsin Congcar
investment financing, working capital financing, multifinance, and other
financing business activities as approved by OJK, as well as operating 2. Krisna Wijaya *
leases and/or other fee-based activities to the extent that these do not 3. Manggi Taruna Habir *
conflict with applicable laws and regulations in the financial sector as well 4. Eng Heng Nee Philip
as the principles of financing sharia. ADMF's sharia business unit engages
5. Muliadi Rahardja
in financing of sales and purchase, investment financing, and services
financing.
*independen
In 2017 Adira Finance presents a multipurpose financing e-commerce
platform service at dicicilaja.com, the marketplace for buying and selling
BOARD OF DIRECTORS
vehicles at momobil.id, and followed by momotor.id in 2018. On February 1. Hafid Hadeli 7. Swandajani Gunadi
20, 2020, Adira Finance launched a new innovation in the digital field, 2. Harry Latif
namely Adiraku to provide real-time, easy and safe transaction experience. 3. Ho Lioeng Min
As of 2020, Adira Finance operates 416 branch office throughout
Indonesia, supported by around 16 thousand employees, to serve 2.3
4. I Dewa Made Susila
million consumers with total receivables managed reaching Rp 44 trillion. 5. Jin Yoshida
6. Niko Kurniawan Bonggowarsito
Since 2014, Adira Finance has managed to get the idAAA rating, the
highest rating given by the Indonesian rating agency, Pefindo. The
company also managed to maintain its investment grade rating in 2020,
namely Baa2 by Moody's and BBB by Fitch, both of these international Historical Corporate Ratings
rankings are investment grade similar to the sovereign rating of Indonesia.
This rating significantly strengthens the Company's ability to access more No. Rating Agency Rating Rating Date Outlook
competitive new sources of funding.
1. Pefindo idAAA 14-Jan-21 Stable
2. Pefindo idAAA 8-Apr-20 Stable
as of June 2021
SWOT Analysis
- Very strong market position in automotive financing industry - Pressure on company's profitability
- Very strong synergy and mutual relationship with its parent
(Bank Danamon)
- Well diversified business portfolio
S W - Pressure on company's asset quality
- Economic recovery prospect - Tight competition within the industry

- Diversification of financing business - Low demand for automotive financing
- The majority of motor vehicle sales are still financed through
credit facilities
O T - Unfavorable impact of COVID-19
143
AS OF JUNE 2021
Coupon Coupon
26-Jul-20 PT Bank
Obligasi Berkelanjutan
ADMF03CCN4 9.25% 26-Oct-20 Negara idAAA
1. III Adira Finance Tahap 431,000 27-Jul-16 26-Jul-21 5
IDA0000749C0 26-Jan-21 Indonesia Stable
IV Tahun 2016 Seri C
Quarterly 26-Apr-21 (Persero) Tbk.
22-Sep-20 PT Bank
ADMF03CCN5 8.90% 22-Dec-20 Negara idAAA
2. III Adira Finance Tahap 241,000 23-Mar-17 22-Mar-22 5
IDA0000795C3 22-Mar-21 Indonesia Stable
V Tahun 2017 Seri C
Quarterly 22-Jun-21 (Persero) Tbk.
14-Jul-20 PT Bank
3. III Adira Finance Tahap 68,000 17-Jul-17 14-Jul-22 5
VI Tahun 2017 Seri C
23-Jul-20 PT Bank
ADMF04BCN4 9.00% 23-Oct-20 Negara idAAA
4. IV Adira Finance Tahap 58,000 24-Jan-19 23-Jan-22 3
IDA0000958B9 23-Jan-21 Indonesia Stable
IV Tahun 2019 Seri B
16-Jul-20 PT Bank
IV Adira Finance 8.60%
ADMF04BCN5 16-Oct-20 Negara idAAA
5. Dengan Tingkat Bunga 287,250 18-Apr-19 16-Apr-22 3
Tetap Tahap V Tahun
2019 Seri B
04-Jul-20 PT Bank
ADMF04BCN6 04-Oct-20 Negara idAAA
6. Dengan Tingkat Bunga 703,000 07-Oct-19 04-Oct-22 3
Tetap Tahap VI Tahun
2019 Seri B
12-Sep-20 PT Bank
ADMF04CCN1 7.55% 12-Dec-20 Negara idAAA
7. IV Adira Finance Tahap I 91,000 13-Dec-17 12-Dec-22 5
IDA0000873C8 12-Mar-21 Indonesia Stable
2017 Seri C
16-Aug-20 PT Bank
ADMF04CCN3 8.50% 16-Nov-20 Negara idAAA
8. IV Adira Finance Tahap 715,500 20-Aug-18 16-Aug-21 3
IDA0000930C6 16-Feb-21 Indonesia Stable
III Tahun 2018 Seri C
Quarterly 16-May-21 (Persero) Tbk.
23-Jul-20 PT Bank
9. IV Adira Finance Tahap 328,000 24-Jan-19 23-Jan-24 5
IV Tahun 2019 Seri C
16-Jul-20 PT Bank
ADMF04CCN5 16-Oct-20 Negara idAAA
10. Dengan Tingkat Bunga 607,750 18-Apr-19 16-Apr-24 5
Tetap Tahap V Tahun
2019 Seri C
04-Jul-20 PT Bank
IV Adira Finance
11. Dengan Tingkat Bunga 190,000 07-Oct-19 04-Oct-24 5
Tetap Tahap VI Tahun
2019 Seri C
21-Sep-20 PT Bank
ADMF04DCN2 21-Dec-20 Negara idAAA
12. dengan Tingkat Bunga 162,000 22-Mar-18 21-Mar-23 5
IDA0000887D6 21-Mar-21 Indonesia Stable
Tetap Tahap II Tahun
2018 Seri D
16-Aug-20 PT Bank
9.00% 16-Nov-20 Negara
13. ADMF04DCN3 IV Adira Finance Tahap 268,500 20-Aug-18 16-Aug-22 4 idAAA
IDA0000930D4 III Tahun 2018 Seri D 16-Feb-21 Indonesia Stable
16-Aug-20 PT Bank
ADMF04ECN3 9.25% 16-Nov-20 Negara idAAA
14. IV Adira Finance Tahap 460,750 20-Aug-18 16-Aug-23 5
IDA0000930E2 16-Feb-21 Indonesia Stable
III Tahun 2018 Seri E
Quarterly (Persero) Tbk.
16-May-21
144
Coupon Coupon
- PT Bank
ADMF05ACN1 6.90% 07-Oct-20 Negara idAAA
15. V Adira Finance Tahap I 483,950 08-Jul-20 17-Jul-21 1
IDA0001075A3 07-Jan-21 Indonesia Stable
Tahun 2020 Seri A
- PT Bank
ADMF05BCN1 7.90% 07-Oct-20 Negara idAAA
16. V Adira Finance Tahap I 816,050 08-Jul-20 07-Jul-23 3
Tahun 2020 Seri B
Sukuk Mudharabah 26-Jul-20 PT Bank

SMADMF02CCN2 Berkelanjutan II Adira 9.25% 26-Oct-20 Negara idAAA(sy)
17. 14,000 27-Jul-16 26-Jul-21 5
IDJ0000077C7 Finance Tahap II Tahun 26-Jan-21 Indonesia Stable
2016 Seri C 26-Apr-21 (Persero) Tbk.
Quarterly
Sukuk Mudharabah 22-Sep-20 PT Bank

SMADMF02CCN3 Berkelanjutan II Adira 8.90% 22-Dec-20 Negara idAAA(sy)
18. 7,000 23-Mar-17 22-Mar-22 5
IDJ0000086C8 Finance Tahap III Tahun 22-Mar-21 Indonesia Stable
2017 Seri C 22-Jun-21 (Persero) Tbk.
Quarterly

SMADMF03BCN3 Berkelanjutan III Adira 9.00% 23-Oct-20 Negara idAAA(sy)
19. 55,000 24-Jan-19 23-Jan-22 3
IDJ0000118B1 Finance Tahap III Tahun 23-Jan-21 Indonesia Stable
2019 Seri B 23-Apr-21 (Persero) Tbk.
Quarterly

SMADMF03BCN4 Berkelanjutan III Adira 8.60% 16-Oct-20 Negara idAAA(sy)
20. 10,000 18-Apr-19 16-Apr-22 3
IDJ0000130B6 Finance Tahap IV Tahun 16-Jan-21 Indonesia Stable
2019 Seri B 16-Apr-21 (Persero) Tbk.
Quarterly

SMADMF03CCN1 Berkelanjutan III Adira 7.55% 12-Dec-20 Negara idAAA(sy)
21. 55,000 13-Dec-17 12-Dec-22 5
IDJ0000102C3 Finance Tahap I Tahun 12-Mar-21 Indonesia Stable
Quarterly

SMADMF03CCN2 Berkelanjutan III Adira 7.50% 21-Dec-20 Negara idAAA(sy)
22. 29,000 22-Mar-18 21-Mar-23 5
IDJ0000105C6 Finance Tahap II Tahun 21-Mar-21 Indonesia Stable
Quarterly

SMADMF03CCN3 Berkelanjutan III Adira 9.50% 23-Oct-20 Negara idAAA(sy)
23. 32,000 24-Jan-19 23-Jan-24 5
IDJ0000118C9 Finance Tahap III Tahun 23-Jan-21 Indonesia Stable
Quarterly

SMADMF03CCN4 Berkelanjutan III Adira 9.15% 16-Oct-20 Negara idAAA(sy)
24. 14,000 18-Apr-19 16-Apr-24 5
IDJ0000130C4 Finance Tahap IV Tahun 16-Jan-21 Indonesia Stable
Quarterly
Sukuk Mudharabah - PT Bank

SMADMF04CN1 Berkelanjutan IV Adira 6.90% 07-Oct-20 Negara idAAA(sy)
25. 200,000 08-Jul-20 17-Jul-21 1
IDJ000016100 Finance Tahap I Tahun 07-Jan-21 Indonesia Stable
2020 07-Apr-21 (Persero) Tbk.
Quarterly
145
TRADING HIGHLIGHT
ADMF03CCN4
ISIN CODE : IDA0000749C0 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
1,200 16 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - 970.00 100.00 100.00
Frequency
900 12 Frequency (X) - - - 15 2 2
600 8 Turnover Ratio (%) - - - 900.23 92.81 92.81
CTP Price - High - - - 103.250 101.520 100.620
300 4 Date - - - 09-Oct 26-Mar 17-Jun
CTP Price - Low - - - 102.210 101.500 100.600
- - Date - - - 29-Dec 25-Mar 16-Jun
PHEI Fair Yield (%) 6.7946 5.9028 5.6780 5.3592 4.7113 3.6295
Mod. Duration (yrs) 1.218 1.003 0.778 0.548 0.310 0.072
105 8.0
Convexity (yrs) 1.849 1.291 0.815 0.442 0.174 0.023
104 7.0 Sensitivity (%) 0.012 0.010 0.008 0.005 0.003 0.001
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF03CCN5 Listing Date Maturity Date
ISIN CODE : IDA0000795C3 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Volume
Trading 2020 2021
Activities,
200 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 58.00 - 44.00 5.00 10.00 192.00
160 8
Frequency Frequency (X) 3 - 2 1 7 8
120 6 Trading days 2 - 1 1 3 2
Turnover Ratio (%) 96.27 - 73.03 8.30 16.60 318.67
80 4 CTP Price - High 103.600 - - 104.000 103.750 103.800
Date 10-Jan - - 27-Oct 24-Feb 06-Apr
40 2
CTP Price - Low 103.200 - - 104.000 103.450 103.450
- - Date 26-Feb - - 27-Oct 22-Feb 11-May
PHEI Fair Yield (%) 7.4402 6.5195 6.2203 5.7362 5.3638 4.5639
Mod. Duration (yrs) 1.798 1.594 1.379 1.159 0.931 0.704
106 8.0
Convexity (yrs) 3.829 3.036 2.304 1.665 1.113 0.676
Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
105 7.0
104 6.0
103 5.0
102 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
146
ADMF03CCN6
Volume
Trading 2020 2021
Activities,
9 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume 8.00 - - - - -
nar >> Volume (Rp bn)
Frequency
Frequency (X) 2 - - - - -
6 2
Trading days 1 - - - - -
Turnover Ratio (%) 47.06 - - - - -
CTP Price - High 102.630 - - - - -
3 1
Date 10-Feb - - - - -
CTP Price - Low 102.590 - - - - -
- - Date 10-Feb - - - - -
PHEI Fair Yield (%) 7.6752 6.7322 6.4284 5.9002 5.5689 4.8605
Mod. Duration (yrs) 2.030 1.835 1.628 1.416 1.196 0.978
105 8.0
Convexity (yrs) 4.910 4.029 3.197 2.452 1.786 1.231
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
104 7.0
103 6.0
102 5.0
101 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF04BCN4
ISIN CODE : IDA0000958B9 Jan-19 Jan-20 Jan-21 Jan-22
Volume
Trading 2020 2021
Activities,
32 16 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 29.25 2.50 22.00 11.00 24.00 30.00
Frequency
24 12 Frequency (X) 15 3 11 5 11 2
nar >> Trading days 7 2 6 4 5 1
16 8 Turnover Ratio (%) 201.72 17.24 151.72 75.86 165.52 206.90
CTP Price - High 105.500 100.900 103.850 103.350 104.300 102.700
8 4 Date 13-Mar 27-May 31-Aug 07-Dec 03-Feb 17-Jun
CTP Price - Low 103.750 100.800 102.250 103.300 103.600 102.690
- - Date 13-Mar 27-May 06-Jul 27-Nov 21-Jan 17-Jun
PHEI Fair Yield (%) 7.0915 6.3940 6.4696 5.6489 5.1647 4.2592
Mod. Duration (yrs) 1.638 1.432 1.216 0.997 0.769 0.542
106 8.0
Convexity (yrs) 3.240 2.508 1.841 1.276 0.799 0.434
Sensitivity (%) 0.016 0.014 0.012 0.010 0.008 0.005
105 7.0
104 6.0
103 5.0
102 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
147
ADMF04BCN5
ISIN CODE : IDA0000973B8 Apr-19 Apr-20 Apr-21 Apr-22
Volume
Trading 2020 2021
Activities,
300 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 90.70 267.45 165.00 93.00 38.00 76.00
240 24
180 18 Trading days 9 12 11 13 12 10
Turnover Ratio (%) 126.30 372.43 229.77 129.50 52.92 105.83
120 12 CTP Price - High 105.250 103.600 104.750 104.500 103.000 103.600
Date 13-Mar 05-May 18-Aug 22-Dec 25-Jan 18-Jun
60 6
CTP Price - Low 102.250 100.400 101.750 100.000 100.500 102.250
- - Date 22-Jan 15-May 11-Sep 19-Nov 05-Feb 17-Jun
PHEI Fair Yield (%) 7.3444 6.7540 6.9245 5.7730 5.3698 4.6330
Mod. Duration (yrs) 1.830 1.629 1.415 1.202 0.978 0.755
107 8.0
Convexity (yrs) 4.015 3.203 2.450 1.803 1.233 0.774
Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.008
105 7.0
103 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF04BCN6
ISIN CODE : IDA0001015B7 Oct-19 Oct-20 Oct-21 Oct-22
Volume
Trading 2020 2021
Activities,
700 60 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) 597.95 392.15 196.00 319.00 296.00 210.00
560 48
Frequency (X) 36 47 51 51 42 36
nar >> 420 36 Trading days 24 27 28 33 23 26
Turnover Ratio (%) 340.23 223.13 111.52 181.51 168.42 119.49
280 24 CTP Price - High 103.250 102.500 102.750 103.000 104.100 104.600
Date 21-Feb 16-Jun 29-Sep 27-Oct 15-Mar 04-May
140 12
CTP Price - Low 96.400 97.500 98.000 100.000 100.000 101.400
PHEI Fair Yield (%) 8.1591 6.8622 6.9942 6.9941 5.7357 5.0476
Mod. Duration (yrs) 2.213 2.024 1.816 1.605 1.393 1.178
106 8.5
Convexity (yrs) 5.808 4.870 3.945 3.111 2.376 1.735
Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
103 7.5
100 6.5
97 5.5
94 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
148
ADMF04CCN1
ISIN CODE : IDA0000873C8 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
24 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) 1.60 21.45 - - - -
Frequency
18 6 Frequency (X) 5 6 - - - -
Trading days 3 3 - - - -
12 4 Turnover Ratio (%) 7.03 94.29 - - - -
CTP Price - High 101.270 100.780 - - - -
6 2 Date 22-Jan 17-Jun - - - -
CTP Price - Low 100.500 100.500 - - - -
- - Date 22-Jan 09-Apr - - - -
PHEI Fair Yield (%) 7.9342 6.9616 6.6709 6.1029 5.8653 5.1909
Mod. Duration (yrs) 2.407 2.215 2.009 1.800 1.581 1.366
106 8.5
Convexity (yrs) 6.742 5.716 4.723 3.817 2.980 2.258
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
104 7.5
102 6.5
100 5.5
98 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF04CCN3
ISIN CODE : IDA0000930C6 Aug-18 Aug-19 Aug-20 Aug-21
Volume
Trading 2020 2021
Activities,
900 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 823.50 210.17 449.00 194.00 364.00 16.00
720 56
nar >> 540 42 Trading days 25 24 29 15 19 13
Turnover Ratio (%) 460.38 117.50 251.01 108.46 203.49 8.94
360 28 CTP Price - High 103.100 102.050 103.600 103.750 102.430 101.300
Date 26-Feb 14-May 02-Sep 20-Nov 07-Jan 28-Apr
180 14
CTP Price - Low 100.290 87.000 100.000 101.250 100.000 100.000
- - Date 08-Jan 29-Jun 01-Jul 20-Oct 08-Mar 21-Jun
PHEI Fair Yield (%) 6.9993 6.3466 5.7331 5.2938 4.6504 3.8408
Mod. Duration (yrs) 1.278 1.061 0.835 0.604 0.366 0.127
105 8.5
Convexity (yrs) 2.008 1.420 0.920 0.521 0.225 0.047
Sensitivity (%) 0.013 0.011 0.008 0.006 0.004 0.001
103 6.5
101 4.5
99 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
149
ADMF04CCN4 Listing Date Maturity Date
ISIN CODE : IDA0000958C7 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Volume
Trading 2020 2021
Activities,
100 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
80 28
60 21 Trading days 16 18 13 8 9 5
Turnover Ratio (%) 115.00 7.80 17.07 25.61 30.49 2.44
40 14 CTP Price - High 109.020 106.600 106.500 109.000 109.500 109.000
Date 18-Feb 11-Jun 10-Sep 11-Dec 12-Mar 03-Jun
20 7
CTP Price - Low 100.000 99.150 102.650 106.150 105.250 104.400
- - Date 11-Feb 19-May 07-Aug 15-Dec 26-Mar 07-Apr
PHEI Fair Yield (%) 8.4347 7.3888 7.2100 6.5735 6.4789 5.8516
Mod. Duration (yrs) 3.132 2.979 2.801 2.625 2.433 2.249
114 9.0
Convexity (yrs) 11.775 10.595 9.351 8.195 7.047 6.019
Sensitivity (%) 0.031 0.030 0.028 0.026 0.024 0.022
110 8.0
106 7.0
102 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF04CCN5
ISIN CODE : IDA0000973C6 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
Volume
Trading 2020 2021
Activities,
400 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
320 48
nar >> 240 36 Trading days 18 13 35 15 7 7
Turnover Ratio (%) 43.70 239.70 25.01 63.18 20.40 16.45
160 24 CTP Price - High 106.820 105.600 108.300 108.850 108.900 108.500
80 12
CTP Price - Low 97.000 94.900 101.500 100.000 104.400 103.900
- - Date 27-Mar 14-May 14-Jul 19-Nov 31-Mar 25-Jun
PHEI Fair Yield (%) 8.5139 7.4576 8.1340 7.0881 6.5815 6.2080
Mod. Duration (yrs) 3.299 3.150 2.961 2.796 2.614 2.430
111 9.0
Convexity (yrs) 13.080 11.858 10.472 9.304 8.119 7.014
Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.024
107 8.0
103 7.0
99 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
150
ADMF04CCN6
ISIN CODE : IDA0001015C5 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24
Volume
Trading 2020 2021
Activities,
75 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 65.00 5.00 - 5.00 - -
60 8
Frequency Frequency (X) 8 1 - 1 - -
45 6 Trading days 3 1 - 1 - -
Turnover Ratio (%) 136.84 10.53 - 10.53 - -
30 4 CTP Price - High 102.720 - - 103.250 - -
Date 17-Feb - - 07-Oct - -
15 2
CTP Price - Low 102.000 - - 103.250 - -
- - Date 26-Feb - - 07-Oct - -
PHEI Fair Yield (%) 8.9330 7.5858 7.4980 6.8189 6.7721 6.1645
Mod. Duration (yrs) 3.651 3.518 3.344 3.177 2.991 2.815
110 9.5
Convexity (yrs) 16.013 14.749 13.293 11.957 10.584 9.353
Sensitivity (%) 0.037 0.035 0.033 0.032 0.030 0.028
106 8.5
102 7.5
98 6.5
94 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF04DCN2 Listing Date Maturity Date
ISIN CODE : IDA0000887D6 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Volume
Trading 2020 2021
Activities,
1000 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 24
600 18 Trading days 15 11 10 12 11 6
Turnover Ratio (%) 578.02 238.02 1,014.81 2,012.3 498.77 41.98
400 12 CTP Price - High 102.250 100.850 104.120 103.720 102.950 104.350
Date 10-Feb 17-Jun 18-Sep 01-Dec 05-Feb 21-Apr
200 6
CTP Price - Low 98.750 92.900 97.650 100.800 101.000 101.650
- - Date 28-Feb 14-May 24-Jul 23-Oct 15-Mar 07-Apr
PHEI Fair Yield (%) 8.0269 7.1196 6.8146 6.4234 5.9825 5.4911
Mod. Duration (yrs) 2.631 2.443 2.241 2.036 1.823 1.611
105 9.0
Convexity (yrs) 8.029 6.923 5.841 4.838 3.907 3.082
Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
151
ADMF04DCN3
ISIN CODE : IDA0000930D4 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22
Volume
Trading 2020 2021
Activities,
120 12 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
nar >> Volume (Rp bn) 11.20 2.47 21.00 6.00 105.00 112.00
Frequency
90 9 Frequency (X) 5 3 2 4 10 7
60 6 Turnover Ratio (%) 16.69 3.68 31.28 8.94 156.42 166.85
CTP Price - High 104.750 93.000 103.400 105.400 105.450 104.850
30 3 Date 14-Jan 15-Apr 08-Jul 16-Dec 17-Feb 07-Apr
CTP Price - Low 99.500 88.600 103.400 104.130 104.350 99.300
- - Date 08-Jan 25-Jun 08-Jul 23-Oct 02-Feb 07-Jun
PHEI Fair Yield (%) 7.7364 6.7866 6.4843 5.9459 5.3856 4.8745
Mod. Duration (yrs) 2.105 1.912 1.707 1.497 1.280 1.063
108 8.5
Convexity (yrs) 5.250 4.348 3.488 2.714 2.018 1.427
Sensitivity (%) 0.021 0.019 0.017 0.015 0.013 0.011
106 7.5
104 6.5
102 5.5
100 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF04ECN3
ISIN CODE : IDA0000930E2 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23
Volume
Trading 2020 2021
Activities,
80 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
64 24
nar >> 48 18 Trading days 17 3 16 7 4 7
Turnover Ratio (%) 61.64 0.26 28.65 39.93 9.55 11.29
32 12 CTP Price - High 105.800 102.050 106.320 107.020 106.660 109.100
Date 28-Feb 15-Jun 08-Sep 27-Nov 25-Feb 06-May
16 6
CTP Price - Low 96.000 98.900 101.900 104.000 105.000 104.650
- - Date 27-Mar 19-May 20-Jul 20-Nov 18-Mar 27-Apr
PHEI Fair Yield (%) 8.2644 7.2428 6.9560 6.3435 6.4963 5.6557
Mod. Duration (yrs) 2.854 2.686 2.500 2.313 2.110 1.916
110 9.0
Convexity (yrs) 9.659 8.532 7.387 6.321 5.277 4.367
Sensitivity (%) 0.029 0.027 0.025 0.023 0.021 0.019
106 8.0
102 7.0
98 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
152
ADMF05ACN1 Listing Date Maturity Date
ISIN CODE : IDA0001075A3 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
850 150 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 779.00 332.00 172.00 10.00
680 120
510 90 Trading days - - 14 10 6 4
Turnover Ratio (%) - - 643.87 274.41 142.16 8.27
340 60 CTP Price - High - - 101.320 101.350 100.870 100.710
Date - - 29-Sep 23-Nov 08-Jan 09-Apr
170 30
CTP Price - Low - - 99.480 99.350 99.900 99.500
- - Date - - 31-Aug 09-Oct 29-Mar 20-Apr
PHEI Fair Yield (%) - - 6.3280 5.2293 4.6059 3.7210
Mod. Duration (yrs) - - 0.760 0.528 0.287 0.047
103 8.5
Convexity (yrs) - - 0.778 0.414 0.154 0.014
Sensitivity (%) - - 0.008 0.005 0.003 0.000
102 7.0
101 5.5
100 4.0
99 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF05BCN1
ISIN CODE : IDA0001075B1 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
420 180 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - 340.00 295.00 126.00 14.00
Frequency
Frequency (X) - - 163 43 16 13
280 120
nar >> Trading days - - 25 23 9 11
Turnover Ratio (%) - - 166.66 144.60 61.76 6.86
CTP Price - High - - 103.020 104.980 104.750 105.500
140 60
Date - - 22-Sep 17-Dec 03-Feb 24-May
CTP Price - Low - - 100.050 101.500 102.000 103.000
- - Date - - 26-Aug 06-Nov 26-Jan 18-Jun
PHEI Fair Yield (%) - - 6.7820 6.3407 5.9020 5.2765
Mod. Duration (yrs) - - 2.434 2.238 2.035 1.834
108 8.5
Convexity (yrs) - - 6.992 5.925 4.917 4.015
Sensitivity (%) - - 0.024 0.022 0.020 0.018
105 7.5
102 6.5
99 5.5
96 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
153
SMADMF02CCN2
ISIN CODE : IDJ0000077C7 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
30 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - 4.00 28.00 16.00 2.00 3.00
24 16
18 12 Trading days - 1 3 7 2 2
Turnover Ratio (%) - 114.29 800.00 457.14 57.14 85.71
12 8 CTP Price - High - 100.640 102.520 101.940 101.020 100.260
Date - 03-Apr 27-Jul 11-Nov 09-Feb 21-Apr
6 4
CTP Price - Low - 100.630 101.000 101.770 100.810 100.200
- - Date - 03-Apr 08-Sep 13-Oct 18-Feb 27-Apr
PHEI Fair Yield (%) 6.7946 5.9028 5.6780 5.3592 4.6371 3.7575
Mod. Duration (yrs) 1.218 1.003 0.778 0.548 0.310 0.072
105 7.5
Convexity (yrs) 1.849 1.291 0.815 0.442 0.174 0.023
104 6.5 Sensitivity (%) 0.012 0.010 0.008 0.005 0.003 0.001
103 5.5
102 4.5
101 3.5
100 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMADMF02CCN3
ISIN CODE : IDJ0000086C8 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 20.00 - - -
20 4
Frequency Frequency (X) - - 4 - - -
nar >> 15 3 Trading days - - 3 - - -
Turnover Ratio (%) - - 1,142.86 - - -
10 2 CTP Price - High - - 106.130 - - -
Date - - 19-Aug - - -
5 1
CTP Price - Low - - 106.090 - - -
- - Date - - 14-Aug - - -
PHEI Fair Yield (%) 7.4402 6.5195 6.2203 5.7362 5.3101 4.5639
Mod. Duration (yrs) 1.798 1.594 1.379 1.159 0.931 0.704
108 8.0
Convexity (yrs) 3.829 3.036 2.304 1.665 1.114 0.676
Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
106 7.0
104 6.0
102 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
154
SMADMF03BCN3 Listing Date Maturity Date
ISIN CODE : IDJ0000118B1 Jan-19 Jan-20 Jan-21 Jan-22
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 24.00 - - - - -
20 4
Frequency Frequency (X) 4 - - - - -
15 3 Trading days 2 - - - - -
Turnover Ratio (%) 174.55 - - - - -
10 2 CTP Price - High 104.290 - - - - -
Date 15-Jan - - - - -
5 1
CTP Price - Low 103.870 - - - - -
- - Date 17-Feb - - - - -
PHEI Fair Yield (%) 7.3047 6.3940 6.1037 5.6489 5.1647 4.3938
Mod. Duration (yrs) 1.637 1.432 1.217 0.997 0.769 0.542
106 8.0
Convexity (yrs) 3.236 2.508 1.845 1.276 0.799 0.434
Sensitivity (%) 0.016 0.014 0.012 0.010 0.008 0.005
105 7.0
104 6.0
103 5.0
102 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMADMF03BCN4
ISIN CODE : IDJ0000130B6 Apr-19 Apr-20 Apr-21 Apr-22
Volume
Trading 2020 2021
Activities,
6 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - - - 3.00
4 2
nar >> Trading days - - - - - 1
Turnover Ratio (%) - - - - - 120.00
CTP Price - High - - - - - 103.240
2 1
Date - - - - - 01-Apr
CTP Price - Low - - - - - 103.220
- - Date - - - - - 01-Apr
PHEI Fair Yield (%) 7.4951 6.5698 6.2682 5.7730 5.3698 4.6330
Mod. Duration (yrs) 1.829 1.630 1.418 1.202 0.978 0.755
107 8.0
Convexity (yrs) 4.011 3.206 2.459 1.803 1.233 0.774
Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.008
105 7.0
103 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
155
SMADMF03CCN1
ISIN CODE : IDJ0000102C3 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
60 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - -
Frequency
40 4
Trading days - - - - - -
20 2
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 7.9342 6.9597 6.6709 6.1029 5.8653 5.1909
Mod. Duration (yrs) 2.407 2.215 2.009 1.800 1.581 1.366
106 8.5
Convexity (yrs) 6.742 5.716 4.723 3.817 2.980 2.258
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
104 7.5
102 6.5
100 5.5
98 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMADMF03CCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
6 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 5.00 - - -
Trading days - - 1 - - -
3 1 Turnover Ratio (%) - - 68.97 - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.0783 7.0839 6.8146 6.2271 6.0361 5.3775
Mod. Duration (yrs) 2.631 2.444 2.241 2.037 1.823 1.612
105 9.0
Convexity (yrs) 8.026 6.925 5.841 4.844 3.906 3.084
Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
156
SMADMF03CCN3
ISIN CODE : IDJ0000118C9 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Volume
Trading 2020 2021
Activities,
20 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume (Rp bn) - - 18.00 - - -
15 6 Frequency (X) - - 6 - - -
Volume
Frequency Trading days - - 1 - - -
10 4 Turnover Ratio (%) - - 225.00 - - -
CTP Price - High - - 105.570 - - -
5 2 Date - - 16-Sep - - -
CTP Price - Low - - 105.550 - - -
- - Date - - 16-Sep - - -
PHEI Fair Yield (%) 8.4347 7.3888 7.2100 6.5735 6.4789 5.8516
Mod. Duration (yrs) 3.132 2.979 2.801 2.625 2.433 2.249
110 9.0
Convexity (yrs) 11.775 10.595 9.351 8.195 7.047 6.019
Sensitivity (%) 0.031 0.030 0.028 0.026 0.024 0.022
108 8.0
106 7.0
104 6.0
102 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMADMF03CCN4
ISIN CODE : IDJ0000130C4 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
Volume
Trading 2020 2021
Activities,
60 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - -
Frequency
40 20
nar >> Trading days - - - - - -
20 10
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.5139 7.4576 7.3080 6.6582 6.5815 5.9608
Mod. Duration (yrs) 3.299 3.150 2.975 2.802 2.614 2.432
109 9.0
Convexity (yrs) 13.080 11.858 10.550 9.338 8.119 7.027
Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.024
107 8.0
105 7.0
103 6.0
101 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
157
SMADMF04CN1 Listing Date Maturity Date
ISIN CODE : IDJ000016100 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
420 18 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
280 12
Trading days - - 4 2 8 3
Turnover Ratio (%) - - 752.00 12.00 62.00 48.00
CTP Price - High - - 101.000 100.920 100.830 100.330
140 6
Date - - 28-Sep 13-Oct 07-Jan 10-Jun
CTP Price - Low - - 99.310 100.310 100.210 100.110
- - Date - - 03-Aug 10-Dec 02-Mar 18-May
PHEI Fair Yield (%) - - 5.6671 5.3441 4.6075 3.5624
Mod. Duration (yrs) - - 0.761 0.528 0.287 0.047
102 9.0
Convexity (yrs) - - 0.781 0.413 0.154 0.014
Sensitivity (%) - - 0.008 0.005 0.003 0.000
101 7.0
100 5.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ADMF03CCN4 970 225.1%

nar >>
ADMF03CCN5 58 44 44.4%
ADMF03CCN6 11.8%
ADMF04BCN4 111.6%
ADMF04BCN5 91 267 165 93 214.5%
ADMF04BCN6 598 392 196 319 214.1%
ADMF04CCN1 25.3%
ADMF04CCN3 824 210 449 194 234.3%
ADMF04CCN4 94 614 41.4%
ADMF04CCN5 66 364 38 96 92.9%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800
158
nar >>
ADMF04CCN6 65 39.5%
ADMF04DCN2 234 96 411 815 960.8%
ADMF04DCN3 15.1%
ADMF04ECN3 71 33 46 32.6%
ADMF05ACN1 779 332 229.6%
ADMF05BCN1 340 295 77.8%
SMADMF02CCN2 342.9%
SMADMF02CCN3 285.7%
SMADMF03BCN3 43.6%
SMADMF03BCN4 0.0%
SMADMF03CCN1 0.0%
SMADMF03CCN2 17.2%
SMADMF03CCN3 56.3%
SMADMF03CCN4 0.0%
SMADMF04CN1 376 191.0%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800
159
ADMF FINANCIAL HIGHLIGHT

60.93
59.57
62.38
Cash & Cash Equivalents 3,122,492 4,227,409 35.39 p
Other Receivables 467,010 399,738 -14.40 q
34.54
Consumer Financing Receivables 29,914,952 22,852,006 -23.61 q
26.50
24.46
24.16
21.63
18.60
17.83
15.42
35,116,853 29,230,513 -16.76 q
10.87
Total Assets
(%)
Fund Borrowings 22,885,718 16,766,267 -26.74 q
Total Liabilities 27,038,058 21,305,238 -21.20 q
Authorized Capital (Shares) 4,000,000,000 4,000,000,000 - 
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital (Shares) 1,000,000,000 1,000,000,000 -  Net Interest Margin
Retained Earnings 8,202,438 8,059,380 -1.74 q
25.83 26.10
Total Equity 8,078,795 7,925,275 -1.90 q 24.53
12.94
(%)
5.76 6.00
4.78
INCOME STATEMENTS 3.51
Total Revenues 11,337,726 9,434,745 -16.78 q
Expenses 8,458,590 7,958,310 -5.91 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Finance Costs 2,034,348 1,820,628 -10.51 q
Earning Before Tax 2,879,136 1,476,435 -48.72 q Return on Assets Return on Equity
EBITDA 3,533,067 3,512,692 -0.58 q
Income (Loss) for the periods 2,108,691 1,025,573 -51.36 q
Comprehensive Income (Loss) 1,958,596 1,015,111 -48.17 q
Net income/loss attributed to 2,108,691 1,025,573 -51.36 q LIQUIDITY & SOLVENCY RATIOS
owners of parent entity 112.93
107.46 109.57 106.10
65.46
Peer Group
(%)
No. Company Total Revenue Net Profit Revenue 37.62 40.43 39.07
(Rp Bill) Margins Growth
1. PT Pegadaian (Persero) 21,668 9.33 24.14
2. PT Federal International Finance 9,565 15.56 -4.07
3. PT Adira Dinamika Multi Finance Tbk. 9,435 10.87 -16.78 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Permodalan Nasional Madani (Persero) 5,766 6.22 14.02
5. PT Sarana Multi Infrastruktur (Persero) 5,565 34.26 8.80 BOPO Loan To Deposit Ratio
Financial Ratios
Net Interest Margin (%) 21.63 24.16 24.46 26.50
Return on Assets (%) 4.78 5.76 6.00 3.51
Return on Equity (%) 24.53 25.83 26.10 12.94
BOPO (%) 37.62 40.43 39.07 65.46
Loan to Deposit Ratio (%) 107.46 112.93 109.57 106.10
Cash Flow / Debt (%) 4.24 -2.68 4.36 39.67
Interest Coverage Ratio (x) 218.15 242.98 245.58 182.83
160
AGII PT Aneka Gas Industri Tbk.

Sector : Basic Materials ADDRESS
Sub Sector : Basic Materials UGM Samator Pendidikan Building, Tower A, 5th-6th Floor
Website : www.anekagas.com Jln. Dr. Sahardjo No. 83, Manggarai, Jakarta
Corporate Sec. : Imelda Mulyani Harsono Jakarta Selatan
Fax : (021) 8370-9911
PT Aneka Gas Industri (the Company) is SHAREHOLDERS

Indonesian's first and the oldest industrial gases 1. Djanarko Tjandra 0.00% 7. Arief Harsono 4.58%
company that has the largest distribution
2. Saham Treasuri 0.75% 8. Rachmat Harsono 1.34%
network throughout Indonesia Archipelago. AGII produce and
3. Public 19.24% 9. Heyzer Harsono 0.15%
distribute industrial gases such as Oxygen, Nitrogen, Argon, Hydrogen,
Carbon dioxide and speciality gases to supply multi-industry such as 4. PT Samator 40.54% 10. Rasid Harsono 0.13%
metal works, metallurgy, mining, chemical processes and 5. PT Aneka Mega Energi 25.00% 11. Imelda Mulyadi Harsono 0.05%
petrochemical industry, electronic and electrical industry, medical and 6. PT Saratoga Investama Sedaya 8.22%
pharmaceutical industry, food and beverage industry, construction and AUDIT COMMITTEE
engineering, waste water treatment, agribusiness.
1. C.M. Bing Soekianto
Throughout its journey, AGII has been through some fundamental 2. Deborah Gaby Tanadi
changes. The experience and history are a living proof of the stability 3. Tjokro Aliwidjaja
and maturity of the company in facing changes. AGII's management
readiness to face new change is proven through steady improvement.
AGII evolve to become bigger and better as well as adaptable in the
development of economy and industry in Indonesia. BOARD OF COMMISSIONERS
1. Arief Harsono 6. Rasid Harsono
AGII's future plan is to streamline the management to strengthen the
2. Agoest Soebhektie *
foundation of the company comprehensive capabilities, thereby
3. C.M. Bing Soekianto *
increasing enterprise value and guaranteeing stakaholders' welfare.
4. Hargo Utomo
AGII Head Office is at Gedung UGM Samator Pendidikan Tower a 5-6 5. Heyzer Harsono
Floor, Jln. Sahardjo No. 83, Manggarai, Jakarta Selatan and has several
branches in Medan, Lhokseumawe, Pekanbaru, Jakarta, Lampung,
*independen
Bandung, Semarang, Sidoarjo, Makassar, Kendari, Soroako, Palu,
Bitung, and Gorontalo. BOARD OF DIRECTORS
1. Rachmat Harsono 7. Nini Liemijanto
AGII has direct subsidiaries: PT Samator Gas Industri and PT Ruci Gas.
2. Agus Purnomo
3. Budi Susanto
4. Djanarko Tjandra
5. Ferryawan Utomo
6. Imelda Mulyani Harsono
1. Fitch Rating Indonesia A-(idn) 9-Oct-20 Stable

2. Fitch Rating Indonesia A-(idn) 9-Sep-20 Stable
3. Fitch Rating Indonesia A-(idn) 27-Feb-20 Stable
4. Fitch Rating Indonesia A-(idn) 27-Mar-19 Stable
5. Fitch Rating Indonesia A-(idn) 27-Feb-19 Stable
as of June 2021
SWOT Analysis
- Expanding distribution network - Higher leverage
- Integrated logistics
- Strong industrial gas client base S W - Highly dependent on electrical supply from PLN
- Higher Capital expenditure
- Growing demand from medical segment -Multinationals competitors which are stronger in the
- Various government policies that brought positive impact to supply of onsite pipeline gas within Java
the demand for industrial gasses
- Diversified consumers
O T -Threat of substitute products
161
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan I 19-Sep-20

AGII01ACN3 Aneka Gas Industri 11.00% 19-Dec-20 PT Bank Mega A-(idn)
1. 164,000 20-Mar-19 19-Mar-22 3
IDA0000970A6 Tahap III Tahun 2019 19-Mar-21 Tbk. Stable
Seri A 19-Jun-21
Quarterly

AGII01BCN1 Aneka Gas Industri 10.35% 06-Dec-20 PT Bank Mega A-(idn)
2. 19,000 07-Jun-17 06-Jun-22 5
IDA0000810B2 Tahap I Tahun 2017 Seri 06-Mar-21 Tbk. Stable
B 06-Jun-21
Quarterly

3. 61,000 06-Dec-17 05-Dec-22 5
IDA0000866B4 Tahap II Tahun 2017 05-Mar-21 Tbk. Stable
Seri B 05-Jun-21
Quarterly

4. 16,000 20-Mar-19 19-Mar-24 5
IDA0000970B4 Tahap III Tahun 2019 19-Mar-21 Tbk. Stable
Seri B 19-Jun-21
Quarterly
Obligasi Berkelanjutan -
AGII02ACN1 II Aneka Gas Industri 9.80% 14-Nov-20 PT Bank Mega A-(idn)
5. 9,000 18-Aug-20 14-Aug-23 3
IDA0001087A8 Tahap I Tahun 2020 Seri 14-Feb-21 Tbk. Stable
A 14-May-21
Quarterly
AGII02BCN1 II Aneka Gas Industri 10.55% 14-Nov-20 PT Bank Mega A-(idn)
6. 2,000 18-Aug-20 14-Aug-25 5
IDA0001087B6 Tahap I Tahun 2020 Seri 14-Feb-21 Tbk. Stable
B 14-May-21
Quarterly
AGII02CCN1 II Aneka Gas Industri 11.25% 14-Nov-20 PT Bank Mega A-(idn)
7. 1,000 18-Aug-20 14-Aug-27 7
IDA0001087C4 Tahap I Tahun 2020 Seri 14-Feb-21 Tbk. Stable
C 14-May-21
Quarterly
Obligasi -
AGII02CN2 Berkelanjutan II 9.25% - PT Bank Mega A-(idn)
8. 100,000 05-Oct-20 12-Oct-21 1
IDA000110902 Aneka Gas Industri 02-Jan-21 Tbk. Stable
Tahap II Tahun 2020 Quarterly 02-Apr-21
Sukuk Ijarah 06-Sep-20

SIAGII01BCN1 Berkelanjutan I Aneka 10.35% 06-Dec-20 PT Bank Mega A-(idn)
9. 99,000 07-Jun-17 06-Jun-22 5
IDJ0000090B2 Gas Industri Tahap I 06-Mar-21 Tbk. Stable
Tahun 2017 Seri B 06-Jun-21
Quarterly

SIAGII01BCN2 Berkelanjutan I Aneka 9.90% 05-Dec-20 PT Bank Mega A-(idn)
10. 37,000 06-Dec-17 05-Dec-22 5
IDJ0000101B7 Gas Industri Tahap II 05-Mar-21 Tbk. Stable
Quarterly

SIAGII01CN3 Berkelanjutan I 11.00% 19-Dec-20 PT Bank Mega A-(idn)
11. 110,000 20-Mar-19 19-Mar-22 3
IDJ000012901 Aneka Gas Industri 19-Mar-21 Tbk. Stable
Tahap III Tahun 2019 Quarterly 19-Jun-21
Sukuk Ijarah -
SIAGII02CN1 Berkelanjutan II 10.55% 14-Nov-20 PT Bank Mega A-(idn)
12. 5,000 18-Aug-20 14-Aug-25 5
IDJ000016506 Aneka Gas Industri 14-Feb-21 Tbk. Stable
Tahap I Tahun 2020 Quarterly 14-May-21
Sukuk Ijarah -
SIAGII02CN2 Berkelanjutan II 9.25% - PT Bank Mega A-(idn)
13. 205,000 05-Oct-20 12-Oct-21 1
IDJ000017108 Aneka Gas Industri 02-Jan-21 Tbk. Stable
Tahap II Tahun 2020 Quarterly 02-Apr-21
162
TRADING HIGHLIGHT
AGII01ACN3
ISIN CODE : IDA0000970A6 Mar-19 Mar-20 Mar-21 Mar-22
Volume
Trading 2020 2021
Activities,
80 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
64 80
48 60 Trading days 25 34 18 28 34 13
Turnover Ratio (%) 166.59 67.07 46.34 26.83 82.93 31.71
32 40 CTP Price - High 104.700 104.590 100.000 104.000 104.250 100.000
Date 22-Jan 29-Jun 28-Sep 03-Nov 08-Feb 21-Jun
16 20
CTP Price - Low 98.900 99.000 92.750 100.000 100.000 100.000
- - Date 16-Mar 30-Apr 16-Sep 30-Dec 29-Mar 21-Jun
PHEI Fair Yield (%) 9.4994 8.7073 8.2400 8.1220 8.1500 7.8945
Mod. Duration (yrs) 1.750 1.554 1.347 1.133 0.909 0.686
106 10.0
Convexity (yrs) 3.673 2.917 2.220 1.603 1.070 0.647
Sensitivity (%) 0.018 0.016 0.013 0.011 0.009 0.007
103 9.0
100 8.0
97 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
AGII01BCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
8 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) 4.00 - - - - 7.00
Frequency
6 6 Frequency (X) 4 - - - - 7
Trading days 1 - - - - 2
4 4 Turnover Ratio (%) 84.21 - - - - 147.37
CTP Price - High 102.000 - - - - 102.750
2 2 Date 07-Feb - - - - 07-Jun
CTP Price - Low 101.500 - - - - 101.400
- - Date 07-Feb - - - - 03-Jun
PHEI Fair Yield (%) 9.6456 8.8560 8.4283 8.2892 8.5256 7.7740
Mod. Duration (yrs) 1.922 1.730 1.526 1.316 1.096 0.880
106 10.0
Convexity (yrs) 4.411 3.589 2.820 2.127 1.511 1.009
Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
104 9.0
102 8.0
100 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
163
AGII01BCN2
ISIN CODE : IDA0000866B4 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
50 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 35.00 - - - - 44.00
40 8
Frequency Frequency (X) 7 - - - - 6
30 6 Trading days 1 - - - - 2
Turnover Ratio (%) 229.51 - - - - 288.52
20 4 CTP Price - High 103.550 - - - - 102.500
Date 30-Jan - - - - 27-Apr
10 2
CTP Price - Low 103.100 - - - - 102.200
- - Date 30-Jan - - - - 21-Apr
PHEI Fair Yield (%) 9.9236 9.1384 8.8187 8.6273 8.9250 8.8111
Mod. Duration (yrs) 2.311 2.130 1.935 1.734 1.523 1.315
107 10.5
Convexity (yrs) 6.340 5.383 4.457 3.600 2.805 2.120
Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
104 9.5
101 8.5
98 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
AGII01BCN3
ISIN CODE : IDA0000970B4 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Volume
Trading 2020 2021
Activities,
50 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
40 8
nar >> 30 6 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 1,125.00
20 4 CTP Price - High - - - - - 105.800
Date - - - - - 15-Apr
10 2
CTP Price - Low - - - - - 102.750
- - Date - - - - - 15-Apr
PHEI Fair Yield (%) 10.4279 9.6407 9.6124 9.2859 9.6668 9.7597
Mod. Duration (yrs) 3.161 3.016 2.849 2.682 2.497 2.318
111 11.0
Convexity (yrs) 12.095 10.949 9.738 8.598 7.449 6.411
Sensitivity (%) 0.032 0.030 0.028 0.027 0.025 0.023
108 10.0
105 9.0
102 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
164
AGII02ACN1 Listing Date Maturity Date
ISIN CODE : IDA0001087A8 Aug-20 Aug-21 Aug-22 Aug-23
Volume
Trading 2020 2021
Activities,
2 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume (Rp bn) - - 1.00 - - -
Volume
Frequency (X) - - 1 - - -
Frequency
1 1 Turnover Ratio (%) - - 44.44 - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 9.2773 9.0111 9.3533 9.3841
Mod. Duration (yrs) - - 2.454 2.268 2.070 1.876
104 10.0
Convexity (yrs) - - 7.171 6.128 5.116 4.215
Sensitivity (%) - - 0.025 0.023 0.021 0.019
102 9.5
100 9.0
98 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
AGII02BCN1
ISIN CODE : IDA0001087B6 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - -
Frequency
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 10.2286 9.8024 10.3068 10.4531
Mod. Duration (yrs) - - 3.733 3.596 3.425 3.267
105 11.0
Convexity (yrs) - - 17.162 15.824 14.328 12.988
Sensitivity (%) - - 0.037 0.036 0.034 0.033
103 10.5
101 10.0
99 9.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
165
AGII02CCN1
ISIN CODE : IDA0001087C4 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-26 Aug-27
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - - - - -
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 10.8081 10.3737 11.0163 11.2001
Mod. Duration (yrs) - - 4.705 4.615 4.453 4.324
105 11.5
Convexity (yrs) - - 28.716 27.380 25.484 23.914
Sensitivity (%) - - 0.047 0.046 0.045 0.043
103 11.0
101 10.5
99 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
AGII02CN2
ISIN CODE : IDA000110902 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
600 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
480 36
nar >> 360 27 Trading days - - - 4 11 5
Turnover Ratio (%) - - - 884.00 2,048.0 384.00
240 18 CTP Price - High - - - 102.600 103.940 102.600
Date - - - 23-Dec 11-Feb 27-Apr
120 9
CTP Price - Low - - - 100.090 99.590 100.000
- - Date - - - 12-Oct 22-Jan 07-Jun
PHEI Fair Yield (%) - - - 7.7424 6.3124 7.0398
Mod. Duration (yrs) - - - 0.736 0.506 0.273
106 9.5
Convexity (yrs) - - - 0.740 0.387 0.143
Sensitivity (%) - - - 0.007 0.005 0.003
104 8.5
102 7.5
100 6.5
98 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
166
SIAGII01BCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000090B2 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Volume
Trading 2020 2021
Activities,
20 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
16 8
12 6 Trading days 3 2 4 2 2 2
Turnover Ratio (%) 48.48 48.48 48.48 40.40 24.24 64.65
8 4 CTP Price - High 103.960 101.860 105.740 103.050 103.950 101.970
4 2
CTP Price - Low 101.590 101.840 103.510 103.030 103.930 101.880
- - Date 03-Jan 11-Jun 01-Sep 11-Dec 20-Jan 07-Jun
PHEI Fair Yield (%) 9.6456 8.9310 8.2842 8.3008 8.5256 8.2220
Mod. Duration (yrs) 1.922 1.729 1.527 1.316 1.096 0.878
108 10.5
Convexity (yrs) 4.411 3.588 2.822 2.126 1.511 1.006
Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
105 9.5
102 8.5
99 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIAGII01BCN2
ISIN CODE : IDJ0000101B7 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
80 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 68.00 12.00 50.00 9.00 - -
64 8
Frequency Frequency (X) 9 4 8 9 - -
nar >> 48 6 Trading days 1 2 5 4 - -
Turnover Ratio (%) 735.14 129.73 540.54 97.30 - -
32 4 CTP Price - High 103.400 100.930 105.310 102.670 - -
Date 10-Jan 16-Jun 19-Aug 23-Nov - -
16 2
CTP Price - Low 103.000 100.910 103.330 101.500 - -
- - Date 10-Jan 16-Jun 06-Aug 11-Nov - -
PHEI Fair Yield (%) 9.9236 9.1842 7.8541 8.3801 8.9250 8.8111
Mod. Duration (yrs) 2.311 2.129 1.942 1.736 1.523 1.315
108 10.5
Convexity (yrs) 6.340 5.381 4.485 3.606 2.805 2.120
Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
105 9.5
102 8.5
99 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
167
SIAGII01CN3
ISIN CODE : IDJ000012901 Mar-19 Mar-20 Mar-21 Mar-22
Volume
Trading 2020 2021
Activities,
48 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 45.00 16.00 - -
Frequency Frequency (X) - - 11 4 - -
32 10
Trading days - - 3 2 - -
Turnover Ratio (%) - - 163.64 58.18 - -
CTP Price - High - - 104.650 105.460 - -
16 5
Date - - 08-Jul 24-Nov - -
CTP Price - Low - - 100.050 102.450 - -
- - Date - - 16-Jul 20-Nov - -
PHEI Fair Yield (%) 9.4994 8.7073 8.2400 8.1220 8.3113 7.8945
Mod. Duration (yrs) 1.750 1.554 1.347 1.133 0.909 0.686
106 10.0
Convexity (yrs) 3.673 2.917 2.220 1.603 1.069 0.647
Sensitivity (%) 0.018 0.016 0.013 0.011 0.009 0.007
103 9.0
100 8.0
97 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIAGII02CN1 Listing Date Maturity Date
ISIN CODE : IDJ000016506 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25
Volume
Trading 2020 2021
Activities,
2 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
1 1 Turnover Ratio (%) - - - - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 10.2286 9.8024 10.3068 10.4531
Mod. Duration (yrs) - - 3.733 3.596 3.425 3.267
105 11.0
Convexity (yrs) - - 17.162 15.824 14.328 12.988
Sensitivity (%) - - 0.037 0.036 0.034 0.033
103 10.5
101 10.0
99 9.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
168
SIAGII02CN2
ISIN CODE : IDJ000017108 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
800 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) - - - 437.00 730.00 271.00
Frequency
600 30 Frequency (X) - - - 14 34 15
400 20 Turnover Ratio (%) - - - 852.68 1,424.4 528.78
CTP Price - High - - - 102.620 103.260 101.960
200 10 Date - - - 23-Dec 19-Jan 06-Apr
CTP Price - Low - - - 100.090 99.510 99.370
- - Date - - - 12-Oct 19-Mar 22-Jun
PHEI Fair Yield (%) - - - 7.7424 7.7653 7.0398
Mod. Duration (yrs) - - - 0.736 0.504 0.273
106 9.5
Convexity (yrs) - - - 0.740 0.384 0.143
Sensitivity (%) - - - 0.007 0.005 0.003
104 8.5
102 7.5
100 6.5
98 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

AGII01ACN3 68 28 19 11 76.7%
nar >>
AGII01BCN1 21.1%
AGII01BCN2 35 57.4%
AGII01BCN3 0.0%
AGII02ACN1 11.1%
AGII02BCN1 0.0%
AGII02CCN1 0.0%
AGII02CN2 221 221.0%
SIAGII01BCN1 12 12 12 10 46.5%
SIAGII01BCN2 68 12 50 9 375.7%
SIAGII01CN3 45 16 55.5%
SIAGII02CN1 0.0%
SIAGII02CN2 437 213.2%
- 50 100 150 200 250 300 350 400 450 500
169
AGII FINANCIAL HIGHLIGHT

45.78 45.33 45.28 42.66
Receivables 411,612 375,073 -8.88 q
Inventories 446,160 447,731 0.35 p
Current Assets 1,696,015 1,629,893 -3.90 q 18.65 18.04 17.24
Property, Plant and Equipment 5,092,495 4,827,633 -5.20 q
(%)
7,020,980 7,121,458 1.43 p 7.28
Total Assets 5.31 5.52 4.69 4.56
Current Liabilities 1,938,711 1,615,068 -16.69 q
Interest Bearing liabilities 3,274,124 3,371,079 2.96 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,533,330 1,533,330 - 
Par Value (Rp Full Amount) 500 500 -  3.63
3.13
Non Controlling Interest 58,517 56,531 -3.39 q 2.91 2.95
Total Equity 3,299,564 3,382,141 2.50 p
(%)
1.72
1.52 1.47 1.40
INCOME STATEMENTS
Total Revenues 2,203,617 2,188,179 -0.70 q
Gross Profit 997,797 933,433 -6.45 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Operating Profit 397,473 360,269 -9.36 q
Earning Before Tax 138,137 96,179 -30.37 q
EBITDA 486,421 473,921 -2.57 q
150.48
122.20
111.19 112.75 110.56
100.92
Peer Group
(%)
88.49 87.48
1. PT Chandra Asri Petrochemical Tbk 25,480 2.85 -2.86
2. PT Lautan Luas Tbk. 5,592 2.11 -14.42
3. PT Polytama Propindo 3,387 0.10 0.08 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Aneka Gas Industri Tbk. 2,188 4.56 -0.70
5. PT Tridomain Performance Materials Tbk. 2,141 0.38 -50.33 Current Ratio Debt to Equity Ratio
Financial Ratios
Return on Assets (%) 1.52 1.72 1.47 1.40
Return on Equity (%) 2.91 3.63 3.13 2.95
Current Ratio (%) 150.48 122.20 87.48 100.92
Cash Flow/Debt (%) 7.19 8.89 11.18 9.74
170
AGRO PT Bank Rakyat Indonesia Agroniaga Tbk.

Sub Sector : Banks Gedung BRI AGRO
Website : www.briagro.co.id Jln. Warung Jati Barat No. 139
Corporate Sec. : Hirawan Nur Kustono Jakarta Selatan 12740
Fax : (021) 7919-9950
Agro Bank was founded on 27th of September SHAREHOLDERS

1989 by Dana Pensiun Perkebunan (Dapenbun).
This Bank has a vital and strategic role in 1. PT BRI (Persero) Tbk. 86.09%
developing the agribusiness 2. Public 13.87%
sector in indonesia. Converged in Agribusiness Financing, AGRO Bank has 3. Ernawan 0.02%
its portfolio predominantly in Agribusiness (from 50% to 70%) both on
4. Sigit Murtiyoso 0.02%
farm and off farm.
On March 3rd 2011, PT. Bank Rakyat Indonesia (Persero), Tbk acquired PT.
Bank Agroniaga, Tbk and became it’s major stock holder. In 2012 at the
AUDIT COMMITTEE
23rd anniversary of Agro Bank, as a form of commitment and synergy
with parent company, Agro Bank was renamed as PT. Bank Rakyat 1. A.Y Soepadmo
Indonesia Agroniaga Tbk., with the commercial name BRI Agro. 2. Antonius Suryanta
3. Retno Surdini
BRI Agro progressively improved its engagements with BRI to provides
the best Bank services. These actions reflected in all of the developments
of BRI Agro banking technology and products like the ability of BRI Agro
customers to use the ATM Card free of charge for all transactions using BOARD OF COMMISSIONERS
the BRI ATM Network across indonesia.
1. Budi Satria
Without leaving the initial focus in the agribusiness sector as main pillar, 2. Achmad F.C. Barir
the Company also continues to improve its capability in providing its
3. Eko B. Supriyanto *
customers with more competent and excellent banking services like
Savings, Deposits, and Current Accounts. There are also several prize 4. Rama Notowidigdo *
programs available in order to answer both of customer savings and 5. Rina Saadah *
investment needs. The Company's also has its financing facilities ranging
from retail, middle and consumer segment, which will help to develop its *independen
customer's businesses.
BOARD OF DIRECTORS
BRI Agro aspired to be the best financial solution for Agribusiness and 1. Kaspar Situmorang
Digital Banking in 2022. Therefore, in 2018 BRI Agro will increase its
2. Arif Wicaksono
capital to be BUKU III with the implementation of Digital Banking, and get
ready to be the Digital Bank Attacker. The realization of Digital Banking in 3. Bhimo Wikan Hantoro
2018 will be the foundation for BRI Agro in becoming the best market 4. Ernawan
penetration in digital banking in 2019. Thus, by 2020 BRI Agro is expected 5. Sigit Murtiyoso
to be able to integrate agribusiness and Digital Banking. Currently, BRI
Agro owns 1 Operational Head Office, 16 Branch Offices, 17 Sub-Branch
Offices, and 4 Cash Offices.
1. Pefindo idAA 8-Mar-21 Stable

5. Pefindo idAA 31-May-17 Stable
as of June 2021
SWOT Analysis
- Very strong likelihood of support from controlling - Weak asset quality
shareholder
-Strong capitalization profile S W - Below average profitability
- Less developed retail funds
-Adequate liquidity cushion
-Economic recovery prospect - Unfavorable impact of COVID-19
O T
-Monetary stimulus to boost banking liquidity - Tight competition in banking sector
- Knowledge and technology sharing with Bank BRI
171
AS OF JUNE 2021
Coupon Coupon
07-Jul-20 PT Bank
AGRO01B Obligasi I BRI Agro 8.50% 07-Oct-20 Negara idAA
1. 239,000 10-Jul-17 07-Jul-22 5
IDA0000830B0 Tahun 2017 Seri B 07-Jan-21 Indonesia Stable
TRADING HIGHLIGHT
AGRO01B
ISIN CODE : IDA0000830B0 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
90 9 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - 60.00 - - - -
Frequency
Frequency (X) - 8 - - - -
60 6
Trading days - 4 - - - -
Turnover Ratio (%) - 100.42 - - - -
CTP Price - High - 101.670 - - - -
30 3
Date - 24-Jun - - - -
CTP Price - Low - 96.650 - - - -
- - Date - 08-May - - - -
PHEI Fair Yield (%) 8.1020 7.5487 7.0054 6.5336 6.3652 5.4147
Mod. Duration (yrs) 2.006 1.809 1.604 1.393 1.173 0.957
106 9.0
Convexity (yrs) 4.808 3.930 3.116 2.383 1.727 1.185
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
AGRO01B 60 25.1%
- 50 100 150 200 250 300
172
AGRO FINANCIAL HIGHLIGHT

17.53
Cash on Hand 24,922 14,075 -43.52 q
Placements with Other Banks 732,580 1,516,959 107.07 p 14.11
12.27
Marketable Securities 3,520,204 3,360,741 -4.53 q 11.22
Loans 18,532,526 18,485,569 -0.25 q
Investments - - - 
(%)
4.00 3.01 2.98 2.40
Property, Plant and Equipment 262,121 277,438 5.84 p 3.50 3.48
2.48 1.62
Total Assets 27,067,923 28,015,492 3.50 p
Deposits 21,889,456 22,995,279 5.05 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings - - - 
Total Liabilities 22,586,219 23,727,802 5.05 p Operating Profit Margin Net Profit Margin
Authorized Capital (Shares) 60,000,000,000 60,000,000,000 -  Net Interest Margin
Paid up Capital 2,134,329 2,134,329 - 
Paid up Capital (Shares) 21,343 21,343 - 
Par Value (Rp Full Amount) 100 100 -  6.00 5.80
Retained Earnings 521,394 234,367 -55.05 q
Total Equity 4,481,704 4,287,690 -4.33 q
(%)
1.00 1.16
0.31 0.24
Total Interest Income 2,054,838 1,931,525 -6.00 q
Interest Expenses 1,361,627 1,306,889 -4.02 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 73,866 71,348 -3.41 q
Other Operating Expenses 695,584 315,820 -54.60 q Return on Assets Return on Equity
Income from Operations 71,493 57,650 -19.36 q
Non-Operating Revenues 2,705 6,422 137.36 p
Income (Loss) for the periods 51,061 31,261 -38.78 q LIQUIDITY & SOLVENCY RATIOS
97.12
91.59
88.00
Peer Group 86.00 86.75
(%)
84.76
82.99
(Rp Bill) Margins Growth (%)
1. PT Bank KEB Hana Indonesia 2,865 17.07 -16.80
2. PT BPD Sulawesi Selatan Dan Barat 2,485 24.98 4.29
3. PT Bank Rakyat Indonesia Agroniaga Tbk. 1,932 1.62 -6.00 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Bank Victoria International Tbk. 1,791 -8.49 -19.46
5. PT Bank Commonwealth 1,538 -2.97 -10.75 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 1.00 1.54 0.31 0.24
Return on Equity (%) 6.00 5.80 1.16 0.75
BOPO (%) 86.00 82.99 96.64 97.12
Loan To Deposit Ratio (%) 88.00 86.75 91.59 84.76
Cash Flow / Debt (%) -5.92 14.26 -11.61 3.22
173
AISA PT Tiga Pilar Sejahtera Food Tbk.

Sector : Consumer Non-Cyclicals ADDRESS
Sub Sector : Food & Beverage Menara Astra Lantai 29
Website : www.tpsfood.id Jln. Jend. Sudirman Kav 5-6, Karet Tengsin
Corporate Sec. : Michael H. Hadylaya Jakarta Pusat
Fax : (021) 5088-9838
The company was established with the name of SHAREHOLDERS

PT Ti ga Pilar S ej ah ter a in 19 92 b y 3
1. Public (Class A) 1.45%
entrepreneurs, they are: Mr. Joko Mogoginta,
Mr. Budhi Istanto and the late Mr. Priyo 2. PT Pangan Sejahtera Investama (Class B) 56.84%
Hadisutanto. To strengthen its existence, in 2003 the Company become a 3. PT Asta Askara Sentosa (Class B) 8.59%
listed company under the name of PT Tiga Pilar Sejahtera Food Tbk.
4. Public (Class B) 33.12%
(“AISA”). The listing was conducted through a backdoor listing by acquiring
PT Asia Inti Selera; therefore the Company is listed on the Indonesia Stock
Exchange under the trading code of AISA. In 2013, AISA issued TPS Food
Bonds I Year 2013 valued Rp600 billion and TPS Food Sukuk Ijarah I Year
2013 valued Rp300 billion. Furthermore, in July 2016, AISA listed TPS Food
AUDIT COMMITTEE
Sukuk Ijarah II Year 2016 within the Indonesian Stock Exchange with an
amount of Rp1.2 trillion, this fund is to be entirely used to refinance bank.
AISA is a food-related businesses company that currently has two divisions,
the Food Division (TPS Food) and the Rice Division (TPS Rice).
For the Food Division, AISA through subsidiary entities produce dried
noodles with several mainstay brands such as “Ayam 2 Telor” and
“Superior”; instant vermicelli with the brand “Bihunku”; snack with the brand BOARD OF COMMISSIONERS
“Taro”; snack noodle with the brand “Mie Kremezz”; candy with the brand
“Gulas”; biscuits with the brand “Growie” as well as fortified biscuits for 1. Agung Cahyadi Kusumo
institutions. The location of food processing plants are located in Sragen – 2. Grant Loy Lutz
Central Java, Tangerang, Bogor, Medan and Banjarmasin. 3. Hengky Koestanto
For the Rice Division, AISA produces several rice products which are divided 4. Ito Sumardi Djuni Sanyoto *
into two clasifications: branded pack rice and branded bulk rice. Branded
pack rice include “Ayam Jago”, “Maknyuss”, “Desa Cianjur”, “Rojolele 5. Jaka Prasetya
Dumbo”, and “Jatisari”. Branded bulk rice include “Al Platinum”, “Kiwi”, 6. R. Benny Wachjud *
“Putri Padi”, and “Golden Land”.AISA’s market share, which is one of the *independen
market leaders for the snack noodle category, extrusion snack, and instant
vermicelli as well as second highest within the dried noodle and dried BOARD OF DIRECTORS
vermicelli category. 1. Lim Aun Seng
AISA continues to expand their distribution network in order to reach even 2. Charlie Dhungga
more customers. Up to today, AISA has 74 distributor groups reaching 171 3. Nanang Rismadi
cities in Indonesia.
1. Pefindo idBB+ 11-Jun-21 Stable

2. Pefindo idSD 19-Jul-18 -
3. Pefindo idSD 5-Jul-18 CWNI*
4. Pefindo idCCC 16-May-18 CWNI*
as of June 2021 *Credit Watch with Negative Implication
SWOT Analysis
- Diversified products -Weak financial performance
- The benefit of being part of FKS Group
S W -Exposure to the fluctuation of raw material cost
- Growing domestic demand backed by favorable -Adverse economic conditions due to COVID-19
O T
demographic profile -Fluctuation in raw material costs
- Resilient food & beverages industry -Tight competition in the industry
- Increasing middle income class people
174
AS OF JUNE 2021
Coupon Coupon
05-Jul-20
AISA01 Obligasi TPS Food I 10.25% 05-Oct-20 PT Bank Mega idBB+
1. 9,190 08-Apr-13 30-Jun-29 5
IDA000057905 Tahun 2013 05-Jan-21 Tbk. Stable
Quarterly 05-Apr-21
05-Jul-20
SIAISA01 Sukuk Ijarah TPS 10.25% 05-Oct-20 PT Bank Mega idBB+(sy)
2. 53,101 08-Apr-13 30-Jun-29 5
IDJ000005905 Food I tahun 2013 05-Jan-21 Tbk. Stable
Quarterly 05-Apr-21
19-Jul-20
SIAISA02 Sukuk Ijarah TPS 10.55% 19-Oct-20 PT Bank Mega idBB+(sy)
3. 40,615 20-Jul-16 30-Jun-29 5
IDJ000007802 Food II Tahun 2016 19-Jan-21 Tbk. Stable
Quarterly 19-Apr-21
TRADING HIGHLIGHT
AISA01
ISIN CODE : IDA000057905 Apr-13 Apr-15 Apr-17 Apr-19 Apr-21 Apr-23 Apr-25 Apr-27 Apr-29
Volume
Trading 2020 2021
Activities,
150 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
120 24
90 18 Trading days 7 6 6 5 - -
Turnover Ratio (%) 86.70 33.02 49.33 81.61 - -
60 12 CTP Price - High 101.700 76.620 85.540 100.000 - -
Date 12-Mar 17-Apr 18-Sep 13-Oct - -
30 6
CTP Price - Low - 0.010 0.020 14.000 - -
- - Date 23-Jan 26-Jun 24-Jul 11-Dec - -
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 PHEI Fair Price - - - - - -
PHEI Fair Yield (%) - - - - - -
Last Date - - - - - -
Mod. Duration (yrs) - - - - - -
105 5.0
Convexity (yrs) - - - - - -
Sensitivity (%) - - - - - -
100 4.0
95 3.0
90 2.0
85 1.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
175
SIAISA01 Listing Date Maturity Date
ISIN CODE : IDJ000005905 Apr-13 Apr-15 Apr-17 Apr-19 Apr-21 Apr-23 Apr-25 Apr-27 Apr-29
Volume
Trading 2020 2021
Activities,
150 15 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) 51.60 140.00 49.00 43.00 - -
120 12
Frequency (X) 13 8 10 5 - -
90 9 Trading days 6 4 3 3 - -
Turnover Ratio (%) 68.80 186.67 65.33 56.14 - -
60 6 CTP Price - High 81.050 105.000 80.440 45.020 - -
Date 28-Feb 19-May 21-Sep 03-Dec - -
30 3
CTP Price - Low - 100.000 80.400 45.000 - -
- - Date 23-Jan 13-Apr 21-Sep 03-Dec - -
Last Date - - - - - -
105 6.0
100 5.0 Sensitivity (%) - - - - - -
95 4.0
90 3.0
85 2.0
80 1.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIAISA02
ISIN CODE : IDJ000007802 Jul-16 Jul-18 Jul-20 Jul-22 Jul-24 Jul-26 Jul-28
Volume
Trading 2020 2021
Activities,
600 18 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
500 15 Volume (Rp bn) 189.00 12.00 - 532.00 - -
Frequency
Frequency (X) 12 2 - 10 - -
400 12
Trading days 6 1 - 3 - -
300 9 Turnover Ratio (%) 63.00 4.00 - 196.48 - -
CTP Price - High 100.350 5.020 - 25.030 - -
200 6
Date 12-Mar 28-Apr - 15-Dec - -
100 3
CTP Price - Low - 5.000 - 14.000 - -
- - Date 23-Jan 28-Apr - 11-Dec - -
Last Date - - - - - -
115 6.0
108 5.0 Sensitivity (%) - - - - - -
101 4.0
94 3.0
87 2.0
80 1.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
176
AISA01 130 50 74 125 61.8%
SIAISA01 52 140 49 43 92.6%
SIAISA02 189 532 67.7%
- 200 400 600 800 1,000 1,200
177
AISA FINANCIAL HIGHLIGHT

166.13
Receivables 207,871 260,435 25.29 p
98.44 93.89
Inventories 77,161 97,080 25.81 p 75.13
Current Assets 474,261 695,360 46.62 p
29.04 29.62 24.79
Property, Plant and Equipment 1,150,417 1,081,687 -5.97 q 12.73
(%)
Total Assets 1,868,966 2,011,557 7.63 p
Current Liabilities 1,152,923 855,449 -25.80 q -7.80
-11.15 -11.21 -0.58
Interest Bearing liabilities 2,135,227 248,439 -88.36 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 684,220 1,902,860 178.11 p
Paid up Capital (Shares) 3,218,600,000 9,311,800,000 189.31 p
Par Value (Rp Full Amount) 500 & 200 500 & 200 - 
Retained Earnings -4,456,541 -3,048,853 31.59 p 145.48
Non Controlling Interest -1,050 -1,251 -19.14 q
Total Equity -1,657,853 828,257 149.96 p
60.72 59.90
(%)
3.58
INCOME STATEMENTS -6.32 -6.80
-16.20
Total Revenues 1,510,427 1,283,331 -15.04 q
-68.45
Gross Profit 447,457 318,159 -28.90 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Interest Expenses 122,398 1,123,568 817.96 p
Total Operating Expenses -1,039,406 -1,813,814 -74.50 q Return on Assets Return on Equity
Operating Profit 1,486,863 2,131,973 43.39 p
Earning Before Tax 1,364,465 1,008,405 -26.10 q
EBITDA 1,550,357 2,194,521 41.55 p
Income for the periods 1,134,776 1,204,972 6.19 p LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 1,613,969 1,206,930 -25.22 q
156.24 142.87
Net Income/Loss Attributed 1,134,399 1,205,212 6.24 p 116.25
81.29
15.24
Peer Group
(%)

-152.64
1. PT Mayora Indah Tbk. 24,477 8.57 -2.20
-212.73
2. PT Tunas Baru Lampung Tbk. 10,863 6.27 27.31
3. PT Dharma Satya Nusantara Tbk 6,699 7.14 16.77 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Sampoerna Agro Tbk. 3,502 -5.48 7.16
5. PT Tiga Pilar Sejahtera Food Tbk. 1,283 93.89 -15.04 Current Ratio Debt to Equity Ratio
Financial Ratios
Operating Profit Margin (%) -11.15 -0.58 98.44 166.13
Net Profit Margin (%) -11.21 -7.80 75.13 93.89
Return on Assets (%) -6.32 -6.80 60.72 59.90
Return on Equity (%) -16.20 3.58 -68.45 145.48
Current Ratio (%) 116.25 15.24 41.14 81.29
Debt to Equity Ratio (%) 156.24 -152.64 -212.73 142.87
Cash Flow/Debt (%) 0.43 5.29 0.35 -4.94
178
AKRA PT AKR Corporindo Tbk.

Sector : Energy ADDRESS
Sub Sector : Oil, Gas & Coal AKR Tower 26th Floor
Website : www.akr.co.id Jln. Panjang No. 5, Kebon Jeruk
Corporate Sec. : Suresh Vembu Jakarta Barat 11530
Fax : (021) 531-1185
PT AKR Corporindo Tbk is a leading logistics & SHAREHOLDERS

supply chain service provider in Indonesia
1. PT ARTHAKENCANA RAYATAMA 59.60% 7. Suresh Vembu 0.02%
providing end to end solution. It distributes
petroleum products and basic chemicals to 2. Soegiarto Adikoesoemo 0.26% 8. Nery Polim 0.00%
customers across Indonesia. The logistics 3. Haryanto Adikoesoemo 0.50% 9. Termurti Tiban 0.00%
infrastructure network includes 15 sea and river ports 4. Jimmy Tandyo 0.17% 10. Public 37.72%
as well as storage tanks at 22 points in the Indonesian archipelago. AKR has an
5. Bambang Soetiono S. 0.02% 11. PT AKR Corporindo Tbk 1.68%
information technology platform to monitor the movement, inventory position,
6. Mery Sofi 0.03% (Treasury Stock)
and condition of products from upstream to downstream - from purchase to
consumer door-step. The strong franchise that has been built over more than 60 AUDIT COMMITTEE
years has enabled AKR to reach thousands of industrial customers in Indonesia. 1. Moh. Fauzi M. Ichsan
2. Djisman Simandjuntak
AKR distributes petroleum and basic chemicals which are essential raw material
and energy required by various industrial customers covering the entire 3. Sahat Pardede
spectrum of Indonesian industry. Risk Management is critical part of the AKR
business model and the Company has delivered consistent results in various
commodity and exchange rate cycles. The business model and product range
distributed by the Company has turned AKR into a Company with a stable
business growth. 1. Soegiarto Adikoesoemo
2. I Nyoman Mastra
AKR has established strategic partnerships with several partners to expand its 3. Moh. Fauzi M. Ichsan *
market reach and customer base. Such as with Royal Vopak for developing
petroleum storage terminal in Tanjung Priok Port, with bp expanding retail and
aviation fuel market, with Petronas for Chemical distribution and recently with
Bayu Buana Gemilang to enter gas distribution business
*independen
AKR with Pelindo III have established Java Integrated Industrial & Port Estate
BOARD OF DIRECTORS
(JIIPE) since 2013. JIIPE has been officially designated as a Technology &
Manufacturing Special Economic Zone (SEZ) through Government Regulation 1. Haryanto Adikoesoemo 7. Termurti Tiban
(PP) No. 71 of 2021 dated June 28, 2021, signed by the President of the Republic 2. Jimmy Tandyo
of Indonesia, Joko Widodo. The appointment of JIIPE as a Technology & 3. Bambang Soetiono S.
Manufacturing SEZ makes JIIPE as one of the most competitive Industrial Estates
4. Mery Sofi
and in demand by industry players in this region. SEZ JIIPE Gresik is the first
National Strategic Project in Indonesia that combines a modern industrial area, 5. Suresh Vembu
deep seaport, with high quality infrastructure and an international standard 6. Nery Polim
independent city. JIIPE is built with a total area of 3,000 ha which comprises an
industrial area of 1,761 ha, a deep seaport of 400 ha, a modern residential area
of 800 ha, and utilities SEZ JIIPE Gresik has been developed as green industrial
estate with zero water run off. It provides complete utilities such as power plant, Historical Corporate Ratings
water and wastewater treatment plant and telecommunication facility.
AKR is committed to implementing best practices under the ESG initiative.
Management ensures policies that are in line with sustainable practices
1. Pefindo idAA- 8-Mar-21 Stable
including Health & Safety, Human Rights, Environment, Energy Use, Climate 2. Pefindo idAA- 10-Mar-20 Stable
Change impacts, Business Ethics, and Integrity. Implementation of ESG aspects is 3. Pefindo idAA- 14-Mar-19 Stable
needed to achieve sustainable net profit growth and provide rewards for
4. Pefindo idAA- 12-Mar-18 Positive
stakeholders.
as of June 2021
SWOT Analysis
- The leading provider of logistic services supply chain and - Aggressive expansion that funded with debt
infrastructure in Indonesia
- Extensive logistic infrastructure network S W - Declining profitability margin
- Strong cash flow protection measures and liquidity
- Steady demand for fuel in Indonesia -Stagnant demand for industrial land
- JIIPE (Java Integrated Industrial and Ports Estate) -Adverse impact from COVID-19 pandemic
considerations as a Strategic National Projects O T
179
AS OF JUNE 2021
Coupon Coupon
07-Jul-20
Obligasi Berkelanjutan I
AKRA01BCN1 8.88% 07-Oct-20 PT Bank Mega idAA-
1. AKR Corporindo Tahap 68,000 10-Jul-17 07-Jul-22 5
IDA0000821B9 07-Jan-21 Tbk. Stable
I Tahun 2017 Seri B
Quarterly 07-Apr-21
07-Jul-20
AKRA01CCN1 9.00% 07-Oct-20 PT Bank Mega idAA-
2. AKR Corporindo Tahap 37,000 10-Jul-17 07-Jul-24 7
IDA0000821C7 07-Jan-21 Tbk. Stable
I Tahun 2017 Seri C
Quarterly 07-Apr-21
TRADING HIGHLIGHT
AKRA01BCN1

Trading 2020 2021
Activities,
200 5 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
Volume Volume (Rp bn) - - - 160.00 - -
160 4
Frequency Frequency (X) - - - 4 - -
120 3 Trading days - - - 4 - -
Turnover Ratio (%) - - - 941.18 - -
80 2 CTP Price - High - - - 104.470 - -
Date - - - 04-Dec - -
40 1
CTP Price - Low - - - 101.930 - -
- - Date - - - 08-Dec - -
PHEI Fair Yield (%) 8.2773 7.5141 7.2774 6.7804 6.4749 5.9886
Mod. Duration (yrs) 1.997 1.803 1.597 1.388 1.170 0.953
106 9.0
Convexity (yrs) 4.778 3.913 3.098 2.371 1.721 1.179
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
180
AKRA01CCN1 Listing Date Maturity Date
ISIN CODE : IDA0000821C7 Jul-17 Dec-18 May-20 Oct-21 Mar-23
Volume
Trading 2020 2021
Activities,
5 5 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - - 4.00 - - 4.00
4 4
Frequency Frequency (X) - - 2 - - 2
3 3 Trading days - - 1 - - 1
Turnover Ratio (%) - - 43.24 - - 43.2
2 2 CTP Price - High - - 105.180 - - 104.250
Date - - 12-Aug - - 10-Jun
1 1
CTP Price - Low - - 105.170 - - 104.230
- - Date - - 12-Aug - - 10-Jun
PHEI Fair Yield (%) 9.1004 8.2207 8.2617 7.7803 7.7050 7.4367
Mod. Duration (yrs) 3.436 3.291 3.117 2.948 2.765 2.585
110 10.0
Convexity (yrs) 14.271 13.009 11.642 10.383 9.121 7.965
Sensitivity (%) 0.034 0.033 0.031 0.029 0.028 0.026
106 9.0
102 8.0
98 7.0
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
AKRA01BCN1 - 160 235.3%
AKRA01CCN1 4 10.8%
- 20 40 60 80 100 120 140 160 180
181
AKRA FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 1,860,781 1,549,364 -16.74 q 11.56
4,320,950 2,368,361 -45.19 q 10.21
Receivables
8.72
Inventories 6,270,489 6,134,116 -2.17 q
6.22 6.60 7.10
Current Assets 10,777,639 8,042,419 -25.38 q
5.48 5.05 5.43
(%)
2.82 3.22
Total Assets 21,409,046 18,683,573 -12.73 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital 750,000 750,000 -  Net Profit Margin
Paid up Capital 401,469 401,469 - 
Retained Earnings 6,401,191 6,930,562 8.27 p
9.11
Non Controlling Interest 1,730,587 1,803,979 4.24 p
Total Equity 10,066,861 10,556,356 4.86 p 6.68 6.95
5.95
(%)
5.15
3.33 3.27
INCOME STATEMENTS
Total Revenues 21,702,638 17,715,928 -18.37 q
Gross Profit 1,892,122 2,047,920 8.23 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Interest Expenses 109,792 74,284 -32.34 q
Total Operating Expenses 798,082 846,497 6.07 p Return on Assets Return on Equity
Earning Before Tax 899,083 1,226,719 36.44 p
EBITDA 1,168,512 1,540,105 31.80 p
Income for the periods 699,496 961,997 37.53 p LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 656,278 971,870 48.09 p
Net Income/Loss Attributed 717,205 924,918 28.96 p 162.38 157.63
123.70
100.88 112.67
Peer Group
(%)
86.31
No. Company Total Revenue Net Profit Revenue 76.99
1. PT AKR Corporindo Tbk. 17,716 5.43 -18.37
2. PT Medco Energi Internasional Tbk. 15,421 -16.22 -19.62
3. PT Elnusa Tbk 7,727 3.22 -7.85 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Current Ratio Debt to Equity Ratio
Financial Ratios
Return on Assets (%) 5.95 3.33 3.27 5.15
Return on Equity (%) 11.09 6.68 6.95 9.11
Current Ratio (%) 162.38 139.76 123.70 157.63
Cash Flow/Debt (%) 8.75 -4.48 6.07 13.13
182
ANTM PT Aneka Tambang Tbk.

Sub Sector : Basic Materials Aneka Tambang Building Tower A
Website : www.antam.com Jln. Letjen TB. Simatupang No. 1
Corporate Sec. : Yulan Kustiyan Jakarta 12530
Fax : (021) 789-1224
ANTM, member of MIND ID (Mining Industry SHAREHOLDERS

Indonesia), the SOE's Holding Mining Industry is
a leading global diversified and integrated 1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
natural resources-based corporation. 2. Inalum (Class B) 65.00%
With operations spread throughout the mineral-rich Indonesian
archipelago, ANTM undertakes all activities from exploration, excavation,
processing through to marketing of nickel ore, ferronickel, gold, silver,
bauxite, alumina, and precious metal processing and refinery services.
ANTM has long term customers in Asia. ANTM has large nickel and
bauxite resources and reserves.
AUDIT COMMITTEE
ANTM became a limited liability state-controlled company in 1968 with
1. Prof. Dr. der Soz. Gumilar Rusliwa Somantri
the merger of several single commodity mining companies. In 1997, the
company conducted an initial public offering (IPO) and listed its shares on 2. Komjen. Pol. Drs. Bambang Sunarwibowo, S.H., M.Hum.
the Indonesia Stock Exchange. In 1999, ANTM listed its shares in Australian 3. Sahid Junaidi, S.Kom, M.M.
Securities Exchange (ASX) as a foreign exempt entity and then in 2002
augmented its status to the more stringent ASX Listing. ANTM’s shares at
the ASX are traded in the CHESS Depository Interest (CDI) form. One CDI
is equivalent or can be traded with five B-series shares. On November BOARD OF COMMISSIONERS
2017, ANTM became part of the MIND ID, the SOE's Holding Mining
1. Letnan Jenderal TNI (Purn.) Agus Surya Bakti, M.I.Kom.
Industry in line with Government Regulation number 47 Year 2017 on the
Addition of The Republic of Indonesia State Capital Participation in the 2. Prof. Dr. der Soz. Gumilar Rusliwa Somantri *
Share Capital of PT Inalum (Persero). 3. Ir. Anang Sri Kusuwardono *
4. Dr. Ir. Dadan Kusdiana, M.Sc.
ANTM is committed to creating shareholder and stakeholder value
through downstreaming, expanding reserve base and resources, 5. Komjen. Pol. Drs. Bambang Sunarwibowo, S.H., M.Hum.
establishing business partnerships, reducing cash expenses while
enhancing the Company’s competitiveness, as well as strengthening core
*independen
business performance to increase the Company’s revenue. ANTM's
business strategy is focused on supporting ANTM's short, medium and BOARD OF DIRECTORS
long term work plans. In addition, ANTM focuses on efforts to reduce cash 1. Dana Amin
costs through innovations in the field of operation and energy
2. Anton Herdianto, S.E., Ak., M.Si.
conservation using more efficient fuels and taking strategic policies to
make appropriate cost efficiency efforts. As a mining company, ANTM 3. Ir. Luki Setiawan Suardi
always strives to balance economic, social and environmental performance 4. Risono, S.T.
to ensure the sustainability of the Company, as well as the sustainability of
surrounding communities and environmental sustainability.
1. Pefindo idA 14-Sep-20 Stable

2. Pefindo idA 2-Jun-20 Negative
3. Pefindo idA 12-Sep-19 Stable
4. Pefindo idA- 14-Sep-18 Stable
5. Pefindo idBBB+ 13-Sep-17 Stable
as of June 2021
SWOT Analysis
- Sizeable reserves and resources - High financial leverage
- Strong position in the industry
- Diversified mining products S W - Exposure to fluctuating commodity prices
- Vertically integrated mining operations
- Economic recovery prospect - Adverse economic conditions due to COVID-19
O T
- Recovery global demand - Volatile commodity prices
183
AS OF JUNE 2021
Coupon Coupon
Obligasi 14-Sep-20
ANTM01BCN1 Berkelanjutan I 9.05% 14-Dec-20 PT Bank idA
1. 2,100,000 15-Dec-11 14-Dec-21 10
IDA0000501B7 ANTAM Tahap I 14-Mar-21 Permata Tbk. Stable
Tahun 2011 Seri B Quarterly 14-Jun-21
TRADING HIGHLIGHT
ANTM01BCN1
Volume
Trading 2020 2021
Activities,
500 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 80
300 60 Trading days 6 13 9 21 13 3
Turnover Ratio (%) 10.40 7.30 9.33 76.19 28.19 34.67
200 40 CTP Price - High 101.760 100.870 101.700 103.550 104.290 104.020
Date 24-Feb 25-Jun 30-Jul 16-Dec 08-Mar 09-Apr
100 20
CTP Price - Low 97.040 98.950 99.000 100.150 100.470 101.750
- - Date 19-Mar 20-Apr 23-Sep 18-Nov 06-Jan 17-Jun
PHEI Fair Yield (%) 9.7917 8.3777 8.1233 7.1777 5.4997 6.6185
Mod. Duration (yrs) 1.552 1.347 1.129 0.907 0.677 0.443
113 11.0
Convexity (yrs) 2.893 2.210 1.587 1.063 0.632 0.306
110 10.0 Sensitivity (%) 0.016 0.013 0.011 0.009 0.007 0.004
107 9.0
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ANTM01BCN1 55 49 400 25.8%
- 500 1,000 1,500 2,000 2,500
184
ANTM FINANCIAL HIGHLIGHT

3,636,243 3,984,388 9.57 p 16.35
Cash & Cash Equivalents
1,002,335 1,344,196 34.11 p 13.77 13.59
Receivables 12.99
Inventories 1,796,301 2,626,022 46.19 p
Current Assets 7,665,239 9,150,514 19.38 p 7.34 7.42
(%)
4.20
Total Assets 30,194,908 31,729,513 5.08 p 3.46 2.92
1.08
Current Liabilities 5,293,238 7,553,261 42.70 p 0.59

31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 2,403,076 2,403,076 - 
7,912,776 8,786,064 11.04 p 6.04
Retained Earnings
Non Controlling Interest 20 21 4.48 p
4.43
Total Equity 18,133,419 19,039,449 5.00 p
3.71
(%)
2.63
1.07
0.45
Total Revenues 32,718,543 27,372,461 -16.34 q
Gross Profit 4,447,156 4,475,777 0.64 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Total Operating Expenses 3,491,542 2,443,474 -30.02 q Return on Assets Return on Equity
Operating Profit 955,615 2,032,303 112.67 p
EBITDA 2,288,574 3,186,121 39.22 p
Income for the periods 193,852 1,149,354 492.90 p LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income -8,898 973,878 11,044 p
Net Income/Loss Attributed 193,851 1,149,353 492.90 p 162.13 154.19
121.15
Peer Group
(%)

50.83 50.26
(Rp Bill) Margins Growth 47.19 44.95
1. PT Aneka Tambang Tbk. 27,372 4.20 -16.34
2. PT Timah Tbk. 15,216 -2.24 -21.33
3. PT Merdeka Copper Gold Tbk. 4,540 8.98 -19.02 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT J Resources Asia Pasifik Tbk 3,494 0.79 2.31
5. PT Kapuas Prima Coal Tbk. 608 4.79 -31.30 Current Ratio Debt to Equity Ratio
Financial Ratios
Return on Assets (%) 0.45 2.63 0.61 3.71
Return on Equity (%) 0.74 4.43 1.07 6.04
Current Ratio (%) 162.13 154.19 144.81 121.15
Cash Flow/Debt (%) 13.46 13.82 13.55 17.48
185
APAI PT Angkasa Pura I (Persero)

Sub Sector : Transportation Infrastructure Graha Angkasa Pura I
Website : www.ap1.co.id Kota Baru Bandar Kemayoran Blok B12 Kav. 2
Corporate Sec. : Sulistyowati Dewi Jakarta 10610
Fax : (021) 654-1513, 1514
PT Angkasa Pura I (Persero) is state-owned

SHAREHOLDERS
company which was established on February
20, 1964 under direct mandate from the 1. Republic of Indonesia (Class A Dwiwarna Share) 1.00%
nation’s founders to manage and develop 2. Republic of Indonesia (Class B) 99.00%
Indonesian airports to equal airports of
d e v e l o p e d c o u n t r i e s .
The airports managed are strategically located at the heart of business
areas namely Surabaya in, Makassar, Balikpapan, Banjarmasin, and
Semarang as well as Indonesia’s main tourism destinations, such as
Bali, Biak, Manado, Yogyakarta, Surakarta, Lombok, Ambon, and AUDIT COMMITTEE
Kupang.
1. Djoko Sasono 5. Wempi Saputra
This is the list of airports currently operated by the company: 2. Erwan Agus Purwanto
-I Gusti Ngurah Rai Airport – Bali 3. Prayudi P.
-Juanda Airport – Surabaya 4. Suka Edi Prasetyo
-Sultan Hasanuddin Airport – Makassar
-Sultan Aji Muhammad Sulaiman Sepinggan Airport – Balikpapan BOARD OF COMMISSIONERS
-Frans Kaisiepo Airport – Biak 1. Djoko Sasono 7. Wihana Kirana Jaya
-Sam Ratulangi Airport – Manado 2. Danang Parikesit
-Syamsudin Noor Airport– Banjarmasin 3. Erwan Agus Purwanto *
-Ahmad Yani Airport – Semarang 4. Irfan Wahid *
-Adisutjipto Airport – Yogyakarta 5. Tri Budi Satriyo *
-Adi Soemarmo Airport – Surakarta

6. Wempi Saputra
*independen
-Lombok Airport - Lombok
BOARD OF DIRECTORS
-Pattimura Airport – Ambon
1. Faik Fahmi 7. M. Arifin Firdaus
-El Tari Airport – Kupang
2. Andy S. Bratamihardja 8. Wendo Asrul Rose
-Yogyakarta International Airport - Kulon Progo
3. Dendi T. Danianto
-Sentani Airport - Jayapura
4. Devy Suradji
To realize its vision to establish world-class airports, various
5. Israwadi
innovations have been continuously made, resulting in global
achievements gained by PT Angkasa Pura I (Persero) airports. 6. Lukman F. Laisa
In addition, Angkasa Pura Airports also have 5 (five) subsidiaries,

namely PT Angkasa Pura Logistics, PT Angkasa Pura Property, PT
Angkasa Pura Support, PT Angkasa Pura Hotel, and PT Angkasa Pura Historical Corporate Ratings
Retail.
1. Pefindo idAA+ 14-Jun-21 Negative

2. Pefindo idAAA 13-Aug-20 Negative
3. Fitch Ratings Indonesia AA+(idn) 7-Jul-20 Negative
4. Pefindo idAAA 20-May-20 Negative
5. Fitch Ratings Indonesia AA+(idn) 8-Apr-20 Stable
as of June 2021
SWOT Analysis
-Strong government support - Weak financial profile due to the pandemic
-Well diversified revenue
-Strong competitive advantage S W - Have limited flexibility to adjust tariffs
- Economic recovery prospect -Adverse impact from COVID-19 pandemic to
O T
- Government effort to boost tourism industry transport and tourism sectors
- Growing domestic flight demand -Challenge to improve airport service quality
-The vulnerability of air transporation security
186
AS OF JUNE 2021
Coupon Coupon
22-Aug-20
Obligasi I Angkasa
APAI01A 8.10% 22-Nov-20 PT Bank Mega idAA+
1. Pura I Tahun 2016 622,000 23-Nov-16 22-Nov-21 5
IDA0000776A7 22-Feb-21 Tbk. Negative
Seri A
Quarterly 22-May-21
22-Aug-20
Obligasi I Angkasa
APAI01B 8.40% 22-Nov-20 PT Bank Mega idAA+
2. Pura I Tahun 2016 389,000 23-Nov-16 22-Nov-23 7
IDA0000776B5 22-Feb-21 Tbk. Negative
Seri B
Quarterly 22-May-21
22-Aug-20
Obligasi I Angkasa
APAI01C 8.55% 22-Nov-20 PT Bank Mega idAA+
3. Pura I Tahun 2016 1,489,000 23-Nov-16 22-Nov-26 10
IDA0000776C3 22-Feb-21 Tbk. Negative
Seri C
Quarterly 22-May-21
22-Aug-20
Sukuk Ijarah I
SIAPAI01A 8.10% 22-Nov-20 PT Bank Mega idAA+(sy)
4. Angkasa Pura I 268,000 23-Nov-16 22-Nov-21 5
IDJ0000083A9 22-Feb-21 Tbk. Negative
Tahun 2016 Seri A
Quarterly 22-May-21
22-Aug-20
Sukuk Ijarah I
SIAPAI01B 8.40% 22-Nov-20 PT Bank Mega idAA+(sy)
IDJ0000083B7 22-Feb-21 Tbk. Negative
Tahun 2016 Seri B
Quarterly 22-May-21
22-Aug-20
Sukuk Ijarah I
SIAPAI01C 8.55% 22-Nov-20 PT Bank Mega idAA+(sy)
IDJ0000083C5 22-Feb-21 Tbk. Negative
Tahun 2016 Seri C
Quarterly 22-May-21
TRADING HIGHLIGHT
APAI01A
ISIN CODE : IDA0000776A7 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21
Volume
Trading 2020 2021
Activities,
400 16 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
350 14 Volume (Rp bn) 114.00 4.00 - 71.00 345.00 70.00
Frequency
300 12 Frequency (X) 6 2 - 15 10 2
250 10 Trading days 2 2 - 5 2 1
200 8 Turnover Ratio (%) 73.31 2.57 - 45.66 221.86 45.02
150 6 CTP Price - High 102.470 100.720 - 102.000 101.850 101.680
100 4 Date 30-Jan 13-Apr - 08-Oct 22-Jan 08-Jun
50 2 CTP Price - Low 102.070 100.700 - 100.600 101.700 101.660
- - Date 18-Mar 09-Apr - 08-Oct 24-Mar 08-Jun
PHEI Fair Yield (%) 7.3158 6.2442 5.9695 6.2925 4.9974 4.3489
Mod. Duration (yrs) 1.514 1.303 1.080 0.852 0.619 0.385
104 8.0
Convexity (yrs) 2.759 2.077 1.466 0.951 0.542 0.245
Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
103 7.0
102 6.0
101 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
187
APAI01B Listing Date Maturity Date
ISIN CODE : IDA0000776B5 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.3720 7.3348 7.1353 6.5084 6.3988 5.8886
Mod. Duration (yrs) 3.083 2.918 2.731 2.545 2.346 2.151
108 10.0
Convexity (yrs) 11.198 9.993 8.749 7.593 6.460 5.443
106 9.0 Sensitivity (%) 0.031 0.029 0.027 0.025 0.023 0.022
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
APAI01C
ISIN CODE : IDA0000776C3 Nov-16 Nov-18 Nov-20 Nov-22 Nov-24 Nov-26
Volume
Trading 2020 2021
Activities,
180 24 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
150 20 Volume (Rp bn) 108.00 80.00 36.00 23.00 70.00 138.00
Frequency
Frequency (X) 8 16 11 6 20 13
120 16
90 12 Turnover Ratio (%) 29.01 21.49 9.67 6.18 18.80 37.07
CTP Price - High 105.480 99.520 102.850 105.120 106.440 108.500
60 8
Date 27-Feb 27-May 30-Sep 07-Dec 05-Feb 27-May
30 4
CTP Price - Low 103.450 97.850 98.580 103.530 104.000 106.900
- - Date 15-Jan 19-May 01-Jul 08-Dec 24-Feb 28-Apr
PHEI Fair Yield (%) 9.2277 8.5878 8.2333 7.4775 7.7758 7.0963
Mod. Duration (yrs) 4.943 4.842 4.715 4.600 4.431 4.302
113 10.0
Convexity (yrs) 30.251 28.774 27.115 25.604 23.701 22.190
109 9.0 Sensitivity (%) 0.049 0.048 0.047 0.046 0.044 0.043
105 8.0
101 7.0
97 6.0
93 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
188
SIAPAI01A
ISIN CODE : IDJ0000083A9 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21
Volume
Trading 2020 2021
Activities,
140 7 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
120 6 Volume (Rp bn) - - 4.00 120.00 - 130.00
Frequency
100 5 Frequency (X) - - 4 6 - 3
Trading days - - 3 6 - 2
80 4
Turnover Ratio (%) - - 5.97 179.10 - 194.03
60 3
CTP Price - High - - 104.440 103.450 - 102.120
40 2 - - 19-Aug 15-Dec - 30-Apr
Date
20 1 CTP Price - Low - - 104.400 101.640 - 102.100
- - Date - - 14-Aug 17-Dec - 30-Apr
PHEI Fair Yield (%) 7.1460 6.2442 5.9695 5.3237 4.9974 4.3489
Mod. Duration (yrs) 1.515 1.303 1.080 0.854 0.619 0.385
105 8.0
Convexity (yrs) 2.762 2.077 1.466 0.956 0.542 0.245
104 7.0 Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIAPAI01B
ISIN CODE : IDJ0000083B7 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23
Volume
Trading 2020 2021
Activities,
500 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 20.00 21.00 471.00 336.00 7.00
400 28
300 21 Trading days - 2 7 13 4 1
Turnover Ratio (%) - 145.45 152.73 3,425.45 2,443.64 50.91
200 14 CTP Price - High - 101.520 106.930 106.330 104.390 -
Date - 07-Apr 19-Aug 25-Nov 10-Feb -
100 7
CTP Price - Low - 99.500 101.960 103.030 102.870 -
- - Date - 23-Apr 07-Jul 14-Dec 06-Jan -
PHEI Fair Yield (%) 8.3720 7.3348 7.1353 6.7967 6.3988 5.8886
Mod. Duration (yrs) 3.083 2.918 2.731 2.542 2.346 2.151
112 10.0
Convexity (yrs) 11.198 9.993 8.749 7.577 6.460 5.443
109 9.0 Sensitivity (%) 0.031 0.029 0.027 0.025 0.023 0.022
106 8.0
103 7.0
100 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
189
SIAPAI01C
ISIN CODE : IDJ0000083C5 Nov-16 Nov-18 Nov-20 Nov-22 Nov-24 Nov-26
Volume
Trading 2020 2021
Activities,
160 8 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
140 7 Volume (Rp bn) - 132.00 23.00 - - -
Frequency
120 6 Frequency (X) - 7 2 - - -
100 5 Trading days - 3 1 - - -
80 4 Turnover Ratio (%) - 298.31 51.98 - - -
60 3 CTP Price - High - 101.900 104.010 - - -
40 2 Date - 22-Jun 27-Jul - - -
20 1 CTP Price - Low - 99.300 103.990 - - -
- - Date - 20-May 27-Jul - - -
PHEI Fair Yield (%) 9.1368 8.0980 8.2333 7.3806 7.4262 7.0963
Mod. Duration (yrs) 4.948 4.868 4.715 4.604 4.445 4.302
109 10.0
Convexity (yrs) 30.298 29.000 27.115 25.639 23.813 22.190
106 9.0 Sensitivity (%) 0.049 0.049 0.047 0.046 0.044 0.043
103 8.0
100 7.0
97 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
APAI01A 114 71 30.4%
APAI01B 0.0%
APAI01C 108 80 36 16.6%
SIAPAI01A 120 46.3%
SIAPAI01B 471 930.9%
SIAPAI01C 132 23 87.6%
- 200 400 600 800 1,000 1,200 1,400 1,600
190
APAI FINANCIAL HIGHLIGHT

5,510,904 1,470,030 -73.33 q 63.49 63.01 62.00
Receivables 527,767 576,387 9.21 p 26.24 34.23 31.57
19.74 23.54 16.82 8.32
Inventories 69,404 25,559 -63.17 q
Current Assets 8,190,498 3,883,057 -52.59 q
(%)
Total Assets 42,786,551 42,576,845 -0.49 q -47.57
Current Liabilities 6,180,789 4,766,653 -22.88 q -64.34
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital (Shares) 12,000,000 12,000,000 -  Gross Profit Margin Operating Profit Margin
Paid up Capital 6,441,412 6,441,412 - 
Par Value (Rp Full Amount) 1,000,000 1,000,000 -  13.33
10.60
6.35
Non Controlling Interest 5,498 4,542 -17.39 q 5.67
3.39
Total Equity 15,980,508 13,356,034 -16.42 q
(%)
Amount in Rp Million, Unless Otherwise Stated -5.47
INCOME STATEMENTS
Total Revenues 8,631,546 3,619,109 -58.07 q
Gross Profit 5,351,359 301,127 -94.37 q -17.43
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Operating Profit 2,725,162 -1,721,473 -163.17 q
Earning Before Tax 2,054,267 -2,828,002 -237.66 q
EBITDA 4,021,032 -1,610,180 -140.04 q
Income for the periods 1,452,227 -2,328,423 -260.33 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 1,381,530 -2,601,619 -288.31 q
Net Income/Loss Attributed 1,451,360 -2,327,509 -260.37 q 218.78

138.17
132.52
Peer Group 110.00
(%)
No. Company Total Revenue Net Profit Revenue 86.93 81.46

67.18
1. PT Jasa Marga (Persero) Tbk. 13,704 -0.30 -47.98
2. PT Angkasa Pura II (Persero) 5,844 -42.72 -47.28
3. PT Pelabuhan Indonesia I (Persero) 3,842 4.77 -31.87 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Pelabuhan Indonesia IV (Persero) 3,639 7.80 -0.60
5. PT Angkasa Pura I (Persero) 3,619 -64.34 -58.07 Current Ratio Debt to Equity Ratio
Financial Ratios
Operating Profit Margin (%) 26.24 34.23 31.57 -47.57
Net Profit Margin (%) 19.74 23.54 16.82 -64.34
Return on Assets (%) 5.67 6.35 3.39 -5.47
Return on Equity (%) 10.60 13.33 9.09 -17.43
Current Ratio (%) 138.17 67.18 132.52 81.46
Cash Flow/Debt (%) 11.53 18.29 5.78 -13.31
191
APIA PT Angkasa Pura II (Persero)

Sub Sector : Transportation Infrastructure Soekarno-Hatta International Airport
Website : www.angkasapura2.co.id Building 600
Corporate Sec. : Deni Krisnowibowo Jakarta 19120
Fax : (021) 550-2141
PT Angkasa Pura II (Persero), herein after SHAREHOLDERS

refer to as “Angkasa Pura II” or “Company” is
1. Republic of Indonesia 100.00%
one of the State-Owned enterprises in
the airport services and airport related services in Western part of
Indonesia. Angkasa Pura II has earned the trust of the Government of
the Republic Indonesia to manage and develop the business of the
Airport of Jakarta Cengkareng that has changed its name to Jakarta
Soekarno-Hatta International Airport and Halim Perdanakusuma
Airport since August 13, 1984.
AUDIT COMMITTEE
The establishment of Angkasa Pura II is to undertake the 1. Agus Santoso 4. Irwanda Wisnu Wardhana
management and business of airport and airport-related services by 2. Adi Prasetyana
optimizing the utilization of potential resources at the disposal of the
3. Dodi Iskandar
Company and implement good corporate governance practices. This
is expected to yield high-quality products and services that are highly
competitive in order to increase the value of the Company as well as
the trust of its stakeholders, including the general public. BOARD OF COMMISSIONERS
1. Agus Santoso
In 2018, Angkasa Pura II has earned a number of awards from various
2. Abdul Muis *
institutions: Terminal 3 of the Soekarno-Hatta International Airport
won an award as Best Airport according to the Airport Magazine on 3. Andus Winarno
Friday, December 7th, 2018. The award was presented directly by the 4. Dodi Iskandar
Minister of Transportation, Budi Karya Sumadi, in Jakarta. PT Angkasa 5. Mochar Husien *
Pura II won three awards at the 2018 Stevie Awards. Stevie Awards 6. Tubagus Fiki Chikara Satari
are the highest business award event in the world with the mission of *independen
appreciating the achievements of the Company’s performance. PT
Angkasa Pura II (Persero) won 2 awards for the category of State-
BOARD OF DIRECTORS
Owned Enterprise in the 2018 Revolusi Mental Award which was 1. Muhammad Awaluddin 7. Muhammad Wasid
organized by BUMN Track magazine. 2. Agus Wialdi 8. Wiweko Probojakti
3. Ajar Setiadi
As of 2020, Angkasa Pura II has managed 16 airports, such as
Soekarno-Hatta Airport (Jakarta), Halim Perdanakusuma (Jakarta), 4. Armand Hermawan
Kualanamu (Medan), Supadio (Pontianak), Minangkabau (Padang), 5. Edwin Hidayat
Sultan Mahmud Badaruddin II (Palembang), Sultan Syarif Kasim II 6. Ghamal Peris Aulia
(Pekanbaru), Husein Sastranegara (Bandung), Sultan Iskandarmuda
(Banda Aceh), Raja Haji Fisabilillah (Tanjungpinang), Sultan Thaha
(Jambi), Depati Amir (Pangkal Pinang), Silangit (North
Tapanuli), Kertajati (Majalengka), Banyuwangi (Banyuwangi), Tjilik
Riwut (Palangkaraya), Radin Inten II (Lampung), H.A.S Hanandjoeddin No. Rating Agency Rating Rating Date Outlook
(Tanjung Pandan), and Fatmawati Soekarno (Bengkulu).
1. Pefindo idAA+ 21-Jun-21 Negative
2. Pefindo idAAA 11-Sep-20 Negative
4. Pefindo idAAA 3-Sep-19 Stable
as of June 2021
SWOT Analysis
-Strong government support -High financial leverage
-Well diversified revenue
-Strong competitive advantage S W -Have limited flexibility to adjust tariffs
- Economic recovery prospect -Adverse impact from COVID-19 pandemic to

- Government effort to boost tourism industry transport and tourism sectors
- Growing domestic flight demand O T -Challenge to improve airport service quality
-The vulnerability of air transporation security
192
AS OF JUNE 2021
Coupon Coupon
12-Sep-20
APIA01ACN1 8.65% 12-Dec-20 PT Bank Mega idAA+
1. Angkasa Pura II Tahap I 200,000 13-Dec-18 12-Dec-21 3
IDA0000949A0 12-Mar-21 Tbk. Negative
Tahun 2018 Seri A
Quarterly 12-Jun-21
-
APIA01ACN2 7.80% 13-Nov-20 PT Bank Mega idAA+
2. Angkasa Pura II Tahap II 32,000 14-Aug-20 13-Aug-23 3
Tahun 2020 Seri A
Quarterly 13-May-21
30-Sep-20
Obligasi I Angkasa
APIA01B 8.80% 30-Dec-20 PT Bank Mega idAA+
3. Pura II Tahun 2016 100,000 01-Jul-16 30-Jun-23 7
IDA0000743B5 30-Mar-21 Tbk. Negative
Seri B
Quarterly 30-Jun-21
12-Sep-20
APIA01BCN1 8.95% 12-Dec-20 PT Bank Mega idAA+
4. Angkasa Pura II Tahap I 550,000 13-Dec-18 12-Dec-23 5
Tahun 2018 Seri B
Quarterly 12-Jun-21
-
APIA01BCN2 8.50% 13-Nov-20 PT Bank Mega idAA+
Tahun 2020 Seri B
Quarterly 13-May-21
30-Sep-20
APIA01C Obligasi I Angkasa Pura 9.00% 30-Dec-20 PT Bank Mega idAA+
6. 900,000 01-Jul-16 30-Jun-26 10
IDA0000743C3 II Tahun 2016 Seri C 30-Mar-21 Tbk. Negative
Quarterly 30-Jun-21
-
APIA01CCN2 9.10% 13-Nov-20 PT Bank Mega idAA+
7. Angkasa Pura II Tahap II 1,602,000 14-Aug-20 13-Aug-27 7
IDA0001084C1 13-Feb-21 Tbk. Negative
Tahun 2020 Seri C
Quarterly 13-May-21
-
APIA01DCN2 9.25% 13-Nov-20 PT Bank Mega idAA+
IDA0001084D9 13-Feb-21 Tbk. Negative
Tahun 2020 Seri D
Quarterly 13-May-21
193
TRADING HIGHLIGHT
APIA01ACN1
ISIN CODE : IDA0000949A0 Dec-18 Dec-19 Dec-20 Dec-21
Volume
Trading 2020 2021
Activities,
50 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 14.70 44.00 - - 14.00 30.00
40 8
Frequency Frequency (X) 7 2 - 1 8 4
30 6 Trading days 4 2 - 1 4 3
Turnover Ratio (%) 29.40 88.00 - - 28.00 60.00
20 4 CTP Price - High 104.270 - - 101.400 102.620 102.420
Date 18-Feb - - 20-Nov 18-Feb 11-May
10 2
CTP Price - Low 99.000 - - 101.400 101.500 102.070
- - Date 24-Mar - - 20-Nov 14-Jan 17-Jun
PHEI Fair Yield (%) 7.1988 6.2944 6.0140 5.5841 5.0527 4.4095
Mod. Duration (yrs) 1.563 1.353 1.132 0.907 0.673 0.440
105 10.0
Convexity (yrs) 2.929 2.226 1.595 1.062 0.625 0.304
103 8.0 Sensitivity (%) 0.016 0.014 0.011 0.009 0.007 0.004
101 6.0
99 4.0
97 2.0
95 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
APIA01ACN2 Listing Date Maturity Date
ISIN CODE : IDA0001084A5 Aug-20 Aug-21 Aug-22 Aug-23
Volume
Trading 2020 2021
Activities,
10 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
8 4
6 3 Trading days - - 1 - - -
Turnover Ratio (%) - - 62.50 - - -
4 2 CTP Price - High - - - - - -
Date - - - - - -
2 1
- - Date - - - - - -
PHEI Fair Yield (%) - - 7.0089 6.3975 6.2593 5.7336
Mod. Duration (yrs) - - 2.533 2.339 2.133 1.931
105 12.0
Convexity (yrs) - - 7.504 6.406 5.347 4.404
103 10.0 Sensitivity (%) - - 0.025 0.023 0.021 0.019
101 8.0
99 6.0
97 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
194
APIA01B
ISIN CODE : IDA0000743B5 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - - - 2.00 -
4 4
3 3 Trading days - - - - 2 -
Turnover Ratio (%) - - - - 8.00 -
2 2 CTP Price - High - - - - 105.660 -
Date - - - - 05-Jan -
1 1
CTP Price - Low - - - - 101.700 -
- - Date - - - - 07-Jan -
PHEI Fair Yield (%) 8.2087 7.1953 6.9517 6.3472 6.1946 5.6621
Mod. Duration (yrs) 2.805 2.630 2.437 2.243 2.037 1.835
115 10.0
Convexity (yrs) 9.199 8.070 6.933 5.880 4.868 3.970
112 9.0 Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
109 8.0
106 7.0
103 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
APIA01BCN1
Volume
Trading 2020 2021
Activities,
300 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
240 24
nar >> 180 18 Trading days 14 6 4 7 8 6
Turnover Ratio (%) 115.42 110.55 3.64 189.09 48.00 91.64
120 12 CTP Price - High 107.480 103.500 105.000 107.880 107.980 106.820
Date 26-Feb 15-Apr 14-Sep 15-Dec 12-Jan 21-Apr
60 6
CTP Price - Low 100.470 102.730 101.900 104.150 103.200 104.900
- - Date 27-Mar 20-May 11-Sep 17-Nov 03-Feb 28-May
PHEI Fair Yield (%) 7.6604 7.5064 7.1596 6.0022 6.1748 5.9179
Mod. Duration (yrs) 3.127 2.950 2.768 2.591 2.390 2.194
110 9.0
Convexity (yrs) 11.507 10.218 8.983 7.854 6.693 5.655
108 8.0 Sensitivity (%) 0.031 0.030 0.028 0.026 0.024 0.022
106 7.0
104 6.0
102 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
195
APIA01BCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
60 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 30.00 50.00 - -
48 8
36 6 Trading days - - 1 1 - -
Turnover Ratio (%) - - 75.47 125.79 - -
24 4 CTP Price - High - - - 102.200 - -
Date - - - 02-Oct - -
12 2
CTP Price - Low - - - 102.000 - -
- - Date - - - 02-Oct - -
PHEI Fair Yield (%) - - 7.8176 7.0754 7.0703 6.6577
Mod. Duration (yrs) - - 3.932 3.786 3.611 3.448
110 10.0
Convexity (yrs) - - 18.484 17.036 15.463 14.041
107 8.0 Sensitivity (%) - - 0.039 0.038 0.036 0.034
104 6.0
101 4.0
98 2.0
95 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
APIA01C
ISIN CODE : IDA0000743C3 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-26
Volume
Trading 2020 2021
Activities,
160 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - 8.00 13.00 24.00 - 148.00
Frequency
120 9 Frequency (X) - 4 9 6 - 9
nar >> Trading days - 2 3 1 - 2
80 6 Turnover Ratio (%) - 3.56 5.78 10.67 - 65.78
CTP Price - High - 104.340 104.740 104.000 - 108.700
40 3 Date - 18-Jun 08-Jul 02-Oct - 28-Apr
CTP Price - Low - 104.320 99.500 102.850 - 108.150
- - Date - 18-Jun 09-Sep 02-Oct - 12-Apr
PHEI Fair Yield (%) 9.0635 8.0205 8.1488 7.2944 7.3248 6.9681
Mod. Duration (yrs) 4.735 4.642 4.486 4.365 4.202 4.054
110 10.0
Convexity (yrs) 27.414 26.087 24.282 22.816 21.074 19.514
107 9.0 Sensitivity (%) 0.047 0.046 0.045 0.044 0.042 0.041
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
196
APIA01CCN2
Volume
Trading 2020 2021
Activities,
450 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
360 12
270 9 Trading days - - 3 3 2 1
Turnover Ratio (%) - - 102.62 40.95 11.49 0.50
180 6 CTP Price - High - - 100.020 107.560 106.120 104.550
90 3
CTP Price - Low - - 100.000 100.000 105.500 104.500
- - Date - - 28-Sep 19-Nov 26-Mar 11-May
PHEI Fair Yield (%) - - 8.5437 7.5780 7.5925 7.3135
Mod. Duration (yrs) - - 5.043 4.963 4.817 4.687
120 12.0
Convexity (yrs) - - 31.736 30.412 28.534 26.866
115 10.0 Sensitivity (%) - - 0.050 0.050 0.048 0.047
110 8.0
105 6.0
100 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
APIA01DCN2
ISIN CODE : IDA0001084D9 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-26 Aug-27 Aug-28 Aug-29 Aug-30
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
20 4
nar >> 15 3 Trading days - - 1 1 - -
Turnover Ratio (%) - - 10.50 17.51 - -
10 2 CTP Price - High - - - 100.770 - -
Date - - - 19-Oct - -
5 1
CTP Price - Low - - - 100.760 - -
- - Date - - - 19-Oct - -
PHEI Fair Yield (%) - - 9.0481 7.9070 8.0831 8.0238
Mod. Duration (yrs) - - 6.378 6.421 6.286 6.183
115 10.0
Convexity (yrs) - - 54.049 53.806 51.453 49.524
Sensitivity (%) - - 0.064 0.064 0.063 0.062
110 9.0
105 8.0
100 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
197
nar >>
APIA01ACN1 44 29.4%
APIA01ACN2 15.6%
APIA01B 0.0%
APIA01BCN1 159 152 260 104.7%
APIA01BCN2 50.3%
APIA01C 5.0%
APIA01CCN2 411 164 35.9%
APIA01DCN2 7.0%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800
198
APIA FINANCIAL HIGHLIGHT

Receivables 1,955,392 2,443,093 24.94 p
Inventories 24,060 23,366 -2.88 q 53.26
Current Assets 5,964,266 5,357,891 -10.17 q 27.70 22.04 24.06
17.49
Property, Plant and Equipment 33,506,683 34,153,296 1.93 p 9.09
(%)
Total Assets 43,998,030 44,435,973 1.00 p
Current Liabilities 5,339,907 6,788,885 27.13 p -23.97
-42.72
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 15,971,652 15,971,652 - 
Retained Earnings 7,621,449 5,128,914 -32.70 q 4.98 4.12
Total Equity 24,442,809 21,317,615 -12.79 q
(%)
-5.62
INCOME STATEMENTS
Total Revenues 11,084,234 5,843,726 -47.28 q
-11.71
Gross Profit 11,084,234 5,843,726 -47.28 q
31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 4,023,024 418,282 -89.60 q
Comprehensive Income 919,930 -3,010,886 -427.30 q
111.69 108.45
80.00 78.92
Peer Group 64.06
(%)

3. PT Pelabuhan Indonesia I (Persero) 3,842 4.77 -31.87 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Gross Profit Margin (%) 100.00 53.26 24.06
Operating Profit Margin (%) 27.70 22.04 -23.97
Net Profit Margin (%) 17.49 9.09 -42.72
Return on Assets (%) 4.98 2.29 -5.62
Return on Equity (%) 8.17 4.12 -11.71
Current Ratio (%) 120.41 111.69 78.92
Debt to Equity Ratio (%) 64.06 80.00 108.45
Cash Flow/Debt (%) 20.50 10.72 -5.37
199
ASDF PT Astra Sedaya Finance

Sub Sector : Financing Service Jln. TB Simatupang No. 90
Website : www.acc.co.id Tanjung Barat, Jagakarsa
Corporate Sec. : Hendry Christian W. Jakarta Selatan 12530
Fax : (021) 7885-1179, 7885-1182
PT Astra Sedaya Finance which is the forerunner of SHAREHOLDERS

Astra Credit Companies (ACC) was established on
1. PT Astra International Tbk. 46.88%
July 15, 1982 under the name PT Rahardja Sedaya,
was established to support the automotive 2. PT Garda Era Sedaya 28.13%
business of the Astra group. In 1990, PT Rahardja 3. PT Sedaya Multi Investama 25.00%
Sedaya changed its name to PT Astra Sedaya
Finance (ASDF). In its development, ASDF has
equity participation in
AUDIT COMMITTEE
associated companies, namely PT Astra Auto Finance (AAF) and PT
1. Buyung Syamsudin
Swadharma Bhakti Sedaya Finance (SBSF), both of which have been
registered and supervised by the Financial Services Authority (OJK) and 2. Gede Harja Wasistha
obtained permission from the Ministry of Finance. In accordance with 3. Regina Okthory
Articles of Association and obtained permits, the Company/ASF is able to
perform financing service activities which include: investment financing,
working capital financing, multipurpose financing; and/or sharia financing.
ASDF's business activity is in the field of consumer financing or BOARD OF COMMISSIONERS
multipurpose financing, leasing and sharia financing. 1. Suparno Djasmin
As of August, ASDF has received several awards in 2017. Under the brand 2. Aridono Sukmanto *
'Astra Credit Companies', ASF is awarded Top Brand Award 2017 by Frontier 3. Buyung Syamsudin *
and Majalah Marketing. ASDF is also given the award of Indonesia Most
4. Gidion Hasan
Admired Companies by Warta Ekonomi, Corporate Image Award by Frontier
and Majalah Tempo, platinum trophy by Infobank 13rd Multifinance Awards
2017 and The Most Popular Company in Multifinance Category by
Indonesia Corporate Public Relations Award 2017. In the field of service, ASF *independen
is awarded Service Quality Award, winning the first place in Financing
BOARD OF DIRECTORS
Automotive 4 Wheels category.
1. Siswadi
In order to leverage company growth, ASDF will maintain and strengthen
leading position in car financing, strengthen risk and operational excellence, 2. Ezar Kumendong
and implement the commitment on Corporate Social Responsibility (CSR). 3. Hendry Christian W
Furthermore, ASDF will optimize funding and Asset Liability Management 4. Matilda Esther Rotinsulu
(ALM) and create new portfolio/initiatives to support the future growth onto
5. Mohammad Farauk
the next level.
6. Tan Chian Hok
As a trusted financing company under PT Astra International Tbk., ASDF
managed to obtain idAAA rating from Pefindo and AAA (idn) from PT Fitch
Rating Indonesia, as well Baa3 rating from Moody's and also BBB- from
Fitch International. The Company provides various financing products with Historical Corporate Ratings
competitive rate and fast credit process. ASDF has 76 branch offices in 58
cities across Indonesia and cooperates with more than 9,000 authorized No. Rating Agency Rating Rating Date Outlook
dealers and used-car showrooms. As part of giving the best service for
customers, ASDF offers a secured storage and easy retrieval for BPKB and 1. Pefindo idAAA 12-Mar-21 Stable
also provides reliable vehicle insurance coverage and life insurance 2. Fitch Rating Indonesia AAA(idn) 23-Oct-20 Stable
protection facilities. 3. Pefindo idAAA 8-Apr-20 Stable
4. Fitch Rating Indonesia AAA(idn) 8-Nov-19 Stable
5. Pefindo idAAA 9-Oct-19 Stable
as of June 2021
SWOT Analysis
- Strategically important subsidiary of Astra International - High reliance on Astra International performance
-Very strong capitalization
-Very strong position in car financing market S W - Increasing pressure on profitability
- Diversification of financing business - Tight competition within the industry

- Expansion opportunity outside Java area - Low demand for automotive financing
- The majority of motor vehicle sales are still financed through
credit facilities
200
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan 03-Sep-20

PT Bank Rakyat
ASDF03CCN3 III Astra Sedaya Finance 8.75% 03-Dec-20 AAA(idn)
1. 375,000 06-Mar-17 03-Mar-22 5 Indonesia
IDA0000793C8 Tahap III Tahun 2017 03-Mar-21 Stable
(Persero) Tbk.
Seri C 03-Jun-21
Quarterly
Obligasi Berkelanjutan 02-Aug-20

PT Bank Rakyat
ASDF03CCN4 III Astra Sedaya Finance 7.65% 02-Nov-20 AAA(idn)
2. 200,000 03-Nov-17 02-Nov-22 5 Indonesia
IDA0000853C0 Tahap IV Tahun 2017 02-Feb-21 Stable
(Persero) Tbk.
Seri C 02-May-21
Quarterly

PT Bank Rakyat
ASDF04BCN2 IV Astra Sedaya Finance 8.80% 13-Nov-20 idAAA
3. 670,000 14-Feb-19 13-Feb-22 3 Indonesia
IDA0000962B1 Tahap II Tahun 2019 13-Feb-21 Stable
(Persero) Tbk.
Seri B 13-May-21
Quarterly
23-Jul-20
IV Astra Sedaya Finance PT Bank Rakyat
ASDF04BCN3 7.70% 23-Oct-20 idAAA
4. Dengan Tingkat Bunga 800,380 24-Oct-19 23-Oct-22 3 Indonesia
IDA0001017B3 23-Jan-21 Stable
Tetap Tahap III Tahun (Persero) Tbk.
2019 Seri B Quarterly 23-Apr-21
27-Sep-20
ASDF04BCN4 7.00% 27-Dec-20 idAAA
5. Dengan Tingkat Bunga 1,301,050 30-Mar-20 27-Mar-23 3 Indonesia
IDA0001054B6 27-Mar-21 Stable
Tetap Tahap IV Tahun (Persero) Tbk.

PT Bank Rakyat
ASDF04CCN2 IV Astra Sedaya Finance 9.20% 13-Nov-20 idAAA
IDA0000962C9 Tahap II Tahun 2019 13-Feb-21 Stable
(Persero) Tbk.
Seri C 13-May-21
Quarterly
23-Jul-20
ASDF04CCN3 7.95% 23-Oct-20 idAAA
7. Dengan Tingkat Bunga 236,160 24-Oct-19 23-Oct-24 5 Indonesia
IDA0001017C1 23-Jan-21 Stable
Tetap Tahap III Tahun (Persero) Tbk.
2019 Seri C Quarterly 23-Apr-21
PT Bank Rakyat
ASDF05ACN1 V Astra Sedaya Finance 6.40% 02-Dec-20 idAAA
8. 1,027,000 03-Sep-20 12-Sep-21 1 Indonesia
IDA0001094A4 Tahap I Tahun 2020 Seri 02-Mar-21 Stable
(Persero) Tbk.
A 02-Jun-21
Quarterly
PT Bank Rakyat
ASDF05ACN2 V Astra Sedaya Finance 4.85% - idAAA
9. 891,975 16-Apr-21 25-Apr-22 1 Indonesia
IDA0001147A0 Tahap II Tahun 2021 - Stable
(Persero) Tbk.
Seri A -
Quarterly
PT Bank Rakyat
ASDF05BCN1 V Astra Sedaya Finance 7.60% 02-Dec-20 idAAA
10. 473,000 03-Sep-20 02-Sep-23 3 Indonesia
IDA0001094B2 Tahap I Tahun 2020 Seri 02-Mar-21 Stable
(Persero) Tbk.
B 02-Jun-21
Quarterly
PT Bank Rakyat
ASDF05BCN2 V Astra Sedaya Finance 6.35% - idAAA
11. 1,608,025 16-Apr-21 15-Apr-24 3 Indonesia
IDA0001147B8 Tahap II Tahun 2021 - Stable
(Persero) Tbk.
Seri B -
Quarterly
201
TRADING HIGHLIGHT
ASDF03CCN3
Volume
Trading 2020 2021
Activities,
250 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 30.00 - - 230.00 40.00 170.00
200 12
Frequency Frequency (X) 2 - - 8 4 12
150 9 Trading days 2 - - 4 2 4
Turnover Ratio (%) 32.00 - - 245.33 42.67 181.33
100 6 CTP Price - High - - - 104.200 104.030 103.520
Date - - - 17-Dec 03-Mar 07-May
50 3
CTP Price - Low - - - 103.420 103.970 102.280
- - Date - - - 14-Oct 26-Feb 29-Apr
PHEI Fair Yield (%) 7.3971 6.4798 6.1830 5.7079 5.2636 4.1791
Mod. Duration (yrs) 1.748 1.544 1.328 1.108 0.880 0.653
110 8.0
Convexity (yrs) 3.639 2.865 2.153 1.536 1.007 0.593
108 7.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.009 0.007
106 6.0
104 5.0
102 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ASDF03CCN4 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
30 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 6.40 - - 25.00 15.00 -
24 8
Frequency Frequency (X) 5 - - 4 3 -
18 6 Trading days 1 - - 2 2 -
Turnover Ratio (%) 12.80 - - 50.00 30.00 -
12 4 CTP Price - High 101.700 - - 104.310 103.100 -
Date 27-Jan - - 27-Nov 21-Jan -
6 2
CTP Price - Low 101.300 - - 104.300 103.050 -
- - Date 27-Jan - - 27-Nov 21-Jan -
PHEI Fair Yield (%) 7.8706 6.9044 6.6097 6.0508 5.7913 5.1093
Mod. Duration (yrs) 2.296 2.104 1.898 1.689 1.471 1.256
105 10.0
Convexity (yrs) 6.196 5.213 4.265 3.406 2.617 1.943
103 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
101 6.0
99 4.0
97 2.0
95 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
202
ASDF04BCN2
ISIN CODE : IDA0000962B1 Feb-19 Feb-20 Feb-21 Feb-22
Volume
Trading 2020 2021
Activities,
400 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
320 28
240 21 Trading days 10 14 5 9 8 6
Turnover Ratio (%) 157.73 202.99 22.09 152.24 127.16 139.10
160 14 CTP Price - High 104.750 103.050 103.600 105.130 104.200 105.500
80 7
CTP Price - Low 101.250 100.920 102.250 102.630 98.000 98.000
- - Date 31-Jan 19-Jun 16-Jul 04-Dec 09-Mar 10-Jun
PHEI Fair Yield (%) 7.5628 6.8015 6.2681 5.6808 4.3716 4.1841
Mod. Duration (yrs) 1.692 1.487 1.273 1.053 0.827 0.597
109 8.0
Convexity (yrs) 3.433 2.679 1.996 1.403 0.904 0.511
107 7.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.008 0.006
105 6.0
103 5.0
101 4.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ASDF04BCN3
Volume
Trading 2020 2021
Activities,
180 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
144 12
nar >> 108 9 Trading days 8 5 5 7 6 3
Turnover Ratio (%) 76.61 11.99 31.98 27.99 34.48 2.50
72 6 CTP Price - High 103.500 101.000 100.700 103.600 103.780 105.250
Date 18-Feb 17-Jun 04-Aug 28-Dec 19-Jan 18-May
36 3
CTP Price - Low 100.050 100.150 100.160 102.500 102.900 103.500
- - Date 13-Jan 21-Apr 15-Jul 04-Nov 06-Jan 14-Apr
PHEI Fair Yield (%) 7.8541 6.9798 6.5941 6.0376 5.4687 5.0883
Mod. Duration (yrs) 2.270 2.078 1.873 1.664 1.447 1.231
107 9.0
Convexity (yrs) 6.074 5.098 4.165 3.316 2.543 1.875
105 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.014 0.012
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
203
ASDF04BCN4 Listing Date Maturity Date
ISIN CODE : IDA0001054B6 Mar-20 Mar-21 Mar-22 Mar-23
Volume
Trading 2020 2021
Activities,
1000 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 36
600 27 Trading days 4 18 11 6 2 6
Turnover Ratio (%) 150.03 289.30 165.40 23.06 27.67 71.94
400 18 CTP Price - High - 100.300 100.290 102.000 102.750 103.460
Date - 17-Jun 30-Jul 26-Nov 10-Feb 30-Jun
200 9
CTP Price - Low - 99.250 99.550 100.750 102.200 102.430
- - Date - 19-Jun 15-Jul 05-Oct 26-Jan 07-May
PHEI Fair Yield (%) 7.0229 7.0013 7.1295 6.0354 6.0459 5.0314
Mod. Duration (yrs) 2.674 2.474 2.266 2.064 1.846 1.635
106 8.0
Convexity (yrs) 8.241 7.063 5.945 4.950 3.990 3.161
Sensitivity (%) 0.027 0.025 0.023 0.021 0.018 0.016
104 7.0
102 6.0
100 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ASDF04CCN2
ISIN CODE : IDA0000962C9 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24
Volume
Trading 2020 2021
Activities,
250 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 24
nar >> 150 18 Trading days 7 13 14 14 2 4
Turnover Ratio (%) 19.99 100.26 17.34 141.89 12.84 33.39
100 12 CTP Price - High 107.530 103.750 106.750 110.390 107.130 107.800
Date 12-Mar 22-Apr 04-Sep 02-Dec 12-Jan 31-May
50 6
CTP Price - Low 101.500 102.100 91.100 106.400 107.100 101.000
- - Date 08-Jan 15-May 18-Sep 07-Oct 08-Jan 19-May
PHEI Fair Yield (%) 8.0807 7.4064 7.2348 6.6097 6.5052 5.8796
Mod. Duration (yrs) 3.207 3.045 2.866 2.688 2.496 2.310
110 10.0
Convexity (yrs) 12.243 10.992 9.719 8.535 7.360 6.306
107 9.0 Sensitivity (%) 0.032 0.030 0.029 0.027 0.025 0.023
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
204
ASDF04CCN3
Volume
Trading 2020 2021
Activities,
200 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 172.00 - 8.00 40.00 2.00 100.00
160 20
120 15 Trading days 8 - 6 1 5 3
Turnover Ratio (%) 291.33 - 13.55 67.75 3.39 169.38
80 10 CTP Price - High 101.835 - 102.900 103.020 104.000 105.050
Date 19-Feb - 03-Sep 29-Dec 04-Feb 26-Apr
40 5
CTP Price - Low 96.650 - 88.900 103.000 96.000 103.700
- - Date 24-Mar - 14-Aug 29-Dec 03-Feb 01-Apr
PHEI Fair Yield (%) 9.1594 7.5993 7.4009 7.0687 6.7919 6.1859
Mod. Duration (yrs) 3.707 3.578 3.406 3.232 3.049 2.872
107 10.0
Convexity (yrs) 16.423 15.176 13.710 12.311 10.939 9.685
104 9.0 Sensitivity (%) 0.037 0.036 0.034 0.032 0.030 0.029
101 8.0
98 7.0
95 6.0
92 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ASDF05ACN1
ISIN CODE : IDA0001094A4 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
Volume
Trading 2020 2021
Activities,
1800 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 1,671.00 33.00 200.00 -
1440 56
Frequency Frequency (X) - - 65 3 11 -
nar >> 1080 42 Trading days - - 9 3 5 -
Turnover Ratio (%) - - 650.83 12.85 77.90 -
720 28 CTP Price - High - - 100.950 101.670 101.250 -
Date - - 29-Sep 01-Dec 03-Mar -
360 14
CTP Price - Low - - 99.950 101.100 100.750 -
- - Date - - 14-Sep 19-Oct 18-Feb -
PHEI Fair Yield (%) - - 6.3360 5.4387 3.7680 3.9439
Mod. Duration (yrs) - - 0.912 0.679 0.439 0.198
110 7.0
Convexity (yrs) - - 1.069 0.633 0.303 0.088
106 6.0 Sensitivity (%) - - 0.009 0.007 0.004 0.002
102 5.0
98 4.0
94 3.0
90 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
205
ASDF05ACN2 Listing Date Maturity Date
ISIN CODE : IDA0001147A0 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22
Volume
Trading 2020 2021
Activities,
1200 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - - - - 1,069.00
960 80
720 60 Trading days - - - - - 15
Turnover Ratio (%) - - - - - 479.39
480 40 CTP Price - High - - - - - 100.850
Date - - - - - 30-Jun
240 20
CTP Price - Low - - - - - 99.950
- - Date - - - - - 26-Apr
PHEI Fair Yield (%) - - - - - 3.9582
105 6.0
Convexity (yrs) - - - - - 0.837
103 5.0 Sensitivity (%) - - - - - 0.008
101 4.0
99 3.0
97 2.0
95 1.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ASDF05BCN1
ISIN CODE : IDA0001094B2 Sep-20 Sep-21 Sep-22 Sep-23
Volume
Trading 2020 2021
Activities,
180 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 39.00 165.00 88.00 69.00
144 12
nar >> 108 9 Trading days - - 2 9 8 3
Turnover Ratio (%) - - 32.98 139.53 74.42 58.35
72 6 CTP Price - High - - - 104.250 104.060 105.700
36 3
CTP Price - Low - - - 101.450 103.100 103.500
- - Date - - - 04-Dec 25-Mar 20-Apr
PHEI Fair Yield (%) - - 7.7004 5.8980 6.1723 5.6481
Mod. Duration (yrs) - - 2.583 2.400 2.190 1.987
105 9.0
Convexity (yrs) - - 7.767 6.706 5.602 4.634
103 8.0 Sensitivity (%) - - 0.026 0.024 0.022 0.020
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
206
ASDF05BCN2 Listing Date Maturity Date
Apr-21 Apr-22 Apr-23 Apr-24


nar >> Volume Volume (Rp bn) - - - - - 373.00
320 40
240 30 Trading days - - - - - 14
Turnover Ratio (%) - - - - - 92.78
160 20 CTP Price - High - - - - - 102.500
Date - - - - - 28-Jun
80 10
CTP Price - Low - - - - - 100.000
- - Date - - - - - 10-May
PHEI Fair Yield (%) - - - - - 5.4079
105 8.0
Convexity (yrs) - - - - - 7.353
103 7.0 Sensitivity (%) - - - - - 0.025
101 6.0
99 5.0
97 4.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
207

nar >>
ASDF03CCN3 230 69.3%
ASDF03CCN4 15.7%
ASDF04BCN2 264 340 37 255 133.8%
ASDF04BCN3 153 24 64 56 37.1%
ASDF04BCN4 488 941 538 75 157.0%
ASDF04CCN2 31 156 27 221 69.9%
ASDF04CCN3 172 93.2%
ASDF05ACN1 1,671 33 165.9%
ASDF05BCN1 39 165 43.1%
- 500 1,000 1,500 2,000 2,500
208
ASDF FINANCIAL HIGHLIGHT

84.42 81.96 82.12
Cash & Cash Equivalents 527,000 742,000 40.80 p 80.65
Other Receivables 233,000 261,000 12.02 p
Consumer Financing Receivables 25,270,000 25,688,000 1.65 p
31,985,000 31,436,000 -1.72 q 17.18 21.09
Total Assets 22.85
(%)
12.50
Fund Borrowings 15,436,000 14,566,000 -5.64 q 12.43 9.94 10.22 11.03
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital (Shares) 950,439,958 950,439,958 -  Net Interest Margin
Par Value (Rp Full Amount) 1,000 1,000 - 
Non Controlling Interest - - -  18.30
Total Equity 7,026,000 6,901,000 -1.78 q 16.64 15.99
10.40
(%)
3.23 3.58
Total Revenues 5,209,000 5,354,000 2.78 p
Expenses 4,217,000 4,071,000 -3.46 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Earning Before Tax 1,700,000 936,000 -44.94 q Return on Assets Return on Equity
EBITDA 1,739,000 990,000 -43.07 q
Income (Loss) for the periods 1,286,000 718,000 -44.17 q
Comprehensive Income (Loss) -183,000 654,000 N/A p
Net income/loss attributed to 1,103,000 718,000 -34.90 q LIQUIDITY & SOLVENCY RATIOS
109.86 111.68 115.32
86.60
Peer Group
(%)

15.58 18.04 19.35 17.88
1. PT Astra Sedaya Finance 5,354 13.41 2.78
2. Indonesia Eximbank 5,200 5.55 -27.30
3. PT Perusahaan Pengelola Aset (Persero) 4,398 2.41 -34.06 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT BFI Finance Indonesia Tbk. 3,964 17.70 -10.19
5. PT Bussan Auto Finance 3,351 -8.43 -3.98 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 3.23 3.58 4.02 2.28
Return on Equity (%) 16.64 15.99 18.30 10.40
BOPO (%) 15.58 18.04 19.35 17.88
Cash Flow / Debt (%) 13.54 -3.37 6.92 5.80
209
BACA PT Bank Capital Indonesia Tbk.

Sub Sector : Banks Menara Jamsostek, 6th. Floor
Website : www.bankcapital.co.id Jln. Gatot Subroto No. 38
Corporate Sec. : Budi Setiadi Jakarta 12710
Fax : (021) 2793-8900
PT Bank Capital Indonesia Tbk (Bank Capital) SHAREHOLDERS

is one of the financial institutions in Indonesia 1. Public 60.39%
conducting business in the
2. PT Delta Indo Swakarsa 13.96%
banking sector. In 2007, PT Bank Capital Indonesia Tbk registered its
shares in the Indonesia Capital Market. Bank Capital has office network 3. PT Inigo Global Capital 14.71%
of 82 Operation Offices spread over Jakarta, Solo and Bandung. 4. PT Asuransi Simas Jiwa 10.94%
In line with the Bank’s vision of "To be a sound and trusted retail Bank",
Bank Capital continues to provide financial services with a personal
approach as well as delivering maximum value and maximum results to
AUDIT COMMITTEE
the Bank's stakeholders. Products and services offered by Bank Capital
to customers consist of savings products, financing products, and other 1. Maxen Bastian Nggadas
services, and can make transactions on the GPN network at ATM 2. Alfanur H.R.
Bersama and ATM Prima which have a large network of ATM machines 3. Budi Zainal Arifin
spread throughout Indonesia.
In the near future, Bank Capital continues to developing systems and
support regarding quality service and customer experience towards
integrated financial services. In 2018, Bank Capital received Golden BOARD OF COMMISSIONERS
Trophy for 5 consecutive years and also achieved “Very Good” scoring 1. Danny Nugroho
result from Infobank Magazine. 2. Amrih Masjhuri *
In facing the competition that occurs in 2020, Bank Capital will continue 3. Maxen Bastian Nggadas *
to focus on the development of digital technology which is currently
very developed where this development will affect consumer behavior
in transactions and will certainly encourage the growth of E-Commerce.
*independen
BOARD OF DIRECTORS
1. Wahyu Dwi Aji
2. Gunarto Hanafi
3. Roy Iskandar Kusuma Widjaja
1. Pefindo idBBB+ 9-Apr-21 Stable

2. Pefindo idBBB+ 9-Apr-20 Negative
5. Pefindo idBBB+ 2-May-17 Stable
as of June 2021
SWOT Analysis
- manageable credit profile - Weak profitability profile
- Adequate liquidity and financial flexibility
S W - Credit quality deterioration
- Modest market position
- Economic recovery prospect - Tight competition in retail segment and banking
O T
- Stable growth in middle size banking industry industry
-Monetary stimulus to boost banking liquidity - Unfavorable impact of COVID-19
- Growing trend of fintech and e-commerce
OPPORTUNITIES companies THREATS
210
AS OF JUNE 2021
Coupon Coupon
Obligasi 13-Jul-20
BACA01SB Subordinasi Bank 12.00% 13-Oct-20 PT Bank Mega idBBB-
1. 200,000 14-Jan-15 13-Jan-22 7
IDA000066401 Capital I Tahun 13-Jan-21 Tbk. Negative
2014 Quarterly 13-Apr-21
Obligasi 15-Jul-20
2. 250,000 18-Jan-16 15-Jan-23 7
IDA000071500 Capital II Tahun 15-Jan-21 Tbk. Negative
Obligasi 11-Jul-20
3. 250,000 12-Jul-17 11-Jul-24 7
IDA000082804 Capital III Tahun 11-Jan-21 Tbk. Negative
TRADING HIGHLIGHT
BACA01SB
ISIN CODE : IDA000066401 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
Volume
Trading 2020 2021
Activities,
600 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume 5.00 565.00 124.00 121.00 18.00 107.00
500 25 Volume (Rp bn)
Frequency
Frequency (X) 1 25 12 7 8 7
400 20
300 15 Turnover Ratio (%) 10.00 1,130.00 248.00 242.00 36.00 214.00
CTP Price - High 100.120 100.140 103.080 100.000 100.040 100.160
200 10
Date 26-Mar 01-Apr 11-Aug 15-Dec 31-Mar 13-Apr
100 5
CTP Price - Low 100.120 90.000 90.990 99.890 100.000 100.050
- - Date 26-Mar 29-Jun 28-Sep 10-Dec 17-Feb 15-Apr
PHEI Fair Yield (%) 11.4348 10.8747 10.3735 10.2648 10.1130 9.8503
Mod. Duration (yrs) 1.548 1.355 1.153 0.942 0.723 0.502
105 13.0
Convexity (yrs) 2.967 2.296 1.690 1.163 0.720 0.383
103 12.0 Sensitivity (%) 0.015 0.014 0.012 0.009 0.007 0.005
101 11.0
99 10.0
97 9.0
95 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
211
BACA02SB Listing Date Maturity Date
ISIN CODE : IDA000071500 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
Volume
Trading 2020 2021
Activities,
150 30 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) 56.00 58.00 121.00 10.00 - 2.00
120 24
Frequency (X) 8 6 26 2 2 2
90 18 Trading days 3 3 13 1 1 1
Turnover Ratio (%) 89.60 92.80 193.60 16.00 - 3.20
60 12 CTP Price - High 103.060 101.380 102.330 99.670 102.110 101.720
Date 10-Feb 26-Jun 24-Aug 15-Dec 24-Feb 07-May
30 6
CTP Price - Low 99.550 97.000 100.600 99.650 102.090 101.700
- - Date 23-Mar 28-Apr 27-Jul 15-Dec 24-Feb 07-May
PHEI Fair Yield (%) 12.2509 11.4036 11.0317 11.0442 11.0796 10.9246
Mod. Duration (yrs) 2.281 2.117 1.938 1.751 1.555 1.360
105 13.0
Convexity (yrs) 6.386 5.487 4.603 3.767 2.992 2.312
Sensitivity (%) 0.023 0.021 0.019 0.018 0.016 0.014
103 12.0
101 11.0
99 10.0
97 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BACA03SB
ISIN CODE : IDA000082804 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Volume
Trading 2020 2021
Activities,
500 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 200.00 400.00 - 155.00 - -
400 8
300 6 Trading days 1 2 - 3 - -
Turnover Ratio (%) 320.00 640.00 - 248.00 - -
200 4 CTP Price - High 98.670 98.690 - 101.530 - -
Date 13-Jan 19-Jun - 08-Dec - -
100 2
CTP Price - Low 98.650 98.670 - 96.710 - -
- - Date 13-Jan 19-Jun - 18-Dec - -
PHEI Fair Yield (%) 13.5403 12.2693 11.9924 11.7638 12.0125 11.7110
Mod. Duration (yrs) 3.205 3.094 2.947 2.794 2.624 2.464
102 15.0
Convexity (yrs) 12.930 11.920 10.758 9.621 8.469 7.439
Sensitivity (%) 0.032 0.031 0.029 0.028 0.026 0.025
99 14.0
96 13.0
93 12.0
90 11.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
212
BACA01SB 565 124 121 407.5%
BACA02SB 56 58 121 98.0%
BACA03SB 200 400 155 302.0%
- 100 200 300 400 500 600 700 800 900
213
BACA FINANCIAL HIGHLIGHT

Cash on Hand 63,959 91,566 43.16 p 11.57
Placements with Other Banks 1,576,696 2,599,152 64.85 p 9.56
Marketable Securities 3,223,935 692,642 -78.52 q 7.82
6.68 7.11
Loans 9,588,615 6,382,269 -33.44 q 5.34
Investments - - -  4.21 4.20
(%)
3.50
Property, Plant and Equipment 571,343 613,527 7.38 p 2.16
1.10
1.05
Total Assets 18,959,622 20,223,558 6.67 p
Deposits 16,112,866 17,169,172 6.56 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 707,014 707,014 - 
Retained Earnings 746,364 813,831 9.04 p 7.17
Total Equity 1,537,640 1,640,391 6.68 p 4.60
(%)
INCOME STATEMENTS 0.79 0.90 1.20
0.44
Total Interest Income 1,513,477 1,150,436 -23.99 q 0.13
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 222,803 878,658 294.37 p
Income from Operations 32,752 81,752 149.61 p
Non-Operating Revenues -8,803 -2,793 68.27 p
Income (Loss) for the periods 15,884 61,414 286.64 p LIQUIDITY & SOLVENCY RATIOS
92.24 92.11
60.55
Peer Group
(%)
50.61 51.96
1. PT Bank Pembangunan Nusa Tenggara Timur 1,527 15.47 1.53
2. PT Bank QNB Indonesia Tbk. 1,234 -34.22 -11.98
3. PT Bank Capital Indonesia Tbk. 1,150 5.34 -23.99 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT BPD Maluku dan Maluku Utara 886 20.88 -1.27
5. PT Bank Pembangunan Daerah Lampung 807 22.03 -4.30 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 0.79 0.90 0.13 0.44
Return on Equity (%) 7.17 8.46 1.20 4.60
BOPO (%) 92.24 92.11 98.12 98.84
Cash Flow / Debt (%) 7.10 9.94 -12.45 -0.61
214
BAFI PT Bussan Auto Finance

Sub Sector : Financing Service BAF Plaza
Website : www.baf.id Jln. Raya Tanjung Barat No. 121
Corporate Sec. : Puji Arianti Jakarta Selatan 12530
Fax : (021) 2939-6100
History of PT Bussan Auto Finance (BAFI) was

SHAREHOLDERS
initiated in 1995 with name PT Pembiayaan Getraco
Indonesia, a Company which was operated in 1. Mitsui & Co., Ltd. 65.00%
financing business and became Joint Venture of PT 2. Yamaha Motor Co., Ltd. 17.70%
Danamon Sanggrahan, Mitsui and Yamaha in 1997
3. PT Sinergi Autoindo Abadi 15.00%
as a Company focusing new Yamaha motorcycle financing. BAFI had its name
changed into PT Danamon Mits Otomotif Finance in 1997, and September 24, 4. PT Yamaha Indonesia Motor Manufacturing 2.30%
1997 was later declared as the Company’s establishment date. In 1999, Mitsui &
Co., Ltd. purchased entire shares of PT Danamon Sanggrahan where Mitsui &
Co., Ltd. becomes majority shareholders with 75% ownership, while remaining
shares are owned by PT Lenggara Gunasejahtera (15%), Yamaha Co., Ltd., Japan AUDIT COMMITTEE
(7%) and PT Yamaha Motor Kencana Indonesia (3%). As consequence of the 1. Nurdayadi
acquisition, the Company had its name changed into PT Bussan Auto Finance
(BAF) and sustained its business focus in financing new Yamaha-brand
2. Heru Absoro
motorcycle. In 2004, entire shares owned by PT Lenggara Gunasejahtera were 3. Vera Cokro
sold to PT Mitsui Indonesia.
In 2013, BAFI increased its capital by issuing new shares which entirely purchased
by PT Ciptadana Capital, an affiliated Company of Lippo Group, and Yamaha. But BOARD OF COMMISSIONERS
in June 2018, Mitsui & Co., Ltd., increased its ownership resulting change in the
Company’s shareholders composition as follows: 68.3% owned by Mitsui & Co., 1. Jiro Yamada
Ltd., 11.7% owned by PT Mitsui Indonesia, 17.7% owned by Yamaha Co., Ltd., 2. Dani Firmansjah *
2.3%, and owned by PT Yamaha Indonesia Motor Manufacturing. 3. Jun Ikeda
As public needs are growing and expanded, BAFI innovated to provide financing 4. Minoru Morimoto
solution for public needs. The Company further expanded range of its products, 5. Nurdayadi *
not only providing financing service for new Yamaha-brand motorcycle but also
financing used multi-brands motorcycle, BAF Dana Syariah was launched as 6. Prabowo *
sharia based refinancing product, multi-financing (electronic and furniture) as *independen
well as financing for agricultural machineries. Starting from September 2017, BOARD OF DIRECTORS
BAFI has also diversified its financing products by offering financing for new
multi-brands four-wheels vehicle. 1. Lynn Ramli 7. Toshiyuki Kojima
2. Akira Sugai 8. Yudono
BAFI has also expanded its service points by opening installment payment points
via third-party cooperation including with banking service network, retail outlet 3. Alung Ng
and electronic payment platform. BAFI is registered in Indonesia Financing 4. Charles MP Gultom
Company Association (APPI) and Credit Bureau. In running its business, the 5. Ryohei Nakata
Company is registered and supervised by Financial Service Authority (OJK).
6. Sigit Sembodo
1. Pefindo idAA 9-Apr-21 Stable

2. Fitch Rating Indonesia AAA(idn) 27-Apr-21 Stable
3. Fitch Rating Indonesia AAA(idn) 4-May-20 Stable
4. Pefindo idAA 30-Aug-19 Stable
5. Pefindo idAA 13-Feb-19 Stable
as of June 2021
SWOT Analysis
- Strong parent support - Below average asset quality
- Improvement in asset quality & profitability
- Strong market position in the industry S W
- Partnership opportunity with start-up companies - Tight competition within the industry
- Economic recovery prospect - Low demand for automotive financing
- Decreasing interest rate O T - Unfavorable impact of COVID-19
215
AS OF JUNE 2021
Coupon Coupon
PT Bank
BAFI01ACN2 I Bussan Auto Finance 4.90% - AAA(idn)
1. 500,000 28-Apr-21 07-May-22 1 Mandiri
IDA0001149A6 Tahap II Tahun 2021 - Stable
(Persero) Tbk.
Seri A -
Quarterly
PT Bank
BAFI01BCN2 I Bussan Auto Finance 6.90% - AAA(idn)
2. 725,000 28-Apr-21 27-Apr-24 3 Mandiri
IDA0001149B4 Tahap II Tahun 2021 - Stable
(Persero) Tbk.
Seri B -
Quarterly
-
Obligasi Berkelanjutan PT Bank
BAFI01CN1 8.25% 04-Nov-20 AAA(idn)
3. I Bussan Auto Finance 100,000 05-Aug-20 04-Aug-23 3 Mandiri
IDA000108104 04-Feb-21 Stable
Tahap I Tahun 2020 (Persero) Tbk.
Quarterly 04-May-21
08-Aug-20
Obligasi III Bussan PT Bank
BAFI03B 8.20% 08-Nov-20 idAA
4. Auto Finance Tahun 1,200,000 11-Nov-19 08-Nov-22 3 Mandiri
IDA0001027B2 08-Feb-21 Stable
2019 Seri B (Persero) Tbk.
Quarterly 08-May-21
Sukuk Mudharabah -
PT Bank
SMBAFI01ACN2 Berkelanjutan I Bussan 5.75% - AAA(idn)
5. 373,000 23-Oct-20 29-Oct-21 1 Mandiri
IDJ0000173A8 Auto Finance Tahap II 22-Jan-21 Stable
(Persero) Tbk.
Tahun 2020 Seri A 22-Apr-21
Quarterly
Sukuk Mudharabah -
PT Bank
SMBAFI01BCN2 Berkelanjutan I Bussan 7.25% - AAA(idn)
6. 112,000 23-Oct-20 23-Oct-23 3 Mandiri
IDJ0000173B6 Auto Finance Tahap II 22-Jan-21 Stable
(Persero) Tbk.
Tahun 2020 Seri B 22-Apr-21
Quarterly
Sukuk Mudharabah -
PT Bank
SMBAFI01CN1 Berkelanjutan I Bussan 8.25% 04-Nov-20 AAA(idn)
7. 15,000 05-Aug-20 04-Aug-23 3 Mandiri
IDJ000016308 Auto Finanace Tahap I 04-Feb-21 Stable
(Persero) Tbk.
Tahun 2020 04-May-21
Quarterly
TRADING HIGHLIGHT
BAFI01ACN2

Trading 2020 2021
Activities,
1600 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - - - 1,344.00
1280 16
960 12 Trading days - - - - - 5
Turnover Ratio (%) - - - - - 1,075.20
640 8 CTP Price - High - - - - - 100.010
Date - - - - - 19-May
320 4
CTP Price - Low - - - - - 99.950
- - Date - - - - - 07-May
PHEI Fair Yield (%) - - - - - 4.6892
105 12.0
Convexity (yrs) - - - - - 0.895
103 10.0 Sensitivity (%) - - - - - 0.008
101 8.0
99 6.0
97 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
216
BAFI01BCN2 Listing Date Maturity Date

Trading 2020 2021
Activities,
350 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
benar >> Volume Volume (Rp bn) - - - - - 300.00
280 8
210 6 Trading days - - - - - 4
Turnover Ratio (%) - - - - - 165.52
140 4 CTP Price - High - - - - - 100.050
Date - - - - - 30-Jun
70 2
CTP Price - Low - - - - - 100.000
- - Date - - - - - 30-Jun
PHEI Fair Yield (%) - - - - - 6.7365
105 12.0
Convexity (yrs) - - - - - 7.393
103 10.0 Sensitivity (%) - - - - - 0.025
101 8.0
99 6.0
97 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BAFI01CN1 Listing Date Maturity Date
ISIN CODE : IDA000108104 Aug-20 Aug-21 Aug-22 Aug-23
Volume
Trading 2020 2021
Activities,
180 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
benar >> Volume Volume (Rp bn) - - 79.00 160.00 - -
144 8
108 6 Trading days - - 4 2 - -
Turnover Ratio (%) - - 316.00 640.00 - -
72 4 CTP Price - High - - 101.120 100.070 - -
Date - - 11-Sep 05-Oct - -
36 2
CTP Price - Low - - 100.960 100.000 - -
- - Date - - 07-Sep 01-Oct - -
PHEI Fair Yield (%) - - 7.8814 6.3873 6.2462 5.6036
Mod. Duration (yrs) - - 2.485 2.303 2.099 1.900
110 9.0
Convexity (yrs) - - 7.276 6.246 5.206 4.284
107 8.0 Sensitivity (%) - - 0.025 0.023 0.021 0.019
104 7.0
101 6.0
98 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
217
BAFI03B
ISIN CODE : IDA0001027B2 Nov-19 Nov-20 Nov-21 Nov-22

Trading 2020 2021
Activities,
160 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
128 16
benar >> 96 12 Trading days - - 2 8 5 4
Turnover Ratio (%) - - 3.33 48.67 26.33 16.67
64 8 CTP Price - High - - 103.280 104.290 103.080 102.450
Date - - 13-Aug 04-Dec 11-Jan 31-May
32 4
CTP Price - Low - - 103.250 101.470 101.880 102.300
- - Date - - 11-Aug 12-Nov 12-Mar 09-Apr
PHEI Fair Yield (%) 8.3237 7.4757 7.1866 6.4647 6.8847 6.2661
Mod. Duration (yrs) 2.294 2.104 1.901 1.696 1.477 1.264
105 9.0
Convexity (yrs) 6.206 5.228 4.288 3.437 2.640 1.967
103 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBAFI01ACN2 Listing Date Maturity Date
ISIN CODE : IDJ0000173A8 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
900 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
benar >> Volume Volume (Rp bn) - - - 856.00 90.00 100.00
720 24
540 18 Trading days - - - 8 5 5
Turnover Ratio (%) - - - 917.96 96.51 107.24
360 12 CTP Price - High - - - 100.070 100.200 100.370
180 6
CTP Price - Low - - - 100.000 100.000 100.230
- - Date - - - 23-Nov 12-Jan 05-Apr
PHEI Fair Yield (%) - - - 6.0117 5.3507 4.6453
Mod. Duration (yrs) - - - 0.797 0.560 0.323
105 12.0
Convexity (yrs) - - - 0.844 0.456 0.185
103 10.0 Sensitivity (%) - - - 0.008 0.006 0.003
101 8.0
99 6.0
97 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
218
SMBAFI01BCN2
ISIN CODE : IDJ0000173B6 Oct-20 Oct-21 Oct-22 Oct-23

Trading 2020 2021
Activities,
15 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
12 4
benar >> 9 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 42.86 - -
6 2 CTP Price - High - - - - - -
Date - - - - - -
3 1
- - Date - - - - - -
PHEI Fair Yield (%) - - - 6.4750 6.3572 5.7221
Mod. Duration (yrs) - - - 2.497 2.293 2.094
114 9.0
Convexity (yrs) - - - 7.293 6.164 5.158
110 8.0 Sensitivity (%) - - - 0.025 0.023 0.021
106 7.0
102 6.0
98 5.0
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBAFI01CN1 Listing Date Maturity Date
ISIN CODE : IDJ000016308 Aug-20 Aug-21 Aug-22 Aug-23
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
benar >> Volume Volume (Rp bn) - - - - - -
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) - - 6.9973 6.3873 6.2462 5.6036
Mod. Duration (yrs) - - 2.495 2.303 2.099 1.900
106 12.0
Convexity (yrs) - - 7.323 6.246 5.206 4.284
104 10.0 Sensitivity (%) - - 0.025 0.023 0.021 0.019
102 8.0
100 6.0
98 4.0
96 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
219
benar >>
BAFI01CN1 79 160 239.0%
BAFI03B 146 13.0%
SMBAFI01ACN2 856 229.5%
SMBAFI01BCN2 10.7%
SMBAFI01CN1
0.0%
- 200 400 600 800 1,000 1,200 1,400
220
BAFI FINANCIAL HIGHLIGHT

64.22 63.32
52.78
23.38 21.41 23.69 25.41
8.55 8.40 8.30
Total Assets 12,642,176 11,560,218 -8.56 q
(%)
Fund Borrowings 9,736,057 - -100.00 q
-8.29
Authorized Capital (Shares) 353,571 353,571 - 
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital (Shares) 353,571 353,571 -  Net Interest Margin
Total Equity 1,886,747 1,527,701 -19.03 q 9.90 11.20
2.28 2.02 2.33
(%)
-2.44
INCOME STATEMENTS
-18.50
Total Revenues 3,489,817 3,350,820 -3.98 q
Expenses 2,024,997 2,182,925 7.80 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Earning Before Tax 399,471 -341,415 -185.47 q Return on Assets Return on Equity
EBITDA 429,708 -299,811 -169.77 q
Income (Loss) for the periods 294,275 -282,572 -196.02 q
Comprehensive Income (Loss) 225,670 -285,477 -226.50 q
Net income/loss attributed to 294,275 -282,572 -196.02 q LIQUIDITY & SOLVENCY RATIOS
119.79
109.62 108.05
100.49
Peer Group
(%)

35.78 36.68
Financial Ratios
Return on Assets (%) 2.28 2.02 2.33 -2.44
Return on Equity (%) 9.90 11.20 15.60 -18.50
BOPO (%) 47.22 42.53 35.78 36.68
Cash Flow / Debt (%) 2.03 -18.82 -8.75 18.97
221
BALI PT Bali Towerindo Sentra Tbk.

Sub Sector : Telecommunication Jakarta : Wisma Keiai 22nd Fl, Jln. Jend Sudirman Kav 3. Jakarta 10220
Website : www.balitower.co.id Bali : Jln. Sunset Road, Lingkungan Abianbase, Badung, Bali 80361
Corporate Sec. : Lily Hidayat
Email Corporate Sec. : [email protected] Phone : Jakarta : (021) 5790-5788 Bali : (0361) 767-629
Fax : Jakarta : (021) 5790-5789 Bali : (0361) 766-059
Established on July 6, 2006, PT Bali Towerindo SHAREHOLDERS

Sentra ("Balitower") is a leading
1. PT Kharisma Cipta Towerindo 59.70%
telecommunication tower infrastructure
provider company in Bali Province and a pioneer in providing tower 2. Robby Hermanto 0.00%
facilities equipped with integrated transmission facilities through 3. Public 40.30%
fiber optic/wireless networks which can always support technological
advances in the telecommunication field. On March 13, 2014,
Balitower officially listed its shares on the Indonesia Stock Exchange
and began trading with the code issuer BALI. In carrying out its
business activities, Balitower has 2 business segments, namely: AUDIT COMMITTEE
1. Telecommunication tower infrastructure leasing (macro and micro) 1. Erry Firmansyah
and fiber optic and/or transmission networks 2. Hongisisilia
3. Indra Nathan Kusnadi
2. Data communication, internet and pay TV services.
Balitower consistently improves business performance in its business

activities in line with technological developments in Indonesia, this is
reflected in good cooperation with several leading operators in
Indonesia and Balitower business support companies. 1. Johnny Swandi Sjam
2. Anni Suwardi
Balitower has also expanded its business activities following the
issuance of the Decree of the Minister of Communication and 3. Erry Firmansyah *
Information Technology on the approval of Internet Protocol
Television services in December 2017, in which the expansion of this
business activity is a collaboration in the form of Combo Product
Services between TV Cable Services provided by PT Paramitra Media
*independen
Interactive as a subsidiary with Internet Services provided by
Balitower which is called "balifiber". BOARD OF DIRECTORS
1. Jap Owen Ronadhi
2. Lily Hidayat
3. Robby Hermanto
4. Tjhang Teddy Gunawan
1. Fitch Rating Indonesia BBB+(idn) 16-Dec-20 Positive

2. Pefindo idBBB+ 8-Jun-20 Stable
3. Pefindo idBBB+ 6-May-20 CWNI*
4. Fitch Rating Indonesia BBB+(idn) 27-Jan-20 Stable
SWOT Analysis
-Stable revenue stream and profitability margins -Weak market position
-Expanding operationa coverage
S W -Moderate capital structure
-Weak cash flow protection measures
-Growing demand from telecommunications -Uncertain economy due to COVID-19 pandemic

-Potential revenue stream from from fiber to the home
(FTTH) business O T
222
AS OF JUNE 2021
Coupon Coupon
Obligasi 24-Sep-20
BALI01CN1 Berkelanjutan I Bali 10.25% 24-Dec-20 PT Bank A(idn)
1. 554,000 25-Jun-20 24-Jun-23 3
IDA000107007 Tower Tahap I 24-Mar-21 Bukopin Tbk. Positive
Tahun 2020 Quarterly 24-Jun-21
TRADING HIGHLIGHT
BALI01CN1
ISIN CODE : IDA000107007 Jun-20 Jun-21 Jun-22 Jun-23


2 2
Turnover Ratio (%) - - 0.72 0.72 - -
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - 10.2027 8.8849 8.3407 8.5668 8.3682
Mod. Duration (yrs) - 2.539 2.368 2.181 1.980 1.783
108 12.0
Convexity (yrs) - 7.637 6.626 5.625 4.651 3.788
106 11.0 Sensitivity (%) - 0.025 0.024 0.022 0.020 0.018
104 10.0
102 9.0
100 8.0
98 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
BALI01CN1 0.4%
- 100 200 300 400 500 600
223
BALI FINANCIAL HIGHLIGHT

58.58
132,375 144,404 9.09 p 54.52 54.28
Receivables
46.54 45.00 46.42
Inventories 62,021 59,779 -3.62 q
Current Assets 355,757 401,197 12.77 p
(%)
Total Assets 4,147,689 4,651,940 12.16 p 10.85 7.45 10.84
Current Liabilities 1,091,569 642,283 -41.16 q
31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital 200,000 200,000 -0.00 q Net Profit Margin
Paid up Capital 78,692 78,692 - 
3.87
Non Controlling Interest -46 -40 12.18 p
Total Equity 1,898,316 2,179,844 14.83 p 2.97
2.42
(%)
1.81
1.46
INCOME STATEMENTS
Total Revenues 617,523 778,896 26.13 p
Gross Profit 336,678 422,770 25.57 p
31-Dec-18 31-Dec-19 31-Dec-20
Operating Profit 277,877 361,576 30.12 p
EBITDA 412,942 534,131 29.35 p
Peer Group 62.46

(%)
57.94
1. PT Profesional Telekomunikasi Indonesia 7,445 38.91 15.36
2. PT Tower Bersama Infrastructure Tbk. 5,328 20.02 13.39
3. PT Mora Telematika Indonesia 3,766 18.05 -7.30 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Bali Towerindo Sentra Tbk. 779 10.84 26.13
5. PT Ketrosden Triasmitra 297 23.10 -33.43 Current Ratio Debt to Equity Ratio
Financial Ratios
Current Ratio (%) 57.94 32.59 62.46
Cash Flow/Debt (%) 11.54 16.89 24.05
224
BBCA PT Bank Central Asia Tbk.

Sub Sector : Banks Menara BCA, Grand Indonesia
Website : www.bca.co.id JL. M.H. Thamrin No.1
Corporate Sec. : Raymon Yonarto Jakarta 10310
Email Corporate Sec. : [email protected] Phone : (021) 235 88000
Fax : (021) 235 88300
PT Bank Central Asia Tbk is a company SHAREHOLDERS

primarily engaged in banking sector based in 1. PT Dwimuria Investama Andalan
54.94%
Indonesia. Bank Central Asia (BCA) was
2. Public 45.06%
established in 1957 and has continued to grow
since then. This has been the result of the dedicated teamwork of every
single one of our employees and the unflagging support of our customers.
In line with our commitment to be “Always by Your Side”, BCA will
continue to strive to earn the trust, and live up to the expectations, of all
the Bank’s customers and other stakeholders in its drive to continue to AUDIT COMMITTEE
achieve ongoing growth.
1. Sumantri Slamet
From the beginning, BCA has always offered diverse financial solutions
2. Fanny Sagitadewi
through banking transaction services for many diverse groups and ages.
And now everyone can enjoy the banking transaction ease and 3. Rallyati A. Wibowo
convenience BCA offers, enabled by strong inter-branch links, an extensive
ATM network, and all the other electronic banking services the Bank offers.
Through the extensive range of well-targeted, high quality products and BOARD OF COMMISSIONERS
services the Bank provides, BCA’s financial solutions have proven they
1. Djohan Emir Setijoso
encourage the business growth of all the Bank’s customers, whether small,
2. Cyrillus Harinowo *
medium-sized, or large-scale businesses. For BCA, earning customers’ trust
through offering them the best solutions to meet their financial needs is 3. Raden Pardede *
an honor and a source of pride. 4. Sumantri Slamet *
In 2018, BCA launched a peer-to-peer transfer feature using QR code 5. Tonny Kusnadi
technology, applicable on m-BCA and Sakuku. BCA also launched the
OneKlik service, a payment feature available at online merchants; and the
*independen
VIRA virtual assistant, accessible through a number of popular chat apps,
BOARD OF DIRECTORS
utilizing artificial intelligence technology.
In 2019, BCA acquired a 100% effective ownership of Bank Royal, renaming 1. Jahja Setiaatmadja 7. Santoso
Bank Royal to Bank Digital BCA. BCA strengthened its digital platforms and 2. Suwignyo Budiman 8. Vera Eve Lim
electronic channels, launching a number of digital products and services, 3. Armand Wahyudi Hartono 9. Gregory Hendra Lembong
such as QR Code, Welma, Flazz 2.0, API BCA, online account opening 4. Tan Ho Hien / Subur Tan 10. Haryanto Tiara Budiman
through BCA mobile, Lifestyle features of BCA mobile.
5. Rudy Susanto 11. Frengky Chandra Kusuma
Subsidiaries also developed various digital initiatives such as virtual
showroom and mobile platform apps to support interaction and provide
6. Lianawaty Suwono 12. John Kosasih
products information for customers.
As of June 2021, BCA has the privilege of serving more than 26 million
customer accounts, processing around 41 million of daily transactions Historical Corporate Ratings
through a network of 1,013 branches; 17,721 ATMs as well as the 24-hour
internet & mobile banking systems; supported by 24/7 Halo BCA contact No. Rating Agency Rating Rating Date Outlook
center. BCA’s presence is complemented by a number of subsidiaries
1. Pefindo idAAA 3-Mar-21 Stable
focusing on vehicle financing, sharia banking, securities, general and life
insurance, digital bank, remittance as well as venture capital business. BCA 2. Fitch Rating Indonesia AA+(idn) 11-Dec-20 Stable
is committed to building lasting relationship with customers, putting 3. Fitch Rating Indonesia AA+(idn) 24-Mar-20 Stable
people first, and making positive impact on society at large. With more 4. Pefindo idAAA 12-Mar-20 Stable
than 25,000 employees, BCA's vision is to be the bank of choice and a 5. Fitch Rating Indonesia AAA(idn) 2-Apr-19 Stable
major pillar of the Indonesia economy.
as of June 2021
SWOT Analysis
-Superior market position -Moderate asset quality
-Strong franchise in transactional banking
-Wide range of banking services
-Strong liquidity profile
S W -Moderate growth
-Economic recovery prospect -Unfavorable impact of COVID-19

-Partnership with fintech and e-commerce companies to -Tighter competitions from banks and fintech
enhance digital payment system
-Monetary stimulus to boost banking liquidity
O T companies
-Loan delinquency risk
225
AS OF JUNE 2021
Coupon Coupon
Obligasi Subordinasi 05-Jul-20 PT Bank

BBCA01ASBCN1 Berkelanjutan I Bank 7.75% 05-Oct-20 Rakyat idAA
1. 435,000 06-Jul-18 05-Jul-25 7
IDA0000918A5 Central Asia Tahap I 05-Jan-21 Indonesia Stable
Tahun 2018 Seri A 05-Apr-21 (Persero) Tbk.
Quarterly
Obligasi Subordinasi 05-Jul-20 PT Bank

BBCA01BSBCN1 Berkelanjutan I Bank 8.00% 05-Oct-20 Rakyat idAA
2. 65,000 06-Jul-18 05-Jul-30 12
IDA0000918B3 Central Asia Tahap I 05-Jan-21 Indonesia Stable
Tahun 2018 Seri B 05-Apr-21 (Persero) Tbk.
Quarterly
TRADING HIGHLIGHT
BBCA01ASBCN1
ISIN CODE : IDA0000918A5 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
36 24
27 18 Trading days 6 9 4 3 5 2
Turnover Ratio (%) 10.57 35.86 7.36 2.76 17.47 4.60
18 12 CTP Price - High 99.700 99.800 100.550 101.250 101.500 101.000
9 6
CTP Price - Low 96.800 97.500 99.800 100.000 100.250 100.500
PHEI Fair Yield (%) 9.3387 8.0991 8.2081 7.8606 7.9990 7.0983
Mod. Duration (yrs) 4.152 4.037 3.868 3.708 3.528 3.374
106 10.0
Convexity (yrs) 20.875 19.550 17.895 16.377 14.802 13.462
Sensitivity (%) 0.042 0.040 0.039 0.037 0.035 0.034
102 9.0
98 8.0
94 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
226
BBCA01BSBCN1 Listing Date Maturity Date
ISIN CODE : IDA0000918B3 Jul-18 Nov-19 Mar-21 Jul-22 Nov-23 Mar-25 Jul-26 Nov-27 Mar-29 Jul-30
Volume
Trading 2020 2021
Activities,
3 3 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) 2.00 - - - - 1.00
2 2
Turnover Ratio (%) 12.31 - - - - 6.2
CTP Price - High 97.300 - - - - 105.000
1 1
Date 12-Feb - - - - 21-Jun
CTP Price - Low 97.200 - - - - 104.800
- - Date 12-Feb - - - - 21-Jun
PHEI Fair Yield (%) 10.1619 9.3256 9.5215 8.8382 9.0924 8.4033
Mod. Duration (yrs) 6.507 6.534 6.406 6.389 6.246 6.216
103 11.0
Convexity (yrs) 57.174 56.716 54.383 53.397 50.952 49.830
Sensitivity (%) 0.065 0.065 0.064 0.064 0.062 0.062
98 10.0
93 9.0
88 8.0
83 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
BBCA01ASBCN1 12 39 8 14.1%
BBCA01BSBCN1 3.1%
- 50 100 150 200 250 300 350 400 450 500
227
BBCA FINANCIAL HIGHLIGHT

Millions of Rp, Unless Otherwise Stated PROFITABILITY RATIOS
Cash on Hand 25,421,406 24,322,335 -4.32 q
57.61 56.58
Placements with Other Banks 30,948,274 47,450,890 53.32 p 54.23 53.32
45.54
Marketable Securities 3,974,550 1,856,202 -53.30 q 43.37 44.75 41.51
Loans 572,033,999 547,643,666 -4.26 q
(%)
Property, Plant and Equipment 20,852,301 21,915,054 5.10 p 6.19 5.70
6.13 6.24
Total Assets 918,989,312 1,075,570,256 17.04 p
Deposits 706,733,068 845,598,658 19.65 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,540,938 1,540,938 - 
Par Value (Rp Full Amount) 62.5 62.5 - 
19.20 18.83
Retained Earnings 155,114,148 160,539,695 3.50 p 17.97
16.54
Non Controlling Interest 100,225 118,383 18.12 p
Total Equity 174,143,156 184,714,709 6.07 p
(%)
3.89 4.01 4.02
Total Interest Income 63,837,795 65,403,161 2.45 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 21,146,229 21,004,777 -0.67 q
Other Operating Expenses 35,334,679 41,597,540 17.72 p Return on Assets Return on Equity
Income from Operations 36,288,998 33,568,507 -7.50 q
Non-Operating Revenues - - - 
Income (Loss) for the periods 28,569,974 27,147,109 -4.98 q LIQUIDITY & SOLVENCY RATIOS
Net Income/Loss Attributed 28,565,053 27,131,109 -5.02 q
78.22 81.58 80.47
65.77
58.24 59.09 63.45
58.65
Peer Group
(%)

1. PT Bank Rakyat Indonesia (Persero) Tbk. 116,933 15.96 -3.96
2. PT Bank Mandiri (Persero) Tbk. 87,321 20.21 -4.59
3. PT Bank Central Asia Tbk. 65,403 41.51 2.45 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Bank Negara Indonesia (Persero) Tbk. 56,173 5.91 -4.03
5. PT Bank Tabungan Negara (Persero) Tbk. 25,106 6.38 -2.39 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 3.89 4.01 4.02 3.32
Return on Equity (%) 19.20 18.83 17.97 16.54
BOPO (%) 58.65 58.24 59.09 63.45
Cash Flow / Debt (%) 1.57 0.73 6.97 5.76
228
BBIA PT Bank UOB Indonesia

Sub Sector : Banks UOB Plaza 15th Fl.
Website : www.uob.co.id Jln. MH Thamrin No.10
Corporate Sec. : Susilowati Jakarta Pusat 10230
Fax : (021) 299-36632
PT Bank UOB Indonesia (UOB Indonesia) SHAREHOLDERS

was founded on 31 August 1956 under the
1. UOB International Investment Private Ltd. 68.94%
name of PT Bank Buana Indonesia.
2. United Overseas Bank Ltd. 30.06%
In 2004, United Overseas Bank Limited (“UOB”) acquired a 23% 3. Yayasan Kesejahteraan Nusantara 1.00%
shares in PT Bank Buana Indonesia through its wholly owned 4. Others 0.00%
investment company, UOB International Investment Private Limited
(“UOBII”). UOB and UOBII affirmed its commitment to the
Indonesian banking industry by increasing its ownership of the
UOB Indonesia to 98.999%. AUDIT COMMITTEE
1. Aswin Wirjadi
In 2010, PT Bank UOB Buana took a landmark step by merging
2. Nina Diyanti Anwar
with PT Bank UOB Indonesia. The merger created strong business
synergy with increased market penetration and expanded market 3. Setiawan Kriswanto
segments in the national banking industry. In May 2011, the Bank
changed its name to PT Bank UOB Indonesia.
UOB Indonesia is well known for its focus on small and medium
enterprises. The Bank has built a consumer as well as corporate 1. Wee Ee Cheong
banking business which offers treasury and cash management 2. Aswin Wirjadi *
products and services. UOB Indonesia’s service network comprises 3. Chan Kok Seong
168 offices and 191 ATMs across 54 cities in 18 provinces in 4. Chin Voon Fat
Indonesia and also accessible through its regional ATM network,
5. VJH Boentaran Lesmana *
the ATM Prima and ATM Bersama network as well as the Visa
6. Wayan Alit Antara *
network.
*independen
UOB Indonesia is rated AAA (idn) by the independent rating BOARD OF DIRECTORS
agency Fitch Ratings. Moreover, UOB Indonesia has attained
1. Hendra Gunawan 7. Teh Han Yi
several awards for its financial and services performance, and
2. Ardhi Wibowo
recently awarded by Contact Center Service Excellence Awards; The
Asset Triple A Treasury, Trade, Supply Chain and Risk Management 3. Harapman Kasan
Award 2018; and The Asian Banker's Choice Awards 2018. 4. Henky Sulistyo
5. Paul Rafiuly
With its extensive network of service, information technology
systems, sound capital structure and highly qualified staff, UOB 6. Sonny Samuel
Indonesia aims to create sustainable long-term value for its
stakeholders.
For more information about UOB Indonesia, please visit Historical Corporate Ratings
www.uob.co.id. No. Rating Agency Rating Rating Date Outlook
1. Fitch Rating Indonesia AAA(idn) 10-Feb-21 Stable

3. Fitch Rating Indonesia AAA(idn) 6-Mar-19 Stable
as of June 2021
SWOT Analysis
-Strong synergies with the parent company -Less diversification and still dependent on micro
-Sound capitalization
-High level of integration with the parent S W financing segment
-Weakened credit profile
-Limited business network and channels
O T
-Digital technology application -Tighter competitions from banks and fintech
-Monetary stimulus to boost banking liquidity companies
-Loan delinquency risk
229
AS OF JUNE 2021
Coupon Coupon

PT Bank
BBIA01CCN1 I Bank UOB Indonesia 8.25% 25-Nov-20 AAA(idn)
1. 100,000 28-Nov-16 25-Nov-21 5 Mandiri
IDA0000778C9 Tahap I Tahun 2016 25-Feb-21 Stable
(Persero) Tbk.
Seri C 25-May-21
Quarterly

PT Bank
BBIA01CCN2 I Bank UOB Indonesia 7.65% 23-Nov-20 AAA(idn)
2. 55,000 24-May-18 23-May-23 5 Mandiri
(Persero) Tbk.
Seri C 23-May-21
Quarterly
Obligasi Subordinasi 25-Aug-20

PT Bank
BBIA01SBCN1 Berkelanjutan I Bank 9.40% 25-Nov-20 AA(idn)
3. 100,000 28-Nov-16 25-Nov-23 7 Mandiri
IDA000077903 UOB Indonesia Tahap I 25-Feb-21 Stable
(Persero) Tbk.
Quarterly
Obligasi Subordinasi 17-Jul-20

PT Bank
BBIA01SBCN2 Berkelanjutan I Bank 9.25% 17-Oct-20 AA(idn)
4. 500,000 18-Oct-17 17-Oct-24 7 Mandiri
IDA000084503 UOB Indonesia Tahap II 17-Jan-21 Stable
(Persero) Tbk.
Tahun 2017 17-Apr-21
Quarterly

PT Bank
BBIA02SBCN1 Berkelanjutan II Bank 9.85% 05-Oct-20 AA(idn)
5. 100,000 08-Jul-19 05-Jul-26 7 Mandiri
IDA000099907 UOB Indonesia Tahap I 05-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BBIA02SBCN2 Berkelanjutan II Bank 9.25% 13-Nov-20 AA(idn)
6. 650,000 14-Nov-19 13-Nov-26 7 Mandiri
IDA000102305 UOB Indonesia Tahap II 13-Feb-21 Stable
(Persero) Tbk.
Quarterly
TRADING HIGHLIGHT
BBIA01CCN1
Volume
Trading 2020 2021
Activities,
90 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
75 5 Volume (Rp bn) - 8.00 - 78.00 2.00 -
Frequency
Frequency (X) - 4 - 4 2 -
60 4
Trading days - 2 - 2 1 -
45 3 Turnover Ratio (%) - 32.00 - 312.00 8.00 -
CTP Price - High - 101.200 - 102.750 102.330 -
30 2
Date - 24-Jun - 26-Nov 24-Feb -
15 1
CTP Price - Low - 101.180 - 102.610 102.310 -
- - Date - 24-Jun - 03-Nov 24-Feb -
PHEI Fair Yield (%) 7.1540 6.2519 5.9763 5.6922 5.1203 4.2053
Mod. Duration (yrs) 1.521 1.310 1.088 0.861 0.627 0.394
105 8.0
Convexity (yrs) 2.785 2.098 1.485 0.970 0.554 0.254
104 7.0 Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
230
BBIA01CCN2 Listing Date Maturity Date
ISIN CODE : IDA0000905C8 May-18 May-19 May-20 May-21 May-22 May-23
Volume
Trading 2020 2021
Activities,
800 16 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
700 14 Volume (Rp bn) - 600.00 - 2.00 - 203.00
Frequency
600 12 Frequency (X) - 14 - 2 - 7
500 10 Trading days - 2 - 1 - 3
400 8 Turnover Ratio (%) - 4,363.64 - 14.55 - 1,476.36
300 6 CTP Price - High - 99.270 - 100.300 - 104.400
200 4 Date - 14-May - 12-Oct - 04-May
100 2 CTP Price - Low - 91.000 - 100.000 - 103.350
- - Date - 14-May - 12-Oct - 16-Jun
PHEI Fair Yield (%) 8.1614 7.1549 6.9011 6.3028 6.1367 5.7831
Mod. Duration (yrs) 2.743 2.563 2.365 2.166 1.956 1.748
105 9.0
Convexity (yrs) 8.789 7.659 6.533 5.493 4.502 3.623
103 8.0 Sensitivity (%) 0.027 0.026 0.024 0.022 0.020 0.017
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBIA01SBCN1
ISIN CODE : IDA000077903 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23
Volume
Trading 2020 2021
Activities,
20 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 16.00 13.70 11.00 - - -
Frequency
15 6 Frequency (X) 6 6 5 - - -
Trading days 5 6 3 - - -
10 4 Turnover Ratio (%) 64.00 54.80 44.00 - - -
CTP Price - High 100.000 - - - - -
5 2 Date 17-Feb - - - - -
CTP Price - Low 100.000 - - - - -
- - Date 17-Feb - - - - -
PHEI Fair Yield (%) 8.8392 7.8771 7.6357 7.2788 7.3047 6.3966
Mod. Duration (yrs) 3.042 2.882 2.701 2.517 2.322 2.135
112 10.0
Convexity (yrs) 11.000 9.829 8.623 7.482 6.371 5.394
109 9.0 Sensitivity (%) 0.030 0.029 0.027 0.025 0.023 0.021
106 8.0
103 7.0
100 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
231
BBIA01SBCN2
ISIN CODE : IDA000084503 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24
Volume
Trading 2020 2021
Activities,
250 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 8
150 6 Trading days 3 5 6 8 1 1
Turnover Ratio (%) 28.00 66.00 27.20 160.00 8.00 3.20
100 4 CTP Price - High 106.130 103.380 106.610 106.980 105.490 107.520
Date 27-Feb 17-Jun 26-Aug 04-Dec 04-Mar 04-Jun
50 2
CTP Price - Low 105.200 103.350 97.180 103.390 105.470 107.500
- - Date 04-Feb 15-Jun 06-Jul 27-Nov 04-Mar 04-Jun
PHEI Fair Yield (%) 9.0563 8.1464 7.5766 7.6300 7.7078 6.6148
Mod. Duration (yrs) 3.613 3.476 3.320 3.145 2.964 2.802
109 11.0
Convexity (yrs) 15.838 14.557 13.216 11.834 10.493 9.341
107 10.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.030 0.028
105 9.0
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBIA02SBCN1
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.5512 8.5344 8.5333 8.1286 8.3087 7.4331
Mod. Duration (yrs) 4.542 4.462 4.320 4.192 4.033 3.914
112 11.0
Convexity (yrs) 26.106 24.902 23.246 21.750 20.074 18.751
109 10.0 Sensitivity (%) 0.045 0.045 0.043 0.042 0.040 0.039
106 9.0
103 8.0
100 7.0
97 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
232
BBIA02SBCN2
Volume
Trading 2020 2021
Activities,
200 35 Q1 Q2 Q3 Q4 Q1 Q2
160 28
Frequency (X) 25 26 30 12 10 1
120 21 Trading days 10 12 8 4 2 1
Turnover Ratio (%) 51.08 40.68 108.92 23.38 19.69 0.62
80 14 CTP Price - High 105.000 101.000 104.850 105.780 105.650 -
Date 18-Mar 26-Jun 17-Jul 27-Nov 17-Feb -
40 7
CTP Price - Low 95.000 95.000 100.000 100.000 105.000 -
- - Date 27-Mar 07-Apr 27-Aug 20-Oct 03-Mar -
PHEI Fair Yield (%) 10.2743 8.6123 8.7580 8.2127 8.3614 7.5419
Mod. Duration (yrs) 4.788 4.751 4.603 4.485 4.328 4.210
110 12.0
Convexity (yrs) 28.871 27.978 26.168 24.657 22.883 21.483
106 11.0 Sensitivity (%) 0.048 0.048 0.046 0.045 0.043 0.042
102 10.0
98 9.0
94 8.0
90 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBIA01CCN1 8 78 86.0%
BBIA01CCN2 600 1094.5%
BBIA01SBCN1 16 1411 40.7%
BBIA01SBCN2 35 83 34 200 70.3%
BBIA02SBCN1 0.0%
BBIA02SBCN2 83 66 177 38 56.0%
- 100 200 300 400 500 600 700
233
BBIA FINANCIAL HIGHLIGHT

Cash on Hand 588,775 594,001 0.89 p 11.19
Marketable Securities - - -  7.33 8.33
6.73
Loans 73,630,592 67,711,245 -8.04 q
Investments - - -  4.19 3.85 3.79 3.65 3.82
(%)
1.07
Total Assets 105,661,472 116,554,039 10.31 p
Deposits 82,532,983 92,251,599 11.78 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 2,388,471 2,796,661 17.09 p
Paid up Capital (Shares) 9,553,885,804 11,186,644,888 17.09 p 5.63
4.61
4.02
Total Equity 12,274,577 14,135,957 15.16 p
(%)
INCOME STATEMENTS 0.70 0.71 0.87 0.70
0.32
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 1,206,063 1,267,954 5.13 p
Non-Operating Revenues 16,286 5,336 -67.24 q
Comprehensive Income (Loss) 897,908 652,806 -27.30 q
Net Income/Loss Attributed 666,291 518,286 -22.21 q 97.08 97.06
97.81 93.04 92.26
90.92
76.87
Peer Group
(%)

1. PT BPD Jawa Barat & Banten Tbk. 12,621 13.39 4.38
2. PT Bank OCBC NISP Tbk. 12,485 16.83 -7.49
3. PT Bank Permata Tbk. 11,924 6.05 1.55 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Bank UOB Indonesia 7,697 6.73 -3.82
5. PT BPD Jawa Tengah 6,673 16.82 -1.19 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 0.32 0.71 0.87 0.70
Return on Equity (%) 0.70 4.61 5.63 4.02
BOPO (%) 97.81 97.08 97.06 92.26
Cash Flow / Debt (%) 5.41 -7.46 -0.05 6.72
234
BBKP PT Bank Bukopin Tbk.

Sub Sector : Banks Bank Bukopin Building
Website : www.bukopin.co.id Jln. M.T. Haryono Kav. 50 - 51
Corporate Sec. : Meliawati Jakarta 12770
Fax : (021)798-0625
PT Bank Bukopin, Tbk (BBKP) was established SHAREHOLDERS

on July 10, 1970 named Indonesia Cooperative 1. Kookmin Bank Co., Ltd 67.00% 6. Republic of Indonesia (Class A) 0.01%
General Bank (abbreviated to Bukopin). According to the Company’s (Class B) 7. PT Bosowa Corporindo 0.02%
Articles of Association, its business covers all activities of general 2. Republic of Indonsia (Class B) 3.17%
(Class A)
bank as stated in Banking Law, with the main purpose of paying 8. Public (Class A) 0.03%
3. Yohannes Suhardi (Class B) 0.00%
attention and serving the interest of cooperative movement, in line
4. Helmi Fakhrudin (Class B) 0.00% 9. PT Bosowa Corporindo 8.82%
with existing Cooperative Law. In its development, BBKP has merged
5. Public (Class B) 20.95% (Class B)
with several cooperative general banks. The change of name from
Indonesia Cooperative General Bank (Bukopin) to Bank Bukopin was
AUDIT COMMITTEE
ratified in the Meeting of Indonesia Cooperative General Bank 1. Sapto Amal Damandar 4. Eddy Rizal
Members, stated in a letter No. 03/RA/ XII/89 dated Januari 2, 1990. 2. Arzul Andaliza 5. Hadi Indraprasta
Bank Bukopin covers individuals, cooperatives, enterprises, State 3. Eddy Hutarso 6. Stephen Liestyo
Owned Enterprises (“BUMN”) and government institutions customers.
The Bank divides its business segments into retail business (micro,
SME and consumers) and commercial. Retail segments are their focus BOARD OF COMMISSIONERS
while commercial segment is expected to be their balancer. 1. Bo Youl Oh 7. Susiwijono
BBKP will maintain its business activity on funding, lending and fee-
2. Chang Su Choi 8. Tippy Joesoef *
based income through strategies that focus on areas such as
3. Deddy S.A. Kodir
performance enhancement, qualified asset growth, deposit structure,
4. Hae Wang Lee *
profit based on economic scale optimization, developing digital
5. Nanang Supriyatno
banking product and collaborating with fintech industry.
BBKP also has two subsidiaries, namely PT Bank Syariah Bukopin and 6. Sapto Amal Damandar
PT Bukopin Finance, whose operating results are consolidated into *independen
the nancial statements of Bank Bukopin. PT Bukopin Finance (formerly BOARD OF DIRECTORS
PT Indo Trans Buana Multifinance), established on March 11, 1983, is 1. Chang Su Choi 7. Robby Mondong
a company engaging in leasing and multi nance. While Bank Syariah 2. Dodi Widjajanto 8. Seng Hyup Shin
Bukopin (formerly PT Bank Persyarikatan Indonesia) was established 3. Hari Wurianto 9. Yohanes Suhardi
on July 29, 1990, and engages in Sharia-based banking. 4. Helmi Fakhrudin
5. Iwan Darmawan
6. Ji Kyu Jang
1. Fitch Rating Indonesia AAA(idn) 30-Jun-21 Stable

2. Pefindo idAAA 10-Jun-21 Stable
3. Fitch Rating Indonesia AAA(idn) 20-Oct-20 Stable
4. Pefindo idAA 10-Sep-20 Stable
5. Fitch Rating Indonesia AA-(idn) 7-Aug-20 Positive
as of June 2021
SWOT Analysis
- Strong market position in the banking industry - Below average asset quality
- Strong support from KB Kookmin Bank
- Increasing liquidity profile S W - Modest profitability
- Economic recovery prospect -Unfavorable impact of COVID-19

- Integration with KB Kookmin Bank -Loan delinquency risk
- Monetary stimulus to boost banking liquidity O T -Tighter competitions from banks and fintech
companies
235
AS OF JUNE 2021
Coupon Coupon
Obligasi Subordinasi 30-Sep-20

PT Bank
BBKP02SBCN1 Berkelanjutan II Bank 12.00% 30-Dec-20 idAA
1. 400,000 01-Jul-15 30-Jun-22 7 Mandiri
IDA000069009 Bukopin Tahap I Tahun 30-Mar-21 Stable
2015
(Persero) Tbk.
Quarterly 30-Jun-21

PT Bank
BBKP02SBCN2 Berkelanjutan II Bank 11.00% 28-Nov-20 idAA
2. 1,405,000 01-Mar-17 28-Feb-24 7 Mandiri
IDA000078703 Bukopin Tahap II Tahun 28-Feb-21 Stable
2017
(Persero) Tbk.
Quarterly 28-May-21
TRADING HIGHLIGHT
BBKP02SBCN1
ISIN CODE : IDA000069009 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
280 Frequency
36
Frequency (X) 10 18 13 17 7 37
210 27 Trading days 6 12 9 9 4 7
Turnover Ratio (%) 59.10 215.60 156.00 62.00 6.00 316.00
140 18 CTP Price - High 102.600 101.300 103.680 106.520 105.370 105.950
Date 23-Jan 26-Jun 24-Jul 02-Oct 05-Jan 16-Jun
70 9
CTP Price - Low 100.630 99.140 100.120 96.200 96.000 103.420
PHEI Fair Yield (%) 11.5573 10.5281 7.8862 8.1739 7.6399 5.3965
Mod. Duration (yrs) 1.947 1.764 1.579 1.370 1.156 0.946
110 13.0
Convexity (yrs) 4.541 3.736 3.008 2.293 1.666 1.150
Sensitivity (%) 0.019 0.018 0.016 0.014 0.012 0.009
106 11.0
102 9.0
98 7.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
236
BBKP02SBCN2 Listing Date Maturity Date
ISIN CODE : IDA000078703 Mar-17 Aug-18 Jan-20 Jun-21 Nov-22
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
r >> Volume (Rp bn) 159.70 188.85 285.00 65.00 17.00 220.00
Frequency
240 60 Frequency (X) 34 48 71 24 10 42
Trading days 16 24 22 12 5 7
160 40 Turnover Ratio (%) 45.47 53.77 81.14 18.51 4.8 62.6
CTP Price - High 102.400 101.110 101.200 107.070 105.650 107.720
80 20 Date 13-Jan 09-Apr 04-Aug 02-Dec 12-Jan 08-Jun
CTP Price - Low 97.550 92.500 90.000 97.000 101.000 103.620
- - Date 23-Mar 08-May 06-Jul 19-Oct 12-Jan 08-Jun
PHEI Fair Yield (%) 11.8976 11.7966 8.8153 8.5089 8.6950 6.5309
Mod. Duration (yrs) 3.093 2.938 2.821 2.650 2.464 2.304
112 14.0
Convexity (yrs) 11.652 10.464 9.546 8.399 7.261 6.327
Sensitivity (%) 0.031 0.029 0.028 0.027 0.025 0.023
106 12.0
100 10.0
94 8.0
88 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
BBKP02SBCN1 59 216 156 62 123.2%
BBKP02SBCN2 160 189 285 65 49.7%
- 200 400 600 800 1,000 1,200 1,400 1,600
237
BBKP FINANCIAL HIGHLIGHT

Cash on Hand 836,192 600,087 -28.24 q 2.89 1.82 2.83 2.08
1.26 1.41
Placements with Other Banks 4,847,957 3,680,004 -24.09 q 2.38 1.23 2.79 0.61
Marketable Securities 3,533,726 3,017,346 -14.61 q
Loans 67,835,773 56,266,216 -17.06 q
(%)
-61.38
Total Assets 100,264,248 79,938,578 -20.27 q -74.43
Deposits 81,987,576 57,250,179 -30.17 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings 1,072,147 3,953,365 268.73 p
Total Liabilities 91,358,763 71,472,136 -21.77 q Operating Profit Margin Net Profit Margin
Authorized Capital (Shares) 22,887,540,178 68,079,540,178 197.45 p Net Interest Margin
Authorized Capital 2,500,000 7,000,000 180.00 p
Paid up Capital 1,376,437 3,478,571 152.72 p
2.95 3.17
Par Value (Rp Full Amount) 10,000 & 100 10,000 & 100 -  0.09 1.85 0.22 0.13
Retained Earnings 3,200,834 -1,408,501 -144.00 q
Non Controlling Interest 22,464 20,250 -9.86 q -4.61
Total Equity 8,905,485 8,466,442 -4.93 q
(%)
INCOME STATEMENTS
Total Interest Income 7,764,858 5,308,366 -31.64 q -48.67
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 784,108 1,170,254 49.25 p
Income from Operations 95,698 -3,950,872 -4,228 q
Earning Before Tax 133,794 -3,922,869 -3,032.02 q
Income (Loss) for the periods 216,749 -3,258,109 -1,603.17 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income (Loss) 311,048 -3,041,791 -1,077.92 q
Net Income/Loss Attributed 216,324 -3,255,895 -1,605.10 q 168.10
135.46
Peer Group 99.04 98.41 98.98

(%)
81.34 86.18 84.82

1. PT Bank Bukopin Tbk. 5,308 -61.38 -31.64
2. PT Bank Mayapada Internasional Tbk. 5,195 1.24 -41.88
3. PT Bank BRISyariah Tbk. 4,347 5.71 28.81 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Bank Mandiri Taspen Pos 3,441 12.47 23.79
5. PT Bank Pembangunan Daerah Sumatera Utara 3,198 16.09 -2.72 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 0.09 0.22 0.13 -4.61
Return on Equity (%) 1.85 2.95 3.17 -48.67
BOPO (%) 99.04 98.41 98.98 168.10
Cash Flow / Debt (%) -1.58 -7.09 -2.35 -18.85
238
BBNI PT Bank Negara Indonesia (Persero) Tbk.

Sub Sector : Banks BNI Building 24th. Floor
Website : www.bni.co.id Jln. Jenderal Sudirman Kav. 1
Corporate Sec. : Mucharom Jakarta 10220
Fax : (021) 572-8053
PT Bank Negara Indonesia (Persero) Tbk. SHAREHOLDERS

was originally established on July 5th,
1. Republic of Indonesia 1.16% 6. Board of Directors (C) 0.01%
1946, PT Bank Negara Indonesia (Persero)
(Class B) 7. Board of Commisioner (C) 0.00%
Tbk. or BNI was the first state-owned bank
that was established after the independence of Republic of 2. Public (Class B) 0.39% 8. Public (C) 12.59%
Indonesia. Subsequently, the company became “Bank Negara 3. Republic of Indonesia (C) 58.84% 9. Treasury Stock 0.10%
Indonesia 1946” and changed its status to a state-owned 4. Corporate (C) 7.76% 10. Republic of Indonesia 1 share
commercial bank. 5. Foreign Investment Entity (C) 19.20% (Class A Dwiwarna Share)
The company’s scope of activity is to engage in general banking AUDIT COMMITTEE

services. The company's major products and services include credit 1. Asmawi Syam
cards, saving accounts, current accounts and fixed deposits, as well 2. Human Brilianto
as various types of loans, such as housing loans and other 3. Iman Sugema
consumer loans.
4. Sigit Widyawan
Currently, the Government of the Republic of Indonesia owns 60%
of BNI shares, while the public, both individuals and institutions, BOARD OF COMMISSIONERS
own the remaining 40% domestic and foreign. BNI is now the
1. Agus Dermawan Wintarto Martowardojo * 7. Ratih Nurdiati
4th largest national Bank in Indonesia, based on total assets, total
2. Askolani 8. Septian Hario Seto *
loans and total third-party funds. To provide financial services in an
integrated manner, BNI is supported by a number of subsidiaries, 3. Asmawi Syam * 9. Sigit Widyawan *
namely Bank BNI Syariah, BNI Multifinance, BNI Sekuritas, BNI Life 4. Iman Sugema * 10. Susyanto
Insurance, and BNI Remittance. In addition, BNI’s network also 5. Joni Swastanto
includes 6 overseas branches located in Singapore, Hong Kong, 6. Pradjoto *
Tokyo, Osaka, London and Seoul and 1 agency in New York. *independen
BOARD OF DIRECTORS
1. Royke Tumilaar 7. Henry Panjaitan
2. Adi Sulistyowati 8. Muhammad Iqbal
3. Bob Tyasika Ananta 9. Novita Widya Anggraini
4. Corina Leyla Kamalies 10. Ronny Venir
5. David Pirzada 11. Silvano Rumantir
6. Harianto 12. Sis Apik Wijayanto
1. Fitch Rating Indonesia AA+(idn) 30-Mar-21 Stable

2. Pefindo idAAA 7-Jul-20 Stable
3. Fitch Rating Indonesia AA+(idn) 13-Apr-20 Stable
4. Fitch Rating Indonesia AA+(idn) 16-Jul-19 Stable
as of June 2021
SWOT Analysis
-Critical importance to the Government of Indonesia - Deteriorated asset quality due to the pandemic
-Strong business position
-Strong profitability profile S W - Decreasing profitability
-Strong liquidity profile
-Monetary stimulus to boost banking liquidity -Unfavorable impact of COVID-19
O T
-Economic recovery prospect -Loan delinquency risk
-Tighter competitions from banks and fintech
companies
239
AS OF JUNE 2021
Coupon Coupon
11-Jul-20
Obligasi PT Bank Rakyat
BBNI01CN1 8.00% 11-Oct-20 idAAA
1. Berkelanjutan I BNI 3,000,000 12-Jul-17 11-Jul-22 5 Indonesia
IDA000082903 11-Jan-21 Stable
Tahun 2017 (Persero) Tbk.
Quarterly 11-Apr-21
TRADING HIGHLIGHT
BBNI01CN1
Volume
Trading 2020 2021
Activities,
1000 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 80
600 60 Trading days 21 23 36 16 19 15
Turnover Ratio (%) 12.55 3.28 126.13 80.67 31.07 7.73
400 40 CTP Price - High 102.850 102.850 104.250 105.150 104.850 103.220
Date 03-Jan 11-Jun 15-Jul 21-Dec 07-Jan 06-May
200 20
CTP Price - Low 99.900 93.900 98.000 101.000 101.150 101.500
- - Date 02-Mar 09-Apr 20-Jul 16-Oct 18-Jan 09-Apr
PHEI Fair Yield (%) 8.4384 6.8468 6.1535 5.3487 4.4332 4.8532
Mod. Duration (yrs) 2.024 1.833 1.626 1.415 1.195 0.972
107 9.0
Convexity (yrs) 4.876 4.014 3.187 2.444 1.781 1.217
105 8.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBNI01CN1 94 946 605 55.7%
- 500 1,000 1,500 2,000 2,500 3,000 3,500
240
BBNI FINANCIAL HIGHLIGHT

35.75 36.20
Cash on Hand 15,361,703 17,324,047 12.77 p 33.29
26.50
Marketable Securities 27,161,751 29,686,597 9.30 p
Loans 539,862,076 541,978,801 0.39 p
Investments 523,103 813,087 55.44 p 9.31
(%)
Property, Plant and Equipment 26,524,759 27,362,400 3.16 p 5.50 5.29 4.92 5.91
4.50
Total Assets 845,605,208 891,337,425 5.41 p
Deposits 594,359,873 657,027,436 10.54 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 9,054,807 9,047,465 -0.08 q
Paid up Capital (Shares) 18,648,656,458 18,629,076,758 -0.10 q
Par Value (Rp Full Amount) 7500 & 7500 & 375 7500 & 7500 & 375 -  16.10
15.60
Total Equity 125,003,948 112,872,199 -9.71 q
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Expenses 37,976,839 28,077,230 -26.07 q Return on Assets Return on Equity
Non-Operating Revenues -117,517 -119,291 -1.51 q
Comprehensive Income (Loss) 18,383,939 4,192,722 -77.19 q 93.31
88.76 91.54
Net Income/Loss Attributed 15,384,476 3,280,403 -78.68 q 85.58 87.28
to Owners of Parent Entity 70.99 70.15 73.16
Peer Group
(%)

Financial Ratios
Return on Assets (%) 2.75 2.78 2.42 0.54
Return on Equity (%) 15.60 16.10 14.00 2.86
BOPO (%) 70.99 70.15 73.16 93.31
Cash Flow / Debt (%) 5.76 -0.61 -1.75 9.54
241
BBRI PT Bank Rakyat Indonesia (Persero) Tbk.

Sub Sector : Banks BRI I Building, 20th Fl.
Website : www.bri.co.id / www.ir-bri.com Jln. Jend. Sudirman No. 44 - 46
Corporate Sec. : Aestika Oryza Gunarto Jakarta 10210
Email Corporate Sec. : [email protected] / [email protected] / [email protected] Phone : (021) 575-1966
Fax : (021) 575-2010
Bank Rakyat Indonesia (BRI) is one of the SHAREHOLDERS

largest state-owned banks in Indonesia. BRI
was established in Purwokerto, Central Java,
a s a fin an c ia l in st it ut io n t hat ser v ed 2. Republic of Indonesia (Class B) 56.75%
people of Indonesian nationality (native Indonesians). The institution 3. Public (Class B) 42.64%
was incorporated on December 16, 1895, and the date is now 4. Board of Directors (Class B) 0.00%
commemorated as the anniversary of BRI.
5. Treasury Stock 0.61%
Since its establishment, BRI consistently focuses on micro, small and
medium enterprises (SMEs), and became the pioneer of microfinance AUDIT COMMITTEE
in Indonesia. The Bank maintains its commitment until today, and
with the support of its experience in delivering banking services, 1. Hendrikus Ivo 5. R. Widyo Pramono
especially in the SME segment, BRI has been able to record the 2. Ari Kuncoro 6. Rofikoh Rokhim
achievement of being the most profitable bank in 11 years in a row. 3. Irwanto 7. Sahat Pardede
Such an achievement is the result of hard work of all BRI employees
4. Pamuji Gesang Raharjo 8. Sunuaji Noor Widiyanto
who ceaselessly innovate and develop banking products and services
for all business segments.
BRI also brought its technology-based banking services to every
1. Kartika Wirjoatmodjo 7. R. Widyo Pramono *
corner of the country, even to the small islands of the archipelago. In
2015, BRI launched Teras BRI Kapal, the world’s first ever sea-floating 2. Ari Kuncoro * 8. Rabin Indrajad Hattari
banking service. Then, in 2016, a new history was made. On June 18, 3. Dwi Ria Latifa * 9. Rofikoh Rokhim *
2016 18:38 pm Kourou time, French Guiana, BRI launched BRIsat, 4. Hadiyanto 10. Zulnahar Usman *
making it the first bank in the world that owns and operates its own
5. Hendrikus Ivo *
satellite.
6. Nicolaus Teguh Budi Harjanto
BRI continues to expand its network. To strengthen its business *independen
existence in the global arena, BRI opened overseas units. In 2015, BRI
BOARD OF DIRECTORS
opened an overseas branch office in Singapore, following the
existing overseas unit, such as BRI New York Agency, BRI Cayman 1. Sunarso 7. Arga M. Nugraha
Island Branch, Hong Kong Representative Office, and BRI Remittance 2. Agus Noorsanto 8. Catur Budi Harto
Hong Kong. In 2017, BRI opened a branch office in Timor Leste. 3. 9. Handayani
Agus Sudiarto
BRI also begins operating the Overseas Unit at Timor Leste in 2017, 4. Agus Winardono 10. Indra Utoyo
and officially launched Teras BRI Kapal Bahtera Seva II and Teras BRI 5. Ahmad Solichin Lutfiyanto 11. Supari
Kapal Bahtera Seva III to reach the communities in the coastal areas
6. Amam Sukriyanto 12. Viviana Dyah Ayu R.K.
of Labuan Bajo and Halmahera. In addition, BRI convened the
Extraordinary General Meeting of Shareholders on 18 October 2017
that has approved the stock split from previously Rp250 per share to
Rp50 per share (Ratio 1:5). The share was initially traded on 10 Historical Corporate Ratings
November 2017, at the same time of the 14th Anniversary of BRI
shares listed at the stock exchange. No. Rating Agency Rating Rating Date Outlook

2. Pefindo idAAA 11-Aug-20 Stable
3. Fitch Rating Indonesia AA+(idn) 17-Jun-20 Stable
as of June 2021
SWOT Analysis
- Superior business position - Deteriorated asset quality due to the pandemic
- Strong Profitability & capitalization
- Strong support from Indonesia Government S W
O T
-Digital technology application -Loan delinquency risk
-Monetary stimulus to boost banking liquidity -Tighter competitions from banks and fintech
companies
242
AS OF JUNE 2021
Coupon Coupon
Obligasi 21-Aug-20 PT Bank

BBRI02ACN4 Berkelanjutan II 6.65% 21-Nov-20 Negara idAAA
1. 1,837,000 22-Feb-18 21-Feb-23 5
IDA0000880A7 Bank BRI Tahap IV 21-Feb-21 Indonesia Stable
Tahun 2018 Seri A Quarterly 21-May-21 (Persero) Tbk.

BBRI02BCN3 Berkelanjutan II 8.00% 24-Nov-20 Negara idAAA
2. 1,652,500 25-Aug-17 24-Aug-22 5
IDA0000841B7 Bank BRI Tahap III 24-Feb-21 Indonesia Stable
Tahun 2017 Seri B Quarterly 24-May-21 (Persero) Tbk.

BBRI02BCN4 Berkelanjutan II 6.90% 21-Nov-20 Negara idAAA
3. 605,000 22-Feb-18 21-Feb-25 7
IDA0000880B5 Bank BRI Tahap IV 21-Feb-21 Indonesia Stable
Obligasi 01-Sep-20 PT Bank

BBRI02CCN1 Berkelanjutan II 8.20% 01-Dec-20 Negara idAAA
4. 193,000 02-Dec-16 01-Dec-21 5
IDA0000780C5 Bank BRI Tahap I 01-Mar-21 Indonesia Stable
Tahun 2016 Seri C Quarterly 01-Jun-21 (Persero) Tbk.
Obligasi 11-Jul-20 PT Bank

BBRI02CCN2 Berkelanjutan II 8.30% 11-Oct-20 Negara idAAA
5. 925,000 12-Apr-17 11-Apr-22 5
IDA0000800C1 Bank BRI Tahap II 11-Jan-21 Indonesia Stable
Tahun 2017 Seri C Quarterly 11-Apr-21 (Persero) Tbk.

BBRI02CCN3 Berkelanjutan II 8.25% 24-Nov-20 Negara idAAA
6. 2,517,000 25-Aug-17 24-Aug-24 7
IDA0000841C5 Bank BRI Tahap III 24-Feb-21 Indonesia Stable
Tahun 2017 Seri C Quarterly 24-May-21 (Persero) Tbk.

BBRI02DCN1 Berkelanjutan II 8.65% 01-Dec-20 Negara idAAA
7. 477,000 02-Dec-16 01-Dec-23 7
IDA0000780D3 Bank BRI Tahap I 01-Mar-21 Indonesia Stable
Tahun 2016 Seri D Quarterly 01-Jun-21 (Persero) Tbk.

BBRI02DCN2 Berkelanjutan II 8.80% 11-Oct-20 Negara idAAA
8. 1,300,500 12-Apr-17 11-Apr-27 10
IDA0000800D9 Bank BRI Tahap II 11-Jan-21 Indonesia Stable
Tahun 2017 Seri D Quarterly 11-Apr-21 (Persero) Tbk.

BBRI02ECN1 Berkelanjutan II 8.90% 01-Dec-20 Negara idAAA
9. 2,350,000 02-Dec-16 01-Dec-26 10
IDA0000780E1 Bank BRI Tahap I 01-Mar-21 Indonesia Stable
Tahun 2016 Seri E Quarterly 01-Jun-21 (Persero) Tbk.

BBRI03BCN1 Berkelanjutan III 7.60% 07-Nov-20 Negara idAAA
10. 2,089,350 08-Nov-19 07-Nov-22 3
IDA0001024B9 Bank BRI Tahap I 07-Feb-21 Indonesia Stable

BBRI03CCN1 Berkelanjutan III 7.85% 07-Nov-20 Negara idAAA
11. 2,172,800 08-Nov-19 07-Nov-24 5
IDA0001024C7 Bank BRI Tahap I 07-Feb-21 Indonesia Stable
26-Sep-20 PT Bank
Obligasi
BBRI03SB 7.70% 26-Dec-20 Negara idAA
12. Subordinasi III Bank 500,000 27-Jun-18 26-Jun-23 5
IDA000091201 26-Mar-21 Indonesia Stable
BRI Tahun 2018
243
TRADING HIGHLIGHT
BBRI02ACN4
ISIN CODE : IDA0000880A7 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23
Volume
Trading 2020 2021
Activities,
600 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
500 25 Volume (Rp bn) 486.00 323.00 - - - 130.00
Frequency
Frequency (X) 21 20 - - - 7
400 20
Trading days 5 6 - - - 5
300 15 Turnover Ratio (%) 105.82 70.33 - - - 28.31
CTP Price - High 100.290 98.050 - - - 102.500
200 10
Date 19-Feb 25-Jun - - - 19-May
100 5
CTP Price - Low 97.980 96.200 - - - 101.450
- - Date 23-Mar 12-May - - - 06-Apr
PHEI Fair Yield (%) 8.1415 7.4751 6.7750 6.1926 5.9894 5.3268
Mod. Duration (yrs) 2.574 2.380 2.178 1.970 1.753 1.539
104 9.0
Convexity (yrs) 7.684 6.576 5.524 4.543 3.626 2.828
102 8.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.015
100 7.0
98 6.0
96 5.0
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBRI02BCN3 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
300 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
240 Frequency 80
Frequency (X) 13 83 31 6 31 29
180 60 Trading days 8 30 15 4 15 12
Turnover Ratio (%) 16.82 64.71 12.10 0.97 7.75 28.08
120 40 CTP Price - High 103.250 102.850 104.830 103.000 104.350 105.000
Date 21-Feb 24-Jun 31-Aug 30-Nov 19-Feb 15-Apr
60 20
CTP Price - Low 98.000 97.000 98.370 101.900 101.400 101.500
- - Date 27-Mar 01-Apr 14-Jul 06-Nov 18-Jan 18-May
PHEI Fair Yield (%) 7.9093 7.2759 6.5665 5.9569 6.3884 4.2970
Mod. Duration (yrs) 2.146 1.947 1.741 1.530 1.306 1.091
110 9.0
Convexity (yrs) 5.411 4.475 3.604 2.811 2.084 1.494
107 8.0 Sensitivity (%) 0.021 0.019 0.017 0.015 0.013 0.011
104 7.0
101 6.0
98 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
244
BBRI02BCN4
ISIN CODE : IDA0000880B5 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25
Volume
Trading 2020 2021
Activities,
30 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
25 25 Volume (Rp bn) 8.96 25.20 10.00 - - -
Frequency
Frequency (X) 20 15 17 5 2 6
20 20
15 15 Turnover Ratio (%) 5.92 16.66 6.61 - - -
CTP Price - High 99.500 97.600 99.100 101.600 101.850 103.100
10 10
Date 29-Jan 29-Jun 06-Aug 09-Nov 10-Feb 17-May
5 5
CTP Price - Low 93.700 89.900 95.000 97.900 99.400 98.400
- - Date 13-Jan 28-Apr 10-Jul 23-Oct 09-Feb 10-Jun
PHEI Fair Yield (%) 8.7629 7.7281 7.6451 6.9393 6.9126 6.3167
Mod. Duration (yrs) 4.036 3.893 3.717 3.549 3.360 3.182
106 10.0
Convexity (yrs) 19.176 17.730 16.115 14.640 13.102 11.724
103 9.0 Sensitivity (%) 0.040 0.039 0.037 0.035 0.034 0.032
100 8.0
97 7.0
94 6.0
91 5.0
88 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBRI02CCN1
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
20 4
15 3 Trading days - - - 3 1 1
Turnover Ratio (%) - - - 29.02 4.15 41.45
10 2 CTP Price - High - - - - 102.670 102.090
Date - - - - 15-Feb 07-May
5 1
CTP Price - Low - - - - 102.650 102.070
- - Date - - - - 15-Feb 07-May
PHEI Fair Yield (%) 7.1700 6.2670 5.9897 5.5669 5.0224 4.2253
Mod. Duration (yrs) 1.538 1.326 1.104 0.878 0.644 0.410
104 8.0
Convexity (yrs) 2.840 2.146 1.525 1.003 0.579 0.271
Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
103 7.0
102 6.0
101 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
245
BBRI02CCN2
Volume
Trading 2020 2021
Activities,
100 15 Q1 Q2 Q3 Q4 Q1 Q2
80 12
Frequency (X) 5 1 5 6 2 12
60 9 Trading days 2 1 3 4 2 6
Turnover Ratio (%) 16.86 0.82 2.59 11.68 0.86 32.00
40 6 CTP Price - High 102.630 - 102.700 104.620 103.020 103.850
Date 17-Mar - 03-Sep 15-Dec 12-Mar 16-Apr
20 3
CTP Price - Low 102.350 - 101.250 103.300 103.000 101.500
- - Date 09-Jan - 15-Sep 11-Dec 10-Mar 13-Apr
PHEI Fair Yield (%) 7.4843 6.5599 6.2587 5.8834 5.3107 4.7085
Mod. Duration (yrs) 1.821 1.620 1.407 1.190 0.966 0.742
105 8.0
Convexity (yrs) 3.973 3.169 2.424 1.770 1.205 0.750
Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.007
104 7.0
103 6.0
102 5.0
101 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBRI02CCN3
Volume
Trading 2020 2021
Activities,
100 100 Q1 Q2 Q3 Q4 Q1 Q2
80 80
Frequency (X) 59 57 57 60 40 38
60 60 Trading days 33 38 35 34 23 25
Turnover Ratio (%) 14.51 5.32 3.97 5.40 10.01 4.29
40 40 CTP Price - High 105.960 103.850 105.000 108.100 107.000 107.500
Date 20-Feb 22-Apr 30-Jul 21-Dec 01-Mar 14-Jun
20 20
CTP Price - Low 92.040 93.000 100.000 101.650 102.000 103.000
- - Date 27-Mar 02-Apr 06-Jul 08-Oct 25-Feb 01-Apr
PHEI Fair Yield (%) 8.6857 7.5967 7.4535 6.7640 7.0986 6.1177
Mod. Duration (yrs) 3.616 3.470 3.295 3.124 2.930 2.755
111 9.5
Convexity (yrs) 15.511 14.199 12.765 11.440 10.056 8.871
108 9.0
Sensitivity (%) 0.036 0.035 0.033 0.031 0.029 0.028
105 8.5
102 8.0
99 7.5
96 7.0
93 6.5
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
246
BBRI02DCN1
ISIN CODE : IDA0000780D3 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Volume
Trading 2020 2021
Activities,
50 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
40 4
30 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 33.54
20 2 CTP Price - High - - - - - 106.520
Date - - - - - 15-Jun
10 1
CTP Price - Low - - - - - 106.510
- - Date - - - - - 15-Jun
PHEI Fair Yield (%) 8.3813 7.3428 7.1463 6.5180 6.4107 5.7984
Mod. Duration (yrs) 3.097 2.933 2.748 2.563 2.364 2.171
107 9.0
Convexity (yrs) 11.302 10.099 8.854 7.696 6.559 5.541
106 8.5
Sensitivity (%) 0.031 0.029 0.027 0.026 0.024 0.022
105 8.0
104 7.5
103 7.0
102 6.5
101 6.0
100 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBRI02DCN2
ISIN CODE : IDA0000800D9 Apr-17 Apr-19 Apr-21 Apr-23 Apr-25 Apr-27
Volume
Trading 2020 2021
Activities,
600 120 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
500 100 Volume (Rp bn) 61.00 213.20 515.00 61.00 6.00 287.00
Frequency
Frequency (X) 28 16 92 61 12 54
400 80
Trading days 20 3 33 23 12 24
300 60 Turnover Ratio (%) 18.76 65.57 158.40 18.76 1.85 88.27
CTP Price - High 107.850 100.800 106.750 111.600 111.350 110.400
200 40
Date 10-Mar 27-May 22-Sep 21-Dec 04-Jan 15-Jun
100 20
CTP Price - Low 96.150 90.000 98.000 102.150 104.800 105.650
PHEI Fair Yield (%) 9.2103 8.4857 7.7727 7.4570 7.5172 6.8096
Mod. Duration (yrs) 5.073 4.990 4.894 4.767 4.613 4.497
114 11.0
Convexity (yrs) 32.517 31.145 29.680 27.992 26.132 24.637
110 10.0 Sensitivity (%) 0.051 0.050 0.049 0.048 0.046 0.045
106 9.0
102 8.0
98 7.0
94 6.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
247
BBRI02ECN1 Listing Date Maturity Date
ISIN CODE : IDA0000780E1 Dec-16 Dec-18 Dec-20 Dec-22 Dec-24 Dec-26
Volume
Trading 2020 2021
Activities,
300 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
250 25 Volume (Rp bn) 10.00 - - - - 284.00
Frequency
Frequency (X) 5 - - - - 25
200 20
150 15 Turnover Ratio (%) 1.70 - - - - 48.34
CTP Price - High 106.500 - - - - 110.300
100 10
Date 28-Jan - - - - 30-Jun
50 5
CTP Price - Low 106.100 - - - - 107.500
- - Date 28-Jan - - - - 15-Apr
PHEI Fair Yield (%) 9.1412 8.0620 8.2406 7.3857 7.4322 6.9069
Mod. Duration (yrs) 4.938 4.862 4.708 4.600 4.442 4.308
114 10.0
Convexity (yrs) 30.240 28.984 27.096 25.640 23.828 22.276
111 9.5
Sensitivity (%) 0.049 0.049 0.047 0.046 0.044 0.043
108 9.0
105 8.5
102 8.0
99 7.5
96 7.0
93 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBRI03BCN1
Volume
Trading 2020 2021
Activities,
700 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
600 60 Volume (Rp bn) 639.00 201.50 129.00 99.00 575.00 423.00
Frequency
500 50 Frequency (X) 49 25 35 29 35 25
Trading days 22 14 22 20 20 12
400 40
Turnover Ratio (%) 122.33 38.58 24.70 18.95 110.08 80.98
300 30
CTP Price - High 102.950 101.600 103.250 104.350 104.870 105.250
200 20 28-Jan 10-Jun 23-Sep 21-Dec 16-Mar 09-Apr
Date
100 10 CTP Price - Low 100.000 98.550 99.750 100.800 100.900 103.000
- - Date 20-Mar 08-May 17-Jul 02-Oct 31-Mar 23-Jun
PHEI Fair Yield (%) 7.5305 7.1669 6.1841 5.8005 5.1487 4.5167
Mod. Duration (yrs) 2.314 2.116 1.915 1.705 1.488 1.272
107 9.0
Convexity (yrs) 6.281 5.268 4.335 3.463 2.672 1.988
105 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
248
BBRI03CCN1
Volume
Trading 2020 2021
Activities,
200 100 Q1 Q2 Q3 Q4 Q1 Q2
160 80
Frequency (X) 65 41 36 68 53 42
120 60 Trading days 29 20 29 38 29 26
Turnover Ratio (%) 11.00 5.50 5.71 17.12 23.38 34.79
80 40 CTP Price - High 103.100 101.350 103.500 106.850 106.600 106.500
40 20
CTP Price - Low 98.750 91.900 1.000 97.800 101.000 102.150
- - Date 08-Jan 14-Apr 07-Jul 16-Dec 05-Jan 10-Jun
PHEI Fair Yield (%) 8.6873 7.6098 7.5343 7.0662 6.6806 6.2663
Mod. Duration (yrs) 3.764 3.622 3.446 3.275 3.094 2.913
108 9.5
Convexity (yrs) 16.841 15.493 13.993 12.594 11.214 9.927
106 9.0
Sensitivity (%) 0.038 0.036 0.034 0.033 0.031 0.029
104 8.5
102 8.0
100 7.5
98 7.0
96 6.5
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBRI03SB Listing Date Maturity Date
ISIN CODE : IDA000091201 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Volume
Trading 2020 2021
Activities,
60 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 50.00 - - - - -
50 5
40 4
30 3 Turnover Ratio (%) 40.00 - - - - -
CTP Price - High 101.910 - - - - -
20 2
Date 06-Mar - - - - -
10 1
CTP Price - Low 101.890 - - - - -
- - Date 06-Mar - - - - -
PHEI Fair Yield (%) 8.3826 7.7375 7.4703 7.0850 7.0661 6.1561
Mod. Duration (yrs) 2.829 2.645 2.448 2.249 2.039 1.835
105 10.0
Convexity (yrs) 9.289 8.111 6.957 5.880 4.855 3.959
103 9.0 Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
249
BBRI03CCN1 60 93 9.8%
BBRI03SB 50 10.0%
BBRI02BCN4 7.3%
BBRI02CCN1 7.3%
BBRI02CCN2 8.0%
BBRI02CCN3 91 34 7.3%
BBRI02DCN1 0.0%
BBRI02DCN2 61 213 515 61 65.4%
BBRI02ECN1 0.4%
BBRI03BCN1 639 202 129 99 51.1%
BBRI03CCN1 60 93 9.8%
BBRI03SB 50 10.0%
- 500 1,000 1,500 2,000 2,500 3,000
250
BBRI FINANCIAL HIGHLIGHT

35.76 37.39 35.67
Cash on Hand 30,219,214 32,161,564 6.43 p
28.17 29.05
Placements with Other Banks 116,854,727 66,521,615 -43.07 q 28.26
22.90
Loans 839,067,353 834,293,205 -0.57 q 15.96
Investments 745,304 1,489,800 99.89 p
(%)
7.93 7.45 6.98
Total Assets 1,416,758,840 1,511,804,628 6.71 p

Deposits 1,014,548,956 1,112,001,443 9.61 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Total Liabilities 1,183,155,670 1,278,346,276 8.05 p Operating Profit Margin Net Profit Margin
Paid up Capital 6,167,291 6,167,291 - 
19.41
Total Equity 208,784,336 199,911,376 -4.25 q 11.05
(%)
3.69 3.68 3.50
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
88.13 89.57 88.64
Net Income/Loss Attributed 34,372,609 18,654,753 -45.73 q 83.66
81.22
Peer Group
(%)

Financial Ratios
Return on Assets (%) 3.69 3.68 3.50 1.98
Return on Equity (%) 20.03 20.49 19.41 11.05
BOPO (%) 69.14 68.48 70.10 81.22
Cash Flow / Debt (%) 4.10 5.15 3.77 5.08
251
BBTN PT Bank Tabungan Negara (Persero) Tbk.

Sub Sector : Banks Menara Bank BTN
Website : www.btn.co.id Jln. Gajah Mada No. 1
Corporate Sec. : Ari Kurniaman Jakarta 10130
Email Corporate Sec. : [email protected] / [email protected] Phone : (021) 633-6789, ext. 2003
Fax : (021) 633-6719
Bank BTN (BBTN) is a state owned SHAREHOLDERS

enterprise in the form of Perseroan
Terbatas (Incorporated Company) doing
banking financial services. 2. Republic of Indonesia (Class B) 60.00%
The embryo of Bank BTN was started by the establishment of 3. Public (Class B) 40.00%
Postspaarbank in Batavia in 1897 when the Dutch colonial period 4. Board of Directors (Class B) 0.02%
in Indonesia. After the Indonesian independence, Tyokin Kyoku
was taken over by the Indonesian government and changed the
name to Kantor Tabungan Pos RI. In 1950 the government
AUDIT COMMITTEE
changed the name to Bank Tabungan Pos. 9 Feb 1950 was
defined as the day and the date for the birth of BTN. On 22 Jun 1. Iqbal Latanro 4. Andin Hadiyanto
1963, Bank Tabungan Pos has officially change its name to Bank 2. Adi Prakoso 5. Peter Eko Budi Darwito
Tabungan Negara. 3. Ahdi Jumhari Luddin
As Bank BTN served the duty, starting 1976, first time in

Indonesia, the initiation of KPR (Mortgage) was introduced by
Bank BTN. As time goes by, Bank BTN was the only bank in BOARD OF COMMISSIONERS
Indonesia with full concentration of developing its business in the 1. Chandra Hamzah * 5. Eko Djoeli Heripoerwanto
financial housing services through the KPR BTN Program (BTN 2. Ahdi Jumhari Luddin * 6. Heru Budi Hartono
Mortgage Program). Bank BTN offers two types of mortgages.
3. Andin Hadiyanto 7. Iqbal Latanro *
First, government mortgage program which is mortgage program
4. Armand Bachtiar Arief *
supported by the government to help low income people to buy
houses, and second is commercial mortgage. BTN dominates the
market share of government mortgage program with more than
94,12% of market share. BTN also a pioneer of mortgage *independen
securitization in Indonesia. After having a strict administrative BOARD OF DIRECTORS
process & meeting legal and regulatory requirements of 1. Haru Koesmahargyo 7. Nixon L.P. Napitupulu
mortgage securitization, BTN successfully launched the first
2. Andi Nirwoto 8. Nofry Rony Riswanti
mortgage securitization in 2009. As of December 31, 2020, BTN
have conducted mortgage securitization for 13 (thirteen) times 3. Eko Waluyo 9. Setiyo Wibowo
with rating idAAA. 4. Elisabeth Novie Riswanti
5. Hirwandi Gafar
The Government of Indonesia is our largest shareholder with
6. Jasmin
60.00% ownership. Bank BTN is the fifth-largest bank in Indonesia
in terms of asset , loans and deposits. Bank BTN was listed in
Indonesia Stock Exchange on December 17, 2009.
In line with the growth of the Indonesian population, the number
of housings or residencies backlog keeps increasing. Housing is No. Rating Agency Rating Rating Date Outlook
the basic needs of the community. Based on the Statistics
Indonesia (BPS), the backlog number reached 11.4 million house 1. Pefindo idAA+ 5-May-21 Stable
units, which still needs to be fulfilled by the Government. To 2. Fitch Rating Indonesia AA(idn) 30-Mar-21 Stable
reduce the amount of backlog, Bank BTN participated in the One 3. Pefindo idAA+ 26-May-20 Stable
Million Houses Program, proclaimed by President Joko Widodo in
4. Fitch Rating Indonesia AA(idn) 13-Apr-20 Stable
the Nawacita Program (9 Development Priorities Agenda).
5. Pefindo idAA+ 9-Mar-20 Stable
as of June 2021
SWOT Analysis
-Strong support from the Government of Indonesia -Moderate profitability
-Very strong business position
-Strong relationships with housing business stakeholders S W -Below average asset quality
O T
-Government housing program -Tight competition in non-subsidized mortgage loan
-Growth digital banking business segment
-Monetary stimulus to boost banking liquidity -Consolidated property market
252
AS OF JUNE 2021
Coupon Coupon
Obligasi 05-Sep-20
BBTN01CN1 Berkelanjutan I Bank 7.90% 05-Dec-20 PT Bank Mega idAA+
1. 2,000,000 06-Jun-12 05-Jun-22 10
IDA000052104 BTN Tahap I Tahun 05-Mar-21 Tbk. Stable
Obligasi 27-Sep-20
BBTN01CN2 Berkelanjutan I Bank 7.90% 27-Dec-20 PT Bank Mega idAA+
2. 2,000,000 28-Mar-13 27-Mar-23 10
IDA000057608 BTN Tahap II Tahun 27-Mar-21 Tbk. Stable
Obligasi 30-Aug-20
BBTN02BCN2 Berkelanjutan II Bank 8.75% 30-Nov-20 PT Bank Mega idAA+
3. 1,653,000 31-Aug-16 30-Aug-21 5
IDA0000755B9 BTN Tahap II tahun 28-Feb-21 Tbk. Stable
2016 Seri B Quarterly 30-May-21
Obligasi 08-Jul-20
BBTN02CCN1 Berkelanjutan II Bank 10.00% 08-Oct-20 PT Bank Mega idAA+
4. 800,000 09-Jul-15 08-Jul-22 7
IDA0000696C3 BTN Tahap I tahun 08-Jan-21 Tbk. Stable
Obligasi 08-Jul-20
BBTN02DCN1 Berkelanjutan II Bank 10.50% 08-Oct-20 PT Bank Mega idAA+
5. 800,000 09-Jul-15 08-Jul-25 10
IDA0000696D1 BTN Tahap I tahun 08-Jan-21 Tbk. Stable
2015 Seri D Quarterly 08-Apr-21
Obligasi 13-Jul-20
PT Bank
BBTN03BCN1 Berkelanjutan III Bank 8.50% 13-Oct-20 idAA+
6. 1,295,000 14-Jul-17 13-Jul-22 5 Mandiri
IDA0000833B4 BTN Tahap I Tahun 13-Jan-21 Stable
(Persero) Tbk.
Obligasi 28-Sep-20
BBTN03BCN2 Berkelanjutan III Bank 8.75% 28-Dec-20 PT Bank Mega idAA+
7. 1,168,000 01-Jul-19 28-Jun-22 3
IDA0000985B2 BTN Tahap II Tahun 28-Mar-21 Tbk. Stable
Obligasi 13-Jul-20
PT Bank
BBTN03CCN1 Berkelanjutan III Bank 8.70% 13-Oct-20 idAA+
8. 853,000 14-Jul-17 13-Jul-24 7 Mandiri
IDA0000833C2 BTN Tahap I Tahun 13-Jan-21 Stable
(Persero) Tbk.
Obligasi 28-Sep-20
BBTN03CCN2 Berkelanjutan III Bank 9.00% 28-Dec-20 PT Bank Mega idAA+
9. 1,219,500 01-Jul-19 28-Jun-24 5
IDA0000985C0 BTN Tahap II Tahun 28-Mar-21 Tbk. Stable
2019 Seri C Quarterly 28-Jun-21
Obligasi 13-Jul-20
PT Bank
BBTN03DCN1 Berkelanjutan III Bank 8.90% 13-Oct-20 idAA+
10. 1,386,000 14-Jul-17 13-Jul-27 10 Mandiri
IDA0000833D0 BTN Tahap I Tahun 13-Jan-21 Stable
(Persero) Tbk.
2017 Seri D Quarterly 13-Apr-21
PT Bank
Obligasi -
Pembangunan
BBTN04ACN1 Berkelanjutan IV 6.75% 19-Nov-20 idAA+
11. 577,000 24-Aug-20 29-Aug-21 1 Daerah Jawa
IDA0001088A6 Bank BTN Tahap I 19-Feb-21 Stable
Barat Dan
Tahun 2020 Seri A Quarterly 19-May-21 Banten Tbk.
PT Bank
Obligasi -
Pembangunan
BBTN04BCN1 Berkelanjutan IV 7.80% 19-Nov-20 idAA+
12. 727,000 24-Aug-20 19-Aug-23 3 Daerah Jawa
IDA0001088B4 Bank BTN Tahap I 19-Feb-21 Stable
Barat Dan
Tahun 2020 Seri B Quarterly 19-May-21 Banten Tbk.
PT Bank
Obligasi -
Pembangunan
Berkelanjutan IV 8.40% 19-Nov-20
13. BBTN04CCN1 196,000 24-Aug-20 19-Aug-25 5 Daerah Jawa idAA+
IDA0001088C2 Bank BTN Tahap I 19-Feb-21 Stable
Barat Dan
Tahun 2020 Seri C Quarterly 19-May-21 Banten Tbk.
253
TRADING HIGHLIGHT
BBTN01CN1
Volume
Trading 2020 2021
Activities,
360 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
300 Volume
25 Volume (Rp bn) 46.50 28.00 91.00 104.00 22.00 299.00
240 20
180 15 Turnover Ratio (%) 9.30 5.60 18.20 20.80 4.40 59.80
CTP Price - High 101.820 100.350 102.500 102.530 101.880 103.600
120 10
Date 10-Mar 10-Jun 17-Sep 26-Oct 30-Mar 16-Jun
60 5
CTP Price - Low 99.350 99.970 100.380 100.980 100.980 102.400
- - Date 06-Jan 04-May 22-Jul 08-Dec 18-Jan 29-Jun
PHEI Fair Yield (%) 7.9915 7.2893 6.9409 6.4754 6.2227 4.2436
Mod. Duration (yrs) 1.972 1.769 1.556 1.339 1.114 0.893
105 9.0
Convexity (yrs) 4.574 3.704 2.897 2.180 1.546 1.034
103 8.0 Sensitivity (%) 0.020 0.018 0.016 0.013 0.011 0.009
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBTN01CN2 Listing Date Maturity Date
ISIN CODE : IDA000057608 Mar-13 Mar-15 Mar-17 Mar-19 Mar-21 Mar-23
Volume
Trading 2020 2021
Activities,
160 20 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 58.10 50.00 126.00 150.00 20.00 -
Frequency
120 15 Frequency (X) 10 8 19 2 2 1
80 10 Turnover Ratio (%) 11.62 10.00 25.20 30.00 4.00 -
CTP Price - High 102.220 98.780 102.150 102.160 103.000 101.900
40 5 Date 19-Feb 29-Apr 22-Sep 07-Oct 29-Jan 07-May
CTP Price - Low 98.610 98.300 98.440 102.150 103.000 101.900
- - Date 23-Jan 14-Apr 23-Jul 07-Oct 29-Jan 07-May
PHEI Fair Yield (%) 8.4598 7.6428 7.7184 6.9578 6.9073 5.4981
Mod. Duration (yrs) 2.631 2.445 2.242 2.041 1.828 1.623
105 10.0
Convexity (yrs) 8.044 6.944 5.854 4.871 3.933 3.128
103 9.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
254
BBTN02BCN2
Volume
Trading 2020 2021
Activities,
1800 36 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
1500 30 Volume (Rp bn) 102.50 44.00 151.00 ###### 345.00 288.00
Frequency
Frequency (X) 8 12 14 32 19 16
1200 24
900 18 Turnover Ratio (%) 24.80 10.65 36.54 408.47 83.48 69.69
CTP Price - High 102.870 100.950 102.970 103.760 102.150 101.350
600 12
Date 30-Jan 25-Jun 09-Sep 12-Oct 15-Jan 24-May
300 6
CTP Price - Low 102.700 100.350 102.050 102.200 101.280 100.750
- - Date 04-Feb 20-Apr 25-Aug 01-Oct 30-Mar 31-May
PHEI Fair Yield (%) 7.3318 6.3342 6.2562 5.5370 5.5714 4.6136
Mod. Duration (yrs) 1.311 1.098 0.872 0.640 0.399 0.165
105 8.0
Convexity (yrs) 2.103 1.510 0.991 0.574 0.259 0.068
Sensitivity (%) 0.013 0.011 0.009 0.006 0.004 0.002
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBTN02CCN1
ISIN CODE : IDA0000696C3 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
120 16 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 107.00 - 3.00 48.00 29.00 1.00
Frequency
90 12 Frequency (X) 12 - 2 7 4 2
Trading days 5 - 1 2 2 1
60 8 Turnover Ratio (%) 53.50 - 1.50 24.00 14.50 0.50
CTP Price - High 106.700 - 104.950 106.150 106.550 104.050
30 4 Date 21-Feb - 22-Jul 01-Dec 06-Jan 29-Apr
CTP Price - Low 102.050 - 104.930 105.800 106.170 104.030
- - Date 20-Mar - 22-Jul 12-Nov 22-Mar 29-Apr
PHEI Fair Yield (%) 9.1489 7.0702 6.6556 6.0323 5.7432 4.9606
Mod. Duration (yrs) 1.970 1.790 1.589 1.383 1.167 0.953
111 10.0
Convexity (yrs) 4.692 3.884 3.083 2.365 1.720 1.182
109 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
107 8.0
105 7.0
103 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
255
BBTN02DCN1
ISIN CODE : IDA0000696D1 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25
Volume
Trading 2020 2021
Activities,
15 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 3.00 9.00 - 12.00
12 4
Frequency Frequency (X) - - 3 3 - 4
9 3 Trading days - - 1 1 - 2
Turnover Ratio (%) - - 1.50 4.50 - 6.00
6 2 CTP Price - High - - 110.500 110.950 - 113.020
Date - - 03-Jul 06-Nov - 06-May
3 1
CTP Price - Low - - 108.400 110.600 - 112.800
- - Date - - 03-Jul 06-Nov - 05-May
PHEI Fair Yield (%) 9.2332 8.1520 8.0849 7.3934 7.3980 6.6203
Mod. Duration (yrs) 3.963 3.858 3.707 3.569 3.404 3.259
115 11.0
Convexity (yrs) 19.585 18.375 16.895 15.567 14.119 12.865
112 10.0 Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.033
109 9.0
106 8.0
103 7.0
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBTN03BCN1
Volume
Trading 2020 2021
Activities,
350 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
300 30 Volume (Rp bn) 324.60 54.40 28.00 7.00 7.00 33.00
Frequency
250 25 Frequency (X) 33 15 27 12 20 24
Trading days 12 13 19 9 13 15
200 20
Turnover Ratio (%) 100.26 16.80 8.65 2.16 2.16 10.19
150 15
CTP Price - High 104.000 104.500 103.570 104.610 104.610 104.950
100 10 28-Feb 05-Jun 13-Aug 27-Oct 20-Jan 09-Apr
Date
50 5 CTP Price - Low 100.960 98.890 99.440 101.000 101.150 101.600
PHEI Fair Yield (%) 8.0649 7.0791 6.6913 5.9958 5.7549 4.9723
Mod. Duration (yrs) 2.022 1.828 1.622 1.412 1.192 0.974
107 9.0
Convexity (yrs) 4.879 4.005 3.179 2.440 1.776 1.224
105 8.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
256
BBTN03BCN2
ISIN CODE : IDA0000985B2 Jul-19 Feb-20 Sep-20 Apr-21 Nov-21 Jun-22
Volume
Trading 2020 2021
Activities,
1000 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 80
600 60 Trading days 17 7 16 9 8 4
Turnover Ratio (%) 268.84 68.49 136.64 105.48 153.77 148.63
400 40 CTP Price - High 104.410 102.030 103.300 104.250 104.820 104.560
Date 06-Mar 27-Apr 02-Sep 02-Nov 10-Feb 28-Jun
200 20
CTP Price - Low 100.520 100.540 100.560 101.500 103.790 103.980
- - Date 16-Mar 11-Jun 10-Sep 02-Oct 04-Jan 30-Jun
PHEI Fair Yield (%) 8.0375 7.0522 7.0124 6.0716 5.0904 4.6214
Mod. Duration (yrs) 2.019 1.821 1.610 1.397 1.176 0.952
108 9.0
Convexity (yrs) 4.792 3.918 3.088 2.358 1.707 1.159
106 8.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
104 7.0
102 6.0
100 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBTN03CCN1
Volume
Trading 2020 2021
Activities,
120 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
100 10 Volume (Rp bn) 16.00 - - 96.00 8.00 40.00
Frequency
Frequency (X) 2 - - 10 2 2
80 8
Trading days 1 - - 5 1 1
60 6 Turnover Ratio (%) 7.50 - - 45.02 3.75 18.76
CTP Price - High 105.580 - - 104.220 105.290 105.180
40 4
Date 23-Jan - - 17-Dec 25-Feb 15-Apr
20 2
CTP Price - Low 103.560 - - 103.650 105.270 105.170
- - Date 23-Jan - - 03-Nov 25-Feb 15-Apr
PHEI Fair Yield (%) 8.9604 7.9020 7.7129 7.3396 7.1521 6.2075
Mod. Duration (yrs) 3.473 3.329 3.157 2.984 2.800 2.627
110 10.0
Convexity (yrs) 14.503 13.244 11.879 10.583 9.307 8.172
Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
106 9.0
102 8.0
98 7.0
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
257
BBTN03CCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
200 16 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 14.00 83.00 180.00 115.00 85.00 -
Frequency
150 12 Frequency (X) 2 10 12 14 8 -
Trading days 1 4 4 6 2 -
100 8 Turnover Ratio (%) 4.59 27.22 59.04 37.72 27.88 -
CTP Price - High 103.800 101.530 108.600 107.260 105.800 -
50 4 Date 13-Feb 14-Apr 18-Sep 23-Oct 16-Mar -
CTP Price - Low 103.780 99.820 103.050 104.830 105.570 -
- - Date 13-Feb 19-May 29-Sep 02-Oct 15-Mar -
PHEI Fair Yield (%) 8.9475 8.2733 6.9861 7.0364 6.9407 6.1884
Mod. Duration (yrs) 3.492 3.337 3.183 2.999 2.810 2.631
111 10.0
Convexity (yrs) 14.438 13.118 11.870 10.520 9.230 8.076
108 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
105 8.0
102 7.0
99 6.0
96 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBTN03DCN1
Volume
Trading 2020 2021
Activities,
1000 50 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - - 145.00 2.00 880.00
800 40
Frequency (X) - - - 17 2 43
600 30 Trading days - - - 3 2 9
Turnover Ratio (%) - - - 41.85 0.58 253.97
400 20 CTP Price - High - - - 104.900 - 108.750
Date - - - 23-Dec - 03-Jun
200 10
CTP Price - Low - - - 100.850 - 108.000
- - Date - - - 14-Oct - 17-Jun
PHEI Fair Yield (%) 9.6221 8.5959 8.6954 7.9045 7.9742 7.1380
Mod. Duration (yrs) 5.165 5.112 4.972 4.882 4.733 4.631
111 12.0
Convexity (yrs) 34.013 32.885 30.993 29.586 27.711 26.292
108 11.0 Sensitivity (%) 0.052 0.051 0.050 0.049 0.047 0.046
105 10.0
102 9.0
99 8.0
96 7.0
93 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
258
BBTN04ACN1
ISIN CODE : IDA0001088A6 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21
Volume
Trading 2020 2021
Activities,
600 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
500 Volume
25 Volume (Rp bn) - - 479.00 65.00 40.00 66.00
400 20
300 15 Turnover Ratio (%) - - 332.06 45.06 27.73 45.75
CTP Price - High - - 100.060 101.100 101.100 100.520
200 10
Date - - 27-Aug 13-Oct 02-Mar 14-Jun
100 5
CTP Price - Low - - 99.980 100.090 101.050 100.500
- - Date - - 31-Aug 12-Oct 02-Mar 14-Jun
PHEI Fair Yield (%) - - 6.7074 5.6859 4.8771 4.2607
Mod. Duration (yrs) - - 0.875 0.641 0.400 0.162
102 7.0
Convexity (yrs) - - 0.993 0.574 0.260 0.066
Sensitivity (%) - - 0.009 0.006 0.004 0.002
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBTN04BCN1 Listing Date Maturity Date
ISIN CODE : IDA0001088B4 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23
Volume
Trading 2020 2021
Activities,
200 10 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - 141.00 168.00 38.00 36.00
160 8
Frequency (X) - - 9 5 4 2
120 6 Trading days - - 5 4 2 1
Turnover Ratio (%) - - 77.58 92.43 20.91 19.81
80 4 CTP Price - High - - - 102.750 104.000 104.150
40 2
CTP Price - Low - - - 100.150 103.580 104.100
- - Date - - - 05-Nov 04-Jan 25-Jun
PHEI Fair Yield (%) - - 7.3077 6.6914 6.5395 5.7825
Mod. Duration (yrs) - - 2.546 2.352 2.147 1.947
105 10.0
Convexity (yrs) - - 7.575 6.474 5.411 4.470
104 9.0 Sensitivity (%) - - 0.025 0.024 0.021 0.019
103 8.0
102 7.0
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
259
BBTN04CCN1 Listing Date Maturity Date
ISIN CODE : IDA0001088C2 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25
Volume
Trading 2020 2021
Activities,
50 10 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - 44.00 - - -
40 8
30 6 Trading days - - 3 - - -
Turnover Ratio (%) - - 89.80 - - -
20 4 CTP Price - High - - - - - -
Date - - - - - -
10 2
- - Date - - - - - -
PHEI Fair Yield (%) - - 8.1247 7.4288 7.4378 6.6639
Mod. Duration (yrs) - - 3.945 3.799 3.624 3.469
107 9.0
Convexity (yrs) - - 18.594 17.136 15.560 14.186
105 8.5 Sensitivity (%) - - 0.039 0.038 0.036 0.035
103 8.0
101 7.5
99 7.0
97 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BBTN04ACN1 479 65 94.3%
BBTN04BCN1 141 168 42.5%
BBTN04CCN1 44 22.4%
BBTN02CCN1 107 48 19.8%
BBTN02DCN1 1.5%
BBTN03BCN1 325 54 28 32.0%
BBTN03BCN2 785 200 399 308 144.9%
BBTN03CCN1 16 96 13.1%
BBTN03CCN2 14 83 180 115 32.1%
BBTN03DCN1 145 10.5%
BBTN04ACN1 479 65 94.3%
BBTN04BCN1 141 168 42.5%
BBTN04CCN1 44 22.4%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800
260
BBTN FINANCIAL HIGHLIGHT

Cash on Hand 1,369,167 1,429,426 4.40 p 20.20
Placements with Other Banks 11,097,193 19,830,433 78.70 p
15.71 15.73
12.29
Loans 249,708,993 247,053,220 -1.06 q 9.28
Investments - - -  6.38
(%)
4.76 4.32
3.32 3.06
Total Assets 311,776,828 361,208,406 15.85 p 0.81
Deposits 229,903,881 279,024,113 21.37 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 5,295,000 5,295,000 - 
18.11
Total Equity 23,836,195 19,987,845 -16.14 q 10.02
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Expenses -10,549,880 -9,098,165 13.76 p Return on Assets Return on Equity
Income from Operations 521,773 2,330,285 346.61 p
Income (Loss) for the periods 209,263 1,602,358 665.71 p LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income (Loss) 557,332 2,352,711 322.14 p 113.50
Net Income/Loss Attributed 209,263 1,602,358 665.71 p 103.13 103.25
98.12 93.19
Peer Group
(%)

Financial Ratios
Return on Assets (%) 1.71 1.34 0.13 0.69
Return on Equity (%) 18.11 14.93 1.00 10.02
BOPO (%) 82.06 85.58 98.12 91.61
Cash Flow / Debt (%) 0.14 -0.85 -5.15 8.26
261
BCAF PT BCA Finance

Sub Sector : Financing Service Wisma BCA Pondok Indah 2nd Floor
Website : www.bcafinance.co.id Jln. Metro Pondok Indah No. 10
Corporate Sec. : Mahendra Gautama Jakarta 12310
Fax : (021) 2997-3232
PT BCA Finance (BCAF) was founded in 1981 SHAREHOLDERS

under the name PT Central Sari Metropolitan 1. PT Bank Central Asia 99.58%
Leasing Corporation (CSML). At the beginning of its establishment, Tbk.
BCAF's shareholders were PT Bank Central Asia and Japan Leasing 2. BCA Finance Ltd. 0.42%
Corporation. At that time, BCAF was still focusing its business on (Hongkong)
commercial financing, such as financing production machines, heavy
equipment and transportation.
In accordance with the Decree of the Minister of Law and Human
Rights of the Republic of Indonesia No. C-08091 HT.01.04.TH.2005, as
AUDIT COMMITTEE
of March 28, 2005 PT Central Sari Finance has changed its name to PT 1. Sulistyowati
BCA Finance. Along with the name change, BCA Finance's growth 2. Neneng H.Santoso
accelerated sharply. This is reflected in the significant increase in the 3. Rita Tjahjadi
number of new financing releases and total assets under
management. This achievement is inseparable from the full support
provided by our parent company, namely PT Bank Central Asia, Tbk. BOARD OF COMMISSIONERS
In the financing sector, BCAF is still focused on the car financing 1. Jacobus Sindu Adisuwono
sector. From time to time BCA Finance strives continuously to
2. David Hamdan
increase the Company's market share, either by implementing the
3. Sulistiyowati *
right strategy, expanding the opening of new branches or by always
providing the best service to its customers. BCAF has a relatively wide
business network spread across major cities throughout Indonesia.
*independen
BOARD OF DIRECTORS
1. Roni Haslim
2. Amirdin Halim
3. Lim Handoyo
4. Petrus Santoso Karim
5. Sugito Lie
1. Fitch Rating Indonesia AA+(idn) 11-Dec-20 Stable

5. Fitch Rating Indonesia AAA(idn) 2-Apr-19 Stable
as of June 2021
SWOT Analysis
-Strong likelihood of support from parent company, bank -Pressure on asset quality and profitability
BCA
-Strong market position S W -High concentration of asset portfolio in Java
-Strong liquidity and financial flexibility
- Economic recovery prospect - Unfavorable impact of COVID-19

- Expansion opportunity outside Java area - Tight competition in the industry
O T
262
AS OF JUNE 2021
Coupon Coupon
05-Aug-20 PT Bank
BCAF03BCN1 7.10% 05-Nov-20 Rakyat AA+(idn)
1. III BCA Finance Tahap I 160,000 06-Nov-19 05-Nov-21 2
IDA0001022B3 05-Feb-21 Indonesia Stable
Tahun 2019 Seri B
05-Aug-20 PT Bank
BCAF03CCN1 7.80% 05-Nov-20 Rakyat AA+(idn)
2. III BCA Finance Tahap I 498,000 06-Nov-19 05-Nov-22 3
IDA0001022C1 05-Feb-21 Indonesia Stable
Tahun 2019 Seri C
TRADING HIGHLIGHT
BCAF03BCN1
ISIN CODE : IDA0001022B3 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) 2.00 38.00 5.00 9.00 3.00 -
Frequency
Frequency (X) 1 10 1 5 3 -
28 8
Turnover Ratio (%) 5.00 95.00 12.50 22.50 7.50 -
CTP Price - High 101.150 100.700 - 101.600 102.130 -
14 4
Date 19-Feb 09-Jun - 10-Dec 04-Feb -
CTP Price - Low 101.150 100.680 - 101.550 101.400 -
- - Date 19-Feb 09-Jun - 10-Dec 04-Jan -
PHEI Fair Yield (%) 7.5192 6.1457 5.9308 5.6028 5.0894 4.2961
Mod. Duration (yrs) 1.477 1.264 1.039 0.810 0.574 0.339
104 8.0
Convexity (yrs) 2.632 1.963 1.366 0.870 0.477 0.200
Sensitivity (%) 0.015 0.013 0.010 0.008 0.006 0.003
102 6.5
100 5.0
98 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
263
BCAF03CCN1 Listing Date Maturity Date
ISIN CODE : IDA0001022C1 Nov-19 Apr-20 Sep-20 Feb-21 Jul-21 Dec-21 May-22 Oct-22
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume (Rp bn) 10.00 - 118.00 52.00 23.00 20.00
Volume
120 12 Frequency (X) 2 - 14 12 6 2
Frequency
80 8 Turnover Ratio (%) 8.03 - 94.78 41.77 18.5 16.1
CTP Price - High 102.700 - 102.350 104.300 104.650 104.050
40 4 Date 24-Feb - 17-Sep 21-Dec 16-Feb 07-May
CTP Price - Low 102.650 - 100.750 102.700 103.600 104.000
- - Date 24-Feb - 03-Jul 09-Oct 04-Feb 07-May
PHEI Fair Yield (%) 8.2572 7.2655 6.6756 6.2745 5.9118 5.2246
Mod. Duration (yrs) 2.297 2.106 1.903 1.694 1.477 1.262
106 9.0
Convexity (yrs) 6.206 5.227 4.289 3.426 2.638 1.962
104 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
102 7.0
100 6.0
98 5.0
96 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
BCAF03BCN1 33.8%
BCAF03CCN1 10 118 52 36.1%
- 100 200 300 400 500 600
264
BCAF FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 1,693 1,507 -10.99 q 64.96 63.99 63.32
56.60 58.43 56.30
Other Receivables 91,462 64,901 -29.04 q 53.94
36.30
Consumer Financing Receivables 9,472,289 6,898,607 -27.17 q 40.00 38.88
Total Assets 10,873,175 8,536,082 -21.49 q
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,000,000 1,000,000 -  Operating Profit Margin Net Profit Margin
Total Equity 6,024,421 6,457,657 7.19 p 32.42
28.43
19.69 18.90
(%)
17.22 15.75 14.30
INCOME STATEMENTS
Total Revenues 3,064,462 2,660,086 -13.20 q
Expenses 884,026 701,392 -20.66 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 2,315,803 1,638,899 -29.23 q
owners of parent entity 331.92
206.03 195.36
Peer Group 153.49
(%)

36.68 46.06
1. PT BCA Finance 2,660 45.88 -13.20 35.04 36.01
2. PT MNC Kapital Indonesia Tbk. 2,657 2.47 -2.92
3. PT Toyota Astra Financial Services 2,445 33.53 0.34 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Oto Multiartha 2,384 -22.14 -32.01
5. PT Sarana Multigriya Finansial (Persero) 2,340 20.08 25.99 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 17.22 19.69 15.75 14.30
Return on Equity (%) 37.33 32.42 28.43 18.90
BOPO (%) 35.04 36.01 36.68 46.06
Cash Flow / Debt (%) 31.13 57.32 -18.89 184.73
265
BCAP PT MNC Kapital Indonesia Tbk.

Sub Sector : Holding & Investment Companies MNC Financial Center 21st Floor
Website : www.mncfinancialservices.com Jln. Kebon Sirih No. 21-27
Corporate Sec. : Edward Kennetze Lubis Jakarta 10340
Fax : (021) 3983-6870
PT MNC Kapital Indonesia Tbk or BCAP, was

SHAREHOLDERS
established in 1999 and went public in 2001.
BCAP provides complete and integrated 1. HT Investment Dev Ltd 8.81% 6. Natalia Purnama 0.03%
conventional and digital financial services, 2. Darma Putra 0.08% 7. Peter Fajar 0.01%
in c lu d i n g b an k i n g, c o n s u m e r f i n an c e,
3. Tien 0.05% 8. Ageng Purwanto 0.01%
leasing, securities, international brokerage, general insurance, life insurance,
asset management, financial technology, and payment gateways. 4. Wito Mailoa 0.01% 9. Darma Widjaja 0.00%
5. Jessica H. Tanoesoedibjo 0.07% 10. Samuel Mulyono 0.00%
MNC Bank provides full-service banking for individuals, SMEs, and wholesale,
with credit card and debit card operations. MNC Bank has moved into the
digital by introducing a new digital banking application MotionBanking, as AUDIT COMMITTEE
part of MNC Bank’s digital strategy towards branchless banking. Besides full
1. Sukisto
biometric onboarding and artificial intelligence, MotionBanking is built with
an open API architecture to enable third party applications to become part of 2. Andrea Frans Tambunan
MotionBanking, including integration with other Motion apps to be a one- 3. Riza Satria
stop digital financial services solution.
MNC Finance is engaged in consumer financing, primarily covering motor

vehicles and property financing, whilst providing multi-purpose financing and
factoring to SME industry. MNC Leasing serves corporate customers by
providing productive asset financing that focuses on the health care and 1. Darma Putra
heavy equipment business, supply chain financing, factoring, operating 2. Sukisto *
leases, and Hajj travel financing. MNC Leasing and MNC Finance are
developing MotionCredit application to provide digital loan and P2P lending.
3. Tien
MNC Sekuritas, provides a full range of securities services, including equity
trading, fixed income, investment banking and research. It has more than 170
points of sales and operates MotionTrade, a leading online trading and
mutual fund platform.
*independen
MNC Insurance provides general insurance services for individuals and
corporates, including property, motor vehicles, and travel insurances. While
BOARD OF DIRECTORS
MNC Life offers an array of life insurance products, including health, accident, 1. Wito Mailoa 7. Samuel Mulyono
and unit link. MNC Life operates MotionInsure, the most complete digital 2. Ageng Purwanto
insurance app, equipped with complete features enabling convenience such
as online claims and 24/7 online customer service. MNC Asset Management 3. Darma Widjaja
manages a variety of investment products for individuals and institutional 4. Jessica Herliani Tanoesoedibjo
investors, specializing in equity, fixed income, and money market 5. Natalia Purnama
instruments. It is developing MotionFunds, an online mutual fund platform
interconnected with other Motion apps. 6. Peter Fajar
MNC Teknologi Nusantara operates MotionPay, an e-money, e-wallet, and

digital remittance platform. MotionPay is QRIS certified, ensuring
interconnectivity with other e-money providers. Flash Mobile serves as the Historical Corporate Ratings
payment gateway and biller aggregator platform. Flash Mobile has the
highest Payment Card Industry Data Security Standard certification with No. Rating Agency Rating Rating Date Outlook
advanced fraud detection systems and invoicing services.
1. Pefindo idBBB 15-Mar-21 Stable
With the various Motion apps, integrated under Motion Technology,
MNC Kapital is building the most integrated digital financial services
ecosystem in Indonesia. 3. Pefindo idBBB 13-Mar-19 Stable
5. Pefindo idBBB 12-Apr-17 Stable
as of June 2021
SWOT Analysis
-Above average capitalization -High dependence on the Group and its founder
-Adequate liquidity and financial flexibility.
S W -Indirect access to it’s subsidiaries' operating cash
flow
- Rising middle income class -Adverse economic conditions due to COVID-19
O T
- Cross selling opportunity among MNC Group -Volatility in the capital and investment markets
- Potential growth with an integrated digital infrastructure
266
AS OF JUNE 2021
Coupon Coupon
Obligasi 03-Jul-20
PT Bank Rakyat
BCAP02CN1 Berkelanjutan II MNC 12.50% 03-Oct-20 idBBB
1. 300,000 04-Jul-18 03-Jul-23 5 Indonesia
IDA000091607 Kapital Indonesia 03-Jan-21 Stable
(Persero) Tbk.
Tahap I Tahun 2018 Quarterly 03-Apr-21
TRADING HIGHLIGHT
BCAP02CN1
Volume
Trading 2020 2021
Activities,
500 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 40
300 30 Trading days 10 21 14 5 9 8
Turnover Ratio (%) 876.60 557.07 602.67 33.33 344.00 570.67
200 20 CTP Price - High 104.740 103.820 105.550 104.390 106.620 106.860
Date 05-Mar 09-Apr 03-Sep 02-Oct 18-Jan 16-Apr
100 10
CTP Price - Low 100.600 90.900 91.900 100.400 102.430 99.700
- - Date 21-Jan 29-Jun 28-Sep 07-Oct 20-Jan 03-Jun
PHEI Fair Yield (%) 12.0433 11.1484 11.4032 10.0814 10.1483 10.0240
Mod. Duration (yrs) 2.570 2.422 2.249 2.087 1.902 1.718
110 13.0
Convexity (yrs) 8.213 7.252 6.244 5.363 4.461 3.652
107 12.0 Sensitivity (%) 0.026 0.024 0.022 0.021 0.019 0.017
104 11.0
101 10.0
98 9.0
95 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BCAP02CN1 412 418 452 25 435.6%
- 200 400 600 800 1,000 1,200 1,400
267
BCAP FINANCIAL HIGHLIGHT

57.82 59.27
Cash & Cash Equivalents 1,177,395 1,758,171 49.33 p 51.47
Other Receivables 8,236,438 8,169,185 -0.82 q 41.10 37.19
2,016,201 1,573,859 -21.94 q 28.73
Consumer Financing Receivables 17.11 19.62
Property, Plant and Equipment 236,194 204,704 -13.33 q 5.78 2.06 2.47
Total Assets 18,385,005 19,101,546 3.90 p
(%)
-30.91
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 3,890,637 3,976,085 2.20 p Operating Profit Margin Net Profit Margin
Paid up Capital (Shares) 38,906,368,927 39,760,851,927 2.20 p Net Interest Margin
Non Controlling Interest 630,775 487,356 -22.74 q
2.68
Total Equity 5,545,979 5,093,834 -8.15 q 1.02 1.29
0.82 0.31 0.34
(%)
-3.71
INCOME STATEMENTS
Total Revenues 2,737,029 2,657,232 -2.92 q
Expenses 1,703,480 1,663,179 -2.37 q -13.11
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Finance Costs 951,237 909,439 -4.39 q
EBITDA 1,320,264 1,217,427 -7.79 q
62.81
48.53
42.18 40.73
Peer Group
(%)

19.08
11.24
1. PT BCA Finance 2,660 45.88 -13.20
Financial Ratios
Net Profit Margin (%) -30.91 5.78 2.06 2.47
Return on Assets (%) -3.71 0.82 0.31 0.34
Return on Equity (%) -13.11 2.68 1.02 1.29
BOPO (%) 48.53 42.18 40.73 62.81
Cash Flow / Debt (%) -12.20 0.69 -3.07 12.21
Interest Coverage Ratio (x) -1.78 121.44 108.82 109.36
268
BCOM PT Bank Commonwealth

Sub Sector : Banks Treasury Tower, 65th Floor
Website : www.commbank.co.id/id District 8, SCBD Lot 28, Jl. Jend. Sudirman Kav. 52-53
Corporate Sec. : Stacey Aryadi Suryoputro Jakarta 12920
Fax : (021) 5096-0140
PT. Bank Commonwealth (“Bank SHAREHOLDERS

Commonwealth”) is a subsidiary of the
1. Commonwealth Bank 99.00% 5. PT Ramadewan Winoko 0.08%
Sydney bas ed Commonwealth Bank of
Au s tr a lia ( CB A ) , th e la rg es t fina n ci a l of Australia 6. PT Prima Rukun Langgeng 0.07%
company listed in Australia Securities Exchange (ASX). The presence 2. PT Murni Galaxy 0.35% 7. PT Finkom Surya Putra 0.04%
of Bank Commonwealth is part of CBA’s long-term strategy to 3. PT Giga Galaxy 0.35%
expand its business in Asia Pacific, particularly in Indonesia. In
4. PT Samudra Anugrah 0.11%
Indonesia, it was marked with the opening of its representative office
in 1992. In 1997, CBA established a joint venture to provide Megah
corporate banking services to Indonesian business entities, and then AUDIT COMMITTEE
it became Bank Commonwealth, with CBA as a majority shareholder 1. Khairil Anwar
in 2000. In 2007, as part of an expansion plan to develop Small and
2. Jono Effendy
Medium Enterprise (SME) market, Bank Commonwealth acquired the
Surabaya-based Bank Artha Niaga Kencana (ANK), which had a 3. Teuku Radja Sjahnan
strong presence in Eastern Java. The acquisition established Bank
Commonwealth’s footprint to broaden its reach to Eastern Indonesia.
Bank Commonwealth focuses on both the Retail and SME segments, BOARD OF COMMISSIONERS
providing a full range of banking products and services – as well as 1. David Cohen
being a leading provider of Wealth Management – by offering
2. Khairil Anwar *
tailored financial solutions to serve customers’ needs.
3. Stephen Vile
Bank Commonwealth maintains ‘AAA’ national long-term rating with 4. Suwartini *
Stable Outlook since 2010 from PT. Fitch Ratings Indonesia (Fitch), a
wholly-owned subsidiary of Fitch Ratings Ltd. ‘AAA’ is the highest
rating assigned to any debt issuer, reflecting the Bank’s high level of
creditworthiness with the strongest capacity to repay investors. Such *independen
rating allows Bank Commonwealth to attractively price its issuance of BOARD OF DIRECTORS
local debt instruments to fund future growth.
1. Lauren Sulistyawati
2. Bagus Harimawan
3. Ming Hong Chen
4. Timothy Christopher Delahunty
5. Yessika Effendi
1. Fitch Rating Indonesia AAA(idn) 4-Aug-21 Stable

as of June 2021
SWOT Analysis
-Strong support from Commonwealth Bank of Australia -Weakening overall credit profile
-High degree of integration with the parent company
S W
O T
-Business synergy with parent company -Loan delinquency risk
companies
269
AS OF JUNE 2021
Coupon Coupon
-
Obligasi I Bank PT Bank
BCOM01 7.50% 03-Dec-20 AAA(idn)
1. Commonwealth 1,000,000 04-Sep-20 03-Sep-23 3 Mandiri
IDA000109607 03-Mar-21 Stable
Quarterly 03-Jun-21
TRADING HIGHLIGHT
BCOM01
ISIN CODE : IDA000109607 Sep-20 Sep-21 Sep-22 Sep-23
Volume
Trading 2020 2021
Activities,
800 20 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - 654.00 120.00 240.00 214.00
600 15 Frequency (X) - - 19 8 12 12
400 10 Turnover Ratio (%) - - 261.60 48.00 96.00 85.60
CTP Price - High - - 100.020 100.100 102.730 103.520
200 5 Date - - 17-Sep 22-Oct 05-Feb 24-Jun
CTP Price - Low - - 99.930 100.000 101.500 101.150
- - Date - - 28-Sep 05-Nov 31-Mar 14-Apr
PHEI Fair Yield (%) - - 7.5818 6.4210 6.2893 5.8090
Mod. Duration (yrs) - - 2.590 2.401 2.194 1.991
105 8.0
Convexity (yrs) - - 7.801 6.705 5.617 4.646
Sensitivity (%) - - 0.026 0.024 0.022 0.020
103 7.0
101 6.0
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BCOM01 654 120 77.4%
- 200 400 600 800 1,000 1,200
270
BCOM FINANCIAL HIGHLIGHT

4.87 4.53
Cash on Hand 142,804 107,005 -25.07 q
Marketable Securities 667,689 501,008 -24.96 q 1.36
0.96 0.58
Loans 13,995,683 11,353,099 -18.88 q
(%)
Total Assets 21,828,948 21,491,023 -1.55 q
-2.97
Deposits 16,920,125 15,193,234 -10.21 q
31-Dec-19 31-Dec-20
Authorized Capital (Shares) 13,000,000 13,000,000 -  Net Interest Margin
Paid up Capital 3,819,667 3,819,667 - 
0.47
Retained Earnings 274,295 -5,584 -102.04 q
0.14
Total Equity 4,136,625 3,884,603 -6.09 q
(%)
-0.12
INCOME STATEMENTS
Interest Expenses 747,260 621,904 -16.78 q -1.38
31-Dec-19 31-Dec-20
Non-Operating Revenues 7,713 -34,643 -549.15 q
Earning Before Tax 31,075 -25,652 -182.55 q
Income (Loss) for the periods 16,553 -45,651 -375.79 q LIQUIDITY & SOLVENCY RATIOS
Net Income/Loss Attributed 16,553 -45,651 -375.79 q 98.97 99.59
92.12
Peer Group
(%)

3. PT Bank Rakyat Indonesia Agroniaga Tbk. 1,932 1.62 -6.00 31-Dec-19 31-Dec-20
Financial Ratios
Periode Ending 31-Dec-19 31-Dec-20
Operating Profit Margin (%) 1.36 0.58
Net Profit Margin (%) 0.96 -2.97
Net Interest Margin (%) 4.87 4.53
Return on Assets (%) 0.14 -0.12
Return on Equity (%) 0.47 -1.38
BOPO (%) 98.97 99.59
Loan To Deposit Ratio (%) 92.12 81.40
Cash Flow / Debt (%) 0.83 5.94
Interest Coverage Ratio (x) 104.16 95.88
271
BDMN PT Bank Danamon Indonesia Tbk.

Sub Sector : Banks Bank Danamon Tower 17th Tower
Website : www.danamon.co.id Jl. HR. Rasuna Said, Blok C No. 10, Karet Setiabudi
Corporate Sec. : Rita Mirasari Jakarta 12920
Fax : (021) 8064-5033
PT Bank Danamon Indonesia Tbk was founded in SHAREHOLDERS

1956, and as of 30 June 2021 manages IDR 194
trillion in assets along with its subsidiaries, 1. MUFG Bank, Ltd (Class B) 92.47%
which are PT Adira Dinamika Multi Finance Tbk. (Adira Finance). In terms 2. Public (Class A) 0.23%
of shareholding, 92.47% of Bank Danamon shares are held by The MUFG 3. Public (Class B) 7.30%
Bank, Ltd., and 7.53% by the public.
4. Board of Directors 0.02%
Danamon is supported by a network of 798 conventional branch offices,
Syariah units and branch offices of its subsidiaries as well as more than
60,000 networks of Danamon ATMs, ATM Bersama, PRIMA and ALTO
networks spread across 34 provinces. Apart from the physical network, AUDIT COMMITTEE
Danamon services can also be accessed through Danamon Online Banking,
1. Peter Benyamin Stok
mobile banking through the D-Bank and D-Card applications, SMS Banking,
as well as phone banking services via Hello Danamon. 2. Johanes Berchmans Kristiadi Pudjosukanto
3. Mawar IR Napitupulu
With a variety of financial products and services, Danamon is ready to serve
the needs of customers from various segments including Consumer banking, 4. Zainal Abidin
Small and Medium Enterprises (SMEs), Wholesale (Corporate and 5. Halim Alamsyah
Commercial), and Sharia as well as automotive financing through Adira
Finance.
1. Takayoshi Futae 7. Dan Harsono
As part of MUFG, a global financial group as well as the largest bank in Japan
2. Johanes Berchmans Kristiadi 8. Halim Alamsyah *
and one of the world's leading financial institutions, Danamon will be able to
access MUFG's strength, expertise and network to serve our customers and 3. Peter Benyamin Stok *
facilitate Danamon's growth in realizing long-term value for all stakeholders. 4. Nobuya Kawasaki
interests.
5. Hedy Maria Helena Lapian *
Danamon received an award as number one in the SLE Index 2021 category 6. Takanori Sazaki
for BUKU IV Bank from the 2021 Satisfaction Loyalty Engagement Awards *independen
held by Marketing Research Indonesia and Infobank
BOARD OF DIRECTORS
1. Yasushi Itagaki 7. Muljono Tjandra
2. Honggo Widjojo Kangmasto 8. Naoki Mizoguchi
3. Herry Hykmanto
4. Rita Mirasari
5. Heriyanto Agung Putra
6. Dadi Budiana

4. Fitch Rating Indonesia AAA(idn) 31-Jan-20 Stable
as of June 2021
SWOT Analysis
- Strong support from MUFG Bank - Below average asset quality
- Strong capitalization
- Strong market position S W
O T
-Growing digital banking business -Loan delinquency risk
companies
272
AS OF JUNE 2021
Coupon Coupon
Obligasi 24-Aug-20
PT Bank Rakyat
BDMN01BCN1 Berkelanjutan I Bank 8.55% 24-Nov-20 AAA(idn)
1. 852,000 27-May-19 24-May-22 3 Indonesia
IDA0000981B1 Danamon Tahap I 24-Feb-21 Stable
(Persero) Tbk.
Tahun 2019 Seri B Quarterly 24-May-21
TRADING HIGHLIGHT
BDMN01BCN1
Volume
Trading 2020 2021
Activities,
400 40 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
350 35 Volume (Rp bn) 349.00 - 270.00 60.00 10.00 115.00
Frequency
300 30 Frequency (X) 32 - 8 11 2 14
250 25 Trading days 5 - 3 4 1 8
200 20 Turnover Ratio (%) 163.85 - 126.76 28.17 4.69 53.99
150 15 CTP Price - High 105.000 - 102.000 103.640 103.400 104.550
100 10 Date 28-Feb - 21-Jul 06-Nov 02-Feb 27-May
50 5 CTP Price - Low 102.250 - 101.500 102.750 103.380 103.350
- - Date 10-Jan - 21-Jul 11-Nov 02-Feb 17-Jun
PHEI Fair Yield (%) 7.8266 6.6421 6.3384 6.2718 5.4573 4.7736
Mod. Duration (yrs) 1.932 1.734 1.522 1.305 1.082 0.859
106 9.0
Convexity (yrs) 4.420 3.581 2.791 2.085 1.473 0.967
105 8.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
104 7.0
103 6.0
102 5.0
101 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BDMN01BCN1 349 270 60 79.7%
- 100 200 300 400 500 600 700 800 900
273
BDMNFINANCIAL HIGHLIGHT
25.57
Cash on Hand 2,950,563 2,838,127 -3.81 q
19.30
Marketable Securities 9,405,926 4,689,271 -50.15 q 14.90
Loans 106,865,502 103,937,018 -2.74 q 11.31
Investments 1,024,450 1,031,731 0.71 p
(%)
6.22 5.31 5.425.02
Total Assets 193,533,970 200,890,068 3.80 p
Deposits 114,273,415 126,210,929 10.45 p
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 5,995,577 5,995,577 - 
10.56 10.32
Par Value (Rp Full Amount) 50,000 & 500 50,000 & 500 - 
Total Equity 45,417,027 43,575,499 -4.05 q
(%)
2.99 3.21
31-Dec-18 31-Dec-19 31-Dec-20
Non-Operating Revenues 2,214,376 -204,064 -109.22 q
94.95
to Owners of Parent Entity 88.87 83.96
82.71
70.85
Peer Group
(%)

1. PT Bank CIMB Niaga Tbk. 20,703 9.71 -4.55
2. PT Bank Danamon Indonesia Tbk. 20,088 5.42 -8.57
3. PT Bank Tabungan Pensiunan Nasional Tbk. 16,403 12.23 -12.19 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Bank Pan Indonesia Tbk. 16,185 19.30 -8.68
5. PT Bank Maybank Indonesia Tbk. 12,827 10.01 -17.14 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Equity (%) 10.56 10.32 3.21
BOPO (%) 70.85 82.71 88.87
Loan To Deposit Ratio (%) 94.95 98.85 83.96
Cash Flow / Debt (%) 3.07 -6.08 11.00
274
BEXI Indonesia Eximbank

Sub Sector : Financing Service Prosperity Tower 1st Fl., District 8, SCBD Lot 28
Website : www.indonesiaeximbank.go.id Jl. Jendral Sudirman kav 52-53
Corporate Sec. : Agus Windiarto Jakarta 12190
Fax : (021) 295-03699
Indonesia Eximbank is a financial SHAREHOLDERS

institution owned by the Government of 1. Republic of Indonesia 100.00%
the Republic of Indonesia, It has been
established pursuant to the Act of the Republic of Indonesia No. 2 of
2009 (Act 2/2009) on the Lembaga Pembiayaan Ekspor Indonesia
(Indonesia Eximbank). Lembaga Pembiayaan Ekspor Indonesia carries
out its activities under the name Indonesia Eximbank. Indonesia
Eximbank is wholly-owned (100%) by the Government of Indonesia.
AUDIT COMMITTEE
Indonesia Eximbank was established by the Government to deal with
National Export Financing (PEN), aiming to support the Government’s 1. Rijani Tirtoso
policy to encourage national export program. Indonesia Eximbank 2. Untung Dwiyono
perform its mandate through providing Financing, Guarantee, 3. Yulida S.Marbun
Insurance, and Advisory Services to support export oriented sector,
both legal and non-legal entities, including individuals who are
domiciled either inside or outside the territory of the Republic of
Indonesia. National Export Financing can also be based on the
principles of Sharia. 1. Daniel James Rompas
2. Felia Salim
In the event that the LPEI’s (EximBank’s) capital becomes less than
3. Kasan
Rp4.00trilion, the Government shall cover such deficiency from the
State Budget based on the applicable mechanism. 4. Rijani Tirtoso
5. Suminto
Indonesia Eximbank has also been appointed to carry out special
assignment from Government which called National Interest Account
*independen
(NIA). The implementation of NIA is in line with the Government’s
2015 Economic Policy Package, to increase competitiveness and value BOARD OF DIRECTORS
added of Indonesian products to support the growth of the domestic 1. Daniel James Rompas
industry and has the potential for the long-term development of 2. Felia Salim
exports. 3. Kasan
Indonesia Eximbank provides The Export-oriented Kredit Usaha 4. Rijani Tirtoso
Rakyat (KURBE) Program as the form to support the government 5. Suminto
program in the Economic Policy Package Volume XI on 2016. The
financing provided by Indonesia Eximbank without any security
remuneration subsidy or interest subsidy for business agents with
export-oriented for micro, small and medium (UMKM) scales. The
KURBE Program may become the stimulus to increase the national Historical Corporate Ratings
export volume and provide export competitiveness based on UMKM No. Rating Agency Rating Rating Date Outlook
and increase the quality and added value for export products.
as of June 2021
SWOT Analysis
- Strong position in the export financing segment - Weak asset quality
- Strong support from Indonesia’s government
- Offering integrated services S W - Very weak profitability

- Strategic partner for banking, insurance, and other export - Fluctuation of export commodity price in the global
financing agencies in developing export oriented products O T market
275
AS OF JUNE 2021
Coupon Coupon

PT Bank
BEXI03BCN5 Indonesia Eximbank III 7.90% 15-Nov-20 idAAA
1. 436,000 16-Aug-17 15-Aug-22 5 Mandiri
IDA0000837B5 Tahap V Tahun 2017 15-Feb-21 Stable
(Persero) Tbk.
Seri B 15-May-21
Quarterly

PT Bank
BEXI03BCN6 Indonesia Eximbank III 6.70% 14-Nov-20 idAAA
2. 1,650,000 15-Feb-18 14-Feb-23 5 Mandiri
IDA0000876B3 Tahap VI Tahun 2018 14-Feb-21 Stable
(Persero) Tbk.
Seri B 14-May-21
Quarterly

PT Bank
BEXI03CCN2 Indonesia Eximbank III 8.35% 25-Nov-20 idAAA
3. 1,582,000 26-Aug-16 25-Aug-21 5 Mandiri
(Persero) Tbk.
Seri C 25-May-21
Quarterly

PT Bank
4. 282,000 23-Nov-16 22-Nov-21 5 Mandiri
IDA0000774C8 Tahap III Tahun 2016 22-Feb-21 Stable
(Persero) Tbk.
Seri C 22-May-21
Quarterly

PT Bank
5. 748,000 24-Feb-17 23-Feb-22 5 Mandiri
IDA0000790C4 Tahap IV Tahun 2017 23-Feb-21 Stable
(Persero) Tbk.
Seri C 23-May-21
Quarterly

PT Bank
6. 1,786,000 16-Aug-17 15-Aug-24 7 Mandiri
IDA0000837C3 Tahap V Tahun 2017 15-Feb-21 Stable
(Persero) Tbk.
Seri C 15-May-21
Quarterly

PT Bank
7. 206,000 15-Feb-18 14-Feb-25 7 Mandiri
IDA0000876C1 Tahap VI Tahun 2018 14-Feb-21 Stable
(Persero) Tbk.
Seri C 14-May-21
Quarterly

PT Bank
BEXI03DCN3 Indonesia Eximbank III 8.50% 22-Nov-20 idAAA
8. 1,038,000 23-Nov-16 22-Nov-23 7 Mandiri
IDA0000774D6 Tahap III Tahun 2016 22-Feb-21 Stable
(Persero) Tbk.
Seri D 22-May-21
Quarterly

PT Bank
BEXI03DCN4 Indonesia Eximbank III 9.20% 23-Nov-20 idAAA
9. 1,007,000 24-Feb-17 23-Feb-24 7 Mandiri
IDA0000790D2 Tahap IV Tahun 2017 23-Feb-21 Stable
(Persero) Tbk.
Seri D 23-May-21
Quarterly

PT Bank
BEXI03ECN4 Indonesia Eximbank III 9.40% 23-Nov-20 idAAA
10. 1,266,000 24-Feb-17 23-Feb-27 10 Mandiri
IDA0000790E0 Tahap IV Tahun 2017 23-Feb-21 Stable
(Persero) Tbk.
Seri E 23-May-21
Quarterly

PT Bank
BEXI04ACN8 Indonesia Eximbank IV 7.50% 06-Dec-20 idAAA
11. 88,000 09-Dec-19 06-Dec-22 3 Mandiri
IDA0001033A2 Tahap VIII Tahun 2019 06-Mar-21 Stable
(Persero) Tbk.
Seri A 06-Jun-21
Quarterly

PT Bank
BEXI04BCN1 Indonesia Eximbank IV 7.70% 06-Dec-20 idAAA
12. 35,000 07-Jun-18 06-Jun-23 5 Mandiri
IDA0000909B2 Tahap I Tahun 2018 06-Mar-21 Stable
(Persero) Tbk.
Seri B 06-Jun-21
Quarterly
Obligasi Berkelanjutan 05-Sep-20 PT Bank

13. 190,000 06-Sep-18 05-Sep-21 3 Mandiri
Tahap II Tahun 2018 05-Mar-21
IDA0000931B6 (Persero) Tbk. Stable
Seri B Quarterly 05-Jun-21

PT Bank
BEXI04BCN3 Indonesia Eximbank IV 8.75% 08-Nov-20 idAAA
14. 81,000 09-Nov-18 08-Nov-21 3 Mandiri
IDA0000945B6 Tahap III Tahun 2018 08-Feb-21 Stable
(Persero) Tbk.
Seri B
Quarterly 08-May-21
276
Coupon Coupon
Obligasi Berkelanjutan 23-Jul-20

PT Bank
BEXI04BCN4 Indonesia Eximbank IV 8.40% 23-Oct-20 idAAA
15. 935,000 24-Apr-19 23-Apr-22 3 Mandiri
IDA0000974B6 Tahap IV Tahun 2019 23-Jan-21 Stable
(Persero) Tbk.
Seri B 23-Apr-21
Quarterly

PT Bank
16. 621,000 10-Jul-19 09-Jul-22 3 Mandiri
IDA0000991B0 Tahap V Tahun 2019 09-Jan-21 Stable
(Persero) Tbk.
Seri B 09-Apr-21
Quarterly

PT Bank
17. 15,000 04-Sep-19 03-Sep-22 3 Mandiri
IDA0001009B0 Tahap VI Tahun 2019 03-Mar-21 Stable
(Persero) Tbk.
Seri B 03-Jun-21
Quarterly

PT Bank
18. 101,300 30-Oct-19 29-Oct-22 3 Mandiri
IDA0001019B9 Tahap VII Tahun 2019 29-Jan-21 Stable
(Persero) Tbk.
Seri B 29-Apr-21
Quarterly

PT Bank
19. 1,551,000 09-Dec-19 06-Dec-24 5 Mandiri
IDA0001033B0 Tahap VIII Tahun 2019 06-Mar-21 Stable
(Persero) Tbk.
Seri B 06-Jun-21
Quarterly

PT Bank
BEXI04CCN1 Indonesia Eximbank IV 8.30% 06-Dec-20 idAAA
20. 1,756,000 07-Jun-18 06-Jun-25 7 Mandiri
IDA0000909C0 Tahap I Tahun 2018 06-Mar-21 Stable
(Persero) Tbk.
Seri C 06-Jun-21
Quarterly

PT Bank
21. 275,700 06-Sep-18 05-Sep-23 5 Mandiri
IDA0000931C4 Tahap II Tahun 2018 05-Mar-21 Stable
(Persero) Tbk.
Seri C 05-Jun-21
Quarterly

PT Bank
BEXI04CCN3 Indonesia Eximbank IV 9.25% 08-Nov-20 idAAA
22. 28,000 09-Nov-18 08-Nov-23 5 Mandiri
IDA0000945C4 Tahap III Tahun 2018 08-Feb-21 Stable
(Persero) Tbk.
Seri C 08-May-21
Quarterly

PT Bank
BEXI04CCN4 Indonesia Eximbank IV 8.90% 23-Oct-20 idAAA
23. 1,523,000 24-Apr-19 23-Apr-24 5 Mandiri
IDA0000974C4 Tahap IV Tahun 2019 23-Jan-21 Stable
(Persero) Tbk.
Seri C 23-Apr-21
Quarterly

PT Bank
24. 330,000 10-Jul-19 09-Jul-24 5 Mandiri
IDA0000991C8 Tahap V Tahun 2019 09-Jan-21 Stable
(Persero) Tbk.
Seri C 09-Apr-21
Quarterly

PT Bank
25. 6,000 04-Sep-19 03-Sep-24 5 Mandiri
IDA0001009C8 Tahap VI Tahun 2019 03-Mar-21 Stable
(Persero) Tbk.
Seri C 03-Jun-21
Quarterly

PT Bank
26. 25,500 30-Oct-19 29-Oct-24 5 Mandiri
IDA0001019C7 Tahap VII Tahun 2019 29-Jan-21 Stable
(Persero) Tbk.
Seri C 29-Apr-21
Quarterly

PT Bank
27. 22,500 09-Dec-19 06-Dec-26 7 Mandiri
IDA0001033C8 Tahap VIII Tahun 2019 06-Mar-21 Stable
(Persero) Tbk.
Seri C 06-Jun-21
Quarterly

PT Bank
BEXI04DCN2 Indonesia Eximbank IV 8.75% 05-Dec-20 idAAA
28. 1,324,000 06-Sep-18 05-Sep-25 7 Mandiri
IDA0000931D2 Tahap II Tahun 2018 05-Mar-21 Stable
(Persero) Tbk.
Seri D 05-Jun-21
Quarterly
277
Coupon Coupon

PT Bank
BEXI04DCN3 Indonesia Eximbank IV 9.75% 08-Nov-20 idAAA
29. 380,000 09-Nov-18 08-Nov-25 7 Mandiri
IDA0000945D2 Tahap III Tahun 2018 08-Feb-21 Stable
(Persero) Tbk.
Seri D 08-May-21
Quarterly

PT Bank
BEXI04DCN4 Indonesia Eximbank IV 9.25% 23-Oct-20 idAAA
30. 278,000 24-Apr-19 23-Apr-26 7 Mandiri
IDA0000974D2 Tahap IV Tahun 2019 23-Jan-21 Stable
(Persero) Tbk.
Seri D 23-Apr-21
Quarterly

PT Bank
31. 737,000 10-Jul-19 09-Jul-26 7 Mandiri
IDA0000991D6 Tahap V Tahun 2019 09-Jan-21 Stable
(Persero) Tbk.
Seri D 09-Apr-21
Quarterly

PT Bank
BEXI04DCN6 Indonesia Eximbank IV 8.50% 03-Dec-20 idAAA
32. 714,500 04-Sep-19 03-Sep-26 7 Mandiri
IDA0001009D6 Tahap VI Tahun 2019 03-Mar-21 Stable
(Persero) Tbk.
Seri D 03-Jun-21
Quarterly

PT Bank
33. 112,000 30-Oct-19 29-Oct-26 7 Mandiri
IDA0001019D5 Tahap VII Tahun 2019 29-Jan-21 Stable
(Persero) Tbk.
Seri D 29-Apr-21
Quarterly

PT Bank
BEXI04ECN4 Indonesia Eximbank IV 9.50% 23-Oct-20 idAAA
34. 349,000 24-Apr-19 23-Apr-29 10 Mandiri
IDA0000974E0 Tahap IV Tahun 2019 23-Jan-21 Stable
(Persero) Tbk.
Seri E 23-Apr-21
Quarterly

PT Bank
BEXI04ECN7 Indonesia Eximbank IV 8.75% 29-Oct-20 idAAA
35. 219,750 30-Oct-19 29-Oct-29 10 Mandiri
IDA0001019E3 Tahap VII Tahun 2019 29-Jan-21 Stable
(Persero) Tbk.
Seri E 29-Apr-21
Quarterly

PT Bank
BEXI04FCN4 Indonesia Eximbank IV 9.80% 23-Oct-20 idAAA
36. 625,000 24-Apr-19 23-Apr-34 15 Mandiri
IDA0000974F7 Tahap IV Tahun 2019 23-Jan-21 Stable
(Persero) Tbk.
Seri F 23-Apr-21
Quarterly
-
BEXI05CN1 7.60% 08-Oct-20 idAAA
37. Indonesia Eximbank V 48,000 09-Jul-20 08-Jul-23 3 Mandiri
Quarterly 08-Apr-21
Sukuk Mudharabah
08-Aug-20
Berkelanjutan PT Bank
SMBEXI01BCN2 8.75% 08-Nov-20 idAAA(sy)
38. Indonesia Eximbank I 250,000 09-Nov-18 08-Nov-21 3 Mandiri
IDJ0000115B7 08-Feb-21 Stable
Tahap II Tahun 2018 (Persero) Tbk.
Seri B Quarterly 08-May-21
Sukuk Mudharabah
23-Jul-20
SMBEXI01BCN3 8.40% 23-Oct-20 idAAA(sy)
39. Indonesia Eximbank I 145,000 24-Apr-19 23-Apr-22 3 Mandiri
IDJ0000131B4 23-Jan-21 Stable
Tahap III Tahun 2019 (Persero) Tbk.
Seri B Quarterly 23-Apr-21
Sukuk Mudharabah
08-Aug-20
SMBEXI01CCN2 9.25% 08-Nov-20 idAAA(sy)
IDJ0000115C5 08-Feb-21 Stable
Seri C Quarterly 08-May-21
Sukuk Mudharabah
23-Jul-20
SMBEXI01CCN3 8.90% 23-Oct-20 idAAA(sy)
41. Indonesia Eximbank I 66,000 24-Apr-19 23-Apr-24 5 Mandiri
IDJ0000131C2 23-Jan-21 Stable
Tahap III Tahun 2019 (Persero) Tbk.
Seri C Quarterly 23-Apr-21
Sukuk Mudharabah
08-Aug-20
SMBEXI01DCN2 9.75% 08-Nov-20 idAAA(sy)
IDJ0000115D3 08-Feb-21 Stable
Seri D Quarterly 08-May-21
278
Coupon Coupon
Sukuk Mudharabah -
PT Bank
SMBEXI02CN1 Berkelanjutan 6.75% 08-Oct-20 idAAA(sy)
43. 100,000 09-Jul-20 18-Jul-21 1 Mandiri
IDJ000016001 Indonesia Eximbank II 08-Jan-21 Stable
(Persero) Tbk.
Tahap I Tahun 2020 08-Apr-21
Quarterly
TRADING HIGHLIGHT
BEXI03BCN5
Trading Activities, 2020 2021


Volume
Volume (Rp bn) 60.00 - - 33.00 - 120.00
Frequency
120 6 Frequency (X) 2 - - 2 - 7
Trading days 1 - - 1 - 2
80 4 Turnover Ratio (%) 55.05 - - 30.28 - 110.09
CTP Price - High 103.310 - - 102.380 - 103.550
40 2 Date 04-Mar - - 27-Nov - 28-Jun
CTP Price - Low 103.290 - - 102.320 - 103.190
- - Date 04-Mar - - 27-Nov - 10-Jun
PHEI Fair Yield (%) 7.7066 6.7849 6.4826 5.9445 5.6358 4.7793
Mod. Duration (yrs) 2.125 1.928 1.719 1.506 1.285 1.066
105 9.0
Convexity (yrs) 5.314 4.392 3.518 2.732 2.025 1.431
104 8.0 Sensitivity (%) 0.021 0.019 0.017 0.015 0.013 0.011
103 7.0
102 6.0
101 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
279
BEXI03BCN6 Listing Date Maturity Date
ISIN CODE : IDA0000876B3 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23


Volume
benar >> Volume (Rp bn) 22.55 9.75 11.00 2.00 4.00 -
Frequency
18 12 Frequency (X) 15 10 13 2 3 -
12 8 Turnover Ratio (%) 5.47 2.36 2.67 0.48 0.97 -
CTP Price - High 101.500 100.000 99.900 102.350 101.250 -
6 4 Date 27-Feb 29-Apr 25-Sep 16-Dec 22-Mar -
CTP Price - Low 95.400 93.000 93.440 101.100 100.050 -
- - Date 19-Feb 12-May 14-Jul 16-Dec 15-Jan -
PHEI Fair Yield (%) 8.0294 7.0418 6.7650 6.2006 5.8491 5.3139
Mod. Duration (yrs) 2.555 2.364 2.158 1.950 1.734 1.519
104 8.5
Convexity (yrs) 7.581 6.495 5.433 4.461 3.556 2.764
Sensitivity (%) 0.026 0.024 0.022 0.020 0.017 0.015
101 7.5
98 6.5
95 5.5
92 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI03CCN2 Listing Date Maturity Date


benar >> Volume Volume (Rp bn) - 11.50 837.00 539.00 68.00 40.00
800 16
600 12 Trading days - 3 7 11 4 2
Turnover Ratio (%) - 2.91 211.63 136.28 17.19 10.11
400 8 CTP Price - High - 101.250 104.000 103.720 102.320 101.320
Date - 28-Apr 13-Jul 15-Dec 29-Jan 23-Apr
200 4
CTP Price - Low - 98.000 100.000 101.550 101.550 100.550
- - Date - 30-Apr 15-Jul 21-Oct 08-Jan 18-Jun
PHEI Fair Yield (%) 6.8896 5.9964 5.0627 4.6798 4.7332 3.8756
Mod. Duration (yrs) 1.304 1.087 0.862 0.630 0.390 0.151
105 7.5
Convexity (yrs) 2.081 1.483 0.972 0.559 0.250 0.060
Sensitivity (%) 0.013 0.011 0.009 0.006 0.004 0.002
103 6.5
101 5.5
99 4.5
97 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
280


Volume Volume (Rp bn) - 16.60 - 6.00 - -
16 4
Frequency Frequency (X) - 4 - 2 - -
benar >> 12 3 Trading days - 4 - 1 - -
Turnover Ratio (%) - 23.55 - 8.51 - -
8 2 CTP Price - High - - - 102.500 - -
Date - - - 30-Nov - -
4 1
CTP Price - Low - - - 102.500 - -
- - Date - - - 30-Nov - -
PHEI Fair Yield (%) 7.1460 6.2442 5.9695 5.5527 4.9974 4.1953
Mod. Duration (yrs) 1.514 1.302 1.080 0.853 0.619 0.385
104 7.5
Convexity (yrs) 2.760 2.075 1.465 0.954 0.542 0.245
Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
103 6.5
102 5.5
101 4.5
100 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21


benar >> Volume Volume (Rp bn) 21.00 82.00 25.00 10.00 111.00 124.00
112 20
84 15 Trading days 2 7 4 1 4 3
Turnover Ratio (%) 11.23 43.85 13.37 5.35 59.36 66.31
56 10 CTP Price - High 104.980 104.000 102.500 102.250 104.100 103.250
Date 04-Mar 25-Jun 11-Aug 13-Oct 24-Feb 07-Jun
28 5
CTP Price - Low 100.250 99.500 99.650 102.230 103.000 102.940
- - Date 26-Feb 29-Apr 21-Jul 13-Oct 22-Feb 17-Jun
PHEI Fair Yield (%) 7.3468 6.3289 6.1670 5.6959 5.6902 4.3577
Mod. Duration (yrs) 1.719 1.516 1.300 1.080 0.851 0.625
107 8.0
Convexity (yrs) 3.533 2.773 2.073 1.468 0.950 0.551
Sensitivity (%) 0.017 0.015 0.013 0.011 0.009 0.006
105 7.0
103 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
281


Volume 40.00 - 14.00 26.00 4.00 125.00
Volume (Rp bn)
Frequency
Frequency (X) 16 - 6 14 5 5
100 12
benar >> Trading days 4 - 4 9 3 2
Turnover Ratio (%) 8.96 - 3.14 5.82 0.90 28.00
CTP Price - High 103.320 - 103.000 103.050 105.250 104.900
50 6
Date 13-Mar - 10-Sep 21-Oct 18-Feb 25-May
CTP Price - Low 95.900 - 95.900 98.900 99.000 104.500
- - Date 04-Mar - 29-Sep 15-Oct 04-Jan 16-Apr
PHEI Fair Yield (%) 8.2752 7.5498 7.4157 7.3105 6.7187 6.1072
Mod. Duration (yrs) 3.602 3.447 3.271 3.091 2.911 2.730
110 9.0
Convexity (yrs) 15.394 14.030 12.603 11.228 9.937 8.731
Sensitivity (%) 0.036 0.034 0.033 0.031 0.029 0.027
106 8.0
102 7.0
98 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDA0000876C1 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25


benar >> Volume Volume (Rp bn) - - - - - -
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.7579 7.6772 7.6379 6.9335 6.9059 6.3093
Mod. Duration (yrs) 4.017 3.875 3.698 3.530 3.341 3.163
106 9.5
Convexity (yrs) 19.019 17.587 15.970 14.500 12.970 11.598
Sensitivity (%) 0.040 0.039 0.037 0.035 0.033 0.032
102 8.5
98 7.5
94 6.5
90 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
282
BEXI03DCN3 Listing Date Maturity Date
ISIN CODE : IDA0000774D6 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23


Volume Volume (Rp bn) 141.60 26.40 88.00 - 4.00 5.00
128 12
Frequency Frequency (X) 12 10 7 - 2 7
benar >> 96 9 Trading days 5 5 3 - 1 3
Turnover Ratio (%) 54.57 10.17 33.91 - 1.54 1.93
64 6 CTP Price - High 104.100 101.550 103.400 - 104.510 105.940
Date 27-Feb 24-Jun 03-Sep - 19-Jan 29-Apr
32 3
CTP Price - Low 99.000 101.450 101.950 - 104.490 104.440
- - Date 31-Mar 12-Jun 07-Jul - 19-Jan 07-Apr
PHEI Fair Yield (%) 8.3720 7.3348 7.1353 6.5084 6.3988 5.7664
Mod. Duration (yrs) 3.079 2.914 2.728 2.543 2.343 2.150
107 9.0
Convexity (yrs) 11.177 9.976 8.735 7.582 6.451 5.440
Sensitivity (%) 0.031 0.029 0.027 0.025 0.023 0.022
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDA0000790D2 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24


Volume
benar >> Volume (Rp bn) - - - 10.00 - -
Frequency
Frequency (X) - - - 2 - -
8 2
Trading days - - - 1 - -
Turnover Ratio (%) - - - 3.97 - -
CTP Price - High - - - 107.750 - -
4 1
Date - - - 17-Dec - -
CTP Price - Low - - - 107.700 - -
- - Date - - - 17-Dec - -
PHEI Fair Yield (%) 8.4646 7.4147 7.2465 6.6053 6.5176 5.8927
Mod. Duration (yrs) 3.226 3.072 2.893 2.716 2.523 2.337
111 9.5
Convexity (yrs) 12.380 11.165 9.882 8.690 7.503 6.439
Sensitivity (%) 0.032 0.031 0.029 0.027 0.025 0.023
108 8.5
105 7.5
102 6.5
99 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
283
BEXI03ECN4
ISIN CODE : IDA0000790E0 Feb-17 Feb-18Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Feb-27
Volume
Trading 2020 2021
Activities,
120 16 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 39.00 92.00 114.00 72.00 - -
Frequency
90 12 Frequency (X) 6 15 8 4 - -
Trading days 3 8 4 2 - -
60 8 Turnover Ratio (%) 12.32 29.07 36.02 22.75 - -
CTP Price - High 109.160 106.600 107.300 108.870 - -
30 4 Date 19-Feb 16-Jun 24-Aug 07-Dec - -
CTP Price - Low 100.570 101.620 105.580 106.490 - -
- - Date 24-Mar 12-May 29-Sep 04-Nov - -
PHEI Fair Yield (%) 8.9534 8.0279 8.2653 7.5021 7.4874 6.9764
Mod. Duration (yrs) 5.012 4.937 4.784 4.680 4.531 4.404
114 9.5
Convexity (yrs) 31.487 30.212 28.293 26.846 25.058 23.519
Sensitivity (%) 0.050 0.049 0.048 0.047 0.045 0.044
109 8.5
104 7.5
99 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04ACN8 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
10 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - - 5.00 9.00 -
8 4
Frequency Frequency (X) - - - 1 3 -
6 3 Trading days - - - 1 1 -
Turnover Ratio (%) - - - 22.73 40.91 -
4 2 CTP Price - High - - - 102.250 102.750 -
Date - - - 16-Nov 23-Feb -
2 1
CTP Price - Low - - - 102.250 102.600 -
- - Date - - - 16-Nov 23-Feb -
PHEI Fair Yield (%) 7.9248 6.9516 6.6619 6.0951 6.0313 5.1790
Mod. Duration (yrs) 2.392 2.199 1.993 1.784 1.565 1.350
106 8.5
Convexity (yrs) 6.665 5.644 4.656 3.757 2.923 2.210
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.013
104 7.5
102 6.5
100 5.5
98 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
284
BEXI04BCN1
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.1791 7.1700 6.9199 6.3192 6.1583 5.5093
Mod. Duration (yrs) 2.777 2.596 2.399 2.200 1.990 1.785
106 9.0
Convexity (yrs) 8.984 7.844 6.705 5.653 4.648 3.762
Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
103 8.0
100 7.0
97 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04BCN2
Volume
Trading 2020 2021
Activities,
300 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - 270.00 60.00 -
240 16
nar >> 180 12 Trading days - - - 6 1 -
Turnover Ratio (%) - - - 568.42 126.32 -
120 8 CTP Price - High - - - 101.500 101.810 -
Date - - - 30-Nov 09-Feb -
60 4
CTP Price - Low - - - 101.000 101.790 -
- - Date - - - 19-Oct 09-Feb -
PHEI Fair Yield (%) 6.9232 6.0293 5.7840 5.9334 4.7675 3.9176
Mod. Duration (yrs) 1.338 1.119 0.891 0.657 0.418 0.179
103 7.5
Convexity (yrs) 2.173 1.558 1.027 0.599 0.279 0.076
Sensitivity (%) 0.013 0.011 0.009 0.007 0.004 0.002
102 6.5
101 5.5
100 4.5
99 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
285
Volume
Trading 2020 2021
Activities,
16 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
8 1 Turnover Ratio (%) - - 69.14 - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 7.1080 6.2080 5.9377 5.5305 4.9578 4.1479
Mod. Duration (yrs) 1.470 1.260 1.039 0.813 0.580 0.347
105 7.5
Convexity (yrs) 2.623 1.959 1.370 0.879 0.486 0.207
Sensitivity (%) 0.015 0.013 0.010 0.008 0.006 0.003
104 6.5
103 5.5
102 4.5
101 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04BCN4
Volume
Trading 2020 2021
Activities,
120 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
96 8
nar >> 72 6 Trading days 3 2 1 2 1 1
Turnover Ratio (%) 10.05 42.78 22.25 5.13 0.86 1.71
48 4 CTP Price - High 102.700 - 101.790 102.400 103.300 103.700
Date 03-Feb - 13-Jul 02-Nov 22-Mar 03-May
24 2
CTP Price - Low 102.480 - 101.790 102.350 103.300 103.700
- - Date 03-Feb - 13-Jul 02-Nov 22-Mar 03-May
PHEI Fair Yield (%) 7.5101 6.5834 6.2813 5.7832 5.3862 4.6519
Mod. Duration (yrs) 1.852 1.651 1.439 1.223 0.998 0.775
105 8.0
Convexity (yrs) 4.095 3.280 2.523 1.857 1.277 0.808
Sensitivity (%) 0.019 0.017 0.014 0.012 0.010 0.008
104 7.0
103 6.0
102 5.0
101 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
286
BEXI04BCN5
Volume
Trading 2020 2021
Activities,
30 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 29.00 10.00 4.00 -
24 4
18 3 Trading days - - 4 1 1 -
Turnover Ratio (%) - - 18.68 6.44 2.58 -
12 2 CTP Price - High - - 101.910 102.300 103.750 -
Date - - 10-Jul 15-Oct 17-Feb -
6 1
CTP Price - Low - - 101.580 102.280 103.500 -
- - Date - - 24-Aug 15-Oct 17-Feb -
PHEI Fair Yield (%) 7.6657 6.7237 6.4198 5.8932 5.5582 4.8484
Mod. Duration (yrs) 2.016 1.821 1.613 1.402 1.182 0.964
107 8.0
Convexity (yrs) 4.848 3.974 3.148 2.409 1.750 1.201
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
105 7.0
103 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04BCN6
Volume
Trading 2020 2021
Activities,
2 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
1 1 Turnover Ratio (%) - - - - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 7.7686 6.8150 6.5140 5.9705 5.6744 4.9792
Mod. Duration (yrs) 2.175 1.979 1.769 1.556 1.335 1.115
106 8.5
Convexity (yrs) 5.542 4.601 3.705 2.898 2.167 1.551
Sensitivity (%) 0.022 0.020 0.018 0.016 0.013 0.011
104 7.5
102 6.5
100 5.5
98 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
287
Volume
Trading 2020 2021
Activities,
20 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 10.04 10.00 16.00 2.00 - 3.00
16 8
Frequency Frequency (X) 5 6 9 4 - 4
12 6 Trading days 3 3 5 2 - 3
Turnover Ratio (%) 39.62 39.49 63.18 7.90 - 11.85
8 4 CTP Price - High 102.750 101.400 104.070 103.280 - 103.400
Date 26-Feb 19-Jun 24-Aug 26-Nov - 03-Jun
4 2
CTP Price - Low 100.480 100.180 99.500 101.400 - 99.500
- - Date 28-Feb 06-May 01-Sep 13-Oct - 21-May
PHEI Fair Yield (%) 7.8841 6.9772 6.4012 6.0455 5.7837 5.1161
Mod. Duration (yrs) 2.284 2.092 1.889 1.679 1.461 1.246
108 8.5
Convexity (yrs) 6.143 5.164 4.230 3.371 2.588 1.918
Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.012
105 7.5
102 6.5
99 5.5
96 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04BCN8
Volume
Trading 2020 2021
Activities,
120 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - 100.00 - -
Frequency
Frequency (X) - - - 2 - -
80 2
nar >> Trading days - - - 1 - -
Turnover Ratio (%) - - - 25.79 - -
CTP Price - High - - - 103.020 - -
40 1
Date - - - 16-Dec - -
CTP Price - Low - - - 103.000 - -
- - Date - - - 16-Dec - -
PHEI Fair Yield (%) 8.7067 7.6299 7.5650 6.9999 6.8369 6.2344
Mod. Duration (yrs) 3.839 3.697 3.522 3.353 3.168 2.991
107 9.5
Convexity (yrs) 17.436 16.070 14.544 13.133 11.704 10.408
Sensitivity (%) 0.038 0.037 0.035 0.034 0.032 0.030
104 8.5
101 7.5
98 6.5
95 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
288
BEXI04CCN1
ISIN CODE : IDA0000909C0 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
Volume
Trading 2020 2021
Activities,
40 12 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 35.00 - 1.00 35.00 25.00 14.00
Frequency
30 9 Frequency (X) 5 - 1 7 9 8
20 6 Turnover Ratio (%) 7.97 - 0.23 7.97 5.69 3.19
CTP Price - High 100.600 - - 103.600 104.750 105.680
10 3 Date 30-Jan - - 06-Nov 30-Mar 05-May
CTP Price - Low 99.000 - - 102.200 101.400 101.600
- - Date 30-Jan - - 20-Oct 30-Mar 07-May
PHEI Fair Yield (%) 8.8347 7.7498 7.7510 7.0235 6.9942 6.4239
Mod. Duration (yrs) 4.135 4.010 3.842 3.689 3.511 3.345
110 9.5
Convexity (yrs) 20.470 19.099 17.480 16.031 14.485 13.100
Sensitivity (%) 0.041 0.040 0.038 0.037 0.035 0.033
106 8.5
102 7.5
98 6.5
94 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDA0000931C4 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23
Volume
Trading 2020 2021
Activities,
150 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) 20.00 - 135.00 - - -
Frequency
Frequency (X) 4 - 5 - - -
100 4
Trading days 1 - 2 - - -
Turnover Ratio (%) 29.02 - 195.87 - - -
CTP Price - High 101.650 - 103.000 - - -
50 2
Date 27-Feb - 03-Sep - - -
CTP Price - Low 101.000 - 102.550 - - -
- - Date 27-Feb - 03-Sep - - -
PHEI Fair Yield (%) 8.2873 7.2623 7.0382 6.4233 6.2921 5.6526
Mod. Duration (yrs) 2.936 2.765 2.575 2.384 2.181 1.982
107 9.0
Convexity (yrs) 10.114 8.944 7.754 6.649 5.578 4.626
Sensitivity (%) 0.029 0.028 0.026 0.024 0.022 0.020
105 8.0
103 7.0
101 6.0
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
289
BEXI04CCN3
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.3572 7.3222 7.1182 6.4934 6.3802 5.7465
Mod. Duration (yrs) 3.010 2.849 2.666 2.484 2.288 2.097
112 9.0
Convexity (yrs) 10.786 9.623 8.418 7.298 6.200 5.219
Sensitivity (%) 0.030 0.028 0.027 0.025 0.023 0.021
109 8.0
106 7.0
103 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04CCN4
Volume
Trading 2020 2021
Activities,
720 36 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 45.85 665.05 51.00 140.00 4.00 94.00
Frequency
540 27 Frequency (X) 13 32 10 8 2 17
360 18 Turnover Ratio (%) 12.04 174.67 13.39 36.77 1.05 24.69
CTP Price - High 105.630 102.060 104.000 106.750 105.360 107.510
180 9 Date 27-Feb 04-May 18-Sep 24-Nov 06-Jan 11-May
CTP Price - Low 99.820 92.500 99.000 105.950 105.340 104.910
- - Date 30-Mar 14-May 17-Jul 06-Nov 06-Jan 07-Apr
PHEI Fair Yield (%) 8.5203 8.1650 7.3160 6.5184 6.5898 6.0714
Mod. Duration (yrs) 3.330 3.167 3.004 2.832 2.640 2.457
109 9.5
Convexity (yrs) 13.277 11.961 10.716 9.501 8.257 7.146
Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.025
106 8.5
103 7.5
100 6.5
97 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
290
Volume
Trading 2020 2021
Activities,
150 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 18.00 139.00 - - - 5.00
120 24
Frequency Frequency (X) 5 26 - - - 1
90 18 Trading days 2 6 - - - 1
Turnover Ratio (%) 21.82 168.48 - - - 6.06
60 12 CTP Price - High 104.900 102.250 - - - 106.760
Date 18-Feb 12-Jun - - - 16-Jun
30 6
CTP Price - Low 98.930 96.500 - - - 106.760
- - Date 30-Mar 18-May - - - 16-Jun
PHEI Fair Yield (%) 8.5874 7.5224 7.4028 6.7391 6.6780 6.0637
Mod. Duration (yrs) 3.471 3.326 3.152 2.983 2.796 2.618
111 10.0
Convexity (yrs) 14.482 13.219 11.842 10.571 9.280 8.121
108 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
105 8.0
102 7.0
99 6.0
96 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04CCN6
Volume
Trading 2020 2021
Activities,
24 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
16 2
8 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.6336 7.5636 7.4644 6.7909 6.7392 6.1292
Mod. Duration (yrs) 3.651 3.504 3.326 3.155 2.965 2.784
108 9.5
Convexity (yrs) 15.755 14.425 12.970 11.630 10.263 9.034
Sensitivity (%) 0.037 0.035 0.033 0.032 0.030 0.028
105 8.5
102 7.5
99 6.5
96 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
291
BEXI04CCN7
Volume
Trading 2020 2021
Activities,
24 4 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
nar >> Volume (Rp bn) - - - - - -
Frequency
18 3 Frequency (X) - - - - - -
12 2 Turnover Ratio (%) - - - - - -
6 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.6778 7.6035 7.5248 6.8411 6.7981 6.1926
Mod. Duration (yrs) 3.726 3.586 3.412 3.245 3.059 2.883
107 9.5
Convexity (yrs) 16.577 15.247 13.766 12.410 11.012 9.757
Sensitivity (%) 0.037 0.036 0.034 0.032 0.031 0.029
104 8.5
101 7.5
98 6.5
95 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04CCN8
ISIN CODE : IDA0001033C8 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26
Volume
Trading 2020 2021
Activities,
30 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 20.00 8.00 8.00 24.00 1.00 -
24 8
Frequency Frequency (X) 2 2 4 6 2 -
nar >> 18 6 Trading days 1 1 2 3 1 -
Turnover Ratio (%) 355.56 142.22 142.22 426.67 17.78 -
12 4 CTP Price - High 103.020 95.170 101.900 102.550 103.600 -
Date 21-Feb 24-Apr 26-Aug 30-Dec 28-Jan -
6 2
CTP Price - Low 103.000 95.150 101.280 98.340 103.580 -
- - Date 21-Feb 24-Apr 06-Aug 15-Oct 28-Jan -
PHEI Fair Yield (%) 9.1436 8.0647 8.2447 7.3885 7.4356 6.9136
Mod. Duration (yrs) 5.022 4.942 4.785 4.672 4.511 4.373
109 10.0
Convexity (yrs) 30.999 29.685 27.744 26.237 24.376 22.774
Sensitivity (%) 0.050 0.049 0.048 0.047 0.045 0.044
105 9.0
101 8.0
97 7.0
93 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
292
ISIN CODE : IDA0000931D2 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume - - 2.00 - - -
Frequency
2 2
Turnover Ratio (%) - - 0.60 - - -
CTP Price - High - - 100.020 - - -
1 1
Date - - 08-Sep - - -
CTP Price - Low - - 100.000 - - -
- - Date - - 08-Sep - - -
PHEI Fair Yield (%) 8.8931 7.8064 7.8398 7.0925 7.0900 6.5128
Mod. Duration (yrs) 4.253 4.138 3.975 3.830 3.657 3.499
112 10.0
Convexity (yrs) 21.855 20.508 18.861 17.412 15.830 14.424
Sensitivity (%) 0.043 0.041 0.040 0.038 0.037 0.035
108 9.0
104 8.0
100 7.0
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04DCN3
Volume
Trading 2020 2021
Activities,
120 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
96 20
nar >> 72 15 Trading days 2 - - 1 5 3
Turnover Ratio (%) 15.79 - - 6.32 110.53 77.89
48 10 CTP Price - High 107.550 - - 107.000 111.150 109.800
Date 23-Jan - - 01-Oct 18-Feb 22-Apr
24 5
CTP Price - Low 102.900 - - 98.900 106.900 106.500
- - Date 10-Mar - - 01-Oct 30-Mar 22-Apr
PHEI Fair Yield (%) 8.9322 7.8451 7.9006 7.1389 7.4959 6.5732
Mod. Duration (yrs) 4.253 4.150 3.995 3.861 3.686 3.547
114 10.0
Convexity (yrs) 22.302 21.032 19.412 18.015 16.386 15.074
Sensitivity (%) 0.043 0.042 0.040 0.039 0.037 0.035
110 9.0
106 8.0
102 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
293
BEXI04DCN4
ISIN CODE : IDA0000974D2 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26
Volume
Trading 2020 2021
Activities,
45 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 32.25 0.25 40.00 6.00 - 4.00
36 8
27 6 Trading days 6 1 2 2 - 2
Turnover Ratio (%) 46.40 0.36 57.55 8.63 - 5.76
18 4 CTP Price - High 109.000 101.500 102.150 106.580 - 108.090
Date 06-Feb 13-Apr 11-Aug 15-Oct - 16-Apr
9 2
CTP Price - Low 102.000 101.500 102.000 106.000 - 108.070
- - Date 08-Jan 13-Apr 12-Aug 22-Oct - 16-Apr
PHEI Fair Yield (%) 8.8425 7.9414 8.0521 7.2514 7.2745 6.7231
Mod. Duration (yrs) 4.542 4.443 4.289 4.166 4.005 3.863
114 9.5
Convexity (yrs) 25.598 24.256 22.524 21.095 19.426 17.972
Sensitivity (%) 0.045 0.044 0.043 0.042 0.040 0.039
110 8.5
106 7.5
102 6.5
98 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDA0000991D6 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-26
Volume
Trading 2020 2021
Activities,
300 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
240 40
180 30 Trading days 12 1 6 4 6 11
Turnover Ratio (%) 86.02 9.23 99.32 17.91 10.31 160.11
120 20 CTP Price - High 104.850 - 108.250 108.240 108.300 110.650
Date 05-Feb - 18-Aug 25-Nov 11-Feb 21-Jun
60 10
CTP Price - Low 101.000 - 101.850 102.000 103.800 104.000
- - Date 20-Mar - 12-Aug 25-Nov 11-Feb 31-May
PHEI Fair Yield (%) 9.5684 7.9843 7.9163 7.2453 7.3313 6.6838
Mod. Duration (yrs) 4.609 4.553 4.410 4.287 4.126 3.992
113 11.0
Convexity (yrs) 26.666 25.647 23.948 22.470 20.748 19.299
109 10.0 Sensitivity (%) 0.046 0.046 0.044 0.043 0.041 0.040
105 9.0
101 8.0
97 7.0
93 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
294
BEXI04DCN6
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.0971 8.0148 8.1670 7.3340 7.3712 6.8366
Mod. Duration (yrs) 4.847 4.760 4.604 4.485 4.323 4.182
109 10.0
Convexity (yrs) 28.848 27.533 25.668 24.174 22.380 20.826
Sensitivity (%) 0.048 0.048 0.046 0.045 0.043 0.042
105 9.0
101 8.0
97 7.0
93 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04DCN7
ISIN CODE : IDA0001019D5 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26
Volume
Trading 2020 2021
Activities,
900 27 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 180.00 - 292.00 743.00 80.00 -
Frequency
Frequency (X) 10 - 10 20 2 -
600 18
nar >> Trading days 4 - 5 10 1 -
Turnover Ratio (%) 642.86 - 1,042.86 2,653.6 285.71 -
CTP Price - High 105.130 - 105.180 104.720 105.210 -
300 9
Date 19-Feb - 18-Sep 16-Dec 30-Mar -
CTP Price - Low 102.270 - 102.700 100.940 105.190 -
- - Date 16-Mar - 14-Jul 25-Nov 30-Mar -
PHEI Fair Yield (%) 8.8146 8.0447 7.8085 7.5690 7.3689 6.8828
Mod. Duration (yrs) 4.910 4.813 4.678 4.538 4.388 4.251
110 9.5
Convexity (yrs) 29.876 28.442 26.721 25.015 23.292 21.724
Sensitivity (%) 0.049 0.048 0.047 0.045 0.044 0.043
106 8.5
102 7.5
98 6.5
94 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
295
BEXI04ECN4 Listing Date Maturity Date
ISIN CODE : IDA0000974E0 Apr-19Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Apr-27 Apr-28 Apr-29
Volume
Trading 2020 2021
Activities,
90 9 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 76.00 56.00 6.00 - 10.00 -
Frequency Frequency (X) 4 7 2 - 2 -
60 6
Trading days 2 5 1 - 1 -
Turnover Ratio (%) 87.11 64.18 6.88 - 11.46 -
CTP Price - High 110.320 104.570 104.830 - 107.510 -
30 3
Date 26-Feb 24-Jun 09-Jul - 04-Mar -
CTP Price - Low 108.670 99.985 104.810 - 107.490 -
- - Date 20-Jan 24-Apr 09-Jul - 04-Mar -
PHEI Fair Yield (%) 9.3094 8.4513 8.8266 7.7700 7.9042 7.5140
Mod. Duration (yrs) 5.947 5.936 5.784 5.771 5.633 5.544
116 10.0
Convexity (yrs) 46.786 45.954 43.601 42.757 40.631 39.048
Sensitivity (%) 0.059 0.059 0.058 0.058 0.056 0.055
111 9.0
106 8.0
101 7.0
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI04ECN7
ISIN CODE : IDA0001019E3 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 Oct-27 Oct-28 Oct-29
Volume
Trading 2020 2021
Activities,
500 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 24
nar >> 300 18 Trading days 15 2 2 12 2 6
Turnover Ratio (%) 179.84 145.62 109.22 819.11 - 3.64
200 12 CTP Price - High 104.500 100.770 100.410 103.050 104.000 106.900
Date 20-Feb 22-Jun 15-Sep 07-Oct 02-Mar 17-Jun
100 6
CTP Price - Low 92.500 100.750 100.390 93.900 97.100 97.800
- - Date 30-Mar 22-Jun 15-Sep 07-Dec 01-Mar 15-Apr
PHEI Fair Yield (%) 9.8104 8.5572 8.9220 8.5657 7.9808 7.6196
Mod. Duration (yrs) 6.211 6.264 6.111 6.038 5.978 5.893
110 10.5
Convexity (yrs) 51.322 51.190 48.696 47.140 45.743 44.100
Sensitivity (%) 0.062 0.063 0.061 0.060 0.060 0.059
105 9.5
100 8.5
95 7.5
90 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
296
BEXI04FCN4
ISIN CODE : IDA0000974F7 Apr-19 Apr-22 Apr-25 Apr-28 Apr-31 Apr-34
Volume
Trading 2020 2021
Activities,
100 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 22.00 75.00 - 44.00 - -
80 8
60 6 Trading days 1 4 - 2 - -
Turnover Ratio (%) 14.08 48.00 - 28.16 - -
40 4 CTP Price - High 110.130 103.160 - 115.210 - -
Date 22-Jan 27-May - 15-Dec - -
20 2
CTP Price - Low 110.110 100.340 - 114.230 - -
- - Date 22-Jan 13-May - 07-Dec - -
PHEI Fair Yield (%) 9.6115 8.9132 8.6112 7.8908 8.5932 8.3724
Mod. Duration (yrs) 7.501 7.616 7.619 7.715 7.468 7.441
117 11.0
Convexity (yrs) 82.353 83.413 82.669 83.351 78.762 77.560
Sensitivity (%) 0.075 0.076 0.076 0.077 0.075 0.074
112 10.0
107 9.0
102 8.0
97 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BEXI05CN1
ISIN CODE : IDA000107403 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
18 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
12 2
nar >> Trading days - - 1 - - -
Turnover Ratio (%) - - 133.33 - - -
CTP Price - High - - 100.020 - - -
6 1
Date - - 10-Jul - - -
CTP Price - Low - - 100.020 - - -
- - Date - - 10-Jul - - -
PHEI Fair Yield (%) - - 6.9622 6.3564 6.2065 5.5611
Mod. Duration (yrs) - - 2.443 2.248 2.042 1.840
105 8.0
Convexity (yrs) - - 7.030 5.963 4.939 4.033
Sensitivity (%) - - 0.024 0.022 0.020 0.018
103 7.0
101 6.0
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
297
SMBEXI01BCN2 Listing Date Maturity Date
ISIN CODE : IDJ0000115B7 Nov-18 Nov-19 Nov-20 Nov-21
Volume
Trading 2020 2021
Activities,
120 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
96 24
72 18 Trading days 3 5 2 8 4 1
Turnover Ratio (%) 27.20 182.40 22.40 121.60 54.40 16.00
48 12 CTP Price - High 102.870 103.040 103.040 102.820 102.100 102.250
Date 05-Feb 30-Jun 22-Jul 09-Nov 04-Feb 13-Apr
24 6
CTP Price - Low 102.090 101.300 102.550 101.000 100.560 102.230
- - Date 27-Mar 02-Jun 03-Sep 07-Oct 05-Jan 13-Apr
PHEI Fair Yield (%) 7.3410 6.3954 6.1876 6.9027 4.9578 4.1479
Mod. Duration (yrs) 1.469 1.259 1.038 0.810 0.580 0.347
105 8.0
Convexity (yrs) 2.620 1.957 1.368 0.872 0.486 0.207
104 7.0 Sensitivity (%) 0.015 0.013 0.010 0.008 0.006 0.003
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBEXI01BCN3
Volume
Trading 2020 2021
Activities,
150 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 80.00 - - 40.00 140.00
120 8
Frequency Frequency (X) - 8 - - 4 6
nar >> 90 6 Trading days - 2 - - 2 3
Turnover Ratio (%) - 220.69 - - 110.34 386.21
60 4 CTP Price - High - 100.300 - - 103.800 103.800
Date - 04-Jun - - 29-Mar 23-Apr
30 2
CTP Price - Low - 100.100 - - 103.750 103.500
- - Date - 04-Jun - - 10-Mar 14-Apr
PHEI Fair Yield (%) 7.5101 6.5834 6.2813 5.7832 4.9722 4.6519
Mod. Duration (yrs) 1.852 1.651 1.439 1.223 0.999 0.775
108 8.5
Convexity (yrs) 4.095 3.280 2.523 1.857 1.280 0.808
106 7.5 Sensitivity (%) 0.019 0.017 0.014 0.012 0.010 0.008
104 6.5
102 5.5
100 4.5
98 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
298
SMBEXI01CCN2
Volume
Trading 2020 2021
Activities,
45 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
36 8
27 6 Trading days - - - - - -
18 4 CTP Price - High - - - - - -
Date - - - - - -
9 2
- - Date - - - - - -
PHEI Fair Yield (%) 8.3572 7.3222 7.1182 6.4934 6.3802 5.7465
Mod. Duration (yrs) 3.010 2.849 2.666 2.484 2.288 2.097
114 9.0
Convexity (yrs) 10.786 9.623 8.418 7.298 6.200 5.219
Sensitivity (%) 0.030 0.028 0.027 0.025 0.023 0.021
110 8.0
106 7.0
102 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBEXI01CCN3 Listing Date Maturity Date
ISIN CODE : IDJ0000131C2 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
20 4
15 3 Trading days - - 1 - - -
Turnover Ratio (%) - - 121.21 - - -
10 2 CTP Price - High - - 103.740 - - -
Date - - 16-Sep - - -
5 1
CTP Price - Low - - 103.720 - - -
- - Date - - 16-Sep - - -
PHEI Fair Yield (%) 8.5203 7.4632 7.3160 6.6651 6.5898 5.9696
Mod. Duration (yrs) 3.330 3.180 3.004 2.830 2.640 2.458
113 9.5
Convexity (yrs) 13.277 12.040 10.716 9.489 8.257 7.151
Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.025
109 8.5
105 7.5
101 6.5
97 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
299
SMBEXI01DCN2
ISIN CODE : IDJ0000115D3 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.9322 7.8451 7.9006 7.1389 7.1437 6.5732
Mod. Duration (yrs) 4.253 4.150 3.995 3.861 3.696 3.547
113 10.0
Convexity (yrs) 22.302 21.032 19.412 18.015 16.452 15.074
Sensitivity (%) 0.043 0.042 0.040 0.039 0.037 0.035
110 9.0
107 8.0
104 7.0
101 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBEXI02CN1
ISIN CODE : IDJ000016001 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
100 20 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - 96.00 54.00 56.00 -
Frequency
75 15 Frequency (X) - - 7 4 18 -
nar >> Trading days - - 2 2 9 -
50 10 Turnover Ratio (%) - - 384.00 216.00 224.00 -
CTP Price - High - - 100.880 100.800 100.750 -
25 5 Date - - 28-Sep 13-Oct 07-Jan -
CTP Price - Low - - 99.980 100.580 100.600 -
- - Date - - 20-Jul 03-Nov 16-Feb -
PHEI Fair Yield (%) - - 5.6748 5.3458 4.6299 3.7251
Mod. Duration (yrs) - - 0.765 0.531 0.290 0.050
102 7.0
Convexity (yrs) - - 0.787 0.417 0.157 0.015
Sensitivity (%) - - 0.008 0.005 0.003 0.000
101 6.0
100 5.0
99 4.0
98 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
300
nar >>
BEXI03BCN5 21.3%
BEXI03BCN6 2.7%
BEXI03CCN2 837 539 87.7%
BEXI03CCN3 8.0%
BEXI03CCN4 82 18.4%
BEXI03CCN5 4.5%
BEXI03CCN6 0.0%
BEXI03DCN3 142 26 88 24.7%
BEXI03DCN4 1.0%
BEXI03ECN4 39 92 114 72 25.0%
BEXI04ACN8 5.7%
BEXI04BCN1 0.0%
BEXI04BCN2 270 142.1%
BEXI04BCN3 17.3%
BEXI04BCN4 100 52 20.1%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
301
nar >>
BEXI04BCN5 6.3%
BEXI04BCN6 0.0%
BEXI04BCN7 37.5%
BEXI04BCN8 100 6.4%
BEXI04CCN1 4.0%
BEXI04CCN2 135 56.2%
BEXI04CCN3 0.0%
BEXI04CCN4 665 51 140 59.2%
BEXI04CCN5 139 47.6%
BEXI04CCN6 - 0.0%
BEXI04CCN7 0.0%
BEXI04CCN8 266.7%
BEXI04DCN2 2 0.2%
BEXI04DCN3 5.5%
BEXI04DCN4 28.2%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
302
nar >>
BEXI04DCN5 159 17 183 33 53.1%
BEXI04DCN6 0.0%
BEXI04DCN7 180 292 743 1084.8%
BEXI04ECN4 76 56 39.5%
BEXI04ECN7 99 80 60 450 313.4%
BEXI04FCN4 75 44 22.6%
BEXI05CN1 33.3%
SMBEXI01BCN2 114 14 76 88.4%
SMBEXI01BCN3 80 55.2%
SMBEXI01CCN2 - 0.0%
SMBEXI01CCN3 30.3%
SMBEXI01DCN2 0.0%
SMBEXI02CN1 96 54 150.0%
- 200 400 600 800 1,000 1,200 1,400
303
BEXI FINANCIAL HIGHLIGHT

BALANCE SHEETS Dec-2019 Dec-2020 Chg % 91.66 91.23 90.21 86.74
- - -  13.87 5.65
Consumer Financing Receivables 2.28
2.44 2.06 1.99 1.16
Total Assets 108,701,725 92,084,560 -15.29 q
(%)
-66.71
Authorized Capital (Shares) Gov. Cap. Contribution Gov. Cap. Contribution - 
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital - - - 
Paid up Capital (Shares) - - -  Net Interest Margin
Par Value (Rp Full Amount) - - - 
Retained Earnings -3,228,788 -7,480,828 -131.69 q
4.78
Total Equity 18,938,752 24,796,549 30.93 p
0.92 0.81 1.16
0.14 0.31
-4.33
(%)
INCOME STATEMENTS
Total Revenues 7,152,382 5,199,585 -27.30 q
-24.87
Expenses 12,381,416 9,641,246 -22.13 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Earning Before Tax -5,634,858 61,722 101.10 p Return on Assets Return on Equity
EBITDA -5,527,154 172,431 103.12 p
Income (Loss) for the periods -4,710,849 288,388 106.12 p
Comprehensive Income (Loss) -4,694,867 398,225 108.48 p
Net income/loss attributed to -4,710,849 288,388 106.12 p LIQUIDITY & SOLVENCY RATIOS
109.54 108.05
104.41
79.11
Peer Group
(%)

1. PT Astra Sedaya Finance 5,354 13.41 2.78 8.34 8.77 9.79 13.26
Financial Ratios
Net Profit Margin (%) 13.87 2.28 -66.71 5.65
Return on Assets (%) 0.92 0.14 -4.33 0.31
Return on Equity (%) 4.78 0.81 -24.87 1.16
BOPO (%) 8.34 8.77 9.79 13.26
Cash Flow / Debt (%) -11.44 -6.31 13.59 10.58
304
BFIN PT BFI Finance Indonesia Tbk.

Sub Sector : Financing Service BFI Tower - Sunburst CBD Lot .1.2, 5th Fl.
Website : www.bfi.co.id Jln. Kapt. Soebijanto Djojohadikusumo BSD City
Corporate Sec. : Sudjono Tangerang Selatan, 15322
Fax : (021) 2966-0757, 2966-0758
PT BFI Finance Indonesia Tbk (BFI) was SHAREHOLDERS

established in 1982 as PT Manufacturers
1. NT Asian Discovery Fund 7.19%
Hanover Lea sing Indonesia, a joint
venture between Manufacturers Hanover 2. Trinugraha Capital Co. & SCA 45.68%
Leasing Corporation from the United 3. Public 47.13%
States and local partners. 4. Treasury Stock 0.00%
It is one of the oldest multifinance companies in Indonesia as well as

the first multifinance company to be listed on the Jakarta Stock
Exchange and Surabaya Stock Exchange (currently known as AUDIT COMMITTEE
Indonesia Stock Exchange or IDX). BFI Finance was listed in May 1990 1. Johanes Sutrisno
with ticker code BFIN. After undertaking debt restructuring due to 2. Edy Sugito
the Asian financial crisis started in 1998, BFI Finance officially
3. Friso Palilingan
changed its name to PT BFI Finance Indonesia Tbk in 2001.
In 2017, BFI Finance established of company's subsidiary namely PT
Finansial Integrasi Teknologi (FIT) which operates online lending
services (peer-to-peer lending) and in 2020 received business license BOARD OF COMMISSIONERS
from the Financial Services Authority (OJK) for the platform of 1. Kusmayanto Kadiman
www.pinjammodalid.id that is valid without any certain time limit.
2. Alfonso Napitupulu *
Today, BFI Finance is 42.8% owned by the consortium of Trinugraha 3. Cornellius Henry Kho
Capital SA (which consists, amongst others, of TPG and Northstar
4. Dominic John Picone
Group). Remaining shares are held by local and foreign institutional
shareholders, as well as retail shareholders. BFI Finance became a 5. Johanes Sutrisno *
multifinance company with the widest coverage area and the 6. Sunata Tjiterosampurno
strongest capital structure in Indonesia. *independen
BOARD OF DIRECTORS
1. Francis Lay Sioe Ho
2. Andrew Adiwijanto
3. Sigit Hendra Gunawan
4. Sudjono
5. Sutadi
1. Fitch Rating Indonesia A+(idn) 10-Mar-21 Stable

2. Fitch Rating Indonesia A+(idn) 23-Apr-20 Negative
4. Fitch Rating Indonesia AA-(idn) 14-Oct-18 Stable
5. Fitch Rating Indonesia AA-(idn) 22-Nov-17 Stable
as of June 2021
SWOT Analysis
- Solid capitalization and manageable asset quality - Limited channeling credit from banks
- Sustained sound financial performance
- Long experience in the multi finance industry S W - Relatively below average asset quality
- Good diversified funding profile
- Economic recovery prospect - Tight competition in the industry
O T
- Digital strategy implementation with online financing - Declining of purchasing power
- Growing middle-income statement - Unfavorable impact of COVID-19
305
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan 25-Jul-20 PT Bank

BFIN03CCN1 III BFI Finance 9.10% 25-Oct-20 Tabungan A+(idn)
1. 133,000 26-Oct-16 25-Oct-21 5
IDA0000768C0 Indonesia Tahap I 25-Jan-21 Negara Stable
Tahun 2016 Seri C 25-Apr-21 (Persero) Tbk.
Quarterly
Obligasi Berkelanjutan - PT Bank

BFIN04ACN3 IV BFI Finance 8.00% 08-Dec-20 Tabungan A+(idn)
2. 437,000 09-Sep-20 18-Sep-21 1
IDA0001090A2 Indonesia Tahap III 08-Mar-21 Negara Stable
Tahun 2020 Seri A 08-Jun-21 (Persero) Tbk.
Quarterly
Obligasi Berkelanjutan 22-Aug-20 PT Bank

BFIN04BCN2 IV BFI Finance 10.50% 22-Nov-20 Tabungan A+(idn)
3. 500,000 25-Feb-19 22-Feb-22 3
IDA0000965B4 Indonesia Tahap II 22-Feb-21 Negara Stable
Tahun 2019 Seri B 22-May-21 (Persero) Tbk.
Quarterly

BFIN04BCN3 IV BFI Finance 9.50% 08-Dec-20 Tabungan A+(idn)
4. 395,000 09-Sep-20 08-Sep-23 3
IDA0001090B0 Indonesia Tahap III 08-Mar-21 Negara Stable
Tahun 2020 Seri B 08-Jun-21 (Persero) Tbk.
Quarterly

BFIN05ACN1 V BFI Finance 6.00% - Tabungan A+(idn)
5. 200,000 31-May-21 08-Jun-22 1
IDA0001152A0 IndonesiaTahap I - Negara Stable
Tahun 2021 Seri A - (Persero) Tbk.
Quarterly

BFIN05BCN1 V BFI Finance 7.75% - Tabungan A+(idn)
6. 400,000 31-May-21 28-May-24 3
IDA0001152B8 IndonesiaTahap I - Negara Stable
Tahun 2021 Seri B - (Persero) Tbk.
Quarterly
TRADING HIGHLIGHT
BFIN03CCN1
Volume
Trading 2020 2021
Activities,
12 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
10 Volume
5 Volume (Rp bn) - 5.00 2.00 - 10.00 -
Frequency Frequency (X) - 1 1 - 5 -
8 4
Trading days - 1 1 - 1 -
6 3 Turnover Ratio (%) - 15.04 6.02 - 30.08 -
CTP Price - High - - - - 101.650 -
4 2
Date - - - - 24-Mar -
2 1
CTP Price - Low - - - - 101.500 -
- - Date - - - - 24-Mar -
PHEI Fair Yield (%) 8.5675 7.6569 7.3407 6.9661 6.8533 5.9600
Mod. Duration (yrs) 1.424 1.216 0.997 0.773 0.541 0.309
105 10.0
Convexity (yrs) 2.482 1.842 1.276 0.806 0.432 0.173
104 9.0 Sensitivity (%) 0.014 0.012 0.010 0.008 0.005 0.003
103 8.0
102 7.0
101 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
306
BFIN04ACN3 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
350 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
280 16
210 12 Trading days - - 5 2 - -
Turnover Ratio (%) - - 284.67 27.46 - -
140 8 CTP Price - High - - 100.000 100.500 - -
Date - - 21-Sep 23-Dec - -
70 4
CTP Price - Low - - 100.000 100.000 - -
- - Date - - 21-Sep 17-Dec - -
PHEI Fair Yield (%) - - 7.9513 6.8714 6.6987 5.8054
Mod. Duration (yrs) - - 0.919 0.690 0.451 0.214
102 9.0
Convexity (yrs) - - 1.086 0.652 0.316 0.098
Sensitivity (%) - - 0.009 0.007 0.005 0.002
101 8.0
100 7.0
99 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BFIN04BCN2
Volume
Trading 2020 2021
Activities,
300 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
250 25
200 20
150 15 Turnover Ratio (%) 17.60 167.95 0.80 64.00 92.80 51.20
CTP Price - High 105.130 103.550 103.720 105.500 104.020 104.130
100 10
Date 12-Mar 15-Apr 24-Aug 03-Dec 26-Feb 11-Jun
50 5
CTP Price - Low 103.580 101.910 103.710 105.480 103.000 102.000
- - Date 04-Mar 26-May 24-Aug 03-Dec 11-Jan 24-May
PHEI Fair Yield (%) 8.4925 7.9281 7.6234 7.2523 6.1834 6.4243
Mod. Duration (yrs) 1.689 1.489 1.279 1.064 0.842 0.616
109 9.0
Convexity (yrs) 3.443 2.700 2.024 1.435 0.935 0.538
Sensitivity (%) 0.017 0.015 0.013 0.011 0.008 0.006
107 8.0
105 7.0
103 6.0
101 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
307
BFIN04BCN3
Volume
Trading 2020 2021
Activities,
100 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 40.00 93.00 1.00 -
80 12
60 9 Trading days - - 1 3 1 -
Turnover Ratio (%) - - 40.51 94.18 1.01 -
40 6 CTP Price - High - - - 101.420 - -
Date - - - 16-Oct - -
20 3
CTP Price - Low - - - 100.000 - -
- - Date - - - 10-Dec - -
PHEI Fair Yield (%) - - 9.5992 8.2732 8.4563 8.0433
Mod. Duration (yrs) - - 2.523 2.348 2.149 1.955
104 10.0
Convexity (yrs) - - 7.525 6.505 5.460 4.534
103 9.5 Sensitivity (%) - - 0.025 0.023 0.021 0.020
102 9.0
101 8.5
100 8.0
99 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BFIN05ACN1
ISIN CODE : IDA0001152A0 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22
Volume
Trading 2020 2021
Activities,
250 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 80
150 60 Trading days - - - - - 5
Turnover Ratio (%) - - - - - 462.00
100 40 CTP Price - High - - - - - 100.050
Date - - - - - 08-Jun
50 20
CTP Price - Low - - - - - 100.000
- - Date - - - - - 10-Jun
PHEI Fair Yield (%) - - - - - 5.9225
102 7.0
Convexity (yrs) - - - - - 1.051
Sensitivity (%) - - - - - 0.009
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
308
BFIN05BCN1
Volume
Trading 2020 2021
Activities,
90 9 Q1 Q2 Q3 Q4 Q1 Q2
80 8 Volume (Rp bn) - - - - - 77.00
Frequency
70 7 - - - - - 8
Frequency (X)
60 6
50 5
Turnover Ratio (%) - - - - - 77.00
40 4
30 3
20 2 Date - - - - - -
10 1 CTP Price - Low - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 7.6043
102 8.0
Convexity (yrs) - - - - - 7.696
Sensitivity (%) - - - - - 0.026
101 7.5
100 7.0
99 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BFIN03CCN1 5 5.3%
BFIN04ACN3 311 30 78.0%
BFIN04BCN2 22 210 1 80 62.6%
BFIN04BCN3 40 93 33.7%
- 100 200 300 400 500 600
309
BFIN FINANCIAL HIGHLIGHT

83.27
Cash & Cash Equivalents 660,032 1,414,691 114.34 p
67.78
66.59
63.71
29.38
29.25
26.96
22.92
16.64
15.35
19,089,633 15,200,531 -20.37 q
13.17
12.82
Total Assets
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Non Controlling Interest 7 4 -42.86 q
Total Equity 6,080,180 6,606,154 8.65 p 24.21 23.66
(%)
11.35 10.62
Amount in Rp Million, Unless Otherwise Stated 7.20 7.68
4.62
Total Revenues 4,413,461 3,963,629 -10.19 q
Expenses 2,638,766 2,164,310 -17.98 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 1,174,459 959,763 -18.28 q
Income (Loss) for the periods 711,682 701,592 -1.42 q
Net income/loss attributed to 711,685 701,595 -1.42 q LIQUIDITY & SOLVENCY RATIOS
147.52
133.72
Peer Group
(%)

51.10 45.87
(Rp Bill) Margins Growth 33.41 32.23 36.29
1. PT Astra Sedaya Finance 5,354 13.41 2.78 16.73
Financial Ratios
Return on Assets (%) 7.20 7.68 3.62 4.62
Return on Equity (%) 24.21 23.66 11.35 10.62
BOPO (%) 33.41 32.23 16.73 36.29
Cash Flow / Debt (%) -20.17 -2.84 10.70 55.23
310
BIIF PT Maybank Indonesia Finance

Sub Sector : Financing Service Wisma Eka Jiwa, 10th Floor
Website : www.maybankfinance.co.id Jln. Mangga Dua Raya
Corporate Sec. : Arief Soerendro Jakarta 10730
Fax : (021) 6230-0099
PT BII Finance Center was established on SHAREHOLDERS

February 13, 1991, based on notarial deed 1. PT Bank Maybank 99.99%
No. 163 in Jakarta, as a company which
Indonesia Tbk.
having licenses in consumer finance, leasing, factoring and credit card
(multi finance). Maybank Indonesia Finance (formerly PT BII Finance 2. Koperasi Karyawan 0.01%
Center) obtain strong support from sole shareholder, PT Bank PT Bank Maybank
Maybank IndonesiaTbk. Indonesia Tbk.
(Maybank Indonesia) and the ultimate parent, Malayan Banking

Berhad (Maybank). Based on notarial deed no . 105 dated November AUDIT COMMITTEE
18, 2015 PT BII Finance Center name changes into PT Maybank 1. Deswandhy Agusman
Indonesia Finance (MIF). 2. Helmi Mahfud
Maybank Finance has its main activity in financing new and used cars. 3. Herwan Ng
Maybank Finance also expanded its business by starting to enter into
the financing of heavy equipment and industrial machinery, in order
to support the company's activities Maybak Finance is also supported
by dealers, showrooms and suppliers spread throughout Indonesia. BOARD OF COMMISSIONERS
1. Deswandhy Agusman *
Currently Maybank Finance operates in financing four wheelers
vehicles, heavy equipments and industrial machineries, which was 2. Muhamad Roskanedi
supported by authorized dealers of various brands and showrooms 3. Steffano Ridwan
throughout Indonesia.
MIF had achieved Awards from Infobank since 2007 until 2020 and
Golden Trophy for 8 consecutive years as the best performance for
finance company; IFSA award since 2010 until 2013 and 2015; *independen
Majalah Investor Award 2011 until 2015; The Best Financial
BOARD OF DIRECTORS
Performance 2016; Top Multifinance Award 2017; Top Multifinance
2018 category of Rp5-10tn Asset; The Best Good Corporate 1. Alexander
Governance Asset Rp5-10tn and The Most Expansive Finance 2. Arief Soerendro
Company in 2019, and The Most Profitable Finance Company 2020 3. Miki Effendi
from Infobank.
Maybank Finance had 34 branches and 8 representative offices
spread out in major cities in Indonesia.
1. Fitch Rating Indonesia AA+(idn) 10-Feb-21 Stable

2. Fitch Rating Indonesia AA+(idn) 11-May-20 Stable
3. Fitch Rating Indonesia AA+(idn) 24-Feb-20 Stable
as of June 2021
SWOT Analysis
- Strong support from PT Bank Maybank Indonesia - Moderate profitability growth
- Good position in the industry
S W
- Continuous network expansion along with more focused - Unfavorable impact of COVID-19
and intensive credit evaluation capability - Tight competition in the industry
- Cooperates exclusively with strategic partners O T - Improving mass transportation infrastructure in
Greater Jakarta area
311
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan I 03-Aug-20

PT Bank
BIIF01BCN3 Maybank Finance 8.80% 03-Nov-20 AA+(idn)
1. 300,000 04-Nov-16 03-Nov-21 5 Mandiri
IDA0000773B2 Tahap III Tahun 2016 03-Feb-21 Stable
(Persero) Tbk.
Seri B 03-May-21
Quarterly
Obligasi Berkelanjutan I 15-Aug-20

PT Bank
BIIF01BCN4 Maybank Finance 7.90% 15-Nov-20 AA+(idn)
2. 50,000 16-Nov-17 15-Nov-22 5 Mandiri
IDA0000861B5 Tahap IV Tahun 2017 15-Feb-21 Stable
(Persero) Tbk.
Seri B 15-May-21
Quarterly

PT Bank
BIIF02ACN2 II Maybank Finance 9.00% 02-Oct-20 AA+(idn)
3. 650,000 04-Apr-19 02-Apr-22 3 Mandiri
IDA0000968A0 Tahap II Tahun 2019 02-Jan-21 Stable
(Persero) Tbk.
Seri A 02-Apr-21
Quarterly

PT Bank
BIIF02BCN1 II Maybank Finance 8.00% 17-Nov-20 AA+(idn)
4. 100,000 18-May-18 17-May-23 5 Mandiri
IDA0000904B3 Tahap I Tahun 2018 17-Feb-21 Stable
(Persero) Tbk.
Seri B 17-May-21
Quarterly

PT Bank
BIIF02BCN2 II Maybank Finance 9.35% 02-Oct-20 AA+(idn)
5. 350,000 04-Apr-19 02-Apr-24 5 Mandiri
IDA0000968B8 Tahap II Tahun 2019 02-Jan-21 Stable
(Persero) Tbk.
Seri B 02-Apr-21
Quarterly
-
BIIF03CN1 6.30% - AA+(idn)
6. III Maybank Finance 500,000 24-Jun-21 23-Jun-24 3 Mandiri
IDA000115604 - Stable
Quarterly -
TRADING HIGHLIGHT
BIIF01BCN3
ISIN CODE : IDA0000773B2 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
60 6
Turnover Ratio (%) 3.33 9.33 4.00 57.33 93.33 -
CTP Price - High 102.182 101.314 101.500 103.250 102.650 -
30 3
Date 08-Jan 03-Apr 22-Sep 30-Nov 18-Mar -
CTP Price - Low 102.182 101.314 101.400 102.990 102.450 -
- - Date 08-Jan 03-Apr 22-Sep 03-Nov 18-Mar -
PHEI Fair Yield (%) 7.5139 6.5224 6.1148 5.5659 4.6910 4.2898
Mod. Duration (yrs) 1.454 1.244 1.024 0.799 0.566 0.333
105 8.0
Convexity (yrs) 2.573 1.918 1.337 0.853 0.467 0.194
Sensitivity (%) 0.015 0.012 0.010 0.008 0.006 0.003
103 6.5
101 5.0
99 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
312
BIIF01BCN4 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
3 3 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - - - - - -
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.2726 7.2802 6.8890 6.2895 6.0310 5.2451
Mod. Duration (yrs) 2.321 2.131 1.927 1.720 1.503 1.289
106 8.5
Convexity (yrs) 6.328 5.341 4.390 3.522 2.722 2.037
Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
104 7.5
102 6.5
100 5.5
98 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BIIF02ACN2 Listing Date Maturity Date
ISIN CODE : IDA0000968A0 Apr-19 Apr-20 Apr-21 Apr-22
Volume
Trading 2020 2021
Activities,
1000 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
r >> Volume Volume (Rp bn) 874.30 721.40 786.00 597.00 558.00 531.00
800 40
600 30 Trading days 18 14 19 12 17 13
Turnover Ratio (%) 538.03 443.94 483.69 367.38 343.38 326.77
400 20 CTP Price - High 104.250 102.200 104.000 104.240 104.600 103.750
Date 14-Jan 29-Jun 14-Sep 18-Dec 15-Jan 20-May
200 10
CTP Price - Low 99.000 96.000 89.800 101.400 98.500 97.800
- - Date 08-Jan 07-Apr 10-Sep 01-Oct 12-Jan 14-Apr
PHEI Fair Yield (%) 8.1101 6.8822 6.5476 5.7563 5.7288 4.4486
Mod. Duration (yrs) 1.781 1.584 1.374 1.161 0.937 0.716
106 9.5
Convexity (yrs) 3.830 3.055 2.330 1.698 1.144 0.707
Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
103 8.0
100 6.5
97 5.0
94 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
313
ISIN CODE : IDA0000904B3 May-18 May-19 May-20 May-21 May-22 May-23
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
12 2
r >> Trading days - - 1 - - -
Turnover Ratio (%) - - 68.00 - - -
CTP Price - High - - 102.520 - - -
6 1
Date - - 16-Sep - - -
CTP Price - Low - - 102.500 - - -
- - Date - - 16-Sep - - -
PHEI Fair Yield (%) 8.5250 7.5153 7.0247 6.5488 6.3809 5.5879
Mod. Duration (yrs) 2.711 2.532 2.339 2.140 1.932 1.728
105 9.5
Convexity (yrs) 8.620 7.511 6.414 5.385 4.410 3.553
Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.017
102 8.0
99 6.5
96 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISIN CODE : IDA0000968B8 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
640 32
480 24 Trading days 11 9 8 21 5 8
Turnover Ratio (%) 335.54 497.37 261.71 800.00 181.71 321.14
320 16 CTP Price - High 106.540 104.300 105.770 110.480 107.620 107.840
Date 04-Mar 22-Apr 24-Sep 15-Dec 02-Mar 04-Jun
160 8
CTP Price - Low 101.000 92.900 103.270 98.100 106.200 102.500
- - Date 06-Feb 12-May 06-Jul 22-Oct 09-Mar 20-May
PHEI Fair Yield (%) 8.4816 7.8217 7.5178 6.3885 6.9594 6.1595
Mod. Duration (yrs) 3.252 3.096 2.925 2.761 2.564 2.386
113 9.5
Convexity (yrs) 12.773 11.525 10.258 9.105 7.862 6.802
Sensitivity (%) 0.033 0.031 0.029 0.028 0.026 0.024
109 8.5
105 7.5
101 6.5
97 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
314
BIIF03CN1 Listing Date Maturity Date
ISIN CODE : IDA000115604 Jun-21 Jun-22 Jun-23 Jun-24
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
200 20
r >> 150 15 Trading days - - - - - 9
Turnover Ratio (%) - - - - - 176.00
100 10 CTP Price - High - - - - - 101.500
Date - - - - - 24-Jun
50 5
CTP Price - Low - - - - - 100.500
- - Date - - - - - 28-Jun
PHEI Fair Yield (%) - - - - - 6.1402
102 6.5
Convexity (yrs) - - - - - 8.336
Sensitivity (%) - - - - - 0.027
101 6.0
100 5.5
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >> BIIF01BCN3 18.5%
BIIF01BCN4 0.0%
BIIF02ACN2 874 721 786 597 458.3%
BIIF02BCN1 17.0%
BIIF02BCN2 294 435 229 700 473.7%
- 500 1,000 1,500 2,000 2,500 3,000 3,500
315
BIIF FINANCIAL HIGHLIGHT

87.91
89.47
74.28
73.28
6,279,814 5,714,618 -9.00 q
31.25
Consumer Financing Receivables
29.92
26.26
24.52
42,195 56,111 32.98 p
10.72
Property, Plant and Equipment
9.15
8.91
9.91
Total Assets 7,723,610 6,879,940 -10.92 q
(%)
Total Liabilities 5,476,021 4,270,176 -22.02 q 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Total Equity 2,247,589 2,609,764 16.11 p 16.98 16.96
15.72
13.88
(%)
3.77 4.28
INCOME STATEMENTS
Total Revenues 1,140,685 1,121,603 -1.67 q
Expenses 914,885 808,657 -11.61 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Finance Costs 5,451 4,114 -24.53 q
Earning Before Tax 478,258 470,028 -1.72 q Return on Assets Return on Equity
EBITDA 489,959 480,722 -1.89 q
136.08
116.01 112.02 116.61
Peer Group
(%)

1. PT Mandala Multifinance Tbk. 1,522 11.46 -11.80 12.09 10.53
2. PT Maybank Indonesia Finance 1,122 32.29 -1.67
3. Indonesia Infrastructure Finance 894 4.76 8.47 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Sinar Mas Multiartha Tbk 344 162.59 62.30
5. PT Surya Artha Nusantara Finance 339 3.75 -16.08 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 3.77 4.28 4.58 5.26
Return on Equity (%) 16.98 16.96 15.72 13.88
BOPO (%) 25.72 12.09 10.53 26.72
Cash Flow / Debt (%) -5.22 -1.95 5.90 20.46
316
BJBR PT Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk.

Sub Sector : Banks Menara Bank BJB
Website : www.bankbjb.co.id Jln. Naripan No. 12 - 14
Corporate Sec. : Widi Hartoto Bandung 40111
Fax : (022) 423-4868
PT Bank Pembangunan Daerah Jawa Barat SHAREHOLDERS

dan Banten Tbk. known as bank bjb, is a
1. Province of West Java 38.18% 4. Municipal & Regional 7.87%
commercial bank owned by the Provincial
(Class A) Gov. of Banten (Class A)
Government West Java, Provincial
Government of Banten, all city and regency governments in West Java 2. Public (Class B) 24.63% 5. Province of Banten 5.29%
and Banten, and the public. The establishment of bank bjb initiated from 3. Municipal & Regional Gov. of 24.02% (Class A)
NV DENIS (De Erste Nederlansche Indische shareholding), which was West Java (Class A)
based in Bandung, engaged in mortgages and one of the Dutch-owned
companies nationalized under Government Regulation (PP) of the
Republic of Indonesia (GoI) No. 33 of 1960 about the determination of AUDIT COMMITTEE
Dutch Companies in Indonesia. 1. Farid Rahman
Bank Jabar Banten sharia banking unit was spun off and became a 2. Mokhamad Anwar
independent subsidiary called “Bank Jabar Banten Syariah” based on the
3. Wawan Hermawan
business license from Bank Indonesia and in accordance with the
Governor of Bank Indonesia Decree No.12/35/KEP.GBI/2010 dated April
30, 2010 regarding business license for PT Bank Jabar Banten Syariah.
Based on the Letter from the Chairman of Bapepam-LK No. S-5901 / BL / BOARD OF COMMISSIONERS
2010 On June 29, 2010 Notice Effective Registration Statement on Bank
1. Farid Rahman *
Jabar Banten carry out the initial public offering shares at an offering
price of Rp600,00 (six hundred Rupiah) per share which are listed in the 2. Dedi Taufik
Indonesia Stock Exchange on July 8, 2010. Based on the results of the 3. Fahlino F Sjuib *
General Meeting Extraordinary Shareholders (EGM) of PT Bank 4. Muhadi
Pembangunan Daerah Jawa Barat and Banten No. 26, April 21, 2010, Bank
5. Tubagus Raditya I. *
Indonesia Letter No. 12/78 / APBU / Bd dated June 30, 2010 regarding
Logo Change Plan, and Directors Decree No. 1337 / SK / DIR-PPN / 2010
dated July 5, 2010, the call name “Bank Jabar Banten” has been officially *independen
changed to “bank bjb” on August 2, 2010. BOARD OF DIRECTORS
Bank BJB is a pioneer among regional development banks as the first to 1. Yuddy Renaldi 7. Tedi Setiawan
conduct an IPO, on the Indonesian Stock Exchange (IDX) on July 8, 2010.
2. Cecep Trisna
The funds from the Offering were used by bank BJB to strengthening the
Company’s capital to support loan expansion, especially in the SME 3. Nancy Adistyasari
sector, expansion of networks and information technology development. 4. Nia Kania
Future bank bjb plans include to focus growth in the SME sector with the 5. Rio Lanasier
support of existing consumer sectors. bank bjb’s Initial Public Offering
6. Suartini
obtained relatively large interest from both domestic and foreign
investors. In the Initial Public Offering of 1, 2 and 5 July 2010, the demand
for bank bjb shares was oversubscribed by 11.2 times in the pooling
portion. Historical Corporate Ratings
1. Pefindo idAA- 23-Apr-21 Stable

2. Pefindo idAA- 10-Dec-20 Stable
3. Fitch Rating Indonesia A+(idn) 1-Dec-20 Stable
4. Fitch Rating Indonesia A+(idn) 18-Dec-19 Stable
as of June 2021
SWOT Analysis
- Strong captive market in West Java & Banten region. - Moderate profitability indicators
- Strong support from provincial government.
- Very strong capitalization profile S W - Increasing Non Performaing loan
- Increasing risk profile
- Wide products and services diversification
-Resilient civil servant segment -Unfavorable impact of COVID-19

-Monetary stimulus to boost banking liquidity O T -Tighter competitions from banks and fintech
companies
317
AS OF JUNE 2021
Coupon Coupon
Obligasi 28-Sep-20
BJBR01ACN2 Berkelanjutan I Bank 9.00% 28-Dec-20 PT Bank Mega idAA-
1. 835,500 01-Oct-18 28-Sep-21 3
IDA0000939A1 BJB Tahap II Tahun 28-Mar-21 Tbk. Stable
Obligasi 18-Jul-20
BJBR01ACN3 Berkelanjutan I Bank 8.25% 18-Oct-20 PT Bank Mega idAA-
2. 66,000 21-Oct-19 18-Oct-22 3
IDA0001016A7 BJB Tahap III Tahun 18-Jan-21 Tbk. Stable
2019 Seri A Quarterly 18-Apr-21

BJBR01ASBCN1 Berkelanjutan I Bank 9.60% 06-Dec-20 PT Bank Mega idA
3. 307,000 07-Dec-17 06-Dec-22 5
IDA0000871A6 BJB Tahap I Tahun 06-Mar-21 Tbk. Stable
Obligasi 06-Sep-20
BJBR01BCN1 Berkelanjutan I Bank 8.15% 06-Dec-20 PT Bank Mega idAA-
4. 468,300 07-Dec-17 06-Dec-22 5
IDA0000870B6 BJB Tahap I Tahun 06-Mar-21 Tbk. Stable
28-Sep-20
BJBR01BCN2 9.50% 28-Dec-20 PT Bank Mega idAA-
5. Bank BJB Tahap II 916,500 01-Oct-18 28-Sep-23 5
IDA0000939B9 28-Mar-21 Tbk. Stable
Tahun 2018 Seri B
Quarterly 28-Jun-21
18-Jul-20
BJBR01BCN3 8.50% 18-Oct-20 PT Bank Mega idAA-
6. Bank BJB Tahap III 108,000 21-Oct-19 18-Oct-24 5
Tahun 2019 Seri B
Quarterly 18-Apr-21

BJBR01BSBCN1 Berkelanjutan I Bank 9.90% 06-Dec-20 PT Bank Mega idA
7. 693,000 07-Dec-17 06-Dec-24 7
IDA0000871B4 BJB Tahap I Tahun 2017 06-Mar-21 Tbk. Stable
Seri B 06-Jun-21
Quarterly
Obligasi 06-Sep-20
BJBR01CCN1 Berkelanjutan I Bank 8.85% 06-Dec-20 PT Bank Mega idAA-
8. 780,000 07-Dec-17 06-Dec-24 7
IDA0000870C4 BJB Tahap I Tahun 06-Mar-21 Tbk. Stable
2017 Seri C Quarterly 06-Jun-21
Obligasi 18-Jul-20
BJBR01CCN3 Berkelanjutan I Bank 8.75% 18-Oct-20 PT Bank Mega idAA-
9. 74,000 21-Oct-19 18-Oct-26 7
IDA0001016C3 BJB Tahap III Tahun 18-Jan-21 Tbk. Stable

BJBR02ASBCN1 Berkelanjutan II Bank 8.60% 03-Dec-20 PT Bank Mega idA
10. 132,000 04-Mar-20 03-Mar-25 5
IDA0001052A2 BJB Tahap I Tahun 2020 03-Mar-21 Tbk. Stable
Seri A 03-Jun-21
Quarterly
Obligasi Subordinasi -
BJBR02ASBCN2 Berkelanjutan II Bank 8.50% - idA
11. 162,580 18-Nov-20 17-Nov-25 5 #REF!
IDA0001116A5 BJB Tahap II Tahun 17-Feb-21 Stable
2020 Seri A 17-May-21
Quarterly

BJBR02BSBCN1 Berkelanjutan II Bank 9.35% 03-Dec-20 PT Bank Mega idA
12. 368,000 04-Mar-20 03-Mar-27 7
IDA0001052B0 BJB Tahap I Tahun 2020 03-Mar-21 Tbk. Stable
Seri B 03-Jun-21
Quarterly
Obligasi Subordinasi -
Berkelanjutan II Bank 9.00% - idA
13. BJBR02BSBCN2 337,420 18-Nov-20 17-Nov-27 7 #REF!
BJB Tahap II Tahun 17-Feb-21
IDA0001116B3 Stable
318
TRADING HIGHLIGHT
BJBR01ACN2
ISIN CODE : IDA0000939A1 Oct-18 May-19 Dec-19 Jul-20 Feb-21 Sep-21
Volume
Trading 2020 2021
Activities,
600 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
480 16
360 12 Trading days 3 7 3 10 6 6
Turnover Ratio (%) 76.60 251.35 67.03 167.56 47.88 65.59
240 8 CTP Price - High 102.500 102.540 102.040 103.390 101.810 101.640
Date 27-Mar 08-Apr 03-Jul 04-Dec 12-Jan 01-Apr
120 4
CTP Price - Low 102.000 99.020 101.500 101.450 100.930 100.630
- - Date 28-Jan 08-Apr 29-Sep 08-Dec 05-Jan 30-Jun
PHEI Fair Yield (%) 7.6811 6.4962 6.6860 6.3668 5.8298 5.1954
Mod. Duration (yrs) 1.386 1.173 0.947 0.717 0.479 0.241
106 8.5
Convexity (yrs) 2.325 1.699 1.146 0.697 0.349 0.118
Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
104 7.5
102 6.5
100 5.5
98 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BJBR01ACN3 Listing Date Maturity Date
ISIN CODE : IDA0001016A7 Oct-19 Oct-20 Oct-21 Oct-22
Volume
Trading 2020 2021
Activities,
250 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 52.00 76.00 193.00 - - -
200 16
Frequency Frequency (X) 7 13 17 - - -
150 12 Trading days 4 7 8 - - -
Turnover Ratio (%) 315.15 460.61 1,169.70 - - -
100 8 CTP Price - High 101.040 100.790 103.250 - - -
Date 05-Mar 08-Apr 21-Sep - - -
50 4
CTP Price - Low 100.100 100.000 100.100 - - -
- - Date 10-Jan 02-Jun 06-Jul - - -
PHEI Fair Yield (%) 8.4398 7.8424 7.1450 6.9553 6.7070 6.2184
Mod. Duration (yrs) 2.238 2.046 1.846 1.638 1.422 1.209
106 9.5
Convexity (yrs) 5.937 4.973 4.069 3.230 2.470 1.818
Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
104 8.5
102 7.5
100 6.5
98 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
319
BJBR01ASBCN1
ISIN CODE : IDA0000871A6 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
30 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - 20.00 - - 10.00 -
Frequency Frequency (X) - 4 - - 5 -
20 4
Trading days - 1 - - 1 -
Turnover Ratio (%) - 26.06 - - 13.03 -
CTP Price - High - 100.000 - - 102.850 -
10 2
Date - 20-May - - 27-Jan -
CTP Price - Low - 99.950 - - 102.650 -
- - Date - 20-May - - 27-Jan -
PHEI Fair Yield (%) 9.6146 8.6624 8.5581 8.0299 8.2449 7.8916
Mod. Duration (yrs) 2.324 2.142 1.944 1.744 1.532 1.323
107 10.0
Convexity (yrs) 6.394 5.433 4.491 3.635 2.832 2.143
Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
104 9.0
101 8.0
98 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BJBR01BCN1
Volume
Trading 2020 2021
Activities,
210 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Frequency 9 Frequency (X) 3 4 4 9 10 8
140
6 Turnover Ratio (%) 9.40 25.80 8.54 89.69 154.60 35.02
CTP Price - High 101.430 99.530 101.600 103.280 103.300 105.400
70
3 Date 19-Mar 19-May 12-Aug 15-Dec 16-Mar 24-May
CTP Price - Low 101.400 83.000 99.500 100.600 96.600 98.900
- - Date 17-Mar 14-May 01-Sep 19-Oct 10-Mar 21-May
PHEI Fair Yield (%) 8.3704 7.7329 7.5283 7.0340 6.8088 6.3194
Mod. Duration (yrs) 2.371 2.179 1.976 1.770 1.554 1.340
108 9.0
Convexity (yrs) 6.583 5.568 4.596 3.711 2.893 2.186
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.013
105 8.0
102 7.0
99 6.0
96 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
320
BJBR01BCN2 Listing Date Maturity Date
ISIN CODE : IDA0000939B9 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22
Volume
Trading 2020 2021
Activities,
90 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) 84.00 5.00 - - - 48.00
Frequency
Frequency (X) 10 1 - - - 4
60 8
Turnover Ratio (%) 36.66 2.18 - - - 20.95
CTP Price - High 105.960 105.050 - - - 105.630
30 4
Date 25-Feb 16-Apr - - - 26-Apr
CTP Price - Low 104.660 105.050 - - - 105.570
- - Date 20-Jan 16-Apr - - - 26-Apr
PHEI Fair Yield (%) 8.7820 8.0259 7.9352 7.4540 7.3266 6.8415
Mod. Duration (yrs) 2.951 2.783 2.597 2.410 2.213 2.018
110 9.5
Convexity (yrs) 10.264 9.096 7.915 6.817 5.754 4.800
Sensitivity (%) 0.030 0.028 0.026 0.024 0.022 0.020
107 8.5
104 7.5
101 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BJBR01BCN3
ISIN CODE : IDA0001016B5 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24
Volume
Trading 2020 2021
Activities,
200 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 90.00 177.00 44.00 - 31.00 -
160 20
nar >> 120 15 Trading days 6 8 5 2 2 -
Turnover Ratio (%) 333.33 655.56 162.96 - 114.81 -
80 10 CTP Price - High 101.040 100.700 101.500 103.000 103.620 -
Date 05-Mar 24-Jun 08-Sep 25-Nov 04-Mar -
40 5
CTP Price - Low 100.000 98.750 99.500 96.300 96.500 -
- - Date 19-Mar 20-May 03-Sep 24-Nov 22-Mar -
PHEI Fair Yield (%) 9.1806 8.2944 8.3274 7.8841 7.8223 7.3722
Mod. Duration (yrs) 3.658 3.516 3.344 3.177 2.995 2.821
106 10.0
Convexity (yrs) 16.106 14.788 13.337 11.996 10.645 9.419
Sensitivity (%) 0.037 0.035 0.033 0.032 0.030 0.028
102 9.0
98 8.0
94 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
321
BJBR01BSBCN1
ISIN CODE : IDA0000871B4 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Volume
Trading 2020 2021
Activities,
180 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 8.25 162.30 - 46.00 - 7.00
144 16
Frequency Frequency (X) 13 17 - 10 - 3
108 12 Trading days 7 6 - 4 - 1
Turnover Ratio (%) 4.76 93.68 - 26.55 - 4.04
72 8 CTP Price - High 103.500 101.450 - 103.250 - 102.520
Date 27-Feb 28-May - 16-Dec - 15-Apr
36 4
CTP Price - Low 97.000 98.600 - 102.100 - 102.500
- - Date 20-Mar 05-May - 28-Dec - 15-Apr
PHEI Fair Yield (%) 10.4570 9.2531 9.5755 8.9195 9.1989 9.2611
Mod. Duration (yrs) 3.669 3.548 3.377 3.225 3.046 2.873
105 11.0
Convexity (yrs) 16.345 15.147 13.692 12.418 11.055 9.810
Sensitivity (%) 0.037 0.035 0.034 0.032 0.030 0.029
102 10.0
99 9.0
96 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BJBR01CCN1
Volume
Trading 2020 2021
Activities,
240 9 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 5.00 - 1.00 200.00 - -
Frequency Frequency (X) 1 - 1 8 - -
160 6
nar >> Trading days 1 - 1 4 - -
Turnover Ratio (%) 2.56 - 0.51 102.56 - -
CTP Price - High - - - 104.350 - -
80 3
Date - - - 14-Dec - -
CTP Price - Low - - - 101.330 - -
- - Date - - - 16-Dec - -
PHEI Fair Yield (%) 9.2175 8.3121 8.4209 7.9310 7.8751 7.4314
Mod. Duration (yrs) 3.766 3.627 3.455 3.291 3.111 2.938
108 10.0
Convexity (yrs) 16.968 15.636 14.146 12.785 11.400 10.141
Sensitivity (%) 0.038 0.036 0.035 0.033 0.031 0.029
104 9.0
100 8.0
96 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
322
BJBR01CCN3 Listing Date Maturity Date
ISIN CODE : IDA0001016C3 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26
Volume
Trading 2020 2021
Activities,
30 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 25.00 - 8.00 14.00 - 8.00
24 8
Frequency Frequency (X) 7 - 4 9 - 6
18 6 Trading days 3 - 1 3 - 4
Turnover Ratio (%) 135.14 - 43.24 75.68 - 43.24
12 4 CTP Price - High 103.500 - 102.000 103.500 - 106.500
Date 12-Feb - 10-Sep 24-Nov - 11-Jun
6 2
CTP Price - Low 100.000 - 101.500 100.450 - 97.300
- - Date 06-Feb - 10-Sep 27-Oct - 23-Jun
PHEI Fair Yield (%) 9.7002 8.7437 9.0420 8.4525 8.4658 8.1291
Mod. Duration (yrs) 4.803 4.722 4.565 4.447 4.294 4.156
108 10.5
Convexity (yrs) 28.916 27.638 25.761 24.261 22.533 20.988
105 10.0 Sensitivity (%) 0.048 0.047 0.046 0.044 0.043 0.042
102 9.5
99 9.0
96 8.5
93 8.0
90 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BJBR02ASBCN1
ISIN CODE : IDA0001052A2 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Volume
Trading 2020 2021
Activities,
160 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 20.00 146.00 - 56.00 - 14.00
128 48
nar >> 96 36 Trading days 3 4 - 3 - 1
Turnover Ratio (%) 60.61 442.42 - 169.70 - 42.42
64 24 CTP Price - High 100.300 100.020 - 100.900 - 99.420
Date 11-Mar 05-Jun - 21-Oct - 22-Apr
32 12
CTP Price - Low 100.000 98.650 - 99.000 - 99.400
- - Date 31-Mar 16-Jun - 08-Oct - 22-Apr
PHEI Fair Yield (%) 9.7229 9.3529 9.6706 9.0991 9.2876 9.3780
Mod. Duration (yrs) 3.919 3.772 3.599 3.444 3.265 3.090
103 11.0
Convexity (yrs) 18.445 16.995 15.435 14.064 12.610 11.266
Sensitivity (%) 0.039 0.038 0.036 0.034 0.033 0.031
100 10.0
97 9.0
94 8.0
91 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
323
BJBR02ASBCN2
Volume
Trading 2020 2021
Activities,
4 4 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - - 3.00 - -
Frequency
3 3 Frequency (X) - - - 3 - -
2 2 Turnover Ratio (%) - - - 7.38 - -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - 8.4794 9.5380 9.6958
Mod. Duration (yrs) - - - 3.923 3.727 3.561
101 10.0
Convexity (yrs) - - - 18.430 16.641 15.144
Sensitivity (%) - - - 0.039 0.037 0.036
99 9.5
97 9.0
95 8.5
93 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BJBR02BSBCN1 Listing Date Maturity Date
ISIN CODE : IDA0001052B0 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
Volume
Trading 2020 2021
Activities,
100 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 87.00 88.00 1.00 - 2.00 -
80 12
Frequency Frequency (X) 14 4 1 - 2 -
60 9 Trading days 3 3 1 - 1 -
Turnover Ratio (%) 94.57 95.65 1.09 - 2.17 -
40 6 CTP Price - High 101.450 100.080 - - 98.400 -
Date 06-Mar 02-Jun - - 08-Mar -
20 3
CTP Price - Low 100.200 100.070 - - 98.350 -
- - Date 06-Mar 23-Apr - - 08-Mar -
PHEI Fair Yield (%) 10.5131 9.8627 10.3174 9.7303 9.9463 10.1827
Mod. Duration (yrs) 4.944 4.860 4.704 4.600 4.449 4.301
102 11.5
Convexity (yrs) 30.901 29.567 27.633 26.207 24.426 22.736
Sensitivity (%) 0.049 0.049 0.047 0.046 0.045 0.043
98 10.5
94 9.5
90 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
324
BJBR02BSBCN2
Volume
Trading 2020 2021
Activities,
20 4 Q1 Q2 Q3 Q4 Q1 Q2
nar >> Frequency Volume (Rp bn) - - - 17.00 - -
15 3 Frequency (X) - - - 3 - -
10 2 Turnover Ratio (%) - - - 20.15 - -
5 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - 8.8613 10.1438 10.4083
Mod. Duration (yrs) - - - 5.044 4.831 4.687
104 11.5
Convexity (yrs) - - - 31.757 29.254 27.442
Sensitivity (%) - - - 0.050 0.048 0.047
100 10.5
96 9.5
92 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

BJBR01ACN2 160 525 140 350 140.6%

nar >>
BJBR01ACN3 52 76 193 486.4%
BJBR01ASBCN1 6.5%
BJBR01BCN1 30 105 33.4%
BJBR01BCN2 84 9.7%
BJBR01BCN3 90 177 44 288.0%
BJBR01BSBCN1 162 46 31.2%
BJBR01CCN1 200 26.4%
BJBR01CCN3 63.5%
BJBR02ASBCN1 146 56 168.2%
BJBR02ASBCN2 1.8%
BJBR02BSBCN1 87 88 47.8%
BJBR02BSBCN2 5.0%
- 200 400 600 800 1,000 1,200 1,400
325
BJBR FINANCIAL HIGHLIGHT

17.28 17.03 17.53
Cash on Hand 3,160,771 3,689,045 16.71 p
14.80
Placements with Other Banks 7,917,731 5,816,230 -26.54 q 13.03 12.94
13.39
Marketable Securities 8,855,293 11,479,763 29.64 p 10.55
Loans 86,452,903 93,299,680 7.92 p
6.76 6.37
Investments 40,821 40,821 -  5.75 5.39
(%)
Total Assets 123,536,474 140,934,002 14.08 p
Deposits 85,603,314 102,444,956 19.67 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 2,459,697 2,459,697 - 
Par Value (Rp) 250 250 -  20.05
16.95
16.51
Total Equity 12,042,629 12,005,800 -0.31 q
(%)
Interest Expenses 6,008,924 6,123,414 1.91 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 1,014,703 938,693 -7.49 q
Income from Operations 2,059,493 2,212,126 7.41 p
Earning Before Tax 1,977,962 2,168,028 9.61 p
Income (Loss) for the periods 1,564,492 1,689,996 8.02 p LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income (Loss) 1,641,743 1,909,221 16.29 p 97.81
Net Income/Loss Attributed 1,558,651 1,687,218 8.25 p
87.27 86.32
Peer Group 84.22 84.23 83.95
(%)
82.25
Financial Ratios
Return on Assets (%) 2.01 1.71 1.68 1.66
Return on Equity (%) 20.05 18.31 16.51 16.95
BOPO (%) 82.25 84.22 84.23 83.95
Cash Flow / Debt (%) 2.61 -5.83 -6.23 -1.08
326
BJTG PT Bank Pembangunan Daerah Jawa Tengah

Sub Sector : Banks
Website : www.bankjateng.co.id Jln. Pemuda 142
Corporate Sec. : Herry Nunggal Supriyadi Semarang, Jateng 50132
Fax : (024) 354-0170
Bank Pembangunan Daerah Jawa Tengah SHAREHOLDERS

was established in Semarang under the 1. Province of Jawa Tengah 47.69%
Letter of Approval of the Minister of
2. Regencies and cities of Jawa Tengah 52.31%
G e ner a l Go ver n men t an d R eg i on a l
Autonomy No. DU57/1/35 dated March 13,
1963 an d busin ess permit fr om
the Minister of Central Bank Affair No. 4/ Kep/ MUBS/ 63 dated
March 14, 1963 as Central Java operating basis. Starting on April 6,
1963, located at Bapindo Building, Jl. Pahlawan No. 3 Semarang as AUDIT COMMITTEE
its Head Office, Bank Pembangunan Daerah Jawa Tengah operated
1. Darsono 5. Ferdi Rindhatmono
for the very first time.
2. Bambang Wahyudi Basuki
The establishment of Bank Pembangunan Daerah Jawa Tengah was 3. Dwi Ratmono
aimed at managing the regional monetary and assisting in 4. Edhi Chrystanto
improving regional economics through loan distributions to small
enterprises.
Bank Pembangunan Daerah Jawa Tengah is a Bank co-owned by 1. Edhi Chrystanto *
the Provincial Government of Central Java and City/ Regency
2. Darsono *
Governments in Central Java. Since established Bank Jateng had
3. Wawan Siswantono *
never underwent a name change.
Later in 1999, under the Central Java Provincial Regulation No. 6 of

1998 and Deed of Establishment No. 1 dated May 01, 1999 and
ratified based on the Decree of the Minister of Justice of the
*independen
Republic of Indonesia No. C2.8223.HT.01.01 of 1999 dated May 15,
1999, the Bank was then changed into a Limited Liability Company. BOARD OF DIRECTORS
On May 7, 1999, PT Bank Pembangunan Daerah Jawa Tengah 1. Supriyatno
participated in Banking Recapitalization Program. 2. Dwi Agus Pramudya
3. Irianto Harko
4. Ony Suharsono
5. Puguh Budi Santosa
1. Pefindo idA+ 5-Aug-20 Stable

2. Pefindo idAA- 8-Aug-19 Negative
3. Pefindo idAA- 3-Aug-18 Stable
5. Pefindo idA+ 9-Sep-16 Stable
as of June 2021
SWOT Analysis
-Strong market position in Central Java region -Pressure on asset quality
-Strong support from provincial government
-Improving capitalization profile S W -Concentrated funding sources
O T
companies
327
AS OF JUNE 2021
Coupon Coupon
18-Sep-20
Obligasi PT Bank
BJTG01SB 12.25% 18-Dec-20 idA-
1. Subordinasi I Bank 500,000 21-Dec-15 18-Dec-22 7 Mandiri
IDA000071203 18-Mar-21 Stable
Jateng Tahun 2015 (Persero) Tbk.
Quarterly 18-Jun-21
TRADING HIGHLIGHT
BJTG01SB
ISIN CODE : IDA000071203 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
150 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
120 24
90 18 Trading days 4 5 5 7 8 3
Turnover Ratio (%) 92.00 10.40 9.60 22.40 30.40 5.60
60 12 CTP Price - High 109.850 107.890 108.600 107.190 108.500 105.900
Date 18-Feb 25-Jun 23-Sep 14-Dec 05-Mar 07-Apr
30 6
CTP Price - Low 102.540 102.630 106.350 104.930 102.600 105.200
- - Date 19-Mar 19-May 07-Jul 21-Oct 10-Mar 06-Apr
PHEI Fair Yield (%) 10.4929 8.6818 8.8446 8.7224 8.6252 8.8462
Mod. Duration (yrs) 2.289 2.125 1.934 1.740 1.537 1.333
112 11.0
Convexity (yrs) 6.289 5.408 4.488 3.647 2.870 2.185
Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
109 10.0
106 9.0
103 8.0
100 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BJTG01SB 115 13 12 28 33.6%
- 100 200 300 400 500 600
328
BJTG FINANCIAL HIGHLIGHT

27.24 27.64
Cash on Hand 1,291,576 1,630,499 26.24 p
22.36
Placements with Other Banks 3,457,172 4,495,130 30.02 p 20.11 20.50 20.38
10,909,020 7,049,006 -35.38 q 16.82
Marketable Securities 15.60
Loans 47,919,280 49,021,326 2.30 p
Investments 1,427 1,459 2.27 p
(%)
5.73 6.75 5.88 5.72
Total Assets 71,860,453 73,106,134 1.73 p
Deposits 55,303,140 62,613,272 13.22 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings 2,345,201 438,096 -81.32 q
Paid up Capital 3,643,739 3,643,739 - 
22.08 22.64
16.44
Total Equity 7,856,824 8,063,669 2.63 p
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 364,643 1,327,194 263.97 p
Income from Operations 1,379,713 1,493,854 8.27 p
Non-Operating Revenues -28,209 46,626 265.29 p
Income (Loss) for the periods 1,053,659 1,122,229 6.51 p LIQUIDITY & SOLVENCY RATIOS
95.10 92.90
80.65 79.44
74.60 73.87
Peer Group
(%)

Financial Ratios
Return on Assets (%) 2.69 2.66 1.88 2.03
Return on Equity (%) 22.08 22.64 17.67 16.44
BOPO (%) 74.60 73.87 80.65 79.44
Cash Flow / Debt (%) 5.14 1.04 6.09 6.13
329
BKSW PT Bank QNB Indonesia Tbk.

Sub Sector : Banks Revenue Tower, District 8, SCBD
Website : www.qnb.co.id Jln. Jenderal Sudirman Kav. 52-53
Corporate Sec. : Indah Mathilda Jakarta 12190
Fax : (021) 5154-578
PT Bank QNB Indonesia Tbk (QNB SHAREHOLDERS

Indonesia) was a part of QNB 1. Qatar National Bank (Q.P.S.C.) 92.48%
Group, the largest bank in the
2. Public (<5%) 7.52%
Middle East and North Africa
region, which was established in
1964. QNB Group operates in 31
countries with over 27,000 employees serving more than 20 million

customers and has total assets of QAR 1.08 billion (USD 297.74
million) as of Q3-2021. QNB Group has maintains its position as AUDIT COMMITTEE
one of the highest rated regional banks from leading credit rating 1. Djoko Sarwono
agencies including Standard & Poor’s (A), Moody’s (Aa3) and Fitch 2. Achmad Effendy Abdurachman
Ratings (A+). The Bank has also been the recipient of many awards 3. Tjetjep Hasmitha
from leading international specialized financial publications.
QNB Indonesia was established in Medan in 1913 under the name

NV Chunghwa Shangyeh Maatschappij. With more than 100 years BOARD OF COMMISSIONERS
of banking experience, in 2011 the Bank increased its capital 1. Fatma Abdulla S S
through rights issue that makes QNB Group as the controlling 2. Djoko Sarwono *
shareholders of the Bank. QNB Indonesia offers a wide range of
3. Khalid Ahmed KH A Al-Sada
innovative products and services to corporate, commercial and
retail segment. Since 2019, QNB Indonesia has successfully 4. Muhammad Anas Malla *
obtained credit rating of “AAA(idn)” with stable outlook from Fitch 5. Stephen Robert James Holden
Ratings Indonesia 6. Suroto Moehadji *
*independen
PT Bank QNB Indonesia Tbk is registered and supervised by
Financial Services Authority (OJK), and a member of Indonesian BOARD OF DIRECTORS
Deposit Insurance Corporation (LPS) 1. Geoffry Nugraha
2. Windiartono Tabingin
3. Bambang Andri Irawan
4. Nicolas Alix Groene
5. Soemenggrie Jongkamto

2. Pefindo N/A 11-Mar-20 -
5. Pefindo idAA 18-Jun-19 Stable
as of June 2021
SWOT Analysis
-Strong support from parent company QNB -Weak standalone credit profile
-Business synergy between parent company
-Adequate funding profile S W -Weak asset quality and profitability profile
O T
companies
330
AS OF JUNE 2021
Coupon Coupon
05-Jul-20
BKSW01CN1 9.50% 05-Oct-20 PT Bank AAA(idn)
1. I Bank QNB Indonesia 100,000 08-Jul-19 05-Jul-22 3
IDA000099808 05-Jan-21 Permata Tbk. Stable
Tahap I Tahun 2019
Quarterly 05-Apr-21
BKSW01CN3 I Bank QNB Indonesia 6.25% - PT Bank AAA(idn)
2. 448,000 04-Nov-20 10-Nov-21 1
IDA000111405 Tahap III Tahun 03-Feb-21 Permata Tbk. Stable
2020 03-May-21
Quarterly
TRADING HIGHLIGHT
BKSW01CN1
ISIN CODE : IDA000099808 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
40 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
35 7 Volume (Rp bn) - 35.00 - - - -
Frequency
30 6 Frequency (X) - 7 - - - -
25 5 Trading days - 1 - - - -
20 4 Turnover Ratio (%) - 140.00 - - - -
15 3 CTP Price - High - 95.700 - - - -
10 2 Date - 07-Apr - - - -
5 1 CTP Price - Low - 94.500 - - - -
- - Date - 07-Apr - - - -
PHEI Fair Yield (%) 7.6580 6.7168 6.4129 5.8876 5.5497 4.8387
Mod. Duration (yrs) 1.984 1.793 1.588 1.380 1.163 0.948
110 9.0
Convexity (yrs) 4.737 3.883 3.076 2.353 1.707 1.169
108 8.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
106 7.0
104 6.0
102 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
331
BKSW01CN3 Listing Date Maturity Date
ISIN CODE : IDA000111405 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21
Volume
Trading 2020 2021
Activities,
800 24 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - - 606.00 4.00 -
Frequency
600 18 Frequency (X) - - - 21 4 -
Trading days - - - 8 2 -
400 12 Turnover Ratio (%) - - - 541.07 3.57 -
CTP Price - High - - - 100.050 100.470 -
200 6 Date - - - 18-Dec 16-Mar -
CTP Price - Low - - - 99.950 100.410 -
- - Date - - - 10-Nov 10-Feb -
PHEI Fair Yield (%) - - - 6.4012 5.5073 4.1547
Mod. Duration (yrs) - - - 0.825 0.589 0.354
102 7.0
Convexity (yrs) - - - 0.896 0.496 0.213
Sensitivity (%) - - - 0.008 0.006 0.004
101 6.0
100 5.0
99 4.0
98 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BKSW01CN1 35 35.0%
BKSW01CN3 606 135.3%
- 100 200 300 400 500 600 700
332
BKSW FINANCIAL HIGHLIGHT

Cash on Hand 51,446 37,456 -27.19 q
Marketable Securities 3,642,725 1,286,846 -64.67 q 4.16 1.08
1.73 0.30 0.38 2.56 1.61
Loans 13,876,418 11,267,424 -18.80 q
(%)
-22.65
Total Assets 23,021,785 18,297,700 -20.52 q
Deposits 17,270,891 11,972,961 -30.68 q -34.22
Fund Borrowings - 1,060,000 - p

Paid up Capital 5,109,171 5,109,171 - 
Retained Earnings -1,130,695 -2,169,287 -91.85 q 0.05
0.12 0.42 0.02
Total Equity 4,689,564 4,112,442 -12.31 q -1.24
(%)
INCOME STATEMENTS
-13.54
31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Expenses 594,032 663,981 11.78 p Return on Assets Return on Equity
Income from Operations 4,147 -279,380 -6,836.92 q
Earning Before Tax 4,147 -279,380 -6,836.92 q
Income (Loss) for the periods 5,277 -422,168 -8,100.15 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income (Loss) 17,504 -397,461 -2,370.69 q
Net Income/Loss Attributed 5,277 -422,168 -8,100.15 q 116.14
84.70
72.59
Peer Group
(%)

3. PT Bank Capital Indonesia Tbk. 1,150 5.34 -23.99 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Operating Profit Margin (%) 4.16 0.30 -22.65
Return on Assets (%) 0.12 0.02 -1.24
Return on Equity (%) 0.42 0.05 -13.54
BOPO (%) 99.43 99.40 116.14
Cash Flow / Debt (%) -18.31 -4.01 -30.18
333
BLAM PT Bank Pembangunan Daerah Lampung

Sub Sector : Banks
Website : www.banklampung.co.id Jln. Wolter Monginsidi No. 182
Corporate Sec. : Edo Lazuardi Bandar Lampung
Fax : (0721) 487-973
PT Bank Pembangunan Daerah Lampung is SHAREHOLDERS

a bank owned by Lampung regional
1. Regencies and Cities of Lampung (Class A) 58.70%
government, where at its establishment was
in form of Regional Government Company 2. Province of Lampung (Class A) 39.25%
according to Law number 13 in 1962 about 3. Koperasi Sai Rasan (Class B) 2.05%
t h e m a i n p r o v i s i o n s o f
Regional Development Bank, and it was established based on the
Decree of Lampung governor number 10-A/1964 dated 1 August
1964 by the tittle of Bank Pembangunan Daerah Lampung, and it
AUDIT COMMITTEE
was validated by Minister of Domestic Affair of Republic Indonesia
with The Validation Letter Number : Des.57/7/3/150 dated 26 1. Junaidi Hisom
August 1965, and it received Business Permit from Minister of 2. Maju Taronggal
Central Bank of Republic of Indonesia Number Kep.66/UBS/1965 3. Mira Rozana
dated 13 August 1965. Bank Lampung started to operate in 31
Januari 1966.
Lampung Bank has drafted Improvement of Bank Business Plan for BOARD OF COMMISSIONERS
2017-2019 by being oriented to its predetermined targets. The 1. Fahrizal Darminto
frame of thingking to use in drafting improvement of Bank Business 2. Junaidi Hisom *
Plan 2017-2019 is that the Lampung Bank objective to improve
3. Mira Rozana *
performance in accordance to its vision and mission can be
achieved with a target to turn back the bank healthy level in the
quarter III of 2016 from composite rating 3 (moderate) into
composite rating 2 (low to modetare).
*independen
PT Bank Pembangunan Daerah Lampung is owned by the Lampung
BOARD OF DIRECTORS
Province Government, together with the Government of
Municipalities and Regencies Throughout Lampung and also 1. Presley Hutabarat
SAIRASAN Cooperative. 2. Fahmi Ridho
3. Mahdi Yusuf
Operational Network:
1 Headquarter
36 Branch Offices
34 Cash Offices
39 Unit ATM Historical Corporate Ratings
1. Pefindo idA- 11-Feb-21 Stable

2. Pefindo idA- 12-Feb-20 Stable
3. Fitch Rating Indonesia N/A 13-Jan-20 N/A
4. Fitch Rating Indonesia A(idn) 17-Jan-19 Stable
as of June 2021
SWOT Analysis
- Strong support from provincial government of - Concentrated funding source
Lampung
- Strong captive market S W - Underdeveloped non captive market
- Limited product and service differentiation
- Favorable asset quality
-Resilient civil servant segment - Tight competition in the region
O T
-Economic recovery prospect - The slowing trend of bank lending growth
334
AS OF JUNE 2021
Coupon Coupon
07-Jul-20
Obligasi IV Bank PT Bank
BLAM04 9.60% 07-Oct-20 idA-
1. Lampung Tahun 610,000 10-Jul-17 07-Jul-22 5 Mandiri
2017 (Persero) Tbk.
Quarterly 07-Apr-21
TRADING HIGHLIGHT
BLAM04
Volume
Trading 2020 2021
Activities,
350 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
300 60 Volume (Rp bn) 208.00 264.50 93.00 153.00 5.00 6.00
Frequency
250 50 Frequency (X) 53 62 5 33 5 8
200 40
Turnover Ratio (%) 136.39 173.44 60.98 100.33 3.28 3.93
150 30
CTP Price - High 103.300 102.100 100.000 102.790 102.700 102.020
100 20 20-Feb 24-Jun 03-Aug 05-Oct 10-Feb 21-Apr
Date
50 10 CTP Price - Low 93.950 95.330 100.000 100.350 102.000 99.640
- - Date 19-Mar 03-Apr 03-Aug 23-Oct 10-Feb 29-Apr
PHEI Fair Yield (%) 11.3567 8.8257 8.4989 8.2632 8.6018 8.3381
Mod. Duration (yrs) 1.957 1.782 1.581 1.374 1.157 0.943
110 13.0
Convexity (yrs) 4.634 3.847 3.052 2.335 1.691 1.158
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
105 11.0
100 9.0
95 7.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BLAM04 208 265 93 153 117.8%
- 100 200 300 400 500 600 700 800
335
BLAM FINANCIAL HIGHLIGHT

Cash on Hand 272,209 229,542 -15.67 q
29.39
Placements with Other Banks 1,249,947 790,690 -36.74 q 25.31
24.32
Marketable Securities 453,345 1,107,012 144.19 p 22.03
17.40
Loans 5,136,174 5,283,580 2.87 p 17.77
(%)
Property, Plant and Equipment 29,110 162,182 457.14 p 5.52 5.21 5.76
Total Assets 7,972,990 8,072,135 1.24 p

Deposits 6,186,259 6,017,499 -2.73 q
31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings 45 45 - 
Paid up Capital 225,880 290,676 28.69 p
Paid up Capital (Shares) 22,587,989 29,067,552 28.69 p 23.51
21.86
19.72
Total Equity 906,140 1,123,726 24.01 p
(%)
Total Interest Income 842,857 806,644 -4.30 q
31-Dec-18 31-Dec-19 31-Dec-20
Non-Operating Revenues -5,804 912 115.71 p
89.42 89.60
Net Income/Loss Attributed 149,780 177,704 18.64 p 83.36
77.18 76.79 73.88
Peer Group
(%)

Financial Ratios
Return on Equity (%) 21.86 23.51 19.72
BOPO (%) 77.18 76.79 73.88
Cash Flow / Debt (%) 14.84 -1.08 -11.42
336
BMLK PT Bank Pembangunan Daera Maluku dan Maluku Utara

Sub Sector : Banks
Website : www.bankmaluku.co.id Jln. Raya Pattimura No. 9
Corporate Sec. : Jonito de Fretes Ambon 97124
Fax : (0911) 3154-97, 3457-19
PT Bank Pembangunan Daerah Maluku dan SHAREHOLDERS

Maluku Utara (BMLK) is owned by the
1. Regencies and Cities of Maluku & North Maluku 67.93%
M a l u k u Pro v in c e a n d N o r th M a lu ku
Provincial Government and also 2. Province of Maluku (Class A) 30.97%
City/regencial Government on whole Maluku and North Maluku 3. Province of Maluku (Class B) 0.00%
province. Corporate Objectives as set in Statutes Article 3 is to do 4. Province of North Maluku (Class A) 1.13%
business in banking sector. The objective based on the Ministry of
Internal Affair No. 62 of 1999 on 2 September 1999 which regulates
Main Duties and Functions of Regional Development Bank is to
AUDIT COMMITTEE
develop the economy and move Regional Development Bank
through its activities as bank. 1. Izaac Alexander Saimima
2. Harly C. J. Salmon, S.H
BMLK's goal as set out in the Minister of Finance Decree No. 62 of
1999 on 2 September 1999 has been set forth in the Vision and 3. Jusuf Anthoni De Fretes
Mission of Bank Maluku Maluku Utara.
The strategic steps to be taken by the Bank refers to the
strengthening of some important aspects as described in the BOARD OF COMMISSIONERS
Framework of BPD Program, such as: 1. Muhamad Armyn Syarif
Strengthening the Foundation, by taking 4 strategies, among others: 2. Nadjib Bachmid
Organization Management, HR and Company Culture Development,
Management of IT, Development and Standardization of SOP,
Strengthening Implementation of GCG and the implementation of
risk management and internal controls to support the operating
effectiveness and competitiveness.
*independen
Business Process Developments: Product development, Management
BOARD OF DIRECTORS
Service, encourage the growth of SME loans, productive credit with
value-chain based in line with industry which focus in the area, 1. Arief Burhanudin Waliulu (Plt)
encourage growth of DPK with low cost based and product 2. Abidin
diversification of DPK non Regional Government, strengthen the 3. Jetty Likur
position of Corporate Brand in Maluku and North Maluku Province,
synergize the position between PT Bank Maluku Malut, BPR, and
LKM with Linkage Program and APEX BPR, encouraging expansion of
branch network to improve public access to the services of PT Bank
Maluku Malut, reduce risks for banks in securities transactions,
Strengthening Liquidity and Capital, in an effort to strengthen the
Bank of resistance in the face of crisis and as capital for the Bank to Historical Corporate Ratings
carry out the development, especially the core capital reached Rp1
Trill. in 2018 that brought the Company into the category BOOK II. No. Rating Agency Rating Rating Date Outlook
1. Fitch Rating Indonesia A(idn) 1-Dec-20 Stable

5. Fitch Rating Indonesia A(idn) 8-Sep-17 Stable
as of June 2021
SWOT Analysis
- Strong support from provincial government of Maluku - Less diversified funding source
- Strong captive market
S W - Underdeveloped non captive market
-Resilient civil servant segment - Tight competition in the region
O T
-Economic recovery prospect - The slowing trend of bank lending growth
337
AS OF JUNE 2021
Coupon Coupon
Obligasi II Bank
08-Sep-20
Pembangunan Daerah PT Bank
BMLK02C 9.25% 08-Dec-20 A(idn)
1. Maluku dan Maluku 300,000 11-Dec-17 08-Dec-22 5 Mandiri
IDA0000872C0 Utara Tahun 2017 Seri 08-Mar-21 Stable
(Persero) Tbk.
C Quarterly 08-Jun-21
TRADING HIGHLIGHT
BMLK02C
Volume
Trading 2020 2021
Activities,
150 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
120 24
90 18 Trading days 4 - - 6 8 3
Turnover Ratio (%) 6.67 - - 140.00 162.67 16.00
60 12 CTP Price - High 101.730 - - 102.500 103.500 102.700
Date 16-Mar - - 28-Dec 21-Jan 28-Jun
30 6
CTP Price - Low 97.000 - - 95.300 101.000 97.800
- - Date 08-Jan - - 11-Dec 30-Mar 23-Jun
PHEI Fair Yield (%) 9.4467 8.6651 8.5616 7.9266 8.2486 7.8970
Mod. Duration (yrs) 2.339 2.155 1.956 1.755 1.541 1.331
106 10.0
Convexity (yrs) 6.459 5.482 4.532 3.670 2.859 2.165
Sensitivity (%) 0.023 0.022 0.020 0.018 0.015 0.013
104 9.0
102 8.0
100 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMLK02C 5 105 36.7%
- 50 100 150 200 250 300 350
338
BMLK FINANCIAL HIGHLIGHT

27.87 26.87 27.75
Cash on Hand 266,838 365,757 37.07 p
18.95
Marketable Securities 185,350 - -100.00 q 16.86
Loans 4,675,724 4,856,331 3.86 p
Investments - - -  8.22 7.53 7.45
(%)
Total Assets 7,861,601 8,409,165 6.97 p
Deposits 5,881,240 6,407,403 8.95 p
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 408,090 408,090 - 
17.76
Total Equity 1,235,725 1,311,959 6.17 p
(%)
3.07 2.78 2.81
INCOME STATEMENTS
Total Interest Income 897,553 886,118 -1.27 q
31-Dec-18 31-Dec-19 31-Dec-20
Comprehensive Income (Loss) 143,247 180,088 25.72 p 93.34 94.98
91.92
Net Income/Loss Attributed 151,288 185,066 22.33 p
75.23
Peer Group
(%)

Financial Ratios
Return on Equity (%) 17.76 14.36 15.85
BOPO (%) 73.24 74.34 75.23
Cash Flow / Debt (%) 1.89 0.69 2.15
339
BMRI PT Bank Mandiri (Persero) Tbk.

Sub Sector : Banks Plaza Mandiri
Website : www.bankmandiri.co.id Jln. Jend. Gatot Subroto Kav. 36 - 38
Corporate Sec. : Rudi As Aturridha Jakarta 12190
Email Corporate Sec. : [email protected], Phone : (021) 526-5740, 5265-045, 524-5085, 5291-3321
[email protected] Fax : (021) 5296-4024, 527-4477, 527-5577
Bank Mandiri was established on 2 October 1998, as SHAREHOLDERS

part of the bank restructuring program of the
G o v e r n m e n t o f I n d o n e s i a . 1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
In July 1999, four state-owned banks - Bank Bumi Daya, Bank Dagang Negara, 2. Republic of Indonesia 60.00%
Bank Exim and Bapindo - were amalgamated into Bank Mandiri. The history of 3. Board of Director 0.02%
these four banks can be traced back to over 140 years, and together they had
contributed to the beginning of the Indonesian banking sector. 4. Treasury Stock 0.08%
5. Public 39.90%
Following the merger, Bank Mandiri immediately embarked on a comprehensive
consolidation process - beginning with the closure of 194 overlapping branches
and a reduction of redundant staff, bringing the combined workforce of 26,600 AUDIT COMMITTEE
down to 17,620. A single brand - Bank Mandiri was rolled out throughout the
1. Boedi Armanto 4. Loeke Larasati Agoestina
national network and across all of advertising and promotional activities. One of
Bank Mandiri's most significant early achievements was the complete overhaul 2. Andrinof A. Chaniago 5. Mohamad Nasir
of its technology platform. The Bank inherited a total of nine different core 3. Bambang Ratmanto 6. Muhamad Chatib Basri
banking systems from its four legacy banks. Bank Mandiri aims to be a Regional
Champion Bank - a public-listed bank that would be measured by market
capitalization and ranked high amongst other blue chip public-listed banks in
South East Asia. BOARD OF COMMISSIONERS
Bank Mandiri offers a comprehensive range of financial solutions to private and 1. Muhamad Chatib Basri * 7. Mohamad Nasir *
state-owned large and medium corporations, small & micro businesses as well 2. Andrinof A. Chaniago * 8. Muhamad Yusuf Ateh
as retail consumers.
3. Arif Budimanta 9. Nawal Nely
In 2017, Bank Mandiri underwent Transformation Phase III, which lasts from 2015 4. Boedi Armanto * 10. Rionald Silaban
to 2020. In this phase, Bank Mandiri
5. Faried Utomo
intended to consolidate its vision of becoming "Indonesia's best, ASEAN's 6. Loeke Larasati Agoestina *
prominent" bank as proven by the measures it took to deal with any challenges *independen
it encountered in the previous year. Those measures yielded fruitful results in
2017, as indicated by the achievement of increased financial performance. BOARD OF DIRECTORS
Direction for the realization of the Company's vision becomes increasingly 1. Darmawan Junaidi 7. Panji Irawan
certain with the commencement of the implementation of the so-called
2. Agus Dwi Handaya 8. Riduan
'Corporate Plan Restart' as of September 2016 and the declaration of Bank
Mandiri as a candidate to be awarded the Qualified ASEAN Bank license by Bank 3. Ahmad Siddik Badruddin 9. Rohan Hafas
Malaysia. Moreover, the profits generated by Bank Mandiri are also supported 4. Alexandra Askandar 10. Sigit Prastowo
by good synergy between Bank Mandiri and 11 (eleven) subsidiaries by way of
5. Toni E. B. Subari 11. Susana Indah
conglomeration.
6. Aquarius Rudianto 12. Timothy Utama
The achievement of Bank Mandiri was consistent with the spirit of bringing
prosperity to the whole nation and becoming the pride of the nation. Bank
Mandiri consistently makes a contribution to support infrastructure financing,
which constitutes the national development agenda, to support the Historical Corporate Ratings
Government's attempts to improve public wealth, to encourage the economic
growth in the real sector through disbursement of its Kredit Usaha Rakyat (KUR), No. Rating Agency Rating Rating Date Outlook
and to contribute to increased public wealth through its 'Mandiri Hadir untuk
Negeri' program. 1. Fitch Rating Indonesia AA+(idn) 30-Mar-21 Stable
2. Pefindo idAAA 10-Feb-21 Stable
5. Fitch Rating Indonesia AA+(idn) 16-Jul-19 Stable
as of June 2021
SWOT Analysis
-Superior business position and brand -Increasing risk profile due to the pandemic
-Supported by solid group business
-Strong and proven support from its controlling shareholder
(Government of Indonesia)
S W
-Very strong capitalization and liquidity profile

companies
340
AS OF JUNE 2021
Coupon Coupon

BMRI01ACN1 Berkelanjutan I 7.95% 30-Dec-20 Tabungan idAAA
1. 1,100,000 03-Oct-16 30-Sep-21 5
IDA0000763A5 Bank Mandiri Tahap 30-Mar-21 Negara Stable
I Tahun 2016 Seri A Quarterly 30-Jun-21 (Persero) Tbk.

BMRI01ACN2 Berkelanjutan I 8.00% 15-Dec-20 Tabungan idAAA
2. 1,000,000 16-Jun-17 15-Jun-22 5
IDA0000814A6 Bank Mandiri Tahap 15-Mar-21 Negara Stable
II Tahun 2017 Seri A Quarterly 15-Jun-21 (Persero) Tbk.

BMRI01BCN1 Berkelanjutan I 8.50% 30-Dec-20 Tabungan idAAA
3. 1,500,000 03-Oct-16 30-Sep-23 7
IDA0000763B3 Bank Mandiri Tahap 30-Mar-21 Negara Stable
I Tahun 2016 Seri B Quarterly 30-Jun-21 (Persero) Tbk.

BMRI01BCN2 Berkelanjutan I 8.50% 15-Dec-20 Tabungan idAAA
4. 3,000,000 16-Jun-17 15-Jun-24 7
IDA0000814B4 Bank Mandiri Tahap 15-Mar-21 Negara Stable
II Tahun 2017 Seri B Quarterly 15-Jun-21 (Persero) Tbk.

BMRI01CCN1 Berkelanjutan I 8.65% 30-Dec-20 Tabungan idAAA
5. 2,400,000 03-Oct-16 30-Sep-26 10
IDA0000763C1 Bank Mandiri Tahap 30-Mar-21 Negara Stable
I Tahun 2016 Seri C Quarterly 30-Jun-21 (Persero) Tbk.

BMRI01CCN2 Berkelanjutan I 8.65% 15-Dec-20 Tabungan idAAA
6. 1,000,000 16-Jun-17 15-Jun-27 10
IDA0000814C2 Bank Mandiri Tahap 15-Mar-21 Negara Stable
II Tahun 2017 Seri C Quarterly 15-Jun-21 (Persero) Tbk.
Obligasi 21-Sep-20
BMRI01CN3 Berkelanjutan I 8.50% 21-Dec-20 PT Bank idAAA
7. 3,000,000 24-Sep-18 21-Sep-23 5
IDA000093306 Bank Mandiri Tahap 21-Mar-21 Permata Tbk. Stable
III Tahun 2018 Quarterly 21-Jun-21
Obligasi 12-Aug-20
BMRI02ACN1 Berkelanjutan II 7.75% 12-Nov-20 PT Bank idAAA
8. 350,000 13-May-20 12-May-25 5
IDA0001064A7 Bank Mandiri Tahap 12-Feb-21 Permata Tbk. Stable
I Tahun 2020 Seri A Quarterly 12-May-21
Obligasi 12-Aug-20
BMRI02BCN1 Berkelanjutan II 8.30% 12-Nov-20 PT Bank idAAA
9. 650,000 13-May-20 12-May-27 7
IDA0001064B5 Bank Mandiri Tahap 12-Feb-21 Permata Tbk. Stable
I Tahun 2020 Seri B Quarterly 12-May-21
341
TRADING HIGHLIGHT
BMRI01ACN1
ISIN CODE : IDA0000763A5 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20
Volume
Trading 2020 2021
Activities,
140 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
112 8
84 6 Trading days - 3 3 5 3 1
Turnover Ratio (%) - 18.55 29.09 47.27 22.91 0.73
56 4 CTP Price - High - 100.850 102.400 103.060 101.730 103.820
Date - 24-Apr 03-Sep 14-Dec 12-Jan 12-Apr
28 2
CTP Price - Low - 100.050 101.700 101.260 101.550 103.800
- - Date - 15-Apr 22-Jul 16-Dec 18-Mar 12-Apr
PHEI Fair Yield (%) 6.9976 6.1017 5.5877 5.4680 4.9141 4.0102
Mod. Duration (yrs) 1.402 1.185 0.958 0.726 0.486 0.248
105 8.0
Convexity (yrs) 2.368 1.728 1.170 0.711 0.358 0.123
103 7.0 Sensitivity (%) 0.014 0.012 0.010 0.007 0.005 0.002
101 6.0
99 5.0
97 4.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMRI01ACN2 Listing Date Maturity Date
ISIN CODE : IDA0000814A6 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Volume
Trading 2020 2021
Activities,
1400 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 35.40 47.45 23.00 8.00 2.00 1,227.00
1120 48
840 36 Trading days 8 10 4 12 8 15
Turnover Ratio (%) 14.16 18.98 9.20 3.20 0.80 490.80
560 24 CTP Price - High 103.620 102.850 103.350 105.850 103.100 106.100
Date 27-Feb 05-Jun 16-Jul 03-Nov 05-Feb 20-Apr
280 12
CTP Price - Low 100.300 96.250 99.900 100.900 101.000 102.000
- - Date 15-Jan 30-Apr 03-Jul 12-Oct 24-Feb 06-May
PHEI Fair Yield (%) 7.4148 6.6819 6.3778 5.8594 5.5062 4.3390
Mod. Duration (yrs) 2.001 1.798 1.585 1.368 1.143 0.920
109 8.0
Convexity (yrs) 4.700 3.818 2.997 2.267 1.620 1.089
Sensitivity (%) 0.020 0.018 0.016 0.014 0.011 0.009
104 6.5
99 5.0
94 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
342
BMRI01BCN1
ISIN CODE : IDA0000763B3 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22
Volume
Trading 2020 2021
Activities,
80 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
64 8
48 6 Trading days 3 1 1 1 - 1
Turnover Ratio (%) 3.20 0.27 4.00 20.00 - 0.27
32 4 CTP Price - High 104.070 - 102.550 104.850 - 103.500
Date 16-Jan - 21-Jul 27-Oct - 25-May
16 2
CTP Price - Low 101.500 - 102.250 104.750 - 101.500
- - Date 28-Jan - 21-Jul 27-Oct - 25-May
PHEI Fair Yield (%) 8.1792 7.2862 7.0698 6.4510 6.3271 5.6899
Mod. Duration (yrs) 3.002 2.830 2.640 2.450 2.247 2.048
115 10.0
Convexity (yrs) 10.526 9.326 8.113 6.985 5.889 4.912
111 9.0 Sensitivity (%) 0.030 0.028 0.026 0.024 0.022 0.020
107 8.0
103 7.0
99 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMRI01BCN2
ISIN CODE : IDA0000814B4 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
Volume
Trading 2020 2021
Activities,
20 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 14.60 13.00 - 19.00 - 1.00
16 28
nar >> 12 21 Trading days 14 17 6 4 7 6
Turnover Ratio (%) 1.95 1.73 - 2.53 - 0.13
8 14 CTP Price - High 105.600 104.350 105.850 106.500 106.900 107.100
Date 05-Mar 04-Jun 26-Aug 24-Nov 18-Feb 06-May
4 7
CTP Price - Low 97.900 99.000 100.150 103.150 102.400 103.150
PHEI Fair Yield (%) 9.1528 7.5042 7.3760 6.7164 6.6510 6.0349
Mod. Duration (yrs) 3.478 3.340 3.161 2.986 2.795 2.611
110 10.0
Convexity (yrs) 14.300 13.091 11.701 10.414 9.115 7.948
107 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
343
BMRI01CCN1 Listing Date Maturity Date
ISIN CODE : IDA0000763C1 Oct-16 Oct-17 Oct-18 Oct-19Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25
Volume
Trading 2020 2021
Activities,
700 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
560 36
420 27 Trading days 6 7 4 1 4 8
Turnover Ratio (%) 24.32 15.73 1.00 0.50 26.33 103.00
280 18 CTP Price - High 104.820 98.500 102.400 - 107.900 108.750
Date 04-Feb 05-May 09-Sep - 12-Jan 22-Apr
140 9
CTP Price - Low 103.800 97.250 101.100 - 103.000 106.400
- - Date 04-Mar 05-May 09-Sep - 09-Feb 15-Apr
PHEI Fair Yield (%) 9.3948 8.0293 8.1745 7.3500 7.3900 6.7587
Mod. Duration (yrs) 4.889 4.820 4.664 4.546 4.385 4.248
120 12.0
Convexity (yrs) 29.316 28.138 26.263 24.760 22.952 21.413
114 10.0 Sensitivity (%) 0.049 0.048 0.047 0.045 0.044 0.042
108 8.0
102 6.0
96 4.0
90 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMRI01CCN2
ISIN CODE : IDA0000814C2 Jun-17 Jun-18Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Jun-27
Volume
Trading 2020 2021
Activities,
450 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
360 32
nar >> 270 24 Trading days 15 1 20 10 18 13
Turnover Ratio (%) 3.40 0.12 5.20 16.80 6.00 160.00
180 16 CTP Price - High 105.400 99.250 106.600 107.100 109.100 110.500
Date 11-Feb 01-Apr 17-Sep 06-Nov 09-Feb 09-Jun
90 8
CTP Price - Low 98.220 99.250 100.150 102.400 104.250 104.650
- - Date 26-Mar 01-Apr 10-Jul 12-Oct 14-Jan 28-May
PHEI Fair Yield (%) 9.2314 8.1612 8.3936 7.5032 7.5572 7.0046
Mod. Duration (yrs) 5.261 5.200 5.047 4.953 4.799 4.676
123 10.0
Convexity (yrs) 34.493 33.286 31.265 29.827 27.907 26.309
117 8.0 Sensitivity (%) 0.053 0.052 0.050 0.050 0.048 0.047
111 6.0
105 4.0
99 2.0
93 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
344
BMRI01CN3
ISIN CODE : IDA000093306 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23
Volume
Trading 2020 2021
Activities,
300 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
240 48
180 36 Trading days 22 22 9 10 8 8
Turnover Ratio (%) 17.04 36.79 7.33 3.47 5.47 5.07
120 24 CTP Price - High 105.320 103.900 105.200 106.070 106.500 107.580
Date 20-Feb 12-Jun 26-Aug 23-Oct 14-Jan 24-May
60 12
CTP Price - Low 101.000 95.500 100.260 102.220 103.000 103.440
- - Date 07-Jan 27-Apr 11-Aug 10-Nov 15-Mar 15-Apr
PHEI Fair Yield (%) 8.3542 7.8448 7.0585 6.8040 6.3146 5.6513
Mod. Duration (yrs) 2.975 2.798 2.616 2.422 2.222 2.024
111 10.0
Convexity (yrs) 10.358 9.142 7.978 6.843 5.774 4.807
108 9.0 Sensitivity (%) 0.030 0.028 0.026 0.024 0.022 0.020
105 8.0
102 7.0
99 6.0
96 5.0
93 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMRI02ACN1
ISIN CODE : IDA0001064A7 May-20 May-21 May-22 May-23 May-24 May-25
Volume
Trading 2020 2021
Activities,
350 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
280 80
nar >> 210 60 Trading days - 10 13 7 10 5
Turnover Ratio (%) - 379.14 14.86 5.71 25.14 2.29
140 40 CTP Price - High - 101.800 103.500 105.100 104.600 105.500
Date - 14-May 18-Aug 17-Dec 10-Feb 16-Jun
70 20
CTP Price - Low - 99.650 100.000 99.500 101.000 102.000
- - Date - 18-Jun 23-Sep 13-Oct 02-Mar 28-May
PHEI Fair Yield (%) - 7.3015 7.7261 7.0039 7.0124 6.3989
Mod. Duration (yrs) - 3.995 3.812 3.656 3.474 3.306
110 9.0
Convexity (yrs) - 18.901 17.184 15.725 14.170 12.788
106 8.0 Sensitivity (%) - 0.040 0.038 0.037 0.035 0.033
102 7.0
98 6.0
94 5.0
90 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
345
BMRI02BCN1 Listing Date Maturity Date
ISIN CODE : IDA0001064B5 May-20 May-21 May-22 May-23 May-24 May-25 May-26 May-27
Volume
Trading 2020 2021
Activities,
250 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - 45.00 209.00 27.00 12.00 -
200 Frequency
24
Frequency (X) - 8 25 11 9 -
150 18 Trading days - 3 6 3 4 -
Turnover Ratio (%) - 27.69 128.62 16.62 7.38 -
100 12 CTP Price - High - - 103.050 106.500 105.800 -
Date - - 15-Sep 27-Nov 26-Mar -
50 6
CTP Price - Low - - 99.600 103.500 104.500 -
- - Date - - 03-Sep 13-Nov 25-Mar -
PHEI Fair Yield (%) - 7.8699 7.7801 6.9484 7.4024 7.0367
Mod. Duration (yrs) - 5.165 5.027 4.925 4.748 4.614
120 9.0
Convexity (yrs) - 32.836 30.965 29.454 27.348 25.672
115 8.0 Sensitivity (%) - 0.052 0.050 0.049 0.047 0.046
110 7.0
105 6.0
100 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMRI01ACN1 80 130 23.7%

nar >>
BMRI01ACN2 11.4%
BMRI01BCN1 6.9%
BMRI01BCN2 1.6%
BMRI01CCN1 146 94 10.4%
BMRI01CCN2 6.4%
BMRI01CN3 128 276 55 16.2%
BMRI02ACN1 332 99.9%
BMRI02BCN1 209 43.2%
- 500 1,000 1,500 2,000 2,500 3,000 3,500
346
BMRI FINANCIAL HIGHLIGHT

28,094,267 24,682,671 -12.14 q 41.86
Cash on Hand 39.83
31.09
Marketable Securities 71,263,368 79,900,770 12.12 p 26.97 26.54
Loans 855,846,844 807,874,363 -5.61 q 20.21
Investments 606,010 2,250,017 271.28 p
(%)
Total Assets 1,318,246,335 1,429,334,484 8.43 p
Deposits 866,813,971 974,071,972 12.37 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Total Liabilities 1,025,749,580 1,151,267,847 12.24 p Operating Profit Margin Net Profit Margin
Paid up Capital 11,666,667 11,666,667 - 
15.08
Total Equity 209,034,525 193,796,083 -7.29 q 9.36
(%)
3.17 3.03
1.64
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Non-Operating Revenues -10,074 121,738 1,308.44 p
82.95
80.03
71.78 67.44
66.48
Peer Group
(%)

Financial Ratios
Return on Assets (%) 2.72 3.17 3.03 1.64
Return on Equity (%) 14.53 16.23 15.08 9.36
BOPO (%) 71.78 66.48 67.44 80.03
Cash Flow / Debt (%) 0.56 -3.14 2.16 8.26
347
BMTP PT Bank Mandiri Taspen Pos

Sub Sector : Banks Graha Mantap
Website : www.bankmantap.co.id Jln. Proklamasi No..31
Corporate Sec. : Bambang T. Pramusinto Menteng, DKI Jakarta 10330
Email Corporate Sec. : [email protected] Phone : (021) 21231772
Fax : (021) 21231984
Brief History of the Company SHAREHOLDERS

The short-and medium-term development
1. PT Bank Mandiri (Persero) Tbk. 51.10%
directionand policy of Bank Mandiri Taspen is
to become the best and reliable partner in 2. PT Taspen (Persero) 48.44%
empowering and prospering the people of Indonesia in creating 3. Ida Bagus Made Putra Jandhana 0.46%
business opportunities and welfare through the best products and
services. It is outlined in the strategic partnership between Bank Mandiri
as the majority shareholder and PT Taspen (Persero) in Bank Mandiri
Taspen, focusing on the of loans for pensioners and MSMEs. One of the
strategic initiatives in realizing the vision and mission is by expanding AUDIT COMMITTEE
the national coverage of Bank Mandiri Taspen business. 1. Adie Soesesyantoro 5. Zudan Arif Fakrulloh
In line with the established Corporate Plan, the Bank has a major 2. Andi Rivai
strategic initiative to realize its goal in 2021 to become “The Best 3. Efendi Sitompul
Pension Business Bank in Indonesia.” The established strategies include 4. Jani Arjanto
focusing on products and services as needed, being simple but
competitive, and understanding customers’ demands in line with their
segments while providing optimal returns, services that provide BOARD OF COMMISSIONERS
convenience and speed for customers, widespread network location 1. Mustaslimah
and getting closer to the customers’ location so as to provide ease of 2. Adie Soesesyantoro *
access for customers. Efforts made to achieve the direction andbusiness
development of Bank Mandiri Taspen are to strengthen system and
3. Andi Rivai *
infrastructure, build culture based on performance, develop business, 4. Chandra Arie *
and strengthen the Capital. 5. Zudan Arif Fakrulloh *
The strategic steps that will be taken are to expand the national office
network and mobile cash service with cars to reach service to bases of *independen
pensioners in Indonesia. Besides, the Bank has also developed and BOARD OF DIRECTORS
accelerated new business productivity in the pensioner segment that
1. Elmamber Petamu Sinaga
will become the main engine of growth of Bank Mandiri Taspen in the
future, supported by expertise owned by each strategic partner. 2. Atta Alva
3. Iwan Soeroto
Description of Name Changes
4. Judhi Budhi
Until now, Bank Mantap has carried out the name change twice:
5. Maswar Purnama
First, the change of Bank name from PT Bank Sinar Harapan Bali to PT
Bank Mandiri Taspen Pos based on amendment of Articles of
Association according to Deed No. 5 dated January 7, 2015 effective on
August 7, 2015.
Second, the change of Bank name from PT Bank Mandiri Taspen Pos to
PT Bank Mandiri Taspen pursuant to Deed No. 4 dated November 6, No. Rating Agency Rating Rating Date Outlook
2017 which is effective on December 23, 2017.
1. Fitch Ratings Indonesia AA(idn) 30-Mar-21 Stable
2. Fitch Ratings Indonesia AA(idn) 13-Apr-20 Stable
3. Pefindo idAA 28-Jan-20 Stable
4. Fitch Ratings Indonesia AA(idn) 16-Jul-19 Stable
as of June 2021
SWOT Analysis
- Strong support from Bank Mandiri -Increasing risk profile due to the pandemic
- Strong synergy with parent companies
- Strong asset quality S W
O T
- Stable pension segment -Loan delinquency risk
- Monetary stimulus to boost banking liquidity -Tighter competitions from banks and fintech
companies
348
AS OF JUNE 2021
Coupon Coupon

BMTP01ACN1 I Bank Mandiri Taspen 7.90% 26-Nov-20 PT Bank AA(idn)
1. 700,000 27-Nov-19 26-Nov-22 3
IDA0001032A4 Tahap I Tahun 2019 26-Feb-21 Permata Tbk. Stable
Seri A 26-May-21
Quarterly
BMTP01ACN2 I Bank Mandiri Taspen 6.50% - PT Bank AA(idn)
2. 800,000 29-Apr-21 28-Apr-24 3
IDA0001141A3 Tahap II Tahun 2021 - Permata Tbk. Stable
Seri A -
Quarterly
11-Jul-20 PT Bank
Obligasi I Bank Mandiri
BMTP01B 8.75% 11-Oct-20 Tabungan AA(idn)
3. Taspen Pos Tahun 500,000 12-Jul-17 11-Jul-22 5
IDA0000824B3 11-Jan-21 Negara Stable
2017 Seri B

BMTP01BCN1 I Bank Mandiri Taspen 8.20% 26-Nov-20 PT Bank AA(idn)
4. 300,000 27-Nov-19 26-Nov-24 5
IDA0001032B2 Tahap I Tahun 2019 26-Feb-21 Permata Tbk. Stable
Seri B 26-May-21
Quarterly
BMTP01BCN2 I Bank Mandiri Taspen 7.25% - PT Bank AA(idn)
5. 1,200,000 29-Apr-21 28-Apr-26 5
IDA0001141B1 Tahap II Tahun 2021 - Permata Tbk. Stable
Seri B -
Quarterly
TRADING HIGHLIGHT
BMTP01ACN1
ISIN CODE : IDA0001032A4 Nov-19 Nov-20 Nov-21 Nov-22
Volume
Trading 2020 2021
Activities,
1000 50 Q1 Q2 Q3 Q4 Q1 Q2
900 45 897.20 429.00 113.00 122.00 100.00 115.00
Frequency Volume (Rp bn)
800 40
Frequency (X) 44 28 13 5 7 18
700 35
600 30 Trading days 19 7 5 3 3 6
500 25 Turnover Ratio (%) 512.69 245.14 64.57 69.71 57.14 65.71
400 20 CTP Price - High 101.920 101.300 102.310 101.000 103.200 102.850
300 15
Date 24-Jan 04-Jun 24-Aug 01-Oct 24-Feb 15-Jun
200 10
100 5 CTP Price - Low 99.280 100.070 100.650 100.800 101.800 101.900
PHEI Fair Yield (%) 7.8113 7.1433 7.3992 6.7739 6.6746 5.8718
Mod. Duration (yrs) 2.356 2.162 1.954 1.747 1.530 1.317
105 9.0
Convexity (yrs) 6.496 5.482 4.499 3.623 2.811 2.116
Sensitivity (%) 0.024 0.022 0.020 0.017 0.015 0.013
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
349
BMTP01ACN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
500 150 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 120
300 90 Trading days - - - - - 21
Turnover Ratio (%) - - - - - 190.50
200 60 CTP Price - High - - - - - 103.000
Date - - - - - 04-May
100 30
CTP Price - Low - - - - - 100.000
- - Date - - - - - 18-May
PHEI Fair Yield (%) - - - - - 5.8254
103 8.0
Convexity (yrs) - - - - - 7.502
Sensitivity (%) - - - - - 0.025
102 7.0
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMTP01B
Volume
Trading 2020 2021
Activities,
250 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 12
150 9 Trading days 1 1 2 6 - -
Turnover Ratio (%) 1.60 1.60 32.00 160.00 - -
100 6 CTP Price - High 102.520 101.750 104.180 104.730 - -
Date 17-Mar 19-May 06-Aug 02-Dec - -
50 3
CTP Price - Low 102.500 101.720 104.150 102.340 - -
- - Date 17-Mar 19-May 04-Aug 04-Dec - -
PHEI Fair Yield (%) 8.1097 7.3020 7.0117 6.5407 6.3745 5.4250
Mod. Duration (yrs) 2.011 1.817 1.611 1.401 1.182 0.966
106 9.0
Convexity (yrs) 4.838 3.966 3.145 2.410 1.752 1.207
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
350
BMTP01BCN1
Volume
Trading 2020 2021
Activities,
60 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
50 10 Volume (Rp bn) 20.00 23.50 48.00 3.00 2.00 -
Frequency
Frequency (X) 2 3 9 3 2 -
40 8
30 6 Turnover Ratio (%) 26.67 31.33 64.00 4.00 2.67 -
CTP Price - High 100.060 100.100 103.400 100.750 102.550 -
20 4
Date 17-Feb 05-May 16-Sep 15-Oct 19-Mar -
10 2
CTP Price - Low 100.050 100.090 100.100 100.210 102.350 -
- - Date 17-Feb 05-May 20-Jul 15-Oct 19-Mar -
PHEI Fair Yield (%) 9.1795 8.1575 7.6773 7.6679 7.7726 6.8655
Mod. Duration (yrs) 3.780 3.640 3.477 3.299 3.112 2.943
106 10.0
Convexity (yrs) 17.014 15.675 14.242 12.790 11.369 10.134
Sensitivity (%) 0.038 0.036 0.035 0.033 0.031 0.029
103 9.0
100 8.0
97 7.0
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMTP01BCN2
Volume
Trading 2020 2021
Activities,
180 90 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
150 75 Volume (Rp bn) - - - - - 154.00
Frequency
Frequency (X) - - - - - 76
120 60
90 45 Turnover Ratio (%) - - - - - 51.33
CTP Price - High - - - - - 102.000
60 30
Date - - - - - 29-Apr
30 15
CTP Price - Low - - - - - 100.000
- - Date - - - - - 18-May
PHEI Fair Yield (%) - - - - - 7.2206
103 8.0
Convexity (yrs) - - - - - 18.832
Sensitivity (%) - - - - - 0.040
102 7.0
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
351
BMTP01ACN1 897 429 113 122 223.0%
BMTP01B 40 200 48.8%
BMTP01BCN1 483 31.5%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800
352
BMTP FINANCIAL HIGHLIGHT

22.18 22.14
Cash on Hand 80,011 75,974 -5.05 q
Placements with Other Banks 2,399,736 5,546,878 131.15 p 16.96 16.31 16.41 16.36
Loans 20,107,631 25,151,598 25.08 p
Investments - - -  6.44 6.91 6.04 6.40
(%)
Total Assets 26,950,958 35,099,766 30.24 p
Deposits 20,594,976 27,600,501 34.02 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings - 1,600,000 - p
Paid up Capital 751,307 751,307 - 
19.30
16.43
13.35
Total Equity 2,674,573 3,470,499 29.76 p
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Expenses 950,792 1,620,937 70.48 p Return on Assets Return on Equity
107.95
93.04
80.00 79.84
Peer Group
(%)

Financial Ratios
Return on Assets (%) 2.02 2.64 2.62 1.84
Return on Equity (%) 13.35 20.46 19.30 16.43
BOPO (%) 84.87 80.00 79.84 84.80
Cash Flow / Debt (%) -11.53 9.74 -3.24 10.00
353
BMTR PT Global Mediacom Tbk.

Sector : Industrials ADDRESS
Sub Sector : Multi-sector Holdings MNC Tower, 27th - 29th Fl.
Website : www.mediacom.co.id Jln. Kebon Sirih No. 17 - 19
Corporate Sec. : Abuzzal Abusaeri Jakarta 10340
Email Corporate Sec. : [email protected]; [email protected] Phone : (021) 390-0065, 392-3065
Fax : (021) 392-7859, 390-9207
PT Global Mediacom Tbk (the Company) is a 30+ SHAREHOLDERS

year old company and was listed on the Indonesia
Stock Exchange (IDX) since 1995, under the stock 1. PT MNC Investama Tbk 45.75%
code BMTR. The majority of the Company's revenue 2. Public 54.25%
lines derive from two main business lines, primarily
the nation’s largest advertising based media business
and content production, and various subscription based business lines covering
several platforms.The Company also has a rich talent management arm, a
growing E-commerce business and recently ventured into e-Sports and e-
Gaming.
AUDIT COMMITTEE
Advertising and Content: BMTR owns and operates 4 national FTA TV stations: 1. Beti Puspitasari Santoso
RCTI, MNCTV, GTV and iNews, which dominates the market and has set global
records with the highest number of audience share of more than 50% through 2. John Aristianto Prasetio
2021. It has succesfully produced more than 20,000 hours of new content 3. Mohamed Idwan Ganie
annually and boasts a rich content library with more than 300,00 hours of
content, in several leading programming categories. Furthermore, BMTR owns
the largest talent management pool in Indonesia, Star Media Nusantara, has
given rise to numerous talents and stars from all across Indonesia with 400+ BOARD OF COMMISSIONERS
celebrities becoming household names.
1. Rosano Barack
BMTR is also a dominant digital player via its digital businesses; from its 2. Beti Puspitasari Santoso *
superapp RCTI+ with 5 major content categories, such as video, news, audio,
3. John Aristianto Prasetio *
UGC competitions and games, to 6 leading news and information portals,
creating a comprehensive multi segment digital advertising inventory and a 4. Mohamed Idwan Ganie *
number of radio networks. Early in 2021, BMTR formed a dedicated gaming arm,
which has 4 main operations that focuses on game development/publishing,
event management, team management and as a games aggregator. BMTR also
has a growing music label and social media management business. *independen
BOARD OF DIRECTORS
Subscription lines: BMTR also owns MNC Vision, pioneer and the largest
premium DTH PayTV with 2 million subscribers, whilst, K-Vision serves the DTH 1. Hary Tanoesoedibjo
needs for the lower to middle income segment with a prepaid business model. 2. Christophorus Taufik Siswandi
As of today, K-Vision has more than 8 million subscribers, making it the largest
3. Indra Pudjiastuti
prepaid DTH Company in Indonesia.
4. Ruby Panjaitan
MNC Play offers fiber based high speed broadband and IPTV services and covers
5. Syafril Nasution
1.5 million homes passed with 300,000+ subscribers. In 2020, BMTR launched
PLAYBOX, a Google certified Android TV box targeted to penetrate all
broadband only households, and both MNC Play and PLAYBOX offer a variety of
local and international content with catch up TV and time shift features.
BMTR also owns SVOD OTT product called Vision+, which offers more than Historical Corporate Ratings
10,000 hours of VOD content, more than 110 linear channels and produces
original content through Vision Pictures and is the fastest growing SVOD OTT No. Rating Agency Rating Rating Date Outlook
service with more than 2 million subscribers. Lastly, in the E-commerce business,
the Company has several budding units, namely E-TV Mall, the F Thing, Mister 1. Pefindo idA 11-Jun-21 Stable
Aladin and MNC Shop.
2. Pefindo idA 21-Jul-20 Stable
3. Pefindo idA 23-Jun-20 CWNI*
4. Pefindo idA+ 11-Jul-19 Negative
as of June 2021 *)Credit Watch with Negative Implication
SWOT Analysis
- A wide range of media services - High financial leverage
- Leading and largest media companies
- Good operating profitability S W - Indirect access to operating cash flow
- Strong economic growth trajectory and the growing - Adverse economic conditions due to COVID-19
middle-class household - Exposure to foreign currency volatility
- Continuous synergy between business units, and the
centralization of overall Information Technology
O T - Development of other competitor technologies in
this industry
354
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan I 07-Jul-20

PT Bank Rakyat
BMTR01ACN1 Global Mediacom 11.50% 07-Oct-20 idA
IDA0000827A8 Tahap I Tahun 2017 07-Jan-21 Stable
(Persero) Tbk.
Seri A 07-Apr-21
Quarterly

PT Bank Rakyat
BMTR01BCN1 Global Mediacom 11.75% 07-Oct-20 idA
IDA0000827B6 Tahap I Tahun 2017 07-Jan-21 Stable
(Persero) Tbk.
Seri B 07-Apr-21
Quarterly

PT Bank Rakyat
BMTR01CCN1 Global Mediacom 12.00% 07-Oct-20 idA
IDA0000827C4 Tahap I Tahun 2017 07-Jan-21 Stable
(Persero) Tbk.
Seri C 07-Apr-21
Quarterly
BMTR02ACN1 II Global Mediacom 10.75% 11-Dec-20 PT Bank idA
4. 331,425 14-Sep-20 21-Sep-21 1
IDA0001107A4 Tahap I Tahun 2020 11-Mar-21 Bukopin Tbk. Stable
Seri A 11-Jun-21
Quarterly
BMTR02BCN1 II Global Mediacom 11.25% 11-Dec-20 PT Bank idA
5. 367,500 14-Sep-20 11-Sep-23 3
IDA0001107B2 Tahap I Tahun 2020 11-Mar-21 Bukopin Tbk. Stable
Seri B 11-Jun-21
Quarterly
BMTR02CCN1 II Global Mediacom 12.00% 11-Dec-20 PT Bank idA
6. 1,075 14-Sep-20 11-Sep-25 5
IDA0001107C0 Tahap I Tahun 2020 11-Mar-21 Bukopin Tbk. Stable
Seri C 11-Jun-21
Quarterly
Sukuk Ijarah 07-Jul-20

PT Bank Rakyat
SIBMTR01ACN1 Berkelanjutan I Global 11.50% 07-Oct-20 idA(sy)
IDJ0000092A0 Mediacom Tahap I 07-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank Rakyat
SIBMTR01BCN1 Berkelanjutan I Global 11.75% 07-Oct-20 idA(sy)
IDJ0000092B8 Mediacom Tahap I 07-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank Rakyat
SIBMTR01CCN1 Berkelanjutan I Global 12.00% 07-Oct-20 idA(sy)
IDJ0000092C6 Mediacom Tahap I 07-Jan-21 Stable
(Persero) Tbk.
Tahun 2017 Seri C 07-Apr-21
Quarterly
Sukuk Ijarah -
SIBMTR02ACN1 Berkelanjutan II Global 10.75% 11-Dec-20 PT Bank idA(sy)
10. 297,970 14-Sep-20 21-Sep-21 1
IDJ0000169A6 Mediacom Tahap I 11-Mar-21 Bukopin Tbk. Stable
Tahun 2020 Seri A 11-Jun-21
Quarterly
Sukuk Ijarah -
SIBMTR02BCN1 Berkelanjutan II Global 11.25% 11-Dec-20 PT Bank idA(sy)
11. 1,600 14-Sep-20 11-Sep-23 3
IDJ0000169B4 Mediacom Tahap I 11-Mar-21 Bukopin Tbk. Stable
Quarterly
Sukuk Ijarah -
SIBMTR02CCN1 Berkelanjutan II Global 12.00% 11-Dec-20 PT Bank idA(sy)
12. 430 14-Sep-20 11-Sep-25 5
IDJ0000169C2 Mediacom Tahap I 11-Mar-21 Bukopin Tbk. Stable
Tahun 2020 Seri C 11-Jun-21
Quarterly
355
TRADING HIGHLIGHT
BMTR01ACN1
ISIN CODE : IDA0000827A8 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
800 80 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 236.04 230.70 739.00 50.00 83.00 56.00
Frequency
600 60 Frequency (X) 52 42 58 15 21 19
400 40 Turnover Ratio (%) 117.32 114.66 367.30 24.85 41.25 27.83
CTP Price - High 102.500 100.800 100.500 100.570 103.640 109.350
200 20 Date 05-Feb 04-Jun 13-Aug 22-Oct 30-Mar 07-Jun
CTP Price - Low 2.000 95.060 93.340 97.010 99.480 98.250
- - Date 19-Mar 30-Apr 03-Sep 07-Oct 21-Jan 23-Apr
PHEI Fair Yield (%) 14.0702 13.3484 12.3709 11.5898 8.4428 7.4344
Mod. Duration (yrs) 1.898 1.721 1.535 1.340 1.144 0.936
107 16.0
Convexity (yrs) 4.434 3.651 2.920 2.249 1.667 1.150
104 14.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
101 12.0
98 10.0
95 8.0
92 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMTR01BCN1 Listing Date Maturity Date
ISIN CODE : IDA0000827B6 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
2 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) - - - - - -
Frequency
1 1 Turnover Ratio (%) - - - - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.7089 8.9034 8.9046 8.3596 8.5853 8.3955
Mod. Duration (yrs) 2.642 2.484 2.307 2.131 1.939 1.752
111 10.5
Convexity (yrs) 8.558 7.537 6.495 5.537 4.597 3.764
Sensitivity (%) 0.026 0.025 0.023 0.021 0.019 0.018
108 9.5
105 8.5
102 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
356
BMTR01CCN1
Volume
Trading 2020 2021
Activities,
6 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - - - 4.00 1.00
4 4
Trading days - - - - 2 1
Turnover Ratio (%) - - - - 41.13 10.28
CTP Price - High - - - - 109.700 109.330
2 2
Date - - - - 01-Mar 07-Jun
CTP Price - Low - - - - 106.610 109.310
- - Date - - - - 15-Jan 07-Jun
PHEI Fair Yield (%) 10.0693 9.1963 9.3984 8.8365 9.0367 9.0416
Mod. Duration (yrs) 3.263 3.134 2.970 2.818 2.645 2.476
113 10.5
Convexity (yrs) 13.281 12.155 10.892 9.757 8.577 7.500
Sensitivity (%) 0.033 0.031 0.030 0.028 0.026 0.025
110 9.5
107 8.5
104 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMTR02ACN1
ISIN CODE : IDA0001107A4 Sep-20 Sep-21
Volume
Trading 2020 2021
Activities,
1200 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 100.0 1,129.0 359.0 454.0
800 40
Turnover Ratio (%) - - 120.69 1,362.6 433.28 547.94
CTP Price - High - - 100.350 101.100 105.210 102.640
400 20
Date - - 21-Sep 11-Dec 11-Feb 26-Apr
CTP Price - Low - - 100.350 98.450 98.500 99.500
- - Date - - 21-Sep 17-Dec 18-Jan 20-Apr
PHEI Fair Yield (%) - - 10.3296 7.1830 7.0597 6.1918
Mod. Duration (yrs) - - 0.913 0.693 0.458 0.222
105 13.0
Convexity (yrs) - - 1.076 0.658 0.323 0.104
Sensitivity (%) - - 0.009 0.007 0.005 0.002
103 11.0
101 9.0
99 7.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
357
BMTR02BCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
2500 80 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 456.00 2,290.0 209.00 -
2000 64
1500 48 Trading days - - 3 16 15 -
Turnover Ratio (%) - - 496.33 2,492.5 227.48 -
1000 32 CTP Price - High - - 100.000 100.090 105.480 -
Date - - 30-Sep 30-Dec 19-Mar -
500 16
CTP Price - Low - - 100.000 99.180 99.220 -
- - Date - - 30-Sep 30-Dec 18-Jan -
PHEI Fair Yield (%) - - 11.2474 8.4533 8.6635 8.5284
Mod. Duration (yrs) - - 2.465 2.315 2.122 1.932
110 11.5
Convexity (yrs) - - 7.283 6.388 5.374 4.467
Sensitivity (%) - - 0.025 0.023 0.021 0.019
107 10.5
104 9.5
101 8.5
98 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BMTR02CCN1
Volume
Trading 2020 2021
Activities,
2 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Trading days - - - 1 - -
1 1 Turnover Ratio (%) - - - - - -
CTP Price - High - - - 100.000 - -
Date - - - 24-Nov - -
CTP Price - Low - - - 100.000 - -
- - Date - - - 24-Nov - -
PHEI Fair Yield (%) - - 12.0177 9.2876 9.4751 9.6174
Mod. Duration (yrs) - - 3.668 3.611 3.452 3.297
111 12.5
Convexity (yrs) - - 16.799 16.014 14.587 13.255
Sensitivity (%) - - 0.037 0.036 0.035 0.033
108 11.5
105 10.5
102 9.5
99 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
358
SIBMTR01ACN1
ISIN CODE : IDJ0000092A0 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
200 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
160 24
120 18 Trading days 6 8 2 4 5 3
Turnover Ratio (%) 119.41 307.91 35.67 20.65 80.73 110.77
80 12 CTP Price - High 106.230 99.850 104.810 105.300 105.020 105.760
Date 10-Mar 05-Jun 01-Sep 12-Nov 31-Mar 23-Apr
40 6
CTP Price - Low 96.950 99.000 101.850 103.470 98.000 96.000
- - Date 03-Feb 26-Jun 16-Jul 26-Oct 22-Jan 05-May
PHEI Fair Yield (%) 11.9836 11.2958 8.2720 7.7658 7.9346 7.4344
Mod. Duration (yrs) 1.915 1.735 1.558 1.358 1.146 0.936
111 12.5
Convexity (yrs) 4.501 3.702 2.997 2.301 1.672 1.150
Sensitivity (%) 0.019 0.017 0.016 0.014 0.011 0.009
105 10.5
99 8.5
93 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIBMTR01BCN1
ISIN CODE : IDJ0000092B8 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
120 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
96 12
nar >> 72 9 Trading days 1 8 4 2 - -
Turnover Ratio (%) 485.71 2,885.7 1,428.57 485.71 - -
48 6 CTP Price - High 99.670 99.680 99.680 105.640 - -
Date 31-Jan 12-Jun 16-Jul 15-Oct - -
24 3
CTP Price - Low 99.670 99.660 99.660 105.600 - -
- - Date 31-Jan 19-Jun 24-Jul 15-Oct - -
PHEI Fair Yield (%) 9.7089 8.9034 8.9046 8.3596 8.5853 8.3955
Mod. Duration (yrs) 2.642 2.484 2.307 2.131 1.939 1.752
112 10.5
Convexity (yrs) 8.558 7.537 6.495 5.537 4.597 3.764
Sensitivity (%) 0.026 0.025 0.023 0.021 0.019 0.018
107 9.5
102 8.5
97 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
359
SIBMTR01CCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000092C6 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 0.12 - 1.00 - - -
Frequency Frequency (X) 2 - 1 - - -
2 2
Trading days 1 - 1 - - -
Turnover Ratio (%) 2.09 - 17.43 - - -
CTP Price - High 104.250 - - - - -
1 1
Date 13-Feb - - - - -
CTP Price - Low 104.000 - - - - -
- - Date 13-Feb - - - - -
PHEI Fair Yield (%) 10.0693 9.1963 9.3984 8.8365 9.0367 9.0416
Mod. Duration (yrs) 3.263 3.134 2.970 2.818 2.645 2.476
114 11.0
Convexity (yrs) 13.281 12.155 10.892 9.757 8.577 7.500
Sensitivity (%) 0.033 0.031 0.030 0.028 0.026 0.025
110 10.0
106 9.0
102 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIBMTR02ACN1
ISIN CODE : IDJ0000169A6 Sep-20 Sep-21
Volume
Trading 2020 2021
Activities,
1600 80 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - 277.0 854.0 1,244.0 1,139.0
Frequency
1200 60 Frequency (X) - - 12 76 58 34
800 40 Turnover Ratio (%) - - 371.85 1,146.4 1,670.0 1,529.01
CTP Price - High - - 101.260 102.740 103.180 103.140
400 20 Date - - 29-Sep 17-Dec 19-Jan 05-Apr
CTP Price - Low - - 100.000 99.220 98.500 100.460
- - Date - - 28-Sep 30-Dec 18-Jan 09-Apr
PHEI Fair Yield (%) - - 10.6946 8.6470 6.3270 6.1918
Mod. Duration (yrs) - - 0.912 0.691 0.458 0.222
104 11.0
Convexity (yrs) - - 1.074 0.654 0.325 0.104
Sensitivity (%) - - 0.009 0.007 0.005 0.002
102 9.5
100 8.0
98 6.5
96 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
360
SIBMTR02BCN1
ISIN CODE : IDJ0000169B4 Sep-20 Sep-21 Sep-22 Sep-23
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 11.3152 8.4533 8.6760 8.5284
Mod. Duration (yrs) - - 2.464 2.315 2.122 1.932
107 12.0
Convexity (yrs) - - 7.279 6.388 5.373 4.467
Sensitivity (%) - - 0.025 0.023 0.021 0.019
105 11.0
103 10.0
101 9.0
99 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIBMTR02CCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000169C2 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25
Volume
Trading 2020 2021
Activities,
2 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
1 1 Turnover Ratio (%) - - - - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 12.0177 9.2876 9.4751 9.6174
Mod. Duration (yrs) - - 3.668 3.611 3.452 3.297
111 13.0
Convexity (yrs) - - 16.799 16.014 14.587 13.255
Sensitivity (%) - - 0.037 0.036 0.035 0.033
108 12.0
105 11.0
102 10.0
99 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
361

nar >>
BMTR01ACN1 236 231 739 156.0%
BMTR01BCN1 0.0%
BMTR01CCN1 0.0%
BMTR02ACN1 100 1,129 370.8%
BMTR02BCN1 456 2,290 747.2%
BMTR02CCN1 0.0%
SIBMTR01ACN1 164 120.9%
SIBMTR01BCN1 101 1321.4%
SIBMTR01CCN1 4.9%
SIBMTR02ACN1 277 854 379.6%
SIBMTR02BCN1 0.0%
SIBMTR02CCN1 0.0%
- 500 1,000 1,500 2,000 2,500 3,000
362
BMTR FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 825,755 904,936 9.59 p 48.78 48.29 48.84 48.73
Receivables 3,206,249 3,379,816 5.41 p

Inventories 3,212,295 3,576,769 11.35 p
26.29 27.63 28.65 27.10
Current Assets 8,822,135 9,859,197 11.76 p
(%)
14.93
11.56
Total Assets 30,154,793 32,261,560 6.99 p 9.73
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,533,451 1,658,400 8.15 p
13.34
17,371,406 20,784,321 19.65 p 9.45
Total Equity 8.67
7.46 7.69
(%)
5.58
4.67
INCOME STATEMENTS
Total Revenues 12,936,503 12,064,088 -6.74 q
Gross Profit 6,317,659 5,878,752 -6.95 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Interest Expenses 1,029,232 930,957 -9.55 q
EBITDA 5,303,595 4,788,482 -9.71 q
Income for the periods 2,317,437 1,801,029 -22.28 q LIQUIDITY & SOLVENCY RATIOS
Net Income/Loss Attributed 1,403,735 912,737 -34.98 q 218.57
134.87 137.07
Peer Group
(%)
96.05 102.54
73.59
1. PT Global Mediacom Tbk. 12,064 14.93 -6.74
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 3.81 4.67 7.69 5.58
Return on Equity (%) 7.46 9.45 13.34 8.67
Current Ratio (%) 218.57 134.87 137.07 186.87
Cash Flow/Debt (%) 32.22 28.42 31.19 28.67
363
BNGA PT Bank CIMB Niaga Tbk.

Sub Sector : Banks Graha CIMB Niaga, 15th floor
Website : www.cimbniaga.com Jln. Jend. Sudirman Kav. 58
Corporate Sec. : Fransiska Oei Jakarta
Email Corporate Sec. : [email protected] Phone : (021) 250-5151, 250-5252, 250-5353
Fax : (021) 252-6749, 250-5205
C I M B N i a g a w as e s t a b l i s h e d o n 2 6 SHAREHOLDERS
September 1955 as PT Bank Niaga. It became
1. CIMB Group Sdn. Bhd. (Class B) 91.48%
a public company following the
listing of shares under ticker code BNGA with the Indonesia Stock
Exchange on 29 November 1989. In 1987, CIMB Niaga became the 3. Public (Class A) 0.29%
first bank in Indonesia to launch services via the Automated Teller 4. Treasury Stock (Class B) 0.80%
Machine (ATM) and in 1991 the first bank to provide online banking
services.
CIMB Niaga is a result of the merger of Lippo Bank to CIMB Niaga in AUDIT COMMITTEE
2008. The majority of shares, or 97.9%, are owned by the CIMB Group 1. Jeffrey Kairupan
Sdn Bhd, which is the fifth largest universal bank in the ASEAN region
2. Endang Kussulanjari S.
with an extensive network in Malaysia, Singapore, Thailand and
3. Ronald T. A. Kasim
Cambodia, among others. This benefits CIMB Niaga in terms of the
Bank’s well positioned in ASEAN regional network through the CIMB
Group.
One of CIMB Niaga’s leading service is Transaction Banking, which BOARD OF COMMISSIONERS
offers a range of products and services, as well as a list of 1. Didi Syaruddin Yahya
comprehensive solutions, for companies that manage their financial 2. Dato' Abdul Rahman Ahmad
operations through both domestic and cross border transactions. The 3. David Richard Thomas
solutions include Cash Management products, Remittances, Trade
4. Glenn Muhammad Surya Yusuf *
Finance and Value Chain.
5. Jeffrey Kairupan *
To realize the vision of making CIMB Niaga a leader in digital
6. Sri Widowati *
banking services, the Bank remains focused on the development of
*independen
branchless banking through the optimisation of cutting edge
technology as well as an emphasis on customer experience – the BOARD OF DIRECTORS
qualities that distinguish the Bank in the market and identify CIMB 1. Tigor M. Siahaan 7. Tjioe Mei Tjuen
Niaga’s digital banking services as one of the most comprehensive in 2. Fransiska Oei 8. Vera Handajani
the national banking industry. 3. John Simon
CIMB Niaga provides a variety of complete and innovative products 4. Lani Darmawan
and services from consumer banking, MSME banking, and 5. Lee Kai Kwong
commercial banking to corporate banking supported by the Treasury
6. Pandji Pratama Djajanegara
and Transaction Banking and the branchless banking network. In
addition, the Bank provides commercial and Sharia products and
services thought its Sharia Business Unit, namely CIMB Niaga Syariah.
1. Fitch Ratings Indonesia AA+(idn) 10-Feb-21 Negative

3. Fitch Ratings Indonesia AA+(idn) 11-May-20 Negative
4. Fitch Ratings Indonesia AA+(idn) 24-Feb-20 Stable
as of June 2021
SWOT Analysis
-Strong support from CIMB Group Sdn Bhd - Modest asset quality
-Strong business position with wide network coverage
-Diversified and innovative digital banking provider S W
O T
-Digital technology application - Tight competition with banking and fintech
364
AS OF JUNE 2021
Coupon Coupon

BNGA01SBCN1 Berkelanjutan I Bank 8.05% 19-Dec-20 PT Bank idAA
1. 83,000 20-Dec-19 19-Dec-24 5
IDA000104004 CIMB Niaga Tahap I 19-Mar-21 Permata Tbk. Stable
Tahun 2019 19-Jun-21
Quarterly

BNGA02BCN4 II Bank CIMB Niaga 8.50% 20-Dec-20 PT Bank idAAA
2. 137,000 21-Sep-18 20-Sep-21 3
IDA0000932B4 Tahap IV Tahun 2018 20-Mar-21 Permata Tbk. Stable
Seri B 20-Jun-21
Quarterly

BNGA02CCN1 II Bank CIMB Niaga 8.25% 03-Nov-20 PT Bank idAAA
3. 182,000 04-Nov-16 03-Nov-21 5
IDA0000771C4 Tahap I Tahun 2016 03-Feb-21 Permata Tbk. Stable
Seri C 03-May-21
Quarterly

4. 822,000 24-Aug-17 23-Aug-22 5
IDA0000840C7 Tahap II Tahun 2017 23-Feb-21 Permata Tbk. Stable
Seri C 23-May-21
Quarterly

5. 843,000 03-Nov-17 02-Nov-22 5
IDA0000854C8 Tahap III Tahun 2017 02-Feb-21 Permata Tbk. Stable
Seri C 02-May-21
Quarterly

BNGA02CCN4 II Bank CIMB Niaga 8.80% 20-Dec-20 PT Bank idAAA
6. 118,000 21-Sep-18 20-Sep-23 5
IDA0000932C2 Tahap IV Tahun 2018 20-Mar-21 Permata Tbk. Stable
Seri C 20-Jun-21
Quarterly
15-Aug-20
Obligasi Subordinasi III 9.85%
BNGA03ASB 15-Nov-20 PT Bank idAA
7. Bank CIMB Niaga 75,000 16-Nov-18 15-Nov-23 5
IDA0000946A6 15-Feb-21 Permata Tbk. Stable
Tahun 2018 Seri A
Quarterly 15-May-21

BNGA03BCN1 III Bank CIMB Niaga 7.55% 19-Dec-20 PT Bank idAAA
8. 1,066,000 20-Dec-19 19-Dec-22 3
IDA0001039B7 Tahap I Tahun 2019 19-Mar-21 Permata Tbk. Stable
Seri B 19-Jun-21
Quarterly
15-Aug-20
Obligasi Subordinasi III 10.00%
BNGA03BSB 15-Nov-20 PT Bank idAA
9. Bank CIMB Niaga 75,000 16-Nov-18 15-Nov-25 7
IDA0000946B4 15-Feb-21 Permata Tbk. Stable
Tahun 2018 Seri B
Quarterly 15-May-21

BNGA03CCN1 III Bank CIMB Niaga 7.80% 19-Dec-20 PT Bank idAAA
10. 481,000 20-Dec-19 19-Dec-24 5
IDA0001039C5 Tahap I Tahun 2019 19-Mar-21 Permata Tbk. Stable
Seri C 19-Jun-21
Quarterly
Sukuk Mudharabah 15-Aug-20

SMBNGA01BCN1 Berkelanjutan I Bank 9.25% 15-Nov-20 PT Bank idAAA(sy)
11. 559,000 16-Nov-18 15-Nov-21 3
IDJ0000117B3 CIMB Niaga Tahap I 15-Feb-21 Permata Tbk. Stable
Tahun 2018 Seri B 15-May-21
Quarterly

SMBNGA01BCN2 Berkelanjutan I Bank 7.90% 21-Nov-20 PT Bank idAAA(sy)
12. 936,000 22-Aug-19 21-Aug-22 3
IDJ0000143B9 CIMB Niaga tahap II 21-Feb-21 Permata Tbk. Stable
Quarterly
Sukuk Mudharabah 27-Sep-20

Berkelanjutan I Bank 7.00% 27-Dec-20 PT Bank idAAA(sy)
13. SMBNGA01BCN3 287,000 30-Mar-20 27-Mar-23 3
CIMB Niaga Tahap III 27-Mar-21 Permata Tbk.
IDJ0000155B3 Stable

SMBNGA01CCN2 Berkelanjutan I Bank 8.25% 21-Nov-20 PT Bank idAAA(sy)
14. 429,000 22-Aug-19 21-Aug-24 5
IDJ0000143C7 CIMB Niaga tahap II 21-Feb-21 Permata Tbk. Stable
Tahun 2019 Seri C
Quarterly 21-May-21
365
Coupon Coupon
Sukuk Mudharabah 27-Sep-20

SMBNGA01CCN3 Berkelanjutan I Bank 7.25% 27-Dec-20 PT Bank idAAA(sy)
15. 391,000 30-Mar-20 27-Mar-25 5
IDJ0000155C1 CIMB Niaga Tahap III 27-Mar-21 Permata Tbk. Stable
Quarterly
TRADING HIGHLIGHT
BNGA01SBCN1
ISIN CODE : IDA000104004 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24


Volume Volume (Rp bn) - - - - 18.00 -
16 8
12 6 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 86.75 -
8 4 CTP Price - High - - - - 102.500 -
Date - - - - 05-Jan -
4 2
CTP Price - Low - - - - 100.000 -
- - Date - - - - 05-Jan -
PHEI Fair Yield (%) 9.1974 8.1734 8.0229 7.6892 7.7978 6.8911
Mod. Duration (yrs) 3.851 3.711 3.540 3.368 3.181 3.011
105 10.0
Convexity (yrs) 17.563 16.200 14.693 13.259 11.809 10.548
102 9.0 Sensitivity (%) 0.039 0.037 0.035 0.034 0.032 0.030
99 8.0
96 7.0
93 6.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
366
BNGA02BCN4 Listing Date Maturity Date


160 12
120 9 Trading days 5 4 2 - 1 3
Turnover Ratio (%) 119.71 548.91 87.59 - 29.20 58.39
80 6 CTP Price - High 102.620 102.340 101.900 - 102.170 102.040
Date 04-Mar 04-May 29-Jul - 11-Jan 07-Apr
40 3
CTP Price - Low 102.300 101.040 101.830 - 102.170 101.920
- - Date 30-Jan 13-May 14-Aug - 11-Jan 08-Apr
PHEI Fair Yield (%) 6.9682 6.0732 5.8213 5.4517 4.8135 3.9736
Mod. Duration (yrs) 1.371 1.155 0.928 0.697 0.459 0.220
105 8.0
Convexity (yrs) 2.277 1.652 1.107 0.664 0.325 0.103
104 7.0 Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNGA02CCN1


Volume Volume (Rp bn) - 35.00 - 40.00 330.00 28.00
280 8
Frequency Frequency (X) - 5 - 2 9 6
210 6 Trading days - 1 - 1 3 3
Turnover Ratio (%) - 76.92 - 87.91 725.27 61.54
140 4 CTP Price - High - 101.750 - 102.530 102.240 102.200
Date - 18-May - 03-Nov 25-Mar 08-Apr
70 2
CTP Price - Low - 101.000 - 102.520 101.800 101.850
- - Date - 18-May - 03-Nov 17-Mar 06-Apr
PHEI Fair Yield (%) 7.0942 6.1948 5.9261 5.5226 4.9434 4.1307
Mod. Duration (yrs) 1.462 1.250 1.028 0.801 0.567 0.333
115 8.0
Convexity (yrs) 2.592 1.929 1.343 0.855 0.467 0.195
112 7.0 Sensitivity (%) 0.015 0.012 0.010 0.008 0.006 0.003
109 6.0
106 5.0
103 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
367
BNGA02CCN2


80 12
60 9 Trading days - 1 1 6 1 3
Turnover Ratio (%) - 24.89 0.97 25.79 1.95 45.26
40 6 CTP Price - High - 101.100 103.000 104.350 103.400 104.120
Date - 08-Apr 17-Jul 16-Dec 08-Jan 17-Jun
20 3
CTP Price - Low - 101.000 100.000 101.000 103.350 102.600
- - Date - 08-Apr 17-Jul 16-Oct 08-Jan 07-May
PHEI Fair Yield (%) 7.7490 6.7977 6.4959 5.9555 5.6521 4.5090
Mod. Duration (yrs) 2.141 1.945 1.737 1.525 1.305 1.087
105 9.0
Convexity (yrs) 5.394 4.469 3.589 2.798 2.083 1.484
103 8.0 Sensitivity (%) 0.021 0.019 0.017 0.015 0.013 0.011
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNGA02CCN3 Listing Date Maturity Date


Volume Volume (Rp bn) 30.00 197.00 - - 12.00 86.00
200 12
Frequency Frequency (X) 2 11 - - 4 10
150 9 Trading days 1 3 - - 1 3
Turnover Ratio (%) 14.23 93.48 - - 5.69 40.81
100 6 CTP Price - High 101.550 101.150 - - 101.920 104.000
Date 06-Feb 05-Jun - - 22-Mar 18-May
50 3
CTP Price - Low 101.500 100.820 - - 101.000 102.750
- - Date 06-Feb 21-Apr - - 22-Mar 05-May
PHEI Fair Yield (%) 7.8706 6.8911 6.6097 6.0508 5.7913 5.2388
Mod. Duration (yrs) 2.294 2.102 1.896 1.688 1.470 1.254
105 10.0
Convexity (yrs) 6.187 5.206 4.260 3.402 2.615 1.940
103 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
101 6.0
99 4.0
97 2.0
95 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
368
BNGA02CCN4


Volume Volume (Rp bn) 40.00 380.00 13.00 - - 180.00
320 20
Frequency Frequency (X) 4 22 6 - - 6
240 15 Trading days 1 4 2 - - 1
Turnover Ratio (%) 135.59 1,288.14 44.07 - - 610.17
160 10 CTP Price - High 105.100 102.120 102.150 - - 107.100
Date 21-Jan 14-May 01-Jul - - 14-Jun
80 5
CTP Price - Low 104.830 94.000 101.520 - - 106.900
- - Date 21-Jan 14-May 14-Jul - - 14-Jun
PHEI Fair Yield (%) 8.3041 7.2767 7.0572 6.4399 6.3132 5.5220
Mod. Duration (yrs) 2.962 2.793 2.604 2.415 2.213 2.017
108 14.0
Convexity (yrs) 10.293 9.123 7.928 6.818 5.740 4.783
106 12.0 Sensitivity (%) 0.030 0.028 0.026 0.024 0.022 0.020
104 10.0
102 8.0
100 6.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNGA03ASB


4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.8282 7.8685 7.6252 7.2667 7.2899 6.3819
Mod. Duration (yrs) 2.997 2.839 2.660 2.478 2.284 2.099
110 10.0
Convexity (yrs) 10.743 9.595 8.411 7.291 6.201 5.243
108 8.0 Sensitivity (%) 0.030 0.028 0.027 0.025 0.023 0.021
106 6.0
104 4.0
102 2.0
100 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
369
BNGA03BCN1
ISIN CODE : IDA0001039B7 Dec-19 Dec-20 Dec-21 Dec-22


Volume Volume (Rp bn) 490.00 300.00 310.00 207.00 1,253.00 170.00
1120 32
840 24 Trading days 9 10 9 8 9 3
Turnover Ratio (%) 183.86 112.57 116.32 77.67 470.17 63.79
560 16 CTP Price - High 104.070 101.410 101.850 103.000 104.150 105.500
Date 09-Mar 29-Apr 26-Aug 20-Nov 21-Jan 24-Jun
280 8
CTP Price - Low 100.050 100.000 100.120 102.400 103.550 103.500
- - Date 16-Mar 21-Apr 03-Aug 02-Nov 04-Jan 14-Jun
PHEI Fair Yield (%) 7.9383 6.6321 6.8829 5.9118 5.5100 5.0463
Mod. Duration (yrs) 2.426 2.236 2.026 1.820 1.602 1.386
107 9.0
Convexity (yrs) 6.839 5.818 4.799 3.896 3.052 2.317
105 8.0 Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNGA03BSB Listing Date Maturity Date


4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 9.4225 8.3912 8.3292 7.9647 8.1200 7.2264
Mod. Duration (yrs) 4.233 4.132 3.983 3.840 3.674 3.537
116 11.0
Convexity (yrs) 22.174 20.918 19.353 17.890 16.328 15.034
112 10.0 Sensitivity (%) 0.042 0.041 0.040 0.038 0.037 0.035
108 9.0
104 8.0
100 7.0
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
370
BNGA03CCN1


280 16
210 12 Trading days 7 8 3 7 2 8
Turnover Ratio (%) 228.69 254.47 133.06 116.42 103.95 113.93
140 8 CTP Price - High 101.600 101.240 101.750 104.500 105.500 107.400
Date 21-Feb 05-Jun 25-Aug 24-Nov 04-Feb 21-Jun
70 4
CTP Price - Low 99.600 99.500 101.700 101.400 102.200 105.050
- - Date 26-Mar 29-Apr 02-Sep 10-Nov 08-Jan 16-Apr
PHEI Fair Yield (%) 8.3741 7.6388 7.4658 7.1199 6.8499 5.5217
Mod. Duration (yrs) 3.890 3.738 3.565 3.391 3.208 3.041
110 13.0
Convexity (yrs) 17.822 16.376 14.848 13.392 11.960 10.710
107 11.0 Sensitivity (%) 0.039 0.037 0.036 0.034 0.032 0.030
104 9.0
101 7.0
98 5.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBNGA01BCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000117B3 Nov-18 Nov-19 Nov-20 Nov-21


88 12
66 9 Trading days 3 2 2 7 2 1
Turnover Ratio (%) 23.18 73.70 14.31 23.61 49.37 31.48
44 6 CTP Price - High 105.270 - 104.960 104.450 102.870 102.700
Date 27-Feb - 01-Sep 02-Oct 10-Mar 13-Apr
22 3
CTP Price - Low 104.370 - 104.640 102.180 101.050 102.680
- - Date 14-Jan - 03-Aug 22-Dec 05-Jan 13-Apr
PHEI Fair Yield (%) 6.9405 6.2262 5.0498 6.8522 4.8238 4.1717
Mod. Duration (yrs) 1.485 1.275 1.058 0.828 0.598 0.366
115 10.0
Convexity (yrs) 2.675 2.005 1.417 0.906 0.512 0.225
111 8.5 Sensitivity (%) 0.015 0.013 0.011 0.008 0.006 0.004
107 7.0
103 5.5
99 4.0
95 2.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
371
SMBNGA01BCN2
ISIN CODE : IDJ0000143B9 Aug-19 Aug-20 Aug-21 Aug-22

Trading 2020 2021
Activities,
200 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 8.00 - 20.00 81.00 174.00 58.00
160 12
120 9 Trading days 1 - 1 5 5 3
Turnover Ratio (%) 3.42 - 8.55 34.62 74.36 24.79
80 6 CTP Price - High 103.570 - 103.120 103.300 104.170 104.170
Date 27-Feb - 08-Sep 13-Nov 16-Mar 07-Apr
40 3
CTP Price - Low 103.555 - 102.900 102.730 102.750 102.860
- - Date 27-Feb - 08-Sep 30-Dec 24-Feb 29-Apr
PHEI Fair Yield (%) 7.4987 6.7945 6.4926 6.1368 5.8160 4.9496
Mod. Duration (yrs) 2.143 1.944 1.735 1.522 1.300 1.082
115 9.0
Convexity (yrs) 5.395 4.460 3.578 2.783 2.069 1.469
111 8.0 Sensitivity (%) 0.021 0.019 0.017 0.015 0.013 0.011
107 7.0
103 6.0
99 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBNGA01BCN3 Listing Date Maturity Date
ISIN CODE : IDJ0000155B3 Mar-20 Mar-21 Mar-22 Mar-23

Trading 2020 2021
Activities,
30 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 10.00 - - 25.00 - 20.00
24 4
Frequency Frequency (X) 2 - - 1 - 4
18 3 Trading days 1 - - 1 - 1
Turnover Ratio (%) 13.94 - - 34.84 - 27.87
12 2 CTP Price - High - - - - - 102.550
Date - - - - - 26-Apr
6 1
CTP Price - Low - - - - - 102.500
- - Date - - - - - 26-Apr
PHEI Fair Yield (%) 7.0229 7.0909 6.8230 6.2344 6.0459 5.3881
Mod. Duration (yrs) 2.674 2.473 2.269 2.062 1.846 1.633
106 10.0
Convexity (yrs) 8.241 7.059 5.957 4.944 3.990 3.155
104 8.0 Sensitivity (%) 0.027 0.025 0.023 0.021 0.018 0.016
102 6.0
100 4.0
98 2.0
96 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
372
SMBNGA01CCN2
ISIN CODE : IDJ0000143C7 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24

Trading 2020 2021
Activities,
140 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 6.00 120.00 - - 2.00
112 12
Frequency Frequency (X) - 2 11 - - 1
84 9 Trading days - 1 4 - - 1
Turnover Ratio (%) - 5.59 111.89 - - 1.86
56 6 CTP Price - High - 100.050 104.650 - - -
Date - 18-May 31-Aug - - -
28 3
CTP Price - Low - 100.030 101.500 - - -
- - Date - 18-May 08-Jul - - -
PHEI Fair Yield (%) 8.6231 7.5541 7.0394 6.7790 6.7252 6.1142
Mod. Duration (yrs) 3.610 3.463 3.295 3.116 2.927 2.747
110 10.0
Convexity (yrs) 15.460 14.146 12.758 11.386 10.036 8.824
107 9.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.029 0.027
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBNGA01CCN3

Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 7.5220 7.7042 7.6798 6.9671 6.9449 6.3520
Mod. Duration (yrs) 4.144 3.968 3.792 3.627 3.440 3.264
105 10.0
Convexity (yrs) 20.094 18.379 16.740 15.254 13.696 12.299
102 9.0 Sensitivity (%) 0.041 0.040 0.038 0.036 0.034 0.033
99 8.0
96 7.0
93 6.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
373
nar >>
BNGA01SBCN1 0.0%
BNGA02BCN4 41 188 30 189.1%
BNGA02CCN1 35 40 41.2%
BNGA02CCN2 51 2 53 12.9%
BNGA02CCN3 30 197 26.9%
BNGA02CCN4 40 380 366.9%
BNGA03ASB 0.0%
BNGA03BCN1 490 300 310 207 122.6%
BNGA03BSB 0.0%
BNGA03CCN1 275 306 160 140 183.2%
SMBNGA01BCN1 32 103 20 33 33.7%
SMBNGA01BCN2 81 11.6%
SMBNGA01BCN3 12.2%
SMBNGA01CCN2 120 29.4%
SMBNGA01CCN3 0.0%
- 200 400 600 800 1,000 1,200 1,400
374
BNGA FINANCIAL HIGHLIGHT

23.63 22.75
Cash on Hand 5,693,065 4,777,284 -16.09 q 20.13
14.59 13.78
Loans 184,998,140 159,851,784 -13.59 q 9.71
Investments - 3,659 - p
(%)
5.45 4.96 5.00 4.88
Total Assets 274,467,227 280,943,605 2.36 p
Deposits 197,044,136 210,596,798 6.88 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,612,257 1,612,257 - 
Paid up Capital (Shares) 25,131,606,843 25,131,606,843 -  9.37
8.77 9.00
Par Value (Rp Full Amount) 5,000 & 50 5,000 & 50 - 
5.33
Total Equity 43,294,166 41,053,051 -5.18 q
(%)
1.67 1.74
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
94.67
89.38
Peer Group 83.27

(%)
83.00 82.91
81.49
3. PT Bank BTPN Tbk. 16,403 12.23 -12.19 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 1.67 1.74 2.00 1.06
Return on Equity (%) 8.77 9.37 9.00 5.33
BOPO (%) 83.27 81.49 83.00 89.38
Cash Flow / Debt (%) 8.78 -0.33 0.90 11.93
375
BNII PT Bank Maybank Indonesia Tbk.

Sub Sector : Banks Sentral Senayan III, 25th Fl.
Website : www.maybank.co.id Jln. Asia Afrika No. 8, Gelora Bung Karno Senayan
Corporate Sec. : Harris P. Simanjuntak Jakarta Pusat 10270
Fax : (021) 2922-8730
PT Bank Maybank Indonesia Tbk. (BNII) SHAREHOLDERS

was established on 15 May 1959 under 1. Sorak Financial Holdings Pte. Ltd. 45.02%
the name of PT Bank Internasional 2. Maybank Offshore Corp. Serv. (Labuan) Sdn. Bhd. 33.96%
Indonesia Tbk. After obtaining a license as a foreign exchange bank 3. UBS AG London 18.31%
in 1988, BNII had its shares listed on the Jakarta Stock Exchange
4. Public 2.71%
and Surabaya Stock Exchange (now merged as Indonesia stock
Exchange) in 1989.
As a publicly listed company, BNII has grown to become one of

AUDIT COMMITTEE
leading private banks in Indonesia. In 2008, the largest bank in
1. Hendar
Malaysia that is also one of the leading financial groups in ASEAN,
Malayan Banking Berhad (Maybank), acquired Bank through its 2. Budi Rahayu
entirely owned subsidiary, Maybank Offshore Corporate services 3. Teuku Radja Sjahnan
(Labuan) Sdn. Bhd. (MOCS). Since then, Maybank has become the
majority shareholder of Bank through two of its subsidiaries, Sorak
Financial Holdings Pte. Ltd. (Sorak) and MOCS. To comply with the
share sell down requirement of the authority, Maybank in June
1. Datuk Abdul Farid bin Alias * 7. Putut Eko Bayuseno *
2013 sold 9% of its shares in Bank to public, and sold another 9.3%
in November 2013. Following this share sell down transactions, as 2. Achjar Iljas *
of 30 June 2014 Maybank owns 78.98% shares in Bank while the 3. Budhi Dyah Sitawati *
public holds 21.02%. 4. Datuk Lim Hong Tat
The Bank changed its name from PT Bank Internasional Indonesia 5. Edwin Gerungan
Tbk. to become PT Bank Maybank Indonesia Tbk. (Maybank 6. Hendar *
Indonesia) through the Bank’s General Meeting of Shareholders *independen
dated August 24, 2015 and has been approved by the Financial BOARD OF DIRECTORS
Services Authority since September 23, 2015. 1. Taswin Zakaria 7. Thilagavathy Nadason
BNII provides full range of financial services through its branch and 2. Effendi 8. Widya Permana
ATM network, phone banking, mobile banking and internet 3. Irvandi Ferizal
banking channels. Bank is listed on the Indonesia Stock Exchange 4. Muhamadian
(BNII) and is active in Community Financial Services and Global
5. Ricky Antariksa
Banking.
6. Steffano Ridwan
As of December 2020, Maybank Indonesia has 361 branches
including Syariah branches spread across Indonesia as well as one
overseas branch (Mumbai, India), 22 Mobile Cash Cars and 1,428
ATMs including 79 CDMs (Cash Deposit Machine) connected with
over 20,000 ATMs incorporated in ATM PRIMA, ATM BERSAMA, No. Rating Agency Rating Rating Date Outlook
ALTO, CIRRUS, and connected to 3,500 Maybank ATMs in
Singapore, Malaysia and Brunei. 1. Pefindo idAAA 12-Mar-21 Stable
as of June 2021
SWOT Analysis
- Strong support from Maybank Group - Mediocre asset quality
- Strong market position
- Strong liquidity profile S W - Moderate profitability

-Digital technology application -Loan delinquency risk
companies
376
AS OF JUNE 2021
Coupon Coupon

PT Bank
BNII02ACN1 II Bank Maybank 8.00% 11-Oct-20 idAAA
1. 435,000 12-Jul-17 11-Jul-22 5 Mandiri
IDA0000834A4 Indonesia Tahap I 11-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BNII02BCN1 II Bank Maybank 8.50% 11-Oct-20 idAAA
2. 300,000 12-Jul-17 11-Jul-24 7 Mandiri
IDA0000834B2 Indonesia Tahap I 11-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BNII02BCN3 II Bank Maybank 8.60% 26-Oct-20 idAAA
3. 69,000 29-Oct-18 26-Oct-21 3 Mandiri
IDA0000944B9 Indonesia Tahap III 26-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BNII02BCN4 II Bank Maybank 8.70% 27-Dec-20 idAAA
4. 232,200 28-Mar-19 27-Mar-22 3 Mandiri
IDA0000969B6 Indonesia Tahap IV 27-Mar-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BNII02CCN1 II Bank Maybank 8.65% 11-Oct-20 idAAA
5. 100,000 12-Jul-17 11-Jul-27 10 Mandiri
IDA0000834C0 Indonesia Tahap I 11-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BNII02CCN3 II Bank Maybank 8.80% 26-Oct-20 idAAA
6. 75,000 29-Oct-18 26-Oct-23 5 Mandiri
IDA0000944C7 Indonesia Tahap III 26-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BNII02CN2 II Bank Maybank 7.15% 15-Dec-20 idAAA
7. 645,500 16-Mar-18 15-Mar-23 5 Mandiri
IDA000088504 Indonesia Tahap II 15-Mar-21 Stable
(Persero) Tbk.
Tahun 2018 15-Jun-21
Quarterly
08-Jul-20
Obligasi Subordinasi PT Bank
BNII02SBCN1 11.35% 08-Oct-20 idAA
8. Berkelanjutan II Bank 1,500,000 10-Jul-14 08-Jul-21 7 Mandiri
IDA000064307 BII Tahap I Tahun 2014 08-Jan-21 Stable
(Persero) Tbk.
Quarterly 08-Apr-21

BNII02SBCN2 Berkelanjutan II Bank 9.63% 10-Dec-20 PT Bank Mega idAA
9. 800,000 13-Jun-16 10-Jun-23 7
IDA000073100 Maybank Indonesia 10-Mar-21 Tbk. Stable
Tahap II Tahun 2016 10-Jun-21
Quarterly

PT Bank
BNII03BCN1 III Bank Maybank 8.50% 03-Oct-20 idAAA
10. 624,000 04-Jul-19 03-Jul-22 3 Mandiri
IDA0000990B2 Indonesia Tahap I 03-Jan-21 Stable
(Persero) Tbk.
Quarterly

PT Bank
BNII03CCN1 III Bank Maybank 8.70% 03-Oct-20 idAAA
11. 68,000 04-Jul-19 03-Jul-24 5 Mandiri
IDA0000990C0 Indonesia Tahap I 03-Jan-21 Stable
(Persero) Tbk.
Quarterly
377
TRADING HIGHLIGHT
BNII02ACN1
Volume
Trading 2020 2021
Activities,
450 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
360 36
270 27 Trading days 8 15 14 13 12 4
Turnover Ratio (%) 368.34 350.68 259.31 182.07 185.75 88.28
180 18 CTP Price - High 102.910 101.640 102.880 103.790 103.700 103.950
Date 24-Feb 14-May 11-Sep 28-Dec 02-Mar 16-Jun
90 9
CTP Price - Low 99.350 98.040 100.700 102.500 102.600 101.890
- - Date 19-Mar 08-May 11-Aug 30-Nov 09-Mar 07-Jun
PHEI Fair Yield (%) 7.2679 7.1340 7.1091 6.3366 5.8248 4.8532
Mod. Duration (yrs) 2.033 1.831 1.621 1.410 1.190 0.972
107 8.0
Convexity (yrs) 4.914 4.007 3.169 2.430 1.768 1.217
105 7.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
103 6.0
101 5.0
99 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNII02BCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
250 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 8
150 6 Trading days - - - - - 3
Turnover Ratio (%) - - - - - 280.00
100 4 CTP Price - High - - - - - 106.300
Date - - - - - 12-Apr
50 2
CTP Price - Low - - - - - 105.980
- - Date - - - - - 14-Apr
PHEI Fair Yield (%) 8.5891 7.5239 7.4050 6.7410 6.6802 6.0660
Mod. Duration (yrs) 3.487 3.342 3.167 2.997 2.809 2.630
110 10.0
Convexity (yrs) 14.585 13.311 11.924 10.644 9.344 8.178
107 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
378
BNII02BCN3
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 1.50 1.00 - - - -
4 4
Frequency Frequency (X) 3 2 - - - -
3 3 Trading days 2 1 - - - -
Turnover Ratio (%) 8.70 5.80 - - - -
2 2 CTP Price - High 102.750 101.170 - - - -
Date 20-Feb 30-Apr - - - -
1 1
CTP Price - Low 102.700 101.120 - - - -
- - Date 11-Feb 30-Apr - - - -
PHEI Fair Yield (%) 7.0719 6.1734 5.9076 5.5098 4.9204 4.1029
Mod. Duration (yrs) 1.439 1.228 1.007 0.781 0.547 0.314
109 8.0
Convexity (yrs) 2.524 1.872 1.296 0.819 0.441 0.177
107 7.0 Sensitivity (%) 0.014 0.012 0.010 0.008 0.005 0.003
105 6.0
103 5.0
101 4.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNII02BCN4
Volume
Trading 2020 2021
Activities,
90 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 80.00 - - 30.00 50.00
72 4
Frequency Frequency (X) - 2 - - 2 2
nar >> 54 3 Trading days - 1 - - 1 1
Turnover Ratio (%) - 137.81 - - 51.68 86.13
36 2 CTP Price - High - 101.770 - - 103.280 103.140
Date - 28-Apr - - 02-Feb 17-Jun
18 1
CTP Price - Low - 101.750 - - 103.260 103.130
- - Date - 28-Apr - - 02-Feb 17-Jun
PHEI Fair Yield (%) 7.4514 6.5297 6.2300 5.7436 5.3222 4.4513
Mod. Duration (yrs) 1.814 1.610 1.394 1.174 0.945 0.718
107 8.0
Convexity (yrs) 3.889 3.088 2.349 1.702 1.144 0.699
105 7.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
103 6.0
101 5.0
99 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
379
BNII02CCN1 Listing Date Maturity Date
ISIN CODE : IDA0000834C0 Jul-17 Jan-19 Jul-20 Jan-22 Jul-23 Jan-25 Jul-26
Volume
Trading 2020 2021
Activities,
250 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 8
150 6 Trading days - - - - - 3
Turnover Ratio (%) - - - - - 800.00
100 4 CTP Price - High - - - - - 108.090
Date - - - - - 15-Jun
50 2
CTP Price - Low - - - - - 107.600
- - Date - - - - - 08-Jun
PHEI Fair Yield (%) 9.2427 8.1739 8.4130 7.5034 7.5729 7.0885
Mod. Duration (yrs) 5.215 5.162 5.010 4.924 4.772 4.650
110 12.0
Convexity (yrs) 34.481 33.334 31.322 29.940 28.028 26.433
106 10.0 Sensitivity (%) 0.052 0.052 0.050 0.049 0.048 0.047
102 8.0
98 6.0
94 4.0
90 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNII02CCN3
Volume
Trading 2020 2021
Activities,
10 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
8 4
nar >> 6 3 Trading days - - 1 - - -
Turnover Ratio (%) - - 32.00 - - -
4 2 CTP Price - High - - - - - -
Date - - - - - -
2 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.3434 7.3103 7.1021 6.4794 6.3626 5.7279
Mod. Duration (yrs) 2.996 2.833 2.648 2.463 2.266 2.073
108 10.0
Convexity (yrs) 10.672 9.503 8.297 7.177 6.081 5.103
106 9.0 Sensitivity (%) 0.030 0.028 0.026 0.025 0.023 0.021
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
380
BNII02CN2
ISIN CODE : IDA000088504 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Volume
Trading 2020 2021
Activities,
1200 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 235.00 628.60 641.00 1,057.00 162.00 25.00
960 24
720 18 Trading days 2 7 6 11 4 2
Turnover Ratio (%) 145.62 389.53 397.21 655.00 100.39 15.49
480 12 CTP Price - High 100.410 100.980 102.710 103.980 102.750 103.400
Date 20-Jan 12-Jun 09-Sep 01-Dec 17-Mar 09-Jun
240 6
CTP Price - Low 96.590 97.730 100.600 95.150 102.100 102.600
- - Date 24-Mar 13-Apr 28-Aug 28-Dec 17-Mar 10-Jun
PHEI Fair Yield (%) 8.0701 6.9684 6.0684 5.9996 5.6953 5.5413
Mod. Duration (yrs) 2.625 2.437 2.239 2.028 1.813 1.598
114 10.0
Convexity (yrs) 7.980 6.881 5.818 4.800 3.864 3.034
110 8.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
106 6.0
102 4.0
98 2.0
94 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNII02SBCN1
Volume
Trading 2020 2021
Activities,
300 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
240 24
nar >> 180 18 Trading days 4 - 7 3 2 5
Turnover Ratio (%) 29.60 - 65.60 13.87 6.93 20.80
120 12 CTP Price - High 107.100 - 104.750 103.900 102.750 101.650
Date 26-Feb - 06-Jul 17-Nov 02-Feb 05-Apr
60 6
CTP Price - Low 105.650 - 103.540 103.450 101.900 100.120
- - Date 03-Jan - 03-Sep 11-Dec 15-Mar 21-Jun
PHEI Fair Yield (%) 6.6816 6.4789 6.2342 5.7657 5.2073 4.4654
Mod. Duration (yrs) 1.154 0.942 0.721 0.495 0.259 0.022
110 8.0
Convexity (yrs) 1.693 1.163 0.719 0.375 0.133 0.006
107 7.0 Sensitivity (%) 0.012 0.009 0.007 0.005 0.003 0.000
104 6.0
101 5.0
98 4.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
381
BNII02SBCN2 Listing Date Maturity Date
ISIN CODE : IDA000073100 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Volume
Trading 2020 2021
Activities,
350 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
280 32
210 24 Trading days 2 3 13 6 5 2
Turnover Ratio (%) 8.50 6.50 94.00 153.00 88.50 24.50
140 16 CTP Price - High 106.514 102.920 106.140 107.240 106.410 105.220
Date 12-Feb 16-Jun 03-Sep 11-Dec 15-Jan 20-May
70 8
CTP Price - Low 106.494 102.900 101.400 104.470 103.500 101.750
- - Date 12-Feb 16-Jun 02-Jul 21-Dec 21-Jan 06-Apr
PHEI Fair Yield (%) 8.6384 7.7215 7.2334 7.0633 7.6584 6.3975
Mod. Duration (yrs) 2.719 2.547 2.361 2.166 1.959 1.765
110 10.0
Convexity (yrs) 8.738 7.649 6.570 5.540 4.550 3.711
107 9.0 Sensitivity (%) 0.027 0.025 0.024 0.022 0.020 0.018
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNII03BCN1
Volume
Trading 2020 2021
Activities,
45 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
36 4
nar >> 27 3 Trading days 2 2 3 3 - 1
Turnover Ratio (%) 13.46 25.64 7.05 5.77 - 1.28
18 2 CTP Price - High 102.950 101.530 103.750 - - 103.500
Date 20-Feb 08-May 09-Sep - - 04-May
9 1
CTP Price - Low 101.500 101.510 103.600 - - 103.500
- - Date 31-Jan 14-Apr 08-Sep - - 04-May
PHEI Fair Yield (%) 7.6542 6.7134 6.3932 5.8848 5.5454 4.8338
Mod. Duration (yrs) 1.998 1.804 1.596 1.385 1.165 0.947
107 9.0
Convexity (yrs) 4.776 3.908 3.090 2.358 1.706 1.165
105 8.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
382
BNII03CCN1 Listing Date Maturity Date
Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.5824 7.5179 7.3961 6.7334 6.6713 6.0565
Mod. Duration (yrs) 3.455 3.310 3.136 2.967 2.780 2.602
110 10.0
Convexity (yrs) 14.366 13.107 11.736 10.470 9.185 8.032
107 9.0 Sensitivity (%) 0.035 0.033 0.031 0.030 0.028 0.026
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNII02ACN1 401 381 282 198 290.1%

nar >>
BNII02BCN1 0.0%
BNII02BCN3 3.6%
BNII02BCN4 80 34.5%
BNII02CCN1 0.0%
BNII02CCN3 8.0%
BNII02CN2 235 629 641 1,057 396.8%
BNII02SBCN1 111 246 52 27.3%
BNII02SBCN2 188 306 65.5%
BNII03BCN1 13.0%
BNII03CCN1 0.0%
- 500 1,000 1,500 2,000 2,500 3,000
383
BNII FINANCIAL HIGHLIGHT

Cash on Hand 1,776,134 1,538,167 -13.40 q 20.51
15.30 14.43
Marketable Securities 1,599,041 1,134,802 -29.03 q 12.57 12.43
Loans 109,179,337 93,979,899 -13.92 q 10.01
(%)
4.49 5.24 4.14 3.79
Total Assets 169,082,830 173,224,412 2.45 p
Deposits 113,764,661 123,272,516 8.36 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 3,855,908 3,855,908 - 
Par Value (Rp Full Amount) 900 & 225 & 22.5 900 & 225 & 22.5 -  10.21
6.47
Total Equity 26,684,916 27,223,630 2.02 p
(%)
4.30
1.23 1.09 0.82
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Non-Operating Revenues 22,228 -32,264 -245.15 q
88.12
83.47
89.28 88.98
79.25
Peer Group
(%)

Financial Ratios
Return on Assets (%) 1.23 1.74 1.09 0.82
Return on Equity (%) 8.86 10.21 6.47 4.30
BOPO (%) 86.97 83.47 89.28 88.98
Cash Flow / Debt (%) -2.62 -4.83 4.28 20.91
384
BNLI PT Bank Permata Tbk.

Sub Sector : Banks World Trade Center II Building
Website : www.permatabank.com Jln. Jend. Sudirman Kav. 29-31
Corporate Sec. : Katharine Grace Jakarta 12920
Fax : (021) 523-7244
PermataBank was establihed through a SHAREHOLDERS

merger of 5 banks under the oversight of
1. Bangkok Bank Public Company Limited 98.71%
IBRA (Indonesian Banking Restructuring
2. Public 1.29%
Agency), namely PT Bank Bali Tbk., PT Bank Universal Tbk., PT
Bank Prima Express, PT Bank Artamedia, and PT Bank Patriot in
2002.
In 2004, Standard Chartered Bank and PT Astra International Tbk.

took over PermataBank and started a major transformation of the
organization. Subsequently, as a manifestation of their AUDIT COMMITTEE
commitment to PermataBank, these major shareholders increased 1. Haryanto Sahari
their joint ownership to 89.01% in 2006 and continued to support 2. Handy Effendy Halim
PermataBank. PT Astra International Tbk is a leading Indonesian 3. Mieke S. Djalil
company with extensive experinece in the domestic market, whilst
4. Rahmat Waluyanto
Standard Chartered Bank is a well-respected international bank
with market leading expertise and global experince. The unique
combination of our strategic shareholders has created a synergy BOARD OF COMMISSIONERS
to become one of our core strengths, one that is unique in the 1. Chartsiri Sophonpanich 7. Yap Tjay Soen *
Indonesian banking industry. 2. Chong Toh
Throughout its growth journey, PermataBank has the vision to be 3. Goei Siauw Hong *
the bank of choice, nurturing relationships 4. Haryanto Sahari *
5. Niramarn Laisathit
and creating value for its stakeholders; and PRICE (Partnership,
6. Rahmat Waluyanto *
Responsiveness, Innovation, Caring, Exchellence), as the main
value, which become PermataBank’s principle beliefs and guides *independen
the way for PermataBankers to work and behave. BOARD OF DIRECTORS
1. Chalit Tayjasanant 7. Darwin Wibowo
At the moment, PermataBank has grown as a leading private bank
which offers inovative and comprehensive products and services. 2. Abdy Dharma Salimin 8. Herwin Bustaman
PermataBank is confident in living up to its commitment to offer 3. Suwatchai Songwanich 9. Lea Setianti Kusumawijaya
the most innovative banking solutions supported with excellent 4. Dayan Sadikin
service quality that best meet the needs of all PermataBank 5. Dhien Tjahajani
customers. 6. Djumariah Tenteram
1. Fitch Ratings Indonesia N/A 10-May-21 N/A

4. Fitch Ratings Indonesia AA+(idn) 3-Jun-20 Negative
5. Fitch Ratings Indonesia AAA(idn) 20-Dec-19 Stable
as of June 2021
SWOT Analysis
-Strong support from Bangkok Bank Limited - Weak asset quality profile
-Strong liquidity and financial flexibility profile
-Strong market position especially in corporate funding. S W - Below average profitability
O T
-Growing commercial and SME segments -Loan delinquency risk
companies
385
AS OF JUNE 2021
Coupon Coupon

BNLI02SBCN2 Berkelanjutan II Bank 11.75% 24-Oct-20 PT Bank CIMB idAA
1. 700,000 27-Oct-14 24-Oct-21 7
IDA000065106 Permata Tahap II 24-Jan-21 Niaga Tbk. Stable
Quarterly
TRADING HIGHLIGHT
BNLI02SBCN2
Volume
Trading 2020 2021
Activities,
400 50 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - 343.00 52.00 370.00 117.00 373.00
320 40
Frequency (X) - 13 10 42 13 29
240 30 Trading days - 6 6 16 7 11
Turnover Ratio (%) - 196.00 29.71 211.43 66.86 213.14
160 20 CTP Price - High - 106.220 107.220 106.280 104.820 103.920
Date - 29-Jun 11-Aug 25-Nov 08-Jan 20-Apr
80 10
CTP Price - Low - 100.000 103.900 104.300 103.660 102.180
- - Date - 20-May 30-Sep 17-Dec 09-Mar 17-Jun
PHEI Fair Yield (%) 7.5186 6.7660 5.6665 5.6685 5.5393 4.9314
Mod. Duration (yrs) 1.400 1.197 0.986 0.765 0.536 0.306
110 8.0
Convexity (yrs) 2.431 1.807 1.260 0.796 0.427 0.171
Sensitivity (%) 0.014 0.012 0.010 0.008 0.005 0.003
107 7.0
104 6.0
101 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNLI02SBCN2 343 52 370 109.3%
- 100 200 300 400 500 600 700 800 900
386
BNLI FINANCIAL HIGHLIGHT

66.72 74.22
Cash on Hand 2,303,932 1,794,768 -22.10 q
Loans 90,225,841 96,271,646 6.70 p
Investments - - -  9.23
(%)
8.13
Property, Plant and Equipment 2,451,459 3,073,596 25.38 p 8.49 6.68 12.78
6.05 4.…
3.99 4.11 4.39
Total Assets 161,451,259 197,726,097 22.47 p
Deposits 126,628,228 148,060,894 16.93 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings 12,881 8 -99.94 q
Paid up Capital 3,837,985 3,837,985 - 
7.20
Non Controlling Interest 10 10 -  4.83 4.97
Total Equity 24,037,351 35,071,453 45.90 p
(%)
3.10

1.30
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Income (Loss) for the periods 1,500,420 721,587 -51.91 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income (Loss) 1,585,415 1,215,517 -23.33 q 94.83 93.36
87.54 87.04 88.76
Net Income/Loss Attributed 1,500,420 721,587 -51.91 q 90.08 86.32
78.69
Peer Group
(%)

Financial Ratios
Return on Assets (%) 0.61 0.78 1.30 0.97
Return on Equity (%) 4.83 4.97 7.20 3.10
BOPO (%) 94.83 93.36 87.04 88.76
Cash Flow / Debt (%) -10.56 -3.60 -1.37 0.71
387
BNTT PT Bank Pembangunan Nusa Tenggara Timur

Sub Sector : Banks Jln. W.J. Lalamentik 102
Website : www.bankntt.co.id Kota Kupang
Corporate Sec. : Endri Wardono Nusa Tenggara Timur
Fax : (0380) 840-567
BPD Nusa Tenggara Timur started to operate its

SHAREHOLDERS
activity as the bank at July 17th, 1962 pursuant to
Minister of Finance and Central Bank Decree No. 1. Regencies and Cities of East Nusa Tenggara (Class A) 64.67%
BUM 9-13/II dated February 5th, 1962 regarding 2. Municipal Government - Kupang (Class A) 6.22%
Business License Approval to PT Bank Pembangunan 3. Province of East Nusa Tenggara (Class A) 29.05%
Daerah N usa Ten ggar a Timur
4. Charles Amos Corputty (Class B) 0.03%
with the business place location in Kupang, Capital of East Nusa
Tenggara Province. 5. Luther Oktovianus Wila Huky (Class B) 0.02%
6. Johan Christian Tallo (Class B) 0.01%
VISSION "to be Sound, Strong and Trusted Bank"
MISSION: AUDIT COMMITTEE
1. Economy Development pioneer. 1. Semuel Djoh Despantsianus
2. Exploring regional potential source to be productively optimized for 2. DR. Markus Yohanis Hage, SH, MH
NTT society welfare.
3. Yohana Victoria Lerick-Rebo, SE
3. Increasing Local Revenue resources
4. Optimizing Bank intermediary function.
Motto: "Serve more truly"
Currently, Bank NTT is continuosly indicating excellent perfomance in
Indonesian banking industry. Throughout 2013, the Company recorded 1. Juvenile Jodjana
several key achievement both on the business as well as operational 2. Frans Gana *
aspects. In June 2011, the Company issued bonds amounting to Rp500 3. Semuel Djoh Despantsianus *
billion with fixed interest rate that will be posted as long-term financing
source regarding the Company's expansion plan. Afterwards, Bank NTT
also succeeds in achieving Best Bank predicete on Asset below Rp10
trillion category from Investor magazine. Besides perfomance
achievement, Bank NTT also established partnership with various parties *independen
to enhance Company's service to the customers. The partnerships held by BOARD OF DIRECTORS
Bank NTT in 2013 such as APEX Bank towards Regional Champion
Cooperation and Bank NTT & Jamsostek for Public Service Empowerment
1. Harry Alexander Riwu Kaho
Partnership. 2. Absalom Sine
Since Desember 21st, 2010, the Goverment launched a program for 3. Hilarius Minggu
Indonesian Regional Bank which is acknowledge as BPD Regional 4. Yohanis Landu Praing
Champion, which refers to a transformation program for Regional Bank in
Indonesia to be a regional bank to provide positive contribution on
economic development of each region. BPD Regional Champion has 3
pillars, Pillar-1: Institutional Resilience, Pillar-2: Capacity of agent of
regional economy development and Pillar-3: Ability of serving the
customers demand. All of three pillars are developed upon 2 foundations Historical Corporate Ratings
which are risk management and good corporate governance. For Bank
NTT, Regional Champion program is a useful method to accelerate vision No. Rating Agency Rating Rating Date Outlook
achievement as sound, strong and trusted bank, and the mission as
pioneer of public economy engine, exploring regional source potential to 1. Pefindo idA- 11-Sep-20 Stable
bring welfare fo NTT's society, increase regional revenue and improve 2. Pefindo idA- 10-Sep-19 Stable
intermediary function.
3. Pefindo idA 2-Oct-18 Negative
4. Pefindo idA 10-Apr-18 Stable
as of June 2021
SWOT Analysis
-Strong support from provincial government -Weak asset quality
-Strong customer loyalty
S W -Modest profitability
-Concentrated funding profile
-Resilient civil servant segment - Pressure on liquidity
O T
-Monetary stimulus to boost banking liquidity - Higher competition pressure
388
AS OF JUNE 2021
Coupon Coupon
Obligasi 21-Sep-20
PT Bank
BNTT01BCN1 Berkelanjutan I 10.50% 21-Dec-20 idA-
1. 155,000 26-Dec-18 21-Dec-21 3 Mandiri
IDA0000952B2 Bank NTT Tahap I 21-Mar-21 Stable
(Persero) Tbk.
Obligasi 21-Sep-20
PT Bank
BNTT01CCN1 Berkelanjutan I 10.75% 21-Dec-20 idA-
2. 80,000 26-Dec-18 21-Dec-23 5 Mandiri
IDA0000952C0 Bank NTT Tahap I 21-Mar-21 Stable
(Persero) Tbk.
Tahun 2018 Seri C Quarterly 21-Jun-21
Obligasi 21-Sep-20
PT Bank
BNTT01DCN1 Berkelanjutan I 11.00% 21-Dec-20 idA-
3. 37,000 26-Dec-18 21-Dec-25 7 Mandiri
IDA0000952D8 Bank NTT Tahap I 21-Mar-21 Stable
(Persero) Tbk.
Tahun 2018 Seri D Quarterly 21-Jun-21
TRADING HIGHLIGHT
BNTT01BCN1
Volume
Trading 2020 2021
Activities,
150 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 2.00 2.00 - 2.00 69.00 97.00
120 16
Frequency Frequency (X) 2 4 - 2 18 12
90 12 Trading days 1 2 - 1 7 6
Turnover Ratio (%) 5.16 5.16 - 5.16 178.06 250.32
60 8 CTP Price - High 101.650 102.610 - 102.000 102.920 103.000
Date 26-Mar 25-Jun - 30-Dec 25-Mar 05-Apr
30 4
CTP Price - Low 101.620 102.570 - 101.970 102.200 102.020
- - Date 26-Mar 25-Jun - 30-Dec 17-Feb 24-Jun
PHEI Fair Yield (%) 9.3869 8.5175 8.0147 7.9187 6.6351 6.2386
Mod. Duration (yrs) 1.558 1.355 1.141 0.920 0.692 0.461
105 10.0
Convexity (yrs) 2.927 2.240 1.622 1.091 0.656 0.328
104 9.0 Sensitivity (%) 0.016 0.014 0.011 0.009 0.007 0.005
103 8.0
102 7.0
101 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
389
BNTT01CCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 10.3459 9.5608 9.4817 9.1790 9.5430 9.6154
Mod. Duration (yrs) 3.033 2.880 2.706 2.530 2.339 2.153
107 11.5
Convexity (yrs) 11.030 9.891 8.711 7.600 6.497 5.505
106 11.0
Sensitivity (%) 0.030 0.029 0.027 0.025 0.023 0.022
105 10.5
104 10.0
103 9.5
102 9.0
101 8.5
100 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BNTT01DCN1
ISIN CODE : IDA0000952D8 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 10.9691 10.1415 10.3525 9.9135 10.4502 10.6031
Mod. Duration (yrs) 4.194 4.096 3.947 3.818 3.651 3.498
109 12.0
Convexity (yrs) 21.983 20.761 19.207 17.848 16.280 14.886
107 11.5 Sensitivity (%) 0.042 0.041 0.039 0.038 0.037 0.035
105 11.0
103 10.5
101 10.0
99 9.5
97 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
390
BNTT01BCN1 2 2 3.9%
BNTT01CCN1 0.0%
BNTT01DCN1 0.0%
- 20 40 60 80 100 120 140 160 180
391
BNTT FINANCIAL HIGHLIGHT

Cash on Hand 563,839 556,863 -1.24 q 77.15
Placements with Other Banks 931,200 1,259,826 35.29 p
Marketable Securities 618,913 972,315 57.10 p
Loans 9,943,960 10,427,086 4.86 p
21.33
Investments - - -  26.89 21.94
(%)
19.29 18.39 15.72 15.47
Property, Plant and Equipment 165,620 222,795 34.52 p 9.51 9.11 9.11 6.28
Total Assets 14,520,410 14,720,355 1.38 p
Deposits 11,730,197 11,683,375 -0.40 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings 290,793 367,809 26.48 p
Paid up Capital 1,327,773 1,488,578 12.11 p
Paid up Capital (Shares) 132,777,335 148,857,773 12.11 p
Par Value (Rp Full Amount) 10,000 10,000 -  16.28
15.31 15.31
Retained Earnings 617,772 515,793 -16.51 q 13.57
Total Equity 1,993,351 2,066,013 3.65 p
(%)
2.98 2.77 2.77
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 1,115,669 264,226 -76.32 q
Net Income/Loss Attributed 236,475 236,290 -0.08 q 114.01 115.28 115.28
80.36
75.95 75.95
Peer Group 67.37
(%)

3. PT Bank Capital Indonesia Tbk. 1,150 5.34 -23.99 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 2.98 2.77 2.77 2.03
Return on Equity (%) 16.28 15.31 15.31 13.57
BOPO (%) 67.37 75.95 75.95 80.36
Cash Flow / Debt (%) -1.50 -1.20 12.64 3.40
392
BRIS PT Bank BRISyariah Tbk.

Sub Sector : Banks
Website : www.bankbsi.co.id Jln. Abdul Muis No.2-4
Corporate Sec. : Rosalina Dewi Jakarta Pusat 10160
Email Corporate Sec. : [email protected] Phone : (021) 345-0226, 0227
Fax : (021) 351-8812
Islamic banks play an important role as a SHAREHOLDERS

facilitator in all economic activities in the
1. PT Bank Mandiri (Persero) Tbk
50.83% 6. PT Mandiri Sekuritas 0.00%
halal industry ecosystem. The existence
of the Islamic banking industry in Indonesia itself has experienced a 2. PT BNI (Persero) Tbk 24.85% 7. Public 5.46%
significant increase and development in the past three decades. 3. PT BRI (Persero) Tbk 17.25%
4. DPLK BRI-Syariah 1.60%
Product innovation, service improvement, and network development
5. PT BNI Life Insurance 0.01%
show a positive trend from year to year. In fact, the spirit to
accelerate is also reflected in the number of Islamic banks that take
corporate actions. There is no exception for Sharia Banks owned by AUDIT COMMITTEE
State-Owned Banks, namely Mandiri Syariah Bank, BNI Syariah, and 1. Eko Suwardi 5. M. Zacky Thayib
BRI Syariah. 2. Djoko Seno Adji 6. Mulya Effendi Siregar
As part of its vision to become a prominent modern retail Bank in 3. Imam Budi Sarjito 7. Peter Umar
Indonesia and with strong liquidity after the utilize of proceed from 4. M. Arief Rosyid 8. Suyanto
Sukuk Mudharabah and IPO, BRIsyariah are expanding the financing
business by focusing on Retail Consumer and Retail Micro with BOARD OF COMMISSIONERS
financing book stood at 65% from financing structure. With sizeable
1. Mulya Effendi Siregar 7. Masduki Baidlowi
SME and Commercial portion to leverage the asset. Despite ATM’s
2. Bangun Sarwito * 8. Sutanto
card may be used in ATM Bersama and Prima, BRIsyariah has using
BRI extensive ATM network with less administration fee and the only 3. Eko Suwardi * 9. Suyanto
Sharia Bank jointly with Himbara/Link ATMs. 4. Imam Budi Sarjito
5. Komarudin *
Along with the development of the halal industry ecosystem in
Indonesia, including Islamic banks, on February 1, 2021, BRI Syariah 6. M. Arief Rosyid *
officially merged with BNI Syariah and Bank Syariah Mandiri so that *independen
the company name changed to Bank Syariah Indonesia. This merger BOARD OF DIRECTORS
will unite the advantages of the three Islamic banks so as to provide a 1. Hery Gunardi 7. Kusman Yandi
more complete service, wider reach, and have a better capital 2. Abdullah Firman Wibowo 8. Tiwul Widyastuti
capacity. Supported by synergies with parent companies (BRI, BNI,
3. Achmad Syafii 9. Tribuana Tunggadewi
Mandiri) and the government's commitment through the Ministry of
SOEs, Bank Syariah Indonesia is encouraged to be able to compete at 4. Ade Cahyo 10. Ngatari
the global level. 5. Anton Sykarna
6. Kokok Alun Akbar
1. Fitch Rating Indonesia AA(idn) 30-Mar-21 Stable

2. Fitch Rating Indonesia AA(idn) 23-Feb-21 Stable
4. Pefindo idAA+ 17-Nov-20 Positive
5. Fitch Rating Indonesia AA(idn) 17-Jun-20 Stable
as of June 2021
SWOT Analysis
- Strong support from BRI - Weakened asset quality
- Strong liquidity profile S W - Below the average industry profitability
- The increasing opportunity in cross-selling products -Unfavorable impact of COVID-19
O T
with more varied product types -Loan delinquency risk
- Economic recovert prospect -Tighter competitions from banks and fintech
393
AS OF JUNE 2021
Coupon Coupon
Sukuk Mudharabah 16-Aug-20 PT Bank

SMBRIS01SB Subordinasi I Bank 9.25% 16-Nov-20 Negara A+(idn)
1. 1,000,000 17-Nov-16 16-Nov-23 7
IDJ000008206 BRISyariah Tahun 16-Feb-21 Indonesia Stable
2016 Quarterly 16-May-21 (Persero) Tbk.
TRADING HIGHLIGHT
SMBRIS01SB
ISIN CODE : IDJ000008206 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23
Volume
Trading 2020 2021
Activities,
250 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 Frequency 24
Frequency (X) 27 18 22 22 3 4
150 18 Trading days 5 6 10 6 2 2
Turnover Ratio (%) 33.20 15.60 58.80 87.60 79.20 4.80
100 12 CTP Price - High 103.100 100.520 105.060 105.900 107.000 102.020
Date 10-Mar 23-Jun 19-Aug 08-Dec 17-Mar 20-May
50 6
CTP Price - Low 100.500 97.750 101.700 102.540 106.980 101.980
- - Date 05-Feb 03-Apr 16-Sep 24-Nov 17-Mar 08-Jun
PHEI Fair Yield (%) 9.5515 8.9717 8.4304 8.5434 8.5549 8.2321
Mod. Duration (yrs) 3.011 2.846 2.671 2.482 2.288 2.098
112 11.0
Convexity (yrs) 10.805 9.617 8.451 7.299 6.209 5.228
Sensitivity (%) 0.030 0.028 0.027 0.025 0.023 0.021
108 10.0
104 9.0
100 8.0
96 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMBRIS01SB 83 39 147 219 48.8%
- 200 400 600 800 1,000 1,200
394
BRIS FINANCIAL HIGHLIGHT

Cash on Hand 262,485 1,126,358 329.11 p
Placements with Other Banks 3,273,000 500,000 -84.72 q 9.97
Loans - - -  5.84 5.72 5.71
4.95 5.05 5.36
(%)
3.59 3.42 3.51
Total Assets 43,123,488 57,715,586 33.84 p
Deposits 8,997,585 16,281,006 80.95 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 4,858,057 4,950,254 1.90 p
Total Equity 5,088,036 5,444,288 7.00 p
(%)
2.49

0.81
0.31
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Non-Operating Revenues -1,513 -28,027 -1,752.41 q
95.24 96.80
95.32
80.99
75.49 80.12
71.87
Peer Group
(%)

5. PT BPD Sumatera Utara 3,198 16.09 -2.72 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 0.51 0.43 0.31 0.81
Return on Equity (%) 4.10 2.49 1.57 5.03
BOPO (%) 95.24 95.32 96.80 91.01
Cash Flow / Debt (%) 13.80 1.96 -0.53 18.01
395
BRPT PT Barito Pacific Tbk.

Sub Sector : Basic Materials Wisma Barito Pacific Twr. B, 8th Fl
Website : www.barito-pacific.com Jln. Letjen S. Parman Kav.62-63
Corporate Sec. : Diana Arsiyanti Jakarta 11410
Fax : (021) 530 6680
In 1993, Barito Pacific became a SHAREHOLDERS

publicly listed company and it
1. Lim Chong Thian 0.00% 6. Others 0.60%
has now transformed into an
integrated energy company 2. Agus Salim Pangestu 0.00% (saham dibeli kembali)
w i t h m u l t i p l e p o w er a n d 3. David R. Sulaiman 0.00% 7. Prajogo Pangestu 70.85%
indus t rial assets. 4. Diana Arsiyanti 0.00% 8. P Tunggal Setia Pratama 0.34%
BRPT’s core businesses operate in power generation and 5. Others 27.01% 9. PT Barito Pacific Lumber 1.20%
petrochemical production, with industrial assets in sectors that are
renewable and resource-oriented with significant growth potential
AUDIT COMMITTEE
through business diversification and vertical integration.
1. Hengky Susanto
In 2007, BRPT acquired majority ownership interest in PT Chandra 2. Jennywati Soewito
Asri Petrochemical Tbk, and in 2008 it acquired PT Tri Polyta 3. Toni Setioko
Indonesia Tbk., which further merged in 2011 and become PT 4.
Chandra Asri Petrochemical Tbk. PT Chandra Asri Petrochemical Tbk
is the largest and only integrated petrochemical company in
Indonesia with current total production capacity of 3,458 KTPA.
1. Prajogo Pangestu
In June 2018, BRPT acquired majority ownership in Star Energy, the 2. Henky Susanto *
largest geothermal company in Indonesia and third largest in the 3. Lim Chong Thian
world, with 875MW of installed capacity. 4. Salwati Agustina *
BRPT is also engaged in a Joint Venture company with a subsidiary of

PT Indonesia Power, a wholly-owned subsidiary of PLN, to develop 2
*independen
x 1,000MW Ultra Super Critical class power plant (Java 9 & 10), one
of the most energy efficient and environmentally friendly coal BOARD OF DIRECTORS
technology in the market. 1. Agus Salim Pangestu
2. David Kosasih
BRPT property business, which is operated through GI and its 3. David Raimond Sulaiman
subsidiaries, is engaged in the investment and development of
4. Diana Arsiyanti
commercial and industrial properties that support our petrochemical
and power assets. 5. Rudy Suparman

3. Pefindo idA 25-Nov-19 Stable
as of June 2021
SWOT Analysis
-Diversified presence across the petrochemical and -Moderate financial leverage
energy sectors
-Favorable dividend distribution from subsidiaries S W -Lower EBITDA
-Inherent risks related to key opearing segments
-Strong record in geothermal operations -Higher interest coverage
- Robust demand from the domestic market -Adverse economic conditions due to COVID-19
O T
- Economic recovery prospect -Volatility of spread between feedstock costs and
- Limited domestic players product prices
396
AS OF JUNE 2021
Coupon Coupon

BRPT01ACN1 Berkelanjutan I Barito 9.30% 19-Dec-20 Tabungan idA
1. 479,000 20-Dec-19 19-Dec-22 3
IDA0001042A3 Pacific Tahap I Tahun 19-Mar-21 Negara Stable
2019 Seri A Quarterly 19-Jun-21 (Persero) Tbk.

BRPT01ACN2 Berkelanjutan I Barito 8.60% 01-Oct-20 Tabungan idA
2. 227,480 02-Apr-20 01-Apr-23 3
IDA0001056A3 Pacific Tahap II Tahun 01-Jan-21 Negara Stable
2020 Seri A Quarterly 01-Apr-21 (Persero) Tbk.
Obligasi - PT Bank
BRPT01ACN3 Berkelanjutan I Barito 8.25% - Tabungan idA
3. 167,520 10-Dec-20 18-Dec-21 1
IDA0001121A5 Pacific Tahap III 08-Mar-21 Negara Stable
Tahun 2020 Seri A Quarterly 08-Jun-21 (Persero) Tbk.

BRPT01BCN1 Berkelanjutan I Barito 9.50% 19-Dec-20 Tabungan idA
4. 271,000 20-Dec-19 19-Dec-24 5
IDA0001042B1 Pacific Tahap I Tahun 19-Mar-21 Negara Stable
2019 Seri B Quarterly 19-Jun-21 (Persero) Tbk.

BRPT01BCN2 Berkelanjutan I Barito 9.10% 01-Oct-20 Tabungan idA
5. 136,000 02-Apr-20 01-Apr-25 5
IDA0001056B1 Pacific Tahap II Tahun 01-Jan-21 Negara Stable
2020 Seri B Quarterly 01-Apr-21 (Persero) Tbk.
Obligasi - PT Bank
BRPT01BCN3 Berkelanjutan I Barito 9.25% - Tabungan idA
6. 56,000 10-Dec-20 08-Dec-23 3
IDA0001121B3 Pacific Tahap III 08-Mar-21 Negara Stable
Tahun 2020 Seri B Quarterly 08-Jun-21 (Persero) Tbk.
Obligasi - PT Bank
BRPT01CCN3 Berkelanjutan I Barito 10.25% - Tabungan idA
7. 163,000 10-Dec-20 08-Dec-25 5
IDA0001121C1 Pacific Tahap III 08-Mar-21 Negara Stable
Tahun 2020 Seri C Quarterly 08-Jun-21 (Persero) Tbk.
397
TRADING HIGHLIGHT
BRPT01ACN1
Volume
Trading 2020 2021
Activities,
500 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 420.00 - 28.00 - 106.00 3.00
400 Frequency 12
Frequency (X) 12 - 5 - 4 5
300 9 Trading days 3 - 2 - 3 2
Turnover Ratio (%) 350.73 - 23.38 - 88.52 2.51
200 6 CTP Price - High 100.150 - 103.280 - 100.600 102.480
Date 21-Jan - 11-Aug - 26-Feb 21-May
100 3
CTP Price - Low 100.000 - 102.280 - 100.000 99.650
- - Date 13-Feb - 24-Aug - 02-Feb 16-Jun
PHEI Fair Yield (%) 9.6333 8.6794 8.5809 8.0513 8.2684 7.9263
Mod. Duration (yrs) 2.366 2.183 1.985 1.784 1.570 1.361
106 10.0
Convexity (yrs) 6.594 5.615 4.654 3.779 2.958 2.251
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
104 9.0
102 8.0
100 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BRPT01ACN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
250 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 201.00 92.00 - - -
200 12
Frequency Frequency (X) - 5 11 - - -
150 9 Trading days - 3 4 - - -
Turnover Ratio (%) - 353.44 161.77 - - -
100 6 CTP Price - High - 100.120 100.500 - - -
Date - 17-Apr 30-Jul - - -
50 3
CTP Price - Low - 100.000 99.980 - - -
- - Date - 20-May 27-Aug - - -
PHEI Fair Yield (%) - 8.0885 8.5977 8.2148 8.4408 8.1820
Mod. Duration (yrs) - 2.383 2.184 1.989 1.782 1.580
103 9.0
Convexity (yrs) - 6.767 5.698 4.740 3.830 3.035
Sensitivity (%) - 0.024 0.022 0.020 0.018 0.016
102 8.5
101 8.0
100 7.5
99 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
398
BRPT01ACN3
ISIN CODE : IDA0001121A5 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21
Volume
Trading 2020 2021
Activities,
800 40 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
700 35 Volume (Rp bn) - - - 495.00 696.00 5.00
Frequency
600 30 Frequency (X) - - - 21 37 5
500 25 Trading days - - - 7 10 2
400 20 Turnover Ratio (%) - - - 1,181.95 1,661.89 11.94
300 15 CTP Price - High - - - 135.060 103.300 101.780
200 10 Date - - - 30-Dec 22-Mar 25-May
100 5 CTP Price - Low - - - 100.000 98.310 101.500
- - Date - - - 18-Dec 21-Jan 09-Apr
PHEI Fair Yield (%) - - - 8.4235 7.5088 6.6372
Mod. Duration (yrs) - - - 0.917 0.686 0.454
104 9.5
Convexity (yrs) - - - 1.082 0.645 0.319
103 9.0 Sensitivity (%) - - - 0.009 0.007 0.005
102 8.5
101 8.0
100 7.5
99 7.0
98 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BRPT01BCN1
Volume
Trading 2020 2021
Activities,
50 10 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - 20.00 40.00 - 1.00
40 8
Frequency (X) - - 2 6 - 2
30 6 Trading days - - 1 3 - 1
Turnover Ratio (%) - - 29.52 59.04 - 1.48
20 4 CTP Price - High - - 101.000 102.590 - 102.020
Date - - 02-Jul 18-Dec - 07-May
10 2
CTP Price - Low - - 101.000 98.410 - 102.000
- - Date - - 02-Jul 11-Dec - 07-May
PHEI Fair Yield (%) 10.4696 9.3054 9.5900 9.3139 9.2123 9.2790
Mod. Duration (yrs) 3.727 3.602 3.432 3.270 3.097 2.922
105 11.0
Convexity (yrs) 16.756 15.524 14.047 12.701 11.358 10.088
103 10.5 Sensitivity (%) 0.037 0.036 0.034 0.033 0.031 0.029
101 10.0
99 9.5
97 9.0
95 8.5
93 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
399
BRPT01BCN2
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - 9.3714 9.7014 9.1288 9.3167 9.4157
Mod. Duration (yrs) - 3.731 3.564 3.417 3.243 3.074
102 11.0
Convexity (yrs) - 17.005 15.472 14.139 12.710 11.387
101 10.5 Sensitivity (%) - 0.037 0.036 0.034 0.032 0.031
100 10.0
99 9.5
98 9.0
97 8.5
96 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BRPT01BCN3
Volume
Trading 2020 2021
Activities,
160 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - 50.00 150.00 -
Frequency
120 6 Frequency (X) - - - 1 4 -
80 4 Turnover Ratio (%) - - - 357.14 1,071.43 -
CTP Price - High - - - - 100.050 -
40 2 Date - - - - 10-Feb -
CTP Price - Low - - - - 100.000 -
- - Date - - - - 08-Feb -
PHEI Fair Yield (%) - - - 9.1743 8.8809 8.6928
Mod. Duration (yrs) - - - 2.535 2.345 2.154
103 10.5
Convexity (yrs) - - - 7.578 6.486 5.481
102 10.0 Sensitivity (%) - - - 0.025 0.023 0.022
101 9.5
100 9.0
99 8.5
98 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
400
BRPT01CCN3
Volume
Trading 2020 2021
Activities,
80 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - 60.00 - -
Frequency
60 3 Frequency (X) - - - 2 - -
40 2 Turnover Ratio (%) - - - 147.24 - -
20 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - 10.1612 9.5575 9.7198
Mod. Duration (yrs) - - - 3.818 3.681 3.523
105 11.0
Convexity (yrs) - - - 17.797 16.441 15.002
104 10.5 Sensitivity (%) - - - 0.038 0.037 0.035
103 10.0
102 9.5
101 9.0
100 8.5
99 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BRPT01ACN1 420 28 93.5%
BRPT01ACN2 201 92 128.8%
BRPT01ACN3 495 295.5%
BRPT01BCN1 20 40 22.1%
BRPT01BCN2 0.0%
BRPT01BCN3 50 89.3%
BRPT01CCN3 60 36.8%
- 100 200 300 400 500 600
401
BRPT FINANCIAL HIGHLIGHT

26.19 24.99
21.53
Receivables 3,637,456 3,178,054 -12.63 q
17.70 18.22
Inventories 4,586,092 4,205,236 -8.30 q
Current Assets 25,493,315 29,009,429 13.79 p
(%)
5.72 6.06
Total Assets 100,159,056 108,370,958 8.20 p
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 8,901,600 9,338,880 4.91 p
8.96
Total Equity 38,429,729 41,623,305 8.31 p
4.99 4.79
(%)
3.44
1.91 1.84
INCOME STATEMENTS
Total Revenues 33,502,388 32,923,468 -1.73 q
Gross Profit 8,080,444 8,228,815 1.84 p
31-Dec-18 31-Dec-19 31-Dec-20
Total Operating Expenses 2,149,203 2,228,731 3.70 p Return on Assets Return on Equity
EBITDA 7,850,826 8,201,282 4.46 p
Comprehensive Income 1,754,169 1,820,716 3.79 p 187.05
165.35
Peer Group
(%)
160.64 160.63 160.36

1. PT Pupuk Indonesia (Persero) 71,878 3.24 1.07
2. PT Barito Pacific Tbk. 32,923 6.06 -1.73
3. PT Chandra Asri Petrochemical Tbk 25,480 2.85 -2.86 31-Dec-18 31-Dec-19 31-Dec-20
5. PT Polytama Propindo 3,387 0.10 0.08 Current Ratio Debt to Equity Ratio
Financial Ratios
Current Ratio (%) 174.85 165.35 187.05
Cash Flow/Debt (%) 12.45 10.33 9.11
402
BSDE PT Bumi Serpong Damai Tbk.

Sub Sector : Properties & Real Estate Sinar Mas Land Plaza, Wing 3B
Website : www.sinarmasland.com, www.bsdcity.com Grand Boulevard, BSD Green Office Park, BSD City
Corporate Sec. : Christy Grassela Tangerang 15345
Email Corporate Sec. : [email protected]; [email protected] Phone : (021) 5036-8368
Fax : (021) 5058-8270
A business group under Sinar Mas Land, SHAREHOLDERS

BSDE brought to Indonesia its flagship
1. PT Serasi Niaga Sakti 2.86% 8. PT Anangga Pertiwi Megah 0.14%
project, the BSD City –the most ambitious
urban planning scheme in Indonesia to 2. PT Simas Tunggal Centre 1.80% 9. PT Nirmala Indah Sakti 0.14%
combine housing, business and 3. PT Metropolitan Trnscties Ind 1.23% 10. PT Apta Citra Universal 0.06%
commercial properties. To deliver a 4. PT Aneka Karya Amarta 0.77% 11. Public (<5%) 34.35%
unique living experience, BSDE establishes high-quality residential, 5. PT Pembangunan Jaya 0.46% 12. PT Paraga Artamida 31.82%
leisure and commercial developments. It is committed to deliver
6. PT Dian Swastatika Sentosa Tbk 0.21% 13. PT Ekacentra Usahamaju 25.95%
this for its customers, encompassing every element from the
7. PT Bhineka Karya Pratama 0.21%
design, materials, location, as well as ensuring that the customer
journey from prospecting to the handover of keys is worth their AUDIT COMMITTEE
time and investment. BSDE has thrived over the years in its 1. Susiyati Bambang Hirawan
business operations – it has remained strong as it launched new 2. Rudiantara
projects and site developments. It has consistently received 3. Rusli Prakarsa
support and confidence from the market as evidenced by its
revenue and successful expansions.
In year 2008, BSDE listed its stocks in the Indonesia Stock Exchange 1. Muktar Widjaja
with the stock code BSDE. Then in 2010, it had its first right issue to
2. Susiyati Bambang Hirawan *
acquire PT Duta Pertiwi Tbk. (Stock code: DUTI), PT Sinar Mas
Teladan and PT Sinar Mas Wisesa. And finally, in 2014 and 2015, 3. Teddy Pawitra *
BSDE issued new shares each amounting to 5% through Capital 4. Teky Mailoa
Increase without Pre-emptive Rights mechanisms. Since the year 5. Yoseph Franciscus Bonang
2014, the Company has been actively increasing its ownership of
PT Plaza Indonesia Realty (Stock code: PLIN) to strengthen its *independen
recurring income. At the end of 2017, the Company had held
BOARD OF DIRECTORS
46,78% of PLIN. At the end of December 2017, BSDE's market
capitalization has reached Rp32.73 trillion. ic electricity and 1. Franciscus Xaverius RD. 7. Monik William
electricity infrastructure in Indonesia including construction of 2. Hermawan Wijaya 8. Syukur Lawigena
power plants, power generation, transmission, distribution, and 3. Ir. Siswanto Adisaputro
retail sales of electricity. 4. Liauw Herry Hendarta
In doing business, we have a strong relationship with the 5. Lie Jani Harjanto
Government; we are a dominant provider of electricity in 6. Michael JP. Widjaja
Indonesia’s fast-growing electricity market; we continuously focus
on improving our operating efficiency and reducing costs, we have
experienced Board of Directors, Board of Commissioners and
management team; and we own a Stable Financial Profile. Historical Corporate Ratings

as of June 2021
SWOT Analysis
- Strong business position in property industry - Weakened financial profile
- Diversified property products and area coverage
- Strong liquidity S W - High dependency on property sales
O T
pandemic
- Sensitive to changes in macroeconomic conditions
403
AS OF JUNE 2021
Coupon Coupon

BSDE02BCN1 II Bumi Serpong Damai 9.25% 16-Dec-20 PT Bank idAA-
1. 25,000 17-Jun-16 16-Jun-23 7
IDA0000736B9 Tahap I Tahun 2016 16-Mar-21 Permata Tbk. Stable
Seri B 16-Jun-21
Quarterly
TRADING HIGHLIGHT
BSDE02BCN1
ISIN CODE : IDA0000736B9 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.7442 7.9377 7.8018 7.3165 7.1615 6.6728
Mod. Duration (yrs) 2.746 2.571 2.380 2.188 1.985 1.784
108 10.0
Convexity (yrs) 8.876 7.766 6.658 5.632 4.652 3.781
Sensitivity (%) 0.027 0.026 0.024 0.022 0.020 0.018
106 9.0
104 8.0
102 7.0
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BSDE02BCN1 0.0%
- 5 10 15 20 25 30
404
BSDE FINANCIAL HIGHLIGHT

73.36 71.73 71.51 68.79
49.93
Receivables 524,238 225,757 -56.94 q 44.18
48.92
Inventories 10,176,881 10,697,403 5.11 p 35.70
Current Assets 24,263,878 28,364,288 16.90 p 32.66 32.07
25.67
Investments 7,136,423 6,689,493 -6.26 q
(%)
Property in Investments 8,251,943 8,296,076 0.53 p 7.87
Total Assets 54,540,978 60,862,927 11.59 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Trade Payables 695,301 933,984 34.33 p
Current Liabilities 6,177,662 11,965,625 93.69 p Gross Profit Margin Operating Profit Margin
Interest Bearing liabilities 13,407,137 17,130,615 27.77 p Net Profit Margin
Paid up Capital 1,924,670 2,117,137 10.00 p 17.70
9.33
(%)
Non Controlling Interest 4,475,960 4,351,768 -2.77 q
Total Equity 33,625,414 34,471,102 2.52 p 5.62 5.75
3.27
INCOME STATEMENTS Dec-2019 Dec-2020 Chg % 0.80
1.41
Total Revenues 7,084,864 6,180,589 -12.76 q
Gross Profit 5,066,066 4,251,843 -16.07 q 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Return on Assets Return on Equity
EBITDA 4,476,529 2,584,445 -42.27 q
Income (Loss) for the periods 3,130,076 486,258 -84.46 q
Comprehensive Income (Loss) 3,363,165 504,728 -84.99 q LIQUIDITY & SOLVENCY RATIOS
Net Income/Loss Attributed
2,791,416 281,701 -89.91 q
393.81
336.19
237.35 237.05
(%)
Peer Group
1. PT Bumi Serpong Damai Tbk. 6,181 7.87 -12.76
3. PT PP Properti Tbk. 2,075 5.13 27.77 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
5. PT Adhi Commuter Properti 699 21.50 19.98
Financial Ratios
Return on Assets (%) 11.24 3.27 5.75 0.80
Return on Equity (%) 17.70 5.62 9.33 1.41
Current Ratio (%) 237.35 336.19 393.81 237.05
Cash Flow/Debt (%) 27.74 7.41 9.65 5.55
405
BSMT PT Bank Pembangunan Daerah Sumatera Utara

Sub Sector : Banks
Website : www.banksumut.com Jln. Imam Bonjol No. 18
Corporate Sec. : Syadan Ridwan Siregar Medan 20152
Fax : (061) 414-2937, 451-2652
Bank Pembangunan Daerah Sumatera

SHAREHOLDERS
Utara (Regional Development Bank of
1. Regional/Municipal Government in North Sumatera 53.05%
North Suma tra) was estab lished on
November 4, 1961 with Notarial Deed 2. Provincial Gov. of North Sumatera 46.95%
Number 22 of Notary Rusli as Limited
Company (PT), with nickname of BPDSU.
In 1962, based on Law No. 13 year 1962 about Principal Provision of

Regional Development Bank and in accordance with Regional
Regulation Level I North Sumatra No. 5 year 1965, the Bank was AUDIT COMMITTEE
changed into a Regional-Owned Enterprise (BUMD). 1. Brata Kesuma
The authorized capital at the time was Rp100 million and the shares 2. M. Tadjuddin
are owned by Regional Government Level I of North Sumatra and 3. Rahmayati Nasution
Regional Government Level II of North Sumatra. In line with the 4. Zahri Fadli
Recapitalisation Program, the legal form of BPDSU must be changed
from Local Company into Limited Company so that the shares of BOARD OF COMMISSIONERS
Central Government is able to enter for development and later on
1. Brata Kesuma *
the day of third party shares is possible to enter by the approval of
the Regional House of Representative Level I of North Sumatra, 2. Syahruddin Siregar
based on that matter, in 1999, legal form of BPDSU was converted
back into a limited company under the name of PT Bank
Pembangunan Daerah Sumatera Utara or abbreviated PT Bank
SUMUT domiciled and headquartered in Medan, Jl. Imam Bonjol No.
18.
*independen
The authorized capital at the time was amounted to Rp400 billion. BOARD OF DIRECTORS
Along with the consideration of the needs of the projected growth 1. Muchammad Budi Utomo
of the Bank, then on December 15, 1999 with Deed No. 31, the
2. Eksir
authorized capital was increased to Rp 500 billion. In accordance
3. Hadi Sucipto
with Deed No. 39 dated June 10, 2008, made before H. Marwansyah
Nasution, SH, Notary in Medan related to the Deed of Confirmation 4. Irwan
No.05 dated November 10, 2008 which have been approved by the 5. Rahmat Fadillah Pohan
Minister of Law and Human Rights of the Republic of Indonesia as
stated in the Decree No. AHU-AH.01-87927.AH.01.02 year 2008
dated 20 November 2008 which was published in the State Gazette
of the Republic of Indonesia No. 10 dated February 3, 2009, then
the authorized capital increased from Rp500 billion to Rp1 trillion.
1. Pefindo idA 3-Mar-21 Stable

as of June 2021
SWOT Analysis
- Strong support from provincial government of - Concentrated funding source
Lampung
- Strong captive market S W - Below averate asset quality
- Favorable asset quality
O T
companies
406
AS OF JUNE 2021
Coupon Coupon

PT Bank
BSMT01SBCN1 Berkelanjutan I Bank 10.50% 05-Oct-20 idBBB+
1. 444,000 06-Jul-18 05-Jul-25 7 Mandiri
IDA000092100 Sumut Tahap I Tahun 05-Jan-21 Stable
(Persero) Tbk.
TRADING HIGHLIGHT
BSMT01SBCN1
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
Turnover Ratio (%) 1.80 - - - - -
CTP Price - High 95.710 - - - - -
1 1
Date 07-Jan - - - - -
CTP Price - Low 95.690 - - - - -
- - Date 07-Jan - - - - -
PHEI Fair Yield (%) 13.3363 11.7195 11.5179 10.8471 11.3513 10.5909
Mod. Duration (yrs) 3.793 3.723 3.589 3.463 3.295 3.161
105 14.0
Convexity (yrs) 18.374 17.439 16.103 14.873 13.440 12.277
Sensitivity (%) 0.038 0.037 0.036 0.035 0.033 0.032
100 13.0
95 12.0
90 11.0
85 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BSMT01SBCN1 0.5%
- 50 100 150 200 250 300 350 400 450 500
407
BSMT FINANCIAL HIGHLIGHT

Amount in Rp
Millions
Million,
of Rp,
Unless
Unless
Otherwise
Otherwise
Stated
Stated PROFITABILITY RATIOS
26.07
Cash on Hand 851,986 999,260 17.29 p
21.40 22.29 20.85
Loans 20,950,347 21,186,024 1.12 p
Investments 750 750 -  7.44
(%)
7.36 7.22 6.80
Total Assets 31,736,073 33,530,317 5.65 p
Deposits 23,992,721 26,052,040 8.58 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings 750,860 871,039 16.01 p
Paid up Capital 1,848,959 2,054,860 11.14 p
Paid up Capital (Shares) 184,895,923 205,486,024 11.14 p
22.43
Retained Earnings 967,422 974,008 0.68 p 17.65 17.25
Total Equity 3,501,065 3,887,791 11.05 p
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
77.85 82.37 80.38 80.38
Peer Group
(%)

1. PT BPD Sumatera Utara 5,308 -61.38 -31.64
3. PT BPD Sulawesi Selatan & Barat 4,347 5.71 28.81 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 2.65 2.09 2.21 1.89
Return on Equity (%) 22.43 17.65 17.25 15.20
BOPO (%) 77.85 82.37 80.38 80.38
Cash Flow / Debt (%) -3.64 0.75 5.52 11.07
408
BSSB PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat

Sub Sector : Banks
Website : www.banksulselbar.co.id Jln. Dr. Sam Ratulangi No. 16
Corporate Sec. : Rahmat Nur Kadir Sulawesi Selatan 90125
Fax : (0411) 859-464, 859-178
PT Bank Sulselbar (The Bank) was SHAREHOLDERS

established under the name of PT Bank 1. Regencies/Cities in South Sulawesi 68.77%
Pembangunan Daerah Sulawesi Selatan &
2. Province of South Sulawesi 31.23%
Sulawesi Tenggara based on the Notarial
Deed No. 95 dated 13 Januari 1961, made
by Raden Kadiman.
The Bank has transformed into limited liability (Perseroan Terbatas)

named PT Bank Pembangunan Daerah Sulawesi Selatan based on
AUDIT COMMITTEE
Rule of Local Government No. 13 year of 2003 and increased its
authorized capital into total amount of Rp650 billion. In the year of 1. Prof. Dr. Marsuki, SE., DEA
2011, The Bank has changed its name into PT Bank Pembangunan 2. Nurhayati Abdullah
Daerah Sulawesi Selatan & Sulawesi Barat based on the Law & 3. Oky Deviany
Human Rights Ministry Act No.: AHU.11756.AH.01.02 year of 2011 4. Sukiman
and Governor of Bank Indonesia's Act No.: 13/32/KEP.GBI/2011.
The Bank authorized capital in 2011 was in amount of Rp1.600
billion.
1. Dr. Abdul Hayat, M.Si
The Bank main business are to provide banking services in funding 2. Prof. Muhammad Amri, Ph.D *
and loan for consumer, commercial and SME's as well as other
3. Prof. Dr. Marsuki, SE., DEA *
financial services. The Bank also running the sharia banking.
*independen
BOARD OF DIRECTORS
1. Amri Mauraga, SE., MM
2. Dian Anggriani Utina
3. Irmayanti Sulthan
4. Rosmala Arifin
1. Pefindo idA+ 24-Jun-21 Stable

2. Pefindo idA+ 5-Oct-20 Stable
5. Pefindo idA+ 6-Feb-18 Stable
as of June 2021
SWOT Analysis
- Strong captive market - Concentrated funding source
- Strong asset quality
- Strong capitalization S W
O T
companies
409
AS OF JUNE 2021
Coupon Coupon
Obligasi 15-Jul-20
PT Bank
BSSB01CN1 Berkelanjutan I Bank 9.35% 15-Oct-20 idA+
1. 500,000 18-Jul-16 15-Jul-21 5 Mandiri
IDA000075204 Sulselbar Tahap I 15-Jan-21 Stable
(Persero) Tbk.
Tahun 2016 Quarterly 15-Apr-21
Obligasi 03-Aug-20
PT Bank
BSSB01CN2 Berkelanjutan I Bank 9.00% 03-Nov-20 idA+
2. 450,000 04-Nov-16 03-Nov-21 5 Mandiri
IDA000077200 Sulselbar Tahap II 03-Feb-21 Stable
(Persero) Tbk.
Tahun 2016 Quarterly 03-May-21
Obligasi 28-Sep-20
PT Bank
BSSB02ACN1 Berkelanjutan II Bank 10.40% 28-Dec-20 idA+
3. 467,000 02-Jan-19 28-Dec-21 3 Mandiri
IDA0000954A0 Sulselbar Tahap I 28-Mar-21 Stable
(Persero) Tbk.
Tahun 2018 Seri A Quarterly 28-Jun-21
Obligasi -
PT Bank
BSSB02ACN2 Berkelanjutan II Bank 8.00% - idA+
4. 358,000 19-Nov-20 18-Nov-23 3 Mandiri
IDA0001117A3 Sulselbar Tahap II 18-Feb-21 Stable
(Persero) Tbk.
Tahun 2020 Seri A Quarterly 18-May-21
Obligasi 28-Sep-20
PT Bank
BSSB02BCN1 Berkelanjutan II Bank 10.65% 28-Dec-20 idA+
5. 283,000 02-Jan-19 28-Dec-23 5 Mandiri
IDA0000954B8 Sulselbar Tahap I 28-Mar-21 Stable
(Persero) Tbk.
Obligasi -
PT Bank
BSSB02BCN2 Berkelanjutan II Bank 8.75% - idA+
6. 392,000 19-Nov-20 18-Nov-25 5 Mandiri
IDA0001117B1 Sulselbar Tahap II 18-Feb-21 Stable
(Persero) Tbk.
15-Jul-20
Sukuk Mudharabah II PT Bank
SMBSSB02 5.93% 15-Oct-20 idA+(sy)
7. Bank Sulselbar Tahun 50,000 18-Jul-16 15-Jul-21 5 Mandiri
IDJ000007901 15-Jan-21 Stable
2016 (Persero) Tbk.
Quarterly 15-Apr-21
410
TRADING HIGHLIGHT
BSSB01CN1
Volume
Trading 2020 2021
Activities,
350 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
300 30 Volume (Rp bn) 270.00 - 141.00 183.00 250.00 96.00
Frequency
250 25 Frequency (X) 9 - 32 32 6 10
200 20
Turnover Ratio (%) 216.00 - 112.80 146.40 200.00 76.80
150 15
CTP Price - High 102.600 - 102.220 102.510 100.320 101.000
100 10 13-Jan - 19-Aug 13-Nov 20-Jan 05-Apr
Date
50 5 CTP Price - Low 100.000 - 101.200 101.720 100.300 100.360
- - Date 23-Jan - 05-Aug 03-Dec 20-Jan 07-Jun
PHEI Fair Yield (%) 8.2606 7.3726 6.8052 6.0809 6.3952 5.5062
Mod. Duration (yrs) 1.182 0.969 0.746 0.517 0.279 0.041
104 9.0
Convexity (yrs) 1.754 1.213 0.757 0.401 0.148 0.012
103 8.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
102 7.0
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BSSB01CN2 Listing Date Maturity Date
ISIN CODE : IDA000077200 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21
Volume
Trading 2020 2021
Activities,
160 20 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - 79.00 40.00 152.00 116.00 84.00
Frequency
120 15 Frequency (X) - 5 4 19 18 12
80 10 Turnover Ratio (%) - 70.22 35.56 135.11 103.11 74.67
CTP Price - High - 101.000 102.100 103.030 102.750 101.610
40 5 Date - 04-May 31-Aug 15-Dec 18-Jan 12-Apr
CTP Price - Low - 100.380 101.800 101.450 101.600 101.330
- - Date - 04-May 31-Aug 05-Nov 18-Jan 08-Jun
PHEI Fair Yield (%) 8.5924 7.6795 7.1739 6.9887 6.0058 5.4205
Mod. Duration (yrs) 1.447 1.239 1.020 0.796 0.564 0.332
105 10.0
Convexity (yrs) 2.552 1.902 1.327 0.846 0.464 0.193
104 9.0 Sensitivity (%) 0.014 0.012 0.010 0.008 0.006 0.003
103 8.0
102 7.0
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
411
BSSB02ACN1
ISIN CODE : IDA0000954A0 Jan-19 Dec-19 Nov-20 Oct-21
Volume
Trading 2020 2021
Activities,
200 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
160 24
120 18 Trading days 1 1 1 10 13 11
Turnover Ratio (%) 1.71 1.71 8.57 55.67 148.18 75.37
80 12 CTP Price - High 103.130 - 103.950 104.000 103.970 102.240
Date 10-Feb - 22-Jul 30-Nov 11-Jan 21-May
40 6
CTP Price - Low 103.110 - 103.930 102.000 102.100 101.790
- - Date 10-Feb - 22-Jul 25-Nov 04-Feb 30-Jun
PHEI Fair Yield (%) 8.7374 7.8092 7.4964 6.5807 7.1010 6.1459
Mod. Duration (yrs) 1.582 1.378 1.162 0.942 0.710 0.481
106 10.0
Convexity (yrs) 3.005 2.308 1.676 1.139 0.686 0.351
105 9.0 Sensitivity (%) 0.016 0.014 0.012 0.009 0.007 0.005
104 8.0
103 7.0
102 6.0
101 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BSSB02ACN2
Volume
Trading 2020 2021
Activities,
160 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - 119.00 - -
Frequency
120 3 Frequency (X) - - - 3 - -
80 2 Turnover Ratio (%) - - - 132.96 - -
40 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - 8.0463 8.5577 8.2000
Mod. Duration (yrs) - - - 2.529 2.324 2.130
103 9.0
Convexity (yrs) - - - 7.496 6.346 5.339
Sensitivity (%) - - - 0.025 0.023 0.021
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
412
BSSB02BCN1
ISIN CODE : IDA0000954B8 Jan-19 Dec-19 Nov-20 Oct-21 Sep-22 Aug-23
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.8963 8.7469 8.7309 8.4278 8.6126 8.2847
Mod. Duration (yrs) 3.064 2.915 2.738 2.561 2.370 2.185
109 11.0
Convexity (yrs) 11.217 10.094 8.888 7.757 6.645 5.650
107 10.0 Sensitivity (%) 0.031 0.029 0.027 0.026 0.024 0.022
105 9.0
103 8.0
101 7.0
99 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BSSB02BCN2
Volume
Trading 2020 2021
Activities,
150 10 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - - 115.00 - 6.00
120 8
Frequency (X) - - - 5 - 2
90 6 Trading days - - - 4 - 1
Turnover Ratio (%) - - - 117.35 - 6.12
60 4 CTP Price - High - - - 100.020 - 104.850
Date - - - 04-Dec - 27-Apr
30 2
CTP Price - Low - - - 100.000 - 104.000
- - Date - - - 04-Dec - 27-Apr
PHEI Fair Yield (%) - - - 8.6758 9.4140 9.4307
Mod. Duration (yrs) - - - 3.903 3.717 3.556
101 10.5
Convexity (yrs) - - - 18.302 16.591 15.123
100 10.0 Sensitivity (%) - - - 0.039 0.037 0.036
99 9.5
98 9.0
97 8.5
96 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
413
SMBSSB02
ISIN CODE : IDJ000007901 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
30 10 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - 1.00 26.00 13.00 - -
24 8
Frequency (X) - 2 9 5 - -
18 6 Trading days - 1 5 3 - -
Turnover Ratio (%) - 8.00 208.00 104.00 - -
12 4 CTP Price - High - 99.520 101.050 99.870 - -
Date - 19-May 12-Aug 15-Oct - -
6 2
CTP Price - Low - 99.500 99.200 99.830 - -
- - Date - 19-May 25-Aug 08-Oct - -
PHEI Fair Yield (%) 8.2606 7.3726 7.0652 6.6967 6.3952 5.5190
Mod. Duration (yrs) 1.209 0.987 0.756 0.522 0.281 0.041
102 9.0
Convexity (yrs) 1.804 1.242 0.770 0.405 0.149 0.012
Sensitivity (%) 0.012 0.010 0.008 0.005 0.003 0.000
101 8.0
100 7.0
99 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BSSB01CN1 270 141 183 118.8%
BSSB01CN2 79 40 152 60.2%
BSSB02ACN1 65 16.9%
BSSB02ACN2 119 33.2%
BSSB02BCN1 0.0%
BSSB02BCN2 115 29.3%
SMBSSB02 1 26 13 80.0%
- 100 200 300 400 500 600 700
414
BSSB FINANCIAL HIGHLIGHT

34.97 36.82 35.06 33.53
Cash on Hand 454,879 536,240 17.89 p
Placements with Other Banks 1,176,000 595,000 -49.40 q 26.90 27.56
25.88 24.98
Marketable Securities 791,003 1,175,620 48.62 p
Loans 17,509,420 18,509,952 5.71 p
(%)
6.37 6.08
Total Assets 23,541,662 24,830,410 5.47 p
Deposits 16,193,256 16,506,419 1.93 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Fund Borrowings 745,833 685,790 -8.05 q
Paid up Capital 1,098,410 2,107,546 91.87 p
Paid up Capital (Shares) 1,098,410.00 2,107,546.00 91.87 p
20.72
Total Equity 3,443,748 3,686,519 7.05 p
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Net Income/Loss Attributed 616,691 620,931 0.69 p 119.38 119.76 117.85 121.42
70.28 69.92 73.43

Peer Group 67.61
(%)

Financial Ratios
Return on Assets (%) 3.56 3.67 3.36 3.12
Return on Equity (%) 25.50 22.41 20.72 18.65
BOPO (%) 70.28 67.61 69.92 73.43
Cash Flow / Debt (%) -9.69 0.69 1.04 -2.46
415
BTPN PT Bank Tabungan Pensiunan Nasional Tbk.

Sub Sector : Banks Menara BTPN, CBD Mega Kuningan
Website : www.btpn.com Jln. Dr. Ide Anak Agung Gde Agung, Kav 5.5 - 5.6
Corporate Sec. : Eneng Yulie Andriani Jakarta 12950
Fax : (021) 300-26310, 300-26101
Established in Bandung, West Java in 1958 SHAREHOLDERS

under the name Bapemil, the Bank changed 1. Sumitomo Mitsui 92.43% 5. PT Bank Negara 0.15%
its name to Bank Tabungan Pensiunan Banking Corporation Indonesia (Persero) Tbk
Nasional in 1986. Today, BTPN is 2. Public 5.26%
headquartered in Jakarta with branches in
3. PT Bank Central Asia Tbk 1.02%
more than 300 cities throughout Indonesia.
Bank BTPN is a foreign exchange bank and is a merger between PT
Bank Tabungan Pensiunan Nasional Tbk (BTPN) and PT Bank
Sumitomo Mitsui Indonesia (SMBCI). Bank BTPN is focusing to serve
AUDIT COMMITTEE
the mass market segment comprising of retirees, micro- small- and 1. Ninik Herlani Masli Ridhwan 4. Kanaka Puradiredja
medium-enterprises (MSME) and mass market; the consuming class 2. Edmund Tondobala
segment; and corporate segment. The business focuses are supported 3. Ivan Purnama Sanoesi
by Bank BTPN business units including BTPN Sinaya – a financing
business unit, BTPN Purna Bakti – a business unit focusing to serve
retirees, BTPN Mitra Usaha Rakyat – a business unit focusing on micro BOARD OF COMMISSIONERS
businesses, BTPN Mitra Bisnis – a business unit focusing on serving 1. Chow Ying Hoong
small and medium enterprises, BTPN Wow! – a financial inclusiveness
2. Takeshi Kimoto
focusing on the unbanked segment, Jenius – a digital banking
3. Ninik Herlani Masli Ridhwan *
platform serving the consuming class segment, and corporate
4. Irwan Mahjudin Habsjah *
business unit which focuses on serving national, multinational and
5. Edmund Tondobala *
Japanese companies. BTPN also has a subsidiary namely the BTPN
Syariah which focuses on serving customers from the mass market.
Through the Daya Program, which is a sustainable and measurable *independen
empowerment program for the mass market, Bank BTPN regularly BOARD OF DIRECTORS
gives training and information to improve the customers’ capacity so 1. Ongki Wanadjati Dana 7. Adrianus Dani Prabawa
they can grow and have a chance to live better. 2. Kaoru Furuya 8. Hiromichi Kubo
3. Darmadi Sutanto 9. Merisa Darwis
4. Dini Herdini 10. Hanna Tantani
5. Kan Funakoshi
6. Henoch Munandar
1. Pefindo idAAA 19-May-21 Stable

4. Fitch Rating Indonesia AAA(idn) 6-Dec-19 Stable
as of June 2021
SWOT Analysis
-Strong support from major shareholder (Sumitomo - Moderate loan growth
Mitsui Banking Corporation)
-Strong market position S W - Moderate profitability growth
-Strong asset quality
-Resilient pension segment - Unfavorable impact of COVID-19

-Economic recovery prospect - Tight competition in banking industry
-Monetary stimulus to boost banking liquidity O T - The emergence of fintech business that targets
middle to low income community
416
AS OF JUNE 2021
Coupon Coupon
Obligasi 26-Aug-20
BTPN04ACN1 Berkelanjutan IV 7.55% 26-Nov-20 PT Bank Mega AAA(idn)
1. 799,000 27-Nov-19 26-Nov-22 3
IDA0001031A6 Bank BTPN Tahap I 26-Feb-21 Tbk. Stable
Tahun 2019 Seri A Quarterly 26-May-21
Obligasi 26-Aug-20
BTPN04BCN1 Berkelanjutan IV 7.75% 26-Nov-20 PT Bank Mega AAA(idn)
2. 201,000 27-Nov-19 26-Nov-24 5
IDA0001031B4 Bank BTPN Tahap I 26-Feb-21 Tbk. Stable
TRADING HIGHLIGHT
BTPN04ACN1

Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) 1,425.00 715.00 770.00 450.00 484.00 99.00
Frequency
1200 30 Frequency (X) 39 23 25 15 17 7
800 20 Turnover Ratio (%) 713.39 357.95 385.48 225.28 242.30 49.56
CTP Price - High 102.520 101.150 102.940 102.800 102.270 104.000
400 10 Date 17-Feb 26-Jun 09-Sep 14-Oct 16-Mar 22-Apr
CTP Price - Low 99.700 100.850 101.170 102.000 102.000 102.240
- - Date 20-Mar 18-May 02-Jul 02-Nov 09-Mar 05-Apr
PHEI Fair Yield (%) 7.1349 6.9380 6.6878 6.2959 6.1306 5.1588
Mod. Duration (yrs) 2.371 2.171 1.965 1.755 1.536 1.322
106 8.0
Convexity (yrs) 6.559 5.515 4.538 3.647 2.828 2.130
Sensitivity (%) 0.024 0.022 0.020 0.018 0.015 0.013
104 7.0
102 6.0
100 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
417
BTPN04BCN1 Listing Date Maturity Date
ISIN CODE : IDA0001031B4 Nov-19 Apr-21 Sep-22 Feb-24
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume (Rp bn) 20.00 - 24.00 100.00 32.00 -
Volume
90 9 Frequency (X) 2 - 4 10 7 -
Frequency
Trading days 1 - 2 5 2 -
60 6 Turnover Ratio (%) 39.80 - 47.76 199.00 63.7 -
CTP Price - High 99.930 - 100.950 102.740 103.050 -
30 3 Date 03-Jan - 14-Jul 19-Oct 25-Feb -
CTP Price - Low 99.910 - 100.930 100.510 102.440 -
- - Date 03-Jan - 14-Jul 07-Oct 10-Mar -
PHEI Fair Yield (%) 8.6992 7.6230 7.5545 6.8656 6.9409 6.2235
Mod. Duration (yrs) 3.822 3.679 3.503 3.335 3.145 2.969
110 10.0
Convexity (yrs) 17.284 15.916 14.393 12.998 11.547 10.266
Sensitivity (%) 0.038 0.037 0.035 0.033 0.031 0.030
106 9.0
102 8.0
98 7.0
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
BTPN04ACN1 715 450 420.5%
BTPN04BCN1 71.6%
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
418
BTPN FINANCIAL HIGHLIGHT

21.79 21.13
Cash on Hand 2,299,062 2,433,196 5.83 p
14.09 15.68
Loans 140,292,984 132,790,294 -5.35 q
8.69 9.32 8.61
Investments 22,522 22,522 - 
(%)
4.83 4.44
Total Assets 181,631,385 183,165,978 0.84 p
Deposits 91,022,289 99,414,876 9.22 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 162,979 162,979 - 
Non Controlling Interest 1,603,885 1,749,037 9.05 p 7.05
Total Equity 31,471,928 32,964,753 4.74 p 5.53 5.68
(%)
1.99
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Peer Group 96.62 96.25 90.56 91.72

(%)
90.86 84.27
Financial Ratios
Return on Assets (%) 1.19 1.99 1.29 1.01
Return on Equity (%) 5.53 9.53 7.05 5.68
BOPO (%) 90.86 84.27 90.56 91.72
Cash Flow / Debt (%) 1.44 5.55 -8.39 13.12
419
BVIC PT Bank Victoria International Tbk.

Sub Sector : Banks Graha BIP Lt. 10
Website : www.victoriabank.co.id Jln. Gatot Subroto Kav. 23
Corporate Sec. : Caprie Ardira Azhar Jakarta 12930
Fax : (021) 522-8777
Bank Victoria International Tbk. hereinafter SHAREHOLDERS

referred to Bank Victoria (the Bank), was
1. PT Victoria Investama Tbk. 43.59%
established in Jakarta on 5 Oct 1992 as a
p riv at e co mmercial ban k. 2. Public <5% 27.95%
3. Suzanna Tanojo 16.13%
The operation of the Bank was commenced by developing its main 4. DEG - Deutsche Investitions 8.18%
mission, to provide the best quality of services to its customers while
5. PT Nata Patindo 4.15%
maintaining prudent principles. In line with its continuous effort to
improve its risk management and financial performance, the Bank
invests in developing its human resources to be loyal and significant AUDIT COMMITTEE
assets to the company, updating its information technology and office 1. Gunawan Tenggarahardja
network, as well as embracing the principles and dedication to support
2. Ignace Widiatmoko
the individual's capability improvement to uphold and apply the GCG
principles. 3. Yozef Abdulrachman
In 1999, the Bank listed its shares in the Jakarta Stock Exchange and
Surabaya Stock Exchange. Since then, the Bank has been actively
carrying out corporate actions, such as: limited public offering and BOARD OF COMMISSIONERS
issuing bonds. In 2007, the Bank issued Bond II and Subordinated Bond 1. Oliver Simorangkir
I, each having the value of Rp200 billion. In 2008, the Bank executed
2. Gunawan Tenggarahardja *
Limited Public Offering (Right Issue) IV amounting to Rp116.75 billion
along with the issuance of Warrant Series V amounting to Rp. 63.04 3. Zaenal Abidin *
billion.
In June 2018, Bank Victoria issued a Shelf Public Offering (PUB) I Bonds
Phase II 2018 amounting to Rp 300 billion and PUB Phase I BVIC
Subordinated Bonds Phase II 2018 amounting to Rp 350 billion. *independen
On June 2019, Bank Victoria Issued Sustainable Bonds II Bank Victoria

BOARD OF DIRECTORS
Phase I 2019 with nominal of Rp. 100 billion and Sustainable 1. Ahmad Fajar
Subordinated Bonds II Bank Victoria Phase I 2019 with nominal of Rp. 2. Debora Wahjutirto Tanoyo
250 billion. On November 2019, Bank Victoria was also issued
3. Rusli
Sustainable Subordinate Bonds II Bank Victoria Phase II 2019 of Rp. 150
billion. 4. Tamunan
5. Lembing
On April 2020, the Bank issued Bank Victoria Phase III Year 2020
Continues Subordinated Bonds amouting to Rp. 60 billion.
In line with its continuous effort to improve its risk management and
financial performance, the Bank invests in developing its human
resources to be loyal and significant assets to the company, updating its Historical Corporate Ratings
information technology and office network, as well as embracing the
principles and dedication to support the individual's capability
improvement to uphold and apply the GCG principles. 1. Pefindo idA- 15-Apr-21 Negative
2. Pefindo idA- 14-Apr-20 Negative
as of June 2021
SWOT Analysis
- Strong capitalization - Weakened asset quality
- Strong liquidity
- Having an integrated business group to support the S W - Increasing risk profile due to the pandemic
Bank’s business development
- Potential of mutual benefit synergy with all of the -Unfavorable impact of COVID-19
O T
business groups and subsidiaries -Loan delinquency risk
companies
420
AS OF JUNE 2021
Coupon Coupon
Obligasi 05-Sep-20
BVIC01BCN2 Berkelanjutan I Bank 10.30% 05-Dec-20 PT Bank Mega idA-
1. 200,000 06-Jun-18 05-Jun-23 5
IDA0000906B8 Victoria Tahap II 05-Mar-21 Tbk. Negative
Obligasi 11-Jul-20
BVIC01CN1 Berkelanjutan I Bank 10.30% 11-Oct-20 PT Bank Mega idA-
2. 300,000 12-Jul-17 11-Jul-22 5
IDA000082200 Victoria Tahap I 11-Jan-21 Tbk. Negative

BVIC01SBCN1 Berkelanjutan I Bank 11.00% 11-Oct-20 PT Bank Mega idBBB
3. 50,000 12-Jul-17 11-Jul-24 7
IDA000082309 Victoria Tahap I 11-Jan-21 Tbk. Negative

BVIC01SBCN2 Berkelanjutan I Bank 11.00% 05-Dec-20 PT Bank Mega idBBB
4. 350,000 06-Jun-18 05-Jun-25 7
IDA000090708 Victoria Tahap II 05-Mar-21 Tbk. Negative

BVIC02SBCN1 Berkelanjutan II Bank 11.75% 28-Dec-20 PT Bank Mega idBBB
5. 250,000 01-Jul-19 28-Jun-26 7
IDA000099402 Victoria Tahap I 28-Mar-21 Tbk. Negative

BVIC02SBCN2 Berkelanjutan II Bank 11.25% 08-Nov-20 PT Bank Mega idBBB
6. 150,000 11-Nov-19 08-Nov-26 7
IDA000102107 Victoria Tahap II 08-Feb-21 Tbk. Negative

BVIC02SBCN3 Berkelanjutan II Bank 11.25% 01-Oct-20 PT Bank Mega idBBB
7. 60,000 02-Apr-20 01-Apr-27 7
IDA000105506 Victoria Tahap III 01-Jan-21 Tbk. Negative
421
TRADING HIGHLIGHT
BVIC01BCN2
Volume
Trading 2020 2021
Activities,
120 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 99.00 48.00 51.00 4.00 6.00 17.00
Frequency
90 15 Frequency (X) 19 13 11 6 3 11
60 10 Turnover Ratio (%) 198.00 96.00 102.00 8.00 12.00 34.00
CTP Price - High 103.520 102.260 103.290 103.090 99.400 103.650
30 5 Date 12-Mar 25-Jun 22-Jul 08-Dec 06-Jan 23-Jun
CTP Price - Low 97.400 97.000 102.470 102.660 99.350 100.000
- - Date 19-Mar 28-Apr 07-Jul 10-Nov 06-Jan 28-Jun
PHEI Fair Yield (%) 10.8927 9.3608 9.1583 8.9711 9.2436 9.1130
Mod. Duration (yrs) 2.654 2.496 2.312 2.123 1.923 1.726
107 12.0
Convexity (yrs) 8.412 7.409 6.355 5.363 4.414 3.575
105 11.0 Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.017
103 10.0
101 9.0
99 8.0
97 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BVIC01CN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
300 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
250 25
200 20
150 15 Turnover Ratio (%) 180.53 281.07 156.00 169.33 54.67 298.67
CTP Price - High 102.890 102.320 102.740 103.260 102.040 103.500
100 10
Date 02-Mar 20-Apr 22-Jul 19-Oct 08-Mar 23-Jun
50 5
CTP Price - Low 100.850 100.840 95.000 97.250 97.100 97.000
- - Date 13-Jan 27-Apr 23-Jul 30-Nov 18-Mar 22-Apr
PHEI Fair Yield (%) 9.1591 8.9163 8.5079 8.3590 8.5788 8.3337
Mod. Duration (yrs) 1.972 1.781 1.583 1.378 1.163 0.950
107 10.0
Convexity (yrs) 4.708 3.855 3.066 2.351 1.709 1.176
105 9.5 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
103 9.0
101 8.5
99 8.0
97 7.5
95 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
422
BVIC01SBCN1
Volume
Trading 2020 2021
Activities,
140 7 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
120 6 Volume (Rp bn) 60.00 126.00 - - - -
Frequency
100 5 Frequency (X) 2 6 - - - -
80 4
Turnover Ratio (%) 480.00 ###### - - - -
60 3
CTP Price - High 99.020 99.040 - - - -
40 2 13-Jan 19-Jun - - - -
Date
20 1 CTP Price - Low 99.000 94.000 - - - -
- - Date 13-Jan 24-Apr - - - -
PHEI Fair Yield (%) 12.9293 12.0914 11.2994 10.5600 11.1803 10.5511
Mod. Duration (yrs) 3.245 3.120 2.981 2.834 2.654 2.494
105 14.0
Convexity (yrs) 13.162 12.061 10.938 9.822 8.607 7.574
102 13.0 Sensitivity (%) 0.032 0.031 0.030 0.028 0.027 0.025
99 12.0
96 11.0
93 10.0
90 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BVIC01SBCN2
Volume
Trading 2020 2021
Activities,
200 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
160 40
120 30 Trading days 13 5 13 16 6 4
Turnover Ratio (%) 192.57 68.57 182.86 145.14 28.57 43.43
80 20 CTP Price - High 102.000 101.000 100.080 100.020 100.020 101.000
Date 14-Jan 26-Jun 25-Aug 10-Dec 22-Feb 12-Apr
40 10
CTP Price - Low 96.000 100.000 85.000 98.000 99.850 99.500
- - Date 06-Mar 15-May 06-Jul 08-Dec 05-Mar 22-Jun
PHEI Fair Yield (%) 13.4720 12.5336 11.0806 10.9329 11.1808 10.9175
Mod. Duration (yrs) 3.788 3.689 3.592 3.446 3.284 3.135
105 15.0
Convexity (yrs) 18.024 16.914 15.851 14.518 13.139 11.911
101 14.0 Sensitivity (%) 0.038 0.037 0.036 0.034 0.033 0.031
97 13.0
93 12.0
89 11.0
85 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
423
BVIC02SBCN1
Volume
Trading 2020 2021
Activities,
400 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
350 35 Volume (Rp bn) 153.00 295.80 25.00 32.00 85.00 48.00
Frequency
300 30 Frequency (X) 29 27 9 8 34 11
250 25 Trading days 13 12 5 4 7 5
200 20 Turnover Ratio (%) 244.80 473.28 40.00 51.20 136.00 76.80
150 15 CTP Price - High 104.760 100.040 100.040 100.000 100.000 100.150
100 10 Date 10-Feb 19-Jun 01-Jul 04-Dec 04-Mar 29-Jun
50 5 CTP Price - Low 96.000 92.330 98.540 99.300 96.150 99.400
PHEI Fair Yield (%) 13.7887 12.9093 12.0911 11.2654 12.7334 11.3748
Mod. Duration (yrs) 4.267 4.201 4.117 4.024 3.833 3.748
110 15.0
Convexity (yrs) 23.547 22.535 21.413 20.244 18.402 17.386
105 14.0 Sensitivity (%) 0.043 0.042 0.041 0.040 0.038 0.037
100 13.0
95 12.0
90 11.0
85 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BVIC02SBCN2
Volume
Trading 2020 2021
Activities,
160 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
140 35 Volume (Rp bn) 72.30 47.00 127.00 119.00 147.00 55.00
Frequency
120 30 Frequency (X) 11 14 28 32 27 17
100 25 Trading days 6 5 11 14 13 6
80 20 Turnover Ratio (%) 192.80 125.33 338.67 317.33 392.00 146.67
60 15 CTP Price - High 102.030 100.020 100.020 101.570 100.060 100.500
40 10 Date 03-Feb 29-Apr 18-Sep 25-Nov 31-Mar 22-Jun
20 5 CTP Price - Low 100.000 89.250 90.000 98.000 99.530 99.500
- - Date 26-Feb 24-Apr 06-Aug 08-Dec 26-Mar 22-Jun
PHEI Fair Yield (%) 13.8942 13.0095 11.4137 11.1792 11.2292 11.2137
Mod. Duration (yrs) 4.379 4.327 4.297 4.184 4.050 3.921
105 15.0
Convexity (yrs) 25.376 24.432 23.681 22.291 20.786 19.371
100 14.0 Sensitivity (%) 0.044 0.043 0.043 0.042 0.041 0.039
95 13.0
90 12.0
85 11.0
80 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
424
BVIC02SBCN3
ISIN CODE : IDA000105506 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Apr-27
Volume
Trading 2020 2021
Activities,
18 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume - 17.00 8.00 - - -
15 5 Volume (Rp bn)
Frequency
Frequency (X) - 3 2 - - -
12 4
Trading days - 3 2 - - -
9 3 Turnover Ratio (%) - 113.33 53.33 - - -
6 2
Date - - - - - -
3 1
- - Date - - - - - -
PHEI Fair Yield (%) - 13.1047 12.3547 11.4929 12.3656 11.6449
Mod. Duration (yrs) - 4.438 4.377 4.313 4.144 4.061
102 13.5
Convexity (yrs) - 26.320 25.290 24.242 22.400 21.273
100 13.0 Sensitivity (%) - 0.044 0.044 0.043 0.041 0.041
98 12.5
96 12.0
94 11.5
92 11.0
90 10.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
BVIC01BCN2 99 48 51 101.0%
BVIC01CN1 135 211 117 127 196.7%
BVIC01SBCN1 60 126 372.0%
BVIC01SBCN2 169 60 160 127 147.3%
BVIC02SBCN1 153 296 25 32 202.3%
BVIC02SBCN2 72 47 127 119 243.5%
BVIC02SBCN3 17 8 41.7%
- 100 200 300 400 500 600 700
425
BVIC FINANCIAL HIGHLIGHT

Cash on Hand 40,656 61,723 51.82 p
8.51
Placements with Other Banks 306,639 1,692,225 451.86 p 5.83
2.13 3.47
Loans 17,054,738 14,245,976 -16.47 q
-0.19 -0.77 -0.62
Investments 86,225 57,368 -33.47 q
(%)
Total Assets 30,456,459 26,221,407 -13.91 q -13.83 -14.08
Deposits 22,700,946 20,392,399 -10.17 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 895,195 895,195 - 
Retained Earnings 1,419,524 977,260 -31.16 q 3.41
Non Controlling Interest 17 18 7.15 p 0.64 0.33
Total Equity 2,986,455 2,644,375 -11.45 q
(%)
-0.09 -0.57
-1.26
INCOME STATEMENTS
Interest Expenses 1,954,057 1,600,982 -18.07 q -12.74
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Income from Operations -17,054 -247,689 q
-1,352.42

Earning Before Tax -24,725 -298,233 -1,106.18 q
Income (Loss) for the periods -13,765 -152,008 -1,004.35 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income (Loss) 81,245 -175,036 -315.44 q 112.09
Net Income/Loss Attributed -13,765 -252,194 -1,732.20 q 100.24 100.69
94.53
73.61 74.46 75.64
70.25
Peer Group
(%)

Financial Ratios
Operating Profit Margin (%) 8.51 -0.19 -0.77 -13.83
Net Profit Margin (%) 5.83 3.47 -0.62 -14.08
Return on Assets (%) 0.64 0.33 -0.09 -1.26
Return on Equity (%) 5.52 3.41 -0.57 -12.74
BOPO (%) 94.53 100.24 100.69 112.09
Cash Flow / Debt (%) 5.42 -4.91 -4.17 0.09
426
DART PT Duta Anggada Realty Tbk.

Sub Sector : Properties & Real Estate Plaza Chase, Lantai 21
Website : www.dutaanggadarealty.com Jln. Jend. Sudirman Kav.21
Corporate Sec. : Aka Permata Jakarta 12920
Email Corporate Sec. : Phone : (021) 520-8000
Fax : (021) 520-8100
PT Duta Anggada Realty Tbk (DART) was SHAREHOLDERS

established in 1983. Its corporate seat at 1. PT Duta Anggada 44.94%
Plaza Chase 21st Floor, Jl. Jend. Sudirman
2. Hartadi Angkosubroto 47.51%
Kav. 21, Jakarta 12920. DART started its
op erati on s a p pr o x ima tely 30 years 3. Public 7.55%
ago with the development of a residential
complex in South Jakarta. The property
was aimed at the expatriate market which preferred South Jakarta as

their place of residence. This prestigious residential complex for AUDIT COMMITTEE
expatriates was a new innovation in Jakarta and thus was able to 1. Ananda Surja
bring success to the Company. This initial step was immediately 2. Halim
followed by subsequent steps with the development of a series of
commercial office and retail investment properties to satisfy the
rising demand for office and retail premises. By early 1990's, DART
has gained a reputation as one of the leading property companies
in Indonesia. BOARD OF COMMISSIONERS
1. Hatadi Angkosubroto
In order to maintain its reputation its leading position, DART then
2. Johanna Zakaria
expanded its involvement from activities in the investment property
to include property development for sale. Today, DART's
present portfolio includes prestigious fully completed or under
development properties in the office, residential, retail and
hotel sectors. In addition to that, DART also has land bank located in
strategic place. *independen
Several projects that have been completed include the residential BOARD OF DIRECTORS
section (Kemang Club Villas, Pavilion Park Apartment, Ampera 1. Ventje Chandraputra Suardana
Townhouse), the Retail section (Ambassador Plaza Bali, Plaza 2. Randy Angkosubroto
Jatinegara, Citywalk Sudirman), and the Office section (Hayam 3. Widyanto Taufiq
Wuruk Office Tower, Graha BIP, Plaza Bapindo).
1. Kredit Rating Indonesia irBBB+ 21-Nov-20 Stable

2. Pefindo idBBB+ 13-Jul-17 Negative
3. Pefindo idBBB+ 20-Jul-16 Stable
4. Pefindo idA- 8-Jul-15 Stable
5. Pefindo idA- 10-Jul-14 N/A
as of June 2021
SWOT Analysis
- Favorable asset quality - Weakened financial profile
- Adequate recurring income
S W - Aggressive financial leverage
- Weak cash flow protection
O T
pandemic
- Sensitive to changes in macroeconomic conditions
427
AS OF JUNE 2021
Coupon Coupon
PT Bank
Obligasi -
Pembangunan
DART02CN1 Berkelanjutan II Duta 11.50% - irBBB+
1. 204,325 10-Feb-21 19-Feb-22 1 Daerah Jawa
IDA000113609 Anggada Realty - Stable
Barat dan
Tahap I Tahun 2021 Quarterly 09-May-21 Banten Tbk
TRADING HIGHLIGHT
DART02CN1
ISIN CODE : IDA000113609 Feb-21 Feb-22
Volume
Trading 2020 2021
Activities,
900 45 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
800 40 Volume (Rp bn) - - - - 762.00 760.00
Frequency
700 35 - - - - 39 40
Frequency (X)
600 30
500 25
Turnover Ratio (%) - - - - 1,491.74 1,487.83
400 20
CTP Price - High - - - - 100.920 102.530
300 15
200 10 Date - - - - 23-Mar 17-May
100 5 CTP Price - Low - - - - 98.500 100.500
- - Date - - - - 02-Mar 16-Apr
PHEI Fair Yield (%) - - - - 11.4381 8.3465
Mod. Duration (yrs) - - - - 0.819 0.603
105 12.0
Convexity (yrs) - - - - 0.891 0.519
Sensitivity (%) - - - - 0.008 0.006
103 11.0
101 10.0
99 9.0
97 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
428
DART FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 71,427 30,173 -57.76 q 43.69
2.93 27.25
Receivables 130,323 125,589 -3.63 q
Inventories 13,392 6,826 -49.03 q
Current Assets 255,696 182,369 -28.68 q
-19.35
(%)
Property in Investments 2,239,586 2,191,069 -2.17 q
-56.51
-123.46
Total Assets 6,880,951 6,656,121 -3.27 q
31-Dec-19 31-Dec-20
Trade Payables 110,127 106,716 -3.10 q
Current Liabilities 1,432,034 609,341 -57.45 q Gross Profit Margin Operating Profit Margin
Interest Bearing liabilities 3,184,497 3,139,724 -1.41 q Net Profit Margin
Paid up Capital 1,570,695 1,570,695 - 
Par Value (Rp Full Amount) 500 500 -  -3.79
Retained Earnings 1,281,794 881,627 -31.22 q
(%)
-6.01
Non Controlling Interest - -7 - q
-7.87
Total Equity 3,315,128 2,914,109 -12.10 q

Total Revenues 461,441 324,131 -29.76 q -13.73
31-Dec-19 31-Dec-20
Gross Profit 201,609 88,324 -56.19 q
Interest Expenses 332 332 -  Return on Assets Return on Equity
Earning Before Tax -251,754 -394,022 -56.51 q
EBITDA -251,334 -393,602 -56.61 q
Income (Loss) for the periods -260,777 -400,173 -53.45 q
Comprehensive Income (Loss) -260,787 -401,020 -53.77 q LIQUIDITY & SOLVENCY RATIOS
Net Income/Loss Attributed -260,771 -400,166 -53.46 q
128.41
107.56
Peer Group
(%)

1. PT Summarecon Agung Tbk. 5,030 4.89 -15.34 17.86
31-Dec-19 31-Dec-20
4. PT Adhi Commuter Properti 699 21.50 19.98
5. PT Duta Anggada Realty Tbk. 324 -123.46 -29.76 Current Ratio Debt to Equity Ratio
Financial Ratios
Operating Profit Margin (%) 2.93 -19.35
Net Profit Margin (%) -56.51 -123.46
Return on Assets (%) -3.79 -6.01
Return on Equity (%) -7.87 -13.73
Current Ratio (%) 17.86 29.93
Cash Flow/Debt (%) -6.57 -2.26
429
DSNG PT Dharma Satya Nusantara Tbk

Sub Sector : Food & Beverage Gedung Sapta Mulia
Website : www.dsn.co.id Jln. Rawa Gelam V Kav. OR/3B Kawasan Industri Pulogadung
Corporate Sec. : Paulina Suryanti Jakarta 13930
Fax : (021) 4683-4865
PT Dharma Satya Nusantara Tbk (DSNG) was SHAREHOLDERS

established in September 29,1980. In the 1. PT Triputra lnvestindo 27.56% 4. PT Mitra Aneka Guna 6.32%
beginning, DSNG was mainly engaged in the Arya 5. Arianto Oetomo 5.43%
timber industry, after obtaining Forest 2. PT Krishna Kapital 14.63% 6. Andrianto Oetomo 5.43%
Concession Rights (HPH) from the lnvestama 7. Public 33.19%
Government. In 1983, DSNG operated first
3. PT Tri Nur Cakrawala 7.44%
timber factory in Samarinda, East Kalimantan which produced quality
sawn timber exported to Japan Market.
In 1988, DSNG became one of the pioneer in the use of sengon wood
AUDIT COMMITTEE
raw as materials which harvested from local plantations to replace 1. Danny Walla
natural forest wood. The use of sengon wood demonstrated DSNG's 2. Hartono Tjokrosantoso
commitment to anticipate the increasingly of the natural wood as raw 3. Ketut Sunarta
materials.
In June 14, 2013, DSNG conducted the initial public offering in
Indonesia Stock Exchange and became public listed company. BOARD OF COMMISSIONERS
At the end of 2018, DSNG made a new milestone by acquiring two 1. Adi Resanata 6. Djojo Boentoro
plantation company located in East Kalimantan.
2. Arif Patrick Rachmat 7. Edy sugito *
3. Arini Sarawaty Subianto 8. Stephen Zacharia *
4. AronYongky 9. Toddy Mizaabianto
5. Danny Walla *
*independen
BOARD OF DIRECTORS
1. Andrianto Oetomo 7. Timotheus Arifin Cahyono
2. Albertus Hendrawan
3. Efendi Sulisetyo
4. Jenti
5. Lucy Sycilia
6. Mochamad Koeswono
1. Pefindo idA- 3-Mar-21 Stable

as of June 2021
SWOT Analysis
- Favorable plantation profile - Aggressive capital structure
- Relatively high plantation yield
S W - Less integrated business model compared to peers
- Exposure to fluctuating global commodity prices
- Stable domestic palm oil demand -Unfavorable impact of COVID-19

- Economic recovery prospect -Fluctuation in global commodity prices
O T -Unfavorable weather condition
430
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan I -
DSNG01ACN1 Dharma Satya 9.60% 30-Oct-20 PT Bank Mega idA-
1. 275,000 03-Aug-20 30-Jul-23 3
IDA0001080A3 Nusantara Tahap I 30-Jan-21 Tbk. Stable
Quarterly
DSNG01BCN1 Dharma Satya 9.90% 30-Oct-20 PT Bank Mega idA-
2. 176,000 03-Aug-20 30-Jul-25 5
IDA0001080B1 Nusantara Tahap I 30-Jan-21 Tbk. Stable
Quarterly
TRADING HIGHLIGHT
DSNG01ACN1
ISIN CODE : IDA0001080A3 Aug-20 Aug-21 Aug-22

Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) - - - - - -
Frequency
1200 30 Frequency (X) - - - - - -
800 20 Turnover Ratio (%) - - - - - -
400 10 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 9.2523 8.9905 9.3302 9.3551
Mod. Duration (yrs) - - 2.421 2.235 2.036 1.841
107 10.0
Convexity (yrs) - - 6.999 5.965 4.965 4.075
Sensitivity (%) - - 0.024 0.022 0.020 0.018
104 9.5
101 9.0
98 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
431
DSNG01BCN1 Listing Date Maturity Date
ISIN CODE : IDA0001080B1 Aug-20 Jan-22 Jun-23 Nov-24
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
r >> Volume (Rp bn) - - - - - -
Frequency
90 9 Frequency (X) - - - - - -
60 6 Turnover Ratio (%) - - - - - -
30 3 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 10.2135 9.7891 10.2897 10.4352
Mod. Duration (yrs) - - 3.734 3.594 3.421 3.260
110 11.0
Convexity (yrs) - - 17.119 15.761 14.253 12.900
Sensitivity (%) - - 0.037 0.036 0.034 0.033
106 10.5
102 10.0
98 9.5
94 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
DSNG01ACN1 - 0.0%
DSNG01BCN1 0.0%
- 50 100 150 200 250 300
432
DSNG FINANCIAL HIGHLIGHT

25.46 26.15
Receivables 355,062 381,764 7.52 p
Inventories 710,537 670,395 -5.65 q 14.85
1,932,531 2,613,109 35.22 p 13.19
Current Assets
(%)
7.14
Total Assets 11,620,821 14,151,383 21.78 p 3.11
31-Dec-19 31-Dec-20
Paid up Capital 211,997 211,997 - 
7.67
Total Equity 3,731,592 6,230,749 66.97 p
4.77
(%)
3.38
1.53
INCOME STATEMENTS
Total Revenues 5,736,684 6,698,918 16.77 p
Gross Profit 1,460,695 1,751,676 19.92 p
31-Dec-19 31-Dec-20
EBITDA 1,144,084 1,539,100 34.53 p
Comprehensive Income 166,361 2,455,345 1,375.91 p
Net Income/Loss Attributed 179,940 476,637 164.89 p 211.42
127.12
Peer Group 113.96
(%)

2. PT Tunas Baru Lampung Tbk. 10,863 6.27 27.31
3. PT Dharma Satya Nusantara Tbk 6,699 7.14 16.77 31-Dec-19 31-Dec-20
4. PT Sampoerna Agro Tbk. 3,502 -5.48 7.16
5. PT Tiga Pilar Sejahtera Food Tbk. 1,283 93.89 -15.04 Current Ratio Debt to Equity Ratio
Financial Ratios
Cash Flow/Debt (%) 7.44 13.82
433
ELSA PT Elnusa Tbk

Sub Sector : Oil, Gas & Coal Graha Elnusa
Website : www.elnusa.co.id Jln. T.B. Simatupang Kav. 1B, Cilandak
Corporate Sec. : Ari Wijaya Jakarta
Fax : (021) 7883-0883, 7883-0907
Company's name was changed from PT SHAREHOLDERS

Elektronika Nusantara to PT Elnusa based on
1. PT Pertamina Hulu Energi 41.10%
Notarial Deed No. 18 dated June 8, 1984
made before Sinta Susikto, Notary, in Jakarta. 2. Dana Pensiun Pertamina 9.99%
This change has a st rong 3. Public 48.89%
foundation, namely by the name of Elnusa, the Company has the
ability to not only be a service company in the largest oil and gas
sector in Indonesia, its human resources also meet international
standards in the field they are involved in.
AUDIT COMMITTEE
PT Elnusa Tbk is present in the energy industry with understanding
that this industry is one of the main pillars of our country and 1. Anis Baridwan
continuously improves the service and quality of our service. One of 2. Adil Nusyirwan
the efforts to strengthen the existence of the company, we assign 3. Serena Karlita
ourselves to be an integrated energy services company that provides
total solutions. Along with a strong commitment and continuous
innovation, the company's contribution will be progressively visible in
the oil and gas industry. BOARD OF COMMISSIONERS
1. Agus Prabowo
PT Elnusa Tbk continues to focus on business and company growth
with dynamic conditions and challenges. We always administer the 2. Anis Baridwan *
company to always prioritize the principle of Total Solution. We 3. Antonius Ratdomopurbo
apply this principle to strengthen the company position that always 4. Lusiaga Levi *
thrives according to need. Furthermore, we also direct the company
to always strive to improve the quality of human resources to
support the company's development so that company could grow
more rapidly. *independen
BOARD OF DIRECTORS
PT Elnusa Tbk is a total energy services solutions company with core
competencies in upstream oil and gas services, energy distribution 1. Ali Mundakir
and logistics services, and supporting services. 2. Tenny Elfrida
3. Rony Hartanto

as of June 2021
SWOT Analysis
-Strong presence and diversification in the oil and gas -Exposure to investment risk
service business
-Strong financial profile S W
-Economic recovery prospect -Adverse impact from COVID-19 pandemic
O T
-Business synergy with Pertamina -Volatility of the oil and gas sector
434
AS OF JUNE 2021
Coupon Coupon
Sukuk Ijarah -
PT Bank Rakyat
SIELSA01CN1 Berkelanjutan I 9.00% 11-Nov-20 idAA-(sy)
1. 700,000 12-Aug-20 11-Aug-25 5 Indonesia
IDJ000016407 Elnusa Tahap I 11-Feb-21 Stable
(Persero) Tbk
TRADING HIGHLIGHT
SIELSA01CN1
ISIN CODE : IDJ000016407 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25
Volume
Trading 2020 2021
Activities,
120 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - 102.00 5.00 - -
Frequency
90 6 Frequency (X) - - 6 1 - -
60 4 Turnover Ratio (%) - - 58.29 2.86 - -
CTP Price - High - - - 100.000 - -
30 2 Date - - - 11-Nov - -
CTP Price - Low - - - 100.000 - -
- - Date - - - 11-Nov - -
PHEI Fair Yield (%) - - 8.6628 8.1464 8.1168 7.7102
Mod. Duration (yrs) - - 3.868 3.721 3.553 3.395
107 10.0
Convexity (yrs) - - 18.048 16.610 15.094 13.720
Sensitivity (%) - - 0.039 0.037 0.036 0.034
105 9.0
103 8.0
101 7.0
99 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIELSA01CN1 102 15.3%
- 100 200 300 400 500 600 700 800
435
ELSA FINANCIAL HIGHLIGHT

10.39
Receivables 2,089,958 2,150,154 2.88 p 9.61
Inventories 213,298 273,488 28.22 p
Current Assets 3,698,370 4,217,325 14.03 p 6.36
5.66
(%)
3.22
Total Assets 6,805,037 7,562,822 11.14 p
31-Dec-19 31-Dec-20
Paid up Capital 729,850 729,850 - 
Total Equity 3,576,698 3,740,946 4.59 p
6.66
5.24
(%)
3.29
INCOME STATEMENTS
Total Revenues 8,385,122 7,726,945 -7.85 q
Gross Profit 871,082 742,473 -14.76 q
31-Dec-19 31-Dec-20
EBITDA 966,064 1,164,509 20.54 p
102.16
Peer Group 90.26
(%)

3. PT Elnusa Tbk 7,727 3.22 -7.85 31-Dec-19 31-Dec-20
Financial Ratios
Current Ratio (%) 147.68 163.88
436
EXCL PT XL Axiata Tbk

Sub Sector : Telecommunication XL Axiata Tower
Website : www.xl.co.id Jln. H.R. Rasuna Said X5 Kav. 11 - 12, Kuningan
Corporate Sec. : Ranty AstariRachman Jakarta Selatan 12950
Fax : (021) 576-1880
Initially starting business as a trading and SHAREHOLDERS

general services company established on 6
1. Axiata Investments (Indonesia) Sdn. Bhd. 66.13%
Octobe r 1989 u n der the n am e of PT
Grahametropolitan Lestari. In 1996, the company entered the 2. Public (<5%) 33.34%
telecommunications field after obtaining a GSM 900 operating license 3. Treasury Stock 0.53%
and officially launching its GSM services, becoming the first private
company in Indonesia to provide cellular mobile telephony services.
Later on, following a cooperation agreement with the Rajawali group
and three foreign investors (NYNEX, AIF and mitsui), the Company AUDIT COMMITTEE
name was changed to PT Excelcomindo Pratama. In September 2005, 1. Julianto Sidarto
the Company launched an Initial Public Offering (IPO) and listed its
2. Benny Redjo Setyono
shares on the Jakarta Stock exchange now known as the Indonesia
Stock Exchange (IDX). 3. Muliadi Rahardja
At that time, the Company was a subsidiary of Indocel Holding Sdn.

Bhd., which is now known as Axiata Investment (Indonesia) Sdn. Bhd.,
which all shares owned by TM International Sdn. Bhd., (“TMI”) through BOARD OF COMMISSIONERS
TM International (L) Limited. In 2009, TMI changed its name to Axiata 1. Muhamad Chatib Basri 7. Vivek Sood
group Berhad (“Axiata”) which later in the same year PT excelcomindo 2. Dato’ Mohd Izzaddin bin Idris 8. Yasmin Stamboel Wirjawan *
pratama Tbk. also changed its name to PT XL Axiata Tbk for synergy 3. David Robert Dean
purpose.
4. Hans Wijayasuriya
Currently, the majority of XL Axiata’s shares are owned by Axiata 5. Julianto Sidarto *
through Axiata Investments (Indonesia) Sdn. Bhd. (66.4%) and the
6. Muliadi Rahardja *
remaining is held by the public (33.6%). Therefore, XL Axiata is part of
*independen
the Axiata group (“Group”), one of Asia’s largest telecommunications
groups. The Group’s mobile subsidiaries and associates operate under BOARD OF DIRECTORS
the brand name ‘Celcom’ in Malaysia, ‘Dialog’ in Sri Lanka, ‘Robi’ in 1. Dian Siswarini
Bangladesh, ‘Smart’ in Cambodia, ‘Ncell’ in Nepal, ‘Idea’ in India and 2. Abhijit Jayant Navalekar
‘M1’ in Singapore. 3. Budi Pramantika
As a leading market player in Indonesia, XL Axiata provides services 4. David Arcelus Oses
for retail customers and offers business solutions to corporate
5. I Gede Darmayusa
customers with wide network and service coverage throughout
6. Yessie D. Yosetya
Indonesia. The services include Data, Voice, SMS and other value
added digital services. XL Axiata operates its network on GSM
900/DCS 1800 and IMT-2000/3G technologies.
XL Axiata also holds a content provider License, Internet Services Historical Corporate Ratings
Provider (ISP), Internet Interconnection Services License, voice Over
Internet protocol License, Leased Line License, Money Remittance as
well as e-money Issuer License from the Bank of Indonesia, which 1. Fitch Rating Indonesia AAA(idn) 13-Dec-20 Stable
enables XL Axiata to provide remittance service to its subscribers. 2. Fitch Rating Indonesia AAA(idn) 16-Dec-19 Stable
as of June 2021
SWOT Analysis
- Strong support from Axiata Group - Aggressive capex
- Improving data yields and ARPU
- Have a large amounts of BTS (Base Transceiver Station) S W - More limited market presence than incumbent telco
companies
- Robust demand for data - Tight competition

- Increase data traffic for 4G
O T
437
OPPORTUNITIES
AS OF JUNE 2021
Coupon Coupon
Obligasi 16-Jul-20
EXCL01BCN1 Berkelanjutan I XL 9.10% 16-Oct-20 PT Bank Mega AAA(idn)
1. 450,000 17-Oct-18 16-Oct-21 3
IDA0000943B1 Axiata Tahap I 16-Jan-21 Tbk. Stable
Tahun 2018 Seri B Quarterly 16-Apr-21
Obligasi 08-Aug-20
EXCL01BCN2 Berkelanjutan I XL 8.65% 08-Nov-20 PT Bank Mega AAA(idn)
2. 191,000 11-Feb-19 08-Feb-22 3
IDA0000960B5 Axiata Tahap II 08-Feb-21 Tbk. Stable
Obligasi 16-Jul-20
EXCL01CCN1 Berkelanjutan I XL 9.60% 16-Oct-20 PT Bank Mega AAA(idn)
3. 131,000 17-Oct-18 16-Oct-23 5
IDA0000943C9 Axiata Tahap I 16-Jan-21 Tbk. Stable
Tahun 2018 Seri C Quarterly 16-Apr-21
Obligasi 08-Aug-20
EXCL01CCN2 Berkelanjutan I XL 9.25% 08-Nov-20 PT Bank Mega AAA(idn)
4. 40,000 11-Feb-19 08-Feb-24 5
IDA0000960C3 Axiata Tahap II 08-Feb-21 Tbk. Stable
Tahun 2019 Seri C Quarterly 08-May-21
Obligasi 16-Jul-20
EXCL01DCN1 Berkelanjutan I XL 10.10% 16-Oct-20 PT Bank Mega AAA(idn)
5. 19,000 17-Oct-18 16-Oct-25 7
IDA0000943D7 Axiata Tahap I 16-Jan-21 Tbk. Stable
Tahun 2018 Seri D Quarterly 16-Apr-21
Obligasi 08-Aug-20
EXCL01DCN2 Berkelanjutan I XL 10.00% 08-Nov-20 PT Bank Mega AAA(idn)
6. 93,000 11-Feb-19 08-Feb-29 10
IDA0000960D1 Axiata Tahap II 08-Feb-21 Tbk. Stable
Tahun 2019 Seri D Quarterly 08-May-21
Obligasi 16-Jul-20
EXCL01ECN1 Berkelanjutan I XL 10.30% 16-Oct-20 PT Bank Mega AAA(idn)
7. 72,000 17-Oct-18 16-Oct-28 10
IDA0000943E5 Axiata Tahap I 16-Jan-21 Tbk. Stable
Tahun 2018 Seri E Quarterly 16-Apr-21

SIEXCL01CCN2 Berkelanjutan I XL 8.75% 28-Oct-20 PT Bank Mega AAA(idn)
8. 142,000 02-May-17 28-Apr-22 5
IDJ0000088C4 Axiata Tahap II 28-Jan-21 Tbk. Stable

SIEXCL01DCN1 Berkelanjutan I XL 11.00% 02-Dec-20 PT Bank Mega AAA(idn)
9. 425,000 03-Dec-15 02-Dec-22 7
IDJ0000072D6 Axiata Tahap I 02-Mar-21 Tbk. Stable

SIEXCL01DCN2 Berkelanjutan I XL 9.10% 28-Oct-20 PT Bank Mega AAA(idn)
10. 260,000 02-May-17 28-Apr-24 7
IDJ0000088D2 Axiata Tahap II 28-Jan-21 Tbk. Stable

SIEXCL01ECN2 Berkelanjutan I XL 9.40% 28-Oct-20 PT Bank Mega AAA(idn)
11. 336,000 02-May-17 28-Apr-27 10
IDJ0000088E0 Axiata Tahap II 28-Jan-21 Tbk. Stable

SIEXCL02BCN1 Berkelanjutan II XL 9.10% 16-Oct-20 PT Bank Mega AAA(idn)
12. 399,000 17-Oct-18 16-Oct-21 3
IDJ0000114B0 Axiata Tahap I 16-Jan-21 Tbk. Stable
Sukuk Ijarah 08-Aug-20
Berkelanjutan II XL 8.65% 08-Nov-20 PT Bank Mega AAA(idn)
13. SIEXCL02BCN2 110,000 11-Feb-19 08-Feb-22 3
IDJ0000119B9 Axiata Tahap II 08-Feb-21 Tbk. Stable
SIEXCL02CCN1 Berkelanjutan II XL 9.60% 16-Oct-20 PT Bank Mega AAA(idn)
14. 149,000 17-Oct-18 16-Oct-23 5
IDJ0000114C8 Axiata Tahap I 16-Jan-21 Tbk. Stable
438
Coupon Coupon

SIEXCL02CCN2 Berkelanjutan II XL 9.25% 08-Nov-20 PT Bank Mega AAA(idn)
15. 138,000 11-Feb-19 08-Feb-24 5
IDJ0000119C7 Axiata Tahap II 08-Feb-21 Tbk. Stable

SIEXCL02DCN1 Berkelanjutan II XL 10.10% 16-Oct-20 PT Bank Mega AAA(idn)
16. 34,000 17-Oct-18 16-Oct-25 7
IDJ0000114D6 Axiata Tahap I 16-Jan-21 Tbk. Stable

SIEXCL02DCN2 Berkelanjutan II XL 9.70% 08-Nov-20 PT Bank Mega AAA(idn)
17. 15,000 11-Feb-19 08-Feb-26 7
IDJ0000119D5 Axiata Tahap II 08-Feb-21 Tbk. Stable

SIEXCL02ECN1 Berkelanjutan II XL 10.30% 16-Oct-20 PT Bank Mega AAA(idn)
18. 60,000 17-Oct-18 16-Oct-28 10
IDJ0000114E4 Axiata Tahap I 16-Jan-21 Tbk. Stable

SIEXCL02ECN2 Berkelanjutan II XL 10.00% 08-Nov-20 PT Bank Mega AAA(idn)
19. 26,000 11-Feb-19 08-Feb-29 10
IDJ0000119E3 Axiata Tahap II 08-Feb-21 Tbk. Stable
Tahun 2019 Seri E Quarterly 08-May-21
439
TRADING HIGHLIGHT
EXCL01BCN1
Volume
Trading 2020 2021
Activities,
400 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
320 28
240 21 Trading days 3 8 3 8 2 12
Turnover Ratio (%) 16.18 167.02 62.22 50.67 6.22 328.00
160 14 CTP Price - High 103.250 103.020 103.600 103.900 102.630 102.270
Date 17-Feb 18-May 01-Sep 17-Nov 21-Jan 04-Jun
80 7
CTP Price - Low 100.980 100.060 102.550 102.680 102.550 101.080
- - Date 20-Mar 08-Jun 11-Aug 18-Nov 09-Feb 09-Jun
PHEI Fair Yield (%) 7.0437 6.2989 5.8918 5.1187 4.8912 4.0677
Mod. Duration (yrs) 1.407 1.196 0.977 0.753 0.519 0.286
106 7.5
Convexity (yrs) 2.429 1.791 1.231 0.770 0.404 0.154
Sensitivity (%) 0.014 0.012 0.010 0.008 0.005 0.003
104 6.5
102 5.5
100 4.5
98 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
EXCL01BCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
45 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 30.00 - - - 40.00 -
36 4
Frequency Frequency (X) 2 - - - 4 -
27 3 Trading days 1 - - - 1 -
Turnover Ratio (%) 62.83 - - - 83.77 -
18 2 CTP Price - High 104.460 - - - 103.300 -
Date 04-Mar - - - 06-Jan -
9 1
CTP Price - Low 104.440 - - - 103.200 -
- - Date 04-Mar - - - 06-Jan -
PHEI Fair Yield (%) 7.3161 6.4299 6.1367 5.6733 5.2058 4.4422
Mod. Duration (yrs) 1.682 1.477 1.261 1.040 0.811 0.584
111 9.5
Convexity (yrs) 3.394 2.645 1.962 1.373 0.875 0.491
109 8.0 Sensitivity (%) 0.017 0.015 0.013 0.010 0.008 0.006
107 6.5
105 5.0
103 3.5
101 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
440
EXCL01CCN1
Volume
Trading 2020 2021
Activities,
180 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 22.00 168.00 - 165.00 76.00 -
144 12
Frequency Frequency (X) 2 10 - 8 4 -
108 9 Trading days 2 5 - 8 4 -
Turnover Ratio (%) 67.18 512.98 - 503.82 232.06 -
72 6 CTP Price - High 107.530 105.150 - 109.200 107.850 -
Date 23-Mar 22-Apr - 24-Nov 23-Feb -
36 3
CTP Price - Low 107.500 100.010 - 106.690 107.800 -
- - Date 17-Mar 05-May - 25-Nov 08-Jan -
PHEI Fair Yield (%) 7.9609 7.3011 7.0897 6.4685 6.4966 5.7134
Mod. Duration (yrs) 2.943 2.777 2.596 2.415 2.218 2.030
115 9.0
Convexity (yrs) 10.387 9.216 8.044 6.954 5.880 4.934
112 8.0 Sensitivity (%) 0.029 0.028 0.026 0.024 0.022 0.020
109 7.0
106 6.0
103 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
EXCL01CCN2
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
nar >> 3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.4502 7.4022 7.2289 6.5900 6.4990 5.8729
Mod. Duration (yrs) 3.184 3.029 2.850 2.673 2.481 2.295
111 10.0
Convexity (yrs) 12.098 10.897 9.630 8.453 7.284 6.235
109 9.0 Sensitivity (%) 0.032 0.030 0.029 0.027 0.025 0.023
107 8.0
105 7.0
103 6.0
101 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
441
EXCL01DCN1
ISIN CODE : IDA0000943D7 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25
Volume
Trading 2020 2021
Activities,
10 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 7.00 - - 1.00 - -
8 4
Frequency Frequency (X) 2 - - 2 - -
6 3 Trading days 1 - - 1 - -
Turnover Ratio (%) 147.37 - - 21.05 - -
4 2 CTP Price - High 109.720 - - 108.020 - -
Date 17-Jan - - 19-Oct - -
2 1
CTP Price - Low 109.700 - - 108.000 - -
- - Date 17-Jan - - 19-Oct - -
PHEI Fair Yield (%) 8.9184 7.8313 7.8789 7.1224 7.1247 6.5517
Mod. Duration (yrs) 4.168 4.068 3.913 3.781 3.617 3.470
116 11.0
Convexity (yrs) 21.604 20.363 18.780 17.413 15.886 14.540
113 10.0 Sensitivity (%) 0.042 0.041 0.039 0.038 0.036 0.035
110 9.0
107 8.0
104 7.0
101 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
EXCL01DCN2
ISIN CODE : IDA0000960D1 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Feb-27 Feb-28 Feb-29
Volume
Trading 2020 2021
Activities,
100 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 87.00 88.00 92.00 - - -
80 8
Frequency Frequency (X) 6 8 9 - - -
nar >> 60 6 Trading days 3 4 3 - - -
Turnover Ratio (%) 374.19 378.49 395.70 - - -
40 4 CTP Price - High 111.290 109.440 111.600 - - -
Date 17-Jan 19-Jun 04-Sep - - -
20 2
CTP Price - Low 103.610 102.840 110.910 - - -
- - Date 24-Mar 13-May 22-Jul - - -
PHEI Fair Yield (%) 9.4586 8.3753 8.7864 7.7448 7.8720 7.4704
Mod. Duration (yrs) 5.804 5.811 5.657 5.636 5.499 5.408
120 13.5
Convexity (yrs) 44.524 43.917 41.593 40.694 38.629 37.072
116 12.0 Sensitivity (%) 0.058 0.058 0.057 0.056 0.055 0.054
112 10.5
108 9.0
104 7.5
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
442
EXCL01ECN1
ISIN CODE : IDA0000943E5 Oct-18 Oct-19Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 Oct-27 Oct-28
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 9.4207 8.3787 8.7206 7.7033 7.8195 7.3998
Mod. Duration (yrs) 5.608 5.603 5.456 5.425 5.288 5.195
121 11.0
Convexity (yrs) 41.675 40.956 38.784 37.816 35.824 34.300
116 10.0 Sensitivity (%) 0.056 0.056 0.055 0.054 0.053 0.052
111 9.0
106 8.0
101 7.0
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIEXCL01CCN2
ISIN CODE : IDJ0000088C4 May-17 May-18 May-19 May-20 May-21 May-22
Volume
Trading 2020 2021
Activities,
20 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
16 8
nar >> 12 6 Trading days - 2 3 1 4 1
Turnover Ratio (%) - 28.17 14.08 11.27 45.07 5.63
8 4 CTP Price - High - 102.600 - 105.020 104.550 103.520
Date - 15-Apr - 19-Oct 02-Feb 29-Apr
4 2
CTP Price - Low - 102.570 - 105.000 103.500 103.500
- - Date - 13-Apr - 19-Oct 26-Mar 29-Apr
PHEI Fair Yield (%) 7.5208 6.5931 6.2907 5.7905 5.3431 4.6653
Mod. Duration (yrs) 1.859 1.660 1.449 1.234 1.010 0.788
107 8.0
Convexity (yrs) 4.132 3.317 2.558 1.889 1.305 0.832
Sensitivity (%) 0.019 0.017 0.014 0.012 0.010 0.008
104 7.0
101 6.0
98 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
443
SIEXCL01DCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000072D6 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
450 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
360 12
270 9 Trading days 8 4 1 7 1 3
Turnover Ratio (%) 32.85 37.65 47.06 65.88 376.47 64.94
180 6 CTP Price - High 110.970 108.020 109.690 108.980 108.700 108.210
Date 27-Feb 21-Apr 22-Jul 25-Nov 02-Feb 22-Apr
90 3
CTP Price - Low 100.080 106.500 109.670 107.700 108.600 107.960
- - Date 08-Jan 11-May 22-Jul 19-Nov 02-Feb 27-May
PHEI Fair Yield (%) 7.8414 7.1854 6.6558 6.1116 5.8470 5.2443
Mod. Duration (yrs) 2.299 2.117 1.925 1.727 1.519 1.313
115 9.0
Convexity (yrs) 6.305 5.347 4.433 3.587 2.802 2.121
112 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
109 7.0
106 6.0
103 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIEXCL01DCN2
ISIN CODE : IDJ0000088D2 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24
Volume
Trading 2020 2021
Activities,
250 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 8
nar >> 150 6 Trading days 1 4 1 - 1 1
Turnover Ratio (%) 3.08 313.85 76.92 - 153.85 15.38
100 4 CTP Price - High 106.100 104.800 - - - -
Date 14-Jan 10-Jun - - - -
50 2
CTP Price - Low 106.080 103.980 - - - -
- - Date 14-Jan 30-Jun - - - -
PHEI Fair Yield (%) 8.5248 7.4424 7.3217 6.6700 6.5957 5.9758
Mod. Duration (yrs) 3.334 3.186 3.009 2.837 2.648 2.466
109 12.5
Convexity (yrs) 13.316 12.087 10.762 9.538 8.306 7.200
107 11.0 Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.025
105 9.5
103 8.0
101 6.5
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
444
SIEXCL01ECN2
ISIN CODE : IDJ0000088E0 May-17 May-19 May-21 May-23 May-25 May-27
Volume
Trading 2020 2021
Activities,
450 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
360 24
270 18 Trading days 9 11 10 1 4 2
Turnover Ratio (%) 285.00 460.60 190.48 4.76 120.24 28.57
180 12 CTP Price - High 109.870 107.660 108.770 106.790 110.790 110.370
Date 27-Feb 12-Jun 18-Sep 01-Oct 02-Feb 27-May
90 6
CTP Price - Low 103.000 100.050 104.720 106.770 110.000 109.980
- - Date 22-Jan 13-May 08-Jul 01-Oct 07-Jan 08-Apr
PHEI Fair Yield (%) 8.9502 8.2020 8.0596 7.4659 7.5278 7.0260
Mod. Duration (yrs) 5.074 4.994 4.867 4.759 4.608 4.486
113 11.0
Convexity (yrs) 32.586 31.249 29.512 27.996 26.159 24.620
110 10.0 Sensitivity (%) 0.051 0.050 0.049 0.048 0.046 0.045
107 9.0
104 8.0
101 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIEXCL02BCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000114B0 Oct-18 Oct-19 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
250 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 32
150 24 Trading days 3 1 7 9 8 3
Turnover Ratio (%) 37.89 2.61 114.29 204.51 85.21 25.06
100 16 CTP Price - High 103.910 101.790 105.730 103.710 102.880 102.250
Date 26-Mar 16-Apr 19-Aug 09-Nov 12-Jan 13-Apr
50 8
CTP Price - Low 103.600 101.770 102.600 102.080 101.610 101.250
- - Date 31-Jan 16-Apr 18-Aug 03-Dec 12-Jan 19-Apr
PHEI Fair Yield (%) 7.0437 6.1463 5.8840 5.8176 5.0927 4.0677
Mod. Duration (yrs) 1.407 1.197 0.977 0.751 0.519 0.286
110 8.0
Convexity (yrs) 2.429 1.792 1.231 0.767 0.404 0.154
108 7.0 Sensitivity (%) 0.014 0.012 0.010 0.008 0.005 0.003
106 6.0
104 5.0
102 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
445
SIEXCL02BCN2
ISIN CODE : IDJ0000119B9 Feb-19 Feb-20 Feb-21 Feb-22
Volume
Trading 2020 2021
Activities,
160 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
128 24
96 18 Trading days 5 2 1 5 4 3
Turnover Ratio (%) 525.82 14.55 43.64 410.91 218.18 160.00
64 12 CTP Price - High 105.400 103.200 103.430 103.500 103.170 102.980
Date 24-Feb 02-Jun 31-Aug 14-Dec 10-Feb 01-Apr
32 6
CTP Price - Low 102.710 103.180 103.410 102.060 102.120 102.160
- - Date 24-Jan 02-Jun 31-Aug 14-Dec 05-Jan 18-Jun
PHEI Fair Yield (%) 7.2197 6.4299 6.1369 5.9890 5.0241 4.4422
Mod. Duration (yrs) 1.683 1.477 1.261 1.039 0.812 0.584
115 8.0
Convexity (yrs) 3.396 2.645 1.962 1.370 0.876 0.491
112 7.0 Sensitivity (%) 0.017 0.015 0.013 0.010 0.008 0.006
109 6.0
106 5.0
103 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIEXCL02CCN1
ISIN CODE : IDJ0000114C8 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23
Volume
Trading 2020 2021
Activities,
75 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
60 16
nar >> 45 12 Trading days 3 6 2 2 - 2
Turnover Ratio (%) 96.64 161.61 59.06 53.69 - 53.69
30 8 CTP Price - High 107.950 105.390 106.130 108.500 - 107.600
Date 27-Jan 01-Apr 01-Sep 15-Dec - 06-Apr
15 4
CTP Price - Low 103.870 102.000 106.000 108.250 - 107.570
- - Date 26-Mar 15-May 01-Sep 14-Dec - 01-Apr
PHEI Fair Yield (%) 8.3425 7.3011 7.0897 6.2649 6.3490 5.7134
Mod. Duration (yrs) 2.937 2.777 2.596 2.417 2.220 2.030
125 9.0
Convexity (yrs) 10.350 9.216 8.044 6.964 5.886 4.934
120 8.0 Sensitivity (%) 0.029 0.028 0.026 0.024 0.022 0.020
115 7.0
110 6.0
105 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
446
SIEXCL02CCN2 Listing Date Maturity Date
ISIN CODE : IDJ0000119C7 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24
Volume
Trading 2020 2021
Activities,
15 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 12.00 - 6.00 -
12 6
Frequency Frequency (X) - - 6 - 3 -
9 5 Trading days - - 1 - 2 -
Turnover Ratio (%) - - 34.78 - 17.39 -
6 3 CTP Price - High - - 104.830 - 106.910 -
Date - - 16-Sep - 10-Mar -
3 2
CTP Price - Low - - 104.810 - 106.860 -
- - Date - - 16-Sep - 10-Mar -
PHEI Fair Yield (%) 8.4502 7.4022 7.2289 6.5900 6.5731 5.8729
Mod. Duration (yrs) 3.184 3.029 2.850 2.673 2.480 2.295
113 11.5
Convexity (yrs) 12.098 10.897 9.630 8.453 7.280 6.235
110 10.0 Sensitivity (%) 0.032 0.030 0.029 0.027 0.025 0.023
107 8.5
104 7.0
101 5.5
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIEXCL02DCN1
ISIN CODE : IDJ0000114D6 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.9184 7.8313 7.8789 7.1224 7.1247 6.5517
Mod. Duration (yrs) 4.168 4.068 3.913 3.781 3.617 3.470
120 10.0
Convexity (yrs) 21.604 20.363 18.780 17.413 15.886 14.540
115 9.0 Sensitivity (%) 0.042 0.041 0.039 0.038 0.036 0.035
110 8.0
105 7.0
100 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
447
SIEXCL02DCN2
ISIN CODE : IDJ0000119D5 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 1.00 - - 2.00
4 4
3 3 Trading days - - 1 - - 1
Turnover Ratio (%) - - 26.67 - - 53.33
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.9859 7.8991 7.9856 7.2026 7.2177 6.6574
Mod. Duration (yrs) 4.398 4.303 4.148 4.022 3.859 3.715
115 12.0
Convexity (yrs) 23.950 22.688 21.016 19.608 17.995 16.582
112 10.0 Sensitivity (%) 0.044 0.043 0.041 0.040 0.039 0.037
109 8.0
106 6.0
103 4.0
100 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIEXCL02ECN1
ISIN CODE : IDJ0000114E4 Oct-18 Apr-20 Oct-21 Apr-23 Oct-24 Apr-26 Oct-27
Volume
Trading 2020 2021
Activities,
80 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 74.00 26.00 - - -
64 4
nar >> 48 3 Trading days - 2 1 - - -
Turnover Ratio (%) - 493.33 173.33 - - -
32 2 CTP Price - High - - 112.660 - - -
Date - - 25-Aug - - -
16 1
CTP Price - Low - - 112.640 - - -
- - Date - - 25-Aug - - -
PHEI Fair Yield (%) 9.4207 8.3787 8.3900 7.7033 7.8195 7.3998
Mod. Duration (yrs) 5.608 5.603 5.486 5.425 5.288 5.195
120 11.0
Convexity (yrs) 41.675 40.956 39.085 37.816 35.824 34.300
115 10.0 Sensitivity (%) 0.056 0.056 0.055 0.054 0.053 0.052
110 9.0
105 8.0
100 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
448
SIEXCL02ECN2 Listing Date Maturity Date
ISIN CODE : IDJ0000119E3 Feb-19 Aug-20 Feb-22 Aug-23 Feb-25 Aug-26 Feb-28
Volume
Trading 2020 2021
Activities,
40 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - 14.00 38.00 - - -
32 4
24 3 Trading days - 2 2 - - -
Turnover Ratio (%) - 215.38 584.62 - - -
16 2 CTP Price - High - - 112.230 - - -
Date - - 25-Aug - - -
8 1
CTP Price - Low - - 111.840 - - -
- - Date - - 13-Aug - - -
PHEI Fair Yield (%) 9.4586 8.4236 8.2241 7.7448 7.8720 7.4704
Mod. Duration (yrs) 5.804 5.806 5.711 5.636 5.499 5.408
121 11.0
Convexity (yrs) 44.524 43.864 42.159 40.694 38.629 37.072
116 10.0 Sensitivity (%) 0.058 0.058 0.057 0.056 0.055 0.054
111 9.0
106 8.0
101 7.0
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
449
nar >>
EXCL01BCN1 18 188 70 57 74.0%
EXCL01BCN2 30 15.7%
EXCL01CCN1 22 168 165 271.0%
EXCL01CCN2 0.0%
EXCL01DCN1 42.1%
EXCL01DCN2 87 88 92 287.1%
EXCL01ECN1 0.0%
SIEXCL01CCN2 13.4%
SIEXCL01DCN1 35 40 50 70 45.9%
SIEXCL01DCN2 2 204 50 98.5%
SIEXCL01ECN2 239 387 160 4 235.2%
SIEXCL02BCN1 38 3 114 204 89.8%
SIEXCL02BCN2 145 412 113 248.7%
SIEXCL02CCN1 36 60 22 20 92.8%
SIEXCL02CCN2 8.7%
SIEXCL02DCN1 0.0%
SIEXCL02DCN2 6.7%
SIEXCL02ECN1 74 26 166.7%
SIEXCL02ECN2 14 38 200.0%
- 100 200 300 400 500 600 700 800 900
450
EXCL FINANCIAL HIGHLIGHT

62.99
51.76 52.59
Receivables 662,944 450,362 -32.07 q
Inventories 74,608 143,377 92.17 p
Current Assets 7,145,648 7,571,123 5.95 p 15.54
7.25 13.03
42,081,680 47,162,250 12.07 p 10.09
(%)
1.64 2.84 1.43
Total Assets 62,725,242 67,744,797 8.00 p
-11.64 -14.37
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,068,796 1,070,601 0.17 p
1.73 1.94
Retained Earnings 5,850,788 5,969,090 2.02 p 0.67 1.14 0.55
Total Equity 19,121,966 19,137,366 0.08 p
(%)
-5.72

INCOME STATEMENTS
Total Revenues 25,132,628 26,009,095 3.49 p
-17.97
Gross Profit - - - 
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 10,586,269 15,203,485 43.62 p
228.03
160.38
Peer Group
(%)

1. PT Telekomunikasi Indonesia (Persero) Tbk. 136,462 21.66 0.66
2. PT Indosat Tbk. 27,926 -2.26 6.92
3. PT XL Axiata Tbk 26,009 1.43 3.49 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
5. PT Tower Bersama Infrastructure Tbk. 5,328 20.02 13.39 Current Ratio Debt to Equity Ratio
Financial Ratios
Operating Profit Margin (%) 7.25 -11.64 13.03 10.09
Net Profit Margin (%) 1.64 -14.37 2.84 1.43
Return on Assets (%) 0.67 -5.72 1.14 0.55
Return on Equity (%) 1.73 -17.97 3.73 1.94
Current Ratio (%) 47.16 44.86 33.56 40.15
Cash Flow/Debt (%) 27.71 23.83 28.34 28.70
451
FAST PT Fast Food Indonesia Tbk.

Sector : Consumer Cyclicals ADDRESS
Sub Sector : Consumer Services
Website : www.kfcku.com Jln. Letjend. M. T. Haryono Kav. 7
Corporate Sec. : Justinus Dalimin Juwono Jakarta 12810
Email Corporate Sec. : [email protected] Phone : (021) 8301-133, 8313-368, 8298-390, 8310-919
Fax : (021) 8309-384, 8300-569
As the sole franchise holder of KFC brand in SHAREHOLDERS

Indonesia, PT Fast Food Indonesia Tbk was founded
1. PT Gelael Pratama 39.84%
in 1978 by the Gelael Family. In 1979, the Company
2. PT Indoritel Makmur Internasional Tbk. 35.84%
acquired the franchise with the opening of the very
first r estau rant outlet in October at 3. Public 24.24%
Jalan Melawai in Jakarta. The first outlet proved to be successful and 4. Treasury Stock 0.08%
paved the way for the opening of more additional outlets in Jakarta
and expansion of its regional coverage to include other major cities
in Indonesia. AUDIT COMMITTEE
With FAST's almost 40 years of continued success and development 1. Saptari Hoedaja
growth, KFC brand is undeniably the nation's market leader in the
2. Adi Pranoto Leman
fast food chain of restaurants. FAST has been expanding
3. Hannibal S. Anwar
continuously its network coverage, making its presence felt not only
in tough metropolitan areas, but in secondary cities as well. For the
past four years, FAST's focus is more on free-standing outlets to
provide more flexibility in operating hours with full facilities catering BOARD OF COMMISSIONERS
to customers' needs and preferences, and for the past two years , 1. Anthoni Salim
FAST started opening KFC Box, a scaled-down format of the outlet.
2. Benny Setiawan Santoso
Existing restaurant outlets are continuously renovated to provide
3. Elisabeth Gelael
new image and appearance in line with FAST's objective.
4. Gunawan Solaiman *
FAST's core products, Colonel's Original Recipe and Hot & Crispy
5. Noni Rosalia Gelael Barki
Chicken are still the widely accepted chicken product produced by
any QSR brand nationwide and consistently rated as the best tasting 6. Saptari Hoedaja *
chicken product by various Indonesian consumer surveys. Delivering *independen
the best experience for the consumers indeed remains a main BOARD OF DIRECTORS
objective of FAST's strategies. 1. Ricardo Gelael 7. Omar Luthfi Anwar
Recognizing the trend in digitalization and development in mobile 2. Adhi Indrawan 8. Shivashish Pandey
technology, the Company ensured its market leadership in terms of 3. Cahyadi Wijaya
innovations. FAST introduced self-order outlets using credit card
4. Fabian Gelael
payment system, table order using tablets, digital menu panel, and
confidently kicked-off its digital journey by focusing on social media 5. Ferry Noviar Yosaputra
as a marketing platform. 6. Justinus Dalimin Juwono
FAST upgraded its Quality Management System to ISO 9001:2015 in
2017. Engaged in the food sector, the Company is proud to serve at
least 400,000 of customers and growing everyday. Product safety Historical Corporate Ratings
and quality as well as world-class business processes are the
Company's top priority. The Company's operation excellence will No. Rating Agency Rating Rating Date Outlook
enable it to achieve business growth in the coming years.
1. Pefindo idAA 7-Jul-20 Stable
as of June 2021
SWOT Analysis
- Strong and the most favorite brand for chicken based - Moderate cash flow protection measures
quick-sevice restaurant
- Well diversified store location S W
- Strong financial profile
- Expansion to strategic and prime locations -Tight competition in the food and beverages
O T
- High demand from young people segment industry
- Growing productive age population -Increasing public awareness of healthy living
- Economic recovery prospect -Adverse impact from COVID-19 pandemic
452
AS OF JUNE 2021
Coupon Coupon
01-Aug-20
Obligasi Fast Food PT Bank Rakyat
FAST02 8.50% 01-Nov-20 idAA
1. Indonesia II Tahun 200,000 02-Nov-16 01-Nov-21 5 Indonesia
2016 (Persero) Tbk.
Quarterly 01-May-21
TRADING HIGHLIGHT
FAST02
ISIN CODE : IDA000077002 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21
Volume
Trading 2020 2021
Activities,
60 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
50 10
40 8
30 6 Turnover Ratio (%) - - - 70.00 108.00 48.00
CTP Price - High - - - 102.060 102.350 101.440
20 4
Date - - - 04-Nov 05-Jan 17-Jun
10 2
CTP Price - Low - - - 100.500 101.750 101.420
- - Date - - - 09-Oct 02-Feb 17-Jun
PHEI Fair Yield (%) 7.5399 6.8008 6.5358 6.0376 5.7078 4.3757
Mod. Duration (yrs) 1.451 1.240 1.019 0.794 0.560 0.327
104 8.0
Convexity (yrs) 2.562 1.904 1.324 0.842 0.458 0.189
Sensitivity (%) 0.015 0.012 0.010 0.008 0.006 0.003
103 7.0
102 6.0
101 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FAST02 35 17.5%
- 50 100 150 200 250
453
FAST FINANCIAL HIGHLIGHT

861,748 882,912 2.46 p 62.55 62.15 62.54
Cash & Cash Equivalents 59.27
Receivables - - - 
Inventories 288,796 245,349 -15.04 q
Current Assets 1,412,305 1,563,157 10.68 p 2.92
4.42 4.26
(%)
3.52 3.60
Total Assets 3,404,685 3,727,000 9.47 p
Current Liabilities 856,737 1,480,239 72.78 p
-9.24 -7.79
Interest Bearing liabilities 219,545 384,920 75.33 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital (Shares) 7,980,000,000 15,960,000,000 100.00 p Gross Profit Margin Operating Profit Margin
Paid up Capital 199,514 199,514 - 
Par Value (Rp Full Amount) 100 50 -50.00 q 14.55
12.91 13.76
6.07 7.09 7.09
Total Equity 1,659,573 1,246,684 -24.88 q
(%)
-10.12
INCOME STATEMENTS
Total Revenues 6,706,376 4,840,364 -27.82 q -30.26
Gross Profit 4,194,444 2,868,891 -31.60 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Operating Profit 286,792 -447,416 -256.01 q
EBITDA 430,957 -328,316 -176.18 q
Income for the periods 241,548 -377,185 -256.15 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 182,923 -409,616 -323.93 q
Net Income/Loss Attributed 241,548 -377,185 -256.15 q 198.95
189.19 190.49
164.85
Peer Group 112.55 105.60

(%)
94.07 105.15
1. PT Fast Food Indonesia Tbk. 4,840 -7.79 -27.82
2. PT Pembangunan Jaya Ancol Tbk. 414 -95.10 -69.51
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 6.07 7.09 7.09 -10.12
Return on Equity (%) 12.91 13.76 14.55 -30.26
Current Ratio (%) 189.19 190.49 164.85 105.60
Cash Flow/Debt (%) 21.98 39.58 28.12 8.18
454
FIFA PT Federal International Finance

Sub Sector : Financing Service Menara FIF 7th Fl.
Website : www.fifgroup.co.id Jln. T.B. Simatupang Kav. 15, Cilandak
Corporate Sec. : Theodorus Indra Surya Jakarta Selatan 12440
Fax : (021) 7590-5599
PT Federal International Finance (FIF) was SHAREHOLDERS

established under the name of Mitrapusaka
1. PT Astra International Tbk. 100.00%
Artha Finance on May 1st, 1989 and changing
its name into FIF in 1991. FIF started its business on 2. PT Arya Kharisma 0.00%
consumer financing, leasing and factoring, and later since 1996, the
Company decided to focus its business on Honda motorcycle
financing.
Astra, which is majority owned by the Jardine Cycle & Carriage

Limited (50.1%), a member of Jardine Matheson group, is the large AUDIT COMMITTEE
automotive producer and distributor in Indonesia and has become 1. Henry Eric Wirawan
one of Indonesia’s large diversified conglomerates with business 2. Lindawati Gani
spanning across automotive, heavy equipment, agribusiness, 3. Regina Okthory Sucianto
financial services, IT and infrastructure. The current business fields of
FIFGROUP are Investment Financing; Working Capital Financing;
Multipurpose Financing, Operating Leases and / or fee-based BOARD OF COMMISSIONERS
activities; Sharia Financing includes Financing of Sale and Purchase,
1. Suparno Djasmin
Financing of Investment, and / or Financing of Services performed
2. Henry Eric Wirawan *
using a contract based on sharia principles; and Other financing
3. Johannes Loman
under the approval of the Financial Services Authority.
FIFGROUP is engaging in the business of financial services under the

following brands such as, FIFASTRA, SPEKTRA, DANASTRA, AMITRA.
*independen
BOARD OF DIRECTORS
1. Margono Tanuwijaya
2. Antony Sastro Jopoetro
3. Hugeng Gozali
4. Setia Budi
5. Sri Harjat

as of June 2021
SWOT Analysis
- Strategic importance to Astra International - Below the average industry profitability
- Strong profitability
-Very strong market position in the motorcycle financing S W - Increasing risk profile due to the pandemic
business
- Synergies with Astra International - Tight competition in the consumer financing industry
O T
- Growing non-automotive financing segment - Fintech development which may become a disruptive factor
in financing industry business
- Economic recovery prospect
- Unfavorable impact of COVID-19
- The increasing growth domestic automotive industry
455
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan III
25-Sep-20
Federal International PT Bank Rakyat
FIFA03BCN4 8.75% 25-Dec-20 idAAA
1. Finance dengan Tingkat 661,180 25-Sep-18 25-Sep-21 3 Indonesia
IDA0000934B0 Bunga Tetap Tahap IV
25-Mar-21 Stable
(Persero) Tbk.
12-Sep-20
2. Finance dengan Tingkat 1,369,472 13-Mar-19 12-Mar-22 3 Indonesia
IDA0000967B0 Bunga Tetap Tahap V
12-Mar-21 Stable
(Persero) Tbk.
Obligasi Berkelanjutan IV
-
FIFA04ACN2 6.25% - idAAA
3. Finance dengan Tingkat 854,558 08-Oct-20 17-Oct-21 1 Indonesia
IDA0001110A8 Bunga Tetap Tahap II
07-Jan-21 Stable
(Persero) Tbk.
Tahun 2020 Seri A Quarterly 07-Apr-21
25-Sep-20
4. Finance dengan Tingkat 1,042,326 26-Jun-19 25-Jun-22 3 Indonesia
IDA0000987B8 Bunga Tetap Tahap I
25-Mar-21 Stable
(Persero) Tbk.
-
FIFA04BCN2 7.25% - idAAA
5. Finance dengan Tingkat 645,442 08-Oct-20 07-Oct-23 3 Indonesia
IDA0001110B6 Bunga Tetap Tahap II
07-Jan-21 Stable
(Persero) Tbk.
Obligasi Berkelanjutan V
-
FIFA05ACN1 4.60% - AAA(idn)
6. Finance Dengan Tingkat 628,000 09-Jun-21 18-Jun-22 1 Indonesia
IDA0001153A8 Bunga Tetap Tahap I
- Stable
(Persero) Tbk.
Tahun 2021 Seri A Quarterly -
Obligasi Berkelanjutan V
-
FIFA05BCN1 6.25% - AAA(idn)
7. Finance Dengan Tingkat 872,000 09-Jun-21 08-Jun-24 3 Indonesia
IDA0001153B6 Bunga Tetap Tahap I
- Stable
(Persero) Tbk.
Tahun 2021 Seri B Quarterly -
456
TRADING HIGHLIGHT
FIFA03BCN4
Volume
Trading 2020 2021
Activities,
500 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 24
300 18 Trading days 4 10 10 16 15 9
Turnover Ratio (%) 1.15 82.04 71.99 237.15 182.10 231.10
200 12 CTP Price - High 104.020 102.780 103.830 103.400 102.800 101.820
Date 18-Feb 17-Jun 26-Aug 11-Nov 21-Jan 05-May
100 6
CTP Price - Low 102.150 101.700 100.400 100.000 101.250 100.980
- - Date 28-Jan 18-Jun 05-Aug 16-Oct 08-Feb 28-Jun
PHEI Fair Yield (%) 6.9830 6.2050 5.1028 4.7477 4.6423 3.9920
Mod. Duration (yrs) 1.382 1.167 0.943 0.712 0.473 0.234
105 9.0
Convexity (yrs) 2.313 1.683 1.139 0.689 0.341 0.113
104 8.0 Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
103 7.0
102 6.0
101 5.0
100 4.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FIFA03BCN5 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
700 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume 295.20 567.90 206.00 176.00 175.00 117.00
Frequency
500 50 Frequency (X) 31 54 60 27 36 22
Trading days 18 27 24 16 14 9
400 40
Turnover Ratio (%) 86.22 165.87 60.17 51.41 51.11 34.17
300 30
CTP Price - High 104.850 103.100 104.350 105.360 104.600 103.570
200 20 06-Feb 29-Apr 04-Sep 14-Dec 29-Jan 21-Apr
Date
100 10 CTP Price - Low 97.480 96.650 100.000 98.000 100.900 100.000
- - Date 24-Mar 08-May 01-Jul 12-Nov 23-Mar 18-May
PHEI Fair Yield (%) 8.3402 6.6556 7.3229 5.5302 5.1545 4.2165
Mod. Duration (yrs) 1.767 1.567 1.348 1.133 0.904 0.677
109 10.0
Convexity (yrs) 3.709 2.943 2.211 1.598 1.058 0.632
107 9.0
Sensitivity (%) 0.018 0.016 0.013 0.011 0.009 0.007
105 8.0
103 7.0
101 6.0
99 5.0
97 4.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
457
FIFA04ACN2
ISIN CODE : IDA0001110A8 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21
Volume
Trading 2020 2021
Activities,
1600 120 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - - 1,410.00 30.00 318.00
Frequency
1200 90 Frequency (X) - - - 96 5 6
800 60 Turnover Ratio (%) - - - 659.99 14.04 148.85
CTP Price - High - - - 100.650 100.750 101.000
400 30 Date - - - 29-Dec 12-Mar 27-May
CTP Price - Low - - - 99.980 100.660 100.600
- - Date - - - 19-Oct 18-Feb 21-Jun
PHEI Fair Yield (%) - - - 5.4256 4.9887 3.9223
Mod. Duration (yrs) - - - 0.764 0.526 0.291
102 7.0
Convexity (yrs) - - - 0.785 0.412 0.157
Sensitivity (%) - - - 0.008 0.005 0.003
101 6.0
100 5.0
99 4.0
98 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FIFA04BCN1
ISIN CODE : IDA0000987B8 Jun-19 Jun-20 Jun-21 Jun-22
Volume
Trading 2020 2021
Activities,
800 20 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 330.00 440.00 500.00 155.00 180.00 150.00
Frequency
600 15 Frequency (X) 7 18 17 7 13 9
400 10 Turnover Ratio (%) 126.64 168.85 191.88 59.48 69.08 57.56
CTP Price - High 102.890 102.140 103.150 103.140 104.000 104.300
200 5 Date 05-Mar 13-Apr 25-Sep 04-Dec 18-Jan 30-Jun
CTP Price - Low 102.000 101.690 102.000 102.900 103.500 103.650
- - Date 30-Mar 09-Jun 09-Jul 13-Oct 12-Jan 16-Apr
PHEI Fair Yield (%) 7.6386 7.1775 6.7170 5.8736 5.5281 4.8142
Mod. Duration (yrs) 2.017 1.815 1.605 1.391 1.167 0.944
107 8.0
Convexity (yrs) 4.780 3.891 3.070 2.339 1.684 1.142
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
105 7.0
103 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
458
FIFA04BCN2
Volume
Trading 2020 2021
Activities,
450 45 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
400 40 Volume (Rp bn) - - - 323.00 108.00 52.00
Frequency
350 35 - - - 41 17 7
Frequency (X)
300 30
250 25
Turnover Ratio (%) - - - 200.17 66.93 32.23
200 20
CTP Price - High - - - 102.150 103.600 104.600
150 15
100 10 Date - - - 12-Nov 04-Jan 25-Jun
50 5 CTP Price - Low - - - 100.100 99.500 102.850
- - Date - - - 15-Dec 12-Jan 08-Jun
PHEI Fair Yield (%) - - - 6.4791 6.3736 5.8620
Mod. Duration (yrs) - - - 2.456 2.252 2.052
107 7.5
Convexity (yrs) - - - 7.080 5.967 4.973
105 7.0 Sensitivity (%) - - - 0.025 0.023 0.021
103 6.5
101 6.0
99 5.5
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FIFA05ACN1
ISIN CODE : IDA0001153A8 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22
Volume
Trading 2020 2021
Activities,
900 120 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - 850.00
Frequency
Frequency (X) - - - - - 105
600 80
Turnover Ratio (%) - - - - - 541.40
CTP Price - High - - - - - 100.500
300 40
Date - - - - - 16-Jun
CTP Price - Low - - - - - 100.000
- - Date - - - - - 21-Jun
PHEI Fair Yield (%) - - - - - 4.5224
102 5.0
Convexity (yrs) - - - - - 1.124
Sensitivity (%) - - - - - 0.009
101 4.5
100 4.0
99 3.5
98 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
459
FIFA05BCN1
Volume
Trading 2020 2021
Activities,
600 120 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume - - - - - 566.00
Frequency
Frequency (X) - - - - - 86
400 80
300 60 Turnover Ratio (%) - - - - - 259.63
CTP Price - High - - - - - 101.500
200 40
Date - - - - - 28-Jun
100 20
CTP Price - Low - - - - - 100.000
- - Date - - - - - 23-Jun
PHEI Fair Yield (%) - - - - - 6.2390
102 7.0
Convexity (yrs) - - - - - 8.108
Sensitivity (%) - - - - - 0.027
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
FIFA03BCN4 2 136 119 392 98.1%
FIFA03BCN5 295 568 206 176 90.9%
FIFA04ACN2 1,410 165.0%
FIFA04BCN1 330 440 500 155 136.7%
FIFA04BCN2 323 50.0%
- 200 400 600 800 1,000 1,200 1,400 1,600
460
FIFA FINANCIAL HIGHLIGHT

74.25
70.39
70.92
70.65
26.33
24.55
24.47
23.59
22.34
21.74
21.28
15.53
Total Assets 35,715,782 32,585,727 -8.76 q
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Par Value (Rp full amount) 1,000 1,000 - 
Non Controlling Interest 10 -504 -5,140 q
Total Equity 7,239,105 7,495,350 3.54 p
37.43 38.54
35.47
(%)
19.85

4.57
Total Revenues 9,970,675 9,564,864 -4.07 q
Expenses 5,891,127 5,090,243 -13.59 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 3,613,257 2,142,434 -40.71 q
115.15 115.48 119.49 116.45
Peer Group
(%)

Financial Ratios
Return on Assets (%) 6.49 6.85 7.19 4.57
Return on Equity (%) 37.43 38.54 35.47 19.85
BOPO (%) 29.08 29.35 29.61 25.75
Cash Flow / Debt (%) 5.86 -0.64 5.15 23.67
461
HEAL PT Medikaloka Hermina Tbk

Sector : Healthcare ADDRESS
Sub Sector : Healthcare Equipment & Providers
Website : www.herminahospitals.com Jln. Selangit, Blok B. 10, Kav. 4, Kemayoran,
Corporate Sec. : Susi Setiawaty Jakarta Pusat
Fax : 0
PT Medikaloka Hermina Tbk (HEAL) initiated SHAREHOLDERS

the business by establishing “Rumah Sakit 1. BOD 21.50%
Bersalin (RSB) Hermina”, a maternity hospital 2. BOC 8.64%
located on Jl. Raya Jatinegara Barat No. 126, 3. Founder Group >5% 18.20%
East Jakarta, in 1985. The Hospital was
4. Public 50.25%
originally named “Rumah Bersalin Djatinegara”,
5. Treasury Shares 1.41%
a maternity clinic with the capacity of 7 inpatient beds, founded on
the initiative of Mrs. Hermina Sulaiman in 1967.
In 1970, Mrs. Hermina Sulaiman developed the Hospital with Dr.
AUDIT COMMITTEE
Budiono Wibowo, an Obgyn specialist, and added the capacity to 1. Alexandre Rusli
become 13 inpatient beds. The name of “Rumah Bersalin Djatinegara” 2. Haryanto Sahari
was then turned into “Rumah Bersalin Hermina”. 3. Myrnie Zachraini Tamin
In 1983, “Yayasan Hermina”, a non-profit organization was founded
to further develop the Hospital. Furthermore, the Foundation
obtained a license to set up a hospital and “Rumah Sakit Bersalin BOARD OF COMMISSIONERS
Hermina” was officially established on April 25, 1985. Since 1991, the 1. Paulus Kusuma 6. Husen Sukataria
Hospital has expanded to be a maternity hospital called “Rumah Sakit
2. Alexander Rusli * 7. Sudarsono
Ibu dan Anak Hermina Djatinegara”.
3. Amit Varma *
Until now, Hermina Hospital has 42 hospitals with the category of
4. Darwin Cyril Noerhadi
General Hospital (RSU) in 31 cities in Indonesia. Eight RSUs have Type
5. Heridadi *
B status and 32 other RSUs are included in Type C, all with a total of
5,627 beds. Currently, 1 Hermina Hospital has 1 KARS accreditation in
the International category, 28 Hermina Hospitals have KARS *independen
accreditation in the Plenary category. BOARD OF DIRECTORS
On May 16, 2018, Hermina shares (HEAL) were listed and traded at 1. Hasmoro
Indonesia Stock Exchange (IDX). 2. Aristo Setiawidjaja
3. Binsar Parasian Simorangkir
4. Yulisar Khiat
1. Pefindo idAA- 10-Jun-21 Stable

as of June 2021
SWOT Analysis
-Strong market position in the hospital industry -Exposure to changing government policy on health
-Stable profitability margin
S W regulation
-Limited business expansion
-Growing domestic demand of medical services -Tight competition in hospital industry

-Increasing middle income segment -Changing government policy on health regulation
O T
462
AS OF JUNE 2021
Coupon Coupon
Obligasi Berkelanjutan I - PT Bank

HEAL01ACN1 Medikaloka Hermina 8.00% 08-Dec-20 Rakyat idAA-
1. 425,500 09-Sep-20 08-Sep-23 3
IDA0001100A9 Tahap I Tahun 2020 08-Mar-21 Indonesia Stable
Seri A 08-Jun-21 (Persero) Tbk
Quarterly
Obligasi Berkelanjutan I - PT Bank

HEAL01BCN1 Medikaloka Hermina 8.50% 08-Dec-20 Rakyat idAA-
2. 21,000 09-Sep-20 08-Sep-25 5
IDA0001100B7 Tahap I Tahun 2020 08-Mar-21 Indonesia Stable
Seri B 08-Jun-21 (Persero) Tbk
Quarterly
TRADING HIGHLIGHT
HEAL01ACN1
ISIN CODE : IDA0001100A9 Sep-20 Sep-21 Sep-22 Sep-23

Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume Volume (Rp bn) - - 432.00 487.00 115.00 -
400 28
300 21 Trading days - - 8 3 3 -
Turnover Ratio (%) - - 406.11 457.81 108.11 -
200 14 CTP Price - High - - 100.100 100.480 102.800 -
Date - - 21-Sep 27-Nov 05-Mar -
100 7
CTP Price - Low - - 99.800 53.000 100.610 -
- - Date - - 21-Sep 27-Nov 05-Mar -
PHEI Fair Yield (%) - - 7.9947 7.4283 7.8142 6.8101
Mod. Duration (yrs) - - 2.584 2.392 2.185 1.989
107 9.0
Convexity (yrs) - - 7.791 6.681 5.589 4.648
Sensitivity (%) - - 0.026 0.024 0.022 0.020
104 8.0
101 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
463
HEAL01BCN1 Listing Date Maturity Date
ISIN CODE : IDA0001100B7 Sep-20 Feb-22 Jul-23 Dec-24
Volume
Trading 2020 2021
Activities,
2 2 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - - - - 1.00 -
Trading days - - - - 1 -
1 1 Turnover Ratio (%) - - - - 19.0 -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 8.5529 8.1687 8.1418 7.7397
Mod. Duration (yrs) - - 3.978 3.824 3.653 3.493
110 9.0
Convexity (yrs) - - 18.879 17.366 15.801 14.382
Sensitivity (%) - - 0.040 0.038 0.037 0.035
106 8.0
102 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
HEAL01ACN1 432 487 216.0%
HEAL01BCN1 0.0%
- 100 200 300 400 500 600 700 800 900 1,000
464
HEAL FINANCIAL HIGHLIGHT

48.34
Receivables 926,497 1,113,254 20.16 p
Inventories 51,215 81,846 59.81 p
Current Assets 1,664,488 2,252,402 35.32 p 23.59
(%)
14.62
Total Assets 5,047,787 6,355,254 25.90 p 9.47
31-Dec-19 31-Dec-20
Paid up Capital 297,300 297,800 0.17 p
19.09
Total Equity 2,764,434 3,382,177 22.35 p
12.44
(%)
10.16
6.81
INCOME STATEMENTS
Total Revenues 3,630,940 4,416,042 21.62 p
Gross Profit 1,599,570 2,134,543 33.44 p
31-Dec-19 31-Dec-20
Operating Profit 583,333 1,041,936 78.62 p
EBITDA 841,212 1,369,737 62.83 p
Peer Group 87.90

(%)
82.60
1. PT Medikaloka Hermina Tbk 4,416 14.62 21.62
31-Dec-19 31-Dec-20
Financial Ratios
Current Ratio (%) 159.38 152.22
465
HRTA PT Hartadinata Abadi Tbk.

Sub Sector : Apparel & Luxury Goods
Website : www.hartadinataabadi.co.id Jl. Kopo Sayati No. 163-165
Corporate Sec. : Ong Deny Bandung, Jawa Barat
Fax : (022) 540 3002
About more than 20 years, through jewellery SHAREHOLDERS

products & retails, PT. Hartadinata Abadi, tbk. 1. PT Terang Anugrah 70.84% 5. Ong Deny 0.02%
(Hartadinata) exist to serve Indonesian citizen Abadi 6. Cuncun Muliawan 0.02%
through the beauty, innovation & services. As a public listed company 2. PT Asabri 6.65% 7. Public (<5%) 22.07%
(plc), Hartadinata has become a pioneer for gold jewellery
3. Fendy Wijaya 0.37%
manufacturer through out our philosophy " from heart to the real
4. Sandra Sunanto 0.03%
beauty", that put commitment in the front for always giving the best
not only for our customers, but also for all stakeholders. Through the
integrated business concept, Hartadinata developed its special
AUDIT COMMITTEE
competitiveness through 4 manufacturers located in Kopo, 1. Drs Suprihadi Usman
Sukamenak 179, Sukamenak 185, and Sapphire, that produce the 2. Asdi Aulia
high quality jewellery and distribution network that covers huge 3. Catharina Tan Lian
domestic market through grocery, another gold jewellery store,
franchising & Hartadinata's retails. Hartadinata retails network known
as 3 brands, that are Aurum Collection Center (ACC), Claudia Perfect BOARD OF COMMISSIONERS
Jewellery, Celine Jewellery. In addition, Hartadinata also provides 1. Ferriyady Hartadinata
online sales services through HRTA Store. In its business activities,
2. Fendy Wijaya
Hartadinata upholds integrity in performing its duties and believes in
3. Drs Suprihadi Usman *
the core values as a manifestation of the Corporate Culture that
consists of Professionalism, Innovation, Togetherness, and Care
Environment. Hartadinata is included in the Best of The Best
Companies 2021 according to Forbes Magazine.
*independen
BOARD OF DIRECTORS
1. Sandra Sunanto
2. Cuncun Muliawan
3. Ong Deny
1. Pefindo idA- 9-Oct-20 Stable

2. Pefindo idA- 4-Oct-19 Stable
as of June 2021
SWOT Analysis
-Integrated business model -Weakening capital structure
-Well diversifies distribution channel
-Ample production capacity S W -High need for working capital
-Stable domestic demand for gold jewelry -Uncertain economy due to COVID-19 pandemic
-Economic recovery prospect
O T
466
AS OF JUNE 2021
Coupon Coupon

HRTA01CN1 Berkelanjutan I 11.00% 19-Dec-20 Rakyat idA-
1. 600,000 20-Dec-19 19-Dec-24 5
IDA000103709 Hartadinata Abadi 19-Mar-21 Indonesia Stable
Tahap I Tahun 2019 Quarterly 19-Jun-21 (Persero) Tbk.

HRTA01CN2 Berkelanjutan I 10.50% 05-Dec-20 Rakyat idA-
2. 400,000 08-Jun-20 05-Jun-23 3
IDA000106801 Hartadinata Abadi 05-Mar-21 Indonesia Stable
Tahap II Tahun 2020 Quarterly 05-Jun-21 (Persero) Tbk
TRADING HIGHLIGHT
HRTA01CN1

Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) - - - - - -
Frequency
1200 30 Frequency (X) - - - - - -
800 20 Turnover Ratio (%) - - - - - -
400 10 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 10.6651 9.8659 9.9693 9.5803 10.0238 10.1539
Mod. Duration (yrs) 3.639 3.512 3.353 3.201 3.025 2.857
109 12.0
Convexity (yrs) 16.196 14.973 13.595 12.326 10.983 9.767
Sensitivity (%) 0.036 0.035 0.034 0.032 0.030 0.029
106 11.0
103 10.0
100 9.0
97 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
467
HRTA01CN2 Listing Date Maturity Date
ISIN CODE : IDA000106801 Jun-20 Nov-21 Apr-23
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - 20.00 20.00 4.00 - 20.00
20 4
Frequency Frequency (X) - 4 4 2 - 2
15 3 Trading days - 2 2 1 - 1
Turnover Ratio (%) - 20.00 20.00 4.00 - 20.0
10 2 CTP Price - High - 100.000 103.950 102.860 - 102.370
Date - 10-Jun 07-Sep 12-Nov - 09-Jun
5 1
CTP Price - Low - 99.970 101.070 102.830 - 102.350
- - Date - 10-Jun 10-Jul 12-Nov - 09-Jun
PHEI Fair Yield (%) - 10.1909 9.1583 8.9127 9.2436 9.1197
Mod. Duration (yrs) - 2.481 2.308 2.120 1.920 1.724
110 11.0
Convexity (yrs) - 7.339 6.338 5.352 4.404 3.568
Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
106 10.0
102 9.0
98 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
HRTA01CN1 - 0.0%
HRTA01CN2 11.0%
- 100 200 300 400 500 600 700
468
HRTA FINANCIAL HIGHLIGHT

813,552 941,082 15.68 p 10.19
Receivables 9.40 9.76
952,096 1,482,242 55.68 p 8.60
Inventories 7.57 7.97
Current Assets 2,195,436 2,669,836 21.61 p
96,237 148,806 54.62 p 4.64
Property, Plant and Equipment 4.49 4.12
(%)
Total Assets 2,311,190 2,830,686 22.48 p
Current Liabilities 217,969 209,281 -3.99 q
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 460,526 460,526 - 
12.38 12.58
Non Controlling Interest 411 4,375 965.32 p
Total Equity 1,211,247 1,356,947 12.03 p 8.03
6.49
(%)
6.03

INCOME STATEMENTS
Total Revenues 3,235,522 4,138,627 27.91 p
Gross Profit 315,795 421,698 33.54 p
31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 250,228 343,851 37.42 p
1275.72
Peer Group
(%)

368.68
1. PT Hartadinata Abadi Tbk. 4,139 4.12 27.91 90.81 108.61
40.66
31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Equity (%) 11.29 12.38 12.58
Current Ratio (%) 368.68 1007.22 1275.72
Cash Flow/Debt (%) -4.92 -20.45 -43.89
469
IIFF PT Indonesia Infrastructure Finance

Sub Sector : Financing Service Prosperity Tower, 55th Floor, Disctrict 8, SCBD
Website : www.iif.co.id Jln. Jend. Sudirman Kav. 52-53
Corporate Sec. : Nastantio W. Hadi Jakarta 12190
Fax : (021) 5082-6601
PT Indonesia Infrastruture Finance was SHAREHOLDERS

established on January 15, 2010. As a 1. PT Sarana Multi 30.00% 4. DEG - Deutsche 15.12%
specialized institution that offers long-term solutions to cater to Infrastruktur (Persero) Investitions
significant infrastructure financing needs in Indonesia and to fill the
2. Asian Development Bank 19.99% 5. Sumitomo Mitsui Banking Corporation
14.90%
gap of the contribution of institutions in spurring the growth of
Indonesia’s infrastructure and financing, IIF has emerged to enhance 3. International Finance 19.99%
private sector’s active contribution to infrastructure development of Corporation
the country by providing a wide range of financial and non-financial
services. AUDIT COMMITTEE
IIF’s purpose is to be a catalyst to accelerate and to improve private 1. Vincentius Sonny Loho 4. Rinaldi Firmansyah
participation in infrastructure development in Indonesia. IIF provides 2. Asep Hikmat
fund based products such as long-term loan and non-fund based
3. Darmin Nasution
product such as guarantees, and other services relating to
infrastructure projects.
Supported by the strong capitalization from the shareholders as well
as long-term subordinated loans from the World Bank and the Asian
Development Bank, IIF has a very sound basis to provide solutions for 1. Darmin Nasution 7. Rinaldi Firmansyah *
financing infrastructure development in Indonesia. 2. Andreas Zeisler 8. V. Sonny Loho *
3. Bhimantara Widyajala 9. Yon Arsal
4. Ken Tomisaki
5. Lodewijk Govaerts
6. Richard Lyon Ranken
*independen
BOARD OF DIRECTORS
1. Reynaldi Hermansjah
2. Devi Pradnya Paramita
3. I Made Wiracita Tantra
4. Mohammad Ramadhan Harahap
5. Yanindya Bayu Wirawan

5. Fitch Ratings Indonesia AAA(idn) 27-Feb-19 Stable
as of June 2021
SWOT Analysis
- Strong support from its shareholders - Concentrated financing profile
- Strong capitalization profile
- Strong market position S W - Limited feasible infrastructure projects
- Strong liquidity and financial flexibility
- Infrastructure as government's one of the top priorities - The sustainability of infrastructure development
- Economic recovery prospect somewhat depends on the policies of the authorities
470
THREATS
AS OF JUNE 2021
Coupon Coupon
IIFF01ACN2 Indonesia Infrastructure 5.00% - PT Bank Mega idAAA
1. 570,000 22-Oct-20 28-Oct-21 1
IDA0001113A2 Finance Tahap II Tahun 21-Jan-21 Tbk. Stable
2020 Seri A 21-Apr-21
Quarterly
19-Jul-20
Obligasi I Indonesia
IIFF01B 8.70% 19-Oct-20 PT Bank Mega idAAA
2. Infrastructure Finance 250,000 20-Jul-16 19-Jul-21 5
Tahun 2016 Seri B
Quarterly 19-Apr-21

IIFF01BCN1 Indonesia Infrastructure 7.75% 18-Dec-20 PT Bank Mega idAAA
3. 372,000 19-Dec-19 18-Dec-22 3
IDA0001041B3 Finance Tahap I Tahun 18-Mar-21 Tbk. Stable
2019 Seri B 18-Jun-21
Quarterly
IIFF01BCN2 Indonesia Infrastructure 6.65% - PT Bank Mega idAAA
4. 810,000 22-Oct-20 21-Oct-23 3
IDA0001113B0 Finance Tahap II Tahun 21-Jan-21 Tbk. Stable
2020 Seri B 21-Apr-21
Quarterly
19-Jul-20
Obligasi I Indonesia
IIFF01C 9.00% 19-Oct-20 PT Bank Mega idAAA
5. Infrastructure Finance 425,000 20-Jul-16 19-Jul-23 7
Tahun 2016 Seri C
Quarterly 19-Apr-21

IIFF01CCN1 Indonesia Infrastructure 7.90% 18-Dec-20 PT Bank Mega idAAA
6. 163,000 19-Dec-19 18-Dec-24 5
IDA0001041C1 Finance Tahap I Tahun 18-Mar-21 Tbk. Stable
2019 Seri C 18-Jun-21
Quarterly
IIFF01CCN2 Indonesia Infrastructure 6.90% - PT Bank Mega idAAA
7. 120,000 22-Oct-20 21-Oct-25 5
IDA0001113C8 Finance Tahap II Tahun 21-Jan-21 Tbk. Stable
2020 Seri C 21-Apr-21
Quarterly
471
TRADING HIGHLIGHT
IIFF01ACN2
ISIN CODE : IDA0001113A2 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
1500 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - 1,212.0 1,096.0 499.0
1200 20
900 15 Trading days - - - 7 7 3
Turnover Ratio (%) - - - 850.53 769.12 350.18
600 10 CTP Price - High - - - 100.550 100.800 101.220
Date - - - 10-Dec 10-Feb 25-May
300 5
CTP Price - Low - - - 99.300 98.730 100.240
- - Date - - - 24-Nov 29-Jan 31-May
PHEI Fair Yield (%) - - - 5.3581 4.9261 3.9161
Mod. Duration (yrs) - - - 0.799 0.559 0.322
102 5.5
Convexity (yrs) - - - 0.845 0.454 0.184
Sensitivity (%) - - - 0.008 0.006 0.003
101 5.0
100 4.5
99 4.0
98 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IIFF01B Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
350 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
280 16
210 12 Trading days 2 2 4 4 6 2
Turnover Ratio (%) 48.00 48.00 464.00 264.00 443.20 48.00
140 8 CTP Price - High 102.840 102.390 103.230 102.600 102.100 100.940
Date 05-Mar 06-May 05-Aug 02-Dec 20-Jan 10-May
70 4
CTP Price - Low 102.800 102.350 102.000 101.800 101.550 100.900
- - Date 28-Feb 29-Apr 04-Aug 27-Oct 01-Feb 04-May
PHEI Fair Yield (%) 6.7718 5.8802 5.6592 5.1001 4.6141 3.7292
Mod. Duration (yrs) 1.203 0.987 0.761 0.530 0.291 0.052
105 8.0
Convexity (yrs) 1.806 1.253 0.783 0.418 0.158 0.016
104 7.0 Sensitivity (%) 0.012 0.010 0.008 0.005 0.003 0.001
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
472
IIFF01BCN1
Volume
Trading 2020 2021
Activities,
450 18 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 410.00 275.00 317.00 11.00 106.00 -
300 12
Turnover Ratio (%) 440.86 295.70 340.86 11.83 113.98 -
CTP Price - High 101.390 100.290 102.740 103.250 103.360 -
150 6
Date 05-Mar 04-Jun 07-Sep 20-Nov 04-Mar -
CTP Price - Low 101.000 100.250 101.260 103.250 103.000 -
- - Date 20-Mar 28-May 15-Jul 20-Nov 16-Feb -
PHEI Fair Yield (%) 7.3643 7.3533 6.5845 5.9800 5.6531 5.2029
Mod. Duration (yrs) 2.424 2.224 2.022 1.814 1.597 1.381
105 8.0
Convexity (yrs) 6.832 5.764 4.785 3.876 3.035 2.304
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
103 7.0
101 6.0
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IIFF01BCN2
Volume
Trading 2020 2021
Activities,
900 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
720 28
nar >> 540 21 Trading days - - - 5 8 10
Turnover Ratio (%) - - - 412.35 325.93 259.26
360 14 CTP Price - High - - - 100.150 101.700 102.500
180 7
CTP Price - Low - - - 100.050 100.180 100.880
- - Date - - - 10-Dec 11-Feb 06-Apr
PHEI Fair Yield (%) - - - 6.5834 6.3522 5.6681
Mod. Duration (yrs) - - - 2.512 2.306 2.105
103 7.0
Convexity (yrs) - - - 7.344 6.206 5.190
Sensitivity (%) - - - 0.025 0.023 0.021
102 6.5
101 6.0
100 5.5
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
473
IIFF01C Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
180 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
144 24
108 18 Trading days 1 3 3 9 6 5
Turnover Ratio (%) 112.94 29.18 19.76 148.71 27.29 21.65
72 12 CTP Price - High 107.550 102.020 106.400 106.000 105.930 105.930
Date 27-Feb 02-Jun 18-Sep 27-Nov 10-Feb 29-Jun
36 6
CTP Price - Low 104.800 101.260 104.330 103.800 105.560 105.430
- - Date 27-Feb 21-Apr 07-Sep 23-Nov 19-Jan 16-Apr
PHEI Fair Yield (%) 7.8154 7.2148 6.9049 6.4686 6.4815 5.9485
Mod. Duration (yrs) 2.796 2.621 2.434 2.243 2.041 1.844
109 9.0
Convexity (yrs) 9.302 8.158 7.035 5.982 4.970 4.075
Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
106 8.0
103 7.0
100 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IIFF01CCN1
Volume
Trading 2020 2021
Activities,
120 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 40.00 - 20.00 20.00 12.00 100.00
Frequency
90 6 Frequency (X) 2 - 2 2 5 6
nar >> Trading days 1 - 1 1 2 2
60 4 Turnover Ratio (%) 98.16 - 49.08 49.08 29.45 245.40
CTP Price - High 102.420 - 101.000 101.350 103.000 104.880
30 2 Date 04-Mar - 02-Jul 02-Oct 04-Feb 10-Jun
CTP Price - Low 102.410 - 101.000 101.200 102.750 104.400
- - Date 04-Mar - 02-Jul 02-Oct 14-Jan 13-Apr
PHEI Fair Yield (%) 8.7942 7.6381 7.5777 6.8846 6.8489 6.3427
Mod. Duration (yrs) 3.869 3.730 3.555 3.388 3.201 3.022
106 10.0
Convexity (yrs) 17.679 16.320 14.782 13.375 11.920 10.604
104 9.0 Sensitivity (%) 0.039 0.037 0.036 0.034 0.032 0.030
102 8.0
100 7.0
98 6.0
96 5.0
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
474
IIFF01CCN2
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - 7.1260 7.1288 6.5564
Mod. Duration (yrs) - - - 4.004 3.824 3.660
102 7.5
Convexity (yrs) - - - 18.858 17.164 15.658
Sensitivity (%) - - - 0.040 0.038 0.037
100 7.0
98 6.5
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
nar >> IIFF01ACN2 1,212 212.6%
IIFF01B 30 30 290 165 206.0%
IIFF01BCN1 410 275 317 272.3%
IIFF01BCN2 835 103.1%
IIFF01C 120 3121 158 77.6%
IIFF01CCN1 40 49.1%
IIFF01CCN2 0.0%
- 200 400 600 800 1,000 1,200 1,400
475
IIFF FINANCIAL HIGHLIGHT

76.72 80.20 79.21 79.77
Cash & Cash Equivalents 2,429,067 2,057,059 -15.31 q
Consumer Financing Receivables - - - 
Property, Plant and Equipment 293,507 276,883 -5.66 q 2.26 1.71 1.91 2.57 4.66 2.76
Total Assets 12,311,060 14,684,372 19.28 p
(%)
Fund Borrowings 7,856,663 9,536,115 21.38 p -12.66 -5.61
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Total Equity 2,152,559 2,180,260 1.29 p 1.95
0.74
0.13 0.29
(%)
-0.63 -0.41
INCOME STATEMENTS -2.01
Total Revenues 823,861 893,628 8.47 p
Expenses 1,298,242 1,255,837 -3.27 q -3.67
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 59,677 98,694 65.38 p
73.56
67.81
61.35
51.60
Peer Group
(%)

19.80 20.79 20.23
1. PT Mandala Multifinance Tbk. 1,522 11.46 -11.80
Financial Ratios
Net Profit Margin (%) -12.66 -5.61 1.91 4.66
Return on Assets (%) -0.63 -0.41 0.13 0.29
Return on Equity (%) -3.67 -2.01 0.74 1.95
BOPO (%) 23.28 19.80 20.79 20.23
Cash Flow / Debt (%) -10.36 -4.63 -4.47 -22.60
476
IMFI PT Indomobil Finance Indonesia

Sub Sector : Financing Service Indomobil Tower 8th. Floor
Website : www.indomobilfinance.com Jln. Letjend. M.T. Haryono Kav. 11
Corporate Sec. : Edy Handojo Santoso Jakarta 13330
Fax : (021) 2918-5401
PT Indomobil Finance Indonesia is a company SHAREHOLDERS

engaged in the business of financing services for 1. PT Indomobil Multi Jasa 99.91%
motorcycles, cars, commercial vehicles, heavy Tbk.
equipment, property and micro-financing with
consumer finance, leasing and factoring that is founded in 1993. In 2003, 2. PT IMG Sejahtera Langgeng
0.09%
after the takeover of Marubeni Corporation’s shares by Indomobil Group,
the company changed its name to PT Indomobil Finance Indonesia (IMFI).
In the middle of 2009, from motorcycle and car financing, IMFI expanded
its business by providing financing service for commercial vehicles. AUDIT COMMITTEE
In 2012, IMFI added a new line on its business activities, namely sharia 1. Triyana Iskandarsjah
financing by establishing the Sharia Business Unit supported by Sharia
2. Atty Yuniawati
Supervisory Board.
3. Vera Intanie Dewi
In 2013, IMFI held an Extraordinary General Meeting of Shareholders
(EGMOS) that approved the sales or the transfer of the Company's shares,
which were previously owned by IMSI to PT Indomobil Multi Jasa, Tbk.
(IMJ), amounted to 599,250 shares. BOARD OF COMMISSIONERS
In 2015, IMFI diversified its financing product by providing property 1. Jusak Kertowidjojo
financing and multipurpose financing. IMFI's latest business expansion
2. Gunawan
was in early 2017 by adding microfinancing segment.
3. Triyana Iskandarsjah *
IMFI's scope of Business:
Investment Financing
Working Capital Financing
Multipurpose Financing *independen
Operating lease and/or fee-based activities as long as they do not violate BOARD OF DIRECTORS
regulations in financial sector.
1. Edy Handojo Santoso
Conduct financing activities according to the sharia principles including
2. Paulus A. Larosa
funding, channeling and/or other activities in compliance with the rules
determined by the authority. 3. Sifra Viona Tjahjono
1. Pefindo idA 11-Feb-21 Stable

2. Pefindo idA 18-Feb-20 Stable
as of June 2021
SWOT Analysis
- Strong business synergy with Indomobil Group - Moderate asset quality indicators
- Strong asset-liability management profile
- Well-diversified business portfolio S W - Moderate profitability
- Opportunity to expand the line of businesses - Unfavorable impact of COVID-19

- The strong consumer demand for the automotive industry - Tight competition in the industry
- Decreasing interest rate
O T - Improving mass transportation infrastructure in
Greater Jakarta area
477
AS OF JUNE 2021
Coupon Coupon

IMFI02CCN4 II Indomobil Finance 9.40% 23-Dec-20 PT Bank Mega idA
1. 121,000 24-Mar-17 23-Mar-22 5
IDA0000796C1 Tahap IV Tahun 2017 23-Mar-21 Tbk. Stable
Seri C 23-Jun-21
Quarterly

IMFI03CCN1 III Indomobil Finance 9.10% 07-Oct-20 PT Bank Mega idA
2. 65,000 10-Jul-17 07-Jul-22 5
IDA0000832C4 Indonesia Tahap I 07-Jan-21 Tbk. Stable
Quarterly
Obligasi Berkelanjutan III 15-Aug-20
IMFI03CCN2
Indomobil Finance 8.15% 15-Nov-20 PT Bank Mega idA
3. Indonesia Dengan Tingkat 157,000 19-Feb-18 15-Feb-23 5
IDA0000877C9 Bunga Tetap Tahap II Tahun 15-Feb-21 Tbk. Stable
2018 Seri C Quarterly 15-May-21
18-Aug-20
Indomobil Finance 8.45%
IMFI03CCN3 18-Nov-20 PT Bank Mega idA
4. Dengan Tingkat Bunga 55,000 21-May-18 18-May-23 5
IDA0000901C7 Tetap Tahap III Tahun
18-Feb-21 Tbk. Stable
IMFI04ACN1 Berkelanjutan IV Indomobil 8.45% 04-Nov-20 PT Bank Mega idA
5. Finance Indonesia Dengan 229,000 05-Aug-20 14-Aug-21 1
IDA0001083A7 Tingkat Bunga Tetap Tahap I 04-Feb-21 Tbk. Stable
Tahun 2020 Seri A
Quarterly 04-May-21
IMFI04BCN1 Berkelanjutan IV Indomobil 9.55% 04-Nov-20 PT Bank Mega idA
IDA0001083B5 Tingkat Bunga Tetap Tahap I 04-Feb-21 Tbk. Stable
Tahun 2020 Seri B
Quarterly 04-May-21
IMFI04CCN1 Berkelanjutan IV Indomobil 9.90% 04-Nov-20 PT Bank Mega idA
IDA0001083C3 Tingkat Bunga Tetap Tahap I 04-Feb-21 Tbk. Stable
Tahun 2020 Seri C
Quarterly 04-May-21
478
TRADING HIGHLIGHT
IMFI02CCN4
Volume
Trading 2020 2021
Activities,
20 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume (Rp bn) - - - - 18.00 -
Volume
15 6 Frequency (X) - - - - 6 -
Frequency
10 4 Turnover Ratio (%) - - - - 59.50 -
CTP Price - High - - - - 101.400 -
5 2 Date - - - - 11-Jan -
CTP Price - Low - - - - 101.000 -
- - Date - - - - 11-Jan -
PHEI Fair Yield (%) 9.1846 8.2395 8.0469 7.5653 7.6673 7.0470
Mod. Duration (yrs) 1.784 1.583 1.370 1.153 0.926 0.701
105 9.5
Convexity (yrs) 3.780 3.002 2.281 1.650 1.103 0.671
Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
103 8.5
101 7.5
99 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IMFI03CCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.3764 8.4352 8.2720 7.7658 7.9346 7.4344
Mod. Duration (yrs) 1.983 1.793 1.589 1.382 1.163 0.948
104 10.0
Convexity (yrs) 4.729 3.880 3.072 2.352 1.704 1.168
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
102 9.0
100 8.0
98 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
479
IMFI03CCN2
Volume
Trading 2020 2021
Activities,
21 18 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 17.90 2.00 2.00 8.00 - -
14 12
Trading days 10 1 1 1 - -
Turnover Ratio (%) 45.61 5.10 5.10 20.38 - -
CTP Price - High 101.250 - - 99.550 - -
7 6
Date 15-Jan - - 24-Nov - -
CTP Price - Low 96.000 - - 99.000 - -
- - Date 24-Jan - - 24-Nov - -
PHEI Fair Yield (%) 9.7144 8.7512 8.6798 8.3509 8.3682 8.0743
Mod. Duration (yrs) 2.495 2.313 2.114 1.913 1.702 1.494
103 10.0
Convexity (yrs) 7.331 6.298 5.275 4.337 3.460 2.693
Sensitivity (%) 0.025 0.023 0.021 0.019 0.017 0.015
100 9.0
97 8.0
94 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IMFI03CCN3
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.8353 8.8532 8.8280 8.2860 8.5127 8.2883
Mod. Duration (yrs) 2.681 2.507 2.313 2.120 1.912 1.709
104 10.5
Convexity (yrs) 8.483 7.400 6.307 5.305 4.339 3.490
Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.017
101 9.5
98 8.5
95 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
480
IMFI04ACN1 Listing Date Maturity Date
ISIN CODE : IDA0001083A7 Aug-20 Aug-21
Volume
Trading 2020 2021
Activities,
180 36 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume - - 170.00 - 153.00 11.00
nar >> 150 30 Volume (Rp bn)
Frequency
Frequency (X) - - 20 - 29 6
120 24
90 18 Turnover Ratio (%) - - 296.94 - 267.25 19.21
CTP Price - High - - 100.250 - 101.600 101.480
60 12
Date - - 14-Aug - 22-Jan 23-Jun
30 6
CTP Price - Low - - 99.800 - 99.980 100.380
- - Date - - 10-Aug - 25-Jan 07-Jun
PHEI Fair Yield (%) - - 8.3432 7.0972 6.3881 5.9764
Mod. Duration (yrs) - - 0.824 0.596 0.359 0.120
102 9.5
Convexity (yrs) - - 0.898 0.508 0.218 0.044
Sensitivity (%) - - 0.008 0.006 0.004 0.001
101 8.5
100 7.5
99 6.5
98 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IMFI04BCN1
ISIN CODE : IDA0001083B5 Aug-20 Aug-21 Aug-22 Aug-23
Volume
Trading 2020 2021
Activities,
30 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
24 8
nar >> 18 6 Trading days - - - - - -
12 4 CTP Price - High - - - - - -
Date - - - - - -
6 2
- - Date - - - - - -
PHEI Fair Yield (%) - - 8.9464 8.3998 8.6245 8.4530
Mod. Duration (yrs) - - 2.437 2.253 2.054 1.859
103 10.0
Convexity (yrs) - - 7.076 6.047 5.039 4.144
Sensitivity (%) - - 0.024 0.023 0.021 0.019
102 9.5
101 9.0
100 8.5
99 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
481
IMFI04CCN1
Volume
Trading 2020 2021
Activities,
2 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
1 1 Turnover Ratio (%) - - - - 4.44 -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 9.8288 9.2517 9.4388 9.5719
Mod. Duration (yrs) - - 3.757 3.620 3.453 3.291
104 10.5
Convexity (yrs) - - 17.286 15.943 14.467 13.092
Sensitivity (%) - - 0.038 0.036 0.035 0.033
102 10.0
100 9.5
98 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
nar >> IMFI02CCN4 0.0%
IMFI03CCN1 0.0%
IMFI03CCN2 18 8 19.0%
IMFI03CCN3 0.0%
IMFI04ACN1 170 74.2%
IMFI04BCN1 0.0%
IMFI04CCN1 0.0%
- 50 100 150 200 250
482
IMFI FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 116,818 891,234 662.93 p 74.13 75.69 78.62
Consumer Financing Receivables 5,696,949 4,097,710 -28.07 q 52.02
Total Assets 15,298,516 13,566,450 -11.32 q 23.09
(%)
16.82 18.59 18.50
Fund Borrowings - - -  6.40 6.17 5.44 2.94
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 892,000 1,042,000 16.82 p Operating Profit Margin Net Profit Margin
Paid up Capital (Shares) 892,000 1,042,000 16.82 p Net Interest Margin
7.08 7.25
Total Equity 1,813,804 1,846,183 1.79 p
3.79
(%)
0.52
Total Revenues 2,154,272 2,128,905 -1.18 q
Expenses 2,310,128 2,446,910 5.92 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 201,025 117,923 -41.34 q
53.64
47.98
43.01 42.25
34.96
Peer Group
(%)
25.87 24.31
1. PT Indomobil Finance Indonesia 2,129 3.29 -1.18
2. PT Mandiri Tunas Finance 2,021 3.75 -24.02
3. PT Wahana Ottomitra Multiartha Tbk. 1,994 33.53 -24.36 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Mitra Pinasthika Mustika Finance 1,775 -16.70 -3.50
5. PT Sinarmas Multi Finance 1,675 3.75 0.03 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 0.97 0.85 0.86 0.52
Return on Equity (%) 7.08 7.32 7.25 3.79
BOPO (%) 25.87 24.31 21.38 47.98
Cash Flow / Debt (%) -10.63 -21.53 -8.35 23.54
483
IMPC PT Impack Pratama Industri Tbk.

Sector : Industrials ADDRESS
Sub Sector : Industrial Goods ALTIRA Office Tower, 38th Floor ALTIRA Business Park,
Website : www.impack-pratama.com Jln. Yos Sudarso Kav. 85, Sunter Jaya, Tanjung Priok
Corporate Sec. : Lenggana Linggawati Jakarta 14350
Fax : (021) 2188-2002
The history of the SHAREHOLDERS

Company began in
1. PT Tunggal Jaya Investama 45.60%
1981 as the starting
point of the Company’s establishment which was legally and 2. PT Harimas Tunggal Perkasa 44.38%
administratively stipulated based on the Ratification Letter of 3. Public 8.33%
Minister of Justice of the Republic of Indonesia No.Y.A.5/179/4. After 4. Haryanto Tjiptodihardjo 1.69%
passing the legal-formal aspect, in 1982, the Company commenced
its operational activities for the first time under the name PT Impack
Pratama Industries Co. Ltd.
AUDIT COMMITTEE
Then, based on the deed of Meeting Resolution No. 143 dated June 1. Kelvin Choon Jhen Lee
30, 1993, the Company has officially changed its name to PT Impack 2. Priscella Pipie Widjaja
Pratama Industri and based on the deed of shareholders Meeting
3. Tri Susilo
Resolution No. 166 dated August 26, 2014 the company name
became PT Impack Pratama Industri Tbk (IMFI) up to the present.
IMFI’s main business activity is to become a manufacturer and BOARD OF COMMISSIONERS

distributor of plastic building materials for the customers’ need, such
1. Handojo Tjiptodihardjo
as fiberglass, polycarbonate, aluminium composite panel, ventilator,
2. Kelvin Choon Jhen Lee *
and other plastic and non-plastic building materials/equipment. IMFI
also conducts trading business related to the mentioned products,
including import, export and local trading.
Currently, IMFI already has 14 subsidiaries, each of which is engaged

in various business fields, namely the industry of plastic building
materials, distribution, and plastic industry supporting activities, as *independen
well as other business fields, such as property and industry of BOARD OF DIRECTORS
adhesive materials/glue. 1. Haryanto Tjiptodihardjo 7. Sugiarto Romeli
2. David Herman Liasdanu 8. Wira Yuwana
3. Janto Salim
4. Lindawati
5. Lisan
6. Nga Seg Min

3. Pefindo idA- 13-Sep-18 Negative
5. Pefindo idA- 2-Nov-16 Stable
as of June 2021
SWOT Analysis
- Strong market position in the polycarbonate - The dependence on the property sector
roofing product industry
- Extensive distribution network S W - High real estate inventory
- Moderate financial leverage

-The positive trend performance of national manufacturing industry - Ban on the use of plastic
O T
-The increasing uPVC sales trend - Tight competition with producers from China
-Increasing demand for food packaging due to higher demand for
food delivery business
484
AS OF JUNE 2021
Coupon Coupon
02-Sep-20
Obligasi I Impack
IMPC01B 10.50% 02-Dec-20 PT Bank Mega idA-
1. Pratama Industri 100,000 05-Dec-16 02-Dec-21 5
Tahun 2016 Seri B
Quarterly 02-Jun-21
TRADING HIGHLIGHT
IMPC01B
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.2685 8.4727 7.9637 7.8722 7.9623 7.3497
Mod. Duration (yrs) 1.507 1.303 1.089 0.868 0.638 0.408
106 10.0
Convexity (yrs) 2.758 2.091 1.494 0.986 0.571 0.269
Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
104 9.0
102 8.0
100 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
IMPC01B 0.0%
- 20 40 60 80 100 120
485
IMPC FINANCIAL HIGHLIGHT

33.07 36.23
29.86
Receivables 292,117 363,286 24.36 p
Inventories 573,101 603,692 5.34 p
Current Assets 1,174,700 1,261,952 7.43 p 15.86
13.74 14.41 12.96
(%)
7.65 7.56
Total Assets 2,501,133 2,697,100 7.84 p 6.23 6.44
Current Liabilities 479,080 608,354 26.98 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 48,335 48,335 - 
7.69
6.61
Total Equity 1,408,288 1,465,908 4.09 p
4.45 4.29
(%)
3.98 3.72
INCOME STATEMENTS
Total Revenues 1,495,760 1,797,515 20.17 p
Gross Profit 494,717 651,186 31.63 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 264,518 307,609 16.29 p
360.56 356.42
245.20
207.44
Peer Group
(%)

1. PT Voksel Electric Tbk. 1,834 0.15 -31.30
2. PT Impack Pratama Industri Tbk. 1,798 6.44 20.17
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 3.98 4.45 3.72 4.29
Return on Equity (%) 7.08 7.69 6.61 7.90
Current Ratio (%) 360.56 356.42 245.20 207.44
Cash Flow/Debt (%) 2.05 4.33 12.50 18.43
486
INDF PT Indofood Sukses Makmur Tbk.

Sub Sector : Food & Beverage Sudirman Plaza, Indofood Tower, 27th Floor
Website : www.indofood.com Jln. Jend. Sudirman Kav. 76-78
Corporate Sec. : Victor Suhendra Jakarta 12910
Fax : (021) 5793-7373
Over the last two decades, Indofood has SHAREHOLDERS

progressively transformed into a Total Food
1. First Pacific Investment Management Ltd. 50.07%
Solutions company with ope rations
2. Public 49.91%
in all stages of food manufacturing, from the production of raw
materials and their processing, to consumer products in the market. 3. Anthoni Salim 0.02%
Today, it is renowned as a well-established company and a leading 4. Franciscus Welirang 0.00%
player in each business category in which it operates. In its business 5. Taufik Wiraatmadja 0.00%
operations, Indofood capitalizes on economies of scale and a
resilient business model with five complementary Strategic Business AUDIT COMMITTEE
Groups (“Group”), namely:
1. Utomo Josodirdjo
(1) Consumer Branded Products
2. Adi Pranoto Leman
Supported by the strength of its product brands, the Group 3. Timotius
produces a diverse range of consumer branded products including
noodles, dairy, snack foods, food seasonings, nutrition and special
foods, and beverages.
(2) Bogasari
1. Manuel Velez Pangilinan 7. Bambang Subianto *
The Group is primarily a producer of wheat flour as well as pasta,
2. Benny Setiawan Santoso 8. Adi Pranoto Leman *
with business operations supported by its own shipping and
packaging units. 3. Christopher H. Young
4. Joseph Hon Pong Ng
(3) Agribusiness
5. John William Ryan
The Group’s principal activities range from research and
6. Utomo Josodirdjo *
development, seed breeding, oil palm cultivation and milling, to the
production and marketing of branded cooking oils, margarine and *independen
shortening. The Group also cultivates and processes sugar cane, BOARD OF DIRECTORS
rubber and other crops. 1. Anthoni Salim 7. Joedianto Soejonopoetro
(4) Distribution 2. Franciscus Welirang 8. Hendra Widjaja
With the most extensive distribution network in Indonesia, the Group 3. Tjhie Tje Fie (Thomas Tjhie)
distributes the majority of the consumer products manufactured by 4. Taufik Wiraatmadja
Indofood and its subsidiaries, as well as by third parties, to the 5. Moleonoto (Paulus Moleonoto)
market. 6. Axton Salim
1. Pefindo idAA+ 7-Apr-21 Stable

as of June 2021
SWOT Analysis
- Superior market position in the packaged food industry - Aggressively finance its expansion with debt
- Well diversified business portfolio
- Have a vertically integrated business operations S W substantially larger than projected
- Lower ability to generate profit
-Strong cash flow protection measures
- Increasing domestic private consumption, investments, -Tight competition in the F&B industry
O T
and government spending -Adverse economic conditions due to COVID-19
- An increase in commodity price and recovery in the -Depreciation of Rupiah against USD
production
OPPORTUNITIES
- Increasing middle income class people THREATS
487
AS OF JUNE 2021
Coupon Coupon
26-Aug-20
Obligasi Indofood
INDF08 8.70% 26-Nov-20 PT Bank Mega idAA+
1. Sukses Makmur VIII 2,000,000 29-May-17 26-May-22 5
IDA000080709 26-Feb-21 Tbk. Stable
Tahun 2017
Quarterly 26-May-21
TRADING HIGHLIGHT
INDF08
ISIN CODE : IDA000080709 May-17 May-18 May-19 May-20 May-21 May-22
Volume
Trading 2020 2021
Activities,
600 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
500 Volume
50 Volume (Rp bn) 132.00 423.40 20.00 131.00 238.00 522.00
400 40
300 30 Turnover Ratio (%) 26.40 84.68 4.00 26.20 47.60 104.40
CTP Price - High 104.360 101.650 101.550 104.380 103.920 104.300
200 20
Date 04-Mar 18-May 24-Jul 27-Nov 17-Mar 27-May
100 10
CTP Price - Low 101.500 99.500 100.400 102.370 102.000 102.300
- - Date 22-Jan 05-May 06-Jul 06-Nov 15-Mar 29-Apr
PHEI Fair Yield (%) 7.8037 8.3046 6.5716 5.8661 5.6397 4.5214
Mod. Duration (yrs) 1.935 1.727 1.525 1.311 1.086 0.865
110 9.0
Convexity (yrs) 4.435 3.561 2.801 2.103 1.483 0.979
107 8.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
104 7.0
101 6.0
98 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
INDF08 132 423 131 35.3%
- 500 1,000 1,500 2,000 2,500
488
INDF FINANCIAL HIGHLIGHT

13,745,118 17,336,960 26.13 p 32.73
28.31 27.54
Receivables 5,406,033 6,429,130 18.93 p
Inventories 9,658,705 11,150,432 15.44 p
Current Assets 31,403,445 38,418,238 22.34 p 15.77
12.46 11.86 12.84
(%)
7.33 7.71
Total Assets 96,198,559 163,136,516 69.58 p 6.76
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 878,043 878,043 - 
10.89
Total Equity 54,202,488 79,138,044 46.00 p
5.85 6.14
5.36
(%)
5.14

INCOME STATEMENTS
Total Revenues 76,592,955 81,731,469 6.71 p
Gross Profit 22,716,361 26,752,044 17.77 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 13,057,264 16,543,817 26.70 p
Comprehensive Income 6,588,662 9,241,113 40.26 p
Net Income/Loss Attributed 4,908,172 6,455,632 31.53 p
150.27
127.21
106.63 106.14
Peer Group 88.08 93.40
(%)
77.48
1. PT Indofood Sukses Makmur Tbk. 81,731 10.71 6.71
2. PT Sinar Mas Agro Resources & Tech Tbk. 40,434 3.81 11.70
3. PT Japfa Comfeed Indonesia Tbk. 36,965 2.71 -4.91 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
5. PT Tunas Baru Lampung Tbk. 10,863 6.27 27.31 Current Ratio Debt to Equity Ratio
Financial Ratios
Return on Assets (%) 5.85 5.14 6.14 5.36
Return on Equity (%) 11.00 9.94 10.89 11.06
Current Ratio (%) 150.27 106.63 127.21 137.33
Cash Flow/Debt (%) 15.80 12.73 31.78 16.49
489
INKP PT Indah Kiat Pulp & Paper Tbk

Sub Sector : Basic Materials Tower 2 Sinarmas Land Plaza 9th Fl.
Website : www.asiapulppaper.com Jln. MH Thamrin No.51 Gondangdia
Corporate Sec. : Heri Santoso Jakarta Pusat 10350
Fax : (021) 3927-685
PT Indah Kiat Pulp & Paper Tbk (the SHAREHOLDERS

“Company”) was established in the 1. PT Purinusa Ekapersada 53.25%
Republic of Indonesia under the 2. Public (<5%) 46.75%
framework of Foreign Capital Investment Law No. 1 of 1967, based on
Notarial Deed No. 68 of Ridwan Suselo dated December 7th, 1976.
The Company’s Articles of Association were approved by the Ministry
of Justice of the Republic of Indonesia in its Decision Letter No.
Y.A.5/50/2 dated February 9th, 1978 and published in State Gazette of
the Republic of Indonesia No. 18, Supplement No. 172 dated March AUDIT COMMITTEE
3rd, 1978. The Company’s Articles of Association have been amended 1. Ramelan
several times. The latest amendment to the Company’s Articles of 2. Aditiawan Chandra
Association was to comply with Regulation Of Financial Service
3. Dr. Ir.Rizal Affandi Lukman, MA
Authority (POJK) No. 15/POJK.04/2020 concerning the Planning and
Implementation of General Meeting of Shareholders of Public
Company juncto POJK No. 16/POJK.04/2020 concerning the
Implementation of Electronic General Meeting of Shareholders of BOARD OF COMMISSIONERS
Public Company, both dated April 20th, 2020 and other related 1. Saleh Husin 6. Ramelan *
regulation, which is based on the Notarial Deed No. 41, dated 2. Arthur Tahya 7. Sukirta Mangku Djaja
September 23rd, 2020 of Aulia Taufani, SH, Notary in South Jakarta.
3. Dr. Ir.Rizal Affandi Lukman, MA *
The amendment was recorded in the database of the Legal Entity
4. Kosim Sutiono
Administration System of the Ministry of Law and Human Rights of
the Republic of Indonesia in its decision letter No. AHU-AH.01.03- 5. Pande Putu Raka *
0396960 dated October 12th, 2020.
Based on Article 3 of the Company’s Articles of Association, the *independen
Company is engaged in manufacturing, trading, mining and forestry. BOARD OF DIRECTORS
Currently, the Company is engaged in the manufacture of cultural 1. Hendra Jaya Kosasih 7. Suhendra Wiriadinata
paper, pulp, tissue and industrial paper. 2. Agustian Rachmansjah Partawidjaja
The Company has been listed on the Jakarta and Surabaya Stock 3. Didi Harsa Tanaja (Didi Harsa)
Exchanges since 1990 (currently, they merger become Indonesia Stock 4. Heri Santoso, Liem
Exchange).
5. Kurniawan Yuwono
The Company now has production facilities in three locations: 6. Lioe Djohan (Djohan Gunawan)
Perawang-Riau, Tangerang and Serang-Banten. The Company’s main
business activities are the production of pulp, tissue, various types of
culture papers consisting of printing and writing paper (coated and
uncoated freesheet) and photocopy paper. The Company also Historical Corporate Ratings
produces industrial paper, i.e packaging paper which comprises:
containerboard (linerboard and corrugated medium), corrugated
shipping containers (converted from containerboard), boxboard, food 1. Pefindo idA+ 24-Jun-21 Stable
packaging and specialty colored papers.
2. Pefindo idA+ 4-Mar-21 Stable
3. Pefindo idA+ 5-May-20 Stable
as of June 2021
SWOT Analysis
-Strong market position in pulp and paper -High working capital needs
-Vertically integrated operations
-Product and consumer geographical diversity S W -Moderate financial leverage
-Stable demand for pulp, paper, packaging, and tissue -Adverse impact from COVID-19 pandemic
products -Volatility in raw material prices
-Economic recovery prospect O T
490
AS OF JUNE 2021
Coupon Coupon
INKP01ACN2 I Indah Kiat Pulp & 9.25% 16-Dec-20 PT Bank idA+
1. 925,600 17-Sep-20 26-Sep-21 1
IDA0001098A5 Paper Tahap II Tahun 16-Mar-21 Bukopin Tbk. Stable
2020 Seri A 16-Jun-21
Quarterly
INKP01ACN3 I Indah Kiat Pulp & 8.50% - PT Bank idA+
2. 504,635 14-Dec-20 21-Dec-21 1
IDA0001124A9 Paper Tahap III Tahun 11-Mar-21 Bukopin Tbk. Stable
2020 Seri A 11-Jun-21
Quarterly
INKP01ACN4 I Indah Kiat Pulp & 7.25% - PT Bank idA+
3. 1,081,430 24-Mar-21 03-Apr-22 1
IDA0001142A1 Paper Tahap IV Tahun - Bukopin Tbk. Stable
2021 Seri A 23-Jun-21
Quarterly

INKP01BCN1 I Indah Kiat Pulp & 10.25% 05-Dec-20 PT Bank idA+
4. 883,475 08-Jun-20 05-Jun-23 3
IDA0001069B4 Paper Tahap I Tahun 05-Mar-21 Bukopin Tbk. Stable
2020 Seri B 05-Jun-21
Quarterly
INKP01BCN2 I Indah Kiat Pulp & 10.50% 16-Dec-20 PT Bank idA+
5. 597,850 17-Sep-20 16-Sep-23 3
IDA0001098B3 Paper Tahap II Tahun 16-Mar-21 Bukopin Tbk. Stable
2020 Seri B 16-Jun-21
Quarterly
INKP01BCN3 I Indah Kiat Pulp & 10.00% - PT Bank idA+
6. 2,468,445 14-Dec-20 11-Dec-23 3
IDA0001124B7 Paper Tahap III Tahun 11-Mar-21 Bukopin Tbk. Stable
2020 Seri B 11-Jun-21
Quarterly
INKP01BCN4 I Indah Kiat Pulp & 9.50% - PT Bank idA+
7. 1,894,625 24-Mar-21 23-Mar-24 3
IDA0001142B9 Paper Tahap IV Tahun - Bukopin Tbk. Stable
2021 Seri B 23-Jun-21
Quarterly

INKP01CCN1 I Indah Kiat Pulp & 11.00% 05-Dec-20 PT Bank idA+
8. 12,100 08-Jun-20 05-Jun-25 5
IDA0001069C2 Paper Tahap I Tahun 05-Mar-21 Bukopin Tbk. Stable
2020 Seri C 05-Jun-21
Quarterly
INKP01CCN2 I Indah Kiat Pulp & 11.50% 16-Dec-20 PT Bank idA+
9. 276,550 17-Sep-20 16-Sep-25 5
IDA0001098C1 Paper Tahap II Tahun 16-Mar-21 Bukopin Tbk. Stable
2020 Seri C 16-Jun-21
Quarterly
INKP01CCN3 I Indah Kiat Pulp & 11.00% - PT Bank idA+
10. 582,715 14-Dec-20 11-Dec-25 5
IDA0001124C5 Paper Tahap III Tahun 11-Mar-21 Bukopin Tbk. Stable
2020 Seri C 11-Jun-21
Quarterly
INKP01CCN4 I Indah Kiat Pulp & 10.25% - PT Bank idA+
11. 277,075 24-Mar-21 23-Mar-26 5
IDA0001142C7 Paper Tahap IV Tahun - Bukopin Tbk. Stable
2021 Seri C 23-Jun-21
Quarterly
491
TRADING HIGHLIGHT
INKP01ACN2


960 48
720 36 Trading days - - 6 22 7 11
Turnover Ratio (%) - - 425.24 229.47 222.99 6.48
480 24 CTP Price - High - - 100.100 102.720 101.950 101.250
Date - - 28-Sep 01-Dec 11-Feb 06-Apr
240 12
CTP Price - Low - - 99.500 98.670 99.070 99.980
- - Date - - 30-Sep 02-Oct 12-Jan 20-Apr
PHEI Fair Yield (%) - - 9.2771 8.6318 6.7331 6.1040
Mod. Duration (yrs) - - 0.934 0.707 0.473 0.235
105 10.0
Convexity (yrs) - - 1.118 0.679 0.341 0.113
103 9.0 Sensitivity (%) - - 0.009 0.007 0.005 0.002
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
INKP01ACN3 Listing Date Maturity Date
ISIN CODE : IDA0001124A9 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21


benar >> Volume Volume (Rp bn) - - - 653.00 390.00 9.00
560 40
420 30 Trading days - - - 5 6 4
Turnover Ratio (%) - - - 517.60 309.13 7.13
280 20 CTP Price - High - - - 130.060 100.930 101.700
Date - - - 30-Dec 17-Feb 14-Apr
140 10
CTP Price - Low - - - 99.900 98.490 100.000
- - Date - - - 22-Dec 21-Jan 07-Jun
PHEI Fair Yield (%) - - - 8.4922 7.0691 6.1874
Mod. Duration (yrs) - - - 0.925 0.695 0.463
105 10.0
Convexity (yrs) - - - 1.098 0.659 0.329
103 9.0 Sensitivity (%) - - - 0.009 0.007 0.005
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
492
INKP01ACN4 Listing Date Maturity Date
ISIN CODE : IDA0001142A1 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22


benar >> Volume Volume (Rp bn) - - - - 186.00 1,137.00
960 72
720 54 Trading days - - - - 4 9
Turnover Ratio (%) - - - - 68.80 420.55
480 36 CTP Price - High - - - - 100.040 100.850
Date - - - - 31-Mar 21-May
240 18
CTP Price - Low - - - - 100.000 99.900
- - Date - - - - 31-Mar 05-Apr
PHEI Fair Yield (%) - - - - 7.2078 6.2890
Mod. Duration (yrs) - - - - 0.945 0.721
115 8.0
Convexity (yrs) - - - - 1.155 0.711
111 7.0 Sensitivity (%) - - - - 0.009 0.007
107 6.0
103 5.0
99 4.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
INKP01BCN1


Volume Volume (Rp bn) - 5,408.10 912.00 30.00 11.00 89.00
4800 120
benar >> 3600 90 Trading days - 10 9 4 2 8
Turnover Ratio (%) - 2,448.56 412.91 13.58 4.98 40.30
2400 60 CTP Price - High - 100.300 100.910 103.500 104.330 105.660
Date - 25-Jun 08-Sep 14-Dec 05-Mar 24-Jun
1200 30
CTP Price - Low - 99.950 100.000 100.250 103.530 100.500
- - Date - 09-Jun 07-Sep 07-Dec 08-Mar 23-Apr
PHEI Fair Yield (%) - 10.1701 10.3052 8.1305 8.2058 7.8200
Mod. Duration (yrs) - 2.488 2.302 2.131 1.931 1.735
107 14.0
Convexity (yrs) - 7.367 6.306 5.397 4.447 3.606
105 12.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
103 10.0
101 8.0
99 6.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
493
INKP01BCN2 Listing Date Maturity Date


benar >> Volume Volume (Rp bn) - - 32.00 270.00 118.00 35.00
240 12
180 9 Trading days - - 3 5 3 5
Turnover Ratio (%) - - 21.41 180.65 78.95 23.42
120 6 CTP Price - High - - 100.500 105.340 105.040 105.900
Date - - 17-Sep 22-Dec 22-Jan 23-Jun
60 3
CTP Price - Low - - 100.000 100.000 100.200 103.500
- - Date - - 23-Sep 23-Nov 27-Jan 16-Apr
PHEI Fair Yield (%) - - 10.5492 8.2486 8.4680 8.3458
Mod. Duration (yrs) - - 2.507 2.347 2.151 1.959
115 12.0
Convexity (yrs) - - 7.474 6.527 5.491 4.565
111 10.0 Sensitivity (%) - - 0.025 0.023 0.022 0.020
107 8.0
103 6.0
99 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
INKP01BCN3


Volume Volume (Rp bn) - - - 283.0 3,335.0 3,308.0
3200 320
benar >> 2400 240 Trading days - - - 6 31 36
Turnover Ratio (%) - - - 45.86 540.42 536.05
1600 160 CTP Price - High - - - 101.700 102.500 101.800
800 80
CTP Price - Low - - - 99.200 98.460 99.060
- - Date - - - 30-Dec 27-Jan 29-Apr
PHEI Fair Yield (%) - - - 9.9387 10.0452 9.8814
Mod. Duration (yrs) - - - 2.514 2.324 2.138
106 12.0
Convexity (yrs) - - - 7.493 6.405 5.422
104 10.0 Sensitivity (%) - - - 0.025 0.023 0.021
102 8.0
100 6.0
98 4.0
96 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
494
INKP01BCN4 Listing Date Maturity Date


benar >> Volume Volume (Rp bn) - - - - 602.00 992.00
880 Frequency
72
Frequency (X) - - - - 26 80
660 54 Trading days - - - - 5 16
Turnover Ratio (%) - - - - 127.10 209.43
440 36 CTP Price - High - - - - 100.150 101.500
Date - - - - 29-Mar 09-Jun
220 18
CTP Price - Low - - - - 99.800 99.350
- - Date - - - - 26-Mar 28-Jun
PHEI Fair Yield (%) - - - - 9.4302 9.4855
Mod. Duration (yrs) - - - - 2.563 2.376
102 9.8
Convexity (yrs) - - - - 7.738 6.650
Sensitivity (%) - - - - 0.026 0.024
101 9.5
100 9.3
99 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
INKP01CCN1
ISIN CODE : IDA0001069C2 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25


Volume Volume (Rp bn) - 0.50 - - - -
4 6
benar >> 3 5 Trading days - 2 2 4 1 4
Turnover Ratio (%) - 16.53 - - - -
2 3 CTP Price - High - 100.000 100.250 100.250 100.450 100.500
Date - 16-Jun 28-Sep 18-Dec 26-Mar 21-Jun
1 2
CTP Price - Low - 100.000 100.000 100.250 100.450 100.500
- - Date - 16-Jun 13-Jul 18-Dec 26-Mar 21-Jun
PHEI Fair Yield (%) - 10.9083 9.3243 9.0138 9.2402 9.2017
Mod. Duration (yrs) - 3.742 3.643 3.497 3.330 3.171
111 11.5
Convexity (yrs) - 17.282 16.197 14.843 13.420 12.122
Sensitivity (%) - 0.037 0.036 0.035 0.033 0.032
107 10.5
103 9.5
99 8.5
95 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
495
INKP01CCN2 Listing Date Maturity Date


benar >> Volume Volume (Rp bn) - - 24.00 - - 1.00
24 4
18 3 Trading days - - 1 - - 1
Turnover Ratio (%) - - 34.71 - - 1.45
12 2 CTP Price - High - - - - - 108.500
Date - - - - - 18-May
6 1
CTP Price - Low - - - - - 107.540
- - Date - - - - - 18-May
PHEI Fair Yield (%) - - 11.5601 9.1053 9.3492 9.3467
Mod. Duration (yrs) - - 3.723 3.654 3.492 3.338
111 12.0
Convexity (yrs) - - 17.182 16.307 14.842 13.507
108 11.0 Sensitivity (%) - - 0.037 0.037 0.035 0.033
105 10.0
102 9.0
99 8.0
96 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
INKP01CCN3


360 80
benar >> 270 60 Trading days - - - 7 8 14
Turnover Ratio (%) - - - 40.50 101.59 279.38
180 40 CTP Price - High - - - 100.800 100.600 102.250
90 20
CTP Price - Low - - - 98.200 99.200 99.200
- - Date - - - 16-Dec 29-Mar 20-May
PHEI Fair Yield (%) - - - 10.8931 11.2466 10.7617
Mod. Duration (yrs) - - - 3.759 3.600 3.467
103 12.0
Convexity (yrs) - - - 17.412 15.919 14.663
Sensitivity (%) - - - 0.038 0.036 0.035
101 11.5
99 11.0
97 10.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
496
INKP01CCN4 Listing Date Maturity Date
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26


benar >> Volume Volume (Rp bn) - - - - 3.00 10.00
12 4
9 3 Trading days - - - - 3 1
Turnover Ratio (%) - - - - 4.33 14.44
6 2 CTP Price - High - - - - - 100.020
Date - - - - - 05-Apr
3 1
CTP Price - Low - - - - - 100.000
- - Date - - - - - 05-Apr
PHEI Fair Yield (%) - - - - 10.2116 9.5877
Mod. Duration (yrs) - - - - 3.854 3.724
110 15.0
Convexity (yrs) - - - - 18.086 16.767
107 13.0 Sensitivity (%) - - - - 0.039 0.037
104 11.0
101 9.0
98 7.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
benar >>
INKP01ACN2 984 531 163.7%
INKP01ACN3 653 129.4%
INKP01BCN1 5,408 912 718.8%
INKP01BCN2 270 50.5%
INKP01BCN3 283 11.5%
INKP01CCN1 4.1%
INKP01CCN2 8.7%
INKP01CCN3 10.1%
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000
497
INKP FINANCIAL HIGHLIGHT

36.09
27.19 28.89
Receivables 16,295,472 18,256,990 12.04 p 26.80
Inventories 5,684,345 5,146,858 -9.46 q
17.39 17.79
Current Assets 58,775,065 61,238,169 4.19 p 17.64
(%)
8.51 9.85
Total Assets 118,561,087 119,839,987 1.08 p
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 5,470,983 5,470,983 - 
15.60
Total Equity 55,859,166 59,941,158 7.31 p
(%)
6.72 6.85 6.92
3.23 3.46
INCOME STATEMENTS
Total Revenues 44,946,869 42,117,995 -6.29 q
Gross Profit 12,220,045 12,168,482 -0.42 q
31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 12,429,541 11,957,641 -3.80 q
Comprehensive Income 3,795,522 4,127,095 8.74 p
Net Income/Loss Attributed 3,826,090 4,147,618 8.40 p 240.60 229.94 225.79
Peer Group
(%)
132.03
1. PT Indah Kiat Pulp & Paper Tbk 42,118 9.85 -6.29
2. PT Lontar Papyrus Pulp & Paper Industry 7,432 3.82 -16.36
31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Equity (%) 15.60 6.85 6.92
Current Ratio (%) 240.60 229.94 225.79
Cash Flow/Debt (%) 10.89 11.67 12.81
498
ISAT PT Indosat Tbk

Sub Sector : Telecommunication
Website : www.indosatooredoo.com Jln. Medan Merdeka Barat No. 21
Corporate Sec. : Billy Nikolas Simanjuntak Jakarta 10110
Fax : (021) 3000-3757
Established in 1967, PT Indosat Tbk SHAREHOLDERS

(ISAT) is a leading telecommunication
1. Ooredoo Asia Pte. Ltd. (Class B) 65.00%
and information service provider in
Indonesia and a member of Ooredoo 2. Public (Class B) 20.71%
Group, a global telecommunications 3. Republic of Indonesia 14.29%
p ro v id er. ISA T p r o v i de s c el lu l a r, 4. Republic of Indonesia (Class A) 1 share
fixed data and wireless broadband services as well as fixed
telecommunication or fixed voice offerings including IDD, fixed
wireless and fixed phone services, and digital services. In
AUDIT COMMITTEE
addition, together with its subsidiaries PT Indosat Mega Media
1. Syed Maqbul Quader
(IM2) and PT Aplikanusa Lintasarta, Indosat Ooredoo provides
fixed data or Multimedia, Internet & Data Communication 2. Unggul S.M. Tampubolon
services such as IPVPN, leased line, internet services and IT 3. Wijayanto Samirin
services to corporate segments.
In 1994, Indosat Ooredoo is listed on the Indonesia Stock

Exchange (IDX: ISAT). in 2015, ISAT rebranded as Indosat
1. Sheikh Mohammed bin Abdulla Al Thani
7. Nigel Thomas Byrne
Ooredoo and launched the first commercial 4G-LTE service in
Indonesia. ISAT has managed to stabilize and consistently 2. Afini Boer 8. Sri Adiningsih
accelerate growth in the second half of 2018, supported by 3. Andrew Tor Oddvar Kvalseth 9. Syed Maqbul Quader *
strong and targeted commercial campaigns. Data revenue of 4. Elisa Lumbantoruan * 10. Wijayanto Samirin *
B2B showed especially strong improvement, supported by a 5. George Bowring Challenor
positive price adjustment for data yields which began in May
6. Meirijal Nur
2018. In parallel, ISAT recorded good growth in certain areas
*independen
such as our B2B offerings, which is projected to be an important
growth engine going forward. BOARD OF DIRECTORS
1. Ahmad Abdulaziz AA Al-Neama
ISAT made notable progress in the B2B segment, partnering 2. Arief Mustain
with the government on key digital initiatives such as Kota 3. Eyas Naif Saleh Assaf
Digital Indonesia, a smart city initiative that supports cities and
4. Irsyad Sahroni
regions in the country to manage public services. The project,
5. Vikram Sinha
which was recognized as the most innovative smart city project
by the Telecom Asia awards in 2018, involved offering a digital
library and WiFi on public transport as well as an e-Tax and e-
Government system amongst other services.
Over the past few years, ISAT has firmly established its presence
as a digital player in the industry. ISAT made significant progress No. Rating Agency Rating Rating Date Outlook
in this area, with a strong start in 4G.
1. Pefindo idAAA 10-Dec-20 Stable
2. Pefindo idAAA 13-Dec-19 Stable
3. Fitch Rating Indonesia AAA(idn) 27-Mar-19 Negative
4. Fitch Rating Indonesia AAA(idn) 22-Mar-19 Negative
as of June 2021
SWOT Analysis
- Strong support from Ooredoo, Pte Ltd - Moderate capital structure
- Strong profitability margin S W
- Expand new line business - Intense competition within the telecommunications
O T
- Widen international expansion industry
- Growing demand for data business
499
AS OF JUNE 2021
Coupon Coupon
Obligasi 12-Sep-20
PT Bank Rakyat
ISAT01CCN1 Berkelanjutan I 10.50% 12-Dec-20 idAAA
1. 250,000 15-Dec-14 12-Dec-21 7 Indonesia
IDA0000659C1 Indosat Tahap I 12-Mar-21 Stable
(Persero) Tbk.
Obligasi 08-Sep-20
PT Bank Rakyat
IDA0000707C8 Indosat Tahap III 08-Mar-21 Stable
(Persero) Tbk.
Obligasi 02-Sep-20
PT Bank Rakyat
IDA0000756C5 Indosat Tahap IV 02-Mar-21 Stable
(Persero) Tbk.
Obligasi 12-Sep-20
PT Bank Rakyat
ISAT01DCN1 Berkelanjutan I 10.70% 12-Dec-20 idAAA
IDA0000659D9 Indosat Tahap I 12-Mar-21 Stable
(Persero) Tbk.
Obligasi 04-Sep-20
PT Bank Rakyat
5. 337,000 05-Jun-15 04-Jun-22 7 Indonesia
IDA0000686D2 Indosat Tahap II 04-Mar-21 Stable
(Persero) Tbk.
Obligasi 08-Sep-20
PT Bank Rakyat
IDA0000707D6 Indosat Tahap III 08-Mar-21 Stable
(Persero) Tbk.
Obligasi 02-Sep-20
PT Bank Rakyat
IDA0000756D3 Indosat Tahap IV 02-Mar-21 Stable
(Persero) Tbk.
Obligasi 04-Sep-20
PT Bank Rakyat
ISAT01ECN2 Berkelanjutan I 10.40% 04-Dec-20 idAAA
IDA0000686E0 Indosat Tahap II 04-Mar-21 Stable
(Persero) Tbk.
Tahun 2015 Seri E Quarterly 04-Jun-21
Obligasi 02-Sep-20
PT Bank Rakyat
ISAT01ECN4 Berkelanjutan I 9.15% 02-Dec-20 idAAA
IDA0000756E1 Indosat Tahap IV 02-Mar-21 Stable
(Persero) Tbk.
Obligasi 31-Aug-20
PT Bank Rakyat
ISAT02CCN1 Berkelanjutan II 8.55% 30-Nov-20 idAAA
10. 312,000 02-Jun-17 31-May-22 5 Indonesia
IDA0000809C2 Indosat Tahap I 28-Feb-21 Stable
(Persero) Tbk.
Obligasi 09-Aug-20
PT Bank Rakyat
IDA0000857C1 Indosat Tahap II 09-Feb-21 Stable
(Persero) Tbk.
Obligasi 03-Aug-20
PT Bank Rakyat
IDA0000897C7 Indosat Tahap III 03-Feb-21 Stable
(Persero) Tbk.
Obligasi 31-Aug-20 PT Bank Rakyat

ISAT02DCN1 Berkelanjutan II 8.90% 30-Nov-20 idAAA
IDA0000809D0 Indosat Tahap I 28-Feb-21 Stable
(Persero) Tbk.
Obligasi 09-Aug-20
PT Bank Rakyat
IDA0000857D9 Indosat Tahap II 09-Feb-21 Stable
(Persero) Tbk.
500
Coupon Coupon
Obligasi 03-Aug-20
PT Bank Rakyat
IDA0000897D5 Indosat Tahap III 03-Feb-21 Stable
(Persero) Tbk.
Obligasi 31-Aug-20
PT Bank Rakyat
ISAT02ECN1 Berkelanjutan II 9.25% 30-Nov-20 idAAA
IDA0000809E8 Indosat Tahap I 28-Feb-21 Stable
(Persero) Tbk.
Obligasi 09-Aug-20
PT Bank Rakyat
IDA0000857E7 Indosat Tahap II 09-Feb-21 Stable
(Persero) Tbk.
Obligasi 03-Aug-20
PT Bank Rakyat
IDA0000897E3 Indosat Tahap III 03-Feb-21 Stable
(Persero) Tbk.
Obligasi 05-Sep-20
PT Bank Rakyat
ISAT03BCN1 Berkelanjutan III 9.25% 05-Dec-20 idAAA
IDA0000966B2 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.
Obligasi 23-Jul-20
PT Bank Rakyat
ISAT03BCN2 Berkelanjutan III 9.00% 23-Oct-20 idAAA
20. 1,331,000 24-Jul-19 23-Jul-22 3 Indonesia
IDA0001001B7 Indosat Tahap I 23-Jan-21 Stable
(Persero) Tbk.
Tahun 2019 Series B Quarterly 23-Apr-21
Obligasi 05-Sep-20
PT Bank Rakyat
ISAT03CCN1 Berkelanjutan III 9.75% 05-Dec-20 idAAA
IDA0000966C0 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.
Obligasi 23-Jul-20
PT Bank Rakyat
ISAT03CCN2 Berkelanjutan III 9.25% 23-Oct-20 idAAA
IDA0001001C5 Indosat Tahap I 23-Jan-21 Stable
(Persero) Tbk.
Tahun 2019 Series C Quarterly 23-Apr-21
Obligasi 05-Sep-20
PT Bank Rakyat
ISAT03DCN1 Berkelanjutan III 10.10% 05-Dec-20 idAAA
IDA0000966D8 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.
Obligasi 23-Jul-20
PT Bank Rakyat
ISAT03DCN2 Berkelanjutan III 10.00% 23-Oct-20 idAAA
IDA0001001D3 Indosat Tahap I 23-Jan-21 Stable
(Persero) Tbk.
Tahun 2019 Series D Quarterly 23-Apr-21
Obligasi 05-Sep-20
PT Bank Rakyat
ISAT03ECN1 Berkelanjutan III 10.35% 05-Dec-20 idAAA
IDA0000966E6 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.
27-Sep-20
PT Bank Rakyat
ISAT08B Obligasi Indosat VIII 8.88% 27-Dec-20 idAAA
26. 1,500,000 28-Jun-12 27-Jun-22 10 Indonesia
IDA0000529B8 Tahun 2012 Seri B 27-Mar-21 Stable
(Persero) Tbk.
Quarterly 27-Jun-21

PT Bank Rakyat
SIISAT01ACN3 Berkelanjutan I 10.60% 08-Dec-20 idAAA(sy)
IDJ0000073A0 Indosat Tahap III 08-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT01BCN3 Berkelanjutan I 11.20% 08-Dec-20 idAAA(sy)
IDJ0000073B8 Indosat Tahap III 08-Mar-21 Stable
(Persero) Tbk.
501
Coupon Coupon

PT Bank Rakyat
SIISAT01CCN1 Berkelanjutan I 10.50% 12-Dec-20 idAAA(sy)
IDJ0000066C0 Indosat Tahap I 12-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT01CCN4 Berkelanjutan I 8.60% 02-Dec-20 idAAA(sy)
IDJ0000080C1 Indosat Tahap IV 02-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT01DCN2 Berkelanjutan I 10.25% 04-Dec-20 idAAA(sy)
IDJ0000070D0 Indosat Tahap II 04-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT01DCN4 Berkelanjutan I 9.15% 02-Dec-20 idAAA(sy)
IDJ0000080D9 Indosat Tahap IV 02-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT01ECN2 Berkelanjutan I 10.40% 04-Dec-20 idAAA(sy)
IDJ0000070E8 Indosat Tahap II 04-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT02BCN1 Berkelanjutan II 8.55% 30-Nov-20 idAAA(sy)
IDJ0000089B4 Indosat Tahap I 28-Feb-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT02CCN1 Berkelanjutan II 8.90% 30-Nov-20 idAAA(sy)
IDJ0000089C2 Indosat Tahap I 28-Feb-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT02CCN2 Berkelanjutan II 7.65% 09-Nov-20 idAAA(sy)
IDJ0000100C7 Indosat Tahap II 09-Feb-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT02DCN1 Berkelanjutan II 9.25% 30-Nov-20 idAAA(sy)
IDJ0000089D0 Indosat Tahap I 28-Feb-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT02DCN2 Berkelanjutan II 7.95% 09-Nov-20 idAAA(sy)
IDJ0000100D5 Indosat Tahap II 09-Feb-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT02ECN2 Berkelanjutan II 8.65% 09-Nov-20 idAAA(sy)
IDJ0000100E3 Indosat Tahap II 09-Feb-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT03BCN1 Berkelanjutan III 9.25% 05-Dec-20 idAAA(sy)
IDJ0000125B6 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT03BCN2 Berkelanjutan III 9.00% 23-Oct-20 idAAA(sy)
IDJ0000139B7 Indosat Tahap II 23-Jan-21 Stable
(Persero) Tbk.
Tahun 2019 Series B Quarterly 23-Apr-21

PT Bank Rakyat
SIISAT03CCN1 Berkelanjutan III 9.75% 05-Dec-20 idAAA(sy)
IDJ0000125C4 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.
502
Coupon Coupon

PT Bank Rakyat
SIISAT03CCN2 Berkelanjutan III 9.25% 23-Oct-20 idAAA(sy)
IDJ0000139C5 Indosat Tahap II 23-Jan-21 Stable
(Persero) Tbk.
Tahun 2019 Series C Quarterly 23-Apr-21

PT Bank Rakyat
SIISAT03DCN1 Berkelanjutan III 10.10% 05-Dec-20 idAAA(sy)
IDJ0000125D2 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.

PT Bank Rakyat
SIISAT03DCN2 Berkelanjutan III 10.00% 23-Oct-20 idAAA(sy)
IDJ0000139D3 Indosat Tahap II 23-Jan-21 Stable
(Persero) Tbk.
Tahun 2019 Series D Quarterly 23-Apr-21

PT Bank Rakyat
SIISAT03ECN1 Berkelanjutan III 10.35% 05-Dec-20 idAAA(sy)
IDJ0000125E0 Indosat Tahap I 05-Mar-21 Stable
(Persero) Tbk.
503
TRADING HIGHLIGHT
ISAT01CCN1
Volume
Trading 2020 2021
Activities,
100 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
80 8
60 6 Trading days 4 2 4 2 4 1
Turnover Ratio (%) 38.40 9.60 137.60 19.20 38.40 80.00
40 4 CTP Price - High 106.030 105.440 105.450 105.590 105.300 103.390
Date 10-Feb 04-May 06-Aug 03-Nov 28-Jan 05-May
20 2
CTP Price - Low 105.800 105.400 104.750 104.970 103.760 103.370
- - Date 21-Jan 27-Apr 15-Jul 17-Dec 23-Mar 05-May
PHEI Fair Yield (%) 7.1988 6.2944 6.0140 5.3491 5.0221 4.2613
Mod. Duration (yrs) 1.545 1.339 1.123 0.901 0.670 0.439
110 8.0
Convexity (yrs) 2.882 2.196 1.578 1.054 0.622 0.303
108 7.0 Sensitivity (%) 0.015 0.013 0.011 0.009 0.007 0.004
106 6.0
104 5.0
102 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT01CCN3 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
50 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
40 20
30 15 Trading days 17 8 9 8 4 12
Turnover Ratio (%) 26.15 12.31 3.08 15.38 3.08 126.15
20 10 CTP Price - High 108.850 107.000 107.850 107.550 107.500 108.100
Date 14-Feb 02-Jun 02-Sep 18-Nov 29-Mar 20-Apr
10 5
CTP Price - Low 100.900 102.000 104.400 104.000 104.150 105.150
- - Date 18-Mar 08-Apr 06-Aug 01-Oct 24-Mar 28-Jun
PHEI Fair Yield (%) 7.9279 6.9543 6.6649 6.0977 5.8580 5.2903
Mod. Duration (yrs) 2.324 2.143 1.948 1.749 1.539 1.332
112 9.0
Convexity (yrs) 6.413 5.455 4.519 3.663 2.866 2.175
110 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
108 7.0
106 6.0
104 5.0
102 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
504
ISAT01CCN4
Volume
Trading 2020 2021
Activities,
300 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 240.00 - 180.00 235.00 2.00 -
240 12
Frequency Frequency (X) 9 - 6 13 2 -
180 9 Trading days 4 - 2 6 1 -
Turnover Ratio (%) 130.79 - 98.09 128.07 1.09 -
120 6 CTP Price - High 103.290 - 102.860 103.250 101.880 -
Date 30-Jan - 03-Sep 20-Nov 19-Feb -
60 3
CTP Price - Low 102.450 - 102.780 102.230 101.860 -
- - Date 20-Mar - 09-Sep 25-Nov 19-Feb -
PHEI Fair Yield (%) 6.7447 6.0204 5.6594 5.4223 4.7582 3.9062
Mod. Duration (yrs) 1.322 1.105 0.879 0.648 0.409 0.171
105 8.0
Convexity (yrs) 2.133 1.528 1.006 0.586 0.270 0.071
104 7.0 Sensitivity (%) 0.013 0.011 0.009 0.006 0.004 0.002
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT01DCN1
ISIN CODE : IDA0000659D9 Dec-14 Dec-16 Dec-18 Dec-20 Dec-22 Dec-24
Volume
Trading 2020 2021
Activities,
90 9 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
80 8 Volume (Rp bn) 80.00 40.00 35.00 - - 9.00
Frequency
70 7 4 2 7 - - 2
Frequency (X)
60 6
Trading days 2 1 2 - - 2
50 5
Turnover Ratio (%) 88.89 44.44 38.89 - - 10.00
40 4
CTP Price - High 108.740 105.000 110.250 - - -
30 3
20 2 Date 12-Feb 12-May 22-Sep - - -
10 1 CTP Price - Low 108.700 105.000 104.500 - - -
- - Date 07-Feb 12-May 29-Jul - - -
PHEI Fair Yield (%) 8.7112 7.6340 7.5714 6.8794 6.8429 6.2410
Mod. Duration (yrs) 3.693 3.566 3.403 3.250 3.074 2.910
117 9.5
Convexity (yrs) 16.539 15.303 13.889 12.601 11.252 10.043
115 9.0
Sensitivity (%) 0.037 0.036 0.034 0.033 0.031 0.029
113 8.5
111 8.0
109 7.5
107 7.0
105 6.5
103 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
505
ISAT01DCN2
ISIN CODE : IDA0000686D2 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Volume
Trading 2020 2021
Activities,
100 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 2.00 - - 90.00
80 8
60 6 Trading days - - 2 - - 2
Turnover Ratio (%) - - 2.37 - - 106.82
40 4 CTP Price - High - - 107.460 - - 105.700
Date - - 13-Aug - - 18-Jun
20 2
CTP Price - Low - - 107.430 - - 105.400
- - Date - - 11-Aug - - 18-Jun
PHEI Fair Yield (%) 7.5971 6.6622 6.3582 5.8438 5.4819 4.7616
Mod. Duration (yrs) 1.933 1.739 1.532 1.321 1.101 0.882
109 9.0
Convexity (yrs) 4.453 3.621 2.839 2.142 1.523 1.014
108 8.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
107 7.0
106 6.0
105 5.0
104 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT01DCN3
ISIN CODE : IDA0000707D6 Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25
Volume
Trading 2020 2021
Activities,
40 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
35 7 Volume (Rp bn) - - - - 35.00 10.00
Frequency
30 6 Frequency (X) - - - - 7 1
25 5 Trading days - - - - 2 1
20 4 Turnover Ratio (%) - - - - 86.42 24.69
15 3 CTP Price - High - - - - 117.050 -
10 2 Date - - - - 15-Mar -
5 1 CTP Price - Low - - - - 115.450 -
- - Date - - - - 23-Feb -
PHEI Fair Yield (%) 8.9501 7.8629 7.9286 7.1600 7.4568 6.6010
Mod. Duration (yrs) 4.234 4.138 3.988 3.861 3.693 3.559
122 10.0
Convexity (yrs) 22.262 21.054 19.475 18.128 16.543 15.258
119 9.0 Sensitivity (%) 0.042 0.041 0.040 0.039 0.037 0.036
116 8.0
113 7.0
110 6.0
107 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
506
ISAT01DCN4
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 13.91 -
2 2 CTP Price - High - - - - 105.870 -
Date - - - - 26-Jan -
1 1
CTP Price - Low - - - - 105.850 -
- - Date - - - - 26-Jan -
PHEI Fair Yield (%) 8.2839 7.2594 7.0344 6.4199 6.2878 5.6481
Mod. Duration (yrs) 2.906 2.738 2.550 2.361 2.160 1.964
108 9.0
Convexity (yrs) 9.960 8.812 7.641 6.554 5.499 4.560
Sensitivity (%) 0.029 0.027 0.026 0.024 0.022 0.020
106 8.0
104 7.0
102 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT01ECN2
ISIN CODE : IDA0000686E0 Jun-15 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25
Volume
Trading 2020 2021
Activities,
80 16 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
70 14 Volume (Rp bn) 44.00 6.00 21.00 76.00 - -
Frequency
60 12 Frequency (X) 14 2 14 15 - -
50 10 Trading days 8 2 9 7 - -
40 8 Turnover Ratio (%) 41.22 5.62 19.67 71.19 - -
30 6 CTP Price - High 114.030 - - 113.500 - -
20 4 Date 19-Feb - - 16-Dec - -
10 2 CTP Price - Low 107.600 - - 110.890 - -
- - Date 13-Jan - - 19-Nov - -
PHEI Fair Yield (%) 8.8334 7.7485 7.7490 6.9412 7.0084 6.4219
Mod. Duration (yrs) 3.989 3.875 3.717 3.576 3.405 3.249
118 10.0
Convexity (yrs) 19.456 18.199 16.682 15.346 13.874 12.575
Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.032
114 9.0
110 8.0
106 7.0
102 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
507
ISAT01ECN4 Listing Date Maturity Date
ISIN CODE : IDA0000756E1 Sep-16 Sep-18 Sep-20 Sep-22 Sep-24 Sep-26
Volume
Trading 2020 2021
Activities,
180 18 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
150 15 Volume (Rp bn) 67.00 110.00 163.00 100.00 52.00 45.00
Frequency
Frequency (X) 5 6 13 4 4 4
120 12
90 9 Turnover Ratio (%) 133.33 218.91 324.38 199.00 103.48 89.55
CTP Price - High 106.850 107.400 109.420 108.590 109.230 108.000
60 6
Date 17-Jan 12-Jun 18-Sep 02-Nov 05-Feb 15-Apr
30 3
CTP Price - Low 103.150 102.530 105.980 107.020 108.130 107.500
- - Date 20-Jan 19-May 03-Aug 23-Oct 26-Mar 15-Apr
PHEI Fair Yield (%) 9.0966 8.0142 7.5167 7.3334 7.3483 6.8358
Mod. Duration (yrs) 4.783 4.700 4.576 4.432 4.274 4.135
112 10.0
Convexity (yrs) 28.306 27.040 25.458 23.766 22.018 20.496
110 9.5
Sensitivity (%) 0.048 0.047 0.046 0.044 0.043 0.041
108 9.0
106 8.5
104 8.0
102 7.5
100 7.0
98 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT02CCN1
Volume
Trading 2020 2021
Activities,
150 30 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) 115.20 43.20 - 74.00 12.00 38.00
120 24
Frequency (X) 25 24 4 12 8 18
90 18 Trading days 8 10 4 8 4 8
Turnover Ratio (%) 147.69 55.38 - 94.87 15.38 48.72
60 12 CTP Price - High 104.000 104.000 102.570 104.050 104.410 104.300
Date 04-Feb 10-Jun 13-Jul 25-Nov 14-Jan 10-Jun
30 6
CTP Price - Low 100.000 96.000 101.160 101.250 101.400 100.000
- - Date 16-Mar 12-May 28-Aug 09-Oct 23-Mar 31-May
PHEI Fair Yield (%) 7.5890 6.6549 6.3511 5.8809 5.4730 4.5084
Mod. Duration (yrs) 1.949 1.753 1.540 1.321 1.096 0.879
107 8.0
Convexity (yrs) 4.490 3.653 2.851 2.131 1.506 1.007
105 7.0 Sensitivity (%) 0.019 0.018 0.015 0.013 0.011 0.009
103 6.0
101 5.0
99 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
508
ISAT02CCN2
Volume
Trading 2020 2021
Activities,
700 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
600 30 Volume (Rp bn) 591.50 236.20 455.00 75.00 182.00 140.00
Frequency
500 25 Frequency (X) 19 24 28 19 15 9
400 20
Turnover Ratio (%) 475.10 189.72 365.46 60.24 146.18 112.45
300 15
CTP Price - High 101.618 100.640 103.100 104.900 105.900 103.400
200 10 03-Feb 04-Jun 16-Jul 21-Dec 06-Jan 01-Apr
Date
100 5 CTP Price - Low 97.000 93.000 99.150 100.020 96.000 98.900
- - Date 13-Jan 15-Apr 13-Jul 01-Oct 16-Mar 17-Jun
PHEI Fair Yield (%) 7.3728 7.0738 7.7535 6.1042 5.8044 5.1595
Mod. Duration (yrs) 2.320 2.122 1.909 1.708 1.490 1.275
106 9.0
Convexity (yrs) 6.310 5.292 4.313 3.475 2.679 1.995
104 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
102 7.0
100 6.0
98 5.0
96 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
Volume
Trading 2020 2021
Activities,
800 120 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 0.89 754.39 94.00 45.00 - 2.00
Frequency
600 90 Frequency (X) 7 103 25 4 - 2
Trading days 5 22 5 3 - 2
400 60 Turnover Ratio (%) 3.63 3,079.14 383.67 183.67 - 8.16
CTP Price - High 100.650 100.460 100.150 103.500 - 103.600
200 30 Date 13-Jan 13-May 27-Aug 15-Dec - 03-Jun
CTP Price - Low 97.750 95.000 95.750 101.570 - 98.200
- - Date 10-Jan 04-May 22-Jul 08-Dec - 21-May
PHEI Fair Yield (%) 8.1357 7.8334 7.7001 6.2790 6.1054 5.4524
Mod. Duration (yrs) 2.689 2.501 2.303 2.111 1.901 1.695
106 9.0
Convexity (yrs) 8.482 7.333 6.230 5.246 4.279 3.428
Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.017
103 8.0
100 7.0
97 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
509
ISAT02DCN1 Listing Date Maturity Date
ISIN CODE : IDA0000809D0 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 1.00 - 2.00 -
2 2
Trading days - - 1 - 1 -
Turnover Ratio (%) - - 1.06 - 2.12 -
CTP Price - High - - - - 106.100 -
1 1
Date - - - - 18-Jan -
CTP Price - Low - - - - 106.000 -
- - Date - - - - 18-Jan -
PHEI Fair Yield (%) 8.5540 7.4928 7.3592 6.7020 6.6339 6.0166
Mod. Duration (yrs) 3.429 3.283 3.106 2.929 2.738 2.562
110 10.0
Convexity (yrs) 13.971 12.732 11.365 10.082 8.808 7.696
108 9.0 Sensitivity (%) 0.034 0.033 0.031 0.029 0.027 0.026
106 8.0
104 7.0
102 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT02DCN2
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - - - - -
Frequency
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.6863 7.6112 7.5365 6.8508 6.8094 6.2048
Mod. Duration (yrs) 3.763 3.621 3.447 3.280 3.093 2.916
109 10.0
Convexity (yrs) 16.844 15.499 14.002 12.630 11.216 9.947
106 9.0 Sensitivity (%) 0.038 0.036 0.034 0.033 0.031 0.029
103 8.0
100 7.0
97 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
510
ISIN CODE : IDA0000897D5 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25
Volume
Trading 2020 2021
Activities,
70 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
60 60 Volume (Rp bn) 21.80 4.20 45.00 34.00 7.00 60.00
Frequency
50 50 Frequency (X) 62 20 42 28 19 51
Trading days 37 10 26 17 11 26
40 40
Turnover Ratio (%) 32.78 6.32 67.67 51.13 10.53 90.23
30 30
CTP Price - High 102.850 101.600 102.600 103.600 104.200 105.500
20 20 20-Jan 25-Jun 21-Sep 06-Nov 17-Mar 08-Jun
Date
10 10 CTP Price - Low 95.400 96.000 96.900 98.400 98.400 99.900
- - Date 12-Mar 09-Jun 25-Sep 16-Nov 04-Mar 08-Apr
PHEI Fair Yield (%) 8.8120 7.7281 7.7681 6.9968 7.0802 6.5635
Mod. Duration (yrs) 4.053 3.927 3.758 3.605 3.424 3.257
108 10.0
Convexity (yrs) 19.769 18.411 16.810 15.390 13.855 12.491
105 9.0 Sensitivity (%) 0.041 0.039 0.038 0.036 0.034 0.033
102 8.0
99 7.0
96 6.0
93 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT02ECN1
ISIN CODE : IDA0000809E8 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25 Jun-27
Volume
Trading 2020 2021
Activities,
150 25 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) 40.00 - 23.00 36.00 116.00 2.00
120 20
Frequency (X) 4 - 7 9 20 2
90 15 Trading days 2 - 2 5 5 1
Turnover Ratio (%) 29.74 - 17.10 26.77 86.25 1.49
60 10 CTP Price - High 100.440 - 105.900 108.700 107.830 108.180
Date 02-Mar - 04-Sep 04-Dec 05-Jan 29-Apr
30 5
CTP Price - Low 100.400 - 100.000 101.500 106.700 108.160
- - Date 06-Feb - 07-Aug 19-Nov 09-Feb 29-Apr
PHEI Fair Yield (%) 9.2248 8.1539 8.3824 7.6617 7.9086 7.0511
Mod. Duration (yrs) 5.157 5.102 4.951 4.847 4.687 4.587
115 10.0
Convexity (yrs) 33.455 32.336 30.361 28.857 26.911 25.542
Sensitivity (%) 0.052 0.051 0.050 0.048 0.047 0.046
110 9.0
105 8.0
100 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
511
ISIN CODE : IDA0000857E7 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27
Volume
Trading 2020 2021
Activities,
1000 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 80
600 60 Trading days 18 8 9 11 8 12
Turnover Ratio (%) 40.33 93.57 138.55 208.22 50.88 508.02
400 40 CTP Price - High 105.650 102.260 103.200 104.000 106.750 108.100
Date 11-Feb 25-Jun 31-Aug 25-Nov 04-Jan 11-Jun
200 20
CTP Price - Low 96.500 96.100 90.500 96.400 93.900 99.900
- - Date 16-Mar 06-May 14-Aug 24-Nov 17-Mar 20-May
PHEI Fair Yield (%) 9.2933 8.2359 8.4876 7.8715 7.6431 7.1433
Mod. Duration (yrs) 5.413 5.367 5.217 5.120 4.989 4.873
110 10.0
Convexity (yrs) 37.135 36.029 33.948 32.417 30.617 29.004
Sensitivity (%) 0.054 0.054 0.052 0.051 0.050 0.049
105 9.0
100 8.0
95 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT02ECN3
ISIN CODE : IDA0000897E3 May-18 May-20 May-22 May-24 May-26 May-28
Volume
Trading 2020 2021
Activities,
500 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 Frequency 40
Frequency (X) 4 4 6 - 18 44
300 30 Trading days 2 2 3 - 4 6
Turnover Ratio (%) 9.30 3.10 10.08 - 83.72 282.95
200 20 CTP Price - High 103.200 102.230 100.940 - 105.750 108.300
Date 13-Jan 10-Jun 03-Sep - 29-Mar 14-Jun
100 10
CTP Price - Low 101.750 102.210 100.430 - 104.800 103.500
- - Date 04-Feb 10-Jun 24-Sep - 29-Mar 01-Apr
PHEI Fair Yield (%) 9.3617 8.1937 8.6437 7.6381 7.9247 7.2838
Mod. Duration (yrs) 5.627 5.608 5.444 5.388 5.230 5.135
110 10.0
Convexity (yrs) 40.616 39.733 37.424 36.210 34.048 32.532
Sensitivity (%) 0.056 0.056 0.054 0.054 0.052 0.051
105 9.0
100 8.0
95 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
512
ISAT03BCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
350 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
300 30 Volume (Rp bn) 1.00 27.00 34.00 91.00 323.00 69.00
Frequency
250 25 Frequency (X) 2 1 9 17 27 17
200 20
Turnover Ratio (%) 0.98 26.47 33.33 89.22 316.67 67.65
150 15
CTP Price - High 106.040 - 104.340 104.200 104.450 104.160
100 10 06-Mar - 27-Jul 23-Oct 05-Mar 12-Apr
Date
50 5 CTP Price - Low 106.020 - 103.500 103.300 103.150 99.000
- - Date 06-Mar - 11-Sep 06-Oct 05-Jan 03-Jun
PHEI Fair Yield (%) 7.4017 6.4840 6.1870 6.0187 4.6035 4.5155
Mod. Duration (yrs) 1.747 1.544 1.330 1.110 0.885 0.657
108 8.0
Convexity (yrs) 3.641 2.870 2.161 1.542 1.020 0.600
Sensitivity (%) 0.017 0.015 0.013 0.011 0.009 0.007
106 7.0
104 6.0
102 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT03BCN2
Volume
Trading 2020 2021
Activities,
350 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
300 30 Volume (Rp bn) 290.42 9.58 129.00 236.00 32.00 72.00
Frequency
250 25 Frequency (X) 34 6 17 30 9 21
200 20
Turnover Ratio (%) 87.28 2.88 38.77 70.92 9.62 21.64
150 15
CTP Price - High 105.250 103.600 105.900 105.250 105.800 104.850
100 10 28-Feb 27-Apr 26-Aug 11-Dec 21-Jan 07-Jun
Date
50 5 CTP Price - Low 100.250 88.200 90.600 98.300 103.950 99.500
- - Date 23-Jan 27-May 27-Jul 22-Oct 12-Mar 18-Jun
PHEI Fair Yield (%) 8.0063 6.7473 6.6843 5.9793 5.5879 4.5599
Mod. Duration (yrs) 2.040 1.850 1.643 1.434 1.216 1.000
107 9.0
Convexity (yrs) 4.966 4.097 3.258 2.514 1.843 1.284
105 8.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
513
ISAT03CCN1
Volume
Trading 2020 2021
Activities,
700 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume 4.63 153.70 - 500.00 50.00 35.00
Frequency
500 25 Frequency (X) 8 16 1 18 3 7
400 20
Turnover Ratio (%) 10.01 332.32 - 1,081.08 108.11 75.68
300 15
CTP Price - High 109.000 104.730 104.800 110.400 109.010 109.250
200 10 11-Feb 28-May 02-Jul 24-Nov 23-Feb 18-May
Date
100 5 CTP Price - Low 104.000 102.400 104.800 107.300 108.980 103.250
- - Date 09-Mar 12-May 02-Jul 25-Nov 19-Feb 26-Apr
PHEI Fair Yield (%) 8.4751 7.9074 7.2594 7.0554 6.6044 5.9070
Mod. Duration (yrs) 3.235 3.074 2.906 2.725 2.540 2.357
115 9.0
Convexity (yrs) 12.469 11.216 9.989 8.771 7.613 6.554
112 8.0 Sensitivity (%) 0.032 0.031 0.029 0.027 0.025 0.024
109 7.0
106 6.0
103 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
Volume
Trading 2020 2021
Activities,
12 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume 8.52 3.10 1.00 - - -
Frequency
Frequency (X) 10 11 1 2 3 5
8 8
6 6 Turnover Ratio (%) 50.87 18.51 5.97 - - -
CTP Price - High 108.090 104.390 104.900 107.700 107.700 109.200
4 4
Date 31-Jan 04-Jun 08-Jul 16-Dec 08-Jan 22-Apr
2 2
CTP Price - Low 103.500 88.600 104.900 100.100 106.400 101.000
- - Date 13-Feb 27-May 08-Jul 11-Dec 01-Mar 20-Apr
PHEI Fair Yield (%) 8.2522 7.5328 7.4183 6.7522 6.6935 6.0803
Mod. Duration (yrs) 3.487 3.337 3.166 2.999 2.815 2.639
118 9.0
Convexity (yrs) 14.638 13.335 11.966 10.703 9.415 8.259
Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
113 8.0
108 7.0
103 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
514
ISIN CODE : IDA0000966D8 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Volume
Trading 2020 2021
Activities,
15 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 10.40 5.40 1.00 - - 1.00
12 4
9 3 Trading days 2 4 3 1 - 1
Turnover Ratio (%) 92.44 48.00 8.89 - - 8.89
6 2 CTP Price - High 111.280 108.500 108.750 109.000 - 106.100
Date 15-Jan 17-Jun 28-Sep 06-Oct - 29-Jun
3 1
CTP Price - Low 107.500 104.600 93.250 109.000 - 106.100
- - Date 18-Feb 16-Apr 16-Sep 06-Oct - 29-Jun
PHEI Fair Yield (%) 9.0000 7.9135 8.0083 7.2193 7.2371 6.6798
Mod. Duration (yrs) 4.440 4.347 4.194 4.070 3.909 3.766
116 10.0
Convexity (yrs) 24.373 23.124 21.448 20.045 18.428 17.012
Sensitivity (%) 0.044 0.043 0.042 0.041 0.039 0.038
112 9.0
108 8.0
104 7.0
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT03DCN2
Volume
Trading 2020 2021
Activities,
100 20 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - - 94.00 - -
80 16
Frequency (X) - - - 16 3 -
60 12 Trading days - - - 5 3 -
Turnover Ratio (%) - - - 501.33 - -
40 8 CTP Price - High - - - 112.000 110.000 -
Date - - - 27-Nov 21-Jan -
20 4
CTP Price - Low - - - 105.300 107.000 -
- - Date - - - 16-Oct 04-Jan -
PHEI Fair Yield (%) 9.5092 8.4839 8.8738 7.7994 7.9421 7.5659
Mod. Duration (yrs) 5.962 5.981 5.829 5.829 5.694 5.611
119 11.0
Convexity (yrs) 47.630 47.141 44.764 44.060 41.934 40.389
114 10.0 Sensitivity (%) 0.060 0.060 0.058 0.058 0.057 0.056
109 9.0
104 8.0
99 7.0
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
515
ISIN CODE : IDA0000966E6 Mar-19 Mar-21 Mar-23 Mar-25 Mar-27 Mar-29
Volume
Trading 2020 2021
Activities,
12 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 10.00 5.00 - - - -
Frequency
9 3 Frequency (X) 2 1 - - - -
6 2 Turnover Ratio (%) 85.11 42.55 - - - -
CTP Price - High 113.730 - - - - -
3 1 Date 15-Jan - - - - -
CTP Price - Low 113.710 - - - - -
- - Date 15-Jan - - - - -
PHEI Fair Yield (%) 9.4666 8.4331 8.8001 7.7534 7.8830 7.4853
Mod. Duration (yrs) 5.836 5.839 5.690 5.671 5.535 5.446
120 11.0
Convexity (yrs) 44.919 44.283 42.010 41.140 39.077 37.529
116 10.0 Sensitivity (%) 0.058 0.058 0.057 0.057 0.055 0.054
112 9.0
108 8.0
104 7.0
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
ISAT08B
Volume
Trading 2020 2021
Activities,
350 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
300 60 Volume (Rp bn) 37.21 107.45 189.00 324.00 16.00 133.00
Frequency
250 50 Frequency (X) 21 16 46 21 5 25
Trading days 15 10 17 14 4 12
200 40
Turnover Ratio (%) 9.92 28.65 50.40 86.40 4.27 35.47
150 30
CTP Price - High 105.000 102.970 103.690 105.740 106.400 104.500
100 20 07-Jan 19-May 23-Sep 04-Dec 07-Jan 29-Jun
Date
50 10 CTP Price - Low 96.000 101.600 88.200 103.000 100.450 99.500
- - Date 08-Jan 18-Jun 17-Jul 19-Nov 09-Feb 23-Jun
PHEI Fair Yield (%) 7.6425 7.4900 7.4833 5.7475 5.5324 4.9298
Mod. Duration (yrs) 2.017 1.814 1.603 1.395 1.171 0.949
109 10.0
Convexity (yrs) 4.785 3.892 3.067 2.352 1.695 1.151
107 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
105 8.0
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
516
SIISAT01ACN3 Listing Date Maturity Date
ISIN CODE : IDJ0000073A0 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 1.00 - - 20.00 - 1.00
20 4
Frequency Frequency (X) 1 - - 2 - 1
15 3 Trading days 1 - - 2 - 1
Turnover Ratio (%) 6.15 - - 123.08 - 6.15
10 2 CTP Price - High - - - 108.270 - -
Date - - - 28-Dec - -
5 1
CTP Price - Low - - - 108.240 - -
- - Date - - - 23-Dec - -
PHEI Fair Yield (%) 7.9279 6.9543 6.6649 6.0191 5.8580 5.1830
Mod. Duration (yrs) 2.324 2.143 1.948 1.749 1.539 1.332
115 9.0
Convexity (yrs) 6.413 5.455 4.519 3.664 2.866 2.176
112 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
109 7.0
106 6.0
103 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT01BCN3
ISIN CODE : IDJ0000073B8 Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 4.00 - - - - 20.00
20 4
15 3 Trading days 2 - - - - 1
Turnover Ratio (%) 39.02 - - - - 195.12
10 2 CTP Price - High 116.540 - - - - 116.810
Date 13-Jan - - - - 27-May
5 1
CTP Price - Low 113.240 - - - - 116.790
- - Date 19-Mar - - - - 27-May
PHEI Fair Yield (%) 8.3311 7.8629 7.9286 7.1600 7.1683 6.6010
Mod. Duration (yrs) 4.261 4.138 3.988 3.861 3.701 3.559
120 10.0
Convexity (yrs) 22.471 21.054 19.475 18.128 16.600 15.258
Sensitivity (%) 0.043 0.041 0.040 0.039 0.037 0.036
115 9.0
110 8.0
105 7.0
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
517
SIISAT01CCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000066C0 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Volume
Trading 2020 2021
Activities,
60 36 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
50 30 Volume (Rp bn) - - - 56.00 33.00 2.00
Frequency
Frequency (X) - - - 4 10 2
40 24
30 18 Turnover Ratio (%) - - - 203.64 120.00 7.27
CTP Price - High - - - 105.280 104.500 102.630
20 12
Date - - - 10-Nov 23-Feb 23-Apr
10 6
CTP Price - Low - - - 103.950 103.220 102.600
- - Date - - - 19-Nov 03-Mar 21-Apr
PHEI Fair Yield (%) 7.1988 6.2944 6.0140 5.5841 5.0527 4.2613
Mod. Duration (yrs) 1.545 1.339 1.123 0.901 0.670 0.439
108 8.0
Convexity (yrs) 2.882 2.196 1.578 1.053 0.622 0.303
Sensitivity (%) 0.015 0.013 0.011 0.009 0.007 0.004
106 7.0
104 6.0
102 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT01CCN4
ISIN CODE : IDJ0000080C1 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - -
Frequency
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 6.9141 6.0204 5.7765 5.4223 4.7582 3.9062
Mod. Duration (yrs) 1.321 1.105 0.879 0.648 0.409 0.171
107 8.0
Convexity (yrs) 2.131 1.528 1.006 0.586 0.270 0.071
105 7.0 Sensitivity (%) 0.013 0.011 0.009 0.006 0.004 0.002
103 6.0
101 5.0
99 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
518
SIISAT01DCN2
ISIN CODE : IDJ0000070D0 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22


Volume
Frequency Volume (Rp bn) 4.00 - - - - -
4 4
Frequency (X) 2 - - - - -
3 3 Trading days 1 - - - - -
Turnover Ratio (%) 37.21 - - - - -
2 2 CTP Price - High 107.894 - - - - -
Date 31-Jan - - - - -
1 1
CTP Price - Low 107.844 - - - - -
- - Date 31-Jan - - - - -
PHEI Fair Yield (%) 7.5971 6.6622 6.3582 5.8438 5.4819 4.7616
Mod. Duration (yrs) 1.933 1.739 1.532 1.321 1.101 0.882
115 9.0
Convexity (yrs) 4.453 3.621 2.839 2.142 1.523 1.014
112 8.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
109 7.0
106 6.0
103 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT01DCN4 Listing Date Maturity Date
ISIN CODE : IDJ0000080D9 Sep-16 Sep-18 Sep-20 Sep-22 Sep-24 Sep-26


Volume 56.00 - - 1.00 - 50.00
r >> 60 6 Volume (Rp bn)
Frequency
50 5 Frequency (X) 6 - - 1 - 1
Trading days 2 - - 1 - 1
40 4
Turnover Ratio (%) 414.81 - - 7.41 - 370.37
30 3
CTP Price - High 107.700 - - - - -
20 2 10-Mar - - - - -
Date
10 1 CTP Price - Low 107.100 - - - - -
- - Date 10-Mar - - - - -
PHEI Fair Yield (%) 8.8210 8.0142 8.1661 7.3334 7.3705 6.8358
Mod. Duration (yrs) 4.798 4.700 4.547 4.432 4.273 4.135
113 10.0
Convexity (yrs) 28.436 27.040 25.217 23.766 22.012 20.496
110 9.0 Sensitivity (%) 0.048 0.047 0.045 0.044 0.043 0.041
107 8.0
104 7.0
101 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
519
SIISAT01ECN2 Listing Date Maturity Date
ISIN CODE : IDJ0000070E8 Jun-15 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25


Volume
r >> 70 14 Volume (Rp bn) 45.00 20.00 12.00 40.00 16.00 76.00
Frequency
60 12 Frequency (X) 1 14 4 12 2 1
50 10 Trading days 1 9 2 4 1 1
40 8 Turnover Ratio (%) 102.86 45.71 27.43 91.43 36.57 173.71
30 6 CTP Price - High - 110.230 111.290 112.410 111.770 -
20 4 Date - 18-Jun 04-Aug 25-Nov 23-Mar -
10 2 CTP Price - Low - 104.500 111.270 110.990 111.750 -
- - Date - 08-Apr 04-Aug 16-Dec 23-Mar -
PHEI Fair Yield (%) 8.8334 7.8035 7.7490 7.0261 7.0764 6.4219
Mod. Duration (yrs) 3.989 3.874 3.717 3.574 3.403 3.249
116 10.0
Convexity (yrs) 19.456 18.186 16.682 15.332 13.864 12.575
Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.032
112 9.0
108 8.0
104 7.0
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT02BCN1
ISIN CODE : IDJ0000089B4 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22


Volume
Frequency Volume (Rp bn) - - 44.00 4.00 - 24.00
40 16
Frequency (X) - - 6 5 - 4
r >> 30 12 Trading days - - 5 2 - 2
Turnover Ratio (%) - - 110.00 10.00 - 60.00
20 8 CTP Price - High - - 105.720 105.350 - 103.490
Date - - 19-Aug 02-Dec - 22-Apr
10 4
CTP Price - Low - - 104.500 105.090 - 103.380
- - Date - - 11-Aug 17-Nov - 03-Jun
PHEI Fair Yield (%) 7.5890 6.6549 6.3511 5.8381 5.4730 4.8141
Mod. Duration (yrs) 1.949 1.753 1.540 1.321 1.096 0.879
106 9.0
Convexity (yrs) 4.490 3.653 2.851 2.132 1.506 1.005
105 8.0 Sensitivity (%) 0.019 0.018 0.015 0.013 0.011 0.009
104 7.0
103 6.0
102 5.0
101 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
520
ISIN CODE : IDJ0000089C2 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24


Volume
r >> Frequency Volume (Rp bn) 14.00 62.00 - 5.00 - -
80 8
Frequency (X) 8 8 - 5 - -
60 6 Trading days 2 4 - 2 - -
Turnover Ratio (%) 93.33 413.33 - 33.33 - -
40 4 CTP Price - High 106.150 102.690 - 104.950 - -
Date 28-Jan 15-Jun - 12-Oct - -
20 2
CTP Price - Low 100.500 99.890 - 104.600 - -
- - Date 28-Jan 03-Apr - 12-Oct - -
PHEI Fair Yield (%) 8.5540 7.4928 7.3592 6.7020 6.6339 6.0166
Mod. Duration (yrs) 3.429 3.283 3.106 2.929 2.738 2.562
115 9.0
Convexity (yrs) 13.971 12.732 11.365 10.082 8.808 7.696
111 8.0 Sensitivity (%) 0.034 0.033 0.031 0.029 0.027 0.026
107 7.0
103 6.0
99 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT02CCN2


Volume Volume (Rp bn) - 25.40 5.00 4.00 10.00 -
24 8
Frequency Frequency (X) - 8 3 2 3 -
r >> 18 6 Trading days - 4 1 2 1 -
Turnover Ratio (%) - 725.71 142.86 114.29 285.71 -
12 4 CTP Price - High - 100.730 - 102.360 102.380 -
Date - 01-Apr - 15-Dec 24-Feb -
6 2
CTP Price - Low - 99.640 - 102.340 102.360 -
- - Date - 12-Jun - 14-Dec 24-Feb -
PHEI Fair Yield (%) 7.8819 6.9143 6.6206 6.3780 6.3130 5.1239
Mod. Duration (yrs) 2.315 2.123 1.917 1.706 1.488 1.275
107 9.0
Convexity (yrs) 6.288 5.298 4.343 3.469 2.671 1.996
105 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
103 7.0
101 6.0
99 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
521
ISIN CODE : IDJ0000089D0 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25 Jun-27


Volume
r >> 150 25 Volume (Rp bn) 160.00 19.00 - 7.00 - 6.00
Frequency
Frequency (X) 27 5 - 1 - 2
120 20
Trading days 6 4 - 1 - 1
90 15 Turnover Ratio (%) 1,015.9 120.63 - 44.44 - 38.10
CTP Price - High 109.140 100.570 - - - 110.320
60 10
Date 06-Mar 13-May - - - 28-Jun
30 5
CTP Price - Low 101.850 100.450 - - - 110.300
- - Date 14-Jan 11-May - - - 28-Jun
PHEI Fair Yield (%) 8.9525 8.1539 8.3824 7.4828 7.5481 7.1171
Mod. Duration (yrs) 5.175 5.102 4.951 4.857 4.704 4.584
115 10.0
Convexity (yrs) 33.630 32.336 30.361 28.941 27.062 25.518
111 9.0 Sensitivity (%) 0.052 0.051 0.050 0.049 0.047 0.046
107 8.0
103 7.0
99 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT02DCN2
ISIN CODE : IDJ0000100D5 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24


Volume
Frequency Volume (Rp bn) - - 2.00 - - -
3 3 Frequency (X) - - 1 - - -
r >> Trading days - - 1 - - -
2 2 Turnover Ratio (%) - - 61.54 - - -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.6863 7.6112 7.5365 6.8508 6.8094 6.2048
Mod. Duration (yrs) 3.763 3.621 3.447 3.280 3.093 2.916
110 10.0
Convexity (yrs) 16.844 15.499 14.002 12.630 11.216 9.947
Sensitivity (%) 0.038 0.036 0.034 0.033 0.031 0.029
105 9.0
100 8.0
95 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
522
SIISAT02ECN2 Listing Date Maturity Date
ISIN CODE : IDJ0000100E3 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27


Volume 32.60 35.60 143.00 40.00 - 308.00
r >> 300 30 Volume (Rp bn)
Frequency
Frequency (X) 5 2 14 5 - 18
240 24
180 18 Turnover Ratio (%) 67.56 73.78 296.37 82.90 - 638.34
CTP Price - High 105.200 - 104.000 104.000 - 108.050
120 12
Date 10-Mar - 12-Aug 25-Nov - 07-Jun
60 6
CTP Price - Low 103.450 - 100.000 103.250 - 107.200
- - Date 10-Mar - 25-Aug 16-Nov - 28-May
PHEI Fair Yield (%) 9.0754 8.2311 8.5001 7.7147 7.6431 7.1128
Mod. Duration (yrs) 5.430 5.368 5.216 5.130 4.989 4.875
113 10.0
Convexity (yrs) 37.303 36.033 33.940 32.506 30.617 29.018
110 9.5
Sensitivity (%) 0.054 0.054 0.052 0.051 0.050 0.049
107 9.0
104 8.5
101 8.0
98 7.5
95 7.0
92 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT03BCN1
ISIN CODE : IDJ0000125B6 Mar-19 Mar-20 Mar-21 Mar-22


Volume
Frequency Volume (Rp bn) - 100.00 - - 40.00 100.00
120 12
Frequency (X) - 10 - - 6 12
r >> 90 9 Trading days - 4 - - 3 5
Turnover Ratio (%) - 439.56 - - 175.82 439.56
60 6 CTP Price - High - 103.730 - - 103.820 103.520
Date - 18-Jun - - 31-Mar 19-Apr
30 3
CTP Price - Low - 101.430 - - 103.800 102.420
- - Date - 11-Jun - - 31-Mar 24-May
PHEI Fair Yield (%) 7.4017 6.6801 6.1870 5.7109 5.0025 4.5155
Mod. Duration (yrs) 1.747 1.543 1.330 1.111 0.884 0.657
108 8.0
Convexity (yrs) 3.641 2.867 2.161 1.544 1.017 0.600
Sensitivity (%) 0.017 0.015 0.013 0.011 0.009 0.007
106 7.0
104 6.0
102 5.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
523
SIISAT03BCN2
ISIN CODE : IDJ0000139B7 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
200 30 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) 30.00 180.00 - - - 20.00
160 24
Frequency (X) 4 24 - - - 3
120 18 Trading days 2 8 - - - 1
Turnover Ratio (%) 200.00 1,200.00 - - - 133.33
80 12 CTP Price - High 104.770 103.720 - - - 104.360
Date 24-Feb 17-Jun - - - 22-Apr
40 6
CTP Price - Low 104.590 101.400 - - - 104.340
- - Date 18-Feb 18-Jun - - - 22-Apr
PHEI Fair Yield (%) 7.6922 7.0043 6.4438 5.9128 5.5879 4.8820
Mod. Duration (yrs) 2.042 1.848 1.644 1.435 1.216 0.999
108 8.5
Convexity (yrs) 4.976 4.090 3.263 2.515 1.843 1.281
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
106 7.5
104 6.5
102 5.5
100 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
Volume
Trading 2020 2021
Activities,
50 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - 40.00 - 20.00
40 4
30 3 Trading days - - - 1 - 1
Turnover Ratio (%) - - - 551.72 - 275.86
20 2 CTP Price - High - - - 108.190 - -
Date - - - 22-Oct - -
10 1
CTP Price - Low - - - 108.170 - -
- - Date - - - 22-Oct - -
PHEI Fair Yield (%) 8.4751 7.4238 7.2594 6.6164 6.5311 5.9070
Mod. Duration (yrs) 3.235 3.083 2.906 2.731 2.541 2.357
113 10.0
Convexity (yrs) 12.469 11.266 9.989 8.802 7.617 6.554
110 9.0 Sensitivity (%) 0.032 0.031 0.029 0.027 0.025 0.024
107 8.0
104 7.0
101 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
524
Volume
Trading 2020 2021
Activities,
120 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume - 114.00 17.00 5.00 25.00 -
Frequency
Frequency (X) - 28 3 5 7 -
80 20
Trading days - 9 1 3 4 -
60 15 Turnover Ratio (%) - 112.87 16.83 4.95 24.75 -
CTP Price - High - 104.200 106.450 107.140 107.290 -
40 10
Date - 11-Jun 04-Aug 30-Dec 10-Feb -
20 5
CTP Price - Low - 102.860 106.430 106.890 105.260 -
- - Date - 20-May 04-Aug 27-Oct 11-Jan -
PHEI Fair Yield (%) 8.5992 8.1172 7.4183 6.7522 6.6935 6.0803
Mod. Duration (yrs) 3.479 3.325 3.166 2.999 2.815 2.639
110 10.0
Convexity (yrs) 14.583 13.256 11.966 10.703 9.415 8.259
108 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
106 8.0
104 7.0
102 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT03DCN1
ISIN CODE : IDJ0000125D2 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Volume
Trading 2020 2021
Activities,
12 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - 8.00 - 10.00 4.00
Frequency
9 3 Frequency (X) - - 2 - 2 1
6 2 Turnover Ratio (%) - - 290.91 - 363.64 145.45
CTP Price - High - - 111.610 - 111.320 -
3 1 Date - - 27-Jul - 23-Mar -
CTP Price - Low - - 111.590 - 111.300 -
- - Date - - 27-Jul - 23-Mar -
PHEI Fair Yield (%) 9.0000 7.9135 8.0083 7.2193 7.3133 6.6798
Mod. Duration (yrs) 4.440 4.347 4.194 4.070 3.906 3.766
115 10.0
Convexity (yrs) 24.373 23.124 21.448 20.045 18.411 17.012
112 9.0 Sensitivity (%) 0.044 0.043 0.042 0.041 0.039 0.038
109 8.0
106 7.0
103 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
525
ISIN CODE : IDJ0000139D3 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-26 Jul-27 Jul-28 Jul-29
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Frequency Volume (Rp bn) - - 12.00 - - 20.00
20 4
Frequency (X) - - 4 - - 4
15 3 Trading days - - 1 - - 1
Turnover Ratio (%) - - 240.00 - - 400.00
10 2 CTP Price - High - - 105.290 - - 114.250
Date - - 16-Sep - - 18-May
5 1
CTP Price - Low - - 105.270 - - 113.950
- - Date - - 16-Sep - - 18-May
PHEI Fair Yield (%) 9.5092 8.4839 8.8738 7.7994 7.9421 7.5659
Mod. Duration (yrs) 5.962 5.981 5.829 5.829 5.694 5.611
119 10.0
Convexity (yrs) 47.630 47.141 44.764 44.060 41.934 40.389
115 9.0 Sensitivity (%) 0.060 0.060 0.058 0.058 0.057 0.056
111 8.0
107 7.0
103 6.0
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIISAT03ECN1
ISIN CODE : IDJ0000125E0 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
Volume
Trading 2020 2021
Activities,
50 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
40 4
Frequency Frequency (X) - 2 - - - -
30 3 Trading days - 2 - - - -
Turnover Ratio (%) - 800.00 - - - -
20 2 CTP Price - High - - - - - -
Date - - - - - -
10 1
- - Date - - - - - -
PHEI Fair Yield (%) 9.4666 8.4331 8.8001 7.7534 7.8830 7.4853
Mod. Duration (yrs) 5.836 5.839 5.690 5.671 5.535 5.446
120 10.0
Convexity (yrs) 44.919 44.283 42.010 41.140 39.077 37.529
116 9.0 Sensitivity (%) 0.058 0.058 0.057 0.057 0.055 0.054
112 8.0
108 7.0
104 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
526
ISAT01CCN1 24 86 51.2%
ISAT01CCN3 14.2%
ISAT01CCN4 240 180 235 89.2%
ISAT01DCN1 80 40 43.1%
ISAT01DCN2 0.6%
ISAT01DCN3 0.0%
ISAT01DCN4 0.0%
ISAT01ECN2 44 6 76 34.4%
ISAT01ECN4 67 110 163 100 218.9%
ISAT02CCN1 115 43 74 74.5%
ISAT02CCN2 592 236 455 75 272.6%
ISAT02CCN3 1 754 912.5%

45
ISAT02DCN1 0.3%
ISAT02DCN2 0.0%
ISAT02DCN3 22 34 39.5%
ISAT02ECN1 40 36 18.4%
ISAT02ECN2 52 120 177 266 120.2%
ISAT02ECN3 12 5.6%
ISAT03BCN1 127 91 37.5%
ISAT03BCN2 290 10 236 50.0%
- 200 400 600 800 1,000 1,200 1,400 1,600
527
ISAT03CCN1 154 500 355.9%
ISAT03CCN2 18.8%
ISAT03DCN1 37.3%
ISAT03DCN2 94 125.3%
ISAT03ECN1 31.9%
ISAT08B 107 189 324 43.8%
SIISAT01ACN3 32.3%
SIISAT01BCN3 9.8%
SIISAT01CCN1 56 50.9%
SIISAT01CCN4 0.0%
SIISAT01DCN2 9.3%
SIISAT01DCN4 56 105.6%
SIISAT01ECN2 45 40 66.9%
SIISAT02BCN1 44 30.0%
SIISAT02CCN1 62 135.0%
SIISAT02CCN2 245.7%
SIISAT02DCN1 160 295.2%
SIISAT02DCN2 15.4%
SIISAT02ECN2 36 143 40 130.2%
SIISAT03BCN1 100 109.9%
- 200 400 600 800 1,000 1,200 1,400 1,600
528
SIISAT03BCN2 30 180 350.0%
SIISAT03CCN1 137.9%
SIISAT03CCN2 114 17 33.7%
SIISAT03DCN1 72.7%
SIISAT03DCN2 12 60.0%
SIISAT03ECN1 42 200.0%
- 50 100 150 200 250 300 350 400 450
529
ISAT FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 5,881,174 1,782,246 -69.70 q 57.75 56.44
52.74
2,993,746 2,556,760 -14.60 q 47.95
Receivables
Inventories 29,406 39,813 35.39 p
Current Assets 12,444,795 9,594,951 -22.90 q 13.47 16.19
Property, Plant and Equipment 42,753,285 46,522,054 8.82 p 4.35 6.24 8.19
(%)
Total Assets 62,813,000 62,778,740 -0.05 q
Current Liabilities 22,129,440 22,658,094 2.39 p -2.41 -9.01 -2.26

31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 543,393 543,393 - 
Non Controlling Interest 983,923 1,042,914 6.00 p
2.57 2.60
Total Equity 13,707,193 12,913,396 -5.79 q
(%)
-1.00
-3.92
INCOME STATEMENTS
Total Revenues 26,117,533 27,925,661 6.92 p
Gross Profit - - - -17.18

31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Earning Before Tax 1,587,191 -599,541 -137.77 q
EBITDA 12,754,742 12,289,397 -3.65 q
Income for the periods 1,630,372 -630,160 -138.65 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 1,608,605 -771,571 -147.97 q
Net Income/Loss Attributed 1,568,991 -716,719 -145.68 q
386.15
Peer Group 241.95

(%)

1. PT Telekomunikasi Indonesia (Persero) Tbk. 136,462 21.66 0.66 58.51 56.24 42.35
37.58
2. PT Indosat Tbk. 27,926 -2.26 6.92
3. PT XL Axiata Tbk 26,009 1.43 3.49 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
5. PT Tower Bersama Infrastructure Tbk. 5,328 20.02 13.39 Current Ratio Debt to Equity Ratio
Financial Ratios
Operating Profit Margin (%) 13.47 -2.41 16.19 8.19
Net Profit Margin (%) 4.35 -9.01 6.24 -2.26
Return on Assets (%) 2.57 -3.92 2.60 -1.00
Return on Equity (%) 8.79 -17.18 11.89 -4.88
Current Ratio (%) 58.51 37.58 56.24 42.35
Cash Flow/Debt (%) 25.00 10.15 21.56 22.16
530
JLBS PT Jakarta Lingkar Baratsatu

Sub Sector : Transportation Infrastructure Bangun Tjipta Building
Website : www.jlbsatu.com Jl. Gatot Subroto No.54, Slipi
Corporate Sec. : Anton Sujarwo Jakarta Pusat
Fax : (021) 570-9120
PT Jakarta Lingkar Baratsatu (JLBS) is a private SHAREHOLDERS

toll road company based in Indonesia, with 1. PT Bangun Tjipta 64.78%
years of experience in operating and Sarana
maintaining toll road projects. Our toll road 2. PT Margautama 35.00%
strategically connects Kebon Jeruk JORR W-2 Nusantara
and the Jakarta - Tangerang toll road to the
3. PT Reka Daya Adicipta 0.22%
Prof. Airport toll road Sedyatmo. JLBS was established and runs its
business based on the laws and regulations in force in Indonesia,
through the Deed of Establishment of Limited Liability Company No.
AUDIT COMMITTEE
143 dated December 21, 1995, made before Sutjipto, SH, Notary in 1. Chandra Adhi Oktovianto
Jakarta. In 2007, JLBS being granted 35-year concession period to 2. Teguh Iman
operate toll roads in Indonesia. In operating toll roads, JLBS's focus is 3. Yanti Octavia
to ensure the provision of adequate facilities and infrastructure
guarantee the comfort and safety of workers and road users. To that
end, JLBS continues to build comprehensive procedures and the BOARD OF COMMISSIONERS
latest information technology. These efforts are built within a 1. Siswono Yudohusodo
framework of strategy to optimize contributions for road users,
2. Ahwil Loetan
government and all stakeholders. In 2018, JLBS carried out integrated
3. Chandra Adhi Oktovianto *
its operational activities in the JORR section on September 29.
*independen
BOARD OF DIRECTORS
1. Ir. Fatchur Rochman
2. Ir. Priska Endang Palupi
3. Danni Hasan
4. Anton Sujarwo

4. Pefindo idA+ 16-Jul-18 Stable
as of June 2021
SWOT Analysis
-Strong traffic demand -Excessive dividend distribution
-Solid profitability indicators
-Strong operating cash flow S W -Exposure to traffic volume risk
- Intensive infrastructure development by government -Adverse impact from COVID-19 pandemic to transport and
- The higher growth of the land transportation sector in tourism sectors
DKI Jakarta province O T -Constraint in land acquisition process

-Business risks related to the development of new toll roads
531
AS OF JUNE 2021
Coupon Coupon
20-Sep-20 PT Bank
Obligasi I Jakarta
JLBS01A 9.75% 20-Dec-20 Rakyat idA+
1. Lingkar Baratsatu 875,000 21-Sep-18 20-Sep-21 3
IDA0000936A7 20-Mar-21 Indonesia Stable
Tahun 2018 Seri A
20-Sep-20 PT Bank
Obligasi I Jakarta
JLBS01B 10.65% 20-Dec-20 Rakyat idA+
2. Lingkar Baratsatu 425,000 21-Sep-18 20-Sep-23 5
IDA0000936B5 20-Mar-21 Indonesia Stable
Tahun 2018 Seri B
TRADING HIGHLIGHT
JLBS01A

Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) 13.50 5.00 35.00 - - 131.00
Frequency
120 12 Frequency (X) 2 1 4 - - 11
Trading days 2 1 3 - - 5
80 8 Turnover Ratio (%) 6.17 2.29 16.00 - - 59.89
CTP Price - High 98.250 100.850 102.500 - - 101.500
40 4 Date 18-Mar 29-Apr 22-Sep - - 11-Jun
CTP Price - Low 98.250 100.850 102.480 - - 100.000
- - Date 18-Mar 29-Apr 21-Sep - - 17-Jun
PHEI Fair Yield (%) 8.4675 7.5655 7.1089 6.8766 6.7073 6.1575
Mod. Duration (yrs) 1.355 1.143 0.921 0.693 0.456 0.219
108 9.0
Convexity (yrs) 2.237 1.626 1.093 0.657 0.321 0.102
Sensitivity (%) 0.014 0.011 0.009 0.007 0.005 0.002
105 8.0
102 7.0
99 6.0
96 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
532
JLBS01B Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
r >> Volume (Rp bn) 5.75 6.25 - - - 1.00
Frequency
6 9 Frequency (X) 3 9 - - - 1
4 6 Turnover Ratio (%) 5.41 5.88 - - - 0.9
CTP Price - High 104.000 105.400 - - - 105.350
2 3 Date 30-Mar 04-Jun - - - 30-Jun
CTP Price - Low 99.000 102.100 - - - 105.350
- - Date 18-Mar 28-Apr - - - 30-Jun
PHEI Fair Yield (%) 9.7940 8.6287 8.6007 8.2905 8.4738 8.0704
Mod. Duration (yrs) 2.874 2.718 2.537 2.354 2.159 1.969
110 11.0
Convexity (yrs) 9.854 8.771 7.631 6.566 5.531 4.611
Sensitivity (%) 0.029 0.027 0.025 0.024 0.022 0.020
107 10.0
104 9.0
101 8.0
98 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
JLBS01A 6.1%
JLBS01B 2.8%
- 100 200 300 400 500 600 700 800 900 1,000
533
JLBS FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 545,658 648,363 18.82 p 78.03 76.81 76.54
71.13 69.87
Receivables 13,622 6,441 -52.71 q 63.92
Inventories - - - 
Current Assets 674,509 843,380 25.04 p 36.48
34.15 35.43
(%)
Total Assets 2,894,690 3,039,891 5.02 p
Current Liabilities 48,667 983,884 1,921.66 p
31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital (Shares) 948,000 948,000 -  Gross Profit Margin Operating Profit Margin
Paid up Capital 948,000 948,000 - 
13.55
9.56
Total Equity 1,414,335 1,497,230 5.86 p
6.62
(%)
5.88
4.71
INCOME STATEMENTS
Total Revenues 525,216 404,016 -23.08 q
Gross Profit 403,421 295,552 -26.74 q
31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 386,798 282,731 -26.90 q
Comprehensive Income 191,681 142,895 -25.45 q 1385.97
752.78
Peer Group
(%)

1. PT Jasa Marga (Persero) Tbk. 13,704 -0.30 -47.98 112.55 104.67 85.72 103.03
2. PT Jakarta Lingkar Baratsatu 404 35.43 -23.08
3. PT Marga Lingkar Jakarta 244 17.00 -22.22 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Equity (%) 12.49 13.55 9.56
Current Ratio (%) 752.78 1385.97 85.72
Cash Flow/Debt (%) 22.44 21.26 14.52
534
JPFA PT Japfa Comfeed Indonesia Tbk.

Sub Sector : Food & Beverage Wisma Millenia 7th Fl.
Website : www.japfacomfeed.co.id Jln. MT Haryono Kav. 16
Corporate Sec. : Maya Pradjono Jakarta 12810
Fax : (021) 831-0309
JAPFA is one of the leading dependable SHAREHOLDERS

providers of affordable protein foods in the 1. Japfa Ltd. 54.75%
growing domestic market of Indonesia. JAPFA 2. Public 44.34%
has more than 45 years of business experience 3. Saham Treasury 0.91%
and has been listed on the Indonesia Stock Exchange since 1989. In (Saham Hasil Pembelian
2016, JAPFA’s consolidated sales exceeded Rp27 trillion. Kembali)
JAPFA’s core business is its Poultry Operations, which consists of
three vertically integrated divisions, the Poultry Feed Division, the
Poultry Breeding Division and the Poultry Commercial Farming
AUDIT COMMITTEE
Division. JAPFA commands a strong market share in both poultry 1. Ito Sumardi Djuni Sanyoto
feed and day-old-chicks (DOC) in Indonesia. 2. Edwin Suratman
The Poultry Feed Division produces several brands of feed that are 3. Karya Utama Atmadilaga
widely known and well regarded by chicken farmers, one of which is
"Comfeed" and “Benefeed”. Feed of consistent quality is produced
using the right technology, a precise feed formulation, as well as BOARD OF COMMISSIONERS
using the superior raw materials. The Poultry Breeding Division 1. Syamsir Siregar
consists of breeding farms and central hatcheries located in the major
2. Hendrick Kolonas
regions throughout Indonesia. The division operates an efficient
3. Ito Sumardi Djuni Sanyoto *
breeding system which implements the highest international
standards of biosecurity. The division produces both broiler DOC and
layer DOC, with a proven reliable quality. The Poultry Commercial
Farming Division produces live chicken, as well as primary processed
raw chicken meat. To support its operations, JAPFA has a research *independen
and production facility for poultry and other animal vaccines. BOARD OF DIRECTORS
Besides its Poultry Operations, JAPFA also operates in the beef and 1. Handojo Santosa
aquaculture industries. The Beef Division is engaged in cattle 2. Antonius Harwanto
breeding and feedlot fattening. In addition to selling live cattle, this 3. Leo Handoko Laksono
division also produces premium quality fresh meat under the brands 4. Rachmat Indrajaya
"Santori Beef" and "Tokusen Wagyu Beef". The Aquaculture Division
5. Tan Yong Nang
primarily produces fish feed and shrimp feed. The cultivations of
tilapia fish and shrimp tillapia snapper breeding, etc., as well as
operating fish and shrimp hatcheries.
1. Fitch Rating Indonesia A+(idn) 16-Sep-20 Negative

2. Fitch Rating Indonesia A+(idn) 18-May-20 Negative
4. Fitch Rating Indonesia AA-(idn) 25-May-18 Stable
5. Fitch Rating Indonesia AA-(idn) 12-Jun-17 Stable
as of June 2021
SWOT Analysis
- Strong market position in the poultry industry - Weak legal and operating linkages with parent
- Own vertically integrated operational system
- Stable animal feed business S W company
- The government's focus on bolstering domestic -Unfavorable impact of COVID-19

consumption amid the pandemic -Fluctuation in raw material cost
- Rising demand for processsed food
O T -Volatility trend of Rupiah against USD
535
AS OF JUNE 2021
Coupon Coupon
Obligasi 01-Sep-20
JPFA02BCN1 Berkelanjutan II 9.75% 01-Dec-20 PT Bank Mega A+(idn)
1. 150,000 02-Dec-16 01-Dec-21 5
IDA0000781B5 JAPFA Tahap I 01-Mar-21 Tbk. Negative
Obligasi 21-Jul-20
JPFA02CN2 Berkelanjutan II 9.60% 21-Oct-20 PT Bank Mega A+(idn)
2. 1,000,000 25-Apr-17 21-Apr-22 5
IDA000080204 JAPFA Tahap II 21-Jan-21 Tbk. Negative
TRADING HIGHLIGHT
JPFA02BCN1

Trading 2020 2021
Activities,
8 8 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) - - - 6.00 - 2.00
Frequency
6 6 Frequency (X) - - - 6 - 2
4 4 Turnover Ratio (%) - - - 16.00 - 5.33
CTP Price - High - - - 103.050 - 101.610
2 2 Date - - - 03-Dec - 03-May
CTP Price - Low - - - 102.500 - 101.590
- - Date - - - 18-Nov - 03-May
PHEI Fair Yield (%) 8.6677 7.7472 7.4322 7.2713 6.9963 6.1091
Mod. Duration (yrs) 1.515 1.309 1.092 0.869 0.638 0.407
105 9.5
Convexity (yrs) 2.777 2.103 1.499 0.987 0.571 0.268
Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
103 8.5
101 7.5
99 6.5
97 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
536
JPFA02CN2 Listing Date Maturity Date
ISIN CODE : IDA000080204 Apr-17 Jul-18 Oct-19 Jan-21 Apr-22
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
360 24
270 18 Trading days 3 5 1 4 - 5
Turnover Ratio (%) 164.00 142.00 32.00 28.00 111.6 70.0
180 12 CTP Price - High 102.100 102.100 102.100 104.770 - 103.380
Date 05-Feb 21-Apr 10-Sep 17-Nov - 04-May
90 6
CTP Price - Low 101.800 100.150 102.100 101.390 - 100.780
- - Date 13-Feb 18-May 10-Sep 18-Dec - 19-Apr
PHEI Fair Yield (%) 9.0027 8.7620 7.7469 7.2238 7.4537 6.6302
Mod. Duration (yrs) 1.816 1.618 1.415 1.203 0.981 0.762
110 10.0
Convexity (yrs) 3.978 3.178 2.458 1.811 1.241 0.786
Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.008
107 9.0
104 8.0
101 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
JPFA02BCN1 4.0%
JPFA02CN2 410 355 80 70 91.5%
- 200 400 600 800 1,000 1,200
537
JPFA FINANCIAL HIGHLIGHT

21.19
Cash & Cash Equivalents 1,004,280 1,335,911 33.02 p 19.39 20.10
2,188,589 1,880,016 -14.10 q 16.99
Receivables
Inventories 7,918,679 6,860,500 -13.36 q
11.30
Current Assets 12,873,148 11,745,138 -8.76 q
7.64 8.57
(%)
3.74 5.13
Total Assets 26,650,895 25,951,760 -2.62 q 3.31
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,879,461 1,879,461 - 
22.06
16.46
Total Equity 11,896,814 11,411,970 -4.08 q
11.31
(%)
9.78 10.71
7.48
INCOME STATEMENTS
Total Revenues 38,872,084 36,964,948 -4.91 q
Gross Profit 7,871,850 7,429,209 -5.62 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 4,139,313 3,886,729 -6.10 q
Comprehensive Income 1,854,970 822,833 -55.64 q 234.59
Net Income/Loss Attributed 1,765,178 916,711 -48.07 q
195.50
125.54 119.99 127.41

Peer Group 115.29
(%)

2. PT Sinar Mas Agro Resources and Tech Tbk. 40,434 3.81 11.70
Financial Ratios
Return on Assets (%) 5.25 9.78 7.48 4.71
Return on Equity (%) 11.31 22.06 16.46 10.71
Current Ratio (%) 234.59 179.82 173.33 195.50
Cash Flow/Debt (%) 6.82 14.35 13.68 28.19
538
JSMR PT Jasa Marga (Persero) Tbk.

Sub Sector : Transportation Infrastructure
Website : www.jasamarga.com Plaza Tol Taman Mini Indonesia Indah
Corporate Sec. : Reza Febriano Jakarta 13550
Email Corporate Sec. : [email protected]; [email protected] Phone : (021) 841-3630, 841-3526
Fax : (021) 8779-3986
To support the economic SHAREHOLDERS

growth, on March 1, 1978,
the Government issued 1. Republic of Indonesia 1 share 4. DJS KETENAGAKERJAAN 3.41%
Regulation num ber 4 (Class A Dwiwarna Share) PROGRAM JHT
year 1978 on the establishment of PT Jasa Marga (persero) Tbk. Indonesia 2. Republic of Indonesia 70.00% 5. BNYM RE BNYMLB RE EMP 2.35%
to provide a reliable road network in the country.Jasa Marga's 1978-
(Class B) 6. PT. TASPEN 2.20%
constructed Jakarta-Bogor-Ciawi Toll Road is a milestone in the history of
the toll road industry in Indonesia. At an earlier stage of its 3. Public 22.03% 7. Management 0.00%
establishment, besides functioning as an operator, the Company also had
an authority on toll roads in the country. Until 1987, Jasa Marga has been AUDIT COMMITTEE
the only toll road operator in Indonesia funded by the Government 1. Yuswanda A. Temenggung
through foreign loans and bond issuance.
2. Anita Firmanti Eko Susetyowati
At the end of the 80s, the Government of Indonesia began to include
3. Imbuh Sulistyarini
private sectors to participate in developing the toll road through the
Build, Operate and Transfer (BOT) mechanism. During the 90s, the 4. Agung Nugroho S.
Company facilitated private investors instead, which mostly failed to
realize their project. JORR and Cipularang were ones of the toll roads BOARD OF COMMISSIONERS
taken over by the Company.
1. Yuswanda A. Temenggung *
The government issued Law number 38 year 2004 on Road which
2. Zulfan Lindan *
replaced Law number 13 year 1980, along with the issuance of
Government Regulation number 15, which gives more specific regulations 3. Anita Firmanti Eko Susetyowati
on toll roads. This have brought changes in the toll road business 4. Yohanes Baptista Satya Sananugraha
mechanisms including the establishment of the Toll Road Regulatory 5. M. Roskanedi
Agency, as well as the two-year adjusted toll tariff rates by the Minister of
6. Raja Erizman
Public Works. Therefore, the full authorization is given back from the
*independen
Company to the Government. Consequently, Jasa Marga which functions
both as a toll road operator and developer requires a concession license BOARD OF DIRECTORS
from the Government. 1. Subakti Syukur
The Company started to consider developing a non-toll road business to 2. Arsal Ismail
optimize assets to increase added value for stakeholders. Jasa Marga itself
3. Donny Arsal
has 3 business line along with 11 associated entities and financial asset
entities. The first business line is in toll road concession which consist of 4. Enkky Sasono A. W.
13 toll road concessions which operated by branches and 21 toll road 5. Fitri Wiyanti
concessions operated by subsidiaries. Second, Jasa Marga has toll road 6. Mohammad Agus Setiawan
operation business line, focusing on toll road operation & maintanence.
Lastly, Jasa Marga has prospective business line, focusing on the
development of toll road corridors. Business development, both
independently and in collaboration with strategic partners, was Historical Corporate Ratings
commenced in 2018. To support its business expansion, Jasa Marga is
actively innovate several funding alternatives to increase financing No. Rating Agency Rating Rating Date Outlook
flexibility and maintaining company’s performance. Jasa Marga is open to
any investment opportunities with strategic partner that in line with
1. Pefindo idAA- 4-May-21 Stable
company’s vision and mission, market condition and potentially increase 2. Pefindo idAA- 13-May-20 Stable
both shareholder and company’s value 3. Pefindo idAA 21-Jan-20 Stable
as of June 2021
SWOT Analysis
- Strong support from the Government -Business risks related to new toll roads
- Dominant position in the toll road sector
- Diversified toll road portfolio with ling concession S W -Aggressive capital structure
period
- Strong financial flexibility
-Higher traffic volumes and regular tariff adjustments -Adverse impact from COVID-19 pandemic to
O T
-Government support to toll road development transport and tourism sectors
-The growth automotive market in Indonesia -Constraint in land acquisition process
539
AS OF JUNE 2021
Coupon Coupon
Obligasi -
JSMR02ACN1 Berkelanjutan II 7.90% 08-Dec-20 PT Bank Mega idAA-
1. 1,100,350 09-Sep-20 08-Sep-23 3
IDA0001101A7 Jasa Marga Tahap I 08-Mar-21 Tbk. Stable
Obligasi -
JSMR02BCN1 Berkelanjutan II 8.25% 08-Dec-20 PT Bank Mega idAA-
2. 286,000 09-Sep-20 08-Sep-25 5
IDA0001101B5 Jasa Marga Tahap I 08-Mar-21 Tbk. Stable
Obligasi -
JSMR02CCN1 Berkelanjutan II 8.60% 08-Dec-20 PT Bank Mega idAA-
3. 90,050 09-Sep-20 08-Sep-27 7
IDA0001101C3 Jasa Marga Tahap I 08-Mar-21 Tbk. Stable
Obligasi -
JSMR02DCN1 Berkelanjutan II 9.00% 08-Dec-20 PT Bank Mega idAA-
4. 523,600 09-Sep-20 08-Sep-30 10
IDA0001101D1 Jasa Marga Tahap I 08-Mar-21 Tbk. Stable
TRADING HIGHLIGHT
JSMR02ACN1
Volume
Trading 2020 2021
Activities,
1500 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 1,144.00 10.00 210.00 380.00
1200 16
900 12 Trading days - - 6 3 5 5
Turnover Ratio (%) - - 415.87 3.64 76.34 138.14
600 8 CTP Price - High - - 100.020 100.130 103.150 104.250
Date - - 17-Sep 27-Oct 19-Mar 10-Jun
300 4
CTP Price - Low - - 100.000 99.990 100.750 103.300
- - Date - - 16-Sep 19-Oct 04-Feb 19-Apr
PHEI Fair Yield (%) - - 7.9992 7.4283 6.4827 5.8413
Mod. Duration (yrs) - - 2.587 2.395 2.197 1.997
105 9.0
Convexity (yrs) - - 7.803 6.690 5.645 4.681
Sensitivity (%) - - 0.026 0.024 0.022 0.020
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
540
JSMR02BCN1 Listing Date Maturity Date
ISIN CODE : IDA0001101B5 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25
Volume
Trading 2020 2021
Activities,
250 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 16
150 12 Trading days - - 3 2 2 1
Turnover Ratio (%) - - 155.24 55.94 281.12 83.92
100 8 CTP Price - High - - 100.000 100.010 101.350 104.000
Date - - 21-Sep 16-Oct 22-Jan 21-Apr
50 4
CTP Price - Low - - 99.950 100.000 100.500 101.500
PHEI Fair Yield (%) - - 8.3239 8.1687 8.1418 7.7397
Mod. Duration (yrs) - - 4.001 3.839 3.668 3.506
105 9.0
Convexity (yrs) - - 19.040 17.463 15.886 14.455
Sensitivity (%) - - 0.040 0.038 0.037 0.035
103 8.5
101 8.0
99 7.5
97 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
JSMR02CCN1
ISIN CODE : IDA0001101C3 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27
Volume
Trading 2020 2021
Activities,
150 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
120 8
90 6 Trading days - - - 4 1 -
Turnover Ratio (%) - - - 97.72 533.04 -
60 4 CTP Price - High - - - 100.100 106.000 -
Date - - - 19-Nov 20-Jan -
30 2
CTP Price - Low - - - 99.990 103.500 -
- - Date - - - 19-Oct 20-Jan -
PHEI Fair Yield (%) - - 8.6194 8.6400 8.6886 8.3969
Mod. Duration (yrs) - - 5.157 5.018 4.873 4.746
107 9.0
Convexity (yrs) - - 32.866 30.984 29.093 27.433
Sensitivity (%) - - 0.052 0.050 0.049 0.047
104 8.5
101 8.0
98 7.5
95 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
541
JSMR02DCN1
ISIN CODE : IDA0001101D1 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27 Sep-28 Sep-29 Sep-30
Volume
Trading 2020 2021
Activities,
120 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
100 Volume
25 Volume (Rp bn) - - 107.00 85.00 75.00 -
80 20
Trading days - - 4 2 1 -
60 15 Turnover Ratio (%) - - 81.74 64.94 57.30 -
CTP Price - High - - 100.000 104.500 101.500 -
40 10
Date - - 21-Sep 11-Nov 27-Jan -
20 5
CTP Price - Low - - 99.930 103.500 100.550 -
- - Date - - 21-Sep 16-Nov 27-Jan -
PHEI Fair Yield (%) - - 8.9724 9.1350 9.3042 9.0552
Mod. Duration (yrs) - - 6.492 6.369 6.242 6.167
105 10.0
Convexity (yrs) - - 55.524 53.278 51.030 49.440
103 9.5 Sensitivity (%) - - 0.065 0.064 0.062 0.062
101 9.0
99 8.5
97 8.0
95 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
JSMR02ACN1 1,144 104.9%
JSMR02BCN1 111 40 52.8%
JSMR02CCN1 22 24.4%
JSMR02DCN1 107 85 36.7%
- 200 400 600 800 1,000 1,200 1,400
542
JSMR FINANCIAL HIGHLIGHT

- - -  32.59
Receivables 24.46
Inventories 61,136 137,744 125.31 p 15.13 16.00 22.23
Current Assets 11,612,566 10,705,995 -7.81 q 13.25 14.65
(%)
5.51
Total Assets 99,679,570 104,086,646 4.42 p
Current Liabilities 41,526,417 14,928,687 -64.05 q -0.30
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 3,628,936 3,628,936 - 
11,764,108 12,062,621 2.54 p 10.08
Retained Earnings 8.94
Total Equity 23,185,737 24,775,615 6.86 p
(%)
2.64 2.47 2.21
0.48
INCOME STATEMENTS
Total Revenues 26,345,260 13,704,021 -47.98 q
-0.17
Gross Profit 6,444,643 5,354,533 -16.91 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 5,628,120 4,490,065 -20.22 q
Income for the periods 2,073,888 -41,629 -102.01 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 1,996,384 101,372 -94.92 q 331.35 329.92
308.03 320.12
Net Income/Loss Attributed 2,207,117 501,047 -77.30 q
Peer Group
(%)

1. PT Jasa Marga (Persero) Tbk. 13,704 -0.30 -47.98 38.01 27.96
Financial Ratios
Return on Assets (%) 2.64 2.47 2.21 0.48
Return on Equity (%) 11.40 10.08 8.94 -0.17
Current Ratio (%) 75.95 38.01 27.96 71.71
Cash Flow/Debt (%) 7.16 1.46 4.45 1.82
543
KAII PT Kereta Api Indonesia (Persero)

Sector : Transportation & Logistic ADDRESS
Sub Sector : Transportation
Website : www.kai.id Jln. Perintis Kemerdekaan No. 1
Corporate Sec. : Muhammad Widodo Bandung, Jawa Barat 40117
Email Corporate Sec. : [email protected]; [email protected] Phone : (022) 423-0031, 423-0039, 423-0054
Fax : (022) 423-0031
PT Kereta Api Indonesia (Persero) or KAI is a SHAREHOLDERS

State-Owned Enterprise which provides,
1. Republic of Indonesia 100.00%
organizes, and manages railway transport
service in Indonesia. KAI main business is to
provide complete primary train transportation. The Company has several
business activities that can be classified into five business segments,
namely passenger transport, freight transport, transport support, non-
transport or asset optimization, and government subsidies which are
related to PSO (Public Service Obligation) and IMO (Infrastructure
Maintenance Obligation). Through its subsidiaries, the Company also AUDIT COMMITTEE
offers railway-based tourism, urban transport, airport railway service, 1. Riza Primadi
restaurant service which includes train restaurant and catering service,
2. Amalia Setyani Lestari
event organizing, trading, overland transportation and service such as
delivery, packing and warehousing, parking management, 3. Errnesto
dining/restaurant and catering, freight transport and warehouses, and 4. Rochadi
property service.
In 2018, the Company launching of Minangkabau (BIM) Railway, South BOARD OF COMMISSIONERS
Sumatera LRT, and KA Luxury Class Sleeper Train. In 2019, the Company 1. Said Aqil Siroj * 7. Riza Primadi *
launching Adi Soemarmo Airport Train Operation. And in 2020, the 2. Chairul Anwar 8. Rochadi *
Company had signing of shareholder agreement and integrated station
3. Cris Kuntadi
structuring agreement amongst PT MRT Jakarta (Perseroda) and KAI.
4. Diah Natalisa
Transportation services provided by KAI have a lot benefits, including 5. Freddy Harris
mass freight and passenger transportations that are punctual and free
from traffic, high safety level, operational activities which do not depend
6. Pungky Sumad
on the weather, energy efficient and environmentally friendly. In the *independen
interest of maintain its position as a major key player in the industry, the BOARD OF DIRECTORS
Company continuously improves its main competences, which are safety, 1. Didiek Hartantyo 7. Jeffrie N. Korompis
punctuality, service excellence, and comfort. Furthermore, the support
from Indonesian government to KAI due to the policies that prioritize
2. Agung Yunanto 8. John Robertho
mass transportation, ensures the Company superior business position in 3. Awan Hermawan Purwadinata 9. Salusra Wijaya
the railway sector in Indonesia. 4. Dadan Rudiansyah
Currently, KAI has six subsidiaries namely PT Reska Multi Usaha (2003), PT 5. Eko Purwanto
Railink (2006), PT Kereta Commuter Indonesia (2008), PT Kereta Api 6. Heru Kuswanto
Pariwisata (2009), PT Kereta Api Logistik (2009), dan PT Kereta Api
Properti Manajemen (2009).
1. Pefindo idAA+ 14-Sep-20 Negative

as of June 2021
SWOT Analysis
- Strong support from government -Weak financial profile due to COVID-19 pandemic
- Superior business position in the railway sector
S W -High leverage
-Weak cash flow indicators
-Economic recovery prospect -Adverse impact from COVID-19 pandemic
O T
-Good long term growth prospecs from passenger -Increased competition with other modes of
volume and freight transportation transportation
544
AS OF JUNE 2021
Coupon Coupon
21-Aug-20
Obligasi I Kereta
KAII01A 7.75% 21-Nov-20 PT Bank Mega idAA+
1. Api Indonesia 1,000,000 22-Nov-17 21-Nov-22 5
Tahun 2017 Seri A
Quarterly 21-May-21
21-Aug-20
Obligasi I Kereta
KAII01B 8.25% 21-Nov-20 PT Bank Mega idAA+
2. Api Indonesia 1,000,000 22-Nov-17 21-Nov-24 7
Tahun 2017 Seri B
Quarterly 21-May-21
13-Sep-20
Obligasi II Kereta
KAII02A 7.75% 13-Dec-20 PT Bank Mega idAA+
3. Api Indonesia 900,000 16-Dec-19 13-Dec-24 5
IDA0001038A1 13-Mar-21 Tbk. Negative
Tahun 2019 Seri A
Quarterly 13-Jun-21
13-Sep-20
Obligasi II Kereta
KAII02B 8.20% 13-Dec-20 PT Bank Mega idAA+
4. Api Indonesia 1,100,000 16-Dec-19 13-Dec-26 7
Tahun 2019 Seri B
Quarterly 13-Jun-21
TRADING HIGHLIGHT
KAII01A
Volume
Trading 2020 2021
Activities,
250 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 15.10 42.20 - 201.00 4.00 1.00
200 12
150 9 Trading days 6 3 7 9 7 5
Turnover Ratio (%) 6.04 16.88 - 80.40 1.60 0.40
100 6 CTP Price - High 103.310 100.980 102.850 103.450 104.100 103.150
Date 10-Mar 06-Apr 18-Aug 25-Nov 16-Feb 07-Jun
50 3
CTP Price - Low 101.050 99.000 99.750 101.250 100.650 102.600
- - Date 05-Feb 26-Jun 14-Aug 10-Nov 28-Jan 03-May
PHEI Fair Yield (%) 7.3442 6.9311 6.8991 6.0390 6.0434 5.3558
Mod. Duration (yrs) 2.350 2.153 1.946 1.740 1.521 1.306
106 8.0
Convexity (yrs) 6.463 5.438 4.465 3.594 2.779 2.085
Sensitivity (%) 0.024 0.022 0.019 0.017 0.015 0.013
104 7.0
102 6.0
100 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
545
KAII01B Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
350 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
300 60 Volume (Rp bn) 97.90 240.30 135.00 49.00 5.00 21.00
Frequency
250 50 Frequency (X) 14 59 30 9 8 8
200 40
Turnover Ratio (%) 39.16 96.12 54.00 19.60 2.00 8.40
150 30
CTP Price - High 104.350 103.100 104.600 105.000 106.400 107.100
100 20 31-Jan 26-Jun 25-Aug 02-Nov 11-Feb 02-Jun
Date
50 10 CTP Price - Low 98.000 96.900 99.000 101.900 101.650 103.300
- - Date 13-Mar 18-May 12-Aug 27-Oct 25-Feb 03-Jun
PHEI Fair Yield (%) 8.6954 7.4320 7.8553 7.1846 7.1599 6.3667
Mod. Duration (yrs) 3.776 3.641 3.457 3.292 3.107 2.935
110 10.0
Convexity (yrs) 16.979 15.672 14.105 12.741 11.331 10.082
107 9.0 Sensitivity (%) 0.038 0.036 0.035 0.033 0.031 0.029
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
KAII02A
ISIN CODE : IDA0001038A1 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Volume
Trading 2020 2021
Activities,
2000 250 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 58.00 40.00 30.00 1,777.00 173.00 180.00
1600 200
1200 150 Trading days 2 2 2 31 11 6
Turnover Ratio (%) 25.78 17.78 13.33 789.78 76.89 80.00
800 100 CTP Price - High 102.030 99.950 101.250 103.800 106.100 105.500
Date 29-Jan 19-Jun 25-Aug 17-Nov 04-Feb 27-May
400 50
CTP Price - Low 101.500 99.900 101.200 96.100 100.500 101.500
- - Date 29-Jan 19-Jun 25-Aug 23-Nov 19-Feb 23-Apr
PHEI Fair Yield (%) 8.7120 7.6862 7.8784 7.4885 7.1644 6.3924
Mod. Duration (yrs) 3.867 3.724 3.543 3.370 3.188 3.013
108 10.0
Convexity (yrs) 17.648 16.260 14.686 13.247 11.830 10.542
105 9.0 Sensitivity (%) 0.039 0.037 0.035 0.034 0.032 0.030
102 8.0
99 7.0
96 6.0
93 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
546
KAII02B
ISIN CODE : IDA0001038B9 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26
Volume
Trading 2020 2021
Activities,
400 200 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 300.60 47.27 313.00 352.00 49.00 9.00
Frequency
300 150 Frequency (X) 165 12 70 33 47 30
Trading days 29 4 19 18 25 22
200 100 Turnover Ratio (%) 109.31 17.19 113.82 128.00 17.82 3.27
CTP Price - High 104.600 99.000 104.100 104.350 106.600 108.500
100 50 Date 09-Mar 28-May 25-Aug 05-Nov 03-Feb 21-Jun
CTP Price - Low 100.000 82.500 83.700 94.800 101.900 96.400
- - Date 11-Feb 27-May 28-Sep 23-Nov 17-Mar 20-May
PHEI Fair Yield (%) 8.5798 8.0683 8.5384 7.7806 7.6382 7.1143
Mod. Duration (yrs) 5.074 4.961 4.790 4.674 4.522 4.385
111 9.5
Convexity (yrs) 31.488 29.877 27.809 26.275 24.487 22.889
108 9.0 Sensitivity (%) 0.051 0.050 0.048 0.047 0.045 0.044
105 8.5
102 8.0
99 7.5
96 7.0
93 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
KAII01A 15 201 25.8%
KAII01B 98 240 135 49 52.2%
KAII02A 58 1,777 211.7%
KAII02B 301 47 313 352 92.1%
- 500 1,000 1,500 2,000 2,500
547
KAII FINANCIAL HIGHLIGHT

25.75 21.44 24.99
14.75
Receivables 804,078 449,821 -44.06 q 11.17 12.27
9.59
Inventories 1,064,705 912,156 -14.33 q 5.72
7.52 6.44
Current Assets 6,898,724 9,164,500 32.84 p
(%)
Total Assets 44,905,547 53,207,069 18.49 p -5.57
-9.61
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 12,268,743 12,268,743 - 
8.39
5.13 4.40
19,805,624 17,039,980 -13.96 q 3.94
Total Equity
(%)
INCOME STATEMENTS
Total Revenues 26,251,715 18,074,851 -31.15 q -10.19
Gross Profit 6,560,403 1,164,228 -82.25 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Operating Profit 3,190,787 -1,007,074 -131.56 q
EBITDA 4,466,685 -274,734 -106.15 q
Comprehensive Income 1,803,119 -2,847,962 -257.95 q
156.02
123.43 126.73
Peer Group
(%)
113.09 98.74
1. PT Kereta Api Indonesia (Persero) 18,075 -9.61 -31.15
2. PT Serasi Autoraya 4,461 2.78 -16.43
3. PT Express Transindo Utama Tbk. 22 -247.07 -83.95 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 5.13 3.94 4.40 -3.26
Return on Equity (%) 13.13 8.39 9.97 -10.19
Current Ratio (%) 187.31 123.43 85.03 98.74
Cash Flow/Debt (%) 19.08 16.77 14.04 -1.73
548
KEHA PT Bank KEB Hana Indonesia

Sub Sector : Banks Mangkuluhur City - Tower One
Website : www.hanabank.co.id Jln. Jend. Gatot Subroto Kav 1 - 3
Corporate Sec. : Bayu Wisnu Wardhana Jakarta Selatan 12930
Fax : (021) 5081-1123
PT Bank KEB Hana Indonesia (”KEB Hana SHAREHOLDERS

Bank”) was established under the name PT
1. KEB Hana Bank, Seoul 69.01%
Bank Pasar Pagi Madju based on Deed
No. 25 dated April 27, 1971 and has been approved by the Minister 2. International Finance Corporation 9.98%
of Justice of the Republic of Indonesia through Decision Letter No. 3. LINE Financial Asia Corporation Limited 20.00%
Y.A.5/189/25 dated May 25, 1974. 4. Bambang Setijo 0.85%
5. Biantoro Setijo 0.16%
As the Bank changed its status and became Commercial Bank, Bank’s
name was changed into PT Bank Bintang Manunggal (Bank Bima)
based on Decree of Minister of Finance of the Republic of Indonesia AUDIT COMMITTEE
No. 1306/KMK.013/1989 dated November 30, 1989. In 2007, Hana 1. Lisana Irianiwati
Financial Group acquired Bank Bima, thus the name was changed 2. A Dewantoro Marsono
into PT Bank Hana through the Decision of Governor of Indonesia's
3. Edy Kuntardjo
Central Bank No. 10/20/KEP.BI/2008 dated March 18, 2008.
Therefore, PT Bank Hana merged with and into PT Bank KEB
Indonesia to form PT Bank KEB Hana in 2013.
One year later, PT Bank KEB Hana was changed and officially became
1. Sung Hwan Lee
PT Bank KEB Hana Indonesia which has been approved by Financial
2. Eka Noor Asmara *
Services Authority (OJK) based on Decree of Board of Commissioners
of OJK No. 13/KDK.03/2014 dated June 27, 2014. 3. Lisana Irianiwati *
KEB Hana Bank has a commitment to provide financial services that

prioritize the convenience of its customers in line with its vision to
become the Best Customer-Focused Bank in Indonesia. For different
customer needs, KEB Hana Bank provides a wide array of products *independen
and services including consumer banking, SME, and corporate BOARD OF DIRECTORS
banking. 1. Park Jong Jin 7. Sang Keun Kwak
With the synergy and support from Hana Financial Group as one of 2. Anton Hermawan
the largest financial holding company in South Korea, KEB Hana Bank 3. Bayu Wisnu Wardhana
is committed to position itself among the Top 20 Banks in Indonesia 4. Hang Keun Cho
in 2020. In 2020, the Company also inaugurated the brand change to 5. Junita Wangsadinata
Hana Bank. Collaborated with FWD Life in offering FWD Critical
6. Ratna Ningsih
Multisafe insurance product

2. Fitch Rating Indonesia AAA(idn) 15-Jul-20 Stable
as of June 2021
SWOT Analysis
- Strong support from KEB Hana Bank - The modest funding profile
- High degree integration with parent company
- The highest interest income growth compared to its S W - Weakened credit profile due to the pandemic
peers
- Huge investment for the IT development to make more - Fluctuation in currency exchange
O T
advanced development in the internet banking services - Unfavorable impact of COVID-19
-Monetary stimulus to boost banking liquidity
549
AS OF JUNE 2021
Coupon Coupon
Obligasi 21-Sep-20
PT Bank Rakyat
KEHA01SB Subordinasi IDR 9.95% 21-Dec-20 AA(idn)
IDA000078802 Bank KEB Hana I 21-Mar-21 Stable
(Persero) Tbk.
Obligasi 21-Sep-20
PT Bank Rakyat
USDKEHA01SB Subordinasi USD 6.05% 21-Dec-20 AA(idn)
2. 0 22-Dec-16 21-Dec-23 7 Indonesia
IDA000078901 Bank KEB Hana I 21-Mar-21 Stable
(Persero) Tbk.
TRADING HIGHLIGHT
KEHA01SB
Volume
Trading 2020 2021
Activities,
120 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 71.00 19.00 102.00 - 22.00 -
Frequency
90 15 Frequency (X) 18 7 6 2 4 -
60 10 Turnover Ratio (%) 116.39 31.15 167.21 - 36.07 -
CTP Price - High 108.223 104.960 106.630 107.110 106.740 -
30 5 Date 12-Feb 03-Jun 11-Aug 27-Oct 26-Jan -
CTP Price - Low 104.000 103.680 106.550 107.090 104.650 -
- - Date 14-Jan 28-May 06-Aug 26-Oct 21-Jan -
PHEI Fair Yield (%) 8.3428 7.8992 7.6629 7.3098 7.3425 6.4345
Mod. Duration (yrs) 3.100 2.933 2.755 2.573 2.379 2.195
110 10.0
Convexity (yrs) 11.394 10.166 8.950 7.798 6.672 5.681
108 9.0 Sensitivity (%) 0.031 0.029 0.028 0.026 0.024 0.022
106 8.0
104 7.0
102 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
550
USDKEHA01SB Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
Last Date - - - - - -
108 6
Sensitivity (%) - - - - - -
106 5
104 4
102 3
100 2
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
KEHA01SB 71 19 102 78.7%
USDKEHA01SB 0.0%
- 50 100 150 200 250 300
551
KEHA FINANCIAL HIGHLIGHT

37.27
Cash on Hand 191,579 185,881 -2.97 q
525,925 1,800,841 242.41 p 28.37
Placements with Other Banks
24.19
18.15 17.07
Loans 33,098,939 28,175,130 -14.88 q 15.88
(%)
3.22 2.93
Total Assets 45,050,371 42,689,638 -5.24 q
Deposits 30,348,229 28,050,397 -7.57 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital (Shares) 4,600 4,600 -  Net Interest Margin
Paid up Capital 3,160,093 3,160,093 - 
Paid up Capital (Shares) 3,160 3,160 -  12.90
Par Value (Rp) 1,000 1,000 - 
Total Equity 9,419,378 9,911,353 5.22 p 6.93
(%)
5.38
2.69
1.54
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Comprehensive Income (Loss) 633,607 628,830 -0.75 q 139.10
137.17
119.72
79.09 81.73 81.03

Peer Group 69.20
(%)


Return on Assets (%) 2.69 1.74 1.54 1.35
Return on Equity (%) 12.90 8.49 6.93 5.38
BOPO (%) 69.20 79.09 81.73 81.03
Cash Flow / Debt (%) 7.61 -3.80 -4.41 2.80
552
KETR PT Ketrosden Triasmitra

Sub Sector : Telecommunication Meta Epsi Building 2nd Floor
Website : www.triasmitra.com Jln. DI Panjaitan Kav. 2, Rawabunga
Corporate Sec. : Ikhsan Triyanto Jakarta Timur 13350
Fax : (021) 2208-5103
PT Ketrosden Triasmitra (the “Company” or SHAREHOLDERS

“Triasmitra Group”) was established on 25
November 1994 that engaged in the Contractor 1. PT Gema Lintas Benua (Class A) 16.04%
and Trading business. For the last 27 years 2. PT Gema Lintas Benua (Class B) 2.30%
has been experiencing in telecommunications industry, Triasmitra Group is
3. Petrus Sartono (Class A) 1.35%
a telecommunications network infrastructure company, cable manage and
maintenance services, and sell submarine and terrestrial fiber optic cable 4. PT Fajar Sejahtera Mandiri Nusantara (Class A) 80.31%
systems.
The Company has three main operational activities, namely as an EPC

Contractor for Inland network infrastructure and submarine network AUDIT COMMITTEE
infrastructure, as a developer for submarine infrastructure and inland
1. Nelly Henry
networks, and providing managed service.
2. Billy Ching
Some of the projects that have been run by the company are submarine
3. Darwin Wijaya
project to install 20 km network Batam-Pemping (Pgascom), Fiber Optic
installation to 1,070 km of Jakarta-Singapore (B2JS), submarine and inland
cable installation to 520 km of Surabaya - Denpasar (Surabaya Denpasar
Cable System - SDCS), inland cable installation to 2,661 km Ultimate Java
Backbone (UJB), submarine cable system installation to 875 km of Jakarta-
Surabaya (Jayabaya), cable system installation to 572 km of Medan-Dumai, 1. Petrus Sartono
and Tandansuka submarine cable (MTI) construction. 2. Nelly Henry *
The Company has two subsidiaries, namely PT Jejaring Mitra Persada and
PT Triasmitra Multiniaga Internasional (TMI). PT Jejaring Mitra Persada is a
company engages in the development of fiber optic cable system,
whereas PT Triasmitra Multiniaga Internasional (TMI) is a company that
provides managed services for optic cable.
*independen
BOARD OF DIRECTORS
1. Titus Dondi Patria
2. Dani Samsul
3. Vidcy Octory
as of June 2021
SWOT Analysis
-Extensive network of submarine and inland fiber optic -Limited business diversification
cable system
-Strong linkage with national army S W -Extensive capital business
-Strong captive market
-High demand for connectivity needs -Adverse economic impact due to the pandemic
O T
-Growing needs of telecommunication network
infrastructure
553
AS OF JUNE 2021
Coupon Coupon
-
Obligasi Ketrosden PT Bank
KETR01A 6.80% - idAAA(cg)
1. Triasmitra I Tahun 415,000 11-Jan-21 08-Jan-24 3 Mandiri
IDA0001129A8 - N/A
2020 Seri A (Persero) Tbk.
Quarterly 08-Apr-21
-
Obligasi Ketrosden PT Bank
KETR01B 7.25% - idAAA(cg)
2. Triasmitra I Tahun 168,000 11-Jan-21 08-Jan-26 5 Mandiri
IDA0001129B6 - N/A
Quarterly 08-Apr-21
TRADING HIGHLIGHT
KETR01A
ISIN CODE : IDA0001129A8 Jan-21 Jan-22 Jan-23 Jan-24
Volume
Trading 2020 2021
Activities,
300 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - - 95.00 256.00
240 8
180 6 Trading days - - - - 2 4
Turnover Ratio (%) - - - - 91.57 246.75
120 4 CTP Price - High - - - - 100.050 102.520
Date - - - - 30-Mar 17-Jun
60 2
CTP Price - Low - - - - 100.000 100.000
- - Date - - - - 30-Mar 01-Apr
PHEI Fair Yield (%) - - - - 6.4599 5.7845
Mod. Duration (yrs) - - - - 2.470 2.274
104 8.0
Convexity (yrs) - - - - 7.132 6.057
Sensitivity (%) - - - - 0.025 0.023
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
554
KETR01B Listing Date Maturity Date
ISIN CODE : IDA0001129B6 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - - 7.1932 6.6294
Mod. Duration (yrs) - - - - 3.938 3.780
103 8.0
Convexity (yrs) - - - - 18.369 16.851
Sensitivity (%) - - - - 0.039 0.038
102 7.5
101 7.0
100 6.5
99 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
555
KETR FINANCIAL HIGHLIGHT

54.59
Receivables 50,638 89,548 76.84 p
35.15 35.54
Inventories 235,814 233,196 -1.11 q
Current Assets 341,910 430,867 26.02 p 22.05 20.75 23.10
(%)
Total Assets 929,368 1,004,589 8.09 p
Current Liabilities 166,388 172,776 3.84 p
Interest Bearing liabilities 313,558 298,630 -4.76 q
31-Dec-19 31-Dec-20
Total Liabilities 452,208 449,230 -0.66 q
Paid up Capital 25,381 25,381 - 
Par Value (Rp Full Amount) 100.000 & 464.253 100.000 & 464.253 - 
19.42
Total Equity 477,161 555,359 16.39 p
(%)
9.97
6.84 6.84
INCOME STATEMENTS
Total Revenues 446,554 297,265 -33.43 q
Gross Profit 156,961 162,286 3.39 p
31-Dec-19 31-Dec-20
EBITDA 131,166 107,628 -17.95 q
Peer Group
(%)

44.72
3. PT Mora Telematika Indonesia 3,766 18.05 -7.30 31-Dec-19 31-Dec-20
Financial Ratios
Current Ratio (%) 205.49 249.38
556
LPPI PT Lontar Papyrus Pulp & Paper Industry

Sub Sector : Basic Materials Sinar Mas Land Plaza, tower 2, 9th floor
Website : www.asiapulppaper.com JL. M.H. Thamrin No.51
Corporate Sec. : Emmy Kuswandari Jakarta 10350
Fax : (021) 3927 685
PT Lontar Papyrus Pulp & Paper Industry (the

SHAREHOLDERS
“Company”) was established in the Republic of
Indonesia on February 13th, 1974 under the 1. PT Pindo Deli Pulp and Paper Mills 99.92%
framewo rk o f th e Do mestic Capital 2. PT Arthadana Mulia Makmur 0.08%
Investment Law No. 6 Year 1968, juncto regulation No. 12 Year 1970
based on Notarial Deed No. 44 as amended by Notarial Deed No. 73
dated March 21st, 1974, and No. 11 dated May 9th,1975 made before
Malem Ukur Sembiring, S.H, Notary in Medan included the amendment
by Notarial Deed No. 54 dated April 29th,1976 made before Jony
Frederik Berthold Tumbelaka Sinjal, Notary ini Jakarta. The Deed of AUDIT COMMITTEE
Establishment was approved by the Ministry of Justice of the Republic 1. Drs. Pande Putu Raka, Ma
Indonesia per Decision Letter No. Y.A.5/263/11 dated May 7th, 1976. The 2. Aditiawan Chandra Ph.D
Company’s Articles of Association have been amended several times. The
3. Dr. Ir.Rizal Affandi Lukman, MA
amendment of the Company’s Articles of Association to comply with Law
No. 40 of the Republic of Indonesia of year 2007 concerning Limited
Liability Companies was stated in Deed of Resolution of Meeting No. 22
dated December 10th, 2007 of Linda Herawati, S.H., Notary in Jakarta. This BOARD OF COMMISSIONERS
amendment was approved by the Ministry of Law and Human Rights of 1. Arthur Tahija
Republic of Indonesia per Decision Letter No. AHU-01211. AH.01.02 Year 2. Drs.Pande Putu Raka, M.A. *
2008 dated January 9th, 2008 and published in State Gazette of the
3. Hengkie Wongosari
Republic of Indonesia No. 92, Supplement No. 23727 dated November
14th, 2008. The latest amendment to the Company’s Articles of
Association was stated in Deed of Resolution of the Shareholders No. 81
dated June 28th, 2019 by Desman, S.H., M.HUM., Notary in North Jakarta.
The amendment was approved by the Ministry of Law and Human Rights *independen
of Republic of Indonesia per Decision Letter No. AHU-0041326.AH.01.02 BOARD OF DIRECTORS
Year 2019 dated July 24th, 2019 and published in State Gazette of the
1. Hendri
Republic of Indonesia No. 94 Supplement No. 45129, dated November
2. Benny Iswandy
22nd, 2019.
3. Kosim Sutiono
In accordance with Article 3 of the Company’s Articles of Association, the
scope of its activities consists of the manufacture of pulp and paper. The
Company is domiciled in Jambi, Sumatra, Indonesia and its plant is
located in Tebing Tinggi, Jambi. The Company started its commercial
operations in 1976. PT Pindo Deli Pulp And Paper Mills, incorporated in
the Republic of Indonesia, is the parent company of the Company. The
ultimate parent entity of the Company is PT Purinusa Ekapersada, Historical Corporate Ratings
incorporated in the Republic of Indonesia, which is part of the Sinarmas
Group.
3. Pefindo idA+ 18-Sep-18 Stable
as of June 2021
SWOT Analysis
- Strong business position in the pulp and tissue industry - Moderate financial leverage
- Vertically integrated operations and customer
geographical diversity S W - Highly affected by the fluctuations in the price of
pulp and paper
- Strong operating management
- Have the support of domestic economy and focus on - Highly affected by the fluctuations in the price of
O T
high demand from the Asia market pulp and paper
- Economic recovery prospect - Adverse impact from COVID-19 pandemic
557
AS OF JUNE 2021
Coupon Coupon
Sukuk Mudharabah 10-Jul-20

SMLPPI01A Lontar Papyrus Pulp & 10.00% 10-Oct-20 PT Bank idA(sy)
1. 500,000 11-Oct-18 10-Oct-21 3
IDJ0000113A4 Paper Industry I Tahun 10-Jan-21 Bukopin Tbk. Stable
2018 Seri A 10-Apr-21
Quarterly
Sukuk Mudharabah 10-Jul-20

SMLPPI01B Lontar Papyrus Pulp & 11.00% 10-Oct-20 PT Bank idA(sy)
2. 2,000,000 11-Oct-18 10-Oct-23 5
IDJ0000113B2 Paper Industry I Tahun 10-Jan-21 Bukopin Tbk. Stable
2018 Seri B 10-Apr-21
Quarterly
TRADING HIGHLIGHT
SMLPPI01A
ISIN CODE : IDJ0000113A4 Oct-18 Oct-19 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
150 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
120 40
90 30 Trading days 3 4 10 13 6 9
Turnover Ratio (%) 0.92 19.84 15.20 108.00 15.20 33.60
60 20 CTP Price - High 100.000 100.300 103.650 103.710 102.920 101.130
Date 25-Feb 14-Apr 24-Aug 18-Nov 16-Feb 14-Jun
30 10
CTP Price - Low 99.900 100.000 100.000 101.100 100.050 100.020
- - Date 25-Feb 13-May 18-Aug 19-Nov 05-Mar 03-Jun
PHEI Fair Yield (%) 8.5253 7.6185 6.7474 7.2250 7.1336 6.2941
Mod. Duration (yrs) 1.374 1.169 0.953 0.729 0.498 0.268
105 10.0
Convexity (yrs) 2.339 1.723 1.183 0.730 0.377 0.139
103 9.0 Sensitivity (%) 0.014 0.012 0.010 0.007 0.005 0.003
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
558
SMLPPI01B Listing Date Maturity Date
ISIN CODE : IDJ0000113B2 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23
Volume
Trading 2020 2021
Activities,
1000 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 80
600 60 Trading days 13 12 14 19 13 11
Turnover Ratio (%) 158.16 68.68 58.80 85.60 157.00 63.80
400 40 CTP Price - High 103.600 106.220 108.840 107.030 107.140 109.240
Date 19-Feb 22-Jun 27-Aug 15-Dec 29-Mar 03-Jun
200 20
CTP Price - Low 100.000 97.520 101.980 100.000 99.980 100.000
- - Date 20-Feb 14-Apr 04-Aug 20-Nov 25-Jan 08-Apr
PHEI Fair Yield (%) 11.6068 8.6844 7.8841 8.4933 8.5127 7.3691
Mod. Duration (yrs) 2.809 2.693 2.528 2.339 2.151 1.974
110 14.0
Convexity (yrs) 9.690 8.805 7.733 6.627 5.611 4.726
107 12.0 Sensitivity (%) 0.028 0.027 0.025 0.023 0.022 0.020
104 10.0
101 8.0
98 6.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
36.0%
SMLPPI01A 135
92.8%
SMLPPI01B 791 343 294 428
- 500 1,000 1,500 2,000 2,500
559
LPPI FINANCIAL HIGHLIGHT

42.06
Cash & Cash Equivalents 1,269,957 642,172 -49.43 q 37.47
2,980,786 2,818,094 -5.46 q 34.07
Receivables 32.11
25.94
Inventories 1,083,805 1,023,431 -5.57 q 25.58 23.86
Current Assets 11,889,047 10,020,375 -15.72 q 18.78
(%)
Total Assets 30,742,603 28,347,693 -7.79 q
3.82
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 2,750,715 2,750,715 - 
15.32
13.06
Total Equity 14,836,099 14,609,338 -1.53 q
(%)
7.39
6.05
1.00
Total Revenues 8,885,336 7,431,868 -16.36 q
Gross Profit 3,329,411 2,532,115 -23.95 q
31-Dec-18 31-Dec-19 31-Dec-20
Total Operating Expenses 1,024,358 758,778-25.93 q Return on Assets Return on Equity
EBITDA 4,469,993 2,118,123 -52.61 q
Income for the periods 2,272,421 284,244 -87.49 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 2,280,816 285,457 -87.48 q
Net Income/Loss Attributed 2,272,421 284,244 -87.49 q 252.94 260.99
236.09
Peer Group
(%)
No. Company Total Revenue Net Profit Revenue 116.10 107.21 94.04
1. PT Indah Kiat Pulp & Paper Tbk 42,118 9.85 -6.29
2. PT Lontar Papyrus Pulp & Paper Industry 7,432 3.82 -16.36
31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Equity (%) 13.06 15.32 1.95
Current Ratio (%) 236.09 252.94 260.99
Cash Flow/Debt (%) 8.74 7.90 16.35
560
LTLS PT Lautan Luas Tbk.

Sub Sector : Basic Materials Graha Indramas
Website : www.lautan-luas.com Jln. AIP II KS Tubun Raya No.77
Corporate Sec. : Joshua Chandraputra Asali Jakarta 11410
Fax : (021) 8066-0020
As a leading basic and specialty chemical SHAREHOLDERS

company in Indonesia, PT LAUTAN LUAS Tbk
1. PT Caturkarsa Megatunggal 54.71% 6. Pranata Hajadi 0.61%
(“the Company” or “Lautan Luas”) has been
serving its customers for more than sixty five 2. Public 40.18% 7. Indrawan Masrin 0.58%
years by providing high quality products and services. The Company was 3. Joan Fudiana 1.89%
established on 13 July 1951 as Persekutuan Andil Maskapai Dagang dan 4. Jimmy Masrin 0.21%
Industry “Lim Teck Lee” (Indonesia), aka NV Lim Teck Lee Coy. Ltd.
At present, Lautan Luas represents over 100 international principals,
distributes more than 1,000 chemical products, and serves more than AUDIT COMMITTEE
2,000 industrial end-users throughout Indonesia and the Asia-Pacific
region. To oversee its vast distribution networks, Lautan Luas, is
1. Rifana Erni
headquartered in Jakarta, operates four branches and seven 2. Budi Kurniawan Ratulangi
representative offices located in major cities throughout the Indonesia 3. Elizabeth Usman
archipelago. A regional office in Singapore overlooks the Company’s
activities in China, Thailand, and Vietnam. Lautan Luas currently operates
in fourteen manufacturing facilities in Indonesia, two in China, and a water
treatment chemical plant in Vietnam. BOARD OF COMMISSIONERS
1. Joan Fudiana
PT LAUTAN LUAS Tbk., as holder of the Authorized Economic Operator
(AEO) certificate, obtained facilities in accelerating the clearance process 2. Diah Maulida *
from/to ports without document verification and physical examination, 3. Isien Fudianto
also receiving special priority services for customs simplification systems 4. Pranata Hajadi
and procedures as an importer/exporter.
5. Rifana Erni *
PT LAUTAN LUAS Tbk. and PT Taruna Bina Sarana (Lautan Luas' Group)
have received Bonded Logistics Center Permits. The permits were *independen
presented by the Ministry of Finance of the Republic of
BOARD OF DIRECTORS
Indonesia. Bonded Logistic Center is a facility to store goods from
outside Indonesian Customs area and/or goods from other places in the 1. Indrawan Masrin
Indonesian Customs area, to accommodate several simple activities at the 2. Danny Suryadi Adenan
certain period of time. 3. Jimmy Masrin
4. Joshua Chandraputra Asali
5. Soewandhi Soekamto

as of June 2021
SWOT Analysis
- Well diversified products, customers, and suppliers and - High financial leverage
market segments
- Long experience in specialty and basic industry S W - Sensitivity to changes in macroeconomic conditions
- Integrated operation
- The trend of rising commodity prices -Foreign exchange fluctuations
O T
- Broadening its product base by diversifying its support -Adverse impact from COVID-19 pandemic
services
561
AS OF JUNE 2021
Coupon Coupon
Obligasi 28-Aug-20
LTLS02BCN2 Berkelanjutan II 10.00% 28-Nov-20 PT Bank Mega idA-
1. 285,500 29-Nov-17 28-Nov-22 5
IDA0000863B1 Lautan Luas Tahap 28-Feb-21 Tbk. Stable
II Tahun 2017 Seri B Quarterly 28-May-21
Obligasi 21-Sep-20
LTLS02CN1 Berkelanjutan II 10.50% 21-Dec-20 PT Bank Mega idA-
2. 200,000 22-Jun-17 21-Jun-22 5
IDA000081905 Lautan Luas Tahap I 21-Mar-21 Tbk. Stable
Obligasi -
LTLS03ACN1 Berkelanjutan III 10.25% 21-Oct-20 PT Bank Mega idA-
3. 181,550 22-Jul-20 21-Jul-23 3
IDA0001079A5 Lautan Luas Tahap I 21-Jan-21 Tbk. Stable
Obligasi -
LTLS03BCN1 Berkelanjutan III 10.50% 21-Oct-20 PT Bank Mega idA-
4. 105,200 22-Jul-20 21-Jul-25 5
IDA0001079B3 Lautan Luas Tahap I 21-Jan-21 Tbk. Stable
TRADING HIGHLIGHT
LTLS02BCN2
Volume
Trading 2020 2021
Activities,
50 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
40 12
30 9 Trading days 3 4 3 3 2 2
Turnover Ratio (%) 30.68 0.70 56.04 14.01 63.05 8.41
20 6 CTP Price - High 103.850 101.470 98.570 100.660 102.400 99.390
Date 18-Feb 03-Jun 17-Sep 07-Oct 26-Feb 23-Jun
10 3
CTP Price - Low 102.841 101.100 95.100 96.500 101.880 96.200
- - Date 18-Mar 12-Jun 01-Jul 14-Oct 10-Mar 07-May
PHEI Fair Yield (%) 9.9141 9.1288 8.8047 8.6154 8.7294 8.7919
Mod. Duration (yrs) 2.290 2.109 1.914 1.714 1.504 1.295
105 11.0
Convexity (yrs) 6.240 5.292 4.375 3.527 2.743 2.064
103 10.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
101 9.0
99 8.0
97 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
562
LTLS02CN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
100 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
80 16
60 12 Trading days 9 10 5 4 3 3
Turnover Ratio (%) 114.50 90.10 10.00 86.00 48.00 32.00
40 8 CTP Price - High 104.800 102.390 104.680 104.000 103.240 102.620
20 4
CTP Price - Low 100.500 97.500 93.500 97.750 101.750 101.050
- - Date 20-Mar 13-Apr 31-Aug 12-Oct 03-Feb 07-May
PHEI Fair Yield (%) 9.6714 8.9971 8.4627 8.3194 8.5629 8.0928
Mod. Duration (yrs) 1.960 1.768 1.566 1.356 1.136 0.919
110 11.0
Convexity (yrs) 4.571 3.733 2.952 2.243 1.610 1.090
107 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.011 0.009
104 9.0
101 8.0
98 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
LTLS03ACN1
ISIN CODE : IDA0001079A5 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
600 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
500 Volume
10 Volume (Rp bn) - - 450.00 500.00 1.00 -
400 8
Trading days - - 8 6 1 -
300 6 Turnover Ratio (%) - - 991.46 1,101.62 2.20 -
CTP Price - High - - 100.140 100.150 101.020 -
200 4
Date - - 30-Sep 06-Nov 21-Jan -
100 2
CTP Price - Low - - 100.000 100.000 101.000 -
- - Date - - 03-Sep 10-Nov 21-Jan -
PHEI Fair Yield (%) - - 10.1917 9.1971 9.3163 9.3374
Mod. Duration (yrs) - - 2.369 2.194 1.999 1.806
104 11.0
Convexity (yrs) - - 6.758 5.789 4.820 3.950
103 10.5 Sensitivity (%) - - 0.024 0.022 0.020 0.018
102 10.0
101 9.5
100 9.0
99 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
563
LTLS03BCN1
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 10.2044 9.7811 10.2793 10.4243
Mod. Duration (yrs) - - 3.674 3.537 3.366 3.208
105 11.0
Convexity (yrs) - - 16.709 15.384 13.909 12.586
Sensitivity (%) - - 0.037 0.035 0.034 0.032
103 10.0
101 9.0
99 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
LTLS02BCN2 22 40 25.4%
LTLS02CN1 57 45 5 43 75.2%
LTLS03ACN1 450 500 523.3%
LTLS03BCN1 0.0%
- 100 200 300 400 500 600 700 800 900 1,000
564
LTLS FINANCIAL HIGHLIGHT

21.01
18.29 18.22
Receivables 1,083,549 816,568 -24.64 q
Inventories 1,163,196 745,933 -35.87 q
Current Assets 2,508,089 2,138,024 -14.75 q
Property, Plant and Equipment 1,880,861 1,828,809 -2.77 q 5.55 6.19 6.84
(%)
5.92
Total Assets 5,863,204 5,524,302 -5.78 q 2.78 3.29 3.45
2.11
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 195,000 195,000 - 
10.45
Total Equity 2,160,180 2,243,122 3.84 p
5.27
(%)
3.69 3.85
3.18
2.14
INCOME STATEMENTS
Total Revenues 6,534,734 5,592,338 -14.42 q
Gross Profit 1,281,282 1,174,818 -8.31 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 681,592 509,674 -25.22 q
197.33
146.28
Peer Group
(%)
97.70 95.15 97.63

3. PT Chandra Asri Petrochemical Tbk 25,480 2.85 -2.86 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 3.18 3.69 3.85 2.14
Return on Equity (%) 9.81 10.97 10.45 5.27
Current Ratio (%) 97.70 95.15 84.40 97.63
Cash Flow/Debt (%) 1.92 2.32 13.87 25.25
565
MAYA PT Bank Mayapada Internasional Tbk.

Sub Sector : Banks Mayapada Tower, 1st - 3rd Fl.
Website : www.bankmayapada.com Jln. Jend. Sudirman Kav. 28
Corporate Sec. : Jennifer Ann Jakarta 12920
Fax : (021) 579-40100
Bank Mayapada Internasional Tbk has been SHAREHOLDERS

established since 7 September 1989 in
1. Unity Rise Limited 7.31% 6. Public 16.97%
Jakarta, which the inaugurated by Minister
of Justice of the Republic of Indonesia on 10 January 1990. Bank 2. Galasco Investments 12.67%
operated commercially on 16 March 1990, and changed into 3. JPMCB Na Re-Cathay 20.77%
commercial bank on 23 March 1990. In 1993, Bank Indonesia granted 4. Mayapada Karunia 29.89%
the Bank Mayapada a license as foreign exchange bank.
5. Liang Xian Limited 12.39%
The Company changing name from PT Bank Mayapada International
to PT Bank Mayapada Internasional was conducted in 1995. Now, the AUDIT COMMITTEE
Bank is presently known by the public as PT Bank Mayapada
Internasional Tbk, after going public on 10 June 1997. 1. Ir. Kumhal Djamil, SE
2. Benny K. Yudiaatmaja
Bank Mayapada main business activities, in general, are to collect
3. Usman Gumanti Saleh
public funds and distribute it through loans in the form of credit
facilities. Specifically, its business activities refer to the Company
Article of Association. Since its establishment, the Bank performance
increases continuously, starting from its registration on Indonesia BOARD OF COMMISSIONERS
Stock Exchange, bonds offering, income, net profit increase, as well
1. Dato' Sri, Prof. DR. Tahir, MBA
as total branch office, and BUKU III achievement, based on a letter
from the Financial Services Authority (OJK) as of 2 June 2017. 2. Ir. Hendra
3. Ir. Kumhal Djamil, SE *
Bank Mayapada banking service now covers a total 39 Branch offices,
91 Sub-Branch offices, 83 Functional offices, 3 Cash offices, and 145
ATM network. Coupled with the cooperation with ATM BERSAMA
and ATM PRIMA/BCA, services customers could gain benefits are
also increasing. Moreover, for the convenience of transaction, mobile *independen
banking and internet banking are also made available.
BOARD OF DIRECTORS
1. Hariyono Tjahjarijadi
2. Thomas Arifin
3. Andreas Wiryanto
4. Rudy Mulyono
5. Harry Sasongko Tirtotjondro
6. Yusak Pranoto
1. Pefindo idBBB+ 11-Aug-20 Negative

4. Pefindo idA- 17-Jul-18 Negative
5. Pefindo idA- 7-Jun-18 Stable
as of June 2021
SWOT Analysis
- Adequate liquidity position - Increasing pressures on profitability
- Strong credit surveillance policy
S W - Weakened asset quality
O T
-Growing digital banking business - Tight competition in banking industry
-Monetary stimulus to boost banking liquidity - The emergence of fintech business that targets
566
AS OF JUNE 2021
Coupon Coupon

MAYA01SBCN1 Berkelanjutan I Bank 10.75% 03-Oct-20 PT Bank Mega idBBB-
1. 1,000,000 04-Oct-17 03-Oct-24 7
IDA000085104 Mayapada Tahap I 03-Jan-21 Tbk. Negative
17-Sep-20
Obligasi Subordinasi
MAYA04SB 12.50% 17-Dec-20 PT Bank Mega idBBB-
2. Bank Mayapada IV 255,800 18-Dec-14 17-Dec-21 7
IDA000066104 17-Mar-21 Tbk. Negative
Tahun 2014
Quarterly 17-Jun-21
21-Sep-20
Obligasi Subordinasi
MAYA05SB 10.50% 21-Dec-20 PT Bank Mega idBBB-
3. Bank Mayapada V 803,000 24-Sep-18 21-Sep-25 7
IDA000093801 21-Mar-21 Tbk. Negative
Tahun 2018
Quarterly 21-Jun-21
TRADING HIGHLIGHT
MAYA01SBCN1
Volume
Trading 2020 2021
Activities,
150 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
120 40
90 30 Trading days 9 5 1 3 5 3
Turnover Ratio (%) 52.84 14.40 40.40 2.80 10.40 2.40
60 20 CTP Price - High 101.250 100.000 97.000 96.000 102.000 99.000
Date 17-Jan 06-Apr 28-Jul 11-Nov 04-Feb 08-Apr
30 10
CTP Price - Low 92.340 91.500 96.800 95.000 93.250 95.500
- - Date 21-Jan 01-Apr 28-Jul 11-Nov 29-Mar 07-Apr
PHEI Fair Yield (%) 13.6927 12.7471 12.1297 11.8538 11.9839 11.8078
Mod. Duration (yrs) 3.358 3.244 3.109 2.959 2.793 2.633
105 15.0
Convexity (yrs) 14.216 13.133 11.976 10.793 9.588 8.490
101 14.0 Sensitivity (%) 0.034 0.032 0.031 0.030 0.028 0.026
97 13.0
93 12.0
89 11.0
85 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
567
MAYA04SB Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
100 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
80 40
60 30 Trading days 2 7 4 1 1 1
Turnover Ratio (%) 18.76 75.68 140.73 4.69 7.82 -
40 20 CTP Price - High 102.250 101.000 100.500 99.000 101.000 100.250
Date 03-Feb 15-Apr 09-Jul 06-Oct 19-Jan 09-Apr
20 10
CTP Price - Low 101.000 89.000 92.000 97.500 100.000 99.000
- - Date 03-Feb 18-Jun 22-Sep 06-Oct 19-Jan 09-Apr
PHEI Fair Yield (%) 11.3496 10.8136 10.3057 10.1897 10.0142 9.7306
Mod. Duration (yrs) 1.518 1.320 1.113 0.897 0.672 0.446
105 12.0
Convexity (yrs) 2.809 2.149 1.557 1.046 0.624 0.309
101 11.0 Sensitivity (%) 0.015 0.013 0.011 0.009 0.007 0.004
97 10.0
93 9.0
89 8.0
85 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MAYA05SB
ISIN CODE : IDA000093801 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25
Volume
Trading 2020 2021
Activities,
30 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
25 Volume
25 Volume (Rp bn) 12.00 12.00 14.00 11.00 25.00 11.00
20 20
15 15 Turnover Ratio (%) 5.98 5.98 6.97 5.48 12.45 5.48
CTP Price - High 100.010 100.000 98.000 99.250 100.110 100.060
10 10
Date 20-Mar 15-Jun 28-Aug 02-Nov 17-Mar 15-Jun
5 5
CTP Price - Low 90.000 85.000 91.500 93.000 92.100 98.000
- - Date 11-Mar 14-May 28-Aug 11-Nov 22-Mar 19-Apr
PHEI Fair Yield (%) 14.2485 13.0015 12.6854 12.1982 12.4736 12.1950
Mod. Duration (yrs) 3.961 3.882 3.756 3.628 3.471 3.329
101 16.0
Convexity (yrs) 19.742 18.721 17.400 16.120 14.693 13.435
98 15.0 Sensitivity (%) 0.040 0.039 0.038 0.036 0.035 0.033
95 14.0
92 13.0
89 12.0
86 11.0
83 10.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
568
MAYA01SBCN1 132 36 101 27.6%
MAYA04SB 48 90 60.0%
MAYA05SB 14 6.1%
- 200 400 600 800 1,000 1,200
569
MAYA FINANCIAL HIGHLIGHT

12.92
Cash on Hand 230,306 291,498 26.57 p
Marketable Securities 4,143,380 - -100.00 q 7.51 7.99
Loans 69,067,509 53,905,027 -21.95 q 5.47 5.91
Investments - - -  4.26 4.09
(%)
3.61
2.61
Total Assets 93,408,831 92,518,025 -0.95 q 0.47
Deposits 77,011,909 75,127,286 -2.45 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 838,544 838,544 - 
10.64
Par Value (Rp) 500 & 100 500 & 100 - 
Total Equity 12,341,969 12,914,476 4.64 p 5.75 5.92
(%)
0.73 0.78
Total Interest Income 8,938,464 5,194,786 -41.88 q 0.12 0.58
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Other Operating Revenue 70,296 1,478,177 2,002.79 p
Non-Operating Revenues 618 -1,908 -408.74 q
Net Income/Loss Attributed 528,114 64,164 -87.85 q 90.08 91.83 93.34
98.41
87.20 77.80
Peer Group
(%)

5. PT BPD Sumatera Utara 3,198 16.09 -2.72 BOPO Loan To Deposit Ratio

Return on Assets (%) 1.30 0.73 0.78 0.12
Return on Equity (%) 10.64 5.75 5.92 0.58
BOPO (%) 87.20 92.61 92.16 98.41
Cash Flow / Debt (%) 3.55 -1.80 -4.07 7.98
570
MDKA PT Merdeka Copper Gold Tbk.

Sub Sector : Basic Materials The Convergence Indonesia, 20th Floor
Website : www.merdekacoppergold.com Jl. H.R. Rasuna Said, Karet Kuningan, Setiabudi
Corporate Sec. : Adi Adriansyah Sjoekri Jakarta 12940, Indonesia
Fax : (021) 2988-0392
The Company was established in 2012 SHAREHOLDERS

under the name of PT Merdeka Serasi 1. Richard Bruce Ness 0.01% 6. PT Suwarna Arta Mandiri 6.05%
Jaya and changed its name to 2. Public 48.99% 7. Pemda Kab. Banyuwangi 4.25%
PT Merdeka Copper Gold in 2014. As the
3. PT Saratoga Investama 18.29% 8. Gavin Arnold Caudle 0.35%
Company grew, it went public and listed its shares in June 2015 and
Sedaya Tbk 9. Hardi Wijaya Liong 0.30%
officially became a publicly listed company. Since then, the Company
has transformed itself from a small company with a single 4. PT Mitra Daya Mustika 12.87% 10. Heri Sunaryadi 0.02%
undeveloped medium term gold project into a diversified multi-asset 5. Garibaldi Thohir 8.86% 11. Simon James Milroy 0.00%
group with exciting long-term development and growth AUDIT COMMITTEE
opportunities. 1. Budi Bowoleksono
The Company is a holding company with eleven subsidiaries which all 2. Aria Kanaka
of are engaged in the mining businesses, encompassing the 3. Ignatius Andy
exploration and future production of gold, silver, copper and other
related minerals; and mining services. The subsidiaries are PT Bumi
Suksesindo ("BSI"), PT Damai Suksesindo, PT Cinta Bumi Suksesindo,
PT Beta Bumi Suksesindo, PT Merdeka Mining Servis ("MMS"), PT
1. Edwin Soeryadjaya 6. Richard Bruce Ness
Batutua Tembaga Raya, PT Pani Bersama Jaya ("PBJ"), Eastern Field
Developments Limited, PT Batutua Kharisma Permai ("BKP"), PT Pani 2. Budi Bowoleksono *
Bersama Tambang ("PBT") and PT Batutua Pelita Investama ("BPI"). 3. Garibaldi Thohir
4. Heri Sunaryadi
Through its subsidiaries, the Company manages six major assets with
substantial near surface and porphyry reserves and resources that 5. Muhamad Munir *
have been proven and estimated among the largest in the world in
recent years, consisting of The Tujuh Bukit Copper Project, The Pani *independen
Joint Venture Project, The Wetar/Morowali Acid Iron Metal (AIM) BOARD OF DIRECTORS
Project, The Tujuh Bukit Gold Mine, The Wetar Copper Mine, and The 1. Albert Saputro 7. Simon James Milroy
Merdeka Mining Servis (MMS) Company.
2. Chrisanthus Supriyo 8. Titien Supeno
Tujuh Bukit constitutes a lucrative opportunity for the Company to 3. David Thomas Fowler
produce gold and silver from heap leaching process, while at the 4. Gavin Arnold Caudle
same time develop porphyry copper and gold resources of world-
5. Hardi Wijaya Liong
class scale. The first gold pour from this heap leach process occurred
6. Michael W.P. Soeryadjaya
in April 2017 and by 2020, the Company has expanded its ore
processing capacity to eight million tonnes of ore per annum.
1. Pefindo idA 8-Jan-21 Stable

2. Pefindo idA 14-Oct-20 Stable
as of June 2021
SWOT Analysis
- Low cash cost position - Limited mining reserves
- Higher revenue stream from Acid Iron Metal project
S W - Exposure to the fluctuation of gold prices
- Risk of developing new areas
- High demand for gold - Adverse economic conditions due to COVID-19

- Economic recovery prospect - Fluctuation of gold prices
O T
571
AS OF JUNE 2021
Coupon Coupon
PT Bank Rakyat
MDKA01ACN1 Merdeka Copper Gold 8.90% 30-Oct-20 idA
IDA0001082A9 Tahap I Tahun 2020 30-Jan-21 Stable
(Persero) Tbk.
Seri A 30-Apr-21
Quarterly
Obligasi Berkelanjutan I - Bank Rakyat

MDKA01ACN2 Merdeka Copper Gold 8.25% 09-Dec-20 Indonesia idA
2. 149,000 10-Sep-20 16-Sep-21 1
IDA0001093A6 Tahap II Tahun 2020 09-Mar-21 (Persero) Tbk, Stable
Seri A 09-Jun-21 PT
Quarterly
PT Bank Rakyat
MDKA01BCN1 Merdeka Copper Gold 10.50% 30-Oct-20 idA
3. 726,350 03-Aug-20 30-Jul-23 3 Indonesia
IDA0001082B7 Tahap I Tahun 2020 30-Jan-21 Stable
(Persero) Tbk.
Seri B 30-Apr-21
Quarterly
Obligasi Berkelanjutan I - Bank Rakyat

MDKA01BCN2 Merdeka Copper Gold 10.25% 09-Dec-20 Indonesia idA
4. 151,000 10-Sep-20 09-Sep-23 3
IDA0001093B4 Tahap II Tahun 2020 09-Mar-21 (Persero) Tbk, Stable
Seri B 09-Jun-21 PT
Quarterly
PT Bank Rakyat
MDKA02ACN1 II Merdeka Copper 7.50% - idA
5. 559,600 29-Mar-21 02-Apr-22 1 Indonesia
IDA0001144A7 Gold Tahap I Tahun - Stable
(Persero) Tbk.
2021 Seri A 26-Jun-21
Quarterly
PT Bank Rakyat
MDKA02BCN1 II Merdeka Copper 9.85% - idA
IDA0001144B5 Gold Tahap I Tahun - Stable
(Persero) Tbk.
2021 Seri B 26-Jun-21
Quarterly
TRADING HIGHLIGHT
MDKA01ACN1
ISIN CODE : IDA0001082A9 Aug-20 Nov-20 Feb-21 May-21 Aug-21
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
1280 56
960 42 Trading days - - 13 7 12 8
Turnover Ratio (%) - - 794.48 226.82 346.17 388.93
640 28 CTP Price - High - - 101.430 104.580 104.730 104.730
320 14
CTP Price - Low - - 98.430 99.170 99.780 99.500
- - Date - - 10-Aug 10-Nov 18-Jan 11-May
PHEI Fair Yield (%) - - 8.6299 7.0812 7.2932 5.9350
Mod. Duration (yrs) - - 0.803 0.576 0.338 0.101
106 9.5
Convexity (yrs) - - 0.859 0.480 0.199 0.035
Sensitivity (%) - - 0.008 0.006 0.003 0.001
104 8.0
102 6.5
100 5.0
98 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
Maturity Date
572
MDKA01ACN2 Listing Date Maturity Date
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - - 255.00 111.00 202.00 227.00
240 16
180 12 Trading days - - 5 3 4 6
Turnover Ratio (%) - - 684.56 297.99 542.28 609.40
120 8 CTP Price - High - - 100.060 104.140 104.140 104.300
60 4
CTP Price - Low - - 99.000 99.810 100.610 99.350
- - Date - - 23-Sep 18-Dec 17-Mar 16-Apr
PHEI Fair Yield (%) - - 8.4566 7.1718 7.0398 6.2451
Mod. Duration (yrs) - - 0.912 0.684 0.445 0.208
105 9.0
Convexity (yrs) - - 1.071 0.641 0.309 0.094
Sensitivity (%) - - 0.009 0.007 0.004 0.002
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MDKA01BCN1 Listing Date Maturity Date
Aug-20 Mar-21 Oct-21 May-22 Dec-22 Jul-23
Volume
Trading 2020 2021
Activities,
1000 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
r >> Volume Volume (Rp bn) - - 862.00 98.00 77.00 43.00
800 40
600 30 Trading days - - 13 11 7 2
Turnover Ratio (%) - - 474.70 53.97 42.40 23.68
400 20 CTP Price - High - - 101.030 101.180 101.500 100.710
Date - - 13-Aug 15-Oct 31-Mar 30-Apr
200 10
CTP Price - Low - - 98.300 99.690 100.000 100.690
PHEI Fair Yield (%) - - 10.5437 10.0777 10.1194 8.4428
Mod. Duration (yrs) - - 2.382 2.204 2.012 1.833
105 11.0
Convexity (yrs) - - 6.836 5.845 4.881 4.057
Sensitivity (%) - - 0.024 0.022 0.020 0.018
102 10.0
99 9.0
96 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
Listing Date
573
Sep-20 Sep-21 Sep-22 Sep-23
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
112 16
r >> 84 12 Trading days - - 3 7 7 2
Turnover Ratio (%) - - 339.07 270.20 145.70 238.41
56 8 CTP Price - High - - 100.020 101.780 104.320 103.330
28 4
CTP Price - Low - - 100.000 100.000 101.050 101.000
- - Date - - 14-Sep 10-Dec 31-Mar 06-May
PHEI Fair Yield (%) - - 10.3147 10.2046 8.9831 8.5245
Mod. Duration (yrs) - - 2.497 2.314 2.132 1.942
106 11.0
Convexity (yrs) - - 7.416 6.363 5.402 4.493
Sensitivity (%) - - 0.025 0.023 0.021 0.019
103 10.0
100 9.0
97 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MDKA02ACN1 Listing Date Maturity Date
Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - - - - 224.00 790.00
720 48
540 36 Trading days - - - - 4 7
Turnover Ratio (%) - - - - 160.11 564.69
360 24 CTP Price - High - - - - 100.120 100.120
Date - - - - 29-Mar 05-Apr
180 12
CTP Price - Low - - - - 100.000 99.900
- - Date - - - - 31-Mar 05-Apr
PHEI Fair Yield (%) - - - - 7.4592 7.4282
Mod. Duration (yrs) - - - - 0.940 0.715
101 8.0
Convexity (yrs) - - - - 1.145 0.701
Sensitivity (%) - - - - 0.009 0.007
100 7.5
99 7.0
98 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
574
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
360 28
r >> 270 21 Trading days - - - - 2 12
Turnover Ratio (%) - - - - 54.44 171.84
180 14 CTP Price - High - - - - - 101.150
Date - - - - - 20-Apr
90 7
CTP Price - Low - - - - - 98.520
- - Date - - - - - 29-Apr
PHEI Fair Yield (%) - - - - 9.8232 9.3509
Mod. Duration (yrs) - - - - 2.557 2.378
102 10.0
Convexity (yrs) - - - - 7.718 6.666
Sensitivity (%) - - - - 0.026 0.024
101 9.8
100 9.5
99 9.3
98 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
MDKA01ACN1 1,338 382 255.3%
MDKA01ACN2 255 111 245.6%
MDKA01BCN1 862 98 132.2%
MDKA01BCN2 128 102 152.3%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
575
MDKA FINANCIAL HIGHLIGHT

35.46
Receivables 3,274 28,963 784.70 p 33.66
29.24
Inventories 2,161,515 2,003,058 -7.33 q
Current Assets 2,855,373 2,811,249 -1.55 q
17.23
(%)
13,265,225 13,112,102 -1.15 q 8.98
Total Assets
31-Dec-19 31-Dec-20
Paid up Capital 437,952 437,952 - 
Total Equity 7,310,587 7,950,225 8.75 p
7.28
(%)
5.13
INCOME STATEMENTS
Total Revenues 5,606,439 4,539,848 -19.02 q
Gross Profit 2,167,663 1,609,682 -25.74 q
31-Dec-19 31-Dec-20
EBITDA 3,183,157 2,123,801 -33.28 q
64.93
Peer Group
(%)

1. PT Aneka Tambang Tbk. 27,372 4.20 -16.34
2. PT Timah Tbk. 15,216 -2.24 -21.33
3. PT Merdeka Copper Gold Tbk. 4,540 8.98 -19.02 31-Dec-19 31-Dec-20
4. PT J Resources Asia Pasifik Tbk 3,494 0.79 2.31
5. PT Kapuas Prima Coal Tbk. 608 4.79 -31.30 Current Ratio Debt to Equity Ratio
Financial Ratios
576
MDLN PT Modernland Realty Tbk.

Sub Sector : Properties & Real Estate Green Central City, Commercial Area 5th. Floor
Website : www.modernland.co.id Jln. Gajah Mada No. 188
Corporate Sec. : Steffi Grace Darmawan Jakarta Barat 11120
Fax : (021) 2936-9999
PT Modernland Realty Tbk was SHAREHOLDERS

established in 1983, and now become
one of the foremost p rop erty 1. Public (<5%) 55.10%
companies in Indonesia. 2. Woodside Global Venture Inc. 6.87%
Modernland is committed to becoming a pioneer in the development of 3. AA Land Pte. Ltd. Singapura 7.44%
excellent property products and residential areas with the concept of
urban development in Indonesia. The Company’s main projects include 4. PT Panin Sekuritas Tbk. 17.01%
Jakarta Garden City in East Jakarta, Kota Modern, ModernHill, and 5. PT Honoris Corporindo Pratama 13.58%
Modernland Cilejit in Tangerang.
In addition to the urban development, the Company alsocmaintains AUDIT COMMITTEE

prestigious property projects and has diversifiedcits business, to 1. Nita Tanawidjaja
encompass industrial estate and hospitality properties. The Company
2. Bernard Saleh
has a halal industry complex at ModernCikande Industrial Estate that
produces halal goods in compliance with the applicable halal 3. Hari Hartoyo
certification regulations.
Currently, development projects are ongoing in Jakarta Garden City,

including the construction of the first tower at Cleon Park Apartment BOARD OF COMMISSIONERS
which will house 310 units, and Premium Shophouses New East, a soon-
1. Luntungan Honoris
to-be prominent lifestyle center in Jakarta Garden City.
2. Dwi Priyatno
3. Edwyn Lim
4. Iwan Suryawijaya *
5. Nita Natawijaya *
*independen
BOARD OF DIRECTORS
1. William Honoris
2. Dharma Mitra Sigamani
3. L.H. Freddy Chan
1. Pefindo idSD 7-Apr-21 -

2. Pefindo idSD 21-Sep-20 -
3. Pefindo idSD 7-Jul-20 -
4. Pefindo idCCC 24-Jun-20 CWNI*
SWOT Analysis
- Have relatively sizeable land bank - Lack of recurring revenue
- Good asset quality
- Well profitability margin S W - Weak cash flow protection measures
- Aggressive capital structure
- Increasing refinancing risk
- Growing demand for commercial space especially in - Risk of developing new projects in new areas
O T
modern city area - Adverse economic conditions due to COVID-19
- Rising trend of property prices in Indonesia pandemic
- Huge potential market for investment in property sector - Tighter competition
577
AS OF JUNE 2021
Coupon Coupon

MDLN01BCN1 I Modernland Reality 10.00% - PT Bank idCCC
1. 150,000 08-Jul-15 07-Jul-20 5
IDA0000694B0 Tahap I Tahun 2015 - Permata Tbk. 0
Seri B -
Quarterly
TRADING HIGHLIGHT
MDLN01BCN1
Volume
Trading 2020 2021
Activities,
300 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
250 50
200 40
150 30 Turnover Ratio (%) 648.00 402.67 181.33 357.33 - 53.33
CTP Price - High 103.300 100.790 103.500 - - -
100 20
Date 17-Mar 12-May 01-Jul - - -
50 10
CTP Price - Low 101.020 95.000 94.000 - - -
- - Date 27-Mar 26-May 01-Jul - - -
PHEI Fair Yield (%) 7.2670 7.5096 7.5096 7.5096 7.5096 7.5096
Last Date 31-Mar 24-Jun 24-Jun 24-Jun 24-Jun 24-Jun
Mod. Duration (yrs) 1.159 0.964 0.735 0.502 0.261 0.019
105 9.0
Convexity (yrs) 1.698 1.209 0.743 0.384 0.135 0.005
Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
102 8.0
99 7.0
96 6.0
93 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MDLN01BCN1 243 151 68 134 397.3%
- 100 200 300 400 500 600 700
578
MDLN FINANCIAL HIGHLIGHT

17.26
61.03
60.64
42.08
49.37
19.24
51.10
38.19
23.95
Receivables 136,543 133,307 -2.37 q
1.19
Inventories 2,016,651 1,911,181 -5.23 q
Current Assets 2,838,756 2,388,191 -15.87 q
Investments 1,791,830 1,809,728 1.00 p
(%)
Property in Investments - - -  -165.83
-241.13
Total Assets 15,814,663 14,850,039 -6.10 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Trade Payables 195,000 203,782 4.50 p
Current Liabilities 3,129,355 9,295,121 197.03 p Gross Profit Margin Operating Profit Margin
Interest Bearing liabilities 5,706,820 5,805,694 1.73 p Net Profit Margin
Paid up Capital 2,330,845 2,330,845 -  8.69 5.65
4.21
Paid up Capital (Shares) 12,533,067,322 12,533,067,322 -  0.17 0.37 2.54
(%)
Non Controlling Interest 1 1  - -11.88
Total Equity 5,981,949 4,220,208 -29.45 q

-41.80
Total Revenues 1,547,573 731,508 -52.73 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Gross Profit 913,040 361,180 -60.44 q
Interest Expenses 530,412 551,940 4.06 p Return on Assets Return on Equity
Earning Before Tax -3,419 -1,714,861 -50,062 q
EBITDA 598,157 -1,094,212 -282.93 q
Income (Loss) for the periods -103,649 -1,763,880 -1,601.78 q
Comprehensive Income (Loss) -92,580 -1,761,741 -1,802.94 q LIQUIDITY & SOLVENCY RATIOS
Net Income/Loss Attributed -103,649 -1,763,880 -1,601.78 q
219.46
192.65
Peer Group 133.02

(%)
122.96 122.41
1. PT Bumi Serpong Damai Tbk. 6,181 7.87 -12.76 25.69
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
5. PT Adhi Commuter Properti 699 21.50 19.98 Current Ratio Debt to Equity Ratio
Financial Ratios
Return on Assets (%) 4.21 0.17 2.54 -11.88
Return on Equity (%) 8.69 0.37 5.65 -41.80
Current Ratio (%) 133.02 219.46 192.65 25.69
Cash Flow/Debt (%) 9.11 -8.11 3.95 -1.20
579
MEDC PT Medco Energi Internasional Tbk.

Sub Sector : Oil, Gas & Coal The Energy Building 52nd-55th Fl., SCBD Lot. 11A
Website : www.medcoenergi.com Jln. Jend. Sudirman, Senayan
Corporate Sec. : Siendy K. Wisandana Jakarta 12190
Fax : (021) 299-53001
MedcoEnergi was established on June 9, SHAREHOLDERS

1980 under the laws of the Republic of
1. PT Medco Daya Abadi 51.58% 5. PT Medco Duta 0.19%
Indonesia. Its name has been changed
Lestari 6. Board of Commisioner 0.02%
three times, from that of PT Meta Epsi
Pribumi Drilling Company in its initial 2. Public 26.09% 7. PT Multifabrindo Gemilang 0.04%
establishment (1980) to PT Medco Energi Corporation prior to its 1994 3. Diamond Bridge Pte. Ltd. 21.50%
Initial Public Offering (IPO), and then finally to PT Medco Energi 4. Board of Director 0.58%
Internasional Tbk in 2000, following the completion of the debt
restructuring in late 1999. It started its business as a drilling rig services AUDIT COMMITTEE
company and was the first Indonesian private sector drilling contractor.
1. Bambang Subianto
The Company focused on three key business segments: Oil & Gas, 2. Ida Anggrainy Sarwani
Clean Power Generation and Copper Mining. MedcoEnergi has 3. Jul Azmi
interests in 15 Oil & Gas properties in Indonesia, 11 of which are
producing. The Company also has interests in 12 Oil & Gas properties
in eight other countries with key producing assets in Oman, Thailand
and Vietnam and other assets in Malaysia, Yemen, Libya, Tanzania and BOARD OF COMMISSIONERS
Mexico. 1. Muhammad Lutfi *
2. Bambang Subianto *
In 2020, The Company produced Oil & Gas was 100 MBOEPD which is
in line with the Company’s revised guidance. The Company also 3. Marsillam Simandjuntak *
successfully and safely delivered the Bualuang Phase 4B oil project in 4. Yani Yuhani Rodyat
Thailand and the Meliwis gas project in Indonesia. 5. Yaser Raimi A. Panigoro
MedcoEnergi, through its wholly-owned subsidiary Medco Power,

*independen
operates in the power generation industry in Indonesia. In 2020,
Medco Power signed a strategic alliance with the Kansai Electric Power BOARD OF DIRECTORS
Company to develop new gas-fired IPP facilities in Indonesia. 1. Hilmi Panigoro
MedcoEnergi also holds a non-consolidating effective interest in 2. Amri Siahaan
AMNT a large copper and gold mine, located in Sumbawa, West Nusa
3. Anthony R. Mathias
Tenggara, Indonesia.
4. Roberto Lorato
5. Ronald Gunawan

2. Pefindo idA+ 13-Jan-21 Stable
3. Pefindo idA+ 20-May-20 Negative
as of June 2021
SWOT Analysis
- Optimal diversified assets - Moderate cash flow protection measures
- Reliable downstream business
- Has a good operating management S W - High capital requirements for business expansion
- Recovery in oil prices -Tight competition on E&P business

- Opportunities on renewable energy sector -Adverse economic conditions due to COVID-19
- Potential reserve from underdeveloped fields O T
580
AS OF JUNE 2021
Coupon Coupon

MEDC02BCN2 II Medco Energi 11.30% 30-Dec-20 PT Bank Mega idA+
1. 701,000 03-Oct-16 30-Sep-21 5
IDA0000761B7 Internasional Tahap II 30-Mar-21 Tbk. Stable
Quarterly

2. 5,000 22-Dec-16 21-Dec-21 5
IDA0000784B9 Internasional Tahap III 21-Mar-21 Tbk. Stable
Quarterly

3. 1,000 31-Mar-17 30-Mar-22 5
IDA0000798B9 Internasional Tahap IV 30-Mar-21 Tbk. Stable
Quarterly

4. 151,500 29-Sep-17 28-Sep-22 5
IDA0000844B1 Internasional Tahap VI 28-Mar-21 Tbk. Stable
Quarterly

MEDC02CCN3 II Medco Energi 11.80% 21-Dec-20 PT Bank Mega idA+
5. 23,000 22-Dec-16 21-Dec-23 7
IDA0000784C7 Internasional Tahap III 21-Mar-21 Tbk. Stable
Quarterly

6. 7,000 31-Mar-17 30-Mar-24 7
IDA0000798C7 Internasional Tahap IV 30-Mar-21 Tbk. Stable
Quarterly

7. 753,500 15-Jun-17 14-Jun-22 5
IDA0000812C6 Internasional Tahap V 14-Mar-21 Tbk. Stable
Quarterly

PT Bank Rakyat
MEDC03ACN3 III Medco Energi 8.90% 20-Nov-20 idA+
8. 1,023,700 21-Feb-20 20-Feb-23 3 Indonesia
IDA0001048A0 Internasional Tahap III 20-Feb-21 Stable
(Persero) Tbk.
Tahun 2020 Seri A 20-May-21
Quarterly

MEDC03BCN1 III Medco Energi 9.15% 29-Dec-20 PT Bank Mega idA+
9. 217,500 02-Apr-18 29-Mar-23 5
IDA0000892B0 Internasional Tahap I 29-Mar-21 Tbk. Stable
Quarterly

PT Bank Rakyat
MEDC03BCN2 III Medco Energi 10.75% 28-Dec-20 idA+
10. 47,500 01-Oct-18 28-Sep-23 5 Indonesia
IDA0000935B7 Internasional Tahap II 28-Mar-21 Stable
(Persero) Tbk.
Quarterly

PT Bank Rakyat
MEDC03BCN3 III Medco Energi 9.30% 20-Nov-20 idA+
IDA0001048B8 Internasional Tahap III 20-Feb-21 Stable
(Persero) Tbk.
Quarterly
581
TRADING HIGHLIGHT
MEDC02BCN2
ISIN CODE : IDA0000761B7 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
45 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
36 8
27 6 Trading days 2 4 2 1 1 1
Turnover Ratio (%) 15.69 5.42 17.12 5.14 10.27 22.82
18 4 CTP Price - High 104.200 104.490 104.020 104.500 102.020 102.020
Date 11-Mar 04-May 30-Sep 20-Nov 29-Mar 03-Jun
9 2
CTP Price - Low 103.600 100.000 103.500 103.850 102.000 102.000
- - Date 11-Mar 28-Apr 16-Sep 20-Nov 29-Mar 03-Jun
PHEI Fair Yield (%) 8.3332 7.5923 7.1136 6.9462 6.7501 5.8562
Mod. Duration (yrs) 1.372 1.163 0.944 0.717 0.482 0.246
107 9.0
Convexity (yrs) 2.294 1.681 1.143 0.699 0.353 0.121
Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MEDC02BCN3 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.7196 7.7934 7.4800 7.1059 7.0691 6.1874
Mod. Duration (yrs) 1.554 1.352 1.139 0.919 0.690 0.461
110 12.0
Convexity (yrs) 2.918 2.237 1.619 1.091 0.653 0.328
108 10.0 Sensitivity (%) 0.016 0.014 0.011 0.009 0.007 0.005
106 8.0
104 6.0
102 4.0
100 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
582
MEDC02BCN4
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.9549 7.9983 7.7010 7.3324 7.3902 6.5534
Mod. Duration (yrs) 1.780 1.585 1.377 1.164 0.940 0.718
115 10.0
Convexity (yrs) 3.788 3.023 2.311 1.683 1.136 0.700
112 9.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
109 8.0
106 7.0
103 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MEDC02BCN6
Volume
Trading 2020 2021
Activities,
25 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
20 8
nar >> 15 6 Trading days 2 6 1 1 3 1
Turnover Ratio (%) 7.92 31.68 5.28 2.64 60.73 5.28
10 4 CTP Price - High 104.970 104.800 105.060 105.500 105.520 102.530
Date 18-Feb 04-May 11-Aug 30-Dec 05-Jan 29-Apr
5 2
CTP Price - Low 103.750 103.770 105.040 105.500 103.100 102.510
- - Date 26-Mar 01-Apr 11-Aug 30-Dec 26-Feb 29-Apr
PHEI Fair Yield (%) 9.3083 8.2713 8.0519 7.4096 7.8855 7.1447
Mod. Duration (yrs) 2.171 1.987 1.789 1.587 1.372 1.161
110 10.0
Convexity (yrs) 5.588 4.689 3.817 3.027 2.292 1.675
108 9.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
106 8.0
104 7.0
102 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
583
MEDC02CCN3 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 9.8894 8.7415 8.7219 8.4184 8.6031 8.2701
Mod. Duration (yrs) 3.004 2.859 2.687 2.513 2.326 2.145
115 14.0
Convexity (yrs) 10.886 9.802 8.633 7.537 6.456 5.489
112 12.0 Sensitivity (%) 0.030 0.029 0.027 0.025 0.023 0.021
109 10.0
106 8.0
103 6.0
100 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MEDC02CCN4
ISIN CODE : IDA0000798C7 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 Frequency
4
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 9.9837 8.8160 8.8469 8.5482 8.7351 8.4724
Mod. Duration (yrs) 3.188 3.051 2.882 2.714 2.531 2.355
116 10.5
Convexity (yrs) 12.285 11.172 9.939 8.784 7.632 6.596
Sensitivity (%) 0.032 0.031 0.029 0.027 0.025 0.024
113 9.5
110 8.5
107 7.5
104 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
584
MEDC02CCN5
Volume
Trading 2020 2021
Activities,
80 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
64 12
48 9 Trading days 2 5 2 3 4 4
Turnover Ratio (%) 10.62 40.35 1.59 4.25 8.49 21.23
32 6 CTP Price - High 107.400 105.810 105.820 105.830 105.870 104.640
Date 20-Feb 03-Apr 11-Aug 03-Dec 17-Mar 29-Jun
16 3
CTP Price - Low 107.370 102.860 105.800 104.170 105.150 102.530
- - Date 18-Feb 02-Jun 11-Aug 10-Dec 18-Feb 29-Apr
PHEI Fair Yield (%) 9.1137 8.1320 7.8552 7.0550 7.5993 7.0933
Mod. Duration (yrs) 1.933 1.744 1.542 1.336 1.116 0.900
121 12.0
Convexity (yrs) 4.469 3.653 2.879 2.190 1.564 1.052
116 10.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
111 8.0
106 6.0
101 4.0
96 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MEDC03ACN3
ISIN CODE : IDA0001048A0 Feb-20 Feb-21 Feb-22 Feb-23
Volume
Trading 2020 2021
Activities,
1800 120 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 1,341.40 1,612.60 352.00 178.00 58.00 15.00
1440 96
nar >> 1080 72 Trading days 6 15 10 4 1 1
Turnover Ratio (%) 524.14 630.11 137.54 69.55 22.66 5.86
720 48 CTP Price - High 100.130 100.150 100.420 103.040 100.160 100.020
Date 26-Mar 11-May 27-Jul 23-Dec 25-Feb 20-May
360 24
CTP Price - Low 99.980 99.840 100.000 101.000 100.150 100.000
- - Date 13-Mar 30-Jun 30-Sep 18-Nov 25-Feb 20-May
PHEI Fair Yield (%) 9.7811 8.5305 8.2926 7.9606 8.1341 7.5531
Mod. Duration (yrs) 2.486 2.311 2.116 1.917 1.707 1.502
115 11.0
Convexity (yrs) 7.312 6.306 5.298 4.365 3.487 2.727
110 10.0 Sensitivity (%) 0.025 0.023 0.021 0.019 0.017 0.015
105 9.0
100 8.0
95 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
585
ISIN CODE : IDA0000892B0 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22
Volume
Trading 2020 2021
Activities,
60 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 51.10 - 6.00 - - -
48 8
Frequency Frequency (X) 5 - 2 - - -
36 6 Trading days 5 - 1 - - -
Turnover Ratio (%) 93.98 - 11.03 - - -
24 4 CTP Price - High 103.000 - 103.240 - - -
Date 09-Mar - 29-Jul - - -
12 2
CTP Price - Low 97.000 - 103.220 - - -
- - Date 08-Jan - 29-Jul - - -
PHEI Fair Yield (%) 9.5831 8.5063 8.3497 8.0220 8.1988 7.6497
Mod. Duration (yrs) 2.587 2.411 2.216 2.018 1.809 1.605
106 11.0
Convexity (yrs) 7.857 6.811 5.764 4.794 3.875 3.075
104 10.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
102 9.0
100 8.0
98 7.0
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MEDC03BCN2
ISIN CODE : IDA0000935B7 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 9.8027 8.6745 8.6115 8.3020 8.4854 8.0883
Mod. Duration (yrs) 2.892 2.736 2.556 2.374 2.179 1.989
115 15.0
Convexity (yrs) 9.967 8.879 7.736 6.665 5.623 4.697
112 13.0 Sensitivity (%) 0.029 0.027 0.026 0.024 0.022 0.020
109 11.0
106 9.0
103 7.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
586
Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25
Volume
Trading 2020 2021
Activities,
1675 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
1340 36
1005 27 Trading days 3 2 6 19 3 4
Turnover Ratio (%) 298.43 33.59 122.61 1336.97 149.49 50.39
670 18 CTP Price - High 100.020 98.550 103.230 106.330 103.090 102.750
Date 21-Feb 28-May 26-Aug 04-Dec 05-Feb 09-Apr
335 9
CTP Price - Low 99.820 98.520 102.660 100.440 102.610 100.570
- - Date 06-Mar 26-May 30-Sep 12-Oct 08-Jan 01-Apr
PHEI Fair Yield (%) 10.7694 9.0731 8.5621 8.4802 9.1250 9.0435
Mod. Duration (yrs) 3.805 3.702 3.553 3.388 3.201 3.031
110 15.0
Convexity (yrs) 17.637 16.515 15.128 13.704 12.224 10.931
106 13.0 Sensitivity (%) 0.038 0.037 0.036 0.034 0.032 0.030
102 11.0
98 9.0
94 7.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
587
nar >>
MEDC02BCN2 10.8%
MEDC02BCN3 0.0%
MEDC02BCN4 0.0%
MEDC02BCN6 11.9%
MEDC02CCN3 0.0%
MEDC02CCN4 0.0%
MEDC02CCN5 14.2%
MEDC03ACN3 1,341 1,613 352 178 340.3%
MEDC03BCN1 26.3%
MEDC03BCN2 0.0%
MEDC03BCN3 355 40 146 1,592 447.9%
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
588
MEDC FINANCIAL HIGHLIGHT

51.89
6,361,936 4,181,805 -34.27 q 45.45
38.70
Receivables 3,143,969 2,280,868 -27.45 q 31.92 29.43
1,341,589 1,391,006 3.68 p 25.20
Inventories
14.24 15.47
Current Assets 23,632,350 28,519,263 20.68 p
(%)
Total Assets 83,635,464 83,231,108 -0.48 q
-2.33 -0.94
44,554,469 43,716,751 -1.88 q -16.22
Interest Bearing liabilities 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 447,902 628,406 40.30 p
2.55
Total Equity 18,753,632 17,114,795 -8.74 q
(%)
-0.54 -0.23
-2.05 -1.00 -3.00
INCOME STATEMENTS
Total Revenues 19,184,440 15,420,637 -19.62 q -14.61
Gross Profit 7,624,746 4,537,727 -40.49 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 9,817,487 7,231,023 -26.35 q
Income for the periods -347,941 -2,500,866 -618.76 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income -517,338 -3,156,486 -510.14 q
Net Income/Loss Attributed -540,585 -2,665,501 -393.08 q
386.31
267.93 278.62
Peer Group 240.18
(%)

152.54 147.28
3. PT Elnusa Tbk 7,727 3.22 -7.85 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Net Profit Margin (%) 14.24 -2.33 -0.94 -16.22
Return on Assets (%) 2.55 -0.54 -0.23 -3.00
Return on Equity (%) 9.40 -2.05 -1.00 -14.61
Current Ratio (%) 152.54 165.80 240.18 147.28
Cash Flow/Debt (%) 11.83 9.36 8.87 9.77
589
MEDP PT Medco Power Indonesia

Sub Sector : Utilities The Energy Building, Lantai 31, SCBD Lot 11A
Website : www.medcopower.co.id Jl. Jendral Sudirman Kav. 52-53
Corporate Sec. : Ibnu Nurzaman Jakarta 12190
Fax : (021) 299-53301
The Company was established on January SHAREHOLDERS

28, 2004, in Jakarta under the name of PT
1. PT Medco Power Internasional 51.00%
Medco Power Karimata. Then the Company
changed its name to PT Medco Power 2. PT Medco Energi Internasional Tbk 49.00%
Indonesia in September 2004. Since its
establishment, the Company had been
intended to become a reliable electricity
provider in Indonesia as it supports the
nation to address the rising national demand for electricity, by
AUDIT COMMITTEE
positioning itself as an IPP, an O&M services provider, and an
1. M. Teguh Pamuji
Engineering, Procurement and Construction (EPC) contractor.
Gradually, the Company has prioritized to its IPP business and O&M 2. Ferry Sanjaya
services, especially for clean and renewable energy power plant. 3. Hendry
The Company has two main lines of business, namely Independent

Power Producer (IPP) and Operation and Maintenance (O&M) services, BOARD OF COMMISSIONERS
with activities spread in 15 locations across Indonesia. In total, the
1. Amri Siahaan
Company manages power generation of more than 3,300 MW in 2020.
2. Darmoyo Doyoatmojo
IPP is business of generating electricity by building and operating 3. M. Teguh Pamuji *
private power plants in the course of supplying electric power. By the
end of 2020, the Company has built and operated private power plants
with the capacity of 638 MW.
*independen
O&M services are businesses of managing other party's power plants,
BOARD OF DIRECTORS
also in the course of supplying electric power. By the end of 2020, the
1. Eka Satria
Company has managed other parties power plants with the capacity of
2,150 MW. 2. Danny Praditya
3. Femi Firsadi Sastrena
4. Susilawati

4. Pefindo idA 22-May-18 Stable
as of June 2021
SWOT Analysis
- Strategically important subsidiary of its controlling - Aggressive capital structure
parent, PT Medco Energi Internasional Tbk
- Stable profitability margin S W - Weaken cash flow protection measures
- The government program to increase the use of -Adverse economic conditions due to COVID-19
renewable energy -Depreciation trend of Rupiah currency exchange
- Supported by the Government programs to increase
supply of electricity
O T against US Dollar
590
AS OF JUNE 2021
Coupon Coupon
04-Jul-20
Obligasi Medco
MEDP01A 9.75% 04-Oct-20 PT Bank Mega idA
1. Power Indonesia I 249,000 05-Jul-18 04-Jul-21 3
IDA0000917A7 04-Jan-21 Tbk. Stable
Tahun 2018 Seri A
Quarterly 04-Apr-21
04-Jul-20
Obligasi Medco
MEDP01B 10.25% 04-Oct-20 PT Bank Mega idA
Tahun 2018 Seri B
Quarterly 04-Apr-21
04-Jul-20
Obligasi Medco
MEDP01C 10.75% 04-Oct-20 PT Bank Mega idA
Tahun 2018 Seri C
Quarterly 04-Apr-21
Sukuk Wakalah 04-Jul-20

SWMEDP01A Medco Power 9.75% 04-Oct-20 PT Bank Mega idA(sy)
4. 150,000 05-Jul-18 04-Jul-21 3
IDJ0000108A4 Indonesia I Tahun 04-Jan-21 Tbk. Stable

SWMEDP01B Medco Power 10.25% 04-Oct-20 PT Bank Mega idA(sy)
5. 404,000 05-Jul-18 04-Jul-23 5
IDJ0000108B2 Indonesia I Tahun 04-Jan-21 Tbk. Stable

SWMEDP01C Medco Power 10.75% 04-Oct-20 PT Bank Mega idA(sy)
6. 43,000 05-Jul-18 04-Jul-25 7
IDJ0000108C0 Indonesia I Tahun 04-Jan-21 Tbk. Stable
Sukuk Wakalah 23-Aug-20

SWMEDP02A Medco Power 10.00% 23-Nov-20 PT Bank Mega idA(sy)
7. 832,700 24-May-19 23-May-22 3
IDJ0000134A0 Indonesia II Tahun 23-Feb-21 Tbk. Stable
2019 Seri A Quarterly 23-May-21

SWMEDP02B Medco Power 10.55% 23-Nov-20 PT Bank Mega idA(sy)
8. 7,000 24-May-19 23-May-24 5
IDJ0000134B8 Indonesia II Tahun 23-Feb-21 Tbk. Stable

SWMEDP02C Medco Power 11.10% 23-Nov-20 PT Bank Mega idA(sy)
9. 10,300 24-May-19 23-May-26 7
IDJ0000134C6 Indonesia II Tahun 23-Feb-21 Tbk. Stable
591
TRADING HIGHLIGHT
MEDP01A
ISIN CODE : IDA0000917A7 Jul-18 Jul-19 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
70 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
56 16
42 12 Trading days 5 8 5 3 - -
Turnover Ratio (%) 68.24 77.71 84.59 20.07 - -
28 8 CTP Price - High 102.770 103.520 102.250 101.650 - -
Date 09-Mar 09-Apr 31-Aug 22-Dec - -
14 4
CTP Price - Low 100.870 100.000 100.550 101.000 - -
- - Date 27-Feb 27-Apr 27-Jul 19-Oct - -
PHEI Fair Yield (%) 8.2265 7.5746 6.9550 7.0021 6.7188 5.7263
Mod. Duration (yrs) 1.149 0.936 0.714 0.485 0.248 0.011
105 10.0
Convexity (yrs) 1.671 1.145 0.704 0.361 0.124 0.003
103 9.0 Sensitivity (%) 0.011 0.009 0.007 0.005 0.002 0.000
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MEDP01B Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 9.8941 8.9005 8.9001 8.3552 8.5811 8.3892
Mod. Duration (yrs) 2.680 2.520 2.337 2.156 1.959 1.767
110 12.0
Convexity (yrs) 8.713 7.671 6.598 5.612 4.650 3.798
108 10.0 Sensitivity (%) 0.027 0.025 0.023 0.022 0.020 0.018
106 8.0
104 6.0
102 4.0
100 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
592
MEDP01C
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 10.6555 9.4315 9.7980 9.2220 9.4090 9.5341
Mod. Duration (yrs) 3.880 3.787 3.627 3.493 3.330 3.171
115 15.0
Convexity (yrs) 18.989 17.877 16.359 15.073 13.658 12.341
111 13.0 Sensitivity (%) 0.039 0.038 0.036 0.035 0.033 0.032
107 11.0
103 9.0
99 7.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SWMEDP01A
ISIN CODE : IDJ0000108A4 Jul-18 Jul-19 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
300 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 42.00 34.00 250.00 9.00 -
240 32
Frequency Frequency (X) - 11 6 34 2 -
nar >> 180 24 Trading days - 6 3 11 1 -
Turnover Ratio (%) - 109.80 88.89 653.59 23.53 -
120 16 CTP Price - High - 102.660 102.250 103.230 100.630 -
Date - 20-May 23-Jul 06-Nov 05-Jan -
60 8
CTP Price - Low - 101.810 102.000 100.340 100.610 -
- - Date - 17-Jun 16-Jul 21-Oct 05-Jan -
PHEI Fair Yield (%) 8.5722 7.6704 7.3600 7.0021 6.7188 5.7263
Mod. Duration (yrs) 1.148 0.936 0.713 0.485 0.248 0.011
105 10.0
Convexity (yrs) 1.668 1.144 0.702 0.361 0.124 0.003
103 9.0 Sensitivity (%) 0.011 0.009 0.007 0.005 0.002 0.000
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
593
SWMEDP01B Listing Date Maturity Date
ISIN CODE : IDJ0000108B2 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
200 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
160 12
120 9 Trading days 1 1 2 6 3 1
Turnover Ratio (%) 3.96 49.50 3.96 186.14 46.53 0.99
80 6 CTP Price - High 102.640 - 103.920 104.520 104.500 103.370
Date 03-Jan - 30-Jul 20-Oct 03-Mar 11-May
40 3
CTP Price - Low 102.620 - 102.640 98.000 102.360 103.350
- - Date 03-Jan - 16-Jul 02-Oct 31-Mar 11-May
PHEI Fair Yield (%) 9.8941 8.9005 8.9001 8.6286 8.5811 8.3892
Mod. Duration (yrs) 2.680 2.520 2.337 2.153 1.959 1.767
107 12.0
Convexity (yrs) 8.713 7.671 6.598 5.601 4.650 3.798
105 10.0 Sensitivity (%) 0.027 0.025 0.023 0.022 0.020 0.018
103 8.0
101 6.0
99 4.0
97 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SWMEDP01C
ISIN CODE : IDJ0000108C0 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 10.6555 9.4315 9.7980 9.2220 9.4090 9.5341
Mod. Duration (yrs) 3.880 3.787 3.627 3.493 3.330 3.171
114 14.0
Convexity (yrs) 18.989 17.877 16.359 15.073 13.658 12.341
110 12.0 Sensitivity (%) 0.039 0.038 0.036 0.035 0.033 0.032
106 10.0
102 8.0
98 6.0
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
594
SWMEDP02A
ISIN CODE : IDJ0000134A0 May-19 May-20 May-21 May-22
Volume
Trading 2020 2021
Activities,
120 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - 39.80 44.00 20.00 - 108.00
96 20
Frequency Frequency (X) - 6 4 10 - 23
72 15 Trading days - 2 2 2 - 7
Turnover Ratio (%) - 19.12 21.14 9.61 - 51.88
48 10 CTP Price - High - 102.120 103.210 102.400 - 103.600
Date - 17-Jun 26-Aug 26-Nov - 27-May
24 5
CTP Price - Low - 102.100 102.570 99.000 - 101.960
- - Date - 17-Jun 03-Aug 23-Nov - 08-Jun
PHEI Fair Yield (%) 9.2980 8.5379 8.1794 7.6824 7.8272 6.4646
Mod. Duration (yrs) 1.895 1.701 1.496 1.286 1.065 0.848
105 12.0
Convexity (yrs) 4.295 3.479 2.717 2.038 1.435 0.947
103 10.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.008
101 8.0
99 6.0
97 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SWMEDP02B
ISIN CODE : IDJ0000134B8 May-19 May-20 May-21 May-22 May-23 May-24
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 10.2586 9.1651 9.3432 8.7831 8.9866 8.9722
Mod. Duration (yrs) 3.294 3.157 2.986 2.823 2.640 2.462
110 11.0
Convexity (yrs) 13.163 12.009 10.713 9.537 8.332 7.235
106 10.0 Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.025
102 9.0
98 8.0
94 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
595
SWMEDP02C Listing Date Maturity Date
ISIN CODE : IDJ0000134C6 May-19 May-20 May-21 May-22 May-23 May-24 May-25 May-26
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 10.9394 9.6482 10.0957 9.5107 9.7074 9.9018
Mod. Duration (yrs) 4.370 4.308 4.153 4.039 3.886 3.737
111 16.0
Convexity (yrs) 24.304 23.298 21.599 20.268 18.700 17.222
108 14.0 Sensitivity (%) 0.044 0.043 0.042 0.040 0.039 0.037
105 12.0
102 10.0
99 8.0
96 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
596
nar >>
MEDP01A 48 54 59 14 62.7%
MEDP01B 0.0%
MEDP01C 0.0%
SWMEDP01A 42 34 250 213.1%
SWMEDP01B 50 188 60.9%
SWMEDP01C 0.0%
SWMEDP02A 40 44 20 12.5%
SWMEDP02B 0.0%
SWMEDP02C 0.0%
- 100 200 300 400 500 600 700 800 900
597
MEDP FINANCIAL HIGHLIGHT

43.56 44.20
Receivables 360,398 140,758 -60.94 q
30.09
Inventories 147,799 56,600 -61.70 q 25.04 24.26
Current Assets 4,334,856 10,964,616 152.94 p
(%)
12.92
Total Assets 17,252,424 18,347,116 6.35 p 6.46 4.65
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,100,000 1,100,000 - 
Total Equity 5,038,459 5,180,391 2.82 p
(%)
5.07

1.85
0.52
Total Revenues 3,068,042 2,064,343 -32.71 q
Gross Profit 919,677 912,410 -0.79 q
31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 584,330 598,147 2.36 p
Comprehensive Income -50,288 -268,659 -434.25 q
Net Income/Loss Attributed 123,170 -16,836 -113.67 q 285.77
254.16
223.29
Peer Group 155.45

(%)
136.12
1. PT Perusahaan Listrik Negara (Persero) 345,416 1.74 -3.95
2. PT Medco Power Indonesia 2,064 4.65 -32.71
3. PT Sumberdaya Sewatama 444 -97.24 -18.95 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Current Ratio (%) 155.45 285.77 136.12
Cash Flow/Debt (%) 7.58 5.64 2.57
598
MFIN PT Mandala Multifinance Tbk.

Sub Sector : Financing Service Jln. Menteng Raya No. 24 A-B
Website : www.mandalafinance.com Jakarta Pusat 10340
Corporate Sec. : Mahrus
Fax : (021) 292-59950
The journey of PT Mandala SHAREHOLDERS

Multifinance Tbk started on August 1. PT Jayamandiri 70.42%
13, 1983, with the initial standing Gemasejati
named PT Vidya Cipta Leasing
2. Public 24.52%
Corporation, after several name
3. Alex Hendrawan 5.06%
changes, finally on July 21, 1997, changed to PT Mandala
Multifinance and approved by Decree of Finance Minister Number
323/KMK.017/1997.
AUDIT COMMITTEE
The purpose and objectives of the Company according to the latest 1. Deddy Heruwanto
Articles of Association is to conduct business in the field of financing 2. B. Maruli H.P. Sitorus Pane
and financing companies based on sharia principles. To achieve such 3. Elly Bujung
aims and objectives, the Company conducts business activities
covering, financing of investment, working capital financing,
multipurpose financing and other financing activities under the
approval of the Financial Services Authority (OJK), and conducting
business based on Sharia principles, in accordance with the 1. Alex Hendrawan
stipulated provisions by the applicable Financial Services Authority, 2. Deddy Heruwanto *
government and/or National Sharia Board comprising.
On September 6, 2005, the Company became a public company

listed on the Indonesia Stock Exchange (BEI), codenamed [MFIN]. The
Company listed its shares at 24.53%, with the aim of strengthening
*independen
the capital structure and also to increase the source of funding for
BOARD OF DIRECTORS
the Company’s working capital. Since the beginning of the listing
until 2017 the number of shares owned by the public amounted to 1. Harryjanto Lasmana
325,000,000 shares or 24.53%, in 2018, the Company executed stock 2. Christel Lasmana
split, hence the number of shares owned by the public became 3. Felik Ciptadi Nugroho
650,000,000 shares and listed on the Indonesia Stock Exchange.
1. Pefindo idA 5-Apr-21 Negative

3. Pefindo idA 19-Jun-20 Negative
as of June 2021
SWOT Analysis
- Strong market position in used motorcycle outside Java - Asset quality pressure
S W - Less diversification financing products
- The lowest revenue compared the peers
- Growing demand outside Java - Unfavorable impact of COVID-19

- Low interest rate environment - Tight competition in the industry
- Economic recovery prospect O T
599
AS OF JUNE 2021
Coupon Coupon

PT Bank Rakyat
MFIN03BCN1 III Mandala 9.50% 05-Oct-20 idA
IDA0000922B5 Multifinance Tahap I 05-Jan-21 Negative
(Persero) Tbk.
Quarterly

PT Bank Rakyat
MFIN03BCN2 III Mandala 10.50% 05-Oct-20 idA
IDA0000986B0 Multifinance Tahap II 05-Jan-21 Negative
(Persero) Tbk.
Quarterly

PT Bank Rakyat
MFIN03BCN3 III Mandala 10.50% 27-Nov-20 idA
IDA0001007B4 Multifinance Tahap III 27-Feb-21 Negative
(Persero) Tbk.
Quarterly

PT Bank Rakyat
MFIN03BCN4 III Mandala 9.75% 20-Dec-20 idA
IDA0001034B8 Multifinance Tahap IV 20-Mar-21 Negative
(Persero) Tbk.
Quarterly
PT Bank Rakyat
MFIN04ACN2 IV Mandala 9.20% - idA
IDA0001122A3 Multifinance Tahap II 04-Mar-21 Negative
(Persero) Tbk.
Tahun 2020 Seri A 04-Jun-21
Quarterly
PT Bank Rakyat
MFIN04BCN2 IV Mandala 10.00% - idA
IDA0001122B1 Multifinance Tahap II 04-Mar-21 Negative
(Persero) Tbk.
Quarterly
PT Bank Rakyat
MFIN04CN1 IV Mandala 9.00% 06-Oct-20 idA
IDA000107304 Multifinance Tahap I 06-Jan-21 Negative
(Persero) Tbk.
Quarterly
600
TRADING HIGHLIGHT
MFIN03BCN1
Volume
Trading 2020 2021
Activities,
700 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
560 36
420 27 Trading days 9 4 4 3 8 11
Turnover Ratio (%) 648.53 1,100.0 698.67 82.67 736.00 1,605.33
280 18 CTP Price - High 100.910 101.330 101.520 101.540 105.440 101.880
Date 06-Mar 16-Apr 11-Aug 15-Oct 25-Jan 07-Apr
140 9
CTP Price - Low 98.660 98.810 97.030 97.040 101.800 98.900
- - Date 24-Mar 16-Apr 30-Jul 28-Dec 31-Mar 28-Jun
PHEI Fair Yield (%) 9.0417 7.9889 7.3630 7.0044 6.7235 5.7326
Mod. Duration (yrs) 1.151 0.939 0.717 0.488 0.251 0.014
108 10.0
Convexity (yrs) 1.674 1.150 0.708 0.365 0.126 0.004
105 9.0 Sensitivity (%) 0.012 0.009 0.007 0.005 0.003 0.000
102 8.0
99 7.0
96 6.0
93 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MFIN03BCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
9 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 6.00 - - - - -
6 2
Turnover Ratio (%) 48.00 - - - - -
CTP Price - High 102.600 - - - - -
3 1
Date 20-Mar - - - - -
CTP Price - Low 102.580 - - - - -
- - Date 20-Mar - - - - -
PHEI Fair Yield (%) 9.3730 8.4318 8.2680 7.7622 7.9300 7.4277
Mod. Duration (yrs) 1.950 1.765 1.565 1.362 1.148 0.935
107 10.0
Convexity (yrs) 4.621 3.796 3.009 2.306 1.671 1.146
Sensitivity (%) 0.020 0.018 0.016 0.014 0.011 0.009
105 9.0
103 8.0
101 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
601
MFIN03BCN3
ISIN CODE : IDA0001007B4 Aug-19 Aug-20 Aug-21 Aug-22
Volume
Trading 2020 2021
Activities,
250 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 20
150 15 Trading days 2 6 4 6 8 6
Turnover Ratio (%) 882.35 1,323.5 1,176.47 929.41 976.47 970.59
100 10 CTP Price - High 103.790 103.190 104.340 104.240 105.420 104.790
50 5
CTP Price - Low 103.750 102.500 103.000 103.400 102.300 103.060
- - Date 28-Feb 06-Apr 15-Jul 13-Oct 29-Jan 07-Jun
PHEI Fair Yield (%) 9.4606 8.4509 8.1671 7.9300 7.7968 7.5876
Mod. Duration (yrs) 2.091 1.906 1.708 1.503 1.290 1.077
107 10.0
Convexity (yrs) 5.223 4.350 3.509 2.744 2.052 1.464
Sensitivity (%) 0.021 0.019 0.017 0.015 0.013 0.011
105 9.0
103 8.0
101 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MFIN03BCN4
Volume
Trading 2020 2021
Activities,
9 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 4.00 - 4.00 8.00 - -
Frequency Frequency (X) 2 - 2 5 - -
6 4
nar >> Trading days 1 - 1 2 - -
Turnover Ratio (%) 160.00 - 160.00 320.00 - -
CTP Price - High 103.130 - 103.520 101.990 - -
3 2
Date 03-Mar - 24-Jul 23-Nov - -
CTP Price - Low 103.110 - 103.500 101.200 - -
- - Date 03-Mar - 24-Jul 13-Oct - -
PHEI Fair Yield (%) 9.6128 8.6807 8.5826 8.0530 8.2702 7.9290
Mod. Duration (yrs) 2.358 2.177 1.980 1.780 1.569 1.360
108 10.0
Convexity (yrs) 6.568 5.596 4.642 3.772 2.956 2.252
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
105 9.0
102 8.0
99 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
602
MFIN04ACN2 Listing Date Maturity Date
ISIN CODE : IDA0001122A3 Dec-20 Dec-21
Volume
Trading 2020 2021
Activities,
1400 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - - 343.0 1,286.0 734.0
1120 56
840 42 Trading days - - - 3 20 13
Turnover Ratio (%) - - - 457.33 1,714.7 978.67
560 28 CTP Price - High - - - 101.170 103.090 102.040
280 14
CTP Price - Low - - - 100.000 98.180 99.750
- - Date - - - 14-Dec 22-Jan 07-May
PHEI Fair Yield (%) - - - 9.5071 9.3278 7.3243
Mod. Duration (yrs) - - - 0.901 0.670 0.442
103 11.0
Convexity (yrs) - - - 1.049 0.620 0.305
Sensitivity (%) - - - 0.009 0.007 0.004
101 9.5
99 8.0
97 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MFIN04BCN2
Volume
Trading 2020 2021
Activities,
40 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - 37.00 -
Frequency
30 6 Frequency (X) - - - - 7 -
nar >> Trading days - - - - 3 -
20 4 Turnover Ratio (%) - - - - 986.67 -
CTP Price - High - - - - 101.940 -
10 2 Date - - - - 22-Jan -
CTP Price - Low - - - - 101.160 -
- - Date - - - - 18-Jan -
PHEI Fair Yield (%) - - - 9.9404 8.7844 8.6856
Mod. Duration (yrs) - - - 2.495 2.318 2.129
105 11.0
Convexity (yrs) - - - 7.393 6.371 5.381
Sensitivity (%) - - - 0.025 0.023 0.021
103 10.0
101 9.0
99 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
603
MFIN04CN1
ISIN CODE : IDA000107304 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
320 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) - - 304.00 - - -
Frequency
240 9 Frequency (X) - - 10 - - -
160 6 Turnover Ratio (%) - - 810.67 - - -
CTP Price - High - - 101.920 - - -
80 3 Date - - 21-Sep - - -
CTP Price - Low - - 100.000 - - -
- - Date - - 17-Jul - - -
PHEI Fair Yield (%) - - 7.3966 7.0302 6.7744 5.8015
Mod. Duration (yrs) - - 0.748 0.519 0.281 0.044
102 10.0
Convexity (yrs) - - 0.761 0.403 0.150 0.013
Sensitivity (%) - - 0.007 0.005 0.003 0.000
101 8.5
100 7.0
99 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
nar >> MFIN03BCN1 243 413 262 31 632.5%
MFIN03BCN2 12.0%
MFIN03BCN3 150 225 200 158 1077.9%
MFIN03BCN4 160.0%
MFIN04ACN2 343 114.3%
MFIN04BCN2 0.0%
MFIN04CN1 304 202.7%
- 100 200 300 400 500 600 700 800 900 1,000
604
MFIN FINANCIAL HIGHLIGHT

52.56
49.00
47.60
42.85
40.07
37.89
34.95
28.18
23.81
23.02
167,840 177,857 5.97 p
21.87
11.17
Total Assets 4,726,154 4,210,393 -10.91 q
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
2,277,895 2,334,972 2.51 p 17.21
Total Equity 16.18 16.55
10.36
9.20
(%)
7.98 7.47
INCOME STATEMENTS
Total Revenues 1,725,217 1,521,624 -11.80 q
Expenses 1,046,245 1,121,285 7.17 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Finance Costs 185,614 206,504 11.25 p
EBITDA 725,265 473,504 -34.71 q
227.14
210.26
179.82 184.19
Peer Group
(%)

51.00 47.44
1. PT Mandala Multifinance Tbk. 1,522 11.46 -11.80
Financial Ratios
Return on Assets (%) 10.36 9.20 7.98 4.14
Return on Equity (%) 17.21 16.18 16.55 7.47
BOPO (%) 51.00 52.40 47.44 71.82
Cash Flow / Debt (%) 55.49 -1.33 -26.16 56.12
605
MLJK PT Marga Lingkar Jakarta

Sub Sector : Transportation Infrastructure JORR W2 Utara - Plaza Tol Meruya
Website : www.margalingkarjakarta.com Jln. Raya Meruya Utara No. 1
Corporate Sec. : Rawiah Hijjah Jakarta Barat 11620
Fax : (021) 589-08447
PT Marga Lingkar Jakarta ("Partnerships") was SHAREHOLDERS

established based on Notarial Deed No. 26
dated August 24, 2009. In accordance with 1. PT Jasa Marga (Persero) Tbk. 51.00%
Art icle 3 of the Company's Articles of 2. PT Jakarta Marga Jaya 49.00%
A ss o cia t ion , t h e pu r p ose s, o bj ec t iv es
and business activities of the Company are to carry out the operation of
the North W2 Jakarta Outer Ring Road (JORR), which includes funding,
technical planning, construction, operation and maintenance of toll roads,
and other businesses in accordance with applicable provisions and
legislation. AUDIT COMMITTEE
1. Djarot Sri Sulistyo
After the signing of the New JORR W2 North Toll Road Concession
2. Harris Prayudi
Agreement (PPJT) in 2011, the groundbreaking construction of the JORR
3. Ida Bagus Kade
W2 North Toll Road was carried out. JORR W2 Utara consists of the
Kebon Jeruk - Ciledug segment which was inaugurated by the Minister of
Public Works in 2013 and the Ciledug - Ulujami segment. The Company
operates the JORR W2 North toll road with a concession period of 40 BOARD OF COMMISSIONERS
(forty) years from January 1, 2005. 1. Djap Tet Fa
2. Djarot Sri Sulistyo *
In further developments by November 2020, PT Astra International Tbk
(ASII), through its subsidiary Astra Infra became the Company's 3. Kris Ade Sudiyono
shareholder after completing the acquisition process of 100% shares of PT
Jakarta Marga Jaya (JMJ) which was previously owned 51% by PT Jakarta
Infrastruktur Propertindo ( JIP) and 49% shares owned by PT Jaya Sarana
Pratama (JSP). By the joining of the Astra Group, it is hoped that it will
*independen
strengthen the Company's toll road management business. Pursuant to
BOARD OF DIRECTORS
Notarial Deed No. 10 dated June 28, 2021, the composition of the
Company's shareholders becomes 51% shares owned by PT Jasa Marga 1. Ari Wibowo
(Persero) Tbk and 49% shares owned by PT Jakarta Marga Jaya. 2. Rachmat Soulisa
JORR W2 North with a length of 7.67 km (Ulujumi-Kebon Jeruk) managed

by the Company covers South and West Jakarta areas has a strategic
location. Surrounded by office areas, shopping centers, education centers
and settlements, so existence The Company's toll roads provide
supportive benefits for the mobilization of community activities.
JORR W2 North is part of JORR's integrated operation with Akses Tanjung

Priok and Bintaro-Ulujami toll roads, and is also connected to Jakarta
Inner Ring Road, Jakarta-Serpong, Jakarta-Tangerang, Jagorawi, Jakarta- No. Rating Agency Rating Rating Date Outlook
Cikampek and Sedyatmo toll roads. This toll road is a part of national
logistics system having an important role as an access to Soekarno Hatta
Airport and Merak Port. This strategic location provides an added value
for the Company to grow sustainably and deliver best service to as of June 2021
stakeholders.
SWOT Analysis
- Strong EBITDA margin -High financial leverage
- Good economy of the project's service area
S W -Exposure to traffic volume volatility
- The increasing allocation of infrastructure development -Adverse impact from COVID-19 pandemic to
O T
funds in every year transport and tourism sectors
- The higher growth of the land transportation sector in - Traffic volume volatility
DKI Jakarta province
606
AS OF JUNE 2021
Coupon Coupon
08-Aug-20
Obligasi I Marga
MLJK01B 7.75% 08-Nov-20 PT Bank Mega idAAA(sf)
1. Lingkar Jakarta 217,000 09-Nov-17 08-Nov-22 5
IDA0000862B3 08-Feb-21 Tbk. N/A
Tahun 2017 Seri B
Quarterly 08-May-21
08-Aug-20
Obligasi I Marga
MLJK01C 8.30% 08-Nov-20 PT Bank Mega idAAA(sf)
IDA0000862C1 08-Feb-21 Tbk. N/A
Tahun 2017 Seri C
Quarterly 08-May-21
08-Aug-20
Obligasi I Marga
MLJK01D 8.70% 08-Nov-20 PT Bank Mega idAAA(sf)
IDA0000862D9 08-Feb-21 Tbk. N/A
Tahun 2017 Seri D
Quarterly 08-May-21
08-Aug-20
Obligasi I Marga
MLJK01E 8.85% 08-Nov-20 PT Bank Mega idAAA(sf)
IDA0000862E7 08-Feb-21 Tbk. N/A
Tahun 2017 Seri E
Quarterly 08-May-21
TRADING HIGHLIGHT
MLJK01B
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 7.8803 6.9129 6.6190 6.0586 5.8026 5.1218
Mod. Duration (yrs) 2.310 2.118 1.913 1.704 1.486 1.271
106 8.0
Convexity (yrs) 6.266 5.279 4.327 3.462 2.667 1.987
Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
104 7.0
102 6.0
100 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
607
MLJK01C Listing Date Maturity Date
ISIN CODE : IDA0000862C1 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24
Volume
Trading 2020 2021
Activities,
1000 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 20
600 15 Trading days 2 5 4 10 - -
Turnover Ratio (%) 125.75 513.71 191.30 1,270.90 - -
400 10 CTP Price - High 103.310 101.140 104.460 105.680 - -
Date 13-Jan 03-Jun 18-Sep 27-Nov - -
200 5
CTP Price - Low 100.110 97.570 102.400 102.280 - -
- - Date 30-Mar 13-Apr 06-Jul 09-Oct - -
PHEI Fair Yield (%) 8.6855 7.8020 7.5694 6.9234 6.8084 6.2037
Mod. Duration (yrs) 3.738 3.594 3.425 3.259 3.075 2.900
110 10.0
Convexity (yrs) 16.687 15.331 13.877 12.518 11.126 9.871
107 9.0 Sensitivity (%) 0.037 0.036 0.034 0.033 0.031 0.029
104 8.0
101 7.0
98 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MLJK01D
ISIN CODE : IDA0000862D9 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27
Volume
Trading 2020 2021
Activities,
120 24 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
100 20 Volume (Rp bn) - - 20.00 - - 100.00
Frequency
Frequency (X) - - 4 - - 20
80 16
Trading days - - 2 - - 3
60 12 Turnover Ratio (%) - - 25.00 - - 125.00
CTP Price - High - - 101.250 - - 107.900
40 8
Date - - 11-Aug - - 28-Jun
20 4
CTP Price - Low - - 100.000 - - 107.750
- - Date - - 12-Aug - - 08-Jun
PHEI Fair Yield (%) 9.2929 8.2307 8.4994 7.5607 7.6425 7.1773
Mod. Duration (yrs) 5.405 5.359 5.208 5.131 4.982 4.864
113 10.0
Convexity (yrs) 37.047 35.949 33.861 32.518 30.547 28.922
109 9.0 Sensitivity (%) 0.054 0.054 0.052 0.051 0.050 0.049
105 8.0
101 7.0
97 6.0
93 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
608
MLJK01E Listing Date Maturity Date
ISIN CODE : IDA0000862E7 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27 Nov-29
Volume
Trading 2020 2021
Activities,
100 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 40.00 - 84.00 35.00 - 30.00
80 8
Frequency Frequency (X) 9 - 8 5 - 6
60 6 Trading days 2 - 4 1 - 1
Turnover Ratio (%) 34.48 - 72.41 30.17 - 25.86
40 4 CTP Price - High 105.250 - 101.250 101.740 - 108.000
Date 05-Mar - 11-Aug 01-Oct - 04-May
20 2
CTP Price - Low 104.000 - 99.500 101.300 - 107.300
- - Date 14-Feb - 30-Jul 01-Oct - 04-May
PHEI Fair Yield (%) 9.5398 8.5208 8.9267 7.8321 7.9846 7.6249
Mod. Duration (yrs) 6.255 6.278 6.121 6.127 5.989 5.905
110 11.0
Convexity (yrs) 51.855 51.380 48.831 48.156 45.891 44.251
106 10.0 Sensitivity (%) 0.063 0.063 0.061 0.061 0.060 0.059
102 9.0
98 8.0
94 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MLJK01B 0.0%
MLJK01C 94 384 143 950 525.4%
MLJK01D 6.3%
MLJK01E 40 84 35 34.3%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800
609
MLJK FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 162,999 126,975 -22.10 q 100.00 100.00
Receivables 11,701 7,709 -34.12 q
Inventories - - -  49.04 49.53
41.89 43.51
Current Assets 174,700 134,683 -22.91 q
13.32 17.00
(%)
Total Assets 2,152,609 1,938,553 -9.94 q -0.30
Current Liabilities 268,824 48,584 -81.93 q
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 655,727 655,727 - 
Retained Earnings -110,721 -69,264 37.44 p 7.66
7.07
Total Equity 545,329 586,782 7.60 p
(%)
1.94 2.14
INCOME STATEMENTS
Total Revenues 313,548 243,865 -22.22 q -0.04 -0.17
Gross Profit - - - 
31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 153,770 106,115 -30.99 q
Comprehensive Income 41,275 41,452 0.43 p 320.33
277.22
224.29 230.37
Peer Group
(%)

2. PT Jakarta Lingkar Baratsatu 404 35.43 -23.08
3. PT Marga Lingkar Jakarta 244 17.00 -22.22 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Net Profit Margin (%) -0.30 13.32 17.00
Return on Assets (%) -0.04 1.94 2.14
Return on Equity (%) -0.17 7.66 7.07
Current Ratio (%) 224.29 64.99 277.22
Cash Flow/Debt (%) 3.54 7.22 3.39
610
MORA PT Mora Telematika Indonesia

Sub Sector : Telecommunication Grha 9, 6th Floor
Website : www.moratelindo.co.id Jln. Panataran no. 9 Proklamasi
Corporate Sec. : Henry Rizard Rumopa Jakarta Pusat 10320
Fax : (021) 314-2882
PT Mora Telematika Indonesia (Company) SHAREHOLDERS

was established on August 8, 2000. The 1. PT Candrakarya Multikreasi (Class B) 45.70%
Company’s main lines of business are
2. PT Smart Telecom (Class C) 20.50%
internet services, data centers, and lease of domestic and international
interconnection backbone and lastmile networks. The Company 3. PT Gema Lintas Benua (Class A) 33.80%
granted by the Indonesian Government the telecommunication

business licenses such as Closed Fixed Network, NAP (Network Access
Point), ISP (Internet Service Provider), and Local Fixed Network. In
2012, the Company build and operating a national data center, AUDIT COMMITTEE
namely Nusantara Data Center (NDC). In 2018, the Company executed
1. Kanaka Puradiredja
the construction cables in Indonesia that stretches from Denpasar-
2. Mulyadi
Java-Sumatra to Singapore. In addition to covering the
telecommunication sector, the Company made new innovations in 3. Nenden Purwitasari
2016 by penetrating the retail market (FTTX) through the brand
"oxygen.id". Due to the Company’s excellence, the Government of
Indonesia entrusts the Company to carry out a national strategic BOARD OF COMMISSIONERS
infrastructure project by appointing the Company as the winner of the
1. Indra Nathan Kusnadi
tender for the West Palapa Ring and East Palapa Ring Projects in 2016.
2. Doktorandus Karim Panjaitan
The Palapa Ring West Package project has been operating since
March 2018, while the Palapa Ring East Package project has been 3. Kanaka Puradiredja *
operating since August 2019. After successfully implementing the
West Palapa Ring and East Palapa Ring projects, the Company
through the KSO BPS-MORATELINDO, a joint operation formed by
and between the Company and PT Bhumi Pandanaran Sejahtera *independen
(Perseroda) (“BPS”) has managed to regain the trust of the Semarang
BOARD OF DIRECTORS
City Government to cooperate in projects for the construction,
operation and provision of passive telecommunications infrastructure 1. Galumbang Menak
in the city of Semarang. As per 2020, The company has executed the 2. Jimmy Kadir
construction of fiber optic cable network with total length of
48.515Km and total of capacity 18.360G. In the capital market sector,
the Company successfully listed its first bond on the capital market
namely Moratelindo Bond I Year 2017 in amount of Rp 1 trillion. In
July 2019, the Company successfully conducted Shelf Registration
Sukuk Sharia Bond I in total amount of Rp 3 trillion, which had been
utilize from 2019 to 2021 through tranche 1 to tranche 4 in total
amount of Rp 2,166 trillion. Historical Corporate Ratings

2. Kredit Rating Indonesia irAA- 15-Jun-20 Stable
as of June 2021
SWOT Analysis
- Strong market position as a fiber optic backbone - High financial leverage
provider
- Diversified customers and services S W - Weak cash flow protection measures
- Stable cash flow from the Palapa Ring packages
- Growing demand for data business - Intense competition within the telecommunications
- The low penetration rate and the lack of industry
telecommunications infrastructure networks in Indonesia O T
611
AS OF JUNE 2021
Coupon Coupon
06-Sep-20
Obligasi I
MORA01B 10.50% 06-Dec-20 PT Bank Mega idA
1. Moratelindo Tahun 460,000 07-Dec-17 06-Dec-22 5
2017 Seri B
Quarterly 06-Jun-21

SIMORA01ACN1 Berkelanjutan I 9.90% 09-Oct-20 PT Bank idA(sy)
2. 347,000 10-Jul-19 09-Jul-22 3
IDJ0000138A1 Moratelindo Tahap 09-Jan-21 Bukopin Tbk. Stable
I Tahun 2019 Seri A Quarterly 09-Apr-21
Sukuk Ijarah -
SIMORA01ACN2 Berkelanjutan I 10.50% 11-Nov-20 PT Bank idA(sy)
3. 191,000 12-Aug-20 11-Aug-23 3
IDJ0000162A1 Moratelindo Tahap II 11-Feb-21 Bukopin Tbk. Stable
Tahun 2020 Seri A 11-May-21
Quarterly
Sukuk Ijarah -
SIMORA01ACN3 Berkelanjutan I 10.50% - PT Bank idA(sy)
4. 333,365 08-Oct-20 07-Oct-23 3
IDJ0000172A0 Moratelindo Tahap III 07-Jan-21 Bukopin Tbk. Stable
Quarterly
Sukuk Ijarah -
SIMORA01ACN4 Berkelanjutan I 10.25% - PT Bank idA(sy)
5. 469,100 05-May-21 04-May-24 3
IDJ0000185A2 Moratelindo Tahap IV - Bukopin Tbk. Stable
Tahun 2021 Seri A -
Quarterly

SIMORA01BCN1 Berkelanjutan I 10.50% 09-Oct-20 PT Bank idA(sy)
6. 653,000 10-Jul-19 09-Jul-24 5
IDJ0000138B9 Moratelindo Tahap I 09-Jan-21 Bukopin Tbk. Stable
Quarterly
Sukuk Ijarah -
SIMORA01BCN2 Berkelanjutan I 11.25% 11-Nov-20 PT Bank idA(sy)
7. 86,000 12-Aug-20 11-Aug-25 5
IDJ0000162B9 Moratelindo Tahap II 11-Feb-21 Bukopin Tbk. Stable
Quarterly
Sukuk Ijarah -
SIMORA01BCN3 Berkelanjutan I 11.25% - PT Bank idA(sy)
8. 56,150 08-Oct-20 07-Oct-25 5
IDJ0000172B8 Moratelindo Tahap III 07-Jan-21 Bukopin Tbk. Stable
Quarterly
Sukuk Ijarah -
SIMORA01BCN4 Berkelanjutan I 11.00% - PT Bank idA(sy)
9. 30,900 05-May-21 04-May-26 5
IDJ0000185B0 Moratelindo Tahap IV - Bukopin Tbk. Stable
Tahun 2021 Seri B -
Quarterly
612
TRADING HIGHLIGHT
MORA01B
Volume
Trading 2020 2021
Activities,
600 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
480 16
360 12 Trading days 1 - 1 2 5 1
Turnover Ratio (%) 347.83 - 126.96 26.09 490.43 8.70
240 8 CTP Price - High 102.000 - 103.000 105.920 105.000 103.460
Date 23-Jan - 08-Sep 11-Dec 04-Feb 24-Jun
120 4
CTP Price - Low 102.000 - 103.000 105.490 102.500 103.440
- - Date 23-Jan - 08-Sep 12-Nov 20-Jan 24-Jun
PHEI Fair Yield (%) 9.6146 8.6624 8.5581 8.0299 7.4271 7.9616
Mod. Duration (yrs) 2.303 2.125 1.930 1.733 1.527 1.316
107 13.0
Convexity (yrs) 6.316 5.373 4.446 3.602 2.824 2.128
105 11.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
103 9.0
101 7.0
99 5.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIMORA01ACN1 Listing Date Maturity Date
ISIN CODE : IDJ0000138A1 Jul-19 Jul-20 Jul-21 Jul-22
Volume
Trading 2020 2021
Activities,
300 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 58.10 20.40 - 263.00 - 6.00
240 28
180 21 Trading days 8 7 - 8 - 1
Turnover Ratio (%) 66.97 23.52 - 303.17 - 6.92
120 14 CTP Price - High 103.700 101.340 - 104.830 - 103.000
Date 14-Feb 15-May - 01-Dec - 10-Jun
60 7
CTP Price - Low 101.190 100.310 - 100.850 - 102.980
- - Date 15-Jan 17-Jun - 13-Oct - 10-Jun
PHEI Fair Yield (%) 9.2757 8.4386 8.2760 7.7695 7.9392 7.4411
Mod. Duration (yrs) 1.974 1.785 1.584 1.379 1.163 0.949
115 12.0
Convexity (yrs) 4.705 3.864 3.065 2.351 1.707 1.173
111 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
107 8.0
103 6.0
99 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
613
SIMORA01ACN2
ISIN CODE : IDJ0000162A1 Aug-20 Aug-21 Aug-22 Aug-23
Volume
Trading 2020 2021
Activities,
140 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
112 12
84 9 Trading days - - 6 2 1 -
Turnover Ratio (%) - - 251.31 64.92 92.15 -
56 6 CTP Price - High - - 100.100 103.090 103.770 -
Date - - 02-Sep 08-Dec 24-Feb -
28 3
CTP Price - Low - - 99.870 100.000 103.750 -
- - Date - - 03-Sep 10-Dec 24-Feb -
PHEI Fair Yield (%) - - 10.5812 8.4097 8.9775 8.4671
Mod. Duration (yrs) - - 2.412 2.250 2.051 1.863
115 15.0
Convexity (yrs) - - 6.984 6.059 5.049 4.174
111 13.0 Sensitivity (%) - - 0.024 0.023 0.021 0.019
107 11.0
103 9.0
99 7.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIMORA01ACN3
ISIN CODE : IDJ0000172A0 Oct-20 Oct-21 Oct-22 Oct-23
Volume
Trading 2020 2021
Activities,
900 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
720 56
nar >> 540 42 Trading days - - - 3 6 1
Turnover Ratio (%) - - - 995.91 970.71 4.80
360 28 CTP Price - High - - - 102.770 104.430 104.100
180 14
CTP Price - Low - - - 100.000 95.000 104.080
- - Date - - - 23-Oct 04-Jan 08-Apr
PHEI Fair Yield (%) - - - 9.3805 9.2767 8.5784
Mod. Duration (yrs) - - - 2.333 2.146 1.965
115 14.0
Convexity (yrs) - - - 6.588 5.580 4.681
111 12.0 Sensitivity (%) - - - 0.023 0.021 0.020
107 10.0
103 8.0
99 6.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
614
SIMORA01ACN4 Listing Date Maturity Date
ISIN CODE : IDJ0000185A2 May-21 May-22 May-23 May-24
Volume
Trading 2020 2021
Activities,
700 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
560 36
420 27 Trading days - - - - - 8
Turnover Ratio (%) - - - - - 525.26
280 18 CTP Price - High - - - - - -
Date - - - - - -
140 9
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 10.1567
105 14.0
Convexity (yrs) - - - - - 6.937
103 12.0 Sensitivity (%) - - - - - 0.024
101 10.0
99 8.0
97 6.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIMORA01BCN1
ISIN CODE : IDJ0000138B9 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24
Volume
Trading 2020 2021
Activities,
500 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 24
nar >> 300 18 Trading days 5 8 7 10 5 5
Turnover Ratio (%) 30.87 14.33 269.53 165.39 91.27 96.17
200 12 CTP Price - High 104.960 103.760 106.500 105.500 103.830 104.750
Date 03-Feb 13-Apr 16-Jul 17-Nov 02-Feb 21-Jun
100 6
CTP Price - Low 102.280 100.590 104.500 100.000 102.020 103.660
- - Date 31-Mar 26-May 11-Sep 10-Dec 28-Jan 30-Jun
PHEI Fair Yield (%) 10.3072 9.1977 9.1455 9.2708 9.8802 8.7848
Mod. Duration (yrs) 3.333 3.204 3.040 2.870 2.685 2.527
115 14.0
Convexity (yrs) 13.679 12.536 11.252 10.000 8.753 7.720
111 12.0 Sensitivity (%) 0.033 0.032 0.030 0.029 0.027 0.025
107 10.0
103 8.0
99 6.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
615
SIMORA01BCN2
ISIN CODE : IDJ0000162B9 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25
Volume
Trading 2020 2021
Activities,
60 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 50.00 - - 40.00
48 4
36 3 Trading days - - 1 - - 1
Turnover Ratio (%) - - 232.56 - - 186.05
24 2 CTP Price - High - - - - - 106.050
Date - - - - - 08-Jun
12 1
CTP Price - Low - - - - - 105.850
- - Date - - - - - 08-Jun
PHEI Fair Yield (%) - - 10.1478 9.2584 9.4455 9.5803
Mod. Duration (yrs) - - 3.688 3.567 3.406 3.248
110 14.0
Convexity (yrs) - - 16.865 15.645 14.216 12.885
107 12.0 Sensitivity (%) - - 0.037 0.036 0.034 0.032
104 10.0
101 8.0
98 6.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIMORA01BCN3
ISIN CODE : IDJ0000172B8 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25
Volume
Trading 2020 2021
Activities,
10 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
8 4
nar >> 6 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 35.62 - -
4 2 CTP Price - High - - - 100.000 - -
Date - - - 02-Nov - -
2 1
CTP Price - Low - - - 99.980 - -
- - Date - - - 02-Nov - -
PHEI Fair Yield (%) - - - 9.3117 9.4997 9.6481
Mod. Duration (yrs) - - - 3.623 3.465 3.311
110 16.0
Convexity (yrs) - - - 16.351 14.908 13.560
107 14.0 Sensitivity (%) - - - 0.036 0.035 0.033
104 12.0
101 10.0
98 8.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
616
SIMORA01BCN4 Listing Date Maturity Date
ISIN CODE : IDJ0000185B0 May-21 May-22 May-23 May-24 May-25 May-26
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 10.0339
106 13.0
Convexity (yrs) - - - - - 16.834
104 12.0 Sensitivity (%) - - - - - 0.037
102 11.0
100 10.0
98 9.0
96 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
nar >> MORA01B 400 146 30 125.2%
SIMORA01ACN1 58 20 263 98.4%
SIMORA01ACN2 120 31 79.1%
SIMORA01ACN3 830 249.0%
SIMORA01BCN1 50 23 440 270 120.0%
SIMORA01BCN2 50 58.1%
SIMORA01BCN3 8.9%
- 100 200 300 400 500 600 700 800 900
617
MORA FINANCIAL HIGHLIGHT

1,432,164 494,778 -65.45 q 65.78
Receivables 368,152 396,027 7.57 p
47.54
Inventories - - -  41.73
Current Assets 3,730,067 2,779,604 -25.48 q 31.78 32.87
4,036,546 5,560,473 37.75 p 23.17
Property, Plant and Equipment 19.99
(%)
16.64 18.05
Total Assets 12,795,938 13,395,523 4.69 p 9.34 12.90
3.87
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 298,750 298,750 - 
Par Value (Rp Full Amount) 100,000 & 809,349 100,000 & 809,348 - q
30.83
Total Equity 2,192,771 3,207,460 46.27 p 21.19
(%)
5.97 6.61 5.28
1.58
Total Revenues 4,062,382 3,765,688 -7.30 q
Gross Profit 1,931,165 2,477,167 28.27 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 1,164,046 2,111,634 81.40 p
Comprehensive Income 662,844 1,014,719 53.09 p
353.65
317.64
Peer Group 276.84 283.16
(%)

154.63 143.81
3. PT Mora Telematika Indonesia 3,766 18.05 -7.30 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 1.58 6.61 5.28 5.07
Return on Equity (%) 5.97 25.34 30.83 21.19
Current Ratio (%) 353.65 154.63 117.36 143.81
Cash Flow/Debt (%) 2.64 14.60 8.24 18.28
618
MPMF PT Mitra Pinasthika Mustika Finance

Sub Sector : Financing Service Lippo Kuningan 25th Fl.
Website : www.jaccs-mpmfinance.com Jln. H.R Rasuna Said Kav B-12
Corporate Sec. : Suviana Jakarta 12940
Fax : (021) 2911-0313
PT JACCS Mitra Pinasthika Mustika Finance SHAREHOLDERS

Indonesia (JACCS MPM Finance Indonesia) is
1. JACCS Co., Ltd 60.00%
a finance company engaging in capital,
multipurpose, and investment financing, in consumer finance for 2. PT Mitra Pinasthika Mustika Tbk 40.00%
four-wheel vehicles, two-wheel vehicles, and multipurpose. JACCS
MPM Finance Indonesia also engages in corporate finance through
finance lease products for heavy equipment, machinery, and
industrial properties.
PT JACCS Mitra Pinasthika Mustika Finance Indonesia (the Company) AUDIT COMMITTEE
was initially established as a securities trading company named PT
Elbatama Securindo, which was founded on May 3, 1990, based on 1. Josaphat Budisatyawira
Deed of Establishment No. 26 dated May 3, 1990, made before 2. Surya Widjaja
Rachmat Santoso, S.H., Notary in Jakarta, as amended by Deed No. 3. Yusuke Yoshimoto
327 dated June 30, 1990, made before Rachmat Santoso, S.H., Notary
in Jakarta.
In 1993, the Company decided to change its business activities to BOARD OF COMMISSIONERS
become a finance company and change its name to PT Elbatama
1. Toshiya Kaname
Finance. Along with developments, in 2000, PT Elbatama Finance was
acquired by PT Austindo Nusantara Jaya (ANJ), and due to the 2. Josaphat Budisatyawira *
acquisition, then in 2003, PT Elbatama Finance changed its name to 3. Surya Widjaja *
PT Austindo Nusantara Jaya Finance (ANJF). In 2010, ANJ acquired 4. Takahiro Nagoshi
94% of ANJF shares through PT Austindo Nusantara Jaya Rent
(ANJR), one of ANJ’s subsidiaries. And in 2012, ANJR released ANJF
shares to PT Mitra Pinasthika Mustika Tbk (MPM) and the Company
changed its name to PT Mitra Pinasthika Mustika Finance (MPM *independen
Finance). MPM then increased the portion of the Company’s share BOARD OF DIRECTORS
ownership from 64.9% to 99.9% in 2013.
1. Kojun Sato
In 2014, MPM made a strategic initiative by merging its subsidiaries, 2. Hajimu Yukimoto
namely MPM Finance and PT Sasana Artha Finance (SAF). In this 3. Kazuaki Yamazaki
merger, MPM Finance functions as the recipient company of the
merger (surviving entity). As a shareholder representing 40% of SAF’s
4. Supriyanto
paid-up capital, JACCS Co., Ltd. (JACCS) increased the paid-up capital 5. Venky Charles Sutiono
to the Company, hence its ownership became 40%. 6. Yenanto
On May 17, 2017, MPM transferred 20% of shares owned in the
Company to JACCS, so that JACCS became the majority shareholder
with 60% ownership and followed by MPM with 40% ownership. The Historical Corporate Ratings
Company changed its name to PT JACCS Mitra Pinasthika Mustika
Finance Indonesia (JACCS MPM Finance Indonesia) based on Decree No. Rating Agency Rating Rating Date Outlook
of the Minister of Law and Human Rights of the Republic of
Indonesia No. AHU-0103193.AH.01.02.Tahun 2019 dated December 1. Fitch Rating Indonesia AA(idn) 3-Jun-21 Stable
10, 2019. 2. Fitch Rating Indonesia AA(idn) 30-Sep-20 Stable
3. Fitch Rating Indonesia AA(idn) 13-Aug-20 Negative
4. Fitch Rating Indonesia AA(idn) 8-Jun-20 Stable
5. Fitch Rating Indonesia AA(idn) 1-Nov-19 Negative
as of June 2021
SWOT Analysis
-Support from JACCS Co.Ltd and MUFG -Weaker standalone credit profile
-Manageable Nonperforming financing
S W -Limited synergies with JACCS
- Opportunity to expand the line of businesses - Higher competition in national motorcycle
O T
- The strong consumer demand for the automotive financing industry.
industry - Unfavorable impact of COVID-19
- Low interest rate environment
OPPORTUNITIES
- Economic recovery prospect THREATS
619
AS OF JUNE 2021
Coupon Coupon
24-Sep-20
Obligasi MPM PT Bank Rakyat
MPMF01A 9.25% 24-Dec-20 AA(idn)
1. Finance I Tahun 616,000 25-Sep-19 24-Sep-22 3 Indonesia
IDA0001012A6 24-Mar-21 Stable
2019 Seri A (Persero) Tbk.
Quarterly 24-Jun-21
24-Sep-20
MPMF01B 9.50% 24-Dec-20 AA(idn)
IDA0001012B4 24-Mar-21 Stable
Quarterly 24-Jun-21
24-Sep-20
MPMF01C 9.75% 24-Dec-20 AA(idn)
IDA0001012C2 24-Mar-21 Stable
2019 Seri C (Persero) Tbk.
Quarterly 24-Jun-21
TRADING HIGHLIGHT
MPMF01A
Volume
Trading 2020 2021
Activities,
50 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
40 12
30 9 Trading days 2 3 2 5 1 2
Turnover Ratio (%) 18.18 5.84 18.18 27.27 2.60 12.99
20 6 CTP Price - High 104.460 103.400 103.400 104.470 102.790 104.150
Date 27-Feb 30-Jun 28-Jul 16-Dec 24-Mar 24-Jun
10 3
CTP Price - Low 104.050 97.000 103.380 100.000 102.750 102.200
PHEI Fair Yield (%) 8.2470 7.5849 7.1238 6.6588 6.5426 5.6086
Mod. Duration (yrs) 2.199 2.006 1.803 1.595 1.378 1.163
108 10.0
Convexity (yrs) 5.685 4.744 3.854 3.043 2.302 1.676
106 9.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
620
MPMF01B Listing Date Maturity Date
ISIN CODE : IDA0001012B4 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.7691 7.8226 7.5697 7.2024 7.2111 6.3027
Mod. Duration (yrs) 2.941 2.775 2.590 2.402 2.203 2.011
108 10.0
Convexity (yrs) 10.198 9.048 7.877 6.774 5.707 4.769
Sensitivity (%) 0.029 0.028 0.026 0.024 0.022 0.020
106 9.0
104 8.0
102 7.0
100 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MPMF01C
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 9.1287 8.1130 7.9405 7.6078 7.7013 6.7935
Mod. Duration (yrs) 3.605 3.467 3.300 3.132 2.948 2.781
115 10.0
Convexity (yrs) 15.556 14.291 12.904 11.581 10.250 9.088
112 9.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.029 0.028
109 8.0
106 7.0
103 6.0
100 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
621
MPMF01A 28 9 28 42 17.4%
0.0%
MPMF01B
MPMF01C 0.0%
- 100 200 300 400 500 600 700
622
MPMF FINANCIAL HIGHLIGHT

15.72 11.60 13.05 17.95
Property, Plant and Equipment 37,707 77,094 104.46 p 0.98 6.19 2.03
Total Assets 11,545,086 9,516,242 -17.57 q
(%)
Total Liabilities 9,744,539 8,137,094 -16.50 q -16.70
31-Dec-18 31-Dec-19 31-Dec-20
Retained Earnings 578,849 133,507 -76.94 q
Total Equity 1,800,548 1,379,147 -23.40 q
1.42 0.16 1.00
-3.11
(%)
INCOME STATEMENTS
Total Revenues 1,839,122 1,774,836 -3.50 q
1,106,025 1,133,285 2.46 p -21.49
Expenses
31-Dec-18 31-Dec-19 31-Dec-20
Finance Costs 684,302 1,011,483 47.81 p
Earning Before Tax 48,795 -369,933 -858 q Return on Assets Return on Equity
EBITDA 755,373 687,380 -9.00 q
Income (Loss) for the periods 17,991 -296,376 -1,747 q
Comprehensive Income (Loss) -48,037 -404,359 741.76 q
Net income/loss attributed to 17,991 -296,376 -1,747 q LIQUIDITY & SOLVENCY RATIOS
84.28 86.38 82.05 82.24 82.16
Peer Group
(%)
42.25
1. PT Indomobil Finance Indonesia 2,129 3.29 -1.18
2. PT Mandiri Tunas Finance 2,021 3.75 -24.02
3. PT Wahana Ottomitra Multiartha Tbk. 1,994 33.53 -24.36 31-Dec-18 31-Dec-19 31-Dec-20
4. PT Mitra Pinasthika Mustika Finance 1,775 -16.70 -3.50
5. PT Sinarmas Multi Finance 1,675 3.75 0.03 BOPO Loan To Deposit Ratio
Financial Ratios
Return on Assets (%) 1.42 0.16 -3.11
Return on Equity (%) 8.17 1.00 -21.49
BOPO (%) 84.28 82.05 42.25
Loan to Deposit Ratio (%) 86.38 82.24 82.16
Cash Flow / Debt (%) -32.26 -5.40 25.54
623
MYOR PT Mayora Indah Tbk.

Sub Sector : Food & Beverage Mayora Building
Website : www.mayora.com; mayoraindah.co.id Jl. Daan Mogot KM. 18 Kalideres,
Corporate Sec. : Andi Laurus Jakarta Barat 11840
Email Corporate Sec. : [email protected]; [email protected] Phone : (021) 8063-7400, 8063 7700 - 02
Fax : (021) 5436-0973, 74
PT. Mayora Indah Tbk (“the Company”) was SHAREHOLDERS

established in 1977 with its first factory 1. PT Unita Branindo 32.93%
located in Tangerang and target market in 2. PT Mayora Dhana 26.14%
Jakarta and the surrounding areas. Once being
Utama
able to cater for Indonesian market, the
3. Jogi Hendra Atmadja 25.24%
Company conducted Initial Public Offering and
4. Public 15.69%
was listed as public company in 1990 to get a wider market ASEAN
consumers. Further, the Company expanded its market share to the
Asian countries. Today, the Company's products have spread across 5 AUDIT COMMITTEE
continents in the world. 1. Suryanto Gunawan
2. Antonius Wirawan
As one of the Fast-Moving Consumer Goods Companies, PT. Mayora 3. Budiono Djuandi
Indah Tbk. has proved to be one of the manufacturers of high quality
food and has garnered a considerable number of awards, including
the "Top Five Best Managed Companies in Indonesia" from
Asiamoney, "Top 100 Exporter Companies in Indonesia" from Swa
magazine, "Top 100 Public Listed Companies" from Investor 1. Jogi Hendra Atmadja
Indonesia magazine, "Best Manufacturer of Halal Products" from 2. Anton Hartono
Majelis Ulama Indonesia,Best Listed Company from Berita Satu and 3. Gunawan Atmadja
many more. 4. Hermawan Lesmana
5. Suryanto Gunawan
At present, PT Mayora Indah Tbk. and its subsidiaries manufacture
products in two (2) categories which is package food and beverage
*independen
handled by six (6) divisions, each of which produces different yet
BOARD OF DIRECTORS
integrated products, as follows:
1. Andre Sukendra Atmadja
Biscuit: Roma, Danisa, Better, Slai O Lai, etc 2. Hendarta Atmadja
3. Hendrik Polisar
Candy: Kopiko, Jae Jae, Kis, Tamarin, etc.
4. Mulyono Nurlimo
Waffer: Beng Beng, Astor, Roma Wafer Coklat, Roma, Zuperrr Keju, 5. Wardhana Atmadja
etc.
Chocolate: Choki-choki, drink beng beng.
Coffee: Torabika Duo, Torabika Duo Susu, Torabika Moka, Torabika 3 Historical Corporate Ratings
in One, Torabika Cappuccino, etc. No. Rating Agency Rating Rating Date Outlook
Health Food: Energen Cereal, Energen Oatmilk, Energen Go Fruit, etc. 1. Pefindo idAA 11-Jun-21 Stable
2. Fitch Rating Indonesia AA(idn) 20-Jul-20 Stable
4. Pefindo idAA 14-Nov-19 Stable
5. Fitch Rating Indonesia AA(idn) 22-Jul-19 Stable
as of June 2021
SWOT Analysis
- Strong market position - Weakened capital structure
- Well diversified products
- High contributions from overseas markets S W - Have the moderate profit margin
- Strong financial profile
- Resilient export market -Adverse economic conditions due to COVID-19

- Economic recovery prospect -The fluctuation of raw materail cost
- Increasing middle income class people O T -Tight competition in the F&B industry
624
AS OF JUNE 2021
Coupon Coupon
24-Aug-20
MYOR01CN1 9.25% 24-Nov-20 PT Bank idAA
1. Mayora Indah Tahap I 500,000 27-Feb-17 24-Feb-22 5
IDA000079404 24-Feb-21 Permata Tbk. Stable
Tahun 2017
Quarterly 24-May-21
21-Sep-20
MYOR01CN2 8.25% 21-Dec-20 PT Bank idAA
2. Mayora Indah Tahap II 550,000 22-Dec-17 21-Dec-22 5
IDA000087506 21-Mar-21 Permata Tbk. Stable
Tahun 2017
Quarterly 21-Jun-21
24-Jul-20
MYOR01CN3 8.15% 24-Oct-20 PT Bank idAA
3. Mayora Indah Tahap III 500,000 25-Apr-18 24-Apr-23 5
IDA000089809 24-Jan-21 Permata Tbk. Stable
Tahun 2018
Quarterly 24-Apr-21
-
MYOR02ACN1 6.50% 09-Dec-20 PT Bank idAA
4. II Mayora Indah Tahap I 157,000 10-Sep-20 19-Sep-21 1
IDA0001102A5 09-Mar-21 Permata Tbk. Stable
Tahun 2020 Seri A
Quarterly 09-Jun-21
-
MYOR02BCN1 7.00% 09-Dec-20 PT Bank idAA
IDA0001102B3 09-Mar-21 Permata Tbk. Stable
Tahun 2020 Seri B
Quarterly 09-Jun-21
-
MYOR02CCN1 7.90% 09-Dec-20 PT Bank idAA
IDA0001102C1 09-Mar-21 Permata Tbk. Stable
Tahun 2020 Seri C
Quarterly 09-Jun-21
-
MYOR02DCN1 8.25% 09-Dec-20 PT Bank idAA
IDA0001102D9 09-Mar-21 Permata Tbk. Stable
Tahun 2020 Seri D
Quarterly 09-Jun-21
625
TRADING HIGHLIGHT
MYOR01CN1
ISIN CODE : IDA000079404 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22
Volume
Trading 2020 2021
Activities,
520 24 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 144.00 474.00 184.00 100.00 330.00 110.00
Frequency
390 18 Frequency (X) 8 20 14 2 10 5
260 12 Turnover Ratio (%) 115.20 379.20 147.20 80.00 264.00 88.00
CTP Price - High 104.880 102.770 104.020 102.450 103.120 101.850
130 6 Date 26-Feb 27-May 28-Aug 07-Dec 11-Feb 27-Apr
CTP Price - Low 101.300 100.150 102.100 101.900 101.790 101.300
- - Date 05-Feb 09-Apr 04-Aug 22-Oct 05-Feb 15-Apr
PHEI Fair Yield (%) 7.6580 7.1519 6.9458 6.2809 6.7591 5.0383
Mod. Duration (yrs) 1.716 1.511 1.297 1.079 0.850 0.626
107 8.5
Convexity (yrs) 3.524 2.760 2.066 1.466 0.949 0.552
Sensitivity (%) 0.017 0.015 0.013 0.011 0.008 0.006
105 7.5
103 6.5
101 5.5
99 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MYOR01CN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
300 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) 284.50 109.00 47.00 276.00 14.00 -
240 28
180 21 Trading days 12 8 7 10 4 -
Turnover Ratio (%) 206.91 79.27 34.18 200.73 10.18 -
120 14 CTP Price - High 102.360 100.700 103.690 103.630 102.590 -
Date 20-Feb 11-Jun 26-Aug 04-Dec 12-Jan -
60 7
CTP Price - Low 99.970 100.000 101.250 101.180 101.770 -
- - Date 24-Mar 03-Apr 30-Jul 27-Nov 13-Jan -
PHEI Fair Yield (%) 8.2370 7.6187 6.6858 6.8134 6.7248 5.8032
Mod. Duration (yrs) 2.411 2.219 2.021 1.810 1.594 1.383
106 9.0
Convexity (yrs) 6.785 5.755 4.789 3.869 3.031 2.312
Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
626
MYOR01CN3
ISIN CODE : IDA000089809 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23
Volume
Trading 2020 2021
Activities,
140 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
112 20
84 15 Trading days 8 4 2 2 4 4
Turnover Ratio (%) 104.00 44.80 10.40 38.40 50.40 78.40
56 10 CTP Price - High 102.650 99.050 101.500 103.600 102.900 103.000
Date 07-Feb 05-May 17-Sep 28-Dec 26-Feb 29-Apr
28 5
CTP Price - Low 101.100 90.500 100.900 103.100 96.500 101.280
- - Date 14-Feb 11-May 17-Sep 22-Dec 27-Jan 27-Apr
PHEI Fair Yield (%) 8.5756 7.6730 7.7019 6.4979 6.9950 6.0452
Mod. Duration (yrs) 2.642 2.463 2.266 2.075 1.862 1.660
106 9.0
Convexity (yrs) 8.245 7.157 6.067 5.096 4.132 3.310
Sensitivity (%) 0.026 0.025 0.023 0.021 0.019 0.017
103 8.0
100 7.0
97 6.0
94 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MYOR02ACN1
ISIN CODE : IDA0001102A5 Sep-20 Sep-21
Volume
Trading 2020 2021
Activities,
280 40 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 261.00 - - 4.00
224 32
nar >> 168 24 Trading days - - 8 - - 2
Turnover Ratio (%) - - 664.97 - - 10.19
112 16 CTP Price - High - - 100.070 - - 100.480
Date - - 17-Sep - - 05-Apr
56 8
CTP Price - Low - - 99.970 - - 100.450
- - Date - - 23-Sep - - 07-Apr
PHEI Fair Yield (%) - - 6.5163 5.9401 5.5757 4.4886
Mod. Duration (yrs) - - 0.931 0.697 0.456 0.217
102 7.0
Convexity (yrs) - - 1.108 0.663 0.322 0.101
Sensitivity (%) - - 0.009 0.007 0.005 0.002
101 6.0
100 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
627
MYOR02BCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume - - - - - -
Frequency
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 7.0824 7.1834 7.1877 6.2792
Mod. Duration (yrs) - - 2.627 2.423 2.214 2.013
102 8.0
Convexity (yrs) - - 7.980 6.802 5.698 4.730
Sensitivity (%) - - 0.026 0.024 0.022 0.020
101 7.5
100 7.0
99 6.5
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
MYOR02CCN1
Volume
Trading 2020 2021
Activities,
50 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - 9.00 - 16.00 40.00
40 4
Frequency Frequency (X) - - 3 - 2 2
nar >> 30 3 Trading days - - 1 - 2 2
Turnover Ratio (%) - - 12.20 - 21.69 54.24
20 2 CTP Price - High - - - - 99.780 99.430
Date - - - - 12-Jan 06-Apr
10 1
CTP Price - Low - - - - 99.750 99.400
- - Date - - - - 08-Jan 01-Apr
PHEI Fair Yield (%) - - 7.9498 7.9132 8.0604 7.1628
Mod. Duration (yrs) - - 4.039 3.871 3.692 3.539
104 8.5
Convexity (yrs) - - 19.303 17.673 16.042 14.660
Sensitivity (%) - - 0.040 0.039 0.037 0.035
102 8.0
100 7.5
98 7.0
96 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
628
MYOR02DCN1
Volume
Trading 2020 2021
Activities,
30 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
nar >> Volume (Rp bn) - - - - - -
Frequency
20 2
10 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 8.2681 8.3860 8.6001 7.7731
Mod. Duration (yrs) - - 5.219 5.071 4.914 4.811
104 9.0
Convexity (yrs) - - 33.439 31.458 29.450 27.982
Sensitivity (%) - - 0.052 0.051 0.049 0.048
102 8.5
100 8.0
98 7.5
96 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

nar >> MYOR01CN1 144 474 184 100 180.4%
MYOR01CN2 285 109 47 276 130.3%
MYOR01CN3 130 56 13 48 49.4%
MYOR02ACN1 261 166.2%
MYOR02BCN1 0.0%
MYOR02CCN1 3.1%
MYOR02DCN1 0.0%
- 100 200 300 400 500 600 700 800 900 1,000
629
MYOR FINANCIAL HIGHLIGHT

29.82
Receivables 5,901,994 5,463,985 -7.42 q 26.59
23.90
Inventories 2,790,634 2,805,112 0.52 p
Current Assets 12,776,103 12,838,729 0.49 p
11.82 12.68
(%)
7.83 8.15 8.57
19,037,919 19,777,501 3.88 p 7.32
Total Assets
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 447,174 447,174 - 
22.18
Retained Earnings 9,230,876 10,571,378 14.52 p 20.61 20.60
237,527 260,398 9.63 p 18.61
Non Controlling Interest
Total Equity 9,911,940 11,271,468 13.72 p
(%)
10.93 10.01 10.71 10.61

INCOME STATEMENTS
Total Revenues 25,026,739 24,476,954 -2.20 q
Gross Profit 7,917,241 7,299,123 -7.81 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 3,647,730 3,770,155 3.36 p
Comprehensive Income 2,032,051 2,044,604 0.62 p 369.43
265.46
238.60
Peer Group
(%)

102.82 105.93 92.30
2. PT Sinar Mas Agro Resources and Tech Tbk. 40,434 3.81 11.70
Financial Ratios
Return on Assets (%) 10.93 10.01 10.71 10.61
Return on Equity (%) 22.18 20.61 20.60 18.61
Current Ratio (%) 238.60 265.46 342.86 369.43
Cash Flow/Debt (%) 16.87 5.08 36.16 43.68
630
NISP PT Bank OCBC NISP Tbk.

Sub Sector : Banks OCBC NISP Tower
Website : www.ocbcnisp.com Jln. Prof. Dr. Satrio Kav. 25
Corporate Sec. : Ivonne Purnama Chandra Jakarta 12940
Fax : (021) 579-44000, 579-43939
Established in Apr 4, 1941, Bank OCBC NISP SHAREHOLDERS

(prev iously known a s Bank NISP) is the
1. OCBC Overseas Investments Pte. Ltd. 85.08%
fourth oldest bank in Indonesia. The Bank grew
t o b e soli d a nd d ep en da bl e, p rov iding 2. Public <5% 14.91%
services for small as well as medium business 3. Board of Directors 0.02%
segments. OCBC Bank – Singapore
selected Bank NISP to become a local partner in the establishment of
Bank OCBC NISP (later renamed OCBC Indonesia) in 1997 and became a
shareholder in 2004. OCBC Bank – Singapore further raised its shares
through acquisitions and tender offer until eventually becoming the AUDIT COMMITTEE
majority shareholder in 2005. Currently, OCBC Bank – Singapore owns 1. Kwan Chiew Choi
85.1% stakes in the Bank.
2. Angeline Nangoi
Furthermore, the Bank has diversified its products and services by 3. Hardi Juganda
establishing Sharia Business Unit in 2009. In 2016, The Bank was 4. Rufina Tinawati Marianto
appointed as a Gateway Bank to receive and manage repatriated tax
amnesty funds with various profitable investment instruments and
became the first bank in Indonesia to provide trust services for individual BOARD OF COMMISSIONERS
and corporate customers. In 2017, the Bank launched its private banking 1. Pramukti Surjaudaja 7. Lai Teck Poh
service to provide comprehensive financial solutions to the affluent 2. Betti S. Alisjahbana * 8. Rama P. Kusumaputra *
segment in Indonesia.
3. Hardi Juganda *
Bank OCBC NISP is part of the OCBC Group, a leading and well-diversified 4. Helen Wong
Asian Financial Services Group with a broad geographical footprint in
5. Jusuf Halim *
North and Southeast Asia that offers a broad array of commercial
banking, specialist financial and wealth management services, ranging 6. Kwan Chiew Choi *
from consumer, corporate, investment, private and transaction banking to *independen
treasury, insurance, asset management, and stock broking services. With BOARD OF DIRECTORS
its new tagline “With You”, Bank OCBC NISP is committed to continue
1. Parwati Surjaudaja 7. Ka Jit
growing alongside the community by providing various innovative
products and services to always fulfil the customers’ needs. 2. Andrae Krishnawan W. 8. Lili S. Budiana
3. Emilya Tjahjadi 9. Low Seh Kiat
4. Hartati 10. Martin Widjaja
5. Johannes Husin
6. Joseph Chan Fook Onn

3. Fitch Rating Indonesia AAA(idn) 15-Jul-20 Stable
as of June 2021
SWOT Analysis
- Very strong support from Oversea-Chinese Bank Corp - Increasing risk profile due to the pandemic
Ltd (OCBC)
- Very strong asset quality profile S W - Large exposure to sectors affected by COVID-19
- Very strong capitalization
- Potentially to penetrate sharia finance segment -Unfavorable impact of COVID-19
O T
- Government commitment to improve financial literacy -Tighter competitions from banks and fintech
and to develop branchless banking program companies
-Monetary stimulus to boost banking liquidity -Loan delinquency risk
631
AS OF JUNE 2021
Coupon Coupon
Obligasi 06-Jul-20
NISP03CCN1 Berkelanjutan III Bank 7.75% 06-Oct-20 PT Bank Mega idAAA
1. 342,000 09-Jul-18 06-Jul-21 3
IDA0000925C6 OCBC NISP Tahap I 06-Jan-21 Tbk. Stable
TRADING HIGHLIGHT
NISP03CCN1
ISIN CODE : IDA0000925C6 Jul-18 Jul-19 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
4 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
3 Frequency 3 Frequency (X) - - - - 1 -
2 2 Turnover Ratio (%) - - - - 3.51 -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 7.0151 6.2892 5.0265 5.3255 4.5709 3.6756
Mod. Duration (yrs) 1.174 0.955 0.730 0.496 0.256 0.017
104 8.0
Convexity (yrs) 1.724 1.180 0.728 0.374 0.130 0.004
103 7.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
102 6.0
101 5.0
100 4.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
NISP03CCN1 0.0%
- 50 100 150 200 250 300 350 400
632
NISP FINANCIAL HIGHLIGHT

Cash on Hand 1,248,780 1,121,079 -10.23 q
28.53 28.81
Placements with Other Banks 12,796,244 7,772,140 -39.26 q 26.07
Marketable Securities 11,064,197 15,888,953 43.61 p 21.59 21.78 22.27
19.71
Loans 110,797,763 106,415,269 -3.96 q 16.83
(%)
Total Assets 180,706,987 206,297,200 14.16 p
Deposits 132,813,926 161,895,125 21.90 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 2,868,162 2,868,162 - 
Par Value (Rp) 125 125 -  11.78 11.58
10.66
Non Controlling Interest 102 103 0.98 p
7.50
Total Equity 27,664,803 29,829,316 7.82 p
(%)
1.96 2.10 2.22
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Comprehensive Income (Loss) 3,236,449 2,433,614 -24.81 q 93.42 93.51 94.00
77.07 81.13
Peer Group
(%)


Return on Assets (%) 1.96 2.10 2.22 1.47
Return on Equity (%) 10.66 11.78 11.58 7.50
BOPO (%) 77.07 74.43 74.77 81.13
Cash Flow / Debt (%) -0.26 5.58 3.02 3.00
633
OTMA PT Oto Multiartha

Sub Sector : Financing Service Summitmas II Building, 18th Floor
Website : www.oto.co.id Jln. Jend. Sudirman Kav. 61-62
Corporate Sec. : Silvia Ayuningsih Jakarta 12190
Fax : (021) 5226-424
PT Oto Multiartha is one of the leading SHAREHOLDERS

automotive companies in Indonesia with 1. PT Summit Auto Group 49.90%
more than 20 years of experience in
2. Sumitomo Mitsui Bank Corporation 35.10%
consumer financing, among others car ownership financing, both
new and used cars. The Company also provides lease financing 3. PT Sinarmas Multiartha 15.00%
based on customer’s request. The main target of the Company is an
individual consumer, in addition of business entities.
The company is established in Jakarta on March 28, 1994, named PT

Manunggal Multi Finance. On September 1995, the company AUDIT COMMITTEE
changed its name into PT Oto Multiartha. Since March 2016, the 1. Muliawan Gunadi K
structure of the Company’s stockholders includes PT Summit Auto 2. Irina Nurulita Licyll Utama
Group, Sumitomo Mitsui Banking Corporation and PT Sinar Mas 3. Nena Suhayati
Multiartha. Supported by stockholders, PT Oto Multiartha succeeded
to grow and increase distributed financing and has networks which
spread in various regions.
As an independent financing Company, PT Oto Multiartha has no 1. Koichiro Nakayama
association with any manufacturers, hence has the flexibility to
2. Hirohiko Taniguchi
financing all car brands in the market. The Company has enjoyed a
strong domestic car market growth in the past few years, and able to 3. Masataka Takanishi
maintain its position as one of the prominent players in car financing. 4. Muliawan Gunadi K *
5. Murniaty Santoso *
With the performance guideline of “3M + 1T” (Man, Management,
6. Nugroho Triko Pramono
Money, plus Technology), the Company is able to provide a
*independen
satisfying service to its consumers and recorded a significant
performance. BOARD OF DIRECTORS
1. Rusna
The Company always strengthens the applied information
2. Tetsushi Tanaka
technology system in order to expand its market share by improving
efficiency and productivity in current business network to provide 3. Hiroyuki Ishida
optimum service to its business partners and customers. 4. Mahin Santoso
The Company also developed of partnership with PT Pos Indonesia,

some national banks and some franchise retail outlets in Indonesia
to facilitate payment access their installments either through outlets
owned by franchise retail, ATM, internet banking or mobile banking.
1. Pefindo idAA+ 11-Feb-21 Stable

as of June 2021
SWOT Analysis
- Strong business position in used car financing - Too focused on providing financial services in
- Strategically important affiliate with shareholders
(Sumitomo Corporation) S W vehicle ownership
- Wide expansion opportunity outside Java area - Unfavorable impact of COVID-19
O T
- Low interest rate environment - The stagnated growth of financing company
- Economic recovery prospect industry in Indonesia
634
AS OF JUNE 2021
Coupon Coupon
30-Aug-20
Obligasi Oto PT Bank
OTMA01C 8.90% 30-Nov-20 idAA+
1. Multiartha I Tahun 217,000 31-May-17 30-May-22 5 Mandiri
IDA0000808C4 28-Feb-21 Stable
Quarterly 30-May-21
18-Jul-20
Obligasi Oto PT Bank
OTMA02C 8.10% 18-Oct-20 idAA+
2. Multiartha II Tahun 76,000 19-Apr-18 18-Apr-23 5 Mandiri
Quarterly 18-Apr-21
26-Jul-20
Obligasi III Oto PT Bank
OTMA03B 8.75% 26-Oct-20 idAA+
3. Multiartha Tahun 320,000 30-Apr-19 26-Apr-22 3 Mandiri
IDA0000975B3 26-Jan-21 Stable
Quarterly 26-Apr-21
26-Jul-20
Obligasi III Oto PT Bank
OTMA03C 9.25% 26-Oct-20 idAA+
4. Multiartha Tahun 480,000 30-Apr-19 26-Apr-24 5 Mandiri
Quarterly 26-Apr-21
TRADING HIGHLIGHT
OTMA01C
Volume
Trading 2020 2021
Activities,
100 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
80 8
60 6 Trading days - - - 3 - -
Turnover Ratio (%) - - - 165.90 - -
40 4 CTP Price - High - - - 104.000 - -
Date - - - 16-Nov - -
20 2
CTP Price - Low - - - 103.700 - -
- - Date - - - 10-Nov - -
PHEI Fair Yield (%) 7.9830 6.9982 6.5795 6.0242 5.6495 4.8672
Mod. Duration (yrs) 1.939 1.743 1.534 1.318 1.093 0.875
106 9.0
Convexity (yrs) 4.457 3.622 2.832 2.124 1.499 0.998
105 8.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
104 7.0
103 6.0
102 5.0
101 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
635
OTMA02C Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.4884 7.4819 7.1329 6.5095 6.3293 5.5373
Mod. Duration (yrs) 2.629 2.450 2.256 2.059 1.851 1.647
106 9.0
Convexity (yrs) 8.168 7.088 6.017 5.027 4.086 3.263
Sensitivity (%) 0.026 0.025 0.023 0.021 0.019 0.016
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
OTMA03B
Volume
Trading 2020 2021
Activities,
60 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
50 Volume
25 Volume (Rp bn) - 30.00 13.00 39.00 50.00 39.00
40 20
30 15 Turnover Ratio (%) - 37.50 16.25 48.75 62.50 48.75
CTP Price - High - 101.270 103.220 103.400 103.220 103.150
20 10
Date - 28-Apr 03-Aug 09-Nov 25-Mar 26-Apr
10 5
CTP Price - Low - 101.250 103.200 102.900 102.450 102.800
- - Date - 28-Apr 03-Aug 08-Dec 28-Jan 27-Apr
PHEI Fair Yield (%) 7.9162 6.9316 6.5107 6.4844 5.6675 4.7823
Mod. Duration (yrs) 1.851 1.653 1.443 1.226 1.004 0.782
106 9.0
Convexity (yrs) 4.100 3.291 2.537 1.867 1.290 0.821
105 8.0 Sensitivity (%) 0.019 0.017 0.014 0.012 0.010 0.008
104 7.0
103 6.0
102 5.0
101 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
636
OTMA03C
Volume
Trading 2020 2021
Activities,
500 20 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 16
300 12 Trading days 5 7 1 8 2 -
Turnover Ratio (%) 85.00 120.00 43.33 325.00 16.67 -
200 8 CTP Price - High 106.630 103.750 101.300 108.660 106.580 -
Date 12-Mar 17-Jun 11-Sep 24-Nov 12-Jan -
100 4
CTP Price - Low 100.000 101.250 101.300 105.120 106.550 -
- - Date 21-Feb 28-Apr 11-Sep 17-Dec 08-Jan -
PHEI Fair Yield (%) 8.4661 7.9204 7.6236 6.9684 6.9057 6.1066
Mod. Duration (yrs) 3.322 3.164 2.993 2.822 2.634 2.455
111 10.0
Convexity (yrs) 13.246 11.962 10.670 9.457 8.235 7.149
109 9.0 Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.025
107 8.0
105 7.0
103 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
OTMA01C 90 41.5%
OTMA02C 0.0%
OTMA03B 30 13 39 25.6%
OTMA03C 102 144 52 390 143.3%
- 100 200 300 400 500 600 700 800
637
OTMA FINANCIAL HIGHLIGHT

85.47
Cash & Cash Equivalents 1,445,545 4,502 -99.69 q 66.24 70.56
11.47 13.46
6.92 6.74 14.00 14.00 14.78
Property, Plant and Equipment 758,124 310,259 -59.08 q 10.10
Total Assets 19,536,995 14,960,170 -23.43 q
(%)
Total Liabilities 13,240,835 9,456,260 -28.58 q -20.16
Authorized Capital (Million Shares) 1,500,000,000 1,500,000,000 - 
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital (Million Shares) 928,707,000 928,707,000 -  Net Interest Margin
Par Value (Rp Full Amount) 1,000,000,000 1,000,000,000 - 
Total Equity 6,296,160 5,503,910 -12.58 q 5.22 4.96
2.71
1.16 1.16
(%)
-3.53
INCOME STATEMENTS
-9.59
Total Revenues 3,506,489 2,384,237 -32.01 q
Expenses 338,601 229,610 -32.19 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Finance Costs 1,411,007 990,382 -29.81 q
Earning Before Tax 720,592 -623,745 -186.56 q Return on Assets Return on Equity
EBITDA 2,260,050 513,267 -77.29 q
Income (Loss) for the periods 528,920 -527,943 -199.82 q
Net income/loss attributed to 528,920 -527,943 -199.82 q LIQUIDITY & SOLVENCY RATIOS
126.25
118.51 116.80
105.11
86.00
Peer Group
(%)

33.76
1. PT BCA Finance 2,660 45.88 -13.20 14.53
Financial Ratios
Return on Assets (%) 1.16 1.16 2.71 -3.53
Return on Equity (%) 5.22 4.96 8.40 -9.59
BOPO (%) 33.76 14.53 29.44 86.00
Cash Flow / Debt (%) -1.25 1.64 40.88 67.11
638
PIGN PT Pelabuhan Indonesia I (Persero)

Sub Sector : Transportation Infrastructure Grha Pelindo Satu
Website : www.pelindo1.co.id Jln. Lingkar Pelabuhan No. 1 Belawan
Corporate Sec. : Basuki Soleh Medan 20411
Fax : (061) 661-0906
PT Pelabuhan Indonesia I (Persero) or SHAREHOLDERS

company as one of State Owned Enterprises 1. Republic of Indonesia 100.00%
(SOE), has a vital role in Indonesian port
industry, especially as an economic gateway
for the region of West Indonesia. Ports are
cogs in the machine of the transportation and logistical system,
having strategic values to boost industry and trade and to contribute
to national development and economy.
The Company's business activities covering 4 areas/provinces: North AUDIT COMMITTEE
Sumatra, Aceh, Riau, and Riau Islands. The company manages 16 1. Irma Suryani Chaniago
branch ports and 11 representative ports, 1 business unit and 6 2. Arman Depar
subsidiaries company. There are 5 primary branchs or units of the 3. Deny Sulistyo
Company: Belawan Branch, Belawan International Container Terminal
4. Saiful Bahri
(BICT), Dumai Branch, Domestic Container Terminal Branch, and
Pekanbaru Branch, through contributing significant profits to the
Company. BOARD OF COMMISSIONERS
STRATEGIC PLAN 1. Achmad Djamaludin
2. Ahmad Perwira Mulia
The company focusing its development on creating subsidiary
companies to trigger company’s financial performance. The 3. Arman Depari *
development strategy taken is alliancing with fellow State Owned 4. Herbert Timbo Parluhutan *
Enterprises (SOE) as the driving force of national economy. This 5. Irma Suryani Chaniago
alliance is in line with State Owned Enterprise Ministry’s campaign
“Sinergi BUMN”. In the implementation of said development plan, *independen
factors related investment risk identification in the port and logistics
BOARD OF DIRECTORS
industry are of great importance and have been examined closely by
the Company, including punctuality and partners’ competence in 1. Dani Rusli Utama
the construction of port facilities, to assure that the available market 2. Henri Panggabean
potential can be taken advantage of in a timely manner. 3. Henry Naldi
PT Pelabuhan Indonesia I (Persero) has formed 3 (three) subsidiary 4. Hosadi A. Putra
entities namely : 5. Prasetyo
PT Prima Indonesia Logistik, which provides in the terminal depot 6. Ridwan Sani Siregar
and other services
PT Prima Pengembangan Kawasan, which operates in the sectors of
industrial area management, Historical Corporate Ratings
PT Prima Husada Cipta Medan, which provides services related to
health, hospitals, clinic and polyclinics, medical centers, and other
related services. 1. Pefindo idAA- 8-Mar-21 Stable
as of June 2021
SWOT Analysis
- Strong potential of government support -Weakened financial leverage level
- Strong market position in Sumatera
- High profitability margins S W -Weakened cash flow protection measures
-Government fiscal stimulus to encourage the -Adverse impact from COVID-19 pandemic to
O T
development of real sector transport and tourism sectors
-High barriers to enter in this industry -Uncertainty in the economic conditions
-Economic recovery prospect -Changing regulatory conditions
639
AS OF JUNE 2021
Coupon Coupon
21-Sep-20 PT Bank
Obligasi I Pelindo 1
PIGN01C 9.25% 21-Dec-20 Tabungan idAA-
1. Gerbang Nusantara 400,000 22-Jun-16 21-Jun-23 7
IDA0000737C5 21-Mar-21 Negara Stable
Tahun 2016 Seri C
21-Sep-20 PT Bank
Obligasi I Pelindo 1
PIGN01D 9.50% 21-Dec-20 Tabungan idAA-
2. Gerbang Nusantara 50,000 22-Jun-16 21-Jun-26 10
IDA0000737D3 21-Mar-21 Negara Stable
Tahun 2016 Seri D
TRADING HIGHLIGHT
PIGN01C
ISIN CODE : IDA0000737C5 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
Volume
Trading 2020 2021
Activities,
180 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
150 25
120 20
90 15 Turnover Ratio (%) 154.60 42.00 3.00 106.00 65.00 -
CTP Price - High 105.600 103.190 106.250 104.280 105.650 -
60 10
Date 31-Jan 09-Jun 26-Aug 15-Dec 30-Mar -
30 5
CTP Price - Low 102.000 102.020 106.200 102.750 104.000 -
- - Date 26-Mar 01-Apr 26-Aug 09-Oct 18-Jan -
PHEI Fair Yield (%) 8.5228 7.9422 7.8085 7.3543 7.1699 6.6812
Mod. Duration (yrs) 2.762 2.585 2.394 2.201 1.998 1.798
109 10.0
Convexity (yrs) 8.970 7.839 6.726 5.694 4.710 3.833
107 9.0 Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
105 8.0
103 7.0
101 6.0
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
640
PIGN01D Listing Date Maturity Date
ISIN CODE : IDA0000737D3 Jun-16 Jun-18 Jun-20 Jun-22 Jun-24 Jun-26
Volume
Trading 2020 2021
Activities,
6 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume - - - 5.00 2.00 -
5 5 Volume (Rp bn)
Frequency
Frequency (X) - - - 5 2 -
4 4
3 3 Turnover Ratio (%) - - - 40.00 16.00 -
CTP Price - High - - - 105.000 109.000 -
2 2
Date - - - 04-Dec 18-Mar -
1 1
CTP Price - Low - - - 104.100 107.700 -
- - Date - - - 04-Dec 18-Mar -
PHEI Fair Yield (%) 9.6168 8.6605 8.9428 8.3873 8.3770 8.0215
Mod. Duration (yrs) 4.640 4.548 4.390 4.264 4.108 3.966
111 11.0
Convexity (yrs) 26.589 25.293 23.500 22.013 20.356 18.864
Sensitivity (%) 0.046 0.045 0.044 0.043 0.041 0.040
107 10.0
103 9.0
99 8.0
95 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PIGN01C 155 42 106 76.4%
PIGN01D 5 10.0%
- 50 100 150 200 250 300 350 400 450
641
PIGN FINANCIAL HIGHLIGHT

Cash & Cash Equivalents 1,767,549 1,565,081 -11.45 q
Receivables 82,731 49,505 -40.16 q 100.00
Inventories 18,285 24,320 33.00 p
Current Assets 2,601,862 2,046,355 -21.35 q 50.81 52.31
42.56 43.42 37.63
(%)
29.27 29.06
Total Assets 15,969,372 15,966,142 -0.02 q 20.22 21.92
11.10 5.94
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 1,700,000 1,700,000 - 
Total Equity 6,195,562 6,260,533 1.05 p
9.46
(%)
6.45
2.93
1.15
Total Revenues 5,639,383 3,841,910 -31.87 q
Gross Profit 1,153,081 1,225,531 6.28 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 630,365 737,519 17.00 p
153.47 155.03
121.19 116.39
97.95
Peer Group 93.28
(%)

Financial Ratios
Return on Assets (%) 9.46 6.45 2.06 1.15
Return on Equity (%) 16.42 13.97 5.21 2.93
Current Ratio (%) 121.19 97.95 134.20 93.28
Cash Flow/Debt (%) 56.54 10.66 7.71 5.57
642
PIHC PT Pupuk Indonesia (Persero)

Sub Sector : Basic Materials Jln. Taman Anggrek
Website : www.pupuk-indonesia.com Kemanggisan Jaya
Corporate Sec. : Tedy Nawardin Jakarta Barat 11480
Fax : (021) 548-0607
Incorporated in 24 December 1959, SHAREHOLDERS

PT Pupuk Indonesia (Persero), formerly 1. Republic of Indonesia 100.00%
known as PT Pupuk Sriwidjaja (Persero) or
Pusri (Persero), is a State-Owned Enterprise
(SOEs) being the first fertilizer manufacturer in Indonesia which
supports national development policy.
PT Pupuk Indonesia (Persero) is the largest fertilizer producer in Asia
with total assets in 2015 of Rp93.13 trillion and total fertilizer
production capacity reached 12.6 million tons per year. PT Pupuk AUDIT COMMITTEE
Indonesia (Persero) and its 10 (ten) subsidiaries are the largest
1. Darmin Nasution 4. Mustoha Iskandar
fertilizer producers in Asia consisting of urea, NPK, ZK, ZA, and SP-36
2. Christine Tjen
fertilizers spread over the island of Java, Sumatra and Kalimantan. It
has supporting facilities such as ports and facilities, transportation 3. M. Sapto Setiawan
ships, warehousing, fertilizer and fertilizer units that facilitate fertilizer
production and distribution process.
Operational activities Pupuk Indonesia Group is engaged in fertilizer, BOARD OF COMMISSIONERS
petrochemical and agrochemicals, steam (steam) and electricity,
1. Darmin Nasution * 6. Febrio Nathan Kacaribu
transportation and distribution, trading and EPC (Engineering,
2. Anhar Adel * 7. Mustoha Iskandar *
Procurement and Construction) industries.
As an integrated company, the Company also runs other supporting 3. Anwar Sanusi 8. Suwandhi
businesses which support its core business, such as transportation, 4. Ari Dwipayana
agriculture, plantations, mining and optimization of resources. The 5. Bambang Widianto
company is committed to becoming an integrated agrochemical
company, sustainable and world class. *independen
BOARD OF DIRECTORS
1. Achmad Bakir Pasaman 7. Winardi Sunoto
2. Bob Indiarto
3. Eko Taufik Wibowo
4. Gusrizal M
5. Nugroho Christijanto
6. Panji Winanteya Ruky
as of June 2021
SWOT Analysis
- Strong support from the the Government - Moderate capital structure
- Integrated operations
- Strong position in the fertilizer industry S W - Exposure to volatile commodity prices
- Beneficiary of capped gas price -Adverse economic conditions due to COVID-19

- High demand in line with agricultural development programs -High supply of Urea that drives down prices
through self-sufficiency
- Government fiscal stimulus package
O T
643
AS OF JUNE 2021
Coupon Coupon
12-Jul-20
PIHC01BCN1 8.60% 12-Oct-20 PT Bank Mega AAA(idn)
1. Pupuk Indonesia Tahap 2,085,000 13-Jul-17 12-Jul-24 7
I Tahun 2017 Seri B
Quarterly 12-Apr-21
09-Aug-20
PIHC01BCN2 7.90% 09-Nov-20 PT Bank Mega AAA(idn)
2. Pupuk Indonesia Tahap 1,774,000 10-Nov-17 09-Nov-22 5
IDA0000858B1 09-Feb-21 Tbk. Stable
II Tahun 2017 Seri B
Quarterly 09-May-21
PIHC02ACN1 II Pupuk Indonesia 7.00% 03-Dec-20 PT Bank Mega AAA(idn)
3. 1,146,825 04-Sep-20 03-Sep-23 3
IDA0001095A1 Tahap I Tahun 2020 Seri 03-Mar-21 Tbk. Stable
A 03-Jun-21
Quarterly
PIHC02ACN2 II Pupuk Indonesia 5.60% - PT Bank Mega AAA(idn)
4. 350,000 12-Mar-21 10-Mar-24 3
IDA0001138A9 Tahap II Tahun 2021 - Tbk. Stable
Seri A 10-Jun-21
Quarterly
PIHC02BCN1 II Pupuk Indonesia 7.70% 03-Dec-20 PT Bank Mega AAA(idn)
5. 857,835 04-Sep-20 03-Sep-25 5
IDA0001095B9 Tahap I Tahun 2020 Seri 03-Mar-21 Tbk. Stable
B 03-Jun-21
Quarterly
PIHC02BCN2 II Pupuk Indonesia 6.20% - PT Bank Mega AAA(idn)
6. 1,600,000 12-Mar-21 10-Mar-26 5
IDA0001138B7 Tahap II Tahun 2021 - Tbk. Stable
Seri B 10-Jun-21
Quarterly
PIHC02CCN1 II Pupuk Indonesia 8.30% 03-Dec-20 PT Bank Mega AAA(idn)
7. 431,850 04-Sep-20 03-Sep-27 7
IDA0001095C7 Tahap I Tahun 2020 Seri 03-Mar-21 Tbk. Stable
C 03-Jun-21
Quarterly
PIHC02CCN2 II Pupuk Indonesia 7.20% - PT Bank Mega AAA(idn)
8. 800,000 12-Mar-21 10-Mar-28 7
IDA0001138C5 Tahap II Tahun 2021 - Tbk. Stable
Seri C 10-Jun-21
Quarterly
644
TRADING HIGHLIGHT
PIHC01BCN1
Volume
Trading 2020 2021
Activities,
400 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 1.00 - - 366.00 - -
320 20
Frequency Frequency (X) 2 - - 21 - -
240 15 Trading days 1 - - 11 - -
Turnover Ratio (%) 0.19 - - 70.22 - -
160 10 CTP Price - High 105.230 - - 107.390 - -
Date 03-Feb - - 14-Dec - -
80 5
CTP Price - Low 105.210 - - 104.290 - -
- - Date 03-Feb - - 27-Nov - -
PHEI Fair Yield (%) 8.5900 7.5246 7.4061 6.6805 6.6813 6.0672
Mod. Duration (yrs) 3.484 3.340 3.165 2.997 2.808 2.629
108 10.0
Convexity (yrs) 14.572 13.302 11.918 10.647 9.344 8.179
106 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
104 8.0
102 7.0
100 6.0
98 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PIHC01BCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
800 45 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
640 36
480 27 Trading days 10 3 2 2 - 1
Turnover Ratio (%) 168.28 10.82 27.06 9.47 - 2.25
320 18 CTP Price - High 103.400 101.000 102.200 102.430 - 104.150
Date 20-Feb 30-Jun 29-Sep 19-Oct - 09-Apr
160 9
CTP Price - Low 100.500 100.540 100.550 101.280 - 104.100
- - Date 14-Jan 03-Apr 01-Jul 15-Oct - 09-Apr
PHEI Fair Yield (%) 8.1644 6.9143 6.8088 6.0600 5.8044 5.1239
Mod. Duration (yrs) 2.306 2.118 1.911 1.705 1.488 1.273
115 10.0
Convexity (yrs) 6.253 5.280 4.325 3.466 2.672 1.992
111 8.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
107 6.0
103 4.0
99 2.0
95 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
645
PIHC02ACN1
Volume
Trading 2020 2021
Activities,
200 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 80.00 - 180.00 -
160 8
120 6 Trading days - - 2 - 2 -
Turnover Ratio (%) - - 27.90 - 62.78 -
80 4 CTP Price - High - - - - 103.650 -
Date - - - - 09-Feb -
40 2
CTP Price - Low - - - - 102.500 -
- - Date - - - - 05-Jan -
PHEI Fair Yield (%) - - 7.0825 6.4210 6.2893 5.6496
Mod. Duration (yrs) - - 2.610 2.414 2.205 2.001
110 8.0
Convexity (yrs) - - 7.890 6.754 5.654 4.678
107 7.0 Sensitivity (%) - - 0.026 0.024 0.022 0.020
104 6.0
101 5.0
98 4.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PIHC02ACN2
ISIN CODE : IDA0001138A9 Mar-21 Mar-22 Mar-23 Mar-24
Volume
Trading 2020 2021
Activities,
90 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
72 8
nar >> 54 6 Trading days - - - - 3 1
Turnover Ratio (%) - - - - 93.71 27.43
36 4 CTP Price - High - - - - - 99.200
Date - - - - - 15-Jun
18 2
CTP Price - Low - - - - - 99.190
- - Date - - - - - 15-Jun
PHEI Fair Yield (%) - - - - 5.5459 5.9296
Mod. Duration (yrs) - - - - 2.687 2.475
105 9.0
Convexity (yrs) - - - - 8.247 7.016
103 8.0 Sensitivity (%) - - - - 0.027 0.025
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
646
PIHC02BCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
140 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
112 8
84 6 Trading days - - 1 2 3 -
Turnover Ratio (%) - - 9.33 27.98 55.95 -
56 4 CTP Price - High - - - 100.010 103.550 -
Date - - - 16-Oct 05-Feb -
28 2
CTP Price - Low - - - 99.990 102.990 -
- - Date - - - 19-Oct 25-Feb -
PHEI Fair Yield (%) - - 7.8062 7.0910 7.0684 6.5108
Mod. Duration (yrs) - - 4.041 3.889 3.712 3.547
115 10.0
Convexity (yrs) - - 19.290 17.777 16.147 14.690
111 8.0 Sensitivity (%) - - 0.040 0.039 0.037 0.035
107 6.0
103 4.0
99 2.0
95 0.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PIHC02BCN2
Volume
Trading 2020 2021
Activities,
400 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
320 8
nar >> 240 6 Trading days - - - - 3 1
Turnover Ratio (%) - - - - 91.25 19.00
160 4 CTP Price - High - - - - - 98.180
Date - - - - - 15-Jun
80 2
CTP Price - Low - - - - - 98.160
- - Date - - - - - 15-Jun
PHEI Fair Yield (%) - - - - 6.1418 6.6975
Mod. Duration (yrs) - - - - 4.215 4.020
105 9.0
Convexity (yrs) - - - - 20.518 18.650
103 8.0 Sensitivity (%) - - - - 0.042 0.040
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
647
PIHC02CCN1
ISIN CODE : IDA0001095C7 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) - - 8.3780 7.5297 7.6048 7.1219
Mod. Duration (yrs) - - 5.191 5.099 4.945 4.822
110 12.0
Convexity (yrs) - - 33.152 31.686 29.705 28.052
107 10.0 Sensitivity (%) - - 0.052 0.051 0.049 0.048
104 8.0
101 6.0
98 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PIHC02CCN2
ISIN CODE : IDA0001138C5 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
Volume
Trading 2020 2021
Activities,
30 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
24 8
nar >> 18 6 Trading days - - - - 2 1
Turnover Ratio (%) - - - - 12.00 0.50
12 4 CTP Price - High - - - - - -
Date - - - - - -
6 2
- - Date - - - - - -
PHEI Fair Yield (%) - - - - 7.1350 7.2556
Mod. Duration (yrs) - - - - 5.407 5.251
105 11.0
Convexity (yrs) - - - - 35.182 33.077
103 10.0 Sensitivity (%) - - - - 0.054 0.053
101 9.0
99 8.0
97 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
648
PIHC01BCN1 366 17.6%
PIHC01BCN2 746 48 120 42 53.9%
PIHC02ACN1 80 7.0%
PIHC02BCN1 9.3%
PIHC02CCN1 0.0%
- 500 1,000 1,500 2,000 2,500
649
PIHC FINANCIAL HIGHLIGHT

21.19 21.56
Receivables 3,901,886 3,613,966 -7.38 q 15.47
Inventories 13,755,112 11,634,940 -15.41 q 13.08 13.40
12.04
Current Assets 46,528,775 38,693,988 -16.84 q
8.08
(%)
5.22 6.07 5.21
Total Assets 132,132,892 122,495,556 -7.29 q 3.24
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 25,000,000 25,000,000 - 
Non Controlling Interest 265,136 228,230 -13.92 q 4.91 5.17
Total Equity 65,641,399 67,362,817 2.62 p

3.45
3.03
(%)
2.74
2.39
1.90
INCOME STATEMENTS
Total Revenues 71,113,147 71,877,573 1.07 p
Gross Profit 12,973,829 11,121,727 -14.28 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 11,702,568 10,232,421 -12.56 q
235.06
131.45 146.93
Peer Group 110.37
(%)
105.24
3. PT Chandra Asri Petrochemical Tbk 25,480 2.85 -2.86 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 2.39 3.03 2.74 1.90
Return on Equity (%) 4.91 6.38 5.17 3.45
Current Ratio (%) 131.45 235.06 193.15 146.93
Cash Flow/Debt (%) 10.14 6.53 11.49 29.16
650
PIKI PT Pelabuhan Indonesia IV (Persero)

Sub Sector : Transportation Infrastructure
Website : www.inaport4.co.id JL. Soekarno No.1
Corporate Sec. : Dwi Rahmad Toto Makassar 90173
Fax : (0411) 362-7630
PT Pelabuhan Indonesia IV (Persero) was SHAREHOLDERS

established under the Indonesian 1. Republic of Indonesia 100.00%
Government Act (PP) No. 59, dated October
19, 1991, concerning Entity Change from
Perseroan Umum (Perum) Pelabuhan IV into
Perseroan Terbatas (Persero) with Articles of
Assocaitions under Deeds No. 7 dated December 1, 1992 drafted by
Notary Imas Fatimah, SH, Notary in Jakarta.
The Company establishment was in line with national ports
AUDIT COMMITTEE
arrangement policy issued in 1983, where the Government merged 8 1. Syamsu Alam
State-Owned Enterprise (PN) Ports into 4 (four) Enterprises with 2. Djam'an
Perseroan Terbatas (Limited Company) entity, including the Company, 3. Hamid Habbe
who was further transformed into Perseroan Terbatas (Persero) with 4
(four) of international trading gates at national level. Perum
Pelabuhan IV is result of PN Pelabuhan V (part), VI, VII and VII merger BOARD OF COMMISSIONERS
as well as 6 (six) non-commercial ports in papua. 1. Fachry Ali 6. Neil Iskandar Daulay *
The Company’s main business is to provide services for ships, loading
2. Abdulhamid Dipopramono 7. Syamsu Alam *
and unloading of goods and containers, and passenger services. In
3. Annas Abdillah Marta
addition, the Company also open various opportunities for joint
4. Eris Herryanto
operations and business cooperation with various parties.
5. Heri Purnomo
The Company’s operational areas are located in Eastern Indonesia,
namely in the provinces of East Kalimantan, North Kalimantan, South
Sulawesi, Central Sulawesi, Southeast Sulawesi, Gorontalo, North *independen
Sulawesi, Maluku, North Maluku, Papua and West Papua, and consists BOARD OF DIRECTORS
of 24 branch ports, 1 UPK (Port Management Unit), 2 subsidiaries, 1 1. Prasetyadi 7. Prakosa Hadi Takariyanto
affiliate and 1 subsidiary. 2. Ady Sutrisno
3. Choirul Anwar
4. Dwi Rahmad Toto
5. I Made Herdianta
6. M. Adji

4. Pefindo idAA 28-May-18 Stable
as of June 2021
SWOT Analysis
- Potential strong support by government -Limited economy of its services area
- Resilient revenue stream
- Above average operating performance S W -Moderate financial profile
-High exposure to economic and regulatory changes
- The large potential of the market due to still -Adverse impact from COVID-19 pandemic to
not well yet worked by players in this industry transport and tourism sectors
- Limited domestic players O T -Uncertainty in the economic conditions
-Changing regulatory conditions
651
AS OF JUNE 2021
Coupon Coupon
04-Jul-20 PT Bank
PIKI01A Obligasi I Pelindo IV 8.00% 04-Oct-20 Tabungan idAA
1. 380,000 05-Jul-18 04-Jul-23 5
IDA0000919A3 Tahun 2018 Seri A 04-Jan-21 Negara Stable
04-Jul-20 PT Bank
PIKI01B Obligasi I Pelindo IV 9.15% 04-Oct-20 Tabungan idAA
2. 1,820,000 05-Jul-18 04-Jul-25 7
IDA0000919B1 Tahun 2018 Seri B 04-Jan-21 Negara Stable
04-Jul-20 PT Bank
PIKI01C Obligasi I Pelindo IV 9.35% 04-Oct-20 Tabungan idAA
3. 800,000 05-Jul-18 04-Jul-28 10
IDA0000919C9 Tahun 2018 Seri C 04-Jan-21 Negara Stable
TRADING HIGHLIGHT
PIKI01A
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) - 202.00 7.00 7.00 2.00 -
Frequency
180 6 Frequency (X) - 7 4 4 2 -
Trading days - 3 2 3 1 -
120 4 Turnover Ratio (%) - 212.63 7.37 7.37 2.11 -
CTP Price - High - 99.440 100.900 101.920 101.920 -
60 2 Date - 07-Apr 30-Sep 14-Dec 06-Jan -
CTP Price - Low - 96.650 99.700 100.870 101.900 -
- - Date - 08-May 07-Jul 10-Dec 06-Jan -
PHEI Fair Yield (%) 8.6693 7.7454 7.6552 7.1661 7.0794 6.1697
Mod. Duration (yrs) 2.780 2.606 2.413 2.220 2.016 1.818
105 9.5
Convexity (yrs) 9.164 8.034 6.895 5.844 4.838 3.956
Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
102 8.5
99 7.5
96 6.5
93 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
652
PIKI01B Listing Date Maturity Date
ISIN CODE : IDA0000919B1 Jul-18 Dec-19 May-21 Oct-22 Mar-24
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
560 20
420 15 Trading days 5 6 9 6 2 2
Turnover Ratio (%) 68.35 88.13 139.78 118.68 9.9 18.5
280 10 CTP Price - High 104.250 104.500 106.960 106.660 105.000 106.550
Date 17-Jan 12-Jun 26-Aug 01-Dec 14-Jan 04-May
140 5
CTP Price - Low 100.780 97.660 103.000 102.460 104.350 103.000
- - Date 30-Mar 13-Apr 02-Jul 23-Oct 11-Jan 04-May
PHEI Fair Yield (%) 9.3381 8.3053 7.6614 7.8597 7.9981 7.0973
Mod. Duration (yrs) 4.041 3.927 3.789 3.620 3.447 3.300
110 10.0
Convexity (yrs) 20.106 18.820 17.404 15.846 14.337 13.062
Sensitivity (%) 0.040 0.039 0.038 0.036 0.034 0.033
106 9.0
102 8.0
98 7.0
94 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PIKI01C Listing Date Maturity Date
ISIN CODE : IDA0000919C9 Jul-18 Jan-21 Jul-23 Jan-26 Jul-28
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume 27.00 44.00 28.00 - - -
r >> Volume (Rp bn)
Frequency
Frequency (X) 4 2 4 - - -
40 4
Trading days 2 1 2 - - -
Turnover Ratio (%) 13.50 22.00 14.00 - - -
CTP Price - High 106.300 97.900 102.500 - - -
20 2
Date 12-Feb 01-Apr 12-Aug - - -
CTP Price - Low 104.530 97.880 102.480 - - -
- - Date 23-Jan 01-Apr 12-Aug - - -
PHEI Fair Yield (%) 9.8524 8.9394 9.0991 8.5370 8.7679 7.9810
Mod. Duration (yrs) 5.536 5.509 5.377 5.300 5.154 5.082
113 11.0
Convexity (yrs) 40.255 39.313 37.323 35.918 33.882 32.586
Sensitivity (%) 0.055 0.055 0.054 0.053 0.052 0.051
108 10.0
103 9.0
98 8.0
93 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
653
PIKI01A 202 56.8%

r >>
PIKI01B 311 401 636 540 103.7%
PIKI01C 12.4%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
654
PIKI FINANCIAL HIGHLIGHT

43.36 42.02
35.41
Receivables 240,589 131,640 -45.28 q
Inventories 15,499 16,412 5.89 p
Current Assets 1,093,753 1,217,364 11.30 p 18.23
16.66
(%)
11.99
9.87
Total Assets 10,412,778 11,781,242 13.14 p 7.29
Current Liabilities 1,093,195 856,903 -21.61 q
31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 3,211,085 3,211,085 - 
7.09
Total Equity 5,962,539 6,133,740 2.87 p 4.63
4.17
(%)
3.14
2.41
INCOME STATEMENTS
Total Revenues 3,661,291 3,639,222 -0.60 q
Gross Profit 1,538,496 1,377,872 -10.44 q
31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 955,641 928,288 -2.86 q
142.07
Peer Group
(%)
100.83 92.07
3. PT Pelabuhan Indonesia I (Persero) 3,842 4.77 -31.87 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Current Ratio (%) 211.24 100.83 142.07
Cash Flow/Debt (%) 17.51 5.74 7.69
655
PJAA PT Pembangunan Jaya Ancol Tbk.

Sub Sector : Consumer Services Ecovention Building
Website : www.ancol.com Jln. Lodan Timur No.7 Taman Impian Jaya Ancol
Corporate Sec. : Yosep Prihartono Sanjaya Jakarta Utara
Fax : (021) 6471-0502
PT Pembangunan Jaya Ancol Tbk is the SHAREHOLDERS

leader in local recreation industry, with 1. Province of DKI Jakarta (Class A) 4. PT Pembangunan
1 share 18.01%
recreation destinations such as Dunia Fantasi,
2. PT Pembangunan Jaya 1 share Jaya (Class C)
Ocean Dream Samudra, Atlantis Water Adventures, Sea World Ancol,
(Class B) 5. Public 9.99%
and Allianz Ecopark managed under its subsidiary PT Taman Inpian
Jaya Ancol. 3. Province of DKI Jakarta 72.00%
(Class C)
It is also engaged in resort sector through Putri Duyung and Bidadari
Eco resort, retail and merchandise, and real estate by selling land lots,
houses, and apartments in the Ancol area. As of December 31, 2020, AUDIT COMMITTEE
its shareholders were the Municipal Government of DKI Jakarta 1. Thomas Trikasih Lembong
(72%), PT Pembangunan Jaya (18,01%), and public (9,9%). 2. Jundariatin Rowi
3. Otto Fikri Septianto
1. Thomas Trikasih Lembong
2. Geisz Chalifah
3. Trisna Muliadi
*independen
BOARD OF DIRECTORS
1. Teuku Sahir Syahali
2. Febrina Intan
3. Suparno
4. Budi Santoso
5. Wing Antariksa

3. Pefindo idA+ 15-Apr-19 Stable
4. Pefindo idAA- 8-Jun-18 Negative
as of June 2021
SWOT Analysis
- Strong presence in local recreational industry - High financial leverage
- Has a very strong brand image
- Good asset quality S W - Exposure to event-driven travel disruptions
- Continual investment needs for product
development
- Economic recovery prospect -Adverse impact from COVID-19 pandemic

- The rapidly development of the entertainment and -Tough business competition
recreational industry O T
656
AS OF JUNE 2021
Coupon Coupon
29-Sep-20
PJAA01BCN1 8.20% 29-Dec-20 PT Bank idA
1. Jaya Ancol Tahap I 50,000 30-Sep-16 29-Sep-21 5
IDA0000762B5 29-Mar-21 Permata Tbk. Negative
Tahun 2016 Seri B
Quarterly 29-Jun-21
-
PJAA02ACN2 7.25% - Bank Permata idA
2. II Jaya Ancol Tahap II 516,000 11-Feb-21 20-Feb-22 1
IDA0001133A0 - Tbk, PT Negative
Tahun 2021 Seri A
Quarterly 10-May-21
-
PJAA02BCN2 8.90% - Bank Permata idA
IDA0001133B8 - Tbk, PT Negative
Tahun 2021 Seri B
Quarterly 10-May-21
-
PJAA02CCN2 9.60% - Bank Permata idA
IDA0001133C6 - Tbk, PT Negative
Tahun 2021 Seri C
Quarterly 10-May-21
TRADING HIGHLIGHT
PJAA01BCN1
Volume
Trading 2020 2021
Activities,
40 8 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) 30.00 - 14.00 16.00 2.00 34.00
Frequency
30 6 Frequency (X) 2 - 1 7 2 2
20 4 Turnover Ratio (%) 240.00 - 112.00 128.00 16.00 272.00
CTP Price - High 101.240 - 101.200 100.980 100.680 100.540
10 2 Date 04-Mar - 28-Sep 11-Dec 05-Jan 15-Jun
CTP Price - Low 101.220 - 101.200 100.100 100.660 100.520
- - Date 04-Mar - 28-Sep 16-Oct 05-Jan 15-Jun
PHEI Fair Yield (%) 8.3538 7.8289 7.6131 7.3013 7.0912 6.3009
Mod. Duration (yrs) 1.392 1.175 0.950 0.719 0.481 0.243
102 9.5
Convexity (yrs) 2.338 1.702 1.150 0.700 0.351 0.119
Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
101 8.5
100 7.5
99 6.5
98 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
657
PJAA02ACN2 Listing Date Maturity Date
ISIN CODE : IDA0001133A0 Feb-21 Feb-22
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
r >> Volume (Rp bn) - - - - 2,167.00 497.00
Frequency
1800 75 Frequency (X) - - - - 83 18
1200 50 Turnover Ratio (%) - - - - 1,679.8 385.3
CTP Price - High - - - - 100.750 101.380
600 25 Date - - - - 03-Mar 18-May
CTP Price - Low - - - - 98.940 98.900
- - Date - - - - 12-Mar 09-Jun
PHEI Fair Yield (%) - - - - 7.0608 7.0937
Mod. Duration (yrs) - - - - 0.845 0.615
103 8.0
Convexity (yrs) - - - - 0.936 0.534
Sensitivity (%) - - - - 0.008 0.006
101 7.5
99 7.0
97 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PJAA02BCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - - - - 123.00 -
120 8
90 6 Trading days - - - - 2 -
Turnover Ratio (%) - - - - 328.88 -
60 4 CTP Price - High - - - - 100.020 -
Date - - - - 12-Mar -
30 2
CTP Price - Low - - - - 100.000 -
- - Date - - - - 12-Mar -
PHEI Fair Yield (%) - - - - 8.8673 8.8044
Mod. Duration (yrs) - - - - 2.469 2.281
102 9.5
Convexity (yrs) - - - - 7.221 6.163
Sensitivity (%) - - - - 0.025 0.023
101 9.3
100 9.0
99 8.8
98 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
658
PJAA02CCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
4 4 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) - - - - 3.00 -
Frequency
3 3 Frequency (X) - - - - 3 -
r >> Trading days - - - - 1 -
2 2 Turnover Ratio (%) - - - - 18.35 -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - - - 9.6162 9.7916
Mod. Duration (yrs) - - - - 3.796 3.638
102 10.5
Convexity (yrs) - - - - 17.555 16.067
Sensitivity (%) - - - - 0.038 0.036
100 10.0
98 9.5
96 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
r >>
PJAA01BCN1 30 14 16 120.0%
- 10 20 30 40 50 60 70
659
PJAA FINANCIAL HIGHLIGHT

48.33
53.29
51.62
31.78
33.05
32.29
18.08
12.07
17.15
17.32
Receivables 115,507 62,435 -45.95 q
Inventories 11,313 8,270 -26.90 q
Current Assets 648,652 464,727 -28.35 q
(%)
-66.68
Total Assets 4,095,915 4,042,619 -1.30 q
-95.10
Current Liabilities 631,956 1,570,437 148.50 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 400,000 400,000 - 
Retained Earnings 1,686,006 1,298,241 -23.00 q 11.26 10.46 10.84
Non Controlling Interest 21,920 20,788 -5.17 q 5.98 5.10 5.69
Total Equity 2,150,682 1,761,786 -18.08 q
(%)
INCOME STATEMENTS
Total Revenues 1,358,598 414,180 -69.51 q -22.36
Gross Profit 701,375 50,010 -92.87 q
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Operating Profit 438,701 -276,181 -162.95 q
EBITDA 520,981 -195,800 -137.58 q
Income for the periods 233,034 -393,866 -269.02 q LIQUIDITY & SOLVENCY RATIOS
Comprehensive Income 223,486 -376,410 -268.43 q 129.46
Net Income/Loss Attributed 230,424 -392,838 -270.48 q
104.33 105.18
88.31 90.45
80.37
Peer Group
(%)

1. PT Fast Food Indonesia Tbk. 4,840 -7.79 -27.82
2. PT Pembangunan Jaya Ancol Tbk. 414 -95.10 -69.51
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Financial Ratios
Return on Assets (%) 5.98 5.10 5.69 -9.74
Return on Equity (%) 11.26 10.46 10.84 -22.36
Current Ratio (%) 104.33 80.37 102.64 29.59
Cash Flow/Debt (%) 12.77 10.11 15.34 -1.11
660
PLTM PT Polytama Propindo

Sub Sector : Basic Materials Mid Plaza 2 20th Floor
Website : www.polytama.co.id Jln. Jend. Sudirman Kav 10-11
Corporate Sec. : Dwinanto Kurniawan Jakarta 10220
Fax : (021) 570-4689
SHAREHOLDERS
1. PT Tuban Petrochemical Industries 80.00%
PT Polytama Propindo was established in 1993 as a significant 2. Pasio Investments B.V., Netherlands 20.00%
manufacturer of polypropylene resin (PP resin) in Indonesia. Polytama is
one of the leading and growing petrochemical companies providing PP
resin in Indonesia under the Masplene® brand name. In 2017, Polytama
launched its newest product innovation, which is granule.
Based on Article 3 of the Articles of Association of the Company, the

Company may carry out business activities in the petrochemical industry, AUDIT COMMITTEE
which includes Synthetic Resin, and the Plastic Raw Materials Industry,
1. Boedi Djatmiko
which includes the business of making artificial resin and plastic raw
materials, such as alkyd, polyesters, aminos, polyamides, epoxidates, 2. Eka Handriani
silicones, polyurethanes, polyethylene (PE), polypropylene (PP), 3. Robiyanto
polystyrene, polyvinyl chloride, cellulose acetate and cellulose nitrate.
In order to maintain its business sustainability, in 2015 Polytama built

propylene-gas transfer facility at the Seaport of Cirebon, including land
transportation system from port to the factory of Polytama at Balongan-
Indramayu. This endeavour has supported Polytama’s efforts to increase 1. Fatimah Azzahra
customer confidence in the supply continuity of Masplene® products in 2. Aelita Arampova
the market.
3. Boedi Djatmiko *
As one of the country’s largest petrochemical companies, Polytama uses
one of the best processing technologies in the world, Spheripol, which is
licensed by Montell (now LyondellBasell). And the raw material supply,
high purity propylene gas, was obtained from Pertamina UP-VI (now RU-
VI) Refinery in Balongan, Juntinyuat. *independen
In line with government policies regarding the development of the BOARD OF DIRECTORS
petrochemical industry, Polytama has begun its business development 1. Didik Susilo
initiative with the continuing increase of the installed production capacity
2. Herjanto Dw Inugroho
at the Balongan Plant to a maximum of 300,000 MT per year in 2020.
Going forward, Polytama will further increase its production capacity to 3. Julian Nasution
achieve 1 million MT per year within the next 5 to 10 year period. 4. Nicholas Charles
5. Syawaludin Azwar
6. Uray Azhari

3. Pefindo idBBB+ 19-Aug-20 Stable
as of June 2021
SWOT Analysis
- Satisfactory market position in the domestic - Aggressive financial leverage
petrochemical industry
- Strong vertical integration S W - Weak financial flexibility
- Exposure to commodity price volatility
- Relatively low receivable days compared to peers
- Economic recovery prospect -Adverse economic conditions due to COVID-19
O T
- Rising income levels and materials substitution of basic -Higher price of feedstock and expansion capacity of
materials petrochemical industry
- Limited domestic players
661
AS OF JUNE 2021
Coupon Coupon
-
Obligasi I Polytama
PLTM01A 10.00% 09-Dec-20 PT Bank Mega idBBB+
1. Propindo Tahun 126,700 10-Sep-20 19-Sep-21 1
IDA0001106A6 09-Mar-21 Tbk. Stable
2020 Seri A
Quarterly 09-Jun-21
-
Obligasi I Polytama
PLTM01B 11.00% 09-Dec-20 PT Bank Mega idBBB+
2020 Seri B
Quarterly 09-Jun-21
-
Obligasi I Polytama
PLTM01C 11.75% 09-Dec-20 PT Bank Mega idBBB+
IDA0001106C2 09-Mar-21 Tbk. Stable
2020 Seri C
Quarterly 09-Jun-21
- idBBB+(s
Sukuk Ijarah I
SIPLTM01A 10.00% 09-Dec-20 PT Bank Mega y)
4. Polytama Propindo 150,900 10-Sep-20 19-Sep-21 1
IDJ0000168A8 09-Mar-21 Tbk. Stable
Tahun 2020 Seri A
Quarterly 09-Jun-21
- idBBB+(s
Sukuk Ijarah I
SIPLTM01B 11.00% 09-Dec-20 PT Bank Mega y)
5. Polytama Propindo 5,550 10-Sep-20 09-Sep-23 3
IDJ0000168B6 09-Mar-21 Tbk. Stable
Tahun 2020 Seri B
Quarterly 09-Jun-21
TRADING HIGHLIGHT
PLTM01A
Volume
Trading 2020 2021
Activities,
200 5 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - 170.00 - - -
Frequency 4
150 Frequency (X) - - 3 - - -
3 Trading days - - 1 - - -
100 Turnover Ratio (%) - - 536.70 - - -
2 CTP Price - High - - 100.350 - - -
50 Date - - 21-Sep - - -
1
CTP Price - Low - - 100.110 - - -
- - Date - - 21-Sep - - -
PHEI Fair Yield (%) - - 9.8190 8.6685 8.8041 7.5184
Mod. Duration (yrs) - - 0.911 0.687 0.451 0.215
103 11.0
Convexity (yrs) - - 1.071 0.646 0.315 0.099
Sensitivity (%) - - 0.009 0.007 0.005 0.002
102 10.0
101 9.0
100 8.0
99 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
662
PLTM01B Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
6 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 2
Turnover Ratio (%) - - 70.80 - - -
2 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 11.0824 10.0107 10.2215 9.6053
Mod. Duration (yrs) - - 2.468 2.299 2.107 1.923
103 11.5
Convexity (yrs) - - 7.291 6.309 5.307 4.425
Sensitivity (%) - - 0.025 0.023 0.021 0.019
102 11.0
101 10.5
100 10.0
99 9.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PLTM01C
Volume
Trading 2020 2021
Activities,
3 3 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
2 2
1 1
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 11.7998 10.9175 11.4464 10.6814
Mod. Duration (yrs) - - 3.683 3.569 3.405 3.277
106 13.0
Convexity (yrs) - - 16.894 15.726 14.278 13.121
Sensitivity (%) - - 0.037 0.036 0.034 0.033
104 12.0
102 11.0
100 10.0
98 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
663
SIPLTM01A
ISIN CODE : IDJ0000168A8 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
Volume
Trading 2020 2021
Activities,
600 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
500 25 Volume (Rp bn) - - 150.00 262.00 542.00 150.00
Frequency
Frequency (X) - - 2 20 25 6
400 20
300 15 Turnover Ratio (%) - - 397.61 694.50 1,436.71 397.61
CTP Price - High - - 100.350 101.740 105.030 101.990
200 10
100 5
CTP Price - Low - - 100.350 99.100 98.930 100.000
- - Date - - 21-Sep 26-Oct 10-Mar 29-Jun
PHEI Fair Yield (%) - - 10.0076 8.7481 8.8041 7.5184
Mod. Duration (yrs) - - 0.911 0.686 0.451 0.215
103 11.0
Convexity (yrs) - - 1.070 0.646 0.315 0.099
102 10.0 Sensitivity (%) - - 0.009 0.007 0.005 0.002
101 9.0
100 8.0
99 7.0
98 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SIPLTM01B
Volume
Trading 2020 2021
Activities,
20 8 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - - - 5.00 18.00
Frequency
15 6 Frequency (X) - - - - 1 6
10 4 Turnover Ratio (%) - - - - 360.36 1,297.30
CTP Price - High - - - - - 104.560
5 2 Date - - - - - 23-Jun
CTP Price - Low - - - - - 102.210
- - Date - - - - - 17-May
PHEI Fair Yield (%) - - 11.0824 10.0107 10.2215 9.6053
Mod. Duration (yrs) - - 2.468 2.299 2.107 1.923
105 11.5
Convexity (yrs) - - 7.291 6.309 5.307 4.425
104 11.0 Sensitivity (%) - - 0.025 0.023 0.021 0.019
103 10.5
102 10.0
101 9.5
100 9.0
99 8.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
664
PLTM01A 170 134.2%
PLTM01B 17.7%
PLTM01C 0.0%
SIPLTM01A 150 262 273.0%
SIPLTM01B 0.0%
- 50 100 150 200 250 300 350 400 450
665
PLTM FINANCIAL HIGHLIGHT

28,802 73,445 155.00 p 10.82
Receivables 9.23
8.38
Inventories 352,259 300,473 -14.70 q
Current Assets 632,380 797,969 26.19 p
(%)
Total Assets 2,479,698 2,782,500 12.21 p
Current Liabilities 736,705 889,280 20.71 p 0.10
31-Dec-19 31-Dec-20
Authorized Capital (Shares) 45,000,001 45,000,000 -0.00 q Gross Profit Margin Operating Profit Margin
Authorized Capital 90,765 90,765 -0.00 q Net Profit Margin
Paid up Capital 90,765 90,765 -0.00 q
71.71
Retained Earnings -693,446 -698,604 -0.74 q
Total Equity 510,496 729,908 42.98 p
(%)
14.76
INCOME STATEMENTS
Total Revenues 3,384,473 3,387,068 0.08 p 0.12 0.45
Gross Profit 312,441 283,879 -9.14 q
31-Dec-19 31-Dec-20
EBITDA 749,585 217,432 -70.99 q
385.74
281.21
Peer Group
(%)

3. PT Chandra Asri Petrochemical Tbk 25,480 2.85 -2.86 31-Dec-19 31-Dec-20
Financial Ratios
666
PNBN PT Bank Pan Indonesia Tbk.

Sub Sector : Banks Panin Bank Centre
Website : www.panin.co.id Jln. Jend. Sudirman
Corporate Sec. : Jasman Ginting Jakarta 10270
Email Corporate Sec. : [email protected], [email protected] Phone : (021) 270-0545, 573-5555
Fax : (021) 270-0340
SHAREHOLDERS
PT Bank Pan Indonesia Tbk, or Panin Bank, 1. PT Panin Financial Tbk. 46.04%
was established as a result of the merger of 3
2. Voltrain No.1103 PTY Ltd. 38.82%
banks, Bank Kemakmuran, Bank Industri Djaja,
3. Public 15.12%
and Bank Industri dan Dagang Indonesia, back in 1971. The
establishment was carried out with Deed No. 85 August 17, 1972 by 4. Hendrawan Danusaputra 0.00%
Julian Nimrod Siregar gelar Mangaradja Namora S.H., a Notary in 5. Treasury Stock 0.02%
Jakarta.
Throughout the course of its history, PaninBank merged with 4 other AUDIT COMMITTEE
private banks, PT Bank Lingga Harta, Bank Abadi Djaja, Bank 1. Nelson Tampubolon 4. Lukman Abdullah
Pembangunan Ekonomi and Bank Pembangunan Sulawesi. To 2. Bambang Setyoko 5. Riyanto
enhance its operations PaninBank cooperates with international 3. Lintang Nugroho
banks, such as, the French Credit Lyonnais, Dai-Ichi Kangyo Bank,
Westpac Banking Corporation Australia which was taken over by ANZ
Banking Group Australia.
PaninBank vision is striving to become one of the First Tier Bank in 1. Nelson Tampubolon * 6. Lintang Nugroho *
Indonesia, continuing its involvement to support the development of
2. Chandra Rahardja Gunawan
the national banking industry. This will be achieved through
3. Drs. H. Riyanto *
innovative products, nation-wide distribution network, and in-depth
market knowledge, as well as optimizing its intermediary function 4. Gregory James Terry
from funding to financing the consumer, commercial and corporate 5. Johnny
segments.
*independen
As a Bank that has operated more than 46 years, PaninBank has a
solid reputation and continuously strengthening its capital structure. BOARD OF DIRECTORS
The bank provides innovative products and services to a growing 1. Herwidayatmo 7. Januar Hadi
customer base, including those of Sharia products and services 2. Antonius Ketut Dwirianto 8. Lionto Gunawan
through its subsidiary, PT Panin Bank Syariah Tbk., the first sharia 3. Edy Heryanto 9. Ng Kean Yik
bank to go public in January 2014.
4. Gunawan Santoso 10. Soewito Tjokrorahardjo*
5. Haryono Wongsonegoro
6. Hendrawan Danusaputra*

as of June 2021
SWOT Analysis
- Strong support from ANZ Banking Group - Moderate asset quality
- Strong capitalization S W
-Growing digital banking business - Tight competition in banking industry
-Monetary stimulus to boost banking liquidity O T - The emergence of fintech business that targets
667
AS OF JUNE 2021
Coupon Coupon
27-Jul-20
PNBN02CN2 8.75% 27-Oct-20 idAA
1. II Bank Panin Tahap II 2,125,000 28-Oct-16 27-Oct-21 5 Mandiri
Quarterly 27-Apr-21
27-Aug-20
PNBN02CN3 7.60% 27-Nov-20 idAA
2. II Bank Panin Tahap III 3,900,000 28-Feb-18 27-Feb-23 5 Mandiri
Quarterly 27-May-21

PT Bank
PNBN02SBCN1 Berkelanjutan II Bank 9.60% 28-Dec-20 idA+
3. 100,000 29-Jun-16 28-Jun-23 7 Mandiri
IDA000074009 Panin Tahap I Tahun 28-Mar-21 Stable
(Persero) Tbk.
2016 28-Jun-21
Quarterly

PT Bank
PNBN02SBCN2 Berkelanjutan II Bank 10.25% 17-Dec-20 idA+
4. 2,400,000 20-Mar-17 17-Mar-24 7 Mandiri
IDA000079701 Panin Tahap II Tahun 17-Mar-21 Stable
(Persero) Tbk.
2017 17-Jun-21
Quarterly
03-Jul-20
PNBN03CN1 8.00% 03-Oct-20 idAA
5. III Bank Panin Tahap I 100,000 04-Jul-18 03-Jul-23 5 Mandiri
Quarterly 03-Apr-21

PT Bank
PNBN03SBCN1 Berkelanjutan III Bank 9.50% 03-Oct-20 idA+
6. 1,302,000 04-Jul-18 03-Jul-25 7 Mandiri
IDA000091508 Panin Tahap I Tahun 03-Jan-21 Stable
(Persero) Tbk.
2018 03-Apr-21
Quarterly
TRADING HIGHLIGHT
PNBN02CN2
ISIN CODE : IDA000076707 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
560 36
420 27 Trading days 10 8 9 16 10 10
Turnover Ratio (%) 28.76 18.07 123.67 63.81 58.16 33.32
280 18 CTP Price - High 103.040 102.000 104.000 103.000 103.050 102.000
Date 03-Mar 17-Jun 24-Jul 03-Dec 03-Feb 27-Apr
140 9
CTP Price - Low 100.000 99.000 96.500 100.000 100.000 99.000
- - Date 10-Feb 12-Jun 23-Jul 16-Dec 19-Feb 03-Jun
PHEI Fair Yield (%) 7.9217 6.7883 7.2262 5.6242 5.4278 4.6327
Mod. Duration (yrs) 1.436 1.227 1.005 0.783 0.549 0.316
106 8.5
Convexity (yrs) 2.517 1.871 1.292 0.823 0.443 0.179
Sensitivity (%) 0.014 0.012 0.010 0.008 0.005 0.003
102 7.0
98 5.5
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
668
PNBN02CN3 Listing Date Maturity Date
ISIN CODE : IDA000088207 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
r >> Volume (Rp bn) 326.50 950.80 973.00 1,623.00 707.00 567.00
Frequency
1500 60 Frequency (X) 27 60 56 74 68 54
Trading days 10 34 28 29 27 24
1000 40 Turnover Ratio (%) 33.49 97.52 99.79 166.46 72.51 58.15
CTP Price - High 100.800 101.000 102.000 103.520 102.200 103.750
500 20 Date 25-Feb 09-Jun 06-Aug 15-Dec 15-Mar 11-Jun
CTP Price - Low 96.320 90.300 93.000 96.000 95.000 95.000
- - Date 30-Mar 14-May 23-Jul 11-Dec 11-Jan 21-Jun
PHEI Fair Yield (%) 8.5766 7.8833 7.0667 7.0164 7.1831 5.9401
Mod. Duration (yrs) 2.557 2.368 2.172 1.964 1.749 1.542
108 9.0
Convexity (yrs) 7.631 6.548 5.519 4.538 3.626 2.848
Sensitivity (%) 0.026 0.024 0.022 0.020 0.017 0.015
103 8.0
98 7.0
93 6.0
88 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PNBN02SBCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
r >> Volume (Rp bn) - - 21.00 34.00 4.00 9.00
Frequency
30 6 Frequency (X) - - 4 6 2 3
20 4 Turnover Ratio (%) - - 84.00 136.00 16.00 36.00
CTP Price - High - - - 105.000 103.760 103.000
10 2 Date - - - 16-Nov 17-Mar 30-Jun
CTP Price - Low - - - 103.290 103.740 102.980
- - Date - - - 01-Dec 17-Mar 30-Jun
PHEI Fair Yield (%) 9.6982 8.5945 8.4839 8.1064 8.3474 7.8756
Mod. Duration (yrs) 2.754 2.586 2.398 2.207 2.003 1.805
107 10.0
Convexity (yrs) 8.945 7.864 6.758 5.729 4.737 3.866
Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
104 9.0
101 8.0
98 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
669
ISIN CODE : IDA000079701 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
560 200
r >> 420 150 Trading days 55 68 25 21 8 15
Turnover Ratio (%) 101.39 102.06 19.67 36.33 2.33 15.50
280 100 CTP Price - High 104.800 101.900 105.000 105.800 107.000 108.000
Date 10-Jan 21-Apr 01-Jul 05-Oct 30-Mar 16-Apr
140 50
CTP Price - Low 90.000 97.260 99.000 97.000 98.000 99.000
- - Date 24-Jan 14-May 04-Aug 15-Dec 03-Feb 01-Apr
PHEI Fair Yield (%) 10.3294 9.6568 8.8047 9.1487 8.7184 8.4770
Mod. Duration (yrs) 3.208 3.057 2.898 2.715 2.535 2.353
110 11.0
Convexity (yrs) 12.346 11.146 9.972 8.740 7.609 6.551
Sensitivity (%) 0.032 0.031 0.029 0.027 0.025 0.024
105 10.0
100 9.0
95 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PNBN03CN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
2 2 Price and Yield
Q1 Q2 Q3 Q4 Q1 Q2
r >> Volume Volume (Rp bn) - - - - - -
1 1 Turnover Ratio (%) - - - - - -
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.6680 7.7444 7.4782 7.0945 7.0778 6.1680
Mod. Duration (yrs) 2.777 2.603 2.412 2.218 2.013 1.816
107 9.5
Convexity (yrs) 9.148 8.020 6.890 5.834 4.826 3.946
Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
104 8.5
101 7.5
98 6.5
95 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
670
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
40 28
r >> 30 21 Trading days 14 19 13 13 16 11
Turnover Ratio (%) 13.64 4.92 6.76 0.31 7.68 0.92
20 14 CTP Price - High 101.700 100.000 103.500 103.000 102.550 100.250
Date 26-Feb 19-Jun 07-Sep 12-Oct 10-Feb 27-May
10 7
CTP Price - Low 98.000 95.000 96.000 96.500 97.500 96.500
- - Date 28-Jan 11-May 01-Sep 19-Nov 18-Mar 12-Apr
PHEI Fair Yield (%) 10.7080 9.1362 9.3524 9.0394 9.2702 9.2421
Mod. Duration (yrs) 3.961 3.873 3.712 3.564 3.394 3.233
105 11.5
Convexity (yrs) 19.533 18.444 16.893 15.493 14.016 12.671
Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.032
102 10.5
99 9.5
96 8.5
93 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

r >> PNBN02CN2 153 96 657 339 58.6%
PNBN02CN3 327 951 973 1,623 99.3%
PNBN02SBCN1 55.0%
PNBN02SBCN2 608 612 118 218 64.9%
PNBN03CN1 0.0%
PNBN03SBCN1 6.4%
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
671
PNBN FINANCIAL HIGHLIGHT

Cash on Hand 1,338,683 1,871,377 39.79 p 25.42 24.92 24.26
16.95 18.52
14.17
Loans 136,724,890 116,110,025 -15.08 q
Investments 753,205 660,648 -12.29 q
(%)
10,312,649 10,326,085 0.13 p 4.68 4.63 4.46
Property, Plant and Equipment 4.61
Total Assets 211,287,370 218,067,091 3.21 p
Deposits 135,878,972 144,840,196 6.60 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Paid up Capital 2,408,765 2,408,765 - 
9.15
3,067,156 3,236,981 5.54 p 7.49
Non Controlling Interest
Total Equity 44,441,714 47,460,332 6.79 p
(%)
2.25 2.09 2.08
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Comprehensive Income (Loss) 3,844,368 4,945,159 28.63 p
104.15 107.92
75.54 77.04 76.50
Peer Group
(%)

Financial Ratios
Return on Assets (%) 1.61 2.25 2.09 2.08
Return on Equity (%) 7.49 10.10 9.15 8.47
BOPO (%) 85.04 75.54 77.04 76.50
Cash Flow / Debt (%) -4.00 -6.70 1.00 16.35
672
PNMP PT Permodalan Nasional Madani (Persero)

Sub Sector : Financing Service Taspen Building 10th. Floor
Website : www.pnm.co.id Jln. Jend. Sudirman Kav. 2
Corporate Sec. : Lalu Dodot Patria Ary Jakarta 10220
Fax : (021) 251-1405
PT Permodalan Nasional Madani (Persero) SHAREHOLDERS

or PNM, is a Special Financial Institution that 1. Gov. of Indonesia (Class A Dwiwarna Share) 1share
was established as a realization of the
2. Gov. of Indonesia (Class B) 100.00%
government’s commitment to develop,
promote, and maintain Micro, Small, and Medium Enterprises
(MSME). PNM is the government’s strategic solution to develop
capital access and training for MSME players in Indonesia.
As its shares are 100% owned by Indonesia’s government, PNM is

expected to grow to be a leading financial institution that is able to AUDIT COMMITTEE
generate strong and independent MSME players. 1. Meidyah Indreswari
2. Edy Karim
PNM provides two main products:
3. R. Yudha Kususmah
1. ULaMM
Unit Layanan Modal Mikro/ULaMM (micro capital service unit) is a

capital loan service for micro and small enterprises. ULaMM is a BOARD OF COMMISSIONERS
breakthrough for the Company because the distribution of financing 1. Arif Rahman Hakim
is distributed directly, both to individuals and enterprises. ULaMM 2. M. Sholeh Amin *
was launched in August 2008 and has been equipped with training, 3. Meidyah Indreswari *
consultation service, mentoring, and financial management support
4. Parman Nataatmadja *
and market access for customers. Currently, ULaMM covered in
694units office with scope of area of more than 2,358 districts in 5. Veronica Colondam *
Indonesia.
*independen
2. Mekaar
BOARD OF DIRECTORS
Membina Ekonomi Keluarga Sejahtera/Mekaar (developing 1. Arief Mulyadi
prosperous families’ economy) is a capital loan service for poor 2. Anton Fahlevi
productive women who want to start business. This service was
3. Kindaris
launched in 2016 and has been equipped with business mentoring.
In addition, services for Mekaar customers are carried out in groups. 4. Sunar Basuki
Currently, Mekaar is covered in 1,743 branches with more than 3,000 5. Tjatur Herry Priyono
districts in Indonesia.
Strategic Plan
In the long term strategic plan is to carry special duties as agent of Historical Corporate Ratings
development from the Government to increase people’s prosperity.
The Company has determined a target to increase the number of
ULaMM and Mekaar offices in potential areas in Indonesia. This 1. Pefindo idA+ 10-Feb-21 Stable
addition is important in order to keep abreast with small micro 2. Pefindo idA+ 25-Aug-20 Negative
enterprises growth and open up for new MSME entrepreneurs.
3. Pefindo idA+ 12-May-20 Negative
as of June 2021
SWOT Analysis
- Strong support from the Indonesia government - Moderate asset quality
- Strong liquidity and financial flexibility
- Strong capitalization S W - High operating expense
- Economic recovery prospect - More intense competition in micro financing sector
O T
- The growing of Micro, Small, and Medium Enterprises - Unfavorable impact of COVID-19
and Cooperative (MSMEC) segment.
673
AS OF JUNE 2021
Coupon Coupon
Obligasi 03-Aug-20
PNMP01BCN2 Berkelanjutan I 9.50% 03-Nov-20 PT Bank Mega idA+
1. 839,000 04-Nov-16 03-Nov-21 5
IDA0000769B0 PNM Tahap II Tahun 03-Feb-21 Tbk. Stable
Obligasi 12-Jul-20
PNMP02BCN1 Berkelanjutan II 9.25% 12-Oct-20 PT Bank Mega idA+
2. 750,000 13-Jul-17 12-Jul-22 5
IDA0000836B7 PNM Tahap I Tahun 12-Jan-21 Tbk. Stable
Obligasi 13-Jul-20
PNMP02BCN2 Berkelanjutan II 8.50% 13-Oct-20 PT Bank Mega idA+
3. 1,246,000 16-Apr-18 13-Apr-23 5
IDA0000889B6 PNM Tahap II Tahun 13-Jan-21 Tbk. Stable
Obligasi 28-Aug-20
PNMP03ACN1 Berkelanjutan III 9.50% 28-Nov-20 PT Bank Mega idA+
4. 1,401,000 29-May-19 29-May-22 3
IDA0000982A1 PNM Tahap I Tahun 28-Feb-21 Tbk. Stable
Obligasi 28-Aug-20
PNMP03ACN2 Berkelanjutan III 8.40% 28-Nov-20 PT Bank Mega idA+
5. 586,500 29-Nov-19 28-Nov-22 3
IDA0001030A8 PNM Tahap II Tahun 28-Feb-21 Tbk. Stable
Obligasi 30-Jul-20
PNMP03ACN3 Berkelanjutan III 8.40% 30-Oct-20 PT Bank Mega idA+
6. 55,100 04-May-20 30-Apr-23 3
IDA0001060A5 PNM III Tahun 30-Jan-21 Tbk. Stable
Obligasi -
PNMP03ACN4 Berkelanjutan III 6.50% - PT Bank Mega idA+
7. 904,800 07-Dec-20 14-Dec-21 1
IDA0001123A1 PNM Tahap IV 04-Mar-21 Tbk. Stable
Obligasi -
PNMP03ACN5 Berkelanjutan III 6.25% - PT Bank Mega idA+
8. 168,000 18-Mar-21 27-Mar-22 1
IDA0001139A7 PNM Tahap V - Tbk. Stable
Obligasi 28-Aug-20
PNMP03BCN1 Berkelanjutan III 9.85% 28-Nov-20 PT Bank Mega idA+
9. 599,000 29-May-19 29-May-24 5
IDA0000982B9 PNM Tahap I Tahun 28-Feb-21 Tbk. Stable
Obligasi 28-Aug-20
PNMP03BCN2 Berkelanjutan III 8.75% 28-Nov-20 PT Bank Mega idA+
10. 763,500 29-Nov-19 28-Nov-24 5
IDA0001030B6 PNM Tahap II Tahun 28-Feb-21 Tbk. Stable
Obligasi 30-Jul-20
PNMP03BCN3 Berkelanjutan III 9.00% 30-Oct-20 PT Bank Mega idA+
11. 194,900 04-May-20 30-Apr-25 5
IDA0001060B3 PNM III Tahun 30-Jan-21 Tbk. Stable
Obligasi -
PNMP03BCN4 Berkelanjutan III 7.75% - PT Bank Mega idA+
12. 537,000 07-Dec-20 04-Dec-23 3
IDA0001123B9 PNM Tahap IV 04-Mar-21 Tbk. Stable
Obligasi -
Berkelanjutan III 7.25% - PT Bank Mega
13. PNMP03BCN5 159,000 18-Mar-21 17-Mar-24 3 idA+
IDA0001139B5 PNM Tahap V - Tbk. Stable
Obligasi -
PNMP03CCN4 Berkelanjutan III 8.75% - PT Bank Mega idA+
14. 292,000 07-Dec-20 04-Dec-25 5
IDA0001123C7 PNM Tahap IV 04-Mar-21 Tbk. Stable
674
Coupon Coupon
Obligasi -
PNMP03CCN5 Berkelanjutan III 8.25% - PT Bank Mega idA+
15. 339,200 18-Mar-21 17-Mar-26 5
IDA0001139C3 PNM Tahap V - Tbk. Stable
TRADING HIGHLIGHT
PNMP01BCN2


64 16
48 12 Trading days - - 1 6 - -
Turnover Ratio (%) - - 0.95 33.37 - -
32 8 CTP Price - High - - - 102.610 - -
Date - - - 12-Nov - -
16 4
CTP Price - Low - - - 101.950 - -
- - Date - - - 04-Nov - -
PHEI Fair Yield (%) 8.5924 7.6795 7.3633 6.9887 6.8891 5.9968
Mod. Duration (yrs) 1.442 1.235 1.017 0.794 0.562 0.331
105 10.0
Convexity (yrs) 2.540 1.895 1.322 0.844 0.461 0.192
103 9.0 Sensitivity (%) 0.014 0.012 0.010 0.008 0.006 0.003
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
675
PNMP02BCN1 Listing Date Maturity Date


144 24
108 18 Trading days 1 7 3 5 8 8
Turnover Ratio (%) 5.33 11.73 75.20 7.47 88.00 70.40
72 12 CTP Price - High - 101.120 103.020 103.020 103.000 103.300
Date - 27-May 25-Aug 19-Nov 07-Jan 16-Jun
36 6
CTP Price - Low - 99.430 100.400 101.420 101.750 100.960
- - Date - 19-May 18-Aug 10-Dec 07-Jan 27-May
PHEI Fair Yield (%) 9.1680 8.2703 7.9091 7.5506 6.8425 6.2118
Mod. Duration (yrs) 1.996 1.805 1.603 1.395 1.180 0.964
105 12.0
Convexity (yrs) 4.783 3.929 3.121 2.393 1.747 1.204
103 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
101 8.0
99 6.0
97 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PNMP02BCN2


160 32
120 24 Trading days 10 8 8 10 8 5
Turnover Ratio (%) 28.57 15.57 10.59 58.11 54.90 23.76
80 16 CTP Price - High 100.600 99.020 101.840 101.750 102.150 103.600
40 8
CTP Price - Low 97.830 97.570 99.390 100.160 100.660 99.080
- - Date 21-Jan 11-May 28-Jul 14-Oct 28-Jan 29-Apr
PHEI Fair Yield (%) 9.5857 8.7955 8.3724 7.8522 8.2243 7.9189
Mod. Duration (yrs) 2.588 2.411 2.221 2.027 1.818 1.615
105 11.0
Convexity (yrs) 7.969 6.906 5.867 4.897 3.966 3.155
103 10.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
101 9.0
99 8.0
97 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
676
PNMP03ACN1
ISIN CODE : IDA0000982A1 May-19 May-20 May-21 May-22


128 28
96 21 Trading days 2 7 3 3 3 10
Turnover Ratio (%) 11.88 3.48 27.12 18.56 4.85 41.11
64 14 CTP Price - High 102.430 102.820 103.820 103.180 102.430 103.650
Date 27-Feb 09-Apr 27-Jul 09-Oct 10-Mar 09-Jun
32 7
CTP Price - Low 101.680 101.670 100.800 102.900 102.100 102.450
- - Date 23-Jan 10-Jun 18-Aug 10-Dec 22-Jan 22-Apr
PHEI Fair Yield (%) 9.0797 8.2106 7.6250 7.4314 7.3963 5.9631
Mod. Duration (yrs) 1.918 1.723 1.517 1.304 1.082 0.865
105 10.0
Convexity (yrs) 4.381 3.553 2.782 2.088 1.475 0.979
103 9.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PNMP03ACN2 Listing Date Maturity Date


400 16
300 12 Trading days 10 5 6 8 2 3
Turnover Ratio (%) 321.67 36.97 14.32 12.28 2.73 33.42
200 8 CTP Price - High 102.200 100.250 101.900 101.500 100.560 102.450
Date 27-Feb 03-Apr 06-Aug 07-Dec 22-Mar 11-Jun
100 4
CTP Price - Low 96.400 99.350 100.330 99.850 100.280 100.700
- - Date 20-Mar 12-Jun 29-Sep 16-Nov 18-Jan 31-May
PHEI Fair Yield (%) 9.4080 8.2087 8.2363 7.9651 7.8979 7.6581
Mod. Duration (yrs) 2.333 2.148 1.945 1.739 1.524 1.311
105 12.0
Convexity (yrs) 6.405 5.434 4.472 3.599 2.796 2.103
103 10.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
101 8.0
99 6.0
97 4.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
677
PNMP03ACN3
ISIN CODE : IDA0001060A5 May-20 May-21 May-22 May-23


4 4
3 3 Trading days - 1 - - - -
Turnover Ratio (%) - 29.04 - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) - 8.5385 8.3979 8.0738 8.2527 7.7310
Mod. Duration (yrs) - 2.463 2.270 2.073 1.866 1.664
105 10.0
Convexity (yrs) - 7.167 6.094 5.098 4.152 3.326
103 9.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PNMP03ACN4
ISIN CODE : IDA0001123A1 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21


Volume Volume (Rp bn) - - - 1,743.00 24.00 250.00
1600 56
1200 42 Trading days - - - 7 2 3
Turnover Ratio (%) - - - 770.56 10.61 110.52
800 28 CTP Price - High - - - 100.060 100.110 99.980
Date - - - 15-Dec 11-Feb 29-Jun
400 14
CTP Price - Low - - - 100.000 99.990 99.780
- - Date - - - 22-Dec 05-Jan 28-May
PHEI Fair Yield (%) - - - 6.6266 7.0440 6.6574
Mod. Duration (yrs) - - - 0.917 0.679 0.444
103 12.0
Convexity (yrs) - - - 1.079 0.632 0.307
101 10.0 Sensitivity (%) - - - 0.009 0.007 0.004
99 8.0
97 6.0
95 4.0
93 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
678
PNMP03ACN5
ISIN CODE : IDA0001139A7 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22


200 48
150 36 Trading days - - - - 7 4
Turnover Ratio (%) - - - - 519.05 57.14
100 24 CTP Price - High - - - - 100.050 100.040
Date - - - - 29-Mar 13-Apr
50 12
CTP Price - Low - - - - 99.980 100.000
- - Date - - - - 29-Mar 21-Apr
PHEI Fair Yield (%) - - - - 6.2095 6.5428
Mod. Duration (yrs) - - - - 0.951 0.718
110 8.0
Convexity (yrs) - - - - 1.152 0.697
107 7.0 Sensitivity (%) - - - - 0.010 0.007
104 6.0
101 5.0
98 4.0
95 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21


320 24
240 18 Trading days 2 5 1 1 - -
Turnover Ratio (%) 12.02 253.76 53.42 40.07 - -
160 12 CTP Price - High 102.900 100.300 94.520 102.950 - -
Date 11-Feb 11-May 18-Aug 11-Dec - -
80 6
CTP Price - Low 102.500 94.000 94.500 100.150 - -
- - Date 14-Jan 13-May 18-Aug 11-Dec - -
PHEI Fair Yield (%) 10.0355 8.8582 8.9177 8.6205 8.8097 8.5852
Mod. Duration (yrs) 3.345 3.207 3.034 2.863 2.677 2.498
115 11.0
Convexity (yrs) 13.470 12.291 10.973 9.742 8.511 7.402
110 10.0 Sensitivity (%) 0.033 0.032 0.030 0.029 0.027 0.025
105 9.0
100 8.0
95 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
679
PNMP03BCN2


480 Frequency
24
Frequency (X) 6 24 12 11 13 12
360 18 Trading days 3 6 4 6 5 2
Turnover Ratio (%) 41.91 288.41 116.31 14.15 16.24 16.76
240 12 CTP Price - High 99.965 98.040 99.120 100.020 102.600 102.750
Date 28-Jan 19-Jun 11-Aug 28-Dec 21-Jan 21-Jun
120 6
CTP Price - Low 99.945 90.050 90.150 99.710 99.660 99.960
- - Date 28-Jan 15-May 18-Aug 10-Nov 08-Jan 30-Jun
PHEI Fair Yield (%) 10.1835 8.9854 9.1264 8.8307 9.0297 8.9087
Mod. Duration (yrs) 3.723 3.594 3.422 3.256 3.073 2.898
104 11.0
Convexity (yrs) 16.654 15.396 13.920 12.554 11.165 9.902
Sensitivity (%) 0.037 0.036 0.034 0.033 0.031 0.029
100 10.0
96 9.0
92 8.0
88 7.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21


4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) - 9.0911 9.2878 8.9802 9.2012 9.1487
Mod. Duration (yrs) - 3.825 3.660 3.504 3.329 3.162
105 11.0
Convexity (yrs) - 17.718 16.170 14.758 13.289 11.950
103 10.0 Sensitivity (%) - 0.038 0.037 0.035 0.033 0.032
101 9.0
99 8.0
97 7.0
95 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
680
PNMP03BCN4
Volume
Trading 2020 2021
Activities,
1000 25 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 20
600 15 Trading days - - - 4 3 -
Turnover Ratio (%) - - - 665.18 222.72 -
400 10 CTP Price - High - - - 100.150 100.100 -
Date - - - 15-Dec 02-Feb -
200 5
CTP Price - Low - - - 100.000 100.000 -
- - Date - - - 15-Dec 04-Mar -
PHEI Fair Yield (%) - - - 7.6644 7.8367 8.2342
Mod. Duration (yrs) - - - 2.584 2.381 2.178
105 10.0
Convexity (yrs) - - - 7.781 6.617 5.554
103 9.0 Sensitivity (%) - - - 0.026 0.024 0.022
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
Volume
Trading 2020 2021
Activities,
250 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - - - 208.00 9.00
200 12
150 9 Trading days - - - - 4 1
Turnover Ratio (%) - - - - 523.27 22.64
100 6 CTP Price - High - - - - 100.020 100.450
Date - - - - 25-Mar 21-Jun
50 3
CTP Price - Low - - - - 100.000 100.000
- - Date - - - - 25-Mar 21-Jun
PHEI Fair Yield (%) - - - - 7.2081 8.4469
Mod. Duration (yrs) - - - - 2.637 2.426
101 9.0
Convexity (yrs) - - - - 8.047 6.831
100 8.5 Sensitivity (%) - - - - 0.026 0.024
99 8.0
98 7.5
97 7.0
96 6.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
681
PNMP03CCN4
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 1.37 -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) - - - 8.6788 9.4303 9.4515
Mod. Duration (yrs) - - - 3.946 3.760 3.599
105 15.0
Convexity (yrs) - - - 18.654 16.923 15.441
103 13.0 Sensitivity (%) - - - 0.039 0.038 0.036
101 11.0
99 9.0
97 7.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PNMP03CCN5
Volume
Trading 2020 2021
Activities,
90 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
72 12
nar >> 54 9 Trading days - - - - 3 4
Turnover Ratio (%) - - - - 95.52 28.30
36 6 CTP Price - High - - - - - 104.000
Date - - - - - 15-Jun
18 3
CTP Price - Low - - - - - 103.000
- - Date - - - - - 15-Jun
PHEI Fair Yield (%) - - - - 8.1748 9.5804
Mod. Duration (yrs) - - - - 4.027 3.825
105 15.0
Convexity (yrs) - - - - 19.253 17.387
102 13.0 Sensitivity (%) - - - - 0.040 0.038
99 11.0
96 9.0
93 7.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
682
nar >>
PNMP01BCN2 70 8.6%
PNMP02BCN1 141 24.9%
PNMP02BCN2 89 49 33 181 28.2%
PNMP03ACN1 42 95 65 15.3%
PNMP03ACN2 472 54 96.3%
PNMP03ACN3 7.3%
PNMP03ACN4 1,743 192.6%
PNMP03BCN1 18 380 80 60 89.8%
PNMP03BCN2 80 551 222 27 115.2%
PNMP03BCN3 0.0%
PNMP03BCN4 893 166.3%
PNMP03CCN4 0.0%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
683
PNMP FINANCIAL HIGHLIGHT

96.86
Consumer Financing Receivables - - - 
33.51
30.95
26.83
25,924,005 31,664,889 22.15 p
19.85
19.08
Total Assets
18.24
17.73
17.17
(%)
- - - 
6.40
Fund Borrowings
2.16
1.80
Authorized Capital (Shares) 5,200,000 9,200,000 76.92 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Authorized Capital 5,200,000 9,200,000 76.92 p
Paid up Capital (Shares) 1,300,000 2,300,000 76.92 p Net Interest Margin
Total Equity 2,864,493 5,586,910 95.04 p 34.12
(%)
6.42
2.02 1.13
Total Revenues 5,056,567 5,765,579 14.02 p 0.32 0.37
Expenses 4,199,961 4,348,304 3.53 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 1,475,149 399,135 -72.94 q
84.70
76.55 79.15
74.88
73.17 66.49 69.05
Peer Group
(%)

3.14
Financial Ratios
Return on Assets (%) 0.32 0.37 3.77 1.13
Return on Equity (%) 2.02 3.58 34.12 6.42
BOPO (%) 73.17 3.14 66.49 69.05
Cash Flow / Debt (%) -27.20 -30.70 -19.77 -14.32
684
PPAP PT Perusahaan Pengelola Aset (Persero)

Sub Sector : Holding & Investment Companies Sampoerna Strategic Square North Tower 12th Floor
Website : www.ptppa.com Jln. Jenderal Sudirman Kav. 45-46
Corporate Sec. : Agus Widjaja Jakarta 12930
Fax :
PT Perusahaan Pengelola Aset (Persero) is a SHAREHOLDERS

state-owned company engaging in the 1. Republic of Indonesia 100.00%
business of asset management, and the only
state-owned company given a mandate to
restructure and revitalize state-owned
enterprises from various industries. PT PPA was
established on February 27, 2004 through Government Regulation
No.10 of 2004 with the aim of managing the assets of ex-IBRA.
Based on the Government Regulation No.61 of 2008 dated
AUDIT COMMITTEE
September 4, 2008, the government expanded the scope of tasks of
the Company to include the management of assets belonging to ex-
IBRA, the restructuring and/or revitalization of state-owned
enterprises, investment and management of state-owned assets.
On May 27, 2009, PPA established PT PPA Finance, a subsidiary
engaged in financing services. Furthermore, on June 22, 2011, PPA BOARD OF COMMISSIONERS
established PT PPA Kapital, a subsidiary engaged in investment 1. Krisna Wijaya
services, asset management, and business consulting (advisory).
2. Marwanto Harjowiryono
The Company currently undertakes strategic transformation into a
National Asset Management Company (NAMCO), performing
turnaround for SOEs Restructuring, Non-Performing Loan (NPL)
management, and Special Situations Fund (SSF).
*independen
BOARD OF DIRECTORS
1. Tadi J. Ruchandi
2. Adi Pamungkas Daskian
3. Rizwan Rizal Abidin
1. Pefindo idA 30-Mar-21 Positive

4. Pefindo idA 29-Oct-19 Stable
as of June 2021
SWOT Analysis
-Strong likelihood of support from the government -Weak profitability
-Strong positioning as a distressed asset management
company S W -Average liquidity and financial flexibility
-Above average capitalization
-Economic recovery prospect -Competition with private corporate finance advisory

-Increasing restructuring needs companies
-Increasing bank non-performing loan
-Synergy with state owned companies
O T -Volatile capital market amid the pandemic
685
AS OF JUNE 2021
Coupon Coupon
- PT Bank
Obligasi I Perusahaan
PPAP01A 9.95% 01-Dec-20 Rakyat idA
1. Pengelola Aset Tahun 100,000 02-Sep-20 01-Sep-23 3
IDA0001091A0 01-Mar-21 Indonesia Positive
2020 Seri A
Quarterly 01-Jun-21 (Persero) Tbk
- Bank Rakyat
PPAP01B 10.55% 01-Dec-20 Indonesia idA
IDA0001091B8 01-Mar-21 (Persero) Tbk, Positive
2020 Seri B
Quarterly 01-Jun-21 PT
- PT Bank
PPAP01C 11.00% 01-Dec-20 Rakyat idA
IDA0001091C6 01-Mar-21 Indonesia Positive
2020 Seri C
Quarterly 01-Jun-21 (Persero) Tbk
TRADING HIGHLIGHT
PPAP01A
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
Volume (Rp bn) - - - - - -
Frequency
180 6 Frequency (X) - - - - - -
120 4 Turnover Ratio (%) - - - - - -
60 2 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 10.1024 8.4393 8.6626 8.5088
Mod. Duration (yrs) - - 2.486 2.317 2.119 1.926
105 10.5
Convexity (yrs) - - 7.347 6.365 5.336 4.419
Sensitivity (%) - - 0.025 0.023 0.021 0.019
103 9.5
101 8.5
99 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
686
PPAP01B Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume
r >> Volume (Rp bn) - - 2.00 18.00 9.00 103.00
Frequency
90 18 Frequency (X) - - 2 21 8 11
60 12 Turnover Ratio (%) - - 2.32 20.87 10.4 119.4
CTP Price - High - - 99.810 102.930 104.260 106.250
30 6 Date - - 21-Sep 30-Dec 24-Mar 07-May
CTP Price - Low - - 99.790 99.320 102.930 103.140
PHEI Fair Yield (%) - - 10.6717 9.2782 9.3648 9.3397
Mod. Duration (yrs) - - 3.765 3.657 3.496 3.339
110 11.0
Convexity (yrs) - - 17.419 16.271 14.815 13.462
Sensitivity (%) - - 0.038 0.037 0.035 0.033
106 10.0
102 9.0
98 8.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPAP01C Listing Date Maturity Date
ISIN CODE : IDA0001091C6 Sep-20 Mar-23 Sep-25
Volume
Trading 2020 2021
Activities,
Q1 Q2 Q3 Q4 Q1 Q2
Volume - - - - - -
r >> Volume (Rp bn)
Frequency
40 4
20 2
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 11.1226 9.8569 10.0872 10.3441
Mod. Duration (yrs) - - 4.751 4.712 4.571 4.433
107 12.0
Convexity (yrs) - - 29.164 28.265 26.508 24.836
Sensitivity (%) - - 0.048 0.047 0.046 0.044
104 11.0
101 10.0
98 9.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
687
PPAP01A - 0.0%
r >>
PPAP01B 18 5.8%
PPAP01C 0.0%
- 50 100 150 200 250 300 350 400
688
PPAP FINANCIAL HIGHLIGHT

26.15
Cash & Cash Equivalents 1,107,636 774,100 -30.11 q
Consumer Financing Receivables - - -  12.74
Property, Plant and Equipment 1,556,796 564,701 -63.73 q
Total Assets 14,415,432 12,957,981 -10.11 q
(%)
4.90
Fund Borrowings - - -  2.41
31-Dec-19 31-Dec-20
Paid up Capital 2,996,688 2,996,688 -  Net Profit Margin Net Interest Margin
5,423,544 3,658,104 -32.55 q 6.03
Total Equity
(%)
2.89
2.27
Total Revenues 6,669,457 4,397,844 -34.06 q
Expenses 499,657 398,202 -20.30 q
31-Dec-19 31-Dec-20
Finance Costs 387,324 537,885 38.87 p
EBITDA 798,713 739,327 -7.44 q
476.23
Peer Group 277.56

(%)

3. PT Perusahaan Pengelola Aset (Persero) 4,398 2.41 -34.06 31-Dec-19 31-Dec-20
5. PT Bussan Auto Finance 3,351 -8.43 -3.98 Interest Coverage Ratio
Financial Ratios
Net Interest Margin (%) 12.74 26.15
Cash Flow / Debt (%) -4.24 -11.21
Interest Coverage Ratio (x) 476.23 277.56
689
PPGD PT Pegadaian (Persero)

Sub Sector : Financing Service Jln. Kramat Raya No. 162
Website : www.pegadaian.co.id Jakarta 10430
Corporate Sec. : R. Swasono A. Widodo
Fax : (021) 3914-221, 3249-67
Officially established back on April 1st, SHAREHOLDERS

1901 by the name of Pegadaian Negara 1. Republic of Indonesia 100.00%
(State Pawn Company), the company that currently known as PT
Pegadaian (Persero) is a non-bank financial company mainly dealing
with pawn business. Since its operation during the colonial era until
recently, Pegadaian has evolved in numerous legal status. The last
change of its legal status was in April 1st, 2012 when the company
changed from a State-owned Public Entities into a State-owned
Limited Liability Enterprise (Persero) with 100% of its shares belongs AUDIT COMMITTEE
to the Government of Indonesia.
1. Makmur Keliat 4. Vicky Taufik
The main business of Pegadaian is providing loans to people based 2. Harry Suharman
on the pawn and fiduciary law, both on conventional and sharia 3. Sudarto
scheme. Pegadaian has been serving people, especially those who
categorized as middle to low income, and acting as agent of
development in improving society welfare. Due to its simple business
process, Pegadaian offer a quick service to customers who are in BOARD OF COMMISSIONERS
need of cash in order to meet their need for either productive or 1. Loto Srinaita Ginting 7. Umiyatun Hayati Triastuti
consumptive reason. The customers just bring in their valuable things 2. M. Sulhan Fauzi *
as collateral, then Pegadaian's staff will estimate the value of the 3. Makmur Keliat *
collateral. By formulating a certain Loan to Value ratio then
4. Otok Kuswandaru
Pegadaian will loan them such amount of money that must be repaid
5. Rini Widyantini
(both principle and interest) in a certain period. While Pegadaian
accepts most valuable things, currently about 98% of collaterals are 6. Sudarto
gold jewelries and bars. Providing loans to people with easy process, *independen
Pegadaian has a motto: "Solving Problems without Hassles" BOARD OF DIRECTORS
In responding to the development of market and industry, 1. Kuswiyoto 7. Teguh Wahyono
Management of Pegadaian has set out a new course in expanding its 2. Damar Latri Setiawan
business. Pegadaian, now, has 5 lines of business, namely Pawn 3. Gunawan Sulistyo
Business, Gold Business, Sharia Business, Fiduciary Based 4. Harianto Widodo
Financing/SME Financing Business and Payments & Remittances 5. Ninis Kesuma Adriani
Business as well as Assets Optimization Business. Pegadaian has also
6. Ridwan Arbian Syah
done a transformation initiative through structuring branch offices
network, developing continuous online information and technology
system, conducting company rebranding and identity, and strategic
alliance with other financial institutions. Historical Corporate Ratings

as of June 2021
SWOT Analysis
- Company status as an important government-related entity (GRE) - Slow business expansion and growth.
-Superior position in the pawn service business
-Very Strong capitalization and liquidity
-Financial flexibility position
S W - The outlets were rather limited
-Rising consumption along with the increase in middle - More intense competition in micro-financing
class segment
- Economic recovery prospect O T - Unfavorable impact of COVID-19
690
THREATS
AS OF JUNE 2021
Coupon Coupon

PPGD01CCN1 Perum Pegadaian 9.00% 11-Oct-20 PT Bank Mega idAAA
1. 500,000 12-Oct-11 11-Oct-21 10
IDA0000498C4 Tahap I Tahun 2011 Seri 11-Jan-21 Tbk. Stable
C 11-Apr-21
Quarterly
Obligasi 03-Jul-20
PPGD03CCN1 Berkelanjutan III 7.70% 03-Oct-20 PT Bank Mega idAAA
2. 1,000,000 04-Oct-17 03-Oct-22 5
IDA0000847C2 Tahap I Pegadaian 03-Jan-21 Tbk. Stable
Obligasi 16-Sep-20
PPGD03CCN2 Berkelanjutan III 7.10% 16-Dec-20 PT Bank Mega idAAA
3. 2,000,000 19-Mar-18 16-Mar-23 5
IDA0000886C0 Pegadaian Tahap II 16-Mar-21 Tbk. Stable
Obligasi -
PPGD04ACN2 Berkelanjutan IV 6.75% 08-Oct-20 PT Bank Mega idAAA
4. 1,055,000 09-Jul-20 18-Jul-21 1
IDA0001071A2 Pegadaian Tahap II 08-Jan-21 Tbk. Stable
Obligasi -
PPGD04ACN3 Berkelanjutan IV 5.50% 22-Dec-20 PT Bank Mega idAAA
5. 1,295,000 23-Sep-20 02-Oct-21 1
IDA0001108A2 Pegadaian Tahap III 22-Mar-21 Tbk. Stable
Obligasi -
PPGD04ACN4 Berkelanjutan IV 4.85% - PT Bank Mega idAAA
6. 2,172,500 07-Apr-21 16-Apr-22 1
IDA0001143A9 Pegadaian Tahap IV - Tbk. Stable
Obligasi 13-Aug-20
PPGD04BCN1 Berkelanjutan IV 7.70% 13-Nov-20 PT Bank Mega idAAA
7. 70,000 14-May-20 13-May-23 3
IDA0001065B2 Pegadaian Tahap I 13-Feb-21 Tbk. Stable
Obligasi -
PPGD04BCN2 Berkelanjutan IV 7.60% 08-Oct-20 PT Bank Mega idAAA
8. 303,000 09-Jul-20 08-Jul-23 3
IDA0001071B0 Pegadaian Tahap II 08-Jan-21 Tbk. Stable
Obligasi -
PPGD04BCN3 Berkelanjutan IV 6.45% 22-Dec-20 PT Bank Mega idAAA
9. 1,125,000 23-Sep-20 22-Sep-23 3
IDA0001108B0 Pegadaian Tahap III 22-Mar-21 Tbk. Stable
Obligasi -
PPGD04BCN4 Berkelanjutan IV 6.20% - PT Bank Mega idAAA
10. 1,107,500 07-Apr-21 06-Apr-24 3
IDA0001143B7 Pegadaian Tahap IV - Tbk. Stable
Obligasi -
PPGD04CCN2 Berkelanjutan IV 7.95% 08-Oct-20 PT Bank Mega idAAA
11. 142,000 09-Jul-20 08-Jul-25 5
IDA0001071C8 Pegadaian Tahap II 08-Jan-21 Tbk. Stable
Sukuk Mudharabah -
SMPPGD01ACN2 Berkelanjutan I 6.75% 08-Oct-20 PT Bank Mega idAAA(sy)
12. 316,500 09-Jul-20 18-Jul-21 1
IDJ0000158A9 Pegadaian Tahap II 08-Jan-21 Tbk. Stable
Sukuk Mudharabah -
Berkelanjutan I 5.50% 22-Dec-20 PT Bank Mega idAAA(sy)
13. SMPPGD01ACN3 704,000 23-Sep-20 02-Oct-21 1
IDJ0000170A4 Pegadaian Tahap III 22-Mar-21 Tbk. Stable
Sukuk Mudharabah -
SMPPGD01ACN4 Berkelanjutan I 4.85% - PT Bank Mega idAAA(sy)
14. 599,200 07-Apr-21 16-Apr-22 1
IDJ0000179A5 Pegadaian Tahap IV - Tbk. Stable
691
Coupon Coupon

SMPPGD01BCN1 Berkelanjutan I 7.70% 13-Nov-20 Bank Mega idAAA(sy)
15. 49,000 14-May-20 13-May-23 3
IDJ0000157B9 Pegadaian Tahap I 13-Feb-21 Tbk, PT Stable
Sukuk Mudharabah -
SMPPGD01BCN2 Berkelanjutan I 7.60% 08-Oct-20 PT Bank Mega idAAA(sy)
16. 103,000 09-Jul-20 08-Jul-23 3
IDJ0000158B7 Pegadaian Tahap II 08-Jan-21 Tbk. Stable
Sukuk Mudharabah -
SMPPGD01BCN3 Berkelanjutan I 6.45% 22-Dec-20 PT Bank Mega idAAA(sy)
17. 131,000 23-Sep-20 22-Sep-23 3
IDJ0000170B2 Pegadaian Tahap III 22-Mar-21 Tbk. Stable
Sukuk Mudharabah -
SMPPGD01BCN4 Berkelanjutan I 6.20% - PT Bank Mega idAAA(sy)
18. 165,800 07-Apr-21 06-Apr-24 3
IDJ0000179B3 Pegadaian Tahap IV - Tbk. Stable
Sukuk Mudharabah -
SMPPGD01CCN2 Berkelanjutan I 7.95% 08-Oct-20 PT Bank Mega idAAA(sy)
19. 80,500 09-Jul-20 08-Jul-25 5
IDJ0000158C5 Pegadaian Tahap II 08-Jan-21 Tbk. Stable
TRADING HIGHLIGHT
PPGD01CCN1
ISIN CODE : IDA0000498C4 Oct-11 Sep-13 Aug-15 Jul-17 Jun-19 May-21
Volume
Trading 2020 2021
Activities,
140 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) 9.00 - 120.00 10.00 22.00 -
112 6
Frequency Frequency (X) 3 - 5 3 6 -
84 5 Trading days 2 - 1 2 2 -
Turnover Ratio (%) 7.20 - 96.00 8.00 17.60 -
56 3 CTP Price - High 103.140 - 103.050 103.580 102.630 -
Date 24-Mar - 18-Sep 16-Nov 04-Feb -
28 2
CTP Price - Low 103.060 - 102.950 103.400 101.950 -
- - Date 13-Jan - 18-Sep 11-Nov 24-Mar -
PHEI Fair Yield (%) 7.0294 6.1325 5.8721 5.4858 4.8764 4.0499
Mod. Duration (yrs) 1.394 1.184 0.964 0.739 0.505 0.272
105 8.0
Convexity (yrs) 2.390 1.758 1.202 0.745 0.387 0.143
104 7.0 Sensitivity (%) 0.014 0.012 0.010 0.007 0.005 0.003
103 6.0
102 5.0
101 4.0
100 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
692
PPGD03CCN1 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
250 35 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
200 28
150 21 Trading days 19 8 18 18 13 19
Turnover Ratio (%) 29.80 94.52 4.00 74.40 3.20 19.60
100 14 CTP Price - High 102.300 100.430 102.100 104.310 102.820 104.600
Date 17-Feb 19-May 15-Sep 02-Dec 12-Mar 03-May
50 7
CTP Price - Low 99.350 99.000 98.100 98.900 100.500 101.650
- - Date 10-Jan 19-May 07-Jul 19-Oct 15-Mar 04-May
PHEI Fair Yield (%) 8.1315 7.3408 6.5625 6.3221 5.6984 5.1681
Mod. Duration (yrs) 2.213 2.020 1.818 1.608 1.392 1.176
106 9.0
Convexity (yrs) 5.805 4.849 3.950 3.118 2.371 1.728
Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
103 7.5
100 6.0
97 4.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPGD03CCN2
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
3 3 Trading days - - - - - -
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) 8.0715 7.0780 6.8076 6.2210 6.0279 5.3685
Mod. Duration (yrs) 2.629 2.440 2.236 2.030 1.814 1.602
105 10.0
Convexity (yrs) 8.002 6.895 5.807 4.808 3.869 3.048
103 9.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
101 8.0
99 7.0
97 6.0
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
693
PPGD04ACN2
ISIN CODE : IDA0001071A2 Jul-20 Jul-21
Volume
Trading 2020 2021
Activities,
1250 50 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
1000 40
nar >> 750 30 Trading days - - 8 1 1 2
Turnover Ratio (%) - - 424.64 3.79 91.00 13.27
500 20 CTP Price - High - - 100.700 101.070 100.550 100.500
Date - - 18-Aug 12-Nov 16-Mar 06-May
250 10
CTP Price - Low - - 99.900 101.050 100.500 100.300
- - Date - - 19-Aug 12-Nov 16-Mar 10-Jun
PHEI Fair Yield (%) - - 5.6565 5.3458 4.6108 3.7251
Mod. Duration (yrs) - - 0.765 0.531 0.290 0.050
105 7.0
Convexity (yrs) - - 0.787 0.417 0.157 0.015
103 6.0 Sensitivity (%) - - 0.008 0.005 0.003 0.000
101 5.0
99 4.0
97 3.0
95 2.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPGD04ACN3
Volume
Trading 2020 2021
Activities,
1600 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 720.00 736.00 1,455.00 200.00
1280 48
960 36 Trading days - - 4 5 15 1
Turnover Ratio (%) - - 222.39 227.34 449.42 61.78
640 24 CTP Price - High - - 100.020 100.330 100.950 100.550
Date - - 30-Sep 23-Nov 08-Feb 17-May
320 12
CTP Price - Low - - 100.020 99.980 100.160 100.450
- - Date - - 30-Sep 01-Oct 06-Jan 17-May
PHEI Fair Yield (%) - - 5.4792 5.4261 4.0777 4.0175
Mod. Duration (yrs) - - 0.959 0.726 0.488 0.250
103 6.0
Convexity (yrs) - - 1.180 0.716 0.363 0.125
102 5.5 Sensitivity (%) - - 0.010 0.007 0.005 0.002
101 5.0
100 4.5
99 4.0
98 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
694
PPGD04ACN4
Volume
Trading 2020 2021
Activities,
2500 100 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - - - 2,313.00
2000 80
nar >> 1500 60 Trading days - - - - - 16
Turnover Ratio (%) - - - - - 425.87
1000 40 CTP Price - High - - - - - 100.850
Date - - - - - 10-Jun
500 20
CTP Price - Low - - - - - 99.990
- - Date - - - - - 06-May
PHEI Fair Yield (%) - - - - - 4.0784
102 6.0
Convexity (yrs) - - - - - 0.791
101 5.5 Sensitivity (%) - - - - - 0.008
101 5.0
100 4.5
100 4.0
99 3.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPGD04BCN1
Volume
Trading 2020 2021
Activities,
15 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - 10.00 - - - -
12 4
9 3 Trading days - 2 - - - -
Turnover Ratio (%) - 57.14 - - - -
6 2 CTP Price - High - - - - - -
Date - - - - - -
3 1
- - Date - - - - - -
PHEI Fair Yield (%) - 7.1440 6.8876 6.2909 6.1211 5.4693
Mod. Duration (yrs) - 2.534 2.337 2.138 1.928 1.722
107 8.0
Convexity (yrs) - 7.508 6.394 5.365 4.387 3.526
105 7.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
103 6.0
101 5.0
99 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
695
PPGD04BCN2
Volume
Trading 2020 2021
Activities,
120 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
96 8
nar >> 72 6 Trading days - - 5 - - -
Turnover Ratio (%) - - 149.17 - - -
48 4 CTP Price - High - - 100.100 - - -
Date - - 03-Aug - - -
24 2
CTP Price - Low - - 100.080 - - -
- - Date - - 29-Jul - - -
PHEI Fair Yield (%) - - 6.9622 6.3564 6.2065 5.5611
Mod. Duration (yrs) - - 2.443 2.248 2.042 1.840
105 9.0
Convexity (yrs) - - 7.030 5.963 4.939 4.033
103 8.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPGD04BCN3 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
350 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
280 12
210 9 Trading days - - 4 1 4 3
Turnover Ratio (%) - - 21.33 4.98 24.89 107.73
140 6 CTP Price - High - - 99.970 99.630 101.500 102.350
Date - - 24-Sep 09-Oct 26-Jan 19-May
70 3
CTP Price - Low - - 99.810 99.610 100.860 101.150
PHEI Fair Yield (%) - - 6.5166 6.4421 5.9349 5.6781
Mod. Duration (yrs) - - 2.685 2.480 2.271 2.062
103 7.0
Convexity (yrs) - - 8.280 7.075 5.955 4.932
Sensitivity (%) - - 0.027 0.025 0.023 0.021
102 6.5
101 6.0
100 5.5
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
696
PPGD04BCN4
Volume
Trading 2020 2021
Activities,
150 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
120 12
nar >> 90 9 Trading days - - - - - 4
Turnover Ratio (%) - - - - - 52.01
60 6 CTP Price - High - - - - - 100.640
Date - - - - - 15-Jun
30 3
CTP Price - Low - - - - - 100.620
- - Date - - - - - 15-Jun
PHEI Fair Yield (%) - - - - - 5.9653
105 9.0
Convexity (yrs) - - - - - 7.213
103 8.0 Sensitivity (%) - - - - - 0.025
101 7.0
99 6.0
97 5.0
95 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPGD04CCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
100 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
80 6
60 5 Trading days - - 3 - - -
Turnover Ratio (%) - - 253.52 - - -
40 3 CTP Price - High - - - - - -
Date - - - - - -
20 2
- - Date - - - - - -
PHEI Fair Yield (%) - - 7.7825 7.0482 7.0388 6.4556
Mod. Duration (yrs) - - 3.874 3.725 3.548 3.385
107 10.0
Convexity (yrs) - - 17.960 16.507 14.940 13.546
105 9.0 Sensitivity (%) - - 0.039 0.037 0.035 0.034
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
697
SMPPGD01ACN2
ISIN CODE : IDJ0000158A9 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21
Volume
Trading 2020 2021
Activities,
500 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
400 48
300 36 Trading days - - 9 5 6 8
Turnover Ratio (%) - - 568.72 123.85 35.39 374.09
200 24 CTP Price - High - - 100.800 100.860 100.750 100.640
Date - - 25-Sep 28-Dec 07-Jan 13-Apr
100 12
CTP Price - Low - - 100.000 100.500 100.610 100.100
- - Date - - 23-Jul 17-Dec 16-Feb 15-Jun
PHEI Fair Yield (%) - - 5.7892 5.3458 4.9495 3.7042
Mod. Duration (yrs) - - 0.764 0.531 0.290 0.050
103 7.0
Convexity (yrs) - - 0.786 0.417 0.156 0.015
Sensitivity (%) - - 0.008 0.005 0.003 0.000
102 6.0
101 5.0
100 4.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMPPGD01ACN3 Listing Date Maturity Date
ISIN CODE : IDJ0000170A4 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
Volume
Trading 2020 2021
Activities,
2000 60 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
nar >> Volume Volume (Rp bn) - - 298.00 1,878.00 669.00 170.00
1600 48
1200 36 Trading days - - 4 9 9 4
Turnover Ratio (%) - - 169.32 1,067.05 380.11 96.59
800 24 CTP Price - High - - 100.010 101.000 100.830 100.440
Date - - 30-Sep 12-Oct 03-Mar 24-May
400 12
CTP Price - Low - - 99.990 99.090 100.110 100.370
- - Date - - 30-Sep 08-Oct 27-Jan 23-Jun
PHEI Fair Yield (%) - - 5.4998 5.3867 4.6663 4.0021
Mod. Duration (yrs) - - 0.959 0.726 0.487 0.250
102 7.0
Convexity (yrs) - - 1.179 0.717 0.362 0.125
Sensitivity (%) - - 0.010 0.007 0.005 0.002
101 6.0
100 5.0
99 4.0
98 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
698
SMPPGD01ACN4
ISIN CODE : IDJ0000179A5 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22
Volume
Trading 2020 2021
Activities,
1000 70 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
800 56
600 42 Trading days - - - - - 17
Turnover Ratio (%) - - - - - 606.81
400 28 CTP Price - High - - - - - 100.090
Date - - - - - 16-Apr
200 14
CTP Price - Low - - - - - 99.970
- - Date - - - - - 21-Apr
PHEI Fair Yield (%) - - - - - 4.9018
102 8.0
Convexity (yrs) - - - - - 0.788
101 7.0 Sensitivity (%) - - - - - 0.008
100 6.0
99 5.0
98 4.0
97 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMPPGD01BCN1
ISIN CODE : IDJ0000157B9 May-20 May-21 May-22 May-23
Volume
Trading 2020 2021
Activities,
20 10 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - - - 10.00 - 18.00
16 8
nar >> 12 6 Trading days - - - 1 - 2
Turnover Ratio (%) - - - 81.63 - 146.94
8 4 CTP Price - High - - - - - -
Date - - - - - -
4 2
- - Date - - - - - -
PHEI Fair Yield (%) - 7.1440 6.8876 6.2909 6.1211 5.4693
Mod. Duration (yrs) - 2.534 2.337 2.138 1.928 1.722
107 9.0
Convexity (yrs) - 7.508 6.394 5.365 4.387 3.526
105 8.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
104 7.0
102 6.0
101 5.0
99 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
699
SMPPGD01BCN2
ISIN CODE : IDJ0000158B7 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
20 2 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
10 1 Turnover Ratio (%) - - - - - 66.02
Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) - - 6.9622 6.3564 6.2065 5.5611
Mod. Duration (yrs) - - 2.443 2.248 2.042 1.840
106 8.0
Convexity (yrs) - - 7.030 5.963 4.939 4.033
105 7.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
103 6.0
102 5.0
100 4.0
99 3.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMPPGD01BCN3
Volume
Trading 2020 2021
Activities,
70 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
56 4
nar >> 42 3 Trading days - - 2 1 - -
Turnover Ratio (%) - - 192.37 122.14 - -
28 2 CTP Price - High - - - - - -
Date - - - - - -
14 1
- - Date - - - - - -
PHEI Fair Yield (%) - - 6.5331 6.4421 6.3159 5.6781
Mod. Duration (yrs) - - 2.685 2.480 2.268 2.062
103 9.0
Convexity (yrs) - - 8.279 7.075 5.941 4.932
102 8.0 Sensitivity (%) - - 0.027 0.025 0.023 0.021
101 7.0
100 6.0
99 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
700
SMPPGD01BCN4
Volume
Trading 2020 2021
Activities,
25 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
20 4
15 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 53.08
10 2 CTP Price - High - - - - - -
Date - - - - - -
5 1
- - Date - - - - - -
PHEI Fair Yield (%) - - - - - 5.9481
102 9.0
Convexity (yrs) - - - - - 7.214
101 8.0 Sensitivity (%) - - - - - 0.025
100 7.0
99 6.0
98 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
SMPPGD01CCN2
Volume
Trading 2020 2021
Activities,
5 5 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
4 4
2 2 CTP Price - High - - - - - -
Date - - - - - -
1 1
- - Date - - - - - -
PHEI Fair Yield (%) - - 7.7825 7.0482 7.0388 6.4556
Mod. Duration (yrs) - - 3.874 3.725 3.548 3.385
110 10.0
Convexity (yrs) - - 17.960 16.507 14.940 13.546
106 9.0 Sensitivity (%) - - 0.039 0.037 0.035 0.034
102 8.0
98 7.0
94 6.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
701
nar >>
PPGD01CCN1 120 27.8%
PPGD03CCN1 75 236 10 186 50.7%
PPGD03CCN2 0.0%
PPGD04ACN2 1,120 10 107.1%
PPGD04ACN3 720 736 112.4%
PPGD04BCN1 14.3%
PPGD04BCN2 113 37.3%
PPGD04BCN3 6.6%
PPGD04CCN2 90 63.4%
SMPPGD01ACN2 450 98 173.1%
SMPPGD01ACN3 298 1,878 309.1%
SMPPGD01BCN1 20.4%
SMPPGD01BCN2 0.0%
SMPPGD01BCN3 78.6%
SMPPGD01CCN2 0.0%
- 500 1,000 1,500 2,000 2,500
702
PPGD FINANCIAL HIGHLIGHT

55.83
52.78
17.57
20.45
24.21
26.58
Consumer Financing Receivables 2,066,371 2,566,129 24.19 p
23.89
23.79
21.02
22.55
21.69
Total Assets 65,324,177 71,468,960 9.41 p
9.21
(%)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Non Controlling Interest 2,686 3,145 17.09 p 13.80 13.80 13.48
Total Equity 23,060,310 24,603,616 6.69 p
8.22
(%)
5.16 5.26 4.76
2.83
INCOME STATEMENTS
Total Revenues 17,454,060 21,667,730 24.14 p
Expenses 7,691,343 8,967,807 16.60 p
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
EBITDA 4,596,191 3,316,413 -27.84 q
121.02 125.04
119.17 116.71
76.21 73.42
Peer Group
(%)

Financial Ratios
Return on Assets (%) 5.16 5.26 4.76 2.83
Return on Equity (%) 13.80 13.80 13.48 8.22
BOPO (%) 44.17 47.22 76.21 73.42
Cash Flow / Debt (%) 5.99 -2.17 -13.90 -4.78
703
PPLN PT Perusahaan Listrik Negara (Persero)

Sub Sector : Utilities Jln. Trunojoyo Blok M I/135
Website : www.pln.co.id Kebayoran Baru
Corporate Sec. : Ova Kurniawan Jakarta 12160
Email Corporate Sec. : [email protected] Phone : (021) 7250550, 7251234, 7261875, 7261122
Fax : (021) 7250550, 7251234, 7261875, 7261122
PT PLN (Persero) or “PLN” in brief, is a SHAREHOLDERS

major provider of all public electricity and 1. Republic of Indonesia 100.00%
electricity infrastructure in Indonesia
including construction of power plants,
power generation, transmission,
distribution, and retail sales of electricity.
The Company’s core business is the supply of electricity, especially in

generation, transmission and distribution. Obtaining the task of AUDIT COMMITTEE
electrifying all over the archipelago, PLN has the obligation to 1. Amien Sunaryadi 4. Krisna Simbaputra
increase installed capacity for power supply and the development of
2. Ade Ikhwan 5. Murtaqi Syamsuddin
electricity infrastructure such as transmission networks, substations,
and distribution networks. At all times, we continue to improve 3. Deden Juhara 6. Nizam Burhanudin
ourselves and improve services, considering that electricity is a basic
infrastructure need that will create a multiplier effect for the progress
of the Indonesian economy. BOARD OF COMMISSIONERS
1. Amien Sunaryadi 7. Ilya Avianti
The Company continues to expand various business sectors through
2. Amien Sunaryadi * 8. M. Rudy Salahuddin
subsidiaries, associated entities, joint ventures, and special purpose
vehicles (SPV) under the auspices of the PLN Group. Through the 3. Ardan Adiperdana 9. Mohamad Ikhsan
implementation of SOLID (Securing Business Sustainability, 4. Deden Juhara * 10. Murtaqi Syamsuddin *
Optimizing Cost Efficiency, Leading Industry Capabilities, Increasing 5. Dudy Purwagandhi 11. Rida Mulyana
Profit Contribution and Developing New Edge) business portfolios, 6. Eko Sulistyo 12. Suahasil Nazara
we will continue to develop services to become a World Class *independen
Electricity Company.
BOARD OF DIRECTORS
Now PLN has developing as one of the corporate groups with the 1. Zulkifli Zaini 7. Rudy Hendra Prastowo
largest assets in the world. The total capacity of power plants owned 2. Bob Saril 8. Sinthya Roesly
and managed by PLN at the end of 2020 has increased to 44,174
3. Darmawan Prasodjo 9. Syamsul Huda
MW. In addition, PLN also manages 17,720 MW of Independent
4. Evy Haryadi 10. Syofvi Felienty Roekman
Power Producer (IPP) and 1,441 MW of rental plants.
5. Haryanto W.S 11. Wiluyo Kusdwiharto
6. Muhammad Ikbal Nur

as of June 2021
SWOT Analysis
- Strong and proven support from the Government - High dependency on fuel price
- Strong financial flexibility
- Superior market position S W - Significant amount of capital expenditure
- Depend on Government subsidies
- Wide operations through network and subsidiaries
-The increasing demand for electricity -Adverse economic conditions due to COVID-19
O T
-Economic recovery prospect
704
AS OF JUNE 2021
Coupon Coupon
Obligasi 05-Jul-20
PPLN01BCN1 Berkelanjutan I PLN 8.25% 05-Oct-20 PT Bank idAAA
1. 697,000 08-Jul-13 05-Jul-23 10
IDA0000598B3 Tahap I Tahun 2013 05-Jan-21 Permata Tbk. Stable
Seri B Quarterly 05-Apr-21
Obligasi 10-Sep-20
PPLN01BCN2 Berkelanjutan I PLN 9.60% 10-Dec-20 PT Bank idAAA
2. 651,000 11-Dec-13 10-Dec-23 10
IDA0000610B6 Tahap II Tahun 10-Mar-21 Permata Tbk. Stable

PPLN02ACN1 Berkelanjutan II 7.70% 11-Oct-20 Tabungan idAAA
3. 214,000 12-Jul-17 11-Jul-22 5
IDA0000835A1 PLN Tahap I Tahun 11-Jan-21 Negara Stable

PPLN02ACN2 Berkelanjutan II 7.20% 03-Nov-20 Tabungan idAAA
4. 451,500 06-Nov-17 03-Nov-22 5
IDA0000855A9 PLN Tahap II Tahun 03-Feb-21 Negara Stable
2017 Seri A Quarterly 03-May-21 (Persero) Tbk.

PPLN02ACN3 Berkelanjutan II 6.50% 22-Nov-20 Tabungan idAAA
5. 457,000 23-Feb-18 22-Feb-23 5
IDA0000879A9 PLN Tahap III 22-Feb-21 Negara Stable

PPLN02BCN1 Berkelanjutan II 8.10% 11-Oct-20 Tabungan idAAA
6. 169,000 12-Jul-17 11-Jul-24 7
IDA0000835B9 PLN Tahap I Tahun 11-Jan-21 Negara Stable

PPLN02BCN2 Berkelanjutan II 7.50% 03-Nov-20 Tabungan idAAA
7. 201,000 06-Nov-17 03-Nov-24 7
IDA0000855B7 PLN Tahap II Tahun 03-Feb-21 Negara Stable
2017 Seri B Quarterly 03-May-21 (Persero) Tbk.

PPLN02BCN3 Berkelanjutan II 6.80% 22-Nov-20 Tabungan idAAA
8. 10,000 23-Feb-18 22-Feb-25 7
IDA0000879B7 PLN Tahap III 22-Feb-21 Negara Stable

PPLN02CCN1 Berkelanjutan II 8.50% 11-Oct-20 Tabungan idAAA
9. 1,217,000 12-Jul-17 11-Jul-27 10
IDA0000835C7 PLN Tahap I Tahun 11-Jan-21 Negara Stable
2017 Seri C Quarterly 11-Apr-21 (Persero) Tbk.

PPLN02CCN2 Berkelanjutan II 8.20% 03-Nov-20 Tabungan idAAA
10. 800,000 06-Nov-17 03-Nov-27 10
IDA0000855C5 PLN Tahap II Tahun 03-Feb-21 Negara Stable
2017 Seri C Quarterly 03-May-21 (Persero) Tbk.

PPLN02CCN3 Berkelanjutan II 7.25% 22-Nov-20 Tabungan idAAA
11. 341,000 23-Feb-18 22-Feb-28 10
IDA0000879C5 PLN Tahap III 22-Feb-21 Negara Stable

PPLN02DCN2 Berkelanjutan II 8.70% 03-Nov-20 Tabungan idAAA
12. 1,093,000 06-Nov-17 03-Nov-32 15
IDA0000855D3 PLN Tahap II Tahun 03-Feb-21 Negara Stable
2017 Seri D Quarterly 03-May-21 (Persero) Tbk.

Berkelanjutan II 8.20% 22-Nov-20 Tabungan
13. PPLN02DCN3 362,000 23-Feb-18 22-Feb-33 15 idAAA
IDA0000879D3 PLN Tahap III 22-Feb-21 Negara Stable
Tahun 2018 Seri D Quarterly 22-May-21 (Persero) Tbk.

PPLN02ECN3 Berkelanjutan II 8.75% 22-Nov-20 Tabungan idAAA
14. 1,365,000 23-Feb-18 22-Feb-38 20
IDA0000879E1 PLN Tahap III 22-Feb-21 Negara Stable
Tahun 2018 Seri E Quarterly (Persero) Tbk.
22-May-21
705
Coupon Coupon

PPLN03ACN1 Berkelanjutan III 7.80% 10-Oct-20 Tabungan idAAA
15. 78,500 10-Jul-18 10-Jul-23 5
IDA0000928A4 PLN Tahap I Tahun 10-Jan-21 Negara Stable

16. 210,000 11-Oct-18 10-Oct-23 5
IDA0000940A9 PLN Tahap II Tahun 10-Jan-21 Negara Stable

PPLN03ACN3 Berkelanjutan III 8.50% 19-Nov-20 Tabungan idAAA
17. 369,000 20-Feb-19 19-Feb-22 3
IDA0000963A1 PLN Tahap III 19-Feb-21 Negara Stable

18. 637,000 02-Aug-19 01-Aug-24 5
IDA0001003A5 PLN Tahap IV 01-Feb-21 Negara Stable

19. 795,700 02-Oct-19 01-Oct-24 5
IDA0001010A0 PLN Tahap V Tahun 01-Jan-21 Negara Stable

20. 540,630 19-Feb-20 18-Feb-25 5
IDA0001045A6 PLN Tahap VI 18-Feb-21 Negara Stable

21. 316,700 08-May-20 06-May-23 3
IDA0001063A9 PLN Tahap VII 06-Feb-21 Negara Stable

PPLN03BCN1 Berkelanjutan III 8.35% 10-Oct-20 Tabungan idAAA
22. 442,000 10-Jul-18 10-Jul-25 7
IDA0000928B2 PLN Tahap I Tahun 10-Jan-21 Negara Stable

23. 483,000 11-Oct-18 10-Oct-25 7
IDA0000940B7 PLN Tahap II Tahun 10-Jan-21 Negara Stable

PPLN03BCN3 Berkelanjutan III 9.10% 19-Nov-20 Tabungan idAAA
24. 1,212,000 20-Feb-19 19-Feb-24 5
IDA0000963B9 PLN Tahap III 19-Feb-21 Negara Stable

25. 315,250 02-Aug-19 01-Aug-26 7
IDA0001003B3 PLN Tahap IV 01-Feb-21 Negara Stable

26. 445,000 02-Oct-19 01-Oct-26 7
IDA0001010B8 PLN Tahap V Tahun 01-Jan-21 Negara Stable

27. 672,500 19-Feb-20 18-Feb-27 7
IDA0001045B4 PLN Tahap VI 18-Feb-21 Negara Stable

28. 99,155 08-May-20 06-May-25 5
IDA0001063B7 PLN Tahap VII 06-Feb-21 Negara Stable
706
Coupon Coupon

PPLN03CCN1 Berkelanjutan III 8.40% 10-Oct-20 Tabungan idAAA
29. 138,000 10-Jul-18 10-Jul-28 10
IDA0000928C0 PLN Tahap I Tahun 10-Jan-21 Negara Stable

30. 78,000 11-Oct-18 10-Oct-28 10
IDA0000940C5 PLN Tahap II Tahun 10-Jan-21 Negara Stable

PPLN03CCN3 Berkelanjutan III 9.35% 19-Nov-20 Tabungan idAAA
31. 183,000 20-Feb-19 19-Feb-26 7
IDA0000963C7 PLN Tahap III 19-Feb-21 Negara Stable

32. 549,000 02-Aug-19 01-Aug-29 10
IDA0001003C1 PLN Tahap IV 01-Feb-21 Negara Stable

33. 6,200 02-Oct-19 01-Oct-29 10
IDA0001010C6 PLN Tahap V Tahun 01-Jan-21 Negara Stable

34. 544,250 19-Feb-20 18-Feb-30 10
IDA0001045C2 PLN Tahap VI 18-Feb-21 Negara Stable

35. 312,180 08-May-20 06-May-27 7
IDA0001063C5 PLN Tahap VII 06-Feb-21 Negara Stable

PPLN03DCN1 Berkelanjutan III 8.90% 10-Oct-20 Tabungan idAAA
36. 281,000 10-Jul-18 10-Jul-33 15
IDA0000928D8 PLN Tahap I Tahun 10-Jan-21 Negara Stable
2018 Seri D Quarterly 10-Apr-21 (Persero) Tbk.

37. 15,000 11-Oct-18 10-Oct-33 15
IDA0000940D3 PLN Tahap II Tahun 10-Jan-21 Negara Stable

PPLN03DCN3 Berkelanjutan III 9.60% 19-Nov-20 Tabungan idAAA
38. 211,000 20-Feb-19 19-Feb-29 10
IDA0000963D5 PLN Tahap III 19-Feb-21 Negara Stable

39. 395,000 02-Aug-19 01-Aug-34 15
IDA0001003D9 PLN Tahap IV 01-Feb-21 Negara Stable

40. 166,000 02-Oct-19 01-Oct-34 15
IDA0001010D4 PLN Tahap V Tahun 01-Jan-21 Negara Stable

41. 1,459,000 19-Feb-20 18-Feb-35 15
IDA0001045D0 PLN Tahap VI 18-Feb-21 Negara Stable

42. 1,009,100 08-May-20 06-May-30 10
IDA0001063D3 PLN Tahap VII 06-Feb-21 Negara Stable
707
Coupon Coupon

PPLN03ECN1 Berkelanjutan III 9.00% 10-Oct-20 Tabungan idAAA
43. 339,000 10-Jul-18 10-Jul-38 20
IDA0000928E6 PLN Tahap I Tahun 10-Jan-21 Negara Stable
2018 Seri E Quarterly 10-Apr-21 (Persero) Tbk.

44. 46,000 11-Oct-18 10-Oct-38 20
IDA0000940E1 PLN Tahap II Tahun 10-Jan-21 Negara Stable

PPLN03ECN3 Berkelanjutan III 9.80% 19-Nov-20 Tabungan idAAA
45. 263,000 20-Feb-19 19-Feb-34 15
IDA0000963E3 PLN Tahap III 19-Feb-21 Negara Stable
Tahun 2019 Seri E Quarterly 19-May-21 (Persero) Tbk.

46. 1,057,370 02-Aug-19 01-Aug-39 20
IDA0001003E7 PLN Tahap IV 01-Feb-21 Negara Stable

47. 500,000 02-Oct-19 01-Oct-39 20
IDA0001010E2 PLN Tahap V Tahun 01-Jan-21 Negara Stable

48. 1,596,050 19-Feb-20 18-Feb-40 20
IDA0001045E8 PLN Tahap VI 18-Feb-21 Negara Stable

PPLN03FCN3 Berkelanjutan III 9.95% 19-Nov-20 Tabungan idAAA
49. 155,000 20-Feb-19 19-Feb-39 20
IDA0000963F0 PLN Tahap III 19-Feb-21 Negara Stable
Tahun 2019 Seri F Quarterly 19-May-21 (Persero) Tbk.
Obligasi - PT Bank
PPLN04ACN1 Berkelanjutan IV 6.70% 08-Dec-20 Tabungan idAAA
50. 312,000 09-Sep-20 08-Sep-25 5
IDA0001104A1 PLN Tahap I Tahun 08-Mar-21 Negara Stable
Obligasi - PT Bank
PPLN04BCN1 Berkelanjutan IV 7.25% 08-Dec-20 Tabungan idAAA
51. 28,000 09-Sep-20 08-Sep-27 7
IDA0001104B9 PLN Tahap I Tahun 08-Mar-21 Negara Stable
Obligasi - PT Bank
PPLN04CCN1 Berkelanjutan IV 7.90% 08-Dec-20 Tabungan idAAA
52. 158,000 09-Sep-20 08-Sep-30 10
IDA0001104C7 PLN Tahap I Tahun 08-Mar-21 Negara Stable
2020 Seri C Quarterly 08-Jun-21 (Persero) Tbk.
Obligasi - PT Bank
PPLN04DCN1 Berkelanjutan IV 8.65% 08-Dec-20 Tabungan idAAA
53. 841,000 09-Sep-20 08-Sep-35 15
IDA0001104D5 PLN Tahap I Tahun 08-Mar-21 Negara Stable
2020 Seri D Quarterly 08-Jun-21 (Persero) Tbk.
Obligasi - PT Bank
PPLN04ECN1 Berkelanjutan IV 8.86% 08-Dec-20 Tabungan idAAA
54. 161,000 09-Sep-20 08-Sep-40 20
IDA0001104E3 PLN Tahap I Tahun 08-Mar-21 Negara Stable
2020 Seri E Quarterly 08-Jun-21 (Persero) Tbk.
10-Jul-20
PPLN09B Obligasi PLN IX 10.90% 10-Oct-20 PT Bank CIMB idAAA
55. 1,200,000 11-Jul-07 10-Jul-22 15
IDA0000346B7 Tahun 2007 Seri B 10-Jan-21 Niaga Tbk. Stable
Quarterly 10-Apr-21
08-Jul-20
PPLN12B Obligasi PLN XII 10.40% 08-Oct-20 PT Bank CIMB idAAA
56. 1,855,000 09-Jul-10 08-Jul-22 12
IDA0000454B9 Tahun 2010 Seri B 08-Jan-21 Niaga Tbk. Stable
Quarterly 08-Apr-21
708
Coupon Coupon
08-Jul-20
SIKPPLN04B Sukuk Ijarah PLN V 10.40% 08-Oct-20 PT Bank CIMB idAAA(sy)
57. 340,000 09-Jul-10 08-Jul-22 12
IDJ0000044B9 Tahun 2010 Seri B 08-Jan-21 Niaga Tbk. Stable
Quarterly 08-Apr-21

SIPPLN01BCN2 Berkelanjutan I PLN 9.60% 10-Dec-20 PT Bank idAAA(sy)
58. 108,000 11-Dec-13 10-Dec-23 10
IDJ0000061B3 Tahap II Tahun 10-Mar-21 Permata Tbk. Stable
Sukuk Ijarah 11-Jul-20 PT Bank

SIPPLN02ACN1 Berkelanjutan II 7.70% 11-Oct-20 Tabungan idAAA(sy)
59. 186,000 12-Jul-17 11-Jul-22 5
IDJ0000094A6 PLN Tahap I Tahun 11-Jan-21 Negara Stable
Sukuk Ijarah 03-Aug-20 PT Bank

SIPPLN02ACN2 Berkelanjutan II 7.20% 03-Nov-20 Tabungan idAAA(sy)
60. 83,500 06-Nov-17 03-Nov-22 5
IDJ0000099A5 PLN Tahap II Tahun 03-Feb-21 Negara Stable
2017 Seri A Quarterly 03-May-21 (Persero) Tbk.

SIPPLN02ACN3 Berkelanjutan II 6.50% 22-Nov-20 Tabungan idAAA(sy)
61. 104,000 23-Feb-18 22-Feb-23 5
IDJ0000103A5 PLN Tahap III 22-Feb-21 Negara Stable

SIPPLN02BCN1 Berkelanjutan II 8.50% 11-Oct-20 Tabungan idAAA(sy)
62. 214,000 12-Jul-17 11-Jul-27 10
IDJ0000094B4 PLN Tahap I Tahun 11-Jan-21 Negara Stable

SIPPLN02BCN2 Berkelanjutan II 8.20% 03-Nov-20 Tabungan idAAA(sy)
63. 121,000 06-Nov-17 03-Nov-27 10
IDJ0000099B3 PLN Tahap II Tahun 03-Feb-21 Negara Stable
2017 Seri B Quarterly 03-May-21 (Persero) Tbk.

SIPPLN02BCN3 Berkelanjutan II 7.25% 22-Nov-20 Tabungan idAAA(sy)
64. 88,000 23-Feb-18 22-Feb-28 10
IDJ0000103B3 PLN Tahap III 22-Feb-21 Negara Stable

SIPPLN02CCN2 Berkelanjutan II 8.70% 03-Nov-20 Tabungan idAAA(sy)
65. 490,000 06-Nov-17 03-Nov-32 15
IDJ0000099C1 PLN Tahap II Tahun 03-Feb-21 Negara Stable
2017 Seri C Quarterly 03-May-21 (Persero) Tbk.

SIPPLN02CCN3 Berkelanjutan II 8.20% 22-Nov-20 Tabungan idAAA(sy)
66. 57,500 23-Feb-18 22-Feb-33 15
IDJ0000103C1 PLN Tahap III 22-Feb-21 Negara Stable

SIPPLN02DCN3 Berkelanjutan II 8.75% 22-Nov-20 Tabungan idAAA(sy)
67. 449,000 23-Feb-18 22-Feb-38 20
IDJ0000103D9 PLN Tahap III 22-Feb-21 Negara Stable

SIPPLN03ACN1 Berkelanjutan III 7.80% 10-Oct-20 Tabungan idAAA(sy)
68. 127,000 10-Jul-18 10-Jul-23 5
IDJ0000109A2 PLN Tahap I Tahun 10-Jan-21 Negara Stable

69. 114,000 11-Oct-18 10-Oct-23 5
IDJ0000112A6 PLN Tahap II Tahun 10-Jan-21 Negara Stable

SIPPLN03ACN3 Berkelanjutan III 8.50% 19-Nov-20 Tabungan idAAA(sy)
70. 263,000 20-Feb-19 19-Feb-22 3
IDJ0000120A9 PLN Tahap III 19-Feb-21 Negara Stable
709
Coupon Coupon

71. 274,000 02-Aug-19 01-Aug-24 5
IDJ0000140A7 PLN Tahap IV 01-Feb-21 Negara Stable

72. 6,500 02-Oct-19 01-Oct-24 5
IDJ0000148A0 PLN Tahap V Tahun 01-Jan-21 Negara Stable

73. 40,500 19-Feb-20 18-Feb-27 7
IDJ0000151A4 PLN Tahap VI 18-Feb-21 Negara Stable

SIPPLN03BCN1 Berkelanjutan III 8.35% 10-Oct-20 Tabungan idAAA(sy)
74. 150,000 10-Jul-18 10-Jul-25 7
IDJ0000109B0 PLN Tahap I Tahun 10-Jan-21 Negara Stable

75. 45,000 11-Oct-18 10-Oct-25 7
IDJ0000112B4 PLN Tahap II Tahun 10-Jan-21 Negara Stable

SIPPLN03BCN3 Berkelanjutan III 9.10% 19-Nov-20 Tabungan idAAA(sy)
76. 263,000 20-Feb-19 19-Feb-24 5
IDJ0000120B7 PLN Tahap III 19-Feb-21 Negara Stable

77. 368,000 02-Aug-19 01-Aug-26 7
IDJ0000140B5 PLN Tahap IV 01-Feb-21 Negara Stable

78. 10,000 02-Oct-19 01-Oct-26 7
IDJ0000148B8 PLN Tahap V Tahun 01-Jan-21 Negara Stable

79. 3,500 19-Feb-20 18-Feb-30 10
IDJ0000151B2 PLN Tahap VI 18-Feb-21 Negara Stable

SIPPLN03CCN1 Berkelanjutan III 8.40% 10-Oct-20 Tabungan idAAA(sy)
80. 258,000 10-Jul-18 10-Jul-28 10
IDJ0000109C8 PLN Tahap I Tahun 10-Jan-21 Negara Stable

81. 15,000 11-Oct-18 10-Oct-28 10
IDJ0000112C2 PLN Tahap II Tahun 10-Jan-21 Negara Stable

SIPPLN03CCN3 Berkelanjutan III 9.35% 19-Nov-20 Tabungan idAAA(sy)
82. 204,000 20-Feb-19 19-Feb-26 7
IDJ0000120C5 PLN Tahap III 19-Feb-21 Negara Stable

83. 20,000 02-Aug-19 01-Aug-29 10
IDJ0000140C3 PLN Tahap IV 01-Feb-21 Negara Stable

84. 92,000 02-Oct-19 01-Oct-29 10
IDJ0000148C6 PLN Tahap V Tahun 01-Jan-21 Negara Stable
710
Coupon Coupon

85. 9,000 19-Feb-20 18-Feb-35 15
IDJ0000151C0 PLN Tahap VI 18-Feb-21 Negara Stable

SIPPLN03DCN1 Berkelanjutan III 8.90% 10-Oct-20 Tabungan idAAA(sy)
86. 105,000 10-Jul-18 10-Jul-33 15
IDJ0000109D6 PLN Tahap I Tahun 10-Jan-21 Negara Stable

87. 50,000 11-Oct-18 10-Oct-38 20
IDJ0000112D0 PLN Tahap II Tahun 10-Jan-21 Negara Stable

SIPPLN03DCN3 Berkelanjutan III 9.60% 19-Nov-20 Tabungan idAAA(sy)
88. 45,000 20-Feb-19 19-Feb-29 10
IDJ0000120D3 PLN Tahap III 19-Feb-21 Negara Stable

89. 49,000 02-Aug-19 01-Aug-34 15
IDJ0000140D1 PLN Tahap IV 01-Feb-21 Negara Stable

90. 135,000 02-Oct-19 01-Oct-34 15
IDJ0000148D4 PLN Tahap V Tahun 01-Jan-21 Negara Stable

91. 62,500 19-Feb-20 18-Feb-40 20
IDJ0000151D8 PLN Tahap VI 18-Feb-21 Negara Stable

SIPPLN03ECN1 Berkelanjutan III 9.00% 10-Oct-20 Tabungan idAAA(sy)
92. 110,000 10-Jul-18 10-Jul-38 20
IDJ0000109E4 PLN Tahap I Tahun 10-Jan-21 Negara Stable

SIPPLN03ECN3 Berkelanjutan III 9.80% 19-Nov-20 Tabungan idAAA(sy)
93. 60,000 20-Feb-19 19-Feb-34 15
IDJ0000120E1 PLN Tahap III 19-Feb-21 Negara Stable

SIPPLN03ECN4 Berkelanjutan III 9.98% 01-Nov-20 Tabungan idAAA(sy)
94. 539,000 02-Aug-19 01-Aug-39 20
IDJ0000140E9 PLN Tahap IV 01-Feb-21 Negara Stable

SIPPLN03ECN5 Berkelanjutan III 9.90% 01-Oct-20 Tabungan idAAA(sy)
95. 554,000 02-Oct-19 01-Oct-39 20
IDJ0000148E2 PLN Tahap V Tahun 01-Jan-21 Negara Stable

SIPPLN03FCN3 Berkelanjutan III 9.95% 19-Nov-20 Tabungan idAAA(sy)
96. 28,000 20-Feb-19 19-Feb-39 20
IDJ0000120F8 PLN Tahap III 19-Feb-21 Negara Stable
Tahun 2019 Seri F Quarterly 19-May-21 (Persero) Tbk.
Sukuk Ijarah - PT Bank

SIPPLN04ACN1 Berkelanjutan IV 6.70% 08-Dec-20 Tabungan idAAA(sy)
97. 39,000 09-Sep-20 08-Sep-25 5
IDJ0000167A0 PLN Tahap I Tahun 08-Mar-21 Negara Stable

SIPPLN04BCN1 Berkelanjutan IV 7.25% 08-Dec-20 Tabungan idAAA(sy)
98. 35,000 09-Sep-20 08-Sep-27 7
IDJ0000167B8 PLN Tahap I Tahun 08-Mar-21 Negara Stable
711
Coupon Coupon

SIPPLN04CCN1 Berkelanjutan IV 7.90% 08-Dec-20 Tabungan idAAA(sy)
99. 200,000 09-Sep-20 08-Sep-30 10
IDJ0000167C6 PLN Tahap I Tahun 08-Mar-21 Negara Stable
2020 Seri C Quarterly 08-Jun-21 (Persero) Tbk.

SIPPLN04DCN1 Berkelanjutan IV 8.65% 08-Dec-20 Tabungan idAAA(sy)
100. 56,000 09-Sep-20 08-Sep-35 15
IDJ0000167D4 PLN Tahap I Tahun 08-Mar-21 Negara Stable
2020 Seri D Quarterly 08-Jun-21 (Persero) Tbk.

SIPPLN04ECN1 Berkelanjutan IV 8.86% 08-Dec-20 Tabungan idAAA(sy)
101. 46,500 09-Sep-20 08-Sep-40 20
IDJ0000167E2 PLN Tahap I Tahun 08-Mar-21 Negara Stable
2020 Seri E Quarterly 08-Jun-21 (Persero) Tbk.
TRADING HIGHLIGHT
PPLN01BCN1
ISIN CODE : IDA0000598B3 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23
Volume
Trading 2020 2021
Activities,
60 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
50 25 Volume (Rp bn) 18.00 54.76 - 12.00 4.00 5.00
Frequency
Frequency (X) 6 24 - 3 4 6
40 20
Trading days 3 9 - 2 1 2
30 15 Turnover Ratio (%) 10.33 31.43 - 6.89 2.30 2.87
CTP Price - High 102.190 102.500 - 105.300 104.900 105.800
20 10
Date 24-Mar 24-Jun - 16-Dec 15-Feb 15-Jun
10 5
CTP Price - Low 102.000 97.380 - 105.250 104.800 105.200
- - Date 03-Jan 06-May - 16-Dec 15-Feb 15-Jun
PHEI Fair Yield (%) 8.2147 7.1577 6.9582 6.3530 6.2021 5.5368
Mod. Duration (yrs) 2.780 2.608 2.416 2.224 2.020 1.821
109 8.5
Convexity (yrs) 9.172 8.052 6.917 5.869 4.862 3.971
107 8.0
Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
105 7.5
103 7.0
101 6.5
99 6.0
97 5.5
95 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
712
PPLN01BCN2 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
12 12 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
10 10 Volume (Rp bn) 10.10 2.10 5.00 2.00 2.00 5.00
Frequency
Frequency (X) 3 2 11 3 3 7
8 8
6 6 Turnover Ratio (%) 6.21 1.29 3.07 1.23 1.23 3.07
CTP Price - High 108.000 105.000 109.350 107.520 110.100 110.350
4 4
Date 20-Feb 07-Apr 11-Sep 06-Nov 19-Jan 21-Apr
2 2
CTP Price - Low 99.900 105.000 105.300 107.050 108.000 106.650
PHEI Fair Yield (%) 8.3906 7.3508 7.1055 6.5276 6.4225 5.7916
Mod. Duration (yrs) 3.083 2.924 2.743 2.561 2.367 2.177
112 10.0
Convexity (yrs) 11.266 10.088 8.866 7.721 6.597 5.590
110 9.0 Sensitivity (%) 0.031 0.029 0.027 0.026 0.024 0.022
108 8.0
106 7.0
104 6.0
102 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN02ACN1
Volume
Trading 2020 2021
Activities,
240 16 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) 194.50 2.20 28.00 26.00 1.00 4.00
Frequency
180 12 Frequency (X) 15 3 4 10 7 4
120 8 Turnover Ratio (%) 363.55 4.11 52.34 48.60 1.87 7.48
CTP Price - High 103.850 102.350 101.250 103.850 102.620 104.750
60 4 Date 21-Feb 08-May 15-Jul 17-Nov 10-Feb 15-Jun
CTP Price - Low 95.240 101.000 101.200 101.200 99.650 102.650
- - Date 27-Mar 29-May 15-Jul 14-Oct 24-Mar 16-Jun
PHEI Fair Yield (%) 7.5207 6.5478 6.4233 5.5816 5.5625 4.8532
Mod. Duration (yrs) 2.038 1.840 1.629 1.417 1.193 0.973
106 8.0
Convexity (yrs) 4.926 4.036 3.192 2.448 1.775 1.219
Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
104 7.0
102 6.0
100 5.0
98 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
713

PPLN02ACN2
Volume
Trading 2020 2021
Activities,
100 15 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
80 12
60 9 Trading days 3 - - - - -
Turnover Ratio (%) 79.73 - - - - -
40 6 CTP Price - High 100.600 - - - - -
Date 26-Feb - - - - -
20 3
CTP Price - Low 99.450 - - - - -
- - Date 02-Jan - - - - -
PHEI Fair Yield (%) 8.2042 6.9058 6.6113 6.0521 5.7932 5.1114
Mod. Duration (yrs) 2.307 2.116 1.909 1.698 1.479 1.262
103 10.0
Convexity (yrs) 6.237 5.256 4.300 3.432 2.637 1.957
102 9.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
101 8.0
100 7.0
99 6.0
98 5.0
97 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN02ACN3
ISIN CODE : IDA0000879A9 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23
Volume
Trading 2020 2021
Activities,
4 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - -
Frequency
3 3 Frequency (X) - - - - - -
2 2 Turnover Ratio (%) - - - - - -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.0407 7.0516 6.7764 6.1939 5.9911 5.3286
Mod. Duration (yrs) 2.583 2.391 2.184 1.976 1.758 1.543
104 9.0
Convexity (yrs) 7.723 6.623 5.548 4.563 3.643 2.841
102 8.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.015
100 7.0
98 6.0
96 5.0
94 4.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
714
PPLN02BCN1
Volume
Trading 2020 2021
Activities,
4 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - -
Frequency
3 3 Frequency (X) - - - - - -
2 2 Turnover Ratio (%) - - - - - -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.5891 7.5239 7.4050 6.7410 6.6802 6.0660
Mod. Duration (yrs) 3.510 3.363 3.186 3.014 2.824 2.643
110 9.0
Convexity (yrs) 14.715 13.422 12.019 10.723 9.410 8.231
108 8.5
Sensitivity (%) 0.035 0.034 0.032 0.030 0.028 0.026
106 8.0
104 7.5
102 7.0
100 6.5
98 6.0
96 5.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN02BCN2
Volume
Trading 2020 2021
Activities,
4 4 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - - - - -
Frequency
3 3 Frequency (X) - - - - - -
2 2 Turnover Ratio (%) - - - - - -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.6817 7.6070 7.5301 6.8455 6.8033 6.1981
Mod. Duration (yrs) 3.776 3.632 3.455 3.285 3.096 2.916
106 9.5
Convexity (yrs) 16.898 15.532 14.020 12.633 11.207 9.927
104 9.0
Sensitivity (%) 0.038 0.036 0.035 0.033 0.031 0.029
102 8.5
100 8.0
98 7.5
96 7.0
94 6.5
92 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
715
PPLN02BCN3
ISIN CODE : IDA0000879B7 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25
Volume
Trading 2020 2021
Activities,
4 4 Q1 Q2 Q3 Q4 Q1 Q2
Volume
Price and Yield
Volume (Rp bn) - - - - - -
Frequency
3 3 Frequency (X) - - - - - -
2 2 Turnover Ratio (%) - - - - - -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.7636 7.6825 7.6461 6.9401 6.9135 6.3177
Mod. Duration (yrs) 4.046 3.904 3.726 3.558 3.368 3.189
106 10.0
Convexity (yrs) 19.248 17.804 16.174 14.691 13.148 11.764
Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.032
102 9.0
98 8.0
94 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN02CCN1 Listing Date Maturity Date
ISIN CODE : IDA0000835C7 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-26 Jul-27
Volume
Trading 2020 2021
Activities,
500 150 Q1 Q2 Q3 Q4 Q1 Q2
400 120
Frequency (X) 49 22 18 36 104 39
300 90 Trading days 17 6 12 19 22 21
Turnover Ratio (%) 49.79 74.32 7.89 24.65 156.12 119.97
200 60 CTP Price - High 105.250 103.120 105.850 109.450 108.000 109.050
Date 06-Mar 10-Jun 28-Aug 29-Dec 24-Feb 15-Jun
100 30
CTP Price - Low 99.250 94.320 100.900 101.000 103.690 104.650
- - Date 06-Jan 27-Apr 05-Aug 09-Oct 23-Feb 08-Apr
PHEI Fair Yield (%) 9.2427 8.2338 8.3239 7.6251 7.2133 6.7530
Mod. Duration (yrs) 5.233 5.174 5.031 4.932 4.805 4.679
114 11.0
Convexity (yrs) 34.644 33.447 31.510 30.006 28.304 26.671
110 10.0 Sensitivity (%) 0.052 0.052 0.050 0.049 0.048 0.047
106 9.0
102 8.0
98 7.0
94 6.0
90 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
716
PPLN02CCN2
Volume
Trading 2020 2021
Activities,
120 36 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
100 30 Volume (Rp bn) 0.40 - 25.00 102.00 13.00 1.00
Frequency
Frequency (X) 2 - 15 32 17 7
80 24
60 18 Turnover Ratio (%) 0.20 - 12.50 51.00 6.50 0.50
CTP Price - High 102.600 - 103.100 107.100 107.000 107.500
40 12
Date 09-Mar - 11-Sep 07-Dec 14-Jan 17-Jun
20 6
CTP Price - Low 99.400 - 96.900 100.130 101.580 103.150
- - Date 03-Mar - 03-Jul 27-Nov 12-Mar 06-May
PHEI Fair Yield (%) 9.2909 8.2283 8.4959 7.5584 7.7747 7.1661
Mod. Duration (yrs) 5.452 5.404 5.250 5.170 5.011 4.899
110 11.0
Convexity (yrs) 37.496 36.355 34.233 32.849 30.776 29.189
106 10.0 Sensitivity (%) 0.055 0.054 0.053 0.052 0.050 0.049
102 9.0
98 8.0
94 7.0
90 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN02CCN3 Listing Date Maturity Date
Volume
Trading 2020 2021
Activities,
40 8 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
35 7 Volume (Rp bn) - - 35.00 - - 10.00
Frequency
30 6 Frequency (X) - - 7 - - 2
25 5 Trading days - - 1 - - 1
20 4 Turnover Ratio (%) - - 41.06 - - 11.73
15 3 CTP Price - High - - 93.950 - - 102.050
10 2 Date - - 07-Sep - - 08-Jun
5 1 CTP Price - Low - - 92.600 - - 102.000
- - Date - - 07-Sep - - 08-Jun
PHEI Fair Yield (%) 9.3348 8.2787 8.5718 7.6080 7.7006 7.2440
Mod. Duration (yrs) 5.755 5.709 5.550 5.474 5.319 5.197
104 10.0
Convexity (yrs) 41.314 40.126 37.846 36.414 34.271 32.508
Sensitivity (%) 0.058 0.057 0.056 0.055 0.053 0.052
99 9.0
94 8.0
89 7.0
84 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
717
PPLN02DCN2
ISIN CODE : IDA0000855D3 Nov-17 Nov-22 Nov-27 Nov-32
Volume
Trading 2020 2021
Activities,
1200 30 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
1000 Volume
25 Volume (Rp bn) 176.00 14.00 100.00 975.00 132.00 1.00
800 20
600 15 Turnover Ratio (%) 64.41 5.12 36.60 356.82 48.31 0.37
CTP Price - High 102.350 100.250 99.980 106.000 102.940 -
400 10
Date 17-Feb 15-May 29-Sep 27-Nov 24-Feb -
200 5
CTP Price - Low 100.860 99.900 99.960 99.280 102.500 -
- - Date 23-Jan 28-May 29-Sep 12-Oct 23-Feb -
PHEI Fair Yield (%) 9.7732 9.0284 8.6961 7.9042 8.5118 8.2617
Mod. Duration (yrs) 7.268 7.351 7.335 7.400 7.190 7.145
110 11.0
Convexity (yrs) 74.464 74.869 73.813 73.894 70.117 68.666
105 10.0 Sensitivity (%) 0.073 0.074 0.073 0.074 0.072 0.071
100 9.0
95 8.0
90 7.0
85 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN02DCN3 Listing Date Maturity Date
ISIN CODE : IDA0000879D3 Feb-18 Feb-21 Feb-24 Feb-27 Feb-30 Feb-33
Volume
Trading 2020 2021
Activities,
30 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
25 5
20 4
15 3 Turnover Ratio (%) - - 27.62 - - -
CTP Price - High - - 98.000 - - -
10 2
Date - - 09-Sep - - -
5 1
CTP Price - Low - - 97.000 - - -
- - Date - - 09-Sep - - -
PHEI Fair Yield (%) 9.5330 8.7994 8.4823 7.7079 8.4150 8.1722
Mod. Duration (yrs) 7.543 7.629 7.612 7.678 7.443 7.398
110 10.0
Convexity (yrs) 79.479 79.931 78.809 78.908 74.644 73.146
105 9.5 Sensitivity (%) 0.075 0.076 0.076 0.077 0.074 0.074
100 9.0
95 8.5
90 8.0
85 7.5
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
718
PPLN02ECN3 Listing Date Maturity Date
ISIN CODE : IDA0000879E1 Feb-18 Feb-22 Feb-26 Feb-30 Feb-34 Feb-38
Volume
Trading 2020 2021
Activities,
180 24 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
150 Volume
20 Volume (Rp bn) 82.60 10.00 9.00 164.00 - 4.00
120 16
90 12 Turnover Ratio (%) 24.21 2.93 2.64 48.06 - 1.17
CTP Price - High 103.170 94.560 102.000 107.500 - 103.600
60 8
Date 24-Jan 13-Apr 19-Aug 22-Dec - 28-Jun
30 4
CTP Price - Low 94.060 94.540 86.000 98.000 - 91.800
- - Date 31-Mar 13-Apr 26-Aug 30-Nov - 27-Apr
PHEI Fair Yield (%) 9.6144 9.0098 8.7206 8.1128 8.7816 8.5850
Mod. Duration (yrs) 8.573 8.765 8.824 8.996 8.687 8.703
110 11.0
Convexity (yrs) 112.808 115.757 116.087 118.565 111.850 111.308
105 10.0 Sensitivity (%) 0.086 0.088 0.088 0.090 0.087 0.087
100 9.0
95 8.0
90 7.0
85 6.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN03ACN1
Volume
Trading 2020 2021
Activities,
60 6 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume Volume (Rp bn) - 50.00 - 20.00 - -
50 5
Frequency Frequency (X) - 2 - 4 - -
40 4
Trading days - 2 - 1 - -
30 3 Turnover Ratio (%) - 254.78 - 101.91 - -
CTP Price - High - - - 103.400 - -
20 2
Date - - - 03-Dec - -
10 1
CTP Price - Low - - - 103.300 - -
- - Date - - - 03-Dec - -
PHEI Fair Yield (%) 8.2208 7.2056 6.9648 6.3486 6.2095 5.5643
Mod. Duration (yrs) 2.811 2.636 2.443 2.249 2.043 1.842
105 9.0
Convexity (yrs) 9.327 8.185 7.036 5.972 4.949 4.045
Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
103 8.0
101 7.0
99 6.0
97 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
719
PPLN03ACN2 Listing Date Maturity Date
ISIN CODE : IDA0000940A9 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23
Volume
Trading 2020 2021
Activities,
4 4 Q1 Q2 Q3 Q4 Q1 Q2
Price and Yield
Volume
Volume (Rp bn) - - - - - -
Frequency
3 3 Frequency (X) - - - - - -
2 2 Turnover Ratio (%) - - - - - -
1 1 Date - - - - - -
- - Date - - - - - -
PHEI Fair Yield (%) 8.3261 7.2955 7.0823 6.4619 6.3408 5.7046
Mod. Duration (yrs) 2.959 2.795 2.609 2.424 2.226 2.032
107 9.0
Convexity (yrs) 10.433 9.272 8.078 6.969 5.887 4.923
Sensitivity (%) 0.030 0.028 0.026 0.024 0.022 0.020
105 8.0
103 7.0
101 6.0
99 5.0
Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21
PPLN03ACN3
Listing Date

Ibmd 2021

Uploaded by

Copyright:

Available Formats

Ibmd 2021

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Ibmd 2021

Uploaded by

Copyright:

Available Formats

6.493.

Bagaimana dengan Anda?

ikuti Sekolah Pasar Modal yang

*per 6 Oktober 2021

Indonesia Stock Exchange @indonesiastockexchange Indonesia Stock Exchange idx_bei

Research and Market Information Department

All right reserved. Published 2021.

Rights and Permissions

Indonesia Bond Market Directory 2021

Keep moving forward Indonesia Capital Market.

995 Bond Market Beta

1011 Bond Instrument in Indonesia

1037 Regulation Update

INDONESIA ECONOMIC REVIEW

2020e 2021f 2022f

Source: OECD Economic Outlook, Sep 2021

Indonesia Economic Growth (%yoy) After experiencing contractions due to COVID-19

INDONESIA ECONOMIC REVIEW

Source: Bank Indonesia Source: Bank Indonesia

Indonesia External Sector Performance The first wave of pandemic triggered

6.00 0.00 131.72

-4.00 -0.38 -0.80

to gradually increase driven by surplus in

INDONESIA ECONOMIC REVIEW

The US Macroeconomic Indicators

4.5 6.3 6.7 6.7

INDONESIA ECONOMIC REVIEW

Fiscal Policies Monetary Policies

Financial Sector Policies

Government Budget for 2022 (APBN 2022)

Sources: Ministry of Finance

INDONESIA BOND MARKET REVIEW

Global COVID-19 cases

260 Trade agreement Indonesia COVID-19 260

Foreign Inflow / Outflow in SBN (in Rp Trillion)

200 (121.26) 200

Sources: PHEI, Ministry of Finance

rebound with increasing trend. ICBI managed to rose 14.47%

Target Gross Gross Issuance Target Net Net Issuance

Sources: Ministry of Finance Sources: Ministry of Finance

INDONESIA BOND MARKET REVIEW

Redemption + buybacks -282.3 -416.2 -457.6 -308.2 -341.7

Total net issuances 436.73 358.40 445.76 1,225.45 1,207.27 711.48

Corporate Bond Profiles

Sources: KSEI, as of Sep 2021

INDONESIA BOND MARKET REVIEW

Top 10 Corporate Bond Outstanding

2 Lembaga Pembiayaan Ekspor Indonesia 29.00 6.51%

3 Sarana Multi Infrastruktur (Persero), PT 20.51 4.60%

4 Bank Rakyat Indonesia (Persero) Tbk, PT 20.14 4.52%

5 Sarana Multigriya Finansial (Persero), PT 18.29 4.11%

6 Bank Tabungan Negara (Persero) Tbk, PT 15.97 3.59%

7 Bank Mandiri (Persero) Tbk, PT 14.00 3.14%

8 Bank Pan Indonesia Tbk, PT 13.43 3.01%

9 Permodalan Nasional Madani (Persero), PT 11.81 2.65%

10 Indosat Tbk, PT 11.78 2.64%

Total 431.62 96.88%

Financing Service 24.78

Heavy Constructions &