7/29/2019 Lg Zi 39285932
1/28
April 2011
OFFICE OF CHIEF ECONOMIST
IInnddoonneessiiaa UUppddaatteeBI kept rate unchaged at 6.75%, SBI minimum holding period extended
Bank Indonesia kept its policy rate unchanged at 6.75% in governor boards meeting,
in line with our and consensus expectations, as inflationary pressures moderated in
March. Yet, the possibility of rate hike remains open given looming inflation risk
particularly from higher global commodity prices and rising domestic demand. Thecentral bank would allow currency to appreciate further to curb inflation as it has
not adversely affected exports competitiveness. At the same time, it will also extend
the minimum holding period of its SBI note to 6 months from previously only 1
month, to prevent sudden capital reversal and to prolong foreigners investment
horizon. However, as the government delayed fuel rationing until indefinite period,
there are possibilities rate increase could be pushed back to the 2H11.
Heavy Equipment Industry Grows in Line with Commodity Prices
Most of heavy equipments are used in the mining, plantation, construction and
forestry sectors. Demand for heavy equipment from the forestry sector is related to
the growth of timber process-based industry, such as pulp and paper as well as
plywood industries.
Most of heavy equipment companies in Indonesia are affiliated with foreign
companies. Komatsu, the major brand of United Tractors controls the market of
heavy equipment industry with 46% market share. Hexindo, which relies on Hitachi,
controls 19% of the market share, Catterpillar (Trakindo) 16%, Kobelco (12%) and
other brands up to 7%. There is a fierce price competition among the players in this
industry. It is not only involved the existing players, but also the entry of new
products from Korea and China.
Food and Beverage Industry Outlook 2011
The market of processed food and beverage products in 2011 is estimated has
positive growth. The sales value of food and beverage products is projected to
increase within the range from 9% YoY up to 14% YoY (optimistic scenario).
However, increasing price of oil and food commodities will become an obstacles inachieving the targeted sales growth.
CCoonntteennttss
BI kept rate unchaged at 6.75%, SBIholding period extended
p.02
Heavy Equipment Industry Growsin Line with Commodity Prices
p.05
Food and BeverageIndustry Outlook 2011
p.13
Mandiri Current Forecast p.26Indonesia Current Data (Table) p.27
AAnnaallyyssttFaisal Rino Bernando
Rini Setyowati
M. Ajie Maulendra
Nadia Kusuma Dewi
Nurul Yuniataqwa Karunia
Sindi ParamitaReny Eka Putri
Ahmad Subhan Irani
PPuubblliiccaattiioonn AAddddrreessss::Bank Mandiri Head Office
Office of Chief Economist
21st
Floor, Plaza Mandiri
Jalan Jend. Gatot Subroto Kav.36-38
Jakarta 12190, Indonesia
Phone: (62-21) 5245516 / 5272
Fax: (62-21) 5210430
EEmmaaiill::[email protected]
SSeeee iimmppoorrttaannttddiissccllaaiimmeerraatttthhee eennddooff
tthhiiss mmaatteerriiaall
Foreign holding in SBI
-
10
20
30
40
50
60
70
80
90
Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11
0
5
10
15
20
25
30
35
40
% of total (RHS)
Amount (IDR tn, LHS)
7/29/2019 Lg Zi 39285932
2/28
Oce of Chief EconomistPage 2 of 28
Bank Indonesia kept the BI rate unchanged at 6.75% in
yesterday's governor boards meeting, in line with our and
consensus expectations. The central bank expects recent
Rupiahs appreciation will help restrain imported inflation.
Thus, with moderating headline inflation reading that mainly
due to harvesting season, the central bank opts to hold the
rate hike this month. Yet, despite the decision, the centralbank explicitly mentioned that room for further rate hike
remains open should inflationary pressure build up again.
Bank Indonesia tends to allow further currency appreciation,
and will only leave the rate hike only in the event of significant
increase in inflationary pressures, in our opinion. The central
bank sees that the appreciation has not harmed exports
competitiveness as it is reflected in healthy growth in non-oil
and gas exports, which we agree with. The peer currencies
appreciation and Indonesia commodity based exports has
helped support export competitiveness.
Based on real effective exchange rate that measures
competitiveness across countries by taking into account
currency appreciation and inflation of country trading
partners, it shows that the Rupiahs real appreciation is still
within the regional average (see picture 4). We estimate that
it would provide another 2%-3% appreciation from its position
in Feb11 to around IDR 8,600/USD before hurting export
competitiveness, assuming peer currencies and inflation
BI kept rate unchaged at 6.75%, SBI minimum holding period
extended
Destry Damayanti ([email protected])Aldian Taloputra ([email protected])
Figure 1. Apr11 BI Rate Summary. (Source: CEIC, Bloomberg, Mandiri Sekuritas)
(%) Dec-09 Dec-10 Mar-11 Apr-11
Headline Inflation (% yoy) 6.50 6.50 6.75 6.75
Headline Inflation (% morr) 6.50 6.50 6.75 6.75
Headline Inflation (% ytd) 6.50 6.50 6.75 6.75
Core Inflation (% yoy) 2.78 6.50 6.84
7/29/2019 Lg Zi 39285932
3/28
Oce of Chief Economist Page 3 of 28
constant. Thus, we believe any further appreciation in the
Rupiah will be in line with regional currencies movement.
In addition to the appreciation, the central bank also
tightened the macro prudential measures, by extending the
minimum holding period of central bank paper (SBI) from
minimum one month to six months, effective May 13th
. The
policy will help prevent sudden capital outflows and reduce
the flexibility of the foreign accesses to the central bank paper
as the longer holding period will increase foreigners exposure
to currency risk, thus increase the cost of foreign exchange
hedging. For comparison, the 1-month USD/IDR non-
deliverable forward (NDF) implied forward premium is 48
points (0.5%), compared with 275 points (3%) of the 6-mo
contract according to Bloomberg. Yet, the impact on the
overall foreign inflows, remain to be seen, as foreigners still
can buy government bonds, without any restriction. Even with
hedging, we estimate that the foreign investors are still able to
receive reasonable positive net return more than 3% by
investing in SBI, assuming they borrow at 6-mo LIBOR rate of
0.5%.
Despite moderating inflationary pressures, we think inflation
risk remains high. Increasing global commodity prices,
triggered by political unrests in the Middle East and North
Africa and weaker USD, and strong domestic demand willpotentially drive inflation, which we expect to end at 6.6% in
2011. We maintain our view for another 25-bp rate hike this
year by end 2Q11. However, as the government delayed fuel
rationing until indefinite period, there are possibilities the rate
hike could be pushed back to the 2H11.
7/29/2019 Lg Zi 39285932
4/28
Oce of Chief EconomistPage 4 of 28
Figure 2.
Foreign Holding in SBI Continue to Increase even after The Implementation of
Minimum one month holding period in Jul10. (Source: CEIC)
Foreign holdi ng in SBI
-
10
20
30
40
50
60
70
80
90
Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11
0
5
10
15
20
25
30
35
40
% of total (RHS)
Amount (IDR tn, LHS)
Figure 3. Rupiah Appreciation is on The Average of Regional Currency Appreciation. (Source:
BIS)
Real Effective Exchange Rate Feb11
(% deviation from base year end 2009=100)11.1
9.3 9.08.0
7.06.2
5.0 4.8 4.3
3.1
2.0
-3.5
-6
-4
-2
0
2
4
6
8
10
12
14
Russia
Brazil
Singapore
India
Malaysia
Indonesia
China
Thailand
Philippines
Korea
Japan
HongKongSAR
7/29/2019 Lg Zi 39285932
5/28
Oce of Chief Economist Page 5 of 28
Heavy Equipment Demand
Most of heavy equipments are used in the mining, plantation,
construction and forestry sectors. In the mining sector, heavy
equipments are used particularly for overburden removal
process. While in plantation sector, heavy equipments are
used widely from land-clearing and land-capping process to
large-scale plantation maintenance process such as those in
the palm plantation. Demand for heavy equipment from the
forestry sector is related to the growth of timber process-based industry, such as pulp and paper as well as plywood
industries.
Heavy equipment sales in Indonesia have fluctuated in line
with the trend of economic structure development. In the
1990s, heavy equipment sales was dominated by the
construction sector during Indonesias rapid development on
infrastructure or property construction. Furthermore after the
1988 crisis, the development of the property and
infrastructure are being stagnant. In fact, the crisis also
brought many projects to a halt. As a result, heavy equipment
sales in this sector were also hampered. On the other hand,
the forestry and mining sectors showed better improvement.
Heavy equipment sales in this decade relied heavily on both
sectors.
Oil price hikes in 2005 forced the manufacturing and power
plant industries to find alternative fuel to replace oil fuel. Coal
was become a choice as at that time coal price was far lower
than oil price, resulting in the huge coal demand both from
export and domestic market. In fact, this brought Indonesia as
the largest coal exporter in the world, replacing Australia
dominance. This very aggressive coal production indeed had a
positive impact on heavy equipment sales.
Heavy Equipment Industry Grows in Line with Commodity PricesRini Setyowati ([email protected])
Heavy equipment sales
in Indonesia fluctuate in
line with the trend of
economic structure
development.
7/29/2019 Lg Zi 39285932
6/28
Oce of Chief EconomistPage 6 of 28
In addition to coal mining sector, increasing oil price also had a
positive effect on the development of the global crude palm
oil (CPO) price in which CPO currently can be used as raw
material for biodiesel, the substitute for oil fuel. High CPO
price pushes investors to conduct expansion by opening land
for palm plantation which requires a lot of heavy equipments.
As of mid 2000s until now, heavy equipment in the mining
and plantation sector has been the driver of the national
heavy equipment sales.
In the 4th
quarter-2008, heavy equipment business which
indicated a rapid demand from 2004 to the 3rd
quarter-2004
began to weaken. The fall of coal commodity price and CPOwas the driver of declining demand for heavy equipment.
Figure 4. National Heavy Equipment Sales. Heavy equipment demand comes from theconstruction, forestry, plantation and mining sector. The mining and plantation sectors arecurrently the primary driver of the national heavy equipment demand. (Source: United Tractors)
Mining
Agriculture
ConstructionForestry
0
2000
4000
6000
8000
10000
12000
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
Mining
Agriculture
ConstructionForestry
7/29/2019 Lg Zi 39285932
7/28
Oce of Chief Economist Page 7 of 28
In the early 2009, increase in the price of energy as well as
mining and plantation primary commodity products created a
conductive climate due to the rapidly increasing export value
of these products, making primary commodity export the
main driver of the domestic economic growth. Commodity
booming up to the first semester of 2008 created an
increasing demand for heavy equipment with an indent period
of 3-6 months. However, a drop in the global mining and
plantation commodity prices as well as strict liquidity had
resulted in the decline in heavy equipment demand in the
second semester of 2008, leading to large inventory. For your
information, the level of inventory of heavy equipment
manufacturers reached to 4-5 months of heavy equipment
requirement, while in the normal circumstances, it only
reached about 1.5 2 months. This triggered price war among
the existing brands until Q109. Heavy equipment sales in
2009 showed a rapid decrease. Total demand for heavy
equipment at the national level in 2009 only reached 6,644
units, dropping to 31% if compared to the 2008 sales which
reached 9,684 units.
The national heavy equipment sales in 2010 reached 11,781
units, indicating a rise of 77% (YoY) supported by the high
price of coal commodity and CPO as well as the low interest
rate and base effectfactor. The heavy equipment demand in
2011 is estimated to grow by around 10% stimulated by the
optimism of industry players, particularly for coal mining
which is supported with the expectedly high coal, nickel, lead
and gold price in the short run. Moreover, the demand for
heavy equipment in the construction sector is expected to rise
along with the budget increase in the infrastructure sector
which reaches 36% from IDR 35.9 trillion to IDR 56.5 trillion.
The national construction sector is expected to grow by 7%
and contributes 10.4% to the GDP in 2011.
The national heavy
equipment sales in 2010
reached 11,781 units,
indicating a rise of 77%
(YoY) supported by the
high price of coal
commodity and CPO as
well as the low interest
rate as well as base
effect factor
Commodity booming up tothe first semester of 2008
created an increasing
demand for heavy
equipment
7/29/2019 Lg Zi 39285932
8/28
Oce of Chief EconomistPage 8 of 28
The increase in BI-rate is estimated to have less effect on the
purchasing power of heavy equipment consumers, particularly
heavy equipments in the mining sector. A rise in BI-rate,
however would affect Rupiah-based loan rate. Non-mining
heavy equipment uses more Rupiah-based loan. A rateincrease by 1% is still relatively acceptable to heavy
equipment industry. In overall, heavy equipment sales are
more influenced by the outlook of commodity price. Heavy
equipment demand in 2011 would be stimulated by the
mining and plantation sectors, particularly palm plantation.
The expected rise in oil and gas price which is supported by
the high coal import from China and India as well as disruption
in supply-side are estimated to maintain coal price at a high
level. The rising stripping ratio trend in coal mining would
increase the need for heavy equipment in this sector.
The increase in BI rate is
estimated to have no
effect on the purchasing
power of heavy
equipment consumers,
particularly heavy
equipments in the
mining sector
Figure 5. National Heavy Equipment Sales. In addition to the high commodity price, the national
heavy equipment sales are also supported by the low interest rate. As much as 90 % of the heavy
equipment sales still rely on financing from multi-finance and banking sources. (Source: United
Tractors, Bloomberg)
1,643 1,447 1,6932,247
3,964
4,9934,687
7,038
9,684
6,644
11,781
13,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F0
2
4
6
8
10
12
14
16
18Heavy Equipment Sales (Units) SBI Rate (3 Months)
7/29/2019 Lg Zi 39285932
9/28
Oce of Chief Economist Page 9 of 28
Current CPO price soars above the highest level in 2008. The
following are among contributory factors in the high CPOprice:
Growing demand from the largest consumers, namelyChina and India
Targeted increase in the global biodiesel production Disrupted supply in line with the change of climate
leads to an increase in food commodity price, including
CPO
CPO price is also affected by the fluctuation in theglobal oil price and its substitute commodities.
CPO price affects the companys financial capacity to makeinvestment.
Figure 6. Oil and Coal Price Growth.Coal price indicates more rapid growth if compared to thatof oil price because coal demand continues to mark a consistent increase, while oil price declines.
Fuel substitute from oil fuel to coal in the power plant and manufacturing industries requires
investment cost for special boiler. (Source: Bloomberg)
0
20
40
60
80
100
120
140
160
180
200
1/6/2006 2/9/2007 2/22/2008 2/20/2009 2/12/2010 2/11/2011
USD/Ton
0
20
40
60
80
100
120
140
160
USD/barrelCoal Pr ice (LHS) Crude Oil Pr ice (RHS)
7/29/2019 Lg Zi 39285932
10/28
Oce of Chief EconomistPage 10 of 28
The forestry and construction sectors continue expected to
grow at a moderate level. Pulp & paper market currently
shows a stagnant trend as the global economy has not made
full recovery, resulting in the relatively stable pulp price.
In 2011, the government sets the national infrastructure
development as its priority as marked with the increase in the
budget allocation if compared to last year. However, the
realization of this budget would be difficult due to several
issues, such as land acquisition. Positive growth in the
construction sector is currently more encouraged by the
development of infrastructure construction in the Eastern
Indonesia in line with the era of Regional Autonomy
promoting the need for infrastructure facilities, such as airport
renovation, seaport, trans-Sulawesi roads and land clearing for
palm plantation.
Figure 7. Crude Palm Oil Price Development. CPO price in 2011 has reached its highest level in2008 stimulated by the high demand and disrupted supply. (Source: Bloomberg)
Positive growth in the
construction sector is
mostly due to the
development of
infrastructure
construction in the
Eastern Indonesia
The forestry and
construction sectors
growth continue to be
at a moderate level
0
200
400
600
800
1000
1200
1400
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11
USD/Ton
7/29/2019 Lg Zi 39285932
11/28
Oce of Chief Economist Page 11 of 28
Heavy Equipment Supply
Most of heavy equipment companies in Indonesia are
affiliated with foreign companies. United Tractors is affiliated
with Komatsu, Hexindo with Hitachi, Trakindo Utama with
Caterpillar, PT Intraco Penta with Volvo, Kobelco, Ingersol
Rand, Bobcat, as well as PT Tatindo Hexaprima with
Sumitomo.
Several players dominate the heavy equipment industry.
Komatsu, the major brand of United Tractors controls the
market of heavy equipment industry with 46% market share.
Hexindo, which relies on Hitachi, controls 19% of the market
share, Catterpillar (Trakindo) 16%, Kobelco (12%) and other
brands up to 7%. There is a fierce price competition among
the players in this industry. It is not only involved the existing
players, but also the entry of new products from Korea and
China.
Most of heavy
equipment companies
in Indonesia are
affiliated with foreigncompanies
United Tractors
controls the market
of heavy equipment
industry with 46%
market share
Figure 8. Heavy Equipment National Market Share. Komatsu still dominates the national heavy
equipment market share of 46%. Komatsu sales are particularly in the mining and plantation
sectors. Hitachi controls the heavy equipment market in the forestry and plantation sectors.
(Source: United Tractors)
Kobelco12%
Others7%
Caterpillar16%
Hitachi,19%
Komatsu,
46%
2010 Market Share By Sector
Mining Agro Construction Forestry
Komatsu 53% 49% 37% 26%
Caterpillar 19% 11% 16% 10%
Hitachi 11% 27% 16% 40%
Kobelco 5% 13% 27% 24%
Others 12% 0% 4% 0%
Market Share By Sector
Mining Agro Construction Forestry
Komatsu 53% 49% 37% 26%
Hitachi 11% 27% 16% 40%
Others 12% 0% 4% 0%
7/29/2019 Lg Zi 39285932
12/28
Oce of Chief EconomistPage 12 of 28
The majority (90%) of the heavy equipment sales are funded
by financing industry. However in the multi-finance industry
itself, heavy equipment financing only contributes 12% to
their total financing. Multi-finance business is still focused on
automotive financing, reaching 80% of the total revenues of
multi-finance companies. If compared to 2009, the financing
factoring indicated a decrease by 5.9%, despite of the
improved NPL from 5.9% to 3.4%. Although multi-finance
industry becomes the main source of heavy equipment
financing, the banking sector also begins to target this market.
Domestic heavy equipment supply is affected by the
earthquake and tsunami in Japan as it still relies heavily on the
imported heavy equipment machine components. 80% of raw
materials still depend on imported steel as the industry still
uses steel with specific quality.
Conclusions
- Heavy equipment demand is estimated to continuegrowing driven by the optimism of industry players,
particularly for coal mining and plantation segment which
is supported by the expectedly high coal, nickel, lead and
gold as well as CPO price in the short run.
- Although in overall, this industry offers relatively goodprospect, but need to pay attention to several factors,
including among other the risk of decrease in commodityprice in the global market, increasingly unpredictable
weather factor, increase in the inflation and interest rate
as well as regulations related to mining and plantation
industries.
The majority of the
heavy equipment sales
are funded by financing
industry
7/29/2019 Lg Zi 39285932
13/28
Oce of Chief Economist Page 13 of 28
The solid macroeconomic condition is estimated to persist in
2011. This year, Indonesias economy is estimated to grow by
6.3% (YoY), domestic demand will remain functioning as the
driving factor, which is estimated to grow by 7.3% (YoY). Such
growth of domestic demand will certainly have positive
impacts on the food and beverage industry.
However, the relatively high volatility of the prices of food
commodities and energy in 2011 should also be taken intoaccount in relation to this industry. This is necessary because
some of food commodities like wheat and sugar are used as
raw materials for the food and beverage industry.
Optimism on consumption side
To see the actual condition of food and beverage product
consumption, we can observe several indicators, namely the
real retail sales index of food and tobacco, consumers
expectations and the sales of food and beverage products.
During the last year, the real retail sales index of food and
tobacco released by Bank Indonesia indicated an increasing
and relatively stable trend. In more details, the movement of
the real retail sales index of food and tobacco in January up to
February 2011 was still increasing, while on the contrary, the
total real retail sales index (covering all types of commodities,
including food and tobacco) was decreasing. Such condition
may be caused by the pressure posed by the relatively high
level of inflation during the period of January - February 2011,
so that it is expected to affect the peoples purchasing power
and to lead to a decline in the consumption of goods in
general. Even though the consumption of goods in general is
decreasing, the consumption of food and beverage products is
estimated to remain stable as indicated by the movement of
the real retail sales index of food and tobacco.
Food and Beverage Industry Outlook 2011M. Ajie Maulendra ([email protected])
Domestic demand,
which is estimated to
grow by 7.3% (YoY),
remains the driving
factor for economic
growth
Even though the
consumption of goods
in general is
decreasing, the
consumption of food
and beverage products
is estimated to remain
stable as indicated by
the movement of theretail real sales index
of food and tobacco
7/29/2019 Lg Zi 39285932
14/28
Oce of Chief EconomistPage 14 of 28
Another indicator to observe the trend of food and beverage
consumption is the consumer expectation index. According to
the consumer expectation index released by Bank Indonesia as
of February 2011, the consumers being surveyed were
relatively optimistic that their income for the next six months
will increase. This is reflected on the increase of the index as
from January up to February 2011 by 2.8 points. In line with
the expectation of better income, the respondents in the
aforementioned survey conducted by BI estimated that their
consumption will increase in the future especially for foodstuff
and processed food.
In 2011, GAPMMI (Indonesia Association of Food and
Beverage Industry) estimated that the sales of food and
beverage products will reach IDR 660 trillion, or grow by
approximately 9% compared to the previous year. Under themost optimistic scenario, GAPMMI estimated that such sales
figure may grow by 14% (YoY) or to reach IDR 690 trillion.
However, there are several obstacles hampering such growth
of 14%, including consumption expenditure pattern which will
continue prioritizing basic food stuff, such as rice, vegetables,
chillies, etc., over processed food and beverage products in
the event of an increase of the prices of those foodstuff. The
prices of basic foodstuff may potentially increase in 2011
mainly due to climate change.
The prices of basic
foodstuff maypotentially increase in
2011 mainly due to
climate change.
..consumers being
surveyed were
relatively optimistic
that their income for
the next six months
will increase
Figure 9. Increasing Trend of real retail sales index. The movement of index above indicates an
increasing trend of food consumption despite the pressure posed by inflation. (Source: Bank
Indonesia)
253.7253
268.8265.1
259.2269.2
273.8292.8
291.8293
331.2325
316.6327.9
318.3326.5
332.8
204.9206.9
221.5
213.6 207.3
213.5
217.9
227.7231
240.8
257.9263.2
242.8245.8
269.7256.3
245.1
Oct-09
Nov-0
9
Dec-0
9
Jan-1
0
Feb-1
0
Mar-1
0
Apr-1
0
May-1
0
Jun-1
0
Jul-10
Aug-1
0
Sep-1
0
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
food and tobacco real retail sales index total real retail sales index
% yoy
% yoy
7/29/2019 Lg Zi 39285932
15/28
Oce of Chief Economist Page 15 of 28
Several players in the food and beverage industry also have
positive view regarding business propects for this year, so that
they are generally targetting increase of sales. Those players
are, among others:
- PT. Garudafood Putra Putri Jaya, which is targetting salesincrease of 100% (YoY) in 2011 or to become IDR10 trillion.
- PT Tiga Pilar Sejahtera Food Tbk, which is targeting salesincrease of 49% (YoY) in 2011 for the food sector to
become IDR 1 trillion.
- PT. Siantar Top, which is targetting sales increase of 20%(YoY) in 2011 to become IDR900 billion.
- PT. Mayora Indah, which is targetting sales increase of25%(YoY) in 2011 to become IDR8.75 trillion.
In 2011, GAPMMI
estimated the sales of
food and beverageproducts will reach
IDR 660 trillion, or will
grow by
approximately 9%
compared to the
previous year
Figure 10. Stable sales growth.The domestic sales of food and beverage products grows in arelatively stable manner. When there is an increase of the prices of the products, demandswould usually decrease for two or three months and afterwards the demands would graduallyincrease.(Source: GAPMMI, Mandiri Group Estimates)
*
383
505
555
605
660690
2007 2008 2009 2010 2011F
Food and Beverage Sales
(IDR trillion)GDP Growth and Consumption
Spending
(%)
6
7.4
5.5 5.3
7.8
6.3 6.1
4.6
6.1 6.3
2007 2008 2009 2010 2011F
Domestic Demand Rea l GDP GrowthIDR 660 Trillion = Moderate Scenario
IDR 690 Trillion = Optimism Scenario
7/29/2019 Lg Zi 39285932
16/28
Oce of Chief EconomistPage 16 of 28
The Association of Indonesian Soft Drink Manufacturers
(Asrim) also estimated a relatively high growth in the beverage
market. The sales of energy drinks is estimated to grow by
10% in 2011, to become IDR3.8 trillion from IDR3.5 trillion in
the previous year. Meanwhile, the sales of isotonic drinks in
2011 is estimated to grow by 15% - 20% (YoY), or to reach
IDR1.72 IDR1.8 trillion. Asrim also estimated that the market
for ready-to-drink tea will increase by 7.5% (YoY) this year.
Competition in increasing production
The optimism about the increase in public consumption has
made food and beverage manufacturers enthusiastic to
increase their production in 2011. With such increase of
production, the players in this industry are expected to be
able to meet their sales targets which have been set to reach
significant increase this year. GAPMMI projected that
investments in the food and beverage industry in 2011 would
reach IDR39 trillion, or to grow by 56% compared to the last
years figure of IDR25 trillion. With such increase of
investments, the capacity of the food and beverage industry is
targeted to increase by 15-20%.
GAPMMI projected
that investments in the
food and beverage
industry in 2011 wouldreach IDR39 trillion, or
to grow by 56%
compared to the last
years figure of IDR 25
trillion.
7/29/2019 Lg Zi 39285932
17/28
Oce of Chief Economist Page 17 of 28
In line with the aforementioned projection, GAPMMI noted
that several large scale food and beverage producers will
invest in the forms of the construction of new plants or
improvement of production capacity this year. Those
producers are PT. Mayora Indah Tbk, which will construct two
candy and biscuit factories in Tangerang with investments of
IDR 700 billion, PT. Tiga Pilar Sejahtera Food, which will
increase the capacity of its factories and conduct machine
restructuring with investments of IDR200-300 billion, PT.
Indofood Tbk, which will increase its production capacity with
investments of IDR3 trillion, as well as Nippon Sari, which will
construct three factories in North Sumatra, South Sulawesi
and Jakarta with investments of IDR160 240 billion.
Figure 11. Main Contributor. Food and beverage industry is one of main contributors for non oil
and gas manufacturing sector in Indonesia. The government has set the target that the
production of the food, beverage and tobacco industry would grow by 7.9% (YoY) in 2011,
indicating an increase from the target for 2010 of 6.64% (YoY). (Sources: Central Statistics
Agency, news in the media)
GDP Share of Non Oil and Gas
Manufacturing Industry
29.8%
9.8%
3.8%5.2%
13.3%3.0%
1.5%
32.9%
0.7%
Food, Beverages a nd
Tobacco Indu stries
Textil e, Lea ther Productsand Footwear
Wood Products andOther Wood Products
Paper and Printing
Fertilizers, Chemical andRubbe r Products
Cement and Nonmetali cQuarrying Products
Bas ic Metal, Iron andSteel
Trans port Equipment,Machinery and Apparatus
Other Manufa cturingProducts
Several large scale
food and beverage
producers will invest inthe forms of the
construction of new
plants or improvement
of production capacity
this year
7/29/2019 Lg Zi 39285932
18/28
Oce of Chief EconomistPage 18 of 28
Food and beverage industry has always been influenced by
product innovation each year. This results in relatively tight
competition in this industry even though the products of
large-scale players are still dominating the market. In the food
sector, the market of instant noodle products is currently
dominated by Indofood (ICBP) with a market share of 66%. Its
closest competitor is Wings Food, with a market share of 26%.
Even though Indofood is currently controlling the market, its
share has decreased compared to its share in 2002. During
that period, Indofood controlled the market of instant noodle
with a market share of 90%. In addition, other instant noodle
products, such as Nissin Mas, PT. ABC and TPS Food, have
been increasingly gaining market shares and contributing to
the increasingly intensive competition in the instant noodle
market.
While in the beverage sector, the markets of ready-to-drink
tea and energy drinks are still expected to grow positively in
2011. As mentioned earlier, the sales of ready-to-drink tea is
expected to grow by 7.5%(YoY) this year, while the sales of
energy drink is expected to grow by 10% (YoY). The market
share of packaged tea drinks is still dominated by Sinar Sosro
(65%) followed by its closest competitor Orang Tua Group
(20%). Both of them targeting an increase of sales in 2011.
Sinar Sosro sets a target for sales increase of 10 12%, while a
higher target is set by Orang Tua Group, namely 45% this year.
In the food sector, the
market of instant
noodle products is
currently dominated
by Indofood (ICBP)with a market share of
66%
The market share of
packaged tea drinks is
still dominated by
Sinar Sosro (65%)
7/29/2019 Lg Zi 39285932
19/28
Oce of Chief Economist Page 19 of 28
In addition to competition among domestic players in the
industry, the producers also face competition from imported
products. Seen from the nominal value, imports of processedfood and beverage products during the last two years have
indicated a relatively significant increase. In 2010, imports of
those products reached USD2,439.6 million or increased as
high as 78.4% compared to the same in 2009 namely USD
1,367.3 million. By comparing the value of imported processed
food and beverage products to the value of other imported
goods, it can be concluded that processed food and beverage
products are among the category of most imported consumer
goods.
Figure 12. Competition in Domestic Markets. Markets for processed food and beverage
products are still promising for the manufacturers. For example, the current consumption of soft
drinks in Indonesia, which is still relatively low namely 43 liters/capita, is targeted to increase to
100 liters/capita in 2015. (Source: Indonesian Soft Drink Industry Association)
Indofood
66.3%
Wings
Food
25.5%
Others
8.2%
Instant Noodle Market
Share in Indonesia
Sinar
Sosro
65%
Orng
Tua
Group
20%
Coca
Cola
Indonesi
a,
Pepsi,Ot
hers
15%
Packaging /BottleTea Market
Share in Indonesia
.. the producers also
face competition from
imported products
7/29/2019 Lg Zi 39285932
20/28
Oce of Chief EconomistPage 20 of 28
Such condition is certainly an indication that there have beenincreasingly large amount of imported food and beverage
products, resulting in fiercer competition for the players in the
food and beverage sector. In addition to the increase in the
imports of food and beverage products, entrepreneurs
engaging in the food and beverage sector are also concerned
about the increasingly rampant inflow of illegal imported
products during the last few years. According to GAPMMI,
illegal imports in 2010 was estimated to reach 10 15% of the
total amount of products circulated in the market.
If no action is taken on this matter, the portion of illegally
imported goods is feared to increase continuously and take up
the market share of the domestic industry. Based on a survey
conducted by GAPMMI, most of those illegally imported
products are sold in a number of traditional markets, such as
in Semarang, Solo and Yogyakarta. Those products are
generally in the forms of biscuits and peanut products. In
addition the concern about business competition, such
Figure 13. Competition with imported goods. The value of imports of food and beverage
products in Q1 2011 rose by 6% (YoY) to USD 44.88 million from USD 42.34 million in Q1 2010.
The largest imports of food and beverage products are from Malaysia, in Q1 2011 imports of
food and beverage products from Malaysia reached USD 6.72 million or 15% of the total imports
of food and beverage products. (Source: Ministry of Trade)
Imports of Consumer Goods
24.4%
9.7%9.2%
2.5%
10.8%
13.7%
15.4%
2.6%
11.7%
Prima ry food a nd be verage
Processed food and beverage
Processed Fuel and Lubricants
Pass enger vehicles
Trans port equi pment not for industry
Durable consumption goods
Semidurable consumption goods
Non durable consumption goods
Others (not class ified)
The industry is also
concerned about the
increasingly rampant
inflow of illegal
imported products
during the last few
years
Most of those illegally
imported products are
sold in a number of
traditional markets
7/29/2019 Lg Zi 39285932
21/28
Oce of Chief Economist Page 21 of 28
illegally imported products are feared to have poor standards
(accordance with halal and hygiene standards).
The increasing price of raw materials
In 2011, the global and domestic economy are still facing the
high prices of crude oil and food commodities. Food and
beverage industry is one of the sectors affected by the high
prices of food commodities. The main raw materials are
wheat, which is used in the making of processed food (flour,
noodle and bread), sugar, which is used in the production of
processed food and beverages (candies, chocolate, packaged
drinks).
Such condition occurs because food and beverage industries
use food commodities in a large amount as raw materials for
their processing.
Food and beverage
industry is one of the
sectors affected by the
high prices of food
commodities
Figure 14. Increase of commodity prices. The average price of wheat is estimated to increase by22% (YoY) in 2011. Meanwhile, the average price of raw sugar this year is estimated to increase
by 24% (YoY). The two commodities are commonly used as raw materials in the food and
beverage industry. (Sumber : Bloomberg)
624.0657.0
782.0800.0 800.0
729.0
2009 2010 Q111 Q211 Q311 Q411
Wheat Price Forecast
(US cents/bushel)
16.5
20
3027.8
22.3 21
avg09 avg10 Q111 Q211 Q311 Q411
Raw Sugar Price Forecast
(cents/lb)
7/29/2019 Lg Zi 39285932
22/28
Oce of Chief EconomistPage 22 of 28
In addition to those commodities, CPO is also used as raw
material for the production of processed food, such as
margarine and cooking oil.
Other than CPO, several commodities used as raw materials,
such as wheat and sugar, mostly is imported. To meet the
demands for wheat, wheat flour producers in Indonesia
import the commodity from several countries, such as the
USA, Canada, Argentina and Australia. Whereas raw sugar, the
raw material for processing refined sugar required by food
and beverage industry, must also be imported from several
countries, such as Australia, Brazil and Thailand.
The fluctuation of exchange rate also affects the production
costs of the industry in relation to the purchase of raw
materials. However, the appreciation of Rupiah may become a
deducting factor for the production costs of the food and
beverage industry amidst the increasing prices of commodities
used as raw materials.
several commodities
used as raw materials,
such as wheat and
sugar, must be
imported
7/29/2019 Lg Zi 39285932
23/28
Oce of Chief Economist Page 23 of 28
The increase of the world oil prices also contributes to the
increase of the prices of plastic raw materials, leading to the
increase of prices of plastic packaging used by the food and
beverage industry. GAPPMI has estimated the increase of
plastic packaging price would be around 5-15% this year. This
industry is the largest consumer of plastic packaging (60%).
The increase in the production costs occurring in the food and
beverage industry will be charged to the prices of the final
products to be bought by consumers. At the beginning of
2011, GAPMMI estimated that increase of the prices of
processed food and beverage products during 2011 may reach
approximately 10-15%. Such estimate was based on theincrease of the prices of commodities, such as wheat and
sugar, as well as the increase of the costs of energy.
Figure 15. Production costs are estimated to increase. Raw materials (sugar and wheat) as wellas plastic packaging have the largest contributions to the structure of production costs. Increase
of the prices of food commodities, such as wheat and sugar, as well as increase of the prices of
plastic will lead to increase of the production costs for the food and beverage industry. (Source:
GAPMMI )
Raw
Materials
60%
Packaging
27%
Overhead
10%
Labour
3%
Food Industrys
Cost of Production Structure
Beverage Industrys
Cost of Production Structure
Raw
Materials
33%
Packaging
52%
Overhead
12%
Labour
3%
The increase of the
production costs
occurring in the food
and beverage industry
will be charged to the
prices of the final
products to be bought
by consumers
7/29/2019 Lg Zi 39285932
24/28
Oce of Chief EconomistPage 24 of 28
Financial performance of the players
In line with the optimism of the players in the food and
beverage industry in setting their sales targets, the financial
performance in this industry this year is estimated has positive
outlook.
Conclusions
The market of processed food and beverage products in 2011
is estimated has positive growth. The sales value of food and
beverage products is projected to increase within the range
from 9% YoY up to 14% YoY (optimistic scenario). One of the
obstacles in achieving the targeted growth of sales is the
increase of the prices of food and beverage products due to
the increase of the prices of raw materials.
The production of the domestic food and beverage industry is
estimated to grow by 7.9% (YoY) in 2011. Producers are
competing in their business expansion, in the form of theincrease of production capacity in order to reach their sales
targets in 2011. Therefore, competition in the food and
beverage industry will remain tight this year.
Financial performance
of food and beverage
companies indicate a
trend of positivegrowth
In addition to the
optimism with regard
to demands, it is alsonecessary to take into
account the high costs
of raw materials due
to potential inflation
from food
commodities
Figure 16. Financial performance indicates a trend of positive growth. The profitability of
companies is estimated to increase further in 2011. Such condition is in line with the relatively
optimistic sales targets set by the players in the food and beverage industry. (Source: the
companies financial statements)
Sales
Net
Income
Net Profit
Marg in Sales
Net
Income
Net Profit
Marg in Sales
Net
Income
Net Profit
M argin Sales
Net
Income
Net Profit
Margin
Indofood 27,858.3 980.4 3.5% 38,799.3 1,034.4 2.7% 37,397.3 2,075.9 5.6% 38,403.4 2,952.9 7.7%
Mayora 2,828.4 141.6 5.0% 3,907.7 196.2 5.0% 4,777.2 372.2 7.8% 6,652.1 448.5 6.7%
Siantar Top 600.3 15.6 2.6% 624.4 4.8 0.8% 627.1 41.1 6.5%
Ultra Jaya 1,126.8 30.3 2.7% 1,362.6 303.7 22.3% 1,613.9 61.2 3.8% 1,880.4 107.1 5.7%
Aqua 1,952.2 65.9 3.4% 2,331.5 82.3 3.5% 2,733.7 95.9 3.5%
Company
2007 2008 2009 2010
7/29/2019 Lg Zi 39285932
25/28
Oce of Chief Economist Page 25 of 28
During This year we still see the increasing price of global
commodity prices, including the prices of wheat, sugar and
CPO, which are mostly consumed as raw materials by the food
and beverage industry. In addition, the prices of plastic
packaging are estimated to increase this year. Such increase in
the prices of raw materials and plastic packaging will lead to
higher price of the final food and beverage products because
most of the components of the production costs are
contributed by raw materials and packaging.
The financial performance of the players in the food and
beverage industry during the period of 2009 2010 showed
good performance. Such condition is estimated to continue
this year in line with the positive growth of the economy and
domestic demand.
7/29/2019 Lg Zi 39285932
26/28
Oce of Chief EconomistPage 26 of 28
2005 2006 2007 2008 2009 2010 2011(f) 2012(f)
National Account
Real GDP (% yoy) 5.7 5.5 6.3 6.1 4.6 6.1 6.3 6.6
Domestic Demand (% yoy) 5.0 4.5 6.0 7.4 5.5 5.2 7.3 8.1
Real Consumption: Private (% yoy) 4.0 3.2 5.0 5.3 4.9 4.6 5.0 5.2Real Gross Fixed Capital Formation (% yoy) 10.8 2.9 9.2 11.7 3.3 8.5 13.1 14.4
GDP (USD bn) - nominal 286 364 432 512 540 717 856 1,007
GDP per capita (USD) - nominal 1,298 1,641 1,922 2,242 2,339 3,024 3,561 4,126
External Sector
Exports (%yoy,USD) - Merchandise 19.7 17.3 13.1 22.0 (15.0) 32.2 17.5 19.1
Imports (%yoy,USD) - Merchandise 24.0 6.7 21.8 40.7 (25.0) 42.0 24.0 22.7
Trade Balance (USD bn) 17.5 29.7 32.8 22.9 35.2 31.1 28.3 28.1
Current Account (% of GDP) 0.3 2.6 0.4 (0.1) 1.9 0.9 0.6 0.1
Current Account (USD bn) 0.3 10.9 10.5 0.1 10.7 6.3 4.7 0.6
External Debt (% of GDP) 47.1 36.4 32.7 30.3 32.0 27.1 25.0 23.3
International Reserves (US$ bn) 34.7 42.6 56.0 51.6 66.1 96.2 118.1 135.4
Import cover (months) 5.3 5.6 7.1 4.9 8.5 9.0 9.1 8.5IDR/USD (period average) 9,751 9,167 9,139 9,694 10,399 9,086 8,819 8,698
IDR/USD (year end) 9,830 9,020 9,400 11,120 9,400 8,963 8,762 8,663
Other
BI rate (% period average) 9.2 11.9 8.6 8.7 7.1 6.5 6.9 7.0
BI rate (% year end) 12.8 9.8 8.0 9.3 6.5 6.5 7.0 7.0
Headline Inflation (% yoy, year end) 17.1 6.6 6.6 11.1 2.8 7.0 6.8 6.5
Headline Inflation (% yoy, period average) 10.4 13.3 6.0 9.8 4.9 5.3 7.0 6.3
Fiscal Balance (% of GDP) (0.9) (1.1) (1.3) (0.1) (1.6) (0.6) (1.5) (1.5)
S&P's Rating - FCY B+ BB- BB- BB- BB- BB BB+ BBB-
S&P's Rating - LCY BB BB+ BB+ BB+ BB+ BB+ BBB- BBB
MACRO ECONOMIC INDICATORS AND FORECAST
7/29/2019 Lg Zi 39285932
27/28
Oce of Chief Economist Page 27 of 28
INDONESIA CURRENT DATA
2011
Jun Ju Aug Sep Oct Nov Des Jan Fe Mar
Exchange Rate
End of Period IDR/USD 9393 10900 9390 9061 8950 9016 8913 8936 9053 8978 9056 8818 8705Average IDR/USD 9354 1167 9462 9147 9043 8973 8969 8929 8947 9021 9041 8916 8760
Monetary SectorBase money M0, eop IDRtn 379.58 344.69 402.12 401.43 408.97 426.87 423.81 418.88 483.92 518.45 512.19 502.19 506.79Narrow money M1 IDRtn 450.06 456.79 515.82 545.41 539.75 555.50 549.53 555.53 571.35 605.38 604.17 585.92Broad Money M2 IDRtn 1,649.66 1,883.85 2,141.38 2,230.24 2,216.60 2,235.50 2,271.52 2,308.16 2,346.80 2,469.40 2,436.68 2,419.78Outstanding Loan IDRtn 995.11 1,313.87 1,446.81 1,589.66 1,605.81 1,647.42 1,669.64 1,686.46 1,717.88 1,783.60 1,763.33 1,793.99Outstanding Deposit IDRtn 1,459.44 1,673.82 1,914.11 2,006.83 1,987.51 1,993.98 2,041.15 1,951.12 2,107.82 2,208.72 2,188.75 2,173.95
Lending rate (working capital) % p.a 13.00 15.22 13.69 13.17 13.21 13.19 13.00 13.01 12.96 12.83 12.75 12.72
3-month deposit rate, eop % p.a 7.42 11.97 6.85 6.95 6.95 6.96 6.95 6.99 7.03 7.06 6.88 6.82
Overnight rate, eop % p.a 4.50 9.40 6.24 6.25 6.25 6.46 6.21 5.63 5.60 5.72 6.03 6.02 6.14
Prices
Headline CPI (2007=100) Index 155.5 113.86 117.03 119.86 121.74 122.67 123.21 123.29 124.03 125.17 126.29 126.46 126.05
Year on year inflation rate % 6.59 11.06 2.78 5.05 6.22 6.44 5.8 5.67 6.33 6.96 7.02 6.84 6.65
Month on month inflation rate % 1.1 -0.04 0.33 0.97 1.57 0.76 0.44 0.06 0.60 0.92 0.89 0.13 -0.32
Year to date inflation rate % N/A 11.06 2.78 2.42 4.02 4.82 5.28 5.35 5.98 6.96 0.89 1.03 0.70Wholesale Price Index
2000=100Index 217 238.0 167 173 174 175 176 176 177 178 180 180 180
TradeExport USDbn 10.86 8.69 13.35 12.33 12.49 13.73 12.18 14.40 15.63 16.78 14.45 14.40
Oil USDbn 2.51 1.24 2.50 1.90 1.88 1.99 2.08 2.84 2.82 3.26 2.62 2.56
Non oil USDbn 8.36 7.45 10.85 10.43 10.61 11.73 10.10 11.56 12.82 13.57 11.99 11.84
Import USDbn 6.81 6.29 10.33 11.76 12.62 12.17 9.65 12.15 13.01 13.15 12.56 12.00
Oil USDbn 2.39 0.98 2.10 2.39 2.11 2.21 2.00 2.38 2.95 2.64 2.97 2.56
Non oil USDbn 4.42 5.31 8.22 9.37 10.51 9.96 7.65 9.76 10.06 10.50 9.59 9.44
Trade Balance USDbn 4.06 2.40 3.02 0.57 -0.13 1.55 2.53 2.25 2.62 3.63 1.89 2.40
Output
GDP (current price) IDRtn 1034.86 1274.29 1450.82 1574.83 1668.35 1670.52
GDP (constant price at 2000) IDRtn 493.37 518.94 547.54 573.82 593.70 585.10
Real Growth % YoY 5.88 5.20 5.43 6.19 5.80 6.89
Capital MarketJCI Index, eop Index 2745.83 1355.41 2534.36 2913.68 3069.28 3081.88 3501.30 3635.32 3531.21 3703.51 3409.17 3470.35 3707.49
Volume, avg shares mn 3155.65 1743.25 3422.10 4542.75 4104.74 4190.05 6533.21 6240.28 6748.29 3965.38 3445.26 2559.76 2887.41
Value, avg IDRbn 4340.55 1454.61 2332.42 2847.71 2910.90 3308.05 4922.46 4830.13 5302.33 3959.30 4950.21 3431.62 3833.09
Consumer Confidence Index 99.10 90.60 108.70 111.40 105.70 104.00 107.60 112.00 108.10 109.30 113.90 106.40 107.10
Indicators Unit2010
2007 2008 2009
Disclaimer: This material is for information only, and we are not soliciting any action based upon it. This report is not to beconstrued as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer orsolicitation would be illegal. The information herein has been obtained from sources believed to be reliable, but we do notwarrant that it is accurate or complete, and it should not be relied upon as such. Opinion expressed is our current opinion as ofthe date appearing on this material only, and subject to change without notice. It is intended for the use by recipient only andmay not be reproduced or copied/photocopied or duplicated or made available in any form, by any means, or redistributed toothers without written permission of PT Bank Mandiri Tbk. Additional information is available upon request. For furtherinformation please contact: Office of Chief Economist, Ph. (021) 524 5516/5272 or Facs. (021) 521 0430.
7/29/2019 Lg Zi 39285932
28/28
Uprintwww.d
kuprinting.com
Oce of Chief Economist
OOvveerrsseeaass OOffffiicceess
Hongkong Branch
7th
Floor, Far East Finance Centre
16 Harcourt Road, Hongkong
Tel: 852-2527-6611
Fax: 852-2529-8131
Singapore Branch
3 Anson Road #12-01/02, Springleaf Tower
Singapore 079909
Tel: 65-6213-5688
Fax: 65-6438-3363
Cayman Islands Branch
Cardinal Plaza 3rd
Floor
30 Cardinal Avenue, PO Box 10198,
Grand Cayman, KY1-1002, Cayman Islands
Tel: 1-345-945-8891
Fax: 1-345-945-8892
Bank Mandiri (Europe) Limited, London
Cardinal Court (2nd
Floor),
23 Thomas More Street
London EIW IYY, United Kingdom
Tel: 44-207-553-8688
Fax: 44-207-553-8699
Shanghai Representative Office
3401, Bank of China Tower
200 Yin Cheng (M) Road,
Pudong New Area, Shanghai, 200120
Peoples Republic of China
Tel: 86-21-5037-2509
Fax: 86-21-5037-2507
Dilli Branch Timor LesteAvenida Presidente Nicolao Lobato
No.12, Colmera
Dilli Timor Leste
Tel: +670-331-7777
Fax: +670-331-7190/74444
Mandiri International Remittance Sdn.Bhd.
Wisma Mepro, 29 & 31 Jalan Ipoh 51200 Kuala
Lumpur, Malaysia
Telp : +60-3-4045-988
HHeeaadd OOffffiiccee
Plaza Mandiri
Jl. Gatot Subroto Kav. 36-38
Jakarta 12190, Indonesia
Tel: (62-21) 526 5045 526 5095
Fax: (62-21) 526 8372 526 5008
Website: www.bankmandiri.co.id
Zulkifli Zaini
President Director & CEO
Tel: (62-21) 3002 3067, Fax: (62-21) 526 3617
Riswinandi
Deputy President DirectorTel: (62-21) 3002 3028, Fax: (62-21) 526 3617
Abdul Rachman
Director Institutional Banking
Tel: (62-21) 3002 3839, Fax: (62-21) 252 4651
Sentot A. Sentausa
Director Risk Management
Tel: (62-21) 3002 3454, Fax: (62-21) 526 8213
Thomas Arifin
Director Treasury, FI & Special Asset Management
Tel: (62-21) 3002 3763, Fax: (62-21) 526 3763
Budi Gunadi Sadikin
Director Micro & Retail Banking
Tel: (62-21) 3002 3079, Fax: (62-21) 252 1585
Ogi Prastomiyono
Director Compliance & Human Capital
Tel: (62-21) 3002 3666, Fax: (62-21) 252 4651
Pahala N. Mansury
Director Finance & Strategy
Tel: (62-21) 3002 3089, Fax: (62-21) 526 8213
Fransisca N. Mok
Director Corporate Banking
Tel: (62-21) 3002 3847, Fax: (62-21) 526 3617
Sunarso
Director Commercial & Business Banking
Tel: (62-21) 3002 3087, Fax: (62-21) 526 3617Kresno Sediarsi
Director Technology & Operation
Tel: (62-21) 524 3092, Fax: (62-21) 252 1585
Haryanto Budiman
EVP Coordinator Change Management Office
Tel: (62-21) 3002 3076, Fax: (62-21) 526 8213
Mansyur S. Nasution
EVP Coordinator Consumer Finance
Tel: (62-21) 3002 3075, Fax: (62-21) 5296 4116
Riyani T. Bondan
EVP Coordinator Internal Audit
Tel: (62-21) 3002 3722, Fax: (62-21) 526 3623
Top Related