Reksa Dana Syariah Syailendra ETF Sharia Gold Exchange Traded Fund · IDX:XSGO

Reksa Dana Syariah Syailendra ETF Sharia Gold Exchange Traded Fund — PT Syailendra Capital — Debt Investor Presentation (October 2019)

21 slides from Reksa Dana Syariah Syailendra ETF Sharia Gold Exchange Traded Fund's debt investor presentation, October 2019

  1. Slide 1: Monthly Bulletin October 2019

    Preferred Investment Partner Monthly Bulletin Oktober 2019 What’s Inside Calendar Indonesia Fixed Income Market US FOMC Meeting (10 Oct) Dibulan September, Indonesia mengalami Selama Sep 19, Yield 10YR bergerak flat ID Trade Balance (15 Oct) gejolak politik akibat proses RUU KPK, RUU berkisar pada l

  2. Slide 2: Section 01: Macro Update

    Section 01 Macro Update 2

  3. Slide 3: How Slow Could Global Growth Go?

    How Slow Could Global Growth Go? Snapshot of growth consensus on World, US and China Real GDP Annual Growth Rate In % YoY World US China (RHS) 9 12 10.6 8 2.6 9.5 10 7 2.9 2.4 2.9 2.5 2.2 7.8 2.3 6 1.6 8 1.6 1.7 5 7.9 1.8 5.4 7.3 6.9 6.9 6 4 6.7 6.6 6.2 6.0 4.3 3 3.5 3.5 3.6 3.8 3.6 4 3.4 3.4 3.2 2

  4. Slide 4: China's Slowdown Might Be Worrying

    China’s Slowdown Might Be Worrying Consumption decreases due to lower household liquidity China CAD vs Nominal GDP Correlation Household Deposit vs Expenditure Numbers in % In yoy% China GDP Consumption vs Investment Contribution Source: Deutsche Bank In % YoY Sejak 2012, pertumbuhan Cina lebih dipi

  5. Slide 5: Stimulus Impact Is Getting More and More Obvious

    Stimulus Impact Is Getting More and More Obvious Recalling our view on China in Jun19 China Infrastructure Investment Growth Total Social Financing vs PMI Mfg. 3MMA YoY% TSF in Trillion Yuan TSF Monthly PMI Mfg. (RHS) 5 53 52 4 51 3 50 2 49 48 1 47 0 46 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Dec-

  6. Slide 6: Fed Is Also Starting to Inject Liquidity to Market

    Fed Is Also Starting to Inject Liquidity to Market Permanent Open Market Operations could support short-term financing needs Fed Balance Sheet and Excess Reserve The Difference Between POMO and QE In bio USD Illustration POMO QE Inject liquidity into the Economic stimulus by Aim system, cap short-te

  7. Slide 7: Section 02: Fixed Income Update

    Section 02 Fixed Income Update 7

  8. Slide 8: SBN Ownership

    SBN Ownership Foreign investor is adding position significantly YTD Net New Ownership of SUN Net New Ownership of SBSN Based on ownership change YTD, in IDR tr Based on ownership change YTD, in IDR tr Dec 17 - Sep 18 Dec 18 - Sep 19 Dec 17 - Sep 18 Dec 18 - Sep 19 160 20 18 135 140 14 120 15 12 100

  9. Slide 9: Fixed Income Strategy

    Fixed Income Strategy Buying opportunities return but remain cautious Expectation Related to Indonesia Bonds 10y Yield and Ownership of Foreign Investors In points of argument Yield in % Arguments for (or against) Fixed Income Markets 10YR IDR Non-CB Foreign% (RHS) 9.5 41% Ekspektasi pasar terhadap

  10. Slide 10: Section 03: Equity Update

    Section 03 Equity Update 10

  11. Slide 11: Change In Appetite: Global Investors Seeking Risky Assets

    Change In Appetite: Global Investors Seeking Risky Assets Inverstors were leaning towards risky assets as returns soared; Indonesia lagged behind Fixed Income and Currency Return Equity Return Market Aug – Sep 2019, MoM Aug – Sep 2019, MoM 10Y ID Gold/USD DXY Index SK - KOSPI 5.8% 10Y JP 10Y GE 10Y

  12. Slide 12: Indonesia: Lagging Performance Due To Previous High Base

    Indonesia: Lagging Performance Due To Previous High Base Being the top performer in 2018, JCI experienced slower upside momentum this year 2018 Equity Index Performance – in USD Term 2017-Sep’19 Equity Index Performance – in USD Term In % In % IN - SENSEX -2.3% US - SPX 10.8% MA - FBMKLCI -6.9% IN -

  13. Slide 13: Indonesia: Lagging Performance Due To Weaker Earnings

    Indonesia: Lagging Performance Due To Weaker Eanings Corporate earnings were weaker than expected; performance was hampered 2Q19 Sectoral Earnings Result 1H19 Sectoral Earnings Result In YoY% In YoY% Net Profit YoY% Revenue YoY% EBIT YoY% Net Profit YoY% Revenue YoY% EBIT YoY% 100% 100% 58%52% 50% 3

  14. Slide 14: Tighter Liquidity + IFRS 9 Implementation

    Tighter Liquidity + IFRS 9 Implementation Market Expectation on Higher provision and NPL 2Q19 Sectoral Earnings Result 1H19 Sectoral Earnings Result In YoY% In YoY% LDR IDR LDR FX LDR Total Banks' NPL (%, LHS) 3.5 110 3.3 105 3.1 100 2.9 95 2.7 90 85 2.5 80 2.3 75 2.1 70 1.9 65 1.7 60 1.5 Nov Feb Se

  15. Slide 15: Recovery on BOP Could Improve Banking System

    Recovery on BOP Could Improve Banking System Government is trying to jump-start investment BOP % of GDP vs Deposit Growth Government Action So Far to Attract More FDI In % In YoY% Delivered FDI Catalyst Type Highlights To be implemented in stages, starting on Corporate Tax 2021, a reduction from 25%

  16. Slide 16: Equity Update – Net Inflow/Outflow (1)

    Equity Update – Net Inflow/Outflow (1) Indonesia foreign flow highly correlated with EM Asia foreign flow T12M Net Foreign Inflow/(Outflow) Indonesia and EM Asia ex China & Malaysia In % of market cap Indonesia - net foreign buying as % of market cap (12 mths rolling) EM Asia ex-China & malaysia - n

  17. Slide 17: Equity Update – Net Inflow/Outflow (2)

    Equity Update – Net Inflow/Outflow (2) YTD foreign inflow Total Foreigners’ Net Purchase (USD mn) Highest foreign outflow in Aug-19 Month India Indonesia Korea Philippines Taiwan Thailand Malaysia EM Asia ex. China Aug-18 -278 -106 1652 -89 1108 -319 -23 1944 Sep-18 -1314 -66 -148 -213 2144 -236 16

  18. Slide 18: Equity Valuation

    Equity Valuation Historically speaking, valuation is still attractive JCI 5 Years PE Band JCI 5y PBV Band, ROCE in % Still a good entry point; SD refers to Std. Deviation of PE Cheap valuation from PB; SD refers to Std. Deviation of PBV 20 Forward 12-Month Price Earning 3.2 21 (PE) Forward 12-Month

  19. Slide 19: Equity Strategy

    Equity Strategy Selectively optimistic Arguments Against Equity Market – and Why We Think Arguments for Equity Market It Is In the Price Peningkatan likuiditas di global merupakan angin segar bagi emerging market termasuk Indonesia akibat potensi Foreign Flow baik Portfolio ataupun Direct Perang dag

  20. Slide 20: Disclaimer

    Disclaimer This document is prepared by PT Syailendra Capital (“Syailendra”) and is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. Accordingly, this document and its contents may not be reproduced,

  21. Slide 21: PT Syailendra Capital contact details

    PT Syailendra Capital District 8 Treasury Tower 39th Fl. Unit 39A, SCBD Lot 28 Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 P. : +62 21 2793 9900 F. : +62 21 2972 1199 www.syailendracapital.com

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