Pemerintah meresmikan BPI Danantara pada Senin (24/2/2025). Untuk tahap awal, Danantara diproyeksikan memiliki pendanaan USD20 miliar (sekitar Rp320 triliun). Presiden Prabowo optimistis, dana ini akan menjadi modal transformatif bagi pertumbuhan ekonomi Indonesia.
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00:00Thank you, Mr. Mirza, for joining us again on MarketBuzz.
00:08And here is the Spotlight or Headline that we summarized in the following graph.
00:12There is IHSK, which rose 2.5% in the past week,
00:17where the technology sector on Friday led the sectoral strength with a significant increase of 6.51%.
00:25And DCEI prepared 1 trillion rupiahs for the data center.
00:30The auto-reject stock for the past three days fell to around 90,000.
00:36Those are the two Spotlight markets or the main information that became the headline of MarketBuzz this time.
00:44Then, Mr. Mirza, we will look at some of the economic agendas first,
00:47before we get into the review of the number of capital market sentiment in the beginning of the week.
00:53There is Indonesian currency, IHK Inti Singapura, foreign capital planting,
00:58and IHK from the European Union, as well as FED Cicago activities.
01:08Agenda from MI10, Mr. Mirza, there is AMOR, Interim Cash Dividend Payment Date.
01:13Let's continue to the Asian stock market update in the beginning of the week.
01:18Is it the same as the US stock market that tends to profit-taking?
01:22Profit-taking is quite sharp in Nikkei, with a 1.67% gain,
01:27Sotheby's fell 0.08%,
01:30KOSPI South Korea fell 0.87%,
01:33Hang Seng Hong Kong fell 0.02%.
01:36All Asian stocks in the beginning of the week, based on the data we have,
01:40are moving in a negative direction.
01:50Mr. Mirza, the government plans to formalize the BPI on Monday, February 24, 2025 or today.
01:56For the initial stage, the budget is projected to have a funding of US$20 billion,
02:01or around Rp320 trillion.
02:04President Prabowo is optimistic that this fund will be a transformative capital
02:08for Indonesia's economic growth in the midst of an unstable Indonesian economy.
02:13Is Danantara a correct solution?
02:16What does Danantara look like in terms of financial planning?
02:19Here is the information.
02:26Daya Anegata Nusantara, or Danantara,
02:29is expected to become a BUMN superholding,
02:32which will later accommodate state-owned funds,
02:35to be invested in sustainable projects in various sectors,
02:39such as renewable energy, oil industry, advanced manufacturing and food production.
02:45The goal is to manage state investment funds, hundreds of trillions of rupiah.
02:50In fact, the management of these investment funds is expected to support Indonesia's economy in the future.
02:58Danantara will work on 15 to 20 strategic projects
03:02to achieve Indonesia's economic growth target of 8% in the next five years.
03:08In the midst of an unstable Indonesian economy,
03:11is Danantara a correct solution?
03:14What does Danantara look like in terms of financial planning?
03:18Here is the information.
03:21Danantara has many functions,
03:24and there are several functions,
03:26so it will be very complex,
03:28so the risk that may arise is the risk of not doing well,
03:32or the risk of crime,
03:34the risk of corruption,
03:36it can also happen.
03:37Why?
03:38Because those who can get in there,
03:40maybe they can only be tortured,
03:42they can only go to the police.
03:44So there are also risks,
03:45the risk of committing a crime like that.
03:47The third possibility is
03:49that if, for example,
03:52the funds or dividends from BUMN managed by Danantara are not managed well,
03:58in the end, the BUMN involved,
04:01yes, it does not become richer.
04:03Why?
04:04Because the hope of this BUMN is,
04:05I put money in Danantara,
04:07the money can grow.
04:08Well, the money doesn't grow.
04:09So this BUMN can't grow either.
04:12So there is a direct risk,
04:14there is a direct risk.
04:20So how can the sentiment of Danantara's presence
04:23have a significant impact on the stock market and the red flag emissions?
04:30Various sources, IDX Channel.
04:37Yes, waiting for the official announcement of Danantara today.
04:40So how far can the presence of Danantara
04:42give optimism to the capital market?
04:46To answer this question,
04:47Mr. Hans Kui, the capital market officer,
04:49has joined us via video conference.
04:51Good morning, Mr. Hans.
04:53Yes, good morning, ma'am.
04:54Thank you very much for your time this morning.
04:56Are you healthy, sir?
04:57Yes, I'm healthy.
04:58Thank you, sir.
04:59Waiting for the official announcement of Danantara.
05:01Finally, it will be official.
05:02The plan this morning,
05:0410 o'clock, Western Indonesia time,
05:06there are many pros,
05:08then also contras,
05:09many who anticipate the risk.
05:11But from Mr. Hans first,
05:13seeing Danantara itself
05:15after being joined and finally will be official,
05:18what is your optimism, sir?
05:21Yes, Danantara should actually be positive
05:24for the Indonesian economy and the capital market.
05:27Because if we look at it,
05:30indeed, if we look at it,
05:32a few years ago,
05:35our APBN was a bit burdened
05:37with a fairly large debt pool.
05:40Then there was a bit of a hindrance
05:42in the ability to buy the people in the lower middle class.
05:45Therefore, to push for an 8% economic growth,
05:49one of the strategies is through Danantara.
05:52So Danantara is expected
05:54to be able to attract larger investments into Indonesia,
05:58rolling up national strategic projects
06:01which of course are profit-oriented,
06:04so as to boost Indonesia's economic growth.
06:06And of course, if we look at it,
06:08this should be positive
06:10for the BUMN that is joined below,
06:13so that there is synergy in the BUMN.
06:17Okay, so Mr. Hans is quite optimistic
06:19with the presence of Danantara, right?
06:22That's right.
06:23Is there any risk if the financial market observers,
06:28financial administrators,
06:30say that there is a risk?
06:32For example, there is a risk of corruption,
06:36misuse, and so on.
06:38If you are a financial market observer,
06:40is there a risk that you should anticipate?
06:45Yes, of course there is always a risk in the investment process.
06:50But we also hope that Danantara is managed professionally.
06:56The risk is of course if there is a lot of intervention,
06:59from politics, from interests
07:02that are actually not for the benefit of Indonesia,
07:06but for the people of Indonesia,
07:07of course it will be a personal risk.
07:10Because if we look at it,
07:12there is One Malaysia Development Board,
07:15which is also One MDB,
07:17which also experienced a failure.
07:19Now, if we look at it now,
07:22there is actually a negative sentiment
07:24towards the BUMN that joined Danantara.
07:26But actually it's not very basic.
07:29Because first, if we look at it,
07:32as mentioned earlier,
07:33if the dividend that was withdrawn from the BUMN
07:36entered Danantara to be managed,
07:39the dividend has been sent to APBN.
07:43At the moment, it is just transferred to Danantara.
07:47So it doesn't interfere with the energy of the BUMN at all.
07:51But if the investment is done by Danantara,
07:55many will fail later,
07:56it can certainly be a risk.
07:58It means that it is trapped in a big debt,
08:01even though the investment failed.
08:03But of course, that's not what we expect.
08:05Because we have also seen many successes,
08:09such as Temasek,
08:10Hasana from Malaysia is also successful,
08:12and many from Ireland are also successful.
08:15That's what we want to exemplify.
08:17So that it becomes a growth engine,
08:20growing leverage for Indonesia's economy.
08:24I will describe it simply like this.
08:28So we have a lot of natural resources.
08:31Our natural resources, if we sell them in a raw form,
08:35the added value is low.
08:37This is what makes us a country that is difficult to become a developed country.
08:41We need hillarization.
08:43But hillarization requires a very large investment.
08:47If you rely on private sector and banks,
08:50this is a bit difficult.
08:52Because if we have a 100 trillion project there,
08:55the company must have an investment of 20-30 trillion
08:59to roll it out before getting funding from the bank.
09:02Not to mention that the bank is a bit at risk of funding the project.
09:06This is what must be taken by Danantara in this matter.
09:10He can invite foreign investors in with large assets.
09:15That certainly causes him to have the ability
09:19to invest in large-scale projects,
09:23where hillarization gives added value to the economy,
09:27pushes our export value up,
09:29increases our deficit,
09:31and this is what will become our economic growth engine in the future.
09:35Okay, so hillarization does require large capital or large funds,
09:40and investors will be interested when they see these large assets
09:46become one through Danantara, right?
09:50Yes, that's one of them.
09:52So there are many things.
09:54Let me give you another example.
09:56If there is a BUMN business that is linked to Danantara,
10:01let's take the example of the investment grade A.
10:06Danantara, because of the size of the assets it has,
10:08maybe it can become AAA,
10:10so the cost of fund is cheaper.
10:12This can be done.
10:14The person who does the funding is at the top.
10:18Then the funds are included in the form of participation,
10:22then the child returns it in the form of paying dividends.
10:26This will reduce the cost of fund,
10:28so it will certainly give leverage to the economy.
10:32Those are some things that certainly give added value.
10:35Then there are several national strategic projects
10:38that feel very important to Indonesia.
10:41The first is energy conservation,
10:43and the second is food preservation.
10:45So now the world is full of uncertainties,
10:48trade war is happening,
10:50we have to have food preservation.
10:52So we can't just rely on imports.
10:55This is also very important.
10:57Then energy conservation.
10:59Energy is just renewed,
11:01EBT needs a very large investment.
11:03Okay, so priority programs,
11:05how to achieve economic growth
11:08which is also quite significant,
11:11can be boosted through the presence of interests.
11:14Is that right, sir?
11:16But there is another polemic, sir.
11:18It cannot be audited by BPK and KPK.
11:21How do you see interests,
11:23can sharpen the internal audit later?
11:26Yes, like this.
11:28We have to realize that our BUMN
11:31is currently led by the best daughters of the Indonesian nation.
11:35But all this time,
11:37BUMN losses are often directed as state losses.
11:40BPK enters, KPK enters.
11:43Even though sometimes it's a business decision.
11:45And business decisions are not always right.
11:48It doesn't always work.
11:50So if it always works,
11:52maybe we need a godly level.
11:56When it fails,
11:59of course the people who led it will be very conservative.
12:03The result will be limited.
12:06So they will play safe.
12:08But those who are naughty will still be naughty.
12:10The right people will play safe there.
12:13This is what makes it not work well.
12:16The new BUMN laws
12:18cause them to be audited.
12:21But by the public auditor.
12:23We have a big auditor in Indonesia
12:27whose reputation is also good.
12:29So now they will do business
12:32in a business way.
12:35No longer related to state losses.
12:39This is certainly an additional value
12:42for BUMN itself.
12:44This is an important aspect.
12:46So we have to see
12:48actually
12:50with these new laws,
12:53BUMN can run a business professionally.
12:57And it is hoped that it will not be affected
13:00by the concerns,
13:03and threats
13:06that if it loses, it will be a loss for the country.
13:10To increase the reputation of the interstate,
13:13of course the BUMN that is included in it
13:15must use a big four auditor.
13:18Secondly, if possible,
13:20all the BUMNs that are included in the interstate
13:22are encouraged to go public.
13:24Because companies that have gone public
13:26have an increased reputation and monitoring.
13:29If we look at it, companies that go public
13:31are monitored first by the OJK,
13:33the stock exchange,
13:34then the public,
13:36analysts, reporters.
13:38That is much better.
13:41It means that there is a lot of monitoring.
13:44Later, KPK, BPK can also enter
13:47when approved by the DPR.
13:49It means that there is an indication
13:52that shows that this is a fraud.
13:55Then they enter.
13:56But if it's a business decision,
13:58don't criminalize it.
13:59Because sometimes,
14:01if it's a business decision,
14:02play it safe.
14:04Instead, it makes it not too optimal.
14:07Like that, Mr. Hans.
14:08An interesting insight from Mr. Hans.
14:11Why is it better not to be audited by BPK or KPK?
14:16Okay, Mr. Hans.
14:18So, how do you see the response
14:20from a number of BUMN emissions
14:23that have landed in the Indonesian stock exchange
14:24that will be merged with Danantara?
14:26Maybe among them are BUMN victims
14:28and also those who are targeted by MindID.
14:33Yes.
14:34Actually, the event is mixed.
14:36Indeed, there was news,
14:38there was a call to withdraw funds from BUMN.
14:42But that's actually not the basis.
14:44As I said earlier,
14:46Danantara does not reduce the energy
14:49from BUMN or the BUMN companies
14:51that are merged in it.
14:53It even increases its value.
14:55So, that's not the basis.
14:57The correction that happens in the stock market
14:59is more affected by Donald Trump's policy.
15:02Then, some uncertainties that happen globally.
15:07And one of the factors that is quite important
15:09is that there is a fund rotation.
15:11So, we see a deep-seated success.
15:14Then, Xi Jinping made a meeting
15:17with the top business technologists in China.
15:20There was a fund switching back to China.
15:23And one of them came out of the emerging market
15:26like in Indonesia.
15:27Yesterday, large technology companies in America
15:31were all corrected.
15:32Because they also switched back to China
15:35because it was considered with a smaller investment.
15:38It turns out that China is more attractive
15:40and its valuation is attractive.
15:42This also explains why the DCEI
15:45continued to rise for three consecutive days
15:47because it is a data center
15:49that is a group of technology development.
15:55There is Internet of Things, Big Data,
15:59Data Center, and AI.
16:01And these are some sectors that tend to be positive.
16:04So, this sentiment is mixed with other factors.
16:09So, the correction is more because of other factors.
16:12Okay.
16:13So, what is your recommendation
16:16based on the sentiment that we have discussed?
16:19Is the DCEI that has reached almost 90%
16:22becoming the most expensive nominal stock
16:24in Indonesia's stock market
16:26is also worthy of the title of the best stock?
16:28Or are you more attracted to other stocks?
16:30Stay with us, Pemirsa, only on MarketBas.