• slide 1

    INDONESIA ON THE MOVE

    This is INDONESIA. Something that makes you admire about Indonesia, because there are many reasons why Indonesia is so special. We have everything....

  •  photo batik300x600KebayaIndonesia_zpsc0edb425.jpg

    Batik Indonesia

    Modern kebaya and batik today's increasingly well known in the international world, alloy kebaya and batik shirt is one culture that is very familiar in the international world. One of the pioneers of successful flying in the international batik is Anne Avantie. A fashion designer, who has a collection of batik kebaya is not just used by celebrities Indonesia, but also the clothes of the Miss Universe has ever come to Indonesia.

  •  photo wisataindonesia300x600_zps379bdff8.jpg

    Tourism Indonesia

    Indonesia has many tourist destinations, diverse cultures with different characteristics. So do not be surprised if the travelers will easily fall in love during a visit to a place and want to come back again.

  •  photo BundaranHI300x600BundaranHI_zpsd3b25da4.jpg

    Indonesia's Economic Growth

    Indonesia is growing, which is marked with the number of high buildings, increasing public facilities, education, health and employment systems reform

  •  photo tariind300x600_zpsfab6580d.jpg

    Variety Of Traditional Dances Art Indonesia

    Various regions in Indonesia have a dance typical of each region. Distinctness include dance movements, design and color of clothes and accessories that complement the overall appearance of the dancers. Undoubtedly, this is an invaluable wealth

  •  photo kekayaanindonesia300x600_zps5e44487d.jpg

    Indonesia's Natural Wealth

    Indonesia has many natural advantages and all its beauty should be handled by people who are professionals in order to be a useful resource, and made a public appeal for overseas travel and value for profit should be managed for the welfare of the children of this country.

  • slide nav 1

    INDONESIA ON THE MOVE

    This is INDONESIA. Something that makes you admire about Indonesia, because there are many reasons why Indonesia is so special. We have everything...
  • slide nav 2

    Batik Indonesia

    Modern kebaya and batik today's increasingly well known in the international world, alloy kebaya and batik shirt is one culture that is very familiar in the international world. One of the pioneers of successful flying in the international batik is Anne Avantie. A fashion designer, who has a collection of batik kebaya is not just used by celebrities Indonesia, but also the clothes of the Miss Universe has ever come to Indonesia
  • slide nav 3

    Tourism Indonesia

    Indonesia has many tourist destinations, diverse cultures with different characteristics. So do not be surprised if the travelers will easily fall in love during a visit to a place and want to come back again.
  • slide nav 4

    Indonesia's Economic Growth

    Indonesia is growing, which is marked with the number of high buildings, increasing public facilities, education, health and employment systems reform
  • slide nav 5

    Variety Of Traditional Dances Art Indonesia

    Various regions in Indonesia have a dance typical of each region. Distinctness include dance movements, design and color of clothes and accessories that complement the overall appearance of the dancers. Undoubtedly, this is an invaluable wealth
  • slide nav 6

    Indonesia's Natural Wealth

    Indonesia has many natural advantages and all its beauty should be handled by people who are professionals in order to be a useful resource, and made a public appeal for overseas travel and value for profit should be managed for the welfare of the children of this country.

A Travelers Best Friend

Pasar Indonesia Sudah Premium?

Diposting oleh Indonesia On The Move di 15.25.00
INILAH.COM, Jakarta – Bursa saham domestik masih melemah. Aliran dana asing pun terus mengalir keluar. Benarkah pasar Indonesia sudah premium?
Pengamat pasar modal David Sumual mengatakan, Price Earning Ratio (PER) IHSG merupakan salah satu yang tertinggi di Asia Pasifik. Ini karena harga berbagai saham naik, baru diikuti peningkatan earnings satu hingga dua tahun kemudian. “Karena itu, PER IHSG jadi tinggi,”ujarnya kepada INILAH.COM.
Sedangkan kapitalisasi market IHSG masih kecil, yakni 50% dari nilai nominal Produk Domestik Bruto (PDB) sebesar Rp7.399 triliun (sudah memperhitungkan inflasi). Ini karena perusahaan go publik di Indonesia belum mencapai 300-an.
Berbeda dengan kapitalisasi market di Malaysia, Thailand dan Singapura yang sudah di atas 100% PDB. “Yang berarti kedalaman finansial market negara-negara ini cukup bagus dibandingkan Indonesia,” paparnya.
Karena terbatasnya jumlah perusahaan yang terdaftar di BEI, imbuh David, ketika dana kecil masuk ke Bursa Efek Indonesia (BEI), baik dari investor asing maupun domestik, harga saham langsung melonjak dan terjadi bubble.
Pergerakan yang cepat itupun hanya terjadi pada saham-saham unggulan. “Karena itulah PER saham-saham bluechips cukup tinggi, dan investor pun masuk ke saham-saham second liner,”tuturnya.
Menurut David, asing sempat menilai IHSG mahal, karena ketika indeks di kisaran 4000, PER-nya mencapai 14 kali. Sementara berdasarkan current year earnings estimate, PER bursa Nikkei berada di 25 kali, India di 15,9 kali, Filipina 15 kali, Malaysia 14,5 kali, Singapura 13,8 kali, Australia 12,5 kali, Thailand 12 kali, Korea Selatan 9,8 kali dan Vietnam 9 kali.
Namun, PER IHSG saat ini sudah turun. Koreksi yang terjadi beberapa hari terakhir, membawa PER IHSG ke 13,2 kali. Angka ini pun masih terus berubah, menyesuaikan pergerakan harga bursa-bursa saham tersebut. “Karena itu, PER 13,2 kali, sudah merefleksikan koreksi IHSG saat ini,”katanya.
Demi meningkatkan kapitalisasi market IHSG dan mengatasi agar valuasi tidak rentan mahal, David pun mendorong BEI untuk menarik perusahaan-perusahaan agar go public. “Masih banyak perusahaan bagus dan prospektif tapi belum listed di BEI. Di antaranya adalah Sosro dan Pertamina” jelasnya.
Sementara Mustafa Kemal Wiryawan dari Erdhika Sekuritas mengatakan, penilaian premium terhadap IHSG terlalu mengada-ada. Alasan valuasi yang premium, juga dinilai tidak valid, karena masih ada pertumbuhan earning yang tinggi di pasar Indonesia. “Terutama karena status investment grade yang disandang RI saat ini,”ujarnya dihubungi terpisah .
Seperti diketahui, Yunani masih akan hadapi kesulitan keuangan untuk restrukturisasi utangnya, karena dana bailout yang disetujui hanya mengurangi resiko default utang jangka pendek, yang jatuh tempo Maret.
Sementara bank-bank Eropa yang memegang obligasi Yunani dan sejumlah negara Eropa lain seperti Italia dan Spanyol harus menghadapi peningkatan yield, yang menyebabkan turunnya aset-aset bank tersebut.
Kondisi ini memicu aksi deleveraging, dengan menarik semua dana di luar Eropa dan menghentikan kucuran kredit, demi menghindari tergerusnya kecukupan rasio modal perbankan. Ini yang menyebabkan likuiditas dolar di pasar keuangan masih relatif tipis dan memberi tekanan pada pasar keuangan termasuk harga saham.
Namun, Mustafa menilai, pasar saham Indonesia sebenarnya relatif tidak banyak terkena dampak deleveraging bank-bank Eropa. Hanya terkena imbas menipisnya likuiditas dolar. “Tapi asing memilih untuk wait and see bahkan cenderung bermain pola trading cepat, menggunakan alasan harga saham Indonesia premium/mahal, untuk menahan aksi beli,”paparnya.
Ia menilai, selama ini fund manager asing menilai mahalnya pasar saham Indonesia menggunakan benchmark harga saham sektor perbankan yang premium.
Padahal, saham BMRI, yang menjadi acuan sektor perbankan, masih di bawah harga wajar di sekitar 10.000 per lembar. Ini dengan asumsi pertumbuhan EPS BMRI hanya 20%. Sementara rata-rata pertumbuhan earning BMRI adalah sekitar 31,9%. “Jadi dengan mendiskon EPS growth, harga saham BMRI saat ini sangat jauh di bawah nilai wajarnya,”pungkasnya. [ast]

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