Up to Wednesday (15/05/13), 69 Indonesian companies have announced to pay out dividends for the financial year 2012 to their shareholders, totaling a combined amount of IDR 64.1 trillion (USD 6.57 billion). This amount is equivalent to 41 percent of 2012's net profit of the 69 companies. In the weeks ahead, it is expected that more companies will announce dividend payouts. In 2012, more than one hundred listed companies on the Indonesia Stock Exchange (IDX) paid out dividends (of a total number of 462 listed companies at end 2012).

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Electronic City Indonesia (ECI), a leading electronics retailer in Indonesia, plans to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in June 2013. According to the company's website, Electronic City is Indonesia's first modern electronic convenience store, specialized in selling electronic products for Indonesia's middle class and elite. Through the IPO, the company hopes to raise about USD $150 million which will be used for capital expenditure.

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Indonesian newspaper Investor Daily reported that stocks at the Indonesia Stock Exchange are still relatively cheap compared to regional stock indices. Currently, the price to earnings ratio (P/E ratio) of Indonesia's main index is about 18. In contrast, South Korea's Kospi index amounts to 34, Japan's Nikkei 28, Taiwan's Taiex 23, and Philippines' PSE stands at 23 times earnings. As the Indonesian economy as well as its companies' profit figures are projected to grow, the P/E is expected to fall to 16 this year.

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Wijaya Karya Beton (Wika Beton), a company that specializes in the precast concrete industry, is planning to conduct an initial public offering (IPO) on the Indonesia Stock Exchange this year. The company, which has appointed Mandiri Sekuritas as its underwriter, aims to raise about IDR 1 trillion (USD $103 million) through the IPO. Originally, its IPO was planned to be conducted in 2014. However, the company prefers to take advantage of current positive market sentiments.

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PT Semen Baturaja Tbk, a state-owned cement producer, will offer 20 to 35 percent of its equity to the public when it conducts its initial public offering (IPO) on the Indonesia Stock Exchange in June or July 2013. Initially, the Indonesian cement company was planning to conduct the IPO in 2012 but disagreement within the House of Representatives (DPR) - the government institution that needs to approve the IPO - resulted in a temporary postponement.

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In the period April-June 2013, at least 13 Indonesian companies are planning to pay the final dividends for book year 2012. It is expected that this number will rise in the weeks ahead as there are still companies that need to hold the annual general meeting (AGM), in which dividend payouts are decided. Last year, more than one hundred listed companies on the Indonesia Stock Exchange paid out dividends (of a total number of 462 listed companies at end 2012).

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In Indonesian media it was reported today that the Blue Bird Group, Indonesia's largest taxi services group, picked Credit Suisse AG and UBS AG as underwriters for its initial public offering (IPO), which is assumed to take place in the second or third quarter of this year (initially the IPO was planned for the first half of 2013). Through this IPO, in which 20 to 40 percent of its equity will be sold to the public, the taxi company targets to collect about US $250 million.

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Garuda Indonesia (GIAA), one of Indonesia's biggest airlines, posted a 100 percent increase in net profit to US $145.4 million in 2012 from US $72.7 million a year earlier. Operating profit of the company rose 82 percent to US $110.8 million from US $64.2 million in 2011. These numbers were supported by a 19.6 percent increase in passengers from 17.1 million in 2011 to 20.4 million last year, while its seat load factor rose to 75.9 percent from a previous 75.2 percent.

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Director of Corporate Valuation of the Indonesia Stock Exchange (IHSG), Hoesen, said that the stock exchange expects 150 companies to conduct an initial public offering (IPO) on the IHSG within the next five years. In other words, an average of 30 newly-listed companies per year. Also, the amount of domestic investors in Indonesia is expected to increase to become one percent (of the 240 million-numbering population).

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Yesterday, Trans Power Marine made a solid debut on the Indonesia Stock Exchange (IHSG). The Indonesian shipping company listed 15 percent of its shares in the initial public offering (IPO) for the price of IDR 230 per share. At the end of the trading day, its shares had surged by 50 percent to IDR 345 (US $0.04). In total, the company gained IDR 90.85 billion (US $9.4 million) through the IPO. These funds will be used to buy new vessels.

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Despite non-conducive market sentiments, there was no stopping to the Indonesia stock index (IHSG) as it managed to reach its next psychological boundary on Thursday 18 April: 5,000 points. A fall in American energy and telecommunication stocks on the previous day - after corporate data indicated less-than-expected performances in the first quarter - buried hopes that the Dow Jones Index would hit another peak. As a result Asian stock indices were mostly negative.

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Indonesia's main stock index, the IHSG, continued its rally on Wednesday 17 April due to increased US monthly Housing Starts, decreased US inflation, as well as financial results of companies that indicated revenues and net profits exceeded expectations. Moreover, the IMF upgraded its outlook for East Asia's economic, which made investors buy stocks. Within Indonesia, there was enthusiasm regarding Q1-2013 corporate results and dividend payouts, which offset uncertainties about the new fuel policy.

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Most of us expected the Jakarta composite index (IHSG) to weaken on Tuesday 16 April 2013 amid mixed Asian stock indices and significantly weakened American and European indices on Monday (that responded to reports about both China's slowing economic growth and weak economic figures of America). Moreover, bomb explosions at the finish line of the marathon of Boston were expected to complicate the performance of the IHSG. But concerns turned out in vain.

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The Jakarta Composite Index (IHSG) did not make a good start on the first trading day of the new week. Similar to last week's Monday, it were falling American stock indices on Friday that impacted on Monday's IHSG performance: US Retail Sales, Michigan Consumer Sentiment, and commodity prices were topics that were not well-received by market players. Moreover, weak economic data from China made many foreign investor decide to sell their Indonesian assets.

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Last week, I discussed the composition of the ten largest Indonesian companies by market capitalization. For this week's column I have decided to zoom in on the performance of Indonesia's main stock index (IHSG), which has been highly volatile in the last week. It seems like its trend for the upcoming short-term has changed from an upward into a sideward trend. While the Dow Jones Index has been setting new records, the IHSG is showing some signs of fatigue.

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Rising American stock indices on Wednesday provided solid support for stock indices around Asia the following day, including Indonesia's main index (IHSG). Amid this global positivity, market players were eager to add stocks to their portfolios. News from Japan, China and the Indonesian central bank's announcement to maintain its low benchmark interest rate were well-received, particularly by domestic market players. It made the IHSG rise to 4,924.26, a 0.96 percent gain.

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Although most Asian stock indices went up on Wednesday (10 April 2013), the Indonesia Stock Exchange (IHSG) could not cling on to their movement. In fact, even the main index of South Korea, a country plagued by political tensions, reported a rise. The IHSG was not able to follow suit due to investors' profit taking. Foreign market participants recorded a net sell, particularly Indonesia's blue chip stocks, which caused the index to end at 4,877.48, a 0.45 percent fall.

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In its most recent report, the Asian Development Bank (ADB) forecasts Indonesia to continue its robust economic growth. Last year, the economy of Indonesia expanded 6.23 percent, and according to the ADB this figure will rise to 6.4 percent in 2013 and 6.6 percent in 2014. However, since the start of April there have been some issues that are causing Indonesia's stock indices to go down. Although believed to be only temporary, it is worth taking a closer look.

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On Monday, the Dow Jones Index gained as corporate results of Q1-2013 are estimated to be good. This subsequently had a positive impact on Asian stock indices on Tuesday, including Indonesia's main index (IHSG). Moreover, positive news from both Australia and China were well-received as well as the higher metal price (reflected by Hong Kong's rising Hang Seng Index). Amid this positivity, investors took the opportunity to enlarge their stock portfolios.

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Last week Friday, American stock markets were not able to maintain a positive trend due to Nonfarm Payrolls that increased below expectation. Moreover, concerns about a spreading bird flu epidemic in China in combination with increased political tensions in Korea impacted on Monday's trading day (8 April 2013) of the Indonesia Stock Exchange (IHSG). The index had to absorb a sell-off, thus closing lower to 4,897.52, an 0.58 percent decline.

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