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1 EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id

2 2 Asia Investor Behaviour Study Indonesia

3 Asia Investor Behaviour Study Indonesia CONTENTS 4 Executive Summary Positive outlook for local assets, and realistic approach to risk Investor appetite: Japanese Equity and preference for Income Readiness for retirement 5 Key Findings Expectation of yield vs. level of risk tolerance Appealing regions for off-shore investment Retirement preparedness 10 Appendix Methodology Eastspring Growth and Income Index 11 About Eastspring Investments 3

4 4 Asia Investor Behaviour Study Indonesia EXECUTIVE SUMMARY This is the third year running that Eastspring Investments has conducted the Asia Investor Behavior Survey in partnership with TNS. We surveyed 2,400 investors across 6 markets. The survey has highlighted important findings about what is most important to investors in individual markets across Asia, and valuable insights that we inform the solutions that offer our clients. Positive outlook for local assets, and realistic approach to risk Indonesian investors remain optimistic about domestic assets, with expectations of up to 20 yield from Indonesian corporate and government bonds, and as high as 23 from local equities in the second half of While high expectations of yield do not necessarily translate to greater risk tolerance, Indonesian investors are still generally more realistic than their Asian counterparts in terms of balancing risk and returns expectations. Two thirds of investors are willing to take up to 7-9 loss of their invested capital. Investor appetite: Japanese Equity and preference for Income The survey highlighted a strong appetite among investors and intenders for offshore products, particularly Japanese equities, if regulatory developments allow for these investments. Investors are also more positive towards Global Markets as opposed to Emerging Markets and China strategies. In the context of current market volatility, Indonesian investors are showing a preference for Income over Growth funds in the next six months. This is especially true for mutual fund intenders. Readiness for retirement Indonesian investors are relatively more prepared for retirement compared to their peers in Asia. 21 of surveyed respondents are fully prepared and over 50 of those aged are actively planning for retirement. Investors have ambitious targets for their future income and the majority of respondents wish to maintain an average of 63 of their current monthly income.

5 Asia Investor Behaviour Study Indonesia 5 EXPECTATION OF YIELD VS. LEVEL OF RISK TOLERANCE Indonesian investors surveyed have yield expectations of at least 16 across various asset classes in 2H 15, and are most optimistic about local equities. Their risk tolerance is also relatively higher than investors in other surveyed markets, and they are willing on average to take a 7.5 loss to invested capital. Expectation of yield vs. level of risk tolerance High risk tolerance 14 Indonesian equities 12 Indonesian corporate bonds 10 Indonesian government bonds 8 Syariah bond (corporate / government) 6 Equity syariah mutual funds Low yield expectation Low risk tolerance High yield expectation Question: Please indicate the level of yield you expect for each of the following in There is no right or wrong answer, your best estimate is fine. Generally, investing involves a trade-off between risk and return. It has been historically shown that investors who achieve high returns have experienced corresponding high fluctuations and losses. For each asset class, what is the level of risk you are willing to take vis a vis to the yield you expect in 2015? Base: All respondents (400)

6 6 Asia Investor Behaviour Study Indonesia EXPECTATION OF YIELD AND RISK TOLERANCE Almost 20 of investors do not know what yield to expect across various asset classes. Of those who do, almost half expect yield of 20 or more from corporate and government bonds. High expectations of yield does not translate to greater risk tolerance since there is still a third of investors are not willing to lose more than 2 of their invested capital when average risk tolerance is at 7.5. In particular, when investing in Sharia Bonds, 41 of investors are not willing to take more than 2 loss to invested capital. Expectation of yield by asset class Average () Indonesian Equities Equity Syariah Mutual Funds 21 5 Indonesian Corporate Bonds Indonesian Government Bonds Syariah Bond (corporate / Government) and above Don't know Risk tolerance by asset class Average 27 Indonesian Equities Indonesian Corporate Bonds Equity Syariah Mutual Funds Indonesian Government Bonds Syariah Bond (corporate / government) to all your capital Question: Please indicate the level of yield you expect for each of the following in There is no right or wrong answer, your best estimate is fine. Generally, investing involves a trade-off between risk and return. It has been historically shown that investors who achieve high returns have experienced corresponding high fluctuations and losses. For each asset class, what is the level of risk you are willing to take vis a vis to the yield you expect in 2015? Base: All respondents (400)

7 7 Asia Investor Behaviour Study Indonesia APPEALING REGIONS FOR OFF-SHORE INVESTMENT Japan is the most attractive geography in terms of offshore investment for Indonesian investors, especially current mutual fund holders or those with higher investible assets. Global funds are also popular, closely followed by Emerging market and China products. Appealing regions for off-shore investment Japan 75 of investors surveyed plan to reallocate away from Growth towards Income funds in the next six months. 42 Overall Global Emerging markets Mutual fund holder China Asia Pacific (Ex-Japan) Europe North America India Mutual fund intender Mutual fund allocation in 2H Growth / Income fund Current allocation 35 Base: All mutual fund holders Growth / Income fund N6M allocation 35 Base: All mutual fund holders Income funds Growth funds Growth & Income funds N6M allocation = next six months allocation Question: In the future, if regulation allows off-shore products, which geography / region will be appealing to you? How are your mutual funds currently allocated among the different types below? Do you plan to change the allocation of your investment in mutual funds to particular geographies, asset classes or income or growth funds in the next six months? After your change in fund allocation by [type], how would you like your new allocation to look like? Base: Mutual fund holders (277); Mutual fund holders intending to continuing investing in the N6M (274)

8 8 Asia Investor Behaviour Study Indonesia RETIREMENT PREPAREDNESS Indonesian investors are more active than their Asian peers in terms of retirement planning, with 21 of respondents fully prepared for retirement. More than half aged are also actively preparing right now. In comparison to other markets, investors in Indonesia appear to be more active in retirement planning. Retirement preparedness Indonesia Malaysia Hong Kong Taiwan Singapore Korea Retirement preparedness among investors Fully prepared 21 Actively preparing but aware of uncontrollable risks 48 At the beginning stage 17 Plan to prepare but lack of information 8 Want to but unable to prepare (e.g. lack of time, no extra money) 4 I am not preparing for retirement 2 Question: Which one of the following statements best describes the status of your retirement preparation? Which one of the following statements best describes the status of your retirement preparation? Base: All respondents (401)

9 Asia Investor Behaviour Study Indonesia 9 RETIREMENT PREPAREDNESS Indonesian investors hope to maintain an average of 63 of their current income for retirement, which is the second highest among the six countries surveyed. Overall investors expect one third of their retirement income to come from personal sources, which is especially true for existing mutual fund holders. They also expect 26 of their retirement income to come from their company pension, but do not expect to rely significantly on BPJS. Proportion of current income () Hong Kong Singapore Malaysia Taiwan Indonesia Korea Retirement income sources 51 N/A Question: When you retire, what proportion do you wish your monthly income to be compared to current monthly income? What do you think the proportion should each of the following sources of your pension be? After you retire, at least how much money do you think you need to receive every month to maintain the same quality of life you are having right now? Base: All respondents (400)

10 10 Asia Investor Behaviour Study Indonesia APPENDIX Methodology The Eastspring Investments Asia Investor Behaviour Study is an annual survey designed to track current asset allocation and investment attitudes of mutual fund investors, understand the perception of yield and risk across various asset classes and evaluate investment intentions for the next six months. Eastspring Investments, the Asia asset management arm of UK-based Prudential plc, announced the results of its 3rd wave of Asia Investor Behaviour Study. The study was conducted in July to August 2015 and involved online interviews with 2400 investors in Hong Kong, Indonesia, Korea, Malaysia, Singapore and Taiwan. Eastspring Growth and Income Index The Growth and Income Index is a one number score that describes the net direction of preferences of unit trust fund investors (including those intending to invest in unit trust funds) as either shifting toward Income funds or shifting toward Growth funds in the next six months. Growth and Income Index Increasing Income orientation in N6M Increasing Growth orientation in N6M The Index score of an individual investor is aggregated up to give a market level Index score: In 2015, the Growth and Income Index of Hong Kong is A score between 0 and 49 indicates that the overall investment direction of the market is moving towards Income funds A score between 51 and 100 indicates that the overall investment direction of the market is moving towards Growth funds. 38 Mutual Fund Intender Orientation Overall Market Index 46

11 Asia Investor Behaviour Study Indonesia 11 ABOUT EASTSPRING INVESTMENTS Eastspring Investments is a leading asset manager in Asia that manages US $134 billion (as at 30 June 2015) of assets on behalf of institutional and retail clients. Operating in Asia since 1994, Eastspring Investments is the Asian asset management business of Prudential plc, one of the world's largest financial services companies. We have one of the widest footprints in Asia, with on-the-ground teams of 2,500 employees and more than 250 investment professionals located in 10 major Asian markets as well as offices in the US, Europe, and the United Arab Emirates. Our unparalleled knowledge and local insights allow us to deliver unique and tailored opportunities to our clients. We provide investment solutions across a broad range of asset classes including: equities, fixed income, multi-asset and alternatives. Eastspring Investments was Asia s largest retail fund manager in 2014 according to an annual survey by Asia Asset Management, and was named the Best Asset Management House in Asia in Asia Asset Management s Best of the Best Awards in Prudential plc, incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups and has been in existence for over 160 years. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America 2 Asia Asset Management Fund Manager Survey 2014, (Sept 2014). This annual survey ranks participating fund managers in Asia ex Japan, Australia and New Zealand ("region') based on assets sourced in the region as of June 30, 2014.

12 Disclaimer Source: Eastspring Investments HK Limited This document is solely for information only and may not be published, circulated, reproduced or distributed in whole or part to any other person without the prior written consent of Eastspring Investments (Hong Kong) Limited ("Eastspring Investments Hong Kong"). This document should not be construed as an offer or solicitation for the subscription, purchase or sale of any securities mentioned herein. Whilst we have taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. You should not act on it without first independently verifying its contents. Any opinion or estimate contained in this document is subject to change without notice. We have not given any consideration to and we have not made any investigation of the investment objective, financial situation or particular needs of the recipient or any class of persons, and accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the recipient or any class of persons acting on such information or opinion estimate. Past performance and the predictions, projections, or forecast on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of Eastspring Investments Hong Kong or any of our funds. The value and income from investments may fall as well as rise. Investment involves risk and you may not get back the amount originally invested. Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom. Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. This document and information on our website (www.eastspring.com.hk) are issued by Eastspring Investments (Hong Kong) Limited and have not been reviewed by the Securities and Futures Commission. Chicago Dubai Ho Chi Minh City Hong Kong Jakarta Kuala Lumpur London Luxembourg Mumbai Seoul Shanghai Singapore Taipei Tokyo

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