PT KGI Sekuritas Indonesia Rilis Waran Terstruktur Baru
Terbaru, PT KGI Sekuritas Indonesia kembali meramaikan pasar Waran Terstruktur dengan menerbitkan dua Waran Terstruktur baru, yaitu BBCAHDCF5A dan TLKMHDCF5A dengan aset dasar dari saham BBCA dan TLKM. Penerbitan Waran Terstruktur ini merupakan milestone baru bagi PT KGI Sekuritas Indonesia untuk mengejar target memperkenalkan 100 Waran Terstruktur disepanjang tahun 2024, dan memajukan pasar modal Indonesia dengan peluang investasi yang dinamis.
Sementara itu, Otoritas Jasa Keuangan dan Bursa Efek Indonesia telah memberikan persetujuan kepada PT KGI Sekuritas Indonesia sebagai penerbit dan penyedia likuiditas, untuk menerbitkan produk investasi Waran Terstruktur.
Sementara itu, Otoritas Jasa Keuangan dan Bursa Efek Indonesia telah memberikan persetujuan kepada PT KGI Sekuritas Indonesia sebagai penerbit dan penyedia likuiditas, untuk menerbitkan produk investasi Waran Terstruktur.
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TVTranscript
00:00In this program, we will discuss the latest news about the Indonesian economy.
00:15Yes, hello viewers, how are you today?
00:17Live from the IDX channel Jakarta studio, I am Prasetya Wibowo.
00:20I am present in Market Review, a program that covers the issues of the economic movement in Indonesia.
00:24You can also watch our live streaming on IDX channel.com
00:28And now, let's start the complete market review.
00:42Yes, PT KGI Securities Indonesia is increasing the number of investment products in the Indonesian FEC
00:48by offering two newly structured products.
00:51The two products use the basic assets of BBCA and TLKM.
00:59One of the investment products from the stock market is Waran Terstruktur,
01:04which has now become a new investment instrument that continues to grow in the Indonesian FEC.
01:09Waran Terstruktur is a value letter issued by a financial institution
01:13and gives the buyer the right to buy or sell basic assets at the price and date that has been determined.
01:21The latest PT KGI Securities Indonesia is again expanding the Waran Terstruktur market
01:26by offering two new Waran Terstruktur, BBCA HD-CF5A and TLKM HD-CF5A
01:34with the basic assets of BBCA and TLKM.
01:37This marks the beginning of the company's ambitious plan
01:41to introduce 100 Waran Terstruktur throughout 2024
01:45to advance the Indonesian capital market with a dynamic investment opportunity.
01:50The introduction of Waran Terstruktur is a new milestone for PT KGI Securities Indonesia
01:56to pursue the target of introducing 100 Waran Terstruktur throughout 2024
02:01and advance the Indonesian capital market with a dynamic investment opportunity.
02:05Meanwhile, the Indonesian Financial Services Authority and the Indonesian FEC
02:08have agreed to KGI Securities Indonesia
02:11as a provider and provider of liquidity to provide Waran Terstruktur investment products.
02:17Jakarta, IDX Channel coverage team.
02:24Yes, welcome to discuss our interesting topic today
02:27related to PT KGI Securities Indonesia that released the new Waran Terstruktur.
02:31We are here with me in the IDX Channel studio, Mr. Anthony,
02:34President Director of PT KGI Securities Indonesia
02:37and also Mr. Wahyu Budi Arianto, Equity Derivative Traders of PT KGI Securities Indonesia.
02:43Good morning, Mr. Anthony.
02:44Good morning, Mr. Pras.
02:45Good morning, Mr. Wahyu.
02:46Good morning.
02:47Okay, thank you for your time.
02:49It's interesting. We will review first from KGI Securities Indonesia
02:52related to the current market conditions in the capital market.
02:55Mr. Anthony, maybe you can explain to the audience. Please.
02:58Yes, if it's related to the Indonesian capital market,
03:01we are actually okay right now.
03:03What's interesting from the external factor is that it's quite conducive
03:06because we see that the FED has started to cool down a little bit.
03:12Maybe they are ready to leave the position of the highest FED.
03:20And that makes the market quite conducive.
03:24But this geopolitical factor has not changed yet.
03:27The situation is still quite hot.
03:29It is still an external obstacle.
03:33The main problem is internally.
03:35Our domestic internal is the transition period.
03:38From the government of Mr. Jokowi to Mr. Prabowo.
03:42We still see this from the economic team.
03:44What is the policy like?
03:46What is their attitude towards investment?
03:49Then how about the capital market?
03:51How about consumption?
03:53There are many things that are still waiting for the investors.
03:57Okay.
03:58In your opinion, does it mean that the momentum is already right?
04:01If, for example, PT KGI Securities Indonesia
04:03finally launched these two new war instruments?
04:07Okay.
04:08Actually, KGI was one of the initiators
04:13for the introduction of the SACCHO Warrant two years ago.
04:16In 2022.
04:18From the Taiwan team, we came to give a kind of workshop.
04:23With the stock exchange.
04:25At that time, together with the RAHB.
04:28In our opinion, this product is very interesting
04:32for our capital market that has a strong retail base.
04:36Okay.
04:37We look forward to the success of KGI in Taiwan itself.
04:43And also in Thailand.
04:44In Thailand in 2017.
04:47Within a year, it has become one of the largest warrant issuers.
04:51SACCHO Warrant issuer.
04:53And also the trading has been very significant.
04:57Okay.
04:58From the structure itself, what is it like?
05:00Mr. Ohayu can also explain to the viewers
05:03about the structure warrant issued by KGI Securities Indonesia.
05:07Among others, there are BBCA and Telkom, right?
05:10That's right.
05:11So it needs to be outlined first.
05:14The structure warrant is actually one of the company's products.
05:18Yes.
05:19And which gives the right to the holder.
05:22So it's purely a right.
05:23There is no obligation here.
05:24Okay.
05:25So there is no obligation to hold it until the time runs out.
05:27None.
05:28It can be carried out or traded during the period when the warrant is structured.
05:34So during that period, liquidity providers and regulators,
05:41we, KGI Securities Indonesia,
05:43provide value quotations in a cost-effective way.
05:47Okay.
05:48So if it is said to be liquid, it is very liquid.
05:50Hmm.
05:51So if, for example, a trader wants to enjoy the results of the underlying movement
05:58with minimal capital,
06:00to get the maximum profit potential,
06:03buy it in a structured warrant.
06:05But back again, because the risk must also be considered.
06:09We have to take risks too.
06:11And one more thing that may need to be considered is time decay.
06:17Because if our assumption is bullish,
06:20but we hold it until the time runs out,
06:22it is not necessarily profitable
06:24if it is still below the level of the holder or buyer.
06:28Okay.
06:29Yes.
06:30So we have to pay attention to it.
06:31Okay.
06:32Well, I'm curious about the background.
06:33If we talk about it, why did you choose the underlying BPCA and then Telkom?
06:38Yes.
06:39First of all, we, KGI Securities Indonesia,
06:43try to design a structured warrant product that benefits investors.
06:47Okay.
06:48That's one thing that needs to be noted.
06:50Secondly, maybe in terms of underlying selection,
06:56we try to choose an underlying that has the potential to be solved in the money.
07:01In the money, it means that the underlying warrant price is above the operating price.
07:07So there is a difference or intrinsic value there for the investor.
07:12Okay.
07:13So if we design a product that benefits the investor,
07:18the potential to increase the value of the investor's transaction is very high.
07:25That's it.
07:26It means that it is one of the attractive features if we can invest in a structured warrant
07:30that has just been issued by KGI Securities Indonesia.
07:34What is the process mechanism of the issuance of this structured warrant?
07:39We started six months ago, sir.
07:43From the process of entering the system for hedging,
07:47for hedging as a liquidity provider and provider.
07:51Then we also submit some terms from the OJK.
07:59Then we also submit it to IDX.
08:01Then we go to the offer stage from July 10 to 16.
08:10And then we also determine the fixed price,
08:14the price of the offer that can be bought by the investor in the stock market.
08:19Then the day before today's listing,
08:23it is also at the stage of repayment of funds if there is an excess of funds.
08:28Then today is the official listing and recorded in the Indonesian Stock Exchange.
08:32Sir, maybe you want to add something related to this,
08:35that this can be the right momentum,
08:37then the underlying is also correct,
08:39it means that this can be one of the choices for investors.
08:44Yes.
08:45Maybe it connects to the mechanism.
08:48We have a long internalization process,
08:50so we are really serious.
08:52We choose an integrated system,
08:55integrated liquidity provider and hedging process in one machine.
09:00It's not easy.
09:02Then the process for the fulfillment of the terms from the stock exchange and OJK,
09:08then the listing process itself.
09:11The next main thing is education.
09:15I also hope that we will do education with the stock exchange,
09:21so that the investor can see this product more clearly.
09:27Okay.
09:29Okay, that's it.
09:30So, what is the difference between the warrant structure issued by KGI Securities
09:35compared to other products?
09:38Is there any competitive advantage that can be reached?
09:42Okay.
09:43As Mr. Wahyu said,
09:45we design products,
09:47it's not easy to design.
09:49We design products that can benefit investors.
09:51Okay.
09:52We commit to the investor profit, prosperity.
09:55Yes.
09:56Why are we different from others?
09:58The first product that we issued,
10:02it's already in money on the first day.
10:04Okay.
10:05What does in money mean?
10:06It's already profit.
10:07If today we use American style,
10:11because we use European style,
10:13where the customer will be after six months,
10:16it's actually already profitable.
10:18That's it.
10:19The second, we try to make the premium as cheap as possible.
10:24That's it.
10:25And the third, it's time decay.
10:28Value depreciation.
10:29Okay.
10:30It means, for example, in BBCA Telkom,
10:35for 10 days, the price didn't change.
10:38We just reduced the value by 1 rupiah.
10:41Okay.
10:42Yes, yes.
10:43Well, if other providers,
10:45there is 1 rupiah per day.
10:47So, if BBCA, tomorrow, the price is the same.
10:50It didn't go down, didn't go up.
10:51Telkom is the same.
10:52Tomorrow, the value has gone down by 1 rupiah.
10:54Okay.
10:55If we don't,
10:56for the next 10 days,
10:58That's it.
10:59That's what separates us.
11:00So, we really take care of the investor,
11:02so that he can profit.
11:04Okay. That's it.
11:05But, what's interesting,
11:06if we compare it to our capital market investors,
11:09compared to the products that have just been issued,
11:11how many warrants have been issued?
11:14But, hold on.
11:15We'll be back in a moment.
11:16Mr. Anthony, Mr. Wahyu, and Mr. Mirsa.
11:18We'll be right back after the break.
11:37Okay, Mr. Mirsa.
11:38We'll continue this interesting discussion
11:40with Mr. Anthony,
11:41President Director of PTKGI Securities Indonesia.
11:43Then, Mr. Wahyu Budi Arianto,
11:45Equity Derivative Traders of PTKGI Securities Indonesia.
11:48Okay.
11:49We'll present some data first, Mr. Mirsa.
11:52Related to the growth of capital market investors.
11:55This is interesting if we look at it.
11:57The trend is constantly increasing.
11:59In April, we already have 12.7 million investors.
12:02Then, in May,
12:03it rose again to 12.9 million investors.
12:07In June, we have 13.78620 investors.
12:13This is interesting.
12:14Of course, it can be used as a grip
12:16for the products of the stock market in Indonesia.
12:19The benefits of warranty-structured investment products,
12:22we'll see from the following graphs.
12:25First, there is a leverage there.
12:27Then, unlimited potential benefits.
12:30Protect the value of investment
12:32and also high liquidity.
12:34Those are some benefits of warranty-structured products.
12:38Next, we'll see the determining factors
12:40of warranty-structured prices.
12:42What are they?
12:43Here they are.
12:44The determining factors are the underlying price,
12:46then, exercise price,
12:48flow rate,
12:49lab spend,
12:50structure warrant,
12:51then, dividend yield underlying,
12:53and also the underlying volatility.
12:55Okay.
12:56We'll discuss some interesting data right away, Mr. Wahyu.
12:59Yes.
13:00From some that have been reported,
13:02investors in the stock market
13:04that are constantly rising,
13:06then, the benefits that have been reported,
13:08how do you see the potential
13:10of this stock product
13:12if we look at this warranty-structured product?
13:14I need to add to what you said, sir.
13:17This is interesting
13:18because the potential of the benefits is not limited,
13:21but the potential of the losses is limited.
13:23Why is the potential of the losses limited?
13:25Because the maximum that can be suffered by the investor
13:28is only as big as what they produce.
13:30There is no additional margin
13:32or certain funds
13:34to be able to enjoy the leverage
13:36or the lifting power of the underlying.
13:39So,
13:40first of all,
13:42if we say it's interesting,
13:44it's very interesting.
13:46And then,
13:48the other advantages,
13:50for example,
13:52the warranty-structured product
13:54can be bought at a cheap price, of course.
13:56So, for example,
13:58if you buy
14:00the underlying stock,
14:02one lot can be worth one million.
14:04For example, the warranty-structured product
14:06can only be worth thousands.
14:08Four thousand, five thousand,
14:10you can buy one lot.
14:12It's quite attractive, right?
14:14That's right.
14:16If it's related to the data that was reported earlier,
14:18it's related to determining the price of the warranty-structured product.
14:21The first thing to pay attention to
14:23is the price of the implementation.
14:25What is the price of the implementation?
14:27It's set by the issuer,
14:29or the participants,
14:31related to the period of the warranty-structured product.
14:34The exercise of the warranty-structured product.
14:36The higher the price of the implementation.
14:38For example,
14:40the price of the current BCA bank is ten thousand.
14:42Then, if the participants set the price of the implementation
14:45far above the underlying price now,
14:47it has the potential to be completed
14:49out of the money.
14:51Because it will be difficult to increase.
14:53It's different from the KGE security product
14:55which was initially set by the IPO.
14:57It has been set in the money.
14:59It's very beneficial for the investors.
15:01It has been mentioned earlier.
15:03That's the price of the implementation.
15:05The second thing to pay attention to is the underlying price.
15:07Because the warranty-structured product
15:09is related to the underlying price movement.
15:11So, the quotation of the price that we provide,
15:13so the up and down
15:15from the period of the implementation
15:17depends on the underlying price.
15:19How many ticks of the underlying movement
15:21the BCA bank will go up or down.
15:23Why?
15:25Because there is a condition
15:27that the underlying price will go up,
15:29but the warranty-structured product will go down.
15:31Why? Because the time decay is too high.
15:33It's not interesting
15:35if the time decay is too high.
15:37Or the waste of time as Mr. Antoni said.
15:39Then, the third thing is
15:41there is a free risk rate
15:43or the flower rate
15:45that we set
15:47or the participants set
15:49to calculate the price of the warranty-structured product.
15:51And one more thing,
15:53the calculation of the price of the warranty-structured product
15:55is based on the method or mechanism of stock options.
15:57So, if you are not familiar with it,
15:59the stock option gives the right
16:01and not the obligation.
16:03So, it can be traded
16:05in the active period of the warranty-structured product.
16:07It is not obligatory to execute or convert
16:09at a certain time.
16:11That's what many people still misunderstand in Indonesia.
16:13They buy it,
16:15then they hold it until it runs out of time.
16:17It's a loss.
16:19It's not a gain.
16:21It's avoided.
16:23It's not well-educated.
16:25That's it. Talking about literacy.
16:27Because we know there are still housekeepers.
16:29If we talk about education
16:31or stock literacy itself,
16:33we are still trying to catch up
16:35with our own inclusion.
16:37What do you think, Mr. Antoni?
16:39So that we can catch up with the literacy
16:41and it can be the same
16:43or at least apple to apple
16:45with our own inclusion that is more massive.
16:47Maybe what I see
16:49from KGI's own policy
16:51as a group,
16:53they see that
16:55this product must benefit the investor first.
16:57Especially.
16:59After the investor benefits,
17:01it will spread.
17:03And it becomes a product that people start to see.
17:05Okay.
17:07That's why we structure the product
17:09how the investor can profit.
17:11That's it.
17:13Okay. It means to make the investor happy first.
17:15And second, it needs education.
17:17Because if we make them happy,
17:19of course they will understand.
17:21Like, yesterday it was just a hockey.
17:23But we have to let them know
17:25that product features are important.
17:27That's it.
17:29And this product becomes an alternative.
17:31You said that
17:33in the previous segment, it's about risk.
17:35What kind of risk that can be told
17:37when it becomes part of education
17:39if people want to invest
17:41in structured warrants?
17:43First, because the price determination
17:45of the structured warrants is related to the underlying price.
17:47Of course,
17:49the risk of the underlying or market risk
17:51must be taken into account.
17:53Because if there is a lift
17:55about 4 times,
17:571% in the underlying,
17:594% in the structured warrants.
18:01That's compared to
18:03if the underlying also falls,
18:05the market risk can also
18:07go down further.
18:09Then, the second is
18:11the risk of time decay.
18:13The duration of time.
18:15For example, if the price is flat,
18:17the underlying price is flat,
18:19the price of the structured warrants,
18:21if the time decay is too high,
18:231 rupiah, or even 0.5 or 0.6 rupiah per day,
18:25that will reduce
18:27the price of the structured warrants.
18:29As time goes by, it will slow down.
18:31That's what an investor
18:33should respect.
18:35Until now, how many
18:37if we talk about
18:39structured warrants in KGI?
18:43Here, there are only two.
18:45That's why we launched the first one.
18:47But in Taiwan,
18:49we have 4,000.
18:514,000?
18:534,000. In Thailand, maybe
18:55there are thousands.
18:57That means the gap
18:59is still open.
19:01Yes.
19:03If we look at
19:05Thailand, we need
19:072 years to become
19:09very popular.
19:11Now, this product is popular.
19:13So, the product is okay, we just need to
19:15use the momentum to increase
19:17the number of products.
19:19And that's it.
19:21What is the interest of the investors?
19:23We will discuss it in the next segment.
19:25We will take a short break.
19:37See you in the next segment.
20:07If we look at it,
20:09there are still challenges.
20:11Especially related to education.
20:13So, there are many
20:15people who have suffered losses.
20:17So, to get into
20:19structured warrants,
20:21there are more losses.
20:23Okay.
20:25This is what we are trying to
20:27create a product that
20:29if possible, they will benefit.
20:31Interest.
20:33Even if there is interest,
20:35we target retail.
20:37Because this product is specifically for retail.
20:39For retail.
20:41Because of the unlimited profit.
20:43If they believe that the stock price
20:45of BCA will go up,
20:47that's it. Just buy the warrants.
20:49They will follow.
20:51How competitive is the price
20:53offered to investors
20:55related to structured warrants from KGI?
20:59How competitive?
21:01As we said earlier,
21:03the exercise price is
21:056 months later,
21:07we say BCA
21:09can be bought from us
21:11with the price of 10,000.
21:13Even though today it's already 10,000.
21:15Or we make Telkom,
21:17later it can be implemented
21:19at the price of 3,000.
21:21Even though today it's already 3,200.
21:23So, if today they buy
21:25the exercise,
21:27the general warrants,
21:29they sell it, they already benefit.
21:31Okay, that's it.
21:33Speaking of challenges,
21:35literacy, education, Mr. Wahyu,
21:37what can you say
21:39so that people's understanding
21:41will be deeper
21:43related to the products from the stock market
21:45such as structured warrants?
21:47First, maybe if it's related to
21:49structured warrants products,
21:51it's actually a derivative product.
21:53Investors
21:55have to understand the product
21:57from equity first.
21:59The next step
22:01is to know the advantages first.
22:03Then, the risks.
22:05Then,
22:07if it's related to
22:09security
22:11to try to provide
22:13education that really
22:15reaches the investor,
22:17because all this time,
22:19maybe we don't know
22:21how far it has reached.
22:23Because the response
22:25from the majority of traders
22:27or investors in Indonesia still don't understand
22:29what is this product.
22:31Structured warrants products.
22:33They still think that
22:35structured warrants are not profitable.
22:37Or not profitable.
22:39That's why, maybe still
22:41if we look from the
22:43transaction valuation
22:45compared to other products
22:47such as stocks, it's still small.
22:49Even compared
22:51to ordinary warrants,
22:53it still loses.
22:55Why?
22:57Because it's still new.
22:59This product has only been around for 2 years.
23:012 years.
23:03And we try to
23:05enter the market
23:07with a good product design.
23:09Hopefully, the investor
23:11will think that this product is good and profitable.
23:13And there will be awareness
23:15and then the transaction
23:17will start to be active again.
23:19The important thing is that the investor can feel
23:21the difference between
23:23official products that already have regulations
23:25compared to other products.
23:27How big does it mean
23:29that this structured warrants
23:31can be an alternative investment
23:33for the 13 million investors
23:35in the capital market?
23:39How big?
23:41Of course, if I say
23:43this product, don't be afraid that
23:45it can't be sold.
23:47If you've bought it, no one will buy it.
23:49As a liquidity provider,
23:51we have an obligation
23:53to provide that liquidity.
23:55If you want to sell it at any time,
23:57we will buy it.
23:59If you want to buy it at any time, we will sell it.
24:01That's the point.
24:03And the most important thing is the spread.
24:05We try to keep the spread
24:07at 1 tick.
24:09And we provide
24:115 prices at the bottom
24:13and 5 prices at the top.
24:15So, it creates
24:17comfort for the investor that
24:19our product is not a product that can be
24:21bought and sold.
24:23Okay.
24:25If I want to buy it,
24:27as an investor,
24:29what should I do?
24:31You can do it in the regular market.
24:33Just enter the code.
24:35For example, the code is BBCA.
24:37Then enter the code
24:39of the distributor.
24:41Then enter the type, call or put.
24:43Then enter the month
24:45and year
24:47and the time.
24:49As easy as that?
24:51As easy as that. It's like a code, but the code is long.
24:53Yes.
24:55The other one is 4 letters.
24:57This one is a bit long.
24:59So, my guideline for investors
25:01is simple.
25:03Believe that the underlying is going up or down.
25:05That's first.
25:07If they feel that it's going up,
25:09they have two alternatives.
25:11If they have enough money, they buy the underlying.
25:13Or if they say,
25:15I believe that it's going up in two or three months,
25:17they buy the underlying.
25:19If they want to buy the underlying
25:21and decide to buy the underlying,
25:23look for the distributor.
25:25Look at the price of the exercise price.
25:27Then look at the time duration.
25:29The time decay.
25:31It's on the distributor's website.
25:33Okay.
25:35Then set
25:37the timing.
25:39Don't buy it too soon.
25:41Okay.
25:43So, Mr. Timis, do you think this product can be
25:45absorbed in the market?
25:47I believe so.
25:49If it's successful in Thailand,
25:51I think it's more or less the same
25:53for the people.
25:55Why not in Indonesia?
25:57Okay. That's it.
25:59So, it's one of the investment alternatives.
26:01Other than stocks,
26:03maybe it's related to the warrant structure
26:05issued by KGI Indonesia.
26:07Mr. Antoni, thank you so much for your time.
26:09Mr. Wahid, your analysis is interesting.
26:11What are the opportunities
26:13from the warrant structure
26:15issued by KGI Indonesia?
26:17Don't miss it.
26:19We'll be back
26:21with other interesting topics
26:23related to the earth gas ballot
26:25that boosts the efficiency of manufacturing
26:27in Indonesia. We'll be back soon.
26:41Thank you.