Comparison of Temasek (Singapore) , Khazanah (Malaysia) and BUMN (Indonesia's SOE -20 listed companies) for financial years 2017

1. Benchmarking Study of SOEs in 2017
Performances Comparison
Among Temasek, Khazanah,
and Major Public Listed SOEs
(BUMN) in Indonesia
Dr. Toto Pranoto
Managing Director LM FEB UI
Januari 2018
1

2. State-Owned Enterprises (SOEs) around the
World
• For over the last decade, there was a significant
increase, in terms of contribution of the SOEs in
Global 500.
• It was affected significantly by the rapid growth of
SOEs in China
• Three major SOEs in China (Sinopec, CNP, and
State Grid) had been consistently being in the top
10 of Global 500 since 2010 and contributed about
15% of total revenue of Global 500 SOEs
Source: PwC (2015)
2

3. Contribution of BUMN towards
Indonesian Economy
Source(s) : LM FEB UI compiled from LKIP of Ministry of SOEs (Kementerian BUMN (2017)
2012 2013 2014 2015 2016
PDB Nominal (dalam Triliun Rp) 8,242 9,269 10,196 11,541 12407
Total Asset terhadap PDB Nominal (%) 42.1% 45.5% 44.9% 42.8% 42.3%
Total Ekuitas terhadap PDB Nominal (%) 9.9% 10.1% 10.7% 10.3% 10.1%
Total Pendapatan terhadap PDB Nominal (%) 19.3% 19.3% 19.6% 14.9% 15.7%
Laba Bersih terhadap PDB Nominal (%) 1.7% 1.6% 1.5% 1.0% 1.4%
Capex BUMN terhadap PDB Nominal (%) 1.7% 2.3% 2.5% 2.3% 3.1%
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
• Ratio of Total Asset to Nominal
GDP decreased from 42,8 in
2015 to 42,3 in 2016
• Ratio of Total Revenue to
Nominal GDP increased from
14.9% in 2015 to 15.7% in
2016.
• Net Profit went up in 2016.
• Capex increased 3.1% in 2016
compare to previous year.
• Overall, BUMN was more
productive in 2016.
3

4. Contribution of Temasek towards
Singapore Economy
4
• Ratio of Total Asset to
Nominal GDP increased in
2016 compared to 2015
• Ratio of Total Revenue to
Nominal GDP tended to
decrease in 2016.
• There was also a decrease
in terms of Ratio of Net
Profit to Nominal GDP.
Source(s): LM FEB UI compiled from various resources (2016)
2012 2013 2014 2015 2016
PDB Nominal (dalam Juta SGD) 361,499 375,751 388,169 402,458 410,271
Total Aset terhadap PDB Nominal (%) 93.87% 98.46% 98.96% 125.88% 128.99%
Pendapatan terhadap PDB Nominal (%) 25.90% 26.00% 25.16% 31.52% 31.49%
Laba Bersih terhadap PDB Nominal (%) 3.32% 3.29% 3.38% 5.80% 3.91%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
330,000
340,000
350,000
360,000
370,000
380,000
390,000
400,000
410,000
420,000

5. 2012 2013 2014 2015 2016
PDB Nominal (dalam juta RM) 971,252 1,018,821 1,106,580 1,157,100 1,230,120
Total Aset terhadap PDB Nominal (%) 7.83% 8.03% 9.48% 10.27% 10.77%
Pendapatan terhadap PDB Nominal (%) 0.65% 0.94% 0.97% 0.70% 0.76%
Laba Bersih terhadap PDB Nominal (%) 0.19% 0.31% 0.28% 0.09% 0.12%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
Contribution of Khazanah towards
Malaysian Economy
5
Khazanah showed a positive growth in
2016
• It can be seen from the increase of
Ratio of Total Asset to Nominal
GDP from 9.5% in 2014 to 10.7 in
2016.
• Ratio of Revenue to Nominal GDP
decreased between 2013 and 2014,
but then increased from 0.70 in
2015 to 0.76 in 2016.
• Ratio of Net Profit to Nominal
PDB decreased from 2013 to 2015,
but it showed better result in 2016.
Source(s): LM FEB UI compiled from various resources (2016)

6. Performances Comparison among Temasek,
Khazanah, and Public Listed SOEs (20 BUMN Tbk)
6
The ability of Top 20 BUMN Tbk. in gaining return was considerably
good. It can be seen from the ROA of Total Top 20 BUMN Tbk that was
higher than Khazanah, but slightly lower than the ROA of Temasek Group.
Total Asset Growth of Total top 20 BUMN Tbk. was moderate. In
addition, the revenue growth of Total top 20 BUMN Tbk was relatively
high. However, the EBT Growth of Total top 20 BUMN Tbk. was still
under EBT Growth of Temasek and Khazanah.
Source(s): LM FEB UI compiled from various resources (2016)
Total Asset (In Million USD)
287,597 294,580
337,710
227,480
262,639 279,372
19,573 19,721 -
2015 2016 2017*
Temasek Holding 20 BUMN Listed Indonesia Khazanah Holding
TA growth yoy 14,6% 9,9% 0,7%
Temasek 20 BUMN Tbk Khazanah
Rev growth yoy 1,8% 20,2% 3,5%
EBT growth yoy 47,1% 17,5% 27,4%
ROA (latest) 24,4% 15,0% 7,0%
PM (latest) 14,5% 23,5% 25,2%
Revenue (In Million USD)
72,006 71,909 73,186
35,570 39,418
14,094
1,337 1,385 -
2015 2016 2017*
Temasek Holding 20 BUMN Listed Indonesia Khazanah Holding
EBT (In Million USD)
* Data available in 2017:
1. Temasek Holding (FY)
2. Top 20 BUMN Tbk. Indonesia (Q3)
3. Khazanah (n/a)
15,025
10,414
15,316
8,828 9,278
3,111
274 349 -
Temasek Holding 20 BUMN Listed Indonesia Khazanah Holding

7. Performances Comparison in Banking Sector
Source(s): LM FEB UI compiled from various resources (2017) Note: Dikonversi berdasarkan kurs akhir tahun
• The growth of Total Asset of
Public Listed SOEs (BUMN) in
banking sector in Indonesia are
relatively higher than SOEs in
banking sector in Malaysia and
Singapore.
• BTN and BRI (Indonesia) and
UOB and OCBC (Singapore)
have a significant growth of
revenue.
• However, Bank Mandiri
(Indonesia) has revenue decrease
• Moreover, EBT Growth of public
listed SOEs in banking sector in
Indonesia are relatively higher
than SOEs in the same sector in
Singapore and Malaysia.
• OCBC (Singapore) has a highest
profit margin.
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Nama Perusahaan
Total Aset Q3
FY16 (dalam Juta
US$)
Total Aset
2016 (dalam
Juta US$)
Total Aset Q3
FY17 (dalam
Juta US$)
Perubahan
Total Aset
(%yoy)
Revenue
Q3 FY16
(dalam Juta
US$)
Revenue
2016 (dalam
Juta US$)
Revenue Q3
FY17 (dalam
Juta US$)
Perubahan
Revenue
(%yoy)
Bank BNI 44,006 44,789 49,447 12.4% 867.4 3,066 918.5 5.9%
Bank BRI 71,740 74,510 76,862 7.1% 1,810.9 5,017 1,997.5 10.3%
Bank BTN 15,192 15,900 17,163 13.0% 316.4 613 365.1 15.4%
Bank Mandiri 75,088 77,113 79,824 6.3% 1,559.3 4,052 1,513.8 -2.9%
CIMB 117,525 108,309 120,455 2.5% 1,160.0 3,590 1,154.6 -0.5%
DBS 341,687 341,176 374,128 9.5% 1,779.5 8,140 2,037.3 14.5%
Maybank 172,964 164,103 181,561 5.0% 1,283.6 5,880 1,305.2 1.7%
OCBC 289,356 290,389 323,101 11.7% 1,522.9 6,014 1,714.6 12.6%
RHB Bank 55,492 52,771 55,734 0.4% 475.1 1,381 452.4 -4.8%
UOB 240,642 240,898 260,936 8.4% 1,508.1 5,711 1,705.7 13.1%
Nama Perusahaan
EBT Q3 FY16
(dalam Juta
US$)
EBT 2016
(dalam Juta
US$)
EBT Q3 FY17
(dalam Juta
US$)
Perubahan
EBT (%yoy)
Profit Margin
Q3 FY17
Bank BNI 319.2 1,062 352.8 10.5% 38.4%
Bank BRI 588.2 2,522 640.4 8.9% 32.1%
Bank BTN 61.3 247 70.7 15.3% 19.4%
Bank Mandiri 493.0 1,379 555.3 12.6% 36.7%
CIMB 336.3 1,089 358.4 6.6% 31.0%
DBS 957.1 3,601 710.2 -25.8% 34.9%
Maybank 607.1 1,972 628.6 3.5% 48.2%
OCBC 863.1 2,762 958.7 11.1% 55.9%
RHB Bank 163.8 497 151.1 -7.8% 33.4%
UOB 711.5 2,676 788.9 10.9% 46.3%

8. Performance Comparison in Energy Sector.
• Total Asset of Petronas (Malaysia) is dominantly higher than Pertamina (Indonesia), in which the growth of total
asset of Pertamina (Indonesia) is still lower than Petronas (Malaysia)
• Furthermore, revenue growth and profit margin of Petronas (Malaysia) are higher than Pertamina (Indonesia)
• The rise of oil price in 2017 affects financial condition in both companies.
8
Nama Perusahaan
Total Aset 1st
Semester FY16
(dalam Juta US$)
Total Aset
2016 (dalam
Juta US$)
Total Aset 1st
Semester FY17
(dalam Juta
US$)
Perubahan
Total Aset
(%yoy)
Revenue 1st
Semester FY16
(dalam Juta US$)
Revenue
2016 (dalam
Juta US$)
Revenue 1st
Semester FY17
(dalam Juta US$)
Perubahan
Revenue
(%yoy)
Pertamina 46,948 47,233 49,279 4.97% 17,197 36,487 20,504 19.23%
Petronas 126,610 134,513 146,842 15.98% 21,764 45,687 26,620 22.32%
Nama Perusahaan
EBT 1st
Semester
FY16 (dalam
Juta US$)
EBT 2016
(dalam Juta
US$)
EBT 1st
Semester
FY17 (dalam
Juta US$)
Perubahan
EBT (%yoy)
Profit Margin
Q3 FY17
Pertamina 2,896 4,945 1,837 -36.57% 8.96%
Petronas 2,241 7,504 6,415 186.23% 24.10%
Source(s): LM FEB UI compiled from various resources (2017) Note: Dikonversi berdasarkan kurs akhir tahun