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"Saksikan tayangan kami Official Youtube IDX Channel di Program Market Buzz, Kamis (02/01/2024) dengan Tema Menakar Nyala Saham di Tahun Ular Kayu."
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00:00Thank you for joining us on this special program. Happy New Year.
00:04Happy New Year.
00:05I hope many good things happen to us in 2021.
00:31Especially for the capital market in Indonesia.
00:33Mr. Suria, before we discuss,
00:35I would like to give you various indicators that make us firm enough
00:41to look at 2025 in the capital market.
00:44Indonesia's stock market, of course.
00:46We want to review first
00:48if we look at the movements of the IASG for 2024,
00:52especially at the end of the year, which is quite interesting.
00:55There was a significant weakness,
00:58and then the weakness was limited
01:00in the closing of trade, in the last trade a few times ago.
01:04What makes the market players
01:08enough to then pay attention to various things?
01:11This seems to be a priority.
01:15Or maybe the attention is quite intense in the Indonesian stock market, in the IASG.
01:19Actually, we are quite optimistic.
01:21In September, the index was more than 7,900.
01:25The highest in history.
01:27But suddenly, the IASG came out.
01:31Especially since Donald Trump won.
01:34Why did it happen?
01:36Because the optimism was created
01:40because there was an expectation
01:42that the flower rate would drop quite drastically in the future.
01:47But because at that time Trump came up,
01:50people started to think that the flower rate
01:53would probably not be as fast as they imagined.
01:55Because, relatively, he prefers to impose tariffs on other countries
02:02which will cause inflation to be created there.
02:05Moreover, Jerome Powell also said that in 2025, the decline will not be aggressive.
02:08That's right.
02:09That's why if we look at the yield from bonds
02:12both in Indonesia and the US, it's still high.
02:15Even though the Fed lowered the flower rate.
02:18So that made a lot of money come out of Indonesia.
02:24Not only Indonesia, but other countries as well.
02:26But there are some countries that are more profitable.
02:28Like India, which is more profitable.
02:31A lot of money came out of Indonesia.
02:32I see that since September,
02:34in the last three months, around Rp40 trillion came out of the stock market.
02:38That's why if a foreign investor comes out,
02:42it's usually because of the big caps.
02:45For big banks.
02:46That's why our index fell again,
02:48getting closer to 7,000.
02:49We also saw that it broke the record in 2024.
02:57Of course, this is regulated by various sentiments.
02:59One of them is optimism, dependence,
03:01the decline of the flower rate in the Fed itself.
03:03But then, it's not in line with what we expected,
03:07especially when Donald Trump was elected.
03:09If we look at the sentiment in the country,
03:12actually, in a strong way,
03:17why did it become a sentiment that was
03:22quote-unquote defeated by a foreign sentiment?
03:26Because we had a Peel Press in 2024.
03:32Then there were results from the Peel Press.
03:35This was also quite an optimistic attitude by the market players
03:38because the economic policy has begun to be imagined, etc.
03:41If we compare the domestic sentiment and the external sentiment,
03:45what did it look like in 2024, Sir?
03:48That's also a note for us.
03:51Because the retail players who helped our index during COVID-19.
03:56During COVID-19, our retail suddenly rose
03:59so that it defeated the transaction from a foreign investor.
04:03That's a slow decline.
04:05At the moment, it's down.
04:06Why is it down?
04:07One of them, if I look at it,
04:09especially after the local foreign code was closed,
04:14I saw that the retail players were happy.
04:18There was also a FOMO that caused many people to suffer losses.
04:22So in the end, the stock market had a good intention to close the code.
04:25But I saw that there was a side effect
04:28where the spirit of the retail players was down.
04:32So in the end, their trading went down
04:37and the foreign sentiment came out.
04:39One of the indicators was lost.
04:42In the end, our stock market was a bit depressed,
04:45especially with the rupee decline.
04:47The rupee decline always has a negative effect on the index.
04:50So when the rupee declines,
04:53the probability of our index rising is usually small.
04:56So that's why our market was a bit bad last year.
05:00Okay.
05:01One thing that also drew the attention of retail players
05:04is related to the PPN policy.
05:06It's 12%.
05:08Yesterday, President Prabowo Subianto stated
05:10that the PPN policy still has to go up.
05:12But it's only for luxury goods.
05:16But this statement is more or less the same.
05:19It was said a few times ago from the government's point of view.
05:23But then the public felt that
05:25there were other goods that were actually
05:28quote-unquote according to the public,
05:30not categorized as luxury goods,
05:32but also affected by the PPN policy.
05:34At first, this actually gave a little peace of mind to the public.
05:39And then it became a policy that
05:41yes, it will be applied for goods that are beyond,
05:46or the high-end level,
05:48not the middle-to-low level.
05:50Actually, it's better.
05:52If it's the general public,
05:54of course they prefer it if it's still 11%.
05:57If it needs to go down.
05:59Because if we look at our competing countries,
06:01Vietnam even went down.
06:02We even went up.
06:05I only see that the increase in the percentage,
06:10from 11% to 12%,
06:12whether the effect will increase taxes or not,
06:14it's still a challenge.
06:16Because it's like what happened last year.
06:19In the middle of the year,
06:21when 10% went up to 11%,
06:23the tax rate went down.
06:25Even though it was closed, it finally went up.
06:28Especially if we look at smoking,
06:31for example, the effect is negative.
06:33If it goes up, it's too much.
06:35So actually,
06:37if it's delayed or canceled,
06:40for non-high-end goods,
06:43it should be positive.
06:45Including us,
06:46because security was hit by 12%
06:48and now it's still 11%.
06:49But it turns out that it's not.
06:50It's already confirmed.
06:51Security has already confirmed it.
06:54Sometimes because the increase in PPN
06:56doesn't automatically make us
06:58able to apply it to the customers.
07:01Because all sectors are different.
07:03So the burden eventually
07:05goes back to the company itself.
07:07Okay.
07:08One of the main reasons why the government
07:10implemented or suggested this,
07:13is to increase the tax rate itself
07:15in 2025.
07:17Because the government
07:19will use the income from the tax sector
07:21to pay the government's debts.
07:24As far as this is concerned,
07:26it has become one of the considerations
07:28for foreign investors
07:30who enter the Indonesian market.
07:32They pay attention to various indicators.
07:35Mr. Surya,
07:36maybe you have an insight on this.
07:38For investors,
07:40foreign or local investors,
07:42if possible,
07:44the tax rate should be as low as possible.
07:46That's the main consideration, right?
07:48If the tax rate is high,
07:49even though the Indonesian government
07:51is quite big, right?
07:52Still.
07:53It's an effort to pay the debt.
07:54It depends on who we are.
07:57If we are the government,
07:58the government wants the tax rate to be high,
08:00so that the income will increase.
08:02But if we are an investor,
08:04or a businessman,
08:06we want the tax rate to be low.
08:08Or if we are a consumer,
08:09we want the tax rate to be low.
08:10Even though 1% tax rate
08:12may not be enough
08:14for some sectors.
08:16Yes.
08:17But for other sectors,
08:19the impact is quite high,
08:21if I look at it.
08:22Okay.
08:23The impact is quite significant.
08:24Moreover,
08:25we don't just want to share one item.
08:27We want to share many items.
08:28So we multiply the tax rate
08:29by 12%.
08:31What I'm afraid of is
08:32the increase in the tax rate
08:34will make some items
08:36become a burden
08:38for the consumer.
08:40A burden for the consumer.
08:42So those who don't really need it,
08:44will still buy things.
08:48For example,
08:49it's not enough.
08:50The tax rate is expensive.
08:51It's interesting.
08:52Some time ago,
08:53there was a movement
08:55for the people to protest
08:57the 12% tax rate policy
08:59to stop the consumption.
09:01This is what the government
09:03is afraid of.
09:04Because the people
09:05want to stop the consumption.
09:07Meanwhile,
09:08the economic growth
09:09is also supported
09:10by domestic consumption.
09:12Okay.
09:13It's related to the sectors
09:14that may be affected.
09:16And this is also projected
09:18when Wacana,
09:20not Wacana,
09:22but other businesses,
09:24may be affected
09:25by the 12% tax rate.
09:27It's already
09:29being considered
09:30as a legal product.
09:32For certain sectors,
09:34such as the consumer goods sector,
09:36or the retail sector,
09:38what do you see?
09:40Especially at the end of 2024,
09:42and when it becomes
09:44the most vulnerable sector
09:45of this policy?
09:46For luxury goods,
09:47it's actually aimed
09:49at those who can afford it.
09:51Maybe 1% is not enough
09:53for them.
09:54But in general,
09:56I think it's more
09:58negative.
09:59The current law
10:01uses
10:0311 per 12.
10:04The tax rate
10:05for those goods is 12%.
10:07If you multiply it,
10:08it's actually the same.
10:1011%.
10:11But because the law
10:12has changed it to 12%,
10:13maybe there's a discrepancy.
10:15But overall,
10:17as long as it's
10:19aimed at luxury goods,
10:21which are actually luxury goods.
10:23As Wiki said,
10:25there are goods that can't be classified as luxury goods,
10:27but are classified as luxury goods.
10:29That's what we're afraid of.
10:31If the luxury goods
10:33are really luxury goods,
10:35it shouldn't be a problem.
10:37Okay.
10:38As long as the statement
10:39from President Perbowo Subianto
10:40is really
10:42done like that,
10:43to say that
10:45the 12% tax rate
10:46is only for luxury goods.
10:47One sector that is quite interesting
10:49is the energy sector
10:51that led the trade
10:53or strengthening over the past year.
10:55We will discuss the next topic, Mr. Surya.
10:57Stay with us, we'll be right back.
11:14I'm still discussing
11:16with Mr. Surya Dharma,
11:18the Director of
11:20Samuel Securities Indonesia.
11:22Okay.
11:24One sector that is quite interesting
11:26for 2024
11:28and also quite leading
11:30is the energy sector, Mr. Surya.
11:32What can you highlight
11:34and promote in this sector?
11:36In the future,
11:38renewable energy,
11:40especially coal,
11:42will be a very positive thing
11:44if the shares
11:46related to it
11:48are easier to find
11:50foreign investors,
11:52compared to fossil energy.
11:56That's what's happening now,
11:58so
12:00our index is actually
12:02not only driven by
12:04four big banks.
12:08There are some stocks
12:10that are also renewable,
12:12and the market
12:14quality
12:16also depends on them.
12:18Okay. But what's interesting
12:20is that when Donald Trump was elected,
12:22if we look at the oil price,
12:24it then
12:26fluctuated like that.
12:28Because Trump's policy
12:30is also pro-fossil fuel
12:32usage.
12:34However, this then
12:36made a slight change
12:38related to the projection of sectors
12:40based on fossil energy,
12:42oil, or coal
12:44in the future.
12:46In Trump's time,
12:48oil production in the US
12:50actually increased.
12:52Because he was also pro-oil
12:54users.
12:56So usually,
12:58the production there increased.
13:00Then Trump didn't like war.
13:02War made
13:04the possibility of war.
13:06The war that is happening now has stopped.
13:08So in the end,
13:10the price of oil fluctuated.
13:12So that's what
13:14I predict will happen.
13:16So if, for example,
13:18a commodity that is very
13:20in line with the price of oil,
13:22it may also be affected.
13:24Okay.
13:26It is said that the price of oil
13:28fell by about 3% in 2024,
13:30which is the second year in a row.
13:32Do you see this as a negative sentiment
13:34or on the contrary,
13:36a positive sentiment?
13:38For whom? For Indonesia?
13:40For Indonesia or maybe for investors
13:42who are interested.
13:44For Indonesia itself,
13:46we are still a net importer of oil.
13:48If the price of oil drops,
13:50it will be better.
13:52But we are also a country
13:54that is very dependent on community exports.
13:56If we look at this community export,
13:58whether it is affected
14:00by the price of oil
14:02or not,
14:04it depends on the calculation.
14:06So the balance between the two
14:08is what we have to see.
14:10So it can be positive or negative
14:12depending on the price.
14:14It's too extreme.
14:16Speaking of commodities,
14:18a while ago, President Prabowo Subianto
14:20stated that don't be afraid of deforestation,
14:22just expand
14:24oil planting land
14:26because the world needs oil
14:28from Indonesia.
14:30From a sustainability point of view,
14:32maybe this is a segment
14:34that is quite unfortunate.
14:36But from the point of view of the industry,
14:38deforestation becomes
14:40quite an interesting thing.
14:42I agree with that statement.
14:44What do you mean?
14:46Because oil is actually
14:48oil production per hectare.
14:52So oil is the highest
14:54compared to other products
14:56owned by European countries.
14:58So that's what makes
15:00trade competition.
15:02So this CPO gets
15:04a negative campaign sentiment
15:06which is actually not because of
15:08ESG or anything.
15:10It's more towards international competition.
15:12So if that statement
15:14is true,
15:16it's actually not
15:18against the environment.
15:20What's important is
15:22replanting.
15:24As long as the program
15:26is run properly,
15:28in a positive way.
15:30And don't forget that we are the largest
15:32producing country.
15:34Oil is not owned by other countries
15:36other than Malaysia,
15:38which is quite large.
15:40As long as the implementation
15:42and operation
15:44are consistent.
15:46So that the balance is good.
15:48Let's continue our discussion
15:50and we'll be right back.
15:58Thank you for joining us.
16:00We will now discuss
16:02the economic agenda
16:04from several countries.
16:06From the United States,
16:08there is data about
16:10oil fuel inventory.
16:12Then from Canada,
16:14there is PMI Manufacture.
16:16Then from South Korea,
16:18there is the Producer Price Index.
16:20And from Singapore,
16:22there is PDB.
16:24Then from Indonesia,
16:26there is data about
16:28inflation.
16:30And the Agenda METAN,
16:32you can see it on
16:34your TV screen.
16:36From Maya, there is RUPS,
16:38BVIC,
16:40Payment Coupon, RDTX,
16:42DPS Interim Cash Dividend,
16:44ADARUH, DPS Interim Cash Dividend,
16:46KKGIX Interim Cash Dividend,
16:48and KEJU, DPS Bonus Stock.
16:57I will continue the discussion with Mr. Surya.
16:59Mr. Surya, if we look at
17:01BKEPS stocks,
17:03these are the stocks that
17:05are targeted by
17:07the market players, especially
17:09foreign investors.
17:11They are released quite a lot,
17:13so that there is a significant
17:15weakness.
17:17What do you think about
17:19BKEPS stocks in 2025,
17:21Mr. Surya?
17:23Actually, the profits
17:25are still growing,
17:27and very big.
17:29The profits are extraordinary.
17:31So, even though foreign investors
17:33get pressure,
17:35when foreign investors come back,
17:37they will be the first
17:39to benefit.
17:41So, it should be an opportunity
17:43when there is a sharp decline.
17:45So, it's an opportunity.
17:47Because, as of now,
17:49there is no problem.
17:51Everything is back to fundamental
17:53and the market management
17:55is still very profitable.
17:57It can be used
17:59as an opportunity to
18:01enter BKEPS or Big Banks
18:03with a discounted price.
18:05From a few,
18:07what do you think is interesting
18:09in Cermelanti?
18:11Everything is interesting.
18:13The biggest foreign pressure
18:15last year was BRI.
18:17BRI released the most foreign stocks.
18:19So, it hasn't stopped yet.
18:21Hopefully, this year,
18:23it will come back again.
18:25Okay.
18:27If we expand the sector,
18:29we specifically discussed
18:31Big Banks.
18:33Everything is interesting.
18:35But, at the beginning of the event,
18:37we saw that the LK45 sector
18:39is also quite
18:41variable.
18:43In other sectors,
18:45including LK45,
18:47which has experienced a significant
18:49increase this year,
18:51where is it?
18:53As I said earlier,
18:55there are two pillars.
18:57If we look at
18:59the top 10 market cap,
19:01it's not only in Indonesia
19:03by Big Banks.
19:05The ranking of BRI has dropped.
19:07It used to be number 2.
19:09So, there are a few stocks
19:11with high market cap
19:13that are now
19:15interesting.
19:17There are a lot of index funds
19:21or short-term funds
19:23that see
19:25their investment
19:27as a benchmark
19:29from the index
19:31created by MSCI
19:33or FTSE.
19:35So, when there are companies
19:37that enter the index,
19:39a lot of funds will automatically
19:41enter without seeing the valuation
19:43or anything.
19:45So, to enter,
19:47one of them must have
19:49a minimum market cap,
19:51good liquidity,
19:53until it enters the index.
19:55Once it enters the index,
19:57a lot of funds will automatically enter
19:59without seeing anything else.
20:01So, that has become
20:03the market driver now.
20:05So, we can not only see
20:07the 4B banks earlier,
20:09but also the different stocks
20:11that we have to pay attention to.
20:13It's like a rollercoaster.
20:15For example, there is a company
20:17that wants to enter the FTSE index
20:19but it suddenly cancels
20:21because the free float
20:23is considered low.
20:25That makes our index immediately drop
20:27because the stock price will drop.
20:29But, as the stock price goes up,
20:31when it enters the index,
20:33our EIC will go up significantly.
20:35This makes sense because
20:37when a stock enters an index,
20:39it is considered to meet various criteria
20:41that are then held by the investor
20:43when it enters one of the indexes.
20:45So, this is a potential.
20:47They must enter
20:49because if they don't, they will lose.
20:51If they don't enter,
20:53they will lose.
20:55On the contrary, when it exits
20:57or doesn't enter,
20:59it becomes a negative sentiment.
21:01Let's talk about the movement
21:03of the ASEAN stock market.
21:05Before we go to the main hall
21:07of the Indonesia Stock Exchange,
21:09let's talk about the ASEAN stock market.
21:11The ASEAN stock market
21:13has been strong since the opening
21:15with Nikkei and Hang Seng.
21:17Singapore's SDI
21:19rose 0.15% to 3,793
21:21and Korea's KOSPI
21:23rose 0.18% to 2,403.
21:39The ASEAN stock market
21:41has been strong since the opening
21:43with Nikkei and Hang Seng.
21:45Singapore's SDI
21:47rose 0.18% to 3,793
21:49and Korea's KOSPI
21:51rose 0.18% to 2,403.
21:53Singapore's SDI
21:55rose 0.18% to 2,403.
21:57Singapore's SDI
21:59rose 0.18% to 2,403.
22:01Singapore's SDI
22:03rose 0.18% to 2,403.
22:05Singapore's SDI
22:07Some of the properties
22:09are quite interesting
22:11especially the PANI.
22:13I think the development
22:15of PANI
22:17in the second peak
22:19is quite interesting
22:21to follow.
22:23Maybe there is an IPO
22:25from the company's son,
22:27BDK,
22:29which will have an IPO this January.
22:31I think it's quite interesting
22:33to follow.
22:35I think it's interesting
22:37because the price of the stock
22:39is not as high
22:41as it used to be
22:43when the property was booming.
22:45Because a lot of
22:47speculated investors
22:49are now decreasing.
22:51So the buyers
22:53of properties
22:55are now direct users.
22:57That's why
22:59some properties
23:01are not
23:03moving well.
23:05But lately,
23:07there are still needs.
23:09So,
23:11Prabowo also has a program
23:13for housing development.
23:15I think it's quite positive.
23:17We'll stop here.
23:33Thank you for joining us
23:35to talk about the stock market
23:37in the year of the Wooden Snake.
23:39We're still talking with Mr. Surya Dharma,
23:41Director of Samuel Securities Indonesia.
23:43If we look at the opening of IASG,
23:45Mr. Surya, although it's not
23:47too far from the closing level
23:49in 2024, but at least
23:51it's still moving positively.
23:53How do you see this?
23:55It's good.
23:57It's good because
23:59people usually hope for a January effect.
24:01So if the beginning is good,
24:03hopefully the future will be good too.
24:05Okay.
24:07But it's still early.
24:09Okay. We can't conclude yet
24:11whether this January effect
24:13will happen and look clear
24:15and significant.
24:17But if we look at the indicators,
24:19historically,
24:21if there's a January effect,
24:23what actually affects it?
24:25What sentiment
24:27usually historically
24:29happens at the beginning of the year?
24:31Usually at the beginning of the year,
24:33investment usually starts
24:35from cleanliness.
24:37New books.
24:39So usually
24:41there's a lot of investment
24:43that makes the price go up.
24:45But the most important thing
24:47is
24:49the stability of the rupiah.
24:51If the rupiah
24:53can be stable
24:55and strong again, I think
24:57the expectation can go up a lot.
24:59Okay.
25:01If we look at December,
25:03we expect
25:05window dressing and Santa Claus rally.
25:07Then in January,
25:09there's a January effect.
25:11Does this
25:13have anything to do with
25:15the fact that
25:17there are sectors
25:19that might do window dressing
25:21at the end of 2024
25:23and also
25:25show a positive
25:27job?
25:29Will that be projected
25:31in the stock market or maybe
25:33the sectoral movement in 2025?
25:35So that we can conclude
25:37that there's a January effect.
25:39Window dressing doesn't look like that.
25:41Unless it's the last day
25:43when it's about to close.
25:45In the morning, we're still
25:47quite busy.
25:49So in the last
25:5120 years,
25:53December has almost always gone up.
25:55But in the last 3 years,
25:57it's gone down twice.
25:59So that's a new thing
26:01for our market.
26:03The expectation is
26:05if the key energy
26:07from these companies is still good
26:09in 2025,
26:11with our joint index,
26:13if it doesn't go up,
26:15the valuation will be cheap.
26:17So that's the expectation.
26:19Because our index will still go up
26:21in the long term.
26:23Because there's a growth
26:25from the window dressing.
26:27So the window dressing index
26:29will grow historically.
26:31So the index will follow.
26:33My hope is that
26:35it will happen in 2025.
26:37And it will be projected
26:39at least at the beginning of 2025.
26:41If we talk about
26:43the data that we
26:45expect, it's related to
26:47the December 2024 inflation.
26:49How do you project
26:51the inflation data
26:53in December
26:55and how does it affect
26:57the market?
26:59Inflation is actually
27:01well-maintained.
27:03But there's a concern
27:05that our middle class
27:07is starting to spend less.
27:09So there's a lot of things.
27:11One of them is
27:13online gambling.
27:15It has a negative impact.
27:17But even though
27:19inflation is well-maintained,
27:21it seems like
27:23the BIWI didn't dare to
27:25lower the interest rate.
27:27Because it's our currency.
27:29Moreover, the meeting was held
27:31before the Fed decided.
27:33So that's also a concern.
27:35What about this year?
27:37This year,
27:39according to the Fed,
27:41the probability of
27:43decreasing is not that much.
27:45It's about 2 times.
27:47Usually,
27:49when the interest rate goes up or down,
27:51it's not that much.
27:53Is it true that it's only 2 times?
27:55I hope not.
27:57So the BIWI also has
27:59a chance to recover.
28:01It will also affect our economy.
28:03How does the macro
28:05of Indonesia's economic
28:07growth in 2025 affect
28:09some indicators
28:11or various government policies?
28:13Let's talk about it, Mr. Surya.
28:15Stay with us.
28:35We're still talking with
28:37Mr. Surya Dharma,
28:39Director of Indonesia's Security Council.
28:41We've talked about
28:43Indonesia's future optimism.
28:45One thing that has been considered
28:47by the market players,
28:49especially foreign market players,
28:51is about Indonesia's economic condition
28:53in the future.
28:55It's seen from the economic policies,
28:57and how the government
28:59actually handles
29:01global geopolitical dynamics.
29:03What do you think
29:05about Indonesia, Mr. Surya?
29:07If GDP growth is our economic
29:09goal, maybe
29:11less than 5%
29:13this year. So there are still
29:15many challenges.
29:17And it's also seen
29:19in our investment.
29:21Our investment
29:23is mostly in the portfolio.
29:25It's mostly in the stock market
29:27and the bonds market.
29:29If, for example, last year
29:31it was suppressed by itself,
29:33it wouldn't be good.
29:35The hope is that
29:37the money will come back.
29:39What can
29:41make them come back?
29:43One of them is energy.
29:45So it's not just
29:47on paper.
29:49If it's good, people will be interested
29:51in investing in us.
29:53The ease of
29:55government policies
29:57is also very important.
29:59Investorization is one of them.
30:01Is it in the real sector
30:03or in the financial sector?
30:05It's in the real sector.
30:07It will also be reflected in the financial sector
30:09through public companies.
30:11Not all
30:13public companies.
30:15But it will
30:17coordinate
30:19between the two sides.
30:21There are
30:23various projections
30:25according to the government.
30:27The analysis is already
30:29widespread everywhere.
30:31So the next thing we
30:33will discuss is the affected
30:35sectors.
30:37It will be affected.
30:39If the economy works well,
30:41certain sectors
30:43will also be controlled.
30:45A few years ago, we talked about
30:47the infrastructure sector.
30:49It was controlled because
30:51the government's priorities
30:53for infrastructure development
30:55were very prioritized.
30:57But in recent years,
30:59the interesting sectors,
31:01which were prioritized by the government,
31:03were the food sector.
31:05We can see
31:07that the food sector
31:09is very beneficial.
31:11Whether it's
31:13freelance or other programs,
31:15those sectors
31:17will be affected
31:19positively.
31:21But as you said,
31:23the infrastructure sector,
31:25if we look at the budget,
31:27it's not that big.
31:29The priorities are
31:31especially the food sector.
31:33Maybe the renewable energy sector
31:35is still positive.
31:37In conclusion,
31:39the economic growth in the future
31:41is 5% achievable,
31:43but 8% hasn't happened in the near future.
31:45Their team
31:47is quite optimistic.
31:49We are optimistic, but I don't think
31:51it will reach 8%.
31:53Thank you for joining us
31:55in this special program.
31:57I hope it can be a reference
31:59and an optimism
32:01for us to invest in the capital market
32:03in Indonesia.
32:05And many other things
32:07can be a reference for the market
32:09to acquire the investment strategy.
32:11I wish you success.
32:13Mr. Surya and Mr. Mirsa,
32:15we have accompanied you for two hours
32:17in this special program
32:19for the opening of trading in 2025.
32:21I hope today's discussion can be a reference
32:23and a source of information for you.
32:25Don't miss it on IDX channel,
32:27Trustworthy and Comprehensive Investment Reference.
32:29Don't forget to watch the first session closing program
32:31at 11.30 p.m.
32:33Indonesian time.
32:35Because the future must be the future.
32:37I am Investor Saham, Wiki Adrian.
32:39See you.
32:41Thank you, Mr. Surya.
32:55Thank you, Mr. Surya.
33:25Thank you, Mr. Surya.
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