Indonesia's best securities house 2017
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Indonesia's best securities house 2017

Mandiri Sekuritas

It will perhaps come as little surprise that Mandiri Sekuritas wins the award for best securities house in Indonesia. It certainly faces stiff local competition, but there are few securities houses that can boast such market-leading ability in a variety of market segments.

Mandiri’s ECM franchise is best in class. It has worked on a range of IPOs and follow-ons in the local market, proving as comfortable with record-setting transactions as it is with sub-$50 million local placements.

Between July 2016 and June 2017, it was the top local firm by revenues, according to data from Dealogic. Mandiri earned fee revenue of $16.7 million during that period, well above the $8.6 million Bahana Sekuritas brought in.

In a sign of the strength of foreign houses in Indonesia, Mandiri and Bahana were the only two local firms in the top 10 revenue league table during this period. Credit Suisse, in first place, earned $29.1 million of fee revenue. But although the foreign players are a force to be reckoned with, Mandiri has proved more than willing to work alongside them to make sure deals run smoothly.

Domestic player

When Sarana Menara Nusantara, a transmission tower builder, opted for a follow-on offering so big it was considered a ‘re-IPO’, the company picked a who’s-who of foreign firms to manage the deal. Credit Suisse, DBS, Morgan Stanley and UBS were all given joint bookrunner slots. But so was Mandiri, making it the only domestic player to snag a role on a deal that every firm wanted to be a part of.

Its strength in ECM has helped Mandiri become one of the top brokers in the country. It was the fourth most active member of the Indonesia Stock Exchange in terms of trading volumes throughout 2016, according to statistics from the exchange. By the end of the first quarter of 2017, it had risen to second place.

Nor should its strength in placing bonds be overlooked. It is once again among the stand-out local firms in a market that is populated by a swathe of foreign banks, but in terms of the sheer number of deals Mandiri can place, it beats all-comers. Mandiri managed 90 bond deals for Indonesian companies last year.

The cherry on the cake? Mandiri’s popularity with its clients. The firm was voted best local brokerage in Asiamoney’s 2016 Brokers Poll, winning an overwhelming 41.07% share of the votes.

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