Indonesian data for valuers

• Source 1 · Central bank

• Source 2 · Statistics agency

BI-Rate, JISDOR and BI transaction exchange rates, Indonesian Economic and Financial Statistics (SEKI), and surveys including residential and commercial property prices.

Consumer, producer and wholesale price indices, construction cost index, national and regional accounts, wages and labour, construction and housing statistics.

• Source 3 · Stock exchange

• Source 4 · Bond pricing agency

IDX

PHEI (formerly IBPA)

Listed company financial statements and annual reports, share prices, indices, trading summaries and statistics, the basis for Indonesian comparables, betas and multiples.

Indonesia Government Securities Yield Curve (IGSYC), corporate bond fair prices and yields, credit spread matrix and bond indices for IDR risk-free rates and cost of debt.

■ Indonesian data · Getting started

Using Indonesian official data

International databases are useful cross-checks, but IVS 104 expects valuers to maximise relevant, observable data. For Indonesian assets that usually means Bank Indonesia, BPS, IDX and PHEI. This section covers access, language, release timing and citation.

Access and timing

Citation and terms

Language: all four institutions publish in Indonesian and English, but some tables, survey reports and methodology notes appear only in Indonesian. Record the official Indonesian name of each series alongside the English name.

Citation format: name the institution, series (Indonesian and English), table or report, period, release date and access date, for example 'BPS, Indeks Harga Konsumen (Consumer Price Index), 2022=100, December 2026, accessed 5 January 2027'.

Release calendars: BPS publishes an official release calendar; Bank Indonesia releases monthly and quarterly surveys on set schedules; IDX and PHEI publish daily market data. Check what was published by the valuation date.

Bank Indonesia and BPS: official statistics are public, but website terms and copyright notices apply; cite the source and do not alter figures in a way that changes their meaning.

Frequency: daily (JISDOR, IGSYC, share prices), monthly (CPI, SEKI tables), quarterly (property price surveys, GDP) and annual (financial statements, regional accounts).

IDX: market and company information is provided for reference; systematic redistribution of exchange data, such as real-time or bulk price feeds, is licensed by IDX separately.

Downloads: BI's SEKI tables and BPS statistical tables can be downloaded as Excel files; IDX statistics and financial statements are mostly PDF or XBRL; PHEI shows current curves on its website, with history through its services.

PHEI: current yield curves and summary data are free on the website; detailed security-level fair prices and full history are provided through PHEI's subscription services under their terms.

Example: for a valuation dated 31 December 2026, the valuer uses the JISDOR rate and the PHEI IGSYC curve for that date, the December CPI release from BPS, and Bank Indonesia's latest quarterly residential property price survey published before the date.

Practice tip: keep an input register with source, series name, period, value, release date and file location for every local input; it satisfies IVS 104 para 50.01 and speeds up reviews by OJK, auditors or the tax office.

■ Bank Indonesia · Rates

BI-Rate and exchange rates

Bank Indonesia's policy rate and reference exchange rates are among the most frequently cited inputs in Indonesian valuations, from discount rates and financing assumptions to translation of foreign-currency values.

Policy rate and indicators

Exchange rates

BI-Rate: BI-Rate history lists each Board of Governors decision. It anchors short-term IDR rates and therefore working capital financing costs.

JISDOR: Jakarta Interbank Spot Dollar Rate (JISDOR) is the daily USD/IDR reference rate published by Bank Indonesia, widely used for translation at a specific date.

Indicators: BI indicators page gathers key series, including inflation data used in BI's monetary policy communication.

BI transaction rates: BI transaction exchange rates (Kurs Transaksi BI) give daily buying and selling rates for many currencies against the rupiah.

Use in valuation: the BI-Rate is a short-term policy rate, not a risk-free rate for long-term cash flows. For DCF, use long-term government bond yields from PHEI or the Ministry of Finance.

Which rate to use: for a valuation date, use the closing reference rate for that date (or the last business day before it); for income items, an average over the period may be appropriate. State the choice.

Inflation target: Bank Indonesia's inflation target range is a reference for long-term IDR inflation assumptions and the inflation differential used to convert USD discount rates.

Tax and accounting rates: Indonesian tax reporting often uses the Minister of Finance's weekly tax exchange rate (kurs pajak); confirm which rate the engagement requires.

Example: when a borrower's loan agreement prices debt at BI-Rate plus a margin, the valuer models interest cost using the BI-Rate path implied by recent decisions and the market yield curve, rather than holding today's rate flat.

Example: a USD-denominated DCF value of USD 120 million for a coal asset is translated at the JISDOR rate on the valuation date; using a monthly average instead could shift the IDR value by several percent in a volatile month.

■ Bank Indonesia · Statistics

SEKI: Indonesian Economic and Financial Statistics

SEKI (Statistik Ekonomi dan Keuangan Indonesia) is Bank Indonesia's comprehensive monthly statistical publication. It contains hundreds of tables on money, banking, interest rates, prices, government finance, balance of payments and the real sector, mostly downloadable in Excel.

What SEKI contains

Using SEKI in valuation

Publication: SEKI tables, organised into chapters such as monetary, banking, financial markets, government finance, external sector and real sector.

Sector credit: credit growth and NPL ratios by economic sector help judge the financing environment and credit risk of the subject's industry.

Interest rates: deposit and lending rates by bank group and type of credit (working capital, investment, consumption), useful benchmarks for the cost of debt.

External sector: balance of payments and external debt tables provide context for rupiah stability and country risk discussion.

Banking data: credit growth by sector, non-performing loans, deposits and bank balance sheets, useful for bank valuations and sector analysis.

Consistency: SEKI table numbering and coverage change over time. Record the table number, title and release month used.

Regional data: SEKDA regional statistics provide province-level economic and financial indicators for regional market analysis.

Example: for a property developer, SEKI data on property loans (KPR) and their growth support the demand assumptions behind sales absorption rates in a residual valuation.

Example: valuing a mid-sized Indonesian manufacturer, the valuer compares its borrowing rate with the average investment credit rate of commercial banks in SEKI to test whether its pre-tax cost of debt is at market.

Practice tip: SEKI figures are revised; for retrospective valuations keep the release that was available at the valuation date or note that revised data were used.

■ Bank Indonesia · Surveys

Bank Indonesia surveys

Bank Indonesia runs regular surveys of property prices, businesses, consumers, retailers and banks. They are especially valuable for real estate valuations, where few other systematic price indices exist in Indonesia.

Property price surveys

Business and consumer surveys

Where: survey reports are listed under Bank Indonesia reports; filter by survey name and period.

Business survey: the Business Activity Survey (Survei Kegiatan Dunia Usaha) reports capacity utilisation, business expectations and price expectations by sector.

Residential property: the Residential Property Price Survey (Survei Harga Properti Residensial, SHPR) tracks prices of new houses by type and city, with commentary on sales and financing.

Consumer and retail: the Consumer Survey (Survei Konsumen) and Retail Sales Survey (Survei Penjualan Eceran) show consumer confidence and real retail sales trends.

Commercial property: the Commercial Property Survey (Survei Harga Properti Komersial) covers prices, rents and occupancy for offices, retail, apartments, hotels and industrial estates in major cities.

Banking survey: the Banking Survey (Survei Perbankan) reports credit demand, lending standards and expected interest rates.

Use in valuation: these indices support time adjustments to older comparable sales (IVS 400 para 70.04) and assumptions on rent growth and absorption.

Example: for a shopping mall valuation, rising retail sales and stable consumer confidence support the assumed tenant sales growth, while weak results would justify a more cautious rental growth assumption.

Example: a comparable sale of a house in Bekasi was recorded 18 months before the valuation date. The valuer adjusts it using the change in the SHPR index for the relevant city and house type, and notes that the survey measures new primary-market houses.

Practice tip: survey indices measure primary-market or sample-based trends, not the value of the subject. Use them for direction and timing adjustments, supported by local transaction evidence.

■ BPS · Prices

Price indices from BPS

BPS-Statistics Indonesia is the official source of consumer, producer, wholesale and construction cost indices. These indices drive inflation assumptions, cost trending in the cost approach and indexation of rents and contracts.

Consumer and producer prices

Construction and cost trending

Where: BPS price statistics contains the tables below, with monthly releases announced in official statistics news.

Construction Cost Index (Indeks Kemahalan Konstruksi, IKK): compares construction cost levels between provinces and regencies, useful for adjusting replacement cost estimates to the subject's location.

Consumer Price Index (Indeks Harga Konsumen, IHK): headline, core, administered and volatile inflation, by expenditure group and city (base 2022=100).

Construction materials: IHPB construction material indices help trend historical building costs to the valuation date in depreciated replacement cost calculations.

Producer Price Index (Indeks Harga Produsen, IHP) and Wholesale Price Index (Indeks Harga Perdagangan Besar, IHPB), by sector and commodity group, including construction materials.

Base years and rebasing: BPS periodically changes base years and weights. Check the base year before linking series over long periods.

Use in valuation: CPI supports the inflation differential and rent escalation; PPI and IHPB support trending of equipment and material costs where specific indices are unavailable (IVS 300 para 90.08).

Example: a building cost estimate prepared for Jakarta is adjusted to a site in Balikpapan using the ratio of their IKK values, then trended to the valuation date with the IHPB construction materials index.

Example: a Makassar warehouse lease escalates annually with CPI. The valuer uses the city-level CPI series to model historical escalation and BI's inflation target for future increases.

Practice tip: use the narrowest relevant index (city, sector or material group) rather than headline CPI, and explain why it reflects the costs being measured.

■ BPS · Economy

National accounts, labour, construction and housing

BPS national and regional accounts, labour statistics and sector data give the economic context and demand drivers behind forecasts. They are the primary source for Indonesian GDP, sector growth, wages and housing conditions.

Economic accounts

Labour, construction and housing

Where: BPS economic accounts covers quarterly and annual GDP by expenditure and by industry, at current and constant prices.

Labour: BPS labour statistics covers employment, unemployment and average wages by sector and province, supporting labour cost assumptions in forecasts.

Regional accounts: provincial and regency GRDP (PDRB) show regional growth and economic structure, useful for location analysis in property and infrastructure valuations.

Construction and industry: BPS mining, manufacturing and construction statistics include construction output and manufacturing production indices, context for construction materials and industrial assets.

Query Builder: the BPS Query Builder lets users combine variables, regions and periods into custom tables for download.

Housing: BPS human settlements and housing statistics covers home ownership, housing conditions and access, context for residential demand.

Use in valuation: sector GDP growth tests revenue forecasts; regional GDP and population growth support demand assumptions for retail, housing and logistics assets.

Publications: BPS publications include annual statistical yearbooks for Indonesia and each province, a convenient source for long series.

Example: valuing a hospital in Central Java, the valuer cites provincial GRDP per capita growth and population data to support projected patient volumes.

Practice tip: BPS revises GDP and occasionally changes base years. Cite the release, the price basis (current or constant prices) and the base year shown in the table.

■ IDX · Equity market

Indonesia Stock Exchange data

The Indonesia Stock Exchange is the primary source of evidence for the market approach and for estimating betas and equity market inputs for Indonesian companies. Listed company filings also provide detailed comparable financial data.

Company information

Market data and statistics

Financial statements: Financial statements and annual reports of all listed companies, including audited annual and interim reports, essential for comparable company analysis.

Prices and trading: stock summary and index summary provide daily prices, volumes and index levels; IDX indices describes the composite index (IHSG) and sector indices.

Company profiles: listed company profiles give business description, shareholders, management and key data; the stock list shows sector classification and listing board.

Statistics: IDX statistics and digital statistics publish monthly, quarterly and annual market statistics, including market capitalisation, valuation ratios and trading activity.

Sector classification: IDX uses its own industrial classification (IDX-IC), useful for selecting Indonesian peers by sector and sub-industry.

Betas and liquidity: Indonesian betas estimated against the IHSG should be checked for thin trading; low liquidity can bias betas downwards and supports a marketability discussion.

Use in valuation: listed peers support trading multiples (IVS 103 para A10.09), capital structure benchmarks and local evidence on margins and growth.

Example: a peer trades on only a few days each month, giving a beta of 0.3. The valuer replaces it with an adjusted or sector beta and documents the liquidity evidence from IDX trading data.

Example: valuing a private Indonesian food company, the valuer selects five IDX-listed peers in the same IDX-IC sub-industry and derives EV/EBITDA multiples from their latest annual reports and market prices at the valuation date.

Practice tip: use prices at the valuation date and the latest financial statements published before that date, not those released afterwards, to avoid hindsight bias.

■ PHEI · Fixed income

PHEI yield curves and bond prices

PHEI (Penilai Harga Efek Indonesia, formerly the Indonesia Bond Pricing Agency, IBPA) is the OJK-registered pricing agency for Indonesian bonds. Its government yield curve and credit spreads are the standard local inputs for IDR risk-free rates and cost of debt.

Yield curves and fair prices

Spreads, indices and methodology

IGSYC: Indonesia Government Securities Yield Curve and fair prices shows the daily IGSYC by tenor, plus benchmark fair prices and corporate yields by tenor.

Credit spreads: the Credit Spread Matrix shows spreads over government yields by rating (AAA to BBB) and tenor, a direct input for the pre-tax cost of debt of rated or synthetic-rated borrowers.

Risk-free rate: the 10-year point of the IGSYC on the valuation date is the usual IDR risk-free rate; for long-dated assets, a longer tenor or a tenor matching cash flow duration can be justified.

Indices: PHEI bond indices track government, corporate and sukuk markets, useful for performance and market context.

Fair prices: PHEI publishes fair prices (Harga Pasar Wajar, HPW) for government and corporate bonds used by funds and banks for mark-to-market valuation.

Securities and methodology: bond information and the valuation methodology explain how fair prices and curves are built; research reports discuss market conditions.

Use in valuation: an IDR discount rate built on the IGSYC is consistent with IDR cash flows that include Indonesian inflation, avoiding a USD-to-IDR conversion.

Access: current curves and summary tables are free on the website; full histories and security-level data are available through PHEI's services under its terms.

Example: for an IDR DCF dated 23 October 2026, the valuer takes the IGSYC 10-year yield on that date (about 7.4% in this illustration) as the risk-free rate and adds an equity risk premium appropriate to an IDR-based model.

Practice tip: avoid adding Indonesia's country risk premium to an IDR risk-free rate taken from the IGSYC; that yield already reflects Indonesian sovereign risk. Double counting is a common review finding.

■ Indonesian data · Putting it together

Worked example: an IDR discount rate from local data

This illustrative example builds an IDR cost of capital mainly from Indonesian sources, then cross-checks it with international data. Figures are hypothetical; use values available at your valuation date.

Building the rate

Cross-checks and documentation

Risk-free rate: PHEI IGSYC 10-year yield at the valuation date, say 7.4%.

Cross-check with SEKI: compare the 8.75% pre-tax cost of debt with average investment credit rates for commercial banks in SEKI.

Equity risk premium: a mature-market premium plus an adjustment for Indonesian equity market risk relative to its sovereign bonds, or an implied premium for the IHSG, say 6.0% in IDR terms; document the method.

Cross-check with conversion: compare the IDR WACC with a USD WACC from Damodaran data converted using the inflation differential based on BI's target and US inflation.

Beta: relevered beta from IDX-listed peers in the same IDX-IC sub-industry, with liquidity-adjusted estimates, say 1.0.

Cross-check with transactions: compare implied returns from recent IDX-listed acquisitions or tender offers in the sector.

Cost of debt: IGSYC 5-year yield, say 7.25%, plus the PHEI credit spread for an A-rated borrower at 5 years, say 1.5%, gives 8.75% pre-tax, or 6.8% after 22% tax.

Documentation: record every input with source, series, date and value in the input register, and explain any significant difference between methods (IVS 103 para A20.34).

Example: with 70% equity and 30% debt, IDR WACC ≈ 0.70 × (7.4% + 1.0 × 6.0%) + 0.30 × 6.8% ≈ 11.4%.

Practice tip: keep the whole model in one currency. Mixing an IGSYC-based IDR rate with USD cash flows, or Damodaran USD inputs with IDR cash flows without conversion, is a frequent error.

■ Indonesian data · Quality control

Common pitfalls with Indonesian data

These are the issues reviewers, auditors and the tax office most often raise when Indonesian data are used in valuation reports.

Input errors

Documentation and judgement

Policy rate as risk-free rate: using the BI-Rate, a short-term policy rate, instead of long-term government bond yields from the IGSYC.

Hindsight: using financial statements, survey releases or GDP revisions published after the valuation date.

Double counting country risk: adding a country risk premium to an IDR rate built on Indonesian government bond yields.

Illiquid comparables: relying on betas or multiples of thinly traded IDX stocks without liquidity checks.

Wrong exchange rate: using a monthly average or the tax exchange rate when the engagement requires the reference rate at the valuation date.

Untraceable inputs: citing 'BPS data' or 'BI data' without series name, table, period and release date.

Generic indices: trending specialised plant or regional construction costs with headline CPI instead of IHPB, PPI or IKK.

Licensing: systematically redistributing IDX price data or PHEI security-level data without the required licence or subscription terms.

Example: using the SHPR index for new houses to adjust prices of second-hand apartments without explaining the difference in market segment invites challenge.

Practice tip: when a local series is missing or unreliable, document the gap and use international sources (IMF, World Bank, OECD, Damodaran) as a reasoned fallback, not as a default.

✱ Source and attribution

Official sources, cited with care

The data described on this page are published by Bank Indonesia, BPS-Statistics Indonesia, the Indonesia Stock Exchange and PHEI, each under its own terms. Valuvix is not affiliated with these institutions and links to the original sources. Figures in the examples are illustrative; always use data available at your valuation date and respect licensing terms for market data.