Market Update November 2016 - Saham Indonesia Client... · Kemenangan Donald Trump dalam persaingan...
Transcript of Market Update November 2016 - Saham Indonesia Client... · Kemenangan Donald Trump dalam persaingan...
www.panin-am.co.id
Topik Diskusi:• Perkembangan Pilpres US• Perkembangan harga komoditas• OutlookIHSG
www.panin-am.co.idSumber :Kontan.co.id,10November2016
Kemenangan DonaldTrumpdalampersaingan presidensial ASmerupakankejutan bagi kalangan pasar modalyangmenjagokan HillaryClinton
Pergerakanharga saham paskakemenangan DonaldTrumpsangatbervariasi sehingga sulit untukdiperkirakan.
IHSGmengalami penurunan pada haripemilihan, rally1hari setelahnya danmengalami penurunan hingga 4%padatanggal11November2016
www.panin-am.co.id 3Sumber :https://www.msn.com/en-us/news/politics/results
www.panin-am.co.id
0
1000
2000
3000
4000
5000
6000
Dec/00
Jun/01
Dec/01
Jun/02
Dec/02
Jun/03
Dec/03
Jun/04
Dec/04
Jun/05
Dec/05
Jun/06
Dec/06
Jun/07
Dec/07
Jun/08
Dec/08
Jun/09
Dec/09
Jun/10
Dec/10
Jun/11
Dec/11
Jun/12
Dec/12
Jun/13
Dec/13
Jun/14
Dec/14
Jun/15
Dec/15
Jun/16
IHSG2000- 2016GeorgeW.
Bush2.03%
(Jan‘01–Jan’02)
GeorgeW.Bush
18.07%(Jan‘05–
Jan’06)
BarrackObama98.44%(Jan‘09–Jan’10)
BarrackObama-0.19%(Jan‘13–Jan’14)
Secara historis, 1tahun pertama setelah Pilpres ASmemiliki dampak yangberagam terhadap IHSG.Untukitu, dampak ASlebih kepada sentimen sementara saja.
Sumber :Riset PaninAssetManagement
www.panin-am.co.id 5
Pada periode 2004 – 2007, pada saat Fed FundRatenaik, justru IHSGmengalami rally.Sebaliknya pada 2008 ketika FedFund Rateturun, justru IHSGturunPada periode 2009 – 2016dalam kondisi suku bunga AStetap,IHSGbergerak beragam dengan tren naikKesimpulannya, efek suku bunga ASterhadap IHSGsifatnya sementara.
Grafik PerbandinganIHSGdan FedFundRate2001- 2016
www.panin-am.co.id 6
Grafik Harga Minyak YeartoDate17November2016
Kenaikan hargaminyak dalam beberapa bulan belakangan disebabkan karena asumsi pengurangan produksiminyak oleh negara penghasil.Dalam pandangan perusahaan, kondisi permintaan yangmasih belum membaik dankeinginan dari paraprodusen minyak untuk mempertahankan pangsa pasar akanmembuat hargaminyak stabil dikisaran USD50.
www.panin-am.co.id 7
Grafik Harga Batu BaraYeartoDate17November2016
Dalam 10bulan terakhir harga batu bara(NewcastleCoal)mengalami kenaikan 130%dari 45ke 106.Dipercaya selama ini Chinamerupakan pricesetter karenamerupakan produsen, konsumen dan sekaligus importirbatu baraterbesar didunia.Agarmodernisasi penambangan batu barayangberorientasi lingkungan dapatmeningkat,pemerintah melakukan penutupan atastambang yangdilakukan secara tradisional.Dalam pandangan PaninAssetManagement,harga batu barayangwajar adalah disekitar USD60- 80.
Sumber :Riset PaninAssetManagement
www.panin-am.co.id 8
Grafik Harga CPOYeartoDate17November2016
Tren kenaikan harga CPOdalam PaninAssetManagementlebih disebabkan karena korelasi positif dengan hargaminyak serta kondisi cuaca dan panen yangsulit.Darisisi permintaan belum ada peningkatan yangberartisehingga kenaikan harga ini tidak berlangsung lama.
www.panin-am.co.id 9
2011Inflasi turunBIRatestabil
dan turun padaakhir tahun
2012Inflasi stabilBIRatestabil
2013Inflasi naikBIRatenaik
2014Inflasi turundan naik padaakhir tahunBIRatestabil
2015Inflasi flukutatifdan turun padaakhir tahunBIRatetetap
Kondisi yangmenguntungkan bagi harga obligasi adalah Inflasi yangmenurun atau rendah yangdisertai BIRateyangstabil ataumenurun pula.Kondisi yangserupa berpeluang akan kembaliterjadi pada tahun 2016sehingga kinerja reksadana berbasis obligasi bisa positif kembali
2016*Inflasi turunturun dan BI
Ratejuga turun
Datauntuk 2016YTD per17November 20167Day(Reverse)RepoRatemulai April2016
+14.32% +9.04% -5.15% +6.53% +3.77% +9.74% Kinerja IndeksObligasi
2
3
4
5
6
7
8
9
10
January/11 January/12 January/13 January/14 January/15 January/16
inflasi BIRate/7DayReverseRepoRate
www.panin-am.co.id 10
YearMonth Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2001 2.23 0.63 -11.03 -5.99 13.3 7.83 1.48 -1.92 -9.89 -2.23 -0.89 3.082002 15.2 0.36 6.29 10.85 -0.61 -4.86 -8.19 -4.31 -5.49 -11.99 5.79 8.842003 -8.59 2.78 -0.31 13.28 9.74 2.17 0.49 4.27 12.83 4.67 -1.35 12.122004 8.82 1.08 -3.34 6.49 -6.5 -0.02 3.36 -0.3 8.67 4.92 13.63 2.32005 4.52 2.72 0.59 -4.68 5.69 3.14 5.34 -11.18 2.78 -1.21 2.85 6.022006 5.99 -0.13 7.5 10.69 -9.18 -1.48 3.16 5.89 7.22 3.13 8.61 5.042007 -2.67 -0.93 5.17 9.19 4.26 2.64 9.79 -6.57 7.51 12.05 1.7 2.142008 -4.32 3.6 -10.09 -5.83 6.07 -3.9 -1.9 -6.01 -15.39 -31.42 -1.21 9.172009 -1.68 -3.54 11.56 20.13 11.26 5.74 14.63 0.79 5.38 -4.05 2.03 4.912010 3.02 -2.37 8.96 6.98 -5.87 4.17 5.34 0.41 13.61 3.83 -2.86 4.882011 -7.95 1.79 6 3.83 0.45 1.34 6.23 -7 -7.62 6.81 -2 2.882012 3.13 1.1 3.42 1.44 -8.32 3.2 4.72 -1.98 4.98 2.06 -1.7 0.952013 3.17 7.68 3.03 1.88 0.69 -4.93 -4.33 -9.01 2.89 4.51 -5.64 0.422014 3.38 4.56 3.2 1.51 1.11 -0.31 4.31 0.94 0.01 -0.93 1.19 1.52015 1.19 3.04 1.25 -7.83 2.55 -5.86 -2.2 -6.1 -6.34 5.48 -0.2 3.32016 0.48 3.38 1.56 -0.14 -0.86 4.58 3.97 3.26 -0.4 1.85 - -
Max 15.2 7.68 11.56 20.13 13.3 7.83 14.63 5.89 13.61 12.05 13.63 12.12Min -8.59 -3.54 -11.03 -7.83 -9.18 -5.86 -8.19 -11.18 -15.39 -31.42 -5.64 0.42
%Gain 69% 75% 75% 69% 63% 56% 75% 38% 63% 63% 47% 100%%Loss 31% 25% 25% 31% 38% 44% 25% 63% 38% 38% 53% 0%
www.panin-am.co.id
PPh 25%
• PendapatanSebelum Pajak100
• Laba Bersih 100–(25%x100)=75
• PEWajar =15–25,asumsi 20
• Harga wajar =20 x75=1500
• Harga wajarfundamental5300- 5500,asumsi5400
PPh 17%
• PendapatanSebelum Pajak100
• Laba Bersih 100–(17%x100)=83
• PEWajar =15–25,asumsi 20
• Harga wajar =20 x83=1660
• 1500 ke 1660=Naik 10.6%
• 5400+10.6%=5972
PPh 20%
• PendapatanSebelum Pajak100
• Laba Bersih 100–(20%x100)=80
• PEWajar =15–25,asumsi 20
• Harga wajar =20 x80=1600
• 1500 ke 1600=Naik 6.67%
• 5400+6.67%=5760
11
www.panin-am.co.id 12
Kategori Sektor PendapatanSept2015 PendapatanSept2016 %Perubahan #PerusahaanANEKAINDUSTRI 145,006,051,878,820 138,776,070,559,930 -4.30% 2INDUSTRIBARANGKONSUMSI 163,346,081,587,343 177,026,661,975,011 8.38% 5INDUSTRIDASARDANKIMIA 54,516,791,462,000 58,781,912,690,000 7.82% 3INFRASTRUKTUR,UTILITASDANTRANSPORTASI 113,318,265,898,564 124,937,578,682,944 10.25% 3KEUANGAN 233,051,763,000,000 254,337,390,000,000 9.13% 5PERDAGANGAN,JASA,DANINVESTASI 90,044,383,821,653 83,479,418,534,035 -7.29% 8PERTAMBANGAN 62,109,652,861,000 47,394,901,235,000 -23.69% 5PERTANIAN 13,423,528,000,000 12,204,697,000,000 -9.08% 2PROPERTIDANREALESTATE 44,744,647,080,721 49,368,257,018,826 10.33% 8
919,561,165,590,101 946,306,887,695,746 2.91% 41ANEKAINDUSTRI 33,748,436,231,771 34,158,812,885,996 1.22% 14INDUSTRIBARANGKONSUMSI 17,898,471,393,462 20,493,262,396,442 14.50% 15INDUSTRIDASARDANKIMIA 94,714,061,648,881 95,429,667,578,754 0.76% 31INFRASTRUKTUR,UTILITASDANTRANSPORTASI 80,686,088,059,509 72,602,164,735,348 -10.02% 27KEUANGAN 162,572,012,037,116 167,447,659,514,978 3.00% 69PERDAGANGAN,JASA,DANINVESTASI 195,162,640,511,994 209,323,585,880,980 7.26% 53PERTAMBANGAN 39,612,782,502,007 32,329,251,887,130 -18.39% 13PERTANIAN 45,276,711,821,904 37,553,388,732,795 -17.06% 9PROPERTIDANREALESTATE 33,842,943,909,537 32,319,028,441,345 -4.50% 31
703,514,148,116,181 701,656,822,053,768 -0.26% 2621,623,075,313,706,280 1,647,963,709,749,510 1.53% 303
LQ45
SubTotal
GrandTotalSubTotal
NonLQ-45
Sumber :www.infovesta.com7November2016,diolah
www.panin-am.co.id 13
Kategori Sektor NetIncomeSept2015 NetIncomeSept2016 %Perubahan #PerusahaanANEKAINDUSTRI 12,558,375,690,363 11,860,525,050,102 -5.56% 2INDUSTRIBARANGKONSUMSI 13,916,980,166,110 17,126,767,800,885 23.06% 5INDUSTRIDASARDANKIMIA 7,666,934,756,000 8,571,380,704,000 11.80% 3INFRASTRUKTUR,UTILITASDANTRANSPORTASI 16,958,404,902,660 19,079,872,052,048 12.51% 3KEUANGAN 53,587,819,000,000 55,429,250,000,000 3.44% 5PERDAGANGAN,JASA,DANINVESTASI 9,785,958,413,758 8,983,583,283,522 -8.20% 8PERTAMBANGAN 4,092,509,071,000 3,894,598,809,000 -4.84% 5PERTANIAN 614,685,000,000 1,417,678,000,000 130.63% 2PROPERTIDANREALESTATE 5,073,110,714,032 4,944,234,952,261 -2.54% 8
124,254,777,713,923 131,307,890,651,818 5.68% 41ANEKAINDUSTRI (979,964,672,596) 1,117,773,278,222 - 14INDUSTRIBARANGKONSUMSI 1,580,933,387,845 2,250,720,678,242 42.37% 15INDUSTRIDASARDANKIMIA (2,299,492,673,925) 4,316,775,288,973 - 31INFRASTRUKTUR,UTILITASDANTRANSPORTASI 212,495,166,621 (411,781,199,766) - 27KEUANGAN 15,125,539,542,826 18,545,630,367,105 22.61% 69PERDAGANGAN,JASA,DANINVESTASI 2,542,671,928,467 6,712,404,437,617 163.99% 53PERTAMBANGAN (462,926,847,159) 901,166,250,861 - 13PERTANIAN (831,959,012,909) 2,831,499,431,381 - 9PROPERTIDANREALESTATE 6,178,627,693,451 5,939,659,089,144 -3.87% 31
21,065,924,512,621 42,203,847,621,779 100.34% 262145,320,702,226,544 173,511,738,273,597 19.40% 303
NonLQ-45
LQ45
GrandTotalSubTotal
SubTotal
Sumber :www.infovesta.com7November2016,diolah
www.panin-am.co.id
Proyeksi IHSGakhir tahun 2016• Statistik WindowDressingdimana selama 15tahun terakhir bulan Desember selalu
untung• Laporan Keuangan Kuartal IIIyangsecara umum menunjukkan tingkat kenaikan
laba bersih 19.40%(Posisi IHSG31Desember 2015adalah 4593)• Perkiraan harga wajar IHSGpada akhir tahun 2016dengan mempertimbangkan
statistikWindowDressingdan Laba Bersih Laporan Keuangan adalah 5600
Proyeksi IHSG2017• Laba bersih Sektor keuangan pada tahun 2016mengalami tekanan karena
meningkatnya NPL(NonPerforming Loan)diperkirakan akanmembaik pada tahun2017
• Untuk tahun 2017,diperkirakan pertumbuhan laba bersih IHSGadalah sekitar 16–18%sehingga dengan asumsi IHSGditutup dilevel5600,maka harga wajar IHSGuntuk 2017adalah 6500– 6600
• Angka ini dapat bertambah apabila pada tahun 2017nanti didukung sentimen– Potensi RatingUpgradeIndonesiaoleh S&P– Revisi Undang-Undang Perpajakan yangmenurunkan tariffPPh Badan
14
www.panin-am.co.id 15
• Investasi Berkala• AssetAllocation
www.panin-am.co.id
Deposito/RDPasar Uang
RDPendapatanTetap RDCampuran RDSaham
16
2001 2002 2003 2004 2005 2006 2007 2008Deposito/ RDPasar Uang 12.74% 12.94% 8.97% 5.52% 7.42% 9.40% 6.92% 7.02%RDPendapatan Tetap 5.32% 13.11% 9.65% 10.37% -1.67% 17.73% 7.98% 4.12%ReksaDanaCampuran 2.34% 22.57% 30.66% 24.71% 5.31% 30.22% 33.62% -33.82%ReksaDanaSaham -6.50% 20.15% 39.05% 35.11% 18.56% 48.21% 52.21% -53.75%
2009 2010 2011 2012 2013 2014 2015Deposito/RD Pasar Uang 6.13% 5.60% 5.68% 4.50% 4.88% 6.12% 6.15%RDPendapatan Tetap 12.51% 13.00% 12.32% 7.72% -4.53% 7.85% 3.00%ReksaDanaCampuran 47.08% 25.30% 2.57% 7.59% -1.59% 16.91% -7.07%ReksaDanaSaham 97.27% 29.25% -0.25% 10.06% -3.66% 27.86% -14.54%
Asset Alokasi /AssetClass Konservatif Moderat Agresif
Deposito/RDPasarUang 10% 10% 10%RDPendapatan Tetap 70% 10% 10%RDCampuran 10% 70% 10%RDSaham 10% 10% 70%
www.panin-am.co.id
2001 2002 2003 2004 2005 2006 2007 2008Konservatif 4.58% 14.74% 14.62% 13.79% 1.96% 21.19% 14.86% -5.17%Moderat 2.79% 20.42% 27.23% 22.40% 6.15% 28.69% 30.25% -27.94%Agresif -2.51% 18.97% 32.26% 28.64% 14.10% 39.48% 41.40% -39.89%Pasar (IHSG) -5.83% 8.39% 62.82% 44.56% 16.24% 55.29% 52.08% -50.64%
2009 2010 2011 2012 2013 2014 2015Konservatif 23.81% 15.12% 9.42% 7.62% -3.21% 10.59% 0.55%Moderat 44.55% 22.50% 3.57% 7.54% -1.44% 16.02% -5.49%Agresif 74.66% 24.87% 1.88% 9.02% -2.69% 22.60% -9.97%Pasar (IHSG) 86.98% 46.13% 3.20% 12.94% -0.98% 22.29% -12.13%
17
Portofolio ReturnTahunanTertinggi
Return TahunanTerendah Rata-rata
Konservatif 23.81% -5.17% 9.31%Moderat 44.55% -27.94% 11.70%Agresif 74.66% -39.89% 13.79%Pasar (IHSG) 86.98% -50.64% 17.36%
Alokasi dapatdilakukan antara50%– 70%
www.panin-am.co.id
Produk YTD17 November2016 Alokasi PerReksaDana Modal Fee HasilInvestasiRDSahamPaninDanaMaksima 12.47%
70%
14.00% 140,000,000 2% 154,370,588PaninDanaPrima 10.69% 14.00% 140,000,000 2% 151,927,451Panin DanaUltima 2.57% 14.00% 140,000,000 2% 140,782,353PaninDanaTeladan 26.34% 14.00% 140,000,000 2% 173,407,843PaninDanaSyariahSaham 13.50% 14.00% 140,000,000 2% 155,784,314
Subtotal 700,000,000 776,272,549RDCampuranPaninDanaPrioritas 10.34%
10%
2.00% 20,000,000 2% 21,635,294Panin DanaUSDollar 7.41% 2.00% 20,000,000 0.50% 21,375,124PaninDanaSyariahBerimbang 10.14% 2.00% 20,000,000 2% 21,596,078PaninDanaUnggulan 17.84% 2.00% 20,000,000 2% 23,105,882PaninDanaBersamaPlus 7.40% 2.00% 20,000,000 2% 21,058,824
Subtotal 100,000,000 108,771,203RDPendapatanTetapPaninDanaUtamaPlus2 10.22% 10% 10% 100,000,000 2% 108,058,824
Subtotal 100,000,000 108,058,824RDPasarUangPaninDanaLikuid 5.59% 10% 10% 100,000,000 0% 105,590,000
Subtotal 100,000,000 105,590,000Total 1,000,000,000 1,098,692,575
9.87%
18
www.panin-am.co.id
Produk 2015 Alokasi PerReksaDana Modal Fee HasilInvestasiRDSahamPaninDanaMaksima -14.70%
70%
17.50% 175,000,000 2% 146,348,039PaninDanaPrima -17.05% 17.50% 175,000,000 2% 142,316,176PaninDanaUltima -8.99% 17.50% 175,000,000 2% 156,144,608PaninDanaTeladan - - 2% -PaninDanaSyariahSaham -16.32% 17.50% 175,000,000 2% 143,568,627
Subtotal 700,000,000 588,377,451RDCampuranPanin DanaPrioritas 0.10%
10%
2.00% 20,000,000 2% 19,627,451Panin DanaUSDollar -8.56% 2.00% 20,000,000 0.50% 18,197,015PaninDanaSyariahBerimbang -12.34% 2.00% 20,000,000 2% 17,188,235Panin DanaUnggulan -13.24% 2.00% 20,000,000 2% 17,011,765PaninDanaBersamaPlus -14.10% 2.00% 20,000,000 2% 16,843,137
Subtotal 100,000,000 88,867,603RDPendapatanTetapPaninDanaUtamaPlus2 2.01% 10% 10% 100,000,000 2% 100,009,804
Subtotal 100,000,000 100,009,804RDPasarUangPaninDanaLikuid 6.57% 10% 10% 100,000,000 0% 106,570,000
Subtotal 100,000,000 106,570,000Total 1,000,000,000 883,824,858
-11.62%
19
www.panin-am.co.id 20
Produk YTD17November2016 Alokasi PerReksaDana Modal Fee HasilInvestasiRDSahamPaninDanaMaksima 12.47%
10%
2.00% 20,000,000 2% 22,052,941PaninDanaPrima 10.69% 2.00% 20,000,000 2% 21,703,922PaninDanaUltima 2.57% 2.00% 20,000,000 2% 20,111,765PaninDanaTeladan 26.34% 2.00% 20,000,000 2% 24,772,549PaninDanaSyariahSaham 13.50% 2.00% 20,000,000 2% 22,254,902
Subtotal 100,000,000 110,896,078RDCampuranPaninDanaPrioritas 10.34%
70%
14.00% 140,000,000 2% 151,447,059PaninDanaUSDollar 7.41% 14.00% 140,000,000 0.50%149,625,871PaninDanaSyariahBerimbang 10.14% 14.00% 140,000,000 2% 151,172,549PaninDanaUnggulan 17.84% 14.00% 140,000,000 2% 161,741,176PaninDanaBersamaPlus 7.40% 14.00% 140,000,000 2% 147,411,765
Subtotal 700,000,000 761,398,420RDPendapatanTetapPaninDanaUtamaPlus2 10.22% 10% 10% 100,000,000 2% 108,058,824
Subtotal 100,000,000 108,058,824RDPasarUangPaninDanaLikuid 5.59% 10% 10% 100,000,000 0% 105,590,000
Subtotal 100,000,000 105,590,000Total 1,000,000,000 1,085,943,322
8.59%
www.panin-am.co.id 21
Produk YTD17November2016 Alokasi PerReksaDana Modal Fee HasilInvestasiRDSahamPaninDanaMaksima 12.47%
10%
2.00% 20,000,000 2% 22,052,941PaninDanaPrima 10.69% 2.00% 20,000,000 2% 21,703,922PaninDanaUltima 2.57% 2.00% 20,000,000 2% 20,111,765PaninDanaTeladan 26.34% 2.00% 20,000,000 2% 24,772,549PaninDanaSyariahSaham 13.50% 2.00% 20,000,000 2% 22,254,902
Subtotal 100,000,000 110,896,078RDCampuranPaninDanaPrioritas 10.34%
10%
2.00% 20,000,000 2% 21,635,294PaninDanaUSDollar 7.41% 2.00% 20,000,000 0.50%21,375,124PaninDanaSyariahBerimbang 10.14% 2.00% 20,000,000 2% 21,596,078PaninDanaUnggulan 17.84% 2.00% 20,000,000 2% 23,105,882PaninDanaBersamaPlus 7.40% 2.00% 20,000,000 2% 21,058,824
Subtotal 100,000,000 108,771,203RDPendapatanTetapPaninDanaUtamaPlus2 10.22% 70% 70% 700,000,000 2% 756,411,765
Subtotal 100,000,000 756,411,765RDPasarUangPaninDanaLikuid 5.59% 10% 10% 100,000,000 0% 105,590,000
Subtotal 100,000,000 105,590,000Total 1,000,000,000 1,081,669,046
8.17%
www.panin-am.co.id
Produk YTD17November2016 Alokasi PerReksaDana Modal Fee HasilInvestasiRDSahamPaninDanaMaksima 12.47%
50%
10.00% 100,000,000 2% 110,264,706PaninDanaPrima 10.69% 10.00% 100,000,000 2% 108,519,608PaninDanaUltima 2.57% 10.00% 100,000,000 2% 100,558,824PaninDanaTeladan 26.34% 10.00% 100,000,000 2% 123,862,745PaninDanaSyariahSaham 13.50% 10.00% 100,000,000 2% 111,274,510
Subtotal 500,000,000 554,480,392RDCampuranPaninDanaPrioritas 10.34%
17%
3.33% 33,333,333 2% 36,058,824PaninDanaUSDollar 7.41% 3.33% 33,333,333 0.50%35,625,207PaninDanaSyariahBerimbang 10.14% 3.33% 33,333,333 2% 35,993,464PaninDanaUnggulan 17.84% 3.33% 33,333,333 2% 38,509,804PaninDanaBersamaPlus 7.40% 3.33% 33,333,333 2% 35,098,039
Subtotal 166,666,667 181,285,338RDPendapatanTetapPaninDanaUtamaPlus2 10.22% 17% 17% 166,666,667 2% 180,098,039
Subtotal 100,000,000 180,098,039RDPasarUangPaninDanaLikuid 5.59% 17% 17% 166,666,667 0% 175,983,333
Subtotal 100,000,000 175,983,333Total 1,000,000,000 1,091,847,103
9.18%
22
PANINASSETMANAGEMENTCLIENTAPPRECIATIONPROGRAM
Panin Asset Management menghadirkan Client Appreciation Program untuk nasabah dengan saldominimum Rp 100,000,000,-. Nasabah akan diberikan fasilitas Kartu Kredit Panin Bank yang memiliki berbagaikeuntungan promo merchant.
DiningExperienceDiskonkhusus ± 80restorandiIndonesia
AirportLoungedihampir seluruh bandaraIndonesia(Jakarta,Batam,Semarang,Yogyakarta)
E-CommerceDiscountkhusus disitusbelanja online± 10merchant
StayingExperiencedengan Diskon Hotel± 30HoteldiIndonesia
InstallmentProgramcicilandi± 10merchant
Health&BeautyDiskon khususmulai dari 10%di± 10merchant
Moreinfo:http://www.panin.co.id/pages/merchant-discount