JAKARTA: The average ratio of dividend payout of nine brokers listed in the Indonesia Stock Exchange is only 14.47% of the total net profit in 2010 or narrower than 22.04% last year.The decrease is amid higher funding requirements for this year expansions.Based on Bisnis Indonesia Intelligence Unit data, PT Majapahit Securities Tbk booked the biggest dividend payout ratio at IDR720 million or 33.74% from the total 2010s net profit at IDR2.13 billion with dividend value at IDR1 per unit.The smallest dividend payout ratio was PT Kresna Graha Sekurindo Tbk whose only distribute IDR9.05 per share or 19.9% from the total 2010s net profit at IDR27.5 billion.From the total nine brokers, PT HD Capital Tbk and PT Reliance Securities Tbk decided not to distribute dividend to channel it as retained earnings to fund business expansion.Meanwhile, PT Yulie Sekurindo Tbk and PT Onix Capital Tbk suffered net loss last year. Yulie Sekurindo suffered IDR1.52 billion net loss from IDR2.88 billion while Onix suffered IDR1.8 billion loss last year from IDR2.33 billion.Dividend yield also slipped to 1.41% from 2.14%. The biggest dividend yield recorded by PT Panin Sekuritas Tbk with 6.72% whiles the smallest by Kresna Sekurindo by 0.91%.PT BNI Securitiess President Director Jimmy Nyo believed the small dividend ratio was each companys choice.Broker funding needs are quite high as for online trading development or another. Competition is also getting tighter.PT Trimegah Securities Tbk allocated approximately US$1 million this year to develop online trading that is scheduled to start operating next August.PT Reliance Securities Tbk needs the fund to expand its business and to increase the number of customers.We plan to inject our subsidiary PT Reliance Asset Management so its paid-in capital can reach IDR25 billion this year from current IDR5 billion, President Director Hosea Nicky Hogan told Bisnis.Regulation modificationJimmy believed the high working capital this year also triggered by the implementation of regulations and tighter competition following the tariff war.The amended regulations, among others, are Bapepam-LK Regulation No. V.D.5 onMaintenance and Reporting of Net Adjusted Working Capital (MKDB), effective on February 1, 2012.Such regulation requires securities exchange member to has IDR25 billion minimum MKDB or 6.25% from the total debt and ranking liabilities.For licensed securities non exchange member MKDB set at IDR200 million or 6.25% from the total liabilities and ranking liabilities. (t05/msw)
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