Penilai Harga Efek Indonesia

What Penilai Harga Efek Indonesia does

PT Penilai Harga Efek Indonesia (PHEI) is Indonesia's designated Securities Pricing Institution (Lembaga Penilaian Harga Efek / LPHE), established in 2007 under Bapepam-LK regulation and headquartered in the Indonesia Stock Exchange Tower 1 in Jakarta. The company performs daily mark-to-market valuation of debt securities, sukuk, and other securities in the Indonesian market, producing Fair Market Prices (Harga Pasar Wajar), yield curves, credit spread matrices, and over 100 bond indices including ICBI, INDOBeX, ISIX, and the regional ASEAN3 Government Bond Index (A3GBI). Its pricing methodology relies on traded price data from primary and secondary markets, supplemented by yield curve estimation when transaction data is insufficient. PHEI holds ISO 9001:2015 and ISO 37001:2016 certifications, the latter covering its bond pricing services.

PHEI distributes its products through three proprietary platforms: TheNewBIPS for institutional subscribers, SiSo IVC2 for direct integration between investment managers and custodian banks for NAV calculation, and TheNewBIPS Retail for individual investors. The primary customer base consists of Indonesian investment managers, custodian banks, corporate bond issuers, and research/analytics consumers. The company's revenue model is anchored in subscription-based access to TheNewBIPS, supplemented by paid training programs through its School of Bonds and Fixed Income (SoBFI) division and publication-related revenue from the Indonesia Bond Market Directory (IBMD). Specific pricing is not publicly disclosed, and customers are directed to inquire directly.

PHEI has pursued regional cooperation through 2012 MoUs with Bond Pricing Agency Malaysia (BPAM) and ThaiBMA for data exchange, and the 2017 partnership with BPAM, ThaiBMA, and Philippine Dealing Exchange to develop the ASEAN Government Bond Index. The company is governed by a Board of Commissioners and a Board of Directors; the current President Director, Mohamad Kadhafi Mukrom, was appointed on June 23, 2023, succeeding prior leadership. PHEI operates as a private, independent Indonesian company with no disclosed parent or subsidiaries, and all operations remain focused on the domestic Indonesian bond market.

Name

Penilai Harga Efek Indonesia

Legal name

PT Penilai Harga Efek Indonesia

Website

https://phei.co.id

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

PT Penilai Harga Efek Indonesia (PHEI) is Indonesia's designated Securities Pricing Institution, providing daily fair market prices, yield curves, and over 100 bond indices for the Indonesian bond and sukuk market to investment managers, custodian banks, and corporate issuers via subscription platforms.

Ownership category

akta.pro rank

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. TheNewBIPS Subscription: PHEI distributes its full suite of products—including daily fair market prices, yield curves, credit spread matrices, indices, and research reports—through TheNewBIPS, a subscription-based application system. This is the primary revenue-generating channel.
2. Research Reports: PHEI publishes periodic research reports including Daily Pricing Notes, Midday Pricing Notes, Weekly Pricing Notes, Weekly Dashboard, Auction Notes, Monthly Market Review, Price Performance Reports, Fair Coupon Reference, Emiten Watch, and Customized Research. These are distributed to subscribers and likely represent an additional revenue stream.
3. SoBFI Training Programs: PHEI generates revenue through its School of Bonds and Fixed Income (SoBFI) education division, offering paid training courses on bond market topics including Bond Market & Instruments, Bond Market Analysis, Bond Portfolio Management, Technical Analysis in Bond Markets, Simulasi Perdagangan Obligasi, Bond Issuance, and Sukuk-related courses. Both open enrollment and in-house corporate programs are available.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels10 records

Core offering

PT Penilai Harga Efek Indonesia (PHEI) is Indonesia's designated Securities Pricing Institution (Lembaga Penilaian Harga Efek/LPHE), providing daily Fair Market Prices (Harga Pasar Wajar/HPW) for government bonds, corporate bonds, sukuk, medium-term notes, and commercial paper. It distributes this pricing data, yield curves, credit spread matrices, and over 100 bond indices through the TheNewBIPS subscription platform and the SiSo IVC2 NAV integration system used by investment managers and custodian banks.

Product overview

PHEI operates as a Securities Pricing Institution (Lembaga Penilaian Harga Efek/LPHE) providing a comprehensive suite of bond market data and analytics for the Indonesian market. The core platform consists of TheNewBIPS (main subscription system), SiSo IVC2 (institutional integration system connecting Investment Managers and Custodian Banks for NAV calculations), and TheNewBIPS Retail (individual subscriber version). The product portfolio centers on Harga Pasar Wajar (Fair Market Prices) for government bonds, corporate bonds, sukuk, asset-backed securities, medium-term notes, and commercial paper, supplemented by Yield and Yield Curve analysis including Credit Spread Matrix. PHEI calculates and maintains over 100 bond indexes including ICBI (Composite), INDOBeX (Government/Corporate), ISIX (Sukuk), and ASEAN3 Government Bond Index. Research offerings include daily, weekly, and monthly pricing notes and market reviews. The SoBFI education division provides professional training programs in bond market analysis and fixed income investing. All services are delivered through subscription-based access to proprietary application systems and professional education programs.

Differentiator

Problem solved

Functional benefit

Products and services

• TheNewBIPS Primary subscription-based application platform through which institutional customers access PHEI's full suite of bond pricing products including daily Fair Market Prices, yield curves, credit spread matrices, bond indices, research reports, and bond information.
• SiSo IVC2

Quantifiable outcome

• Daily fair market price determination for government bonds, corporate bonds, sukuk, EBA, MTN, and commercial papers across the Indonesian market
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• Philippine Dealing ExchangecoreStrategic or Co-development Partner · 1 January 2017In 2017, PHEI collaborated with BPAM, ThaiBMA, and Philippine Dealing Exchange on the development of the ASEAN Government Bond Index (AGBI), a regional bond index covering ASEAN government bond markets. This partnership facilitates cross-border investment and market integration in the ASEAN fixed income market.
• Bond Pricing Agency Malaysia (BPAM)coreStrategic or Co-development Partner · 1 January 2012PHEI entered into a MoU for data exchange with BPAM (Bond Pricing Agency Malaysia) and ThaiBMA in 2012. BPAM is a bond pricing institution operating in Malaysia. The partnership enables cross-border bond pricing data exchange and market intelligence sharing between the two countries' fixed income markets.
• The Thai Bond Market Association (ThaiBMA)coreStrategic or Co-development Partner · 1 January 2012ThaiBMA, established in 2005 under Thailand's Securities and Exchange Commission Act, serves as a self-regulatory organization (SRO) for the Thai bond industry and as the central bond information hub. PHEI signed a MoU for data exchange with ThaiBMA in 2012, facilitating information sharing on bond market data across ASEAN markets.
• PT Bursa Efek Indonesia (BEI) / Indonesia Stock ExchangecoreStrategic or Co-development Partner · 1 January 2011BEI (Indonesia Stock Exchange) is a Self Regulatory Organization (SRO) providing the system and facilities for securities trading. PHEI collaborates with BEI on the joint publication of the Indonesia Bond Market Directory (IBMD), with BEI contributing as a strategic publishing partner.
• PT Kustodian Sentral Efek Indonesia (KSEI)coreOthersKSEI is a Central Securities Depository (Lembaga Penyimpanan dan Penyelesaian/LPP) and Self-Regulatory Organization (SRO) in the Indonesian capital market. As a key market infrastructure institution, KSEI enables the custody and efficient settlement of securities, including those priced by PHEI.

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• ICE Data Services (Intercontinental Exchange): Global provider of fixed income pricing, reference data, and analytics (including ICE BofA indices). ICE competes with PHEI in the broader fixed income data and indices space, particularly for cross-border institutional investors with exposure to Indonesian bonds.
• S&P Global Ratings / S&P Dow Jones Indices: Global provider of credit ratings, fixed income indices, and market data. S&P Global is a broad incumbent whose emerging-market bond indices, ratings, and pricing data overlap with PHEI's offerings across institutional clients.
• Bloomberg L.P. Global financial data and terminal provider offering extensive emerging-market bond pricing, yield curves, and analytics. Bloomberg is a broad incumbent whose data and pricing terminals overlap with PHEI's offerings for institutional clients that consume both global and Indonesian bond data.
• London Stock Exchange Group (LSEG) / Refinitiv: Global financial market data and infrastructure provider (formerly Refinitiv) offering fixed income pricing, reference data, and indices across emerging markets. LSEG/Refinitiv competes with PHEI indirectly by providing alternative data and analytics used by Indonesian institutional clients.

Direct peers

• Bond Pricing Agency Malaysia (BPAM): Malaysia's designated bond pricing agency, providing daily fair market prices for Malaysian debt securities and indices. BPAM is the most direct peer to PHEI, sharing both business model and ASEAN regional pricing mandate, and is a long-standing MoU partner of PHEI since 2012 and a co-developer of the AGBI/A3GBI indices.
• Thai Bond Market Association (ThaiBMA): Thailand's self-regulatory organization and central bond information hub, providing bond pricing, indices, and market data for the Thai bond market. ThaiBMA is a direct functional peer to PHEI in bond pricing and index publication, and has been a PHEI MoU partner since 2012 and AGBI co-developer.

Regional players

• Philippine Dealing Exchange (PDEx): The fixed-income exchange in the Philippines providing trading and market data services for Philippine bonds. PDEx is a regional peer participating alongside PHEI, BPAM, and ThaiBMA in the ASEAN Government Bond Index collaboration since 2017.
• Korea Investors Service (KIS) / Korea Fixed Income Information: Korean fixed income information and pricing providers that publish Korean bond indices and pricing. They serve as regional analogues to PHEI in providing daily fixed-income pricing and index products within their domestic market.
• China Central Depository & Clearing (CCDC) / ChinaBond: China's central bond pricing, registration, and clearing infrastructure. While serving a different domestic market, CCDC/ChinaBond is a regional pricing and indexing peer in Asia whose benchmark and methodology approach parallels PHEI's LPHE role in Indonesia.

Others

• Pefindo (PT Pemeringkat Efek Indonesia): Indonesia's domestic credit rating agency, providing credit ratings that PHEI explicitly uses as input for its valuation methodology. Pefindo is an adjacent ecosystem participant rather than a competitor — a critical data partner whose ratings feed PHEI's fair market price determination.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/phei_official
• YouTubeyoutube.com/channel/UCgQEgG66FqV4e4YUzIwk3KA
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/penilai-harga-efek-indonesia
• Instagraminstagram.com/phei_official

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Penilai Harga Efek Indonesia