PEFINDO BETA STOCK

Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 0.603 0.735
2. ABMM ABM Investama Tbk. 0.246 0.497
3. ACES Ace Hardware Indonesia Tbk. 1.277 1.185
4. ACST Acset Indonusa Tbk. 1.078 1.052
5. ADES Akasha Wira International Tbk. 0.612 0.742
6. ADHI Adhi Karya (Persero) Tbk. 2.197 1.798
7. ADMF Adira Dinamika Multi Finance Tbk. 0.825 0.883
8. ADMG Polychem Indonesia Tbk. 1.068 1.045
9. ADRO Adaro Energy Tbk. 2.036 1.691
10. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 0.961 0.974
11. AGRS Bank Agris Tbk. 1.583 1.389
12. AHAP Asuransi Harta Aman Pratama Tbk. 0.472 0.648
13. AIMS Akbar Indo Makmur Stimec Tbk. 0.557 0.705
14. AKPI Argha Karya Prima Industry Tbk. 0.471 0.647
15. AKRA AKR Corporindo Tbk. 1.615 1.410
16. ALDO Alkindo Naratama Tbk. 0.602 0.735
17. ALKA Alakasa Industrindo Tbk. 1.311 1.207
18. ALMI Alumindo Light Metal Industry Tbk. 0.992 0.995
19. AMAG Asuransi Multi Artha Guna Tbk. 0.161 0.441
20. AMFG Asahimas Flat Glass Tbk. 0.302 0.535
21. ANJT Austindo Nusantara Jaya Tbk. 0.310 0.540
22. ANTM Aneka Tambang (Persero) Tbk. 2.023 1.682
23. APEX Apexindo Pratama Duta Tbk. 0.040 0.360
24. APII Arita Prima Indonesia Tbk. 0.131 0.421
25. APLI Asiaplast Industries Tbk. 0.824 0.883
26. APLN Agung Podomoro Land Tbk. 1.912 1.608
27. ARII Atlas Resources Tbk. 0.673 0.782
28. ARNA Arwana Citramulia Tbk. 0.424 0.616
29. ARTA Arthavest Tbk. 3.061 2.374
30. ASBI Asuransi Bintang Tbk. 0.402 0.601
31. ASDM Asuransi Dayin Mitra Tbk. 0.030 0.353
32. ASGR Astra Graphia Tbk. 0.353 0.569
33. ASII Astra International Tbk. 1.192 1.128
34. ASJT Asuransi Jasa Tania Tbk. 0.892 0.928
35. ASRI Alam Sutera Realty Tbk. 1.525 1.350
36. ASSA Adi Sarana Armada Tbk. 1.053 1.035
37. ATIC Anabatic Technologies Tbk. 0.049 0.366
38. AUTO Astra Otoparts Tbk. 0.819 0.879
39. BABP Bank MNC Internasional Tbk. 0.278 0.519
40. BAJA Saranacentral Bajatama Tbk. 0.782 0.855

Page 1 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BAPA Bekasi Asri Pemula Tbk. 0.721 0.814
42. BATA Sepatu Bata Tbk. 0.200 0.466
43. BBCA Bank Central Asia Tbk. 0.888 0.925
44. BBHI Bank Harda Internasional Tbk. 0.793 0.862
45. BBKP Bank Bukopin Tbk. 1.426 1.284
46. BBNI Bank Negara Indonesia (Persero) Tbk. 1.606 1.404
47. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.556 1.371
48. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.251 0.501
49. BBTN Bank Tabungan Negara (Persero) Tbk. 1.765 1.510
50. BBYB Bank Yudha Bhakti Tbk. 0.363 0.575
51. BCAP MNC Kapital Indonesia Tbk. 0.165 0.443
52. BCIP Bumi Citra Permai Tbk. 1.235 1.157
53. BDMN Bank Danamon Indonesia Tbk. 2.025 1.684
54. BEST Bekasi Fajar Industrial Estate Tbk. 2.427 1.951
55. BFIN BFI Finance Indonesia Tbk. 0.708 0.805
56. BGTG Bank Ganesha Tbk. 1.841 1.561
57. BHIT MNC Investama Tbk. 1.057 1.038
58. BIKA Binakarya Jaya Abadi Tbk. 0.508 0.672
59. BINA Bank Ina Perdana Tbk. 2.720 2.146
60. BIPI Benakat Petroleum Energy Tbk. 1.040 1.026
61. BIPP Bhuwanatala Indah Permai Tbk. 0.394 0.596
62. BIRD Blue Bird Tbk. 0.614 0.743
63. BISI BISI International Tbk. 0.490 0.660
64. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 0.899 0.933
65. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.014 1.010
66. BKDP Bukit Darmo Property Tbk. 0.718 0.812
67. BKSL Sentul City Tbk. 1.850 1.566
68. BLTZ Graha Layar Prima Tbk. 0.095 0.397
69. BMRI Bank Mandiri (Persero) Tbk. 1.248 1.165
70. BMTR Global Mediacom Tbk. 1.717 1.478
71. BNBA Bank Bumi Arta Tbk. 0.753 0.835
72. BNBR Bakrie & Brothers Tbk. 0.610 0.740
73. BNGA Bank CIMB Niaga Tbk. 2.272 1.848
74. BNII Bank Maybank Indonesia Tbk. 1.204 1.136
75. BNLI Bank Permata Tbk. 1.897 1.598
76. BOLT Garuda Metalindo Tbk. 0.669 0.779
77. BPFI Batavia Prosperindo Finance Tbk. 1.457 1.305
78. BPII Batavia Prosperindo Internasional Tbk. 0.125 0.417
79. BRAM Indo Kordsa Tbk. 2.110 1.740
80. BRMS Bumi Resources Minerals Tbk. 1.318 1.212

Page 2 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BRNA Berlina Tbk. 0.560 0.707
82. BRPT Barito Pacific Tbk. 0.951 0.968
83. BSDE Bumi Serpong Damai Tbk. 1.783 1.522
84. BSIM Bank Sinarmas Tbk. 0.267 0.511
85. BSSR Baramulti Suksessarana Tbk. 1.278 1.185
86. BTEK Bumi Teknokultura Unggul Tbk. 0.993 0.996
87. BTEL Bakrie Telecom Tbk. 0.000 0.333
88. BTON Betonjaya Manunggal Tbk. 1.028 1.019
89. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.377 0.584
90. BUDI Budi Starch & Sweetener Tbk. 0.529 0.686
91. BUKK Bukaka Teknik Utama Tbk. 0.835 0.890
92. BULL Buana Listya Tama Tbk. 1.385 1.256
93. BUMI Bumi Resources Tbk. 1.389 1.259
94. BUVA Bukit Uluwatu Villa Tbk. 0.646 0.764
95. BVIC Bank Victoria International Tbk. 0.469 0.646
96. BWPT Eagle High Plantations Tbk. 1.525 1.350
97. BYAN Bayan Resources Tbk. 0.357 0.571
98. CASA Capital Financial Indonesia Tbk. 0.863 0.908
99. CASS Cardig Aero Services Tbk. 0.049 0.366
100. CEKA Wilmar Cahaya Indonesia Tbk. 0.851 0.901
101. CENT Centrin Online Tbk. 0.336 0.557
102. CFIN Clipan Finance Indonesia Tbk. 0.724 0.816
103. CINT Chitose Internasional Tbk. 0.318 0.545
104. CLPI Colorpak Indonesia Tbk. 0.382 0.588
105. CMNP Citra Marga Nusaphala Persada Tbk. 0.657 0.771
106. CMPP Rimau Multi Putra Pratama Tbk. 2.111 1.741
107. CNKO Exploitasi Energi Indonesia Tbk. 0.063 0.376
108. COWL Cowell Development Tbk. 0.790 0.860
109. CPIN Charoen Pokphand Indonesia Tbk. 2.112 1.741
110. CSAP Catur Sentosa Adiprana Tbk. 0.182 0.455
111. CTBN Citra Tubindo Tbk. 0.080 0.387
112. CTRA Ciputra Development Tbk. 1.864 1.576
113. CTTH Citatah Tbk. 0.056 0.370
114. DART Duta Anggada Realty Tbk. 0.343 0.562
115. DEWA Darma Henwa Tbk. 0.392 0.595
116. DGIK Nusa Konstruksi Enjiniring Tbk. 0.909 0.939
117. DILD Intiland Development Tbk. 0.757 0.838
118. DKFT Central Omega Resources Tbk. 0.127 0.418
119. DLTA Delta Djakarta Tbk. 0.260 0.507
120. DMAS Puradelta Lestari Tbk. 1.560 1.373

Page 3 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. DNET Dyviacom Intrabumi Tbk. 0.159 0.440
122. DOID Delta Dunia Makmur Tbk. 2.721 2.147
123. DPNS Duta Pertiwi Nusantara Tbk. 0.191 0.461
124. DPUM Dua Putra Utama Makmur Tbk. 0.732 0.822
125. DSFI Dharma Samudera Fishing Industries Tbk. 0.464 0.642
126. DUTI Duta Pertiwi Tbk. 0.998 0.999
127. EKAD Ekadharma International Tbk. 0.656 0.771
128. ELSA Elnusa Tbk. 1.546 1.364
129. ELTY Bakrieland Development Tbk. 0.037 0.358
130. EMDE Megapolitan Developments Tbk. 0.281 0.520
131. EMTK Elang Mahkota Teknologi Tbk. 0.171 0.448
132. ENRG Energi Mega Persada Tbk. 3.342 2.561
133. EPMT Enseval Putera Megatrading Tbk. 0.253 0.502
134. ERAA Erajaya Swasembada Tbk. 0.790 0.860
135. ESSA Surya Esa Perkasa Tbk. 2.811 2.207
136. ESTI Ever Shine Tex Tbk. 1.044 1.030
137. EXCL XL Axiata Tbk. 1.162 1.108
138. FAST Fast Food Indonesia Tbk. 0.119 0.412
139. FMII Fortune Mate Indonesia Tbk. 0.244 0.496
140. FORU Fortune Indonesia Tbk. 0.827 0.884
141. FPNI Lotte Chemical Titan Tbk. 3.478 2.652
142. FREN Smartfren Telecom Tbk. 1.172 1.115
143. GAMA Gading Development Tbk. 0.151 0.434
144. GDYR Goodyear Indonesia Tbk. 0.910 0.940
145. GEMA Gema Grahasarana Tbk. 0.584 0.723
146. GGRM Gudang Garam Tbk. 0.750 0.833
147. GIAA Garuda Indonesia (Persero) Tbk. 1.295 1.197
148. GJTL Gajah Tunggal Tbk. 1.554 1.370
149. GLOB Global Teleshop Tbk. 1.517 1.345
150. GOLD Golden Retailindo Tbk. 0.162 0.441
151. GOLL Golden Plantation Tbk. 0.344 0.562
152. GPRA Perdana Gapuraprima Tbk. 0.557 0.704
153. GSMF Equity Development Investment Tbk. 0.061 0.374
154. GTBO Garda Tujuh Buana Tbk. 2.654 2.103
155. GWSA Greenwood Sejahtera Tbk. 0.380 0.587
156. GZCO Gozco Plantations Tbk. 0.691 0.794
157. HADE HD Capital Tbk. 0.101 0.401
158. HDFA HD Finance Tbk. 0.943 0.962
159. HEXA Hexindo Adiperkasa Tbk. 0.507 0.671
160. HITS Humpuss Intermoda Transportasi Tbk. 0.283 0.522

Page 4 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. HMSP H.M. Sampoerna Tbk. 1.094 1.063
162. HOME Hotel Mandarine Regency Tbk. 0.556 0.704
163. HRUM Harum Energy Tbk. 2.100 1.734
164. IBFN Intan Baruprana Finance Tbk. 0.393 0.595
165. IBST Inti Bangun Sejahtera Tbk. 0.404 0.603
166. ICBP Indofood CBP Sukses Makmur Tbk. 0.333 0.555
167. ICON Island Concepts Indonesia Tbk. 0.540 0.693
168. IDPR Indonesia Pondasi Raya Tbk. 0.234 0.489
169. IGAR Champion Pacific Indonesia Tbk. 0.041 0.361
170. IIKP Inti Agri Resources Tbk. 2.036 1.690
171. IKAI Intikeramik Alamasri Industri Tbk. 1.722 1.481
172. IKBI Sumi Indo Kabel Tbk. 0.506 0.671
173. IMJS Indomobil Multi Jasa Tbk. 0.143 0.428
174. IMPC Impack Pratama Industri Tbk. 0.105 0.404
175. INAF Indofarma Tbk. 0.397 0.598
176. INAI Indal Aluminium Industry Tbk. 0.183 0.455
177. INCF Amstelco Indonesia Tbk 1.067 1.044
178. INCO Vale Indonesia Tbk. 1.516 1.344
179. INDF Indofood Sukses Makmur Tbk. 1.129 1.086
180. INDS Indospring Tbk. 0.549 0.699
181. INDX Tanah Laut Tbk. 0.890 0.926
182. INDY Indika Energy Tbk. 2.151 1.767
183. INKP Indah Kiat Pulp & Paper Tbk. 2.305 1.870
184. INPC Bank Artha Graha Internasional Tbk. 0.367 0.578
185. INPP Indonesian Paradise Property Tbk. 0.755 0.837
186. INRU Toba Pulp Lestari Tbk. 2.262 1.841
187. INTA Intraco Penta Tbk. 0.380 0.587
188. INTD Inter Delta Tbk. 0.552 0.701
189. INTP Indocement Tunggal Prakasa Tbk. 1.642 1.428
190. IPOL Indopoly Swakarsa Industry Tbk. 0.320 0.546
191. ISAT Indosat Tbk. 2.482 1.988
192. ISSP Steel Pipe Industry of Indonesia Tbk. 1.574 1.382
193. ITMA Sumber Energi Andalan Tbk. 1.195 1.130
194. ITMG Indo Tambangraya Megah Tbk. 2.223 1.815
195. JAWA Jaya Agra Wattie Tbk. 0.517 0.678
196. JKSW Jakarta Kyoei Steel Works Tbk. 0.376 0.584
197. JPFA Japfa Comfeed Indonesia Tbk. 1.719 1.480
198. JRPT Jaya Real Property Tbk. 0.169 0.446
199. JSMR Jasa Marga (Persero) Tbk. 1.378 1.252
200. JTPE Jasuindo Tiga Perkasa Tbk. 0.065 0.377

Page 5 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. KAEF Kimia Farma Tbk. 0.734 0.823
202. KARW ICTSI Jasa Prima Tbk. 1.985 1.656
203. KBLI KMI Wire & Cable Tbk. 1.186 1.124
204. KBLM Kabelindo Murni Tbk. 1.023 1.015
205. KBLV First Media Tbk. 0.838 0.892
206. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.007 0.338
207. KDSI Kedawung Setia Industrial Tbk. 0.187 0.458
208. KIAS Keramika Indonesia Assosiasi Tbk. 0.346 0.564
209. KICI Kedaung Indah Can Tbk. 0.223 0.482
210. KIJA Kawasan Industri Jababeka Tbk. 0.727 0.818
211. KINO Kino Indonesia Tbk. 0.766 0.844
212. KKGI Resource Alam Indonesia Tbk. 1.855 1.570
213. KLBF Kalbe Farma Tbk. 1.381 1.254
214. KOIN Kokoh Inti Arebama Tbk. 0.422 0.615
215. KONI Perdana Bangun Pusaka Tbk. 2.050 1.700
216. KOPI Mitra Energi Persada Tbk. 0.205 0.470
217. KPIG MNC Land Tbk. 0.190 0.460
218. KRAH Grand Kartech Tbk. 0.259 0.506
219. KRAS Krakatau Steel (Persero) Tbk. 1.608 1.405
220. KREN Kresna Graha Sekurindo Tbk. 0.114 0.410
221. LAPD Leyand International Tbk. 0.001 0.334
222. LEAD Logindo Samudramakmur Tbk. 2.131 1.754
223. LINK Link Net Tbk. 0.536 0.691
224. LION Lion Metal Works Tbk. 0.242 0.494
225. LMPI Langgeng Makmur Industri Tbk. 0.103 0.402
226. LMSH Lionmesh Prima Tbk. 0.816 0.878
227. LPCK Lippo Cikarang Tbk. 2.585 2.057
228. LPKR Lippo Karawaci Tbk. 0.977 0.984
229. LPLI Star Pacific Tbk. 0.687 0.792
230. LPPF Matahari Department Store Tbk. 1.372 1.248
231. LPPS Lippo Securities Tbk. 0.862 0.908
232. LSIP PP London Sumatra Indonesia Tbk. 0.680 0.786
233. LTLS Lautan Luas Tbk. 0.773 0.848
234. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
235. MAIN Malindo Feedmill Tbk. 1.701 1.467
236. MAMI Mas Murni Indonesia Tbk. 1.346 1.231
237. MAPI Mitra Adiperkasa Tbk. 0.931 0.954
238. MBAP Mitrabara Adiperdana Tbk. 0.770 0.847
239. MBSS Mitrabahtera Segara Sejati Tbk. 2.704 2.136
240. MBTO Martina Berto Tbk. 0.399 0.600

Page 6 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MCOR Bank Windu Kentjana International Tbk. 0.957 0.971
242. MDIA Intermedia Capital Tbk. 0.163 0.442
243. MDKA Merdeka Copper Gold Tbk. 0.045 0.363
244. MDLN Modernland Realty Ltd. Tbk. 0.912 0.941
245. MDRN Modern Internasional Tbk. 0.000 0.333
246. MEDC Medco Energi International Tbk. 2.550 2.034
247. MERK Merck Tbk. 0.471 0.648
248. META Nusantara Infrastructure Tbk. 0.270 0.513
249. MFIN Mandala Multifinance Tbk. 0.656 0.771
250. MICE Multi Indocitra Tbk. 0.376 0.584
251. MIDI Midi Utama Indonesia Tbk. 0.083 0.389
252. MIKA Mitra Keluarga Karyasehat Tbk. 0.517 0.678
253. MKNT Mitra Komunikasi Nusantara Tbk. 1.112 1.075
254. MKPI Metropolitan Kentjana Tbk. 0.162 0.441
255. MLBI Multi Bintang Indonesia Tbk. 0.113 0.409
256. MLIA Mulia Industrindo Tbk. 0.137 0.425
257. MLPL Multipolar Tbk. 2.100 1.733
258. MMLP Mega Manunggal Property Tbk. 0.292 0.528
259. MNCN Media Nusantara Citra Tbk. 1.544 1.362
260. MPPA Matahari Putra Prima Tbk. 2.407 1.938
261. MRAT Mustika Ratu Tbk. 0.205 0.470
262. MTDL Metrodata Electronics Tbk. 0.405 0.603
263. MTFN Capitalinc Investment Tbk. 0.022 0.348
264. MTLA Metropolitan Land Tbk. 0.517 0.678
265. MTRA Mitra Pemuda Tbk. 1.181 1.120
266. MTSM Metro Realty Tbk. 1.147 1.098
267. MYOH Samindo Resources Tbk. 0.881 0.921
268. MYRX Hanson International Tbk. 0.189 0.459
269. MYTX Apac Citra Centertex Tbk. 0.929 0.953
270. NELY Pelayaran Nelly Dwi Putri Tbk. 0.904 0.936
271. NIKL Pelat Timah Nusantara Tbk. 0.114 0.409
272. NIPS Nipress Tbk. 1.498 1.332
273. NIRO Nirvana Development Tbk. 0.473 0.649
274. NISP Bank OCBC NISP Tbk. 0.382 0.588
275. NRCA Nusa Raya Cipta Tbk. 1.027 1.018
276. OASA Protech Mitra Perkasa Tbk. 0.693 0.796
277. OKAS Ancora Indonesia Resources Tbk. 1.177 1.118
278. PADI Minna Padi Investama Tbk. 0.974 0.983
279. PALM Provident Agro Tbk. 0.121 0.414
280. PANR Panorama Sentrawisata Tbk. 0.125 0.417

Page 7 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. PANS Panin Sekuritas Tbk. 0.617 0.745
282. PBRX Pan Brothers Tbk. 0.313 0.542
283. PDES Destinasi Tirta Nusantara Tbk. 0.779 0.853
284. PGAS PT Perusahaan Gas Negara Tbk. 2.228 1.819
285. PJAA Pembangunan Jaya Ancol Tbk. 0.377 0.584
286. PNBN Bank Pan Indonesia Tbk. 1.598 1.398
287. PNBS Bank Panin Syariah Tbk. 1.214 1.143
288. PNIN Panin Insurance Tbk. 1.367 1.244
289. PNLF Panin Financial Tbk. 1.330 1.220
290. POOL Pool Advista Indonesia Tbk. 0.724 0.816
291. PPRO PP Properti Tbk. 2.006 1.671
292. PRAS Prima Alloy Steel Universal Tbk. 0.417 0.611
293. PSAB J Resources Asia Pasifik Tbk. 1.239 1.160
294. PSDN Prasidha Aneka Niaga Tbk. 0.297 0.531
295. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 2.046 1.697
296. PTIS Indo Straits Tbk. 0.443 0.628
297. PTPP PP (Persero) Tbk. 2.716 2.144
298. PTRO Petrosea Tbk. 2.438 1.959
299. PTSN Sat Nusapersada Tbk. 3.601 2.734
300. PWON Pakuwon Jati Tbk. 1.626 1.418
301. RAJA Rukun Raharja Tbk. 1.112 1.075
302. RALS Ramayana Lestari Sentosa Tbk. 0.618 0.745
303. RANC Supra Boga Lestari Tbk. 0.561 0.708
304. RBMS Ristia Bintang Mahkotasejati Tbk. 0.116 0.411
305. RDTX Roda Vivatex Tbk. 0.336 0.557
306. RICY Ricky Putra Globalindo Tbk. 0.139 0.426
307. RIGS Rig Tenders Indonesia Tbk. 1.937 1.625
308. RIMO Rimo International Lestari Tbk. 0.516 0.677
309. RODA Pikko Land Development Tbk. 0.379 0.586
310. ROTI Nippon Indosari Corpindo Tbk. 0.383 0.589
311. SAFE Steady Safe Tbk. 1.058 1.038
312. SAME Sarana Meditama Metropolitan Tbk. 0.208 0.472
313. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.408 0.605
314. SCMA Surya Citra Media Tbk. 1.348 1.232
315. SDMU Sidomulyo Selaras Tbk. 1.890 1.593
316. SDPC Millennium Pharmacon International Tbk. 0.677 0.785
317. SGRO Sampoerna Agro Tbk. 0.081 0.387
318. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.276 0.517
319. SILO Siloam International Hospitals Tbk. 0.630 0.753
320. SIMP Salim Ivomas Pratama Tbk. 1.026 1.017

Page 8 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. SIPD Sierad Produce Tbk. 0.279 0.519
322. SKBM Sekar Bumi Tbk. 0.430 0.620
323. SKLT Sekar Laut Tbk. 0.486 0.657
324. SKYB Skybee Tbk. 0.622 0.748
325. SMAR Smart Tbk. 0.084 0.389
326. SMBR Semen Baturaja (Persero) Tbk. 2.261 1.840
327. SMCB Holcim Indonesia Tbk. 0.938 0.959
328. SMDM Suryamas Dutamakmur Tbk. 0.722 0.814
329. SMDR Samudera Indonesia Tbk. 2.129 1.753
330. SMGR Semen Indonesia (Persero) Tbk. 1.913 1.609
331. SMMT Golden Eagle Energy Tbk. 1.256 1.170
332. SMRA Summarecon Agung Tbk. 2.441 1.960
333. SMRU SMR Utama Tbk. 1.862 1.575
334. SMSM Selamat Sempurna Tbk. 0.505 0.670
335. SOCI Soechi Lines Tbk. 1.884 1.590
336. SPMA Suparma Tbk. 0.600 0.734
337. SQMI Renuka Coalindo Tbk. 0.950 0.966
338. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.396 0.597
339. SRIL Sri Rejeki Isman Tbk. 0.262 0.508
340. SRSN Indo Acidatama Tbk. 0.477 0.651
341. SRTG Saratoga Investama Sedaya Tbk. 0.361 0.574
342. SSIA Surya Semesta Internusa Tbk. 1.597 1.398
343. SSMS Sawit Sumbermas Sarana Tbk. 0.719 0.813
344. STAR Star Petrochem Tbk. 1.328 1.219
345. SULI SLJ Global Tbk. 1.985 1.657
346. SUPR Solusi Tunas Pratama Tbk. 0.163 0.442
347. TALF Tunas Alfin Tbk. 0.505 0.670
348. TARA Sitara Propertindo Tbk. 0.420 0.613
349. TBIG Tower Bersama Infrastructure Tbk. 1.538 1.359
350. TBLA Tunas Baru Lampung Tbk. 1.009 1.006
351. TCID Mandom Indonesia Tbk. 0.052 0.368
352. TELE Tiphone Mobile Indonesia Tbk. 0.796 0.864
353. TFCO Tifico Fiber Indonesia Tbk. 0.088 0.392
354. TIFA Tifa Finance Tbk. 0.562 0.708
355. TINS Timah (Persero) Tbk. 1.977 1.652
356. TIRA Tira Austenite Tbk. 0.835 0.890
357. TIRT Tirta Mahakam Resources Tbk. 1.586 1.391
358. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 1.814 1.543
359. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.675 0.783
360. TMAS Pelayaran Tempuran Emas Tbk. 0.268 0.512

Page 9 of 12
 PEFINDO BETA STOCK
Edition: 06-September-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. TMPO Tempo Intimedia Tbk. 0.751 0.834
362. TOBA Toba Bara Sejahtra Tbk. 0.402 0.601
363. TOTL Total Bangun Persada Tbk. 0.867 0.912
364. TOTO Surya Toto Indonesia Tbk. 0.527 0.685
365. TOWR Sarana Menara Nusantara Tbk. 1.189 1.126
366. TPIA Chandra Asri Petrochemical Tbk. 0.195 0.463
367. TPMA Trans Power Marine Tbk. 0.107 0.405
368. TRAM Trada Maritime Tbk. 2.046 1.697
369. TRIL Triwira Insanlestari Tbk. 0.308 0.539
370. TRIM Trimegah Securities Tbk. 0.280 0.520
371. TRIO Trikomsel Oke Tbk. 3.556 2.704
372. TRIS Trisula International Tbk. 0.064 0.376
373. TRST Trias Sentosa Tbk. 0.121 0.414
374. TRUS Trust Finance Indonesia Tbk. 0.751 0.834
375. TSPC Tempo Scan Pacific Tbk. 0.444 0.630
376. TURI Tunas Ridean Tbk. 0.112 0.408
377. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.128 0.419
378. UNIC Unggul Indah Cahaya Tbk. 0.615 0.743
379. UNIT Nusantara Inti Corpora Tbk. 0.290 0.527
380. UNSP Bakrie Sumatra Plantations Tbk. 0.575 0.717
381. UNTR United Tractors Tbk. 1.393 1.262
382. UNVR Unilever Indonesia Tbk. 0.987 0.991
383. VICO Victoria Investama Tbk. 0.293 0.529
384. VINS Victoria Insurance Tbk. 0.241 0.494
385. VIVA Visi Media Asia Tbk. 1.685 1.457
386. VOKS Voksel Electric Tbk. 0.768 0.845
387. VRNA Verena Multi Finance Tbk. 0.400 0.600
388. WAPO Wahana Pronatural Tbk. 0.337 0.558
389. WEHA WEHA Transportasi Indonesia Tbk. 0.518 0.679
390. WICO Wicaksana Overseas International Tbk. 0.412 0.608
391. WIIM Wismilak Inti Makmur Tbk. 1.904 1.603
392. WIKA Wijaya Karya (Persero) Tbk. 2.394 1.929
393. WINS Wintermar Offshore Marine Tbk. 0.770 0.847
394. WOMF Wahana Ottomitra Multiartha Tbk. 0.848 0.899
395. WSKT Waskita Karya (Persero) Tbk. 2.685 2.123
396. WTON Wijaya Karya Beton Tbk. 2.012 1.675
397. YULE Yulie Sekurindo Tbk. 0.654 0.769

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 Criteria and Calculation Methodology of PEFINDO Beta Stock

PEFINDO Beta Stock report was created for the purpose of providing additional information to capital
market participants. For investors who use fundamental approach, PEFINDO Beta Stock report can be
used as one of the source in calculating the fair value of stocks according to the definitions of Capital
Asset Pricing Model (CAPM). For those who use technical approach, information on the PEFINDO
Beta Stock report may provide additional information of stocks’ systematic risk compared with the
Jakarta Composite Index (JCI).

The value of Beta in the PEFINDO Beta Stock report is determined by the following criterias and
methodologies:
1. The stock has been listed and traded on the Indonesia Stock Exchange for at least 36 months.
2. The stock is not being suspended for the last 10 days.
3. The value of Raw Beta is not negative.
4. The value of Adjusted Beta is not greater than 3.
5. The interval observation is based the time series data over the last 3 years with a rolling return
over the last 4 weeks on each Wednesday.
6. Steps on calculating the PEFINDO Beta Stock :
1. First is to calculate the rate of return on each stock and the market index every
Wednesday, with 4 weeks of intervals. The formula for computing the rate of return is:

Where:
Rit = return of stock i or market index at t period.
Pit = stock price of i or market index at t period.
Pit-1 = stock price of i or market index at t-1 period.
2. Perform a regression between stock price returns and market index returns for the period
of 3 years, to measure the value of Raw Beta with the formula as follows:

Where:
β_i is a Raw Beta for stock i.
Rit is a return of stock i at period t.
R_mt is a return of market index at period t.
α_i is constanta.
e_it is residual reggresion that expected to be white noise (mean of error is zero).

3. Calculate the Adjusted Beta to normalize the Raw Beta, in order to obtain a good
characteristic of beta, which is closer to 1. The formula is as follows:

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 DISCLAIMER

The PEFINDO Beta Saham report issued by PEFINDO is not a recommendation to buy, sell or hold a
particular stock, and cannot be considered as an investment advice of PEFINDO. Investors should
obtain other comprehensive and adequate information to make investment decisions.

PEFINDO is not responsible for any errors or omissions arising from the use of this PEFINDO Beta
Saham report. This report is not intended for particular investor and cannot be used as part of
investment objective on particular shares and neither an investment recommendation on a particular
stock and / or an investment strategy. Before taking action on the results of this report, investors are
advised to first consider the suitable situation and condition. If needed, ask for help from a financial
advisor.

The entire process of calculating PEFINDO Beta Saham is free from human intervention and influence
and / or coercion from other parties. The entire calculation process of PEFINDO Beta Saham is done
through a computer application that automatically calculates the value of stocks’ beta, based on the
stock transaction data submitted by Indonesia Stock Exchange.

PEFINDO Beta Saham report is published on our website (www.pefindo.com).

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