PEFINDO BETA STOCK

Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 0.671 0.781
2. ACES Ace Hardware Indonesia Tbk. 1.164 1.109
3. ACST Acset Indonusa Tbk. 0.944 0.963
4. ADES Akasha Wira International Tbk. 0.888 0.925
5. ADHI Adhi Karya (Persero) Tbk. 1.980 1.654
6. ADMF Adira Dinamika Multi Finance Tbk. 1.130 1.087
7. ADMG Polychem Indonesia Tbk. 1.384 1.256
8. ADRO Adaro Energy Tbk. 2.437 1.958
9. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.481 1.987
10. AGRS Bank Agris Tbk. 1.314 1.209
11. AHAP Asuransi Harta Aman Pratama Tbk. 0.434 0.622
12. AIMS Akbar Indo Makmur Stimec Tbk. 0.813 0.876
13. AKPI Argha Karya Prima Industry Tbk. 0.292 0.528
14. AKRA AKR Corporindo Tbk. 1.538 1.359
15. ALDO Alkindo Naratama Tbk. 0.190 0.460
16. ALKA Alakasa Industrindo Tbk. 1.229 1.152
17. ALMI Alumindo Light Metal Industry Tbk. 0.509 0.673
18. AMFG Asahimas Flat Glass Tbk. 0.403 0.602
19. AMIN Ateliers Mecaniques D Indonesie Tbk. 0.073 0.382
20. ANJT Austindo Nusantara Jaya Tbk. 0.168 0.446
21. ANTM Aneka Tambang (Persero) Tbk. 1.896 1.597
22. APII Arita Prima Indonesia Tbk. 1.020 1.013
23. APLI Asiaplast Industries Tbk. 0.846 0.898
24. APLN Agung Podomoro Land Tbk. 1.694 1.463
25. ARII Atlas Resources Tbk. 0.262 0.508
26. ARNA Arwana Citramulia Tbk. 0.570 0.713
27. ARTA Arthavest Tbk. 2.487 1.991
28. ARTO Bank Artos Indonesia Tbk. 0.627 0.751
29. ASBI Asuransi Bintang Tbk. 1.137 1.091
30. ASGR Astra Graphia Tbk. 0.128 0.418
31. ASII Astra International Tbk. 1.280 1.187
32. ASJT Asuransi Jasa Tania Tbk. 0.075 0.384
33. ASMI Asuransi Mitra Maparya Tbk. 0.677 0.784
34. ASRI Alam Sutera Realty Tbk. 1.763 1.508
35. ASSA Adi Sarana Armada Tbk. 1.867 1.578
36. AUTO Astra Otoparts Tbk. 1.060 1.040
37. BABP Bank MNC Internasional Tbk. 0.612 0.741
38. BAJA Saranacentral Bajatama Tbk. 0.497 0.665
39. BALI Bali Towerindo Sentra Tbk. 0.221 0.480
40. BAPA Bekasi Asri Pemula Tbk. 0.451 0.634

Page 1 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BATA Sepatu Bata Tbk. 0.086 0.391
42. BBCA Bank Central Asia Tbk. 0.994 0.996
43. BBHI Bank Harda Internasional Tbk. 0.781 0.854
44. BBKP Bank Bukopin Tbk. 1.388 1.259
45. BBMD Bank Mestika Dharma Tbk. 0.110 0.406
46. BBNI Bank Negara Indonesia (Persero) Tbk. 1.518 1.345
47. BBNP Bank Nusantara Parahyangan Tbk. 0.087 0.391
48. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.516 1.344
49. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.333 0.555
50. BBTN Bank Tabungan Negara (Persero) Tbk. 1.731 1.487
51. BBYB Bank Yudha Bhakti Tbk. 1.037 1.025
52. BCAP MNC Kapital Indonesia Tbk. 0.122 0.415
53. BCIP Bumi Citra Permai Tbk. 1.748 1.499
54. BDMN Bank Danamon Indonesia Tbk. 1.390 1.260
55. BEKS Bank Pundi Indonesia Tbk. 2.304 1.869
56. BEST Bekasi Fajar Industrial Estate Tbk. 2.602 2.068
57. BFIN BFI Finance Indonesia Tbk. 0.618 0.745
58. BHIT MNC Investama Tbk. 1.047 1.031
59. BIKA Binakarya Jaya Abadi Tbk. 0.060 0.373
60. BIMA Primarindo Asia Infrastructure Tbk. 0.015 0.343
61. BINA Bank Ina Perdana Tbk. 2.754 2.170
62. BIPI Benakat Petroleum Energy Tbk. 1.039 1.026
63. BIPP Bhuwanatala Indah Permai Tbk. 0.695 0.797
64. BIRD Blue Bird Tbk. 0.656 0.770
65. BISI BISI International Tbk. 0.556 0.704
66. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.168 1.112
67. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.436 1.291
68. BKDP Bukit Darmo Property Tbk. 0.977 0.985
69. BKSL Sentul City Tbk. 1.743 1.496
70. BKSW Bank QNB Indonesia Tbk. 0.206 0.471
71. BMAS Bank Maspion Indonesia Tbk. 0.122 0.414
72. BMRI Bank Mandiri (Persero) Tbk. 1.476 1.318
73. BMTR Global Mediacom Tbk. 1.790 1.526
74. BNBA Bank Bumi Arta Tbk. 0.738 0.825
75. BNBR Bakrie & Brothers Tbk. 0.758 0.838
76. BNGA Bank CIMB Niaga Tbk. 3.611 2.741
77. BNII Bank Maybank Indonesia Tbk. 2.648 2.099
78. BNLI Bank Permata Tbk. 1.883 1.589
79. BOLT Garuda Metalindo Tbk. 0.167 0.445
80. BPFI Batavia Prosperindo Finance Tbk. 1.249 1.166

Page 2 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BPII Batavia Prosperindo Internasional Tbk. 0.028 0.352
82. BRAM Indo Kordsa Tbk. 0.946 0.964
83. BRMS Bumi Resources Minerals Tbk. 1.293 1.196
84. BRNA Berlina Tbk. 0.458 0.639
85. BRPT Barito Pacific Tbk. 1.543 1.362
86. BSDE Bumi Serpong Damai Tbk. 1.578 1.385
87. BSIM Bank Sinarmas Tbk. 1.103 1.068
88. BSSR Baramulti Suksessarana Tbk. 1.105 1.070
89. BTEK Bumi Teknokultura Unggul Tbk. 0.627 0.751
90. BTEL Bakrie Telecom Tbk. 0.000 0.333
91. BTON Betonjaya Manunggal Tbk. 0.617 0.744
92. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.487 0.658
93. BUDI Budi Starch & Sweetener Tbk. 1.174 1.116
94. BUKK Bukaka Teknik Utama Tbk. 0.697 0.798
95. BULL Buana Listya Tama Tbk. 1.623 1.416
96. BUMI Bumi Resources Tbk. 1.004 1.003
97. BUVA Bukit Uluwatu Villa Tbk. 0.854 0.903
98. BVIC Bank Victoria International Tbk. 0.539 0.692
99. BWPT Eagle High Plantations Tbk. 1.240 1.160
100. BYAN Bayan Resources Tbk. 0.360 0.574
101. CASS Cardig Aero Services Tbk. 0.131 0.421
102. CEKA Wilmar Cahaya Indonesia Tbk. 1.274 1.183
103. CENT Centrin Online Tbk. 0.075 0.384
104. CFIN Clipan Finance Indonesia Tbk. 0.700 0.800
105. CINT Chitose Internasional Tbk. 0.265 0.510
106. CLPI Colorpak Indonesia Tbk. 0.721 0.814
107. CMNP Citra Marga Nusaphala Persada Tbk. 0.624 0.750
108. CMPP Rimau Multi Putra Pratama Tbk. 1.653 1.435
109. COWL Cowell Development Tbk. 0.805 0.870
110. CPIN Charoen Pokphand Indonesia Tbk. 1.584 1.389
111. CPRO Central Proteinaprima Tbk. 0.256 0.504
112. CTBN Citra Tubindo Tbk. 0.107 0.404
113. CTRA Ciputra Development Tbk. 1.660 1.440
114. CTTH Citatah Tbk. 0.019 0.346
115. DART Duta Anggada Realty Tbk. 0.737 0.825
116. DEWA Darma Henwa Tbk. 0.380 0.587
117. DGIK Nusa Konstruksi Enjiniring Tbk. 0.987 0.991
118. DILD Intiland Development Tbk. 0.569 0.713
119. DKFT Central Omega Resources Tbk. 1.154 1.103
120. DMAS Puradelta Lestari Tbk. 2.063 1.709

Page 3 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. DNET Dyviacom Intrabumi Tbk. 0.029 0.353
122. DOID Delta Dunia Makmur Tbk. 2.878 2.252
123. DPNS Duta Pertiwi Nusantara Tbk. 0.153 0.435
124. DPUM Dua Putra Utama Makmur Tbk. 0.737 0.825
125. DSFI Dharma Samudera Fishing Industries Tbk. 1.375 1.250
126. DUTI Duta Pertiwi Tbk. 0.159 0.439
127. DVLA Darya-Varia Laboratoria Tbk. 3.744 2.829
128. DYAN Dyandra Media International Tbk. 0.317 0.545
129. ECII Electronic City Indonesia Tbk. 0.122 0.415
130. EKAD Ekadharma International Tbk. 0.805 0.870
131. ELSA Elnusa Tbk. 1.127 1.085
132. ELTY Bakrieland Development Tbk. 0.023 0.349
133. EMDE Megapolitan Developments Tbk. 0.390 0.593
134. EMTK Elang Mahkota Teknologi Tbk. 0.382 0.588
135. ENRG Energi Mega Persada Tbk. 3.000 2.333
136. EPMT Enseval Putera Megatrading Tbk. 0.379 0.586
137. ERAA Erajaya Swasembada Tbk. 0.254 0.503
138. ERTX Eratex Djaja Tbk. 0.331 0.554
139. ESSA Surya Esa Perkasa Tbk. 2.373 1.915
140. ESTI Ever Shine Tex Tbk. 0.712 0.808
141. EXCL XL Axiata Tbk. 1.518 1.345
142. FAST Fast Food Indonesia Tbk. 0.106 0.404
143. FMII Fortune Mate Indonesia Tbk. 0.818 0.878
144. FORU Fortune Indonesia Tbk. 1.114 1.076
145. FPNI Lotte Chemical Titan Tbk. 3.909 2.939
146. FREN Smartfren Telecom Tbk. 0.530 0.687
147. GAMA Gading Development Tbk. 0.043 0.362
148. GDYR Goodyear Indonesia Tbk. 0.963 0.975
149. GEMA Gema Grahasarana Tbk. 0.409 0.606
150. GGRM Gudang Garam Tbk. 0.724 0.816
151. GIAA Garuda Indonesia (Persero) Tbk. 1.394 1.263
152. GJTL Gajah Tunggal Tbk. 2.609 2.072
153. GLOB Global Teleshop Tbk. 1.408 1.272
154. GOLD Golden Retailindo Tbk. 0.027 0.351
155. GOLL Golden Plantation Tbk. 0.239 0.493
156. GPRA Perdana Gapuraprima Tbk. 0.554 0.703
157. GSMF Equity Development Investment Tbk. 0.096 0.397
158. GTBO Garda Tujuh Buana Tbk. 1.877 1.584
159. GWSA Greenwood Sejahtera Tbk. 0.321 0.547
160. GZCO Gozco Plantations Tbk. 1.262 1.175

Page 4 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. HDFA HD Finance Tbk. 0.623 0.749
162. HERO Hero Supermarket Tbk. 0.034 0.356
163. HEXA Hexindo Adiperkasa Tbk. 0.882 0.922
164. HITS Humpuss Intermoda Transportasi Tbk. 0.030 0.353
165. HMSP H.M. Sampoerna Tbk. 1.041 1.027
166. HOME Hotel Mandarine Regency Tbk. 1.621 1.414
167. HOTL Saraswati Griya Lestari Tbk. 0.553 0.702
168. HRUM Harum Energy Tbk. 3.034 2.356
169. IBFN Intan Baruprana Finance Tbk. 0.494 0.663
170. IBST Inti Bangun Sejahtera Tbk. 0.460 0.640
171. ICBP Indofood CBP Sukses Makmur Tbk. 0.392 0.595
172. ICON Island Concepts Indonesia Tbk. 0.838 0.892
173. IDPR Indonesia Pondasi Raya Tbk. 0.254 0.503
174. IGAR Champion Pacific Indonesia Tbk. 1.704 1.470
175. IIKP Inti Agri Resources Tbk. 0.849 0.900
176. IKAI Intikeramik Alamasri Industri Tbk. 1.338 1.225
177. IKBI Sumi Indo Kabel Tbk. 0.768 0.846
178. IMJS Indomobil Multi Jasa Tbk. 0.832 0.888
179. IMPC Impack Pratama Industri Tbk. 0.131 0.421
180. INAF Indofarma Tbk. 0.548 0.699
181. INAI Indal Aluminium Industry Tbk. 0.282 0.521
182. INCF Amstelco Indonesia Tbk 0.450 0.633
183. INCO Vale Indonesia Tbk. 2.053 1.702
184. INDF Indofood Sukses Makmur Tbk. 1.216 1.144
185. INDS Indospring Tbk. 1.150 1.100
186. INDX Tanah Laut Tbk. 0.796 0.864
187. INDY Indika Energy Tbk. 1.130 1.086
188. INKP Indah Kiat Pulp & Paper Tbk. 1.427 1.284
189. INPC Bank Artha Graha Internasional Tbk. 0.776 0.851
190. INPP Indonesian Paradise Property Tbk. 0.654 0.770
191. INRU Toba Pulp Lestari Tbk. 2.123 1.749
192. INTA Intraco Penta Tbk. 0.322 0.548
193. INTD Inter Delta Tbk. 0.440 0.627
194. INTP Indocement Tunggal Prakasa Tbk. 1.679 1.452
195. IPOL Indopoly Swakarsa Industry Tbk. 0.720 0.814
196. ISAT Indosat Tbk. 2.001 1.667
197. ISSP Steel Pipe Industry of Indonesia Tbk. 1.454 1.303
198. ITMA Sumber Energi Andalan Tbk. 0.604 0.736
199. ITMG Indo Tambangraya Megah Tbk. 2.461 1.974
200. JAWA Jaya Agra Wattie Tbk. 0.388 0.592

Page 5 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. JECC Jembo Cable Company Tbk. 0.044 0.363
202. JIHD Jakarta International Hotels & Development Tbk. 0.054 0.370
203. JKSW Jakarta Kyoei Steel Works Tbk. 0.500 0.667
204. JPFA Japfa Comfeed Indonesia Tbk. 1.750 1.500
205. JRPT Jaya Real Property Tbk. 0.286 0.524
206. JSMR Jasa Marga (Persero) Tbk. 1.276 1.184
207. JTPE Jasuindo Tiga Perkasa Tbk. 0.228 0.485
208. KAEF Kimia Farma Tbk. 0.899 0.933
209. KARW ICTSI Jasa Prima Tbk. 2.889 2.259
210. KBLI KMI Wire & Cable Tbk. 2.122 1.748
211. KBLM Kabelindo Murni Tbk. 1.495 1.330
212. KBLV First Media Tbk. 1.112 1.074
213. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.007 0.338
214. KDSI Kedawung Setia Industrial Tbk. 0.246 0.497
215. KIJA Kawasan Industri Jababeka Tbk. 0.886 0.924
216. KINO Kino Indonesia Tbk. 0.660 0.773
217. KKGI Resource Alam Indonesia Tbk. 1.682 1.455
218. KLBF Kalbe Farma Tbk. 1.463 1.309
219. KOIN Kokoh Inti Arebama Tbk. 0.547 0.698
220. KONI Perdana Bangun Pusaka Tbk. 2.826 2.218
221. KOPI Mitra Energi Persada Tbk. 0.261 0.507
222. KPIG MNC Land Tbk. 0.588 0.726
223. KRAH Grand Kartech Tbk. 0.143 0.429
224. KRAS Krakatau Steel (Persero) Tbk. 1.272 1.181
225. LAPD Leyand International Tbk. 0.001 0.334
226. LEAD Logindo Samudramakmur Tbk. 1.813 1.542
227. LINK Link Net Tbk. 0.685 0.790
228. LION Lion Metal Works Tbk. 0.189 0.459
229. LMSH Lionmesh Prima Tbk. 0.797 0.865
230. LPCK Lippo Cikarang Tbk. 2.144 1.763
231. LPKR Lippo Karawaci Tbk. 1.415 1.277
232. LPLI Star Pacific Tbk. 1.133 1.089
233. LPPF Matahari Department Store Tbk. 1.563 1.376
234. LPPS Lippo Securities Tbk. 0.999 0.999
235. LRNA Eka Sari Lorena Transport Tbk. 0.479 0.653
236. LSIP PP London Sumatra Indonesia Tbk. 0.845 0.897
237. LTLS Lautan Luas Tbk. 1.413 1.275
238. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
239. MAIN Malindo Feedmill Tbk. 1.499 1.332
240. MAMI Mas Murni Indonesia Tbk. 1.238 1.158

Page 6 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MAPI Mitra Adiperkasa Tbk. 1.024 1.016
242. MBAP Mitrabara Adiperdana Tbk. 0.436 0.624
243. MBSS Mitrabahtera Segara Sejati Tbk. 2.525 2.017
244. MBTO Martina Berto Tbk. 0.702 0.802
245. MCOR Bank Windu Kentjana International Tbk. 1.097 1.064
246. MDIA Intermedia Capital Tbk. 0.122 0.415
247. MDKA Merdeka Copper Gold Tbk. 0.149 0.433
248. MDLN Modernland Realty Ltd. Tbk. 0.888 0.925
249. MDRN Modern Internasional Tbk. 0.932 0.954
250. MEDC Medco Energi International Tbk. 2.366 1.910
251. MERK Merck Tbk. 0.577 0.718
252. META Nusantara Infrastructure Tbk. 0.459 0.639
253. MFIN Mandala Multifinance Tbk. 0.736 0.824
254. MGNA Magna Finance Tbk. 0.086 0.391
255. MICE Multi Indocitra Tbk. 0.478 0.652
256. MIDI Midi Utama Indonesia Tbk. 0.324 0.549
257. MIKA Mitra Keluarga Karyasehat Tbk. 0.667 0.778
258. MKNT Mitra Komunikasi Nusantara Tbk. 0.262 0.508
259. MKPI Metropolitan Kentjana Tbk. 0.556 0.704
260. MLPL Multipolar Tbk. 2.425 1.950
261. MMLP Mega Manunggal Property Tbk. 0.097 0.398
262. MNCN Media Nusantara Citra Tbk. 1.644 1.429
263. MPMX Mitra Pinasthika Mustika Tbk. 0.462 0.641
264. MPPA Matahari Putra Prima Tbk. 2.572 2.048
265. MRAT Mustika Ratu Tbk. 0.376 0.584
266. MTDL Metrodata Electronics Tbk. 0.192 0.461
267. MTLA Metropolitan Land Tbk. 0.306 0.537
268. MTRA Mitra Pemuda Tbk. 0.872 0.914
269. MTSM Metro Realty Tbk. 1.055 1.037
270. MYOH Samindo Resources Tbk. 0.871 0.914
271. MYRX Hanson International Tbk. 0.241 0.494
272. MYTX Apac Citra Centertex Tbk. 1.179 1.119
273. NAGA Bank Mitraniaga Tbk. 1.957 1.638
274. NELY Pelayaran Nelly Dwi Putri Tbk. 1.071 1.048
275. NIKL Pelat Timah Nusantara Tbk. 0.346 0.564
276. NIPS Nipress Tbk. 0.659 0.773
277. NIRO Nirvana Development Tbk. 0.641 0.761
278. NISP Bank OCBC NISP Tbk. 0.283 0.522
279. NRCA Nusa Raya Cipta Tbk. 0.838 0.892
280. OKAS Ancora Indonesia Resources Tbk. 0.788 0.859

Page 7 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. OMRE Indonesia Prima Property Tbk. 3.882 2.921
282. PADI Minna Padi Investama Tbk. 0.365 0.577
283. PALM Provident Agro Tbk. 0.477 0.651
284. PANR Panorama Sentrawisata Tbk. 0.402 0.601
285. PANS Panin Sekuritas Tbk. 0.946 0.964
286. PBRX Pan Brothers Tbk. 0.443 0.628
287. PDES Destinasi Tirta Nusantara Tbk. 0.748 0.832
288. PGAS PT Perusahaan Gas Negara Tbk. 2.662 2.108
289. PJAA Pembangunan Jaya Ancol Tbk. 0.166 0.444
290. PNBN Bank Pan Indonesia Tbk. 1.727 1.485
291. PNBS Bank Panin Syariah Tbk. 1.080 1.054
292. PNIN Panin Insurance Tbk. 1.271 1.181
293. PNLF Panin Financial Tbk. 1.193 1.129
294. POOL Pool Advista Indonesia Tbk. 1.244 1.163
295. PPRO PP Properti Tbk. 2.198 1.798
296. PRAS Prima Alloy Steel Universal Tbk. 0.247 0.498
297. PSAB J Resources Asia Pasifik Tbk. 1.515 1.344
298. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 2.152 1.768
299. PTIS Indo Straits Tbk. 0.185 0.457
300. PTPP PP (Persero) Tbk. 2.431 1.954
301. PTRO Petrosea Tbk. 1.994 1.663
302. PTSN Sat Nusapersada Tbk. 2.085 1.723
303. PUDP Pudjiadi Prestige Tbk. 0.005 0.337
304. PWON Pakuwon Jati Tbk. 1.560 1.373
305. PYFA Pyridam Farma Tbk. 0.029 0.353
306. RAJA Rukun Raharja Tbk. 0.829 0.886
307. RALS Ramayana Lestari Sentosa Tbk. 1.157 1.105
308. RANC Supra Boga Lestari Tbk. 0.602 0.735
309. RELI Reliance Securities Tbk. 0.049 0.366
310. RICY Ricky Putra Globalindo Tbk. 0.111 0.407
311. RIGS Rig Tenders Indonesia Tbk. 1.955 1.637
312. RIMO Rimo International Lestari Tbk. 0.246 0.498
313. RMBA Bentoel Internasional Investama Tbk. 0.022 0.348
314. ROTI Nippon Indosari Corpindo Tbk. 0.532 0.688
315. RUIS Radiant Utama Interinsco Tbk. 0.007 0.338
316. SAFE Steady Safe Tbk. 0.738 0.825
317. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.688 0.792
318. SCMA Surya Citra Media Tbk. 0.877 0.918
319. SDMU Sidomulyo Selaras Tbk. 1.755 1.503
320. SDPC Millennium Pharmacon International Tbk. 0.904 0.936

Page 8 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.410 0.607
322. SGRO Sampoerna Agro Tbk. 0.075 0.383
323. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.425 0.617
324. SILO Siloam International Hospitals Tbk. 0.782 0.855
325. SIMA Siwani Makmur Tbk. 2.983 2.322
326. SIMP Salim Ivomas Pratama Tbk. 0.794 0.863
327. SIPD Sierad Produce Tbk. 1.630 1.420
328. SKBM Sekar Bumi Tbk. 0.382 0.588
329. SKLT Sekar Laut Tbk. 0.378 0.585
330. SKYB Skybee Tbk. 0.361 0.574
331. SMAR Smart Tbk. 0.344 0.563
332. SMBR Semen Baturaja (Persero) Tbk. 1.466 1.310
333. SMCB Holcim Indonesia Tbk. 0.759 0.839
334. SMDM Suryamas Dutamakmur Tbk. 0.752 0.834
335. SMDR Samudera Indonesia Tbk. 2.468 1.978
336. SMGR Semen Indonesia (Persero) Tbk. 1.875 1.583
337. SMMT Golden Eagle Energy Tbk. 0.475 0.650
338. SMRA Summarecon Agung Tbk. 2.452 1.968
339. SMSM Selamat Sempurna Tbk. 0.360 0.574
340. SOCI Soechi Lines Tbk. 2.333 1.889
341. SPMA Suparma Tbk. 0.705 0.804
342. SQMI Renuka Coalindo Tbk. 1.004 1.002
343. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.185 0.457
344. SRIL Sri Rejeki Isman Tbk. 0.398 0.599
345. SRSN Indo Acidatama Tbk. 0.320 0.547
346. SRTG Saratoga Investama Sedaya Tbk. 0.570 0.713
347. SSIA Surya Semesta Internusa Tbk. 1.570 1.380
348. SSMS Sawit Sumbermas Sarana Tbk. 0.530 0.687
349. STAR Star Petrochem Tbk. 1.339 1.226
350. STTP Siantar Top Tbk. 0.214 0.476
351. SULI SLJ Global Tbk. 3.368 2.579
352. SUPR Solusi Tunas Pratama Tbk. 0.203 0.469
353. TALF Tunas Alfin Tbk. 0.602 0.735
354. TARA Sitara Propertindo Tbk. 0.377 0.585
355. TBIG Tower Bersama Infrastructure Tbk. 0.950 0.967
356. TBLA Tunas Baru Lampung Tbk. 1.218 1.145
357. TBMS Tembaga Mulia Semanan Tbk. 1.798 1.532
358. TELE Tiphone Mobile Indonesia Tbk. 0.595 0.730
359. TFCO Tifico Fiber Indonesia Tbk. 0.856 0.904
360. TGKA Tigaraksa Satria Tbk. 0.495 0.663

Page 9 of 13
 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. TIFA Tifa Finance Tbk. 0.515 0.677
362. TINS Timah (Persero) Tbk. 2.185 1.790
363. TIRA Tira Austenite Tbk. 0.439 0.626
364. TIRT Tirta Mahakam Resources Tbk. 1.379 1.252
365. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 0.396 0.597
366. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.622 0.748
367. TMAS Pelayaran Tempuran Emas Tbk. 0.209 0.473
368. TMPO Tempo Intimedia Tbk. 0.990 0.993
369. TOBA Toba Bara Sejahtra Tbk. 0.127 0.418
370. TOTL Total Bangun Persada Tbk. 1.009 1.006
371. TOTO Surya Toto Indonesia Tbk. 0.163 0.442
372. TOWR Sarana Menara Nusantara Tbk. 0.841 0.894
373. TPIA Chandra Asri Petrochemical Tbk. 0.714 0.809
374. TPMA Trans Power Marine Tbk. 0.521 0.681
375. TRAM Trada Maritime Tbk. 1.475 1.317
376. TRIL Triwira Insanlestari Tbk. 0.299 0.532
377. TRIM Trimegah Securities Tbk. 0.599 0.733
378. TRIO Trikomsel Oke Tbk. 0.702 0.801
379. TRIS Trisula International Tbk. 0.270 0.513
380. TRST Trias Sentosa Tbk. 0.036 0.357
381. TRUS Trust Finance Indonesia Tbk. 0.584 0.723
382. TSPC Tempo Scan Pacific Tbk. 0.658 0.772
383. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.231 0.487
384. UNIT Nusantara Inti Corpora Tbk. 0.533 0.689
385. UNSP Bakrie Sumatra Plantations Tbk. 0.546 0.697
386. UNTR United Tractors Tbk. 1.377 1.252
387. UNVR Unilever Indonesia Tbk. 0.822 0.881
388. VICO Victoria Investama Tbk. 0.091 0.394
389. VINS Victoria Insurance Tbk. 0.107 0.404
390. VIVA Visi Media Asia Tbk. 1.276 1.184
391. VOKS Voksel Electric Tbk. 0.647 0.765
392. VRNA Verena Multi Finance Tbk. 0.452 0.635
393. WAPO Wahana Pronatural Tbk. 0.093 0.396
394. WEHA WEHA Transportasi Indonesia Tbk. 0.409 0.606
395. WICO Wicaksana Overseas International Tbk. 0.052 0.368
396. WIIM Wismilak Inti Makmur Tbk. 1.385 1.257
397. WIKA Wijaya Karya (Persero) Tbk. 2.508 2.005
398. WINS Wintermar Offshore Marine Tbk. 0.567 0.711
399. WOMF Wahana Ottomitra Multiartha Tbk. 2.091 1.727
400. WSKT Waskita Karya (Persero) Tbk. 2.406 1.938

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 PEFINDO BETA STOCK
Edition: 16-March-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

401. WTON Wijaya Karya Beton Tbk. 1.797 1.531
402. YULE Yulie Sekurindo Tbk. 0.346 0.564

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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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