PEFINDO BETA STOCK

Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 0.564 0.709
2. ABMM ABM Investama Tbk. 0.332 0.555
3. ACES Ace Hardware Indonesia Tbk. 1.286 1.191
4. ACST Acset Indonusa Tbk. 1.083 1.055
5. ADES Akasha Wira International Tbk. 0.650 0.766
6. ADHI Adhi Karya (Persero) Tbk. 2.216 1.811
7. ADMF Adira Dinamika Multi Finance Tbk. 0.852 0.901
8. ADMG Polychem Indonesia Tbk. 1.185 1.123
9. ADRO Adaro Energy Tbk. 1.959 1.639
10. AGII Aneka Gas Industri Tbk. 1.115 1.077
11. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 0.995 0.997
12. AGRS Bank Agris Tbk. 1.657 1.438
13. AHAP Asuransi Harta Aman Pratama Tbk. 0.023 0.348
14. AIMS Akbar Indo Makmur Stimec Tbk. 0.534 0.690
15. AKPI Argha Karya Prima Industry Tbk. 0.465 0.644
16. AKRA AKR Corporindo Tbk. 1.614 1.410
17. ALDO Alkindo Naratama Tbk. 0.606 0.737
18. ALKA Alakasa Industrindo Tbk. 1.212 1.141
19. ALMI Alumindo Light Metal Industry Tbk. 1.204 1.136
20. AMAG Asuransi Multi Artha Guna Tbk. 0.131 0.421
21. AMFG Asahimas Flat Glass Tbk. 0.411 0.607
22. ANJT Austindo Nusantara Jaya Tbk. 0.167 0.445
23. ANTM Aneka Tambang (Persero) Tbk. 1.993 1.662
24. APII Arita Prima Indonesia Tbk. 0.067 0.378
25. APLI Asiaplast Industries Tbk. 0.893 0.929
26. APLN Agung Podomoro Land Tbk. 1.916 1.610
27. ARII Atlas Resources Tbk. 0.629 0.752
28. ARNA Arwana Citramulia Tbk. 0.398 0.598
29. ARTA Arthavest Tbk. 2.961 2.307
30. ARTI Ratu Prabu Energi Tbk. 0.053 0.369
31. ASBI Asuransi Bintang Tbk. 0.397 0.598
32. ASDM Asuransi Dayin Mitra Tbk. 0.028 0.352
33. ASGR Astra Graphia Tbk. 0.331 0.554
34. ASII Astra International Tbk. 1.166 1.110
35. ASJT Asuransi Jasa Tania Tbk. 0.900 0.933
36. ASRI Alam Sutera Realty Tbk. 1.572 1.381
37. ASRM Asuransi Ramayana Tbk. 0.029 0.353
38. ASSA Adi Sarana Armada Tbk. 1.125 1.083
39. ATIC Anabatic Technologies Tbk. 0.080 0.386
40. AUTO Astra Otoparts Tbk. 0.822 0.881

Page 1 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BABP Bank MNC Internasional Tbk. 0.306 0.537
42. BAJA Saranacentral Bajatama Tbk. 0.547 0.698
43. BAPA Bekasi Asri Pemula Tbk. 0.782 0.855
44. BATA Sepatu Bata Tbk. 0.181 0.454
45. BBCA Bank Central Asia Tbk. 0.866 0.911
46. BBHI Bank Harda Internasional Tbk. 0.804 0.869
47. BBKP Bank Bukopin Tbk. 1.435 1.290
48. BBNI Bank Negara Indonesia (Persero) Tbk. 1.676 1.451
49. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.558 1.372
50. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.243 0.496
51. BBTN Bank Tabungan Negara (Persero) Tbk. 1.800 1.533
52. BBYB Bank Yudha Bhakti Tbk. 0.318 0.545
53. BCAP MNC Kapital Indonesia Tbk. 0.304 0.536
54. BCIP Bumi Citra Permai Tbk. 1.342 1.228
55. BDMN Bank Danamon Indonesia Tbk. 1.972 1.648
56. BEST Bekasi Fajar Industrial Estate Tbk. 2.520 2.013
57. BFIN BFI Finance Indonesia Tbk. 0.680 0.787
58. BGTG Bank Ganesha Tbk. 1.829 1.553
59. BHIT MNC Investama Tbk. 1.035 1.023
60. BIKA Binakarya Jaya Abadi Tbk. 0.454 0.636
61. BIMA Primarindo Asia Infrastructure Tbk. 0.021 0.347
62. BINA Bank Ina Perdana Tbk. 2.657 2.105
63. BIPI Benakat Petroleum Energy Tbk. 1.008 1.006
64. BIPP Bhuwanatala Indah Permai Tbk. 0.440 0.627
65. BIRD Blue Bird Tbk. 0.685 0.790
66. BISI BISI International Tbk. 0.457 0.638
67. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 0.852 0.901
68. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.012 1.008
69. BKDP Bukit Darmo Property Tbk. 0.695 0.797
70. BKSL Sentul City Tbk. 1.879 1.586
71. BLTZ Graha Layar Prima Tbk. 0.236 0.490
72. BMRI Bank Mandiri (Persero) Tbk. 1.268 1.178
73. BMTR Global Mediacom Tbk. 1.657 1.438
74. BNBA Bank Bumi Arta Tbk. 0.676 0.784
75. BNBR Bakrie & Brothers Tbk. 0.548 0.699
76. BNGA Bank CIMB Niaga Tbk. 2.108 1.738
77. BNII Bank Maybank Indonesia Tbk. 1.203 1.136
78. BNLI Bank Permata Tbk. 1.730 1.487
79. BOLT Garuda Metalindo Tbk. 0.682 0.788
80. BPFI Batavia Prosperindo Finance Tbk. 1.444 1.296

Page 2 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BPII Batavia Prosperindo Internasional Tbk. 0.144 0.430
82. BRAM Indo Kordsa Tbk. 1.168 1.112
83. BRMS Bumi Resources Minerals Tbk. 1.328 1.218
84. BRNA Berlina Tbk. 0.566 0.711
85. BRPT Barito Pacific Tbk. 1.050 1.033
86. BSDE Bumi Serpong Damai Tbk. 1.678 1.452
87. BSIM Bank Sinarmas Tbk. 0.246 0.498
88. BSSR Baramulti Suksessarana Tbk. 1.174 1.116
89. BTEK Bumi Teknokultura Unggul Tbk. 1.034 1.023
90. BTEL Bakrie Telecom Tbk. 0.000 0.333
91. BTON Betonjaya Manunggal Tbk. 1.056 1.037
92. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.376 0.584
93. BUDI Budi Starch & Sweetener Tbk. 0.488 0.659
94. BUKK Bukaka Teknik Utama Tbk. 0.752 0.834
95. BULL Buana Listya Tama Tbk. 1.388 1.259
96. BUMI Bumi Resources Tbk. 1.554 1.369
97. BUVA Bukit Uluwatu Villa Tbk. 0.620 0.747
98. BVIC Bank Victoria International Tbk. 0.486 0.657
99. BWPT Eagle High Plantations Tbk. 1.512 1.341
100. BYAN Bayan Resources Tbk. 0.399 0.599
101. CASA Capital Financial Indonesia Tbk. 0.852 0.901
102. CASS Cardig Aero Services Tbk. 0.027 0.351
103. CEKA Wilmar Cahaya Indonesia Tbk. 0.819 0.880
104. CENT Centrin Online Tbk. 0.401 0.600
105. CFIN Clipan Finance Indonesia Tbk. 0.728 0.819
106. CINT Chitose Internasional Tbk. 0.345 0.564
107. CLPI Colorpak Indonesia Tbk. 0.378 0.585
108. CMNP Citra Marga Nusaphala Persada Tbk. 0.292 0.528
109. CMPP Rimau Multi Putra Pratama Tbk. 2.171 1.780
110. CNKO Exploitasi Energi Indonesia Tbk. 0.051 0.368
111. COWL Cowell Development Tbk. 0.768 0.845
112. CPIN Charoen Pokphand Indonesia Tbk. 2.039 1.693
113. CSAP Catur Sentosa Adiprana Tbk. 0.223 0.482
114. CTBN Citra Tubindo Tbk. 0.271 0.514
115. CTRA Ciputra Development Tbk. 1.804 1.536
116. CTTH Citatah Tbk. 0.124 0.416
117. DART Duta Anggada Realty Tbk. 0.312 0.541
118. DEWA Darma Henwa Tbk. 0.386 0.591
119. DGIK Nusa Konstruksi Enjiniring Tbk. 0.893 0.929
120. DILD Intiland Development Tbk. 0.793 0.862

Page 3 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. DKFT Central Omega Resources Tbk. 0.389 0.593
122. DLTA Delta Djakarta Tbk. 0.303 0.535
123. DMAS Puradelta Lestari Tbk. 1.504 1.336
124. DNET Dyviacom Intrabumi Tbk. 0.182 0.455
125. DOID Delta Dunia Makmur Tbk. 2.560 2.040
126. DPNS Duta Pertiwi Nusantara Tbk. 0.161 0.441
127. DPUM Dua Putra Utama Makmur Tbk. 0.668 0.779
128. DSFI Dharma Samudera Fishing Industries Tbk. 0.493 0.662
129. DSSA Dian Swastatika Sentosa Tbk. 0.094 0.396
130. DUTI Duta Pertiwi Tbk. 0.971 0.981
131. DVLA Darya-Varia Laboratoria Tbk. 0.029 0.353
132. EKAD Ekadharma International Tbk. 0.660 0.773
133. ELSA Elnusa Tbk. 1.521 1.347
134. ELTY Bakrieland Development Tbk. 0.040 0.360
135. EMDE Megapolitan Developments Tbk. 0.275 0.517
136. EMTK Elang Mahkota Teknologi Tbk. 0.244 0.496
137. ENRG Energi Mega Persada Tbk. 3.264 2.509
138. EPMT Enseval Putera Megatrading Tbk. 0.243 0.495
139. ERAA Erajaya Swasembada Tbk. 0.871 0.914
140. ESSA Surya Esa Perkasa Tbk. 2.746 2.164
141. ESTI Ever Shine Tex Tbk. 0.956 0.970
142. EXCL XL Axiata Tbk. 1.105 1.070
143. FAST Fast Food Indonesia Tbk. 0.116 0.411
144. FMII Fortune Mate Indonesia Tbk. 0.140 0.427
145. FORU Fortune Indonesia Tbk. 0.797 0.864
146. FPNI Lotte Chemical Titan Tbk. 3.460 2.640
147. FREN Smartfren Telecom Tbk. 0.942 0.962
148. GAMA Gading Development Tbk. 0.148 0.432
149. GDYR Goodyear Indonesia Tbk. 0.865 0.910
150. GEMA Gema Grahasarana Tbk. 0.602 0.735
151. GGRM Gudang Garam Tbk. 0.965 0.977
152. GIAA Garuda Indonesia (Persero) Tbk. 1.268 1.179
153. GJTL Gajah Tunggal Tbk. 1.622 1.414
154. GLOB Global Teleshop Tbk. 1.581 1.387
155. GOLD Golden Retailindo Tbk. 0.159 0.440
156. GOLL Golden Plantation Tbk. 0.311 0.541
157. GPRA Perdana Gapuraprima Tbk. 0.532 0.688
158. GSMF Equity Development Investment Tbk. 0.069 0.379
159. GTBO Garda Tujuh Buana Tbk. 2.605 2.070
160. GWSA Greenwood Sejahtera Tbk. 0.414 0.609

Page 4 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. GZCO Gozco Plantations Tbk. 0.627 0.751
162. HADE HD Capital Tbk. 0.147 0.432
163. HDFA HD Finance Tbk. 0.586 0.724
164. HEXA Hexindo Adiperkasa Tbk. 0.443 0.629
165. HITS Humpuss Intermoda Transportasi Tbk. 0.376 0.584
166. HMSP H.M. Sampoerna Tbk. 1.207 1.138
167. HOME Hotel Mandarine Regency Tbk. 0.840 0.893
168. HRUM Harum Energy Tbk. 1.985 1.657
169. IATA Indonesia Air Transport Tbk. 0.000 0.333
170. IBFN Intan Baruprana Finance Tbk. 0.349 0.566
171. IBST Inti Bangun Sejahtera Tbk. 0.418 0.612
172. ICBP Indofood CBP Sukses Makmur Tbk. 0.309 0.539
173. ICON Island Concepts Indonesia Tbk. 0.398 0.599
174. IDPR Indonesia Pondasi Raya Tbk. 0.320 0.547
175. IGAR Champion Pacific Indonesia Tbk. 0.249 0.499
176. IIKP Inti Agri Resources Tbk. 1.934 1.623
177. IKAI Intikeramik Alamasri Industri Tbk. 1.717 1.478
178. IKBI Sumi Indo Kabel Tbk. 0.507 0.672
179. IMJS Indomobil Multi Jasa Tbk. 0.260 0.507
180. IMPC Impack Pratama Industri Tbk. 0.096 0.397
181. INAF Indofarma Tbk. 0.540 0.693
182. INAI Indal Aluminium Industry Tbk. 0.229 0.486
183. INCF Amstelco Indonesia Tbk 1.250 1.167
184. INCO Vale Indonesia Tbk. 1.577 1.385
185. INDF Indofood Sukses Makmur Tbk. 1.071 1.047
186. INDS Indospring Tbk. 0.483 0.655
187. INDX Tanah Laut Tbk. 0.964 0.976
188. INDY Indika Energy Tbk. 2.182 1.788
189. INKP Indah Kiat Pulp & Paper Tbk. 2.423 1.949
190. INPC Bank Artha Graha Internasional Tbk. 0.358 0.572
191. INPP Indonesian Paradise Property Tbk. 0.711 0.808
192. INRU Toba Pulp Lestari Tbk. 2.208 1.806
193. INTA Intraco Penta Tbk. 0.424 0.616
194. INTD Inter Delta Tbk. 0.603 0.736
195. INTP Indocement Tunggal Prakasa Tbk. 1.696 1.464
196. IPOL Indopoly Swakarsa Industry Tbk. 0.336 0.558
197. ISAT Indosat Tbk. 2.558 2.039
198. ISSP Steel Pipe Industry of Indonesia Tbk. 1.176 1.117
199. ITMA Sumber Energi Andalan Tbk. 1.310 1.206
200. ITMG Indo Tambangraya Megah Tbk. 2.122 1.748

Page 5 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. JAWA Jaya Agra Wattie Tbk. 0.412 0.608
202. JIHD Jakarta International Hotels & Development Tbk. 0.019 0.346
203. JKSW Jakarta Kyoei Steel Works Tbk. 0.331 0.554
204. JPFA Japfa Comfeed Indonesia Tbk. 1.681 1.454
205. JRPT Jaya Real Property Tbk. 0.293 0.529
206. JSMR Jasa Marga (Persero) Tbk. 1.322 1.215
207. JSPT Jakarta Setiabudi Internasional Tbk. 0.095 0.396
208. JTPE Jasuindo Tiga Perkasa Tbk. 0.147 0.431
209. KAEF Kimia Farma Tbk. 0.697 0.798
210. KARW ICTSI Jasa Prima Tbk. 1.810 1.540
211. KBLI KMI Wire & Cable Tbk. 1.152 1.101
212. KBLM Kabelindo Murni Tbk. 1.114 1.076
213. KBLV First Media Tbk. 0.817 0.878
214. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.007 0.338
215. KDSI Kedawung Setia Industrial Tbk. 0.411 0.607
216. KIAS Keramika Indonesia Assosiasi Tbk. 0.392 0.595
217. KICI Kedaung Indah Can Tbk. 0.103 0.402
218. KIJA Kawasan Industri Jababeka Tbk. 0.709 0.806
219. KINO Kino Indonesia Tbk. 0.696 0.797
220. KKGI Resource Alam Indonesia Tbk. 1.702 1.468
221. KLBF Kalbe Farma Tbk. 1.350 1.234
222. KOBX Kobexindo Tractors Tbk. 0.049 0.366
223. KOIN Kokoh Inti Arebama Tbk. 0.376 0.584
224. KONI Perdana Bangun Pusaka Tbk. 1.816 1.544
225. KOPI Mitra Energi Persada Tbk. 0.204 0.469
226. KPIG MNC Land Tbk. 0.335 0.557
227. KRAH Grand Kartech Tbk. 0.354 0.570
228. KRAS Krakatau Steel (Persero) Tbk. 1.675 1.450
229. KREN Kresna Graha Sekurindo Tbk. 0.205 0.470
230. LAPD Leyand International Tbk. 0.001 0.334
231. LEAD Logindo Samudramakmur Tbk. 2.000 1.667
232. LINK Link Net Tbk. 0.481 0.654
233. LION Lion Metal Works Tbk. 0.154 0.436
234. LMPI Langgeng Makmur Industri Tbk. 0.149 0.433
235. LMSH Lionmesh Prima Tbk. 0.708 0.805
236. LPCK Lippo Cikarang Tbk. 2.547 2.031
237. LPKR Lippo Karawaci Tbk. 1.060 1.040
238. LPLI Star Pacific Tbk. 0.604 0.736
239. LPPF Matahari Department Store Tbk. 1.119 1.080
240. LPPS Lippo Securities Tbk. 0.832 0.888

Page 6 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. LSIP PP London Sumatra Indonesia Tbk. 0.668 0.779
242. LTLS Lautan Luas Tbk. 0.764 0.843
243. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
244. MAIN Malindo Feedmill Tbk. 1.699 1.466
245. MAMI Mas Murni Indonesia Tbk. 0.808 0.872
246. MAPI Mitra Adiperkasa Tbk. 0.934 0.956
247. MBAP Mitrabara Adiperdana Tbk. 0.780 0.853
248. MBSS Mitrabahtera Segara Sejati Tbk. 2.689 2.126
249. MBTO Martina Berto Tbk. 0.396 0.598
250. MCOR Bank Windu Kentjana International Tbk. 0.967 0.978
251. MDIA Intermedia Capital Tbk. 0.311 0.540
252. MDKA Merdeka Copper Gold Tbk. 0.059 0.373
253. MDLN Modernland Realty Ltd. Tbk. 0.821 0.881
254. MEDC Medco Energi International Tbk. 2.623 2.082
255. MERK Merck Tbk. 0.474 0.649
256. META Nusantara Infrastructure Tbk. 0.283 0.522
257. MFIN Mandala Multifinance Tbk. 0.680 0.787
258. MICE Multi Indocitra Tbk. 0.385 0.590
259. MIDI Midi Utama Indonesia Tbk. 0.094 0.396
260. MIKA Mitra Keluarga Karyasehat Tbk. 0.370 0.580
261. MKNT Mitra Komunikasi Nusantara Tbk. 0.920 0.947
262. MKPI Metropolitan Kentjana Tbk. 0.235 0.490
263. MLBI Multi Bintang Indonesia Tbk. 0.107 0.405
264. MLIA Mulia Industrindo Tbk. 0.323 0.549
265. MLPL Multipolar Tbk. 2.115 1.743
266. MMLP Mega Manunggal Property Tbk. 0.288 0.525
267. MNCN Media Nusantara Citra Tbk. 1.501 1.334
268. MPPA Matahari Putra Prima Tbk. 2.273 1.849
269. MRAT Mustika Ratu Tbk. 0.181 0.454
270. MSKY MNC Sky Vision Tbk. 0.030 0.353
271. MTDL Metrodata Electronics Tbk. 0.406 0.604
272. MTFN Capitalinc Investment Tbk. 0.022 0.348
273. MTLA Metropolitan Land Tbk. 0.506 0.671
274. MTRA Mitra Pemuda Tbk. 1.115 1.076
275. MTSM Metro Realty Tbk. 1.117 1.078
276. MYOH Samindo Resources Tbk. 0.940 0.960
277. MYOR Mayora Indah Tbk. 0.034 0.356
278. MYRX Hanson International Tbk. 0.229 0.486
279. MYTX Apac Citra Centertex Tbk. 0.925 0.950
280. NELY Pelayaran Nelly Dwi Putri Tbk. 0.909 0.939

Page 7 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. NIKL Pelat Timah Nusantara Tbk. 0.435 0.623
282. NIPS Nipress Tbk. 1.428 1.285
283. NIRO Nirvana Development Tbk. 0.478 0.652
284. NISP Bank OCBC NISP Tbk. 0.351 0.567
285. NRCA Nusa Raya Cipta Tbk. 0.997 0.998
286. OASA Protech Mitra Perkasa Tbk. 0.786 0.857
287. OKAS Ancora Indonesia Resources Tbk. 0.692 0.795
288. PADI Minna Padi Investama Tbk. 0.817 0.878
289. PALM Provident Agro Tbk. 0.136 0.424
290. PANR Panorama Sentrawisata Tbk. 0.068 0.378
291. PANS Panin Sekuritas Tbk. 0.599 0.732
292. PBRX Pan Brothers Tbk. 0.257 0.505
293. PBSA Paramita Bangun Sarana Tbk. 1.522 1.348
294. PDES Destinasi Tirta Nusantara Tbk. 0.719 0.813
295. PEGE Panca Global Securities Tbk. 0.049 0.366
296. PGAS PT Perusahaan Gas Negara Tbk. 2.117 1.744
297. PJAA Pembangunan Jaya Ancol Tbk. 0.376 0.584
298. PNBN Bank Pan Indonesia Tbk. 1.676 1.451
299. PNBS Bank Panin Syariah Tbk. 1.204 1.136
300. PNIN Panin Insurance Tbk. 1.434 1.290
301. PNLF Panin Financial Tbk. 1.355 1.236
302. POOL Pool Advista Indonesia Tbk. 0.376 0.584
303. PPRO PP Properti Tbk. 1.893 1.596
304. PRAS Prima Alloy Steel Universal Tbk. 0.527 0.684
305. PSAB J Resources Asia Pasifik Tbk. 1.094 1.063
306. PSDN Prasidha Aneka Niaga Tbk. 0.306 0.538
307. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 2.034 1.689
308. PTIS Indo Straits Tbk. 0.471 0.647
309. PTPP PP (Persero) Tbk. 2.725 2.150
310. PTRO Petrosea Tbk. 2.416 1.944
311. PTSN Sat Nusapersada Tbk. 3.690 2.793
312. PWON Pakuwon Jati Tbk. 1.612 1.408
313. RAJA Rukun Raharja Tbk. 1.096 1.064
314. RALS Ramayana Lestari Sentosa Tbk. 0.509 0.673
315. RANC Supra Boga Lestari Tbk. 0.666 0.777
316. RBMS Ristia Bintang Mahkotasejati Tbk. 0.300 0.533
317. RDTX Roda Vivatex Tbk. 0.295 0.530
318. RICY Ricky Putra Globalindo Tbk. 0.222 0.481
319. RIGS Rig Tenders Indonesia Tbk. 1.812 1.541
320. RIMO Rimo International Lestari Tbk. 0.566 0.711

Page 8 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. RODA Pikko Land Development Tbk. 0.514 0.676
322. ROTI Nippon Indosari Corpindo Tbk. 0.375 0.584
323. SAFE Steady Safe Tbk. 1.093 1.062
324. SAME Sarana Meditama Metropolitan Tbk. 0.248 0.498
325. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.437 0.625
326. SCMA Surya Citra Media Tbk. 1.381 1.254
327. SDMU Sidomulyo Selaras Tbk. 1.825 1.550
328. SDPC Millennium Pharmacon International Tbk. 0.717 0.811
329. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.006 0.338
330. SGRO Sampoerna Agro Tbk. 0.146 0.431
331. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.307 0.538
332. SILO Siloam International Hospitals Tbk. 0.533 0.688
333. SIMP Salim Ivomas Pratama Tbk. 1.002 1.001
334. SIPD Sierad Produce Tbk. 0.267 0.511
335. SKBM Sekar Bumi Tbk. 0.569 0.713
336. SKLT Sekar Laut Tbk. 0.499 0.666
337. SKYB Skybee Tbk. 0.109 0.406
338. SMAR Smart Tbk. 0.109 0.406
339. SMBR Semen Baturaja (Persero) Tbk. 2.235 1.823
340. SMCB Holcim Indonesia Tbk. 0.965 0.977
341. SMDM Suryamas Dutamakmur Tbk. 0.786 0.857
342. SMDR Samudera Indonesia Tbk. 2.081 1.720
343. SMGR Semen Indonesia (Persero) Tbk. 1.930 1.620
344. SMMT Golden Eagle Energy Tbk. 1.256 1.171
345. SMRA Summarecon Agung Tbk. 2.377 1.918
346. SMRU SMR Utama Tbk. 1.731 1.487
347. SMSM Selamat Sempurna Tbk. 0.438 0.625
348. SOCI Soechi Lines Tbk. 1.838 1.558
349. SPMA Suparma Tbk. 0.628 0.752
350. SQMI Renuka Coalindo Tbk. 0.795 0.863
351. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.351 0.567
352. SRIL Sri Rejeki Isman Tbk. 0.387 0.591
353. SRSN Indo Acidatama Tbk. 0.517 0.678
354. SRTG Saratoga Investama Sedaya Tbk. 0.339 0.560
355. SSIA Surya Semesta Internusa Tbk. 1.525 1.350
356. SSMS Sawit Sumbermas Sarana Tbk. 0.672 0.781
357. STAR Star Petrochem Tbk. 1.319 1.213
358. SULI SLJ Global Tbk. 1.800 1.534
359. TALF Tunas Alfin Tbk. 0.452 0.635
360. TARA Sitara Propertindo Tbk. 0.439 0.626

Page 9 of 13
 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. TBIG Tower Bersama Infrastructure Tbk. 1.475 1.316
362. TBLA Tunas Baru Lampung Tbk. 0.913 0.942
363. TCID Mandom Indonesia Tbk. 0.028 0.352
364. TELE Tiphone Mobile Indonesia Tbk. 0.860 0.907
365. TFCO Tifico Fiber Indonesia Tbk. 0.371 0.581
366. TIFA Tifa Finance Tbk. 0.521 0.681
367. TINS Timah (Persero) Tbk. 2.106 1.737
368. TIRA Tira Austenite Tbk. 0.829 0.886
369. TIRT Tirta Mahakam Resources Tbk. 1.525 1.350
370. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 1.873 1.582
371. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.667 0.778
372. TMAS Pelayaran Tempuran Emas Tbk. 0.189 0.459
373. TMPO Tempo Intimedia Tbk. 0.746 0.831
374. TOBA Toba Bara Sejahtra Tbk. 0.434 0.623
375. TOTL Total Bangun Persada Tbk. 0.898 0.932
376. TOTO Surya Toto Indonesia Tbk. 0.525 0.683
377. TOWR Sarana Menara Nusantara Tbk. 1.207 1.138
378. TPIA Chandra Asri Petrochemical Tbk. 0.300 0.533
379. TPMA Trans Power Marine Tbk. 0.224 0.483
380. TRAM Trada Maritime Tbk. 1.938 1.625
381. TRIL Triwira Insanlestari Tbk. 0.309 0.540
382. TRIM Trimegah Securities Tbk. 0.365 0.577
383. TRIO Trikomsel Oke Tbk. 3.577 2.718
384. TRIS Trisula International Tbk. 0.031 0.354
385. TRST Trias Sentosa Tbk. 0.240 0.493
386. TRUS Trust Finance Indonesia Tbk. 0.759 0.839
387. TSPC Tempo Scan Pacific Tbk. 0.473 0.649
388. TURI Tunas Ridean Tbk. 0.119 0.413
389. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.122 0.415
390. UNIC Unggul Indah Cahaya Tbk. 0.560 0.707
391. UNIT Nusantara Inti Corpora Tbk. 0.266 0.511
392. UNSP Bakrie Sumatra Plantations Tbk. 0.710 0.806
393. UNTR United Tractors Tbk. 1.383 1.255
394. UNVR Unilever Indonesia Tbk. 0.985 0.990
395. VICO Victoria Investama Tbk. 0.320 0.547
396. VINS Victoria Insurance Tbk. 0.204 0.469
397. VIVA Visi Media Asia Tbk. 1.819 1.546
398. VOKS Voksel Electric Tbk. 0.824 0.883
399. VRNA Verena Multi Finance Tbk. 0.383 0.589
400. WAPO Wahana Pronatural Tbk. 0.336 0.557

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 PEFINDO BETA STOCK
Edition: 11-October-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

401. WEHA WEHA Transportasi Indonesia Tbk. 0.553 0.702
402. WICO Wicaksana Overseas International Tbk. 0.751 0.834
403. WIIM Wismilak Inti Makmur Tbk. 1.853 1.569
404. WIKA Wijaya Karya (Persero) Tbk. 2.414 1.943
405. WINS Wintermar Offshore Marine Tbk. 0.827 0.885
406. WOMF Wahana Ottomitra Multiartha Tbk. 0.837 0.891
407. WSBP Waskita Beton Precast Tbk. 1.671 1.447
408. WSKT Waskita Karya (Persero) Tbk. 2.689 2.126
409. WTON Wijaya Karya Beton Tbk. 1.986 1.657
410. YULE Yulie Sekurindo Tbk. 0.627 0.751

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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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