PERHITUNGAN TINGKAT DISKONTO

#REF!
Per tanggal 26 April 2016
PERKEBUNAN KELAPA SAWIT
BOIM = Band of Investment
BOIM = (KE * WE) + (KD * WD)

KE = KRF + BETA * KM + SP

Risk Free Rate = 8.443% (KRF) (Indonesian Gov't bond - Newspaper, 25 thn)
BETA = 1.84 Damodaran 2016
Market Risk = 9.65% (KM) Damodaran 2016
Default Spread = 2.86% Damodaran 2016

Cost of Equity = 23.37% (KE) Before Spesific risk

24.62% After Spesific risk (CSRP)
Cost of Debt = 11.34% BI, suku bunga investasi Bank Persero maret, 2016

Weighted Equity = 60.00%

Weighted Debt = 40.00%

BOIM = 19.31%

Ave Ave
Beta Damodaran 2016 Leverage Beta Unleverage Beta
Machinery - 1.23

Re leverage Beta
1.84

Book value Equity

PT beta Reuters of Dept (lap. (Markcap) D/E Ratio beta
unlevered
Keu) reuters SAHAM
AALI 1.2 7,032,824 25,983,290 27.07% 0.9975059 16,100.00
BWPT 1.25 8,335,644 8,732,506 95.46% 0.7284743 274.00
SGRO 0.8 2,623,552 3,790,000 69.22% 0.5266024 2,010.00
SIMP 0.98 7,500,677 7,829,074 95.81% 0.5702513 489.00
UNSP 0.9 9923319.39 686,024 1446.50% 0.0759575 50.00
GZCO 0.87 1,816,269 468,000 388.09% 0.2224673 77.00
JAWA 1.1 1,655,359 645,741 256.35% 0.3763738 171.00
MEAN 0.499662

LSIP 0.66 n.a (2014) 11,564,750 1,640.00

SMAR -0.05 n.a (2014) 9,406,433 3,250.00
TBLA 0.86 error web 3,338,812 625.00
 WACC = [ ke x We ] + [ kd (1-t) x Wd ]

Damodaran 2016 0.77 1.84

Date updated: 5-Jan-16
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Beta, Unlevered beta and other risk measures
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Industry Name Number of firms Beta
Advertising 44 1.08
Aerospace/Defense 92 1.33
Air Transport 20 1.27
Apparel 63 1.06
Auto & Truck 19 0.96
Auto Parts 65 1.29
Bank (Money Center) 9 1.11
Banks (Regional) 644 0.51
Beverage (Alcoholic) 22 0.94
Beverage (Soft) 43 1.15
Broadcasting 29 1.29
Brokerage & Investment Banking 42 1.35
Building Materials 39 1.18
Business & Consumer Services 159 1.19
Cable TV 19 1.23
Chemical (Basic) 42 1.17
Chemical (Diversified) 9 1.55
Chemical (Specialty) 104 1.25
Coal & Related Energy 38 1.49
Computer Services 118 1.17
Computers/Peripherals 64 1.33
Construction Supplies 52 1.65
Diversified 26 1.01
Drugs (Biotechnology) 411 1.28
Drugs (Pharmaceutical) 157 1.02
Education 40 1.05
Electrical Equipment 120 1.15
Electronics (Consumer & Office) 25 1.23
Electronics (General) 167 1.03
Engineering/Construction 51 1.32
Entertainment 84 1.21
Environmental & Waste Services 97 1.10
Farming/Agriculture 37 1.25
Financial Svcs. (Non-bank & Insurance) 272 0.65
Food Processing 89 0.89
Food Wholesalers 14 0.73
Furn/Home Furnishings 30 1.23
Green & Renewable Energy 28 1.62
Healthcare Products 254 1.03
Healthcare Support Services 127 1.05
Heathcare Information and Technology 126 1.11
Homebuilding 34 1.12
Hospitals/Healthcare Facilities 58 0.82
Hotel/Gaming 73 0.97
Household Products 134 1.05
Information Services 70 1.00
Insurance (General) 20 1.04
Insurance (Life) 25 1.28
Insurance (Prop/Cas.) 53 0.90
Investments & Asset Management 145 1.17
Machinery 130 1.44
Metals & Mining 114 1.55
Office Equipment & Services 24 1.82
Oil/Gas (Integrated) 7 1.54
Oil/Gas (Production and Exploration) 351 1.63
Oil/Gas Distribution 79 1.22
Oilfield Svcs/Equip. 143 1.74
Packaging & Container 25 1.26
Paper/Forest Products 20 1.52
Power 73 0.80
Precious Metals 113 1.29
Publshing & Newspapers 39 1.45
R.E.I.T. 221 0.76
Real Estate (Development) 21 1.41
Real Estate (General/Diversified) 12 1.22
Real Estate (Operations & Services) 55 1.50
Recreation 65 0.91
Reinsurance 3 1.03
Restaurant/Dining 83 0.76
Retail (Automotive) 26 1.06
Retail (Building Supply) 5 1.47
Retail (Distributors) 83 1.22
Retail (General) 19 1.16
Retail (Grocery and Food) 17 1.04
Retail (Online) 39 1.58
Retail (Special Lines) 124 1.07
Rubber& Tires 4 1.66
Semiconductor 87 1.39
Semiconductor Equip 46 1.40
Shipbuilding & Marine 11 1.24
Shoe 11 0.82
Software (Entertainment) 17 1.42
Software (Internet) 308 1.34
Software (System & Application) 241 1.33
Steel 36 1.43
Telecom (Wireless) 19 1.48
Telecom. Equipment 121 1.29
Telecom. Services 65 0.95
Tobacco 20 1.91
Transportation 21 1.41
Transportation (Railroads) 12 1.15
Trucking 26 1.69
Unclassified 3 0.23
Utility (General) 20 0.55
Utility (Water) 18 0.47
Total Market 7480 1.13
 US companies

Page/data.html
ndname.xls
Page/datafile/variable.htm
D/E Ratio Tax rate Unlevered beta
56.26% 3.90% 0.70
20.50% 13.51% 1.13
69.78% 18.34% 0.81
27.86% 13.84% 0.85
128.04% 8.01% 0.44
32.91% 9.64% 0.99
216.41% 25.82% 0.43
78.59% 24.11% 0.32
18.25% 11.28% 0.81
22.98% 5.97% 0.95
94.73% 21.20% 0.74
285.54% 18.15% 0.40
33.15% 22.43% 0.94
35.33% 13.76% 0.91
49.61% 17.19% 0.87
61.95% 8.24% 0.74
38.27% 18.35% 1.18
31.38% 8.45% 0.97
312.08% 0.95% 0.36
28.87% 12.84% 0.94
18.65% 5.48% 1.13
59.08% 17.00% 1.11
55.72% 15.20% 0.68
14.29% 1.80% 1.12
13.01% 3.90% 0.90
46.24% 12.05% 0.75
21.91% 6.58% 0.95
14.81% 9.71% 1.09
19.79% 9.47% 0.87
41.91% 11.63% 0.96
29.94% 3.25% 0.94
38.80% 7.49% 0.81
75.73% 9.28% 0.74
1338.71% 18.75% 0.05
26.16% 14.09% 0.72
24.97% 15.85% 0.60
30.94% 15.53% 0.98
132.92% 0.77% 0.70
19.50% 6.42% 0.87
28.62% 13.84% 0.84
17.70% 6.96% 0.95
60.86% 21.79% 0.76
98.46% 10.41% 0.44
55.41% 11.34% 0.65
20.02% 8.86% 0.89
15.52% 16.46% 0.89
42.76% 21.73% 0.78
79.07% 20.29% 0.79
 31.39% 21.85% 0.72
76.37% 7.90% 0.69
27.57% 15.24% 1.16
85.76% 1.42% 0.84
60.56% 19.14% 1.22
16.50% 8.14% 1.33
82.48% 2.91% 0.91
94.36% 5.60% 0.65
39.08% 9.56% 1.29
54.73% 21.41% 0.88
89.06% 15.88% 0.87
83.44% 23.38% 0.49
50.03% 1.60% 0.87
49.57% 13.67% 1.01
89.81% 2.17% 0.41
62.89% 1.06% 0.87
25.47% 9.64% 0.99
64.54% 11.19% 0.95
31.61% 11.33% 0.71
39.48% 20.37% 0.78
25.85% 18.54% 0.63
53.16% 21.18% 0.75
18.73% 23.18% 1.29
60.34% 16.42% 0.81
39.49% 24.75% 0.90
46.89% 23.56% 0.76
8.49% 11.14% 1.46
46.68% 19.95% 0.78
65.26% 9.60% 1.04
12.57% 9.51% 1.24
37.57% 11.25% 1.05
56.95% 11.82% 0.83
6.79% 18.12% 0.78
10.23% 1.56% 1.29
4.43% 3.80% 1.28
12.18% 6.34% 1.19
91.75% 11.49% 0.79
150.55% 9.38% 0.62
20.72% 8.86% 1.09
78.10% 11.89% 0.56
19.84% 11.64% 1.63
31.12% 18.82% 1.13
30.49% 15.11% 0.92
101.22% 31.25% 1.00
100.42% 0.00% 0.11
70.51% 26.58% 0.36
49.00% 14.60% 0.33
71.49% 10.95% 0.69
Cash/Firm value Unlevered beta corrected for cash
5.18% 0.74
5.53% 1.20
4.42% 0.85
3.43% 0.88
6.94% 0.47
8.65% 1.08
9.98% 0.47
11.86% 0.36
1.29% 0.82
4.20% 0.99
1.90% 0.75
11.33% 0.46
4.47% 0.98
4.04% 0.95
1.41% 0.89
7.73% 0.81
6.35% 1.27
4.49% 1.01
6.03% 0.39
6.44% 1.00
7.38% 1.22
6.14% 1.18
6.92% 0.74
5.92% 1.19
3.71% 0.94
12.90% 0.86
7.40% 1.03
6.76% 1.16
11.28% 0.98
9.84% 1.07
3.85% 0.98
1.09% 0.82
4.30% 0.77
2.25% 0.06
2.46% 0.74
1.25% 0.61
2.81% 1.00
16.85% 0.84
5.32% 0.92
5.45% 0.89
3.45% 0.99
6.20% 0.81
1.35% 0.44
4.09% 0.68
3.21% 0.91
3.49% 0.92
4.76% 0.82
13.57% 0.91
 4.55% 0.75
14.65% 0.81
5.33% 1.23
3.63% 0.87
5.83% 1.29
3.11% 1.38
4.47% 0.95
1.00% 0.65
8.72% 1.41
2.57% 0.91
3.02% 0.89
2.51% 0.50
16.27% 1.03
5.28% 1.07
1.44% 0.41
6.72% 0.93
3.68% 1.03
4.19% 0.99
4.48% 0.75
12.27% 0.89
2.12% 0.64
1.05% 0.76
1.52% 1.31
1.85% 0.83
3.12% 0.92
1.23% 0.77
4.03% 1.53
3.47% 0.81
11.26% 1.18
5.50% 1.32
14.27% 1.22
1.76% 0.84
3.85% 0.81
12.11% 1.46
3.29% 1.33
4.43% 1.25
8.70% 0.86
4.01% 0.65
6.98% 1.17
1.77% 0.57
2.01% 1.66
5.19% 1.19
1.31% 0.93
3.04% 1.03
0.35% 0.11
0.65% 0.36
0.70% 0.33
4.81% 0.73
HiLo Risk Standard deviation of equity
0.6415 71.03%
0.4706 46.90%
0.4583 51.95%
0.5264 60.62%
0.5315 33.71%
0.5060 55.06%
0.1576 32.77%
0.1768 28.93%
0.5431 58.51%
0.6125 54.55%
0.4036 47.22%
0.3991 48.05%
0.3619 44.27%
0.5041 50.13%
0.4384 41.58%
0.5278 54.20%
0.4231 40.56%
0.4718 50.43%
0.7400 86.78%
0.5040 51.74%
0.4964 63.91%
0.4072 42.41%
0.3935 27.37%
0.5788 88.89%
0.5688 77.30%
0.5333 59.62%
0.6246 71.04%
0.5600 63.42%
0.4592 59.34%
0.5027 57.02%
0.6763 63.16%
0.6108 65.51%
0.5456 48.69%
0.2686 34.97%
0.4237 38.29%
0.4020 54.49%
0.4213 44.49%
0.6692 62.36%
0.4977 62.16%
0.5328 54.32%
0.5641 60.52%
0.3352 41.71%
0.3952 36.49%
0.4214 46.75%
0.5864 62.02%
0.3596 40.74%
0.2247 33.57%
0.2733 35.59%
0.2212 32.93%
0.3926 37.84%
0.4385 46.07%
0.7487 91.02%
0.3991 41.58%
0.5230 50.24%
0.6976 80.22%
0.4387 47.82%
0.5552 69.62%
0.3542 32.10%
0.3852 38.53%
0.2607 29.31%
0.7030 93.13%
0.4452 51.60%
0.2171 25.71%
0.5535 36.15%
0.3518 40.76%
0.5382 43.44%
0.4801 45.47%
0.1255 29.15%
0.4150 40.67%
0.3211 46.34%
0.3598 50.34%
0.5010 52.36%
0.2935 46.87%
0.3836 51.57%
0.5392 50.54%
0.4567 50.69%
0.5027 38.00%
0.4118 51.24%
0.4048 54.21%
0.4948 60.89%
0.4392 39.02%
0.5959 54.18%
0.6266 64.71%
0.5048 59.22%
0.4502 51.52%
0.5072 45.11%
0.4771 57.78%
0.4742 52.25%
0.6963 48.90%
0.3969 40.03%
0.4147 31.20%
0.4031 43.08%
0.4300 24.61%
0.1581 25.03%
0.3123 36.78%
0.4681 51.65%
Enter the current risk premium for a mature equity market
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody's rating

Abu Dhabi Middle East Aa2
Albania Eastern Europe & Russia B1
Andorra (Principality of) Western Europe Baa3
Angola Africa Ba2
Argentina Central and South America Caa1
Armenia Eastern Europe & Russia Ba3
Aruba Caribbean Baa1
Australia Australia & New Zealand Aaa
Austria Western Europe Aaa
Azerbaijan Eastern Europe & Russia Baa3
Bahamas Caribbean Baa2
Bahrain Middle East Baa3
Bangladesh Asia Ba3
Barbados Caribbean B3
Belarus Eastern Europe & Russia Caa1
Belgium Western Europe Aa3
Belize Central and South America Caa2
Bermuda Caribbean A1
Bolivia Central and South America Ba3
Bosnia and Herzegovina Eastern Europe & Russia B3
Botswana Africa A2
Brazil Central and South America Baa3
Bulgaria Eastern Europe & Russia Baa2
Burkina Faso Africa B3
Cambodia Asia B2
Cameroon Africa B2
Canada North America Aaa
Cayman Islands Caribbean Aa3
Cape Verde Africa B2
Chile Central and South America Aa3
China Asia Aa3
Colombia Central and South America Baa2
Congo (Democratic Republic of) Africa B3
Congo (Republic of) Africa Ba3
Cook Islands Australia & New Zealand B1
Costa Rica Central and South America Ba1
Côte d'Ivoire Africa Ba3
Croatia Eastern Europe & Russia Ba1
Cuba Caribbean Caa2
Curacao Caribbean A3
Cyprus Western Europe B1
Czech Republic Eastern Europe & Russia A1
Denmark Western Europe Aaa
Dominican Republic Caribbean B1
Ecuador Central and South America B3
Egypt Africa B3
El Salvador Central and South America Ba3
Estonia Eastern Europe & Russia A1
Ethiopia Africa B1
Fiji Asia B1
Finland Western Europe Aaa
France Western Europe Aa2
Gabon Africa Ba3
Georgia Eastern Europe & Russia Ba3
Germany Western Europe Aaa
Ghana Africa B3
Greece Western Europe Caa3
Guatemala Central and South America Ba1
Guernsey (States of) Western Europe Aa1
Honduras Central and South America B3
Hong Kong Asia Aa1
Hungary Eastern Europe & Russia Ba1
Iceland Western Europe Baa2
India Asia Baa3
Indonesia Asia Baa3
Ireland Western Europe Baa1
Isle of Man Western Europe Aa1
Israel Middle East A1
Italy Western Europe Baa2
Jamaica Caribbean Caa2
Japan Asia A1
Jersey (States of) Western Europe Aa1
Jordan Middle East B1
Kazakhstan Eastern Europe & Russia Baa2
Kenya Africa B1
Korea Asia Aa2
Kuwait Middle East Aa2
Latvia Eastern Europe & Russia A3
Lebanon Middle East B2
Liechtenstein Western Europe Aaa
Lithuania Eastern Europe & Russia A3
Luxembourg Western Europe Aaa
Macao Asia Aa2
Macedonia Eastern Europe & Russia Ba3
Malaysia Asia A3
Malta Western Europe A3
Mauritius Asia Baa1
Mexico Central and South America A3
Moldova Eastern Europe & Russia B3
Mongolia Asia B2
Montenegro Eastern Europe & Russia Ba3
Montserrat Caribbean Baa3
Morocco Africa Ba1
Mozambique Africa B2
Namibia Africa Baa3
Netherlands Western Europe Aaa
New Zealand Australia & New Zealand Aaa
Nicaragua Central and South America B2
Nigeria Africa Ba3
Norway Western Europe Aaa
Oman Middle East A1
Pakistan Asia B3
Panama Central and South America Baa2
Papua New Guinea Asia B1
Paraguay Central and South America Ba1
Peru Central and South America A3
Philippines Asia Baa2
Poland Eastern Europe & Russia A2
Portugal Western Europe Ba1
Qatar Middle East Aa2
Ras Al Khaimah (Emirate of) Middle East A2
Romania Eastern Europe & Russia Baa3
Russia Eastern Europe & Russia Ba1
Rwanda Africa B1
Saudi Arabia Middle East Aa3
Senegal Africa B1
Serbia Eastern Europe & Russia B1
Sharjah Middle East A3
Singapore Asia Aaa
Slovakia Eastern Europe & Russia A2
Slovenia Eastern Europe & Russia Baa3
South Africa Africa Baa2
Spain Western Europe Baa2
Sri Lanka Asia B1
St. Maarten Caribbean Baa1
St. Vincent & the Grenadines Caribbean B3
Suriname Central and South America Ba3
Sweden Western Europe Aaa
Switzerland Western Europe Aaa
Taiwan Asia Aa3
Thailand Asia Baa1
Trinidad and Tobago Caribbean Baa2
Tunisia Africa Ba3
Turkey Western Europe Baa3
Turks and Caicos Islands Caribbean Baa1
Uganda Africa B1
Ukraine Eastern Europe & Russia Caa3
United Arab Emirates Middle East Aa2
United Kingdom Western Europe Aa1
United States of America North America Aaa
Uruguay Central and South America Baa2
Venezuela Central and South America Caa3
Vietnam Asia B1
Zambia Africa B2

Frontier Markets (no sovereign ratings)

PRS Composite Risk Score ERP
Algeria 63.0 12.71%
Brunei 72.8 8.84%
Gambia 62.0 14.20%
Guinea 53.8 17.17%
Guinea-Bissau 62.3 12.71%
Guyana 63.5 12.71%
Haiti 57.0 17.17%
Iran 67.8 10.48%
Iraq 56.0 17.17%
Korea, D.P.R. 56.0 17.17%
Liberia 50.5 17.17%
Libya 52.8 17.17%
Madagascar 61.3 14.20%
Malawi 57.0 17.17%
Mali 62.5 12.71%
Myanmar 63.3 12.71%
Niger 51.0 17.17%
Sierra Leone 56.5 17.17%
Somalia 42.5 20.90%
Sudan 48.3 20.90%
Syria 35.8 25.00%
Tanzania 63.0 12.71%
Togo 63.8 12.71%
Yemen, Republic 50.3 17.17%
Zimbabwe 54.5 17.17%

Rating Default spread in basis points

A1 78
A2 94
A3 133
Aa1 44
Aa2 55
Aa3 67
Aaa 0
B1 499
B2 610
B3 721
Ba1 277
Ba2 333
Ba3 399
Baa1 177
Baa2 211
Baa3 244
Ca 1330
Caa1 831
Caa2 998
Caa3 1108
NR NA
 Estimating Country Risk Premiums

6.25% Updated February 11, 2016

Yes
1.39 Updated February 11, 2016

Rating-based Default Spread Total Equity Risk Premium Country Risk Premium CDS Default Spread (net of US)
0.55% 7.02% 0.77% 0.82%
4.99% 13.20% 6.95% NA
2.44% 9.65% 3.40% NA
3.33% 10.89% 4.64% NA
8.31% 17.83% 11.58% NA
3.99% 11.81% 5.56% NA
1.77% 8.72% 2.47% NA
0.00% 6.25% 0.00% 0.34%
0.00% 6.25% 0.00% 0.12%
2.44% 9.65% 3.40% NA
2.11% 9.19% 2.94% NA
2.44% 9.65% 3.40% 3.52%
3.99% 11.81% 5.56% NA
7.21% 16.30% 10.05% NA
8.31% 17.83% 11.58% NA
0.67% 7.18% 0.93% 0.32%
9.98% 20.16% 13.91% NA
0.78% 7.34% 1.09% NA
3.99% 11.81% 5.56% NA
7.21% 16.30% 10.05% NA
0.94% 7.56% 1.31% NA
2.44% 9.65% 3.40% 5.19%
2.11% 9.19% 2.94% 1.81%
7.21% 16.30% 10.05% NA
6.10% 14.75% 8.50% NA
6.10% 14.75% 8.50% NA
0.00% 6.25% 0.00% NA
0.67% 7.18% 0.93% NA
6.10% 14.75% 8.50% NA
0.67% 7.18% 0.93% 1.27%
0.67% 7.18% 0.93% 1.23%
2.11% 9.19% 2.94% 2.63%
7.21% 16.30% 10.05% NA
3.99% 11.81% 5.56% NA
4.99% 13.20% 6.95% NA
2.77% 10.11% 3.86% 4.44%
3.99% 11.81% 5.56% NA
2.77% 10.11% 3.86% 3.00%
9.98% 20.16% 13.91% NA
1.33% 8.10% 1.85% NA
4.99% 13.20% 6.95% 2.71%
0.78% 7.34% 1.09% 0.54%
0.00% 6.25% 0.00% 0.00%
4.99% 13.20% 6.95% NA
7.21% 16.30% 10.05% NA
7.21% 16.30% 10.05% 4.88%
3.99% 11.81% 5.56% NA
0.78% 7.34% 1.09% 0.46%
4.99% 13.20% 6.95% NA
4.99% 13.20% 6.95% NA
 0.00% 6.25% 0.00% 0.07%
0.55% 7.02% 0.77% 0.21%
3.99% 11.81% 5.56% NA
3.99% 11.81% 5.56% NA
0.00% 6.25% 0.00% 0.00%
7.21% 16.30% 10.05% NA
11.08% 21.69% 15.44% NA
2.77% 10.11% 3.86% NA
0.44% 6.86% 0.61% NA
7.21% 16.30% 10.05% NA
0.44% 6.86% 0.61% 0.39%
2.77% 10.11% 3.86% 1.76%
2.11% 9.19% 2.94% 0.41%
2.44% 9.65% 3.40% 1.72%
2.44% 9.65% 3.40% 2.86%
1.77% 8.72% 2.47% 0.41%
0.44% 6.86% 0.61% NA
0.78% 7.34% 1.09% 0.87%
2.11% 9.19% 2.94% 1.15%
9.98% 20.16% 13.91% NA
0.78% 7.34% 1.09% 0.54%
0.44% 6.86% 0.61% NA
4.99% 13.20% 6.95% NA
2.11% 9.19% 2.94% 2.91%
4.99% 13.20% 6.95% NA
0.55% 7.02% 0.77% 0.40%
0.55% 7.02% 0.77% NA
1.33% 8.10% 1.85% 0.90%
6.10% 14.75% 8.50% 4.48%
0.00% 6.25% 0.00% NA
1.33% 8.10% 1.85% 0.90%
0.00% 6.25% 0.00% NA
0.55% 7.02% 0.77% NA
3.99% 11.81% 5.56% NA
1.33% 8.10% 1.85% 2.11%
1.33% 8.10% 1.85% NA
1.77% 8.72% 2.47% NA
1.33% 8.10% 1.85% 1.91%
7.21% 16.30% 10.05% NA
6.10% 14.75% 8.50% NA
3.99% 11.81% 5.56% NA
2.44% 9.65% 3.40% NA
2.77% 10.11% 3.86% 1.87%
6.10% 14.75% 8.50% NA
2.44% 9.65% 3.40% NA
0.00% 6.25% 0.00% 0.00%
0.00% 6.25% 0.00% 0.38%
6.10% 14.75% 8.50% NA
3.99% 11.81% 5.56% NA
0.00% 6.25% 0.00% 0.00%
0.78% 7.34% 1.09% NA
7.21% 16.30% 10.05% 5.53%
2.11% 9.19% 2.94% 1.94%
4.99% 13.20% 6.95% NA
2.77% 10.11% 3.86% NA
1.33% 8.10% 1.85% 2.06%
2.11% 9.19% 2.94% 1.34%
 0.94% 7.56% 1.31% 0.83%
2.77% 10.11% 3.86% 2.05%
0.55% 7.02% 0.77% 0.93%
0.94% 7.56% 1.31% NA
2.44% 9.65% 3.40% 1.35%
2.77% 10.11% 3.86% 3.09%
4.99% 13.20% 6.95% NA
0.67% 7.18% 0.93% 1.54%
4.99% 13.20% 6.95% NA
4.99% 13.20% 6.95% NA
1.33% 8.10% 1.85% NA
0.00% 6.25% 0.00% NA
0.94% 7.56% 1.31% 0.55%
2.44% 9.65% 3.40% 1.29%
2.11% 9.19% 2.94% 3.49%
2.11% 9.19% 2.94% 1.05%
4.99% 13.20% 6.95% NA
1.77% 8.72% 2.47% NA
7.21% 16.30% 10.05% NA
3.99% 11.81% 5.56% NA
0.00% 6.25% 0.00% 0.00%
0.00% 6.25% 0.00% 0.03%
0.67% 7.18% 0.93% NA
1.77% 8.72% 2.47% 1.61%
2.11% 9.19% 2.94% NA
3.99% 11.81% 5.56% 4.19%
2.44% 9.65% 3.40% 2.90%
1.77% 8.72% 2.47% NA
4.99% 13.20% 6.95% NA
11.08% 21.69% 15.44% NA
0.55% 7.02% 0.77% NA
0.44% 6.86% 0.61% 0.03%
0.00% 6.25% 0.00% 0.00%
2.11% 9.19% 2.94% NA
11.08% 21.69% 15.44% NA
4.99% 13.20% 6.95% 3.14%
6.10% 14.75% 8.50% NA

CRP
6.46%
2.59%
7.95%
10.92%
6.46%
6.46%
10.92%
4.23%
10.92%
10.92%
10.92%
10.92%
7.95%
10.92%
6.46%
 6.46%
10.92%
10.92%
14.65%
14.65%
18.75%
6.46%
6.46%
10.92%
10.92%
Total Equity Risk Premium Country Risk Premium Has to be sorted in ascending order
7.39% 1.14% RatingDefault spread in basis points
NA NA A1 78
NA NA A2 94
NA NA A3 133
NA NA Aa1 44
NA NA Aa2 55
NA NA Aa3 67
6.72% 0.47% Aaa 0
6.42% 0.17% B1 499
NA NA B2 610
NA NA B3 721
11.15% 4.90% Ba1 277
NA NA Ba2 333
NA NA Ba3 399
NA NA Baa1 177
6.70% 0.45% Baa2 211
NA NA Baa3 244
NA NA Ca 1330
NA NA Caa1 831
NA NA Caa2 998
NA NA Caa3 1108
13.48% 7.23% NR NA
8.77% 2.52%
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
8.02% 1.77%
7.96% 1.71%
9.91% 3.66%
NA NA
NA NA
NA NA
12.44% 6.19%
NA NA
10.43% 4.18%
NA NA
NA NA
10.03% 3.78%
7.00% 0.75%
6.25% 0.00%
NA NA
NA NA
13.05% 6.80%
NA NA
6.89% 0.64%
NA NA
NA NA
 6.35% 0.10%
6.54% 0.29%
NA NA
NA NA
6.25% 0.00%
NA NA
NA NA
NA NA
NA NA
NA NA
6.79% 0.54%
8.70% 2.45%
6.82% 0.57%
8.65% 2.40%
10.23% 3.98%
6.82% 0.57%
NA NA
7.46% 1.21%
7.85% 1.60%
NA NA
7.00% 0.75%
NA NA
NA NA
10.30% 4.05%
NA NA
6.81% 0.56%
NA NA
7.50% 1.25%
12.49% 6.24%
NA NA
7.50% 1.25%
NA NA
NA NA
NA NA
9.19% 2.94%
NA NA
NA NA
8.91% 2.66%
NA NA
NA NA
NA NA
NA NA
8.86% 2.61%
NA NA
NA NA
6.25% 0.00%
6.78% 0.53%
NA NA
NA NA
6.25% 0.00%
NA NA
13.96% 7.71%
8.95% 2.70%
NA NA
NA NA
9.12% 2.87%
8.12% 1.87%
 7.41% 1.16%
9.11% 2.86%
7.55% 1.30%
NA NA
8.13% 1.88%
10.56% 4.31%
NA NA
8.40% 2.15%
NA NA
NA NA
NA NA
NA NA
7.02% 0.77%
8.05% 1.80%
11.11% 4.86%
7.71% 1.46%
NA NA
NA NA
NA NA
NA NA
6.25% 0.00%
6.29% 0.04%
NA NA
8.49% 2.24%
NA NA
12.09% 5.84%
10.29% 4.04%
NA NA
NA NA
NA NA
NA NA
6.29% 0.04%
6.25% 0.00%
NA NA
NA NA
10.63% 4.38%
NA NA
COMPANY SPECIFIC RISK PREMIUM (CSRP)
#REF!
Upper limit 5.00%
Lower limit 0.00%
CSRP 1.25%

Risk concept Measurement Score

Business stability How long has been the company in

business?
1-3 years (high risk)=1; 4-6 years
(medium risk)=0.5; >6 years (low
risk)=0 0.5

Business transparency
How many time does the company
audited or published its financial
statement in a year?
>1 time (low risk)=0; 1 time
(medium risk)=0.5; 0 time (high
risk)=1 0.5

Customer concentration
How much of the company revenue
comes from less than 5 customers?

<10% (low risk)=0; 10-30% (medium

risk)=0.5; >30% (high risk)=1 0.0

Dependency to supplier
Can the company change its supplier
without sacrificing product quality or
price increase?
Yes (low risk)=0; somehow (medium
risk)=0.5; no (high risk)=1 0.0

Dependency to key personnel

Is there any key personnel that
cannot be replaced immediately at
the market rate remuneration?

Yes (high risk)=1; somehow (medium

risk)=0.5; no (low risk)=0 0.0

Competition intensity What is the company competition

intensity?
High intensity (high risk)=1; medium
intensity (medium risk)=0.5; low
intensity (low risk)=0 0.5

Total score 1.5

Note (source: Mercer Capital):

0-5% financially sound closely-held company with market capitalization below $100 million
3-6% company which possess greater degrees of executive & customer dependency, or volatile industry
>6% fairly high risk or small size
>10% speculative or very small
I.26 SUKU BUNGA PINJAMAN
RUPIAH YANG DIBERIKAN MENURUT

(Persen Per Tahun)

I.26 INTEREST RATE OF RUPIAH

LOANS BY GROUP OF BANKS

(Percent Per Annum)

KELOMPOK
BANK DAN
JENIS Jan Feb Mar Apr May Jun Jul
PINJAMAN
1 Bank Persero - - - - - - -

Pinjaman Modal
2 Kerja Yang 12.52 12.55 12.65 12.64 12.61 12.6 12.54
Diberikan

Pinjaman
3 Investasi Yang 11.47 11.45 11.49 11.45 11.45 11.46 11.46
Diberikan

Pinjaman
4 Konsumsi Yang 12.64 12.68 12.67 12.72 12.74 12.84 12.91
Diberikan

Bank
5 Pemerintah - - - - - - -
Daerah

Pinjaman Modal
6 Kerja Yang 13.56 13.38 13.71 13.71 13.72 13.74 13.56
Diberikan

Pinjaman
7 Investasi Yang 12.25 12.13 12.37 12.36 12.38 12.39 12.18
Diberikan

Pinjaman
8 Konsumsi Yang 13.4 13.47 13.49 13.48 13.49 13.49 13.3
Diberikan

Bank Swasta
9 - - - - - - -
Nasional

Pinjaman Modal
10 Kerja Yang 13.31 13.29 13.36 13.25 13.2 13.17 13.14
Diberikan

Pinjaman
11 Investasi Yang 13.02 13.03 13.06 13.06 13.02 13.02 12.98
Diberikan

Pinjaman
12 Konsumsi Yang 13.45 13.51 13.52 13.58 13.62 13.67 13.65
Diberikan

Bank Asing dan

13 - - - - - - -
Bank Campuran

Pinjaman Modal
14 Kerja Yang 10.39 10.26 10.26 10.23 10.21 10.18 10.28
Diberikan

Pinjaman
15 Investasi Yang 10.59 10.51 10.47 10.77 10.75 10.6 10.68
Diberikan
 Pinjaman
16 Konsumsi Yang 28.46 28.59 28.62 28.79 28.97 29.13 28.4
Diberikan

17 Bank Umum - - - - - - -

Pinjaman Modal
18 Kerja Yang 12.76 12.74 12.82 12.75 12.72 12.7 12.65
Diberikan

Pinjaman
19 Investasi Yang 12.29 12.27 12.32 12.32 12.3 12.29 12.26
Diberikan

Pinjaman
20 Konsumsi Yang 13.62 13.68 13.68 13.73 13.76 13.82 13.73
Diberikan
 2015 2016

Aug Sep Oct Nov Dec* Jan* Feb* Mar* Apr**

- - - - - 0 - - - -

12.59 12.48 12.43 12.36 12.3 12.3 12.26 12.16 12.05 11.83

11.45 11.44 11.42 11.4 11.35 11.35 11.34 11.27 11.18 11.04

12.99 13.03 13.06 13.08 13.08 13.08 13.17 13.21 13.2 13.24

- - - - - 0 - - - -

13.47 13.47 13.45 13.66 13.5 13.5 13.46 13.22 13.14 13.12

12.45 12.52 12.25 12.44 12.19 12.19 12.18 12.17 12.16 12.09

13.5 13.5 13.3 13.49 13.49 13.49 13.5 13.5 13.5 13.46

- - - - - 0 - - - -

13.03 13 12.98 12.92 12.82 12.82 12.88 12.88 12.81 12.73

12.87 12.83 12.85 12.77 12.77 12.77 12.48 12.49 12.4 12.32

13.56 13.61 13.69 13.68 13.66 13.66 13.7 13.65 13.61 13.59

- - - - - 0 - - - -

10.3 10.51 10.72 10.79 10.79 10.79 10.71 10.51 10.06 9.9

10.67 10.78 10.95 11.13 11.25 11.25 11.25 11.12 10.83 10.52
28.95 29.05 28.94 28.87 28.93 28.93 28.94 28.93 29.23 29.26

- - - - - 0 - - - -

12.63 12.58 12.58 12.55 12.46 12.46 12.46 12.4 12.28 12.14

12.21 12.19 12.19 12.14 12.12 12.12 11.96 11.93 11.83 11.71

13.82 13.85 13.85 13.89 13.88 13.88 13.94 13.93 13.91 13.91
2016 GROUP OF
BANKS AND
TYPE OF
LOANS
State Banks 1

Working
2
Capital Loans

Investment
3
Loans

Consumer
4
Loans

Regional
Government 5
Banks

Working
6
Capital Loans

Investment
7
Loans

Consumer
8
Loans

Private National
9
Banks

Working
10
Capital Loans

Investment
11
Loans

Consumer
12
Loans

Foreign Banks
13
and Joint Banks

Working
14
Capital Loans

Investment
15
Loans
 Consumer
16
Loans

Commercial
17
Banks

Working
18
Capital Loans

Investment
19
Loans

Consumer
20
Loans
8.4433