PEFINDO BETA STOCK

Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 0.635 0.756
2. ABMM ABM Investama Tbk. 0.350 0.567
3. ACES Ace Hardware Indonesia Tbk. 1.328 1.219
4. ACST Acset Indonusa Tbk. 1.228 1.152
5. ADES Akasha Wira International Tbk. 0.635 0.757
6. ADHI Adhi Karya (Persero) Tbk. 2.198 1.799
7. ADMF Adira Dinamika Multi Finance Tbk. 0.846 0.897
8. ADMG Polychem Indonesia Tbk. 1.246 1.164
9. ADRO Adaro Energy Tbk. 2.044 1.696
10. AGII Aneka Gas Industri Tbk. 0.976 0.984
11. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.080 1.720
12. AGRS Bank Agris Tbk. 1.719 1.479
13. AIMS Akbar Indo Makmur Stimec Tbk. 0.243 0.495
14. AKKU Alam Karya Unggul Tbk. 0.513 0.676
15. AKPI Argha Karya Prima Industry Tbk. 0.559 0.706
16. AKRA AKR Corporindo Tbk. 1.725 1.483
17. ALDO Alkindo Naratama Tbk. 0.557 0.704
18. ALKA Alakasa Industrindo Tbk. 1.216 1.144
19. ALMI Alumindo Light Metal Industry Tbk. 1.262 1.175
20. AMAG Asuransi Multi Artha Guna Tbk. 0.159 0.439
21. AMFG Asahimas Flat Glass Tbk. 0.502 0.668
22. AMIN Ateliers Mecaniques D Indonesie Tbk. 0.127 0.418
23. ANJT Austindo Nusantara Jaya Tbk. 0.122 0.414
24. ANTM Aneka Tambang (Persero) Tbk. 2.216 1.811
25. APIC Pacific Strategic Financial Tbk. 0.371 0.581
26. APLI Asiaplast Industries Tbk. 0.985 0.990
27. APLN Agung Podomoro Land Tbk. 1.865 1.576
28. ARII Atlas Resources Tbk. 0.629 0.753
29. ARNA Arwana Citramulia Tbk. 0.395 0.597
30. ARTA Arthavest Tbk. 2.963 2.308
31. ASBI Asuransi Bintang Tbk. 0.380 0.587
32. ASDM Asuransi Dayin Mitra Tbk. 0.059 0.373
33. ASGR Astra Graphia Tbk. 0.293 0.529
34. ASII Astra International Tbk. 1.167 1.111
35. ASJT Asuransi Jasa Tania Tbk. 0.795 0.863
36. ASRI Alam Sutera Realty Tbk. 1.536 1.357
37. ASRM Asuransi Ramayana Tbk. 0.157 0.438
38. ASSA Adi Sarana Armada Tbk. 1.135 1.090
39. ATIC Anabatic Technologies Tbk. 0.045 0.363
40. AUTO Astra Otoparts Tbk. 0.812 0.874

Page 1 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BABP Bank MNC Internasional Tbk. 0.297 0.531
42. BAJA Saranacentral Bajatama Tbk. 0.596 0.730
43. BAPA Bekasi Asri Pemula Tbk. 0.852 0.901
44. BATA Sepatu Bata Tbk. 0.235 0.490
45. BBCA Bank Central Asia Tbk. 0.794 0.863
46. BBHI Bank Harda Internasional Tbk. 0.913 0.942
47. BBKP Bank Bukopin Tbk. 1.563 1.375
48. BBNI Bank Negara Indonesia (Persero) Tbk. 1.690 1.460
49. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.502 1.335
50. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.257 0.505
51. BBTN Bank Tabungan Negara (Persero) Tbk. 1.637 1.424
52. BBYB Bank Yudha Bhakti Tbk. 0.244 0.496
53. BCAP MNC Kapital Indonesia Tbk. 0.354 0.569
54. BCIP Bumi Citra Permai Tbk. 1.339 1.226
55. BDMN Bank Danamon Indonesia Tbk. 1.916 1.611
56. BEST Bekasi Fajar Industrial Estate Tbk. 2.562 2.042
57. BFIN BFI Finance Indonesia Tbk. 0.715 0.810
58. BGTG Bank Ganesha Tbk. 1.847 1.564
59. BHIT MNC Investama Tbk. 1.097 1.064
60. BIKA Binakarya Jaya Abadi Tbk. 0.469 0.646
61. BIMA Primarindo Asia Infrastructure Tbk. 0.107 0.405
62. BINA Bank Ina Perdana Tbk. 2.817 2.211
63. BIPI Benakat Petroleum Energy Tbk. 1.400 1.266
64. BIPP Bhuwanatala Indah Permai Tbk. 0.431 0.620
65. BIRD Blue Bird Tbk. 0.745 0.830
66. BISI BISI International Tbk. 0.415 0.610
67. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.006 1.004
68. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.032 1.021
69. BKDP Bukit Darmo Property Tbk. 0.719 0.812
70. BKSL Sentul City Tbk. 2.121 1.747
71. BKSW Bank QNB Indonesia Tbk. 0.201 0.467
72. BLTZ Graha Layar Prima Tbk. 0.210 0.474
73. BMRI Bank Mandiri (Persero) Tbk. 1.265 1.177
74. BMTR Global Mediacom Tbk. 1.501 1.334
75. BNBA Bank Bumi Arta Tbk. 0.670 0.780
76. BNBR Bakrie & Brothers Tbk. 0.599 0.733
77. BNGA Bank CIMB Niaga Tbk. 2.062 1.708
78. BNII Bank Maybank Indonesia Tbk. 1.316 1.211
79. BNLI Bank Permata Tbk. 1.859 1.573
80. BOLT Garuda Metalindo Tbk. 0.628 0.752

Page 2 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BPFI Batavia Prosperindo Finance Tbk. 1.415 1.276
82. BPII Batavia Prosperindo Internasional Tbk. 0.185 0.457
83. BRAM Indo Kordsa Tbk. 1.404 1.270
84. BRMS Bumi Resources Minerals Tbk. 1.284 1.190
85. BRNA Berlina Tbk. 0.630 0.753
86. BRPT Barito Pacific Tbk. 1.072 1.048
87. BSDE Bumi Serpong Damai Tbk. 1.585 1.390
88. BSIM Bank Sinarmas Tbk. 0.252 0.501
89. BSSR Baramulti Suksessarana Tbk. 1.192 1.128
90. BTEK Bumi Teknokultura Unggul Tbk. 1.219 1.146
91. BTEL Bakrie Telecom Tbk. 0.000 0.333
92. BTON Betonjaya Manunggal Tbk. 1.003 1.002
93. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.397 0.598
94. BUDI Budi Starch & Sweetener Tbk. 0.398 0.599
95. BUKK Bukaka Teknik Utama Tbk. 0.689 0.793
96. BULL Buana Listya Tama Tbk. 1.401 1.267
97. BUMI Bumi Resources Tbk. 2.468 1.979
98. BUVA Bukit Uluwatu Villa Tbk. 0.675 0.783
99. BVIC Bank Victoria International Tbk. 0.488 0.659
100. BWPT Eagle High Plantations Tbk. 1.774 1.516
101. BYAN Bayan Resources Tbk. 0.278 0.519
102. CASA Capital Financial Indonesia Tbk. 0.848 0.899
103. CASS Cardig Aero Services Tbk. 0.028 0.352
104. CEKA Wilmar Cahaya Indonesia Tbk. 0.779 0.852
105. CENT Centrin Online Tbk. 0.427 0.618
106. CFIN Clipan Finance Indonesia Tbk. 0.744 0.829
107. CINT Chitose Internasional Tbk. 0.323 0.549
108. CLPI Colorpak Indonesia Tbk. 0.316 0.544
109. CMNP Citra Marga Nusaphala Persada Tbk. 0.294 0.530
110. CMPP Rimau Multi Putra Pratama Tbk. 2.162 1.775
111. COWL Cowell Development Tbk. 1.257 1.172
112. CPIN Charoen Pokphand Indonesia Tbk. 2.065 1.710
113. CPRO Central Proteinaprima Tbk. 0.000 0.333
114. CSAP Catur Sentosa Adiprana Tbk. 0.220 0.480
115. CTBN Citra Tubindo Tbk. 0.308 0.539
116. CTRA Ciputra Development Tbk. 1.828 1.552
117. CTTH Citatah Tbk. 0.217 0.478
118. DART Duta Anggada Realty Tbk. 0.387 0.591
119. DEWA Darma Henwa Tbk. 0.395 0.597
120. DGIK Nusa Konstruksi Enjiniring Tbk. 1.038 1.026

Page 3 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. DILD Intiland Development Tbk. 0.750 0.834
122. DKFT Central Omega Resources Tbk. 0.632 0.754
123. DLTA Delta Djakarta Tbk. 0.280 0.520
124. DMAS Puradelta Lestari Tbk. 1.447 1.298
125. DNAR Bank Dinar Indonesia Tbk. 0.017 0.345
126. DNET Dyviacom Intrabumi Tbk. 0.271 0.514
127. DOID Delta Dunia Makmur Tbk. 2.808 2.205
128. DPNS Duta Pertiwi Nusantara Tbk. 0.228 0.486
129. DPUM Dua Putra Utama Makmur Tbk. 0.615 0.744
130. DSFI Dharma Samudera Fishing Industries Tbk. 0.543 0.695
131. DSSA Dian Swastatika Sentosa Tbk. 0.055 0.370
132. DUTI Duta Pertiwi Tbk. 0.924 0.949
133. DYAN Dyandra Media International Tbk. 0.034 0.356
134. EKAD Ekadharma International Tbk. 0.517 0.678
135. ELSA Elnusa Tbk. 1.508 1.339
136. ELTY Bakrieland Development Tbk. 0.038 0.358
137. EMDE Megapolitan Developments Tbk. 0.260 0.507
138. EMTK Elang Mahkota Teknologi Tbk. 0.201 0.468
139. ENRG Energi Mega Persada Tbk. 3.406 2.604
140. EPMT Enseval Putera Megatrading Tbk. 0.184 0.456
141. ERAA Erajaya Swasembada Tbk. 0.898 0.932
142. ESSA Surya Esa Perkasa Tbk. 2.826 2.217
143. ESTI Ever Shine Tex Tbk. 1.082 1.055
144. EXCL XL Axiata Tbk. 1.123 1.082
145. FAST Fast Food Indonesia Tbk. 0.176 0.451
146. FASW Fajar Surya Wisesa Tbk. 0.022 0.348
147. FORU Fortune Indonesia Tbk. 0.784 0.856
148. FPNI Lotte Chemical Titan Tbk. 3.610 2.740
149. FREN Smartfren Telecom Tbk. 0.841 0.894
150. GAMA Gading Development Tbk. 0.150 0.433
151. GDYR Goodyear Indonesia Tbk. 0.800 0.867
152. GEMA Gema Grahasarana Tbk. 0.482 0.655
153. GGRM Gudang Garam Tbk. 0.970 0.980
154. GIAA Garuda Indonesia (Persero) Tbk. 1.331 1.221
155. GJTL Gajah Tunggal Tbk. 1.509 1.339
156. GLOB Global Teleshop Tbk. 1.671 1.447
157. GOLD Golden Retailindo Tbk. 0.117 0.411
158. GOLL Golden Plantation Tbk. 0.318 0.545
159. GPRA Perdana Gapuraprima Tbk. 0.647 0.764
160. GSMF Equity Development Investment Tbk. 0.306 0.537

Page 4 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. GTBO Garda Tujuh Buana Tbk. 2.713 2.142
162. GWSA Greenwood Sejahtera Tbk. 0.412 0.608
163. GZCO Gozco Plantations Tbk. 0.677 0.784
164. HADE HD Capital Tbk. 0.145 0.430
165. HDFA HD Finance Tbk. 1.140 1.093
166. HEXA Hexindo Adiperkasa Tbk. 0.392 0.595
167. HITS Humpuss Intermoda Transportasi Tbk. 0.478 0.652
168. HMSP H.M. Sampoerna Tbk. 1.193 1.129
169. HOME Hotel Mandarine Regency Tbk. 0.852 0.901
170. HRUM Harum Energy Tbk. 2.292 1.861
171. IATA Indonesia Air Transport Tbk. 0.000 0.333
172. IBFN Intan Baruprana Finance Tbk. 0.301 0.534
173. IBST Inti Bangun Sejahtera Tbk. 0.441 0.628
174. ICBP Indofood CBP Sukses Makmur Tbk. 0.219 0.479
175. ICON Island Concepts Indonesia Tbk. 0.568 0.712
176. IDPR Indonesia Pondasi Raya Tbk. 0.445 0.630
177. IGAR Champion Pacific Indonesia Tbk. 0.280 0.520
178. IIKP Inti Agri Resources Tbk. 1.907 1.605
179. IKAI Intikeramik Alamasri Industri Tbk. 1.591 1.394
180. IKBI Sumi Indo Kabel Tbk. 0.386 0.591
181. IMJS Indomobil Multi Jasa Tbk. 0.248 0.499
182. IMPC Impack Pratama Industri Tbk. 0.089 0.393
183. INAF Indofarma Tbk. 1.238 1.159
184. INAI Indal Aluminium Industry Tbk. 0.290 0.527
185. INCF Amstelco Indonesia Tbk 1.891 1.594
186. INCO Vale Indonesia Tbk. 1.938 1.625
187. INDF Indofood Sukses Makmur Tbk. 0.974 0.983
188. INDS Indospring Tbk. 0.403 0.602
189. INDX Tanah Laut Tbk. 1.109 1.073
190. INDY Indika Energy Tbk. 2.416 1.944
191. INKP Indah Kiat Pulp & Paper Tbk. 2.495 1.997
192. INPC Bank Artha Graha Internasional Tbk. 0.557 0.705
193. INPP Indonesian Paradise Property Tbk. 0.657 0.771
194. INRU Toba Pulp Lestari Tbk. 2.169 1.780
195. INTA Intraco Penta Tbk. 0.827 0.885
196. INTD Inter Delta Tbk. 0.917 0.945
197. INTP Indocement Tunggal Prakasa Tbk. 1.720 1.480
198. IPOL Indopoly Swakarsa Industry Tbk. 0.357 0.572
199. ISAT Indosat Tbk. 2.752 2.168
200. ISSP Steel Pipe Industry of Indonesia Tbk. 1.077 1.051

Page 5 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. ITMA Sumber Energi Andalan Tbk. 1.281 1.187
202. ITMG Indo Tambangraya Megah Tbk. 2.391 1.928
203. JAWA Jaya Agra Wattie Tbk. 0.333 0.556
204. JGLE Graha Andrasentra Propertindo Tbk. 1.420 1.280
205. JIHD Jakarta International Hotels & Development Tbk. 0.022 0.348
206. JKSW Jakarta Kyoei Steel Works Tbk. 0.233 0.488
207. JPFA Japfa Comfeed Indonesia Tbk. 1.773 1.515
208. JRPT Jaya Real Property Tbk. 0.421 0.614
209. JSMR Jasa Marga (Persero) Tbk. 1.304 1.203
210. JSPT Jakarta Setiabudi Internasional Tbk. 0.480 0.653
211. JTPE Jasuindo Tiga Perkasa Tbk. 0.158 0.438
212. KAEF Kimia Farma Tbk. 0.900 0.933
213. KARW ICTSI Jasa Prima Tbk. 1.990 1.660
214. KBLI KMI Wire & Cable Tbk. 1.088 1.059
215. KBLM Kabelindo Murni Tbk. 0.991 0.994
216. KBLV First Media Tbk. 1.060 1.040
217. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.007 0.338
218. KDSI Kedawung Setia Industrial Tbk. 0.441 0.627
219. KIAS Keramika Indonesia Assosiasi Tbk. 0.468 0.645
220. KICI Kedaung Indah Can Tbk. 0.148 0.432
221. KIJA Kawasan Industri Jababeka Tbk. 0.691 0.794
222. KINO Kino Indonesia Tbk. 0.523 0.682
223. KKGI Resource Alam Indonesia Tbk. 1.700 1.467
224. KLBF Kalbe Farma Tbk. 1.219 1.146
225. KOBX Kobexindo Tractors Tbk. 0.080 0.387
226. KOIN Kokoh Inti Arebama Tbk. 0.327 0.551
227. KONI Perdana Bangun Pusaka Tbk. 1.711 1.474
228. KOPI Mitra Energi Persada Tbk. 0.184 0.456
229. KPIG MNC Land Tbk. 0.213 0.475
230. KRAH Grand Kartech Tbk. 0.072 0.381
231. KRAS Krakatau Steel (Persero) Tbk. 2.098 1.732
232. KREN Kresna Graha Sekurindo Tbk. 0.313 0.542
233. LAPD Leyand International Tbk. 0.001 0.334
234. LEAD Logindo Samudramakmur Tbk. 1.959 1.640
235. LINK Link Net Tbk. 0.539 0.693
236. LION Lion Metal Works Tbk. 0.112 0.408
237. LMPI Langgeng Makmur Industri Tbk. 0.319 0.546
238. LMSH Lionmesh Prima Tbk. 0.753 0.835
239. LPCK Lippo Cikarang Tbk. 2.632 2.088
240. LPKR Lippo Karawaci Tbk. 0.946 0.964

Page 6 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. LPLI Star Pacific Tbk. 0.587 0.724
242. LPPF Matahari Department Store Tbk. 0.997 0.998
243. LPPS Lippo Securities Tbk. 0.881 0.921
244. LSIP PP London Sumatra Indonesia Tbk. 0.917 0.945
245. LTLS Lautan Luas Tbk. 0.693 0.795
246. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
247. MAIN Malindo Feedmill Tbk. 1.712 1.475
248. MAMI Mas Murni Indonesia Tbk. 0.576 0.718
249. MAPI Mitra Adiperkasa Tbk. 0.949 0.966
250. MASA Multistrada Arah Sarana Tbk. 0.316 0.544
251. MBAP Mitrabara Adiperdana Tbk. 0.937 0.958
252. MBSS Mitrabahtera Segara Sejati Tbk. 2.709 2.139
253. MBTO Martina Berto Tbk. 0.523 0.682
254. MCOR Bank Windu Kentjana International Tbk. 0.992 0.994
255. MDIA Intermedia Capital Tbk. 0.062 0.375
256. MDKA Merdeka Copper Gold Tbk. 0.056 0.370
257. MDLN Modernland Realty Ltd. Tbk. 0.785 0.857
258. MEDC Medco Energi International Tbk. 2.573 2.049
259. MERK Merck Tbk. 0.522 0.682
260. META Nusantara Infrastructure Tbk. 0.268 0.512
261. MFIN Mandala Multifinance Tbk. 0.628 0.752
262. MICE Multi Indocitra Tbk. 0.395 0.597
263. MIDI Midi Utama Indonesia Tbk. 0.101 0.401
264. MIKA Mitra Keluarga Karyasehat Tbk. 0.317 0.545
265. MKNT Mitra Komunikasi Nusantara Tbk. 0.956 0.971
266. MKPI Metropolitan Kentjana Tbk. 0.283 0.522
267. MLBI Multi Bintang Indonesia Tbk. 0.038 0.358
268. MLIA Mulia Industrindo Tbk. 0.535 0.690
269. MLPL Multipolar Tbk. 2.273 1.849
270. MMLP Mega Manunggal Property Tbk. 0.314 0.543
271. MNCN Media Nusantara Citra Tbk. 1.443 1.295
272. MPPA Matahari Putra Prima Tbk. 2.419 1.946
273. MRAT Mustika Ratu Tbk. 0.189 0.460
274. MSKY MNC Sky Vision Tbk. 0.278 0.519
275. MTDL Metrodata Electronics Tbk. 0.350 0.567
276. MTFN Capitalinc Investment Tbk. 0.022 0.348
277. MTLA Metropolitan Land Tbk. 0.478 0.652
278. MTRA Mitra Pemuda Tbk. 1.140 1.093
279. MTSM Metro Realty Tbk. 1.384 1.256
280. MYOH Samindo Resources Tbk. 0.893 0.929

Page 7 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. MYOR Mayora Indah Tbk. 0.068 0.379
282. MYRX Hanson International Tbk. 0.454 0.636
283. MYTX Apac Citra Centertex Tbk. 1.052 1.035
284. NELY Pelayaran Nelly Dwi Putri Tbk. 0.839 0.893
285. NIKL Pelat Timah Nusantara Tbk. 1.686 1.457
286. NIPS Nipress Tbk. 1.406 1.271
287. NIRO Nirvana Development Tbk. 0.444 0.629
288. NISP Bank OCBC NISP Tbk. 0.314 0.543
289. NRCA Nusa Raya Cipta Tbk. 0.904 0.936
290. OASA Protech Mitra Perkasa Tbk. 1.165 1.110
291. OKAS Ancora Indonesia Resources Tbk. 0.370 0.580
292. PADI Minna Padi Investama Tbk. 0.883 0.922
293. PALM Provident Agro Tbk. 0.222 0.481
294. PANR Panorama Sentrawisata Tbk. 0.057 0.371
295. PANS Panin Sekuritas Tbk. 0.663 0.775
296. PBRX Pan Brothers Tbk. 0.331 0.554
297. PBSA Paramita Bangun Sarana Tbk. 1.379 1.253
298. PDES Destinasi Tirta Nusantara Tbk. 0.757 0.838
299. PEGE Panca Global Securities Tbk. 0.067 0.378
300. PGAS PT Perusahaan Gas Negara Tbk. 2.231 1.820
301. PJAA Pembangunan Jaya Ancol Tbk. 0.402 0.601
302. PNBN Bank Pan Indonesia Tbk. 1.672 1.448
303. PNBS Bank Panin Syariah Tbk. 1.138 1.092
304. PNIN Panin Insurance Tbk. 1.410 1.273
305. PNLF Panin Financial Tbk. 1.365 1.243
306. POOL Pool Advista Indonesia Tbk. 0.766 0.844
307. PPRO PP Properti Tbk. 2.205 1.803
308. PRAS Prima Alloy Steel Universal Tbk. 0.649 0.766
309. PSAB J Resources Asia Pasifik Tbk. 0.986 0.991
310. PSDN Prasidha Aneka Niaga Tbk. 0.107 0.405
311. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 2.067 1.712
312. PTIS Indo Straits Tbk. 0.580 0.720
313. PTPP PP (Persero) Tbk. 2.965 2.310
314. PTRO Petrosea Tbk. 2.638 2.092
315. PTSN Sat Nusapersada Tbk. 3.845 2.897
316. PWON Pakuwon Jati Tbk. 1.641 1.428
317. PYFA Pyridam Farma Tbk. 0.090 0.394
318. RAJA Rukun Raharja Tbk. 1.178 1.118
319. RALS Ramayana Lestari Sentosa Tbk. 0.524 0.683
320. RANC Supra Boga Lestari Tbk. 0.753 0.836

Page 8 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. RBMS Ristia Bintang Mahkotasejati Tbk. 0.454 0.636
322. RDTX Roda Vivatex Tbk. 0.801 0.867
323. RICY Ricky Putra Globalindo Tbk. 0.271 0.514
324. RIGS Rig Tenders Indonesia Tbk. 1.871 1.581
325. RIMO Rimo International Lestari Tbk. 0.680 0.787
326. RODA Pikko Land Development Tbk. 0.823 0.882
327. ROTI Nippon Indosari Corpindo Tbk. 0.345 0.563
328. SAFE Steady Safe Tbk. 0.888 0.926
329. SAME Sarana Meditama Metropolitan Tbk. 0.360 0.573
330. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.443 0.629
331. SCMA Surya Citra Media Tbk. 1.409 1.272
332. SDMU Sidomulyo Selaras Tbk. 1.699 1.466
333. SDPC Millennium Pharmacon International Tbk. 0.744 0.829
334. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.038 0.359
335. SGRO Sampoerna Agro Tbk. 0.180 0.453
336. SHIP Sillo Maritime Perdana Tbk. 0.029 0.352
337. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.229 0.486
338. SILO Siloam International Hospitals Tbk. 0.521 0.681
339. SIMP Salim Ivomas Pratama Tbk. 1.093 1.062
340. SIPD Sierad Produce Tbk. 0.268 0.512
341. SKBM Sekar Bumi Tbk. 0.596 0.731
342. SKLT Sekar Laut Tbk. 0.388 0.592
343. SKYB Skybee Tbk. 0.166 0.444
344. SMAR Smart Tbk. 0.224 0.482
345. SMBR Semen Baturaja (Persero) Tbk. 2.756 2.171
346. SMCB Holcim Indonesia Tbk. 0.940 0.960
347. SMDM Suryamas Dutamakmur Tbk. 0.799 0.866
348. SMDR Samudera Indonesia Tbk. 2.175 1.784
349. SMGR Semen Indonesia (Persero) Tbk. 1.913 1.609
350. SMMT Golden Eagle Energy Tbk. 1.636 1.424
351. SMRA Summarecon Agung Tbk. 2.401 1.934
352. SMRU SMR Utama Tbk. 1.785 1.523
353. SMSM Selamat Sempurna Tbk. 0.373 0.582
354. SOCI Soechi Lines Tbk. 1.909 1.606
355. SPMA Suparma Tbk. 0.732 0.821
356. SQMI Renuka Coalindo Tbk. 1.241 1.161
357. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.322 0.548
358. SRIL Sri Rejeki Isman Tbk. 0.463 0.642
359. SRSN Indo Acidatama Tbk. 0.578 0.718
360. SRTG Saratoga Investama Sedaya Tbk. 0.332 0.555

Page 9 of 13
 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. SSIA Surya Semesta Internusa Tbk. 1.574 1.383
362. SSMS Sawit Sumbermas Sarana Tbk. 0.569 0.713
363. STAR Star Petrochem Tbk. 1.349 1.233
364. SULI SLJ Global Tbk. 1.893 1.595
365. SUPR Solusi Tunas Pratama Tbk. 0.134 0.423
366. TALF Tunas Alfin Tbk. 0.469 0.646
367. TARA Sitara Propertindo Tbk. 0.444 0.630
368. TBIG Tower Bersama Infrastructure Tbk. 1.437 1.292
369. TBLA Tunas Baru Lampung Tbk. 0.822 0.881
370. TCID Mandom Indonesia Tbk. 0.097 0.398
371. TELE Tiphone Mobile Indonesia Tbk. 1.045 1.030
372. TFCO Tifico Fiber Indonesia Tbk. 0.554 0.703
373. TIFA Tifa Finance Tbk. 0.451 0.634
374. TINS Timah (Persero) Tbk. 2.588 2.059
375. TIRA Tira Austenite Tbk. 1.014 1.009
376. TIRT Tirta Mahakam Resources Tbk. 1.580 1.386
377. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 1.936 1.624
378. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.633 0.755
379. TMAS Pelayaran Tempuran Emas Tbk. 0.161 0.440
380. TMPO Tempo Intimedia Tbk. 0.831 0.888
381. TOBA Toba Bara Sejahtra Tbk. 0.597 0.731
382. TOTL Total Bangun Persada Tbk. 0.891 0.927
383. TOTO Surya Toto Indonesia Tbk. 0.416 0.611
384. TOWR Sarana Menara Nusantara Tbk. 1.184 1.123
385. TPIA Chandra Asri Petrochemical Tbk. 0.447 0.631
386. TPMA Trans Power Marine Tbk. 0.578 0.719
387. TRAM Trada Maritime Tbk. 2.846 2.230
388. TRIL Triwira Insanlestari Tbk. 0.309 0.539
389. TRIM Trimegah Securities Tbk. 0.389 0.593
390. TRIO Trikomsel Oke Tbk. 3.566 2.711
391. TRIS Trisula International Tbk. 0.122 0.414
392. TRST Trias Sentosa Tbk. 0.531 0.687
393. TRUS Trust Finance Indonesia Tbk. 0.762 0.841
394. TSPC Tempo Scan Pacific Tbk. 0.453 0.635
395. TURI Tunas Ridean Tbk. 0.110 0.407
396. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.103 0.402
397. UNIC Unggul Indah Cahaya Tbk. 0.892 0.928
398. UNIT Nusantara Inti Corpora Tbk. 0.549 0.699
399. UNSP Bakrie Sumatra Plantations Tbk. 0.829 0.886
400. UNTR United Tractors Tbk. 1.531 1.354

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 PEFINDO BETA STOCK
Edition: 13-December-2019

No. TICKER COMPANY RAW BETA ADJUSTED BETA

401. UNVR Unilever Indonesia Tbk. 0.926 0.951
402. VICO Victoria Investama Tbk. 0.414 0.609
403. VINS Victoria Insurance Tbk. 0.195 0.464
404. VIVA Visi Media Asia Tbk. 1.971 1.647
405. VOKS Voksel Electric Tbk. 0.890 0.926
406. VRNA Verena Multi Finance Tbk. 0.583 0.722
407. WAPO Wahana Pronatural Tbk. 0.369 0.579
408. WEHA WEHA Transportasi Indonesia Tbk. 0.583 0.722
409. WICO Wicaksana Overseas International Tbk. 0.702 0.801
410. WIIM Wismilak Inti Makmur Tbk. 1.730 1.487
411. WIKA Wijaya Karya (Persero) Tbk. 2.579 2.052
412. WINS Wintermar Offshore Marine Tbk. 0.601 0.734
413. WOMF Wahana Ottomitra Multiartha Tbk. 0.760 0.840
414. WSBP Waskita Beton Precast Tbk. 1.792 1.528
415. WSKT Waskita Karya (Persero) Tbk. 2.827 2.218
416. WTON Wijaya Karya Beton Tbk. 1.993 1.662
417. YULE Yulie Sekurindo Tbk. 0.598 0.732

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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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