PEFINDO BETA STOCK

Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 1.097 1.065
2. ABDA Asuransi Bina Dana Arta Tbk. 0.231 0.487
3. ABMM ABM Investama Tbk. 0.159 0.439
4. ACES Ace Hardware Indonesia Tbk. 1.217 1.145
5. ACST Acset Indonusa Tbk. 1.223 1.149
6. ADES Akasha Wira International Tbk. 1.052 1.035
7. ADHI Adhi Karya (Persero) Tbk. 2.204 1.803
8. ADMF Adira Dinamika Multi Finance Tbk. 1.053 1.035
9. ADMG Polychem Indonesia Tbk. 1.237 1.158
10. ADRO Adaro Energy Tbk. 1.545 1.363
11. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.147 1.765
12. AHAP Asuransi Harta Aman Pratama Tbk. 0.422 0.615
13. AISA Tiga Pilar Sejahtera Food Tbk. 1.697 1.465
14. AKRA AKR Corporindo Tbk. 0.508 0.672
15. ALDO Alkindo Naratama Tbk. 0.282 0.521
16. ALKA Alakasa Industrindo Tbk. 0.065 0.377
17. ALMI Alumindo Light Metal Industry Tbk. 0.241 0.494
18. AMFG Asahimas Flat Glass Tbk. 1.295 1.196
19. AMRT Sumber Alfaria Trijaya Tbk. 0.178 0.452
20. ANTM Aneka Tambang (Persero) Tbk. 1.683 1.455
21. APEX Apexindo Pratama Duta Tbk. 0.217 0.478
22. APIC Pacific Strategic Financial Tbk. 0.254 0.503
23. APLI Asiaplast Industries Tbk. 0.754 0.836
24. APLN Agung Podomoro Land Tbk. 1.410 1.273
25. ARNA Arwana Citramulia Tbk. 1.222 1.148
26. ASBI Asuransi Bintang Tbk. 1.103 1.068
27. ASGR Astra Graphia Tbk. 0.272 0.514
28. ASII Astra International Tbk. 1.510 1.340
29. ASJT Asuransi Jasa Tania Tbk. 0.160 0.440
30. ASRI Alam Sutera Realty Tbk. 2.516 2.010
31. ASSA Adi Sarana Armada Tbk. 2.111 1.741
32. AUTO Astra Otoparts Tbk. 1.894 1.596
33. BABP Bank MNC Internasional Tbk. 0.827 0.885
34. BACA Bank Capital Indonesia Tbk. 0.397 0.598
35. BAJA Saranacentral Bajatama Tbk. 0.652 0.768
36. BAPA Bekasi Asri Pemula Tbk. 0.037 0.358
37. BAYU Bayu Buana Tbk. 0.322 0.548
38. BBCA Bank Central Asia Tbk. 1.011 1.007
39. BBKP Bank Bukopin Tbk. 0.700 0.800
40. BBLD Buana Finance Tbk. 0.659 0.772

Page 1 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BBMD Bank Mestika Dharma Tbk. 0.174 0.449
42. BBNI Bank Negara Indonesia (Persero) Tbk. 1.741 1.494
43. BBNP Bank Nusantara Parahyangan Tbk. 0.041 0.361
44. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.507 1.338
45. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 1.017 1.011
46. BBTN Bank Tabungan Negara (Persero) Tbk. 1.341 1.227
47. BCAP MNC Kapital Indonesia Tbk. 0.403 0.602
48. BDMN Bank Danamon Indonesia Tbk. 1.371 1.247
49. BEKS Bank Pundi Indonesia Tbk. 2.670 2.113
50. BEST Bekasi Fajar Industrial Estate Tbk. 2.846 2.231
51. BFIN BFI Finance Indonesia Tbk. 0.392 0.595
52. BHIT MNC Investama Tbk. 1.227 1.151
53. BIMA Primarindo Asia Infrastructure Tbk. 0.198 0.465
54. BIPI Benakat Petroleum Energy Tbk. 0.885 0.923
55. BIPP Bhuwanatala Indah Permai Tbk. 0.662 0.774
56. BISI BISI International Tbk. 1.331 1.221
57. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.885 1.590
58. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.614 1.409
59. BKDP Bukit Darmo Property Tbk. 0.529 0.686
60. BKSL Sentul City Tbk. 2.253 1.835
61. BKSW Bank QNB Indonesia Tbk. 0.231 0.487
62. BMAS Bank Maspion Indonesia Tbk. 0.088 0.392
63. BMRI Bank Mandiri (Persero) Tbk. 1.605 1.403
64. BMTR Global Mediacom Tbk. 1.168 1.112
65. BNBA Bank Bumi Arta Tbk. 0.024 0.350
66. BNGA Bank CIMB Niaga Tbk. 2.325 1.883
67. BNII Bank Maybank Indonesia Tbk. 1.738 1.492
68. BNLI Bank Permata Tbk. 0.869 0.913
69. BRAM Indo Kordsa Tbk. 0.787 0.858
70. BRMS Bumi Resources Minerals Tbk. 0.741 0.827
71. BRNA Berlina Tbk. 0.543 0.696
72. BRPT Barito Pacific Tbk. 2.106 1.737
73. BSDE Bumi Serpong Damai Tbk. 1.669 1.446
74. BSIM Bank Sinarmas Tbk. 0.662 0.775
75. BSSR Baramulti Suksessarana Tbk. 0.339 0.559
76. BSWD Bank Of India Indonesia Tbk. 1.589 1.393
77. BTON Betonjaya Manunggal Tbk. 0.128 0.419
78. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.683 0.789
79. BUDI Budi Starch & Sweetener Tbk. 0.780 0.853
80. BUKK Bukaka Teknik Utama Tbk. 0.424 0.616

Page 2 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BUMI Bumi Resources Tbk. 1.259 1.173
82. BUVA Bukit Uluwatu Villa Tbk. 0.216 0.478
83. BVIC Bank Victoria International Tbk. 0.633 0.755
84. BWPT Eagle High Plantations Tbk. 1.378 1.252
85. CASS Cardig Aero Services Tbk. 0.431 0.621
86. CEKA Wilmar Cahaya Indonesia Tbk. 0.978 0.986
87. CFIN Clipan Finance Indonesia Tbk. 0.727 0.818
88. CKRA Cakra Mineral Tbk. 0.680 0.787
89. CLPI Colorpak Indonesia Tbk. 1.259 1.173
90. CMNP Citra Marga Nusaphala Persada Tbk. 0.979 0.986
91. CMPP Rimau Multi Putra Pratama Tbk. 0.494 0.663
92. CNKO Exploitasi Energi Indonesia Tbk. 0.505 0.670
93. COWL Cowell Development Tbk. 0.443 0.629
94. CPGT Citra Maharlika Nusantara Corpora Tbk. 1.310 1.206
95. CPIN Charoen Pokphand Indonesia Tbk. 1.942 1.628
96. CPRO Central Proteinaprima Tbk. 0.721 0.814
97. CSAP Catur Sentosa Adiprana Tbk. 0.843 0.895
98. CTBN Citra Tubindo Tbk. 0.303 0.535
99. CTRA Ciputra Development Tbk. 2.455 1.970
100. CTRP Ciputra Property Tbk. 2.021 1.681
101. CTRS Ciputra Surya Tbk. 2.130 1.753
102. CTTH Citatah Tbk. 0.645 0.763
103. DART Duta Anggada Realty Tbk. 1.503 1.335
104. DEFI Danasupra Erapacific Tbk. 0.345 0.564
105. DGIK Nusa Konstruksi Enjiniring Tbk. 2.177 1.785
106. DILD Intiland Development Tbk. 0.873 0.915
107. DKFT Central Omega Resources Tbk. 0.687 0.792
108. DOID Delta Dunia Makmur Tbk. 2.097 1.731
109. DPNS Duta Pertiwi Nusantara Tbk. 0.260 0.507
110. DSFI Dharma Samudera Fishing Industries Tbk. 1.313 1.208
111. DSNG Dharma Satya Nusantara Tbk. 1.401 1.267
112. DUTI Duta Pertiwi Tbk. 0.112 0.408
113. DVLA Darya-Varia Laboratoria Tbk. 3.075 2.383
114. DYAN Dyandra Media International Tbk. 1.330 1.220
115. ECII Electronic City Indonesia Tbk. 1.215 1.143
116. EKAD Ekadharma International Tbk. 0.746 0.831
117. ELSA Elnusa Tbk. 1.216 1.144
118. EMTK Elang Mahkota Teknologi Tbk. 0.364 0.576
119. ENRG Energi Mega Persada Tbk. 0.829 0.886
120. ERAA Erajaya Swasembada Tbk. 2.819 2.213

Page 3 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. ERTX Eratex Djaja Tbk. 0.510 0.673
122. ESSA Surya Esa Perkasa Tbk. 0.897 0.931
123. ETWA Eterindo Wahanatama Tbk. 0.608 0.739
124. EXCL XL Axiata Tbk. 1.035 1.023
125. FAST Fast Food Indonesia Tbk. 0.472 0.648
126. FASW Fajar Surya Wisesa Tbk. 0.432 0.621
127. FISH FKS Multi Agro Tbk. 0.698 0.799
128. FMII Fortune Mate Indonesia Tbk. 0.170 0.446
129. FORU Fortune Indonesia Tbk. 0.615 0.743
130. FPNI Lotte Chemical Titan Tbk. 0.955 0.970
131. FREN Smartfren Telecom Tbk. 1.203 1.135
132. GAMA Gading Development Tbk. 0.722 0.815
133. GDST Gunawan Dianjaya Steel Tbk. 0.605 0.737
134. GEMA Gema Grahasarana Tbk. 0.087 0.391
135. GEMS Golden Energy Mines Tbk. 0.392 0.595
136. GGRM Gudang Garam Tbk. 0.634 0.756
137. GIAA Garuda Indonesia (Persero) Tbk. 0.920 0.947
138. GJTL Gajah Tunggal Tbk. 2.875 2.250
139. GMTD Gowa Makassar Tourism Development Tbk. 0.182 0.455
140. GPRA Perdana Gapuraprima Tbk. 0.885 0.923
141. GREN Evergreen Invesco Tbk. 0.906 0.937
142. GSMF Equity Development Investment Tbk. 0.297 0.531
143. GWSA Greenwood Sejahtera Tbk. 1.063 1.042
144. GZCO Gozco Plantations Tbk. 1.464 1.310
145. HERO Hero Supermarket Tbk. 0.814 0.876
146. HEXA Hexindo Adiperkasa Tbk. 1.976 1.651
147. HMSP H.M. Sampoerna Tbk. 0.784 0.856
148. HOME Hotel Mandarine Regency Tbk. 0.132 0.421
149. HOTL Saraswati Griya Lestari Tbk. 0.155 0.436
150. HRUM Harum Energy Tbk. 1.330 1.220
151. IATA Indonesia Air Transport Tbk. 1.016 1.011
152. ICBP Indofood CBP Sukses Makmur Tbk. 0.691 0.794
153. IGAR Champion Pacific Indonesia Tbk. 1.442 1.295
154. IIKP Inti Agri Resources Tbk. 1.088 1.058
155. IKAI Intikeramik Alamasri Industri Tbk. 0.080 0.387
156. IKBI Sumi Indo Kabel Tbk. 0.380 0.587
157. IMAS Indomobil Sukses Internasional Tbk. 0.854 0.903
158. INAF Indofarma Tbk. 2.028 1.686
159. INAI Indal Aluminium Industry Tbk. 0.201 0.467
160. INCI Intanwijaya Internasional Tbk. 0.231 0.488

Page 4 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. INCO Vale Indonesia Tbk. 2.548 2.032
162. INDF Indofood Sukses Makmur Tbk. 1.335 1.223
163. INDR Indo-Rama Synthetics Tbk. 0.508 0.672
164. INDS Indospring Tbk. 1.802 1.535
165. INDX Tanah Laut Tbk. 1.461 1.307
166. INDY Indika Energy Tbk. 2.091 1.727
167. INKP Indah Kiat Pulp & Paper Tbk. 0.778 0.852
168. INPC Bank Artha Graha Internasional Tbk. 0.700 0.800
169. INPP Indonesian Paradise Property Tbk. 0.286 0.524
170. INTA Intraco Penta Tbk. 0.338 0.559
171. INTD Inter Delta Tbk. 0.010 0.340
172. INTP Indocement Tunggal Prakasa Tbk. 1.346 1.231
173. IPOL Indopoly Swakarsa Industry Tbk. 0.677 0.785
174. ISAT Indosat Tbk. 0.562 0.708
175. ISSP Steel Pipe Industry of Indonesia Tbk. 1.689 1.459
176. ITMG Indo Tambangraya Megah Tbk. 1.704 1.469
177. JAWA Jaya Agra Wattie Tbk. 0.517 0.678
178. JECC Jembo Cable Company Tbk. 0.761 0.841
179. JIHD Jakarta International Hotels & Development Tbk. 0.868 0.912
180. JKON Jaya Konstruksi Manggala Pratama Tbk. 0.072 0.381
181. JPFA Japfa Comfeed Indonesia Tbk. 2.608 2.072
182. JPRS Jaya Pari Steel Tbk. 0.359 0.573
183. JRPT Jaya Real Property Tbk. 0.427 0.618
184. JSMR Jasa Marga (Persero) Tbk. 1.123 1.082
185. JTPE Jasuindo Tiga Perkasa Tbk. 0.233 0.489
186. KAEF Kimia Farma Tbk. 2.422 1.948
187. KARW ICTSI Jasa Prima Tbk. 1.033 1.022
188. KBLI KMI Wire & Cable Tbk. 1.470 1.313
189. KBLM Kabelindo Murni Tbk. 0.618 0.746
190. KBLV First Media Tbk. 1.268 1.178
191. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.017 0.345
192. KDSI Kedawung Setia Industrial Tbk. 1.242 1.161
193. KIAS Keramika Indonesia Assosiasi Tbk. 0.626 0.751
194. KICI Kedaung Indah Can Tbk. 0.116 0.411
195. KIJA Kawasan Industri Jababeka Tbk. 2.186 1.791
196. KKGI Resource Alam Indonesia Tbk. 0.884 0.923
197. KLBF Kalbe Farma Tbk. 0.889 0.926
198. KOBX Kobexindo Tractors Tbk. 0.617 0.745
199. KOIN Kokoh Inti Arebama Tbk. 0.817 0.878
200. KONI Perdana Bangun Pusaka Tbk. 0.794 0.863

Page 5 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. KPIG MNC Land Tbk. 0.382 0.588
202. KRAS Krakatau Steel (Persero) Tbk. 1.197 1.131
203. LAPD Leyand International Tbk. 0.040 0.360
204. LMAS Limas Centric Indonesia Tbk. 0.155 0.437
205. LMPI Langgeng Makmur Industri Tbk. 0.706 0.804
206. LMSH Lionmesh Prima Tbk. 0.541 0.694
207. LPCK Lippo Cikarang Tbk. 2.131 1.754
208. LPKR Lippo Karawaci Tbk. 1.572 1.381
209. LPLI Star Pacific Tbk. 1.057 1.038
210. LPPF Matahari Department Store Tbk. 1.186 1.124
211. LPPS Lippo Securities Tbk. 0.681 0.787
212. LSIP PP London Sumatra Indonesia Tbk. 1.056 1.037
213. LTLS Lautan Luas Tbk. 0.755 0.837
214. MAIN Malindo Feedmill Tbk. 0.966 0.977
215. MAMI Mas Murni Indonesia Tbk. 0.084 0.389
216. MAPI Mitra Adiperkasa Tbk. 1.529 1.353
217. MASA Multistrada Arah Sarana Tbk. 0.150 0.433
218. MBSS Mitrabahtera Segara Sejati Tbk. 1.252 1.168
219. MBTO Martina Berto Tbk. 0.738 0.825
220. MCOR Bank Windu Kentjana International Tbk. 0.831 0.887
221. MDLN Modernland Realty Ltd. Tbk. 1.243 1.162
222. MDRN Modern Internasional Tbk. 1.690 1.460
223. MEDC Medco Energi International Tbk. 1.797 1.532
224. MERK Merck Tbk. 0.387 0.592
225. META Nusantara Infrastructure Tbk. 0.715 0.810
226. MFIN Mandala Multifinance Tbk. 0.445 0.630
227. MICE Multi Indocitra Tbk. 1.025 1.017
228. MIDI Midi Utama Indonesia Tbk. 0.122 0.414
229. MIRA Mitra International Resources Tbk. 0.197 0.464
230. MITI Mitra Investindo Tbk. 0.150 0.433
231. MKPI Metropolitan Kentjana Tbk. 0.433 0.622
232. MLBI Multi Bintang Indonesia Tbk. 0.479 0.653
233. MLIA Mulia Industrindo Tbk. 0.151 0.434
234. MLPL Multipolar Tbk. 2.357 1.905
235. MNCN Media Nusantara Citra Tbk. 1.294 1.196
236. MPMX Mitra Pinasthika Mustika Tbk. 1.508 1.339
237. MPPA Matahari Putra Prima Tbk. 2.429 1.953
238. MRAT Mustika Ratu Tbk. 0.743 0.828
239. MTDL Metrodata Electronics Tbk. 0.637 0.758
240. MTLA Metropolitan Land Tbk. 0.951 0.967

Page 6 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MTSM Metro Realty Tbk. 0.761 0.841
242. MYOH Samindo Resources Tbk. 0.546 0.697
243. MYOR Mayora Indah Tbk. 0.506 0.671
244. MYRX Hanson International Tbk. 0.759 0.839
245. NAGA Bank Mitraniaga Tbk. 0.747 0.832
246. NELY Pelayaran Nelly Dwi Putri Tbk. 0.277 0.518
247. NIKL Pelat Timah Nusantara Tbk. 2.189 1.792
248. NIPS Nipress Tbk. 0.851 0.901
249. NIRO Nirvana Development Tbk. 0.838 0.892
250. NISP Bank OCBC NISP Tbk. 0.015 0.344
251. NOBU Bank Nationalnobu Tbk. 0.316 0.544
252. NRCA Nusa Raya Cipta Tbk. 1.622 1.415
253. OCAP Onix Capital Tbk. 0.290 0.526
254. OMRE Indonesia Prima Property Tbk. 0.013 0.342
255. PADI Minna Padi Investama Tbk. 0.468 0.646
256. PALM Provident Agro Tbk. 0.232 0.488
257. PANR Panorama Sentrawisata Tbk. 0.936 0.957
258. PANS Panin Sekuritas Tbk. 0.815 0.876
259. PBRX Pan Brothers Tbk. 0.694 0.796
260. PDES Destinasi Tirta Nusantara Tbk. 0.596 0.731
261. PEGE Panca Global Securities Tbk. 0.024 0.349
262. PGAS Perusahaan Gas Negara (Persero) Tbk. 1.915 1.610
263. PGLI Pembangunan Graha Lestari Indah Tbk. 0.107 0.405
264. PICO Pelangi Indah Canindo Tbk. 0.123 0.416
265. PJAA Pembangunan Jaya Ancol Tbk. 0.264 0.509
266. PKPK Perdana Karya Perkasa Tbk. 1.000 1.000
267. PNBN Bank Pan Indonesia Tbk. 0.955 0.970
268. PNIN Panin Insurance Tbk. 0.596 0.731
269. PNLF Panin Financial Tbk. 1.494 1.329
270. PNSE Pudjiadi & Sons Tbk. 0.517 0.678
271. POLY Asia Pacific Fibers Tbk. 0.608 0.739
272. POOL Pool Advista Indonesia Tbk. 1.874 1.583
273. PRAS Prima Alloy Steel Universal Tbk. 0.773 0.849
274. PSAB J Resources Asia Pasifik Tbk. 1.343 1.229
275. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 1.985 1.657
276. PTPP PP (Persero) Tbk. 1.560 1.374
277. PTRO Petrosea Tbk. 1.259 1.173
278. PTSN Sat Nusapersada Tbk. 0.682 0.788
279. PTSP Pioneerindo Gourmet International Tbk. 0.247 0.498
280. PUDP Pudjiadi Prestige Tbk. 0.682 0.788

Page 7 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. PWON Pakuwon Jati Tbk. 1.849 1.566
282. PYFA Pyridam Farma Tbk. 0.422 0.614
283. RAJA Rukun Raharja Tbk. 1.050 1.034
284. RALS Ramayana Lestari Sentosa Tbk. 1.914 1.609
285. RANC Supra Boga Lestari Tbk. 0.729 0.819
286. RBMS Ristia Bintang Mahkotasejati Tbk. 0.649 0.766
287. RICY Ricky Putra Globalindo Tbk. 0.231 0.487
288. RIGS Rig Tenders Indonesia Tbk. 0.312 0.541
289. RMBA Bentoel Internasional Investama Tbk. 0.080 0.386
290. ROTI Nippon Indosari Corpindo Tbk. 0.578 0.718
291. RUIS Radiant Utama Interinsco Tbk. 0.482 0.654
292. SAME Sarana Meditama Metropolitan Tbk. 0.130 0.420
293. SCBD Danayasa Arthatama Tbk. 0.654 0.769
294. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.724 0.816
295. SCMA Surya Citra Media Tbk. 0.942 0.962
296. SDMU Sidomulyo Selaras Tbk. 1.251 1.167
297. SDPC Millennium Pharmacon International Tbk. 0.489 0.659
298. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.375 0.584
299. SGRO Sampoerna Agro Tbk. 0.547 0.698
300. SHID Hotel Sahid Jaya International Tbk. 0.340 0.560
301. SILO Siloam International Hospitals Tbk. 0.103 0.402
302. SIMP Salim Ivomas Pratama Tbk. 1.213 1.142
303. SIPD Sierad Produce Tbk. 0.765 0.843
304. SKBM Sekar Bumi Tbk. 0.203 0.469
305. SMAR Smart Tbk. 0.631 0.754
306. SMBR Semen Baturaja (Persero) Tbk. 2.067 1.711
307. SMCB Holcim Indonesia Tbk. 1.614 1.410
308. SMDM Suryamas Dutamakmur Tbk. 0.574 0.716
309. SMDR Samudera Indonesia Tbk. 1.561 1.374
310. SMGR Semen Indonesia (Persero) Tbk. 1.415 1.277
311. SMMT Golden Eagle Energy Tbk. 1.093 1.062
312. SMRA Summarecon Agung Tbk. 2.091 1.727
313. SMRU SMR Utama Tbk. 0.813 0.875
314. SPMA Suparma Tbk. 1.149 1.099
315. SQMI Renuka Coalindo Tbk. 0.698 0.799
316. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.407 0.605
317. SRIL Sri Rejeki Isman Tbk. 0.385 0.590
318. SRSN Indo Acidatama Tbk. 0.008 0.339
319. SRTG Saratoga Investama Sedaya Tbk. 0.006 0.338
320. SSIA Surya Semesta Internusa Tbk. 2.074 1.716

Page 8 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. SSTM Sunson Textile Manufacture Tbk. 0.537 0.691
322. STTP Siantar Top Tbk. 0.493 0.662
323. SULI SLJ Global Tbk. 1.603 1.402
324. SUPR Solusi Tunas Pratama Tbk. 0.586 0.724
325. TAXI Express Transindo Utama Tbk. 1.279 1.186
326. TBIG Tower Bersama Infrastructure Tbk. 0.582 0.722
327. TBLA Tunas Baru Lampung Tbk. 1.016 1.011
328. TBMS Tembaga Mulia Semanan Tbk. 1.462 1.308
329. TCID Mandom Indonesia Tbk. 0.312 0.541
330. TELE Tiphone Mobile Indonesia Tbk. 0.793 0.862
331. TGKA Tigaraksa Satria Tbk. 0.209 0.473
332. TINS Timah (Persero) Tbk. 1.748 1.499
333. TIRA Tira Austenite Tbk. 0.043 0.362
334. TIRT Tirta Mahakam Resources Tbk. 1.133 1.089
335. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 1.019 1.012
336. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.612 0.741
337. TMAS Pelayaran Tempuran Emas Tbk. 0.935 0.957
338. TMPO Tempo Intimedia Tbk. 1.210 1.140
339. TOTL Total Bangun Persada Tbk. 1.895 1.597
340. TOWR Sarana Menara Nusantara Tbk. 0.161 0.440
341. TPIA Chandra Asri Petrochemical Tbk. 0.282 0.522
342. TPMA Trans Power Marine Tbk. 1.040 1.027
343. TRAM Trada Maritime Tbk. 0.042 0.362
344. TRIM Trimegah Securities Tbk. 0.784 0.856
345. TRIS Trisula International Tbk. 0.323 0.548
346. TRST Trias Sentosa Tbk. 0.892 0.928
347. TSPC Tempo Scan Pacific Tbk. 1.035 1.024
348. TURI Tunas Ridean Tbk. 0.988 0.992
349. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.306 0.537
350. UNIT Nusantara Inti Corpora Tbk. 0.356 0.570
351. UNSP Bakrie Sumatra Plantations Tbk. 0.096 0.397
352. UNTR United Tractors Tbk. 1.078 1.052
353. UNVR Unilever Indonesia Tbk. 0.737 0.825
354. VIVA Visi Media Asia Tbk. 0.193 0.462
355. VOKS Voksel Electric Tbk. 0.150 0.433
356. VRNA Verena Multi Finance Tbk. 0.465 0.643
357. WAPO Wahana Pronatural Tbk. 0.473 0.649
358. WEHA WEHA Transportasi Indonesia Tbk. 0.507 0.671
359. WICO Wicaksana Overseas International Tbk. 0.746 0.831
360. WIIM Wismilak Inti Makmur Tbk. 0.476 0.651

Page 9 of 12
 PEFINDO BETA STOCK
Edition: 27-October-2016

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. WIKA Wijaya Karya (Persero) Tbk. 1.653 1.435
362. WINS Wintermar Offshore Marine Tbk. 1.901 1.601
363. WOMF Wahana Ottomitra Multiartha Tbk. 1.600 1.400
364. WSKT Waskita Karya (Persero) Tbk. 1.729 1.486
365. YPAS Yanaprima Hastapersada Tbk. 0.019 0.346
366. ZBRA Zebra Nusantara Tbk. 0.456 0.637

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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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