PEFINDO BETA STOCK

Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 0.992 0.995
2. ABDA Asuransi Bina Dana Arta Tbk. 0.107 0.405
3. ABMM ABM Investama Tbk. 0.092 0.395
4. ACES Ace Hardware Indonesia Tbk. 1.357 1.238
5. ACST Acset Indonusa Tbk. 0.679 0.786
6. ADES Akasha Wira International Tbk. 0.908 0.938
7. ADHI Adhi Karya (Persero) Tbk. 1.663 1.442
8. ADMF Adira Dinamika Multi Finance Tbk. 1.105 1.070
9. ADMG Polychem Indonesia Tbk. 1.133 1.089
10. ADRO Adaro Energy Tbk. 2.590 2.060
11. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.151 1.767
12. AGRS Bank Agris Tbk. 0.611 0.741
13. AHAP Asuransi Harta Aman Pratama Tbk. 0.456 0.637
14. AIMS Akbar Indo Makmur Stimec Tbk. 0.653 0.769
15. AISA Tiga Pilar Sejahtera Food Tbk. 1.576 1.384
16. AKPI Argha Karya Prima Industry Tbk. 0.020 0.346
17. AKRA AKR Corporindo Tbk. 0.656 0.771
18. AKSI Majapahit Inti Corpora Tbk. 0.437 0.624
19. ALDO Alkindo Naratama Tbk. 0.308 0.539
20. ALKA Alakasa Industrindo Tbk. 1.431 1.287
21. AMFG Asahimas Flat Glass Tbk. 0.916 0.944
22. ANTM Aneka Tambang (Persero) Tbk. 1.641 1.427
23. APEX Apexindo Pratama Duta Tbk. 0.168 0.445
24. APII Arita Prima Indonesia Tbk. 0.588 0.725
25. APLI Asiaplast Industries Tbk. 0.625 0.750
26. APLN Agung Podomoro Land Tbk. 0.943 0.962
27. ARII Atlas Resources Tbk. 0.148 0.432
28. ARNA Arwana Citramulia Tbk. 0.764 0.842
29. ARTA Arthavest Tbk. 0.121 0.414
30. ARTI Ratu Prabu Energi Tbk. 0.023 0.349
31. ASBI Asuransi Bintang Tbk. 1.211 1.140
32. ASGR Astra Graphia Tbk. 0.137 0.425
33. ASII Astra International Tbk. 1.364 1.243
34. ASJT Asuransi Jasa Tania Tbk. 0.133 0.422
35. ASMI Asuransi Mitra Maparya Tbk. 0.815 0.876
36. ASRI Alam Sutera Realty Tbk. 2.098 1.732
37. ASSA Adi Sarana Armada Tbk. 1.310 1.207
38. AUTO Astra Otoparts Tbk. 1.530 1.353
39. BABP Bank MNC Internasional Tbk. 0.849 0.899
40. BACA Bank Capital Indonesia Tbk. 0.206 0.470

Page 1 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BAJA Saranacentral Bajatama Tbk. 1.274 1.183
42. BAPA Bekasi Asri Pemula Tbk. 0.177 0.452
43. BATA Sepatu Bata Tbk. 0.062 0.374
44. BBCA Bank Central Asia Tbk. 0.989 0.993
45. BBKP Bank Bukopin Tbk. 0.709 0.806
46. BBMD Bank Mestika Dharma Tbk. 0.090 0.393
47. BBNI Bank Negara Indonesia (Persero) Tbk. 1.462 1.308
48. BBNP Bank Nusantara Parahyangan Tbk. 0.043 0.362
49. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.286 1.191
50. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.731 0.820
51. BBTN Bank Tabungan Negara (Persero) Tbk. 1.549 1.366
52. BBYB Bank Yudha Bhakti Tbk. 1.137 1.091
53. BCAP MNC Kapital Indonesia Tbk. 0.067 0.378
54. BCIP Bumi Citra Permai Tbk. 0.990 0.993
55. BDMN Bank Danamon Indonesia Tbk. 1.570 1.380
56. BEKS Bank Pundi Indonesia Tbk. 2.617 2.078
57. BEST Bekasi Fajar Industrial Estate Tbk. 2.319 1.879
58. BFIN BFI Finance Indonesia Tbk. 0.325 0.550
59. BHIT MNC Investama Tbk. 1.013 1.009
60. BIMA Primarindo Asia Infrastructure Tbk. 0.182 0.455
61. BINA Bank Ina Perdana Tbk. 2.041 1.694
62. BIPI Benakat Petroleum Energy Tbk. 1.037 1.025
63. BIPP Bhuwanatala Indah Permai Tbk. 0.858 0.905
64. BIRD Blue Bird Tbk. 0.447 0.631
65. BISI BISI International Tbk. 1.132 1.088
66. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.443 1.295
67. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.605 1.403
68. BKDP Bukit Darmo Property Tbk. 0.469 0.646
69. BKSL Sentul City Tbk. 1.540 1.360
70. BKSW Bank QNB Indonesia Tbk. 0.863 0.908
71. BMAS Bank Maspion Indonesia Tbk. 0.252 0.502
72. BMRI Bank Mandiri (Persero) Tbk. 1.400 1.267
73. BMTR Global Mediacom Tbk. 1.437 1.292
74. BNBA Bank Bumi Arta Tbk. 0.310 0.540
75. BNGA Bank CIMB Niaga Tbk. 2.962 2.308
76. BNII Bank Maybank Indonesia Tbk. 2.119 1.746
77. BNLI Bank Permata Tbk. 1.090 1.060
78. BPFI Batavia Prosperindo Finance Tbk. 0.858 0.905
79. BPII Batavia Prosperindo Internasional Tbk. 0.158 0.439
80. BRAM Indo Kordsa Tbk. 1.607 1.404

Page 2 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BRMS Bumi Resources Minerals Tbk. 1.195 1.130
82. BRNA Berlina Tbk. 0.453 0.635
83. BRPT Barito Pacific Tbk. 2.566 2.044
84. BSDE Bumi Serpong Damai Tbk. 1.478 1.319
85. BSIM Bank Sinarmas Tbk. 0.707 0.805
86. BSSR Baramulti Suksessarana Tbk. 0.773 0.849
87. BTEL Bakrie Telecom Tbk. 0.000 0.333
88. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.839 0.893
89. BUDI Budi Starch & Sweetener Tbk. 1.122 1.081
90. BUKK Bukaka Teknik Utama Tbk. 0.449 0.633
91. BULL Buana Listya Tama Tbk. 2.163 1.775
92. BUMI Bumi Resources Tbk. 0.667 0.778
93. BUVA Bukit Uluwatu Villa Tbk. 0.542 0.694
94. BVIC Bank Victoria International Tbk. 0.763 0.842
95. BWPT Eagle High Plantations Tbk. 2.139 1.759
96. BYAN Bayan Resources Tbk. 0.408 0.605
97. CASS Cardig Aero Services Tbk. 0.260 0.506
98. CEKA Wilmar Cahaya Indonesia Tbk. 1.118 1.079
99. CFIN Clipan Finance Indonesia Tbk. 0.820 0.880
100. CINT Chitose Internasional Tbk. 0.239 0.493
101. CLPI Colorpak Indonesia Tbk. 0.881 0.921
102. CMNP Citra Marga Nusaphala Persada Tbk. 0.967 0.978
103. CMPP Rimau Multi Putra Pratama Tbk. 1.547 1.365
104. CNKO Exploitasi Energi Indonesia Tbk. 0.332 0.554
105. COWL Cowell Development Tbk. 0.482 0.655
106. CPIN Charoen Pokphand Indonesia Tbk. 1.897 1.598
107. CPRO Central Proteinaprima Tbk. 0.203 0.469
108. CTBN Citra Tubindo Tbk. 0.282 0.521
109. CTRA Ciputra Development Tbk. 2.008 1.672
110. CTTH Citatah Tbk. 0.340 0.560
111. DART Duta Anggada Realty Tbk. 0.915 0.943
112. DEWA Darma Henwa Tbk. 0.291 0.527
113. DGIK Nusa Konstruksi Enjiniring Tbk. 2.271 1.847
114. DILD Intiland Development Tbk. 0.378 0.585
115. DKFT Central Omega Resources Tbk. 0.878 0.918
116. DLTA Delta Djakarta Tbk. 0.055 0.370
117. DMAS Puradelta Lestari Tbk. 1.611 1.408
118. DNET Dyviacom Intrabumi Tbk. 0.143 0.429
119. DOID Delta Dunia Makmur Tbk. 3.194 2.463
120. DPNS Duta Pertiwi Nusantara Tbk. 0.426 0.617

Page 3 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. DSFI Dharma Samudera Fishing Industries Tbk. 1.134 1.090
122. DSNG Dharma Satya Nusantara Tbk. 0.577 0.718
123. DUTI Duta Pertiwi Tbk. 0.280 0.520
124. DVLA Darya-Varia Laboratoria Tbk. 3.247 2.498
125. DYAN Dyandra Media International Tbk. 0.628 0.752
126. ECII Electronic City Indonesia Tbk. 0.805 0.870
127. EKAD Ekadharma International Tbk. 0.802 0.868
128. ELSA Elnusa Tbk. 1.354 1.236
129. ELTY Bakrieland Development Tbk. 0.028 0.352
130. EMTK Elang Mahkota Teknologi Tbk. 0.215 0.476
131. ENRG Energi Mega Persada Tbk. 1.470 1.313
132. EPMT Enseval Putera Megatrading Tbk. 0.507 0.671
133. ERAA Erajaya Swasembada Tbk. 0.742 0.828
134. ERTX Eratex Djaja Tbk. 0.285 0.524
135. ESSA Surya Esa Perkasa Tbk. 2.098 1.732
136. ESTI Ever Shine Tex Tbk. 0.202 0.468
137. EXCL XL Axiata Tbk. 1.712 1.474
138. FAST Fast Food Indonesia Tbk. 0.472 0.648
139. FASW Fajar Surya Wisesa Tbk. 0.136 0.424
140. FISH FKS Multi Agro Tbk. 0.494 0.663
141. FMII Fortune Mate Indonesia Tbk. 0.360 0.573
142. FORU Fortune Indonesia Tbk. 0.477 0.651
143. FPNI Lotte Chemical Titan Tbk. 3.118 2.412
144. FREN Smartfren Telecom Tbk. 0.044 0.362
145. GAMA Gading Development Tbk. 0.066 0.377
146. GDST Gunawan Dianjaya Steel Tbk. 0.302 0.534
147. GDYR Goodyear Indonesia Tbk. 0.328 0.552
148. GEMA Gema Grahasarana Tbk. 0.398 0.598
149. GGRM Gudang Garam Tbk. 0.917 0.945
150. GIAA Garuda Indonesia (Persero) Tbk. 1.361 1.240
151. GJTL Gajah Tunggal Tbk. 2.783 2.188
152. GLOB Global Teleshop Tbk. 0.356 0.571
153. GOLL Golden Plantation Tbk. 1.002 1.001
154. GPRA Perdana Gapuraprima Tbk. 0.517 0.678
155. GTBO Garda Tujuh Buana Tbk. 1.331 1.220
156. GWSA Greenwood Sejahtera Tbk. 0.826 0.884
157. GZCO Gozco Plantations Tbk. 1.305 1.203
158. HERO Hero Supermarket Tbk. 0.468 0.645
159. HEXA Hexindo Adiperkasa Tbk. 1.891 1.594
160. HMSP H.M. Sampoerna Tbk. 1.261 1.174

Page 4 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. HOME Hotel Mandarine Regency Tbk. 0.505 0.670
162. HOTL Saraswati Griya Lestari Tbk. 0.211 0.474
163. HRUM Harum Energy Tbk. 2.479 1.986
164. IATA Indonesia Air Transport Tbk. 0.153 0.436
165. IBST Inti Bangun Sejahtera Tbk. 0.057 0.371
166. ICBP Indofood CBP Sukses Makmur Tbk. 0.439 0.626
167. ICON Island Concepts Indonesia Tbk. 0.420 0.613
168. IGAR Champion Pacific Indonesia Tbk. 1.310 1.207
169. IIKP Inti Agri Resources Tbk. 1.812 1.542
170. IKAI Intikeramik Alamasri Industri Tbk. 0.777 0.851
171. IKBI Sumi Indo Kabel Tbk. 0.509 0.673
172. INAF Indofarma Tbk. 1.560 1.373
173. INAI Indal Aluminium Industry Tbk. 0.047 0.365
174. INCI Intanwijaya Internasional Tbk. 0.047 0.365
175. INCO Vale Indonesia Tbk. 2.465 1.977
176. INDF Indofood Sukses Makmur Tbk. 1.444 1.296
177. INDS Indospring Tbk. 2.030 1.686
178. INDX Tanah Laut Tbk. 1.618 1.412
179. INDY Indika Energy Tbk. 2.112 1.741
180. INKP Indah Kiat Pulp & Paper Tbk. 1.172 1.114
181. INPC Bank Artha Graha Internasional Tbk. 0.550 0.700
182. INPP Indonesian Paradise Property Tbk. 0.036 0.357
183. INRU Toba Pulp Lestari Tbk. 1.140 1.093
184. INTA Intraco Penta Tbk. 0.450 0.633
185. INTD Inter Delta Tbk. 0.616 0.744
186. INTP Indocement Tunggal Prakasa Tbk. 1.605 1.404
187. IPOL Indopoly Swakarsa Industry Tbk. 0.597 0.731
188. ISAT Indosat Tbk. 1.104 1.069
189. ISSP Steel Pipe Industry of Indonesia Tbk. 1.579 1.386
190. ITMA Sumber Energi Andalan Tbk. 0.253 0.502
191. ITMG Indo Tambangraya Megah Tbk. 2.387 1.925
192. JAWA Jaya Agra Wattie Tbk. 0.617 0.744
193. JECC Jembo Cable Company Tbk. 0.581 0.721
194. JIHD Jakarta International Hotels & Development Tbk. 0.614 0.743
195. JKSW Jakarta Kyoei Steel Works Tbk. 0.355 0.570
196. JPFA Japfa Comfeed Indonesia Tbk. 2.321 1.881
197. JPRS Jaya Pari Steel Tbk. 0.131 0.420
198. JRPT Jaya Real Property Tbk. 0.280 0.520
199. JSMR Jasa Marga (Persero) Tbk. 0.963 0.976
200. JTPE Jasuindo Tiga Perkasa Tbk. 0.054 0.369

Page 5 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. KAEF Kimia Farma Tbk. 1.730 1.487
202. KARW ICTSI Jasa Prima Tbk. 2.422 1.948
203. KBLI KMI Wire & Cable Tbk. 2.017 1.678
204. KBLM Kabelindo Murni Tbk. 1.225 1.150
205. KBLV First Media Tbk. 0.608 0.739
206. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.007 0.338
207. KDSI Kedawung Setia Industrial Tbk. 1.045 1.030
208. KICI Kedaung Indah Can Tbk. 0.015 0.343
209. KIJA Kawasan Industri Jababeka Tbk. 1.493 1.328
210. KKGI Resource Alam Indonesia Tbk. 1.812 1.541
211. KLBF Kalbe Farma Tbk. 1.022 1.015
212. KOIN Kokoh Inti Arebama Tbk. 0.750 0.833
213. KONI Perdana Bangun Pusaka Tbk. 1.072 1.048
214. KOPI Mitra Energi Persada Tbk. 0.191 0.461
215. KPIG MNC Land Tbk. 0.438 0.626
216. KRAS Krakatau Steel (Persero) Tbk. 1.162 1.108
217. LAPD Leyand International Tbk. 0.001 0.334
218. LEAD Logindo Samudramakmur Tbk. 1.354 1.236
219. LINK Link Net Tbk. 0.939 0.959
220. LMSH Lionmesh Prima Tbk. 0.633 0.755
221. LPCK Lippo Cikarang Tbk. 1.667 1.445
222. LPKR Lippo Karawaci Tbk. 1.106 1.071
223. LPLI Star Pacific Tbk. 1.080 1.053
224. LPPF Matahari Department Store Tbk. 0.920 0.947
225. LPPS Lippo Securities Tbk. 0.777 0.851
226. LRNA Eka Sari Lorena Transport Tbk. 0.788 0.859
227. LSIP PP London Sumatra Indonesia Tbk. 1.217 1.145
228. LTLS Lautan Luas Tbk. 1.556 1.371
229. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
230. MAIN Malindo Feedmill Tbk. 0.980 0.987
231. MAMI Mas Murni Indonesia Tbk. 0.655 0.770
232. MAPI Mitra Adiperkasa Tbk. 1.495 1.330
233. MBAP Mitrabara Adiperdana Tbk. 0.360 0.573
234. MBSS Mitrabahtera Segara Sejati Tbk. 2.739 2.159
235. MBTO Martina Berto Tbk. 0.624 0.750
236. MCOR Bank Windu Kentjana International Tbk. 1.055 1.037
237. MDIA Intermedia Capital Tbk. 0.500 0.667
238. MDKA Merdeka Copper Gold Tbk. 0.008 0.339
239. MDLN Modernland Realty Ltd. Tbk. 1.102 1.068
240. MDRN Modern Internasional Tbk. 1.786 1.524

Page 6 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MEDC Medco Energi International Tbk. 2.620 2.080
242. MERK Merck Tbk. 0.367 0.578
243. META Nusantara Infrastructure Tbk. 1.097 1.064
244. MFIN Mandala Multifinance Tbk. 0.499 0.666
245. MGNA Magna Finance Tbk. 0.579 0.719
246. MICE Multi Indocitra Tbk. 0.972 0.981
247. MIDI Midi Utama Indonesia Tbk. 0.353 0.569
248. MIKA Mitra Keluarga Karyasehat Tbk. 0.171 0.447
249. MKPI Metropolitan Kentjana Tbk. 0.431 0.621
250. MLBI Multi Bintang Indonesia Tbk. 0.563 0.709
251. MLPL Multipolar Tbk. 2.275 1.850
252. MMLP Mega Manunggal Property Tbk. 0.142 0.428
253. MNCN Media Nusantara Citra Tbk. 1.684 1.456
254. MPMX Mitra Pinasthika Mustika Tbk. 0.909 0.939
255. MPPA Matahari Putra Prima Tbk. 2.195 1.796
256. MRAT Mustika Ratu Tbk. 0.731 0.821
257. MTDL Metrodata Electronics Tbk. 0.198 0.465
258. MTLA Metropolitan Land Tbk. 0.702 0.801
259. MTSM Metro Realty Tbk. 1.148 1.099
260. MYOH Samindo Resources Tbk. 0.576 0.717
261. MYOR Mayora Indah Tbk. 0.089 0.392
262. MYRX Hanson International Tbk. 0.365 0.577
263. MYTX Apac Citra Centertex Tbk. 0.703 0.802
264. NAGA Bank Mitraniaga Tbk. 1.447 1.298
265. NELY Pelayaran Nelly Dwi Putri Tbk. 0.494 0.663
266. NIKL Pelat Timah Nusantara Tbk. 1.582 1.388
267. NIPS Nipress Tbk. 1.033 1.022
268. NIRO Nirvana Development Tbk. 0.911 0.940
269. NRCA Nusa Raya Cipta Tbk. 1.172 1.115
270. OCAP Onix Capital Tbk. 0.118 0.412
271. OMRE Indonesia Prima Property Tbk. 3.015 2.343
272. PADI Minna Padi Investama Tbk. 0.721 0.814
273. PALM Provident Agro Tbk. 0.103 0.402
274. PANR Panorama Sentrawisata Tbk. 0.625 0.750
275. PANS Panin Sekuritas Tbk. 1.163 1.109
276. PBRX Pan Brothers Tbk. 0.827 0.885
277. PDES Destinasi Tirta Nusantara Tbk. 0.934 0.956
278. PGAS PT Perusahaan Gas Negara Tbk. 2.689 2.126
279. PJAA Pembangunan Jaya Ancol Tbk. 0.142 0.428
280. PNBN Bank Pan Indonesia Tbk. 1.429 1.286

Page 7 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. PNBS Bank Panin Syariah Tbk. 0.623 0.749
282. PNIN Panin Insurance Tbk. 1.181 1.121
283. PNLF Panin Financial Tbk. 1.570 1.380
284. POOL Pool Advista Indonesia Tbk. 0.957 0.972
285. PPRO PP Properti Tbk. 1.713 1.475
286. PRAS Prima Alloy Steel Universal Tbk. 0.638 0.759
287. PSAB J Resources Asia Pasifik Tbk. 1.308 1.205
288. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 2.615 2.077
289. PTPP PP (Persero) Tbk. 1.399 1.266
290. PTRO Petrosea Tbk. 2.222 1.815
291. PTSN Sat Nusapersada Tbk. 0.420 0.613
292. PTSP Pioneerindo Gourmet International Tbk. 0.051 0.368
293. PUDP Pudjiadi Prestige Tbk. 0.554 0.703
294. PWON Pakuwon Jati Tbk. 1.535 1.357
295. PYFA Pyridam Farma Tbk. 0.283 0.522
296. RAJA Rukun Raharja Tbk. 1.009 1.006
297. RALS Ramayana Lestari Sentosa Tbk. 1.596 1.397
298. RANC Supra Boga Lestari Tbk. 0.857 0.905
299. RICY Ricky Putra Globalindo Tbk. 0.006 0.337
300. RIGS Rig Tenders Indonesia Tbk. 1.284 1.189
301. RIMO Rimo International Lestari Tbk. 0.370 0.580
302. RMBA Bentoel Internasional Investama Tbk. 0.191 0.461
303. ROTI Nippon Indosari Corpindo Tbk. 0.486 0.657
304. RUIS Radiant Utama Interinsco Tbk. 0.097 0.398
305. SAFE Steady Safe Tbk. 0.414 0.610
306. SAME Sarana Meditama Metropolitan Tbk. 0.105 0.403
307. SCCO Supreme Cable Manufacturing & Commerce Tbk. 1.035 1.023
308. SCMA Surya Citra Media Tbk. 0.963 0.975
309. SDMU Sidomulyo Selaras Tbk. 1.506 1.337
310. SDPC Millennium Pharmacon International Tbk. 0.841 0.894
311. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.344 0.562
312. SGRO Sampoerna Agro Tbk. 0.426 0.618
313. SHID Hotel Sahid Jaya International Tbk. 0.396 0.597
314. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.502 0.668
315. SILO Siloam International Hospitals Tbk. 0.194 0.463
316. SIMA Siwani Makmur Tbk. 0.510 0.674
317. SIMP Salim Ivomas Pratama Tbk. 1.295 1.197
318. SIPD Sierad Produce Tbk. 1.492 1.328
319. SKBM Sekar Bumi Tbk. 0.314 0.543
320. SKLT Sekar Laut Tbk. 0.426 0.617

Page 8 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. SMAR Smart Tbk. 0.334 0.556
322. SMBR Semen Baturaja (Persero) Tbk. 1.731 1.488
323. SMCB Holcim Indonesia Tbk. 1.536 1.357
324. SMDM Suryamas Dutamakmur Tbk. 0.624 0.749
325. SMDR Samudera Indonesia Tbk. 2.283 1.855
326. SMGR Semen Indonesia (Persero) Tbk. 1.652 1.435
327. SMMT Golden Eagle Energy Tbk. 1.295 1.197
328. SMRA Summarecon Agung Tbk. 2.018 1.679
329. SMRU SMR Utama Tbk. 0.228 0.486
330. SMSM Selamat Sempurna Tbk. 0.400 0.600
331. SOCI Soechi Lines Tbk. 1.559 1.373
332. SPMA Suparma Tbk. 1.210 1.140
333. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.329 0.553
334. SRIL Sri Rejeki Isman Tbk. 0.613 0.742
335. SRSN Indo Acidatama Tbk. 0.034 0.356
336. SRTG Saratoga Investama Sedaya Tbk. 0.269 0.513
337. SSIA Surya Semesta Internusa Tbk. 1.665 1.444
338. SSMS Sawit Sumbermas Sarana Tbk. 1.057 1.038
339. SSTM Sunson Textile Manufacture Tbk. 0.185 0.457
340. STAR Star Petrochem Tbk. 1.055 1.036
341. STTP Siantar Top Tbk. 0.249 0.499
342. SULI SLJ Global Tbk. 2.503 2.002
343. SUPR Solusi Tunas Pratama Tbk. 0.771 0.847
344. TALF Tunas Alfin Tbk. 0.311 0.540
345. TARA Sitara Propertindo Tbk. 0.226 0.484
346. TBIG Tower Bersama Infrastructure Tbk. 1.055 1.036
347. TBLA Tunas Baru Lampung Tbk. 1.153 1.102
348. TBMS Tembaga Mulia Semanan Tbk. 1.374 1.249
349. TCID Mandom Indonesia Tbk. 0.217 0.478
350. TELE Tiphone Mobile Indonesia Tbk. 0.643 0.762
351. TGKA Tigaraksa Satria Tbk. 0.636 0.757
352. TIFA Tifa Finance Tbk. 0.427 0.618
353. TINS Timah (Persero) Tbk. 1.553 1.369
354. TIRT Tirta Mahakam Resources Tbk. 1.355 1.237
355. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 0.752 0.835
356. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.587 0.725
357. TMAS Pelayaran Tempuran Emas Tbk. 0.690 0.793
358. TMPO Tempo Intimedia Tbk. 1.287 1.191
359. TOBA Toba Bara Sejahtra Tbk. 0.137 0.425
360. TOTL Total Bangun Persada Tbk. 1.299 1.199

Page 9 of 12
 PEFINDO BETA STOCK
Edition: 29-June-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. TOWR Sarana Menara Nusantara Tbk. 0.200 0.467
362. TPIA Chandra Asri Petrochemical Tbk. 0.498 0.665
363. TPMA Trans Power Marine Tbk. 0.548 0.698
364. TRAM Trada Maritime Tbk. 0.994 0.996
365. TRIL Triwira Insanlestari Tbk. 0.112 0.408
366. TRIM Trimegah Securities Tbk. 0.742 0.828
367. TRIS Trisula International Tbk. 0.239 0.493
368. TRST Trias Sentosa Tbk. 0.666 0.777
369. TRUS Trust Finance Indonesia Tbk. 0.171 0.448
370. TSPC Tempo Scan Pacific Tbk. 0.862 0.908
371. TURI Tunas Ridean Tbk. 0.543 0.695
372. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.314 0.542
373. UNIT Nusantara Inti Corpora Tbk. 0.611 0.741
374. UNSP Bakrie Sumatra Plantations Tbk. 0.207 0.471
375. UNTR United Tractors Tbk. 1.389 1.260
376. UNVR Unilever Indonesia Tbk. 0.879 0.919
377. VIVA Visi Media Asia Tbk. 0.723 0.815
378. VRNA Verena Multi Finance Tbk. 0.500 0.667
379. WAPO Wahana Pronatural Tbk. 0.576 0.717
380. WEHA WEHA Transportasi Indonesia Tbk. 0.376 0.584
381. WICO Wicaksana Overseas International Tbk. 0.201 0.467
382. WIIM Wismilak Inti Makmur Tbk. 0.244 0.496
383. WIKA Wijaya Karya (Persero) Tbk. 1.422 1.282
384. WINS Wintermar Offshore Marine Tbk. 1.886 1.591
385. WOMF Wahana Ottomitra Multiartha Tbk. 1.677 1.451
386. WSKT Waskita Karya (Persero) Tbk. 1.521 1.347
387. WTON Wijaya Karya Beton Tbk. 1.529 1.353
388. YULE Yulie Sekurindo Tbk. 0.401 0.601

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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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