PEFINDO BETA STOCK

Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 1.271 1.180
2. ABDA Asuransi Bina Dana Arta Tbk. 0.134 0.422
3. ABMM ABM Investama Tbk. 0.133 0.422
4. ACES Ace Hardware Indonesia Tbk. 1.409 1.273
5. ACST Acset Indonusa Tbk. 1.167 1.111
6. ADES Akasha Wira International Tbk. 1.045 1.030
7. ADHI Adhi Karya (Persero) Tbk. 1.721 1.481
8. ADMF Adira Dinamika Multi Finance Tbk. 0.998 0.999
9. ADMG Polychem Indonesia Tbk. 1.420 1.280
10. ADRO Adaro Energy Tbk. 2.086 1.724
11. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.087 1.725
12. AHAP Asuransi Harta Aman Pratama Tbk. 0.293 0.529
13. AIMS Akbar Indo Makmur Stimec Tbk. 0.180 0.453
14. AISA Tiga Pilar Sejahtera Food Tbk. 1.766 1.511
15. AKPI Argha Karya Prima Industry Tbk. 0.056 0.371
16. AKRA AKR Corporindo Tbk. 0.454 0.636
17. ALDO Alkindo Naratama Tbk. 0.330 0.554
18. ALMI Alumindo Light Metal Industry Tbk. 0.271 0.514
19. AMFG Asahimas Flat Glass Tbk. 1.320 1.213
20. ANTM Aneka Tambang (Persero) Tbk. 1.458 1.306
21. APEX Apexindo Pratama Duta Tbk. 0.165 0.444
22. APII Arita Prima Indonesia Tbk. 0.621 0.747
23. APLI Asiaplast Industries Tbk. 0.641 0.761
24. APLN Agung Podomoro Land Tbk. 1.153 1.102
25. ARNA Arwana Citramulia Tbk. 1.448 1.298
26. ASBI Asuransi Bintang Tbk. 1.514 1.343
27. ASGR Astra Graphia Tbk. 0.338 0.558
28. ASII Astra International Tbk. 1.549 1.366
29. ASJT Asuransi Jasa Tania Tbk. 0.227 0.484
30. ASMI Asuransi Mitra Maparya Tbk. 0.816 0.877
31. ASRI Alam Sutera Realty Tbk. 2.340 1.894
32. ASSA Adi Sarana Armada Tbk. 2.171 1.780
33. AUTO Astra Otoparts Tbk. 2.011 1.674
34. BABP Bank MNC Internasional Tbk. 1.038 1.026
35. BACA Bank Capital Indonesia Tbk. 0.400 0.600
36. BAJA Saranacentral Bajatama Tbk. 0.892 0.928
37. BAPA Bekasi Asri Pemula Tbk. 0.498 0.665
38. BBCA Bank Central Asia Tbk. 1.077 1.052
39. BBKP Bank Bukopin Tbk. 0.597 0.731
40. BBLD Buana Finance Tbk. 0.408 0.605

Page 1 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BBMD Bank Mestika Dharma Tbk. 0.053 0.369
42. BBNI Bank Negara Indonesia (Persero) Tbk. 1.608 1.406
43. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.416 1.277
44. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 1.182 1.122
45. BBTN Bank Tabungan Negara (Persero) Tbk. 1.347 1.231
46. BCAP MNC Kapital Indonesia Tbk. 0.363 0.575
47. BCIP Bumi Citra Permai Tbk. 0.628 0.752
48. BDMN Bank Danamon Indonesia Tbk. 1.407 1.271
49. BEKS Bank Pundi Indonesia Tbk. 2.808 2.205
50. BEST Bekasi Fajar Industrial Estate Tbk. 2.827 2.218
51. BFIN BFI Finance Indonesia Tbk. 0.366 0.578
52. BHIT MNC Investama Tbk. 1.270 1.180
53. BIMA Primarindo Asia Infrastructure Tbk. 0.067 0.378
54. BINA Bank Ina Perdana Tbk. 1.499 1.332
55. BIPI Benakat Petroleum Energy Tbk. 0.676 0.784
56. BIPP Bhuwanatala Indah Permai Tbk. 0.772 0.848
57. BISI BISI International Tbk. 1.447 1.298
58. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.761 1.508
59. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.785 1.524
60. BKDP Bukit Darmo Property Tbk. 0.682 0.788
61. BKSL Sentul City Tbk. 2.089 1.726
62. BKSW Bank QNB Indonesia Tbk. 0.266 0.511
63. BMAS Bank Maspion Indonesia Tbk. 0.190 0.460
64. BMRI Bank Mandiri (Persero) Tbk. 1.506 1.337
65. BMTR Global Mediacom Tbk. 1.306 1.204
66. BNBA Bank Bumi Arta Tbk. 0.151 0.434
67. BNGA Bank CIMB Niaga Tbk. 2.721 2.148
68. BNII Bank Maybank Indonesia Tbk. 1.937 1.625
69. BNLI Bank Permata Tbk. 0.862 0.908
70. BPFI Batavia Prosperindo Finance Tbk. 0.017 0.345
71. BRAM Indo Kordsa Tbk. 0.710 0.807
72. BRMS Bumi Resources Minerals Tbk. 0.694 0.796
73. BRNA Berlina Tbk. 0.397 0.598
74. BRPT Barito Pacific Tbk. 2.781 2.187
75. BSDE Bumi Serpong Damai Tbk. 1.669 1.446
76. BSIM Bank Sinarmas Tbk. 0.708 0.806
77. BSSR Baramulti Suksessarana Tbk. 0.736 0.824
78. BTEL Bakrie Telecom Tbk. 0.000 0.333
79. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.626 0.750
80. BUDI Budi Starch & Sweetener Tbk. 1.258 1.172

Page 2 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BUKK Bukaka Teknik Utama Tbk. 0.448 0.632
82. BULL Buana Listya Tama Tbk. 2.117 1.745
83. BUMI Bumi Resources Tbk. 0.773 0.848
84. BUVA Bukit Uluwatu Villa Tbk. 0.368 0.579
85. BVIC Bank Victoria International Tbk. 0.497 0.664
86. BWPT Eagle High Plantations Tbk. 1.960 1.640
87. BYAN Bayan Resources Tbk. 0.115 0.410
88. CASS Cardig Aero Services Tbk. 0.325 0.550
89. CEKA Wilmar Cahaya Indonesia Tbk. 0.967 0.978
90. CENT Centrin Online Tbk. 0.211 0.474
91. CFIN Clipan Finance Indonesia Tbk. 0.840 0.893
92. CKRA Cakra Mineral Tbk. 0.918 0.945
93. CLPI Colorpak Indonesia Tbk. 1.298 1.198
94. CMNP Citra Marga Nusaphala Persada Tbk. 1.004 1.003
95. CMPP Rimau Multi Putra Pratama Tbk. 0.632 0.754
96. CNKO Exploitasi Energi Indonesia Tbk. 0.719 0.813
97. COWL Cowell Development Tbk. 0.449 0.633
98. CPIN Charoen Pokphand Indonesia Tbk. 1.995 1.663
99. CPRO Central Proteinaprima Tbk. 0.818 0.879
100. CSAP Catur Sentosa Adiprana Tbk. 0.506 0.670
101. CTBN Citra Tubindo Tbk. 0.249 0.499
102. CTRA Ciputra Development Tbk. 2.099 1.733
103. CTTH Citatah Tbk. 0.701 0.800
104. DAJK Dwi Aneka Jaya Kemasindo Tbk. 0.175 0.450
105. DART Duta Anggada Realty Tbk. 1.068 1.045
106. DEFI Danasupra Erapacific Tbk. 0.300 0.533
107. DEWA Darma Henwa Tbk. 0.107 0.404
108. DGIK Nusa Konstruksi Enjiniring Tbk. 2.317 1.878
109. DILD Intiland Development Tbk. 0.386 0.590
110. DKFT Central Omega Resources Tbk. 0.822 0.881
111. DNET Dyviacom Intrabumi Tbk. 0.228 0.485
112. DOID Delta Dunia Makmur Tbk. 2.658 2.105
113. DPNS Duta Pertiwi Nusantara Tbk. 0.221 0.480
114. DSFI Dharma Samudera Fishing Industries Tbk. 1.503 1.335
115. DSNG Dharma Satya Nusantara Tbk. 1.152 1.101
116. DUTI Duta Pertiwi Tbk. 0.069 0.379
117. DVLA Darya-Varia Laboratoria Tbk. 3.457 2.638
118. DYAN Dyandra Media International Tbk. 1.290 1.194
119. ECII Electronic City Indonesia Tbk. 1.475 1.317
120. EKAD Ekadharma International Tbk. 0.964 0.976

Page 3 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. ELSA Elnusa Tbk. 1.257 1.171
122. ELTY Bakrieland Development Tbk. 0.032 0.354
123. EMTK Elang Mahkota Teknologi Tbk. 0.530 0.687
124. ENRG Energi Mega Persada Tbk. 0.485 0.657
125. EPMT Enseval Putera Megatrading Tbk. 0.186 0.458
126. ERAA Erajaya Swasembada Tbk. 2.713 2.142
127. ERTX Eratex Djaja Tbk. 0.597 0.732
128. ESSA Surya Esa Perkasa Tbk. 1.306 1.204
129. ETWA Eterindo Wahanatama Tbk. 0.426 0.617
130. EXCL XL Axiata Tbk. 1.393 1.262
131. FAST Fast Food Indonesia Tbk. 0.317 0.544
132. FASW Fajar Surya Wisesa Tbk. 0.343 0.562
133. FISH FKS Multi Agro Tbk. 0.582 0.722
134. FMII Fortune Mate Indonesia Tbk. 0.425 0.616
135. FORU Fortune Indonesia Tbk. 0.337 0.558
136. FPNI Lotte Chemical Titan Tbk. 2.995 2.330
137. FREN Smartfren Telecom Tbk. 1.090 1.060
138. GAMA Gading Development Tbk. 0.055 0.370
139. GDST Gunawan Dianjaya Steel Tbk. 0.649 0.766
140. GEMA Gema Grahasarana Tbk. 0.256 0.504
141. GEMS Golden Energy Mines Tbk. 0.274 0.516
142. GGRM Gudang Garam Tbk. 0.742 0.828
143. GIAA Garuda Indonesia (Persero) Tbk. 1.185 1.123
144. GJTL Gajah Tunggal Tbk. 2.964 2.309
145. GPRA Perdana Gapuraprima Tbk. 0.946 0.964
146. GREN Evergreen Invesco Tbk. 1.099 1.066
147. GSMF Equity Development Investment Tbk. 0.134 0.423
148. GWSA Greenwood Sejahtera Tbk. 1.122 1.081
149. GZCO Gozco Plantations Tbk. 1.518 1.345
150. HERO Hero Supermarket Tbk. 0.476 0.651
151. HEXA Hexindo Adiperkasa Tbk. 2.184 1.789
152. HITS Humpuss Intermoda Transportasi Tbk. 0.018 0.345
153. HMSP H.M. Sampoerna Tbk. 0.807 0.871
154. HOME Hotel Mandarine Regency Tbk. 0.136 0.424
155. HOTL Saraswati Griya Lestari Tbk. 0.318 0.545
156. HRUM Harum Energy Tbk. 1.767 1.511
157. IATA Indonesia Air Transport Tbk. 0.633 0.755
158. IBST Inti Bangun Sejahtera Tbk. 0.160 0.440
159. ICBP Indofood CBP Sukses Makmur Tbk. 0.695 0.797
160. ICON Island Concepts Indonesia Tbk. 0.075 0.383

Page 4 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. IGAR Champion Pacific Indonesia Tbk. 1.528 1.352
162. IIKP Inti Agri Resources Tbk. 1.433 1.289
163. IKBI Sumi Indo Kabel Tbk. 0.547 0.698
164. IMAS Indomobil Sukses Internasional Tbk. 0.795 0.864
165. IMJS Indomobil Multi Jasa Tbk. 0.374 0.583
166. INAF Indofarma Tbk. 1.944 1.629
167. INAI Indal Aluminium Industry Tbk. 0.304 0.536
168. INCI Intanwijaya Internasional Tbk. 0.436 0.624
169. INCO Vale Indonesia Tbk. 2.345 1.897
170. INDF Indofood Sukses Makmur Tbk. 1.472 1.315
171. INDR Indo-Rama Synthetics Tbk. 0.587 0.725
172. INDS Indospring Tbk. 2.071 1.714
173. INDX Tanah Laut Tbk. 1.803 1.535
174. INDY Indika Energy Tbk. 2.004 1.670
175. INKP Indah Kiat Pulp & Paper Tbk. 1.057 1.038
176. INPC Bank Artha Graha Internasional Tbk. 0.531 0.688
177. INPP Indonesian Paradise Property Tbk. 0.200 0.467
178. INRU Toba Pulp Lestari Tbk. 0.858 0.905
179. INTA Intraco Penta Tbk. 0.016 0.344
180. INTP Indocement Tunggal Prakasa Tbk. 1.397 1.265
181. IPOL Indopoly Swakarsa Industry Tbk. 0.850 0.900
182. ISAT Indosat Tbk. 0.490 0.660
183. ISSP Steel Pipe Industry of Indonesia Tbk. 1.735 1.490
184. ITMG Indo Tambangraya Megah Tbk. 2.095 1.730
185. JAWA Jaya Agra Wattie Tbk. 0.692 0.795
186. JECC Jembo Cable Company Tbk. 1.105 1.070
187. JIHD Jakarta International Hotels & Development Tbk. 0.652 0.768
188. JKSW Jakarta Kyoei Steel Works Tbk. 0.480 0.653
189. JPFA Japfa Comfeed Indonesia Tbk. 2.755 2.170
190. JPRS Jaya Pari Steel Tbk. 0.473 0.649
191. JRPT Jaya Real Property Tbk. 0.380 0.587
192. JSMR Jasa Marga (Persero) Tbk. 1.020 1.013
193. JTPE Jasuindo Tiga Perkasa Tbk. 0.253 0.502
194. KAEF Kimia Farma Tbk. 2.153 1.768
195. KARW ICTSI Jasa Prima Tbk. 1.403 1.268
196. KBLI KMI Wire & Cable Tbk. 1.975 1.650
197. KBLM Kabelindo Murni Tbk. 1.147 1.098
198. KBLV First Media Tbk. 0.976 0.984
199. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.021 0.347
200. KDSI Kedawung Setia Industrial Tbk. 1.648 1.432

Page 5 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. KIAS Keramika Indonesia Assosiasi Tbk. 0.609 0.739
202. KIJA Kawasan Industri Jababeka Tbk. 2.023 1.682
203. KKGI Resource Alam Indonesia Tbk. 1.443 1.295
204. KLBF Kalbe Farma Tbk. 0.933 0.956
205. KOBX Kobexindo Tractors Tbk. 0.620 0.747
206. KOIN Kokoh Inti Arebama Tbk. 0.637 0.758
207. KONI Perdana Bangun Pusaka Tbk. 1.126 1.084
208. KPIG MNC Land Tbk. 0.468 0.645
209. KRAS Krakatau Steel (Persero) Tbk. 0.936 0.957
210. LAPD Leyand International Tbk. 0.193 0.462
211. LEAD Logindo Samudramakmur Tbk. 1.430 1.286
212. LINK Link Net Tbk. 0.881 0.921
213. LMAS Limas Centric Indonesia Tbk. 0.204 0.469
214. LMPI Langgeng Makmur Industri Tbk. 0.145 0.430
215. LMSH Lionmesh Prima Tbk. 0.770 0.847
216. LPCK Lippo Cikarang Tbk. 1.593 1.395
217. LPKR Lippo Karawaci Tbk. 1.359 1.239
218. LPLI Star Pacific Tbk. 0.962 0.975
219. LPPF Matahari Department Store Tbk. 1.092 1.061
220. LPPS Lippo Securities Tbk. 0.631 0.754
221. LRNA Eka Sari Lorena Transport Tbk. 0.591 0.727
222. LSIP PP London Sumatra Indonesia Tbk. 1.006 1.004
223. LTLS Lautan Luas Tbk. 0.839 0.893
224. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
225. MAIN Malindo Feedmill Tbk. 1.196 1.131
226. MAMI Mas Murni Indonesia Tbk. 0.322 0.548
227. MAPI Mitra Adiperkasa Tbk. 1.728 1.486
228. MBSS Mitrabahtera Segara Sejati Tbk. 1.683 1.455
229. MBTO Martina Berto Tbk. 0.792 0.861
230. MCOR Bank Windu Kentjana International Tbk. 0.626 0.751
231. MDIA Intermedia Capital Tbk. 0.850 0.900
232. MDLN Modernland Realty Ltd. Tbk. 1.292 1.195
233. MDRN Modern Internasional Tbk. 2.064 1.709
234. MEDC Medco Energi International Tbk. 2.167 1.778
235. MERK Merck Tbk. 0.422 0.615
236. META Nusantara Infrastructure Tbk. 1.019 1.013
237. MFIN Mandala Multifinance Tbk. 0.611 0.741
238. MICE Multi Indocitra Tbk. 1.067 1.045
239. MIDI Midi Utama Indonesia Tbk. 0.131 0.420
240. MITI Mitra Investindo Tbk. 0.168 0.446

Page 6 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MKPI Metropolitan Kentjana Tbk. 0.199 0.466
242. MLBI Multi Bintang Indonesia Tbk. 0.681 0.787
243. MLIA Mulia Industrindo Tbk. 0.042 0.362
244. MLPL Multipolar Tbk. 2.089 1.726
245. MNCN Media Nusantara Citra Tbk. 1.601 1.401
246. MPMX Mitra Pinasthika Mustika Tbk. 1.590 1.393
247. MPPA Matahari Putra Prima Tbk. 2.072 1.714
248. MRAT Mustika Ratu Tbk. 0.739 0.826
249. MTDL Metrodata Electronics Tbk. 0.714 0.809
250. MTFN Capitalinc Investment Tbk. 1.253 1.169
251. MTLA Metropolitan Land Tbk. 0.797 0.865
252. MTSM Metro Realty Tbk. 0.647 0.765
253. MYOH Samindo Resources Tbk. 0.674 0.783
254. MYOR Mayora Indah Tbk. 0.355 0.570
255. MYRX Hanson International Tbk. 0.588 0.725
256. MYTX Apac Citra Centertex Tbk. 0.276 0.518
257. NAGA Bank Mitraniaga Tbk. 0.716 0.811
258. NELY Pelayaran Nelly Dwi Putri Tbk. 0.385 0.590
259. NIKL Pelat Timah Nusantara Tbk. 1.914 1.609
260. NIPS Nipress Tbk. 1.087 1.058
261. NIRO Nirvana Development Tbk. 0.866 0.911
262. NISP Bank OCBC NISP Tbk. 0.020 0.347
263. NOBU Bank Nationalnobu Tbk. 0.118 0.412
264. NRCA Nusa Raya Cipta Tbk. 1.641 1.428
265. OCAP Onix Capital Tbk. 0.371 0.581
266. OKAS Ancora Indonesia Resources Tbk. 0.098 0.399
267. OMRE Indonesia Prima Property Tbk. 0.128 0.418
268. PADI Minna Padi Investama Tbk. 0.588 0.726
269. PALM Provident Agro Tbk. 0.115 0.410
270. PANR Panorama Sentrawisata Tbk. 0.913 0.942
271. PANS Panin Sekuritas Tbk. 0.712 0.808
272. PBRX Pan Brothers Tbk. 0.568 0.712
273. PDES Destinasi Tirta Nusantara Tbk. 0.777 0.851
274. PEGE Panca Global Securities Tbk. 0.008 0.338
275. PGAS Perusahaan Gas Negara (Persero) Tbk. 1.874 1.583
276. PGLI Pembangunan Graha Lestari Indah Tbk. 0.161 0.441
277. PJAA Pembangunan Jaya Ancol Tbk. 0.194 0.463
278. PKPK Perdana Karya Perkasa Tbk. 0.947 0.965
279. PNBN Bank Pan Indonesia Tbk. 0.916 0.944
280. PNBS Bank Panin Syariah Tbk. 0.493 0.662

Page 7 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. PNIN Panin Insurance Tbk. 0.796 0.864
282. PNLF Panin Financial Tbk. 1.537 1.358
283. PNSE Pudjiadi & Sons Tbk. 0.313 0.542
284. POLY Asia Pacific Fibers Tbk. 0.533 0.689
285. POOL Pool Advista Indonesia Tbk. 0.471 0.647
286. PRAS Prima Alloy Steel Universal Tbk. 0.741 0.827
287. PSAB J Resources Asia Pasifik Tbk. 1.592 1.395
288. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 2.410 1.940
289. PTPP PP (Persero) Tbk. 1.119 1.079
290. PTRO Petrosea Tbk. 1.647 1.431
291. PTSN Sat Nusapersada Tbk. 0.792 0.861
292. PUDP Pudjiadi Prestige Tbk. 0.718 0.812
293. PWON Pakuwon Jati Tbk. 1.655 1.437
294. PYFA Pyridam Farma Tbk. 0.307 0.538
295. RAJA Rukun Raharja Tbk. 1.424 1.282
296. RALS Ramayana Lestari Sentosa Tbk. 1.742 1.495
297. RANC Supra Boga Lestari Tbk. 0.881 0.921
298. RBMS Ristia Bintang Mahkotasejati Tbk. 0.750 0.834
299. RELI Reliance Securities Tbk. 0.156 0.437
300. RICY Ricky Putra Globalindo Tbk. 0.150 0.433
301. RIGS Rig Tenders Indonesia Tbk. 0.564 0.710
302. RIMO Rimo International Lestari Tbk. 0.232 0.488
303. RMBA Bentoel Internasional Investama Tbk. 0.366 0.577
304. ROTI Nippon Indosari Corpindo Tbk. 0.419 0.612
305. RUIS Radiant Utama Interinsco Tbk. 0.240 0.493
306. SAME Sarana Meditama Metropolitan Tbk. 0.089 0.393
307. SCBD Danayasa Arthatama Tbk. 0.503 0.669
308. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.977 0.984
309. SCMA Surya Citra Media Tbk. 1.144 1.096
310. SDMU Sidomulyo Selaras Tbk. 1.499 1.333
311. SDPC Millennium Pharmacon International Tbk. 0.901 0.934
312. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.339 0.559
313. SGRO Sampoerna Agro Tbk. 0.595 0.730
314. SHID Hotel Sahid Jaya International Tbk. 0.653 0.769
315. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.634 0.756
316. SILO Siloam International Hospitals Tbk. 0.018 0.345
317. SIMA Siwani Makmur Tbk. 0.034 0.356
318. SIMP Salim Ivomas Pratama Tbk. 1.404 1.270
319. SIPD Sierad Produce Tbk. 1.051 1.034
320. SKLT Sekar Laut Tbk. 0.589 0.726

Page 8 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. SMAR Smart Tbk. 0.596 0.731
322. SMBR Semen Baturaja (Persero) Tbk. 2.025 1.683
323. SMCB Holcim Indonesia Tbk. 1.481 1.320
324. SMDM Suryamas Dutamakmur Tbk. 0.854 0.903
325. SMDR Samudera Indonesia Tbk. 1.833 1.556
326. SMGR Semen Indonesia (Persero) Tbk. 1.426 1.284
327. SMMA Sinarmas Multiartha Tbk. 0.065 0.377
328. SMMT Golden Eagle Energy Tbk. 1.012 1.008
329. SMRA Summarecon Agung Tbk. 1.898 1.599
330. SMRU SMR Utama Tbk. 0.777 0.852
331. SMSM Selamat Sempurna Tbk. 0.342 0.562
332. SPMA Suparma Tbk. 1.136 1.091
333. SQMI Renuka Coalindo Tbk. 0.431 0.621
334. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.611 0.741
335. SRIL Sri Rejeki Isman Tbk. 0.340 0.560
336. SRSN Indo Acidatama Tbk. 0.012 0.342
337. SRTG Saratoga Investama Sedaya Tbk. 0.166 0.444
338. SSIA Surya Semesta Internusa Tbk. 1.989 1.659
339. SSMS Sawit Sumbermas Sarana Tbk. 1.360 1.240
340. SSTM Sunson Textile Manufacture Tbk. 0.617 0.745
341. STAR Star Petrochem Tbk. 0.206 0.471
342. STTP Siantar Top Tbk. 0.140 0.427
343. SULI SLJ Global Tbk. 2.115 1.743
344. SUPR Solusi Tunas Pratama Tbk. 0.586 0.724
345. TALF Tunas Alfin Tbk. 0.430 0.620
346. TAXI Express Transindo Utama Tbk. 1.560 1.373
347. TBIG Tower Bersama Infrastructure Tbk. 0.942 0.962
348. TBLA Tunas Baru Lampung Tbk. 1.352 1.235
349. TBMS Tembaga Mulia Semanan Tbk. 1.917 1.611
350. TCID Mandom Indonesia Tbk. 0.300 0.533
351. TELE Tiphone Mobile Indonesia Tbk. 0.648 0.765
352. TGKA Tigaraksa Satria Tbk. 0.164 0.443
353. TIFA Tifa Finance Tbk. 0.502 0.668
354. TINS Timah (Persero) Tbk. 1.334 1.223
355. TIRT Tirta Mahakam Resources Tbk. 1.740 1.494
356. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 1.217 1.145
357. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.631 0.754
358. TMAS Pelayaran Tempuran Emas Tbk. 0.978 0.986
359. TMPI AGIS Tbk. 0.404 0.603
360. TMPO Tempo Intimedia Tbk. 1.274 1.182

Page 9 of 12
 PEFINDO BETA STOCK
Edition: 22-June-2017

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. TOTL Total Bangun Persada Tbk. 1.384 1.256
362. TPIA Chandra Asri Petrochemical Tbk. 0.368 0.579
363. TPMA Trans Power Marine Tbk. 0.835 0.890
364. TRIL Triwira Insanlestari Tbk. 0.067 0.378
365. TRIM Trimegah Securities Tbk. 0.643 0.762
366. TRIS Trisula International Tbk. 0.251 0.501
367. TRST Trias Sentosa Tbk. 0.633 0.756
368. TRUS Trust Finance Indonesia Tbk. 0.014 0.343
369. TSPC Tempo Scan Pacific Tbk. 1.112 1.074
370. TURI Tunas Ridean Tbk. 0.790 0.860
371. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.276 0.517
372. UNTR United Tractors Tbk. 1.302 1.202
373. UNVR Unilever Indonesia Tbk. 0.686 0.791
374. VICO Victoria Investama Tbk. 0.003 0.335
375. VIVA Visi Media Asia Tbk. 0.485 0.657
376. VRNA Verena Multi Finance Tbk. 0.537 0.692
377. WAPO Wahana Pronatural Tbk. 0.375 0.584
378. WEHA WEHA Transportasi Indonesia Tbk. 0.473 0.649
379. WICO Wicaksana Overseas International Tbk. 0.794 0.862
380. WIIM Wismilak Inti Makmur Tbk. 0.552 0.701
381. WIKA Wijaya Karya (Persero) Tbk. 1.225 1.150
382. WINS Wintermar Offshore Marine Tbk. 2.159 1.773
383. WOMF Wahana Ottomitra Multiartha Tbk. 2.002 1.668
384. WSKT Waskita Karya (Persero) Tbk. 1.090 1.060
385. WTON Wijaya Karya Beton Tbk. 1.547 1.365
386. ZBRA Zebra Nusantara Tbk. 0.603 0.735

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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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