PEFINDO BETA STOCK

Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 1.820 1.547
2. ABBA Mahaka Media Tbk. 0.557 0.705
3. ABDA Asuransi Bina Dana Arta Tbk. 0.327 0.551
4. ABMM ABM Investama Tbk. 0.058 0.372
5. ACES Ace Hardware Indonesia Tbk. 0.973 0.982
6. ACST Acset Indonusa Tbk. 2.148 1.765
7. ADES Akasha Wira International Tbk. 0.960 0.974
8. ADHI Adhi Karya (Persero) Tbk. 1.937 1.625
9. ADMF Adira Dinamika Multi Finance Tbk. 0.867 0.911
10. ADMG Polychem Indonesia Tbk. 1.380 1.253
11. ADRO Adaro Energy Tbk. 1.003 1.002
12. AGII Aneka Gas Industri Tbk. 0.893 0.928
13. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.226 1.817
14. AGRS Bank Agris Tbk. 0.631 0.754
15. AHAP Asuransi Harta Aman Pratama Tbk. 0.024 0.349
16. AISA Tiga Pilar Sejahtera Food Tbk. 0.022 0.348
17. AKKU Alam Karya Unggul Tbk. 0.025 0.350
18. AKPI Argha Karya Prima Industry Tbk. 0.521 0.681
19. AKRA AKR Corporindo Tbk. 1.620 1.414
20. AKSI Majapahit Inti Corpora Tbk. 1.265 1.176
21. ALDO Alkindo Naratama Tbk. 0.223 0.482
22. ALMI Alumindo Light Metal Industry Tbk. 1.157 1.104
23. AMFG Asahimas Flat Glass Tbk. 0.610 0.740
24. AMIN Ateliers Mecaniques D Indonesie Tbk. 0.320 0.547
25. AMRT Sumber Alfaria Trijaya Tbk. 0.406 0.604
26. ANJT Austindo Nusantara Jaya Tbk. 0.561 0.707
27. ANTM Aneka Tambang (Persero) Tbk. 1.964 1.643
28. APEX Apexindo Pratama Duta Tbk. 0.166 0.444
29. APIC Pacific Strategic Financial Tbk. 0.193 0.462
30. APLI Asiaplast Industries Tbk. 0.652 0.768
31. APLN Agung Podomoro Land Tbk. 1.666 1.444
32. ARGO Argo Pantes Tbk. 0.503 0.669
33. ARII Atlas Resources Tbk. 0.366 0.577
34. ARNA Arwana Citramulia Tbk. 0.669 0.780
35. ARTA Arthavest Tbk. 0.981 0.987
36. ASBI Asuransi Bintang Tbk. 0.064 0.376
37. ASDM Asuransi Dayin Mitra Tbk. 0.140 0.427
38. ASGR Astra Graphia Tbk. 0.735 0.823
39. ASII Astra International Tbk. 1.581 1.388
40. ASJT Asuransi Jasa Tania Tbk. 0.657 0.771

Page 1 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. ASMI Asuransi Mitra Maparya Tbk. 0.437 0.624
42. ASRI Alam Sutera Realty Tbk. 1.579 1.386
43. ASRM Asuransi Ramayana Tbk. 0.234 0.489
44. ASSA Adi Sarana Armada Tbk. 2.008 1.672
45. AUTO Astra Otoparts Tbk. 1.156 1.104
46. BABP Bank MNC Internasional Tbk. 0.080 0.387
47. BAJA Saranacentral Bajatama Tbk. 0.660 0.774
48. BALI Bali Towerindo Sentra Tbk. 0.357 0.571
49. BAPA Bekasi Asri Pemula Tbk. 0.139 0.426
50. BATA Sepatu Bata Tbk. 0.110 0.406
51. BBCA Bank Central Asia Tbk. 0.950 0.967
52. BBHI Bank Harda Internasional Tbk. 1.197 1.131
53. BBKP Bank Bukopin Tbk. 2.035 1.690
54. BBMD Bank Mestika Dharma Tbk. 0.984 0.990
55. BBNI Bank Negara Indonesia (Persero) Tbk. 1.905 1.603
56. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.591 1.394
57. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.106 0.404
58. BBTN Bank Tabungan Negara (Persero) Tbk. 2.096 1.731
59. BBYB Bank Yudha Bhakti Tbk. 0.490 0.660
60. BCIC Bank JTrust Indonesia Tbk. 0.284 0.523
61. BCIP Bumi Citra Permai Tbk. 0.238 0.492
62. BDMN Bank Danamon Indonesia Tbk. 1.788 1.526
63. BEST Bekasi Fajar Industrial Estate Tbk. 1.569 1.379
64. BFIN BFI Finance Indonesia Tbk. 1.331 1.220
65. BGTG Bank Ganesha Tbk. 0.462 0.641
66. BHIT MNC Investama Tbk. 0.638 0.758
67. BIKA Binakarya Jaya Abadi Tbk. 0.164 0.443
68. BIPI Benakat Petroleum Energy Tbk. 0.203 0.469
69. BIPP Bhuwanatala Indah Permai Tbk. 0.162 0.441
70. BIRD Blue Bird Tbk. 1.519 1.346
71. BISI BISI International Tbk. 0.959 0.973
72. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.253 1.169
73. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.083 1.055
74. BKDP Bukit Darmo Property Tbk. 0.295 0.530
75. BKSL Sentul City Tbk. 0.801 0.868
76. BKSW Bank QNB Indonesia Tbk. 0.733 0.822
77. BLTA Berlian Laju Tanker Tbk. 0.076 0.384
78. BLTZ Graha Layar Prima Tbk. 0.206 0.471
79. BMAS Bank Maspion Indonesia Tbk. 0.394 0.596
80. BMRI Bank Mandiri (Persero) Tbk. 1.637 1.424

Page 2 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BMSR Bintang Mitra Semestaraya Tbk. 0.772 0.848
82. BMTR Global Mediacom Tbk. 1.720 1.480
83. BNBA Bank Bumi Arta Tbk. 0.476 0.650
84. BNBR Bakrie & Brothers Tbk. 0.054 0.369
85. BNGA Bank CIMB Niaga Tbk. 1.387 1.258
86. BNII Bank Maybank Indonesia Tbk. 1.277 1.184
87. BNLI Bank Permata Tbk. 1.281 1.187
88. BOLT Garuda Metalindo Tbk. 0.505 0.670
89. BOSS Borneo Olah Sarana Sukses Tbk. 1.218 1.145
90. BPFI Batavia Prosperindo Finance Tbk. 0.512 0.675
91. BPII Batavia Prosperindo Internasional Tbk. 0.057 0.371
92. BRAM Indo Kordsa Tbk. 1.193 1.129
93. BRMS Bumi Resources Minerals Tbk. 0.113 0.409
94. BRNA Berlina Tbk. 0.181 0.454
95. BRPT Barito Pacific Tbk. 1.889 1.592
96. BSDE Bumi Serpong Damai Tbk. 1.509 1.339
97. BSIM Bank Sinarmas Tbk. 0.196 0.464
98. BSSR Baramulti Suksessarana Tbk. 0.170 0.447
99. BTEK Bumi Teknokultura Unggul Tbk. 0.006 0.337
100. BTON Betonjaya Manunggal Tbk. 1.198 1.132
101. BTPN Bank Tabungan Pensiunan Nasional Tbk. 1.012 1.008
102. BUDI Budi Starch & Sweetener Tbk. 0.624 0.750
103. BUKK Bukaka Teknik Utama Tbk. 0.180 0.453
104. BULL Buana Listya Tama Tbk. 0.660 0.773
105. BUMI Bumi Resources Tbk. 0.487 0.658
106. BUVA Bukit Uluwatu Villa Tbk. 0.491 0.661
107. BVIC Bank Victoria International Tbk. 0.465 0.643
108. BWPT Eagle High Plantations Tbk. 1.844 1.563
109. BYAN Bayan Resources Tbk. 0.033 0.355
110. CAMP Campina Ice Cream Industry Tbk. 1.496 1.331
111. CARS Industri dan Perdagangan Bintraco Dharma Tbk. 0.818 0.879
112. CEKA Wilmar Cahaya Indonesia Tbk. 0.950 0.966
113. CENT Centrin Online Tbk. 1.464 1.310
114. CFIN Clipan Finance Indonesia Tbk. 0.826 0.884
115. CINT Chitose Internasional Tbk. 0.167 0.445
116. CITA Cita Mineral Investindo Tbk. 0.299 0.533
117. CLEO Sariguna Primatirta Tbk. 0.762 0.842
118. CLPI Colorpak Indonesia Tbk. 0.933 0.956
119. CMNP Citra Marga Nusaphala Persada Tbk. 0.320 0.547
120. CNKO Exploitasi Energi Indonesia Tbk. 0.000 0.334

Page 3 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. CNTX Century Textile Industry Tbk. 0.318 0.546
122. COWL Cowell Development Tbk. 0.217 0.478
123. CPIN Charoen Pokphand Indonesia Tbk. 1.612 1.408
124. CSAP Catur Sentosa Adiprana Tbk. 0.305 0.537
125. CTBN Citra Tubindo Tbk. 0.592 0.728
126. CTRA Ciputra Development Tbk. 1.974 1.649
127. CTTH Citatah Tbk. 0.062 0.374
128. DART Duta Anggada Realty Tbk. 0.010 0.340
129. DEFI Danasupra Erapacific Tbk. 0.294 0.529
130. DEWA Darma Henwa Tbk. 0.002 0.335
131. DGIK Nusa Konstruksi Enjiniring Tbk. 0.081 0.387
132. DILD Intiland Development Tbk. 0.639 0.760
133. DKFT Central Omega Resources Tbk. 1.204 1.136
134. DLTA Delta Djakarta Tbk. 0.720 0.813
135. DMAS Puradelta Lestari Tbk. 1.978 1.652
136. DOID Delta Dunia Makmur Tbk. 2.250 1.833
137. DPNS Duta Pertiwi Nusantara Tbk. 0.659 0.772
138. DPUM Dua Putra Utama Makmur Tbk. 0.040 0.360
139. DSFI Dharma Samudera Fishing Industries Tbk. 0.633 0.756
140. DSNG Dharma Satya Nusantara Tbk. 0.767 0.845
141. DUTI Duta Pertiwi Tbk. 0.262 0.508
142. DVLA Darya-Varia Laboratoria Tbk. 0.250 0.500
143. DWGL Dwi Guna Laksana Tbk. 0.486 0.657
144. DYAN Dyandra Media International Tbk. 0.832 0.888
145. ECII Electronic City Indonesia Tbk. 0.310 0.540
146. EKAD Ekadharma International Tbk. 0.971 0.980
147. ELSA Elnusa Tbk. 1.516 1.344
148. EMDE Megapolitan Developments Tbk. 0.054 0.369
149. EMTK Elang Mahkota Teknologi Tbk. 0.053 0.369
150. ENRG Energi Mega Persada Tbk. 0.457 0.638
151. EPMT Enseval Putera Megatrading Tbk. 0.066 0.377
152. ERAA Erajaya Swasembada Tbk. 2.014 1.676
153. ESSA Surya Esa Perkasa Tbk. 1.579 1.386
154. ESTI Ever Shine Tex Tbk. 0.212 0.475
155. ETWA Eterindo Wahanatama Tbk. 0.398 0.598
156. EXCL XL Axiata Tbk. 1.453 1.302
157. FAST Fast Food Indonesia Tbk. 0.415 0.610
158. FASW Fajar Surya Wisesa Tbk. 0.059 0.373
159. FISH FKS Multi Agro Tbk. 0.772 0.848
160. FORU Fortune Indonesia Tbk. 0.121 0.414

Page 4 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. FORZ Forza Land Indonesia Tbk. 0.009 0.339
162. FPNI Lotte Chemical Titan Tbk. 0.962 0.974
163. FREN Smartfren Telecom Tbk. 2.048 1.699
164. GAMA Gading Development Tbk. 0.046 0.364
165. GDST Gunawan Dianjaya Steel Tbk. 0.421 0.614
166. GDYR Goodyear Indonesia Tbk. 0.373 0.582
167. GEMA Gema Grahasarana Tbk. 0.121 0.414
168. GGRM Gudang Garam Tbk. 1.007 1.005
169. GIAA Garuda Indonesia (Persero) Tbk. 1.822 1.548
170. GJTL Gajah Tunggal Tbk. 1.690 1.460
171. GLOB Global Teleshop Tbk. 0.507 0.671
172. GMFI Garuda Maintenance Facility Aero Asia Tbk. 1.197 1.131
173. GMTD Gowa Makassar Tourism Development Tbk. 0.040 0.360
174. GOLD Golden Retailindo Tbk. 0.439 0.626
175. GPRA Perdana Gapuraprima Tbk. 0.386 0.591
176. GTBO Garda Tujuh Buana Tbk. 0.985 0.990
177. GWSA Greenwood Sejahtera Tbk. 1.227 1.151
178. GZCO Gozco Plantations Tbk. 0.123 0.415
179. HADE HD Capital Tbk. 0.044 0.363
180. HDFA HD Finance Tbk. 0.264 0.509
181. HERO Hero Supermarket Tbk. 0.026 0.351
182. HEXA Hexindo Adiperkasa Tbk. 0.913 0.942
183. HITS Humpuss Intermoda Transportasi Tbk. 0.286 0.524
184. HMSP H.M. Sampoerna Tbk. 0.952 0.968
185. HOKI Buyung Poetra Sembada Tbk. 0.610 0.740
186. HRTA Hartadinata Abadi Tbk. 0.338 0.559
187. HRUM Harum Energy Tbk. 0.380 0.587
188. IBFN Intan Baruprana Finance Tbk. 0.562 0.708
189. ICBP Indofood CBP Sukses Makmur Tbk. 0.529 0.686
190. ICON Island Concepts Indonesia Tbk. 0.511 0.674
191. IDPR Indonesia Pondasi Raya Tbk. 1.107 1.072
192. IGAR Champion Pacific Indonesia Tbk. 0.831 0.888
193. IKAI Intikeramik Alamasri Industri Tbk. 0.245 0.496
194. IKBI Sumi Indo Kabel Tbk. 0.512 0.675
195. IMAS Indomobil Sukses Internasional Tbk. 1.624 1.416
196. IMJS Indomobil Multi Jasa Tbk. 1.573 1.382
197. IMPC Impack Pratama Industri Tbk. 0.177 0.451
198. INAF Indofarma Tbk. 0.363 0.576
199. INAI Indal Aluminium Industry Tbk. 0.296 0.531
200. INCF Amstelco Indonesia Tbk 0.875 0.917

Page 5 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. INCI Intanwijaya Internasional Tbk. 0.491 0.661
202. INCO Vale Indonesia Tbk. 1.653 1.435
203. INDF Indofood Sukses Makmur Tbk. 0.882 0.921
204. INDR Indo-Rama Synthetics Tbk. 0.534 0.689
205. INDS Indospring Tbk. 0.791 0.860
206. INDX Tanah Laut Tbk. 0.260 0.507
207. INDY Indika Energy Tbk. 1.393 1.262
208. INKP Indah Kiat Pulp & Paper Tbk. 2.003 1.669
209. INPC Bank Artha Graha Internasional Tbk. 0.280 0.520
210. INPP Indonesian Paradise Property Tbk. 0.889 0.926
211. INTA Intraco Penta Tbk. 0.509 0.673
212. INTP Indocement Tunggal Prakasa Tbk. 1.291 1.194
213. IPCM Jasa Armada Indonesia Tbk. 1.293 1.195
214. IPOL Indopoly Swakarsa Industry Tbk. 0.885 0.923
215. ISAT Indosat Tbk. 1.985 1.656
216. ISSP Steel Pipe Industry of Indonesia Tbk. 1.160 1.107
217. ITMA Sumber Energi Andalan Tbk. 1.093 1.062
218. ITMG Indo Tambangraya Megah Tbk. 1.079 1.053
219. JAWA Jaya Agra Wattie Tbk. 0.134 0.422
220. JGLE Graha Andrasentra Propertindo Tbk. 0.033 0.355
221. JIHD Jakarta International Hotels & Development Tbk. 0.147 0.432
222. JMAS Asuransi Jiwa Syariah Jasa Mitra Abadi Tbk. 0.793 0.862
223. JPFA Japfa Comfeed Indonesia Tbk. 1.606 1.404
224. JRPT Jaya Real Property Tbk. 0.698 0.799
225. JSMR Jasa Marga (Persero) Tbk. 1.562 1.375
226. JSPT Jakarta Setiabudi Internasional Tbk. 0.207 0.471
227. JTPE Jasuindo Tiga Perkasa Tbk. 0.482 0.655
228. KAEF Kimia Farma Tbk. 0.295 0.530
229. KARW ICTSI Jasa Prima Tbk. 0.207 0.471
230. KBLI KMI Wire & Cable Tbk. 0.733 0.822
231. KBLM Kabelindo Murni Tbk. 0.050 0.367
232. KBLV First Media Tbk. 0.045 0.364
233. KDSI Kedawung Setia Industrial Tbk. 1.143 1.095
234. KIAS Keramika Indonesia Assosiasi Tbk. 0.194 0.463
235. KIJA Kawasan Industri Jababeka Tbk. 1.216 1.144
236. KINO Kino Indonesia Tbk. 1.095 1.063
237. KIOS Kioson Komersial Indonesia Tbk. 0.654 0.769
238. KKGI Resource Alam Indonesia Tbk. 0.960 0.974
239. KLBF Kalbe Farma Tbk. 1.159 1.106
240. KMTR Kirana Megatara Tbk. 1.489 1.326

Page 6 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. KOBX Kobexindo Tractors Tbk. 1.020 1.013
242. KOIN Kokoh Inti Arebama Tbk. 0.245 0.497
243. KONI Perdana Bangun Pusaka Tbk. 1.080 1.053
244. KOPI Mitra Energi Persada Tbk. 0.083 0.389
245. KPIG MNC Land Tbk. 0.112 0.408
246. KRAH Grand Kartech Tbk. 1.329 1.219
247. KRAS Krakatau Steel (Persero) Tbk. 2.226 1.817
248. KREN Kresna Graha Sekurindo Tbk. 0.997 0.998
249. LCKM LCK Global Kedaton Tbk. 0.009 0.339
250. LEAD Logindo Samudramakmur Tbk. 0.409 0.606
251. LINK Link Net Tbk. 0.649 0.766
252. LION Lion Metal Works Tbk. 0.610 0.740
253. LMAS Limas Centric Indonesia Tbk. 1.330 1.220
254. LMPI Langgeng Makmur Industri Tbk. 0.045 0.364
255. LPCK Lippo Cikarang Tbk. 2.166 1.778
256. LPIN Multi Prima Sejahtera Tbk. 0.638 0.759
257. LPKR Lippo Karawaci Tbk. 1.337 1.225
258. LPPF Matahari Department Store Tbk. 1.763 1.508
259. LPPS Lippo Securities Tbk. 0.461 0.641
260. LRNA Eka Sari Lorena Transport Tbk. 0.213 0.476
261. LSIP PP London Sumatra Indonesia Tbk. 1.342 1.228
262. LTLS Lautan Luas Tbk. 0.531 0.687
263. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
264. MAIN Malindo Feedmill Tbk. 2.099 1.733
265. MAPB MAP Boga Adiperkasa Tbk. 0.455 0.637
266. MAPI Mitra Adiperkasa Tbk. 1.561 1.374
267. MARK Mark Dynamics Indonesia Tbk. 1.110 1.073
268. MASA Multistrada Arah Sarana Tbk. 0.314 0.543
269. MAYA Bank Mayapada Internasional Tbk. 0.502 0.668
270. MBAP Mitrabara Adiperdana Tbk. 0.832 0.888
271. MBSS Mitrabahtera Segara Sejati Tbk. 1.323 1.216
272. MBTO Martina Berto Tbk. 0.184 0.456
273. MCAS M Cash Integrasi Tbk. 1.521 1.347
274. MCOR Bank Windu Kentjana International Tbk. 1.227 1.151
275. MDIA Intermedia Capital Tbk. 0.102 0.401
276. MDKA Merdeka Copper Gold Tbk. 0.823 0.882
277. MDKI Emdeki Utama Tbk. 0.272 0.515
278. MDLN Modernland Realty Ltd. Tbk. 1.485 1.323
279. MEDC Medco Energi International Tbk. 1.660 1.440
280. MERK Merck Tbk. 1.189 1.126

Page 7 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. META Nusantara Infrastructure Tbk. 0.613 0.742
282. MFIN Mandala Multifinance Tbk. 0.591 0.727
283. MFMI Multifiling Mitra Indonesia Tbk. 0.483 0.655
284. MICE Multi Indocitra Tbk. 0.298 0.532
285. MIDI Midi Utama Indonesia Tbk. 0.019 0.346
286. MIKA Mitra Keluarga Karyasehat Tbk. 0.773 0.849
287. MINA Sanurhasta Mitra Tbk. 0.587 0.725
288. MKNT Mitra Komunikasi Nusantara Tbk. 0.102 0.401
289. MLBI Multi Bintang Indonesia Tbk. 0.694 0.796
290. MLIA Mulia Industrindo Tbk. 0.473 0.649
291. MLPL Multipolar Tbk. 1.201 1.134
292. MLPT Multipolar Technology Tbk. 0.589 0.726
293. MMLP Mega Manunggal Property Tbk. 0.445 0.630
294. MNCN Media Nusantara Citra Tbk. 1.429 1.286
295. MPMX Mitra Pinasthika Mustika Tbk. 0.482 0.655
296. MPOW Megapower Makmur Tbk. 0.774 0.849
297. MPPA Matahari Putra Prima Tbk. 1.469 1.313
298. MRAT Mustika Ratu Tbk. 0.403 0.602
299. MSKY MNC Sky Vision Tbk. 0.305 0.537
300. MTDL Metrodata Electronics Tbk. 1.182 1.122
301. MTLA Metropolitan Land Tbk. 0.740 0.827
302. MTSM Metro Realty Tbk. 0.046 0.364
303. MTWI Malacca Trust Wuwungan Insurance Tbk. 0.687 0.791
304. MYOH Samindo Resources Tbk. 0.551 0.701
305. MYOR Mayora Indah Tbk. 0.515 0.676
306. NASA Ayana Land International Tbk. 0.065 0.377
307. NIKL Pelat Timah Nusantara Tbk. 1.378 1.252
308. NISP Bank OCBC NISP Tbk. 0.263 0.509
309. NRCA Nusa Raya Cipta Tbk. 0.793 0.862
310. OASA Protech Mitra Perkasa Tbk. 0.715 0.810
311. OKAS Ancora Indonesia Resources Tbk. 0.998 0.998
312. OMRE Indonesia Prima Property Tbk. 1.040 1.026
313. PADI Minna Padi Investama Tbk. 0.470 0.647
314. PALM Provident Agro Tbk. 0.444 0.629
315. PANR Panorama Sentrawisata Tbk. 1.557 1.371
316. PANS Panin Sekuritas Tbk. 0.941 0.960
317. PBID Panca Budi Idaman Tbk. 0.483 0.655
318. PBRX Pan Brothers Tbk. 0.902 0.934
319. PBSA Paramita Bangun Sarana Tbk. 0.718 0.812
320. PCAR Prima Cakrawala Abadi Tbk. 0.446 0.631

Page 8 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. PDES Destinasi Tirta Nusantara Tbk. 0.608 0.739
322. PGAS PT Perusahaan Gas Negara Tbk. 2.120 1.747
323. PICO Pelangi Indah Canindo Tbk. 1.078 1.052
324. PJAA Pembangunan Jaya Ancol Tbk. 1.167 1.111
325. PKPK Perdana Karya Perkasa Tbk. 0.212 0.475
326. PLIN Plaza Indonesia Realty Tbk. 0.286 0.524
327. PNBN Bank Pan Indonesia Tbk. 1.545 1.363
328. PNBS Bank Panin Syariah Tbk. 0.282 0.521
329. PNIN Panin Insurance Tbk. 1.138 1.092
330. PNLF Panin Financial Tbk. 1.326 1.217
331. POLY Asia Pacific Fibers Tbk. 0.259 0.506
332. PORT Nusantara Pelabuhan Handal Tbk. 0.148 0.432
333. POWR Cikarang Listrindo Tbk. 0.745 0.830
334. PPRE PP Presisi Tbk. 1.751 1.500
335. PPRO PP Properti Tbk. 0.674 0.783
336. PRDA Prodia Widyahusada Tbk. 0.546 0.698
337. PSAB J Resources Asia Pasifik Tbk. 1.058 1.039
338. PSDN Prasidha Aneka Niaga Tbk. 0.428 0.619
339. PSSI Pelita Samudera Shipping Tbk. 0.809 0.873
340. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 0.871 0.914
341. PTIS Indo Straits Tbk. 0.783 0.855
342. PTPP PP (Persero) Tbk. 2.516 2.010
343. PTRO Petrosea Tbk. 1.361 1.241
344. PTSN Sat Nusapersada Tbk. 2.372 1.914
345. PTSP Pioneerindo Gourmet International Tbk. 0.221 0.481
346. PUDP Pudjiadi Prestige Tbk. 0.339 0.559
347. PWON Pakuwon Jati Tbk. 1.728 1.486
348. PYFA Pyridam Farma Tbk. 0.954 0.969
349. RAJA Rukun Raharja Tbk. 1.133 1.089
350. RALS Ramayana Lestari Sentosa Tbk. 1.531 1.354
351. RANC Supra Boga Lestari Tbk. 0.568 0.712
352. RBMS Ristia Bintang Mahkotasejati Tbk. 0.667 0.778
353. RDTX Roda Vivatex Tbk. 0.519 0.679
354. RICY Ricky Putra Globalindo Tbk. 0.139 0.426
355. RIGS Rig Tenders Indonesia Tbk. 1.150 1.100
356. RMBA Bentoel Internasional Investama Tbk. 0.209 0.473
357. RODA Pikko Land Development Tbk. 0.696 0.797
358. ROTI Nippon Indosari Corpindo Tbk. 0.367 0.578
359. RUIS Radiant Utama Interinsco Tbk. 0.735 0.824
360. SAFE Steady Safe Tbk. 0.301 0.534

Page 9 of 14
 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. SAME Sarana Meditama Metropolitan Tbk. 0.325 0.550
362. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.074 0.383
363. SCMA Surya Citra Media Tbk. 1.607 1.405
364. SDMU Sidomulyo Selaras Tbk. 0.186 0.458
365. SDPC Millennium Pharmacon International Tbk. 1.027 1.018
366. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.098 0.399
367. SHIP Sillo Maritime Perdana Tbk. 0.187 0.458
368. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.512 0.675
369. SILO Siloam International Hospitals Tbk. 0.655 0.770
370. SIMP Salim Ivomas Pratama Tbk. 1.524 1.349
371. SIPD Sierad Produce Tbk. 0.263 0.509
372. SKLT Sekar Laut Tbk. 0.162 0.441
373. SMAR Smart Tbk. 0.992 0.995
374. SMBR Semen Baturaja (Persero) Tbk. 2.180 1.787
375. SMCB Holcim Indonesia Tbk. 1.337 1.224
376. SMDM Suryamas Dutamakmur Tbk. 0.546 0.697
377. SMDR Samudera Indonesia Tbk. 1.475 1.317
378. SMGR Semen Indonesia (Persero) Tbk. 1.554 1.370
379. SMMA Sinarmas Multiartha Tbk. 0.213 0.475
380. SMMT Golden Eagle Energy Tbk. 0.691 0.794
381. SMRA Summarecon Agung Tbk. 2.089 1.726
382. SMSM Selamat Sempurna Tbk. 0.882 0.922
383. SOCI Soechi Lines Tbk. 1.509 1.340
384. SONA Sona Topas Tourism Industry Tbk. 0.109 0.406
385. SPMA Suparma Tbk. 0.637 0.758
386. SQMI Renuka Coalindo Tbk. 0.916 0.944
387. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.422 0.615
388. SRIL Sri Rejeki Isman Tbk. 1.215 1.143
389. SRSN Indo Acidatama Tbk. 0.342 0.562
390. SRTG Saratoga Investama Sedaya Tbk. 0.362 0.575
391. SSIA Surya Semesta Internusa Tbk. 1.245 1.163
392. SSTM Sunson Textile Manufacture Tbk. 0.322 0.548
393. STAR Star Petrochem Tbk. 0.466 0.644
394. SULI SLJ Global Tbk. 0.311 0.541
395. SUPR Solusi Tunas Pratama Tbk. 0.110 0.407
396. TBIG Tower Bersama Infrastructure Tbk. 1.301 1.200
397. TBLA Tunas Baru Lampung Tbk. 1.424 1.283
398. TBMS Tembaga Mulia Semanan Tbk. 0.212 0.475
399. TCID Mandom Indonesia Tbk. 0.054 0.369
400. TFCO Tifico Fiber Indonesia Tbk. 0.660 0.773

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 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

401. TGKA Tigaraksa Satria Tbk. 0.291 0.527
402. TGRA Terregra Asia Energy Tbk. 0.712 0.808
403. TIFA Tifa Finance Tbk. 0.855 0.904
404. TINS Timah (Persero) Tbk. 2.116 1.744
405. TIRA Tira Austenite Tbk. 0.114 0.410
406. TIRT Tirta Mahakam Resources Tbk. 0.058 0.372
407. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2.040 1.693
408. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.750 0.833
409. TMAS Pelayaran Tempuran Emas Tbk. 0.304 0.536
410. TOPS Totalindo Eka Persada Tbk. 0.397 0.598
411. TOTL Total Bangun Persada Tbk. 0.895 0.930
412. TOTO Surya Toto Indonesia Tbk. 0.657 0.771
413. TOWR Sarana Menara Nusantara Tbk. 1.102 1.068
414. TPIA Chandra Asri Petrochemical Tbk. 0.995 0.997
415. TPMA Trans Power Marine Tbk. 0.327 0.551
416. TRIM Trimegah Securities Tbk. 0.191 0.460
417. TRIS Trisula International Tbk. 0.043 0.362
418. TRST Trias Sentosa Tbk. 0.430 0.620
419. TSPC Tempo Scan Pacific Tbk. 0.775 0.850
420. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.538 0.692
421. UNIC Unggul Indah Cahaya Tbk. 0.793 0.862
422. UNIT Nusantara Inti Corpora Tbk. 0.217 0.478
423. UNSP Bakrie Sumatra Plantations Tbk. 1.047 1.031
424. UNTR United Tractors Tbk. 0.864 0.909
425. UNVR Unilever Indonesia Tbk. 0.620 0.747
426. VINS Victoria Insurance Tbk. 0.164 0.443
427. VIVA Visi Media Asia Tbk. 0.459 0.640
428. VOKS Voksel Electric Tbk. 0.568 0.712
429. VRNA Verena Multi Finance Tbk. 0.188 0.458
430. WAPO Wahana Pronatural Tbk. 0.118 0.412
431. WEGE Wijaya Karya Bangunan Gedung Tbk. 1.842 1.562
432. WEHA WEHA Transportasi Indonesia Tbk. 1.218 1.145
433. WICO Wicaksana Overseas International Tbk. 0.076 0.384
434. WIIM Wismilak Inti Makmur Tbk. 2.546 2.030
435. WIKA Wijaya Karya (Persero) Tbk. 2.244 1.829
436. WINS Wintermar Offshore Marine Tbk. 0.665 0.777
437. WOMF Wahana Ottomitra Multiartha Tbk. 0.965 0.977
438. WOOD Integra Indocabinet Tbk. 1.040 1.027
439. WSBP Waskita Beton Precast Tbk. 1.648 1.432
440. WSKT Waskita Karya (Persero) Tbk. 2.468 1.979

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 PEFINDO BETA STOCK
Edition: 26-March-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

441. WTON Wijaya Karya Beton Tbk. 1.723 1.482
442. YPAS Yanaprima Hastapersada Tbk. 0.272 0.515
443. YULE Yulie Sekurindo Tbk. 0.261 0.507
444. ZBRA Zebra Nusantara Tbk. 0.524 0.682
445. ZINC Kapuas Prima Coal Tbk. 1.056 1.037

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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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