PEFINDO BETA STOCK

Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 1.703 1.469
2. ABBA Mahaka Media Tbk. 0.494 0.663
3. ABDA Asuransi Bina Dana Arta Tbk. 0.328 0.552
4. ABMM ABM Investama Tbk. 0.047 0.365
5. ACES Ace Hardware Indonesia Tbk. 0.992 0.995
6. ACST Acset Indonusa Tbk. 2.058 1.705
7. ADES Akasha Wira International Tbk. 0.897 0.932
8. ADHI Adhi Karya (Persero) Tbk. 2.004 1.670
9. ADMF Adira Dinamika Multi Finance Tbk. 0.908 0.938
10. ADMG Polychem Indonesia Tbk. 1.363 1.242
11. ADRO Adaro Energy Tbk. 1.199 1.133
12. AGII Aneka Gas Industri Tbk. 1.030 1.020
13. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.166 1.777
14. AGRS Bank Agris Tbk. 0.732 0.822
15. AHAP Asuransi Harta Aman Pratama Tbk. 0.097 0.398
16. AIMS Akbar Indo Makmur Stimec Tbk. 0.046 0.364
17. AISA Tiga Pilar Sejahtera Food Tbk. 0.079 0.386
18. AKKU Alam Karya Unggul Tbk. 0.079 0.386
19. AKPI Argha Karya Prima Industry Tbk. 0.520 0.680
20. AKRA AKR Corporindo Tbk. 1.535 1.356
21. AKSI Majapahit Inti Corpora Tbk. 1.157 1.105
22. ALDO Alkindo Naratama Tbk. 0.233 0.489
23. ALKA Alakasa Industrindo Tbk. 0.327 0.551
24. ALMI Alumindo Light Metal Industry Tbk. 1.116 1.078
25. AMFG Asahimas Flat Glass Tbk. 0.523 0.682
26. AMIN Ateliers Mecaniques D Indonesie Tbk. 0.259 0.506
27. AMRT Sumber Alfaria Trijaya Tbk. 0.343 0.562
28. ANJT Austindo Nusantara Jaya Tbk. 0.633 0.755
29. ANTM Aneka Tambang (Persero) Tbk. 2.053 1.702
30. APEX Apexindo Pratama Duta Tbk. 0.179 0.452
31. APIC Pacific Strategic Financial Tbk. 0.239 0.493
32. APLI Asiaplast Industries Tbk. 0.657 0.772
33. APLN Agung Podomoro Land Tbk. 1.629 1.419
34. ARGO Argo Pantes Tbk. 0.454 0.636
35. ARII Atlas Resources Tbk. 0.447 0.631
36. ARNA Arwana Citramulia Tbk. 0.625 0.750
37. ARTA Arthavest Tbk. 1.028 1.019
38. ASBI Asuransi Bintang Tbk. 0.056 0.371
39. ASDM Asuransi Dayin Mitra Tbk. 0.104 0.402
40. ASGR Astra Graphia Tbk. 0.629 0.753

Page 1 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. ASII Astra International Tbk. 1.544 1.363
42. ASJT Asuransi Jasa Tania Tbk. 0.693 0.796
43. ASMI Asuransi Mitra Maparya Tbk. 0.424 0.616
44. ASRI Alam Sutera Realty Tbk. 1.557 1.371
45. ASRM Asuransi Ramayana Tbk. 0.200 0.466
46. ASSA Adi Sarana Armada Tbk. 1.802 1.535
47. AUTO Astra Otoparts Tbk. 1.074 1.049
48. BABP Bank MNC Internasional Tbk. 0.108 0.406
49. BAJA Saranacentral Bajatama Tbk. 0.706 0.804
50. BALI Bali Towerindo Sentra Tbk. 0.367 0.578
51. BAPA Bekasi Asri Pemula Tbk. 0.210 0.474
52. BATA Sepatu Bata Tbk. 0.166 0.444
53. BBCA Bank Central Asia Tbk. 0.932 0.955
54. BBHI Bank Harda Internasional Tbk. 1.364 1.243
55. BBKP Bank Bukopin Tbk. 1.943 1.628
56. BBMD Bank Mestika Dharma Tbk. 0.896 0.931
57. BBNI Bank Negara Indonesia (Persero) Tbk. 1.840 1.560
58. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.537 1.358
59. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.092 0.395
60. BBTN Bank Tabungan Negara (Persero) Tbk. 2.007 1.671
61. BBYB Bank Yudha Bhakti Tbk. 0.452 0.634
62. BCIC Bank JTrust Indonesia Tbk. 0.257 0.504
63. BCIP Bumi Citra Permai Tbk. 0.302 0.535
64. BDMN Bank Danamon Indonesia Tbk. 1.784 1.523
65. BEST Bekasi Fajar Industrial Estate Tbk. 1.570 1.380
66. BFIN BFI Finance Indonesia Tbk. 1.240 1.160
67. BGTG Bank Ganesha Tbk. 0.686 0.791
68. BHIT MNC Investama Tbk. 0.743 0.829
69. BIKA Binakarya Jaya Abadi Tbk. 0.175 0.450
70. BIMA Primarindo Asia Infrastructure Tbk. 0.084 0.389
71. BINA Bank Ina Perdana Tbk. 0.171 0.447
72. BIPI Benakat Petroleum Energy Tbk. 0.356 0.571
73. BIPP Bhuwanatala Indah Permai Tbk. 0.205 0.470
74. BIRD Blue Bird Tbk. 1.496 1.331
75. BISI BISI International Tbk. 0.896 0.931
76. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.201 1.134
77. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.096 1.064
78. BKDP Bukit Darmo Property Tbk. 0.280 0.520
79. BKSL Sentul City Tbk. 0.806 0.870
80. BKSW Bank QNB Indonesia Tbk. 0.661 0.774

Page 2 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BLTA Berlian Laju Tanker Tbk. 0.079 0.386
82. BLTZ Graha Layar Prima Tbk. 0.168 0.446
83. BMAS Bank Maspion Indonesia Tbk. 0.427 0.618
84. BMRI Bank Mandiri (Persero) Tbk. 1.605 1.403
85. BMSR Bintang Mitra Semestaraya Tbk. 0.698 0.799
86. BMTR Global Mediacom Tbk. 1.771 1.514
87. BNBA Bank Bumi Arta Tbk. 0.499 0.666
88. BNBR Bakrie & Brothers Tbk. 0.068 0.379
89. BNGA Bank CIMB Niaga Tbk. 1.395 1.264
90. BNII Bank Maybank Indonesia Tbk. 1.260 1.174
91. BNLI Bank Permata Tbk. 1.239 1.159
92. BOLT Garuda Metalindo Tbk. 0.484 0.656
93. BPFI Batavia Prosperindo Finance Tbk. 0.718 0.812
94. BPII Batavia Prosperindo Internasional Tbk. 0.078 0.385
95. BRAM Indo Kordsa Tbk. 1.063 1.042
96. BRMS Bumi Resources Minerals Tbk. 0.263 0.509
97. BRNA Berlina Tbk. 0.250 0.500
98. BRPT Barito Pacific Tbk. 1.790 1.527
99. BSDE Bumi Serpong Damai Tbk. 1.478 1.319
100. BSIM Bank Sinarmas Tbk. 0.193 0.462
101. BSSR Baramulti Suksessarana Tbk. 0.254 0.502
102. BTEK Bumi Teknokultura Unggul Tbk. 0.303 0.535
103. BTON Betonjaya Manunggal Tbk. 1.274 1.183
104. BTPN Bank Tabungan Pensiunan Nasional Tbk. 1.119 1.079
105. BUDI Budi Starch & Sweetener Tbk. 0.582 0.721
106. BUKK Bukaka Teknik Utama Tbk. 0.197 0.464
107. BULL Buana Listya Tama Tbk. 0.809 0.872
108. BUMI Bumi Resources Tbk. 0.624 0.749
109. BUVA Bukit Uluwatu Villa Tbk. 0.517 0.678
110. BVIC Bank Victoria International Tbk. 0.483 0.655
111. BWPT Eagle High Plantations Tbk. 1.856 1.571
112. BYAN Bayan Resources Tbk. 0.030 0.353
113. CAMP Campina Ice Cream Industry Tbk. 1.528 1.352
114. CARS Industri dan Perdagangan Bintraco Dharma Tbk. 0.891 0.927
115. CASA Capital Financial Indonesia Tbk. 0.410 0.607
116. CEKA Wilmar Cahaya Indonesia Tbk. 0.886 0.924
117. CENT Centrin Online Tbk. 1.330 1.220
118. CFIN Clipan Finance Indonesia Tbk. 0.836 0.891
119. CINT Chitose Internasional Tbk. 0.164 0.443
120. CITA Cita Mineral Investindo Tbk. 0.137 0.425

Page 3 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. CLEO Sariguna Primatirta Tbk. 0.734 0.823
122. CLPI Colorpak Indonesia Tbk. 0.850 0.900
123. CMNP Citra Marga Nusaphala Persada Tbk. 0.376 0.584
124. CNKO Exploitasi Energi Indonesia Tbk. 0.000 0.334
125. CNTX Century Textile Industry Tbk. 0.293 0.529
126. COWL Cowell Development Tbk. 0.195 0.464
127. CPIN Charoen Pokphand Indonesia Tbk. 1.564 1.376
128. CSAP Catur Sentosa Adiprana Tbk. 0.318 0.545
129. CSIS Cahayasakti Investindo Sukses Tbk. 0.408 0.605
130. CTBN Citra Tubindo Tbk. 0.578 0.719
131. CTRA Ciputra Development Tbk. 1.930 1.620
132. CTTH Citatah Tbk. 0.122 0.414
133. DART Duta Anggada Realty Tbk. 0.028 0.352
134. DEFI Danasupra Erapacific Tbk. 0.030 0.353
135. DEWA Darma Henwa Tbk. 0.079 0.386
136. DGIK Nusa Konstruksi Enjiniring Tbk. 0.266 0.511
137. DILD Intiland Development Tbk. 0.610 0.740
138. DKFT Central Omega Resources Tbk. 1.148 1.099
139. DLTA Delta Djakarta Tbk. 0.702 0.801
140. DMAS Puradelta Lestari Tbk. 1.928 1.619
141. DOID Delta Dunia Makmur Tbk. 2.413 1.942
142. DPNS Duta Pertiwi Nusantara Tbk. 0.611 0.741
143. DPUM Dua Putra Utama Makmur Tbk. 0.049 0.366
144. DSFI Dharma Samudera Fishing Industries Tbk. 0.567 0.712
145. DSNG Dharma Satya Nusantara Tbk. 0.626 0.751
146. DUTI Duta Pertiwi Tbk. 0.289 0.526
147. DVLA Darya-Varia Laboratoria Tbk. 0.233 0.488
148. DWGL Dwi Guna Laksana Tbk. 0.689 0.792
149. DYAN Dyandra Media International Tbk. 0.612 0.741
150. ECII Electronic City Indonesia Tbk. 0.364 0.576
151. EKAD Ekadharma International Tbk. 0.903 0.935
152. ELSA Elnusa Tbk. 1.551 1.367
153. EMDE Megapolitan Developments Tbk. 0.055 0.370
154. EMTK Elang Mahkota Teknologi Tbk. 0.072 0.381
155. ENRG Energi Mega Persada Tbk. 0.981 0.987
156. EPMT Enseval Putera Megatrading Tbk. 0.088 0.392
157. ERAA Erajaya Swasembada Tbk. 1.766 1.511
158. ESSA Surya Esa Perkasa Tbk. 1.813 1.542
159. ESTI Ever Shine Tex Tbk. 0.304 0.536
160. ETWA Eterindo Wahanatama Tbk. 0.367 0.578

Page 4 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. EXCL XL Axiata Tbk. 1.425 1.283
162. FAST Fast Food Indonesia Tbk. 0.405 0.603
163. FASW Fajar Surya Wisesa Tbk. 0.059 0.372
164. FISH FKS Multi Agro Tbk. 0.747 0.831
165. FORU Fortune Indonesia Tbk. 0.344 0.563
166. FPNI Lotte Chemical Titan Tbk. 1.020 1.013
167. FREN Smartfren Telecom Tbk. 1.880 1.586
168. GAMA Gading Development Tbk. 0.042 0.361
169. GDST Gunawan Dianjaya Steel Tbk. 0.417 0.611
170. GDYR Goodyear Indonesia Tbk. 0.541 0.694
171. GEMA Gema Grahasarana Tbk. 0.198 0.465
172. GGRM Gudang Garam Tbk. 1.003 1.002
173. GIAA Garuda Indonesia (Persero) Tbk. 1.731 1.487
174. GJTL Gajah Tunggal Tbk. 1.710 1.473
175. GLOB Global Teleshop Tbk. 0.473 0.649
176. GMFI Garuda Maintenance Facility Aero Asia Tbk. 1.216 1.144
177. GMTD Gowa Makassar Tourism Development Tbk. 0.023 0.349
178. GOLD Golden Retailindo Tbk. 0.380 0.587
179. GPRA Perdana Gapuraprima Tbk. 0.420 0.613
180. GTBO Garda Tujuh Buana Tbk. 1.399 1.266
181. GWSA Greenwood Sejahtera Tbk. 1.151 1.101
182. GZCO Gozco Plantations Tbk. 0.193 0.462
183. HADE HD Capital Tbk. 0.041 0.361
184. HDFA HD Finance Tbk. 0.129 0.420
185. HERO Hero Supermarket Tbk. 0.047 0.364
186. HEXA Hexindo Adiperkasa Tbk. 0.940 0.960
187. HITS Humpuss Intermoda Transportasi Tbk. 0.268 0.512
188. HMSP H.M. Sampoerna Tbk. 1.028 1.019
189. HOKI Buyung Poetra Sembada Tbk. 0.533 0.689
190. HRTA Hartadinata Abadi Tbk. 0.305 0.537
191. HRUM Harum Energy Tbk. 0.695 0.797
192. IBFN Intan Baruprana Finance Tbk. 0.493 0.662
193. ICBP Indofood CBP Sukses Makmur Tbk. 0.494 0.663
194. ICON Island Concepts Indonesia Tbk. 0.477 0.652
195. IDPR Indonesia Pondasi Raya Tbk. 1.020 1.013
196. IGAR Champion Pacific Indonesia Tbk. 0.760 0.840
197. IKAI Intikeramik Alamasri Industri Tbk. 0.643 0.762
198. IKBI Sumi Indo Kabel Tbk. 0.468 0.645
199. IMAS Indomobil Sukses Internasional Tbk. 1.321 1.214
200. IMJS Indomobil Multi Jasa Tbk. 1.436 1.291

Page 5 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. IMPC Impack Pratama Industri Tbk. 0.156 0.437
202. INAF Indofarma Tbk. 0.386 0.591
203. INAI Indal Aluminium Industry Tbk. 0.296 0.531
204. INCF Amstelco Indonesia Tbk 0.672 0.781
205. INCI Intanwijaya Internasional Tbk. 0.377 0.584
206. INCO Vale Indonesia Tbk. 1.736 1.490
207. INDF Indofood Sukses Makmur Tbk. 0.875 0.916
208. INDR Indo-Rama Synthetics Tbk. 0.448 0.632
209. INDS Indospring Tbk. 0.808 0.872
210. INDX Tanah Laut Tbk. 0.346 0.564
211. INDY Indika Energy Tbk. 1.626 1.417
212. INKP Indah Kiat Pulp & Paper Tbk. 2.134 1.756
213. INPC Bank Artha Graha Internasional Tbk. 0.297 0.531
214. INPP Indonesian Paradise Property Tbk. 0.768 0.845
215. INRU Toba Pulp Lestari Tbk. 0.083 0.388
216. INTA Intraco Penta Tbk. 0.561 0.708
217. INTD Inter Delta Tbk. 0.204 0.470
218. INTP Indocement Tunggal Prakasa Tbk. 1.327 1.218
219. IPCM Jasa Armada Indonesia Tbk. 1.237 1.158
220. IPOL Indopoly Swakarsa Industry Tbk. 0.833 0.889
221. ISAT Indosat Tbk. 1.975 1.650
222. ISSP Steel Pipe Industry of Indonesia Tbk. 1.121 1.081
223. ITMA Sumber Energi Andalan Tbk. 1.195 1.130
224. ITMG Indo Tambangraya Megah Tbk. 1.305 1.203
225. JAWA Jaya Agra Wattie Tbk. 0.133 0.422
226. JGLE Graha Andrasentra Propertindo Tbk. 0.283 0.522
227. JIHD Jakarta International Hotels & Development Tbk. 0.137 0.424
228. JMAS Asuransi Jiwa Syariah Jasa Mitra Abadi Tbk. 1.295 1.197
229. JPFA Japfa Comfeed Indonesia Tbk. 1.587 1.391
230. JRPT Jaya Real Property Tbk. 0.673 0.782
231. JSMR Jasa Marga (Persero) Tbk. 1.462 1.308
232. JSPT Jakarta Setiabudi Internasional Tbk. 0.154 0.436
233. JTPE Jasuindo Tiga Perkasa Tbk. 0.414 0.609
234. KAEF Kimia Farma Tbk. 0.276 0.517
235. KARW ICTSI Jasa Prima Tbk. 0.679 0.786
236. KBLI KMI Wire & Cable Tbk. 0.771 0.847
237. KBLM Kabelindo Murni Tbk. 0.142 0.428
238. KBLV First Media Tbk. 0.082 0.388
239. KDSI Kedawung Setia Industrial Tbk. 0.969 0.979
240. KIAS Keramika Indonesia Assosiasi Tbk. 0.189 0.459

Page 6 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. KIJA Kawasan Industri Jababeka Tbk. 1.157 1.104
242. KINO Kino Indonesia Tbk. 1.016 1.010
243. KIOS Kioson Komersial Indonesia Tbk. 0.607 0.738
244. KKGI Resource Alam Indonesia Tbk. 1.130 1.087
245. KLBF Kalbe Farma Tbk. 1.127 1.085
246. KMTR Kirana Megatara Tbk. 1.173 1.116
247. KOBX Kobexindo Tractors Tbk. 0.875 0.917
248. KOIN Kokoh Inti Arebama Tbk. 0.240 0.493
249. KONI Perdana Bangun Pusaka Tbk. 1.107 1.071
250. KOPI Mitra Energi Persada Tbk. 0.089 0.393
251. KPIG MNC Land Tbk. 0.174 0.449
252. KRAH Grand Kartech Tbk. 1.251 1.168
253. KRAS Krakatau Steel (Persero) Tbk. 2.292 1.861
254. KREN Kresna Graha Sekurindo Tbk. 0.945 0.963
255. LEAD Logindo Samudramakmur Tbk. 0.637 0.758
256. LINK Link Net Tbk. 0.676 0.784
257. LION Lion Metal Works Tbk. 0.596 0.730
258. LMAS Limas Centric Indonesia Tbk. 1.202 1.135
259. LMPI Langgeng Makmur Industri Tbk. 0.063 0.375
260. LPCK Lippo Cikarang Tbk. 2.056 1.704
261. LPIN Multi Prima Sejahtera Tbk. 0.561 0.707
262. LPKR Lippo Karawaci Tbk. 1.292 1.195
263. LPLI Star Pacific Tbk. 0.001 0.334
264. LPPF Matahari Department Store Tbk. 1.686 1.457
265. LPPS Lippo Securities Tbk. 0.551 0.701
266. LRNA Eka Sari Lorena Transport Tbk. 0.185 0.457
267. LSIP PP London Sumatra Indonesia Tbk. 1.297 1.198
268. LTLS Lautan Luas Tbk. 0.738 0.826
269. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
270. MAIN Malindo Feedmill Tbk. 1.906 1.604
271. MAMI Mas Murni Indonesia Tbk. 0.012 0.341
272. MAPB MAP Boga Adiperkasa Tbk. 0.413 0.608
273. MAPI Mitra Adiperkasa Tbk. 1.518 1.345
274. MARK Mark Dynamics Indonesia Tbk. 1.068 1.045
275. MASA Multistrada Arah Sarana Tbk. 0.255 0.504
276. MAYA Bank Mayapada Internasional Tbk. 0.446 0.631
277. MBAP Mitrabara Adiperdana Tbk. 0.909 0.939
278. MBSS Mitrabahtera Segara Sejati Tbk. 1.532 1.355
279. MBTO Martina Berto Tbk. 0.404 0.603
280. MCAS M Cash Integrasi Tbk. 1.450 1.300

Page 7 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. MCOR Bank Windu Kentjana International Tbk. 1.224 1.149
282. MDKA Merdeka Copper Gold Tbk. 0.717 0.811
283. MDKI Emdeki Utama Tbk. 0.315 0.543
284. MDLN Modernland Realty Ltd. Tbk. 1.400 1.266
285. MEDC Medco Energi International Tbk. 1.837 1.558
286. MERK Merck Tbk. 1.170 1.113
287. META Nusantara Infrastructure Tbk. 0.613 0.742
288. MFIN Mandala Multifinance Tbk. 0.547 0.698
289. MFMI Multifiling Mitra Indonesia Tbk. 0.367 0.578
290. MICE Multi Indocitra Tbk. 0.302 0.534
291. MIDI Midi Utama Indonesia Tbk. 0.033 0.355
292. MIKA Mitra Keluarga Karyasehat Tbk. 0.753 0.836
293. MINA Sanurhasta Mitra Tbk. 0.482 0.654
294. MKNT Mitra Komunikasi Nusantara Tbk. 0.133 0.422
295. MLBI Multi Bintang Indonesia Tbk. 0.656 0.771
296. MLIA Mulia Industrindo Tbk. 0.443 0.629
297. MLPL Multipolar Tbk. 1.265 1.177
298. MLPT Multipolar Technology Tbk. 0.457 0.638
299. MMLP Mega Manunggal Property Tbk. 0.420 0.613
300. MNCN Media Nusantara Citra Tbk. 1.469 1.312
301. MPMX Mitra Pinasthika Mustika Tbk. 0.400 0.600
302. MPOW Megapower Makmur Tbk. 0.726 0.817
303. MPPA Matahari Putra Prima Tbk. 1.487 1.324
304. MRAT Mustika Ratu Tbk. 0.414 0.610
305. MSKY MNC Sky Vision Tbk. 0.242 0.494
306. MTDL Metrodata Electronics Tbk. 1.126 1.084
307. MTLA Metropolitan Land Tbk. 0.682 0.788
308. MTSM Metro Realty Tbk. 0.023 0.349
309. MTWI Malacca Trust Wuwungan Insurance Tbk. 0.791 0.860
310. MYOH Samindo Resources Tbk. 0.588 0.725
311. MYOR Mayora Indah Tbk. 0.460 0.640
312. NASA Ayana Land International Tbk. 0.085 0.390
313. NIKL Pelat Timah Nusantara Tbk. 1.349 1.233
314. NIRO Nirvana Development Tbk. 0.057 0.372
315. NISP Bank OCBC NISP Tbk. 0.202 0.468
316. NRCA Nusa Raya Cipta Tbk. 0.821 0.881
317. OASA Protech Mitra Perkasa Tbk. 0.721 0.814
318. OKAS Ancora Indonesia Resources Tbk. 0.949 0.966
319. OMRE Indonesia Prima Property Tbk. 2.195 1.797
320. PADI Minna Padi Investama Tbk. 0.334 0.556

Page 8 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. PALM Provident Agro Tbk. 0.383 0.589
322. PANR Panorama Sentrawisata Tbk. 1.391 1.260
323. PANS Panin Sekuritas Tbk. 1.030 1.020
324. PBID Panca Budi Idaman Tbk. 0.482 0.655
325. PBRX Pan Brothers Tbk. 0.846 0.897
326. PBSA Paramita Bangun Sarana Tbk. 0.727 0.818
327. PCAR Prima Cakrawala Abadi Tbk. 1.181 1.121
328. PDES Destinasi Tirta Nusantara Tbk. 0.619 0.746
329. PGAS PT Perusahaan Gas Negara Tbk. 2.314 1.876
330. PICO Pelangi Indah Canindo Tbk. 1.012 1.008
331. PJAA Pembangunan Jaya Ancol Tbk. 1.142 1.094
332. PKPK Perdana Karya Perkasa Tbk. 0.001 0.334
333. PLIN Plaza Indonesia Realty Tbk. 0.230 0.487
334. PNBN Bank Pan Indonesia Tbk. 1.577 1.385
335. PNBS Bank Panin Syariah Tbk. 0.357 0.571
336. PNIN Panin Insurance Tbk. 1.240 1.160
337. PNLF Panin Financial Tbk. 1.343 1.229
338. PORT Nusantara Pelabuhan Handal Tbk. 0.182 0.455
339. POWR Cikarang Listrindo Tbk. 0.691 0.794
340. PPRE PP Presisi Tbk. 1.733 1.488
341. PPRO PP Properti Tbk. 0.695 0.797
342. PRDA Prodia Widyahusada Tbk. 0.516 0.677
343. PSAB J Resources Asia Pasifik Tbk. 0.973 0.982
344. PSDN Prasidha Aneka Niaga Tbk. 0.246 0.497
345. PSSI Pelita Samudera Shipping Tbk. 0.976 0.984
346. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 1.091 1.061
347. PTIS Indo Straits Tbk. 0.793 0.862
348. PTPP PP (Persero) Tbk. 2.548 2.032
349. PTRO Petrosea Tbk. 1.551 1.367
350. PTSN Sat Nusapersada Tbk. 2.251 1.834
351. PTSP Pioneerindo Gourmet International Tbk. 0.207 0.471
352. PUDP Pudjiadi Prestige Tbk. 0.309 0.539
353. PWON Pakuwon Jati Tbk. 1.686 1.457
354. PYFA Pyridam Farma Tbk. 0.914 0.943
355. RAJA Rukun Raharja Tbk. 1.293 1.195
356. RALS Ramayana Lestari Sentosa Tbk. 1.492 1.328
357. RANC Supra Boga Lestari Tbk. 0.570 0.713
358. RBMS Ristia Bintang Mahkotasejati Tbk. 0.226 0.484
359. RDTX Roda Vivatex Tbk. 0.527 0.685
360. RICY Ricky Putra Globalindo Tbk. 0.103 0.402

Page 9 of 14
 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. RIGS Rig Tenders Indonesia Tbk. 1.178 1.119
362. RMBA Bentoel Internasional Investama Tbk. 0.158 0.439
363. RODA Pikko Land Development Tbk. 0.490 0.660
364. ROTI Nippon Indosari Corpindo Tbk. 0.344 0.563
365. RUIS Radiant Utama Interinsco Tbk. 0.680 0.787
366. SAFE Steady Safe Tbk. 0.283 0.522
367. SAME Sarana Meditama Metropolitan Tbk. 0.361 0.574
368. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.112 0.408
369. SCMA Surya Citra Media Tbk. 1.548 1.365
370. SDMU Sidomulyo Selaras Tbk. 0.340 0.560
371. SDPC Millennium Pharmacon International Tbk. 0.924 0.949
372. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.078 0.386
373. SHIP Sillo Maritime Perdana Tbk. 0.158 0.439
374. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.539 0.693
375. SILO Siloam International Hospitals Tbk. 0.559 0.706
376. SIMP Salim Ivomas Pratama Tbk. 1.429 1.286
377. SIPD Sierad Produce Tbk. 0.402 0.601
378. SKBM Sekar Bumi Tbk. 0.032 0.354
379. SKLT Sekar Laut Tbk. 0.146 0.431
380. SMAR Smart Tbk. 0.900 0.933
381. SMBR Semen Baturaja (Persero) Tbk. 2.099 1.732
382. SMCB Holcim Indonesia Tbk. 1.298 1.199
383. SMDM Suryamas Dutamakmur Tbk. 0.604 0.736
384. SMDR Samudera Indonesia Tbk. 1.620 1.413
385. SMGR Semen Indonesia (Persero) Tbk. 1.562 1.375
386. SMMA Sinarmas Multiartha Tbk. 0.214 0.476
387. SMMT Golden Eagle Energy Tbk. 0.852 0.901
388. SMRA Summarecon Agung Tbk. 2.163 1.775
389. SMSM Selamat Sempurna Tbk. 0.833 0.889
390. SOCI Soechi Lines Tbk. 1.507 1.338
391. SONA Sona Topas Tourism Industry Tbk. 0.058 0.372
392. SPMA Suparma Tbk. 0.660 0.773
393. SQMI Renuka Coalindo Tbk. 0.759 0.840
394. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.319 0.546
395. SRIL Sri Rejeki Isman Tbk. 1.151 1.101
396. SRSN Indo Acidatama Tbk. 0.315 0.543
397. SRTG Saratoga Investama Sedaya Tbk. 0.346 0.564
398. SSIA Surya Semesta Internusa Tbk. 1.270 1.180
399. SSTM Sunson Textile Manufacture Tbk. 0.277 0.518
400. STAR Star Petrochem Tbk. 0.646 0.764

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 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

401. SULI SLJ Global Tbk. 0.510 0.673
402. SUPR Solusi Tunas Pratama Tbk. 0.121 0.414
403. TAMU Pelayaran Tamarin Samudra Tbk. 0.061 0.374
404. TBIG Tower Bersama Infrastructure Tbk. 1.224 1.150
405. TBLA Tunas Baru Lampung Tbk. 1.297 1.198
406. TBMS Tembaga Mulia Semanan Tbk. 0.137 0.425
407. TCID Mandom Indonesia Tbk. 0.034 0.356
408. TFCO Tifico Fiber Indonesia Tbk. 0.632 0.755
409. TGKA Tigaraksa Satria Tbk. 0.265 0.510
410. TGRA Terregra Asia Energy Tbk. 0.669 0.780
411. TIFA Tifa Finance Tbk. 0.772 0.848
412. TINS Timah (Persero) Tbk. 2.146 1.764
413. TIRA Tira Austenite Tbk. 0.052 0.368
414. TIRT Tirta Mahakam Resources Tbk. 0.119 0.413
415. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2.069 1.713
416. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.704 0.803
417. TMAS Pelayaran Tempuran Emas Tbk. 0.264 0.509
418. TMPO Tempo Intimedia Tbk. 0.060 0.374
419. TOBA Toba Bara Sejahtra Tbk. 0.007 0.338
420. TOPS Totalindo Eka Persada Tbk. 0.508 0.672
421. TOTL Total Bangun Persada Tbk. 0.906 0.937
422. TOTO Surya Toto Indonesia Tbk. 0.619 0.746
423. TOWR Sarana Menara Nusantara Tbk. 1.013 1.009
424. TPIA Chandra Asri Petrochemical Tbk. 0.956 0.971
425. TPMA Trans Power Marine Tbk. 0.362 0.575
426. TRIM Trimegah Securities Tbk. 0.186 0.457
427. TRIS Trisula International Tbk. 0.046 0.364
428. TRST Trias Sentosa Tbk. 0.444 0.629
429. TRUS Trust Finance Indonesia Tbk. 0.071 0.381
430. TSPC Tempo Scan Pacific Tbk. 0.721 0.814
431. TURI Tunas Ridean Tbk. 0.009 0.340
432. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.461 0.641
433. UNIC Unggul Indah Cahaya Tbk. 0.738 0.825
434. UNIT Nusantara Inti Corpora Tbk. 0.427 0.618
435. UNSP Bakrie Sumatra Plantations Tbk. 1.123 1.082
436. UNTR United Tractors Tbk. 0.961 0.974
437. UNVR Unilever Indonesia Tbk. 0.641 0.761
438. VINS Victoria Insurance Tbk. 0.063 0.376
439. VIVA Visi Media Asia Tbk. 0.423 0.615
440. VOKS Voksel Electric Tbk. 0.539 0.692

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 PEFINDO BETA STOCK
Edition: 01-January-2021

No. TICKER COMPANY RAW BETA ADJUSTED BETA

441. VRNA Verena Multi Finance Tbk. 0.147 0.432
442. WAPO Wahana Pronatural Tbk. 0.155 0.437
443. WEGE Wijaya Karya Bangunan Gedung Tbk. 1.764 1.509
444. WEHA WEHA Transportasi Indonesia Tbk. 1.163 1.109
445. WIIM Wismilak Inti Makmur Tbk. 2.320 1.880
446. WIKA Wijaya Karya (Persero) Tbk. 2.320 1.880
447. WINS Wintermar Offshore Marine Tbk. 0.665 0.776
448. WOMF Wahana Ottomitra Multiartha Tbk. 0.904 0.936
449. WOOD Integra Indocabinet Tbk. 0.901 0.934
450. WSBP Waskita Beton Precast Tbk. 1.712 1.475
451. WSKT Waskita Karya (Persero) Tbk. 2.564 2.043
452. WTON Wijaya Karya Beton Tbk. 1.763 1.509
453. YPAS Yanaprima Hastapersada Tbk. 0.148 0.432
454. YULE Yulie Sekurindo Tbk. 0.224 0.482
455. ZBRA Zebra Nusantara Tbk. 0.483 0.655
456. ZINC Kapuas Prima Coal Tbk. 1.141 1.094

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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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