PEFINDO BETA STOCK

Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 1.681 1.454
2. ABBA Mahaka Media Tbk. 0.484 0.656
3. ABDA Asuransi Bina Dana Arta Tbk. 0.330 0.553
4. ABMM ABM Investama Tbk. 0.050 0.366
5. ACES Ace Hardware Indonesia Tbk. 0.983 0.989
6. ACST Acset Indonusa Tbk. 2.037 1.691
7. ADES Akasha Wira International Tbk. 0.882 0.921
8. ADHI Adhi Karya (Persero) Tbk. 1.980 1.653
9. ADMF Adira Dinamika Multi Finance Tbk. 0.905 0.937
10. ADMG Polychem Indonesia Tbk. 1.367 1.244
11. ADRO Adaro Energy Tbk. 1.199 1.133
12. AGII Aneka Gas Industri Tbk. 1.028 1.018
13. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 2.150 1.766
14. AGRS Bank Agris Tbk. 0.718 0.812
15. AHAP Asuransi Harta Aman Pratama Tbk. 0.097 0.398
16. AIMS Akbar Indo Makmur Stimec Tbk. 0.098 0.398
17. AISA Tiga Pilar Sejahtera Food Tbk. 0.024 0.349
18. AKKU Alam Karya Unggul Tbk. 0.073 0.382
19. AKPI Argha Karya Prima Industry Tbk. 0.514 0.676
20. AKRA AKR Corporindo Tbk. 1.520 1.347
21. AKSI Majapahit Inti Corpora Tbk. 1.127 1.084
22. ALDO Alkindo Naratama Tbk. 0.225 0.483
23. ALKA Alakasa Industrindo Tbk. 0.300 0.533
24. ALMI Alumindo Light Metal Industry Tbk. 1.095 1.063
25. AMFG Asahimas Flat Glass Tbk. 0.516 0.677
26. AMIN Ateliers Mecaniques D Indonesie Tbk. 0.251 0.501
27. AMRT Sumber Alfaria Trijaya Tbk. 0.331 0.554
28. ANJT Austindo Nusantara Jaya Tbk. 0.632 0.755
29. ANTM Aneka Tambang (Persero) Tbk. 2.031 1.687
30. APEX Apexindo Pratama Duta Tbk. 0.187 0.458
31. APIC Pacific Strategic Financial Tbk. 0.235 0.490
32. APLI Asiaplast Industries Tbk. 0.643 0.762
33. APLN Agung Podomoro Land Tbk. 1.610 1.407
34. ARGO Argo Pantes Tbk. 0.447 0.632
35. ARII Atlas Resources Tbk. 0.458 0.639
36. ARNA Arwana Citramulia Tbk. 0.611 0.741
37. ARTA Arthavest Tbk. 1.010 1.006
38. ASBI Asuransi Bintang Tbk. 0.053 0.369
39. ASDM Asuransi Dayin Mitra Tbk. 0.099 0.399
40. ASGR Astra Graphia Tbk. 0.624 0.749

Page 1 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. ASII Astra International Tbk. 1.536 1.357
42. ASJT Asuransi Jasa Tania Tbk. 0.693 0.795
43. ASMI Asuransi Mitra Maparya Tbk. 0.423 0.615
44. ASRI Alam Sutera Realty Tbk. 1.543 1.362
45. ASRM Asuransi Ramayana Tbk. 0.194 0.462
46. ASSA Adi Sarana Armada Tbk. 1.785 1.523
47. AUTO Astra Otoparts Tbk. 1.064 1.043
48. BABP Bank MNC Internasional Tbk. 0.108 0.405
49. BAJA Saranacentral Bajatama Tbk. 0.684 0.790
50. BALI Bali Towerindo Sentra Tbk. 0.390 0.593
51. BAPA Bekasi Asri Pemula Tbk. 0.195 0.464
52. BATA Sepatu Bata Tbk. 0.169 0.446
53. BBCA Bank Central Asia Tbk. 0.929 0.953
54. BBHI Bank Harda Internasional Tbk. 1.327 1.218
55. BBKP Bank Bukopin Tbk. 1.939 1.626
56. BBMD Bank Mestika Dharma Tbk. 0.892 0.928
57. BBNI Bank Negara Indonesia (Persero) Tbk. 1.857 1.571
58. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.543 1.362
59. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.090 0.394
60. BBTN Bank Tabungan Negara (Persero) Tbk. 2.024 1.682
61. BBYB Bank Yudha Bhakti Tbk. 0.464 0.643
62. BCIC Bank JTrust Indonesia Tbk. 0.253 0.502
63. BCIP Bumi Citra Permai Tbk. 0.277 0.518
64. BDMN Bank Danamon Indonesia Tbk. 1.810 1.540
65. BEST Bekasi Fajar Industrial Estate Tbk. 1.550 1.367
66. BFIN BFI Finance Indonesia Tbk. 1.235 1.156
67. BGTG Bank Ganesha Tbk. 0.668 0.779
68. BHIT MNC Investama Tbk. 0.738 0.825
69. BIKA Binakarya Jaya Abadi Tbk. 0.176 0.450
70. BIMA Primarindo Asia Infrastructure Tbk. 0.067 0.378
71. BINA Bank Ina Perdana Tbk. 0.169 0.446
72. BIPI Benakat Petroleum Energy Tbk. 0.339 0.559
73. BIPP Bhuwanatala Indah Permai Tbk. 0.196 0.464
74. BIRD Blue Bird Tbk. 1.476 1.317
75. BISI BISI International Tbk. 0.904 0.936
76. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.193 1.129
77. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.094 1.063
78. BKDP Bukit Darmo Property Tbk. 0.280 0.520
79. BKSL Sentul City Tbk. 0.788 0.859
80. BKSW Bank QNB Indonesia Tbk. 0.669 0.780

Page 2 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BLTZ Graha Layar Prima Tbk. 0.161 0.441
82. BMAS Bank Maspion Indonesia Tbk. 0.426 0.617
83. BMRI Bank Mandiri (Persero) Tbk. 1.606 1.404
84. BMSR Bintang Mitra Semestaraya Tbk. 0.787 0.858
85. BMTR Global Mediacom Tbk. 1.764 1.509
86. BNBA Bank Bumi Arta Tbk. 0.503 0.668
87. BNBR Bakrie & Brothers Tbk. 0.074 0.383
88. BNGA Bank CIMB Niaga Tbk. 1.399 1.266
89. BNII Bank Maybank Indonesia Tbk. 1.239 1.159
90. BNLI Bank Permata Tbk. 1.218 1.145
91. BOLT Garuda Metalindo Tbk. 0.485 0.657
92. BPFI Batavia Prosperindo Finance Tbk. 0.722 0.815
93. BPII Batavia Prosperindo Internasional Tbk. 0.104 0.403
94. BRAM Indo Kordsa Tbk. 1.060 1.040
95. BRMS Bumi Resources Minerals Tbk. 0.260 0.506
96. BRNA Berlina Tbk. 0.254 0.503
97. BRPT Barito Pacific Tbk. 1.779 1.520
98. BSDE Bumi Serpong Damai Tbk. 1.476 1.317
99. BSIM Bank Sinarmas Tbk. 0.191 0.460
100. BSSR Baramulti Suksessarana Tbk. 0.233 0.488
101. BTEK Bumi Teknokultura Unggul Tbk. 0.294 0.529
102. BTON Betonjaya Manunggal Tbk. 1.255 1.170
103. BTPN Bank Tabungan Pensiunan Nasional Tbk. 1.116 1.077
104. BUDI Budi Starch & Sweetener Tbk. 0.577 0.718
105. BUKK Bukaka Teknik Utama Tbk. 0.201 0.467
106. BULL Buana Listya Tama Tbk. 0.792 0.861
107. BUMI Bumi Resources Tbk. 0.617 0.745
108. BUVA Bukit Uluwatu Villa Tbk. 0.509 0.673
109. BVIC Bank Victoria International Tbk. 0.481 0.654
110. BWPT Eagle High Plantations Tbk. 1.826 1.551
111. BYAN Bayan Resources Tbk. 0.027 0.351
112. CARS Industri dan Perdagangan Bintraco Dharma Tbk. 0.930 0.953
113. CASA Capital Financial Indonesia Tbk. 0.407 0.605
114. CEKA Wilmar Cahaya Indonesia Tbk. 0.878 0.919
115. CENT Centrin Online Tbk. 1.307 1.205
116. CFIN Clipan Finance Indonesia Tbk. 0.827 0.885
117. CINT Chitose Internasional Tbk. 0.165 0.443
118. CITA Cita Mineral Investindo Tbk. 0.113 0.408
119. CLEO Sariguna Primatirta Tbk. 0.715 0.810
120. CLPI Colorpak Indonesia Tbk. 0.841 0.894

Page 3 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. CMNP Citra Marga Nusaphala Persada Tbk. 0.374 0.583
122. CNKO Exploitasi Energi Indonesia Tbk. 0.000 0.334
123. CNTX Century Textile Industry Tbk. 0.299 0.533
124. COWL Cowell Development Tbk. 0.199 0.466
125. CPIN Charoen Pokphand Indonesia Tbk. 1.567 1.378
126. CSAP Catur Sentosa Adiprana Tbk. 0.313 0.542
127. CSIS Cahayasakti Investindo Sukses Tbk. 0.478 0.652
128. CTBN Citra Tubindo Tbk. 0.577 0.718
129. CTRA Ciputra Development Tbk. 1.919 1.613
130. CTTH Citatah Tbk. 0.156 0.437
131. DART Duta Anggada Realty Tbk. 0.018 0.346
132. DEFI Danasupra Erapacific Tbk. 0.017 0.345
133. DEWA Darma Henwa Tbk. 0.079 0.386
134. DGIK Nusa Konstruksi Enjiniring Tbk. 0.251 0.500
135. DILD Intiland Development Tbk. 0.600 0.734
136. DKFT Central Omega Resources Tbk. 1.139 1.093
137. DLTA Delta Djakarta Tbk. 0.703 0.802
138. DMAS Puradelta Lestari Tbk. 1.910 1.607
139. DOID Delta Dunia Makmur Tbk. 2.389 1.926
140. DPNS Duta Pertiwi Nusantara Tbk. 0.605 0.737
141. DPUM Dua Putra Utama Makmur Tbk. 0.053 0.369
142. DSFI Dharma Samudera Fishing Industries Tbk. 0.553 0.702
143. DSNG Dharma Satya Nusantara Tbk. 0.612 0.741
144. DUTI Duta Pertiwi Tbk. 0.287 0.525
145. DVLA Darya-Varia Laboratoria Tbk. 0.196 0.464
146. DYAN Dyandra Media International Tbk. 0.607 0.738
147. ECII Electronic City Indonesia Tbk. 0.347 0.565
148. EKAD Ekadharma International Tbk. 0.902 0.934
149. ELSA Elnusa Tbk. 1.546 1.364
150. EMDE Megapolitan Developments Tbk. 0.041 0.361
151. EMTK Elang Mahkota Teknologi Tbk. 0.084 0.389
152. ENRG Energi Mega Persada Tbk. 0.960 0.973
153. EPMT Enseval Putera Megatrading Tbk. 0.089 0.393
154. ERAA Erajaya Swasembada Tbk. 1.747 1.498
155. ESSA Surya Esa Perkasa Tbk. 1.813 1.542
156. ESTI Ever Shine Tex Tbk. 0.295 0.530
157. ETWA Eterindo Wahanatama Tbk. 0.364 0.576
158. EXCL XL Axiata Tbk. 1.408 1.272
159. FAST Fast Food Indonesia Tbk. 0.397 0.598
160. FASW Fajar Surya Wisesa Tbk. 0.054 0.369

Page 4 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. FISH FKS Multi Agro Tbk. 0.738 0.826
162. FORU Fortune Indonesia Tbk. 0.305 0.537
163. FPNI Lotte Chemical Titan Tbk. 1.001 1.000
164. FREN Smartfren Telecom Tbk. 1.862 1.575
165. GAMA Gading Development Tbk. 0.051 0.367
166. GDST Gunawan Dianjaya Steel Tbk. 0.403 0.602
167. GDYR Goodyear Indonesia Tbk. 0.539 0.693
168. GEMA Gema Grahasarana Tbk. 0.221 0.481
169. GGRM Gudang Garam Tbk. 1.005 1.004
170. GIAA Garuda Indonesia (Persero) Tbk. 1.711 1.474
171. GJTL Gajah Tunggal Tbk. 1.703 1.468
172. GLOB Global Teleshop Tbk. 0.471 0.648
173. GMFI Garuda Maintenance Facility Aero Asia Tbk. 1.199 1.133
174. GMTD Gowa Makassar Tourism Development Tbk. 0.019 0.346
175. GOLD Golden Retailindo Tbk. 0.414 0.609
176. GPRA Perdana Gapuraprima Tbk. 0.409 0.606
177. GTBO Garda Tujuh Buana Tbk. 1.345 1.230
178. GWSA Greenwood Sejahtera Tbk. 1.166 1.111
179. GZCO Gozco Plantations Tbk. 0.185 0.457
180. HADE HD Capital Tbk. 0.041 0.361
181. HDFA HD Finance Tbk. 0.147 0.431
182. HERO Hero Supermarket Tbk. 0.027 0.351
183. HEXA Hexindo Adiperkasa Tbk. 0.906 0.938
184. HITS Humpuss Intermoda Transportasi Tbk. 0.265 0.510
185. HMSP H.M. Sampoerna Tbk. 1.040 1.027
186. HOKI Buyung Poetra Sembada Tbk. 0.519 0.679
187. HRTA Hartadinata Abadi Tbk. 0.305 0.537
188. HRUM Harum Energy Tbk. 0.685 0.790
189. IBFN Intan Baruprana Finance Tbk. 0.496 0.664
190. ICBP Indofood CBP Sukses Makmur Tbk. 0.495 0.664
191. ICON Island Concepts Indonesia Tbk. 0.474 0.649
192. IDPR Indonesia Pondasi Raya Tbk. 1.022 1.015
193. IGAR Champion Pacific Indonesia Tbk. 0.743 0.829
194. IKAI Intikeramik Alamasri Industri Tbk. 0.628 0.752
195. IKBI Sumi Indo Kabel Tbk. 0.467 0.645
196. IMAS Indomobil Sukses Internasional Tbk. 1.292 1.195
197. IMJS Indomobil Multi Jasa Tbk. 1.429 1.286
198. IMPC Impack Pratama Industri Tbk. 0.161 0.440
199. INAF Indofarma Tbk. 0.500 0.667
200. INAI Indal Aluminium Industry Tbk. 0.295 0.530

Page 5 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. INCF Amstelco Indonesia Tbk 0.667 0.778
202. INCI Intanwijaya Internasional Tbk. 0.368 0.578
203. INCO Vale Indonesia Tbk. 1.728 1.485
204. INDF Indofood Sukses Makmur Tbk. 0.868 0.912
205. INDR Indo-Rama Synthetics Tbk. 0.435 0.624
206. INDS Indospring Tbk. 0.779 0.853
207. INDX Tanah Laut Tbk. 0.317 0.545
208. INDY Indika Energy Tbk. 1.648 1.432
209. INKP Indah Kiat Pulp & Paper Tbk. 2.118 1.745
210. INPC Bank Artha Graha Internasional Tbk. 0.285 0.523
211. INPP Indonesian Paradise Property Tbk. 0.752 0.835
212. INRU Toba Pulp Lestari Tbk. 0.061 0.374
213. INTA Intraco Penta Tbk. 0.559 0.706
214. INTD Inter Delta Tbk. 0.209 0.472
215. INTP Indocement Tunggal Prakasa Tbk. 1.340 1.227
216. IPOL Indopoly Swakarsa Industry Tbk. 0.813 0.875
217. ISAT Indosat Tbk. 1.949 1.633
218. ISSP Steel Pipe Industry of Indonesia Tbk. 1.081 1.054
219. ITMA Sumber Energi Andalan Tbk. 1.152 1.101
220. ITMG Indo Tambangraya Megah Tbk. 1.299 1.199
221. JAWA Jaya Agra Wattie Tbk. 0.132 0.422
222. JGLE Graha Andrasentra Propertindo Tbk. 0.276 0.517
223. JIHD Jakarta International Hotels & Development Tbk. 0.127 0.418
224. JPFA Japfa Comfeed Indonesia Tbk. 1.583 1.389
225. JRPT Jaya Real Property Tbk. 0.670 0.780
226. JSMR Jasa Marga (Persero) Tbk. 1.454 1.302
227. JSPT Jakarta Setiabudi Internasional Tbk. 0.157 0.438
228. JTPE Jasuindo Tiga Perkasa Tbk. 0.399 0.599
229. KAEF Kimia Farma Tbk. 0.275 0.517
230. KARW ICTSI Jasa Prima Tbk. 0.644 0.763
231. KBLI KMI Wire & Cable Tbk. 0.765 0.843
232. KBLM Kabelindo Murni Tbk. 0.139 0.426
233. KBLV First Media Tbk. 0.057 0.372
234. KDSI Kedawung Setia Industrial Tbk. 0.954 0.969
235. KIAS Keramika Indonesia Assosiasi Tbk. 0.191 0.460
236. KIJA Kawasan Industri Jababeka Tbk. 1.146 1.097
237. KINO Kino Indonesia Tbk. 0.996 0.998
238. KIOS Kioson Komersial Indonesia Tbk. 0.615 0.743
239. KKGI Resource Alam Indonesia Tbk. 1.132 1.088
240. KLBF Kalbe Farma Tbk. 1.128 1.085

Page 6 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. KMTR Kirana Megatara Tbk. 1.159 1.106
242. KOBX Kobexindo Tractors Tbk. 0.853 0.902
243. KOIN Kokoh Inti Arebama Tbk. 0.243 0.496
244. KONI Perdana Bangun Pusaka Tbk. 1.079 1.052
245. KOPI Mitra Energi Persada Tbk. 0.089 0.392
246. KPIG MNC Land Tbk. 0.166 0.444
247. KRAH Grand Kartech Tbk. 1.252 1.168
248. KRAS Krakatau Steel (Persero) Tbk. 2.258 1.838
249. KREN Kresna Graha Sekurindo Tbk. 0.938 0.958
250. LEAD Logindo Samudramakmur Tbk. 0.621 0.747
251. LINK Link Net Tbk. 0.689 0.793
252. LION Lion Metal Works Tbk. 0.597 0.731
253. LMAS Limas Centric Indonesia Tbk. 1.192 1.128
254. LMPI Langgeng Makmur Industri Tbk. 0.063 0.375
255. LPCK Lippo Cikarang Tbk. 2.027 1.685
256. LPIN Multi Prima Sejahtera Tbk. 0.573 0.715
257. LPKR Lippo Karawaci Tbk. 1.263 1.176
258. LPPF Matahari Department Store Tbk. 1.686 1.457
259. LPPS Lippo Securities Tbk. 0.533 0.689
260. LRNA Eka Sari Lorena Transport Tbk. 0.178 0.452
261. LSIP PP London Sumatra Indonesia Tbk. 1.276 1.184
262. LTLS Lautan Luas Tbk. 0.737 0.825
263. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
264. MAIN Malindo Feedmill Tbk. 1.881 1.587
265. MAPB MAP Boga Adiperkasa Tbk. 0.407 0.604
266. MAPI Mitra Adiperkasa Tbk. 1.506 1.338
267. MARK Mark Dynamics Indonesia Tbk. 1.074 1.049
268. MASA Multistrada Arah Sarana Tbk. 0.260 0.506
269. MAYA Bank Mayapada Internasional Tbk. 0.442 0.628
270. MBAP Mitrabara Adiperdana Tbk. 0.889 0.926
271. MBSS Mitrabahtera Segara Sejati Tbk. 1.520 1.346
272. MBTO Martina Berto Tbk. 0.372 0.581
273. MCAS M Cash Integrasi Tbk. 1.422 1.281
274. MCOR Bank Windu Kentjana International Tbk. 1.216 1.144
275. MDKA Merdeka Copper Gold Tbk. 0.700 0.800
276. MDKI Emdeki Utama Tbk. 0.302 0.535
277. MDLN Modernland Realty Ltd. Tbk. 1.393 1.262
278. MEDC Medco Energi International Tbk. 1.848 1.565
279. MERK Merck Tbk. 1.168 1.112
280. META Nusantara Infrastructure Tbk. 0.614 0.743

Page 7 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. MFIN Mandala Multifinance Tbk. 0.557 0.704
282. MFMI Multifiling Mitra Indonesia Tbk. 0.366 0.578
283. MICE Multi Indocitra Tbk. 0.289 0.526
284. MIDI Midi Utama Indonesia Tbk. 0.042 0.362
285. MIKA Mitra Keluarga Karyasehat Tbk. 0.738 0.825
286. MINA Sanurhasta Mitra Tbk. 0.470 0.647
287. MKNT Mitra Komunikasi Nusantara Tbk. 0.140 0.426
288. MLBI Multi Bintang Indonesia Tbk. 0.651 0.768
289. MLIA Mulia Industrindo Tbk. 0.441 0.627
290. MLPL Multipolar Tbk. 1.255 1.170
291. MLPT Multipolar Technology Tbk. 0.442 0.628
292. MMLP Mega Manunggal Property Tbk. 0.421 0.614
293. MNCN Media Nusantara Citra Tbk. 1.450 1.300
294. MPMX Mitra Pinasthika Mustika Tbk. 0.391 0.594
295. MPOW Megapower Makmur Tbk. 0.727 0.818
296. MPPA Matahari Putra Prima Tbk. 1.471 1.314
297. MRAT Mustika Ratu Tbk. 0.410 0.606
298. MSKY MNC Sky Vision Tbk. 0.229 0.486
299. MTDL Metrodata Electronics Tbk. 1.123 1.082
300. MTLA Metropolitan Land Tbk. 0.682 0.788
301. MTSM Metro Realty Tbk. 0.017 0.344
302. MTWI Malacca Trust Wuwungan Insurance Tbk. 0.727 0.818
303. MYOH Samindo Resources Tbk. 0.589 0.726
304. MYOR Mayora Indah Tbk. 0.461 0.641
305. NASA Ayana Land International Tbk. 0.092 0.395
306. NIKL Pelat Timah Nusantara Tbk. 1.421 1.281
307. NIRO Nirvana Development Tbk. 0.074 0.383
308. NISP Bank OCBC NISP Tbk. 0.194 0.463
309. NRCA Nusa Raya Cipta Tbk. 0.805 0.870
310. OASA Protech Mitra Perkasa Tbk. 0.672 0.781
311. OKAS Ancora Indonesia Resources Tbk. 0.911 0.941
312. OMRE Indonesia Prima Property Tbk. 2.320 1.880
313. PADI Minna Padi Investama Tbk. 0.309 0.540
314. PALM Provident Agro Tbk. 0.379 0.586
315. PANR Panorama Sentrawisata Tbk. 1.387 1.258
316. PANS Panin Sekuritas Tbk. 1.029 1.019
317. PBRX Pan Brothers Tbk. 0.851 0.901
318. PBSA Paramita Bangun Sarana Tbk. 0.728 0.819
319. PDES Destinasi Tirta Nusantara Tbk. 0.624 0.749
320. PGAS PT Perusahaan Gas Negara Tbk. 2.304 1.869

Page 8 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. PICO Pelangi Indah Canindo Tbk. 0.997 0.998
322. PJAA Pembangunan Jaya Ancol Tbk. 1.123 1.082
323. PLIN Plaza Indonesia Realty Tbk. 0.231 0.487
324. PNBN Bank Pan Indonesia Tbk. 1.567 1.378
325. PNBS Bank Panin Syariah Tbk. 0.329 0.553
326. PNIN Panin Insurance Tbk. 1.239 1.159
327. PNLF Panin Financial Tbk. 1.333 1.222
328. PORT Nusantara Pelabuhan Handal Tbk. 0.183 0.455
329. POWR Cikarang Listrindo Tbk. 0.702 0.802
330. PPRO PP Properti Tbk. 0.686 0.791
331. PRDA Prodia Widyahusada Tbk. 0.518 0.679
332. PSAB J Resources Asia Pasifik Tbk. 0.954 0.969
333. PSDN Prasidha Aneka Niaga Tbk. 0.247 0.498
334. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 1.095 1.063
335. PTIS Indo Straits Tbk. 0.791 0.861
336. PTPP PP (Persero) Tbk. 2.532 2.022
337. PTRO Petrosea Tbk. 1.547 1.364
338. PTSN Sat Nusapersada Tbk. 2.224 1.816
339. PTSP Pioneerindo Gourmet International Tbk. 0.208 0.472
340. PUDP Pudjiadi Prestige Tbk. 0.301 0.534
341. PWON Pakuwon Jati Tbk. 1.690 1.460
342. PYFA Pyridam Farma Tbk. 0.898 0.932
343. RAJA Rukun Raharja Tbk. 1.275 1.184
344. RALS Ramayana Lestari Sentosa Tbk. 1.502 1.335
345. RANC Supra Boga Lestari Tbk. 0.571 0.714
346. RBMS Ristia Bintang Mahkotasejati Tbk. 0.271 0.514
347. RDTX Roda Vivatex Tbk. 0.499 0.666
348. RICY Ricky Putra Globalindo Tbk. 0.103 0.402
349. RIGS Rig Tenders Indonesia Tbk. 1.160 1.107
350. RMBA Bentoel Internasional Investama Tbk. 0.160 0.440
351. RODA Pikko Land Development Tbk. 0.484 0.656
352. ROTI Nippon Indosari Corpindo Tbk. 0.340 0.560
353. RUIS Radiant Utama Interinsco Tbk. 0.672 0.781
354. SAFE Steady Safe Tbk. 0.283 0.522
355. SAME Sarana Meditama Metropolitan Tbk. 0.354 0.570
356. SCCO Supreme Cable Manufacturing & Commerce Tbk. 0.114 0.409
357. SCMA Surya Citra Media Tbk. 1.564 1.376
358. SDMU Sidomulyo Selaras Tbk. 0.441 0.627
359. SDPC Millennium Pharmacon International Tbk. 0.914 0.943
360. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.080 0.386

Page 9 of 14
 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. SHIP Sillo Maritime Perdana Tbk. 0.164 0.442
362. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.542 0.695
363. SILO Siloam International Hospitals Tbk. 0.552 0.702
364. SIMP Salim Ivomas Pratama Tbk. 1.416 1.278
365. SIPD Sierad Produce Tbk. 0.424 0.616
366. SKBM Sekar Bumi Tbk. 0.070 0.380
367. SKLT Sekar Laut Tbk. 0.144 0.429
368. SMAR Smart Tbk. 0.886 0.924
369. SMBR Semen Baturaja (Persero) Tbk. 2.126 1.751
370. SMCB Holcim Indonesia Tbk. 1.291 1.194
371. SMDM Suryamas Dutamakmur Tbk. 0.578 0.719
372. SMDR Samudera Indonesia Tbk. 1.631 1.421
373. SMGR Semen Indonesia (Persero) Tbk. 1.555 1.370
374. SMMA Sinarmas Multiartha Tbk. 0.209 0.472
375. SMMT Golden Eagle Energy Tbk. 0.845 0.897
376. SMRA Summarecon Agung Tbk. 2.149 1.766
377. SMSM Selamat Sempurna Tbk. 0.829 0.886
378. SOCI Soechi Lines Tbk. 1.483 1.322
379. SONA Sona Topas Tourism Industry Tbk. 0.064 0.376
380. SPMA Suparma Tbk. 0.643 0.762
381. SQMI Renuka Coalindo Tbk. 0.732 0.821
382. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.315 0.543
383. SRIL Sri Rejeki Isman Tbk. 1.146 1.097
384. SRSN Indo Acidatama Tbk. 0.313 0.542
385. SRTG Saratoga Investama Sedaya Tbk. 0.345 0.563
386. SSIA Surya Semesta Internusa Tbk. 1.249 1.166
387. SSTM Sunson Textile Manufacture Tbk. 0.279 0.519
388. STAR Star Petrochem Tbk. 0.654 0.769
389. SULI SLJ Global Tbk. 0.500 0.666
390. SUPR Solusi Tunas Pratama Tbk. 0.125 0.417
391. TAMU Pelayaran Tamarin Samudra Tbk. 0.060 0.373
392. TBIG Tower Bersama Infrastructure Tbk. 1.227 1.151
393. TBLA Tunas Baru Lampung Tbk. 1.279 1.186
394. TBMS Tembaga Mulia Semanan Tbk. 0.133 0.422
395. TCID Mandom Indonesia Tbk. 0.038 0.359
396. TFCO Tifico Fiber Indonesia Tbk. 0.617 0.745
397. TGKA Tigaraksa Satria Tbk. 0.257 0.505
398. TGRA Terregra Asia Energy Tbk. 0.680 0.787
399. TIFA Tifa Finance Tbk. 0.756 0.837
400. TINS Timah (Persero) Tbk. 2.123 1.749

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 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

401. TIRA Tira Austenite Tbk. 0.058 0.372
402. TIRT Tirta Mahakam Resources Tbk. 0.113 0.409
403. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2.034 1.689
404. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.705 0.803
405. TMAS Pelayaran Tempuran Emas Tbk. 0.269 0.513
406. TMPO Tempo Intimedia Tbk. 0.064 0.376
407. TOBA Toba Bara Sejahtra Tbk. 0.023 0.349
408. TOPS Totalindo Eka Persada Tbk. 0.534 0.689
409. TOTL Total Bangun Persada Tbk. 0.900 0.933
410. TOTO Surya Toto Indonesia Tbk. 0.616 0.744
411. TOWR Sarana Menara Nusantara Tbk. 1.004 1.002
412. TPIA Chandra Asri Petrochemical Tbk. 0.951 0.967
413. TPMA Trans Power Marine Tbk. 0.351 0.567
414. TRIM Trimegah Securities Tbk. 0.182 0.455
415. TRIS Trisula International Tbk. 0.044 0.363
416. TRST Trias Sentosa Tbk. 0.436 0.624
417. TRUS Trust Finance Indonesia Tbk. 0.065 0.376
418. TSPC Tempo Scan Pacific Tbk. 0.710 0.806
419. TURI Tunas Ridean Tbk. 0.005 0.337
420. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.455 0.637
421. UNIC Unggul Indah Cahaya Tbk. 0.722 0.815
422. UNIT Nusantara Inti Corpora Tbk. 0.445 0.630
423. UNSP Bakrie Sumatra Plantations Tbk. 1.102 1.068
424. UNTR United Tractors Tbk. 0.956 0.971
425. UNVR Unilever Indonesia Tbk. 0.649 0.766
426. VINS Victoria Insurance Tbk. 0.079 0.386
427. VIVA Visi Media Asia Tbk. 0.465 0.644
428. VOKS Voksel Electric Tbk. 0.518 0.679
429. VRNA Verena Multi Finance Tbk. 0.137 0.424
430. WAPO Wahana Pronatural Tbk. 0.120 0.413
431. WEHA WEHA Transportasi Indonesia Tbk. 1.165 1.110
432. WIIM Wismilak Inti Makmur Tbk. 2.287 1.858
433. WIKA Wijaya Karya (Persero) Tbk. 2.282 1.854
434. WINS Wintermar Offshore Marine Tbk. 0.668 0.779
435. WOMF Wahana Ottomitra Multiartha Tbk. 0.898 0.932
436. WOOD Integra Indocabinet Tbk. 0.888 0.925
437. WSBP Waskita Beton Precast Tbk. 1.704 1.469
438. WSKT Waskita Karya (Persero) Tbk. 2.553 2.036
439. WTON Wijaya Karya Beton Tbk. 1.724 1.483
440. YPAS Yanaprima Hastapersada Tbk. 0.146 0.431

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 PEFINDO BETA STOCK
Edition: 20-November-2020

No. TICKER COMPANY RAW BETA ADJUSTED BETA

441. YULE Yulie Sekurindo Tbk. 0.248 0.499
442. ZBRA Zebra Nusantara Tbk. 0.479 0.653
443. ZINC Kapuas Prima Coal Tbk. 1.147 1.098

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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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