PEFINDO BETA STOCK

Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 1.045 1.030
2. ABDA Asuransi Bina Dana Arta Tbk. 0.094 0.396
3. ABMM ABM Investama Tbk. 0.050 0.367
4. ACES Ace Hardware Indonesia Tbk. 1.318 1.212
5. ACST Acset Indonusa Tbk. 0.770 0.847
6. ADES Akasha Wira International Tbk. 0.835 0.890
7. ADHI Adhi Karya (Persero) Tbk. 1.779 1.519
8. ADMF Adira Dinamika Multi Finance Tbk. 1.243 1.162
9. ADMG Polychem Indonesia Tbk. 1.438 1.292
10. ADRO Adaro Energy Tbk. 2.461 1.974
11. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 1.987 1.658
12. AGRS Bank Agris Tbk. 0.485 0.656
13. AHAP Asuransi Harta Aman Pratama Tbk. 0.453 0.635
14. AIMS Akbar Indo Makmur Stimec Tbk. 0.670 0.780
15. AISA Tiga Pilar Sejahtera Food Tbk. 1.353 1.236
16. AKPI Argha Karya Prima Industry Tbk. 0.078 0.386
17. AKRA AKR Corporindo Tbk. 0.350 0.566
18. AKSI Majapahit Inti Corpora Tbk. 0.563 0.709
19. ALDO Alkindo Naratama Tbk. 0.304 0.536
20. ALKA Alakasa Industrindo Tbk. 0.824 0.883
21. ALMI Alumindo Light Metal Industry Tbk. 0.249 0.500
22. ALTO Tri Banyan Tirta Tbk. 0.016 0.344
23. AMFG Asahimas Flat Glass Tbk. 0.847 0.898
24. ANTM Aneka Tambang (Persero) Tbk. 1.746 1.497
25. APEX Apexindo Pratama Duta Tbk. 0.153 0.435
26. APII Arita Prima Indonesia Tbk. 0.751 0.834
27. APLI Asiaplast Industries Tbk. 0.534 0.690
28. APLN Agung Podomoro Land Tbk. 0.884 0.923
29. ARII Atlas Resources Tbk. 0.177 0.451
30. ARNA Arwana Citramulia Tbk. 1.165 1.110
31. ARTA Arthavest Tbk. 0.151 0.434
32. ASBI Asuransi Bintang Tbk. 1.229 1.153
33. ASGR Astra Graphia Tbk. 0.069 0.379
34. ASII Astra International Tbk. 1.417 1.278
35. ASJT Asuransi Jasa Tania Tbk. 0.208 0.472
36. ASMI Asuransi Mitra Maparya Tbk. 0.685 0.790
37. ASRI Alam Sutera Realty Tbk. 1.997 1.665
38. ASSA Adi Sarana Armada Tbk. 1.552 1.368
39. AUTO Astra Otoparts Tbk. 1.835 1.556
40. BABP Bank MNC Internasional Tbk. 0.979 0.986

Page 1 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BACA Bank Capital Indonesia Tbk. 0.145 0.430
42. BAJA Saranacentral Bajatama Tbk. 1.466 1.311
43. BAPA Bekasi Asri Pemula Tbk. 0.527 0.685
44. BBCA Bank Central Asia Tbk. 1.060 1.040
45. BBKP Bank Bukopin Tbk. 0.481 0.654
46. BBMD Bank Mestika Dharma Tbk. 0.020 0.347
47. BBNI Bank Negara Indonesia (Persero) Tbk. 1.545 1.364
48. BBNP Bank Nusantara Parahyangan Tbk. 0.043 0.362
49. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.301 1.201
50. BBRM Pelayaran Nasional Bina Buana Raya Tbk. 0.693 0.795
51. BBTN Bank Tabungan Negara (Persero) Tbk. 1.315 1.210
52. BBYB Bank Yudha Bhakti Tbk. 1.166 1.111
53. BCAP MNC Kapital Indonesia Tbk. 0.094 0.396
54. BCIP Bumi Citra Permai Tbk. 0.645 0.763
55. BDMN Bank Danamon Indonesia Tbk. 1.606 1.404
56. BEKS Bank Pundi Indonesia Tbk. 2.593 2.062
57. BEST Bekasi Fajar Industrial Estate Tbk. 2.463 1.975
58. BFIN BFI Finance Indonesia Tbk. 0.267 0.511
59. BHIT MNC Investama Tbk. 1.258 1.172
60. BIMA Primarindo Asia Infrastructure Tbk. 0.307 0.538
61. BINA Bank Ina Perdana Tbk. 1.906 1.604
62. BIPI Benakat Petroleum Energy Tbk. 1.082 1.055
63. BIPP Bhuwanatala Indah Permai Tbk. 0.822 0.881
64. BIRD Blue Bird Tbk. 0.569 0.713
65. BISI BISI International Tbk. 1.073 1.048
66. BJBR Bank Pembangunan Daerah Jawa Barat dan Bante 1.505 1.337
67. BJTM Bank Pembangunan Daerah Jawa Timur Tbk. 1.760 1.507
68. BKDP Bukit Darmo Property Tbk. 0.298 0.532
69. BKSL Sentul City Tbk. 1.437 1.292
70. BKSW Bank QNB Indonesia Tbk. 0.172 0.448
71. BMAS Bank Maspion Indonesia Tbk. 0.289 0.526
72. BMRI Bank Mandiri (Persero) Tbk. 1.435 1.290
73. BMTR Global Mediacom Tbk. 1.573 1.382
74. BNBA Bank Bumi Arta Tbk. 0.321 0.547
75. BNGA Bank CIMB Niaga Tbk. 2.789 2.193
76. BNII Bank Maybank Indonesia Tbk. 1.958 1.639
77. BNLI Bank Permata Tbk. 0.897 0.931
78. BPFI Batavia Prosperindo Finance Tbk. 0.627 0.752
79. BRAM Indo Kordsa Tbk. 0.647 0.765
80. BRMS Bumi Resources Minerals Tbk. 1.105 1.070

Page 2 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BRNA Berlina Tbk. 0.470 0.647
82. BRPT Barito Pacific Tbk. 2.628 2.085
83. BSDE Bumi Serpong Damai Tbk. 1.484 1.323
84. BSIM Bank Sinarmas Tbk. 0.646 0.764
85. BSSR Baramulti Suksessarana Tbk. 1.021 1.014
86. BTEK Bumi Teknokultura Unggul Tbk. 0.089 0.393
87. BTEL Bakrie Telecom Tbk. 0.000 0.333
88. BTON Betonjaya Manunggal Tbk. 0.330 0.553
89. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.955 0.970
90. BUDI Budi Starch & Sweetener Tbk. 0.997 0.998
91. BUKK Bukaka Teknik Utama Tbk. 0.378 0.585
92. BULL Buana Listya Tama Tbk. 2.454 1.969
93. BUMI Bumi Resources Tbk. 0.935 0.957
94. BUVA Bukit Uluwatu Villa Tbk. 0.476 0.651
95. BVIC Bank Victoria International Tbk. 0.621 0.748
96. BWPT Eagle High Plantations Tbk. 1.789 1.526
97. BYAN Bayan Resources Tbk. 0.385 0.590
98. CASS Cardig Aero Services Tbk. 0.181 0.454
99. CEKA Wilmar Cahaya Indonesia Tbk. 0.909 0.940
100. CENT Centrin Online Tbk. 0.036 0.357
101. CFIN Clipan Finance Indonesia Tbk. 0.914 0.943
102. CINT Chitose Internasional Tbk. 0.083 0.388
103. CKRA Cakra Mineral Tbk. 0.997 0.998
104. CLPI Colorpak Indonesia Tbk. 0.930 0.953
105. CMNP Citra Marga Nusaphala Persada Tbk. 0.917 0.945
106. CMPP Rimau Multi Putra Pratama Tbk. 1.283 1.189
107. CNKO Exploitasi Energi Indonesia Tbk. 0.629 0.753
108. COWL Cowell Development Tbk. 0.284 0.523
109. CPIN Charoen Pokphand Indonesia Tbk. 1.997 1.665
110. CPRO Central Proteinaprima Tbk. 0.747 0.831
111. CSAP Catur Sentosa Adiprana Tbk. 0.111 0.408
112. CTBN Citra Tubindo Tbk. 0.294 0.530
113. CTRA Ciputra Development Tbk. 1.829 1.552
114. CTTH Citatah Tbk. 0.661 0.774
115. DART Duta Anggada Realty Tbk. 0.869 0.913
116. DEWA Darma Henwa Tbk. 0.285 0.524
117. DGIK Nusa Konstruksi Enjiniring Tbk. 2.324 1.883
118. DILD Intiland Development Tbk. 0.257 0.505
119. DKFT Central Omega Resources Tbk. 0.795 0.864
120. DLTA Delta Djakarta Tbk. 0.217 0.478

Page 3 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. DNAR Bank Dinar Indonesia Tbk. 0.061 0.374
122. DNET Dyviacom Intrabumi Tbk. 0.246 0.497
123. DOID Delta Dunia Makmur Tbk. 3.305 2.537
124. DPNS Duta Pertiwi Nusantara Tbk. 0.274 0.516
125. DSFI Dharma Samudera Fishing Industries Tbk. 1.176 1.117
126. DSNG Dharma Satya Nusantara Tbk. 0.743 0.829
127. DSSA Dian Swastatika Sentosa Tbk. 0.000 0.333
128. DUTI Duta Pertiwi Tbk. 0.189 0.459
129. DVLA Darya-Varia Laboratoria Tbk. 3.212 2.475
130. DYAN Dyandra Media International Tbk. 0.626 0.751
131. ECII Electronic City Indonesia Tbk. 0.909 0.939
132. EKAD Ekadharma International Tbk. 0.879 0.920
133. ELSA Elnusa Tbk. 1.254 1.169
134. ELTY Bakrieland Development Tbk. 0.030 0.353
135. EMTK Elang Mahkota Teknologi Tbk. 0.222 0.481
136. ENRG Energi Mega Persada Tbk. 1.529 1.352
137. EPMT Enseval Putera Megatrading Tbk. 0.389 0.593
138. ERAA Erajaya Swasembada Tbk. 1.876 1.584
139. ERTX Eratex Djaja Tbk. 0.092 0.395
140. ESSA Surya Esa Perkasa Tbk. 1.784 1.523
141. EXCL XL Axiata Tbk. 1.330 1.220
142. FAST Fast Food Indonesia Tbk. 0.459 0.639
143. FASW Fajar Surya Wisesa Tbk. 0.390 0.593
144. FISH FKS Multi Agro Tbk. 0.734 0.823
145. FMII Fortune Mate Indonesia Tbk. 0.333 0.556
146. FORU Fortune Indonesia Tbk. 0.485 0.656
147. FPNI Lotte Chemical Titan Tbk. 3.028 2.352
148. FREN Smartfren Telecom Tbk. 0.846 0.897
149. GDST Gunawan Dianjaya Steel Tbk. 0.657 0.771
150. GDYR Goodyear Indonesia Tbk. 0.260 0.507
151. GEMA Gema Grahasarana Tbk. 0.443 0.629
152. GGRM Gudang Garam Tbk. 0.891 0.927
153. GIAA Garuda Indonesia (Persero) Tbk. 1.224 1.149
154. GJTL Gajah Tunggal Tbk. 2.915 2.276
155. GOLL Golden Plantation Tbk. 0.972 0.982
156. GPRA Perdana Gapuraprima Tbk. 0.401 0.601
157. GTBO Garda Tujuh Buana Tbk. 0.974 0.983
158. GWSA Greenwood Sejahtera Tbk. 0.935 0.956
159. GZCO Gozco Plantations Tbk. 1.371 1.248
160. HERO Hero Supermarket Tbk. 0.539 0.693

Page 4 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. HEXA Hexindo Adiperkasa Tbk. 2.171 1.781
162. HMSP H.M. Sampoerna Tbk. 1.096 1.064
163. HOME Hotel Mandarine Regency Tbk. 0.024 0.349
164. HOTL Saraswati Griya Lestari Tbk. 0.264 0.509
165. HRUM Harum Energy Tbk. 2.381 1.921
166. IATA Indonesia Air Transport Tbk. 0.492 0.661
167. IBST Inti Bangun Sejahtera Tbk. 0.076 0.384
168. ICBP Indofood CBP Sukses Makmur Tbk. 0.588 0.726
169. ICON Island Concepts Indonesia Tbk. 0.170 0.447
170. IGAR Champion Pacific Indonesia Tbk. 1.297 1.198
171. IIKP Inti Agri Resources Tbk. 1.636 1.424
172. IKAI Intikeramik Alamasri Industri Tbk. 0.687 0.792
173. IKBI Sumi Indo Kabel Tbk. 0.479 0.653
174. IMAS Indomobil Sukses Internasional Tbk. 0.182 0.454
175. IMJS Indomobil Multi Jasa Tbk. 0.316 0.544
176. INAF Indofarma Tbk. 1.932 1.621
177. INAI Indal Aluminium Industry Tbk. 0.232 0.488
178. INCI Intanwijaya Internasional Tbk. 0.031 0.354
179. INCO Vale Indonesia Tbk. 2.615 2.077
180. INDF Indofood Sukses Makmur Tbk. 1.402 1.268
181. INDR Indo-Rama Synthetics Tbk. 0.213 0.475
182. INDS Indospring Tbk. 2.148 1.766
183. INDX Tanah Laut Tbk. 1.459 1.306
184. INDY Indika Energy Tbk. 2.564 2.043
185. INKP Indah Kiat Pulp & Paper Tbk. 1.488 1.326
186. INPC Bank Artha Graha Internasional Tbk. 0.523 0.682
187. INRU Toba Pulp Lestari Tbk. 1.399 1.266
188. INTA Intraco Penta Tbk. 0.374 0.583
189. INTD Inter Delta Tbk. 0.280 0.520
190. INTP Indocement Tunggal Prakasa Tbk. 1.575 1.383
191. IPOL Indopoly Swakarsa Industry Tbk. 0.818 0.879
192. ISAT Indosat Tbk. 0.703 0.802
193. ISSP Steel Pipe Industry of Indonesia Tbk. 1.568 1.379
194. ITMA Sumber Energi Andalan Tbk. 0.220 0.480
195. ITMG Indo Tambangraya Megah Tbk. 2.486 1.991
196. JAWA Jaya Agra Wattie Tbk. 0.675 0.783
197. JECC Jembo Cable Company Tbk. 1.008 1.005
198. JIHD Jakarta International Hotels & Development Tbk. 0.564 0.710
199. JKSW Jakarta Kyoei Steel Works Tbk. 0.134 0.422
200. JPFA Japfa Comfeed Indonesia Tbk. 2.655 2.103

Page 5 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. JPRS Jaya Pari Steel Tbk. 0.412 0.608
202. JRPT Jaya Real Property Tbk. 0.290 0.527
203. JSMR Jasa Marga (Persero) Tbk. 0.953 0.968
204. JTPE Jasuindo Tiga Perkasa Tbk. 0.201 0.467
205. KAEF Kimia Farma Tbk. 1.775 1.517
206. KARW ICTSI Jasa Prima Tbk. 2.222 1.814
207. KBLI KMI Wire & Cable Tbk. 2.044 1.696
208. KBLM Kabelindo Murni Tbk. 1.258 1.172
209. KBLV First Media Tbk. 0.685 0.790
210. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.027 0.351
211. KDSI Kedawung Setia Industrial Tbk. 1.216 1.144
212. KICI Kedaung Indah Can Tbk. 0.071 0.381
213. KIJA Kawasan Industri Jababeka Tbk. 1.606 1.404
214. KKGI Resource Alam Indonesia Tbk. 1.748 1.499
215. KLBF Kalbe Farma Tbk. 0.925 0.950
216. KOBX Kobexindo Tractors Tbk. 0.192 0.461
217. KOIN Kokoh Inti Arebama Tbk. 0.475 0.650
218. KONI Perdana Bangun Pusaka Tbk. 1.156 1.104
219. KPIG MNC Land Tbk. 0.460 0.640
220. KRAS Krakatau Steel (Persero) Tbk. 1.275 1.183
221. LAPD Leyand International Tbk. 0.001 0.334
222. LEAD Logindo Samudramakmur Tbk. 1.616 1.410
223. LINK Link Net Tbk. 0.916 0.944
224. LMAS Limas Centric Indonesia Tbk. 0.005 0.337
225. LMPI Langgeng Makmur Industri Tbk. 0.129 0.420
226. LMSH Lionmesh Prima Tbk. 0.544 0.696
227. LPCK Lippo Cikarang Tbk. 1.216 1.144
228. LPKR Lippo Karawaci Tbk. 1.054 1.036
229. LPLI Star Pacific Tbk. 1.206 1.138
230. LPPF Matahari Department Store Tbk. 0.817 0.878
231. LPPS Lippo Securities Tbk. 0.835 0.890
232. LRNA Eka Sari Lorena Transport Tbk. 0.527 0.685
233. LSIP PP London Sumatra Indonesia Tbk. 1.092 1.061
234. LTLS Lautan Luas Tbk. 1.495 1.330
235. MAGP Multi Agro Gemilang Plantation Tbk. 0.006 0.337
236. MAIN Malindo Feedmill Tbk. 0.897 0.932
237. MAMI Mas Murni Indonesia Tbk. 0.537 0.691
238. MAPI Mitra Adiperkasa Tbk. 1.486 1.324
239. MBAP Mitrabara Adiperdana Tbk. 0.359 0.573
240. MBSS Mitrabahtera Segara Sejati Tbk. 2.432 1.954

Page 6 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MBTO Martina Berto Tbk. 1.066 1.044
242. MCOR Bank Windu Kentjana International Tbk. 0.678 0.785
243. MDIA Intermedia Capital Tbk. 0.292 0.528
244. MDLN Modernland Realty Ltd. Tbk. 0.964 0.976
245. MDRN Modern Internasional Tbk. 1.851 1.567
246. MEDC Medco Energi International Tbk. 2.693 2.129
247. MERK Merck Tbk. 0.522 0.681
248. META Nusantara Infrastructure Tbk. 1.053 1.035
249. MFIN Mandala Multifinance Tbk. 0.518 0.679
250. MGNA Magna Finance Tbk. 0.379 0.586
251. MICE Multi Indocitra Tbk. 1.045 1.030
252. MIDI Midi Utama Indonesia Tbk. 0.181 0.454
253. MIKA Mitra Keluarga Karyasehat Tbk. 0.014 0.343
254. MITI Mitra Investindo Tbk. 0.058 0.372
255. MKPI Metropolitan Kentjana Tbk. 0.221 0.481
256. MLBI Multi Bintang Indonesia Tbk. 0.767 0.845
257. MLPL Multipolar Tbk. 2.259 1.840
258. MNCN Media Nusantara Citra Tbk. 1.768 1.512
259. MPMX Mitra Pinasthika Mustika Tbk. 1.386 1.258
260. MPPA Matahari Putra Prima Tbk. 1.894 1.596
261. MRAT Mustika Ratu Tbk. 0.776 0.851
262. MTDL Metrodata Electronics Tbk. 0.388 0.592
263. MTLA Metropolitan Land Tbk. 0.676 0.784
264. MTSM Metro Realty Tbk. 0.463 0.642
265. MYOH Samindo Resources Tbk. 0.691 0.794
266. MYOR Mayora Indah Tbk. 0.207 0.471
267. MYRX Hanson International Tbk. 0.394 0.596
268. MYTX Apac Citra Centertex Tbk. 0.751 0.834
269. NAGA Bank Mitraniaga Tbk. 1.434 1.290
270. NELY Pelayaran Nelly Dwi Putri Tbk. 0.444 0.630
271. NIKL Pelat Timah Nusantara Tbk. 1.977 1.652
272. NIPS Nipress Tbk. 0.946 0.964
273. NIRO Nirvana Development Tbk. 0.967 0.978
274. NOBU Bank Nationalnobu Tbk. 0.038 0.359
275. NRCA Nusa Raya Cipta Tbk. 1.390 1.260
276. OCAP Onix Capital Tbk. 0.197 0.465
277. OMRE Indonesia Prima Property Tbk. 2.953 2.302
278. PADI Minna Padi Investama Tbk. 0.636 0.757
279. PALM Provident Agro Tbk. 0.004 0.336
280. PANR Panorama Sentrawisata Tbk. 0.549 0.700

Page 7 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. PANS Panin Sekuritas Tbk. 0.919 0.946
282. PBRX Pan Brothers Tbk. 0.629 0.753
283. PDES Destinasi Tirta Nusantara Tbk. 1.010 1.007
284. PEGE Panca Global Securities Tbk. 0.317 0.545
285. PGAS Perusahaan Gas Negara (Persero) Tbk. 2.457 1.971
286. PGLI Pembangunan Graha Lestari Indah Tbk. 0.083 0.389
287. PJAA Pembangunan Jaya Ancol Tbk. 0.107 0.405
288. PNBN Bank Pan Indonesia Tbk. 1.269 1.180
289. PNBS Bank Panin Syariah Tbk. 0.348 0.565
290. PNIN Panin Insurance Tbk. 1.042 1.028
291. PNLF Panin Financial Tbk. 1.555 1.370
292. PNSE Pudjiadi & Sons Tbk. 0.335 0.557
293. POOL Pool Advista Indonesia Tbk. 1.016 1.011
294. PRAS Prima Alloy Steel Universal Tbk. 0.568 0.712
295. PSAB J Resources Asia Pasifik Tbk. 1.092 1.061
296. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 2.857 2.238
297. PTPP PP (Persero) Tbk. 1.170 1.114
298. PTRO Petrosea Tbk. 2.202 1.801
299. PTSN Sat Nusapersada Tbk. 0.545 0.697
300. PUDP Pudjiadi Prestige Tbk. 0.650 0.767
301. PWON Pakuwon Jati Tbk. 1.472 1.315
302. PYFA Pyridam Farma Tbk. 0.358 0.572
303. RAJA Rukun Raharja Tbk. 1.597 1.398
304. RALS Ramayana Lestari Sentosa Tbk. 1.593 1.396
305. RANC Supra Boga Lestari Tbk. 0.921 0.947
306. RELI Reliance Securities Tbk. 0.392 0.595
307. RICY Ricky Putra Globalindo Tbk. 0.013 0.342
308. RIGS Rig Tenders Indonesia Tbk. 0.936 0.957
309. RIMO Rimo International Lestari Tbk. 0.311 0.541
310. RMBA Bentoel Internasional Investama Tbk. 0.235 0.490
311. ROTI Nippon Indosari Corpindo Tbk. 0.376 0.584
312. RUIS Radiant Utama Interinsco Tbk. 0.136 0.424
313. SAME Sarana Meditama Metropolitan Tbk. 0.253 0.502
314. SCCO Supreme Cable Manufacturing & Commerce Tbk. 1.036 1.024
315. SCMA Surya Citra Media Tbk. 0.920 0.946
316. SDMU Sidomulyo Selaras Tbk. 1.896 1.598
317. SDPC Millennium Pharmacon International Tbk. 0.743 0.829
318. SDRA Bank Woori Saudara Indonesia 1906 Tbk. 0.320 0.547
319. SGRO Sampoerna Agro Tbk. 0.459 0.640
320. SHID Hotel Sahid Jaya International Tbk. 0.434 0.623

Page 8 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. SIDO Industri Jamu dan Farmasi Sido Muncul Tbk. 0.679 0.786
322. SIMA Siwani Makmur Tbk. 0.412 0.608
323. SIMP Salim Ivomas Pratama Tbk. 1.212 1.141
324. SIPD Sierad Produce Tbk. 1.313 1.208
325. SKBM Sekar Bumi Tbk. 0.289 0.526
326. SKLT Sekar Laut Tbk. 0.356 0.570
327. SMAR Smart Tbk. 0.469 0.646
328. SMBR Semen Baturaja (Persero) Tbk. 1.897 1.598
329. SMCB Holcim Indonesia Tbk. 1.395 1.263
330. SMDM Suryamas Dutamakmur Tbk. 0.761 0.840
331. SMDR Samudera Indonesia Tbk. 2.096 1.731
332. SMGR Semen Indonesia (Persero) Tbk. 1.495 1.330
333. SMMA Sinarmas Multiartha Tbk. 0.039 0.360
334. SMMT Golden Eagle Energy Tbk. 1.304 1.203
335. SMRA Summarecon Agung Tbk. 1.911 1.607
336. SMRU SMR Utama Tbk. 0.395 0.596
337. SMSM Selamat Sempurna Tbk. 0.390 0.593
338. SOCI Soechi Lines Tbk. 1.140 1.093
339. SPMA Suparma Tbk. 1.122 1.082
340. SQMI Renuka Coalindo Tbk. 0.001 0.334
341. SRAJ Sejahteraraya Anugrahjaya Tbk. 0.250 0.500
342. SRIL Sri Rejeki Isman Tbk. 0.427 0.618
343. SRSN Indo Acidatama Tbk. 0.010 0.340
344. SRTG Saratoga Investama Sedaya Tbk. 0.086 0.391
345. SSIA Surya Semesta Internusa Tbk. 1.578 1.385
346. SSMS Sawit Sumbermas Sarana Tbk. 0.998 0.999
347. SSTM Sunson Textile Manufacture Tbk. 0.304 0.536
348. STAR Star Petrochem Tbk. 0.697 0.798
349. STTP Siantar Top Tbk. 0.295 0.530
350. SULI SLJ Global Tbk. 2.253 1.836
351. SUPR Solusi Tunas Pratama Tbk. 0.612 0.741
352. TALF Tunas Alfin Tbk. 0.299 0.533
353. TARA Sitara Propertindo Tbk. 0.169 0.446
354. TBIG Tower Bersama Infrastructure Tbk. 0.999 0.999
355. TBLA Tunas Baru Lampung Tbk. 1.055 1.037
356. TBMS Tembaga Mulia Semanan Tbk. 1.482 1.322
357. TCID Mandom Indonesia Tbk. 0.187 0.458
358. TELE Tiphone Mobile Indonesia Tbk. 0.584 0.723
359. TGKA Tigaraksa Satria Tbk. 0.315 0.543
360. TIFA Tifa Finance Tbk. 0.375 0.584

Page 9 of 12
 PEFINDO BETA STOCK
Edition: 09-April-2018

No. TICKER COMPANY RAW BETA ADJUSTED BETA

361. TINS Timah (Persero) Tbk. 1.605 1.403
362. TIRT Tirta Mahakam Resources Tbk. 1.516 1.344
363. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 1.498 1.332
364. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.520 0.680
365. TMAS Pelayaran Tempuran Emas Tbk. 0.818 0.879
366. TMPO Tempo Intimedia Tbk. 1.375 1.250
367. TOBA Toba Bara Sejahtra Tbk. 0.088 0.392
368. TOTL Total Bangun Persada Tbk. 1.289 1.193
369. TPIA Chandra Asri Petrochemical Tbk. 0.470 0.647
370. TPMA Trans Power Marine Tbk. 0.459 0.639
371. TRAM Trada Maritime Tbk. 1.242 1.161
372. TRIL Triwira Insanlestari Tbk. 0.074 0.383
373. TRIM Trimegah Securities Tbk. 0.743 0.829
374. TRIS Trisula International Tbk. 0.155 0.436
375. TRST Trias Sentosa Tbk. 0.708 0.805
376. TRUS Trust Finance Indonesia Tbk. 0.110 0.407
377. TSPC Tempo Scan Pacific Tbk. 0.923 0.948
378. TURI Tunas Ridean Tbk. 0.605 0.736
379. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 0.114 0.409
380. UNIT Nusantara Inti Corpora Tbk. 0.484 0.656
381. UNTR United Tractors Tbk. 1.426 1.284
382. UNVR Unilever Indonesia Tbk. 0.714 0.809
383. VICO Victoria Investama Tbk. 0.018 0.345
384. VIVA Visi Media Asia Tbk. 0.420 0.613
385. VRNA Verena Multi Finance Tbk. 0.424 0.616
386. WAPO Wahana Pronatural Tbk. 0.362 0.575
387. WEHA WEHA Transportasi Indonesia Tbk. 0.400 0.600
388. WICO Wicaksana Overseas International Tbk. 0.309 0.539
389. WIIM Wismilak Inti Makmur Tbk. 0.334 0.556
390. WIKA Wijaya Karya (Persero) Tbk. 1.397 1.264
391. WINS Wintermar Offshore Marine Tbk. 2.090 1.727
392. WOMF Wahana Ottomitra Multiartha Tbk. 1.860 1.573
393. WSKT Waskita Karya (Persero) Tbk. 1.268 1.179
394. WTON Wijaya Karya Beton Tbk. 1.507 1.338

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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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