PEFINDO BETA SAHAM

Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. AALI Astra Agro Lestari Tbk. 0.223 0.482
2. ABBA Mahaka Media Tbk. 0.588 0.725
3. ABDA Asuransi Bina Dana Arta Tbk. 0.271 0.514
4. ACES Ace Hardware Indonesia Tbk. 0.587 0.724
5. ADES Akasha Wira International Tbk. 1.556 1.371
6. ADHI Adhi Karya (Persero) Tbk. 1.936 1.624
7. ADMF Adira Dinamika Multi Finance Tbk. 0.900 0.933
8. ADMG Polychem Indonesia Tbk. 1.828 1.552
9. ADRO Adaro Energy Tbk. 0.636 0.758
10. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 0.800 0.866
11. AHAP Asuransi Harta Aman Pratama Tbk. 0.813 0.875
12. AISA Tiga Pilar Sejahtera Food Tbk. 1.086 1.057
13. AKPI Argha Karya Prima Industry Tbk. 1.006 1.004
14. AKRA AKR Corporindo Tbk. 1.523 1.348
15. ALKA Alakasa Industrindo Tbk. 0.226 0.484
16. ALMI Alumindo Light Metal Industry Tbk. 0.895 0.930
17. AMAG Asuransi Multi Artha Guna Tbk. 1.563 1.375
18. AMFG Asahimas Flat Glass Tbk. 0.625 0.750
19. AMRT Sumber Alfaria Trijaya Tbk. 0.741 0.827
20. ANTM Aneka Tambang (Persero) Tbk. 1.058 1.039
21. APEX Apexindo Pratama Duta Tbk. 0.648 0.766
22. APIC Pacific Strategic Financial Tbk. 0.182 0.455
23. APLI Asiaplast Industries Tbk. 1.323 1.216
24. APLN Agung Podomoro Land Tbk. 1.423 1.282
25. APOL Arpeni Pratama Ocean Line Tbk. 0.203 0.469
26. ARNA Arwana Citramulia Tbk. 0.820 0.880
27. ARTA Arthavest Tbk. 0.233 0.489
28. ARTI Ratu Prabu Energi Tbk. 0.637 0.758
29. ASBI Asuransi Bintang Tbk. 0.565 0.710
30. ASDM Asuransi Dayin Mitra Tbk. 0.728 0.819
31. ASGR Astra Graphia Tbk. 1.072 1.048
32. ASII Astra International Tbk. 1.098 1.065
33. ASJT Asuransi Jasa Tania Tbk. 0.077 0.384
34. ASRI Alam Sutera Realty Tbk. 2.014 1.676
35. ASRM Asuransi Ramayana Tbk. 0.581 0.721
36. ATPK ATPK Resources Tbk. 0.719 0.813
37. AUTO Astra Otoparts Tbk. 1.103 1.068
38. BABP Bank ICB Bumiputera Tbk. 0.373 0.582
39. BACA Bank Capital Indonesia Tbk. 0.252 0.501
40. BAPA Bekasi Asri Pemula Tbk. 0.401 0.601

Page 1 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BATA Sepatu Bata Tbk. 0.049 0.366
42. BAYU Bayu Buana Tbk. 0.734 0.823
43. BBCA Bank Central Asia Tbk. 1.050 1.033
44. BBKP Bank Bukopin Tbk. 1.796 1.531
45. BBLD Buana Finance Tbk. 0.547 0.698
46. BBNI Bank Negara Indonesia (Persero) Tbk. 1.536 1.357
47. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.503 1.335
48. BBTN Bank Tabungan Negara (Persero) Tbk. 1.405 1.270
49. BCAP MNC Kapital Indonesia Tbk. 1.169 1.113
50. BCIP Bumi Citra Permai Tbk. 0.679 0.786
51. BDMN Bank Danamon Indonesia Tbk. 1.060 1.040
52. BEKS Bank Pundi Indonesia Tbk. 0.555 0.703
53. BFIN BFI Finance Indonesia Tbk. 1.015 1.010
54. BHIT MNC Investama Tbk. 1.575 1.383
55. BIPI Benakat Petroleum Energy Tbk. 0.484 0.656
56. BIPP Bhuwanatala Indah Permai Tbk. 0.531 0.687
57. BISI BISI International Tbk. 1.208 1.138
58. BJBR Bank Pembangunan Daerah Jawa Barat dan Banten Tbk. 1.443 1.295
59. BKDP Bukit Darmo Property Tbk. 0.973 0.982
60. BKSL Sentul City Tbk. 1.590 1.393
61. BKSW Bank QNB Kesawan Tbk. 0.236 0.491
62. BMRI Bank Mandiri (Persero) Tbk. 1.519 1.346
63. BMTR Global Mediacom Tbk. 1.488 1.325
64. BNBA Bank Bumi Arta Tbk. 0.627 0.751
65. BNBR Bakrie & Brothers Tbk. 0.362 0.575
66. BNGA Bank CIMB Niaga Tbk. 1.186 1.124
67. BNII Bank Internasional Indonesia Tbk. 0.527 0.684
68. BNLI Bank Permata Tbk. 0.771 0.847
69. BORN Borneo Lumbung Energi & Metal Tbk. 1.188 1.125
70. BPFI Batavia Prosperindo Finance Tbk. 0.039 0.359
71. BRAM Indo Kordsa Tbk. 0.071 0.381
72. BRAU Berau Coal Energy Tbk. 1.212 1.141
73. BRMS Bumi Resources Minerals Tbk. 2.096 1.731
74. BRNA Berlina Tbk. 0.461 0.641
75. BRPT Barito Pacific Tbk. 0.682 0.788
76. BSDE Bumi Serpong Damai Tbk. 1.616 1.410
77. BSIM Bank Sinarmas Tbk. 0.543 0.695
78. BSWD Bank Of India Indonesia Tbk. 0.630 0.753
79. BTEK Bumi Teknokultura Unggul Tbk. 0.601 0.734
80. BTON Betonjaya Manunggal Tbk. 0.758 0.839

Page 2 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.932 0.954
82. BUDI Budi Starch & Sweetener Tbk. 0.720 0.813
83. BUMI Bumi Resources Tbk. 1.894 1.596
84. BUVA Bukit Uluwatu Villa Tbk. 0.521 0.681
85. BVIC Bank Victoria International Tbk. 0.929 0.953
86. BWPT BW Plantation Tbk. 0.503 0.668
87. BYAN Bayan Resources Tbk. 0.386 0.591
88. CEKA Wilmar Cahaya Indonesia Tbk. 1.163 1.109
89. CFIN Clipan Finance Indonesia Tbk. 1.318 1.212
90. CKRA Cakra Mineral Tbk. 0.138 0.426
91. CLPI Colorpak Indonesia Tbk. 1.553 1.369
92. CMPP Centris Multipersada Pratama Tbk. 1.646 1.431
93. CNKO Exploitasi Energi Indonesia Tbk. 1.022 1.014
94. COWL Cowell Development Tbk. 0.759 0.839
95. CPIN Charoen Pokphand Indonesia Tbk. 1.665 1.443
96. CPRO Central Proteinaprima Tbk. 0.028 0.352
97. CSAP Catur Sentosa Adiprana Tbk. 1.043 1.029
98. CTBN Citra Tubindo Tbk. 0.087 0.391
99. CTRA Ciputra Development Tbk. 1.702 1.468
100. CTRP Ciputra Property Tbk. 1.934 1.622
101. CTRS Ciputra Surya Tbk. 1.355 1.236
102. CTTH Citatah Tbk. 0.569 0.713
103. DART Duta Anggada Realty Tbk. 1.812 1.542
104. DEFI Danasupra Erapacific Tbk. 0.149 0.433
105. DEWA Darma Henwa Tbk. 0.836 0.891
106. DGIK Nusa Konstruksi Enjiniring Tbk. 1.218 1.145
107. DILD Intiland Development Tbk. 2.181 1.787
108. DLTA Delta Djakarta Tbk. 0.065 0.377
109. DOID Delta Dunia Makmur Tbk. 1.391 1.261
110. DPNS Duta Pertiwi Nusantara Tbk. 0.656 0.771
111. DSFI Dharma Samudera Fishing Industries Tbk. 0.375 0.583
112. DSSA Dian Swastatika Sentosa Tbk. 0.183 0.455
113. DUTI Duta Pertiwi Tbk. 0.204 0.469
114. DVLA Darya-Varia Laboratoria Tbk. 0.881 0.920
115. EKAD Ekadharma International Tbk. 1.761 1.507
116. ELSA Elnusa Tbk. 0.697 0.798
117. ELTY Bakrieland Development Tbk. 0.813 0.876
118. EMDE Megapolitan Developments Tbk. 0.941 0.960
119. EMTK Elang Mahkota Teknologi Tbk. 0.735 0.823
120. ENRG Energi Mega Persada Tbk. 2.265 1.843

Page 3 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. EPMT Enseval Putera Megatrading Tbk. 0.280 0.520
122. ERTX Eratex Djaja Tbk. 0.432 0.621
123. ESTI Ever Shine Tex Tbk. 0.307 0.538
124. ETWA Eterindo Wahanatama Tbk. 0.529 0.686
125. EXCL XL Axiata Tbk. 0.526 0.684
126. FAST Fast Food Indonesia Tbk. 0.849 0.899
127. FASW Fajar Surya Wisesa Tbk. 0.184 0.456
128. FISH FKS Multi Agro Tbk. 0.695 0.797
129. FMII Fortune Mate Indonesia Tbk. 0.163 0.442
130. FORU Fortune Indonesia Tbk. 0.658 0.772
131. FPNI Lotte Chemical Titan Tbk. 0.418 0.612
132. FREN Smartfren Telecom Tbk. 0.821 0.880
133. GDST Gunawan Dianjaya Steel Tbk. 1.043 1.028
134. GDYR Goodyear Indonesia Tbk. 0.560 0.707
135. GEMA Gema Grahasarana Tbk. 0.208 0.472
136. GGRM Gudang Garam Tbk. 0.532 0.688
137. GIAA Garuda Indonesia (Persero) Tbk. 0.614 0.743
138. GJTL Gajah Tunggal Tbk. 1.449 1.299
139. GMTD Gowa Makassar Tourism Development Tbk. 3.604 2.736
140. GOLD Golden Retailindo Tbk. 0.503 0.668
141. GPRA Perdana Gapuraprima Tbk. 1.358 1.239
142. GREN Evergreen Invesco Tbk. 0.468 0.645
143. GSMF Equity Development Investment Tbk. 0.755 0.837
144. GTBO Garda Tujuh Buana Tbk. 0.361 0.574
145. GZCO Gozco Plantations Tbk. 0.695 0.796
146. HADE HD Capital Tbk. 0.010 0.340
147. HERO Hero Supermarket Tbk. 1.550 1.367
148. HEXA Hexindo Adiperkasa Tbk. 1.011 1.007
149. HMSP H.M. Sampoerna Tbk. 0.806 0.871
150. HOME Hotel Mandarine Regency Tbk. 0.895 0.930
151. HRUM Harum Energy Tbk. 0.376 0.584
152. IATA Indonesia Air Transport Tbk. 1.962 1.641
153. ICBP Indofood CBP Sukses Makmur Tbk. 0.927 0.951
154. IGAR Champion Pacific Indonesia Tbk. 0.955 0.970
155. IIKP Inti Agri Resources Tbk. 0.271 0.514
156. IKAI Intikeramik Alamasri Industri Tbk. 0.475 0.650
157. IKBI Sumi Indo Kabel Tbk. 0.456 0.637
158. IMAS Indomobil Sukses Internasional Tbk. 0.869 0.913
159. INAF Indofarma Tbk. 1.404 1.270
160. INAI Indal Aluminium Industry Tbk. 0.381 0.587

Page 4 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. INCI Intanwijaya Internasional Tbk. 0.580 0.720
162. INCO Vale Indonesia Tbk. 1.051 1.034
163. INDF Indofood Sukses Makmur Tbk. 1.041 1.027
164. INDR Indo-Rama Synthetics Tbk. 0.789 0.859
165. INDS Indospring Tbk. 1.483 1.322
166. INDX Tanah Laut Tbk. 0.596 0.731
167. INDY Indika Energy Tbk. 1.245 1.164
168. INKP Indah Kiat Pulp & Paper Tbk. 1.590 1.393
169. INPC Bank Artha Graha Internasional Tbk. 0.694 0.796
170. INTA Intraco Penta Tbk. 1.164 1.110
171. INTP Indocement Tunggal Prakasa Tbk. 1.047 1.032
172. IPOL Indopoly Swakarsa Industry Tbk. 0.594 0.729
173. ISAT Indosat Tbk. 0.914 0.943
174. ITMG Indo Tambangraya Megah Tbk. 0.544 0.696
175. JECC Jembo Cable Company Tbk. 0.003 0.335
176. JIHD Jakarta International Hotels & Development Tbk. 1.108 1.072
177. JKON Jaya Konstruksi Manggala Pratama Tbk. 0.490 0.660
178. JPFA Japfa Comfeed Indonesia Tbk. 1.513 1.342
179. JPRS Jaya Pari Steel Tbk. 1.370 1.247
180. JRPT Jaya Real Property Tbk. 0.831 0.888
181. JSMR Jasa Marga (Persero) Tbk. 0.696 0.797
182. JTPE Jasuindo Tiga Perkasa Tbk. 0.656 0.771
183. KAEF Kimia Farma Tbk. 2.102 1.735
184. KARW ICTSI Jasa Prima Tbk. 0.784 0.856
185. KBLI KMI Wire & Cable Tbk. 1.146 1.097
186. KBLM Kabelindo Murni Tbk. 0.196 0.464
187. KBLV First Media Tbk. 1.044 1.029
188. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.438 0.625
189. KDSI Kedawung Setia Industrial Tbk. 1.476 1.317
190. KIAS Keramika Indonesia Assosiasi Tbk. 0.644 0.763
191. KICI Kedaung Indah Can Tbk. 0.473 0.649
192. KIJA Kawasan Industri Jababeka Tbk. 1.851 1.567
193. KKGI Resource Alam Indonesia Tbk. 0.962 0.974
194. KLBF Kalbe Farma Tbk. 0.807 0.872
195. KOIN Kokoh Inti Arebama Tbk. 0.906 0.937
196. KONI Perdana Bangun Pusaka Tbk. 0.343 0.562
197. KPIG MNC Land Tbk. 0.591 0.727
198. KRAS Krakatau Steel (Persero) Tbk. 1.056 1.038
199. KREN Kresna Graha Sekurindo Tbk. 0.862 0.908
200. LAMI Lamicitra Nusantara Tbk. 0.084 0.390

Page 5 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. LAPD Leyand International Tbk. 0.229 0.486
202. LCGP Laguna Cipta Griya Tbk. 0.577 0.718
203. LION Lion Metal Works Tbk. 0.330 0.553
204. LMPI Langgeng Makmur Industri Tbk. 1.234 1.156
205. LMSH Lionmesh Prima Tbk. 0.439 0.626
206. LPCK Lippo Cikarang Tbk. 1.903 1.602
207. LPGI Lippo General Insurance Tbk. 0.613 0.742
208. LPIN Multi Prima Sejahtera Tbk. 0.803 0.869
209. LPKR Lippo Karawaci Tbk. 1.414 1.276
210. LPLI Star Pacific Tbk. 1.456 1.304
211. LPPF Matahari Department Store Tbk. 1.404 1.269
212. LPPS Lippo Securities Tbk. 1.100 1.067
213. LSIP PP London Sumatra Indonesia Tbk. 0.323 0.549
214. LTLS Lautan Luas Tbk. 1.052 1.034
215. MAIN Malindo Feedmill Tbk. 0.997 0.998
216. MAMI Mas Murni Indonesia Tbk. 0.016 0.344
217. MAPI Mitra Adiperkasa Tbk. 1.343 1.228
218. MASA Multistrada Arah Sarana Tbk. 0.247 0.498
219. MAYA Bank Mayapada Internasional Tbk. 0.811 0.874
220. MBTO Martina Berto Tbk. 0.752 0.834
221. MCOR Bank Windu Kentjana International Tbk. 0.426 0.617
222. MDLN Modernland Realty Ltd. Tbk. 1.420 1.280
223. MDRN Modern Internasional Tbk. 0.854 0.903
224. MEDC Medco Energi International Tbk. 0.646 0.764
225. MEGA Bank Mega Tbk. 0.818 0.879
226. MERK Merck Tbk. 0.416 0.611
227. META Nusantara Infrastructure Tbk. 0.877 0.918
228. MFIN Mandala Multifinance Tbk. 0.984 0.989
229. MFMI Multifiling Mitra Indonesia Tbk. 0.755 0.837
230. MICE Multi Indocitra Tbk. 2.086 1.724
231. MIDI Midi Utama Indonesia Tbk. 0.411 0.607
232. MIRA Mitra International Resources Tbk. 0.199 0.466
233. MITI Mitra Investindo Tbk. 1.641 1.427
234. MKPI Metropolitan Kentjana Tbk. 0.186 0.458
235. MLBI Multi Bintang Indonesia Tbk. 0.604 0.736
236. MLIA Mulia Industrindo Tbk. 0.955 0.970
237. MLPL Multipolar Tbk. 1.933 1.622
238. MNCN Media Nusantara Citra Tbk. 1.000 1.000
239. MPPA Matahari Putra Prima Tbk. 0.840 0.894
240. MRAT Mustika Ratu Tbk. 0.662 0.775

Page 6 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MTDL Metrodata Electronics Tbk. 1.290 1.193
242. MTFN Capitalinc Investment Tbk. 0.801 0.867
243. MTSM Metro Realty Tbk. 0.129 0.419
244. MYOH Samindo Resources Tbk. 0.654 0.769
245. MYOR Mayora Indah Tbk. 1.190 1.127
246. MYRX Hanson International Tbk. 0.416 0.611
247. MYTX Apac Citra Centertex Tbk. 0.158 0.438
248. NIKL Pelat Timah Nusantara Tbk. 1.179 1.119
249. NIPS Nipress Tbk. 1.500 1.333
250. NISP Bank OCBC NISP Tbk. 0.464 0.642
251. OKAS Ancora Indonesia Resources Tbk. 0.386 0.591
252. PANR Panorama Sentrawisata Tbk. 0.558 0.705
253. PANS Panin Sekuritas Tbk. 0.963 0.975
254. PBRX Pan Brothers Tbk. 1.031 1.020
255. PDES Destinasi Tirta Nusantara Tbk. 0.446 0.630
256. PEGE Panca Global Securities Tbk. 0.299 0.533
257. PGAS Perusahaan Gas Negara (Persero) Tbk. 0.972 0.981
258. PICO Pelangi Indah Canindo Tbk. 0.541 0.694
259. PJAA Pembangunan Jaya Ancol Tbk. 1.061 1.040
260. PKPK Perdana Karya Perkasa Tbk. 1.159 1.106
261. PLAS Polaris Investama Tbk. 0.299 0.533
262. PLIN Plaza Indonesia Realty Tbk. 0.923 0.949
263. PNBN Bank Pan Indonesia Tbk. 1.223 1.148
264. PNIN Panin Insurance Tbk. 1.369 1.246
265. PNLF Panin Financial Tbk. 2.053 1.702
266. PNSE Pudjiadi & Sons Tbk. 0.636 0.758
267. POLY Asia Pacific Fibers Tbk. 2.128 1.752
268. POOL Pool Advista Indonesia Tbk. 0.996 0.997
269. PRAS Prima Alloy Steel Universal Tbk. 1.287 1.191
270. PSAB J Resources Asia Pasifik Tbk. 0.683 0.789
271. PSDN Prasidha Aneka Niaga Tbk. 1.369 1.246
272. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 0.768 0.845
273. PTPP PP (Persero) Tbk. 2.100 1.733
274. PTRO Petrosea Tbk. 0.643 0.762
275. PTSN Sat Nusapersada Tbk. 0.564 0.709
276. PTSP Pioneerindo Gourmet International Tbk. 0.631 0.754
277. PUDP Pudjiadi Prestige Tbk. 1.017 1.012
278. PWON Pakuwon Jati Tbk. 1.618 1.412
279. PYFA Pyridam Farma Tbk. 1.316 1.211
280. RAJA Rukun Raharja Tbk. 1.300 1.200

Page 7 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. RALS Ramayana Lestari Sentosa Tbk. 1.284 1.189
282. RBMS Ristia Bintang Mahkotasejati Tbk. 0.989 0.993
283. RELI Reliance Securities Tbk. 0.858 0.905
284. RICY Ricky Putra Globalindo Tbk. 0.764 0.843
285. RIGS Rig Tenders Indonesia Tbk. 0.829 0.886
286. RIMO Rimo Catur Lestari Tbk. 1.321 1.214
287. RMBA Bentoel Internasional Investama Tbk. 0.574 0.716
288. RODA Pikko Land Development Tbk. 0.576 0.717
289. ROTI Nippon Indosari Corpindo Tbk. 1.260 1.173
290. RUIS Radiant Utama Interinsco Tbk. 1.389 1.260
291. SCMA Surya Citra Media Tbk. 0.741 0.828
292. SDPC Millennium Pharmacon International Tbk. 0.907 0.938
293. SDRA Bank Himpunan Saudara 1906 Tbk. 0.634 0.756
294. SGRO Sampoerna Agro Tbk. 0.666 0.778
295. SHID Hotel Sahid Jaya International Tbk. 1.105 1.070
296. SIPD Sierad Produce Tbk. 1.027 1.018
297. SKLT Sekar Laut Tbk. 0.006 0.337
298. SKYB Skybee Tbk. 0.179 0.453
299. SMAR Smart Tbk. 0.237 0.492
300. SMCB Holcim Indonesia Tbk. 1.214 1.142
301. SMDM Suryamas Dutamakmur Tbk. 0.787 0.858
302. SMDR Samudera Indonesia Tbk. 0.571 0.714
303. SMGR Semen Indonesia (Persero) Tbk. 1.225 1.150
304. SMMA Sinarmas Multiartha Tbk. 0.083 0.389
305. SMMT Golden Eagle Energy Tbk. 0.212 0.474
306. SMRA Summarecon Agung Tbk. 1.832 1.554
307. SMSM Selamat Sempurna Tbk. 0.432 0.621
308. SOBI Sorini Agro Asia Corporindo Tbk. 0.451 0.634
309. SPMA Suparma Tbk. 1.154 1.103
310. SQBI Taisho Pharmaceutical Indonesia Tbk. 0.102 0.401
311. SQMI Renuka Coalindo Tbk. 0.703 0.802
312. SRSN Indo Acidatama Tbk. 0.339 0.559
313. SSIA Surya Semesta Internusa Tbk. 2.164 1.776
314. SSTM Sunson Textile Manufacture Tbk. 0.841 0.894
315. STTP Siantar Top Tbk. 0.712 0.808
316. SULI SLJ Global Tbk. 0.220 0.480
317. TBIG Tower Bersama Infrastructure Tbk. 0.632 0.755
318. TBLA Tunas Baru Lampung Tbk. 0.901 0.934
319. TBMS Tembaga Mulia Semanan Tbk. 0.006 0.337
320. TCID Mandom Indonesia Tbk. 0.221 0.481

Page 8 of 11
 PEFINDO BETA SAHAM
Edition: 03-April-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. TGKA Tigaraksa Satria Tbk. 0.460 0.640
322. TINS Timah (Persero) Tbk. 1.107 1.071
323. TIRA Tira Austenite Tbk. 0.007 0.338
324. TIRT Tirta Mahakam Resources Tbk. 0.715 0.810
325. TKGA Permata Prima Sakti Tbk. 1.467 1.312
326. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 1.014 1.009
327. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.677 0.784
328. TMAS Pelayaran Tempuran Emas Tbk. 0.812 0.875
329. TMPI AGIS Tbk. 0.478 0.652
330. TMPO Tempo Intimedia Tbk. 1.238 1.158
331. TOTL Total Bangun Persada Tbk. 1.913 1.609
332. TOTO Surya Toto Indonesia Tbk. 0.116 0.411
333. TOWR Sarana Menara Nusantara Tbk. 0.316 0.544
334. TPIA Chandra Asri Petrochemical Tbk. 0.309 0.539
335. TRAM Trada Maritime Tbk. 0.108 0.406
336. TRIM Trimegah Securities Tbk. 0.739 0.826
337. TRIO Trikomsel Oke Tbk. 1.209 1.139
338. TRST Trias Sentosa Tbk. 1.582 1.388
339. TSPC Tempo Scan Pacific Tbk. 0.575 0.717
340. TURI Tunas Ridean Tbk. 1.202 1.135
341. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 1.473 1.315
342. UNIT Nusantara Inti Corpora Tbk. 0.212 0.475
343. UNSP Bakrie Sumatra Plantations Tbk. 1.365 1.243
344. UNTR United Tractors Tbk. 0.927 0.951
345. UNVR Unilever Indonesia Tbk. 0.592 0.728
346. VOKS Voksel Electric Tbk. 0.726 0.818
347. VRNA Verena Multi Finance Tbk. 0.690 0.794
348. WAPO Wahana Pronatural Tbk. 0.337 0.558
349. WEHA Panorama Transportasi Tbk. 0.282 0.521
350. WICO Wicaksana Overseas International Tbk. 1.295 1.196
351. WIKA Wijaya Karya (Persero) Tbk. 1.656 1.437
352. WINS Wintermar Offshore Marine Tbk. 0.603 0.735
353. WOMF Wahana Ottomitra Multiartha Tbk. 0.750 0.834
354. YPAS Yanaprima Hastapersada Tbk. 0.188 0.459
355. YULE Yulie Sekurindo Tbk. 0.058 0.372
356. ZBRA Zebra Nusantara Tbk. 0.327 0.551

Page 9 of 11
 Criteria and Calculation Methodology of PEFINDO Beta Saham

PEFINDO Beta Saham report was created for the purpose of providing additional information to capital
market participants. For investors who use fundamental approach, PEFINDO Beta Saham 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 Saham report may provide additional information of stocks’ systematic risk compared
with the Jakarta Composite Index (JCI).

The value of Beta in the PEFINDO Beta Saham 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 Saham :
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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