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All Journal Golden Ratio of Data in Summary Jurnal Social Society
Raden Muhammad Tedy Aliudin
Universitas Bina Sarana Informatika
Humanities Economics, Econometrics & Finance Social Sciences

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Influence of Earnings per Share and Price to Earnings Ratio on Stock Price: A Study on PT. Astra International Tbk in 2020–2024 Period Irwin Ananta Vidada; Saridawati Saridawati; Raden Muhammad Tedy Aliudin; Agung Suprianto; Etika Sabariah
Golden Ratio of Data in Summary Vol. 6 No. 1 (2026): November - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grdis.v6i1.1720

Abstract

This study examines the impact of earnings per share (EPS) and price-to-earnings ratio (P/E ratio) on the stock price of PT Astra International Tbk during the 2020–2024 period. Addressing the research gap in post-pandemic valuation studies within Indonesia's automotive sector, this research employs a quantitative approach using quarterly secondary data obtained from official financial reports and stock market records. Classical assumption tests confirm that the regression model satisfies the criteria for normality, multicollinearity, heteroskedasticity, and autocorrelation, ensuring the robustness of the analysis. The results demonstrate that both EPS and PER have a positive and significant impact on stock prices, indicating that profitability and valuation measures are critical determinants of market value. These findings underscore the importance of fundamental analysis in informing investment decisions and provide empirical evidence for investors and financial analysts seeking to assess corporate performance in emerging markets.
Analisis Komparatif Return dan Volatilitas antara Emas Fisik dan Saham Emiten Emas di BEI Periode 2020–2026 Irwin Ananta Vidada; Saridawati Saridawati; Raden Muhammad Tedy Aliudin; Agung Suprianto; Etika Sabariah
Journal Social Society Vol. 6 No. 4 (2026): Oktober - Desember 2026
Publisher : Pustaka Digital Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54065/jss.6.4.2026.1325

Abstract

Global economic uncertainty during 2020–2026 increased fluctuations in investment assets and strengthened the importance of selecting instruments with appropriate return and risk characteristics. This study aims to compare the investment performance of physical gold and gold-related stocks listed on the Indonesia Stock Exchange (IDX) based on return and cross-sectional performance characteristics. The study employed a quantitative descriptive-comparative design using secondary historical price data obtained from TradingView. The analysis covered five investment instruments, namely physical gold represented by XAU/IDR and four gold-related stocks: PT Aneka Tambang Tbk (ANTM), PT Bumi Resources Minerals Tbk (BRMS), PT Hartadinata Abadi Tbk (HRTA), and PT J Resources Asia Pasifik Tbk (PSAB), observed from January 2, 2020 to March 17, 2026. Data were analyzed using Holding Period Return (HPR), mean return, range, and cross-sectional standard deviation, followed by a historical investment simulation of IDR 100 million. The results show that physical gold generated an HPR of 299.64%, while the gold-stock group produced an average HPR of 724.53%. BRMS recorded the highest HPR at 1,411.11%, followed by HRTA at 1,040.91%, ANTM at 343.79%, and PSAB at 102.29%. The gold-stock group exhibited substantial cross-sectional dispersion, with a standard deviation of approximately 606.53% and a range of 1,308.82%, indicating considerable performance differences among issuers. These findings indicate that gold-related stocks offered higher average wealth-accumulation potential during the observation period, but their performance varied markedly across issuers. Physical gold, meanwhile, generated a positive cumulative return that was lower than the stock-group average but higher than PSAB. The results imply that investment decisions should consider both expected return and differences in performance across instruments, while stock selection remains particularly important when investing in gold-related equities.
Co-Authors Agung Suprianto Etika Sabariah Irwin Ananta Vidada Saridawati