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All Journal Journal of Law, Administration, and Social Science Jurnal Acitya Ardana: Jurnal Keuangan Negara dan Kebijakan Publik
Saputro, Diky
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Humanities Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Analisis Analisis Penentuan Nilai Pasar Wajar Saham: Studi Kasus Right Issue PT Bank Mayapada Internasional Tbk. Saputro, Diky
Jurnal Acitya Ardana Vol 4 No 2 (2024)
Publisher : Politeknik Keuangan Negara STAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31092/jaa.v4i2.2815

Abstract

The purpose of this study is to analyze the fair value of PT Bank Mayapada Internasional Tbk (MAYA) shares that conduct corporate action Limited Public Offering XII or right issue which can be used by investors as a reference for making investment decisions. The main data used in this study are financial statement data published by the company on the Indonesia Stock Exchange website. While the supporting data used is macroeconomic and financial data on the banking industry obtained from the Central Statistics Agency (BPS), Bank Indonesia, and Damodaran. Fair value analysis uses the Discounted Cash Flow valuation method and the Guideline Publicly Traded Company. The results of this study found that the fair value of MAYA shares when the right issue was held was IDR 3,026. The exercise price of the rights issue is IDR 2,200 and the market price is IDR 9,100, so there is an opportunity for the difference between the exercise price and fair value with a potential increase of 37.5%. While the market price and fair value there is a difference with a potential decrease of 66.7%.
Optimizing Hajj Fund Investments Through Valuation Analysis Of Sharia-Compliant Stocks Saputro, Diky; Qadri, Resi Ariyasa
Journal of Law, Administration, and Social Science Vol 4 No 2 (2024)
Publisher : PT WIM Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jolas.v4i2.758

Abstract

This investigation endeavors to dissect stock valuation methodologies within the consumer goods sector listed on the Jakarta Islamic Index (JII70), aiming to establish a foundational basis for investment decision-making aligned with Sharia principles, particularly for the Hajj Financial Management Agency (BPKH), which administers the Hajj fund. The empirical data underpinning this analysis comprise the financial statements of the companies under scrutiny. Secondary data, essential for this study, are sourced from publications disclosed on the official websites of the respective companies. The selection of sample companies employs a purposive sampling technique, focusing on entities characterized by robust market liquidity and a consistent history of dividend distribution. The valuation techniques applied in this study include the price multiple (P/E and P/B ratios) and the dividend discount model. The findings of this research reveal that PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) is undervalued, exhibiting a potential discrepancy of 15% between its market price and intrinsic value. This study aspires to serve as a seminal reference for subsequent inquiries into stock valuation within the domain of Islamic finance, enriching the academic and practical understanding of Sharia-compliant investment strategies.
Co-Authors Qadri, Resi Ariyasa