This research aims to assess the investment risk and rate of return on shares of telecommunications companies listed on the Indonesia Stock Exchange (BEI) for the 2021-2023 period using the Capital Asset Pricing Model (CAPM) method. The type of research used in this research is descriptive with a quantitative approach. The data used is adjusted monthly stock closing price data, monthly market closing prices and BI-Rate interest rates during the period February 2021- December 2023. The data analysis method used is the Capital Asset Pricing Model method. The results of the study found 12 telecommunications company stocks for the 2021-2023 period that had positive returns, namely TLKM, TBIG, ISAT, EXCL, BALI, LINK, IBST, KBLV, GHON, GOLD, LCKM, and SUPR and 2 telecommunications company stocks that had high investment risks, namely PT. Solusi Tunas Pratama Tbk (SUPR) and PT. Inti Bangun Sejahtera Tbk (IBST). For investors who have a risk seeker appetite in investing, it is advisable to choose stocks of companies that have a beta β 1 and investors are advised to avoid companies that have a negative expected return.
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