Jenis Aset & Instrumen Keuangan Pada Financial Market III (Pasar Modal: Equity Securities & Derivatives)

T-Bills & SBI 1. MONEY MARKET Commercial Paper FINANCIAL MARKET 2. CAPITAL MARKET T-Bills & SBI Interbank Call Money Certificate of Deposit Surat Berharga Pasar Uang Banker’s Acceptance Commercial Paper Repurchase Agreement Bonds (Obligasi) Equity Securities (Saham) Derivative Securities (Produk Derivatif)

2. Pasar modal (Capital Market)

2. Pasar Modal (Capital Market) Merupakan pasar untuk berbagai instrumen keuangan jangka panjang yang bisa diperjualbelikan, baik surat utang (obligasi), ekuiti (saham), reksa dana, instrumen derivatif maupun instrumen lainnya. Pasar modal merupakan “sarana pendanaan” bagi perusahaan maupun institusi lain (misalnya pemerintah), Pasar modal juga “sarana bagi kegiatan berinvestasi”.

2. Pasar Modal (Capital Market) Instrumen Pasar Modal (Capital) Bonds (Obligasi) Equity Securities (Saham) Derivative Securities (Produk Derivatif)

EQUITY SECURITIES SEKURITAS SAHAM

Equity Securities Common stock: Preferred stock: “Ownership” Residual claim Limited liability Preferred stock: “Perpetuity” Fixed dividends Priority over common Tax treatment

1. Common Stock Saham Umum Dikenal juga sebagai “equities series” atau “equities” (Equitas=Assets-Kewajiban2) Menunjukkan kepemilikan terhadap suatu perusahaan yg diwujudkan dalam RUPS Karakteristik Umum Residual Claim Limmited Lialibilities

1. Common Stock Karakteristik Umum Residual Claim:  Bila ada kebangkrutan, hanya bisa meng-claim sisa dari kewajiban yg harus ditunakan oleh perusahaan (hutang, gaji karyawan, dsb) Limited Lialibilities  Bila ada kebangkrutan dan kegagalan perusahaan, tanggung jawab pemegang saham hanya terbatas pada saham yang dimiliki.

1. Common Stock

Analisa Posisi Saham P/E = Price Earning Ratio, yaitu: perbandingan antara harga saham saat ini dengan earning per-saham (share) tahun lalu. juga menunjukkan indikasi perkiraan lama BEP (tahun) perlembar saham, dgn asumsi tidak ada inflasi contoh; earning per saham=200 dan harga saham saat ini 2000, maka P/E (atau PER) adalah 2000/200 = 10 artinya perlu waktu 10 tahun agar BEP (cateris paribus)

Analisa Posisi Saham YTD % CHG = % Perubahan harga saham sejak hari pertama tahun fiscal hingga hari ini 52 Wk Low= Harga terendah dalam 1 tahun terakhir (52 minggu terakhir) 52 Wk High=Harga tertinggi dalam 1 tahun terakhir (52 minggu terakhir) Volume = Jumlah lembar saham yg diperdagangkan dalam satu hari ini

Analisa Posisi Saham NET CHG = Perbedaa antara harga penutupan terakhir dengan harga penutupan sebelumnya CLOSE= Harga Saham pada penutupan sesi terakhir SYMBOL= inisial perusahaan yg sahamnya diperdagangkan

2. Preffered Stock Merupakan bukti kepemilikan suatu perusahaan. Keistimewaan: Memiliki sifat “Perpetuity” (seperti obligasi/bond) “it promises to pay to its holder a fixed amount of income each year” Diprioritaskan dalam “claim” bila ada bankruptcy

2. Preffered Stock Kelemahan: Tidak memiliki hak suara dalam RUPS Terkadang bisa dirubah kedalam saham biasa (common stock)

Kegunaan: Stock Market Indexes Melacak (data) returns rata-rata Membandingkan kinerja (performance) para (funds) managers Dasar produk2 derivatives

Stock Market Indexes Dow Jones Industrial Average (DJIA) Index Saham paling berpengaruh didunia Bukan satu satunya Computed since 1896 Price-weighted average

Stock Market Indexes Dow Jones Industrial Average (DJIA) Includes 30 large “blue-chips” corporations Blue-chips = adalah sebuah istilah dalam pasar modal yang mengacu pada saham dari perusahaan besar yang memiliki pendapatan stabil dan liabilitas (kewajiban/hutang) yg kecil. Saham blue chip biasanya memberikan dividen secara rutin, bahkan ketika kondisi dunia usaha memburuk

Stock Market Indexes Dow Jones Industrial Average (DJIA) List Of US Blue-Chips company No Company name Ticker Sector 1 3M Co. MMM Diversified Industrials 2 Alcoa Inc. AA Aluminum 3 American Express Co. AXP Consumer Finance 4 AT&T Inc. T Fixed Line Telecommunications 5 Bank of America Corp. BAC Banks 6 Boeing Co. BA Aerospace 7 Caterpillar Inc. CAT Commercial Vehicles & Trucks 8 Chevron Corp. CVX Integrated Oil & Gas 9 Citigroup Inc. C 10 Coca-Cola Co. KO Soft Drinks 11 E.I. DuPont de Nemours & Co. DD Commodity Chemicals 12 Exxon Mobil Corp. XOM 13 General Electric Co. GE 14 General Motors Corp. GM Automobiles 15 Hewlett-Packard Co. HPQ Computer Hardware

Stock Market Indexes Dow Jones Industrial Average (DJIA) List Of US Blue-Chips company No Company name Ticker Sector 16 Home Depot Inc. HD Home Improvement Retailers 17 Intel Corp. INTC Semiconductors 18 International Business Machines Corp. IBM Computer Services 19 Johnson & Johnson JNJ Pharmaceuticals 20 JPMorgan Chase & Co. JPM Banks 21 Kraft Foods Inc. Cl A KFT Food Products 22 McDonald's Corp. MCD Restaurants & Bars 23 Merck & Co. Inc. MRK 24 Microsoft Corp. MSFT Software 25 Pfizer Inc. PFE 26 Procter & Gamble Co. PG Nondurable Household Products 27 United Technologies Corp. UTX Aerospace 28 Verizon Communications Inc. VZ Fixed Line Telecommunications 29 Wal-Mart Stores Inc. WMT Broadline Retailers 30 Walt Disney Co. DIS Broadcasting & Entertainment

Stock Market Indexes Dow Jones Industrial Average (DJIA)

Contoh Price-Weighted Average Portfolio: Initial value $25 + $100 = $125 Final value $30 + $ 90 = $120 Percentage change in portfolio value = 5/125 = -.04 = -4% Index: Initial index value (25+100)/2 = 62.5 Final index value (30 + 90)/2 = 60 Percentage change in index -2.5/62.5 = -.04 = -4%

Contoh Price-Weighted Average Saham Harga Awal Harga Akhir ABC $ 25 $ 30 2. XYZ $ 100 $ 90 Index Saham ($25+$100)/2 = 62.5 ($30+$90)/2 =60 Perubahan -2.5/62.5 =-0.04 = - 4%

Standard & Poor’s Indexes S&P 500 Broadly based index of 500 firms Market-value-weighted index Investors can base their portfolios on an index: Buy an index mutual fund Buy exchange traded funds (ETFs)

Other Indexes U.S. Indexes Foreign Indexes NYSE Composite NASDAQ Composite Wilshire 5000 Nikkei (Japan) FTSE (U.K.; pronounced “footsie”) DAX (Germany), Hang Seng (Hong Kong) TSX (Canada)

PASAR PRODUK DERIVATIVES

Derivatives Markets Options and futures provide payoffs that depend on the values of other assets such as commodity prices, bond and stock prices, or market index values. A derivative is a security that gets its value from the values of another asset. 27

Options Call: Right to buy underlying asset at the strike or exercise price. Value of calls decrease as strike price increases Put: Right to sell underlying asset at the strike or exercise price. Value of puts increase with strike price Value of both calls and puts increase with time until expiration.

Futures Contracts A futures contract calls for delivery of an asset (or in some cases, its cash value) at a specified delivery or maturity date for an agreed-upon price, called the futures price, to be paid at contract maturity. Long position: Take delivery at maturity Short position: Make delivery at maturity

Comparison Option Futures Contract Right, but not obligation, to buy or sell; option is exercised only when it is profitable Options must be purchased The premium is the price of the option itself. Obliged to make or take delivery. Long position must buy at the futures price, short position must sell at futures price Futures contracts are entered into without cost

Tugas Lakukan analisis dan interpretasi atas daftar saham-saham berikut (kecuali saham GE)! Rata2 Harga Saham/lembar Resiko / Volatilitas Saham Deviden per Saham BEP Kemungkinan Capital Gain Pembagian resiko dengan saham lain! Setelah melakukan analisis tiap saham, buatlah rangking saham pilihan anda berdasarkan hasil analisis yg telah saudara lakukan!