SAHAM & PENILAIAN SAHAM

PENGERTIAN SAHAM
Saham: surat berharga yang diterbitkan emiten yang menyatakan bahwa pemilik saham mempunyai hak kepemilikan atas aset-aset perusahaan. Imbalan yang bisa diterima investor saham: 1. Hak kepemilikan (control of the firm) 2. Dividen 3. Capital gain

HAK-HAK INVESTOR SAHAM

Hak (istimewa) yang dimiliki investor saham:

1. Hak kepemilikan (control of the firm) Hak ini tercemin dalam voting right yang dimiliki investor. Makin besar kepemilikan, makin besar hak pemegang saham untuk mengontrol perusahaan.
2. Preemptive right Hak investor saham untuk didahulukan dalam pembelian saham baru yang diterbitkan oleh perusahaan. Tujuannya: (1) untuk melindungi hak kontrol investor, (2) mengindari dillution of value

PASAR UNTUK SAHAM

Jenis perusahaan berdasar kepemilikan saham:

1. Closely held firm

2. Publicly owned firm

Pasar (bursa) untuk saham:

1. Pasar reguler (regular market) 2. Pasar pararel (Over the counter market - OTC)

PASAR UNTUK SAHAM

Jenis pasar untuk saham berdasar transaksi:

1. Initial Public Offering (IPO)

2. Pasar primer (Primary Market) Emiten Saham Rp 3. Pasar sekunder (secondary market) Investor A Investors

Saham
Rp

Investor B

PENILAIAN SAHAM
Tiga konsep nilai saham:

1. Nilai buku (book value) Nilai yang tercantum pada pembukuan perusahaan. Bisa diketahui dari neraca, yaitu: total modal sendiri dibagi jumlah lembar saham beredar
2. Nilai pasar (Market price) Nilai saham di pasar. 3. Nilai intrinsik (intrinsic value) Disebut juga nilai teoritis, merupakan present value dari semua aliran kas yang diterima investor di masa depan

PENILAIAN SAHAM
Ada tiga model pertumbuhan dividen saham:

1. Model pertumbuhan nol (zero growth model)

P0 D1 D2 Dn ... (1 k s )1 (1 k s )2 (1 k s )n Dt D t ks t 1 (1 k s )

Contoh: sebuah saham diperkirakan membayarkan dividen tiap tahun sebesar Rp500 hingga tak terhingga (zero growth). Ks= 20%. Nilai intrinsik= ???
P0 D Rp500 Rp2.500 ks 0,2

PENILAIAN SAHAM: CONSTANT GROWTH MODEL

2. Model pertumbuhan constant (constant growth model)
D0 (1 g)1 D0 (1 g)2 D (1 g) P0 ... 0 (1 k s )1 (1 k s )2 (1 k s ) D0 (1 g) D 1 ks - g ks - g

Contoh: sebuah saham tahun lalu membayarkan dividen Rp500 dan diperkirakan akan tumbuh 5% pertahun sampai tak terhingga. Ks= 20%. Nilai intrinsik= ???
P0 D0 (1 g) Rp500(1,05) Rp3.500 ks g 0,2 - 0,05

PENILAIAN SAHAM: SUPERNORMAL GROWTH MODEL

3. Model pertumbuhan super normal (supernormal growth model)
0 g=20% 1 g=20% 2 g=20% 3 g=5% 4 g=5%

Rp=600 Rp=520,8 Rp=542,5 Rp=4521,1 Rp=5.584,5

Rp=781,25

Rp=976,56 Rp=6835,9 Rp=7812,5

Rp=1025,4

JENIS-JENIS SAHAM
Income stock: These stocks pay unusually large dividends that can be used as a means of generating income without selling the stock. Most utility stocks are considered income stocks
Blue-chip stocks: Stocks of solid and reliable companies with long histories of consistent growth and stability are considered as blue-chip stocks. They usually pay small but regular dividends and maintain a fairly; steady price throughout market ups and downs.

JENIS-JENIS SAHAM
Growth stocks: These stocks issued by starting companies that are experiencing a faster rate of growth than its general industry. Since the companies have no proven track record, growth stocks are riskier than other types of stocks but offer more price appreciation potential. Cyclical stocks: Companies issued these stocks are easily affected by general economic trend. The prices of these stocks tend to go down during recession periods and increase during economic booms. (for example: automobile, heavy machinery and home building)

Defensive stocks: As the opposite of cyclical stocks, these stocks maintain their value during recession periods. Companies issuing defensive stocks are those producing food, beverages (consumer goods, drugs and insurance).

Faktor-faktor yang mempengaruhi harga saham

Supply & demand The companys performance Industry condition Macro economic indicator World & Domestic events