2-1

Jenis Aset &

Instrumen Keuangan Pada Financial Market III
(Pasar Modal: Equity Securities & Derivatives)
 2-2

T-Bills & SBI

Interbank Call Money
Certificate of Deposit
1. MONEY Surat Berharga Pasar Uang
MARKET
Banker’s Acceptance
Commercial Paper
FINANCIAL
Repurchase Agreement
MARKET
Bonds (Obligasi)

2. CAPITAL Equity Securities

(Saham)
MARKET
Derivative Securities
(Produk Derivatif)
 2-3

2. Pasar modal
(Capital Market)
 2-4

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”.
 2-5

2. Pasar Modal (Capital Market)

Instrumen Pasar Modal

(Capital)
Bonds (Obligasi)
Equity Securities (Saham)
Derivative Securities
(Produk Derivatif)
 EQUITY
SECURITIES
SEKURITAS SAHAM

2-6

McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
 2-7

Equity Securities
1. Common stock:
“Ownership”
Residual claim
Limited liability

2. Preferred stock:
“Perpetuity”
Fixed dividends
Priority over common
Tax treatment
 2-8

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
A. Residual Claim
B. Limmited Lialibilities
 2-9

1. Common Stock
Karakteristik Umum
A. Residual Claim:
Bila ada kebangkrutan, hanya bisa meng-claim sisa dari
kewajiban yg harus ditunakan oleh perusahaan (hutang, gaji
karyawan, dsb)
B. Limited Lialibilities
Bila ada kebangkrutan dan kegagalan perusahaan, tanggung
jawab pemegang saham hanya terbatas pada saham yang
dimiliki.
 2-10

1. Common Stock
 2-11

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)
 2-12

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
 2-13

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
 2-14

2. Preffered Stock

Merupakan bukti kepemilikan suatu perusahaan.

Keistimewaan:
1. Memiliki sifat “Perpetuity” (seperti obligasi/bond)
“it promises to pay to its holder a fixed amount of income
each year”

2. Diprioritaskan dalam “claim” bila ada bankruptcy

 2-15

2. Preffered Stock

Kelemahan:
Tidak memiliki hak suara dalam RUPS

Terkadang bisa dirubah kedalam saham biasa (common

stock)
 2-16

Stock Market Indexes

Kegunaan:
Melacak (data) returns rata-rata
Membandingkan kinerja
(performance) para (funds) managers
Dasar produk2 derivatives
 2-17

Stock Market Indexes

Dow Jones Industrial Average (DJIA)

Index Saham paling berpengaruh didunia
Bukan satu satunya
Computed since 1896
Price-weighted average
 2-18

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
 2-19

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 Banks
10 Coca-Cola Co. KO Soft Drinks
11 E.I. DuPont de Nemours & Co. DD Commodity Chemicals
12 Exxon Mobil Corp. XOM Integrated Oil & Gas
13 General Electric Co. GE Diversified Industrials
14 General Motors Corp. GM Automobiles
15 Hewlett-Packard Co. HPQ Computer Hardware
 2-20

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 Pharmaceuticals
24 Microsoft Corp. MSFT Software
25 Pfizer Inc. PFE Pharmaceuticals
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
 2-21

Stock Market Indexes

Dow Jones Industrial Average (DJIA)

 2-22

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%
 2-23

Contoh Price-Weighted Average

Saham Harga Awal Harga Akhir

1. 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%
 2-24

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)
 2-25

Other Indexes

U.S. Indexes Foreign Indexes

NYSE Composite Nikkei (Japan)
NASDAQ Composite FTSE (U.K.; pronounced
Wilshire 5000 “footsie”)
DAX (Germany),
Hang Seng (Hong Kong)
TSX (Canada)
 PASAR PRODUK
DERIVATIVES

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McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
 2-27

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.
 2-28

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.
 2-29

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.
2-30
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
 2-31
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!
2-32