IV.

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 older
perusahaan. Tujuannya: (1) untuk melindungi hak
kontrol investor, (2) menghindari 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)

Saham
Emiten Investors
Rp

3. Pasar sekunder (secondary market)

Saham
Investor A Investor B
Rp
 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)

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

Contoh: sebuah saham diperkirakan membayarkan

dividen tiap tahun sebesar Rp500 hingga tak terhingga
(zero growth). Ks= 20%. Nilai intrinsik= ???
D Rp500
P0    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 D0 (1  g)
P0    ... 
(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= ???

D0 (1  g) Rp500(1,05)
P0    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=781,25 Rp=976,56 Rp=1025,4

Rp=520,8 Rp=6835,9

Rp=542,5 Rp=7812,5

Rp=4521,1

Rp=5.584,5
 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 company’s performance
• Industry condition
• Macro economic indicator
• World & Domestic events
• expectation