Analisi Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Saat Initial Public Offering di Bursa Efek Indonesia

(1)

LAMPIRAN 1

DAFTAR SAHAM YANG UNDERPRICING SAAT IPO 2011-2014

NO

.

KODE

NAMA PERUSAHAAN

Opening

Price

Closing

Price

1 MBSS

Mitrabahtera Segara Sejati

1600

1700

2 SRAJ

Sejahteraya Anugrahjaya

120

163.42 3 HDFA

HD Finance

200

212.8 4 MTLA

Metropolitan Land

240

510 5 TIFA

TIFA Finance

200

310 6 PTIS

Indo Straits

950 1000

7 SDMU

Sidomulyo Selaras

225

240 8 ALDO

Alkindo Naratama

225

250 9 SUPR

Solusi Tunas Pratama

3400

3492.8

10 GEMS

Golden Energy Mines

2500

2725

11 VIVA

Visi Media Asia

300

450

12 ABM

M

ABM Investama

3750

3825

13 BAJA

Saranacentral Bajatama

250

310 14 PADI

Minna Padi

395

630 15 TELE

Tiphone Mobile Indonesia

310

420 16 BEST

Bekasi Fajar Industrial Estate

170

520 17 RANC

Supra Boga Lestari

500

770 18 TRIS

Trisula International

300

315 19 TOBA

Toba Bara Sejahtera

1,900

2000

20 ALTO

Tri Bayan Tirta

210

302.34 21 GAMA Gading Development

105

178 22 IBST

IntiBangunan Sejahtera

1,000

1397.81

23 NIRO

Nirvana Development

105

240 24 PALM

Provident Agro

450

470 25 NELY

Pelayaran Nelly Dwi Putri

168

205 26 TAXI

Express Trasindo Utama

560

630 27 ASSA

Adi Sarana Armada

390

490 28 WIIM

Wismilak Intimakmur

650

800 29 WSKT

Waskita Karya

380

434.79 30 HOTL

Saraswati Griya Lestari

185

200 31 SAME

Sarana Mediatama

400

455 32 TPMA

Trans Power Marine

230

365 33 DYAN

Dyandra Media International

350

385 34 NOBU

Bank Nationalobu

375

430

(2)

36 SRIL

Sri Rezeki Isman

240

250 37 ACST

Acset Indonusa

2500

2825

38 NRCA

Nusa Raya Cipta

850 1270

39 SMBR

Semen Baturaja

560

570 40 VICO

Victoria Investama

125

210 41 MLPT

Multipolar Technology

480

720 42 BBMD

Bank Mestika Dharma

1380

1560

43 NAGA

Bank Mitraniaga

180

305 44 BMAS

Bank Maspion

320

325 45 SILO

Siloam International Hospital

9000

9650

46 APII

Arita Prima Indonesia

220

330 47 KRAH

Grand Kartech

275

410 48 IMJS

Indomobil Multijasa

500

540 49 SSMS

Sawit Sumbermas Sarana

670

720 50 SIDO

Industri Jamu dan Farmasi

SidoMuncul

580

700 51 BINA

Bank Ina Perdana

240

270 52 ASMI

Asuransi Mitra Maparya

270

405 53 CANI

Capitol Nusantara Indonesia

200

239 54 BALI

Bali Towerindo Sentra

400

600 55 BLTZ

Graha Layar Prima

3000

3400

56 MDIA

Intermedia Capital

1380

1510

57 DAJK

Dwi Aneka Jaya Kemasindo

470

530 58 LINK

Link Net

1600

2400

59 CINT

Chitose International

330

337 60 MGNA Magna Finance

105

155 61 BPII

Batavia Prosperindo International

500

550 62 TARA

Sitara Properindo

106

411 63 DNAR

Bank Dinar

110

184 64 BIRD

BlueBird

6500

7450

65 SOCI

Soechi Lines

550

620 66 IMPC

Impack Pratama

3800

5700

67 IBFN

Intan Baruprana Finance

288

290

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LAMPIRAN 2

DATA UNDERWRITER DAN AUDITOR

N

O KODE

NAMA

PERUSAHAAN UNDERWRITER AUDITOR

1 MBSS

Mitrabahtera Segara Sejati

PT OSK Nusadana Sekuritas

PT Mandiri Sekuritas Osman Bing Satrio, Eny

2 SRAJ

Sejahteraya

Anugrahjaya Pt Evergreen Capital

Paul Handiwinata, Hidjajat, Arsono, Ade Fatma 3 HDFA HD Finance PT Makinta Sekuritas Purwanto, Suherman, Surja

4 MTL

A Metropolitan Land

PT Danareksa Sekuritas

PT Nikko Osman Bing Satrio, Eny

5 TIFA TIFA Finance

PT Andalan Artha

Advisindo Sekuritas Mulyamin Sensi Suryanto

6 PTIS Indo Straits PT Sinarmas Sekuritas

Tanudiredja, Wibisana dan Rekan

7 SDM

U Sidomulyo Selaras PT Makinta Sekuritas Morhan dan Rekan

8 ALDO Alkindo Naratama

PT Erdikha Elit

Sekuritas Arsyad

9 SUPR Solusi Tunas Pratama PT Ciptadana Sekuritas

Aryanto, Amir Jusuf, Mawar, Saptoto

10 GEMS Golden Energy Mines PT Sinarmas Sekuritas Purwanto, Suherman, Surja

11 VIVA Visi Media Asia

PT Ciptadana Sekuritas PT Danatama Makmur

Tjiendradjaja & Handokotomo

12 ABM

M ABM Investama

PT Mandiri Sekuritas Sekuritas

PT Macquire Capital Purwanto, Suherman, Surja

13 BAJA

Saranacentral

Bajatama PT Makinta Sekuritas Tjahjadi & Tamara

14 PADI Minna Padi

PT Ciptadana Sekuritas PT Dinamika usaha jaya

PT Panca Global Johan Malonda Mustika

15 TELE

Tiphone Mobile

Indonesia PT Sinarmas Sekuritas Anwar, Sugiharto, Rekan

16 BEST

Bekasi Fajar Industrial

Estate PT Ciptadana Sekuritas

Paul Handiwinata, Hidjajat, Arsono, Ade Fatma

17 RANC Supra Boga Lestari PT Kresna Graha Kosasih Nurdiyaman Tjahjo

18 TRIS Trisula International PT Sinarmas Sekuritas

(4)

Morgan Stanley CLSA

20 ALTO Tri Bayan Tirta PT Valbury Asia

Jamaludin, Ardi Sukimto, Rekan

21 GAM

A Gading Development

PT Andalan Artha

Advisindo Sekuritas Kosasih Nurdiyaman Tjahjo

22 IBST

IntiBangunan Sejahtera

PT OSK Nusadana

PT Sinarmas Sekuritas Kosasih Nurdiyaman Tjahjo

23 NIRO Nirvana Development

PT Andalan Artha

Advisindo Sekuritas Tanubrata Sutanto Fahmi

24 PALM Provident Agro

PT Indo premies

PT DBS Vickers Tanubrata Sutanto Fahmi

25 NELY

Pelayaran Nelly Dwi Putri

PT Lauthandana Sekuritas

26 TAXI

Express Trasindo

Utama PT Mandiri Sekuritas Osman Bing Satrio, Eny

27 ASSA Adi Sarana Armada

PT Bahana Sekuritas

PT Buana Sekuritas Purwanto, Suherman, Surja

28 WIIM Wismilak Intimakmur

PT Mandiri Sekuritas

PT OSK Kosasih Nurdiyaman Tjahjo

29 WSK

T Waskita Karya

PT Bahana Sekuritas PT Danreksa

Doli, Bambang, Sulistiyanto, Dadang, Ali

30 HOTL

Saraswati Griya

Lestari PT Valbury Asia

Jamaludin, Ardi Sukimto, Rekan

31 SAME Sarana Mediatama

PT Lauthandana

Sekuritas Kosasih Nurdiyaman Tjahjo

32 TPMA Trans Power Marine PT BCA Sekuritas

Teramihardja, Pradhono & Chandra

PT OSK Kosasih Nurdiyaman Tjahjo

34 NOB

U Bank Nationalobu PT Ciptadana Sekuritas

35 DSNG

Dharma Satya Nusantara

PT Ciptadana Sekuritas

PT BCA Sekuritas Siddharta & Widjaja 36 SRIL Sri Rezeki Isman PT Bahana Sekuritas Purwanto, Suherman, Surja

37 ACST Acset Indonusa Kim Eng Purwanto, Suherman, Surja

38 NRCA Nusa Raya Cipta PT Ciptadana Sekuritas

39 SMBR Semen Baturaja

PT Bahana Sekuritas Danareksa, Mandiri

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43 NAG

A Bank Mitraniaga

PT Andalan Artha Advisindo Sekuritas

Kanaka, Puradiredja & Suhartono

44 BMA

S Bank Maspion PT Makinta Sekuritas Purwanto, Suherman, Surja

45 SILO

Siloam International

Hospital PT Ciptadana Sekuritas

46 APII Arita Prima Indonesia

PT Lauthandana Sekuritas

47 KRA

H Grand Kartech

PT Andalan Artha Advisindo Sekuritas PT Investindo

Hendrawinata Eddy & Siddharta

48 IMJS Indomobil Multijasa

PT Kresna Graha

PT Buana Capital Purwanto, Suherman, Surja

49 SSMS

Sawit Sumbermas Sarana

PT BNP Paribas PT Mandiri Sekuritas

RHB OSK Purwanto, Suherman, Surja

50 SIDO

Industri Jamu dan Farmasi SidoMuncul

PT Kresna Graha

PT Mandiri Sekuritas Tanubrata Sutanto Fahmi

51 BINA Bank Ina Perdana

PT Buana Sekuritas

Capital PT Adimitra Transferindo

52 ASMI

Asuransi Mitra

Maparya PT Kresna Graha

53 CANI

Capitol Nusantara Indonesia

PT Trimegah

OCBC Sekuritas Purwanto, Suherman, Surja

54 BALI Bali Towerindo Sentra PT RHB OSK

55 BLTZ Graha Layar Prima

PT Indo Premier

Sekuritas Kosasih Nurdiyaman Tjahjo

56 MDIA Intermedia Capital

PT Ciptadana Sekuritas PT Sinarmas Sekuritas PT Kresna Sekuritas

Handoko Tomo Samuel Gunawan

57 DAJK

Dwi Aneka Jaya Kemasindo

PT Valbury Asia

Sucorinvest Hadori Sugiarto Adi & Rekan

58 LINK Link Net PT Ciptadana Sekuritas

59 CINT Chitose International

PT Danareksa Sekuritas PT Sinarmas Sekuritas

Koesbandijah, Beddy Samsi, Setiasih

60 MGN

A Magna Finance PT Jasa Utama Tjahjadi & Tamara

61 BPII

Batavia Prosperindo

International PT Panin Sekuritas Tanubrata Sutanto Fahmi

62 TARA Sitara Properindo PT Sinarmas Sekuritas

63 DNA

R Bank Dinar

PT Andalan Artha Advisindo Sekuritas

Hendrawinata Eddy & Siddharta

64 BIRD BlueBird

PT Credit Suisse

(6)

PT UBS Sekuritas

65 SOCI Soechi Lines

PT RHB OSK

PT Mandiri Sekuritas Kosasih Nurdiyaman Tjahjo

66 IMPC Impack Pratama PT Ciptadana Sekuritas

67 IBFN

Intan Baruprana

Finance PT BNI Sekuritas Osman Bing Satrio, Eny

68 AGRS Bank Agris

PT Indo Premier

(7)

LAMPIRAN 3

DATA PENELITIAN SIAP OLAH

NO KODE NAMA PERUSAHAAN UMUR RA RU EPS Underpricing

1 MBSS Mitrabahtera Segara Sejati 17 1 4 179 0.058824

2 SRAJ Sejahteraya Anugrahjaya 20 0 1 1.02 0.265696

3 HDFA HD Finance 39 1 1 116 0.06015

4 MTLA Metropolitan Land 17 1 4 12.15 0.529412

5 TIFA TIFA Finance 22 0 2 116 0.354839

6 PTIS Indo Straits 26 1 4 91 0.05

7 SDMU Sidomulyo Selaras 18 0 1 16.59 0.0625

8 ALDO Alkindo Naratama 22 0 1 62.05 0.1

9 SUPR Solusi Tunas Pratama 5 0 4 460 0.026569

10 GEMS Golden Energy Mines 14 1 4 16.93 0.082569

11 VIVA Visi Media Asia 7 1 5 0.31 0.333333

12 ABMM ABM Investama 5 1 4 154 0.019608

13 BAJA Saranacentral Bajatama 18 0 1 13 0.193548

14 PADI Minna Padi 14 0 4 12 0.373016

15 TELE Tiphone Mobile Indonesia 4 0 4 42 0.261905

16 BEST

Bekasi Fajar Industrial

Estate 23 0 4 50.63 0.673077

17 RANC Supra Boga Lestari 15 0 3 32 0.350649

18 TRIS Trisula International 8 0 4 11.57 0.047619

19 TOBA Toba Bara Sejahtera 5 1 5 427 0.05

20 ALTO Tri Bayan Tirta 15 0 3 25.94 0.305418

21 GAMA Gading Development 9 0 1 3.28 0.410112

22 IBST IntiBangunan Sejahtera 6 0 4 224 0.284595

23 NIRO Nirvana Development 9 0 1 53.8 0.5625

24 PALM Provident Agro 6 0 4 26 0.042553

25 NELY Pelayaran Nelly Dwi Putri 35 0 3 72 0.180488

26 TAXI Express Trasindo Utama 31 1 5 45.3 0.111111

27 ASSA Adi Sarana Armada 13 1 5 6 0.204082

28 WIIM Wismilak Intimakmur 18 0 5 80 0.1875

29 WSKT Waskita Karya 51 0 5 9 0.126015

30 HOTL Saraswati Griya Lestari 7 0 3 8.8 0.075

31 SAME Sarana Mediatama 29 0 3 23.27 0.120879

32 TPMA Trans Power Marine 8 0 1 43 0.369863

33 DYAN

Dyandra Media

International 6 0 4 22 0.090909

34 NOBU Bank Nationalobu 23 0 4 1.64 0.127907

35 DSNG Dharma Satya Nusantara 33 1 4 136.9 0.010695

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37 ACST Acset Indonusa 18 1 5 131 0.115044

38 NRCA Nusa Raya Cipta 38 0 4 574 0.330709

39 SMBR Semen Baturaja 39 0 5 1453 0.017544

40 VICO Victoria Investama 24 0 1 15.71 0.404762

41 MLPT Multipolar Technology 12 0 4 38 0.333333

42 BBMD Bank Mestika Dharma 58 0 4 66 0.115385

43 NAGA Bank Mitraniaga 24 0 1 4 0.409836

44 BMAS Bank Maspion 24 1 1 20 0.015385

45 SILO

Siloam International

Hospital 17 0 4 51 0.067358

46 APII Arita Prima Indonesia 13 0 3 105 0.333333

47 KRAH Grand Kartech 23 1 1 89 0.329268

48 IMJS Indomobil Multijasa 9 1 3 32.5 0.074074

49 SSMS Sawit Sumbermas Sarana 18 1 5 727 0.069444

50 SIDO

Industri Jamu dan Farmasi

SidoMuncul 38 0 5 342 0.171429

51 BINA Bank Ina Perdana 24 0 2 5.28 0.111111

52 ASMI Asuransi Mitra Maparya 58 0 3 7.4 0.333333

53 CANI Capitol Nusantara Indonesia 14 1 3 0 0.16318

54 BALI Bali Towerindo Sentra 8 0 5 167 0.333333

55 BLTZ Graha Layar Prima 10 0 5 -92 0.117647

56 MDIA Intermedia Capital 6 0 5 39 0.086093

57 DAJK Dwi Aneka Jaya Kemasindo 17 0 5 88.2 0.113208

58 LINK Link Net 18 0 5 119 0.333333

59 CINT Chitose International 36 0 5 60 0.020772

60 MGNA Magna Finance 30 0 2 12.7 0.322581

61 BPII

Batavia Prosperindo

International 16 0 3 92.39 0.090909

62 TARA Sitara Properindo 8 0 3 0.69 0.742092

63 DNAR Bank Dinar 24 1 1 3.51 0.402174

64 BIRD BlueBird 13 0 5 333 0.127517

65 SOCI Soechi Lines 4 0 5 28 0.112903

66 IMPC Impack Pratama 33 0 5 326 0.333333

67 IBFN Intan Baruprana Finance 23 1 3 15 0.006897

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LAMPIRAN 4

KAP

BIG FOUR

1. KAP. TANUDIREDJA, WIBISANA & REKAN

Kerjasama Dengan PricewaterhouseCoopers (11 Maret 2010)

Izin Usaha Nomor : KEP-151/KM.1/2010 (4 Maret 2010)

Gedung PricewaterhouseCoopers

Jl. H.R. Rasuna Said X-7 No.6

Jakarta Selatan 12940

Telp : +62 21 5212901

Fax : +62 21 52905555 / 52905050

Website: www.pwc.com

2. KAP. OSMAN BING SATRIO &

REKAN (PUSAT)

Kerjasama Dengan Deloitte Touche Tohmatsu (5 Nopember2007)

Izin Usaha Nomor : KEP-758/KM.1/2007 (29 Oktober 2007)

The Plaza Office Tower 32 Floor

Jl, M.H. Thamrin Kav 28-30

Tel: +62 21 2992 3100

Fax: +62 21 2992 8200, 2992 8300

E-mail : iddttl@deloitte.com

Website: www.deloitte.com/id

3. KAP. PURWANTONO, SUHERMAN & SURJA (PUSAT)

Kerjasama Dengan Ernst & Young Global Limited (17 Juni 2010)

Izin Usaha Nomor : KEP-381/KM.1/2010 (24 Mei 2010)

Indonesia Stock Exchange Building

Tower II, 7th

Floor

Jl. Jend. Sudirman Kav.52 - 53

Jakarta 12190

Tel: 021 5289 5000

Fax: 021 5289 4100

Website: www.ey.com/ID/EN

4. KAP. SIDDHARTA & WIDJAJA

(10)

Wisma GKBI Lantai 33

Jl. Jend. Sudirman Kav.28

Jakarta Pusat 10210

Indonesia

(11)

LAMPIRAN 5

FACTBOOK 2011

50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING VALUE

No. Code Stock Name Volume

6. DB Deutsche Securities

Indonesia 29,269 94,787 4.03 627 9,680 37,371 239

17. LG Trimegah Securities

Tbk 68,750 53,259 2.26 1,385 8,495 9,597 228

18. KK Phillip Securities

Indonesia 66,378 45,329 1.93 1,877 8,273 8,976 394

25. LS Reliance Securities

Tbk 48,368 27,842 1.18 1,007 6,121 6,032 209

26. FZ Waterfront

(12)

29. HG RBS Asia Securities

Indonesia 4,918 20,508 0.87 161 1,428 6,213 43

30. CD Mega Capital

Indonesia 21,734 20,471 0.87 420 3,175 4,395 100

31. KS Kresna Graha

Sekurindo Tbk 24,378 20,070 0.85 608 4,726 5,336 122 32. FS Amcapital Indonesia 24,849 19,167 0.81 349 5,336 5,573 101 33. MG Semesta Indovest 32,826 18,336 0.78 408 4,600 2,750 75

34. EP MNC Securities 38,631 17,861 0.76 624 - - -

35. BJ Andalan Artha

Advisindo Sekuritas 14,801 16,723 0.71 215 5,423 3,246 41

36. DP DBS Vickers

Securities Indonesia 10,000 16,572 0.70 198 2,021 5,377 67

37. BZ Batavia Prosperindo

Sekuritas 16,955 16,469 0.70 317 2,403 4,640 93

38. HP Henan Putihrai 33,553 15,377 0.65 335 4,688 3,098 63

39. AO Erdikha Elit

Sekuritas 27,720 14,675 0.62 468 3,096 3,083 82

40. IF Samuel Sekuritas

Indonesia 24,812 12,938 0.55 141 2,969 3,205 38

41. IN

Investindo Nusantara Sekuritas

33,591 12,559 0.53 500 3,578 2,651 77

42. PO Pilarmas Investindo 23,271 11,083 0.47 291 3,371 3,186 49

43. AG Kiwoom Securities

Indonesia 16,671 10,562 0.45 369 2,458 1,814 75

44. SH Artha Securities

Indonesia 20,844 10,125 0.43 275 2,193 1,643 38

45. EL Evergreen Capital 19,575 10,058 0.43 371 2,576 1,936 57 46. BQ Danpac Sekuritas 15,838 9,789 0.42 205 2,272 2,637 41

47. QA Prime Capital

Securities 19,925 9,551 0.41 486 2,609 1,441 59

48. SM

Millenium Danatama Sekuritas

26,579 9,459 0.40 347 2,500 1,558 27

49. II Danatama Makmur 35,755 8,758 0.37 44 1,964 739 7

50. AZ Sucorinvest Central

Gani 12,931 8,668 0.37 337 1,494 1,875 49

Total 50 Stocks 2,219,492 2,120,165 43,142 373,688 601,677 10,533

% of Total 83.39 90.12 83.23 82.34 91.46 85.95

(13)

FACTBOOK 2012

50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING VALUE

No. Code Stock Name Volume

Indonesia 32,269 117,460 4.80 948 9,225 31,366 370

Indonesia 49,409 36,156 1.48 1,877 10,466 7,160 501

21. AI UOB Kay Hian

Securities 36,456 35,438 1.45 983 9,286 9,813 297

Tbk. 39,031 32,817 1.34 838 6,091 5,424 143

23. EP MNC Securities 53,621 30,560 1.25 998 14,991 8,437 357

24. OK Net Sekuritas 28,364 29,554 1.21 81 611 584 14

25. YJ Lautandhana

Securindo 71,916 29,041 1.19 1,039 14,104 6,406 275

26. CG Citigroup Securiites

Indonesia 9,240 28,749 1.17 192 2,928 9,956 62

27. GR Panin Sekuritas

Tbk. 40,837 27,656 1.13 888 8,624 6,627 210

28. BW BNP Paribas

(14)

30. KS Kresna Graha

Sekurindo Tbk. 29,605 23,402 0.96 597 7,573 5,130 152 31. FS Amcapital Indonesia 27,000 21,281 0.87 466 5,961 5,096 130 32. LK Recapital Securities 39,043 21,114 0.86 53 392 344 7

33. FZ Waterfront

Securities Ind. 45,413 20,107 0.82 714 10,672 5,141 199

34. BZ Batavia Prosperindo

Sekuritas 12,782 18,897 0.77 413 - - -

35. HG RBS Asia Securities

Inidonesia 4,797 18,806 0.77 114 638 2,548 3

36. HD HD Capital Tbk. 28,948 17,785 0.73 436 9,517 5,135 137

37. CD Mega Capital

Indonesia 15,590 17,703 0.72 456 3,723 4,426 107

38. DP DBS Vickers

39. BJ Andalan Artha

Advisindo Sekuritas 29,365 15,455 0.63 221 2,993 2,930 50 40. HP Henan Putihrai 21,298 15,229 0.62 264 5,342 2,951 66

Indonesia 16,170 13,756 0.56 167 4,903 4,204 50

42. AO Erdikha Elit

Sekuritas 21,198 13,484 0.55 448 5,210 3,151 121

43. BQ Danpac Sekuritas 15,424 10,980 0.45 230 3,725 3,466 73

44. XA Woori Korindo

Securities Indonesia 20,272 10,476 0.43 653 5,509 3,172 200 45. MG Semesta Indovest 21,612 10,423 0.43 334 3,831 1,799 121 46. PO Pilarmas Investindo 19,861 9,908 0.40 199 4,173 2,165 71

47. IN

Investindo Nusantara Sekuritas

21,055 9,411 0.38 317 4,030 1,637 98

48. RF Buana Capital 12,388 8,882 0.36 122 1,861 1,868 27

49. SM

15,892 8,603 0.35 137 7,231 4,273 72

50. AZ Sucorinvest Central

Gani 15,173 8,422 0.34 244 4,510 2,459 75

Total 50 Stocks 1,988,980 2,228,658 47,087 413,157 499,216 12,065

% of Total 82.63 91.08 84.02 80.83 89.66 81.62

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FACTBOOK 2013

50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING VALUE

No. Code Brokerage Name Volume (Mill.

1. CS Credit Suisse Securities Indonesia

4. DB Deutsche Securities Indonesia 12. CG Citigroup Securities

Indonesia 24. KK Phillip Securities

Indonesia

41,159 29,237 1.31 1,955 13,665 9,146 545

25. GR Panin Sekuritas Tbk. 43,600 27,154 1.22 847 15,365 11,298 304 26. BW BNP Paribas Securities

Indonesia

29. LG Trimegah Securities Tbk.

(16)

30. LS Reliance Securities Tbk. 35,623 19,555 0.88 1,209 21,037 9,319 348 31. MS Morgan Stanley Asia

Indonesia

3,973 18,943 0.85 137 4,561 23,696 167

32. CD Mega Capital Indonesia 14,699 18,764 0.84 424 5,642 6,117 121 33. FS Amcapital Indonesia 23,992 18,585 0.83 570 7,836 4,717 178 34. SM Millenium Danatama

Sekuritas

37,181 18,496 0.83 340 11,515 5,012 64

35. HD HD Capital Tbk. 28,426 17,591 0.79 481 6,111 3,963 133 36. FZ Waterfront Securities

Ind.

44,140 17,407 0.78 843 14,236 5,515 247

37. YB Jasa Utama Capital 27,047 16,548 0.74 656 12,221 6,874 252 38. IF Samuel Sekuritas

Indonesia

17,432 16,250 0.73 205 4,382 4,963 75

39. BZ Batavia Prosperindo Sekuritas

8,156 14,384 0.64 287 4,676 5,433 79

40. DP DBS Vickers Securities Indonesia

7,039 13,367 0.60 198 1,963 3,447 54

41. XA Woori Korindo Securities Indonesia

22,679 12,250 0.55 715 8,302 4,605 251

42. AZ Sucorinvest Central Gani

25,773 11,416 0.51 441 5,673 3,533 161

43. HP Henan Putihrai 18,941 11,079 0.50 246 5,764 2,689 74 44. AO Erdikha Elit Sekuritas 17,802 10,829 0.49 520 6,532 3,342 230 45. PC First Asia Capital 15,845 10,461 0.47 820 7,426 3,239 297 46. BJ Andalan Artha

Advisindo Sekuritas

7,714 10,190 0.46 173 2,693 1,995 86

47. RF Buana Capital 8,422 9,988 0.45 146 3,680 5,114 64 48. PO Pilarmas Investindo 17,022 9,208 0.41 287 5,824 3,638 112 49. XL Mahakarya Artha

Securities

14,534 8,351 0.37 440 5,879 3,796 191

50. MG Semesta Indovest 15,288 7,930 0.36 518 7,711 3,515 183 Total 50 Stocks 1,766,938

2,039,853

50,649 621,913 683,361 16,329

% of Total 83.84 91.38 84.58 82.71 90.86 84.01

Market Total 2,107,524 2,232,227

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FACTBOOK 2014

50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING VALUE

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22. FG Nomura Indonesia 16,501 43,027 1.41 1,249 4,309 10,304 691

23. GR Panin Sekuritas

Tbk. 45,123 42,224 1.39 1,099 6,864 9,084 306

24. DH Sinarmas Sekuritas 68,464 38,817 1.28 874 16,400 9,795 325

25. AI UOB Kay Hian

Securities 39,349 38,007 1.25 1,250 6,789 7,874 352

Tbk. 58,976 33,622 1.10 1,246 8,946 6,824 327

Indonesia 39,476 33,078 1.09 1,874 8,260 9,142 541

28. KS Kresna Graha

Sekurindo Tbk. 40,991 27,857 0.92 759 13,796 7,089 227

29. LG Trimegah

Securities Tbk. 29,278 27,581 0.91 774 11,860 15,312 274

30. YJ Lautandhana

Securindo 46,701 26,962 0.89 976 10,869 7,162 351 31. RF Buana Capital 15,346 26,799 0.88 260 4,114 4,919 85

32. BW

BNP Paribas Securities Indonesia

10,423 24,723 0.81 326 2,557 4,881 115

33. YB Jasa Utama Capital 37,657 24,307 0.80 835 8,440 6,262 297

34. CD Mega Capital

Indonesia 22,102 22,946 0.75 478 5,626 5,510 139

35. MU Minna Padi

Investama 33,904 21,930 0.72 130 11,728 5,653 31

36. FS AmCapital

Indonesia 29,749 21,175 0.70 747 5,245 5,946 212

37. XA

Woori Korindo Securities Indonesia

30,626 20,825 0.68 787 6,713 6,564 232

Indonesia 20,311 19,747 0.65 327 2,890 4,717 124

39. FZ Waterfront

Securities Ind. 36,902 19,114 0.63 736 5,524 4,185 215 40. HD HD Capital Tbk. 18,645 17,751 0.58 457 4,187 4,761 178

41. SM

30,407 17,468 0.57 193 6,257 3,516 38

42. AZ Sucorinvest

Central Gani 29,428 17,158 0.56 726 7,232 6,065 351

43. BZ

Batavia Prosperindo Sekuritas

9,923 16,735 0.55 270 1,313 2,839 70

44. XL Mahakarya Artha

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Investindo

Indonesia 15,024 12,690 0.42 474 4,554 4,845 182 50. PC First Asia Capital 23,916 12,688 0.42 805 5,776 3,122 258 Total 50 Stocks 2,222,831 2,754,228 64,861 471,016 635,782 22,230

% of Total 82.78 90.47 86.48 83.00 89.03 86.90

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FACTBOOK 2015

50 MOST ACTIVE IDX MEMBERS IN TOTAL TRADING VALUE

No. Code Brokerage Name Volume, mn sh.

1. CS Credit Suisse Securities

Indonesia 60,594 146,274 5.03 3,966 26,106 75,807 2,568

Indonesia 43,460 119,178 4.10 4,588 29,589 76,708 2,961

7. ZP Maybank Kim Eng

Securities 51,239 114,040 3.92 2,292 25,970 50,076 1,400

8. MS Morgan Stanley Asia

Indonesia 32,718 108,621 3.74 2,046 20,024 81,606 1,263

9. RX Macquarie Capital

Securities Indonesia 35,044 106,299 3.66 1,783 17,181 55,249 952 10. ML Merrill Lynch Indonesia 26,305 82,126 2.83 4,176 12,260 50,120 1,940 11. DX Bahana Securities 39,410 76,665 2.64 2,295 20,786 39,294 1,401

12. CG Citigroup Securities

Indonesia 23,325 74,816 2.57 1,847 15,397 54,968 1,362

13. YP Daewoo Securities

Indonesia 99,837 72,541 2.50 7,082 92,419 41,694 3,828

14. BK JP Morgan Securities

Indonesia 19,762 67,085 2.31 1,568 9,857 33,324 920

15. DR RHB OSK Securities

Indonesia 66,379 66,420 2.28 2,950 35,497 38,288 1,391 16. EP MNC Securities 95,971 66,113 2.27 1,959 32,605 24,773 1,381 17. OD Danareksa Sekuritas 118,075 64,702 2.23 2,092 83,767 35,427 1,121

Tbk. 59,968 59,241 2.04 1,123 32,484 28,398 789

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32. KS Kresna Graha

Sekurindo Tbk. 45,012 25,053 0.86 893 20,591 14,509 513 33. YJ Lautandhana Securindo 47,009 24,718 0.85 1,437 27,994 13,565 799

34. XA Woori Korindo

Securities Indonesia 30,976 24,614 0.85 863 30,018 15,182 320 35. FS AmCapital Indonesia 21,966 22,166 0.76 771 13,511 11,086 377 36. CD Mega Capital Indonesia 22,697 20,642 0.71 617 10,082 8,313 290 37. YB Jasa Utama Capital 32,667 20,561 0.71 1,160 25,123 11,203 527

38. FZ Waterfront Securities

Indonesia 34,132 19,860 0.68 751 13,086 9,280 329

Indonesia 19,741 19,290 0.66 532 15,143 11,239 312 40. RF Buana Capital 15,967 18,682 0.64 305 4,308 7,517 135

41. BW BNP Paribas Securities

Indonesia 7,598 17,672 0.61 369 2,780 10,713 232 42. EL Evergreen Capital 19,793 17,371 0.60 484 9,296 6,484 177

Indonesia 18,951 17,071 0.59 690 14,549 8,066 347 44. AO Erdikha Elit Sekuritas 24,856 15,711 0.54 988 12,717 6,987 438 45. MG Semesta Indovest 22,646 15,214 0.52 778 14,014 7,583 382 46. BQ Danpac Sekuritas 21,434 14,972 0.52 507 9,922 6,171 226 47. SA Bosowa Sekuritas 17,557 14,400 0.50 586 14,978 9,107 186 48. PO Pilarmas Investindo 22,584 14,101 0.49 546 20,886 8,571 157 49. MU Minna Padi Investama 33,872 13,639 0.47 156 21,420 4,470 87 50. HD HD Capital Tbk. 19,139 13,433 0.46 621 11,844 6,019 348 Total 50 Members 2,170,458 2,596,300 89,610 1,275,725 1,400,015 48,685

% of Total 81.78 89.32 87.07 82 90 88

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LAMPIRAN 6

OUTPUT SPSS

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One-Sample Kolmogorov-Smirnov Test

Unstandardized

Residual

N 68

Normal Parametersa,b Mean .0000000

Std. Deviation .15445655

Most Extreme Differences Absolute .104

Positive .104

Negative -.086

Test Statistic

.104

Asymp. Sig. (2-tailed) .067c

a. Test distribution is Normal.

b. Calculated from data.

c. Lilliefors Significance Correction.

Hasil Uji Multikolinearitas

Coefficientsa

Model

Collinearity Statistics

Tolerance VIF

1 Reputasi_Underwriter .909 1.100

Reputasi_Auditor .996 1.004

EPS .892 1.121

Umur .976 1.024

a. Dependent Variable: Initial_Return

Hasil Uji Heteroskedastisitas dengan uji

Glejser

Coefficientsa

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1 (Constant) .174 .034 5.110 .000

Reputasi_Underwriter -.007 .008 -.106 -.833 .408

Reputasi_Auditor -.024 .024 -.119 -.981 .331

EPS -7.299E-5 .000 -.174 -1.364 .178

Umur -.001 .001 -.089 -.732 .467

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Hasil Uji Serempak, Uji Simultan (Uji F)

ANOVAa

Model Sum of Squares df Mean Square F Sig.

1 Regression .291 4 .073 2.872 .030b

Residual 1.598 63 .025

Total 1.890 67

b. Predictors: (Constant), Umur, Reputasi_Underwriter, Reputasi_Auditor, EPS

Hasil Uji Regresi Linear Berganda, Uji Parsial (Uji t)

Coefficientsa

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1 (Constant) .339 .060 5.623 .000

Reputasi_Underwriter -.023 .014 -.203 -1.670 .100

Reputasi_Auditor -.097 .042 -.264 -2.273 .026

EPS .000 .000 -.135 -1.100 .275

Umur -.001 .002 -.040 -.338 .737

Hasil Uji Koefisien Determinasi

Model Summaryb

MMode

l R R Square

Adjusted R

Square

Std. Error of the

Estimate Durbin-Watson

1 .393a .154 .101 .159284 1.970

a. Predictors: (Constant), Umur, Reputasi_Underwriter, Reputasi_Auditor, EPS