2 1 Jenis Aset Instrumen Keuangan Pada Financial

2 -1 Jenis Aset & Instrumen Keuangan Pada Financial Market III (Pasar Modal: Equity Securities & Derivatives) INVESTMENTS | BODIE, KANE, MARCUS

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

2 -3 2. PASAR MODAL (CAPITAL MARKET) INVESTMENTS | BODIE, KANE, MARCUS

2 -4 2. Pasar Modal (Capital Market) v Merupakan pasar untuk berbagai instrumen keuangan jangka panjang yang bisa diperjualbelikan, baik surat utang (obligasi), ekuiti (saham), reksa dana, instrumen derivatif maupun instrumen lainnya. v Pasar modal merupakan “sarana pendanaan” bagi perusahaan maupun institusi lain (misalnya pemerintah), v Pasar modal juga “sarana bagi kegiatan berinvestasi”. INVESTMENTS | BODIE, KANE, MARCUS

2 -5 2. Pasar Modal (Capital Market) v. Instrumen Pasar Modal (Capital) ØBonds (Obligasi) ØEquity Securities (Saham) ØDerivative Securities (Produk Derivatif) INVESTMENTS | BODIE, KANE, MARCUS

2 - EQUITY SECURITIES SEKURITAS SAHAM INVESTMENTS | BODIE, KANE, MARCUS Mc. Graw-Hill/Irwin Copyright © 2011 by The Mc. Graw-Hill Companies, Inc. All rights reserved.

2 -7 Equity Securities 1. Common stock: q “Ownership” q Residual claim q Limited liability 2. Preferred stock: q “Perpetuity” q Fixed dividends q Priority over common q Tax treatment INVESTMENTS | BODIE, KANE, MARCUS

2 -8 1. Common Stock • Saham Umum • Dikenal juga sebagai “equities series” atau “equities” (Equitas=Assets-Kewajiban 2) • Menunjukkan kepemilikan terhadap suatu perusahaan yg diwujudkan dalam RUPS • Karakteristik Umum A. Residual Claim B. Limmited Lialibilities INVESTMENTS | BODIE, KANE, MARCUS

1. Common Stock Karakteristik Umum 2 -9 A. Residual Claim: Bila ada kebangkrutan, hanya bisa mengclaim 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. INVESTMENTS | BODIE, KANE, MARCUS

2 -10 1. Common Stock INVESTMENTS | BODIE, KANE, MARCUS

2 -11 Analisa Posisi Saham q 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) INVESTMENTS | BODIE, KANE, MARCUS

2 -12 Analisa Posisi Saham q YTD % CHG = % Perubahan harga saham sejak hari pertama tahun fiscal hingga hari ini q 52 Wk Low= Harga terendah dalam 1 tahun terakhir (52 minggu terakhir) q 52 Wk High=Harga tertinggi dalam 1 tahun terakhir (52 minggu terakhir) q. Volume = Jumlah lembar saham yg diperdagangkan dalam satu hari ini INVESTMENTS | BODIE, KANE, MARCUS

2 -13 Analisa Posisi Saham q. NET CHG = Perbedaa antara harga penutupan terakhir dengan harga penutupan sebelumnya q. CLOSE= Harga Saham pada penutupan sesi terakhir q. SYMBOL= inisial perusahaan yg sahamnya diperdagangkan INVESTMENTS | BODIE, KANE, MARCUS

2 -14 2. Preffered Stock q Merupakan bukti kepemilikan suatu perusahaan. q Keistimewaan: 1. Memiliki sifat “Perpetuity” (seperti obligasi/bond) Ø“it promises to pay to its holder a fixed amount of income each year” 2. Diprioritaskan dalam “claim” bila ada bankruptcy INVESTMENTS | BODIE, KANE, MARCUS

2 -15 2. Preffered Stock q Kelemahan: q Tidak memiliki hak suara dalam RUPS q Terkadang bisa dirubah kedalam saham biasa (common stock) INVESTMENTS | BODIE, KANE, MARCUS

2 -16 Stock Market Indexes q. Kegunaan: ØMelacak (data) returns rata-rata ØMembandingkan kinerja (performance) para (funds) managers ØDasar produk 2 derivatives INVESTMENTS | BODIE, KANE, MARCUS

2 -17 Stock Market Indexes q Dow Jones Industrial Average (DJIA) – Index Saham paling berpengaruh didunia – Bukan satunya – Computed since 1896 – Price-weighted average INVESTMENTS | BODIE, KANE, MARCUS

2 -18 Stock Market Indexes q 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 INVESTMENTS | BODIE, KANE, MARCUS

2 -19 Stock Market Indexes q Dow Jones Industrial Average (DJIA) q List Of US Blue-Chips company No Company name 1 3 M Co. 2 Alcoa Inc. 3 American Express Co. 4 AT&T Inc. 5 Bank of America Corp. 6 Boeing Co. 7 Caterpillar Inc. 8 Chevron Corp. 9 Citigroup Inc. 10 Coca-Cola Co. 11 E. I. Du. Pont de Nemours & Co. 12 Exxon Mobil Corp. 13 General Electric Co. 14 General Motors Corp. 15 Hewlett-Packard Co. Ticker Sector MMM Diversified Industrials AA Aluminum AXP Consumer Finance T Fixed Line Telecommunications BAC Banks BA Aerospace CAT Commercial Vehicles & Trucks CVX Integrated Oil & Gas C Banks KO Soft Drinks DD Commodity Chemicals XOM Integrated Oil & Gas GE Diversified Industrials GM Automobiles INVESTMENTS | BODIE, KANE, MARCUS HPQ Computer Hardware

2 -20 Stock Market Indexes q Dow Jones Industrial Average (DJIA) q List Of US Blue-Chips company No Company name 16 Home Depot Inc. 17 Intel Corp. 18 International Business Machines Corp. 19 Johnson & Johnson 20 JPMorgan Chase & Co. 21 Kraft Foods Inc. Cl A 22 Mc. Donald's Corp. 23 Merck & Co. Inc. 24 Microsoft Corp. 25 Pfizer Inc. 26 Procter & Gamble Co. 27 United Technologies Corp. 28 Verizon Communications Inc. 29 Wal-Mart Stores Inc. 30 Walt Disney Co. Ticker Sector HD Home Improvement Retailers INTC Semiconductors IBM Computer Services JNJ Pharmaceuticals JPM Banks KFT Food Products MCD Restaurants & Bars MRK Pharmaceuticals MSFT Software PFE Pharmaceuticals PG Nondurable Household Products UTX Aerospace VZ Fixed Line Telecommunications WMT Broadline Retailers INVESTMENTS | BODIE, KANE, MARCUS DIS Broadcasting & Entertainment

2 -21 Stock Market Indexes q Dow Jones Industrial Average (DJIA) INVESTMENTS | BODIE, KANE, MARCUS

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% INVESTMENTS | BODIE, KANE, MARCUS

2 -23 Contoh Price-Weighted Average Saham Harga Awal Harga Akhir 1. ABC $ 25 $ 30 2. XYZ $ 100 $ 90 Index Saham Perubahan ($25+$100)/2 = 62. 5 ($30+$90)/2 =60 -2. 5/62. 5 =-0. 04 = - 4% INVESTMENTS | BODIE, KANE, MARCUS

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) INVESTMENTS | BODIE, KANE, MARCUS

2 -25 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) INVESTMENTS | BODIE, KANE, MARCUS

2 - PASAR PRODUK DERIVATIVES INVESTMENTS | BODIE, KANE, MARCUS Mc. Graw-Hill/Irwin Copyright © 2011 by The Mc. Graw-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. INVESTMENTS | BODIE, KANE, MARCUS

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. INVESTMENTS | BODIE, KANE, MARCUS

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 INVESTMENTS | BODIE, KANE, MARCUS

2 -30 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 INVESTMENTS | BODIE, KANE, MARCUS

2 -31 Tugas • Lakukan analisis dan interpretasi atas daftar saham berikut (kecuali saham GE)! – – – Rata 2 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! INVESTMENTS | BODIE, KANE, MARCUS

2 -32 INVESTMENTS | BODIE, KANE, MARCUS