Analysis of Stock Valuations in Estimating Stock Prices in the Covid-19 Period And Investment Decision

Authors

  • Noni Novita Sari Br Silalahi UIN Sumatera Utara, Medan, Indonesia
  • Tri Inda Fadhila Rahma UIN Sumatera Utara, Medan, Indonesia
  • Nur Ahmadi Bi Rahmani UIN Sumatera Utara, Medan, Indonesia

DOI:

https://doi.org/10.30983/es.v6i1.5377

Keywords:

stocks, sharia stock prices, stock valuation, per, pbv, investment decisions. saham, harga saham syariah, valuasi saham, keputusan investasi

Abstract

The purpose of this study was to determine whether the intrinsic value of the stock is in undervalued, overvalued, and fair-valued conditions. Quantitative research methods were applied to eleven companies listed on ISSI, mainly Telecommunication, Pharmaceutical, and Finance companies. Based on the use of the PER and PBV methods and the results of the independent sample T-Test test, it was revealed that there is a significant difference between the average results of PER and PBV stock valuations. Through PER, 5 companies have shares with undervalued price conditions, namely TLKM, KAEF, KLBF, PYFA, and SIDO and 6 shares are in overvalued price conditions, namely ISAT, DVLA, MERK, TSPC, BRIS, and BTPS. Based on the use of the PBV method, 5 companies have shares with undervalued price conditions , namely DVLA, KAEF, KLBF, MERK, and SIDO,  6 companies are in overvalued price conditions, namely ISAT, TLKM, PYFA, BRIS, BTPS, and TSPC, and 6 companies with the same conditions using PER and PBV, namely KAEF, KLBF, SIDO, TSPC, BRIS and BTPSTujuan penelitian ini adalah untuk mengetahui nilai intrinsic saham apakah berada pada kondisi undervalued, overvalued, dan fairvalued. Metode penelitian kuantitatif diterapkan pada 11 perusahaan yang terdaftar dalam subsektor Telekomunikasi, Farmasi, dan Keuangan yang tergabung dalam ISSI. Berdasarkan penggunaan melalui metode PER dan PBV didapatkan hasil uji independent sample t-test sebesar 0,032 < 0,05 maka H0 ditolak dan H1 diterima artinya bahwa terdapat perbedaan signifikan antara rata-rata hasil valuasi saham PER dan PBV. Root Mean Square Error digunakan untuk mengetahui tingkat kesalahan didapatkan bahwa nilai RMSE PER (1786) < PBV (1935) artinya metode PER lebih baik dibandingkan PBV karena memiliki tingkat kesalahan lebih kecil. Melaui PER didapatkan 5 perusahaan memiliki saham dengan kondisi harga undervalued yaitu TLKM, KAEF, KLBF, PYFA, dan SIDO dan 6 saham berada dalam kondisi harga overvalued yaitu ISAT, DVLA, MERK, TSPC, BRIS, dan BTPS. Berdasarkan penggunaan metode PBV didapatkan 5 perusahaan memiliki saham dengan kondisi harga undervalued yaitu DVLA, 

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Published

2022-07-24

How to Cite

Br Silalahi, N. N. S., Rahma, T. I. F., & Rahmani, N. A. B. (2022). Analysis of Stock Valuations in Estimating Stock Prices in the Covid-19 Period And Investment Decision. EKONOMIKA SYARIAH : Journal of Economic Studies, 6(1), 30–45. https://doi.org/10.30983/es.v6i1.5377

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Vol. 6 No. 1 (2022): January - June 2022

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