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All Journal JURNAL DINAMIKA EKONOMI PEMBANGUNAN Jurnal Ekonomi Syariah Teori dan Terapan Petra International journal of Business Studies (IJBS)
Fajriyatul Abadiyah
UIN Sunan Kalijaga
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analysis of Sharia Banking Share Valuation Using Intrinsic Value and Margin of Safety Method Graham Number Fajriyatul Abadiyah; Hikmah Endraswati
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 No. 1 (2023): Januari-2023
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol10iss20231pp16-26

Abstract

ABSTRACT This study aims to analyze the valuation of Islamic banking stocks using the intrinsic value method and the margin of safety Graham number, and determine whether Islamic banking stocks are undervalued or overvalued. This research is included in the descriptive quantitative research. The data source used is secondary data obtained from www.idx.co.id and www.Indopremier.com, while the research sample selection technique uses a purposive sampling method with the criteria of companies that have been IPOs for more than five years and the number of samples found consists of three Islamic banking stocks, namely BRIS, BTPS, and PNBS shares. Based on the results of the valuation of Islamic bank stocks using the intrinsic value method and margin of safety, graham numbers are obtained if the three Islamic bank stocks experience an overvalued/expensive condition above the criteria set by Benjamin Graham, the cause is because investor euphoria is quite high regarding the news of the merger of Bank Syariah Indonesia so that it can be concluded that the three Islamic banking stocks have considerable investment risks. Therefore, investors need to wait and see until the position of the Islamic bank's stock price is close to its fair price. Keywords: Graham Number, Intrinsic Value, Margin of Safety, Market Share, Islamic Banking.   ABSTRAK Penelitian ini bertujuan untuk menganalisis valuasi saham perbankan syariah dengan metode intrinsik value dan margin of safety graham number, serta menentukan apakah saham perbankan syariah dalam kondisi undervalue atau overvalue. Penelitian ini termasuk kedalam penelitian kuantitatif deskriptif. Sumber data yang digunakan adalah data sekunder yang diperoleh dari www.idx.co.id dan www.indopremier.com, sedangkan teknik pemilihan sampel penelitian menggunakan metode purposive sampling dengan kriteria perusahaan yang telah IPO lebih dari lima tahun dan diperoleh jumlah sampel yang ditemukan terdiri dari tiga saham perbankan syariah, yakni saham BRIS, BTPS, dan PNBS. Berdasarkan hasil valuasi saham bank syariah dengan menggunakan metode intrinsik value dan margin of safety graham number diperoleh jika ketiga saham bank syariah tersebut mengalami kondisi overvalue/mahal berada diatas kriteria yang ditetapkan oleh Benjamin Graham, penyebabnya dikarenakan euforia investor cukup tinggi mengenai kabar merger Bank Syariah Indonesia sehingga dapat disimpulkan ketiga saham perbankan syariah memiliki risiko investasi yang cukup besar. Maka dari itu, investor perlu wait and see sampai posisi harga saham bank syariah mendekati harga wajarnya. Kata Kunci: Graham Number, Intrinsic Value, Margin of Safety, Market Share, Perbankan Syariah.   REFERENCES Alhazami, L. (2020). Valuasi saham yang masih layak untuk dikoleksi di bursa efek Indonesia (BEI) pada Saat pandemik covid-19. Jurnal Ilmiah Akuntansi Dan Keuangan, 9(2), 139–149. https://doi.org/10.32639/jiak.v9i2.526 Antoni, Juwita, R., & Wijayanti, A. P. (2020). Penentuan nilai harga wajar saham menggunakan metode gordon growth model. Co-Value: Jurnal Ekonomi, Koperasi & Kewirausahaan, 11(3), 77–82. Budiman, R. (2020). Investing is easy. PT Elex Media Komputindo. Ervian, P. (2015). Pemanfaatan metode value investing Benjamin Graham untuk meraih capital gain di bursa efek Indonesia. Universitas Kristen Satya Wacana. Graham, B., & Dood, D. L. (2014). Security analysis: Principles and techniques. McGraw Hill. Halim, A. (2005). Analisis investasi. Salemba Empat. Hutabarat, F. (2022). Value investing analysis: A look at Anthony Salim portfolio. 8ISC Proceedings: Business, 58–65. Islami, R. G. (2020). Valuasi nilai wajar saham dengan metode DCF (Discounted Cash Flow) dalam pengambilan keputusan investasi pada perusahaan pertambangan tahun 2015-2019. Unpublished thesis. Universitas Semarang. Jahan, N., Chehb, J. J., & Kim, I. (2016). A comparison of Graham and Piotroski investment models using accounting information and efficacy measurement. Journal of Economic & Financial Studies, 04(01). https://doi.org/http://dx.doi.org/10.18533/jefs.v4i1.219 Kaniati, R., Prakoso, R., Ateniyanti, Sopiani, M., & Siahaan, F. L. W. (2020). Peluang investasi saham dalam pandemi covid 19 melalui pendekatan price earning rasio, price book value dan margin of safety di bursa efek Indonesia. Unpublished thesis. Universitas Pancasila. Kurniawan, R. (2020). Multibagger: Cara Meraih Profit > 100% Dari Pasar Saham. PT Elex Media Komputindo. Kusmayadi, I., Ahyar, M., Muhdin, & Oktaryani, G. (2020). Prospek saham perbankan di Indonesia. Jurnal Magister Manajemen Universitas Mataram, 9(2), 175–185. https://doi.org/10.29303/jmm.v9i2.547 Lin, J., & Sung, J. (2014). Assessing the Graham’s formula for stock selection : Too good to be true? Open Journal of Social Science, 2(3), 1–5. http://dx.doi.org/10.4236/jss.2014.23001 Petrova, E. (2015). Value investing - Essence and ways of finding undervalued assets. International Conference Knowledge-Based Organization, 21(2), 344–348. https://doi.org/10.1515/kbo-2015-0057 Puspaningtyas, L., & Intan, N. (2021). Mantapnya kinerja 2 bank syariah, ungguli bank konvensional. Retrieved from https://www.republika.co.id/berita/qsr4uy440/mantapnya-kinerja-2-bank-syariah-ungguli-bank-konvensional-part1 Rachmattulah, M. F., & Faturohman, T. (2016). The implementation of Benjamin Graham criteria (A case in Indonesia market). Journal of Business and Management, 5(6), 773-782. Rakim, A. A., Iqbal, M., & Misra, I. (2022). Analysis of investment strategy in Indonesian consumer goods industry: Benjamin Graham’s approach. Diponegoro International Journal of Business, 5(1), 57–69. https://doi.org/10.14710/dijb.5.1.2022.57-69 Sari, P. S., Ghozi, S., & Rakim, A. A. (2020). Analisis harga wajar saham sektor perbankan pada bank Buku IV dengan metode Benjamin Graham. Jurnal Tugas Akhir Mahasiswa Akuntansi Poltekba (JMAP). Sekaran, U., & Bougie, R. (2017). Metode penelitian untuk bisnis. Salemba Empat. Sidik, S. (2021). Tumbuh pesat, Investor pasar modal RI tembus 7,48 juta. Retrieved from https://www.cnbcindonesia.com/market/20211230160504-17-303338/tumbuh-pesat-investor-pasar-modal-ri-tembus-748-juta Sitorus, F. Y., & Hutasoid, P. S. J. K. (2017). Pengaruh EPS dan return saham terhadap IHSG BEI menggunakan value investing dari Benjamin Graham. Fundamental Management Journal, 2(1), 16–21. https://doi.org/10.33541/fjm.v2i1.426 Srivastava, V. K., & Kulshrestha, N. (2020). Portfolio selection and performance evaluation through Benjamin Graham’s value investing. Indian Journal of Finance and Banking, 4(2), 11–16. https://doi.org/10.46281/ijfb.v4i2.688 Widyawinata, R. (2022). Graham number: Apa itu, rumus, perhitungan dan pengaruhnya. Retrieved from https://glints.com/id/lowongan/graham-number-adalah/#.Yp7Mr6hBzIU Wirawan, G. H., & Sumirat, E. (2021). Performance analysis of investment portfolio strategy using Warren Buffett, Benjamin Graham, and Peter Lynch method in Indonesia stock exchange. European Journal of Business and Management Research, 6(4), 394–401. https://doi.org/10.24018/ejbmr.2021.6.4.1040 Yanuarsyah, I. (2021). Pengaruh rasio keuangan terhadap harga dan valuasi saham berdasarkan kriteria Benjamin Graham dengan analisis regresi. Unpublished Thesis. Institut Teknologi Sepuluh Nopember. Yulita, I. K., & Rahayu, C. W. E. (2019). Hospitality and tourism industry performance in Indonesia based on Benjamin Graham’s perspective. Jurnal Ilmu Manajemen Dan Bisnis, 10(1), 9–16. https://doi.org/10.17509/jimb.v10i1.14485
Financial Development, Financial Market, and Financial Institutional on International Trade in Developing Eight Countries Fajriyatul Abadiyah; Hikmah Endraswati
JURNAL DINAMIKA EKONOMI PEMBANGUNAN Vol 6, No 2 (2023): AUGUST
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jdep.6.2.118-130

Abstract

This study aims to analyze the effect of financial development, financial market, and financial institutional on international trade in developing eight countries, with foreign exchange reserves, foreign direct investment, and real gross domestic product as control variables. This research includes descriptive quantitative research. The population used is eight developing countries. The data in this study is secondary data sourced from World Bank and International Monetary Fund (IMF) reports observation period from 2011 to 2020. The research model uses the panel data regression analysis method (Ordinary Least Square) through the Eviews 10 program. The results show that financial development has a positive and significant effect on international trade in D-8 countries, while financial markets and financial institutional have a significant negative effect on international trade in D-8 countries.
The Role of Net Profit Margin, Asset Turnover, and Equity Multiplier in Driving Stock Returns: Moderating Effect of ROE Dupont Fajriyatul Abadiyah
Petra International Journal of Business Studies Vol. 6 No. 2 (2023): DECEMBER 2023
Publisher : Master of Management, School of Business and Management, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/petraijbs.6.2.185-192

Abstract

This study aims to test whether DuPont's ROE can moderate the effect of net profit margin, total asset turnover, and equity multiplier ratio on the stock returns of insurance companies listed on the Indonesia Stock Exchange. This research includes quantitative research. Purposive sampling techniques are used to find stocks of insurance companies that meet the research criteria. The data in this study is panel data sourced from financial statements and historical data on the closing prices of 14 insurance companies for the observation period of January 2018-December 2022. The research model uses SEM-PLS with a data analysis method, moderated regression analysis (MRA), through the Warp Pls 8.0 program. The results showed that the NPM variable did not affect stock returns, while TATO and EMR significantly affected insurance stock returns positively. Furthermore, Dupont's ROE moderation variable interactions were found to have varying classifications. Dupont's ROE role in NPM relationships acts as a homologizer, meaning it can influence the strength of the relationships built. While in the TATO relationship, Dupont's ROE acts as quasi-moderation, which means having a pseudo-interaction between the two. In the EMR relationship, Dupont's ROE acts as a moderation predictor, which means that Dupont's ROE variable only acts as an independent variable in the relationship model formed.
Co-Authors Hikmah Endraswati