PENGGUNAAN PRICE EARNING RATIO (PER) DAN RETURN ON INVESTED CAPITAL (ROIC) DALAM INVESTASI SAHAM

Abstract

In the establishment of a stock portfolio, there are several strategies or methods that can be used by investors. Some of these strategies are the value investing of Ben Graham by using price earnings ratio (PER) to find cheap stocks, Warren Buffett's strategy by using a profitability ratio like return on invested capital (ROIC) to find quality stocks, and strategy the magic formula, which combines 2 variables to search for cheap and quality stocks. The problem in this research is how PER, ROIC and number of PER+ROIC influence on the return of shares of non-banking companies registered in Kompas100 period 2013-2017. And is there a difference of return portfolio of stocks based on the smallest PER, the smallest ROIC and the smallest PER + ROIC number with the return of IDX. The purpose of this research is to know the influence of PER, ROIC, number PER + ROIC on stock return and stock portfolio return difference compiled based on smallest PER, biggest ROIC and the smallest number PER+ROIC with return of IDX. The population in this research is the securities company listed on the Indonesia Stock Exchange (IDX). The sample used is a non-banking company that has a positive Net Income (NI) registered at KOMPAS100 in the period 2013-2017. The number of samples in this study was 349 companies. There are 2 variables in this study, which are free variables covering PER, ROIC, and number of PER+ROIC. As for the variable is the stock return of the company. Based on the results of research is known that there is a significant influence between the number of PER+ROIC and the stock return. The magnitude of the influence is 0.06 or 6%. The remainder is 78.3% influenced by other factors not revealed in this study. Whereas PER and ROIC does not significantly affect the return of shares. For comparison test, there is no difference between the stock portfolio return compiled based on the smallest PER, the biggest ROIC and the smallest number of PER+ROIC by return of IDX. As for the advice that the author can convey is further research can extend the observation period so that the number of samples more, the selection of samples should not only be limited to non-banking companies registered in Kompas100, But can use any index other than Kompas100. In addition, researchers can then use other variables that have an influence on the return of shares that are not used in this research