Analisis Penilaian Harga Saham Subsektor Farmasi dengan Metode Price Earnings Ratio dan Price Book Value

Abstract

Angka investor pasar modal Indonesia terus mengalami peningkatan dalam kurun waktu beberapa tahun terakhir. Berdasarkan acuan data dari Kustodian Sentral Efek Indonesia (KSEI), jumlah investor dalam negeri telah mencapai angka 7,48 juta pada 2021. Selama masa pandemi, harga saham mengalami fluktuasi yang cukup tinggi. Pada awal pandemi COVID-19, Indeks Harga Saham Gabungan (IHSG) mengalami penurunan. Subsektor farmasi dinilai berhasil menjadi penyokong nilai IHSG di masa pandemi. Studi ini bertujuan untuk menganalisis nilai saham subsektor farmasi dengan metode Price Earnings Ratio (PER) dan Price Book Value (PBV). Hasil penelitian analisis penilaian saham dengan pendekatan PER menunjukkan saham DVLA, KAEF, KLBF, MERK, dan SIDO berada pada posisi undervalued. Analisis menggunakan PBV menunjukkan saham DVLA, KAEF, dan MERK berada pada kategori murah di antara saham sektornya.

The number of Indonesian capital market investor has continued to increase over the last few years. Based on the data from The Indonesia Central Securities Depository (KSEI), domestic investor has reached the number of 7.48 million on 2021. This means that the number went up three times from how it was in 2019. During the pandemic, stock price has been facing major fluctuations. At the start of COVID-19, IDX composite faced a big decline rate. Pharmaceutical stocks have been seen to be able to work as a buffer during the pandemic. This study aims to analyze the stock value of pharmaceutical stocks using Price Earnings Ratio (PER) and Price Book Value (PBV) methods. The results of this study shows that DVLA, KAEF, KLBF, MERK, and SIDO stocks is valued in the undervalued category when analyzed using PER method. PBV analysis shows that DVLA, KAEF, and MERK falls on relatively cheap or undervalued range.