Stock Valuation and Stock Price: A Study Based on Equity Analyst Research Reports on Indian Companies

2003 ◽  
Author(s):  
Gaurav Golash
Keyword(s):  
Stock Price ◽  
Stock Valuation

scholarly journals INSENTIF PASAR MODAL UNTUK MANAJEMEN LABA

2006 ◽  
Vol 5 (2) ◽  
Author(s):  
Lodovicus Lasdi
Keyword(s):  
Capital Market ◽  
Stock Price ◽  
Great Influence ◽  
Earning Management ◽  
Clear Definition ◽  
Academic Researcher ◽  
Stock Valuation ◽  
Market Making ◽  
Company Stock

Regulator and practitioner believe that earning management have pervasive and problematic in nature, while research academics not yet indicated that the earning management have the great influence to reported earning, or warn the investor for the attention to earning management. To obtain the same perception between academician, practitioner and regulator and also answer the question addressed to regulator, hence needed a clearer definition about earning management, and capital market incentive for earning management. Without a clear definition, hence identify the earning management can only conducted hereafter the happening of. Academic researcher better more amount giving its attention at capital market incentive for earning management. The increasing of assessment on stocks market, making sensitive manager progressively by level of company stock price and its relation with the accounting number (profit). As a result, manager has an incentive to manage the profit to maintain and improve the stock valuation.

ANALISIS FUNDAMENTAL DAN TEKNIKAL SEBELUM DAN SESUDAH MERGER PADA PERUSAHAAN CIPUTRA DEVELOPMENT

2018 ◽  
Vol 14 (1) ◽  
pp. 41
Author(s):  
Wendra Hartono ◽  
Andhika Widjojo
Keyword(s):  
Qualitative Methods ◽  
Policy Analysis ◽  
Stock Price ◽  
Technical Analysis ◽  
Financial Resources ◽  
Fundamental Analysis ◽  
Stock Valuation ◽  
Payment Schemes ◽  
Before And After ◽  
The Impact

On January 12, 2017, there will be a merger of 3 Ciputra Group companies into one that is coded CTRA. The purpose of this study is to provide an overview and consideration to investors or potential investors before deciding to buy CTRA shares. Second, to analyze stock price movements before and after the merger of CTRA shares. This study uses qualitative methods using literature studies. The timeline that will be used in this research is (1) before the merger, (2) at the time of the merger, (3) after the merger. Based on the fundamental analysis: CTRA's stock valuation is increasing, and CTRA shares are getting more liquid because the number of shares outstanding is greater, and is more often traded on the exchange. ROE from CTRA has not changed much, still in the range of 6% per year. Based on technical analysis, it can be concluded that the movement of CTRA shares throughout 2017 tends to form a bearish trend. Based on the results of the impact of corporate policy analysis: KPR payment schemes are increasingly attractive by CTRA, broader diversification, and CTRA is able to access financial resources from CTRP and CTRS that were previously separate.Keywords: Fundamental, Technical, and Merger ABSTRAKPada tanggal 12 Januari 2017, akan diadakan merger atau penggabungan 3 perusahaan Ciputra grup menjadi satu saja yang berkode CTRA. Tujuan dari penelitian ini adalah untuk memberikan gambaran dan bahan pertimbangan kepada para investor atau calon investor sebelum memutuskan untuk membeli saham CTRA. Kedua, melakukan analisis pergerakan harga saham sebelum dan sesudah merger saham CTRA. Penelitian ini menggunakan metode kualitatif dengan menggunakan kajian literatur. Timeline yang akan digunakan dalam penelitian ini adalah (1) sebelum merger, (2) pada saat merger berlangsung, (3) sesudah merger. Berdasarkan  analisis fundamental:  valuasi saham CTRA meningkat, dan  saham  CTRA semakin likuid karena jumlah saham beredar lebih besar, dan lebih sering diperdagangkan di  bursa.. ROE dari CTRA tidak banyak berubah, masih dikisaran 6% per tahun. Berdasarkan  analisa teknikal, dapat disimpulkan bahwa pergerakan saham CTRA sepanjang tahun 2017 cenderung membentuk trend bearish.  Berdasarkan   hasil dampak analisis kebijakan korporasi: skema pembayaran KPR yang semakin menarik oleh CTRA,  diversifikasi yang lebih luas,  dan CTRA mampu  mengakses sumber-sumber keuangan dari CTRP dan CTRS yang sebelumnya terpisah.Keywords:  Fundamental, Teknikal dan Merger

scholarly journals Stock Valuation: Dividend Discount Models

2011 ◽  
Author(s):  
Syrgak Kydyraliev ◽  
Anarkül Urdaletova
Keyword(s):  
Stock Price ◽  
Supply And Demand ◽  
Cash Flows ◽  
Securities Market ◽  
Present Value ◽  
Stock Valuation ◽  
Stock Value ◽  
The Future ◽  
Definition Of ◽  
Future Cash Flows

One of the most widespread problems on a securities market is the problem of definition of an estimated stock value. It is necessary to note, that the stock price as well as the price of any good in the market is defined as the result of supply and demand interaction. Our task is to offer the mechanism, which allows making decision on purchase or sale. For this purpose the method of asset estimation by future cash flows will be used – i.e. we believe that the estimated value of an asset is equal to present value of the future cash flows which are provided by the asset. In our paper we will introduce methods for the valuation of stocks with arithmetic and pseudo-arithmetic growth of dividends.

scholarly journals Market valuation and corporate investment in India

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
K. Dhananjaya
Keyword(s):  
Stock Price ◽  
Investment Decisions ◽  
Corporate Investment ◽  
Market Valuation ◽  
Stock Valuation ◽  
Firm Level ◽  
Content Type ◽  
Market Sentiment ◽  
The Impact ◽  
The Relationship

Purpose This study aims to examine the impact of stock market valuation on corporate investment. Specifically, it attempts to understand the influence of both the fundamental and non-fundamental components of stock price on firms’ investment decisions. Design/methodology/approach The study decomposes the market-to-book (MB) ratio into three components, namely, firm-level mispricing, industry mispricing and growth component to examine the effect of each of these components on corporate investment decisions. Based on the literature review, four testable hypotheses concerning the relationship between market valuation and corporate investment have been generated. These hypotheses have been tested on the panel data of 1,311 Indian Public Limited Manufacturing Firms using a pooled data regression model. Findings The study finds that both the fundamental and non-fundamental components of stock price influence the investment decisions along with the cash flow variable. The market valuation–investment nexus is more pronounced in the case of equity-dependent firms, which shows that stock valuation affects corporate investment predominantly through the equity transaction channel. Further, the positive relationship between industry mispricing and corporate investment demonstrates that the market sentiment also affects firms’ investment decisions. Originality/value The relationship between the different components of market value and corporate investment decisions has not been explored in India. Hence, the present study is unique because it breaks the MB ratio down into growth and mispricing components and examines the impact of each of these components on corporate investment.

scholarly journals Stock Valuation of Indonesia Pharmaceutical Company with COVID-19 Vaccination Development Prospects Amidst Pandemic Situation (Case Study of PT. Kalbe Farma, Tbk.)

2021 ◽  
Vol 6 (5) ◽  
pp. 127-131
Author(s):  
Gideon Ericko Setiawan ◽  
Erman Sumirat
Keyword(s):  
Stock Price ◽  
Intrinsic Value ◽  
Stock Valuation ◽  
Company Stock ◽  
Positive Growth ◽  
Huge Impact ◽  
Key Driver ◽  
Growing Economy ◽  
Relative Valuation

As one of the world’s most populous countries with a fast-growing economy, Indonesia's market for pharmaceuticals has become very promising. COVID-19 pandemic that outbroken since early 2020 has brought a huge impact on the overall country condition while at the same time stimulate the growth of the pharmaceutical market as it is forecasted to grow at a CAGR of 6.3% between 2016 and 2021 according to IQVIA. This situation creates a reaction in the stock market especially of pharmaceutical companies that experienced an average increase of 67% since last year with its key driver of news regarding the distribution of Sinovac vaccine by some state-owned pharma companies as part of the national vaccination program. PT. Kalbe Farma, Tbk as one of the largest pharma companies in Indonesia is also accounting a positive growth over the years while also presented with bright prospects as a result of its strategic initiatives to collaborate with South Korea in developing COVID-19 vaccine and medication, named Genexine which is planned to be completed in Q3 2021. The possibility of success in this project might affect the company’s stock performance since it would result in bigger profitability for the company. In order to help investors to make a decision in this situation, the intrinsic value of the company stock is required. Therefore, conducting absolute and relative valuation are believed to be important in order to find the intrinsic value. This study examined absolute valuation using FCFF model and relative valuation using P/E and EV/EBITDA for KLBF. Result of the valuation suggested that the current stock price of IDR 1,445 is overvalued. The intrinsic value calculated from FCFF model is IDR 1,397 and based on the relative valuation models are IDR 1,330 and IDR 1,233 for EV/EBITDA and P/E ratio, respectively.

scholarly journals STOCK VALUATION BY USING PRICE EARNING RATIO (PER) IN STOCK INDEX LQ45

AdBispreneur ◽  
2016 ◽  
Vol 1 (2) ◽  
Author(s):  
Suryanto .
Keyword(s):  
Stock Price ◽  
Descriptive Analysis ◽  
Sampling Technique ◽  
Quantitative Approach ◽  
Stock Index ◽  
Fair Price ◽  
Stock Valuation ◽  
Purposive Sampling ◽  
Potential Losses

ABSTRACT  Stock valuations are reasonable assessment of the price of the stock. Stock valuations done to anticipate potential losses that would be received by investors. This research aims to determine the fair price of stocks and stock picks eligible to be selected in the investment in shares LQ45 index. The method  used  in  this  research  is  descriptive  analysis  with  quantitative  approach.  The  sampling technique purposive sampling of issuers incorporated in LQ45 index period from February 2016. The valuation of the stock price is measured by using the approach of Price Earning Ratio (PER). In conclusion, the results of valuations can be seen that 10 of the 13 companies, namely AKRA, ASII, BBCA, BBNI, BBRI, JSMR, LKPR, MPPA, UNTR and UNVR all in condition undervalued. This means that  the  shares  are  relatively  cheap.  As  for  the  stock  ADRO,  BMRI,  and  SCMA  in  condition overvalued, which means that the shares are expensive. Keywords: valuation of shares, price earning ratio   VALUASI SAHAM DENGAN MENGGUNAKAN METODEPRICE EARNING RATIO (PER) PADA SAHAM INDEKS LQ45  ABSTRAK  Valuasi saham merupakan penilaian terhadap harga yang wajar terhadap suatu saham. Valuasi saham dilakukan untuk mengantisipasi potensi kerugian yang akan diterima investor. Penelitian ini bertujuan untuk mengetahui harga wajar saham dan memilih saham yang layak untuk dijadikan pilihan dalam investasi pada saham Indeks LQ45. Metode yang digunakan dalam penelitian ini adalah analisis deskriptif dengan pendekatan kuantitatif. Teknik pengambilan sampel dengan purposive sampling dari emiten  yang tergabung dalam Indeks  LQ45  periode Februari  2016.  Valuasi  harga  saham diukur dengan  menggunakan  pendekatan  Price  Earning  Ratio (PER). Kesimpulannya,  dari  hasil  valuasi saham dapat diketahui bahwa 10 dari 13 perusahaan, yaitu AKRA, ASII, BBCA, BBNI, BBRI, JSMR, LKPR, MPPA, UNTR dan UNVR semua dalam kondisi undervalued. Hal tersebut berarti saham- saham tersebut tergolong murah. Sedangkan untuk saham ADRO, BMRI, dan SCMA dalam kondisi overvalued, yang berarti saham tersebut tergolong mahal. Kata kunci : valuasi saham, price earning ratio

scholarly journals Green Accounting Practice on Corporate Performances

2020 ◽  
Vol 22 (1) ◽  
pp. 84-89
Author(s):  
Yuliana Purwohawati ◽  
◽  
Bernadette Robiani ◽  
Inten Meutia ◽  
◽  
...  
Keyword(s):  
Stock Price ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Green Accounting ◽  
Stock Valuation ◽  
Public Companies ◽  
Earnings Per Share ◽  
Significant Difference ◽  
Before And After ◽  
Positive Effect

Introduction. The low awareness of the industry in the application of the green industry through green accounting because when viewed in general as 2 sides of a coin, on the one side will bring benefits to the industry but on the other hand as if it would lead to the potential for increased costs, through environmental costs. The population is 184 industrial companies both state-owned enterprises and public companies. The sampling technique uses purposive sampling so that the samples obtained are 18 public companies. The data used in this study are historical data, such as financial data, earnings per share data and stock valuation in companies that apply green accounting and listings on the Indonesia Stock Exchange. Purpose. The purpose of this study is to determine the effect on earnings per share and stock valuation before and after the adoption of green accounting. Results. The results of the study concluded that there are significant differences and a positive effect between earnings before the application of green accounting and earnings after the application of green accounting. For the application of green accounting on stock price there is no significant difference between the stock price before and stock valuation after the adoption of green accounting, because there are three publicly traded companies that sell initial shares (IPOs) at the time of applying green accounting. Conclusions. There are significant differences and a positive effect between earnings before the application of green accounting and earnings after the application of green accounting. For the application of green accounting on stock price there is no significant difference between the stock price before and stock valuation after the adoption of green accounting.

scholarly journals PRICE EARNINGS RATIO (PER) MODEL CONSISTENCY: EVIDENCE FROM JAKARTA STOCK EXCHANGE

2018 ◽  
Vol 1 (2) ◽  
pp. 85
Author(s):  
Prof. Marwan Asri, M.B.A., Ph.D. ◽  
Antonius N. Heveadi
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Regression Models ◽  
Stock Exchange ◽  
Stock Valuation ◽  
Cross Sectional ◽  
Significance Level ◽  
Valuation Model ◽  
Time Periods ◽  
Sectional Model

Recently, stock valuation model using the earning multiplier approach (PER) is more popular among investors and analysts. This popularity has caused this model to seem to be the most perfect model among other valuation models. In response to the fact above, this research tries togive empirical evidence whether PER’s cross-sectional model can be used in determining the fairness of stock price traded in Jakarta Stock Exchange.Evaluation of the capability of PER’s cross-sectional model in determining the common stock price was conducted by developing three regression models from different time periods, namely the years of 1995, 1996, and 1997. The regression models used in this research was the one developed by Whitbeck-Kisor (1973). The model employed growth, dividend payout ratio (DPR), and standard deviation of growth (s-growth) as independent variable.This research was intended to test the consistency of the model in assessing stock prices. The result of this research showed that each model developed at different time periods, though with the same sample and method, gave different results. The differences were in the significance level and in the weight of influence of independent variables to the corresponding dependent variables. As a stock valuation model, a regression model should perform consistently from period to period, so normalPER of a stock could be predicted based on the model that was developed by historical data.

scholarly journals Analisis Fundamental Perusahaan Food And Beverage Dengan Pendekatan Top Down Analysis Pada Jakarta Islamic Index 2015-2017

2019 ◽  
Vol 2 (1) ◽  
pp. 119
Author(s):  
Priyo Priyantoro ◽  
Kartika Yuliari ◽  
Mohammad Arifin
Keyword(s):  
Stock Price ◽  
Fair Value ◽  
Maturity Stage ◽  
Fundamental Analysis ◽  
Fair Price ◽  
Top Down ◽  
Stock Valuation ◽  
Book Value ◽  
Macroeconomic Analysis ◽  
Food And Beverage

The study aims to conduct a fundamental analysis of food and beverage companies listed on the Jakarta Islamic index with the Price Earning Ratio (PER) and Price to Book Value (PBV) methods. Fundamental analysis carried out consisted of macro analysis conducted on food and beverage companies listed on the Jakarta Islamic Index (JII), and financial report analysis conducted on food and beverage companies listed in the Jakarta Islamic Index (JII), besides that also research calculating the fair price of shares of food and beverage companies with the Price Earning Ratio (PER) method and Price to Book Value including in the position of undervalued, fair value, or overvalued after conducting fundamental analysis. The sample in this study amounted to 2 companies. The data analysis method used is Top Down Analysis with the Price Earning Ratio and Price Tobookvalue approaches. The results of the study with macroeconomic analysis show a global economic slowdown. Based on industry analysis, PT Indofood Sukses Makmur Tbk and PT Indofood CBP Sukses Makmur Tbk are at the maturity stage. Through the analysis of the financial statements of the two companies, it was considered to have good performance. Stock Valuation calculated using the Price Earning Ratio (PER) and Price To Book Value (PBV) method shows that the stock price is in an undervalued position Penelitian bertujuan untuk melakukan analisis fundamental perusahaan food and beverage yang terdaftar pada Jakarta inslamic index dengan metode Price Earning Rasio (PER) dan Price to Book Value (PBV). Analisis fundamental yang dilakukan terdiri dari analisis makro yang dilakukan terhadap perusahaan food and beverage yang terdaftar pada Jakarta Islamic Index (JII), dan analisis laporan keuangan yang dilakukan terhadap perusahaan food and beverage yang terdaftar pada Jakarta Islamic Index (JII), selain itu penelitian juga menghitung harga wajar saham perusahaan food and beverage dengan metode Price Earning Rasio (PER) dan Price to Book Value termasuk dalam posisi undervalue, fairvalue, atau overvalue setelah melakukan analisis fundamental. Sampel dalam penelitian ini berjumlah 2 perusahaan. Metode analisis data yang digunakan adalah Top Down Analisys dengan pendekatan Price Erning Ratio dan Price Tobookvalue. Hasil penelitian dengan analisis ekonomi makro menunjukan perlambatan ekonomi global. Berdasarkan analisis industri PT  Indofood  Sukses Makmur Tbk dan PT  Indofood CBP Sukses Makmur Tbk telah berada pada tahap kedewasaan. Melalui analisis laporan keuangan kedua perusahaan dinilai memiliki kinerja baik. Penilaian Saham yang dihitung menggunakan metode Price Erning Ratio (PER) dan Price Tobook Value (PBV) menunjukan bahwa  harga saham berada pada posisi undervalued

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