Jurnal Akuntansi, Vol 13, No 1 (2009)

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MENGAMBIL KEPUTUSAN BERINVESTASI DALAM SAHAM DENGAN MENGGUNAKAN ANALISIS FUNDAMENTAL DENGAN RESIDUAL INCOME MODEL UNTUK MEMPERKECIL RISIKO INVESTASI (STUDI KASUS PADA PT.AI, TBK.)

Henryanto Wijaya

Abstract


Investor provide funds (or money) to a company and expect return such as dividend or capital gain. Besides for the return, investor should be aware that investing in stock can be risky. The major risk is losing the funds (or money) that invested in stock of a company. In order to minimize the risk, investor can use an equity analysis that consist of technical analysis and fundamental analysis. Fundamental analysis, which is more widely accepted and applied, is analysis that have major goal to determine intrinsic value of a company or its stock. Intrinsic value is value of a company without reference to its market value. There are three model of fundamental analysis. First, dividend discount model, focus on the future probability of dividend payment by a acompany. Second, free cash flow to equity method, focus on the future probability of free cash flow of a company. Third, residual income method, focus on the future probability of residual income generated by a company. Residual income method outperformed the other two model under certain circumstances in finite horizon because this model focus on future profitability by using estimates of future book value and net income of a company. Common strategy for investor with fundamental analysis are buying when intrinsic value higher than stock price, selling when intrinsic value lower than stock price, and hold the stock when intrinsic value equals stock price.


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