Stock analysis based on the CAPM as a basis for making investment decisions (studies in the infrastructure sector for the 2021-2022 period)
Esi Fitriani Komara (a*), Nugraha (b), Agus Rahayu (b), Maya Sari (b), Lili A Wibowo (b)

Universitas Pendidikan Indonesia, Bandung, Indonesia

Abstract

One approach that can be used by investors in choosing stocks that are worth investing in is the Capital Asset Pricing Model (CAPM). The purpose of this study is to analyze infrastructure sector stocks that are eligible to invest based on the CAPM for the 2021-2022 period. The population of this research is shares of infrastructure sector companies in 2021-2022. The number of samples in this study were 50 stocks, using purposive sampling method. The data analysis technique used was simple regression test. The results of this study show that in the period January 2021 to December 2022, 26 stocks have a value of β> 1, while only 20 stocks have a significant beta value. Then, 22 stocks that generate positive excess returns (undervalue) and 20 stocks that have a linear relationship between return and risk. The criteria used to value stocks are using Yohantin (2009) research model. So it can be concluded that in this study there are two stocks that are worth investing in, namely Paramita Bangun Sarana Tbk (PBSA) and Smartfren Telecom Tbk (FREN) shares.

Keywords: Stock Analysis, Capital Asset Pricing Model

Topic: Financial Management and Accounting