ANALISIS FUNDAMENTAL DAN TEKNIKAL DALAM PENETAPAN HARGA SAHAM (Studi Perusahaan Go Public di BEI Periode 2001-2013)
Oleh : I Wayan Nuryana 1, Ida Bagus Raka Suardana 2
The purpose of this study is to investigate the relevance of relative valuation models and technical analysis to generate positive return in Jakarta Stock Exchange. Using various multiples such as Price Earnings Ratio (P/E Ratio), Price Book Value Ratio (P/BV Ratio), and Price Sales Ratio (P/S Ratio), this study analyses the role of relative valuation models in forecasting stock prices among comparable firms, and in identifying portfolios which generate higher returns.
In terms of technical analysis, this study focuses on the role of technical analysis in signalling the timing of stock market entry and exit using various tools and techniques of technical analysis. The major tools and techniques used in this study are Moving Average Convergence Divergence (MACD), Relative strength index (RSI) and Rate of Change (ROC). The results showed that, both relative valuation models and technical analysis, can be used to generate significantly positive return above buy-and-hold strategy, especially in period of bearish market.
Key words: fundamental analysis, technical analysis, relative valuation, stock return.