Appendices Appendix I Variable definitions D

(1)

Appendices

Appendix I

Variable definitions

D

t

, the sum of all liabilities

E

t

, market value, the number of shares times closing price at the end of fiscal year.

Exactly time lined with D

t

.

ADR

t

, starting actual debt ratio: D

t

/ (D

t

+ E

t

)

IDR

t,t+k

, implied debt ratio: D

t

/ [E

t

. (1 + r

t,t+k

) + D

t

]

r

t,t+k

, stock return with dividends, ( Stock Price

t+k

– Stock Price

t

) / Stock Price

t

, price

at the end of fiscal year. Exactly time lined with D

t

.

TDNI

t,t+k

, difference in total debt value: D

t,t+k

– D

t

(2)

Appendix II

The companies listed in LQ 45 index of IDX for t and t+1 (1)

from December 2001 to December 2006, recorded for Closing Price at t (P

t

) and t+1 (P

t+1

) in Rupiahs;

(3)

No of

Data Code Company Year

ClosingPr ice, Pt ClosingPr ice, Pt+1 Sales (in Millions), St Asset (in millions), At

Total Debt (in millions), Dt

Total Debt (in millions), Dt+1

Total Debt Net Issuing Activity (in

millions), TDNIt,t+1

1 DSFI DHARMA SAMUDERA FISHING INDUSTRIES TBK 2001 260 95 261,249 230,310 83,659 88,151 4,492

2 TLKM TELEKOMUNIKASI INDONESIA TBK 2001 3,200 1,600 16,130,789 32,470,280 21,911,371 22,979,421 1,068,050

3 MLPL MULTIPOLAR TBK 2001 245 170 578,863 1,614,208 587,269 725,661 138,392

4 ANTM ANEKA TAMBANG (PERSERO) TBK 2001 800 600 1,735,224 2,555,511 629,579 542,081 (87,498)

(261,135) 23,121 (656,083) (568,622) ,378,785 (103,906) (19,341) (36,608) 493,068 (1,537,803) (7,667,883) (108,413) (73,299) 105,488 (169,522) 653,734 (657,813) (167,217) (193,083) (10,640) 163,021 (4,758,873) (63,310) ,363,54 (6,936,900) (1,114,980) 1,869,826 (193)

5 ASGR ASTRA GRAPHIA TBK 2001 360 275 713,680 837,637 811,254 550,119

6 TINS TAMBANG TIMAH (PERSERO) TBK 2001 430 345 1,867,247 1,921,951 429,123 452,244

7 UNTR UNITED TRACTORS TBK 2001 360 305 7,058,396 6,464,186 5,566,170 4,910,087

8 RMBA RIMBA NIAGA IDOLA TBK 2001 140 125 2,001,056 1,003,836 435,214

9 MEDC MEDCO ENERGI CORPORATION TBK 2001 1,500 1,350 3,463,640 4,939,092 735,781 2,114,566 1

10 RALS RAMAYANA LESTARI SENTOSA TBK 2001 2,675 2,525 2,878,059 2,232,014 1,056,712 952,806

11 IDSR INDOSIAR VISUAL TBK 2001 575 550 853,522 980,128 515,921 496,580

12 MTDL METRODATA ELECTRONICS TBK 2001 120 115 1,139,133 537,519 241,810 205,203

13 GGRM GUDANG GARAM TBK 2001 8,650 8,300 17,970,450 13,448,124 5,249,926 5,742,994

14 INDF INDOFOOD SUKSES MAKMUR TBK 2001 625 600 14,644,598 12,979,102 8,658,705 10,713,140 2,054,435

15 INTP INDOCEMENT TUNGGAL PERKASA TBK 2001 700 675 3,453,411 11,930,019 9,166,932 7,629,129

16 PNBN PANIN BANK TBK 2001 185 180 973,106 23,589,175 20,107,004 12,439,121

17 ISAT INDOSAT TBK 2001 945 925 5,138,136 22,348,700 11,370,034 11,261,621

18 INDR INDORAMA SYNTETICS TBK 2001 425 450 2,873,383 4,928,329 2,923,474 2,850,174

19 UNVR UNILEVER INDONESIA TBK 2001 1,635 1,820 6,012,611 2,682,025 946,915 1,052,403

20 AUTO ASTRA OTOPARTS TBK 2001 1,225 1,400 2,097,454 1,767,868 833,434 663,912

21 MPPA MATAHARI PUTRA PRIMA TBK 2001 435 500 5,430,465 2,633,400 923,657 1,577,391

22 HMSP H M SAMPOERNA TBK 2001 3,200 3,700 14,066,515 9,470,540 5,079,814 4,422,001

23 KLBF KALBE FARMA TBK 2001 225 275 2,046,499 1,877,316 1,531,342 1,364,125

24 CMNP CITRA MARGA NP TBK 2001 310 380 347,691 1,327,564 944,824 751,741

25 TSPC TEMPO SCAN PACIFIC TBK 2001 3,250 4,125 1,785,230 1,663,925 330,032 319,391

26 BHIT BHAKTI INVESTAMA TBK 2001 285 385 135,352 949,046 354,446 517,468

27 ASII ASTRA INTERNATIONAL TBK 2001 1,950 3,150 29,235,113 26,573,546 22,023,168 17,264,295

28 AALI ASTRA AGRO LESTARI TBK 2001 925 1,550 1,417,491 2,412,854 1,326,070 1,262,760

29 BBCA BANK CENTRAL ASIA TBK. 2001 1,475 2,500 6,178,915 103,206,297 93,432,491 105,796,033 12 2

30 GJTL GAJAH TUNGGAL TBK 2001 135 230 5,742,120 15,130,837 19,150,526 12,213,626

31 BMTR BIMANTARA CITRA TBK 2001 1,425 2,850 1,660,939 3,787,316 2,173,881 1,058,901

32 LPBN LIPPO BANK TBK 2001 30 260 1,437,604 23,810,985 21,014,833 22,884,659

33 CENT CENTRIN ONLINE TBK. 2002 400 170 43,111 73,968 9,304 9,111

34 DSFI DHARMA SAMUDERA FISHING INDUSTRIES TBK 2002 95 60 283,609 228,846 88,151 95,625 7,474

35 INAF INDOFARMA TBK 2002 240 170 687,984 810,028 412,039 368,015 (44,023)

(4)

No of

millions), TDNIt,t+1 36 MTDL METRODATA ELECTRONICS TBK 2002 115 90 994,803 452,479 205,203 131,286 (73,916) 66,299 (560,500) (159,510) ,943,910 (39,967) 17,461 (356,732) ,547,401 (99,423) 35,439 (224,164) (60,792) 164,537 (30,162,167) (160,810) 60,771 (17,030) 714,768 (3,365,994) 2,542,136 (1,294,015) (214,704) 48,493

37 BHIT BHAKTI INVESTAMA TBK 2002 385 350 118,307 1,480,931 517,468 583,767

38 IDSR INDOSIAR VISUAL TBK 2002 550 510 980,031 1,165,851 496,580 771,226 274,646

39 SMGR SEMEN GRESIK TBK 2002 8,150 7,850 5,177,543 6,872,355 3,639,858 3,079,358

41 MEDC MEDCO ENERGI CORPORATION TBK 2002 1,350 1,350 3,786,458 6,777,467 2,141,010 4,084,920 1

42 MPPA MATAHARI PUTRA PRIMA TBK 2002 500 525 5,208,120 3,298,461 1,563,694 1,619,143 55,449

43 TURI TUNAS RIDEAN TBK 2002 285 300 2,444,867 1,111,266 690,418 1,016,812 326,394

45 AALI ASTRA AGRO LESTARI TBK 2002 1,550 1,725 2,031,478 2,611,601 1,263,313 1,280,774

46 JIHD JAKARTA INT L HOTEL & DEV. TBK 2002 650 725 150,705 4,684,622 3,526,602 3,169,870

47 BMTR BIMANTARA CITRA TBK 2002 2,850 3,200 1,899,239 4,009,558 2,058,901 3,606,302 1

48 KAEF KIMIA FARMA TBK 2002 185 210 1,538,712 1,038,545 361,248 612,310 251,062

51 HMSP H M SAMPOERNA TBK 2002 3,700 4,475 15,128,664 9,817,074 4,422,001 4,197,837

52 MLPL MULTIPOLAR TBK 2002 170 210 501,441 1,772,387 725,661 664,869

53 TLKM TELEKOMUNIKASI INDONESIA TBK 2002 1,600 2,000 20,802,818 44,307,096 27,097,680 29,262,217 2,

54 BBCA BANK CENTRAL ASIA TBK. 2002 2,500 3,325 6,648,122 117,304,586 150,796,033 120,633,866

55 INDF INDOFOOD SUKSES MAKMUR TBK 2002 600 800 16,466,285 15,251,516 10,713,140 10,552,330

57 TSPC TEMPO SCAN PACIFIC TBK 2002 4,125 5,900 1,959,435 1,816,536 319,391 302,361

58 PNBN PANIN BANK TBK 2002 180 285 1,653,364 15,940,612 12,439,121 15,153,889 2,

59 ASII ASTRA INTERNATIONAL TBK 2002 3,150 5,000 30,266,605 26,185,605 17,264,295 13,898,301

60 ISAT INDOSAT TBK 2002 925 1,500 6,766,982 22,002,465 11,261,621 13,803,757

61 GGRM GUDANG GARAM TBK 2002 8,300 13,600 20,939,084 15,452,703 5,742,994 6,285,308 542,314

62 RALS RAMAYANA LESTARI SENTOSA TBK 2002 2,525 4,350 3,262,393 2,291,668 952,806 986,406 33,600

63 LPBN LIPPO BANK TBK 2002 260 450 1,494,965 24,899,515 22,884,659 24,990,937 2,106,278

64 UNVR UNILEVER INDONESIA TBK 2002 1,820 3,625 7,015,181 3,091,853 1,052,403 1,311,853 259,450

65 BLTA BERLIAN LAJU TANKER TBK 2002 243 500 915,340 2,590,908 1,593,009 1,928,527 335,518

67 SMCB SEMEN CIBINONG TBK 2002 145 405 1,492,369 7,713,791 5,205,296 4,990,592

68 DNKS DANKOS LABORATORIES TBK 2002 400 1,225 1,065,422 660,949 377,348 425,842

69 INTP INDOCEMENT TUNGGAL PERKASA TBK 2002 675 2,125 3,948,283 11,437,523 7,629,129 5,611,608 (2,017,521)

70 ANTM ANEKA TAMBANG (PERSERO) TBK 2002 600 1,925 1,711,400 2,487,110 542,081 2,543,332 2,001,251

(5)

No of

71 UNTR UNITED TRACTORS TBK 2002 305 1,250 6,881,887 5,939,946 4,753,599 4,481,194 (272,405)

(61,264) 4,079,246 (101,978) (5,032) 42,745 (830,279) 41,841 (132,194) (255,260) ,026,043 (105,454) 524,219 (6,264,925) (111,674) (18,324) (110,256) 244,169 (496,389)

72 TINS TAMBANG TIMAH (PERSERO) TBK 2002 345 2,550 1,667,123 1,961,302 642,574 581,310

73 BBNI BANK NEGARA INDONESIA TBK 2002 110 1,300 5,779,438 125,623,157 117,385,663 121,464,909

74 CNKO CENTRAL KORPORINDO INT L TBK 2002 5 120 21,187 240,044 4,849 9,468 4,619

75 RALS RAMAYANA LESTARI SENTOSA TBK 2003 4,350 775 3,553,447 2,512,276 1,004,074 902,096

76 INCO INCO TBK 2003 34,900 11,550 509,028 1,294,566 433,651 428,619

77 LMAS LIMAS STOKHOMINDO TBK 2003 1,200 675 41,503 74,066 5,591 48,336

79 DNKS DANKOS LABORATORIES TBK 2003 1,225 775 1,191,273 826,778 425,842 467,683

80 BKSW BANK KESAWAN TBK 2003 250 175 59,298 1,249,141 1,156,438 1,439,946 283,509

81 TLKM TELEKOMUNIKASI INDONESIA TBK 2003 6,750 4,825 27,115,923 50,283,249 29,262,217 31,069,318 1,807,101

82 BMTR BIMANTARA CITRA TBK 2003 3,200 2,400 1,570,843 5,927,586 3,606,370 3,638,488 32,118

83 TINS TAMBANG TIMAH (PERSERO) TBK 2003 2,550 2,075 1,945,733 1,982,585 638,971 906,983 268,012

84 BBCA BANK CENTRAL ASIA TBK. 2003 3,325 2,975 6,686,436 132,969,372 120,343,927 134,824,887 14,480,960

85 ANTM ANEKA TAMBANG (PERSERO) TBK 2003 1,925 1,725 2,138,811 4,326,844 2,543,332 3,564,426 1,021,094

86 UNVR UNILEVER INDONESIA TBK 2003 3,625 3,300 8,123,625 3,416,276 1,311,867 1,348,742 36,875

88 KAEF KIMIA FARMA TBK 2003 210 205 1,816,384 1,368,145 614,114 358,855

89 GGRM GUDANG GARAM TBK 2003 13,600 13,550 23,137,376 17,338,899 6,368,018 8,394,061 2

90 INDF INDOFOOD SUKSES MAKMUR TBK 2003 800 800 17,871,425 15,308,854 10,552,330 10,653,751 101,420

91 INAF INDOFARMA TBK 2003 170 170 498,206 629,217 373,712 268,258

92 MPPA MATAHARI PUTRA PRIMA TBK 2003 525 575 5,064,943 3,421,436 1,672,446 2,196,665

95 SCMA SURYA CITRA MEDIA TBK 2003 575 700 828,112 1,899,770 721,999 703,674

96 RMBA RIMBA NIAGA IDOLA TBK 2003 90 110 4,264,617 2,015,102 1,014,340 904,084

98 DYNA DYNAPLAST TBK 2003 1,400 1,800 589,328 766,930 342,747 530,944 188,197

99 TSPC TEMPO SCAN PACIFIC TBK 2003 5,900 7,600 2,124,162 1,943,351 303,361 342,228 38,866

100 BBNI BANK NEGARA INDONESIA TBK 2003 1,300 1,675 5,002,332 131,486,870 121,464,909 123,595,177 2,130,268

101 APEX APEXINDO PRATAMA DUTA TBK 2003 345 450 823,162 2,621,700 1,427,380 1,469,195 41,815

102 IDKM INDOSIAR KARYA MEDIA TBK 2003 510 675 340 205,570 6 779,573 779,566

103 SMCB SEMEN CIBINONG TBK 2003 405 575 2,240,296 7,647,642 4,990,592 5,366,846 376,254

104 INTP INDOCEMENT TUNGGAL PERKASA TBK 2003 2,125 3,075 4,157,683 10,145,066 5,611,608 5,115,219

105 PNBN PANIN BANK TBK 2003 285 420 1,895,312 19,379,621 15,403,698 19,058,225 3,654,527

(6)

No of

106 HMSP H M SAMPOERNA TBK 2003 4,475 6,650 14,675,125 10,197,768 4,197,837 6,386,438 2,188,601

107 KLBF KALBE FARMA TBK 2003 370 550 2,889,209 2,448,390 1,424,896 2,283,648 858,752

108 MLPL MULTIPOLAR TBK 2003 210 315 594,388 1,569,258 664,869 2,899,211 2,234,342

109 MEDC MEDCO ENERGI CORPORATION TBK 2003 1,350 2,075 4,040,905 8,859,979 4,129,874 7,527,545 3,397,671

110 PTBA TAMBANG BATUBARA BUKIT ASAMTBK 2003 875 1,525 2,285,038 2,080,608 678,812 686,681 7,869

111 INKP INDAH KIAT PULP & PAPER TBK 2003 575 1,025 1,345,832 5,453,561 3,812,758 3,342,769 (469,989)

(51,644) (851,916) ,527,139 (113,340) (250,732) 651,240 (187,427) (2,808) (849,681) 84,710 (139,021) 114,935 (115,543) ,529,003 (326,758) (141,849) ,329,269 (880,859)

112 AALI ASTRA AGRO LESTARI TBK 2003 1,725 3,100 2,543,157 2,844,684 1,281,635 1,229,991

113 UNTR UNITED TRACTORS TBK 2003 1,250 2,275 6,872,808 6,056,439 4,481,194 3,629,278

114 ASII ASTRA INTERNATIONAL TBK 2003 5,000 9,600 31,512,954 27,404,308 13,898,301 19,425,440 5

115 NISP BANK NISP TBK 2003 365 775 578,104 15,434,574 14,347,887 16,418,349 2,070,462

117 SMGR SEMEN GRESIK TBK 2003 7,850 18,500 5,449,941 6,559,496 3,168,287 2,917,555

118 ISAT INDOSAT TBK 2003 1,500 5,750 5,117,580 26,059,192 13,872,185 14,523,425

119 TKIM TJIWI KIMIA TBK 2003 575 2,275 870,143 2,118,259 1,699,447 1,512,020

120 LMAS LIMAS STOKHOMINDO TBK 2004 675 80 103,606 165,662 48,336 45,528

121 BNBR BAKRIE & BROTHERS TBK 2004 400 240 1,229,276 5,220,120 3,232,280 2,382,599

122 CTRA CIPUTRA DEVELOPMENT TBK 2004 470 300 738,597 4,958,684 4,404,326 4,489,037

123 KIJA KAWASAN INDUSTRI JABABEKA TBK 2004 115 90 346,960 1,980,816 516,378 377,357

124 SMCB SEMEN CIBINONG TBK 2004 575 475 2,368,489 7,520,403 5,366,846 5,481,781

125 BNII BANK INTERNATIONAL INDONESIA TBK 2004 185 155 2,453,237 36,077,143 31,866,343 43,967,247 12,100,904

126 GGRM GUDANG GARAM TBK 2004 13,550 11,650 24,291,692 20,591,389 8,394,061 9,001,696 607,635

127 GJTL GAJAH TUNGGAL TBK 2004 650 560 6,807,579 6,341,117 4,656,619 5,449,447 792,828

128 TINS TAMBANG TIMAH (PERSERO) TBK 2004 2,075 1,820 2,812,416 2,415,954 906,648 1,213,866 307,218

129 BNGA BANK NIAGA TBK 2004 460 405 1,446,602 30,798,312 28,428,557 37,610,301 9,181,744

130 PNLF PANIN LIFE TBK 2004 145 135 1,211,941 2,680,726 939,761 824,218

131 BUMI BUMI RESOURCE TBK 2004 800 760 9,420,616 13,903,315 12,969,045 14,498,048 1

132 ISAT INDOSAT TBK 2004 5,750 5,550 10,430,106 27,872,467 14,523,425 18,296,116 3,772,691

133 NISP BANK NISP TBK 2004 775 770 819,875 17,877,066 16,418,349 17,990,586 1,572,237

134 PNBN PANIN BANK TBK 2004 420 420 1,957,939 23,937,439 19,058,225 32,102,803 13,044,578

135 RALS RAMAYANA LESTARI SENTOSA TBK 2004 775 810 3,799,902 2,558,668 902,096 575,338

136 INKP INDAH KIAT PULP & PAPER TBK 2004 1,025 1,080 1,421,938 5,379,508 3,346,007 3,204,158

137 ASII ASTRA INTERNATIONAL TBK 2004 9,600 10,200 44,923,909 39,145,053 19,425,440 22,754,709 3

138 BDMN BANK DANAMON TBK 2004 4,375 4,750 3,493,451 58,820,805 50,890,123 59,043,170 8,153,047

140 INDF INDOFOOD SUKSES MAKMUR TBK 2004 800 910 17,918,528 15,673,356 10,727,582 10,042,583 (685,000)

(7)

No of

millions), TDNIt,t+1 141 INCO INCO TBK 2004 11,550 13,150 792,083 1,619,914 475,829 353,109 (122,720) (910,121) (208,221) 90,032 (2,665,470) (539,274) (175,839) 288,023 (29,105) 292,065 (741,614) ,856,640 (462,064) (227,108) 980,551 (189,617) ,406,784 (443,268) (308,664) (5,794) ,493,99 (557,821) 668,288 (741,413)

142 BBCA BANK CENTRAL ASIA TBK. 2004 2,975 3,400 8,331,084 149,168,842 135,242,451 134,332,330

143 INTP INDOCEMENT TUNGGAL PERKASA TBK 2004 3,075 3,550 4,615,507 9,771,012 5,115,219 4,906,998

144 PTBA TAMBANG BATUBARA BUKIT ASAMTBK 2004 1,525 1,800 2,614,472 2,385,141 686,681 776,713

145 SMRA SUMMARECON AGUNG TBK 2004 625 750 632,388 1,478,941 830,450 1,026,141 195,691

146 BRPT BARITO PACIFIC TIMBER TBK 2004 450 550 1,278,060 3,339,810 3,900,576 1,235,106

147 TLKM TELEKOMUNIKASI INDONESIA TBK 2004 4,825 5,900 33,947,766 56,179,192 33,112,724 32,573,450

148 RMBA RIMBA NIAGA IDOLA TBK 2004 110 135 4,226,135 1,956,823 904,084 728,245

149 UNVR UNILEVER INDONESIA TBK 2004 3,300 4,275 8,984,822 3,647,098 1,370,368 1,658,391

150 HMSP H M SAMPOERNA TBK 2004 6,650 8,900 17,646,694 11,563,295 6,522,408 7,112,839 590,431

151 EPMT ENSEVAL PUTRA MEGATRADING TBK 2004 550 750 4,496,559 1,653,956 1,075,824 1,095,039 19,215

152 TKIM TJIWI KIMIA TBK 2004 2,275 3,150 900,290 2,115,699 1,511,814 1,482,709

153 AUTO ASTRA OTOPARTS TBK 2004 1,925 2,800 2,924,581 2,436,481 868,114 1,160,179

154 BLTA BERLIAN LAJU TANKER TBK 2004 700 1,040 1,351,433 4,393,914 2,728,454 5,900,202 3,171,748

155 AALI ASTRA AGRO LESTARI TBK 2004 3,100 4,900 3,472,524 3,382,821 1,229,991 488,377

156 UNTR UNITED TRACTORS TBK 2004 2,275 3,675 8,895,977 6,769,367 3,629,278 6,485,918 2

157 MPPA MATAHARI PUTRA PRIMA TBK 2004 575 960 5,619,731 4,086,018 2,196,665 2,510,049 313,384

159 ANTM ANEKA TAMBANG (PERSERO) TBK 2004 1,725 3,575 2,858,538 6,042,646 3,600,176 3,373,069

160 LPBN LIPPO BANK TBK 2004 700 1,480 1,404,726 27,832,108 25,524,084 26,504,635

161 TKIM Pabrik Kertas Tjiwi Kimia Tbk 2005 3,150 1,780 926,447 2,104,615 1,482,709 1,558,002 75,293

162 ADMG GT Petrochem Industries Tbk 2005 320 200 3,958,342 4,431,915 2,924,141 2,734,524

163 ENRG Energi Mega Persada Tbk 2005 750 520 1,682,100 6,336,237 5,643,429 8,050,214 2

164 INKP Indah Kiat Pulp & Paper Tbk 2005 1,080 940 1,414,148 5,245,667 3,204,158 3,423,018 218,861

165 GGRM Gudang Garam Tbk 2005 11,650 10,200 24,847,345 22,128,851 9,001,696 8,558,428

166 GJTL Gajah Tunggal Tbk 2005 560 580 4,834,003 7,479,373 5,449,447 5,140,783

167 PLAS Palm Asia Corpora Tbk 2005 840 870 50,147 237,213 25,538 19,745

168 MEDC Medco Energi International Tbk 2005 3,375 3,550 5,581,381 13,816,823 8,153,289 10,647,288 2 9

169 RALS Ramayana Lestari Sentosa Tbk 2005 810 870 4,300,330 2,338,147 575,338 582,344 7,006

170 LPBN Bank Lippo Tbk Baru 2005 1,480 1,610 1,740,062 29,116,215 26,504,635 30,006,016 3,501,381

171 ADHI Adhi Karya (Persero) Tbk 2005 720 800 3,027,081 2,413,950 2,033,630 2,420,149 386,519

172 BRPT Barito Pacific Timber Tbk 2005 550 640 818,030 2,290,291 1,235,106 677,286

173 BUMI Bumi Resources Tbk 2005 760 900 1,751,248 1,721,819 1,475,068 2,143,356

174 KLBF Kalbe Farma Tbk 2005 990 1,190 5,870,939 4,633,399 1,821,584 1,080,171

175 BNLI Bank Permata Tbk 2005 720 870 2,016,625 34,782,456 32,154,930 34,025,970 1,871,040

(8)

No of

176 ISAT Indosat Tbk 2005 5,550 6,750 11,589,791 32,787,133 18,296,116 18,826,293 530,177

177 PNLF Panin Life Tbk Baru 2005 135 165 852,716 2,582,197 824,218 1,476,419 652,201

178 BNBR Bakrie & Brothers Tbk 2005 120 155 2,738,471 7,012,882 2,382,599 3,162,472 779,873

179 PNBN Bank Pan Indonesia Tbk 2005 420 580 1,546,869 36,916,444 32,102,803 33,399,634 1,296,831

180 JIHD Jakarta Int'l Hotel & Dev. Tbk 2005 495 690 308,790 3,173,627 1,459,277 2,534,131 1,074,854

181 SMCB Semen Cibinong Tbk 2005 475 670 3,017,599 7,324,210 5,481,781 4,967,178 (514,603) 13,342,639 (5,437,069) 590,990 (1,341,480) (825,406) ,297,939 (99,338) 1,007,101 (363,769) ,142,055

182 BDMN Bank Danamon Indonesia Tbk 2005 4,750 6,750 5,943,559 67,803,454 59,043,170 72,385,809

183 INDF Indofood Sukses Makmur Tbk 2005 910 1,350 18,764,650 14,786,084 10,039,092 10,520,385 481,293

184 BBCA Bank Central Asia Tbk 2005 3,400 5,200 9,834,146 150,180,752 134,332,330 158,729,984 24,397,654

185 ASII Astra International Tbk 2005 10,200 15,700 61,731,635 61,166,666 36,935,513 31,498,444

186 UNVR Unilever Indonesia Tbk 2005 4,275 6,600 9,992,135 3,842,351 1,658,391 2,249,381

187 BNII Bank International Indonesia Tbk 2005 155 240 3,240,275 50,271,022 45,212,089 47,516,558 2,304,469

188 SMRA Summarecon Agung Tbk Baru 2005 750 1,170 797,932 1,864,759 1,026,141 1,215,084 188,942

189 INTP Indocement Tunggal Prakasa Tbk 2005 3,550 5,750 5,592,354 10,536,380 4,906,998 3,565,518

190 BLTA Berlian Laju Tanker Tbk Baru 2005 1,040 1,740 2,617,192 7,908,587 5,900,202 5,074,796

191 PGAS Perusahaan Gas Negara (Persero) Tbk 2005 6,900 11,600 5,433,740 12,574,761 7,554,874 8,852,813 1

192 BBRI Bank Rakyat Indonesia (Persero) Tbk 2005 3,025 5,150 13,413,515 122,775,579 109,422,597 137,846,678 28,424,081

193 TLKM Telekomunikasi Indonesia Tbk 2005 5,900 10,100 41,807,184 62,171,044 32,573,450 38,879,969 6,306,519

194 KIJA Kawasan Industri Jababeka Tbk 2005 90 155 567,357 1,976,627 377,357 278,019

195 BMRI Bank Mandiri (Persero) Tbk 2005 1,640 2,900 11,277,915 263,383,348 240,164,245 241,171,346

196 UNTR United Tractors Tbk 2005 3,675 6,550 13,281,246 10,633,839 6,485,918 6,606,651 120,733

197 PTBA Tambang Batubara Bukit Asam Tbk 2005 1,800 3,525 2,998,686 2,839,690 776,713 800,093 23,380

198 CMNP Citra Marga Nusaphala Persada Tbk 2005 770 1,650 437,640 1,682,373 476,894 642,407 165,514

199 LSIP PP London Sumatera Tbk 2005 2,950 6,600 1,832,860 2,602,173 1,477,236 1,639,312 162,076

200 ANTM Aneka Tambang (Persero) Tbk 2005 3,575 8,000 3,251,236 6,402,714 3,373,069 3,009,300

201 BNGA Bank Niaga Tbk 2005 405 920 2,452,913 41,576,861 37,610,301 41,752,356 4

202 UNSP Bakrie Sumatra Plantations Tbk 2005 415 970 883,310 1,244,909 754,181 1,140,516 386,335

203 INCO International Nickel IndonesiaTbk 2005 13,150 31,000 885,087 1,649,665 370,945 439,954 69,009

204 TINS Timah Tbk 2005 1,820 4,425 3,396,150 2,748,157 1,213,866 1,785,322 571,456

205 AALI Astra Agro Lestari Tbk 2005 4,900 12,600 3,370,936 3,191,715 488,377 657,846 169,469

206 ANTM Aneka Tambang (Persero) Tbk 2006 8,000 2,775 5,629,401 7,290,906 3,009,300 3,475,209 465,909

207 LPKR Lippo Karawaci Tbk Baru 2006 1,070 690 2,091,354 8,485,854 5,208,254 5,998,958 790,704

208 TKIM Pabrik Kertas Tjiwi Kimia Tbk 2006 1,780 1,230 956,664 2,116,598 1,558,002 1,591,899 33,898

209 MPPA Matahari Putra Prima Tbk Baru 2006 800 690 9,768,075 6,048,441 3,882,851 5,158,303 1,275,452

210 GJTL Gajah Tunggal Tbk 2006 580 530 5,470,730 7,276,025 5,140,783 5,887,671 746,888

(9)

No of

211 GGRM Gudang Garam Tbk 2006 10,200 9,400 26,339,297 21,733,034 8,558,428 8,972,190 413,762

212 RALS Ramayana Lestari Sentosa Tbk Baru 2006 870 850 4,478,223 2,527,942 582,344 970,905 388,561

213 BNGA Bank Niaga Tbk 2006 920 900 3,240,114 46,544,346 41,752,356 49,678,787 7,926,431

214 INKP Indah Kiat Pulp & Paper Tbk 2006 940 940 1,584,276 5,279,337 3,423,018 3,590,364 167,346

215 ADMG Polychem Indonesia Tbk 2006 200 205 3,258,934 3,987,067 2,734,524 2,866,859 132,335

216 UNVR Unilever Indonesia Tbk 2006 6,600 6,800 11,335,241 4,626,000 2,249,381 2,362,377 112,996

217 PGAS Perusahaan Gas Negara (Persero) Tbk 2006 11,600 12,050 6,632,006 15,113,902 8,852,813 13,521,895 4,669,082

218 LSIP PP London Sumatera Tbk 2006 6,600 6,950 2,148,413 2,985,212 1,639,312 1,910,371 271,059

219 INTP Indocement Tunggal Prakasa Tbk 2006 5,750 6,100 6,325,329 9,598,280 3,565,518 3,613,413 47,895

220 TLKM Telekomunikasi Indonesia Tbk 2006 10,100 11,000 51,294,008 75,135,745 38,879,969 36,704,393 (2,175,576) 367,057 (3,620,754) 609,781 (204,263) 13,292 221 KLBF Kalbe Farma Tbk 2006 1,190 1,330 6,071,550 4,624,619 1,080,171 1,447,228

222 BLTA Berlian Laju Tanker Tbk 2006 1,740 1,950 3,073,788 8,205,956 5,074,796 8,789,743 3,714,947

223 ISAT Indosat Tbk 2006 6,750 7,700 12,239,407 34,228,658 18,826,293 25,020,348 6,194,055

224 APOL Arpeni Pratama Ocean Line Tbk Baru 2006 640 740 1,354,568 3,702,989 2,432,118 3,276,555 844,437

225 PNLF Panin Life Tbk 2006 165 191 1,628,884 5,161,653 1,476,419 2,127,892 651,473

226 MEDC Medco Energi International Tbk 2006 3,550 4,150 7,131,649 16,574,245 10,647,288 12,180,474 1,533,185

227 BBCA Bank Central Asia Tbk 2006 5,200 6,150 11,708,202 176,798,726 158,729,984 177,086,841 18,356,857

228 BDMN Bank Danamon Indonesia Tbk 2006 6,750 8,000 7,198,310 82,072,687 72,385,809 78,239,344 5,853,535

229 BNII Bank International Indonesia Tbk 2006 240 285 3,647,333 53,102,230 47,516,558 49,629,389 2,112,831

230 SMRA Summarecon Agung Tbk 2006 1,170 1,410 965,250 2,191,817 1,215,084 1,442,325 227,241

231 PNBN Bank Pan Indonesia Tbk 2006 580 700 2,326,157 40,514,765 33,399,634 40,806,426 7,406,792

232 BMRI Bank Mandiri (Persero) Tbk 2006 2,900 3,535 12,831,335 267,517,192 241,171,346 245,675,550 4,504,204

233 BBRI Bank Rakyat Indonesia (Persero) Tbk 2006 5,150 6,600 15,298,405 154,725,486 137,846,678 159,772,765 21,926,087

234 INDF Indofood Sukses Makmur Tbk 2006 1,350 1,930 21,941,558 16,112,493 10,520,385 11,754,609 1,234,224

235 CMNP Citra Marga Nusaphala Persada Tbk 2006 1,650 2,425 474,782 1,967,088 642,407 1,157,499 515,091

236 ADHI Adhi Karya (Persero) Tbk 2006 800 1,250 4,328,860 2,869,948 2,420,149 2,802,052 381,903

237 UNSP Bakrie Sumatra Plantations Tbk 2006 970 1,540 1,180,622 1,783,001 1,140,516 1,763,809 623,293

238 BTEL Bakrie Telecom Tbk 2006 245 400 607,921 2,217,139 721,717 2,641,032 1,919,315

239 ENRG Energi Mega Persada Tbk 2006 520 850 1,646,538 9,883,392 8,050,214 4,429,460

240 UNTR United Tractors Tbk 2006 6,550 10,900 18,165,598 11,247,846 6,606,651 7,216,432

241 SMCB Holcim Indonesia Tbk 2006 670 1,140 2,993,197 7,065,846 4,967,178 4,762,915

242 ASII Astra International Tbk 2006 15,700 27,300 55,709,184 57,929,290 31,498,444 31,511,736

243 KIJA Kawasan Industri Jababeka Tbk 2006 155 285 429,959 1,907,310 278,019 483,544 205,525

244 BNBR Bakrie & Brothers Tbk 2006 155 300 4,332,280 8,666,760 3,162,472 7,021,451 3,858,980

245 PTBA Tambang Batubara Bukit Asam Tbk 2006 3,225 6,550 3,533,480 3,107,734 800,093 1,026,669 226,576

246 INCO International Nickel Indnesia Tbk 2006 31,000 63,500 1,337,735 2,122,732 439,954 558,485 118,531

247 AALI Astra Agro Lestari Tbk 2006 12,600 28,000 3,757,987 3,496,955 658,246 1,150,575 492,329

248 BUMI Bumi Resources Tbk 2006 900 3,575 1,851,551 2,513,536 2,143,356 1,442,995 (700,360)

249 BRPT Barito Pacific Timber Tbk 2006 640 2,825 451,029 1,739,140 677,286 576,443 (100,842)

(10)

Appendix III

The companies listed in LQ 45 index of IDX for t and t+1 (2)

from December 2001 to December 2006, recorded for Outstanding shares at t (N

t

) and t+1 (N

t+1

);

(11)

No of

Outstanding Shares, Nt Outstanding Shares, Nt+1 Market Value of Equity (in millions), Et Market Value of Equity (in millions),

Et+1

Net Equity Issuing & Stock Repurchasing Activity, ENIt,t+1

1 DSFI DHARMA SAMUDERA FISHING INDUSTRIES TBK 2001 904,260,250 928,567,750 235,108 88,214 2,309

2 TLKM TELEKOMUNIKASI INDONESIA TBK 2001 10,079,999,640 10,079,999,640 32,255,999 16,127,999 0

3 MLPL MULTIPOLAR TBK 2001 1,871,768,000 1,871,768,000 458,583 318,201 0

4 ANTM ANEKA TAMBANG (PERSERO) TBK 2001 1,230,769,000 1,907,691,950 984,615 1,144,615 406,154

5 ASGR ASTRA GRAPHIA TBK 2001 1,306,875,000 1,315,871,000 470,475 361,865 2,474

6 TINS TAMBANG TIMAH (PERSERO) TBK 2001 503,302,000 503,302,000 216,420 173,639 0

7 UNTR UNITED TRACTORS TBK 2001 1,545,600,000 1,545,600,000 556,416 471,408 0

8 RMBA RIMBA NIAGA IDOLA TBK 2001 5,386,500,000 6,733,000,000 754,110 841,625 168,313

9 MEDC MEDCO ENERGI CORPORATION TBK 2001 3,143,968,450 3,104,252,950 4,715,953 4,190,741 (53,616)

0

(400,823)

0

10 RALS RAMAYANA LESTARI SENTOSA TBK 2001 1,400,000,000 1,400,000,000 3,745,000 3,535,000

11 IDSR INDOSIAR VISUAL TBK 2001 1,989,163,003 1,989,163,003 1,143,769 1,094,040 0

12 MTDL METRODATA ELECTRONICS TBK 2001 1,991,854,173 2,020,689,173 239,023 232,379 3,316

13 GGRM GUDANG GARAM TBK 2001 1,924,088,000 1,924,088,000 16,643,361 15,969,930 0

14 INDF INDOFOOD SUKSES MAKMUR TBK 2001 9,156,000,000 9,384,900,000 5,722,500 5,630,940 137,340

15 INTP INDOCEMENT TUNGGAL PERKASA TBK 2001 3,681,223,519 3,681,223,519 2,576,856 2,484,826 0

16 PNBN PANIN BANK TBK 2001 5,955,675,714 14,889,341,755 1,101,800 2,680,082 1,608,060

17 ISAT INDOSAT TBK 2001 1,035,500,000 1,035,500,000 978,548 957,838 0

18 INDR INDORAMA SYNTETICS TBK 2001 654,351,707 654,351,707 278,099 294,458 0

19 UNVR UNILEVER INDONESIA TBK 2001 763,000,000 763,000,000 1,247,505 1,388,660 0

20 AUTO ASTRA OTOPARTS TBK 2001 749,930,280 749,930,280 918,665 1,049,902 0

21 MPPA MATAHARI PUTRA PRIMA TBK 2001 2,705,994,000 2,705,994,000 1,177,107 1,352,997 0

22 HMSP H M SAMPOERNA TBK 2001 4,500,000,000 4,391,669,500 14,400,000 16,249,177

23 KLBF KALBE FARMA TBK 2001 4,060,800,000 4,060,800,000 913,680 1,116,720

24 CMNP CITRA MARGA NP TBK 2001 2,000,000,000 2,000,000,000 620,000 760,000 0

25 TSPC TEMPO SCAN PACIFIC TBK 2001 450,000,000 450,000,000 1,462,500 1,856,250 0

26 BHIT BHAKTI INVESTAMA TBK 2001 2,500,597,938 3,206,598,188 712,670 1,234,540 271,810

27 ASII ASTRA INTERNATIONAL TBK 2001 2,538,179,783 2,608,088,910 4,949,451 8,215,480 220,214

28 AALI ASTRA AGRO LESTARI TBK 2001 1,509,600,000 1,527,167,000 1,396,380 2,367,109 27,229

29 BBCA BANK CENTRAL ASIA TBK. 2001 5,945,997,000 6,017,523,000 8,770,346 15,043,808 178,815

30 GJTL GAJAH TUNGGAL TBK 2001 3,168,000,000 3,168,000,000 427,680 728,640 0

31 BMTR BIMANTARA CITRA TBK 2001 1,017,000,000 1,019,751,868 1,449,225 2,906,293 7,843

32 LPBN LIPPO BANK TBK 2001 162,298,701 162,298,701 4,869 42,198 0

33 CENT CENTRIN ONLINE TBK. 2002 550,112,500 550,112,500 220,045 93,519 0

34 DSFI DHARMA SAMUDERA FISHING INDUSTRIES TBK 2002 928,567,750 928,567,750 88,214 55,714 0

35 INAF INDOFARMA TBK 2002 3,099,267,500 3,099,267,500 743,824 526,875 0

(12)

No of

Et+1

36 MTDL METRODATA ELECTRONICS TBK 2002 2,020,689,173 2,021,432,423 232,379 181,929 67

37 BHIT BHAKTI INVESTAMA TBK 2002 3,206,598,188 3,300,648,188 1,234,540 1,155,227 32,918

38 IDSR INDOSIAR VISUAL TBK 2002 1,989,163,003 1,989,163,103 1,094,040 1,014,473 0

39 SMGR SEMEN GRESIK TBK 2002 593,152,000 593,152,000 4,834,189 4,656,243 0

40 CMNP CITRA MARGA NP TBK 2002 2,000,000,000 2,000,000,000 760,000 750,000 0

41 MEDC MEDCO ENERGI CORPORATION TBK 2002 3,104,252,950 3,104,252,950 4,190,741 4,190,741 0

43 TURI TUNAS RIDEAN TBK 2002 1,395,000,000 1,395,000,000 397,575 418,500 0

44 AUTO ASTRA OTOPARTS TBK 2002 749,930,280 755,341,280 1,049,902 1,170,779 8,387

46 JIHD JAKARTA INT L HOTEL & DEV. TBK 2002 965,019,600 965,019,600 627,263 699,639 0

48 KAEF KIMIA FARMA TBK 2002 5,554,000,000 5,554,000,000 1,027,490 1,166,340 0

50 ASGR ASTRA GRAPHIA TBK 2002 1,315,871,000 1,347,228,500 361,865 444,585 10,348

51 HMSP H M SAMPOERNA TBK 2002 4,391,670,000 4,391,870,000 16,249,179 19,653,618 895

55 INDF INDOFOOD SUKSES MAKMUR TBK 2002 9,384,900,000 9,443,269,500 5,630,940 7,554,616 46,696

56 KLBF KALBE FARMA TBK 2002 4,060,800,000 8,121,600,000 1,116,720 3,004,992 1,502,496

58 PNBN PANIN BANK TBK 2002 14,889,341,755 14,889,341,755 2,680,082 4,243,462 0

59 ASII ASTRA INTERNATIONAL TBK 2002 2,608,088,910 4,035,376,460 8,215,480 20,176,882 7,136,438

60 ISAT INDOSAT TBK 2002 1,035,500,000 1,035,500,000 957,838 1,553,250 0

62 RALS RAMAYANA LESTARI SENTOSA TBK 2002 1,400,000,000 1,400,000,000 3,535,000 6,090,000 0

63 LPBN LIPPO BANK TBK 2002 3,915,733,039 3,915,733,039 1,018,091 1,762,080 0

64 UNVR UNILEVER INDONESIA TBK 2002 763,000,000 7,630,000,000 1,388,660 27,658,750 24,892,875

65 BLTA BERLIAN LAJU TANKER TBK 2002 2,068,092,468 2,068,277,588 501,512 1,034,139 93

66 GJTL GAJAH TUNGGAL TBK 2002 3,168,000,000 3,168,000,000 728,640 1,742,400 0

67 SMCB SEMEN CIBINONG TBK 2002 7,662,900,000 7,662,900,000 1,111,121 3,103,475 0

68 DNKS DANKOS LABORATORIES TBK 2002 893,025,000 893,025,000 357,210 1,093,956 0

Appendix III. Companies listed in LQ 45 index of Jakarta Stock Exchange over one year horizons, sorted by year (Continued).

(13)

No of

Et+1

71 UNTR UNITED TRACTORS TBK 2002 1,545,600,000 1,573,153,500 471,408 1,966,442 34,442

72 TINS TAMBANG TIMAH (PERSERO) TBK 2002 503,302,000 503,302,000 173,639 1,283,420 0

73 BBNI BANK NEGARA INDONESIA TBK 2002 199,225,311,000 13,281,687,200 21,914,784 17,266,193 (241,726,711)

127,752

74 CNKO CENTRAL KORPORINDO INT L TBK 2002 2,300,000,000 3,364,600,000 11,500 403,752

75 RALS RAMAYANA LESTARI SENTOSA TBK 2003 1,400,000,000 7,000,000,000 6,090,000 5,425,000 4,340,000

76 INCO INCO TBK 2003 248,408,468 993,633,872 8,669,456 11,476,471 8,607,353

77 LMAS LIMAS STOKHOMINDO TBK 2003 699,921,000 773,234,405 839,905 521,933 49,487

78 JIHD JAKARTA INT L HOTEL & DEV. TBK 2003 965,019,600 1,930,039,200 699,639 849,217 424,609

79 DNKS DANKOS LABORATORIES TBK 2003 893,025,000 1,786,050,000 1,093,956 1,384,189 692,094

80 BKSW BANK KESAWAN TBK 2003 400,000,000 401,027,500 100,000 70,180 180

83 TINS TAMBANG TIMAH (PERSERO) TBK 2003 503,302,000 503,302,000 1,283,420 1,044,352 0

84 BBCA BANK CENTRAL ASIA TBK. 2003 6,131,134,500 12,303,213,500 20,386,022 36,602,060 18,361,935

85 ANTM ANEKA TAMBANG (PERSERO) TBK 2003 1,907,691,950 1,907,691,950 3,672,307 3,290,769 0

86 UNVR UNILEVER INDONESIA TBK 2003 7,630,000,000 7,630,000,000 27,658,750 25,179,000 0

87 ASGR ASTRA GRAPHIA TBK 2003 1,347,228,500 1,348,780,500 444,585 431,610 497

88 KAEF KIMIA FARMA TBK 2003 5,554,000,000 5,554,000,000 1,166,340 1,138,570 0

90 INDF INDOFOOD SUKSES MAKMUR TBK 2003 9,443,269,500 9,444,189,000 7,554,616 7,555,351 736

91 INAF INDOFARMA TBK 2003 3,099,267,500 3,099,267,500 526,875 526,875 0

93 GJTL GAJAH TUNGGAL TBK 2003 3,168,000,000 3,168,000,000 1,742,400 2,059,200 0

95 SCMA SURYA CITRA MEDIA TBK 2003 1,893,750,000 1,893,750,000 1,088,906 1,325,625 0

96 RMBA RIMBA NIAGA IDOLA TBK 2003 6,733,125,000 6,733,125,000 605,981 740,644 0

98 DYNA DYNAPLAST TBK 2003 307,141,440 314,705,440 429,998 566,470 13,615

100 BBNI BANK NEGARA INDONESIA TBK 2003 13,281,687,400 13,281,687,400 17,266,194 22,246,826 0

101 APEX APEXINDO PRATAMA DUTA TBK 2003 1,745,000,000 1,745,000,000 602,025 785,250 0

102 IDKM INDOSIAR KARYA MEDIA TBK 2003 210 1,989,163,103 0 1,342,685 1,342,685

105 PNBN PANIN BANK TBK 2003 14,889,341,755 16,065,433,573 4,243,462 6,747,482 493,959

(14)

No of

Et+1

107 KLBF KALBE FARMA TBK 2003 8,121,600,000 8,121,600,000 3,004,992 4,466,880 0

109 MEDC MEDCO ENERGI CORPORATION TBK 2003 3,105,854,450 3,105,854,450 4,192,904 6,444,648 0

110 PTBA TAMBANG BATUBARA BUKIT ASAMTBK 2003 2,131,500,000 2,134,305,000 1,865,063 3,254,815 4,278

111 INKP INDAH KIAT PULP & PAPER TBK 2003 5,470,982,941 5,470,982,941 3,145,815 5,607,758 0

113 UNTR UNITED TRACTORS TBK 2003 1,573,153,500 2,848,578,000 1,966,442 6,480,515 2,901,591

114 ASII ASTRA INTERNATIONAL TBK 2003 4,035,376,460 4,048,355,314 20,176,882 38,864,211 124,597

115 NISP BANK NISP TBK 2003 4,133,979,422 4,133,979,422 1,508,902 3,203,834 0

116 CMNP CITRA MARGA NP TBK 2003 2,000,000,000 2,000,000,000 750,000 1,650,000 0

117 SMGR SEMEN GRESIK TBK 2003 593,152,000 593,152,000 4,656,243 10,973,312 0

118 ISAT INDOSAT TBK 2003 5,177,500,000 5,285,308,500 7,766,250 30,390,524 619,899

119 TKIM TJIWI KIMIA TBK 2003 1,335,702,240 1,335,702,240 768,029 3,038,723 0

120 LMAS LIMAS STOKHOMINDO TBK 2004 773,234,405 787,851,525 521,933 63,028 1,169

121 BNBR BAKRIE & BROTHERS TBK 2004 38,750,400,000 38,750,400,000 15,500,160 9,300,096 0

122 CTRA CIPUTRA DEVELOPMENT TBK 2004 1,612,500,000 1,612,500,000 757,875 483,750 0

123 KIJA KAWASAN INDUSTRI JABABEKA TBK 2004 13,780,872,551 13,780,872,551 1,584,800 1,240,279 0

125 BNII BANK INTERNATIONAL INDONESIA TBK 2004 47,783,346,231 47,865,856,231 8,839,919 7,419,208 12,789

127 GJTL GAJAH TUNGGAL TBK 2004 3,168,000,000 3,168,000,000 2,059,200 1,774,080 0

128 TINS TAMBANG TIMAH (PERSERO) TBK 2004 503,302,000 503,302,000 1,044,352 916,010 0

129 BNGA BANK NIAGA TBK 2004 7,858,347,720 11,882,341,330 3,614,840 4,812,348 1,629,717

130 PNLF PANIN LIFE TBK 2004 11,982,506,676 11,982,506,676 1,737,463 1,617,638 0

131 BUMI BUMI RESOURCE TBK 2004 19,404,000,000 19,404,000,000 15,523,200 14,747,040 0

132 ISAT INDOSAT TBK 2004 5,285,308,500 5,356,174,500 30,390,524 29,726,768 393,306

133 NISP BANK NISP TBK 2004 4,133,979,422 4,935,971,430 3,203,834 3,800,698 617,534

134 PNBN PANIN BANK TBK 2004 16,065,433,573 16,065,433,573 6,747,482 6,747,482 0

135 RALS RAMAYANA LESTARI SENTOSA TBK 2004 7,000,000,000 7,032,000,000 5,425,000 5,695,920 25,920

136 INKP INDAH KIAT PULP & PAPER TBK 2004 5,470,982,941 5,470,982,941 5,607,758 5,908,662 0

137 ASII ASTRA INTERNATIONAL TBK 2004 4,048,355,314 4,048,355,314 38,864,211 41,293,224 0

138 BDMN BANK DANAMON TBK 2004 4,906,922,000 4,920,894,000 21,467,784 23,374,247 66,367

139 JIHD JAKARTA INT L HOTEL & DEV. TBK 2004 1,930,039,200 1,930,039,200 849,217 955,369 0

(15)

No of

Et+1

141 INCO INCO TBK 2004 993,633,872 993,633,872 11,476,471 13,066,285 0

144 PTBA TAMBANG BATUBARA BUKIT ASAMTBK 2004 2,134,305,000 2,304,131,850 3,254,815 4,147,437 305,688

145 SMRA SUMMARECON AGUNG TBK 2004 1,873,528,800 1,967,204,800 1,170,956 1,475,404 70,257

146 BRPT BARITO PACIFIC TIMBER TBK 2004 2,617,459,794 2,617,459,794 1,177,857 1,439,603 0

148 RMBA RIMBA NIAGA IDOLA TBK 2004 6,733,125,000 6,733,125,000 740,644 908,972 0

149 UNVR UNILEVER INDONESIA TBK 2004 7,630,000,000 7,630,000,000 25,179,000 32,618,250 0

151 EPMT ENSEVAL PUTRA MEGATRADING TBK 2004 2,280,000,000 2,280,000,000 1,254,000 1,710,000 0

152 TKIM TJIWI KIMIA TBK 2004 1,335,702,240 1,335,702,240 3,038,723 4,207,462 0

154 BLTA BERLIAN LAJU TANKER TBK 2004 4,144,385,476 4,157,214,436 2,901,070 4,323,503 13,342

156 UNTR UNITED TRACTORS TBK 2004 2,848,578,000 2,851,609,100 6,480,515 10,479,663 11,139

158 KLBF KALBE FARMA TBK 2004 8,121,600,000 10,156,014,422 4,466,880 10,054,454 2,014,070

159 ANTM ANEKA TAMBANG (PERSERO) TBK 2004 1,907,691,950 1,907,691,950 3,290,769 6,819,999 0

160 LPBN LIPPO BANK TBK 2004 3,915,733,039 3,915,733,039 2,741,013 5,795,285 0

161 TKIM Pabrik Kertas Tjiwi Kimia Tbk 2005 1,335,702,240 1,335,702,240 4,207,462 2,377,550 0

162 ADMG GT Petrochem Industries Tbk 2005 3,889,179,559 3,889,179,559 1,244,537 777,836 0

163 ENRG Energi Mega Persada Tbk 2005 9,491,445,177 14,400,813,372 7,118,584 7,488,423 2,552,871

164 INKP Indah Kiat Pulp & Paper Tbk 2005 5,470,982,941 5,470,982,941 5,908,662 5,142,724 0

165 GGRM Gudang Garam Tbk 2005 1,924,088,000 1,924,088,000 22,415,625 19,625,698 0

166 GJTL Gajah Tunggal Tbk 2005 3,168,000,000 3,168,000,000 1,774,080 1,837,440 0

167 PLAS Palm Asia Corpora Tbk 2005 1,184,200,000 1,184,200,000 994,728 1,030,254 0

168 MEDC Medco Energi International Tbk 2005 3,332,451,450 3,332,451,450 11,247,024 11,830,203 0

169 RALS Ramayana Lestari Sentosa Tbk 2005 7,032,000,000 7,064,000,000 5,695,920 6,145,680 27,840

170 LPBN Bank Lippo Tbk Baru 2005 3,915,733,039 3,915,733,039 5,795,285 6,304,330 0

171 ADHI Adhi Karya (Persero) Tbk 2005 1,801,320,000 1,801,320,000 1,296,950 1,441,056 0

172 BRPT Barito Pacific Timber Tbk 2005 2,617,459,794 2,617,459,794 1,439,603 1,675,174 0

173 BUMI Bumi Resources Tbk 2005 19,404,000,000 19,404,000,000 14,747,040 17,463,600 0

174 KLBF Kalbe Farma Tbk 2005 10,156,014,422 10,156,014,422 10,054,454 12,085,657 0

(16)

No of

Outstanding Shares, N_t Outstanding Shares, N_t+1 Market Value of Equity (in millions), E_t Market Value of Equity (in millions),

E_t+1

Net Equity Issuing & Stock Repurchasing Activity, ENI_t,t+1

176 ISAT Indosat Tbk 2005 5,356,174,500 5,433,933,500 29,726,768 36,679,051 524,873

177 PNLF Panin Life Tbk Baru 2005 11,982,506,676 23,965,013,352 1,617,638 3,954,227 1,977,114

178 BNBR Bakrie & Brothers Tbk 2005 26,970,278,400 26,970,278,400 3,236,433 4,180,393 0

179 PNBN Bank Pan Indonesia Tbk 2005 16,065,433,573 20,081,791,966 6,747,482 11,647,439 2,329,488

180 JIHD Jakarta Int'l Hotel & Dev. Tbk 2005 1,930,039,200 1,930,039,200 955,369 1,331,727 0

181 SMCB Semen Cibinong Tbk 2005 7,662,900,000 7,662,900,000 3,639,878 5,134,143 0

182 BDMN Bank Danamon Indonesia Tbk 2005 4,920,894,000 4,945,757,000 23,374,247 33,383,860 167,825

183 INDF Indofood Sukses Makmur Tbk 2005 9,444,189,000 9,444,189,000 8,594,212 12,749,655 0

184 BBCA Bank Central Asia Tbk 2005 12,319,101,500 12,327,505,000 41,884,945 64,103,026 43,698

185 ASII Astra International Tbk 2005 4,048,355,314 4,048,355,314 41,293,224 63,559,178 0

186 UNVR Unilever Indonesia Tbk 2005 7,630,000,000 7,630,000,000 32,618,250 50,358,000 0

187 BNII Bank International Indonesia Tbk 2005 47,865,856,231 48,247,150,231 7,419,208 11,579,316 91,511

188 SMRA Summarecon Agung Tbk Baru 2005 1,967,204,800 2,754,086,720 1,475,404 3,222,281 920,652

189 INTP Indocement Tunggal Prakasa Tbk 2005 3,681,231,699 3,681,231,699 13,068,373 21,167,082 0

190 BLTA Berlian Laju Tanker Tbk Baru 2005 4,157,214,436 4,157,572,436 4,323,503 7,234,176 623

191 PGAS Perusahaan Gas Negara (Persero) Tbk 2005 4,485,954,805 4,536,965,305 30,953,088 52,628,798 591,722

192 BBRI Bank Rakyat Indonesia (Persero) Tbk 2005 12,035,700,500 12,286,421,500 36,407,994 63,275,071 1,291,213

193 TLKM Telekomunikasi Indonesia Tbk 2005 20,159,999,280 20,159,999,280 118,943,996 203,615,993 0

194 KIJA Kawasan Industri Jababeka Tbk 2005 13,780,872,551 13,780,872,551 1,240,279 2,136,035 0

195 BMRI Bank Mandiri (Persero) Tbk 2005 20,255,717,365 20,631,217,468 33,219,376 59,830,531 1,088,950

196 UNTR United Tractors Tbk 2005 2,851,609,100 2,851,609,100 10,479,663 18,678,040 0

197 PTBA Tambang Batubara Bukit Asam Tbk 2005 2,304,131,850 2,304,131,850 4,147,437 8,122,065 0

198 CMNP Citra Marga Nusaphala Persada Tbk 2005 2,000,000,000 2,000,000,000 1,540,000 3,300,000 0

199 LSIP PP London Sumatera Tbk 2005 1,095,229,293 1,095,229,293 3,230,926 7,228,513 0

200 ANTM Aneka Tambang (Persero) Tbk 2005 1,907,691,950 1,907,691,950 6,819,999 15,261,536 0

201 BNGA Bank Niaga Tbk 2005 11,882,341,330 12,064,059,316 4,812,348 11,098,935 167,181

202 UNSP Bakrie Sumatra Plantations Tbk 2005 2,331,000,000 2,331,000,000 967,365 2,261,070 0

203 INCO International Nickel IndonesiaTbk 2005 993,633,872 993,633,872 13,066,285 30,802,650 0

204 TINS Timah Tbk 2005 503,302,000 503,302,000 916,010 2,227,111 0

205 AALI Astra Agro Lestari Tbk 2005 1,574,745,000 1,574,745,000 7,716,251 19,841,787 0

206 ANTM Aneka Tambang (Persero) Tbk 2006 1,907,691,950 9,538,459,750 15,261,536 26,469,226 21,175,381

207 LPKR Lippo Karawaci Tbk Baru 2006 5,871,017,072 17,302,151,695 6,281,988 11,938,485 7,887,483

208 TKIM Pabrik Kertas Tjiwi Kimia Tbk 2006 1,335,702,240 1,335,702,240 2,377,550 1,642,914 0

209 MPPA Matahari Putra Prima Tbk Baru 2006 2,705,994,000 4,711,922,000 2,164,795 3,251,226 1,384,090

(17)

No of

Et+1

211 GGRM Gudang Garam Tbk 2006 1,924,088,000 1,924,088,000 19,625,698 18,086,427 0

212 RALS Ramayana Lestari Sentosa Tbk Baru 2006 7,064,000,000 7,064,000,000 6,145,680 6,004,400 0

213 BNGA Bank Niaga Tbk 2006 12,064,059,316 12,322,602,658 11,098,935 11,090,342 232,689

214 INKP Indah Kiat Pulp & Paper Tbk 2006 5,470,982,941 5,470,982,941 5,142,724 5,142,724 0

215 ADMG Polychem Indonesia Tbk 2006 3,889,179,559 3,889,179,559 777,836 797,282 0

216 UNVR Unilever Indonesia Tbk 2006 7,630,000,000 7,630,000,000 50,358,000 51,884,000 0

217 PGAS Perusahaan Gas Negara (Persero) Tbk 2006 4,536,965,305 4,539,885,805 52,628,798 54,705,624 35,192

218 LSIP PP London Sumatera Tbk 2006 1,095,229,293 1,095,229,293 7,228,513 7,611,844 0

219 INTP Indocement Tunggal Prakasa Tbk 2006 3,681,231,699 3,681,231,699 21,167,082 22,455,513 0

220 TLKM Telekomunikasi Indonesia Tbk 2006 20,159,999,280 20,159,999,280 203,615,993 221,759,992 0

221 KLBF Kalbe Farma Tbk 2006 10,156,014,422 10,156,014,422 12,085,657 13,507,499 0

222 BLTA Berlian Laju Tanker Tbk 2006 4,157,572,436 4,157,673,436 7,234,176 8,107,463 197

223 ISAT Indosat Tbk 2006 5,433,933,500 5,433,933,500 36,679,051 41,841,288 0

224 APOL Arpeni Pratama Ocean Line Tbk Baru 2006 2,998,604,000 2,998,604,000 1,919,107 2,218,967 0

225 PNLF Panin Life Tbk 2006 23,965,013,352 23,989,598,685 3,954,227 4,582,013 4,696

226 MEDC Medco Energi International Tbk 2006 3,332,451,450 3,332,451,450 11,830,203 13,829,674 0

227 BBCA Bank Central Asia Tbk 2006 12,327,505,000 12,327,505,000 64,103,026 75,814,156 0

228 BDMN Bank Danamon Indonesia Tbk 2006 4,945,757,000 5,033,072,900 33,383,860 40,264,583 698,527

229 BNII Bank International Indonesia Tbk 2006 48,247,150,231 48,663,702,731 11,579,316 13,869,155 118,717

230 SMRA Summarecon Agung Tbk 2006 2,754,086,720 3,213,101,170 3,222,281 4,530,473 647,210

231 PNBN Bank Pan Indonesia Tbk 2006 20,081,791,966 20,177,417,185 11,647,439 14,124,192 66,938

232 BMRI Bank Mandiri (Persero) Tbk 2006 20,631,217,468 20,749,551,741 59,830,531 73,349,665 418,312

233 BBRI Bank Rakyat Indonesia (Persero) Tbk 2006 12,286,421,500 12,309,493,500 63,275,071 81,242,657 152,275

234 INDF Indofood Sukses Makmur Tbk 2006 9,444,189,000 9,444,189,000 12,749,655 18,227,285 0

235 CMNP Citra Marga Nusaphala Persada Tbk 2006 2,000,000,000 2,000,000,000 3,300,000 4,850,000 0

236 ADHI Adhi Karya (Persero) Tbk 2006 1,801,320,000 1,801,320,000 1,441,056 2,251,650 0

237 UNSP Bakrie Sumatra Plantations Tbk 2006 2,331,000,000 2,331,000,000 2,261,070 3,589,740 0

238 BTEL Bakrie Telecom Tbk 2006 18,816,118,695 18,885,676,379 4,609,949 7,554,271 27,823

239 ENRG Energi Mega Persada Tbk 2006 14,400,813,372 14,400,813,372 7,488,423 12,240,691 0

240 UNTR United Tractors Tbk 2006 2,851,609,100 2,851,609,100 18,678,040 31,082,539 0

241 SMCB Holcim Indonesia Tbk 2006 7,662,900,000 7,662,900,000 5,134,143 8,735,706 0

242 ASII Astra International Tbk 2006 4,048,355,314 4,048,355,314 63,559,178 110,520,100 0

243 KIJA Kawasan Industri Jababeka Tbk 2006 13,780,872,551 13,780,872,551 2,136,035 3,927,549 0

244 BNBR Bakrie & Brothers Tbk 2006 26,970,278,400 26,970,278,400 4,180,393 8,091,084 0

245 PTBA Tambang Batubara Bukit Asam Tbk 2006 2,304,131,850 2,304,131,850 7,430,825 15,092,064 0

246 INCO International Nickel Indnesia Tbk 2006 993,633,872 993,633,872 30,802,650 63,095,751 0

247 AALI Astra Agro Lestari Tbk 2006 1,574,745,000 1,574,745,000 19,841,787 44,092,860 0

248 BUMI Bumi Resources Tbk 2006 19,404,000,000 19,404,000,000 17,463,600 69,369,300 0

(18)

Appendix IV

The companies listed in LQ 45 index of IDX for t and t+1 (3)

from December 2001 to December 2006, recorded for Market Value of Debt and Equity at t (D

t

+ E

t

-in million Rupiahs);

(19)

No of

Stock Return,

rt,t+3

Debt + Equity (market value - in millions), Dt

+ Et

Debt + Equity (market value - in millions), Dt+3

+ Et+3

Start Debt Ratio, ADRt=

Dt/(Dt + Et)

Implied Debt Ratio, IDRt = Dt/[Et(1 +

rt,t+3) + Dt]

Ending Debt Ratio, ADRt+3 =

Dt+3/ (Et+3 + Dt+3)

1 DSFI DHARMA SAMUDERA FISHING INDUSTRIES TBK 2001 -63.46% 318,767 176,365 26.24% 49.34% 49.98% 2 TLKM TELEKOMUNIKASI INDONESIA TBK 2001 -50.00% 54,167,370 39,107,420 40.45% 57.60% 58.76% 3 MLPL MULTIPOLAR TBK 2001 -30.61% 1,045,852 1,043,862 56.15% 64.86% 69.52% 4 ANTM ANEKA TAMBANG (PERSERO) TBK 2001 -25.00% 1,614,194 1,686,696 39.00% 46.02% 32.14% 5 ASGR ASTRA GRAPHIA TBK 2001 -23.61% 1,281,729 911,983 63.29% 69.30% 60.32% 6 TINS TAMBANG TIMAH (PERSERO) TBK 2001 -19.77% 645,543 625,883 66.47% 71.19% 72.26% 7 UNTR UNITED TRACTORS TBK 2001 -15.28% 6,122,586 5,381,495 90.91% 92.19% 91.24% 8 RMBA RIMBA NIAGA IDOLA TBK 2001 -10.71% 1,757,946 1,276,839 57.10% 59.85% 34.09% 9 MEDC MEDCO ENERGI CORPORATION TBK 2001 -10.00% 5,451,734 6,305,308 13.50% 14.77% 33.54% 10 RALS RAMAYANA LESTARI SENTOSA TBK 2001 -5.61% 4,801,712 4,487,806 22.01% 23.01% 21.23% 11 IDSR INDOSIAR VISUAL TBK 2001 -4.35% 1,659,690 1,590,619 31.09% 32.05% 31.22% 12 MTDL METRODATA ELECTRONICS TBK 2001 -4.17% 480,833 437,582 50.29% 51.35% 46.89% 13 GGRM GUDANG GARAM TBK 2001 -4.05% 21,893,287 21,712,924 23.98% 24.74% 26.45% 14 INDF INDOFOOD SUKSES MAKMUR TBK 2001 -4.00% 14,381,205 16,344,080 60.21% 61.18% 65.55% 15 INTP INDOCEMENT TUNGGAL PERKASA TBK 2001 -3.57% 11,743,788 10,113,955 78.06% 78.67% 75.43% 16 PNBN PANIN BANK TBK 2001 -2.70% 21,208,804 15,119,203 94.80% 94.94% 82.27% 17 ISAT INDOSAT TBK 2001 -2.12% 12,348,582 12,219,459 92.08% 92.23% 92.16% 18 INDR INDORAMA SYNTETICS TBK 2001 5.88% 3,201,573 3,144,632 91.31% 90.85% 90.64% 19 UNVR UNILEVER INDONESIA TBK 2001 11.31% 2,194,420 2,441,063 43.15% 40.54% 43.11% 20 AUTO ASTRA OTOPARTS TBK 2001 14.29% 1,752,099 1,713,814 47.57% 44.25% 38.74% 21 MPPA MATAHARI PUTRA PRIMA TBK 2001 14.94% 2,100,764 2,930,388 43.97% 40.57% 53.83% 22 HMSP H M SAMPOERNA TBK 2001 15.63% 19,479,814 20,671,178 26.08% 23.38% 21.39% 23 KLBF KALBE FARMA TBK 2001 22.22% 2,445,022 2,480,845 62.63% 57.83% 54.99% 24 CMNP CITRA MARGA NP TBK 2001 22.58% 1,564,824 1,511,741 60.38% 55.42% 49.73% 25 TSPC TEMPO SCAN PACIFIC TBK 2001 26.92% 1,792,532 2,175,641 18.41% 15.10% 14.68% 26 BHIT BHAKTI INVESTAMA TBK 2001 35.09% 1,067,117 1,752,008 33.22% 26.91% 29.54% 27 ASII ASTRA INTERNATIONAL TBK 2001 61.54% 26,972,619 25,479,775 81.65% 73.37% 67.76% 28 AALI ASTRA AGRO LESTARI TBK 2001 67.57% 2,722,450 3,629,869 48.71% 36.17% 34.79% 29 BBCA BANK CENTRAL ASIA TBK. 2001 69.49% 102,202,837 120,839,841 91.42% 86.27% 87.55% 30 GJTL GAJAH TUNGGAL TBK 2001 70.37% 19,578,206 12,942,266 97.82% 96.33% 94.37% 31 BMTR BIMANTARA CITRA TBK 2001 100.00% 3,623,106 3,965,194 60.00% 42.86% 26.70% 32 LPBN LIPPO BANK TBK 2001 766.67% 21,019,702 22,926,857 99.98% 99.80% 99.82% 33 CENT CENTRIN ONLINE TBK. 2002 -57.50% 229,349 102,630 4.06% 9.05% 8.88% 34 DSFI DHARMA SAMUDERA FISHING INDUSTRIES TBK 2002 -36.84% 176,365 151,339 49.98% 61.27% 63.19%

35 INAF INDOFARMA TBK 2002 -29.17% 1,155,863 894,891 35.65% 43.88% 41.12%

(20)

No of

rt,t+3

+ Et

+ Et+3

Dt/(Dt + Et)

rt,t+3) + Dt]

Dt+3/ (Et+3 + Dt+3)

36 MTDL METRODATA ELECTRONICS TBK 2002 -21.74% 437,582 313,215 46.89% 53.02% 41.92%

37 BHIT BHAKTI INVESTAMA TBK 2002 -9.09% 1,752,008 1,738,994 29.54% 31.56% 33.57%

38 IDSR INDOSIAR VISUAL TBK 2002 -7.27% 1,590,619 1,785,699 31.22% 32.86% 43.19%

39 SMGR SEMEN GRESIK TBK 2002 -3.68% 8,474,047 7,735,601 42.95% 43.87% 39.81%

40 CMNP CITRA MARGA NP TBK 2002 -1.32% 1,511,740 1,342,230 49.73% 50.06% 44.12%

41 MEDC MEDCO ENERGI CORPORATION TBK 2002 0.00% 6,331,751 8,275,661 33.81% 33.81% 49.36%

42 MPPA MATAHARI PUTRA PRIMA TBK 2002 5.00% 2,916,691 3,039,790 53.61% 52.40% 53.26%

43 TURI TUNAS RIDEAN TBK 2002 5.26% 1,087,993 1,435,312 63.46% 62.26% 70.84%

44 AUTO ASTRA OTOPARTS TBK 2002 10.71% 1,713,814 1,794,724 38.74% 36.35% 34.77%

45 AALI ASTRA AGRO LESTARI TBK 2002 11.29% 3,630,422 3,942,751 34.80% 32.41% 32.48%

46 JIHD JAKARTA INT L HOTEL & DEV. TBK 2002 11.54% 4,153,864 3,869,509 84.90% 83.45% 81.92%

47 BMTR BIMANTARA CITRA TBK 2002 12.28% 4,965,194 6,883,743 41.47% 38.69% 52.39%

48 KAEF KIMIA FARMA TBK 2002 13.51% 1,388,738 1,778,650 26.01% 23.65% 34.43%

49 INDR INDORAMA SYNTETICS TBK 2002 16.67% 3,144,632 3,094,286 90.64% 89.24% 88.90%

50 ASGR ASTRA GRAPHIA TBK 2002 20.00% 912,500 1,030,660 60.34% 55.91% 56.86%

51 HMSP H M SAMPOERNA TBK 2002 20.95% 20,671,180 23,851,455 21.39% 18.37% 17.60%

52 MLPL MULTIPOLAR TBK 2002 23.53% 1,043,862 1,057,940 69.52% 64.86% 62.85%

53 TLKM TELEKOMUNIKASI INDONESIA TBK 2002 25.00% 43,225,679 49,422,216 62.69% 57.34% 59.21%

54 BBCA BANK CENTRAL ASIA TBK. 2002 33.00% 165,839,841 141,019,888 90.93% 88.29% 85.54%

55 INDF INDOFOOD SUKSES MAKMUR TBK 2002 33.33% 16,344,080 18,106,946 65.55% 58.80% 58.28%

56 KLBF KALBE FARMA TBK 2002 34.55% 2,480,845 4,429,888 54.99% 47.59% 32.17%

57 TSPC TEMPO SCAN PACIFIC TBK 2002 43.03% 2,175,641 2,957,361 14.68% 10.74% 10.22%

58 PNBN PANIN BANK TBK 2002 58.33% 15,119,203 19,397,351 82.27% 74.56% 78.12%

59 ASII ASTRA INTERNATIONAL TBK 2002 58.73% 25,479,775 34,075,183 67.76% 56.97% 40.79%

60 ISAT INDOSAT TBK 2002 62.16% 12,219,459 15,357,007 92.16% 87.88% 89.89%

61 GGRM GUDANG GARAM TBK 2002 63.86% 21,712,924 32,452,905 26.45% 18.00% 19.37%

62 RALS RAMAYANA LESTARI SENTOSA TBK 2002 72.28% 4,487,806 7,076,406 21.23% 13.53% 13.94%

63 LPBN LIPPO BANK TBK 2002 73.08% 23,902,750 26,753,017 95.74% 92.85% 93.41%

64 UNVR UNILEVER INDONESIA TBK 2002 99.18% 2,441,063 28,970,603 43.11% 27.56% 4.53%

65 BLTA BERLIAN LAJU TANKER TBK 2002 106.19% 2,094,521 2,962,666 76.06% 60.64% 65.09%

66 GJTL GAJAH TUNGGAL TBK 2002 139.13% 12,942,266 12,662,011 94.37% 87.52% 86.24%

67 SMCB SEMEN CIBINONG TBK 2002 179.31% 6,316,417 8,094,067 82.41% 62.65% 61.66%

68 DNKS DANKOS LABORATORIES TBK 2002 206.25% 734,558 1,519,797 51.37% 25.65% 28.02%

69 INTP INDOCEMENT TUNGGAL PERKASA TBK 2002 214.81% 10,113,955 13,434,225 75.43% 49.37% 41.77%

70 ANTM ANEKA TAMBANG (PERSERO) TBK 2002 220.83% 1,686,696 6,215,639 32.14% 12.86% 40.92%

(21)

No of

rt,t+3

+ Et

+ Et+3

Dt/(Dt + Et)

rt,t+3) + Dt]

Dt+3/ (Et+3 + Dt+3)

71 UNTR UNITED TRACTORS TBK 2002 309.84% 5,225,007 6,447,636 90.98% 71.10% 69.50%

72 TINS TAMBANG TIMAH (PERSERO) TBK 2002 639.13% 816,213 1,864,730 78.73% 33.36% 31.17%

73 BBNI BANK NEGARA INDONESIA TBK 2002 1081.82% 139,300,447 138,731,102 84.27% 31.19% 87.55%

74 CNKO CENTRAL KORPORINDO INT L TBK 2002 2300.00% 16,349 413,220 29.66% 1.73% 2.29%

75 RALS RAMAYANA LESTARI SENTOSA TBK 2003 -82.18% 7,094,074 6,327,096 14.15% 48.06% 14.26%

76 INCO INCO TBK 2003 -66.91% 9,103,107 11,905,090 4.76% 13.13% 3.60%

77 LMAS LIMAS STOKHOMINDO TBK 2003 -43.75% 845,497 570,269 0.66% 1.17% 8.48%

78 JIHD JAKARTA INT L HOTEL & DEV. TBK 2003 -39.31% 3,870,054 3,189,353 81.92% 88.19% 73.37%

79 DNKS DANKOS LABORATORIES TBK 2003 -36.73% 1,519,797 1,851,872 28.02% 38.09% 25.25%

80 BKSW BANK KESAWAN TBK 2003 -30.00% 1,256,438 1,510,126 92.04% 94.29% 95.35%

81 TLKM TELEKOMUNIKASI INDONESIA TBK 2003 -28.52% 165,342,212 128,341,315 17.70% 23.13% 24.21%

82 BMTR BIMANTARA CITRA TBK 2003 -25.00% 6,883,811 6,749,764 52.39% 59.47% 53.91%

83 TINS TAMBANG TIMAH (PERSERO) TBK 2003 -18.63% 1,922,391 1,951,335 33.24% 37.96% 46.48%

84 BBCA BANK CENTRAL ASIA TBK. 2003 -10.53% 140,729,949 171,426,947 85.51% 86.84% 78.65%

85 ANTM ANEKA TAMBANG (PERSERO) TBK 2003 -10.39% 6,215,639 6,855,194 40.92% 43.59% 52.00%

86 UNVR UNILEVER INDONESIA TBK 2003 -8.97% 28,970,617 26,527,742 4.53% 4.95% 5.08%

87 ASGR ASTRA GRAPHIA TBK 2003 -3.03% 816,698 671,528 45.56% 46.33% 35.73%

88 KAEF KIMIA FARMA TBK 2003 -2.38% 1,780,454 1,497,425 34.49% 35.04% 23.96%

89 GGRM GUDANG GARAM TBK 2003 -0.37% 32,535,615 34,465,453 19.57% 19.63% 24.35%

90 INDF INDOFOOD SUKSES MAKMUR TBK 2003 0.00% 18,106,946 18,209,102 58.28% 58.28% 58.51%

91 INAF INDOFARMA TBK 2003 0.00% 900,588 795,133 41.50% 41.50% 33.74%

92 MPPA MATAHARI PUTRA PRIMA TBK 2003 9.52% 3,093,093 3,752,612 54.07% 51.80% 58.54%

93 GJTL GAJAH TUNGGAL TBK 2003 18.18% 12,663,944 6,715,819 86.24% 84.14% 69.34%

94 INDR INDORAMA SYNTETICS TBK 2003 19.05% 3,094,286 3,048,047 88.90% 87.06% 86.58%

95 SCMA SURYA CITRA MEDIA TBK 2003 21.74% 1,810,905 2,029,299 39.87% 35.26% 34.68%

96 RMBA RIMBA NIAGA IDOLA TBK 2003 22.22% 1,620,321 1,644,728 62.60% 57.80% 54.97%

97 AUTO ASTRA OTOPARTS TBK 2003 24.19% 1,794,724 2,346,472 34.77% 30.03% 37.00%

98 DYNA DYNAPLAST TBK 2003 28.57% 772,745 1,097,414 44.35% 38.27% 48.38%

99 TSPC TEMPO SCAN PACIFIC TBK 2003 28.81% 2,958,361 3,762,228 10.25% 8.15% 9.10%

100 BBNI BANK NEGARA INDONESIA TBK 2003 28.85% 138,731,103 145,842,003 87.55% 84.52% 84.75%

101 APEX APEXINDO PRATAMA DUTA TBK 2003 30.43% 2,029,405 2,254,445 70.33% 64.51% 65.17%

102 IDKM INDOSIAR KARYA MEDIA TBK 2003 32.35% 6 2,122,258 98.28% 97.73% 36.73%

103 SMCB SEMEN CIBINONG TBK 2003 41.98% 8,094,067 9,773,014 61.66% 53.11% 54.91%

104 INTP INDOCEMENT TUNGGAL PERKASA TBK 2003 44.71% 13,434,225 16,435,006 41.77% 33.14% 31.12%

105 PNBN PANIN BANK TBK 2003 47.37% 19,647,160 25,805,707 78.40% 71.12% 73.85%

(22)

No of

rt,t+3

+ Et

+ Et+3

Dt/(Dt + Et)

rt,t+3) + Dt]

Dt+3/ (Et+3 + Dt+3)

106 HMSP H M SAMPOERNA TBK 2003 48.60% 23,851,455 35,592,374 17.60% 12.57% 17.94% 107 KLBF KALBE FARMA TBK 2003 48.65% 4,429,888 6,750,528 32.17% 24.18% 33.83% 108 MLPL MULTIPOLAR TBK 2003 50.00% 1,057,940 3,488,818 62.85% 53.00% 83.10% 109 MEDC MEDCO ENERGI CORPORATION TBK 2003 53.70% 8,322,778 13,972,193 49.62% 39.05% 53.88% 110 PTBA TAMBANG BATUBARA BUKIT ASAMTBK 2003 74.29% 2,543,875 3,941,496 26.68% 17.28% 17.42% 111 INKP INDAH KIAT PULP & PAPER TBK 2003 78.26% 6,958,573 8,950,527 54.79% 40.47% 37.35% 112 AALI ASTRA AGRO LESTARI TBK 2003 79.71% 3,943,612 6,105,948 32.50% 21.13% 20.14% 113 UNTR UNITED TRACTORS TBK 2003 82.00% 6,447,636 10,109,793 69.50% 55.60% 35.90% 114 ASII ASTRA INTERNATIONAL TBK 2003 92.00% 34,075,183 58,289,651 40.79% 26.40% 33.33% 115 NISP BANK NISP TBK 2003 112.33% 15,856,789 19,622,183 90.48% 81.75% 83.67% 116 CMNP CITRA MARGA NP TBK 2003 120.00% 1,342,230 2,128,890 44.12% 26.41% 22.49% 117 SMGR SEMEN GRESIK TBK 2003 135.67% 7,824,530 13,890,867 40.49% 22.40% 21.00% 118 ISAT INDOSAT TBK 2003 283.33% 21,638,435 44,913,949 64.11% 31.79% 32.34% 119 TKIM TJIWI KIMIA TBK 2003 295.65% 2,467,476 4,550,743 68.87% 35.87% 33.23% 120 LMAS LIMAS STOKHOMINDO TBK 2004 -88.15% 570,269 108,556 8.48% 43.86% 41.94% 121 BNBR BAKRIE & BROTHERS TBK 2004 -40.00% 18,732,440 11,682,695 17.25% 25.79% 20.39% 122 CTRA CIPUTRA DEVELOPMENT TBK 2004 -36.17% 5,162,201 4,972,787 85.32% 90.10% 90.27% 123 KIJA KAWASAN INDUSTRI JABABEKA TBK 2004 -21.74% 2,101,178 1,617,636 24.58% 29.40% 23.33% 124 SMCB SEMEN CIBINONG TBK 2004 -17.39% 9,773,014 9,121,659 54.91% 59.59% 60.10% 125 BNII BANK INTERNATIONAL INDONESIA TBK 2004 -16.22% 40,706,262 51,386,455 78.28% 81.14% 85.56% 126 GGRM GUDANG GARAM TBK 2004 -14.02% 34,465,453 31,417,321 24.35% 27.24% 28.65% 127 GJTL GAJAH TUNGGAL TBK 2004 -13.85% 6,715,819 7,223,527 69.34% 72.41% 75.44% 128 TINS TAMBANG TIMAH (PERSERO) TBK 2004 -12.29% 1,951,000 2,129,876 46.47% 49.74% 56.99% 129 BNGA BANK NIAGA TBK 2004 -11.96% 32,043,397 42,422,649 88.72% 89.93% 88.66% 130 PNLF PANIN LIFE TBK 2004 -6.90% 2,677,224 2,441,856 35.10% 36.75% 33.75% 131 BUMI BUMI RESOURCE TBK 2004 -5.00% 28,492,245 29,245,088 45.52% 46.79% 49.57% 132 ISAT INDOSAT TBK 2004 -3.48% 44,913,949 48,022,884 32.34% 33.12% 38.10% 133 NISP BANK NISP TBK 2004 -0.65% 19,622,183 21,791,284 83.67% 83.76% 82.56% 134 PNBN PANIN BANK TBK 2004 0.00% 25,805,707 38,850,285 73.85% 73.85% 82.63% 135 RALS RAMAYANA LESTARI SENTOSA TBK 2004 4.52% 6,327,096 6,271,258 14.26% 13.73% 9.17% 136 INKP INDAH KIAT PULP & PAPER TBK 2004 5.37% 8,953,765 9,112,819 37.37% 36.15% 35.16% 137 ASII ASTRA INTERNATIONAL TBK 2004 6.25% 58,289,651 64,047,933 33.33% 31.99% 35.53% 138 BDMN BANK DANAMON TBK 2004 8.57% 72,357,907 82,417,417 70.33% 68.59% 71.64% 139 JIHD JAKARTA INT L HOTEL & DEV. TBK 2004 12.50% 3,189,353 2,414,646 73.37% 71.01% 60.43% 140 INDF INDOFOOD SUKSES MAKMUR TBK 2004 13.75% 18,282,933 18,636,795 58.68% 55.52% 53.89%

(23)

No of

rt,t+3

+ Et

+ Et+3

Dt/(Dt + Et)

rt,t+3) + Dt]

Dt+3/ (Et+3 + Dt+3)

141 INCO INCO TBK 2004 13.85% 11,952,300 13,419,394 3.98% 3.51% 2.63%

142 BBCA BANK CENTRAL ASIA TBK. 2004 14.29% 171,844,511 176,217,275 78.70% 76.38% 76.23% 143 INTP INDOCEMENT TUNGGAL PERKASA TBK 2004 15.45% 16,435,006 17,975,370 31.12% 28.13% 27.30% 144 PTBA TAMBANG BATUBARA BUKIT ASAMTBK 2004 18.03% 3,941,496 4,924,150 17.42% 15.16% 15.77% 145 SMRA SUMMARECON AGUNG TBK 2004 20.00% 2,001,406 2,501,545 41.49% 37.15% 41.02% 146 BRPT BARITO PACIFIC TIMBER TBK 2004 22.22% 5,078,433 2,674,709 76.81% 73.04% 46.18% 147 TLKM TELEKOMUNIKASI INDONESIA TBK 2004 22.28% 130,384,721 151,517,446 25.40% 21.78% 21.50% 148 RMBA RIMBA NIAGA IDOLA TBK 2004 22.73% 1,644,728 1,637,217 54.97% 49.87% 44.48% 149 UNVR UNILEVER INDONESIA TBK 2004 29.55% 26,549,368 34,276,641 5.16% 4.03% 4.84% 150 HMSP H M SAMPOERNA TBK 2004 33.83% 35,669,358 46,121,539 18.29% 14.33% 15.42% 151 EPMT ENSEVAL PUTRA MEGATRADING TBK 2004 36.36% 2,329,824 2,805,039 46.18% 38.62% 39.04% 152 TKIM TJIWI KIMIA TBK 2004 38.46% 4,550,537 5,690,171 33.22% 26.43% 26.06% 153 AUTO ASTRA OTOPARTS TBK 2004 45.45% 2,346,472 3,319,419 37.00% 28.76% 34.95% 154 BLTA BERLIAN LAJU TANKER TBK 2004 48.57% 5,629,524 10,223,705 48.47% 38.76% 57.71% 155 AALI ASTRA AGRO LESTARI TBK 2004 58.06% 6,105,948 8,204,628 20.14% 13.76% 5.95% 156 UNTR UNITED TRACTORS TBK 2004 61.54% 10,109,793 16,965,581 35.90% 25.74% 38.23% 157 MPPA MATAHARI PUTRA PRIMA TBK 2004 66.96% 3,752,612 5,107,803 58.54% 45.82% 49.14% 158 KLBF KALBE FARMA TBK 2004 80.00% 6,750,528 11,876,038 33.83% 22.12% 15.34% 159 ANTM ANEKA TAMBANG (PERSERO) TBK 2004 107.25% 6,890,945 10,193,067 52.25% 34.55% 33.09% 160 LPBN LIPPO BANK TBK 2004 111.43% 28,265,097 32,299,920 90.30% 81.50% 82.06% 161 TKIM Pabrik Kertas Tjiwi Kimia Tbk 2005 -43.49% 5,690,171 3,935,552 26.06% 38.41% 39.59% 162 ADMG GT Petrochem Industries Tbk 2005 -37.50% 4,168,679 3,512,360 70.15% 78.99% 77.85% 163 ENRG Energi Mega Persada Tbk 2005 -30.67% 12,762,013 15,538,636 44.22% 53.35% 51.81% 164 INKP Indah Kiat Pulp & Paper Tbk 2005 -12.96% 9,112,819 8,565,742 35.16% 38.39% 39.96% 165 GGRM Gudang Garam Tbk 2005 -12.45% 31,417,321 28,184,126 28.65% 31.44% 30.37% 166 GJTL Gajah Tunggal Tbk 2005 3.57% 7,223,527 6,978,223 75.44% 74.78% 73.67% 167 PLAS Palm Asia Corpora Tbk 2005 3.57% 1,020,266 1,049,999 2.50% 2.42% 1.88% 168 MEDC Medco Energi International Tbk 2005 5.19% 19,400,313 22,477,491 42.03% 40.80% 47.37% 169 RALS Ramayana Lestari Sentosa Tbk 2005 7.41% 6,271,258 6,728,024 9.17% 8.60% 8.66% 170 LPBN Bank Lippo Tbk Baru 2005 8.78% 32,299,920 36,310,346 82.06% 80.78% 82.64% 171 ADHI Adhi Karya (Persero) Tbk 2005 11.11% 3,330,581 3,861,205 61.06% 58.53% 62.68% 172 BRPT Barito Pacific Timber Tbk 2005 16.36% 2,674,709 2,352,460 46.18% 42.44% 28.79% 173 BUMI Bumi Resources Tbk 2005 18.42% 16,222,108 19,606,956 9.09% 7.79% 10.93% 174 KLBF Kalbe Farma Tbk 2005 20.20% 11,876,038 13,165,828 15.34% 13.10% 8.20% 175 BNLI Bank Permata Tbk 2005 20.83% 37,729,981 40,762,490 85.22% 82.68% 83.47%