STOCK VALUATION OF PT BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH, TBK.
In 2018, BTPN Syariah officially became a public company and listed on Indonesia Stock Exchange through an Initial Public Offering. After becoming a publicly listed company, in one year BTPN Syariah stock value increased 13.25% from IDR 1,585 in Jun 2018 to IDR 1,795 in Dec 2018. The BTPS stock is a...
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Format: | Theses |
Language: | Indonesia |
Online Access: | https://digilib.itb.ac.id/gdl/view/53750 |
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Institution: | Institut Teknologi Bandung |
Language: | Indonesia |
Summary: | In 2018, BTPN Syariah officially became a public company and listed on Indonesia Stock Exchange through an Initial Public Offering. After becoming a publicly listed company, in one year BTPN Syariah stock value increased 13.25% from IDR 1,585 in Jun 2018 to IDR 1,795 in Dec 2018. The BTPS stock is also listed in the LQ45 index by the end of 2018. However in 2020, BTPN Syariah performance dropped due to the pandemic and the stock price falls to IDR 2,130.
This study will analyze the financial health of BTPN Syariah and stock valuation of BTPN Syariah stocks comparing between end of 2019 and Q3 of 2020. BTPN Syariah soundness will be analyzed through the Risk Based Bank Rating method while the stock valuation will be conducted using absolute and relative valuation method. BTPN Syariah is considered healthy related to risk profile which is analyzed by the NPF ratio for credit risk and the FDR for liquidity risk. In terms of capital factor, based on the CAR BTPN Syariah is considered very healthy. The earnings factor shown by the ROA ratio also shows a very healthy level for BTPN Syariah. The absolute valuation using the Dividend Discount Model projected the intrinsic value of the stock to be undervalued. However, the valuation performed for the Q3 2020 data projected that the stock is overvalued. The relative valuation using Price to Book Value shows similar result. |
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