Presented by: Anna Riana P

Understanding Securities and Investments

Chapter Outline

1. Securities • Stock: common stock, preferred stock• Bond: government bond, corporate bond, municipal bond• Other investment: mutual funds, commodities market

2. Securities Markets• Primary market• Secondary market• Buying and selling securities• Securities market regulation

What are Securities ?

Stocks (Stocks (Stocks (Stocks (sahamsahamsahamsaham) and Bonds () and Bonds () and Bonds () and Bonds (obligasiobligasiobligasiobligasi) ) ) )

representing representing representing representing securedsecuredsecuredsecured, or , or , or , or assetassetassetasset----basedbasedbasedbased, , , , claims by investors against issuersclaims by investors against issuersclaims by investors against issuersclaims by investors against issuers

Stock

Karakteristik saham :1. Hak atas keuntungan

perusahaan2. Hak atas harta perusahaan3. Hak suara dalam RUPS

1. Stock values are expressed in three different ways:- Par value - Market value- Book value

2. Common stocks are among the riskiest of all securities3. Common stocks offer high growth potential

• Blue-chip stock

Common Stock

Preferred Stock1. Preferred stock is usually issued with a stated par value.

• Dividends are typically expressed as a percentage of par value.2. Some preferred stock is callable.

• Call price3. Preferred stock has first rights to dividends.4. Preferred stock is less risky than income from the same firm’s

common stock.• Cumulative preferred stock

Perbedaan hak investor common stock dengan preferred stock

• Tidak memiliki hak berpendapat• Menerima deviden terlebih dahulu

ketimbang pemilik common stock• Jika pailit dan perusahaan

dilikuidasi, mempunyai hakdinomersatukan dalam pembagianaset dan kekayaan perusahaan

• Tidak berhak menuntut jika emitenpailit

• Mengeluarkan pendapat• Mendapat deviden• Memilih pengurus sesuai peraturan• Memindahkan kepemilikan saham

Hak yang dimiliki

• Deviden sesuai perjanjianpenetapan penerimaan yang disepakati di awal

• Deviden tergantung keuntunganemiten

Penerimaandeviden

INVESTOR PREFERRED STOCKINVESTOR PREFERRED STOCKINVESTOR PREFERRED STOCKINVESTOR PREFERRED STOCKINVESTOR COMMON STOCKINVESTOR COMMON STOCKINVESTOR COMMON STOCKINVESTOR COMMON STOCKPERBEDAANPERBEDAANPERBEDAANPERBEDAAN

• Saham bonus• Saham blue chips• Saham perdana• Saham spekulasi• Income stock• Cyclical stock• Defensive stock

Berbagai Istilah Saham

Jenis - Jenis Pasar

Alternatifpendanaan danalternatifinvestasi bagipemilik modal

Peningkatanproduksi

Alternatifpendanaanperusahaan danalternatif investasibagi pemilik modal

Peranti OperasiPasar Terbuka

Peranan

Bursa berjangkaPenyelenggarapasar tenaga kerja

• Perusahaan Efek

• Bursa Efek

Bank IndonesiaPelaksana

Laba• Upah• Bunga

• Dividen• Capital gain

BungaHasil

Kopi, minyaknabati, dan hasilalam lainnya

Pasar faktorproduksi

• Saham• Obligasi• Reksa dana• dll

• SBI• SBPU

Barang dagangan

Jangkamenengah

Jangka panjangJangka panjangJangka pendekJangka Waktu

PasarPasarPasarPasarKomoditasKomoditasKomoditasKomoditas

PasarPasarPasarPasarTenagaTenagaTenagaTenaga KerjaKerjaKerjaKerja

PasarPasarPasarPasarSekuritasSekuritasSekuritasSekuritas

PasarPasarPasarPasarUangUangUangUangINDIKATOR PASARINDIKATOR PASARINDIKATOR PASARINDIKATOR PASAR

Securities Market

The market in which stocks and bonds are sold

Primary Securities Market

Market in which new stocks and bonds are bought and sold

Secondary Securities Market

Market in which stocks and bonds are tradedExamples: BEJ, NYSE, Amex, Dow Jones, etc.

→Bapepam

Difference between primary securities market & secondary securities market

Jangka waktu tidak berbatasJangka waktu terbatas

Pemesanan dilakukan melaluianggota bursa (pialang)

Pemesanan dilakukan melalui agenpenjualan

Berlaku untuk pembelian maupunpenjualan saham

Hanya untuk pembelian sahamDibebankan komisiTidak dikenakan komisi

Harga saham berfluktuasi sesuaikekuatan penawaran dan permintaan

Harga saham tetap

SECONDARY SECURITIES MARKETSECONDARY SECURITIES MARKETSECONDARY SECURITIES MARKETSECONDARY SECURITIES MARKETPRIMARY SECURITIES MARKETPRIMARY SECURITIES MARKETPRIMARY SECURITIES MARKETPRIMARY SECURITIES MARKET

Stock Exchange

Organization formed to provide an institutional setting in which stock can be traded

• The trading floor• Brokers

– Discount brokers– Online trading– Full-service brokers

• Analyst• Investment Manager

Jalur Pasar Modal

ISSUER INVESTOR

PASAR MODAL :

• Bapepam

• Bursa

• Broker

Sekuritas Sekuritas

Uang Uang

Struktur Kelembagaan

Contoh

• IPO (Initial Public Offering) (lihat doc & e)• Daftar Emiten (lihat e)• Daftar Anggota Bursa (lihat e)• Trading by boards (lihat e)

– Top Gainers– Top Looser– Most Active Broker

• Jatah Foreign Investor (lihat e)• List stock Quotation LQ45 (Lihat e)• Trading Recapitulation (Lihat e)• Market Index

– Bull Market– Bear Market

Bull and Bear Market

Buying and Selling Securities at BEJ

Investor Beli

Perusahaan Efek (AB)

PialangBeli Jakarta

Automated Trading System

PialangJual

Investor Jual

Perusahaan Efek (AB)

Bursa Bursa Bursa Bursa EfekEfekEfekEfek JakartaJakartaJakartaJakarta

KPEINettingRp Saham

KSEIPemindahbukuan

Antar-rekening Efek

Perusahaan Efek (AB)

Perusahaan Efek (AB)

InvestorBeli

InvestorJualSaham Uang

Proses perdaganganPenyelesaian transaksi

Bond (Obligasi)

Security through which an issuer promises to pay the buyer a certain amount of money by a specified future date

Types of bonds

1. Government bond2. Municipal bond3. Corporate bond

• Registered bond• Secured bond• Debentures

Karakteristik obligasi :1. Memiliki masa jatuh tempo2. Nilai pokok utang3. Kupon obligasi

Other Investment

• Mutual Funds Mutual Funds Mutual Funds Mutual Funds ----orororor----ReksaReksaReksaReksa danadanadanadana

Wadah yang dipergunakanuntuk menghimpun danadari masyarakat investor untuk selanjutnyadiinvestasikan dalamportfolio Efek oleh ManajerInvestasi.

““ Never put eggs in one basket Never put eggs in one basket ““

Perbandingan saham, obligasi, dan reksadana

Pemegang reksa danamenjual kembali kepenerbit reksa dana(redemption)

Diperdagangkan di luarbursa (over-the-counter)

Perdagangan di bursa efek

Mekanismeperdagangan di pasarskunder

• Reksa danapendapatan tetap

• Reksa dana saham• Reksa dana pasar uang• Reksa dana campuran

• Obligasi korporasi• Obligasi pemerintah

• Saham biasa• Saham preferen

Jenis

• Penurunan NAB• Resiko likuiditas

• Gagal bayar ataskupon atau pokok

• Capital loss

• Tidak mendapatdividen

• Capital loss• Likuidasi

Risiko

• Modal kecil• Dikelola manajer

investasi

• Kupon• Capital gain

• Dividen• Capital gain

Keuntungan

Perusahaan efek• Perusahaan• Pemerintah

PerusahaanPenerbit

Pengelolaan modal bersama

UtangPenyertaan modalSifatREKSA DANAREKSA DANAREKSA DANAREKSA DANAOBLIGASIOBLIGASIOBLIGASIOBLIGASISAHAMSAHAMSAHAMSAHAMKarakteristikKarakteristikKarakteristikKarakteristik / / / /

instrumeninstrumeninstrumeninstrumen

Sumber: Purwanto. Widji, 2006, Mengenal Pasar Modal, Salemba Empat, Jakarta.

Perbedaan antara spekulan dengan investor

• Sangat teliti dan sabar dalammenginvestasikan dananya

• Sangat berhati-hati dalam investasiterutama untuk dana dalam jumlah besar.

• Rajin mengikuti berita dan rumor yang terjadi

• Aktif memantau perubahan harga saham• Pemberani dan cepat melihat kesempatan

Karakter

Contoh: Tn. B membeli 10.000 lembar (20 lot) saham INDF dengan harga Rp.2.700/lembarTn. A harus membayar= (10.000*Rp.2.700) + fee beli 0,4%= Rp.27.108.000Beberapa bulan kemudian, dalam laporanRUPS PT.Indofood akan membagikandeviden sejumlan Rp.250/lembarMaka deviden yang diperoleh Tn.B= (10.000 lembar*Rp.250) – pajak 15%= Rp.2.175.000

Contoh: Tn. A membeli 2.000 lembar (4 lot) dengan harga Rp.1000/lembarTn. A harus membayar= (2.000*Rp.1.000) + fee beli 0,4%= Rp.2.008.000Esok, saham dijual seharga Rp.1100/lembarTn. A akan memperoleh:= (2000*Rp.1100) + fee jual 0,5%= Rp.2.211.000Capital gain = Rp.2.211.000 – Rp.2.008.000

= Rp.203.000

• Deviden• Jangka panjang

• Capital gain• Jangka pendek

Tujuan utama

INVESTORINVESTORINVESTORINVESTORSPEKULANSPEKULANSPEKULANSPEKULANPERBEDAANPERBEDAANPERBEDAANPERBEDAAN

• Commodities market Commodities market Commodities market Commodities market – Futures Contracts– Margins

What should I do to marry a rich guy?

I’m going to be honest of what I’m going to say here. I’m 25 this year. I’m very pretty, have style and good taste. I wish to marry a guy with $500k annual salary or above. You might say that I’m greedy, but an annual salary of $1M is considered only as middle class in New York. My requirement is not high. Is there anyone in this forum who has an income of $500k annual salary?

Are you all married? I wanted to ask: what should I do to marry rich persons like you? Among those I’ve dated, the richest is $250k annual income, and it seems that this is my upper limit. If someone is going to move into high cost residential area on the west of New York City Garden, $250k annual income is not enough.

I’m here humbly to ask a few questions:1. Where do most rich bachelors hang out? (Please list down the names and

addresses of bars, restaurant, gym)2. Which age group should I target?3. Why most wives of the riches is only average-looking? I’ve met a few girls

who doesn’t have looks and are not interesting, but they are able to marryrich guys

4. How do you decide who can be your wife, and who can only be yourgirlfriend? (my target now is to get married)

Ms. Pretty

Here’s a reply from a Wall Street Financial guy :

Dear Ms. Pretty,

I have read your post with great interest. Guess there are lots of girls out there who have similar questions like yours. Please allow me to analyze your situation as a professional investor. My annual income is more than $500k, which meets your requirement, so I hope everyone believes that I’m not wasting time here.

From the standpoint of a business person, it is a bad decision to marry you. The answer is very simple, so let me explain. Put the details aside, what you’re trying to do is an exchange of beauty and money: Person A provides beauty, and Person B pays for it, fair and square. However, there’s a deadly problem here, your beauty will fade, but my money will not be gone without any good reason. The fact is, my income might increase from year to year, but you can’t be prettier year after year. Hence from the viewpoint of economics, I am an appreciation asset, and you are a depreciation asset. It’s not just normal depreciation, but exponential depreciation. If that is your only asset, your value will be much worried 10 years later.

By the terms we use in Wall Street, every trading has a position, dating with you is also a trading position. If the trade value dropped we will sell it and it is not a good idea to keep it for long term same goes with the marriage that you wanted. It might be cruel to say this, but in order to make a wiser decision any assets with great depreciation value will be sold or leased. Anyone with over $500k annual income is not a fool; we would only date you, but will not marry you. I would advice that you forget looking for any clues to marry a rich guy. And by the way, you could make yourself to become a rich person with $500k annual income. This has better chance than finding a rich fool.

Hope this reply helps. If you are interested in leasing services, do contact me.

Signed,J.P. Morgan