PASAR MODAL

A.C NUGROHO

PASAR MODAL

• Real or abstract markets that bring together those who offer and who require long-term funds, ie a period of one year to the top

• Activities related to public offerings and securities trading, public companies relating to the issuance of securities, as well as the institutions and professions related to securities trading

MANFAAT PASAR MODAL

• Capital Markets is an instrument for efficient allocation of funds.

• Capital Markets as an alternative way to invest.• Allows investors to have a healthy and good

prospects company. • Corporate management becomes more

professional and transparent.• Increased the national economy activity.

STRUKTUR PASAR MODAL

Perbandingan antara saham, obligasi, dan reksadana

Charteristic Stock Bond Mutual FundTraits Equity investments Debt Management of joint

capitalIssuer Company Company/Goverment Securities Companies

Benefit Dividends and or capital gains

Coupon dan atau capital gain

Small capital and managed by investment managers

Risk Not getting dividends, capital loss, and company liqudity

Default and capital loss Decrease in NAV and liquidity risk

Type Common and Prefered Stock

Government bonds and corporate bonds

Fixed-income, stocks, money markets, and mix mutual funds

Mechanism of trading in the secondary market

Traded on stock exchanges

Over the Counter Holders to sell back to the issuer (redemption)

Primary Market

• Primary Market: A market that issues new securities on an exchange. Companies, governments and other groups obtain financing through debt or equity based securities.

• Primary markets are facilitated by underwriting groups, which consist of investment banks that will set a beginning price range for a given security and then oversee its sale directly to investors

Secondary Market

• A market where investors purchase securities or assets from other investors, rather than from issuing companies themselves.

• Secondary markets exist for other securities as well, such as when funds or investment banks. In any secondary market trade, the cash proceeds go to an investor rather than to the underlying company/entity directly

The difference between the primary market and secondary market

Primary Market Secondary Market

Fix Stock Price Stock prices fluctuate depending on supply and demand

No subject to commision Subject to Commision

Only for stock purchase Purchase/selling

Ordering through selling agent Ordering through a stock exchange member (broker)

Limited period of time Unlimited time

CAPITAL MARKET INSTRUMENTS

• STOCK• RIGHTS• BOND

STOCK• A type of security that signifies ownership in a corporation and

represents a claim on part of the corporation's assets and earnings– common stocks– Preferred stocks

• here are two main types of stock: common and preferred. – Common stock usually entitles the owner to vote at shareholders‘

meetings and to receive dividends. – Preferred stock generally does not have voting rights, but has a higher

claim on assets and earnings than the common shares. • Owners of preferred stock receive dividends before common

shareholders and have priority in the event that a company goes bankrupt and is liquidated

Type of Stock• Blue Chip; large company, strong financial performance• Growth stocks; sales, profitability, and market share experienced a

very rapid development of the industry average• Emerging growth stocks; possess a strong resistance despite the

unfavorable economic conditions• Income stocks; pay a dividend exceeding the average amount of

revenue• Cyclical stocks; profits fluctuate and are strongly influenced by

business cycles• Defensive stocks; can survive and remain stable over a period or a

condition of uncertainty and recession• Speculative stocks; In principle, all common shares are traded on

the Stock Exchange

RIGHTS• A security giving stockholders entitlement to purchase

new shares issued by the corporation at a predetermined price (normally less than the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire

• Rights are often transferable, allowing the holder to sell them on the open market

• Ex Rights: Shares of stock that are trading but no longer have rights attached because they have either expired

Perhitungan Harga Teoritis dalam Penggunaan Rights Issue

• Stock prices before the rights emissions are: Rp. 5.000,-

• Every two old shares entitled to buy one new shares being offered through the rights emission at an exercise price of Rp. 3,000,-

(OSRx Cum Date End Currency) + (NSR x EP) Theoretical price = _______________________________________ (OSR + NSR)

• Theoretical price???OSR = 2NSR = 1EP = 3.000Cum Date End Currency = 5.000

BOND

• A debt investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate.

• Bonds are used to finance a variety of projects and activities.

• Bonds are commonly referred to as fixed-income securities

Type Of Bond• Straight Bond Rate; Bonds that provide interest based on fixed

interest until repayment maturity date.• Floating Rate Bond; Interest payments are not fixed and

adjusted to market rates at regular intervals.• Perpetual Bond; no maturity date, interest payments made

periodically as long the company (issuer) remain operational.• Convertible Bond; accompanied by the right to exchange the

bond with the issuing firm share (usually common stock) in a certain period accordance with the terms of the loan.

• Bond With Warrants; accompanied by a warrant which entitles the owner to purchase a specific number of shares of the issuer at a price that has been determined

Risk in Capital Market

• purchasing power risk• business risk• interest rate risk• market risk• liquidity risk