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 CharteristicStockBondMutual Fund TraitsEquity investmentsDebtManagement of joint capital IssuerCompanyCompany/GovermentSecurities Companies BenefitDividends and or capital gains Coupon dan atau capital gain Small capital and managed by investment managers RiskNot getting dividends, capital loss, and company liqudity Default and capital lossDecrease in NAV and liquidity risk TypeCommon 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 CounterHolders 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 MarketSecondary Market Fix Stock PriceStock prices fluctuate depending on supply and demand No subject to commisionSubject to Commision Only for stock purchasePurchase/selling Ordering through selling agentOrdering through a stock exchange member (broker) Limited period of timeUnlimited 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 ,- 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 = 2 NSR = 1 EP = Cum 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