DOID

No Date Open High Low Close Adj Close

1 7/1/2018 735 830 675 775 775
2 8/1/2018 770 790 675 690 690
3 9/1/2018 690 790 610 750 750
4 10/1/2018 750 855 695 805 805
5 11/1/2018 805 830 545 580 580
6 12/1/2018 590 615 500 525 525
7 1/1/2019 525 680 515 645 645
8 2/1/2019 645 655 560 570 570
9 3/1/2019 575 610 555 570 570
10 4/1/2019 570 615 530 540 540
11 5/1/2019 540 555 492 510 510
12 6/1/2019 510 560 500 515 515
13 7/1/2019 515 535 482 484 484
14 8/1/2019 484 486 342 356 356
15 9/1/2019 356 406 322 326 326
16 10/1/2019 330 360 312 326 326
17 11/1/2019 314 334 236 240 240
18 12/1/2019 240 324 240 280 280
19 1/1/2020 280 304 218 220 220
20 2/1/2020 220 230 154 163 163
21 3/1/2020 159 178 82 102 102
22 4/1/2020 100 171 98 135 135
23 5/1/2020 135 143 120 126 126
24 6/1/2020 126 165 124 136 136
25 7/1/2020 137 296 132 260 260
26 8/1/2020 262 314 240 280 280
27 9/1/2020 282 300 212 228 228
28 10/1/2020 230 264 222 242 242
29 11/1/2020 240 432 230 410 410
30 12/1/2020 416 466 348 352 352
31 1/1/2021 352 420 274 292 292
32 2/1/2021 292 332 282 310 310
33 3/1/2021 314 460 284 380 380
34 4/1/2021 382 404 342 368 368
35 5/1/2021 370 398 350 358 358
36 6/1/2021 352 386 330 338 338
37 7/1/2021 342 350 296 310 310
38 8/1/2021 316 330 282 288 288
39 9/1/2021 290 362 288 330 330
40 10/1/2021 334 370 288 296 296
41 11/1/2021 296 322 278 278 278
42 12/1/2021 278 286 256 264 264
43 1/1/2022 254 278 230 252 252
44 2/1/2022 252 428 250 406 406
45 3/1/2022 412 484 366 400 400
46 4/1/2022 402 645 400 545 545
47 5/1/2022 545 615 404 436 436
48 6/1/2022 438 464 348 348 348
49 7/1/2022 350 412 322 392 392
50 8/1/2022 394 398 352 376 376
51 9/1/2022 380 460 370 376 376
52 10/1/2022 376 418 372 392 392
53 11/1/2022 394 412 350 360 360
54 12/1/2022 364 376 298 304 304
55 1/1/2023 304 314 264 292 292
56 2/1/2023 292 312 268 306 306
57 3/1/2023 306 318 276 304 304
58 4/1/2023 306 340 304 324 324
59 5/1/2023 324 340 290 300 300
Volume Returns DOID Returns IDX
376015900
290067400 -0.11 0.01 IDX returns VS DOID Retur
465431700 0.09 -0.01 0.15

723138000 0.07 -0.02

0.10
490080500 -0.28 0.04 f(x) = 0.101495231042595 x + 0.00229
531182200 -0.09 0.02 R² = 0.31539574691107
0.05

1461627100 0.23 0.05

0.00
571274500 -0.12 -0.01 -0.60 -0.40 -0.20 0.00 0.20 0.40 0

299751400 0.00 0.00 -0.05

504225500 -0.05 0.00 -0.10

319496300 -0.06 -0.04
237092500 0.01 0.02 -0.15

158241400 -0.06 0.01 -0.20

228981700 -0.26 -0.01
428342000 -0.08 -0.03
278637700 0.00 0.01
463721200 -0.26 -0.03
213100800 0.17 0.05
232599200 -0.21 -0.06
139431100 -0.26 -0.08
175927100 -0.37 -0.17
1069934400 0.32 0.04
419314500 -0.07 0.01
921431300 0.08 0.03
3269752400 0.91 0.05
2404474700 0.08 0.02
1090020500 -0.19 -0.07
718071000 0.06 0.05
4025755300 0.69 0.09
5073389500 -0.14 0.07
4321730800 -0.17 -0.02
1490055100 0.06 0.06
6728195500 0.23 -0.04
2788569700 -0.03 0.00
1614100400 -0.03 -0.01
1520667700 -0.06 0.01
1127642500 -0.08 0.01
1124565500 -0.07 0.01
2914437700 0.15 0.02
3120447800 -0.10 0.05
 962135200 -0.06 -0.01
434187700 -0.05 0.01
698366200 -0.05 0.01
2672615600 0.61 0.04
4530635100 -0.01 0.03
4194322600 0.36 0.02
3036175300 -0.20 -0.01
2223497200 -0.20 -0.03
1077091900 0.13 0.01
1079954300 -0.04 0.03
2277755500 0.00 -0.02
700421000 0.04 0.01
766510100 -0.08 0.00
409577900 -0.16 -0.03
484879800 -0.04 0.00
759507200 0.05 0.00
509701100 -0.01 -0.01
243306100 0.07 0.02
483714000 -0.07 -0.04
 Date Open High Low
7/1/2018 5828.495117 6027.936035 5557.558105
X returns VS DOID Returns 8/1/2018 5952.938965 6117.292969 5689.936035
0.15 9/1/2018 6025.411133 6026.915039 5621.604004
10/1/2018 5950.85791 5982.064941 5623.842773
0.10
.101495231042595 x + 0.00229386022155561 11/1/2018 5855.222168 6117.194824 5747.530762
31539574691107
0.05 12/1/2018 6118.063965 6212.125 6014.794922
1/1/2019 6197.871094 6544.479004 6164.833984
0.00
0 0.00 0.20 0.40 0.60 0.80 1.00 2/1/2019 6552.057129 6581.731934 6374.898926
-0.05 3/1/2019 6468.620117 6537.230957 6337.874023
4/1/2019 6485.721191 6636.332031 6321.660156
-0.10
5/1/2019 6458.121094 6465.772949 5767.400879
-0.15 6/1/2019 6277.292969 6377.350098 6190.524902

-0.20
7/1/2019 6381.181152 6468.24707 6283.602051
8/1/2019 6385.26416 6404.581055 6022.599121
9/1/2019 6331.147949 6414.483887 6086.001953
10/1/2019 6163.979004 6348.314941 5988.87207
11/1/2019 6225.814941 6274.291992 5939.403809
12/1/2019 6023.611816 6337.335938 6023.009766
1/1/2020 6313.12793 6348.525879 5937.021973
2/1/2020 5920.967773 6013.699219 5288.370117
3/1/2020 5455.045898 5715.940918 3911.716064
4/1/2020 4538.930176 4975.536133 4393.668945
5/1/2020 4716.402832 4755.957031 4460.272949
6/1/2020 4753.611816 5139.405762 4712.073242
7/1/2020 4905.39209 5162.97998 4885.602051
8/1/2020 5149.626953 5381.948242 4928.467773
9/1/2020 5238.486816 5337.099121 4754.798828
10/1/2020 4899.644043 5182.530762 4881.913086
11/1/2020 5108.028809 5798.291992 5073.5
12/1/2020 5637.894043 6195.153809 5594.277832
1/1/2021 5997.830078 6504.992188 5825.291992
2/1/2021 5856.776855 6314.555176 5735.469238
3/1/2021 6281.856934 6394.452148 5892.64502
4/1/2021 5988.022949 6115.620117 5883.523926
5/1/2021 5999.661133 6005.087891 5742.038086
6/1/2021 6002.480957 6134.881836 5884.917969
7/1/2021 6001.121094 6166.305176 5947.618164
8/1/2021 6098.007813 6263.539063 5938.407227
9/1/2021 6157.820801 6286.942871 5982.766113
10/1/2021 6269.237793 6687.133789 6202.905762
11/1/2021 6618.12207 6754.463867 6480.009766
12/1/2021 6544.51709 6688.378906 6484.578125
1/1/2022 6586.259766 6738.109863 6523.929199
2/1/2022 6657.791992 6929.911133 6648.078125
3/1/2022 6964.696777 7099.49707 6814.183105
4/1/2022 7093.699219 7355.299805 7040.491211
5/1/2022 7154.916992 7156.483887 6509.878906
6/1/2022 7130.601074 7257.99707 6859.599121
7/1/2022 6911.582031 7032.353027 6559.637207
8/1/2022 6951.123047 7230.11084 6902.629883
9/1/2022 7178.589844 7377.495117 6926.859863
10/1/2022 7040.797852 7135.908203 6747.379883
11/1/2022 7098.930176 7128.13623 6955.528809
12/1/2022 7081.194824 7090.276855 6641.810059
1/1/2023 6850.740234 6932.708984 6557.919922
2/1/2023 6838.916016 6961.918945 6781.229004
3/1/2023 6843.098145 6889.51416 6542.791992
4/1/2023 6805.276855 6971.910156 6735.192871
5/1/2023 6915.71582 6920.335938 6562.955078
Close Adj Close Volume Date DOID
5936.442871 5936.442871 1320595600 7/1/2018 775
6018.459961 6018.459961 1257577100 8/1/2018 690
5976.553223 5976.553223 1210011400 9/1/2018 750
5831.649902 5831.649902 1536887300 10/1/2018 805
6056.124023 6056.124023 1388272200 11/1/2018 580
6194.498047 6194.498047 1220062100 12/1/2018 525
6532.969238 6532.969238 2024844500 1/1/2019 645
6443.348145 6443.348145 1955163100 2/1/2019 570
6468.754883 6468.754883 1987558400 3/1/2019 570
6455.352051 6455.352051 1894855300 4/1/2019 540
6209.117188 6209.117188 1874205900 5/1/2019 510
6358.628906 6358.628906 1493251700 6/1/2019 515
6390.504883 6390.504883 2944633300 7/1/2019 484
6328.470215 6328.470215 2443573100 8/1/2019 356
6169.102051 6169.102051 2340055700 9/1/2019 326
6228.316895 6228.316895 2878992300 10/1/2019 326
6011.830078 6011.830078 1357642000 11/1/2019 240
6299.539063 6299.539063 884041200 12/1/2019 280
5940.047852 5940.047852 848261000 1/1/2020 220
5452.704102 5452.704102 726219300 2/1/2020 163
4538.930176 4538.930176 916101900 3/1/2020 102
4716.402832 4716.402832 1043026100 4/1/2020 135
4753.611816 4753.611816 838222500 5/1/2020 126
4905.39209 4905.39209 1555086200 6/1/2020 136
5149.626953 5149.626953 1646290300 7/1/2020 260
5238.486816 5238.486816 1741697200 8/1/2020 280
4870.039063 4870.039063 2102320200 9/1/2020 228
5128.225098 5128.225098 1865262000 10/1/2020 242
5612.415039 5612.415039 3551492200 11/1/2020 410
5979.073242 5979.073242 4354385700 12/1/2020 352
5862.352051 5862.352051 4429236400 1/1/2021 292
6241.795898 6241.795898 3056064300 2/1/2021 310
5985.521973 5985.521973 3451452000 3/1/2021 380
5995.616211 5995.616211 2813253600 4/1/2021 368
5947.462891 5947.462891 2453433400 5/1/2021 358
5985.48877 5985.48877 3980614000 6/1/2021 338
6070.039063 6070.039063 3225744000 7/1/2021 310
6150.298828 6150.298828 4218994600 8/1/2021 288
6286.942871 6286.942871 4359649400 9/1/2021 330
6591.346191 6591.346191 3960713500 10/1/2021 296
6533.932129 6533.932129 4188202600 11/1/2021 278
6581.481934 6581.481934 4373800600 12/1/2021 264
6631.150879 6631.150879 3713686800 1/1/2022 252
6888.170898 6888.170898 4052888600 2/1/2022 406
7071.441895 7071.441895 4623295400 3/1/2022 400
7228.914063 7228.914063 4142302500 4/1/2022 545
7148.970215 7148.970215 2825909500 5/1/2022 436
6911.582031 6911.582031 4888780200 6/1/2022 348
6951.123047 6951.123047 4002103900 7/1/2022 392
7178.589844 7178.589844 5266553400 8/1/2022 376
7040.797852 7040.797852 5838264900 9/1/2022 376
7098.890137 7098.890137 4244815700 10/1/2022 392
7081.312988 7081.312988 3977614600 11/1/2022 360
6850.619141 6850.619141 3416219200 12/1/2022 304
6839.341797 6839.341797 3306710500 1/1/2023 292
6843.23877 6843.23877 3243271300 2/1/2023 306
6805.276855 6805.276855 3230482600 3/1/2023 304
6915.71582 6915.71582 1907480700 4/1/2023 324
6633.26123 6633.26123 3813875400 5/1/2023 300
IDX DOID Returns IDX Returns
5936
6018 -0.11 0.01
5977 0.09 -0.01
5832 0.07 -0.02
6056 -0.28 0.04
6194 -0.09 0.02
6533 0.23 0.05
6443 -0.12 -0.01
6469 0.00 0.00
6455 -0.05 0.00
6209 -0.06 -0.04
6359 0.01 0.02
6391 -0.06 0.01
6328 -0.26 -0.01
6169 -0.08 -0.03
6228 0.00 0.01
6012 -0.26 -0.03
6300 0.17 0.05
5940 -0.21 -0.06
5453 -0.26 -0.08
4539 -0.37 -0.17
4716 0.32 0.04
4754 -0.07 0.01
4905 0.08 0.03
5150 0.91 0.05
5238 0.08 0.02
4870 -0.19 -0.07
5128 0.06 0.05
5612 0.69 0.09
5979 -0.14 0.07
5862 -0.17 -0.02
6242 0.06 0.06
5986 0.23 -0.04
5996 -0.03 0.00
5947 -0.03 -0.01
5985 -0.06 0.01
6070 -0.08 0.01
6150 -0.07 0.01
6287 0.15 0.02
6591 -0.10 0.05
6534 -0.06 -0.01
6581 -0.05 0.01
6631 -0.05 0.01
6888 0.61 0.04
7071 -0.01 0.03
7229 0.36 0.02
7149 -0.20 -0.01
6912 -0.20 -0.03
6951 0.13 0.01
7179 -0.04 0.03
7041 0.00 -0.02
7099 0.04 0.01
7081 -0.08 0.00
6851 -0.16 -0.03
6839 -0.04 0.00
6843 0.05 0.00
6805 -0.01 -0.01
6916 0.07 0.02
6633 -0.07 -0.04
 Comparable Debt (US$ Equity (US$
Beta* DER Weight
companies thousand) thousand)

ITMG (usd) 0.58 55938000 1941849000 0.03 0.01892381

PTBA (idr) 0.18 1248867000 2.6435E+10 0.05 0.42249146
ADRO (usd) 0.33 1651153000 5796203000 0.28 0.55858473

*Beta is based on 5-
year monthly returns

Arithmatic average
0.36 0.12

Weighted average
0.27 0.18

𝛽_𝑈 Unlevered Beta

0.24

𝛽_𝐿
Relever Beta
0.33

rf 5%
rp 6%
t 22%
rm 10%
Corporate Tax 22%

Cd 9%
Ce 6.67%

WACC 6.68%
Country risk 1%
Project specific risk 2%
Commodity risk 2%
Others 1%
Discount rate (RADR) 12.68%

Lilford, 2023
Marginal
Debt ratio Equity ratio DER prop debt
tax rate

22.0% 1.3 2.5 0.52 0.34210526

Prop equity

0.65789474