ANALISIS FUNDAMENTAL DENGAN PENDEKATAN PER PENGARUH TERHADAP HARGA SAHAM SEBAGAI DASAR UNTUK MENILAI KEWAJARAN HARGA SAHAM (Studi Pada Perusahaan Sektor Industri Manufaktur Yang Terdaftar di BEI Periode Tahun 2008-2011)

This research aims at measuring the appropriateness of share prices on shares of manufacture
companies registered in the Indonesian Capital Market Directory (ICMD) in the period of 2008-
2011. The normal PER found in a company is compared to Price-Earning Ratio PER) in another
company using the share growth at is variable. In that case, those shares are classified into two
groups, appropriate shares group and inappropriate shares group to determine the influences of
those shares toward the price of the shares, the researcher used multiple linear regression. In
measuring the appropriateness of the share prices, the reasearcher applied profit growth
variable approach with the formula: PER = 4 + 2,3 (profit growth) adapted by Suad Husnan.
This formula is used because a company which still undergoes profit growth or that which is
relatively new will have bigger PER as a result of its low profit level. The data collected are the
latest data on the annual-fourth quarter period from ETRADINGHOTS. The results of this
research conducted by collecting data on the last quarter in 2008-2011 showed that most of the
shares can be said annually inapproapriate. However, there are some of them can consistently
maintain the share prices during the period of 2008-2011. This condition provides investors with
good opportunity to buy those shares.