ANALISIS FUNDAMENTAL MENGGUNAKAN PRICE EARNING RATIO SEBAGAI DASAR PENGAMBILAN KEPUTUSAN INVESTASI SAHAM PADA SUB PERBANKAN SYARIAH

Abstract

The rapid growth of capital market investors in Indonesia through early 2026 demands precise analytical capabilities to mitigate investment risks, particularly in the Islamic banking sector, which holds strategic asset potential yet remains subject to market volatility. Using the Price Earnings Ratio (PER) approach, this study aims to analyze the intrinsic value of stocks and make sound investment decisions within the Islamic banking subsector. A descriptive-quantitative study using purposive sampling was employed. PT Bank Syariah Indonesia Tbk (BRIS) and PT Bank BTPN Syariah Tbk (BTPS) were selected as samples based on their financial performance during the 2022-2025 period. The analysis results indicate stable performance growth for BRIS, which has an intrinsic value of Rp 2,230 while BTPS has an intrinsic value of Rp 1,205. Both stocks are undervalued-meaning their market prices are lower than their fair value-based on a comparison with their closing market prices in Q1 2026. This study found that investors should make a decision to buy BRIS and BTPS stocks due to the presence of a sufficiently large margin of safety and the potential for future value appreciation as market prices move to align with their intrinsic values.