Senjata rahasia penilaian saham: Bagaimana cara menggunakan rumus Price-to-Earnings (P/E) secara efektif?

Saat berinvestasi saham, sering terdengar dari penasihat bahwa “saham ini memiliki PER yang relatif rendah” atau “PER terlalu tinggi, harus hati-hati”, tapi sebenarnya apa yang dimaksud dengan PER? Mengapa indikator ini begitu penting? Sebenarnya, secara sederhana, PER adalah alat ukur untuk menilai apakah saham murah atau mahal.

Dimulai dari EPS: Memahami Inti PER

PER (Price-to-Earning Ratio atau PER) menunjukkan berapa tahun waktu yang dibutuhkan agar investasi pokok kembali. Ini juga dikenal sebagai rasio harga terhadap laba, dan merupakan alat paling umum untuk menilai valuasi perusahaan.

Sebagai contoh, jika TSMC memiliki PER 13, itu berarti berdasarkan kecepatan laba saat ini, investor perlu menunggu 13 tahun untuk kembali modalnya. Dari sudut pandang lain, jika laba per saham (EPS) adalah 39,2元 dan harga saham adalah 520元, itu berarti dengan 520元 membeli hak untuk mendapatkan laba 39,2元 setiap tahun—apakah itu menguntungkan? PER akan memberi jawaban cepat.

Rumus PER dan Dua Cara Perhitungannya

Ada dua cara paling umum untuk menghitung PER:

Metode 1: Harga saham ÷ EPS

Ini adalah cara paling langsung. Misalnya, TSMC dengan harga saham 520元 dan EPS 39,2元, maka PER = 520 ÷ 39,2 = 13,3.

Metode 2: Nilai pasar perusahaan ÷ Laba bersih yang dialokasikan ke pemegang saham biasa

Kedua metode sebenarnya sama, hanya dari sudut pandang berbeda—satu dari saham, satu dari keseluruhan perusahaan. Dalam praktik, kita biasanya pakai metode pertama.

Tiga Jenis PER: Mana yang Harus Digunakan?

Berdasarkan sifat EPS yang digunakan, PER dibagi menjadi dua kategori utama: PER historis dan PER perkiraan.

PER statis (masa lalu)

Rumus: Harga saham ÷ EPS tahun lalu

Menggunakan laba tahun penuh dari tahun sebelumnya, data ini paling stabil tapi juga tertinggal. Contohnya, EPS TSMC tahun 2022 = 39,2元 (dihitung dari Q1+Q2+Q3+Q4 = 7.82+9.14+10.83+11.41). Selama laporan tahunan belum keluar, EPS ini tetap sama.

PER rolling TTM (terbaru 12 bulan)

Rumus: Harga saham ÷ Jumlah EPS 4 kuartal terakhir

TTM berarti “Trailing Twelve Months” (12 bulan terakhir). Ini lebih cepat mencerminkan laba terbaru perusahaan. Misalnya, EPS Q1 2023 = 5, jadi total 4 kuartal terakhir = 9.14+10.83+11.41+5 = 36,38. Maka PER TTM = 520 ÷ 36,38 ≈ 14,3. Metode ini mengatasi keterlambatan PER statis.

PER dinamis (masa depan)

Rumus: Harga saham ÷ EPS perkiraan masa depan

Menggunakan EPS yang diperkirakan analis atau lembaga, yang tampaknya mencerminkan prospek masa depan. Tapi, karena prediksi berbeda-beda dan perusahaan bisa overestimasi atau underestimasi, angka ini kurang dapat diandalkan sebagai acuan pasti.

Berapa PER yang Wajar? Dua Sudut Pandang Penilaian

Ketika melihat angka PER, bagaimana menilai apakah saham murah atau mahal? Kuncinya adalah membandingkan dengan objek lain.

Perbandingan antar industri

PER berbeda jauh antar industri. Berdasarkan data Bursa Taiwan, PER industri otomotif bisa mencapai 98, sedangkan industri pelayaran hanya 1,8. Kedua angka ini tidak bisa dibandingkan langsung. Jadi, harus bandingkan perusahaan dalam industri yang sama.

Contohnya, TSMC dengan PER 13, dibandingkan UMC dengan PER 8 dan Powertech PER 47, menunjukkan bahwa PER TSMC berada di tengah-tengah, tidak terlalu tinggi. Ini adalah cara perbandingan yang masuk akal.

Perbandingan historis

Bandingkan PER saat ini dengan PER masa lalu perusahaan tersebut. Jika PER saat ini 13 dan lebih rendah dari 90% PER 5 tahun terakhir, itu menandakan valuasi relatif murah dan mungkin waktu yang tepat untuk membeli.

Tiga Keterbatasan PER: Sebelum Menggunakannya, Harus Tahu

Meskipun berguna, PER bukanlah alat yang sempurna dan memiliki tiga batasan utama.

Mengabaikan faktor utang

Nilai perusahaan = Nilai ekuitas + Utang. PER hanya melihat ekuitas, mengabaikan utang. Dua perusahaan dengan PER sama bisa memiliki risiko berbeda jika satu berutang lebih banyak. Saat ekonomi melambat, perusahaan berutang tinggi lebih berisiko. Jadi, PER harus dipadukan dengan struktur aset dan utang.

Sulit menentukan batas atas dan bawah secara pasti

PER tinggi bisa karena perusahaan sedang mengalami kesulitan jangka pendek tapi prospek jangka panjang cerah; bisa juga karena kenaikan harga saham sementara; atau karena industri baru yang sedang berkembang dan sudah dihargai tinggi. Setiap situasi berbeda, jadi tidak bisa langsung menilai PER tinggi sebagai tanda buruk.

Tidak berlaku untuk perusahaan baru dan perusahaan yang rugi

Perusahaan startup dan perusahaan biotek yang belum menghasilkan laba EPS = 0, sehingga PER tidak bisa dihitung. Dalam kasus ini, harus pakai rasio lain seperti PB (Price-to-Book) atau PS (Price-to-Sales).

Tiga Alat Penilaian: PE, PB, PS, dan Perbedaannya

Grafik PER: Visualisasi untuk Menilai Harga Saham

Ingin cepat menilai apakah saham overvalued atau undervalued? Grafik PER adalah alat yang bagus. Biasanya digambarkan 5-6 garis di atas grafik harga saham, masing-masing mewakili PER tertentu:

Logika perhitungan: Harga saham = EPS × PER

Garis atas dihitung dari PER tertinggi historis, garis bawah dari PER terendah historis. Posisi harga saham yang lebih rendah dari garis atas dan mendekati garis bawah menunjukkan valuasi yang lebih murah.

Contohnya, jika harga saham TSMC berada di antara PER 13 dan PER 14,8, itu termasuk area undervalued relatif, biasanya peluang beli. Tapi, ingat, PER rendah tidak menjamin harga akan naik, banyak faktor lain yang mempengaruhi pasar.

Menggunakan Rumus PER untuk Memilih dan Membuat Posisi

Setelah memahami cara menghitung dan menggunakan PER, investor bisa mengembangkan strategi pemilihan saham sendiri. Intinya: Cari saham yang relatif undervalued dibandingkan rata-rata industri atau level historisnya.

Meskipun saham PER rendah terlihat murah, belum tentu akan naik di masa depan. Sebaliknya, saham PER tinggi juga belum tentu akan turun—banyak saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham saham