MENU >> Intro Notes INDO17 JKSE ASII Beta

Beta Calculation
Latest week updated 30-Jul-07 BETA alpha
Week to be updated 5-Aug-07 1.2987 0.0006
Stock ASII 8,512.44 average price 1,079.24
latest price 22,500.00 50.703% average return 36.725%
269 row Adj. Close* Return Date Return
2781.67 16-Aug-02
3112.82 0.12 19-Aug-02 0.02
2825.82 -0.09 26-Aug-02 -0.03
2825.82 0 2-Sep-02 -0.04
2715.44 -0.04 9-Sep-02 -0.02
2141.44 -0.21 16-Sep-02 -0.03
2428.44 0.13 23-Sep-02 0.01
2318.06 -0.05 30-Sep-02 -0.01
1854.45 -0.2 7-Oct-02 -0.08
1611.6 -0.13 14-Oct-02 -0.04
1677.83 0.04 21-Oct-02 -0.02
1832.37 0.09 28-Oct-02 0.05
1611.6 -0.12 4-Nov-02 -0.01
1699.91 0.05 11-Nov-02 0.02
2163.52 0.27 18-Nov-02 0.02
2207.67 0.02 25-Nov-02 0.02
2362.21 0.07 2-Dec-02 0
2229.75 -0.06 9-Dec-02 0.04
2936.21 0.32 16-Dec-02 0.04
2781.67 -0.05 23-Dec-02 0
2781.67 0 30-Dec-02 -0.04
2031.06 -0.27 6-Jan-03 -0.02
2141.44 0.05 13-Jan-03 0
2075.21 -0.03 20-Jan-03 0.01
1854.45 -0.11 27-Jan-03 -0.04
2163.52 0.17 3-Feb-03 0.02
2119.37 -0.02 10-Feb-03 0.01
2097.29 -0.01 17-Feb-03 0.01
2075.21 -0.01 24-Feb-03 -0.01
2053.14 -0.01 3-Mar-03 -0.02
2053.14 0 10-Mar-03 0
2163.52 0.05 17-Mar-03 0.02
2295.98 0.06 24-Mar-03 0.03
2406.36 0.05 31-Mar-03 0
2693.36 0.12 7-Apr-03 0.08
2759.59 0.02 14-Apr-03 0.01
2582.98 -0.06 21-Apr-03 -0.02
2671.29 0.03 28-Apr-03 0.03
3002.44 0.12 5-May-03 0.05
2869.98 -0.04 12-May-03 0
2958.28 0.03 19-May-03 0.01
3179.05 0.07 26-May-03 0.05
3223.2 0.01 2-Jun-03 0.03
3201.13 -0.01 9-Jun-03 0
3267.36 0.02 16-Jun-03 0
3223.2 -0.01 23-Jun-03 -0.01
3156.97 -0.02 30-Jun-03 -0.01
3620.58 0.15 7-Jul-03 0.04
3443.97 -0.05 14-Jul-03 0
3311.51 -0.04 21-Jul-03 -0.03
3311.51 0 28-Jul-03 0
3377.74 0.02 4-Aug-03 -0.01
3311.51 -0.02 11-Aug-03 0.02
3355.66 0.01 18-Aug-03 0.02
3355.66 0 25-Aug-03 0
3885.51 0.16 1-Sep-03 0.1
3797.2 -0.02 8-Sep-03 -0.01
3797.2 0 15-Sep-03 0.01
4017.97 0.06 22-Sep-03 0.02
4194.58 0.04 29-Sep-03 0.04
4260.81 0.02 6-Oct-03 0.04
4216.66 -0.01 13-Oct-03 0.01
4128.35 -0.02 20-Oct-03 -0.02
3841.35 -0.07 27-Oct-03 -0.01
4062.12 0.06 3-Nov-03 0
3951.74 -0.03 10-Nov-03 -0.03
3951.74 0 17-Nov-03 0.01
3951.74 0 24-Nov-03 0.02
4062.86 0.03 1-Dec-03 0.02
4040.54 -0.01 8-Dec-03 0.03
4241.45 0.05 15-Dec-03 0.02
4353.06 0.03 22-Dec-03 0.01
4553.97 0.05 29-Dec-03 0.04
5045.09 0.11 5-Jan-04 0.07
5089.74 0.01 12-Jan-04 0.02
5000.44 -0.02 19-Jan-04 0.02
4643.27 -0.07 26-Jan-04 -0.04
4777.21 0.03 2-Feb-04 0.01
4777.21 0 9-Feb-04 0.02
4955.8 0.04 16-Feb-04 0.03
4821.85 -0.03 23-Feb-04 -0.04
5089.74 0.06 1-Mar-04 0.02
4777.21 -0.06 8-Mar-04 -0.05
4821.85 0.01 15-Mar-04 0.01
4598.62 -0.05 22-Mar-04 -0.04
5000.44 0.09 29-Mar-04 0.05
5000.44 0 5-Apr-04 0.04
4732.56 -0.05 12-Apr-04 0
5446.91 0.15 19-Apr-04 0.05
5089.74 -0.07 26-Apr-04 -0.04
4955.8 -0.03 3-May-04 -0.05
5134.38 0.04 10-May-04 -0.03
5179.03 0.01 17-May-04 -0.02
5134.38 -0.01 24-May-04 0.04
4866.5 -0.05 31-May-04 -0.05
4866.5 0 7-Jun-04 0.01
4911.15 0.01 14-Jun-04 -0.02
5045.09 0.03 21-Jun-04 0.04
5295.13 0.05 28-Jun-04 0.03
5249.08 -0.01 5-Jul-04 0.02
5203.04 -0.01 12-Jul-04 -0.01
5387.22 0.04 19-Jul-04 0.01
 5110.95 -0.05 26-Jul-04 -0.01
5203.04 0.02 2-Aug-04 0
5341.17 0.03 9-Aug-04 0
5295.13 -0.01 16-Aug-04 -0.01
5893.71 0.11 23-Aug-04 0
6077.89 0.03 30-Aug-04 0.05
6216.02 0.02 6-Sep-04 0.01
6400.2 0.03 13-Sep-04 0.02
6169.97 -0.04 20-Sep-04 0.01
6446.24 0.04 27-Sep-04 0.02
7044.82 0.09 4-Oct-04 0.02
7321.09 0.04 11-Oct-04 0
7321.09 0 18-Oct-04 -0.01
7229 -0.01 25-Oct-04 0.01
7601.49 0.05 1-Nov-04 0.04
7974.57 0.05 8-Nov-04 0.05
7974.57 0 15-Nov-04 0.02
8021.2 0.01 22-Nov-04 0.02
8674.09 0.08 29-Nov-04 0.02
8814 0.02 6-Dec-04 -0.04
9000.54 0.02 13-Dec-04 0.03
9047.17 0.01 20-Dec-04 0.01
8953.9 -0.01 27-Dec-04 0.01
9140.44 0.02 3-Jan-05 0.03
9326.98 0.02 10-Jan-05 -0.01
9746.7 0.05 17-Jan-05 0.01
9326.98 -0.04 24-Jan-05 0.01
9793.33 0.05 31-Jan-05 0
9466.89 -0.03 7-Feb-05 0
10446.22 0.1 14-Feb-05 0.04
10492.85 0 21-Feb-05 -0.01
9979.87 -0.05 28-Feb-05 0.02
10166.41 0.02 7-Mar-05 0
10213.04 0 14-Mar-05 0.04
10073.14 -0.01 21-Mar-05 -0.03
10119.77 0 28-Mar-05 -0.02
10026.5 -0.01 4-Apr-05 0.01
10259.68 0.02 11-Apr-05 -0.01
10073.14 -0.02 18-Apr-05 -0.04
9839.96 -0.02 25-Apr-05 -0.02
10119.77 0.03 2-May-05 0.04
10446.22 0.03 9-May-05 -0.01
10306.31 -0.01 16-May-05 -0.01
10586.12 0.03 23-May-05 0.01
11612.09 0.1 30-May-05 0.03
11612.09 0 6-Jun-05 0
12513.41 0.08 13-Jun-05 0.04
12418.25 -0.01 20-Jun-05 -0.01
12370.67 0 27-Jun-05 0
11609.4 -0.06 4-Jul-05 -0.02
11609.4 0 11-Jul-05 0.02
12275.51 0.06 18-Jul-05 0.04
12560.99 0.02 25-Jul-05 0.01
11752.14 -0.06 1-Aug-05 -0.01
10848.12 -0.08 8-Aug-05 -0.02
9801.38 -0.1 15-Aug-05 -0.06
 9991.69 0.02 22-Aug-05 -0.04
9515.9 -0.05 29-Aug-05 -0.01
10372.33 0.09 5-Sep-05 0.06
9658.64 -0.07 12-Sep-05 -0.04
8611.89 -0.11 19-Sep-05 -0.04
9278 0.08 26-Sep-05 0.07
8944.95 -0.04 3-Oct-05 0.01
8992.53 0.01 10-Oct-05 0
8944.95 -0.01 17-Oct-05 -0.02
8611.89 -0.04 24-Oct-05 -0.02
8802.21 0.02 31-Oct-05 -0.03
8227 -0.07 7-Nov-05 0.01
8708.11 0.06 14-Nov-05 0.01
8900.56 0.02 21-Nov-05 0.02
9189.22 0.03 28-Nov-05 0.04
9910.89 0.08 5-Dec-05 0.04
9670.33 -0.02 12-Dec-05 -0.01
9959 0.03 19-Dec-05 0.01
9814.67 -0.01 26-Dec-05 0
10488.22 0.07 2-Jan-06 0.05
10680.67 0.02 9-Jan-06 0.02
10536.33 -0.01 16-Jan-06 -0.02
10055.22 -0.05 23-Jan-06 0.01
10055.22 0 30-Jan-06 0.01
9910.89 -0.01 6-Feb-06 0.01
9093 -0.08 13-Feb-06 -0.01
9141.11 0.01 20-Feb-06 -0.02
9814.67 0.07 27-Feb-06 0.04
9766.56 0 6-Mar-06 -0.01
10,281.75 0.05 13-Mar-06 0.05
10,468.70 0.02 20-Mar-06 0
10,702.37 0.02 27-Mar-06 0.01
10,141.55 -0.05 3-Apr-06 0.03
11,076.25 0.09 10-Apr-06 0.01
11,169.72 0.01 17-Apr-06 0.06
11,169.72 0 24-Apr-06 0
10,749.11 -0.04 1-May-06 0.01
10,889.31 0.01 8-May-06 0.03
9,954.61 -0.09 15-May-06 -0.09
9,253.58 -0.07 22-May-06 -0.05
9,066.64 -0.02 29-May-06 0.02
8,739.49 -0.04 4-Jun-06 -0.05
9,228.32 0.06 10-Jun-06 0.03
9,325.46 0.01 16-Jun-06 -0.01
9,471.17 0.02 22-Jun-06 0.01
9,859.74 0.04 28-Jun-06 0.02
9,228.32 -0.06 4-Jul-06 0.01
9,228.32 0 10-Jul-06 -0.05
9,374.03 0.02 16-Jul-06 0.04
10,199.73 0.09 22-Jul-06 0.04
10,539.72 0.03 28-Jul-06 0.01
11,559.69 0.1 3-Aug-06 0.03
10,636.86 -0.08 10-Aug-06 -0.01
11,171.13 0.05 15-Aug-06 0.02
11,656.83 0.04 21-Aug-06 0.02
11,559.69 -0.01 27-Aug-06 0
 12,288.24 0.06 2-Sep-06 0.03
12,093.96 -0.02 8-Sep-06 0.02
12,433.95 0.03 14-Sep-06 0.01
13,405.35 0.08 20-Sep-06 0.01
13,113.93 -0.02 26-Sep-06 0
13,703.32 0.04 9-Oct-06 0.03
14,243.60 0.04 15-Oct-06 0.03
14,440.06 0.01 21-Oct-06 0
15,275.03 0.06 27-Oct-06 0.03
15,667.96 0.03 2-Nov-06 0.01
16,159.12 0.03 8-Nov-06 0.02
15,667.96 -0.03 14-Nov-06 0.01
15,520.61 -0.01 20-Nov-06 0
15,422.38 -0.01 27-Nov-06 0.01
16,453.81 0.07 3-Dec-06 0.01
14,734.76 -0.1 8-Dec-06 -0.08
15,815.30 0.07 14-Dec-06 0.03
15,127.68 -0.04 20-Dec-06 0.04
14,832.99 -0.02 26-Dec-06 -0.01
14,882.10 0 1-Jan-07 -0.02
14,734.76 -0.01 7-Jan-07 0.03
14,096.25 -0.04 13-Jan-07 0
13,752.44 -0.02 19-Jan-07 -0.02
14,194.48 0.03 25-Jan-07 0
13,212.17 -0.07 31-Jan-07 0.01
12,966.59 -0.02 7-Feb-07 0.02
12,966.59 0 12-Feb-07 0.01
13,261.28 0.02 18-Feb-07 0.04
13,261.28 0 24-Feb-07 0.02
13,752.44 0.04 2-Mar-07 -0.01
14,636.52 0.06 8-Mar-07 0.05
15,422.38 0.05 14-Mar-07 0.01
15,667.96 0.02 20-Mar-07 -0.01
15,618.84 0 26-Mar-07 0.02
15,864.42 0.02 1-Apr-07 0
16,110.00 0.02 7-Apr-07 0.01
15,569.73 -0.03 13-Apr-07 -0.01
16,500.00 0.06 19-Apr-07 0.03
16,900.00 0.02 25-Apr-07 0.01
16,750.00 -0.01 1-May-07 0
18000 0.07 7-May-07 0.03
18000 0 13-May-07 0.03
18600 0.03 19-May-07 0.01
18150 -0.02 25-May-07 -0.02
18450 0.02 31-May-07 -0.01
17350 -0.06 6-Jun-07 -0.03
15450 -0.11 12-Jun-07 -0.14
17300 0.12 18-Jun-07 0.12
17850 0.03 24-Jun-07 0.02
18000 0.01 30-Jun-07 0.02
18000 0 6-Jul-07 -0.01
18500 0.03 12-Jul-07 0.01
19250 0.04 18-Jul-07 0.05
21000 0.09 24-Jul-07 0.06
latest week 22500 0.07 30-Jul-07 0.06
5-Aug-07
11-Aug-07
17-Aug-07
23-Aug-07
29-Aug-07
4-Sep-07
10-Sep-07
16-Sep-07
22-Sep-07
28-Sep-07
4-Oct-07
10-Oct-07
16-Oct-07
22-Oct-07
28-Oct-07
3-Nov-07
9-Nov-07
15-Nov-07
21-Nov-07
27-Nov-07
3-Dec-07
9-Dec-07
15-Dec-07
21-Dec-07
27-Dec-07
2-Jan-08
8-Jan-08
14-Jan-08
20-Jan-08
26-Jan-08
1-Feb-08
7-Feb-08
13-Feb-08
19-Feb-08
25-Feb-08
2-Mar-08
8-Mar-08
14-Mar-08
20-Mar-08
26-Mar-08
1-Apr-08
7-Apr-08
13-Apr-08
19-Apr-08
25-Apr-08
1-May-08
7-May-08
13-May-08
19-May-08
25-May-08
31-May-08
6-Jun-08
12-Jun-08
18-Jun-08
24-Jun-08
30-Jun-08
6-Jul-08
 12-Jul-08
18-Jul-08
24-Jul-08
30-Jul-08
5-Aug-08
11-Aug-08
17-Aug-08
23-Aug-08
29-Aug-08
4-Sep-08
10-Sep-08
16-Sep-08
22-Sep-08
28-Sep-08
4-Oct-08
10-Oct-08
16-Oct-08
22-Oct-08
28-Oct-08
3-Nov-08
9-Nov-08
15-Nov-08
21-Nov-08
27-Nov-08
3-Dec-08
9-Dec-08
15-Dec-08
21-Dec-08
27-Dec-08
2-Jan-09
8-Jan-09
14-Jan-09
20-Jan-09
26-Jan-09
1-Feb-09
7-Feb-09
13-Feb-09
19-Feb-09
25-Feb-09
3-Mar-09
9-Mar-09
15-Mar-09
21-Mar-09
27-Mar-09
2-Apr-09
8-Apr-09
14-Apr-09
20-Apr-09
26-Apr-09
2-May-09
8-May-09
14-May-09
20-May-09
26-May-09
1-Jun-09
7-Jun-09
13-Jun-09
19-Jun-09
25-Jun-09
1-Jul-09
7-Jul-09
13-Jul-09
19-Jul-09
25-Jul-09
31-Jul-09
6-Aug-09
12-Aug-09
18-Aug-09
24-Aug-09
30-Aug-09
5-Sep-09
11-Sep-09
17-Sep-09
23-Sep-09
29-Sep-09
5-Oct-09
11-Oct-09
17-Oct-09
23-Oct-09
29-Oct-09
4-Nov-09
10-Nov-09
16-Nov-09
22-Nov-09
28-Nov-09
4-Dec-09
10-Dec-09
16-Dec-09
22-Dec-09
28-Dec-09
3-Jan-10
9-Jan-10
15-Jan-10
21-Jan-10
27-Jan-10
2-Feb-10
8-Feb-10
14-Feb-10
20-Feb-10
26-Feb-10
4-Mar-10
10-Mar-10
16-Mar-10
22-Mar-10
28-Mar-10
3-Apr-10
9-Apr-10
15-Apr-10
21-Apr-10
27-Apr-10
3-May-10
9-May-10
15-May-10
21-May-10
27-May-10
2-Jun-10
8-Jun-10
14-Jun-10
20-Jun-10
26-Jun-10
2-Jul-10
8-Jul-10
14-Jul-10
20-Jul-10
26-Jul-10
1-Aug-10
7-Aug-10
13-Aug-10
19-Aug-10
25-Aug-10
31-Aug-10
6-Sep-10
12-Sep-10
18-Sep-10
24-Sep-10
30-Sep-10
6-Oct-10
12-Oct-10
18-Oct-10
24-Oct-10
30-Oct-10
5-Nov-10
11-Nov-10
17-Nov-10
23-Nov-10
29-Nov-10
5-Dec-10
11-Dec-10
17-Dec-10
23-Dec-10
29-Dec-10
4-Jan-11
10-Jan-11
16-Jan-11
22-Jan-11
28-Jan-11
3-Feb-11
9-Feb-11
15-Feb-11
21-Feb-11
27-Feb-11
5-Mar-11
11-Mar-11
17-Mar-11
23-Mar-11
29-Mar-11
4-Apr-11
10-Apr-11
 WACC Value Bond Option risk-free rate 6.09%

market return 36.72%

tion market risk premium 30.64%
correl Latest week updated 30-Jul-07 beta 129.87%
0.6260 Week to be updated 5-Aug-07 k equity 45.88%
JKSE Market k debt #REF!
2,638.21 latest index WACC #REF!
Adj. Close* row 269 value #REF!
450.98
458.27
443.67
427.80
421.00
408.80
412.97
408.43
376.47
360.90
353.65
371.14
365.70
374.15
381.45
390.42
391.22
408.17
425.12
424.95
407.51
399.67
401.65
405.34
388.44
394.63
399.52
402.24
399.22
389.79
387.88
394.04
404.43
405.68
438.55
443.86
435.04
447.82
469.63
467.94
472.11
494.78
510.69
510.48
511.45
506.78
504.10
524.69
525.50
510.08
508.70
505.36
516.65
528.94
529.67
582.32
578.38
585.67
599.84
621.86
644.82
649.65
634.57
625.55
626.74
610.34
617.08
627.56
638.04
656.74
672.29
679.31
704.50
753.69
770.33
785.88
752.93
758.92
773.14
794.47
761.08
778.01
738.15
742.91
714.13
750.65
779.62
776.57
815.44
783.41
743.64
722.71
706.80
733.99
697.94
704.12
692.72
720.23
745.03
761.14
756.09
766.37
 756.98
753.93
755.92
750.47
746.76
786.49
797.78
814.63
819.82
835.91
855.72
857.59
850.77
860.49
893.64
934.03
949.63
965.22
981.41
945.23
973.35
986.51
1,000.23
1,032.53
1,021.34
1,035.75
1,046.48
1,048.39
1,045.87
1,092.49
1,083.38
1,103.01
1,108.05
1,147.87
1,114.55
1,095.07
1,111.23
1,096.52
1,047.80
1,029.61
1,068.28
1,059.27
1,048.11
1,061.49
1,092.50
1,096.93
1,141.82
1,135.67
1,138.99
1,110.56
1,131.46
1,172.24
1,182.30
1,174.09
1,153.97
1,087.95
1,048.87
1,039.23
1,098.46
1,056.73
1,012.85
1,079.28
1,094.65
1,096.70
1,075.96
1,058.26
1,028.98
1,041.98
1,054.98
1,074.40
1,119.42
1,160.07
1,143.43
1,158.34
1,162.64
1,222.25
1,250.43
1,222.89
1,229.71
1,244.13
1,253.10
1,243.47
1,216.14
1,261.27
1,247.42
1,305.18
1,311.37
1,322.97
1,363.30
1,382.12
1,459.29
1,464.41
1,483.06
1,525.78
1,392.99
1,323.15
1,347.69
1,274.75
1,309.53
1,294.97
1,310.26
1338.32
1345.87
1280.5
1337.41
1394.36
1402.19
1437.77
1416.93
1444.49
1466.58
1465.7
1507.36
1534.61
1549.63
1572.2
1572.85
1612.95
1664.84
1672.11
1717.73
1734.75
1775.29
1792.16
1785.76
1805.52
1832.55
1678.04
1730.47
1805.69
1780.38
1740.32
1794.36
1791.55
1760.02
1764.58
1777.89
1805.96
1830.92
1895.61
1941.15
1918.35
2019.68
2033.37
2022.3
2063.76
2060.43
2084.32
2054.45
2120.64
2152.32
2153.54
2227.05
2301.6
2333.68
2298.41
2269.79
2207.4
1908.64
2143.11
2194.34
2239.9
2225.61
2239.86
2359.21
2500.58
2638.21 latest week (back to top)
#N/A
#N/A
weight
#REF!
#REF!

#REF!
 Cost of equity
today 17-Oct-08

Risk-free rate IDR Government Bond INDO-17 1-Nov-07

Market return
Market risk premium
Share beta
Cost of equity
6.08600 %
36.72%
30.64%
1.2987
45.88%
Date Open High Low Close Volume Adj Close*
30-Oct-07 $ 160.00 Dividend
15-Jun-07 $ 290.00 Dividend Date
30-Oct-06 $ 150.00 Dividend 15-Jun-07 290.00
16-Jun-06 $ 340.00 Dividend 30-Oct-06 150.00
10-Nov-05 $ 100.00 Dividend 16-Jun-06 340.00
17-Jun-05 $ 270.00 Dividend 10-Nov-05 100.00
2-Nov-04 $ 100.00 Dividend 17-Jun-05 270.00
29-Jun-04 $ 170.00 Dividend 2-Nov-04 100.00
2-Dec-03 $ 50.00 Dividend 29-Jun-04 170.00
* Close price adjusted for dividends and splits. 2-Dec-03 50.00

Last dividend
Dividend growth
 -0.15
0.5
0.26
0
0.59
1

290.00
40%
 PT. Astra International Tbk.
Last dividend 290
Dividend growth 40.00% assumed
Discount rate 45.88% cost of equity

Estimated share price = Last dividend (1 + dividend growth) / (discount rate - dividend growth)

Share price 6,908.34

bk.

nt rate - dividend growth)

24000

22000 2,750
20000 2,500
18000 2,250
16000 2,000
14000 1,750
12000 1,500
10000 1,250
8000 1,000
6000 750
4000 500

2000 250
0 -
R R R R R RR R R R R R R RR R R R R R RR R R R R R RR R R R R R RR R R R R R RR R R R R R R 11 2 9 1 13 1 34 8 2 1 592 1 2 23 1
o o o o o oo o o o o o o oo o o o o o oo o o o o o oo o o o o o oo o o o o o oo o o o o o o 66 8 - 3 71 9 0- - 0 - - - 2 0 1 60 1
w w w w w ww w w w w w w ww w w w w w ww w w w w w ww w w w w w ww w w w w w ww w w w w w w - - - D- - - - - A S - D J F- - - - - -
AS O e J FM M J u e O e a e M M J J A O
 JKSE
2,750

2,500

2,250

2,000

1,750

1,500

1,250

1,000

750

500

250

-
11 2 9 1 13 1 34 8 2 1 592 1 2 23 1 2 37 2 9 222 1 2 26 2 8 1111 2 3 1 38 1 1 2222 2 3
66 8 - 3 71 9 0- - 0 - - - 2 0 1 60 1 2 - - 1 - 059 0 1 - - 0 - 6654 7 - - 1- 3 9 4432 8 -
- - - D- - - - - A S - D J F- - - - - - - J F - M - - - - - J F - M - - - - - DJ - M - - - - - - - D
AS O e J FM M J u e O e a e M M J J A O N a e M a J J A O N a e M a J J AS O e a J a A M J J AS O e