Sains Malaysiana 52(6)(2023):
1865-1877
http://doi.org/10.17576/jsm-2023-5206-21
Pemeringkatan Saham Patuh Syariah Menggunakan Pembuatan Keputusan
Berbilang-Kriterium: TOPSIS dan GRA
(Ranking of Shariah-Compliant Stocks using Multi-Criterium Decision
Making: TOPSIS and GRA)
FARAH AZALINEY BINTI MOHD AMIN1,2,* & SAIFUL HAFIZAH BINTI
JAAMAN2
1Pengajian Sains Matematik, Kolej
Pengajian Pengkomputeran, Informatik dan Metametik, Universiti Teknologi MARA
(UiTM) Cawangan Negeri Sembilan, Kampus Seremban, 70300 Seremban, Negeri
Sembilan, Malaysia
2Jabatan Sains Matematik, Fakulti
Sains dan Teknologi, Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor,
Malaysia
Received: 25 November 2022/Accepted:
18 May 2023
Abstrak
Peningkatan bilangan saham patuh Syariah yang
didagangkan di Bursa Malaysia menjadikan proses pemilihan pelaburan semakin
penting dan mencabar. Oleh itu, pelabur memerlukan suatu mekanisme bersifat
kuantitatif dan bukan hanya berdasarkan penilaian kualitatif atau intuitif semata-mata.
Dalam kajian ini, prestasi saham 10 syarikat patuh Syariah yang disenaraikan
oleh Suruhanjaya Sekuriti Malaysia (SCM) dianalisis menggunakan nisbah kewangan
utama syarikat iaitu pelaburan, keberuntungan, kecairan, keumpilan dan
kecekapan. Fokus kajian adalah untuk memeringkatkan prestasi saham dari 2017
sehingga 2021 menggunakan dua kaedah iaitu Teknik Keutamaan Tertib Mengikut
Persamaan dengan Penyelesaian Ideal (TOPSIS) dan Analisis Hubungan Kelabu
(GRA). Keputusan kajian menunjukkan konsistensi pemeringkatan saham antara
kedua-dua kaedah, terutama dalam memilih dua kedudukan teratas iaitu NESTLE dan
PETGAS serta tiga saham kedudukan terbawah iaitu MISC, PMETAL dan AXIATA. Keputusan ini
menunjukkan bahawa GRA merupakan kaedah alternatif yang setanding dengan TOPSIS
dan mampu membantu para
pelabur untuk mengenal pasti saham patuh Syariah terbaik.
Kata
kunci: GRA; pembuatan keputusan berbilang-kriterium; pemeringkatan; TOPSIS; saham
Abstract
The increasing number of Shariah-compliant
stocks traded in Bursa Malaysia makes the selection process for investment more
crucial and challenging. Thus, investors need a quantitative mechanism that is
not just based on qualitative or intuitive evaluation. In this study, the stock
performance of 10 Shariah-compliant companies listed by the Securities
Commission of Malaysia (SCM) is investigated according to the company's key
financial ratios such as investment, profitability, liquidity, leverage, and
efficiency. The focus of this study was to rank the stock’s performance from
2017 until 2021 based on two methods namely Technique for Order Preference by
Similarity to Ideal Solution (TOPSIS) and Grey Relational Analysis (GRA).
Results of this study show consistency between the two methods, especially in
selecting the top two performing stocks which are NESTLE and PETGAS and the
bottom three stocks consisting of MISC, PMETAL, and AXIATA. This finding
indicates that GRA is an alternative method comparable to TOPSIS and able to
assist investors to identify the best Shariah-compliant stocks.
Keywords: GRA; multi-criteria decision making; ranking; TOPSIS; stocks
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*Corresponding
author; email: farah525@uitm.edu.my
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