Analysis The Impact of Bank Fundamental Indicators (ROA, NPM, DER, EPS, PER, CAR, NIM, BOPO, AND LDR) on the Stock Returns of Indonesian State-Owned Banks for the Period

This research is motivated by the importance of financial performance analysis in determining stock returns, particularly in state-owned banks (Bank BUMN) listed on the Indonesia Stock Exchange for the 2019-2023 period. The research aims to identify the influence of fundamental financial variables, namely ROA, NPM, DER, EPS, PER, CAR, NIM, BOPO, and LDR, on stock returns. The research method employed is multiple linear regression analysis with a quantitative approach, where secondary data is processed to examine the simultaneous and partial effects of each variable on stock returns. The findings reveal that fundamental financial variables simultaneously have a significant impact, contributing 93.1%. Partially, ROA, NPM, EPS, PER, CAR, and NIM show a significant positive influence, while BOPO and LDR exhibit a significant negative effect on stock returns. DER, although negatively affecting, is statistically insignificant. The research concludes that operational efficiency, capital management, and financial stability are critical factors in enhancing stock returns. It further recommends that management improve efficiency and maintain liquidity balance to attract investors and strengthen the company's competitiveness.