INTRODUCTION

The restaurant industry is one of the industries that will continue to develop optimistic despite a drastic decrease in the second quarter of 2020 due to the consequences of the Covid-19 pandemic (Agrawal & Bansal, 2020). The food and beverage industry expanded annually by 0.22% during the second quarter of 2020, based on data from the Central Statistics Agency (BPS) (y-o-y). An essential move in maintaining a healthy food and beverage industry pattern is to allow raw materials to fulfill manufacturing competitiveness needs. Shopping centers have contributed to the positive growth of the food and beverage industry. For the next time, the food and beverage industry's success will continue to rise positively (An?l & Yi?it 2011). This optimistic development naturally relies on two essential aspects. The second is developing the pandemic at Covid 19, which is predicted to decline and vanish from Indonesia. The second is the implementation of health Protocols. One of the significant funding areas for product development and the national economy is the food and beverage industries (Awaluddin & Malle, 2020). One of the highly demanded sectors since the Covid 19 pandemic has been the food and beverage industry. The food and beverage industries were the most significant contributors to the production sector's export value in the first half of 2020, with US$ 13,73 billion being cut. This industry leader will demonstrate the potential to enter the foreign market during the pandemic of Covid 19.

The government has issued several strategic policies to accelerate the Covid-19 outbreak and maintain the business world's running in the country. The number of affected areas Covid-19 also influenced the pressure on the Indonesian manufacturing purchasing manager index (PMI) at the end of the first quarter of 2020. As a result, the decline in the manufacturing industry's utility in various sectors cannot be avoided. In Indonesia, manufacturing activity in Asia also experienced a contraction in March 2020 due to the impact of the coronavirus's spread (Covid-19) on the supply chain. Based on IHS Markit data, almost all regional manufacturing PMIs fell below 50. In Southeast Asia, the Philippines PMI fell to 39.7, the lowest in history, while Vietnam slipped to 41.9. Meanwhile, Indonesia's PMI was in position 45.3 in March 2020. An investor should know the firm's financial state of investment, and the better a company's financial results, the better the returns are received by investors (Arifuddin & Usman, 2017). To find out how a company's financial condition must have a measuring instrument used to measure its performance and its stock price in the future, a measuring tool often used by investors and companies is Financial Ratio Analysis (Dhuhdri & Diantimala, 2018). Shares are securities that show proof of company ownership. Stocks are an investment alternative that provides more excellent benefits and losses than other investments in the long term (Fahmi, 2015). The owners have the right to demand from their shareholder's dividends or other enterprise payments (Fahmi, 2016). If the company is liquidated, shareholders have claim rights over its assets after other marketable security holders' claim rights are fulfilled. The following is the Share Price Data in the Food and Beverage Subsector Companies in Southeast Asia for the 2012-2019 period, which is presented in Figure 1 below:

Figure 1 shows the lowest share price value for companies in Southeast Asia, namely 2012, while the highest share price was 2019. Companies with the lowest share prices in 2012, 2013, 2014, 2015, 2017, 2018, and 2019 are HSIB companies, and in 2016, namely the AFHB company. While the highest share prices in 2012 were INDF companies, 2013-2014 were DLTA companies, and in 2015-2019 were ICBP companies. The decrease in share prices shows that the stock's output is insufficient, which causes the company's investment interest to be inadequate. Inland and external factors may influence stock prices. Internal considerations include earnings, increases in annual assets, liquidity, overall wealth valuation, and revenue. Furthermore, foreign relations have policy and impacts by government, rate changes, currency exchange volatility, rumors and a sense of the demand, and a mix of industry (Sunaryo, 2019). Analysis in assessing stock prices can be through analysis of the company's financial ratios as measured by several ratios, one of which is the liquidity ratio, which talks about the current balance or what is known as the current ratio, usually in investing, investors will check the company's financial statements, how much the company has assets and capability in paying its obligations (Imam, 2018). The greater the current assets owned, the greater the company can cover its existing debt claims (Irman & Purwati, 2020). The following is the Current Ratio (CR) Data for the Food and Beverage Subsector in Southeast Asia for the 2012-2019 Period, which is presented in Figure 2 below:

Figure 2 states that the lowest Current Ratio (CR) value was in 2012, and the highest Current Ratio (CR) value was also in 2012. The company with the lowest current ratio value in 2012 was the CEKA company, 2013, namely the ROTI company, 2014-2015 is the SKLT company, 2016-2017 is the TIPCO company, and 2018-2019 is the INDF company. The new high and low valuation reveals its liquidity in the capacity to cover its short-term debt liabilities (Kasmir, 2018). Prospective creditors use this ratio to determine whether or not to provide short-term loans to companies. In addition to analyzing liquidity ratios, analyzing leverage ratios is also necessary to decide on a company's financial difficulties (Iswari & Widarjo, 2019). Debt to Equity Ratio (DER), the ratio of gross debt/liabilities to total net capital (equity) held by an organization, is used in the Company's Financial Statements. DER has been rated as a solvency ratio and can, with all of its savings, cover all of its debts/liabilities. The following is the Debt to Equity Ratio (DER) data experienced by the Food and Beverage Subsector in Southeast Asia for the 2012-2019 Period:

Figure 3 shows that, for the term 2012/19, a subsector company's lowest debt-to-equity ratio (DER) is 2019. Meanwhile, for the period 2012-2019, the highest equity debt (DER) ratio was from the sub-sector of food and drink enterprises. For 2012-2019, the organization with the lowest Equity-to-Equity-Ratio (DER) rating was AFHB, and for 2012-2019, the URC was the highest EQR ratio debt (Muslih, 2019). The DER ratio's high value shows the heavier the debt/liability burden of the Company (Mushlih, 2020). Of course, this will reduce the number of dividends that shareholders will receive. A high DER ratio value can also affect investor interest in certain company shares because investors are more interested in buying shares of companies that do not bear too much debt (Hussein, 2020). Earning per share (EPS) or profit per share shall be a financial measurement measuring outstanding net profits per share. This EPS is the amount of money that the owners get on each share they own at the end of the year as they share the proceeds of their remaining claim (Heikal & Ummah, 2014). The following is the Earning Per Share (EPS) data experienced by the Food and Beverage Subsector in Southeast Asia for the 2012-2019 period (in the currency of each country):

Graphic 4 states that the lowest Earning Per Share (EPS) value was in the 2017 period, while the highest Earning Per Share (EPS) value during the 2012-2019 period was in the 2015 period. Companies that had the lowest Earning Per Share (EPS) value in for the 2012-2014 and 2018 periods, namely the TIPCO company and in 2015-2017 and 2019, namely the ALTO company, while the companies that had the highest Earning Per Share (EPS) value in 2012-2016 were ICBP companies and in 2017-2019 were INDF companies. (Muslih & Marbun, 2020). This fluctuating Earning Per Share shows that the profit level from a small share means the company does not produce good performance by paying attention to the income earned; this can harm stock prices to influence investors to invest their shares (Handayani, 2019 ).

In the meantime, the most significant asset return came in 2012. In the 2012- era, enterprises with the lowest rent on assets (ROA). ALTO Company, namely in 2019. In the meantime, it is the EMP group, the DLTA company, and NESM in the 2015-2019 timeframe with the highest return on assets (ROA) values. Rong Xu, Jialu Chang, Conggang Li, and Wenlan Wang (2019) said that the effects of equity pawning on the delay and the price fluctuation were based on their research findings stock-market crisis is essential. Download: MP3 (2019). The research findings suggest that the stock price increases with the EPS, and the inventory price decreases as the EPS decreases. Therefore, the R-square value changed, thus, ensures that EPS has a 25% impact on the share price. In their study, hypothesis 1 predicts a negative association between levy variance and profitability, Henry Agyei-Boapeah, Deborah Osei, and Michael Franco (2018). And how extreme conflict in leverage is linked to profitability (Permatasari & Wawolangi, 2019). Measured by the debt rate, the debt relates to competitiveness and profitability dramatically and adversely (Purnawarman & Firmansyah, 2020). The impact of ROA on stock prices is positive (Sanjaya & Rahayu, 2020). The current ratio and renewable stock exchange rate have a positive effect. In their study, Ankita Chandani and Amanpreet Kaur Ahuja (2017) said that EPS and DPS significantly impact stock prices. In their research, Wanrapee Banchuenvijit (2016) noted that CR has a positive impact on stock prices, while DER hurts stock prices (Rudenko & Flandre, 2011). The researchers involved in researching with the title based on the definition above "Current Current Ratio Effect (CR), Debt To Equity Ratio (DER), and Earning Per Share (EPS), as moderation variables for companies with Return On Assets (ROA), on stock prices. Subsectors of foodstuffs and beverage listed for the 2012-2019 period of the Southeast Asian Bourse."

LITERATUR REVIEW

Current Ratio (CR)

The present percentage measures the corporation's ability to cover short-term loans or debts owed until collected in full" (Saputra, 2019). In other terms, how many existing funds will offset the short-term obligations due shortly? The current ratio will also calculate a company's security (security margin)—calculating the current ratio by contrasting total existing assets with total current debt.

Debt to Equity Ratio (DER)

The debt-to-equity or Indonesian debt-to-equity ratio is the financial relationship that reflects the proportional share of the equities with the debts used to fund business investments. Debt-to-Equity ratios The debt-to-equity ratio is also known as the leverage ratio, which measures how well a business's investment structure is (Simamora, 2018). The debt-to-capital ratio is the proportion of debt-to-capital. The aim is to compare debt and all equity, including new debt (Simbolon, 2020). This proportion contributes to knowing the number of funds given to its holders by the loan (creditors). This ratio is used to determine per rupee of own capital used as debt collateral (Kasmir, 2018). Debt to Equity Ratio is determined by the acceptance and division by the equity of total debt liabilities (Siregar, 2019). Generally speaking, a high debt ratio to equity means that the firm cannot create sufficient money for its debt obligations. The low debt ratio to equities may mean that the enterprise does not make the most profit. The Debt to Equity Ratio calculation is here.

Earning Per Share (EPS)

Earning Per Share or income per share price is a form of giving benefits to shareholders from each share they own (Solihati, 2019). Earnings per common share is a ratio to measure company management's success in providing expected stockholders benefits. The author concludes that EPS is a company's ability to give its investors profits from per share they own (Siregar, 2020). The formula for finding Earning Per Share (EPS) can use the following formula:

Stock price

The stock price is the accurate market price and the possible price since it is the market's share price, or when the market is locked, the closing price is the market price (Solihin, 2019). A stock fluctuation is determined by several factors and scenarios, including (Zhou& Li, 2020): (2) Company policy on the expansion (Business expansion); (3) the Board of Directors is suddenly changed; (4) directors or commissioners of a company have been involved, and the case is still referred to the court, and there is always a decrease of the business performance of the company at all times; (6) the systemic risk that is a kind of risk that coexists (business expansion).

Return On Assets (ROA)

Revenue on assets (ROA) is a profitability ratio that can calculate the capacity of the assets used to achieve profit. ROA will evaluate the organization's potential to raise revenues in the past and then plan it for the future (Xu & Wang, 2019). Return on assets is the calculation showing the return of net assets used in the business. The ratio on revenues is most often known as Return on Assets or Return on investment. ROA is also an indicator of management efficiency in investment management (Xu & Banchuenvijit, 2014). The total business capital or foreign capital reserves that the enterprise turned into company assets required to survive are the tangible corporate assets derived from its money or foreign capital. Here is the Return on Assets formula:

METHOD

This study examined the impact, current ratio, debt-to-equity ratio, equity income, and return on share prices in Southeast Asia's 2012-2019 stock exchange firms as a modest variable of asset income. It contains secondary data from food and drink sub-sectors listed at the Southeast Asian Stock Exchange (BEI, SGX, HOSE, HSX, PSE, and MYX) and quantitative data (Xia & Avouris, 2010). The computational techniques used are this investigation. The quantitative procedure is known as the conventional approach because it was used as a scientific method for a long time.

Population and Sample

 

The population of 30 firms in food and beverage in Southeast Asia is the study's financial statements. In this survey, 19 organizations with full 2012-2019 review financial results were sampled (Sugiyono, 2017).

Based on the results of the statistical analysis shows that: From 2012 to 2019, the Current Ratio (CR) variable's minimum value was 1.02, the maximum Current Ratio (CR) value was 1288.00. The mean value of the Current Ratio (CR) is 18.6201, and the standard deviation value is 106.14660 with 152 observational data. The lowest debt-to-equity ratio (DER) variable was 0.07, median equity (DER) was 8.10, a standard deviation was 1, 34436 with 152 observation dates, while the average equity debt (DER) was 1.0970. From 2012 to 2019, the minimum value of the Earning Per Share (EPS) variable was -28.48, the maximum Earning Per Share (EPS) value was 617.45, the mean value of Earning Per Share (EPS) was 86.0337, and the standard deviation value was 142.91882. observational data of 152 (Wu & Zhang, 2019). From 2012 to 2019, the minimum value of the Share Price variable was 0.00, the maximum value of the Share Price was 11150.00, the mean value of the Share Price was 1534.5603, and the standard deviation value was 2507.51876 with 152 observational data.

CONCLUSION

Based on the research findings listed in the report, it can be concluded that: (1) the current ratio is having a significant impact on stock prices; (2) partially the debt-to-equity ratio has no significant effect on stock prices; (4) Return on Asset (ROA) does not average current ratio (Cruise On Asset) to stock rates, but (6) Return on Asset (ROR) does not average the ratio of debts to equity ratio (DEE) to stock prices, and (7) Return on Asset (ROA) does not average the price of stocks to food and beverages sub-sections listed in the South East Asian stock exchange,

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