550 INTRODUCTION The business of delivering items/goods had been increasing since internet era of marketplace, pioneered by amazon in US. The practicality of buying goods from anywhere and anytime using online platform has enabled courier services throughout the world reach more and expand the market rapidly. They managed to grow business volume, asset valuation, and ultimately stock price. The pandemic indeed hit hard almost all businesses, but one of the most resilient is courier services. The pandemic which restricts people going out has significantly caused courier services to scale up their business to become the new primary need for survival. This fact has attracted investors to look deeper in the opportunity to include courier services stocks in their portfolio. FAIR VALUE JURNAL ILMIAH AKUNTANSI DAN KEUANGAN VOL 5 NO 1 Januari 2022 P-ISSN 2622-2191, E-ISSN 2622-2205 PORTFOLIO OPTIMIZATION FOR SHIPPING & DELIVERY SERVICES WITH R: BEFORE AND AFTER PANDEMIC COVID-19 Dina Anggraeni 1)* , Kris Sugiyanto 2) , M. Irwan Zam Zam 3) , Harry Patria 4) 1 University of Indonesia, dina.anggraeni@ui.ac.id 2 University of Indonesia, kris.sugiyanto@ui.ac.id 3 University of Indonesia, m.irwan01@ui.ac.id 4 University of Indonesia, harry.patria@sbm-itb.ac.id Info Artikel : Diterima : 13 Januari 2022 Disetujui: 20 Januari 2022 Dipublikasikan : 28 Januari 2022 Keywords: stock, portfolio optimization, R programming, courier, expedition, delivery, services, Covid-19 ABSTRACT The objective of this research is to construct an optimum investment portfolio of courier services sector stocks during period 2018-2021 using Modern Portfolio Theory model and to analyse risk and return generated by optimal portfolio before and after Covid-19 using R programming. Furthermore, we would also examine the impact of the Covid-19 on stock prices before and after Covid-19 to formulate investment decisions. The sample are 5 biggest courier services stocks (by market capitalization) that are listed consistently and did not stock split or reverse stock and the number of observations in 4825 stocks prices during the period January 2018 to October 2021. Based on the result of optimum investment research, we can observe that the best performing stocks with high tangency is AMZN, in fact way ahead of other sample emitens. The result will be expected to help investors to bid the best possible portfolio in courier services. JURNAL