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All Journal Accounting Student Series on Emerging Trends
Mulyati
Universitas Halu Oleo
Economics, Econometrics & Finance

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PENGARUH LIKUIDITAS (QR), STRUKTUR MODAL, DAN KEBIJAKAN DIVIDEN (DPR) TERHADAP NILAI PERUSAHAAN PADA SUBSEKTOR PERBANKAN YANG TERDAFTAR DI BEI Mulyati
Accounting Student Series on Emerging Trends Vol. 1 No. 02 (2026): Sinergi Akuntansi, Tata Kelola, dan Pembangunan Ekonomi — Kajian Multisektoral
Publisher : Jurusan Akuntansi, Universitas Halu Oleo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66896/asset.1.02.2026.37

Abstract

This study aims to estimate the fair value of PT Chandra Daya Investasi Tbk (CDIA) following its Initial Public Offering (IPO) using the Discounted Cash Flow-Free Cash Flow to Firm (DCF-FCFF) and Price Earnings Ratio (PER) methods. A descriptive quantitative approach was employed using secondary data obtained from the 2025 financial statements, stock price data, and supporting publications. The analysis included financial performance evaluation, intrinsic value estimation using DCF-FCFF, and relative valuation using PER. The results indicate that CDIA achieved revenue growth of 44.77%, EBITDA growth of 288%, and net income growth of 285.26%, although part of the earnings increase was driven by non-recurring items. The DCF-FCFF method estimated a fair value of approximately IDR2,455 per share, while the PER approach produced a fair value range of IDR1,620 to IDR2,400 per share. Compared with the June 2026 market price of IDR760 to IDR960 per share, CDIA appears to be undervalued, offering a potential upside of approximately 57% to 76%. These findings suggest that combining DCF-FCFF and PER provides a more comprehensive valuation framework and supports investment decisions based on fundamental analysis.
ANALISIS NILAI PERUSAHAAN PT CHANDRA ASRI PACIFIC TBK (TPIA) SEBELUM DIKELUARKAN DARI INDEKS MSCI Mulyati
Accounting Student Series on Emerging Trends Vol. 1 No. 01 (2026): Navigasi Pengelolaan Keuangan di Era Transformasi Digital dan Kepatuhan Korpor
Publisher : Jurusan Akuntansi, Universitas Halu Oleo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66896/asset.1.01.2026.38

Abstract

This study analyzes the company value of PT Chandra Asri Pacific Tbk (TPIA) based on its consolidated financial statements for the first quarter of 2026, within the context of the stock's exclusion from the MSCI index. The MSCI index is a globally influential benchmark for investment portfolio allocation in emerging markets, and removal of a stock from this index can trigger significant selling pressure from passive index investors. The research employs a descriptive quantitative approach using secondary data from TPIA's consolidated financial statements as of March 31, 2026. The analysis covers four financial ratio categories: profitability (GPM, NPM, ROA, ROE), liquidity (Current Ratio, Quick Ratio), solvency (DER, DAR), and activity (TAT, Inventory Turnover). Findings reveal that all financial ratios improved significantly compared to the same period in the previous year. GPM increased from 0.93% to 18.35%, NPM shifted from -3.79% to 8.53%, ROA rose from -0.19% to 1.65%, and ROE improved from -0.79% to 4.31%. The Current Ratio increased from 2.49 to 3.09 times, DER decreased from 1.65 to 1.58 times, while TAT and Inventory Turnover rose from 0.05 to 0.19 times and from 0.49 to 1.61 times, respectively. These findings indicate TPIA's fundamentals improved comprehensively, suggesting the MSCI exclusion reflects index mechanism consequences and passive investor behavior rather than deterioration of the company's financial health.
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