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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis The Asian Journal of Technology Management (AJTM) Journal of Economic, Bussines and Accounting (COSTING) JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) International Journal of Applied Business Research International Journal Of Science, Technology & Management (IJSTM) Journal of Economics and Business UBS Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Co-Value : Jurnal Ekonomi, Koperasi & Kewirausahaan Jurnal Relevansi : Ekonomi, Manajemen dan Bisnis Jurnal Transportasi Multimoda Journal of Social And Economics Research Journal of Accounting and Finance Management (JAFM) Return : Study of Management, Economic and Bussines International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) Journal Research of Social Science, Economics, and Management IIJSE El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Journal Integration of Management Studies journal of social and economic research Journal of Ekonomics, Finance, and Management Studies Journal of Digital Business and Marketing
Sudrajad, Oktofa Yudha
School Of Business And Management Institut Teknologi Bandung
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Stability, Liquidity, Efficiency, and Profitability After Spin-off Implementation: Evidence from Indonesian Islamic Banking Industry Panca, Aqilla Dhianir Rahman; Sudrajad, Oktofa Yudha
Journal Integration of Management Studies Vol. 1 No. 1 (2023)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v1i1.13

Abstract

The business-unit Islamic bank was forced to separate from its parent company according to Banking Act No. 21 of 2008 that issued by the Indonesian Central Bank. However, the Development and Strengthening of the Financial Sector Act No.4 of 2023 have allowed them not to convert themselves into full-fledged Islamic banks with certain conditions. Thus, doing spin-offs will be appealing if it is beneficial for them. However, the benefit of converting a business-unit Islamic bank spin-off into a full-fledged Islamic bank has yet to be entirely evident. This study aims to determine how spin-off affects the stability and financial performance, covering the profitability, efficiency, and liquidity of spin-off business-unit Islamic banks in Indonesia. Using difference-in-difference (DID) analysis, this study examined four spin-off full-fledged Islamic banks as the treatment group and twenty business-unit Islamic banks as the control group from 2005 to 2019. The parameter used are return on equity (ROE), cost-to-income ratio (CIR), financing-to-deposit ratio (FDR), quick ratio (QR), and Z-score. The result indicates that profitability and efficiency are decreasing, while the liquidy kept increasing after the spin-off undertaking. However, the stability has not been found to have evidence of significant differences after spin-off implementation.
DETERMINING OPTIMUM CAPITAL STRUCTURE (CASE STUDY: PT MMS) Hapsari, Rr. Amirah Puspita; Sudrajad, Oktofa Yudha
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 3 (2025): June
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i3.3140

Abstract

This study analyzes the optimal capital structure for PT MMS, a high-precision steel cutting service company using EDM wire technology. From 2019 to 2024, the company operated without long-term debt, reflecting a conservative but potentially underleveraged position. Using a descriptive quantitative approach with embedded mixed methods, data were gathered from financial reports, customer surveys, and internal interviews. The analysis covered financial performance (profitability, liquidity, activity) and organizational environment (PESTEL, Porter's Five Forces, SWOT). Capital structure optimization was conducted through WACC simulations, with the cost of equity estimated via CAPM and cost of debt derived synthetically using the Damodaran approach. Results show that the optimal capital structure is 25% debt and 75% equity, achieving the lowest projected WACC of 10.105% in 2025, compared to 11.05% under a 100% equity scenario. A high Interest Coverage Ratio (ICR) of 19.21 further supports the firm’s capacity to adopt debt financing. However, since the firm’s ROC and ROE remain below its capital costs, moderate leverage should only be implemented once project returns improve to ensure value creation.
ANALYSIS OF MARGIN, ASSET TURNOVER, AND FINANCIAL LEVERAGE ON PROFITABILITY OF AN AGRICULTURE COMPANY Alhania Farahanny Sofyan; Oktofa Yudha Sudrajad; Erman Arif Sumirat
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 2 (2025): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i2.2607

Abstract

The agricultural industry plays a crucial role in Indonesia’s economy, contributing to both economic growth and food security. This research determines the effect of margin, asset turnover, and financial leverage on the profitability of PT. Japfa Comfeed Indonesia from 2015 to 2024 period. PT. Japfa Comfeed Indonesia is a leading agri-food company in Indonesia. Profitability in this research is measured using Return on Equity. This research employs explanatory research with a quantitative approach. Data analysis is conducted using the Multiple Linear Regression method, along with F-tests and t-tests, applied through the SPSS version 29 software. The findings indicate that margin, asset turnover, and financial leverage simultaneously have a significant effect on the company’s profitability. Margin has a significant positive effect on profitability, asset turnover has a significant positive effect on profitability, while financial leverage has a negative but not significant effect on profitability.
Financial Improvement Strategy of PT. Wahana Interfood Nusantara Tbk. Using The Cash Waterfall Method Muhammad Hanivan Titunanda; Oktofa Yudha Sudrajad; Erman Arif Sumirat
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 2 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i2.6319

Abstract

This paper examines the financial issues of PT. Wahana Interfood Nusantara Tbk., a manufacturer of cocoa and chocolate goods, and recommends improvements through the Cash Waterfall Method and the \ optimization of their capital structure. As of the third quarter of 2024, the company had a Debt to Equity Ratio of 261% and a negative Interest Coverage Ratio of -0.66, indicating significant financial distress due to excessive debt servicing. This research utilized financial modeling tools such as CAGR forecasting, linear regression, and ARIMA methods, revealing significant shortcomings in cash flow management and recommending a negotiation to debitors of one-year grace period to mitigate severe urgent financial pressures. The Cash Waterfall Method is applied to enhance debt servicing, business viability, and reinvestment, although its application is tempered by its capacity to improve liquidity and recover the company's financial health. The analysis indicates that the unutilized capacity of the newly constructed Sumedang factory, which has an annual production capacity of 20,000 tons, combined with the existing yearly production objective of 6,000 tonnes, is likely to improve the company's overall growth potential. This properly strategized investment necessitates assertive marketing and distribution tactics to facilitate the company's enhancement of net income while concurrently diminishing its need on external financing sources. The study concludes that while the optimal capital structure remains unattainable under current financial distress, a restructured approach focusing on operational recovery and disciplined cash flow management is imperative. Recommendations include leveraging increased production capacity, implementing strategic marketing initiatives, and pursuing shareholder returns once financial stability is restored. This research contributes to understanding the interplay between capital structure, cash flow prioritization, and operational performance in heavily indebted firms, offering actionable insights for practitioners and policymakers in similar contexts.
Determining the Optimal Capital Structure of PT. Krakatau Steel Tbk (Persero) Muhammad Rafif Adiguna; Oktofa Yudha Sudrajad
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 5 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i5.7241

Abstract

Indonesia's steel industry is expected to keep growing, with the country's steel consumption projected to increase from 17.4 million tons in 2023 to 18.3 million tons in 2024, while production is expected to increase from 15.2 million tons to 15.9 million tons. However, PT Krakatau Steel Tbk, or KRAS, is one of the leading players in this sector, with big challenges ahead that it is facing and thus affecting its performance. One of the critical contributory factors is the increased volumes of steel imports, which heighten competition and have led to a significant decline in revenue. This is because the cheaper steel imports, especially those from countries like China, are contributing to putting pressure on prices and further complicating the market status quo for KRAS. This research study seeks to analyze and determine the optimal capital structure for KRAS with a focus on enhancing its financial stability and overall value. In this research author analyse and explore for the solution with external analysis using PESTLE Analysis. Based on secondary data from annual reports and relevant academic literature, the study evaluates the financial performance of KRAS from 2021 to 2023. The results showed a significant revenue decline of 35.68% from 2022 to 2023, mainly influenced by increased import competition and unstable global steel prices. Beyond this, high leverage remains a concern for KRAS, which has liabilities, even though it declined from $3.16 billion in 2021, having reached $2.35 billion as of 2023.
Healthcare Company Valuation (Case Study Of Hospital ABC) Zayetri, Novia; Yudha Sudrajad, Oktofa
Journal of Economics and Business UBS Vol. 12 No. 2 (2023): Regular Issue
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v12i2.152

Abstract

The acquisition company of Ministry Stated-Owned Enterprise (SOE) are a very important issue in Indonesia. Similar to other SOE holdings, the hospital will be grouped and managed by PT Pertamedika IHC, and the acquisition will benefit Hospital ABC, IHC, and all company stakeholders. This study assessing Hospital ABC’s current business environment, determine forecast financial performance and determine Hospital ABC’s Equity valuation. This study analyses the environmental aspects of Hospital ABC, both external and internal, as well as the healthcare sector. Research methodology using both qualitative and qualitative and case study design. This study collects primary data through interview management and from secondary data, author makes projections based on financial statement reports. This study computes valuation using the discounted cash flow method. The results show that the value of Hospital ABC Equity about Rp.330.301 million, 679% higher than Equity in 2021. By calculating value of equity Hospital ABC, management could get additional data from preparation of acquisition process.
Choosing the most suitable sustainability report standard for banking industry: A case study of Bank ABC Chintia Rudiyanto; Oktofa Yudha Sudrajad
Journal of Digital Business and Marketing Vol. 1 No. 2 (2025): August
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jdbm.v1i2.3326

Abstract

Purpose: This study aims to evaluate and prioritize sustainability reporting standards in the banking sector by identifying key criteria influencing their selection, with a particular focus on integrating local regulatory compliance and global best practices. Research Methodology: The research employs a mixed-methods approach, beginning with qualitative interviews with key stakeholders and a literature review to identify relevant criteria. Insights from this phase inform the quantitative analysis using the Analytic Hierarchy Process (AHP). Five sustainability reporting experts from ABC Bank served as respondents, assessing alternative standards based on predetermined criteria derived from both interviews and literature studies. Results: The findings indicate that “integration with financial metrics” and “use of technology” are the most critical criteria in selecting sustainability reporting standards. AHP analysis shows that while POJK 51 meets regulatory requirements, global frameworks such as GRI and SASB offer broader and more investor-oriented disclosures. Combining multiple standards provides a more comprehensive approach, though it demands greater resources and capacity. Conclusion: The study concludes that hybrid adoption of local and global sustainability frameworks enhances reporting credibility, aligns with stakeholder expectations, and strengthens competitive positioning Limitations: The small sample size of five experts from a single bank limits the generalizability of findings. Contribution: This research provides empirical insights into the prioritization of sustainability reporting standards, offering practical guidance for banks and policymakers seeking to enhance ESG transparency and alignment with both domestic regulations and international standards.
ASSESSING FINANCIAL PERFORMANCE AND COMPANY VALUATION WITHIN THE FRAMEWORK OF PT XYZ'S LONG-TERM PLAN Syafiq Ziyad; Oktofa Yudha Sudrajad
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7133

Abstract

This study evaluates the financial performance and determines the fair value of PT XYZ, a state-owned Indonesian coal mining company, within the framework of its Long-Term Corporate Plan (RJPP). In an era of fluctuating coal prices and increasing pressure for energy transition, mining companies face challenges in maintaining profitability while planning for future sustainability. The research aims to assess PT XYZ's financial health from 2021-2023 based on the Decree of the Minister of SOEs No. KEP-100/MBU/2002 and determine its fair value using established valuation methodologies. Using a mixed-method approach, the study analyzes secondary data from financial statements, coal price forecasts, and strategic planning documents. Findings reveal that PT XYZ improved from an AA rating in 2021-2022 to AAA in 2023, despite challenges in inventory management due to transportation constraints. The FCFF valuation across three scenarios, optimistic, moderate, and pessimistic, yielded enterprise values ranging from IDR 27.7-84.4 trillion, with the moderate scenario providing the most realistic assessment at IDR 33 trillion. Relative valuation using PER and PBV metrics further suggests potential undervaluation in moderate and optimistic scenarios. The research concludes that PT XYZ's financial health and valuation are significantly dependent on infrastructure development timelines and the successful implementation of diversification strategies aimed at mitigating long-term coal demand decline. Strategic recommendations emphasize adherence to project execution timelines, alignment of financing strategies, and acceleration of diversification initiatives to maximize long-term value.
Integration of Risk Strategy of PT Bukit Asam, Tbk Subsidiaries Boni Susanto; Oktofa Yudha Sudrajad
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7651

Abstract

Risk management in State-owned enterprise (SOEs) in Indonesia presents difficulties from operational risks to regulatory complexity. SOEs that have subsidiaries, such as PT Bukit Asam Tbk (PTBA) struggle with the effective implementation of structured and comprehensive risk management frameworks. This research aims to identify and propose a precise method for developing a risk strategy (Risk Capacity, Risk Appetite, Risk Tolerance, and Risk Limit) that can be integrated from the SOE holding company to its subsidiaries, and to strengthen the risk management framework's resilience for reliable and efficient implementation. The methodology employing quantitative followed by qualitative approach and stick to Indonesian Ministry of SOEs guidelines (PERMEN BUMN PER-2/MBU/03/2023 and SK-6/DKU.MBU/10/2023). Independent variables influencing the framework include financial metrics (NWC, Retained Earnings, NOPAT), regulatory requirements, and best-practice allocation models (equity-based, profit-based, asset-based). The dependent variable is the successfully integrated and defined risk strategy for the holding and its subsidiaries. Data includes financial reports of subsidiaries of a major Indonesian SOE for the 2019-2023 period, alongside qualitative data from Focus Group Discussions (FGDs) and questionnaires. Results for a representative subsidiary indicate a NOPAT-based Risk Capacity of 102.000 million rupiah, a Risk Appetite of 17% of Risk Capacity, and Risk Tolerance of 18.7%. The equity-based Risk Limit distribution method yielded 2.838 million rupiah, differing from SK-6/DKU.MBU/10/2023 calculations with comparisons with Altman Z-Score.
Financial Feasibility of Small Scale Liquefied Natural Gas Carrier (SSLNGC) Investment: A Capital Budgeting Analysis For PT Bahtera Adhiguna Putera (BAg) Namira Jayarachman, Marsha; Yudha Sudrajad, Oktofa
International Journal of Science, Technology & Management Vol. 7 No. 1 (2026): January 2026
Publisher : Publisher Cv. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46729/ijstm.v7i1.1395

Abstract

Indonesia’s target to achieve net zero emissions by 2060 requires a strategic shift from coal to cleaner energy sources, with Liquefied Natural Gas (LNG) serving as a key transitional fuel. PT Bahtera Adhiguna Putera (BAg), a subsidiary of PT PLN Energi Primer Indonesia (PLN EPI), plays a vital role in energy logistics but currently lacks the fleet capacity to transport LNG. To address this gap, this study evaluates the financial feasibility of investing a Small Scale Liquefied Natural Gas Carriers (SSLNGC) through a capital budgeting approach. The research uses both qualitative and quantitative methods. PESTEL analysis is applied to assess the external environment and operational readiness, while capital budgeting tools such as Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period, and Weighted Average Cost of Capital (WACC) are used to evaluate financial performance. The study tests several financing structure which is using 100% internal cash for Scenario 1 and mixed financing for Scenario 2 which ratio is 20% internal cash and 80% SHL scenario. A sensitivity analysis is also conducted to identify the most critical variables affecting investment outcomes and to measure the project’s financial resilience under different market conditions. The results show that the SSLNGC investment is both technically and financially feasible. The vessel’s capacity is suitable for port depth limitations and LNG demand in the targeted region. Financially, the investment is feasible, and the most optimal financing structure is Scenario 2 because has smaller WACC, higher NPV values, higher IRR compared to the WACC, and a reasonable payback period, confirming the project’s profitability. This also supported by the smaller value in the Scenario 2 sensitivity analysis calculation compared to Scenario 1. To keep the project profitable in the long term, BAg needs to ensure all the financial and operational key variables remain the same as the overall feasibility calculation is highly dependent on those variables.
Co-Authors Adrian Ariatin Ahmad Fajri Prabowo Akhmad Rizal Arifudin Akila Badzlina Putri Alhania Farahanny Sofyan Ana Noveria Anzy Indrashanty Ari Wibowo Astri Budiarti Belgiawan, Prawira Fajarindra Bintang Raihandika, Arya Boni Susanto Chintia Rudiyanto Dedy Cahyadi Elviana R. Simbolon Erman Arif Sumirat Faturohman, Taufik . Fidinilah, Efi Hapsari, Rr. Amirah Puspita Harimukti Wandebori Hasriwan Putra Herawati Herawati Herma Juniati Irawan, Atika Irawati Andriani Isrochmani Murtaqi Kabir, Rezaul Liane Okdinawati Listantari Listantari Maharani, Auryn Khansa Maria Magdalena Marlia Herwening MUHAMAD RIZKI Muhammad Hanivan Titunanda Muhammad Rafif Adiguna Muhammad Reihant Muzadi Namira Jayarachman, Marsha Novia Zayetri Panca, Aqilla Dhianir Rahman Pandumulia Segalapuja Hasayangan Putri, Jessica Amanda Reslyana Dwitasari Reynara Davin Chen Rita Pasaribu Rizki Satriawan Salsabila, Unik Hanifah Subiakto Soekarno Suci Susanti Sugiyanto Sugiyanto Sushandoyo, Dedy Syafiq Ziyad Tasya Ravida Ayu Padantya Thomas Airlangga Umiyatun hayati Triastuti Wawan Dhewanto Win Akustia Wiranti Wiranti Yessi Gusleni Yos Sunitiyoso yuveline aurora Zayetri, Novia