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Tjendrasa, Kin
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Project financing evaluation for acquisition of floating storage and offloading facility Priyokusumo, Andhika; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 5, No 2 (2016)
Publisher : The Indonesian Journal of Business Administration

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Abstract - The weakening of Crude Oil price has increasing the demand of Floating Storage and Offloading facility to store the Crude Oil while waiting the price go back increase. The demand also comes from oil producer company PT. Cahaya Pasifik Internasional (CPI), for the usage of floating storage in Corridor block, Bangka, Indonesia. PT. Bahtera Unggul Lestari (BUL), as one of the Indonesian shipping company would like to participate in the Floating Storage and Offloading. But due to negative Net Income and decreasing Retained Earnings in 2014, it is a challenge for BUL to provide the funding to purchase a Suezmax tanker and convert it to be Floating Storage and Offloading facility. Leasing or Bareboat Charter is not an option since the vessel ownership structure should be majority under Indonesian company and vessel are not allowed the have hardware structural change especially for Floating Storage and Offloading conversion. Another financing alternative is by establishing a Special Purpose Vehicle company under project finance method. Under project finance system, the SPV company will responsible for all project requirement, including sourcing the funding. The SPV company has separate legal incorporation and separate project Financial Statement apart from BUL’s corporate management. As Project Sponsor, BUL can only support with low amount equity due to limited working capital, and hence BUL targeting DSCR only 1.26x from average DSCR 1.5x. Using basic assumption with $54mio CAPEX, 92.39% gearing, 9% interest rate and Hire Rate $43,500/day, it resulting evaluation of 1.01x DSCR. Based on scenario planning, the most optimum condition is when the Project Manager able to reduce the CAPEX to be $49mio, and negotiating the interest rate to be 6%. This resulting good result with 1.87x DSCR bigger than target 1.26x, and positive NPV not only for firm and debt holder, but also for equity holder. Second alternative solution is by increasing daily Hire Rate to be $53,474/day, with the risk of losing the tender to other more competitive competitor. Keywords: Floating Storage and Offloading, project finance, Debt Service Coverage Ratio, gearing, scenario planning, hire rate, Special Purpose Vehicle, Suezmax, Bareboat Charter
Nari's strategic alignment in entering indonesia power development project Dong, Lili; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 7, No 3 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract. This paper explores the marketing issues in order to propose a feasible marketing strategy in promoting NARI’s sustainable market development in Indonesia.  In the analyses, SWOT and PESTL are used to identify and analyze the macro and micro environment of NARI’s market opportunity and conducted a comprehensive review on the market environment that may affect NARI’s core business, such that the issues can be clearly identified and recommended solution to resolve the issues can be formulated. The analysis based on the marketing condition of NARI, the marketing model is developed with a systematic mapping tailored to NARI’s brand strategy, product strategy, project strategy, management strategy and development strategy.  The strategy analysis and evaluation suggested NARI to conduct a in depth and comprehensive analysis of Indonesia's electricity power market and grab the business opportunities. In current fierce and quick changing market environment, NARI needs to increase its market share by applying the innovative marketing strategy and build strong brand to meet customer expectation.Key word: Marketing, NARI, PESTL, Strategy, SWOT
Economic Analysis of The Underground Coal Gasification (UCG) in Indonesia Kurnia Hudaya, Gandhi; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 7, No 3 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract. The demand for primary energy, especially electricity in Indonesia is increasing. Indonesia’s economy has been depended on natural resources as the second main contributor of country’s income. Indonesia is still depended on fossil fuels, especially on oil and gas. Indonesia’s consumption of oil have been exceeded its production since year 2004. There is big possibility that Indonesia need to import gas in 2021 due to the supply is not sufficient. It means that Indonesia new reserves is very important to be found either from conventional gas or unconventional gas.  Indonesia not only has oil and gas but also coal which its resources is quite abundant. There is deep seated coal potency with depth >100 meter below surface in Indonesia that has not been exploited yet. Underground Coal Gasification (UCG) is an unconventional technology that can become the solution to exploit the deep seated coal potential. UCG can be applied  for extracting coal into in-situ gas directly in the underground layers without excavation of rock cover and coal seam first. The objective of this paper is to make economic analysis regarding the implementation of underground coal gasification (UCG) technology in Indonesia. Data are collected from literature, expert and pilot plant in South Sumatra.  From the result of the economic analysis, it can be concluded that UCG project is very potential to be developed in Indonesia. The result of economic indicators are that NPV is $27,069,000,-, IRR is 14% and the payback period is 7 years. Sensitivity analysis on UCG project shows that the project is more sensitive to capital expenditure and electricity selling price and less sensitive to drilling cost, corporate tax rate and coal royalty.Keywords : UCG, economic analysis, deep seated coal 
The Effect of Tax Uncertainty, Stock Market Liquidity, Earnings Management on Firm’s Investment Ichsan, Dinul; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 6, No 1 (2017)
Publisher : The Indonesian Journal of Business Administration

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Abstract – Lack of transportation modes in the Papua region causing difficulties for people and entrepreneur in the ordinary course of business. Therefore, it needs the support and participation ofthe government to develop the area. One of these fuel prices are quite high in rural areas of Papua. PT. Pegasus Air Services will participate in the government program for the 'flying tanker' so that the price of fuel can be reduced by 50% and the community in the mountains of Papua can be purchased at an affordable price. Plans for the acquisition of air cargo is one form of program that should be done by the management of PT. Pegasus Air Services in an effort to develop a market along business lines so as to create increased revenue. Management has appointed the manager on duty related to the selection process on which the manufacturer and the type of aircraft is the most effective and efficient. The company has invited representatives of the aircraft manufacturer to be able to submit their proposals. After receiving the documents and all the necessary information, the Managers will further provide advice and recommendations to the management of PT. Pegasus Air Services on which the manufacturer along with the type of aircraft to be acquired and explain why and how the decision been to these manufacturers. Previously, the manager also has set some criteria that will be used to evaluate the plan acquisition of a cargo plane and also perform the weighting of each of these criteria in the decision making process. This final project will explain the process of selecting the cargo aircraft acquisition plans undertaken by PT. Pegasus Air Services. The information contained in this final project will also be usefulfor the parties who have an interest and / or the needs of the decision making process for the procurement of cargo planes in their company.Keywords: Acquisition Plan, PT. Pegasus Air Services, Cessna Caravan, Quest Kodiak, Decision Making Process
Development strategy to optimize the economic return of a marginal oil field: a case study of pt. Drilling sentosa Andria Putra, Aditia; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract – PT. Drilling Sentosa, an independent upstream oil and gas company, currently faces a challenge whether the development of X Field will increase the company values and survive under low oil price environment. The objective of this paper is to evaluate risk and economic value of the field and propose development strategy to optimize the economic return of the project. Business issues are analyzed using PESTEL analysis, Porter’s 5 Forces and SWOT analysis. Economic and risk evaluation are performed using deterministic discounted cash flow analysis, sensitivity analysis and monte carlo simulation. Monte carlo simulation is conducted using four uncertain input variables: oil price, production forecast, CAPEX and OPEX. Oil price and production is modeled using stochastic process of mean-reversion model and log normal distribution, respectively. While beta distribution is selected to represent the uncertainty of CAPEX and OPEX. The development strategy is proposed based on the optimum project timing that yields higher economic return. Based on DCF, the field should be abandoned at the economic limit in the eighth year. Based on the development scenario, the project is recommended to be accepted with the Net Present Value of MMUSD 4.39, Internal Rate of Return of 30% and Pay Out Time 36 months. And the maximum loss over a project life at confidence level 95% is MMUSD 7.74.Keywords: discounted cash flow analysis, marginal oil field, monte carlo simulation, sensitivity analysis
Risk Based in Lieu of Time Based Inspection to Improve Cost Effectiveness for Offsahore Platform in Indonesia Oil and Gas Industry Gumilang, Fentarie; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 6, No 2 (2017)
Publisher : The Indonesian Journal of Business Administration

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Abstract- This paper addresses to provides an overview of offshore platform inspections in Indonesia that were previously using time-based to be replaced with risk-based inspections. By Indonesian regulation every platform should be inspected at a time based inspection interval. There are three levels of inspection that were determined by the Indonesian authority, namely minor, major, and complete inspections. Before the risk based method was implemented, the scope and the interval of these inspections were determined by the Indonesian authority by using a time-based approach, with a cycle of 1-year, 2-year, and 4-year for the minor, major, and complete inspection respectively. As underwater inspections are very costly, the risk based underwater inspection (RBUI) analysis is performed to obtain the most efficiency way of carrying out the inspections. Risk based inspection use a mix of qualitative and quantitative analyses. A qualitative analysis is used in the consequences of failure (CoF) factor calculation, and a quantitative analysis is used in the probability of failure (PoF) calculation both of them are used to determine the risk of the platform. The decision making strategy are based on the comparison between time based inspection and risk based inspection from the cost of inspection point of views. The net present value was used to compare between time based inspection cost and risk based underwater inspection cost. Based on the analysis, the cost reduction for a platform on average would reduce by half of the amount projected cost of inspection by implementing the risk based underwater inspection. SWOT analysis and SWOT matrix are used to determine what strategic needs to be done by Indonesian government in implementing risk based inspection to any offshore platform in Indonesia. One of the things that need to be done is to make a regulation as the legal basis for implementing the risk based underwater inspection in Indonesia.Keywords: offshore platform, time based inspection, risk based inspection, net present value, SWOT analysis.
Project evaluation of low-price housing development to support government program one milion house Kusuma, Bryan; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract – House backlog become government concern since 2010 until now, by creating program called one million houses program, giving opportunity for the citizen who really need the house but cannot afford it. Government program support all the party involved: banks, developers, contractors, and citizens. Problem that identify is on land price that increase nevery year making higher cost of development and time value of money that might have an impact on cash flow. Product positioning analysis using Porter’s five forces and strategy diamond and capital budgeting method using Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Payback Period (PBP) and Weighted Average Cost of Capital (WACC) method. Using 3 scenario case of different period shows that the highest investment return compares to discount rate of 11.28%, gain from selling all units in 1 year that on best scenario, shows IRR of 30%, NPV of IDR 2,678 million and Discounted PBP of 14 months. The conclusion shows project is feasible with positive cash flow, land permit become simplify and fast progress to complete, and government program provide tax incentive of 1%. Recommendation on Infrastructure, facility, and utilities support development can improve with electronic system management. Alternative suggestion to decrease construction interest rate.  Keywords: backlog, capital budget, government program, return of investment Abstract[B1]  – House backlog become government concern since 2010 until now, by creating program called one million houses program, giving opportunity for the citizen who really need the house but cannot afford it. Government program support all the party involved: banks, developers, contractors, and citizens. Problem that identify is on land price that increase nevery year making higher cost of development and time value of money that might have an impact on cash flow. Product positioning analysis using Porter’s five forces and strategy diamond and capital budgeting method using Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Payback Period (PBP) and Weighted Average Cost of Capital (WACC) method. Using 3 scenario case of different period shows that the highest investment return compares to discount rate of 11.28%, gain from selling all units in 1 year that on best scenario, shows IRR of 30%, NPV of IDR 2,678 million and Discounted PBP of 14 months. The conclusion shows project is feasible with positive cash flow, land permit become simplify and fast progress to complete, and government program provide tax incentive of 1%. Recommendation on Infrastructure, facility, and utilities support development can improve with electronic system management. Alternative suggestion to decrease construction interest rate.Keywords:backlog, capital budget, government program, return of investment [B1]Revised on Abstract following the change from Final Project
The solo ngawi toll road investment evaluation and risk assessment Fachriansyah, M. Fadhil; Tjendrasa, Kin
The Indonesian Journal of Business Administration Vol 5, No 1 (2016)
Publisher : The Indonesian Journal of Business Administration

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Abstract - The toll road is required by government to support the economic growth. In the implementation, the toll road uses one of the strategies through the Build-Operate-Transfer (BOT) Public – Private-Partnership (PPP) scheme to attract the private sector. The financial feasibility in the toll road project mostly are influenced by traffic, tariff, and construction. Those three elements and the other factors affect the project financing outcome for the 35 years concession period. In this research, the financial feasibility will be analyzed based on the loan tenor for project fund (10 years and 15 years) and the construction schedule (2 years and 2.5 years). The analysis outcome of the third alternative of loan tenor 15 years and construction schedule 2 years is more attractive than other alternatives. The investment parameter express the positive NPV value for IDR 184,028 (in million) and the IRR value more than WACC value (19.20% > 17.58%). The other financial analysis also express that the third alternative has better output such as debt to equity ratio (DER) value is 1.33 which is lowest than others; and operating profit margin is 0.75, higher than the other alternatives.  Keywords: BOT-PPP scheme, investment evaluation, loan tenor, construction schedule, risk assessment.
Co-Authors Andria Putra, Aditia Dong, Lili Fachriansyah, M. Fadhil Gumilang, Fentarie Ichsan, Dinul Kurnia Hudaya, Gandhi Kusuma, Bryan Priyokusumo, Andhika