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All Journal Jurnal Manajemen Teknologi Journal of Business and Management The Indonesian Journal of Business Administration Journal of Economics, Business, & Accountancy Ventura JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS
Achmad Herlanto Anggono
Unknown Affiliation
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Capital Raising Plan to be A National Bank in 2015, Case of Bank BJB Junita, Milda; Anggono, Achmad Herlanto
The Indonesian Journal of Business Administration Vol 3, No 8 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Bank BJB as a regional bank will be directed to upgrade to the 'next level' in order to become a national bank which will be growing continuously with high profitability level ("A Strong Sustainable and Profitable Bank") to get higher assets and earnings, stronger in capital and better in service in 2015. According to the data 31 December 2013, based on the Indonesian Banking Architecture (API), Bank BJB is still categorized as a bank that has regional focus with total capital (Tier I and Tier II) Rp 5.7 trillions and based on multiple license regulation, Bank BJB categorized as bank in Caterory III with Tier I capital Rp 5.6 trillions.To become bank that categorized as National Bank in Category III which has capital (Tier I and Tier II) at least Rp 10 Trillion as stated in Indonesian Banking Architecture (API). Bank BJB needs additional Tier I Capital amount Rp 4.3 trillion so that Bank BJB can get capital Rp 10 trillion by 2015 and meet its target to become National Bank in Category III in 2015. If Bank BJB do not reviset its strategies so that Bank BJB cannot meet its target in 2015. There are four strategies alternative to raise capital. In organic growth strategy Bank BJB can reach capital Rp 10 Trillion in 2018. In reducing dividend payout ratio become 53% Bank BJB can reach capital Rp 10 Trillion in 2017. In right issue proceeds Rp 2.5 Trillion Bank BJB can reach capital Rp 10 Trillion in 2015. In issue bonds Rp 5 Trillion gradually in 2015 and 2015 Bank BJB can reach capital Rp 10 Trillion in 2017. So that right issue is choosen with proceeds Rp 2.5 Trillion.Keywords: Bank Business Plan, Tier I, Tier II, capital raising, source of fund. 
Banking Acquisition Model for Bank BJB(Case Study Acquisition of PD. BPR LPK in West Java) Raisha, Raisha; Anggono, Achmad Herlanto
The Indonesian Journal of Business Administration Vol 1, No 9 (2012)
Publisher : The Indonesian Journal of Business Administration

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To facilitate the credit loans for micro, small, and medium enterprise, the Government of West Java encourage the unification of business between PT. Bank Pembangunan Daerah Jawa Barat dan Banten (BJB) with PD. Bank Perkreditan Rakyat Lembaga Perkreditan Kecamatan (PD. BPR LPK). The Regulation of West Java Province No. 30 0f 2010 stated that BJB should increase their share ownership in PD. BPR LPK to 51%. BJB must do the acquisition of all PD. BPR LPK in West Java. The acquisition is in line with BJB’s plan to expand their bank’s network and credits. The analysis was carried upon twenty-one PD. BPR LPK in Cianjur, Garut, and Subang Regency. Before the acquisition, due diligence is conducted to assess the level of bank soundness. BJB will only acquire PD. BPR LPK that at least have moderately healthy predicate. To determine the acquisition cost, the valuations of company’s asset were done using book value valuation method. There are two scenarios that can be used as an acquisition model. In scenario A, BJB directly acquire all of the twenty-one PD. BPR LPK. In scenario B, each PD. BPR LPK in the same regency first conducting a merger, afterwards BJB will perform the acquisition of all merged PD. BPR LPK. The acquisition cost in scenario B is greater than the acquisition cost in scenario A, but scenario B has more bank networks. Scenario B is chosen with the total cost of acquisition Rp18,184,774,278. Keywords: PD. BPR LPK, acquisition, merger, bank soundness, book value valuation method
Restructuring Strategy of State Owned Municipal Solid Waste Company at PD. Kebersihan Bandung Indonesia 2012 Budiman, Luthfi; Anggono, Achmad Herlanto
The Indonesian Journal of Business Administration Vol 1, No 8 (2012)
Publisher : The Indonesian Journal of Business Administration

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PD. Kebersihan is Bandung Government owned company that responsible for managing municipal solid waste in Bandung. The purposes of PD.Kebersihan as a state owned company is expected to do municipal solid waste management service and can support the local government revenue. The identification analysis has found that the problems in PD.Kebersihan are from financial, operational, and organizational activity. This identification has also shown that the company is not surviving recently, but the material support and non-material support such as guarantee and financial subsidized that given by the local government has save this company. The company’s problems can be solved by using the turnaround strategy, which mean that the restructuring would be imposed through the operational, organizational, and financial changes by using several methods such as management review, activity based costing, and TOWS matrix. The restructuring process will take one-year program. The process are consists of changes in retribution tariff and billing system, cutting ineffective employees, rescheduling in international loan debt, adding new technology, adding new sources of income, changing the subsidized income to become the public service income, creating the business process and business model mapping and creating the value proposition to enhance employees performance, motivation, and discipline. Cost of restructuring will take Rp. 43,355,200,000, - and will be projected in three scenarios such as worse scenario, most likely scenario, and optimistic scenario. The returned value is calculated based on several methods such as NPV, IRR, and MIRR. This methods are planning to have a value return in projection at sequences (Rp. 20,866,154,012 - Rp. 112,689,078,895), (24% - 91%) and (23% - 71%). The payback period will be planned at 1.6-2.7 years. The restructuring results will also be planned to raise revenue for 17% CAGR, lowering operational cost for 2% CAGR and raising employee’s prosperity for 32% in 5 years projection. The value of risk in restructuring program is calculated by comparing the sum of money that government should to pay in case of subsidized or public service payment in 5 years (2012-2016). The risk has been analyzed in case the program is not running well. The cost of risk for this program is 9.89% of the 5 years government subsidized projection. If the restructuring program applied and become success then the government of Bandung will gain benefit for reducing the public service payment for 44.3% of the 5 years government subsidized projection. Company valuation is based on the 5 years projection (2012-2016). The future value in 2016 is predicted to be Rp.438,497,803,914, and the present value in 2012 is predicted to be Rp.244,252,233,875. Company valuation is aimed for gaining more capital from public if the government decided to make this company go public.   Keyword: Municipal Solid Waste Management, Public Service, financial, operational, organizational, government, cleanliness, restructuring, retribution, subsidized, scenario, risk.
Resolving Accomodation Deficit at PT. Freeport Indonesia an Analysis Approach Using NPV Calculation Pasaribu, Franky; Anggono, Achmad Herlanto
The Indonesian Journal of Business Administration Vol 1, No 7 (2012)
Publisher : The Indonesian Journal of Business Administration

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PT Freeport Indonesia, which operates since 1972 succeeded in maintaining the sustainability of the company to date with ongoing exploration activities to increase proven mine reserve deposit.Discovery of the Grasberg open pit in 1988 made the PT Freeport Indonesia as one of the important players in the world of mining industry the proven copper is one of the largest in the world. PT Freeport is not going to stop at the Grasberg mine alone, therefore in 2004 Big Gossan underground mine was developed in 2008 and the underground mine Grasberg Block Cave. Several other mines are also being developed such as  underground mine Deep Mine Level Zone (DMLZ) and Kucing Liar. Development of new mines and increasing production capacity requires a huge investment in terms of finance, technology, and labor. The rapid increase in employment was not followed by the addition of a decent accommodation facilities. PT Freeport Indonesia is currently facing substantial deficits accommodation.Deficit accommodation currently covered by the provision of temporary accommodation that are not habitable for the long term. PT Freeport Indonesia should immediately address the deficit that reached 2,282 units in 2011 and an estimated deficit of 2,193 units by the end 2012.There are three options that can be undertaken by PT Freeport Indonesia to overcome the accommodation deficit: 1)Delaying the expansion of the underground mine so there is no additional labor.2) Move some employees to the Jakarta office by office space leased at Jakarta or to buy and build their own offices.3) Increase the capacity of accommodation in the work area of PTFI, additional accommodation could be gained by building new units or by applying the concept of a limited mining town. Analysis method used is NPV, where the selection will be based on the smalles cost of the investment or the smallest cash outflow. This method is taken because accommodation is not the core business of the company but it is a cost center.Conclusion form NPV calculation, capacity expansion inferred by applying mining town is the best option for PTFI. Keywords: Accommodation deficit, mine expansion, NPV analysis.  
Credit Risk Analysis of Indonesia Nickel Industry from Banking Financing Perspective Setiawati, Linda; Anggono, Achmad Herlanto
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 12 No. 2 (2024): Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis - Desember 2024
Publisher : Politeknik Negeri Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30871/jaemb.v12i2.9038

Abstract

At the beginning of 2023, local banks observed increased demand for loan facilities to finance the purchase of new nickel transportation vessels, such as tugboats and barges. Loan repayments are expected to come from payments made by mining companies to shipping companies, underscoring the urgent need for a comprehensive credit risk analysis of Indonesia's nickel industry. Research found that market risk of nickel is highly influenced by China, the largest buyer, driven by demand from the stainless-steel industry and the rapidly expanding EV industry. Commodity risk analysis shows from 2018 to 2023, nickel prices exhibited annual volatility of 50% (0.50). A stress test indicated that if nickel prices dropped to USD 13,011.50/ton, companies would be unable to meet debt obligations. Financial risk analysis shows in year of 2022 both ANTM and INCO recorded good financial conditions with healthy profit margin and decent financial ratio including CR (above 1.0 times), DER (below 220%), and DSCR (above 1.0 times).
Cryptocurrency Safe Haven Property against Indonesian Stock Market During COVID-19 Gunawan, Mudita; Anggono, Achmad Herlanto
Journal of Economics, Business, and Accountancy Ventura Vol. 24 No. 1 (2021): April - July 2021
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v24i1.2661

Abstract

Safe-haven assets conserve their value or grow against another asset or portfolioduring market turmoil. Indonesian stock market, represented by the Jakarta composite index (JKSE), plunged in price because of COVID-19, pushing investors to look for safe-havens. The cryptocurrency began to be perceived as a store of value as indicated by the transaction volume increase; hence it was expected to be a safe haven asset. However, cryptocurrency’s high price volatility cast doubts on its store of value effectiveness, prompting inspection for its safe haven property as well. This research aimed to predict the assets' risk and return plus investigate whether cryptocurrency is safe haven assets against the Indonesian stock market during COVID- 19. Daily closing prices of JKSE, Bitcoin, Ethereum, Litecoin, and Ripple were used, then the GARCH model was implemented in the forecasting. DCC-GARCH model, followed by dummy variable regression, will be applied to the return data to evaluate the safe haven property. The prediction projected Bitcoin as the most profitable asset andRipple as the riskiest. The analysis and robustness test suggested that none of these cryptocurrencies were safe haven assets during the whole observation. This indicates that investors who intend to seek safe haven investments were advised against investing in these cryptocurrencies.
Co-Authors Adellia Debyane Lontoh Ahmad Faris Arifin Alida Nur Sakinah Fadila Paramitha Fauziyah, Dini Fitriana Dewi Sumaryana Franky Pasaribu Gunawan, Mudita Linda Setiawati, Linda Luthfi Budiman Mahmudi, Ilham Muharam Milda Junita, Milda Mirza Hedismarlina Yuneline Mohammad Rimba Putra Nuviyanti Nuviyanti Panjaitan, Carlo Jeffry Emmanuel Panji Mario Novariandi, Panji Mario Putra, Reynold Adi Putri, Nabila Kesuma Raisha Raisha Ramadhan, Dary Rahmat Ratu Sitti Bashiira Soelaiman Rendy Zefrinardi Shubhi, Muhammad Miftahus Triastiti, Lely William Adriano