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All Journal Journal of Business and Management Journal of Regional and City Planning Journal of Accounting and Investment Jurnal Manajemen Indonesia Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) Sebatik Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan International Journal of Supply Chain Management EQIEN - JURNAL EKONOMI DAN BISNIS IJIES (International Journal of Innovation in Enterprise System) Journal of Islamic Monetary Economics and Finance Jurnal Ilmu Sosial Politik dan Humaniora (Jisora) JAF- Journal of Accounting and Finance JATI EMAS (Jurnal Aplikasi Teknik dan Pengabdian Masyarakat) Dynamic Management Journal Indonesian Journal of Sport Management International Journal of Social Service and Research Journal Of World Science Jurnal Manajemen dan Kewirausahaan Literacy : International Scientific Journals of Social, Education, Humanities Journal Research of Social Science, Economics, and Management Cerdika: Jurnal Ilmiah Indonesia Journal Integration of Social Studies and Business Development Jurnal Akuntansi, Manajemen, dan Perencanaan Kebijakan Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Journal Integration of Management Studies Widya Cipta : Jurnal Sekretari dan Manajemen
Raden Aswin Rahadi
Institut Teknologi Bandung
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Transportation Other

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The Accuracy of Relative Valuation Methods in Predicting the Offer Price of Indonesian IPO Stocks Ravenza, Rafi; Raden Aswin Rahadi
Journal Integration of Social Studies and Business Development Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v2i2.237

Abstract

The increasing Initial Public Offerings (IPO) trend in Indonesia has created many investment opportunities for institutional and retail investors. However, multiple valuation methods often result in varying IPO price predictions, leading to uncertainty and confusion among investors. This study aims to assess the effectiveness of relative valuation methods in predicting IPO offer prices, focusing on widely adopted methods due to their simplicity and accessibility. The research evaluates three popular relative valuation metrics: the price-to-book (P/B) ratio, the price-to-earnings (P/E) ratio, and the price-to-sales (P/S) ratio. By analyzing companies that went public in Indonesia in 2023 and utilizing average financial ratios from the preceding year, the study seeks to determine which method provides the most accurate price predictions. The findings indicate that the P/B ratio is the most reliable method, achieving an average absolute error of 51.1%. This suggests that the P/B method minimizes valuation errors more effectively than P/E and P/S ratios. Moreover, regression models' P/B ratio demonstrates the highest adjusted R² value of 0.781, further validating its predictive accuracy. The implications of this study are significant for investors and financial analysts who rely on relative valuation methods to make informed decisions about IPO investments. By highlighting the P/B ratio's superior performance in predicting IPO offer prices, this research contributes to the ongoing discourse on valuation methodologies and their practical application in emerging markets like Indonesia.
ANALYZING FINANCIAL RATIOS' IMPACT ON STOCKS RETURNS: CASE STUDY OF LQ45 INDEX 2014-2023 Adhyma, Irsyad Vawzan; Rahadi, Raden Aswin
International Journal of Social Service and Research Vol. 4 No. 8 (2024): International Journal of Social Service and Research
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v4i8.887

Abstract

This study examines the correlation between fundamental financial metrics and stock returns of Indonesia's LQ45 Index over a 10-year period (2014-2023). The study aims to provide actionable insights for investors and companies by identifying the most critical financial metrics in predicting stock price movements. By analyzing data from 16 consistently listed Indonesian companies, the study focuses on stocks that have consistently maintained their position in the index over the past decade, a gap that has been underexplored in prior research. The study employs various statistical tests to validate the regression model, with hypothesis testing conducted through t-test and F-tests to determine the significance of financial ratios on stock returns. The analysis shows that Return on Equity, Price to Earnings Ratio (PER), Price to Book Value (PBV), Free Cash Flow per Share to Price (PFCF), and Dividend Payout Rate (DPR) have a significant positive effect on stock return. The research recommends that retail investors prioritize the PFCF ratio when evaluating potential stock investments. Transparency in financial reporting is essential, with companies encouraged to provide accurate and comprehensive financial statements, including clear reporting of key financial metrics, to build investor confidence.
Review of Asset Management Practice in Indonesian State-Owned Enterprise Rahadi, Raden Aswin; Indrayana, Gun Gun; Afgani, Kurnia Fajar; Darmansyah, Asep; Anggoro, Yudo; Halim, Robbyson; Fitrianda, Saldy; Purbayati, Radia; Astari, Airen Widhia; Ayudiatri, Safira
Journal Integration of Management Studies Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i1.138

Abstract

This study examines Indonesian State-Owned Enterprises (SOEs) asset management methods, problems, and financial and operational performance effects. The report synthesizes case studies and academic research on how large organizations manage their huge and diverse asset portfolios and how governance, regulatory frameworks, and human resource practices affect their effectiveness. The research begins with case studies of talent management innovations from big Indonesian SOEs. These cases show how proactive human resource approaches can boost company commitment and reduce turnover, improving asset management efficiency. According to the research, governance and legal frameworks influence asset management techniques. Studies show that corporate governance quality affects SOE operational performance. The paper explores how reforms and legislation affect state asset management, highlighting the major changes in SOE governance and legal frameworks, particularly after economic and political reforms. Asset management difficulties for Indonesian SOEs include managing large and diverse asset portfolios, integrating modern management frameworks, and optimizing state asset revenue. According to the study, comprehensive asset management systems, governance transparency, and professional management can address these difficulties. The research examines how asset management strategies affect Indonesian SOE profitability, corporate governance, and performance measures. Strategic asset management boosts financial performance, especially profitability. SOE profitability is greatly affected by current asset and liability management. The study offers advice to Indonesian SOEs and policymakers. Enhancing financial and operational performance requires comprehensive asset management, governance changes, and strategic innovation. These efforts boost Indonesia's economy, demonstrating the importance of asset management in SOE performance.
INVESTMENT DECISION OF BIOMEDICAL IMPLANT PRODUCTION UNDER UNCERTAINTY CONDITION: A MONTECARLO SIMULATION APPROACH Setiawan, Suganta Handaru; Sumirat, Erman; Rahadi, Raden Aswin
Dynamic Management Journal Vol 8, No 1 (2024): January
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i1.10588

Abstract

PT. Langit Biru make investment project plan in biomedical implant production to grab the attractive market potential of biomedical implant and to diversify the business footprint in medical segment. Investment decision is made by considering the impacts of discrete risks using scenario analysis, and montecarlo simulations analysis for exploring the consequences of continuous risk to the project NPV.Based on the analysis, the project is feasible and exhibits a relatively low risk  under discrete and continuous risk where based on scenario analysis  NPV in worst case scenario is positive with value USD 433.621 (93% lower than the base case ) and montecarlo simulation expose that the project has 100% probability of positive NPV from 1000 simulation with NPV mean USD 6.224.042 that very close to the base NPV  USD 6.252.653 (-0,46% lower).  
SPATIAL AND ECONOMIC ANALYSIS OF POTENTIAL AGRICULTURAL LAND AND ITS INFLUENCE ON THE RUPIAH EXCHANGE RATE AGAINST USD: A LITERATURE REVIEW Nikma Fista Safrina; Raden Aswin Rahadi
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 2 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v8i3.14590

Abstract

The food crisis has become a global issue for countries. According to Law No.18/2012, rice is an important commodity that must be maintained to ensure food availability for consumption fulfilment. Rice trade performance analysis, Indonesia’s Import Dependency Ratio remained within acceptable limits but increased significantly beyond the 2% threshold, reaching 8.14 by 2023. Regarding Indonesia’s economic goals of being a developed country, Mr. Prabowo initiated the Astacita program, the presidential mission aiming to strengthen national security and promote self-reliance in food, energy, water, creative, green, and blue economies. The potential of successful national or world food estate is the stability of rupiah depreciation against USD. The Indonesian government’s initial food estate was started a long time ago. The last program is the Food Estate Program, which expands agricultural land and enhances productivity. However, past projects—such as the Central Kalimantan Food Estate—struggled with suitability issues. Under President Prabowo’s astacita Initiative, the administration has targeted developing 1 million hectares of new rice fields annually from 2025 to 2029, to reduce import dependence and strengthen national food security. This study finds that spatial analysis and economic modelling could assess agricultural land suitability for rice cultivation and its potential impact on the trade balance. Through a structured literature review, this research integrates insights from historical trade performance, economic elasticity models, and geospatial methodologies to identify recommendations for food estate locations. The findings link exchange rates and export performance, showing a relation between depreciating Rupiah, which can improve rice export competitiveness while raising concerns about trade imbalances and rising costs for agricultural inputs. If the national food estate program is successful, how much will the specific region produce a commodity for export, and how it will affect the Rupiah appreciation should be further explored. Future research should further explore trade elasticity dynamics, regional agricultural comparisons, and the broader economic implications of food estate expansion to refine national agricultural and financial policies.
Bitcoin Adoption as a Financial Strategy to Maximize Market Capitalization for PT. Digi Nusa Indonesia Muhammad Reza Priansyah; Raden Aswin Rahadi
LITERACY : International Scientific Journals of Social, Education, Humanities Vol. 4 No. 2 (2025): August : International Scientific Journals of Social, Education, Humanities
Publisher : Badan Penerbit STIEPARI Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56910/literacy.v4i2.2374

Abstract

PT. Digi Nusa Indonesia, a pseudonym for a State-Owned Enterprise in Indonesia, faces challenges in increasing its market capitalization beyond IDR Rp250 trillion due to macroeconomic challenges like a strong US dollar and high interest rates. With mostly foreign investors, it faces currency risks and relies on conventional hedging instruments, highlighting the need for innovative strategies. Bitcoin adoption offers a promising alternative, as shown by companies like Strategy and Metaplanet that used it to protect against inflation and currency risk, boosting market capitalization. This research analyzes Bitcoin's potential for PT. Digi Nusa Indonesia, regulatory challenges, and recommends the Hybrid Approach combining Lump Sum and Dollar-Cost Averaging, identified via FAHP-TOPSIS analysis. Regulatory reviews cover OJK POJK No. 27/2024 and Ministry of Finance No. 68/PMK.03/2022. The study presents a practical, compliant framework for integrating Bitcoin into corporate strategy, offering a model for firms aiming to enhance valuation and navigate complex regulations through innovative digital asset use.
Financial Performance and Valuation Analysis of Diversification Company in Indonesia Case Study: PT. Harum Energy Tbk (HRUM) Danyaa Allya Salsabilla; Raden Aswin Rahadi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6330

Abstract

The planned termination of coal-fired power plants (PLTU) and the ongoing energy transition are set to significantly reshape Indonesia's energy sector. This shift is expected to lead to a marked decrease in coal demand. In response to these changes, several coal companies in Indonesia are diversifying their operations into green energy enterprises. The Indonesian government has introduced various incentive packages designed to promote the construction of nickel smelters and processing facilities. PT Harum Energy, a company that focused on coal but has significantly expanded its operations by acquiring nickel mines and smelters. Despite the promising prospects of nickel, HRUM faced a dramatic 99% decline this year. Apart from that, HRUM's share price has exhibited considerable volatility since the diversification began. The objective of this study is analyze financial performance during diversification and evaluate the intrinsic value of HRUM to give recommendation to the investors in making decisions in the current market. The methods utilized are secondary data by looking at historical data for the last 5 years through the 2019-2023. The author applies the DCF-FCFF method to determine the intrinsic value, which is calculated at IDR 570. With the current market price of IDR 1,130, the stock is perceived to be overvalued as its market price exceeds its intrinsic value. Further analysis is also carried out using relative valuation, which the P/E ratio, P/B ratio, and EV/EBITDA ratio is overvalued compared to the industry average. Therefore, the author does not recommend prospective investors to buy shares at this time.
From Leaf to Extract: A Cost-Benefit and Input-Output Assessment of Kratom Down streaming in Indonesia Sandy Akbar Nusantara; Raden Aswin Rahadi
Journal Research of Social Science, Economics, and Management Vol. 5 No. 12 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i12.1529

Abstract

Indonesia is one of the world's largest producers of kratom (Mitragyna speciosa), yet it captures only a small share of the value generated along the global kratom value chain. The enactment of Permendag 20/2024 and 21/2024 in October 2024, which prohibits raw kratom leaf exports and mandates processed-form exports, has created both an obligation and an opportunity to move downstream into high-purity extraction. This study assesses the financial feasibility and macroeconomic impact of producing fifty-percent mitragynine extract at a commercial scale of one hundred kilograms per month, using the case of PT MIT as the unit of analysis. An integrated framework combining a firm-level Cost-Benefit Analysis with an Input-Output Analysis is applied, grounded in validated pilot operational data and the 2020 Indonesian Input-Output Table. Three scenarios distinguished by capacity utilization of seventy-five, eighty-five, and ninety-three percent are evaluated at a fifteen-percent discount rate. The financial results indicate strong viability: the base case yields a net present value of Rp 11.80 billion, an internal rate of return of 37.59 percent, a profitability index of 2.31, and a discounted payback of 4.88 years. The macroeconomic results show that the pharmaceutical sector to which kratom extraction is mapped functions as a strong demand-pull sector, generating total economy-wide output of Rp 48.37 billion, supporting around ninety-three jobs, and contributing foreign exchange of USD 1.53 million per year. The study demonstrates that domestic down streaming aligns private profitability with national economic benefit.
Data Privacy Risk Governance in Hospital Management Information System: A Proposed Framework for Hospital in Padang Muhammad Galing Ganesworo; Raden Aswin Rahadi
Widya Cipta: Jurnal Sekretari dan Manajemen Vol. 9 No. 2 (2025): September
Publisher : Universitas Bina Sarana Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/widyacipta.v9i2.11524

Abstract

The implementation of Hospital Management Information Systems (SIMRS) in Indonesia, mandated by the Ministry of Health, reflects the country's digital transformation in healthcare particularly in managing electronic medical records (EMRs), operational efficiency, and patient data security. This study aims to develop a privacy risk governance framework by integrating three key references: COSO Enterprise Risk Management (ERM) 2017, ISO/IEC 27701:2019, and Indonesia’s Personal Data Protection (PDP) Law No. 27/2022. Employing a qualitative case study approach, data were collected through in-depth interviews with five key stakeholders and analyzed thematically. Five major themes emerged: (1) Governance and Leadership in Privacy Risk, (2) Privacy Risk Identification and Assessment, (3) Privacy Controls and Operational Safeguards, (4) Monitoring and Incident Management, and (5) Legal and Regulatory Compliance. The study identified fragmented privacy practices, weak governance structures, and limited awareness of privacy obligations. To address these gaps, a phased improvement plan is proposed—starting with the appointment of a Data Protection Officer (DPO), the development of privacy-related standard operating procedures (SOPs), and the implementation of privacy impact assessments. These steps are designed to improve digital maturity and regulatory alignment. The proposed governance model is adaptable and scalable for other hospitals in Indonesia facing similar challenges. Ultimately, this framework contributes to enhancing patient safety, ensuring data protection, and supporting a sustainable digital health transformation. 
Business Strategy Through Acquisition By Developing Selection Process Model on Target Company (Case Study PT Sincerity Investama Abadi, Jakarta, Indonesia) Reyhan Devtyan Muhammad; Raden Aswin Rahadi; Uke Marius Siahaan
Cerdika: Jurnal Ilmiah Indonesia Vol. 5 No. 10 (2025): Cerdika: Jurnal Ilmiah Indonesia
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/cerdika.v5i10.2701

Abstract

This study develops a comprehensive selection model framework for acquiring target companies, with a specific focus on PT Sincerity Investama Abadi in Jakarta, Indonesia. The research integrates quantitative valuation methods, including Discounted Cash Flow (DCF) and the Adjusted Net Asset Method (ANAM), with financial ratio analysis to support strategic acquisition decisions. Through the systematic evaluation of five SME candidates using a weighted scoring model, the study identifies the most viable investment opportunities based on financial performance, management readiness, and strategic fit. The findings demonstrate that PT Multindo Cipta Kreasi emerges as the primary acquisition target, with a combined valuation of IDR 2.48 billion and a projected IRR of 15.69%, followed by Omen Futsal as a secondary diversification option. The proposed framework provides private equity and investment firms with a practical tool for optimizing acquisition choices, mitigating risks, and enhancing value creation. The study offers strategic implementation recommendations to improve the selection process and support sustainable investment decisions in the SME sector.
Co-Authors Adam Aliya Silmi Ade Iusticia Putra Adhyma, Irsyad Vawzan Afgani, Kurnia Fajar Afti Insani Nurmahmudiyah Alexius Reinaldo Hartadi Budiman Alfita Puspa Handayani Andri Kusbiantoro Ang Dung Do Anggoro, Yudo Annisa Rahmani Qastharin Annisa Ratna Nurillah Aqila Ayu Prasetyaningrum Asep Bagja Nugraha Asep Darmansyah Astari, Airen Widhia Augusta Adha Aulia Dwi Ikhwan Ayudiatri, Safira Bagus Aditya Nugraha Belgiawan, Prawira Fajarindra Budiman, Bentang Arief Colin Gan Cheong Kiat Colin Gan Cheong Kiat, Dr. Danyaa Allya Salsabilla Davin H. E. Setiamarga Dayuwati, Galia Surya Dematria Pringgabayu Desy Kharohmayani Eko Susanto Erman Sumirat Erman Sumirat Ertanto Vetra Fitria Rahayu Khaerani Fitrianda, Saldy Gabriella, Milka Halim, Robbyson Hari Purnama Harris Kristianto Yondi Husna Nugrahapraja Ima Mulyama Zainuddin Indrayana, Gun Gun Irawan, Atika Irshad Adriatama Irwanda Laory Iwan Nurfahrudin Januarti Jaya Ekaputri Johan Anindito Indriawan Lazuardi Kitri, Mandra Lincoln Ramadhani Parmonangan Maria Dellarosawati Idawicaksakti Masango Matimura Masango Matimura, Mr. Mayangsari, Lidia Mega Fitriani Adiwarna Prawira Monica Dianrosawati Itaratnasari Muhammad Abdur Rasyid Muhammad Arief Waliyuddin Muhammad Galing Ganesworo Muhammad Naufal Syafrun Muhammad Reza Priansyah Muhammad Rizatha Muhammad, Zikri Nasrul Syahruddin Natas Setiabudhi Daryono Putra Natas Setiabudhi Daryono Putra Nikma Fista Safrina Nita, Arfenia Octaviani Ratnasari Santoso Poeti Ria Purbayati, Radia Putri Pradana, Dian Rahmatsyah Putranto, Nur Arief Ravenza, Rafi Reyhan Devtyan Muhammad Reza Ashari Nasution Rindia Maharani Putri Rivary Finan Hernawan Rivary Finan Hernawan Salma Fadhilah Widityani Sandy Akbar Nusantara Saza Taupiq Ahmad Septyandi, Chandra Budhi Setiawan, Suganta Handaru Shanaya Ratu Shafira Sri Aswin Suryani Subiakto Sukarno Sudarso Kaderi Wiryono Suganta Handaru Setiawan Syifaa Novianti Taufik Faturohman Uke Marius Siahaan Wervyan Shalannanda Yulianti Yulianti Yunieta Anny Nainggolan, Yunieta Anny