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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 Journal Integration of Social Studies and Business Development Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Journal Integration of Management Studies
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.
Evaluating the Socio-Economic Effects of Fly Ash and Agricultural Waste on the Construction Sector Laory, Irwanda; Ekaputri, Januarti Jaya; Kusbiantoro, Andri; Rahadi, Raden Aswin; Setiamarga, Davin H. E.; Adha, Augusta; Afgani, Kurnia Fajar
Journal Integration of Management Studies Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i2.232

Abstract

The building industry significantly impacts environmental degradation due to its reliance on conventional materials such as cement and concrete, which are associated with high carbon emissions and substantial energy consumption. This study explores the socio-economic impacts of substituting fly ash and agricultural waste for traditional construction materials. A comprehensive review of 50 peer-reviewed papers, industry reports, and online sources reveals that these alternative materials offer considerable benefits. Cost savings average between 15% and 20%, driven by reduced material costs and lower disposal requirements. Environmentally, using fly ash and agricultural waste significantly reduces greenhouse gas emissions, with fly ash cutting emissions by approximately 25% and agricultural waste by about 20%, primarily due to decreased energy consumption. Furthermore, technical assessments show that these materials enhance the strength and durability of concrete, meeting or exceeding conventional standards. The study also highlights broader socio-economic advantages, including support for rural economies through new markets for agricultural by-products and job creation in recycling and construction sectors. These findings suggest integrating fly ash and agricultural waste into construction practices can positively impact economic growth and environmental sustainability. However, the study acknowledges limitations such as reliance on secondary data and potential geographic biases. Future research should prioritize original data collection, long-term performance assessments, and investigation of regional material-use variations. This study underscores the practical and environmental benefits of incorporating these sustainable materials, contributing to a more eco-friendly construction industry.
Charting the Future of K-Pop: Navigating Globalization, Technological Innovations, and Cultural Dynamics in the Next Five Years Rahadi, Raden Aswin; Hardjakaprabon, Raden Bayuningrat; Raihani, Atika Fatka; Putri, Alya Indira; Afgani, Kurnia Fajar
Journal Integration of Management Studies Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i2.255

Abstract

This research explores the future trends of K-pop by analyzing the genre's trajectory in the context of globalization, technological innovations, cultural dynamics, and sustainability. The study provides a comprehensive understanding of the factors influencing K-pop's global expansion and the implications for various stakeholders, including music industry professionals, cultural analysts, and scholars of global pop culture. Through a descriptive and analytical research design, utilizing secondary data from existing literature, online resources, and industry reports, the study identifies key themes such as cultural hybridization, technological advancements, fan engagement, and ethical practices. The findings reveal that K-pop's success is driven by its ability to blend diverse cultural elements, leverage digital platforms and VR/AR technologies, foster participatory fan culture, and adopt sustainable practices. These insights offer theoretical, managerial, and practical implications for the future of the K-pop industry, highlighting the need for an integrative approach to understanding its global impact and sustainability.
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.
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.
Co-Authors Adam Aliya Silmi Ade Iusticia Putra Adha, Augusta Adhyma, Irsyad Vawzan Afgani, Kurnia Fajar Afti Insani Nurmahmudiyah Alexius Reinaldo Hartadi Budiman Alfita Puspa Handayani Ang Dung Do Anggoro, Yudo Annisa Rahmani Qastharin Annisa Ratna Nurillah Anny Nainggolan, Yunieta Aqila Ayu Prasetyaningrum Asep Bagja Nugraha Asep Darmansyah Astari, Airen Widhia Atika Irawan Aulia Dwi Ikhwan Ayudiatri, Safira Bagus Aditya Nugraha Belgiawan, Prawira Fajarindra Bentang Arief Budiman Colin Gan Cheong Kiat Colin Gan Cheong Kiat, Dr. Danyaa Allya Salsabilla Dayuwati, Galia Surya Dematria Pringgabayu Desy Kharohmayani Eko Susanto Erman Sumirat Erman Sumirat Ertanto Vetra Fitria Rahayu Khaerani Fitrianda, Saldy Gabriella, Milka Halim, Robbyson Hardjakaprabon, Raden Bayuningrat Hari Purnama Harris Kristianto Yondi Husna Nugrahapraja Ima Mulyama Zainuddin Indrayana, Gun Gun Irshad Adriatama Iwan Nurfahrudin Januarti Jaya Ekaputri Johan Anindito Indriawan Kurnia Fajar Afgani Kurnia Fajar Afgani Kusbiantoro, Andri Laory, Irwanda Lazuardi Kitri, Mandra Lidia Mayangsari Lincoln Ramadhani Parmonangan Maria Dellarosawati Idawicaksakti Masango Matimura Masango Matimura, Mr. Mega Fitriani Adiwarna Prawira Monica Dianrosawati Itaratnasari Muhammad Abdur Rasyid Muhammad Arief Waliyuddin Muhammad Naufal Syafrun Muhammad Rizatha Muhammad, Zikri Nasrul Syahruddin Natas Setiabudhi Daryono Putra Natas Setiabudhi Daryono Putra Nikma Fista Safrina Nita, Arfenia Octaviani Ratnasari Santoso Purbayati, Radia Putri Pradana, Dian Putri, Alya Indira Rahmatsyah Putranto, Nur Arief Raihani, Atika Fatka Ravenza, Rafi Reza Ashari Nasution Rindia Maharani Putri Rivary Finan Hernawan Rivary Finan Hernawan Salma Fadhilah Widityani Septyandi, Chandra Budhi Setiamarga, Davin H. E. Setiawan, Suganta Handaru Shanaya Ratu Shafira Sri Aswin Suryani Subiakto Sukarno Sudarso Kaderi Wiryono Suganta Handaru Setiawan Syifaa Novianti Taufik Faturohman Wervyan Shalannanda Yulianti Yulianti Yunieta Anny Nainggolan