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All Journal Journal of Business and Management The Indonesian Journal of Business Administration Syntax Literate: Jurnal Ilmiah Indonesia Ekonomi dan Bisnis Journal of Accounting and Finance Management (JAFM) Journal Integration of Management Studies
Isrochmani Murtaqi
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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The Effect of Next Profit Margin, Price to Book Value and Debt to Equity Ratio to stock Return in the Indonesian Consumer Goods Sector Dita, Amalia Husna; Murtaqi, Isrochmani
Journal of Business and Management Vol 3, No 3 (2014)
Publisher : Journal of Business and Management

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Abstract

In the recent years, stocks have become one of the most chosen investments in Indonesia. One of the most interesting sectors for investors is the consumer goods sector, for this sector managed to survive during the crisis and negative sentiments in Indonesian stocks market. Having the fact that the consumer goods sector is promising, investors would like to know the return of shares in this sector. One of the parameter that can be used to project the stock return is ratio from financial statement. This research is conducted to find out the relationship between net profit margin, price to book value, and debt-equity ratios with stocks return in the Indonesian consumer goods industry. The samples in this research are the consumer goods companies listed in Indonesia Stock Exchange during the period of 2009 – 2013. The multiple linear regression analysis is chosen as the method to analyze it. Results shown that the net profit margin, price to book value, and debt equity ratio have significant effects towards stocks return. Two of them, which are net profit margin and debt equity ratio have the positive significant impacts to the stocks return, while the price to book value has a significantly negative relationship to stocks return. Results also show that the R-square of the variable values 54.9%. NPM gives the most significant influence to the stocks return, followed by the PBV, and the last one is the DER.Keywords: Net profit margin, price to book value, debt to equity, stock return, multiple linear regression.
Estimating The Company Value of PT Jasa Marga Tbk Rachmat, Satryo Sidhi; Murtaqi, Isrochmani
Journal of Business and Management Vol 2, No 4 (2013)
Publisher : Journal of Business and Management

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This paper will estimate the value of PT Jasa Marga Tbk as of 1st January 2013. The author will use discounted cash flow method in order to get the company value. The main method that will be discussed is discounted cash flow method with three different scenario, most-likely, optimistic, and pessimistic scenario. The problems to be solved are the company growth for the next 5 years which will use compound annual growth rate (CAGR), a discount rate to measure the risk of the growth which will use weighted average cost of capital (WACC), and the company valuation by summarizing the discounted free cash flow and the terminal value of the company. The author will use secondary data from the company’s financial report and historical data. The results from the method are ranging from Rp. 98,762,073,184,000 to Rp. 135,772,612,523,000. From the estimated company value, the author is able to determine the share value which range from Rp.14,524 to Rp.19,967. These values are effective as of 1st January 2013. The market value of PT Jasa Marga Tbk as of 1st January 2013 is Rp.5,550. In conclusion, PT Jasa Marga Tbk has a very good value and worth for investment as the value indicates. Keywords: company valuation, discounted cash flow, share value.Category: Finance---------------------------DISCLAMER: This paper is created by undergraduate students of School of Business and Management ITB in partial fulfillment of the requirement of the degree Bachelor of Management. Journal of Business and Management is not responsible for the content, opinions, or any other materials expressed here.
Evaluation of Entrepreneurship Program in Bandung City Irvianti, Essy; Murtaqi, Isrochmani
Journal of Business and Management Vol 6, No 1 (2017)
Publisher : Journal of Business and Management

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Abstract. Entrepreneurial activity  is  the  wheel  of  economic development at  local,  regional  and  national  levels. Bandung government has a target to create new entrepreneur in accordance with Middle Term Regional Development Plan (RPJMD) for the period 2013 to 2018. To achieve this target, a new entrepreneurship training program is being held. In order to maximize the program’s impact, continuous improvement on the program is necessary. The key of continuous improvement is to do an evaluation. This study used CIPP Model Evaluation to breakdown the whole program into context, input, process, and product. Each part (context, input, process, and product) consists of data which discuss about it. Each part will have its own evaluation based on the data. The context evaluation assessing needs, problems, and assets in creation of the program. The assessment in input evaluation are strategies, planning, and budgeting. Process evaluation is checking if the program execution runs according to plan by monitoring, document and activity checking. After the program is over, product evaluation started by checking if the goal of the program is achieve or not. The design of this research uses descriptive studies, which means information is collected without adding any perception involved. This research also uses qualitative approach to process the data in order to evaluate the new start- up entrepreneurship program in Bandung city. The result of this study shows that this program has been quite successfully from the context, input and product, although there are still some shortcomings in implementation (process), which need improvement. Keywords: Entrepreneurship, Training program, CIPP Model, Bandung City, EvaluationCategory: Entrepreneurship, Performance Management
Estimating The Value of PT. Hanjaya mandala Sampoerna Tbk. Using the Discounted cash Flow Method Tadjoedin, Omar Yusuf; Murtaqi, Isrochmani
Journal of Business and Management Vol 1, No 5 (2012)
Publisher : Journal of Business and Management

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Abstract

The success of Sampoerna attracted Philip Morris International Inc. (“PMI”), which is one of the leading tobaco companies in the world. In May 2005, the majority ownership of Sampoerna was acquired by Philip Morris Indonesia, an affiliate of PMI.In the capital market, the share price of PT HM Sampoerna Tbk. rises after the acquisition. The end of 2005 the share price of HMSP around Rp 8,000 and continued rising until the recent share price of Rp 51,200 in 2012. The author computes intrinsic share value of the company as of 2012.For the purpose of this final project the author will use Discounted Cash Flow method. The result the author’s computation is an intrinsic value of Rp 43,392 at august of 2012. While the share price in 2012 of PT HM Sampoerna Tbk. in capital market is Rp 51.200. Which mean the current share price of PT HM Sampoerna Tbk. is overvalue.PT HM Sampoerna Tbk. has a minimum portion of shares in capital market. Actually, the current outstanding shares only 2.05% from total shares. Therefore the intrinsic value of the author’s computation may not represent the share price of the company in total. In author opinion, the acquisitions cause a positive perception in public that increase the share price.Keywords:  intrinsic share value, discounted cash flow, income approach.
Optimal Portfolio Strategy of Mutual Funds from Schroders Investment Indonesia for the Period of 2013-2015 Kusumawardani, Andika Setya; Murtaqi, Isrochmani
Journal of Business and Management Vol 6, No 1 (2017)
Publisher : Journal of Business and Management

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Abstract. This thesis aims to generate the strategy to achieve the optimum portfolio of mutual funds from Schroders Investment Indonesia for the period of 2013-2015 refers to Markowitz’s portfolio theory. As the data,   author uses 5 mutual funds from Schroders Investment Indonesia, Jakarta Composite Index from 2013-2015, and also Bank Indonesia rate from 2013-2015. The author will construct 3 portfolio strategies; there are Maximum Return Portfolio, Minimum Standard Deviation Portfolio, and Maximum Sharpe Ratio Portfolio. The author uses Microsoft Excel Solver add-ins in creating the portfolio and weight of each mutual fund in the portfolio. The portfolio’s performance is analyzed compare to the market using Sharpe ratio. Based on the calculation among 3 portfolios, the portfolio that gives the best performance is Maximum Sharpe Ratio Portfolio which achieves highest Sharpe Ratio that fulfills the Markowitz’s optimum portfolio theory. The portfolio generates 0.029% of average daily return and 0.447% of average daily standard deviation. This research generates the strategy of optimum portfolio mutual funds from Schroders Investment Indonesia based on Markowitz’s portfolio theory. Keywords: Markowitz Portfolio Theory, Mutual Fund, Optimum Portfolio, Schroders Investment Indonesia, Sharpe Ratio
PTPN VIII New Palm Oil Plantation in Kertajaya Banten Budiarani, Vanesa Hana; Murtaqi, Isrochmani
Journal of Business and Management Vol 5, No 2 (2016)
Publisher : Journal of Business and Management

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Abstract. Palm oil is one of the main commodities of Indonesia. Every year, Indonesia send thousand tons of palm oils to overseas (export). Hence, palm oil commodities become one of the commodities that become source of devise for Indonesia. PTPN VIII is one of state owned company that produce palm oil as their main commodities. See this big opportunities, PTPN VIII plan to add 1 unit new palm oil plantation in Kertajaya, Banten, where before was tea plantation. This study have aim to know whether project of 1 unit new palm oil plantation in Kertajaya, Banten financially feasible or not. This financial feasibility study using several financial variables approach such as NPV, IRR, WACC,Profitability Index and Payback Period. Beside of that, sensitivity analysis and financial ratios analysis are add to know the sensitivity variables&financial performance of palm oil. The result shown that 1 new palm oil in Kertajaya, Banten is feasible and shows good financial performance, with 2 sensitive variables. In order to improve PTPN VIII performances in the future, PTPN VIII recommended to have guidance and standards to do investment and complete another aspects to being considerate for feasibility study analysis.Keywords: Palm oil, Plantation, Financial Feasibility Study Parameters, Sensitivity Analysis, Financial Ratios Analysis.
Proposal of the Development of a New Invoice Administration on Accounting System at PT Freeport Indonesia ., Hariswoyo; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 6, No 3 (2017)
Publisher : The Indonesian Journal of Business Administration

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Abstract. This Final Project is concerning about the problem occurred in the Tax and Accounting Department of PT Freeport Indonesia. In tax department one of the biggest cost incurred coming from tax audit result, one caused by wrong deduction in withholding tax transactions. This problem occurred because the system that currently available is still relying on manual recording and processing. The objective of the final project is to provide a new alternative of invoice administration system to be proposed to the management. From the research, the writer concludes there are three process can be improved to be computerized basis, as follows: input data process from manual input to automatic input by using Optical Character Recognition, Withholding Tax deduction checking process from manual checking to Web checking process and document archiving process from manual archive to barcode archiving process. By implementing this final project, the Company will potentially save USD 128.000 per year from miscalculation and around USD 21.000 per year from the time consume efficiency. Furthermore, the availability of supported technology, and the ability of the company to fund this project also become factor to be considered by the company to implement this project. Keyword : Invoice Administration, Tax Review Proses, Decision Making  Abstract. This Final Project is concerning about the problem occurred in the Tax and Accounting Department of PT Freeport Indonesia. In tax department one of the biggest cost incurred coming from tax audit result, one caused by wrong deduction in withholding tax transactions. This problem occurred because the system that currently available is still relying on manual recording and processing. The objective of the final project is to provide a new alternative of invoice administration system to be proposed to the management. From the research, the writer concludes there are three process can be improved to be computerized basis, as follows: input data process from manual input to automatic input by using Optical Character Recognition, Withholding Tax deduction checking process from manual checking to Web checking process and document archiving process from manual archive to barcode archiving process.By implementing this final project, the Company will potentially save USD 128.000 per year from miscalculation and around USD 21.000 per year from the time consume efficiency. Furthermore, the availability of supported technology, and the ability of the company to fund this project also become factor to be considered by the company to implement this project. Keyword : Invoice Administration, Tax Review Proses, Decision Making
Financial Strategy for Shanghai Electric Group Company Limited Yanan, Wang; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 8, No 2 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. In recent years, the environment of power manufacturing industry has become severe. As the price of steel raw materials in the international market rises year by year and China's electricity demand tends to be saturated, power equipment manufacturing companies face enormous challenges. While exploring new markets, efforts to improve financial management and reduce costs have become the goals that power industry companies need to achieve. How to implement a good finance strategy is an urgent need for power equipment manufacturing companies. This research aims to analyze and measure the financial health conditions of Shanghai Electric Group Company limited for period 2013-2017, as an example for case analysis. The research concerns about five classification of ratios measurement that includes liquidity, solvability, activity, profitability and growth capacity ratios, which makes analysis with directly competitors, namely Dongfang Electric Company, and China XD Electric Company. In addition, this research also uses DuPont analysis, Porter's five-force analysis and SWOT analysis methods to deeply analyze the financial status and market competitiveness of Shanghai Electric Group Company Limited. Based on the analysis, this final project concludes that in order to maintain a leading position in power equipment manufacturing industry, Shanghai Electric needs to improve the effective utilization of funds, strengthen the management of accounts receivable, enhance its comprehensive budget management, increase financial risk awareness, establish diversified investment management and make reasonable market adjustment.Key Words: Shanghai Electric, Corporate Strategy, DuPont
The effect of key financial ratios to share return in the companies listed on lq45 index indonesian stock exchange (idx) Anggraeni Novianti, Dwi; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. The capital market is an important part for the economy of a country. Jakarta Composite Index (JCI) reflected that Indonesia stock market is growing rapidly in the number of investors, amount of transactions and market capitalization. Indonesian Stock Exchange (IDX) continues to grow more quickly than the majority of markets in developed and developing economies – not just in Asia, but in around the world. This study research has conducted regression analysis to determine the relationship between share return and selected financial ratios namely Earning Per Share (EPS), Price Earning Ratio (PER), Price to Book Value (PBV), Debt to Equity Ratio (DER), Net Profit Margin (NPM) and Return on Equity (ROE) of companies listed as LQ45 in Indonesia Stock Exchange for the period of 2013 – 2017. Data used in this research is secondary data. Samples are from 19 companies listed in LQ45 Index. This study confirm that DER, NPM, EPS, PER and PBV individually have positive significant effect on the Share Return and ROE has negative significant effect on the Share Return. Likewise DER, NPM, ROE, EPS, PER and PBV are simultaneously influence the Share Return.Keywords: Regression analysis, panel data, financial ratios, share return
Variance Analysis as A Tool for Cost Control on The FIN Fan Cooler Foxtrot Compresor Project at PT Intan Prima Kalorindo Azis, Azolla Degita; Murtaqi, Isrochmani
The Indonesian Journal of Business Administration Vol 3, No 11 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract - PT Intan Prima Kalorindo is a company which focused on design, manufacture, installation, and maintenance in Heat Exchanger Industry. Kalorindo is one of the largest Domestic Company of Heat Exchanger in Indonesia with 60 employees and total assets more than Rp 25 Billion in 2012. This company had 13 Projects in 2013. One of their biggest project is Fin Fan Cooler Foxtrot Compressor for Oil and Gas Company with valued $796.500. This project was expected to have profit 60-70% as a source to cover the fixed overhead costs and run business operational. But this project has a gap between budgeted plan and realized until 84%. It will impact to the company that will face several problems, which are debt increase, annual profit decrease, target not achieve, resources become wasted, and inability to pay several expenses.However, to achieve Kalorindo vision, mission, and goals, it is needed to improve their performance and do some strategy to win the competitive advantage. In this research, variance analysis is developed as the synthesis of literature and case study. This model is utilized to analyze the cause from differences between standard and actual project budget through define the cost allocation and behavior. This research shows that this company has unfavorable price and efficiency variance on Foxtrot Compressor Project. The proposed business solution implementation is based on the analysis result, includes KaizenStandard Costing PDCA scheme and schedule planning to have an evaluation for its employeesand departments in Kalorindo, and help them to define their strategy plan as continuous improvement for the future.  Keyword: Heat Exhanger, Cost Behavior, Variance Analysis, Kaizen Standard Costing
Co-Authors ., Hariswoyo Alexius Justianto Alviandi Taniwidjaja, Davin Amalia Husna Dita Anak Agung Gede Sugianthara Anggraeni Novianti, Dwi Arira Putri, Rizkita Ashifa Arief Utzanah Azolla Degita Azis Budiarani, Vanesa Hana De Rembulan Ayudhasurya Dikdik Dwiparandi Ghoffur, Fadhel Griffit Yoyner Dondokambey, Griffit Yoyner Gustinov, Roberto Hanifah, Syafita Nur Irvianti, Essy khusnul khotimah Kusumawardani, Andika Setya Lande, Dennis Aditya Marsha, Nadya Marvella Justia Setiawan, Marvella Justia Meutia Arsanti Mulyono, Jane Julia Nadia Putri Maharani, Nadia Putri Omar Yusuf Tadjoedin Robert Chowiendo Satryo Sidhi Rachmat Sylviana Maya Damayanti Wardono, Anindita Alifa Wiwik Handayani Yanan, Wang Yunieta Anny Nainggolan