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All Journal Journal of Business and Management JURNAL MANAJEMEN BISNIS Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Jurnal Locus Penelitian dan Pengabdian Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) International Journal for Disaster and Development Interface Journal of Economic Development and Village Building
Ana Noveria
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Aerospace Engineering Automotive Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Environmental Science Industrial & Manufacturing Engineering Mathematics Social Sciences

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Investment Decision Based on Financial Performance Analysis and Market Approach Valuation of Indonesian Construction Sector Makarim, Rahmat Faikar; Noveria, Ana
Journal of Business and Management Vol 3, No 7 (2014)
Publisher : Journal of Business and Management

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Abstract

Investment is one of the tools for a company in gaining additional capital. This research will seeks the analysis of company financial performance and valuation as the fundamental tools in making investment decision on Indonesia construction sector, represented by 5 listed construction sector companies, which are PT Adhi Karya (ADHI), PT Wijaya Karya (WIKA), PT Nusa Konstruksi Enjiniring (DGIK), PT Total Bangun Persada (TOTL), and PT Surya Semesta Internusa (SSIA). By analyzing the financial performance, could be obtained the financial health condition of the company that will represent the company future to attract the investors. While the market approach valuation is used to see whether the company is undervalued or overvalued. Due to the development of Indonesia into a developed country, this sector has a high demand of work that make it always able to generate high net sales and profit for the past few years. This makes this sector one of the most secure stock to investing in. Moreover, the under value of their share price will give the investors possibilities of high return and probable increase of stock price on the future.Keywords: Construction sector, financial ratios, valuation, market approach, financial performance.
Impact of POSPAV Service to Company Performance PT Pos Indonesia (Persero) Widjana, Nabila Zahra; Noveria, Ana
Journal of Business and Management Vol 3, No 6 (2014)
Publisher : Journal of Business and Management

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Abstract

In its historical development, postal industry can be said as courier industry delivering any written message from the sender to the receiver, As time goes by the postal service provider of either government or public all over the world should be in the possession of business model capable of supporting the sustainability. PT. Pos Indonesia engaged in postal service and already does diversification in service with applying the payment of PosPay, the growth of PosPay segment products (SOPP) offered by Pos Indonesia is supported by the growing level of two industries that become the main stimulants for the product segment, subscription-based industry (credit card) and financing industry (leasing and consumer financing). For the overall financing service product owned by Pos Indonesia, the superiority lies in the well-established networks around Indonesia. The analysis used in this case is financial performance. There are several methods than can be considered to assess the financial performance of company. The methods are Financial Statement and Financial Ratio Analysis, Common Size Income Statements Analysis, DuPont Analysis and BUMN Framework. From each methods, there will be results that explain how growth financial PT. Pos Indonesia every year.  PT Pos Indonesia (Persero) has experienced loss it is because fewer people are using the service at the post office because of the development of the Information Technology advances in the field of digital information. So the conventional information services performed by the post office down quickly. The post office remains operational costs for payroll, utilities, raw materials and transportation still running. Based on these facts, PT Pos Indonesia (Persero) adjusts the service to start embracing information technology to be one of their services. Ultimately PT Pos Indonesia (Persero) started launching financial products involving information technology called PosPay. Some of the results obtained from the analysis show that the service PosPay indeed a major impact on the performance of PT Pos Indonesia (Persero). But on the other hand there are several shortage from this product such as the need of infrastructure and human resource which create the swell of operating cost, also this product still not able to change the liquidity and debt aspect to good condition.Keyword: Postal Service, PosPay, Financial Performance, Pos Indonesia, Post Office
Estimating Company Value of PT HOLCIM Indonesia, TBK Nursalim, Kayom Mukti; Noveria, Ana
Journal of Business and Management Vol 3, No 1 (2014)
Publisher : Journal of Business and Management

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Abstract

Abstract- The author performed a valuation of PT Holcim Indonesia Tbk. PT Holcim Indonesia Tbk is a member of Holcim Group who holds majority and minority interests in more than 70 countries on all continents. Valuation of a company can help determine the worth of an asset by the process of linking risk and return, valuation can be applied to expect streams of benefits from bonds, stocks, income properties, and so on. Different methods were utilized in the research to estimate the value of the company. First is Discounted Cash Flow method, second is Asset Based Method, and the third is Market Approach. Three scenarios are used in the discounted cash flow method which was optimistic scenario, most likely scenario, and pessimistic scenario to generate a more actual result and more realistically illustrated the company’s condition. Results of the company’s valuation may differ for each method due to different focus and theory. Analysis of optimal capital structure of the Company is applied to find the optimal proportion of debt, equity, and the capital of the company, after finding the optimal proportion it is used by the author to know how the company could enhance its value. Theoretical stock price is also generated from the calculated company value. The theoretical stock price generated will be compared with the market value by the author to determine the status of the company’s share price and determine whether it is undervalued or overvalued, by PT Holcim Indonesia Tbk share price, the author made a series of analysis on how PT Holcim Indonesia Tbk could enhance its value, how the company can use it as a strategy to get a higher valuation, funding options, and investment choice. Keywords: Company Valuation, Discounted Cash Flow Method, Optimal Capital Structure
Estimating Value of PT. Sentul City TBK, real Estate Sector Company-Using Four Methods valuation Mazani, Febrandy; Noveria, Ana
Journal of Business and Management Vol 1, No 4 (2012)
Publisher : Journal of Business and Management

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Abstract

Real Estate sector in Asia, including Indonesia, are experiencing significant progress. This is happens because of the global economic crisis in Europe and America, thus making the investors start to touch the real estate sector, especially Asia. But how big is the value of the real estate sector in Indonesia that makes the investors interested in this sector? From there the author tries to analyze a company engaged in real estate and property sector. PT Sentul City Tbk is a company engaged in the sector and has the most extensive inventory of land in Indonesia compared to other companies in the same sector. In this study, the authors will use four methods to assess the company. The method is Asset-Based Approach, Market Approach, Discounted Cash Flow, and Capitalization Rate. The author also wanted to see whether to assess a company engaged in real estate and property sector will be effective by using the methods already mentioned, especially the Discounted Cash Flow method. The conclusion of this study is that assessing a company engaged in real estate and property sector by using the Discounted Cash Flow method is less effective, especially for companies that have too many land owned.Purpose:   This  research  is  made  to  estimate  the   value   of  PT.Sentul City Tbk. and as the addition, this research also focuses to finding the recommendations that can be implemented to maximize the company value.Design/methodology/approach: The methods that used in this research were Asset Based Approach, Market Approach using P/E Ratio, Discounted Cash Flow using the Weighted Average Cost of Capital as the discount rate, and Capitalization Rate as the adjustment of Net Operating Income to find the value. This research will use the audited fianancial statements from 2007-2011.Findings: The result in this research shows that the company value at the beginning of year 2012 ranged from Rp3,766,066,940,143 - Rp17,153,451,874,388. And the current share price now which is Rp205 per August 10th 2012 is between Rp109-Rp535, which means this company still be a good choice for investors.Research limitations/implications: This research focuses on estimating the value and stock price of the PT. Sentul City Tbk. Originality/value: This paper valuing a public listed company using four method in valuing a firm, and also to know that using discounted cash flow to valuing company in company which have high inventory effective or not.Keywords: Valuation; Real Estate Sector; Asset-BasedApproach; Market Approach; Discounted Cash Flow; Capitalization RateCategory: Finance
Financial Performance Review of ESSO Malaysia BERHAD in Comparison to the Other EXXONMobil's Downstream Subsidiary ESSO Thailand Pratama, Arief Rahman; Noveria, Ana
Journal of Business and Management Vol 3, No 3 (2014)
Publisher : Journal of Business and Management

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Abstract

In this research, Researcher analyze about the past financial condition of Esso Malaysia Berhad, as the latest issue of ExxonMobil downstream divestiture, in comparison with another ExxonMobil downstream in Asia, which is Esso Thailand. Researcher interest in assess the financial performance of Esso Malaysia Berhad before Esso Malaysia Berhad Divested in August 2011. Researcher wants to analyze the performance in according to the divestiture issues. ExxonMobil stated that Esso Malaysia Berhad had a continuous decline financial performance, and as the ExxonMobil downstream subsidiary, Esso Malaysia Berhad Contribute less than the other ExxonMobil Downstream industries. In assessing the financial performance of Esso Malaysia Berhad, researcher will use several methods which are time-series analysis (Compound Annual Growth Rate), cross-sectional analysis, common-size financial statement analysis, and DuPont system of Analysis. In overall, unfortunately Esso Malaysia Berhad has better performance than Esso Thailand in terms of financial ratios analysis, Compound Annual Growth Rate Comparison, cross-sectional analysis and DuPont system of analysis. Whereas, both Esso Malaysia Berhad and Esso Thailand have a similar performance in terms of common-size financial statement.Keywords: financial performance review, CAGR, financial ratios, divestiture, Oil and Gas industry, Downstream Industry
Estimating Company Value of PT. Sarana Menara Nusantara Tbk Setianto, Aryudho Mahardi; Noveria, Ana
Journal of Business and Management Vol 1, No 4 (2012)
Publisher : Journal of Business and Management

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Abstract

This paper examines valuation process of PT Sarana Menara Nusantara (SMN) Tbk, a company in tower telecommunication industry. SMN currently is the market leader of its sector, and on its high growth stage. The valuation was conducted using three different methods, which are asset-based valuation, market approach, and discounted cash flow with three different scenarios, which are most likely, pessimistic, and optimistic. The result of this research will be used as suggestion to the company’s management board to increase its value and maintain its growth. Furthermore, the fair stock value per share also calculated in this study, and will be compared to the current market value of the stock, because SMN is a public listed company. The result shows that the company value for 1 January 2012 ranged from Rp 8,568,330,000,000 – Rp 22,035,565,508,695 after calculated using those three methods, and the fair stock value per share were below the current market value.Purpose: This research focuses on valuating PT Sarana Menara Nusantara (SMN). Then this research will be continued to find recommendation about strategies and actions that can be implemented by the company to maximize its company value and increase shareholder’s wealth.Design/methodology/approach: Methods that used in this research were asset-based value, Price to Earning Ratio, and mainly Discounted Cash Flow, with using weighted average cost of capital as the discount rate. Quantitative data was used and it is taken from audited financial report of the company.Findings: The result shows that the company value for 1 January 2012 ranged from Rp 8,568,330,000,000 – Rp 22,035,565,508,695 after calculated using those three methods. The fair stock value per share were below the current market value. The high market price is caused by market perception, perceiving that the company is now on a high growth stage.Research limitations/implications (if applicable): This research was conducted by collecting and analyszing the financial report of PT Sarana Menara Nusantara (SMN) in the period of 2009-2011. The research focuses on valuing the firm and estimating the value of company stock per share.Originality/value: The paper valued a public listed company, and Valuation;Kewords: Corporate Finance; Discounted Cash Flow; WACC; P/E Ratio; Asset-based value, Projection; tower industry; public listed companyCategory: Finance;
Financial Performance Analysis on KALBE FARMA Tbk as Compared to other national and International Pharmaceutical Companies Ivan, Vincentius; Noveria, Ana
Journal of Business and Management Vol 3, No 8 (2014)
Publisher : Journal of Business and Management

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Abstract

Indonesia is a very big nation. It consists of 13,466 islands, and currently being the 4th highest populated country in the world with a population number of over 238 million people. Even until today, the human race still cannot live disease-free. We still got diseases because viruses are also evolving, like us. This has created an opportunity for pharmaceutical industry to make profit from selling drugs and medicines. There are many pharmaceutical companies in Indonesia, consisting of national and multi-national companies. Kalbe Farma, which was created in 1966, is the one with the biggest market share in the Indonesian pharmaceutical industry currently.The formulation of the problem in this research is about how good is the Kalbe Farma’s financial performance, analyzed using financial ratios of the company which calculated based on their annual report, DuPont formula, and Compound Annual Groth Rate (CAGR), then compared to other companies from the similar industry, nationally and internationally.The research is aimed at finding out the performance of Kalbe Farma Pharmaceutical Company financially, and then to compare the result with other companies which are Tempo Scan, Kimia Farma, Merck Indonesia, Darya Varia (national) and Pfizer (international).Keywords: Pharmaceutical industry, financial ratios, DuPont formula, CAGR, financial performance.
The Relationship Among OIL Prices, Gold Prices, Gross Domestic Product, and Interest Rate to the Stock Market Return of Basic Industry and Chemical Sector in Indonesia in 2005-2013 Singarimbun, Ceria Minati; Noveria, Ana
Journal of Business and Management Vol 3, No 4 (2014)
Publisher : Journal of Business and Management

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Abstract

In this research author try to analyze the relationship among oil price, gold price, gross domestic product, and interest rate to the stock market return on basic industry and chemical sector in Indonesia in the period of 2005-2013. To seek the relationship among these variables, author conducts several methods, which are the classic assumption tests, multiple linear regression, and Hypothesis testing by using F test and T test. These methods will reveal the effect of each variable, as the factor of economic activity, towards the stock return of basic industry and chemical companies which listed in Jakarta Composite Index since 2005 to 2013.The result represented that some variables significantly influenced the stock return, one variable does not really significantly influenced the stock return, and one variable should be taken off because it could not pass the method. In the earlier of examining the classic assumption test, author brought 4 variables, which are Oil Price, Gold Price, GDP, and Interest Rate. During running the multicollinearity test, it was found that the GDP and Gold Price has a correlation so one of them should be take off, which is Gold Price. After completing the entire test, author found that Oil Price and Interest Rate significantly influence the value of stick return. Thus, if the oil price or interest rate in the actual financial market increases, the value of stock return will be decreased. Meanwhile, GDP has lower significance level to influence the value of stock return or in the other words; GDP does not significantly influence the value of stock return regarding its low value of multiplier. But the value of GDP will increase the value of stock return.Keywords: Multiple Linear Regressions, Oil Price, Gold Price, Interest Rate, GDP, Stock Return, Basic Industry and Chemical Companies, Jakarta Composite Index.
Analyzing Influence on Inflation, Export, Exchange Rate, and Labor Cost to FDI in Indonesia for Period 2000-2012 Hartini, Nursanthy Indah; Noveria, Ana
Journal of Business and Management Vol 3, No 2 (2014)
Publisher : Journal of Business and Management

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Abstract

FDI is defined as investment inflow to a country other than investor’s country to obtain long term interest or management control over companies operating in a host country. FDI can occur in the types of purchasing existing asset in a foreign country, to joint venture with a local company. This research will explain about the influences of inflation, export, exchange rate, and labor cost to FDI inflows in Indonesia. The data of FDI inflows are gathered from Asian Development Bank Institute in a quarterly basis for the period 2000 to 2012. To analyze the data, multiple linear regression is used to determine which variables give significant impact to FDI, and Granger Causality to observe if there is any causality relationship either in one way or two ways. The independent variables are inflation, export, exchange rate, and labor cost. The independent variables in this research were chosen based on the FDI theories. The data for the independent variables were gathered from Bank Indonesia and Badan Pusat Statistik. Before proceeding with the regression, the assumption test is done to ensure that the regression model is valid to be analyzed. After the assumption test is conducted and the variables are proven to be valid for regression, the hypothesis testing is conducted. It is found that only two variables give significant influence to FDI, which are export and labor cost. Both export and labor cost affects FDI in a positive relationship. Thus, it proves that open export economies tend to attract FDI inflows. It also proves that although labor cost influence FDI, lower labor cost does not always encourage FDI. Based on this result, it can be concluded that perhaps investor tend to choose Indonesia as a host country based on its business and trade environment rather than the financial indicators.   Keywords: FDI Determinants, Inflation, Export, Exchange Rate, Labor Cost, Granger Causality
Trend Ratio Analysis on Banking Companies Listed in LQ45 Period of 2009 - 2013 Aditya, Stefanus Reinhard; Noveria, Ana
Journal of Business and Management Vol 4, No 2 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract. Every company needs a strategy designed to achieve the vision and objectives of the company, which must be appropriated to the demands of the existing business environment. One of the strategy that must be considered by company is the effort to attract investors.This research focuses on the trend of each financial ratio analysis, calculation of financial ratios investors processed in accordance with existing formulations, i.e: capital adequacy ratio (CAR), cost to income (CIR), net income margin (NIM), non performing loan (NPL), loan to deposit ratio (LDR), and return on asset (ROA). Making conclusion taken from the result of the analysis, based on the analysis, conclusion be obtained from testing expert’s theory with researcher allegation along with facts on the field. Each of the financial ratios that have been calculated will determine the year base as basis of comparison and given the index number 100. Population of this research are all banking companies listed in Indonesia Stock Exchange. Purposive sampling used as the sampling technique, using random type of sample selection with certain consideration to be sample. As of the consideration, the company must be listed in Indonesia Stock Exchange period of 2009 – 2013, and listed five years respectively in LQ45 index. With the result are Bank Central Asia, Tbk, Bank Rakyat Indonesia (Persero), Tbk, Bank Danamon Indonesia, Tbk, and Bank Mandiri (Persero), Tbk.After forecasting using trend analysis (time series analysis) then the result are as follows, in 2014 and 2015 company with highest CAR prediction is Bank Rakyat Indonesia. While the highest CIR, NIM, and LDR prediction is Bank Central Asia, Tbk. For the highest ROA and NPL prediction is Bank Danamon Indonesia, Tbk.Keywords : Banking, Financial Ratio Analysis 
Co-Authors Arief Rahman Pratama Aryudho Mahardi Setianto Ceria Minati Singarimbun Dea Vibby Irsania Eka Puteri Febrandy Mazani Hasiholan, Matthew Giovanni Hermawan, Mega Kayom Mukti Nursalim Linggar Esty Hardini Nabila Zahra Widjana Nisa Iksi Rosa Nurliani, Alin Nursanthy Indah Hartini Rahmat Faikar Makarim Stefanus Reinhard Aditya Vincentius Ivan