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Uke MMP Siahaan
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Profitability Enhancement Strategy Through Capacity Expansion and Market Export Diversification (Case Study: Acquisition of Thang Long Cement Vietnam by PT Semen Indonesia Tbk Putri, Anandita Ade; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 3, No 11 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract - Cement industry is expected to be grow respectively high due to demand for house building and infrastructure needs. Indonesia and Vietnam, as part of Southeast Asia region, are facing different kind of market condition. PT Semen Indonesia Tbk is Indonesia’s top leader in cement industry, who had invested major investment by acquiring major shares ownership of Thang Long Cement Company Vietnam, back in late 2012. This acquisition strategy was intended to enhance profitability and reach Southeasr Asia market. One year after the acquisition happened, this strategy needs to be analyzed whether it already goes perfectly as what expected or needed some improvement regarding company’s profitability growth. By doing Discounted Cash Flow valuation with three different scenarios; first is when each companies stand alone independently (before acquisition), second scenario is PT Semen Indonesia Tbk acquired Thang Long Cement Vietnam (current condition) and third scenario is post-acquisition analysis after acquisition with proposed strategy on capacity expansion and market export diversification; and also Relative Valuation as comparable analysis with another cement companies, such as Indocement Tunggal Prakarsa and Holcim Indonesia. This final project suggested Thang Long Cement Vietnam to expand capacity from 2,3 mt/year to 4 mt/year, to improve sales and also doing more exporting market. Vietnam’s cement industry is having excess supply, that’s why exporting cement products to another country is important. Indonesia can also fulfill its massive demand of cement from Vietnamese cement product, which it related to PT Semen Indonesia revenue and inventory availability. Thang Long Cement Vietnam was acquired undervalued with price of US$157million, but it doesn’t mean the company suffered loss from the transactions. PT Semen Indonesia Tbk did major improvement on management structure, business process and debt refinancing for Thang Long Cement Companies. Due diligence was also done before choosing Thang Long Cement Companies as the targetted company, based on its financial ratio analysis which also calculated in this final project. Generally, this acquisition between PT Semen Indonesia and Thang Long Cement Vietnam is a right decision and still possible to reach optimality in profitability enhancement through proposed strategy in expansion and market export diversification. Both companies also proved having synergistic relationship on this acquisition.Keywords: Semen Indonesia, Thang Long Cement Vietnam, acquisition, profitability, expansion, market export, financial analysis
Decision Analysis of Reorientation Business Strategy Through Corporate Restructuring to Secure Profit Sustainability ( Case Study PT Alam Karya Unggul Tbk) Sembiring, Christian Valentino; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 3, No 11 (2014)
Publisher : The Indonesian Journal of Business Administration

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Abstract - PT Alam Karya Unggul Tbk at first is the company that operates in manufacturing especially plastics and packaging, because of the higher probability of bankruptcy becomes a major problem, in 2013 the company decided to change its core business to coal mine, acquiring Borneo Mining Contractor as a subsidiary. Changing core business ("Business Reorientation" strategy) to coal mining is one of the company rescue effort. However, the directors are still not sure whether the steps taken by them could rescue the company from bankruptcy and make the company profit sustainability. After analyzing the level of bankruptcy using the Altman Z Score, Springate S Score and Zmijewski X Score, can be concluded that the level probability of bankruptcy of the company is very high. Since company produce pp cups and galons also moving show that bankruptcy rate is very high. Board of directors provides four alternative strategies to save and make company profit sustainability. The four strategies are (i) "Company Refinancing" by producing pp cups and galons, (ii) "Product Diversification" by diversifying the product, (iii) "Business reorientation" to continue in coal mining and (iv) "Selling company "to sell the company and bought government bonds with period of 10 years.After performing the analysis using each strategy using projection and same method, generate parameters (i) Net Present Value (NPV), (ii) Internal Rate of Return (IRR), (iii) Payback Period (PP), (iv) Return on Investment (ROI) and (v) Return on Assets (ROA). But the success criteria of profit sustainability only Net Present Value (NPV) from each strategy. After the projection of each strategy, it concluded that "Product Diversification" strategy generates the greatest NPV with value of Rp. 21,238,970,000. For the implementation plan, PT Alam Karya Unggul Tbk must perform Preparation Phase, Pre-Construction Phase and Production Phase to build a factory and doing production.Keywords: reorientation business strategy, financial distress, profitability, product diversification, feasibility study
Maintaining Growth and Sustainable Strategy In Brown Sugar Business, and The Investment Financing Alternative Decision (Case Study: CV. Delovry Sukses Gemilang) Ariyani, Laurentia Nindita; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 2, No 19 (2013)
Publisher : The Indonesian Journal of Business Administration

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CV. Delovry Sukses Gemilang (CV. DSG) is a brown sugar supplier from manufacturers in Maron Village, Blitar, to the warehouse of distributors which is located in Tambun, Bekasi. In doing the business, CV. DSG provides the working capital to the collectors in Blitar to produce and pack the brown sugar. Fluctuating commodity prices of sugar cane leads CV. DSG to be difficult to continually maintain the business and shipping costs which is a way further from Blitar to Bekasi. These issues lead CV. DSG to be difficult to compete with the other brown sugar suppliers from other regions with a closer mileage from Bekasi. To grow and maintain its business, CV. DSG uses the PRIME analysis to identify the existing opportunities. After CV. DSG drafts a business strategy namely short-term strategy (distributors) in 2013, medium-term (factory build), long term (plant cane), the company then invents the scenario analysis on the influential factors that will affect the sugar business generally. The scenario analysis is made on each feasibility study with the proportion of the debt: equity 60%: 40%. In addition, CV. DSG also conducts a feasibility study of the alternative funding to 40% the proportion of equity. From the calculation of the feasibility study by considering the payback period criteria 6 years, NPV IDR 891.417.628, IRR 28,94%, ROI 18,35%, ROE 45,88%,  BBP 22,60%  and the capacity 2,53, it is shown that the business strategy of CV. DSG in the brown sugar field is feasible and the funding is completed. Key words: brown sugar business, business strategy, Scenario analysis, Feasibility study, Alternative investment.
Sustainable Improvement of Profit Strategy Through Synergy Profit Sharing with Investor, Case Study: The Establishment of Cassiavera Factory from CV Kerinci Agro Putra, Hengki Anggo; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 2, No 18 (2013)
Publisher : The Indonesian Journal of Business Administration

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The world demand for spices and herbs has soared for use food preservation, food flavoring, aromatherapy, beverages, personal hygiene product, industrial chemicals, pharmaceutical, and feeds. According Food and Organization of The United State, Indonesia as the world leader of the cinnamon with produces 63.4 thousand metric tons of cinnamon average between 1999 to 2001 the contrary the small holders and the farmers in cinnamon plantation are difficult to get bargaining position and receive more profit. This problem can be solve by maximize the value of cinnamon with modernization of cinnamon processing, the author uses three combine method analyses the case: first feasibility study analysis with variable such as IRR, NPV, ROI and Payback Period to determine project. The second is strategic business to determine the best corporate strategy, and the last analysis is risk analysis to determine the risk of the business. The business solution show that feasibility study analysis result IRR of 72.60%, NPV IDR 12,271,128,366, ROI 262.61% and Payback Period 1.57 years. The second analysis is business strategy show that CV Kerinci Agro strategy is cost leadership and become reference to determine the new business strategy. The risk analysis shows that delayed project, fluctuation prices and bad reputation are the main issue risks to run the project. The end result of the final project show the project accepted with marketing, production, and finance aspect. Strategy business require from cost leadership to differential. Analysis risk shows that delayed project, fluctuation prices and bad reputation are main issue risk. The farmer cinnamon will receive 4%-8% in synergy swap share. The author has recommended implementation plan: 1) Training Program.2) Organic Certification. 3) Mitigation risks: Hedging option, standard operational. Keyword: Feasibility Study, Business Strategy, and Analysis Risk
Rescue Strategic Plan Based on Investment Analysis & Financial Concepts, for A Property Project (Case Study: Anaheim Villa Project, Lake Buyan,Singaraja, Bali) Amelia, Anggrina; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 2, No 12 (2013)
Publisher : The Indonesian Journal of Business Administration

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The topic of this final project is how to save Anaheim Villa from bank foreclosures. The investor  want to acquire Anaheim Villa in order to continue to operate and improve the income of this Villa, with  acquired 80% of the assets of Anaheim Villa and  renamed the Anaheim Villa into Brouillard Bali and optimize the land of these Villas. This cooperation is assessed as the most excellent decision for owners of this Villa, this is caused by the owner can be freed from debt to the bank, and can earn passive income by 20% from Brouillard. Business solutions in the estimate by Brouillard Bali are sell with time-sharing method, This method give management a high return. The implementation of sell with time-sharing villa is sell the luxury new unit to the buyer and also manage the villa rent. This solution give the high NPV and IRR number to the investor. Keywords: Business Property, Time-Sharing, NPV, IRR.
Rescue Strategy Concept for a Company in a Weakening Market Nurfalah, Mohamad Hamzah; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 1, No 6 (2012)
Publisher : The Indonesian Journal of Business Administration

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PT ABC is a company located in Puncak Region West Java. Its main business is providing outdoor training activity, or known as outbound. To support its business, it is also facilitated with accommodation facility. Since the beginning of its business, a proper management principle is not being used properly by this company, therefore there’s an indication that this company will go to a bankruptcy. This paper is going to discuss about the alternatives to rescue this company from bankruptcy. Using the Altman’s z score prediction model, this paper will try to find out the real condition of this company toward bankruptcy. After that four alternatives of rescue strategy will be analyzed. These strategies are the strategies that hopefully will rescue this company from bankruptcy. The alternatives are refinancing, diversification of business, reorientation of business, or sell the company. Capital budgeting techniques, like NPV, IRR, PBP, etc will be used to analyze it. After that, decision tree will be used to pick the most promising alternative. Keywords: Bankruptcy, Capital Budgeting, NPV, Decision tree, Altman Z Score
Business Opportunity Analysis in Cargo Transshipment Market Between Singapore and Batam, Currently Dominated by Singaporean Cartel Giovani, Felix Ferdian; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 2, No 9 (2013)
Publisher : The Indonesian Journal of Business Administration

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Trade between Batam and Singapore are quite high as Batam is designated for export oriented industrial area. Currently shipping price is considered too high by the service users. It is also demanded to be more frequent. The high shipping price is believed to be caused by cartel among the existing shipping company owned by Singaporean. This situation creates an opportunity for the shipping industry between Batam and Singapore. StarPillar Pte. Ltd. is a Singapore based company which operates in concrete foundation pillar manufacturing. It is planning to form a joint venture with PT. Trans Buana Logistics to create a shipping company and take the existing market opportunity with the name of PT. Star Trans Logistics. Before deciding to make the investment decision they need to analyze whether transshipment business will be feasible in the emerging market opportunity or not. The market opportunity analysis is conducted by analyzing marketing feasibility and financial feasibility of the investment project. Market opportunity shows that there are needs of shipping service. With the estimated capabilities of PT, Star Trans Logistics the transshipment business is considered as marketing feasible. Financial feasibility is represented by NPV, IRR, payback period, and profitability of the index. The project yields NPV of S$ 3,804,017, IRR of 15.10%, payback period of 4 years 3.3 months, and profitability index of 1.49. These values show that the project is financial feasible. Keywords: transshipment, feasibility, cost estimation, sensitivity analysis
Investment Analysis on Goat and Sheep Fattening Project Based on the New Food Fermentation Farming Method (3F Method) Ferbrianno, Erlangga; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 1, No 9 (2012)
Publisher : The Indonesian Journal of Business Administration

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Goat and sheep fattening is not a popular business in Indonesia. Farmers only see this kind of business as a side income for them. The only breed 3-10 goat or sheep at one time and use traditional way in fattened the goat and sheep. This is happened because the farmer need a long time to fattened the goat and sheep, lack of capital of resources (pertanian, 2007). In order to solve the lack of capital problem, nucleus plasma is scheme can be used. This scheme can bridge the farmers (plasma) and the investors (nucleus). The farmers provide land and barn and the investors can provide another facility needed and also guiding the farmer in the fattening process. Before applying the scheme an agreement should be made between two parties about the rights and obligations of both parties, including the selling price from the plasma to the nucleus. Food fermentation farming (3F) method, a new method in goat and sheep fattening need less time, increase the goat weight fast, keep the barn not smelly try to apply in order to overcome the disadvantage in traditional method and to overcome the lack of resources problem. Investor has two places ready to run this project, Cihanjuang and Camp Hulu Cai. Investor wants to see which place is feasible and more profitable by technical analysis and investment performance analysis such as Net Present Value (NPV), Internal Rate of Return (IRR), Pay Back Period (PBP), Return on Investment (ROI), and Return on Equity (ROE). Based on technical analysis, the environment condition in Cihanjuang is not suitable because of its location near to residential area and it is also hard to find source of food. The other place, Camp Hulu Cai, is located far from residential area and near to the source of food. After the technical analysis, Camp Hulu Cai is the only suitable place for the goat and sheep fattening project. Based on the calculation of investment performance analysis its NPV is above 0, the IRR is greater than the weighted average cost of capital. In conclusion Camp Hulu Cai is the most feasible place to implement this project both technically and financially. Keywords: goat, sheep, fermentation, investment, NPV, IRR, PBP,ROE, ROI.
Corporate Rescue Strategy for PT. BN Through Leveraged Buyout and Product Diversification Athayani, Resti; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 1, No 5 (2012)
Publisher : The Indonesian Journal of Business Administration

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A high humidity level in Indonesia makes rust or corrosion occurs easily. Rust or corrosion on building construction materials may result in disadvantages both financially and security. Therefore, it appeared iron and steel constructions tool that is coated by zinc and alumunium or galvanized, it aims to extend the life of iron and steel construction. The problem faced by PT BN, as one of the coated steel companies is the running capacity which only reaches 30%. This makes the company must be strive to remain viable. PT BN is in the danger zone when carried an analysis of the company health conditions using the Altman Z Score, and threatened with bankruptcy. The company owners can not afford to sustain the company and facing the choice of whether the company will be liquidated, sold its assets, or sold to another party. After conducted the sell company to the management alternative, the profit is much greater for the owners than two others alternative. After buying PT BN through LBO, the new owner will develop the company by producing galvalum with longer age resistance than galvanized. Financial analysis conducted to determine the feasibility of the proposed investment by looking NPV, Payback Period, IRR and ROI. The results showed a feasible value. Scenario analysis, optimistic, most likely, and pessimistic conducted and the results optimistic and most likely scenarios generated a feasible value. Therefore, PT BN chose to sell the company to the management. Keywords : Altman Z Score, Leveraged  Buyout, Feasibility Study Analysis, Scenario Analysis, Monte Carlo Simulation
Business Strategy of Limestone Project Development Case Study of CV Usaha Alam Mandiri and PT Krakatau Posco Mulyadi, Andrew; Siahaan, Uke MMP
The Indonesian Journal of Business Administration Vol 2, No 12 (2013)
Publisher : The Indonesian Journal of Business Administration

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This Final Project is trying to calculate the income of the project and is it feasible to be initialized or not. The calculation is begin from developing an operational process, choosing a distribution process, income statement projection, and a feasibility study of the chosen alternative.The research provides the operational process design of the project, yearly income statement projection, and developing feasibility study analysis of the project. With the right calculation, the company can generate continuous income in order to support the company growth in years to come.  Key Words: Distribution Process, Income Statement, Feasibility Study 
Co-Authors Anandita Ade Putri, Anandita Ade Andrew Mulyadi Anggrina Amelia Christian Valentino Sembiring, Christian Valentino Delfiana Primashinta Iskandar Erlangga Ferbrianno Felix Ferdian Giovani Hengki Anggo Putra Laurentia Nindita Ariyani Mohamad Hamzah Nurfalah Resti Athayani