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All Journal Journal of Business and Management The Indonesian Journal of Business Administration International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Jurnal Impresi Indonesia Journal Research of Social Science, Economics, and Management Eduvest - Journal of Universal Studies Journal Integration of Social Studies and Business Development IIJSE
Subiakto Sukarno
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Religion Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Neuroscience Social Sciences

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Financial Performance Analysis of PT Astra Agro Estari and Company Value Estimation Puspoyo, Ajianto; Sukarno, Subiakto
Journal of Business and Management Vol 3, No 3 (2014)
Publisher : Journal of Business and Management

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Abstract

Palm oil is the world’s most consumed and produced vegetable oil. Southeast Asia region supplies 89.97% of global Crude Palm Oil (CPO) demand, Indonesia is the world’s leader of CPO supplier that own about 53.7% global market. The CPO production and export is also became one of the most influencing commodity in Indonesian trading balance. The financial performance of PT Astra Agro Lestari as Indonesian leading palm oil company will be compared with the palm oil companies with the highest market capitalization in Southeast Asia region. The company valuation also performed to estimate the value of PT Astra Agro Lestari. The method that is used to perform those analyses is the financial ratios comparison with trend analysis, cross-section analysis, common size financial statement, DuPont analysis, and the compound annual growth rate comparison. Then, the valuation method used to value the company is the discounted cash flow (DCF) model, market approach, and asset-based approach. The result of this research, addressed to elevate the company performance of PT Astra Agro Lestari in order to improve the competitiveness in global palm oil competition. The overall financial performance of PT Astra Agro Lestari actually left behind Univanich Palm Oil regardless the business scale difference. PT Astra Agro Lestari continuously lost its business efficiency from 2009 to 2013. The result itself shows that PT Astra Agro Lestari would perform better in the future if the company looking back to export opportunity in increasing global CPO price in upcoming years. PT Astra Agro Lestari also should make its operational more efficient and increase the productivity to make the financial performance better. Two out of three company valuation methods indicates that the share price of PT Astra Agro Lestari is underpriced in the market, thus, PT Astra Agro Lestari shares are prospective in the future.Keywords: Financial performance comparison, Crude Palm Oil (CPO), financial ratios, DuPont analysis, company valuation, discounted cash flow valuation.
Feasibility Study Downstream Facility for Bacillus Calmette Guerin (BCG) Project of PT. Biofarma Adiningrum, Anisa; Sukarno, Subiakto
Journal of Business and Management Vol 4, No 7 (2015)
Publisher : Journal of Business and Management

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Abstract. BFM has been constantly striving to discover new vaccines for more than 123 years, in order to eradicate communicable diseases that continue to grow and threaten the humans’ health. Therefore, this research has the objective to conduct a conclusion whether the replacement production line of Bacillus Calmette Guerin (BCG) is feasible or not. Bacillus Calmette Guerin (BCG) is known as freeze-dried vaccine which contains live attenuated of Mycobacterium Bovis, Paris strain. Nowadays the process of production BCG will replace by new technology because of increased demand. Theories and methods in this research are cash flow, Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PBP), and sensitivity analysis. The result of this project indicates the feasibility of the project and the benefit of the project for PT. BFM. Based on the positive NPV, greater IRR when compared with WACC, and shorter payback period when compared with the project economical life, this project is economically feasible. Keywords: Cash Flow, NPV, IRR, Payback Period, Sensitivity Analysis
The Implementation Analysis of SMEs Soundness Assessment Measurement for Service Industry in Bandung, Indonesia Fatris, Evin Kartina; Sukarno, Subiakto
Journal of Business and Management Vol 4, No 3 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract-Soundness assessment is important for to know how effective the company’s performance in achieving the vision and objectives. With the similar sectors, the soundness level analysis classified in 2 categories that are the category company with bank-loan and the category of company without bank-loan. SMEs Soundness Assessment Measurement is the first SME Soundness measurement developed by Raden Roro Mirna and Subiakto Soekarno. In measuring SMEs’ soundness, there are two aspect required that are financial and nonfinancial aspect. (Soundness Assessment Measurement Development for Indonesia Small and Medium Enterprises, 2014). The samples obtained are 15 service industry companies that consist of 9 companies with bank-loan and 6 companies without bank-loan. The sample’s assessment result will be compared using Independent Sample T-test with confidence level (α) 0.05. From the result shows that the sample group with bank-loan has 2 companies obtain “Good Soundness I” with rating AAA and the other 7 companies obtain “Good Soundness II” with rating AA. The sample group without bank-loan results 2 companies obtain “Good Soundness II” with rating AA and 4 companies obtain “Fair Soundness I” with rating BBB. Based on the Independent T-test results there is no significant difference in financial aspect mean between company with loans and without loans that statistically proven by p > 0.05. While based on nonfinancial aspect, there is a significant difference in mean between companies with bank-loan and without bank-loan that statistically proven by p < 0.05. Keyword: small business, service Industry Company, bank-loan, SME Soundness Assessment Measurement, financial, nonfinancial.
ECONOMIC FEASIBILITY STUDY OF BLACKSTONE COFFEE Al Farisy, Haidar; Sukarno, Subiakto
Journal of Business and Management Vol 6, No 3 (2017)
Publisher : Journal of Business and Management

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Abstract. The growth of coffee industry in the world keeps increasing. Coffee is constantly changing from a daily morning routine to a part of modern lifestyle. This phenomenon gives a huge possibility for coffee shop owners to draw their market. PT Blackstone is a new start-up company that founded recently in Indonesia that wants to enter coffee business. Based in Jakarta, Blackstone plans to invest in a new coffee shop business. The author intends to conduct a feasibility study to assess the investment in coffee shop business for PT Blackstone. The feasibility study uses financial tools such as profitability to determine profit margins, net present value (NPV) to consider the time value of money, internal rate of return (IRR) to calculate the discount rate of an investment, and lastly the payback period to evaluate proposed investment in how long it gets the return of the capital. After collecting the data, the author will process the data to extract the information needed for analysis which is the next step. The result of this economic feasibility study for PT Blackstone is feasible despite the profitability index that indicates no profitability. There are some suggestions for PT Blackstone to adjust this feasibility study result.Keywords: Coffee Shop, Feasibility Study, IRR, NPV, Payback Period, Profitability Index
Optimal Capital Structure and Financial Performance Analysis for PT Matahari Department Store Tbk Halim, Maggie Rosalina; Sukarno, Subiakto
Journal of Business and Management Vol 4, No 9 (2015)
Publisher : Journal of Business and Management

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Abstract. PT. Matahari Department Store Tbk has been doing an aggressive expansion by keeps expanding its network and opening up new stores. From this year onward the company has determined 74 possible locations for new stores. To support expansion plan above, the company needs to achieve better financial performance as share price of company is influenced by the company’s performance. To maximize share price and company’s value, the management will need to increase the performance and fix aspect that is still lacking. Other than that to do the expansion efficiently, optimal capital structure will be needed. To analyze the company financial performance, the author uses time series and cross sectional analysis, while to find the optimal capital structure the author will use WACC method. The analysis indicates that the current capital structure of PT. Matahari Department Store Tbk consists of 80% debt and 20% equity. The optimal capital structure for PT. Matahari Department Store Tbk is in 68% of debt level. For financial performances, there are some aspects that already ideal and some are not yet ideal.
Valuing and Capital Structure Analysis of PT. Menara Sumberdaya Indonesia Muharam, Barkah; Sukarno, Subiakto
Journal of Business and Management Vol 4, No 8 (2015)
Publisher : Journal of Business and Management

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Abstract

Abstract. Indonesia as the fourth largest country in the world has high population and domestic consumption. This condition is highly beneficial for industry in Indonesia. Milk and dairy product is one of them. Fortunately this industry still dominated by foreign company and importer to support local demand. This condition showed that the local producers still uncultivated huge opportunity in local market. PT. Menara Sumberdaya Indonesia (MSI) as one of the local producers saw this condition as opportunity. However MSI need a new machine to support the expansion, because the current production capacity is already at maximum. Therefore MSI need external capital to fund the expansion. This study aims to give recommendation with calculation about capital structure and company valuation to MSI management to get funding strategy. Based on the calculation it shows MSI need to get the external fund from both debt and equity financing to fund the expansion, in order to obtain optimal capital structure. MSI also suggested increasing the volume of production to reduce the idle capacity of the new machine. Keywords: Valuation, discounted cash flow, acquisition, optimal capital structure
Financial Performance Assessment of PT Kimia Farma Tbk in Comparison with Other Local and Regional Companies Dewi, Giovanni Permata; Sukarno, Subiakto
Journal of Business and Management Vol 4, No 6 (2015)
Publisher : Journal of Business and Management

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Abstract

abstract. In recent years, Indonesia has facing with the increase in population size alongside with the increase in people’s life expectation as one of the effect of people’s awareness in healthy life. Pharmaceutical industry in Indonesia is said to be having a positive growth with this condition therefore PT Kimia Farma Tbk, as the first pharmaceutical company in Indonesia does have an increase for its sales but unexpectedly it has a decrease for its net profit margin in 2013. Financial performance assessment will be done in order to know the real condition of PT Kimia Farma Tbk’s financial condition and it will also be compared with local and regional companies so that the result becomes clearer. The analysis method includes financial ratios analysis, DuPont analysis, BUMN framework, and Moody’s framework. The result of the assessment in 2010 - 2014 shows that PT Kimia Farma Tbk has a good financial condition but it still need to be improved with some suggestions based on the financial assessment.  Keywords: Kimia Farma, pharmaceutical company, financial performance, analysis
Valuation analysis to determine fair market value of sft hotel the company case study: subsidaries companies of apl (period 2014-2017) Ferdo, Redian; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 7, No 3 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract

As the number of branded hotels in Indonesia increase significantly which lead more investor and business owner to see opportunity to purchase well-designed and well managed hotels. That means the owner will be thinking more about the valuation of the hotels. How much is the business really worth is the main question of this research, the main purpose of this analysis is to find the market value of the business. APL is the biggest player in property developer in Indonesia with experience more than 40 years. The company has played significant role in developing luxurious property market in Indonesia including hotel, office, house and apartment. As with the growing number of property developed by APL which lead the company to sell their business segment in order to gain more capital to expand their area property of development.  This research using secondary data without gaining information directly from the company. This analysis using discounted cash flow analysis to determine the value of the company. During the analysis, this research using several financial performance analysis including their financial historical year on year, ratio analysis and projection analysis.Keywords: Valuation, Hotel, Market Value
Optimizing workover job types as one of company strategies to increase short-term investment returns under low oil price Jermia, Jermia; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 7, No 2 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract

Abstract. The oil price has been low since 2004 and reached a 10-year low in 2016. Oil companies must adapt their strategy to keep their financial performance. Chevron corporation has re-focus its strategy, with one of the focuses is to improve free cash flow through improving its short-term investment returns. Best Company, one of its subsidiaries, faces a challenge on how to add more opportunities to align with this strategy. This paper reviews workover activities, as one of business activities besides capital projects in Best Company, to find opportunity for increasing its economic returns. The research is studying measures on workover activities that can be built into a quantitative predictive model to find best strategy for maximizing its efficiency or financial return. The quantitative predictive model also further allows optimization of the Company’s portfolio, as it allow direct comparison with capital projects within the portfolio.Based on the research, it is shown that the rig count has almost linear relationship with NPV under similar profitability index for various spending when the job type mix remains the same. However, when the job type mix is optimized, it is shown that the company can increase its returns by focusing on pump upsize and water shutoff job types. In the case of Best Company, an optimization in the job type mix at the same number of workover rigs can be expected to increase the profitability index (marginal benefit) from 1.42 to 1.53 for the investment in workover business. Keywords: Workover, Forecasting, Low oil price, Strategy, Optimization
Investment Feasibility Study for Iron Ore Mining Project (Case Study : PT Ina Touna Mining) Adisaputra, Muhammad Rizky; Sukarno, Subiakto
The Indonesian Journal of Business Administration Vol 2, No 14 (2013)
Publisher : The Indonesian Journal of Business Administration

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Abstract

With increasing industry sector in Indonesia, lead to higher demand for industry raw materials especially in natural resources industry. PT. Ina Touna Mining, a national private company in Indonesia is conducting mineral exploration of iron ore in Tojo, Tojo Una Una regency, Central Sulawesi province for 8 years concession period. In its efforts to get the licence in conducting its business, author create the investment feasibility study which will calculate the cash flow in the 8 years concession period. To calculate the investment feasibility study, author uses capital budgeting approach, sensitivity analysis and risk handling management strategy. Keywords: iron ore, feasibility study, capital budgeting, sensitivity analysis, risk management
Co-Authors Adriansyah Ekaputra Ajianto Puspoyo Al Farisy, Haidar Alam Akbar Halimawan Anisa Adiningrum, Anisa Bambang Tri Basuki, Bambang Tri Barkah Muharam, Barkah Evin Kartina Fatris, Evin Kartina Ferdo, Redian Giovanni Permata Dewi, Giovanni Permata Jermia, Jermia Jota, Astrid Laregan Ludi Maulana Biran, Ludi Maulana Maggie Rosalina Halim, Maggie Rosalina Meliala, Fitria Ulina Mohammad Rusyad Salim Muhammad Rizky Adisaputra Nurrahman, Ahmad Rizki Sumirat, Erman Arif Yulianto, Tomi Zaidaan Rizq Vinsa Putra Zenda Christian Adhiatama