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All Journal The Indonesian Journal of Business Administration Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen International Journal of Supply Chain Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Economics and Business UBS Dynamic Management Journal Journal Of World Science International Journal of Humanities Education and Social Sciences Journal Integration of Management Studies
Erman Sumirat
Faculty Of Business And Economics, Univesitas Padjadjaran, Indonesia
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Transportation Other

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Journal : Journal of Economics and Business UBS

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The Impact of Russian-Ukraine Conflict on Profitability and Valuation of Indonesian Coal Stocks Sumirat, Erman; Firmansyah Hakam, Dzikri; Sihab Budin F, Irfan
Journal of Economics and Business UBS Vol. 12 No. 6 (2023): Special Issue
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v2i6.853

Abstract

This research investigates the impact of the 2022 Russian invasion of Ukraine on the profitability and valuation of publicly listed Indonesian coal companies. Leveraging panel regression, the study offers empirically grounded perspectives on how an acute geopolitical conflict disrupted global energy trade flows to influence key financial metrics of a major exported commodity. Specifically, the analysis focuses on five leading Indonesian coal miners over 2019-2022. Profitability dynamics are examined through gross profit margins while valuations reliance on price-to-earnings ratios. Control variables capture coal prices, a conflict indicator, inflation, interest rates, and exchange rate fluctuations. Results reveal the global coal price spike had a statistically significant positive impact on profit margins, affirming the turmoil's commodity super-cycle upside. However, valuations diverged from earnings trends, suggesting more complex reassessments of long-term prospects. The conflict itself directly affected profitability but not valuations. This research contributes timely empirical insights on an understudied intersection of geopolitics, commodity markets, and emerging market equities. Evidence-based quantification of financial linkages and risk transmission inform both theory and practice. Strategic decision makers obtain granular clarity regarding exposures and opportunities during energy market turmoil.
The Relationship Between Key Financial Ratios To The Revenue Growth And Financial Performance Benchmarking Analysis Of Oil & Gas Companies Listed In The Indonesian Stock Exchange Samudera Budi, Fakhreza; Sumirat, Erman
Journal of Economics and Business UBS Vol. 13 No. 1 (2024): Regular Issue
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v13i1.1277

Abstract

The global oil and gas sector, a crucial driver of economic vitality, remains a focal point for investors navigating the dynamic energy market. According to the Handbook of Energy and Economic Statistics of Indonesia, the oil and gas industry constitutes a significant portion, approximately 43.5%, of the country's energy mix in 2022, equivalent to about 797 million barrels of oil equivalent (BoE). Projections from Indonesia’s Long-Term Strategy for Low Carbon and Climate Resilience (LTS-LCCR) 2050 anticipate an increase to 1.4 billion BoE in 2050, even under the strictest emission scenarios. Given the pivotal role of oil and gas in Indonesia's energy landscape, it is imperative to examine investor interest in companies within this industry. Regarding the oil & gas companies in the Indonesian Stock Exchange (IDX), investors' attention has been drawn to only a few stocks in particular due to the attractiveness of profitable prospects in the oil and gas sector, which brings up the question: do these “popular” oil and stocks really perform admirably financially? Overall, this research uses the quantitative method. This research has the purpose to identify and analyze the financial ratios that have a significant impact on the revenue growth of Indonesian oil & gas companies, to determine which Indonesian oil & gas companies with significant ratios exhibit high potential and possess a high market capitalization, to identify Indonesian oil & gas companies with significant ratios that demonstrate high potential and have a low market capitalization, to evaluate Indonesian oil & gas companies with significant ratios that exhibit low potential but possess a high market capitalization, and to compare the financial performance of the high potential Indonesian oil & gas companies with highly reputable oil & gas companies that are not listed on the Indonesian Stock Exchange. To complete the first objective, this research uses regression analysis, which resulted in Asset Turnover and Assets Growth as the significant ratios to the Revenue Growth. Using these significant ratios to measure the potential, the High Potential – High Market Cap category included AKRA, RAJA, ELSA, and HITS while in the High Potential – Low Market Cap category, this research has found out KOPI is qualified into this category. In the Low Potential – High Market Cap category, TAMU and BULL are included. Lastly, when compared to worldwide industry leaders, the IDX-listed oil & gas companies which are marked as High Potential have found some interesting findings: AKRA have much better Asset Turnover ratio than industry leaders, ELSA’s Assets Growth are observably better than Halliburton and Schlumberger, and HITS’ profitability (Gross Profit Margin) is still better than the spectacularly growing Pertamina International Shipping.
Co-Authors Achmad Rizal Noor Aldrin Herwany Annisa Rahma Nur Sulistyo, Annisa Rahma Nur Aswin Rahadi, Raden Barick Ahmad Setiawan, Barick Ahmad Barus, Ralang Argi Benny Budiawan Tjandrasa Deddy P Koesrindartoto Fahmy Helmy Attamimi Fajrin Rasyid, Muhamad Fany Yulinda Faremi Adirama, Farza Firmansyah Hakam, Dzikri Hasda, Erdiyan Krisnadi I Ketut Suwetja Darsana Ibnu Alinursafa Kakan Handoko Nabila Djunet, Ajeng Novryansyah, Ryan Qoriatul Husna Raden Aswin Rahadi Regina Maharani Parameswari Sapsudin Samudera Budi, Fakhreza Setiawan, Suganta Handaru Sihab Budin F, Irfan Sudarso Kaderi Wiryono Sulaeman Rahman Nidar Sylviana Maya Damayanti TATI NURHAYATI Wisnumurti Rahardjo Yoga Yulianda