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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

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
The Influence of Precursor to Activator Ratio and Curing Temperature on Geopolymer Paste with One-Part Method Widayanti, Ari; Ekaputri, Januarti J.; Amini, Iqlima N.; Petrus, Himawan T. B. M.; Putri, Anandita Ade; Soemitro, Ria A. A.; Handayani, Anjas
Civil Engineering Journal Vol. 11 No. 7 (2025): July
Publisher : Salehan Institute of Higher Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/CEJ-2025-011-07-014

Abstract

Geopolymer is an eco-friendly material that serves as a sustainable alternative to Portland cement in construction. This binder reduces carbon dioxide emissions from cement production. However, its manufacturing process remains complex and requires professional expertise. This study explores an environmentally friendly cement produced through the “One-Part Method” (or the “just add water” method), which simplifies geopolymer application, making it as user-friendly as Portland cement. However, research on the performance of one-part geopolymers with varying activator contents and curing temperatures remains limited. In this study, Class F fly ash was used as a precursor, combined with a dry activator made from geothermal sludge and sodium hydroxide (NaOH). Two compositions were tested with precursor-to-dry activator ratios of 5:1 (OPG-F5F) and 7:1 (OPG-F7F). The compressive strength was significantly influenced by the Si/Al, Na/Si, Na/Al, and water/solid ratios derived from the precursor and activator. Mechanical properties were analyzed at three curing temperatures: ambient, 40°C, and 60°C. Results showed that OPG-F7F achieved the highest strength at 60°C, reaching 76.1 MPa at 28 days. Mineral analysis before and after steam curing revealed no changes in composition, while morphological analysis indicated that higher temperatures produced a denser geopolymer matrix. These findings demonstrate the strong potential of geopolymer cement as a viable Portland cement replacement using the One-Part Method.
Analisis Social Return on Investment dan Indeks Kepuasan Masyarakat Program Pemberdayaan Komunitas Pengelola TPS3R Desa Kalanganyar, Sidoarjo melalui Implementasi Sistem Budidaya Larva Black Soldier Fly untuk Mendukung Ekonomi Sirkular Ramadhani, Riva Rizkiana; Risanti, Doty Dewi; Septyaningrum, Erna; Putri, Anandita Ade; Cahyani, Faizah Putri; Prayitno, Ramadhan Rafi Putra; Nursy, Mafaza Rahmah; Firmansyah, Rico Dwi; Ruma, Yustina Anindira Rosangela; Nurmianto, Fikri Nurfauzan
Sewagati Vol 9 No 5 (2025)
Publisher : Pusat Publikasi ITS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12962/j26139960.v9i5.8336

Abstract

Desa Kalanganyar, Sidoarjo merupakan wilayah dengan potensi besar di sektorperikanan dan pengolahan hasil tambak, namun menghadapi tantangan serius dalampengelolaan limbah organik yang belum termanfaatkan secara optimal. Lebih dari65% sampah harian di TPS3R desa ini berupa limbah organik yang berisiko menimbulkanpencemaran lingkungan dan gangguan kesehatan jika tidak ditangani secaratepat. Program pemberdayaan masyarakat ini mengimplementasikan sistem budidayalarva Black Soldier Fly (BSF) sebagai solusi berbasis teknologi. Larva BSFmampu mengonversi limbah organik menjadi biomassa bernutrisi tinggi untuk pakanikan serta menghasilkan kasgot sebagai pupuk organik yang memperkuat ekonomisirkular desa. Kegiatan dilaksanakan secara partisipatif melalui tahapan survei kebutuhan,perizinan, instalasi sistem modular MagoBox Tower Lite, pelatihan teknis,hingga evaluasi produksi. Satu unit sistem menghasilkan 14,5 kg larva kering per siklus(potensi untung Rp1.015.000) untuk pakan, dengan nilai SROI 13,68, yang berartidampaknya 13 kali lipat biaya investasi. Masyarakat masih memerlukan dukunganeksternal untuk mengelola limbah dan mengintegrasikan berbagai sektor desa(perikanan, pertanian, peternakan) dalam satu ekosistem ekonomi sirkular terpadu.
Feasibility Study of Bitumen Asphalt (Asbuton) Plant in Mass-Production Scale Silalahi, Rochelle Trixie; Hakim, Muhammad Saiful; Baihaqi, Imam; Sinansari, Puti; Putri, Anandita Ade
International Journal of Business and Management Technology in Society Vol. 2 No. 2: December 2024
Publisher : Direktorat Riset dan Pengabdian Kepada Masyarakat, Institut Teknologi Sepuluh Nopember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12962/j30254256.v2i2.7930

Abstract

Purpose – This study aims to assess the operational and financial feasibility of mass-producing Asbuton (Buton natural asphalt) as a sustainable alternative material for road construction in Indonesia. Methodology – This study adopts a feasibility study framework integrating operational and financial analyses. The operational assessment covers plant location selection, plant capacity determination, facility layout planning, and production process evaluation. Financial feasibility is analyzed through projected cash flow estimation based on capital and operational expenditures, employing investment appraisal indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP). A sensitivity analysis is further conducted to evaluate the impact of price variations on project viability. Findings – The results indicate that the proposed Asbuton production plant is both operationally and financially feasible. The financial indicators demonstrate satisfactory investment performance, while sensitivity analysis shows that the project remains viable under reasonable fluctuations in key economic variables. Technological advancement and efficient operational planning play a critical role in improving cost efficiency and competitiveness. Originality – This study offers a comprehensive feasibility assessment by integrating operational design, financial evaluation, and sensitivity analysis for large-scale Asbuton production. It contributes empirical evidence to the limited literature on natural asphalt commercialization in emerging economies, particularly Indonesia.