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All Journal Journal of Economic, Bussines and Accounting (COSTING) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Isrochmani Murtaqi
Institut Teknologi Bandung
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Analisis Pengaruh Kinerja Keuangan Perusahaan Terhadap Return Saham Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2018 - 2022 Mustafa Ramadhan; Isrochmani Murtaqi
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 4 (2024): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i4.8668

Abstract

Penelitian ini menguji hubungan antara kinerja keuangan dengan menggunakan proksi rasio solvabilitas (Debt to Equity Ratio, DER), rasio profitabilitas (Return on Equity Ratio, ROE), dan rasio likuiditas (Current Ratio, CR) dengan return saham. Dengan menggunakan populasi perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia, penelitian ini memperoleh 10 sampel penelitian yang diteliti pada periode 2018-2022. Hasil dari penelitian ini adalah uji F-test menemukan bahwa DER, ROE, dan CR secara simultan mampu menjelaskan variasi dan memberikan kontribusi terhadap return saham. Uji-t menunjukkan bahwa ROE memiliki pengaruh positif dan signifikan terhadap return saham. Sementara itu, DER dan CR ditemukan tidak berpengaruh signifikan terhadap return saham.
VALUATION AND BUSINESS PERFORMANCE ANALYSIS OF PT. IMC PELITA LOGISTIK .TBK (PSSI) Pandumulia Segalapuja Hasayangan; Isrochmani Murtaqi; Oktofa Yudha Sudrajad
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 2 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v8i2.13788

Abstract

This study investigates the valuation and financial performance of PT. IMC Pelita Logistik Tbk. (PSSI), a player in Indonesia's shipping and logistics industry. Using an absolute valuation method with Free Cash Flow to the Firm (FCFF) and Weighted Average Cost of Capital (WACC), PSSI's intrinsic value per share was determined to be US$ -0.0391, significantly below its market price of US$ 0.0278, indicating that the stock is overvalued. For relative valuation, the metrics used were Price to Earnings Ratio (PER), Price to Book Value (PBV), and Enterprise Value to EBITDA (EV/EBITDA). PSSI's PER (3.56) is lower than its peers (6.43), but its PBV (0.86) and EV/EBITDA (3.18) are higher than the average of its peers (0.68 and 2.33), indicating overvaluation. The author prioritizes EV/EBITDA as it provides a more comprehensive assessment compared to PER. The financial performance analysis includes profitability, liquidity, activity, and solvency ratios. The final recommendation for investors is to sell, as PSSI is overvalued based on absolute valuation, PBV, and EV/EBITDA metrics.
VALUASI DAN ANALISIS PERFORMA BISNIS PT. IMC PELITA LOGISTIK TBK (PSSI) Pandumulia Segalapuja Hasayangan1 Pandumulia Segalapuja Hasayangan; Isrochmani Murtaqi
Journal of Economic, Bussines and Accounting (COSTING) Vol. 7 No. 6 (2024): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i6.13820

Abstract

Studi ini menyelidiki valuasi dan kinerja keuangan PT. IMC Pelita Logistik Tbk. (PSSI), pemain di industri pelayaran dan logistik Indonesia. Dengan metode valuasi absolut menggunakan Free Cash Flow to the Firm (FCFF) dan Weighted Average Cost of Capital (WACC), nilai intrinsik per saham PSSI ditentukan sebesar US$ -0,0391, jauh di bawah harga pasar US$ 0,0278, menunjukkan saham ini dinilai terlalu tinggi. Dalam valuasi relatif, metrik Price to Earnings Ratio (PER), Price to Book Value (PBV), dan Enterprise Value to EBITDA (EV/EBITDA) digunakan. PER PSSI (3,56) lebih rendah dari peers (6,43), tetapi PBV (0,86) dan EV/EBITDA (3,18) lebih tinggi dari rata-rata peers (0,68 dan 2,33), menunjukkan overvaluasi. Penulis memprioritaskan EV/EBITDA karena memberikan penilaian lebih komprehensif dibandingkan PER. Analisis kinerja keuangan melibatkan rasio profitabilitas, likuiditas, aktivitas, dan solvabilitas. Rekomendasi akhir untuk investor adalah menjual, karena PSSI dinilai terlalu tinggi berdasarkan valuasi absolut, PBV, dan EV/EBITDA.
The Financial Feasibility of Launching a New Product at PT. Refractorindo Graha Dinamika Muhammad Anandito Attaya; Isrochmani Murtaqi
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 3 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i3.6313

Abstract

This study investigates the financial feasibility of launching a new product—plastic refractories—at PT. Refractorindo Graha Dinamika. The company aims to diversify its offerings while maintaining competitiveness in Indonesia's growing refractory market. The study employs a structured methodology that begins with a comprehensive business environment analysis using PESTLE and Porter’s Five Forces frameworks, then calculates the company’s Weighted Average Cost of Capital (WACC), and constructing a detailed five-year cash flow projection. Capital budgeting metrics—Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Payback Period (PP), and Discounted Payback Period (DPP)—are applied to evaluate the financial feasibility of investing in three locally sourced manufacturing machines essential for producing plastic refractories. The results indicate that the new product is financially feasible, with a positive NPV, an IRR exceeding the WACC, and acceptable payback periods. Sensitivity analysis using Monte Carlo simulation further assesses the impact of uncertainties in sales volume on financial outcomes. The study offers insights for PT. Refractorindo Graha Dinamika’s management regarding the decision whether to accept or reject the acquisition of new capital investments.
Co-Authors Muhammad Anandito Attaya Mustafa Ramadhan Oktofa Yudha Sudrajad Pandumulia Segalapuja Hasayangan