Journal of Business and Management
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Synergy Valuation of PT Indofood Sukses Makmur In Acquisition Towards PT Pepsi Cola Indobeverages
Get PDFAbstract .This research is conducted to evaluate whether decision made by PT Indofood CBP Sukses Makmur was the right thing to do to increase firm value through acquiring PT Pepsi Cola Indobeverages. Benefit consideration gained by PT Indofood CBP Sukses Makmur for this takeover are cost saving, time saving, and all resources ready to be used by the time this acquisition was established. It was a great opportunity for PT Indofood CBP Sukses Makmur as new player in Indonesian beverage market to also earned business network chain that PT Pepsi Cola Indobeverages used to have.Synergy value for this acquisition activity calculated from information in press-release news that has become expectation for company future target has resulted increasing. In 2012 synergy value amounts in Rp3,862,409,077,069 has increased to amounts Rp4,169,928,210,000 in 2015.Moreover, feasibility study of this proposed acquisition activity also tested with NPV and IRR calculation. NPV result for this proposed acquisition activity was Rp3,832,115,754,137 which means it was economically feasible and should be accepted. IRR result was 25.72%, higher than its Cost of Capital 23.96%, which means this project is potentially feasible to increase value of the firm and should be accepted. According to Pro-Forma Income Statement, if there is no change in annual increasing of percentage of sales, company’s target to achieve net profit of Rp 5 trillion in year 2017 would not be able to be achieved. To suppress cost, PT Indofood CBP Sukses Makmur should targeting optimal sales target and efficient operating activity in which cost can be minimized
Corporate Value Estimation of PT Sri Rejeki Isman Tbk
Get PDFAbstract. Indonesia has the second largest export market share among Southeast Asia Region on textile exports which is 28.5% or 4.6 billion US dollar and 18.3% or 7.7 billion US dollar on garment exports. One of the biggest textile and garment factories is PT Sri Rejeki Isman Tbk. PT Sri Rejeki Isman Tbk had strategy to expand its business in the following year. The strategies will drive greater sales with the consequences that expenses go up as well. The Company needs to do corporate valuation due to know the company share price so the company can choose the appropriate strategy to expand the business.The valuation methods used in this research are Asset based method, Market approach, and Discounted Cash Flow valuation. The outcome of this research is that the share price of PT Sri Rejeki Isman Tbk is undervalued based on valuation method. The assets-based approach showed the book value price per share is US 0.0131 (IDR 162.91). Comparing to the current market value price per share at the end of 2014, which is IDR 163, the stock performance is undervalue. And also based on Discounted Cash Flow method, the market price is undervalued. PT Sri Rejeki Isman Tbk, should increase the free cash flow and decreasing the cost of capital. PT Sritex should increasing the operating income and/or decreasing change in net working capital and net capital expenditure. Keywords: valuation, company valuation, textile, garment, share price, discounted cash flow, asset based approach, market approac
Analysis on Electronic Money Transactions on Velocity of Money in ASEAN-5 Countries
Get PDFAbstract. The purpose of this study is to analyze the electronic money transactions on velocity of money in ASEAN-5 countries from 2010 to 2014. For the electronic money, the data used is the volume of transactions. For the gross domestic product and money supply (M1), the data used are currency from each country that has been converted into US dollars. This study uses panel data model, classical assumption test (heteroscedasticity and multicollinearity test), and goodness of fit test (coefficient determination, f test, and t test) to analyze the relationship between electronic money transactions with gross domestic product, money supply (M1), and velocity of money. The results of this study indicate that the volumes of electronic money transactions are increasing in ASEAN-5 countries, while the velocity of money are decreasing. The gross domestic product, money supply (M1), and velocity of money have positive and significant relationships to electronic money transactions for 0.34%, 0.10%, and 0.49% in ASEAN-5 countries. On coefficient of determination test (R2), it shows that 98.41% of dependent variable (electronic money transactions) can be explained by independent variables (gross domestic product, money supply (M1), and velocity of money). Since there is a positive trend in electronic money transactions, the rapid development of non-cash instruments, and a significant relationship between electronic money transactions to GDP, money supply (M1), and velocity of money in all ASEAN-5 countries, including Indonesia, the society should relatively be ready to get into a cashless society. Keywords: electronic money, GDP, M1, velocity of money, panel data mode
Effect of Good Perception, Awareness, and Willingness Pay Tax to Compliance Taxpayers (Case Studies at KPP Pratama Bandung Karees)
No full textAbstract. Receipt of funds in the country is a very important aspect for the State to run the government. Without funding, the State would be very difficult to develop development or welfare of its people. One of the national income originating in the country is a tax. Tax issues in Indonesia have reached the stage of a very chronic. The high demand for income countries is not supported by increasing public awareness of tax payment. Many factors lead to a tax problem in Indonesia. A good perception of effectiveness system tax, willingness to pay tax, and awareness to pay tax are factors that studied in this research. Tools that use in this research are multiple linear regression analysis, F test, and coefficient of determination. Conclusion of this research is that all variables in this research are correlated. Keywords: Tax, Income tax, Awareness, Willingness, A good perception of system pay ta
An Action Research to Map and Describe the Business Ecosystem of Muslim Fashion Industry in Bandung in Form of a Short Movie
Get PDFAbstract. Bandung has the vision to be the Muslim fashion Capital in 2020 since it has the strengths and opportunities for it. However, this vision needs to be supported by the proper programs and strategy from collaborated elements in Quadro Helix which are the government, academicians, business players, and communities. Therefore, the business ecosystem needs to be described first in order to get the clear understanding of the current condition of Muslim fashion Industry in Bandung. Through a qualitative action research method, the author conducted the research to map and describe the business ecosystem of Muslim fashion industry in Bandung in form of a short movie. The short movie is purposed as an attractive learning tool that can inform and inspire those who want to start or already in Muslim fashion business. The decision to use short movie was based on some researches that show the use of film in education and it is based on the decision of CIEL SBM ITB as the problem owner.  Due to the limitation on research budget and time, this action research is only focused to create a project proposal of a short movie that includes story idea, screenplay and director’s treatment, without truly producing it. By using focus group discussion and semi-structured interviews, data is collected and analyzed by using narrative analysis method. As the result, the movie should fulfill the criteria: inspirational and educative, attractive to watch, and also beneficial to the sponsors. So, the author must develop the story idea become somewhat an appropriate screenplay and director’s treatment to match with those criteria. The content of the movie also must summarize the findings about the current condition of Muslim fashion industry in Bandung, and the role of each element in Quadro Helix model for the Muslim fashion industry. Last, the short movie must insert suggestion and the keys success for those who want to enter or already in the business as well.  Keywords: Business Ecosystem, Muslim Fashion Industry, Bandung, Action Research
Financial Performance Analysis and Valuation of a Finalcially distressed New Company in the Indonesian Mining Sector: A Study Case of PT. Cakra Mineral Tbk.
Get PDFAbstract. Mining sector is the 4th largest economy sector in Indonesia. It contributed to around 16-20% of the country’s GDP and export. In 2009, the government introduced Mining Act law to improve the mining sector and Indonesia’s economy as a whole. Although well-meant, it introduced a myriad of problems in the industry, which impacted the sector as a whole. In addition, falling selling prices, weakening rupiah and lack of infrastructure resulted in decreasing financial performance for mining companies in Indonesia. Enter PT Cakra Mineral Tbk, a new mining company in Indonesia since 2012. It was an agriculture company specializing in cassava and palm oil before it decided to change its business core to iron ore mining in 2011, based on a feasibility study it conducted since 2010. The company performed terribly for the past years, which is very different compared to the expected performance of its feasibility study. In comparison, many leading mining companies in Indonesia maintained profitability in the last 5 years despite various problems and limitations in Indonesia’s mining industry. As such, this study aims to assess this company’s financial performance and value, compare it with the aforementioned leading mining companies and provide recommendation to be used by its management and investors.The results of this study is that PT Cakra Mineral performed terribly in the last 5 years compared to benchmark companies. In addition, the company generated zero revenue in 2010-2011, rendering DuPont analysis unusable in those years. Market multiples valuation turned out to be inconclusive due to unique circumstances surrounding its stock (CKRA). Discounted cash flow valuation revealed that CKRA is overvalued in base, optimistic and pessimistic scenarios. In conclusion, this study recommends that the company focus more on zircon sands mining, improve mining asset utilization, and acquire more debts if and when the company turned around to become profitable. For investors, it would be wise not to invest in the company at least for the next 5 years, and to stay away from the mining industry in the foreseeable future. Keyword : Financial performance, valuation, discounted cash flow, mining industry.Â
Gap Analysis Towards Service Quality in PT Djasa Sumatera
Get PDFAbstract. Freight forwarder industry has grown along with Indonesian’s needs to distribute products. In order to sustain in the industry, PT Djasa Sumatera has to evaluate its service so that they can improve it. The purpose of the research is to calculate the customer gap of PT. Djasa Sumatera through examination of the service quality dimensions. This study also intends to examine the customer gap and the impact of service quality dimensions toward the degree of customer satisfaction for PT. Djasa Sumatera. This study used quantitative approach by distributing a survey to 50 respondents of the PT Djasa Sumatera’s consumer in the first quarter of 2016. The respondents are the person who directly involved with PT Djasa Sumatera. The author adopted service quality dimensions for Business-to-Business to measure reliability, competence, consultative selling, credibility, price, responsiveness, geographical presence and tangibles as the dimension (Westbrook and Peterson, 1998). This study asses the customer expectation and customer perception to calculate the gap score. Findings show that there are gaps for all service dimensions is negative. [IF1] It means that the delivery service that has been provided by PT Djasa Sumatera is not in accordance to costumer’s expectation. The widest gap is credibility, also responsiveness dimensions has the highest expectation than the others. This means PT Djasa Sumatera could focus on these two dimensions to close the gap score. In the chapter five, the author made a recommendation for service improvement that can be pursued by PT Djasa SumateraKeywords : Service Quality, Business-to-Business, Freight Forwarde
Feasibility Study Hakmaz Taba Syariah Hotel Cooperate with PT Grahawita Santika
Get PDFAbstract.Hakmaz Taba Syariah Hotel is one of the hotels in Lubuklinggau who participate actively welcome the tourists who come to Lubuklinggau.Hakmaz Taba Syariah Hotel located at Jl. Yos Sudarso No 28 Lubuklinggau, South Sumatera, Indonesia. The hotel established since 1997. Hakmaz Taba Syariah Hotel is a hotel with the nuances of Islamic, elegant minimalist decor blends with local culture. The hotel has 48 rooms with facilities such as restaurant, cafe, swimming pool, children play ground, outdoor garden party, ballroom, ATM Center, and meeting room. There are a couple of things and the perceived problems that need to be repaired. Some of the problems being experienced are owner does not have experience in the hospitality sector, cause the hotel is not well controlled, the financial statements hotel is not recorded properly while already using the system / software, the marketing activity is not running, and the human resources are difficult to find in South Sumatra.Lubuklinggau have an interesting developments, competitors can lead to decreased number of occupancy of Hakmaz Taba Syariah Hotel. Because of it, the owners had approached and meetings with some of the operators of the hotel management, which are Starwoods Hotels, Swiss-Belhotel, Accor, Tauzia, Santika, and Dafam. The results of the meeting with the hotel management operator and conclusions given by the hotel owners indicate a match with PT Grahawita Santika (GWS). All problem identification in this paper will be solved using economical feasibility study.A business feasibility study can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes, and assesing the range of costs and benefits associated with several alternatives for solving a problem. This study is used to support the decision-making process based on a cost benefit analysis of the actual business or project viability.It should help the company to find out does this invesment is the correct decision to do. The author will take the approach of the financial feasibility of using several methods such as NPV and IRR calculation, assisted by a brief explanation of market feasibility and legal feasibility The theoritical framework of this final assignment is based on various source which are text books, internet data and secondary data that collected from the company. Those source are used to find some supportive theories, information, and data to accomplish this final project.Formula that could be supportive for this final project are Net Present Value (NPV), Internal Rate of Return (IRR), Weighted Average Cost of Capital (WACC), and other formulas that related to financial feasibility.After analyzing the initial investment, income statement, statement of cash flow of the project, Author finally meet the conclusion that the project is not feasible to do. The project stated not feasible because the Net Present Value of the project is negative, Payback Period occur in the 9th year, and the Internal Rate of Return are lower than the discount rate which is Weighted Average Cost of Capital. If the owners still have the desire to run the project, there are some things that need to be calculated.Keywords : Financial, Hotel, Investment, Tourism, Lubuklinggau, Indonesia, Feasibilit
Financial Performance Analysis of PT. Pertamina (Persero) in Comparison with Other Local and Global Oil & Gas Companies
Get PDFAbstract.In recent years, as a developing country, Indonesia has been facing with several uncertainty conditions, such as political changes, government policies, increasing in population, and unstable economics growth. Indonesia’s economic growth shows that Indonesia’s GDP (Gross Domestic Product) was decline starting 912.52 billion US dollars in 2013 and continues to decline in 2015 was worth 861.3 billion US dollars. There are some factors that influenced Indonesia’s economic growth recently those are the presence and activity of business areas, such as manufacturers, pharmaceutical, telecommunications, property, banks, creative economics, mining, and many more. For mining areas, especially in oil & gas sectors, refers to Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) which is an institution that under the auspices of the Minister of Energy and Mineral Resources, said that this sector having a fluctuation growth since the world oil prices have been hit severely since early 2015. This caused a serious negative impact to oil and gas companies in the world, included Indonesia. Regarding to the declining world oil prices in early 2015, the problem causing disruption of business activities conducted by PT. Pertamina such as declining on generate sales. To know how does the financial performance recently, PT. Pertamina (Persero) will be compared to other local and global benchmark companies, which are PT. Medco Energi International, Chevron Corporation, and ConocoPhillips. The methods that will be used to analyze consists of Financial Ratio (Trend Analysis, Cross-Sectional Analysis, CAGR comparison), DuPont Analysis, and BUMN Scoring. In conclusion, according to the analysis that has been done, PT. Pertamina (Persero) obtain fluctuate results tend to decline in some ratios during 2011 – 2015, then there will be given the recommendation in order to improve the financial performance of PT. Pertamina (Persero) such as use operating efficiently and managing other costs and expenses also focus on generating more sales. There will a further research given to the company, which are using moody’s rating and measures company’s value by using valuation method.Keywords: PT. Pertamina (Persero); Financial Performance Analysis; Financial Ratios; DuPont Analysis; Oil & Gas Companie
Inventory Management in Non-Food Convenience Store
Get PDFAbstract. Retail is one of the promising business sectors to run in Indonesia. Nowadays, small size retail stores such as minimarkets is counted as largely growing business in Indonesia. Along with its rapid growth, retail businesses face many problems. One of the most complicated problems in this business sector is overstocking and under stocking of inventory that may happen at the same period. PT. Idola Jaya Semesta, a growing non-food convenience store, faces this inventory problem. This research aims to get the best inventory policy for PT. Idola Jaya Semesta. The sample data to be analyzed is limited to the best-selling category which is stationary, and focused on the top ten most overstocked items by percentage in a random retail store, which is the retail store in Bintaro. The data of the inventory report in the central store and distribution center is employed as a basis data of the research. The researchers used probabilistic method and economic order quantity model to analyze the inventory practices and to propose a solution. The result of this research is an inventory policy (maximum inventory level and reorder point) that avoid those problems and maximize profit. The research founds that using EOQ results in the lowest total inventory cost for the company, it is around IDR 4 million rupiahs cheaper than the current policy in a course of a year. However the current existing “TSM†policy of the company results in the lowest under stocking cost by IDR 68,308, not a very significant amount. In the long term the EOQ policy results in better to be used as it rises, the profitability ratio in the next 5 years using Monte Carlo Simulation for the items that have a yearly demand of over 100, but with the TSM policy it is better to use with items that have a yearly demand below 100. Ultimately, the best solution is to use the EOQ policy because it has the lowest total inventory cost and the profitability ratio of items with a yearly demand below 100 is not very significant for the company’s total profit. By using the sensitivity analysis, it is also more reliable to use the EOQ policy, when compared to the current existing TSM policy, as it is less sensitive to a change in demand compared to the current policy. The implementation plan for the company is very simple, the company employed a software engineer to create the software used to determine how much to order and the point of reorder, the company’s software engineer needs to simply change the formula of the current policy to the EOQ policy within the software program codes. Since the software is a form of digital media, it can be applied fast and at a low cost.Keywords: Inventory Management; Economic Order Quantity; Re-order Point; Non-Food; Convenience Store;Retai