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STOCK VALUATION ANALYSIS OF PT. ADI SARANA ARMADA TBK
No full textSince the 2012 IPO, PT. Adi Sarana Armada (ASSA) has grown relatively stable along with the increase in the field of business owned. With risk, a high level of competition and an increase in the price of the dollar which is quite a hit for issuers in the transportation sector, ASSA managed to show a pretty good performance. At the beginning of the first quarter of 2019, ASSA's shares have risen dramatically with a rough range of 300% from the price of Rp. 364 per share to Rp. 860 on March 1, 2019. For investors this is a quite interesting phenomenon to be explored in depth about the causes of rising stock prices this drastic. The sudden increases might have pushed back the price into previous level. Based on the discount cash flow analysis of the ASSA, the target price for ASSA is below -15% range at Rp 1163 per share or 44.49 potential upside compared to the recent 31 May 2019 market price of Rp 805 per share. The target price is also supported by relative valuation result by Rp 1097 per share, and the EV/EBITDA results with Rp 1,130 per share.Keywords: EV/EBITDA , financial performance, free cash flow to equity , stock price, valuatio
Competitive Landscape Of Excavator Product In Indonesia
No full textInfrastructure development is one of the strategic choices in enhanced development and equitable distribution of the Indonesian economy. In recent years Government has contributed to improving the quality of infrastructure in Indonesia. One type of heavy equipment that is often used for excavator is an excavator. Excavator is a heavy equipment construction equipment that has the function to do heavy work such as excavating land, collecting land, moving, transporting land and transporting goods. PT Pindad is currently developing Excavator capacity of 20 tons to meet the market demand for heavy equipment in the Infrastructure development in Indonesia, the absence of heavy equipment made in Indonesia, to reduce dependence on foreign producers and increase local content in heavy equipment domestic. The availability of heavy equipment in Indonesia is still very dependent to import product.The object of research in this final project is current condition of Excavator Market in Indonesia and marketing strategy for Excavator at PT Pindad. To solve the problem, the conceptual framework is needed to have alternative marketing strategies that are appropriate for the company.In this final project will use external and internal analysis, for external analysis using Market Overview, Consumer Analysis, PEST Analysis, Porter Five Forces Analysis and Competitor Analysis. Meanwhile, the internal analysis will use Segmenting Targeting Positioning, Marketing Mix, Resources, Capabilities, VRIO model and Value Chain Analysis. SWOT analysis is carried out to analysis the company's Strengths, Weaknesses, Opportunities and Threats. Through TOWS Analysis to get a strategy in accordance with this research.Based on TOWS strategies and analysis mentioned before, author choose of strategy Product development of variant excavator as the biggest heavy equipment business so PT Pindad will develop excavator products for excavator variants in addition to the 20 ton type excavators.Keywords: Infrastructure, Excavator, Marketin
INVESTMENT STRATEGY AND ANALYSIS FOR GRAIN TERMINAL DEVELOPMENT A CASE STUDY: INDONESIA PORT CORPORATION
No full textThe purpose of this research is to conduct a feasibility study related to the development of grain terminal at one of sea ports owned by Indonesia Port Corporation. This study aims to determine the most appropriate investment strategy both in normal market trend and within condition when there is a trend breaker. The study will answer the question of what alternative strategies are available to carry out development plan. Which is the best investment strategy based on Net Present Value (NPV), Internal Rate of Return (IRR), Pay Back Period (PBP) and Value at Risk under normal market trend? Which is the best investment strategy based on NPV within condition when there is a trend breaker? Exploration begins with an analysis of the business situation using PESTLE analysis, competitor analysis, port capacity analysis and financial performance analysis. The SWOT & TOWS framework is then used to formulate solution scenarios, namely; (1) "as is" terminal operation, (2) single stage terminal development, (3) multi stages terminal development. In normal market trend, each scenario is then evaluated through Capital Budgeting analysis using the Discounted Cash Flow (DCF) method while Value at Risk (VaR) is evaluated using Monte Carlo Simulation. In the presence of trend breaker, Decision Tree analysis is used to evaluate the Net Present Value of each scenario. This evaluation concludes that the multi-stage development strategy produces the best value of investment criteria under normal market trends and when there is a trend breaker.Keywords: Grain Terminal, Multi Stages, Trend Breaker, NPV, Value at Risk
PROPOSED OF MARKETING STRATEGY FOR OUTSOURCING BUSINESS AT PT. PELINDO DAYA SEJAHTERA
No full textMost of the companies over the past decade has sent some of their job function usually a non-core job, to other parties with the intention of focusing the company’s growth and win the business competition. These activities called an outsourcing activity and its already become a global trend recently since it creates a new specific market demands and business opportunities. The outsourcing company still interesting the Domestic market to be developed and marketed, likewise PT Pelindo Daya Sejahtera (PT PDS), as a PT Pelindo III’s subsidiaries company, PT PDS was established to manage contract workers in PT Pelindo III who already have work competencies in port industries. PT PDS’s Market Size still dominate with PT Pelindo III Group (Captive Market) as much as > 99% while the external market only < 1%.Whereas, the external outsourcing market for a non-core job activity, both in Port Industries nor general industries outside Pelindo III Group are still potentially captured by PT PDS, but it still can not be captured by PT PDS.The thesis is organized to analyze the Marketing Strategy that will be implemented and run by PT PDS in order to expand the market size especially the External Market. In formulating a possible strategy in PT PDS, are using the analysis tools namely PESTEL, Porter's Five Forces, Competitor Analysis and Market Analysis for company's external factors and as a company's internal factors analysis will be using a value of chains analysis and resources analysis. The proposed of product strategy in expanding PT PDS external market is the recommendations as results of the analysis that has been done and will set into an action plan that will be executed by PT PDS. Based on this action plan, then the timetable and planning resources are arranged.Keywords: an outsourcing business, internal market, the external market, market size, marketing strateg
FINANCIAL FEASIBILITY ANALYSIS OF BOARDING HOUSING PROJECT INVESTMENT IN BANDA ACEH (CASE STUDY: PT. TRIPUTRA MALAKA PROPERTI)
No full textPT Triputra Malaka Properti is start-up company in property development. The company has planned a new property project in Banda Aceh. This project is based on the business model implemented by Melia Hotels or Condotel. In developing the hotel projects, Melia Hotel sells each hotel room to Investors as the initial capital of development from the project. The rooms built will be owned by investors and managed by the company. The investors will gain profit from hotel management. Looking at this business model, PT. Triputra Malaka Properti wants to make modifications to the business model on a smaller scale. The company plans to build boarding houses and sell them to investors, then the rooms will be managed by the company's management.As start-up the company has limited capital and just has Rp500,000,000 for this project. In this research, the market survey is conducted by using questionnaires to determine the student customer preference regarding boarding houses. All data is used to make financial projections in Discounted Cash Flow (DCF). This method is used to find out the results of financial projections in the present value. The financial feasibility criteria of this project are Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP). Based on the calculation of the Budget Plan and financial modeling, the value of the project is Rp.1,760,660,000. Based on the results of financial modeling, explain that this project is financially feasible, where the project has a NPV value greater than 0 or positive in the amount of Rp.348,313,340. Internal Rate of Return is greater than the Weighted Average Cost of Capital with a rate of 37.7%, and a payback period of 2.2 years, or less than 3 years. Keywords:Boarding Housing, Property Investment, Feasibility Study
The Nature of Second-hand Camera Store Business
No full textIn 2008 there were already researchers that studying the second-hand markets, they research customer motivation in general towards second-hand shopping in UK, taking flea market and garage sale as their research subjects. This study tries to be a continuation of previous research where this study more focusing on second-hand camera store subject. The difference between previous subject is that flea market and garage sale tend to be more personal and less competitive, while second-hand camera store are more business like. This study sheds light on how socio-cultural issue could derive different motives towards second-hand camera shopping, while the nature of the business itself in today era makes this business less attractive yet the market is there by answering the question: how to do a proper second-hand camera businesses?. This study conducted a single-case study in unit business from well known brand of second-hand camera store in Indonesia to analyze the nature of second-hand camera store business. The data pertaining to second-hand camera store business in Indonesia are collected through questionnaire and supported by theory and expertise interviews. The results of this study is the addition of an element of trust as an aspect of people’s motivation towards second-hand shopping camera, and provides new insight into theoretical issue on how to analyze competitor in current condition where e-commerce already become parts of daily life, smart phone and rental camera business are becomes camera substitute that are more affordable, and Covid-19 pandemic is forcing people to stay at home. Key Words: Second-hand Camera Store, Marketing Mix Strategy, Porter’s Generic Strategy, TOWS Matrix
MARKETING STRATEGY FOR SUBSIDIZED FERTILIZER (CASE STUDY OF PUPUK KUJANG)
No full textIn Indonesia, role of government in order to support food security national indispensable with the support of the provision of fertilizer fulfilling the principle 6 right that are: type, quantity, price, place, time and quality. Given the Government's, subsidized fertilizer is only allocated for agricultural business which includes Farmers of Food Crops, Livestock and Smallholders. West Java and Central Java is the largest area in agriculture, so if the projected with the level of fertilizer consumption in the area it should be able to give a positive impact on the sale of Pupuk Kujang’s. This research conducts external, internal and SWOT analysis to define root cause of problems that must be addressed by Pupuk Kujang regarding fertilize sunsidize. External analysis consists of PESTLE, Porter's 5 Forces, Competitors and Customer analysis. Internal analysis consists of STP and Marketing Mix. Tools to define the root cause is 5 why which used with the question why such things can be the cause and do up to 5 times to ask or to answer. Based on research, the formulation of business solutions is require the design a new spesific Marketing Strategies to improve sales penetration fertilizer subsidies.Keywords: Fertilizer, Subsidized, Marketing Strategy, STP, Marketing Mix
Relationship between Hard Skills and Soft Skills Towards Employee Performance at Crew Restauran KFC Medan
No full textIndustry 4.0 is about competitiveness and innovation. Organizations need to adapt their capabilities to handle new challenges. Besides change management, a sequential concept, design thinking is an iterative approach linking creative and analytical methods. The goal is to foster new ideas and concepts and increase organizations'; innovative power and competitiveness, and currently, the COVID-19 attack has shocked the world. The COVID-19 pandemic has surprised many organizations. This situation will affect work that changes organizational culture, such as work from home (WFH) instructions for employees, virtual organization control, and supervision by leaders previously only performed by large organizations. One of the companies that have a significant impact due to COVID-19 is PT. Fast Food Indonesia Tbk, which is the sole owner of the KFC franchise in Indonesia, was founded by Gelael in 1978 as the first party to acquire a KFC franchise for Indonesia. The company started operation in October 1979 at Jalan Melawai, Jakarta. This foreign Quick Service Restaurant&#39;s success was then followed by restaurants in major cities in Indonesia, which is Medan. While facing COVID-19, that happens in the world, other outlets of PT. Fast Food Indonesia, especially in Medan, has a goal to be achieved. The goal is to make KFC stable as before. This goal will be achieved through employee commitment and good performance. Lack of employee performance happened from any causes. Therefore, this research intended to find out the relationship between skills and employee performance during COVID-19 in term of facing Industri 4.0 Keywords: Hard Skills, Soft Skills, Employee Performance, COVID-19, Industry 4.0, Multilinear Regressio
Financial Retirement Plan Based on Knowledge-Based View Theory Perspective
Get PDFAbstract. Retirement usually occurs in the age range of 55–65, depending on the type of job. However, during the COVID-19 pandemic, it may not be adequate to measure retirement only by age because many employees were forced to retire early. Thus, the issue of retirement planning has once again become a relevant issue to discuss. Most previous studies explain that retirement planning uses the theory of planned behavior, but unlike these, this study approaches retirement planning with the knowledge-based view theory. The theory of knowledge-based view can explain knowledge as a fundamental resource for an individual’s ability to plan retirement. Data was collected for this study from a survey for employees and professionals in Indonesia and was analyzed with PLS-SEM. Empirical evidence showed that knowledge sharing actually weakens the influence of family financial education on retirement planning. Therefore, it can be concluded that knowledge sharing cannot strengthen family education to make better retirement planning. This study also revealed the possibility that knowledge sharing could change employee retirement planning into other financial plans that are also beneficial for retirement.Keywords: Retirement planning; theory planned behavior; knowledge-based view; knowledge sharing; financial planning Abstrak. Pensiun biasanya diukur berdasarkan usia, dalam rentang usia 55-65 tahun, tergantung pada jenis pekerjaannya. Namun, di masa pandemi Covid-19, masa pensiun mungkin tidak lagi cukup diukur dengan hanya berdasarkan usia. Hal itu dikarenakan banyak karyawan yang terpaksa pensiun dini selama pandemi. Dengan demikian pada masa pandemi isu perencanaan pensiun sekali lagi menjadi masalah yang menarik untuk didiskusikan. Sebagian besar penelitian sebelumnya menjelaskan perencanaan pensiun menggunakan dasar theory planned behavior (TPB), namun berbeda dengan banyak penelitian sebelumnya, dalam penelitian ini perencanaan pensiun didekati dengan teori knowledge-based view theory (KBV). Teori KBV diasumsikan bisa menjelaskan pengetahuan sebagai sumber daya mendasar bagi kemampuan individu untuk membuat perencanaan pensiun. Dalam survei yang dilakukan terhadap karyawan dan profesional di Indonesia. Data yang terkumpul kemudian dianalisis dengan PLS-SEM. Bukti empiris menunjukkan bahwa berbagi pengetahuan justru melemahkan pengaruh antara pendidikan keuangan keluarga terhadap perencanaan pensiun. Oleh karena itu, dapat disimpulkan bahwa berbagi pengetahuan tidak bisa menguatkan pendidikan keluarga untuk membuat perencanaan pensiun yang lebih baik. Dalam penelitian ini juga diungkapkan adanya kemungkinan bahwa berbagi pengetahuan dapat membuat perubahan pada perencanaan pensiun karyawan menjadi rencana keuangan lainnya yang bermanfaat juga bagi masa pensiun, dimungkinkan untuk membuat perubahan dalam perencanaan pensiun menjadi bentuk lain dari perencanaan keuangan.Kata kunci: Perencanaan pensiun; theory planned behavior; knowledge-based view; berbagi pengetahuan; perencanaan keuanga
Patent Signals of IPO Performance: Evidence from High- and Low-Tech Industries in Japan
Get PDFAbstract: Prior studies pointed to evidence that startups and venture capital (VC) companies tended to use different measures to provide signals to outsiders. This study adds to those previous insights by focusing on established firms’ patenting behaviors and their effect on the amount of money raised at the initial public offering (IPO). Since technology intensity may differ considerably between high and low-tech companies, our main interest in this paper lies on whether the significance of pre-IPO patenting activities as a predictor of IPO performance also varies between these two industry categories. Using cross-sectional data representing 308 Japanese industrial firms’ IPO commitments between 2000 and 2015, we find a robust positive correlation between patent applications and IPO performance. Contrary to the conventional wisdom proposing that high-tech firms with more patenting activities achieve better IPO performance, we show that the signaling power of patenting is stronger for the low-tech companies in our sample: While the high-tech firms do not seem to have significantly benefited from a patent signal, the low-tech firms seem to have attracted external investors more easily due to patenting at the IPO. Keywords: Patent, signal, initial public offering (IPO), high-tech industries, low-tech industrie