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All Journal Journal of Economic, Bussines and Accounting (COSTING) Penentuan harga obligasi dan teori tingkat bunga Journal of Economics and Business UBS
Erman Sumirat
Institut Teknologi Bandung
Aerospace Engineering Agriculture, Biological Sciences & Forestry Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Economics, Econometrics & Finance Social Sciences

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Analisis Perusahaan Undervalue di Setiap Sektor di Pasar Saham Indonesia Apta Hadyan Sulistijo; Erman Sumirat
Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi) Vol 4, No 3 (2021): Jurnal SEKURITAS
Publisher : Prodi Manajemen Universitas Pamulang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (833.593 KB) | DOI: 10.32493/skt.v4i3.10550

Abstract

Pada dasarnya berinvestasi di pasar saham adalah membeli surat kepemilikan atas sebagian aset perusahaan. Tujuan penelitian ini untuk melakukan analisa dan mencari tahu perusahaan undervalue yang layak untuk diinvestasikan. Objek penelitian ini adalah perusahaan-perusahaan publik yang terdaftar di pasar saham Indonesia yang terkategori menjadi 11 sektor. Metode yang digunakan dalam penelitian ini adalah rasio keuangan seperti book value, return on equity, return on asset, debt to equity, dan price-to-earnings ratio. Dengan menggunakan metode rasio keuangan tersebut didapatkan hasil bahwa dari 700 perusahaan di Indonesia, hanya terdapat 5 perusahaan yang dikategorikan perusahaan undervalue dengan performa keuangan yang baik. Perusahan tersebut adalah PT. Intanwijaya International Tbk., PT Unggul Indah Cahaya Tbk., PT. Wilmar Cahaya Indonesia Tbk., PT. Provident Agro Tbk., PT. Wismilak Inti Makmur Tbk.
Kelayakan Bisnis Finansial Produksi Implan Biomedis Dengan Menggunakan Proses Manufaktur Aditif Suganta Handaru Setiawan; Raden Aswin Rahadi; Erman Sumirat
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 1 (2023): 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.v7i1.8427

Abstract

The market size of medical implant in Indonesia is estimated around US$ 20 million in 2021 and will reach a value US$ 36,67 million by 2026 with 15.2% CAGR. Furthermore, the total medical implant market size in Asia was estimated US$ 7.302 million and is expected to growth become US$ 10,610 million in 2026. Those number bring medical implant business become very attractive market potential to be developed and produced in Indonesia, to meet local demand as well as for Asia market. The feasibility study is carried out using capital budgeting method by analyzing result of net present value (NPV), internal rate of Return (IRR), payback period (PP) and profitability index (PI). In addition, sensitivity analysis is performed to assess the susceptibility of the NPV result toward change in the variables input. Based on the analysis, the investment project is feasible and accepted where the NPV is USD 6.252.653, IRR 35%, and payback period 3,7 years. Sensitivity analysis also reveals that this project exhibits a relatively low susceptibility to variable uncertainty where NPV is still positive when subjected to various variables changes. Sales volume and selling price are variables that greatly influence into the change of NPV result into ±37% variance where 20% increase of sales volume in each period will dramatically increase the NPV into USD 8.584.201. Meanwhile 20% reduction of sales volume will reduce the NPV into USD 3.919.321.
The Impact of Russian-Ukraine Conflict on Profitability and Valuation of Indonesian Coal Stocks Erman Sumirat; Dzikri Firmansyah Hakam; Irfan Sihab Budin F
Journal of Economics and Business UBS Vol. 12 No. 6 (2023): Journal of Economics and Business UBS
Publisher : UniSadhuGuna Business School

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 Fakhreza Samudera Budi; Erman Sumirat
Journal of Economics and Business UBS Vol. 13 No. 1 (2024): Journal of Economics and Business UBS
Publisher : UniSadhuGuna Business School

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 Apta Hadyan Sulistijo Dzikri Firmansyah Hakam Fakhreza Samudera Budi Irfan Sihab Budin F Raden Aswin Rahadi Suganta Handaru Setiawan