Senin, 07 Februari 2011

THE LONGTERM PERFORMANCE TRENDS AND MARKET PERCEPTION MAPPING

(Case Study: PT Indocement Tunggal Prakarsa, Tbk)

by : Perdana Wahyu Santosa

(Published : INTERNATIONAL SEMINAR & CONFERENCE Faculty of Economics Universitas Negeri Jakarta, November 5, 2010).

http://www.iscfeunj.com/index.php/component/option,com_ckforms/Itemid,121/controller,ckdata/id,f6/layout,data/limit,20/limitstart,20/view,ckformsdata/

Abstract

This research used financial ratio and managing expectations for active value about performance of PT Indocement Tunggal Prakarsa, Tbk (INTP) as one of largest-cement emiten at Indonesia Stock Exchange (IDX). Unlike traditional corporate-performance metric, this study use growth value of matrix. INTP is well placed to meet Indonesia’s growing per capita of cement consumption. The financial data sources for this research are the audited annual reports of INTP2002-2008. The analysis focused on compounds annual growth rate (CAGR), profitability, total assets turnover, cost of capital, market value added & market risk and market perception map. This research also used growth value matrix to analysis the market perception of INTP in 2008 that combined current performance with future growth opportunity. The findings of the research are CAGR of: Sales (13.15%), Operating Profit (11.25%), Net income (-1.13%), Total Equity (12.71%) and Total Assets (-2.67%). During 2002-2007, profitability of INTP was weak and fluctuated from IDR116,023 to IDR1.041, 047 (in million). Debt to Assets ratio of INTP fluctuated around 44.79-104.52%. DAR of INTP showed the decreasing from 66.78% to 30.85% and TAT was found around 0.34 to 0.73. The results of market perception mapping showed that INTP has market average of current performance index and the future growth opportunity was above thw market average level. The conclusion explained that INTP has very good long-term fundamental performance’s trend and indicated has potency to be excellent value manager in the future.

Keywords: indocement, value matrix, current performance, growth opportunity, market perception.

Introduction

To get the optimal return from stock investment in the capital market like Indonesia Stock Exchange (hereafter, IDX), investors and investment manager needed deep analysis of emiten by the correct method. At this time, most of stock analysis is published in research reporting by big securities companies only which have the research division. That condition,

often create conflict of interest between the motivation securities company with investors, because the research findings that published have any motivation and special target. Research and/or analysis of the securities tend to recommend executing buy, selling or holding to stock in the short term in accordance with its importance. Beside, most of research corncerning informational market only focus on some stocks which tend to the interesting of each securities company strategy.

To solve these assymetric information problems for the investors who have no ability to analyze every stock that they wanted, we conducted research for long-range trend of fundamental performance. Beside, we exploited all the aspects of market perception with growth value matrix (hereafter, GVM) for PT Indocement Tunggal Prakarsa Tbk (INTP) also. The fundamental findings of INTP are very important values to help investors make any investment decisions and predict the future of INTP’s stock well. The market perception of INTP is information fusion from various fundamental factors and technical aspects in capital market that recorded in the form of market capitalization (such as stock size). Market Perception is expected become a strategic guidance investment for investor’s decission. . . . . .


Artikel lengkap dikompilasi oleh/hubungi :

Kanaidi, SE., M.Si (Penulis, Peneliti, PeBisnis, Trainer dan Dosen Marketing Management).

e-mail ke : kana_ati@yahoo.com atau kanaidi@poltekpos.ac.id

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