Luthfi Septiandy - Add Task Accounting

ADDITIONAL TASK OF
ACCOUNTING
HOW TO INVEST STOCK WITH
FUNDAMENTAL ANALYSIS
This report is submit to fulfill the requirement academic

of Accounting Subject as Additional Task
By:
LUTHFI SEPTIANDY
NIM: 291 171 63
CLASS: YP 57 C
MAGISTER BUSINESS ADMINISTRATION

SCHOOL OF BUSINESS AND MANAGEMENT
INSTITUT TEKNOLOGI BANDUNG
2017
How to Invest Stock with Fundamental Analysis
According to Gitman and Joehnk (2005:3), investment is any vehicle into whick funds can
be placed with expectation that it will generate positive income and/or preserve or increase its
value. In general sector that can be medium of investment divide by two sector, first is riil
sector and second is financial sector. Investment in riil sector is impart some asset or buy
productive asset to generate some goods with production process, type of this investment are
property, land and gold. Investment in financial sector is activity buy/sell finance asset or
obligation with expectation generate profit, type of this investment are savings, deposito, stocks
etc. Based on Jogiyanto (2010:7) investment can be divide into two big classficiation, as
follows:
a) Direct Investment
Direct investment can be determine as ownership of marketable securities directly in on of
entity that officially Go Public with expectation can generate dividen and capital gains.
b) Indirect Investment
Indirect investment can be happen if the marketable securities trade by company as medium.
In this paper author will focus to how to investment by stock with fundamental analysis. In
Indonesia there are person who success reach financial freedom know as Lo Kheng Hong, he
only invest 85% of his asset as stock and remain of it as emergency funds. Based on his opinion
at least there are 3 reason why he interested invest at market stock:
1) Market stock have real value asset

According to LPS report issued at September 2016, funds indonesia people that saving in
the bank almost Rp. 4,500 Trillion. Otherwise based on IDX report at 21st April 2017, IHSG
closed at 5,664.47 point, increase 1.23 %. With those number, then capitalisation market in
IHSG is around Rp. 6,162 Trillion. It means that funds in market stock is higher than in bank.
Then he compare furthermore, Apple Inc. One of company in USA that have most
capitalisation in the world has US$ 750 Billion, that if convert with IDR kurs Rp.13,300 per
US$ 1 then Apple Inc has almost Rp. 10,000 Trillion. A huge number that more than IHSG,
even though it only number from one company.
1
2) Go Public company at market stock offering products for daily activity to society
The second reason why Lo Kheng Hong interest to invest at market stock, the go public
company offer daily product and service to society. The simple way can be determine when we
wake up until sleep again society interaction with products from go public company.
3) Investment in market stock pledge huge profit

The final reason why Lo Kheng Hong invest stock because the huge profit. For example in
15 years since Bali Bomb at 2002, IHSG increase from 330 into 5,664 at 2017, it means that
IHSG has increase more than 1,000%.
In order to choose and buy stock Lo Kheng Hong has own method, these are the step as
follows:
a) Company should handle with good management
b) Notice the prospect of company in the future
c) Find out the company with huge profit from Ratio Net Profit Margin and Return on Equity
d) Choose the company with the profit always increase
e) Pay attention with Price Earning Ratio and Price Book Value
According to JASICA IDX Factbook 2016, it classified as primary, secondary and tertiary
depending on the main economic activities of each listed industry. These are the description of
each sector:
a. Primary Sectors (Extractive)

 Agriculture
 Mining
b. Secondary Sectors (Industry and Manufacturing)
 Basic Industry and Chemical
 Miscellaneous Industry
 Consumer Goods Industry
c. Tertiary Sectors (Service)
 Property, real estate and building construction
 Infrastructure, utilities and transportation
 Finance
 Trade, service and investment
For each sectors author had sort and filter 5 company that recommend to buy as investment,
these are the analysis and review for each entity:
2
a) Primary Sectors (Mining and Agriculture)
1) PT Energi Mega Persada Tbk
PT ENERGI MEGA PERSADA TBK. (EMP) is an upstream oil and gas company that
has its operations spreading across the Indonesian archipelago and has expanded into
Mozambique, Africa. EMP business activities include exploration, development and
production of crude oil and natural gas.
The company issued the financial report every period, these are the balance sheet,
income statement, shareholder equity and cash flows.
Table 1. Balance Sheet PT Energy Mega Persada Tbk
Source: http://www.emp.id
3
Table 2. Balance Sheet PT Energy Mega Persada Tbk (Continue)
Table 3. Balance Sheet PT Energy Mega Persada Tbk (Continue)
4
Table 4. Income Statement PT Energy Mega Persada Tbk
Table 5. Income Statement PT Energy Mega Persada Tbk (continue)
5
Table 6. Shareholder Equity PT Energy Mega Persada Tbk
Table 7. Cashflows PT Energy Mega Persada Tbk
6
After review the financial report, normally investor find put the ratio of the company such
as Earning Per Share, Price Earning Ratio, Price book value and another variable that relate to
the company performance. Those ratio can be calculate manually, but in this report author use
the tools so it can be determine easily, the tools use IPOT.
Table 8. Fundamental Analysis PT Energi Mega Persada Tbk
Source: https://www.ipotnews.com
2) PT Adaro Energy Tbk

Adaro Energy is a vertically integrated energy producer in Indonesia. We are all about
creating sustainable value from Indonesian coal and providing reliable energy to help build
Indonesia. We deploy an integrated pit-to-power business model with three engines of growth:
coal mining, mining services and logistics, and power. Our main location is in South
Kalimantan, where we mine Envirocoal, a low- pollutant thermal coal, and we have
subsidiaries along the pit-to-power value chain, including in mining, barging, shiploading,
dredging, port services, marketing and power generation.
7
Table 9. Balance Sheet PT Adaro Energy Tbk
Source: http://www.adaro.com
Table 10. Balance Sheet PT Adaro Energy Tbk (continue)
8
Table 11. Balance Sheet PT Adaro Energy Tbk (continue)
Table 12. Income Statement PT Adaro Energy Tbk
9
Table 13. Income Statement PT Adaro Energy Tbk (Continue)
Table 14. Shareholder Equity PT Adaro Energy Tbk
10
Table 15. Cashflows PT Adaro Energy Tbk
11
Table 16. Fundamental Analysis PT Adaro Energy Tbk
3) PT Medco Energy Tbk

Table 17. Balance Sheet PT Medco Energy Tbk
Source: http://www.medcoenergi.com
12
Table 18. Balance Sheet PT Medco Energy Tbk (continue)
Table 18. Balance Sheet PT Medco Energy Tbk (continue)
13
Table 19. Income Statement PT Medco Energy Tbk
Table 20. Income Statement PT Medco Energy Tbk (continue)
14
Table 21. Income Statement PT Medco Energy Tbk (continue)
Table 22. Shareholder Equity PT Medco Energy Tbk
15
Table 23. Cashflows PT Medco Energy Tbk
Table 24. Fundamental Analysis PT Medco Energy Tbk
16
4) PT Golden Energy Mines Tbk
PT Golden Energy Mines Tbk bergerak di bidang perdagangan hasil tambang dan jasa
pertambangan. Pada tanggal 13 Maret 1997 Perseroan didirikan dengan nama PT Bumi
Kencana Eka Sakti yang kemudian berubah nama menjadi PT Golden Energy Mines Tbk pada
tanggal 16 November 2010.
Pada tanggal 17 November 2011, Perseroan menjadi perusahaan publik dan tercatat di
papan utama Bursa Efek Indonesia. Melalui Penawaran Umum Saham Perdana (IPO) tersebut,
Perseroan memperoleh dana sebesar Rp. 2,205 triliun. Dalam IPO tersebut, GMR Coal
Resources Pte. Ltd. (sebelumnya bernama GMR Infrastructure Investments (Singapore) Pte.
Ltd.) ("GMR"), yang merupakan anak perusahaan GMR Group, sebuah kelompok usaha
infrastruktur terkemuka di India menjadi investor strategis Perseroan dengan
memegang/memiliki 30% (tiga puluh persen) saham dari seluruh modal yang disetor dan
ditempatkan oleh Perseroan.
Pada tanggal 20 April 2015, PT Dian Swastatika Sentosa Tbk (”DSS”) telah mengalihkan
66,9998% saham yang dimilikinya dalam Perseroan kepada Golden Energy and Resources
Limited (dahulu United Fiber System Limited) (”GEAR”), perusahaan berkedudukan di
Singapura. GEAR memiliki kegiatan usaha utama di bidang eksplorasi, pertambangan,
penjualan batubara dan sebagai pemegang beberapa hak konsesi kehutanan di Kalimantan
Selatan. GEAR merupakan anak perusahaan dari DSS yang tercatat di BEI, merupakan induk
usaha Sinar Mas di bidang energi.
Table 25. Balance Sheet PT Golden Energy Mines Tbk
Source: http://www.goldenenergymines.com/id
17
Table 26. Balance Sheet PT Golden Energy Mines Tbk (continue)
Table 27. Income Statement PT Golden Energy Mines Tbk
18
Table 27. Income Statement PT Golden Energy Mines Tbk (continue)
Table 28. Shareholder Equity PT Golden Energy Mines Tbk
19
Table 29. Cash Flows PT Golden Energy Mines Tbk
Table 30. Fundamental Analysis PT Golden Energy Mines Tbk
20
5) Petrosea Tbk
PT Petrosea Tbk. is a multi-disciplinary mining, infrastructure and oil & gas services
Company with a track record of achievement in Indonesia since 1972. Drawing on rich and
varied years of experience throughout the Indonesian archipelago, Petrosea is now recognized
as one of Indonesia’s leading contractors. We offer a competitive advantage through our ability
to provide complete pit-to-port mining solutions, integrated engineering and construction
capabilities as well as logistic support, whilst demonstrating absolute commitment to health,
safety & environment, quality management and business integrity.
We also provide services for the oil and gas industry in Indonesia through our Petrosea
Offshore Supply Base (POSB) deep-water supply bases located in Tanjung Batu, East
Kalimantan and Sorong, West Papua that consistently deliver international standard and cost-
effective services to all of our clients. Petrosea has been listed on the Indonesia Stock Exchange
(IDX: PTRO) since 1990 and was the first publicly listed Indonesian engineering and
construction Company in Indonesia.
Table 31. Balance Sheet Petrosea Tbk
Source: http://www.petrosea.com
21
Table 32. Balance Sheet Petrosea Tbk (continue)
22
Table 33. Income Statment Petrosea Tbk
Table 34. Shareholder Equity Petrosea Tbk
23
Table 35. Cashflows Petrosea Tbk
Table 36. Fundamental Amalysis Petrosea Tbk
24
b) Secondary Sectors (Industry and Manufacturing)
1) Tembaga Mulia Semanan Tbk
Since we have been incorporated in the year of 1977 in the suburban area of Jakarta, our
motto is TMS means Quality and our goal is Customer Satisfaction. We have been trying to
produce quality copper rod and wire, and to deliver them punctually to all over Indonesia as
well as overseas markets through ISO 9001 2000 version activity. We are always careful about
our customers requirement.
We are proud that such routine efforts would help us to overcome the tough circumstances
during the economic crisis in the years of 1997 1998. Thanks to Furukawas technical
collaboration, we will develop newly required products, such as fine drawn wire, tinned fine
bunched wire, etc. and will enhance the quality of our products and service.
Table 37. Balance Sheet Tembaga Mulia Semanan Tbk
Source: http://www.pttms.co.id
25
Table 38. Balance Sheet Tembaga Mulia Semanan Tbk (continue)
Table 39. Income Statement Tembaga Mulia Semanan Tbk
26
Table 40. Shareholder Equity Tembaga Mulia Semanan Tbk
Table 41. Cashflows Tembaga Mulia Semanan Tbk
27
Table 42. Fundamental Analysis Tembaga Mulia Semanan Tbk
2) Kedawung Setia Industrial Tbk

Table 43. Balance Sheet Kedawung Setia Industrial Tbk
Source: http://www.kedawungsetia.com
28
Table 44. Balance Sheet Kedawung Setia Industrial Tbk (continue)
Table 45. Income Statement Kedawung Setia Industrial Tbk
29
Table 46. Shareholder Equity Kedawung Setia Industrial Tbk
Table 47. Cash Flows Kedawung Setia Industrial Tbk
30
Table 48. Fundamental Analysis Kedawung Setia Industrial Tbk
3) Ekadharma International Tbk
31
Table 49. Balance Sheet Ekadharma International Tbk
Source: http://ekadharma.com/
32
Table 50. Balance Sheet Ekadharma International Tbk (continue)
33
Table 51. Income Statment Ekadharma International Tbk
34
Table 52. Shareholder Equity Ekadharma International Tbk
Table 53. Cashflows Ekadharma International Tbk
35
Table 54. Fundamental Analysis Ekadharma International Tbk
4) Unggul Indah Cahaya Tbk

UIC was established in 1983 and began commercial operation since November 1985,
supported by licensed technology of UOP LLC, USA. UIC's main products is Alkylbenzene
(AB), one of main raw substance for detergent. UIC is the sole manufacturer of AB in Indonesia
and produces two types of AB which are Linear Alkylbenzene (LAB) and Branched
Alkylbenzene (BAB). The Company also produces Heavy Alkylate (HA) and Light Alkylate
(LA) as its by products.
The Company has three units of AB plants built in one location with a total production
capacity of 270,000 MT per annum (combination of LAB and BAB). UIC is considered as a
company with the biggest one-location installed production capacity in the region of Asia
Pacific and has managed to strengthen its position in that region through some investments in
several companies with similar industry in Indonesia, Vietnam, Singapore, Australia, and New
Zealand. Since 2005, UIC had also extended its business portfolio through the acquisition of
PT Wiranusa Grahatama, a company engaged in developing office buildings and apartments
located in the central business district of Jakarta.
36
Since 2003, UIC has received International Quality Standard certification ISO 9001:2000
which is a testament to word wide recognition of Company's ability in providing high quality
products and giving the best services to its customers. Moreover, in 2004 due to the Company's
continuous effort in preserving the environment, UIC was also obtained international
recognition ISO 14001:2004 certification. In July 2013, UIC also achieved OHSAS
(Occupational Health & Safety Advisory Services) 18001:2007 certification, which is an
International standard for Health and Safety Management System. This achievement is a proves
of UIC's commitment in its efforts to protect and minimize the employment risk for its
employees and other stakeholders. The certificates have been obtained from an international
accreditation institution, SGS Systems & Services Certification, located in USA, UK and
Australia/New Zealand.
Table 55. Balance Sheet Unggul Indah Cahaya Tbk
Source: http://www.uic.co.id
37
Table 56. Balance Sheet Unggul Indah Cahaya Tbk (continue)
38
Table 57. Income Statement Unggul Indah Cahaya Tbk
39
Table 57. Shareholder Equity Unggul Indah Cahaya Tbk
40
Table 57. Cashflows Unggul Indah Cahaya Tbk
41
Table 58. Fundamental Analysis Unggul Indah Cahaya Tbk
5) Waskita Beton Precast Tbk

Table 59. Balance Sheet Waskita Beton Precast Tbk
42
Source: http://web.waskitaprecast.co.id
Table 60. Income Statement Waskita Beton Precast Tbk
43
Table 61. Shareholder Equity Waskita Beton Precast Tbk
Table 62. Cashflows Waskita Beton Precast Tbk
44
Table 63. Fundamental Analysis Waskita Beton Precast Tbk
c) Tertiary Sectors (Service)

1) Surya Semesta Internusa Tbk
Established as PT Multi Investments Limited on 15 June 1971, the Company transformed
to PT Surya Semesta Internusa (“Surya Internusa” or “the Company”) in 1995. The Company
is primarily engaged in the development of industrial estates, commercial real estate,
construction services, and hospitality through its subsidiaries. Supported by well-experienced
management, professional leadership strategies, and credibility from the shareholders, the
Company has proved its ability to deliver monumental projects.
Marking the Company’s humble beginnings as a developer, the Company successfully
developed Kuningan Raya area, a residential and business area located in the Golden Triangle
of South Jakarta. In addition to Glodok Plaza, as one of the first modern shopping centers in
Indonesia located in the heart of West Jakarta’s commercial area. Its subsequent projects led
the Company to grow into Surya Internusa of today.
For more than forty years of success in developing the property business in Indonesia,
has strengthened the Company’s brand recognition and placed the Company as one of the
strongest property developers in the country. With a long list of achievements as a leading
45
company, the Company continues to ramp up its performance and strengthen its commitment
to deliver remarkable results.
Enhancing itself as a leading company, the Company listed on the Jakarta Stock Exchange
(now the Indonesia Stock Exchange) and became a public company on 27 March 1997. Now
the Company rapidly grows and has eight main subsidiaries with diversified business portfolio,
encompassing (i) construction and infrastructure services, (ii) property, and (iii) hospitality.
Table 64. Balance Sheet Surya Semesta Internusa Tbk
Source: http://www.suryainternusa.com
46
Table 65. Balance Sheet Surya Semesta Internusa Tbk (continue)
Table 66. Income Statements Surya Semesta Internusa Tbk
47
Table 67. Shareholder Equity Surya Semesta Internusa Tbk
Table 68. Cashflows Surya Semesta Internusa Tbk
48
Table 69. Fundamental Analysis Surya Semesta Internusa Tbk
2) Citra Marga Nusaphala Persada Tbk

When established on 13 April 1987, CMNP was a concortium consisting of several state-
owned companies and national private companies engaged in infrastructure sector, especially
in the provision of toll roads and other related sectors. The establishment of CMNP opened a
new era of public-private partnership in the toll road provision through the Company’s role in
the construction of Cawang-Tanjung Priok (North-South Link/NSL) toll road of 19.03 km in
length.
Being successful at the pilot project implementation, CMNP gained the Government’s trust
to develop the Tanjung Priok-Jembatan Tiga/Pluit (Harbour Road/HBR) toll road of 13.93 km
in length. The completion of NSL and HBR toll roads of the total length of 32.96 km, known
as Ir Wiyoto Wiyono MSc Toll Road, with a 31-year and 3-month concession, has enabled an
integrated operation of the network system of Jakarta Intra Urban Toll Road: Tomang- Cawang
– Tanjung Priok – Ancol Timur – Jembatan Tiga – Pluit – Grogol – Tomang, under joint
management of PT Jasa Marga (Persero) tbk and CMNP with profit sharing system.
49
Table 70. Balance Sheet Citra Marga Nusaphala Persada Tbk
Source: http://en.citramarga.com
50
Table 71. Balance Sheet Citra Marga Nusaphala Persada Tbk (continue)
Table 72. Income Statement Citra Marga Nusaphala Persada Tbk
51
Table 73. Shareholder Equity Citra Marga Nusaphala Persada Tbk
Table 74. Cashflows Citra Marga Nusaphala Persada Tbk
52
Table 75. Fundamental Analysis Citra Marga Nusaphala Persada Tbk
53
Summary
1) Primary Sector
Table 76. Summary Fundamental Analysis Primary Sector
According to Table 76, it can determine that the rank number 1 entity recommend to invest
is PT Medco Energy Tbk. Medco have the highest score if they compare with another entity
and won at Operating Profit Margin, Earning Per Share, Price Earning Ratio, Book Value Per
Share and Price Book Value. For operating profit margin medco has surplus 49.57% than
previous year also the earning per share is the highest than another entity with 651.20 times.
Based on step and tips from Lo Kheng Hong company that should invest is company that
have PER not more than 10 and PBV not more than 1, these criteria are sustain with Medco.
However beside Medco there are also another recommend company that investor can invest
with arrangement from the top until below which are Energi Mega Persada, Adaro Energy,
Golden Energy Mines and Petrosea.
All of this company are relate to mining and exploration activities, for company that dealing
their business with commodities. As we know that price commodities are depend on marke
price, so beside find out the fundamental analysis investor also should find out the news or
information about the commodities that relate with them.
54
2) Secondary Sector
Table 77. Summary Fundamental Analysis Secondary Sector
According to Table 77, the result of secondary sector it can determine that Waskita Beton
Precast is entity most recommend of this sector. Due of the highest market capitalisation than
other entity, WSBP also had good sales growth with 8.80% even though their new comer with
first Initial Public Offering (IPO) in 2016. It means WSBP has a potential to growth bigger, net
profit margin of them also relative good with 0.16. The good performance of Waskita Precast
also due of the developing infrastructure, as we know to build construction some of component
use the precast material as part.
Beside Waskita Beton Precast there are also another entity that investor can collect such as
Tembaga Mulia Semanan, Ekadharma International, Unggul Indah Cahaya and Kedawung
Setia Industrial. Those companies as overall has good performance financial report, but for all
entities has same problem which is their EV/EBITDA. Some of expertise argue that the low
EV/EBITDA is the good paramater to invest their asset, due if in the future happen crisis.
3) Tersier Sector
Table 78. Summary Fundamental Analysis Tersier Sector
55
Tersier sector mostly relate with services, based on Table 78 all of the entities relate with
construction, highway operator and property. It can be determine that surya semesta internusa
has good perfromance of fundamental analysis. They have PER less than 10 and PBV less than
1 also the EV/EBITDA has a small number. However their sales growth are decline to -25.36%,
but in same parameter Total has surplus 12.07%, it means that Total has more project than
Surya Semesta in this period. Eventhough their also has a huge number of EV/EBITDA that
relate with their debt, so investor should notice of their financial report.
56

Luthfi Septiandy - Add Task Accounting

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Luthfi Septiandy - Add Task Accounting

Uploaded by

Copyright:

Available Formats

ADDITIONAL TASK OF

This report is submit to fulfill the requirement academic

MAGISTER BUSINESS ADMINISTRATION

1) Market stock have real value asset

3) Investment in market stock pledge huge profit

a. Primary Sectors (Extractive)

Table 3. Balance Sheet PT Energy Mega Persada Tbk (Continue)

Table 5. Income Statement PT Energy Mega Persada Tbk (continue)

Table 7. Cashflows PT Energy Mega Persada Tbk

2) PT Adaro Energy Tbk

Table 10. Balance Sheet PT Adaro Energy Tbk (continue)

Table 12. Income Statement PT Adaro Energy Tbk

Table 14. Shareholder Equity PT Adaro Energy Tbk

3) PT Medco Energy Tbk

Table 18. Balance Sheet PT Medco Energy Tbk (continue)

Table 22. Shareholder Equity PT Medco Energy Tbk

Table 24. Fundamental Analysis PT Medco Energy Tbk

Table 27. Income Statement PT Golden Energy Mines Tbk

Table 28. Shareholder Equity PT Golden Energy Mines Tbk

Table 30. Fundamental Analysis PT Golden Energy Mines Tbk

Table 37. Balance Sheet Tembaga Mulia Semanan Tbk

Table 41. Cashflows Tembaga Mulia Semanan Tbk

2) Kedawung Setia Industrial Tbk

Table 47. Cash Flows Kedawung Setia Industrial Tbk

3) Ekadharma International Tbk

Table 53. Cashflows Ekadharma International Tbk

4) Unggul Indah Cahaya Tbk

Table 57. Shareholder Equity Unggul Indah Cahaya Tbk

5) Waskita Beton Precast Tbk

Table 62. Cashflows Waskita Beton Precast Tbk

c) Tertiary Sectors (Service)

2) Citra Marga Nusaphala Persada Tbk

You might also like