MID TERM EXAM

MOCHAMAD ARIEF RAHMAN

29116412
 I. Objective
PT . BNI Sekuritas was considering some shares for the funds he managed BNI
Sekuritas Large Pension Funds, which invested mostly in LQ45. BNI Sekuritas had performed
extremely well, in 2016 the funds earn return of 25% along with Indonesia Stock Exchange (
BEI) has recorded a 4.48% hike in its composite index this year, making it the highest as
Compared to indexes of major stock exchange in the world. after reading several reports from
various analysts. BNI confusion to determine whether to buy or not. while some reports show
that it is best to hold back to buy. for this reason for this report to clarify the action to be taken
whether to buy or hold to buy.
II. Analysis
The Telco management wanted to communicate a strategy for revitalizing the company.
This is because since 2012 the revenue not growing at around IDR 9 billion, on the
other hand net income had fallen from IDR800 billion to IDR 600 billion. Management
revealed a plans to address both top-line growth and operating performance.
1. Examination execution, from budgetary proportion (show 3)
We break down Financial Ratio. Budgetary Ratio comprise of Liquidity Ratio,
Efficiency, Financial Leverage, Profitability, Growth, ROE (Dupont), and Vertical
Anaysis.
Liquidity proportions measure an association's capacity to meet its developing
budgetary commitments. From our investigation, the money, basic analysis proportion,
current proportion, and working capital in 2016 is higher than 2015. The higher the
proportion, the better the organization's liquidity position. The higher the proportion
shows the organization is in wellbeing and great condition.
Productivity proportions measure the effectiveness with which a firm deals with
its advantages. The stock turnover proportion measures how well the firm deals with
its stock. From our computation, PT Telco's stock execution is diminishing in 2015 to
2016. On the off chance that the stock is diminishing, it's a decent sign in light of the
fact that the organization's merchandise is sold.
Use proportions measure the relative measure of assets provided by value and
obligation holders. The higher the measure of obligation, the more utilized the firm is
and the more noteworthy the hazard its proprietor faces. From our count, the use rate
from 2015 to 2016 is diminishing. The lower, the use is great in light of the fact that
the firm may not relinquish their profits that can be acknowledged through use.
 Productivity proportions measure the company's proficiency in creating
benefits. Profit for resources measures the measure of benefit created by every dollar
of advantages. Profit for value measures the measure of benefit produced by every
dollar of value. Unfortunately, the benefit is diminishing in 2016. It implies that the
organization get bring down profit, which puts the organization in a more unsafe
circumstance.
Development, from our figuring the outcome is negative it's bad, implies there's
no development in one year.
The DuPont investigation causes us begin to distinguish the qualities and
shortcomings of firms by concentrating on how the overall revenue, resource turnover,
and use proportion join to affect returns. The ROE is diminishing, so it isn't great. The
number ought to be goes up, in light of the fact that it give a decent hint for the
organization as it is demonstrating that the rate of profit for the investors' value is rising.
On the opposite side, ROS is likewise diminishing from 2015 to 2016. It's bad for the
organization. The ROS rate ought to be high, an exceptional yield on deals shows that
the organization is offering its items well and its benefits.
Vertical Analysis clarify us about Cost of Goods Sold and Gross Profit. For this
situation, the COGS rate is expanding. In the event that COGS is high, the
organization's net salary is getting little so it's bad.
And here is stock price of PT Telco in the next 3 years (2017-2019)

Value Of Company 7709.6

Less : Current Outstanding Debt 1841.2

Equity Value 5692.6

Current Shares Outstanding 271.5

Equity Value per Share 21

Current market Share Price 54

Share price at PT Telco is 54 prices sold to the public is 21 which means the company has
a profit 33 and an investor loss of 33 points.
III. Conclusion and Recommendation
a. Conclusion
The Present Value of PT Telco is increase than before, so it means that PT Telco is
undervalued.
With the adoption of a new strategy since 2013 although the development of his
opinion is significant but based on the results of calculations this company has the
potential to develop.
Total assets rise from years before.
Financial ratio analysis are grouped into four categories : activity, liquidity,
solvency and profitability in this company shows positive trend so the company can
sold their product.
Financial leverage owned by the company shows that the company is able to repay
the debt held.

b. Recommendation
After doing a mature calculation using existing data would be better if PT BNI
Sekuritas invested in PT Telco Mobile Indonesia. This investment promises benefits in
the future. besides Every investment decision should take into account risks and
benefits. To gain greater profits, you must be prepared to assume a great risk too.
Conversely, the lower the risk, the lower the expected rate of return.