Analisis COC PT. Astra Internasional Tbk
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Analysis By : Ahmad Sulaemi_0221.12.349 Check By : Dede Sofyan_0221.12.348 DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS A. Perhitungan Beta PT. Astra International Tbk Tahun 2014 Tanggal IHSG Return Maket Harga Saham Return Saham 02/12/2013 4.274.176.758 6800 02/01/2014 4.418.756.836 0,0338 6425 -0,0551 03/02/2014 462.021.582 -0,8954 6950 0,0817 03/03/2014 4.768.276.855 9,3205 7375 0,0612 01/04/2014 4.840.145.996 0,0151 7425 0,0068 02/05/2014 4.893.908.203 0,0111 7075 -0,0471 02/06/2014 4.878.582.031 -0,0031 7275 0,0283 01/07/2014 5.088.801.758 0,0431 7725 0,0619 04/08/2014 5.136.862.793 0,0094 7575 -0,0194 01/09/2014 5.137.579.102 0,0001 7050 -0,0693 01/10/2014 5.089.546.875 -0,0093 6775 -0,039 03/11/2014 5.149.888.184 0,0119 7125 0,0517 01/12/2014 5.226.946.777 0,015 7425 0,0421 (Sumber : Yahoo Finance ) SUMMARY OUTPUT Regression Statistics Multiple R 0,268983943 R Square 0,072352361 Adjusted R Square -0,020412402 Standard Error 0,0532792 Observations 12 ANOVA df SS MS F Significance F Regression 1 0,002214038 0,002214038 0,779955216 0,397888753 Residual 10 0,028386732 0,002838673 Total 11 0,03060077 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95,0% Upper 95,0% Intercept 0,00493729 0,015944566 0,309653462 0,763180749 -0,030589417 0,040464 -0,030589417 0,040463997 X Variable 1 0,005209481 0,005898744 0,883150732 0,397888753 -0,007933741 0,018353 -0,007933741 0,018352702 Beta Saham adalah 0,0052
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Manajemen Keuangan Lanjuatan Analisis CO Advanced Financial Management Analysis of COC
Transcript of Analisis COC PT. Astra Internasional Tbk
Analysis By : Ahmad Sulaemi_0221.12.349
Check By : Dede Sofyan_0221.12.348DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS
A. Perhitungan Beta PT. Astra International Tbk Tahun 2014
Tanggal IHSG Return Maket Harga Saham Return Saham
02/12/2013 4.274.176.758 6800
02/01/2014 4.418.756.836 0,0338 6425 -0,0551
03/02/2014 462.021.582 -0,8954 6950 0,0817
03/03/2014 4.768.276.855 9,3205 7375 0,0612
01/04/2014 4.840.145.996 0,0151 7425 0,0068
02/05/2014 4.893.908.203 0,0111 7075 -0,0471
02/06/2014 4.878.582.031 -0,0031 7275 0,0283
01/07/2014 5.088.801.758 0,0431 7725 0,0619
04/08/2014 5.136.862.793 0,0094 7575 -0,0194
01/09/2014 5.137.579.102 0,0001 7050 -0,0693
01/10/2014 5.089.546.875 -0,0093 6775 -0,039
03/11/2014 5.149.888.184 0,0119 7125 0,0517
01/12/2014 5.226.946.777 0,015 7425 0,0421
(Sumber : Yahoo Finance )
SUMMARY OUTPUT
Regression Statistics
Multiple R 0,268983943
R Square 0,072352361
Adjusted R Square -0,020412402
Standard Error 0,0532792
Observations 12
ANOVA
df SS MS F Significance F
Regression 1 0,002214038 0,002214038 0,779955216 0,397888753
Residual 10 0,028386732 0,002838673
Total 11 0,03060077
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95,0% Upper 95,0%
Intercept 0,00493729 0,015944566 0,309653462 0,763180749 -0,030589417 0,040464 -0,030589417 0,040463997
X Variable 1 0,005209481 0,005898744 0,883150732 0,397888753 -0,007933741 0,018353 -0,007933741 0,018352702
Beta Saham adalah 0,0052
Analysis By : Ahmad Sulaemi_0221.12.349
Check By : Dede Sofyan_0221.12.348DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS
B. Perhitungan Presentasi Pajak
Laba Sebelum Pajak 27.352.000.000.000
Beban Pajak 5.227.000.000.000
Presentase Pajak 19,11% <= (Beban Pajak / Laba Sebelum Pajak) X 100 %
(Sumber Laporan Keuangan PT. Astra International Tbk Tahun 2014)
C. Perhitungan Bunga Bebas Resiko (BI Rate) & LIBOR Rate
Tanggal BI Rate Bulan LIBOR Rate
09/01/2014 7,50 Januari 0,09
13/02/2014 7,50 Februari 0,09
13/03/2014 7,50 Maret 0,09
08/04/2014 7,50 April 0,09
08/05/2014 7,50 Mei 0,09
12/06/2014 7,50 Juni 0,09
10/07/2014 7,50 Juli 0,09
14/08/2014 7,50 Agustus 0,09
11/09/2014 7,50 September 0,09
07/10/2014 7,50 Oktober 0,09
13/11/2014 7,50 Nopember 0,10
18/11/2014 7,75 Desember 0,11
11/12/2014 7,75
Rata-rata Tahun 2014 7,54 Rata-rata 0,09
(Sumber : www.bi.go.id)
Analysis By : Ahmad Sulaemi_0221.12.349
Check By : Dede Sofyan_0221.12.348DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS
D. Risk Free Rate Indonesia
Desember 2014 7,85%
(Sumber : www.market-risk-primea.com)
Analysis By : Ahmad Sulaemi_0221.12.349
Check By : Dede Sofyan_0221.12.348DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS
(Dalam jutaan Rupiah)
AKUN Nilai Comp. Int. Rate Cost of Debt WACC
UTANG JANGKA PENDEK
Rupiah
PT. Bank Central Asia Tbk 980.000 0,61% 9,50% 7,68% 0,05% 8,00% - 11,00%
PT. Bank Sumitiomo Mitsui Indonesia 489.000 0,31% 10,80% 8,74% 0,03% LIBOR + 1,80%
PT. Bank Pan Indonesia Tbk 421.000 0,26% 11,45% 9,26% 0,02% 11,25% - 11,65%
PT. Bank Mizuho Indonesia Tbk 245.000 0,15% 10,98% 8,88% 0,01% 10,70% - 11,25%
PT. Bank CIMB Niaga TBk 200.000 0,13% 7,50% 6,07% 0,01% 5,75% - 9,25%
PT. Bank ANZ Indonesia 200.000 0,13% 2,10% 1,70% 0,00% LIBOR + 2,10%
The Bank of Tokyo-Mitsubishi UFJ Ltd 150.000 0,09% 10,70% 8,66% 0,01% LIBOR + 1,70%
The Hongkong & Shanghai Banking Corp Ltd 50.000 0,03% 8,63% 6,98% 0,00% 6,90% - 10,35%
Lain-lain 24.000 0,02% 9,50% 7,68% 0,00% 8,00% - 11,00%
USD
Mizuho Bank Ltd 1.864.000 1,17% 10,45% 8,45% 0,10% LIBOR + 1,20% - 1,70%
Oversea-Chinese Banking Corp Ltd 1.422.000 0,89% 10,48% 8,47% 0,08% LIBOR + 1,25% - 1,70%
PT. Bank Sumitomo Mitsui Indonesia 311.000 0,20% 10,80% 8,74% 0,02% LIBOR + 1,80%
The Bank of Tokyo-Mitsubisih UFJ Ltd 124.000 0,08% 10,70% 8,66% 0,01% LIBOR + 1,70%
Sumitomo Mitsui Banking Corporation 122.000 0,08% 10,70% 8,66% 0,01% LIBOR + 1,70%
Lain-lain 78.000 0,05% 10,63% 8,59% 0,00%
Pinjaman Sindikasi
Mizuho Bank Ltd 3.110.000 1,95% 10,25% 8,29% 0,16% LIBOR + 1,25%
The Bank of Tokyo-Mitsubisih UFJ Ltd 622.000 0,39% 10,20% 8,25% 0,03% LIBOR + 1,20%
TOTAL UTANG JANGKA PENDEK 10.412.000 6,53% 0,54%
UTANG JANGKA PANJANG
Rupiah
PT. Bank Mandiri (Persero) Tbk 2.108.000 1,32% 9,13% 7,38% 0,10% 8,25% - 10,00%
PT. Bank Centra Asia Tbk 1.796.000 1,13% 9,63% 7,79% 0,09% 8,00% - 11,25%
PT. Bank Pan Indonesia Tbk 1.336.000 0,84% 10,00% 8,09% 0,07% 8,75% - 11,25%
PT. Bank DKI 474.000 0,30% 10,13% 8,19% 0,02% 9,25% - 11,00%
PT. Bank Negara Indonesia (Persero) Tbk 345.000 0,22% 11,45% 9,26% 0,02% 9,90% - 13,00%
PT. BPD Jawa Barat & Banten Tbk 200.000 0,13% 9,40% 7,60% 0,01% 9,40%
PT. Bank ICBC Indonesia 99.000 0,06% 9,65% 7,81% 0,00% 9,40% - 9,90%
PT. UOB 54.000 0,03% 8,78% 7,10% 0,00% 8,65% - 8,90%
Lain-lain 38.000 0,02% 9,77% 7,90% 0,00%
Mata Uang Asing
Oversea-Chinese Banking Corp Ltd 1.361.000 0,85% 10,88% 8,80% 0,08% LIBOR + 1,70% - 2,05%
Mizuho Bank Ltd 918.000 0,58% 10,78% 8,72% 0,05% LIBOR + 1,70% - 1,85%
Sumitomo Mitsui Banking Corporation 821.000 0,51% 10,75% 8,70% 0,04% LIBOR + 1,70% - 1,80%
PT. Bank ANZ Indonesia 351.000 0,22% 10,85% 8,78% 0,02% LIBOR + 1,85%
The Hongkong & Shanghai Banking Corp Ltd 228.000 0,14% 10,85% 8,78% 0,01% LIBOR + 1,85%
PT. Bank CIMB Niaga TBk 149.000 0,09% 9,42% 7,62% 0,01% 9,42%
The Japan Bank For Internatonal Corp 56.000 0,04% 4,40% 3,56% 0,00% 4,40%
Lain-lain 37.000 0,02% 10,82% 8,75% 0,00%
Pinjaman Sindikasi
Sumitomo Mitsui Banking Corporation 7.782.000 4,88% 10,63% 8,59% 0,42% LIBOR + 1,55% - 1,70%
Mizuho Bank Ltd 4.964.000 3,11% 10,73% 8,68% 0,27% LIBOR + 1,35% - 2,10%
Oversea-Chinese Banking Corp Ltd 4.113.000 2,58% 11,20% 9,06% 0,23% LIBOR + 1,80% - 2,60%
PT. Bank OCPC NISP Tbk 3.839.000 2,41% 10,90% 8,82% 0,21% LIBOR + 1,80% - 2,00%
The Hongkong & Shanghai Banking Corp Ltd 1.944.000 1,22% 10,54% 8,53% 0,10% LIBOR + 1,28% - 1,80%
The Japan Bank For Internatonal Corp 1.888.000 1,18% 10,57% 8,55% 0,10% LIBOR + 1,13% - 2,00%
Standard Chatered Bank 825.000 0,52% 11,03% 8,92% 0,05% LIBOR + 1,95% - 2,10%
The Bank of Tokyo-Mitsubisih UFJ Ltd 723.000 0,45% 11,10% 8,98% 0,04% LIBOR + 2,00% - 2,20%
CTBC Bank Co Ltd 414.000 0,26% 11,00% 8,90% 0,02% LIBOR + 2,00%
Netherland Development Finance Co 307.000 0,19% 11,00% 8,90% 0,02% LIBOR + 1,85% - 2,15%
CIMB Bank Berhad 52.000 0,03% 10,65% 8,61% 0,00% LIBOR + 1,65%
Pinjaman Pihak Selain Bank
Lembaga Pembiayaan Ekspor Indonesia 87.000 0,05% 9,00% 7,28% 0,00% 9,00%
JA Mitsui 166.000 0,10% 11,37% 9,19% 0,01% LIBOR + 1,85% - 2,88%
MG Leasing Corporation 10.000 0,01% 10,25% 8,29% 0,00% LIBOR + 2,50%
PERHITUNGAN COST OF CAPITAL PT. ASTRA INTERNATIONAL Tbk
BERDASARKAN LAPORAN KEUANGAN TAHUN 2014
Keterangan Suku Bunga
Analysis By : Ahmad Sulaemi_0221.12.349
Check By : Dede Sofyan_0221.12.348DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS
UTANG OBLIGASI
Obligasi ASF XII 579.000 0,36% 10,00% 8,09% 0,03% 10,00%
Obligasi Berkelanj. I-1 ASF th. 2012 4.184.000 2,62% 8,30% 6,71% 0,18% 8,00% - 8,60%
Obligasi Berkelanj. I-3 ASF th. 2013 1.120.000 0,70% 7,75% 6,27% 0,04% 7,75%
Obligasi Berkelanj. II -1 ASF th. 2013 960.000 0,60% 7,50% 6,07% 0,04% 7,25% - 7,75%
Obligasi Berkelanj. II-2 ASF th. 2013 1.223.000 0,77% 9,63% 7,79% 0,06% 9,50% - 9,75%
Obligasi Berkelanj. II-3 ASF th. 2014 1.905.000 1,19% 10,10% 8,17% 0,10% 9,60% - 10,60%
Obligasi Berkelanj. II-4 ASF th. 2014 2.408.000 1,51% 10,05% 8,13% 0,12% 9,60% - 10,50%
ASF Singapore Dollar Guaranteed Bond 925.000 0,58% 2,12% 1,71% 0,01% 2,12%
Obligasi Berkelanj. I-1 FIF th. 2012 1.624.000 1,02% 7,65% 6,19% 0,06% 7,65%
Obligasi Berkelanj. I-2 FIF th. 2013 1.688.000 1,06% 7,75% 6,27% 0,07% 7,75%
Obligasi Berkelanj. I-3 FIF th. 2014 1.467.000 0,92% 10,05% 8,13% 0,07% 9,60% - 10,50%
Obligasi SAN th. 2012 804.000 0,50% 8,40% 6,79% 0,03% 8,40%
Obligasi Berkelanj. I-1 SAN th. 2013 358.000 0,22% 9,75% 7,89% 0,02% 9,75%
Obligasi Berkelanj. I-2 SAN th. 2014 955.000 0,60% 10,50% 8,49% 0,05% 10,50%
Obigasi Serasi Auto Raya II th. 2011 470.000 0,29% 10,20% 8,25% 0,02% 10,20%
Obigasi Serasi Auto Raya III th. 2011 282.000 0,18% 8,53% 6,90% 0,01% 8,30% - 8,75%
TOTAL UTANG JANGKA PANJANG 58.437.000 36,64% 2,93%
TOTAL UTANG 68.849.000 43,17% 3,47%
EKUITAS
Modal Saham 2.024.000 1,27% 0,07581 0,10%
Tambahan Modal disetor 1.139.000 0,71% 0,07581 0,05%
Laba ditahan 87.459.000 54,84% 0,07581 4,16%
Total Ekuitas 90.622.000 56,83% 4,31%
Total Modal 159.471.000 100% 7,78%
7,78
KETERANGAN
Pajak 19,11% Suku Bunga LIBOR 9,00%
Beta 0,0052
Bunga Bebas Resiko 7,54%
Risk Free Rate 7,85%
Keterangan rumus yang digunakan
Cost of Debt = Suku Bunga X (1 - Pajak)
WACC Debt = Cost of Debt X Komposisi
Cost of Equity Modal Saham = Bunga Bebas Resiko + (Risk Free Rate X Beta Saham)
WACC Equity = Cost of Equity X Komposisi
TOTAL WACC ATAU COST OF CAPITAL PT. ASTRA INTERNATIONAL TBK :
