FINANCIAL PERFORMANCE ANALYSIS AND VALUATION OF PT BUMI SERPONG DAMAI TBK DURING PLATEAUING MARKET AT 2011 TO 2015

• Main Author: Nisa Aqmarina (NIM 19014144), Meidina
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/23030
• Institution: Institut Teknologi Bandung

Real estate industry ought to develop better in fast-growing population country such as Indonesia. The reason is that of the high demand of residential in the country. However, after the major growth of 60.11% sales through 2008 to 2013, Indonesian real estate property sales has become stagnant until recently. Several reasons affecting this condition, namely, weaken the macro economy, the implementation of the loan-to-value ratio, cooling measures imposed by the government to avoid unsustainable prices, rising interest rates, declining business sentiment, unstable politic condition, and rising cost of construction materials, wages,and fuel prices. Following the issue stated above, the author is keen to explore the financial performances of enterprises in real estate industry. Among the real estate enterprises listed in Indonesia Stock Exchange (IDX), PT Bumi Serpong Damai Tbk’s stock price grows over the years while the others are fluctuating. This phenomenon reflects the shareholders' interest in PT Bumi Serpong Damai Tbk’s expected profit. It is also stated in DBS Group Research two years in a row, 2014 <br /> <br /> and 2015, the firm’s stock, BSDE, is worth to BUY. Further, it suggested maintaining the stock as investor’s top pick. Thus, PT Bumi Serpong Damai Tbk’s performance is interesting to be further explored. This study aims to analyze PT Bumi Serpong Damai Tbk’s recent performance, find out the factors behind its success and factors that can be improved, and argue whether PT Bumi Serpong Damai Tbk is the right pick for the investor. In this research, the author will examine the financial <br /> <br /> performance of the firm compared to the other major firms in the industry, which are PT Agung Podomoro Land Tbk and PT Ciputra Development Tbk, and calculate its future value. Financial ratios, compound annual growth rate, common-size analysis, and DuPont analysis will be used to examine the financial condition. Discounted cash flow will be used to calculate the valuation. The data will be gathered from each companies financial statements and IDX data of the year 2011 to 2015.