Astra Agro Lestari Research Articles

ANALISIS KINERJA SAHAM SYARIAH SEKTOR PERTANIAN DENGAN MENGGUNAKAN METODE SHARPE, TREYNOR, DAN JENSEN

This research is aimed to detect Performance of Sharia Stock Agricultur Sector in Indonesia, especially kind of Stock of within research period 2012-2016. The performance measuring method that is used is Sharpe, Treynor, and Jensen Method. The Data which is used in this research is secondary data by using sample interpretation technique, use purposive sampling. Analysis Technique which is used in this research is decriptive with quantitative approach. The performance of Sharia Stock’s by using Sharpen’s Method, its founded four Sharia Stock which have Under Performance , those are: PT. Astra Agro Lestari Tbk (AALI), PT Gozco Plantations Tbk (GZCO), PT Sampoerna Agro Tbk (SGRO), dan PT Salim Ivomas Pratama Tbk (SIMP), and also there are five Sharia Stock which have out perform, those are: PT BISI International Tbk (BISI), PT Bumi Teknokultura Unggul Tbk (BTEK), PT Dharma Samudera Fishing Industries Tbk (DSFI), PT Inti Agri Resources Tbk (IIKP), dan PT PP London Sumatra Indonesia Tbk (LSIP).The Performance of Sharia Stock’s by using Treynor Method, there are five Sharia Stock which have under perform, those are PT. Astra Agro Lestari Tbk (AALI), PT Gozco Plantations Tbk (GZCO), PT PP London Sumatra Indonesia Tbk (LSIP), PT Sampoerna Agro Tbk (SGRO), dan PT Salim Ivomas Pratama Tbk (SIMP), and also there are four Sharia Stock which have out perform, Those are PT BISI International Tbk (BISI), PT Bumi Teknokultura Unggul Tbk (BTEK), PT Dharma Samudera Fishing Industries Tbk (DSFI), dan PT Inti Agri Resources Tbk (IIKP).For Sharia Stock’s performance by using Jensen Method cant be achieved the decision whether sharia stock has out perform or under perform.

ANALISIS INVESTASI SAHAM PERUSAHAAN GO PUBLIC SEKTOR PERTANIAN DI BURSA EFEK JAKARTA

Investors, in a capital market, have to observe and analyze the companies’ stock price movements in order to minimize the risk in having stock investments. One of the techniques in analyzing companies’ performance is the stock investment analysis or portfolio analysis. By using the portfolio analysis, this research finds out the best combination of stock investment of PT PP London Sumatera Tbk. (LSIP) and PT Astra Agro Lestari Tbk. (AALI), as go public agricultural companies listed in Jakarta Stock Exchange. After finding the best combination of stock investment of those companies, this research also finds out whether the combination is at the optimum portfolio which would be on the least risk and a particular return or on the highest return and a particular risk. The research was held in 2006 and the data was taken from January 2004 to December 2005. The data was processed by using statistical software in order to minimize the human error. The result shows that there are two best combinations of stock investment on those companies. Those combinations are at the optimum portfolio. The first combination shows 30% of stock investment in LSIP and 70% stock investment in AALI, while the second combination shows 20% stock investment LSIP and 80% stock investment AALI. Investors should choose one of these combinations, because according to the research, these combinations would give them the best return at the least risk.

PREMI TUNGGAL ASURANSI JIWA SEUMUR HIDUP UNIT LINK DENGAN GARANSI MINIMUM DAN NILAI CAP MENGGUNAKAN METODE POINT TO POINT

Unit-linked whole life insurance is an insurance that combines traditional whole life insurance with modern insurance unit-links which provide both protection and investment. One of indexing method for calculating premium of unit-linked insurance is point to point method. The data used in this study was the closing price of PT. Astra Agro Lestari, Indonesia Tbk and The mortality table used in this research is Indonesia’s Mortalita Table III Men. It was obtained that the net single premium for whole life insurance unit-linked for the insured aged 45 years is amounted to Rp. 350.324,-

PEMODELAN HARGA SAHAM BLUE CHIP MENGGUNAKAN VECTOR AUTOREGRESSIVE (VAR)

In a stock exchange in the capital market, the most in demand by investors is stocks. Shares are securities which shows the ownership of the company, so that shareholders have the right to a dividend or other distribution of profit sharing as well as by the company to its shareholders. The capital market is an indicator of economic progress and support the economy of a country. In this decade, the stock market has experienced rapid development due to pressure from technological change, liberalization and globalization. These changes affect the behavior of the capital markets and cause long-term balance and improving the relations between the world's capital markets. Otherwise interconnected capital markets if the two separate markets have the same movement and the correlation between the movement of the index. Capital markets in the region are likely to have the same movement and the effects of contagion (contagion effect) is high (1). During the observation period, October 2015 to March 2016, there was a phenomenon in which IHSG is not always the same and has a correlation with the movement of world stock market indices. It is also supported by the differences found in the results of some previous studies. The purpose of this study was to determine the relationship between stocks bluechip : Astra International Tbk (ASII), Unilever Indonesia Tbk (UNVR), Astra Agro Lestari Tbk (AALI), Bank Rakyat Indonesia Agroniaga (AGRO) and Bank Rakyat Indonesia (BRI ). The analytical method used in this study is Multivariate Time Series, especially Vector Autoregression (VAR). The results of this study with the model produces the best model VAR (2), AGRO = 11.56 - 4.03*ASII(-1) - 4.40*ASII(-2) + 3.76*UNVR(-1) + 1.27*UNVR(-2) + 1.38*AALI(-1) + 2.54*AALI(-2) + 0.73*AGRO(-1) + 0.14*AGRO(-2) + 5.40*BRI(-1) - 1.34*BRI(-2). The value of AIC (Akaike Information Criterion) = 4.47 Keywords: BLUE CHIP, Stock Price, VAR.

PENGARUH PROFITABILITAS, RISIKO KEUANGAN DAN PRICE EARNING RATIO (PER) TERHADAP PERATAAN LABA (INCOME SMOOTHING) PADA INDUSTRI PERKEBUNAN YANG LISTING DI BURSA EFEK INDONESIA

This study aimed to investigate the effect of profitability, financial risk and PER on smoothing earnings (Income Smoothing) on Plantation Industries. The data used is secondary data. The number of companies in this study were four plantation company, PT Astra Agro Lestari Tbk (AALI), Gozco Plantations Tbk (GZCO), PT London Sumatra Indonesia Tbk (LSIP), PT Sinar Mas Agro Resources and Techlology, Tbk (SMAR) , with the observation period during the years 2008 to 2014. Methods of data analysis using multiple regression analysis. The findings in this study indicate that profitability, financial risk, and PER simultaneously have a positive and significant impact on the practice of income smoothing (income smoothing). Profitability is partially has a positive and significant impact on the practice of income smoothing (income smoothing). Financial risk partially has a positive and significant impact on the practice of income smoothing (income smoothing). PER partially have a positive influence and significance of the practice of income smoothing (income smoothing).

Pengaruh ROA, NPM, EPS Terhadap Return Saham Pada Emiten Jakarta Islamic Index Tahun 2010-2013

The purpose of this research is to investigate the significant effect of the variables Return On Asset and Net Profit Margin as well as the Earning Per Share partially and simultaneously to the stock return of sharia stock that were listed on Jakarta Islamic Index period 2010-2013. The approach that is used is the quantitative approach using regression analysis the data panel with four variables return on asset, net profit margin and earning per share as exogenous variable and stock return as endogenous variable. The companies that are used for this research are Astra Agro Lestari Tbk, Astra Internasional Tbk, Alam Sutera Realty Tbk, Charoen Pokphand Indonesia Tbk, Indocement Tunggal Prakarsa Tbk, Indo Tambangraya Megah Tbk, Kalbe Farma Tbk, Lippo Karawaci Tbk, PP London Sumatra Indonesia Tbk, Tambang Batubara Bukit Asam (Persero) Tbk, Semen Indonesia (Persero) Tbk, Telekomunikasi Indonesia (Persero) Tbk, United Tractors Tbk, Unilever Indonesia Tbk. The data that is used is a secondary data. All data are gathered from the annual financial report of the period 2010-2013.

Analisis Pengaruh Variabel EPS dan Makroekonomi terhadap Return Saham Jakarta Islamic Index Sektor Pertanian

The agricultural sector of islamic stock has a downward trend of return and often gives negative return, thereby it reduces the interest of investors to buy similar stocks. This study aims to examine the effect of Earning Per Share (EPS), exchange rate, money supply, SBI interest rate and world gold prices toward stock return of PT Astra Agro Lestari Tbk (AALI) and stock return of PT PP London Sumatra Indonesia Tbk (LSIP) as representatives of agricultural stock. The method used is the Vector Error Correction Model (VECM) with monthly time series data from August 2011 to December 2014. In the long term, the results showed that the EPS significantly positive effect on the return of AALI and LSIP , exchange rates significantly positive effect on the return of LSIP, money supply significantly negative effect on the return of AALI and LSIP, SBI interest rate significantly negative effect on the return of LSIP and world gold prices significantly negative effect on the return of AALI. Money supply predominantly contribute toward the changes of the return of AALI and LSIP.

ANALISIS KINERJA KEUANGAN PERUSAHAAN KELAPA SAWIT GO PUBLIC DI INDONESIA (Kasus PT Astra Agro Lestari Tbk, PT Sampoerna Agro Tbk, PT PP London Sumatera Indonesia Tbk, PT Tunas Baru Lampung Tbk dan PT Sinar Mas Agro Resources and Technology Tbk)

Palm Oil is one commodity plantation sub-sector plays an important role in the Indonesian economy. Aside from being a provider of raw materials and labor absorbing, oil palm is also a producer of foreign exchange after oil and gas. The purpose of this study was to evaluate the company's financial performance and identify the factors that affect the financial performance of palm oil companies go public. This research method is to use financial ratio analysis and analysis of Economic Value Added (EVA). Based on the analysis of financial ratios, PT Astra Agro Lestari Tbk and PT PP London Sumatra Indonesia Tbk has the best financial performance. While other companies have a poor financial performance due to high debt and poor sales of the company. Based on analysis of Economic Value Added, the financial performance of palm oil companies went public during the three-year period show declining performance and negative in 2012. PT Sinar Mas Agro Resources and Technology Tbk has the best performance over the three-year observation period.

RANCANG BANGUN APLIKASI PERAMALAN NILAI SAHAM MENGGUNAKAN ALGORITMA KALMAN FILTER

Every prediction have different probability, including prediction in stock market. In order to give the best prediction with the highest probability, we try to determine how Kalman Filter, an algorithm that uses recursive function to predict future value, produce high probability in predicting stock price. There are two set of data companies that are used in this application, namely XL Axiata Tbk. with success percentage at 95,83%, and Astra Agro Lestari Tbk. with success percentage at 95,07%. This application is developed using C# programming language and SQL SERVER.

Analisis Keakuratan Indikator Bollinger Bands Terhadap Pergerakan Harga Saham: Studi Kasus pada Saham PT Astra Agro Lestari Tbk

Technical analysis is an analytical tool to analyze price movement of an investment instrument like stock. Practically, there are a lot of indicators that can be used in technical analysis. One of them is Bolinger Bands. Bolinger Bands has 3 moving averages lines, which are Upper Band, Middle Band, and Lower Band. Study used library research and software review by analyzing the candlestick chart of stock price with ChartNexus software. The stock for this study was Astra Agro Lestari (AALI) and the period was 1 July 2010 until 31 May 2013. Results showed that Bolinger Bands gave 45 signals in the period with 75.56% accuracy.

FAKTOR YANG MEMPENGARUHI PERILAKU BERALIH KONSUMEN DALAM MENGGUNAKAN KARTU SELULER

Moh. Joko SantosoPT. Astra Agro Lestari, TbkE-mail: m.joko.santoso@yahoo.co.idABSTRACTThis research aims to determine the factors affecting consumer switching behaviour on cellular card inMalang City. Consumer switching behaviour factors included customer service, knowledgeable employees,waiting time to get the customer service, error billing, network coverage, frequent network problem, newscheme, plan for different age,value added service, call rates, hidden charges, short message service charges,internet charges, recharge facilities, offered by competitor family and friend, fancy number, and rechargecost. Consumer switching behaviour in cellular card seen during the last six months. Respondents were cardusers who have used cellular card at least 6 months. The sum of respondent are 100 users who are selectedby purposive sampling. Data were collected by using questionnaires. The data analysed by using logisticregression enter method and backward stepwise. Based on the results of logistic regression analysis exemplifiedthat the constant significance value was less than 0.05. This meant that the factors of consumerswitching behaviour had a significant effect in cellular card. The factors affect consumer switching behaviourhad influenced at 37.6%, and 62.4% influenced by other factors outside this study. Finnaly, the fancy numberwas the most dominant factors which could influence consumer switching behaviour.Keywords: cellular card user, consumer behavior, switching behavior

Permodelan Pertumbuhan dan Produksi Kelapa Sawit pada Berbagai Taraf Penunasan Pelepah

ABSTRACT The numbers of leaf frond influence oil palm yield, especially fresh fruit bunch weight and fresh fruit bunch production. The objective of this research was to obtain oil palm growth and production model for different levels of frond pruning. The experiment was conducted at PT. Astra Agro Lestari, Pangkalan Bun, Central Kalimantan, from August 2010 to February 2012. The experiment was arranged in a randomized block design with two factors and three replications for each oil palm age. The first factor was numbers of unpruned frond and the second factors was pruning seasons. The frond treatment consisted of 41-48, 49-56, and 57-64 fronds. The pruning seasons consisted of first period (early to mid rainy season: September-December), second period (mid to end of rainy season: Januari-April), and third period (dry season: May-August). Stella production model was created based on pruning experiment and weather data. The constructed production model was able to estimate 75% variable of oil palm production and fresh fruit bunch weight at different levels of pruning. Keywords: oil palm, pruning management, Stella model

Pematahan Dormansi Benih Kelapa Sawit (Elaeis guineensisJacq.) dengan Perendaman dalam Air Panas dan Variasi Konsentrasi Ethephon

<p style="text-align: justify;">This research was held from April to July 2012, located in the seed processing unit of PT Astra Agro Lestari Tbk, Central Borneo. The study consisted of three experiments, the first experiment to determine the effect of water temperature and immersion intensity of seed germination. The first experiment used completely randomized design (CRD) factorial with two factors, water temperature: 27, 60, 70, 80, 90<sup>o</sup>C and immersion intensity: 1x24, 2x24, 3x24 hours. The second experiment used a single factor of CRD namely ethephon concentration: 0, 0.4, 0.8, 1.2, 1.6%. The third experiment was a continuation from the second experiment with the adding heat drying treatment during a week. The result showed that 3x24 hours soaking treatment in 80<sup>o</sup>C hot water increased the germination, soaking in ethephon 0.4% inhibited radicle growth resulted abnormal seedlings. Soaking seed in 80<sup>o</sup>C hot water for 3x24 hours and followed by ethephon and then heat drying treatment for a week increased germination (52.0% maximum growth potential) but still ineffective to break seed dormancy.</p><p>Key Words: breaking dormancy, ethephon, hot water treatment, oil palm seeds</p>

ANALISIS PEMBENTUKAN PORTOFOLIO OPTIMAL PADA BURSA EFEK INDONESIA (STUDI KASUS : SAHAM SEKTOR PERKEBUNAN, TELEKOMUNIKASI DAN KONSUMSI)

This research discusses the forming of optimum portfolio on Indonesia Data Exchange with study case of the shares of plantation, telecommunication, and communication sectors. The samples of this research are PT. Astra Agro Lestari Tbk. , PT. Indosat Tbk. and PT. Indofood Sukses Makmur Tbk. The criteria to take the samples are the emiten which are included into the list of index LQ 45 in February 2007 until January 2010. The object of this research is the price of closing shares in which it was observed from January 2007 until 2009. The tools of analysis are the return, the risk of individual shares, and portfolio. The result shows that the portfolio formed from the shares of PT. Astra Agro Lestari Tbk. and PT. Indosat Tbk. is optimum and could be used as the option of investation. Kata Kunci : Return Saham, Risiko Saham, Portofolio Optimal

Stock Portfolio Performance Analysis in Estate Crop Subsector Using Sharpe Measure, Treynor Measure, and Jensen Measure

Investors form a stock portfolio in order to gain returns from several sources and distribute possible risks. Several methods are required when forming a stock portfolio to measure and evaluate portfolio performance. The current research showed different results of the Sharpe Measure, Treynor Measure, and Jensen Measure when measuring stock portfolio performance in estate crop companies listed in Indonesia Stock Exchange. The data used in this research were stock data of PT Astra Agro Lestari Tbk. (AALI), PT PP London Sumatera Tbk. (LSIP), and PT Bakrie Sumatera Plantation Tbk. (UNSP), data of stock composite index, and Bank of Indonesia rate, taken from January 2006 to January 2012. The Sharpe Measure result showed that best stock combination came from portfolio of AALI and LSIP, while The Treynor Measure and The Jensen Measure result showed that the best stock combination came from AALI and UNSP. The difference was caused by using of different risk variable in the calculation of each measurement. This difference makes investors have chances to decide which method is suitable to investor perception of risk in forming portfolio. Keywords: portfolio, Sharpe, Treynor, Jensen.