DOCSLIB.ORG

CFA Society Indonesia Universitas Prasetiya Mulya

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CFA Society Indonesia Universitas Prasetiya Mulya CFA Institute Research Challenge Hosted by CFA Society Indonesia Universitas Prasetiya Mulya The CFA Institute Research Challenge is a global competition that tests the equity research and valuation, investment report writing, and presentation skills of university students. The following report was submitted by a team of university students as part of this annual education initiative and should not be considered a professional report. Disclosures: Ownership and material conflicts of interest: The author(s), or a member of their household, of this report does not hold a financial interest in the securities of this company. The author(s), or a member of their household, of this report does not know of the existence of any conflicts of interest that might bias the content or publication of this report. Receipt of compensation: Compensation of the author(s) of this report is not based on investment banking revenue. Position as a officer or director: The author(s), or a member of their household, does not serve as an officer, director or advisory board member of the subject company. Market making: The author(s) does not act as a market maker in the subject company’s securities. Disclaimer: The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness. The information is not intended to be used as the basis of any investment decisions by any person or entity. This information does not constitute investment advice, nor is it an offer or a solicitation of an offer to buy or sell any security. This report should not be considered to be a recommendation by any individual affiliated with CFA Society Indonesia, CFA Institute or the CFA Institute Research Challenge with regard to this company’s stock. Universitas Prasetiya Mulya PT Perusahaan Gas Negara Tbk. This report is published for educational purposes only by Infrastructure, Utilities, Transportation, and Energy Sectors students competing in CFA Institute Research Challenge 2018 Indonesia Stock Exchange Date : February 15th, 2019 Current Price : IDR 2,460 Recommendation : BUY Ticker : PGAS IJ (Bloomberg) Upside Potential : 20.73% Target Price : IDR 2,970 MARKET PROFILE Time for the Giant to Break-Free 52-Wk Price Range (IDR) 1,505 – 2,860 Backed by a favourable gas distribution industry outlook, PGAS is well positioned as a market leader to Avg. Trading Volume 90,396,068 achieve growth and further market penetration. We believe PGAS can overcome insecurity of supply and Shares Outstanding (Bn) 24.24 high capital expenditure, through capital expenditure efficiency and securing gas supply through Free Float 43,04% Pertamina’s gas holding. After considering the investment risks and future growth prospects, we arrived Market Cap. (Tn) IDR 59.63 at a BUY recommendation on PGAS with a 12-month target price of IDR2,970/share, reflecting a 20.73% P/E (ttm) 16.35x upside potential from its IDR2,460 closing price on 15/02/2019 based on our sum of the parts valuation P/BV 1.21x model. Our recommendation lays on the following key catalysts: USD/IDR 14,160 Strong Upcoming Demand from Gas Infrastructure Projects Government have set a target on gas power plant installation of 47.7 GW by 2030 vs current 13.98 GW Share Price Information (IDR) (growing 9.2% CAGR) (IRENA, 2017). The growing capacity will lead to a growing gas demand. However, inadequate pipeline network is currently a setback as it only provides 20-30% of the needed PGAS JCI infrastructure (Ministry of SOE, 2018). Therefore, government is expected to ramp up this figure up to 7000 80-100% by 2030F. Since this government-led plan will involve high expertise to be executed, the 6000 government will turn its favours on PGAS as the government’s leader in the gas sub-holding to deliver this product. On the other hand, PGAS will gain benefits from this, as the government will give incentives 5000 for construction in new market area in the form of 20 years monopoly rights (resulting in maximized IDR/Share 4000 margins as there will be no margin sharing between distributors) and IRR at 12% in that new market area (Company Presentation, 2019). 3000 Secured Supply from Gas Holding to Fulfil Enormous Potential Demand To fulfil the high potential demand, gas supply comes into the equation. The establishment of the 2000 government’s oil and gas holding will align Pertamina’s gas supply chain, securing more supply for PGAS. 1000600 The oil and gas holding means that Pertamina will turn in PGAS’ favour more as the leader in the gas sub- holding, in terms of transporting and distributing its gas. We expect more secured supply for PGAS to be 400 realized soon. To start with, PGAS will benefit from Pertamina’s 6 gas fields with a total potential of 200 281 mmscfd which are expected to fully commercialize by 2021 (Ministry of SOE, 2018). We see this holding initiative as a mutualism between Pertamina and PGAS. Pertamina can have more ease at 0 bringing more blocks to the commercialization process due to assurance of distribution through PGAS, Volume (Million) Volume while PGAS can benefit from the opportunity in transporting the potential supply. June-17 June-18 June-16 PGAS-Pertagas Pipeline Integration to Boost Synergic Value With a secure potential supply and huge potential demand, PGAS will need the infrastructure to match October-16 October-17 October-18 February-16 February-17 February-18 February-19 the supply and demand’s region. Currently, gas production in Indonesia aggregately is above gas demand (7,453 mmscfd vs 7,318 mmscfd), but lack of infrastructure has created gas supply imbalances in several Source: Bloomberg regions (Ministry of EMR, 2018). This is most evident in Region II and III (Figure 8) which runs a gas supply deficit while Region IV has a gas supply surplus. The acquisition of Pertagas will solve this uneven supply Upside Potential in 2019F problem. PGAS’ and Pertagas’ pipeline will be integrated, which will connect Region II, III, and IV’s pipeline network with a 576 km pipeline costing US$213.25 mn of CAPEX. The plan, expected to finish by 3500 2020, will bring an additional revenue of US$342.85 mn by 2023F. Revenue synergy along with cost savings from CAPEX duplication avoidance and SG&A savings will bring NPV of total synergic value at 3000 2,970 20.73% US$582.14 mn. 2500 2,460 Attractive Valuation with Strong Cash Flow Generator PGAS is trading at an attractive 12.7% 2019F FCF Yield and 5.9x 2019F EV/EBITDA (-1 std of 5-yrs historical 2000 average). With a turnaround performance, we believe incremental downside risk remains limited as there will also be lower dependency on upstream oil and gas portfolio post Pertagas acquisition. 1500 Therefore, PGAS’ developed infrastructure earnings characteristic will resurface. Key Financial Highlights 2016A 2017A 2018F 2019F* 2020F 1000 Revenue Growth -4.37% 1.19% 11.88% 20.29% 7.41% Gross Margin 30.22% 26.85% 27.09% 27.29% 27.78% EBITDA Margin 26.23% 28.12% 26.68% 27.36% 27.62% June-16 June-17 June-18 EPS (IDR) 182.0 85.6 171.1 179.4 232.2 October-16 October-17 October-18 February-17 February-18 February-19 February-16 ROE 9.73% 4.63% 8.65% 9.18% 10.61% PGAS ROA 4.52% 2.35% 4.44% 4.44% 5.25% Current Price Interest Coverage 3.9 2.9 3.2 3.1 3.9 Target Price Debt/Equity 0.92 0.75 0.72 0.81 0.74 Source: Bloomberg Source: Company Reports, Team Estimates *Acquisition of Pertagas 1 Figure 1: Revenue Breakdown BUSINESS DESCRIPTION Established in 1965 as the National Gas Company of Indonesia, PT Perusahaan Gas Negara Distribution (Persero) Tbk listed its shares in the Jakarta Stock Exchange in 2003 (Bloomberg code: PGAS IJ). PGAS 18% which moves mainly in B2B business has four distinguished business segments in the gas industry ranging Oil & gas 3% from upstream to downstream. As per 3Q18, distribution segment holds the biggest proportion to Others revenue at 79.2% (Figure 1) where the biggest customer comes from power generation sector. 79% Distribution Segment. Distribution segment’s activity is conducted by purchasing natural gas from suppliers and selling natural gas to end customers at a margin. Currently, profit margin for this business Source: Company Presentation 3Q18 segment is being regulated by Ministry of Energy and Mineral Resources. Being the backbone of Figure 2: Distribution Segment Market Share company, which constitutes 79.2% of total revenue as per 3Q18, PGAS’ distribution segment holds the biggest market share of 76% in the gas distribution industry (Figure 2). Company serves various customer 3% segments: industrial, commercial, household, and gas-filling stations. Based on its contribution to 4% revenue, industrial customers are the biggest – constructing 97.7%, followed by commercial, household, 2% and gas-filling station which contributes 2.0%, 0.3% and 0.1% respectively. Amongst industrial 76% 16% customers, power plant sector comprises 41% of total distribution volume to industry (Figure 3). As the main business of distribution segment is gas trading, the biggest cost comes from gas purchase, which comprises ~80% of total operational costs. Company’s distribution pipeline is currently 5,170 km long with total distribution volume of 849 mmscfd per 3Q18 (Figure 4). PT PGN (Persero) Tbk Transmission/Transportation Segment. Transmission business is conducted by transporting PT Energasindo Heksa Karya shippers’ (owners) gas through high-pressure transmission pipelines to the off-taker and receive toll fee PT Bayu Buana Gemilang PT Surya Cipta Indonesia per transported gas in return, as set by the Oil and Gas Downstream Regulatory Agency (BPH Migas).
Load more

Recommended publications
  • Pertagas Acquisition to PGN, First Step of Oil and Gas Holding
    Date Pertagas Acquisition to PGN, First Step of Oil and Gas Holding State-owned gas company Perusahaan Gas Negara (IDX:PGAS), also known as PGN, is committed to support the Indonesian government’s programs in the energy sector. One oF them is the government's plan to actualize the holding or merging of of state-owned enterprises (SOE). "We believe that the establishment oF SOE holding company in an eFFort to consolidate the management oF natural gas will provide many benefits to the state and society," said Rachmat Hutama, Corporate Secretary of PGN in Jakarta on Wednesday (12/06/2017). As is it known, the Ministry of SOEs plans to establish a holding state-owned energy company. Currently, besides PGN, the other SOE energy company in Indonesia arePertamina. In the plan, the Ministry of SOEs projects Pertamina to become an oil and gas holding company. According to Hutama, PGN basically believes in the spirit of establishing this oil and gas holding company to prevent dualism of downstream management of domestic natural gas. "The establishment of oil and gas holding [company] is certainly one way to avoid duplication oF natural gas downstream management," Hutama said. Currently, Pertamina has a subsidiary which is also engaged in natural gas business, namely Pertagas. "With this holding, Pertagas will be merged into PGN, then PGN becomes a subsidiary of Pertamina," he said. This is absolutely necessary to achieve the holding company objectives. Hutama's statement reFers to a scheme once conveyed by the Ministry oF SOEs on various occasions. According to the scheme, state-owned Series B shares in PGN which reach 57% will be transFerred to Pertamina.
    [Show full text]
  • Bumn) Yang Terdaftar Pada Kantor Pelayanan Pajak Yang Mengelola Wp Bumn
    LAMPIRAN KEPUTUSAN DIREKTUR JENDERAL PAJAK NOMOR KEP-397/PJ./2003 TENTANG WAJIB PAJAK YANG TERDAFTAR PADA KANTOR PELAYANAN PAJAK YANG MENGELOLA WAJIB PAJAK BADAN USAHA MILIK NEGARA DAFTAR WAJIB PAJAK BADAN USAHA MILIK NEGARA (BUMN) YANG TERDAFTAR PADA KANTOR PELAYANAN PAJAK YANG MENGELOLA WP BUMN No NAMA WAJIB PAJAK ALAMAT NPWP 1 SEMEN PADANG JL. RAYA INDARUNG 010000024 051 000 2 PERKEBUNAN NUSANTARA I JL. ANGSA ACEH TIMUR PO BOX 1 010000032 051 000 3 TAMBANG BATU BARA BUKIT GD. SETIA BUDI LT II 010000115 051 000 ASAM JL.H.R.RASUNA SAID 4 INDAH KARYA (PERSERO) JL. GOLF 010000123 051 000 5 TELEKOMUNIKASI INDONESIA JL. JAPATI 010000131 051 000 6 BIO FARMA (PERSERO) JL. PASTEUR 010000149 051 000 7 KERTAS PADALARANG JL. CIHALIWUNG 010000156 051 000 8 KERETA API INDONESIA JL. PERINTIS KEMERDEKAAN 010000164 051 000 (PERSERO) 9 DAHANA (PERSERO) JL. GARUDA KOTAK POS 18 010000180 051 000 10 AMARTA KARYA JL. SURATMO,DR 010000198 051 000 11 DOK DAN PERKAPALAN JL. TANJUNG PERAK BARAT 010000271 051 000 SURABAYA SURABAYA 12 BASUKI RACHMAT JL. BASUKI RACHMAT 010000289 051 000 BANYUWANGI 13 BOMA BISMA INDRA JL. NGAGEL 010000297 051 000 14 I G L A S JL. NGAGEL SURABAYA 010000305 051 000 15 LET JES JL. LECES PROBOLINGGO 010000313 051 000 16 PETROKIMIA GRESIK JL. JEND AHMAD YANI 010000321 051 000 17 INDUSTRI SODA INDONESIA JL. RAYA WARU WARU SIDOARJO 010000339 051 000 18 INDUSTRI KERETA API JL. LAKSAMANA YOS SUDARSO 010000347 051 000 INDONESIA 19 PABRIK GULA RAJAWALI I JL. DENPASAR RAYA BLOK D 010000446 051 000 20 SANG HYANG SERI (PERSERO) JL.
    [Show full text]
  • PGN Annual Report 2004
    Daftar Isi I Contents Visi Misi | Vision Mission 01 Budaya Perusahaan | Corporate Culture 02 Tonggak Sejarah | History 03 Ikhtisar Keuangan dan Operasional | Financial and Operational Higtlights 04 Informasi Pemegang Saham | Shareholdersí Information 06 Peristiwa Penting Tahun 2004 | Significant Event on 2004 08 Sambutan Komisaris Utama | Messages from Board of President Commissioner 10 Laporan Direktur Utama | Messages from Board of President Director 13 Kegiatan Usaha | Business Development 16 Analisis dan Pembahasan Manajemen | Management Discussion and Analysis 28 Pernyataan Komite Audit | Audit Committe Report 34 Profil Komisaris | Commissioners Profile 37 Profil Direksi | Directors Profile 40 Tata Kelola Perusahaan Yang Baik| Good Corporate Governance 43 Laporan Keuangan Konsolidasi | Consolidated Financial Report 53 Definisi | Definition Struktur Organisasi | Organization Structure Informasi Perusahaan | Corporate Information Visi Vision Menjadi perusahaan publik terkemuka di bidang penyedia To be a prominent public company of natural gas energy provider. energi gas bumi. Misi Mission Meningkatkan pemanfaatan gas bumi bagi kepentingan To enhance utilization of natural gas for industry, commercial and industri, komersial dan rumah tangga melalui jaringan pipa households needs through transmission pipe network, distribution, transmisi, distribusi, moda transportasi lain dan kegiatan other transportation mode, trading activities, and also conducting niaga serta menjalankan kegiatan bisnis lain di sektor hilir other business activities
    [Show full text]
  • Bab I Pendahuluan
    BAB I PENDAHULUAN I.1 Latar Belakang BUMN atau Badan Usaha Milik Negara, menurut Undang-Undang No. 19 tahun 2003 terkait Badan Usaha Milik Negara merupakan badan usaha yang besar keseluruhan atau sebagian modalnya dimiliki oleh negara dengan penyertaan langsung dari kekayaan negara yang dipisahkan. Perusahaan Perseroan terbuka yang dikenal dengan “Persero” dimana modal dan jumlah pemegang sahamnya memiliki kriteria tertentu atau perusahaan perseroan terbuka yang melakukan penawaran umum pada bidang pasar modal sesuai dengan peraturan perundang-undangan yang berlaku. Salah satu Badan Usaha Milik Negara (BUMN) dengan Perseroan Terbuka di Indonesia adalah PT Perusahaan Gas Negara Tbk yang bergerak pada bidang distribusi dan transportasi gas bumi dan berperan dalam pemenuhan pengaliran gas bumi domestik. Menurut Peraturan Pemerintah Republik Indonesia No. 35 tahun 2004 tentang kegiatan usaha hulu minyak dan gas bumi dan Undang-Undang Migas No. 22 tahun 2001 terkait kerangka hukum bisnis migas di Indonesia yang mengalami perubahan secara signifikan, pada sektor hulu dan juga pada sektor hilir dimana perusahaan melakukan kegiatan usahanya saat ini. PT Perusahaan Gas Negara Tbk secara kesinambungan mengintegrasikan rantai gas bumi dari hulu sampai hilir demi melayani masyarakat. Pengelolaan keuangan dalam setiap perusahaan merupakan kunci utama kegiatan operasional perusahaan dan tidak akan pernah terlepas dari kegiatan yang berhubungan dengan kas. Apabila pemakaian dana tidak terkontrol akan menyebabkan terganggunya kegiatan operasional perusahaan.
    [Show full text]
  • (Persero) Tbk 2012 2 PT Bukit As
    LAMPIRAN Lampiran 1. Daftar Nama Perusahaan Sampel NO Nama Perusahaan Tahun 1 PT Aneka Tambang (Persero) Tbk 2012 2 PT Bukit Asam (Persero) Tbk 2012 3 PT Astra International Tbk 2012 4 PT Holcim Indonesia Tbk 2012 PT Telekomunikasi Indonesia (Persero) 5 Tbk 2012 6 PT Perusahaan Gas Negara (Persero) Tbk 2012 7 PT Perkebunan Nusantara XIII (Persero) 2012 8 PT Indika Energy Tbk 2012 9 PT Bank CIMB Niaga Tbk 2012 10 PT Indocement Tunggal Prakasa Tbk 2012 1 PT ANTAM (Persero) Tbk 2013 2 PT Kideco Jaya Agung 2013 3 PT Telekomunikasi Indonesia 2013 4 PT Unilever Indonesia, Tbk 2013 5 PT Astra International Tbk 2013 6 PT Perusahaan Gas Negara (Persero) Tbk 2013 7 PT Indocement Tunggal Prakarsa Tbk 2013 8 PT Bank Negara Indonesia (Persero) Tbk 2013 9 PT Bank CIMB Niaga Tbk 2013 10 PT Bank Danamon Indonesia Tbk 2013 11 PT Bukit Asam (Persero) Tbk 2013 12 PT Bank Jateng 2013 13 PT Bank Rakyat Indonesia (Persero) Tbk 2013 1 PT. Perusahaan Gas Negara (Persero) Tbk 2014 2 PT. Indo Tambang Raya Megah Tbk 2014 3 PT. Antam (Persero) Tbk 2014 4 PT. Telekomunikasi Indonesia Tbk 2014 5 PT. Wijaya Karya (Persero) Tbk 2014 6 PT. United Tractors Tbk 2014 7 PT Bank Negara Indonesia (Persero) Tbk 2014 8 PT. Bank Danamon Indonesia Tbk 2014 9 PT. Bank CIMB Niaga 2014 123 10 PT. Vale Indonesia Tbk 2014 11 PT. Kideco Jaya Agung 2014 12 PT. Bukit Asam (Persero) Tbk 2014 13 PT. Bank Internasional Indonesia Tbk 2014 14 PT. Bank Rakyat Indonesia (Persero) Tbk 2014 15 PT.
    [Show full text]
  • Babak Baru Pengelolaan Hulu Migas
    Energizing Asia PERTAMINA HULU ENERGI Edisi Juli - September 2020 BABAK BARU PENGELOLAAN HULU MIGAS INOVASI PHE Channel, Transformasi Digital Multifungsi h. 40 CSR Mempertahankan Emas Saat Pandemi h. 46 HOBI Tak Kapok Mendaki Kendati Ancaman Maut Menanti h. 58 phe.pertamina.com h fokus pada optimizer dan integrator. Dalam laporan utama kali ini, Anda juga dapat mendapat informasi dari lima Direktur Utama APH yang memapar­ kan kondisi terkini di perusahaan masing­masing. Ada pula wawancara dengan Direktur Pengembangan dan Produksi PHE Bapak Taufik Aditiyawarman. Yudy Nugraha, Berbeda dengan edisi sebelumnya, mulai penerbit an Pemimpin Redaksi kali ini Energia PHE juga lebih variatif dalam pemilih­ an tema dan narasumber. Apalagi mengakomodasi Dari Redaksi sumber informasi dari anak perusahaan hulu lainnya. Di rubrik hobi misalnya, Anda dapat membaca Proses restrukturisasi menggunakan skema Subholding pengalam an pekerja Pertamina Hulu Mahakam, anak Upstream terus berjalan di Pertamina Hulu Energi (PHE). usaha PHI, yang hobi mendaki gunung. Pembentukan Subholding Upstream – bersama empat subholding lain serta pembentuk an perusahaan shipping­­ Artikel lain yang tak kalah menarik ada di rubrik Leisure. – mengubah wajah bisnis model hulu Pertamina. Jajaran Salah seorang pekerja PIEP menceritakan pengalaman direksi PHE bersama direktur anak perusahaan hulu mengunjungi sejumlah tempat di Aljazair. Salah satu bekerja ekstra keras mewujudkan harapan yang diingin­ yang menarik dari cerita pekerja tersebut adalah melihat kan pemegang saham dan direksi PT Pertamina (Pers­ Monumen Soekarno di Aljir, ibukota Aljazair. ero). Namun, reorganisasi sektor hulu rupanya tak semu­ dah membalik telapak tangan. Butuh waktu dan proses Di rubrik local hero, Anda juga akan mendapatkan in­ yang panjang dalam merealisasikannya. formasi tentang Sutomo, mitra binaan Pertamina EP Asset 4 Poleng Field, yang berada di bawah koordinasi Reorganisasi upstream menjadi tema laporan uta­ PEPC.
    [Show full text]
  • Pp No 019 Tahun 1965.Pdf
    PERATURAN PEMERINTAH REPUBLIK INDONESIA NOMOR 19 TAHUN 1965 TENTANG PEMBUBARAN BADAN PIMPINAN UMUM PERUSAHAAN LISTRIK NEGARA DAN PENDIRIAN PERUSAHAAN LISTRIK NEGARA (P.L.N.) DAN PERUSAHAAN GAS NEGARA (P.G.N.) Presiden Republik Indonesia, Menimbang: a. bahwa untuk mempertinggi daya guna dan daya kerja perusahaan negara yang bergerak di bidang tenaga listrik dan industri gas perlu menyesuaikan organisasi serta kepimpinan perusahaan negara yang didirikan dengan Peraturan Pemerintah No. 67 tahun 1961 (Lembaran-Negara tahun 1961 No. 88), dengan tuntutan keadaan sekarang, supaya dapat dipergunakan sebagai alat perjuangan dan alat revolusi untuk mewujudkan Masyarakat Sosialis Indonesia; b. bahwa berhubung dengan itu perlu membubarkan Badan Pimpinan Umum Perusahaan Listrik Negara, yang didirikan dengan Peraturan Pemerintah No. 67 tahun 1961 (Lembaran-Negara tahun 1961 No. 88) dan mendirikan Perusahaan Listrik Negara (P.L.N.) dan Perusahaan Gas Negara (P.G.N.) sebagai kesatuan usaha di bidang ekonomi yang berfungsi menyelenggarakan kemanfaatan umum (public utility); Mengingat: 1. Pasal 5 ayat 2 Undang-undang Dasar; 2. Undang-undang No. 19 Prp tahun 1960; Mendengar: Presidium Kabinet Republik Indonesia dan Menteri Pekerjaan Umum dan Tenaga; Memutuskan: Dengan mencabut Peraturan Pemerintah No. 67 tahun 1961 (Lembaran-Negara tahun 1961 No. 88); Menetapkan: Peraturan Pemerintah tentang Pembubaran Badan Pimpinan Umum Perusahaan Listrik Negara dan pendirian Perusahaan Listrik Negara (P.L.N.) dan Perusahaan Gas Negara (P.G.N.). BAB I. PEMBUBARAN. Pasal 1. (1) Badan Pimpinan Umum Perusahaan Listrik Negara yang didirikan dengan Peraturan Pemerintah No. 67 tahun 1961 (Lembaran- Negara tahun 1961 No. 88), terhitung mulai ditetapkannya peraturan ini dibubarkan. (2) Menteri Pekerjaan Umum dan Tenaga ditunjuk untuk mengatur cara-cara pelaksanaan pembubaran dan menyelenggarakan pengurusan dan pengawasan terhadap usaha-usaha dari Badan Pimpinan Umum Perusahaan listrik Negara yang telah dibubarkan itu.
    [Show full text]
  • Never Waste a Crisis – Indonesia's PLN Needs a Coherent
    1 Elrika Hamdi, IEEFA Energy Finance Analyst September 2020 Never Waste a Crisis Indonesia’s PLN Needs a Coherent Strategy to Ride Out the COVID-19 Pandemic Executive Summary The COVID-19 crisis has not been kind to Perusahaan Listrik Negara (PLN), Indonesia’s state-owned power monopoly. Not only was it heavily criticized by customers over a billing fiasco that created nation-wide confusion, but PLN’s financial health and longevity have been critically scrutinized by Indonesia’s House of Representatives in multiple hearings over recent months. This is cause for serious concern. In June, the PLN CEO Zulkifli Zaini conceded before the House of Representatives that PLN’s financial condition is deteriorating. Power demand has fallen sharply due to large-scale social restrictions (PSBB) and Dysfunctional planning PLN’s debt levels are rising as the and governance have company struggles to meet fixed costs.1 Its cash flow problem was worsened by the put the company into fact that the government has only paid strategic paralysis. IDR 7.7 trillion out of IDR 45.4 trillion (USD 3.1 billion) compensation owed to PLN for freezing electricity tariffs since 2017.2 PLN is not alone in this situation. Utilities around the world have seen power consumption nosedive as much as 20.0% since 2019 because of the COVID-19 crisis. But the roots of PLN’s problems are deeper than just the pandemic: PLN’s quiet crisis reflects dysfunctional planning and governance that have put the company into strategic paralysis, unable to change direction or adapt to new market realities.
    [Show full text]
  • PENGUMUMAN Konstituen Awal Indeks IDX ESG Leaders No
    PENGUMUMAN Konstituen Awal Indeks IDX ESG Leaders No. Peng-00378/BEI.POP/12-2020 (dapat dilihat di website : http://www.idx.co.id) Menunjuk Pengumuman PT Bursa Efek Indonesia (BEI) No. Peng-00363/BEI.POP/11-2020 tanggal 30 November 2020 perihal “Peluncuran Indeks IDX ESG Leaders”, BEI telah menetapkan daftar saham dan menyesuaikan bobot atas saham-saham yang digunakan dalam penghitungan Indeks IDX ESG Leaders. Terlampir kami sampaikan daftar saham yang masuk dan jumlah saham yang digunakan dalam penghitungan Indeks IDX ESG Leaders periode perdagangan 14 Desember 2020 s.d. 16 Maret 2021. Demikian untuk diketahui. 8 Desember 2020, Irvan Susandy Ignatius Denny Wicaksono Kepala Divisi Pengaturan dan Operasional Kepala Divisi Pengembangan Bisnis Perdagangan Tembusan: 1. Yth. Kepala Eksekutif Pengawas Pasar Modal, Otoritas Jasa Keuangan 2. Yth. Direktur Pengawasan Transaksi Efek, Otoritas Jasa Keuangan 3. Yth. Direktur Pengawasan Lembaga Efek, Otoritas Jasa Keuangan 4. Yth. Direktur Pengelolaan Investasi, Otoritas Jasa Keuangan 5. Yth. Direksi PT Kliring Penjaminan Efek Indonesia 6. Yth. Direksi PT Kustodian Sentral Efek Indonesia 7. Yth. Direksi PT Indonesian Capital Market Electronic Library 8. Yth. Asosiasi Pelaku Reksa Dana dan Investasi Indonesia (APRDI) 9. Yth. Asosiasi Manajer Investasi Indonesia (AMII) 10. Yth. Asosiasi Dana Pensiun Indonesia (ADPI) 11. Yth. Asosiasi Perusahaan Efek Indonesia (APEI) 12. Yth. Asosiasi Emiten Indonesia (AEI) 13. Yth. Dewan Komisaris PT Bursa Efek Indonesia 14. Yth. Direksi PT Bursa Efek Indonesia Indonesia Stock Exchange Building, Tower I 6th Floor, Jl. Jend. Sudirman Kav.52-53, Jakarta 12190 – Indonesia www.idx.co.id Phone : +62 21 515 0515, Fax : +62 21 515 0330, Toll Free : 0800 100 9000, Email : [email protected] E:\draft pengumuman\Pengumuman Konstituen IDX ESG Leaders - Des 2020.docx Daftar Saham untuk Penghitungan Indeks IDX ESG Leaders Periode 14 Desember 2020 s.d.
    [Show full text]
  • The Influence of Profitability to the Company Value with Corporate
    THE INFLUENCE OF PROFITABILITY TO THE COMPANY VALUE WITH CORPORATE SOCIAL RESPONSIBILITY AS A VARIABLE MODERATION Case studies on companies listed in the Sri Kehati Index for the 2012-2016 period By 1. Eddy Winarso [email protected] 2. Veronica Christina M.P. [email protected] ABSTRACT This study aims to determine whether the company value as measured by price book value is influenced by the company's ability to obtain profits measured by Return on Assets and moderated by corporate social responsibility in companies listed on the SRI - KEHATI index for the period 2012 - 2016. Researchers are interested in conducting research This is because Investors in determining stock investment see the ability to obtain corporate profits but also see whether the company has carried out social responsibility for nature and the social environment around the company or called green investment. The company has carried out corporate social responsibility which can be seen from whether the company has carried out CSR in accordance with the GRI index set by the government with 79 indicators. In this study using corporate social resposibility as a moderating variable with a number of samples of annual report research of 18 companies listed on the SRI - KEHATI Index from 2012 - 2016 and found that profitability as an independent variable and corporate social responsibility as a moderating variable has a positive effect on value The company measured by Price book value is 72.40% meaning that profitability and corporate social responsibility have a strong match in assessing the company's performance, while 27.60% is influenced by other variables not examined.
    [Show full text]
  • PROFIL PERUSAHAAN Company Profile
    03 PROFIL PERUSAHAAN Company Profile PGN meneguhkan komitmen sebagai perusahaan gas nasional terkemuka berstandar kelas dunia. PGN affirms its commitment as a leading national gas company with world class standards. SEKILAS PT PERUSAHAAN GAS NEGARA TBK About PT Perusahaan Gas Negara Tbk NAMA DAN DOMISILI MODAL DITEMPATKAN DAN PERSEROAN DISETOR PENUH PT Perusahaan Gas Negara Tbk Rp2.424.150.819.600 (dua triliun empat ratus dan berdomisili di Jakarta dua puluh empat miliar seratus lima puluh juta delapan ratus sembilan belas ribu enam ratus Company’s Name and Domicile Rupiah). PT Perusahaan Gas Negara Tbk is located in Jakarta Issued Capital and Paid-up Capital Rp2,424,150,819,600 (two trillion four hundred twenty-four billion one hundred fty million eight hundred nineteen thousand and ALAMAT PERSEROAN/Company Address six hundred Rupiah) Kantor Pusat/Head Oce Jalan K.H. Zainul Arin Nomor 20 Krukut, Tamansari, Jakarta Barat DKI Jakarta 11140 KEPEMILIKAN Pemerintah Republik Indonesia Kantor Korespondensi/Correspondence Oce 0%, 1 lembar saham Seri A Dwiwarna. The Manhattan Square, Mid Tower, Lantai 26, Jalan TB Simatupang Kav. 1S, Jakarta Selatan, PT Pertamina (Persero) DKI Jakarta. 12560 56,96%, 13.809.038.755 lembar saham seri B. 1500-645 Publik [email protected] 43,04%, 10.432.469.440 lembar saham seri B. www.pgn.co.id Ownership The Government of the Republic of Indonesia Perusahaan Gas Negara 0%, 1 Dwiwarna Serie A share @gas_negara PT Pertamina (Persero) @Gas_Negara 56.96% or 13,809,038,755 Serie B shares PGNenergibaik Public 43.04% or 10,432,469,440 Serie B shares TANGGAL PENDIRIAN 13 Mei 1965 Date of Establishment May 13, 1965 DASAR HUKUM PENDIRIAN PENCATATAN DI BURSA Peraturan Pemerintah Nomor 19 Tahun Saham Perseroan telah dicatatkan di Bursa 1965 tentang Pembubaran Badan Efek Jakarta dan Bursa Efek Surabaya pada Pimpinan Umum Perusahaan Listrik tanggal 15 Desember 2003.
    [Show full text]
  • Kata Pengantar
    KATA PENGANTAR Berdasarkan amanat Pasal 19 Undang-Undang Nomor 43 Tahun 2009 tentang Kearsipan, Arsip Nasional Republik Indonesia (ANRI) wajib melakukan pengelolaan arsip statis yang berasal dari lembaga negara, perusahaan, organisasi politik, organisasi kemasyarakatan, dan perseorangan. Pengelolaan arsip statis oleh ANRI bertujuan untuk menjamin keselamatan dan keamanan arsip sebagai bukti pertanggungjawaban nasional dalam kehidupan bermasyarakat, berbangsa dan bernegara. Arsip statis yang dikelola ANRI merupakan memori kolektif, identitas bangsa, bahan penelitian, pengembangan ilmu pengetahuan serta sumber informasi bagi publik, sehingga perlu diolah untuk menghasilkan sarana bantu penemuan kembali (finding aids) sesuai dengan kaidah kearsipan yang benar agar dapat diakses oleh masyarakat. Ada tiga jenis finding aids yang dihasilkan dari kegiatan pengolahan arsip statis, yakni daftar, inventaris, dan guide arsip statis. Direktorat Pengolahan pada Tahun Anggaran 2016 melaksanakan penyusunan Guide Khazanah Arsip Perusahaan. Guide arsip ini memuat informasi mengenai khazanah arsip statis perusahaan yang disimpan di ANRI. Akhirnya, kami mengucapkan terima kasih kepada Pimpinan ANRI, tim kerja, dan semua pihak yang telah membantu penyusunan guide ini. Semoga Allah S.W.T. Tuhan Yang Maha Esa membalas amal baik yang Bapak/ Ibu berikan. Jakarta, Januari 2017 Direktur Pengolahan, AZMI ii DAFTAR ISI KATA PENGANTAR ................................................................................ ii DAFTAR ISI ..............................................................................................
    [Show full text]