DOCSLIB.ORG

INVESTOR DIGEST Equity Research | 30 July 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
INVESTOR DIGEST Equity Research | 30 July 2020 INVESTOR DIGEST Equity Research | 30 July 2020 Economic Data HIGHLIGHT Latest 2020F • Jul-20 Inflation Preview: Deflation in Sight 7-DRRR (%), eop 4.00 4.00 • Banking Industry - 15 banks to distribute Rp100tr guaranteed loans Inflation (YoY %) 1.96 2.52 • Ace Hardware: 2Q20 Short-Form Result: Expected but Below Consensus (ACES; US$ 1 = Rp, period avg 14,543 14,745 Rp1,740; Neutral; TP: Rp1,500) • Astra Agro Lestari: 2Q20 Results (AALI; Rp9,700; Non Rated) • Astra International: Weak Earnings Are Expected (ASII; Rp5,075; Buy; TP: Rp5,000) Stock Market Data (29 July 2020) • Bank BJB: 2Q20 Results & Analyst Meeting Takeaways (BJBR; Rp965; Buy; TP: Rp860) • Bank Jatim: 1H20 Results & Analyst Meeting Takeaways JCI Index 5,111.1 -0.04% • Bank Niaga 1H20 Results - Flat PPOP Growth, Rising CoC (BNGA; Rp780; Buy; TP: Trading T/O ( Rp bn ) 6,789.1 Rp840) Market Cap ( Rp tn ) 5,922.4 • BTPN Syariah: 1H20 Results and Analyst Call Takeaways (BTPS; Rp3,430; Buy; TP: Rp3,200) • Bank Panin 1H20 Results: Loan Growth Continues Weak Trend (PNBN; Rp805; Buy; Market Data Summary* TP: Rp1,100) • Bekasi Fajar: 2Q20: Continued Core Loss (BEST; 125; Neutral; TP: Rp130) 2020F 2021F • Charoen Pokphand Indonesia 2Q20 Earnings: Better than Expectations (CPIN; Rp6,200; Buy; TP; Rp5,500) P/E (x) 20.2 14.6 • Erajaya Swasembada: 2Q20 Results: Above Expectations (ERAA; Rp1,450; Buy; TP: P/BV (x) 2.1 1.9 Rp1,500) EV/EBITDA (x) 13.2 11.6 • Indocement 2Q20: Below Estimates due to Seasonality (INTP; Rp12,400; Buy; TP: Div. Yield (%) 3.3 2.5 Net Gearing (%) 25.5 22.6 Rp14,500) ROE (%) 10.2 13.5 • Indosat 2Q20 Earnings Call Summary (ISAT; Rp2,340; Buy; TP: Rp3,200) EPS Growth (%) -26.4 38.1 • Japfa Comfeed 2Q20: Muted Cost Saving Initiatives on Top of Higher Interest EBITDA Growth (%) -9.7 13.4 Expenses (JPFA; Rp1,105; Buy; TP: Rp1,100) Earnings Yield (%) 4.9 6.8 • Kalbe Farma: 2Q20 Short-Form Result - In-line (KLBF; Rp1,525; Buy; TP: Rp1,650) • Mayora Indah: 2Q20 Short-Form Result - Below (MYOR; Rp2,350; Buy; TP: Rp2,650) * Aggregate of 76 companies in MS research universe, • Siloam Hospital: 2Q20 Results and Earnings Call Takeaways (SILO; Rp4,550; Buy; TP: representing 63.6%of JCI’s market capitalization Rp7,150) • Surya Citra Media 2Q20 Results: Margin Held Up Despite Pressures (SCMA; Rp1,280; Buy; TP: Rp1,800) • Tower Bersama 2Q20 Results: Revenue & Profit Growth Accelerated (TBIG; Rp1,300; Buy; TP: Rp1,400) • Unilever Indonesia 2Q20 EPS: In-Line with Ours; Below Consensus (UNVR; Rp8,250; Buy; TP: Rp9,500) • United Tractors: Dragged Down by Weak Coal Price (UNTR; Rp21,500; Buy; TP: Rp22,500) • Vale Indonesia: Anticipate Stronger Earnings in 3Q20 (INCO; Rp3,400; Buy; TP: Rp3,500) Please see important disclosure at the back of this report Page 1 of 35 Equity Research | 30 July 2020 ECONOMY Jul-20 Inflation Preview: Deflation in Sight Monthly deflation is likely. We forecast Jul-20 consumer price index (CPI) to deflate by -0.05% MoM, bringing the annual figure to ease further to 1.59% YoY from 1.96% last month. In general, the deflation reflects the low demand and supply normalization. Meanwhile, we forecast core inflation to remain subdued despite gold and education price increase. The data will be released on Monday (3-Aug). Inside the Jul-20 food basket. Based on our observation, the food group may have contributed -0.14 ppt to total monthly deflation, with onion and chicken as the main contributors (-0.12 ppt). We also notice decreasing sugar price (-0.04 ppt), owing to supply normalization after significant import in 2Q20 (108% YoY). Muted demand-pull inflation. On the core inflation, the figure may have trimmed to 2.10% YoY (vs. 2.26% in Jun-20) on the back of weak domestic demand, despite the seasonal academic year. The recently rising gold price, which we calculate to add 0.05 ppt contribution, is possibly to prevent core inflation from decelerating further. Manageable pressure in 2H20. All in all, inflation pressure will still be manageable in the second half. Specifically, the economic recovery path is viewed to be a gradual one (U-shaped or ”Nike-shaped”), spelling a modest consumption. Meanwhile, we do not see potential pressure on food supply, as the World Meteorological Organization suggests a very low El Nino probability at 10% for Jun-Nov 2020 period. At this moment, we are reviewing and planning to revise our initial 2.7% inflation forecast. INFLATION SUMMARY Jun-20 Jul-20 MS Forecast Market Consensus Headline inflation (%, YoY) 1.96 1.59 1.70 Headline inflation (%, MoM) 0.18 -0.05 0.02 Core inflation (%, YoY) 2.26 2.10 2.11 Sources: CEIC, Mandiri Sekuritas estimate FOOD PRICES OBSERVATION IN JUL-20 THE GOLD PRICE INCREASED BY 5% MOM IN JUL-20, CONTRIBUTING 0.05 PPT TO CPI CHANGE BASED ON OUR ESTIMATION Jul-20 Commodity Contribution Gold Price MoM Inflation % MoM (ppt) 8.0% Rice -0.21 (0.01) Broiler chicken meat -4.38 (0.05) 6.0% Beef -0.04 (0.00) 4.0% Broiler chicken egg 3.64 0.02 2.0% Red onion -25.43 (0.07) Garlic -17.52 (0.03) 0.0% Red chili 8.43 0.03 -2.0% Chili pepper (Rawit) 2.86 0.00 Cooking oil -0.19 (0.00) -4.0% 19 20 18 19 18 19 19 20 18 19 20 19 20 - - - - - - - - - - - Sugar -7.04 (0.04) - - Jul Jul Jul Jan Jan Sep Sep Nov Nov Mar Mar May May Total Food Group (0.14) Source: National Strategic Food Information Center (PIHPS), Mandiri Sekuritas Source: Bloomberg estimate (as of 28Jul20) Leo Rinaldy(+6221 5296 9406) [email protected] Imanuel Reinaldo(+6221 5296 9651) [email protected] Please see important disclosure at the back of this report Page 2 of 35 Equity Research | 30 July 2020 SECTOR Banking Industry - 15 banks to distribute Rp100tr guaranteed loans The government has collaborated with 15 banks in the latest move to jumpstart the economy through working capital loans extension that are guaranteed by state companies. The government estimates Rp51tr of new working capital loans are needed to reopen the economy in the remaining five months of 2020 and Rp81tr in 2021. − The 15 banks are: Bank Central Asia, Bank Danamon Indonesia; Bank DBS Indonesia, Bank HSBC Indonesia, Bank ICBC Indonesia, Bank Maybank Indonesia, Bank Resona Perdania, Standard Chartered Bank, Bank UOB Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, Bank Tabungan Negara, Bank DKI, Bank MUFG. There is no detail on how much loans are allocated for each banks. − The banks will distribute Rp100tr working capital loans until 2021. − The loans are for non-MSME segments and non-SOE companies with loan size of between Rp10bn (USD 0.69m) to Rp1tr (USD 69m). − The loans are targeted for the export-oriented industries and/or labor intensive companies with >300 staffs. − At least 60% of the credit risk will be borne by state institutions: Lembaga Penjaminan Expor Impor and PT Penjamin Infrastruktur Indonesia. Up to 80% of credit risk will be borne by the two institutions if the loans are extended to the priority sectors: tourism related (hotel, restaurants), automotive, textile and textile products, footwear, electronics, wood processing, furniture. − The government pays 100% of the insurance premium for loans up to Rp300bn and 50% for loans between Rp300bn to Rp1tr. The source of funds are from the national economic recovery (PEN) budget. − Lending rate is expected at 7% pa. Comments: This move is aimed for banks to help the industry players to restart the business activities again after months of lockdown. The industry now looks at 4-5% loan growth for 2020 and have started extending loans again since June. While the expected loans to be restructured is set at 20-30%, around 18% has been done especially for the micro and SME segments. The government earlier placed Rp30tr funds in four state banks, which are required to triple the amount as their new loans and another Rp9.5tr to regional development banks, for them to extend new loans twice as much as the funds placement. Of the 15 banks for the new move, eight of them are listed banks. We keep our Overweight on the banking industry. Tjandra Lienandjaja (+6221 5296 9617) [email protected] CORPORATE Ace Hardware: 2Q20 Short-Form Result: Expected but Below Consensus (ACES; Rp1,740; Neutral; TP: Rp1,500) Overall earnings came below market forecast though the performance is well expected. Operating deleverage caused the weakness but working capital and product mix trends are encouraging. ACES is the most resilient fashion retailer in 2Q20 thus far. 2Q20 Revenue of Rp1.7tn (-19% YoY) came below estimates; overall 1H20 Revenue of Rp3.6tn (-8% YoY) met 51%/47% of our/consensus’ FY20 estimates. The performance is expected given ACES’ 1H20 SSSG of -8% YoY, store closure, and the slow-down of store expansion. The 2Q20 figure was dragged down primarily by Apr-May’20 numbers which was the lowest performance during PSBB, while SSSG recovery has materialized in Jun’20, where all stores were also opened. Please see important disclosure at the back of this report Page 3 of 35 Equity Research | 30 July 2020 2Q20 EBIT of Rp141bn (-52% YoY) came below estimates; overall 1H20 EBIT of Rp408bn (-28% YoY) formed 54%/43% of our/consensus’ FY20 estimates. Gross profit margin improved 2.2ppt YoY to 49.2%, as product mix shifted to lifestyle and high-ticket items such as sports and kitchen utensils.
Load more

Recommended publications
  • COVID-19 and Regional Solutions for Mitigating the Risk of Small and Medium-Sized Enterprise Finance in ASEAN Member States
    ERIA-DP-2021-32 ERIA Discussion Paper Series No. 399 COVID-19 and Regional Solutions for Mitigating the Risk of Small and Medium-sized Enterprise Finance in ASEAN Member States Farhad TAGHIZADEH-HESARY§ Tokai University, Japan Han PHOUMIN* Economic Research Institute for ASEAN and East Asia (ERIA) Ehsan RASOULINEZHAD Faculty of World Studies, University of Tehran, Iran† August 2021 Abstract: One of the significant challenges small and medium-sized enterprises (SMEs) face is their difficulty in accessing finance. One way to reduce the risk of lending to SMEs is through the credit guarantee scheme (CGS). In this paper, we assess the determining factors of the optimal credit guarantee ratio for the banking industry in four Association of Southeast Asian Nations (ASEAN) countries, namely Indonesia, Singapore, the Philippines, and Malaysia, by employing statistical techniques and econometric models. The empirical findings prove that the loan default ratio (nonperforming loan/loan, or NPL/L) is the optimal credit guarantee ratio’s main determining factor. Our empirical findings confirm that in the ASEAN region, to help SMEs survive in the emergency stage of COVID-19, the credit guarantee ratio needs to be increased. Gradually, when moving to the new normal stage, the ratio needs to be lessened. Our results show that the credit guarantee ratio should vary for different countries based on the macroeconomic climate and also for each bank or, in other words, for banks with similar financial soundness. Governments should give a higher guarantee ratio to sound banks, whilst less healthy banks should receive a lower guarantee ratio. The study also provides policy recommendations for establishing a regional credit guarantee scheme in ASEAN to promote regional economic cooperation at the SME level for greater economic integration.
    [Show full text]
  • “The Case of COVID-19 Impact on the Level of Non-Performing Loans of Conventional Commercial Banks in Indonesia”
    “The Case of COVID-19 impact on the level of non-performing loans of conventional commercial banks in Indonesia” Siti Epa Hardiyanti https://orcid.org/0000-0001-6451-8624 AUTHORS https://publons.com/researcher/S-3178-2018 Lukmanul Hakim Aziz https://orcid.org/0000-0002-9498-0251 Siti Epa Hardiyanti and Lukmanul Hakim Aziz (2021). The Case of COVID-19 ARTICLE INFO impact on the level of non-performing loans of conventional commercial banks in Indonesia. Banks and Bank Systems, 16(1), 62-68. doi:10.21511/bbs.16(1).2021.06 DOI http://dx.doi.org/10.21511/bbs.16(1).2021.06 RELEASED ON Wednesday, 24 February 2021 RECEIVED ON Thursday, 01 October 2020 ACCEPTED ON Thursday, 03 December 2020 LICENSE This work is licensed under a Creative Commons Attribution 4.0 International License JOURNAL "Banks and Bank Systems" ISSN PRINT 1816-7403 ISSN ONLINE 1991-7074 PUBLISHER LLC “Consulting Publishing Company “Business Perspectives” FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 23 1 4 © The author(s) 2021. This publication is an open access article. businessperspectives.org Banks and Bank Systems, Volume 16, Issue 1, 2021 Siti Epa Hardiyanti (Indonesia), Lukmanul Hakim Aziz (Indonesia) The Case of COVID-19 BUSINESS PERSPECTIVES impact on the level LLC “СPС “Business Perspectives” Hryhorii Skovoroda lane, 10, Sumy, 40022, Ukraine of non-performing loans www.businessperspectives.org of conventional commercial banks in Indonesia Abstract This study aims to investigate the impact of COVID-19 on the increase in bad cred- its at conventional commercial banks in Indonesia.
    [Show full text]
  • Ela Ratna Yuwita , Arissetyanto Nugroho Magister of Management
    Volume 1, Issue 2, February 2020 E-ISSN : 2715-4203, P-ISSN : 2715-419X EFFECT OF SERVICE QUALITY AND RELATIONSHIP MARKETING ON CUSTOMER SATISFACTION AND ITS IMPACT ON LOYALTY SERVICE ON WISMA SOEWARNA BRACH OFFICE (KCP) OF BNI OF TANGERANG Ela Ratna Yuwita1), Arissetyanto Nugroho2) 1) Magister of Management, Lecturer of Postgraduate, Mercu Buana University, Indonesia 2) Magister of Management, Lecturer of Postgraduate, Mercu Buana University, Indonesia ARTICLE INFORMATION Abstract: The purpose of this study is to determine the Received: 30th January 2020 Effect of Service Quality and Relationship Marketing th Revised: 5 February 2020 on Customer Satisfaction and Its Impact on Loyalty by th Issued: 9 February 2020 measuring indicators that affect the variable Service Quality and Relationship Marketing on customer Corresponding author: satisfaction variables and their implications on Ela ratna customer loyalty variables. This research applies a descriptive research design using survey methods. Sampling uses convinient sampling as a sampling technique. This study was tested using the structural equation modeling (Lisrel) approach to test the significance of the significance of the overall model and predetermined pathway. The findings show that DOI:10.31933/DIJDBM Service Quality and Relationship Marketing variables significantly influence customer satisfaction variables. Further findings indicate that Service Quality and Relationship Marketing variables directly have a significant effect on customer loyalty variables. This study also shows that customer satisfaction has an influence on customer loyalty variables. It is recommended to companies to improve the excellence of Service Quality and Relationship Marketing. Keywords : Loyalty, Relationship Marketing, Service Quality , Satisfaction, INTRODUCTION In today’s business world which keeps changing, along with increasing level of competition, every company organization, whatever the form and type, and whoever the owner is will face the problem, which is how to maintain the survival of the company in the situation.
    [Show full text]
  • Characteristics of the Sharia Supervisory Board and Its Relevance to Islamic Social Reporting at Islamic Banks in Indonesia
    Ekuitas: Jurnal Ekonomi dan Keuangan p-ISSN 2548 – 298X Akreditasi No. 32a/E/KPT/2017 e-ISSN 2548 – 5024 DOI: 10.24034/j25485024.y2019.v3.i1.4160 CHARACTERISTICS OF THE SHARIA SUPERVISORY BOARD AND ITS RELEVANCE TO ISLAMIC SOCIAL REPORTING AT ISLAMIC BANKS IN INDONESIA Inten Meutia [email protected] Desi Aryani Sari Mustika Widyastuti Faculty of Economics, Sriwijaya University ABSTRAK Penelitian ini dilakukan untuk menguji pengaruh ukuran Dewan pengawas Syariah (DPS), jumlah rapat DPS, pendidikan DPS, dan rangkap jabatan DPS terhadap Islamic Social Reporting (ISR) menggunakan variabel kontrol ukuran perusahaan serta profitabilitas. Objek penelitian terdiri dari 13 Bank Umum Syariah dan 21 Unit Usaha Syariah yang terdata di Otoritas Jasa Keuangan pada periode 2015-2017. Content Analysis digunakan untuk mengidentifikasi tema dan item pada laporan tahunan bank. Analisis regresi linier berganda merupakan metode yang digunakan dalam pengolahan data. Penelitian ini membuktikan variabel jumlah rapat DPS, rangkap jabatan DPS, ukuran DPS serta profitabilitas berpengaruh signifikan terhadap Islamic Social Reporting. Sementara itu, variabel jumlah DPS dan latar belakang pendidikan DPS ditemukan tidak berpengaruh signifikan terhadap ISR. Hal ini menunjukkan jumlah anggota DPS tidak memberikan kontribusi terhadap pelaporan sosial jika jarang melakukan rapat. Adanya Sertifikasi Dewan Syariah Nasional menyiratkan tidak ada kekhususan latar belakang pendidikan DPS. Penentukan Indeks ISR sangat subjektif, maka diharapkan Dewan Syariah Nasional dapat merancang pedoman khusus penerapan Indeks ISR dan dikonvergensi dengan Indeks ISR lainnnya. Kata kunci: dewan pengawas syariah; bank syariah; islamic social reporting. ABSTRACT This study was conducted to examine the effect of the size of the Sharia Supervisory Board (SSB), the number of SSB meetings, SSB education, and duality in SSB positions on Islamic Social Reporting (ISR) using the control variable of company size and profitability.
    [Show full text]
  • Fund Fact Sheet VALBURY MONEY MARKET I
    Fund Fact Sheet VALBURY MONEY MARKET I Juni 2021 Reksa Dana Pasar Uang Tanggal Efektif : 2 Juni 2017 Profil Manajer Investasi Nomor Surat Pernyataan Efektif RD : No.S-280/D.04/2017 Tanggal Peluncuran : 17 Juli 2017 PT Valbury Capital Management (“Perseroan”) adalah anak usaha dari Valbury Group yang Mata Uang RD : Rupiah memiliki bidang usaha Manajer Investasi. Didirikan pada tahun 2012 dari hasil pengalihan unit Nilai Aktiva Bersih Per Unit : Rp 1,223.79 usaha PT Valbury Asia Securities dengan tujuan memenuhi peraturan yang berlaku dalam hal ini Total Nilai Aktiva Bersih : Rp 11,015,089,440.22 Peraturan Bapepam-LK No. V.A.3 dan No.V.A.11 serta menjadi lebih fokus dalam melakukan Minimum Investasi Awal : Rp 100,000,- Pengelolaan Dana. Jumlah Unit Yang Ditawarkan : Maks. 500,000,000 Periode Penilaian : Harian Tujuan Investasi Biaya Pembelian : Maks. 0.00% VALBURY MONEY MARKET I bertujuan mendapatkan tingkat pertumbuhan dana yang Biaya Penjualan Kembali : 0.00% optimal dengan tetap mempertahankan nilai modal dalam jangka pendek melalui penempatan Biaya Pengalihan : Maks. 0.00% dalam instrumen pasar uang dan/atau efek hutang yang mempunyai jatuh tempo kurang dari satu Biaya Manajemen : Maks. 1.00% per tahun Biaya Kustodian : Maks. 0.15% Kebijakan Investasi 10 Kepemilikan Efek Terbesar (A-Z) Nama Bank Kustodian : PT. Bank Central Asia Tbk. Efek bersifat utang : 0%- 100% Deposito Bank Banten Instrumen Pasar Uang : 0%- 100% Deposito Bank Bukopin Risiko - Risiko Utama Deposito Bank J Trust Indonesia. RISIKO PERUBAHAN KONDISI POLITIK DAN Alokasi Portofolio Deposito Bank MNC Internasional. EKONOMI Deposito Bank Sahabat Sampoerna. RISIKO LIKUIDITAS Deposito Bank Syariah Bukopin.
    [Show full text]
  • Pt Bank Pembangunan Daerah Banten
    PROSPEKTUS RINGKAS OTORITAS JASA KEUANGAN (“OJK”) TIDAK MEMBERIKAN PERNYATAAN MENYETUJUI ATAU TIDAK MENYETUJUI EFEK INI, TIDAK JUGA MENYATAKAN KEBENARAN ATAU KECUKUPAN ISI PROSPEKTUS RINGKAS INI. SETIAP PERNYATAAN YANG BERTENTANGAN DENGAN HAL-HAL TERSEBUT ADALAH PERBUATAN MELANGGAR HUKUM. PROSPEKTUS RINGKAS INI PENTING DAN PERLU MENDAPAT PERHATIAN SEGERA. APABILA TERDAPAT KERAGUAN PADA TINDAKAN YANG AKAN DIAMBIL, SEBAIKNYA BERKONSULTASI DENGAN PIHAK YANG KOMPETEN. PT BANK PEMBANGUNAN DAERAH BANTEN TBK (“PERSEROAN”) BERTANGGUNG JAWAB SEPENUHNYA ATAS KEBENARAN SEMUA INFORMASI, FAKTA, DATA, ATAU LAPORAN DAN KEJUJURAN PENDAPAT YANG TERCANTUM DALAM PROSPEKTUS RINGKAS INI. PT BANK PEMBANGUNAN DAERAH BANTEN Tbk KEGIATAN USAHA UTAMA: Bergerak dalam bidang usaha Jasa Perbankan Berkedudukan di Serang, Indonesia KANTOR PUSAT: KANTOR CABANG Jl. Sudirman Lingkungan Kemang, Perseroan memiliki 26 Kantor Cabang, 11 Kantor Cabang Pembantu Ruko Sembilan No.4, 5 dan 6 Serang, Banten dan 4 Kantor Kas Telp. : (0254) 7917346; E-mail : [email protected]; Website : www.bankbanten.co.id PENAWARAN UMUM TERBATAS VI (“PUT VI”) KEPADA PARA PEMEGANG SAHAM DALAM RANGKA PENAMBAHAN MODAL DENGAN MEMBERIKAN HAK MEMESAN EFEK TERLEBIH DAHULU (“HMETD”) Perseroan telah memperoleh mendapatkan persetujuan dari RUPSLB untuk menerbitkan sebanyak-banyaknya 400.000.000.000 (empat ratus miliar) Saham Baru atas nama dengan nilai nominal Rp8,- (delapan Rupiah) per saham (“Saham HMETD”). Estimasi jumlah dana yang akan diterima oleh Perseroan dalam PUT VI HMETD ini adalah sekitar Rp500.000.000.000,- (lima ratus miliar Rupiah). Harga pelaksanaan PUT VI HMETD (“Harga Pelaksanaan”) dan rasio PUT VI HMETD akan ditentukan oleh Direksi Perseroan dengan persetujuan Dewan Komisaris. Perseroan memiliki hak untuk melakukan perubahan pada ketentuan-ketentuan PUT VI HMETD ini dengan mempertimbangkan perubahan atas keadaan dan faktor-faktor lain yang dianggap sesuai.
    [Show full text]
  • Pengaruh Audit Internal Terhadap Kredit Macet Nasabah Pada Bank Pembangunan Daerah Banten Di Kota Makassar
    PENGARUH AUDIT INTERNAL TERHADAP KREDIT MACET NASABAH PADA BANK PEMBANGUNAN DAERAH BANTEN DI KOTA MAKASSAR SKRIPSI Oleh LATIFAH FADHILLAH NIM 105730537715 JURUSAN AKUNTANSI FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS MUHAMMADIYAH MAKASSAR MAKASSAR 2019 PENGARUH AUDIT INTERNAL TERHADAP KREDIT MACET NASABAH PADA BANK PEMBANGUNAN DAERAH BANTEN DI KOTA MAKASSAR Oleh LATIFAH FADHILLAH NIM 105730537715 SKRIPSI Untuk Memenuhi Salah Satu Syarat Guna Memperoleh Gelar Sarjana Ekonomi Jurusan Akuntansi Pada Universitas Muhammadiyah Makassar JURUSAN AKUNTANSI FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS MUHAMMADIYAH MAKASSAR MAKASSAR 2019 ii MOTTO DAN PERSEMBAHAN MOTTO “Sesungguhnya Allah tidak akan mengubah keadaan suatu kaum sebelum mereka merubah keadaan diri mereka sendiri” (QS. Ar-Ra’d:11) PERSEMBAHAN Skripsi ini penulis persembahkan kepada: Kedua orang tua ku Orang-orang yang saya sayangi Almamaterku iii FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS MUHAMMADIYAH MAKASSAR Alamat : Jln. Sultan Alauddin No.259 Gedung Iqra Lt.7 Tel. (0411) 866 972 Makassar HALAMAN PERSETUJUAN Judul P enelitian :“Pengaruh Audit Internal Terhadap Kredit Macet Nasabah Pada Bank Pembangunan Daerah Banten Cabang Makassar”. Nama Mahasiswa : Latifah Fadhillah No. Stambuk / NIM : 105730537715 Jurusan : Akuntansi Fakultas : Ekonomi dan Bisnis Perguruan Tinggi : Universitas Muhammadiyah Makassar Menyatakan bahwa Skripsi ini telah diperiksa dan diujikan di depan Panitia Penguji Skripsi Strata Satu (S1) pada hari Sabtu, 24 Agustus 2019 di Ruang IQ 7.1 Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Makassar. Makassar, 24 Agustus 2019 Menyetujui, Pembimbing I, Pembimbing II, Prof. Dr. H. Abdul Rahman Rahim, SE.,MM Saida Said, SE., M.Ak NIDN : 0925086302 NIDN : 0910097203 Mengetahui, Ketua Program Studi Dr. Ismail Badollahi., SE., M.Si., Ak., CA., CSP. NBM: 107 3428 iv FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS MUHAMMADIYAH MAKASSAR Alamat : Jln.
    [Show full text]
  • Analisis Kinerja Industri Bank Umum Indonesia Pada Era Digital Banking 4.0 (Pendekatan Model Panzar- Rosse)
    ANALISIS KINERJA INDUSTRI BANK UMUM INDONESIA PADA ERA DIGITAL BANKING 4.0 (PENDEKATAN MODEL PANZAR- ROSSE) TESIS Oleh RAHMAD KHADAFI 187018014/IE PROGRAM PASCASARJANA UNIVERSITAS SUMATERA UTARA MEDAN 2020 UNIVERSITAS SUMATERA UTARA ANALISIS KINERJA INDUSTRI BANK UMUM INDONESIA PADA ERA DIGITAL BANKING 4.0 (PENDEKATAN MODEL PANZAR- ROSSE) TESIS Diajukan Sebagai Salah Satu Syarat untuk Memperoleh Gelar Magister Sains dalam Program Studi Magister Ilmu Ekonomi pada Fakultas Ekonomi dan Bisnis Univesitas Sumatera Utara Oleh RAHMAD KHADAFI 187018014/MIE PROGRAM STUDI MAGISTER ILMU EKONOMI FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS SUMATERA UTARA MEDAN 2020 UNIVERSITAS SUMATERA UTARA UNIVERSITAS SUMATERA UTARA Tanggal Lulus : 7 September 2020 Telah diuji pada Tanggal : 7 September 2020 __________________________________________________________________ PANITIA PENGUJI TESIS Ketua : Dr. Dede Ruslan, SE, M.Si Anggota : 1. Irsyad, SE, M.Soc.SC, PhD 2. Prof. Dr. HB Tarmizi, SU 3. Dr. Rujiman, MA 4. Dr. Ahmad Albar Tanjung, M.Si UNIVERSITAS SUMATERA UTARA LEMBAR PERNYATAAN ORISINALITAS Yang bertanda tangan di bawah ini, saya: Nama : Rahmad Khadafi Tempat & tanggal lahir : Medan, 12 Februari 1986 Alamat Tempat Tinggal : Komp. Tasbi 2 Blok IV No. 45, Medan Alamat email : [email protected] HP : 081263628012 Judul Tesis : Analisis Kinerja Industri Bank Umum Indonesia Pada Era Digital Banking 4.0 (Pendekatan Model Panzar- Rosse) Dengan ini saya menyatakan bahwa Tesis ini adalah benar-benar hasil karya saya sendiri, bukan jiplakan karya orang lain dengan cara yang tidak sesuai dengan tata etika ilmiah yang berlaku dalam masyarakat akademik atau yang disebut plagiarisme. Apabila di kemudian hari ternyata Tesis saya tidak sesuai dengan pernyataan ini, maka saya bersedia menanggung akibat dan sanksi yang diberikan kepada saya.
    [Show full text]
  • Dampak Korona, Gesekan Kartu Di Mesin EDC Lesu
    Di beberapa sektor, jumlah transaksi bisnis PERBANKAN merchant BNI masih meningkat 10% yoy. Sri Indira, General Manager Divisi E-Banking Bank BNI Kontan Selasa, 5 Mei 2020 Konter Laba Bersih BRI Syariah Dampak Korona, Gesekan Melesat 150% JAKARTA. Meski wabah korona mengintai, PT Bank BRI Syariah Tbk (BRIS) mencetak kinerja positif sepanjang Kartu di Mesin EDC Lesu kuartal I 2020. Anak usaha Bank Rakyat Indonesia (BRI) ini membukukan laba bersih melonjak hingga 150% secara year on year (yoy) dalam tiga bulan pertama tersebut. PSBB membuat transaksi gesek kartu menurun karena transaksi nasabah beralih ke digital Mengutip laporan keuangan BRIS yang terbit pada Senin (4/5), bank syariah ini tercatat mengantongi laba bersih senilai Rp 75,15 miliar pada kuartal I 2020. Sedangkan di Marshall Sautlan nurun. meningkat. "Untuk transaksi per Maret 2020 total transaksi sektor, jumlah transaksi bis- periode yang sama tahun sebelumnya BRI Syariah baru Transaksi EDC per Februari di EDC ada yang menurun telah mencapai 120 juta trans- nis merchant Bank BNI masih berhasil membungkus keuntungan senilai Rp 30,05 miliar. 2020 turun 7,1% secara month jumlah transaksinya dan volu- aksi dengan kenaikan lebih meningkat sebesar 10% secara Pertumbuhan tersebut sejalan dengan peningkatan pen- JAKARTA. Pandemi virus ko- to month (mtm). Penurunan menya seperti hotel, restoran dari 70% secara year on year yoy. dapatan setelah distribusi bagi hasil 43,19% menjadi Rp rona menyebabkan interaksi terus berlanjut hingga per dan hiburan," katanya, Senin (yoy). Ini merupakan hasil dari 690,04 miliar. Naik dibandingkan Rp 481,9 miliar pada tri- antar manusia berkurang. In- April 2020 penurunannya me- (4/5).
    [Show full text]
  • WP/20/07 Regional Banks' Post-IPO Performance
    WP/20/07 Regional banks’ post-IPO performance: Empirical evidence from Indonesia1 Inka Yusgiantoro1, Ivan Guruh1, Indra Tumbelaka12, Milan Malinda1 1Otoritas Jasa Keuangan (OJK), Wisma Mulia 2, Lantai 20. Jl. Jend. Gatot Subroto No.42, Jakarta 12710, Indonesia Graphical Abstract Abstract This paper investigates regional banks’ post-Initial Public Offering (IPO) performance to achieve the objective of Indonesia's Regional Champion Program (RCP) in solvability, profitability, efficiency, interest income, intermediary capability, and loan risk. In 2010, Indonesia's banking authority launched the RCP to increase regional banks' institutional resilience, intermediary function, and financial inclusion. We apply the Difference-in-Differences (DiD) approach to a panel data set of Indonesian monthly bank data from 2009 – 2019. The research finds that regional banks' profitability, efficiency, and interest income, increase after IPO; this result is consistent in the medium and long term. Inline, we also find that regional banks' capital increase after IPO. However, it only persists in the short-term period. Furthermore, our findings also show that regional banks' intermediary capability, reflected in Loan to Deposit Ratio (LDR) and loan growth, decreases after IPO. Finally, in line with Boubakri et al. (2005), our results show an insignificant association between IPO and regional banks' loan risk. Keywords: Regional bank, Initial Public Offering, Stock Market, Performance, Risk, Indonesia 1 This paper is part of Indonesia Financial Services Authority (OJK) research project on “The Impact of Initial Public Offering to Firms’ performance in Indonesia Stock Exchange” in 2020. The findings and interpretations expressed in this paper are entirely those of the authors and do not represent the views of OJK.
    [Show full text]
  • Berpacu Dengan Waktu, Bank Kecil Perkuat Modal
    Setelah masuk BUKU II, kami akan diizinkan PERBANKAN mengembangkan teknologi informasi. Paulus Wijaya, Sekretaris Perusahaan PT Bank Bisnis Internasional Tbk Kontan Rabu, 9 September 2020 Konter Bank Kian Rajin Gandeng Berpacu dengan Waktu, Tekfin Untuk Genjot Kredit Bank Kecil Perkuat Modal Tiga bulan lagi bank BUKU I harus memenuhi modal inti minimal Rp 1 triliun Dina Mirayanti Hutauruk PT Bank Bisnis Internasio- an akan dilakukan pada De- ngembangkan sistem teknolo- "Prosesnya memang belum nal Tbk (BBSI) misalnya ma- sember," kata Paulus Wijaya, gi informasi yang mudah-mu- ada kabar resmi dari peme- sih membutuhkan tambahan Sekretaris Perusahaan Bank dahan bisa mencapai gang saham pengendali. Tapi JAKARTA. Bank kelompok modal sekitar Rp 300 miliar Bisnis, Selasa (8/9). digitalisasi sistem. Sehingga saya rasa beberapa bulan ke Bank Umum Kegiatan Usaha lagi agar bisa memenuhi ke- Dengan perolehan dari hasil memudahkan pelayanan ke depan akan ada informasi (BUKU) I hanya memiliki tentuan modal inti hingga penawaran saham perdana para nasabah kami," jelas terkait pemenuhan modal Rp1 waktu sekitar tiga bulan lagi akhir tahun ini. Bank ini res- alias initial public offering Paulus. triliun," kata Direktur Bank untuk menambal modal mere- mi melantai di Bursa Efek (IPO), tahun depan Bank Bis- Sementara Bank Harda te- Harda., Yohanes Simon. ka. Penambahan modal itu Indonesia pada 7 September nis akan mulai mengembang- ngah menunggu kehadiran in- Adapun Bank Banten men- guna memenuhi kententuan 2020 dengan meraup dana se- kan layanan digital perbank- vestor strategis untuk meme- dapat komitmen suntikan modal inti minimum bank gar Rp 189,49 miliar. Sementa- an. "Setelah kami memenuhi nuhi aturan OJK itu.
    [Show full text]
  • Use Style: Paper Title
    Volume 4, Issue 10, October – 2019 International Journal of Innovative Science and Research Technology ISSN No:-2456-2165 Relationship between the Soundness of Banks and Profitability in Conventional Commercial Banks (Study of Banking Companies Listed on the Indonesia Stock Exchange (IDX) 2016-2018) Elsa Mustika, SE; Dr. Rahmat Febrianto, SE, M.si, Ak, CA, Dra; Nini Syofriyeni, M.si, AK Master of Accounting Study Program Andalas University Padang, West Sumatra Abstract:- This study was conducted to determine the According to Chairman of the Board of relationship between the level of bank soundness and Commissioners of the Indonesian Deposit Insurance profitability based on the risk based bank rating Corporation (LPS), Halim Alamsyah in Infobank (2017), (RBBR) method. The independent variables studied stated that the application of the level of profitability of were the level of bank soundness with the composition banks has continued to decline in the last five years. This value and profitability, namely ROA (Return on is because the lending margin continues to weaken and Assets) and ROE (Return on Equity) on the dependent the risk of non-performing loans is still high and has an variable. The sample used is Bank BUKU 1 through impact on the decline in the level ofreturn on assetsfrom Bank BUKU 4 in Indonesia during 2016 - 2018. The banks in 2015 to 2017. This is also seen in the condition data technique used is multiple linear regression. The of stability in the Indonesian financial services sector results of this study are the company's profitability for where market performance ROA domestic banks' a healthier bank soundness is higher than the financial finances in 2013 decreased until 2016 and there company's profitability for a lower bank soundness.
    [Show full text]