Apakah Industri Pelayaran Menjadi Pilihan yang Menarik untuk Investor? Studi Kasus PT Samudera Indonesia Tbk
Abstract
Along with the economic recovery due to the pandemic, the shipping industry is strengthening again because international trade is returning to normal activities. This research aims to look at investment potential in the shipping industry with semi-strong market conditions in 2018-2023 and focuses on SMDR issuers. Purposive sampling is a technique for determining the research sample with a sample size of four companies listed on the Indonesian Stock Exchange that have the same size. The analytical tools used are Financial Ratio Analysis, Altman Z-Score, Absolute Discounted Cash Flow Valuation with the Free Cash Flow to The Firm model, Relative Comparable Companies Valuation, and Multiple Valuation and tested using Sensitivity Test and Monte Carlo Simulation. The research results show that the profitability and liquidity of shipping companies has increased in line with valuations which have a potential increase of 63.84% and a growth probability of 75%. The contribution of this research provides an overview of the shipping industry as an attractive investment option in the future.
Downloads
Download data is not yet available.
References
Açık, A., Kasapoglu, E. B., & Sezin Ayaz, İ. (2020). Testing the Effcient Merket Hypothesis: A Research on Stocks of Container Shipping Companies. Global Journal of Economics and Business Studies, 9(17), 1–12.
Agarwal, S., Kumar, S., & Goel, U. (2019). Stock Market Response to Information Diffusion Through Internet Sources: A Literature Review. In International Journal of Information Management (Vol. 45, pp. 118–131). Elsevier Ltd.
Alexandridis, G., Antypas, N., Gulnur, A., & Visvikis, I. (2020). Corporate Financial Leverage and M&As Choices: Evidence from the Shipping Industry. Transportation Research Part E, 133, 1–19.
Alexandrou, G., Gounopoulos, D., & Thomas, H. M. (2014). Mergers and Acquisitions in Shipping. Transportation Research Part E, 61, 212–234.
Ali, T., & Waheed, N. (2017). Impact of Dividend Policy on Share Price Volatility. Research Journal of Finance and Accounting, 8(9), 43–49.
Al-Qudah, L. A. M., & Al-Hroot, Y. A. K. (2017). The Implementing Activity-based Costing Technique and Its Impact on Profitability: A Study of Listed Manufacturing Companies in Jordan. International Journal of Economics and Financial Issues, 7(2), 271–276.
Andreou, P. C., Louca, C., & Panayides, P. M. (2012). Valuation Effects of Mergers and Acquisitions in Freight Transportation. Transportation Research Part E, 48(6), 1221–1234.
Andriessa, R. (2022, April 18). Transportasi Maritim: Tulang Punggung dari Aktivitas Perdagangan Internasional. cwts.ugm.ac.id.
https://cwts.ugm.ac.id/2022/04/18/transportasi-maritim-tulang-punggung-dari-aktivitas-perdagangan-internasional/
Anwar, Y., & Rahmalia, L. (2019). The Effect of Return on Equity, Earning Per Share and Price Earning Ratio on Stock Prices. The Accounting Journal of BINANIAGA, 4(1), 57–66.
Aprayuda, R., & Misra, F. (2020). Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia. E-Jurnal Akuntansi, 30(5), 1084–1098.
Aprayuda, R., Misra, F., & Kartika, R. (2021). Does the Order of Information Affect Investors’ Investment Decisions? Experimental Investigation. Journal of Accounting and Investment, 22(1), 150–172.
Ariwa, F. O., Ani, O. I., Onyele, K. O., Ekeleme, I. J., & Okwuchukwu, O. (2017). Impact of Stock Market Liquidity and Efficiency on Performance of the Manufacturing Sector in Nigeria (1985-2014). International Journal of Economics and Financial Management, 2(1), 2545–5966.
Badan Pusat Statistik. (2023). Ekonomi Indonesia Tahun 2022 Tumbuh 5,31 Persen. https://www.bps.go.id/id/pressrelease/2023/02/06/1997/Ekonomi-indonesia-tahun-2022-tumbuh-5-31-persen.html.
Budastra, M. A. (2023). Rasio Keuangan dan Harga Saham: Bukti Empiris dari Indonesia. Jurnal Akuntansi Manado, 4(1), 38–51.
C, S., & Handoyo, S. E. (2022). Pengaruh Liquidity Ratio, Activity Ratio, Leverage Ratio, dan Firm Size terhadap Financial Distress pada Perusahaan Agriculture yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020. Jurnal Manajemen Bisnis Dan Kewirausahaan, 6(6), 606–609.
Damodaran, A. (2006). Damodaran on Valuation: Security Analysis for Investment and Corporate Finance (2nd ed.). John Wiley & Sons.
Darkow, I. L., Kaup, C., & Schiereck, D. (2008). Determinants of Merger & Acquisition Success in Global Logistics. International Journal of Logistics Research and Applications, 11(5), 333–345.
Dikos, G., & Papapostolou, N. (2002). The Assessment of Market Efficiency in the Shipping Sector: A New Approach. Maritime Policy and Management, 29(2), 179–181.
Duru, O. (2016). Motivations Behind Irrationality in the Shipping Asset Management: Review of Fundamental Theories and Practical Challenges. Maritime Business Review, 1(2), 163–184.
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383–417.
Fang, H., Wu, J., & Zeng, C. (2009). Comparative Study on Efficiency Performance of Listed Coal Mining Companies in China and the US. Energy Policy, 37(12), 5140–5148.
Hadi, M., Ambarwati, R. D., & Haniyah, R. (2021). Pengaruh Return on Asset, Return on Equity, Net Interest Margin, Net Profit Margin, Earning per Share dan Net Income terhadap Stock Price Sektor Perbankan Tahun 2016-2020. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi, 8(3), 770–792.
Hamid, K., Suleman, M. T., Shah, S. Z. A., & Akash, R. S. I. (2017). Testing the Weak Form of Efficient Market Hypothesis: Empirical Evidence from Asia-Pacific Markets. International Research Journal of Finance and Economics, 58, 121–133.
Husain, F. (2021). Pengaruh Rasio Likuiditas dan Rasio Profitabilitas terhadap Harga Saham Pada Perusahaan Indeks IDX-30. Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 4(2), 162–175.
Juliana, A., Tharmizi Junaid, M., Yuniati, N., & Digita Malik, A. (2023). Studi Efisiensi Pasar Bentuk Lemah pada Pasar Modal Indonesia: Sebelum dan Sesudah Covid 19. Jurnal Akuntansi Dan Keuangan, 20(1), 18–30.
Kavussanos, M. G., & Alizadeh, A. H. (2002). Efficient Pricing of Ships in the Dry Bulk Sector of the Shipping Industry. Maritime Policy and Management, 29(3), 303–330.
Kusmayadi, D., Rahman, R., & Abdullah, Y. (2018). Analysis of the Effect of Net Profit Margin, Price to Book Value, and Debt to Equity Ratio on Stock Return. International Journal of Recent Scientific Research, 9(7), 28091–28095.
Mukharomah, F., Nilmawati, & Kristanto, H. (2022). Testing of Weak Form Market Efficiency on Indonesian Capital Market: Study on LQ45 Companies on the Indonesia Stock Exchange. JICP, 5(5), 163–171.
Panayides, P. M., Lambertides, N., & Savva, C. S. (2011). The Relative Efficiency of Shipping Companies. Transportation Research Part E, 47(5), 681–694.
Rahmani, N. A. B. (2014). Pengaruh Return On Asset, Return On Equity, Net Profit Margin, Gross Profit Margin, dan Earning Per Share terhadap Harga Saham Dan Pertumbuhan Laba pada Bank yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis Islam, 7(1), 103–116.
Rorimpandey, T., Kantohe, M. S., & Bacilius, A. (2021). Analisis Likuiditas dan Profitabilitas pada PT BPR Paro Laba Tondano. Jurnal Akuntansi Manado, 2(3), 395–405.
Sari, R. (2021). Analysis of the Effect of Earnings Per Share, Price Earning Ratio and Price to Book Value on the Stock Prices of State-Owned Enterprises. Golden Ratio of Finance Management, 1(1), 25–32.
Sebastian, P. A., Abdulrachman, D. P., & Hendriyeni, N. S. (2021). The Relevance of Efficiency Market Theory to Changes in Valuation in Food and Beverages Companies Listed on the Indonesia Stock Exchange, Contemporary Research on Business and Management (1st ed., pp. 64–67). CRC Press.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill Building Approach (7th). John Wiley & Sons.
Sofyan, R., Putra, D. G., & Aprayuda, R. (2020). Does the Information on the Internet Media Respond to the Stock Market? PICEEBA-5, 510–520.
Suhartono, A. (2015). The Effect of Free Cash Flow and Ownership Structure on Dividend Payout Ratio in Manufacturing Companies in Indonesia. The Indonesian Accounting Review, 5(2), 129–140.
Sululing, S., & Sandangan, S. (2019). Pengaruh Likuiditas dan Profitabilitas terhadap Return Saham (Studi Empiris pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi, 17(1), 1–9.
Suroto. (2020). Market Efficiency Testing Half Strong Form In Indonesia Stock Exchange. International Journal of Economics and Management Studies, 7(9), 96–101.
Yoon, S., & Kim, C. Y. (2023). The Announcement Effect of Shipping Sale-and-Leaseback Transactions. Maritime Business Review, 8(4), 389–401.
Agarwal, S., Kumar, S., & Goel, U. (2019). Stock Market Response to Information Diffusion Through Internet Sources: A Literature Review. In International Journal of Information Management (Vol. 45, pp. 118–131). Elsevier Ltd.
Alexandridis, G., Antypas, N., Gulnur, A., & Visvikis, I. (2020). Corporate Financial Leverage and M&As Choices: Evidence from the Shipping Industry. Transportation Research Part E, 133, 1–19.
Alexandrou, G., Gounopoulos, D., & Thomas, H. M. (2014). Mergers and Acquisitions in Shipping. Transportation Research Part E, 61, 212–234.
Ali, T., & Waheed, N. (2017). Impact of Dividend Policy on Share Price Volatility. Research Journal of Finance and Accounting, 8(9), 43–49.
Al-Qudah, L. A. M., & Al-Hroot, Y. A. K. (2017). The Implementing Activity-based Costing Technique and Its Impact on Profitability: A Study of Listed Manufacturing Companies in Jordan. International Journal of Economics and Financial Issues, 7(2), 271–276.
Andreou, P. C., Louca, C., & Panayides, P. M. (2012). Valuation Effects of Mergers and Acquisitions in Freight Transportation. Transportation Research Part E, 48(6), 1221–1234.
Andriessa, R. (2022, April 18). Transportasi Maritim: Tulang Punggung dari Aktivitas Perdagangan Internasional. cwts.ugm.ac.id.
https://cwts.ugm.ac.id/2022/04/18/transportasi-maritim-tulang-punggung-dari-aktivitas-perdagangan-internasional/
Anwar, Y., & Rahmalia, L. (2019). The Effect of Return on Equity, Earning Per Share and Price Earning Ratio on Stock Prices. The Accounting Journal of BINANIAGA, 4(1), 57–66.
Aprayuda, R., & Misra, F. (2020). Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia. E-Jurnal Akuntansi, 30(5), 1084–1098.
Aprayuda, R., Misra, F., & Kartika, R. (2021). Does the Order of Information Affect Investors’ Investment Decisions? Experimental Investigation. Journal of Accounting and Investment, 22(1), 150–172.
Ariwa, F. O., Ani, O. I., Onyele, K. O., Ekeleme, I. J., & Okwuchukwu, O. (2017). Impact of Stock Market Liquidity and Efficiency on Performance of the Manufacturing Sector in Nigeria (1985-2014). International Journal of Economics and Financial Management, 2(1), 2545–5966.
Badan Pusat Statistik. (2023). Ekonomi Indonesia Tahun 2022 Tumbuh 5,31 Persen. https://www.bps.go.id/id/pressrelease/2023/02/06/1997/Ekonomi-indonesia-tahun-2022-tumbuh-5-31-persen.html.
Budastra, M. A. (2023). Rasio Keuangan dan Harga Saham: Bukti Empiris dari Indonesia. Jurnal Akuntansi Manado, 4(1), 38–51.
C, S., & Handoyo, S. E. (2022). Pengaruh Liquidity Ratio, Activity Ratio, Leverage Ratio, dan Firm Size terhadap Financial Distress pada Perusahaan Agriculture yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020. Jurnal Manajemen Bisnis Dan Kewirausahaan, 6(6), 606–609.
Damodaran, A. (2006). Damodaran on Valuation: Security Analysis for Investment and Corporate Finance (2nd ed.). John Wiley & Sons.
Darkow, I. L., Kaup, C., & Schiereck, D. (2008). Determinants of Merger & Acquisition Success in Global Logistics. International Journal of Logistics Research and Applications, 11(5), 333–345.
Dikos, G., & Papapostolou, N. (2002). The Assessment of Market Efficiency in the Shipping Sector: A New Approach. Maritime Policy and Management, 29(2), 179–181.
Duru, O. (2016). Motivations Behind Irrationality in the Shipping Asset Management: Review of Fundamental Theories and Practical Challenges. Maritime Business Review, 1(2), 163–184.
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383–417.
Fang, H., Wu, J., & Zeng, C. (2009). Comparative Study on Efficiency Performance of Listed Coal Mining Companies in China and the US. Energy Policy, 37(12), 5140–5148.
Hadi, M., Ambarwati, R. D., & Haniyah, R. (2021). Pengaruh Return on Asset, Return on Equity, Net Interest Margin, Net Profit Margin, Earning per Share dan Net Income terhadap Stock Price Sektor Perbankan Tahun 2016-2020. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi, 8(3), 770–792.
Hamid, K., Suleman, M. T., Shah, S. Z. A., & Akash, R. S. I. (2017). Testing the Weak Form of Efficient Market Hypothesis: Empirical Evidence from Asia-Pacific Markets. International Research Journal of Finance and Economics, 58, 121–133.
Husain, F. (2021). Pengaruh Rasio Likuiditas dan Rasio Profitabilitas terhadap Harga Saham Pada Perusahaan Indeks IDX-30. Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 4(2), 162–175.
Juliana, A., Tharmizi Junaid, M., Yuniati, N., & Digita Malik, A. (2023). Studi Efisiensi Pasar Bentuk Lemah pada Pasar Modal Indonesia: Sebelum dan Sesudah Covid 19. Jurnal Akuntansi Dan Keuangan, 20(1), 18–30.
Kavussanos, M. G., & Alizadeh, A. H. (2002). Efficient Pricing of Ships in the Dry Bulk Sector of the Shipping Industry. Maritime Policy and Management, 29(3), 303–330.
Kusmayadi, D., Rahman, R., & Abdullah, Y. (2018). Analysis of the Effect of Net Profit Margin, Price to Book Value, and Debt to Equity Ratio on Stock Return. International Journal of Recent Scientific Research, 9(7), 28091–28095.
Mukharomah, F., Nilmawati, & Kristanto, H. (2022). Testing of Weak Form Market Efficiency on Indonesian Capital Market: Study on LQ45 Companies on the Indonesia Stock Exchange. JICP, 5(5), 163–171.
Panayides, P. M., Lambertides, N., & Savva, C. S. (2011). The Relative Efficiency of Shipping Companies. Transportation Research Part E, 47(5), 681–694.
Rahmani, N. A. B. (2014). Pengaruh Return On Asset, Return On Equity, Net Profit Margin, Gross Profit Margin, dan Earning Per Share terhadap Harga Saham Dan Pertumbuhan Laba pada Bank yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis Islam, 7(1), 103–116.
Rorimpandey, T., Kantohe, M. S., & Bacilius, A. (2021). Analisis Likuiditas dan Profitabilitas pada PT BPR Paro Laba Tondano. Jurnal Akuntansi Manado, 2(3), 395–405.
Sari, R. (2021). Analysis of the Effect of Earnings Per Share, Price Earning Ratio and Price to Book Value on the Stock Prices of State-Owned Enterprises. Golden Ratio of Finance Management, 1(1), 25–32.
Sebastian, P. A., Abdulrachman, D. P., & Hendriyeni, N. S. (2021). The Relevance of Efficiency Market Theory to Changes in Valuation in Food and Beverages Companies Listed on the Indonesia Stock Exchange, Contemporary Research on Business and Management (1st ed., pp. 64–67). CRC Press.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill Building Approach (7th). John Wiley & Sons.
Sofyan, R., Putra, D. G., & Aprayuda, R. (2020). Does the Information on the Internet Media Respond to the Stock Market? PICEEBA-5, 510–520.
Suhartono, A. (2015). The Effect of Free Cash Flow and Ownership Structure on Dividend Payout Ratio in Manufacturing Companies in Indonesia. The Indonesian Accounting Review, 5(2), 129–140.
Sululing, S., & Sandangan, S. (2019). Pengaruh Likuiditas dan Profitabilitas terhadap Return Saham (Studi Empiris pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi, 17(1), 1–9.
Suroto. (2020). Market Efficiency Testing Half Strong Form In Indonesia Stock Exchange. International Journal of Economics and Management Studies, 7(9), 96–101.
Yoon, S., & Kim, C. Y. (2023). The Announcement Effect of Shipping Sale-and-Leaseback Transactions. Maritime Business Review, 8(4), 389–401.
Published
2024-03-31
How to Cite
RAJAGUKGUK, Jenni Tesya Nathanya et al.
Apakah Industri Pelayaran Menjadi Pilihan yang Menarik untuk Investor? Studi Kasus PT Samudera Indonesia Tbk.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 3, p. 674-688, mar. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/111426>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i03.p09.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
