Senin, 24 Juni 2013

BUSINESS ENGLISH PAPER 2

FUNDAMENTAL ANALYSIS AS A BASIC FOR DICISION TO INVEST IN PT. PERUSAHAAN GAS NEGARA, Tbk.

BUSINESS ENGLISH PAPER 2
Name  : Ilham Ubaidillah
ID       : 16209580
Class   : 4EA01
Major : Management


Description: Gdarma_2.BMP
 










FACULTY OF ECONOMICS
GUNADARMA UNIVERSITY
DEPOK
2013



CHAPTER 1
INTRODUCTION


1.1  Background
 Development investment in financial assets lately been experiencing rapid growth in Indonesia. It is marked with the number of transactions that the company went public, investors, and other capital market participants continue to increase.
  One form of investment as investors began to demand individual is investing through the stock exchange. Investors usually prefer to buy shares of companies that go public, go public because the company's stock as an investment commodity belonging to promising high returns but also have a high risk for stocks with characteristics known High Risk-High Return, meaning that stocks are securities that provide high profit opportunities , but also potentially high risk, but many investors continue to invest in shares because of the various benefits that it provides, the gain dividends and captain.

Table 1.1   Capitalization Growth Stocks, Growth Stocks JCI and ISSUER
Years 1999 – 2009
Years
Stock Emiten Grow

Capitalization Growth Stocks
IHSG Grow
1999
1,57
0.70
-0.04
2000
-0.43
-0.38
0.04
2001
-0.08
-0.06
0.10
2002
0.12
0.08
-0.05
2003
0.72
0.63
0.01
2004
0.48
0.45
-0.01
2005
0.18
0.16
0.02
2006
0.56
0.55
0.02
2007
0.59
0.52
0.01
2008
-0.46
-0.51
0.14
2009
0.88
0.87
-0.01
           Source: Warsono and BEI, processed
Nature of commodity stocks are also very sensitive to changes in the political, economic, monetary, government policy, whether the change is in abroad and within the country.
Therefore, each investor in the capital market, both individual and institutional, should equip themselves with adequate skills in analyzing stocks. The analysis of the adequacy of provision will reduce risk and optimize return expectations for investors with good analysis can detect stocks that worth to be chosen as a means of investment.
In analyzing and researching stocks at least known there are two investment analysis on stocks most commonly known, namely fundamental analysis (fundamental analysis) and technical analysis (technical analysis).
Fundamental analysis is done by studying all the relevant information relating to such shares and market conditions to try to look at the business prospects and future financial development / finance including the movement of the stock price itself. Learned fundamental information including financial statements, and any account, industry data (such as sales and order trends) as well as see the general economic and financial conditions (such as the trend of interest rates). Thus, investors can assess the performance of management companies through financial statements issued.
With financial ratio analysis to know whether the company is in good or bad condition. Good financial ratios will reflect the financial condition is good as well, so that will affect the stock price and financial performance will be measured by how much risk will be borne by the investor. If the company's financial performance indicates good prospects, then the shares will be in demand by investors and the price will increase. Good financial performance will be appreciated by the market in the form of rising stock prices. Conversely, bad news about the company's financial performance will be followed by a decline in its stock price in the capital market.
In this study the authors take an object PT. Perusahaan Gas Negara (Persero) Tbk. PT Perusahaan Gas Negara (Persero) Tbk listed on the Stock Exchange with code PGAS on December 15, 2003, is on the infrastructure industry, utilities and transportation, the energy sub-sector. As a state-owned 55.22% shares owned by the state, the remaining 44.78% held by the public. Its core business is the distribution and transmission of natural gas to end users.
Based on the background of the problem above, the writer wants to make a scientific  writing titled "FUNDAMENTAL ANALYSIS AS A BASIS FOR DECISION TO INVEST IN. STATE GAS COMPANY, Tbk "

1.2  Problem Formulation
  1. Based on the above background, the formulation of the authors expressed in this paper are:
  2. 1. How the company's financial performance in the PT. Perusahaan Gas Negara Tbk?
  3. 2. What is the intrinsic value of the outstanding shares in PT. Perusahaan Gas Negara Tbk?
  4. 3. Is the investment decision in PT. Perusahaan Gas Negara Tbk?
1.3  Limitations
To narrow the scope of discussion, the authors limit the issues to be researched on the company's financial statements using the liquidity ratio (Current Ratio, Quick Ratio, Cash Ratio), the solvency ratio (Total Debt to Ratio, Total Debt to Equity Ratio, and Time Interest Earned) , the ratio of activity (Total asset turnover, inventory turnover, accounts receivable turnover), profitability ratios (ROE, ROA, Earning power), and the ratio of the market (EPS, PER, dividend yield) at PT. STATE GAS COMPANY, Tbk. To calculate the intrinsic value, fundamental analysis used PER models. The data used in scientific writing is on the period of December 31, 2008, December 31, 2009, December 31, 2010, and December 31 in 2011.


1.1  Purpose of
Purpose of this is
1. To determine the financial performance. Perusahaan Gas Negara Tbk
2. To determine the intrinsic value of the shares of PT Perusahaan Gas Negara Tbk
3. To determine the investment decision in the shares of PT. Perusahaan Gas Negara Tbk
1.2  Benefits of Research
The benefits of Scientific Writing is as follows:
a.        Academic benefits
b.      Academic benefits of scientific writing is to be used as reference materials and library materials for readers who want to know the issuer's financial performance through fundamental analysis.
c.       Practical benefits
d.       Practical benefits of scientific writing is that it can be used as a reference for further research on matters related to this research.










CHAPTER II
THEORY

2.1 Capital Market
2.1.1 Definition Capital Market
Capital markets by Suad Husnan (2004:3), is the market for financial instruments share (or securities) long-term could be traded, either in the form of debt or equity capital, both published government, public aothorities, and private companies.
While understanding the capital markets by Jogiyanto Hartono (2002:3), defines three terms related to capital markets, namely the market, capital, and capital markets are as follows, the Market is a situation where the actors (sellers and buyers) to negotiate the exchange of a commodity or commodity group. Capital is used by a company as a source of funds to carry out activities of the company. While the stock market is a situation where buyers and sellers can negotiate for the exchange of a commodity or group of commodities and commodities are exchanged here is capital.
2.2 Stock
2.2.1 Definition Stock
Stock is one of the financial instruments traded capital market's most popular and most demanding people despite having a big risk. Benefits to be derived from the investment is in the form of dividends other than dividends in the form of benefit shareholders will have voting rights in the general meeting of shareholders (AGM).
There are similarities of some sense of shares according to the experts, according to Tjiptono Darmadji (2001:5), said that the stock can be defined as a sign of ownership or possession of a person or entity in a corporation or limited liability company. Form of stock is a piece of paper stating that the owner of the paper is the owner of the company that issued the securities.
Meanwhile, according to Bambang RJ (2001:240), the stock is proof of taking part or participant in a limited liability company. For the company received from the sale of shares will remain embedded in the company during his lifetime, although the shareholders own it is not a permanent plantings because every time shareholders can sell their shares.
2.2.2 Type - type of Stocks
1. Based Ownership
a.  Common Stock
According Tjiptono Darmadji (2001:6), the shares of common stock is the most junior of the owner put the distribution of dividends, and rights to company assets if the company is liquidated. Meanwhile, according to Zaki Baridwan (2004:390), the shares of common stock is callable done in order of most alhir in terms of the company is liquidated so that the risk is greatest.                   
b. Preffered Stock
While preferred shares according to John (2001:251) is the form of bonds and shares because the stock type has a fixed dividend payments on bonds resemble flowers, but also do not have the maturity of such shares. Meanwhile, according to Zaki Baridwan (2004:391) preferred shares are shares that have several advantages, the advantages usually associated with the distribution of dividends or distribution of assets upon liquidation.
According Sawidji Atmojo (2000:89), one of the characteristics of common stock have the right to dividends, but only preferred shares have dividend rights and have first rights / dividend payment priority first. Of course this applies priority when other shareholders are the holders of common stock, which was the preference.


2.3 investment
2.3.1 Definition investment
According to Abdul Halim (2005:2), the investment is essentially the placement of funds at this time with the hope of future gain.
From the definition above it can be concluded that the stock is channeling investment resources available now to the future expected profits by placing money in the purchase of securities or funds in the form of shares in the hope of getting additional or specific advantages over the funds invested in the stock trading in the stock exchange.
2.3.2        Advantages and Disadvantages of Stock Investment
Basically there are two benefits to the investors buy or hold shares, namely:
1. Dividend
I sharing of the benefits given by the company issuing the shares on the company's income, dividends granted after approval of the shareholders at the AGM. Dividends distributed to companies in the form of cash devien meaning given to shareholders in the form of cash dividends in the amount of dollars given to each stock or can be in the form of a stock dividend means that every shareholder is given the dividend amount so the number of shares of stock owned by investors increases with the division The stock dividend.
2. Capital Gain
Capital gain is the difference between the purchase price and the selling price, which the selling price is higher than the purchase price, capital gains are formed in the presence of trading activity in the secondary market.


Besides these advantages, the shareholders also possible to obtain:
3. Shares Bonus
Bonus shares (if any) the company's shares are distributed to shareholders are taken from the share premium, share premium is the difference between the selling price of the nominal price of the shares at the time the company initial public offering market.
While the losses that can occur in investing in stocks, namely:
1. Not receive dividends
The Company will distribute dividends if the company's operating profit. Thus the company can not distribute dividends if the company suffered losses. Thus the profit potential investors untukmendapatkan dividend is determined by the performance of the company.
2. Capital Loss
In stock trading activity, investors do not always get a capital gain or gains on shares are sold. There are times when investors sell their shares lower price than the purchase price, so investors had capital loss. In stock trading, sometimes an investor to avoid the potential for greater losses as the stock price continues to decline, then the investor is willing to sell their shares at a price lower than the purchase price, the term is known as Cut Loss.
3. The company went bankrupt and liquidated
If a company goes bankrupt, then the course will impact directly to the shareholders of the company. In accordance with the listing rules on the stock exchange. Under conditions of the company liquidated, then pemeganng stock will receive a lower position than the creditors or bondholders, and if there are new rest will be distributed to shareholders.
4. Shares in delist from exchanges (delisting)
Another risk faced by the investor if shares of the company are removed from the stock exchange listing (delist). Delist the company's shares on exchanges in general, due to the poor performance of the company, for example, in a certain period of time has never traded, a loss some years, not to distribute dividends consecutively for several years and a variety of other conditions in accordance with the listing rules on the exchange. There is also a company in delist out of the market with the aim of Go Private, Go Private companies that do not harm investors because the company issuing the stock did buy back the shares of which were published.
5. Shares in Suspend
If a stock is trading suspended or dismissed by the stock exchange authorities. Thus investors can not sell their shares until the shares are suspended revoked from suspend status. Suspend usually takes place in such a short time in one trading session, 1 day trade, but can also take place within the next few trading days. It causes suspend the shares in a stock experiencing a tremendous surge in prices, a company bankrupted by its creditors, or any other condition that requires authorities suspend trading exchanges are then asked to confirm the other. Such that the information is not yet clear the scene of speculation, if after obtained a clear information, then the status of the stock suspension can be revoked by the stock exchanges and can be traded again as before.








CHAPTER III
DISCUSSION

4.1 Object Research
Research object in this paper is PT.Perusahaan Gas State, Tbk is located at Jl. K.H. Zainul Arifin No.. 20 Jakarta 11140 Indonesia. Tel: 021 633 4838, Fax: 021 633 3080, Website: http://www.pgn.co.id.
4.1.1 Company Profile
Based on Government Regulation no. 19/1965 Perusahaan Gas Negara (PGN) to legal entities which are entitled to do business independently with the business scope of supply of gas and gas industry, especially to improve the lives of the general public. PT Perusahaan Gas Negara (Persero) Tbk. The transmission business and distribution of natural gas. Indonesian Government Ownership 56.97% 43.03% public. May 13, 1965 date of establishment. Legal basis of establishment of PP No.19/1965 Rp2.424.150.819.600. The company's listing on the stock exchange have been listed on the Jakarta Stock Exchange and Surabaya Stock Exchange on December 15, 2003 with the stock code on the stock: PGAS. Line of Business PGN in accordance with the articles of association set out on 6 April 2011.
1. Planning, development and business development downstream natural gas fields that include processing, transport, storage and trade.
2. Planning, construction, development, production, supply, transmission and distribution of artificial gas (hydrocarbon gas).
3. In addition to the main business activities, the Company may carry on business other supporting and related direct or supporting the major business activities as regulated applicable legislation.

4.1.2 Vision and Mission
Vision
• Being a world-class energy company in the utilization of natural gas.
Mission
• Increase the value for the Company's stakeholders
via:
1. Strengthening the core business in the areas of transport, trade of natural gas and development
2. Development of gas processing business
3. Business development services operations, maintenance and engineering related to oil and gas industry
4. Profitisasi resources and assets of the Company to develop other business
4.1.3 Management Company
 Board of Commissioners
1. Commissioner: Tengku Nathan Machmud
2. Independent Commissioner: Nenny Miryani Saptadji
3. Commissioner: Kardaya Warnika
4. Commissioner: Kiagus Ahmad Badaruddin
5. Commissioner: Ilyas Saad
 Board of Directors
1. Director: Hendi Prio Santoso
2. Commercial Director: Michael Baskoro Palwo Nugroho
3. Director of Development: Bambang Banyudoyo
4. Finance Director: M. Riza Pahlevi Tabrani
5. General Director: Djoko Pramod
6. Director Non-executive branch: Sutikno
4.2 The analysis of financial ratios of PT Perusahaan Gas Negara Tbk.
Analysis of financial ratios for four years is a first step in this writing. By using the existing data in the form of audited financial statements public accountant, it can be seen several financial ratios for three years and be able to know the financial condition of the company.
The purpose of the method of analysis is to simplify the data so that it can be understood. The analytical method used was a horizontal analysis is to conduct comparative analysis of financial statements for a period that will be known to progress from year to year. By comparing the ratios achieved with current ratios in the past that can show whether the company's progress or setbacks. Development company looks on trend (trend) from year to year, and to see the development of the company will be able to make plans for his future.
In this chapter the authors conducted an analysis of financial ratios of PT Perusahaan Gas Negara Tbk with data sourced from the balance sheet and profit / loss for the accounting period of four December 31, 2008 until December 31, 2011 the author obtained from http://www . idx.co.id / and http://www.pgn.co.id .. As for the balance sheet and profit / loss by the writer attached to the attachment list.

4.2.1 Liquidity Ratio
Evaluating the company's ability to meet short-term obligations.
4.2.1.1 Current Ratio (Current Ratio)
The ratio is used to measure the company's ability to pay short-term liabilities using current assets owned.
Current Assets
Current Ratio =
Current debt

Table 4.1
Current Ratio PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description 2008 2009 2010 2011

Description
2008
2009
2010
2011
Current Assets
5.196.657.527.285
9.263.400.994.474
13.858.679.369.359
13.656.295.463.956
Current
 debt
3.297.977.346.109
3.729.795.011.315
4.035.777.167.686
2.483.316.997.394
Current Ratio
1,57
2,49
3,44
5,50

157%
249%
344%
550%
Source: Data processed
Analysis:
From the above calculation, any current debts PT Perusahaan Gas Negara Tbk amounting to Rp 1, in 2008 secured by Rp. 1.57, in 2009 secured by current assets of Rp 2.49, in 2010 secured by current assets 3.44 USD, USD in 2011 is secured by current assets 5.50.
From the above calculation, obtained an average ratio of the resulting PT Perusahaan Gas Negara Tbk amounting to 325% and it can be seen that in 2011 there was an increase in the ratio is quite significantly by 206% from 2010 to 2011. The increase in the ratio of mean PT Perusahaan Gas Negara is in a liquid condition, because the amount of current assets that can be used to meet current liabilities even reach 2 (two) times current liabilities.

4.2.1.2 Quick Ratio (Quick Ratio)
Is a ratio used to measure a company's ability to pay short-term obligations using the more liquid assets.

                          Current Assets - Inventories
Quick Ratio =
                                  Current debt
Table 4.2
Quick Ratio PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)

Description
2008
2009
2010
2011
Current Assets
5.196.657.527.285
9.263.400.994.474
13.858.679.369.359
13.656.295.463.956
Inventory
14.521.800.031
14.120.479.466
14.046.340.060
11.836.043.989
Current
debt
3.297.977.346.109
3.729.795.011.315
4.035.777.167.686
2.483.316.997.394
Quick Ratio
1,57
2,48
3,44
5,50

157%
248%
344%
550%
Source: Data processed

Analysis:
Any current debts PT Perusahaan Gas Negara Tbk amounting to Rp 1, in 2008 secured by Rp. 1.57, in 2009 secured by current assets of Rp 2.48 and inventory, in 2010 secured by current assets of Rp 3.44 and inventory, in 2011 secured by Rp 5.50 current assets and inventories.
The above calculation, obtained an average quick ratio resulting PT Perusahaan Gas Negara Tbk amounting to 324.75%. From 2008 to 2009 resulting ratio increased by 91%, from the year 2009 to the year 2010 resulting ratio increased by 96%, while from 2010 to 2011 resulting ratio increased by 206%, and the mean results the ability of PT Perusahaan Gas Negara Tbk in meeting short-term obligations with current assets very well.
4.2.1.3 Cash Ratio
Cash ratio measures a company's ability to meet short-term liabilities with cash and securities.
                              Cash + securities
Cash Ratio =
                             Current liabilities

Table 4.3
Cash Ratio PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Cash
3.499.801.390.503
6.593.237.069.338
11.065.594.698.455
10.356.369.383.888
Effects
-
-
-
-
Current
debt
3.297.977.346.109
3.729.271.879.621
4.035.777.167.686
2.483.316.997.394
Cash Ratio
1,06
1,76
2,74
4,17

106%
176%
274%
417%
Source: Data processed

Analysis:
Since there is no effect of the company, then any current debts PT Perusahaan Gas Negara Tbk amounting to Rp 1, in 2008 is only guaranteed with Rp. 1.06 cash, the year 2009 is only guaranteed with Rp 1.76 cash, secured in 2010 with Rp 2.74 cash, secured in 2011 to USD 4.17 cash.
From the above results, the company's ability to provide cash to pay short-term obligations increased in each year, although there was a decrease in cash but followed by a decrease in the amount of current liabilities. From the calculation above, also obtained the average cash ratio resulting PT Perusahaan Gas Negara Tbk amounting to 243.25%. The results show the improvement that occurred in 2010 and 2011 are to be secure, because it is above the average.

4.2.2 Solvency Ratio
This ratio indicates the extent to which the company financed or difinansir by outsiders or in other words to show the proportion of financial leverage on the use of debt to finance corporate investment.
4.2.2.1 Total Debt to Total Capital Assets Ratio / Debt Ratio (Debt to Total Assets)
This ratio is the ratio between current liabilities and long term debt and total assets are known. This ratio shows how much a part of the overall assets dibelanjai by debt.
                                          Total Debt
Total Debt to Ratio =
                                          Total Assets

Table 4.4
Ratio of total debt to PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Total Debt
17.480.499.661.543
15.892.626.383.617
16.986.476.547.117
13.791.733.833.710
Total Assets
25.550.580.441.639
28.670.439.792.000
32.087.430.994.073
30.976.445.812.225
Debt Ratio
0,68
0,55
0,52
0,44

68%
55%
52%
44%
                Source: Data processed
Analysis:
The above calculation, visible reduction in the ratio of four recent period in which the decline occurred in the year 2011, amounting to Rp 0.44 corporate assets financed by debt or capital from creditors. In the debt ratio, the lower the ratio, the smaller enterprises financed from the company's debt is thus easy to obtain an additional loan.
4.2.2.2 Total Debt to Equity Ratio (Debt to Equity)
A comparison of debt - debt and equity in financing companies and demonstrate the    ability of their own capital, the company to meet all its obligations.
                                                      Total Debt
Total Debt to Equity Ratio =
                                                   Total Capital
Table 4.5
Total Debt to Equity Ratio PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Total Debt
17.480.499.661.543
15.892.626.383.617
16.986.476.547.117
13.791.733.833.710
Total Capital
7.075.257.169.426
11.732.080.390.253
13.868.573.016.764
15.839.754.981.351
Debt Equity Ratio
2,47
1,35
1,22
0,87

247%
135%
122%
87%
                Source: Data processed
Analysis:
From the above calculation, obtained an average debt equity ratio PT Perusahaan Gas Negara Tbk amounting to 147.75%. Of the average figure, it can be said that in 2009 the company is in the safe position because the resulting ratio does not exceed the average, ie 135%, in 2010 by 122% and 2011 by 87%, but the ratio calculation results in 2008 exceed the average - average in the amount of 247%, but is still said to be safe, due to the increased total debt was offset by an increase in total equity capital. For bank (creditor) the greater the ratio the more it will not be profitable because of the greater ratio borne by the failures that may occur in the company. Conversely the lower the ratio the higher the level of funding provided by the owners and the greater the security limit for the borrower in the event of losses, or depreciation of the value of assets. This ratio also indicates the feasibility and financial risk of the company.
4.2.2.3 Time Interest Earned
This ratio measures the company's ability to meet the payment obligations of interest expense using the company's operating profit (EBIT).
                                                Operating Income
Time Interest Earned =
                                               Total interest expense year

Table 4.6
Time Interest Earned PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Operating profit
4.657.251.785.620
7.676.025.702.640
9.035.724.843.752
7.722.378.097.081
Total Interest Expense Year
547.212.033.095
558.262.115.674
371.631.844.355
243.930.325.301
Time Interest Earned
8,51
13,74
24,31
31,65
                      Source: Data processed
Analysis:
The ability of the average PT Perusahaan Gas Negara Tbk in paying annual interest expense over the last 4 years is equal to 19.55 times. The company's ability to pay the annual interest expense has increased in the last 4 years, although in 2008 and in 2009 was still below average - average, the difference in the ratio could mean that an increase in the company's ability to pay the annual interest expense and can be sized to obtain additional new loans from creditors.

4.2.3 Ratio of Activity
This ratio is intended to measure the effectiveness of the company in doing its resources.
4.2.3.1 Total Asset Turn Over
Total asset turnover measures the efficiency of asset management companies to support the company's sales.
            Net Sales
Total Asset Turn Over =
                                                                   Average - Average Assets






Table 4.7
Total Asset Turn Over PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Net sales
12.793.848.602.673
18.024.278.937.448
19.765.716.397.448
19.567.407.240.330
Average Assets
25.550.580.441.639
28.670.439.792.000
32.087.430.994.073
30.976.445.812.225
Total Asset Turn Over
0,50
0,62
0,61
0,63
Source: Data processed
Analysis:
Based on the calculation above ratio, fund assets are embedded in the overall average - average in one year rotating 0.50 times in 2008, in 2009 was 0.62 times, 0.61 times in 2010, and in 2011 spun as much as 0.63 times, or can be interpreted every dollar assets to generate revenue during the year amounted to Rp. 0.50 in 2008, USD 0.62 in 2009, USD 0.61 in 2010, and in 2011 to Rp 0.63. From these results it can be seen that the turnover rate tends to be stable.





4.2.3.2 Inventory Turn Over
Inventory turnover measures the speed of inventory turnover into cash.
     
                                                        Cost of Goods Sold
Inventory turnover =
                                                                   Stock

Table 4.8
Inventory Turn Over PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Cost of Goods Sold
5.227.443.734.194
7.219.634.820.761
7.223.570.218.717
7.793.750.922.430
Inventory
14.521.800.031
14.120.479.466
14.046.340.060
11.836.043.989
Inventory Turn Over
360
511
514
658
                  Source: Data processed


Analysis:
Inventory turnover calculation results of PT Perusahaan Gas Negara Tbk in 2008 is 360, which means that the amount of inventory a company has spun many as 360 times, in 2009 is 511, which means the amount of inventory a company has 511 times as much spin. In 2010 spins 514 times and 658 times in 2011 spins.
From the above calculation can also be seen the length of the accounts receivable turnover in 2008 continued to spin more slowly. This happens because of the increased number of HPP that are not offset by the amount of inventory decreased from the previous year. With these results the company can be said to work inefficiently or not productive and stuff piled up inventory, this will lead to an investment in a low rate of return.

4.2.3.3 Turn Over Accounts Receivable (A / R Turn Over)
Receiveble account turnover measures how quickly accounts receivable to be collected and converted into cash.
                                                                              Net sales credit
Account Receiveble Turn Over =
                                                                              Trade receivables





Table 4.9
Accounts Receivable Turnover PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Net Sales (Credit)
12.793.848.602.673
18.024.278.937.525
19.765.716.397.448
19.567.407.340.330
Trade receivables
1.588.974.619.313
1.650.388.514.530
1.891.593.890.275
1.990.088.296.402
A/R Turn Over
8,05
10,92
10,44
9,83
  Source: Data processed
Analysis:
Of calculation, in 2008 average - the average fund that is embedded in a rotating receivables 8.05 times, in 2009 the average fund receivables that are embedded in 10,92 spin times. Spinning in 2010 and 10.44 in 2011 times the speed of rotation of the receivables to be 9.83 times. Starting from the year 2008 which was said to collection of accounts receivable management can be regarded as unsuccessful, while in 2009, 2010 and 2011 are considered successful because it exceeds the average rate of 9.81%. The higher this ratio shows that working capital accounts invested in the lower (compared to the ratio of the previous year) and of course this condition, the better for the company. Conversely the lower is the accounts receivable turnover ratio provides an understanding of the quality and success of the collection of accounts receivable

4.2.4 Profitability Ratios
Evaluate the ability of the company to make a profit.
4.2.4.1 Return on Equity (ROE)
ROE shows rate of return (return) generated on invested capital management shareholders, after the cut obligations to creditors.
    Net Profit After Tax
Return on Equity =
                                                       Total shareholders' equity

Table 4.10
Return on Equity (ROE) PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Net Profit After Tax
633.859.683.713
6.229.043.496.319
6.239.361.270.479
5.933.063.233.665
Total Shareholders' Equity
7.075.257.169.426
11.732.080.390.252
13.868.573.016.764
15.839.754.981.351
ROE
0,08
0,53
0,44
0,37

8%
53%
44%
37%
       Source: Data processed

Analysis:
Based on the calculation of return on equity (ROE) PT Perusahaan Gas Negara Tbk in 2008, 2009, 2010 and 2011 have the understanding that any funds invested by the investor is able to generate a net profit of Rp 0.08, Rp 0:53, 0:44 and Rp Rp or 0.37 per cent, respectively in the 8% 53%, 44% and 37%. From the year 2008 to the year 2009 the company's management showed a good performance due to the increase in the ratio of 45%, but since the year 2009, 2010 and 2011 this ratio shows a downward trend every year, especially in the third period, it indicates declining performance management to maximize returns for shareholders.

4.2.4.2 Return on Assets (ROA)
ROA is used to measure the effectiveness of the company in generating profits by exploiting its assets.
This ratio can be calculated by the formula:
        Net Profit After Tax
Return on Assets =
                                                      Average - Average Fixed Assets






Table 4.11
Return on Assets (ROA) PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Net Profit After Tax
633.859.683.713
6.229.043.496.319
6.239.361.270.479
5.933.063.233.665
Average Fixed Assets
25.550.580.441.639
28.670.439.792.000
32.087.430.994.073
30.976.445.812.225
ROA
0,24
0,21
0,19
0,19

24%
21%
19%
19%
                        Source: Data processed
Analysis:
The results of the 2008, 2009, 2010 and 2011 showed that each fund is invested in all assets capable of generating a net profit of USD 0.24, USD 0.21, USD 0.19 and USD 0.19. Investment rate has decreased from 2008 to 2009 and a decrease of 0.03 in 2009 to 0.02 in 2010. Although the amount of the decrease is not very significant, only 1% per year, but it is a great achievement for a company. Total assets in 2010 increased by Rp 32.087 trillion, it is also accompanied by increased net profit of Rp 6.239 trillion.




4.2.4.3 Earning Power
Ability of capital invested in total assets to generate profits for all investors. The high-low ratio gives an indication of how far the efficient use of capital, and the ups and downs of sales and expenses.
                                                       EBIT
                  Earning Power =
                                                 Total Assets

Table 4.12
Earning Power PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
EBIT
4.657.251.785.620
7.676.025.702.640
9.035.724.843.752
7.722.378.097.081
Total Assets
25.550.580.441.639
28.618.528.893.254
32.087.430.994.073
30.976.445.812.225
Earning Power
0,18
0,26
0,28
0,24

18%
26%
28%
24%
                      Source: Data processed


Analysis:
Every single rupiah generate capital gains for all investors Rp 0.18 in 2008, USD 0.26 in 2009, USD 0.28 in 2010 and USD 0.24 in 2011. From these results the ability of capital invested in PT Perusahaan Gas Negara Tbk in total assets to generate profits for investors in the average of the last 4 years was 24%.
4.2.5 Ratio of Shares (Common Stock Ratio)
    Evaluate the performance of the company through a share basis.
4.2.5.1 Earning per Share
EPS calculating net income earned for each share invested. Shares is meant here is not including common stock and preferred stock.
                                     
                                                      Net Profit After Tax - Preferred Stock Dividends
 Earning per Share =
                                                                     Total Shares Issued

Table 4.13
Earning per Share of PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Net Profit After Tax
633.859.683.713
6.229.043.496.319
6.239.361.270.479
5.933.063.233.665
Shares Issued Total
22.967.185.965
24.241.508.196
24.241.508.196
24.241.508.196
EPS
27,59
256
257
244
                       Source: Data processed
Analysis:
Net income earned for each share invested in 2008 was Rp 27.59 per share, then it can be seen that the magnitude of the resulting company's net income rose the following year, then in 2009 earned a profit of Rp 256 per share, the increase is quite high at USD 228.41, and in 2010 the company generated net income rose to Rp 257 in the year, but declined in 2011 to Rp 244.
4.2.5.2 Price Earning Ratio
PER shows the ratio of stock price to earnings. This ratio shows how much investors        assess the price of the shares on a multiple of earnings.
                               The market price per share
PER =
                                           EPS
              





Table 4:14
Price Earning Ratio PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Market Price per Share
1860
3900
4425
3175
EPS
27,59
256
257
244
PER
67
15
17
12
                           Source: Data processed
Analysis:
From the above ratio calculations, PT Perusahaan Gas Negara Tbk will sell multiples of 67 times earnings in 2008, 15 times in 2009, 17 times in 2010, and decreased in 2011 to 12 times. Although the views of the low PER of the company from year to year, shares of PT Perusahaan Gas Negara is not exactly cheap.
Dividend yield is used to measure the amount of dividends per share relative to the market price expressed as a percentage.
                                                         Dividend per Share
Dividend Yield =
                                                          Price per Share



Table 4:15
Dividend Yield PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
(In Rupiah)
Description
2008
2009
2010
2011
Dividend per Share
34,2
154,20
154,44
10,87
Price per Share
1860
3900
4425
3175
Dividen Yield
0,01
0,03
0,03
0,003

1%
3%
3%
0,3%
                            Source: Data processed
Analysis:
The amount of dividends per share relative to market prices in 2008 by 1%, then increased in 2009 by 3%, in the year 2010 at the rate remained stable at 3%. In 2011 the amount of dividends per share relative to the market price fell 2.7% to only 0.3% due to the amount of dividends distributed in 2011 fall and stock market prices in 2011 fell from the previous year.







4.3 Summary of Financial Ratios Calculation of PT Perusahaan Gas Negara Tbk
       Based on the calculation of the above ratios, it can be summarized as follows.
Table 4:16
Summary Calculation of Financial Ratios PT Perusahaan Gas Negara Tbk
The period December 31 2008 to 2011
Description
2008
2009
2010
2011
1.      Liquidity Ratios
1.1 Current Ratio
157%
249%
344%
550%
2.1 Quick Ratio
157%
248%
344%
550%
2.3  Cash Ratio
106%
176%
274%
417%
2.      Solvency Ratio
2.1 Debt Ratio
68%
55%
52%
44%
2.2 Debt To Equity
247%
135%
122%
87%
2.3 Time Interest Earned
8,51 times
13,74 times
24,31 times
31,65 times
3.      Activity Ratio
3.1 Total Asset Turn Over
0,50 times
0,62 times
0,61 times
0,63 times
3.2 Inventory Turnover
360 times
511 times
514 times
658 times
3.3 Account Receivable Turnover
8,05 times
10,92 times
10,44 times
9,83 times
4.      Profitability Ratios
4.1 ROE
8%
53%
44%
37%
4.2 ROA
24%
21%
19%
19%
4.3 Earning Power
18%
26%
28%
24%
5.      Shares Ratio
5.1 EPS
Rp. 27,59
Rp. 256
Rp. 257
Rp. 244
5.2 PER
Rp. 67
Rp. 15
Rp. 17
Rp. 12
5.3 Dividen Yield
1%
3%
3%
0,3%
                         Source: Data processed
Analysis:
From the calculation of liquidity ratios, seen in the company's ability to meet its short term obligations experiencing excellent growth. As seen in the calculation of the average quick ratio resulting PT Perusahaan Gas Negara Tbk amounting to 324.75%. In 2010 and 2011, the resulting ratio is above the average, and the result meant the company's ability to meet short-term liabilities with current assets of certain very good. Quick ratio used investors to see the company's ability to provide liquidity tools to meet its short term obligations.
From the calculation of the solvency ratio, the risk of loss faced by the company can be said to be low. In the debt ratio, the higher this ratio the more debt funding. The above calculation, the ratio of visible decline in 2008 of 0.86 or 68%, in 2009 which was 0.55 or 55%, in 2010 that is equal to 0.52 or 52% and in 2011 dropped to 0.44 or 44 %. The lower this ratio, the smaller enterprises financed from debt. The average debt equity ratio PT Perusahaan Gas Negara Tbk by 114%. Of the average figure, it can be said that in 2011, the company is in safe position because the resulting ratio does not exceed the average, that is equal to 147.75%. Time Interest Earned PT Perusahaan Gas Negara Tbk has increased sharply from 2008 to 2009, 2010 and 2011, which could mean that an increase in the company's ability to pay the annual interest expense and can be sized to obtain additional new loans from creditors.
Then when you see the results of the calculation of activity ratios, PT Perusahaan Gas Negara Tbk calculation Total Asset Turn Over the period of 2008 to 2011, 0.50 times in 2008, in 2009 was 0.62 times, 0.61 times in 2010, and in 2011 spins 0.63 times as much, or can be interpreted every dollar of assets during the year to generate revenue of Rp 0.50 in 2008, USD 0.62 in 2009, USD 0.61 in 2010, and in 2011 $ 0 , 63. From these results it can be seen that the turnover rate tends to be stable.
Inventory turnover calculation results of PT Perusahaan Gas Negara Tbk in 2008 is 360, which means that the amount of inventory a company has spun many as 360 times. 2009 spins 511 times, 514 times in 2010 spins, and in 2011 spun 658 times as much. From the above calculation can also be seen the length of the accounts receivable turnover in 2008 continues spinning faster and faster until 2011. This was due to an increase in HPP also offset by an increase in inventory. The higher this ratio it shows the company work more efficiently and illiquid stocks are good.
Results profitability ratio calculation, based on the calculation of return on equity (ROE) PT Perusahaan Gas Negara Tbk in 2008 and 2011 continued to decline which in 2008 was 8%, in 2009 by 53%, in 2010 by 44% and in 2011 by 37%.
Stock ratio, clearly visible from the calculation of earnings per share of PT Perusahaan Gas Negara Tbk has increased from 2008 which only reached Rp 27.59 to Rp 256 in 2009, and in 2010 an increase of USD 257 in 2010 but in the year 2011 decreased to Rp. 244. As for the PER will be sold with labam multiples of 67 times in 2008 but decreased in 2009 to 15 times, 17 times in 2010, and again decreased in 2011 to 12 times. Although the views of the low PER of the company from year to year, shares of PT Perusahaan Gas Negara is not exactly cheap.

4.4 Fundamental Analysis Model
4.4.1 Model Price Ratio (Price / Earning Ratio Model)
P = PER * Firm industry expected earnings per share (EPS)
P = 20.56 * USD. 244
P = Rp. 5016.64

Table 4:17
Comparison of Intrinsic Value with Market Value of Shares of PT Perusahaan Gas Negara Tbk
Description
Intrinsic Value
Shares Market Price
Results
PER
5016,64
3175
Appreciated is too low (Undervalue)
                 Source: Data processed


Analysis:
Looking at the results of calculations PER approach, the intrinsic value of the shares of PT Perusahaan Gas Negara Tbk amounting to Rp. 5016.64 higher than the market price of Rp. 3175, it means shares of PT Perusahaan Gas Negara Tbk valued too low, then the stock should be bought or held temporarily (buy or hold) in order to obtain capital gains.















CHAPTER IV
Closing

5.1 Conclusion
1.      Based on the research and discussion presented in the previous chapters, it can be concluded as follows:
2.      1. Based on the calculation of the financial statements. Perusahaan Gas Negara Tbk from 2008 to 2011, it can be concluded the performance of PT. Perusahaan Gas Negara Tbk is good. Financial ratios calculation results showed a continuous increase of the ratio of the average over the last 4 years, such as liquidity ratios and activity ratios. Although in 2011 the company showed a decrease in the ratio calculation results in some, such as solvency ratios, profitability ratios and stock.
3.      2. Based on the security analysis has been done based on the share price in 2011, the intrinsic value of the shares of PT. Perusahaan Gas Negara Tbk seen from Rp PER approach. 5016.64
4.      3. Decisions taken on the outstanding shares in PT. Perusahaan Gas Negara Tbk is a buy / hold in order to obtain capital gains. That's because the undervalued stocks (undervalued) in the amount of Rp. 3175. In addition, the performance of the company's growth prospects each year showed a favorable direction. Due to factors other than a low stock price / cheap, the performance of the company is also into the calculation of the investors to invest their funds before


5.2  Suggestions
Suggested, investors who do not own shares of PT. Perusahaan Gas Negara Tbk to buy these shares (buy or hold) in order to obtain capital gains if then the price back up, and it is advisable for investors who already have a stake in PT. Perusahaan Gas Negara Tbk to hold such shares or add to the number of shares owned to earn higher profits.


REFERENCES

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Bambang Riyanto, Dasar-Dasar Pembelanjaan Perusahaan, Edisi Empat, Penerbit BPFE Yogyakarta 2001

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Kedua. Yogyakarta : UPP-AMP YKPN, 2000.

Jogiyanto, H. M, . Teori Portfolio dan Analisis Investasi, Edisi Kedua, Yogyakarta: BPFE, 2000

Jones, Kumen H. Introduction to Financial Accounting : A User of Perspective. Second edition. Instructor Edition. Prentice Hall. Engelwood Cliffs. New Jersey.

Sofyan, Harahap. Analisa Kritis Atas Laporan Keuangan, PT. Raja Grafindo Persada, Jakarta, 2002

Widyatmini Widyatmini, Michael Valentino Damanik. “Pengaruh  Pertambahan Nilai Ekonomis dan Analisis Fundamental Terhadap Harga  Saham (Studi  Pada Sektor Industri Perdagangan Retail)” dalam jurnal bisnis dan ekonomi. Vol / 2010





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