Analysis By : Ahmad Sulaemi_0221.12.

349
Check By : Dede Sofyan_0221.12.348

DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS

A. Perhitungan Beta PT. Astra International Tbk Tahun 2014

Tanggal

IHSG

02/12/2013
02/01/2014
03/02/2014
03/03/2014
01/04/2014
02/05/2014
02/06/2014
01/07/2014
04/08/2014
01/09/2014
01/10/2014
03/11/2014
01/12/2014
(Sumber : Yahoo Finance )

4.274.176.758
4.418.756.836
462.021.582
4.768.276.855
4.840.145.996
4.893.908.203
4.878.582.031
5.088.801.758
5.136.862.793
5.137.579.102
5.089.546.875
5.149.888.184
5.226.946.777

Return Maket Harga Saham Return Saham

6800
0,0338
6425
-0,0551
-0,8954
6950
0,0817
9,3205
7375
0,0612
0,0151
7425
0,0068
0,0111
7075
-0,0471
-0,0031
7275
0,0283
0,0431
7725
0,0619
0,0094
7575
-0,0194
0,0001
7050
-0,0693
-0,0093
6775
-0,039
0,0119
7125
0,0517
0,015
7425
0,0421

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0,268983943
0,072352361
-0,020412402
0,0532792
12

ANOVA
Regression
Residual
Total

df
1
10
11

SS
0,002214038
0,028386732
0,03060077

MS
0,002214038
0,002838673

F
Significance F
0,779955216
0,397888753

Intercept
X Variable 1

Coefficients
Standard Error
0,00493729 0,015944566
0,005209481 0,005898744

t Stat
0,309653462
0,883150732

P-value
0,763180749
0,397888753

Beta Saham adalah

0,0052

Lower 95% Upper 95% Lower 95,0% Upper 95,0%

-0,030589417 0,040464 -0,030589417 0,040463997
-0,007933741 0,018353 -0,007933741 0,018352702

Analysis By : Ahmad Sulaemi_0221.12.349

Check By : Dede Sofyan_0221.12.348

DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS

B. Perhitungan Presentasi Pajak

Laba Sebelum Pajak
27.352.000.000.000
Beban Pajak
5.227.000.000.000
Presentase Pajak
19,11% <= (Beban Pajak / Laba Sebelum Pajak) X 100 %
(Sumber Laporan Keuangan PT. Astra International Tbk Tahun 2014)

C. Perhitungan Bunga Bebas Resiko (BI Rate) & LIBOR Rate

Tanggal
09/01/2014
13/02/2014
13/03/2014
08/04/2014
08/05/2014
12/06/2014
10/07/2014
14/08/2014
11/09/2014
07/10/2014
13/11/2014
18/11/2014
11/12/2014
Rata-rata Tahun 2014
(Sumber : www.bi.go.id)

BI Rate
7,50
7,50
7,50
7,50
7,50
7,50
7,50
7,50
7,50
7,50
7,50
7,75
7,75
7,54

Bulan
Januari
Februari
Maret
April
Mei
Juni
Juli
Agustus
September
Oktober
Nopember
Desember
Rata-rata

LIBOR Rate
0,09
0,09
0,09
0,09
0,09
0,09
0,09
0,09
0,09
0,09
0,10
0,11
0,09

Analysis By : Ahmad Sulaemi_0221.12.349

Check By : Dede Sofyan_0221.12.348
D. Risk Free Rate Indonesia
Desember 2014

(Sumber : www.market-risk-primea.com)

DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS

7,85%

Analysis By : Ahmad Sulaemi_0221.12.349

Check By : Dede Sofyan_0221.12.348

DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS

PERHITUNGAN COST OF CAPITAL PT. ASTRA INTERNATIONAL Tbk

BERDASARKAN LAPORAN KEUANGAN TAHUN 2014

(Dalam jutaan Rupiah)

AKUN
Nilai
Comp. Int. Rate Cost of Debt WACC Keterangan Suku Bunga
UTANG JANGKA PENDEK
Rupiah
PT. Bank Central Asia Tbk
980.000
0,61%
9,50%
7,68% 0,05%
8,00% - 11,00%
PT. Bank Sumitiomo Mitsui Indonesia
489.000
0,31% 10,80%
8,74% 0,03%
LIBOR + 1,80%
PT. Bank Pan Indonesia Tbk
421.000
0,26% 11,45%
9,26% 0,02%
11,25% - 11,65%
PT. Bank Mizuho Indonesia Tbk
245.000
0,15% 10,98%
8,88% 0,01%
10,70% - 11,25%
PT. Bank CIMB Niaga TBk
200.000
0,13%
7,50%
6,07% 0,01%
5,75% - 9,25%
PT. Bank ANZ Indonesia
200.000
0,13%
2,10%
1,70% 0,00%
LIBOR + 2,10%
The Bank of Tokyo-Mitsubishi UFJ Ltd
150.000
0,09% 10,70%
8,66% 0,01%
LIBOR + 1,70%
The Hongkong & Shanghai Banking Corp Ltd
50.000
0,03%
8,63%
6,98% 0,00%
6,90% - 10,35%
Lain-lain
24.000
0,02%
9,50%
7,68% 0,00%
8,00% - 11,00%
USD
Mizuho Bank Ltd
1.864.000
1,17% 10,45%
8,45% 0,10%
LIBOR + 1,20%
Oversea-Chinese Banking Corp Ltd
1.422.000
0,89% 10,48%
8,47% 0,08%
LIBOR + 1,25%
PT. Bank Sumitomo Mitsui Indonesia
311.000
0,20% 10,80%
8,74% 0,02%
LIBOR +
1,80%
The Bank of Tokyo-Mitsubisih UFJ Ltd
124.000
0,08% 10,70%
8,66% 0,01%
LIBOR + 1,70%
Sumitomo Mitsui Banking Corporation
122.000
0,08% 10,70%
8,66% 0,01%
LIBOR + 1,70%
Lain-lain
78.000
0,05% 10,63%
8,59% 0,00%
Pinjaman Sindikasi
Mizuho Bank Ltd
3.110.000
1,95% 10,25%
8,29% 0,16%
LIBOR + 1,25%
The Bank of Tokyo-Mitsubisih UFJ Ltd
622.000
0,39% 10,20%
8,25% 0,03%
LIBOR + 1,20%
TOTAL UTANG JANGKA PENDEK
10.412.000
6,53%
0,54%
UTANG JANGKA PANJANG
Rupiah
PT. Bank Mandiri (Persero) Tbk
2.108.000
1,32%
9,13%
7,38% 0,10%
8,25% - 10,00%
PT. Bank Centra Asia Tbk
1.796.000
1,13%
9,63%
7,79% 0,09%
8,00% - 11,25%
PT. Bank Pan Indonesia Tbk
1.336.000
0,84% 10,00%
8,09% 0,07%
8,75% - 11,25%
PT. Bank DKI
474.000
0,30% 10,13%
8,19% 0,02%
9,25% - 11,00%
PT. Bank Negara Indonesia (Persero) Tbk
345.000
0,22% 11,45%
9,26% 0,02%
9,90% - 13,00%
PT. BPD Jawa Barat & Banten Tbk
200.000
0,13%
9,40%
7,60% 0,01%
9,40%
PT. Bank ICBC Indonesia
99.000
0,06%
9,65%
7,81% 0,00%
9,40% - 9,90%
PT. UOB
54.000
0,03%
8,78%
7,10% 0,00%
8,65% - 8,90%
Lain-lain
38.000
0,02%
9,77%
7,90% 0,00%
Mata Uang Asing
Oversea-Chinese Banking Corp Ltd
1.361.000
0,85% 10,88%
8,80% 0,08%
LIBOR + 1,70%
Mizuho Bank Ltd
918.000
0,58% 10,78%
8,72% 0,05%
LIBOR + 1,70%
Sumitomo Mitsui Banking Corporation
821.000
0,51% 10,75%
8,70% 0,04%
LIBOR + 1,70%
PT. Bank ANZ Indonesia
351.000
0,22% 10,85%
8,78% 0,02%
LIBOR + 1,85%
The Hongkong & Shanghai Banking Corp Ltd
228.000
0,14% 10,85%
8,78% 0,01%
LIBOR + 1,85%
PT. Bank CIMB Niaga TBk
149.000
0,09%
9,42%
7,62% 0,01%
9,42%
The Japan Bank For Internatonal Corp
56.000
0,04%
4,40%
3,56% 0,00%
4,40%
Lain-lain
37.000
0,02% 10,82%
8,75% 0,00%
Pinjaman Sindikasi
Sumitomo Mitsui Banking Corporation
7.782.000
4,88% 10,63%
8,59% 0,42%
LIBOR + 1,55%
Mizuho Bank Ltd
4.964.000
3,11% 10,73%
8,68% 0,27%
LIBOR + 1,35%
Oversea-Chinese Banking Corp Ltd
4.113.000
2,58% 11,20%
9,06% 0,23%
LIBOR + 1,80%
PT. Bank OCPC NISP Tbk
3.839.000
2,41% 10,90%
8,82% 0,21%
LIBOR + 1,80%
The Hongkong & Shanghai Banking Corp Ltd
1.944.000
1,22% 10,54%
8,53% 0,10%
LIBOR + 1,28%
The Japan Bank For Internatonal Corp
1.888.000
1,18% 10,57%
8,55% 0,10%
LIBOR + 1,13%
Standard Chatered Bank
825.000
0,52% 11,03%
8,92% 0,05%
LIBOR + 1,95%
The Bank of Tokyo-Mitsubisih UFJ Ltd
723.000
0,45% 11,10%
8,98% 0,04%
LIBOR + 2,00%
CTBC Bank Co Ltd
414.000
0,26% 11,00%
8,90% 0,02%
LIBOR + 2,00%
Netherland Development Finance Co
307.000
0,19% 11,00%
8,90% 0,02%
LIBOR + 1,85%
CIMB Bank Berhad
52.000
0,03% 10,65%
8,61% 0,00%
LIBOR + 1,65%
Pinjaman Pihak Selain Bank
Lembaga Pembiayaan Ekspor Indonesia
87.000
0,05%
9,00%
7,28% 0,00%
9,00%
JA Mitsui
166.000
0,10% 11,37%
9,19% 0,01%
LIBOR + 1,85%
MG Leasing Corporation
10.000
0,01% 10,25%
8,29% 0,00%
LIBOR + 2,50%

1,70%
1,70%

2,05%
1,85%
1,80%

1,70%
2,10%
2,60%
2,00%
1,80%
2,00%
2,10%
2,20%
2,15%

2,88%

Analysis By : Ahmad Sulaemi_0221.12.349

Check By : Dede Sofyan_0221.12.348
UTANG OBLIGASI
Obligasi ASF XII
Obligasi Berkelanj. I-1 ASF th. 2012
Obligasi Berkelanj. I-3 ASF th. 2013
Obligasi Berkelanj. II -1 ASF th. 2013
Obligasi Berkelanj. II-2 ASF th. 2013
Obligasi Berkelanj. II-3 ASF th. 2014
Obligasi Berkelanj. II-4 ASF th. 2014
ASF Singapore Dollar Guaranteed Bond
Obligasi Berkelanj. I-1 FIF th. 2012
Obligasi Berkelanj. I-2 FIF th. 2013
Obligasi Berkelanj. I-3 FIF th. 2014
Obligasi SAN th. 2012
Obligasi Berkelanj. I-1 SAN th. 2013
Obligasi Berkelanj. I-2 SAN th. 2014
Obigasi Serasi Auto Raya II th. 2011
Obigasi Serasi Auto Raya III th. 2011
TOTAL UTANG JANGKA PANJANG
TOTAL UTANG
EKUITAS
Modal Saham
Tambahan Modal disetor
Laba ditahan
Total Ekuitas
Total Modal

DATA MANAJEMEN KEUANGAN LANJUTAN UNTUK UAS

579.000
4.184.000
1.120.000
960.000
1.223.000
1.905.000
2.408.000
925.000
1.624.000
1.688.000
1.467.000
804.000
358.000
955.000
470.000
282.000
58.437.000
68.849.000

0,36%
2,62%
0,70%
0,60%
0,77%
1,19%
1,51%
0,58%
1,02%
1,06%
0,92%
0,50%
0,22%
0,60%
0,29%
0,18%
36,64%
43,17%

2.024.000
1.139.000
87.459.000
90.622.000
159.471.000

1,27%
0,71%
54,84%
56,83%
100%

10,00%
8,30%
7,75%
7,50%
9,63%
10,10%
10,05%
2,12%
7,65%
7,75%
10,05%
8,40%
9,75%
10,50%
10,20%
8,53%

8,09%
6,71%
6,27%
6,07%
7,79%
8,17%
8,13%
1,71%
6,19%
6,27%
8,13%
6,79%
7,89%
8,49%
8,25%
6,90%

0,03%
0,18%
0,04%
0,04%
0,06%
0,10%
0,12%
0,01%
0,06%
0,07%
0,07%
0,03%
0,02%
0,05%
0,02%
0,01%
2,93%
3,47%

0,07581
0,07581
0,07581

0,10%
0,05%
4,16%
4,31%

7,78%

TOTAL WACC ATAU COST OF CAPITAL PT. ASTRA INTERNATIONAL TBK :

KETERANGAN
Pajak
Beta
Bunga Bebas Resiko
Risk Free Rate

19,11%
0,0052
7,54%
7,85%

10,00%
8,00%
7,75%
7,25%
9,50%
9,60%
9,60%
2,12%
7,65%
7,75%
9,60%
8,40%
9,75%
10,50%
10,20%
8,30%

Suku Bunga LIBOR

Keterangan rumus yang digunakan

Cost of Debt
WACC Debt

= Suku Bunga X (1 - Pajak)

= Cost of Debt X Komposisi

Cost of Equity Modal Saham

WACC Equity

= Bunga Bebas Resiko + (Risk Free Rate X Beta Saham)

= Cost of Equity X Komposisi

9,00%

7,78

- 8,60%
-

7,75%
9,75%
10,60%
10,50%

- 10,50%

- 8,75%