Hasil Pencarian  ::  Simpan CSV :: Kembali

Abstrak :
Tesis ini membahas mengenai Kebijakan Privatisasi PT. Indosat Tbk, oleh pemerintah Indonesia paska krisis ekonomi akhir tahun 90-an. Divestasi saham pemerintah terhadap PT. Indosat Tbk, pada tahun 2002 merupakan privatisasi kedua yang dilakukan oleh pemerintah Indonesia. Penjualan saham PT. Indosat Tbk, dilakukan dengan mekanisme Strategic Sale, yang pada akhirnya tender ini dimenangkan oleh Singapore Technologies Telemedia (STT) yang merupakan anak perusahaan Temasek Holding salah satu BUMN negara Singapura. Penelitian ini menggunakan metode kuantitatif dengan pendekatan deskriptif analitis, pengambilan data dilakukan melalui studi literatur dan studi kepustakaan. Hasil penelitian menunjukan bahwa ada beberapa faktor yang membuat pemerintah melakukan kebijakan privatisasi BUMN. Kondisi eksternal dan internal BUMN, kondisi krisis finansial dan privatisasi merupakan salah satu desakan dan syarat yang diajukan IMF dalam memberikan bantuan finansialnya kepada pemerintah Indonesia di masa krisis. Bagi pemerintah khusus untuk penjualan saham PT. Indosat Tbk, melalui mekanisme strategic sale, adalah karena adanya niatan pemerintah guna mendapatkan dana dalam rangka menutup defisit APBN 2002 karena krisis ekonomi.

---

This thesis is focusing about the privatisation regulation toward PT. Indosat Tbk, by the Indonesian government after economic crisis in the end 90s. The divestation of the government?s stock of PT. Indosat Tbk, in 2002 was the second privatisation had been carried out by the government. The Selling of PT. Indosat Tbk's stock has been done by using strategic sale mechanism, which in the end this bid won by Singaporean Technologies Telemedia (STT) which is the sister company of Temasek Holding, one of Singapore?s State-Owned Enterprise. This research uses quantitative method and deductive analytical approach, which using literature study to collect datas. The outcome of this research is to confirm that there are several reasons made Indonesian Government committed through the privatisation of state-owned enterprise. Both the external and internal of the state-owned enterprise situation, financial crisis and particularly privatisation was one of the requisites that issued by IMF in related to given aid in financial sector for the Indonesian government during the economic crisis. Privatisation of PT. Indosat Tbk's through the strategic sale mechanism had been chosen due to the government's need in obtaining fund in order to cover the deficit of APBN year 2002 which had emerged by the economic crisis.

Abstrak :
State Owned Enterprises (SOE's) in Indonesia, had a significant role in national economics, but its performance did not show satisfying results. So, in 1988, government made reformation efforts in SOE through issued Presidential Instruction No. 5/1988 on State Owned Enterprises Soundness and Management improvement. But until 1998, all SOE that have been reformed still did not perform an improvement. It indicated from the ratio of Return on Asset were only under 4 %. With economical crisis in 1997, government convincing to continue the improvement effort of SOE to become an efficient and effective corporation. PT Indosat Tbk, as the one of SOE indicated as anomaly in majority of SOE, because of it showed an increasing performance, after government effort to reform that corporation through privatization program in 1994. While several years the financial performance growth rapidly, and PT Indosat Tbk was admitted as The Managed Company from Far Eastern Economic Review. The performance as the result of activities of organization earned profit. However the performance information from financial reports could net be references for defining sustainable performance. According to Kaplan and Norton theory, in performance measurement Balance Scorecard (BSC), BSC model was relationship model that characterized in systemic and dynamics from financial and non financial aspects. Financial aspects represented from profitability and revenue, whereas non financial aspects were customers, internal business process, growth and learning perspectives. Nowadays, with existing information technology, the relationship model of systemic and dynamic BSC model could be mapped through dynamics system approach. By means of Dynamic System those causal relationship were described in causal loops (cause-and effect relationship), which informed the state of the performance system and this information can be used in current decision making. Model of system dynamics approach was useful, because of: first, described a simplified representation of system relationship without losing of essence of main object; second, system dynamics method was suitable for mechanism, pattern and trend based on structuring and analyzing of system, pattern of complex system, dynamics, and uncertainties; third, system dynamics could view dynamic process naturally in non linear behavior through simulation. According to research results by PowerSim program, system dynamics model of PT Indosat Tbk indicated that financial performance (especially SLI) was referencing of " Limit To Growth" behavior. That means financial performance as reflected of corporate performance could not be forced to increase till the certain point. From simulation result, revenue indicator showed increase till year 2000, after that revenue will decrease. Whereas on profit, growth curve still growth until 2003 and then curve would decline. From mapping system dynamics model of PT Indosat Tbk performance, factors that influence and had a causal relationship with the model consist of: traffic volume, revenue, profit, expenditures, dividend payable, maintenance & administration & general cost, marketing budget, research & development budget, personnel cost, total cost, material cost per unit, discount margin, price, government tariff, customer satisfaction index (CSI), operating excellent index (OEI), training index, external factors. Causal loops that formed of system model was presented by: marketing loop which impact to market share, and customer satisfaction; business internal process loop which includes factors due to all cost that spent for production process, and finally directed to operating excellent index; human development loop that was described through training index. Following the sensitivity analysis on selected key variables from system PT Indosat Tbk performance resulted that customer factor such as customer satisfaction related to product price had a significant impact on revenue and profit. Increasing price to 5 % could be enough to increase the financial performance, although market share decreased. However taking 10 % discount on price would decreased a financial performance, although there were an escalation of market share. Changing 10 % to CSI and market share had a significant impact on revenue and profit. This conditions meet along with behavior of Telecommunication industries structure in Indonesia, that still had an opportunity in market (because of Oligopoly structure), and fast growing information technology. Because of that, market research was needed to understand customer expectation and perception of product and services, with the result fitting and matching between customer and corporate goals. Besides all factors above, an available capital for expenditures and reinvestment of business operation development had a significant impact on sustainable performance, it identified from changing behavior of the model. It was accordance with behavior telecommunication that had difficulties of barrier to entry. Because of investment was necessarily in network infrastructures far staying with appropriate technology development. Therefore government could support this condition with provided regulation that facilitated the corporation to cooperate with foreign investors, so PT Indosat could improve the infrastructures quality and operational efficiency, to generate more revenues for the forthcoming years.

Abstrak :
Dalam melayani pelanggan selular, para perusahaan telekomunikasi menghadapi persaingan yang cukup ketat untuk meraih pasar. Pertumbuhan pelangganlsubscriber selular di Indonesia pun meningkat tiap tahunnya, dimana hal ini akan menambah kesiapan perusahaan telekomunikasi untuk memberikan kapasitas yang eukup dalam melayani pelanggannya. Maka seiring dengan rneningkatkan pertumbuhan pelanggan, perusahaan perlu meningkatkan jumlah fasilitas network selular untuk memastikan pelayanan dapat dijangkau dan gunakan pelanggan. PT.Indosat sebagai salah satu perusahaan telekomunikasi memiliki beberapa business segment seperti: selular, MIDI, dan Fixed Telecom. Segment selular yang merupakan penyumbang 75% pendapatan perusahaan pads tahun 2005 mengalami peningkatan pertumbuhan jumlah fasilitas network sebesar 25% dari tahun sebelumnya. Pertumbuhan jumlah fasilitas ini menyebabkan kebutuhan akan perawatan dan perbaikan pun meningkat. PT.Indosat menyadari bahwa hal ini akan mempengaruhi konsentrasi perusahaan untuk melakukan ekspansi dan integrasi network telekomunikasi dalam tiap business segment perusahaan. Oleh sebab itu perusahaan merencanakan melakukan outsourcing pada aktivitas perawatan dan perbaikan fasilitas network selular, untuk tetap fokus dalam menjalankan strategi perusahaannya. Aktivitas perawatan dan perbaikan fasilitas network selular sebelumnya tidak pernah dilakukan outsourcing (selalu in-house). Aktivitas yang sebagian dilakukan on-site, terbagi menjadi dua jenis pekerjaan yaitu preventive maintenance dan curative maintenance. Beberapa aktivitas dari kedua jenis ini mengharuskan perusahaan meluangkan waktu, biaya dan tenaga kerja serta konsentrasi pekerjaan. Oleh karena itu, perlu diketahui aktivitas apa saja yang layak untuk dilakukan outsourcing dan resiko apa yang perlu dipertimbangkan perusahaan dalam outsourcing. Dalam karya akhir yang berjudul "Perencanaan Strategi Outsourcing Pada Perawatan dan Perbaikan Fasilitas Network Selular PT.INDOSAT Tbk" ini, penulis bermaksud Analisis aktivitas apa saja yang layak dilakukan beserta resiko yang perlu dipertimbangkan dalam outsourcing pada perawatan dan perbaikan fasilitas network selular PT.Indosat. Adapun ruang Iingkup penelitian ini, penulis membatasinya pada business segment selular, di divisi Network Operation and Maintenance (NOM) dan pada aktivitas perawatan dan perbaikan fasilitas access network PT.Indosat. Dari hasil analisis didapat bahwa terdapat beberapa aktivitas dinilai layak untuk dilakukan outsourcing. Aktivitas tersebut merupakan aktivitas yang tidak terlalu mempengaruhi kinerja network dan merupakan aktivitas yang tidak membutuhkan pengetahuan, kemarnpuan dan pengalarnan dalam mengoptimalkan kinerja network. Kemudian dalam bekerjasarna dengan vendor, PT.Indosat perlu mempertimbangkan keamanan informasildata vendor, kualitas layman vendor, kema.mpuan vendor untuk berkembang sesuai dengan pertumbuhan bisnis PT.Indosat, tingkat kepedulian (responsiveness) vendor terhadap masalah atau penanggulangan masalah, dan perluasan lingkup pekerjaan vendor. Akhirnya pada penutup Bab V, penulis rnemberikan saran mengenai tahapan outsourcing yang dapat dilakukan PT.Indosat untuk mencapai tujuan dari perencanaan outsourcing pada aktivitas perawatan dan perbaikan fasilitas network selular.

---

In order to serve cellular subscribers, Telecommunication Companies are facing competitive pressure to gain their market share. Indonesian cellular subscriber growth increasing every year, which means companies should prepare more to make their capacity suitable in order to serve subscribers. Therefore along with increasing subscriber growth, company should improve number of cellular network facility to ensure the service can be reached and used by subscriber. PT.Indosat as one of Telecommunications Company has three business segment: cellular, MIDI, and Fixed Telecom. Segment Cellular revenue represents 75% of the company earnings in ,the year 2005 and adding more network facility up to 25% compare to the last year. This growth needs more maintenance treatment. PT.Indosat realize that this matter will influence the company concentration to network expansion and integration of network telecommurications in every business segment company. Therefore company plan to outsource cellular network maintenance activities, in order to focus in running its company strategy. Cellular network maintenance activities have never been outsourced. Parts of these activities are on-site activity that has two types of work, preventive maintenance and curative maintenance. Several activities from each type need time, cost, workforce and management - focus to do. Therefore, company need to know what activities competent to be outsource and company should consider what risk that they will be facing to. On this thesis "Planning outsourcing strategy in PT.Indosat cellular network maintenance activities", author try to analyze which activities competent to be outsource and what risk company will be facing if these activities outsourced. As for this scope of research is only at PT.Indosat cellular business segment, on network operation and maintenance (NOM) and research restricted only in access network facility maintenance. From analysis result, several facility maintenance activities are competent to outsource. These activities represent activity that has low contribution to the network performance and it doesn't need network optimization knowledge. Later then in order working with vendor, PT.Indosat require to consider vendor's information security, quality of serving, vendor's ability to expand according to PT.Indosat business growth, vendor's problem solving responsiveness and scope of work. At the end on chapter 5, author recommends outsourcing steps to PT.lndosat to achieve outsourcing success.

Abstrak :
Tujuan penulisan karya akhir ini adalah untuk menentukan nilai intrinsik (intrinsic value) saham PT. Indosat Tbk yang merupakan perusahaan terbuka yang sudah terdaftar di Bursa Efek Jakarta, Bursa Efek Surabaya, dan Bursa Efek New York. PT. Indosat Tbk sendiri merupakan perusahaan jasa telekomunikasi yang telah cukup lama berkiprah di Indonesia dan memiliki pangsa pasar kedua terbesar setelah PT. Telkom Tbk. Penentuan nilai intrinsik ini digunakan sebagai dasar untuk membandingkan nilai intrinsik perusahaan dengan harga sahamnya di pasar. Dalam pasar yang tidak sempurna, perbe!aan nilai intrinsik dengan harga pasar sahamnya dimungkinkan terjadi. Sebelum sampai pada nilai saham, beberapa analisis hams dilalui untuk mengetahui kondisi bisnis perusahaan. Analisis demikian disebut analisis fundamental. Analisis fundamental adalah proses penentuan nilai pasar wajar (fair market- value) atau nilai intrinsik suatu saham. Nilai ini kemudian dibandingkan dengan nilai pasar sekarang (cumin' market value) untuk menentukan tindakan yang akan diambil: beli, jual, atau tahan. Hasil analisis fundamental yang dilakukan terhadap PT. Indosat Tbk menunjukkan bahwa fundamental perusahaan cukup kuat karena berada pada industri yang profitable dan high growth yaitu industri telekomunikasi dengan kontributor utama adalah telepon seluler. Telepon seluler diyakini masih akan tumbuh pesat mengingat tingkat penetrasi di negara Indonesia yang masih rendah sehingga masih banyak peluang untuk berkembang. Dari hasil perhitungan, nilai intrinsik per lembar saham PT Indosat Tbk adalah sebesar Rp. 4.107, sedangkan harga pasar pada penutupan tanggal 24 Maret 2006 adalah Rp, 4.950 per lembar saham. Dengan demikian dapat dikatakan bahwa harga pasar saham PT Indosat Tbk diperdagangkan overti'ahred terhadap nilai intrinsiknya. Dengan posisi harga pasar yang overvalued terhadap nilai intrinsiknya sedangkan PT Indosat Tbk merupakan salah satu perusahaan terbesar pada industri telekomuniasi yang sedang mengalami pertumbuhan yang pesat_ maka disarankan bagi para investor yang telah memiliki saham perusahaan untuk mengambil posisi hold (tahan) untuk mengantisipasi potensi keuntungan yang masih terbuka. Investor yang belum memiliki saham perusahaan dapat mengambiI posisi short sell namun harus selalu siap melakukan cut-loss untuk menghindari gagal serah. Guna menjaga dan meningkatkan nilai perusahaan di masa depan, PT, Indosat Tbk diharapkan tetap konsisten dalam program pengelolaan biaya operasional agar pertumbuhan laba operasi bisa dipertahankan lebih tinggi dari pertumbuhan total revenue. ...... The purpose of this thesis is to determine the intrinsic value of PT. Indosat Stock, which is a publicly traded company listed in Jakarta Stock Exchange, Surabaya Stock Exchange, and New York Stock Exchange. PT. Indosat is a telecommunication service company in Indonesia and has the second biggest market share after PT. Telkom. The intrinsic value can be use as a base to compare it with the stock price in the market. In an inefficient market, difference between intrinsic value and market value is a common. Before getting to the stock price, a couple of analysis must be performed to understand company's business condition. Such analysis is called fundamental analysis. Fundamental analysis is a process to determine the fair market value or intrinsic value of a stock. This value can be compared with the current market value to find out which action should be taken: buy, sell, or hold. The result of fundamental analysis on PT Indosat shows that company's fundamental is fairly strong because of its profitable and high growth telecommunication industry. Revenues from cellular is assured to be the fastest growth since its low penetration in Indonesia so there are plenty of opportunities to grow. From calculation result, the intrinsic value of PT Indosat is Rp. 4.107 for each share, while the market closing price at March 24, 2006 was Rp. 4.950 for each share. So the market price of PT Indosat was overvalued to its intrinsic value. Eventhough it's traded overvalued, PT Indosat is known as one of the biggest company in fast growing telecommunication industry, hence the investors who already have the stock should take hold position to anticipate potential gain. For those who haven't have the stock should take short sell position but they must ready to cut-it-loss to provide the stock. To increase the company value in the future, PT. Indosat should continue its active cost management program with consistency in order to maintain its operating income growth higher than its total revenue growth.