Volume 6, Nomor 2, Agustus 2009












Kinerja Fundamental  Pt Astra Agro Lestari, Tbk 2002-2008:

Exellent Value Manager


Perdana Wahyu Santosa                  89 – 100


This researh is use financial ratio and trend analysis about long-term performance of PT Astra Agro Lestari, Tbk (AALI) at Indonesia Stock Exchange (IDX). The analysis focused on 2002-2008 period and interested in price movement and volatility, compound annual growth rate (CAGR), Sales and Net Income, Capital Structure and Degree of Combined Leverage, Profitability, Marker Value Added and Market Risk. This research also try to analysis the market perception in 2008 for AALI that combined current performance with future growth opportunity. This analysis informed that CAGR of AALI: Sales (14,02%), Operating Profit (37,66), Net Income (53,78), Total Equity (25,45%) and Total Assets (15,44%). During 2002-2007, Debt to Assets ratio of PT Astra Agro Lestari Tbk fluktuated around 17-50%. This market perception analysis for 2008 of AALI is Excellent Value Manager. These findings aimed to allows companies to track their positions and learn how to build their corporate image, as well as how to compete in both global and local markets.


Faktor-Faktor Yang Mempengaruhi Permintaan Pembiayaan Murabahah

Bank Syariah Di Indonesia (Periode Januari 2004 – Desember 2008)


M.Nadratuzzaman Hosen                 101 – 112


The main purposes of this thesis are to (1) review factors that affect the demand of murabahah financing and (2) identify how significance that factors influence the demand of murabahah financing at islamic banking in indonesia. Modeling used to achieve the second purpose is regression approach. The research used 60 (months) sempels of demend of murabahah at whole islamic banking in Indonesia. Or appoximately five years, and are being recorded for period Januari 2004 to Desember 2008. the independent variable for this research are (1) Margin of murabahah financing, (2) consumtif credit rate, (3) inflation rate, (4) exchange rate Rupiah to US Dollar, (5) access people to islamic banking, and (6) rate of collateral. Statistically, the result of this research shows that margin of murabahah financing (negative), consumtif credit rate(negative), exchange rate Rupiah to US Dollar (negative), and access people to islamic banking (positive) have signifiance influence to the demand of murabahah financing. While the other variabes show no significance influence. Beside that muarabahah financing are influence together by six variables Margin of murabahah financing, consumtif credit rate, inflation rate, exchange rate Rupiah to US Dollar, access people to islamic banking, and rate of collateral, with strong influence.


Nilai Pelanggan Perusahaan Listrik Negara (Pln)  dan Pembangkit Jawa Bali (Pjb):

Suatu Survai di Jawa dan Bali


Surachman Surjaatmadja                113 – 130


Analysis of the Customer Value of State Electricity Enterprise (A Survey In Java and Bali). Electric Power is the much public energy consumption, the electric power availability must be efficient and transparencies through the fairly competition, and strictly regulation in free market to fulfill the customer demand and to fulfill the customer superior values and to gain the company performance. The Customer Value can to be gain the Company Performance are importance when the competition become keen. This research aims : To know and analysis the customer value of the State Electricity Enterprise (PT. PLN/ PT. PJB). In this research is used the Strategic Marketing Management Approach, especially analysis the customer value. The kind of this research is descriptive, while research method is survey explanatory, by using the sampling technique of simple random sampling to 300 Business Customer of the PT PLN/PT PJB. In Java and Bali. The results of this research indicate that customer value of the State Electricity Enterprise in between zone.


 Repatriasi : Analisis untuk Memperkuat Cadangan Devisa dari Stabilnya Mata Uang Rupiah


Perdana Wahyu Santosa
Harry Yusuf A. Laksana                   131 – 146


This research in base report fiscal and tax repratiation analysis and review about repratriation (capital flight inflow). The fundamental of repratriation is moneter instrument that be able to use for stabilize rupiah depreciation especially with US $ in view of continued globalization of world financial architecture. Repratriation of US $ make possibility export fund inflow into financial market such as capital market and forex for US $ supply to domestic economy. The intrgrative mechanism of repratriation can make “new” equilibrium relatively Rp with US $ throughout the fiscal year. One of policies to make capital flght inflow is tax amnesty. The succesful of repratriation with tax amnesty is good governance of Ministry of Finance.


Bankruptcy Model Altman’z-Core sebagai Alat untuk

Memprediksi Kinerja Perusahaan


Edi  Komara                  147 – 156


One of ways to measure performance of a company is Bankruptcy Model Altman’S Z-score. In this article, Altman’s Z-score is used to predict a company’s financial health, weather bankrupt or not. For two year ahead. The basic inputs of Altman’s Z-score analysis are income statement and balance sheet of company for the periods to be examined. Then, technics of analysis is needed to identify, analysis, and interpreting the data to be an information.