scholarly journals Impact of Excise Tax Hike to Stock Value (A Case Study of PT. Hanjaya Mandala Sampoerna, Tbk.)

2020 ◽  
Vol 5 (1) ◽  
Author(s):  
Putu Bagus Adhi Wijaya ◽  
Erman Sumirat
Keyword(s):  
Stock Price ◽  
Intrinsic Value ◽  
The State ◽  
Tax Rate ◽  
Excise Tax ◽  
Cigarette Industry ◽  
The Past ◽  
State Revenue ◽  
Stock Value

Cigarette industry in Indonesia had contributed around 8% to the state revenue in 2018, and this number are expected to increase in 2020 due to higher excise tax rate for cigarette industry which believed can boost the state revenue. However, the cigarette’s excise tax hike that will be effective in January 1st, 2020 will have significant impact to all of the cigarette companies in Indonesia. The biggest cost of goods sold component of cigarette companies were the excise tax expense, thus, a significant increase on excise tax will reduce the company’s profitability. The significant decrease in company’s profitability could affect the company’s stock performance. In order to help the investors how to react to this situation, the intrinsic valuation of the company is required. Evaluating the company’s financial performance in the past five years and conducting absolute or often called intrinsic valuation of HMSP are believed to be important in order to help the investors how to act while the cigarette companies’ stock was all tumbled since the beginning of the year. This study examined absolute valuation of HMSP using the FCFE model. Absolute valuation models were calculated and had suggested that the current stock price of IDR 1,900 of HMSP is undervalued. The intrinsic value calculated from absolute valuation models was IDR 2,242.71. FCFE models show significantly high intrinsic value for HMSP, with potential return above 15%, it should attract the prospective investors to buy the company’s stock.  

FUNDAMENTALISM, BUREAUCRATIZATION, AND THE STATE'S CO-OPTATION OF RELIGION: A JORDANIAN CASE STUDY

2006 ◽  
Vol 38 (3) ◽  
pp. 369-393 ◽  
Author(s):  
Richard T. Antoun
Keyword(s):  
Civil Society ◽  
Middle East ◽  
The State ◽  
Human Beings ◽  
Half Century ◽  
The Past ◽  
Equal Duration ◽  
Past Half Century ◽  
Past Half

In the Middle East over the past half-century, three religious processes have grown together. One, the growth of fundamentalism, has received worldwide attention both by academics and journalists. The others, the bureaucratization of religion and the state co-optation of religion, of equal duration but no less importance, have received much less attention. The bureaucratization of religion focuses on the hierarchicalization of religious specialists and state co-optation of religion focuses on their neutralization as political opponents. Few commentators link the three processes. In Jordan, fundamentalism, the bureaucratization of religion (BOR), and state co-optation of religion (SCR) have become entwined sometimes in mutually supportive and sometimes in antagonistic relations. The following case study will describe and analyze the implications of this mutual entanglement for the relations of state and civil society and for the human beings simultaneously bureaucratized and “fundamentalized.”

Identifying the appropriate time band to determine the minimum night flow: a case study in Kinta Valley, Malaysia

2013 ◽  
Vol 13 (2) ◽  
pp. 328-336
Author(s):  
Mohd Nordin Adlan ◽  
Jaber M. A. Alkasseh ◽  
Hj. Ismail Abustan ◽  
Abu Bakar Mohamad Hanif
Keyword(s):  
Analysis Of Variance ◽  
Water Loss ◽  
The State ◽  
Income Generation ◽  
Lower Income ◽  
The Past ◽  
Minimum Night Flow ◽  
Non Revenue Water ◽  
Time Band

The average percentages of non-revenue water (NRW) for Malaysia and for the state of Perak in 2010 were 36.37 and 29.44%, respectively. These average percentages have led to lower income generation. This could create constraints on maintenance and operation of water reticulation systems. In this study, the appropriate time band of minimum night flow (MNF) and the actual water loss or amount of NRW for the district of Kinta in Perak, Malaysia were investigated. Flow and pressure in 361 zones in Perak were monitored for 24 h using PrimeWorks software. From the 361 zones, 30 study zones were randomly selected. The 30 study zones were geographically divided into three groups, with each group having 10 zones. Statistically, one-way analysis of variance (ANOVA) was used to test the variations in MNF among the three groups. The data of the flow for the 30 zones were screened from 1:00 to 5:00 am for the past 4 years. The frequency of MNF occurrences was analyzed every 15 min. The results show that the majority (84.2%) of the frequencies of MNF occurrences in the 30 study areas occurred from 2:15 to 4:15 am, whereas minimum frequencies were observed at 1:00, 1:15, and 5:00 am.

scholarly journals Differences In Intrinsic Value With Stock Market Prices Using The Price Earning Ratio (Per) Approach As An Investment Decision Making Indicator (Case Study Of Manufacturing Companies In Indonesia Period 2016 - 2017)

2019 ◽  
Vol 1 (1) ◽  
pp. 82-92
Author(s):  
Ardy Indra Lekso Wibowo Putra ◽  
Aditya Dwiansyah Putra ◽  
Murni Sari Dewi ◽  
Denny Oktavina Radianto
Keyword(s):  
Decision Making ◽  
Stock Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Intrinsic Value ◽  
Investment Decision ◽  
Manufacturing Companies ◽  
Market Prices ◽  
Investment Decision Making

An investor must be able to consider all kinds of steps that will be taken or that will be carried out, assessing stocks - shares that will provide optimal benefits in making an investment decision. By analyzing the intrinsic value of the price of a company's stock, investors can assess the fairness of the stock price. The method used to analize intrinsic value is fundamental analysis using the Price Earning Ratio (PER) approach. The samples to be taken in this research are manufacturing companies in Indonesia which are listed on the Indonesia Stock Exchange (IDX) for the period 2016 - 2017 with certain criteria. The results of this research will show that the shares of companies listed are in overvalued, undervalued or correctly valued conditions. So investors can decide to buy, hold or sell their shares.

scholarly journals Nilai Wajar Saham Sektor Advertising, Printing, dan Media Di Bursa Efek Indonesia

2016 ◽  
Vol 10 (3) ◽  
pp. 449
Author(s):  
Edy Suryadi ◽  
Nur Fitria
Keyword(s):  
Stock Price ◽  
Stock Return ◽  
Intrinsic Value ◽  
Secondary Data ◽  
Capital Asset Pricing ◽  
Capital Asset ◽  
Market Prices ◽  
Asset Pricing Model ◽  
The Media

The background of this research there is an indication that the stock price on the market does not showthe actual value of the shares, especially shares subsectors advertising, Printing, and Media. The intrinsicvalue of shares can be searched by using fundamental analysis of the company through the method ofdividend discount models (DDM). This research is a case study in which the withdrawal of a sample usingpurposive sampling. the data used are secondary data obtained from documents Indonesia StockExchange through its website www.idx.co.id. This research resulted in the intrinsic value of the shares ofthe sub sectors of advertising, Printing and Media, which found that the price of the shares of the subsectors of advertising, Printing, and the media in a state of high market prices (overvalued). Informationfor investors on the stock return is calculated through the method of capital asset pricing model (CAPM)and the formation of the portfolio as well as information for investors that the shares owned byPT.Jasuindo Tiga Perkasa has the highest return and can be considered for investment.

‘If not for you’. The nation state as an archaeological context

2016 ◽  
Vol 23 (1) ◽  
pp. 48-70 ◽  
Author(s):  
Nathan Schlanger
Keyword(s):  
Public Services ◽  
The State ◽  
Nation State ◽  
The Past ◽  
Common Purpose ◽  
Local Levels ◽  
English Heritage

AbstractRather than being bashed around in view of its contents, the nation state – or at least the ‘state’ part of this compound term – needs to be cherished for the context it provides. Without the state, instilling regulations, procedures and common purpose, archaeology will not really thrive. This is confirmed through an exemplary case study, namely the seemingly measured and consensual retrenchment of the state occurring in England over the past 25 years. A brief presentation of the structure of English archaeology serves to highlight the situation of each of its main sectors, commercial contractors, curators at local levels and national bodies. Recent changes at the last level, involving English Heritage Trust and Historic England, highlight the risks posed by state disengagement, by funding withdrawal and by the enforced commercialization of public services.

scholarly journals Fuzzy Logic based Stock Value Prediction using Fundamental Analysis

2017 ◽  
Vol 10 (1) ◽  
pp. 120-126
Author(s):  
Chittaranjan Mangale ◽  
Shyam Meena ◽  
Preetesh Purohit
Keyword(s):  
Fuzzy Logic ◽  
Intrinsic Value ◽  
Fuzzy Model ◽  
Model Accuracy ◽  
Value Prediction ◽  
The Past ◽  
Feature Processing ◽  
Stock Value ◽  
Proposed Model

Stock market is very versatile and fluctuates with time. For the same way it becomes difficult to predict movement of the stock, there are various approaches and tools through which the price of the stock is determined by the past patterns. Mostly the approaches are in terms of fundamental approach and technical approach. For the long-term valuation fundamental approach is used. Every stock is having its own value that does not depend on the price of the stock that is known as Intrinsic value. The proposed model works through phases of data collection, feature processing, fuzzy logic mapping and stock value calculation. Fuzzy logic is used to map the quality as well as quantity valuation factors. The IF THEN rules are applied on the linguistic variable. The fuzzy model outcomes the stock value which is used to provide stock worth. The stock value is calculated by Dividend discount model. Accuracy of the system is 0.77. The results offer the backbone for the value and not the price.

scholarly journals Accounting Conservatism in Stock Price Downfall Risk in "Tehran Stock Exchange"

2015 ◽  
Vol 16 (SE) ◽  
pp. 495-502
Author(s):  
Sahar Taremi ◽  
Bamdad Partovi
Keyword(s):  
Financial Reporting ◽  
Significant Relationship ◽  
Stock Price ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Accounting Conservatism ◽  
Good News ◽  
Stock Value ◽  
Research Company

As the economic departments' managers tend to report good news, they simultaneously try to conceal bad news. Conservatism procedures not only resist against these tendencies of management, but also they decrease the investment risk in stock. In this research, the relationship between accounting conservatism and the risk related to downfall of stock value has been studied using historical data about 29 car and pieces companies accepted in Tehran Stock Exchange during the years 2010- 2012. The results obtained from performing the logistic regression model show that there is a negative and significant relationship between the risk of stock value decline and the level of conservatism for case-study statistic sample companies. In other words, during the research period, those companies in which the more conservative procedures have been applied in financial reporting, they have less encountered the risk of stock value decline. In the present research, company size was involved as a controlling variable in hypothesis test pattern that a significant relationship wasn't observed between this variable and the research's dependent variable.

scholarly journals The Art of Governance and the Political Grammar of Legitimacy: Tales of the State for a Unified Korea

2002 ◽  
Vol 16 (2) ◽  
pp. 49-66
Author(s):  
Byung-ok Kil
Keyword(s):  
South Korea ◽  
Real World ◽  
Political Legitimacy ◽  
Political Context ◽  
The State ◽  
The Political ◽  
The Real ◽  
The Past ◽  
State Of Affairs

This inquiry demonstrates that the political legitimacy of a certain society is historically determined, reflects specific institutional and contextual features, and employs a variety of meanings. These meanings can describe both a state of affairs and a process that ultimately involves justifications for legitimate agents and socio-political structures. This paper attepmpts to understand how the meanings of political legitimacy are conceptualized in society. As a case study, it questions: What are the conditions for the existence of political legitimacy and how have they been constructed? How is political legitimacy endorsed in South Korea today, and how does it differ from the past? This paper applies a deconstructive theory of political legitimacy that exploresa a distinctively modern style, or 'art of governance' that has an all-encompassing, as well as individualized effect upon its constituencies. By this approach, this paper argues that the concept of unification does not have a solid significance in the real world, but rather, it is an imaginary idea imposed by the dominant elite class, which is constantly imposed, reinterpreted and transformed in its political context.

Methodology for the preparation of rescue plans – a Polish case study

2019 ◽  
Vol 29 (3) ◽  
pp. 313-321 ◽  
Author(s):  
Grzegorz Kunikowski ◽  
Anna Kosieradzka ◽  
Urszula Kąkol
Keyword(s):  
Public Administration ◽  
Legal Status ◽  
Fire Service ◽  
The State ◽  
Content Type ◽  
Beneficial Effects ◽  
The Past ◽  
Depth Analysis ◽  
Analytical Tools

Purpose The purpose of this paper is to present a proposal for the methodology of developing rescue plans and the concepts of applying recommended response schedules in the context of the State Fire Service’s planning responsibilities (preparation) and public administration (reconciliation and approval), according to the legal order in force in Poland. In the proposed concept, recommended schedules are built on the basis of the matches and successes identified according to the criteria, i.e. the best carried out rescue actions from the register of reports. Design/methodology/approach The paper is based on the analysis of existing legal status and policy in Poland as well as the selected relevant academic literature. Findings The result is the formulation of a methodology for drawing up the rescue plans to the extent required by law and proposing a concept for the method of developing and applying recommended response schedules, supporting operational planning and conducting rescue operations. Practical implications The proposed methodology is to support the procedure of drawing up rescue plans by implying and implementing them into IT solutions. The suggested recommended response schedules, based on observations and conclusions from the analysis of the past rescue operations, may present circumstances and sequences of the use of forces and measures that have had beneficial effects in the past. An in-depth analysis of historical data from the conducted rescue operations may also be used to determine time indicators for the response phase. Originality/value The proposed solutions complement the methods currently used by public administration in Poland. The concept can also be inspiring for the State Fire Service (PSP) which has its own analytical tools in the form of a decision support system and registers of rescue operations carried out. The PSP may undertake the practical verification of the presented methodology for preparing rescue plans and recommended response schedules.

Implementation of the AASHTO M 332 Specification: A Case Study

2020 ◽  
Vol 2674 (9) ◽  
pp. 959-971
Author(s):  
Akshay Gundla ◽  
Ramadan Salim ◽  
B. Shane Underwood ◽  
Kamil E. Kaloush
Keyword(s):  
Experimental Study ◽  
Parameter Uncertainty ◽  
Asphalt Binder ◽  
The State ◽  
Asphalt Binders ◽  
Traffic Conditions ◽  
The Past ◽  
Key Issues ◽  
Temperature Parameter

Over the past 20 years, changes in asphalt binders, the widespread adoption of polymer modified asphalts, and the need to bump asphalt binder grades to consider traffic conditions have exposed the gaps in the AASHTO M 320 specification, and subsequently led to the AASHTO M 332 specification. The State of Arizona initiated an experimental study to explore the possibility of adopting AASHTO M 332 into its binder specifications. In this paper, the specific challenges, technical implications of some key differences in the current Arizona standard compared with the AASHTO M 332 standard, and the approach taken to overcome the differences are explored and documented. Some of the key issues include the shortcomings of the Jnr difference parameter, uncertainty of the pressurized aging vessel (PAV) temperature to be used, effect on the intermediate temperature parameter, |G*|sin δ, and the prospective distribution of asphalt binder grades if the new specification is adopted. Overall, the AASHTO M 332 specification is promising for the State of Arizona with minor changes recommended to prevent changes in binder formulations and influx of asphalt binders inferior to those currently available.

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