P.T. TELEKOMUNIKASI INDONESIA Tbk
I.
Company Profile
Type :
Public company
Industry : Telecommunications
Founded : October 23, 1856[1]
Headquarters : Telkom Japati, Bandung, Indonesia
CEO :
Arief Yahya
Services : Fixed line
Mobile telephony
Internet services
Digital Television
Revenue : US$
7.838 billion (2011)[2]
Net income : US$ 2.392
billion (2011)[2]
Total assets : US$ 11.364
billion (2011)[2]
Total equity : US$ 5.24 billion
(2011)[2]
Employees : 19,780 (December 2011)[2]
Subsidiaries :
Telin, Telkomsel, TelkomVision, Infomedia, Mitratel, Pramindo, Multimedia
Nusantara, Graha Sarana Duta, Telkomsigma, Finnet, Napsindo
Website : www.telkom.co.id
Vision : "To become the leading pay television company in Indonesia"
Mission : "To deliver high value, world-class quality service, and build a
professional and competent team"
Telkom is one of the world's oldest
telecommunication companies. The company traditionally traces its roots to an
establishment of the first electromagnetic telegraph service in Indonesia on
October 23, 1856 by the Dutch Colonial Government connecting Batavia (Jakarta)
and Buitenzorg (Bogor). In 1884, the Dutch Colonial Government founded a
private company to provide postal and domestic telegraph services and, later
on, international telegraph services.
II.
Analysis of Financial Condition
1. Liquidity
Ratio
Table of Liquidity Ratio from 2005-2011
Year
|
Liquidity Ratio
|
||
CR
|
QR
|
Cash Ratio
|
|
2005
|
0.7625
|
0.7462
|
0.3977
|
2006
|
0.6779
|
0.6675
|
0.4049
|
2007
|
0.7728
|
0.7625
|
0.4905
|
2008
|
0.5416
|
0.5526
|
0.2552
|
2009
|
0.6058
|
0.5895
|
0.2921
|
2010
|
0.9197
|
0.8945
|
0.4498
|
2011
|
0.9644
|
0.9303
|
0.4341
|
Graphic of Liquidity Ratio
2. Efficiency
Ratio
Table
of Efficiency Ratio from 2005-2011
Year
|
Efficiency Ratio
|
|||||
ART
|
ACP
|
ITO
|
ID
|
TAT
|
FAT
|
|
2005
|
11.2048
|
32.5753
|
111.8175
|
3.2642
|
0.6724
|
0.905
|
2006
|
13.2714
|
27.5027
|
139.2252
|
2.6216
|
0.6827
|
0.9287
|
2007
|
16.9248
|
21.566
|
155.9173
|
2.341
|
0.7243
|
0.9717
|
2008
|
17
|
21
|
43.5735
|
8.3766
|
0.665
|
0.8539
|
2009
|
16.4883
|
22.1369
|
51.9321
|
7.0284
|
0.6621
|
0.8452
|
2010
|
15.1144
|
24.149
|
89.9747
|
4.0566
|
0.678
|
0.9061
|
2011
|
13.2093
|
27.632
|
66.1306
|
5.5193
|
0.6935
|
0.9544
|
Graphic
of Efficiency Ratio
3. Leverage
Ratio
Table of Leverage Ratio from
2005-2011
Year
|
Laverage Ratio
|
||||
Debt Ratio
|
Debt to Equity Ratio
|
Equity Ratio
|
EM
|
TIE
|
|
2005
|
0.6253
|
1.6691
|
0.3745
|
2.6691
|
14.5852
|
2006
|
0.6264
|
1.1605
|
0.3736
|
2.6768
|
16.7854
|
2007
|
0.5887
|
1.3946
|
0.4113
|
2.4315
|
18.4329
|
2008
|
0.2958
|
0.7867
|
0.376
|
2.6594
|
14.1024
|
2009
|
0.2682
|
0.6852
|
0.3996
|
2.5021
|
11.3014
|
2010
|
0.4406
|
0.7876
|
0.5593
|
1.7876
|
11.7946
|
2011
|
0.4253
|
0.7402
|
0.5746
|
1.7402
|
13.1028
|
Graphic of Leverage Ratio from 2005-2011
4. Profitability
Ratio
Table
of Profitability Ratio from 2005-2011
Year
|
Profitability Ratio
|
||||||
GPM
|
OPM
|
NPM
|
OIROI
|
ROA
|
ROE
|
EPS
|
|
2005
|
41.07%
|
41.07%
|
19.12%
|
27.61%
|
12.85%
|
34.31%
|
396.51
|
2006
|
42.10%
|
42.10%
|
21.45%
|
28.74%
|
14.65%
|
39.21%
|
547.15
|
2007
|
44.54%
|
44.54%
|
21.63%
|
35.23%
|
15.67%
|
38.10%
|
644.08
|
2008
|
63.24%
|
36.75%
|
17.49%
|
24.44%
|
11.63%
|
30.94%
|
537.73
|
2009
|
62.75%
|
37.24%
|
18.67%
|
23.16%
|
11.61%
|
29.06%
|
576.13
|
2010
|
32.38%
|
33.18%
|
22.17%
|
22.49%
|
15.03%
|
26.88%
|
580.95
|
2011
|
142.11%
|
30.56%
|
18.81%
|
21.19%
|
13.04%
|
22.70%
|
553.7
|
Graphic
of Profitability Ratio from 2005-2011
Earnings per Share from 2005-2011
III.
Analysis of Company Stock
Graphic of PT. Telkom Indonesia, Tbk value of historical
prices and volume of stocks
The graphs above show the value of
historical prices and volume of stocks traded of P.T. Telkom Indonesia Tbk
stock from January 3, 2011 until October 19, 2012. The upper graph shows the
daily closing price of the company’s stock in and the lower graph shows the
volume of company stocks which are traded daily in the period range that we
mention before. The movement of price of
stock of P.T Telekomunikasi Indonesia Tbk shows some fluctuations as we can see
in the graph. The pin points of the
graphs will be presented on the table below.
open
|
high
|
low
|
close
|
volume
|
|
highest
|
9850
|
9850
|
9800
|
9850
|
77216000
|
lowest
|
6600
|
6800
|
6600
|
6600
|
0
|
average
|
7692.412
|
7776.872
|
7601.652
|
7692.841
|
17565593
|
standard deviation
|
781.318
|
791.5491
|
770.6843
|
781.5184
|
10929037
|
PT. Telkom Indonesia secured the
highest price of its stock with the value of 9800 on October 16, 2012. The main
cause of it was the trend of buying second-liner stocks among the investors
which put IHSG on another highest point of its record with 4.329 points which
also brought Telkom stocks to a higher point with the value of 9850. On the
other hand, PT. Telkom Indonesia also suffered the lowest price of its stock
with the value of 6600 on March 22, 2011. The main cause of it was the trend of
selling and profit taking among investors on bank and commodity stocks which
put IHSG on its red-zone with 3.517 points which also brought Telkom stocks to
its lowest point with the value of 6600.
In conclusion, there are many
factors that influence the rise and fall or the fluctuations of a company’s
stock price. Two main factors that determine the rise and fall of the stock
prices are supply and demand. The supply and demand are also influenced by
several factors; some of them are company’s performance, interest rate
movements, inflation, and government’s fiscal policies. Other external factors
that can also affect the price movement of stocks are the nation’s economic and
political conditions where the company operates.
IV. Analysis
The Relation Between Company Financial Condition and Stock Price
It is undeniable that the financial
condition of a company will affect the market price of the company's stock. If
performance is the ability of the company in order to convert the potential
economic resources in the future may be controlled effectively and efficiently
which can be seen through the information derived from the financial statements
indicate a better prospect then the market will respond positively and the
stock price will rise. The relationship between financial performance and
shareholder value can be seen that the improved financial value will be
followed by the improved of value of the stock as well. This condition can
occur in the capital market with a high level of efficiency or at least
semi-strong.
During the period
2010-2011 the total revenues PT.Telkom Indonesia, Tbk increased by Rp 2,624
billion or 3.8% from Rp 68,629 billion in 2010 to Rp 71,253 billion in 2011.
Sales growth effect on stock prices, with assumption that if the growth in the
sales is high so the profits of PT. Telkom Indonesia, Tbk will be high. It
will affect the total present value of all cash flows to be received by
investor. Since the stock price is the total of the value of the company, so if
sales growth is expected to increase the stock price of PT Telkom Indonesia
will also increase.
V.
Conclusion
We compared Telkom Indonesia,Tbk
financial report year by year from 2005 until 2011 using profitability
analysis, we found that it slightly decreasing year by year. But Gross Profit
Margin from year 2005 until 2011 shows an increasing trend and Telkom
Indonesia,Tbk ability to earn profit is increasing.
From the data that we have collect before and from some
calculation about this company’s financial performance, we found that ROE of
Telkom Indonesia,Tbk shows a decreasing trend year by year. It means that the
company’s financial performance is increasing, because we know that if ROE
decreasing it means that the income of the company is increase.
We compared Telkom Indonesia,Tbk financial report year by
year from 2005 until 2011 using liquidity analysis, we found that the trend is
fluctuating. Liquidity is about how fast an asset can converted to cash. So, it
means that their liquidity ability is not stable.
Leverage is combination of funds or capital used by company or
debt equity. We compared PT. Telkom Indonesia,Tbk financial report year by year
from 2005 until 2011 using leverage analysis, and we found that it shows a
decreasing trend year by year. So, the company’s debt is decreasing year by
year, and it affects to an increase in the company's ability to earn revenues
and profits in that given period.
