hi, i'm more interested on the model that was used for STT in deciding to buy indosat back then. they must have been using a powerfull model to estimates the huge increase in indosat value...
i think it's more productive to discuss this instead of counting how much money other people made... regards, bayu Wawan Taufiq Nasich <[EMAIL PROTECTED]> Sent by: AhliKeuangan-Indonesia@yahoogroups.com 10 Jun 2008 11:00 Mail Size: 23700 Please respond to AhliKeuangan-Indonesia@yahoogroups.com To AhliKeuangan-Indonesia@yahoogroups.com cc Subject Re: Keuntungannya dibawah RETURN MARKET --- Re: [Keuangan] Jual Indosat, Temasek Untung Besar Our Ref Your Ref Bang togar, saya yakin anda tentu lebih tahu, Saya cumna kasih gambaran ... gembar gembor 3 KALI LIPAT KEUNTUNGAN yang ditulis oleh para wartawan itu perlu dilihat dalam "KONTEKS". BUMI tentu bukan benchmark yg tepat ... resiko nya beda, tapi IHSG menurut saya bisa, dengan beberapa adjusment dan pertimbangan. Tentu saja saya yakin, TEMASEK punya benchmark sendiri yang cuman mereka yang tahu. Yang saya tahu, dalam CROSS-BORDER valuation, WACC TEMASEK harus di adjust dengan beberapa resiko lain seperti: COUNTRY RISK, EXCHANGE-RATE RISK, etc. Dengan ilmu saya yg cetek ini, sebagai orang luar, saya melihatnya secara simpel begini : INDEX IHSG sebagai broad index dapat digunakan acuan karena sifat resikonya yang Systemic Risk/undiversified dan ISAT berada didalamnya punya individual risk. Sekarang yg kita perlu tahu perbandingan MARKET RISK dengan INDIVIDUAL/IDIOSYNCRETIC RISK nya ISAT. Dengan BETA ISAT 0.9 s/d 1 ... artinya return ISAT menurut garis SCL ISAT, harusnya mendekati garis SML/return market. Kalau lebih dari SCL, berarti ada ALPHA yg di dapat investor/creating value. kalau kurang berarti investasi ini Destroying Value. Yah .. seperti kalau kita menilai REKSADANA SAHAM sajalah, kan kita lihat risk-adjusted return-nya. Just my 2 cents, --- Tigor Siagian <[EMAIL PROTECTED]> wrote: > Rekans yg baik, > > Setuju bahwa return harus dibandingkan dengan > benchmark. > > Namun, apakah return IHSG ataupun BUMI (seperti > contoh) merupakan benchmark > yang tepat buat STT maupun Temasek? > > Mana yg lebih tepat: broad market index berbasis cap > (seperti IHSG), single > stock return (seperrti BUMI), WACC dari STT/Temasek, > required return > STT/Temasek, atau simply return dari benchmark > investasi STT/Temasek yg > diderive berdasarkan Strategic Asset Allocation > STT/Temasek? > Mohon pencerahan rekan2 yg ahli. > > Salam, > TS ****************************************************************** This message originated from the Internet. Its originator may or may not be who they claim to be and the information contained in the message and any attachments may or may not be accurate. ****************************************************************** ************************************************************ The Hongkong and Shanghai Banking Corporation Limited whose main office in Indonesia is at Jl. Jendral Sudirman Kav. 29-31, Jakarta 12920, Indonesia ************************************************************ ----------------------------------------- ******************************************************************* This e-mail is confidential. It may also be legally privileged. If you are not the addressee you may not copy, forward, disclose or use any part of it. If you have received this message in error, please delete it and all copies from your system and notify the sender immediately by return e-mail. Internet communications cannot be guaranteed to be timely, secure, error or virus-free. The sender does not accept liability for any errors or omissions. ******************************************************************* "SAVE PAPER - THINK BEFORE YOU PRINT!" [Non-text portions of this message have been removed]
