o... terima kasih atas penjelasan Bang Ian.... 2010/8/21 Irwan Ariston <[email protected]>
> > > Pak Salim, kondisi tersebut bisa terjadi dikarenakan ada anak perusahaannya > yang dalam pencatatan di laporan keuangan nilainya lebih rendah dari value > wajarnya. Induk perusahaan tidak bisa langsung merubah nilai anak > perusahaannya tersebut karena masalah pencatatan akuntansi terkait aturan. > > Dengan meng IPO kan anak perusahaan, maka nilai wajar anak perusahaan > tersebut jadi lebih terlihat sehingga kepemilikan perusahaan induk di anak > perusahaan tersebut jadi meningkat secara angka absolut ( rupiah). > > Contohnya begini, kaatakan salah satu anak perusahaan saya di laporan > keuangan dicatat senilai 100. saya miliki anak perusahaan tersebut sejak 5 > tahun yg lalu. Kalau dinilai dari sisi bisnisnya saat ini, seharusnya nilai > anak perusahaan saya itu sudah 300. Jadi, kalau saya IPO kan 10% saja tanpa > menerbitkan saham baru, maka kepemilikan saya tinggal 90%, tapi nilainya > sekarang jadi 270, bukan lagi 100. Ada peningkatan nilai sebesar 170 > walaupun kepemilikan berkurang 10%, plus dapat uang 30 dari hasil IPO. Ini > kalau yg dijual adalah saham lama. Kalau waktu IPO terbitin saham baru, maka > ceritanya bisa lain lagi tapinpada intinya kepemilikan di anak perusahaan > tersebut nilainya jadi meningkat ke harga wajar yang seharusnya. > > jabat erat, > Irwan Ariston Napitupulu > > Sent from my iPad > > On Aug 20, 2010, at 7:30 PM, Susanto Salim <[email protected]> > wrote: > > kata kunci nya di diskon konglomerat, nemu istilah ini di > <http://investopedia.com>investopedia.com > > <http://www.investopedia.com/terms/c/conglomeratediscount.asp> > http://www.investopedia.com/terms/c/conglomeratediscount.asp > > mungkin ada yang bisa menjelaskan mengapa sampai ada diskon konglomerat > ini? > > Conglomerate Discount > [image: What Does It Mean?] > *What Does Conglomerate Discount Mean?* > A reference to the tendency of the stock market to undervalue the stocks of > conglomerate businesses. Conglomerate discount is calculated by adding an > estimation of the intrinsic value of each of the subsidiary companies in a > conglomerate and subtracting the conglomerate's market capitalization from > that value. > [image: Investopedia Says] > *Investopedia explains Conglomerate Discount* > The conglomerate discount arises from the sum-of-parts valuation, and it is > the reason why many conglomerates spinoff or divest subsidiary holdings. > > Investors often point to the conglomerate discount as a market inefficiency > and view the discount as a way to buy undervalued stocks. > > > On Fri, Aug 20, 2010 at 8:03 AM, < <[email protected]>[email protected]>wrote: > >> >> >> Jadi ceritanya INDF bakal spinoff anak usahanya ya, jadi IPO saham baru, >> katakanlah ICBP gitu. >> >> Jadi kalau di spinoff, efek ke saham induknya bagaimana? Bagus atau jelek? >> >> Bukannya kalau spinoff berarti sebagian asset dan revenue lepas dari >> induknya, sehingga mengurangi valuasi induknya? >> Tapi kok dibilang bisa menambah asset ke perusahaan sebesar 5.7T ? >> >> Mohon pencerahan. >> >> Quote: >> Indofood CBP comprises production and marketing of the group’s consumer >> branded items, including noodles, dairy products, food seasonings, snack >> foods and nutritional products. The unit accounts for 40% of Indofood’s >> revenues and 60% of the profits, with the rest coming from the company’s >> other two divisions: distribution, and flour and milling. By spinning off >> Indofood CBP, the group hopes to be able to realise hidden value and to >> reduce the conglomerate discount. The parent will also use the IPO proceeds >> to pay off debt. >> >> In a research report published in late June, J.P. Morgan analyst Stevanus >> Juanda estimated the conglomerate discount to 20% and said the unlocking of >> this would add Rp5.7 trillion ($630 million) of value for the parent >> company. >> >> Powered by Telkomsel BlackBerry® >> ------------------------------ >> *From: * Treasure Seeker < <[email protected]> >> [email protected]> >> *Sender: * <[email protected]>[email protected] >> *Date: *Thu, 19 Aug 2010 22:16:02 +0300 >> *To: *< <[email protected]>[email protected]> >> *ReplyTo: * <[email protected]>[email protected] >> *Subject: *[saham] INDF lagi ... >> >> >> >> >> <http://www.financeasia.com/News/229225,indonesia-remains-in-focus-as-indofood-cbp-starts-ipo-marketing.aspx> >> http://www.financeasia.com/News/229225,indonesia-remains-in-focus-as-indofood-cbp-starts-ipo-marketing.aspx >> >> berita yang mungkin sedikit menepis kemungkinan INDF untuk right issue ... >> kalo IPO ICBP y.a.d. dipakai untuk bayar sebagian hutang >> > > >
