Five Force Analysis

Proceedings: 2nd International Conference on Adaptive and Intelligent Agroindustry (ICAIA)
IPB International Convention Center Bogor – Indonesia (September 16th – 17th, 2013)
ANALYSIS OF COMPETITIVENESS OF THE AGRIBUSINESS

SECTOR COMPANIES USING PORTER'S FIVE FORCES
M. Hudori
Lecturer at Citra Widya Edukasi Polytechnic of Palm Oil
Abstract
PT. Astra Agro Lestari Tbk. is a leading issuer that today, where the business is very interesting market, but
unfortunately the business strength is weak. This was followed by a decline in profit of 1,8%. However, profits
from the company is still the highest compared to the three main competitors.
From the analysis of competitiveness by using Porter's Five Forces shows that there are 11 listed competitors,
15 state-owned and private companies and foreign national. Opportunities for new competitors to enter the
plantation business will be easier if they have a large capital, and permit large areas and sufficient labor.
Commodity prices are influenced by commodity markets products at home and abroad so that the bargaining
power of suppliers and customers is very low. The subtitute products of main products (palm oil) quite a lot, but
the main product has the great potential to beat the substitute products.
Keyword: Porter’s Five Forces, Agribusiness Sector, Industrial Competitiveness
I. Introduction
I.1. Background
Agribusiness sector contribution in national economy was only 13.70% of the Gross Domestic Product (GDP)
in 2011. It was still very small when compared to workers in the field of agribusiness sector by 42 million of a
total population of 215 million.1
Whereas in 2012 accounted for 14.40%, up 5.10%. It is therefore natural that the government put agriculture
as one of the excellent in promoting national development. The participation and contribution of the agricultural
community both domestically and abroad given the space and ample opportunity to push the pace of national
development. Conditions and the development of community participation in the development of the
agricultural sector through investments in the period since the post-economic crisis, to date, has shown a good
performance and is likely to increase, especially for capital investment through the Domestic Investment (DCI)
and the Foreign Investment (FDI). Realized investment (BKPM 2013) in this sector over the last five years
(2008-2012), the cumulative reach Rp 32.06 trillion (12% of total national domestic investment). As for the
foreign investment reached USD 3.58 billion (4.17% of total national foreign investment).2
According to the Indonesian Chamber of Commerce (Kadin), the growth of agribusiness exports in 2012
compared to 2011 grew by 10%. Of this sector, the largest contribution is obtained from the palm oil products.3
Based on data collected from the IDX recorded 12 companies engaged in the plantation sector and 8 of the
other sub-sectors, as shown in Table 1.
1
http://pphp.deptan.go.id/disp_informasi/1/1/0/160/kontribusi_sektor_pertanian_dalam_perekonomian.html
2
http://www.setkab.go.id/artikel-8545-.html
3
http://jaringnews.com/ekonomi/sektor-riil/32302/kadin-dorong-kontribusi-agribisnis-capai-target-pertumbuhan-
ekonomi
63
Table 1. Agribusiness Sector Issuers List 4

Sub Sektor Perkebunan
No. Code Name of Issuer
1 AALI PT. Astra Agro Lestari, Tbk.
2 BWPT PT. BW Plantation, Tbk.
3 GZCO PT. Gozco Plantation, Tbk.
4 JAWA PT. Jaya Agra Wattie, Tbk.
5 LSIP PT. PP London Sumatra Indonesia, Tbk.
6 MAGP PT. Multi Agro Gemilang Plantation, Tbk.
7 PALM PT. Provident Agro, Tbk.
8 SGRO PT. Sampoerna Agro, Tbk.
9 SIMP PT. Salim Ivomas Pratama, Tbk.
10 SMAR PT. Sinar Mas Agro Resources & Technology, Tbk.
11 TBLA PT. Tunas Baru Lampung, Tbk.
12 UNSP PT. Bakrie Sumatera Plantation, Tbk.
Sub Sektor Peternakan
1 CPDW PT. Cipendawa, Tbk.
2 MBAI PT. Multibreeder Adirama Ind., Tbk.
Sub Sektor Perikanan
1 CPRO PT. Central Proteinaprima, Tbk.
2 DSFI PT. Danasupra Erapasific, Tbk.
3 IIKP PT. Inti Kapuas Arowana, Tbk.
Sub Sektor Lainnya
1 BISI PT. Bisi International, Tbk.
2 BTEK PT. Bumi Teknokultural Unggul, Tbk.
3 CKRA PT. Citra Kebun Raya Agri, Tbk.
Source: http://sahamok.com/pasar-modal/emiten/sektor-pertanian
Based on the results of the mapping, there are 4 companies with a total percentage of 66.25% of planting
area, namely PT. Salim Ivomas Pratama Tbk. (SIMP), PT. Astra Agro Lestari Tbk. (AALI), PT. London
Sumatra Indonesia Tbk. (LSIP) and PT. Sinar Mas Agro Resources & Technology Tbk. (SMAR). Based on a
comparative analysis of the BCG Matrix method is seen that PT. Astra Agro Lestari Tbk. is a leading issuer
that today, where the business is very interesting market, but unfortunately the business strength is weak. This
was followed by a decline in earnings by 1.80%.5
I.2. Formulation of Problem

From the foregoing, it is seen that the PT. Astra Agro Lestari Tbk. need to examine how their competitiveness.
Therefore, in this paper will discuss how the model of competitiveness PT. Astra Agro Lestari Tbk. when
analyzed with Porter's Five Forces?
I.3. Aim of Discuss

The purpose of this paper is:
1. Provides an overview of the company's competitiveness plantation sub-sector.
2. Looking at the future prospects of the company.
4
http://sahamok.com/pasar-modal/emiten/sektor-pertanian
5
M. Hudori, Amar Sukirno, dkk, (2013), Pemetaan Strategi Industri dan Daya Saing Pada Sektor Industri Agribisnis,
Program Magister Teknik Industri Universitas Mercu Buana, Bekasi
64
I.4. Limitation of Problem

Competitiveness analysis is done by considering the extent of the problem as follows:
1. Only on PT. Astra Agro Lestari Tbk.
2. Analysis based on the Company's Annual Report 2012 and other sources from the internet site.
3. Competitiveness analysis using Porter's Five Forces.
II. Company Profile

PT. Astra Agro Lestari Tbk. is a leading oil palm plantation company in Indonesia which has been established
since 32 years ago. Commitment to always produce palm oil (CPO) of high quality to meet the needs of the
market both at home and abroad. The company has listed its shares on the Jakarta Stock Exchange (JSX)
and the Surabaya Stock Exchange (SSX) which has now been integrated into the Indonesian Stock Exchange
(IDX), since December 1997.
Shareholding by public investors currently at 20.30%. AALI stock prices also continued to rise from the current
Rp 1,550 per share initial public offering (InitialPublicOffering / IPO) in 1997. Currently Rp 19,700 per share at
the close of trading on December 31st, 2012 at the Indonesian Stock Exchange (IDX).6
II.1. Operating Company Regions

The company's operational area covers eight provinces, namely Naggroe Aceh Darussalam, Riau, Jambi,
Central Kalimantan, East Kalimantan, South Kalimantan, Central Sulawesi and West Sulawesi with a total area
of 272,994 hectares of planted area. Spread of plantations in detail can be seen in Table 2.
Table 2. Areal Spread Plantation PT. Astra Agro Lestari Tbk.
Plant Produce Plant Before-produce Total Planted Area
No. Province
(Ha) (Ha) (Ha)
1 Nanggroe Aceh Darussalam 7,928 3,754 11,682
2 Riau 56,876 5,025 61,901
3 Jambi 33,178 - 33,178
4 Kalimantan Tengah 51,755 1,252 53,007
5 Kalimantan Timur 37,004 7,099 44,103
6 Kalimantan Selatan 4,440 15,309 19,749
7 Sulawesi Barat 29,782 1,975 31,757
8 Sulawesi Tengah 13,467 4,150 17,617
Total 234,430 38,564 272,994
Source: Annual Report PT. Astra Agro Lestari Tbk. 2012
II.2. Composition of Revenues

In 2012 PT. Astra Agro Lestari Tbk. posted a net profit of Rp. 2.45 trillion, down by 1.80% compared to the
year 2011 amounting to Rp. 2.50 trillion. However, profits from the company is still the highest compared to the
three main competitors, namely PT. Salim Ivomas Pratama Tbk. of Rp. 1.52 trillion, PT. PP London Sumatra
Indonesia Tbk. of Rp. 1.12 billion and PT. Sinar Mas Agro Resources & Technology Tbk. of Rp. 2.18 trillion.
The company's revenue in 2012 is supported from the sale of palm oil (CPO) of 90.20%, palm kernel (PK) of
9.20% and 0.60% of other commodities. The revenue contribution of palm oil rose by 2.15% from the previous
6
Annual Report PT. Astra Agro Lestari Tbk. 2012
65
year, ie 88.30%. While the contribution of revenue from palm kernel (PK) down 18.58% from the previous year,
ie 11.58%. Other commodities increased contribution of 33.33% from the previous year, which is 0.40%.
In terms of marketing, pendapapatan is still dominated by revenues from the domestic market, which is
97.10%, up by 1.78%. The rest of 2.90% of the export market that declined from the previous year amounted
to 63.04%.
The composition of sales revenue is graphically shown in Figure 1.
Figure 1. Composition of Revenue Sales PT. Astra Agro Lestari Tbk.7
II.3. Stock Price Performance During the Period 2011 – 2012

An investor who invested in the company will receive a return on their shares. The higher the earnings per
share that the company will give you a pretty good returns. This will encourage investors to invest greater so
the company's stock price will rise.
Stock prices also reflect the value of a company. If the company achieved a good performance, then the
shares of the company will be in great demand by investors. Achieved very good results can be seen in the
company financial statements published by the company (issuer). Issuer is obliged to publish financial
statements on a particular period. This financial report is useful to investors to assist in making investment
decisions, such as selling, buying, or planting stock.
Most investors before investing, they do exactly the first analysis of the issuer's financial information. In
conducting the analysis, investors often use information net income, as net income as an indicator in view of
the company's ability to pay dividends.8
Similarly, PT. Astra Agro Lestari Tbk., Decrease in net income earned also affect the price of its shares on the
IDX.
Recorded bring to closing 2011's first quarter, the company's stock price is valued at Rp. 22,700 per sheet.
The prices fluctuate each quarter and closed at Rp. 19,700 per sheet at the end of 2012. Nevertheless, the
share price is still much higher than in the three main competitors who only stands at Rp. 1,400 – Rp. 6,500
per sheet.9
Stock price performance of PT. Astra Agro Lestari Tbk. during the period 2011 – 2012 is graphically shown in
Figure 2.
7
8
http://makalahdanskripsi.blogspot.com/2009/03/pengaruh-laba-perlembar-saham-terhadap.html
9
M. Hudori, Amar Sukirno, dkk, (2013), Pemetaan Strategi Industri dan Daya Saing Pada Sektor Industri Agribisnis,
Program Magister Teknik Industri Universitas Mercu Buana, Bekasi
66
Figure 2. Stock Price Performance PT. Astra Agro Lestari Tbk. During the Period 2011 – 201210
III. Review of Literature

III.1. Competitiveness
Competitiveness is motivation in a person to be able to win a competition, to do better, try better than anyone
else in the vicinity. Someone who has a high competitiveness, will always try to work better, withstand the
various conditions, obstacles and can adjust with the environment works.
According Sumihardjo (2008) states that the term competitiveness with competitiveness or competitive. While
the term competitive advantage with competitive advantage. Furthermore, the combined term competitiveness
of the word "power" in a meaningful sentence competitiveness strengths, and the word "competitiveness"
means more than the other, or different from the others in terms of quality, or have certain advantages. That is,
the competitiveness can be significantly strength to strive to excel in certain things that a person, group or
institution.
In general it can be said that competitiveness is an intrinsic part of the self-motivated person to work better,
faster and more accomplished of the group members. High competitiveness is an effort one can optimally, to
achieve better and faster when compared with their peers in an organization or group.
Competitive advantage is a specific activity that was developed by a person, institution, organization or
company that is superior compared to people, institutions and other organizations or competitors. The word
"superior", based on the opinion Sumihardjo (2008), is the relative position of the organization to another
organization or person's position relative to others. A similar sentiment was expressed Agus Rahayu (2008)
which states, that advantage is the relative position of an organization against other organizations, both to the
organization, some organizations or entire organization in an industry or a person's relative position as the
leader of the other leaders. On the market perspective, the relative position generally associated with
customer value (customer value). While the organization's perspective, the relative position generally
associated with better organizational performance or higher.11
10
11
http://digilib.unila.ac.id/246/9/Bab_II_Tesis.pdf
67
III.2. Porter’s Five Forces

According to wikipedia, Porter’s Five Forces analysis is a framework for industry analysis and business
strategy development developed by Michael Porter of the Harvard University School of Business in 1979.
He said there are five forces that determine the competitive intensity in an industry, which is:
1. Threat of substitute products
2. Threat of competitors
3. Threat of new entrants
4. Bargaining power of suppliers
5. Bergaining power of customers12
The powers, visually seen in Figure 3.
Figure 3. Porter’s Five Forces
IV. Analysis and Discussion

IV.1. Existing Rivalry
Currently plantation industry is experiencing its heyday. Quite a lot of investors who invest in this sector. It is a
challenge for PT. Astra Agro Lestari Tbk. Currently there are 11 companies listed there are others that are
listed on the IDX which produces a kind of refined products as shown in Table 3.
12
http://id.wikipedia.org/wiki/Analisis_lima_kekuatan_Porter
68
Table 3. List of Plantation Companies Listed on the IDX 13
No. Code Name of Company

1 BWPT PT. BW Plantation, Tbk.
2 GZCO PT. Gozco Plantation, Tbk.
3 JAWA PT. Jaya Agra Wattie, Tbk.
4 LSIP PT. PP London Sumatra Indonesia, Tbk.
5 MAGP PT. Multi Agro Gemilang Plantation, Tbk.
6 PALM PT. Provident Agro, Tbk.
7 SGRO PT. Sampoerna Agro, Tbk.
8 SIMP PT. Salim Ivomas Pratama, Tbk.
9 SMAR PT. Sinar Mas Agro Res. & Tech., Tbk.
10 TBLA PT. Tunas Baru Lampung, Tbk.
11 UNSP PT. Bakrie Sumatera Plantation, Tbk.
Besides, there are 16 state-owned companies (BUMN) in the plantation sector as shown in Table 4.
Table 4. State-owned Plantation Company 14
No. Code Name of Company

1 PTPN I PT. Perkebunan Nusantara I
2 PTPN II PT. Perkebunan Nusantara II
3 PTPN III PT. Perkebunan Nusantara III
4 PTPN IV PT. Perkebunan Nusantara IV
5 PTPN V PT. Perkebunan Nusantara V
6 PTPN VI PT. Perkebunan Nusantara VI
7 PTPN VII PT. Perkebunan Nusantara VII
8 PTPN VIII PT. Perkebunan Nusantara VIII
9 PTPN IX PT. Perkebunan Nusantara IX
10 PTPN X PT. Perkebunan Nusantara X
11 PTPN XI PT. Perkebunan Nusantara XI
12 PTPN XII PT. Perkebunan Nusantara XII
13 PTPN XIII PT. Perkebunan Nusantara XIII
14 PTPN XIV PT. Perkebunan Nusantara XIV
15 RNI PT. Rajawali Nusantara Indonesia
Not to forget also foreign companies enliven this business. There are at least 12 foreign companies from
seven countries that invest in the plantation industry. Foreign companies are shown in Table 5.
There are also private companies are in the business of national estates and scattered in several large islands
such as Sumatra, Kalimantan, Sulawesi and Papua.
13
http://sahamok.com/pasar-modal/emiten/sektor-pertanian
14
http://www.bumn.go.id/daftar-bumn
69
Table 5. Foreign Investors in Plantation Industry 15
No. Country Name of Company

1 Malaysia Guthrie Bhd.
2 Malaysia Golden Hope Bhd.
3 Malaysia KL Kepong Bhd.
4 Malaysia Sime Darby Bhd.
5 Malaysia Kulim Bhd.
6 Great Britain Rea Holding
7 Great Britain MP Evans Group Plc.
8 Belgie SA Sipef NV
9 Luxemburg Socfinasia SA Plantation
10 Singapore Wilmar Holding
11 USA Hindoli-Cargill Inc.
12 Srilangka Carson Cumberbatch & Co. Ltd
IV.2. Threats of New Entrants

Companies who want to enter the plantation industry is required to issue a large investment because of the
scale of business in plantations are large and labor-intensive, so that the palm oil sector provides a huge
barrier to entry.
Several factors main barrier to entry is:
1. Availability of vast land.
2. Labor requirements are pretty much.
3. Production of palm oil plantations will be optimal and efficient when done in the tropics. Therefore, not
many areas that can develop oil palm plantations with a very large scale such as in Indonesia and
Malaysia.
4. Another factor which a barrier is related land clearing permits, environmental issues and climate change.
IV.3. Bergaining Power of Customers and Suppliers

As a commodity product, the palm oil trade is regulated by the commodity market, both nationally and
internationally. Ministry of Commerce (Ministry) will change its policy determination Levy (LB) on Crude Palm
Oil (CPO). Export Fixing Price (EFP/HPE) portion will take a lot more than the futures commodities exchange
in Jakarta which has been referred to the Rotterdam and Kuala Lumpur.
Deputy Minister of Trade, Bayu Krisnamurthi said that while the portion going to wear a larger local futures
commodities exchange, the government will still use the reference prices for Kuala Lumpur and Rotterdam
CPO prices.
"We recently issued a new policy on June 20th, 2013. Stipulation EFP (HPE) we change the oil. During the
average price there is no weighting. So starting July 1st, 2013 was 60% using the Jakarta Commodities
Exchange Jakarta, the Kuala Lumpur Commodities Exchange 20% and the Rotterdam Commodities Exchange
20%." Bayu said during the discussion with the media at the Ministry of Commerce in Jakarta, Friday
(06/07/2013).
Through the plan CPO reference price to the local futures commodities exchange, futures trading volume
expected in the CPO market in the country continues to rise. So will automatically futures commodites
exchange in the country could be considered important, which would eventually shift the physical market
15
http://www.rmol.co/read/2012/09/22/79005/Perkebunan-Sawit-Indonesia-Dikuasai-Tujuh-Negara-
70
Rotterdam. Indonesia is still referring to the international CPO prices in the physical market Rotterdam
Netherlands.16
Therefore the power of buyers is not enough to influence the market can affect prices. Similarly, suppliers are
able to act too real in influencing the market.
IV.4. Threat of Subtitute Product

Vegetable oils (vegetable oils) and animal oils (oils and fats) are part of the biological oil (edible oil and fats).
Vegetable oil in the world market traded 13 types of vegetable oil, while the oil in the world market animal
marketed four types of oil. Biological grouping structure chart of oil in the world market, according to sources
such as the oil is presented in Figure 4.
Figure 4. Grouping of Biological Oil in World Markets

From these groupings, there are four main types of vegetable oil is palm oil, soybean oil, rapeseed oil and
sunflower seed oil. Share of the world trade volume of approximately 81% with an upward trend ranges from
1% – 1.5%/year (Oil World, 2011).
However, from the aspects of production, palm oil has a competitive advantage in the form of oil with the
highest productivity is ± 3.5 tons/Ha.Year. The three types of oil competitors who have oil productivity ranged
from 0.4 to 0.6 tons/Ha.Year (Buana, 2004).17
Thus seen that palm oil has a high competitiveness against other vegetable oils.
16
http://finance.detik.com/read/2013/06/07/143528/2267161/1036/harga-patokan-ekspor-sawit-akan-lebih-
banyak-merujuk-ke-jakarta
17
http://repository.ipb.ac.id/bitstream/handle/123456789/53253/BAB-II-Tinjauan-Umum-Minyak-Nabati-Dunia-
dan-MInyak-Kelapa-Sawit-Indonesia.pdf
71
V. Conclusion
From the discussion Porter's Five Forces on PT. Astra Agro Lestari Tbk. above, some conclusions can be
drawn as follows:
1. There are 11 competitors listed PT. Astra Agro Lestari Tbk., 15 state-owned (BUMN) and private
companies and foreign national.
2. Opportunities for new competitors to enter the plantation business will be easier if they have a large
capital, and permit large areas and sufficient labor.
3. Commodity prices are influenced by commodity markets products at home and abroad so that the
bargaining power of suppliers and customers is very low.
4. The subitute products of main products (palm oil) quite a lot, but the main product has the great potential
to beat the substitute products.
References
http://pphp.deptan.go.id/disp_informasi/1/1/0/160/kontribusi_sektor_pertanian_dalam_perekonomian.html
accessed on July 18th, 2013.
http://www.setkab.go.id/artikel-8545-.html, accessed on July 18th, 2013.
http://jaringnews.com/ekonomi/sektor-riil/32302/kadin-dorong-kontribusi-agribisnis-capai-target-pertumbuhan-
ekonomi, accessed on July 18th, 2013.
http://sahamok.com/pasar-modal/emiten/sektor-pertanian, accessed on April 6th, 2013.
M. Hudori, Amar Sukirno, dkk, (2013), Pemetaan Strategi Industri dan Daya Saing Pada Sektor Industri
Agribisnis, Program Magister Teknik Industri Universitas Mercu Buana, Bekasi.
Manajemen PT. Astra Agro Lestari Tbk., (2013), Annual Report PT. Astra Agro Lestari Tbk. 2012, Jakarta.
http://digilib.unila.ac.id/246/9/Bab_II_Tesis.pdf, accessed on July 19th, 2013.
http://id.wikipedia.org/wiki/Analisis_lima_kekuatan_Porter, accessed on July 19th, 2013.
http://www.bumn.go.id/daftar-bumn, accessed on July 19th, 2013.
http://www.rmol.co/read/2012/09/22/79005/Perkebunan-Sawit-Indonesia-Dikuasai-Tujuh-Negara-, accessed
on July 19th, 2013.
http://old.indonesiafinancetoday.com/read/37541/Mayoritas-Emiten-CPO-Gencar-Ekspansi-Lahan-dan-Pabrik,
accessed on July 19th, 2013.
http://finance.detik.com/read/2013/06/07/143528/2267161/1036/harga-patokan-ekspor-sawit-akan-lebih-
banyak-merujuk-ke-jakarta, accessed on July 19th, 2013.
http://repository.ipb.ac.id/bitstream/handle/123456789/53253/BAB-II-Tinjauan-Umum-Minyak-Nabati-Dunia-
dan-MInyak-Kelapa-Sawit-Indonesia.pdf, accessed on July 19th, 2013.
Grundy, T., (2006), Rethinking and reinventing Michael Porter’s five forces model, Strategic Change,
http://www.interscience.wiley.com.
Gabriel, E.O., (2006), APPLICATION OF PORTER’S FIVE FORCES FRAMEWORK IN THE BANKING
INDUSTRY OF TANZANIA: Determine, Develop and Deliver Competitively, The IMS International
Journal, India.
Arons, H.S., P. Waalewijn, (2000), A Knowledge Base Representing Porter's Five Forces Model, Erasmus
University Rotterdam, Rotterdam.
Munir, A., A.K. Saddozai, B. Khattak, et. al., (2011), Porter Five Forces Analysis of Pakistan Mobiles
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Ronquillo, T.A., (2012), Analysis of Competitiveness of Batangas State University College of Engineering
Using Porter’s Five Competitive Forces Model , AAEE 2012 Conference, Melbourne.
72

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Proceedings: 2nd International Conference on Adaptive and Intelligent Agroindustry (ICAIA)

ANALYSIS OF COMPETITIVENESS OF THE AGRIBUSINESS

Table 1. Agribusiness Sector Issuers List 4

I.2. Formulation of Problem

I.3. Aim of Discuss

I.4. Limitation of Problem

II. Company Profile

II.1. Operating Company Regions

II.2. Composition of Revenues

Figure 1. Composition of Revenue Sales PT. Astra Agro Lestari Tbk.7

II.3. Stock Price Performance During the Period 2011 – 2012

III. Review of Literature

III.2. Porter’s Five Forces

Figure 3. Porter’s Five Forces

IV. Analysis and Discussion

Table 3. List of Plantation Companies Listed on the IDX 13

No. Code Name of Company

No. Code Name of Company

Table 5. Foreign Investors in Plantation Industry 15

No. Country Name of Company

IV.2. Threats of New Entrants

IV.3. Bergaining Power of Customers and Suppliers

IV.4. Threat of Subtitute Product

Figure 4. Grouping of Biological Oil in World Markets

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