Professional Documents
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Value Investing Ala LKH
Value Investing Ala LKH
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• Lukas Setia-Atmaja is Faculty Member at Prasetiya Mulya Business School, Vice Chairman of
Indonesian Institute for Corporate Directorship (IICD), and Independent Commissioner PT. Prodia
Widyahusada, Tbk
• He earned his Ph.D. in Banking and Finance from Monash University, Australia; and M.Sc. in Finance
from the University of Wisconsin at Madison, U.S.A.
• His teaching, consulting and research interests include corporate governance, corporate finance
and investment. His research has been published in quality International Journals.
• He was one of the Committee Member for Otoritas Jasa Keuangan (OJK) in formulating and
developing "The Corporate Governance Road Map in Indonesia“ in 2013.
• He is also financial columnist in Harian KONTAN, Harian Seputar Indonesia and several local
newspapers.
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LO KHENG HONG
ORANG MISKIN YANG JADI KAYA
WARREN BUFFETT DI BURSA EFEK INDONESIA
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Copyright Lukas Setia Atmaja - Dilarang
memperbanyak tanpa seijin pengarang
• Strategi Investasi Saham: value Investing, Growth
Investing, Contrarian Investing
• Pemahaman tentang keuangan korporasi (nilai
buku, harga pasar)
• Analisis fundamental praktis
• Metoda penilaian saham: PER, PBV, DCF, NAV
• Prinsip WB dan LKH dalam membeli dan menjual
saham
• Proses LKH memilih Value Stock: UNTR, MBAI,
TINS, dll
• Contoh kasus menganalisis value stock di BEI
IS TIME A FRIEND? EXAMPLE: BBRI
1 DAY 1 WEEK
Emotional
Intelligence
Skill
Knowledge
Copyright Lukas Setia Atmaja - Dilarang
memperbanyak tanpa seijin pengarang
• Analytical
• Decision Making
• Practice makes perfect
SKILL
Emotional Intelligence
Don’t panic
Exploit Mr. Market
Control Greed & Fear
Phillip Fisher
Peter Lynch
-Benjamin Graham
- Warren Buffett
TATO, FATO,
Inventory TO, Price Earnings Ratio
Collection Periods (PER), Price to Book
or DSO Value Ratio (PBV)
Asset/Equity
SMGR ROE
lebih tinggi
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Nilai intrinsik perusahaan adalah nilai sekarang dari
seluruh arus kas bebas perusahaan.
Required
Operating costs Financing Interest Firm Market
investments
and taxes Decisions Rates Risk Risk
Sales in operations
Revenues
Enterprise Value
• LKH tertarik membeli saham TINS karena pada tahun 2002 nilai
buku ekuitasnya Rp1,5 trilyun, sedangkan nilai pasar ekuitasnya
(kapitalisasi pasar) pada harga saham Rp290 hanya Rp150 milyar.
Namun laba bersihnya pada tahun 2002 hanya Rp11 milyar, turun
dari Rp37 milyar pada tahun 2011. Salah satu penyebabnya adalah
harga timah yang rendah. Ketika harga timah mulai membaik,
kinerja keuangan dan harga saham TINS juga terkerek naik.