Stock Valuation Analysis of Technology Sector Companies Listed in Indonesia Stock Exchange in the Year 2018-2022

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In the year 2018, Indonesia’s equity market experienced an IPO boom where there is a significant increase in the number of companies who went through initial public offering (IPO). In the next years, Indonesia IPO market continue to grow with no less than 50 companies going public each year, rendering Indonesia as the biggest IPO market in Southeast Asia since 2018. Indonesian IPO within the year 2018-2022 is dominated by four sectors, consumer, properties & real estate, basic materials, and technology. Though only the fourth largest IPO sector, the sector grew significantly by 240% and funds raised from technology companies IPO deals comprises 36% of total funds raised from IPO in 2018-2022. However, after a few years of trading, only 3 out of 24 technology sectors company are trading above their initial offering price and closing price of the first trading day. The decline in share price spreads evenly across the technology sectors companies that went public in 2018-2023 despite size and market capitalization. This research aimed to evaluate the values of technology sector companies who went public in the year 2018-2022 and analyze whether their current share price is undervalued or overvalued compared to the true value of the company. This study analyzed two aspects of company value, the relative value and the absolute value. The relative valuation of each sample company is conducted through comparable companies analysis and absolute valuation is conducted through discounted cash flows analysis. The sample of this research comprised of 22 technology sector companies that went through IPO within the year 2018-2022. The data used in this research is secondary data collected from the official website of each sample companies, Indonesia Stock Exchange, and Bloomberg Terminal. Based on the relative valuation conducted through comparable companies analysis, the current share price of NFCX, PGJO, CASH, DCII, EDGE, UVCR, RUNS, WGSH, and WIRG are overvalued in the market. On the other hand, the current share price of DIVA, LUCK, HDIT, TFAS, DMMX, GLVA, WIFI, ZYRX, BUKA, GOTO, AXIO, BELI, and NINE are undervalued in the market. Furthermore, based on the absolute valuation conducted through discounted cash flows analysis, the current share price of NFCX, TFAS, DMMX, PGJO, CASH, DCII, EDGE, RUNS, WIRG, and BELI are overvalued in the market and WGSH is fair valued in the market. On the other hand, the current share price of DIVA, LUCK, HDIT, GLVA, WIFI, ZYRX, UVCR, BUKA, GOTO, AXIO, and NINE are undervalued in the market.

Impact of Sharia Inclusion and Financial Ratios on Stock Price: An Analysis of Companies Listed in the SRI-Kehati Index (2014-2023)

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This study aims to analyze the impact of Sharia inclusion and financial ratios on the stock performance of companies listed in the SRI-Kehati Index during the period 2014-2019. The SRI-Kehati Index reflects companies committed to socially and environmentally responsible investment. Using panel data regression methods, this study evaluates how financial ratios such as the DAR , P/E , and ROE  affect stock prices. Macroeconomic variables like Gross Domestic Product (GDP) and inflation are used as control variables. The results indicate that being Sharia-compliant doesn’t significantly impact stock prices. Similarly, the DAR didn’t have a significant effect. On the other hand, the return-on-equity ratio had a positive significant impact on stock prices, showing that good management and strong financial health boost investor confidence and market performance. Conversely, the P/E ratio had a negative significant impact, likely because high P/E ratios raise concerns about overvaluation and the sustainability of high stock prices relative to earnings.

Proposed Business Strategy for PT AceInno Technologies to Increase Revenue by Implementing Software Test Automation Services

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This paper explores PT AceInno Technologies, the ways it has strengthened the company’s value that would allow differentiation and new business strategies to boost the company’s revenues and the trends in IT software testing industry. In the SWOT analysis, business strength is characterized by high customer satisfaction and stability of the market; in the TOWS analysis, possibilities for development are long-term partnership with clients, and increasing effectiveness of time and test automation; in PESTEL analysis legal actions are discussed as a threat to the business; some risks which may be minimized are delays with time and poor test coverage. Some of them include; Employing the use of AI and other advanced test automation tools, diversification of services, constant feedback with clients to enhance the existing relations. Adjacent expansion, efficient operations, and constant training of employees can also be seen as the proposed business strategy to sustain competitive advantage. Thus, the integration of AI-augmented capabilities and innovative functions in PT AceInno Technologies allow it to create unique opportunities to improve the quality of services, generate new growth points, and become a market leader. Further research should investigate the impact and success of employing AI-supported QA in general and the consequences of enhancing the quality assurance process on the customers’ satisfaction and loyalty in the long term.

Nanosponges Overview on Novel Drug Delivery Formulation

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Targeting the drug to a particular site to reduce the drug toxicity requires a special drug delivery system.

Nanosponges are tiny particals with porous cavities to facilitate drug substances. Nanosponges efficiently transport both hydrophilic and lipophilic drug substances the present manuscript focus method of preparation, mechanism of drug release, evaluation and application of nanosponges.

 

The Interplay of Digital Maturity, Financial Performance, and Stock Returns in Indonesian Publicly Listed Banks

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Indonesia’s banking sector is undergoing a digital transformation driven by Industry 4.0. This study examines how digital maturity and financial performance, measured by Return on Assets (ROA) and Net Interest Margin (NIM), influence the stock performance of publicly traded Indonesian banks. Employing a quantitative approach, this study measures digital maturity by analyzing the frequency of technology-related terms in annual reports using NVivo software. Panel data regression with EViews software is then used to assess the impacts of digital maturity, ROA, and NIM on stock performance. The study reveals a positive and statistically significant relationship between ROA and stock returns, while digital maturity and NIM do not exhibit statistically significant effects. These findings suggest that investors prioritize financial strength and efficient asset management over digital activities when evaluating bank performance. The study concludes that digital maturity alone does not significantly influence stock returns, highlighting the need for banks to effectively translate digital initiatives into tangible financial benefits and clearly communicate these outcomes to investors. This research contributes to the existing body of knowledge on digital transformation and financial performance in the banking sector, offering valuable insights for investors and bank management decision making.

Analysis of Vousinas Fraud Hexagon Theory on the Detection of Financial Statement Fraud in Service Companies Listed on Indonesia Stock Exchange (IDX) 2018-2022

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The aims of this research was to identify and determine the influence of financial targets, external auditor quality, total accruals to total assets, CEO educational background, managerial ownership, political relations, and cooperation with government projects on financial statement fraud in Infrastructure, Utilities and Transportation Sector Service Companies Listed on the IDX 2018-2022, both partial and simultaneous influence, also moderated influence by internal control system. This research is explanatory research design with the sampling technique used purposive sampling. The population in this research is companies in infrastructure, utility and transportation sector listed on IDX with total 79companies. The research sample was obtained with total 44 companies. The type of data used is secondary data with data analysis techniques used panel data regression models and moderated regression analysis (MRA) through Eviews 10 software. This research found that Financial Target, External Auditor Quality, CEO Educational Background, Political Connection have a significant effect on Financial Statement Fraud in Infrastructure, Utilities and Transportation Sector Companies listed on the IDX. While Total Accrual to Total Asset, Managerial Ownership, and Cooperation with Government Project have no influence on Financial Statement Fraud. This study also found that Internal Control is able to moderates the relationship between Return on Asset, External Auditor Quality, Total Accrual to Total Asset, CEO Educational Background, Managerial Ownership, Cooperation with Government Project and Financial Statement Fraud in Infrastructure, Utilities and Transportation Sector Service Companies listed on the IDX.

Proposed Business Strategy in Improving Customer Base to Promote Company Growth (Case at PT. AKSI)

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The research explores Indonesia’s economic growth linked to investments, particularly in manufacturing facilities, which drive demand for supporting products like lighting. Exxent Lighting, focused on government street lighting, faces revenue fluctuations due to seasonal government purchasing patterns (Q1 and Q4 peaks, Q2 and Q3 lows). This study identifies the industrial sector as a viable market to address these revenue gaps. Using qualitative methods including interviews and market reports, the author analyzes market needs and conducts internal and external assessments using various marketing and business strategy frameworks. Findings reveal strong brand loyalty to market leaders, but declining satisfaction due to service failures, alongside cost efficiency pressures driving demand for alternative lighting solutions. Based on these insights, the study develops a tailored value proposition and proposes a new business model for Exxent Lighting to enhance competitiveness in the industrial market.

Applications of Fuzzy Decision Support Systems in Human Resource Management by using TOPSIS approach

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Objectives: To address the relevance of human resource management as well as the impact that the administration of this component of a company on the operation of that firm. In addition, to describe how to facilitate this process by making use of decision support systems, which are tools that can be applied to improve the results section.

Method: The theory that underpins the decision support systems is referred to as the TOPSIS (Technique for order of preference by similarity to ideal solution) approach, and it is a well-known method. In his paper, we discussed how the fuzzy and TOPSIS techniques will  be used to provide interesting results.

Findings: Applicability of fuzzy TOPSIS approach in effective HR Decision making process in the areas of planning and administrative management.

Novelty: The numerous beneficial properties of the fuzzy technique can be utilized in the field of human resource management. The use of the fuzzy- TOPSIS approach increases the selection performance of employers and makes managerial decision-making easier.

Modifying The Think Pair Share Technique based on The Metacognitive Reading Strategy to Enhance Students’ Reading Comprehension

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A more effective teaching approach often emerges when the limitations of one technique are addressed by integrating another. The Think-Pair-Share Technique, while valuable, has its limitations, which can be effectively mitigated by incorporating the Metacognitive Reading Strategy. This study aims to determine the significant difference in reading comprehension achievement between students taught using a modified Think-Pair-Share technique based on the Metacognitive Reading Strategy and those taught with the original Think-Pair-Share technique. Using a quasi-experimental research design and quantitative methods, the study involved two classes from SMA N 12 Bandar Lampung, each consisting of 30 students. Data were analyzed using the Statistical Package for the Social Sciences (SPSS) version 22. The results indicate that while both classes showed improvements in reading comprehension, the experimental group, which used the modified Think-Pair-Share technique based on the Metacognitive Reading Strategy, demonstrated a significantly greater improvement compared to the control group. The t-value is 4.625 with a significance level of 0.000, which is below the 0.05 threshold. Thus, it is concluded that the modified Think-Pair-Share technique based on the Metacognitive Reading Strategy significantly enhances students’ reading comprehension.

Analysis and Development of Clarity Project Marketing Strategy XYZ Insurance

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XYZ Insurance, a new entrant in the Indonesian insurance sector, aims to differentiate itself through a customer-centric approach with its “Clarity Project.” This initiative seeks to simplify insurance communication and enhance customer comprehension, addressing common industry challenges. However, the project’s effectiveness varies across sales channels. This research investigates the implementation and optimal marketing strategy for the Clarity Project through internal and external environmental analysis, SWOT analysis, and qualitative interviews with customers and management. The findings underscore the need for tailored marketing strategies for each sales channel, continuous customer research, and data-driven decision-making to optimize the project’s impact and drive sustainable growth. The study’s insights are relevant not only to XYZ Insurance but also to the broader insurance industry, emphasizing the importance of clear communication, customer focus, and appropriate marketing strategies for success in a competitive market.