Unraveling PT Cita Mineral Investindo: Growth Potential through Organic & Inorganic Strategies under Bauxite Export Ban

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Downstreaming has bring significant impact for Indonesia’s economy, with higher price on goods that were processed to gain a higher value, from IDR 17 trillion (USD 1,1 billion) at the end of 2014 to IDR 326 trillion (USD 20,9 billion) in 2021, Indonesia was able to boost the value of its nickel exports by up to 19 times. However, concerns arise as there may be a lack of clarity and confidence among investors on investment potential in Indonesia’s bauxite mining business, potentially leading to the failure on increasing added value due to the inadequate numbers of bauxite smelters to support the downstreaming process.

Bauxite export ban as part of Indonesia’s effort to downstream more minerals could lead PT Cita Mineral Investindo’s growth to plateau due to their main business is in bauxite mining with products of Metallurgical Grade Bauxite. It may affect its revenue stream negatively, and limit their potential to grow even further. Bauxite industry currently aligned with Indonesia’s plan to be a big player in EV production in the future, which could contribute to the production of aluminium material and key component to EV batteries. The study will examine the valuation of PT Cita Mineral Investindo with the scenarios of organic growth and inorganic growth in an effort to market and increase their domestic sales in order to quantify the opportunities that PT Cita Mineral Investindo may have in complying with the new regulations. The study will involve Financial Ratio Analysis to assess its business condition and DCF valuation will assess the enterprise value for both growth strategy. Sensitivity analysis is performed to identify the most factor influencing the enterprise value of the company.

The enterprise value of PT Cita Mineral Investindo in the organic growth scenario is valued at IDR 9.505.697.469.283 and in the inorganic growth scenario is valued at IDR 12.018.885.689.175. Tornado chart sensitivity analysis shows that the most influencing factors are WACC and terminal growth rate. PT Cita Mineral Investindo is valued higher when it uses an inorganic growth scenario. To achieve this, PT Cita Mineral Investindo must utilize inorganic growth through a set of joint-venture and strategic partnerships.

 

Funding Valuation to Support Disaggregation of Value Chain in HLMC Hospital Yogyakarta

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The economic cycle always goes through boom-and-bust cycles. When the economy slows down, the government will increase the money circulation; when the economy is heating up, the government will slow down the money circulation. In this regard, interest rates, credit control, currency policies, and so on play a role. The COVID-19 pandemic era accelerated the economic cycle relatively quickly. During the pandemic, the government provided massive stimuli to the economy, and during the recovery phase, the government tightened financial policies again. Such actions have made the global investment market experience tumultuous twists and turns. Corporate funding, which was relatively easier before, has become difficult. Companies once again have to adjust their business models to their original goals: value creation, generating profit and margin, and ultimately producing positive cash flow. Adapting to the changing demands of the business environment, shifting from a “growth at all costs” mindset to prioritizing “more sustainable profit,” companies must acknowledge that the essence of business activities is to generate real cash flow and tangible profits. This study compares different approaches to valuing companies: the Discounted Cash Flow (DCF), Revenue Multiple, and PE Multiples. DCF takes a valuation approach based on projections of the company’s future cash flows and real profits operationally, whereas revenue and PE multiples offer simpler valuation methods by emphasizing relative comparisons within similar industries. This simplification aids investors in evaluating potential profits when executing exit strategies. Therefore, the valuation method using DCF (Discounted Cash Flow) is not as aggressive as the valuation method using exit multiples, such as P/E (Price/Earnings) Multiple, let alone Revenue Multiple.  This research serves as a benchmark for the funding valuation method to support the disaggregation outlined by HLMC Hospital Yogyakarta in the field of skin, aesthetic, and wellness centers.

Revitalizing PT. Sindo Energy (SE): A Forward-Thinking Proposed Scenario Planning to Navigate Coal-Regulatory Changes and Ensure Sustainability

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Coal is a valuable natural resource that belongs to the Indonesian state and serves as a crucial raw material for fulfilling the country’s primary energy requirements. Starting from 2022, the Government has made a formal declaration to attain Net Zero Emissions (NZE) by the year 2060. Presidential Decree no. 112 of 2022 has been issued to expedite the development of renewable energy for electricity supply. One of the consequences of this decree is the discontinuation of coal-based power plants, reflecting the government’s dedication to transitioning to alternative energy sources in the future. Sindo Energy (SE) is a mining contractor services company that operates under the Indonesia Mining Alliances (IMA). It specializes in the coal industry and has a significant market share, contributing to a Gross Profit Margin of 93.43%. Naturally, projects that collaborate with SE are firms that own coal and so have the power to influence the overall business operations. This study aims to offer a comprehensive and enduring perspective on the potential future occurrences of scenario planning. The fundamental basis for creating the four scenarios, namely Believing Spirit (BS), Pioneer of Changes (PC), Truly Fighter (TF), and Chameleon Specialist (CS), involves identifying the major focal issues, driving reasons, and sources of uncertainty. This research outlines four scenarios that depict the projected industrial conditions in 2040. Each scenario presents different ramifications and possibilities, as outlined in the study. This research also generates pre-emptive indicators for SE business, which will subsequently prove valuable for corporations in formulating strategic measures that the company can adopt to confront potential situations in the face of future uncertainty, via implementation plans spanning a minimum of 15 years, in the upcoming year.

Metaverse Virtual Workplace Market Penetration Possibility in Indonesia for IT Services Provider

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Digitalization has revolutionized sociability, and enterprises have recognized the virtual universe as a solution for post-pandemic work-from-home. Metaverse virtual workplace, a novel networking technology, provides Indonesia a new economic potential. Indonesia, a booming market with rising financial growth, has experienced a huge change in technology usage, including Metaverse virtual workplace. Many big IT service providers see this as a chance to enter the Metaverse virtual workplace market. The analysis for the strategic decision is constructed using external analysis coming from secondary data along with discussions with SMEs and discussions with customers. The external analysis includes a macro environmental study utilizing PESTEL, Porter’s five forces, and customer analysis. Both SMEs and Customers’ discussions are qualitative assessments including subject matter expert interviews the decision maker from the IT service provider and present clientele. In the business-to-business market, the qualitative technique is utilized to understand sellers and customers. Using external studies, conversations, and sources, the author can determine if the market is viable. The first mover in the metaverse virtual workplace will gain the most benefit. Hence, the market penetrator must go to aim to be one, especially considering the low entry barrier of the market. These led the author to infer that Metaverse virtual workplace is a viable option and highly profitable market that can be entered as a new opportunity for IT Services Providers in Indonesia.

Optimization of Ultrasound-Assisted Extraction of Bioactive Compounds from Peel Jambolan and Application of the Extract in Soy Protein Films

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Este trabalho teve como objetivo otimizar a extração de compostos bioativos de cascas de jambolão utilizando extração assistida por ultrassom e desenvolver filme ativo a partir de isolado proteico de soja e extrato de casca de jambolão. Para tanto, avaliou-se o efeito do tempo de processo e da concentração do solvente sobre compostos fenólicos totais, atividade antioxidante e bacteriana do extrato. A partir das condições ideais desses parâmetros, filmes foram preparados e o efeito da adição do extrato nas propriedades mecânicas, atividade bacteriana e capacidade antioxidante dos filmes ativos foram avaliados. Os resultados mostraram que a alta concentração de etanol reduziu a extração dos compostos bioativos com atividade antioxidante da casca de jambolão, entretanto, a interação entre o tempo de extração e a concentração de etanol apresentou efeito positivo na extração desses compostos. O extrato com ação bactericida contra Staphylococcus aureus e Escherichia coli não foi obtido em condições otimizadas. A adição do extrato reduziu a resistência à tração do filme de SPI, mas aumentou sua elasticidade e capacidade antioxidante. Os filmes de extrato SPI + afetaram a integridade da membrana celular bacteriana de Staphylococcus aureus e Escherichia coli. Filmes de SPI com extrato de casca de jambolão podem ser uma alternativa para limitar processos oxidativos indesejáveis e inibir o desenvolvimento bacteriano em alimentos embalados.

How Do Islamic University Prevent Fraud: Do Leadership Style and E-Procurement Matter

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Internal control, and leadership style on fraud prevention at State Islamic Religious Universities in Indonesia. This study used the research subject, namely the Internal Supervisory Unit (SPI) at 58 PTKIN throughout Indonesia. The data used is primary data with a questionnaire technique that is distributed in the form of online, namely by using a google form which is sent via whatsapp to SPI PTKIN throughout Indonesia. The distribution of the questionnaire was carried out in two stages of filling out, namely 1) The First Phase, starting on June 15, 2022 to June 25, 2022, and 2) Phase Two, starting on June 30, 2022 until July 14, 2022. So that 102 respondents were obtained from 52 PTKIN. The analytical method used is multiple linear regression analysis which is processed using the SPSS version 25 program. Hypothesis testing is carried out simultaneously and partially, with the following results: (1) e-procurement implementation, internal control, and leadership style simultaneously affect fraud prevention, (2) e-procurement implementation has an effect on fraud prevention, (3) internal control has an effect on fraud prevention, and (4) leadership style has an effect on fraud prevention.

The Effect of Capital Adequacy, Non-Performing Financing, Efficiency, And Liquidity on Financial Performance in Sharia Commercial Banks in Indonesia

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This study aims to examine the effect of capital adequacy, non-performing financing, efficiency, and liquidity on the level of financial performance at Islamic Commercial Banks in Indonesia. This study is a population study with the number of companies studied as many as 13 Islamic Commercial Banks in Indonesia during the 2014-2019 observation period so that 75 observations are obtained. This study uses multiple linear analyses of panel data to analyze the data to be studied. This study empirically finds that CAR, NPF, BOPO, and FDR have a negative influence on the financial performance of Islamic banks.

The Importance of Artificial Intelligence in Modern Media Education Technologies in Institutions of Higher Education

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This scientific work provides information about the importance of artificial intelligence in modern media education technologies in institutions of higher education. Artificial intelligence in media education in Uzbekistan offers unique opportunities for students and educators. Initially, artificial intelligence (AI) is employed for personalizing the educational process by adapting learning materials to the individual needs of each student. This contributes to more effective comprehension of the material and improved academic performance.

Laboratory Study of Analysis of the Effect of ABS Surfactant Injection on Increasing Oil Recovery

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The decline in oil recovery in oil and gas fields is a problem that must be faced now and in the future along with the increasing need for petroleum energy. Increasing oil recovery reserves requires an advanced method, namely Enhanced Oil Recovery (EOR). Surfactants are one of the enhanced oil recovery (EOR) methods to increase oil recovery. This laboratory research will use a surfactant solution, namely ABS Surfactant (Alkyl Benzene Sulfonate). There are five concentrations for each surfactant, namely 0.3; 0.5; 0.75; 0.9; and 1% with the same salinity of 7,000 ppm. In this study, ABS surfactant was used because the surfactant has the characteristic of being able to reduce interfacial tension. This research carried out a phase behavior test to determine the stability of the emulsion with a measurement time of 7 days at a temperature of 80 °C. Making an ABS surfactant solution, 70% ABS fluid is available where the surfactant raw material will be mixed with brine with a salinity of 7,000 ppm. There are several stages carried out, namely density test, phase behavior, interfacial tension, and core flooding. After making a sample of the ABS surfactant solution, the second step was to carry out a density test using a DMA-4100 densitometer to determine the density of the ABS surfactant solution at temperatures of 30 °C and 80 °C. The third is a phase behavior test where the surfactant solution will be mixed with oil and then placed in an oven at a temperature of 80 °C for 336 hours to obtain emulsion results that are close to the midpoint so that the stability of the emulsion is more optimal. The fourth is to determine the IFT value with a surfactant sample that has the highest volume of microemulsion stability. Finally, the core flooding test is to determine how much oil is recovered from the sandstone when surfactant injection is carried out. In the IFT results, the ABS surfactant solution was able to reduce the interfacial tension well between oil and formation water in the reservoir, where the interfacial tension value was 0.0055654 dyne/cm. The results of core flooding with ABS surfactant with a concentration of 0.9% salinity of 7,000 ppm obtained a recovery factor of 14.545%.

A Comparative Study of the Toxicities and Local Recurrence of Conventional External Beam Radiotherapy versus Hypofractionated Radiotherapy in Breast Cancer Patients

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Introduction: Breast cancer is the most common cancer amongst women, which is treated by a multi-modality approach consisting of surgery, chemotherapy, radiotherapy, hormonal therapy, targeted therapy and immunotherapy.

Objective: The aim of the study is to compare the early and late treatment toxicities and the local recurrence following Conventional and Hypofractionated External Beam Radiotherapy in breast cancer patients after surgery.

Methods: A randomized study was conducted for two years including 150 patients. The patients were divided into two arms, with Arm-A receiving a total dose of 50Gy/25# and the Arm-B receiving 40Gy/16#.

Results: Early and late treatment toxicities were comparable in both the arms, except for skin toxicity which was more in the hypofractionated arm (Arm-B).  Local Recurrence was observed in Arm-A in 1 patient at Month 17 of follow-up, and in Arm-B at Month 13 in 1 patient and at Month 21 in 1 patient.

Conclusion: Hypofractionated radiotherapy given over a short period of time is comparable to Conventional fractionation radiotherapy without any significant statistical difference in terms of toxicities or local recurrence; with an added advantage of reduced treatment time, reduced duration of hospital stays, better patients’ compliance and reduced cost of treatment.