Just a few days past
in May, but the game difficulty has already switched from ‘easy’ to ‘hard’.
Yup, currently there are many stocks, especially in the second liner group,
which dropped significantly despite the Jakarta Composite Index (JCI) are not
moving anywhere. But some stocks, let’s say Indika Energy (INDY), it goes up, and in this case the hike can be
explained fundamentally, and that’s why we will discuss INDY here. Okay, here we go.
Cash Flow Analysis in (Simplified) Value Investing
If you used to read
company’s financial statement, you will know that the Indonesian standard
format of financial statement comes as: 1. Statement of Financial Position
(Asset, Liabilities, and Equities). 2. Statement of Profit and Loss (Revenue,
till Net Income). 3. Statement of Changes in Equities and lastly. 4. Statement
of Cash flows. Normally, if writer do a quick financial statement analysis, we
only look at asset changes to company’s net income, and seldom look to
Statement of Cash Flows, then the question comes. What is the difference between
Statement of Cash Flows and Statement of Profit and Loss? What if the company
made profits in Statement of Profit and Loss, but the cash received (stated in the
Statement of Cash flows) is smaller? Then, What if the company stated negative cash flows?
And so on.
Ristia Bintang Mahkotasejati
Ristia Bintang
Mahkotasejati (RBMS) is one of many property developers specializing in
residential building that listed on IDX, whose shares in recent years are
dormant after the company posted disappointing performances, in line with the
sluggishness of property industry itself. But in last 2017, RBMS acquired two
subsidiaries that operates in hotel industry and modest housing development,
and in 2018 the result begins to show up where RBMS at Quarter 1 posted
revenues of Rp24.5 billion, soaring over the same period in 2017 which is only
Rp551 million, and so is the share begin to appreciate, but on the other hand,
the valuation, at a glance, is still very cheap with PBV only 0.3 times. Future
prospects?
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