Perpustakaan Digital ITB

PT Tiga Pilar Sejahtera Food Tbk (TPSF) is a manufacturer and supplier of food products. The company offers products such as dried noodles, vermicelli, dry rice noodles, corn vermicelli, rice, palm oil, instant noodles and vermicelli, candy, biscuits and snacks, among others. PT Tiga Pilar Sejahtera Food Tbk (AISA) stock price has declining since case of alleged fraud in producing rice happened in July 2017. The incident resulted in fall stock price of AISA which had touched the level of IDR 2,200 on May 31, 2017, and remaining IDR 545 at the close of trading, February 22, 2018, total decline 75.4 percent. November 30, 2017, PEFINDO has lowered the rating for PT Tiga Pilar Sejahtera Food Tbk (AISA) and its Bond I/2013 to “idBBB” from “idA”. PEFINDO continuously revised the bond’s rating until July 5, 2018, PEFINDO has lowered the ratings of PT Tiga Pilar Sejahtera Food Tbk (AISA)’s Bond I/2013 and Sukuk Ijarah I/2013 to “idD” from “idCCC” due to its failure to pay coupon of these bond and sukuk due on July 5, 2018. The rating of Sukuk Ijarah II/2016 is maintained at “idCCC(sy)”. Indonesia Stock Exchange suspended the shares of PT Tiga Pilar Sejahtera Food Tbk. The suspension includes sanctions for the suspension of securities trading in both stocks and bonds throughout the market as of Thursday, 5 July 2018. This study aims to examine and analyze whether PT Tiga Pilar Sejahtera Food Tbk has the possibility of experiencing bankruptcy, related with the claim of the creditor of PT Tiga Pilar Sejahtera Food Tbk to PKPU (Postponement of Obligations of Debt Payment) at the commercial court level. In addition, this study aims to measure company performance over the past five years and assess whether the shares of PT Tiga Pilar Sejahtera Food Tbk have undervalued or overvalued than market value. This study uses the bankruptcy prediction method Altman Model Z-Score and Fulmer H-Score Model. Stock valuation assessment uses absolute valuation and relative valuation. Absolute valuation is calculated using the calculation of Discounted Cash Flow. Calculation of discounted cash flow using the Weighted Average Cost of Capital and Free Cash Flow to Firm. Relative valuation uses a enterprise value per EBITDA multiple compared to competitors in the same sector, the food and beverage sector. The results of the bankruptcy prediction method state that in 2017, companies are in a state of financial distress. Altman Z-Score assessed that in 2013-2016, PT Tiga Pilar Sejahtera was in a gray zone, while Fulmer H-Score assessed that in 2013 and 2017, company was in a state of temporary financial distress in 2014-2016 in a safe zone. Absolute valuation assesses PT Tiga Pilar Sejahtera Food Tbk's intrinsic value of IDR 175, compared to the stock price before the suspension valued at Rp 168, the company is undervalued.