Analisis Performa Perusahaan PT. Pantai Indah Kapuk 2, Tbk Dibandingkan dengan Perusahaan Sejenis pada Saat Corporate Action

Abstract

Industri properti Indonesia mengalami penurunan setelah pandemi Covid-19, namun emiten PANI justru mengalami kenaikan harga saham signifikan. Pergerakan harga saham PANI menunjukkan terjadinya anomali, sehingga menarik untuk dianalisis oleh para investor. Penelitian ini bertujuan untuk menganalisis penyebab kenaikan harga saham melalui analisis corporate action serta analisis rasio keuangan dan intrinsik emiten PANI dengan emiten properti lainnya. Data yang digunakan yaitu prospektus right issue PANI dan laporan keuangan dari emiten PANI, MKPI, CTRA, BSDE, dan PWON dari tahun 2020-2023. Untuk melakukan analisis, diperlukan analisis corporate action, analisis teknikal, dan analisis fundamental. Hasil penelitian menunjukkan bahwa tujuan corporate action emiten PANI adalah untuk mengembangkan bisnis, yang berdampak positif terhadap sentimen investor dan menyebabkan peningkatan harga saham. Meskipun rasio keuangan PANI mengalami peningkatan, nilainya masih tergolong rendah dibandingkan emiten properti lainnya. Berdasarkan analisis nilai intrinsik, saham PANI dinilai overvalue, sehingga dikategorikan mahal. Hal ini menunjukkan bahwa kenaikan harga saham PANI tidak sejalan dengan performa keuangan perusahaan.

Indonesia's property industry has experienced a decline after the Covid-19 pandemic, but PANI has experienced a significant increase in share price. PANI's share price movement shows anomalies, making it interesting for investors to analyze. This study aims to analyze the cause of the increase in share price through corporate action analysis and analysis of financial and intrinsic ratios of PANI issuers with other property issuers. The data used are PANI’s right issue prospectus and financial statements from PANI, MKPI, CTRA, BSDE, and PWON from 2020- 2023. In order to analyze, corporate action analysis, technical analysis, and fundamental analysis are required. The results show that the purpose of PANI's corporate action is to develop its business, which has a positive impact on investor sentiment and causes an increase in share price. Although PANI's financial ratios have increased, the value is still relatively low compared to other property issuers. Based on intrinsic value analysis, PANI shares are overvalued, so they are categorized as expensive. This shows that the increase in PANI's share price is not in line with the company's financial performance.