PT.Tiga
Pilar Sejahtera Food Tbk.
COMPANY
PROFILE
Tiga Pilar Sejahtera Food Tbk , PT is located in 1/F ALUN GRAHA Jln Prof Dr Supomo No 233 ; Jakarta ;
Jakarta ; 12870. It has been listed as public Limited Company since January
26 , 1990 and publicly listed in the
Indonesia Stock Exchange since 2003 with total employees of 2,059 people.
Food manufacturing division has always been
the Company’s business main driver, however, the agribusiness and rice division
are catching and growing up rapidly in terms of profit
COMPANY ANALYSIS
According to the Consolidated – Audited financial
statement for the Year of 2011, total net operating revenues increased with
148.55% from IDR 705,219.8 millions to IDR 1,752,802.05 millions. Operating
result increased from IDR 126,389.81 millions to IDR 299,564 millions which
means 137.02% change. The results of the period increased 67.30% reaching IDR
126,906 millions at the end of the period against IDR 75,857.17 millions last
year. Return on equity (Net income / Total equity) went from 12.86% to 6.92%,
the Return On Asset (Net income / Total Asset) went from 3.92% to 3.53% and the
Net Profit Margin (Net Income / Net Sales) went from 10.76% to 7.24% when compared to the same
period of last year. The Debt to Equity Ratio (Total Liabilities / Equity) was
99.07% compared to 228.26% of last year. Finally, the Current Ratio (Current
Assets / Current Liabilities) went from 1.29 to 1.89 when compared to the
previous year.
Analysis
of Financial Condition
Liquidity
analysis
2005
1. Current Ratio
=Current Assets/Current liabilities
=Rp142,050,426,149/Rp173,793,801,342
=0.8173
2. Quick Ratio(Acid Test Ratio)
=(Current Assets-Inventory)/Current
Liabilities
=(Rp142,050,426,149-Rp51,092,934,872)/Rp173,793,801,342
=0.5233
3.Cash Ratio
=(Cash +
Marketable Securities)/Current Liabilities
=(Rp13,886,283,418+Rp12,500,000,000)/Rp173,793,801,342
=0.1518
2006
1. Current Ratio
=Rp170,544,505,365/Rp157,839,726,620=1.0804
2. Quick Ratio (Acid Test Ratio)
=(Rp170,544,505,365-Rp74,614,649,710)/Rp157,839,726,620=0.6077
3. Cash Ratio
=(Rp13,999,481,149+Rp21,185,252,120)/Rp157,839,726,620=0.2229
2007
1.Current Ratio
=Rp226,961,019,957/Rp301,803,844,913=0.7520
2.Quick Ratio
=(Rp226,961,019,957-Rp109,426,065,881)/Rp301,803,844,913=0.3894
3.Cash Ratio
=(Rp14,709,469,752+Rp10,959,341,809)/Rp301,803,844,913=0.0850
2008
1.Current Ratio
=Rp318 bn /(Rp19
bn+Rp280 bn+Rp65 bn )=0.8736
2.Quick Ratio
=(Rp318 bn-Rp195
bn)/(Rp19 bn+Rp280 bn+Rp65 bn)=0.3379
3.Cash Ratio
=(Rp20
bn+Rp0)/(Rp19 bn+Rp280 bn+Rp65 bn)=0.0549
2009
1.Current Ratio
=Rp435 bn/(Rp25
bn+Rp219 bn+Rp127 bn)=1.1725
2.Quick Ratio
=(Rp435 bn-Rp235
bn)/(Rp25 bn+Rp219 bn+Rp127 bn)=0.5390
3.Cash Ratio
=(Rp20
bn+Rp0)/(Rp25 bn+Rp219 bn+Rp127 bn)=0.0539
2010
1.Current Ratio=Rp460 bn/(Rp47
bn+Rp213 bn+Rp127 bn)=1.1886
2.Quick Ratio=(Rp460 bn-Rp274
bn)/(Rp47 bn+Rp213 bn+Rp127 bn)=0.4806
3.Cash Ratio=(Rp17 bn+Rp0)/(Rp47
bn +Rp213 bn+Rp127 bn)=0.0439
Efficiency
ratio (In IDR)
1.
Inventory turnover ratio =
Year :
2005 : 190,296,714,783 /
51,092,934,872 = 3.725
2006 : 290,509,184,167 /
74,614,649,710 = 3.893
2007 : 182,622,079,631
/ 143,972,511,097 = 1.268
2008 :
212,548,937,444 / 230,806,797,398 =
0.92
2009 : 380,216,823,762 /
235,350,313,196 = 1.615
2010 : 521,405,000,000
/424,331,967,809 = 1.229
2011: 1,330,461,000 /
331,899,000,000 = 4.008
2.
Day’s sales inventory ratio =
Year :
2005 : 365 days
/ 3.714 = 98.277
2006 : 365 days
/ 3.886 = 93.927
2007 : 365 days
/ 1.667 = 218.956
2008 : 365 days
/ 0.921 = 396.308
2009 : 365 days
/ 1.615 = 226.006
2010 : 365 days
/1.23 = 296.748
2011 : 365 days
/ 4.01 = 91.022
3.
Accounts receivable
turnover ratio =
Year :
2005 :
229,972,896,777 / 56,874,432,155 =
4.04
2006 :
333,455,479,415 / 60,813,111,287 =
5.48
2007 :
449,870,479,242 / 81,103,228,192 =
5.545
2008 :
281,949,068,550 / 61,793,743,333 =
4.56
2009 :
533,194,383,227 / 141,708,647,028 =3.76
2010 :
705,218,823,454 / 161,000,282,918 =
4.38
2011 :
1,752,802,000,000 / 161,001,000,000 = 10.886
4.
Day’s sales outstanding ratio =
Year :
2005 : 365 / 4.04
= 90.346
2006 : 365 /
5.48 = 66.606
2007 : 365 /
5.545 = 65.825
2008 : 365 /
4.56 = 80.043
2009 : 365 /
3.76 = 97.074
2010 : 365 /
4.38 = 83.3
2011 : 365
/10.886 = 33.529
5.
Total assets turnover ratio =
Year :
2005 :
229,972,896,777/ 337,785,756,494 =
0.68
2006 :
333,445,479,415/170,644,605,365 =
1.954
2007 :
499,870,479,242 / 225,961,019,957 =
2.21
2008 :
281,949,068,550 / 891,871,407,269 =
0.316
2009 : 533,194,383,227
/ 1,568,829,094,876 = 0.34
2010 :
705,220,000/1,936,950,000 =
0.364
2011 :
1,752,802,000,000 / 3,550,309,000,000 =
0.493
6.
Fixed assets turnover ratio = 
Year :
2005 :
229,972,896,777/ 197,812,061,862 = 1.162
2006 :
333,445,479,415/ 177,231,356,184 =
1.881
2007 :
499,870,479,242 / 275,605,568,821 = 1.813
2008 :
281,949,068,550 / 368,745,976,842 = 0.765
2009 : 533,194,383,227
/ 548,572,112,785 = 0.971
2010 :
705,220,000,000/ 620,042,872,163 =
1.137
2011 :
1,752,802,000,000 / 933,668,000,000 =
1.877
LEVERAGE RATIO
1.
Debt ratio =
Year :
2005 : 262,621,426,884 / 337,785,756,494 = 0.777
2006 : 268,636,088,858 /170,644,605,365 = 1.574
2007 : 404,544,624,432 / 225,961,019,957 = 1.790
2008 :
506,911,112,131 / 891,871,407,269 =
0.569
2009 : 925,855,765,475
/ 1,568,829,094,876 = 0.59
2010 :
1,346,881,121,132/1,936,950,000,000 =
0.695
2011 : 1,757,492,000,000/ 3,550,309,000,000 = 0.495
2.
Debt to equity ratio = 
2005 : 262,621,426,884 / 95,055,222,994 =
2.762
2006 : 268,636,088,858 / 95,185,088,713 = 2.822
2007 : 404,544,624,432 / 110,944,813,274 =
3.646
2008 :
506,911,112,131 / 384,380,057,971 = 1.319
2009 : 925,855,765,475
/ 633,194,130,419 = 1.462
2010 :
1,346,881,121,132/ 575,762,727,845 =
2.339
2011 : 1,757,492,000,000/1,832,817,000,000 =
0.959
3.
Equity ratio =
2005 :
95,055,222,994 / 337,785,756,494 = 0.281
2006 : 268,636,088,858 / 170,644,605,365 =
1.574
2007 : 404,544,624,432 / 225,961,019,957 =
1.79
2008 :
506,911,112,131 / 891,871,407,269 = 0.568
2009 : 925,855,765,475
/ 1,568,829,094,876 =
0.59
2010 :
1,346,881,121,132/ 1,936,950,000,000 = 0.695
2011 : 1,757,492,000,000/3,550,309,000,000 =
0.495
4.
Equity multiplier=
Year :
2005 :
337,785,756,494 / 95,055,222,994 = 3.553
2006 : 170,644,605,365 / 268,636,088,858 =
0.635
2007 : 225,961,019,957 / 404,544,624,432 =
0.558
2008 :
891,871,407,269 / 506,911,112,131 = 1.758
2009 : 1,568,829,094,876
/ 925,855,765,475 = 1.694
2010 :
1,936,950,000,000 / 1,346,881,121,132 = 1.438
2011 :
3,550,309,000,000 / 1,757,492,000,000 = 2.020
5.
Times interest earned
ratio =
Year :
2005 :
27,146,026,920 / 24,937,678,284 = 1.088
2006
: 27,289,382,016 / 33,801,440,316 =
0.807
2007
: 35,898,699,689 / 34,184,939,899 =
1.050
2008
: 29,150,000,000 / 16,720,368,800 =
1.743
2009
: 102,629,366,190 / 59,928,359,942 =
1.712
2010
: 126,389,805,642/87,209,254,894 =
1.449
2011
: 307,852,000,000/117,908,000,000 =
2.611
PROFITABILITY RATIO
1.
Gross profit margin = 
Year
2005 :
(229,972,896,777 - 190,296,714,783) /229,972,896,777 = 0.172
2006 :
(333,455,479,415 - 290,509,184,167 ) / 333,455,479,415 =
0.372
2007 :
(449,870,479,242 - 182,622,079,631) /
449,870,479,242 = 0.594
2008 :
(281,949,068,550 - 212,548,937,444 ) / 281,949,068,550 = 0.246
2009 :
(533,194,383,227 - 380,216,823,762) / 533,194,383,227
= 0.286
2010 : (705,218,823,454
- 521,405,000,000)
/ 705,218,823,454 = 0.261
2011 :
(1,752,802,000,000 - 1,330,461,000,000) / 1,752,802,000
= 0.241
2.
Operating profit margin =
Year :
2005 :
27,146,026,920 / 229,972,896,777 =
0.118
2006 :
27,289,382,016 / 333,445,479,415 =
0.082
2007 :
35,898,699,689 / 499,870,479,242 =
0.072
2008 :
29,150,000,000 / 281,949,068,550 =
0.103
2009 :
102,629,366,190 / 533,194,383,227 =
0.192
2010 :
126,389,805,642/705,220,000,000 =
0.179
2011 : 307,852,000,000/1,752,802,000,000 =
0.176
Year :
2005 :
34,573,292,000/229,972,896,777 =
0.150
2006 :
129,865,719,000/333,455,479,415 = 0.389
2007 :
15,759,724,561/449,870,479,242 = 0.035
2008 :
16,260,000,000/281,949,068,550 = 0.057
2009 :
47,430,632,872/533,194,383,227 = 0.889
2010 :
61,131,567,496/705,218,823,454 = 0.087
2011 :
149,951,000,000/1,752,802,000,000 =
0.085
4.
OIROI=
Year
2005 :
27,146,026,920 / 337,785,756,494 =
0.080
2006 :
27,289,382,016 / 170,644,605,365 =
0.160
2007 :
35,898,699,689 / 225,961,019,957 =
0.159
2008 :
29,150,000,000 / 891,871,407,269 = 0.033
2009 :
102,629,366,190 / 1,568,829,094,876 =
0.065
2010 :
126,389,805,642/1,936,950,000,000 =
0.065
2011 : 307,852,000,000/3,550,309,000,000 =
0.087
5.
ROA =
Year :
2005 :
34,573,292,000/337,785,756,494 =
0.102
2006 :
129,865,719,000/170,644,605,365 =
0.761
2007 : 15,759,724,561/225,961,019,957 = 0.070
2008 :
16,260,000,000/891,871,407,269 =
0.018
2009 :
47,430,632,872/1,568,829,094,876 =
0.030
2010 :
61,131,567,496/1,346,881,121,132 =
0.045
2011 :
149,951,000,000/3,550,309,000,000 = 0.042
6.
ROE = 
2005 :
34,573,292,000/95,055,222,994 = 0.364
2006 :
129,865,719,000/95,185,088,713 =
1.364
2007 :
15,759,724,561/110,944,813,274 = 0.142
2008 :
16,260,000,000/384,380,057,971 = 0.042
2009 :
47,430,632,872/633,194,130,419 = 0.075
2010 :
61,131,567,496/575,762,727,845 =
0.106
2011 :
149,951,000,000/1,183,281,700,000 =
0.127
By these results
we can determine that stock price have positive correlation with these financial or
non-financial indicators. In the later literatures, the researchers move on to the
other indicators including dividend and ROE ratio.
CONCLUSION
We can conclude that PT
Tiga Pilar Sejahtera Food Tbk is a high quality company with a neutral outlook.
PT Tiga Pilar Sejahtera Food Tbk has strong business growth and is run by
passable management. The trend in PT Tiga Pilar Sejahtera Food Tbk fair value
exchange rate against its closest rated-competitor, PT Tiga Pilar Sejahtera
Food Tbk shows similar overvaluation and is equally likely to outperform the
market to
meet market demand for food products that continues to grow. TPS-Food has
always stressed the importance of a quality product and deliver value to
consumers and successfully achieved a leading position as a manufacturer of dried noodles and
vermicelli in Indonesia market.
