ANALISIS NILAI PERUSAHAAN PT CHANDRA ASRI PACIFIC TBK (TPIA) SEBELUM DIKELUARKAN DARI INDEKS MSCI.
Keywords:
MSCI Index, Financial Ratio Analysis, Company Value, Profitability, Liquidity, SolvencyAbstract
This study analyzes the company value of PT Chandra Asri Pacific Tbk (TPIA) based on its consolidated financial statements for the first quarter of 2026, within the context of the stock's exclusion from the MSCI index. The MSCI index is a globally influential benchmark for investment portfolio allocation in emerging markets, and removal of a stock from this index can trigger significant selling pressure from passive index investors. The research employs a descriptive quantitative approach using secondary data from TPIA's consolidated financial statements as of March 31, 2026. The analysis covers four financial ratio categories: profitability (GPM, NPM, ROA, ROE), liquidity (Current Ratio, Quick Ratio), solvency (DER, DAR), and activity (TAT, Inventory Turnover). Findings reveal that all financial ratios improved significantly compared to the same period in the previous year. GPM increased from 0.93% to 18.35%, NPM shifted from -3.79% to 8.53%, ROA rose from -0.19% to 1.65%, and ROE improved from -0.79% to 4.31%. The Current Ratio increased from 2.49 to 3.09 times, DER decreased from 1.65 to 1.58 times, while TAT and Inventory Turnover rose from 0.05 to 0.19 times and from 0.49 to 1.61 times, respectively. These findings indicate TPIA's fundamentals improved comprehensively, suggesting the MSCI exclusion reflects index mechanism consequences and passive investor behavior rather than deterioration of the company's financial health.
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