**SEE ICBP**

**(part two of two posts)**

At
the time of the IPO on October 7, 2010 the price of ICBP shares was set at Rp.
5,395 per share, so to get 10,000 pieces you had to spend funds worth (10,000
pieces x Rp. 5,955) = Rp. 53,950,000. ICBP Book Value (BV) itself at the time
of the IPO is Rp.415 / share, so the capital of Rp53,950,000 that you spend for
10,000 shares of ICBP is 13 (thirteen) times more expensive than the real value
of the company which should only be Rp4 .150,000.

On
July 26, 2016 ICBP conducted a stock split with a ratio of 1: 2, meaning that
every 1 share before the stock split is exchanged into 2 new shares after the
stock split, therefore the number of shares you have after the stock split
becomes as much as (10,000 pieces) x 2) = 20,000 sheets.

Pic : google image |

In
the span of 8 (eight) years, ICBP routinely distributed dividends, namely in
the period of 2011, d. 2016 (before the stock split) amounted to Rp1,170 /
share, so that in that period you get dividends in the amount of (Rp1,170 x
10,000 pieces) = Rp11,700,000.

2017
period d.d. 2018 (after the stock split) ICBP distributes dividends in the
amount of Rp.285 / share, thus the dividends you get in that period amount to
(Rp285 x 20,000 pieces) = Rp.5,700,000.

The
total amount of dividends you receive for 8 (eight) years in total is (Rp.
11,700,000 + Rp. 5,700,000) = Rp. 17,400,000, therefore your investment capital
in ICBP which was originally Rp. 53,950,000 has returned to Rp. 17,400,000 so
that the capital now only Rp. 36,550,000 is embedded with the same number of
shares, namely 20,000 pieces (post stock split).

After
your investment in ICBP has been running for 8 (eight) years, what are your
assets at ICBP now? what is the ICBP market capitalization on the stock that
you have? We count and examine.

Assets
consist of two components, namely equity (net capital) and liabilities
(liabilities / debt) as follows:

a.
Book
Value (BV) ICBP shares per quarter III-2018 (September 30, 2018) amounting to
Rp1,880 per share so that your equity in ICBP is worth (Rp1,880 x 20,000
pieces) = Rp37,600,000. With your investment capital in ICBP of Rp. 36,550,000,
your investment has made a profit (Rp. 37,600,000 - Rp. 36,550,000) =
Rp1,050,000 or 2.87%.

ICBP's own equity growth for 8 (eight) years
reached 453.01%, up from Rp415 per share to Rp1,880 per share, or an average
increase of 56.63% per year. Obtaining your profit based on an increase in BV
of only 2.87% for 8 (eight) years is of course very small compared to the
increase in BV ICBP, but this becomes reasonable considering that when you
first invest in ICBP you buy it 13 (thirteen) times more expensive than the
price should be.

b.
The
total ICBP liabilities / debt obligations per quarter III-2018 (September 30,
2018) amounted to Rp 11,896,918,000,000 so that the liabilities / debt
obligations per ICBP share were equal to Rp1,020.15. Thus the debt that is
borne by you for 20,000 shares of ICBP is equal to (Rp1,020.15 x 20,000 shares)
= Rp20,403,000.

When compared with your equity of Rp.
37,600,000, if ICBP is declared bankrupt and repays all its debt (by selling
assets), you do not bear the debt, you still get a difference of more than Rp.
17,197,000.

If the above conditions really occur, of
course you will incur a loss of (IDR 36,550,000 - IDR 17,197,000) = Rp.
19,353,000. However, considering that ICBP is one of the best companies in
Indonesia, the possibility of ICBP bankruptcy is almost impossible. With a
broad market niche and stable economic conditions in Indonesia, ICBP's future
performance will certainly increase.

That
the market capitalization / MC (IC) value of ICBP that you have dynamically
follows the movement of stock prices on the exchange. At the closing of the
last day of the exchange in Quarter III-2018 (September 28, 2018) ICBP shares
are valued at Rp.8,825 / sheet, then the MC value of your ICBP shares at the
same time is a sum (Rp.8,825 x 20,000 pieces) = Rp.176,500,000.

If
on September 28, 2018, you sell all ICBP shares that you have at the closing
price of the exchange day, then the profit you earn is (Rp. 175,500,000 - Rp.
36,550,000) = Rp. 139,950,000 or 382.90%. You get an average profit of 47.86%
per year.

Even
if you have just sold all of the ICBP shares that you have at the close of the
exchange day on November 30, 2018 at the price of Rp9,850 / sheet (when this
article was written), you get a profit of (Rp9,850 x 20,000 pieces) -
Rp36,550,000 which is equivalent to (Rp. 177,000,000 - Rp. 36,550,000) = Rp.
160,450,000 or equal to 438.99%. The profit you get is an average of 54.87% per
year. This figure is much higher than for example if you invest the funds in
the form of deposits in banks whose returns are only in the range of 5-7% per
year.

The
point is that by having as many as 20,000 shares in ICBP for 8 (eight) years to
date, then:

a.
The
initial investment capital of Rp. 53,950,000 has returned with cash dividends
of Rp. 17,400,000 so that your investment capital in ICBP is now only Rp.
36,550,000.

b.
Your
assets at ICBP per Quarter III-2018 (September 30, 2018) amounting to
Rp58,003,000 (158.69% of initial capital) consist of equity of Rp37,600,000
(102.87% of initial capital) and liabilities / debt obligations of IDR
20,403,000 (55.82% of initial capital).

c.
The
market capitalization of your ICBP shares is exchanged per Quarter III-2018
(September 30, 2018) in the amount of Rp.176,500,000 (482.90% of initial
capital).

d.
The
market capitalization of your ICBP shares on the exchange on 30 November 2018
amounted to Rp.197,000,000 (538.99% of initial capital).

Thus,
hopefully useful.

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