FINANCIAL PERFORMANCE ANALYSIS OF SOE AND FOREIGN CAPITAL CEMENT COMPANIES IN INDONESIA

In order to achieve the Master Plan for the Acceleration and Expansion of the Indonesian Economic Development (MP3EI) program that has a significant impact on cement demand outside java, it is necessary to improve the performance of cement companies, especially state-owned (SOE) and Foreign Investment (PMA) cement companies in Indonesia. Their performance are analyzed along with the selection of independent variables in the discrimination function as a variable that explains precisely the performance of the company based on the Discriminant Stepwise Method. This research is analyzed by Du Pont System Analysis where both SOE and PMA have a good value of the performance; Financial Ratios where all of the companies have positive value with different trends; The Decree of the Minister of Finance of the Republic of Indonesia No. 826/KMK.013/1992 indicating that healthy company performance only owned by Semen Batu Raja and Indocement; Decree of the Minister of BUMN No: KEP-100/MBU/2002 in financial aspects having AA predicate healthy companies owned by Semen Indonesia, Indocement, and Siam Cement while the rest are having below AA grade; Economic Value Added (EVA) having no economic value by Semen Batu Raja and Ultratech while the other have positive EVA; Tobin's q indicating that only Holcim and Anhui Conch companies having average value while the others having overvalued; and Altman Z-Score of SOE and PMA having value above 2.9 explaining the companies do not have the bankrupt condition. Meanwhile the data of those analysis is in the period 2013-2016.