Dampak Right Issue II terhadap Valuasi dan Performa Keuangan PT Pantai Indah Kapuk Dua Tbk

Ali Alexander, Prof. Dr. Tandelilin Eduardus, M.B.A.

2025 | Skripsi | MANAJEMEN

Penelitian ini mengkaji dampak pelaksanaan Right Issue II terhadap valuasi dan kinerja keuangan PT Pantai Indah Kapuk Dua Tbk dengan membandingkan kondisi sebelum dan sesudah aksi korporasi tersebut. Analisis dilakukan berdasarkan lima rasio keuangan utama, yaitu profitabilitas, likuiditas, aktivitas, solvabilitas, dan valuasi pasar.

Hasil penelitian menunjukkan bahwa Right Issue II mendorong peningkatan nilai wajar saham berdasarkan pendekatan RNAV, dari Rp15.166 menjadi Rp26.610 per lembar. Kenaikan ini mencerminkan efektivitas alokasi dana hasil right issue untuk akuisisi lahan strategis. Di sisi lain, kinerja keuangan perusahaan menunjukkan perbaikan yang signifikan, tercermin dari peningkatan pendapatan, laba bersih, serta margin profitabilitas. Struktur permodalan turut menguat, ditandai dengan penurunan rasio utang dan peningkatan rasio likuiditas. Saham perusahaan juga semakin diapresiasi oleh pasar, terlihat dari kenaikan rasio valuasi pasar.

Penelitian ini menyimpulkan bahwa strategi ekspansi melalui Right Issue II berhasil menciptakan nilai tambah bagi perusahaan dan pemegang saham, sekaligus memperkuat fondasi keuangan perusahaan dalam jangka panjang.

This study examines the impact of the Second Right Issue on the valuation and financial performance of PT Pantai Indah Kapuk Dua Tbk by comparing the company’s condition before and after the corporate action. The analysis is based on five key financial ratios: profitability, liquidity, activity, solvency, and market valuation.

The findings reveal that the Second Right Issue led to an increase in the company’s fair value per share, based on the RNAV approach, from IDR 15,166 to Rp26.610,00. This increase reflects the effective allocation of proceeds from the rights issue for the acquisition of strategic land. On the other hand, the company’s financial performance improved significantly, as indicated by growth in revenue, net profit, and profitability margins. The capital structure also strengthened, marked by a decline in debt ratios and an increase in liquidity. Additionally, the company’s shares received greater market appreciation, as reflected in rising market valuation ratios.

The study concludes that the expansion strategy through the Second Right Issue successfully created added value for the company and its shareholders while reinforcing the company’s financial foundation in the long term.

Kata Kunci : Right issue, Pantai Indah Kapuk Dua, Valuasi, Revalued Net Asset Value, Kinerja Keuangan