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I E AN T +
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LAPORAN PENILAIAN
99,96% (502.299) Lembar Saham Penyertaan
pr. Hotel Fitra international Tbk pada
pr. fitraAmanah Wisata
Bidang Usah: Wis.ata Religi dan Tour Travel Naji
Disiapan tu
PT. Hotel Fitra International Tbk
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/ T I F
DAFTAR ISI
I C
KJPP Edi A n d e s t a dan R ekan
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HALAMAN
Daftar Isi---------------
Surat Pengantar-------
Pernyataan Penilai —
Asumsi dan Pembatas ■
LAPORAN PENILAIAN
BAB I P E N D A H U L U A N ---------------------------------------------------------------------------------------------------------------- I -1
1.1. L a ta r B e la k a n g -------------------------------------------------------------------------------------------------------- 1 -1
1.2. D a s a r P e n u g a s a n --------------------------------------------------------------------------------------------------- 1 -1
1.3. L in g k u p P e n ila ia n --------------------------------------------------------------------------------------------------------- I-2
1.4. P e m b e riT u g a s -------------------------------------------------------------------------------------------------------------- I-2
1.5. P e n g g u n a L a p o r a n ------------------------------------------------------------------------------------------------ I- 2
1.6. M a k s u d d a n T u ju a n P e n ila ia n ------------------------------------------------------------------------------- I- 3
1.7. O b je k P e n ila ia n ------------------------------------------------------------------------------------------------------- I -3
1.8. K e p e m ilik a n S a h a m ---------------------------------------------------------------------------------------------- I- 3
1.9. T a n g g a l E fe k tif P e n ila ia n --------------------------------------------------------------------------------------- I- 3
1.10. T a n g g a l P e la p o ra n -------------------------------------------------------------------------------------------------- I -3
1.11. P re m is N ila i------------------------------------------------------------------------------------------------------------- I- 4
1.12. P e rn y a ta a n In d e p e n d e n s i P e n ila i------------------------------------------------------------------------- I- 4
1.13. K u a lifik a s i P e n ila i---------------------------------------------------------------------------------------------------- I -4
1.14. D a s a r P e n ila ia n dan D e fin is i N ila i-------------------------------------------------------------------------- I -4
1.15. D a ta d a n In fo rm a s i-------------------------------------------------------------------------------------------------- I- 4
1.16. D e fin is i d a n Is tila h --------------------------------------------------------------------------------------------------- I-5
B A B II G A M B A R A N P E R S E R O A N ---------------------------------------------------------------------------------------------- II - 1
2.1. G a m b a ra n U m u m --------------------------------------------------------------------------------------------------- 11-1
2.2. S tru k tu r P e rm o d a la n d a n P e m e g a n g S a h a m ------------------------------------------------------ II-2
2.3. O rg a n is a s i P e ru s a h a a n ------------------------------------------------------------------------------------------ II - 2
2.4. P e rijin a n d a n L e g a lita s P e rs e ro a n ------------------------------------------------------------------------ II - 2
2.5. A s p e k M a n a je m e n d a n U s a h a ------------------------------------------------------------------------------- II - 3
2 .5 .1 . G a m b a ra n M a n a je m e n ------------------------------------------------------------------------------- II-3
2 .5 .2 . S u m b e r D a y a M a n u s ia ------------------------------------------------------------------------------- II-4
2 .5 .3 . K e g ia ta n U s a h a ------------------------------------------------------------------------------------------ II-4
2.6. K in e rja K e u a n g a n ---------------------------------------------------------------------------------------------------- II-4
2 .6 .1 . R e a lis a s i L a b a R u g i------------------------------------------------------------------------------------ 11 - 5
2 .6 .2 . R e a lis a s i P o s is i K e u a n g a n ------------------------------------------------------------------------ II-6
2.6.3. Rasio - Rasio Keuangan--------------------------------------------------- II-7
2.7. K e ja d ia n P e n tin g S e te la h T a n g g a l P e n ila ia n ----------------------------------------------------- II-8
2.8. H as il P e m e rik s a a n A ta s D o k u m e n H u k u m Y a n g R e le v a n ----------------------------------- II-8
2.9. U ra ia n M e n g e n a i T e n a g a A h li d a n H a s il P e k e rja a n ---------------------------------------------- II-8
2 .10. H a s il id e n tifik a s i a ta s a s e t non o p e ra s io n a l....................................................................... II-8
2 .1 1 . D a ta In d u s tri, D a ta P a s a r, D a ta E k o n o m i d a n In fo rm a s i E m p ir is ----------------------- II - 9
2 .12. In fo rm a s i N on K e u a n g a n Y a n g R e le v a n M e n g e n a i O b je k P e n ila ia n ----------------- II - 1 0
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2 .1 3 . In fo rm a s i P e rp a ja k a n ---------------------------------------------------------------------------------------------- 1 1 -1 0
2 .1 4 . U ra ia n M e n g e n a i P e n y e s u a ia n D a ta L a p o ra n K e u a n g a n ----------------------------------- 1 1 -1 0
2 .1 5 . P e rb a n d in g a n L a p o ra n K e u a n g a n y a n g S e b a n d in g ------------------------------------------- 11-11
2 .16. P e rb a n d in g a n In fo rm a s i K e u a n g a n In d u stri ya n g S e b a n d in g ----------------------------- 11-1 2
2 .1 7 . In fo rm a s i K o m p e n s a s i B a g i P e m e g a n g S a h a m -------------------------------------------------- 11-1 2
2 .1 8 . In fo rm a s i M e n g e n a i A s u ra n s i K a ry a w a n K u n c i---------------------------------------------------- 1 1 -1 2
2 .1 9 . P e rb a n d in g a n K in e rja O b je k P e n ila ia n d e n g a n T re n In d u stri S e b a n d in g --------- II - 1 2
2 .2 0 . A n a lis a P e m b a h a s a n M a n a je m e n ------------------------------------------------------------------------ 1 1 -1 3
B A B III A S P E K M A K R O B IS N IS d a n P E M A S A R A N -------------------------------------------------------------------- III - 1
3.1. P e rtu m b u h a n E k o n o m i In d o n e s ia -------------------------------------------------------------------------- 111-1
3.2. N e ra c a P e m b a y a ra n In d o n e s ia ----------------------------------------------------------------------------- III - 3
3.3. In fla s i------------------------------------------------------------------------------------------------------------------------ III- 4
3 .4. N ila i T u k a r R u p ia h -------------------------------------------------------------------------------------------------- III- 5
3 .5. S u k u B u n g a ------------------------------------------------------------------------------------------------------------ III - 5
3.6. P e rk e m b a n g a n In d u s tri T o u r and T ra v e l H aji U m r a h ----------------------------------------- III - 6
B A B IV P E N D E K A T A N P E N IL A IA N ----------------------------------------------------------------------------------------------- IV - 1
4 .1 . P e n d e k a ta n P e n ila ia n --------------------------------------------------------------------------------------------- I V -1
4 .2 . P e n d e k a ta n P e n ila ia n y a n g d ig u n a k a n ---------------------------------------------------------------- IV - 8
BAB V P E N IL A IA N S A H A M ----------------------------------------------------------------------------------------------------------- V -1
5.1 P e n ila ia n d e n g a n P e n d e k a ta n A s e t----------------------------------------------------------------------- V -1
5.1.1 P e rh itu n g a n B ia y a E k u ita s ------------------------------------------------------------------------ V -1
5 .1 .2 N ila i P a s a t A s e t T e ta p -------------------------------------------------------------------------------- V -1
5 .1 .3 N ila i P e n y e s u a ia n P o sisi K e u a n g a n P e ru s a h a a n ----------------------------------- V -1
5 .1 .4 N ila i P a s a r S a h a m F A W ---------------------------------------------------------------------------- V -2
5 .2 K e s im p u la n N ila i P a s a r------------------------------------------------------------------------------------------- V - 4
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KJPP Edi A n d e s t a dan Rekan
No. : 0 0 2 78/2.0053-00/B S /05/0095/1/X II/2025 Jakarta, 29 D esem b er 2025
Lam p. : L a p o r a n P e n ila ia n S a h a m
Kepada,
PT Hotel Fitra International Tbk
J a la n K H . A b d u l H a lim N o . 8 8 R T . 0 0 5 R W . 0 0 8 ,
K e lu r a h a n M a ja le n g k a K u lo n ,
K e c a m a t a n M a ja le n g k a , K a b u p a t e n M a ja le n g k a ,
J a w a B a ra t
U p . Y t h . D ir e k s i
H a l: L a p o ra n P e n ila ia n 9 9 ,9 6 % S a h a m P e n v e rta a n P T . H o te l F itra
In te r n a tio n a l T b k p a d a P T . F itra A m a n a h W is a ta
D e n g a n h o rm a t,
B e d a s a rk a n P ro p o s a l P e n a w a ra n Jasa P e n ila ia n No. 3 4 8 /P /A n d e s ta /X /2 0 2 5 ta n g g a l 8
O k t o b e r 2 0 2 5 o le h K a n t o r J a s a P e n ila i P u b lik E d i A n d e s t a d a n R e k a n (“K JP P A n d e s ta ” /
“K am i”) y a n g d it u ju k a n k e p a d a PT Hotel Fitra Intern atio nal T b k (“ H F I” / “ P e rsero an ”)
y a n g te la h d is e p a k a t i o le h p a r a p ih a k s e b a g a i S u r a t P e r ja n jia n K e r ja , m a k a K a m i s e la k u
p e n ila i ( A p p ra isers ) y a n g b e r s if a t In d e p e n d e n b e r d a s a r k a n S u r a t Ijin U s a h a K a n t o r J a s a
P e n ila i P u b lik d e n g a n S u r a t K e p u tu s a n M e n te r i K e u a n g a n N o . 1/ K M . 1 /2 0 2 2 , t a n g g a l 0 3
J a n u a r i 2 0 2 2 d a n S u r a t T a n d a T e r d a f t a r P r o fe s i P e n u n ja n g P a s a r M o d a l d a r i O t o r it a s J a s a
K e u a n g a n ( O J K ) N o . S T T D - P B B - 0 1 / P M . 2 / 2 0 1 8 s e b a g a i p r ib a d i, m a k a k a m i m e n y a t a k a n
t e la h m e n e liti d a n m e n ila i 9 9 , 9 6 % saham p e n y e rta a n PT H otel Fitra Intern atio nal Tbk
(“H FI”) p a d a PT Fitra A m an ah W isata (“ F A W ”).
Kam i te la h m e la k s a n a k a n p e m e r ik s a a n d a ta la p o r a n keuangan dan d a ta -d a ta la in
s e h u b u n g a n d e n g a n p e n ila ia n t e r s e b u t d a n te la h m e la k u k a n in s p e k s i la p a n g a n d a n a n a lis a
p a d a ta n g g a l 9 O kto b er 2025 s/d 24 D esem b er 2025 d a n m e m p e r h a t ik a n f a k t o r - f a k t o r
u ta m a y a n g b e r p e n g a r u h t e r h a d a p n ila i, a n t a r a la in :
a. D a ta le g a lit a s k e p e m ilik a n saham p e n y e rta a n dan la p o r a n keuangan yang
b e rs a n g k u ta n .
b. L a p o ra n Keuangan FAW p e r 31 D esem ber 2020, 2021, 2022, 2023, 2024 dan 30
S e p t e m b e r 2 0 2 5 ( A u d it e d ) .
c. T in ja u a n t e r h a d a p k o n d is i f u n d a m e n t a l p e r u s a h a a n y a n g m e n y a n g k u t : s e ja r a h s in g k a t
p e r u s a h a a n , s t r u k t u r m o d a l d a n s u s u n a n p e n g u r u s , d is k r ip s i b id a n g u s a h a d a n k in e r ja
k e u a n g a n p e r u s a h a a n s e r t a m e m p e r h a t ik a n k o n d is i m a k r o y a n g a d a .
d. D a t a - d a t a la in s e b a g a i in f o r m a s i.
K e p . M e n k e u . N o .l/K M .1 /2 0 2 2 N o . la in 2 . 0 9 . 0 0 5 3
W ilayah K erja : S elu ru h In don esia K a n t o r J a s a P e n il a i P u b l i k
E d i A n d e s ta d a n R e k a n
M e m b e r: B id a n g U s a h a : J a i a n C i p u t a t R a y a N o . 8 9 - B , P o n d o k P in a n g
1 . M a s y a r a k a t P r o f e s i P e n il a i I n d o n e s i a ( M A P P I ) 1 . P e n il a i P r o p e r t i K e b a y o ra n L a m a , J a k a rta - 1 2 3 1 0
2 . F o r u m P e n il a i P a s a r M o d a l ( F P P M ) 2 . P e n il a i B i s n i s T : 0 2 1 -7 5 9 3 1 0 1 5 (h u n tin g ) & 021-75931017
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M A K S U D DAN T U JU A N P E N ILA IA N
B e r d a s a r k a n in f o r m a s i y a n g d is a m p a ik a n p ih a k m a n a je m e n , b a h w a t u ju a n d a r i p e n ila ia n in i
a d a la h m e n g u n g k a p k a n p e n d a p a t m e n g e n a i o p in i n ila i p a s a r 9 9 , 9 6 % saham FAW , yang
a k a n d ip e r g u n a k a n u n t u k T r a n s a k s i J u a l b e li d a la m r a n g k a d iv e s t a s i s a h a m k e p e m ilik a n H F I
pada FAW .
D E F IN IS I N ILAI Y A N G D IG U N A K A N
D a s a r n ila i y a n g s e s u a i u n t u k d ig u n a k a n s e s u a i P e r a t u r a n 3 5 / P O J K . 0 4 / 2 0 2 0 a d a la h “ N ila i
P a s a r . D a la m p e n ila ia n u s a h a y a n g d a la m h a l in i b e r u p a s a h a m , d id e f in is ik a n s e b a g a i :
e s t im a s i s e ju m la h u a n g y a n g d a p a t d ip e r o le h a ta u d ib a y a r u n t u k p e n u k a r a n s u a t u a s e t a ta u
lia b ilit a s p a d a t a n g g a l p e n ila ia n , a n t a r a p e m b e li y a n g b e r m in a t m e m b e li d e n g a n p e n ju a l
y a n g b e r m in a t m e n ju a l, d a la m s u a t u t r a n s a k s i b e b a s ik a ta n , y a n g p e m a s a r a n n y a d ila k u k a n
s e c a r a la y a k , d i m a n a k e d u a p ih a k m a s in g - m a s in g b e r tin d a k a ta s d a s a r p e m a h a m a n y a n g
d im ilik in y a , k e h a t i- h a t ia n , d a n t a n p a p a k s a a n .
IN D E P E N D E N S IP E N IL A I & B EN TU R A N K E P E N T IN G A N
D a la m m e m p e r s ia p k a n L a p o r a n P e n ila ia n in i k a m i t e la h b e r t in d a k s e c a r a in d e p e n d e n t a n p a
adanya k o n f lik dan t id a k t e r a f ilia s i dengan P e m b e ri Tugas a ta u p u n p ih a k - p ih a k yang
t e r a f ilia s i d e n g a n p e ru s a h a a n t e r s e b u t. K a m i ju g a t id a k m em punyai k e p e n t in g a n a ta u
k e u n t u n g a n p r ib a d i b e r k a it a n d e n g a n p e n u g a s a n in i. S e la n ju tn y a , L a p o r a n P e n ila ia n in i t id a k
d ila k u k a n u n t u k m e m b e r ik a n k e u n t u n g a n a ta u m e r u g ik a n p a d a p ih a k m a n a p u n . Im b a la n
y a n g k a m i t e r im a a d a la h s a m a s e k a li t id a k d ip e n g a r u h i o le h in d ik a s i n ila i y a n g d ih a s ilk a n
d a r i p r o s e s p e n ila ia n in i.
P E N D E K A T A N DAN M E T O P E P E N ILA IA N Y A N G D IG U N A K A N
D engan m e m p e r t im b a n g k a n p e n d e k a ta n -p e n d e k a ta n yang la z im d it e r a p k a n d a la m
p e n ila ia n s a h a m p a d a p e r u s a h a a n , k a r a k t e r is t ik F A W s e b a g a i p e r u s a h a a n y a n g b e r g e r a k
d a la m b id a n g U saha W is a t a R e lig i d a n T o u r T ra v e l H a ji d a n sam pai dengan ta n g g a l
p e n ila ia n per 30 S e p te m b e r 2025 b e lu m b e r o p e r a s i, s e rta b e rd a s a rk a n P O JK No.
3 5 /P O J K .0 4 /2 0 2 0 P asal 28 P o in 2 H u ru f b, D a la m hal p e n ila ia n d ila k u k a n te rh a d a p
p e ru s a h a a n yang hanya m e m ilik i aset nam un t id a k b e r o p e r a s i, P e n ila i B is n is dapat
m e n g g u n a k a n p a lin g s e d ik it 1 ( s a t u ) P e n d e k a t a n P e n ila ia n . M a k a m e n u r u t p e n d a p a t k a m i
p e n d e k a ta n yang p a lin g r e le v a n d a la m p e n ila ia n in i a d a la h dengan m enggunakan
P e n d e k a t a n A s e t M e t o d e P e n y e s u a ia n A s e t B e r s ih (A d ju ste d N e t A sse t M ethod).
S u ra t P e n g a n ta r
ii
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S U M B E R D A T A DAN IN F O R M A S I
S u m b e r d a ta p r im e r d ip e r o le h d a ri p ih a k m a n a je m e n FAW , sesuai la p o r a n keuangan
p e r u s a h a a n y a n g d it e r im a a d a la h p e r 31 D e s e m b e r 2 0 2 0 , 2 0 2 1 , 2 0 2 2 , 2 0 2 3 , 2 0 2 4 d a n 3 0
S e p t e m b e r 2 0 2 5 . S e d a n g k a n S u m b e r d a t a d a n in f o r m a s i s e k u n d e r b e r a s a l d a r i m e d ia c e ta k ,
e le k t r o n ik , in t e r n e t , B a d a n P u s a t S ta t is t ik , d a t a b a s e d a n b e r b a g a i s u m b e r d a t a la in n y a .
K E S IM P U LA N
B e r d a s a r k a n h a s il k a jia n d a n a n a lis is y a n g te la h d ila k u k a n t e r h a d a p s e lu r u h a s p e k y a n g
t e r k a it d a la m r a n g k a m e n e n t u k a n n ila i s a h a m P e r u s a h a a n , m a k a k a m i b e r p e n d a p a t O p in i
N ila i P a s a r 9 9 , 9 6 % saham p e n y e rta a n HFI pada FAW p e r ta n g g a l 3 0 S e p te m b e r 2 0 2 5
a d a la h :
Rp. 4 4 .3 3 2 .5 6 7 .0 0 0 ,-
E m pat Puluh E m pat M iliar Tig a R atus Tig a Puluh Dua Juta
Lim a R atus Enam Puluh Tujuh Ribu R upiah
K a m i m e n y a t a k a n d e n g a n s e s u n g g u h n y a b a h w a k a m i t id a k m e m p u n y a i k e p e n t in g a n b a ik
s e c a ra la n g s u n g m aupun t id a k la n g s u n g a ta s h a s il d a ri p e n ila ia n yang t e la h kam i
la k s a n a k a n , d a n p e n ila ia n in i t e la h d ila k s a n a k a n s e s u a i d e n g a n S t a n d a r p e n ila ia n I n d o n e s ia
d a n K o d e E t ik P e n ila i In d o n e s ia y a n g b e r la k u .
H o r m a t k a m i,
K JP P Edi A n d esta dan Rekan
lr. Edi A n d esta, M A PPI (C ert.)
P e m im p in R e k a n
M A P P I 9 4 -S -0 0 4 1 1
Ijin P e n ila i P B - 1 .0 9 . 0 0 0 9 5
R e g is t e r R M K - 2 0 1 7 . 0 0 0 9 1
R e g is t e r O J K - I K N B N o . 0 0 4 / N B . 1 2 2 / S T T D - P / 2 0 1 6
R e g is t e r O J K - P a s a r M o d a l N o . S T T D . P B B - 0 1 / P M . 2 / 2 0 1 8
L is e n s i B P N N o : 3 4 0 / S K - 6 0 0 . P T . 0 1 . 0 1 / V I I / 2 0 1 9
K la s if ik a s i P e n ila i P r o p e r t i d a n B is n is
S u r a t P e n g a n t a r ___________
Hi
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P E R N Y A T A A N P E N ILA I
D a la m b a t a s k e m a m p u a n d a n k e y a k in a n k a m i s e b a g a i p e n ila i, k a m i y a n g b e r t a n d a t a n g a n
d i b a w a h in i m e n e r a n g k a n b a h w a :
1. P e r n y a t a a n , a n a lis is , o p in i d a n k e s im p u la n d a la m la p o r a n in i, s e b a t a s p e n g e t a h u a n
k a m i, a d a la h b e n a r d a n a k u r a t d a n k a m i b e r t a n g g u n g ja w a b a ta s la p o r a n p e n ila ia n in i.
2. P e n u g a s a n p e n ila ia n p r o f e s io n a l te la h d ila k u k a n t e r h a d a p o b je k p e n ila ia n p a d a t a n g g a l
p e n ila ia n (cut o ff date).
3. A n a lis is t e la h d ila k u k a n u n t u k t u ju a n s e b a g a im a n a d iu n g k a p k a n d a la m la p o r a n p e n ila ia n
usaha.
4. P e r k ir a a n n ila i y a n g d ih a s ilk a n d a la m p e n u g a s a n p e n ila ia n p r o f e s io n a l t e la h d is a jik a n
s e b a g a i k e s im p u la n n ila i.
5. K e s im p u la n n ila i t e la h s e s u a i d e n g a n a s u m s i- a s u m s i d a n k o n d is i p e m b a t a s .
6. D a ta ekonom i dan in d u s t r i d a la m la p o r a n p e n ila ia n usaha d ip e r o le h d a ri b e rb a g a i
s u m b e r y a n g d iy a k in i p e n ila i p r o p e r t i/ u s a h a d a p a t d ip e r t a n g g u n g ja w a b k a n .
7. A n a lis i, o p in i d a n k e s im p u la n y a n g d in y a t a k a n d id a la m L a p o r a n P e n ila ia n in i d ib a t a s i
o le h a s u m s i d a n b a t a s a n - b a t a s a n y a n g d iu n g k a p k a n d id a la m L a p o r a n P e n ila ia n , y a n g
m a n a m e r u p a k a n h a s il a n a lis is , o p in i d a n k e s im p u la n P e n ila i y a n g t id a k b e r p ih a k d a n
t id a k m e m ilik i b e n t u r a n k e p e n tin g a n .
8. K a m i t id a k m e m p u n y a i k e p e n t in g a n b a ik s e k a r a n g a ta u d i m a s a y a n g a k a n d a ta n g
te rh a d a p p r o p e r t i/ b is n is yang d in ila i, m aupun m e m ilik i k e p e n t in g a n p r ib a d i a ta u
k e b e r p ih a k a n kepada p ih a k - p ih a k la in yang m e m ilik i k e p e n t in g a n te rh a d a p
p r o p e r t i/ b is n is y a n g d in ila i.
9. P e n u n ju k a n d a la m p e n u g a s a n in i t id a k b e r h u b u n g a n d e n g a n o p in i p e n ila ia n y a n g te la h
d is e p a k a t i s e b e lu m n y a d e n g a n p e m b e r i t u g a s .
1 0 . B ia y a ja s a p r o f e s io n a l t id a k d ik a it k a n d e n g a n b e s a r a n o p in i n ila i, p e n c a p a ia n h a s il y a n g
d in y a t a k a n , a ta u adanya k o n d is i yang t e r ja d i k e m u d ia n (subsequent event) y a n g
b e r h u b u n g a n s e c a r a la n g s u n g d e n g a n p e n g g u n a a n y a n g d im a k s u d .
1 1 . P e n ila i t e la h m e n g ik u t i p e rs y a ra ta n p e n d id ik a n p r o f e s io n a l yang d it e t a p k a n /
d ila k s a n a k a n M a s y a r a k a t P r o fe s i P e n ila i In d o n e s ia ( M A P P I) .
1 2 . P e n ila i m e m ilik i p e n g e ta h u a n yang m em adai sehubungan dengan p r o p e r t i/ b is n is
d a n / a t a u je n is in d u s t r i y a n g d in ila i.
S u ra t P e n g a n ta r_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
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13. P e n ila i t e la h m e la k s a n a k a n r u a n g lin g k u p s e b a g a i b e r i k u t :
- I d e n t if ik a s i m a s a la h ( id e n t if ik a s i, b a ta s a n , t u ju a n , o b je k , d e f in is i dan ta n g g a l
p e n ila ia n ) .
- P e n g u m p u la n d a t a d a n w a w a n c a r a .
- A n a lis is d a ta .
- E s t im a s i d e n g a n m e n g g u n a k a n P e n d e k a t a n P e n ila ia n .
- P e n u lis a n la p o r a n .
13. L in g k u p p e k e r ja a n d a n d a t a - d a t a y a n g d it e r im a te la h d iu n g k a p k a n p a d a la p o r a n .
14. P e n ila i a ta u p e la k s a n a in s p e k s i ( s u r v e y o r ) t e la h m e la k u k a n in s p e k s i la p a n g a n t e r h a d a p
p r o p e r t i/ b is n is y a n g d in ila i.
15. T id a k s e o r a n g p u n s e la in y a n g b e r t a n d a t a n g a n d ib a w a h in i, y a n g t e la h t e r lib a t d a la m
p e la k s a n a a n in s p e k s i, a n a lis is , p e m b u a t a n k e s im p u la n , d a n o p in i s e b a g a im a n a y a n g
d in y a t a k a n d a la m la p o r a n p e n ila ia n in i.
1 6 . A n a lis is , o p in i d a n k e s im p u la n y a n g d ib u a t o le h p e n ila i, s e r t a la p o r a n p e n ila ia n te la h
d ib u a t d e n g a n m e m e n u h i k e te n t u a n P e r a t u r a n N o . 3 5 / P O J K . 0 4 / 2 0 2 0 .
Ir. Edi A n d esta, M A P P I (C ert)
P enanggung Jaw ab
M A P P I 9 4 -S -0 4 1 1
Ijin P e n ila i P B - 1 . 0 9 . 0 0 0 9 5
R e g is tr a s i R M K - 2 0 1 7 .0 0 0 9 1
A h m ad F irdaus, S.Pd.
P e n g e n d a li M u tu
M A P P I 0 4 -T -1 8 1 4
R e g is t r a s i R M K - 2 0 1 7 . 0 0 7 1 8
Iqro H aikal S u laim an, S.E.
P e n ila i
M A P P I 1 1 -T -0 3 1 7 5
R e g is t r a s i R M K - 2 0 1 7 .0 0 7 1 9
S u ra t P e n g a n ta r__________
Penilaian Saham\99.96% Saham Penyertae V
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A S U M S I DAN P E M B A TA S
P e n ila ia n in i b e r d a s a r k a n a s u m s i- a s u m s i d a n s y a r a t - s y a r a t p e m b a t a s a n s e b a g a i b e r ik u t:
1. B a h w a s e m u a p e rn y a ta a n d a n k e te ra n g a n y a n g te rc a n tu m d a la m la p o r a n in i a d a la h
b e n a r d a n s e s u a i d e n g a n p e n g e t a h u a n s e r t a itik a d b a ik d a r i p e n ila i.
2. B a h w a d e n g a n d ila n d a s i itik a d b a ik , s e m u a d o k u m e n y a n g d ib e r ik a n a ta u d ip e r lih a t k a n
o le h P e m b e r i T u g a s d a n p ih a k k e tig a k e p a d a k a m i d a la m r a n g k a p e n ila ia n in i a d a la h
s a h , b e n a r , le n g k a p d a n s e s u a i d e n g a n k e n y a t a a n s e b e n a r n y a d a n b a h w a d o k u m e n -
d o k u m e n y a n g d ib e r ik a n k e p a d a k a m i d a la m b e n t u k f o t o c o p y , t u r u n a n d a n / a t a u s a lin a n
a d a la h s e s u a i d e n g a n a s lin y a d a n d o k u m e n t e r s e b u t a d a la h s a h , b e n a r , le n g k a p s e r ta
sesuai dengan k e n y a ta a n s e b e n a rn y a dan k a m i te la h m e la k u k a n p e n e la a h a n a ta s
d o k u m e n - d o k u m e n y a n g d ig u n a k a n d a la m p r o s e s p e n ila ia n .
3. D a ta e k o n o m i d a n in d u s t r i d a la m la p o r a n p e n ila ia n d ip e r o le h d a r i b e r b a g a i s u m b e r y a n g
d iy a k in i o le h P e n ila i d a n d a p a t d ip e r t a n g g u n g ja w a b k a n .
4. Kam i m enggunakan p r o y e k s i k e u a n g a n y a n g t e la h d is e s u a ik a n y a n g m e n c e r m in k a n
k e w a ja r a n p ro y e k s i keuangan yang d ib u a t o le h m a n a je m e n dengan kem am puan
p e n c a p a ia n n y a {fid u cia ry duty).
5. K a m i b e r t a n g g u n g ja w a b a ta s p e la k s a n a a n p e n ila ia n d a n k e w a ja r a n p r o y e k s i k e u a n g a n .
6. K a m i b e r t a n g g u n g ja w a b a ta s la p o r a n p e n ila ia n d a n k e s im p u la n n ila i a k h ir .
7. L a p o r a n s a h a m in i b e r s if a t t e r b u k a u n t u k p u b lik k e c u a li t e r d a p a t in f o r m a s i y a n g b e r s if a t
r a h a s ia y a n g d a p a t m e m p e n g a r u h i o p e r a s io n a l p e r u s a h a a n .
8. K a m i t e la h m e m p e r o le h in f o r m a s i a ta s s t a t u s h u k u m o b je k p e n ila ia n d a r i p e m b e r i t u g a s .
9. K e c u a li d in y a t a k a n s e c a ra te g a s d id a la m penugasan p e n ila ia n in i, t id a k dapat
d ia s u m s ik a n b a h w a k a m i b e r k e w a jib a n d a n t e la h m e la k u k a n p e m e r ik s a a n le g a lit a s a ta s
o b je k p e n ila ia n .
10. B u ka n m e ru p a k a n ta n g g u n g ja w a b k a m i a ta s s e g a la tu n t u ta n dan k e w a jib a n yang
b e r k a it a n d e n g a n p e n g g u n a a n la p o r a n y a n g t id a k s e s u a i d e n g a n m a k s u d d a n t u ju a n
d a r i la p o r a n in i.
1 1 . D a la m P e n u g a s a n in i, P e m b e r i t u g a s t e la h m e m p e la ja r i, m e n g e t a h u i d a n m e n y a d a r i
s e p e n u h n y a m e n g e n a i k e b e r a d a a n K J P P A n d e s ta .
1 2 . B a ik K J P P A n d e s t a m aupun p a r a p e n ila i d a n k a ry a w a n la in n y a , s a m a s e k a li t id a k
m e m p u n y a i k e p e n t in g a n f in a n s ia l t e r h a d a p o b je k p e n ila ia n y a n g d in ila i.
1 3 . K e c u a li d in y a t a k a n la in , N ila i d ic a n t u m k a n d a la m m a ta u a n g R u p ia h , d e m ik ia n ju g a
a n a lis a d a n p e r h it u n g a n y a n g d ig u n a k a n s e b a g a i d a s a r p e n ila ia n b e r d a s a r k a n m a ta
u a n g R u p ia h .
1 4 . L a p o r a n in i d ia n g g a p s a h a p a b ila t e r t e r a c a p {seal) d a n t a n d a ta n g a n P im p in a n R e k a n .
S u r a t P e n g a n t a r _______________________________________________________________________
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BAB I PENDAHULUAN
1.1. Latar B elakang
H F I s e b a g a i p e m e g a n g s a h a m F A W s e b e s a r 9 9 , 9 6 % , H F I b e r e n c a n a a k a n m e la k u k a n
d iv e s t a s i te rh a d a p s e lu r u h p e n y e rta a n saham te rs e b u t y a itu sebesar 9 9 ,9 6 % .
S e h u b u n g a n d e n g a n r e n c a n a t e r s e b u t, m a k a m a n a je m e n H F I m e n u n ju k K J P P A n d e s t a
s e b a g a i p e n ila i in d e p e n d e n u n t u k m e m b e r ik a n p e n d a p a t y a n g o b y e k t if m e n g e n a i o p in i
N ila i P a s a r 9 9 , 9 6 % p e n y e r t a a n s a h a m H F I p a d a F A W . S e h u b u n g a n d e n g a n h a l t e r s e b u t,
m a k a P ih a k P e m b e r i T u g a s m e n u n ju k K J P P A n d e s t a u n tu k m e n e n tu k a n N ila i P a s a r
9 9 ,9 6 % s a h a m p e n y e rta a n H F I p a d a F A W .
D a la m a p lik a s i p e n ila ia n u n t u k m e n e n t u k a n N ila i P a s a r s a h a m , k o m p o n e n n ila i d is a jik a n
s e c a ra b e rs a m a a n dan te rp a d u . B e b e ra p a fa k to r y a n g m e n ja d i p e r t im b a n g a n d a la m
p e n ila ia n m e l i p u t i :
a. D a ta le g a lit a s a k te p e n d ir ia n d a n a k te p e r u b a h a n
b. L a p o ra n k e u a n g a n F A W 2 0 2 0 , 2 0 2 1 , 2 0 2 2 , 2 0 2 3 , 2 0 2 4 d a n 3 0 S e p te m b e r 2 0 2 5
( a u d it e d ) .
c. T in ja u a n te rh a d a p k o n d is i f u n d a m e n t a l p e r u s a h a a n yang m enyangkut : s e ja r a h
s in g k a t p e r u s a h a a n , s t r u k t u r m o d a l d a n s u s u n a n p e n g u r u s , d is k r ip s i b id a n g u s a h a
d a n k in e r ja k e u a n g a n p e r u s a h a a n s e r t a m e m p e r h a t ik a n k o n d is i m a k r o y a n g a d a .
d. D a t a - d a t a la in s e b a g a i in f o r m a s i.
1.2. D asar P enugasan
Sesuai s u ra t p e n a w a ra n Kam i No. 3 4 8 /P /A n d e s ta /X /2 0 2 5 ta n g g a l 8 O k to b e r 2 0 2 5 ,
p e n ila ia n in i d ila k u k a n a ta s p e r m in ta a n H F I, y a n g s e la n ju t n y a d a la m penugasan in i
s e b a g a i P em beri Tugas.
P e n ila ia n d ila k u k a n dengan b e rp e d o m a n kepada P e ra tu ra n No. 3 5 /P O J K .0 4 /2 0 2 0 ,
d e n g a n r u a n g lin g k u p a n t a r a la in m e lip u ti; V e r if ik a s i d a n id e n t if ik a s i d a ta , p e m e r ik s a a n
d a t a - d a t a d a n a n a lis a , d a n p e n y a m p a ia n p e n d a p a t a ta s N ila i P a s a r S a h a m d a la m b e n t u k
L a p o r a n P e n ila ia n .
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1.3. L in g ku p Penilaian
L in g k u p p e n ila ia n h a n y a m e n c a k u p p e n ila ia n s a h a m 9 9 ,9 6 % Saham P e n y e rta a n HFI
p a d a F A W y a n g b e r g e r a k d a la m b id a n g U s a h a W is a t a R e lig i d a n T o u r T r a v e l H a ji p e r
t a n g g a l e f e k t if p e n ila ia n .
1.4. P e m b e riT u g a s
P e m b e r i t u g a s d e n g a n d a t a - d a t a d a p a t d iu r a ik a n s e b a g a i b e r i k u t :
N a m a P e ru s a h a a n : P T H o te l F itr a I n t e r n a t io n a l T b k
B id a n g U s a h a : I n d u s t r i P e r h o t e la n
A la m a t : J a la n K H . A b d u l H a lim N o . 8 8 R T . 0 0 5 R W . 0 0 8 , K e lu r a h a n
M a ja le n g k a K u lo n , K e c a m a ta n M a ja le n g k a , K a b u p a te n
M a ja le n g k a , J a w a B a r a t
N o . T e lp : 0233 - 8292 888
E m a il : r e s e r v a t io n @ f it r a h o t e l. c o . id
W e b s it e : w w w . f it r a t b k . c o . id
1.5. P en g g u n a Laporan
P e n g g u n a la p o r a n d e n g a n d a t a - d a t a d a p a t d iu r a ik a n s e b a g a i b e r i k u t :
N a m a P e ru s a h a a n : P T H o te l F it r a I n t e r n a t io n a l T b k
B id a n g U s a h a : I n d u s tr i P e r h o t e la n
A la m a t : J a la n K H . A b d u l H a lim N o . 8 8 R T . 0 0 5 R W . 0 0 8 , K e lu r a h a n
M a ja le n g k a K u lo n , K e c a m a ta n M a ja le n g k a , K a b u p a te n
M a ja le n g k a , J a w a B a r a t
N o . T e lp : 0233 - 8292 888
E m a il : r e s e r v a t io n @ f it r a h o t e l. c o . id
W e b s it e : w w w . f it r a t b k . c o . id
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1.6. M aksu d Dan Tuju an Penilaian
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M e n u r u t in f o r m a s i y a n g d ib e r ik a n k e p a d a k a m i, b a h w a m a k s u d d a r i p e n ila ia n in i a d a la h
u n tu k m engungkapkan pend ap at yang o b y e k t if m e n g e n a i O p in i N ila i P a s a r 9 9 ,9 6 %
S a h a m P e n y e r t a a n H F I p a d a F A W p e r t a n g g a l 3 0 S e p t e m b e r 2 0 2 5 d e n g a n m a ta u a n g
R u p ia h y a n g a k a n d ip e r g u n a k a n u n t u k k e p e n t in g a n d iv e s t a s i s a h a m d a n o le h k a r e n a n y a
t id a k d ir e k o m e n d a s ik a n u n t u k p e n g g u n a a n la in n y a .
1.7. O b jek Penilaian
O b je k p e n ila ia n d a la m penugasan in i a d a la h n ila i pasar saham 9 9 ,9 6 % Saham
P e n y e r t a a n H F I p a d a F A W y a n g b e r g e r a k d a la m b id a n g U s a h a W is a t a R e lig i d a n T o u r
T ra v e l H a ji nam un p e ru s a h a a n b e lu m b e ro p e ra s i s e c a ra k o m e r s ia l s a m p a i d e n g a n
t a n g g a l p e n ila ia n .
1.8. K epem ilikan Saham
B e r d a s a r k a n la p o r a n k e u a n g a n p e r 3 0 S e p t e m b e r 2 0 2 5 , p e m e g a n g s a h a m F A W d a p a t
d ilih a t p a d a ta b e l d i b a w a h in i:
Modal Disetor
No. Pemegang Saham Lem bar Saham Persentase
(Rp,-)
1 PT Hotel Fitra International Tbk 502.299 99,96% 50.229.900.000
2 Ny. Siti Rahayu 201 0,04% .20100.000
Total 502.500 100,00% 55.250.000.000
1.9. T an g g al E fektif P en ilaian
T a n g g a l e f e k t if p e n ila ia n (cut o ff date) a d a la h t a n g g a l d im a n a h a s il n ila i d it e t a p k a n d e n g a n
k o n d is i d a n s y a r a t - s y a r a t y a n g d ib e r la k u k a n . D a la m L a p o r a n P e n ila ia n in i m a k a N ila i
P a s a r d ip e r h it u n g k a n p a d a ta n g g a l 3 0 S e p t e m b e r 2 0 2 5 . T a n g g a l in i s e s u a i la p o r a n
k e u a n g a n t e r a k h ir y a n g t e r s e d ia d a n d a p a t d ip e r o le h d a n d it e r im a p e n ila i s e b a g a i d a s a r
u n t u k m e la k u k a n p e n ila ia n , y a it u la p o r a n k e u a n g a n p e r 3 0 S e p t e m b e r 2 0 2 5 ( a u d it e d ) .
1.10. T an gg al Pelaporan
Tanggal p e la p o r a n a d a la h ta n g g a l d im a n a la p o r a n p e n ila ia n in i d is a m p a ik a n , o le h
k a r e n a n y a s e s u a i d a la m s u r a t p e r ja n jia n k e r ja s a m a d a n s k e d u l p e k e r ja a n , la p o r a n in i
d is a m p a ik a n p a d a t a n g g a l 2 9 D e s e m b e r 2 0 2 5 .
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1.11. P rem is Nilai
A sum si yang d ig u n a k a n a d a la h n ila i p a s a r u n t u k s a h a m m a y o r it a s s e b e s a r 9 9 , 9 6 %
saham p e n y e rta a n H F I p a d a F A W d e n g a n a s u m s i g o in g c o n c e n r n a m u n p e r u s a h a a n
b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l p a d a s a a t t a n g g a l p e n ila ia n .
1.12. P ernyataan In d epen den si Nilai
D a la m m e m p e r s ia p k a n L a p o r a n P e n ila ia n in i k a m i b e r t in d a k s e c a r a in d e p e n d e n t a n p a
adanya k o n f lik d a n t id a k t e r a f ilia s i d e n g a n p e m b e ri tu g a s a ta u p u n p ih a k - p ih a k y a n g
t e r a f ilia s i. K a m i ju g a t id a k m e m p u n y a i k e p e n t in g a n a ta u k e u n t u n g a n p r ib a d i b e r k a it a n
d e n g a n p e n u g a s a n in i.
1.13. K u alifikasi Penilai
S e s u a i K e p u tu s a n M e n te r i K e u a n g a n N o . 1 / K M . 1 / 2 0 2 2 t e r t a n g g a l 3 J a n u a r i 2 0 2 2 t e n t a n g
Iz in P e n ila i, d im a n a Ir. E d i A n d e s t a , M A P P I ( C e r t) d it e t a p k a n d e n g a n k u a lif ik a s i s e b a g a i
p e n ila i B id a n g Jasa P e n ila ia n P ro p e rti dan B is n is (P B ) dengan iz in p e n ila i p u b lik
P B . 1 .0 9 . 0 0 0 9 5 dan STTD O JK u n tu k p e n ila ia n P ro p e rti d a n U saha dengan Nom or
S T T D .P P B -0 1 /P M .2 /2 0 1 8 .
1.14. D asar P en ilaian dan D efinisi Nilai
D asar n ila i yang sesuai u n tu k d ig u n a k a n d a la m p e n ila ia n in i sesuai P e ra tu ra n
3 5 / P O J K . 0 4 / 2 0 2 0 a d a la h “ N ila i P a s a r (M arket Value)", y a n g d id e f in is ik a n s e b a g a i b e r ik u t:
N ilai P asar (M a rk e t V a lu e ) a d a la h e s t im a s i s e ju m la h u a n g y a n g d a p a t d ip e r o le h d a r i h a s il
p e n u k a ra n a s e t a ta u lia b ilit a s p a d a T a n g g a l P e n ila ia n , a n t a r a p e m b e li y a n g b e r m in a t
m e m b e li d e n g a n p e n ju a l y a n g b e r m in a t m e n ju a l, d a la m s u a t u t r a n s a k s i b e b a s ik a ta n ,
yang p e m a s a ra n n y a d ila k u k a n s e c a ra la y a k , di m ana kedua P ih a k m a s in g - m a s in g
b e r t in d a k a ta s d a s a r p e m a h a m a n y a n g d im ilik in y a , k e h a t i- h a t ia n , d a n t a n p a p a k s a a n .
1.15. D ata dan Inform asi
D a t a - d a t a d a n in f o r m a s i s e b a g a i b e r i k u t :
a. Hasil P elaksanaan Inspeksi
S e t e la h d ila k u k a n w a w a n c a r a d e n g a n p ih a k m a n a g e m e n F A W , b id a n g u s a h a w is a t a
r e lig i d a n t o u r t r a v e l h a ji.
P e n d a h u lu a n_______ ___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
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b. S ifat P en gen dalian O b jek P en ilaian (co n trolling )
S e s u a i d e n g a n s t r u k t u r m o d a l s a h a m F A W , d i m a n a H F I s e b a g a i m a y o r it a s , m a k a
p e n g e n d a li o b je k p e n ila ia n a d a la h H F I.
c. T in g kat L ikuiditas P asar O b jek P en ilaian (m ark eta b ility )
M e n g in g a t FAW a d a la h sebuah p e ru s a h a a n te rtu tu p , yang saham nya t id a k
d ip e r ju a lb e lik a n d i P a s a r M o d a l, m a k a O b je k P e n ila ia n b e r s if a t t id a k lik u id .
d. Info rm asi Identitas P ih ak yang di W aw ancarai.
P ih a k - p ih a k y a n g d i w a w a n c a r a i p a d a p e la k s a n a a n p e n ila ia n F A W a d a la h B a p a k
T o m i T r is s e b a g a i D ir e k t u r F A W .
e. D oku m en dan S u m b er Inform asi.
D o k u m e n -d o k u m e n yang d ig u n a k a n d a la m m e la k u k a n p e n ila ia n in i a d a la h
d o k u m e n - d o k u m e n y a n g b e r a s a l d a r i p ih a k m a n a je m e n s e b a g a i d a t a - d a t a p r im e r
b e ru p a la p o r a n keuangan FAW ta h u n 2020, 2021, 2022, 2023, 2024 dan 30
S e p te m b e r 2 0 2 5 ( a u d it e d ) , sedangkan d a ta -d a ta sekunder b e ra s a l d a ri m e d ia
m a s s a , in t e r n e t , k o r a n , B P S , B u r s a E fe k In d o n e s ia d a n s u m b e r d a t a la in n y a d a p a t
d ip e r c a y a .
f. Jen is-Jen is E ku itas dan H ak yang M elekat.
E k u it a s p a d a o b je k p e n ila ia n , t e r d ir i d a r i m o d a l d is e t o r p e m e g a n g s a h a m . M o d a l
d is e t o r d a r i p a r a p e m e g a n g s a h a m m a y o r it a s d a n m in o r ita s .
1.16. D efinisi dan Istilah
B e r d a s a r k a n P e r a t u r a n N o . 3 5 / P O J K . 0 4 / 2 0 2 0 , D e f in is i y a n g d ig u n a k a n d a la m p e n ila ia n
u s a h a a d a la h s e b a g a i b e r ik u t:
a. Prem is Nilai a d a la h a s u m s i N ila i y a n g b e r h u b u n g a n d e n g a n s u a t u k o n d is i t r a n s a k s i
y a n g d a p a t d ig u n a k a n p a d a o b je k P e n ila ia n .
b. Nilai B uku a d a la h :
1) H a s il k a p it a lis a s i a t a s b ia y a p e r o le h a n a s e t, d ik u r a n g i a k u m u la s i d e p r e s ia s i,
d e p le s i, a m o r t is a s i a ta u p e n u ru n a n n ila i s e b a g a im a n a yang t e r c a t a t d a la m
la p o r a n k e u a n g a n ; a ta u
P e n d a h u lu a n _______
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2) S e lis ih a n ta ra to ta l aset d ik u r a n g i dengan to ta l lia b ilit a s d a ri p e ru s a h a a n
s e b a g a im a n a t e r c a t a t d a la m la p o r a n k e u a n g a n .
c. A su m si a d a la h s e s u a t u y a n g d ia n g g a p a k a n t e r ja d i t e r m a s u k f a k t a , s y a r a t, a ta u
keadaan yang m u n g k in d a p a t m e m p e n g a r u h i o b je k P e n ila ia n a ta u p e n d e k a ta n
p e n ila ia n d a n k e w a ja r a n n y a te la h d ia n a lis is o le h P e n ila i B is n is s e b a g a i b a g ia n d a r i
p r o s e s P e n ila ia n .
d. P en dekatan P asar a d a la h P e n d e k a ta n P e n ila ia n dengan c a ra m e m b a n d in g k a n
o b je k P e n ila ia n d e n g a n o b je k la in y a n g s e b a n d in g d a n s e je n is s e r t a t e la h t e r s e d ia
in f o r m a s i h a r g a t r a n s a k s i a ta u p e n a w a r a n .
e. P en d ekatan P en dap atan a d a la h P e n d e k a t a n P e n ila ia n d e n g a n c a r a m e n g k o n v e r s i
m a n f a a t e k o n o m is a ta u p e n d a p a t a n y a n g d ip e r k ir a k a n a k a n d ih a s ilk a n o le h o b je k
P e n ila ia n d e n g a n t in g k a t d is k o n t o te r t e n t u .
f. M eto de P en ilaian a d a la h s u a tu c a r a a ta u r a n g k a ia n c a r a t e r t e n t u d a la m m e la k u k a n
P e n ila ia n .
g. B u sin ess In te re s t a d a la h k e p e m ilik a n d a la m p e r u s a h a a n y a n g a n t a r a la in m e lip u ti
p e n y e r t a a n d a la m p e r u s a h a a n , s u r a t b e r h a r g a , a s e t k e u a n g a n la in n y a d a n a s e t t a k
b e r w u ju d .
h. F akto r K apitalisasi a d a la h s e m u a je n is r a s io y a n g d ig u n a k a n u n t u k m e n g k o n v e r s i
p e n d a p a t a n m e n ja d i s u a t u n ila i.
i. Laporan P en ilaian Bisnis a d a la h la p o r a n t e r t u lis y a n g d ib u a t o le h P e n ila i B is n is
y a n g m e m u a t p e n d a p a t P e n ila i B is n is m e n g e n a i o b je k P e n ila ia n s e r t a m e n y a jik a n
in f o r m a s i t e n t a n g p r o s e s P e n ila ia n .
j. D iskon T an p a P en gen dalian (D isco u n t fo r L ack o f C ontrol) a d a la h s u a t u ju m la h
a ta u p e r s e n t a s e t e r t e n t u y a n g m e r u p a k a n p e n g u r a n g d a r i N ila i s u a t u e k u it a s s e b a g a i
c e r m in a n d a r i k u r a n g n y a t in g k a t p e n g e n d a lia n a ta s O b je k p e n ila ia n .
k. D iskon L iku iditas P asar (D isco u n t F o r L ack o f M arketab ility) a d a la h s u a t u ju m la h
a ta u p e r s e n t a s e t e r t e n t u y a n g m e r u p a k a n p e n g u r a n g d a r i N ila i s u a t u e k u it a s s e b a g a i
c e r m in a n d a r i k u r a n g n y a lik u id it a s d a r i O b je k p e n ila ia n .
l. K elan g su n g an U saha a d a la h s u a tu k o n d is i yang m e n c e r m in k a n usaha yang
sedang b e ro p e ra s i a ta u d a la m k o n s t r u k s i, a ta u s u a tu p r e m is d a la m P e n ila ia n ,
d im a n a P e n ila i B is n is m enganggap s u a tu p e ru s a h a a n akan te rn s m e la n ju t k a n
o p e r a s in y a s e c a r a b e r k e la n ju t a n .
m. K apitalisasi a d a la h :
1 ) P e n g k o n v e r s ia n a r u s k a s b e r s ih a ta u p e n g h a s ila n b e r s ih la in , b a ik y a n g b e r s if a t
a k tu a l m a u p u n p e r k ir a a n , s e la m a p e r io d e t e r t e n t u y a n g e k u iv a le n d e n g a n N ila i
a s e t p a d a s u a t u t a n g g a l t e r t e n t u ; a ta u
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2) P e n g a k u a n a ta s s u a t u p e n g e lu a r a n m o d a l.
n. Prem i K endali (P re m iu m fo r C o n tro l) a d a la h s u a t u ju m la h a ta u p e rs e n ta s e
t e r t e n t u y a n g m e r u p a k a n p e n a m b a h d a r i N ila i s u a t u e k u it a s s e b a g a i c e r m in a n d a r i
t in g k a t p e n g e n d a lia n a ta u O b je k p e n ila ia n
o. K endali M ayo ritas a d a la h t in g k a t k e m a m p u a n p e n g e n d a lia n s u a t u p e r s e r o a n o le h
p e m e g a n g s a h a m p e n g e n d a li.
p. T in g kat K apitalisasi a d a la h ju m la h p e m b a g i y a n g d ig u n a k a n u n t u k m e n g k o n v e r s i
p e n d a p a t a n m e n ja d i N ila i.
q. T in g kat Im bal B alik (R a te o f R e tu rn ) a d a la h ju m la h la b a a ta u ru g i d a n /a ta u
p e ru b a h a n n ila i y a n g d ir e a lis a s ik a n a ta u d ih a r a p k a n d a ri s u a tu in v e s t a s i y a n g
d in y a t a k a n d a la m p e r s e n t a s e .
r. T in g kat D iskon to a d a la h s u a t u T in g k a t I m b a l B a lik u n t u k m e n g k o n v e r s ik a n n ila i d i
m asa depan ke n ila i s e k a r a n g yang m e n c e r m in k a n n ila i w a k t u d a ri uang dan
k e tid a k p a s t ia n a ta u t e r e a lis a s in y a p e n d a p a t a n e k o n o m i.
s. A rus Kas B ersih a d a la h ju m la h k a s y a n g :
1) T e r s e d ia s e t e la h t e r p e n u h in y a k e b u t u h a n k a s u n t u k k e g ia t a n o p e r a s io n a l;
2) M e r u p a k a n a r u s k a s y a n g t e r s e d ia b a g i p e n y e d ia m o d a l y a n g t e r d ir i d a r i u ta n g
d a n e k u ita s ; d a n
3) T e la h b e b a s d a r i k e w a jib a n u n t u k m e m p e r t a h a n k a n o p e r a s i s a a t in i d a n u n t u k
m e n g a n t is ip a s i p e r t u m b u h a n p e r u s a h a a n .
t. Nilai T erm in al (T e rm in a l V alue) a d a la h N ila i d a r i ju m la h a r u s k a s u n t u k p e r io d e
s e te la h p e r io d e w a k t u te t a p , d im a n a a r u s k a s y a n g d it e r a p k a n d a p a t m e n g g u n a k a n
m o d e l e k u it a s a ta u M o d a l In v e s ta s i.
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B A B II
GAM BARAN PERSEROAN
2.1 G am b aran U m um
F A W d id ir ik a n b e r d a s a r k a n A k t a N o t a r is N o . 6 4 t a n g g a l 2 7 N o v e m b e r 2 0 1 7 d ib u a t o le h
N o t a r is B e n e d ik t u s Andy W id y a n t o S . H ., n o t a r is di T a n g e ra n g S e la t a n dan te la h
m e n d a p a tk a n pengesahan d a ri M e n te r i H ukum dan H ak A sasi M a n u s ia R e p u b lik
I n d o n e s ia d a la m K e p u tu s a n No. A H U .0 0 5 4 0 8 3 .A H .0 1 .1 1 .T a h u n 2017 ta n g g a l 29
N ovem ber 2017.
A n g g a r a n d a s a r F A W m e n g a la m i p e r u b a h a n t e r a k h ir b e r d a s a r k a n A k t a N o . 1 6 t e r t a n g g a l
1 2 A g u s t u s 2 0 2 4 y a n g d ib u a t d ih a d a p a n R u d y S is w a n t o , S . H ., n o t a r is d i J a k a r t a U ta r a ,
m engenai M odal D asar P e rs e ro a n yang s e m u la sebesar Rp. 1 .0 0 0 .0 0 0 .0 0 0 a ta u
s e b a n y a k 1 0 . 0 0 0 s a h a m d e n g a n n o m in a l R p . 1 0 0 . 0 0 0 p e r le m b a r s a h a m m e n ja d i s e b e s a r
Rp. 1 5 0 . 0 0 0 . 0 0 0 . 0 0 0 a ta u s e b a n y a k 1 .5 0 0 . 0 0 0 s a h a m d e n g a n n ila i n o m in a l R p 1 0 0 . 0 0 0
p e r le m b a r s a h a m d a n m e n in g k a t k a n m o d a l d it e m p a t k a n / d is e t o r y a n g s e m u la s e b e s a r
R p 2 5 0 . 0 0 0 . 0 0 0 m e n ja d i s e b e s a r R p 5 0 . 2 5 0 . 0 0 0 . 0 0 0 . A k t a p e r u b a h a n t e r s e b u t te la h
d it e r im a o le h M e n te r i H u k u m d a n H a k A s a s i M a n u s ia R e p u b lik I n d o n e s ia d e n g a n S u r a t
K e p u tu s a n N o . A H U -0 0 5 0 9 9 3 .A H .0 1 .0 2 .T a h u n 2 0 2 4 , ta n g g a l 15 A g u s tu s 2 0 2 4 .
B e rd a s a rk a n p a s a l 3 a n g g a r a n d a s a r , m a k s u d d a n t u ju a n FAW a d a la h m e n ja la n k a n
u s a h a d a la m b id a n g ja s a p e r ja la n a n w is a t a , p e n y e le n g g a r a a n d a n p e n ju a la n p a k e t w is a t a
y a n g d iju a l, p e n y e d ia a n la y a n a n p r a m u w is a t a , p e n y e d ia a n a n g k u ta n w is a t a , p e m e s a n a n
a k o m o d a s i, r e s t o r a n , t e m p a t k o n v e n s i, t ik e t p e n ju a la n s e n i b u d a y a , p e n g u r u s a n d o k u m e n
p e r ja la n a n , v is a , m e la k u k a n p e n y e le n g a r a a n ib a d a h agam a dan p e r ja la n a n in s e n tif.
S a m p a i d e n g a n la p o r a n k e u a n g a n in i d it e r b it k a n p e r u s a h a a n b e lu m b e ro p e ra s i s e c a ra
k o m e r s ia l.
F A W b e r d o m is ili d i J l. K H . A b d u l H a lim N o . 8 8 R T 0 0 5 R W 0 0 8 , K e lu r a h a n M a ja le n g k a
K u lo n , K e c a m a t a n M a ja le n g k a , P r o v in s i J a w a B a r a t.
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2.2 S tru ktu r P erm o dalan dan P em egang Saham
B e r d a s a r k a n la p o r a n k e u a n g a n p e r 3 0 S e p t e m b e r 2 0 2 5 , p e m e g a n g s a h a m F A W d a p a t
d ilih a t p a d a t a b e l d i b a w a h i n i :
Modal Disetor
No. Pemegang Saham Lembar Saham Persentase
(Rp,-)
1 P T H o te l F itra In te rn a tio n a l T b k 5 0 2 .2 9 9 9 9 ,9 6 % 5 0 .2 2 9 .9 0 0 .0 0 0
2 N y. S iti R a h a y u 201 0 ,0 4 % .2 0 1 0 0 .0 0 0
Total 502.500 100,00% 55.250.000.000
2.3 O rg an isasi P erusahaan
B e r d a s a r k a n la p o r a n k e u a n g a n p e r 3 0 S e p t e m b e r 2 0 2 5 , s u s u n a n p e n g u r u s P e r u s a h a a n
a d a la h s e b a g a i b e r ik u t:
D ew an K o m isaris
K o m is a r is : J o n i R iz a l
D ireksi
D ir e k t u r : T o m i T r is
2.4 P erijinan dan Legalitas Perseroan
a. A k ta P e n d ir ia n N o . 6 4 ta n g g a l 2 7 N o v e m b e r 2 0 1 7 d a r i N o t a r is B e n e d ik t u s A n d y
W id y a n t o , S .H , n o t a r is d i K o t a T a n g e r a n g S e la t a n . A k t a p e n d ir ia n t e r s e b u t te la h
d is a h k a n o le h M e n te r i K e h a k im a n R e p u b lik In d o n e s ia d a la m S u r a t K e p u tu s a n N o .
A H U - 0 0 5 4 0 8 3 . A H . 0 1 .01 .T a h u n 2 0 1 7 t a n g g a l 2 9 N o v e m b e r 2 0 1 7 .
b. A k a t a p e r u b a h a n t e r a k h ir y a itu A k t a P e r n y a t a a n K e p u tu s a n R a p a t P T . F it r a A m a n a h
W is a t a N o . 2 4 t a n g g a l 2 4 A p r il 2 0 1 8 d a r i N o t a r is R u d y S is w a n t o , S .H , n o t a r is d i J a k a r ta
U ta r a . A k t a t e la h d it e r im a dan d ic a t a t d a la m S is t e m A d m in is t r a s i Badan H ukum
K e m e n t e r ia n H ukum dan Hak A sasi M a n u s ia R e p u b lik I n d o n e s ia d a la m S u ra t
P e m b e r it a h u a n d e n g a n N o . A H U - A H . 0 1 . 0 3 - 0 1 6 9 2 9 5 t a n g g a l 2 7 A p r il 2 0 1 8 .
c. S u r a t K e t e r a n g a n D o m is ili P e r u s a h a a n a ta s n a m a P T . F itr a A m a n a h W is a t a N o m o r :
4 7 0 / 2 9 / K e l. y a n g d it e r b it k a n o le h K e lu r a h a n M a ja le n g k a K u lo n K e c a m a t a n M a ja le n g k a
P e m e r in t a h K a b u p a t a n M a ja le n g k a y a n g d ik e lu a r k a n t a n g g a l 9 M e i 2 0 1 8 .
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d. N o m o r In d u k B e ru s a h a d e n g a n N o . 9 1 2 0 2 0 3 4 2 0 1 1 9 a t a s n a m a P T . F it r a A m a n a h
W is a t a d it e r b it k a n o le h K e p a la Badan K o o r d in a s i P e n a n a m a n M odal P e m e r in t a h
R e p u b lik I n d o n e s ia t a n g g a ll A p r il 2 0 1 9 .
e. P e r iz in a n B e ru s a h a B e r b a s is R is ik o S e r t if ik a t S ta n d a r 9 1 2 0 2 0 3 4 2 0 1 1 9 0 0 0 1 a ta s
n a m a P T . F itr a A m a n a h W is a t a d it e r b it k a n K e p a la D P M P T S P K a b u p a t e n M a ja le n g k a
ta n g g a l 1 2 M e i 2 0 2 2 .
f. N o m o r P o k o k W a jib P a ja k d e n g a n N o . 8 3 . 5 6 8 . 6 3 3 . 8 - 4 3 8 . 0 0 0 a ta s n a m a P T . F itr a
A m a n a h W is a t a .
g- S u ra t K e te ra n g a n T e rd a fta r No. S - 2 7 3 7 9 K T / W P J . 2 2 / K P . 1 4 0 3 /2 0 1 7 ta n g g a l 20
D e s e m b e r 2 0 1 7 a ta s n a m a P T . F it r a A m a n a h W is a t a d it e r b it k a n o le h K P P P r a ta m a
K u n in g a n K a n t o r W ila y a h D J P J a w a B a r a t II D ir e k t o r a t J e n d e r a l P a ja k K e m e n t e r ia n
K e u a n g a n R e p u b lik In d o n e s ia .
h. P e r ja n jia n k e r ja s a m a a n t a r a P e m e r in t a h D a e r a h K a b u p a t e n M a ja le n g k a d e n g a n P T .
F itr a Am anah W is a t a N o m o r K E .0 0 /2 4 6 0 -B K A D /2 0 2 3 dan No. 0 2 8 /F A W /X II/2 0 2 3
ta n g g a l 1 5 D e s e m b e r 2 0 2 3 te n ta n g K e r ja S a m a P e m a n f a a t a n ( K S P ) B a r a n g M ilik
D a e r a h K a b u p a t e n M a ja le n g k a b e r u p a t a n a h d i D e s a P a la s a h K e c a m a t a n K e r ta ja t i
K a b u p a t e n M a ja le n g k a U n t u k P e m b a n g u n a n d a n P e n g e lo la a n K e r ta ja t i U m r o k P a r k
M a ja le n g k a .
2.5 A sp e k M anajem en dan U saha
2.5.1. G am b aran M anajem en
M a n a je m e n p e r u s a h a a n m e r u p a k a n b a g ia n a k t iv it a s p e r u s a h a a n y a n g s e c a r a la n g s u n g
m a u p u n t id a k la n g s u n g a k a n m e m b e r ik a n k o n t r ib u s i k e b e r h a s ila n d a la m m e n ja la n k a n
u s a h a n y a , b a ik j a n g k a p e n d e k m a u p u n ja n g k a p a n ja n g . K o o r d in a s i s e m u a s u m b e r d a y a
m e la lu i p r o s e s p e r e n c a n a a n , p e n g o r g a n is a s ia n , p e n e t a p a n t e n a g a k e r ja , p e n g a r a h a n ,
dan pengaw asan u n tu k m encapai t u ju a n yang te la h d it e t a p k a n t e r le b ih d a h u lu .
D a p a t d is im p u lk a n b a h w a d a la m m a n a je m e n h a r u s a d a : tu ju a n , p r o s e s , s u a t u k e a h lia n ,
p ih a k y g m e n g a t u r d a n d i a tu r .
S e s u a i b id a n g u s a h a w is a t a r e lig i d a n t o u r t r a v e l h a ji y a n g b e r g e r a k d a la m b id a n g u s a h a
w is a t a r e lig i d a n t o u r t r a v e l h a ji. F A W b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l. M a k a A k t if it a s
s a a t in i d it a n g a n i o le h k a r y a w a n - k a r y a w a n in ti.
G a m b a ra n P e rs e ro a n _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
II - 3
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2.5.2. S u m b er D aya M anusia
S u m b e r D a y a M a n u s ia m e r u p a k a n h a l y a n g v ita l b a g i F A W s e b a g a i m itr a u n tu k m e n c a p a i
k e b e r h a s ila n s e tia p u s a h a d a n k e g ia ta n n y a . P e r s e r o a n m e n y a d a r i b a h w a k in e r ja u s a h a
P e r s e r o a n s a n g a t t e r p e n g a r u h d e n g a n k o n d is i s u m b e r d a y a m a n u s ia , s e h in g g a k e b ija k a n
m a n a je m e n s e h u b u n g a n d e n g a n p e r a n s u m b e r d a y a m a n u s ia a n ta r a la in d iw u ju d k a n d a la m
pem enuhan p e r a tu r a n - p e r a tu r a n P e m e r in ta h d a la m hal k e te n a g a k e r ja a n ju g a fa s ilita s
la in n y a .
2.5.3. K egiatan U saha
FAW b e r g e r a k d a la m b id a n g u s a h a w is a t a r e lig i d a n t o u r t r a v e l h a ji. P a d a s a a t in i,
p e r u s a h a a n b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l s e h in g g a b e lu m t e r d a p a t p e n d a p a t a n .
2.6 K in erja K euangan
F A W b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l s e ja k d id ir ik a n t a h u n 2 0 1 7 d e n g a n n a m a P T
F lit r a A m a n a h W is a t a . P a d a s a a t in i P e r u s a h a a n t e r u t a m a b e r g e r a k d a la m b id a n g u s a h a
w is a t a r e lig i d a n t o u r t r a v e l h a ji b e lu m m e n d a p a t k a n p e n d a p a t a n . K e u a n g a n F A W s e la m a
6 ta h u n t e r a k h ir t e r lih a t f lu k t u a t if d im a n a pada ta h u n 2021 R ugi U saha m e n g a la m i
k e n a ik a n d a ri ta h u n 2020 k e m u d ia n pada ta h u n 2022 sam pai dengan 2024 te ru s
m e n g a la m i p e n in g k a t a n d a n p a d a 3 0 S e p t e m b e r 2 0 2 5 m e n g a la m i p e n u r u n a n . H a l in i
d is e b a b k a n k a r e n a p e n g u r a n g a n b e b a n a d m in is t a s i d a n u m u m .
G a m b a ra n P e rs e ro a n
Penilaian Saham 99,964b Saham 11-4
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2.6.1.
c
R ealisasi Laba Rugi
/ / F / C A / S
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o
T ab el 2.1 R ealisasi Laba (R ugi) Perseroan
(D a la m R u p ia h )
LAPORAN LABA RUGI DAN
PENGHASILAN 2020 2021 2022 2023 2024 Sep 2025
KOMPREH ENSIF LAIN
Pendapatan - - - - - -
Beban Pokok Pendapatan - - - - - -
Laba (rugi) Kotor - - - - - -
Beban Administrasi dan Umum 29.500.000 30.297.400 85.213.641 662.168.739 1.393.583.731 178.227.963
Rugi Operasi (29.500.000) (30.297.400) (85.213.641) (662.168.739) (1.393.583.731) (178.227.963)
Pendapatan (beban) Iain-lain
Jasa Giro - - - - 86.900.736 133.351.532
Administrasi Bank (412.900) (415.800) (446.600) (474.500) (1.341.200) (1.100.200)
Pajak Jasa Giro - - - - (17.380.146) (26.663.533)
Rugi Sebelum Pajak Penghasilan (29.912.900) (30.713.200) (85.660.241) (662.643.239) (1.325.404.341) (72.640.164)
Manfaat (beban) pajak
penghasilan
Pajak Kini
Pajak Tangguhan - - - - - -
Rugi Tahun Berjalan (29.912.900) (30.713.200) (85.660.241) (662.643.239) (1.325.404.341) (72.640.164)
Penghasilan Komprehensif Lain - - - - - -
Rugi Komprehensif Tahun
Berjalan (29.912.900) (30.713.200) (85.660.241) (662.643.239) (1.325.404.341) (72.640.164)
P en dap atan
F A W b e lu m b e r o p e r a s i s e c a r a k o m e r s il s e h in g g a s a m p a i d e n g a n 3 0 S e p t e m b e r 2 0 2 5
p e r u s a h a n b e lu m m e m ilik i d a n m e n g h a s ilk a n p e n d a p a t a n .
Rugi U saha
R u g i u s a h a p a d a t a h u n 2 0 2 0 s e b e s a r 2 9 , 5 ju t a k e m u d ia n n a ik p a d a t a h u n 2 0 2 1 m e n ja d i
3 0 , 3 0 ju t a , p a d a ta h u n 2 0 2 2 t e r c a t a t m e n g a la m i k e n a ik a n m e n ja d i 8 5 ,2 1 ju t a d a n n a ik
k e m b a li p a d a t a h u n 2 0 2 3 m e n ja d i 6 6 2 , 2 7 ju t a , k e m u d ia n n a ik p a d a ta h u n 2 0 2 4 m e n ja d i
1 ,4 0 m ilia r d a n m e n g a la m i p e n u r u n a n p a d a 3 0 S e p t e m b e r 2 0 2 5 m e n ja d i 1 7 8 , 2 3 ju t a
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R ugi Bersih
R u g i b e r s ih p a d a t a h u n 2 0 2 0 s e b e s a r 2 9 ,9 1 ju t a k e m u d ia n n a ik p a d a ta h u n 2 0 2 1 m e n ja d i
3 0 ,7 1 ju t a k e m u d ia n n a ik pada ta h u n 2022 m e n ja d i 8 5 ,6 6 ju t a , pada ta h u n 2023
m e n g a la m i k e n a ik a n m e n ja d i 6 6 2 , 6 4 ju t a , ta h u n 2 0 2 4 n a ik m e n ja d i 1 ,3 3 m ilia r d a n p a d a
t a h u n 3 0 S e p t e m b e r 2 0 2 5 t u r u n m e n ja d i 7 2 , 6 4 ju t a .
2.6.2. R ealisasi Posisi K euangan
T ab el 2.2 R ealisasi Posisi K euangan
(D a la m R u p ia h )
LAPORAN POSIS
2020 2021 2022 2023 2024 Sep 2025
KEUANGAN
ASET
Aset Lancar
Kas dan Setara Kas 22.745.672 65.032.472 551.604.047 66.644.227 40.439.943.928 30.476.796.864
Piutang Lain-lain - - - - - 660.000.000
Berelasi
Uang Muka 627.768.184 1.355.972.265 9.706.380.723 18.931.637.623
JUMLAH ASET 22.745.672 65.032.472 1.179.372.231 1.422.616.492 50.146.324.651 50.068.434.487
LIABILITAS DAN EKUITAS
(DEFISIENSI MODAL)
LIABILITAS
Liabilitas Jangka Pendek
Utang Pajak 5.887.500
Utang Lain-lain 27.000.000 100.000.000 1.300.000.000 2.200.000.000 2.255.000.000 2.249.750.000
JUMLAH LIABILITAS 27.000.000 100.000.000 1.300.000.000 2.205.887.500 2.255.000.000 2.249.750.000
EKUITAS (DEFISIENSI
MODAL)
Modal saham 250.000.000 250.000.000 250.000.000 250.000.000 50.250.000.000 50.250.000.000
Saldo Defisit (254.254.328) (284.967.528) (370.627.769) (1.033.271.008) (2.358.675.349) (2.431.315.513)
JUMLAH EKUITAS (4.254.328) (34.967.528) (120.627.769) (783.271.008) 47.891.324.651 47.818.684.487
(DEFISIENSI MODAL)
JUMLAH LIABILITAS DAN 22.745.672 65.032.472 1.179.372.231 1.422.616.492 50.146.324.651 50.068.434.487
EKUITAS (DEFISIENSI
MODAL)
T otal A set
T o t a l A s e t p a d a ta h u n 2 0 2 0 t e r c a t a t s e b e s a r 2 2 , 7 5 ju t a k e m u d ia n n a ik p a d a ta h u n 2 0 2 1
m e n ja d i 6 5 , 0 3 ju t a , p a d a t a h u n 2 0 2 2 t e r c a t a t k e m b a li m e n g a la m i k e n a ik a n m e n ja d i 1 ,1 8
m ilia r k e m u d ia n p a d a ta h u n 2 0 2 3 t e r c a t a t 1 ,4 2 m ilia r , p a d a ta h u n 2 0 2 4 t e r c a t a t n a ik
m e n ja d i 5 0 , 1 5 m ilia r d a n p a d a 3 0 S e p t e m b e r 2 0 2 5 tu r u n m e n ja d i 5 0 , 0 7 m ilia r .
G a m b a ra n P e rs e ro a n
Penilaian Saham 99.96% Saham 1 1 -6
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Total Liabilitas
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/ s
o
T o t a l lia b ilit a s p a d a ta h u n p a d a ta h u n 2 0 2 0 s e b e s a r 2 7 , 0 0 ju t a k e m u d ia n n a ik p a d a ta h u n
2021 m e n ja d i 1 0 0 , 0 0 ju t a , p a d a ta h u n 2 0 2 2 t e r c a t a t m e n g a la m i k e n a ik a n m e n ja d i 1 ,3
m ilia r k e m u d ia n n a ik p a d a t a h u n 2 0 2 3 m e n ja d i 2 ,2 1 m ilia r , p a d a ta h u n 2 0 2 4 m e n g a la m i
k e n a ik a n m e n ja d i 2 , 2 6 m ilia r d a n p a d a 3 0 S e p t e m b e r 2 0 2 5 tu r u n m e n ja d i 2 , 2 5 m ilia r .
E ku itas (D efisiensi M odal)
D e f is ie n s i M o d a l t e r c a t a t p a d a ta h u n 2 0 2 0 - 2 0 2 3 s e b e s a r 4 , 2 5 ju t a p a d a ta h u n 2 0 2 0
k e m u d ia n n a ik p a d a t a h u n 2 0 2 1 m e n ja d i 3 4 , 9 7 ju t a , p a d a ta h u n 2 0 2 2 t e r c a t a t m e n g a la m i
k e n a ik a n m e n ja d i 1 2 0 ,6 3 ju t a , p a d a t a h u n 2 0 2 4 n a ik m e n ja d i 7 8 3 , 2 7 ju t a , k e m u d ia n
e k u it a s pada ta h u n 2024 m e n g a la m i k e n a ik a n m e n ja d i 4 7 ,8 9 m ilia r d a n pada 30
S e p t e m b e r 2 0 2 5 tu r u n m e n ja d i 4 7 , 8 2 m ilia r .
2.6.3. R asio -R asio K euangan
R a s io - r a s io keuangan p e r io d e per ta n g g a l 31 D esem ber 2020 sam pai dengan
3 0 S e p t e m b e r 2 0 2 5 , d a p a t d ilih a t s e b a g a i b e r i k u t :
T abel 2.3 R asio -rasio K euangan
Analisis Rasio
Uraian 2020 2021 2022 2023 2024 Sep 2025
Audited Audited Audited Audited Audited Audited
Solvabilitas X)
Total Debttc Equity Ratio -6,35 -2,86 -10,78 -2,82 0,05 0,05
Total Debttc Total Assets Ratio 1,19 1,54 1,10 1,55 0,04 0,04
R asio S o lvabilitas
R a s io s o lv a b ilit a s m e n g g a m b a r k a n k e m a m p u a n p e r u s a h a a n d a la m m em bayar sem ua
k e w a jib a n ( ja n g k a p e n d e k m a u p u n ja n g k a p a n ja n g ) F A W . R a s io r a t a - r a t a D e b t to E q u ity
R atio s e la m a t a h u n 2 0 2 0 - S e p t e m b e r 2 0 2 5 a d a la h - 3 , 7 8 x d a n D ebt to Total A s s e t R atio
s e b e s a r 0 ,9 1 x.
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2.7 K ejadian P enting S etelah T an gg al P en ilaian (S u b seq u en t E vent)
D a ri ta n g g a l p e n ila ia n , y a itu ta n g g a l 30 S e p te m b e r 2 0 2 5 , sam pai dengan ta n g g a l
d it e r b it k a n n y a la p o r a n in i, t id a k t e r d a p a t k e ja d ia n p e n t in g d a la m 3 0 S e p t e m b e r 2 0 2 5 , y a n g
d a p a t b e r p e n g a r u h s ig n if ik a n t e r h a d a p h a s il p e n ila ia n .
K a m i t id a k b e r ta n g g u n g ja w a b u n tu k m e n e g a s k a n k e m b a li a ta u m e le n g k a p i p e n d a p a t
k a m i k a r e n a p e r is t iw a - p e r is t iw a y a n g t e r ja d i s e te la h t a n g g a l la p o r a n in i.
2.8 H asil P em eriksaan A tas D okum en H ukum Y an g R elevan
Kam i m e n e r im a s a lin a n d o k u m e n -d o k u m e n hukum m ilik FAW , nam un kam i t id a k
m e la k u k a n pengecekan keabsahan d a ri d o k u m e n te rs e b u t d a n t id a k a d a dokum en-
d o k u m e n h u k u m t e r s e b u t y a n g m e m p e n g a r u h i h a s il p e n ila ia n .
2.9 U raian m en gen ai T en ag a A hli dan hasil p ekerjaan T en ag a A h li d alam hal Penilai
B isnis m en d asarkan P en ilaian -n ya pada hasil kerja T en ag a Ahli
D a la m p e n ila ia n in i k a m i t id a k m e n g g u n a k a n t e n a g a a h li d a n h a s il p e k e r ja a n t e n a g a a h li.
D e n g a n d e m ik ia n t id a k a d a in f o r m a s i m e n g e n a i t e n a g a a h li d a n h a s il p e k e r ja a n t e n a g a
a h li.
2.10 H asil identifikasi atas aset non o p erasio n al, kew ajib an non o p e ra s io n a l. dan
keleb ihan atau kekuran gan aset operasio nal (e x c es s o r d e fic ie n t) yang terkait
dan p en garu h n ya terh ad ap p en ilaian
A s e t N o n O p e r a s io n a l a d a la h a s e t y a n g t e r p is a h k a n d a r i o p e r a s io n a l p e r u s a h a a n d a n
t e r d ir i a ta s a s e t y a n g a k a n d ip a k a i p a d a m a s a y a n g a k a n d a t a n g (reserve aset), A s e t
S u r p lu s , a ta u A s e t I n v e s t a s i. S e t e la h d ila k u k a n id e n t if ik a s i, t id a k t e r d a p a t a s s e t n o n -
o p e r a s io n a l p a d a F A W .
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2.11 Data Industri, Data Pasar, Data E konom i, Dan Inform asi E m piris Lain nya Y an g
M en d u ku n g P en ilaian
a. P e r k e m b a n g a n In d u s tr i W is a t a R e lig i d a n T o u r T r a v e l H a ji
D a ri ta h u n 2016 - 2025 ju m la h p e r ja la n a n je m a a h h a ji In d o n e s ia m e n g a la m i
p e n in g k a t a n , te rc a ta t pada 2026 ju m la h k u o ta Jem aah h a ji In d o n e s ia sebesar
1 6 8 . 8 0 0 je m a a h d a n m e n in g k a t m e n ja d i 2 2 1 . 0 0 0 je m a a h p a d a ta h u n 2 0 2 0 . K u o ta
h a ji p a d a 2 0 2 2 t e r c a t a t s e b a n y a k 1 0 0 .0 5 1 je m a a h , k e m u d ia n K e m b a li n o r m a l s e p e r t i
ta h u n s e b e lu m pandem i m e n ja d i 2 2 1 .0 0 0 je m a a h pada 2023. Tahun 2024
m e n d a p a t k a n t a m b a h a n k u o t a d a r i A r a b S a u d i s e h in g g a m e n in g k a t m e n ja d i 2 4 1 . 0 0 0
je m a a h , nam un pada ta h u n 2025 k u o ta Jem aah h a ji k e m b a li s e b e s a r 2 2 1 . 0 0 0
je m a a h . P e m e r in t a h I n d o n e s ia m e la lu i K e m e n t e r ia n H a ji dan U m ra h R e p u b lik
I n d o n e s ia m e n e t a p k a n k u o t a h a ji In d o n e s ia ta h u n 2 0 2 6 s e b a n y a k 2 2 1 . 0 0 0 je m a a h
t e r d ir i d a ri 2 0 3 .3 2 0 je m a a h h a ji r e g u la r dan 1 7 .6 8 0 je m a a h h a ji khusus.
P e m b e rd a y a a n p o te n s i ekonom i n a s io n a l d ila k u k a n o le h p e m e r in t a h dengan
p e n g ik u t s e r t a a n p e la k u usaha n a s io n a l d a la m in d u s t r i ja s a p e n e rb a n g a n , ja s a
p e r ja la n a n ( t o u r & t r a v e l) d a n ja s a b o g a .
b. P r o s p e k I n d u s t r i W is a t a R e lig i d a n T o u r T r a v e l H a ji
S it u a s i p e m b e ra n g k a ta n h a ji di In d o n e s ia h a ru s a n tr i s e k it a r 1 0 - 3 5 ta h u n
d ik a r e n a k a n ju m la h k u o t a je m a a h y a n g d ib e r ik a n A r a b S a u d i t a k s e im b a n g d e n g a n
ju m la h p e m in a t y a n g b a n y a k . A n im o m a s y a r a k a t y a n g in g in m e n u n a ik a n ib a d a h h a ji
d a r i t a h u n k e t a h u n s e la lu m e n in g k a t n a m u n d e n g a n k e t e r b a t a s a n k u o t a ja m a a h h a ji
I n d o n e s ia t id a k b is a b e r a n g k a t s e s u a i d e n g a n ta h u n y a n g d iin g in k a n . K u o t a h a ji
ta h u n 2 0 2 5 s e b a n y a k 2 2 1 . 0 0 0 s e d a n g k a n ju m la h p e r ja la n a n u m r a h s a m p a i A p r il
2 0 2 5 m e n c a p a i 6 4 8 . 4 8 4 o r a n g , m e n g in d ik a s ik a n m in a t y a n g b e s a r u n t u k p e r ja la n a n
u m r a h d ik a r e n a n y a la m a n y a m e n u n g g u k e b e r a n g k a t a n h a ji d i I n d o n e s ia . J u m la h
J e m a a h u m r a h s e la m a p e r io d e 2 0 2 2 s a m p a i 2 0 2 5 t e r n s m e n g a la m i k e n a ik a n , P a d a
t a h u n 2 0 2 3 t e r c a t a t ju m la h J e m a a h u m r a h s e b e s a r 1 .3 6 8 . 6 1 6 , m e n in g k a t s e b e s a r
36% d ib a n d in g k a n dengan ta h u n 2 0 2 2 s e b e s a r 1 .0 0 6 . 3 0 6 je m a a h . P e n in g k a t a n
ju m la a h Jem aah u m ra h k e m b a li te rc a ta t pada ta h u n 2024 sebesar 7 ,1 9 %
d ib a n d in g k a n t a h u n s e b e lu m n y a , d a n t e r c a t a t J a n u a r i s a m p a i A p r il 2 0 2 5 s e b e s a r
6 4 8 . 4 8 5 je m a a h u m r a h . P o t e n s i e k o n o m i d a r i e k o s is t e m h a ji d a n u m r a h d ip e r k ir a k a n
m e n in g k a t d a r i s e b e s a r R p 6 5 t r iliu n p a d a 2 0 2 3 m e n ja d i R p 1 9 4 t r iliu n p a d a 2 0 3 0 .
I n d u s tr i p e r ja la n a n h a ji dan u m ra h I n d o n e s ia b e ra d a pada t it ik yang s t r a t e g is
G a m b a ra n P e rs e ro a n _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
II - 9
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d id u k u n g o le h p e m b e n t u k a n K e m e n t e r ia n b a r u , m a s if n y a a d a p t a s i t e k n o lo g i d ig ita l
d a n p o t e n s i p a s a r y a n g s a n g a t b e s a r h in g g a 2 0 3 0 . P e lu a n g la in n y a d id u k u n g o le h
V is i A r a b S a u d i ta h u n 2030 dengan a d a n y a p e n in g k a t a n k a p a s it a s d a n k u a lita s
la y a n a n . P e m e r in t a h m e m p r o y e k s ik a n t o t a l J e m a a h h a ji d a n u m r a h m e n c a p a i 3 ,3
ju t a p a d a t a h u n 2 0 3 0 .
2.12 Info rm asi Non K euan gan Y an g R elevan M engenai O b jek P en ilaian
F A W m e r u p a k a n p e r u s a h a a n y a n g b e r g e r a k d a la m b id a n g u s a h a w is a t a r e lig i d a n t o u r
t r a v e l h a ji y a n g s a a t in i b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l.
2.13 Info rm asi Perpajakan
B e r d a s a r k a n in f o r m a s i d a r i p ih a k m a n a je m e n , t id a k a d a m a s a la h p e r p a ja k a n y a n g d a p a t
b e r p e n g a r u h t e r h a d a p h a s il p e n ila ia n .
2.14 U raian m en gen ai p en yesu aian (n o rm aiisasi) data laporan keuan gan serta
p e rtim b a n g a n yang m en dasari setiap penyesu aian (n o rm aiisasi) te rh a d a p data
lapo ran k e u a n g a n .
L a p o r a n k e u a n g a n y a n g d is a jik a n s u d a h s e s u a i d e n g a n f a k t a , t id a k t e r d a p a t a k u n - a k u n
d ilu a r u s a h a y a n g b e r p e n g a r u h t e r h a d a p p r o y e k s i k e u a n g a n , y a n g d a p a t m e m p e n g a r u h i
h a s il p e n ila ia n . P a d a la p o r a n in i t id a k a d a p e n y e s u a ia n d a t a la p o r a n k e u a n g a n y a n g
d ila k u k a n d ik a r e n a k a n s u d a h s e s u a i p a s a r .
G a m b a ra n P e rs e ro a n
11-10
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A I S A L
O
2.15 Perbandingan Laporan Keuangan Yang Sebanding (com m on size) Periode Yang
Sesuai.
Keterangan 2020 2021 2022 2023 2024 Sep 2025
Pendapatan - - - - - -
Beban Pokok Pendapatan - - - - - -
Laba (rugi) Kotor - - - - - -
Beban Administrasi dan
Umum 29.500.000 30.297.400 85.213.641 662.168.739 1.393.583.731 178.227.963
Rugi Operasi (29.500.000) (30.297.400) (85.213.641) (662.168.739) (1.393.583.731) (178.227.963)
Perubahan
Rugi Operasi 2,70% 181,26% 677,07% 110,46% -87,21%
Pendapatan (beban) Iain-lain
Jasa Giro - - - - 86.900.736 133.351.532
Administrasi Bank (412.900) (415.800) (446.600) (474.500) (1.341.200) (1.100.200)
Pajak Jasa Giro * - - (17.380.146) (26.663.533)
Rugi Sebelum Pajak
Penghasilan (29.912.900) (30.713.200) (85.660.239) (662.643.232) (1.325.404.340) (72.640.164)
Manfaat (beban) pajak
penghasilan
Pajak Kini
Pajak Tangguhan - - - - - -
Rugi Tahun Berjalan (29.912.900) (30.713.200) (85.660.239) (662.643.232) (1.325.404.340) (72.640.164)
Penghasilan Komprehensif
Lain
Rugi Komprehensif Tahun
Berjalan (29.912.900) (30.713.200) (85.660.239) (662.643.232) (1.325.404.340) (72.640.164)
JUMLAH ASET 22.745.672 65.032.472 1.179.372.231 1.422.616.492 50.146.324.651 50.068.434.487
Perubahan
Aset 185,91% 1713,51% 20,62% 3424,94% -0,16%
JUMLAH LIABILITAS 27.000.000 100.000.000 1.300.000.000 2.205.887.500 2.255.000.000 2.249.750.000
Perubahan
Liabilitas 270,37% 1200,00% 69,68% 2,23% -0,23%
JUMLAH EKUITAS
(DEFISIENSI MODAL) (4.254.328) (34.967.528) (120.627.769) (783.271.008) 47.891.324.651 47.818.684.487
Perubahan
Ekuitas 721,93% 244,97% 549,33% -6214,27% -0,15%
P a d a p e r b a n d in g a n la p o r a n k e u a n g a n t e r s e b u t d ia t a s , d a p a t d ilih a t b a h w a F A W ta h u n
2020 - 30 S e p te m b e r 2 0 2 5 m e n g a la m i ru g i u s a h a d ik a r e n a k a n p e ru s a h a a n b e lu m
b e r o p e r a s i s e h in g g a t id a k m e m ilik i p e n d a p a t a n .
T o ta l a s e t F A W ta h u n 2 0 2 0 - 2 0 2 4 m e n g a la m i k e n a ik a n , p a d a t a h u n 2 0 2 4 m e n g a la m i
p e n in g k a t a n t e r t in g g i n a m u n p a d a 3 0 S e p t e m b e r 2 0 2 5 t o t a l a s e t F A W m e n u r u n s e b e s a r
0 ,1 6 % . L ia b ilita s F A W p a d a ta h u n 2 0 2 0 - 2 0 2 4 m e n g a la m i k e n a ik a n k e m u d ia n ta h u n
t e r a k h ir t u r u n s e b e s a r 0 ,2 3 % . D e f is ie n s i m o d a l t e r ja d i p a d a ta h u n 2 0 2 0 - 2 0 2 3 m e n g a la m i
k e n a ik a n s e la m a 3 ta h u n , dan e k u it a s te rc a ta t m e n in g k a t pada ta h u n 2024 - 30
S e p te m b e r 2 0 2 5 .
G a m b a ra n P e rs e ro an
P e n ila ia n S a h a m 9 9 , 9 6 4 Sa. 11-11
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2.16 Perbandingan Inform asi Keuangan Industri Yang Sebanding (com m on size) Periode
Sesuai
F A W b e r g e r a k d ib id a n g u s a h a w is a t a re lig i d a n t o u r t r a v e l h a ji. D ilih a t d i b u r s a p a d a s a a t
in i, t id a k t e r d a p a t p e r u s a h a a n y a n g s e b a n d in g d e n g a n F A W d i B u r s a E f e k In d o n e s ia y a n g
t e la h m e n a w a r k a n s a h a m n y a . S e h in g g a t id a k b is a d ija d ik a n “benchm ark!' u n t u k u s a h a
d ib id a n g w is a t a r e lig i d a n t o u r t r a v e l h a ji.
2.17 Inform asi Kom pensasi Bagi Pem egang Saham
M e n u r u t in f o r m a s i p ih a k m a n a je m e n t id a k a d a k o m p e n s a s i k h u s u s b a g i p a r a p e m e g a n g
s a h a m , d ilu a r g a ji s e r t a f a s ilit a s p e r u s a h a a n y a n g s e s u a i d e n g a n n o r m a l.
2.18 Inform asi M engenai A suransi Karyawan Kunci
B e r d a s a r k a n in f o r m a s i p ih a k m a n a je m e n s e r t a la p o r a n k e u a n g a n y a n g a d a , A s u r a n s i
y a n g d it a n g g u n g o le h p e r u s a h a a n a d a la h B P J S d a n a s u r a n s i k e s e h a t a n b a g i k a r y a w a n
k u n c i.
2.19 Perbandingan Kinerja O bjek Penilaian Dengan Tren Industri Sebanding
A n a lis is R a s io
U ra ia n O b je k P e n ia la ia n
STTP PANR
S o lv a b ilita s (X)
T o ta l D e b t to E q u ity R a tio 0 ,4 0 0 ,6 2 0 ,0 5
T o ta l D e b t! o T o ta l A s s e ts R a tio 0 ,2 9 0 ,3 8 0 ,0 4
R asio S o lvabilitas
R a s io s o lv a b ilit a s m e n g g a m b a r k a n kem am puan p e r u s a h a a n d a la m m em bayar sem ua
lia b ilit a s ( ja n g k a p e n d e k m a u p u n ja n g k a p a n ja n g ) P e r s e r o a n . R a s io r a t a - r a t a ju m la h
lia b ilit a s t e r h a d a p ju m la h e k u it a s (D e b t to E q u ity R atio I D E R ) r a t a - r a t a p e m b a n d in g
m e m ilik i D E R s e b e s a r 0 ,5 1 x s e d a n g k a n F A W b e r a d a d ib a w a h r a t a - r a t a t e r s e b u t y a it u
s e b e s a r 0 ,0 5 x .
G a m b a ra n P e rs e ro a n
1 1 -1 2
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2.20 A nalisa Pem bahasan M anajem en
F A W b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l s e ja k d id ir ik a n ta h u n 2 0 1 7 d e n g a n n a m a P T .
F it r a A m a n a h W is a t a . F A W m e r u p a k a n p e r u s a h a a n y a n g m e m ilik i k e g ia t a n u s a h a w is a t a
r e lig i d a n t o u r t r a v e l h a ji s e la in itu u s a h a la in n y a y a it u p e n y e d ia a n h o t e l d a n p e n g in a p a n
b a g i ja m a a h h a ji s e rta m a n a je m e n p e n g e lo la a n w is a t a r e lig i m a n a s ik u m ra h yang
p r o p e s io n a l, a m a n a h d a n b e r k a h . P e r u s a h a a n s u d a h m e m ilik i p e n g e t a h u a n d i b id a n g t o u r
& t r a v e l s e c a r a in t e r n a s io n a l. F A W b e r te k a d u n t u k m e m b e r ik a n h a r g a t e r ja n g k a u d e n g a n
p e la y a n a n y a n g t e r b a ik b a g i c a lo n h a ji a ta u h a ja h . F A W m e m ilik i k e r ja s a m a p e m a n f a a t a n
b a r a n g d a e r a h b e r u p a ta n a h u n t u k P e m b a n g u n a n d a n p e n g e lo la a n K e r t a ja t i U m r o h P a r k
M a ja le n g k a b e r d a s a r k a n P e r ja n jia n K e r ja S a m a a n t a r a P e m e r in t a h D a e r a h K a b u p a t e n
M a ja le n g k a d e n g a n P T . F itr a A m a n a h W is a t a N o m o r K E . 0 0 / 2 4 6 0 - B K A D / 2 0 2 3 d a n N o .
0 2 8 /F A W /X II/2 0 2 3 ta n g g a l 15 D esem ber 2023 dengan ja n g k a w a k tu k e r ja sam a
p e m a n f a t a a n 3 0 ta h u n s a m p a i d e n g a n 1 2 D e s e m b e r 2 0 5 3 .
G a m b a ra n P e rs e ro a n
1 1 -1 3
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B A B III
A S P E K M A K R O B ISN IS DAN P E M A S A R A N
3.1 P ertu m b u h an E ko no m i Indonesia
P e r t u m b u h a n e k o n o m i In d o n e s ia t e t a p b a ik d a n p e r lu t e r n s d it in g k a t k a n agar sesuai
dengan k a p a s it a s p e r e k o n o m ia n . E k o n o m i I n d o n e s ia pada t r iw u la n III 2 0 2 5 tu m b u h
s e b e s a r 5 ,0 4 % ( y e a r on y e a rly o y ) , d it o p a n g o le h k in e r ja e k s p o r y a n g t e t a p b a ik s e r t a
k o n s u m s i P e m e r in t a h y a n g m e n in g k a t s e ir in g d e n g a n p e r c e p a t a n b e la n ja p e m e r in t a h
p e r lu t e r u s d id o r o n g s e h in g g a d a p a t m e m p e r k u a t p e r m in ta a n d o m e s t ik . S e c a r a s e k to r a l,
s e b a g ia n b e s a r L a p a n g a n U s a h a ( L U ) u ta m a m e n u n ju k k a n k in e r ja p o s it if , t e r m a s u k L U
in d u s t r i p e n g o la h a n , LU p e rd a g a n g a n besar dan e c e ra n , s e rta LU in f o r m a s i dan
k o m u n ik a s i.
T ab el : P ertu m b u h an E konom i Dari Sisi P en geluaran
Komponen 2024 2024 2025
1 II III IV I II III
Konsumasi Rumah Tangga 4,91 4,93 4,91 4,98 4,94 4,95 4,97 4,89
Konsumsi Lembaga 24,13 9,79 11,46 6,06 12,48 3,07 7,82 4,28
Nonprofit yang Melayani
Rumah Tangga
Konsumsi Pemerintah 20,44 2,03 4,62 4,17 6,61 -1,37 -0,33 5,49
Investasi (PMTDB) 3,78 4,42 5,16 5,03 4,61 2,12 6,99 5,04
Investasi Bangunan 5,46 5,31 6,02 5,26 5,51 1,35 4,89 3,02
Investigasi Non Bangunan -0,78 1,97 2,96 4,40 2,23 4,32 12,93 10,34
Ekspor 1,48 8,13 8,79 7,63 6,51 6,44 10,95 9,91
Impor 1,50 7,79 11,92 10,36 7,95 4,00 11,48 1,18
PDB 5,11 5,05 4,95 5,02 5,03 4,87 5,12 5,04
Sumber: Badan Pusat Statistik
P e r t u m b u h a n t e r ja d i p a d a h a m p ir s e lu r u h L U k e c u a li L U p e r ta m b a n g a n d a n p e n g g a lia n
y a n g m e n g a la m i k o n t r a k s i. L U y a n g m e m b e r ik a n k o n t r ib u s i t e r b e s a r b a g i p e r e k o n o m ia n
In d o n e s ia p a d a t r iw u la n III 2 0 2 5 y a it u L U in d u s t r i p e n g o la h a n d e n g a n t u m b u h s e b e s a r
5 ,5 4 % ( y o y ) .
A s p e k M a k ro B is n is d a n P e m a s a ra n
Penilaian Saham 99.9(3% Saham Penyertaan HFI pada I 111-1
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G rafik : POB M en u ru t Lapangan U saha
S e c a r a s p a s ia l, p e r t u m b u h a n e k o n o m i y a n g t in g g i t e r c a t a t d i w ila y a h J a w a d a n S u la w e s i-
M a lu k u - P a p u a ( S u la m p u a ) . D a r i s is i d o m e s t ik , p e r t u m b u h a n e k o n o m i I n d o n e s ia te t a p
b a ik d a n p e r lu d it in g k a t k a n a g a r s e s u a i d e n g a n k a p a s it a s p e r e k o n o m ia n . P a d a tr iw u la n
IV 2 0 2 5 , p e r t u m b u h a n e k o n o m i d ip e r k ir a k a n m e n in g k a t d id u k u n g s t im u lu s f is k a ll m e la lu i
im p le m e n t a s i p r o y e k p r io r it a s dan P a k e t K e b ija k a n E k o n o m i P e m e r in t a h 2 0 2 5 s e rta
b a u r a n k e b ija k a n B a n k I n d o n e s ia y a n g m e n d o r o n g p e r t u m b u h a n e k o n o m i d e n g a n te t a p
m e n ja g a s t a b ilit a s . K o n s u m s i r u m a h t a n g g a d ip e r k ir a k a n t u m b u h le b ih t in g g i d id o r o n g
k e n a ik a n e k s p e k ta s i p e n g h a s ila n , khususnya pada k e lo m p o k m enengah ke bawah,
s e ja la n ta m b a h a n b a n tu a n s o s ia l p e m e r in t a h s e rta k e n a ik a n m o b ilit a s dan a k tiv it a s
m a s y a ra k a t m e n je la n g p e ra y a a n N a ta l dan Tahun B a ru . I n v e s t a s i, khususnya
n o n b a n g u n a n , d ip e r k ir a k a n le b ih t in g g i t e r c e r m in d a r i in d e k s P rom pt M anufacturing Index
( P M I ) y a n g t e t a p p a d a le v e l e k s p a n s if .
D e n g a n p e r k e m b a n g a n t e r s e b u t, p e r t u m b u h a n e k o n o m i t a h u n 2 0 2 5 d ip e r k ir a k a n b e r a d a
d a la m k is a r a n 4 , 7 - 5 , 5 % % d a n a k a n m e n in g k a t p a d a 2 0 2 6 . B a n k In d o n e s i a k a n t e r n s
m e m p e r k u a t b a u r a n k e b ija k a n m e la lu i b a u r a n k e b ija k a n m o n e t e r , m a k r o p r u d e n s ia l, d a n
s y s te m p e m b a y a ra n yang b e r s in e r g i d e n g a n k e b ija k a n s t im u lu s f is k a l d a n s e k t o r riil
p e m e r in t a h u n tu k m e n d o ro n g p e rtu m b u h a n e k o n o m i le b ih t in g g i d a n te ta p m e n ja g a
s t a b ilita s .
A s p e k M a k ro B is n is d a n P e m a s a ra n _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
III - 2
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3.2 N eraca P em bayaran Indonesia
N e r a c a P e m b a y a r a n In d o n e s ia ( N P I) t e t a p t e r ja g a b a ik s e h in g g a m e n d u k u n g k e ta h a n a n
e k s t e r n a l. P a d a t r iw u la n III 2 0 2 5 , t r a n s a k s i b e r ja la n t e t a p b a ik d a n m e n c a t a t s u r p lu s
s e ja la n d e n g a n k e n a ik a n e k s p o r n o n m ig a s , d it o p a n g o le h e k s p o r m in y a k k e la p a s a w it
(C P O ) ke In d ia , lo g a n m u lia d a n p e r h ia s a n k e S w is s , s e r t a b a tu b a ra k e T io n g k o k .
S e m e n t a r a d a r i t r a n s a k s i m o d a l d a n f in a n s ia l, p e n a n a m a n m o d a l la n g s u n g d ip e r k ir a k a n
te ta p p o s it if s e ja la n p r o s p e k e k o n o m i d o m e s t ic y a n g te ta p b a ik s e d a n g k a n in v e s t a s i
p o r t o f o lio d ip e r k ir a k a n m e n g a la m i n e f outflow s s e ir in g m e n in g k a t n y a k e t id a k p a s t ia n p a s a r
k e u a n g a n g lo b a l. P a d a t r iw u la n IV 2 0 2 5 , in v e s t a s i p o r t o f o lio h in g g a 1 7 N o v e m b e r 2 0 2 5
m e m b a ik y a n g m e n c a t a t net inflow s s e b e s a r 1 ,8 m ilia r d o la r A S t e r u t a m a d it o p a n g a lir a n
m a s u k in v e s t a s i k e s a h a m . P o s is i C a d a n g a n d e v is a p a d a a k h ir O k t o b e r 2 0 2 5 m e n in g k a t
m e n ja d i s e b e s a r 1 4 9 ,9 m ilia r d o la r A S , s e t a r a d e n g a n p e m b ia y a a n 6 ,2 b u la n im p o r a ta u
6 ,0 b u la n im p o r d a n p e m b a y a r a n u ta n g lu a r n e g e r i P e m e r in t a h , s e r t a b e r a d a d i a ta s
s t a n d a r k e c u k u p a n in t e r n a s io n a l s e k it a r 3 b u la n im p o r .
T ab el : N eraca P erdag an g an Ind onesia
2023 2024* 2025
K om ponen
1 II III IV T o ta l 1 II III IV T o ta l i* II* III* *
T r a n s a k s i B e rja la n 2 ,9 -2 ,3 -1 ,3 -1 ,4 -2 ,0 -2 ,4 -3 ,0 -2 ,0 -1 ,2 -8 ,7 -0 ,2 -2 ,7 4 ,0
A. B a ra n g 1 4 ,8 1 0 ,0 1 0 ,2 1 1 ,4 4 6 ,3 9 ,3 1 0 ,0 9 ,2 1 1 ,3 3 9 ,8 1 3 ,0 1 0 ,6 16,1
E k s p o r, fo b 6 6 ,8 6 1 ,6 6 3 ,5 6 5 ,9 2 5 7 ,7 6 1 ,9 6 2 ,3 6 7 ,5 7 1 ,3 2 6 3 ,1 6 5 ,9 6 8 ,0 7 3 ,9
Im por, fo b -5 2,1 -5 1 ,6 -5 3 ,3 -5 4 ,5 -2 1 1 ,4 -5 2 ,6 -5 2 ,3 -5 8 ,3 -6 0 ,0 -2 2 3 ,3 -5 3 ,0 -5 7 ,4 - 5 7 ,8
a . N on m ig a s 1 9 ,0 1 5 ,2 1 6 ,0 1 7 ,7 6 7 ,8 15,1 1 5 ,2 1 4 ,7 1 7 ,8 6 2 ,7 1 8 ,8 1 5 ,7 2 0 ,9
b. M ig as -3 ,9 -4 ,7 -5 ,4 -5 ,9 - 1 9 ,9 -5 ,5 4 ,6 4 ,4 -5,1 -1 9 ,6 4 ,7 4 ,2 4 ,8
B. J a s a - j a s a -4 ,5 -4 ,5 -3 ,9 4 ,8 -1 7 ,7 4 ,2 -5 ,0 4 ,2 -5 ,2 -1 8 ,6 -5 ,5 -5 ,5 4 ,3
C . P e n d a p a t a n P rim e r -8 ,8 -9 ,2 -8 ,8 -9 ,3 -3 6 ,0 -8 ,8 -9 ,4 -8 ,5 -9 ,0 -3 5 ,9 -9 ,3 -9 ,8 -9 ,4
D. P e n d a p a t a n 1,4 1,4 1,3 1,3 5 ,4 1 ,3 1,4 1,5 1,7 6 ,0 1,6 1 ,7 1 ,7
Sekunder
T r a n s a k s i M o d al d a n 4 ,0 -4 ,4 -0 ,5 1 0 ,8 9 ,9 -2 ,4 2 ,6 8 ,0 9 ,4 1 7 ,7 -0 ,4 -5 ,2 -8,1
F in a n s ia l
1. In v e s ta s i L a n g s u n g 4 ,4 3 ,9 2 ,7 3 ,4 1 4 ,4 4 ,9 2 ,3 5,1 3 ,4 1 5 ,7 2 ,5 2 ,6 2 ,5
2 . In v e s ta s i P o rto fo lio 3 ,0 -2 ,6 -3 ,0 4 ,9 2 ,2 -2,1 3 ,2 9 ,8 -2 ,5 8 ,3 1,0 -8,1 -7,1
3 . In v e s ta s i L a in n y a -3 ,6 -5 ,6 -0,1 2 ,4 -6 ,9 4 ,8 -3 ,3 -7 ,2 8 ,5 -6 ,7 4 ,2 0 ,3 -3 ,4
N e r a c a K e s e lu ru h a n 6 ,5 -7 ,4 -1 ,5 8 ,6 6 ,3 -6 ,0 -0 ,6 5 ,9 7 ,9 7 ,2 -0 ,8 -6 ,7 -6 ,4
'C a d a n g a n D e v is a 1 4 5 ,2 1 3 7 ,5 1 3 4 ,9 1 4 6 ,4 1 4 6 ,4 1 4 0 ,4 1 4 0 ,2 1 4 9 ,9 1 5 5 ,7 1 5 5 ,7 1 5 7 ,1 1 5 2 ,6 1 4 8 ,7
D a la m b u la n im p o r 6 ,2 6 ,0 6 ,0 6 ,5 6 ,5 6 ,2 6,1 6 ,4 6 ,5 6 ,5 6 ,5 6,1 6 ,0
d a n p e m b a y a r a n ULN
p e m e rin ta h
• T r a n s a k s i B e rja la n 0 ,9 -0 ,7 -0 ,4 -0 ,4 -0,1 -0 ,7 -0 ,9 -0 ,6 -0 ,3 -0 ,6 -0,1 -0 ,8 1,1
(% P D B )
S u m b e r : B a n k In d o n e s ia . *A n g k a s e m e n ta r a ; ** A n g k a s a n g a t s e m e n ta ra
A s p e k M a k ro B is n is d a n P e m a s a ra n
Per an Saham 99.96% Saham Penyertaan HFI pada i 111-3
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H
3.3
E
Inflasi
S E N T I F / C R R
KJPP Edi A n d e s t a dan R ekan
I S A L
o
I n fla s i s e c a r a u m u m te t a p t e r ja g a d a la m k is a r a n s a s a r a n . In fla s i IH K p a d a S e p t e m b e r
2025 te rc a ta t sebesar 2 ,6 5 % (y o y ). In fla s i in ti te ta p re n d a h sebesar 2 ,1 9 % (y o y ),
d ip e n g a r u h i o le h p e r t u m b u h a n e k o n o m i y a n g m a s ih d ib a w a h k a p a s it a s s e r t a d id u k u n g
k o n s is t e n s i s u k u b u n g a k e b ija k a n m o n e t e r B a n k In d o n e s ia d a la m m e n ja n g k a r e k s p e k t a s i
in f la s i s e s u a i d e n g a n s a s a r a n n y a d a n im ported inflation y a n g r e n d a h . In fla s i k e lo m p o k
adm in iste re d p rices ( A P ) ju g a t e t a p r e n d a h s e b e s a r 1 ,1 0 % ( y o y ) s e ir in g m e n u r u n g n y a t a r if
a n g k u t a n d a n b e n s in d it e n g a h k e n a ik a n h a r g a ju a l e c e r a n r o k o k . S e m e n t a r a itu , in fla s i
k e lo m p o k volatile fo o d ( V F ) m e n in g k a t m e n ja d i 6 ,4 4 % ( y o y ) d id o r o n g te r u ta m a o le h
k e n a ik a n h a r g a k o m o d it a s c a b a i, b a w a n g , b e r a s d a n d a g in g a y a m r a s s e ir in g b e r a k h ir n y a
m a s a p a n e n d a n p e n in g k a t a n b ia y a in p u t p r o d u k s i. I n fla s i p a d a t a h u n 2 0 2 5 d a n 2 0 2 6
t e t a p t e r ja g a r e n d a h d a la m s a s a r a n 2 , 5 ± 1 % . In fla s i in ti d ip e r k ir a k a n t e t a p r e n d a h s e ir in g
e k s p e k t a s i in f la s i y a n g t e r ja n g k a r d a la m s a s a r a n , k a p a s it a s e k o n o m i y a n g m a s ih b e s a r ,
im ported inflation y a n g t e r k e n d a li, d a n d a m p a k p o s it if d a r i d ig it a lis a s i. S e m e n t a r a itu ,
in f la s i V F d ip e r k ir a k a n t e t a p t e r k e n d a li d id u k u n g o le h s in e r g i p e n g e n d a lia n in f la s i o le h T im
P e n g e n d a lia n In fla s i P u s a t / D a e r a h ( T P I P / T D I P ) d a n p e n g u a t a n im p le m e n t a s i P r o g r a m
K e t a h a n a n P a n g a n N a s io n a l.
G rafik : Inflasi Ind onesia
-12
1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9
2020 2021 2022 2023 2024 2025
S u m b e r : B a d a n P u s a t S ta tis tik , d io la h
A s p e k M a k ro B is n is d a n P e m a s a ra n
Penilaian Saham 99.96% Saham Penyertaan H P pada I 111-4
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p / /
KJPP Edi A n d e s t a dan Rekan
3.4 N ilai T u k a r Rupiah
N ila i t u k a r R u p ia h te ta p t e r k e n d a li d id u k u n g k e b ija k a n s t a b ilis a s i Bank I n d o n e s ia di
Tengah k e t id a k p a s t ia n g lo b a l y a n g t in g g i. N ila i t u k a r R u p ia h t e r h a d a p d o la r A S pada
S e p te m b e r 2025 ( h in g g a 16 S e p te m b e r 2025) m enguat sebesar 0 ,3 0 % ( p tp )
d ib a n d in g k a n d e n g a n le v e l a k h ir A g u s t u s 2 0 2 5 . S t a b ilit a s n ila i t u k a r R u p ia h d id u k u n g o le h
k o n s is t e n s i k e b ija k a n s t a b ilis a s i B a n k In d o n e s ia d i T e n g a h t in g g in y a k e t id a k p a s t ia n p a s a r
keuangan g lo b a l s e rta p e n in g k a t a n k o n v e r s i v a la s ke R u p ia h o le h e k s p o r t ir s e ir in g
p e n e r a p a n p e n g u a t a n k e b ija k a n D e v is a H a s il E k s p o r S u m b e r D a y a A la m ( D H E S D A ) .
S e c a r a u m u m , p e r k e m b a n g a n R u p ia h r e la t iv e s t a b il b ila d ib a n d in g k a n d e n g a n k e lo m p o k
m a ta uang n e g a ra b e rk e m b a n g dan n e g a ra m a ju . Nam un, sam pai dengan a k h ir
S e p t e m b e r 2 0 2 5 R u p ia h m e le m a h s e b e s a r 1 ,0 5 % ( p tp ) a p a b ila d ib a n d in g k a n le v e l a k h ir
A g u s t u s 2 0 2 5 s e ir in g d e n g a n k e tid a k p a s t ia n y a n g c u k u p t in g g i.
3.5 Suku B unga
P e n u r u n a n s u k u b u n g a p a s a r u a n g d a n im b a l h a s il S u r a t B e r h a r g a N e g a r a ( S B N ) s e ja la n
d e n g a n p e lo n g g a r a n k e b ija k a n m o n e t e r B a n k In d o n e s ia p e r lu d iik u t i d e n g a n p e n u r u n a n
s u k u b u n g a p e r b a n k a n . S u k u b u n g a IN D O N I A t e r u s m e n g a la m i p e n u r u n a n s e b e s a r 1 4 4
b p s d a r i 6 ,0 3 % p a d a a w a l ta h u n 2 0 2 5 m e n ja d i 4 ,5 9 % p a d a 1 6 S e p t e m b e r 2 0 2 5 s e ir in g
d e n g a n p e n u r u n a n B l- r a t e s e b e s a r 1 2 5 b p s s e ja k S e p t e m b e r 2 0 2 4 d i p a s a r u a n g . S u k u
b u n g a S e k u r it a s R u p ia h B a n k In d o n e s ia ( S R B I ) u n t u k t e n o r 6 , 9 , d a n 1 2 b u la n ju g a
m e n g a la m i p e n u r u n a n m a s in g - m a s in g s e b e s a r 2 1 0 b p s , 2 1 3 b p s d a n 2 1 9 b p s s e ja k a w a l
2 0 2 5 m e n ja d i 5 ,0 6 % ; 5 ,0 7 % ; d a n 5 ,0 8 % p a d a 1 2 S e p t e m b e r 2 0 2 5 . Im b a l h a s il S B N u n t u k
t e n o r 2 t a h u n m e n u r u n s e b e s a r 1 8 5 b p s d a r i 6 ,9 6 % p a d a a w a l 2 0 2 5 m e n ja d i 5 ,1 1 % p a d a
1 6 S e p t e m b e r 2 0 2 5 , s e m e n t a r a u n t u k t e n o r 1 0 ta h u n m e n u r u n s e b s a r 9 4 b p s d a r i t in g k a t
t e r t in g g i 7 ,2 6 % pada p e rte n g a h a n J a n u a ri 2025 m e n ja d i 6 ,3 2 % . S e m e n ta ra itu ,
p e n u ru n a n suku bunga p e rb a n k a n m a s ih m e n g a la m i p e r la m b a t a n s e h in g g a m a s ih
d ip e r lu k a n u p a y a p e rc e p a ta n . P e n u ru n a n B l- r a t e s e b e s a r 1 2 5 b p s m a s ih le b ih t in g g i
d ib a n d in g k a n d e n g a n s u k u b u n g a d e p o s it o 1 b u la n y a n g tu r u n s e b e s a r 1 6 b p s d a r i 4 ,8 1 %
p a d a a w a l 2 0 2 5 m e n ja d i 4 ,6 5 % p a d a A g u s t u s 2 0 2 5 . H a l t e r s e b u t t e r u t a m a d ip e n g a r u h i
o le h p e m b e r ia n spe cia l rate k e p a d a d e p o s a n b e s a r y a n g m e n c a p a i 2 5 % d a r i to t a l d a n a
p ih a k k e tig a b a n k . S u k u b u n g a k r e d it p e r b a n k a n m a s ih m e la m b a t , t e r c a t a t p e n u r u n a n 7
b p s d a r i 9 ,2 0 % p a d a a w a l 2 0 2 5 m e n ja d i s e b e s a r 9 ,1 3 % p a d a A g u s t u s 2 0 2 5 .
A s p e k M a k r o B is n is d a n P e m a s a r a n
111-5
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S C / E N T / F / C A P E P A I S A L
KJPP Edi A n d e s t a dan Rekan
G rafik : Suku B unga K ebijakan B ank Ind o nesia dan IN D O N IA
S u k u B u n g a K e b ija k a n B a n k In d o n e s ia d a n IN D O N IA
8
IF Rate
DF Rate
2 i i S 4 e 6 1 0 " 'J 2 i 4 5 ? 3 9 'C 1 H 2 1 3 3 l o t 1 1 2 •, 2 3 5 6 J j i a n - j • - - 5 1 M r i i i • : 4 5 r a ?
Sumber:BankIndonesia
3.6 P erkem b an g an Industri T o u r and T ravel Haji U m rah
I n d o n e s ia m e r u p a k a n s a la h s a tu n e g a r a d e n g a n p o p u la s i M u s lim t e r b e s a r d i d u n ia d a n
m e n ja d ik a n n e g a ra in i s e b a g a i p e n g ir im je m a a h h a ji t e r t in g g i d i d u n ia . B e rd a s a rk a n
U n d a n g - u n d a n g N o m o r 1 7 t a h u n 1 9 9 9 , n e g a r a m e n g a k u i b a h w a ib a d a h h a ji m e r u p a k a n
r u k u n is la m y a n g k e lim a y a n g w a jib d ila k s a n a k a n o le h u m a t Is la m y a n g m e m e n u h i k r it e r ia
“ is t it h a ’a h b e r u p a k e m a m p u a n m a t e r i, f is ik d a n m e n ta l. P e n y e le n g g a r a a n h a ji d i I n d o n e s ia
m e n ja d i ta n g g u n g ja w a b M e n te r i Agam a yang d a la m p e la k s a n a a n d ila k u k a n o le h
D ir e k t o r a t J e n d e r a l B im b in g a n M a s y a r a k a t Is la m dan U ru s a n H a ji. P e la k s a n a a n h a ji
h a n y a d a p a t d ila k u k a n p a d a w a k t u t e r t e n t u y a itu a n t a r a t a n g g a l 8 s a m p a i d e n g a n 13
D z u lh ija h s e t ia p ta h u n n y a dan d ip e r lu k a n p e n g o rb a n a n s e p e rti h a r ta kekayaan,
m e n in g g a lk a n p e k e r ja a n d a n k e lu a r g a s e la m a w a k t u t e r s e b u t . M e n u n a ik a n ib a d a h h a ji
a d a la h c it a - c it a s e o r a n g m u s lim y a n g t e r m a s u k d a la m p e r ja la n a n a g a m a , s e la in itu ju g a
m e m ilik i d a m p a k s o s ia l d a n e k o n o m i. H a l t e r s e b u t m e n g in d ik a s ik a n dengan adanya
perkembangan ekonomi yang meningkat akan sejalan dengan ju m la h jamaah haji d a r i
t a h u n k e t a h u n . P e r k e m b a n g a n q u o t a ju m la h J e m a a h h a ji In d o n e s ia d a r i t a h u n 2 0 1 6 -
2 0 2 5 s e b a g a i b e r ik u t:
A s p e k M a k r o B is n is d a n P e m a s a r a n
iiP6
Page 36
T H E S C I F I C S A
KJPP Edi A n d e s t a dan Rekan
G rafik : Jum lah K uota Jem aah Haji Ind o en sia 2016 - 2025
300.000
250.000 241.000
231.000
221.000 221.000 221.000
200.000
168.800
150.000
100.051
100.000
50.000
2016 2017 2018 2019 2020 2022 2023 2024 2025
S u m b e r : D ir e k to r a t J e n d e r a l P e n y e le n g g a ra a n H a ji d a n U m ra h
D a r i t a h u n 2 0 1 6 - 2 0 2 5 ju m la h p e r ja la n a n je m a a h h a ji I n d o n e s ia m e n g a la m i p e n in g k a t a n
t e r c a t a t p a d a 2 0 1 6 ju m la h k u o ta J e m a a h h a ji I n d o n e s ia s e b e s a r 1 6 8 . 8 0 0 je m a a h dan
m e n in g k a t m e n ja d i 2 2 1 . 0 0 0 je m a a h p a d a t a h u n 2 0 2 0 . N a m u n , p a n d e m i C o v id - 1 9 y a n g
m e la n d a d u n ia m e n y e b a b k a n k e g ia t a n ib a d a h h a ji d ih e n t ik a n to ta l p a d a ta h u n 2 0 2 0 h in g g a
2 0 2 1 . K e g ia t a n k e m b a li d ib u k a p a d a ta h u n 2 0 2 2 d e n g a n p e m b a ta s a n p e r ja la n a n y a n g
c u k u p k e ta t d a n k u o t a h a ji b e lu m s e p e n u h n y a p u lih . K u o t a h a ji p a d a 2 0 2 2 t e r c a t a t s e b a n y a k
1 0 0 .0 5 1 je m a a h , k e m u d ia n K e m b a li n o rm a l s e p e rti ta h u n s e b e lu m pandem i m e n ja d i
2 2 1 . 0 0 0 je m a a h p a d a 2 0 2 3 . T a h u n 2 0 2 4 m e n d a p a t k a n t a m b a h a n k u o t a d a r i A r a b S a u d i
s e h in g g a m e n in g k a t m e n ja d i 2 4 1 . 0 0 0 je m a a h , n a m u n p a d a ta h u n 2 0 2 5 k u o t a J e m a a h h a ji
k e m b a li s e b e s a r 2 2 1 . 0 0 0 je m a a h . P e m e r in t a h I n d o n e s ia m e la lu i K e m e n t e r ia n H a ji d a n
U m r a h R e p u b lik In d o n e s ia m e n e t a p k a n k u o t a h a ji I n d o n e s ia ta h u n 2 0 2 6 s e b a n y a k 2 2 1 . 0 0 0
je m a a h t e r d ir i d a r i 2 0 3 . 3 2 0 je m a a h h a ji r e g u la r d a n 1 7 .6 8 0 je m a a h h a ji k h u s u s .
P r o v in s i d e n g a n ju m la h p e n d a f t a r le b ih b e s a r a k a n m e n d a p a t k a n k u o t a y a n g le b ih b e s a r
dan d ih a r a p k a n m asa tu n g g u je m a a h a n t a r p r o v in s i m e n ja d i s e r a g a m dan t id a k ada
p e rb e d a a n s ig n if ik a n . S kem a p e r h it u n g a n b a ru in i m em buat 10 p r o v in s i m e n g a la m i
penam bahan k u o ta yang b e rd a m p a k pada pem endekan m asa tu n g g u , sedangkan 20
p r o v in s i m e n g a la m i p e n y e s u a ia n k u o t a m e n y e b a b k a n p e n a m b a h a n w a k t u tu n g g u . B e r ik u t
in i m e r u p a k a n p e r k e m b a n g a n k u o t a J e m a a h h a ji m e n u r u t p r o v in s i d a r i t a h u n 2 0 1 6 - 2 0 2 4 :
A s p e k M a k r o B is n is d a n P e m a s a r a n
I I I -7
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/ T / F / C
KJPP Edi A n d e s t a dan Rekan
T ab el : P erkem b an g an K uota Jem aah Haji M en u ru t P rovin si 2 016 - 2024
Provinsi 2016 2017 2018 2019 2020 2022 2023 2024
A ceh 3 .1 4 0 4 .3 9 3 4 .3 9 3 4.651 4 .3 7 8 1 .9 9 9 4 .3 7 8 4 .3 7 8
S u m a te ra U ta ra 6 .5 8 8 8 .3 5 6 8 .3 5 6 8.531 8 .3 2 8 3 .8 0 2 8 .3 2 8 8 .3 2 8
S u m a te ra B a ra t 3 .5 9 9 4 .6 2 8 4 .6 2 8 5 .0 0 5 4 .6 1 3 2 .1 0 6 4 .6 1 3 4 .6 1 3
R iau 4 .0 3 6 5 .0 6 4 5 .0 6 4 5 .3 5 9 5 .0 4 7 2 .3 0 4 5 .0 4 7 5 .0 4 7
Jam bi 2 .1 0 8 2 .9 1 9 2 .9 1 9 3 .2 7 3 2 .9 0 9 1 .328 2 .9 0 9 2 .9 0 9
S u m a te ra S e la ta n 5 .0 8 8 7 .0 3 5 7 .0 3 5 7 .1 9 5 7 .0 1 2 3.201 7 .0 1 2 7 .0 1 2
B e n q k u lu 1 .292 1.641 1.641 1 .940 1 .636 747 1 .6 3 6 1 .636
Lam punq 5 .0 2 6 7 .0 7 4 7 .0 7 4 7 .3 5 5 7 .0 5 0 3 .2 1 9 7 .0 5 0 7 .0 5 0
K e p u la u a n B a n g k a
B e litu n g 732 1 .069 1 .069 1 .2 5 5 1 .0 6 5 486 1 .065 1 .065
K e p u la u a n R iau 795 1 .2 9 5 1 .295 1 .5 0 5 1.291 589 1.291 1.291
D K I J a k a rta 5 .6 6 8 7 .9 5 2 7 .9 5 2 8 .3 0 2 7 .9 2 6 3 .6 1 9 7 .9 2 6 7 .9 2 6
J a w a B a ra t 3 0 .0 8 8 3 8 .8 5 2 3 8 .8 5 2 3 9 .1 9 8 3 8 .7 2 3 1 7 .6 7 9 3 8 .7 2 3 3 8 .7 2 3
Jaw a Tengah 2 3 .7 1 7 3 0 .4 7 9 3 0 .4 7 9 3 0 .8 6 0 3 0 .3 7 7 1 3 .8 6 8 3 0 .3 7 7 3 0 .3 7 7
D a e ra h Is tim e w a
Y o g y a k a rta 2 .4 7 4 3 .1 5 8 3 .1 5 8 3 .5 3 7 3 .1 4 7 1 .437 3 .1 4 7 3 .1 4 7
J a w a T im u r 2 7 .3 2 3 3 5 .2 7 0 3 5 .2 7 0 3 5 .7 0 6 3 5 .1 5 2 1 6 .0 4 8 3 5 .1 5 2 3 5 .1 5 2
B a n te n 6 .8 3 4 9 .4 9 3 9 .4 9 3 9 .8 1 8 9.461 4 .3 1 9 9.461 9.461
Bali 512 700 700 1 .054 698 319 698 698
N u s a T e n g g a ra B a ra t 3 .5 9 6 4 .5 1 4 4 .5 1 4 4 .9 1 2 4 .4 9 9 2 .0 5 4 4 .4 9 9 4 .4 9 9
N u s a T e n g g a ra T im u r 521 670 670 965 668 305 668 668
K a lim a n ta n B a ra t 1 .8 7 2 2 .5 2 7 2 .5 2 7 2 .7 6 3 2 .5 1 9 1 .150 2 .5 1 9 2 .5 1 9
K a lim a n ta n T e n g a h 1 .080 1 .617 1 .617 1 .920 1 .612 736 1 .6 1 2 1 .6 1 2
K a lim a n ta n S e la ta n 3 .0 5 0 3.831 3.831 4 .1 5 5 3 .8 1 8 1 .743 3 .8 1 8 3 .8 1 8
K a lim a n ta n T im u r 2 .2 5 6 3 .0 1 2 2 .5 9 5 2 .8 4 3 2 .5 8 6 1.181 2 .5 8 6 2 .5 8 6
K a lim a n ta n U ta ra - - 417 776 416 190 416 416
S u la w e s i U ta ra 561 715 715 882 713 326 713 713
S u la w e s i T e n g a h 1 .4 0 7 2 .0 0 0 2 .0 0 0 2 .2 5 0 1 .993 910 1 .9 9 3 1 .993
S u la w e s i S e la ta n 5 .7 7 7 7 .2 9 6 7 .2 9 6 7 .7 5 9 7 .2 7 2 3 .3 2 0 7 .2 7 2 7 .2 7 2
S u la w e s i T e n g g a ra 1 .3 4 7 2 .0 2 6 2 .0 2 6 2.341 2 .0 1 9 922 2 .0 1 9 2 .0 1 9
G o ro n ta lo 714 981 981 1 .178 978 447 978 978
S u la w e s i B a ra t 1 .155 1 .458 1 .458 1 .773 1 .453 663 1 .4 5 3 1 .453
M a lu k u 569 1 .090 1 .090 1 .272 1 .086 496 1 .086 1.086
M a lu k u U ta ra 853 1 .0 8 0 1 .080 1.321 1 .076 491 1 .0 7 6 1 .076
P a p u a B a ra t 569 725 725 330 1 .0 7 6 723
P a p u a B a ra t D a y a 951 723 723
Papua 853 1 .0 8 0 1 .080 1 .3 9 5 1 .0 7 6 491 1 .076
Tam bahan 2 0 .0 0 0
H aji K h u s u s 1 3 .6 0 0 1 7 .0 0 0 1 7 .0 0 0 1 7 .0 0 0 1 7 .6 8 0 7 .2 2 6 1 7 .6 8 0
TOTAL 168.800 221.000 221.000 231.000 221.000 100.051 203.320 241.000
S u m b e r : D ir e k to r a t J e n d e r a l P e n y e le n g g a ra a n H a ji d a n U m ra h , S a tu d a ta .K e m e n a g .g o .id
P r o v in s i d e n g a n k u o t a J e m a a h h a ji p a lin g b a n y a k y a itu J a w a B a r a t, d iik u t i o le h J a w a T im u r
dan Jaw a Tengah m a s in g - m a s in g s e b e s a r 3 8 . 7 2 3 je m a a h , 3 5 . 1 5 2 je m a a h d a n 3 0 .3 7 7
je m a a h p a d a ta h u n 2 0 2 5 . P e n in g k a t a n ju m la h ja m a a h h a ji s e t ia p t a h u n m e r u p a k a n in d ik a s i
k e b e r h a s ila n p e m e r in t a h d a n le m b a g a t e r k a it d a la m n e g o s ia s i k u o t a d e n g a n p e m e r in t a h
A ra b S a u d i, s e rta c e r m in p e n in g k a t a n k e s e ja h t e r a a n ekonom i m a s y a ra k a t In d o n e s ia .
A s p e k M a k r o B is n is d a n P e m a s a r a n
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L a p o r a n g lo b a l m u s lim t r a v e l in d e x t a h u n 2 0 2 3 m e n y e b u t I n d o n e s ia p a d a p e r in g k a t k e - 2
n e g a r a y a n g s ia p m e n y e le n g g a r a k a n w is a t a h a la l t e r m a s u k p e r ja la n a n ib a d a h .
P e n y e le n g g a r a a n ib a d a h h a ji m e n c a k u p 3 d im e n s i p e n t in g , y a itu P e m b in a a n , P e la y a n a n
d a n P e r lin d u n g a n y a n g m a s u k d a la m b a g ia n B ia y a P e n y e le n g g a r a a n I b a d a h H a ji ( B P IH ) .
P e m b ia y a a n p e n y e le n g g a r a a n h a ji b e r a s a l d a r i ja m a a h h a ji y a n g m e m b a y a r s e ju m la h d a n a
u n t u k m e n u n a ik a n ib a d a h h a ji d is e b u t d e n g a n B P IH dengan b e s a ra n b e r v a r ia s i s e t ia p
t a h u n n y a s e s u a i f lu k t u a s i n ila i t u k a r v a lu t a a s in g d a n k o n d is i p e r e k o n o m ia n . S e la in itu ,
t e r d a p a t B P IH u n tu k h a ji k h u s u s yang d it e t a p k a n le b ih t in g g i d a r i h a ji r e g u la r k a r e n a
p e r b e d a a n s ig n if ik a n f a s ilit a s y a n g d id a p a t k a n ja m a a h h a ji. B ia y a la in n y a y a n g d ik e lu a r k a n
ja m a a h h a ji d i lu a r B P IH y a itu b ia y a p e m e r ik s a a n , p e r ja la n a n d a r i d a e r a h a s a l k e a s r a m a
e m b a r k a s i d a n s e b a lik n y a , b ia y a z ia r a h , d a n b ia y a D a m .
P e m b e rd a y a a n p o te n s i ekonom i n a s io n a l d ila k u k a n o le h p e m e r in t a h dengan
p e n g ik u t s e r t a a n p e la k u u s a h a n a s io n a l d a la m in d u s t r i ja s a p e n e r b a n g a n , ja s a p e r ja la n a n
( t o u r & t r a v e l) d a n ja s a b o g a . M e k a n is m e c o m p e t it io n f o r t h e m a r k e t d iim p le m e n t a s ik a n a g a r
m e n d a p a t k a n k u a lit a s p e la y a n a n t e r b a ik d e n g a n h a r g a r a s io n a l. S it u a s i p e m b e r a n g k a t a n
h a ji d i I n d o n e s ia h a r u s a n tr i s e k it a r 1 0 - 3 5 ta h u n d ik a r e n a k a n ju m la h k u o t a je m a a h y a n g
d ib e r ik a n A r a b S a u d i t a k s e im b a n g d e n g a n ju m la h p e m in a t y a n g b a n y a k . A n im o m a s y a r a k a t
y a n g in g in m e n u n a ik a n ib a d a h h a ji d a r i ta h u n k e ta h u n s e la lu m e n in g k a t n a m u n d e n g a n
k e t e r b a t a s a n k u o t a ja m a a h h a ji In d o n e s ia t id a k b is a b e r a n g k a t s e s u a i d e n g a n t a h u n y a n g
d iin g in k a n .
K u o t a h a ji t a h u n 2 0 2 5 s e b a n y a k 2 2 1 . 0 0 0 s e d a n g k a n ju m la h p e r ja la n a n u m r a h s a m p a i A p r il
2 0 2 5 m e n c a p a i 6 4 8 . 4 8 4 o r a n g , m e n g in d ik a s ik a n m in a t y a n g b e s a r u n t u k p e r ja la n a n u m r a h
d ik a r e n a n y a la m a n y a m e n u n g g u k e b e r a n g k a t a n h a ji d i In d o n e s ia . P e r k e m b a n g a n ju m la h
J e m a a h u m r a h d i I n d o n e s ia ta h u n 2 0 2 2 s a m p a i d e n g a n A p r il 2 0 2 5 s e b a g a i b e r ik u t:
A s p e k M a k r o B is n is d a n P e m a s a r a n
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G rafik : Jum lah Jem aah U m rah Ind onesia 2022 - A pril 2025
1.600.000 1.467.005
1.400.000
1. 200.000
1 .000.000
800.000
648.485
600.000
400.000
200.000
2022 2023 2024 Jan-Apr2025
S u m b e r : D ir e k to r a t J e n d e r a l P e n y e le n g g a ra a n H a ji d a n U m ra h
J u m la h J e m a a h u m r a h s e la m a p e r io d e 2 0 2 2 s a m p a i 2 0 2 5 t e r n s m e n g a la m i k e n a ik a n . P a d a
t a h u n 2 0 2 3 t e r c a t a t ju m la h J e m a a h u m r a h s e b e s a r 1 . 3 6 8 . 6 1 6 , m e n in g k a t s e b e s a r 3 6 %
d ib a n d in g k a n d e n g a n t a h u n 2 0 2 2 s e b e s a r 1 .0 0 6 . 3 0 6 je m a a h . P e n in g k a t a n ju m la a h J e m a a h
u m r a h k e m b a li t e r c a t a t p a d a ta h u n 2 0 2 4 s e b e s a r 7 ,1 9 % d ib a n d in g k a n ta h u n s e b e lu m n y a ,
d a n t e r c a t a t J a n u a r i s a m p a i A p r il 2 0 2 5 s e b e s a r 6 4 8 . 4 8 5 je m a a h u m r a h .
P e r t im b a n g a n la in o le h c a lo n je m a a h h a ji y a itu m e m ilih p e r g i u m r a h d a h u lu d a n m e n a r ik
dana h a ji y a n g s u d a h d is e t o r s e b e lu m n y a . H a l t e r s e b u t m e n ja d i s a la h s a tu p e n d o ro n g
m e n in g k a t n y a ju m la h p e r m in t a a n u m r a h d a n P P IU d i In d o n e s ia . S e la in itu , f a k t o r la in y a n g
m e n d o r o n g p e r t u m b u h a n p e r m in ta a n u m r a h y a itu p e r t u m b u h a n ju m la h p e n d u d u k m u s lim ,
p e n in g k a t a n k e s a d a ra n agam a, s e rta k e m a ju a n t r a n s p o r t a s i t e k n o lo g i d a n d ig ita lis a s i.
P e n y e le n g g a r a n p e r ja la n a n ib a d a h u m r a h m e r u p a k a n k e g ia t a n b u s in e s s to b u s in e s s a n t a r a
p ih a k A r a b S a u d i ( m uassasah ) d e n g a n P e n y e le n g g a r a P e r ja la n a n I b a d a h U m r a h ( P P I U ) d i
I n d o n e s ia . I b a d a h u m r a h d a la m U n d a n g - u n d a n g m e r u p a k a n ib a d a h u m r a h y a n g d ila k u k a n
d i lu a r m u s im h a ji. P e m e r in t a h A r a b S a u d i d a n I n d o n e s ia b e r t in d a k s e b a g a i r e g u la t o r d a n
pengaw as bukan s e b a g a i o p e ra to r. P e la y a n a n te rh a d a p je m a a h u m ra h d id e le g a s ik a n
k e p a d a s w a s ta (syarikatlm uassasah) t e r m a s u k p e n e r b it a n v is a u m r a h y a n g h a r u s m e la lu i
p ih a k s w a s t a A r a b S a u d i.
A s p e k M a k r o B is n is d a n P e m a s a r a n
III -1 0
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P e r m in t a a n a ta s p e r ja la n a n ib a d a h u m r a h y a n g t in g g i d ia n t a r a n y a m e m b u k a p a s a r y a n g
besar u n tu k b is n is pada p e n y e le n g g a r a tra v e l u m ra h . P e r m in t a a n yang t in g g i u n tu k
b e r ib a d a h ke ta n a h suci m e ru p a k a n p e lu a n g dan ta n ta n g a n bagi p e m e r in t a h dan
p e n y e le n g g a r a P P IU d a n P e n y e le n g g a r a I b a d a h H a ji K h u s u s ( P I H K ) . P ih a k y a n g d a p a t
m e n ja la n k a n ib a d a h h a ji k h u s u s h a r u s m e m p u n y a i iz in d a r i M e n te r i s e b a g a i P IH K . L e m b a g a
in i n a n t in y a b e rta n g g u n g ja w a b a ta s p e n y e le n g a r a a n ib a d a h h a ji d a n u m ro h khusus.
D e n g a n p e r a n a n s e b a g a i b e r ik u t:
a. M e n y e le n g g a r a k a n ib a d a h h a ji d a n u m r a h k h u s u s
P I H K m e n g a t u r d a n m e n y e le n g g a r a k a n ib a d a h h a ji d a n u m r a h k h u s u s b a g i k e lo m p o k
t e r t e n t u s e p e r t i p e r z ia r a h y a n g m e m b u t u h k a n p e r a w a t a n k h u s u s a ta u p r o g r a m h a ji d a n
u m r a h y a n g d is e le n g g a r a k a n le m b a g a te r t e n t u .
b. M e m a s t ik a n k u a lit a s la y a n a n
P I H K m e n ja m in p e n y e le n g g a r a a n ib a d a h h a ji d a n u m r a h k h u s u s d ila k u k a n d e n g a n
m e m e n u h i s t a n d a r k u a lit a s y a n g d it e t a p k a n m e n c a k u p a s p e k a k o m o d a s i, t r a n s p o r t a s i,
p e la y a n a n m e d is d a n b im b in g a n s p ir it u a l.
c. M e n y e d ia k a n b a n t u a n d a n p e n d a m p in g a n
P IH K m e m b e r ik a n b a n tu a n p e n d a m p in g a n s e p a n ja n g p e r ja la n a n te rm a s u k
m e m b e r ik a n in f o r m a s i, m e n ja w a b p e r ta n y a a n d a n m e n a n g a n i m a s a la h y a n g m u n g k im
t im b u l s e la m a ib a d a h .
P r o s e s b is n is P I H K d a p a t d ija la k a n s e b a g a i b e r ik u t:
a. P e n d a f t a r a n je m a a h k e P I H K , s e to r a n a w a l s e s u a i y a n g s u d a h d it e n t u k a n k e B a d a n
P e n g e lo la K e u a n g a n H a ji ( B P K H ) m e la lu i P IH K .
b. P e lu n a s a n je m a a h d a n p e t u g a s , p e lu n a s a n je m a a h h a ji y a n g s u d a h m a s u k p o r s i t a h u n
b e r ja la n .
c. P e n g u r u s a n r e k o m d a n e h a j, p e n g u r u s a n r e k o m e n d a s i k o n t r a k la y a n a n d a n e h a j d i
A r a b S a u d i d ila k u k a n o le h P I H K p e m e g a n g b e n d e r a .
d. P r o s e s v is a .
e. P e n g u r u s a n p e r le n g k a p a n J e m a a h d a n
f. P e la p o r a n o n lin e .
A s p e k M a k ro B is n is d a n P e m a s a ra n
Penilaian Saham 99.96% Saham Penyertaan HFI pada i 111-11
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P e lu a n g p e n y e le n g g a r a ib a d a h u m ra h p e r lu d iim b a n g i d e n g a n p e la y a n a n t e r b a ik dan
b im b in g a n t e r b a ik t e r u t a m a d a la m a s p e k s y a r ia h n y a . U m r a h b u k a n h a n y a p e r ja la n a n w is a t a
nam un m e m ilik i n ila i s p ir it u a l d a n p e n g a la m a n m e n d a la m b a g i je m a a h . P e n y e le n g g a r a
h a ru s m e m ilik i s t r a t e g i p e m a s a r a n yang e fe k t if , k e m it r a a n yang k u a t, d a n b e ra d a p ta s i
d e n g a n t e k n o lo g i u n t u k m e n ja g a b is n is n y a . P r o s e s p e m ilih a n ja s a t r a v e l o le h c a lo n je m a a h
d ia n t a r a n y a h a r g a , p e la y a n a n , k e n y a m a n a n a k s e s in f o r m a s i, k e m u d a h a n t r a n s a k s i s e r t a
r e p u t a s i d ig ita l p e n y e d ia ja s a . S e d a n g k a n t a n t a n g a n b is n is b a g i p e n y e le n g g a r a p e r ja la n a n
ib a d a h u m r a h d ia n t a r a n y a s e b a g a i b e r ik u t:
a. R e g u la s i d a n P e r iz in a n P e m e r in t a h
D a la m m e n ja la n k a n b is n is n y a p e r u s a h a a n h a r u s m e n g ik u t i b e r b a g a i a tu r a n d a r i o t o r it a s
t e r k a it s e r t a m e le n g k a p i s e m u a p e r iz in a n t e r u t a m a k e a m a n a n d a n k e s e la m a t a n b a g i
p a r a je m a a h . R e g u la s i y a n g k e ta t d a n p e m b a h a r u a n s is t e m d a r i A r a b S a u d i s e p e r ti
s is t e m v is a e le k t r o n ik h a r u s d ip a t u h i.
b. F lu k t u a s i B ia y a
H a r g a t ik e t p e s a w a t , a k o m o d a s i, la y a n a n la in n y a d a n k u r s r u p ia h t e r h a d a p r iy a l S a u d i
d a p a t m e n g a la m i f lu k t u a s i t e r u t a m a s e la m a m u s im u m ra h s e h in g g a p e re n c a n a a n
d a la m p e n g e lo la a n b ia y a - b ia y a s a n g a t p e n t in g a g a r te ta p k o m p e t it if n a m u n t id a k
m e r u g i.
c. R e p u ta s i
P e n g a la m a n p e r ja la n a n ib a d a h k e t a n a h s u c i b a ik n y a m e m b e r ik a n k e s a n y a n g p o s it if
s e h in g g a re p u ta s i p e r u s a h a a n t e r ja g a d a n je m a a h m e m b e r ik a n k e p e rc a y a a n pada
p e r u s a h a a n . K u a lit a s la y a n a n s e p e r t i k e t e p a t a n ja d w a l p e m b e r a n g k a t a n , a k o m o d a s i
s e s u a i s t a n d a r d a n k e n y a m a n k e a m a n a n m e r u p a k a n f a k t o r y a n g p e r lu d ip e r h a t ik a n
o le h p e r u s a h a a n p e n y e d ia ja s a .
d. P e r s ia n g a n U s a h a
P e r m in t a a n y a n g t in g g i m e n y e b a b k a n t u m b u h n y a p e s a in g b a r u p a d a in d u s t r i in i y a n g
m e n a w a rk a n p a k e t p e r ja la n a n s e ru p a s e h in g g a p e ru s a h a a n h a ru s b e r in o v a s i d a n
m e m b e r ik a n p e la y a n a n t e r b a ik u n t u k p e n g a la m a n ib a d a h u m r a h p a d a je m a a h .
A s p e k M a k r o B is n is d a n P e m a s a r a n
111-12
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M e n u r u t d a t a d a r i H im p u n a n P e n y e le n g g a r a U m r a h d a n H a ji ( H I M P U H ) , t e r c a t a t p a d a ta h u n
2 0 2 5 a n g g o t a H I M P U H s e b a n y a k 4 6 5 p e r u s a h a a n y a n g t e r d ir i d a r i P IH K , P P IU d a n B ir o
P e r ja la n a n W is a t a ( B P W ) . S e d a n g k a n k e s e lu r u h a n p e m a in u ta m a y a it u P P IU m e n c a p a i
2 .7 2 1 p e r u s a h a a n p e r 2 0 2 4 . P o t e n s i e k o n o m i d a r i e k o s is t e m h a ji d a n u m r a h d ip e r k ir a k a n
m e n in g k a t d a r i s e b e s a r R p 6 5 t r iliu n p a d a 2 0 2 3 m e n ja d i R p 1 9 4 tr iliu n p a d a 2 0 3 0 . In d u s tr i
h a ji d a n u m r a h I n d o n e s ia b e r a d a p a d a t it ik y a n g s t r a t e g is d id u k u n g o le h p e m b e n t u k a n
K e m e n t e r ia n b a r u , m a s if n y a a d a p t a s i t e k n o lo g i d ig it a l d a n p o t e n s i p a s a r y a n g s a n g a t b e s a r
h in g g a 2 0 3 0 . P e lu a n g la in n y a d id u k u n g o le h V is i A r a b S a u d i ta h u n 2 0 3 0 d e n g a n a d a n y a
p e n in g k a t a n k a p a s it a s d a n k u a lit a s la y a n a n . P e m e r in t a h m e m p r o y e k s ik a n to ta l J e m a a h h a ji
d a n u m r a h m e n c a p a i 3 ,3 ju t a p a d a t a h u n 2 0 3 0 .
FAW m e r u p a k a n p e r u s a h a a n y a n g b e r g e r a k d a la m b id a n g u s a h a w is a t a r e lig i d a n t o u r
t r a v e l h a ji s e la in itu u s a h a la in n y a y a itu p e n y e d ia a n h o te l d a n p e n g in a p a n b a g i ja m a a h h a ji
s e r t a m a n a je m e n p e n g e lo la a n w is a t a r e lig i m a n a s ik u m r a h y a n g p r o p e s io n a l, a m a n a h d a n
b e rk a h . P e ru s a h a a n sudah m e m ilik i p e n g e ta h u a n di b id a n g to u r & tra v e l s e c a ra
in t e r n a s io n a l. F A W m e m ilik i k e r ja s a m a p e m a n f a a t a n b a r a n g d a e r a h b e r u p a ta n a h u n t u k
P e m b a n g u n a n d a n p e n g e lo la a n K e r ta ja t i U m r a h P a r k M a ja le n g k a b e r d a s a r k a n P e r ja n jia n
K e r ja S a m a a n t a r a P e m e r in t a h D a e r a h K a b u p a t e n M a ja le n g k a d e n g a n P T . F itr a A m a n a h
W is a t a N o m o r K E . 0 0 / 2 4 6 0 - B K A D / 2 0 2 3 d a n N o . 0 2 8 / F A W / X I I / 2 0 2 3 t a n g g a l 1 5 D e s e m b e r
2 0 2 3 d e n g a n ja n g k a w a k t u k e r ja s a m a p e m a n f a t a a n 3 0 ta h u n s a m p a i d e n g a n 1 2 D e s e m b e r
2 0 5 3 . N a m u n F A W b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l s e ja k d id ir ik a n t a h u n 2 0 1 7 .
A s p e k M a k ro B is n is d a n P e m a s a ra n
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B A B IV
P E N D E K A T A N PE N ILA IA N
4.1. P en dekatan P en ilaian
N ila i P a s a r a ta s s a h a m p e r u s a h a a n d a p a t d ila k u k a n d e n g a n b e b e r a p a p e n d e k a t a n ( c a r a
u m u m d a la m m e n e n t u k a n n ila i d e n g a n m e n g g u n a k a n s a tu a ta u le b ih m e t o d e p e n ila ia n
s p e s if ik ) a n t a r a l a i n ;
a. P en dekatan P asar
1) M etode P erb an d in g an dengan Perusahaan T erb u ka (G u id lin e P u b licly
T raded C o m p an y M ethod)
M e t o d e p e r b a n d in g a n d e n g a n p e r u s a h a a n t e r b u k a m e r u p a k a n m e t o d e p e n ila ia n
y a n g d id a s a r k a n p a d a p e n d e k a t a n p e r b a n d in g a n d a t a p a s a r ( m arke t com parison
approach). D e n g a n m e t o d e in i, n ila i p a s a r s a h a m d it e t a p k a n b e r d a s a r k a n h a r g a
yang te la h a ta u p e rn a h t e r ja d i d a r i p e r u s a h a a n s e je n is yang s e b a n d in g dan
sepadan. N ila i p a s a r d a r i p e r u s a h a a n p e m b a n d in g d ia m b il d a r i p a s a r m o d a l
( p e r u s a h a a n t e r b u k a / p u b lik ) . S y a r a t u ta m a d a r i p e n g g u n a a n m e t o d e in i a d a la h
s e b a g a i b e r ik u t :
a) P e r u s a h a a n y a n g d a p a t d ig u n a k a n s e b a g a i p e r u s a h a a n p e m b a n d in g a d a la h
p e r u s a h a a n y a n g t e la h m e m ilik i h a r g a p a s a r y a n g t e r ja d i d a la m ja n g k a w a k t u
t id a k le b ih d a r i 6 ( e n a m ) b u la n s e b e lu m T a n g g a l P e n ila ia n .
b ) P e n ila i U s a h a w a jib m e m ilik i k e y a k in a n y a n g m e m a d a i u n t u k m e m b u k t ik a n
d a n m e n je la s k a n b a h w a d a t a h a r g a p a s a r y a n g d ig u n a k a n d a la m P e n d e k a t a n
P a s a r ( M arket B ased A pproach) d ih a s ilk a n d a r i s u a t u t r a n s a k s i y a n g b e r s if a t
w a ja r ( arm s-length transaction).
c) P e n ila ia n d e n g a n m e n g g u n a k a n M e t o d e P e m b a n d in g P e r u s a h a a n T e r c a t a t d i
B u rs a E fe k ( G uideline P ublicly T raded C om pany M ethod) hanya dapat
m e n g h a s ilk a n in d ik a s i N ila i m in o r it a s .
d) P e r u s a h a a n p e m b a n d in g y a n g d ig u n a k a n w a jib m e r u p a k a n p e r u s a h a a n y a n g
t e r c a t a t d i b u r s a e f e k d a n s a h a m n y a d it r a n s a k s ik a n s e la m a 6 0 ( e n a m p u lu h )
h a r i b u r s a d a la m ja n g k a w a k t u 9 0 ( s e m b ila n p u lu h ) h a r i b u r s a t e r a k h ir s e b e lu m
T a n g g a l P e n ila ia n (C ut O ff Date).
P e n d e k a ta n P e n ila ia n
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e) P e ru s a h a a n p e m b a n d in g y a n g d ig u n a k a n w a jib m e m e n u h i k r it e r ia s e b a g a i
b e r ik u t:
1) in d u s t r i, k e g ia t a n u s a h a , p r o d u k , d a n r is ik o u s a h a a d a la h s e je n is ;
2 ) k a r a k t e r is t ik p e r t u m b u h a n (grow th in sales and earnings ) d a n s t r u k t u r
p e r m o d a la n (cap ita l structure ) a d a la h s e b a n d in g
3 ) k in e r ja keuangan h is t o r is s e la m a 5 ( lim a ) ta h u n t e r a k h ir a d a la h
s e b a n d in g .
4) u k u r a n p e r u s a h a a n ( total assets) a d a la h s e b a n d in g ; d a n
5 ) p a n g s a p a s a r ( m arket share) a d a la h s e b a n d in g .
f) J u m la h p e ru s a h a a n p e m b a n d in g yang d ig u n a k a n p a lin g s e d ik it 5 ( lim a )
p e ru s a h a a n a ta u p a lin g s e d ik it 8 ( d e la p a n ) p e r u s a h a a n d a la m h a l k r it e r ia
s e b a g a im a n a d im a k s u d d a la m a n g k a 5 ) h a n y a t e r p e n u h i p a lin g s e d ik it 3 ( tig a )
k r ite r ia .
J ik a te la h d ip e r o le h p e r u s a h a a n y a n g s e b a n d in g d a n s e p a d a n , n ila i p a s a r s a h a m
p e ru s a h a a n yang d in ila i d ip e r o le h dengan c a ra m e n g a lik a n p e n d a p a ta n
p e r u s a h a a n d e n g a n r a s io y a n g d ip e r o le h d a r i p e r u s a h a a n p e m b a n d in g , s e p e r t i
r a s io P /E ( p rice/e a rning ), P / S R ( price/sa le s revenue), P / B V (price /b o ok value o f
e quity) d a n s e b a g a in y a .
K e te rb a ta s a n penggunaan p e n d e k a ta n in i a d a la h k a re n a d a ta p e ru s a h a a n
p e d o m a n ( p e m b a n d in g ) y a n g b e n a r - b e n a r s e p a d a n s u lit d id a p a t , t e r u t a m a y a n g
t e la h lis te d di pasar m o d a l. Hal in i d is e b a b k a n d a ta tra n s a k s i p e ru s a h a a n
c e n d e r u n g t e r t u t u p k a la u p u n a d a h a m p ir t id a k m u n g k in t e r a k s e s , k a r e n a s if a t
k e r a h a s ia a n n y a .
b. P en dekatan P en dap atan (In co m e A p p ro ach )
P e n d e k a t a n in i m e r u p a k a n p e n d e k a t a n d a p a t d ig u n a k a n u n t u k m e m p e r k ir a k a n N ila i
d e n g a n m e n g a n t is ip a s i d a n m e n g k u a n t if ik a s i k e m a m p u a n O b y e k P e n ila ia n d a la m
m e n g h a s ilk a n im b a l b a lik ( retu rn ) y a n g a k a n d it e r im a d im a s a d a t a n g y a n g r e le v a n
d ig u n a k a n u n t u k p e r u s a h a a n d e n g a n ne t cash flow y a n g d a p a t d i p r o y e k s i d e n g a n
d id a s a r k a n p a d a k in e r ja w a k t u - w a k t u s e b e lu m n y a . B ila p e r u s a h a a n m a s ih d a la m
m a s a p e m b a n g u n a n d a n a ta u k e m a m p u la b a a n (profitability) r e la t if r e n d a h , m a k a
p r o y e k s i- p r o y e k s i p e n d a p a t a n d a n p e n g e lu a r a n d id a s a r k a n k e p a d a a s u m s i- a s u m s i
y a n g r e la t if b a n y a k . A d a d u a m e t o d e y a n g d it e r a p k a n d a la m p e n d e k a t a n in i, y a itu :
P e n d e k a ta n P e n ila ia n _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
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1) M eto d e D iskon to A ru s Kas (D isco u n ted Cash Flow )
D a la m h a l P e n ila i U s a h a m e n g g u n a k a n M e t o d e D is k o n to A r u s K a s (D iscounted
C ash F low M ethod), m aka P e n ila i U saha m e la k u k a n p e n e la a h a n a ta u
p e n y e s u a ia n a ta s a s u m s i, k e a k u r a t a n p e r h it u n g a n d a n k e b ija k a n a k u n t a n s i y a n g
d ig u n a k a n d a la m m e n y u s u n p r o y e k s i la p o r a n k e u a n g a n . M e t o d e D is k o n t o A r u s
Kas (D iscounted C ash F low M ethod) hanya d a p a t d ig u n a k a n u n tu k m e n ila i
p e r u s a h a a n y a n g t e la h m e la k u k a n k e g ia t a n o p e r a s io n a l s e la m a s a tu t a h u n a ta u
le b ih .
P e n d a p a t a n y a n g d ik a p it a lis a s i d a la m m e t o d e in i a d a la h p e n d a p a t a n n o m in a l
y a n g d ia n g g a p m e w a k ili k e m a m p u a n p e r u s a h a a n s e c a r a w a ja r d a n p r o p o r s io n a l
d a la m m e n g h a s ilk a n p e n d a p a ta n te rs e b u t. P e n d a p a ta n n o rm a l te rs e b u t
d ik o n v e r s i m e n ja d i n ila i e k u it a s d e n g a n m e n g g u n a k a n t in g k a t k a p it a lis a s i u n t u k
e k u it a s y a n g s e s u a i, y a n g p a d a d a s a r n y a a d a la h b u n g a b e b a s r e s ik o d it a m b a h
dengan s u a tu p r e m i u n t u k m e lip u t r e s ik o y a n g m e le k a t d e n g a n penggunaan
e k u it a s t e r s e b u t p a d a p e r u s a h a a n y a n g d in ila i. T in g k a t k a p it a lis a s i t e r s e b u t d a p a t
d ip e r o le h dengan m e n c a ri dan m e m p e r t im b a n g k a n p e r b a n d in g a n t in g k a t
k a p it a lis a s i y a n g p e r n a h d ia p lik a s ik a n p a d a p e ru s a h a a n y a n g s e b a n d in g d a n
s e p a d a n d e n g a n p e r u s a h a a n y a n g d in ila i. S a la h s a tu t in g k a t k a p it a lis a s i y a n g
d a p a t d ig u n a k a n a d a la h r a s io P r ic e / E a r n in g d a r i p e r u s a h a a n s e je n is y a n g te la h
t e r c a t a t d i p a s a r m o d a l.
2) M eto de P royeksi P endapatan E konom is
S e p e r t i ju g a m e t o d e k a p it a lis a s i p e n d a p a t a n e k o n o m i m e n d a t a n g , m e t o d e in i
m e ru p a k a n m e to d e p e n ila ia n yang d id a s a r k a n p a d a p e n d e k a ta n p e n d a p a ta n
(.incom e approach). P ro y e k s i p e n d a p a ta n e k o n o m is d ig u n a k a n u n tu k
m e n g e s t im a s i a lir a n p e n d a p a ta n e k o n o m is O byek P e n ila ia n dengan
m enggunakan T in g k a t D is k o n t o yang w a jib d is e s u a ik a n dengan t in g k a t
p e n d a p a t a n e k o n o m is O b y e k P e n ila ia n .
T in g k a t D is k o n t o d a n T in g k a t K a p it a lis a s i y a n g d it e t a p k a n o le h P e n ila i U s a h a
w a jib d iu r a ik a n d a n d ig u n a k a n d a la m a n a lis is p r o y e k s i p e n d a p a t a n e k o n o m is
s e r t a m e n g u n g k a p k a n n y a d a la m L a p o r a n P e n ila ia n U s a h a .
D a la m m e m b u a t p r o y e k s i p e n d a p a t a n e k o n o m is , P e n ila i U s a h a w a jib :
1) m e n g a n a lis is la p o r a n keuangan O byek P e n ila ia n dan p e ru s a h a a n
p e m b a n d in g p a d a in d u s t r i y a n g s a m a d a la m k u r u n w a k t u p a lin g k u r a n g 3
( tig a ) t a h u n t e r a k h ir .
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2) m e la k u k a n p e n y e s u a ia n a ta s la p o r a n keuangan O byek P e n ila ia n , yang
m e lip u t i n e r a c a , la p o r a n la b a r u g i, d a n la p o r a n a r u s k a s ;
3) m e m p e r h a t ik a n k o n d is i yang t e r ja d i s e t e la h Tanggal P e n ila ia n
(C ut O ff D ate) y a n g d a p a t m e m p e n g a r u h i p r o y e k s i p e n d a p a t a n e k o n o m is ;
4) m e m p e r t im b a n g k a n p r o y e k s i p e r t u m b u h a n u s a h a O b y e k P e n ila ia n s e s u a i
d e n g a n t in g k a t p e n d a p a t a n e k o n o m is y a n g d ih a s ilk a n o le h O b y e k P e n ila ia n
d a n k e p e n t in g a n u s a h a O b y e k P e n ila ia n ;
5) m e la k u k a n p e n y e s u a ia n t e r h a d a p p r o y e k s i la p o r a n k e u a n g a n y a n g m e lip u ti
n e r a c a , la p o r a n la b a r u g i, d a n la p o r a n a r u s k a s ;
6) m e m p e r t im b a n g k a n m a s a m a n f a a t a ta u s ik lu s u s a h a O b y e k P e n ila ia n ; d a n
7) D a la m h a l p e n d a p a t a n e k o n o m is O b y e k P e n ila ia n a ta u o p e r a s io n a l O b y e k
P e n ila ia n te rg a n tu n g pada fa k to r p ro d u k s i u ta m a yang m e m ilik i m asa
m a n f a a t t e r b a t a s a ta u m e m ilik i s ik lu s t e r t e n t u m a k a p r o y e k s i k e u a n g a n w a jib
d is u s u n s e la m a m a s a m a n f a a t a ta u m e n c e r m in k a n s if a t s ik lik a l d a r i b is n is
t e r s e b u t.
S e t e la h d ila k u k a n p e n y e s u a ia n la p o r a n k e u a n g a n , m a k a P e n ila i U s a h a w a jib
m e n y a jik a n p ro y e k s i p e n d a p a ta n e k o n o m is d a la m L a p o ra n P e n ila ia n U saha,
y a n g m e n c a k u p d iv id e n b e r d a s a r k a n p e r k ir a a n d ividend p a y ou t ratio, a r u s k a s ,
dan E arning B efore Interest, Tax, D epreciation, and A m ortization (EBITD A).
P e r io d e p r o y e k s i p e n d a p a t a n e k o n o m is w a jib d ila k u k a n d a la m k u r u n w a k t u p a lin g
k u r a n g 5 ( lim a ) t a h u n k e d e p a n , a ta u d is e s u a ik a n d e n g a n s is a u m u r d a r i f a s ilit a s
p r o d u k s i u ta m a O b y e k P e n ila ia n . P e n ila i U s a h a d ila r a n g m e n d a s a r k a n p r o y e k s i
p e n d a p a t a n e k o n o m is h a n y a d e n g a n m e n g g u n a k a n tr e n d a t a h is to r is .
c. Pen dekatan A sset (A s se t B ased A p p ro a c h )
P e n ila i U s a h a y a n g m e n g g u n a k a n P e n d e k a t a n A s e t ( A s s e t B ased A pproach) d a la m
penugasan p e n ila ia n p r o f e s io n a l w a jib m e m ilik i k e a h lia n d a la m b id a n g p e n ila ia n
p r o p e r t i d a n P e n ila ia n U s a h a . D a la m h a l P e n ila i U s a h a t id a k m e m ilik i k e a h lia n d a la m
b id a n g p e n ila ia n p r o p e r t i, m a k a P e n ila i U s a h a w a jib m e n g a c u p a d a h a s il p e n ila ia n
p r o p e r t i.
P e n d e k a ta n Aset (A sset B ased A pproach) d a p a t d ig u n a k a n u n tu k m e m p e r o le h
in d ik a s i N ila i d a r i N ila i s u a t u p e ru s a h a a n , N ila i d a r i M o d a l y a n g D iin v e s t a s ik a n
(Invested C apital ), N ila i d a r i s t r u k t u r p e r m o d a la n (capital structure), d a n / a t a u N ila i
A s e t B e r s ih p e r u s a h a a n ( e k u it a s ) .
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In d ik a s i n ila i e k u it a s a ta u e s t im a s i N ila i A s e t B e r s ih (N et A sse t Value) d ip e r o le h d a r i
s e lis ih a n t a r a n ila i a s e t t e r m a s u k A s e t T a k b e r w u ju d d e n g a n n ila i lia b ilit a s , a ta s d a s a r
n ila i y a n g d is e s u a ik a n ( appraised value)
P o s - p o s d a la m la p o r a n k e u a n g a n w a jib d is e s u a ik a n u n t u k m e n c e r m in k a n N ila i P a s a r
(.M arket Value) p a d a T a n g g a l P e n ila ia n ( C ut O ff Date). P e n y e s u a ia n u n t u k m a s in g -
m a s in g p o s w a jib d iu n g k a p k a n d i d a la m L a p o r a n P e n ila ia n U s a h a .
P e n d e k a t a n in i c o c o k d ig u n a k a n u n t u k m e n ila i p e r u s a h a a n d e n g a n k a r a k t e r is t ik asset
ba se d y a n g s ig n if ik a n , d a la m p e n d e k a t a n in i a d a d u a m e t o d e y a n g d a p a t d it e r a p k a n ,
y a itu ;
1) M etode P en yesu aian A set B ersih (A d ju sted N e t A s s e t M ethod)
M e t o d e in i m e r u p a k a n m e t o d e p e n ila ia n y a n g b e rd a s a rk a n p a d a p e n d e k a ta n
n e r a c a (balance sheet approach). D e n g a n m e t o d e in i, n ila i d a r i s e m u a k o m p o n e n
a s e t d a n lia b ilit a s (liabilities) h a r u s d is e s u a ik a n m e n ja d i n ila i p a s a r n y a , k e c u a li
u n tu k k o m p o n e n -k o m p o n e n yang t e la h m e n u n ju k k a n n ila i p a s a rn y a (s e p e rti
k a s / b a n k a ta u h u t a n g b a n k ) .
M e t o d e P A B w a jib d ig u n a k a n u n t u k m e n i l a i :
a) e k u it a s s u a t u p e r u s a h a a n d im a n a N ila i p e r u s a h a a n s a n g a t b e r g a n t u n g p a d a
N ila i a s e t te t a p ( a h e a vy ba se d on fixe d a ssetscom pany ), s e p e r t i p e r u s a h a a n
re a l e s ta t ;
b) e k u it a s d a r i H o ld in g C o m p a n y
c) p e ru s a h a a n yang t id a k m e m ilik i r iw a y a t p e n d a p a ta n yang m em punyai
p r o s p e k p o s itif, p e r u s a h a a n y a n g m e m ilik i p e n d a p a t a n y a n g b e r f lu k t u a s i,
a ta u p e r u s a h a a n y a n g d ir a g u k a n k e m a m p u a n n y a u n t u k m e la n ju t k a n o p e r a s i
y a n g b e r s if a t g o in g c o n c e r n , s e p e r t i p e r u s a h a a n y a n g b a r u b e r d ir i ( sta rt up
com pany) a ta u p e r u s a h a a n y a n g b e r a d a d a la m k e s u lita n u n t u k m e m p e r o le h
p e n d a p a ta n (trouble com panies );
d) p e r u s a h a a n y a n g m e m ilik i d a n / a t a u m e n g u a s a i a s e t b e r w u ju d d a la m ju m la h
y a n g s ig n if ik a n
e) p e r u s a h a a n y a n g m e m ilik i t e n a g a k e r ja y a n g m e m b e r ik a n n ila i ta m b a h r e la t if
k e c il t e r h a d a p b a r a n g d a n ja s a y a n g d ih a s ilk a n p e r u s a h a a n ; a ta u
f) p e ru s a h a a n yang m e m ilik i A s e t T a k b e r w u ju d d a la m ju m la h yang t id a k
s ig n if ik a n
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P e n ila ia n a ta s a s e t t e t a p b e r w u ju d ( fixed tangible assets) w a jib d ila k u k a n s e s u a i
d e n g a n m e t o d e y a n g b e r la k u d a la m p e n ila ia n p r o p e r t i s e s u a i d e n g a n P r e m is N ila i
y a n g d it e t a p k a n , m a k a A s e t T a k b e r w u ju d w a jib d iid e n t if ik a s i d a n d in ila i s e c a r a
in d iv id u a l.
2) M eto d e K eleb ih an P en d ap atan (E xcess E arn in g M ethod)
P a d a d a s a r n y a , m e t o d e in i s a m a d e n g a n m e t o d e p e n y e s u a ia n n ila i b u k u . N ila i
d a r i s e m u a k o m p o n e n a s e t d a n lia b ilit a s h a r u s d is e s u a ik a n n ila i p a s a r n y a t e r le b ih
d a h u lu . Y a n g m e m b e d a k a n m e t o d e in i a d a la h d a la m p r o s e s p e r h it u n g a n a s e t t a k
b e r w u ju d . D a la m h a l P e n ila i U s a h a m e n g g u n a k a n m e t o d e K K P , m a k a b e r la k u
k e te n t u a n s e b a g a i b e r ik u t :
a) M e t o d e K K P w a jib d ig u n a k a n u n t u k m e n ila i e k u it a s p e r u s a h a a n o p e r a s io n a l
(o perating com pany) d e n g a n t in g k a t p e r t u m b u h a n p e n d a p a ta n dan la b a
y a n g r e la t if s ta b il.
b) P e n d a p a ta n s u a tu p e ru s a h a a n yang d ig u n a k a n m e ru p a k a n h a s il d a ri
p r o d u k t iv it a s aset b e r w u ju d m aupun t id a k b e r w u ju d . S e t ia p k e le b ih a n
p e n g e m b a lia n (e x c e s s return a ta u earning) yang d ip e r o le h d ia t a s
p e n g e m b a lia n n o rm a l (no rm al return) a ta s a s e t b e r w u ju d , d ip e r h it u n g k a n
s e b a g a i p e n g e m b a lia n d a r i A s e t T a k b e r w u ju d s e c a r a k o le k t if .
c) L a p o r a n la b a r u g i y a n g d ig u n a k a n a d a la h :
1) la p o r a n la b a r u g i t a h u n a n ta h u n t e r a k h ir ;
2) la p o r a n la b a r u g i 1 2 ( d u a b e la s ) b u la n t e r a k h ir ;
3) r a t a - r a t a t e r t im b a n g d a r i p a lin g k u r a n g 5 ( lim a ) t a h u n t e r a k h ir ;
4) p r o y e k s i ta h u n b e r ik u t n y a y a n g d iy a k in i d a p a t d ip e r t a h a n k a n d im a s a
depan
d) L a p o r a n la b a ru g i s e b a g a im a n a d im a k s u d d a la m a n g k a 3 ) w a jib d is e s u a ik a n
d e n g a n p r in s ip d a n p r o s e d u r p e n y e s u a ia n u n t u k m e m p e r o le h la b a o p e r a s i
n o r m a l d a r i O b y e k P e n ila ia n .
e) P e n ila ia n y a n g d ig u n a k a n p a d a M e t o d e K K P w a jib d id a s a r k a n a ta s :
1) n ila i a s e t b e r w u ju d b e r s ih ( N A B B ) / n e f tangible a sset value ( N T A V ) ;
2) T in g k a t I m b a l B a lik w a ja r ( n o rm a l rate o f return) d a la m p e r s e n t a s e u n t u k
NABB;
3) ju m la h im b a l b a lik w a ja r ( d a la m r u p ia h ) u n t u k N A B B ; a ta u
4) la p o r a n k e u a n g a n y a n g te la h d is e s u a ik a n .
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f) P e n e n t u a n T in g k a t Im b a l B a lik w a ja r [n o rm a l rate o f return) u n t u k N A B B
w a jib sesuai dengan r is ik o yang m e le k a t pada NABB te rs e b u t dan
m e n c e r m in k a n T in g k a t I m b a l B a lik r a t a - r a t a t e r t im b a n g a n t a r a b ia y a e k u it a s
dan b ia y a u ta n g sesuai dengan k a p a s it a s NABB d a la m m e m p e r o le h
p in ja m a n ( borrow ing capacity).
g) P e n d a p a t a n e k o n o m i a ta u la b a n o r m a l y a n g a k a n d ik u r a n g i d e n g a n ju m la h
im b a l b a lik w a ja r a ta s NABB m e n c e r m in k a n p e n d a p a ta n e ko n o m i yang
d ip e r k ir a k a n akan dapat d ip e r t a h a n k a n d im a s a d a ta n g . S e lis ih a n ta ra
p e n d a p a ta n e k o n o m i n o r m a l d a n ju m la h im b a l b a lik a ta s NABB a d a la h
ju m la h im b a l b a lik a ta s a s e t b e r w u ju d .
h) N ila i e k u it a s y a n g d ip e r o le h d e n g a n m e n a m b a h k a n n ila i A s e t T a k b e r w u ju d
( going concern value) t e r h a d a p N A B B m e n c e r m in k a n n ila i e k u it a s ( com m on
stocks ) s e c a r a k e s e lu r u h a n .
D a la m m e t o d e k e le b ih a n p e n d a p a t a n , u n t u k m e n g h it u n g n ila i a s e t t a k b e r w u ju d
t e r le b ih d a h u lu d ih itu n g n ila i a s e t b e r w u ju d b e r s ih ( net tangible asset) d e n g a n
m e n g u r a n g k a n n ila i p a s a r L ia b ilit a s d a r i n ila i p a s a r a s e t b e r w u ju d ( s e t e la h s e m u a
n ila i p a d a n e r a c a d is e s u a ik a n ) . S e t e la h itu d ip e r k ir a k a n n ila i p e n d a p a t a n y a n g
d ih a r a p k a n ( e xpected revenue) p e r t a h u n d a r i n ila i a s e t b e r w u ju d b e r s ih t e r s e b u t
d e n g a n m e n g g u n a k a n t in g k a t p e n g e m b a lia n (rate o f return) y a n g w a ja r . S e b a g a i
la n g k a h s e la n ju t n y a p e r lu d ih it u n g p e n d a p a t a n n o r m a l (norm alized earning) d a r i
p e r u s a h a a n y a n g d in ila i d e n g a n m e n y e s u a ik a n la p o r a n la b a ( r u g i) . S e lis ih a n t a r a
p e n d a p a t a n n o r m a l d e n g a n p e n d a p a t a n y a n g d ih a r a p k a n m e r u p a k a n k e le b ih a n
p e n d a p a ta n (excess earning) y a n g d ih a s ilk a n o le h a s e t b e r w u ju d b e r s ih . A s e t ta k
b e r w u ju d k e m u d ia n d ih itu n g dengan c a ra m e n g k a p it a lis a s ik a n k e le b ih a n
p e n d a p a t a n t e r s e b u t d e n g a n t in g k a t k a p it a lis a s i ( capitalization rate) y a n g s e s u a i.
L a n g k a h a k h ir d a r i m e t o d e in i a d a la h d e n g a n m e n g h it u n g n ila i p a s a r e k u it a s
d e n g a n m e n ju m la h k a n n ila i a s e t b e r w u ju d b e r s ih d a n n ila i a s e t t a k b e r w u ju d .
D a la m h a l P e n ila i U s a h a m e n g g u n a k a n m e t o d e K K P , m a k a A s e t T a k b e r w u ju d
w a jib d in ila i s e c a r a k o le k t if (big p o t th e ory o f goodw ill).
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4.2. P en dekatan P en ilaian yang d ig u nakan
B e r d a s a r k a n P O J K N o . 3 5 / P O J K . 0 4 / 2 0 2 0 P a s a l 2 8 P o in 2 H u r u f b , D a la m h a l p e n ila ia n
d ila k u k a n t e r h a d a p p e r u s a h a a n y a n g h a n y a m e m ilik i a s e t n a m u n t id a k b e r o p e r a s i, P e n ila i
B is n is d a p a t m e n g g u n a k a n p a lin g s e d ik it 1 ( s a tu ) P e n d e k a t a n P e n ila ia n . P e n ila ia n s a h a m
FAW d ila k u k a n dengan m enggunakan 1 ( S a tu ) p e n d e k a ta n y a itu b e rd a s a rk a n
P e n d e k a ta n A set M e to d e A d ju s t e d Net A sset M e th o d . A la s a n - a la s a n p e m ilih a n
p e n d e k a t a n p a s a r d a n p e n d e k a t a n a s e t d a la m p e n ila ia n in i a d a la h s e b a g a i b e r ik u t :
a. K a m i t id a k m e n e r a p k a n " P e n d e k a t a n P a s a r ” k a r e n a k a m i t id a k m e m p e r o le h d a t a
p e m b a n d in g d i B u r s a E f e k In d o n e s ia y a n g b e r g e r a k d i b id a n g U s a h a W is a t a R e lig i
dan T o u r T ra v e l H a ji y a n g s e b a n d in g dengan FAW , dengan d e m ik ia n m e to d e
p e r b a n d in g a n d e n g a n p e r u s a h a a n t e r b u k a tid ak d ap at d ig u n akan d a la m p e n ila ia n
in i.
b. Pada um um nya p e r t im b a n g a n y a n g t e r p e n t in g b a g i p ih a k y a n g b e r n ia t m e m b e li
s u a t u p e r u s a h a a n a d a la h k e m a m p u a n p e r u s a h a a n t e r s e b u t d a la m m e n g h a s ilk a n
p e n d a p a ta n d im a s a depan. O le h k a re n a itu , m e to d e -m e to d e p e n ila ia n yang
d id a s a r k a n p a d a k o n s e p h u b u n g a n a n t a r a p e n d a p a t a n d a n n ila i, t e r u t a m a m e t o d e
d is k o n t o p e n d a p a t a n e k o n o m i m e n d a t a n g , u m u m d ig u n a k a n d a la m p e n ila ia n a ta s
e k u it a s s u a t u p e r u s a h a a n . F A W a d a la h P e r u s a h a a n y a n g b e r g e r a k d a la m b id a n g
W is a t a R e lig i d a n T o u r T r a v e l H a ji, n a m u n b e lu m b e ro p e ra s i s e c a ra k o m e r s ia l.
D engan d e m ik ia n , m e to d e -m e to d e p e n ila ia n yang d id a s a r k a n pada konsep
hubungan a n ta ra p e n d a p a ta n dan n ila i y a it u m e to d e k a p it a lis a s i k e le b ih a n
p e n d a p a ta n , m e to d e k a p it a lis a s i p e n d a p a t a n e k o n o m i m e n d a ta n g , d a n te ru ta m a
m e t o d e d is k o n t o p e n d a p a t a n e k o n o m i a ta u m e t o d e d is k o n t o a r u s k a s [discounted
cash flo w m ethod] k a m i p a n d a n g tid a k d ap at dig u nakan d a la m p e n ila ia n in i.
c. F A W b e lu m b e r o p e r a s i s e c a r a k o m e r s ia l d a la m p r o s e s p e n ila ia n a s e t t e t a p d ila k u k a n
p e n ila ia n o le h p e n ila i a s e t s e h in g g a d e n g a n d e m ik ia n P e n d e k a t a n A s e t (A sse t B ased
A pproach) d ap at d igunakan.
S e t e la h m e m p e la ja r i s e c a ra seksam a, kam i b e rp e n d a p a t p e n d e k a ta n yang r e le v a n
d ila k u k a n u n t u k m e n e n t u k a n n ila i p a s a r s a h a m F A W a d a la h P e n d e k a t a n A s e t M e t o d e
A d ju s t e d N e t A s s e t M e t h o d .
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BAB V
PENILAIAN SAHAM
5.1 P en ilaian den gan P en dekatan A set
5 .1 .1 . P erhitun gan B iaya Ekuitas
P r in s ip p e n ila ia n dengan m e to d e P e n d e k a ta n A set (A set B ased A pproach) a d a la h
p e n y e s u a ia n N ila i P a s a r y a n g d ila k u k a n a ta s n ila i h is t o r is y a n g t e r d a p a t d a la m p o s is i
k e u a n g a n . A d a p u n la n g k a h - la n g k a h p e n e r a p a n n y a a d a la h :
a. P a d a t a h a p p e r ta m a , m e n d a p a t k a n p o s is i k e u a n g a n le n g k a p d e n g a n p e n je la s a n
s e r t a in f o r m a s i la in y a n g t e r k a it d e n g a n k e p e r lu a n p e n ila ia n , s e s u a i k o n d is i p a d a s a a t
p e n ila ia n .
b. M e n y e s u a ik a n a ta u m e n g u b a h p o s - p o s a ta u item -item y a n g t e r d a f t a r d a la m p o s is i
k e u a n g a n , b a ik a s e t la n c a r , a s e t t id a k la n c a r , lia b ilit a s ja n g k a p e n d e k , lia b ilit a s
ja n g k a p a n ja n g , m e n ja d i r e f le k s i n ila i p a s a r .
c. M e n g id e n t if ik a s i d a n m e n ila i item -item y a n g t id a k t e r d a f t a r d a la m p o s is i k e u a n g a n ,
b ia s a n y a d a la m b e n t u k a s e t t id a k b e r w u ju d , m is a ln y a : b ia y a p r a - o p e r a s i, s is t e m
p e r a n g k a t lu n a k , p a r a k a r y a w a n p r o f e s io n a l, u a n g ja m in a n , s is t e m p e n g e n d a lia n IS O
d a n p e la n g g a n te ta p .
M e n g u r a n g i s e lu r u h n ila i a s e t b e r w u ju d dan ta k b e r w u ju d s e s u a i p e r h it u n g a n d ia t a s
d e n g a n k e w a jib a n , u n t u k m e m p e r o le h n ila i e k u it a s p e r 3 0 S e p t e m b e r 2 0 2 5 .
5 .1 .2 . N ilai P asar A set T etap
N ila i P a s a r a s e t t e t a p F A W p e r t a n g g a l 3 0 S e p t e m b e r 2 0 2 5 , te la h d ila k u k a n p e n ila ia n o le h
K J P P B a m b a n g , E r n a s a p t a d a n R e k a n d e n g a n n o m o r la p o r a n a s e t y a n g t e la h d in ila i y a itu
L a p o ra n P e n ila ia n A s e t T e t a p N o . 0 0 5 7 7 /2 .0 0 3 6 -0 0 /P I/0 5 /0 0 7 3 /1 /X II/2 0 2 5 , ta n g g a l 2 3
D e s e m b e r 2 0 2 5 . N ila i P a s a r a t a s a s e t b e r u p a B a n g u n a n D a la m K o n s t r u k s i F A W a d a la h
R p . 9 9 9 .4 1 2 .8 3 5 .
5 .1 .3 . Nilai P en yesu aian Posisi K euan gan P erusahaan
Sesuai dengan t a n g g a l e f e k t if p e n ila ia n yang t e la h d it e t a p k a n , p e n y e s u a ia n la p o r a n
k e u a n g a n d ila k u k a n t e r h a d a p p o s is i k e u a n g a n FAW p e r ta n g g a l 3 0 S e p te m b e r 2 0 2 5 .
R in c ia n p e n y e s u a ia n y a n g d ila k u k a n a d a la h s e b a g a i b e r i k u t :
P e n ila ia n S a h a m
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a. K a s d a n S e t a r a K a s a t e r c a t a t R p . 3 0 , 4 8 m ilia r , t e r h a d a p a k u n in i t id a k d ila k u k a n
p e n y e s u a ia n , k a r e n a s u d a h m e n c e r m in k a n n ila i p a s a r .
b. P iu ta n g L a in - la in B e r e la s i t e r c a t a t R p . 6 6 0 , 0 0 ju t a , t e r h a d a p a k u n in i t id a k d ila k u k a n
p e n y e s u a ia n , k a r e n a s u d a h m e n c e r m in k a n n ila i p a s a r .
c. U ang M u k a te rc a ta t R p 1 8 ,9 3 m ilia r , t e r h a d a p akun in i d ila k u k a n p e n y e s u a ia n ,
dengan m e m in d a h k a n Bangunan D a la m P em bangunan dengan N ila i P a s a r R p .
9 9 9 ,4 1 ju t a k e a k u n A s e t T e t a p s e h in g g a s e te la h d ila k u k a n p e n y e s u a ia n , m a k a N ila i
P a s a r U a n g M u k a m e n ja d i R p 1 7 ,9 3 m ilia r .
d. A s e t te ta p , b a n g u n a n d a la m k o n s t r u k s i t e r c a t a t R p . 0 ,- t e r h a d a p a k u n in i d ila k u k a n
p e n y e s u a ia n y a n g m e r u ju k k e p a d a h a s il p e n ila ia n a s e t y a n g d ila k u k a n o le h K J P P
Bam bang, E rn a s a p ta dan R ekan dengan nom or la p o r a n 0 0 5 7 7 /2 .0 0 3 6 -
0 0 /P I /0 5 / 0 0 7 3 / 1 / X II / 2 0 2 5 , t a n g g a l 2 3 D e s e m b e r 2 0 2 5 , s e h in g g a s e te la h d ila k u k a n
p e n y e s u a ia n , m aka N ila i p a s a r a s e t t e t a p bangunan d a la m k o n s tru k s i m e n ja d i
s e b e s a r R p . 9 9 9 ,4 1 ju t a .
e. P o s - p o s a s e t la in n y a d a n p o s - p o s lia b ilit a s y a n g t e r c a n t u m d i p o s is i k e u a n g a n t id a k
d is e s u a ik a n k a r e n a d ia n g g a p t e la h m e r e f le k s ik a n n ila i p a s a r n y a .
D e n g a n p e n y e s u a ia n - p e n y e s u a ia n y a n g d ila k u k a n t e r s e b u t , t o t a l a s e t F A W y a n g t e r c a t a t
d i p o s is i k e u a n g a n p e r ta n g g a l 3 0 S e p te m b e r 2 0 2 5 s e b e s a r R p . 5 0 ,0 7 m ilia r , t e t a p
m e n ja d i s e b e s a r R p . 5 0 , 0 7 m ilia r .
5 .1 .4 . N ilai P asar Sah am FA W
D a r i h a s il p e n y e s u a ia n t e r h a d a p p o s is i k e u a n g a n F A W p e r t a n g g a l 3 0 S e p t e m b e r 2 0 2 5
d ia t a s , In d ik a s i n ila i e k u it a s d ip e r o le h d e n g a n m e n g h it u n g s e lis ih a n t a r a n ila i s e lu r u h a s e t
d a n h u t a n g y a n g te la h d is e s u a ik a n .
N ila i s a h a m p e r u s a h a a n t e r t u t u p b ia s a n y a d ik e n a k a n ” disco u nt fo r la ck o f m a rk e ta b ility ,
d is k o n in i d im a k s u d k a n k a r e n a s a h a m p a d a p e r u s a h a a n t e r t u t u p r e la t if le b ih s u lit u n t u k
d ik o n v e r s i m e n ja d i d a n a c a s h , k a r e n a c a lo n p e m b e li a k a n m e m e r lu k a n w a k tu u n tu k
m e n ila i k e w a ja r a n n ila i s a h a m t e r s e b u t, b e r b e d a d e n g a n p e r u s a h a a n t e r b u k a d im a n a n ila i
s a h a m p a d a w a k t u t e r s e b u t s u d a h m e r e f le k s ik a n n ila i y a n g s e b e n a r n y a d a r i s a h a m n y a .
S e h u b u n g a n d e n g a n h a l t e r s e b u t p e n ila i m e m b e r ik a n "discount fo r lack m arke ta b ility'
te rh a d a p in d ik a s i n ila i s a h a m t e r s e b u t. B e s a r n y a d is c o u n t s a n g a t t e r g a n t u n g kepada
k o n d is i d a n je n is p e r u s a h a a n a ta u b is n is n y a . S e h u b u n g a n d e n g a n h a l t e r s e b u t p e n ila i
m e n e ta p k a n b e s a rn y a "discount fo r la ck o f m a rke ta b ility' p a d a p e n ila ia n in i a d a la h 2 0 % .
S e la in p o t o n g a n t e r s e b u t a d a n y a o p s i p e m e g a n g s a h a m la in u n t u k m e m b e li le b ih d a h u lu
s a h a m y a n g a k a n d iju a l, d a n k a la u p u n p e m e g a n g s a h a m la in t id a k b e r m in a t m e m b e li,
P e n ila ia n S a h a m
V-2
Page 53
/ /
KJPP Edi A n d e s t a dan Rekan
s
m a k a a g a k s u lit u n t u k m e n c a r i in v e s t o r la in u n t u k m e m b e li s a h a m t e r s e b u t , k a r e n a c a lo n
in v e s t o r b e lu m te n t u c o c o k d e n g a n p e m e g a n g s a h a m la in n y a .
o
P e n y e s u a ia n la p o r a n k e u a n g a n d a n p e r h it u n g a n n ila i p e n y e r t a a n s a h a m d a p a t d ilih a t
p a d a p e n y e s u a ia n s e b a g a i b e r i k u t :
T abel 5.1 Indikasi N ilai E ku itas/S ah am
D a la m R u p ia h
LAPORAN POSISI KEUANGAN Sep 2025 Penyesuaian Sep 2025
ASET
Aset Lancar
Kas dan Setara Kas 30.476.796.864 - 30.476.796.864
Piutang Lain-lain - Berelasi 660.000.000 - 660.000.000
Uang Muka 18.931.637.623 (999.412.835) 17.932.224.788
Aset Tidak Lancar
Bangunan Dalam konstruksi - 999.412.835 999.412.835
JUMLAH ASET 50.068.434.487 (999.412.835) 50.068.434.487
LIABILITAS DAN EKUITAS
(DEFISIENSI MODAL)
LIABILITAS
Liabilitas Jangka Pendek
Utang Pajak - - -
Utang Lain-lain 2.249.750.000 - 2.249.750.000
JUMLAH LIABILITAS 2.249.750.000 2.249.750.000
EKUITAS (DEFISIENSI MODAL)
Modal saham 50.250.000.000 - 50.250.000.000
Saldo Defisit (2.431.315.513) - (2.431.315.513)
JUMLAH EKUITAS (DEFISIENSI
MODAL) 47.818.684.487 - 47.818.684.487
JUMLAH LIABILITAS DAN EKUITAS
(DEFISIENSI MODAL) 50.068.434.487 - 50.068.434.487
Nilai Pasar Ekuitas 100% 47.818.684.487
(-) Kas dan Setara Kas 30.476.796.864
Nilai Pasar 100% Saham, setelah dikurangi Kas Setara Kas 17.341.887.623
DLOM 20,00% ( 3 . 4 6 8 .3 7 7 .5 2 5 )
Nilai Pasar 100% Saham Setelah DLOM, Sebelum Penam bahan Kembali Kas
dan Setara Kas 13.873.510.098
Kas dan Setara Kas 30.476.796.864
Nilai Pasar 100% Saham Setelah DLOM 44.350.306.962
Nilai Pasar 99,96% Saham Setelah DLOM 44.332.566.840
Nilai Pasar 99,96% Saham Setelah DLOM (Pembulatan) 44.332.567.000
P e n ila ia n S a h a m
V-3
Page 54
r H E s €
'
KJPP Edi Andesta dan Rekan
0
5.2 Kesimpulan Nilai Pasar 502.299 lembar (99,96%) Saham penyertaan HFl pada FAW
Berdasarkan hasil kajjan dan analisis yang telah dilakukcan terhadap seluruh aspek yang
terkait dalam rangka menentukan nilai saham Perseroan, maka kami berpendapat Nilai
Pasar 502299 lembar (99,96%) Saham penyertaan HFl pada FAW per tanggal 30
September 2025
Nilai Pasar 502.299 lembar (99,96%) Saham penyertaan HFl pada FAW Per 30
September 2025 adalah :
Rp. 44.332.567.000,-
Empat Puluh Empat Miliar Tiga Ratus Tiga Puluh Dua Juta
Lima Ratus Enam Puluh Tujuh RRibu Rupiah
Penilaian Saham
N-4
Page 55
T H S C I E N T I F I C A R A I S A L
KJPP Edi A n d e s t a dan Rekan
PT. HOTEL FITRA INTERNATIONAL Tbk
Penilaian Saham PT. Fitra Amanah Wisata
Lampiran -1
LAPORAN POSIS I KEUANGAN 2020 2021 2022 2023 2024 Sep 2025
ASET
Aset Lancar
Kas dan Setara Kas 22.745.672 65.032.472 551.604.047 66.644.227 40.439.943.928 30.476.796.864
Piutang Lain-lain - Berelasi 660.000.000
Uang Muka 0 0 627.768.184 1.355.972.265 9.706.380.723 18.931.637.623
JUM LAH ASET 22.745.672 65.032.472 1.179.372.231 1.422.616.492 50.146.324.651 50.068.434.487
LIABILITAS DAN EKUITAS (DEFISIEN SI M DDAL)
LIA BILITAS
Liabilitas Jangka Pendek
Utang Pajak 0 0 0 5.887.500 0 0
Utang Lain-lain 27.000.000 100.000.000 1.300.000.000 2.200.000.000 2.255.000.000 2.249.750.000
JUMLAH LIA BILITAS 27.000.000 100.000.000 1.300.000.000 2.205.887.500 2.255.000.000 2.249.750.000
EKUITAS (DEFISIENSI M ODAL)
Modal saham - Nilai nominal RplOO.OOO pe 250.000.000 250.000.000 250.000.000 250.000.000 50.250.000.000 50.250.000.000
Saldo Defisit (254.254.328) (284.967.528) (370.627.769) (1.033.271.008) (2.358.675.349) (2.431.315.513)
JUM LAH EKUITAS (DEFISIEN SI M ODAL) (4.254.328) (34.967.528) (120.627.769) (783.271.008) 47.891.324.651 47.818.684.487
JUMLAH LIABILITAS DAN EKUITAS (DEFI 22.745.672 65.032.472 1.179.372.231 1.422.616.492 50.146.324.651 50.068.434.487
PT. HOTEL FITRA INTERNATIONAL Tbk
Penilaian Saham PT. Fitra Amanah Wisata
LAPORAN LABA R UGI DAN
2020 2021 2022 2023 2024 Sep 2025
PENGHASILAN KOM PREHENSIF LAIN
Pendapatan 0 0 0 0 0 0
Beban Pokok Pendapatan 0 0 0 0 0 0
Laba (rugi) K otor 0 0 0 0 0 0
Beban Administrasi dan Umum 29.500.000 30.297.400 85.213.641 662.168.739 1.393.583.731 178.227.963
Rugi Operasi (29.500.000) (30.297.400) (85.213.641) (662.168.739) (1.393.583.731) (178.227.963)
Pendapatan (beban) lain-lain
Jasa Giro 0 0 0 86.900.736 133.351.532
Administrasi Bank (412.900) (415.800) (446.600) (474.500) (1.341,200) -1.100.200
Rugi Sebelum Pajak Penghasilan (29.912.900) (30.713.200) (85.660.241) (662.643.239) (1.325.404.341) (72.640.164)
Manfaat (beban) pajak penghasilan
Pajak Kini 0 0 0 0 0 0
Pajak Tangguhan 0 0 0 0 0 0
Rugi Tahun Berjalan (29.912.900) (30.713.200) (85.660.241) (662.643.239) (1.325.404.341) (72.640.164)
Penghasilan Komprehensif Lain 0 0 0 0 0 0
Rugi Komprehensif Tahun Berjalan (29.912.900) (30.713.200) (85.660.241) (662.643.239) (1,325.404.341) (72.640.164)
PT. HOTEL FITRA INTERNATIONAL Tbk
Penilaian Saham PT. Fitra Amanah Wisata
LAPORAN ARUS KAS 2020 2021 2022 2023 2024 Sep 2025
ARUS KAS DARI A K TIVITA S OPERASI
Pembayaran kas kepada pihak ketiga (29.500.000) (30.297.400) (712.981.825) (1.384.485.320) (9.749.879.689) (178.227.963)
Penerimaan (pembayaran): 0
Jasa giro - net 0 0 0 0 69.520.590 106.654.150
Penghasilan bunga 0 0 0 0 0 0
Beban keuangan (412.900) (415.800) (446.600) (474.500) (1.341.200) (1.050.200)
A rus kas bersih digunakan untuk aktivitas (29.912.900) (30.713.200) (713.428.425) (1.384.959.820) (9.681.700.299) (72.624.013)
ARUS KAS DARI A KTIVITAS INVESTASI
Pemberian Pinjaman kepada Pihak berelasi (660.000.000)
Uang Muka - Pekerjaan Project Kertajati Umroh Park (9.225.256.900)
Arus kas bersih digunaka untuk aktivitas Investasi (9.8 85.256.900)
A RUS KAS DARI A KTIVITAS PENDANAAN
Tambahan modal disetor 0 0 0 0 50.000.000.000 0
Penerimaan dari pihak berelasi 27.000.000 100.000.000 1.200.000.000 1.500.000.000 55.000.000 0
Pembayaran kepada pihak berelasi 0 (27.000.000) 0 (600.000.000) 0 (5.250.000)
A rus kas bersih diperoleh dari aktivitas pc 27.000.000 73.0 00.000 1.200.000.000 900.000.000 50.055.000.000 (5.250.000)
PENURUNAN KAS DAN SETARA KAS (2.912.900) 42.286.800 486.571.575 (484.959.820) 40.373.299.701 (9.963.130.913)
KAS DAN SETARA KAS PADA AWAL TAHU 25.658.572 22.745.672 65.032.472 551.604.047 66.644.227 40.439.943.928
KAS DAN SETARA KAS PADA A KHIR TAH 22.745.672 65.032.472 551.604.047 66.644.227 40.439.943.928 30.4 76.813.015
Page 56
/ /
KJPP Edi A n d e s t a dan Rekan
PT. HOTEL FITRA INTERNATIONAL Tbk
Penilaian Saham PT. Fitra Amanah Wisata
Lam piran - 2
LAPORAN POSISI KEUANGAt Sep 2025 Penyesuaian Sep 2025
ASET
A set Lancar
Kas dan Setara Kas 30.476.796.864 30.476.796.864
Piutang Lain-lain - Berelasi 660.000.000 660.000.000
Uang Muka 18.931.637.623 (999.412.835) 17.932.224.788
A set T idak Lancar
Bangunan Dalam konstruksi 999.412.835 999.412.835
JUMLAH ASET 50.068.434.487 (999.412.835) 50.068.434.487
LIABILITAS DAN EKUITAS (DEFISIENSI MODAL)
LIABILITAS
Liabilitas Jangka Pendek
Utang Pajak 0 0
Utang Lain-lain 2.249.750.000 2.249.750.000
JUMLAH LIABILITAS 2.249.750.000 0 2.249.750.000
EKUITAS (DEFISIENSI MODAL-)
Modal saham - Nilai nom inal R p100.000 per saham , m odal d 50.250.000.000 50.250.000.000
Saldo Defisit (2.431.315.513) (2.431.315.513)
JUMLAH EKUITAS (DEFISIENSI MODAL) 47.818.684.487 0 47.818.684.487
JUMLAH LIABILITAS DAN EKUITAS (DEFISIENSI MODAL) 50.068.434.487 0 50.068.434.487
Nilai Pasar Ekuitas 100% 47.818.684.487
(-) Kas dan Setara Kas 30.476.796.864
Nilai P asar 100% Saham , setelah dikurangi Kas Setara Kas 17.341.887.623
DLOM 20,00% (3.468.377.525)
Nilai Pasar 100% Saham Setelah DLOM, Sebelum Penam bahan Kem bali Kas dan Setara Kas 13.873.510.098
Kas dan Setara Kas 30.476.796.864
Nilai Pasar 100% Saham Setelah DLOM 44.350.306.962
Nilai Pasar 99,96% Saham Setelah DLOM 44.332.566.840
Pembulatan 44.332.567.000
Names mentioned 9 people and organisations named in the text · linked when the evidence is strong
unresolved
org
KJPP Edi Andesta dan Rekan
p.1 ×2
unresolved
org
KJPP Edi Andesta
p.1 ×2
unresolved
org
PT Hotel Fitra Intern
p.4
unresolved
org
PT Fitra A
p.4
unresolved
org
Pusat Statistik P
p.30
unresolved
org
PT. Fitra Amanah Wisata
p.55 ×3
unresolved
org
PT. Fitra Amanah Wisata Lam
p.56
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.091
10817 ms
12 Sep 2026 22:31
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'MATERIAL_FACT',
'kjpp_name': '',
'letter_number': '',
'object_text': '',
'object_truncated': False,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}