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^ LAPORAN PENDAPAT KEWAJARAN ^
A t a s R e n c a n a D i v e s t a s i S a h a m M ilik
P T H o t e l F itr a I n t e r n a t io n a l T b k p a d a
P T . B u m i M a ja le n g k a P e r m a i
d a n P T . F itr a A m a n a h W i s a t a
D is ia p k a n U n tu k:
P T H o te l F itra In te r n a tio n a l T b k
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D A F T A R IS I
Hal
H a la m a n J u d u l
D a fta r Isi
1. L a t a r B e la k a n g ......................................................................................................................................................... 1
2. D a s a r P e n u g a s a n .................................................................................................................................................. 3
3. R u a n g L in g k u p P e n d a p a t K e w a ja r a n ......................................................................................................... 3
4. S ta t u s P e n ila i............................................................................................................................................................ 3
5. P e m b e r i T u g a s d a n P e n g g u n a L a p o r a n .................................................................................................. 4
6. O b je k P e n d a p a t K e w a ja r a n ............................................................................................................................ 4
7. J e n is M a ta U a n g y a n g D ig u n a k a n .............................................................................................................. 4
8. M a k s u d d a n T u ju a n P e n d a p a t K e w a ja r a n ............................................................................................. 4
9. T a n g g a l P e n d a p a t K e w a ja r a n ........................................................................................................................ 4
10. T in g k a t K e d a la m a n I n v e s t ig a s i..................................................................................................................... 4
11. S if a t d a n S u m b e r In fo r m a s i y a n g D a p a t D ia n d a lk a n ........................................................................ 5
12. A s u m s i d a n K o n d is i P e m b a t a s ..................................................................................................................... 5
13. P e r s y a r a ta n a ta s P e r s e tu ju a n u n tu k P u b lik a s i.......................................... 6
14. K o n fir m a s i B a h w a P e n d a p a t K e w a ja r a n D ila k u k a n B e r d a s a r k a n S P I .................................... 6
15. K o n f ir m a s i P e n u g a s a n B e r s a m a a n ( B e r d e k a t a n ) ............................................................................. 6
16. P e r n y a ta a n P e n i l a i ............................................................................................................................................... 6
17. S u m b e r D a t a ............................................................................................................................................................ 7
18. P e n d e k a t a n d a n P r o s e d u r y a n g D ig u n a k a n .......................................................................................... 11
19. H u b u n g a n P ih a k - p ih a k y a g a k a n M e la k u k a n R e n c a n a T r a n s a k s i ......................................... 12
20. U r a ia n M e n g e n a i P e n ila i P r o p e r ti S e r ta H a s il P e n ila ia n P r o p e r ti Y a n g M e n ja d i
D a s a r d a la m P e m b e r ia n P e n d a p a t K e w a j a r a n .................................................................................. 13
21. M e t o d o lo g i d a n A n a lis is K e w a ja r a n R e n c a n a T r a n s a k s i ............................................................... 15
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2 1 .1 A n a lis is R e n c a n a T r a n s a k s i.............................................................................................................. 15
a. I d e n tifik a s i d a n H u b u n g a n A n t a r a P ih a k - p ih a k y a n g B e r t r a n s a k s i................. 15
b. H u b u n g a n A n t a r a P ih a k - p ih a k Y a n g T e r lib a t D a la m R e n c a n a T r a n s a k s i.. 19
c. P e r ja n jia n d a n P e r s y a r a ta n y a n g d is e p a k a t i d a la m T e n c a n a T r a n s a k s i.... 20
d. P e n ila ia n a ta s R is ik o d a n M a n fa a t d a r i R e n c a n a T r a n s a k s i.............................. 25
2 1 .2 A n a lis is K u a lit a t if d a n K u a n tita t if R e n c a n a T r a n s a k s i ....................................................... 27
a. A n a lis is K u a lit a t if ........................................................................................................................... 27
b. A n a lis a K u a n t i t a t if ........................................................................................................................ 46
2 1 .3 A n a lis is K e w a ja r a n R e n c a n a T r a n s a k s i..................................................................................... 67
a. P e r b a n d in g a n a n ta r a R e n c a n a T r a n s a k s i d e n g a n H a s il P e n ila ia n a ta s
9 9 ,9 9 9 8 % S a h a m P e n y e r ta a n F IT T p a d a B M P d a n 9 9 ,9 6 % S a h a m
P e n y e r ta a n F IT T p a d a F A W .................................................................................................. 67
b. A n a lis is u n t u k M e m a s tik a n b a h w a N ila i R e n c a n a T r a n s a k s i M e m b e r ik a n
N il a i T a m b a h .................................................................................................................................... 69
2 1 .4 A n a lis is A ta s F a k t o r - F a k t o r la in y a n g R e le v a n ..................................................................... 71
22. K e s im p u la n ................................................................................................................................................................ 72
23. 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 d a p a t K e w a ja r a n .............................................................. 72
24. D is tr ib u s i L a p o r a n P e n d a p a t K e w a ja r a n .................................................................................................. 73
25. P e r n y a ta a n P e n ila i................................................................................................................................................ 74
26. 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 ...................................................................................... 75
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I S A L
O
N o . 0 0 0 8 5 /2 .0 0 5 3 -0 0 /B S /0 5 /0 0 9 5 /1 /II/2 0 2 6 J a k a rta , 0 4 F e b ru a ri 2 0 2 6
Kepada,
P T H o te l F itr a In t e r n a t io n a l T b k
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 . : D ir e k s i
H al : P e n d a p a t K e w a ja r a n a t a s R e n c a n a D iv e s t a s i S a h a m M i l i k P T H o t e l
F it r a In te r n a tio n a l T b k pada PT. Bum i M a ja le n g k a P e rm a i dan
P T . F it r a A m a n a h W is a t a
D e n g a n h o rm a t,
S e h u b u n g a n d e n g a n p e n u g a s a n y a n g d ib e r ik a n k e p a d a 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 ekan ( “K J P P A n d e s t a T K a m i ”), o le h m a n a je m e n PT H o te l F itr a In te r n a tio n a l Tbk
( “P e r s e r o a n T F I T T " ) u n t u k m e m b e r ik a n P e n d a p a t K e w a ja r a n s e b a g a i P e n ila i I n d e p e n d e n , s e s u a i
p r o p o s a l p e n a w a r a n ja s a P e n d a p a t K e w a ja r a n N o . 3 4 9 / P - A n d e s t a / X / 2 0 2 5 , t a n g g a l 9 O k t o b e r 2 0 2 5 ,
y a n g d is e t u ju i s e b a g a i s u r a t p e r in t a h k e r ja , m a k a d e n g a n in i K a m i s e b a g a i K J P P r e s m i, b e r d a s a r k a n
S u ra t Ijin U saha K a n to r Jasa P e n ila i P u b lik dengan S u ra t K e p u tu s a n M e n te r i Keuangan
N o . 1/ K M . 1 /2 0 2 2 , t a n g g a l 3 J a n u a r i 2 0 2 2 , s u r a t iz in u s a h a N o 2 .0 9 . 0 0 5 3 , t a n g g a l 1 5 J u li 2 0 0 9 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 P B -0 1 /P J -1 /P M .0 2 /2 0 2 3 ( P e n ila i P ro p e rti dan P e n ila i U saha) m e n y a m p a ik a n pendapat a ta s
k e w a ja r a n ( “ P e n d a p a t K e w a ja r a n ” ) R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a P T .
B u m i M a j a l e n g k a P e r m a i ( “ B M P ” ) d a n 9 9 , 9 6 % S a h a m P e n y e r t a a n F I T T p a d a P T . F it r a A m a n a h
W i s a t a ( “ F A W ” ), s e lu r u h r a n g k a ia n r e n c a n a t e r s e b u t k e m u d ia n d is e b u t (“R e n c a n a T r a n s a k s i ”).
1. L a ta r B e la k a n g
F I T T a d a la h p e r u s a h a a n b e r u s a h a d a la m b id a n g k o n s t r u k s i g e d u n g , b e r u s a h a d a la m b id a n g
p e n y e d ia a n a k o m o d a s i, b e r u s a h a d a la m b id a n g r e a l e s ta t , b e r u s a h a d a la m b id a n g a k tiv it a s
o la h r a g a d a n r e k r e a s i la in n y a . P e r u s a h a a n 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
RW . 008, 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 te 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. F I T T m e r u p a k a n H olding C om pany y a n g m e m ilik i k e p e m ilik a n s a h a m
s e c a r a la n g s u n g p a d a p e r u s a h a a n a n a k y a itu B M P s e r t a F A W d a n t id a k t e r lib a t la n g s u n g
d a la m p e n g e lo la a n b is n is p e r s e r o a n . BMP m e ru p a k a n p e ru s a h a a n yang b e r g e r a k d a la m
b id a n g ja s a p e n y e d ia a n h o t e l. S e m e n t a r a itu , F A W m e ru p a k a n p e ru s a h a a n yang 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 , d a n m e m ilik i ijin d a la m b id a n g u s a h a w is a t a r e lig i
IVilayah Kerja : Seluruh Indonesia K e p . M e n k e u . N o .1 /K M .1 /2 0 2 2 N o . I z in 2 . 0 9 . 0 0 5 3
K a n t o r J a s a P e n il a i P u b li 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 l 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 ila i P r o p e r ti 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 ) & 0 2 1 -7 5 9 3 1 0 1 7
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d a n t o u r t r a v e l h a ji. F I T T b e r e n c a n a m e la k u k a n d iv e s t a s i e n t it a s a n a k y a n g d im ilik i s e c a r a
la n g s u n g y a it u (i) B M P , d a n (ii) F A W . P a r a p ih a k y a n g t e r lib a t d a la m r e n c a n a t r a n s a k s i s u d a h
s e tu ju u n t u k m e n ju a l d a n m e m b e li s a h a m BM P dan FAW y a itu P T. B e rk a ry a B e rs a m a
S e r v i n d o ( “ B B S ” ) m e r u p a k a n p ih a k y a n g a k a n m e m b e li k e p e m ilik a n s a h a m F I T T p a d a B M P
s e n ila i R p 2 1 . 9 2 3 . 3 6 3 . 0 0 0 d a n P T . P r a t a m a G l o b a l S e r v i n d o ( “ P G S ” ) m e r u p a k a n p ih a k y a n g
a k a n m e m b e li k e p e m ilik a n s a h a m F I T T p a d a F A W s e n ila i R p 4 5 . 3 3 2 . 5 6 7 . 0 0 0 s e h in g g a to ta l
n ila i t r a n s a k s i s e b e s a r R p 6 7 . 2 5 5 . 9 3 0 . 0 0 0 . S e t e la h r e n c a n a t r a n s a k s i d ila k s a n a k a n d a n A k t a
J u a l B e li ( A J B ) d it e r b it k a n m a k a F I T T a k a n m e n d a p a t k a n p e m b a y a r a n t u n a i s e ju m la h n ila i
t r a n s a k s i s e b a g a i d a n a b a r u . D a n a t e r s e b u t a k a n d ib a y a r k a n k e p a d a B a p a k H e n d r a S o e t a n t o
s e b e s a r R p . 1 6 ,5 m ilia r s e b a g a i p e lu n a s a n U ta n g P e m e g a n g S a h a m . S e la in itu , t e r d a p a t
U t a n g B M P d a n F A W k e p a d a F I T T s e s u a i d e n g a n P e r ja n jia n T a m b a h a n a n t a r a B M P F A W
d a n F I T T b a h w a k e w a jib a n p in ja m a n y a n g B M P d a n F A W a k a n t e t a p d ilu n a s i k e p a d a F IT T .
Pada la p o r a n Pendapat K e w a ja r a n in i, d ib a h a s Rencana T ra n s a k s i b e ru p a Rencana
D i v e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P d a n 9 9 , 9 6 % S a h a m P e n y e r t a a n F IT T
pada FAW .
B e rd a s a rk a n la p o r a n keuangan P e rs e ro a n u n tu k ta h u n yang b e r a k h ir pada ta n g g a l
3 0 S e p t e m b e r 2 0 2 5 , d ia u d it o le h K a n t o r A k u n t a n P u b lik ( K A P ) D r a . S u h a r t a t i & R e k a n , n ila i
b u k u e k u it a s P e r s e r o a n s e b e s a r R p . 7 1 . 8 8 2 . 8 3 6 . 1 0 0 d e n g a n d e m ik ia n , R e n c a n a T r a n s a k s i,
d e n g a n n ila i s e b e s a r R p . 6 7 . 2 5 5 . 9 3 0 . 0 0 0 a ta u 9 3 , 5 6 % d a r i n ila i b u k u e k u it a s P e r s e r o 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 .
R encana T ransaksi m erupakan tran sa ksi m aterial, sehingga P e r s e r o a n w ajib m em perhatikan
ketentuan P eraturan No. 1 7 / P O J K . 0 4 /2 0 2 0 , tentang T ransaksi M ate ria l dan P erubahan
K egiatan Usaha.
R encana dive sta si 99,9998% S aham P enyertaan F IT T p ada B M P dan 99,96% S aham
P enyertaan F IT T p a d a F A W dilakukan dengan p ih a k tidak terafiiiasi, m aka R encana T ransaksi
te rse b u t bukan m erupakan tran sa ksi afiliasi, sebagaim ana d ia tu r bahw a P e r s e r o a n tidak wajib
m em perhatikan ketentuan P eraturan 4 2 /P O J K .0 4 /2 0 2 0 tentang T ransaksi A fiiiasi dan
B enturan K epentingan T ransaksi Tertentu.
D a la m r a n g k a p e la k s a n a a n R e n c a n a T ra n s a k s i d a n u n tu k m e m e n u h i k e te n tu a n -k e te n tu a n
yang d ia t u r d a la m P e ra tu ra n No. 1 7 /P O J K .0 4 /2 0 2 0 , P e rs e ro a n te la h m e n u n ju k KJPP
A n d e s t a , s e b a g a i P e n ila i I n 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 K e w a ja r a n a t a s R e n c a n a
T r a n s a k s i t e r s e b u t.
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 2
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2. D asar P enugasan
B e rd a s a rk a n p ro p o s a l p e n a w a ra n ja s a pendapat k e w a ja r a n No. 3 4 9 /P -A n d e s ta /X /2 0 2 5 ,
t a n g g a l 9 O k t o b e r 2 0 2 5 , o le h K J P P A n d e s t a y a n g d it u ju k a n k e p a d a F IT T , y a n g te la h d is e t u ju i
s e b a g a i s u r a t p e r ja n jia n k e rja .
P e n d a p a t K e w a ja r a n b e r p e d o m a n k e p a d a S t a n d a r P e n ila ia n I n d o n e s ia ( S P I - E d is i V I I- 2 0 1 8 ) ,
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 t a , 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 is , d a n p e n y a m p a ia n d a la m b e n t u k L a p o r a n P e n d a p a t K e w a ja r a n .
3. R u a n g L in g k u p P e n d a p a t K e w a ja r a n
S e h u b u n g a n d e n g a n P e r a t u r a n N o . 4 2 / P O J K . 0 4 / 2 0 2 0 , b e r k a it a n d e n g a n p e n u n ju k a n K J P P
A n d e s ta , u n tu k m e m b e r ik a n Pendapat K e w a ja r a n ( “ F a /'n e s s O pinion") a ta s Rencana
T r a n s a k s i , m a k a r u a n g lin g k u p P e n d a p a t K e w a ja r a n d ib e r ik a n s e t e la h P e n ila i m e la k u k a n
a n a lis is a ta s h a l- h a l s e b a g a i b e r ik u t :
a. N ila i d a r i o b je k y a n g d it r a n s a k s ik a n
b. D a m p a k k e u a n g a n d a r i R e n c a n a T r a n s a k s i y a n g a k a n d ila k u k a n t e r h a d a p k e p e n t in g a n
pem egang saham .
c. P e r t im b a n g a n b is n is yang d ig u n a k a n o le h m a n a je m e n P e rs e ro a n , t e r k a it dengan
R e n c a n a T r a n s a k s i y a n g t e la h d ila k u k a n t e r h a d a p k e p e n t in g a n p e m e g a n g s a h a m .
4. S ta tu s P e n ila i
P e n ila i a d a la h K J P P A n d e s t a d a n In d iv id u P e n ila i, d a la m p o s is i u n t u k m e m b e r ik a n p e n d a p a t
k e w a ja r a n yang o b je k t if d a n t id a k m e m ih a k . P e n ila i t id a k ada k e t e r lib a t a n m a t e r ia l a ta u
b e n t u r a n k e p e n t in g a n , b a ik a k t u a l m a u p u n b e r s if a t p o t e n s ia l d e n g a n s u b je k d a n a ta u o b je k
p e n d a p a t k e w a ja r a n . P e n ila i m e m ilik i k o m p e t e n s i u n t u k m e m b e r ik a n P e n d a p a t K e w a ja r a n .
D a la m m e n ja la n k a n tu g a s p r o f e s in y a , ta n g g u n g ja w a b P e n ila i sebagai In d iv id u h a ru s
d ip is a h k a n d a r i P e n ila i s e b a g a i K a n t o r J a s a P e n ila i P u b lik ( K J P P ) . S e h in g g a t a n g g u n g ja w a b
P e n ila i s e b a g a i in d iv id u t id a k m e n ja d i t a n g g u n g ja w a b K J P P s e c a r a k e s e lu r u h a n (S P I E d is i V II
2 0 1 8 , K E P I b u t ir 5 .8 8 .3 ).
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Mitik FITTpada BMP dan FAW 3
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5. P e m b e ri T u g a s d a n P e n g g u n a L a p o ra n
P e m b e r i T u g a s d a n P e n g g u n a L a p o r a n , d e n g a n d a t a - d a t a d iu r a ik a n s e b a g a i b e r ik u t:
N a m a P e ru s a h a a n P T H o t e l F it r a I n t e r n a t io n a l T b k
J e n is U s a h a I n d u s t r i P e n g e lo la a n H o t e l d a n P a r iw is a t a
A la m a t J a la n KH. Abdul H a lim No. 88 RT. 005 RW . 008, 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 ,
P r o v in s i J a w a B a r a t
N o . T e lp 0233 - 8292 888
E m a il c o r s e c . h o t e lf it r a @ g m a il. c o m
W e b s it e w w w . f it r a t b k . c o . id
6. O b je k P e n d a p a t K e w a ja r a n
O b je k R e n c a n a T r a n s a k s i a d a la h R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F IT T p a d a
B M P d a n 9 9 ,9 6 % S a h a m P e n y e rta a n F IT T p a d a F A W .
7. J e n is M a ta U a n g Y a n g D ig u n a k a n
M a t a u a n g y a n g d ig u n a k a n d a la m P e n d a p a t K e w a ja r a n in i a d a la h m a t a u a n g r u p ia h .
8. M a k s u d d a n T u ju a n P e n d a p a t K e w a ja r a n
M a k s u d d a n t u ju a n P e n d a p a t K e w a ja r a n in i a d a la h u n t u k m e m b e r ik a n o p in i a ta s k e w a ja r a n
r e n c a n a P e r s e r o a n m e la k u k a n d iv e s t a s i s a h a m m ilik F I T T p a d a B M P d a n F A W , d a la m r a n g k a
pem enuhan k e te n tu a n P e ra tu ra n No, 1 7 /P O J K .0 4 /2 0 2 0 , a ta s R encana T r a n s a k s i,
s e b a g a im a n a d id e f in is ik a n d a la m la p o r a n in i, s e r t a t id a k u n t u k r e n c a n a t r a n s a k s i la in n y a .
9. T a n g g a l P e n d a p a t K e w a ja r a n
A n a lis is P e n d a p a t K e w a ja r a n d ila k s a n a k a n 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 , p a r a m e t e r d a n
la p o r a n k e u a n g a n y a n g d ig u n a k a n d a la m a n a lis is m e n g g u n a k a n d a t a p e r 3 0 S e p t e m b e r
2025.
10. T in g k a t K e d a la m a n I n v e s tig a s i
Sem ua in f o r m a s i y a n g b e r k a it a n dengan P e n d a p a t K e w a ja r a n in i, t e t a p i t id a k te rm a s u k
k e s im p u la n te n ta n g o p in i n ila i, K a m i t e r im a d a ri P e m b e ri T u g a s te rm a s u k h a l- h a l y a n g
m e n y a n g k u t s t a t u s h u k u m k e p e m ilik a n s e r t a h a l- h a l y a n g r e le v a n la in n y a . K a m i b e r a s u m s i
bahw a in f o r m a s i d a n d a ta yang K a m i t e r im a te rs e b u t, s e p a n ja n g m e n y a n g k u t d a ta dan
k e t e r a n g a n m e n g e n a i o b je k P e n d a p a t K e w a ja r a n a d a la h b e n a r .
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D a la m h a l p e n e lit ia n d a n p e n y e lid ik a n y a n g a d a h u b u n g a n n y a d e n g a n k e b e n a r a n le g a lit a s h a k
k e p e m ilik a n s e rta u ta n g p iu t a n g yang m e n g a k ib a t k a n k e r u g ia n a ta s o b je k Pendapat
K e w a ja r a n , bukan m e ru p a k a n ru a n g lin g k u p penugasan P e n ila i, p e k e r ja a n te rs e b u t
m e r u p a k a n p e k e r ja a n p r o fe s i y a n g la in , d a n o le h s e b a b itu d a la m P e n d a p a t K e w a ja r a n in i,
K a m i b e r a s u m s i b a h w a P e n d a p a t K e w a ja r a n t e la h b e b a s d a r i s e g a la p e r m a s a la h a n h u k u m .
T in g k a t k e d a la m a n in v e s t ig a s i y a n g a k a n d ila k u k a n d a la m p e n u g a s a n in i t e r b a t a s p a d a :
a. I n v e s t ig a s i d ila k u k a n m e la lu i p r o s e s p e n g u m p u la n d a t a d e n g a n c a r a in s p e k s i/ w a w a n c a r a ,
p e n e la a h a n , p e n g h it u n g a n d a n a n a lis is .
b. K a m i t e la h m e la k u k a n p e n e la h a a n , p e r h it u n g a n d a n a n a lis is , d a n d ia s u m s ik a n t id a k a d a
in f o r m a s i y a n g t e r s e m b u n y i a ta u s e n g a ja d is e m b u n y ik a n .
c. B ila m a n a d a la m p e la k s a n a a n in v e s t ig a s i d i la p a n g a n a t a u p u n d a la m p r o s e s p e n g u m p u la n
d a t a , t e r d a p a t k e n d a la - k e n d a la y a n g m e m b a t a s i a k s e s P e n ila i, s e h in g g a P e n ila i t id a k
d a p a t m e la k u k a n in v e s t ig a s i s e c a r a n o r m a l, m a k a h a l t e r s e b u t a k a n d iu n g k a p k a n d i d a la m
la p o r a n p e n ila ia n .
11. S ifa t d a n S u m b e r I n f o r m a s i y a n g D a p a t D ia n d a lk a n
S e la in m e n g g u n a k a n d a t a y a n g d ib e r ik a n o le h P e m b e r i T u g a s , K a m i ju g a m enggunakan
in f o r m a s i d a n d a t a y a n g r e le v a n n a m u n t id a k m e m b u t u h k a n v e r if ik a s i. P e n g g u n a a n in f o r m a s i
d a n d a t a t e r s e b u t d a p a t d is e t u ju i, s e p a n ja n g s u m b e r d a t a t e r s e b u t d ip u b lik a s ik a n p a d a t in g k a t
n a s io n a l d a n a ta u in t e r n a s io n a l, s u m b e r d a t a t e r s e b u t a n t a r a la in :
a. B a n k In d o n e s ia .
b. B a d a n P u s a t S ta t is t ik .
c. D a ta r is e t d a r i p ih a k in d e p e n d e n .
d. I n f o r m a s i d a r i m e d ia c e t a k d a n e le k t r o n ik .
12. A s u m s i d a n K o n d is i P e m b a ta s
a. L a p o r a n P e n d a p a t K e w a ja r a n in i y a n g b e r s if a t non -d iscla im e r opinion.
b. K J P P A n d e s t a t e 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 ro s e s Pendapat K e w a ja r a n , nam un t id a k m e la k u k a n p e n e lit ia n te rh a d a p
keabsahan d o k u m e n -d o k u m e n yang t e r k a it, o le h k a re n a n y a Kam i t id a k m e n ja m in
k e b e n a r a n a ta u k e a b s a h a n n y a .
c. K J P P A n d e s t a m e n g g u n a k a n d a t a d a n in f o r m a s i y a n g d ip e r o le h , b e r a s a l d a r i s u m b e r
y a n g d a p a t d ip e r c a y a k e a k u r a t a n n y a .
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d. KJPP A n d e s ta m enggunakan p ro y e k s i keuangan yang t e la h d is e s u a ik a n yang
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 (fiduciary duty) d a n b e rta n g g u n g ja w a b a ta s k e w a ja r a n
p r o y e k s i k e u a n g a n d a n k e s im p u la n n ila i a k h ir .
e. H a s il a n a lis is y a n g d ila k u k a n m e n g h a s ilk a n L a p o r a n P e n ila ia n U s a h a y a n g t e r b u k a u n t u k
p u b lik , k e c u a li te rd a p a t in f o r m a s i yang b e r s if a t r a h a s ia , yang dapat m e m p e n g a ru h i
o p e r a s io n a l P e r s e r o a n .
f. P e r io d e p r o y e k s i k e u a n g a n y a n g d is u s u n m a n a je m e n s e la m a 5 t a h u n y a itu 2 0 2 6 s /d 2 0 3 0 .
13. P e r s y a r a ta n A ta s P e r s e tu ju a n u n t u k P u b lik a s i
D ila r a n g m e n y e b a r lu a s k a n p e rn y a ta a n a ta u la p o r a n P e n d a p a t K e w a ja r a n in i, b a ik s e c a r a
k e s e lu r u h a n , s e b a g ia n a ta u s e b a g a i r e f e r e n s i, n ila i y a n g t e r d a p a t d id a la m n y a , m a u p u n n a m a
d a n a filia s i t e n a g a a h li d a r i P e n ila i, t a n p a p e r s e t u ju a n t e r t u lis d a r i K J P P A n d e s t a .
14. K o n f ir m a s i B a h w a P e n d a p a t K e w a ja r a n D ila k u k a n B e r d a s a r k a n S P I
B e r d a s a r k a n p r o p o s a l p e n a w a r a n ja s a p e n d a p a t k e w a ja r a n y a n g t e la h d is e p a k a t i, d in y a t a k a n
b a h w a P e n d a p a t K e w a ja r a n in i, d ila k u k a n b e r d a s a r k a n S P I e d is i V II, t a h u n 2 0 1 8 .
15. K o n f ir m a s i P e n u g a s a n B e rs a m a a n ( B e r d e k a ta n )
B e r d a s a r k a n I n f o r m a s i d a r i P e m b e r i T u g a s , b a h w a a s e t a ta u lia b ilit a s y a n g m e n ja d i o b je k
P e n d a p a t K e w a ja r a n t id a k s e d a n g a ta u t e la h d in ila i o le h P e n ila i P u b lik la in n y a u n t u k m a k s u d ,
t u ju a n , p e n g g u n a la p o r a n d a n t a n g g a l P e n d a p a t K e w a ja r a n yang sam a a ta u b e rd e k a ta n
( 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 d u a b u la n ) . K E P I 2 0 1 8 E d is i V l l - T a h u n 2 0 1 8 b u tir
5 .8 .C .4 .
16. P e r n y a ta a n P e n ila i
B e rd a s a rk a n p e n g e ta h u a n K a m i a ta s penugasan P e n d a p a t K e w a ja r a n , d e n g a n in i K a m i
m e n y a ta k a n :
a. P e n ila i b e r t a n g g u n g ja w a b d a la m penyusunan la p o r a n P e n d a p a t K e w a ja r a n (fairness
opinion) a t a s R e n c a n a T r a n s a k s i.
b. P e n ila i t id a k m em punyai b e n tu ra n k e p e n t in g a n a ta s R encana T ra n s a k s i yang akan
d ila k u k a n .
c. S e lu r u h p e n d a p a t y a n g d in y a t a k a n d a la m la p o r a n in i, b a ik m e n g e n a i a n a lis is , k e s im p u la n
a ta u o p in i p e n d a p a t , a d a la h b e n a r .
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d. A n a lis is dan k e s im p u la n hanya d ib a t a s i o le h asum si dan k o n d is i p e m b a ta s yang
d ila p o r k a n .
e. H a s il a n a lis is , k e s im p u la n d a n o p in i p e n d a p a t y a n g d in y a t a k a n p a d a la p o r a n in i t e r b a t a s
pada k o n t in je n s i, k e te rb a ta s a n dan a s u m s i, yang m e ru p a k a n pem aham an s e c a ra
m e n y e lu r u h , d id a s a r k a n a n a lis is p r o f e s io n a l s e r t a p e n d a p a t d a n k e s im p u la n K a m i.
f. P a d a s a a t in i m a u p u n p a d a m a s a y a n g a k a n d a t a n g , K a m i t id a k m e m ilik i k e p e n t in g a n
t e r h a d a p P e r s e r o a n d a n o b je k R e n c a n a T r a n s a k s i a t a u p u n a n a lis is k e w a ja r a n R e n c a n a
T r a n s a k s i d a n p ih a k y a n g t e r lib a t d a n t e r k a it d i d a la m n y a .
g. K a m i t id a k m e m ilik i k e p e n t in g a n p r ib a d i t e r h a d a p P e r s e r o a n a ta u p e r u s a h a a n y a n g K a m i
n ila i a t a u p u n a n a lis is k e w a ja r a n R e n c a n a T r a n s a k s i d a n p ih a k y a n g t e r lib a t d a n t e r k a it d i
d a la m n y a .
h. I m b a la n ja s a t id a k b e r k a it a n d e n g a n P e n d a p a t K e w a ja r a n y a n g d ila p o r k a n .
i. P e m b e r ia n P e n d a p a t K e w a ja r a n a t a s R e n c a n a T r a n s a k s i d ila k u k a n d e n g a n m e m e n u h i
P e ra tu ra n N o . 3 5 /P O J K .0 4 /2 0 2 0 , k e te n t u a n Kode E t ik P e n ila i I n d o n e s ia (K E P I) d a n
S t a n d a r P e n ila ia n I n d o n e s ia ( S P I) y a n g d ia k u i o le h M a s y a r a k a t P r o fe s i P e n ila i I n d o n e s ia
(M A P P I).
j. P e n ila i t e la h m e m e n u h 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 y a n g d it e n t u k a n d a n /a ta u
d is e le n g g a r a k a n o le h a s o s ia s i P e n ila i y a n g d ia k u i P e m e r in t a h .
k. K a m i m e la k u k a n p e n u g a s a n in i s e c a r a in d e p e n d e n t a n p a in t e r v e n s i d a r i p ih a k m a n a p u n .
17. S u m b e rD a ta
D a la m m enyusun Pendapat K e w a ja r a n in i, Kam i te la h m e n e la a h , m e m p e r t im b a n g k a n ,
m e n g a c u , a ta u m e la k s a n a k a n p r o s e d u r a ta s d a t a d a n in f o r m a s i, a n t a r a la in s e b a g a i b e r ik u t:
• P r o y e k s i k e u a n g a n y a n g d is u s u n m a n a je m e n s e la m a F I T T t a h u n y a itu O k t o b e r 2 0 2 5 s /d
2030.
• A k t a P e n d ir ia n P e r s e r o a n T e r b a t a s P T H o te l F it r a S y a r ia h N o . 3 4 t a n g g a l 2 4 J a n u a r i 2 0 1 4
o le h M u h a m m a d H a n a fi, S .H ., N o t a r is d i J a k a r t a S e la t a n .
• A k t a P e r n y a t a a n K e p u t u s a n P a r a P e m e g a n g S a h a m P T . H o te l F itr a I n t e r n a s io n a l N o . 2 3
t a n g g a l 1 6 F e b r u a r i 2 0 1 6 o le h B . A n d y W id y a n t o , S .H ., N o t a r is d i T a n g e r a n g S e la t a n .
• A k t a K e p u tu s a n P a r a P e m e g a n g S a h a m S e c a r a E d a r a n P T . H o te l F itr a I n t e r n a s io n a l N o .
1 9 t a n g g a l 2 3 A p r il 2 0 1 8 o le h 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 t a r a
• A k t a P e r n y a t a a n K e p u t u s a n R a p a t P T . H o te l F it r a In t e r n a s io n a l, T b k N o . 7 t a n g g a l 1 0 J u li
2 0 1 8 o le h 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 .
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O
• 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 . H o te l F it r a I n t e r n a s io n a l, T b k N o . 1 8 t a n g g a l 2 4
J u li 2 0 1 8 o le h 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 .
• A k t a P e r ja n jia n P e n g e lo la a n A d m in is t r a s i S a h a m P e n a w a r a n U m u m P e r d a n a P T . H o te l
F itr a I n t e r n a s io n a l, T b k N o . 1 9 t a n g g a l 2 4 J u li 2 0 1 8 o le h 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 .
• A k t a P e r n y a t a a n P e n e r b it a n W a r a n S e r i- I P e n a w a r a n U m u m P T . H o t e l F it r a I n t e r n a s io n a l
T b k N o . 2 0 t a n g g a l 2 4 J u li 2 0 1 8 o le h 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 .
• A k t a P e n g e lo la a n A d m in is t r a s i W a r a n S e r i- I P T . H o te l F itr a I n t e r n a s io n a l T b k N o . 21
t a n g g a l 2 4 J u li 2 0 1 8 o le h 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 .
• A k t a P e r n y a t a a n K e p u t u s a n R a p a t P T . H o te l F itr a I n t e r n a s io n a l, T b k N o . 9 t a n g g a l 1 2
S e p t e m b e r 2 0 1 8 o le h 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 .
• A k ta P e rn y a ta a n K e p u tu s a n R apat PT. H o te l F itr a I n t e r n a s io n a l No. 1 7 ta n g g a l 14
F e b r u a r i 2 0 1 9 o le h 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 .
• A k ta P e r ja n jia n P e n ja m in a n E m is i E f e k P e n a w a ra n Um um P e rd a n a PT. H o te l F itr a
I n t e r n a s io n a l N o . 2 4 t a n g g a l 2 0 F e b r u a r i 2 0 1 9 o le h 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 .
• A k t a P e r ja n jia n P e n g e lo la a n A d m in is t r a s i S a h a m P e n a w a r a n U m u m P e r d a n a P T . H o te l
F itr a I n t e r n a s io n a l N o . 2 5 t a n g g a l 2 0 F e b r u a r i 2 0 1 9 o le h 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 .
• A k ta P e rn y a ta a n K e p u tu s a n P a ra Pem egang Saham S e c a ra E d a ra n P T . H o te l F itr a
I n t e r n a s io n a l, T b k N o . 1 5 t a n g g a l 2 7 M a r e t 2 0 1 9 o le h 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 .
• A k t a P e r n y a t a a n D e w a n K o m is a r is T e n t a n g K e p a s tia n J u m la h S a h a m d a n P e r u b a h a a n
A n g g a r a n D a s a r D a la m R a n g k a P e n a w a r a n U m u m P e r d a n a P T . H o t e l F itr a I n t e r n a s io n a l
T b k N o . 5 t a n g g a l 1 8 J u n i 2 0 1 9 o le h 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 .
• A k t a B e r it a A c a r a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o t e l F it r a In t e r n a s io n a l,
T b k N o . 2 3 t a n g g a l 2 4 A g u s t u s 2 0 2 0 o le h D r. E r n y K e n c a n a w a t i S . H . , M . K n . , N o t a r is d i
Bandung.
• A k ta P e rn y a ta a n K e p u tu s a n R apat P e ru b a h a n A n g g a ra n D asar PT. H o te l F itr a
I n t e r n a s io n a l, T b k N o . 2 5 t a n g g a l 1 8 A g u s t u s 2 0 2 1 o le h D r. E r n y K e n c a n a w a t i S .H .,
M . K n , N o t a r is d i B a n d u n g .
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• A k t a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o te l F it r a I n t e m a s io n a l, T b k N o . 3 3
t a n g g a l 3 0 A g u s t u s 2 0 2 1 o le h D r. E m y K e n c a n a w a t i S .H ., M . K n , N o t a r is d i B a n d u n g .
• A k t a B e r it a A c a r a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o te l F it r a I n t e m a s io n a l,
T b k N o . 1 2 t a n g g a l 2 0 J u n i 2 0 2 2 o le h D r. E m y K e n c a n a w a t i S . H ., M . K n . , N o t a r is d i
Bandung.
• A k t a B e r it a A c a r a R a p a t U m u m P e m e g a n g S a h a m T a h u n a n P T . H o t e l F it r a I n t e m a s io n a l,
T b k N o . 1 5 t a n g g a l 2 6 J u n i 2 0 2 3 o le h D r. E m y K e n c a n a w a t i S .H ., M . K n . , N o t a r is d i
Bandung.
• A k ta B e r it a A c a ra R apat Um um Pem egang Saham Luar B ia s a PT. H o te l F itr a
I n t e m a s io n a l, T b k N o . 1 6 t a n g g a l 2 6 J u n i 2 0 2 3 o le h D r. E r n y K e n c a n a w a t i S .H ., M .K n .,
N o t a r is d i B a n d u n g .
• A k ta B e r it a A c a ra R apat Um um Pem egang Saham Luar B ia s a PT. H o te l F itr a
I n t e m a s io n a l, T b k N o . 6 t a n g g a l 1 5 M a r e t 2 0 2 4 o le h D r. E r n y K e n c a n a w a t i S . H ., M .K n .,
N o t a r is d i B a n d u n g .
• Nom or In d u k B e ru s a h a ( N IB ) No. 9120201271193, d ik e lu a r k a n o le h M e n te r i
I n v e s t a s i/ K e p a la B a d a n K o o r d in a s i P e n a n a m a n M o d a l, t a n g g a l 1 9 F e b r u a r i 2 0 1 9 .
• N o m o r P o k o k W a jib P a ja k ( N P W P ) N o . 0 3 . 3 4 6 . 6 4 7 . 5 - 0 7 7 . 0 0 0 a ta s n a m a P T . H o te l F itr a
I n t e r n a t io n a l T b k .
• S u r a t Iz in U s a h a P e r d a g a n g a n ( S I U P ) N o . 5 1 7 / 0 1 . P B - B / ll- D P M P T S P / 2 0 1 9 T a n g g a l 2 8
F e b r u a r i 2 0 1 9 d it e r b it k a m D in a s P e n a n a m a n M o d a l d a n P e la y a n a n T e r p a d u S a tu P in tu
P e m e r in t a h K a b u p a t e n M a ja le n g k a .
• L a p o r a n K e u a n g a n F I T T u n t u k p e r io d e y a n g b e r a k h ir p a d a t a n g g a l, 31 D e s e m b e r 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 udited), o le h K a n t o r A k u n t a n P u b lik ( K A P )
D r a . S u h a r t a t i & R e k a n , n a m a a k u n t a n y a n g m e la k u k a n a u d it a d a la h D u lg a n i, S E . M A k ,
C P A , C A , C P I , d e n g a n p e n d a p a t w a ja r , d a la m s e m u a h a l y a n g m a t e r ia l.
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T ta n g g a l 01 F e b r u a r i 2 0 2 1 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 1 2 A p r il 2 0 2 1 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 1 6 J u n i 2 0 2 1 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T ta n g g a l 2 9 N o v e m b e r 2 0 2 1 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 9 D e s e m b e r 2 0 2 1 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 1 8 A p r il 2 0 2 2 .
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• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 1 0 O k t o b e r 2 0 2 2 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 0 2 D e s e m b e r 2 0 2 2 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 21 D e s e m b e r 2 0 2 2 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 1 9 M a r e t 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 2 5 M a r e t 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 0 5 A p r il 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 31 M e i 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 21 J u n i 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 31 J u li 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 2 5 S e p t e m b e r 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 2 4 O k t o b e r 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 2 0 N o v e m b e r 2 0 2 4 .
• P e r ja n jia n h u t a n g p iu t a n g B M P d a n F I T T t a n g g a l 2 4 D e s e m b e r 2 0 2 4 .
• P e r ja n jia n ju a l b e li s a h a m b e r s y a r a t F A W a n t a r a F I T T d e n g a n P G S t a n g g a l 3 0 J a n u a r i
2026
• P e r ja n jia n ju a l b e li s a h a m b e r s y a r a t B M P a n t a r a F I T T d e n g a n B B S t a n g g a l 3 0 J a n u a r i
2026.
• P r o f o r m a L a p o r a n K e u a n g a n K o n s o lid a s ia n F I T T p e r 3 0 S e p t e m b e r 2 0 2 5 o le h K A P D ra .
S u h a rta ti & R e k a n .
• D o k u m e n - d o k u m e n la in y a n g b e r h u b u n g a n d e n g a n R e n c a n a T r a n s a k s i.
• H a s il w a w a n c a r a d e n g a n p ih a k m a n a je m e n F I T T m e n g e n a i a la s a n , la t a r b e la k a n g , d a n
h a l- h a l la in y a n g t e r k a it d e n g a n R e n c a n a T r a n s a k s i.
• I n f o r m a s i la in d a r i p ih a k m a n a je m e n F IT T d a n p ih a k - p ih a k la in yang r e le v a n u n tu k
penugasan.
• S u ra t P e rn y a ta a n ( m an agem ent representative letter ) y a n g d ib u a t o le h F IT T , b a h w a
P e rs e ro a n te la h m e n y a m p a ik a n s e lu r u h in f o r m a s i p e n t in g dan r e le v a n b e rk e n a a n
dengan R e n c a n a T r a n s a k s i d a n s e p a n ja n g p e n g e ta h u a n m a n a je m e n F IT T , t id a k a d a
f a k t o r m a t e r ia l y a n g b e lu m d iu n g k a p k a n d a n m e n y e s a t k a n .
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0
KJPP Edi A n d e s t a dan Rekan
• B e r b a g a i s u m b e r in f o r m a s i b a ik b e r d a s a r k a n m e d ia c e t a k d a n e le k t r o n ik d a n h a s il a n a lis is
la in y a n g K a m i a n g g a p r e le v a n .
• P ih a k - p ih a k y a n g te la h d iw a w a n c a r a i t e r k a it d e n g a n R e n c a n a T r a n s a k s i, a d a la h :
■ N am a Ib u G u o J in g jin g
■ J a b a ta n M a n a je r K e u a n g a n
18. P e n d e k a ta n d a n P r o s e d u r Y a n g D ig u n a k a n
D a la m m e la k u k a n k e w a ja r a n R e n c a n a T r a n s a k s i, K J P P A n d e s t a , t e la h m e la k u k a n a n a lis is
s e b a g a i b e r ik u t :
a. A n a lis is R e n c a n a T r a n s a k s i
A n a lis is 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 ik u t:
1) A n a lis is id e n t if ik a s i p ih a k - p ih a k y a n g b e r tr a s a k s i.
2) A n a lis is h u b u n g a n a n t a r a p ih a k - p ih a k y a n g t e r lib a t d a la m R e n c a n a T r a n s a k s i.
3) A n a lis is p e r ja n jia n d a n p e r s y a r a t a n y a n g d is e p a k a t i d a la m R e n c a n a T r a n s a k s i.
4) A n a lis is p e n ila ia n a ta s r e s ik o d a n m a n f a a t d a r i R e n c a n a T r a n s a k s i.
b. A n a lis is P e n d a p a t K e w a ja r a n
A n a lis is 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 ik u t:
1) A n a lis is R e n c a n a T r a n s a k s i.
2) A n a lis is K u a lit a t if d a n K u a n t it a t if a t a s R e n c a n a T r a n s a k s i.
3) A n a lis is A t a s K e w a ja r a n R e n c a n a T r a n s a k s i.
4) A n a lis is A t a s F a k t o r - F a k t o r Y a n g R e le v a n .
c. P e n je la s a n d a n A la s a n
M e n g u n g k a p k a n p e n je la s a n d a n a la s a n y a n g c u k u p m e n g e n a i h a l- h a l s e b a g a i b e r ik u t:
1) K e t id a k p a s t ia n r e n c a n a p e m b ia y a a n d a la m R e n c a n a T r a n s a k s i.
2) K e t id a k p a s t ia n n ila i t u k a r m a ta u a n g .
3) K e t id a k p a s t ia n r e s ik o p a s a r .
4) F a k t o r la in y a n g b e r p e n g a r u h .
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d. B a t a s A t a s d a n B a t a s B a w a h P a d a K i s a r a n N ila i
A n a lis is k e w a ja r a n R e n c a n a T r a n s a k s i d e n g a n m e m b a n d in g k a n a n t a r a h a r g a p e m b e lia n
a ta u h a rg a p e n g a m b ila lih a n dengan n ila i pasar d a ri h a s il p e n ila ia n . A p a b ila h a rg a
p e m b e lia n b e r a d a p a d a b a t a s a ta s d a n b a t a s b a w a h p a d a k is a r a n n ila i, t id a k m e le b ih i
7 ,5 % , sesuai p e ra tu ra n No. 3 5 /P O J K .0 4 /2 0 2 0 , m aka R encana T ra n s a k s i te rs e b u t
d ik a t e g o r ik a n w a ja r .
19. H u b u n g a n P ih a k - P ih a k Y a n g A k a n M e la k u k a n R e n c a n a T r a n s a k s i
H u b u n g a n p ih a k - p ih a k y a n g a k a n m e la k u k a n R e n c a n a T r a n s a k s i, d a p a t d iu r a ik a n s e b a g a i
b e r ik u t :
a. H u b u n g a n a filia s i b e r d a s a r k a n k e p e m ilik a n s a h a m
B e rd a s a rk a n a n a lis is k e p e m ilik a n saham , t e r lih a t bahw a a n ta ra p ih a k - p ih a k yang
b e r t r a n s a k s i t id a k m e m ilik i h u b u n g a n a filia s i s e b a g a im a n a pada s t r u k t u r k e p e m ilik a n
s a h a m b e r ik u t in i:
PT Gloria Inti Nusantara Tuan Hendra Sutanton Tuan Richard Suwandi Lie Masyarakat
23.00% 18.94% 6.13% 51.93%
PT. Hotel Fitra
Ny. Siti Rahayu Ny. Siti Rahayu
0 . 0002 % International Tbk 0 ,04%
99.9998% 99.96%
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KJPP Edi A n d e s t a dan Rekan
b. H u b u n g a n a f ilia s i b e r d a s a r k a n k e p e n g u r u s a n
B e r d a s a r k a n a n a lis is k e p e n g u r u s a n , t e r lih a t b a h w a a n t a r a p ih a k - p ih a k y a n g b e r t r a n s a k s i
t id a k m e m ilik i h u b u n g a n a filia s i s e b a g a i b e r ik u t :
Jabatan di Jabatan di Jabatan di Jabatan di Jabatan di
No Nama
FITT BMP FAW BBS PGS
1. N y . S iti R a h a y u K o m is a ris - - -
2. N y . Id a H a e ra n i K o m is a ris
In d e p e n d e n
3. T n . J o n i R iz a l D ir e k tu r K o m is a ris K o m is a ris
*
U ta m a
4. T n . T o m i T ris D ir e k tu r - D ir e k tu r - -
5. T n . S u k in o D ir e k tu r - - - -
6. Ib u G r a c e T ju g ia r to - - - - -
7. B a p a k S y a w a lu d d in Z e n - - - - -
8. T n . S te v e M u ly o n o - D ire k s i - - -
9. B a p a k M o h . N ix o n - - - K o m is a ris K o m is a ris
10. B a p a k J o r d y M a h e n d ra - - - D ir e k tu r -
11. B a p a k M a s y a l T o m a G o la - - - - D ir e k tu r
20. U ra ia n M e n g e n a i P e n ila i U s a h a S e rta H a s il P e n ila ia n U s a h a Y a n g M e n ja d i
D a s a r D a la m P e m b e r ia n P e n d a p a t K e w a ja r a n
a. P e n ila ia n 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P
H a s il p e n ila ia n 9 9 , 9 9 9 8 % Saham P e n y e rta a n F I T T p a d a B M P , d ik e lu a r k a o le h K JP P
A n d e s t a , d iu r a ik a n s e b a g a i b e r ik u t :
1) U r a ia n M e n g e n a i K a n to r J a s a P e n ila i P u b lik
K J P P A n d e s t a a d a la h k a n t o r ja s a p e n ila i p u b lik in d e p e n d e n , d id ir ik a 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 b e r d a s a r k 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 3 J a n u a r i 2 0 2 2 , s u r a t iz in u s a h a N o 2 . 0 9 . 0 0 5 3 ,
t a n g g a l 1 5 J u li 2 0 0 9 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 P B - 0 1 / P M . 2 / 2 0 1 8 ( P e n ila i P r o p e r t i d a n
P e n ila i U s a h a ) N o 2 .0 9 . 0 0 5 3 , t a n g g a l 1 5 J u li 2 0 0 9 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 Pasar M odal d a ri O t o r it a s Jasa Keuangan (O J K ) No. S T T D -P P B -
0 1 /P M .2 /2 0 1 8 ( P e n ila i P r o p e r t i d a n P e n ila i U s a h a ) , t e r d a f t a r a t a s nam a Ir. E d i
A n d e s t a , M A P P I ( C e r t.) .
2) Nom or
L a p o r a n p e n ila ia n u s a h a N o . 0 0 2 7 9 / 2 . 0 0 5 3 - 0 0 / B S / 0 5 / 0 0 9 5 / 1 / X II / 2 0 2 5 , t a n g g a l 2 9
D esem ber 2025.
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3) O b je k P e n ila ia n
O b je k p e n ila ia n a d a la h 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F IT T p a d a B M P y a n g b e r g e r a k
d a la m b id a n g ja s a p e n g e lo la a n p e r h o t e la n .
4) M a k s u d d a n T u ju a n P e n ila ia n
B e rd a s a rk a n in f o m a s i yang d is a m p a ik a n p ih a k m a n a je m e n , bahw a t u ju a n d a ri
p e n ila ia n in i a d a la h u n t u k 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 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P , y a n g a k a n d ip e r g u n a k a n u n t u k 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 F I T T p a d a B M P .
5) D a s a r N ila i
S e s u a i in f o r m a s i y a n g d ip e r o le h d a r i P e m b e r i T u g a s m e n g e n a i m a k s u d d a n t u ju a n
p e n ila ia n , m a k a d a s a r n ila i y a n g d ig u n a k a n d a la m p e n ila ia n a d a la h N ila i P a s a r .
6) K e s i m p u l a n N ila i P a s a r
B e r d a s a r k a n h a s il a n a lis is a ta s s e lu r u h d a t a d a n in f o r m a s i s e r t a m e m p e r t im b a n g k a n
s e m u a f a k t o r y a n g r e le v a n y a n g m e m p e n g a r u h i p e n ila ia n , n ila i p a s a r 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 a d a la h s e b e s a r R p . 2 0 . 9 2 3 . 3 6 3 . 0 0 0 , - ( D u a P u lu h M ilia r
S e m b i l a n R a t u s D u a P u lu h T i g a J u t a T i g a R a t u s E n a m P u l u h T i g a R ib u R u p i a h ) .
b. P e n ila ia n 9 9 , 9 6 % S a h a m P e n y e r t a a n F I T T p a d a F A W
H a s il p e n ila ia n 9 9 ,9 6 % Saham P e n y e rta a n F IT T pada FAW , d ik e lu a r k a o le h K JP P
A n d e s t a , d iu r a ik a n s e b a g a i b e r ik u t :
1) U r a ia n M e n g e n a i K a n to r J a s a P e n ila i P u b lik
K J P P A n d e s t a a d a la h k a n t o r ja s a p e n ila i p u b lik in d e p e n d e n , d id ir ik a 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 b e r d a s a r k a n S u r a t K e p u t u 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 3 J a n u a r i 2 0 2 2 , s u r a t iz in u s a h a N o 2 . 0 9 . 0 0 5 3 ,
t a n g g a l 1 5 J u li 2 0 0 9 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 P B - 0 1 / P M . 2 / 2 0 1 8 ( P e n ila i P r o p e r t i d a n
P e n ila i U s a h a ) N o 2 .0 9 . 0 0 5 3 , t a n g g a l 1 5 J u li 2 0 0 9 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 Pasar M odal d a ri O t o r it a s Jasa Keuangan (O J K ) No. S T T D -P P B -
0 1 /P M .2 /2 0 1 8 ( P e n ila i P ro p e rti d a n P e n ila i U s a h a ) , t e r d a f t a r a t a s nam a Ir. Edi
A n d e s t a , M A P P I ( C e r t.) .
PT H o te l F itra In te rn a tio n a l T b k
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2) Nom or
L a p o r a n p e n ila ia n u s a h a N o . 0 0 2 7 8 / 2 . 0 0 5 3 - 0 0 / B S / 0 5 / 0 0 9 5 / 1 / X I I / 2 0 2 5 , t a n g g a l 2 9
D esem ber 2025.
3) O b je k P e n ila ia n
O b je k p e n ila ia n a d a la h 9 9 , 9 6 % S a h a m P e n y e r t a a n F I T T 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 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 a m p a i d e n g a n t a n g g a l p e n ila ia n .
4) M a k s u d d a n T u ju a n P e n ila ia n
B e rd a s a rk a n in f o m a s i yang d is a m p a ik a n p ih a k m a n a je m e n , bahw a t u ju a n d a ri
p e n ila ia n in i a d a la h u n t u k 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 P e n y e rta a n F IT T pada FAW , yang akan d ip e r g u n a k a n u n tu 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 F I T T p a d a F A W .
5) D a s a r N ila i
S e s u a i in f o r m a s i y a n g d ip e r o le h d a r i P e m b e r i T u g a s m e n g e n a i m a k s u d d a n t u ju a n
p e n ila ia n , m a k a d a s a r n ila i y a n g d ig u n a k a n d a la m p e n ila ia n a d a la h N ila i P a s a r .
6) K e s i m p u l a n N ila i P a s a r
B e r d a s a r k a n h a s il a n a lis is a ta s s e lu r u h d a t a d a n in f o r m a s i s e r t a m e m p e r t im b a n g k a n
s e m u a f a k t o r y a n g r e le v a n y a n g m e m p e n g a r u h i p e n ila ia n , n ila i p a s a r 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 a d a la h s e b e s a r R p . 4 4 . 3 3 2 . 5 6 7 . 0 0 0 , - ( E m p a t P u lu h E m p a t
M i l i a r T i g a R a t u s T i g a P u lu h D u a J u ta L im a R a tu s E n a m P u lu h T u j u h R ib u
R u p ia h ).
21. M e t o d o lo g i d a n A n a lis is K e w a ja r a n R e n c a n a T r a n s a k s i
D a la m m e la k u k a n e v a lu a s i k e w a ja r a n a t a s R e n c a n a T r a n s a k s i, a n a lis is d ila k u k a n d e n g a n
t a h a p a n - t a h a p a n s e b a g a i b e r ik u t :
21.1 A n a lis is R e n c a n a T r a n s a k s i
P e r s e r o a n a k a n m e la k u k a n R e n c a n a T r a n s a k s i b e r u p a R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m
P e n y e rta a n F IT T p a d a B M P d a n 9 9 ,9 6 % S a h a m P e n y e rta a n F IT T p a d a F A W .
P T H o te l F itr a In te r n a t io n a l T b k
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a. Id e n tifik a s i P ih a k -P ih a k y a n g B e r tr a n s a k s i
P ih a k - p ih a k y a n g t e r k a it d a la m R e n c a n a T r a n s a k s i in i a d a la h F I T T s e b a g a i p ih a k p e n ju a l
y a n g m e m ilik i s a h a m p a d a B M P d a n F A W s e r t a B B S d a n P G S s e b a g a i p ih a k p e m b e li.
K e t e r a n g a n m e n g e n a i p ih a k - p ih a k y a n g b e r t r a n s a k s i d iu r a ik a n s e b a g a i b e r ik u t :
1) F IT T
F I T T 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 . 3 4 t a n g g a l 2 4 J a n u a r i 2 0 1 4 d ib u a t o le h
N o t a r is M uham m ad H a n a fi S .H , N o t a r is di J a k a rta dan te la h m e n d a p a tk a n
p e n g e s a h a n d a r i 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 a la m
S u r a t K e p u tu s a n N o . A H U -0 0 2 1 3 0 6 .A H .0 1 .0 9 .T a h u n 2 0 1 4 ta n g g a l 1 2 M a re t 2 0 1 4 .
A k 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 N o . 1 5 d a r i 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 , t a n g g a l 1 7 J u li 2 0 2 4 , y a n g t e la h d it e r im a d a n d ic a t a t d i d a la m d a t a b a s e S is t e m
A d m in is t r a s i B a d a n H u k u m K e m e n t e r ia n 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 s e b a g a im a n a t e m y a t a d a la m S u r a t P e n e r im a a n P e m b e r it a h u a n P e r u b a h a n
A n g g a ra n D a s a r P e ru s a h a a n N o . A H U -A H .0 1 .0 3 -0 1 7 5 0 4 7 ta n g g a l 2 3 J u li 2 0 2 4 .
M odal dasar P e ru s a h a a n sebesar R p 2 0 0 .0 0 0 .0 0 0 .0 0 0 yang te rb a g i a ta s
2 . 0 0 0 . 0 0 0 . 0 0 0 s a h a m d a n m a s in g - m a s in g s a h a m b e r n ila i n o m in a l s e b e s a r R p 1 0 0 d a r i
m o d a l d a s a r t e r s e b u t t e la h d it e m p a t k a n d a n d is e t o r s e b a n y a k 1 .3 0 4 . 2 7 2 . 0 5 1 le m b a r
s a h a m d e n g a n n ila i n o m in a l s e lu r u h n y a s e b e s a r R p 1 3 0 . 4 2 7 . 2 0 5 . 1 0 0 .
P e r u s a h a a n 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 , K a b u p a t e 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.
Susunan pem egang saham F IT T b e rd a s a rk a n la p o r a n keuangan p e r ta n g g a l 3 0
S e p t e m b e r 2 0 2 5 , d iu r a ik a n s e b a g a i b e r ik u t :
Pereentase
Pemegang Saham Lembar Saham Jumlah
Kepemilikan
P T G lo r ia In ti N u s a n ta r a 3 0 0 .0 0 0 .0 0 0 2 3 ,0 0 % 3 0 .0 0 0 .0 0 0 .0 0 0
H e n d r a S u ta n to 2 4 7 .0 0 0 .0 0 0 1 8 ,9 4 % 2 4 .7 0 0 .0 0 0 .0 0 0
R ic h a r d S u w a n d i L ie 8 0 .0 0 0 .0 0 0 6 ,1 3 % 8 .0 0 0 .0 0 0 .0 0 0
M a s y a ra k a t 6 7 7 .2 7 2 .0 5 1 5 1 ,9 3 % 6 7 .7 2 7 .2 0 5 .1 0 0
Jumlah 1.304.272.051 100,00% 130.427.205.100
S u s u n a n D e w a n K o m is a r is d a n D ir e k s i F I T T 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 d iu r a ik a n s e b a g a i b e r i k u t :
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 16
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D e w a n K o m is a r is
/F / P
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S A L
O
K o m is a r is : N y . S iti R a h a y u
K o m is a r is I n d e p e n d e n : N y . Id a H a e r a n i
D ir e k s i
D ir e k t u r U t a m a T n . J o n i R iz a l
D ir e k t u r T n . T o m i T r is
D ir e k t u r T n . S u k in o
2) BBS
BBS a d a la h sebuah P e rs e ro a n T e rb a ta s yang d id ir ik a n b e rd a s a rk a n p e ra tu ra n
p e ru n d a n g -u n d a n g a n R e p u b lik I n d o n e s ia . A n g g a ra n dasar P e ru s a h a a n te la h
d is a h k a n d a n b e r la k u e f e k t if p a d a t a n g g a l 2 2 M e i 2 0 2 4 b e r d a s a r k a n A k t a P e n d ir ia n
N o . 1 21 t a n g g a l 2 2 M e i 2 0 2 4 d ib u a t o le h J u a n it a L e s t ia R in i, S .H ., M . K n . , N o t a r is d i
B o g o r . A k t a t e r s e b u t s u d a h m e n d a p a t k a n p e r s e t u ju a n d a r i 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 b e r d a s a r k a n S u r a t K e p u tu s a n 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 N o m o r A H U - 0 0 3 8 1 4 5 . A H . 0 1 . 0 1 . T a h u n 2 0 2 4
t e n t a n g P e n g e s a h a n P e n d ir ia n B a d a n H u k u m P e r s e r o a n T e r b a t a s B B S .
M a k s u d d a n t u ju a n s e r t a k e g ia t a n u s a h a B B S t e r c a n t u m d a la m A k t a N o . 121 t a n g g a l
2 2 M e i 2 0 2 4 y a it u b e r u s a h a d a la m b id a n g :
a) A k t iv it a s K o n s u lt a s i B is n is d a n B r o k e r B is n is ( K B L I 7 4 9 0 2 )
K e lo m p o k in i m e n c a k u p u s a h a p e m b e r ia n s a r a n d a n b a n t u a n o p e r a s io n a l p a d a
d u n ia b is n is , s e p e rti k e g ia t a n b ro k e r b is n is yang m e n g a t u r p e m b e lia n dan
p e n ju a la n b is n is b e r s k a la k e c il d a n m e n e n g a h , t e r m a s u k p r a k t ik p r o fe s io n a l,
k e g ia t a n b r o k e r h a k p a te n ( p e n g a t u r a n p e m b e lia n d a n p e n ju a la n h a k p a te n ) ,
k e g ia t a n p e n ila ia n s e la in re a l e s t a t d a n a s u r a n s i ( u n tu k b a r a n g a n t ik , p e r h ia s a n
d a n Ia in - la in ) , a u d it r e k e n in g d a n in f o r m a s i t a r if b a r a n g a ta u m u a ta n , k e g ia t a n
p e n g u k u r a n k u a n t it a s d a n k e g ia t a n p e r a m a la n c u a c a . T id a k t e r m a s u k m a k e la r
r e a l e s ta t.
b) A k t iv it a s P r o fe s i, llm ia h , T e k n is L a in n y a Y T D L ( K B L I 7 4 9 0 9 )
K e lo m p o k in i m e n c a k u p k e g ia t a n p r o f e s io n a l, ilm ia h d a n t e k n ik la in n n y a y a n g
t id a k d ik la s if ik a s ik a n di te m p a t la in , s e p e r t i ja s a k o n s u lt a s i ilm u p e r ta n ia n
( a g r o n o m is t ) , k o n s u lt a s i lin g k u n g a n , k o n s u lt a s i t e k n ik la in d a n k e g ia t a n k o n s u lt a n
s e la in k o n s u lt a n a r s it e k , t e k n ik d a n m a n a je m e n . T e r m a s u k ju g a ja s a p e n y e la m a n
d a n p e n g a n g k a t a n b e n d a m u a ta n k a p a l t e n g g e la m d i k a p a l t e n g g e la m . K e lo m p o k
in i ju g a m e n c a k u p k e g ia t a n y a n g d ila k u k a n o le h a g e n a ta u p e r w a k ila n a ta s n a m a
P T H o te l F itr a In te r n a t io n a l T b k
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p e r o r a n g a n y a n g b ia s a t e r lib a t k a n d a la m p e m b u a t a n g a m b a r b e r g e r a k , p r o d u k s i
te a te r a ta u h ib u r a n la in n y a a ta u a tra k s i o la h r a g a dan p e n e m p a ta n buku,
p e r m a in a n ( s a n d iw a r a , m u s ik d a n I a in - la in ) , h a s il s e n i, f o t o g r a f i d a n I a in - la in ,
d e n g a n p u b lis e r , p r o d u s e r d a n I a in - la in .
B e rd a s a rk a n A k ta N o . 121 ta n g g a l 2 2 M e i 2 0 2 4 , s u s u n a n p e m e g a n g s a h a m BBS
a d a la h s e b a g a i b e r ik u t :
Pemegang Saham Lembar Saham Persentase Kepemilikan Jumlah
T u a n J o rd y M a h e n d ra 255 5 1 ,0 0 % 6 3 .7 5 0 .0 0 0
T u a n M o h . N ix o n 245 4 9 ,0 0 % 6 1 .2 5 0 .0 0 0
Jumlah 500 100,00% 125.000.000
B e rd a s a rk a n A k ta No. 121 ta n g g a l 22 M ei 2024, susunan D ir e k s i dan Dewan
K o m is a r is B B S p e r 3 0 S e p t e m b e r 2 0 2 5 a d a la h s e b a g a i b e r ik u t :
D e w a n K o m is a r is
K o m is a r is : B a p a k M o h . N ix o n
D ir e k s i
D ir e k t u r : B a p a k J o rd y M a h e n d ra
3) PGS
P G S a d a la h s e b u a h P e r s e r o a n T e r b a t a s y a n g d id ir ik a n b e r d a s a r k a n A k t a P e n d ir ia n
N o . 1 1 9 t a n g g a l 2 2 M e i 2 0 2 4 d ib u a t o le h u a n it a L e s t ia R in i, S .H ., M .K n ., N o t a r is d i
B o g o r . A k t a t e r s e b u t s u d a h m e n d a p a t k a n p e r s e t u ju a n d a r i 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 In d o n e s ia b e r d a s a r k a n S u r a t K e p u tu s a n 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 In d o n e s ia N o m o r A H U - 0 0 3 8 1 3 6 . A H . 0 1 . 0 1 . T a h u n 2 0 2 4
t e n t a n g P e n g e s a h a n P e n d ir ia n B a d a n H u k u m P e r s e r o a n T e r b a t a s P G S .
M a k s u d d a n t u ju a n s e r t a k e g ia t a n u s a h a P G S t e r c a n t u m d a la m A k t a N o . 1 1 9 t a n g g a l
2 2 M e i 2 0 2 4 y a it u b e r u s a h a d a la m b id a n g :
a) A k t iv it a s K o n s u lt a s i B is n is d a n B r o k e r B is n is ( K B U 7 4 9 0 2 )
K e lo m p o k in i m e n c a k u p u s a h a p e m b e r ia n s a r a n d a n b a n t u a n o p e r a s io n a l p a d a
d u n ia b is n is , s e p e rti k e g ia t a n b ro k e r b is n is yang m e n g a tu r p e m b e lia n dan
p e n ju a la n b is n is b e r s k a la k e c il d a n m e n e n g a h , te rm a s u k p r a k t ik p r o fe s io n a l,
k e g ia t a n b r o k e r h a k p a te n ( p e n g a t u r a n p e m b e lia n d a n p e n ju a la n h a k p a te n ) ,
k e g ia t a n p e n ila ia n s e la in r e a l e s t a t d a n a s u r a n s i ( u n tu k b a r a n g a n t ik , p e r h ia s a n
d a n I a in - la in ) , a u d it r e k e n in g d a n in f o r m a s i t a r if b a r a n g a ta u m u a ta n , k e g ia t a n
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p e n g u k u r a n k u a n t it a s d a n k e g ia t a n p e r a m a la n c u a c a . T id a k t e r m a s u k m a k e la r
A L
*
r e a l e s ta t.
b) A k t iv it a s P r o fe s i, llm ia h , T e k n is L a in n y a Y T D L ( K B L I 7 4 9 0 9 )
K e lo m p o k in i m e n c a k u p k e g ia t a n p r o f e s io n a l, ilm ia h d a n t e k n ik la in n n y a y a n g
t id a k d ik la s if ik a s ik a n di te m p a t la in , s e p e rti ja s a k o n s u lt a s i ilm u p e r ta n ia n
( a g r o n o m is t ) , k o n s u lt a s i lin g k u n g a n , k o n s u lt a s i t e k n ik la in d a n k e g ia t a n k o n s u lt a n
s e la in k o n s u lt a n a r s it e k , t e k n ik d a n m a n a je m e n . T e r m a s u k ju g a ja s a p e n y e la m a n
d a n p e n g a n g k a t a n b e n d a m u a ta n k a p a l t e n g g e la m d i k a p a l t e n g g e la m . K e lo m p o k
in i ju g a m e n c a k u p k e g ia t a n y a n g d ila k u k a n o le h a g e n a ta u p e r w a k ila n a ta s n a m a
p e r o r a n g a n y a n g b ia s a t e r lib a t k a n d a la m p e m b u a t a n g a m b a r b e r g e r a k , p r o d u k s i
te a te r a ta u h ib u r a n la in n y a a ta u a tr a k s i o la h r a g a dan p e n e m p a ta n buku,
p e r m a in a n ( s a n d iw a r a , m u s ik d a n I a in - la in ) , h a s il s e n i, f o t o g r a f i d a n I a in - la in ,
d e n g a n p u b lis e r , p r o d u s e r d a n I a in - la in .
B e rd a s a rk a n A k ta N o . 1 1 9 ta n g g a l 2 2 M e i 2 0 2 4 , s u s u n a n p e m e g a n g s a h a m PGS
a d a la h s e b a g a i b e r ik u t :
Pemegang Saham Lembar Saham Persentase Kepemilikan Jumlah
T u a n M a s y a l T o m a G o la 255 5 1 ,0 0 % 6 3 .7 5 0 .0 0 0
T u a n M o h . N ix o n 245 4 9 ,0 0 % 6 1 .2 5 0 .0 0 0
Jumlah 500 100,00% 125.000.000
B e rd a s a rk a n A k ta No. 119 ta n g g a l 22 M ei 2024, susunan D ir e k s i dan Dewan
K o m is a r is p e r 3 0 S e p t e m b e r 2 0 2 5 a d a la h s e b a g a i b e r ik u t:
D e w a n K o m is a r is
K o m is a r is : B a p a k M o h . N ix o n
D ir e k s i
D ir e k t u r : B a p a k M a s y a l T o m a G o la
b. H u b u n g a n A n ta r a P ih a k -p ih a k y a n g T e r lib a t D a la m R e n c a n a T r a n s a k s i
S esuai dengan in f o r m a s i m a n a je m e n d a n d e n g a n a n a lis is h u b u n g a n a f ilia s i R e n c a n a
D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P d a n 9 9 , 9 6 % S a h a m P e n y e r t a a n
F IT T p a d a F A W , b e r d a s a r k a n k e p e n g u r u s a n p e r u s a h a a n , t e r lih a t b a h w a a n t a r a p ih a k -
pihak yang bertransaksi tidak m em iliki hubungan afiliasi yaitu:
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1) H u b u n g a n a f ilia s i b e r d a s a r k a n k e p e m ililk a n s a h a m
B e rd a s a rk a n a n a lis is k e p e m ilik a n s a h a m , t e r lih a t b a h w a a n ta ra p ih a k - p ih a k yang
b e r t r a n s a k s i ( R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P d a n
9 9 ,9 6 % Saham P e n y e rta a n F IT T pada FAW ) t id a k hubungan a filia s i d a ri segi
k e p e m ilik a n s a h a m .
2) H u b u n g a n a f ilia s i b e r d a s a r k a n k e p e n g u r u s a n p e r u s a h a a n
B e r d a s a r k a n a n a lis is k e p e n g u r u s a n p e r u s a h a a n , t e r lih a t b a h w a a n t a r a p ih a k - p ih a k
y a n g b e r t r a n s a k s i ( R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P
d a n 9 9 , 9 6 % S a h a m P e n y e r t a a n F I T T p a d a F A W ) t id a k s a lin g b e r k a it a n .
c. P e r ja n jia n d a n P e r s y a r a ta n y a n g d is e p a k a ti d a la m R e n c a n a T r a n s a k s i
K e s e p a k a t a n d a la m P e r ja n jia n K e r ja S a m a ( P K S ) a d a la h s e b a g a i b e r i k u t :
1) P e r j a n j ia n J u a l B e li S a h a m B e r s y a r a t B M P
a) N om or dan Tanggal
P e r ja n jia n J u a l B e li S a h a m B e r s y a r a t B M P t a n g g a l 3 0 J a n u a r i 2 0 2 6 a n t a r a F IT T
s e b a g a i P e n ju a l d a n B B S s e b a g a i P e m b e li.
b) P ih a k - p ih a k y a n g B e r tr a n s a k s i
P ih a k - p ih a k y a n g b e r t r a n s a k s i b e r d a s a r k a n P e r ja n jia n J u a l B e li S a h a m B e r s y a r a t
B M P t a n g g a l 3 0 J a n u a r i 2 0 2 6 , a d a la h F I T T s e b a g a i P e n ju a l d a n B B S s e b a g a i
P e m b e li.
c) L a t a r B e la k a n g
F I T T a d a la h p e m ilik 5 4 9 . 9 9 9 s a h a m y a n g m e r u p a k a n 9 9 , 9 9 % d a r i m o d a l y a n g
d it e r b it k a n dan t e la h d is e t o r p e n u h pada BMP dengan n ila i n o m in a l s e b e s a r
R p 1 0 0 .0 0 0 a ta u s e lu r u h n y a b e r n ila i n o m in a l R p 5 4 .9 9 9 .9 0 0 .0 0 0 ( s e la n ju t n y a
d is e b u t s e b a g a i “ S a h a m Y a n g D iju a l” ).
F I T T s e p a k a t u n t u k m e n ju a l d a n m e n g a lih k a n S a h a m Y a n g D iju a l k e p a d a B B S ,
d a n B B S s e p a k a t u n t u k m e m b e li d a n m e n e r im a p e n g a lih a n S a h a m Y a n g D iju a l
d a r i F IT T , b e r d a s a r k a n s y a r a t d a n k e te n t u a n s e b a g a im a n a d ia t u r d a la m P e r ja n jia n
b e r ik u t :
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Mitik FITT pada BMP dan FAW 20
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(1 ) S a h a m y a n g d iju a l
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*
(a ) B e rd a s a rk a n s y a ra t- s y a r a t d a n k e te n tu a n d a la m P e r ja n jia n dan a ta s
t e r p e n u h in y a S y a r a t P e n d a h u lu a n d a la m P e r ja n jia n , F IT T s e p a k a t u n t u k
m e n ju a l, m e n g a lih k a n dan m e n y e ra h k a n Saham Yang D iju a l k e p a d a
BBS, dan BBS sepakat u n tu k m e m b e li, m e n e r im a p e n g a lih a n dan
p e n y e ra h a n a ta s Saham Yang D iju a l d a ri F IT T pada Tanggal
P e n y e le s a ia n .
(b ) P e n y e ra h a n Saham Y ang D iju a l akan t e r ja d i pada saat Tanggal
P e n y e le s a ia n , s e t e la h s e m u a S y a r a t P e n d a h u lu a n t e la h d ip e n u h i a ta u
d ik e s a m p in g k a n o le h B B S d a n d e n g a n t e t a p m e m p e r h a t ik a n k e te n t u a n
U n d a n g - u n d a n g d a n P e r ja n jia n in i.
(c ) P e n g a lih a n Saham Yang D iju a l m e r u p a k a n t r a n s a k s i p e n g a m b ila lih a n
yang d ila k u k a n s e c a ra la n g s u n g a n ta ra p a ra pem egang saham
s e b a g a im a n a y a n g d im a k s u d p a d a P a s a l 1 2 5 d a r i U U P T .
(2 ) H a r g a p e m b e lia n
(a ) H a r g a p e m b e lia n S a h a m Y a n g D iju a l a d a la h s e b e s a r R p 2 1 . 9 2 3 . 3 6 3 . 0 0 0 .
(b ) P a r a P ih a k s e p a k a t b a h w a s e g a la b ia y a - b ia y a , y a n g t im b u l s e h u b u n g a n
d e n g a n p e la k s a n a a n P e r ja n jia n m e n ja d i t a n g g u n g ja w a b m a s in g - m a s in g
P ih a k s e s u a i d e n g a n b a g ia n n y a m a s in g - m a s in g , d a n s e g a la p a ja k d a n
b e a y a n g a k a n t im b u l d a r i p e la k s a n a a n P e r ja n jia n m e n ja d i b e b a n m a s in g -
m a s in g P ih a k sesuai dengan k e te n tu a n p a ja k yang b e r la k u b a g in y a
b e r d a s a r k a n k e t e n t u a n p e r p a ja k a n y a n g b e r la k u d i In d o n e s ia .
(3 ) S y a r a t p e n d a h u lu a n u n t u k p e n y e le s a ia n
(a ) T e la h d ip e n u h in y a pengum um an p e n g a m b ila lih a n s e b a g a im a n a d ia t u r
d a la m U U P T ;
(b ) T e la h d ip e n u h in y a pengum um an kepada k a ry a w a n P e ru s a h a a n
s e h u b u n g a n d e n g a n p e n g a m b ila lih a n s e s u a i d e n g a n k e t e n t u a n r e g u la s i
y a n g b e r la k u ;
(c ) P e n ju a l t e la h m e m p e r o le h s e m u a p e r s e t u ju a n y a n g d ip e r lu k a n , m e lip u ti
n a m u n t id a k t e r b a t a s p a d a p e r s e t u ju a n d a r i R U P S P e n ju a l s e s u a i d e n g a n
A n g g a r a n D a s a r , d a n p e r s e t u ju a n d a r i o t o r it a s t e r k a it ( jik a d ip e r lu k a n ) ,
d e n g a n m e m p e r h a t ik a n k e te n t u a n r e g u la s i O t o r it a s J a s a K e u a n g a n y a n g
b e r la k u ;
(d ) P e m b e li t e la h m e m p e r o le h sem ua p e r s e t u ju a n yang d ip e r lu k a n
s e b a g a im a n a d ip e r s y a r a t k a n U U P T d a n / a t a u A n g g a r a n D a s a r , m e lip u ti
P T H o te l F itr a In te r n a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 21
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nam un
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t id a k t e r b a t a s pada
KJPP Edi A n d e s t a dan Rekan
p e r s e t u ju a n k o r p o r a s i, k r e d it u r , d a n
o
m itr a
u s a h a ( jik a d ip e r lu k a n ) ;
(e ) P e ru s a h a a n t e la h m e m p e r o le h p e r s e t u ju a n RUPS P e ru s a h a a n
s e h u b u n g a n d e n g a n (i) t r a n s a k s i p e n g a m b ila lih a n S a h a m Y ang D iju a l
s e b a g a im a n a d im a k s u d d a la m P e r ja n jia n in i; dan (ii) p e n g g a n t ia n
s u s u n a n D ir e k s i d a n D e w a n K o m is a r is P e r u s a h a a n ( a p a b ila a d a ) , s e r ta
p e r s e t u ju a n m it r a u s a h a ( jik a d ip e r lu k a n ) ;
(f) S e lu r u h P e r n y a t a a n d a n J a m in a n P e n ju a l d a n P e m b e li m a s ih a k u ra t,
b e n a r d a n t id a k m e n y e s a t k a n d a la m s e g a la a s p e k m a t e r ia l; d a n
(g ) T id a k t e r ja d i P e n g a ru h Yang S e c a ra M a t e r ia l M e r u g ik a n a ta s usaha
P e ru s a h a a n yang t e r ja d i a n ta ra ta n g g a l P e r ja n jia n in i dan Tanggal
P e n y e le s a ia n .
(4 ) P e n y e le s a ia n t r a n s a k s i
(a ) P a r a P ih a k a k a n m e la k u k a n p e n y e le s a ia n t r a n s a k s i s e la m b a t - la m b a t n y a
t ig a H a r i K e r ja s e t e la h S y a r a t P e n d a h u lu a n d ip e n u h i a ta u w a k t u la in y a n g
d is e p a k a t i P a r a P ih a k (“ T a n g g a l P e n y e le s a ia n ” )
(b ) D engan te ta p m e m p e r h a t ik a n k e te n tu a n P asal 5 P e r ja n jia n , a p a b ila
S y a ra t P e n d a h u lu a n d a la m P asal 3 .1 t id a k d ip e n u h i a ta u t id a k
d ik e s a m p in g k a n o le h P a r a P ih a k s a m p a i d e n g a n t a n g g a l 3 0 A p r il 2 0 2 6 ,
m a k a P e r ja n jia n m e n ja d i b a ta l d a n t id a k b e r la k u la g i k e c u a li d ip e r p a n ja n g
s e c a r a t e r t u lis o le h P a r a P ih a k .
(c ) P a d a T a n g g a l P e n y e le s a ia n , P e n ju a l d a n P e m b e li a k a n m e n a n d a t a n g a n i
A k ta P e n g a m b ila lih a n Saham s e b a g a im a n a yang d it e n t u k a n pada
L a m p ir a n d a r i P e r ja n jia n in i s e h u b u n g a n d e n g a n p e n g a lih a n a t a s S a h a m
Y a n g D iju a l.
(5 ) J a n g k a w a k t u d a n p e n g a k h ir a n
(a ) P e r ja n jia n in i b e r la k u e f e k t if t e r h it u n g s e ja k t a n g g a l p e n a n d a t a n g a n a n
P e r ja n jia n in i (“ T a n g g a l E f e k t i f ) .
(b ) P e r ja n jia n in i d a p a t d ia k h ir i a p a b ila t e r ja d i s a tu a ta u b e b e r a p a k o n d is i
y a it u (i) s y a r a t p e n d a h u lu a n t id a k d ip e n u h i a ta u d ik e s a m p in g k a n s a m p a i
d e n g a n t a n g g a l 3 0 A p r il 2 0 2 6 , k e c u a li d ip e r p a n ja n g s e c a r a t e r t u lis o le h
P a r a P ih a k ; a ta u (i) d ia k h ir i s e c a r a t e r t u lis o le h P a r a P ih a k .
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 22
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KJPP Edi A n d e s t a dan Rekan
2) P e r j a n j i a n J u a l B e li S a h a m B e r s y a r a t F A W
a) N om or dan Tanggal
P e r ja n jia n J u a l B e li S a h a m B e r s y a r a t F A W t a n g g a l 3 0 J a n u a r i 2 0 2 6 a n t a r a F IT T
s e b a g a i P e n ju a l d a n P G S s e b a g a i P e m b e li.
b) P ih a k - p ih a k y a n g B e r tr a n s a k s i
P ih a k - p ih a k y a n g b e r t r a n s a k s i b e r d a s a r k a n P e r ja n jia n J u a l B e li S a h a m B e r s y a r a t
F A W t a n g g a l 3 0 ja n u a r i 2 0 2 6 , a d a la h F IT T s e b a g a i P e n ju a l d a n P G S s e b a g a i
P e m b e li.
c) L a t a r B e la k a n g
F I T T a d a la h p e m ilik 5 0 2 . 2 9 9 s a h a m y a n g m e r u p a k a n 9 9 , 9 6 % d a r i s a h a m y a n g
d it e r b it k a n d a n t e la h d is e t o r p e n u h pada FAW , dengan n ila i n o m in a l s e b e s a r
R p 1 0 0 .0 0 0 a ta u s e lu r u h n y a b e r n ila i n o m in a l R p 5 0 .2 2 9 .9 0 0 .0 0 0 ( s e la n ju t n y a
d is e b u t s e b a g a i “ S a h a m Y a n g D iju a l” );
F I T T s e p a k a t u n t u k m e n ju a l d a n m e n g a lih k a n S a h a m Y a n g D iju a l k e p a d a P G S ,
d a n P G S s e p a k a t u n t u k m e m b e li d a n m e n e r im a p e n g a lih a n S a h a m Y a n g D iju a l
d a r i F IT T , b e r d a s a r k a n s y a r a t d a n k e t e n t u a n s e b a g a im a n a d ia t u r d a la m P e r ja n jia n
b e r ik u t :
(1 ) S a h a m y a n g d iju a l
(a ) B e rd a s a rk a n s y a ra t-s y a ra t d a n k e te n tu a n d a la m P e r ja n jia n dan a ta s
t e r p e n u h in y a S y a r a t P e n d a h u lu a n d a la m P e r ja n jia n , F I T T s e p a k a t u n t u k
m e n ju a l, m e n g a lih k a n dan m e n y e ra h k a n Saham Yang D iju a l k e p a d a
BBS, dan BBS sepakat u n tu k m e m b e li, m e n e r im a p e n g a lih a n dan
p e n y e ra h a n a ta s Saham Y ang D iju a l d a ri F IT T pada Tanggal
P e n y e le s a ia n .
(b ) P e n y e ra h a n Saham Yang D iju a l akan t e r ja d i pada saat Tanggal
P e n y e le s a ia n , s e t e la h s e m u a S y a r a t P e n d a h u lu a n t e la h d ip e n u h i a ta u
d ik e s a m p in g k a n o le h B B S d a n d e n g a n t e t a p m e m p e r h a t ik a n k e te n t u a n
U n d a n g - u n d a n g d a n P e r ja n jia n in i.
(c ) P e n g a lih a n Saham Y ang D iju a l m e r u p a k a n t r a n s a k s i p e n g a m b ila lih a n
yang d ila k u k a n s e c a ra la n g s u n g a n ta ra p a ra pem egang saham
s e b a g a im a n a y a n g d im a k s u d p a d a P a s a l 1 2 5 d a r i U U P T .
PT H o te l F itra In te rn a tio n a l T b k
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KJPP Edi A n d e s t a dan Rekan
(2 ) H a r g a p e m b e lia n
(a ) H a r g a p e m b e lia n S a h a m Y a n g D iju a l a d a la h s e b e s a r R p 4 5 . 3 3 2 . 5 6 7 . 0 0 0 .
(b ) P a r a P ih a k s e p a k a t b a h w a s e g a la b ia y a - b ia y a , y a n g t im b u l s e h u b u n g a n
dengan p e la k s a n a a n P e r ja n jia n in i m e n ja d i t a n g g u n g ja w a b m a s in g -
m a s in g P ih a k sesuai dengan b a g ia n n y a m a s in g - m a s in g , dan s e g a la
p a ja k d a n b e a y a n g a k a n t im b u l d a r i p e la k s a n a a n P e r ja n jia n in i m e n ja d i
beban m a s in g - m a s in g P ih a k sesuai dengan k e te n tu a n p a ja k yang
b e r la k u b a g in y a b e rd a s a rk a n k e te n tu a n p e r p a ja k a n yang b e r la k u di
I n d o n e s ia .
(3 ) S y a r a t p e n d a h u lu a n u n t u k p e n y e le s a ia n
(a ) T e la h d ip e n u h in y a pengum um an p e n g a m b ila lih a n s e b a g a im a n a d ia t u r
d a la m U U P T ;
(b ) T e la h d ip e n u h in y a pengum um an kepada k a ry a w a n P e ru s a h a a n
s e h u b u n g a n d e n g a n p e n g a m b ila lih a n s e s u a i d e n g a n k e t e n t u a n r e g u la s i
y a n g b e r la k u ;
(c ) P e n ju a l t e la h m e m p e r o le h s e m u a p e r s e t u ju a n y a n g d ip e r lu k a n , m e lip u ti
n a m u n t id a k t e r b a t a s p a d a p e r s e t u ju a n d a r i R U P S P e n ju a l s e s u a i d e n g a n
A n g g a r a n D a s a r , d a n p e r s e t u ju a n d a r i o t o r it a s t e r k a it ( jik a d ip e r lu k a n ) ,
d e n g a n m e m p e r h a t ik a n k e te n t u a n r e g u la s i O t o r it a s J a s a K e u a n g a n y a n g
b e r la k u ;
(d ) P e m b e li t e la h m e m p e r o le h sem ua p e r s e t u ju a n yang d ip e r lu k a n
s e b a g a im a n a d ip e r s y a r a t k a n U U P T d a n / a t a u A n g g a r a n D a s a r , m e lip u ti
nam un t id a k t e r b a t a s pada p e r s e t u ju a n k o r p o r a s i, k r e d it u r , d a n m itr a
u s a h a ( jik a d ip e r lu k a n ) ;
(e ) P e ru s a h a a n t e la h m e m p e r o le h p e r s e t u ju a n RUPS P e ru s a h a a n
s e h u b u n g a n d e n g a n (i) t r a n s a k s i p e n g a m b ila lih a n S a h a m Y a n g D iju a l
s e b a g a im a n a d im a k s u d d a la m P e r ja n jia n in i; dan (ii) p e n g g a n t ia n
s u s u n a n D ir e k s i d a n D e w a n K o m is a r is P e r u s a h a a n ( a p a b ila a d a ) , s e r ta
p e r s e t u ju a n m it r a u s a h a ( jik a d ip e r lu k a n ) ;
(f) S e lu r u h P e r n y a t a a n d a n J a m in a n P e n ju a l d a n P e m b e li m a s ih a k u r a t ,
b e n a r d a n t id a k m e n y e s a t k a n d a la m s e g a la a s p e k m a t e r ia l; d a n
(g ) T id a k t e r ja d i P e n g a r u h Y ang S e c a ra M a t e r ia l M e r u g ik a n a ta s usaha
P e ru s a h a a n yang t e r ja d i a n ta ra ta n g g a l P e r ja n jia n in i dan Tanggal
P e n y e le s a ia n .
PT H o te l F itra In te rn a tio n a l T b k
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A
O
(4 ) P e n y e le s a ia n t r a n s a k s i
(a ) P a r a P ih a k a k a n m e la k u k a n p e n y e le s a ia n t r a n s a k s i s e la m b a t - la m b a t n y a
t ig a H a r i K e r ja s e t e la h S y a r a t P e n d a h u lu a n d ip e n u h i a ta u w a k t u la in y a n g
d is e p a k a t i P a r a P ih a k (“ T a n g g a l P e n y e le s a ia n ” )
(b ) D engan te ta p m e m p e r h a t ik a n k e te n tu a n P asal 5 P e r ja n jia n , a p a b ila
S y a ra t P e n d a h u lu a n d a la m P asal 3 .1 t id a k d ip e n u h i a ta u t id a k
d ik e s a m p in g k a n o le h P a r a P ih a k s a m p a i d e n g a n t a n g g a l 3 0 A p r il 2 0 2 6 ,
m a k a P e r ja n jia n m e n ja d i b a ta l d a n t id a k b e r la k u la g i k e c u a li d ip e r p a n ja n g
s e c a r a t e r t u lis o le h P a r a P ih a k .
(c ) P a d a T a n g g a l P e n y e le s a ia n , P e n ju a l d a n P e m b e li a k a n m e n a n d a t a n g a n i
A k ta P e n g a m b ila lih a n Saham s e b a g a im a n a yang d it e n t u k a n pada
L a m p ir a n d a r i P e r ja n jia n in i s e h u b u n g a n d e n g a n p e n g a lih a n a ta s S a h a m
Y a n g D iju a l.
(5 ) J a n g k a w a k t u d a n p e n g a k h ir a n
(a ) P e r ja n jia n in i b e r la k u e f e k t if t e r h it u n g s e ja k t a n g g a l p e n a n d a t a n g a n a n
P e r ja n jia n in i (“ T a n g g a l E f e k t if ) .
(b ) P e r ja n jia n in i d a p a t d ia k h ir i a p a b ila t e r ja d i s a tu a ta u b e b e r a p a k o n d is i
y a it u (i) s y a r a t p e n d a h u lu a n t id a k d ip e n u h i a ta u d ik e s a m p in g k a n s a m p a i
d e n g a n t a n g g a l 3 0 A p r il 2 0 2 6 , k e c u a li d ip e r p a n ja n g s e c a r a t e r t u lis o le h
P a r a P ih a k ; a ta u (i) d ia k h ir i s e c a r a t e r t u lis o le h P a r a P ih a k .
d. P e n ila ia n a ta s R e s ik o d a n M a n fa a t d a ri R e n c a n a T r a n s a k s i
1) F a k to r R e s ik o
D a la m m e n ja la n k a n usahanya, P e rs e ro a n m enghadapi r e s ik o yang dapat
m e m p e n g a r u h i h a s il u s a h a P e r s e r o a n , a p a b ila t id a k d ia n t is ip a s i d e n g a n b a ik . R e s ik o
yang d ih a d a p i o le h P e rs e ro a n s e c a ra k e s e lu r u h a n dapat d is u s u n b e rd a s a rk a n
e k s p o s u r r e s ik o ( y a it u k o m b in a s i d a m p a k d a n p r o b a b ilit a s ) d a r i y a n g t e r t in g g i s a m p a i
t e r e n d a h . R e s ik o - r e s ik o y a n g d ih a d a p i o le h P e r s e r o a n , d ia n t a r a n y a a d a la h :
a) R e s ik o P e r s a in g a n U s a h a d a r i H o te l a ta u P e n y e d ia L a y a n a n H o te l L a in n y a
P e r s e r o a n m e n g h a d a p i r is ik o p e r s a in g a n u s a h a y a n g t in g g i d i in d u s t r i p e r h o t e la n ,
m e n g in g a t in d u s t r i in i m e r u p a k a n in d u s t r i y a n g s a n g a t k o m p e t it if . P e r s a in g a n
b e r a s a l d a r i h o te l s e je n is , b a ik h o te l b e r b in t a n g m a u p u n n o n - b in t a n g s e p e r t i g u e s t
h o u s e , v illa d a n h o m e s t a y . T in g g in y a ju m la h h o te l d a n p e n g in a p a n d i w ila y a h
o p e r a s io n a l m e n u n ju k k a n k e ta tn y a p e r s a in g a n d a la m h a l t a r if k a m a r , t in g k a t
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h u n ia n , k u a lit a s la y a n a n d a n f a s ilit a s . K o n d is i k e t a t n y a p e r s a in g a n u s a h a d a p a t
m enekan m a r g in usaha a p a b ila t id a k d iim b a n g i d e n g a n p e n in g k a t a n k u a lita s
la y a n a n , d a n s t r a t e g i p e m a s a r a n y a n g e fe k t if .
b) R e s ik o P e r u b a h a n P e r a t u r a n P e r u n d a n g - U n d a n g a n d a n P e r iz in a n y a n g B e r la k u
D a la m B id a n g H o te l
P e r a t u r a n p e r u n d a n g - u n d a n g a n b e r s if a t d in a m is , t e r u t a m a d a la m b id a n g s e k t o r
p e r h o t e la n , p a r iw is a t a , p e r iz in a n usaha, p e r p a ja k a n , k e t e n a g a k e r ja a n , s e rta
s t a n d a r lin g k u n g a n d a n b a n g u n a n . R e g u la s i b e r s if a t d in a m is s e r t a d a p a t b e r u b a h
s e w a k tu -w a k tu b e rp o te n s i m e n im b u lk a n ta m b a h a n b ia y a , p e n y e s u a ia n
o p e r a s io n a l, a ta u k e t e r la m b a t a n d a la m o p e r a s io n a l p e r u s a h a a n .
c) R e s ik o P e r u b a h a n T e k n o lo g i
T r a n s f o r m a s i d ig ita l, t e r m a s u k p e n g g u n a a n p la t f o r m p e m e s a n a n d a r in g , s is t e m
m a n a je m e n h o t e l b e r b a s is t e k n o lo g i, s e r t a t r e n p e m a s a r a n d ig it a l p e s a t d a la m
in d u s t r i p e r h o t e la n . A d a p t a s i t e k n o lo g i m e r u p a k a n u p a y a a g a t t id a k k e h ila n g a n
d a y a s a in g , m e n in g k a t k a n t in g k a t h u n ia n , s e r t a lin g k u p a k s e s t e r h a d a p p a s a r y a n g
le b ih lu a s .
d) R e s ik o K o n d is i E k o n o m i M a k r o d a n G lo b a l
R is ik o t e r k a it k o n d is i p e r e k o n o m ia n s e c a r a m a k r o a ta u g lo b a l s e p e r t i p e n g u a t a n
a ta u p e le m a h a n ekonom i akan b e rp e n g a ru h s e c a ra la n g s u n g pada t in g k a t
p e r m in t a a n d a n t in g k a t p e n a w a r a n , le b ih la n ju t k o n d is i t e r s e b u t d a p a t m e m b e r ik a n
d a m p a k b a g i k in e r ja k e u a n g a n P e r s e r o a n ,
e) R e s ik o K o n d is i E k o n o m i M a k r o d a n G lo b a l
D a la m b id a n g u s a h a p e m b a n g u n a n d a n p e n g e lo la a n p r o p e r t i s e p e r t i p e r h o t e la n
P e r s e r o a n m e n g a la m i p e r s a in g a n u s a h a y a n g c u k u p k e ta t. D im a n a p a r a p e s a in g
m e m ilik i r e p u t a s i s e r t a p a n g s a p a s a r y a n g le b ih b e s a r . I n d u s t r i p e r h o t e la n s a n g a t
b e rg a n tu n g pada re p u ta s i d a n p e rs e p s i p e la n g g a n . R is ik o re p u ta s i s e m a k in
m e n in g k a t s e ir in g dengan p e ra n t e k n o lo g i t e r u t a m a m e d ia s o s ia l y a n g dapat
d e n g a n m e m p e n g a ru h i k e p u tu s a n k o n s u m e n .
f) R e s ik o pada b id a n g usaha s e k t o r ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r
p e la y a r a n d o m e s t ik yang m e ru p a k a n s e k to r b a ru F IT T akan b e r in v e s t a s i
k e d e p a n n y a . R is ik o d a la m b id a n g u s a h a in i d ia n t a r a n y a r is ik o o p e r a s io n a l s e p e r t i
k e c e la k a a n t a b r a k a n , k a n d a s , k e b a k a r a n s e r t a k e r u s a k a n m e s in akan s e c a ra
s is t e m a t is d id o k u m e n a t a s ik a n o le h . p e r u s a h a a n d a la m c a t a t a n k e c e la k a a n k a p a l
s e r t a a d a n y a p e r lin d u n g a n a s u r a n s i. P e r u s a h a a n ju g a b e r u p a y a u n t u k m e la k u k a n
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p e m e lih a r a a n k a p a l. S e la in itu , d a la m m e n ja la n k a n k e g ia t a n u s a h a k h u s u s n y a
d ib id a n g p e la y a r a n m a k a P e r s e r o a n m e m ilik i m e k a n is m e a ta u r e n c a n a d a r u r a t
u n t u k r is ik o t o p a n a ta u t y p h o o n d e n g a n t u ju a n m e m a s t ik a n k e s e la m a t a n k a p a l,
k r u d a n m u a ta n s e r t a m e m in im a lk a n g a n g g u a n o p e r a s io n a l.
g) R is ik o k e u a n g a n p a d a b id a n g u s a h a s e k t o r ja s a p e n g a n g k u t a n b a r a n g m e la lu i
j a lu r p e la y a r a n d o m e s t ik y a itu f lu k t u a s i h a rg a bahan b a k a r m e m ilik i p o te n s i
m e m p e n g a ru h i p e n d a p a ta n p e ru s a h a a n d ik a r e n a k a n kom ponen b ia y a bahan
bakar cukup besar d a la m o p e r a s io n a l p e ru s a h a a n . P e ru s a h a a n M enyusun
dokum en s t r a t e g i lin d u n g n ila i ( h e d g in g ) b a h a n b a k a r u n t u k m e n g e lo la r is ik o
f lu k t u a s i h a r g a b a h a n b a k a r d i m a s a d e p a n d ia n t a r a n y a d a p a t d e n g a n k o n t r a k
b e r ja n g k a .
2) F a k to r M a n fa a t
a) R encana tra n s a k s i s e ja la n dengan re n c a n a m a n a je m e n u n tu k m e la k u k a n
p e n g e lo la a n p o r t o f o lio in v e s t a s i y a n g b e r k e la n ju t a n . K e p e m ilik a n saham F IT T
yang b e rk u ra n g pada p e ru s a h a a n anak FAW dan BMP akan m e n g u ra n g i
eksposur r is ik o keuangan bagi F IT T d is e b a b k a n o le h k in e r ja keuangan
p e r u s a h a a n a n a k y a n g m e n c a t a t k a n r u g i t a h u n b e r ja la n s e la m a 5 ta h u n h is to r is .
H a l t e r s e b u t d a p a t m e n g u r a n g i k e m u n g k in a n F I T T u n t u k m e la k u k a n d u k u n g a n
p e n d a n a a n d i m a s a d e p a n p a d a B M P d a n F A W . B e r k u r a n g n y a k e t e r k a it a n p a d a
p e r u s a h a a n a n a k y a n g s e c a r a h is t o r is m e n g a la m i k e r u g ia n d a p a t b e r k o n t r ib u s i
p o s it if p a d a k in e r ja k e u a n g a n k o n s o lid a s ia n F IT T .
b) F I T T d a p a t m e n g a lo k a s ik a n s u m b e r d a y a y a n g a d a u n t u k in v e s t a s i la in p a d a
s e k to r usaha yang m e m ilik i p o te n s i p a s a r, p e rtu m b u h a n dan t in g k a t
p e n g e m b a lia n y a n g le b ih b a ik . D a la m h a l in i F I T T d i m a s a m e n d a t a n g b e r e n c a n a
m e la k u k a n in v e s t a s i pada b id a n g usaha ja s a p e n g a n g k u ta n b a ra n g ja lu r
p e la y a r a n d o m e s t ik .
2 1 ,2 A n a lis is K u a iit a t if d a n K u a n t it a t if R e n c a n a T r a n s a k s i
a. A n a lis is K u a iita tif
1) R iw a y a t P e r u s a h a a n d a n S ifa t K e g ia ta n U s a h a
F I T T 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 . 3 4 t a n g g a l 2 4 J a n u a r i 2 0 1 4 d ib u a t o le h
N o t a r is M uham m ad H a n a fi S .H , N o t a r is di J a k a r ta dan te la h m e n d a p a tk a n
p e n g e s a h a n d a r i M e n te r i F lu k u m d a n F la 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 a la m
S u r a t K e p u tu s a n N o . A F IU -0 0 2 1 3 0 6 .A H .0 1 .0 9 .T a h u n 2 0 1 4 ta n g g a l 12 M a re t 2 0 1 4 .
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A k 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 N o . 1 5 d a r i 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 t a r a , t a n g g a l 1 7 J u li 2 0 2 4 , y a n g t e la h d it e r im a d a n d ic a t a t d i d a la m d a t a b a s e S is t e m
A d m in is t r a s i B a d a n H u k u m K e m e n t e r ia n H ukum 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 s e b a g a im a n a t e r n y a t a d a la m S u r a t P e n e r im a a n P e m b e r it a h u a n P e r u b a h a n
A n g g a r a n D a s a r P e r u s a h a a n N o . A H U - A H . 0 1 . 0 3 - 0 1 7 5 0 4 7 t a n g g a l 2 3 J u li 2 0 2 4 . M o d a l
dasar P e ru s a h a a n sebesar R p 2 0 0 .0 0 0 .0 0 0 .0 0 0 yang te r b a g i a ta s 2 .0 0 0 .0 0 0 .0 0 0
s a h a m d a n m a s in g - m a s in g s a h a m b e r n ila i n o m in a l s e b e s a r R p 1 0 0 d a r i m o d a l d a s a r
t e r s e b u t t e la h d it e m p a t k a n d a n d is e t o r s e b a n y a k 1 . 3 0 4 . 2 7 2 . 0 5 1 le m b a r s a h a m d e n g a n
n ila i n o m in a l s e lu r u h n y a s e b e s a r R p 1 3 0 . 4 2 7 . 2 0 5 . 1 0 0 . P e r u s a h a a n 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 , K a b u p a t e 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.
K e g ia t a n u s a h a y a n g d ija la n k a n F I T T b e r d a s a r k a n p a s a l 3 a n g g a r a n d a s a r a d a la h
b e ru s a h a d a la m b id a n g k o n s tru k s i gedung, b e ru s a h a d a la m b id a n g p e n y e d ia a n
a k o m o d a s i, b e ru s a h a d a la m b id a n g r e a l e s ta t , b e ru s a h a d a la m b id a n g a k tiv it a s
o la h r a g a d a n r e k r e a s i la in n y a . U n t u k m e n c a p a i m a k s u d d a n t u ju a n t e r s e b u t F I T T d a p a t
m e la k s a n a k a n k e g it a n u s a h a b e r ik u t :
a) K e g ia t a n usaha u ta m a y a it u m e n ja la n k a n k e g ia t a n h o te l b in t a n g lim a ,
m e n ja la n k a n k e g ia t a n u s a h a h o te l b in t a n g e m p a t , m e n ja la n k a n k e g ia t a n u s a h a
h o te l b in t a n g tig a , m e n ja la n k a n k e g ia t a n u s a h a h o te l b in t a n g d u a , m e n ja la n k a n
k e g ia t a n u s a h a h o te l b in t a n g s a tu , m e n ja la n k a n k e g ia t a n u s a h a h o te l b in ta n g
m e la t i, m e n ja la n k a n k e g ia t a n u s a h a V ila , m e n ja la n k a n k e g ia t a n u s a h a a p a r t e m e n
h o te l, m e n ja la n k a n k e g ia t a n usaha p e n y e d ia a n akom odasi ja n g k a pendek
la in n y a .
b) K e g ia t a n u s a h a p e n u n ja n g y a n g m e n d u k u n g k e g ia t a n u s a h a u ta m a P e r s e r o a a n
y a it u m e n ja la n k a n k e g ia t a n u s a h a k o n s t r u k s i g e d u n g p e n g in a p a n , m e n ja la n k a n
k e g ia t a n u s a h a r e a l e s t a t y a n g d im ilik i s e n d ir i a ta u d is e w a , m e n ja la n k a n k e g ia t a n
u s a h a k a w a s a n p a r iw is a t a
2) A n a lis is In d u s tr i
a) 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
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 t e t a p b a ik d a n p e r lu t e r u s d it in g k a t k a n agar
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 . E k o n o m i I n d o n e s ia p a d a t r iw u la n III 2 0 2 5
t u m b u h s e b e s a r 5 ,0 4 % (yea r on y e a r l y ) , d it o p a n g o le h k i n e r ja e k s p o r y a n g te t a p
b a ik s e rta konsum si P e m e r in t a h yang m e n in g k a t s e ir in g dengan p e rc e p a ta 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 ra s e k to r a l, s e b a g ia n besar Lapangan U saha (L U ) u ta m a
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m e n u n ju k k a n k in e r ja p o s itif, 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 , L U p e r d a g a n g a n
o
b e s a r d a n e c e r a n , s e r t a L U in f o r m a s i d a n k o m u n ik a s i.
Tabel : P e r tu m b u h a n E k o n o m i D a r i S is i P e n g e lu a r a n
Komponen 2024 2024 2025
1 II ill IV 1 II III
K onsum asi R um ah T angga 4 ,9 1 4 ,9 3 4 ,9 1 4 ,9 8 4 ,9 4 4 ,9 5 4 ,9 7 4 ,8 9
K onsum si Lem baga 2 4 ,1 3 9 ,7 9 1 1 ,4 6 6 ,0 6 1 2 ,4 8 3 ,0 7 7 ,8 2 4 ,2 8
N o n p r o fit y a n g M e la y a n i
R u m a h T a n g g a (L N P R T )
K o n s u m s i P e m e rin ta h 2 0 ,4 4 2 ,0 3 4 ,6 2 4 ,1 7 6 ,6 1 - 1 ,3 7 -0 ,3 3 5 ,4 9
In v e s ta s i ( P M T D B ) 3 ,7 8 4 ,4 2 5 ,1 6 5 ,0 3 4 ,6 1 2 ,1 2 6 ,9 9 5 ,0 4
In v e s ta s i B a n g u n a n 5 ,4 6 5 ,3 1 6 ,0 2 5 ,2 6 5,5 1 1 ,3 5 4 ,8 9 3 ,0 2
In v e s tig a s i N o n B a n g u n a n - 0 ,7 8 1 ,9 7 2 ,9 6 4 ,4 0 2 ,2 3 4 ,3 2 1 2 ,9 3 1 0 ,3 4
Ekspor 1 ,4 8 8 ,1 3 8 ,7 9 7 ,6 3 6 ,5 1 6 ,4 4 1 0 ,9 5 9 ,9 1
Im p o r 1 ,5 0 7 ,7 9 1 1 ,9 2 1 0 ,3 6 7 ,9 5 4 ,0 0 1 1 ,4 8 1 ,1 8
PDB 5,11 5,05 4,95 5,02 5,03 4,87 5,12 5,04
S u m b e r: B a d a n P u s a t S tatistik
P e rtu 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 LU k e c u a li LU p e rta m b a n g a n dan
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 itu 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 ) .
G ra fik : P D B M e n u ru t L a p a n g a n U s a h a
P D B M e n u ru t L a p a n g a n U s a h a (% )
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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 ta p b a ik dan p e r lu 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 . Pada t r iw u la n IV 2025, p e rtu m b u h a n ekonom 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 d a n
P aket K e b ija k a n Ekonom i P e m e r in t a h 2025 s e rta b a u ra n k e b ija k a n Bank
I n d o n e s ia yang m e n d o ro n g p e rtu m b u h a n ekonom i dengan te ta p m e n ja g a
s t a b ilit a s . K o n s u m s i ru m a h ta n g g a d ip e r k ir a k a n tu 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
b a w a h , s e ja la n t a m b a h a n b a n t u a n s o s ia l p e m e r in t a h s e r t a k e n a ik a n m o b ilit a s d a n
a k t iv 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,
k h u s u s n y a 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 In d ex ( 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
akan te ru s m e m p e rk u a t b a u ra 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 te 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 t u k 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
le b ih t in g g i d a n t e t a p m e n ja g a s t a b ilita s .
b) N e r a c a P e m b a y a r a n I n d o n e s ia
N e ra c a P e m b a y a ra n I n 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 endukung
k e t a 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 e n g a n
m e n c a t a t s u r p lu s s e ja la n dengan k e n a ik a n ekspor non 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 ) k e 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 rta b a tu b a ra ke T io n g k o k . S e m e n ta ra d a ri tra n s a k s i m odal dan 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 t e t a 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 t e t a 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 t 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 n e t 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 .
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Tabei : N e r a c a P e r d a g a n g a n In d o n e s ia
20 23 2 0 24* 20 2 5
K o m po nen
1 II III IV T o tal 1 II III IV To tal r ir 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 p o r, 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 o n 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 a s -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 -ja 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 ta n P r im 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 ta 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 ra n sa ksi M o d a l da 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 ra c a K e s e lu r u 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 ra n U L N
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 ank Indonesia. 'A n g k a se m e n ta ra ; * * A n g k a s a n g a t sem enta ra
c) In fla s i
In f la s i s e c a ra um um te ta p t e r ja g a d a la m k is a r a n s a s a ra n . In f la s i IH K pada
S e p t e m b e r 2 0 2 5 t e r c a t a t s e b e s a r 2 ,6 5 % ( y o y ) . In f la s i in ti t e t a p r e n d a h s e b e s a r
2 ,1 9 % (y o y ), d ip e n g a r u h i o le h p e rtu m b u h a n ekonom i yang m a s ih d ib a w a h
k a p a s it a s s e rta d id u k u n g k o n s is t e n s i suku bunga k e b ija k a n m o n e te r Bank
I n 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 p orte d 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 f la 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 t e r u t a 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 im 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 ta 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 p orte d inflation yang t e r k e n d a li, dan dam pak p o s it if d a ri
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 ra 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.
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G r a fik : In fla s i In d o n e s ia
I n f l a s i I n d o n e s ia
Administered 16
2020 2021 2022 2023 2024 2025
Sumber: BPS
d) N ila i T u k a r R u p ia h
N ila i t u k a r R u p ia h t e t a 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 B a n k In d o n e s ia
d i T e n g a h 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
p a d a S e p t e m b e r 2 0 2 5 ( h in g g a 1 6 S e p t e m b e r 2 0 2 5 ) m e n g u a t s e b e s a r 0 ,3 0 % (p tp )
d ib a n d in g k a n dengan le v e l a k h ir A g u s t u s 2025. 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 Bank I n d o n e s ia di Tengah
t in g g in 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 s e r t a p e n in g k a t a n k o n v e r s i v a la s
k e 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 t a u a n g n e g a r a b e r k e m b a n g
d a n n e g a r a m a ju . N a m u n , s a m p a i d e n g a n 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
sebesar 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 2025 s e ir in g
d e n g a n k e t id a k p a s t ia n y a n g c u k u p t in g g i.
e) S uku 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 dengan p e lo n g g a r a n k e b ija k a n m o n e te r B a n k I n d o n e s ia p e r lu d iik u ti
dengan p e n u ru n a n suku bunga p e rb a n k a n . S uku bunga IN D O N IA te ru 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 t a 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
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I n d o n e s ia (S R B I) u n tu k te 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 . I m 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 te m b e r 2 0 2 5 , s e m e n ta ra u n tu k te n o r 1 0 ta h u n m e n u ru 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 % p a d a p e r t e n g a h a n J a n u a r i 2 0 2 5 m e n ja d i 6 ,3 2 % .
S e m e n t a r a itu , 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 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 r c e p a t a n . P e n u r u n a n B l- r a f 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 sp e 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 t o t a l d a n a p ih a k k e t ig 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 .
G r a f ik : 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
S u k u B u n g a K e b ija k a n B a n k I n d o n e s ia d a n I N D O N I A
Sumber:BankIndonesia
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KJPP E d i Andesta dan Rekan
3) A n a lis is P r o s p e k H o te l
a) P e r u m b u h a n E k o n o m i d i P r o v in s i J a w a B a r a t
P a d a t r iw u la n III 2 0 2 5 , e k o n o m i J a w a B a r a t t u m b u h s e b e s a r 0 ,4 6 % ( q t q ) s e h in g g a
s e c a ra ta h u n a n tu m b u h s e b e s a r 5 ,2 0 % (y o y ), a ta u s e d ik it t e r m o d e r a s i d a r i
t r iw u la n II 2 0 2 5 y a n g tu m b u h s e b e s a r 5 ,2 3 % ( y o y ) . W ila y a h J a w a m a s ih m e n ja d i
m o t o r u ta m a p e n g g e r a k p e r e k o n o m ia n n a s io n a l d e n g a n b e r k o n t r ib u s i s e b e s a r
5 6 , 6 8 % p a d a t r iw u la n III 2 0 2 5 t e r h a d a p p e r t u m b u h a n n a s io n a l.
D a r i s is i p e r m in t a a n , p e r e k o n o m ia n d id o r o n g o le h k in e r ja k o n s u m s i r u m a h ta n g g a
y a n g m a s ih t e r ja g a s e ir in g p e r b a ik a n d a y a b e li m a s y a r a k a t . P e m b e n t u k a n M o d a l
T e ta p B r u to ( P M T B ) t e t a p t e r ja g a k u a t s e r t a r e a lis a s i f is k a l d a n e k s p o r y a n g
t u m b u h t in g g i. P e r d a g a n g a n in t e r n a s io n a l m e m b e r ik a n d a m p a k p a d a a k tiv it a s
ekspor im p o r nam un k in e r ja ekspor te rc a ta t m a s ih m e n g a la m i p e r b a ik a n
d ib a n d in g k a n t r iw u la n s e b e lu m n y a d id u k u n g a k t iv it a s f r o n t loading d a n p e r lu a s a n
p a s a r k e n e g a r a n o n t r a d is io n a l. K e d e p a n , p o t e n s i k e t id a k p a s t ia n g lo b a l y a n g
m a s ih t in g g i t e t a p p e r lu d iw a s p a d a i d a m p a k n y a . K o m p o n e n k o n s u m s i L N P R T
dan PM TB m e n g a la m i p e r la m b a t a n m e s k ip u n te ta p tu m b u h p o s itif. M o d e ra s i
PM TB d ip e n g a r u h i o le h p e n ja d w a la n u la n g k o n s tru k s i p a d a b e b e ra p a p ro y e k
in v e s t a s i d a n p r o s e s p e n y e s u a ia n in v e s t a s i b a r u p a d a s e k t o r - s e k t o r b e r b a s is
e k s p o r . K o n s u m s i r u m a h t a n g g a m e n in g k a t d id u k u n g o le h p e r m in t a a n d o m e s t ik
y a n g t e r ja g a d a n p e n in g k a t a n m o b ilit a s m a s y a r a k a t , A n d il y a n g t in g g i s e b e s a r
2 ,9 1 % p a d a p e r e k o n o m ia n J a w a B a r a t, m e n ja d ik a n k o m p o n e n ru m a h ta n g g a
p e r lu d ip e r t a h a k a n d a y a b e lin y a d e n g a n b e r b a g a i k e b ija k a n d a n p r o g r a m . S e la in
itu , in f la s i in ti y a n g t e t a p t e r ja g a s t a b il t u r u t m e m p e r k u a t e k s p e k t a s i k o n s u m e n .
D a r i s is i la p a n g a n u s a h a ( L U ) , e k o n o m i d it o p a n g o le h t u m b u h t in g g in y a s e k t o r
u ta m a y a it u in d u s t r i p e n g o la h a n s e ja la n dengan p e r b a ik a n k in e r ja e k s p o r.
I n d u s t r i p e n g o la h a n t e t a p m e n ja d i p e n o p a n g u ta m a p e r e k o n o m ia n J a w a B a r a t
p a d a t r iw u la n III 2 0 2 5 , d iik u t i o le h s e k t o r p e r d a g a n g a n b e s a r d a n e c e r a n , s e r t a
s e k to r k o n s t r u k s i. Pada saat yang sam a, k o n t r ib u s i s e k to r in f o r m a s i dan
k o m u n ik a s i t e r u s m e n g u a t , d id o r o n g o le h p e r c e p a t a n d ig it a lis a s i d a n m a s u k n y a
in v e s t a s i p u s a t d a t a (data center) d i w ila y a h J a w a B a r a t.
In fla s i J a w a B a r a t p a d a t r iw u la n III 2 0 2 5 s e b e s a r 2 ,1 9 % ( y o y ) , m e n in g k a t d a r i
t r iw u la n s e b e lu m n y a yang s e b e s a r 1 ,7 8 % (y o y ) d a n m e n c e r m in k a n s t a b ilit a s
h a r g a y a n g le b ih b a ik k a r e n a s e m a k in m e n d e k a t i s a s a r a n . S e c a r a t a h u n b e r ja la n
( yea r-to -d a te /ytd ), in f la s i h in g g a S e p t e m b e r 2 0 2 5 t e r c a t a t s e b e s a r 1 ,5 7 % ( y td ),
le b ih re n d a h d ib a n d in g k a n ra ta -ra ta in f la s i y td s e la m a 5 ta h u n t e r a k h ir y a n g
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sebesar 2 ,0 1 % , m e n u n ju k k a n
A P
KJPP Edi A n d e s t a dan Rekan
k o n s is t e n s i
R
p e n g e n d a lia n
IS A L
in f la s i yang
*
e f e k t if
s e p a n ja n g ta h u n b e r ja la n . Tekanan h a rg a te ru ta m a b e rs u m b e r d a ri em as
p e r h ia s a n d a n k e lo m p o k p a n g a n b e r g e jo la k t e r u t a m a b a w a n g m e r a h , m in y a k
g o re n g , c a b a i m e ra h , d a n k o p i b u b u k .
M e n u r u t k e lo m p o k p e n g e lu a r a n , in f la s i d id o r o n g in f la s i p a d a K e lo m p o k M a k a n a n ,
M in u m a n , d a n T e m b a k a u . K e lo m p o k P e r a w a t a n P r ib a d i d a n J a s a L a in n y a ju g a
m e n c a t a t k a n in f la s i y a n g m a s ih t in g g i s e b e s a r 1 1 ,2 9 % ( y o y ) , k e m u d ia n t e r d a p a t
p u la K e lo m p o k P e r u m a h a n , A ir , L is t r ik , d a n B a h a n B a k a r R u m a h T a n g g a y a n g
m e n c a t a t k a n in f la s i 1 ,0 8 % ( y o y ) . D i s is i la in , in f la s i m a s ih d a p a t t e r e d a m o le h
p e n u r u n a n h a r g a p a d a k e lo m p o k I n f o r m a s i, K o m u n ik a s i,
d a n J a s a K e u a n g a n y a n g t e r c a t a t d e f la s i 0 ,1 9 % ( y o y ) .
P e r e k o n o m ia n J a w a B a r a t d ip e r k ir a k a n a k a n t u m b u h le b ih t in g g i d ib a n d in g k a n
ta h u n 2 0 2 4 , u ta m a n y a d it o p a n g o le h m e m b a ik n y a e k s p o r d a n k in e r ja in v e s t a s i d i
b e r b a g a i w ila y a h Jaw a B a ra t te rm a s u k Kaw asan I n d u s t r i ( K l) d a n K aw asan
Ekonom i Khusus (K E K ). P ro s p e k ekonom i ju g a d it o p a n g o le h t e r ja g a n y a
k o n s u m s i R u m a h T a n g g a y a n g d id u k u n g o le h p e la k s a n a a n k e b ija k a n s t im u lu s
p e m e r in t a h (8 + 4 + 5 ). P e r tu m b u h a n e k o n o m i ju g a d ih a r a p k a n b e rs u m b e r d a ri
m u n c u ln y a s e k to r-s e k to r ekonom i b a ru s e p e rti p a r iw is a t a , ekonom i k r e a tif,
ekonom i s y a r ia h , s e rta ekonom i h ija u dan b ir u yang m e m p e r lu a s b a s is
p e r t u m b u h a n d a e r a h . In f la s i p a d a t r iw u la n IV 2 0 2 5 d ip r a k ir a k a n s e d ik it le b ih t in g g i
d ib a n d in g k a n t r iw u la n s e b e lu m n y a , s e ja la n d e n g a n tr e n m u s im a n a k h ir t a h u n d a n
t e k a n a n s t r u k t u r a l y a n g m a s ih b e r la n g s u n g . K e n a ik a n m o b ilit a s d a n k o n s u m s i
pada p e r io d e N a ta l 2025 dan Tahun B a ru 2026 m e n d o ro n g p e n in g k a t a n
p e r m in t a a n t r a n s p o r t a s i, a k o m o d a s i, s e rta konsum si m akanan, s e h in g g a
m e m p e r k u a t te k a n a n p a d a k e lo m p o k in fla s i in ti.
b) P e r t u m b u h a n E k o n o m i d i K a b u p a t e n M a ja le n g k a
P e rtu m b u h a n e k o n o m i K a b u p a te n M a ja le n g k a p a d a t r iw u la n III 2 0 2 5 t e r c a t a t
sebesat 6 ,3 1 % (y o y ). S e c a ra t r iw u la n a n , p e rtu m b u h a n ekonom i te r c a ta ta
te rk o n tra k s i sebesar -0 ,2 4 % (q tq ), le b ih re n d a h d ib a n d in g k a n dengan
p e rtu m b u h a n pada t r iw u la n II 2 0 2 5 s e b e s a r 4 ,8 8 % ( q t q ) . M e n u r u t la p a n g a n
u s a h a , p e r e k o n o m ia n d it o p a n g o le h s e k t o r p r im e r , s e k u n d e r d a n t e r s ie r . D a r i s is i
p e n g e lu a r a n , kom ponen p e n g e lu a r a n konsum si p e m e r in t a h m e n g a la m i
p e r b a ik a n m e n ja d i sebesar 8 ,0 5 % , s e t e la h te r k o n tra k s i pada t r iw u la n
s e b e lu m n y a . K o m p o n e n la in n y a t e r c a t a t m e n g a la m i p e r la m b a t a n p e r t u m b u h a n
y a itu k o n s u m s i a k h ir r u m a h t a n g g a d a n P M T B m a s in g - m a s in g s e b e s a r 3 ,6 1 %
( y o y ) d a n 5 ,8 3 % ( y o y ) .
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Komponen 2023* 2024** 2025***
Pengeluaran 1 II III IV Jumlah I II III IV Jumlah I II III
K o n s u m s i A k h ir
1
Rum ah Tanqqa 3 ,5 1 4 ,9 3 5 ,3 8 5 ,4 5 4 ,8 2 4 ,7 0 4 ,0 0 4 ,7 9 3 ,8 8 4 ,3 3 4 ,1 2 4 ,1 4 3,6 1
K o n s u m s i A k h ir
2
P e m e rin ta h 1 3 ,2 2 7 ,0 2 - 1 ,6 5 4 ,3 9 4 ,4 9 3 7 ,6 6 - 0 ,5 8 -5 ,9 0 - 3 ,8 3 2 ,0 2 - 8 ,5 5 -5 ,6 2 8 ,0 5
P e m b e n tu k a n
3
M o d a l T e ta p B r u to 2 ,7 0 6 ,4 3 7 ,5 6 9 ,5 4 6 ,5 7 7 ,0 6 6 ,6 4 6 ,9 9 7 ,6 0 7 ,0 8 7 ,0 3 7 ,1 5 5 ,8 3
4 L a in n y a - - - - - - - - - - - -
Produk Domestik
4,56 7,08 5,22 7,84 6,15 3,66 7,92 5,07 8,90 6,38 8,96 9,01 6,31
Regional Bruto
c) I n d u s t r i P a r iw is a t a d a n H o te l
P a r iw is a t a m e r u p a k a n s a la h s a tu s e k t o r y a n g s e m a k in p e n t in g s e ja la n d e n g a n
p e rk e m b a n g a n dan k o n t r ib u s i yang d ib e r ik a n m e la lu i p e n e r im a a n d e v is a ,
p e n d a p a t a n d a e r a h , p e n g e m b a n g a n w ila y a h , m a u p u n p e n y e r a p a n in v e s t a s i d a n
t e n a g a k e r ja . P a r iw is a t a d a p a t d a n m a m p u m e m p e r c e p a t p e r t u m b u h a n e k o n o m i
d a n p e n c ip t a a n la p a n g a n k e r ja . S e k t o r p a r iw is a t a m e m b e r ik a n k o n t r ib u s i d a la m
p e r e k o n o m ia n d ilih a t d a ri a k t iv it a s w is a t a w a n yang d a ta n g m e n g h a b is k a n
s e ju m la h uang u n tu k t r a n s p o r t a s i, m e m b e li p r o d u k a ta u ja s a s e rta k e g ia ta n
r e k r e a s i la in n y a . K e g ia t a n t e r s e b u t m e m b e r ik a n e f e k la n g s u n g p a d a b is n is d a n
p e r e k o n o m ia n yang d a p a t t e r lih a t d a r i p e n d a p a t a n upah te n a g a k e r ja s e k t o r
p a r iw is a t a d a n p a ja k y a n g d ib a y a r k a n . P e n y e r a p a n t e n a g a k e r ja p a d a s e k t o r
p a r iw is a t a d a r i t a h u n 2 0 1 7 - 2 0 1 9 t e r u 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 1 9 ,
s e ra p a n te n a g a k e r ja s e k t o r p a r iw is a t a m encapai 1 3 ju t a o ra n g n a ik 3 ,1 7 %
d ib a n d in g k a n d e n g n t a h u n 2 0 1 9 . M e n u r u t B a d a n P u s a t S t a t is t ik ( B P S ) ju m la h
p e k e r ja p a d a in d u s t r i p a r iw is a t a d a la m p r o p o r s i t e r h a d a p t o t a l p e k e r ja ta h u n 2 0 1 7
s e b e s a r 1 0 , 5 3 % , 2 0 1 8 s e b e s a r 1 1 , 1 7 % d a n 2 0 1 9 s e b e s a r 1 1 ,8 3 % .
N a m u n , p a n d e m i y a n g m e n g h a n ta m I n d o n e s ia p a d a ta h u n 2 0 2 0 m e n y e b a b k a n
p e n u r u n a n ju m la h w is a t a w a n s e h in g g a te n a g a k e r ja d i s e k t o r p a r iw is a t a ik u t
t e r d a m p a k m e n g a la m i p e n u r u n a n m e n c a p a i 4 0 9 r ib u t e n a g a k e r ja . P e m e r in t a h
te ru s b e ru p a y a u n tu k m e n g o p t im a lk a n pem bangunan s e k t o r p a r iw is a t a agar
ju m la h w is a t a w a n m e m b a ik pasca p a n d e m i s e rta m e la k u k a n pengem bangan
m e n c a k u p in f r a s t r u k t u r , k e s ia p a n s u m b e r d a y a M a s y a r a k a t .
I n d o n e s ia m e m ilik i 1 0 d e s t in a s i w is a t a p r io r it a s y a itu D anau T o b a , T a n ju n g
K e la y a n g , M a n d a lik a , W a k a t o b i, P u la u M o r o t a i, K e p u la u a n S e r ib u , T a n ju n g
L e s u n g , d a n B o r o b u d u r P a d a t a h u n 2 0 2 1 m e m ilik i lim a d e s t in a s i s u p e r p r io r it a s
y a itu M a n d a lik a , B o r o b u d u r , L a b u a n B a jo , D a n a u T o b a d a n L ik u p a n g . P a r iw is a t a
I n d o n e s ia te rc a ta t te ru s b e rk e m b a n g s e ja la n dengan p e n in g k a t a n ju m la h
k e d a ta n g a n w is a t a w a n m a n c a n e g a ra ke I n d o n e s ia pada ta h u n 2017 - 2019
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m e n g a la m i p e n in g k a t a n d a r i t o t a l 1 4 ,0 4 ju t a k u n ju n g a n ( 2 0 1 7 ) m e n ja d i 1 6 ,2 7 ju t a
k u n ju n g a n ( 2 0 1 9 ) . N a m u n , p a d a t a h u n 2 0 2 0 d a n t e r u s b e r la n ju t s a m p a i d e n g a n
2021 m e n g a la m i p e n u r u n a n y a n g s ig n if ik a n m a s in g - m a s in g t e r c a t a t 4 , 0 5 ju t a
k u n ju n g a n ( 2 0 2 0 ) d a n 1 ,5 6 ju t a k u n ju n g a n ( 2 0 2 1 ) . P e n u r u n a n ju m la h w is a t a w a n
m a n c a n e g a r a d ik a r e n a k a n a d a n y a P a n d e m i C o v id - 1 9 y a n g m e m b a t a s i m o b ilit a s
m a s y a r a k a t . T o t a l k u n ju n g a n ta h u n 2 0 2 0 t u r u n 7 5 , 1 0 % d ib a n d in g ta h u n 2 0 1 9 .
P a d a t a h u n 2 0 2 1 , t e r c a t a t ju m la h k u n ju n g a n w is a t a w a n m a n c a n e g a r a m e n g a la m i
p e n u ru n a n s e b e s a r 6 1 ,5 7 % d a r i t o t a l k u n ju n g a n t a h u n 2 0 2 0 . K e m u d ia n pada
ta h u n 2022 - 2024 t e r ja d i p e n in g k a t a n ju m la h k u n ju n g a n s e ir in g dengan
b e r a k h ir n y a p a n d e m i C o v id - 1 9 d a r i s e b a n y a k 5 , 8 9 ju t a k u n ju n g a n ( 2 0 2 2 ) m e n ja d i
1 3 ,9 0 ju t a k u n ju n g a n 2 0 2 4 .
G r a fik : J u m la h K u n ju n g a n W is a ta w a n M a n c a n e g a r a k e In d o n e s ia 2 0 1 7 -
S e p te m b e r 2 0 2 5
1 8 .0 0 0 ,0 0
15 .81 0 ,3 1 16-2 7 4 ’3 8
1 6 .0 0 0 ,0 0
1 3 .9 0 2 ,4 2
1 4 .0 0 0 . 00
12 .000 . 00
10 .000,00
8 . 000,00
5 .8 8 9 ,0 3
6 . 000,00
4 .0 0 0 .
2.000.
00
00 1
4 .0 5 2 ,9 2
1 .5 5 7 ,5 3
■
2017 2018 2019 2020 2021 2022 2023 2024 J a n -S e p
2025
S um b er: B ad a n P u s a t S ta tis tik Ind one sia
P e r t u m b u h a n ju m la h k u n ju n g a n w is a t a w a n m a n c a n e g a r a ( w is m a n ) p a d a p e r io d e
S e p t e m b e r 2 0 2 5 m e n c a p a i 1 ,3 9 ju t a k u n ju n g a n m e n in g k a t 9 ,0 4 % d a r i S e p t e m b e r
2 0 2 4 , n a m u n m e n u r u n d ib a n d in g k a n d e n g a n b u la n A g u s t u s 2 0 2 5 s e b e s a r 7 ,3 3 %
d a r i to ta l k u n ju n g a n s e b e s a r 1 ,5 1 ju t a k u n ju n g a n . T o t a l ju m la h k u n ju n g a n w is m a n
k e In d o n e s ia p a d a p e r io d e J a n u a r i- S e p t e m b e r 2 0 2 5 t e r c a t a t s e b e s a r 1 1 ,4 3 ju t a
k u n ju n g a n m e n in g k a t d ib a n d in g k a n p e r io d e yang sam a ta h u n s e b e lu m n y a .
B e r ik u t in i m e ru p a k a n p e rk e m b a n g a n ju m la h w is a t a w a n m a n c a n e g a ra ke
In d o n e s ia .
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K u n ju n g a n w is a t a w a n m a n c a n e g a r a k e I n d o n e s ia d ih itu n g d a r i 3 p in tu m asuk
y a k n i p in tu m a s u k u d a r a , p in t u m a s u k la u t d a n p in tu m a s u k d a r a t . B e r d a s a r k a n
je n is p in tu m a s u k , ju m la h k u n ju n g a n w is m a n p a d a S e p t e m b e r 2 0 2 5 y a n g m e la lu i
p in tu m a s u k u ta m a s e b a n y a k 1 ,2 2 ju t a k u n ju n g a n d a n p in t u m a s u k p e r b a t a s a n
s e b a n y a k 1 7 5 , 7 5 r ib u k u n ju n g a n . J u m la h k u n ju n g a n y a n g m e la lu i p in tu m a s u k
u t a m a d id o m in a s i o le h w is m a n d e n g a n m o d a a n g k u ta n u d a r a s e b e s a r 8 1 , 7 4 % ,
w is m a n d e n g a n m o d a a n g k u t a n la u t d a n d a r a t m a s in g - m a s in g h a n y a s e b e s a r
1 4 ,9 5 % dan 3 ,3 1 % . B a n d a ra N g u ra h R a i- B a li dan S o e k a rn o H a t ta - B a n t e n
t e r c a t a t m e n ja d i p in t u m a s u k u ta m a m o d a a n g k u ta n u d a r a d e n g a n k u n ju n g a n
w is m a n t e r b a n y a k d i b u la n S e p t e m b e r 2 0 2 5 . P e la b u h a n B a ta m d a n T a n ju n g
U ban d i P r o v in s i K e p u la u a n R ia u t e r c a t a t m e n ja d i p in tu m a s u k u ta m a m oda
a n g k u t a n la u t d e n g a n k u n ju n g a n w is m a n t e r b a n y a k . S e la n ju t n y a , p in tu m a s u k
A t a m b u a ( N u s a T e n g g a r a T im u r ) , L in t a s B a t a s J a y a p u r a ( P a p u a ) , d a n E n t ik o n g
( K a lim a n t a n B a r a t ) t e r c a t a t s e b a g a i p in t u m a s u k u ta m a m o d a a n g k u t a n d a r a t
d e n g a n k u n ju n g a n w is m a n t e r b a n y a k d i b u la n S e p t e m b e r 2 0 2 5 .
S e m e n ta ra itu , ju m la h p e r ja la n a n w is a t a w a n n u s a n ta ra ( w is n u s ) I n d o n e s ia
p e r io d e J a n u a r i- S e p t e m b e r 2025 te rc a ta t sebesar 9 0 1 ,9 0 ju t a p e r ja la n a n ,
m e n in g k a t 1 8 , 9 9 % d ib a n d in g k a n p e r io d e y a n g s a m a t a h u n s e b e lu m n y a s e b e s a r
7 5 7 ,9 6 ju t a p e r ja la n a n . Hal te rs e b u t m e n u n ju k k a n p e r b a ik a n k o n d is i u n tu k
p e r ja la n a n w is n u s d i In d o n e s ia . A r u s p e r ja la n a n w is a t a d id o m in a s i d i P u la u J a w a
m e n c a p a i 6 4 , 2 1 % d a r i t o t a l p e r ja la n a n w is n u s . P u la u J a w a m a s ih m e n ja d i t u ju a n
u ta m a p e r P r o v in s i J a w a B a r a t m e n c a t a t k a n ju m la h p e r ja la n a n w is n u s t e r t in g g i
pada S e p t e m b e r 2 0 2 5 s e b e s a r 1 7 ,2 0 ju t a p e r ja la n a n a ta u 1 8 ,2 3 % d a r i to ta l
p e r ja la n a n d i In d o n e s ia .
P e rk e m b a n g a n p a r iw is a t a s e c a ra um um akan m e m ic u m e n in g k a t n y a
pem bangunan h o te l dan re s o rt di b e rb a g a i kaw asan I n d o n e s ia . T in g k a t
P e n g h u n ia n K a m a r ( T P K ) h o te l k la s if ik a s i b in t a n g d i In d o n e s ia p a d a S e p t e m b e r
2 0 2 5 r a t a - r a t a s e b e s a r 3 8 , 2 0 % , le b ih r e n d a h d ib a n d in g k a n S e p t e m b e r 2 0 2 4 a ta u
t u r u n 4 , 8 3 % . T K P h o te l d ib e d a k a n m e n ja d i T P K h o te l b in t a n g d a n n o n b in t a n g
yang m a s in g - m a s in g m e n c a ta tk a n TPK s e b e s a r 5 0 ,1 6 % dan 2 5 ,3 8 % pada
S e p t e m b e r 2 0 2 5 . S e la in itu , T P K b e rd a s a rk a n k la s if ik a s i h o te l t e r t in g g i p a d a
S e p t e m b e r 2 0 2 5 t e r c a t a t p a d a h o te l b in t a n g 5 s e b e s a r 5 7 , 1 1 % , s e d a n g k a n T P K
te re n d a h te rc a ta t p a d a h o t e l n o n b in t a n g s e b e s a r 2 5 , 3 8 % . J ik a d ib a n d in g k a n
dengan k o n d is i b u la n S e p te m b e r 2024 s e lu r u h k la s if ik a s i h o te l m e n g a la m i
p e n u r u n a n k e c u a li h o t e l b in t a n g 5 y a n g m e n g a la m i s e d ik it k e n a ik a n .
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S e c a r a s p a s ia l, T P K h o te l b in t a n g p o s it if h a n y a t e r ja d i d i lim a p r o v in s i d e n g a n
p e rtu m b u h a n t e r t in g g i y a itu P r o v in s i Papua Tengah, B a li, dan Papua
P e g u n u n g a n , m a s in g - m a s in g n a ik s e b e s a r 6 ,6 1 % p o in ; 1 ,8 3 % p o in ; d a n 1 ,6 3 %
p o in . S e d a n g k a n T P K h o te l n o n b in t a n g y a n g m e n c a t a t k a n p e r t u m b u h a n p o s it if
s e b a n y a k 1 0 p r o v in s i d e n g a n T P K t e r t in g g i y a it u P r o v in s i B a n t e n n a ik 4 ,8 4 % p o in ,
d iik u t i o le h S u m a t r a S e la t a n n a ik 2 ,7 9 % p o in d a n P a p u a P e g u n u n g a n n a ik 2 ,5 3 %
p o in d ib a n d in g S e p t e m b e r 2 0 2 4 .
d) I n d u s t r i P a r iw is a t a d i M a ja le n g k a
M a ja le n g k a m e ru p a k a n s a la h s a tu k a b u p a te n di P r o v in s i J a w a B a ra t y a n g
m e m ilik i p e lu a n g u n t u k m e n g e m b a n g k a n in d u s t r i p a r iw is a t a b a ik w is a t a a la m ,
b u d a y a d a n b u a t a n . P e m e r in t a h K a b u p a t e n M a ja le n g k a m e n c a t a t t e r d a p a t 1 9 7
lo k a s i o b je k d a n d a y a t a r ik w is a t a d ia n t a r a n y a S it u C ip a n t e n , J e m b a r W a t e r P a r k
dan T e r a s e r in g Panyaw euyan. P a r iw is a t a di M a ja le n g k a m e m ilik i b e rb a g a i
p o t e n s i w is a t a y a n g m e n ja d i d a y a t a r ik w is a t a w a n n u s a n t a r a d a n m a n c a n e g a r a .
P e rtu m b u h a n w is a t a w a n yang d a ta n g m e ru p a k a n g a m b a ra n daya t a r ik dan
p o t e n s i u n t u k m e n d o r o n g p e r e k o n o m ia n d a e r a h , b u d a y a s e r t a s o s ia l m a s y a r a k a t .
K a b u p a te n M a ja le n g k a m e m ilik i in f r a s t r u k t u r yang m endukung kem udahan
t r a n s p o r t a s i t e r u t a m a u n t u k w is a t a w a n m a n c a n e g a r a d e n g a n h a d ir n y a B a n d a r a
I n t e r n a s io n a l J a w a B a r a t ( B U B ) K e r ta ja t i.
W is a t a w a n m a n c a n e g a ra y a n g m a s u k m e la lu i B a n d a r a I n t e r n a s io n a l K e r ta ja t i
p e r io d e J a n u a r i 2 0 2 4 s a m p a i S e p t e m b e r 2 0 2 5 b e r f lu k t u a s i c e n d e r u n g m e n g a la m i
p e n u r u n a n t e r c a t a t ju m la h w is m a n s e b a n y a k 2 6 3 k u n ju n g a n p a d a S e p t e m b e r
2 0 2 5 , m e n u ru n d ib a n d in g k a n dengan 870 k u n ju n g a n pada S e p te m b e r 2 0 2 4 .
M e s k ip u n d e m ik ia n , ju m la h k u n ju n g a n p a d a S e p t e m b e r 2 0 2 5 m e n in g k a t a p a b ila
d ib a n d in g k a n dengan b u la n s e b e lu m n y a y a it u n a ik 1 3 ,9 % . Hal te rs e b u t
m e n u n ju k k a n s in y a l p o s it if s e t e la h t e r ja d i p e n u ru n a n pada b u la n A g u s tu s .
W is m a n y a n g d a ta n g m e la lu i B a n d a r a I n t e r n a s io n a l K e r ta ja t i d id o m in a s i o le h
w is a t a w a n a s a l S in g a p u r a d a n M a la y s ia m a s in g - m a s in g t e r c a t a t s e b e s a r 1 3 2
o ra n g d a n 3 8 o ra n g (S e p te m b e r 2 0 2 5 ).
M e n u r u t d a t a B P S , w is m a n m a s ih d id o m in a s i o le h k u n ju n g a n y a n g b e r a s a l d a r i
K a w a s a n A s ia T e n g g a r a . B e r ik u t in i p e r k e m b a n g a n ju m la h k u n ju n g a n w is m a n k e
M a ja le n g k a p e r io d e J a n u a r i 2 0 2 4 - S e p t e m b e r 2 0 2 5 .
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 39
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T H /E N /F /C A P R R A IS
O
KJPP Edi Andesta dan Rekan
G r a fik : J u m la h K u n ju n g a n W is m a n M a je le n g k a 2 0 2 4 - S e p t e m b e r 2 0 2 5
1.600
S S’ & §
* «* C/5 ° S ^ 5
S um b er: B ad a n P u s a t S ta tistik M a ja lengka
W is a t a w a n n u s a n t a r a y a n g b e r k u n ju n g k e M a ja le n g k a 1 t a h u n t e r a k h ir t e r c a t a t
b e r f lu k t u a s i n a m u n c e n d e r u n g m e n g a la m i p e n in g k a t a n d a ri s e b e s a r 2 1 0 rib u
k u n ju n g a n p a d a J a n u a r i 2 0 2 4 m e n ja d i 2 7 9 rib u k u n ju n g a n p e r S e p t e m e r 2 0 2 5 .
T r e n p e r t u m b u h a n ju g a t e r c a t a t a p a b ila d ib a n d in g k a n d e n g a n b u la n s e b e lu m n y a
p a d a p e r io d e y a n g s a m a y a itu m e n in g k a t 7 ,8 % . W is n u s t e r u t a m a b e r a s a l d a r i
K a b u p a t e n C ir e b o n , K a b u p a t e n S u m e d a n g , K o t a B a n d u n g , K a b u p a t e n B a n d u n g
d a n K a b u p a t e n K u n in g a n . B e r ik u t in i p e r k e m b a n g a n ju m la h k u n ju n g a n w is n u s k e
M a ja le n g k a p e r io d e J a n u a r i 2 0 2 4 - S e p t e m b e r 2 0 2 5 .
G r a fik : P e r k e m b a n g a n T P K H o te l d i M a ja le n g k a M a r e t 2 0 2 4 - S e p te m b e r
2025
50
10
5
0
jr P- A A? A? A
? A
- H o t e l Binteng —• — H o tel N o n Blntang
S um b er: B ad a n P u s a t S ta tis tik M aja lengka
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 40
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T / /F / \ IS A L
O
KJPP Edi Andesta dan Rekan
T in g k a t P e n g h u n ia n K a m a r ( T P K ) d a p a t d ib a g i m e n ja d i 2 T P K y a it u T P K h o te l
b in t a n g d a n h o t e l n o n b in t a n g . P e n in g k a t a n T P K m e r u p a k a n in d ik a s i t in g g in y a
p e r m in t a a n f a s ilit a s a k o m o d a s i y a n g d is e b a b k a n o le h m e n in g k a t n y a a k t iv it a s
w is a t a , k e g ia t a n p u b lik s e rta p e la k s a n a a n e ve n t d i d a e ra h te rs e b u t. TPK
gabungan h o te l b in t a n g dan n o n b in t a n g di K a b u p a te n M a ja le n g k a pada
S e p te m b e r 2025 te rc a ta t sebesar 3 7 ,7 9 % , le b ih t in g g i d ib a n d in g k a n b u la n
s e b e lu m n y a s e b e s a r 3 6 , 6 0 % a ta u n a ik 1 ,1 9 p o in . P e n in g k a t a n t e r ja d i p a d a T P K
h o t e l b in t a n g p a d a S e p t e m b e r 2 0 2 5 t e r c a t a t s e b e s a r 4 0 , 5 0 % , n a ik d ib a n d in g k a n
3 8 ,8 3 % p a d a A g u s tu s 2 0 2 5 d a n 3 8 ,6 6 % p a d a S e p te m b e r 2 0 2 4 . H a l te rs e b u t
m e n u n ju k k a n bahw a h o te l b in t a n g m a s ih m e n ja d i p ilih a n u ta m a k a re n a
m e n a w a r k a n k e n y a m a n a n , f a s ilit a s le n g k a p , s e r t a lo k a s i s t r a t e g is . P e n in g k a t a n
ju g a s e ja la n d e n g a n m e n in g k a t n y a p e r m in t a a n a k o m o d a s i d a r i t a m u y a n g d a t a n g
u n tu k m e n g h a d ir i k e g ia t a n r e s m i, r a p a t, m aupun event b e r s k a la besar di
K a b u p a t e n M a ja le n g k a .
D i s is i la in , T P K h o te l n o n b in t a n g m e n g a la m i p e n in g k a t a n nam un te rb a ta s
t e r c a t a t S e p t e m b e r 2 0 2 5 m e n c a p a i 3 2 , 6 4 % , n a ik d a r i 3 2 , 3 7 % p a d a A g u s t u s 2 0 2 5
d a n le b ih t in g g i d ib a n d in g k a n 3 0 , 3 1 % p a d a S e p t e m b e r 2 0 2 4 . T r e n p o s it if a ta s
p e r t u m b u h a n T P K h o t e l b in t a n g d a n n o n b in t a n g m e n u n ju k k a n a d a n y a p e m u lih a n
s e rta p e rtu m b u h a n yang s t a b il d ip e n g a r u h i o le h a k t iv it a s w is a t a w a n . S e la m a
p e r io d e 2 0 2 4 s a m p a i 2 0 2 5 , T P K c e n d e r u n g f lu k t u a t if d a n m e n in g k a t m e n je la n g
p e r t e n g a h a n d a n a k h ir t a h u n . B e r ik u t in i p e r k e m b a n g a n T P K h o t e l b in t a n g d a n
n o n b in t a n g d i M a ja le n g k a p e r io d e M a r e t 2 0 2 4 - S e p t e m b e r 2 0 2 5 .
P a d a S e p t e m b e r 2 0 2 5 , r a t a - r a t a la m a m e n g in a p ta m u a s in g s e b e s a r 1 ,0 0 m a la m
d a n 1 ,2 2 m a la m t a m u I n d o n e s ia . H a l t e r s e b u t m e n c e r m in k a n ta m u d o m e s t ik le b ih
la m a m e n g h a b is k a n w a k tu s e ja la n dengan p e n in g k a t a n a k t iv it a s p e r ja la n a n
w is a t a dan k e g ia t a n b is n is di M a ja le n g k a . F e s t iv a l d a e ra h dan event di
M a ja le n g k a m e r u p a k a n s a la h s a tu p e n d o r o n g p e n in g k a t a n o k u p a n s i h o te l s e r t a
b e rd a m p a k lu a s pada p e r e k o n o m ia n dan p a r iw is a t a M a ja le n g k a . M e s k ip u n
d e m ik ia n , p e n in g k a t a n TPK h a ru s d iim b a n g i dengan k u a lit a s la y a n a n dan
p r o m o s i w is a t a y a n g b e r k e la n ju t a n . S a a t in i, M a ja le n g k a m e m ilik i p o t e n s i b e s a r
d a r i s e k t o r p a r iw is a t a d a n b a h k a n in f r a s tr u k t u r .
P o te n s i te ru s b e rk e m b a n g n y a h o te l di M a ja le n g k a d it a n d a i dengan adanya
p e r s a in g a n in d u s t r i h o te l, bum i p e rk e m a h a n , v illa , dan pondok w is a t a di
M a ja le n g k a . D in a s K e b u d a y a a n d a n P a r iw is a t a M a ja le n g k a m e n c a t a t t e r d a p a t
h o te l a ta u p e n g in a p a n b a ik h o te l b in t a n g dan non b in t a n g sebanyak 32 di
M a ja le n g k a . F a k t o r k e t e r s e d ia a n in f r a s t r u k t u r t u r u t m e n ja d i p e n d o r o n g in d u s t r i in i
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 41
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S C I E N T I F I C A P P R A I S A L
KJPP Edi A n d e s t a dan Rekan
d ia n t a r a n y a B a n d a r a I n t e r n a s io n a l K e r t a ja t i s e r t a d u a r u a s ja la n t o l C ip a li d a n
C is u m d a w i. B e r ik u t in i m e r u p a k a n d a ta h o te l a ta u p e n g in a p a n d i K a b u p a te n
M a ja le n g k a .
Tabel : D a fta r H o te l/P e n g in a p a n d i K a b u p a te n M a ja le n g k a 2 0 2 0 ■ 2 0 2 4
No Nama Hotel Alamat Tahun
1 H o te l P a ra la n d M u n ju l- M a ja le n g k a 2020
2 W is m a P u s p a In d a h K o m p le k P u s p a In d a h C G S 2020
3 H o te l T id a r J a y a J L . K a r tin i M J L 2020
4 H o te l N o n i S y a r ia h J L . J e n d . A .Y a n i 2020
5 P e n q in a p a n S e d e r h a n a B a ru J L . K H . A b d u l H a lim 2020
6 P e n q in a p a n H ik m a h J L . S iti A r m ila h 2020
7 H o te l P u r i E ls a s JL. P em uda 2020
8 H o te l F itra J L . K H . A B D U L H A L IM 2020
9 H o te l P u tr a J a y a J L . K H . A B D U L H A L IM 2020
10 H o te l G r e e n G a rd e n J L . K H . A B D U L H A L IM 2020
11 P e n q in a p a n S a p u tr a JL. P A S A R B A LO N G K D P 2020
12 P e n q in a p a n P a m ily JL. P A S A R B A L O N G K D P 2020
13 H o te l N u s a In d a h JL. R A Y A B A R A T K D P 2020
14 H o te l L ib ra J L . B R A W IJ A Y A K D P 2020
15 C id e r e s H o lid a y H o m e s y J L . K E S A T U A N 2 8 G A N D A S A R I- 2020
KASOKANDEL
16 H o te l A lu k y J L . J A T IB A R A N G - K A D IP A T E N 2020
17 H o te l P e la n q i J L . M A J A L E N G K A - K A D IP A T E N 2020
18 K o lo n ia l G u e s t H o u s e J L . B R A W IJ A Y A K D P 2021
19 O Y O 2 9 4 4 S u k a w a n a T ra v e l H u b S U K A W A N A -D A W U A N 2021
R e s id e n c e
20 R e d o o r z S y a r ia h N e a r R s u d C id e re s JL. K E S A T U A N 8 D S. G A N D U - D A W U A N 2021
21 R e d o o r z P lu s N e a r R s u d C id e r e s J L . P U S P A IN D A H 1 N O . 2 5 C IG A S O N G 2021
22 O y o 3 1 1 2 W is m a D ir m a y o J L . P E M U D A 91 M A J A L E N G K A K U L O N 2021
23 H o te l H o r is o n K e r ta ja ti J L . J A T IB A R A N G - K A D IP A T E N 2021
24 C e m a r a G u e s t H o u s e S y a r ia h J L . J A T IB A R A N G - K A D IP A T E N 2021
25 H o te l A m e lia J L . K A D IP A T E N 2021
26 H o te l A r y a J L . R A Y A S IL IW A N G I- K A D IP A T E N 2022
27 H o te l S u m m e r v ille J L . S IT I A R M IL A H N O 5 2 A M A J A L E N G K A 2022
W ETAN
28 H o te l B im a J L . K H . A B D U L H A L IM N O 121 2022
L E U W IS E E N G - K D P
29 H o te l G r e e n G a rd e n J L . K H . A B D U L H A L IM 2023
30 H o te l A c h ie r a D E S A S U T A W A N G I- K E C .J A T IW A N G I 2023
31 H o te l F ie r is J l. K E R T A J A T I- K A D IP A T E N N O . 1 8 0 2023
32 P e n q in a p a n H ik m a h J L . S IT I A R M IL A H 2023
S um b er: D in a s P a riw is a ta da n K ebu dayaa n K a b u pate n M ajalengka, 2024
P e r u s a h a a n y a n g m e m ilik i h o t e l d i M a ja le n g k a p e r lu s t r a t e g i u n t u k m e n in g k a t k a n
okupansi h o t e l. S e la in itu , fo k u s p e n d a p a ta n la in n y a dapat b e ra s a l d a ri
penyew aan convention hall, banquet, breakfast, food and beverage, la u n d ry d a n
la in n y a . O kupansi h o te l te n tu n y a s e ja la n dengan p o te n s i w is a t a d ik a w a s a n
t e r s e b u t , m a k a s e s u a i d e n g a n r e n c a n a h a d ir n y a U m r a h P a r k d ih a r a p k a n p o t e n s i
w is a t a d a n p e r e k o n o m ia n M a ja le n g k a d a p a t m e n in g k a t . K e r ta ja t i U m r a h P a rk
m e r u p a k a n K a w a s a n r e lig i t e r p a d u y a n g m e n g o p t im a lk a n d a t a g u n a d a n h a s il
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 42
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H E S C I E N T I F I C A P P R A IS A
KJPP Edi A n d e s t a dan Rekan
guna p ro p e rty m ilik p e m e r in t a h d a e ra h M a ja le n g k a s e lu a s 9 ,3 h e k ta r.
P e n g e m b a n g a n la h a n t o t a l 4 h e k t a r a k a n d ija d ik a n p e la t ih a n m a n a s ik h a ji d a n
d ile n g k a p i f a s ilit a s m a s jid , r e s t o r a n , p u s a t k u lin e r , a r e a b a z z a r , g e d u n g s e r b a
g u n a d a n t e m p a t w is a t a . A k s e s ib ilit a s b e r u p a B a n d a r a K e r t a ja t i d a n t o l s e r ta
p e rk e m b a n g a n kaaw asan w is a t a m e n ja d i p e lu a n g u n tu k in d u s t r i h o te l di
M a ja le n g k a .
4) P ro s p e k U s a h a P e rs e ro a n
P e rs e ro a n b e rg e ra k di b id a n g k o n s tru k s i gedung, b e ru s a h a d a la m b id a n g
p e n y e d ia a n a k o m o d a s i, b e ru s a h a d a la m b id a n g re a l e s ta t , b e ru s a h a d a la m
b id a n g a k t iv it a s o la h r a g a dan re k re a s i la in n y a . F IT T m e ru p a k a n H olding
C om pany y a n g m e m ilik i k e p e m ilik a n s a h a m s e c a r a la n g s u n g p a d a p e r u s a h a a n
a n a k y a itu B M P d a n F A W y a n g b e r g e r a k d a la m b id a n g ja s a p e n y e d ia a n h o te l,
w is a t a r e lig i d a n to u r tra v e l h a ji. S e k t o r p a r iw is a t a m e m ilik i p e ra n s t r a t e g is
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, m e n c ip t a k a n la p a n g a n k e r ja , t e r c e r m in d a r i
k o n t r ib u s i te rh a d a p a k t iv it a s ekonom i dan p e n y e ra p a n te n a g a k e r ja . T re n
p e m u lih a n p a s c a p a n d e m i m e n u n ju k k a n p e r k e m b a n g a n p o s it if , b a ik p a d a t in g k a t
n a s io n a l m a u p u n d a e r a h , t e r m a s u k d i K a b u p a t e n M a ja le n g k a . D id u k u n g o le h
k e b ija k a n p e m e r in t a h , p e n in g k a t a n in f r a s t r u k t u r , s e r t a p e r t u m b u h a n w is a t a w a n
m a n c a n e g a r a d a n n u s a n ta r a , p a r iw is a t a I n d o n e s ia k e m b a li p a d a p e r t u m b u h a n
y a n g s ta b il. D i M a ja le n g k a , k e b e r a d a a n p o t e n s i w is a t a a la m , b u d a y a , d a n b u a t a n ,
d id u k u n g o le h in f r a s t r u k t u r s t r a t e g is s e p e r t i B a n d a r a I n t e m a s io n a l J a w a B a r a t
( K e r t a ja t i) d a n ja r in g a n ja la n t o l, m e n d o r o n g p e n in g k a t a n k u n ju n g a n w is a t a w a n
d a n T in g k a t P e n g h u n ia n K a m a r h o t e l. M e s k ip u n in d u s t r i p e r h o t e la n m e n g h a d a p i
p e r s a in g a n y a n g s e m a k in k e ta t , tr e n p e n in g k a t a n o k u p a n s i d a n a k t iv it a s w is a t a
m e n u n ju k k a n p e lu a n g m e n ja n jik a n d i m a s a d e p a n , k h u s u s n y a d e n g a n r e n c a n a
p e n g e m b a n g a n K e r t a ja t i U m r a h P a r k s e b a g a i k a w a s a n w is a t a r e lig i t e r p a d u y a n g
b e r p o t e n s i m e n in g k a t k a n d a y a t a r ik w is a t a , m e n d o r o n g p e rtu m b u h a n in d u s t r i
p e r h o t e la n d i K a b u p a t e n M a ja le n g k a .
5) A n a lis is O p e ra s io n a l P e r s e ro a n
K e g ia t a n u s a h a y a n g d ija la n k a n P e rs e ro a n b e rd a s a rk a n p a s a l 3 a n g g a ra n dasar
a d a la h b e ru s a h a d a la m b id a n g k o n s tru k s i gedung, b e ru s a h a d a la m b id a n g
p e n y e d ia a n a k o m o d a s i, b e r u s a h a d a la m b id a n g r e a l e s t a t , b e r u s a h a d a la m b id a n g
a k t iv it a s o la h r a g a d a n r e k r e a s i la in n y a . S a a t in i k e g ia t a n u s a h a u t a m a y a n g d ija la n k a n
o le h P e r s e r o a n a d a la h H olding C om pany y a n g m e m ilik i k e p e m ilik a n s a h a m s e c a r a
la n g s u n g p a d a p e r u s a h a a n a n a k y a itu B M P d a n F A W y a n g b e r g e r a k d a la m b id a n g
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 43
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ja s a p e n y e d ia a n h o t e l, 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 h in g g a p e n d a p a t a n b e r a s a l
d a r i k e g ia t a n o p e r a s io n a l p e r u s a h a a n a n a k y a n g s u d a h b e r o p e r a s i s e c a r a k o m e r s ia l
y a it u B M P b e r u p a p e n y e d ia a n h o te l.
D a ta y a n g d ip e r o le h d a r i p ih a k m a n a je m e n , p e n d a p a ta n P e rs e ro a n b e ra s a l d a ri
p e n d a p a t a n h o t e l d a n p e n d a p a t a n Ia in - la in , p e r t a n g g a l 31 D e s e m b e r 2 0 2 1 s /d 3 0
S e p t e m b e r 2 0 2 5 , p e r 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 :
a) P e n d a p a t a n H o te l
P e n d a p a t a n h o te l s a m p a i d e n g a n t a n g g a l 3 0 S e p t e m b e r 2 0 2 5 t e r c a t a t s e b e s a r
R p . 6 ,3 6 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p . 6 , 9 8 m ila r a ta u t u r u n s e b e s a r
5 2 ,3 3 % , d ib a n d in g k a n dengan p e n d a p a ta n h o te l s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 4 s e b e s a r R p . 1 3 ,3 4 m ilia r .
P e n d a p a t a n h o te l s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 4 t e r c a t a t s e b e s a r
R p . 1 3 ,3 4 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p . 1 ,5 2 m ilia r a ta u n a ik s e b e s a r
1 2 , 7 5 % , d ib a n d in g k a n dengan p e n d a p a ta n h o te l s a m p a i d e n g a n ta n g g a l 31
D e s e m b e r 2 0 2 3 s e b e s a r R p . 1 1 ,8 3 m ilia r .
P e n d a p a t a n h o te l s a m p a i d e n g a n t a n g g a l 3 1 D e s e m b e r 2 0 2 3 t e r c a t a t s e b e s a r
R p . 1 1 ,8 3 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p . 1 ,3 4 m ilia r a ta u n a ik s e b e s a r
1 2 ,7 5 % , d ib a n d in g k a n dengan p e n d a p a ta n h o te l s a m p a i d e n g a n ta n g g a l 31
D e s e m b e r 2 0 2 2 s e b e s a r R p . 1 0 ,5 0 m ilia r .
P e n d a p a t a n h o te l s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 2 t e r c a t a t s e b e s a r
R p . 1 0 ,5 0 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p . 1 ,7 4 m ilia r a ta u n a ik s e b e s a r
1 9 , 8 1 % , d ib a n d in g k a n dengan p e n d a p a ta n h o te l s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 1 s e b e s a r R p . 8 , 7 6 m ilia r .
b) P e n d a p a t a n L a in - la in
P e n d a p a t a n la in - la in s a m p a i d e n g a n t a n g g a l 3 0 S e p t e m b e r 2 0 2 5 t e r c a t a t s e b e s a r
R p . 8 ,1 9 ju t a , m e n g a la m i k e n a ik a n s e b e s a r R p . 6 ,4 3 ju t a a ta u n a ik s e b e s a r
3 6 4 , 2 5 % , d ib a n d in g k a n d e n g a n p e n d a p a t a n la in - la in s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 4 s e b e s a r R p . 1 ,7 6 ju t a .
P e n d a p a t a n la in - la in s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 4 t e r c a t a t s e b e s a r
R p . 1 ,7 6 ju t a , m e n g a la m i p e n u r u n a n s e b e s a r R p . 1 2 3 , 5 8 ju t a a ta u tu r u n s e b e s a r
9 8 , 5 9 % , d ib a n d in g k a n d e n g a n p e n d a p a t a n la in - la in s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 3 s e b e s a r R p . 1 2 5 , 3 5 ju t a .
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P e n d a p a t a n I a in - la in s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 3 t e r c a t a t s e b e s a r
R p . 1 2 5 , 3 5 ju t a , m e n g a la m i p e n u r u n a n s e b e s a r R p . 5 9 , 4 7 ju t a a ta u tu r u n s e b e s a r
3 2 , 1 8 % , d ib a n d in g k a n d e n g a n p e n d a p a t a n I a in - la in s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 2 s e b e s a r R p . 1 8 4 , 8 2 ju t a .
P e n d a p a t a n I a in - la in s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 2 t e r c a t a t s e b e s a r
R p . 1 8 4 , 8 2 ju t a , m e n g a la m i k e n a ik a n s e b e s a r R p . 4 7 , 5 8 ju t a a ta u n a ik s e b e s a r
3 4 , 6 7 % , d ib a n d in g k a n d e n g a n p e n d a p a t a n Ia in - la in s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 1 s e b e s a r R p . 1 3 7 , 2 4 ju t a .
F I T T b e r e n c a n a m e la k u k a n d iv e s t a s i e n t it a s a n a k y a n g d im ilik i s e c a r a la n g s u n g y a itu
(i) B M P , d a n (ii) F A W . P a r a p ih a k y a n g t e r lib a t d a la m r e n c a n a t r a n s a k s i s u d a h s e tu ju
u n t u k m e n ju a l d a n m e m b e li s a h a m B M P d a n F A W y a itu B B S m e r u p a k a n p ih a k y a n g
a k a n m e m b e li k e p e m ilik a n s a h a m F I T T p a d a B M P s e n ila i R p 2 1 . 9 2 3 . 3 6 3 . 0 0 0 d a n P T .
P G S m e r u p a k a n p ih a k y a n g a k a n m e m b e li k e p e m ilik a n s a h a m F I T T p a d a F A W s e n ila i
R p 4 5 . 3 3 2 . 5 6 7 . 0 0 0 s e h in g g a t o t a l n ila i t r a n s a k s i s e b e s a r R p 6 7 . 2 5 5 . 9 3 0 . 0 0 0 . S e t e la h
r e n c a n a t r a n s a k s i d ila k s a n a k a n d a n A k t a J u a l B e li ( A J B ) d it e r b it k a n m a k a F I T T a k a n
m e n d a p a t k a n p e m b a y a r a n t u n a i s e ju m la h n ila i t r a n s a k s i s e b a g a i d a n a b a r u . D a n a
t e r s e b u t a k a n d ib a y a r k a n k e p a d a B a p a k H e n d r a S o e t a n t o s e la k u p e m e g a n g s a h a m
F I T T s e b e s a r R p . 1 6 ,5 m ilia r s e b a g a i p e lu n a s a n U t a n g P e m e g a n g S a h a m . D e n g a n
t e r e a lis a s in y a R e n c a n a T r a n s a k s i, a k a n m e m b e r ik a n d a n a b a r u b a g i p e r u s a h a a n F IT T
y a n g d a p a t d ig u n a k a n u n t u k m e n d u k u n g k in e r ja k e u a n g a n y a n g le b ih b a ik d im a s a
m e n d a ta n g .
6) A la s a n D ila k u k a n R e n c a n a T r a n s a k s i
a) D iv e s t a s i s e ja la n d e n g a n r e n c a n a F I T T u n t u k m e n a t a p o r t o f o lio in v e s t a s i a g a r
d a p a t m e n c ip t a k a n n ila i y a n g o p t im a l d i m a s a m e n d a t a n g . P e le p a s a n k e p e m ilik a n
saham F IT T pada p e ru s a h a a n anak BMP dan FAW yang s e c a ra h is t o r is
m e n c a t a t k a n r u g i s e la m a p e r io d e 2 0 2 1 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 a k a n
m e n in g k a t k a n k in e r ja k e u a n g a n F IT T .
b) D a n a y a n g d ip e r o le h d a r i d iv e s t a s i d a p a t m e n in g k a t k a n a r u s k a s b a g i o p e r a s io n a l
F I T T a ta u d a p a t d ig u n a k a n u n t u k m e la k u k a n in v e s t a s i p a d a s e k t o r u s a h a la in n y a
yang le b ih b e r p o t e n s i m e m ilik i p e r t u m b u h a n d im a s a m e n d a ta n g . D ana h a s il
d iv e s t a s i ju g a a k a n m e n a m b a h lik u id it a s k a r e n a b e r k u r a n g n y a u ta n g F I T T s e r t a
p e n in g k a t a n p a d a s is i p r o f it a b ilit a s d is e b a b k a n b e r k u r a n g n y a b e b a n k e u a n g a n
F IT T .
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7) K e u n tu n g a n d a n K e r u g ia n y a n g B e r s ifa t K u a iita t if a ta s R e n c a n a T r a n s a k s i y a n g
A k a n D ila k u k a n
a) K e u n tu n g a n d a ri R e n c a n a T ra n s a k s i
(1 ) D ana h a s il d iv e s t a s i a k a n d ia lo k a s ik a n u n t u k p e lu n a s a n a ta u p e n u ru n a n
u ta n g F I T T y a n g d ip e r k ir a k a n a k a n m e m p e r b a ik i r a s io le v e r a g e F IT T .
(2 ) R encana tra n s a k s i dengan m e n g u ra n g i k e p e m ilik a n saham F IT T pada
p e ru s a h a a n anak FAW dan BMP akan m e n g u ra n g i eksposur r is ik o
o p e r a s io n a l y a n g t id a k s e ja la n d e n g a n s t r a t e g i F IT T .
(3 ) D ana h a s il d iv e s t a s i y a n g d it e r im a o le h F IT T d a p a t d im a n f a a t k a n u n tu k
pengem bangan b is n is dengan m e la k u k a n in v e s t a s i kepada e n t it a s yang
d a p a t m e m b e r ik a n p r o f it a b ilit a s le b ih b a ik d a r i s e b e lu m n y a .
b) K e r u g ia n a ta s R e n c a n a T r a n s a k s i
(1 ) D e n g a n h ila n g n y a k e p e m ilik a n , F I T T t id a k la g i b e r h a k a ta s p o t e n s i a r u s k a s
d iv id e n y a n g m u n g k in d ib a g ik a n B M P d a n F A W d i k e m u d ia n h a r i.
(2 ) F IT T a k a n m e n c a ta tk a n r u g i a ta s p e le p a s a n in v e s t a s i s a h a m p a d a ta h u n
b u k u b e r ja la n y a n g d ia k ib a t k a n n ila i t r a n s a k s i b e r a d a d i b a w a h d a r n ila i b u k u
a ta u n o m in a l in v e s t a s i a w a l p a d a m a s in g - m a s in g e n t it a s a n a k u s a h a .
b. A n a lis is K u a n tita tif
1) P e n ila ia n A ta s P o te n s i P e n d a p a ta n , A s e t, L ia b ilita s & K o n d is i K euangan
P e ru s a h a a n
a) P e n ila ia n K in e r ja H is t o r is
A n a lis is k in e r ja h is t o r is F I T T d id a s a r k a n p a d a la p o r a n k e u a n g a n y a n g b e r a k h ir
p a d a t a n g g a l 31 D e s e m b e r 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
d iu r a ik a n s e b a g a i b e r ik u t :
P T H o te l F itr a In te r n a t io n a l T b k
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(1 ) R e a lis a s i P o s is i K e u a n g a n
(DalamRupiah)
2021 20 22 2023 20 2 4 2025
1 Ja n - 31 Des 1 J a n - 31 D es 1 J a n - 31 Des 1 Ja n - 31 Des 1 Jan - 30 S ept
U R A IA N
A U D IT E D
ASET
A set Lancar
K a s d a n S e ta r a K a s 1 0 .3 2 8 .4 2 6 .8 4 2 3 .7 7 6 .7 4 7 .5 0 8 2 .8 5 9 .7 2 9 .9 9 6 4 2 .6 8 3 .5 4 1 .4 7 1 3 2 .3 7 1 .2 1 2 .1 7 0
P iu ta n g U s a h a 2 8 5 .6 9 4 .2 0 1 3 5 8 .4 7 6 .3 4 3 3 3 5 .2 2 2 .9 6 5 3 6 1 .0 3 5 .4 0 9 3 9 2 .7 1 5 .3 0 3
P iu ta n g L a in -la in - P ih a k
K e tig a 5 .3 8 0 .0 0 0 7 .0 9 2 .0 0 0 8 .4 9 4 .0 0 0
P e rs e d ia a n 7 8 .0 1 5 .8 1 7 1 5 3 .6 2 3 .4 8 0 8 7 .1 1 4 .0 3 9 1 5 9 .2 6 5 .7 1 9 6 5 .4 0 4 .4 0 4
P a ja k D ib a y a r D im u k a - - - 4 .3 6 5 .3 2 2 -
U ang M uka - 6 2 7 .7 6 8 .1 8 4 1 .3 5 5 .9 7 2 .2 6 5 9 .7 0 6 .3 8 0 .7 2 3 1 8 .9 3 1 .6 3 7 .6 2 3
J u m la h a s e t lan car 10 .697 .516 .860 4.9 2 3 .7 0 7 .5 1 5 4.6 4 6 .5 3 3 .2 6 5 5 2 .9 14 .588 .644 51.760 .969 .500
A s e t T id a k L a n c a r
A s e t p a ja k ta n g g u h a n 2 0 5 .4 7 3 .1 4 9 1 5 9 .3 7 3 .9 2 3 1 5 1 .3 7 8 .2 3 6 1 8 8 .1 4 8 .3 0 6 2 2 1 .3 6 8 .6 4 6
A s e tT e ta p 5 5 .6 6 2 .6 6 4 .1 6 3 5 6 .8 5 3 .7 8 6 .3 3 9 5 3 .0 1 0 .4 0 4 .3 5 2 4 9 .2 2 8 .0 6 8 .3 5 8 4 6 .6 4 3 .7 2 1 .7 6 9
J u m la h a s e t tid a k lan car 55 .868 .137 .312 5 7 .0 1 3 .160 .262 5 3 .1 61 .782 .588 4 9 .4 1 6 .2 1 6 .6 6 4 46 .8 6 5 .0 9 0 .4 1 5
JU M L A H A S E T 6 6 .5 65 .654 .172 6 1 9 3 6 .8 6 7 .7 7 7 5 7 .8 08 .315 .853 102.33 0.80 5.30 8 98 .6 2 6 .0 5 9 .9 1 5
L IA B IL IT A S D A N E K U ITA S
L IA B IL ITA S
L ia b ilita s J a n g k a P e n d e k
U ta n g U s a h a 9 2 .9 8 0 .0 7 9 1 9 .9 9 9 .9 5 9 - - -
U ta n g L a in -la in - P ih a k
K e tig a 3 4 2 .1 3 7 .0 0 3 1 2 1 .5 6 2 .5 0 0 1 0 7 .9 6 2 .3 7 4 3 0 .8 7 3 .0 0 0 1 0 0 .1 7 1 .9 0 5
U ta n g P a ja k 1 4 0 .8 2 1 .1 4 2 1 4 1 .8 9 5 .8 4 1 1 9 8 .0 2 6 .0 0 4 1 5 4 .7 7 8 .2 5 4 8 7 .2 1 4 .2 2 3
B ia y a Y a n g M a s ih H a ru s
D ib a y a r 1 .3 5 4 .6 4 2 .2 1 5 1 .0 5 3 .0 3 6 .0 5 6 8 5 3 .5 4 2 .6 7 6 3 4 8 .7 9 8 .4 6 6 2 4 6 .5 1 6 .5 6 8
U ta n g B a n k - J a tu h
T e m p o d a la m 1 T a h u n 3 .5 4 0 .0 0 0 .0 0 0 3 .7 2 0 .0 0 0 .0 0 0 5 .4 0 0 .0 0 0 .0 0 0 9 .3 0 0 .0 0 0 .0 0 0 2 .7 0 0 .0 0 0 .0 0 0
U ta n g p e m e g a n g s a h a m 8 .8 5 6 .9 5 5 - 7 .0 0 0 .0 0 0 .0 0 0 8 .0 0 0 .0 0 0 .0 0 0 1 6 .5 0 0 .0 0 0 .0 0 0
J u m la h Liabilitas Jangka
P endek 5.4 79.4 37.3 94 5.0 56.4 94.3 56 13.559.531 .054 17.834 .449 .720 19 .633 .902 .696
L ia b ilita s J a n g k a P a n ja n g
U ta n g B a n k 2 2 .0 6 3 .1 0 0 .0 0 0 2 0 .8 0 3 .1 0 0 .0 0 0 1 5 .4 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0 6 .1 0 3 .1 0 0 .0 0 0
Im b a la n p a s c a k e rja 9 3 3 .9 6 8 .8 5 9 7 2 4 .4 2 6 .9 2 4 6 8 8 .0 8 2 .8 9 2 8 5 5 .2 1 9 .5 7 2 1 .0 0 6 .2 2 1 .1 2 1
Ju m lah L ia b ilita s Jangka
P anjang 22 .9 9 7 .0 6 8 .8 5 9 21 .5 2 7 .5 2 6 .9 2 4 1 6 .0 9 1 .1 8 2 9 9 2 6 .9 5 8.3 19.5 72 7.109.321.121
JU M L A H L IA B IL IT A S 28 .4 7 6 .5 0 6 .2 5 3 2 6 .5 8 4 .0 2 1 2 8 0 2 9 .6 50 .713 .946 2 4 .7 9 2 .7 6 9 9 9 2 2 6 .7 4 3 .223 .816
E K U ITA S
M odal saham 7 0 .3 5 9 .2 5 8 .7 0 0 7 2 .6 1 3 .0 1 9 .9 0 0 7 2 .6 1 3 .0 1 9 .9 0 0 1 3 0 .4 2 7 .2 0 5 .1 0 0 1 3 0 .4 2 7 .2 0 5 .1 0 0
T a m b a h a n m o d a l d is e t o r (7 .2 7 2 .0 9 9 .4 1 7 ) (6 .4 1 5 .6 6 9 .4 7 1 ) ( 6 .4 1 5 .6 6 9 4 7 1 ) ( 7 .1 1 4 .6 6 9 .4 7 1 ) ( 7 .1 1 4 .6 6 9 .4 7 1 )
D e fis it (2 4 .9 9 8 .0 6 7 .4 7 4 ) (3 0 .8 4 4 .5 1 7 .9 2 8 ) (3 8 .0 3 9 .4 8 8 .6 5 9 ) ( 4 5 .7 9 3 .7 0 1 .9 2 9 ) ( 5 1 4 4 8 .8 6 5 .4 7 7 )
J u m la h E k u ita s Y a n g
D a p a t D ia trib u s ik a n
K e p a d a P e m ilik
E n tita s In d u k 3 8 .0 8 9 .0 9 1 .8 0 9 3 5 .3 5 2 .8 3 2 .5 0 1 2 8 .1 5 7 .8 6 1 .7 7 0 7 7 .5 1 8 .8 3 3 .7 0 0 7 1 .8 6 3 .6 7 0 .1 5 2
K e p e n tin g a n N o n -
5 6 .1 1 0 1 3 .9 9 6 ( 2 5 9 .8 6 3 ) 1 9 .2 0 2 .3 1 6 1 9 .1 6 5 .9 4 8
P e n g e n d a li
JU M L A H E K U IT A S 3 8 .0 8 9 .1 4 7 9 1 9 3 5 .3 5 2 .846 .497 2 8 .1 57 .601 .907 7 7 .5 3 8 .036 .016 71 .882 .836 .100
JU M L A H L IA B IL IT A S DAN
E K U IT A S 6 6 .5 65 .654 .172 6 1 9 3 6 .8 6 7 .7 7 7 5 7 .8 08 .315 .853 10 2.33 0.80 5.30 8 9 8 .6 26 .059 .916
A set Lancar
A s e t la n c a r 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 s e b e s a r R p . 5 1 , 7 6 m ilia r , m e n g a la m i
p e n u ru n a n se b e sa r Rp. 1 ,1 5 m ilia r a ta u t u r u n s e b e s a r 2 ,1 8 % , d ib a n d in g k a n
d e n g a n a s e t la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r R p . 5 2 ,9 1 m ilia r .
P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n k a s & s e t a r a k a s .
P T H o te l F itr a In te r n a t io n a l T b k
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A s e t la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r R p . 5 2 ,9 1 m ilia r , m e n g a la m i
k e n a ik a n s e b e s a r R p . 4 8 , 2 7 m ilia r a ta u n a ik s e b e s a r 1 0 3 8 ,8 0 % , d ib a n d in g k a n
dengan a s e t la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r R p . 4 ,6 5 m ilia r .
P e n y e b a b u ta m a k e n ik a n t e r s e b u t a d a la h k e n a ik a n k a s & s e t a r a k a s .
A s e t la n c a r p e r t a n g g a l 3 1 D e s e m b e r 2 0 2 3 s e b e s a r R p . 4 , 6 5 m ilia r , m e n g a la m i
p e n u ru n a n s e b e s a r R p . 2 7 7 , 1 7 ju t a a ta u t u r u n s e b e s a r 5 ,6 3 % , d ib a n d in g k a n
d e n g a n 4 8 s s e t la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r R p . 4 , 9 2 m ilia r .
P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n k a s & s e t a r a k a s .
A s e t la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r R p . 4 , 9 2 m ilia r , m e n g a la m i
p e n u ru n a n s e b e s a r R p . 5 , 7 7 m ilia r a ta u t u r u n s e b e s a r 5 3 , 9 7 % , d ib a n d in g k a n
d e n g a n 4 8 s s e t la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r R p . 1 0 ,7 0 m ilia r .
P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n k a s & s e t a r a k a s .
A s e t T id a k L a n c a r
A s e t t id a k la n c a r 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 s e b e s a r R p . 4 6 , 8 7 m ilia r ,
m e n g a la m i p e n u ru n a n sebesar Rp. 2 ,5 5 m ilia r a ta u tu ru n sebesar 5 ,1 6 % ,
d ib a n d in g k a n d e n g a n a s s e t t id a k la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r
R p . 4 9 , 2 3 m ilia r . P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n 4 8 s s e t
te ta p .
A s e t t id a k la n c a r p e r t a n g g a l 31 D esem ber 2024 se b e s a r Rp. 4 9 ,2 3 m ilia r ,
m e n g a la m i p e n u ru n a n sebesar Rp. 3 ,7 5 m ilia r a ta u tu ru n sebesar 7 ,0 5 % ,
d ib a n d in g k a n d e n g a n 4 8 s s e t t id a k la n c a r p e r t a n g g a l 3 1 D e s e m b e r 2 0 2 3 s e b e s a r
R p . 5 7 , 1 6 m ilia r . P e n y e b a b u t a m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n 4 8 s s e t
te ta p .
A s e t t id a k la n c a r p e r t a n g g a l 31 D esem ber 2023 se b e sa r Rp. 5 3 ,1 6 m ilia r ,
m e n g a la m i p e n u ru n a n sebesar Rp. 3 ,8 5 m ilia r a ta u tu ru n sebesar 6 ,7 6 % ,
d ib a n d in g k a n d e n g a n 4 8 s s e t t id a k la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r
R p . 5 7 ,0 1 m ilia r . P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n 4 8 s s e t
te ta p .
A s e t t id a k la n c a r p e r t a n g g a l 31 D esem ber 2022 se b e sa r Rp. 5 7 ,0 1 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 1 ,1 5 m ilia r a ta u n a ik sebesar 2 ,0 5 % ,
d ib a n d in g k a n d e n g a n 4 8 s s e t t id a k la n c a r p e r t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r
R p . 5 5 , 8 7 m ilia r . P e n y e b a b u t a m a k e n a ik a n t e r s e b u t a d a la h k e n a ik a n 4 8 s s e t
te ta p .
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C F
KJPP Edi A n d e s t a dan Rekan
S A
■o
L ia b ilit a s ja n g k a p e n d e k 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 s e b e s a r R p . 1 9 ,6 3 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 1 ,8 0 m ilia r a ta u n a ik sebesar 1 0 ,0 9 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p e n d e k p e r t a n g g a l 31 D esem ber 2024
s e b e s a r R p . 1 7 ,8 3 m ilia r . P e n y e b a b u ta m a k e n a ik a n t e r s e b u t a d a la h k e n a ik a n
u ta n g p e m e g a n g s a h a m .
L ia b ilit a s ja n g k a p e n d e k p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r R p . 1 7 ,8 3 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 4 ,2 7 m ilia r a ta u n a ik sebesar 3 1 ,5 3 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p e n d e k p e r t a n g g a l 31 D esem ber 2023
s e b e s a r R p . 1 3 ,5 6 m ilia r . P e n y e b a b u ta m a k e n a ik a n t e r s e b u t a d a la h k e n a ik a n
u ta n g b a n k .
L ia b ilit a s ja n g k a p e n d e k p e r t a n g g a l 3 1 D e s e m b e r 2 0 2 3 s e b e s a r R p . 1 3 ,5 6 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 8 ,5 0 m ilia r a ta u n a ik sebesar 1 6 8 ,1 6 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p e n d e k p e r t a n g g a l 31 D esem ber 2022
s e b e s a r R p . 5 ,0 6 m ilia r . P e n y e b a b u ta m a k e n a ik a n t e r s e b u t a d a la h k e n a ik a n
u ta n g p e m e g a n g s a h a m .
L ia b ilit a s ja n g k a p e n d e k p e r t a n g g a l 3 1 D e s e m b e r 2 0 2 2 s e b e s a r R p . 5 , 0 6 m ilia r ,
m e n g a la m i p e n u ru n a n se b e sa r Rp. 4 2 2 ,9 4 ju t a a ta u tu ru n s e b e s a r 7 ,7 2 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p e n d e k p e r t a n g g a l 31 D e s e m b e r 2021
s e b e s a r R p . 5 , 4 8 m ilia r . P e n y e b a b u t a m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n
b ia y a y a n g m a s ih h a r u s d ib a y a r .
L ia b ilita s J a n g k a P a n ja n g
L ia b ilit a s ja n g k a p a n ja n g 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 s e b e s a r R p . 7 ,1 1 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 1 5 1 ,0 0 ju t a a ta u n a ik sebesar 2 ,1 7 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p a n ja n g p e r t a n g g a l 31 D esem ber 2024
s e b e s a r R p . 6 , 9 6 m ilia r . P e n y e b a b u ta m a k e n a ik a n t e r s e b u t a d a la h k e n a ik a n
I m b a la n P a s c a K e r ja .
L ia b ilit a s ja n g k a p a n ja n g p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r R p . 6 , 9 6 m ilia r ,
m e n g a la m i p e n u ru n a n se b e sa r Rp. 9 ,1 3 m ilia r a ta u tu ru n s e b e s a r 5 6 ,7 6 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p a n ja n g p e r t a n g g a l 31 D esem ber 2023
s e b e s a r R p . 1 6 ,0 9 m ilia r . P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n
U ta n g B a n k .
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L ia b ilit a s ja n g k a p a n ja n g p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r R p . 1 6 ,0 9 m ilia r ,
O
m e n g a la m i p e n u ru n a n se b e sa r Rp. 5 ,4 4 m ilia r a ta u tu ru n s e b e s a r 2 5 ,2 5 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p a n ja n g p e r t a n g g a l 31 D esem ber 2022
s e b e s a r R p . 2 1 , 5 3 m ilia r . P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n
U ta n g B a n k .
L ia b ilit a s ja n g k a p a n ja n g p e r t a n g g a l 3 1 D e s e m b e r 2 0 2 2 s e b e s a r R p . 2 1 , 5 3 m ilia r ,
m e n g a la m i p e n u ru n a n sebesar Rp. 1 ,4 7 m ilia r a ta u tu ru n sebesar 6 ,3 9 % ,
d ib a n d in g k a n d e n g a n lia b ilit a s ja n g k a p a n ja n g p e r t a n g g a l 31 D e s e m b e r 2021
s e b e s a r R p . 2 2 , 9 9 m ilia r . P e n y e b a b u t a m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n
I m b a la n P a s c a K e r ja
E k u ita s
E k u it a s 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 s e b e s a r R p . 7 1 , 8 8 m ilia r , m e n g a la m i
p e n u ru n a n s e b e s a r R p . 5 ,6 6 m ilia r a ta u tu ru n s e b e s a r 7 ,2 9 % , d ib a n d in g k a n
dengan e k u it a s p e r ta n g g a l 31 D esem ber 2024 sebesar Rp. 7 7 ,5 4 m ilia r .
P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h k e n a ik a n D e fis it.
E k u it a s p e r t a n g g a l 3 1 D e s e m b e r 2 0 2 4 s e b e s a r R p . 7 7 , 5 4 m ilia r , m e n g a la m i
k e n a ik a n s e b e s a r R p . 4 9 ,3 8 m ilia r a ta u n a ik s e b e s a r 1 7 5 , 3 7 % , d ib a n d in g k a n
dengan e k u it a s p e r ta n g g a l 31 D esem ber 2023 sebesar Rp. 2 8 ,1 6 m ilia r .
P e n y e b a b u ta m a k e n a ik a n t e r s e b u t a d a la h k e n a ik a n M o d a l S a h a m .
E k u it a s p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r R p . 2 8 , 1 6 m ilia r , m e n g a la m i
p e n u ru n a n s e b e s a r R p . 7 ,2 0 m ilia r a ta u t u r u n s e b e s a r 2 0 , 3 5 % , d ib a n d in g k a n
dengan e k u it a s per ta n g g a l 31 D esem ber 2022 sebesar Rp. 3 5 ,3 5 m ilia r .
P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h k e n a ik a n D e s ifit.
E k u it a s p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r R p . 3 5 , 3 5 m ilia r , m e n g a la m i
p e n u ru n a n s e b e s a r R p . 2 ,7 4 m ilia r a ta u tu ru n s e b e s a r 7 ,1 8 % , d ib a n d in g k a n
dengan e k u it a s p e r ta n g g a l 31 D esem ber 2021 sebesar Rp. 3 8 ,0 9 m ilia r .
P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h k e n a ik a n D e s if it .
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(2 ) R e a lis a s i R u g i L a b a
(DalamRupiah)
2021 20 22 2023 20 24 2025
U R A IA N 1 J a n - 31 Des 1 J a n - 31 Des 1 J a n - 31 Des 1 J a n - 31 Des 1 Ja n - 30 S ept
A U D tT E D
P e n d a p a ta n 8 .7 5 9 .8 7 3 .7 7 4 1 0 .4 9 5 .2 8 1 .0 0 6 1 1 .8 3 3 .5 2 5 .2 3 7 1 3 .3 4 1 .8 1 9 .4 0 0 6 .3 6 0 .6 7 5 .7 2 5
B e b a n p o k o k p e n d a p a ta n ( 5 .6 0 1 .5 9 9 .0 2 0 ) (6 .5 3 3 .6 2 4 .8 7 6 ) (7 .6 5 2 .0 1 7 .8 6 5 ) ( 9 .1 2 3 .6 1 6 .7 5 4 ) (5 .1 2 5 .7 6 8 .1 1 5 )
L a b a (ru g i) ko tor 3 .1 5 8 2 7 4 .7 5 4 3 .9 6 1.6 56.1 30 4 .1 8 1 .5 07.3 72 4 .2 1 8 2 0 2 .6 4 6 1.2 34.907.610
B eban U saha ( 6 .3 3 5 .6 8 1 .0 3 5 ) (6 .8 6 2 .8 3 2 .7 4 1 ) (8 .3 3 5 .6 3 8 .2 8 9 ) ( 9 .4 9 2 .9 5 4 .3 3 7 ) (5 .5 4 1 .1 3 6 .9 4 0 )
P e n d a p a ta n (B e b a n ) L a in -
la in
P e n d a p a ta n J a s a G iro 1 3 .9 6 2 .1 9 3 5 4 .4 0 5 .8 2 7 1 7 .7 7 9 .0 2 4 1 9 6 .1 6 0 .0 0 6 1 4 1 .0 2 6 .7 3 7
P e n d a p a ta n L a in -la in 1 3 7 .2 3 9 .7 3 4 1 8 4 .8 2 0 .1 5 3 1 2 5 .3 4 8 .0 7 3 1 .7 6 4 .6 9 4 8 .1 9 2 .6 6 2
B u n g a P in ja m a n B a n k (2 .2 1 1 .2 4 4 .9 8 6 ) (3 .3 0 6 .2 8 0 .8 9 1 ) ( 3 .2 5 4 .1 2 1 .2 9 3 ) (2 .2 7 8 .1 6 1 .0 3 0 ) (1 .0 8 8 .4 5 7 .3 1 8 )
B unga Sew a
P e m b ia y a a n (1 9 .9 9 6 .1 7 2 ) (1 .2 3 5 .5 5 6 )
P a ja k B u n g a (2 .8 2 4 .3 4 0 ) (1 0 .8 9 7 .7 3 4 ) (3 .5 1 0 .6 7 0 ) (3 9 .2 2 3 .2 1 1 ) (2 8 .0 9 7 .8 2 7 )
A d m in is tr a s i B a n k (8 .0 7 2 .5 0 0 ) (7 .6 2 9 .6 4 0 ) ( 8 .5 4 2 .2 2 9 ) (7 .4 1 1 .4 0 4 ) (4 .3 8 8 .4 9 5 )
B u n g a P in ja m a n
-
P em egang S aham ( 1 6 1 .3 8 8 .8 9 8 ) ( 1 1 7 .6 0 4 .1 6 9 ) (4 2 4 .0 9 7 .2 4 3 ) ( 4 1 0 .4 1 6 .6 8 7 )
R ugi se b e lu m pajak (5 .4 2 9 .7 3 1 2 5 0 ) (5 .9 8 7 .9 9 4 .4 5 2 ) (7 .3 9 4 .7 8 2 .1 8 1 ) (7 .8 2 5 .7 1 9 .8 7 9 ) (5 .688 .370 .257 )
M a n fa a t (b e b a n ) p a ja k
P a ja k k in i - - - - -
P a ja k ta n g g u h a n 7 .8 9 4 .2 6 7 (5 .8 2 8 .7 7 3 ) 3 7 .6 6 1 .6 3 4 4 4 2 9 3 .7 8 8 3 3 .2 2 0 .3 4 1
R u g i ta h u n berjalan (5 .421 .836 .983 ) (5 .9 9 3 .8 2 3 2 2 5 ) (7 .3 5 7 .1 2 0 .5 4 7 ) (7 .7 81 .426 .091 ) (5 .655 .149 .916 )
P e n d a p a ta n
P e n d a p a t a n s a m p a i d e n g a n t a n g g a l 3 0 S e p t e m b e r 2 0 2 5 s e b e s a r R p . 6 ,3 6 m ilia r ,
m e n g a la m i p e n u ru n a n se b e sa r Rp. 6 ,9 8 m ilia r a ta u tu r u n s e b e s a r 4 3 ,8 2 % ,
d ib a n d in g k a n p e n d a p a t a n s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r
R p . 1 3 ,3 4 m ilia r .
P e n d a p a t a n s a m p a i d e n g a n t a n g g a l 3 1 D e s e m b e r 2 0 2 4 s e b e s a r R p . 1 3 ,3 4 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 1 ,5 1 m ilia r a ta u n a ik sebesar 1 9 ,2 3 % ,
d ib a n d in g k a n p e n d a p a t a n s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r
R p . 1 1 ,8 3 m ilia r .
P e n d a p a t a n s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r R p . 1 1 ,8 3 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 1 ,3 4 m ilia r a ta u n a ik sebesar 1 7 ,1 2 % ,
d ib a n d in g k a n p e n d a p a t a n s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r
R p . 1 1 ,5 0 m ilia r .
P e n d a p a t a n s a m p a i d e n g a n t a n g g a l 3 1 D e s e m b e r 2 0 2 2 s e b e s a r R p . 1 0 ,5 0 m ilia r ,
m e n g a la m i k e n a ik a n sebesar Rp. 1 ,7 4 m ilia r a ta u n a ik sebesar 1 6 ,6 4 % ,
d ib a n d in g k a n p e n d a p a t a n s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r
R p . 8 , 7 6 m ilia r .
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P e n d a p a t a n s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r R p . 8 ,7 6 m ilia r ,
u n tu k p e n d a p a ta n sam pai dengan ta n g g a l 31 D esem ber 2020, t id a k dapat
d ip e r b a n d in g k a n , k a re n a Kam i t id a k m e n e r im a la p o r a n keuangan per 31
D esem ber 2020.
R u g i S e te la h P a ja k
R ugi s e t e la h p a ja k sam pai dengan ta n g g a l 30 S e p te m b e r 2025 sebesar
R p . 5 ,6 6 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p . 2 , 1 3 m ilia r a ta u tu r u n s e b e s a r
2 7 , 3 2 % , d ib a n d in g k a n dengan ru g i s e t e la h p a ja k s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 4 s e b e s a r R p . 7 , 7 8 m ilia r .
Rugi s e t e la h p a ja k sam pai dengan ta n g g a l 31 D esem ber 2024 sebesar
R p . 7 , 7 8 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p . 4 2 4 ,3 1 ju t a a ta u n a ik s e b e s a r
5 ,7 7 % , d ib a n d in g k a n dengan ru g i s e te la h p a ja k sam pai dengan t a n g g a l 31
D e s e m b e r 2 0 2 3 s e b e s a r R p . 7 , 3 6 m ilia r .
R ugi s e t e la h p a ja k sam pai dengan ta n g g a l 31 D esem ber 2023 sebesar
R p . 7 ,3 6 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p . 1 ,3 6 m ilia r a ta u n a ik s e b e s a r
2 2 , 7 5 % , d ib a n d in g k a n dengan r u g i s e t e la h p a ja k s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 2 s e b e s a r R p . 5 , 9 9 m ilia r .
Rugi s e t e la h p a ja k sam pai dengan ta n g g a l 31 D esem ber 2022 sebesar
R p . 5 , 9 9 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p . 5 7 1 , 9 9 ju t a a ta u n a ik s e b e s a r
1 0 ,5 5 % , d ib a n d in g k a n d e n g a n ru g i s e t e la h p a ja k s a m p a i d e n g a n t a n g g a l 31
D e s e m b e r 2 0 2 1 s e b e s a r R p . 5 , 4 2 m ilia r .
Rugi s e t e la h p a ja k sam pai dengan ta n g g a l 31 D esem ber 2021 sebesar
R p . 5 ,4 2 m ilia r , u n t u k ru g i s e te la h p a ja k s a m p a i d e n g a n t a n g g a l 31 D e s e m b e r
2020, t id a k dapat d ip e r b a n d in g k a n , k a re n a Kam i t id a k m e n e r im a la p o r a n
k e u a n g a n p e r 31 D e s e m b e r 2 0 2 0 .
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b) R e a lis a s i A r u s K a s
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2021 20 2 2 2023 2024 20 25
UR A IA N 1 Jan - 31 Des 1 Ja n - 31 D es 1 J a n - 31 D es 1 J a n - 31 Des 1 J a n - 30 Sept
A U D IT E D
A R U S K A S D A R I A K T IV IT A S
OPERASI
P e n e rim a a n K a s D a ri P e la n g g a n 7 .5 8 7 .2 5 9 .0 0 4 1 0 .2 0 1 .9 2 4 .3 6 1 1 1 .8 4 3 .1 7 8 .4 8 9 1 3 .2 3 8 .9 1 7 .5 8 2 6 .3 9 8 .2 9 4 .7 3 6
P e m b a y a ra n K a s K e p a d a P e m a s o k
d a n P ih a k K e tig a (5 .5 3 0 .1 4 2 .6 0 4 ) (6 .9 7 4 .1 7 0 .0 2 7 ) ( 8 .5 5 4 .3 3 2 .3 6 3 ) (1 8 .5 4 1 .1 7 8 .4 3 6 ) (4 .9 1 9 .8 9 7 .0 5 3 )
P e m b a y a ra n K a s K e p a d a K a ry a w a n ( 3 .1 8 5 .3 1 1 .9 9 7 ) (3 .6 3 6 .5 3 4 .7 4 0 ) ( 3 .6 6 8 .1 7 4 .9 8 1 ) (3 .6 9 1 .4 6 8 .8 6 0 ) (2 .8 6 2 .9 7 1 .5 9 9 )
P e n e rim a a n (P e m b a y a ra n ).
P e n g h a s ila n B u n g a 1 1 .1 3 7 .8 5 3 4 3 .5 0 8 .0 9 3 1 4 .2 6 8 .3 5 4 1 5 6 .9 3 6 .7 9 5 1 1 2 .9 2 8 .9 1 0
Beban K euangan ( 2 .5 0 0 .7 0 2 .5 5 6 ) ( 3 .4 1 5 .1 4 6 .0 8 7 ) (3 .3 8 0 .2 6 7 6 9 1 ) ( 2 .7 0 9 .6 6 9 .6 7 7 ) ( 1 .5 0 3 .3 1 2 .5 0 0 )
B e b a n P a ja k ( 2 4 .4 1 3 .2 9 1 ) (1 3 1 .0 6 8 .4 2 6 ) (2 8 8 .0 3 7 .6 6 2 ) ( 1 .2 4 0 .7 2 1 .9 2 3 ) (1 8 5 .3 7 9 .7 5 7 )
O p e ra s io n a l L a in n y a 1 3 7 .2 3 9 .7 3 4 1 8 4 .8 2 0 .1 5 3 1 2 5 .3 4 8 .0 7 3 1 .7 6 4 .6 9 4 8 .1 9 2 .6 6 2
A ru s kas bersih dig u n aka n untuk
a k tivitas op erasi (3 .5 04 .933 .857 ) (3 .726 .666 .673 ) (3.908 .017 .781 ) (1 2 .78 5.41 9.82 5) (2 .9 52 .144 .601 )
A R U S K A S D A R I A K T IV IT A S
IN V E S T A S I
U a n g M u k a P e k e r ja a n P ro je c t
- - - - ( 9 .2 2 5 .2 5 6 .9 0 0 )
K e rta ja ti U m ro h P a rk
P e ro le h a n A s e t T e ta p (2 6 7 .1 2 5 .9 8 0 ) ( 4 .9 4 6 .3 4 6 .8 5 2 ) (2 8 8 .9 9 9 .7 3 1 ) ( 1 2 5 .9 5 3 .9 0 0 ) (3 4 .9 2 7 .8 0 0 )
A ru s kas bersih ak tivitas
in vestasi (2 6 7.1 25.9 80) (4 .9 46 .346 .852 ) (2 88.9 99.7 31) (1 25.9 53.9 00) (9 .2 60 .184 .700 )
A R U S K A S D A R I A K T IV IT A S
PENDANAAN
T a m b a h a n M o d a l D is e to r Y a n g
B e ra s a l D a ri
P e n e rb ita n S a h a m B a ru 1 4 .2 9 5 .7 7 6 .3 1 6 3 .1 1 0 .1 9 1 .1 4 6 - 5 0 .8 3 4 .1 8 5 .2 0 0 -
B ia y a E m is i S a h a m ( 7 1 0 .0 0 0 .0 0 0 ) (9 8 0 .0 0 0 .0 0 0 ) - ( 6 9 9 .0 0 0 .0 0 0 ) -
P e m b a y a ra n U ta n g B a n k (1 6 7 .0 9 5 .8 2 8 ) ( 8 .8 5 6 .9 5 5 ) ( 3 .7 2 0 .0 0 0 .0 0 0 ) ( 5 .4 0 0 .0 0 0 .0 0 0 ) (6 .6 0 0 .0 0 0 .0 0 0 )
P e n e rim a a n P in ja m a n d a ri P ih a k
B e re la s i ( 1 .0 0 0 .0 0 0 .0 0 0 ) 7 .0 0 0 .0 0 0 .0 0 0 8 .0 0 0 .0 0 0 .0 0 0 8 .5 0 0 .0 0 0 .0 0 0
A ru s ka s bersih d ip e ro le h dari
aktivitas pend an a an 12 .418 .680 .488 2.121.334.191 3.2 80.0 00.0 00 5 2 .7 35 .185 .200 1.9 00.0 00.0 00
PENURUNAN K A S DAN SETARA
KAS 8.646.620.651 (6 .551 .679 .334 ) (9 1 7 .0 1 7 .5 1 2 ) 39 .8 2 3 .8 1 1 .4 7 5 (1 0 .3 1 2 .3 2 9 .3 0 1 )
KAS DAN SETARA KAS AW AL
TAH U N 1 .6 8 1 .8 0 6 .1 9 1 1 0 .3 2 8 .4 2 6 .8 4 2 3 .7 7 6 .7 4 7 .5 0 8 2 .8 5 9 .7 2 9 .9 9 6 4 2 .6 8 3 .5 4 1 .4 7 1
S A LD O A K H IR K A S DAN
SETARA KAS 10 .328 .426 .842 3 .7 7 6.7 47.5 08 2 .8 5 9.7 29.9 96 42.683.541 .471 32 .371 .212 .170
A r u s K a s d a r i A k tiv it a s O p e r a s i
A r u s k a s d a r i a k t iv it a s o p e r a s i 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 s e b e s a r m in u s R p
2 ,9 5 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p 9 , 8 3 m ilia r d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r m in u s R p
1 2 .7 9 m ilia r . P e n y e b a b u ta m a k e n a ik a n t e r s e b u t k a r e n a p e n u r u n a n P e m b a y a r a n
K a s k e p a d a P e m a s o k d a n P ih a k K e t ig a , s e r t a P e n u r u n a n P e m b a y a r a n B e b a n
K e u a n g a n d a n B e b a n P a ja k .
A r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r m in u s R p
1 2 .7 9 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p 8 ,8 8 m ilia r d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r m in u s R p
3 ,9 1 m ilia r . P enyebab u ta m a p e n u ru n a n te rs e b u t p e n in g k a t a n s ig n ifik a n
P e m b a y a r a n K a s k e p a d a P e m a s o k d a n P ih a k K e tig a .
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A r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r m in u s R p
3 ,9 1 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p 1 8 1 , 3 5 ju t a d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r m in u s R p
3 . 7 3 m ilia r . P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t k e n a ik a n p e m b a y a r a n k e p a d a
p e m a s o k d a n p ih a k k e tig a .
A r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r m in u s R p
3 . 7 3 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p 2 2 1 , 7 3 ju t a d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r m in u s R p
3 .5 0 m ilia r . P enyebab u ta m a p e n u ru n a n t e r s e b u t k e n a ik a n P e m b a y a ra n Kas
kepada Pem asok dan P ih a k K e t ig a s e rta p e n in g k a t a n p e m b a y a ra n beban
keuangan.
A r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r m in u s R p .
3 . 5 0 m ilia r , u n t u k a r u s k a s d a r i a k t iv it a s o p e r a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 0 ,
t id a k d a p a t d ip e r b a n d in g k a n , k a r e n a K a m i t id a k m e n e r im a la p o r a n k e u a n g a n p e r
t a n g g a l 31 D e s e m b e r 2 0 2 0 .
A r u s K a s d a r i A k tiv ita s In v e s ta s i
A r u s k a s d a r i a k t iv it a s in v e s t a s i 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 s e b e s a r m in u s
Rp 9 ,2 6 m ilia r , m e n g a la m i p e n u ru n a n sebesar Rp 9 ,1 3 m ilia r d ib a n d in g k a n
d e n g a n a r u s k a s d a r i a k t iv it a s in v e s t a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r
m in u s R p 1 2 5 , 9 5 ju t a . P e n y e b a b u t a m a p e n u r u n a n t e r s e b u t k a r e n a p e m b a y a r a n
U a n g M u k a P e k e r ja a n P r o je c t K e r ta ja t i U m r o h P a r k d a n a d a n y a P e r o le h a n A s e t
T e ta p .
A r u s k a s d a r i a k t iv it a s in v e s t a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r m in u s R p
1 2 5 . 9 5 ju t a , m e n g a la m i k e n a ik a n s e b e s a r R p 1 6 3 , 0 5 ju t a d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s in v e s t a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r m in u s R p
2 8 8 . 9 9 ju t a . P e n y e b a b u t a m a k e n a ik a n t e r s e b u t k a r e n a m e n u r u n n y a P e r o le h a n
A s e t T e ta p .
A r u s k a s d a r i a k t iv it a s in v e s t a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r m in u s R p
2 8 8 . 9 9 ju t a , m e n g a la m i p e n u r u n a n s e b e s a r R p 4 , 6 6 m ilia r d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s in v e s t a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r m in u s R p
4 .9 5 m ilia r . P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t k a r e n a p e n in g k a t a n s ig n ifik a n
P e r o le h a n A s e t T e t a p .
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/ s
A r u s k a s d a r i a k t iv it a s in v e s t a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r m in u s R p
o
4 ,9 5 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p 4 , 6 8 m ilia r d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s in v e s t a s i p e r t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r m in u s R p
2 6 7 , 1 3 ju t a . P enyebab u ta m a p e n u ru n a n k a re n a k e n a ik a n penam bahan aset
t e ta p .
A r u s k a s d a r i a k t iv it a s in v e s t a s i p a d a t a n g g a l 31 D e s e m b e r 2 0 2 1 s e b e s a r m in u s
Rp. 2 6 7 ,1 3 m ilia r , u n tu k a ru s kas d a ri a k t iv it a s in v e s t a s i pada ta n g g a l 31
D esem ber 2020, t id a k dapat d ip e r b a n d in g k a n , k a re n a Kam i t id a k m e n r im a
la p o r a n k e u a n g a n p e r t a n g g a l 31 D e s e m b e r 2 0 2 0 .
A r u s K a s d a ri A k tiv ita s P e n d a n a a n
A ru s kas d a r i a k t iv it a s pendanaan p e r ta n g g a l 3 0 S e p te m b e r 2 0 2 5 sebesar
R p . 1 ,9 0 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p . 5 0 , 8 4 m ilia r , d ib a n d in g k a n
d e n g a n a r u s k a s d a r i a k t iv it a s p e n d a n a a n p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r
R p . 5 2 , 7 4 m ilia r . P e n y e b a b u t a m a p e n u r u n a n a d a la h t id a k a d a t a m b a h a n m o d a l
d is e t o r d a r i p e n e r b it a n s a h a m b a r u .
A r u s k a s d a r i a k t iv it a s p e n d a n a a n p e r t a n g g a l 31 D e s e m b e r 2 0 2 4 s e b e s a r R p
5 2 , 7 4 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p 4 9 , 4 6 m ilia r d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s p e n d a n a a n p e r ta n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r R p 3 ,2 8
m ilia r . P e n y e b a b u ta m a k e n a ik a n a d a la h p e n e r im a a n d a n a y a n g s ig n if ik a n d a r i
p e n e r b it a n s a h a m b a r u d a n p e n e r im a a n p in ja m a n d a r i p ih a k b e r e la s i.
A r u s k a s d a r i a k t iv it a s p e n d a n a a n p e r t a n g g a l 31 D e s e m b e r 2 0 2 3 s e b e s a r R p
3 , 2 8 m ilia r , m e n g a la m i k e n a ik a n s e b e s a r R p 1 ,1 6 m ilia r d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s p e n d a n a a n p e r t a n g g a l 31 D e s e m b e r 2 0 2 2 s e b e s a r R p 2 ,1 2
m ilia r . P e n y e b a b u t a m a k e n a ik a n t e r s e b u t a d a la h p e n e r im a a n p in ja m a n d a r i p ih a k
b e r e la s i.
A r u s k a s d a r i a k t iv it a s p e n d a n a a n p e r t a n g g a l 3 1 D e s e m b e r 2 0 2 2 s e b e s a r R p
2 , 1 2 m ilia r , m e n g a la m i p e n u r u n a n s e b e s a r R p 1 0 ,3 0 m ilia r d ib a n d in g k a n d e n g a n
a r u s k a s d a r i a k t iv it a s p e n d a n a a n p e r t a n g g a l 31 D e s e m b e r 2 0 2 1 sebesar Rp
1 2 ,4 2 m ilia r . P e n y e b a b u ta m a p e n u r u n a n t e r s e b u t a d a la h p e n u r u n a n t a m b a h a n
m o d a l d is e t o r d a r i p e n e r b it a n s a h a m b a r u d a n p e m b a y a r a n u ta n g b a n k .
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A ru s kas d a r i a k t iv it a s pendanaan p e r t a n g g a l 31 D e se m b e r 2021 sebesar
m in u s R p . 2 ,5 9 1 m ilia r , u n t u k a r u s k a s d a r i a k t iv it a s p e n d a n a a n p a d a t a n g g a l
31 D e s e m b e r 2 0 2 0 , t id a k d a p a t d ip e r b a n d in g k a n , k a r e n a K a m i t id a k m e n r im a
la p o r a n k e u a n g a n p e r t a n g g a l 31 D e s e m b e r 2 0 2 0 .
c) A n a lis is R a s io K e u a n g a n
31 31 30
31 Desember 31 Desember
Desember Desember September
2021 2022
Keterangan 2023 2024 2025
Audited Audited Audited Audited Audited
Rasio Likuiditas
C u r r e n t R a tio (x ) 1 ,9 5 0 ,9 7 0 ,3 4 2 ,9 7 2 ,6 4
Q u ic k R a tio (x ) 1 ,9 4 0 ,8 2 0 ,2 4 2,41 1 ,6 7
C a s h R a tio (x ) 1 ,8 8 0 ,7 5 0 ,2 1 2 ,3 9 1 ,6 5
Rasio Solvabilitas
D e b t T o E q u ity R a tio
0 ,6 7 0 ,6 9 0 ,9 9 0 ,3 0 0 ,3 5
(x )
D e b t T o A s s e t R a tio
0 ,3 8 0 ,4 0 0 ,4 8 0 ,2 3 0 ,2 6
M
Rasio Aktivitas
P e r p u ta r a n P iu ta n g N /A 11 11 10 22
P e r p u ta r a n
6 6 5 8
P e r s e d ia a n N /A
Rasio Profitabilitas
G r o s s P r o fit M a r g in 3 6 ,0 5 % 3 7 ,7 5 % 3 5 ,3 4 % 3 1 ,6 2 % 1 9 ,4 1 %
O p e r a tin g P r o fit
- 6 1 ,9 8 % - 5 7 ,0 5 % - 6 2 ,4 9 % -5 8 ,6 6 % - 8 9 ,4 3 %
M a rg in
N e t P r o fit M a rg in - 6 1 ,8 9 % - 5 7 ,1 1 % - 6 2 ,1 7 % - 5 8 ,3 2 % - 8 8 ,9 1 %
R e tu rn O n A s s e t
-8 ,1 5 % - 9 ,6 8 % -1 2 ,7 3 % - 7 ,6 0 % - 5 ,7 3 %
(R O A )
R e tu rn O n E q u ity
- 1 4 ,2 3 % - 1 6 ,9 5 % -2 6 ,1 3 % -1 0 ,0 4 % - 7 ,8 7 %
(R O E )
R a s i o L i k u id it a s
L ik u id it a s m e n g g a m b a rk a n kem am puan P e rs e ro a n d a la m m e m e n u h i lia b ilit a s
k e u a n g a n ja n g k a p e n d e k n y a . K e b u tu h a n lik u id it a s P e r s e r o a n t e r u t a m a d ip e r lu k a n
u n t u k m o d a l k e r ja . S u m b e r u t a m a lik u id it a s F I T T b e r a s a l d a r i p e n e r im a a n k a s d a r i
p e la n g g a n , y a n g d ip e r o le h m e la lu i k e g ia t a n u s a h a u ta m a F IT T .
T in g k a t lik u id it a s F I T T m e n u n ju k k a n f lu k t u a s i s ig n if ik a n s e la m a 31 D esem ber
2 0 2 1 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 . H a l in i t e r c e r m in d a r i r a s io la n c a r y a n g
p a d a p e r io d e b e r a k h ir 31 D e s e m b e r 2 0 2 1 h in g g a 3 0 S e p t e m b e r 2 0 2 5 m a s in g -
m a s in g t e r c a t a t s e b e s a r 1 ,9 5 x , 0 ,9 7 x , 0 ,3 4 x , 2 ,9 7 x , d a n 2 ,6 4 x .
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KJPP Edi A n d e s t a dan Rekan
P e n u r u n a n r a s io la n c a r p a d a t a h u n 2 0 2 2 d a n 2 0 2 3 t e r u t a m a d is e b a b k a n o le h
m e n in g k a t n y a lia b ilit a s ja n g k a p e n d e k y a n g t id a k d iim b a n g i d e n g a n k e n a ik a n a s e t
la n c a r s e c a r a p r o p o r s io n a l. S e m e n ta ra itu , p e n in g k a t a n yang s ig n if ik a n pada
ta h u n 2024 dan 2025 m e n c e r m in k a n p e r b a ik a n p o s is i kas dan aset la n c a r
P e rs e ro a n .
Q uick ratio d a n cash ratio, y a n g m a s in g - m a s in g p a d a p e r io d e y a n g s a m a t e r c a t a t
s e b e s a r 1 ,9 4 x ; 0 ,8 2 x ; 0 ,2 4 x ; 2 ,4 1 x ; d a n 1 ,6 7 x u n t u k quick ratio s e r t a 1 ,8 8 x ; 0 ,7 5 x ;
0 ,2 1 x; 2 ,3 9 x ; d a n 1 ,6 5 x u n t u k cash ratio.
S u m b e r lik u id it a s P e r s e r o a n d a p a t b e r a s a l d a r i s u m b e r in t e r n a l m a u p u n e k s te r n a l,
y a itu d a r i a r u s k a s a k t iv it a s o p e r a s i s e r t a a k t iv it a s p e n d a n a a n . H in g g a t a n g g a l
la p o r a n , P e rs e ro a n t id a k m e m ilik i f a s ilit a s pendanaan m a t e r ia l yang b e lu m
d ig u n a k a n , d a n m a n a je m e n m e n ila i b a h w a s u m b e r lik u id it a s y a n g t e r s e d ia m a s ih
m e m a d a i u n t u k m e m e n u h i k e w a jib a n ja n g k a p e n d e k P e r s e r o a n .
P e r s e r o a n t id a k m e lih a t a d a n y a k e c e n d e r u n g a n , t u n t u t a n , k o m it m e n , k e ja d ia n ,
m aupun k e t id a k p a s t ia n m a t e r ia l d i lu a r r e n c a n a u s a h a P e rs e ro a n yang dapat
b e r d a m p a k n e g a t if s e c a r a s ig n if ik a n t e r h a d a p k o n d is i lik u id it a s P e r s e r o a n d a la m
w a k tu d e k a t.
K e d e p a n n y a , P e r s e r o a n a k a n t e r u s m e n g a n d a lk a n a r u s k a s d a r i a k t iv it a s o p e r a s i
u n t u k m e n d a n a i k e g ia t a n o p e r a s io n a l d a n b e la n ja m o d a l. S e la in itu , p e r b a ik a n
k in e r ja k e u a n g a n d a n p e r t u m b u h a n la b a d ih a r a p k a n d a p a t m e m p e r k u a t t in g k a t
lik u id it a s P e r s e r o a n .
R a s io S o lv a b ilita s
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 pendek m aupun ja n g k a p a n ja n g ) P e rs e ro a n . R a s io
lia b ilit a s t e r h a d a p e k u it a s p a d a p e r io d e y a n g b e r a k h ir 31 D e s e m b e r 2 0 2 1 h in g g a
2025 m a s in g - m a s in g t e r c a t a t s e b e s a r 0 ,6 7 x , 0 ,6 9 x , 0 , 9 9 x , 0 , 3 0 x , d a n 0 ,3 5 x ,
dengan ra ta -ra ta s e b e s a r 0 ,5 8 x . H a s il DER m e n u n ju k k a n bahw a s e p a n ja n g
p e r io d e p e la p o r a n , e k u it a s P e rs e ro a n m a s ih le b ih b e s a r d ib a n d in g k a n to ta l
lia b ilit a s .
S e m e n t a r a itu , r a s io lia b ilit a s t e r h a d a p to ta l a s e t p a d a p e r io d e y a n g b e r a k h ir 31
D e s e m b e r 2 0 2 1 h in g g a 2 0 2 5 m a s in g - m a s in g t e r c a t a t s e b e s a r 0 ,3 8 x , 0 ,4 0 x , 0 ,4 8 x ,
0 ,2 3 x , d a n 0 ,2 6 x , d e n g a n r a t a - r a t a s e b e s a r 0 ,3 4 x . R a s io t e r s e b u t m e n u n ju k k a n
bahw a ju m la h lia b ilit a s m a s ih le b ih k e c il d ib a n d in g k a n ju m la h a s e t, hal in i
d is e b a b k a n P e r s e r o a n m e la k u k a n p e n a m b a h a n a s e t te ta p .
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L
O
D engan k o m p o s is i aset yang le b ih b e s a r d ib a n d in g k a n lia b ilit a s , P e rs e ro a n
m e m ilik i kem am puan yang m em adai u n tu k m em enuhi s e lu r u h k e w a jib a n
k e u a n g a n n y a p a d a s a a t ja t u h t e m p o s e r t a r u a n g y a n g c u k u p u n t u k m e n d u k u n g
p e n g e m b a n g a n u sa h a ke d ep a n.
R a s io A k tiv ita s
P e rp u ta ra n p iu t a n g dan p e r s e d ia a n m e m ilik i a n g k a ra ta -ra ta s e la m a p e r io d e
h is t o r is m a s in g - m a s in g s e b e s a r 1 3 h a r i d a n 6 h a r i. H a l in i m e n u n ju k k a n lik u id it a s
y a n g k u a t d a n e f is ie n s i d a la m p e n g e lo la a n p iu t a n g d a n p e r s e d ia a n .
R a s io P r o fita b ilita s
R a s io p r o f it a b ilit a s m e n u n ju k k a n o p e r a s io n a l kem am puan s u a tu p e ru s a h a a n
d a la m m e n g e lo la a s e t-a s e tn y a dengan t u ju a n a k h ir m e n g o p t im a lk a n
p e n g e m b a lia n y a n g d a p a t d ip e r o le h p a r a p e n y e d ia k a p it a l (ca p ita l providers).
S e la m a p e r io d e h is t o r is m a r g in k e u n tu n g a n d a ri k e g ia t a n o p e r a s io n a l
m e n u n ju k k a n h a s il y a n g n e g a tif. N e t p r o f it m a r g in s e c a ra b e r tu ru t-tu r u t y a n g
b e r a k h ir p a d a t a n g g a l 31 D e s e m b e r 2 0 2 1 s /d 3 0 S e p t e m b e r 2 0 2 5 , m a s in g - m a s in g
s e b e s a r - 6 1 , 8 9 % , - 5 7 , 1 1 % , - 6 2 , 1 7 % , - 5 8 , 3 2 % d a n - 8 8 , 9 1 % . H a l in i m e n u n ju k a n
b a h w a P e r s e r o a n m e m ilik i k in e r ja y a n g k u r a n g b a ik s e b a g a i p e r u s a h a a n d ib id a n g
p e n y e d ia a n h o te l.
R a s io R e n ta b ilita s
R a s io r e n t a b ilit a s d ig u n a k a n u n tu k m e n g a n a lis a p e r b a n d in g a n a n ta ra m odal
p in ja m a n y a n g d ib e r ik a n o le h k r e d it o r d a n m o d a l s e n d ir i d a n r a s io m e n g u k u r
p e r o le h a n p r o fit d a r i p e n g g u n a a n m o d a l y a n g d ig u n a k a n t e r s e b u t.
R O A a d a la h r a s io p r o f it a b ilit a s y a n g m e n u n ju k a n p e r s e n t a s e k e u n t u n g a n ( la b a
b e r s ih ) y a n g d ip e r o le h p e r u s a h a a n d ib a n d in g k a n dengan k e s e lu r u h a n s u m b e r
d a y a a ta u r a t a - r a t a ju m la h a s e t , s e c a r a b e r t u r u t - t u r u t y a n g b e r a k h ir p a d a t a n g g a l
31 D e se m b e r 2021 s / d 3 0 S e p t e m b e r 2 0 2 5 , m a s in g - m a s in g R O A p e r u s a h a a n
s e b e s a r -8 ,1 5 % , -9 ,6 8 % , -1 2 ,7 3 % , -7 ,6 0 % d a n -5 ,7 3 % .
R O E A d a la h r a s io p r o f it a b ilit a s y a n g m e n g u k u r k e m a m p u a n p e r u s a h a a n u n t u k
m e n g h a s ilk a n la b a d a ri in v e s t a s i pem egang saham di p e ru s a h a a n , s e c a ra
b e r t u r u t - t u r u t y a n g b e r a k h ir p a d a t a n g g a l 31 D e s e m b e r 2 0 2 1 s /d 3 0 S e p t e m b e r
2 0 2 5 , m a s in g - m a s in g s e b e s a r - 1 4 , 2 3 , - 1 6 , 9 5 % , - 2 6 , 1 3 % , - 1 0 , 0 4 % , d a n - 7 , 8 7 % .
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d) P e n ila ia n A t a s P r o y e k s i K e u a n g a n y a n g D ip e r o le h d a r i M a n a je m e n F IT T
P e d o m a n p e n ila ia n , p e r t a m a 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 y a n g d is ia p k a n o le h
m a n a je m e n F I T T u n t u k t a h u n - t a h u n y a n g b e r a k h ir t a n g g a l 31 D e s e m b e r 2 0 2 0
( A u d it e d ) , 31 D e s e m b e r 2 0 2 1 ( A u d it e d ) , 31 D e s e m b e r 2 0 2 2 ( A u d it e d ) , t a n g g a l 31
D e s e m b e r 2 0 2 3 ( A u d it e d ) , 31 D e s e m b e r 2 0 2 4 ( A u d it e d ) , d a n 3 0 S e p t e m b e r 2 0 2 5 .
K e t e r a n g a n s e r t a in f o r m a s i d ia s u m s ik a n b e n a r d a n jik a t e r d a p a t p e n je la s a n y a n g
t e r s e m b u n y i a ta u t id a k d is a m p a ik a n k e p a d a P e n ila i, d im a n a h a l t e r s e b u t 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 d a p a t s a ja m e m b e r i p e n g a r u h t e r h a d a p
o p e r a s io n a l P e rs e ro a n d im a s a d a ta n g m aupun saat in i, bukan m e ru p a k a n
t a n g g u n g ja w a b P e n ila i.
A t a s p r o y e k s i y a n g d is a m p a ik a n m a n a je m e n , K a m i t e la h m e m b a n d in g k a n a n t a r a
p r o y e k s i d a n p e n c a p a ia n r e a lis a s i y a n g t e r ja d i b e b e r a p a t a h u n s e b e lu m n y a .
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1 ♦
KJPP Edi A n d e s t a dan Rekan
2) A n a lis is P r o fo r m a L a p o r a n K e u a n g a n S e b e lu m d a n S e s u d a h R e n c a n a T r a n s a k s i
T e r k a it dengan a n a lis a p o s is i p ro fo rm a F IT T s e b e lu m dan sesudah R encana
T r a n s a k s i y a n g d ib u a t o le h K A P D r a . S u h a r t a t i & R e k a n N o . R - 0 1 /2 .0 1 1 9 /0 1 6 5 -
1 /1 /2 0 2 6 t a n g g a l 3 F e b r u a r i 2 0 2 6 , b e r ik u t in i a d a la h p r o f o r m a k e u a n g a n F I T T s e b e lu m
d a n s e s u d a h R e n c a n a T ra n s a k s i
(DalamRupiah)
20 25 P ro form a
P ro fo rm a
1 J a n - 30 S ept P ro fo rm a S aldo P e n y esu aian dan P ro fo rm a S aldo
P e n y esu aian dan
S etelah E lim in a s i atas S etelah
U R A IA N E lim inasi atas
P elep asan T ra n sak si P en g am b ila lih a n
A ud ited T ra n s a k s i
S aham P e n g am b ila lih a n S aham
P elep asan S aham
S aham
ASET
A se t Lancar
K a s d a n S e ta r a K a s 3 2 .3 7 1 .2 1 2 .1 7 0 5 1 .1 0 2 .3 5 1 .8 1 8 8 3 .4 7 3 .5 6 3 .9 8 8 3 6 .0 0 0 .0 0 0 .0 0 0 1 1 9 .4 7 3 .5 6 3 .9 8 8
P iu ta n g U s a h a 3 9 2 .7 1 5 .3 0 3 ( 3 9 2 .7 1 5 .3 0 3 ) - - -
P e rs e d ia a n 6 5 .4 0 4 .4 0 4 (6 5 .4 0 4 .4 0 4 ) - - -
U ang M uka 1 8 .9 3 1 .6 3 7 .6 2 3 (1 8 .9 3 1 .6 3 7 .6 2 3 ) - - -
J u m la h a s e t lan car 51 .760 .969 .500 31 .712 .594 .488 8 3 .4 73 .563 .988 36 .000 .000 .000 119.473.56 3.98 8
A s e t T id a k L a n c a r
A s e t p a ja k ta n g g u h a n 2 2 1 .3 6 8 .6 4 6 ( 1 1 0 .0 7 3 .6 8 4 ) 1 1 1 .2 9 4 .9 6 2 - 1 1 1 .2 9 4 .9 6 2
A s e t T e ta p 4 6 .6 4 3 .7 2 1 .7 6 9 ( 4 6 .6 4 3 .7 2 1 .7 6 9 ) - -
J u m la h a s e t tid a k lan car 4 6 .8 6 5 .0 9 0 .4 1 5 (4 6 .75 3.79 5.45 4) 111.294.962 - 111.29 4.96 2
JUM LAH ASET 9 8 .6 2 6 .0 5 9 .9 1 5 (1 5 .0 4 1 .2 0 0 .9 6 6 ) 8 3 .5 8 4 .858 .950 3 6 .0 00 .000 .000 11 9.58 4.85 8.95 0
L IA B IL IT A S D A N E K U ITA S
L IA B IL IT A S
L ia b ilita s J a n g k a P e n d e k
U ta n g L a in -la in - P ih a k K e tig a 1 0 0 .1 7 1 .9 0 5 (1 0 0 .1 7 1 .9 0 5 ) - - -
U ta n g P a ja k 8 7 .2 1 4 .2 2 3 (8 2 .7 7 4 .5 1 4 ) 4 .4 3 9 .7 0 9 4 .4 3 9 .7 0 9
B ia y a Y a n g M a s ih H a m s
2 4 6 .5 1 6 .5 6 8 (2 4 6 .5 1 6 .5 6 8 ) - - -
D ib a y a r
U ta n g B a n k - J a tu h T e m p o
2 .7 0 0 .0 0 0 .0 0 0 ( 2 .7 0 0 .0 0 0 .0 0 0 ) - - -
d a la m 1 T a h u n
U ta n g p e m e g a n g s a h a m 1 6 .5 0 0 .0 0 0 .0 0 0 (1 6 .5 0 0 .0 0 0 .0 0 0 ) - - -
J u m la h L ia b ilita s Ja n g k a P endek 19.633.902 .696 (1 9 .62 9.46 2.98 7) 4 .4 39.7 09 4 .4 39.7 09
L ia b ilita s J a n g k a P a n ja n g
U ta n g B a n k 6 .1 0 3 .1 0 0 .0 0 0 ( 6 .1 0 3 .1 0 0 .0 0 0 ) - - -
Im b a la n p a s c a k e rja 1 .0 0 6 .2 2 1 .1 2 1 (5 0 0 .3 3 4 .9 2 8 ) 5 0 5 .8 8 6 .1 9 3 - 5 0 5 .8 8 6 .1 9 3
J u m la h Liab ilitas Ja n g k a P anjang 7.109.321.121 (6 .6 03 .434 .928 ) 5 0 5.88 6.19 3 - 5 0 5.88 6.19 3
J U M L A H L IA B IL IT A S 26 .7 4 3 .2 2 3 .8 1 6 (2 6 .23 2.89 7.91 5) 5 1 0 .3 2 5 5 0 2 51 0 .3 2 5 .9 0 2
E K U IT A S
M odal saham 1 3 0 .4 2 7 .2 0 5 .1 0 0 - 1 3 0 .4 2 7 .2 0 5 .1 0 0 - 1 3 0 .4 2 7 .2 0 5 .1 0 0
T a m b a h a n m o d a l d is e t o r (7 .1 1 4 .6 6 9 .4 7 1 ) 9 .4 8 4 .9 0 7 .0 7 1 2 .3 7 0 .2 3 7 .6 0 0 ( 6 .3 3 1 .9 5 3 ) 2 .3 6 3 .9 0 5 .6 4 7
S a ld o D e fis it (5 1 .4 4 8 .8 6 5 .4 7 7 ) 1 .7 2 5 .9 5 5 .8 2 5 ( 4 9 .7 2 2 .9 0 9 .6 5 2 ) 2 2 .6 1 4 .1 1 9 (4 9 .7 0 0 .2 9 5 .5 3 3 )
J u m la h E k u ita s Y a n g D a p a t
D ia trib u s ik a n
K e p a d a P e m ilik E n tita s
In d u k 7 1 .8 6 3 .6 7 0 .1 5 2 1 1 .2 1 0 .8 6 2 .8 9 7 8 3 .0 7 4 .5 3 3 .0 4 9 1 6 .2 8 2 .1 6 6 8 3 .0 9 0 .8 1 5 .2 1 5
K e p e n tin g a n N o n - P e n g e n d a li 1 9 .1 6 5 .9 4 8 (1 9 .1 6 5 .9 4 8 ) - 3 5 .9 8 3 .7 1 7 .8 3 4 3 5 .9 8 3 .7 1 7 .8 3 4
J U M L A H E K U ITA S 7 1 .8 8 2 .836 .100 11 .191 .696 .949 8 3 .0 74 .533 .049 36 .000 .000 .000 11 9.07 4.53 3.04 9
J U M L A H L IA B IL IT A S D A N
E K U ITA S 98 .6 2 6 .0 5 9 .9 1 6 (1 5 .0 4 1 7 0 0 .9 6 6 ) 8 3 .5 84 .858 .950 3 6 .0 00 .000 .000 11 9.58 4.85 8.95 0
D e n g a n d ila k u k a n n y a R e n c a n a T r a n s a k s i p e r u b a h a n a k u n y a n g t e r d a p a t p a d a
p o s is i k e u a n g a n d iu r a ik a n s e b a g a i b e r ik u t :
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A I S A L
O
(1 ) Kas & s e ta ra k a s , m e n g a la m i p e n in g k a t a n d a r i s e m u la R p . 3 2 ,3 7 m ilia r
m e n ja d i R p . 1 1 9 , 4 7 m ilia r , h a l in i d is e b a b k a n o le h p e n e r im a a n F I T T a ta s
p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n F A W ) y a n g m a s in g -
m a s in g s e b e s a r R p . 2 1 , 9 3 m ilia r ( B M P ) d a n s e b e s a r R p . 4 5 , 3 3 m ilia r ( F A W )
s e rta a ta s re n c a n a tra n s a k s i p e n g a m b ila lih a n saham pada e n t it a s yang
b e r g e r a k d a la m b id a n g ja s a p e n g a n g k u t a n b a r a n g m e la lu i ja l u r p e la y a r a n
d o m e s t ik s e b e s a r R p . 1 4 , 0 0 m ilia r . N a m u n a t a s r e n c a n a t r a n s a k s i p e n g a m b il
a lih a n in i F I T T a k a n m e n ja d i p e m e g a n g s a h a m p e n g e n d a li s e h in g g a la p o r a n
k e u a n g a n e n t it a s a n a k a k a n d ik o n s o lid a s i d a n m e n a m b a h k a s d a n s e t a r a k a s
F I T T s e b e s a r R p . 3 6 , 0 0 m ilia r .
(2 ) P iu ta n g U s a h a , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p . 3 9 2 , 7 2 ju t a m e n ja d i
R p . 0 , h a l in i d is e b a b k a n o le h e lim in a s i a t a s a k u n p iu t a n g usaha a k ib a t
p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n F A W ) .
(3 ) P e r s e d ia a n , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p . 6 5 , 4 0 ju t a m e n ja d i R p .
0 , h a l in i d is e b a b k a n adanya p e le p a s a n p e r s e d ia a n d a r i k e g ia t a n usaha
p e r h o t e la n s e ja la n p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k B M P
(4 ) U a n g m u k a , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p . 1 8 ,9 3 m ilia r m e n ja d i R p .
0 , h a l in i d is e b a b k a n o le h p e le p a s a n u a n g m u k a k o n s u lt a n d a r i p e r u s a h a a n
anak FAW .
A s e t T id a k L a n c a r
( 1 ) A s e t P a ja k T a n g g u h a n , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p . 2 2 1 , 3 7 ju t a
m e n ja d i R p . 1 1 1 , 2 9 ju t a , h a l in i d is e b a b k a n a d a n y a p e n y e s u a ia n s e te la h
p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n F A W ) .
(2 ) A s e t te t a p , t e r ja d i p e n u r u n a n d a r i s e m u la R p . 4 6 , 6 4 ju t a m e n ja d i R p . 0 , h a l in i
d is e b e b a k a n p e le p a s a n a s e t t e t a p y a n g t e r c a t a t p a d a p e r u s a h a a n a n a k B M P
dan FAW .
L ia b ilita s J a n g k a P e n d e k
(1 ) U t a n g la in - la in p ih a k k e tig a , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p . 1 0 0 ,1 7
ju t a m e n ja d i R p . 0 , h a l in i d is e b a b k a n a d a n y a p e n y e s u a ia n s e t e la h p e le p a s a n
in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n F A W ) .
(2 ) U ta n g p a ja k , m e n g a la m i p e n u r u n a n d a r i s e b e s a r i R p . 8 7 ,2 1 ju t a m e n ja d i R p .
4 , 4 4 ju t a , h a l in i d is e b a b k a n a d a n y a p e n y e s u a ia n s e t e la h p e le p a s a n in v e s t a s i
s a h a m p e ru s a h a a n a n a k (B M P d a n F A W ).
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(3 ) B ia y a y a n g m a s ih h a m s d ib a y a r , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p .
2 4 6 , 5 2 ju t a m e n ja d i R p . 0 , h a l in i d is e b a b k a n a d a n y a p e n y e s u a ia n s e te la h
p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n F A W ) .
(4 ) U ta n g B a n k , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p . 2 ,7 m ilia r m e n ja d i R p . 0 ,
h a l in i d is e b a b k a n a d a n y a p e n y e s u a ia n s e t e la h p e le p a s a n in v e s t a s i s a h a m
p e ru s a h a a n a n a k (B M P d a n F A W ).
(5 ) U t a n g p e m e g a n g s a h a m , m e n g a la m i p e n u r u n a n d a r i s e b e s a r R p . 1 6 ,5 0 m ilia r
m e n ja d i R p . 0 , h a l in i d is e b a b k a n adanya p e m b a y a ra n u ta n g pem egang
saham k e p a d a B a p a k H e n d r a S u t a n t o , y a n g b e r a s a l d a r i d a a n p e le p a s a n
p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n F A W ) .
L ia b ilita s J a n g k a P a n ja n g
(1 ) U ta n g b a n k , m e n g a la m i p e n u r u n a n d a ri s e b e s a r R p . 6 ,1 0 m ilia r m e n ja d i
s e b e s a r R p . 0 , h a l in i d is e b a b k a n a d a n y a p e n y e s u a ia n s e t e la h p e le p a s a n
in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P ) .
(2 ) I m b a la n pasca k e r ja , m e n g a la m i p e n u r u n a n d a ri s e b e s a r R p . 1 ,0 1 m ilia r
m e n ja d i s e b e s a r R p . 5 0 0 , 8 9 ju t a , h a l in i d is e b a b k a n a d a n y a p e n y e s u a ia n
s e t e la h p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n F A W ) .
E k u ita s
E k u ita s t e r ja d i k e n a ik a n d a r i s e m u la R p . 7 1 , 8 8 m ilia r m e n ja d i s e b e s a r R p . 1 1 9 ,0 7
m ilia r , t e r d ir i d a r i t a m b a h a n m o d a l d is e t o r s e b e s a r R p . 2 , 3 6 m ilia r , s a ld o d e f is it
s e b e s a r R p . 4 9 , 7 0 m ilia r , k e p e n t in g a n n o n p e n g e d a li s e b e s a r R p 3 5 , 9 8 m ila r a ta s
p e le p a s a n p e r u s a h a n a n a k s e r t a r e n c a n a t r a n s a k s i p e n g a m b ila lih a n s a h a m p a d a
e n t it a s yang b e r g e r a k d a la m b id a n g ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r
p e la y a r a n d o m e s t ik .
B e r d a s a r k a n u r a ia n d ia t a s , m a k a a s e t la n c a r t e r ja d i k e n a ik a n y a it u d a r i s e m u la
R p . 5 1 , 7 6 m ilia r , m e n ja d i s e b e s a r R p . 1 1 9 , 4 7 m ilia r , y a n g b e r a s a l d a r i p e r o le h a n
p e n e r im a a n F I T T a ta s p e le p a s a n in v e s t a s i s a h a m p e r u s a h a a n a n a k ( B M P d a n
F A W ) s e r t a , a s e t t id a k la n c a r t e r ja d i k e n a ik a n d a r i s e m u la R p . 4 6 ,8 7 m ilia r ,
m e n ja d i s e b e s a r R p . 1 1 1 , 2 9 ju t a , y a n g b e r a s a l d a r i p e le p a s a n a s s e t y a n g t e r c a t a t
p a d a p e r u s a h a a n a n a k B M P d a n F A W , s e la n ju t n y a t o t a l a s e t t e r ja d i k e n a ik a n
y a it u d a r i s e m u la R p . 9 8 , 6 2 m ilia r , m e n ja d i s e b e s a r R p . 1 1 9 , 5 8 m ilia r .
P a d a a k u n t o t a l lia b ilit a s t e r ja d i p e n u r u n a n , y a it u d a r i s e m u la R p . 2 6 , 7 4 m ilia r ,
tu ru n m e n ja d i s e b e s a r R p . 5 1 0 , 3 3 ju t a . T e r ja d i p e n u r u n a n d is e b a k a n adanya
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 62
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p e m b a y a r a n u ta n g p e m e g a n g s a h a m y a n g d a n a n y a b e r a s a l d a r i p e le s a n s a h a m
p e r u s a h a a n a n a k d a n p e n y e s u a ia n u ta n g s e t e la h p e le p a s a n t e r s e b u t.
T e r lih a t b a h w a R e n c a n a T r a n s a k s i a k a n m e n a m b a h m o d a l d is e t o r d a n m e m b u a t
lik u id it a s P e r s e r o a n m e n ja d i le b ih b a ik , d e n g a n d e m ik ia n R e n c a n a T ra n s a k s i
yang akan d ila k u k a n , m e m b e r ik a n dam pak p o s it if b a g i P e r s e r o a n , s e h in g g a
R e n c a n a T r a n s a k s i w a ja r d ila k u k a n .
3) A n a l i s i s I n k r e m e n t a l (In c re m e n ta l A n a ly s is ) u n t u k M e n g u k u r N ila i T a m b a h d a r i
R e n c a n a T ra n s a k s i
K o n t r ib u s i n ila i t a m b a h t e r h a d a p F I T T s e b a g a i a k ib a t d a r i R e n c a n a T r a n s a k s i y a n g
a k a n d ila k u k a n t e r m a s u k d a m p a k n y a t e r h a d a p p r o y e k s i k e u a n g a n F IT T .
(a ) In k r e m e n t a l b e r d a s a r k a n p r o y e k s i 5 t a h u n ( 2 0 2 6 s /d 2 0 3 0 )
T e r k a it a n a lis is in k r e m e n t a l dan dam pak te rh a d a p o p e r a s io n a l P e rs e ro a n ,
d im a n a F I T T a k a n m e la k u k a n R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n
F IT T p a d a B M P d a n 9 9 ,9 6 % S a h a m P e n y e r t a a n F I T T p a d a F A W , m a k a F IT T
akan m e m p e r o le h n ila i ta m b a h a ta u in k r e m e n t a l ( m a n f a a t e k o n o m is ) b e ru p a
k e u n tu n g a n d a ri re n c a n a te rs e b u t:
(1 ) A s u m s i- a s u m s i
A s u m s i- a s u m s i yang m e n d a s a ri penyusunan p ro y e k s i usaha P e rs e ro a n
d is e r t a i d e n g a n t in g k a t k e te r c a p a ia n n y a s e la m a 5 t a h u n , d a r i 2 0 2 6 s /d 2 0 3 0 ,
y a itu P e n d a p a t a n b e r a s a l d a r i a s u m s i p e n d a p a t a n y a n g a k a n d it e r im a d a r i
e n t it a s yang re n c a n a n y a akan d ia m b il a lih o le h F IT T di b id a n g ja s a
p e n g a n g k u t a n b a r a n g m e la lu i ja l u r p e la y a r a n d o m e s t ik .
(2 ) P r o y e k s i P e n d a p a ta n
P r o y e k s i p e n d a p a t a n y a n g d it e r im a a d a la h d a r i p e n d a p a t a n a t a s e n t it a s y a n g
r e n c a n a n y a a k a n d ia m b il a lih o le h F I T T d i b id a n g ja s a p e n g a n g k u t a n b a r a n g
m e la lu i ja l u r p e la y a r a n d o m e s t ik , d iu r a ik a n s e b a g a i b e r ik u t:
(DalamRupiah)
LAPORAN LABA RUGI
Proyeksi
Uraian
2026 2027 2028 2029 2030
P e n d a p a ta n 7 1 .9 7 1 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0
P e n d a p a t a n p a d a t a h u n 2 0 2 7 s e b e s a r R p . 1 3 1 , 9 5 m ilia r , m e n g a la m i k e n a ik a n
s e b e s a r R p . 5 9 , 9 8 m ilia r a ta u n a ik s e b e s a r 8 3 , 3 3 % , d ib a n d in g k a n d e n g a n
p e n d a p a ta n p a d a t a h u n 2 0 2 6 s e b e s a r R p . 7 1 , 9 7 m ilia r . P e n y e b a b u ta m a
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 63
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KJPP Edi A n d e s t a dan Rekan
k e n a ik a n a d a la h m e n in g k a t n y a p e n d a p a t a n e n t it a s y a n g r e n c a n a n y a a k a n
d ia m b il a lih o le h F I T T d i b id a n g ja s a p e n g a n g k u ta n b a ra n g m e la lu i ja lu r
p e la y a r a n d o m e s t ik .
P e n d a p a ta n pada ta h u n 2 0 2 8 -2 0 3 9 sebesar Rp. 1 3 1 ,9 5 m ilia r , t id a k
m e n g a la m i p e r u b a h a n d ib a n d in g k a n d e n g a n p e n d a p a t a n p a d a t a h u n 2 0 2 7
sebesar Rp. 1 3 1 ,9 5 m ilia r . K o n d is i in i m e n c e r m in k a n t id a k adanya
p e rtu m b u h a n p e n d a p a t a n e n t it a s y a n g r e n c a n a n y a a k a n d ia m b il a lih o le h
F IT T d i b id a n g ja s a p e n g a n g k u t a n b a r a n g m e la lu i j a lu r p e la y a r a n d o m e s t ik .
(3 ) P ro y e k s i L a b a R u g i
P r o y e k s i L a b a ( r u g i) s e la m a 5 t a h u n d iu r a ik a n s e b a g a i b e r i k u t :
(DalamRupiah)
2025 2026 20 27 2028 2029 20 30
U R A IA N 1 O k t - 31 Des 1 J a n - 31 D es 1 J a n - 31 D es 1 Ja n - 31 D es 1 Ja n - 31 D es 1 J a n - 31 Des
F ore ca st F ore c a s t F ore ca st F ore ca st F ore ca st F ore ca st
P e n d a p a ta n - 7 1 .9 7 1 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0
B e b a n p o k o k p e n d a p a ta n - ( 5 5 .5 8 4 .5 6 0 .0 0 0 ) ( 8 9 .5 4 5 .3 6 0 .0 0 0 ) (9 0 .8 7 6 .5 4 0 .0 0 0 ) ( 9 2 .2 4 3 .9 0 6 .0 0 0 ) (9 3 .6 5 1 .4 6 2 .0 0 0 )
L a b a (ru g i) k o to r - 16 .386 .640 .000 4 2 .4 01 .840 .000 41 .0 7 0 .6 6 0 .0 0 0 39 .703 .294 .000 38.295.738 .000
B eban U saha (1 .1 7 7 .6 9 0 .8 4 7 ) ( 6 .6 1 7 .9 7 2 .7 8 5 ) ( 7 .2 5 5 .1 9 9 .1 4 4 ) (7 .5 0 1 .6 4 5 .9 2 2 ) (7 .7 6 0 .1 5 8 .3 3 8 ) (8 .0 2 9 .8 5 2 .8 7 5 )
P e n d a p a ta n (B e b a n ) L a in -la in
P e n d a p a ta n (B e b a n ) G iro 1 .2 1 5 .4 9 1 1 .6 2 0 .6 5 5 1 .6 2 0 .6 5 5 1 .6 2 0 .6 5 5 1 .6 2 0 .6 5 5 1 .6 2 0 .6 5 5
P e n d a p a ta n (B e b a n ) L a in -la in 7 .3 9 9 .4 1 7 1 .5 6 8 .7 4 5 .0 1 7 8 4 9 .0 3 3 .0 1 7 8 4 9 .0 3 3 .0 1 7 8 4 9 .0 3 3 .0 1 7 8 4 9 .0 3 3 .0 1 7
B u n g a P in ja m a n B a n k - (9 .7 5 6 .0 0 0 .0 0 0 ) (1 3 .0 0 8 .0 0 0 .0 0 0 ) ( 1 2 .3 1 1 .1 4 2 .8 5 7 ) ( 1 0 .4 5 2 .8 5 7 .1 4 3 ) ( 8 .5 9 4 .5 7 1 .4 2 9 )
B u n g a S e w a P e m b ia y a a n - - - - - -
P a ja k B u n g a ( 2 4 3 .0 9 8 ) ( 2 4 3 .0 9 8 ) ( 2 4 3 .0 9 8 ) ( 2 4 3 .0 9 8 ) ( 2 4 3 .0 9 8 ) ( 2 4 3 .0 9 8 )
A d m in is tr a s i B a n k (6 6 6 .2 0 0 ) ( 6 6 6 .2 0 0 ) ( 6 6 6 .2 0 0 ) ( 6 6 6 .2 0 0 ) ( 6 6 6 .2 0 0 ) ( 6 6 6 .2 0 0 )
K e u n tu n g a n (K e ru g ia n )
(3 7 .9 7 3 .8 7 0 .0 0 0 )
P e le p a s a n In v e s ta s i S a h a m
B u n g a P in ja m a n P e m e g a n g
- - - - - -
Saham
L a b a (R u g i) se b e lu m pajak (3 9 .14 3.85 5.23 7) 1.5 82.1 23.5 89 2 2 .9 88 .385 .229 2 2 .1 07 .615 .595 2 2 .3 40 .022 .893 22.521.058.071
M a n fa a t ( b e b a n ) p a ja k
P a ja k k in i - (1 7 1 .6 2 7 .4 5 3 ) (5 .0 7 3 .0 3 6 .0 5 3 ) ( 4 .7 2 6 .6 0 1 .6 9 1 ) ( 4 .7 9 7 .6 4 1 .8 2 9 ) (4 .8 5 8 .3 7 5 .6 2 6 )
P a ja k ta n g g u h a n 1 4 .7 8 6 .5 7 2 - - - - -
L a b a (R u g i) ta h u n berja lan (3 9 .1 2 9 .0 6 8 .6 6 4 ) 1 .4 1 0.4 96.1 35 17 .915 .349 .176 1 7 .3 81 .013 .904 1 7 .5 42 .381 .065 17 .662 .682 .445
L a b a b e r s ih p a d a t a h u n 2 0 2 6 s e b e s a r R p . 1 ,4 1 m ilia r , m e n g a la m i k e n a ik a n
s e b e s a r R p . 4 0 , 5 3 m ilia r d ib a n d in g k a n d e n g a n r u g i p a d a p e r io d e O k t o b e r -
D e s e m b e r 2 0 2 5 s e b e s a r R p . 3 9 , 1 3 m ilia r . P e n in g k a t a n t e r u t a m a d is e b a b k a n
a d a n y a p e n d a p a t a n u s a h a y a n g m e n u t u p s e b a g ia n b e b a n P e r s e r o a n .
L a b a b e r s ih p a d a ta h u n 2 0 2 7 s e b e s a r R p . 1 7 ,9 2 m ilia r , m e n g a la m i k e n a ik a n
s e b e s a r R p . 1 6 ,5 0 m ilia r a ta u n a ik s e b e s a r 1 . 1 7 0 , 1 5 % d ib a n d in g k a n d e n g a n
la b a b e r s ih p a d a ta h u n 2 0 2 6 s e b e s a r R p . 1 ,4 1 m ilia r m ilia r . P e n in g k a t a n
d is e b a b k a n o le h p e r t u m b u h a n p e n d a p a t a n u s a h a P e r s e r o a n .
L a b a b e r s ih p a d a t a h u n 2 0 2 8 s e b e s a r R p . 1 7 ,3 8 m ilia r , m e n g a la m i p e n u r u n a n
s e b e s a r R p . 5 3 4 , 3 4 ju t a a ta u t u r u n s e b e s a r 2 ,9 8 % d ib a n d in g k a n d e n g a n la b a
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 64
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KJPP Edi A n d e s t a dan Rekan
S A
O
b e r s ih p a d a t a h u n 2 0 2 7 s e b e s a r R p . 1 7 ,9 2 m ilia r . P e n u r u n a n d is e b a b k a n o le h
m e n in g k a t n y a b e b a n p o k o k p e n d a p a t a n d a n b e b a n u s a h a .
L a b a b e r s ih p a d a ta h u n 2 0 2 9 s e b e s a r R p . 1 7 ,5 4 m ilia r , m e n g a la m i k e n a ik a n
s e b e s a r R p . 1 6 1 , 3 7 ju t a a ta u n a ik s e b e s a r 0 , 9 3 % d ib a n d in g k a n d e n g a n la b a
b e r s ih p a d a t a h u n 2 0 2 8 s e b e s a r R p . 1 7 ,3 8 m ilia r . P e n in g k a t a n d id o r o n g o le h
p e n d a p a t a n u s a h a y a n g s ta b il.
L a b a b e r s ih p a d a ta h u n 2 0 3 0 s e b e s a r R p . 1 7 ,6 6 m ilia r , m e n g a la m i k e n a ik a n
s e b e s a r R p . 1 2 0 , 3 0 ju t a a ta u n a ik s e b e s a r 0 ,6 9 % d ib a n d in g k a n d e n g a n la b a
b e r s ih p a d a t a h u n 2 0 2 9 s e b e s a r R p . 1 7 ,5 4 m ilia r . P e n in g k a t a n d id o r o n g o le h
p e n d a p a t a n u s a h a y a n g s ta b il.
(4 ) I n k r e m e n t a l P r o fo r m a S e b e lu m d a n S e s u d a h R e n c a n a T r a n s a k s i
P r o f o r m a s e b e lu m d a n s e s u d a h R e n c a n a T r a n s a k s i t e r a lis a s i, y a n g d i b u a t
o le h K A P D r a . S u h a r t a t i & R e k a n , d iu r a ik a n s e b a g a i b e r ik u t:
(DalamRupiah)
Sebelum Rencana Setelah Rencana
Transaksi Transaksi
URAIAN
2025 2025
1 Jan - 30 Sept 1 Jan - 30 Sept
ASET
A s e t la n c a r 5 1 .7 6 0 .9 6 9 .5 0 0 1 1 9 .4 7 3 .5 6 3 .9 8 8
A s e t tid a k la n c a r 4 6 .8 6 5 .0 9 0 .4 1 5 1 1 1 .2 9 4 .9 6 2
JUMLAH ASET 98.626.059.915 119.584.858.950
LIABILITAS DAN EKUITAS
LIABILITAS
L ia b ilita s J a n g k a P e n d e k 1 9 .6 3 3 .9 0 2 .6 9 6 4 .4 3 9 .7 0 9
L ia b ilita s J a n g k a P a n ja n g 7 .1 0 9 .3 2 1 .1 2 1 5 0 5 .8 8 6 .1 9 3
JUMLAH LIABILITAS 26.743.223.816 510.325.902
EKUITAS
E K U IT A S 7 1 .8 8 2 .8 3 6 .1 0 0 1 1 9 .0 7 4 .5 3 3 .0 4 9
JUMLAH LIABILITAS DAN EKUITAS 98.626.059.916 119.584.858.950
B e rd a s a rk a n p ro fo rm a la p o r a n keuangan F IT T p e r ta n g g a l 3 0 S e p te m b e r
2025 s e b e lu m dan s e t e la h re n c a n a t r a n s a k s i, t e r lih a t bahw a dengan
d ila k u k a n n y a R encana T r a n s a k s i, t e r ja d i k e n a ik a n aset la n c a r sebesar
R p .6 7 ,7 1 m ilia r a ta u n a ik s e b e s a r 1 3 0 ,8 2 % , d a n e k u it a s t e r ja d i k e n a ik a n
s e b e s a r R p . 4 7 , 1 9 m ilia r ta h u n a ik 6 5 , 6 5 % . R a s io k e u a n g a n m e n u n ju k k a n
p e r b a ik a n , t e r u t a m a p a d a a s p e k lik u id it a s d a n p r o fita b ilit a s .
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 65
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URAIAN
F
2026
1 Jan-
A P
2027
1 Jan-
P
KJPP Edi A n d e s t a dan Rekan
R A
2028
1 Jan-
/ S
2029
1 Jan -
A L
2030
1 Jan-
o
31 Des 31 Des 31 Des 31 Des 31 Des
RASIO KEUANGAN
A Rasio Likuiditas
1. Cash Ratio
- S e te la h T ra n s a k s i 2 ,6 4 1 ,8 8 2 ,1 7 2 ,4 6 2 ,7 5
- S e b e lu m T ra n s a k s i 1 ,7 3 1 ,8 3 0 ,5 6 0 ,7 6 1 ,1 0
Selisih Setelah dan
Sebelum Transaksi 0,91 0,05 1,61 1,70 1,65
2. Quick Ratio
- S e te la h T r a n s a k s i 9 ,3 3 3 ,9 9 4 ,2 7 4 ,5 5 4 ,8 4
- S e b e lu m T ra n s a k s i 2 ,7 0 2 ,7 9 2 ,9 2 0 ,7 8 1 ,1 3
Selisih Setelah dan
Sebelum Transaksi 6,63 1,20 1,35 3,77 3,71
3. Current Ratio
- S e te la h T ra n s a k s i 9 ,3 3 3 ,9 9 4 ,2 7 4 ,5 5 4 ,8 4
- S e b e lu m T ra n s a k s i 2 ,7 0 2 ,7 9 2 ,9 3 0 ,7 8 1 ,1 3
Selisih Setelah dan
Sebelum Transaksi 6,62 1,19 1,34 3,77 3,70
B Rasio Solvabilitas
1. Debt To Equity Ratio
- S e te la h T r a n s a k s i 1 ,3 3 1 ,1 4 0 ,8 8 0 ,6 7 0 ,4 9
- S e b e lu m T r a n s a k s i 0 ,3 8 0 ,3 8 0 ,3 8 0 ,3 5 0 ,3 4
Selisih Setelah dan
Sebelum Transaksi 0,95 0,76 0,50 0,31 0,15
2. Debt To Asset Ratio
- S e te la h T r a n s a k s i 0 ,5 7 0 ,5 3 0 ,4 7 0 ,4 0 0 ,3 3
- S e b e lu m T ra n s a k s i 0 ,2 7 0 ,2 7 0 ,2 7 0 ,2 6 0 ,2 5
Selisih Setelah dan
Sebelum Transaksi 0,30 0,26 0,19 0,14 0,08
C Rasio Profitabilitas
1. Net Profit Margin
- S e t e la h T ra n s a k s i 8 ,6 1 % 4 2 ,2 5 % 4 2 ,3 2 % 4 4 ,1 8 % 4 6 ,1 2 %
- S e b e lu m T ra n s a k s i - 2 ,3 3 % 2 ,8 6 % 7 ,9 4 % 9 ,9 8 % 1 0 ,9 0 %
Selisih Setelah dan
Sebelum Transaksi 10,94% 39,39% 34,38% 34,20% 35,22%
2. Return On Equity
- S e te la h T ra n s a k s i 1 ,1 7 % 1 2 ,9 5 % 1 1 ,1 6 % 1 0 ,1 2 % 9 ,2 5 %
- S e b e lu m T ra n s a k s i - 0 ,4 2 % 0 ,5 8 % 1 ,7 8 % 3 ,3 0 % 4 ,6 4 %
Selisih Setelah dan
Sebelum Transaksi 1,59% 12,37% 9,38% 6,82% 4,61%
3. Return On Assets
- S e te la h T r a n s a k s i 0 ,5 0 % 6 ,0 5 % 5 ,9 5 % 6 ,0 8 % 6 ,2 0 %
- S e b e lu m T r a n s a k s i - 0 ,3 1 % 0 ,4 2 % 1 ,2 9 % 2 ,4 4 % 3 ,4 7 %
Selisih Setelah dan
Sebelum Transaksi 0,81% 5,63% 4,65% 3,64% 2,73%
P ada r a s io lik u id it a s , s e t e la h tra n s a k s i C ash R atio P e rs e ro a n m e n in g k a t
d ib a n d in g k a n s e b e lu m t r a n s a k s i, dengan s e lis ih p o s it if m a s in g - m a s in g
sebesar 0,91 x (2026), 0,05x (2027), 1,61x (2028), 1,70x (2029), d a n 1,65x
(2030). H a l in i m e n u n ju k k a n b a h w a d a n a h a s il d iv e s t a s i p e r u s a h a a n a n a k
m e m p e r k u a t p o s is i k a s F I T T d a la m m e m e n u h i k e w a jib a n ja n g k a p e n d e k .
PT H o te l F itra In te rn a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW
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R a s io Q uick R atio m e n u n ju k k a n p e n in g k a t a n s e t e la h t r a n s a k s i d e n g a n s e lis ih
p o s it if m a s in g - m a s in g s e b e s a r 6 , 6 3 x ( 2 0 2 6 ) , 1 ,2 0 x ( 2 0 2 7 ) , 1 ,3 5 x ( 2 0 2 8 ) , 3 , 7 7 x
(2 0 2 9 ), dan 3 ,7 1 x (2 0 3 0 ). C urrent R asio ju g a m e n u n ju k k a n p e n in g k a t a n
s e te la h t r a n s a k s i d e n g a n s e lis ih p o s it if m a s in g - m a s in g s e b e s a r 6 , 6 2 x ( 2 0 2 6 ) ,
1 ,1 9 x (2 0 2 7 ), 1 ,3 4 x (2 0 2 8 ), 3 ,7 7 x (2 0 2 9 ), dan 3 ,7 0 x (2 0 3 0 ). H al in i
m e n u n ju k k a n aset la n c a r P e rs e ro a n m e n ja d i le b ih kuat s e t e la h adanya
t a m b a h a n lik u id it a s d a r i p e le p a s a n s a h a m B M P d a n F A W .
D a r i s is i s o lv a b ilit a s , D E R s e t e la h t r a n s a k s i le b ih t in g g i d ib a n d in g k a n s e b e lu m
t r a n s a k s i p a d a a w a l p r o y e k s i t e r c a t a t d a r i 1 ,3 3 x ( 2 0 2 6 ) m e n ja d i 0 , 4 9 x ( 2 0 3 0 ) ,
yang m e n u n ju k k a n adanya ta m b a h a n e k u it a s dan p e lu n a s a n s e b a g ia n
k e w a jib a n d a ri d a n a d iv e s t a s i. DAR m e n u n ju k k a n p e n u ru n a n d a ri 0 ,3 0 x
m e n ja d i 0 ,0 8 x , m e n u n ju k k a n b e r k u r a n g n y a p r o p o r s i a s e t y a n g d ib ia y a i o le h
lia b ilita s .
P a d a r a s io p r o f it a b ilit a s , s e t e la h t r a n s a k s i t e r c a t a t p o s it if m u la i t a h u n 2 0 2 7
d im a n a N e t P r o f it M a r g in m e n in g k a t d ib a n d in g k a n s e b e lu m t r a n s a k s i d e n g a n
s e lis ih m e n c a p a i 3 9 , 3 9 % p a d a t a h u n 2 0 2 7 d a n t e t a p t in g g i h in g g a 3 5 , 2 2 %
p a d a ta h u n 2030. RO E dan R O A ju g a m e n u n ju k k a n p e n in g k a t a n s e te la h
tra n s a k s i y a n g m e n u n ju k k a n b a h w a d iv e s t a s i a ta s p e r u s a h a a n a n a k yang
s e la m a in i b e r k in e r ja n e g a t if s e r t a r e n c a n a k e d e p a n in v e s t a s i p a d a s e k t o r
la in n y a o le h F IT T a k a n m e m b e r ik a n d a m p a k p o s it if t e r h a d a p p e n in g k a t a n
P e r s e r o a n d a la m m e n g h a s ilk a n la b a .
2 1 .3 A n a lis is K e w a ja r a n R e n c a n a T r a n s a k s i
A n a lis is k e w a ja r a n R e n c a n a T r a n s a k s i, d e n g a n m e m b a n d in g k a n a n t a r a h a r g a p e m b e lia n a ta u
h a rg a p e n g a m b ila lih a n dengan n ila i p a s a r d a r i h a s il p e n ila ia n . A p a b ila h a rg a p e m b e lia n
b e r a d a p a d a b a t a s a ta s d a n b a t a s b a w a h p a d a k is a r a n n ila i, t id a k m e le b ih i 7 ,5 % sesuai
p e r a t u r a n N o . 3 5 / P O J K . 0 4 / 2 0 2 0 , m a k a R e n c a n a T r a n s a k s i t e r s e b u t d ik a t e g o r ik a n w a ja r d a n
t id a k m e r u g ik a n P e r s e r o a n a ta u p e m e g a n g s a h a m n y a .
a. P e r b a n d in g a n A n t a r a R e n c a n a T r a n s a k s i d e n g a n H a s il P e n ila ia n A ta s 9 9 ,9 9 9 8 %
S a h a m P e n y e r ta a n F IT T p a d a B M P d a n 9 9 ,9 6 % S a h a m P e n y e r ta a n F IT T p a d a F A W
1) R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P
H a s il p e n ila ia n 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n F I T T p a d a B M P , y a n g d ik e lu a r k a n o le h
K J P P A n d e s t a , s e s u a i la p o r a n N o . 0 0 2 7 9 / 2 . 0 0 5 3 - 0 0 / B S / 0 5 / 0 0 9 5 / 1 / X I I / 2 0 2 5 , t a n g g a l
2 9 D e s e m b e r 2 0 2 5 , a d a la h R p . 2 0 . 9 2 3 . 3 6 3 . 0 0 0 , - ( D u a P u lu h M i l i a r S e m b i l a n R a t u s
D u a P u lu h T i g a J u t a T i g a R a t u s E n a m P u l u h T i g a R ib u R u p i a h )
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B e rd a s a rk a n P e r ja n jia n J u a l B e li S a h a m B e r s y a r a t B M P ta n g g a l 3 0 J a n u a ri 2 0 2 6
a n t a r a F I T T s e b a g a i P e n ju a l d a n B B S s e b a g a i P e m b e li, F I T T s e p a k a t u n t u k m e n ju a l
d a n m e n g a lih k a n S a h a m Y a n g D iju a l k e p a d a B B S d e n g a n h a r g a R p 2 1 . 9 2 3 . 3 6 3 . 0 0 0 , -
( D u a P u lu h S a t u M i l i a r S e m b i l a n R a t u s D u a P u lu h T i g a J u t a T i g a R a t u s E n a m
P u l u h T i g a R ib u R u p i a h ) .
D e n g a n d e m ik ia n , h a r g a R e n c a n a T r a n s a k s i D iv e s t a s i 9 9 , 9 9 9 8 % S a h a m P e n y e r t a a n
F IT T pada BMP, o le h F IT T le b ih t in g g i 4 ,7 8 % (e m p a t kom a tu ju h d e la p a n
p e r s e r a t u s ) d a r i N ila i P a s a r h a s il p e n ila ia n K J P P A n d e s t a .
2) R e n c a n a D iv e s t a s i 9 9 , 9 6 % S a h a m P e n y e r t a a n F I T T p a d a F A W
H a s il p e n ila ia n 9 9 , 9 6 % S a h a m P e n y e r t a a n F I T T p a d a F A W , y a n g d ik e lu a r k a n o le h
K J P P A n d e s t a , s e s u a i la p o r a n N o . 0 0 2 7 8 / 2 . 0 0 5 3 - 0 0 / B S / 0 5 / 0 0 9 5 / 1 / X I I / 2 0 2 5 , t a n g g a l
2 9 D e s e m b e r 2 0 2 5 , a d a la h R p . 4 4 . 3 3 2 . 5 6 7 . 0 0 0 , - ( E m p a t P u lu h E m p a t M i l i a r T i g a
R a t u s T i g a P u l u h D u a J u t a L i m a R a t u s E n a m P u l u h T u j u h R ib u R u p i a h ) .
B e rd a s a rk a n P e r ja n jia n J u a l B e li S a h a m B e rs y a ra t F A W ta n g g a l 3 0 J a n u a ri 2 0 2 6
a n t a r a F I T T s e b a g a i P e n ju a l d a n P G S s e b a g a i P e m b e li, F I T T s e p a k a t u n t u k m e n ju a l
d a n m e n g a lih k a n S a h a m Y a n g D iju a l k e p a d a P G S d e n g a n h a r g a R p . 4 5 . 3 3 2 . 5 6 7 . 0 0 0 , -
( E m p a t P u lu h L i m a M i l i a r T i g a R a t u s T i g a P u l u h D u a J u t a L i m a R a t u s E n a m
P u l u h T u j u h R ib u R u p i a h ) .
D e n g a n d e m ik ia n , h a r g a R e n c a n a T r a n s a k s i D iv e s t a s i 9 9 , 9 6 % S a h a m P e n y e r t a a n
F I T T p a d a F A W , o le h F I T T le b ih t in g g i 2 , 2 6 % (d u a k o m a d u a e n a m p e rs e ra tu s )
d a r i N ila i P a s a r h a s il p e n ila ia n K J P P A n d e s t a .
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b. A n a lis is u n tu k M e m a s tik a n Bahw a N ila i R encana T ra n s a k s i M e m b e rik a n N ila i
Tam bah
1) P ro y e k s i L a b a R ugi
a) L a b a ( R u g i) F I T T s e b e lu m r e n c a n a t r a n s a k s i
(DalamRupiah)
2025 2026 20 27 2028 20 29 2030
U R A IA N 1 O k t - 31 D es 1 J a n - 31 D es 1 Ja n • 31 D es 1 Ja n - 31 D es 1 J a n - 31 D es 1 Jan - 31 Des
F o re c a s t F o re c a s t F o re c a s t F o re c a s t F o re cas t F o re cas t
P e n d a p a ta n 3 .6 5 2 .0 9 0 .3 8 4 1 2 .9 7 6 .8 1 8 .2 3 9 1 4 .6 5 1 .7 3 9 .6 8 7 1 6 .4 6 1 .0 4 6 .0 0 5 2 5 .1 7 1 .5 8 7 .4 7 8 3 3 .9 2 7 .7 6 1 .9 5 8
B e b a n p o k o k p e n d a p a ta n ( 1 .7 2 8 .3 8 2 .1 7 9 ) ( 6 .1 0 9 3 8 1 .4 1 3 ) (6 .7 9 1 .9 7 7 .3 2 8 ) (7 .4 2 4 .0 7 8 .7 7 8 ) ( 1 0 .9 4 7 .7 2 3 .8 7 9 ) ( 1 4 .8 5 5 .2 4 8 .7 0 6 )
Laba (ru g i) k o to r 1 .9 2 3.7 08.2 05 6 .8 6 7.4 36.8 26 7 .8 5 9.7 62.3 59 9 .0 3 6.9 67.2 27 14 .223 .863 .598 19 .072 .513 .252
Beban U saha ( 1 .3 7 0 .6 1 6 .4 6 5 ) (5 .5 7 2 .0 6 9 .0 3 9 ) ( 5 .8 5 5 .4 3 8 .1 2 4 ) ( 6 .1 6 1 .3 7 1 .2 7 2 ) ( 9 .9 5 3 .0 6 9 .1 0 2 ) (1 3 .4 3 5 .6 7 4 .1 7 2 )
P e n d a p a ta n (B e b a n ) L a in -la in (3 2 3 .0 2 6 .5 2 0 ) ( 1 .5 9 7 .9 6 0 .5 0 0 ) (1 .5 8 5 .6 3 4 .4 7 9 ) ( 1 .5 6 8 .6 4 6 .2 8 5 ) (1 .6 5 2 .3 4 1 .1 9 5 ) (1 .6 3 1 .4 1 7 .7 8 0 )
Laba (R u g i) se b e lu m p a jak 230.065.221 (3 02.5 92.7 12) 4 1 8.68 9.75 6 1.3 06.9 49.6 70 2.6 18.453.301 4 .0 0 5.4 21.2 99
M a n fa a t (b e b a n ) p a ja k
P a ja k k in i - - - - (1 0 5 .2 7 6 .3 4 1 ) ( 3 0 6 .7 1 4 .6 8 2 )
P a ja k ta n g g u h a n - - - - - -
Laba (R u g i) ta h u n b erjalan 2 3 0 .0 6 5 2 2 1 (3 0 2 .5 9 2 .7 1 2 ) 41 8 .6 8 9 .7 5 6 1.306.9 49.6 70 2.5 13.1 76.9 60 3 .6 9 8.7 06.6 17
B e r d a s a r k a n p r o y e k s i la b a ( r u g i) , s e b e lu m R e n c a n a T r a n s a k s i, s e la m a 6 ta h u n
(O k to b e r 2 0 2 5 s /d 2 0 3 0 ), m aka F IT T akan m e n c a t a t a k u m u la s i la b a b e r s ih
s e b e s a r R p . 7 , 8 6 m ilia r .
b) L a b a ( R u g i) F I T T s e t e la h r e n c a n a t r a n s a k s i
2025 2026 20 27 2028 2029 20 30
U R A IA N 1 O k t - 31 Des 1 Ja n - 31 Des 1 J a n - 31 Des 1 J a n - 31 Des 1 J a n - 31 Des 1 Ja n - 31 Des
F o re ca st F o re ca st F o re ca st F o re c a s t F ore c a s t F ore ca st
P e n d a p a ta n - 7 1 .9 7 1 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0 1 3 1 .9 4 7 .2 0 0 .0 0 0
B e b a n p o k o k p e n d a p a ta n - (5 5 .5 8 4 .5 6 0 .0 0 0 ) (8 9 .5 4 5 .3 6 0 .0 0 0 ) ( 9 0 .8 7 6 .5 4 0 .0 0 0 ) ( 9 2 .2 4 3 .9 0 6 .0 0 0 ) (9 3 .6 5 1 .4 6 2 .0 0 0 )
Laba (ru g i) k o to r - 16 .386 .640 .000 4 2 .4 01 .840 .000 4 1 .0 70 .660 .000 39 .703 .294 .000 38 .295 .738 .000
Beban U saha (1 .1 7 7 .6 9 0 .8 4 7 ) (6 .6 1 7 .9 7 2 .7 8 5 ) (7 .2 5 5 .1 9 9 .1 4 4 ) ( 7 .5 0 1 .6 4 5 .9 2 2 ) ( 7 .7 6 0 .1 5 8 .3 3 8 ) (8 .0 2 9 .8 5 2 .8 7 5 )
P e n d a p a ta n (B e b a n ) L a in -la in (3 7 .9 6 6 .1 6 4 .3 9 0 ) (8 .1 8 6 .5 4 3 .6 2 6 ) (1 2 .1 5 8 .2 5 5 .6 2 6 ) ( 1 1 .4 6 1 .3 9 8 .4 8 3 ) ( 9 .6 0 3 .1 1 2 .7 6 9 ) ( 7 .7 4 4 .8 2 7 .0 5 5 )
Laba (R u g i) se b elu m pajak (3 9 .14 3.85 5.23 7) 1.5 82.1 23.5 89 2 2 .9 88 .385 .229 22 .1 0 7 .6 1 5 .5 9 5 22 .3 4 0 .0 2 2 .8 9 3 22.521.058.071
M a n fa a t ( b e b a n ) p a ja k
P a ja k k in i - ( 1 7 1 .6 2 7 .4 5 3 ) ( 5 .0 7 3 .0 3 6 .0 5 3 ) ( 4 .7 2 6 .6 0 1 .6 9 1 ) ( 4 .7 9 7 .6 4 1 .8 2 9 ) (4 .8 5 8 .3 7 5 .6 2 6 )
P a ja k ta n g g u h a n 1 4 .7 8 6 .5 7 2 - - - -
Laba (R u g i) ta h u n b erjalan (3 9.1 2 9 .0 6 8 .6 6 4 ) 1.4 1 0 .4 9 6 .1 3 5 1 7 .9 15 .349 .176 17 .381 .013 .904 17 .542 .381 .065 17 .662 .682 .445
B e r d a s a r k a n p r o y e k s i la b a ( r u g i) , s e t e la h R e n c a n a T r a n s a k s i, s e la m a 6 ta h u n
(O k to b e r 2 0 2 5 s /d 2 0 3 0 ), m a k a F IT T akan m e n c a t a t a k u m u la s i la b a b e r s ih
s e b e s a r R p . 3 2 , 7 8 m ilia r .
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2) P r o fo r m a S e b e lu m d a n S e s u d a h R e n c a n a T r a n s a k s i
B e rd a s a rk a n p ro fo rm a la p o r a n keuangan F IT T p e r ta n g g a l 30 S e p te m b e r 2025
s e b e lu m d a n s e te la h r e n c a n a t r a n s a k s i, t e r lih a t b a h w a d e n g a n d ila k u k a n n y a R e n c a n a
T r a n s a k s i, t e r ja d i k e n a ik a n a s e t la n c a r s e b e s a r R p . 6 7 ,7 1 m ilia r a ta u n a ik s e b e s a r
1 3 0 , 8 2 % , d a n e k u it a s t e r ja d i k e n a ik a n s e b e s a r R p . 4 7 , 1 9 m ilia r ta h u n a ik 6 5 , 6 5 % .
R a s io keuangan m e n u n ju k k a n p e r b a ik a n , te r u ta m a pada aspek lik u id it a s dan
p r o fita b ilit a s .
P a d a r a s io lik u id it a s , s e t e la h t r a n s a k s i C ash R atio P e r s e r o a n m e n in g k a t d ib a n d in g k a n
s e b e lu m t r a n s a k s i, d e n g a n s e lis ih p o s it if m a s in g - m a s in g s e b e s a r 0 ,9 1 x ( 2 0 2 6 ) , 0 ,0 5 x
( 2 0 2 7 ) , 1 ,6 1 x ( 2 0 2 8 ) , 1 ,7 0 x ( 2 0 2 9 ) , d a n 1 ,6 5 x ( 2 0 3 0 ) . H a l in i m e n u n ju k k a n b a h w a d a n a
h a s il d iv e s t a s i p e ru s a h a a n anak m e m p e rk u a t p o s is i kas F IT T d a la m m em enuhi
k e w a jib a n ja n g k a p e n d e k .
R a s io Q uick R atio m e n u n ju k k a n p e n in g k a t a n s e t e la h t r a n s a k s i d e n g a n s e lis ih p o s it if
m a s in g - m a s in g s e b e s a r 6 , 6 3 x ( 2 0 2 6 ) , 1 ,2 0 x ( 2 0 2 7 ) , 1 ,3 5 x ( 2 0 2 8 ) , 3 , 7 7 x ( 2 0 2 9 ) , d a n
3 ,7 1 x (2 0 3 0 ). C urrent R asio ju g a m e n u n ju k k a n p e n in g k a t a n s e t e la h t r a n s a k s i d e n g a n
s e lis ih p o s it if m a s in g - m a s in g s e b e s a r 6 , 6 2 x ( 2 0 2 6 ) , 1 ,1 9 x ( 2 0 2 7 ) , 1 ,3 4 x ( 2 0 2 8 ) , 3 , 7 7 x
( 2 0 2 9 ) , d a n 3 , 7 0 x ( 2 0 3 0 ) . H a l in i m e n u n ju k k a n a s e t la n c a r P e r s e r o a n m e n ja d i le b ih
k u a t s e te la h a d a n y a t a m b a h a n lik u id it a s d a r i p e le p a s a n s a h a m B M P d a n F A W .
D a ri s is i s o lv a b ilit a s , DER s e t e la h tra n s a k s i le b ih t in g g i d ib a n d in g k a n s e b e lu m
t r a n s a k s i p a d a a w a l p r o y e k s i t e r c a t a t d a r i 1 ,3 3 x ( 2 0 2 6 ) m e n ja d i 0 , 4 9 x ( 2 0 3 0 ) , y a n g
m e n u n ju k k a n a d a n y a t a m b a h a n e k u it a s d a n p e lu n a s a n s e b a g ia n k e w a jib a n d a r i d a n a
d iv e s t a s i. DAR m e n u n ju k k a n p e n u ru n a n d a ri 0 ,3 0 x m e n ja d i 0 ,0 8 x , m e n u n ju k k a n
b e r k u r a n g n y a p r o p o r s i a s e t y a n g d ib ia y a i o le h lia b ilit a s .
P a d a r a s io p r o fit a b ilit a s , s e te la h t r a n s a k s i t e r c a t a t p o s it if m u la i t a h u n 2 0 2 7 d im a n a N e t
P r o f it M a r g in m e n in g k a t d ib a n d in g k a n s e b e lu m t r a n s a k s i d e n g a n s e lis ih m encapai
3 9 , 3 9 % p a d a t a h u n 2 0 2 7 d a n t e t a p t in g g i h in g g a 3 5 , 2 2 % p a d a t a h u n 2 0 3 0 . R O E d a n
R O A ju g a m e n u n ju k k a n p e n in g k a t a n s e t e la h tra n s a k s i y a n g m e n u n ju k k a n bahw a
d iv e s t a s i a t a s p e r u s a h a a n anak yang s e la m a in i b e r k in e r ja n e g a t if s e r t a re n c a n a
k e d e p a n in v e s t a s i p a d a s e k t o r la in n y a o le h F I T T a k a n m e m b e r ik a n d a m p a k p o s it if
t e r h a d a p p e n in g k a t a n P e r s e r o a n d a la m m e n g h a s ilk a n la b a .
3) B a t a s A t a s d a n B a t a s B a w a h P a d a K i s a r a n N ila i
P e r b a n d in g k a n d ila k u k a n b e rd a s a rk a n N ila i T ra n s a k s i pada P e r ja n jia n Jual B e li
S aham B e rs y a ra t B M P ta n g g a l 3 0 J a n u a ri 2 0 2 6 s e b e s a r R p . 2 1 .9 2 3 .3 6 3 .0 0 0 d a n
P e r ja n jia n J u a l B e li S a h a m B e rs y a ra t F A W ta n g g a l 3 0 J a n u a ri 2 0 2 6 s e b e s a r R p .
4 5 . 3 3 2 . 5 6 7 . 0 0 0 s e h in g g a to t a l N ila i T r a n s a k s i s e b e s a r R p . 6 7 . 2 5 5 . 9 3 0 . 0 0 0 d e n g a n
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N ila i P a s a r S a h a m B M P s e s u a i la p o r a n N o . 0 0 2 7 9 / 2 . 0 0 5 3 - 0 0 / B S / 0 5 / 0 0 9 5 / 1 / X I I / 2 0 2 5 ,
t a n g g a l 2 9 D e s e m b e r 2 0 2 5 o le h K J P P A n d e s t a s e b e s a r R p . 4 4 . 3 3 2 . 5 6 7 . 0 0 0 N ila i
Pasar Saham FAW sesuai la p o r a n No. 0 0 2 7 8 /2 .0 0 5 3 -0 0 /B S /0 5 /0 0 9 5 /1 /X II/2 0 2 5 ,
t a n g g a l 2 9 D e s e m b e r 2 0 2 5 o le h K J P P A n d e s t a s e b e s a r R p . 4 4 . 3 3 2 . 5 6 7 . 0 0 0 s e h in g g a
t o t a l N ila i P a s a r S a h a m s e b e s a r R p 6 5 . 2 5 5 . 9 3 0 . 0 0 0 .
M e r u ju k p a d a P O J K 3 5 P a s a l 4 8 b u t ir ( b ) “ b a t a s a ta s d a n b a t a s b a w a h p a d a k is a r a n
n ila i t id a k b o le h m e le b ih i 7 ,5 % d a r i N ila i y a n g d ija d ik a n a c u a n k is a r a n . ”
R encana T r a n s a k s i, le b ih t in g g i 3 ,0 6 % d ib a n d in g k a n dengan N ila i P asar h a s il
p e n ila ia n o le h K J P P A n d e s t a , d iu r a ik a n p a d a t a b e l b e r ik u t :
N ila i R e n c a n a
D e s k r ip s i
T r a n s a k s i ( R p .)
Batas atas 70.150.124.750
Nilai pasar 65.255.930.000
Batas bawah 60.361.735.250
Nilai rencana transaksi 67.255.930.000
Selisih nilai rencana transaksi dengan Nilai Pasar 3,06%
2 1 .4 A n a lis is A t a s F a k t o r - F a k t o r L a in Y a n g R e le v a n
A n a lis is a ta s f a k t o r - f a k t o r la in y a n g r e le v a n y a n g m e n ja d i p e r t im b a n g a n t r a n s a k s i a d a la h :
a. R encana T ra n s a k s i yang akan d ila k u k a n m e ru p a k a n p e lu a n g ( opportu n ity ) bagi
P e rs e ro a n , d a la m ra n g k a m engem bangkan b is n is dan m e la k u k a n ekspansi usaha
d e n g a n m e n g u n a k a n d a n a h a s il p e le p a s a n s a h a m p e r u s a h a a n a n a k .
b. R e n c a n a t r a n s a k s i d e n g a n m e n g u r a n g i k e p e m ilik a n s a h a m F I T T p a d a p e r u s a h a a n a n a k
F A W d a n B M P a k a n m e n g u r a n g i e k s p o s u r r is ik o o p e r a s io n a l y a n g t id a k s e ja la n d e n g a n
s t r a t e g i F IT T .
P T H o te l F itr a In te r n a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW n
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T H S C / /F /C
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/ L
O
22. K e s im p u la n
B e r d a s a r k a n a n a lis is k e w a ja r a n a ta s R e n c a n a T r a n s a k s i a ta u “ T r a n s a k s i” in i s e b a g a im a n a
d iu r a ik a n d ia t a s , dengan m e lih a t a la s a n - a la s a n , m a n fa a t, r e s ik o dan a n a lis is k e w a ja r a n
R e n c a n a T r a n s a k s i, K J P P A n d e s t a b e r p e n d a p a t b a h w a n ila i R e n c a n a D iv e s t a s i 9 9 , 9 9 9 8 %
S a h a m P e n y e rta a n F IT T p a d a B M P d a n 9 9 ,9 6 % S a h a m P e n y e rta a n F IT T p a d a F A W s u d a h
te p a t, dan dengan m e m p e r h a t ik a n a n a lis is d ia t a s , Kam i m e n y im p u lk a n bahw a s e c a ra
k e s e lu r u h a n R e n c a n a T r a n s a k s i t e r s e b u t a d a la h “ T r a n s a k s i W a j a r ” .
23. K e ja d ia n P e n t in g S e te la h T a n g g a l P e n d a p a t K e w a ja r a n
K e ja d ia n - k e ja d ia n p e n t in g s e t e la h t a n g g a l p e n d a p a t k e w a ja r a n (su b se qu e n t event), d iu r a ik a n
s e b a g a i b e r ik u t :
a. B e rd a s a rk a n s u r a t k e te r a n g a n k e te r b u k a a n in f o r m a s i a ta s tra n s a k s i m a t e r ia l nom or
1 0 7 / H F I / X I I / 2 0 2 5 t a n g g a l 11 D e s e m b e r 2 0 2 5 , t e r d a p a t in f o r m a s i s e b a g a i b e r ik u t :
1) P e n y a m p a ia n p e n g u m u m a n p e r k e m b a n g a n n e g o s ia s i s e h u b u n g a n d e n g a n r e n c a n a
p e n g a m b ila lih a n F IT T .
2) P T . J in lo n g R e s o u r c e s I n v e s t m e n t te la h m e n a n d a t a n g i P e r ja n jia n J u a l B e li S a h a m
B e r s y a r a t F IT T dengan P T . G lo r ia In ti N u s a n t a r a , H e n d ra S u ta n to dan R ic h a d
S u w a n d i L ie p a d a t a n g g a l 9 D e s e m b e r 2 0 2 5 .
3) P e n y e le s a ia n a ta s r e n c a n a p e n g a m b ila lih a n a k a n m e n y e b a b k a n a d a n y a p e r u b a h a n
p e n g e n d a lia n a ta s F I T T s e b a g a im a n a d im a k s u d d a la m P O J K N o . 9 /2 0 1 8 .
P T H o te l F itr a In te r n a t io n a l T b k
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24. D is t r ib u s i L a p o r a n P e n d a p a t K e w a ja r a n
P e n d a p a t K e w a ja r a n in i d is u s u n b e r d a s a r k a n k o n d is i e k o n o m i d a n p e r a t u r a n y a n g a d a p a d a
s a a t in i. K a m i t id a k b e r t a n g g u n g ja w a b u n t u k m e m u t a k h ir k a n a ta u m e le n g k a p i P e n d a p a t
K e w a ja r a n 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 t e la h t a n g g a l P e n d a p a t K e w a ja r a n
in i. Pendapat K e w a ja r a n in i t id a k sah a p a b ila t id a k d ib u b u h i t a n d a ta n g a n p ih a k yang
b e rw e n a n g d a ri K J P P A n d e s ta .
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 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 ta s o p in i P e n d a p a t K e w a ja r a n y a n g te la h K a m i
la k s a n a k a n , d a n P e n d a p a t K e w a ja r a 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 I n 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 J P P E d i A n d e s ta d a n R e k a n
lr . E d i A n d e s t a . M A P P I ( C e r t )
P im p in a n R e k a n
M A P P I 9 4 -S -0 4 1 1
K la s ifik a s i: P e n ila i P ro p e rti d a n B is n is
R e g is te r R M K -2 0 1 7 .0 0 0 9 1
Izin P e n ila i P u b lik P B - 1 .0 9 .0 0 0 9 5
R e g is tra s i O J K -P a s a r M o d a l N o. S T T D .P P B -0 1 /P J -1 /P M .0 2 /2 0 2 3
R e g is tra s i O J K -IK N B N o. 1 1 4 /N B .1 2 2 /S T T D -P /2 0 1 6
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 A /II/2 0 1 9
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 73
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c
KJPP Edi A n d e s t a dan Rekan
Pernyataan Penilai
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 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 ta n g a n d ib a w a h in i
m e n y a ta k a n b a h w a :
1. P e rn y a ta a n d a la m la p o r a n in i, y a n g m e n ja d i d a s a r a n a lis is , pendapat dan k e s im p u la n yang
d iu r a ik a n d id a la m n y a a d a la h benar sesuai dengan fa k ta dan pem aham an t e r b a ik P e n ila i.
S e la n ju t n y a la p o r a n in i m e n je la s k a n s e m u a s y a r a t - s y a r a t p e m b a t a s y a n g m e m p e n g a r u h i a n a lis is ,
p e n d a p a t d a n k e s im p u la n y a n g t e r t e r a d a la m la p o r a n in i.
2. L a p o ra n in i t e la h d is u s u n sesuai dengan k e te n t u a n - k e t e n t u a n d id a la m P e ra tu ra n
N o . 3 5 / P O J K . 0 4 / 2 0 2 0 , S t a n d a r P e n ila i I n d o n e s ia ( S P I) , d a n K o d e E tik P e n ila i ( K E P I ) , te n t a n g
P e d o m a n P e n ila ia n d a n P e n y a jia n L a p o r a n P e n ila ia n U s a h a d i P a s a r M o d a l s e r t a t u n d u k p a d a
k e te n t u a n - k e t e n t u a n y a n g b e r la k u .
3. K a m i s e b a g a i P e n ila 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 r a la n g s u n g m a u p u n t id a k s e c a r a
la n g s u n g t e r h a d a p o b je k P e n d a p a t K e w a ja r a n .
4. Penugasan p e n ila ia n p r o f e s s io n a l t e la h d ila k u k a n te rh a d a p o b je k P e n d a p a t K e w a ja r a n pada
t a n g g a l P e n d a p a t K e w a ja r a n (cu t o ff date).
5. A n a lis is te la h d ila k u k a n u n t u k m a k s u d d a n t u ju a n s e b a g a im a n a t e la h d iu n g k a p d a la m la p o r a n
P e n d a p a t K e w a ja r a n .
6. O p in i P e n d a p a t K e w a ja r a n 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 d a p a t K e w a ja r a n p r o f e s 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 a k h ir .
7. L in g k u p penugasan dan d a ta yang d ia n a lis is t e la h d iu n g k a p k a n d a la m la p o r a n P endapat
K e w a ja r a n .
8. K e s im p u la n o p in i k e w a ja r a n 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 .
9. D a t a 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 d a p a t K e w a ja r a 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 .
1 0 . T id a k s e o ra n g p u n , k e c u a li yang d is e b u t k a n d a la m la p o r a n Pendapat K e w a ja r a n , te la h
m e n y e d ia k a n b a n t u a n p r o f e s io n a l d a la m m e n y ia p k a n la p o r a n P e n d a p a t K e w a ja r a n .
P e n ila i:
Ir . E d i A n d e s t a , M A P P I (C ert)
Penanggung Jaw ab
M A P P I 9 4 -S -0 4 1 1
R e g is te r R M K -2 0 1 7 .0 0 0 9 1
A h m a d F ir d a u s , S .P d
P e n g e n d a li M u tu
MAPPI 04-T-01814
Register RMK-2017.00718
Iq r o H a i k a l S u l a i m a n , S E
P e n ila i
M A P P 1 1 1 -T -0 3 1 75
R e g is te r : R M K -2 0 1 7 .0 0 7 1 9
P T H o te l F itr a In te r n a t io n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 74
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KJPP Edi A n d e s t a dan Rekan
Asumsi dan Syarat Pembatas
P e n d a p a t K e w a ja r a n in i b e r d a s a r k a n a ta s a s u m s i- a s u m s i d a n s y a ra t-s y a ra t p e m b a ta s a n sebagai
b e r ik u t :
1. B a h w a s e m u a p e r n y a t a a n d a n k e te r a n g a n y a n g t e r c a n t u 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. Bahw a dengan 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 t ig a k e p a d a K a m i d a la m r a n g k a P e n d a p a t K e w a ja r a 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 dan dokum en t e r s e b u t a d a la h sah, b e n a r, le n g k a p s e rta sesuai dengan k e n y a ta a n
s e b e n a rn y a d a n K a m i t e 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 yang d ig u n a k a n
d a la m p r o s e s P e n d a p a t K e w a ja r a 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 d a p a t K e w a ja r a 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. K a m i m e n g g u n a k a n 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 r o y e k s i k e u a n g a n y a n g d ib u a t o le h m a n a je m e n d e n g a n k e m a m p u a n p e n c a p a ia n n y a (fiduciary
duty).
5. Kam 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 Pendapat K e w a ja r a n dan k e w a ja r a n p ro y e k s i
keuangan.
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 d a p a t K e w a ja r a 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 P e n d a p a t K e w a ja r a n 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 s e r o 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 d a p a t K e w a ja r a n d a r i P e m b e r i
Tugas.
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 Pendapat K e w a ja r a 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 b is n is
o b je k P e n d a p a t K e w a ja r a n .
10. B u k a n m e ru p a k a n t a n g g u n g ja w a b K a m i a t a s s e g a la t u n t u t a 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 ra 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 a u p u n p a r a p e n ila i d a n k a r y 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 d a p a t K e w a ja r a n .
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 t a u a n g R u p ia h , d e m ik ia n ju g a a n a lis is 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 t a u a n g R u p ia h .
1 4 . B a ik K J P P A n d e s t a , m a u p u n p a r a P e n ila i d a n k a r y a w a n n y a , o le h k a r e n a P e n d a p a t K e w a ja r a n in i
t id a k la h d iw a jib k a n m e m b e r ik a n k e s a k s ia n a ta u k e h a d ir a n n y a d a la m p e n g a d ila n / D e w a n A r b it r a s i
a ta u in s t a n s i P e m e r in t a h la in n y a , k e c u a li a d a p e r ja n jia n s e b e lu m n y a .
1 5 . 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 t a n g a n P im p in a n R e k a n .
P T H o te l F itr a In te r n a tio n a l T b k
Pendapat Kewajaran atas Rencana Divestasi Saham Milik FITT pada BMP dan FAW 75
Names mentioned 15 people and organisations named in the text · linked when the evidence is strong
unresolved
person
Hendra Sutanton
p.15
unresolved
org
PT. Hotel Fitra Ny. Siti Rahayu
p.15
unresolved
—
Nom or
p.16
unresolved
org
F KJPP Edi Andesta dan Rekan
p.22
unresolved
org
KJPP Edi Andesta
p.22 ×7
unresolved
—
S esuai
p.22
unresolved
org
KJPP Edi Andesta dan Rekan
p.24 ×3
unresolved
org
L O KJPP Edi Andesta dan Rekan
p.36
unresolved
org
Andesta dan Rekan
p.37
unresolved
org
R A IS O KJPP Edi Andesta dan Rekan
p.43
unresolved
org
IS A L O KJPP Edi Andesta dan Rekan
p.44
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
51497 ms
12 Sep 2026 22:32
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}