INTEGRATING INVESTOR RELATIONS TO ENHANCE

INVESTOR ADDED VALUATION

Prof. Roy Sembel, PhDJakarta, December 2011

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PROF. ROY SEMBELEDUCATION1982-86 IPB, Bogor. FMIPA. Major: Statistics, Minor: Economics; Ir., Best Graduate, Cum

Laude 1988-90 Rotterdam School of Management, Erasmus University Rotterdam and The

Wharton School, University of Pennsylvania PhiladelphiaMBA, Finance/Banking, Best Graduate, With Honours

1991-96 J.M.Katz Graduate School of Business, University of Pittsburgh; Major: Corporate Finance; Minor: Econometrics; PhD; Dissertation: “IPO Anomalies, Truncated Excess Supply, and Heterogeneous Information”WORK EXPERIENCE

1984-87 Teaching Assistant, FMIPA, IPB.1990 Internship; ABN Bank, European Treasury Department, Amsterdam.1990-91 Corporate Banking; ABN AMRO Bank Amsterdam1994-96 Teaching Assistant, University of Pittsburgh.1994-2000 Co-founder Indonesian Physics Olympic Team /TOFI Foundation & Indonesian Computer Olympic Foundation TOKI

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1997-98 Economics & Finance Staff, Office of Dr (HC) Radius Prawiro, Jakarta.2000 ACUCA Lecturer: Japan, South Korea, Taiwan, Hong Kong, The Philippines, Thailand1987-Now Lecturer, Faculty of Economics, Christian University of Indonesia, Jakarta.1997-2001 Visiting Lecturer at IPMI, Institut PPM, Magister Management Program University of Indonesia, University of Sam Ratulangi, Universitas Lampung, Magister Akuntansi & Post Graduate (S2 & S3) Program Faculty of Economics University of Indonesia, Pelita Harapan University. Subjects: Investment Analysis and Risk Management, Corporate Finance, International Finance, Derivative Securities, Managerial Economics, Banks & Capital Markets, eBusiness Management.1998-2001 McKinsey & Co, Jakarta2001-2006 Direktur Program Magister Manajemen Keuangan Universitas Bina Nusantara, Co-founder Indonesia Learning Institute (InLIne), Indonesia School of Life (InSchoOL)2005-2007 Komisaris Independen & Ketua Komite Pemantau Risiko PT Bank Niaga Tbk2005- Professor in Financial Economics;

Charter member Lembaga Komisaris dan Direksi Indonesia2006-2008 Academic Expert Advisor, Universitas Ciputra Surabaya, 2006- Owner/Komisaris (PT. Mobee Indonesia, PT MARS Indonesia)2007- Supervisory Committee Asian Bond Fund Indonesia (TCW Bahana/BI),

Ketua Komite Sertifikasi FPSB Indonesia 2007-2008 Pejabat Dekan FE Universitas Multimedia Nusantara (UMN)

Ketua Umum Partai Barisan Nasional (BARNAS)

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2008 Board of Advisor UMN2008-2009 Ketua Dewan Pembina Partai Barisan Nasional (BARNAS)2008-2010 Chairman CAPITAL PRICE2009-2010 Dean of Business School and Director of Graduate Program, UPH2010- Direktur PT Bursa Berjangka Jakarta

MISCELLANEOUS Speaker in many seminars in Indonesia, USA, and Europe. Writer of more than 1000 articles in KONTAN, GATRA, Sinar Harapan, SWA, Bisnis Indonesia, KOMPAS, Investor, Investor Daily, Warta Ekonomi, Manajemen & Usahawan Indonesia, InfoBank, Jurnal Pasar Modal, Media Akuntansi, DIA, Bahana, Jurnal Ekonomi UKI, JAKI, JBR, Scripta Economica UPH, Jurnal, Sinergi MMUII, published books, Internet.

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Crisis is Everywhere…..

ENRONCITIBANK / MD

BANK MEGA

BERNIE MADOFF

KASUS KORUPSI

MONEY LAUNDERING

GREEK, PORTUGAL, IRELAND,

ETC

DISCOVERY FUTURES

SUB PRIME MORTGAGE

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GOAL OF FIRM

VALUE CREATION, WHICH INCLUDE:

• GENERATION OF CASH FLOW

• GROWTH AND SUSTAINABILITY OF CASH FLOW

• SATISFYING OBLIGATIONS TO STAKEHOLDERS IN A FAIR WAY

• PLAYING WITHIN THE RULES AND ETHICS

BUSINESS FAILURES

BARINGS

ORANGE COUNTY

LTCM

ENRON

CITIBANK

BANK MEGA

dll

Importance of

• Good governance

• Strategy

• Audit

• Risk management

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KECEPATAN, TERMASUK KECEPATAN PERUBAHAN, MENINGKAT PESAT

EraLama periode [tahun]

Kecepatan[km/jam]

Time to cycle Earth [tahun]

Agrarian 3-5000(Age)

3-5(Human)

3-5(Years)

Industrial 3-500 (Revolution) 3-50(Auto)

.3-.5(Months)

Post-industrial 3-50(Trend)

3-500(Plane)

.03-.05(Days)

Friction-free 3-5(Fad)

3-5000 (Network) .003-.005 (Hours)

Sumber: Diolah dari T. G. Lewis, The friction-free economy

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THE CHALLENGE IN THE NEW ECONOMY

GLOBALISASI

Mobilitas kapitalMobilitas kapital

Digitisasi /E-commerceDigitisasi /

E-commerce

LiberalisasiLiberalisasi

Baru struktur pasarBaru struktur industriBaru struktur perusahaan

Baru struktur pasarBaru struktur industriBaru struktur perusahaan

EKONOMI BARUEKONOMI

LAMAEKONOMI

LAMA

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New Challenge for Audit

New Challenge for Audit

Transparansi danpersaingan

Pel

ayan

an

kon

sum

en s

ecar

a le

bih

bai

kPenghematan biaya

RISK AND RETURN Lebih banyak pilihan Pelayanan 24 jam sehari Hanya sejauh ‘click’

Biaya interaksiBiaya Transformasi

Seleksi alam lebih cepat ‘Sticks and carrots’ untuk lebih efisien dan inovatif

Interaksi dan transaksi lebih banyak dan cepat

Globalisasi dan lokalisasi

Unbundling dan reassembling

organisasi bisnis, pemerintah, instrumen

finansial

PENINGKATAN POTENSIRETURN DAN RISK

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LONG-TERM RETURN OF IHSG: VERY GOODAverage yearly return 21,4%

RETURN IHSG 1978-2010

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

1975 1980 1985 1990 1995 2000 2005 2010 2015

TAHUN

RE

TU

RN

12

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

TOTAL VOLUME (LOT) TRANSAKSI JFX 2000 - 2011

*

* Angka untuk 2011 estimasi berdasarkan angka sampai November , disetahunkan

Tren

ken

aika

n volu

me

transa

ksi

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WISDOM for IR

WATAK: SWOT

IMPIAN/INGIN: SMARTER Goal

SIASAT: Strategy

DIDIK: Capacity Building

OTAK/OTOT: Smart / hard work

METER : Measure,

MONITOR Keep track

MANAJEMEN Optimal allocation of resources

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BUSINESS FRAMEWORK

Hardware

Leadership

BrainwareMarketware

Software

CULTUREStra

tegy

Common Goal

TUJUANIF YOU DON’T KNOW WHERE YOU ARE GOING EVERY ROAD WILL GET YOU NOWHERE

Henry Kissinger .

I

SPECIFIC

MEASURABLE

ACTIONABLE

REALISTIC

TIME BOUND

I

ENCOURAGING

REWARDING

SUMBER VALUE REATION BARU:ASET INTANGIBLE (Aset NirWujud)

Intangibles· Properti intelektual· SDM Unggul· Merek / Brand · Network

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IR CAN SUPPORT VALUE CREATING POLICY

• Success Stories• Weaknesses

• Barriers for improvements• Opportunities for improvements

EX

TE

RN

AL

E

NV

IRO

NM

EN

T

Procedures

Results

Facts Perceptions

COMMUNICATION

POLICY

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PLENTY OF OPPORTUNITIES EVERYWHERE

PENDEKATAN INTERNAL

OPTIMIZE EXISTING RESOURCESTangible Assets

Intangible Assets

CAPACITY BUILDING

PENDEKATAN EXTERNAL

RIDING ON A TREND

GEOGRAPHY

DEMOGRAPHY

PSYCHOGRAPHY

PENDEKATAN INOVASI

CREATING A TREND

NEW PRODUCTS

NEW WAYS OF DOING ECONOMIC ACTIVITIES

NEW TECHNOLOGY

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7 SI of IR

VISI / MISI

MOTIVASI

EDUKASI

KOMPETENSI

EKSEKUSI

KONSISTENSI

PERSISTENSI

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WHERE DO WE GO FROM HERE?NOT JUST BUT ALSO………………

Reactive Proactive and Creative

Process-based Result-based

Report Advise, Recommend

Fire fighter Uncover Opportunities

Following rules Doing the right things(the soul of the rules)

Monitor Empower

Value preservation Value Creation

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