PT. Humpuss Transportasi Kimia (HTK) is a subsidiary of PT. Humpuss
Intermoda Transportasi Tbk. (HITS), a publicly listed company in the Indonesia
Stock Exchange and a leader in the chartered shipping vessel services industry for
the energy sector in Indonesia.
This study will execute a review of the HTK’s overview, followed with an
environmental scanning of HTK, to review the company’s current condition and
comparing it with data of 12 comparable Indonesian shipping companies which
achieved IPO during the last 10 years. By focusing on HTK’s competitive
advantage by analyzing and comparing HTK’s performance compared to the market,
this study will formulate a strategy for a successful IPO of HTK. Legal
requirements of IPO for HTK will also be discussed in the study, whereby a
strategic management analysis will be completed in this study, in order for HTK to
decide which of its business segment can be divested to comply with IPO
regulations. The method of analysis used will be a qualitative approach through data
collection, data analysis, interviews with expert opinion, and research study
activities.
A valuation of HTK has been completed in this study, reaching HTK
enterprise value of between US$ 333.17 million (using pessimistic approach) and
US$ 531.03 million (using aggressive approach). With a stock-split of outstanding
shares to 5,992,940,000 shares, HTK average price per share would be Rp. 885 (or
US$ 0.066)


Confidential 31 December 2018
Supervisor: Roy Sembel