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Case Scm

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Strategic Capital Management, LLC
Pada tanggal 9 Desember 1998, sebagai seorang hedge fund manager, Elena King mempertimbangkan pilihan yang ia miliki terkait dengan alokasi investasi yang akan dilakukannya untuk Strategic Capital Management, LLC, sebuah perusahaan hedge fund yang didirikannya bersama dengan kedua orang mitra. Didasari oleh hasil penelitian dari para analis terhadap prospek investasi sektor Internet yang menjanjikan, Elena tertarik dengan initial public offering yang baru saja dilakukan oleh Ubid, perusahaan yang bergerak dalam kegiatan lelang berbasis internet, yang merupakan anak perusahaan Creative Computer. Creative Computer merupakan perusahaan distributor komputer dan produk sejenis. Disebabkan oleh tekanan terhadap margin profit di tahun 1990an, Creative Computer memutuskan untuk menutup beberapa toko retail miliknya dan mencoba menjual berbagai peralatan komputer melalui internet. Kemudian Creative Computer meluncurkan anak perusahaan bernama Ubid, yaitu sebuah website dengan tujuan menjual barang – barang produksi berlebih dengan sistem lelang dimana para pembeli di seluruh dunia dapat melakukan penawaran terhadap alat – alat elektronik tersebut. Ubid mengalami kesuksesan dengan menghasilkan $ 2.1 juta pada penualan kuarter pertama. Melihat potensi baik bisnis sektor internet miliknya, Creative Computer yang merasa harga sahamnya tidak merefleksikan potensi bisnis sektor internet miliknya tersebut, memutuskan untuk melakukan IPO pada ekuitas Ubid. Pada tanggal 3 Desember 1998, Creative Computer melakukan IPO pada 20% dari total ekuitas Ubid (80% sisanya akan diberikan kepada pemegang saham Creative Computer) dengan harga jual $ 15 per lembar saham. Ubid memiliki kapitalisasi pasar sebesar $439 juta ketika pada 4 Desember 1998, saham Ubid diperjual belikan dengan harga tutup $48. Dari segi operasional juga, Ubid mengalami pertumbuhan penjualan yang signifikan, yaitu sebesar 637% pada kuarter pertama dan 127% pada kuarter kedua, meskipun hasil pendapatan Ubid masih negatif. Bersamaan dengan Ubid, Creative Computer pun mengalami kesuksesan tersendiri dimana terjadi peningkatan penjualan sebesar 51% (39% jika tanpa Ubid) di kuarter ketiga tahun 1997. Terjadi juga peningkatan pendapatan di kuarter ketiga 1998, yang jika investasi Ubid ditiadakan, merupakan nilai pendapatan terbesar sejak kuarter ketiga 1997. SCM menjanjikan annual return sebesar 10%, tetapi memberlakukan biaya manajemen sebesar 2% pada aset, 20% pada profit investasi hedge fund, dan mengharuskan investor untuk mendiamkan dana investasi mereka selama minimal 2 tahun. Elena sebagai hedge fund manager SCM sedang menaruh perhatian terhadap Ubid. Pada saat itu (9 Desember 1998), tercatat saham Creative Computer bernilai $ 22.75, dan saham Ubid bernilai $ 35.6875.

Hedge Fund
Hedge fund merupakan salah satu jenis kendaraan alternatif dalam berinvestasi untuk beberapa investor dengan aset yang signifikan (barclayhedge.com). Hedge fund berusaha untuk menciptakan suatu bentuk investasi terdiversifikasi yang menjanjikan suatu tingkat return yang cukup tinggi dan cukup beresiko. Hedge fund menggunakan dana terkumpul dari para investor besar dan menggunakan strategi agresif untuk dapat menghasilkan return bagi para investor (investopedia.com). Dikarenakan hedge fund tidak berada di bawah regulasi SEC, maka hedge fund memiliki tingkat fleksibilitas yang tinggi dalam penggunaan instrumen finansial dan strategi investasi. Hedge fund menggunakan strategi agresif termasuk short selling, leverage, program trading, swaps, arbitrage, dan derivatives. Tetapi berdasarkan hukum, sebuah lembaga hedge fund tidak boleh memiliki lebih dari 100 investor (investorwords.com). Hedge fund memberlakukan management fee dengan range 1% - 4%, dan performance fee, berupa persentase bagi hasil return positif yang diperoleh melalui kegiatan investasi dalam hedge fund.
Terdapat beberapa keuntungan dan kerugian dalam melakukan investasi melalui hedge fund. Beberapa keuntungan yang dapat diperoleh melalui kegiatan investasi hedge fund adalah: 1. Flexibility
Hedge fund tidak harus berada di bawah pengawasan regulasi SEC (Securities and Exchange Commission), menyebabkan dalam menerapkan strategi investasi, hedge fund memiliki tingkat fleksibilitas yang cukup tinggi. Dengan tingkat fleksibilitas yang tinggi, hedge fund manager dapat menggunakan strategi investasi dan instrumen finansial yang beragam, tanpa dibatasi oleh peraturan tertentu. Berbeda dengan reksadana (mutual fund) yang harus berada di bawah pengawasan SEC, reksadana tidak dapat menerapkan beberapa strategi agresif investasi. Hedge fund manager semakin dipermudah untuk mencapai tingkat return yang tinggi ketika tidak begitu banyak regulasi yang mengekangnya. 2. Aggressive Strategy
Hedge fund menggunakan strategi investasi agresif untuk menghasilkan return yang tinggi, menyebabkan tingkat return yang dihasilkan lebih tinggi dibandingkan dengan kendaraan investasi lain. Strategi yang diterapkan tentunya dapat jauh lebih baik daripada strategi individual investor. Beberapa strategi agresif investasi yang diterapkan hedge fund manager adalah short selling, leveraging, derivatives, dll. 3. Higher return
Metode investasi yang dilakukan oleh hedge fund manager adalah high risk high return dimana para manajer tersebut melakukan berbagai macam strategi agresif dengan tujuan memperoleh tingkat return tinggi. Tingkat annual return yang menjadi target dalam lembaga hedge fund lebih tinggi daripada kendaraan investasi lainnya. 4. Diversification
Melalui lembaga hedge fund aset investasi dapat lebih terdiversifikasi untuk memperkecil resiko. Hedge fund adalah lembaga investasi yang berdasar pada prinsip aset diversifikasi untuk mencapai return yang tinggi. Berbeda dengan investasi individual, investasi melalui hedge fund sebagai lembaga finansial dapat membuka peluang terhadap berbagai macam instrumen finansial yang mungkin tidak dapat diperoleh secara individu, menyebabkan investasi lebih terdiversifikasi. Cangkupan diversifikasi hedge fund sebagai institusi finansial lebih luas dibandingkan dengan individual investor. 5. Expert manager & advice
Melalui hedge fund, dana yang diinvestasikan oleh beberapa investor dipercayakan kepada manajer – manajer investasi yang ahli dalam bidangnya. Dengan biaya performance fee yang cukup tinggi, tidak sedikit para ahli dalam bidang investasi tertarik untuk memulai karir sebagai hedge fund manager. Melalui lembaga hedge fund, dana investasi dapat dikelola dengan lebih baik oleh para ahli investasi yang lebih berpengetahuan dan berpengalaman daripada individu investor. 6. Unreplicable
Karakteristik lembaga hedge fund yang tidak memberikan informasi mengenai jenis instrumen finansial yang digunakan sebagai alat investasi menyebabkan strategi investasi hedge fund tidak dapat direplikasi dan diikuti oleh pihak lain. Ketika suatu strategi investasi diikuti oleh pihak lain, maka keuntungan yang diperoleh melalui strategi tersebut tidak dapat maksimal dan dapat tereksploitasi oleh pihak lain dengan lebih cepat. Oleh sebab itu, karakteristik hedge fund yang tidak transparan secara informasi menyebabkan strategi investasi yang dimilikinya tetap eksklusif dan tidak diketahui oleh pihak lain. Sumber return tinggi hedge fund punt dapat aman dari jangkauan pihak lain.
Sedangkan, beberapa kerugian yang diperoleh melalui kegiatan investasi hedge fund adalah: 1. Fees
Biaya yang harus diberikan kepada lembaga hedge fund cukup besar, mencangkup management fee dan performance fee. Persentase management fee berkisar pada 1% - 4%, sedangkan performance fee dapat mencapai 20% dari hasil keuntungan. Besarnya performance fee tersebut digunakan untuk memotivasi manajer untuk menciptakan keuntungan sebesar mungkin. Biaya yang harus ditanggung dalam kendaraan investasi hedge fund ini lebih besar dari pilihan alternatif kendaraan investasi lain, contohnya reksadana (mutual fund). 2. Less transperancy
Investor hedge fund memperoleh sedikit informasi, terutama mengenai instrumen – instrumen finansial yang digunakan hedge fund manager untuk melakukan kegiatan investasi yang didanai oleh aset si investor. Kurangnya transparansi informasi tersebut dapat menciptakan assymetric information bagi para investor yang telah menaruh asetnya dalam jumlah yang besar pada lembaga hedge fund. 3. Less regulation
Lembaga hedge fund tidak harus berada di bawah regulasi SEC (Securities and Exchange Commission) sehingga pengawas dari kegiatan investasi hedge fund sangat kurang jika dibandingkan dengan kegiatan investasi pada kendaraan yang lain. Mengingat strategi investasi agresif yang dilakukan oleh hedge fund manager, pengawasan yang minim tersebut dapat beresiko cukup tinggi. 4. Illiquidity
Hedge fund mengharuskan para investor untuk mendiamkan dana investasi mereka selama minimal satu tahun untuk kemudian digunakan untuk menghasilkan return yang tinggi. Hal tersebut menyebabkan kegiatan investasi dalam hedge fund tidak likuid dan berjangka panjang. 5. Higher risk
Kegiatan investasi yang dilakukan oleh hedge fund adalah high risk high return. Sehingga, disamping tingkat return tinggi yang dapat diperoleh, resiko investasi dalam hedge fund cukup tinggi. Strategi investasi yang dilakukannya agresif dimana hedge fund tidak hanya menggunakan instrumen saham dan obligasi saja, melainkan juga menggunakan teknik, short selling, arbitrage, derivatives, leveraging, dll. Bahkan hedge fund manager tidak memiliki limit dalam meminjam dana untuk berinvestasi (leveraging). Leveraging seringkali menjadi penyebab dari kebangkrutan hedge fund. Tingginya resiko investasi tersebut perlu dipertimbangkan ketika hendak melakukan investasi dengan hedge fund karena sifatnya yang high risk high return.

Evaluation on Stock Prices Valuation
Dalam melakukan valuasi, peneliti harus menggunakan Market Value atau pandangan pasar mengenai perusahaan yang dinilai sebagai dasar penilaian. Berdasarkan harga saham tercatat pada 9 Desember 1998, nilai dari Creative Computer dan Ubid adalah sebagai berikut. CC MV (Stock Price * Shares outstanding) | $232,930,493.25 | Stock prices | $22.75 | Shares outstanding | 10238703 | CC BV | $142,831,000.00 | Growth Opportunity = MV - BV | $90,099,493.25 | Price-to-Book Ratio | 4806.06 | | | Ubid MV (Stock Price * Shares outstanding) | $326,424,813.62 | Stock prices | $35.69 | Share s outstanding | 9146883 | Ubid BV | $6,048,000.00 | Growth Opportunity = MV - BV | $320,376,813.62 | Price-to-Book Ratio | -99156.99 |

Hasil perhitungan valuasi yang dilihat berdasarkan harga saham sudah merefleksikan market value dalam nilai tersebut. Berdasarkan pemahaman dasar, hasil nilai valuasi yang berdasarkan market value tersebut merupakan hasil penjumlahan dari nilai buku aset perusahaan dan kesempatan bertumbuh (growth opportunity) perusahaan tersebut menurut pasar.
Valuation = Existing Firm’s Assets + Growth Opportunity Sehingga dapat diperoleh pemahaman bahwa growth opportunity adalah selisih dari market value dan book value suatu perusahaan.
Growth Opportunity = Market Value – Book Value
Melalui pemahaman tersebut, dapat dievaluasi bahwa berdasarkan harga saham 9 Desember 1998, Creative Computer bernilai $ 232.93 juta sedangkan Ubid bernilai $ 326.42 juta. Tetapi, jika dilihat ke dalam laporan neraca kedua perusahaan tersebut, tercatat bahwa nilai aset Creative Computer sebesar $ 142.83 juta dan nilai aset Ubid hanya sebesar $ 6.05 juta.
Perbedaan yang terdapat antara nilai buku dan nilai pasar dari aset Creative Computer cukup signifikan. Besar growth opportunity Creative Computer menurut perspektif pasar berdasarkan harga saham Creative Computer adalah sebesar $ 90.1 juta atau sekitar 63% dari nilai buku aset Creative Computer. Jika dibandingkan dengan nilai aset perusahaan tersebut, nilai pasar dari Creative Computer sangatlah tinggi. Pasar menaruh harapan yang tinggi terhadap pertumbuhan dari Creative Computer (63%), sehingga nilai valuasi Creative Computer berada tinggi diatas nilai daripada aset Creative Computer. Berdasarkan price-to-book ratio dari nilai ekuitas Creative Computer, dapat dilihat bahwa ekuitas Creative Computer mengalami overvalued yang sangat tinggi. Ketika laporan neraca Creative Computer disusun berdasarkan market value, maka berikut adalah laporan neraca Creative Computer yang sesuai dengan harga saham dari Creative Computer tersebut. Consolidated B/S for Creative Computer (MV) in thousands | Asset | | | Liabilities & Stockholder's Equity | | | Cash and Equivalents | 25,323.25 | 10.87% | A/P | 123,741.11 | 53.12% | A/R | 66,152.25 | 28.40% | Short-Term Debt | 4,841.88 | 2.08% | Inventory | 73,318.04 | 31.48% | Other Current Liabilities | 25,010.13 | 10.74% | Other Current Assets | 20,267.73 | 8.70% | Capital Leases | 47.29 | 0.02% | Net PPE | 24,527.41 | 10.53% | Notes payable | 251.15 | 0.11% | Other Long-Term Assets | 23,341.81 | 10.02% | Stockholder's Equity | 79,038.93 | 33.93% | | | | | | | Total Assets | 232,930.49 | 100.00% | | 232,930.49 | 100.00% | Besarnya perbedaan antara valuasi Creative Computer berdasarkan nilai sahamnya dengan nilai aset Creative Computer terletak pada besaran growth opportunity yang pasar lihat pada perusahaan Creative Computer. Merupakan hal yang wajar jika respon pasar menjadi cukup tinggi ketika suatu perusahaan baru saja mengalami pertumbuhan penjualan signifikan (51%) dan memperoleh profit tertinggi sejak tahun 1997. Selain itu, respon positif pasar terhadap nilai valuasi Creative Computer juga disebabkan oleh peforma dan IPO dari Ubid yang merupakan anak perusahaan dari Creative Computer. Sebesar 12% dari pertumbuhan Creative Computer disebabkan oleh Ubid. Peristiwa IPO dan penilaian tinggi terhadap saham – saham Ubid juga memberikan sinyal positif kepada pasar mengenai perkembangan dari Creative Computer itu sendiri. Oleh sebab itu, nilai valuasi Creative Computer berdasarkan harga saham berada cukup tinggi jika dibandingkan dengan nilai buku aset Creative Computer tersebut. Sebesar $ 90.1 juta dari nilai valuasi Creative Computer merupakan nilai dari growth opportunities Creative Computer tersebut. Lebih dari Creative Computer, reaksi pasar terhadap nilai valuasi Ubid sangat overreacted. Perbedaan antara nilai valuasi Ubid berdasarkan harga saham dengan nilai buku dari aset Ubid sebesar $ 320.38 juta. Nilai buku aset Ubid hanya berada di angka $ 6 juta, tetapi nilai valuasi perusahaan Ubid berdasarkan harga saham yang dimilikinya pada 9 Desember 1998 sebesar $ 326.4 juta. Nilai valuasi dari Ubid sudah tidak lagi merefleksikan nilai aset dari anak perusahaan tersebut, melainkan hampir sepenuhnya berisi ekspektasi pasar terhadap pertumbuhan dan kelangsungan perusahaan tersebut. Besar growth opportunity yang pasar alokasikan dalam penilaian perusahaan Ubid adalah sebesar $ 320.38 juga atau pertumbuhan sebesar 5297.2% dari nilai buku aset Ubid. Bahkan meskipun baru 6 hari sejak IPO, harga per lembar saham Ubid berada diposisi lebih dari dua kali lipat harga IPO. Tidak dapat dilakukan perhitungan price-to-book ratio pada Ubid dikarenakan nilai ekuitas Ubid yang berada dalam posisi negatif. Jika dibandingkan dengan nilai aset yang dimiliki perusahaan, nilai valuasi Ubid berdsarkan harga saham sangatlah tinggi, berisikan ekspektasi pasar terhadap perkembangan Ubid, bukan hanya sekedar penilaian terhadap nilai aset perusahaan. Diduga terdapat beberapa faktor yang dapat menjadi alasan dari tingginya penilaian pasar saham terhadap nilai perusahaan Ubid tersebut. Ubid melakukan IPO setelah beroperasi selama hampir satu tahun. Pada masa operasional sebelum IPO, Ubid sudah mencetak angka pertumbuhan penjualan yang sangat baik. Ubid mengalami pertumbuhan penjualan sebesar 637% di kuarter kedua dan 127% di kuarter ketiga. Ketika perusahaan yang baru saja memasuki pasar mengalami pertumbuhan penjualan yang sangat baik, lalu segera melakukan IPO dalam waktu kurang dari satu tahun, yang juga merupakan anak perusahaan dari suatu induk perusahaan yang sudah lama beroperasi di dalam pasar, hal tersebut memberikan sinyal positif kepada pasar.
Pasar dapat melihat bahwa Ubid memiliki perencanaan pertumbuhan yang baik, sehingga Ubid melakukan IPO di tengah – tengah kesuksesan penjualan yang dimilikinya. Pasar dapat melihat bahwa Ubid optimis akan kelangsungan perusahaannya untuk beberapa waktu kedepan, sehingga dirinya melakukan IPO. Dengan melakukan IPO, Ubid yang adalah pioneer dalam pasar retail Internet terlihat yakin dengan perkembangan perusahaannya di tahun – tahun kedepan. Ubid tidak melakukan IPO hanya untuk sekedar memperoleh dana dari para investor, dikarenakan Ubid sedang mengalami pertumbuhan penjualan yang signifikan. Sehingga dengan melakukan IPO, harga saham Ubid dapat melonjak.
Pasar memandang sangat baik IPO yang dilakukan oleh Ubid walau sebenarnya kegiatan IPO tersebut memiliki tujuan untuk meningkatkan nilai saham dari si perusahaan induk. 20% saham Ubid yang dijual melalui IPO laku di pasaran hingga mendorong harga saham tersebut untuk naik hingga 3 kali lipat harga IPO. Perspektif pasar terhadap saham Ubid yang baru saja melakukan IPO inilah yang menyebabkan harga saham Ubid melonjak tinggi, menyebabkan nilai valuasi perusahaan Ubid tinggi. Perspektif pasar yang baik terhadap saham IPO Ubid tersebut diduga dikarenakan keberanian Ubid yang melakukan IPO walaupun masih terhitung sangat muda dalam pasar retail Internet. Tingginya harga saham Ubid disebabkan oleh tingginya ekspektasi pasar terhadap pertumbuhan Ubid. Ekspektasi pasar yang tinggi tersebut diduga disebabkan oleh pertumbuhan penjualan historis Ubid yang sangat baik sebagai pioneer dalam bidang retail Internet, dan optimisme Ubid terhadap pertumbuhannya ketika Ubid melakukan IPO di umur yang sangat muda.
Keadaan Ubid yang memiliki earnings negatif adalah hal yang wajar untuk perusahaan early-stage dan perusahaan internet mengingat investasi biaya yang harus ditanggung Ubid pada tahap – tahap awal cukup besar. Keadaan ekuitas yang negatif pada laporan neraca Ubid menunjukan kegiatan investasi awal yang dilakukan Ubid yang melebihi nilai aset yang dimilikinya, hingga menghasilkan angka negatif pada kolom ekuitas. Nilai negatif tersebut menunjukan bahwa profit yang diterima akan dialokasikan terlebih dahulu kepada para pihak pemegang hutang (debt holder). Meskipun laporan neraca Ubid menunjukan angka negatif, ekspektasi pasar terhadap perusahaan Ubid tetap signifikan, berada jauh di atas nilai neraca Ubid.
Ketika nilai valuasi Ubid yang tercermin dari harga sahamnya digunakan untuk menyusun neraca, maka neraca yang mewakili nilai valuasi perusahaan Ubid adalah sebagai berikut. Consolidated B/S for Creative Computer (MV) in thousands | Asset | | | Liabilities & Stockholder's Equity | | | A/R | 26,932.21 | 8.25% | A/P | 256,908.42 | 78.70% | Inventory | 242,767.66 | 74.37% | Other Current Liabilities | 47,009.92 | 14.40% | Other Current Assets | 539.72 | 0.17% | Notes payable | 200,183.47 | 61.33% | Net PPE | 16,299.65 | 4.99% | Stockholder's Equity | (177,677.00) | -54.43% | Other Long-Term Assets | 39,885.57 | 12.22% | | | | | | | | | | Total Assets | 326,424.81 | 100.00% | | 326,424.81 | 100.00% |

Berdasarkan penelitian yang dilakukan oleh Fama and French (1992), Rosenberg, Reid, and Lanstien (1985), dan peneliti lain, saham – saham dengan nilai price-to-book ratio yang tinggi (overvalued) akan memperoleh rata – rata return yang rendah jika dibandingkan dengan saham – saham dengan nilai price-to-book ratio yang rendah dimana nilai buku perusahaan tersebut lebih tinggi dari nilai pasar perusahaan tersebut (undervalued).
Daftar Pustaka http://www.barclayhedge.com/research/educational-articles/hedge-fund-strategy-definition/what-is-a-hedge-fund.html http://www.investopedia.com/terms/h/hedgefund.asp http://www.stock-market-investors.com/pick-a-stock-guides/investing-in-hedge-funds-pros-and-cons.html http://www.investogram.net/hedge-funds/advantages-and-disadvantages-of-hedge-funds/ http://finance.zacks.com/hedge-fund-pros-cons-1041.html http://www.mesirowfinancial.com/advancedstrategies/features/hedge_funds_yin_and_yang_012314.jsp

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