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ANALISIS Z-SCORE SEBAGAI DASAR UNTUK MEMPREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN PROPERTI
Entering the last two decades the world of investment is getting more intense, though the storm crisis in
Indonesia can be felt until now, but the investors start to get a bright point in doing their investment. Every
investor, in doing their investment, always considers two main points i.e. the expected result and the investment
risk. One of the information that can be used by the investors as the consideration in the making of decision of
investment is through the analysis of company’s financial risk. This research is to find out the health condition of
company’s financial and to predict the bankruptcy on the property companies. This research tries to predict the
bankruptcy potency of property companies by using Altman Z-Score analysis. The research proves that the
bankruptcy potency of a company can be predicted before the company is declared bankrupt. After the research
process has been passed, it has been found from the result that 4 of 6 property companies encounter financial
problem and when it is considered by using Z-Score value then these 4 companies have potency to encounter
bankruptcy. These 4 companies are: PT Bakrieland Development Tbk, PT Bukit Darmo Property Tbk, PT Fortune Mate Indonesia, and PT Indonesia Prima Property Tbk, whereas the other 2 companies i.e.:
PT Metro Realty Tbk and PT Ristia Bintang Mahkotasejati Tbk are in alert category. PT Bakrieland
Development Tbk from Z-score that has been generated has the highest bankruptcy potency among 6 other
property companies that have been analyzed, since its Z score is very low.
Keywords : Financial Ratio, Bankruptcy Potency, Z-Score Analysis, and Altman Method
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