Financial Analysis in Predicting Potential Bankruptcy Before and During Covid-19 Pandemic Using Z-score Method (Case Study at PT. Air Asia Indonesia Tbk, PT. Panorama Sentrawisata Tbk, and PT. Hero Supermarket Tbk)

Siti, Fathonah Ulul Azmi (2022) Financial Analysis in Predicting Potential Bankruptcy Before and During Covid-19 Pandemic Using Z-score Method (Case Study at PT. Air Asia Indonesia Tbk, PT. Panorama Sentrawisata Tbk, and PT. Hero Supermarket Tbk). Other thesis, Universitas Andalas.

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Abstract

Financial Analysis in Predicting Potential Bankruptcy Before and During Covid-19 Pandemic Using Z-score Method (Case Study at PT. Air Asia Indonesia Tbk, PT. Panorama Sentrawisata Tbk, and PT. Hero Supermarket Tbk) Thesis by: Siti Fathonah Ulul Azmi Thesis Advisor: Drs. Riwayadi, MBA, Ak, CA, CPMA., CSRA., CRP ABSTRACT This study aims to analyze the financial condition of company before and during covid-19 pandemic using the method of predicting potential bankruptcy, namely Altman Z-score method against three companies from different business sector. The type of this study is descriptive research and used quantitative data obtained from the official websites of the Indonesia Stock Exchange. The results of the Altman Z-score method indicate that the financial condition of PT. Air Asia Indonesia Tbk is -9.66 (2019) and -13.00 (2020), which means the company was in a distress zone both before and during the covid-19 pandemic. PT. Panorama Sentrawisata Tbk was in a gray zone with a z-score of 1.57 (2019) before the pandemic and distress zone during the pandemic with the z-score amount is -0.39 (2020). Meanwhile, PT. Hero Supermarket Tbk before the pandemic is in the safe zone as indicate by z-score 3.06 (2019), but during the pandemic the financial condition becomes worse or distress as indicate by z-score 1.27 (2020). Keywords: Financial Analysis, Financial Distress, Altman Z-score, Bankruptcy, Covid-19.

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