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"ABSTRACTThe aeronautics industry is of major importance for a country such as Indonesiathat comprises of islands. Apart from that matter, global development makes thisindustry as one of the main factor of creating communication among nations. Butit is such a shame that in recent years, Indonesia?s aeronautic industry has beenin dire states. This was caused by low safety flying standards, indicated by majorairline accidents that prohibited Indonesia?s airlines to enter the EuropeanUnion.The heart of the matter in this thesis is ?Why are Indonesia?s airline?s securitystandards still so low?? By knowing the crux of the matter of such low securitylevels in the airlines industry, I thereby, have certain strategies to increase suchsecurity standards in Indonesia?s aeronautics industry.The methodology in this thesis is divided into two parts, the first being a methodof evaluating the airlines institution performances to create safety flyingprocedures. From the result of undergoing such a research, it was found that eachairlines institution contributes towards such low-key safety flying standards.The result of research on consumer behaviour shows that the majority ofIndonesian airlines consumers do prefer cheaper rates. Making strategies ofcheaper tariffs is quite an effective application.This, therefore, brings to conclusion that each airlines institution in Indonesialacks quality performance, and therefore, every sector is contributing towards lowsafety flying procedures. Cheap tariffs is surely a potential risk towards lowmaintenance costs for the airplanes, which would eventually cause low safetyconditions in Indonesia?s airlines industry."

"ABSTRAKPenelitian utama Tujuan dari penelitian ini adalah untuk membandingkan strategi kompetitifEmirates dan SkyTeam dalam hal keberlanjutan mereka. Proyek penelitian mencoba untukmenjawab pertanyaan apakah penerbangan non-aliansi seperti Emirates dapat mempertahankanposisi kompetitif mereka di pasar tanpa bergabung aliansi maskapai. Kerangka teoritis sepertiberbasis sumber daya view (RBV) dan kemampuan dinamis diterapkan untuk proyek ini.Tinjauan literatur Bab mengidentifikasi sumber spesifik keunggulan kompetitif yangberkelanjutan (misalnya kepemimpinan biaya dan diferensiasi). Manfaat utama dan kelemahanbergabung aliansi maskapai disebutkan di bagian teoritis. Secara khusus, aliansi maskapaipenerbangan memiliki lebih banyak sumber daya yang mereka miliki dan basis pelanggan yanglebih besar. Hal ini ditemukan bahwa Emirates memiliki model bisnis yang sangat hemat biayadan dapat bersaing secara efektif tanpa bergabung aliansi maskapai. Disarankan bahwa penelitimasa depan di lapangan harus menyelidiki lebih lanjut hipotesis operasional mengenai manfaatdan kelemahan yang terkait dengan bergabung aliansi penerbangan di industri penerbangankomersial global

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ABSTRACTThe main research aim of this study is to compare the competitive strategies of Emirates andSkyTeam in terms of their sustainability. The research project attempts to answer the questionwhether non-alliance airlines such as Emirates can sustain their competitive position in themarket without joining airline alliances. Such theoretical frameworks as the resource-based view(RBV) and dynamic capabilities are applied to this project. The literature review chapteridentifies specific sources of sustainable competitive advantage (e.g. cost leadership anddifferentiation). The key benefits and drawbacks of joining airline alliances are mentioned in thetheoretical part. Specifically, alliance airlines have more resources at their disposal and a largercustomer base. It is found that Emirates has a very cost-efficient business model and cancompete effectively without joining airline alliances. It is recommended that future researchers inthe field should further investigate the operational hypotheses concerning the benefits anddrawbacks associated with joining alliance airlines in the global commercial airlines industry"

"Tesis ini membahas tentang valuasi terhadap nilai perusahaan Garuda Indonesia dengan menggunakan metode present value terhadap arus kas dari EBITDAR yang telah disesuaikan ditambah dengan nilai valuasi dari hidden value yang dianalisis dengan mengasumsikan sebagai option. Langkah-langkah dalam valuasi dimulai dengan pemahaman masa lampu, analisis terhadap laporan keuangan, proyeksi laporan keuangan dan perhitungan nilai saham perusahaan. Proyeksi arus kas dibuat selama empat tahun dengan mempertimbangkan laporan keuangan historis, strategi perusahaan dan pengaruh faktor-faktor eksternal baik dari perkembangan makroekonomi maupun kemajuan yang dicapai oleh industri penerbangan dunia. Hasil valuasi menunjukkan bahwa harga per-lembar saham Garuda Indonesia saat ini masih lebih tinggi dari harga di bursa.Begitu pula dengan hasil komparasi menggunakan faktor pengali industrinya yang menunjukkan harga yang lebih tinggi. Kenyataan ini menunjukkan bahwa terdapat faktor-faktor lain di luar kondisi yang ada yang mempengaruhi pergerakan harga saham Garuda Indonesia seperti resiko industri, aktifitas bursa (right issue Bank Mandiri), maupun pertimbangan terhadap restrukturisasi hutang perusahaan yang terus berjalan. ......This thesis discusses valuation of Garuda Indonesia using net present value of adjusted EBITDAR cash flow added with hidden value which was calculated with real option assumption. Valuation steps started with understanding the past, analysis of financial statements, proforma projection of financial statement and valuation of the firm. Cash flow projection composed for four years based on hystorical financial statements, corporate strategies, and external factors either macroeconomy conditions or achievements of world airlines industry. Valuation result shows that shares price of Garuda Indonesia is higher than market price at this moment. So does with comparable valuation result using industry multiply still shows the higher price. There are several factors cause this condition influencing the volatility of Garuda Indonesia share price such as industry risks, bourse activities, and consideration of on-going corporate-debt restructuring."