Abstract:
This study evaluates the expansion readiness of PT Kemilau Bintang Timur
(KBT), a shrimp farming enterprise in South Sulawesi, by integrating financial
planning, investment feasibility analysis, scenario modelling, and benchmarking
with PT Panca Mitra Multiperdana Tbk (UDNG). The research employs Net Present
Value (NPV), Internal Rate of Return (IRR), Benefit-Cost Ratio (B/C), and Payback
Period as key indicators, supported by scenario analysis under varying external
conditions such as U.S. tariff policies. Results show that KBT’s expansion project
yields a positive NPV of IDR 309 billion, an IRR of 50%, a B/C ratio of 1.40, and
a payback period of 2.6 years under the base scenario, outperforming UDNG in
terms of value creation and return. While heavy reliance on the U.S. market remains
a risk, scenario analysis indicates that the project is financially viable under
different conditions. However, in the worst-case scenario, the company and its
investors face significantly lower returns, highlighting the importance of proactive
risk mitigation and market diversification.
