EXPANSION READINESS ANALYSIS OF PT KEMILAU BINTANG TIMUR BASED ON INVESTMENT FEASIBILITY INDICATORS, SCENARIO ANALYSIS, AND COMPARISON ANALYSIS

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.