7/30/2019 DGT SUKANTO
1/75
7
GDGJHRHR UL]GDGD RLKS@] UL]SGDHGD
SL]AGCGU UL]LK@D@IHGDOG^G SLDNGA
!ULDCLKGSGD GDGJHRHR HDU\S)@\SU\S(
\R\JGD ULDLJHSHGD
Chgoukgd slmgngh sgjga sgtu sygrgt
udtuk ildyljlsghkgd Ur`nrgi Rgrogdg !R7(
pgcg Ur`nrgi Rgrogdg Fgkujtgs Lk`d`ih\dhvlrshtgs Chp`dln`r`
Chsusud @jla ?
CHIGR NGCGDN S$R
DHI$ B=M65
7/30/2019 DGT SUKANTO
2/75
=
UL]RLS\O\GD RK]HURH
Dgig Uldyusud ? Chigs Ngcgdn Sgttgqud Rukgdt`
D`i`r Hdcuk Igagshswg ? B=M65
7/30/2019 DGT SUKANTO
3/75
2
ULDNLRGAGD KLJ\J\RGD \OHGD
Dgig Igagshswg ? Chigs Ngcgdn Sgttgqud Rukgdt`
D`i`r Hdcuk Igagshswg ? B=M655275=2
7/30/2019 DGT SUKANTO
4/75
3
UL]DXGSGGD @]HRHDGJHSGR RK]HURH
Xgdn mlrtgdcg tgdngd ch mgwga hdh sgyg* Chigs Ngcgdn S$ R*ildygtgkgd mgawg skrhpsh cldngd oucuj ? Gdgjhshs Ulrgdgd Rlkt`r
Ulrtgdhgd Slragcgp Ulrlk`d`ihgd Ogwg Sldnga !Uldclkgtgd Gdgjhshs
Hdput)@utput( gcgjga agshj tujhsgd sgyg sldchrh$ Cldngd hdh sgygildygtgkgd cldngd slsudnnuadyg mgawg cgjgi skrhpsh hdh thcgk tlrcgpgt
klsljuruagd gtgu slmgnhgd tujhsgd `rgdn jghd ygdn sgyg gimhj cldngd bgrg
ildygjhd gtgu ildhru cgjgi mldtuk rgdnkghgd kgjhigt gtgu shim`j ygdn
ildudoukkgd ngngsgd gtgu pldcgpgt gtgu plihkhrgd cgrh pldujhs jghd* ygdnsgyg gkuh sl`jga)`jga slmgngh tujhsgd sgyg sldchrh* cgd gtgu thcgk tlrcgpgt
mgnhgd gtgu klsljuruagd tujhsgd ygdn sgyg sgjhd* thru gtgu ygdn sgyg gimhjcgrh tujhsgd `rgdn jghd tgdpg ilimlrhkgd pldngkugd pldujhs gsjhdyg$Gpgmhjg sgyg iljgkukgd thdcgkgd ygdn mlrtldtgdngd cldngd agj
tlrslmut ch gtgs* mghk chsldngog igupud thcgk* cldngd hdh sgyg ildygtgkgd
ildgrhk skrhpsh ygdn sgyg goukgd slmgngh agshj agshj tujhsgd sgyg sldchrh hdh$Mhjg kliuchgd tlrmukth mgawg sgyg iljgkkukgd thdcgkgd ildygjhd gtgu
ildhru tujhsgd `rgdn jghd sl`jga)`jga agshj plihkhrgd sgyg sldchrh* mlrgrth
nljgr cgd hogsga ygdn tljga chmlrhkgd `jla udhvlrshtgs mgtgj sgyg tlrhig$
Rligrgdn* Flmrugrh =577
Xgdn ilimugt pldygtggd*
!Chigs Ngcgdn Sgttgqud Rukgdt`(
DHI ? B=M65
7/30/2019 DGT SUKANTO
5/75
slkt`r cldngd ildngnrlngsh slkt`r)slkt`rchjugr slkt`r plrtgdhgd$Agshj gdgjhshs kltlrkghtgd slkt`r plrtgdhgd gcgjga jlmha mgdygk slkt`r
ygdn ilihjhkh kltlrkghtgd jgdnsudn kl clpgd ygdn jlmha mlsgr
chmgdchdnkgd cldngd kltlrkghtgd jgdnsudn kl mljgkgdn* slahdnng sum)sumslkt`r plrtgdhgd jlmha mgdygk mlrplrgd cgjgi `utput iujthpjhlrdyg$ Gdnkg
kltlrkghtgd kl mljgkgdn ygdn pgjhdn mlsgr gcgjga sum slkt`r Mgagd
Igkgdgd Jghddyg slmlsgr 7*36571 cgd gdnkg kltrkghtgd kl clpgd ygdn
pgjhdn mlsgr gcgjga sum slkt`r Slmu cldngd gdnkg kltlrkghtgd slmlsgr21*56
7/30/2019 DGT SUKANTO
6/75
6
GMRS]GBS
Sahs stucy ghis t` gdgjyzl tal jhdkgnls `f gnrhbujturl slbt`r t` `talrslbt`rs `f tal lb`d`iy `f Bldtrgj Ogvg gdc gjs` t` kd`w tal iujthpjhlr
`utput gdc lxp`rt iujthpjhlr `f tal gnrhbujturgj slbt`r$ Sal gnrhbujturgjslbt`r wahba hd fgbt hs tal c`ihdgdt slbt`r hd Bldtrgj Ogvg bgd d`t clvlj`p
`pthigjjy cul t` jgbk `f igxhiui usl `f lxhsthdn rls`urbls* s` bgd d`t
illt tal dllcs `f tal rlnh`d$Hdput)@utput Gdgjyshs hs uslc t` sll tal jhdkgnls mltwlld hdputs gdc
`utputs gdc g iujthpjhlr `f gdc f`r tal gnrhbujturgj slbt`r$ Lsthigth`d `f
jhdkgnl hd tahs stucy wlrl gdgjyzlc my ushdn tal Hdput @utput Sgmjl `f
Bldtrgj Ogvg hd =551 Bjgsshfhbgth`d `f 11 slbt`rs t` 2> slbt`rs gdc taldshipjhfhlc my gnnrlngthdn tal slbt`rs `utshcl tal gnrhbujturgj slbt`r$
Sal rlsujt `f jhdkgnl gdgjyshs `f tal gnrhbujturgj slbt`r hs i`rlslbt`rs tagt agvl chrlbt rljlvgdbl t` tal dlxt jgrnlr tagd tal chrlbt jhdkgnlt` tal rlgr* s` tagt sums gnrhbujturgj slbt`r i`rl hdv`jvlc hd tal `utput
iujthpjhlr$ Fhnurls mgbkwgrc jhdkgnl hs tal jgrnlst sum slbt`r F``cstuff
@talrs gt 7$36571 gdc duimlrs f`rwgrc jhdkgnl hs tal jgrnlst sum)slbt`rjhdkgnls Bgdl whta g duimlr `f 21$56
7/30/2019 DGT SUKANTO
7/75
>
KGSG ULDNGDSG]
Gjagicujhjjga Uuoh Ryukur pldujhs ubgpkgd klpgcg Gjjga R^S
kgrldg mlrkgt jhipgagd ]gaigt* Sgufhq* Ahcgyga slrtg Hdgyga)Dyg pldujhs
sgipgh sggt hdh igsha chmlrhkgd mlrigbgi kldhkigtgd thgcg tlrdhjgh
agrngdyg ahdnng Uldujhs cgpgt ildyljlsghkgd skrhpsh cldngd oucuj
Gdgjhshs Ulrgdgd Rlkt`r Ulrtgdhgd Slragcgp Ulrlk`d`ihgd Ogwg Sldnga
!Uldclkgtgd Gdgjhshs Hdput)@utput($ Gcgjga sugtu agj ygdn iustgahj
tldtudyg mhjg skrhpsh hdh cgpgt sljlsgh tgdpg mgdtugd cgrh mlrmgngh phagk$
@jla kgrldg htu pldujhs mlrigksuc ildnubgpkgd tlrhigkgsha cgd
pldnagrnggd slthdnnh)thdnnhdyg klpgcg?
7$ Uhiphdgd Fgkujtgs Lk`d`ih \dhvlrshtgs Chp`dln`r` Ur`f$ Crs$I`agigc Dgshr* I$Rh$* Gk$* Ua$C mlslrtg Rtgf pldngogr* RtgfGcihdhstrgsh cgd S\ slrtg Rtgf klgigdgd cgd phagk)phagk hdtlrd
Fgkujtgs ygdn jghd ygdn sljgig hdh ilimgdtu pr`sls plrkujhgagd ch
Fgkujtgs Lk`d`ih$
=$ Hmu O`agddg Igrhg K`c`gthl* RL$*ILb* Ua$C sljgku C`sld ^gjh ygdntljga ilimgdtu cgjgi klnhgtgd gkgclihs sljgig Uldujhs mljgogr ch
Fgkujtgs Lk`d`ih$
2$ Hmu Agstgrhdh Cwh Gtigdth* RL* IRh sljgku c`sld plimhimhdn skrhpshgtgs mhimhdngd* s`jush* cgd klmhogksgdggddyg$
7/30/2019 DGT SUKANTO
8/75
7/30/2019 DGT SUKANTO
9/75
8
77$Sligd)tligd R`jchlr FB* Gdcry* Gdch* Gjh* Lrwhd* Imga Alrh* IgsFhbky* U`p`* Ruryg* \ut* Rahdcu* Mgyu* Mgyu !O`d(* Xucah* tlrhig kgsha
udtuk wgktu cgd sligdngtdyg$
7=$Shi KKD Sgouk* Gfhdg* Clch* Clsh* Chdh* Chtg* Fgrhcg* Agri`k`*Agry`k`* Jhcg* Igruf* Ihtg* Iuth* ]gaigd* ]gdnng* ]hg* Imgk ]hig*
X`ng* tlrhig kgsha udtuk klmlrsgiggd sljgig 2< agrh ch tlipgt ygdn
chdnhd$
72$Sligd)tligd Urucldthgj* Mu Gthk* Mu Hdg* Mu Hdcrh* Mu Igyjhdg* ImgkDudu* Imgk ]gtdg* Ugk Kahrjgd* tlrhig kgsha udtuk sligdngt*
pldngjgigd* cgd i`thvgshdyg
73$Rliug phagk ygdn thcgk cgpgt chslmutkgd sgtu plr sgtu cgd ygdn tljgailimgdtu pldujhs cgjgi ildyljlsghkgd skrhpsh cgd kujhga pldujhs cgrh
gwgj sgipgh gkahr$
Gkahrdyg pldujhs hkut ildc`gkgd sli`ng sliug gigj klmghkgd phagk)
phagk slmgnghigdg tlrbgdtui chgtgs ildcgpgt mgjgsgd ygdn slthipgj cgrh Gjjga
R^S$ Uldujhs ildygcgrh mgawg skrhpsh hdh tldtudyg ilipudygh mgdygk klkurgdngd$
@jla kgrldg htu* sgrgd cgrh plimgbg sgdngt pldujhs agrgpkgd$ Gkahr kgtg* pldujhs
mlragrgp skrhpsh hdh cgpgt mlrigdfggt mgnh plimgbg ygdn muchigd$
Rligrgdn* Flmrugrh =577
Uldujhs
7/30/2019 DGT SUKANTO
10/75
75
CGFSG] HRH
AgjgigdAGJGIGD O\C\J $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ h
AGJGIGD UL]RLS\O\GD $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ hhUL]DXGSGGD @]HRHDGJHSGR RK]HURH $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ hhh
GMRS]GKRH $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ hv
GMRS]GBS $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ vKGSG ULDNGDSG] $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ vh
CGFSG] SGMLJ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ xh
CGFSG] NGIMG] $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ xhh
CGFSG] JGIUH]GD $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ xhhh
MGM H ULDCGA\J\GD $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 77$7 Jgtgr Mljgkgdn Igsgjga $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 77$= ]uiusgd Igsgjga $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 757$2 Suougd cgd Klnudggd Uldljhthgd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 777$3 Rhstligthkg Uldujhsgd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 77
MGM HH SHDOG\GD U\RSGKG $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 72
=$7$Jgdcgsgd Sl`rh cgd Uldljhthgd Slrcgauju $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 72=$7$7 Jgdcgsgd Sl`rh$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 72
=$7$7$7 Sl`rh Ur`cuksh Ulrtgdhgd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 72=$7$7$= Sl`rh Ulrtuimuagd Lk`d`ih $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 71=$7$7$2 K`dslp Ulrtuimuagd cgd Ulimgdnudgd Lk`d`ih =5=$7$7$3 Ulimgdnudgd Ulrtgdhgd$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =7=$7$7$ K`dslp Cgsgr I`cljHdput)@utput$$$$$$$$$$$$$$$$$$$$$$$$$$$ =2$3 Ilt`cl Gdgjhshs $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3>
7/30/2019 DGT SUKANTO
11/75
7/30/2019 DGT SUKANTO
12/75
7=
CGFSG] SGMLJ
Agjgigd
Sgmlj 7$7 Ur`cuk C`ilsthk Mrut` Hdc`dlshg Gtgs Cgsgr Agrng
K`dstgd =555 Ildurut Jgpgdngd \sgag
Sgaud =556)=558 !Ihjjhgr ]uphga($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =
Sgmlj 7$= Shdnkgt K`dtrhmush Ulrtgdhgd Slragcgp UC]M Ildurut
Ur`phdsh ch Uujgu Ogwg $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 2
Sgmlj 7$2 Ulrtuimuagd Rlkt`r Lk`d`ih ch Ogwg Sldnga Sgaud
=553)=551 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ >
Sgmlj 7$3 Rtruktur Lk`d`ih Ogwg Sldnga Sgaud =553)=551 Gtgs
Cgsgr Agrng Mlrjgku !plrsld($$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1Sgmlj 7$< Jugs Jgagd Rgwga cgd Mukgd Rgwga Ur`phdsh Ogwg
Sldnga !Ag( $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 8
Sgmlj 7$6 @utput Rlkt`r Ulrtgdhgd Ogwg Sldnga Gtgs Cgsgr
Agrng K`dstgd =555 !Outg ]uphga( $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 8
Sgmlj 3$7 KgmupgtldK`tg cgd Jugs ^hjgyga ch Ur`phdsh OgwgSldnga $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ K`dtrhmush Rlkt`rgj Ogwg Sldnga Sgaud =553)=551 $$$$$$$$$ 65
Sgmlj 3$75 Dhjgh Kltlrkghtgd Kl Mljgkgdn Shcgk Jgdnsudn Rlkt`rgj
Ogwg Sldnga $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ >=
Sgmlj 3$77 Kltlrkghtgd Kl Clpgd Jgdnsudn Rlkt`rgj Ogwg Sldnga $$$$ >3
Sgmlj 3$7= Dhjgh Kltlrkghtgd Kl Clpgd S tgj Rlkt`rgj
Ogwg Sldnga $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ >>
7/30/2019 DGT SUKANTO
13/75
72
Sgmlj 3$73 Gdnkg Uldnngdcg Kljugrgd !@utput Iujthpjhlr( Rlkt`rgj
Ogwg Sldnga Sgaud =551 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ >1Sgmlj 3$7< Gdnkg Uldnngdcg Uldcgpgtgd Rlkt`rgj Ogwg Sldnga
Sgaud =551 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 15
Sgmlj 3$76 Cgipgk Rumshch Uupuk tlragcgp @utput Rlkt`rgj
Ogwg Sldnga Sgaud =551 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1=
7/30/2019 DGT SUKANTO
14/75
73
CGFSG] NGIMG]
AgjgigdNgimgr =$7 Kurvg Ur`cuksh S`tgj* Ur`cuksh ]gtg)rgtg cgd Ur`cuksh
Igrnhdgj$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 7
dlngrg* gkgd tltgph jlmha cgrh htu plimgdnudgd ilipudygh plrsplkthf ygdn
jlmha jugs$ Childsh s`shgj ygdn slrhdn chgmghkgd cgjgi pldclkgtgd
plrtuimuagd lk`d`ih oustru ildcgpgt tlipgt ygdn strgtlnhs cgjgi
plimgdnudgd$
Sgmlj 7$7
Ur`cuk C`ilsthk Mrut` Hdc`dlshg Gtgs Cgsgr Agrng K`dstgd =555
Ildurut Jgpgdngd \sgag Sgaud =556)=558 !Ihjjhgr ]uphga(
Jgpgdngd \sgag =556 Ulrsld =55> Ulrsld =551 Ulrsld
7$ Ulrtgdhgd* Ultlrdgkgd*Klautgdgd cgd Ulrhkgdgd
=6=$35=*1 73*=7 =>7$357*= 72*12 =13$22>*1 72*66
=$ Ulrtgimgdngd cgd Uldnngjhgd 761$527* > 8*75 7>7$3==*7 1*>2 7>=$255*5 1*=12$ Hdcustrh Uldn`jgagd *12 *37 683$ Jhstrhk* Ngs cgd Ghr Mlrsha 7=$= 5*>=*= 7>*=6 262$273*5 7>*3$ Uldngdnkutgd cgd K`iudhkgsh 7=3$151*8 6*>6 73=$2=>*= >*=< 766$5>6*1 >*811$ Klugdngd* ]lgj Lstgtl cgd Ogsg
Ulrusgaggd
7>5$5>3*2 8*=7 712$688*6 8*5$>5=*7 8*=> 782$>55*< 8*25Ur`cuk C`ilsthk Mrut` 7$13>$7=6*> 755 7$862$587*1 755 =$51=$752*> 755
Kltlrgdngd ? / Gdnkg Rlildtgrg
Ruimlr ? Rtgthsthk Hdc`dlshg* =558
Mlrcgsgrkgd Sgmlj 7$7 cgpgt chjhagt mgawg hdcustrh pldn`jgagd
ilrupgkgd slkt`r ygdn ilihjhkh UCM pgjhdn mlsgr* slildtgrg slkt`r
plrtgdhgd mlrgcg ch plrhdnkgt klthng sltljga hdcustrh cgd plrcgngdngd$
Cgjgi pr`sls plimgdnudgd* sljghd iliplrahtudnkgd cgipgk gkthfhtgs
lk`d`ih tlragcgp klahcupgd s`shgj igsygrgkgt* jlmha cgrh htu cgjgi pr`sls
plimgdnudgd chjgkukgd upgyg ygdn mlrtuougd udtuk ildnumga struktur
plrlk`d`ihgd klgrga ygdn jlmha mghk !Kudb`r`* Iucrgogc; 788>($
7/30/2019 DGT SUKANTO
18/75
71
Ulimgdnudgd lk`d`ih sldchrh pgcg cgsgrdyg ilrupgkgd sugtu plrumgagd
cgjgi struktur pr`cuksh cgd gj`kgsh suimlr cgyg$ Ur`sls plimgdnudgd
Ur`vhdsh Ogwg Sldnga thcgk tlrjlpgs cgrh strgtlnh plimgdnudgd dgsh`dgj
ygdn ildogch plc`igd mgnh grga plimgdnudgd cglrga$ Klmhogkgd
plimgdnudgd cglrga chgrgakgd udtuk ildnlimgdnkgd cglrga cldngd
ildn`pthigjkgd plimlrcgyggd p`tldsh ygdn chihjhkh cglrga*
ildylsughkgd jgou plrtuimuagd gdtgr cglrga* oung ildngbu plilrgtggd
plimgdnudgd udtuk ildhdnkgtkgd klslogatlrggd igsygrgkgt !Grsygc*
Jhdb`jhd; 7888(
Sgmlj 7$=
Shdnkgt K`dtrhmush Rlkt`r Ulrtgdhgd Slragcgp UC]M
Ildurut Ur`phdsh ch Uujgu Ogwg
D` Ur`phdsh K`dtrhmush Rlkt`r Ulrtgdhgd
!Ulrsld(
7 CKH Ogkgrtg 5*72
= Ogwg Mgrgt 78*73
2 Ogwg Sldnga =8*38
< Ogwg Shiur =3*38
O\IJGA 755
Ruimlr ? Rtgthsthk Hdc`dlshg* =55>
Sgmlj 7$= ildudoukkgd mgawg k`dtrhmush slkt`r plrtgdhgd Ogwg
Sldnga tlragcgp UC]M ilrupgkgd ygdn pgjhdn mlsgr !=5*52 plrsld(
chhkuth `jla Ur`phdsh CHX !71*== plrsld( cgd Ogwg Shiur !76*66 plrsld(*
slildtgrg pr`phdsh CKH Ogkgrtg ygdn d`tgmldl Hmuk`tg ]lpumjhk Hdc`dlshg
7/30/2019 DGT SUKANTO
19/75
78
gcgjga pr`phdsh ygdn thdnkgt k`dtrhmush slkt`r plrtgdhgddyg tlragcgp UC]M
pgjhdn rldcga !5*58 plrsld($
Gngr plrtgdhgd cgpgt mlrk`dtrhmush cgjgi plrlk`d`ihgd dgsh`dgj*
ildnagcgph chdgihkg nj`mgjhsgsh cgd plrcgngdngd mlmgs chplrjukgd sugtu
plrldbgdggd dgsh`dgj cldngd plihjhagd gtgs cgsgr prh`rhtgs cgd sgsgrgd
cgrh pr`ngi pgimgdnudgd plrtgdhgd$ Rgjga sgtu gsplk ygdn bukup
ildldtukgd klmlragshjgd plimgdnudgd gcgjga pldylmgrgd hdvlstgsh ygdn
slsugh cldngd j`kgsh cgd k`dchsh igsygrgkgt !Rualdcrg* Rusy; =553($
Cgjgi thng clkgcl tlrgkahr* plimgdnudgd dgsh`dgj ildhthkmlrgtkgd
pgcg slkt`r igdufgktur* slildtgrg slkt`r plrtgdhgd ygdn sgipgh sggt hdh
igsha ilrupgkgd tuipugd ahcup igsygrgkgt pgcg uiuidyg agdyg
chp`shshkgd slmgngh slkt`r pldcukudn$ Ch mgdygk dlngrg* slkt`r plrtgdhgd
ilrupgkgd prgsygrgt mgnh plimgdnudgd slkt`r hdcustrh cgd ogsg$ Lrg
nj`mgjhsgsh ygdn gkgd cgtgdn ilimlrhkgd pljugdn mgnh slkt`r plrtgdhgd
udtuk mlrklimgdn jlmha blpgt* tltgph slkgjhnus ilimlrhkgd tgdtgdngd mgru
kgrldg k`i`chtgs plrtgdhgd agrus ilipudygh kludnnujgd cgyg sghdn cgd
kligdchrhgd pr`cuk plrtgdhgd slclihkhgd rupg slahdnng pr`cuk plrtgdhgd
igipu mlrsghdn mghk ch pgsgr c`ilsthk igupud pgsgr hdtlrdgsh`dgj
!Rualdcrg* Rusy; =553($
Cgipgk plimgdnudgd cgpgt chjhagt cgrh vgrhgmlj igkr` lk`d`ih
chigdg plimgdnudgd plrtgdhgd cgd plclsggd ildogch sgjga sgtu mgnhgd
7/30/2019 DGT SUKANTO
20/75
=5
tgk tlrphsgakgd cgrh plimgdnudgd ch ]lpumjhk Hdc`dlshg$ Ulimgdnudgd
plrtgdhgd cgd plclsggd ilihjhkh p`tldsh ygdn bukup mlsgr tlrkght cldngd
igsgjga)igsgjga k`dtrhmush tlragcgp plrlk`d`ihgd dgsh`dgj iljgjuh agshj
ygdn chplr`jla cgrh pldcgpgtgd c`ilsthk mrut`* slahdnng slkt`r plrtgdhgd
chtlipgtkgd pgcg p`shsh prh`rhtgs cgjgi plrldbgdggd plimgdnudgd
dgsh`dgj$
Ulimgdnudgd plrtgdhgd ch Hdc`dlshg chgdnngp pldthdn cgrh
klsljuruagd plimgdnudgd dgsh`dgj$ Gcg mlmlrgpg agj ygdn ildcgsgrh
ildngpg plimgdnudgd plrtgdhgd ch Hdc`dlshg ilipudygh plrgdgd
pldthdn* gdtgrg jghd? p`tldsh Ruimlr Cgyg Gjgi ygdn mlsgr cgd mlrgngi*
pgdnsg tlragcgp pldcgpgtgd dgsh`dgj ygdn bukup mlsgr* mlsgrdyg pgdnsg
tlragcgp lksp`r dgsh`dgj* mlsgrdyg pldcucuk Hdc`dlshg ygdn
ildnngdtudnkgd ahcupdyg pgcg slkt`r hdh* plrgddyg cgjgi pldylchggd
pgdngd igsygrgkgt cgd ildogch mgshs plrtuimuagd ch plclsggd$ U`tldsh
plrtgdhgd Hdc`dlshg ygdn mlsgr dgiud pgcg kldygtggddyg sgipgh sggt hdh
slmgnhgd mlsgr cgrh pltgdh khtg igsha mgdygk ygdn tlrigsuk n`j`dngd
ihskhd$ Agj hdh ildnhdchkgshkgd mgawg plilrhdtga pgcg igsg jgju mukgd
sgog kurgdn ilimlrcgygkgd pltgdh tltgph oung tlragcgp slkt`r plrtgdhgd
klsljuruagd$
Rlkt`r plrtgdhgd ilrupgkgd slkt`r ygdn ilipudygh plrgdgd
strgtlnhs cgjgi struktur plimgdnudgd plrlk`d`ihgd dgsh`dgj$ Rlkt`r hdh
7/30/2019 DGT SUKANTO
21/75
=7
ilrupgkgd slkt`r ygdn thcgk ildcgpgtkgd plragthgd slbgrg slrhus cgrh
plilrhdtga cgjgi plimgdnudgd mgdnsg$ Iujgh cgrh pr`tlksh* krlcht ahdnng
klmhogkgd jghd thcgk sgtu pud ygdn ildnudtudnkgd mgnh slkt`r hdh$ Rlkt`r
hdh ilrupgkgd slkt`r ygdn sgdngt mgdygk ildgipudn jugpgd tldgng klrog
cgd slmgnhgd mlsgr pldcucuk khtg tlrngdtudn pgcgdyg$ Mlrcgsgrkgd cgtg
Rtgthsthk Hdc`dlshg tgaud =558* ouijga pldcucuk Hdc`dlshg ygdn mlklrog ch
slkt`r plrtgdhgd bukup thdnnh !37$227$>56 ohwg(* chsusuj `jla slkt`r
plrcgngdngd !=7$==7$>33 ohwg( cgd ogsg !72$588$17> ohwg(
Ulrtgdhgd ch Hdc`dlshg gmgc =7 agrus chpgdcgdn slmgngh sugtu slkt`r
lk`d`ih ygdn slogogr cldngd slkt`r jghddyg$ Rlkt`r hdh thcgk m`jla jgnh
agdyg mlrplrgd slmgngh gkt`r plimgdtu gpgjgnh fhnurgd mgnh plimgdnudgd
dgsh`dgj slplrth sljgig hdh chplrjgkukgd* tltgph agrus ildogch plilrgd
utgig ygdn slogogr cldngd slkt`r hdcustrh$ Kgrldg htu slkt`r plrtgdhgd
agrus ildogch slkt`r i`clrld* lfhshld cgd mlrcgyg sghdn* cgd thcgk m`jla
chpgdcgdn agdyg slmgngh kgtup pldngigd udtuk ildgipudn tldgng klrog
thcgk tlrchchk ygdn iljhipga gtgupud pldylchg pgdngd ygdn iurga gngr
slkt`r hdcustrh igipu mlrsghdn cldngd agdyg ildngdcgjkgd upga rldcga
!Dgphtupuju* Lcwgrc; =55>($
Ogwg Sldnga oung ilihjhkh p`tldsh lk`d`ih ygdn mlsgr ch mhcgdn
plrtgdhgd* sljghd htu oung ch mhcgdn hdcustrh cgd plrcgngdngd* tlrjhagt cgrh
mgdygk plrusgaggd ygdn mlrnlrgk ch klcug mhcgdn htu$ Ch sgiphdn htu*
7/30/2019 DGT SUKANTO
22/75
==
cldngd mgdygkdyg shtus)shtus purmgkgjg cgd k`dchsh gjgi ygdn ildgrhk*
slkt`r pgrhwhsgtg oung ildogch sgjga sgtu f`kus plimgdnudgd lk`d`ih$
@jla kgrldg htu* klmhogkgd plimgdnudgd lk`d`ih Ogwg Sldnga
chf`kuskgd pgcg kllipgt slkt`r tlrslmut* ygdn tlrkldgj cldngd
HDSGDUG]H !Hdcustrh cgd Ulrcgngdngd* Ulrtgdhgd* cgd Ugrhwhsgtg($
Klmhogkgd plimgdnudgd ch mhcgdn plrtgdhgd chtlkgdkgd tlrutgig pgcg
pldnlimgdngd suimlrcgyg plrtgdhgd ygdn iljhputh suimlr cgyg igdushg*
suimlr cgyg gjgi* hptlk* cgdg* hdf`rigsh* cgd kljlimgnggd iljgjuh
chvlrshfhkgsh* hdtldshfhkgsh* lkstldshfhkgsh* cgd rlagmhjhtgsh$
Ulrgdgd slkt`r plrtgdhgd ygdn iljhputh plrtgdhgd pgdngd cgd
a`rthkujturg* plrklmudgd* pltlrdgkgd cgd plrhkgdgd* cgjgi plrlk`d`ihgd
Ogwg Sldnga sljgig hdh igsha c`ihdgd$ Dgiud* pr`cukthvhtgs slkt`r
plrtgdhgd tlrbgtgt pgjhdn rldcga chmgdchdnkgd slkt`r jghddyg$ K`dchsh hdh
chslmgmkgd fgkt`r)fgkt`r gdtgrg jghd pldnugsggd jgagd plrtgdhgd ygdn
tlrjgju slipht* kurgdndyg pldnugsggd hdf`rigsh pgsgr cgd hptlk plrtgdhgd*
rldcgadyg dhjgh tgimga pr`cuk plrtgdhgd cgd gcgdyg plrh`cl ildudnnu
agshj usgag plrtgdhgd$ Chsgiphdn htu pr`cuksh plrtgdhgd mljui igipu
ildogihd kljgdnsudngd cgd kugjhtgs ygdn mghk* slrtg gcgdyg klmhogkgd
hip`r k`i`chtgs tlrtldtu slplrth mlrgs* nujg cgd klcljgh$
Klmhogkgd plimgdnudgd slkt`r plrtgdhgd chuoukgd udtuk? !g(
Ildhdnkgtkgd pldcgpgtgd cgd tgrgf ahcup pltgdh cgjgi grth jugs ygdn
7/30/2019 DGT SUKANTO
23/75
=2
iljhputh plklmud* pltlrdgk cgd dljgygd iljgjuh pldnlimgdngd usgag
plrtgdhgd mlrwgwgsgd gnrhmhsdhs; !m( ildhdnkgtkgd pr`cuksh plrtgdhgd
udtuk ildbgpgh kltgagdgd pgdngd kljugrng cgd cglrga* slrtg ililduah
mgagd mgku hdcustrh pldn`jgagd udtuk ildnhsh pgsgr c`ilsthk cgd lksp`r;
!b( ildhdnkgtkgd jgpgdngd klrog cgd klslipgtgd mlrusgag mgnh igsygrkgt;
!c( ildhdnkgtkgd kligdchrhgd pltgdh* pltlrdgk* plklmud cgd dljgygd
iljgjuh plimlrcgyggd igsygrgkgt cgd kljlimgnggd plrtgdhgd
U`tldsh plrtgdhgd ch Ogwg Sldnga tlrslmgr ch sljurua whjgyga
pr`phdsh$ Cglrga hdh oung tlrigsuk sgtu ch gdtgrg pr`phdsh pldygdcgdn
!juimudn( pgdngd dgsh`dgj* tlrutgig pgch$ Agshj utgig plrtgdhgd ch Ogwg
Sldnga gdtgrg jghd gcgjga pgch* pgjgwhog* cgd a`rthkujturg$ Ur`phdsh Ogwg
Sldnga ilrupgkgd sgjga sgtu pr`phdsh cldngd thdnkgt pldcgpgtgd lk`d`ih
cgrh slkt`r plrtgdhgd ygdn bukup thdnnh$ ^gjgupud slkt`r plrtgdhgd igsha
mlrgcg chmgwga slkt`r Jhstrhk* Ngs* cgd Ghr Ihdui; Mgdnudgd; cgd
Hdcustrh pldn`jgagd* Dgiud* pgcg kldygtggddyg slkt`r plrtgdhgd oung
ilrupgkgd slkt`r udnnujgd ch Ur`phdsh Ogwg Sldnga !^hkhplchg($
7/30/2019 DGT SUKANTO
24/75
=3
Sgmlj 7$2
Ulrtuimuagd Rlkt`r Lk`d`ih ch Ogwg Sldnga Sgaud =553)=551
Rlkt`r =553 =55< =556 =55> =551
7$ Ulrtgdhgd 1 2 8*=1 7*1 7 >*66UC]M S`tgj
7/30/2019 DGT SUKANTO
25/75
= =551
7$ Ulrtgdhgd 78*85 78*77 =5*23 =5*32 78*65=$ Ulrtgimgdngd cgd
Uldnngjhgd
5*86 5*8> 7*5= 7*55 5*8>
2$ Hdcustrh Uldn`jgagd 2=*63 22*>7 2=*1< 2=*73 22*513$ Jhstrhk* Ngs* cgd Ghr Ihdui 7*== 7*=5 7*7= 7*58 7*52
7/30/2019 DGT SUKANTO
26/75
=6
Cgrh Sgmlj 7$< Cgpgt chjhagt mgawg jugs jgagd sgwga cgrh tgaud
=553)=551 ildngjgih pldurudgd ygdn bukup thdnnh* agiphr 6$555 Ag$
Rlildtgrg jugs jgag mukgd sgwga oustru ildngjgih pldhdnkgtgd slmlsgr
=551
7$ Sgmgig =3$731$88>$1>8*=1 =*>6 =6$255$257*58=$ Ulrklmudgd 2$=16$322*73 2$376$286*>8 2$>5>$818*>3 2$1$>67*8$
7/30/2019 DGT SUKANTO
27/75
=>
7$=]uiusgd IgsgjgaRlmgngh dlngrg gnrgrhs* Hdc`dlshg pgcg kaususdyg Ur`phdsh Ogwg
Sldnga plrju udtuk jlmha ildhthkmlrgtkgd klmhogkgd plimgdnudgd
dgsh`dgjdyg pgcg slkt`r plrtgdhgd$ Ulimgdnudgd slkt`r plrtgdhgd cgpgt
ildbhptgkgd jgdcgsgd ygdn kugt cgjgi plimgdnudgd ch Ur`phdsh Ogwg
Sldnga$ Agj hdh chkgrldgkgd k`dtrhmush slkt`r plrtgdhgd Ur`phdsh Ogwg
Sldnga tlragcgp Uldcgpgtgd C`ilsthk Mrut` Hdc`dlshg slmlsgr =5*52
plrsld gtgu ygdn tlrmlsgr chmgdchdnkgd pr`phdsh jghddyg ch Uujgu Ogwg
dgiud gpgmhjg chjhagt cgrh suimgdngddyg tlragcgpg UC]M igsha kgjga
cldngd slkt`r ygdn jghd$
Rlkt`r plrtgdhgd ililngdn plrgdgd pldthdn cgjgi upgyg
plilduagd klmutuagd p`k`k$ Dgiud cgrh tgaud kl tgaud suimgdngd
Ur`cuk C`ilsthk Mrut`* Ulrtuimuagd Rlkt`r Lk`d`ih* Rtruktur Lk`d`ih
cgd jugs jgagd plrtgdhgd sligkhd ildurud$ Rlahdnng ruiusgd igsgjga
cgjgi pldljhthgd hdh mgawg suimgdngd slkt`r plrtgdhgd tlragcgp
plrtuimuagd lk`d`ih ch Ur`phdsh Ogwg Sldnga bldclrudn rldcga gpgmhjg
chmgdchdnkgd cldngd mlmlrgpg slkt`r jghd$
7/30/2019 DGT SUKANTO
28/75
=1
7$2Suougd cgd Klnudggd Uldljhthgd7$2$7
Suougd Uldljhthgd
Suougd cgrh pldljhthgd hdh gcgjga?
7$ Ildngdgjhshs kltlrkghtgd slkt`r plrtgdhgd cldngd slkt`r jghd pgcgplrlk`d`ihgd Ogwg Sldnga$
=$ Ildngdgjhshs iujthpjhlr `utput pgcg slkt`r plrtgdhgd cgd slkt`r)slkt`rjghd pgcg plrlk`d`ihgd Ogwg Sldnga$
2$ Ildngdgjhshs iujthpjhlrpldcgpgtgd slkt`r plrtgdhgd pgcg plrlk`d`ihgdOgwg Sldnga$
7$2$= Klnudggd UldljhthgdKlnudggd cgrh pldljhthgd hdh gcgjga?
7$ Ildnltgauh kltlrkghtgd cgd iujthpjhlr cgrh slkt`r plrtgdhgd cgjgiplrlk`d`ihgd Ogwg Sldnga
=$ Cgpgt chogchkgd slmgngh gbugd mgnh pgrg pldngimhj klputusgd cgjgiplrldbgdggd cgd strgtlnh ygdn tlpgt cgjgi rgdnkg plimgdnudgd slkt`r
plrtgdhgd
7$3Rhstligthkg UldujhsgdRhstligthkg pldujhsgd pldljhthgd hdh tlrmgnh ildogch jhig mgm ygdn tlrsusud
slmgngh mlrhkut?
7/30/2019 DGT SUKANTO
29/75
=8
MGM H Ilrupgkgd pldcgaujugd ygdn ch cgjgidyg mlrhsh ildnldgh jgtgr mljgkgdn*
ruiusgd igsgjga ygdn ildogch cgsgr pldljhthgd* tuougd cgd klnudggd pldljhthgd*
slrtg shstligthkg pldujhsgd jgp`rgd pldljhthgd$
MGM HH Ilrupgkgd Sljgga Uustgkg ygdn mlrhsh jgdcgsgd tl`rh ygdn ildbgkup
pldnlrthgd hdcustrh* tl`rh lk`d`ih pr`cuksh* pldnlrthgd fudnsh pr`cuksh* tl`rh mhgyg
pr`cuksh* cgd fudnsh pr`cuksh B`mm)C`unjgs$ Rljghd htu gkgd choljgskgd pujg
ildnldgh pldljhthgd tlrcgauju* klrgdnkg plihkhrgd* cgd ahp`tlshs$
MGM HHH Iliugt ilt`cl pldljhthgd ygdn chnudgkgd* ygdn tlrchrh cgrh vgrhgmlj
pldljhthgd cgd clvhdhsh `plrgsh`dgj vgrhgmlj* oldhs cgd suimlr cgtg* ilt`cl
pldnuipujgd cgtg* cgd ilt`cl gdgjhshs$
MGM HV Ildnldgh agshj cgd gdgjhshs ygdn ildoljgkgd ildnldgh clskrhpsh `mylk
pldljhthgd* gdgjhshs cgtg* cgd hdtlrpltgsh agshj udtuk ildogwgm plrigsgjgagd
pldljhthgd ygdn chgdnkgt mlrcgsgrkgd agshj pldn`jgagd cgtg cgd jgdcgsgd tl`rh ygdn
rljlvgd$
MGM V Ilrupgkgd pldutup ygdn ildnliukgkgd klshipujgd pldljhthgd slsugh
cldngd agshj ygdn chtliukgd cgrh plimgagsgd slrtg sgrgd ygdn chagrgpkgd mlrnudg
mgnh pldnusgag hdcustrh gtgu phagk)phagk tlrkght cgd plimgbg$
7/30/2019 DGT SUKANTO
30/75
25
MGM HH
SLJGGA U\RSGKG
=$7Jgdcgsgd Sl`rh cgd Uldljhthgd Slrcgauju=$7$7 Jgdcgsgd Sl`rh=$7$7$7 Sl`rh Ur`cuksh Ulrtgdhgd
Fudnsh pr`cuksh gcgjga aumudngd fhshk gdtgrg vgrhgmlj ygdn choljgskgd !X(
cgd vgrhgmlj ygdn ildoljgskgd !Q($ Vgrhgmlj ygdn choljgskgd mhgsgdyg mlrupg
kljugrgd !`utput( cgd vgrhgmlj ygdn ildoljgskgd mhgsgdyg mlrupg igsukgd !hdput($
Fudnsh pr`cuksh sgdngt pldthdn cgjgi tl`rh pr`cuksh kgrldg ?
7$ Cldngd fudnsh pr`cuksh* igkg cgpgt chkltgauh aumudngd gdtgrg fgkt`r
pr`cuksh !`utput( slbgrg jgdnsudn cgd aumudngd tlrslmut cgpgt jlmha iucga
childnlrth$
=$ Cldngd fudnsh pr`cuksh * igkg cgpgt chkltgauh aumudngd gdtgrg vgrhgmlj
ygdn choljgskgd !clpldcldt vgrhgmjl( X cgd vgrhgmlj ygdn ildoljgskgd
!hdclpldcldt vgrhgmjl( Q* slrtg slkgjhnus ildnltgauh aumudngd gdtgr vgrhgmlj
pldoljgs$ Rlbgrg igtligths* aumudngd hdh cgpgt choljgskgd slmgngh mlrhkut ?
X 9 f !x7* x=* x2* * xh* * xd( $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ !=$7(
Cldngd fudnsh tlrslmut chgtgs * igkg aumudngd X cgd Q cgpgt
chkltgauh cgd slkgjhnus aumudngd Qh* $$Qd cgpgt chkltgauh !R`lkgrtgwh;
7883($
7/30/2019 DGT SUKANTO
31/75
27
Ildurut Iumygrt` !788
7/30/2019 DGT SUKANTO
32/75
Q2 9 ouijga
Agshj pr`cuksh
Ur`cuk Igrnhdgj !IU($
rgtg)rgtg* cgd pr`cuksh
Kurvg U
Ruimlr ? Rucgrigd* Grh
Sgagp HSU
GU cgd IU
2=
ligkghgd plrgjgtgd
chmlcgkgd Ur`cuk S`tgj !SU(* Ur`cuk ]gtg)
!Nhjgrs`* S; =552($ Aumudngd gdtgrg pr`cuksh
grnhdgj cgpgt chjhagt pgcg Ngimgr =$7 slmgngh
Ngimgr =$7
r`cuksh S`tgj* Ur`cuksh ]gtg)rgtg
cgd Ur`cuksh Igrnhdgj
SU
Ouijga udht hdputvgrhgmlj
IU ouijga udht hd
GU vgrhgmlj
6
; =553
Sgagp Sgagp HHH
7
=
2
3
rlpjhkgsh slclragdg* pldgimgagd pgmrhk cgd plklrog ygdn slrupg sgtu sgig
jghd$ Gkgd tltgph jlmha klpgcg mldtuk pr`sls pldliugd cgd plrumgagd
tlkd`j`nh ygdn mlrkljgdoutgd ygdn ilimgwg klpgcg plrmghkgd ygdn plsgt
mgnh kliudnkhdgd pr`cuksh$
Ildurut M`lch`d` !7888(* plrtuimuagd lk`d`ih gcgjga sugtu pr`sls cgrh
kldghkgd `utput plrkgphtg cgjgi ogdnkg pgdogdn$ Ulrtuimuagd lk`d`ih chshdh
iljhputh thng gsplk ?
7$ Ulrtuimuagd lk`d`ih ilrupgkgd sugtu pr`sls !gsplk lk`d`ih(* sugtuplrlk`d`ihgd mlrklimgdn gtgu mlrumga cgrh wgktu kl wgktu$
=$ Ulrtuimuagd lk`d`ih mlrkghtgd cldngd gcgdyg kldghkgd `utput plrkgphtg*cgjgi agj hdh gcg cug gsplk pldthdn* yghtu? `utput t`tgj cgd ouijga pldcucuk$
@utput plrkgphtg gcgjga `utput t`tgj chmgnh cldngd ouijga pldcucuk$
2$ Ulrtuimuagd lk`d`ih chkghtkgd cldngd plrsplkthf wgktu* sugtuplrlk`d`ihgd chkgtgkgd tuimua mhjg cgjgi ogdnkg wgktu ygdn bukup jgig
!jhig tgaud( ildngjgih kldghkgd `utput plrkgphtg$
Rugtu plrlk`d`ihgd cgpgt chkgtgkgd ildngjgih plrtuimuagd ohkg thdnkgt
klnhgtgd lk`d`ih jlmha thdnnh cgrhpgcg ygdn chbgpgh chigsg slmljuidyg$
Ulrtuimuagd cgd plrklimgdngd mgru tlrbhptg gpgmhjg ouijga fhshk mgrgdn)mgrgdn cgd
ogsg ygdn chagshjkgd mlrtgimga mlsgr pgcg tgaud mlrhkutdyg$
7/30/2019 DGT SUKANTO
38/75
21
=$7$7$2 K`dslp Ulrtuimuagd cgd Ulimgdnudgd Lk`d`ihIldurut Rukhrd`* Rgc`d` !=555( plrtuimuagd lk`d`ih ilrupgkgd
plrumgagd thdnkgt klnhgtgd cgrh tgaud kl tgaud$ \dtuk ildnltgauh thdnkgt
plrtuimuagd lk`d`ih* agrus chplrmgdchdnkgd pldcgpgtgd dgsh`dgj mlrmgngh tgaud
ygdn chahtudn mlrcgsgrkgd agrng k`dstgd$ Ogch plrumgagd dhjgh pldcgpgtgd dgsh`dgj
agdyg sligtg)igtg chslmgmkgd `jla plrumgagd cgjgi thdnkgt klnhgtgd lk`d`ih$
Ulrtuimuagd mgru tlrbgpgh gpgmhjg ouijga mgrgdn cgd ogsg ygdn chagshjkgd mlrtgimga
mlsgr pgcg tgaud mlrhkutdyg$
Ulrtuimuagd lk`d`ih sgdngt chagrgpkgd kgrldg gkgd ilimugt igsygrgkgt
ildnk`dsuish mgrgdn cgd ogsg cgjgi ouijga ygdn mlsgr cgd oung pldylchggd mgrgdn
cgd ogsg s`shgj* slahdnng ahcup igsygrgkgt cgpgt chthdnkgtkgd$
=$7$7$3 Ulimgdnudgd UlrtgdhgdG$ Ulrgdgd Rlkt`r Ulrtgdhgd Cgjgi Ulimgdnudgd Lk`d`ih
Ulrgdgd slkt`r plrtgdhgd cgjgi plimgdnudgd lk`d`ih sgdngt pldthdn kgrldg
slmgnhgd mlsgr gdnn`tg igsygrgkgt ch dlngrg)dlngrg ihskhd ildnngdtudnkgd
ahcupdyg pgcg slkt`r tlrslmut$ Ohkg pgrg plrldbgdg cldngd sudnnua)sudnnua
iliplragthkgd klslogatlrggd igsygrgkgtdyg* igkg sgtu)sgtudyg bgrg gcgjga
cldngd ildhdnkgtkgd klslogatlrggd slmgnhgd mlsgr gdnn`tg igsygrgkgtdyg ygdn
ahcup ch slkt`r plrtgdhgd$ Ulrgd plrtgdhgd slmgngh tujgdn pudnnudn plrlk`d`ihgd
dgsh`dgj tlrmukth thcgk agdyg pgcg shtugsh d`rigj* tltgph tlrjlmha pgcg igsg krhshs$
7/30/2019 DGT SUKANTO
39/75
28
M$ Rygrgt)Rygrgt Ulimgdnudgd UlrtgdhgdKlmlragshjgd plimgdnudgd plrtgdhgd ililrjukgd mlmlrgpg sygrgt gtgu prg
k`dchsh ygdn udtuk thgp cglrga mlrmlcg)mlcg$ Urg k`dchsh tlrslmut iljhputh
mhcgdn)mhcgdn tlkdhs* lk`d`ihs* s`shgj mucgyg cgd jghd)jghd$ Ildurut G$ S
I`salr gcg jhig sygrgt ygdn agrus gcg cgjgi plimgdnudgd plrtgdhgd !Iumygrt`*
788
7/30/2019 DGT SUKANTO
40/75
35
2$ Ulrtgdhgd i`clrd ygdn pr`cukthvhtgsdyg sgdngt thdnnh ygdnchslmgmkgd `jla pligkghgd i`cgj cgd tlkd`j`nh ygdn thdnnh pujg$
Ugcg tgagp hdh pr`cuk plrtgdhgd sljuruadyg chtuoukgd udtuk iljgygdh
klplrjugd pgsgr k`ilrshgj$ I`clrdhsgsh plrtgdhgd cgrh tgagp trgchsh`dgj !sumshstld(
ilduou plrtgdhgd i`clrd ilimutuakgd mgdygk upgyg jghd sljghd pldngturgd
klimgjh struktur lk`d`ih plrtgdhgd gtgu pldlrgpgd tlkd`j`nh plrtgdhgd ygdn mgru$
Agiph sliug igsygrgkgt trgchsh`dgj* plrtgdhgd mukgdjga agdyg slklcgr klnhgtgd
lk`d`ih sgog* tltgph sucga ilrupgkgd mgnhgd cgrh bgrg ahcp ilrlkg$ Ulilrhdtga
ygdn mlrusgag ildtrgdsf`rigsh plrtgdhgd trgchsh`dgj agrusjga ildygcgrh mgawg
pligagigd gkgd plrumgagd)plrumgagd ygdn ilipldngruah sljurua s`shgj* p`jhthk
cgd kljlimgnggd igsygrgkgt plclsggd gcgjga sgdngt pldthdn$ Sgdpg gcgdyg
plrumgagd)plrumgagd slplrth htu* plimgdnudgd plrtgdhgd thcgk gkgd plrdga mhsg
mlragshj slplrth ygdn chagrgpkgd$
=$7$7$
7/30/2019 DGT SUKANTO
41/75
37
Kljgs igsygrgkgt pr`cukthf* yghtu ygdn gkthf ildn`jga tgdga slplrthplrtgdhgd cgd plrtgimgdngd
Kljgs tugd tgdga Kljgs ygdn thcgk pr`cukthf gtgu stlrhj* tlrchrh cgrh sgucgngr cgd pldnrgohd kljgs igsygrgkgt muruajgm`r ygdn ildlrhig ngoh cgrh tldgngdyg$Wulsdgy mlrgsuish mgawg lk`d`ih cgpgt chngimgrkgd ildurut thng kljgs
gtgu slkt`r ygdn mlrmlcg* yghtu ?
) Rlkt`r plrtgdhgd ygdn ildnagshjkgd igkgdgd* mgagd ildtga cgd agshjplrtgdhgd jghddyg
) Rlkt`r igdufgktur ygdn ilipr`cuksh mgrgdn)mgrgdn pgmrhk slplrthpgkghgd cgd mgdnudgd slrtg gjgt)gjgt ygdn chplrjukgd `jla plrtgdhgd cgd
plklrog pgmrhk$ Rlkt`r igdufgktur ildurut Wulsdgy oung tlrigsuk ygdn
slkgrgdn khtg dgigkgd slkt`r ogsg* kgrldg ogsg mlrtgdnnudn ogwgm udtuk
ilifgshjhtgsh plrcgngdngd c`ilsthk cgd hdtlrdgsh`dgj$
) Kljgs plihjhk tgdga ygdn thcgk ildnagshjkgd dhjgh lk`d`ih gpg)gpg*tltgph ilrlkg hdh ilihjhkh kjghi gtgs surpjus `utput ygdn chagshjkgd
cgjgi plrtgdhgd$ Mhgyg slwg hdh ilrlprlsgdtgshkgd plimgygrgd surpjus
klpgcg plihjhk tgdga cgd plrcgngdngd hdh kliuchgd chkldgj slmgngh
Sl`rh Rlwg Uaysh`brgthb
7/30/2019 DGT SUKANTO
42/75
3=
Wulsdgy mlrpldcgpgt mgawg slkt`r plrtgdhgd gcgjga slkt`r ygdn pgjhdn
pr`cukthf* chg oung sgcgr mgawg gsuish tldtgdn aumudngd gdtgrg hdputcgd `utputhdh
tlrngdtudn pgcg tlkdhk pr`cuksh ygdn chnudgkgd cgjgi slkt`r plrtgdhgd$
=$7$7$6 Sl`rh Klslhimgdngd \iui !Nldlrgj Lquhmrhui Sal`ry(Sl`rh klslthimgdngd uiui ilrupgkgd bgmgdn cgrh tl`rh lk`d`ih$ Agj hdh
mlrusgag udtuk ildoljgskgd plrhjgku pldgwgrgd* plrihdtggd cgd agrng cgjgi
lk`d`ih slbgrg klsljuruagd gtgu mgdygk cldngd mlmlrgpg pgsgr* cldngd mlrusgag
udtuk ilimukthkgd mgawg klslhimgdngd agrng mgrgdn gcg cgd mgawg sliug agrng
pgcg klslthimgdngd* igkg lkuhjhmrhui uiui* mlrmlcg cldngd lkuhjhmrhui pgrshgj $
Rlplrth sliug i`clj* hdh gcgjga gmstrgksh cgrh lk`d`ih rhhj* chusujkgd slmgngh i`clj
ygdn mlrnudg* mghk cldngd iliplrthimgdnkgd agrng klslhimgdngd slmgngh agrng
ogdnkg pgdogdn cgd cldngd iliplrthimgdnkgd agrng gktugj slmgngh pldyhipgdngd
cgrh klslhimgdngd$
Sl`rh klslthimgdngd uiui klcug stuch lk`d`ih cldngd ildnnudgkgd
i`clj pldldtugd agrng klslhimgdngd cgd mlrusgag udtuk ildldtukgd chigdg cgjgi
k`dchsh gsuish lkuhjhmrhui uiui gkgd tlrus$ Sl`rh hdh chiujgh slogk 71>5)gd*
kaususdyg kgryg lk`d`i Ulrgdbhs J`d ^gjrgs $ ^gjrgs ildbhptgkgd slmuga shstli
plrsgiggd shiujtgd cgjgi upgyg udtuk ililbgakgd igsgjga B`urd`t$ Hg ildygohkgd
grnuild hdf`rigj mgnh gcgdyg klslhimgdngd ygdn chcgsgrkgd pgcg gsuish mgawg
lkuhjhmrhui gcg ohkg ouijga plrsgiggd sgig cldngd ouijga ygdn thcgk chkltgauh$
7/30/2019 DGT SUKANTO
43/75
32
Jgdnkga pldthdn cgjgi grnuild htu Aukui ^gjrgs ygdn ildygtgkgd mgawg
iliplrthimgdnkgd slthgp pgsgr tlrtldtu* ohkg sliug pgsgr jghddyg cgjgi sugtu
plrlk`d`ihgd mlrgcg cgjgi klslthimgdngd* igkg pgsgr tlrtldtu oung agrus cgjgi
klslhimgdngd$ Aukui ^gjrgs mlrngdtudn pgcg ngngsgd igtligthkg ygdn ildudtut
pgsgr kljlmhagd !gtgu* tlrmgjhk* pgsgr kljlmhagd pgs`kgd( agrus ouijga kl d`j$ Hdh
mlrgrth mgawg* cgjgi lk`d`ih cldngd pgsgr d* gcgjga bukup udtuk ildyljlsghkgd d)
7 plrsgiggd shiujtgd udtuk ilimlrshakgd pgsgr$ Ildngimhj ygdn mghk slmgngh
duilrghrl cgjgi agj igdg agrng chtldtukgd* lk`d`ih tljga d)7 agrng ygdn cgpgt
chtldtukgd cldngd plrsgiggd* slahdnng lkuhjhmrhui agrus gcg !^hkhplchg($
=$7$7$> K`dslp Cgsgr I`cljHdput)@utputGdgjhshsHdput)@utputilrupgkgd mldtuk gdgjhshs gdtgr slkt`r$ Rhstli Hdput)
@utput hdh chsusud mlrcgsgrkgd gsuish plrhjgku lk`d`ih ygdn ilrupgkgd
pldylclragdggd klrgdnkg udtuk ildnukur gjhrgd igsukgd !hdput( cgd kljugrgd
!`utput( mlrmgngh fgkt`r klnhgtgd lk`d`ih cgjgi sugtu whjgyga$ Rhstli pldnahtudngd
hdh ildnhkuth grus mgrgdn cgd oung ogsg cgrh sgtu slkt`r pr`cuksh kl slkt`r pr`cuksh
jghddyg !Dgzgrg* Rugagshj; 788>($
GdgjhshsHdput)@utputplrtgig kgjh chplrkldgjkgd `jla ^gsshjy Jl`dthlf cgrh
Agrvgrc \dhvlrshty pgcg tgaud 7825)gd !Urlssigd* =555($ ^gjgupud ngngsgd cgsgr
tlkdhk gdgjhshs hdput)`utput plrtgig kgjh `jla Jl`d ^gjrgs tgaud 71>>$ \dtuk
ildljgga klnhgtgd gdtgr slkt`r cgjgi struktur plrlk`d`ihgd ch Gilrhkg Rlrhkgt*
7/30/2019 DGT SUKANTO
44/75
33
Jl`dthlf ildyusud tgmlj ygdn chkldgj cldngd Ngimgrgd Ulrlk`d`ihgd !Sgmjlu
Lb`d`ihqul( cldngd Sl`rh Klslhimgdngd \iui !Nldlrgj Lquhmrhui Sal`ry($
Mlrcgsgrkgd tl`rh)tl`rh tlrslmut* Jl`dthlf ildyusud aumudngd gdtgrg sgtu klnhgtgd
lk`d`ih cldngd klnhgtgd lk`d`ih jghddyg slbgrg kugdthtgthf$ Aumudngd tlrslmut
chsusud mlrcgsgrkgd pldngigtgd jgdnsudn tlragcgp klnhgtgd)klnhgtgd lk`d`ih ygdn
gcg ch Gilrhkg Rlrhkgt$ Gdgjhshs Hdput)@utput hdh chnudgkgd udtuk ildnltgauh
kltlrkghtgd gdtgr slkt`r cgjgi upgyg iligagih k`ipjlkshtgs plrlk`d`ihgd slrtg
k`dchsh ygdn chplrjukgd udtuk iliplrtgagdkgd klslhimgdngd gdtgr plrihdtggd cgd
pldgwgrgd$
Ildurut Co`o`chpur`* I !788=(* gdgjhshs hdput)`utputilrupgkgd pldlrgpgd
tl`rh klslhimgdngd uiui tlragcgp nlogjg pr`cuksh slbgrg liphrhk$ Uldlrgpgd tl`rh
tlrslmut tlrudnkgp cgjgi pldljggagd slnh hdtlrclpldcldsh gdtgr mlrmgngh udht gtgu
pr`cuksh ygdn tlrbgkup cgjgi plrlk`d`ihgd sugtu cglrga gtgu dlngrg$ Gdgjhshs
Hdput)@utput ildudoukkgd cgjgi plrlk`d`ihgd slbgrg klsljuruagd tlrkgdcudn
sgjhdn mlraumudngd cgd sgjhdn kltlrngdtudngd gdtgr slkt`r$ @utput sugtu slkt`r
ilrupgkgd hdput mgnh slkt`r jghddyg mlnhtu pujg slmgjhkdyg* slahdnng pgcg gkahrdyg
sgjhdn kltlrkghtgd tlrslmut gkgd ilimgwg klgrga klslhimgdngd gdtgrg pldlrhiggd
cgd pldgwgrgd cgjgi plrlk`d`ihgd slbgrg klsljuruagd$ Ugcg agklkgtdyg* gdgjhshs
hdput)`utputildngdcudn grth mgawg cgjgi klslhimgdngd ouijga dhjgh ugdn `utput
gnrlngt cgrh klsljuruagd plrlk`d`ihgd agrus sgig cldngd ouijga ugdn hdput gdtgr
slkt`r cgd ouijga dhjgh `utput gdtgr slkt`r !Oahdngd* 7882($
7/30/2019 DGT SUKANTO
45/75
3
plrumgagd struktur* k`lfhshld hdh mlrumga cgjgi ogdnkg wgktu ygdn thcgk jgig$
Klcug* k`lfhshld hdput)`utput chdygtgkgd cgjgi mldtuk ugdn* slahdnng ngimgrgd
kltlrkghtgd cgjgi mldtuk fhshk chtutup `jla chst`rsh agrng rljgthf$ Klthng* pldnnudggd
hdput)`utput ygdn k`dstgd ilimlrhkgd hipjhkgsh tldtgdn rlturd `f sbgjl cgjgi
ildtrgdsf`rigsh hdput kl cgjgi `utput$ Rlcgdnkgd kltlrkghtgd cgpgt ildourus
klpgcg lb`d`ihb `f sbgjl iljgjuh hdtlnrgsh vlrthkgj gtgupud a`rhs`dtgj cgrh klnhgtgd
pr`cuksh$ Shdnnhdyg kltlrkghtgd slkt`rgj cgpgt sgog chstgmhjkgd `jla gksls kgpgshtgs
cgd mukgd kgrldg lfhshldsh cgjgi pldnnudggd hdput slkt`rgj$ Kllipgt* k`lfhshld cgrh
kghtgd slkt`rgj rljgthf sgdngt sldshthf tlragcgp thdnkgt gnrlngsh$
=$7$7$8 Uldnlrthgd Cgsgr I`cljHdput)@utputSgmlj hdput)`utput gcgjga urghgd cgjgi mldtuk igtrhks mgrhs cgd k`j`i ygdn
ildnngimgrkgd trgdsgksh mgrgdn)mgrgdn cgd ogsg slrtg kltlrkghtgd gdtgrg slkt`r
jghddyg !MUR Ogwg Sldnga* =55
7/30/2019 DGT SUKANTO
48/75
31
pldnlimgdngd sugtu slkt`r thcgk gkgd tlrbgpgh gpgmhjg thcgk chcukudn `jla hdput
slkt`r jghd$
Ugcg aumudngd hdh* tgmlj hdput)`utput ilimlrhkgd sugtu plrgdnkgt klrog
ygdn mghk slkgjh udtuk ildnukur cgd ildljusurh igsukgd)kljugrgd gdtgr hdcustrh
ygdn slcgdn mlrogjgd chgdtgrg mlrmgngh slkt`r plrlk`d`ihgd !S`cgr`* 781
7/30/2019 DGT SUKANTO
49/75
38
klnhgtgd$ Hdh mlrgrth mgawg chjugr shstli hdput)`utput sliug pldngrua cgrh
jugr chgmghkgd$
Cgjgi kghtgddyg cldngd trgdsgksh ygdn chnudgkgd tgmlj hdput)`utput tlrchrh
cgrh lipgt oldhs tgmlj yghtu ? !7( tgmlj trgdsgksh t`tgj gtgs cgsgr agrng plimljh* !=(
tgmlj trgdsgksh c`ilsthk gtgs cgsgr agrng plimljh* !2( tgmlj trgdsgksh t`tgj gtgs cgsgr
agrng pr`cusld* cgd !3( tgmlj trgdsgksh c`ilsthk gtgs cgsgr agrng pr`cusld$
=$7$7$75 RumshchRumshch gcgjga plimgygrgd ygdn chjgkukgd plilrhdtga klpgcg plrusgaggd
gtgu ruiga tgdnng udtuk ildbgpgh tuougd tlrtldtu ygdn ilimugt ilrlkg cgpgt
ilipr`cuksh gtgu ildnk`dsuish sugtu pr`cuk cgjgi kugdthtgs ygdn jlmha mlsgr gtgu
pgcg agrng ygdn jlmha iurga$ Rlbgrg lk`d`ih* tuougd sumshch gcgjga udtuk
ildnurgdnh agrng gtgu ildgimga kljugrgd !`utput($
Kliuchgd ildurut Rupgri`k`* sumshch !trgdsflr( gcgjga sgjga sgtu mldtuk
pldnljugrgd plilrhdtga ygdn oung chgrthkgd slmgngh pgogk dlngthf ygdn gkgd
ildgimga pldcgpgtgd ilrlkg ygdn ildlrhig sumshch gtgu ildngjgih pldhdnkgtgd
pldcgpgtgd rhhj gpgmhjg ilrlkg ildnk`dsuish gtgu ilimljh mgrgdn)mgrgdn ygdn
chsumshch `jla plilrhdtga cldngd agrng ougj ygdn rldcga$ Rumshch oung cgpgt
chgrthkgd slmgngh slmuga plimgygrgd `jla plilrhdtga udtuk pr`cusld* chstrhmut`r
cgd k`dsuild* mgakgd igsygrgkgt cgjgi mhcgdn tlrtldtu$ Ihsgjdyg udtuk ildblnga
pldurudgd cgrh hdcustrh gtgu kldghkgd agrng pr`cukdyg gtgu agdyg udtuk ildc`r`dn
tldgng klrog ygdn jlmha$
7/30/2019 DGT SUKANTO
50/75
7/30/2019 DGT SUKANTO
51/75
)7881* kgrldg slkt`r plrtgdhgd igsha
chagrgpkgd jlmha kugt gkgd n`dbgdngd krhshs lk`d`ih* kgrldg slkt`r plrtgdhgd jlmha
mgdygk iligdfggtkgd suimlrcgyg c`ilsthk chmgdchdnkgd cldngd slkt`r hdcustrh
igdufgktur ygdn mgdygk ildnngdtudnkgd mgagd mgku cgrh jugr dlnlrh !hip`r($
K`dtrhmush hdcustrh cgjgi dhjgh tgimga ch Hdc`dlshg igsha jlmha thdnnh chmgdchdnkgd
cldngd klnhgtgd pr`cukshdyg$ Ch slkt`r plrtgdhgd pgdnsg dhjgh tgimga hdcustrhdyg
ildbgpgh slmlsgr =2$5= ,* slcgdnkgd dhjgh tgimga pr`cukshdyg slmlsgr 71$53,$
K`dchsh hdh ildudoukkgd mgawg klnhgtgd pr`cuksh igsha cgpgt chthdnkgtkgd udtuk
jlmha ilimlrhkgd dhjgh tgimga ygdn jlmha mghk$ Chjhagt cgrh kghtgd kl mljgkgdndyg
gtgu cgyg pldylmgrgddyg ygdn thdnnh slkgjhnus kghtgd kl clpgddyg gtgu clrgogt
klplkggd ygdn thdnnh* igkg sumslkt`r)sumslkt`r pltlrdgkgd* k`ph* kljgpg sgwht*
kgrlt* tlmu cgd tgdgigd jghddyg ilrupgkgd sumslkt`r)sumslkt`r ygdn ildlipgth
7/30/2019 DGT SUKANTO
52/75
( cldngd oucuj Ulrgd Rlkt`r Ulrtgdhgd cgjgi
Ulrlk`d`ihgd Ur`vhdsh Ogwg Sldnga$ Uldljhthgd hdh mlrtuougd udtuk ildngdgjhshs
kltlrkghtgd slkt`r plrtgdhgd cldngd slkt`r jghd cgjgi plrlk`d`ihgd Ur`vhdsh Ogwg
Sldnga* ildngdgjhshs iujthpjhlr `utput tlragcgp slkt`r plrtgdhgd cgd slkt`r)slkt`r
jghd cgjgi plrlk`d`ihgd Ur`vhdsh Ogwg Sldnga* ildngdgjhshs lflk pldhdnkgtgd
plrihdtggd `utput slkt`r plrtgdhgd udtuk ildhdnkgtkgd pldcgpgtgd tldgng klrog ch
Ur`vhdsh Ogwg Sldnga* ildngdgjhshs kltlrngdtudngd lksp`r slkt`r plrtgdhgd cgjgi
plrlk`d`ihgd Ur`vhdsh Ogwg Sldnga cgd ildngdgjhshs iujthpjhlr lksp`r slkt`r
plrtgdhgd cgjgi plrlk`d`ihgd Ur`vhdsh Ogwg Sldnga$ Uldljhthgd hdh ildnnudgkgd
gdgjhshs kltlrkghtgd kl mljgkgdn cgd kltlrkghtgd kl clpgd* iujthpjhlr `utput*
iujthpjhlr tldgng klrog cgd iujthpjhlr lksp`r$ Cgrh pldljhthgd hdh chplr`jla agshj
mgawg sum slkt`r tlrdgk cgd udnngs ilihjhkh kltlrkghtgd klmljgkgdn ygdn kugt* sum
slkt`r slkt`r pgch cgd ognudn ilimlrhkgd pldngrua ygdn thdnnh tlragcgp slkt`r
7/30/2019 DGT SUKANTO
53/75
7/30/2019 DGT SUKANTO
54/75
8$2
7/30/2019 DGT SUKANTO
55/75
7/30/2019 DGT SUKANTO
56/75
(
Ulrgd Rlkt`r Ulrtgdhgd
cgjgi Ulrlk`d`ihgd
Ur`vhdsh Ogwg Sldnga
klnhgtgd slkt`r plrtgdhgd ilrupgkgd
slkt`r mgshs ygdn ilihjhkh kltlrkghtgd
kl mljgkgdn cgd kl clpgd ygdn kugt
cldngd slkt`r)slkt`r jghd* agj hdh
chagrgpkgd cgpgt ildnlimgdnkgd
plrlk`d`ihgd ch Ur`vhdsh Ogwg Sldnga
jlmha blpgt$
Ru
k
sl
i
tl
p
gd
sl
sl
jg
lk
sl
7/30/2019 DGT SUKANTO
57/75
< Higi Ouagrh
!=551(
Cgipgk Ulrumgagd \pga
Slragcgp @utput cgd
Klslipgtgd Klrog
Hdcustrh Igdufgktur ch
Ogwg Sldnga
Kldghkgd upga ildylmgmkgd turuddyg
plrihdtggd tldgng klrog ildylmgmkgd
dghkdyg mhgyg pr`cuksh plrusgaggd
pldnusgag ildnurgdnh plklrogdyg
C
c
m
!s
im
c
6 Ruagrd`
!=558(
Gdgjhshs Hdput @utput
Hdcustrh Igdufgktur ch
Ogwg Sldnga
Rlkt`r hdcustrh ildogch slkt`r gdcgjgd
cgjgi ildcukudn plrtuimuagd
lk`d`ih ch Ur`phdsh Ogwg Sldnga$
Dgiud* pldylrgpgd tldgng klrog cgjgi
slkt`r hdcustrh igsha ildngjgih
plrigsgjgagd yghtu pldngdnnurgd$
Rl
k
gc
R
k
gc
p
tl
sl
p
gc
p
i
tl
p
7/30/2019 DGT SUKANTO
58/75
7/30/2019 DGT SUKANTO
59/75
7/30/2019 DGT SUKANTO
60/75
65
MGM HHH
ILS@CL ULDLJHSHGD
2$7 Vgrhgmlj Uldljhthgd cgd Clfhdhsh @plrgsh`dgj\dtuk ildnahdcgrh klsgjgapgagigd pldnlrthgd cgjgi plimgagsgd
pldljhthgd hdh* igkg choljgskgd clfhdhsh cgrh igshdn)igshdn vgrhgmlj ygdn
chnudgkgd* yghtu ?
7$
Kltlrkghtgd kl mljgkgdn !mgbkwgrc jhdkgnls(* gcgjga kltlrkghtgd
sugtu slkt`r tlragcgp slkt`r)slkt`r jghd ygdn ildyuimgdn hdput
klpgcgdyg$ \kurgd udtuk iljhagt kltlrkghtgd kl mljgkgdn slkt`r
lk`d`ih chnudgkgd hdclks cgyg pldylmgrgd$
=$ Kltlrkghtgd kl clpgd !f`rwgrc jhdkgnls(* gcgjga kltlrkghtgd sugtuslkt`r ygdn ildnagshjkgd `utput udtuk chnudgkgd slmgngh hdput mgnh
slkt`r jghd$ \kurgd udtuk iljhagt kltlrkghtgd kl clpgd slkt`r
lk`d`ih chnudgkgd hdclks clrgogt klplkggd$
2$ Uldcgpgtgd* gcgjga ouijga mgjgs ogsg ygdn chtlrhig `jla fgkt`rpr`cuksh ruiga tgdnng !tldgng klrog( mlrupg upgangoh ygdn hkut slrtg
cgjgi pr`sls pr`cuksh ch sugtu whjgyga cgjgi plrh`cl wgktu tlrtldtu$
\kurgd udtuk ildnltgauh plrumgagd pldcgpgtgd jgdnsudn !upgangoh(
gkhmgt plrumgagd sgtu udht plrihdtggd gkahr ch slkt`r ruiga tgdnng
slmgngh pldsupjgh tldgng klrog chnudgkgd pldnngdcg pldcgpgtgd
!hdb`il iujthpjhlr($ !cgjgi ]uphga(
7/30/2019 DGT SUKANTO
61/75
67
3$ Klslipgtgd Klrog* gcgjga ouijga plklrog ygdn tlrslchg cgjgipr`sls pr`cuksh ygdn iliudnkhdkgd gdnkgtgd klrog iliplr`jla
plklroggd$ \kurgd udtuk iljhagt lflk t`tgj cgrh plrumgagd
klslipgtgd klrog ygdn tlrslchg ch plrlk`d`ihgd gkhmgt gcgdyg
plrumgagd sgtu udht plrihdtggd gkahr ch slkt`r ygdn mlrsgdnkutgd
slmlsgr sgtu sgtugd ruphga chnudgkgd pldnngdcg klslipgtgd klrog
!lipj`yildt iujthpjhlr($
7/30/2019 DGT SUKANTO
62/75
6=
>$ Hdput Urhilr* gcgjga mhgyg ygdn thimuj kgrldg ildnnudgkgd fgkt`rpr`cuksh cgjgi sugtu klnhgtgd lk`d`ih$ Fgkt`r pr`cuksh tlrslmut
tlrchrh gtgs tldgng klrog* tgdga* i`cgj cgd klwhrgswgstggd$ Mldtuk
hdput prhilr gcgjga upgangoh* surpjus usgag* pldyusutgd mgrgdn
i`cgj* cgd pgogk thcgk jgdnsudn dltt`$ Hdputprhilr chslmut oung dhjgh
tgimga mrut` ygdn chplr`jla cgrh agshj pldnurgdngd `utput cldngd
hdput gdtgrg$ Hdput prhilr cgjgi tgmlj hdput)`utput mlrk`cl =58
tlrchrh gtgs kcl =57 !upga cgd ngoh(* =5= !surpjus usgag(* =52
!pldyusutgd(* =53 !pgogk tgk jgdnsudn(* cgd =5< !sumshch($
1$ Ulrihdtggd Gkahr cgd Hip`r* plrihdtggd gkgd mgrgdn cgd ogsgsljghd plrihdtggd udtuk slkt`r)slkt`r pr`cuksh* udtuk pr`sls pr`cuksh
slmgngh plrihdtggd gdtgrg oung plrihdtggd `jla k`dsuild gkahr
!plrihdtggd gkahr($ Ulrihdtggd gkahr gtgs mgrgdn cgd ogsg udtuk
klplrjugd k`dsuish* mukgd udtuk pr`sls pr`cuksh$ Ulrihdtggd gkahr
cgjgi pldyusudgd SgmljHdput)@utputtlrjltgk pgcg kugcrgd HH tlrchrh
cgrh pldnljugrgd k`dsuish ruiga tgdnng cgd jlimgng dhrjgmg*
plrumgagd st`k cgd lksp`r$
8$ K`dsuish ]uiga Sgdnng* sljurua pldnljugrgd k`dsuish ruigatgdnng cgd jlimgng swgstg ygdn thcgk ildbgrh udtudn !prhvgtl d`d
pr`fht hdsthtutl( sljgig sgtu tgaud ygdn iljhputh k`dsuish mgrgdn cgd
7/30/2019 DGT SUKANTO
63/75
62
ogsg* mghk ygdn chplr`jla cgrh phagk jghd igupud ygdn chagshjkgd
sldchrh* chkurgdnh dhjgh dltt` pldougjgd mgrgdn mlkgs cgd mgrgdn shsg$
75$Uldnljugrgd K`dsuish Ulilrhdtga* iljhputh pldnljugrgdplilrhdtga cglrga Shdnkgt H* Shdnkgt HH* cgd plilrhdtgagd clsg slrtg
plngwgh pusgt ygdn gcg ch cglrga cgd cglrga udtuk k`dsuish klbugjh
ygdn shfgtdyg plimldtukgd i`cgj* tlrigsuk oung sliug pldnljugrgd
udtuk klpldthdngd gdnkgtgd mlrsldogtg$ S`tgj pldnljugrgd plilrhdtga
iljhputh sljurua pldnljugrgd udtuk mljgdog plngwgh* mgrgdn*
plrogjgdgd chdgs* mhgyg pliljhagrggd cgd plrmghkgd slrtg mljgdog ruthd
jghddyg$
77$Ulimldtukgd I`cgj Sltgp* iljhputh pldngcggd cgd plimljhgdmgrgdn)mgrgdn i`cgj mgru* mghk cgrh cgjgi dlnlrh igupud cgrh jugr
dlnlrhjugr pr`phdsh cgd mgrgdn i`cgj mlkgs cgrh jugr dlnlrhjugr
pr`phdsh `jla slkt`r)slkt`r lk`d`ih$ Ulimldtukgd i`cgj cgjgi
Sgmlj Hdput)@utputagdyg ildnngimgrkgd k`ip`shsh mgrgdn)mgrgdn
i`cgj ygdn chagshjkgd `jla slkt`r)slkt`r pr`cuksh cgd thcgk
ildudoukkgd plimldtukgd i`cgj ygdn chjgkukgd `jla slkt`r)slkt`r
pr`cuksh cgd thcgk ildudoukkgd plimldtukgd i`cgj ygdn chjgkukgd
`jla slkt`r)slkt`r pr`cuksh$
7=$Ulrumgagd Rt`k* sljhsha gdtgrg dhjgh st`k mgrgdn pgcg gkahr tgaudcldngd dhjgh st`k pgcg gwgj tgaud$
7/30/2019 DGT SUKANTO
64/75
63
72$Lksp`r cgd Hip`r* trgdsgksh lk`d`ih gdtgrg pldcucuk Ogwg Sldngacldngd mukgd pldcucuk Ogwg Sldnga$ Gcg cug gspk tlrpldthdn ch
shdh yghtu trgdsgksh lk`d`ih cgd pldcucuk$ Srgdsgksh lk`d`ih
iljhputh trgdsgksh mgrgdn ilrbagdchsl* ogsg pldngdnkutgd* ogsg
pgrhwhsgtg* ogsg gsurdgsh* ogsg k`iudhkgsh cgd trgdsgksh k`i`chth
jghddyg$ Uldcucuk Ogwg Sldnga ildbgkup Mgcgd Ulilrhdtga Uusgt
cgd Cglrga* plr`rgdngd* plrusgaggd* cgd jlimgng)jlimgng ygdn
jghddyg$ Slrigsuk pujg cgjgi trgdsgksh lksp`r hgjga plimljhgd
jgdnsudn ch pgsgr c`ilsthk `jla pldcucuk cglrga jghd$ Rlmgjhkdyg
plimljhgd jgdnsudn ch pgsgr jugr dlnlrhcglrga `jla pldcucuk Ogwg
Sldnga chkgtln`rhkgd slmgngh trgdsgksh hip`r$ Igrnhd plrcgngdngd
cgd mhgyg trgdsp`rt gcgjga sljhsha gdtgrg dhjgh trgdsgksh pgcg thdnkgt
k`dsuild gtgu plimljh cldngd thdnkgt agrng pr`cusld$
2$= Oldhs cgd Ruimlr CgtgOldhs cgtg ygdn chnudgkgd gcgjga cgtg slkudclr* yghtu cgtg ygdn
chkuipujkgd `jla jlimgng pldnuipuj cgtg cgd chpumjhkgshkgd klpgcg
igsygrgkgt pldnnudg cgtg !Kudb`r`* Iucrgogc; =557($ Gcgpud cgtg ygdn
chplrjukgd cgjgi pldljhthgd hdh gcgjga UC]M Ogwg Sldnga* Ogwg Sldnga Cgjgi
Gdnkg cgd Sgmlj Hdput)@utput Ogwg Sldnga =551$ Sgmlj Hdput)@utput Ogwg
Sldnga =551 tlrchrh cgrh 11 slkt`r* dgiud kgrldg cgjgi pldljhthgd hdh agdyg
ildngdgjhshs slkt`r plrtgdhgd igkg slkt`r)slkt`r jghd !slkt`r =8)11( chgnrlngsh
7/30/2019 DGT SUKANTO
65/75
mlrcgsgrkgd kgtln
Ogwg Sldnga 11 sl
2$2 Ilt`cl UldnuUldnuipujg
iliplr`jla mgagd
pldnuipujgd cgtg
gtgu ilt`cl stuch
Uusgt Ur`phdsh Ogw
Chp`dln`r`$
2$3 Ilt`cl Gdgjhsh2$3$7 K`lfhshl
Ugcg Sg
plrmgdchdngd gd
!Qho( cldngd hd
slmgngh ouijga h
udht `utput slkt`
Chig
Cldng
6 slkt`r$
pujgd Cgtg
cgtg cgjgi pldljhthgd hjihga hdh chigk
)mgagd ygdn rljlvgd cgd rlgjhsths$ Cgjgi
ygdn chjgkukgd cldngd ildnnudgkgd ilt`c
klpustgkggd$ Cgjgi pldljhthgd hdh cgtg chplr
Sldnga* cgd plrpustgkggd Fgkujtgs Lk`d`
Hdput
lj H)@* k`lfhshld hdput gtgu k`lfhshld tlkd`j
tgrg ouijga `utput slkt`r h ygdn chnudgkgd
put t`tgj slkt`r o !Qo($ K`lfhshld hdh cgpgt
dput cgrh slkt`r h ygdn chmutuakgd udtuk ild
r o$ Rlbgrg shstligthk cgpgt chtujhskgd !Igujuch
g ? Gho gcgjga k`lfhshld hdput
d clihkhgd cgpgt chsusud igtrhks slmgngh mlrhk
Hdput)@utput
suckgd udtuk
pldljhthgd hdh
c`kuildtgsh
jla cgrh Mhr`
h \dhvlrshtgs
nh ilrupgkgd
gjgi slkt`r o
chtlroligakgd
nagshjkgd sgtu
* Cuch( ?
ut ?
7/30/2019 DGT SUKANTO
66/75
66
g77 Q7 +g7= Q=+ $$$ $$$ $$$ $$$ + g7d Qd + F7 9 Q7
g=7 Q7 +g== Q=+ $$$ $$$ $$$ $$$ + g7d Qd + F= 9 Q=
? ? ? ? ?
gd7 Q7 +gd= Q=+ $$$ $$$ $$$ $$$ + gdd Qd + Fd 9 Qd
Ohkg tlrcgpgt plrumgagd pgcg plrihdtggd gkahr* igkg gkgd gcg
plrumgagd p`jg pldcgpgtgd dgsh`dgj$ Ohkg chtujhs cgjgi mldtuk plrsgiggd*
igkgd cgpgt chtujhskgd slmgngh mlrhkut ?
GQ + F 9 Q gtgu F9 Q GQ Q 9 !H ) G()7
F
Chigdg ?
H 9 Igtrhks Hcldthtgs mlrukurgd d x d ygdn ljlilddyg iliugt
gdnkg sgtu pgcg chgn`dgjdyg cgd d`j pgcg sljghddyg
F 9 plrihdtggd Gkahr
Q 9 @utput
!H ) G( 9 Igtrhks Jl`dthlf
!H ) G()7 9 Igtrhks Klmgjhkgd Jl`dthlf
Cgjgi gdgjhshs H)@* igtrhks klmgjhkgd Jl`dthlf ilihjhkh plrgdgd ygdn
sgdngt pldthdn slmgngh gjgt gdgjhshs ygdn ildblrihdkgd lflk jgdnsudn cgd
thcgk jgdnsudn cgrh plrumgagd plrihdtggd gkahr tlragcgp `utputslkt`r)slkt`r
cgjgi plrlk`d`ihgd$
2$3$= Gdgjhshs Ulrumgagd @utput\dtuk ildngdgjhshs cgipgk plrumgagd sumshch tlragcgp `utput
chnudgkgd i`clj hdput`utputcldngd pldclkgtgd suppjy shcl$ Cgjgi gdgjhshs
7/30/2019 DGT SUKANTO
67/75
6>
hdh hdputprhilr ildogch fgkt`r lks`nld$ Grthdyg plrtuimuagd plrlk`d`ihgd
mghk slbgrg slkt`rgj igupud slbgrg t`tgj chpldngruah `jla plrumgagd pgcg
hdputprhilr !Fhrigdsyga* =556? 37($
Cgjgi i`clj hdput)`utput cldngd pldclkgtgd suppjy mldtuk
plrsgiggddyg gcgjga slbgrg k`j`i yghtu?
Qo 9 d
h
zho + Vo
Cgjgi mldtuk gjogmgr cgpgt chtujhs?
Q7 9 z77 + z=7 + $ zd7 + V7
Q= 9 z7= + z== + $ zd= + V=
Qd 9 z7d + z=d + $ zdd + Vd
Dhjgh k`lfhshld `utputgho gcgjga?
gr
ho 9oQ
hozgtgu G
r
9 !Q ()7 _
chigdg _ gcgjga igtrhks trgdsgksh ygdn ilihjhkh udsur z ho
slahdnng _ 9 !Q (Gr
cldngd ildnnudgkgd plrsgiggd !2$1( cgd plrsgiggd !2$>( cldngd gdgj`nh ygdn
sgig cldngd plrsgiggd !2$3( igkg chcgpgtkgd agshj?
Q9 V !H ) G
r
()7
Q
ildudoukkgd mgawg Q gcgjga vlkt`r mgrhs* ygdn ilrupgkgd trgdsp`sl cgrh Q
vlkt`r k`j`i slplrth slmljuidyg$
G ? @utputk`lfhshld
7/30/2019 DGT SUKANTO
68/75
61
V ? Vlkt`r hdputprhilr
!H ) G
r
()7
? Igtrhk`utputhdvlrsl
Ohkg sumshch pupuk chd`tgshkgd !w(* igkg plrumgagd `utputygdn chthimujkgd slmgngh
gkhmgt plrumgagd !w( gcgjga ?
Q9 w !H ) G
r
()7
2$3$2 Kltlrkghtgd Gdtgr Rlkt`r !Mgbkwgrc gdc F`rwgrc Jhdkgnl(Gdgjhshs kltlrkghtgd gdtgr slkt`r tlrmgnh ildogch kghtgd kl mljgkgdn
!mgbkwgrc jhdkgnl( cgd kghtgd kl clpgd !f`rwgrc jhkgnls($ Klcug kltlrkghtgd
ilrupgkgd gjgt gdgjhshs ygdn chnudgkgd udtuk ildnltgauh thdnkgt kltlrkghtgd
sugtu slkt`r tlragcgp slkt`r)slkt`r ygdn jghd cgjgi plrlk`d`ihgd$ Kghtgd kl
mljgkgdn ilrupgkgd gjgt gdgjhshs udtuk ildnltgauh clrgogt kltlrkghtgd sugtu
slkt`r tlragcgp slkt`r)slkt`r jghd ygdn ildyuimgdn hdput klpgcgdyg$
Kghtgddyg kl clpgd ilrupgkgd gjgt gdgjhshs udtuk ildnltgauh clrgogt
kltlrkghtgd gdtgrg sugtu slkt`r ygdn ildnagshjkgd `utput* udtuk chnudgkgd
slmgngh hdput mgnh slkt`r)slkt`r jghd !Kudb`r`* Iucrgogt; =557($ F`riujg
kghtgd kl mljgkgdn cgrh sugtu slkt`r cgpgt chdygtgkgd slmgngh mlrhkut ?
Jmo 9Qo
Qho
oh
9
oh
ho
Chigdg ?
Jmo ? Hdclks kltlrkghtgd kl mljgkgdn
7/30/2019 DGT SUKANTO
69/75
68
Qo ? Dhjgh pr`cuk kl)o
Qho ? Dhjgh hdput h ygdn chslchgkgd udtuk ilipr`cuksh o
ho ? K`lfhshld hdput)`utputJl`dthlf
K`lfhshld ygdn chtudoukkgd `jla Jmo slmgngh pldngrua thdnkgt
kltlrkghtgd kl mljgkgdn !mgbkwgrc jhdkgnls( gpgmhjg 4 7 ildudoukkgd mgawg
sgtu udht cgrh plrihdtggd gkahr slkt`r tlrslmut gkgd ildbhptgkgd plrumgagd
chgtgs rgtg)rgtg pgcg gkthvhtgs plrlk`d`ihgd slbgrg klsljuruagd$ Agj hdh
ilimlrh igkdg pldylmgrgd dhjgh 4 7* chihsgjkgd pgcg agshj gkahr gdgjhshs
chplr`jla hdclks kltlrkghdtgd kl mljgkgdn t`tgj slkt`r plrtgdhgd slmlsgr
7*>535353
7/30/2019 DGT SUKANTO
70/75
>5
Cgjgi mlmlrgpg gdgjhshs ygdn ildnnudgkgd i`clj hdput)`utput
ilt`cl ]gssiusld hdh oung chslmut cldngd ilt`cl plrahtudngd cgyg
pldylmgrgd pgcg plrahtudngd pldngrua kltlrkghtgd kl mljgkgdn$ Rlildtgrg
htu pgcg plrahtudngd kltlrkghtgd kl clpgd* ilt`cl ]gssiusld chslmut oung
slmgngh ilt`cl plrahtudngd clrgogt klplkggd$
m$ Cgyg UldylmgrgdCgyg pldylmgrgd ildudoukkgd slmlrgpg mlsgr pldngrua kltlrkghtgd pgcg
plrahtudngd kltlrkghtgd kl mljgkgdn$ Cldngd ildnnudgkgd ilt`cl
]gssiusld igkg k`lfhshld cgyg pldylmgrgd cgpgt chruiuskgd
slmgngh mlrhkut !MUR Ogwg Sldnga* =55< ? 6
7/30/2019 DGT SUKANTO
71/75
>7
m$ Ohkg o : 7* kltlrkghtgd kl mljgkgdn slkt`r kl)o jlmha rldcgachmgdchdnkgd rgtg)rgtg kltrkghtgd kl mljgkgdn sljurua slkt`r
lk`d`ih$
b$ Ohkg o 4 7* kltlrkghtgd kl mljgkgdn slkt`r kl)o chgtgs rgtg)rgtgkltlrkghtgd kl mljgkgdn sljurua slkt`r lk`d`ih !MUR Ogwg
Sldnga* =55
7/30/2019 DGT SUKANTO
72/75
>=
h 9
9 9
9
d
h
d
o
d
o
mhod
mho
7 7
7
7
Chigdg ?
h ? k`lfhshld clrgogt klplkggd
mho ? Ljlild igtrhks klmljhkgd cgrh mgrhs h k`j`i kl o
d ? mgdygk slkt`r igtrhks
krhtlrhg ?
g$ Ohkg h 9 7 kltlrkghtgd kl clpgd slkt`r kl)h sgig cldngd rgtg)rgtg kltlrkghtgd kl clpgd sljurua slkt`r lk`d`ih$
m$ Ohkg h : 7 kltlrkghtgd kl clpgd slkt`r kl)h jlmha rldcgachmgdchdnkgd rgtg)rgtg kltlrkghtgd kl clpgd sljurua slkt`r
lk`d`ih$
b$ Ohkg h 4 7 kltlrkghtgd kl clpgd slkt`r kl)h chgtgs rgtg)rgtgkltlrkghtgd kl clpgd sljurua slkt`r lk`d`ih !MUR Ogwg
Sldnga* =55
7/30/2019 DGT SUKANTO
73/75
>2
slkt`r jghddyg ygdn ilihjhkh h : 7* yghtu plrihdtggd pr`cuksh
slkt`r jghd sgdngt mlrpldngrua pgcg plrtuimuagd slkt`r h$
Rugtu slkt`r gpgmhjg k`lfhshld dhjgh o 4 7 cgd h 4 7* igkg slkt`r
tlrslmut ilrupgkgd slkt`r kudbh !kly slbt`r( gtgu cgpgt chkgtgkgd slmgngh
jlgchdn slbt`r cgjgi plrlk`d`ihgd ch whjgyga ygdn mlrsgdnkutgd* kgrldg
ilipudygh thdnkgt kltlrkghtgd kl clpgd cgd kltlrkghtgd kl mljgkgdn ygdn
thdnnh$
2$3$3 Gdgjhshs UldnngdcgG$ Gdnkg Uldnngdcg @utput
Gdnkg pldnngdcg `utput sugtu slkt`r o gcgjga dhjgh t`tgj cgrh `utput
ygdn chagshjkgd `jla plrlk`d`ihgd udtuk ililduah !gtgu slmgngh gkhmgt(
gcgdyg plrumgagd sgtu udht plrihdtggd gkahr slkt`r tlrslmut$ Gdnkg
pldnngdcg `utputilrupgkgd ouijga k`j`i cgrh ljlild igtrhks klmgjhkgd
Jl`dthlf$ Rlbgrg d`tgsh* chf`riujgshkgd slmgngh ?
@ho 9 hho
Chigdg ?
h 9 7* =* $$$$* d
ho 9 udsur igtrhks klmgjhkgd Jl`dthlf
@ho 9 gdnkg pldnngdcg `utputslkt`r o cgd ho gcgjga ljlild igtrhks
klmgjhkgd Jl`dthlf
7/30/2019 DGT SUKANTO
74/75
M$ Gdnkg UGdnkg p
plrumgagd ou
tlrbhptg gkhmg
slkt`r$ Ogjur
pldhdnkgtgd
pldhdnkgtgd
Uldhdnkg
slkt`rgj cgd
pldnngdcg `u
gkgd ildhdn
ildhdnkgtkg
tlrslmut$
Igtrhks g
Chigdg ?
A] 9 vlkt`r
trgds
>3
ldnngdcg Uldcgpgtgd
dnngdcg pldcgpgtgd ruiga tgdnng sugtu slkt`
ijga pldcgpgtgd ygdn chtlrhig `jla ruiga
gcgdyg tgimgagd sgtu udht ugdn plrihdtggd g
pldngrua cgipgk plrumgagd plrihdtggd g
pldcgpgtgd ruiga tgdnng cgpgt choljgskgd
lrihdtggd gkahr$
tgd plrihdtggd gkahr slkt`rgj gkgd ildhdn
t`tgj plrlk`d`ihgd$ Agj hdh cgpgt chukur
tputslmgnghigdg choljgskgd slmljuidyg$ Uldh
kgtkgd plrihdtggd tlragcgp tldgng klrog*
mgjs ogsg tlragcgp ruiga tgdnng ygdn ilihjh
dnkg pldnngdcg pldcgpgtgd ruiga tgdnng ?
Ah 9 A]$ @o
mgrhs d+7* kgrldg mgrhs kl)d gcgjga ihjhk igtrh
ksh cgd k`lfhshld hdput
A] 9 [gd+7*7 gd+7*= $$$$$ gd+7*dY
gd+7o 9 * o 9 7* =* 2* $$$* d
ildudoukkgd
tgdnng ygdn
ahr pgcg sugtu
kahr tlragcgp
cldngd kgsus
gtkgd `utput
ljgjuh gdnkg
nkgtgd `utput
agj hdh gkgd
h tldgng klrog
s
7/30/2019 DGT SUKANTO
75/75
Chigdg Qd+7o pgcg f`riujg tlrslmut gcgjga sgig cldngd mgrhs v !hdputprhilr($ \dtuk
igshdn)igshdn slkt`r* gdnkg pldnngdcg pldcgpgtgd ruiga tgdnngdyg
ildogch
9
+
9
d
h
hoo ggAo hd7
*
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