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The retail segment has the largest contribution to the total net sales value of Kimia Farma Group, which is run by the company's subsidiary, PT Kimia Farma Apotek (KFA). Kimia Farma's retail segment is experiencing a relatively non-ideal revenue trend from 2017 to 2022. The main challenges faced are the purchasing power of the community, the increasingly fierce level of competition, and risks related to customer loyalty. Based on this background, this study aims to examine the effect of Kimia Farma's image and product attributes on customer loyalty, both directly and indirectly through customer satisfaction. The research was conducted with a quantitative approach at the Kimia Farma Pharmacy in Bandung, with the unit of observation being Kimia Farma pharmacy customers in Bandung City. The sample was 235 respondents, who were taken using the Multistage Random Sampling technique. Structural Equation Modeling was used to conduct causality analysis. The results revealed that: Kimia Farma's image and product attributes play a role in shaping customer satisfaction, but have no direct impact in creating customer loyalty; customer satisfaction plays a role in creating customer loyalty; customer satisfaction mediates the effect of Kimia Farma's image and product attributes on customer loyalty; product attributes have a greater role than Kimia Farma’s image in encouraging customer satisfaction which will create customer loyalty. This research provides managerial benefits for increasing customer loyalty at Kimia Farma Pharmacy in Bandung City, by increasing customer satisfaction, which is supported by the development of product attributes and the image of Kimia Farma.

This study delves into the performance of Indonesian state-owned enterprises (BUMN) stocks from February 2021 to October 2023, attracting investor attention due to their strategic position in the national economy. However, the stock performance during this period exhibited suboptimal movements, failing to surpass the returns of the Indonesia Stock Exchange Composite Index (IHSG). To address this, a prudent investment strategy is essential, encompassing portfolio construction and management. In portfolio construction, the study employs proven smart beta strategies, known for delivering superior returns compared to traditional portfolios. Portfolio management involves testing two strategies: a passive approach utilizing the buy-and-hold technique and an active approach employing portfolio recomposition. This quantitative descriptive study utilizes historical closing price data, forming portfolios based on selected beta groups. Weighting is adjusted, with higher beta stocks receiving a larger allocation in the portfolio. The research compares two beta groups (high and low) and two investment strategies (active and passive) using the Sharpe, Treynor, and Jensen indices. The results indicate that the high-beta group and active strategy outperform, aligning with the investment adage "high risk, high return." The high-beta group yields higher returns due to its increased risk profile, consistent with the notion of high-risk, high-reward investments. The active strategy provides opportunities to discard underperforming stocks and enhance the weighting of well-performing ones during recomposition. These findings are valuable for investors seeking to capitalize on BUMN stocks at lower prices. The study aids in minimizing negative returns (losses) by identifying the most suitable strategy for BUMN portfolios. Investors can leverage this research to make informed decisions and navigate the challenges associated with investing in state-owned enterprises.