Financial Difficulty Prediction Model (Study on Property and Real Estate Companies Listed on the Indonesian Stock Exchange)

The purpose of this study is to identify and predict the occurrence of financial difficulties using the Altman Z-Score and Zmijewski X-Score models in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2020 period. This type of research is descriptive research with a quantitative approach. The data used is secondary data in the form of company financial statements. The results showed that based on the Altman model (Z-Score) in 2018 there were 3 companies in the safe zone, 6 companies in the grey zone, and 13 companies in the distress zone. While in 2019 there were 4 companies in the safe zone, 4 companies in the grey zone, and 14 companies in the distress zone. And in 2020 there are 2 companies in the safe zone, 6 companies in the grey zone, and 14 companies in the distress zone. While the results of the study based on the Zmijewski model (X-Score) show that in 2018 there were 21 companies in the safe zone and 1 company in the distress zone. While in 2019 all companies were in the safe zone, lastly in 2020 there were 20 companies in the safe zone, and 2 companies in the distress zone.