Financial Analysis Center

Green Flags

• Foreign holders had been net buying 6 months out of the last 6 months time period

Red Flags

• Within 6 months timeframe: total Sold value compared to average transaction value is 1.4x --> shareholder selling detected, if continues then potential for stock overhang
• There were 3 names of substantial holders selling
• Top 3 sellers were: ['PT. Bersama Jaya Solusi', 'PT. Fersindo Nusa Jaya', 'Zurich Assets International Ltd']
• Total sold value in the last 6 months: IDR -42.4 billion
• There were: 4x monthly occurence of increase in public holding --> selling activity
• Net public holding change within the past 6 months: +5.32%
• In the last 6 months: out of 5,315 million shares sold: 0 million shares came from Foreign holders

Green Flags

• Current EBITDA 3.3 B is sufficient to cover current Interest Exp -2.3 B

Red Flags

• Significant Non-Operating Income: 74.1% of Revenue in latest Q2 '25 quarter
• Significant Non-Operating Income: 56.3% of Net Income in latest Q2 '25 quarter
• Noise detected, check I/S structure in latest Q2 '25 quarter
• Total EBITDA 11.1 B insufficient to cover Total Interest Exp -16.1 B in the last 7 quarters
• 6 months Net Profit falling -51.0% compared to last year

Green Flags

Red Flags

• Increasing DER for 4 consecutive quarters
• Annual avg shares o/s increase: 3.7%
• Current Ratio < 1x --> weak balance sheet
• In the last 4 quarters: 1 occurence of Receivables growing 4.9x of Sales growth

Green Flags

Red Flags

• Negative Operating CF with positive Net Profit --> bad earnings quality