Financial Analysis Center

Green Flags

• Within 6 months timeframe: total Bought value compared to average transaction value is infx --> heavy shareholder buying
• There were 2 names of substantial holders buying
• Top 2 buyers were: ['Damiano Investments Bv', 'PT. Multikarsa Investama']
• Total bought value in the last 6 months: IDR 2.2 billion
• Foreign holders had been net buying 1 months out of the last 6 months time period

Red Flags

• Within 6 months timeframe: total Sold value compared to average transaction value is infx --> heavy shareholder selling, beware of stock overhang!
• There were 2 names of substantial holders selling
• Top 2 sellers were: ['Treasury Shares', 'Peter V. Merkle']
• Total sold value in the last 6 months: IDR -2.9 billion
• There were: 1x monthly occurence of increase in public holding --> selling activity
• Net public holding change within the past 6 months: +1.95%
• In the last 6 months: out of 4,867 million shares sold: 4 million shares came from Foreign holders
• Foreign holders had been net selling 5 months out of the last 6 months time period

Green Flags

Red Flags

• Multiple quarters of (-) Net Income
• Top line decreased by -13.1% in latest Q2 '25 quarter
• Current EBITDA -29.2 B insufficient to cover current Interest Exp 0.0 B
• Total EBITDA -851.7 B insufficient to cover Total Interest Exp -65.4 B in the last 7 quarters
• 6 months Net Loss increasing 351.0% compared to last year

Green Flags

• No buildup of inventory and receivables in the balance sheet (current).
• No buildup of inventory and receivables in the last 2 quarters

Red Flags

• Increasing DER for 4 consecutive quarters
• Current Ratio < 1x --> weak balance sheet
• Negative Equity (current)
• In the last 4 quarters: 1 occurence of Receivables growing 5.2x of Sales growth

Green Flags

Red Flags

• Negative Net Profit with positive Operating CF --> check Noise and other Operating Losses