Buy Or Sell Opportunity • May 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 57% to Rp127. The fair value is estimated to be Rp161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years, while earnings per share has been flat. New Risk • May 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 49% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (Rp398.7b market cap, or US$23.1m). New Risk • Mar 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (Rp392.4b market cap, or US$23.1m). Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: Rp12.00 (vs Rp21.54 in FY 2024) Full year 2025 results: EPS: Rp12.00 (down from Rp21.54 in FY 2024). Revenue: Rp572.7b (down 14% from FY 2024). Net income: Rp37.7b (down 44% from FY 2024). Profit margin: 6.6% (down from 10% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp129, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 18x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp252, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 17x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 318% over the past three years. Buy Or Sell Opportunity • Dec 30
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to Rp356. The fair value is estimated to be Rp480, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 32%. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp418, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 19x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 604% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings released: EPS: Rp7.64 (vs Rp10.61 in 3Q 2024) Third quarter 2025 results: EPS: Rp7.64 (down from Rp10.61 in 3Q 2024). Revenue: Rp149.5b (down 33% from 3Q 2024). Net income: Rp24.0b (down 28% from 3Q 2024). Profit margin: 16% (up from 15% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • May 20
PT Ulima Nitra Tbk, Annual General Meeting, Jun 25, 2025 PT Ulima Nitra Tbk, Annual General Meeting, Jun 25, 2025. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: Rp10.60 (vs Rp3.88 in 3Q 2023) Third quarter 2024 results: EPS: Rp10.60 (up from Rp3.88 in 3Q 2023). Revenue: Rp223.1b (up 29% from 3Q 2023). Net income: Rp33.3b (up 173% from 3Q 2023). Profit margin: 15% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year whereas the company’s share price has increased by 81% per year. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp555, the stock trades at a trailing P/E ratio of 38.3x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 513% over the past three years. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: Rp5.60 (vs Rp5.03 in 2Q 2023) Second quarter 2024 results: EPS: Rp5.60 (up from Rp5.03 in 2Q 2023). Revenue: Rp163.9b (up 23% from 2Q 2023). Net income: Rp17.5b (up 11% from 2Q 2023). Profit margin: 11% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year and the company’s share price has also increased by 88% per year. Buy Or Sell Opportunity • Jul 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to Rp555. The fair value is estimated to be Rp463, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to Rp565. The fair value is estimated to be Rp464, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. Ankündigung • Jun 06
PT Ulima Nitra Tbk, Annual General Meeting, Jun 26, 2024 PT Ulima Nitra Tbk, Annual General Meeting, Jun 26, 2024. Location: ballroom hotel the 101 palembang. jalan, rajawali no. 18, 9 ilir timur palembang kota, palembang sumatera selatan indonesia, Indonesia Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp510, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 415% over the past three years. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: Rp1.38 (vs Rp0.96 in 1Q 2023) First quarter 2024 results: EPS: Rp1.38 (up from Rp0.96 in 1Q 2023). Revenue: Rp119.6b (up 14% from 1Q 2023). Net income: Rp4.32b (up 43% from 1Q 2023). Profit margin: 3.6% (up from 2.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. New Risk • Mar 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (Rp1.19t market cap, or US$75.1m). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: Rp13.53 (vs Rp7.31 in FY 2022) Full year 2023 results: EPS: Rp13.53 (up from Rp7.31 in FY 2022). Revenue: Rp571.5b (up 35% from FY 2022). Net income: Rp42.5b (up 85% from FY 2022). Profit margin: 7.4% (up from 5.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Rp396, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 267% over the past three years. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to Rp296, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 395% over the past year. Buy Or Sell Opportunity • Feb 22
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to Rp296. The fair value is estimated to be Rp240, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 101%. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp208, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 254% over the past year. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp242, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 298% over the past year. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp111, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 86% over the past year. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to Rp166, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 202% over the past year. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: Rp5.03 (vs Rp3.77 loss in 2Q 2022) Second quarter 2023 results: EPS: Rp5.03 (up from Rp3.77 loss in 2Q 2022). Revenue: Rp133.7b (up 64% from 2Q 2022). Net income: Rp15.8b (up Rp27.6b from 2Q 2022). Profit margin: 12% (up from net loss in 2Q 2022). New Risk • Jul 14
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 1.9% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Large one-off items impacting financial results. Market cap is less than US$100m (Rp640.4b market cap, or US$42.8m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp183, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 252% over the past year. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp150, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 163% over the past year. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to Rp103, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 72% over the past year. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to Rp78.00, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 18% over the past year. Buying Opportunity • Nov 30
Now 20% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be Rp76.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 24
Third quarter 2022 earnings released: EPS: Rp7.71 (vs Rp1.31 in 3Q 2021) Third quarter 2022 results: EPS: Rp7.71 (up from Rp1.31 in 3Q 2021). Revenue: Rp134.3b (up 46% from 3Q 2021). Net income: Rp24.3b (up 489% from 3Q 2021). Profit margin: 18% (up from 4.5% in 3Q 2021). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to Rp55.00, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 42% over the past year. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 22% share price gain to Rp83.00, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 19% over the past year. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: Rp0.58 (vs Rp9.13 loss in 1Q 2021) First quarter 2022 results: EPS: Rp0.58 (up from Rp9.13 loss in 1Q 2021). Revenue: Rp77.5b (up 37% from 1Q 2021). Net income: Rp1.82b (up Rp24.6b from 1Q 2021). Profit margin: 2.3% (up from net loss in 1Q 2021). Reported Earnings • Apr 07
Full year 2021 earnings released: Rp3.12 loss per share (vs Rp0.80 loss in FY 2020) Full year 2021 results: Rp3.12 loss per share (down from Rp0.80 loss in FY 2020). Revenue: Rp318.3b (up 7.4% from FY 2020). Net loss: Rp9.47b (loss widened 376% from FY 2020). Buying Opportunity • Feb 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be Rp109, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% per annum over the last 3 years. The company became loss making over the last year. Buying Opportunity • Jan 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be Rp108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% per annum over the last 3 years. The company became loss making over the last year. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 27% share price gain to Rp112, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 12x in the Oil and Gas industry in Indonesia. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 16% share price gain to Rp124, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 14x in the Oil and Gas industry in Indonesia. Ankündigung • Mar 10
PT Ulima Nitra Tbk has completed an IPO in the amount of IDR 35.4 billion. PT Ulima Nitra Tbk has completed an IPO in the amount of IDR 35.4 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 300,000,000
Price\Range: IDR 118 
