Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp88.00, the stock trades at a trailing P/E ratio of 60.4x. Average trailing P/E is 21x in the Telecom industry in Indonesia. Total returns to shareholders of 24% over the past three years. New Risk • May 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp167.2b (US$9.37m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (Rp1.3b revenue, or US$75k). Market cap is less than US$10m (Rp167.2b market cap, or US$9.37m). Minor Risk Profit margins are more than 30% lower than last year (189% net profit margin). Reported Earnings • May 05
First quarter 2026 earnings released: Rp1.00 loss per share (vs Rp3.28 loss in 1Q 2025) First quarter 2026 results: Rp1.00 loss per share (improved from Rp3.28 loss in 1Q 2025). Net loss: Rp2.14b (loss narrowed 63% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Anuncio • Apr 23
PT First Media Tbk, Annual General Meeting, May 29, 2026 PT First Media Tbk, Annual General Meeting, May 29, 2026. Reported Earnings • Apr 01
Full year 2025 earnings released: Rp1.00 loss per share (vs Rp36.45 profit in FY 2024) Full year 2025 results: Rp1.00 loss per share (down from Rp36.45 profit in FY 2024). Net loss: Rp1.04b (down 102% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Mar 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp167.2b (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (Rp2.7b revenue, or US$161k). Market cap is less than US$10m (Rp167.2b market cap, or US$9.87m). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp119, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 20x in the Telecom industry in Indonesia. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to Rp141, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 22x in the Telecom industry in Indonesia. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to Rp142, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 21x in the Telecom industry in Indonesia. Total loss to shareholders of 5.3% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: Rp1.66 loss per share (vs Rp21.75 profit in 3Q 2024) Third quarter 2025 results: Rp1.66 loss per share (down from Rp21.75 profit in 3Q 2024). Net loss: Rp4.07b (down 111% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 142% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Oct 24
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. 2 experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioner Widjaya Hambali was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Anuncio • Apr 18
PT First Media Tbk, Annual General Meeting, May 26, 2025 PT First Media Tbk, Annual General Meeting, May 26, 2025. Reported Earnings • Nov 02
Third quarter 2024 earnings released: EPS: Rp24.20 (vs Rp15.00 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp24.20 (up from Rp15.00 loss in 3Q 2023). Net income: Rp37.9b (up Rp64.0b from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
Second quarter 2024 earnings released: Rp6.13 loss per share (vs Rp2.12 loss in 2Q 2023) Second quarter 2024 results: Rp6.13 loss per share (further deteriorated from Rp2.12 loss in 2Q 2023). Revenue: Rp2.08b (down 91% from 2Q 2023). Net loss: Rp10.9b (loss widened 195% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 61% per year, which means it is significantly lagging earnings. Anuncio • May 09
PT First Media Tbk, Annual General Meeting, May 29, 2024 PT First Media Tbk, Annual General Meeting, May 29, 2024. Location: secara fisik : hotel aryaduta jl prajurit kko usma, dan harun no. 44-48, rt 07/01, gambir, kecamatan gambir, jakarta, 10110, kota adm. jakarta pusat dki. jakarta indonesia, jakarta Indonesia Reported Earnings • May 05
First quarter 2024 earnings released: Rp5.00 loss per share (vs Rp12.83 loss in 1Q 2023) First quarter 2024 results: Rp5.00 loss per share (improved from Rp12.83 loss in 1Q 2023). Revenue: Rp11.1b (down 42% from 1Q 2023). Net loss: Rp8.46b (loss narrowed 62% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 03
Full year 2023 earnings released: Rp46.00 loss per share (vs Rp156 loss in FY 2022) Full year 2023 results: Rp46.00 loss per share (improved from Rp156 loss in FY 2022). Revenue: Rp113.5b (down 19% from FY 2022). Net loss: Rp80.4b (loss narrowed 70% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indonesian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-Rp485b). Market cap is less than US$10m (Rp80.1b market cap, or US$5.05m). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). New Risk • Oct 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp156.8b (US$9.90m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-Rp450b). Market cap is less than US$10m (Rp156.8b market cap, or US$9.90m). Reported Earnings • Aug 04
Second quarter 2023 earnings released: Rp2.14 loss per share (vs Rp97.06 loss in 2Q 2022) Second quarter 2023 results: Rp2.14 loss per share (improved from Rp97.06 loss in 2Q 2022). Revenue: Rp24.1b (down 30% from 2Q 2022). Net loss: Rp3.70b (loss narrowed 98% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. New Risk • Jul 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indonesian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-Rp431b). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (Rp200.3b market cap, or US$13.4m). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Commissioner Widjaya Hambali was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
Second quarter 2022 earnings released: Rp96.84 loss per share (vs Rp25.34 profit in 2Q 2021) Second quarter 2022 results: Rp96.84 loss per share (down from Rp25.34 profit in 2Q 2021). Revenue: Rp34.3b (down 14% from 2Q 2021). Net loss: Rp169.1b (down 482% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. 1 independent director (2 non-independent directors). Independent Commissioner Teguh Pudjowigoro was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp426, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 21x in the Telecom industry in Indonesia. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp560, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 21x in the Telecom industry in Indonesia. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorated over the past week After last week's 25% share price decline to Rp765, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 22x in the Telecom industry in Indonesia. Total returns to shareholders of 9.3% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 22% share price gain to Rp860, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 22x in the Telecom industry in Indonesia. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 21% share price gain to Rp1,135, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 18x in the Telecom industry in Indonesia. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp730, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 18x in the Telecom industry in Indonesia. Total returns to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to Rp695, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 18x in the Telecom industry in Indonesia. Total returns to shareholders of 40% over the past three years. Reported Earnings • Jul 06
First quarter 2021 earnings released: Rp19.39 loss per share (vs Rp173 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: Rp34.7b (down 28% from 1Q 2020). Net loss: Rp33.8b (loss narrowed 89% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day low: Rp358 The company is down 14% from its price of Rp418 on 20 November 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day low: Rp372 The company is down 7.0% from its price of Rp400 on 22 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: Rp450 The company is up 41% from its price of Rp320 on 11 September 2020. The Indonesian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 14% over the same period. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of Rp344.0b, with losses narrowing by 61% from the prior year. Total revenue was Rp261.1b over the last 12 months, down 37% from the prior year. Is New 90 Day High Low • Oct 06
New 90-day high: Rp430 The company is up 13% from its price of Rp382 on 08 July 2020. The Indonesian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 10.0% over the same period. 