Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to Rp3,650, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 818% over the past three years. New Risk • May 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indonesian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (40% accrual ratio). Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp4,000, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 831% over the past three years. Reported Earnings • Apr 28
First quarter 2026 earnings released: EPS: US$0 (vs US$0 in 1Q 2025) First quarter 2026 results: EPS: US$0 (in line with 1Q 2025). Revenue: US$284.1m (up 84% from 1Q 2025). Net income: US$1.39m (up 51% from 1Q 2025). Profit margin: 0.5% (down from 0.6% in 1Q 2025). Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 29% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 127% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 16
President Director recently bought Rp311m worth of stock On the 13th of April, . Michael bought around 58k shares on-market at roughly Rp5,400 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth Rp3.7b. . has been a buyer over the last 12 months, purchasing a net total of Rp806m worth in shares. New Risk • Mar 25
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 14% 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 Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (55% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: US$0.003 (vs US$0.001 in FY 2024) Full year 2025 results: EPS: US$0.003 (up from US$0.001 in FY 2024). Revenue: US$886.5m (up 28% from FY 2024). Net income: US$28.8m (up 197% from FY 2024). Profit margin: 3.2% (up from 1.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 44% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 123% per year, which means it is well ahead of earnings. New Risk • Mar 08
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 29% per year over the past 5 years. Annonce • Feb 26
PT Petrosea Tbk, Annual General Meeting, Apr 09, 2026 PT Petrosea Tbk, Annual General Meeting, Apr 09, 2026. Recent Insider Transactions • Jan 29
Commissioner recently bought Rp3.7b worth of stock On the 26th of January, Erwin Ciputra bought around 400k shares on-market at roughly Rp9,138 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought Rp40b more in shares than they have sold in the last 12 months. Board Change • Oct 24
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 6 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Independent President Commissioner Osman Sitorus is the most experienced director on the board, commencing their role in 2018. Independent Commissioner Setia Arimuladi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: US$0.002 (vs US$0 in 3Q 2023) Third quarter 2024 results: EPS: US$0.002 (up from US$0 in 3Q 2023). Revenue: US$191.9m (up 33% from 3Q 2023). Net income: US$1.55m (up US$1.78m from 3Q 2023). Profit margin: 0.8% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 88% per year, which means it is well ahead of earnings. Reported Earnings • Sep 04
Second quarter 2024 earnings released: EPS: US$0.001 (vs US$0.008 in 2Q 2023) Second quarter 2024 results: EPS: US$0.001 (down from US$0.008 in 2Q 2023). Revenue: US$161.8m (up 11% from 2Q 2023). Net income: US$1.16m (down 85% from 2Q 2023). Profit margin: 0.7% (down from 5.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 77% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp10,725, the stock trades at a forward P/E ratio of 119x. Average forward P/E is 20x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 520% over the past three years. Recent Insider Transactions • Aug 14
Commissioner recently bought Rp694m worth of stock On the 8th of August, Erwin Ciputra bought around 90k shares on-market at roughly Rp7,713 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp2.9b. Insiders have collectively bought Rp4.6b more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 09
Commissioner recently bought Rp2.9b worth of stock On the 2nd of August, Erwin Ciputra bought around 361k shares on-market at roughly Rp7,950 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought Rp3.9b more in shares than they have sold in the last 12 months. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Share price has been highly volatile over the past 3 months (14% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 367% Cash payout ratio: 237% Earnings have declined by 0.2% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (1.6% net profit margin). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp9,075, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 491% over the past three years. Recent Insider Transactions • Jun 26
President Director recently bought Rp495m worth of stock On the 21st of June, . Michael bought around 60k shares on-market at roughly Rp8,250 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth Rp533m. This was .'s only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to Rp6,850, the stock trades at a trailing P/E ratio of 44.4x. Average forward P/E is 22x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 329% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp8,500, the stock trades at a trailing P/E ratio of 56.1x. Average forward P/E is 21x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 435% over the past three years. Recent Insider Transactions • May 08
Director recently bought Rp533m worth of stock On the 2nd of May, Kartika Hendrawan bought around 89k shares on-market at roughly Rp6,000 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: US$0 (vs US$0.003 in 1Q 2023) First quarter 2024 results: EPS: US$0 (down from US$0.003 in 1Q 2023). Revenue: US$156.3m (up 22% from 1Q 2023). Net income: US$163.0k (down 95% from 1Q 2023). Profit margin: 0.1% (down from 2.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Indonesia are expected to grow by 16%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp5,275, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 19x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 209% over the past three years. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: US$0.012 (vs US$0.041 in FY 2022) Full year 2023 results: EPS: US$0.012 (down from US$0.041 in FY 2022). Revenue: US$577.6m (up 21% from FY 2022). Net income: US$12.2m (down 70% from FY 2022). Profit margin: 2.1% (down from 8.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 17% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp5,750, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 331% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Rp4,510, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 197% over the past three years. New Risk • Dec 05
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 9.7% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 186% Dividend per share is over 12x cash flows per share. Minor Risks High level of debt (73% net debt to equity). Share price has been volatile over the past 3 months (9.7% average weekly change). Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Rp3,650, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 15x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 187% over the past three years. New Risk • Aug 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 75% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 186% Dividend per share is over 12x cash flows per share. Minor Risk High level of debt (75% net debt to equity). Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: US$0.008 (vs US$0.009 in 2Q 2022) Second quarter 2023 results: EPS: US$0.008 (down from US$0.009 in 2Q 2022). Revenue: US$145.7m (up 32% from 2Q 2022). Net income: US$7.86m (down 9.4% from 2Q 2022). Profit margin: 5.4% (down from 7.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp4,440, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 384% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Rp5,275, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 356% over the past three years. Reported Earnings • Apr 15
Full year 2022 earnings released: EPS: US$0.041 (vs US$0.034 in FY 2021) Full year 2022 results: EPS: US$0.041 (up from US$0.034 in FY 2021). Revenue: US$476.3m (up 15% from FY 2021). Net income: US$40.9m (up 21% from FY 2021). Profit margin: 8.6% (up from 8.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 03
Third quarter 2022 earnings released: EPS: US$0.02 (vs US$0.003 in 3Q 2021) Third quarter 2022 results: EPS: US$0.02 (up from US$0.003 in 3Q 2021). Revenue: US$123.3m (up 14% from 3Q 2021). Net income: US$20.0m (up US$17.4m from 3Q 2021). Profit margin: 16% (up from 2.4% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp5,075, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 277% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 17% share price gain to Rp3,830, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 15x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 173% over the past three years. Board Change • Nov 16
No independent directors There are 9 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Independent Commissioner Osman Sitorus is the most experienced director on the board, commencing their role in 2018. Independent Commissioner Hasnul Suhaimi was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Independent Commissioner Hasnul Suhaimi was the last independent director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 16% share price gain to Rp2,650, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 22x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 68% over the past three years. Reported Earnings • Dec 22
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: US$0.003 (down from US$0.004 in 3Q 2020). Revenue: US$108.3m (up 46% from 3Q 2020). Net income: US$2.59m (down 34% from 3Q 2020). Profit margin: 2.4% (down from 5.3% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 16% share price gain to Rp2,810, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 24x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 16% share price gain to Rp2,340, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 26x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 45% over the past three years. Reported Earnings • Apr 12
Full year 2020 earnings released: EPS US$0.032 (vs US$0.031 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$340.7m (down 28% from FY 2019). Net income: US$32.3m (up 3.5% from FY 2019). Profit margin: 9.5% (up from 6.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 14
New 90-day high: Rp2,130 The company is up 25% from its price of Rp1,705 on 16 September 2020. The Indonesian market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 37% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS US$0.004 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$74.0m (down 47% from 3Q 2019). Net income: US$3.94m (down 69% from 3Q 2019). Profit margin: 5.3% (down from 9.2% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 29
New 90-day high: Rp1,950 The company is up 3.0% from its price of Rp1,900 on 31 August 2020. The Indonesian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 22% over the same period. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of US$32.5m, up 38% from the prior year. Total revenue was US$414.3m over the last 12 months, down 17% from the prior year.