Annonce • Apr 17
PT Singaraja Putra Tbk, Annual General Meeting, May 26, 2026 PT Singaraja Putra Tbk, Annual General Meeting, May 26, 2026. Reported Earnings • Apr 16
Full year 2025 earnings released: Rp89.58 loss per share (vs Rp64.37 loss in FY 2024) Full year 2025 results: Rp89.58 loss per share (further deteriorated from Rp64.37 loss in FY 2024). Revenue: Rp534.0b (up 23% from FY 2024). Net loss: Rp43.1b (loss widened 39% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 191 percentage points per year, which is a significant difference in performance. New Risk • Feb 14
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 18% 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 Less than 1 year of cash runway based on free cash flow trend (-Rp274b free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-Rp687b). Earnings have declined by 71% per year over the past 5 years. New Risk • Dec 15
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 13% 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 Less than 1 year of cash runway based on free cash flow trend (-Rp274b free cash flow). Negative equity (-Rp687b). Earnings have declined by 71% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Nov 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -Rp274b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-Rp274b free cash flow). Negative equity (-Rp687b). Earnings have declined by 71% per year over the past 5 years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: Rp28.13 loss per share (vs Rp17.24 loss in 3Q 2024) Third quarter 2025 results: Rp28.13 loss per share (further deteriorated from Rp17.24 loss in 3Q 2024). Revenue: Rp100.7b (down 21% from 3Q 2024). Net loss: Rp13.4b (loss widened 61% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 296 percentage points per year, which is a significant difference in performance. Annonce • Apr 25
PT Singaraja Putra Tbk, Annual General Meeting, Jun 03, 2025 PT Singaraja Putra Tbk, Annual General Meeting, Jun 03, 2025. Location: jakarta Indonesia Annonce • Mar 28
Hapsoro completed the acquisition of 9% stake in PT Singaraja Putra Tbk (IDX:SINI) from Batubara Development Pte Ltd. Hapsoro agreed to acquire 9% stake in PT Singaraja Putra Tbk (IDX:SINI) from Batubara Development Pte Ltd. for IDR 43.3 billion on March 25, 2025. A cash consideration of IDR 43.29 billion will be paid by the buyer. As part of consideration, IDR 43.29 billion is paid towards common equity of PT Singaraja Putra Tbk.
Hapsoro completed the acquisition of 9% stake in PT Singaraja Putra Tbk (IDX:SINI) from Batubara Development Pte Ltd. on March 26, 2025. Reported Earnings • Nov 02
Third quarter 2024 earnings released: Rp17.02 loss per share (vs Rp2.48 loss in 3Q 2023) Third quarter 2024 results: Rp17.02 loss per share (further deteriorated from Rp2.48 loss in 3Q 2023). Revenue: Rp127.4b (up 73% from 3Q 2023). Net loss: Rp8.29b (loss widened Rp7.10b from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 291 percentage points per year, which is a significant difference in performance. New Risk • Sep 24
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 13% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-Rp640b). Earnings have declined by 80% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Rp962.0b market cap, or US$63.5m). Reported Earnings • Jul 31
Second quarter 2024 earnings released: Rp21.82 loss per share (vs Rp2.39 loss in 2Q 2023) Second quarter 2024 results: Rp21.82 loss per share (further deteriorated from Rp2.39 loss in 2Q 2023). Revenue: Rp98.9b (up 69% from 2Q 2023). Net loss: Rp10.5b (loss widened Rp9.35b from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 184 percentage points per year, which is a significant difference in performance. Reported Earnings • May 01
Full year 2023 earnings released: Rp34.29 loss per share (vs Rp10.62 profit in FY 2022) Full year 2023 results: Rp34.29 loss per share (down from Rp10.62 profit in FY 2022). Revenue: Rp297.4b (down 28% from FY 2022). Net loss: Rp16.5b (down 431% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. New Risk • Dec 09
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -Rp617b This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Negative equity (-Rp617b). Market cap is less than US$100m (Rp380.0b market cap, or US$24.4m). Reported Earnings • Jul 31
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: Rp58.5b (down 43% from 2Q 2022). Net loss: Rp1.15b (down 247% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: Rp23.00 (vs Rp8.05 in FY 2021) Full year 2022 results: EPS: Rp23.00 (up from Rp8.05 in FY 2021). Revenue: Rp413.6b (up 8.8% from FY 2021). Net income: Rp4.99b (up 32% from FY 2021). Profit margin: 1.2% (up from 1.0% 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 97% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 143% share price gain to Rp530, the stock trades at a trailing P/E ratio of 66.1x. Average trailing P/E is 15x in the Forestry industry in Indonesia. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp214, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 16x in the Forestry industry in Indonesia. Total loss to shareholders of 27% over the past year. Buying Opportunity • Nov 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.0%. The fair value is estimated to be Rp311, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 24% share price decline to Rp394, the stock trades at a trailing P/E ratio of 43.8x. Average trailing P/E is 15x in the Forestry industry in Indonesia. Total returns to shareholders of 47% over the past year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 35% share price gain to Rp350, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 17x in the Forestry industry in Indonesia. Total returns to shareholders of 24% over the past year. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: Rp1.66 (vs Rp1.81 in 2Q 2021) Second quarter 2022 results: EPS: Rp1.66 (down from Rp1.81 in 2Q 2021). Revenue: Rp103.0b (up 16% from 2Q 2021). Net income: Rp785.8m (down 6.8% from 2Q 2021). Profit margin: 0.8% (down from 1.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Jun 02
First quarter 2022 earnings released: EPS: Rp7.00 (vs Rp2.41 in 1Q 2021) First quarter 2022 results: EPS: Rp7.00 (up from Rp2.41 in 1Q 2021). Revenue: Rp113.3b (up 77% from 1Q 2021). Net income: Rp1.65b (up 48% from 1Q 2021). Profit margin: 1.5% (down from 1.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • May 04
Full year 2021 earnings released Full year 2021 results: Revenue: Rp380.3b (up 39% from FY 2020). Net income: Rp3.77b (up Rp3.97b from FY 2020). Profit margin: 1.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 19% share price gain to Rp290, the stock trades at a trailing P/E ratio of 48.6x. Average trailing P/E is 10x in the Forestry industry in Indonesia. Total loss to shareholders of 13% over the past year. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp240, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 10x in the Forestry industry in Indonesia. Total loss to shareholders of 29% over the past year. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 17% share price gain to Rp326, the stock trades at a trailing P/E ratio of 54.6x. Average trailing P/E is 11x in the Forestry industry in Indonesia. Total loss to shareholders of 12% over the past year. Reported Earnings • Sep 02
Second quarter 2021 earnings released: EPS Rp1.81 (vs Rp0.61 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp88.6b (up 31% from 2Q 2020). Net income: Rp843.1m (up Rp1.12b from 2Q 2020). Profit margin: 1.0% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Is New 90 Day High Low • Jan 25
New 90-day low: Rp316 The company is down 23% from its price of Rp412 on 27 October 2020. The Indonesian market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 59% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: Rp330 The company is down 31% from its price of Rp476 on 09 October 2020. The Indonesian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 10
New 90-day low: Rp340 The company is down 29% from its price of Rp478 on 11 September 2020. The Indonesian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 34% over the same period. Is New 90 Day High Low • Nov 19
New 90-day low: Rp358 The company is down 26% from its price of Rp484 on 19 August 2020. The Indonesian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: Rp400 The company is down 27% from its price of Rp550 on 29 July 2020. The Indonesian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: Rp434 The company is down 14% from its price of Rp505 on 24 June 2020. The Indonesian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 48% over the same period. 