Reported Earnings • Aug 01
Second quarter 2026 earnings released: Rp0.25 loss per share (vs Rp5.86 loss in 2Q 2025) Second quarter 2026 results: Rp0.25 loss per share (improved from Rp5.86 loss in 2Q 2025). Revenue: Rp21.2b (up 8.9% from 2Q 2025). Net loss: Rp435.0m (loss narrowed 94% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. New Risk • May 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp159.8b (US$9.11m) 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 Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Market cap is less than US$10m (Rp159.8b market cap, or US$9.11m). Minor Risk Revenue is less than US$5m (Rp76b revenue, or US$4.3m). Annuncio • May 12
PT Sidomulyo Selaras Tbk, Annual General Meeting, Jun 18, 2026 PT Sidomulyo Selaras Tbk, Annual General Meeting, Jun 18, 2026. New Risk • Apr 16
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 Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Minor Risks Revenue is less than US$5m (Rp77b revenue, or US$4.5m). Market cap is less than US$100m (Rp222.8b market cap, or US$12.9m). Reported Earnings • Apr 02
Full year 2025 earnings released: Rp13.91 loss per share (vs Rp1.56 profit in FY 2024) Full year 2025 results: Rp13.91 loss per share (down from Rp1.56 profit in FY 2024). Revenue: Rp77.2b (down 19% from FY 2024). Net loss: Rp15.8b (down Rp17.6b from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Mar 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp164.3b (US$9.69m) 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 Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Market cap is less than US$10m (Rp164.3b market cap, or US$9.69m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Significant insider selling over the past 3 months (Rp2.0b sold). Revenue is less than US$5m (Rp78b revenue, or US$4.6m). New Risk • Jan 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: Rp2.0b This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Significant insider selling over the past 3 months (Rp2.0b sold). Revenue is less than US$5m (Rp78b revenue, or US$4.7m). Market cap is less than US$100m (Rp243.1b market cap, or US$14.6m). New Risk • Jan 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 98% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Revenue is less than US$5m (Rp78b revenue, or US$4.7m). Market cap is less than US$100m (Rp234.1b market cap, or US$14.0m). New Risk • Dec 02
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 Risk Market cap is less than US$10m (Rp119.2b market cap, or US$7.15m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (Rp78b revenue, or US$4.7m). Reported Earnings • Nov 04
Third quarter 2025 earnings released: Rp2.11 loss per share (vs Rp1.64 loss in 3Q 2024) Third quarter 2025 results: Rp2.11 loss per share (further deteriorated from Rp1.64 loss in 3Q 2024). Revenue: Rp19.8b (down 24% from 3Q 2024). Net loss: Rp2.40b (loss widened 28% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annuncio • May 06
PT Sidomulyo Selaras Tbk, Annual General Meeting, Jun 11, 2025 PT Sidomulyo Selaras Tbk, Annual General Meeting, Jun 11, 2025. Location: meeting both physically and eletronically, jakarta Indonesia Reported Earnings • Aug 03
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: Rp22.6b (down 1.9% from 2Q 2023). Net income: Rp749.7m (up Rp953.5m from 2Q 2023). Profit margin: 3.3% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 141% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: Rp2.20 (vs Rp2.71 in 1Q 2023) First quarter 2024 results: EPS: Rp2.20 (down from Rp2.71 in 1Q 2023). Revenue: Rp26.5b (up 1.9% from 1Q 2023). Net income: Rp2.49b (down 19% from 1Q 2023). Profit margin: 9.4% (down from 12% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 106% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (Rp25.0b market cap, or US$1.57m). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp41.00, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 9x in the Transportation industry in Indonesia. Total loss to shareholders of 18% over the past three years. New Risk • Aug 02
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: 4.1% Last year net profit margin: 8.2% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (Rp56.8b market cap, or US$3.74m). Minor Risk Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • Aug 02
Second quarter 2023 earnings released: Rp0.18 loss per share (vs Rp0.05 loss in 2Q 2022) Second quarter 2023 results: Rp0.18 loss per share (further deteriorated from Rp0.05 loss in 2Q 2022). Revenue: Rp23.1b (up 1.0% from 2Q 2022). Net loss: Rp203.8m (loss widened 261% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: Rp0.066 (vs Rp5.15 in 3Q 2021) Third quarter 2022 results: EPS: Rp0.066 (down from Rp5.15 in 3Q 2021). Revenue: Rp23.7b (up 25% from 3Q 2021). Net income: Rp75.1m (down 99% from 3Q 2021). Profit margin: 0.3% (down from 31% in 3Q 2021). The decrease in margin was driven by higher expenses. 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 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. 3 highly experienced directors. No independent directors (4 non-independent directors). President Director Tjoe Sasminto is the most experienced director on the board, commencing their role in 1993. Independent Commissioner Zulfikar Lukman 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 experienced directors. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to Rp65.00, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 19x in the Transportation industry in Indonesia. Total returns to shareholders of 30% over the past three years. Reported Earnings • Jun 09
First quarter 2022 earnings released: EPS: Rp2.08 (vs Rp6.15 loss in 1Q 2021) First quarter 2022 results: EPS: Rp2.08 (up from Rp6.15 loss in 1Q 2021). Revenue: Rp23.8b (up 5.2% from 1Q 2021). Net income: Rp2.36b (up Rp9.34b from 1Q 2021). Profit margin: 9.9% (up from net loss in 1Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • May 11
Full year 2021 earnings released: Rp8.31 loss per share (vs Rp37.39 loss in FY 2020) Full year 2021 results: Rp8.31 loss per share (up from Rp37.39 loss in FY 2020). Revenue: Rp82.6b (down 7.2% from FY 2020). Net loss: Rp9.43b (loss narrowed 78% from FY 2020). 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 24% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 5 highly experienced directors. No independent directors (4 non-independent directors). Independent Commissioner Hartono Gani was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Dec 08
New 90-day high: Rp67.00 The company is up 34% from its price of Rp50.00 on 09 September 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 16% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: Rp11.12 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: Rp21.3b (down 19% from 3Q 2019). Net loss: Rp12.3b (loss widened 119% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings.