Buy Or Sell Opportunity • May 21
Now 37% undervalued after recent price drop Over the last 90 days, the stock has fallen 54% to €0.012. The fair value is estimated to be €0.019, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 67% in 2 years. Earnings are forecast to decline by 62% in the next 2 years. Board Change • May 20
No independent directors There are 9 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: 9 new directors. 2 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Independent Vice President Commissioner Suadi Atma is the most experienced director on the board, commencing their role in 2012. Independent Commissioner Agus Suharyono was the last independent director to join the board, commencing their role in 2025. 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. お知らせ • Apr 09
PT Darma Henwa Tbk, Annual General Meeting, May 18, 2026 PT Darma Henwa Tbk, Annual General Meeting, May 18, 2026. Board Change • Dec 30
No independent directors There are 8 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: 8 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Independent Vice President Commissioner Suadi Atma is the most experienced director on the board, commencing their role in 2012. Independent Commissioner Gories Mere was the last independent director to join the board, commencing their role in 2013. 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. お知らせ • May 22
PT Darma Henwa Tbk, Annual General Meeting, Jun 30, 2025 PT Darma Henwa Tbk, Annual General Meeting, Jun 30, 2025. Reported Earnings • Oct 02
Second quarter 2024 earnings released: EPS: Rp0.28 (vs Rp0.22 in 2Q 2023) Second quarter 2024 results: EPS: Rp0.28 (up from Rp0.22 in 2Q 2023). Revenue: Rp1.47t (down 19% from 2Q 2023). Net income: Rp6.26b (up 29% from 2Q 2023). Profit margin: 0.4% (up from 0.3% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: Rp0.37 (vs Rp0.36 in 1Q 2023) First quarter 2024 results: EPS: Rp0.37 (up from Rp0.36 in 1Q 2023). Revenue: Rp1.45t (down 18% from 1Q 2023). Net income: Rp7.98b (up 1.0% from 1Q 2023). Profit margin: 0.5% (up from 0.4% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. お知らせ • May 09
PT Darma Henwa Tbk, Annual General Meeting, Jun 20, 2024 PT Darma Henwa Tbk, Annual General Meeting, Jun 20, 2024. Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: Rp1.62 (vs Rp11.87 loss in FY 2022) Full year 2023 results: EPS: Rp1.62 (up from Rp11.87 loss in FY 2022). Revenue: Rp7.37t (up 17% from FY 2022). Net income: Rp35.3b (up Rp294.9b from FY 2022). Profit margin: 0.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. New Risk • Nov 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.4m (US$98.8m) This is considered a minor 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 (41% average weekly change). Earnings have declined by 65% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€90.4m market cap, or US$98.8m). Reported Earnings • Oct 11
Second quarter 2023 earnings released: EPS: Rp0.22 (vs Rp3.34 loss in 2Q 2022) Second quarter 2023 results: EPS: Rp0.22 (up from Rp3.34 loss in 2Q 2022). Revenue: Rp1.80t (up 27% from 2Q 2022). Net income: Rp4.85b (up Rp77.9b from 2Q 2022). Profit margin: 0.3% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 171 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 08
First quarter 2023 earnings released: EPS: Rp0.36 (vs Rp2.07 loss in 1Q 2022) First quarter 2023 results: EPS: Rp0.36 (up from Rp2.07 loss in 1Q 2022). Revenue: Rp1.76t (up 27% from 1Q 2022). Net income: Rp7.90b (up Rp53.1b from 1Q 2022). Profit margin: 0.4% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 165 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 17
Full year 2022 earnings released: US$0.001 loss per share (vs US$0 in FY 2021) Full year 2022 results: US$0.001 loss per share (further deteriorated from US$0 in FY 2021). Revenue: US$406.8m (up 26% from FY 2021). Net loss: US$16.7m (down US$17.8m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 163 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
No independent directors There are 6 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: 6 new directors. 1 experienced director. 3 highly experienced directors. No independent directors (4 non-independent directors). Independent Commissioner Kanaka Puradiredja is the most experienced director on the board, commencing their role in 2008. Independent Commissioner Gories Mere was the last independent director to join the board, commencing their role in 2013. 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 • Sep 06
Second quarter 2022 earnings released: EPS: US$0 (vs US$0 in 2Q 2021) Second quarter 2022 results: EPS: US$0 (in line with 2Q 2021). Revenue: US$97.3m (up 23% from 2Q 2021). Net loss: US$5.00m (down US$5.64m from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 155 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
First quarter 2022 earnings released: EPS: US$0 (vs US$0 in 1Q 2021) First quarter 2022 results: EPS: US$0 (vs US$0 in 1Q 2021). Revenue: US$96.6m (up 31% from 1Q 2021). Net loss: US$3.15m (down 459% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
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. 2 experienced directors. 4 highly experienced directors. No independent directors (5 non-independent directors). Independent Commissioner Kanaka Puradiredja is the most experienced director on the board, commencing their role in 2008. Independent Commissioner Gories Mere was the last independent director to join the board, commencing their role in 2013. 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. Buying Opportunity • Apr 21
Now 32% undervalued Over the last 90 days, the stock is up 100%. The fair value is estimated to be €0.0029, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 8.8%. Buying Opportunity • Mar 30
Now 34% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €0.0015, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 8.8%.