New Risk • Jun 26
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 Less than 1 year of cash runway based on free cash flow trend (-Rp1.4b free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (Rp5.74b market cap, or US$350.1k). Minor Risk Revenue is less than US$5m (Rp60b revenue, or US$3.7m). 공시 • Jun 05
PT Sunindo Adipersada Tbk, Annual General Meeting, Jun 25, 2024 PT Sunindo Adipersada Tbk, Annual General Meeting, Jun 25, 2024. Reported Earnings • May 05
Full year 2023 earnings released: Rp9.49 loss per share (vs Rp1.31 profit in FY 2022) Full year 2023 results: Rp9.49 loss per share (down from Rp1.31 profit in FY 2022). Revenue: Rp60.4b (down 56% from FY 2022). Net loss: Rp13.6b (down Rp15.5b from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 04
Third quarter 2023 earnings released: Rp6.88 loss per share (vs Rp1.80 loss in 3Q 2022) Third quarter 2023 results: Rp6.88 loss per share (further deteriorated from Rp1.80 loss in 3Q 2022). Revenue: Rp10.0b (down 73% from 3Q 2022). Net loss: Rp9.85b (loss widened 282% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Aug 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be Rp63.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 09
New major risk - Revenue and earnings growth Earnings have declined by 41% 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 Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (Rp71.8b market cap, or US$4.72m). Reported Earnings • Aug 09
Second quarter 2023 earnings released: Rp1.75 loss per share (vs Rp4.77 profit in 2Q 2022) Second quarter 2023 results: Rp1.75 loss per share (down from Rp4.77 profit in 2Q 2022). Revenue: Rp12.6b (down 71% from 2Q 2022). Net loss: Rp2.51b (down 137% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has fallen by 57% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 15
First quarter 2023 earnings released: EPS: Rp0.49 (vs Rp2.95 loss in 1Q 2022) First quarter 2023 results: EPS: Rp0.49 (up from Rp2.95 loss in 1Q 2022). Revenue: Rp29.8b (up 132% from 1Q 2022). Net income: Rp701.5m (up Rp4.93b from 1Q 2022). Profit margin: 2.4% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Reported Earnings • Apr 15
Full year 2022 earnings released: EPS: Rp1.31 (vs Rp9.20 loss in FY 2021) Full year 2022 results: EPS: Rp1.31 (up from Rp9.20 loss in FY 2021). Revenue: Rp138.9b (up 9.1% from FY 2021). Net income: Rp1.88b (up Rp15.1b from FY 2021). Profit margin: 1.4% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Reported Earnings • Dec 03
Third quarter 2022 earnings released: Rp1.80 loss per share (vs Rp2.67 loss in 3Q 2021) Third quarter 2022 results: Rp1.80 loss per share (improved from Rp2.67 loss in 3Q 2021). Revenue: Rp36.9b (up 67% from 3Q 2021). Net loss: Rp2.58b (loss narrowed 33% from 3Q 2021). 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 Samsul Hidayat was the last independent director to join the board, commencing their role in 2020. 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 • Jun 22
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp100.00, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 19x in the Leisure industry in Asia. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp128, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 19x in the Leisure industry in Asia. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp336, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 22x in the Leisure industry in Asia. Is New 90 Day High Low • Feb 27
New 90-day low: Rp406 The company is down 46% from its price of Rp745 on 27 November 2020. The Indonesian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is down 3.0% over the same period. Is New 90 Day High Low • Feb 09
New 90-day low: Rp456 The company is down 17% from its price of Rp550 on 11 November 2020. The Indonesian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day low: Rp505 The company is down 2.0% from its price of Rp515 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 Leisure industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Dec 10
Market bids up stock over the past week After last week's 17% share price gain to Rp800, the stock is trading at a trailing P/E ratio of 55.1x, up from the previous P/E ratio of 47.2x. This compares to an average P/E of 23x in the Leisure industry in Asia. Is New 90 Day High Low • Dec 09
New 90-day high: Rp780 The company is up 50% from its price of Rp520 on 10 September 2020. The Indonesian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 20% share price gain to Rp655, the stock is trading at a trailing P/E ratio of 26.3x, up from the previous P/E ratio of 21.9x. This compares to an average P/E of 22x in the Leisure industry in Asia. Is New 90 Day High Low • Nov 18
New 90-day high: Rp625 The company is up 11% from its price of Rp565 on 19 August 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 8.0% over the same period.