공시 • May 07
PT Esta Multi Usaha Tbk, Annual General Meeting, Jun 12, 2026 PT Esta Multi Usaha Tbk, Annual General Meeting, Jun 12, 2026. New Risk • May 07
New major risk - Revenue and earnings growth Earnings have declined by 1.1% 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 (0.3x net interest cover). Earnings have declined by 1.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (Rp51b revenue, or US$3.0m). Market cap is less than US$100m (Rp533.6b market cap, or US$30.9m). Reported Earnings • May 07
First quarter 2026 earnings released: Rp1.15 loss per share (vs Rp1.40 loss in 1Q 2025) First quarter 2026 results: Rp1.15 loss per share (improved from Rp1.40 loss in 1Q 2025). Revenue: Rp11.3b (up 7.6% from 1Q 2025). Net loss: Rp2.78b (loss narrowed 18% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 03
Full year 2025 earnings released: Rp3.39 loss per share (vs Rp0.40 loss in FY 2024) Full year 2025 results: Rp3.39 loss per share (further deteriorated from Rp0.40 loss in FY 2024). Revenue: Rp50.2b (down 1.9% from FY 2024). Net loss: Rp8.22b (loss widened Rp7.26b from FY 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Reported Earnings • Nov 04
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: Rp12.0b (down 6.5% from 3Q 2024). Net loss: Rp1.54b (down Rp1.55b from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. 공시 • May 09
PT Esta Multi Usaha Tbk, Annual General Meeting, Jun 16, 2025 PT Esta Multi Usaha Tbk, Annual General Meeting, Jun 16, 2025. Location: jakarta Indonesia Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: Rp0.002 (vs Rp0.11 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp0.002 (up from Rp0.11 loss in 3Q 2023). Revenue: Rp12.8b (up 4.9% from 3Q 2023). Net income: Rp3.17m (up Rp279.6m from 3Q 2023). Profit margin: 0% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp98.00, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 29x in the Hospitality industry in Indonesia. Total returns to shareholders of 192% over the past three years. New Risk • Jul 09
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 9.1% 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 Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Revenue is less than US$5m (Rp51b revenue, or US$3.2m). Market cap is less than US$100m (Rp310.4b market cap, or US$19.2m). Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp110, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 29x in the Hospitality industry in Indonesia. Total returns to shareholders of 235% over the past three years. New Risk • Jun 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Revenue is less than US$5m (Rp51b revenue, or US$3.1m). Market cap is less than US$100m (Rp259.5b market cap, or US$15.8m). New Risk • May 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Revenue is less than US$5m (Rp48b revenue, or US$3.0m). Market cap is less than US$100m (Rp208.6b market cap, or US$12.9m). 공시 • May 18
PT Esta Multi Usaha Tbk, Annual General Meeting, Jun 10, 2024 PT Esta Multi Usaha Tbk, Annual General Meeting, Jun 10, 2024. New Risk • Jan 31
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 8.6% 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 Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Revenue is less than US$5m (Rp48b revenue, or US$3.1m). Market cap is less than US$100m (Rp179.5b market cap, or US$11.3m). Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp106, the stock trades at a trailing P/E ratio of 60.4x. Average trailing P/E is 34x in the Hospitality industry in Indonesia. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to Rp92.00, the stock trades at a trailing P/E ratio of 74.1x. Average trailing P/E is 38x in the Hospitality industry in Indonesia. Total returns to shareholders of 708% over the past three years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to Rp108, the stock trades at a trailing P/E ratio of 76x. Average trailing P/E is 38x in the Hospitality industry in Indonesia. Total returns to shareholders of 670% over the past three years. Reported Earnings • Apr 15
Full year 2022 earnings released: EPS: Rp2.21 (vs Rp1.02 in FY 2021) Full year 2022 results: EPS: Rp2.21. Revenue: Rp43.5b (up 331% from FY 2021). Net loss: Rp633.1m (down 199% from profit in FY 2021). Reported Earnings • Dec 08
Third quarter 2022 earnings released: Rp2.07 loss per share (vs Rp0.20 profit in 3Q 2021) Third quarter 2022 results: Rp2.07 loss per share (down from Rp0.20 profit in 3Q 2021). Revenue: Rp23.2b (up Rp20.6b from 3Q 2021). Net loss: Rp4.66b (down Rp4.78b from profit in 3Q 2021). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to Rp264, the stock trades at a trailing P/E ratio of 73.6x. Average trailing P/E is 30x in the Hospitality industry in Indonesia. Total returns to shareholders of 2,097% over the past year. Reported Earnings • Mar 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Rp1.02 (down from Rp2.90 in FY 2020). Revenue: Rp10.1b (up 15% from FY 2020). Net income: Rp642.7m (down 63% from FY 2020). Profit margin: 6.4% (down from 20% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 42% share price gain to Rp151, the stock trades at a trailing P/E ratio of 52.8x. Average trailing P/E is 39x in the Hospitality industry in Indonesia. Total returns to shareholders of 50% over the past year. Is New 90 Day High Low • Mar 13
New 90-day low: Rp94.00 The company is down 5.0% from its price of Rp99.00 on 11 December 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is flat over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: Rp130 The company is up 33% from its price of Rp98.00 on 02 October 2020. The Indonesian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: Rp105 The company is up 4.0% from its price of Rp101 on 09 September 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: Rp95.00 The company is down 5.0% from its price of Rp100.00 on 05 August 2020. The Indonesian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 2.0% over the same period.