New Risk • Jun 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 Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (13% average weekly change). New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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 Earnings have declined by 45% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp0.12 (vs Rp0.37 loss in 3Q 2024) Third quarter 2025 results: EPS: Rp0.12 (up from Rp0.37 loss in 3Q 2024). Revenue: Rp43.6b (down 52% from 3Q 2024). Net income: Rp590.1m (up Rp2.43b from 3Q 2024). Profit margin: 1.4% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. 공시 • May 12
PT Bhakti Multi Artha Tbk, Annual General Meeting, Jun 23, 2025 PT Bhakti Multi Artha Tbk, Annual General Meeting, Jun 23, 2025. Reported Earnings • Nov 04
Third quarter 2024 earnings released: Rp0.37 loss per share (vs Rp0.22 loss in 3Q 2023) Third quarter 2024 results: Rp0.37 loss per share (further deteriorated from Rp0.22 loss in 3Q 2023). Revenue: Rp90.6b (up 82% from 3Q 2023). Net loss: Rp1.84b (loss widened 68% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: Rp0.27 (vs Rp0.028 loss in 2Q 2023) Second quarter 2024 results: EPS: Rp0.27 (up from Rp0.028 loss in 2Q 2023). Revenue: Rp102.0b (up 183% from 2Q 2023). Net income: Rp1.36b (up Rp1.50b from 2Q 2023). Profit margin: 1.3% (up from net loss in 2Q 2023). 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 49 percentage points per year, which is a significant difference in performance. New Risk • Jun 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.63t (US$99.4m) 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 Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (Rp1.63t market cap, or US$99.4m). New Risk • Jun 04
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 Earnings have declined by 20% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). 공시 • May 25
PT Bhakti Multi Artha Tbk, Annual General Meeting, Jun 28, 2024 PT Bhakti Multi Artha Tbk, Annual General Meeting, Jun 28, 2024. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: Rp0.53 (vs Rp0.31 in 1Q 2023) First quarter 2024 results: EPS: Rp0.53 (up from Rp0.31 in 1Q 2023). Revenue: Rp77.1b (up 173% from 1Q 2023). Net income: Rp2.67b (up 74% from 1Q 2023). Profit margin: 3.5% (down from 5.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: Rp0.67 (vs Rp0.60 in FY 2022) Full year 2023 results: EPS: Rp0.67 (up from Rp0.60 in FY 2022). Revenue: Rp187.7b (up 6.3% from FY 2022). Net income: Rp3.35b (up 11% from FY 2022). Profit margin: 1.8% (in line with FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. New Risk • Nov 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.7% per year over the past 5 years. High level of non-cash earnings (36% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Nov 05
Third quarter 2023 earnings released: Rp0.20 loss per share (vs Rp0.46 loss in 3Q 2022) Third quarter 2023 results: Rp0.20 loss per share (improved from Rp0.46 loss in 3Q 2022). Revenue: Rp42.1b (down 27% from 3Q 2022). Net loss: Rp1.09b (loss narrowed 53% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 2.0% 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 Risk Earnings have declined by 2.0% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.5% net profit margin). Reported Earnings • Aug 03
Second quarter 2023 earnings released: Rp0.027 loss per share (vs Rp0.52 loss in 2Q 2022) Second quarter 2023 results: Rp0.027 loss per share (improved from Rp0.52 loss in 2Q 2022). Revenue: Rp31.0b (down 19% from 2Q 2022). Net loss: Rp137.6m (loss narrowed 95% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 06
New 90-day low: Rp590 The company is down 12% from its price of Rp670 on 04 December 2020. The Indonesian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 6.0% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: Rp710 The company is up 39% from its price of Rp510 on 16 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 14% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: Rp645 The company is up 44% from its price of Rp448 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 Insurance industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 16
New 90-day high: Rp510 The company is up 16% from its price of Rp440 on 17 July 2020. The Indonesian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 4.0% over the same period.