Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to Rp372, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 9x in the Pharmaceuticals industry in Indonesia. Total loss to shareholders of 45% over the past three years. 공시 • Apr 30
PT Phapros Tbk, Annual General Meeting, Jun 05, 2026 PT Phapros Tbk, Annual General Meeting, Jun 05, 2026. New Risk • Apr 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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 Interest payments are not well covered by earnings (2.7x net interest cover). Earnings have declined by 70% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (Rp260.4b market cap, or US$15.1m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp304, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 10x in the Pharmaceuticals industry in Indonesia. Total loss to shareholders of 54% over the past three years. Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: Rp33.00 (vs Rp339 loss in FY 2024) Full year 2025 results: EPS: Rp33.00 (up from Rp339 loss in FY 2024). Revenue: Rp940.9b (up 26% from FY 2024). Net income: Rp28.0b (up Rp313.1b from FY 2024). Profit margin: 3.0% (up from net loss in FY 2024). The move to profitability was primarily 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 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
Third quarter 2025 earnings released: EPS: Rp5.96 (vs Rp21.80 loss in 3Q 2024) Third quarter 2025 results: EPS: Rp5.96 (up from Rp21.80 loss in 3Q 2024). Revenue: Rp225.4b (up 10% from 3Q 2024). Net income: Rp5.35b (up Rp23.7b from 3Q 2024). Profit margin: 2.4% (up from net loss in 3Q 2024). The move to profitability was primarily 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 89 percentage points per year, which is a significant difference in performance. Board Change • Oct 24
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 Bimo Wijayanto was the last independent director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • May 23
PT Phapros Tbk, Annual General Meeting, Jun 30, 2025 PT Phapros Tbk, Annual General Meeting, Jun 30, 2025. Reported Earnings • Nov 03
Third quarter 2024 earnings released: Rp22.06 loss per share (vs Rp27.27 loss in 3Q 2023) Third quarter 2024 results: Rp22.06 loss per share (improved from Rp27.27 loss in 3Q 2023). Revenue: Rp204.4b (down 9.2% from 3Q 2023). Net loss: Rp18.3b (loss narrowed 20% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 01
Second quarter 2024 earnings released: Rp23.93 loss per share (vs Rp3.61 profit in 2Q 2023) Second quarter 2024 results: Rp23.93 loss per share (down from Rp3.61 profit in 2Q 2023). Revenue: Rp196.8b (down 33% from 2Q 2023). Net loss: Rp20.0b (down Rp23.1b from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jul 18
Commissioner recently bought Rp10m worth of stock On the 16th of July, Masrizal Syarief bought around 30k shares on-market at roughly Rp346 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp132m. Insiders have collectively bought Rp343m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 26
Commissioner recently bought Rp34m worth of stock On the 20th of June, Masrizal Syarief bought around 106k shares on-market at roughly Rp323 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp77m. Insiders have collectively bought Rp285m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 08
Commissioner recently bought Rp12m worth of stock On the 5th of June, Masrizal Syarief bought around 30k shares on-market at roughly Rp407 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp77m. Insiders have collectively bought Rp301m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp410, the stock trades at a trailing P/E ratio of 57.8x. Average trailing P/E is 14x in the Pharmaceuticals industry in Indonesia. Total loss to shareholders of 64% over the past three years. Recent Insider Transactions • May 18
Commissioner recently bought Rp9.4m worth of stock On the 15th of May, Masrizal Syarief bought around 19k shares on-market at roughly Rp486 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp77m. Insiders have collectively bought Rp274m more in shares than they have sold in the last 12 months. 공시 • May 09
PT Phapros, Tbk, Annual General Meeting, Jun 13, 2024 PT Phapros, Tbk, Annual General Meeting, Jun 13, 2024. Recent Insider Transactions • Apr 27
Commissioner recently bought Rp77m worth of stock On the 23rd of April, Masrizal Syarief bought around 150k shares on-market at roughly Rp511 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought Rp238m more in shares than they have sold in the last 12 months. New Risk • Apr 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 138% 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 Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 49% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (Rp436.8b market cap, or US$27.5m). Reported Earnings • Apr 09
Full year 2023 earnings released: EPS: Rp7.00 (vs Rp33.42 in FY 2022) Full year 2023 results: EPS: Rp7.00 (down from Rp33.42 in FY 2022). Revenue: Rp1.01t (down 13% from FY 2022). Net income: Rp5.96b (down 79% from FY 2022). Profit margin: 0.6% (down from 2.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Apr 06
Commissioner recently bought Rp26m worth of stock On the 1st of April, Masrizal Syarief bought around 50k shares on-market at roughly Rp515 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp85m. Insiders have collectively bought Rp162m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 28
Commissioner recently bought Rp40m worth of stock On the 20th of March, Masrizal Syarief bought around 77k shares on-market at roughly Rp515 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp85m. Insiders have collectively bought Rp136m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 16
Director of Marketing & Director recently bought Rp44b worth of stock On the 16th of March, Maraja Siregar bought around 10k shares on-market at roughly Rp4,449,998 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought Rp45b more in shares than they have sold in the last 12 months. New Risk • Jan 24
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 13% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (Rp865m sold). Market cap is less than US$100m (Rp466.2b market cap, or US$29.8m). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to Rp705, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 21x in the Pharmaceuticals industry in Indonesia. Total loss to shareholders of 65% over the past three years. Recent Insider Transactions • Oct 31
Commissioner recently bought Rp20m worth of stock On the 26th of October, Masrizal Syarief bought around 33k shares on-market at roughly Rp610 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp96m. Insiders have collectively bought Rp1.8b more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 14
Commissioner recently bought Rp25m worth of stock On the 10th of October, Masrizal Syarief bought around 39k shares on-market at roughly Rp635 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp96m. Insiders have collectively bought Rp562m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 07
Commissioner recently bought Rp96m worth of stock On the 2nd of October, Masrizal Syarief bought around 149k shares on-market at roughly Rp642 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought Rp537m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 16
Commissioner recently bought Rp39m worth of stock On the 13th of September, Masrizal Syarief bought around 59k shares on-market at roughly Rp665 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: Rp3.45 (vs Rp6.59 in 2Q 2022) Second quarter 2023 results: EPS: Rp3.45 (down from Rp6.59 in 2Q 2022). Revenue: Rp293.9b (flat on 2Q 2022). Net income: Rp3.04b (down 45% from 2Q 2022). Profit margin: 1.0% (down from 1.9% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 58% 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 • Nov 16
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Commissioner Masrizal Syarief is the most experienced director on the board, commencing their role in 2008. Independent Commissioner Bimo Wijayanto 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 board continuity. Lack of experienced directors. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: Rp6.74 (vs Rp0.55 in 3Q 2021) Third quarter 2022 results: EPS: Rp6.74 (up from Rp0.55 in 3Q 2021). Revenue: Rp310.9b (up 3.3% from 3Q 2021). Net income: Rp5.98b (up Rp5.52b from 3Q 2021). Profit margin: 1.9% (up from 0.2% in 3Q 2021). The increase in margin 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 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 03
Second quarter 2022 earnings released: EPS: Rp6.34 (vs Rp3.89 in 2Q 2021) Second quarter 2022 results: EPS: Rp6.34 (up from Rp3.89 in 2Q 2021). Revenue: Rp296.2b (up 23% from 2Q 2021). Net income: Rp5.54b (up 70% from 2Q 2021). Profit margin: 1.9% (up from 1.4% in 2Q 2021). The increase in margin 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 43 percentage points per year, which is a significant difference in performance. Buying Opportunity • Jun 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be Rp1,198, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 55%. Reported Earnings • May 05
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: Rp13.00 (down from Rp57.72 in FY 2020). Revenue: Rp1.05t (up 7.2% from FY 2020). Net income: Rp11.1b (down 77% from FY 2020). Profit margin: 1.1% (down from 4.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 39%. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
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. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Commissioner Masrizal Syarief is the most experienced director on the board, commencing their role in 2008. Independent Commissioner Chrisma Albandjar was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Dec 30
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: EPS: Rp0.55 (down from Rp27.54 in 3Q 2020). Revenue: Rp300.9b (up 22% from 3Q 2020). Net income: Rp459.5m (down 98% from 3Q 2020). Profit margin: 0.2% (down from 9.4% in 3Q 2020). Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 39%. Earnings per share (EPS) surpassed analyst estimates by 39%. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 27
New 90-day low: Rp1,425 The company is down 7.0% from its price of Rp1,530 on 27 October 2020. The Indonesian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment deteriorated over the past week After last week's 25% share price decline to Rp1,985, the stock is trading at a trailing P/E ratio of 18.2x, down from the previous P/E ratio of 24.2x. This compares to an average P/E of 24x in the Pharmaceuticals industry in Indonesia. Total returns to shareholders over the past year are 118%. Is New 90 Day High Low • Jan 11
New 90-day high: Rp2,490 The company is up 53% from its price of Rp1,630 on 14 October 2020. The Indonesian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 25% share price gain to Rp2,490, the stock is trading at a trailing P/E ratio of 22.9x, up from the previous P/E ratio of 18.2x. This compares to an average P/E of 23x in the Pharmaceuticals industry in Indonesia. Total returns to shareholders over the past year are 158%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 18% share price gain to Rp1,995, the stock is trading at a trailing P/E ratio of 18.3x, up from the previous P/E ratio of 15.6x. This compares to an average P/E of 22x in the Pharmaceuticals industry in Indonesia. Total returns to shareholders over the past year are 104%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 17% share price gain to Rp1,985, the stock is trading at a trailing P/E ratio of 18.2x, up from the previous P/E ratio of 15.6x. This compares to an average P/E of 21x in the Pharmaceuticals industry in Indonesia. Total returns to shareholders over the past year are 102%. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 33% share price gain to Rp2,090, the stock is trading at a trailing P/E ratio of 19.2x, up from the previous P/E ratio of 14.5x. This compares to an average P/E of 20x in the Pharmaceuticals industry in Indonesia. Total returns to shareholders over the past year are 129%. Is New 90 Day High Low • Dec 03
New 90-day high: Rp1,700 The company is up 8.0% from its price of Rp1,575 on 04 September 2020. The Indonesian market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Pharmaceuticals industry, which is down 3.0% over the same period. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS Rp28.20 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: Rp246.3b (up 2.7% from 3Q 2019). Net income: Rp23.1b (up 89% from 3Q 2019). Profit margin: 9.4% (up from 5.1% in 3Q 2019). The increase in margin was primarily driven by higher revenue.