Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to Rp1,445, the stock trades at a trailing P/E ratio of 56.1x. Average trailing P/E is 17x in the Shipping industry in Indonesia. Total returns to shareholders of 646% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp3.20 (vs Rp6.20 in 1Q 2025) First quarter 2026 results: EPS: Rp3.20 (down from Rp6.20 in 1Q 2025). Revenue: Rp196.0b (down 7.8% from 1Q 2025). Net income: Rp23.7b (down 48% from 1Q 2025). Profit margin: 12% (down from 22% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to Rp1,700, the stock trades at a trailing P/E ratio of 59.1x. Average trailing P/E is 21x in the Shipping industry in Indonesia. Total returns to shareholders of 642% over the past three years. Upcoming Dividend • Mar 18
Upcoming dividend of Rp17.00 per share Eligible shareholders must have bought the stock before 25 March 2026. Payment date: 09 April 2026. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of Indonesian dividend payers (5.6%). Lower than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to Rp1,850, the stock trades at a trailing P/E ratio of 64.3x. Average trailing P/E is 22x in the Shipping industry in Indonesia. Total returns to shareholders of 798% over the past three years. New Risk • Feb 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 18% 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. This is currently the only risk that has been identified for the company. 공시 • Feb 16
PT Pelayaran Nasional Ekalya Purnamasari Tbk, Annual General Meeting, Mar 09, 2026 PT Pelayaran Nasional Ekalya Purnamasari Tbk, Annual General Meeting, Mar 09, 2026. Location: hotel bumi surabaya city resort jl., jenderal basuki rachmat no.106 - 128, embong kaliasin, kec., genteng, surabaya, jawa timur 60271, 60271 kota surabaya jawa timur, Indonesia Reported Earnings • Feb 13
Full year 2025 earnings released: EPS: Rp28.78 (vs Rp34.05 in FY 2024) Full year 2025 results: EPS: Rp28.78 (down from Rp34.05 in FY 2024). Revenue: Rp1.01t (down 16% from FY 2024). Net income: Rp213.3b (down 16% from FY 2024). Profit margin: 21% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Jan 31
PT Pelayaran Nasional Ekalya Purnamasari Tbk has filed a Follow-on Equity Offering. PT Pelayaran Nasional Ekalya Purnamasari Tbk has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,030,000,000
Transaction Features: Rights Offering Buy Or Sell Opportunity • Jan 28
Now 22% undervalued Over the last 90 days, the stock has risen 126% to Rp1,035. The fair value is estimated to be Rp1,321, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 35%. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp1,035, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 23x in the Shipping industry in Indonesia. Total returns to shareholders of 436% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to Rp940, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 23x in the Shipping industry in Indonesia. Total returns to shareholders of 378% over the past three years. New Risk • Dec 05
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp575, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 18x in the Shipping industry in Indonesia. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to Rp660, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 15x in the Shipping industry in Indonesia. Total returns to shareholders of 239% over the past three years. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: Rp7.09 (vs Rp11.31 in 3Q 2024) Third quarter 2025 results: EPS: Rp7.09 (down from Rp11.31 in 3Q 2024). Revenue: Rp217.3b (down 30% from 3Q 2024). Net income: Rp52.6b (down 37% from 3Q 2024). Profit margin: 24% (down from 27% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 30% per year. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp420, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Shipping industry in Indonesia. Total returns to shareholders of 113% over the past three years. 공시 • Apr 29
PT Pelayaran Nasional Ekalya Purnamasari Tbk announces Annual dividend, payable on May 28, 2025 PT Pelayaran Nasional Ekalya Purnamasari Tbk announced Annual dividend of IDR 13.5000 per share payable on May 28, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. 공시 • Mar 13
PT Pelayaran Nasional Ekalya Purnamasari Tbk, Annual General Meeting, Apr 24, 2025 PT Pelayaran Nasional Ekalya Purnamasari Tbk, Annual General Meeting, Apr 24, 2025. Reported Earnings • Jul 29
Second quarter 2024 earnings released: EPS: Rp3.90 (vs Rp1.63 in 2Q 2023) Second quarter 2024 results: EPS: Rp3.90 (up from Rp1.63 in 2Q 2023). Revenue: Rp284.6b (up 34% from 2Q 2023). Net income: Rp28.9b (up 139% from 2Q 2023). Profit margin: 10% (up from 5.7% in 2Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • May 21
Upcoming dividend of Rp6.30 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Indonesian dividend payers (6.4%). Lower than average of industry peers (3.3%). Reported Earnings • May 04
First quarter 2024 earnings released: EPS: Rp8.96 (vs Rp5.72 in 1Q 2023) First quarter 2024 results: EPS: Rp8.96 (up from Rp5.72 in 1Q 2023). Revenue: Rp300.6b (up 41% from 1Q 2023). Net income: Rp66.4b (up 57% from 1Q 2023). Profit margin: 22% (up from 20% in 1Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: Rp21.03 (vs Rp15.29 in FY 2022) Full year 2023 results: EPS: Rp21.03 (up from Rp15.29 in FY 2022). Revenue: Rp1.08t (up 70% from FY 2022). Net income: Rp155.9b (up 51% from FY 2022). Profit margin: 14% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • Nov 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp284, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 6x in the Shipping industry in Indonesia. Total returns to shareholders of 32% over the past year. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: Rp1.63 (vs Rp4.23 in 2Q 2022) Second quarter 2023 results: EPS: Rp1.63 (down from Rp4.23 in 2Q 2022). Revenue: Rp212.6b (up 68% from 2Q 2022). Net income: Rp12.1b (down 55% from 2Q 2022). Profit margin: 5.7% (down from 21% in 2Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp236, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 10x in the Shipping industry in Indonesia. 
