Reported Earnings • Jul 02
First quarter 2026 earnings released: Rp0.78 loss per share (vs Rp2.98 loss in 1Q 2025) First quarter 2026 results: Rp0.78 loss per share (improved from Rp2.98 loss in 1Q 2025). Revenue: Rp29.4b (down 3.3% from 1Q 2025). Net loss: Rp2.47b (loss narrowed 74% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 140% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp700, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 17x in the Luxury industry in Indonesia. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp950, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 24x in the Luxury industry in Indonesia. Total returns to shareholders of 73% over the past three years. Aankondiging • Apr 23
PT Argo Pantes Tbk, Annual General Meeting, Jun 10, 2026 PT Argo Pantes Tbk, Annual General Meeting, Jun 10, 2026. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp1,155, the stock trades at a trailing P/E ratio of 51.5x. Average trailing P/E is 25x in the Luxury industry in Indonesia. Total returns to shareholders of 132% over the past three years. New Risk • Apr 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Large one-off items impacting financial results. New Risk • Apr 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x 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 (2.3x net interest cover). Minor Risk Share price has been volatile over the past 3 months (17% average weekly change). New Risk • Jan 29
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. Reported Earnings • Nov 04
Third quarter 2025 earnings released: Rp4.09 loss per share (vs Rp1.52 profit in 3Q 2024) Third quarter 2025 results: Rp4.09 loss per share (down from Rp1.52 profit in 3Q 2024). Revenue: Rp29.6b (flat on 3Q 2024). Net loss: Rp13.1b (down 372% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Oct 14
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Yohanes Susanto was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • May 22
PT Argo Pantes Tbk, Annual General Meeting, Jun 20, 2025 PT Argo Pantes Tbk, Annual General Meeting, Jun 20, 2025. New Risk • Aug 06
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 10% 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 Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • May 16
First quarter 2024 earnings released: Rp0.30 loss per share (vs Rp43.19 profit in 1Q 2023) First quarter 2024 results: Rp0.30 loss per share (down from Rp43.19 profit in 1Q 2023). Revenue: Rp24.5b (up 11% from 1Q 2023). Net loss: Rp949.2m (down 107% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Aankondiging • May 16
PT Argo Pantes Tbk, Annual General Meeting, Jun 20, 2024 PT Argo Pantes Tbk, Annual General Meeting, Jun 20, 2024. Board Change • Feb 20
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioners Doddy Haroen Al Rasjid is the most experienced director on the board, commencing their role in 2005. They were also the last independent director to join the board. 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 • Nov 11
Third quarter 2023 earnings released: Rp3.84 loss per share (vs Rp21.69 loss in 3Q 2022) Third quarter 2023 results: Rp3.84 loss per share. Revenue: Rp26.9b (up 13% from 3Q 2022). Net loss: Rp34.0b (loss widened 367% from 3Q 2022). New Risk • Oct 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 8x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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 (-Rp13b free cash flow). Negative equity (-Rp1.4t). Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). New Risk • Aug 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -Rp13b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-Rp13b free cash flow). Negative equity (-Rp1.4t). Minor Risk Market cap is less than US$100m (Rp165.8b market cap, or US$10.9m). Reported Earnings • Aug 04
Second quarter 2023 earnings released: Rp16.34 loss per share (vs Rp40.89 loss in 2Q 2022) Second quarter 2023 results: Rp16.34 loss per share (improved from Rp40.89 loss in 2Q 2022). Net loss: Rp5.48b (loss narrowed 60% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 04
First quarter 2023 earnings released: EPS: Rp43.19 (vs Rp27.32 loss in 1Q 2022) First quarter 2023 results: EPS: Rp43.19 (up from Rp27.32 loss in 1Q 2022). Net income: Rp14.5b (up Rp23.7b from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioners Doddy Haroen Al Rasjid is the most experienced director on the board, commencing their role in 2005. They were also the last independent director to join the board. 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 • May 12
Full year 2021 earnings released: US$0.01 loss per share (vs US$0.015 loss in FY 2020) Full year 2021 results: US$0.01 loss per share (up from US$0.015 loss in FY 2020). Net loss: US$1.99m (loss narrowed 61% from FY 2020). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioners Doddy Soepardi was the last independent director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jun 26
Full year 2020 earnings released: US$0.015 loss per share (vs US$0.022 loss in FY 2019) Full year 2020 results: Net loss: US$5.11m (loss narrowed 30% from FY 2019). Is New 90 Day High Low • Feb 09
New 90-day low: Rp1,600 The company is down 21% from its price of Rp2,030 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 Luxury industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: Rp2,040 The company is up 17% from its price of Rp1,745 on 16 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 14% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: US$0.003 loss per share Third quarter 2020 results: Net loss: US$922.2k (loss narrowed 64% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 06
New 90-day low: Rp1,450 The company is down 2.0% from its price of Rp1,485 on 30 July 2020. The Indonesian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period.