Reported Earnings • Apr 30
First quarter 2026 earnings released First quarter 2026 results: Revenue: Rp88.3b (up 12% from 1Q 2025). Net income: Rp10.8b (down 41% from 1Q 2025). Profit margin: 12% (down from 23% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: Rp269 (vs Rp159 in FY 2024) Full year 2025 results: EPS: Rp269 (up from Rp159 in FY 2024). Revenue: Rp468.0b (up 29% from FY 2024). Net income: Rp191.1b (up 69% from FY 2024). Profit margin: 41% (up from 31% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Oct 24
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. 3 experienced directors. 7 highly experienced directors. No independent directors (5 non-independent directors). Independent Commissioner . Mustofa 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. Insufficient board refreshment. Aankondiging • Jul 03
PT Panin Sekuritas Tbk announces Annual dividend, payable on July 23, 2025 PT Panin Sekuritas Tbk announced Annual dividend of IDR 150.0000 per share payable on July 23, 2025, ex-date on July 09, 2025 and record date on July 10, 2025. Aankondiging • Apr 25
PT Panin Sekuritas Tbk, Annual General Meeting, Jun 04, 2025 PT Panin Sekuritas Tbk, Annual General Meeting, Jun 04, 2025. Location: jakarta Indonesia Reported Earnings • Aug 03
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: Rp48.3b (down 58% from 2Q 2023). Net loss: Rp5.23b (down 110% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 02
Now 22% undervalued Over the last 90 days, the stock has risen 3.7% to Rp1,695. The fair value is estimated to be Rp2,167, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.1% over the last 3 years. Earnings per share has declined by 21%. Aankondiging • Jun 02
PT Panin Sekuritas Tbk, Annual General Meeting, Jun 21, 2024 PT Panin Sekuritas Tbk, Annual General Meeting, Jun 21, 2024. Location: panin bank building lantai 4, jalan jenderal sudirman, senayan, jakarta 10270 kota adm., jakarta pusat dki., jakarta Indonesia New Risk • May 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 33% Last year net profit margin: 48% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 166% Minor Risks Profit margins are more than 30% lower than last year (33% net profit margin). Market cap is less than US$100m (Rp1.17t market cap, or US$72.6m). Reported Earnings • May 03
First quarter 2024 earnings released: EPS: Rp76.38 (vs Rp46.80 in 1Q 2023) First quarter 2024 results: EPS: Rp76.38 (up from Rp46.80 in 1Q 2023). Revenue: Rp116.2b (up 30% from 1Q 2023). Net income: Rp54.3b (up 63% from 1Q 2023). Profit margin: 47% (up from 37% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: Rp183 (vs Rp348 in FY 2022) Full year 2023 results: EPS: Rp183 (down from Rp348 in FY 2022). Revenue: Rp391.7b (down 24% from FY 2022). Net income: Rp130.4b (down 48% from FY 2022). Profit margin: 33% (down from 48% 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 8% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Dec 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 105% Dividend yield: 16% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 105% Minor Risks Profit margins are more than 30% lower than last year (34% net profit margin). Market cap is less than US$100m (Rp1.14t market cap, or US$73.6m). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: Rp76.30 (vs Rp93.50 in 2Q 2022) Second quarter 2023 results: EPS: Rp76.30 (down from Rp93.50 in 2Q 2022). Revenue: Rp115.4b (down 13% from 2Q 2022). Net income: Rp54.3b (down 19% from 2Q 2022). Profit margin: 47% (down from 50% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of Rp250 per share at 7.8% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 18 July 2023. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 7.8%. Within top quartile of Indonesian dividend payers (5.4%). Higher than average of industry peers (4.1%). Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: Rp348 (vs Rp212 in FY 2021) Full year 2022 results: EPS: Rp348 (up from Rp212 in FY 2021). Revenue: Rp515.0b (up 23% from FY 2021). Net income: Rp248.4b (up 64% from FY 2021). Profit margin: 48% (up from 36% in FY 2021). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 2 experienced directors. 7 highly experienced directors. 1 independent director (4 non-independent directors). Independent President Director Indra Christanto was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: Rp142 (vs Rp64.89 in 3Q 2021) Third quarter 2022 results: EPS: Rp142 (up from Rp64.89 in 3Q 2021). Revenue: Rp173.4b (up 52% from 3Q 2021). Net income: Rp101.7b (up 119% from 3Q 2021). Profit margin: 59% (up from 41% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: Rp93.50 (vs Rp24.26 in 2Q 2021) Second quarter 2022 results: EPS: Rp93.50 (up from Rp24.26 in 2Q 2021). Revenue: Rp132.6b (up 75% from 2Q 2021). Net income: Rp66.8b (up 285% from 2Q 2021). Profit margin: 50% (up from 23% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent President Director Indra Christanto was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2021 earnings released: EPS Rp64.88 (vs Rp25.29 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: Rp115.4b (up 45% from 3Q 2020). Net income: Rp46.4b (up 157% from 3Q 2020). Profit margin: 40% (up from 23% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to Rp1,250, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 26x in the Capital Markets industry in Indonesia. Negligible returns to shareholders over past three years. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS Rp24.26 (vs Rp135 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp77.3b (down 51% from 2Q 2020). Net income: Rp17.3b (down 82% from 2Q 2020). Profit margin: 22% (down from 61% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 15% share price gain to Rp1,410, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 19x in the Capital Markets industry in Indonesia. Total loss to shareholders of 6.4% over the past three years. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS Rp117 (vs Rp179 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp334.3b (down 18% from FY 2019). Net income: Rp83.6b (down 35% from FY 2019). Profit margin: 25% (down from 32% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 18
New 90-day high: Rp1,725 The company is up 114% from its price of Rp805 on 21 October 2020. The Indonesian market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: Rp1,285 The company is up 68% from its price of Rp765 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 Capital Markets industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: Rp1,025 The company is up 27% from its price of Rp805 on 11 September 2020. The Indonesian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: Rp855 The company is up 2.0% from its price of Rp835 on 19 August 2020. The Indonesian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 5.0% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total losses of Rp94.1b, with earnings decreasing by Rp255.8b from the prior year. Total revenue was Rp156.8b over the last 12 months, down 64% from the prior year.