Buy Or Sell Opportunity • May 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 46% to Rp334. The fair value is estimated to be Rp425, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 67% in 2 years. Earnings are forecast to decline by 62% in the next 2 years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp388, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 676% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp434 per share. New Risk • May 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings are forecast to decline by an average of 58% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • May 01
First quarter 2026 earnings released: EPS: Rp2.35 (vs Rp1.69 in 1Q 2025) First quarter 2026 results: EPS: Rp2.35 (up from Rp1.69 in 1Q 2025). Revenue: Rp1.55t (down 2.2% from 1Q 2025). Net income: Rp92.7b (up 35% from 1Q 2025). Profit margin: 6.0% (up from 4.3% in 1Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 149% per year but the company’s share price has only increased by 115% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp580, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 18x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 1,060% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp311 per share. Aankondiging • Apr 09
PT Darma Henwa Tbk, Annual General Meeting, May 18, 2026 PT Darma Henwa Tbk, Annual General Meeting, May 18, 2026. Reported Earnings • Mar 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: Rp112 (up from Rp0.75 in FY 2024). Revenue: Rp6.39t (up 6.0% from FY 2024). Net income: Rp4.31t (up Rp4.29t from FY 2024). Profit margin: 67% (up from 0.3% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 41% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 163% per year but the company’s share price has only increased by 108% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp410, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 23x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 720% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp325 per share. Buy Or Sell Opportunity • Feb 24
Now 26% undervalued Over the last 90 days, the stock has risen 31% to Rp560. The fair value is estimated to be Rp755, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 325% in the next 2 years. New Risk • Jan 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x 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 Risks Interest payments are not well covered by earnings (2.4x net interest cover). High level of non-cash earnings (27% accrual ratio). Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Reported Earnings • Jan 29
Third quarter 2025 earnings released: EPS: Rp2.24 (vs Rp0.22 loss in 3Q 2024) Third quarter 2025 results: EPS: Rp2.24 (up from Rp0.22 loss in 3Q 2024). Revenue: Rp1.54t (down 3.8% from 3Q 2024). Net income: Rp71.1b (up Rp75.9b from 3Q 2024). Profit margin: 4.6% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 40% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 106% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 28
Now 25% undervalued Over the last 90 days, the stock has risen 76% to Rp570. The fair value is estimated to be Rp756, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 394% in the next 2 years. New Risk • Dec 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 Risks Interest payments are not well covered by earnings (2.6x net interest cover). High level of non-cash earnings (28% accrual ratio). Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Board Change • Oct 24
No independent directors There are 8 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: 8 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Independent Vice President Commissioner Suadi Atma is the most experienced director on the board, commencing their role in 2012. Independent Commissioner Gories Mere was the last independent director to join the board, commencing their role in 2013. 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. Aankondiging • May 22
PT Darma Henwa Tbk, Annual General Meeting, Jun 30, 2025 PT Darma Henwa Tbk, Annual General Meeting, Jun 30, 2025. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp119, the stock trades at a trailing P/E ratio of 70.7x. Average trailing P/E is 19x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp82.00, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 24x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 64% over the past three years. Reported Earnings • Oct 03
Second quarter 2024 earnings released: EPS: Rp0.28 (vs Rp0.22 in 2Q 2023) Second quarter 2024 results: EPS: Rp0.28 (up from Rp0.22 in 2Q 2023). Revenue: Rp1.47t (down 19% from 2Q 2023). Net income: Rp6.26b (up 29% from 2Q 2023). Profit margin: 0.4% (up from 0.3% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp68.00, the stock trades at a trailing P/E ratio of 42x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 36% over the past three years. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: Rp0.37 (vs Rp0.36 in 1Q 2023) First quarter 2024 results: EPS: Rp0.37 (up from Rp0.36 in 1Q 2023). Revenue: Rp1.45t (down 18% from 1Q 2023). Net income: Rp7.98b (up 1.0% from 1Q 2023). Profit margin: 0.5% (up from 0.4% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • May 09
PT Darma Henwa Tbk, Annual General Meeting, Jun 20, 2024 PT Darma Henwa Tbk, Annual General Meeting, Jun 20, 2024. Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: Rp1.62 (vs Rp11.87 loss in FY 2022) Full year 2023 results: EPS: Rp1.62 (up from Rp11.87 loss in FY 2022). Revenue: Rp7.37t (up 17% from FY 2022). Net income: Rp35.3b (up Rp294.9b from FY 2022). Profit margin: 0.5% (up from net loss in FY 2022). 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 72 percentage points per year, which is a significant difference in performance. New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.55t (US$98.8m) 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 65% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (Rp1.55t market cap, or US$98.8m). New Risk • Nov 07
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 9.4% 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 65% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Reported Earnings • Oct 12
Second quarter 2023 earnings released: EPS: Rp0.22 (vs Rp3.34 loss in 2Q 2022) Second quarter 2023 results: EPS: Rp0.22 (up from Rp3.34 loss in 2Q 2022). Revenue: Rp1.80t (up 27% from 2Q 2022). Net income: Rp4.85b (up Rp77.9b from 2Q 2022). Profit margin: 0.3% (up from net loss in 2Q 2022). 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 128 percentage points per year, which is a significant difference in performance. New Risk • Aug 13
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 8.2% 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 64% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (Rp1.31t market cap, or US$85.6m). Reported Earnings • Aug 08
First quarter 2023 earnings released: EPS: Rp0.36 (vs Rp2.07 loss in 1Q 2022) First quarter 2023 results: EPS: Rp0.36 (up from Rp2.07 loss in 1Q 2022). Revenue: Rp1.76t (up 27% from 1Q 2022). Net income: Rp7.90b (up Rp53.1b from 1Q 2022). Profit margin: 0.4% (up from net loss in 1Q 2022). 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 128 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 16
Full year 2022 earnings released: US$0.001 loss per share (vs US$0 in FY 2021) Full year 2022 results: US$0.001 loss per share (further deteriorated from US$0 in FY 2021). Revenue: US$406.8m (up 26% from FY 2021). Net loss: US$16.7m (down US$17.8m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
No independent directors There are 6 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: 6 new directors. 1 experienced director. 3 highly experienced directors. No independent directors (4 non-independent directors). Independent Commissioner Kanaka Puradiredja is the most experienced director on the board, commencing their role in 2008. Independent Commissioner Gories Mere was the last independent director to join the board, commencing their role in 2013. 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 • Sep 06
Second quarter 2022 earnings released: EPS: US$0 (vs US$0 in 2Q 2021) Second quarter 2022 results: EPS: US$0 (in line with 2Q 2021). Revenue: US$97.3m (up 23% from 2Q 2021). Net loss: US$5.00m (down US$5.64m from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
First quarter 2022 earnings released: EPS: US$0 (vs US$0 in 1Q 2021) First quarter 2022 results: EPS: US$0 (vs US$0 in 1Q 2021). Revenue: US$96.6m (up 31% from 1Q 2021). Net loss: US$3.15m (down 459% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors There are 5 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: 5 new directors. 2 experienced directors. 4 highly experienced directors. No independent directors (5 non-independent directors). Independent Commissioner Kanaka Puradiredja is the most experienced director on the board, commencing their role in 2008. Independent Commissioner Gories Mere was the last independent director to join the board, commencing their role in 2013. 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. Buying Opportunity • Apr 12
Now 24% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be Rp88.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 8.8%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 27% share price gain to Rp65.00, the stock trades at a trailing P/E ratio of 41.1x. Average trailing P/E is 25x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 40% share price gain to US$70.00, the stock is trading at a trailing P/E ratio of 31.5x, up from the previous P/E ratio of 22.5x. This compares to an average P/E of 22x in the Metals and Mining industry in Indonesia. Total returns to shareholders over the past three years are 37%. Is New 90 Day High Low • Jan 15
New 90-day high: Rp53.00 The company is up 6.0% from its price of Rp50.00 on 16 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 91% over the same period.