Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp472, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 11x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 72% over the past three years. New Risk • Jun 25
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: Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp458, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 75% over the past three 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 Rp640, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 16x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 213% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp11.14 (vs Rp18.13 in 1Q 2025) First quarter 2026 results: EPS: Rp11.14 (down from Rp18.13 in 1Q 2025). Revenue: Rp295.1b (down 46% from 1Q 2025). Net income: Rp118.6b (down 39% from 1Q 2025). Profit margin: 40% (up from 36% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 45% 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 20% After last week's 20% share price gain to Rp970, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 21x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 298% over the past three years. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: Rp32.39 (vs Rp29.90 in FY 2024) Full year 2025 results: EPS: Rp32.39 (up from Rp29.90 in FY 2024). Revenue: Rp1.47t (up 2.1% from FY 2024). Net income: Rp344.5b (up 8.3% from FY 2024). Profit margin: 23% (up from 22% in FY 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 27
PT PAM Mineral Tbk, Annual General Meeting, May 04, 2026 PT PAM Mineral Tbk, Annual General Meeting, May 04, 2026. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp975, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 21x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 303% over the past three years. New Risk • Feb 03
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Rp1,145, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 20x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to Rp1,415, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 30x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 747% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to Rp1,385, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 24x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 785% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp4.08 (vs Rp9.38 in 3Q 2024) Third quarter 2025 results: EPS: Rp4.08 (down from Rp9.38 in 3Q 2024). Revenue: Rp297.1b (down 26% from 3Q 2024). Net income: Rp43.4b (down 56% from 3Q 2024). Profit margin: 15% (down from 25% 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 64% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Oct 14
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. 4 non-independent directors. Independent Commissioner Sudung Situmorang was the last independent director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Mar 19
PT PAM Mineral Tbk, Annual General Meeting, Apr 24, 2025 PT PAM Mineral Tbk, Annual General Meeting, Apr 24, 2025. Location: jakarta Indonesia Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: Rp9.38 (vs Rp0.24 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp9.38 (up from Rp0.24 loss in 3Q 2023). Revenue: Rp402.2b (up 61% from 3Q 2023). Net income: Rp99.8b (up Rp102.7b from 3Q 2023). Profit margin: 25% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 12
Upcoming dividend of Rp5.00 per share Eligible shareholders must have bought the stock before 19 August 2024. Payment date: 28 August 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.6%. Lower than top quartile of Indonesian dividend payers (6.3%). Lower than average of industry peers (4.9%). Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: Rp5.75 (vs Rp0.61 in 2Q 2023) Second quarter 2024 results: EPS: Rp5.75 (up from Rp0.61 in 2Q 2023). Revenue: Rp302.4b (up 37% from 2Q 2023). Net income: Rp61.3b (up Rp54.8b from 2Q 2023). Profit margin: 20% (up from 2.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • May 09
PT PAM Mineral Tbk, Annual General Meeting, May 29, 2024 PT PAM Mineral Tbk, Annual General Meeting, May 29, 2024. Location: meeting rooms : oscar - lantai 6, hotel harris, vertu harmoni jakarta, jl. hayam wuruk no. 6, gambir - jakarta pusat 10120 kota adm. jakarta, pusat dki. jakarta indonesia, jakarta Indonesia Reported Earnings • May 05
Full year 2023 earnings released: EPS: Rp2.65 (vs Rp15.50 in FY 2022) Full year 2023 results: EPS: Rp2.65 (down from Rp15.50 in FY 2022). Revenue: Rp1.14t (flat on FY 2022). Net income: Rp26.9b (down 82% from FY 2022). Profit margin: 2.4% (down from 13% in FY 2022). New Risk • May 05
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: 2.4% Last year net profit margin: 13% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (Rp1.60t market cap, or US$98.9m). New Risk • Apr 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.58t (US$99.8m) 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 High level of non-cash earnings (78% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (Rp1.58t market cap, or US$99.8m). Reported Earnings • Nov 03
Third quarter 2023 earnings released: Rp0.24 loss per share (vs Rp3.21 profit in 3Q 2022) Third quarter 2023 results: Rp0.24 loss per share (down from Rp3.21 profit in 3Q 2022). Revenue: Rp249.8b (up 34% from 3Q 2022). Net loss: Rp2.85b (down 109% from profit in 3Q 2022). Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to Rp236, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 160% over the past year. New Risk • Aug 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 82% 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 (82% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp232, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 167% over the past year. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp366, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 341% over the past year. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to Rp236, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 275% over the past year. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 16% share price gain to Rp180, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 16x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 154% over the past year. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 22% share price gain to Rp152, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 117% over the past year. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 17% share price gain to Rp123, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 15x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 73% over the past year. Board Change • Nov 16
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. 5 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp94.00, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 17x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 32% share price gain to Rp119, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 20x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improved over the past week After last week's 23% share price gain to Rp85.00, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 16x in the Metals and Mining industry in Indonesia. 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. 5 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 16% share price gain to Rp87.00, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 25x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 17% share price gain to Rp74.00, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 22x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp74.00, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 26x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 23% share price decline to Rp96.00, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 25x in the Metals and Mining industry in Indonesia. 
