Aankondiging • May 30
PT Merck Tbk announces Annual dividend, payable on June 24, 2026 PT Merck Tbk announced Annual dividend of IDR 275.0000 per share payable on June 24, 2026, ex-date on June 08, 2026 and record date on June 09, 2026. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp145 (vs Rp29.45 in 1Q 2025) First quarter 2026 results: EPS: Rp145 (up from Rp29.45 in 1Q 2025). Revenue: Rp283.1b (up 32% from 1Q 2025). Net income: Rp65.2b (up 394% from 1Q 2025). Profit margin: 23% (up from 6.1% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% 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 • Apr 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp4,300, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 9x in the Pharmaceuticals industry in Indonesia. Total returns to shareholders of 8.7% over the past three years. Aankondiging • Apr 16
PT Merck Tbk, Annual General Meeting, May 25, 2026 PT Merck Tbk, Annual General Meeting, May 25, 2026. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: Rp544 (vs Rp343 in FY 2024) Full year 2025 results: EPS: Rp544 (up from Rp343 in FY 2024). Revenue: Rp1.20t (up 16% from FY 2024). Net income: Rp243.9b (up 59% from FY 2024). Profit margin: 20% (up from 15% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp178 (vs Rp65.21 in 3Q 2024) Third quarter 2025 results: EPS: Rp178 (up from Rp65.21 in 3Q 2024). Revenue: Rp334.0b (up 18% from 3Q 2024). Net income: Rp79.6b (up 172% from 3Q 2024). Profit margin: 24% (up from 10% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Board Change • Oct 24
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. No experienced directors. 5 highly experienced directors. 1 independent director (2 non-independent directors). Plant Director & Independent Director Arryo Aritrixso Teguh Wachjuwidajat 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 09
PT Merck Tbk, Annual General Meeting, Jun 16, 2025 PT Merck Tbk, Annual General Meeting, Jun 16, 2025. Aankondiging • Feb 14
PT Merck Tbk, Annual General Meeting, Mar 24, 2025 PT Merck Tbk, Annual General Meeting, Mar 24, 2025. Location: jakarta Indonesia New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.56t (US$98.2m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 123% Minor Risk Market cap is less than US$100m (Rp1.56t market cap, or US$98.2m). Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: Rp52.20 (vs Rp101 in 2Q 2023) Second quarter 2024 results: EPS: Rp52.20 (down from Rp101 in 2Q 2023). Revenue: Rp221.7b (down 6.5% from 2Q 2023). Net income: Rp23.5b (down 48% from 2Q 2023). Profit margin: 11% (down from 19% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. New Risk • May 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Aankondiging • May 09
PT Merck Tbk, Annual General Meeting, May 29, 2024 PT Merck Tbk, Annual General Meeting, May 29, 2024. Location: kantor perseroan, jl. tb simatupang no. 8, pasar, rebo, jakarta 13760 dki. jakarta / kota adm., jakarta timur dki. jakarta indonesia, jakarta Indonesia Buying Opportunity • Nov 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.4%. The fair value is estimated to be Rp5,477, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 19%. Buying Opportunity • Nov 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.8%. The fair value is estimated to be Rp5,477, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 19%. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: Rp87.11 (vs Rp58.81 in 3Q 2022) Third quarter 2023 results: EPS: Rp87.11 (up from Rp58.81 in 3Q 2022). Revenue: Rp282.3b (up 4.7% from 3Q 2022). Net income: Rp39.0b (up 48% from 3Q 2022). Profit margin: 14% (up from 9.8% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Aug 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 102% Dividend yield: 6.7% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: Rp101 (vs Rp136 in 2Q 2022) Second quarter 2023 results: EPS: Rp101 (down from Rp136 in 2Q 2022). Revenue: Rp237.1b (down 20% from 2Q 2022). Net income: Rp45.1b (down 26% from 2Q 2022). Profit margin: 19% (down from 20% 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 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 06
First quarter 2023 earnings released: EPS: Rp103 (vs Rp140 in 1Q 2022) First quarter 2023 results: EPS: Rp103 (down from Rp140 in 1Q 2022). Revenue: Rp261.1b (down 13% from 1Q 2022). Net income: Rp46.3b (down 26% from 1Q 2022). Profit margin: 18% (down from 21% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 24
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Rp269.7b (down 3.4% from 3Q 2021). Net income: Rp26.3b (down 27% from 3Q 2021). Profit margin: 9.8% (down from 13% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 19% 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. 3 highly experienced directors. 1 independent director (2 non-independent directors). Plant Director & Independent Director Arryo Aritrixso Teguh Wachjuwidajat 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. Board Change • Apr 27
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. 3 highly experienced directors. 1 independent director (2 non-independent directors). Plant Director & Independent Director Arryo Aritrixso Teguh Wachjuwidajat 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. Reported Earnings • Apr 17
Full year 2021 earnings released: EPS: Rp294 (vs Rp160 in FY 2020) Full year 2021 results: EPS: Rp294 (up from Rp160 in FY 2020). Revenue: Rp1.06t (up 62% from FY 2020). Net income: Rp131.7b (up 83% from FY 2020). Profit margin: 12% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: Rp80.91 (up from Rp51.23 in 3Q 2020). Revenue: Rp279.3b (up 78% from 3Q 2020). Net income: Rp36.2b (up 58% from 3Q 2020). Profit margin: 13% (down from 15% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 27
New 90-day low: Rp3,000 The company is down 2.0% from its price of Rp3,060 on 27 October 2020. The Indonesian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: Rp3,340 The company is up 6.0% from its price of Rp3,140 on 08 October 2020. The Indonesian market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: Rp3,320 The company is up 15% from its price of Rp2,880 on 23 September 2020. The Indonesian market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: Rp3,280 The company is up 1.0% from its price of Rp3,260 on 28 August 2020. The Indonesian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 7.0% over the same period. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS Rp51.33 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: Rp157.0b (down 13% from 3Q 2019). Net income: Rp22.9b (up 110% from 3Q 2019). Profit margin: 15% (up from 6.0% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. 
