Aankondiging • May 19
PT Megapower Makmur Tbk, Annual General Meeting, Jun 24, 2026 PT Megapower Makmur Tbk, Annual General Meeting, Jun 24, 2026. Buy Or Sell Opportunity • May 13
Now 27% undervalued Over the last 90 days, the stock has risen 18% to Rp127. The fair value is estimated to be Rp173, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 13%. New Risk • May 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indonesian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (Rp120.9b market cap, or US$7.01m). Minor Risk Revenue is less than US$5m (Rp29b revenue, or US$1.7m). Reported Earnings • Apr 30
First quarter 2026 earnings released: Rp5.42 loss per share (vs Rp2.07 loss in 1Q 2025) First quarter 2026 results: Rp5.42 loss per share (further deteriorated from Rp2.07 loss in 1Q 2025). Revenue: Rp3.46b (down 57% from 1Q 2025). Net loss: Rp4.43b (loss widened 162% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2025 earnings released: Rp14.00 loss per share (vs Rp4.11 loss in FY 2024) Full year 2025 results: Rp14.00 loss per share (further deteriorated from Rp4.11 loss in FY 2024). Revenue: Rp34.0b (up 4.0% from FY 2024). Net loss: Rp11.2b (loss widened 233% from FY 2024). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Buy Or Sell Opportunity • Mar 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to Rp90.00. The fair value is estimated to be Rp115, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.9% over the last 3 years. Earnings per share has grown by 17%. Buy Or Sell Opportunity • Jan 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to Rp134. The fair value is estimated to be Rp111, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.9% over the last 3 years. Earnings per share has grown by 17%. Buy Or Sell Opportunity • Nov 24
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to Rp145. The fair value is estimated to be Rp111, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.9% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Oct 31
Third quarter 2025 earnings released: Rp2.86 loss per share (vs Rp3.22 profit in 3Q 2024) Third quarter 2025 results: Rp2.86 loss per share (down from Rp3.22 profit in 3Q 2024). Revenue: Rp8.89b (up 11% from 3Q 2024). Net loss: Rp2.33b (down 189% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Oct 27
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. 3 non-independent directors. Independent Commissioner Hon Tan was the last independent director to join the board, commencing their role in 2016. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Jun 03
PT Megapower Makmur Tbk, Annual General Meeting, Jun 25, 2025 PT Megapower Makmur Tbk, Annual General Meeting, Jun 25, 2025. Location: hydro meeting room pt megapower makmur tbk., galeri niaga mediterania 2 blok m8i-j, jl., pantai indah utara 2, jakarta utara 14460, kota adm. jakarta utara dki. jakarta, jakarta Indonesia Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: Rp3.29 (vs Rp4.02 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp3.29 (up from Rp4.02 loss in 3Q 2023). Revenue: Rp8.03b (up 38% from 3Q 2023). Net income: Rp2.63b (up Rp5.91b from 3Q 2023). Profit margin: 33% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. New Risk • Aug 27
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 Risks Earnings have declined by 29% per year over the past 5 years. Market cap is less than US$10m (Rp54.7b market cap, or US$3.56m). Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (Rp31b revenue, or US$2.0m). Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: Rp0.33 (vs Rp0.33 loss in 2Q 2023) Second quarter 2024 results: EPS: Rp0.33 (up from Rp0.33 loss in 2Q 2023). Revenue: Rp10.6b (up 24% from 2Q 2023). Net income: Rp269.3m (up Rp535.6m from 2Q 2023). Profit margin: 2.6% (up from net loss in 2Q 2023). 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 65 percentage points per year, which is a significant difference in performance. Aankondiging • May 09
PT Megapower Makmur Tbk, Annual General Meeting, Jun 12, 2024 PT Megapower Makmur Tbk, Annual General Meeting, Jun 12, 2024. Reported Earnings • May 03
First quarter 2024 earnings released: Rp2.35 loss per share (vs Rp2.97 profit in 1Q 2023) First quarter 2024 results: Rp2.35 loss per share (down from Rp2.97 profit in 1Q 2023). Revenue: Rp8.10b (down 1.4% from 1Q 2023). Net loss: Rp1.92b (down 179% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. New Risk • Apr 26
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (Rp40.8b market cap, or US$2.53m). Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (Rp29b revenue, or US$1.8m). Reported Earnings • Apr 20
Full year 2023 earnings released: Rp4.10 loss per share (vs Rp13.36 loss in FY 2022) Full year 2023 results: Rp4.10 loss per share (improved from Rp13.36 loss in FY 2022). Revenue: Rp28.8b (down 28% from FY 2022). Net loss: Rp3.35b (loss narrowed 69% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 20
Full year 2023 earnings released: Rp4.10 loss per share (vs Rp13.36 loss in FY 2022) Full year 2023 results: Rp4.10 loss per share (improved from Rp13.36 loss in FY 2022). Revenue: Rp28.8b (down 28% from FY 2022). Net loss: Rp3.35b (loss narrowed 69% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 03
Second quarter 2023 earnings released: Rp0.33 loss per share (vs Rp4.04 loss in 2Q 2022) Second quarter 2023 results: Rp0.33 loss per share (improved from Rp4.04 loss in 2Q 2022). Revenue: Rp8.50b (down 14% from 2Q 2022). Net loss: Rp266.3m (loss narrowed 92% from 2Q 2022). 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 10% per year, which means it is well ahead of earnings. Reported Earnings • Apr 08
Full year 2022 earnings released: Rp13.36 loss per share (vs Rp3.07 profit in FY 2021) Full year 2022 results: Rp13.36 loss per share (down from Rp3.07 profit in FY 2021). Revenue: Rp40.1b (down 4.5% from FY 2021). Net loss: Rp10.9b (down Rp13.4b from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% 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. 3 experienced directors. 4 highly experienced directors. 1 independent director (3 non-independent directors). Independent Commissioner Hon Tan was the last independent director to join the board, commencing their role in 2016. 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 • Oct 28
Third quarter 2022 earnings released: Rp1.32 loss per share (vs Rp3.12 profit in 3Q 2021) Third quarter 2022 results: Rp1.32 loss per share (down from Rp3.12 profit in 3Q 2021). Revenue: Rp9.96b (down 8.6% from 3Q 2021). Net loss: Rp1.07b (down 142% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 19% share price gain to Rp121, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 18x in the Renewable Energy industry in Indonesia. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 46% share price gain to Rp139, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 14x in the Renewable Energy industry in Asia. Total returns to shareholders of 29% over the past three years. 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. 3 experienced directors. 4 highly experienced directors. 1 independent director (3 non-independent directors). Independent Commissioner Hon Tan was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 23% share price gain to Rp116, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 15x in the Renewable Energy industry in Asia. Total returns to shareholders of 8.4% over the past three years. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS Rp0.51 (vs Rp25.13 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp9.90b (down 15% from 2Q 2020). Net income: Rp416.5m (down 98% from 2Q 2020). Profit margin: 4.2% (down from 176% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 01
New 90-day low: Rp55.00 The company is down 11% from its price of Rp62.00 on 04 November 2020. The Indonesian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: Rp80.00 The company is up 29% from its price of Rp62.00 on 09 September 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 6.0% over the same period. Reported Earnings • Nov 02
Third quarter 2020 earnings released: Rp4.30 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: Rp10.7b (down 12% from 3Q 2019). Net loss: Rp2.91b (down 265% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 86% per year but the company’s share price has only fallen by 43% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 08
New 90-day high: Rp78.00 The company is up 39% from its price of Rp56.00 on 10 July 2020. The Indonesian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 1.0% over the same period. 
