Adhi Karya (Persero) (IDX:ADHI) - Share price, News & Analysis

ADHI fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	4/6
Past Performance	4/6
Financial Health	2/6
Dividends	0/6

ADHI Stock Overview

PT Adhi Karya (Persero) Tbk primarily engages in the construction business in Indonesia.

Rewards

Trading at 96.2% below our estimate of its fair value

Earnings are forecast to grow 52.44% per year

Earnings grew by 164.8% over the past year

Risk Analysis

Interest payments are not well covered by earnings

Adhi Karya (Persero) Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Adhi Karya (Persero)
Historical stock prices
Current Share Price	Rp715.00
52 Week High	Rp1,220.00
52 Week Low	Rp650.00
Beta	2.08
1 Month Change	-0.69%
3 Month Change	-5.92%
1 Year Change	-27.04%
3 Year Change	-50.69%
5 Year Change	-69.05%
Change since IPO	286.49%

Shareholder Returns

	ADHI	ID Construction	ID Market
7D	6.7%	3.6%	1.1%
1Y	-27.0%	-31.8%	18.3%

Return vs Industry: ADHI exceeded the ID Construction industry which returned -31.8% over the past year.

Return vs Market: ADHI underperformed the ID Market which returned 18.3% over the past year.

Price Volatility

Is ADHI's price volatile compared to industry and market?
ADHI volatility
ADHI Average Weekly Movement	5.8%
Construction Industry Average Movement	5.8%
Market Average Movement	6.2%
10% most volatile stocks in ID Market	12.0%
10% least volatile stocks in ID Market	2.9%

Stable Share Price: ADHI is not significantly more volatile than the rest of ID stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: ADHI's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1960	1,847	Entus Mukhson	https://adhi.co.id

PT Adhi Karya (Persero) Tbk primarily engages in the construction business in Indonesia. The company operates through five segments: Construction; Engineering, Procurement and Construction (EPC), Property/Real Estate; Infrastructure and Investment; and Railway infrastructure and Facilities Operator. The Construction segment undertakes the construction of civil works and high-rise buildings, including public facilities, such as airports, ports and docks, roads and bridges, dams and irrigation channels, and others.

Adhi Karya (Persero) Fundamentals Summary

How do Adhi Karya (Persero)'s earnings and revenue compare to its market cap?
ADHI fundamental statistics
Market Cap	Rp2.55t
Earnings (TTM)	Rp57.12b
Revenue (TTM)	Rp11.40t

44.6x

P/E Ratio

0.2x

P/S Ratio

Is ADHI overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ADHI income statement (TTM)
Revenue	Rp11.40t
Cost of Revenue	Rp9.66t
Gross Profit	Rp1.73t
Other Expenses	Rp1.68t
Earnings	Rp57.12b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	16.04
Gross Margin	15.21%
Net Profit Margin	0.50%
Debt/Equity Ratio	174.6%

How did ADHI perform over the long term?

See historical performance and comparison

Valuation

Is Adhi Karya (Persero) undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ADHI (IDR715) is trading below our estimate of fair value (IDR18576.34)

Significantly Below Fair Value: ADHI is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: ADHI is poor value based on its Price-To-Earnings Ratio (44.6x) compared to the ID Construction industry average (28.9x).

PE vs Market: ADHI is poor value based on its Price-To-Earnings Ratio (44.6x) compared to the ID market (18.7x).

Price to Earnings Growth Ratio

PEG Ratio: ADHI is good value based on its PEG Ratio (0.8x)

Price to Book Ratio

PB vs Industry: ADHI is good value based on its Price-To-Book Ratio (0.4x) compared to the ID Construction industry average (0.9x).

Future Growth

How is Adhi Karya (Persero) forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

52.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ADHI's forecast earnings growth (52.4% per year) is above the savings rate (7%).

Earnings vs Market: ADHI's earnings (52.4% per year) are forecast to grow faster than the ID market (10.8% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ADHI's revenue (17% per year) is forecast to grow faster than the ID market (11.2% per year).

High Growth Revenue: ADHI's revenue (17% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ADHI's Return on Equity is forecast to be low in 3 years time (8.8%).

Past Performance

How has Adhi Karya (Persero) performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-26.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ADHI has high quality earnings.

Growing Profit Margin: ADHI's current net profit margins (0.5%) are higher than last year (0.2%).

Past Earnings Growth Analysis

Earnings Trend: ADHI's earnings have declined by 26.5% per year over the past 5 years.

Accelerating Growth: ADHI's earnings growth over the past year (164.8%) exceeds its 5-year average (-26.5% per year).

Earnings vs Industry: ADHI earnings growth over the past year (164.8%) exceeded the Construction industry 27.8%.

Return on Equity

High ROE: ADHI's Return on Equity (1.7%) is considered low.

Financial Health

How is Adhi Karya (Persero)'s financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ADHI's short term assets (IDR30,645.5B) exceed its short term liabilities (IDR29,584.8B).

Long Term Liabilities: ADHI's short term assets (IDR30,645.5B) exceed its long term liabilities (IDR3,327.6B).

Debt to Equity History and Analysis

Debt Level: ADHI's net debt to equity ratio (152.4%) is considered high.

Reducing Debt: ADHI's debt to equity ratio has increased from 78.2% to 174.6% over the past 5 years.

Debt Coverage: ADHI's debt is not well covered by operating cash flow (10.1%).

Interest Coverage: ADHI's interest payments on its debt are not well covered by EBIT (1.4x coverage).

Balance Sheet

Dividend

What is Adhi Karya (Persero) current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.72%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate ADHI's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ADHI's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ADHI's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ADHI's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: ADHI is not paying a notable dividend for the ID market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ADHI has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.2yrs

Average management tenure

CEO

Entus Mukhson (59 yo)

1.92yrs

Tenure

Rp362,187,500

Compensation

Dr. Entus Asnawi Mukhson serves as the President Director at PT Adhi Karya (Persero) Tbk since June 4, 2020 and served as its Director of Finance since April 24, 2018 until June 4, 2020 and has been its Bo...

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Entus's total compensation is reasonable compared to companies of similar size in the ID market.

Compensation vs Earnings: Insufficient data to compare Entus's compensation with company performance.

Leadership Team

Experienced Management: ADHI's management team is considered experienced (4.2 years average tenure).

Board Members

Experienced Board: ADHI's board of directors are considered experienced (3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/28 00:00
End of Day Share Price	2022/05/27 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31