New Risk • May 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp172.0b (US$9.80m) This is considered a major 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 Market cap is less than US$10m (Rp172.0b market cap, or US$9.80m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp1.05 (vs Rp1.20 in 1Q 2025) First quarter 2026 results: EPS: Rp1.05 (down from Rp1.20 in 1Q 2025). Revenue: Rp114.4b (up 6.5% from 1Q 2025). Net income: Rp1.05b (down 13% from 1Q 2025). Profit margin: 0.9% (down from 1.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 29
Dividend increased to Rp13.78 Dividend of Rp13.78 is 38% higher than last year. Ex-date: 4th May 2026 Payment date: 22nd May 2026 Dividend yield will be 6.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 95% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 28
PT Chitose Internasional Tbk announces Annual dividend, payable on May 22, 2026 PT Chitose Internasional Tbk announced Annual dividend of IDR 13.7775 per share payable on May 22, 2026, ex-date on May 04, 2026 and record date on May 05, 2026. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: Rp30.38 (vs Rp15.80 in FY 2024) Full year 2025 results: EPS: Rp30.38 (up from Rp15.80 in FY 2024). Revenue: Rp518.5b (up 12% from FY 2024). Net income: Rp30.4b (up 92% from FY 2024). Profit margin: 5.9% (up from 3.4% 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 104% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 17
PT Chitose Internasional Tbk, Annual General Meeting, Apr 22, 2026 PT Chitose Internasional Tbk, Annual General Meeting, Apr 22, 2026. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to Rp244, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 14x in the Consumer Durables industry in Indonesia. Total returns to shareholders of 22% over the past three years. New Risk • Nov 28
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 (dividend per share is over 14x cash flows per share). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (Rp204.0b market cap, or US$12.2m). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp226, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Consumer Durables industry in Indonesia. Total returns to shareholders of 8.4% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp176, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 19x in the Consumer Durables industry in Indonesia. Total loss to shareholders of 12% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp6.97 (vs Rp1.34 in 3Q 2024) Third quarter 2025 results: EPS: Rp6.97 (up from Rp1.34 in 3Q 2024). Revenue: Rp118.8b (up 15% from 3Q 2024). Net income: Rp7.02b (up 425% from 3Q 2024). Profit margin: 5.9% (up from 1.3% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 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 V. Sunarja 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. Announcement • Apr 22
PT Chitose Internasional Tbk announces Annual dividend, payable on May 15, 2025 PT Chitose Internasional Tbk announced Annual dividend of IDR 10.0000 per share payable on May 15, 2025, ex-date on April 25, 2025 and record date on April 28, 2025. Announcement • Mar 25
PT Chitose Internasional Tbk, Annual General Meeting, Apr 15, 2025 PT Chitose Internasional Tbk, Annual General Meeting, Apr 15, 2025. Location: showroom pt chitose internasional tbk jl. hms, mintaredja, baros, cimahi tengah, cimahi, jawa, barat cimahi jawa barat, jakarta Indonesia New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 5.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 5.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Rp172.0b market cap, or US$10.8m). Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to Rp224, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 26x in the Consumer Durables industry in Indonesia. Total returns to shareholders of 23% over the past three years. New Risk • Sep 06
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 11% 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 Market cap is less than US$10m (Rp142.0b market cap, or US$9.23m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to Rp191, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 23x in the Consumer Durables industry in Indonesia. Total returns to shareholders of 5.0% over the past three years. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: Rp1.42 (vs Rp3.45 loss in 2Q 2023) Second quarter 2024 results: EPS: Rp1.42 (up from Rp3.45 loss in 2Q 2023). Revenue: Rp108.7b (down 1.5% from 2Q 2023). Net income: Rp1.41b (up Rp4.87b from 2Q 2023). Profit margin: 1.3% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: Rp2.50 (vs Rp1.20 in 1Q 2023) First quarter 2024 results: EPS: Rp2.50 (up from Rp1.20 in 1Q 2023). Revenue: Rp107.8b (up 17% from 1Q 2023). Net income: Rp2.49b (up 108% from 1Q 2023). Profit margin: 2.3% (up from 1.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: Rp4.20 (vs Rp9.09 loss in FY 2022) Full year 2023 results: EPS: Rp4.20 (up from Rp9.09 loss in FY 2022). Revenue: Rp456.9b (up 4.4% from FY 2022). Net income: Rp4.20b (up Rp13.3b from FY 2022). Profit margin: 0.9% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 13
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to Rp154. The fair value is estimated to be Rp211, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 05
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 12% 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 52% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (Rp198.0b market cap, or US$12.7m). New Risk • Jan 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp158.0b (US$9.95m) This is considered a major 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 Risks Earnings have declined by 52% per year over the past 5 years. Market cap is less than US$10m (Rp158.0b market cap, or US$9.95m). Buy Or Sell Opportunity • Jan 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to Rp158. The fair value is estimated to be Rp198, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jan 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be Rp197, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Dec 07
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 Rp208, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Nov 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be Rp217, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 05
Second quarter 2023 earnings released: Rp3.44 loss per share (vs Rp3.52 loss in 2Q 2022) Second quarter 2023 results: Rp3.44 loss per share (improved from Rp3.52 loss in 2Q 2022). Revenue: Rp110.4b (up 68% from 2Q 2022). Net loss: Rp3.45b (loss narrowed 1.8% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 30
Full year 2022 earnings released: Rp9.09 loss per share (vs Rp98.87 loss in FY 2021) Full year 2022 results: Rp9.09 loss per share (improved from Rp98.87 loss in FY 2021). Revenue: Rp437.6b (up 52% from FY 2021). Net loss: Rp9.09b (loss narrowed 91% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
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. 5 non-independent directors. Independent Commissioner Marusaha Siregar was the last independent director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 31
Upcoming dividend of Rp1.00 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 29 June 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indonesian dividend payers (4.1%). Lower than average of industry peers (2.5%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Commissioner Marusaha Siregar was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS Rp1.07 (vs Rp7.08 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp330.7b (down 20% from FY 2019). Net income: Rp1.07b (down 85% from FY 2019). Profit margin: 0.3% (down from 1.7% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 17% share price gain to Rp280, the stock is trading at a trailing P/E ratio of 48.8x, up from the previous P/E ratio of 41.8x. This compares to an average P/E of 42x in the Consumer Durables industry in Indonesia. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Jan 05
New 90-day high: Rp280 The company is up 20% from its price of Rp234 on 08 October 2020. The Indonesian market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 28% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of Rp5.74b, up 239% from the prior year. Total revenue was Rp353.9b over the last 12 months, down 2.7% from the prior year. 
