Valuation Update With 7 Day Price Move • 19h
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp214, the stock trades at a trailing P/E ratio of 23.6x. Average forward P/E is 16x in the Consumer Durables industry in Indonesia. Total loss to shareholders of 47% over the past three years. New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.72t (US$97.8m) 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 Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 37% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (Rp1.72t market cap, or US$97.8m). Announcement • May 12
PT Integra Indocabinet Tbk, Annual General Meeting, Jun 19, 2026 PT Integra Indocabinet Tbk, Annual General Meeting, Jun 19, 2026. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: Rp4.57 (vs Rp7.75 in 1Q 2025) First quarter 2026 results: EPS: Rp4.57 (down from Rp7.75 in 1Q 2025). Revenue: Rp722.4b (down 6.6% from 1Q 2025). Net income: Rp28.6b (down 42% from 1Q 2025). Profit margin: 4.0% (down from 6.4% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Apr 22
New major risk - Revenue and earnings growth Earnings have declined by 33% 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 Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 33% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (3.0% net profit margin). New Risk • Apr 02
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: 3.0% Last year net profit margin: 5.8% 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: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (3.0% net profit margin). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Rp388, the stock trades at a trailing P/E ratio of 14.4x. Average forward P/E is 17x in the Consumer Durables industry in Indonesia. Total loss to shareholders of 4.0% over the past three years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp420, the stock trades at a trailing P/E ratio of 15.6x. Average forward P/E is 16x in the Consumer Durables industry in Indonesia. Total returns to shareholders of 6.1% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp4.09 (vs Rp3.37 in 3Q 2024) Third quarter 2025 results: EPS: Rp4.09 (up from Rp3.37 in 3Q 2024). Revenue: Rp704.8b (up 1.1% from 3Q 2024). Net income: Rp26.1b (up 23% from 3Q 2024). Profit margin: 3.7% (up from 3.1% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Price Target Changed • Oct 14
Price target decreased by 60% to Rp478 Down from Rp1,200, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of Rp476. Stock is up 59% over the past year. The company posted earnings per share of Rp25.22 last year. Board Change • Oct 14
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. 1 experienced director. 5 highly experienced directors. 1 independent director (3 non-independent directors). Director of Finance & Independent Director Wang Sutrisno 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. Announcement • May 03
PT Integra Indocabinet Tbk, Annual General Meeting, Jun 10, 2025 PT Integra Indocabinet Tbk, Annual General Meeting, Jun 10, 2025. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: Rp3.37 (vs Rp3.05 in 3Q 2023) Third quarter 2024 results: EPS: Rp3.37 (up from Rp3.05 in 3Q 2023). Revenue: Rp697.4b (up 62% from 3Q 2023). Net income: Rp21.3b (up 9.5% from 3Q 2023). Profit margin: 3.1% (down from 4.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp304, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 24x in the Consumer Durables industry in Indonesia. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp260, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 23x in the Consumer Durables industry in Indonesia. Total loss to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp185, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 25x in the Consumer Durables industry in Indonesia. Total loss to shareholders of 75% over the past three years. Announcement • May 24
PT Integra Indocabinet Tbk, Annual General Meeting, Jun 27, 2024 PT Integra Indocabinet Tbk, Annual General Meeting, Jun 27, 2024. Location: jakarta Indonesia Reported Earnings • May 04
First quarter 2024 earnings released: EPS: Rp6.62 (vs Rp4.07 in 1Q 2023) First quarter 2024 results: EPS: Rp6.62 (up from Rp4.07 in 1Q 2023). Revenue: Rp641.3b (up 1.2% from 1Q 2023). Net income: Rp42.1b (up 63% from 1Q 2023). Profit margin: 6.6% (up from 4.1% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. New Risk • Apr 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.55t (US$96.3m) 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 Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 7.2% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (Rp1.55t market cap, or US$96.3m). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp248, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 30x in the Consumer Durables industry in Indonesia. Total loss to shareholders of 68% over the past three years. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: Rp15.19 (vs Rp27.99 in FY 2022) Full year 2023 results: EPS: Rp15.19 (down from Rp27.99 in FY 2022). Revenue: Rp2.19t (down 52% from FY 2022). Net income: Rp97.0b (down 45% from FY 2022). Profit margin: 4.4% (up from 3.9% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Jan 19
PT Integra Indocabinet Tbk Ordinary Shares to Be Deleted from OTC Equity PT Integra Indocabinet Tbk Ordinary Shares (Indonesia) will be deleted from OTC Equity effective January 19, 2024, due to Inactive Security. New Risk • Dec 09
New major risk - Revenue and earnings growth Earnings have declined by 2.5% 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 Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 2.5% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: Rp2.18 (vs Rp14.66 in 2Q 2022) Second quarter 2023 results: EPS: Rp2.18 (down from Rp14.66 in 2Q 2022). Revenue: Rp640.8b (down 45% from 2Q 2022). Net income: Rp13.8b (down 85% from 2Q 2022). Profit margin: 2.2% (down from 8.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: Rp27.99 (vs Rp84.59 in FY 2021) Full year 2022 results: EPS: Rp27.99 (down from Rp84.59 in FY 2021). Revenue: Rp4.53t (down 16% from FY 2021). Net income: Rp177.6b (down 67% from FY 2021). Profit margin: 3.9% (down from 9.9% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 30
Third quarter 2022 earnings released: EPS: Rp0.12 (vs Rp21.09 in 3Q 2021) Third quarter 2022 results: EPS: Rp0.12 (down from Rp21.09 in 3Q 2021). Revenue: Rp759.2b (down 45% from 3Q 2021). Net income: Rp780.3m (down 99% from 3Q 2021). Profit margin: 0.1% (down from 9.7% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. 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. 4 experienced directors. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Commissioner Heri Sunaryadi 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 • Oct 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp466, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Consumer Durables industry in Asia. Total loss to shareholders of 41% over the past three years. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: Rp14.66 (vs Rp18.69 in 2Q 2021) Second quarter 2022 results: EPS: Rp14.66 (down from Rp18.69 in 2Q 2021). Revenue: Rp1.16t (down 5.6% from 2Q 2021). Net income: Rp93.3b (down 22% from 2Q 2021). Profit margin: 8.0% (down from 9.8% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 10%, compared to a 13% growth forecast for the Consumer Durables industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 03
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: Rp1.98t (up 117% from 1Q 2021). Net income: Rp206.6b (up 103% from 1Q 2021). Profit margin: 11% (in line with 1Q 2021). Revenue exceeded analyst estimates by 25%. Over the next year, revenue is expected to shrink by 20% compared to a 13% growth forecast for the industry in Indonesia. Price Target Changed • Apr 27
Price target increased to Rp1,200 Up from Rp549, the current price target is provided by 1 analyst. New target price is 73% above last closing price of Rp695. Stock is down 14% over the past year. The company is forecast to post earnings per share of Rp69.10 for next year compared to Rp49.79 last year. 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. 6 experienced directors. 3 highly experienced directors. 1 independent director (4 non-independent directors). Independent Commissioner Heri Sunaryadi 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 • Nov 11
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: Rp1.38t (up 84% from 3Q 2020). Net income: Rp134.2b (up 77% from 3Q 2020). Profit margin: 9.7% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 20% share price gain to Rp810, the stock trades at a trailing P/E ratio of 14.2x. Average forward P/E is 14x in the Consumer Durables industry in Indonesia. Total returns to shareholders of 42% over the past three years. Reported Earnings • Mar 22
Full year 2020 earnings released: EPS Rp49.77 (vs Rp34.49 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: Rp2.97t (up 39% from FY 2019). Net income: Rp313.9b (up 44% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improved over the past week After last week's 22% share price gain to Rp750, the stock is trading at a trailing P/E ratio of 21.1x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 38x in the Consumer Durables industry in Indonesia. Total returns to shareholders over the past three years are 159%. Is New 90 Day High Low • Feb 11
New 90-day high: Rp670 The company is up 22% from its price of Rp550 on 13 November 2020. The Indonesian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: Rp625 The company is up 42% from its price of Rp440 on 16 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 25% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: Rp560 The company is up 39% from its price of Rp404 on 19 August 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 40% over the same period. Is New 90 Day High Low • Nov 02
New 90-day high: Rp500 The company is up 28% from its price of Rp390 on 04 August 2020. The Indonesian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 22% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: Rp426 The company is up 3.0% from its price of Rp414 on 16 July 2020. The Indonesian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: Rp368 The company is down 8.0% from its price of Rp400 on 26 June 2020. The Indonesian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 3.0% over the same period.