Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp322, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 15x in the Consumer Retailing industry in Indonesia. Total loss to shareholders of 77% over the past three years. Announcement • May 20
PT DFI Retail Nusantara Tbk, Annual General Meeting, Jun 25, 2026 PT DFI Retail Nusantara Tbk, Annual General Meeting, Jun 25, 2026. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to Rp482, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 17x in the Consumer Retailing industry in Indonesia. Total loss to shareholders of 68% over the past three years. New Risk • May 04
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 Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: Rp12.50 (vs Rp2.59 in 1Q 2025) First quarter 2026 results: EPS: Rp12.50 (up from Rp2.59 in 1Q 2025). Revenue: Rp1.41t (up 16% from 1Q 2025). Net income: Rp51.8b (up 377% from 1Q 2025). Profit margin: 3.7% (up from 0.9% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 14
Full year 2025 earnings released Full year 2025 results: Revenue: Rp4.85t (up 6.7% from FY 2024). Net income: Rp38.4b (up Rp184.6b from FY 2024). Profit margin: 0.8% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. New Risk • Mar 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.67t (US$98.7m) 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. This is currently the only risk that has been identified for the company. New Risk • Dec 01
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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 05
Third quarter 2025 earnings released: Rp4.11 loss per share (vs Rp3.86 profit in 3Q 2024) Third quarter 2025 results: Rp4.11 loss per share (down from Rp3.86 profit in 3Q 2024). Revenue: Rp1.16t (up 2.5% from 3Q 2024). Net loss: Rp16.6b (down 203% from profit in 3Q 2024). 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 31% 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 Natalia Poerwati Soebagjo 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. Announcement • May 20
PT DFI Retail Nusantara Tbk, Annual General Meeting, Jun 25, 2025 PT DFI Retail Nusantara Tbk, Annual General Meeting, Jun 25, 2025. Reported Earnings • Nov 02
Third quarter 2024 earnings released: EPS: Rp3.88 (vs Rp30.10 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp3.88 (up from Rp30.10 loss in 3Q 2023). Revenue: Rp1.13t (down 12% from 3Q 2023). Net income: Rp16.1b (up Rp142.0b from 3Q 2023). Profit margin: 1.4% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: Rp18.10 (vs Rp10.92 loss in 2Q 2023) Second quarter 2024 results: EPS: Rp18.10 (up from Rp10.92 loss in 2Q 2023). Revenue: Rp997.0b (down 26% from 2Q 2023). Net income: Rp74.8b (up Rp120.5b from 2Q 2023). Profit margin: 7.5% (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 33% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Announcement • Jun 08
PT Hero Supermarket Tbk, Annual General Meeting, Jun 26, 2024 PT Hero Supermarket Tbk, Annual General Meeting, Jun 26, 2024. Location: graha hero, town hall lantai 5, cbd bintaro jaya, sektor 7 blok b7/a7, pondok jaya, pondok aren, tangerang selatan 15220 atau tempat lain, yang akan diberitahukan perseroan dalam iklan, panggilan Indonesia Reported Earnings • May 02
First quarter 2024 earnings released: Rp16.00 loss per share (vs Rp17.43 loss in 1Q 2023) First quarter 2024 results: Rp16.00 loss per share (improved from Rp17.43 loss in 1Q 2023). Revenue: Rp1.25t (up 7.6% from 1Q 2023). Net loss: Rp66.9b (loss narrowed 8.3% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 16
Full year 2023 earnings released: Rp102 loss per share (vs Rp73.56 loss in FY 2022) Full year 2023 results: Rp102 loss per share (further deteriorated from Rp73.56 loss in FY 2022). Revenue: Rp5.10t (up 15% from FY 2022). Net loss: Rp421.3b (loss widened 37% from FY 2022). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 07
Second quarter 2023 earnings released: Rp10.92 loss per share (vs Rp8.18 loss in 2Q 2022) Second quarter 2023 results: Rp10.92 loss per share (further deteriorated from Rp8.18 loss in 2Q 2022). Revenue: Rp1.35t (up 18% from 2Q 2022). Net loss: Rp45.7b (loss widened 34% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Mar 21
Full year 2022 earnings released: Rp72.89 loss per share (vs Rp223 loss in FY 2021) Full year 2022 results: Rp72.89 loss per share (improved from Rp223 loss in FY 2021). Revenue: Rp4.44t (up 27% from FY 2021). Net loss: Rp307.7b (loss narrowed 67% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. 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. 6 non-independent directors. Independent Commissioner Natalia Poerwati Soebagjo 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. Reported Earnings • Nov 06
Third quarter 2022 earnings released: Rp24.09 loss per share (vs Rp46.98 loss in 3Q 2021) Third quarter 2022 results: Rp24.09 loss per share (improved from Rp46.98 loss in 3Q 2021). Revenue: Rp1.09t (up 40% from 3Q 2021). Net loss: Rp107.1b (loss narrowed 46% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Board Change • Apr 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. 5 non-independent directors. Independent Commissioner Natalia Poerwati Soebagjo 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. Reported Earnings • Mar 08
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: Rp222 loss per share (up from Rp290 loss in FY 2020). Revenue: Rp3.48t (down 61% from FY 2020). Net loss: Rp932.1b (loss narrowed 23% from FY 2020). Revenue missed analyst estimates by 16%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Aug 02
Second quarter 2021 earnings released: Rp131 loss per share (vs Rp37.90 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: Rp1.90t (down 19% from 2Q 2020). Net loss: Rp549.2b (loss widened 246% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Reported Earnings • Mar 11
Full year 2020 earnings released: Rp290 loss per share (vs Rp16.88 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: Rp8.89t (down 28% from FY 2019). Net loss: Rp1.21t (down Rp1.29t from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 18
New 90-day high: Rp950 The company is up 17% from its price of Rp810 on 21 October 2020. The Indonesian market is up 24% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Consumer Retailing industry, which is also up 17% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: Rp900 The company is up 14% from its price of Rp790 on 16 September 2020. The Indonesian market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: Rp850 The company is up 3.0% from its price of Rp825 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 Consumer Retailing industry, which is up 1.0% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total losses of Rp262.1b, with losses narrowing by 80% from the prior year. Total revenue was Rp9.64t over the last 12 months, down 24% from the prior year. Is New 90 Day High Low • Sep 29
New 90-day low: Rp780 The company is down 10.0% from its price of Rp865 on 01 July 2020. The Indonesian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 8.0% over the same period. 
