Reported Earnings • Apr 02
Full year 2025 earnings released: Rp13.01 loss per share (vs Rp28.97 profit in FY 2024) Full year 2025 results: Rp13.01 loss per share (down from Rp28.97 profit in FY 2024). Revenue: Rp71.4b (down 32% from FY 2024). Net loss: Rp5.81b (down 145% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Mar 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 14% 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 Share price has been volatile over the past 3 months (14% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Revenue is less than US$5m (Rp78b revenue, or US$4.6m). Market cap is less than US$100m (Rp1.47t market cap, or US$86.4m). Reported Earnings • Nov 27
Third quarter 2025 earnings released: Rp1.61 loss per share (vs Rp7.73 profit in 3Q 2024) Third quarter 2025 results: Rp1.61 loss per share (down from Rp7.73 profit in 3Q 2024). Revenue: Rp19.0b (down 43% from 3Q 2024). Net loss: Rp718.7m (down 121% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Nov 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 262% Cash payout ratio: 127% Dividend yield: 1.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 262% Cash payout ratio: 127% Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (Rp1.41t market cap, or US$84.4m). Announcement • May 09
PT Arthavest Tbk, Annual General Meeting, Jun 16, 2025 PT Arthavest Tbk, Annual General Meeting, Jun 16, 2025. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: Rp7.64 (vs Rp1.65 in 3Q 2023) Third quarter 2024 results: EPS: Rp7.64 (up from Rp1.65 in 3Q 2023). Revenue: Rp33.3b (up 64% from 3Q 2023). Net income: Rp3.45b (up 369% from 3Q 2023). Profit margin: 10% (up from 3.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 28
Second quarter 2024 earnings released: EPS: Rp6.61 (vs Rp2.88 loss in 2Q 2023) Second quarter 2024 results: EPS: Rp6.61 (up from Rp2.88 loss in 2Q 2023). Revenue: Rp24.9b (up 105% from 2Q 2023). Net income: Rp2.94b (up Rp4.23b from 2Q 2023). Profit margin: 12% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • May 24
PT Arthavest Tbk, Annual General Meeting, Jun 13, 2024 PT Arthavest Tbk, Annual General Meeting, Jun 13, 2024. Location: hotel redtop, ruang meeting jasper lt.3, jalan pecenongan 72 kota adm. jakarta pusat dki., jakarta indonesia, jakarta Indonesia Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: Rp3.00 (vs Rp3.28 in FY 2022) Full year 2023 results: EPS: Rp3.00 (down from Rp3.28 in FY 2022). Revenue: Rp77.7b (up 34% from FY 2022). Net income: Rp1.38b (down 5.6% from FY 2022). Profit margin: 1.8% (down from 2.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year whereas the company’s share price has increased by 115% per year. New Risk • Nov 24
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 9.0% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Cash payout ratio: 233% Earnings have declined by 17% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Revenue is less than US$5m (Rp69b revenue, or US$4.4m). Market cap is less than US$100m (Rp1.03t market cap, or US$66.0m). Reported Earnings • Sep 28
Second quarter 2023 earnings released: Rp3.64 loss per share (vs Rp3.09 loss in 2Q 2022) Second quarter 2023 results: Rp3.64 loss per share. Revenue: Rp12.1b (up 4.1% from 2Q 2022). Net loss: Rp1.29b (loss narrowed 6.6% from 2Q 2022). New Risk • Jun 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Cash payout ratio: 246% Dividend yield: 5.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Cash payout ratio: 246% Earnings have declined by 44% per year over the past 5 years. Minor Risks Revenue is less than US$5m (Rp64b revenue, or US$4.3m). Market cap is less than US$100m (Rp857.6b market cap, or US$57.6m). Upcoming Dividend • May 30
Inaugural dividend of Rp100.00 per share Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 23 June 2023. This is the first dividend for Arthavest since going public. The average dividend yield among industry peers is 1.1%. 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. 3 non-independent directors. Independent Commissioner - Inggrid was the last independent director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: Rp1.27 (vs Rp2.97 loss in 3Q 2021) Third quarter 2022 results: EPS: Rp1.27 (up from Rp2.97 loss in 3Q 2021). Revenue: Rp16.0b (up 183% from 3Q 2021). Net income: Rp565.8m (up Rp1.89b from 3Q 2021). Profit margin: 3.5% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 83% per year, which means it is well ahead of earnings. Reported Earnings • Sep 25
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Rp11.7b (up 76% from 2Q 2021). Net loss: Rp1.38b (loss widened 2.8% from 2Q 2021). Reported Earnings • Jun 17
Full year 2021 earnings released: Rp5.00 loss per share (vs Rp11.10 loss in FY 2020) Full year 2021 results: Rp5.00 loss per share (up from Rp11.10 loss in FY 2020). Revenue: Rp40.5b (up 23% from FY 2020). Net loss: Rp2.17b (loss narrowed 56% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 153 percentage points per year, which is a significant difference in performance. 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. 2 non-independent directors. Independent Commissioner - Inggrid was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 12
Second quarter 2021 earnings released: Rp2.92 loss per share (vs Rp12.30 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: Rp6.63b (up 421% from 2Q 2020). Net loss: Rp1.34b (loss narrowed 76% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 223 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 27
First quarter 2021 earnings released: Rp2.00 loss per share (vs Rp3.81 profit in 1Q 2020) First quarter 2021 results: Net loss: Rp925.2m (down 154% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 09
New 90-day high: Rp340 The company is up 13% from its price of Rp300 on 08 December 2020. The Indonesian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 2.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: Rp250 The company is down 8.0% from its price of Rp272 on 27 October 2020. The Indonesian market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 1.0% over the same period. Reported Earnings • Dec 30
Third quarter 2020 earnings released: Rp5.49 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: Rp7.27b (down 74% from 3Q 2019). Net loss: Rp2.51b (down 177% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 29
New 90-day low: Rp256 The company is down 19% from its price of Rp316 on 01 October 2020. The Indonesian market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 8.0% over the same period. Reported Earnings • Nov 28
Second quarter 2020 earnings released: Rp10.97 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2020 results: Revenue: Rp1.27b (down 93% from 2Q 2019). Net loss: Rp5.49b (loss widened 268% from 2Q 2019). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 28
New 90-day low: Rp272 The company is down 11% from its price of Rp304 on 30 July 2020. The Indonesian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 2.0% over the same period. 
