Announcement • May 21
PT Buma Internasional Grup Tbk (IDX:DOID) announces an Equity Buyback for 320,769,300 shares, for $6 million. PT Buma Internasional Grup Tbk (IDX:DOID) announces a share repurchase program. Under the program, the company will repurchase up to 320,769,300 shares for $6 million. The purpose of the program is to provide flexibility to achieve an efficient capital structure and reflect the company's performance through the company's share price. The program will be funded from company's internal funds. The program will valid 12 month from the resolution of the General Meeting of Shareholders is obtained, until no later than June 24, 2027. Announcement • May 20
PT Buma Internasional Grup Tbk, Annual General Meeting, Jun 24, 2026 PT Buma Internasional Grup Tbk, Annual General Meeting, Jun 24, 2026. New Risk • May 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.74t (US$99.0m) 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 41% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Rp1.74t market cap, or US$99.0m). Reported Earnings • Mar 29
Full year 2025 earnings released: US$0.016 loss per share (vs US$0.008 loss in FY 2024) Full year 2025 results: US$0.016 loss per share (further deteriorated from US$0.008 loss in FY 2024). Revenue: US$1.48b (down 16% from FY 2024). Net loss: US$116.3m (loss widened 90% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Mar 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to Rp264. The fair value is estimated to be Rp336, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Dec 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 13x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 32% per year over the past 5 years. New Risk • Nov 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 13x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 32% per year over the past 5 years. Reported Earnings • Nov 29
Third quarter 2025 earnings released: EPS: US$0 (vs US$0.002 in 3Q 2024) Third quarter 2025 results: EPS: US$0 (down from US$0.002 in 3Q 2024). Revenue: US$400.3m (down 19% from 3Q 2024). Net income: US$1.54m (down 88% from 3Q 2024). Profit margin: 0.4% (down from 2.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Board Change • Oct 24
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioner Nurdin Zainal is the most experienced director on the board, commencing their role in 2009. Independent President Commissioner Hamid Awaluddin was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Apr 16
PT Buma Internasional Grup Tbk, Annual General Meeting, May 22, 2025 PT Buma Internasional Grup Tbk, Annual General Meeting, May 22, 2025. Location: jakarta Indonesia New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Dividend is not well covered by earnings (113% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Reported Earnings • Aug 02
Second quarter 2024 earnings released: US$0.001 loss per share (vs US$0.001 profit in 2Q 2023) Second quarter 2024 results: US$0.001 loss per share (down from US$0.001 profit in 2Q 2023). Revenue: US$428.8m (down 4.2% from 2Q 2023). Net loss: US$7.50m (down 235% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp725, the stock trades at a trailing P/E ratio of 17.6x. Average forward P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 160% over the past three years. New Risk • Jun 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 0.7% per year over the past 5 years. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • Jun 26
First quarter 2024 earnings released: US$0.003 loss per share (vs US$0 in 1Q 2023) First quarter 2024 results: US$0.003 loss per share (further deteriorated from US$0 in 1Q 2023). Revenue: US$426.2m (up 4.1% from 1Q 2023). Net loss: US$19.1m (loss widened US$18.5m from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • May 18
PT Delta Dunia Makmur Tbk, Annual General Meeting, Jun 21, 2024 PT Delta Dunia Makmur Tbk, Annual General Meeting, Jun 21, 2024. New Risk • Apr 16
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 7.7% 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 Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 10% per year over the past 5 years. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.7% average weekly change). New Risk • Mar 17
New major risk - Revenue and earnings growth Earnings have declined by 10% 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 (1.7x net interest cover). Earnings have declined by 10% per year over the past 5 years. Minor Risk Short dividend paying track record (1 year of continuous dividend payments). Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp424, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 10% over the past three years. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.002 (vs US$0.002 in 3Q 2022) Third quarter 2023 results: EPS: US$0.002 (in line with 3Q 2022). Revenue: US$506.3m (up 19% from 3Q 2022). Net income: US$16.7m (up 12% from 3Q 2022). Profit margin: 3.3% (down from 3.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to Rp418, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 79% over the past three years. New Risk • Oct 06
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: 1.7% Last year net profit margin: 3.0% 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 Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 26% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp494, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 126% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp350, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 176% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp302, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 4.9% over the past three years. Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioner Nurdin Zainal is the most experienced director on the board, commencing their role in 2009. Independent Commissioner Peter John Chambers was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp378, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 25% over the past three years. Reported Earnings • Jun 05
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0 (up from US$0.003 loss in FY 2020). Revenue: US$910.5m (up 51% from FY 2020). Net income: US$280.5k (up US$23.7m from FY 2020). Profit margin: 0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 50%, compared to a 32% growth forecast for the oil industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. 4 highly experienced directors. No independent directors (3 non-independent directors). Director Ariani Sofjan is the most experienced director on the board, commencing their role in 2009. Independent Commissioner Peter John Chambers was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Oct 03
Second quarter 2021 earnings released: US$0.001 loss per share (vs US$0.002 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$189.3m (up 20% from 2Q 2020). Net loss: US$7.48m (down 150% from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 05
First quarter 2021 earnings released: US$0.003 loss per share (vs US$0.003 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: US$159.7m (down 18% from 1Q 2020). Net loss: US$25.5m (loss widened 12% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 27
Market bids up stock over the past week After last week's 25% share price gain to US$342, the stock is trading at a trailing P/E ratio of 24.4x, up from the previous P/E ratio of 19.6x. This compares to an average P/E of 13x in the Oil and Gas industry in Indonesia. Total return to shareholders over the past three years is a loss of 58%. Is New 90 Day High Low • Nov 26
New 90-day high: Rp300 The company is up 2.0% from its price of Rp294 on 28 August 2020. The Indonesian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 4.0% over the same period.