Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp775, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 40% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: US$0.001 (vs US$0 in 1Q 2025) First quarter 2026 results: EPS: US$0.001 (up from US$0 in 1Q 2025). Revenue: US$345.9m (up 16% from 1Q 2025). Net income: US$8.94m (up 61% from 1Q 2025). Profit margin: 2.6% (up from 1.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 16% 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 Risk Earnings have declined by 16% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.8% net profit margin). Announcement • Apr 28
PT Harum Energy Tbk, Annual General Meeting, Jun 03, 2026 PT Harum Energy Tbk, Annual General Meeting, Jun 03, 2026. Reported Earnings • Apr 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$0.003 (down from US$0.004 in FY 2024). Revenue: US$1.34b (up 3.3% from FY 2024). Net income: US$37.4m (down 31% from FY 2024). Profit margin: 2.8% (down from 4.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp1,000, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp1,010, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 38% over the past three years. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: US$0.001 (vs US$0.003 in 3Q 2024) Third quarter 2025 results: EPS: US$0.001 (down from US$0.003 in 3Q 2024). Revenue: US$378.5m (up 1.4% from 3Q 2024). Net income: US$7.55m (down 77% from 3Q 2024). Profit margin: 2.0% (down from 8.7% in 3Q 2024). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Board Change • Oct 24
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 Dody Hasril 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. Announcement • Oct 04
PT Harum Energy Tbk (IDX:HRUM) announces an Equity Buyback for 751,793,346 shares, representing 5.56% for IDR 837,000 million. PT Harum Energy Tbk (IDX:HRUM) announces a share repurchase program. Under the program, the company will repurchase up to 751,793,346 shares, representing 5.56% of its issued share capital for IDR 837,000 million. The shares will be repurchased at the share price as determined based on the provisions of POJK 29/2023. The program will be valid till January 2, 2026. Announcement • May 05
PT Harum Energy Tbk, Annual General Meeting, May 27, 2025 PT Harum Energy Tbk, Annual General Meeting, May 27, 2025. Location: deutsche bank building, lt. 1 jln. imam, bonjol no. 80 jakarta pusat kota adm, jakarta pusat dki, jakarta Indonesia Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.002 (vs US$0.003 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.002 (up from US$0.003 loss in 3Q 2023). Revenue: US$373.5m (up 149% from 3Q 2023). Net income: US$32.6m (up US$75.9m from 3Q 2023). Profit margin: 8.7% (up from net loss in 3Q 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Indonesia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$1.45m to US$1.41m. EPS estimate also fell from US$0.0112 per share to US$0.008 per share. Net income forecast to grow 328% next year vs 3.7% decline forecast for Oil and Gas industry in Indonesia. Consensus price target broadly unchanged at Rp1,923. Share price was steady at Rp1,410 over the past week. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp1,345, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 37% over the past three years. Price Target Changed • Aug 08
Price target decreased by 8.7% to Rp1,973 Down from Rp2,162, the current price target is an average from 9 analysts. New target price is 70% above last closing price of Rp1,160. Stock is down 29% over the past year. The company is forecast to post earnings per share of US$0.01 for next year compared to US$0.011 last year. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$0.003 (vs US$0.004 in 2Q 2023) Second quarter 2024 results: EPS: US$0.003 (down from US$0.004 in 2Q 2023). Revenue: US$330.7m (up 67% from 2Q 2023). Net income: US$36.4m (down 24% from 2Q 2023). Profit margin: 11% (down from 24% in 2Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 5% per year. Major Estimate Revision • Jul 15
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$1.28m to US$1.46m. EPS estimate unchanged from US$0.01 at last update. Oil and Gas industry in Indonesia expected to see average net income decline 4.7% next year. Consensus price target of Rp2,066 unchanged from last update. Share price was steady at Rp1,220 over the past week. Recent Insider Transactions • Jul 10
Key Executive recently bought Rp179m worth of stock On the 8th of July, Ray Gunara bought around 150k shares on-market at roughly Rp1,194 per share. This transaction amounted to 6.5% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Rp334m. Ray has been a buyer over the last 12 months, purchasing a net total of Rp514m worth in shares. Recent Insider Transactions • Jun 20
Key Executive recently bought Rp334m worth of stock On the 12th of June, Ray Gunara bought around 300k shares on-market at roughly Rp1,115 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ray's only on-market trade for the last 12 months. Major Estimate Revision • Jun 13
Consensus revenue estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$1.25m to US$1.41m. EPS estimate unchanged from US$0.01 at last update. Oil and Gas industry in Indonesia expected to see average net income decline 3.6% next year. Consensus price target of Rp2,162 unchanged from last update. Share price fell 6.7% to Rp1,110 over the past week. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp1,115, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 8.9% over the past three years. Reported Earnings • Jun 05
First quarter 2024 earnings released: EPS: US$0 (vs US$0.008 in 1Q 2023) First quarter 2024 results: EPS: US$0 (down from US$0.008 in 1Q 2023). Revenue: US$266.0m (down 9.7% from 1Q 2023). Net income: US$987.3k (down 99% from 1Q 2023). Profit margin: 0.4% (down from 35% in 1Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 1.9% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jun 02
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 8.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (16% net profit margin). Major Estimate Revision • May 07
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$1.19m to US$1.33m. EPS estimate unchanged from US$0.013 at last update. Oil and Gas industry in Indonesia expected to see average net income decline 7.2% next year. Consensus price target of Rp2,144 unchanged from last update. Share price was steady at Rp1,385 over the past week. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp1,300, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 39% over the past three years. Price Target Changed • Apr 22
Price target increased by 7.8% to Rp2,144 Up from Rp1,989, the current price target is an average from 9 analysts. New target price is 61% above last closing price of Rp1,335. Stock is down 12% over the past year. The company is forecast to post earnings per share of US$0.013 for next year compared to US$0.011 last year. Price Target Changed • Jan 13
Price target decreased by 9.6% to Rp2,057 Down from Rp2,277, the current price target is an average from 7 analysts. New target price is 52% above last closing price of Rp1,350. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$0.014 for next year compared to US$0.023 last year. Reported Earnings • Nov 30
Third quarter 2023 earnings released: US$0.003 loss per share (vs US$0.007 profit in 3Q 2022) Third quarter 2023 results: US$0.003 loss per share (down from US$0.007 profit in 3Q 2022). Revenue: US$150.2m (down 54% from 3Q 2022). Net loss: US$43.3m (down 147% from profit in 3Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.0% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 14
Price target decreased by 7.8% to Rp2,318 Down from Rp2,513, the current price target is an average from 8 analysts. New target price is 29% above last closing price of Rp1,800. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of US$0.019 for next year compared to US$0.023 last year. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: US$0.004 (vs US$0.007 in 2Q 2022) Second quarter 2023 results: EPS: US$0.004 (down from US$0.007 in 2Q 2022). Revenue: US$197.7m (down 12% from 2Q 2022). Net income: US$47.6m (down 43% from 2Q 2022). Profit margin: 24% (down from 37% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is expected to fall by 23% p.a. on average during the next 3 years compared to a 11% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$820.0k to US$800.0k. EPS estimate also fell from US$0.022 per share to US$0.019 per share. Net income forecast to shrink 31% next year vs 40% decline forecast for Oil and Gas industry in Indonesia. Consensus price target down from Rp2,513 to Rp2,360. Share price was steady at Rp1,640 over the past week. Announcement • May 19
PT Harum Energy Tbk, Annual General Meeting, Jun 09, 2023 PT Harum Energy Tbk, Annual General Meeting, Jun 09, 2023, at 02:30 Coordinated Universal Time. Location: Deutsche Bank Building, 17th Fl. Jln. Imam Bonjol No. 80 Central Jakarta Indonesia Agenda: To consider approval of the Company’s Annual Report for Fiscal Year 2022, which includes the Company’s Activity Report, the Board of Commissioners’ Supervisory Report and Ratification of the Company’s Consolidated Financial Statement for the fiscal year ended 31 December 2022; to consider approval of the use of Company’s Net Profit for Fiscal Year 2022; to consider appointment of Public Accounting Firm to audit the Company’s Financial Statement for Fiscal Year 2023; and to consider Determination of salary and honorarium for members of the Board of Directors and Board of Commissioners for Fiscal Year 2023. Buying Opportunity • Apr 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be Rp1,888, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Earnings per share has grown by 86%. For the next 3 years, revenue is forecast to decline by 12% per annum. Earnings is also forecast to decline by 6.3% per annum over the same time period. Major Estimate Revision • Apr 15
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$770.0k to US$880.0k. EPS estimate unchanged from US$0.021 at last update. Oil and Gas industry in Indonesia expected to see average net income decline 24% next year. Consensus price target of Rp2,505 unchanged from last update. Share price fell 2.5% to Rp1,545 over the past week. Reported Earnings • Apr 07
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: US$0.023 (up from US$0.006 in FY 2021). Revenue: US$904.4m (up 169% from FY 2021). Net income: US$301.8m (up 306% from FY 2021). Profit margin: 33% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 1.1%. Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 7.8% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be Rp1,985, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 84%. Revenue is forecast to decline by 16% in 2 years. Earnings is forecast to decline by 2.3% in the next 2 years. Price Target Changed • Dec 21
Price target decreased to Rp2,741 Down from Rp2,966, the current price target is an average from 9 analysts. New target price is 65% above last closing price of Rp1,660. Stock is down 18% over the past year. The company is forecast to post earnings per share of US$0.022 for next year compared to US$0.0058 last year. Board Change • Nov 16
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 Dody Hasril 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. Major Estimate Revision • Nov 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$760.0k to US$840.0k. EPS estimate reaffirmed at US$0.02. Net income forecast to grow 3.2% next year vs 8.7% growth forecast for Oil and Gas industry in Indonesia. Consensus price target broadly unchanged at Rp3,090. Share price was steady at Rp1,590 over the past week. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.007 (vs US$0.001 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.007 (up from US$0.001 loss in 2Q 2021). Revenue: US$225.3m (up 284% from 2Q 2021). Net income: US$83.2m (up US$90.5m from 2Q 2021). Profit margin: 37% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 29%, compared to a 24% growth forecast for the industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 17% share price gain to Rp1,625, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 532% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to Rp1,730, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 529% over the past three years. Major Estimate Revision • May 21
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$800.0k to US$840.0k. EPS estimate increased from US$0.11 to US$0.13 per share. Net income forecast to grow 327% next year vs 38% growth forecast for Oil and Gas industry in Indonesia. Consensus price target broadly unchanged at Rp15,863. Share price rose 5.0% to Rp11,050 over the past week. Major Estimate Revision • May 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 consensus EPS increased from US$0.10 to US$0.11. Revenues were reaffirmed at US$800.0k. Net income forecast to grow 290% next year vs 38% growth forecast for Oil and Gas industry in Indonesia. Consensus price target broadly unchanged at Rp15,700. Share price fell 10% to Rp10,350 over the past week. 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 Dody Hasril 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. Major Estimate Revision • Apr 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$620.0k to US$690.0k. EPS estimate unchanged from US$0.066 at last update. Oil and Gas industry in Indonesia expected to see average net income growth of 26% next year. Consensus price target up from Rp14,307 to Rp15,029. Share price rose 5.6% to Rp12,700 over the past week. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 22% share price gain to Rp12,900, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 916% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp14,206 per share. Reported Earnings • Apr 04
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$0.029 (up from US$0.023 in FY 2020). Revenue: US$336.2m (up 113% from FY 2020). Net income: US$74.3m (up 26% from FY 2020). Profit margin: 22% (down from 37% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 5.4%. Over the next year, revenue is forecast to grow 84%, compared to a 29% growth forecast for the oil industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 29
Now 20% undervalued Over the last 90 days, the stock is up 3.6%. The fair value is estimated to be US$14,265, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% per annum over the last 3 years. Earnings per share has grown by 36% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp11,125, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 679% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp14,323 per share. Buying Opportunity • Mar 10
Now 20% undervalued Over the last 90 days, the stock is up 8.1%. The fair value is estimated to be US$14,308, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% per annum over the last 3 years. Earnings per share has grown by 36% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 17% share price gain to Rp12,400, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 777% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp14,406 per share. Buying Opportunity • Jan 13
Now 22% undervalued Over the last 90 days, the stock is up 33%. The fair value is estimated to be US$13,975, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% per annum over the last 3 years. Earnings per share has grown by 36% per annum over the last 3 years. Price Target Changed • Jan 13
Price target increased to Rp11,850 Up from Rp10,225, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of Rp11,600. Stock is up 171% over the past year. The company is forecast to post earnings per share of US$0.029 for next year compared to US$0.023 last year. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 22% share price gain to Rp9,475, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 570% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp7,801 per share. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS US$0.01 (vs US$0.002 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$89.8m (up 167% from 3Q 2020). Net income: US$27.2m (up US$23.4m from 3Q 2020). Profit margin: 30% (up from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 20% share price gain to Rp6,475, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 185% over the past three years. Major Estimate Revision • Aug 10
Consensus EPS estimates increase to US$0.018 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$239.3k to US$249.5k. EPS estimate increased from US$0.014 to US$0.018 per share. Net income forecast to grow 25% next year vs 34% growth forecast for Oil and Gas industry in Indonesia. Consensus price target up from Rp4,150 to Rp4,950. Share price fell 6.5% to Rp5,050 over the past week. Price Target Changed • Aug 05
Price target increased to Rp4,950 Up from Rp4,150, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of Rp5,100. Stock is up 288% over the past year. Reported Earnings • Aug 04
Second quarter 2021 earnings released: US$0.003 loss per share (vs US$0.008 profit in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$58.6m (up 42% from 2Q 2020). Net loss: US$7.26m (down 134% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 22% per year. Major Estimate Revision • Jun 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from US$0.016 to US$0.014. Revenue forecast unchanged from US$240.6k at last update. Net income forecast to shrink 20% next year vs 60% growth forecast for Oil and Gas industry in Indonesia . Consensus price target down from Rp4,067 to Rp3,767. Share price rose 6.9% to Rp5,425 over the past week. Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$264.2k to US$239.4k. EPS estimate rose from US$0.011 to US$0.016. Net income forecast to shrink 42% next year vs 58% growth forecast for Oil and Gas industry in Indonesia . Consensus price target of Rp3,600 unchanged from last update. Share price rose 12% to Rp6,125 over the past week. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 17% share price gain to US$6,125, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 172% over the past three years. Major Estimate Revision • Apr 16
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$274.6k to US$258.3k. EPS estimate rose from US$0.009 to US$0.01. Net income forecast to shrink 53% next year vs 50% growth forecast for Oil and Gas industry in Indonesia . Consensus price target up from Rp2,700 to Rp3,600. Share price fell 11% to Rp4,970 over the past week. Reported Earnings • Apr 11
Full year 2020 earnings released: EPS US$0.023 (vs US$0.007 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$157.8m (down 40% from FY 2019). Net income: US$59.0m (up 219% from FY 2019). Profit margin: 37% (up from 7.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$5,275, the stock is trading at a trailing P/E ratio of 32.9x, down from the previous P/E ratio of 39.9x. This compares to an average P/E of 15x in the Oil and Gas industry in Indonesia. Total returns to shareholders over the past three years are 114%. Is New 90 Day High Low • Feb 23
New 90-day high: Rp7,400 The company is up 230% from its price of Rp2,240 on 25 November 2020. The Indonesian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp417 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 25% share price gain to US$5,150, the stock is trading at a trailing P/E ratio of 32.8x, up from the previous P/E ratio of 26.2x. This compares to an average P/E of 14x in the Oil and Gas industry in Indonesia. Total returns to shareholders over the past three years are 77%. Is New 90 Day High Low • Jan 27
New 90-day high: Rp4,890 The company is up 124% from its price of Rp2,180 on 27 October 2020. The Indonesian market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp1,944 per share. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 31% share price gain to US$3,900, the stock is trading at a trailing P/E ratio of 24.9x, up from the previous P/E ratio of 19x. This compares to an average P/E of 16x in the Oil and Gas industry in Indonesia. Total returns to shareholders over the past three years are 84%. Is New 90 Day High Low • Jan 07
New 90-day high: Rp3,350 The company is up 109% from its price of Rp1,600 on 09 October 2020. The Indonesian market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp1,932 per share. Is New 90 Day High Low • Dec 09
New 90-day high: Rp2,980 The company is up 97% from its price of Rp1,515 on 10 September 2020. The Indonesian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp1,709 per share. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 21% share price gain to US$2,780, the stock is trading at a trailing P/E ratio of 17.6x, up from the previous P/E ratio of 14.6x. This compares to an average P/E of 15x in the Oil and Gas industry in Indonesia. Total returns to shareholders over the past three years are 55%. Major Estimate Revision • Nov 12
Analysts update estimates The 2020 consensus revenue estimate was lowered from US$213.6k to US$197.3k. Earnings per share (EPS) increased from US$0.0072 to US$0.0099 for the same period. Net income is expected to shrink by 20% next year compared to 8.8% growth forecast for the Oil and Gas industry in Indonesia . The consensus price target increased from Rp1,425 to Rp1,650. Share price is up 3.7% to Rp2,220 over the past week. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.002 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$33.6m (down 45% from 3Q 2019). Net income: US$3.81m (up 13% from 3Q 2019). Profit margin: 11% (up from 5.6% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 03
New 90-day high: Rp2,250 The company is up 73% from its price of Rp1,300 on 05 August 2020. The Indonesian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp3,359 per share. Valuation Update With 7 Day Price Move • Oct 21
Market bids up stock over the past week After last week's 19% share price gain to US$1,950, the stock is trading at a trailing P/E ratio of 12.2x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 10x in the Oil and Gas industry in Indonesia. Total return to shareholders over the past three years is a loss of 9.9%. Is New 90 Day High Low • Oct 16
New 90-day high: Rp1,680 The company is up 39% from its price of Rp1,210 on 17 July 2020. The Indonesian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp3,329 per share. 
