New Risk • Aug 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 29% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risks High level of debt (83% net debt to equity). Share price has been volatile over the past 3 months (12% average weekly change). Announcement • Jun 05
PT Golden Eagle Energy Tbk, Annual General Meeting, Jun 26, 2026 PT Golden Eagle Energy Tbk, Annual General Meeting, Jun 26, 2026. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: US$0 (vs US$0.001 in 1Q 2025) First quarter 2026 results: EPS: US$0 (down from US$0.001 in 1Q 2025). Revenue: US$23.1m (down 21% from 1Q 2025). Net income: US$712.9k (down 63% from 1Q 2025). Profit margin: 3.1% (down from 6.6% in 1Q 2025). 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 125 percentage points per year, which is a significant difference in performance. 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Rp1,460, the stock trades at a trailing P/E ratio of 72.2x. Average trailing P/E is 22x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 136% over the past three years. New Risk • Mar 14
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). High level of non-cash earnings (21% accrual ratio). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: US$0.001 (vs US$0.001 in FY 2024) Full year 2025 results: EPS: US$0.001 (in line with FY 2024). Revenue: US$103.6m (up 104% from FY 2024). Net income: US$4.06m (up 93% from FY 2024). Profit margin: 3.9% (down from 4.1% in FY 2024). 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 94 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp1,090, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 17x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 90% over the past three years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp1,435, the stock trades at a trailing P/E ratio of 73x. Average trailing P/E is 17x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 123% over the past three years. New Risk • Nov 11
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Profit margins are more than 30% lower than last year (3.6% net profit margin). New Risk • Nov 07
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 13% 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 (13% average weekly change). Profit margins are more than 30% lower than last year (4.3% net profit margin). Board Change • Oct 24
No independent directors There are 6 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: 6 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). President Director She Thong Huang is the most experienced director on the board, commencing their role in 2023. Independent Commissioner Richard Ong was the last independent director to join the board, commencing their role in 2023. 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. Announcement • May 12
PT Golden Eagle Energy Tbk, Annual General Meeting, Jun 18, 2025 PT Golden Eagle Energy Tbk, Annual General Meeting, Jun 18, 2025. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: Rp0.80 (vs Rp1.70 in 3Q 2023) Third quarter 2024 results: EPS: Rp0.80 (down from Rp1.70 in 3Q 2023). Revenue: Rp176.3b (down 37% from 3Q 2023). Net income: Rp2.53b (down 53% from 3Q 2023). Profit margin: 1.4% (down from 1.9% in 3Q 2023). 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 51% per year, which means it is well ahead of earnings. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: Rp4.63 (vs Rp29.47 in 2Q 2023) Second quarter 2024 results: EPS: Rp4.63 (down from Rp29.47 in 2Q 2023). Revenue: Rp160.3b (down 27% from 2Q 2023). Net income: Rp14.6b (down 84% from 2Q 2023). Profit margin: 9.1% (down from 42% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Dividend per share is over 22x cash flows per share. High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (24% net profit margin). New Risk • Feb 08
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 8.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 328% Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (22% net profit margin). Buying Opportunity • Dec 27
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be Rp1,135, 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. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to Rp975, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 934% over the past three years. Announcement • Nov 18
PT Golden Eagle Energy Tbk Announces Board Changes The Board of Directors of Geo Energy Resources Limited updated that PT Golden Eagle Energy Tbk (GEE) has announced its appointment of the new Board of Directors and Board of Commissioners with effect from 15 November 2023, following the resignation of the previous Board of Directors and Board of Commissioners that were appointed by Rajawali Corpora. The new Board of Directors and Board of Commissioners are as follows: Board of Directors (new): Budi Susanto - President Director, Deni Kusmayadi - Director and Yuliana - Director. Board of Commissioners (new): Ng See Yong - President Commissioner, Yanto Melati - Commissioner and Ong Beng Chye - Independent Commissioner. Announcement • Oct 19
PT Golden Eagle Energy Tbk Appoints Mr. Huang She Thong as Chief Executive Officer PT Golden Eagle Energy Tbk announced that with effect from 18 October 2023, following the completion of the acquisition of GEE appointed Mr. Huang She Thong as the Chairman and the Chief Executive Officer. As the Chairman and CEO of GEE, Mr. Huang She Thong oversees the overall business and general management of GEE and its subsidiaries ("GEE Group"). Mr. Huang is also the Group Country Head/CEO of Geo Energy in Indonesia, reporting to Mr. Charles Antonny Melati, the Group Chairman and CEO. New Risk • Aug 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (282% cash payout ratio). Profit margins are more than 30% lower than last year (31% net profit margin). Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: Rp29.47 (vs Rp36.68 in 2Q 2022) Second quarter 2023 results: EPS: Rp29.47 (down from Rp36.68 in 2Q 2022). Revenue: Rp219.5b (down 17% from 2Q 2022). Net income: Rp92.8b (down 20% from 2Q 2022). Profit margin: 42% (down from 44% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has increased by 135% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
PT Geo Energy Investama and PT Golden Prima Energy entered into an agreement to acquire 83.65% stake in PT Golden Eagle Energy Tbk (IDX:SMMT) from PT Mutiara Timur Pratama for $154.1 million. PT Geo Energy Investama and PT Golden Prima Energy entered into an agreement to acquire 83.65% stake in PT Golden Eagle Energy Tbk (IDX:SMMT) from PT Mutiara Timur Pratama for $154.1 million on July 26, 2023. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to Rp825, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 929% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 18% share price gain to Rp715, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 588% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 22% share price gain to Rp740, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 541% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 17% share price gain to Rp890, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 710% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 15% share price gain to Rp870, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 585% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp800, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 561% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp750, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 378% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to Rp855, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 466% over the past three years. Reported Earnings • Jun 05
First quarter 2022 earnings released: EPS: Rp23.32 (vs Rp3.27 in 1Q 2021) First quarter 2022 results: EPS: Rp23.32 (up from Rp3.27 in 1Q 2021). Revenue: Rp209.7b (up 157% from 1Q 2021). Net income: Rp73.5b (up Rp63.2b from 1Q 2021). Profit margin: 35% (up from 13% in 1Q 2021). The increase in margin 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 increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 21% share price gain to Rp1,075, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 560% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 20% share price gain to Rp740, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 346% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 21% share price gain to Rp396, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 36% share price gain to Rp316, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 26% share price gain to Rp240, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 12x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 21% share price gain to Rp220, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 12x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 39% share price gain to Rp176, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 13% over the past three years. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS Rp10.72 (vs Rp2.39 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp99.3b (up 140% from 2Q 2020). Net income: Rp33.8b (up 348% from 2Q 2020). Profit margin: 34% (up from 18% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 04
Full year 2020 earnings released: Rp5.25 loss per share (vs Rp2.17 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: Rp209.4b (down 16% from FY 2019). Net loss: Rp16.5b (down 342% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 10
New 90-day low: Rp96.00 The company is down 27% from its price of Rp131 on 10 December 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 12% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: Rp121 The company is up 42% from its price of Rp85.00 on 04 September 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 18% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: Rp1.85 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: Rp52.6b (down 7.1% from 3Q 2019). Net loss: Rp5.82b (down 276% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 17
New 90-day low: Rp78.00 The company is down 9.0% from its price of Rp86.00 on 19 August 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: Rp95.00 The company is up 14% from its price of Rp83.00 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 6.0% over the same period.