Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp4,950, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 9x in the Food industry in Indonesia. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp5,545 per share. Reported Earnings • May 01
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: Rp69.94 (up from Rp60.48 in 1Q 2025). Revenue: Rp3.12t (up 28% from 1Q 2025). Net income: Rp555.0b (up 16% from 1Q 2025). Profit margin: 18% (down from 20% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Food industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 30
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to Rp4,240. The fair value is estimated to be Rp5,611, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Declared Dividend • Apr 12
Final dividend of Rp100.00 announced Shareholders will receive a dividend of Rp100.00. Ex-date: 20th April 2026 Payment date: 30th April 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 33% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. EPS is expected to grow by 52% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Apr 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to Rp4,420. The fair value is estimated to be Rp5,611, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Recent Insider Transactions • Mar 14
CFO, IR Director & Director recently bought Rp18m worth of stock On the 11th of March, Bharat Joshi bought around 4k shares on-market at roughly Rp4,500 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Bharat's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Mar 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to Rp4,470. The fair value is estimated to be Rp5,611, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Announcement • Mar 03
PT Cisarua Mountain Dairy Tbk, Annual General Meeting, Apr 09, 2026 PT Cisarua Mountain Dairy Tbk, Annual General Meeting, Apr 09, 2026. Reported Earnings • Mar 01
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: Rp256 (up from Rp191 in FY 2024). Revenue: Rp11t (up 19% from FY 2024). Net income: Rp2.03t (up 34% from FY 2024). Profit margin: 19% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Food industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Jan 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 101% Dividend yield: 3.6% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Nov 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to Rp5,925. The fair value is estimated to be Rp4,919, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Price Target Changed • Nov 19
Price target increased by 7.8% to Rp6,923 Up from Rp6,419, the current price target is an average from 13 analysts. New target price is 13% above last closing price of Rp6,125. Stock is up 12% over the past year. The company is forecast to post earnings per share of Rp253 for next year compared to Rp191 last year. Major Estimate Revision • Nov 10
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from Rp230 to Rp256. Revenue forecast steady at Rp10.7b. Net income forecast to grow 12% next year vs 12% growth forecast for Food industry in Indonesia. Consensus price target up from Rp6,281 to Rp6,700. Share price rose 8.6% to Rp5,975 over the past week. Reported Earnings • Nov 01
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: Rp76.53 (up from Rp44.54 in 3Q 2024). Revenue: Rp2.73t (up 23% from 3Q 2024). Net income: Rp607.2b (up 72% from 3Q 2024). Profit margin: 22% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Food industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Oct 14
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Director of Manufacturing Dairy & Director Pamungkas Triprasetyo was the last director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 10
PT Cisarua Mountain Dairy Tbk announces Annual dividend, payable on October 30, 2025 PT Cisarua Mountain Dairy Tbk announced Annual dividend of IDR 100.0000 per share payable on October 30, 2025, ex-date on October 20, 2025 and record date on October 21, 2025. Announcement • Apr 22
PT Cisarua Mountain Dairy Tbk announces Annual dividend, payable on May 09, 2025 PT Cisarua Mountain Dairy Tbk announced Annual dividend of IDR 150.0000 per share payable on May 09, 2025, ex-date on April 29, 2025 and record date on April 30, 2025. Announcement • Mar 11
PT Cisarua Mountain Dairy Tbk, Annual General Meeting, Apr 17, 2025 PT Cisarua Mountain Dairy Tbk, Annual General Meeting, Apr 17, 2025. Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: Rp44.54 (vs Rp43.42 in 3Q 2023) Third quarter 2024 results: EPS: Rp44.54 (up from Rp43.42 in 3Q 2023). Revenue: Rp2.22t (up 13% from 3Q 2023). Net income: Rp353.4b (up 2.6% from 3Q 2023). Profit margin: 16% (down from 18% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Food industry in Indonesia. Price Target Changed • Aug 13
Price target increased by 7.3% to Rp5,917 Up from Rp5,513, the current price target is an average from 9 analysts. New target price is 9.6% above last closing price of Rp5,400. Stock is up 35% over the past year. The company is forecast to post earnings per share of Rp191 for next year compared to Rp156 last year. Upcoming Dividend • Apr 30
Upcoming dividend of Rp90.00 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Indonesian dividend payers (6.3%). Lower than average of industry peers (3.3%). Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: Rp48.69 (vs Rp37.45 in 1Q 2023) First quarter 2024 results: EPS: Rp48.69 (up from Rp37.45 in 1Q 2023). Revenue: Rp2.17t (up 18% from 1Q 2023). Net income: Rp386.3b (up 30% from 1Q 2023). Profit margin: 18% (up from 16% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Food industry in Indonesia. Reported Earnings • Mar 08
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: Rp156 (up from Rp134 in FY 2022). Revenue: Rp7.77t (up 22% from FY 2022). Net income: Rp1.24t (up 17% from FY 2022). Profit margin: 16% (in line with FY 2022). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Food industry in Indonesia. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: Rp43.43 (vs Rp37.49 in 3Q 2022) Third quarter 2023 results: EPS: Rp43.43 (up from Rp37.49 in 3Q 2022). Revenue: Rp1.96t (up 21% from 3Q 2022). Net income: Rp344.6b (up 16% from 3Q 2022). Profit margin: 18% (in line with 3Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Food industry in Indonesia. Recent Insider Transactions • Sep 14
President Director & Group CEO recently bought Rp4.2b worth of stock On the 6th of September, Farell Sutantio bought around 1m shares on-market at roughly Rp3,640 per share. This transaction amounted to less than 1% 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 Farell's only on-market trade for the last 12 months. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: Rp40.94 (vs Rp39.23 in 2Q 2022) Second quarter 2023 results: EPS: Rp40.94 (up from Rp39.23 in 2Q 2022). Revenue: Rp1.95t (up 17% from 2Q 2022). Net income: Rp324.8b (up 4.3% from 2Q 2022). Profit margin: 17% (down from 19% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Food industry in Indonesia. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp4,310, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 8x in the Food industry in Indonesia. Total returns to shareholders of 22% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Rp2,262 per share. Price Target Changed • Jan 26
Price target increased by 11% to Rp5,500 Up from Rp4,975, the current price target is an average from 3 analysts. New target price is 17% above last closing price of Rp4,690. Stock is up 49% over the past year. The company is forecast to post earnings per share of Rp147 for next year compared to Rp99.59 last year. Announcement • Jan 11
PT Cisarua Mountain Dairy Tbk announced that it has received $130 million in funding from General Atlantic Service Company, L.P. PT Cisarua Mountain Dairy Tbk announced that it has raised $130 million in funding on January 10, 2023. The transaction included participation from General Atlantic Service Company, L.P. who holds 5.64% stake in the company. The company has issued common shares in the transaction. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: Rp39.24 (vs Rp32.85 in 2Q 2021) Second quarter 2022 results: EPS: Rp39.24 (up from Rp32.85 in 2Q 2021). Revenue: Rp1.66t (up 91% from 2Q 2021). Net income: Rp311.3b (up 41% from 2Q 2021). Profit margin: 19% (down from 26% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 20%, compared to a 15% growth forecast for the industry in Indonesia. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.