Recent Insider Transactions • May 08
Insider recently sold Rp637b worth of stock On the 4th of May, Wilson Sutantio sold around 178m shares on-market at roughly Rp3,584 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Rp2.1t more than they bought in the last 12 months. Announcement • May 05
AEP Plantations Plc (LSE:AEP) completed the acquisition of 98.26% stake in PT PINAGO UTAMA Tbk (IDX:PNGO) for IDR 2.8 trillion. AEP Plantations Plc (LSE:AEP) entered into sale and purchase agreement to acquire 98.26% stake in PT PINAGO UTAMA Tbk (IDX:PNGO) for IDR 2.8 trillion on May 4, 2026. Under the terms of the acquisition, AEP Plantations Plc will pay IDR 3584 in cash per share or a total consideration of IDR 2.8 trillion ($162 million). In a related transaction, AEP Plantations Plc proposed to acquire remaining 1.74% stake in PT PINAGO UTAMA Tbk. The transaction will be financed from the AEP Plantations Plc's existing cash resources. Following the Acquisition, AEP Plantations Plc will continue to maintain a strong balance sheet and its dividend policy payout.
The transaction has completed the consummation of due diligence investigation. The Acquisition is accretive to AEP Plantations Plc's underlying earnings in the current financial year, supported by established production and cash flow.
Matt Goode, George Lawson and Trisyia Jamaludin of Cavendish Capital Markets Limited acted as financial advisor to AEP Plantations Plc.
AEP Plantations Plc (LSE:AEP) completed the acquisition of 98.26% stake in PT PINAGO UTAMA Tbk (IDX:PNGO) on May 4, 2026. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: Rp51.00 (vs Rp112 in 1Q 2025) First quarter 2026 results: EPS: Rp51.00 (down from Rp112 in 1Q 2025). Revenue: Rp571.6b (down 21% from 1Q 2025). Net income: Rp39.6b (down 55% from 1Q 2025). Profit margin: 6.9% (down from 12% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp3,510, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 13x in the Food industry in Indonesia. Total returns to shareholders of 235% over the past three years. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: Rp412 (vs Rp282 in FY 2024) Full year 2025 results: EPS: Rp412 (up from Rp282 in FY 2024). Revenue: Rp2.30t (up 13% from FY 2024). Net income: Rp321.6b (up 46% from FY 2024). Profit margin: 14% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 21
PT PINAGO UTAMA Tbk, Annual General Meeting, Mar 13, 2026 PT PINAGO UTAMA Tbk, Annual General Meeting, Mar 13, 2026. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp3,640, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 15x in the Food industry in Indonesia. Total returns to shareholders of 243% over the past three years. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: Rp78.96 (vs Rp35.67 in 3Q 2024) Third quarter 2025 results: EPS: Rp78.96 (up from Rp35.67 in 3Q 2024). Revenue: Rp416.3b (down 2.5% from 3Q 2024). Net income: Rp61.7b (up 121% from 3Q 2024). Profit margin: 15% (up from 6.5% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp3,150, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 15x in the Food industry in Indonesia. Total returns to shareholders of 218% over the past three years. Board Change • Oct 24
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. 6 experienced directors. No highly experienced directors. No independent directors (3 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. Announcement • May 01
PT PINAGO UTAMA Tbk, Annual General Meeting, May 22, 2025 PT PINAGO UTAMA Tbk, Annual General Meeting, May 22, 2025. Location: aston hotel, palembang kota palembang, sumatera selatan indonesia, Indonesia Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp1,940, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 17x in the Food industry in Indonesia. Total returns to shareholders of 73% over the past three years. Buy Or Sell Opportunity • Aug 31
Now 28% undervalued Over the last 90 days, the stock has risen 33% to Rp1,940. The fair value is estimated to be Rp2,713, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to Rp2,000, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 16x in the Food industry in Indonesia. Total returns to shareholders of 87% over the past three years. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: Rp65.41 (vs Rp24.32 in 2Q 2023) Second quarter 2024 results: EPS: Rp65.41 (up from Rp24.32 in 2Q 2023). Revenue: Rp492.9b (up 6.4% from 2Q 2023). Net income: Rp51.4b (up 171% from 2Q 2023). Profit margin: 10% (up from 4.1% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Announcement • May 19
PT PINAGO UTAMA Tbk, Annual General Meeting, Jun 07, 2024 PT PINAGO UTAMA Tbk, Annual General Meeting, Jun 07, 2024. Location: hotel aston jl.basuki rahmat, no.189, palembang , sumatera selatan, kota palembang sumatera selatan, Indonesia Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: Rp245 (vs Rp222 in FY 2022) Full year 2023 results: EPS: Rp245 (up from Rp222 in FY 2022). Revenue: Rp2.04t (flat on FY 2022). Net income: Rp191.4b (up 11% from FY 2022). Profit margin: 9.4% (up from 8.5% in FY 2022). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Buying Opportunity • Nov 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be Rp1,743, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 27%. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp1,385, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 15x in the Food industry in Indonesia. Total returns to shareholders of 192% over the past three years. Buying Opportunity • Oct 19
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be Rp1,743, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 27%. Buying Opportunity • Oct 04
Now 21% undervalued Over the last 90 days, the stock is up 3.0%. The fair value is estimated to be Rp1,743, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 27%. Buying Opportunity • Sep 14
Now 21% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be Rp1,743, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 27%. Buying Opportunity • Aug 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 1.5%. The fair value is estimated to be Rp1,743, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 27%. Upcoming Dividend • May 31
Upcoming dividend of Rp60.00 per share at 7.4% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 15 June 2023. Trailing yield: 7.4%. Within top quartile of Indonesian dividend payers (5.6%). Higher than average of industry peers (3.0%). Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: Rp222 (vs Rp240 in FY 2021) Full year 2022 results: EPS: Rp222 (down from Rp240 in FY 2021). Revenue: Rp2.03t (down 2.6% from FY 2021). Net income: Rp173.1b (down 7.8% from FY 2021). Profit margin: 8.5% (down from 9.0% in FY 2021). The decrease in margin was driven by lower revenue. 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. 7 experienced directors. No highly experienced directors. No independent directors (4 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. Upcoming Dividend • Nov 07
Upcoming dividend of Rp50.00 per share Eligible shareholders must have bought the stock before 14 November 2022. Payment date: 29 November 2022. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 7.5%. Within top quartile of Indonesian dividend payers (4.9%). Higher than average of industry peers (3.6%). Reported Earnings • May 24
First quarter 2022 earnings released: EPS: Rp64.00 (vs Rp81.61 in 1Q 2021) First quarter 2022 results: EPS: Rp64.00 (down from Rp81.61 in 1Q 2021). Revenue: Rp513.6b (up 9.9% from 1Q 2021). Net income: Rp50.3b (down 21% from 1Q 2021). Profit margin: 9.8% (down from 14% in 1Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 17
Full year 2021 earnings released: EPS: Rp240 (vs Rp104 in FY 2020) Full year 2021 results: EPS: Rp240 (up from Rp104 in FY 2020). Revenue: Rp2.09t (up 38% from FY 2020). Net income: Rp187.7b (up 132% from FY 2020). Profit margin: 9.0% (up from 5.4% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to Rp1,715, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 21x in the Food industry in Indonesia. Total returns to shareholders of 194% over the past year. Is New 90 Day High Low • Jan 04
New 90-day high: Rp840 The company is up 47% from its price of Rp570 on 07 October 2020. The Indonesian market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: Rp630 The company is up 11% from its price of Rp570 on 18 September 2020. The Indonesian market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 5.0% over the same period. 
