Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp0.39 (vs Rp4.09 in 1Q 2025) First quarter 2026 results: EPS: Rp0.39 (down from Rp4.09 in 1Q 2025). Revenue: Rp871.0b (up 1.3% from 1Q 2025). Net income: Rp2.22b (down 90% from 1Q 2025). Profit margin: 0.3% (down from 2.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 2 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 fallen by 16% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. New Risk • Apr 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 179% Cash payout ratio: 131% Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp675, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Food industry in Indonesia. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp909 per share. Buy Or Sell Opportunity • Apr 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.3% to Rp715. The fair value is estimated to be Rp909, 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. Earnings per share has declined by 15%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Declared Dividend • Apr 10
Dividend of Rp80.04 announced Shareholders will receive a dividend of Rp80.04. Ex-date: 16th April 2026 Payment date: 24th April 2026 Dividend yield will be 9.9%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio) nor is it covered by cash flows (145% cash payout ratio). The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control. EPS is expected to grow by 47% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Apr 09
PT Nippon Indosari Corpindo Tbk announces Annual dividend, payable on April 24, 2026 PT Nippon Indosari Corpindo Tbk announced Annual dividend of IDR 80.0400 per share payable on April 24, 2026, ex-date on April 16, 2026 and record date on April 17, 2026. Reported Earnings • Mar 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: Rp45.81 (down from Rp63.57 in FY 2024). Revenue: Rp3.76t (down 4.4% from FY 2024). Net income: Rp258.5b (down 29% from FY 2024). Profit margin: 6.9% (down from 9.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 58%. Revenue is forecast to grow 8.9% 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 fallen by 15% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jan 31
Price target decreased by 10% to Rp875 Down from Rp975, the current price target is an average from 3 analysts. New target price is 14% above last closing price of Rp765. Stock is down 19% over the past year. The company is forecast to post earnings per share of Rp28.97 for next year compared to Rp63.57 last year. Major Estimate Revision • Nov 11
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from Rp4.01b to Rp3.88b. EPS estimate rose from Rp47.00 to Rp54.96. Net income forecast to grow 44% next year vs 12% growth forecast for Food industry in Indonesia. Consensus price target down from Rp975 to Rp925. Share price was steady at Rp800 over the past week. Price Target Changed • Nov 10
Price target decreased by 9.8% to Rp925 Down from Rp1,025, the current price target is an average from 2 analysts. New target price is 15% above last closing price of Rp805. Stock is down 17% over the past year. The company is forecast to post earnings per share of Rp54.96 for next year compared to Rp63.57 last year. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: Rp11.50 (vs Rp18.25 in 3Q 2024) Third quarter 2025 results: EPS: Rp11.50 (down from Rp18.25 in 3Q 2024). Revenue: Rp971.4b (down 7.6% from 3Q 2024). Net income: Rp64.9b (down 38% from 3Q 2024). Profit margin: 6.7% (down from 9.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% 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 fallen by 10% per year whereas the company’s share price has fallen by 15% per year. 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. 5 non-independent directors. Independent Commissioner Sik Tjien was the last independent director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 09
PT Nippon Indosari Corpindo Tbk announces Annual dividend, payable on April 28, 2025 PT Nippon Indosari Corpindo Tbk announced Annual dividend of IDR 79.4400 per share payable on April 28, 2025, ex-date on April 17, 2025 and record date on April 21, 2025. Announcement • Feb 28
PT Nippon Indosari Corpindo Tbk, Annual General Meeting, Apr 08, 2025 PT Nippon Indosari Corpindo Tbk, Annual General Meeting, Apr 08, 2025. Reported Earnings • Nov 02
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: Rp18.25. Revenue: Rp1.05t (up 3.7% from 3Q 2023). Net income: Rp104.1b (down 6.3% from 3Q 2023). Profit margin: 9.9% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Food industry in Indonesia. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from Rp4.21b to Rp4.12b. EPS estimate also fell from Rp67.53 per share to Rp59.60 per share. Net income forecast to grow 9.9% next year vs 9.9% growth forecast for Food industry in Indonesia. Consensus price target broadly unchanged at Rp1,425. Share price was steady at Rp1,040 over the past week. Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: Rp12.40 (vs Rp12.20 in 2Q 2023) Second quarter 2024 results: EPS: Rp12.40 (up from Rp12.20 in 2Q 2023). Revenue: Rp972.1b (up 10% from 2Q 2023). Net income: Rp70.9b (up 1.8% from 2Q 2023). Profit margin: 7.3% (down from 7.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Food industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: Rp12.94 (vs Rp8.62 in 1Q 2023) First quarter 2024 results: EPS: Rp12.94 (up from Rp8.62 in 1Q 2023). Revenue: Rp951.3b (up 1.1% from 1Q 2023). Net income: Rp73.8b (up 50% from 1Q 2023). Profit margin: 7.8% (up from 5.2% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 8.1% 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 19% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 15
Upcoming dividend of Rp87.67 per share Eligible shareholders must have bought the stock before 22 April 2024. Payment date: 26 April 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.2%. Within top quartile of Indonesian dividend payers (6.1%). Higher than average of industry peers (3.2%). Buy Or Sell Opportunity • Apr 05
Now 20% undervalued Over the last 90 days, the stock has risen 3.9% to Rp1,210. The fair value is estimated to be Rp1,522, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from Rp4.27b to Rp4.32b. EPS estimate fell from Rp69.74 to Rp58.90 per share. Net income forecast to grow 9.8% next year vs 11% growth forecast for Food industry in Indonesia. Consensus price target broadly unchanged at Rp1,488. Share price fell 2.4% to Rp1,195 over the past week. Price Target Changed • Mar 04
Price target decreased by 9.4% to Rp1,488 Down from Rp1,643, the current price target is an average from 4 analysts. New target price is 23% above last closing price of Rp1,205. Stock is down 22% over the past year. The company is forecast to post earnings per share of Rp58.90 for next year compared to Rp58.44 last year. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued Over the last 90 days, the stock has risen 3.4% to Rp1,205. The fair value is estimated to be Rp1,522, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Mar 02
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: Rp58.44 (down from Rp74.98 in FY 2022). Revenue: Rp3.82t (down 2.9% from FY 2022). Net income: Rp333.3b (down 23% from FY 2022). Profit margin: 8.7% (down from 11% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.0%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 8.1% 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 4% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 19
Price target decreased by 7.9% to Rp1,513 Down from Rp1,643, the current price target is an average from 4 analysts. New target price is 33% above last closing price of Rp1,140. Stock is down 17% over the past year. The company is forecast to post earnings per share of Rp56.56 for next year compared to Rp74.98 last year. Major Estimate Revision • Jan 12
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from Rp4.09b to Rp3.70b. EPS estimate also fell from Rp59.67 per share to Rp53.40 per share. Net income forecast to shrink 2.6% next year vs 17% growth forecast for Food industry in Indonesia . Consensus price target down from Rp1,643 to Rp1,567. Share price was steady at Rp1,165 over the past week. Price Target Changed • Jan 09
Price target decreased by 7.7% to Rp1,600 Down from Rp1,734, the current price target is an average from 3 analysts. New target price is 38% above last closing price of Rp1,160. Stock is down 12% over the past year. The company is forecast to post earnings per share of Rp56.40 for next year compared to Rp74.98 last year. Major Estimate Revision • Sep 19
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from Rp4.26b to Rp4.09b. EPS estimate also fell from Rp69.05 per share to Rp61.09 per share. Net income forecast to shrink 2.2% next year vs 16% growth forecast for Food industry in Indonesia . Consensus price target down from Rp1,818 to Rp1,714. Share price was steady at Rp1,375 over the past week. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: Rp12.20 (vs Rp9.53 in 2Q 2022) Second quarter 2023 results: EPS: Rp12.20 (up from Rp9.53 in 2Q 2022). Revenue: Rp882.8b (flat on 2Q 2022). Net income: Rp69.6b (up 42% from 2Q 2022). Profit margin: 7.9% (up from 5.5% in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Food 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 2% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 05
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from Rp4.45b to Rp4.30b. EPS estimate also fell from Rp80.00 per share to Rp70.70 per share. Net income forecast to grow 15% next year vs 20% growth forecast for Food industry in Indonesia. Consensus price target of Rp1,818 unchanged from last update. Share price was steady at Rp1,330 over the past week. Board Change • Nov 16
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. 4 non-independent directors. Independent Commissioner Jusuf Tjondrolukito was the last independent director to join the board, commencing their role in 2015. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: Rp21.83 (vs Rp14.50 in 3Q 2021) Third quarter 2022 results: EPS: Rp21.83 (up from Rp14.50 in 3Q 2021). Revenue: Rp1.07t (up 22% from 3Q 2021). Net income: Rp125.7b (up 43% from 3Q 2021). Profit margin: 12% (up from 10.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Food industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Oct 21
PT Nippon Indosari Corpindo Tbk (IDX:ROTI) announces an Equity Buyback for 102,828,499 shares, for IDR 174,808.45 million. PT Nippon Indosari Corpindo Tbk (IDX:ROTI) announces a share repurchase program. Under the plan, the company will repurchase up to 102,828,499 shares for IDR 174,808.45 million. The maximum purchase price would limit to a maximum of IDR 1,700 per share. The purpose of the program is to stabilize prices in volatile market conditions and provide flexibility for the company in managing long-term capital. The program will be funded from the company's internal funds from operational activities. The repurchased shares can be sold in future if the company requires additional capital. The program is valid till January 20, 2023. Reported Earnings • Jul 28
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: Rp9.53 (down from Rp10.67 in 2Q 2021). Revenue: Rp882.9b (up 15% from 2Q 2021). Net income: Rp49.0b (down 25% from 2Q 2021). Profit margin: 5.5% (down from 8.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 12%, compared to a 15% growth forecast for the industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Board Change • Apr 27
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. 4 non-independent directors. Independent Commissioner Jusuf Tjondrolukito was the last independent director to join the board, commencing their role in 2015. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Rp46.11 (up from Rp35.98 in FY 2020). Revenue: Rp3.29t (up 2.4% from FY 2020). Net income: Rp281.3b (up 31% from FY 2020). Profit margin: 8.6% (up from 6.7% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 14%, compared to a 14% growth forecast for the 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 3% per year. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS Rp14.50 (vs Rp6.07 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: Rp878.0b (up 15% from 3Q 2020). Net income: Rp87.9b (up 146% from 3Q 2020). Profit margin: 10.0% (up from 4.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS Rp10.67 (vs Rp2.33 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp769.7b (up 1.1% from 2Q 2020). Net income: Rp65.1b (up 379% from 2Q 2020). Profit margin: 8.5% (up from 1.8% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • May 13
Upcoming dividend of Rp48.49 per share Eligible shareholders must have bought the stock before 19 May 2021. Payment date: 03 June 2021. Trailing yield: 3.5%. Lower than top quartile of Indonesian dividend payers (4.8%). Higher than average of industry peers (2.1%). Price Target Changed • May 01
Price target decreased to Rp1,600 Down from Rp1,725, the current price target is an average from 2 analysts. New target price is 12% above last closing price of Rp1,425. Stock is up 18% over the past year. Major Estimate Revision • May 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from Rp54.16 to Rp45.10 per share. Revenue forecast steady at Rp3.49b. Net income forecast to grow 62% next year vs 27% growth forecast for Food industry in Indonesia. Consensus price target down from Rp1,860 to Rp1,725. Share price was steady at Rp1,425 over the past week. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS Rp35.98 (vs Rp49.29 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp3.21t (down 3.7% from FY 2019). Net income: Rp215.1b (down 29% from FY 2019). Profit margin: 6.7% (down from 9.0% in FY 2019). The decrease in margin was driven by lower revenue. 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 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 04
Price target raised to Rp1,560 Up from Rp1,416, the current price target is an average from 3 analysts. The new target price is 8.3% above the current share price of Rp1,440. As of last close, the stock is up 11% over the past year. Is New 90 Day High Low • Jan 22
New 90-day high: Rp1,450 The company is up 17% from its price of Rp1,235 on 23 October 2020. The Indonesian market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp201 per share. Is New 90 Day High Low • Dec 15
New 90-day high: Rp1,365 The company is up 10.0% from its price of Rp1,240 on 16 September 2020. The Indonesian market is up 19% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp175 per share. Is New 90 Day High Low • Nov 24
New 90-day high: Rp1,360 The company is up 15% from its price of Rp1,185 on 26 August 2020. The Indonesian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp152 per share. Is New 90 Day High Low • Nov 04
New 90-day high: Rp1,300 The company is up 8.0% from its price of Rp1,200 on 06 August 2020. The Indonesian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp152 per share. Major Estimate Revision • Oct 30
Analysts lower EPS estimates to Rp30.30 The 2020 consensus revenue estimate was lowered from Rp3.50b to Rp3.29b. Earning per share (EPS) estimate was also lowered from Rp40.28 to Rp30.30 for the same period. Net income is expected to grow by 55% next year compared to 21% growth forecast for the Food industry in Indonesia. The consensus price target was lowered from Rp1,416 to Rp1,404. Share price stayed mostly flat at Rp1,240 over the past week. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total profits of Rp216.5b, down 23% from the prior year. Total revenue was Rp3.31t over the last 12 months, up 2.1% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 25
Third-quarter earnings released: Earnings miss expectations Earnings per share (EPS) missed analyst estimates by 66% at Rp6.07. Revenue is forecast to grow 17% over the next year, compared to a 12% growth forecast for the Food industry in Indonesia. Is New 90 Day High Low • Oct 13
New 90-day high: Rp1,245 The company is up 1.0% from its price of Rp1,230 on 15 July 2020. The Indonesian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Food 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 Rp169 per share. 
