Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp33.00 (vs Rp2.12 in 1Q 2025) First quarter 2026 results: EPS: Rp33.00 (up from Rp2.12 in 1Q 2025). Revenue: Rp720.6b (down 1.2% from 1Q 2025). Net income: Rp20.3b (up Rp19.0b from 1Q 2025). Profit margin: 2.8% (up from 0.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • May 02
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: Rp977m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 55% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (Rp977m sold). Market cap is less than US$100m (Rp330.6b market cap, or US$19.2m). Announcement • Apr 28
PT Argha Karya Prima Industry Tbk, Annual General Meeting, Jun 03, 2026 PT Argha Karya Prima Industry Tbk, Annual General Meeting, Jun 03, 2026. Recent Insider Transactions • Apr 08
Commissioner recently bought Rp55m worth of stock On the 2nd of April, Henry Liem bought around 116k shares on-market at roughly Rp480 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. Despite this recent purchase, insiders have collectively sold Rp657m more in shares than they bought in the last 12 months. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: Rp21.00 (vs Rp17.36 in FY 2024) Full year 2025 results: EPS: Rp21.00 (up from Rp17.36 in FY 2024). Revenue: Rp2.94t (down 2.9% from FY 2024). Net income: Rp12.7b (up 19% from FY 2024). Profit margin: 0.4% (in line with FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Feb 24
Commissioner recently sold Rp83m worth of stock On the 20th of February, Henry Liem sold around 154k shares on-market at roughly Rp540 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Rp100m. Insiders have been net sellers, collectively disposing of Rp425m more than they bought in the last 12 months. Recent Insider Transactions • Feb 13
Commissioner recently sold Rp95m worth of stock On the 10th of February, Henry Liem sold around 167k shares on-market at roughly Rp571 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth Rp100m. Insiders have been net sellers, collectively disposing of Rp334m more than they bought in the last 12 months. Announcement • Jan 24
Mega First Corporation Berhad (KLSE:MFCB) executed a share purchase agreement to acquire an additional 12.50% stake in Stenta Films (Malaysia) Sdn. Bhd. from PT Argha Karya Prima Industry Tbk (IDX:AKPI), Rentak Rimbun Sdn Bhd, Wong Kok Hwa and Ngoei Boon for MYR 33.1 million. Mega First Corporation Berhad (KLSE:MFCB) executed a share purchase agreement to acquire an additional 12.50% stake in Stenta Films (Malaysia) Sdn. Bhd. from PT Argha Karya Prima Industry Tbk (IDX:AKPI), Rentak Rimbun Sdn Bhd, Wong Kok Hwa and Ngoei Boon for MYR 33.1 million on January 21, 2026. A cash consideration of MYR 33.1 million will be paid by Mega First Corporation Berhad. As part of consideration, MYR 33.1 million is paid towards common equity of Stenta Films (Malaysia) Sdn. Bhd. Upon completion, Mega First Corporation Berhad will own 87.50% stake in Stenta Films (Malaysia) Sdn. Bhd.
The transaction is expected to complete within 30 days from the date of share purchase agreement. Recent Insider Transactions • Dec 12
Commissioner recently sold Rp58m worth of stock On the 5th of December, Henry Liem sold around 103k shares on-market at roughly Rp570 per share. This transaction amounted to less than 1% 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 Rp71m more than they bought in the last 12 months. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp16.36 (vs Rp1.10 in 3Q 2024) Third quarter 2025 results: EPS: Rp16.36 (up from Rp1.10 in 3Q 2024). Revenue: Rp775.4b (flat on 3Q 2024). Net income: Rp11.0b (up Rp10.3b from 3Q 2024). Profit margin: 1.4% (up from 0.1% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 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. 5 non-independent directors. Independent Commissioner Widjojo Budiarto was the last independent director to join the board, commencing their role in 2004. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 14
PT Argha Karya Prima Industry Tbk announces Annual dividend, payable on July 11, 2025 PT Argha Karya Prima Industry Tbk announced Annual dividend of IDR 8.2000 per share payable on July 11, 2025, ex-date on June 20, 2025 and record date on June 23, 2025. Announcement • May 05
PT Argha Karya Prima Industry Tbk, Annual General Meeting, Jun 11, 2025 PT Argha Karya Prima Industry Tbk, Annual General Meeting, Jun 11, 2025. Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: Rp1.09 (vs Rp29.70 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp1.09 (up from Rp29.70 loss in 3Q 2023). Revenue: Rp780.9b (up 12% from 3Q 2023). Net income: Rp672.9m (up Rp18.9b from 3Q 2023). Profit margin: 0.1% (up from net loss in 3Q 2023). The move to profitability 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 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: Rp5.99 (vs Rp21.72 loss in 2Q 2023) Second quarter 2024 results: EPS: Rp5.99 (up from Rp21.72 loss in 2Q 2023). Revenue: Rp771.6b (up 25% from 2Q 2023). Net income: Rp3.62b (up Rp16.9b from 2Q 2023). Profit margin: 0.5% (up from net loss in 2Q 2023). The move to profitability 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 70 percentage points per year, which is a significant difference in performance. New Risk • May 28
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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 Risks Interest payments are not well covered by earnings (0.2x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 0.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Rp361.2b market cap, or US$22.4m). Reported Earnings • Apr 03
Full year 2023 earnings released: Rp48.00 loss per share (vs Rp346 profit in FY 2022) Full year 2023 results: Rp48.00 loss per share (down from Rp346 profit in FY 2022). Revenue: Rp2.72t (down 12% from FY 2022). Net loss: Rp29.6b (down 114% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Nov 02
Third quarter 2023 earnings released: Rp30.43 loss per share (vs Rp37.66 profit in 3Q 2022) Third quarter 2023 results: Rp30.43 loss per share (down from Rp37.66 profit in 3Q 2022). Revenue: Rp698.3b (down 9.7% from 3Q 2022). Net loss: Rp18.2b (down 179% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to Rp660, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 29x in the Packaging industry in Indonesia. Total returns to shareholders of 138% over the past three years. Reported Earnings • Aug 04
Second quarter 2023 earnings released: Rp23.51 loss per share (vs Rp118 profit in 2Q 2022) Second quarter 2023 results: Rp23.51 loss per share (down from Rp118 profit in 2Q 2022). Revenue: Rp619.0b (down 26% from 2Q 2022). Net loss: Rp13.3b (down 118% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 17% share price gain to Rp1,300, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 10x in the Packaging industry in Indonesia. Total returns to shareholders of 267% over the past three years. Reported Earnings • Dec 06
Third quarter 2022 earnings released: EPS: Rp37.67 (vs Rp172 in 3Q 2021) Third quarter 2022 results: EPS: Rp37.67 (down from Rp172 in 3Q 2021). Revenue: Rp773.3b (up 21% from 3Q 2021). Net income: Rp23.1b (down 78% from 3Q 2021). Profit margin: 3.0% (down from 17% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 10 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Folmer Hutapea was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 16% share price gain to Rp1,655, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 11x in the Packaging industry in Indonesia. Total returns to shareholders of 315% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp1,240, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 11x in the Packaging industry in Indonesia. Total returns to shareholders of 212% over the past three years. Reported Earnings • Jun 02
First quarter 2022 earnings released: EPS: Rp197 (vs Rp31.34 in 1Q 2021) First quarter 2022 results: EPS: Rp197 (up from Rp31.34 in 1Q 2021). Revenue: Rp839.6b (up 31% from 1Q 2021). Net income: Rp120.5b (up Rp101.3b from 1Q 2021). Profit margin: 14% (up from 3.0% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year whereas the company’s share price has increased by 53% per year. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 25% share price gain to Rp1,160, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 15x in the Packaging industry in Indonesia. Total returns to shareholders of 157% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 11 highly experienced directors. Director Elius Pribadi was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 13
Full year 2021 earnings released: EPS: Rp241 (vs Rp108 in FY 2020) Full year 2021 results: EPS: Rp241 (up from Rp108 in FY 2020). Revenue: Rp2.70t (up 21% from FY 2020). Net income: Rp147.8b (up 124% from FY 2020). Profit margin: 5.5% (up from 3.0% in FY 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: Rp172 (up from Rp6.30 in 3Q 2020). Revenue: Rp637.8b (up 21% from 3Q 2020). Net income: Rp105.6b (up Rp101.7b from 3Q 2020). Profit margin: 17% (up from 0.7% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 17% share price gain to Rp860, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 18x in the Packaging industry in Indonesia. Total returns to shareholders of 3.1% over the past three years. Announcement • May 26
Mega First Corporation Berhad (KLSE:MFCB) agreed to acquire Stenta Films (Malaysia) Sdn. Bhd. from PT Argha Karya Prima Industry Tbk (IDX:AKPI) and others for approximately MYR 200 million. Mega First Corporation Berhad (KLSE:MFCB) offered to acquire Stenta Films (Malaysia) Sdn. Bhd. from PT Argha Karya Prima Industry Tbk (IDX:AKPI) and others for approximately MYR 200 million on May 24, 2021. The consideration comprises of acquisition of the entire issued and paid-up capital of Stenta Films for MYR 0.9933 per share in cash subject to any adjustments pursuant to the sale and purchase agreement. In the event the acceptance rate is below 100% but is at least 70%, MFCB agrees to grant to the remaining minority shareholders a Put Option to sell their shares to MFCB and the remaining minority must include PT Argha Karya Prima Industry who shall hold at least 19.88% of the issued and paid-up capital of Stenta Films. The Put Option shall be exercisable on, and only on, two definitive dates, and not during the entire period of the option period which are either at the end of the third anniversary; or at the end of the fifth anniversary; from the completion date of the agreement; it shall only be exercised in unanimity and in whole, and not in part, by the minority shareholders of Stenta Films; and the option price shall be determined based on the higher of the purchase consideration, less dividends paid post completion of the agreement; and the purchase consideration plus after-tax profits post completion of the agreement, and less dividends paid post completion of the agreement. The Put Option is subject to the execution of a definitive Option Agreement. MFCB intends to fund the acquisition through a combination of internally generated funds and bank borrowings.
The consideration translates into an EV/EBITDA multiple of 7.1x and a Price/NBV multiple of 1.96x. The transaction is subject to the execution of a definitive sale and purchase agreement and may be subject to other regulatory authorities of Malaysia, if required. The Offer is subject to the receipt of acceptance of at least 70% of the issued shares of Stenta Films. As of May 24, 2021, MFCB has received a total acceptance representing 75% of the issued shares. The acquisition is not subject to the approval of shareholders. It is expected that the agreement, and if applicable the Option Agreement, will be executed and completed by July 2021. The acquisition of Stenta Films will immediately contribute positively to the revenue and profit of the MFCB Group. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 27% share price gain to Rp620, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 18x in the Packaging industry in Indonesia. Total loss to shareholders of 17% over the past three years. Is New 90 Day High Low • Dec 28
New 90-day high: Rp600 The company is up 114% from its price of Rp280 on 29 September 2020. The Indonesian market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 21% share price gain to Rp600, the stock is trading at a trailing P/E ratio of 5.6x, up from the previous P/E ratio of 4.6x. This compares to an average P/E of 14x in the Packaging industry in Indonesia. Total return to shareholders over the past three years is a loss of 15%. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 16% share price gain to Rp490, the stock is trading at a trailing P/E ratio of 4.6x, up from the previous P/E ratio of 4x. This compares to an average P/E of 15x in the Packaging industry in Indonesia. Total return to shareholders over the past three years is a loss of 31%. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 34% share price gain to Rp510, the stock is trading at a trailing P/E ratio of 4.8x, up from the previous P/E ratio of 3.6x. This compares to an average P/E of 13x in the Packaging industry in Indonesia. Total return to shareholders over the past three years is a loss of 28%. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 22% share price gain to Rp460, the stock is trading at a trailing P/E ratio of 4.3x, up from the previous P/E ratio of 3.5x. This compares to an average P/E of 13x in the Packaging industry in Indonesia. Total return to shareholders over the past three years is a loss of 35%. Is New 90 Day High Low • Dec 11
New 90-day high: Rp388 The company is up 29% from its price of Rp300 on 11 September 2020. The Indonesian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 30% share price gain to Rp372, the stock is trading at a trailing P/E ratio of 3.5x, up from the previous P/E ratio of 2.7x. This compares to an average P/E of 9x in the Packaging industry in Indonesia. Total return to shareholders over the past three years is a loss of 49%. Is New 90 Day High Low • Nov 24
New 90-day high: Rp374 The company is up 29% from its price of Rp290 on 25 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 Packaging industry, which is down 2.0% over the same period. 
