New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.77t (US$97.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Earnings have declined by 43% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Rp1.77t market cap, or US$97.1m). Announcement • May 19
PT Alkindo Naratama Tbk, Annual General Meeting, Jun 24, 2026 PT Alkindo Naratama Tbk, Annual General Meeting, Jun 24, 2026. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp5.00 (vs Rp2.67 in 1Q 2025) First quarter 2026 results: EPS: Rp5.00 (up from Rp2.67 in 1Q 2025). Revenue: Rp534.4b (up 11% from 1Q 2025). Net income: Rp13.5b (up 87% from 1Q 2025). Profit margin: 2.5% (up from 1.5% in 1Q 2025). The increase in margin was driven by higher 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 25% per year, which means it is well ahead of earnings. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: Rp13.00 (vs Rp3.20 loss in FY 2024) Full year 2025 results: EPS: Rp13.00 (up from Rp3.20 loss in FY 2024). Revenue: Rp2.12t (up 14% from FY 2024). Net income: Rp35.1b (up Rp43.8b from FY 2024). Profit margin: 1.7% (up from net loss in FY 2024). 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 96 percentage points per year, which is a significant difference in performance. New Risk • Jan 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.62t (US$97.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 46% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (Rp1.62t market cap, or US$97.1m). New Risk • Nov 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 46% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (Rp1.42t market cap, or US$85.0m). Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp5.31 (vs Rp3.44 in 3Q 2024) Third quarter 2025 results: EPS: Rp5.31 (up from Rp3.44 in 3Q 2024). Revenue: Rp554.8b (up 15% from 3Q 2024). Net income: Rp14.4b (up 55% from 3Q 2024). Profit margin: 2.6% (up from 1.9% in 3Q 2024). 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 127 percentage points per year, which is a significant difference in performance. Board Change • Oct 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. 3 experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioner Meigi Widjaja was the last independent director to join the board, commencing their role in 2022. 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 07
PT Alkindo Naratama Tbk, Annual General Meeting, Jun 12, 2025 PT Alkindo Naratama Tbk, Annual General Meeting, Jun 12, 2025. Announcement • Mar 31
PT Alkindo Naratama Tbk (IDX:ALDO) announces an Equity Buyback for IDR 10,000 million worth of its shares. PT Alkindo Naratama Tbk (IDX:ALDO) announces a share repurchase program. Under the program, the company will repurchase up to IDR 10,000 million worth of its shares. The buyback will be carried out at a price lower than or equal to the closing price of the previous trade. The purpose of program is to maintain the fair price of the company's shares. The program will be valid till July 7, 2025. New Risk • Nov 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 69% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 22% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (Rp1.42t market cap, or US$90.7m). Reported Earnings • Nov 03
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: Rp482.7b (up 9.2% from 3Q 2023). Net income: Rp9.28b (up 95% from 3Q 2023). Profit margin: 1.9% (up from 1.1% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Aug 02
Second quarter 2024 earnings released: Rp355 loss per share (vs Rp1.49 profit in 2Q 2023) Second quarter 2024 results: Rp355 loss per share (down from Rp1.49 profit in 2Q 2023). Revenue: Rp395.3b (up 5.2% from 2Q 2023). Net loss: Rp12.7b (down 425% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • May 17
PT Alkindo Naratama Tbk, Annual General Meeting, Jun 20, 2024 PT Alkindo Naratama Tbk, Annual General Meeting, Jun 20, 2024. New Risk • May 12
New major risk - Revenue and earnings growth Earnings have declined by 6.3% 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 (1.4x net interest cover). Earnings have declined by 6.3% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.8% net profit margin). Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Market cap is less than US$100m (Rp1.15t market cap, or US$71.2m). New Risk • Nov 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.0% net profit margin). Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Market cap is less than US$100m (Rp999.3b market cap, or US$64.0m). Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: Rp3.35 (vs Rp15.83 in 3Q 2022) Third quarter 2023 results: EPS: Rp3.35 (down from Rp15.83 in 3Q 2022). Revenue: Rp442.0b (up 33% from 3Q 2022). Net income: Rp4.76b (down 77% from 3Q 2022). Profit margin: 1.1% (down from 6.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp745, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 30x in the Packaging industry in Indonesia. Total returns to shareholders of 97% over the past three years. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: Rp2.97 (vs Rp10.88 in 2Q 2022) Second quarter 2023 results: EPS: Rp2.97 (down from Rp10.88 in 2Q 2022). Revenue: Rp375.8b (up 4.4% from 2Q 2022). Net income: Rp3.91b (down 73% from 2Q 2022). Profit margin: 1.0% (down from 4.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 28
Upcoming dividend of Rp1.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 2.5% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indonesian dividend payers (5.6%). Lower than average of industry peers (1.7%). Board Change • Nov 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. 5 highly experienced directors. No independent directors (3 non-independent directors). Corporate Secretary & Director - Kuswara is the most experienced director on the board, commencing their role in 2011. Independent Commissioner Gunaratna Tanusasmita was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: Rp10.88 (vs Rp14.03 in 2Q 2021) Second quarter 2022 results: EPS: Rp10.88 (down from Rp14.03 in 2Q 2021). Revenue: Rp359.9b (up 9.3% from 2Q 2021). Net income: Rp14.3b (down 7.1% from 2Q 2021). Profit margin: 4.0% (down from 4.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.2%, compared to a 22% growth forecast for the industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 20% share price decline to Rp815, the stock trades at a trailing P/E ratio of 14x. Average forward P/E is 12x in the Packaging industry in Indonesia. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorated over the past week After last week's 20% share price decline to Rp885, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 12x in the Packaging industry in Indonesia. Total returns to shareholders of 178% over the past three years. Board Change • Apr 27
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. No experienced directors. 6 highly experienced directors. 1 independent director (2 non-independent directors). Independent Commissioner Gunaratna Tanusasmita was the last independent director to join the board, commencing their role in 2012. 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 • Feb 22
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp1,075, the stock trades at a trailing P/E ratio of 20x. Average forward P/E is 14x in the Packaging industry in Indonesia. Total returns to shareholders of 5.1% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 16% share price gain to Rp1,155, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 21x in the Packaging industry in Indonesia. Total returns to shareholders of 203% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 25% share price gain to Rp1,075, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 15x in the Packaging industry in Indonesia. Total returns to shareholders of 176% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 16% share price gain to Rp905, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 16x in the Packaging industry in Indonesia. Total returns to shareholders of 121% over the past three years. Reported Earnings • Sep 06
Second quarter 2021 earnings released: EPS Rp14.03 (vs Rp9.28 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: Rp329.1b (up 58% from 2Q 2020). Net income: Rp15.4b (up 51% from 2Q 2020). Profit margin: 4.7% (down from 4.9% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 19% share price gain to Rp750, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 16x in the Packaging industry in Indonesia. Total returns to shareholders of 77% 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 17% share price decline to Rp775, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 15x in the Packaging industry in Indonesia. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 15% share price gain to Rp1,030, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 16x in the Packaging industry in Indonesia. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 31% share price gain to Rp625, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 16x in the Packaging industry in Indonesia. Total returns to shareholders of 49% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS Rp45.97 (vs Rp55.61 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: Rp1.11t (flat on FY 2019). Net income: Rp50.6b (down 10% from FY 2019). Profit margin: 4.6% (down from 5.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp464, the stock is trading at a trailing P/E ratio of 10.5x, down from the previous P/E ratio of 12.9x. This compares to an average P/E of 17x in the Packaging industry in Indonesia. Total returns to shareholders over the past year are 16%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 19% share price gain to Rp500, the stock is trading at a trailing P/E ratio of 11.3x, up from the previous P/E ratio of 9.5x. This compares to an average P/E of 14x in the Packaging industry in Indonesia. Total returns to shareholders over the past year are 17%. Is New 90 Day High Low • Dec 21
New 90-day high: Rp432 The company is up 16% from its price of Rp374 on 23 September 2020. The Indonesian market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is up 9.0% over the same period. Reported Earnings • Nov 29
Third quarter 2020 earnings released: EPS Rp14.63 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: Rp263.2b (down 3.4% from 3Q 2019). Net income: Rp16.1b (down 18% from 3Q 2019). Profit margin: 6.1% (down from 7.2% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 04
New 90-day high: Rp428 The company is up 14% from its price of Rp374 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 Packaging industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: Rp416 The company is up 10.0% from its price of Rp378 on 14 July 2020. The Indonesian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 1.0% over the same period.