Announcement • Jun 12
PT Madusari Murni Indah Tbk announces Annual dividend, payable on July 10, 2026 PT Madusari Murni Indah Tbk announced Annual dividend of IDR 7.3400 per share payable on July 10, 2026, ex-date on June 19, 2026 and record date on June 22, 2026. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp222, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Chemicals industry in Indonesia. Total returns to shareholders of 55% over the past three years. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: Rp10.54 (vs Rp2.72 in 1Q 2025) First quarter 2026 results: EPS: Rp10.54 (up from Rp2.72 in 1Q 2025). Revenue: Rp319.2b (down 13% from 1Q 2025). Net income: Rp28.7b (up 288% from 1Q 2025). Profit margin: 9.0% (up from 2.0% in 1Q 2025). The increase in margin was driven by lower 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 30% per year, which means it is well ahead of earnings. Announcement • May 01
PT Madusari Murni Indah Tbk, Annual General Meeting, Jun 09, 2026 PT Madusari Murni Indah Tbk, Annual General Meeting, Jun 09, 2026. Reported Earnings • Apr 01
Full year 2025 earnings released: EPS: Rp27.70 (vs Rp4.75 in FY 2024) Full year 2025 results: EPS: Rp27.70 (up from Rp4.75 in FY 2024). Revenue: Rp1.50t (up 9.3% from FY 2024). Net income: Rp75.5b (up 483% from FY 2024). Profit margin: 5.0% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp266, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 13x in the Chemicals industry in Indonesia. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp250, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 15x in the Chemicals industry in Indonesia. Total returns to shareholders of 27% over the past three years. Reported Earnings • Dec 17
Third quarter 2025 earnings released: EPS: Rp9.16 (vs Rp5.22 in 3Q 2024) Third quarter 2025 results: EPS: Rp9.16 (up from Rp5.22 in 3Q 2024). Revenue: Rp385.1b (down 9.0% from 3Q 2024). Net income: Rp24.9b (up 75% from 3Q 2024). Profit margin: 6.5% (up from 3.4% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to Rp410, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 16x in the Chemicals industry in Indonesia. Total returns to shareholders of 60% over the past three years. Announcement • Apr 18
PT Madusari Murni Indah Tbk, Annual General Meeting, May 27, 2025 PT Madusari Murni Indah Tbk, Annual General Meeting, May 27, 2025. New Risk • Oct 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (Rp648.3b market cap, or US$40.8m). Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: Rp5.22 (vs Rp4.99 in 3Q 2023) Third quarter 2024 results: EPS: Rp5.22 (up from Rp4.99 in 3Q 2023). Revenue: Rp423.4b (up 10% from 3Q 2023). Net income: Rp14.2b (up 4.5% from 3Q 2023). Profit margin: 3.4% (down from 3.5% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp244, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 13x in the Chemicals industry in Indonesia. Total loss to shareholders of 73% over the past three years. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: Rp1.19 (vs Rp20.02 in 2Q 2023) Second quarter 2024 results: EPS: Rp1.19 (down from Rp20.02 in 2Q 2023). Revenue: Rp316.6b (down 1.7% from 2Q 2023). Net income: Rp3.24b (down 94% from 2Q 2023). Profit margin: 1.0% (down from 17% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp292, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 10x in the Chemicals industry in Indonesia. Total loss to shareholders of 61% over the past three years. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: Rp2.12 (vs Rp1.77 in 1Q 2023) First quarter 2024 results: EPS: Rp2.12 (up from Rp1.77 in 1Q 2023). Revenue: Rp306.2b (down 18% from 1Q 2023). Net income: Rp5.78b (up 20% from 1Q 2023). Profit margin: 1.9% (up from 1.3% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp262, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 11x in the Chemicals industry in Indonesia. Total loss to shareholders of 71% over the past three years. New Risk • Apr 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 82% 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 Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (Rp844.5b market cap, or US$52.4m). Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: Rp30.66 (vs Rp2.73 in FY 2022) Full year 2023 results: EPS: Rp30.66 (up from Rp2.73 in FY 2022). Revenue: Rp1.45t (down 4.4% from FY 2022). Net income: Rp83.5b (up Rp76.1b from FY 2022). Profit margin: 5.8% (up from 0.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Jan 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 147% 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 Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (Rp1.04t market cap, or US$66.6m). Market cap is less than US$100m (Rp1.04t market cap, or US$66.6m). Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp376, the stock trades at a trailing P/E ratio of 69x. Average trailing P/E is 14x in the Chemicals industry in Indonesia. Total loss to shareholders of 48% over the past three years. Buying Opportunity • Dec 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be Rp427, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last year. Earnings per share has declined by 59%. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp320, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 14x in the Chemicals industry in Indonesia. Total loss to shareholders of 56% over the past three years. Buying Opportunity • Nov 11
Now 27% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be Rp436, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last year. Earnings per share has declined by 59%. Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: Rp3.52 (vs Rp4.73 in 3Q 2021) Third quarter 2022 results: EPS: Rp3.52 (down from Rp4.73 in 3Q 2021). Revenue: Rp433.9b (up 11% from 3Q 2021). Net income: Rp9.59b (down 26% from 3Q 2021). Profit margin: 2.2% (down from 3.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to Rp300, the stock trades at a trailing P/E ratio of 73.9x. Average trailing P/E is 19x in the Chemicals industry in Indonesia. Total loss to shareholders of 61% over the past three years. Reported Earnings • Aug 06
Third quarter 2022 earnings released: EPS: Rp2.13 (vs Rp4.73 in 3Q 2021) Third quarter 2022 results: EPS: Rp2.13 (down from Rp4.73 in 3Q 2021). Revenue: Rp433.9b (up 11% from 3Q 2021). Net income: Rp5.81b (down 55% from 3Q 2021). Profit margin: 1.3% (down from 3.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year and the company’s share price has also fallen by 34% per year. New Risk • Jun 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indonesian stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (Rp463.1b market cap, or US$31.2m). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp170, the stock trades at a trailing P/E ratio of 63.5x. Average trailing P/E is 11x in the Chemicals industry in Indonesia. Total loss to shareholders of 82% over the past three years. 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. 9 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Independent Commissioner I Darma was the last independent 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 20
Second quarter 2022 earnings released: Rp2.02 loss per share (vs Rp1.28 profit in 2Q 2021) Second quarter 2022 results: Rp2.02 loss per share (down from Rp1.28 profit in 2Q 2021). Revenue: Rp356.9b (down 1.1% from 2Q 2021). Net loss: Rp5.49b (down 258% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 33% per year and the company’s share price has also fallen by 33% per year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 18% share price gain to Rp276, the stock trades at a trailing P/E ratio of 38.4x. Average trailing P/E is 14x in the Chemicals industry in Indonesia. Total loss to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp234, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 15x in the Chemicals industry in Indonesia. Total loss to shareholders of 73% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: Rp0.10 (vs Rp3.88 in 1Q 2021) First quarter 2022 results: EPS: Rp0.10 (down from Rp3.88 in 1Q 2021). Revenue: Rp355.3b (down 20% from 1Q 2021). Net income: Rp277.5m (down 97% from 1Q 2021). Profit margin: 0.1% (down from 2.4% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 32% per year. 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. 9 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Commissioner I Darma was the last independent 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: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp372, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 34x in the Chemicals industry in Indonesia. Total loss to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment deteriorated over the past week After last week's 18% share price decline to Rp446, the stock trades at a trailing P/E ratio of 33.5x. Average trailing P/E is 36x in the Chemicals industry in Indonesia. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Rp595, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 29x in the Chemicals industry in Indonesia. Total loss to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 19% share price gain to Rp1,150, the stock trades at a trailing P/E ratio of 48.3x. Average trailing P/E is 21x in the Chemicals industry in Indonesia. Total loss to shareholders of 5.6% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 19% share price gain to Rp1,150, the stock trades at a trailing P/E ratio of 48.3x. Average trailing P/E is 19x in the Chemicals industry in Indonesia. Total returns to shareholders of 19% over the past year. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp995, the stock trades at a trailing P/E ratio of 34.7x. Average trailing P/E is 15x in the Chemicals industry in Indonesia. Total loss to shareholders of 9.0% over the past year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 16% share price gain to Rp1,200, the stock trades at a trailing P/E ratio of 41.8x. Average trailing P/E is 17x in the Chemicals industry in Indonesia. Total returns to shareholders of 6.8% over the past year. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 17% share price gain to Rp1,100, the stock is trading at a trailing P/E ratio of 38.3x, up from the previous P/E ratio of 32.7x. This compares to an average P/E of 16x in the Chemicals industry in Indonesia. Total return to shareholders over the past year is a loss of 2.1%. Is New 90 Day High Low • Jan 11
New 90-day high: Rp1,100 The company is up 18% from its price of Rp930 on 14 October 2020. The Indonesian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 30% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS Rp8.52 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: Rp375.8b (up 35% from 3Q 2019). Net income: Rp20.7b (up 146% from 3Q 2019). Profit margin: 5.5% (up from 3.0% in 3Q 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Nov 16
New 90-day low: Rp840 The company is down 7.0% from its price of Rp900 on 18 August 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period.