Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to Rp191, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to Rp254, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 43% over the past three years. New Risk • May 06
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 13% 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (Rp1.13t market cap, or US$65.6m). Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to Rp364, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 21x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 32% over the past three years. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: US$0 (vs US$0 in 1Q 2025) First quarter 2026 results: EPS: US$0 (in line with 1Q 2025). Revenue: US$32.8m (down 4.1% from 1Q 2025). Net loss: US$124.3k (loss narrowed 85% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp302, the stock trades at a trailing P/E ratio of 46.2x. Average trailing P/E is 19x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 50% over the past three years. Announcement • Mar 03
PT Pelat Timah Nusantara Tbk, Annual General Meeting, Apr 08, 2026 PT Pelat Timah Nusantara Tbk, Annual General Meeting, Apr 08, 2026. Reported Earnings • Feb 13
Full year 2025 earnings released Full year 2025 results: Revenue: US$139.8m (down 10% from FY 2024). Net income: US$973.4k (up US$992.2k from FY 2024). Profit margin: 0.7% (up from 0% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings have declined by 46% 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 (1.5x net interest cover). Earnings have declined by 46% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Rp989.2b market cap, or US$58.4m). Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp338, the stock trades at a trailing P/E ratio of 39.4x. Average trailing P/E is 23x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to Rp448, the stock trades at a trailing P/E ratio of 52.4x. Average trailing P/E is 28x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 27% over the past three years. New Risk • Dec 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indonesian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Market cap is less than US$100m (Rp963.9b market cap, or US$57.8m). Board Change • Oct 29
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 R. Martono was the last independent director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 12
PT Pelat Timah Nusantara Tbk, Annual General Meeting, Apr 17, 2025 PT Pelat Timah Nusantara Tbk, Annual General Meeting, Apr 17, 2025. Location: meeting both physically and eletronically, jakarta Indonesia Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: US$0.001 (vs US$0.001 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.001 (up from US$0.001 loss in 3Q 2023). Revenue: US$43.3m (up 8.9% from 3Q 2023). Net income: US$2.56m (up US$5.55m from 3Q 2023). Profit margin: 5.9% (up from net loss in 3Q 2023). The move to profitability was primarily 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 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 02
Second quarter 2024 earnings released: US$0.001 loss per share (vs US$0 in 2Q 2023) Second quarter 2024 results: US$0.001 loss per share (further deteriorated from US$0 in 2Q 2023). Revenue: US$34.3m (down 8.3% from 2Q 2023). Net loss: US$2.87m (loss widened 182% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Aug 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (Rp666.2b market cap, or US$41.3m). Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: US$0 (vs US$0 in 1Q 2023) First quarter 2024 results: EPS: US$0 (in line with 1Q 2023). Revenue: US$37.8m (down 25% from 1Q 2023). Net loss: US$981.3k (down 179% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 22
Full year 2023 earnings released: US$0.001 loss per share (vs US$0.003 profit in FY 2022) Full year 2023 results: US$0.001 loss per share (down from US$0.003 profit in FY 2022). Revenue: US$171.1m (down 33% from FY 2022). Net loss: US$3.67m (down 151% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 43% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: US$0 (vs US$0 in 2Q 2022) Second quarter 2023 results: EPS: US$0 (in line with 2Q 2022). Revenue: US$37.4m (down 41% from 2Q 2022). Net loss: US$1.02m (down 189% from profit in 2Q 2022). 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 22% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: US$0.003 (vs US$0.002 in FY 2021) Full year 2022 results: EPS: US$0.003 (up from US$0.002 in FY 2021). Revenue: US$255.3m (up 21% from FY 2021). Net income: US$7.13m (up 22% from FY 2021). Profit margin: 2.8% (in line with FY 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 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp725, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 14x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 12% over the past three years. Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). President Director - Jetrinaldi is the most experienced director on the board, commencing their role in 2016. Independent Commissioner Asroru Maula 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$61.3m (up 18% from 3Q 2021). Net income: US$1.82m (down 19% from 3Q 2021). Profit margin: 3.0% (down from 4.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 26
Second quarter 2022 earnings released: EPS: US$0 (vs US$0 in 2Q 2021) Second quarter 2022 results: EPS: US$0 (vs US$0 in 2Q 2021). Revenue: US$63.5m (up 46% from 2Q 2021). Net income: US$1.15m (up 11% from 2Q 2021). Profit margin: 1.8% (down from 2.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: US$0.002 (vs US$0.001 in 1Q 2021) First quarter 2022 results: EPS: US$0.002 (up from US$0.001 in 1Q 2021). Revenue: US$73.1m (up 56% from 1Q 2021). Net income: US$4.57m (up 207% from 1Q 2021). Profit margin: 6.3% (up from 3.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. No independent directors (4 non-independent directors). President Director - Jetrinaldi is the most experienced director on the board, commencing their role in 2016. Independent Commissioner Asroru Maula 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.002 (up from US$0.001 in FY 2020). Revenue: US$210.7m (up 46% from FY 2020). Net income: US$5.86m (up 116% from FY 2020). Profit margin: 2.8% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 92%. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improved over the past week After last week's 19% share price gain to Rp1,120, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 23x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 16% share price gain to US$1,205, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 26x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 23% share price gain to US$1,385, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 26x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 16% share price gain to US$1,145, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 29x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 76% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$144.7m (down 11% from FY 2019). Net income: US$2.72m (up 1.4% from FY 2019). Profit margin: 1.9% (up from 1.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 14
New 90-day high: Rp1,875 The company is up 139% from its price of Rp785 on 16 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 88% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: Rp1,750 The company is up 138% from its price of Rp735 on 18 September 2020. The Indonesian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 56% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: Rp1,005 The company is up 13% from its price of Rp890 on 26 August 2020. The Indonesian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 15% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total losses of US$214.0k, with earnings decreasing by US$3.71m from the prior year. Total revenue was US$145.3m over the last 12 months, down 11% from the prior year.