Semen Indonesia (Persero) (IDX:SMGR) - Share price, News & Analysis

SMGR fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	3/6
Past Performance	1/6
Financial Health	4/6
Dividends	3/6

SMGR Stock Overview

PT Semen Indonesia (Persero) Tbk, together with its subsidiaries, manufactures, packs, and distributes cement in Indonesia and internationally.

Rewards

Trading at 42% below our estimate of its fair value

Earnings are forecast to grow 21.18% per year

Risk Analysis

Unstable dividend track record

Semen Indonesia (Persero) Competitors

Semen Baturaja (Persero)

IDX:SMBR

Rp4.7t

Price History & Performance

Summary of all time highs, changes and price drops for Semen Indonesia (Persero)
Historical stock prices
Current Share Price	Rp6,500.00
52 Week High	Rp10,600.00
52 Week Low	Rp5,850.00
Beta	1.26
1 Month Change	8.33%
3 Month Change	-10.35%
1 Year Change	-29.54%
3 Year Change	-42.86%
5 Year Change	-30.48%
Change since IPO	1,447.62%

Shareholder Returns

	SMGR	ID Basic Materials	ID Market
7D	3.2%	-1.2%	3.3%
1Y	-29.5%	6.6%	18.2%

Return vs Industry: SMGR underperformed the ID Basic Materials industry which returned 6.6% over the past year.

Return vs Market: SMGR underperformed the ID Market which returned 18.2% over the past year.

Price Volatility

Is SMGR's price volatile compared to industry and market?
SMGR volatility
SMGR Average Weekly Movement	6.2%
Basic Materials Industry Average Movement	4.9%
Market Average Movement	6.3%
10% most volatile stocks in ID Market	12.0%
10% least volatile stocks in ID Market	3.0%

Stable Share Price: SMGR is not significantly more volatile than the rest of ID stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: SMGR's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1953	9,500	Hendi Santoso	https://sig.id

PT Semen Indonesia (Persero) Tbk, together with its subsidiaries, manufactures, packs, and distributes cement in Indonesia and internationally. The company is also involved in limestone and clay mining; cement bag manufacturing; industrial real estate development and building rental; ready-mix concrete and aggregates quarry production; and consulting, mining, trading, transportation, and construction activities. In addition, it engages in the information system, investment, freight forwarding, stevedoring, sea transportation, service logistic management, outsourcing, and building materials businesses, as well as procures public goods and services.

Semen Indonesia (Persero) Fundamentals Summary

How do Semen Indonesia (Persero)'s earnings and revenue compare to its market cap?
SMGR fundamental statistics
Market Cap	Rp38.55t
Earnings (TTM)	Rp2.02t
Revenue (TTM)	Rp34.96t

19.1x

P/E Ratio

1.1x

P/S Ratio

Is SMGR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SMGR income statement (TTM)
Revenue	Rp34.96t
Cost of Revenue	Rp24.20t
Gross Profit	Rp10.76t
Other Expenses	Rp8.74t
Earnings	Rp2.02t

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	340.75
Gross Margin	30.78%
Net Profit Margin	5.78%
Debt/Equity Ratio	44.9%

How did SMGR perform over the long term?

See historical performance and comparison

Dividends

2.9%

Current Dividend Yield

55%

Payout Ratio

Valuation

Is Semen Indonesia (Persero) undervalued compared to its fair value and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

42.0%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: SMGR (IDR6500) is trading below our estimate of fair value (IDR11204.3)

Significantly Below Fair Value: SMGR is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: SMGR is good value based on its PE Ratio (19.1x) compared to the ID Basic Materials industry average (21.4x).

PE vs Market: SMGR is poor value based on its PE Ratio (19.1x) compared to the ID market (18.5x).

Price to Earnings Growth Ratio

PEG Ratio: SMGR is good value based on its PEG Ratio (0.9x)

Price to Book Ratio

PB vs Industry: SMGR is good value based on its PB Ratio (1.1x) compared to the ID Basic Materials industry average (1.4x).

Future Growth

How is Semen Indonesia (Persero) forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

21.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SMGR's forecast earnings growth (21.2% per year) is above the savings rate (7%).

Earnings vs Market: SMGR's earnings (21.2% per year) are forecast to grow faster than the ID market (10.9% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: SMGR's revenue (7% per year) is forecast to grow slower than the ID market (11.3% per year).

High Growth Revenue: SMGR's revenue (7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SMGR's Return on Equity is forecast to be low in 3 years time (8.6%).

Past Performance

How has Semen Indonesia (Persero) performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-5.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SMGR has high quality earnings.

Growing Profit Margin: SMGR's current net profit margins (5.8%) are lower than last year (7.9%).

Past Earnings Growth Analysis

Earnings Trend: SMGR's earnings have declined by 5.8% per year over the past 5 years.

Accelerating Growth: SMGR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SMGR had negative earnings growth (-27.6%) over the past year, making it difficult to compare to the Basic Materials industry average (-7.8%).

Return on Equity

High ROE: SMGR's Return on Equity (5.2%) is considered low.

Financial Health

How is Semen Indonesia (Persero)'s financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: SMGR's short term assets (IDR15,270.2B) exceed its short term liabilities (IDR14,210.2B).

Long Term Liabilities: SMGR's short term assets (IDR15,270.2B) do not cover its long term liabilities (IDR22,511.2B).

Debt to Equity History and Analysis

Debt Level: SMGR's net debt to equity ratio (35.3%) is considered satisfactory.

Reducing Debt: SMGR's debt to equity ratio has increased from 18.6% to 44.9% over the past 5 years.

Debt Coverage: SMGR's debt is well covered by operating cash flow (37.4%).

Interest Coverage: SMGR's interest payments on its debt are well covered by EBIT (3.5x coverage).

Balance Sheet

Dividend

What is Semen Indonesia (Persero) current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.90%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SMGR's dividend (2.9%) is higher than the bottom 25% of dividend payers in the ID market (1.13%).

High Dividend: SMGR's dividend (2.9%) is low compared to the top 25% of dividend payers in the ID market (4.15%).

Stability and Growth of Payments

Stable Dividend: SMGR's dividend payments have been volatile in the past 10 years.

Growing Dividend: SMGR's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (55.3%), SMGR's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (22.5%), SMGR's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.7yrs

Average management tenure

CEO

Hendi Santoso (54 yo)

4.67yrs

Tenure

Rp941,279,640

Compensation

Mr. Hendi Prio Santoso serves as Vice President Commissioner at PT Vale Indonesia Tbk since January 19, 2022. He has been President Director at PT Semen Indonesia (Persero) Tbk since September 15, 2017. He...

Leadership Team

Experienced Management: SMGR's management team is considered experienced (4.7 years average tenure).

Board Members

Experienced Board: SMGR's board of directors are considered experienced (4.7 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/23 00:00
End of Day Share Price	2022/05/23 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31