Announcement • May 06
PT Bukalapak.com Tbk., Annual General Meeting, Jun 11, 2026 PT Bukalapak.com Tbk., Annual General Meeting, Jun 11, 2026. Location: jakarta Indonesia Reported Earnings • May 01
First quarter 2026 earnings released: Rp4.39 loss per share (vs Rp1.07 profit in 1Q 2025) First quarter 2026 results: Rp4.39 loss per share (down from Rp1.07 profit in 1Q 2025). Revenue: Rp2.37t (up 63% from 1Q 2025). Net loss: Rp425.8b (down 485% from profit in 1Q 2025). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 29
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS estimate fell from Rp7.21 to Rp6.00. Revenue forecast reaffirmed at Rp7.62b. Net income forecast to shrink 82% next year vs 24% growth forecast for Multiline Retail industry in Indonesia . Consensus price target broadly unchanged at Rp207. Share price fell 8.8% to Rp155 over the past week. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp171, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Multiline Retail industry in Indonesia. Total loss to shareholders of 25% over the past three years. Reported Earnings • Mar 14
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: Rp31.91 (up from Rp15.02 loss in FY 2024). Revenue: Rp6.51t (up 46% from FY 2024). Net income: Rp3.14t (up Rp4.69t from FY 2024). Profit margin: 48% (up from net loss in FY 2024). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Oct 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 23% per year for the foreseeable future. High level of non-cash earnings (25% accrual ratio). New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Board Change • Oct 14
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. 6 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Independent President Commissioner Bambang Permadi Brodjonegoro was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 19
PT Bukalapak.com Tbk., Annual General Meeting, May 26, 2025 PT Bukalapak.com Tbk., Annual General Meeting, May 26, 2025. Announcement • Mar 26
PT Bukalapak.com Tbk. (IDX:BUKA) announces an Equity Buyback for IDR 1,900 million worth of its shares. PT Bukalapak.com Tbk. (IDX:BUKA) announces a share repurchase program. Under the program, the company will repurchase up to IDR 1,900 million worth of its shares. Price Target Changed • Nov 05
Price target decreased by 10% to Rp182 Down from Rp204, the current price target is an average from 14 analysts. New target price is 56% above last closing price of Rp117. Stock is down 44% over the past year. The company is forecast to post earnings per share of Rp3.98 next year compared to a net loss per share of Rp13.24 last year. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: Rp1.50 (vs Rp4.73 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp1.50 (up from Rp4.73 loss in 3Q 2023). Revenue: Rp986.9b (down 13% from 3Q 2023). Net income: Rp154.6b (up Rp642.6b from 3Q 2023). Profit margin: 16% (up from net loss in 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 47% per year whereas the company’s share price has fallen by 42% per year. Announcement • Oct 10
PT Elang Mahkota Teknologi Tbk (IDX:EMTK) acquired 9.54% stake in PT Bukalapak.com Tbk. (IDX:BUKA). PT Elang Mahkota Teknologi Tbk (IDX:EMTK) acquired 9.54% stake in PT Bukalapak.com Tbk. (IDX:BUKA) on October 9, 2024. As per the transaction, acquired 9.8 billion shares of PT Bukalapak.com Tbk.
PT Elang Mahkota Teknologi Tbk (IDX:EMTK) completed the acquisition of 9.54% stake in PT Bukalapak.com Tbk. (IDX:BUKA) on October 9, 2024. Reported Earnings • Aug 02
Second quarter 2024 earnings released: Rp6.88 loss per share (vs Rp5.98 profit in 2Q 2023) Second quarter 2024 results: Rp6.88 loss per share (down from Rp5.98 profit in 2Q 2023). Revenue: Rp1.24t (up 5.9% from 2Q 2023). Net loss: Rp709.9b (down 215% from profit in 2Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Multiline Retail industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. New Risk • May 27
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 8.2% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 01
First quarter 2024 earnings released: Rp0.41 loss per share (vs Rp9.76 loss in 1Q 2023) First quarter 2024 results: Rp0.41 loss per share (improved from Rp9.76 loss in 1Q 2023). Revenue: Rp1.17t (up 16% from 1Q 2023). Net loss: Rp42.0b (loss narrowed 96% from 1Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Multiline Retail industry in Asia. Price Target Changed • Mar 26
Price target decreased by 8.0% to Rp260 Down from Rp282, the current price target is an average from 14 analysts. New target price is 75% above last closing price of Rp148. Stock is down 45% over the past year. The company is forecast to post earnings per share of Rp4.31 next year compared to a net loss per share of Rp13.24 last year. Reported Earnings • Mar 25
Full year 2023 earnings released: Rp13.24 loss per share (vs Rp19.25 profit in FY 2022) Full year 2023 results: Rp13.24 loss per share (down from Rp19.25 profit in FY 2022). Revenue: Rp4.44t (up 23% from FY 2022). Net loss: Rp1.37t (down 169% from profit in FY 2022). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Multiline Retail industry in Asia. Price Target Changed • Mar 04
Price target decreased by 9.7% to Rp282 Down from Rp313, the current price target is an average from 13 analysts. New target price is 81% above last closing price of Rp156. Stock is down 40% over the past year. The company is forecast to post a net loss per share of Rp2.85 compared to earnings per share of Rp19.25 last year. Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: Rp3.75 loss per share (improved from Rp48.22 loss in 3Q 2022). Revenue: Rp1.16t (up 29% from 3Q 2022). Net loss: Rp386.9b (loss narrowed 92% from 3Q 2022). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Asia. Price Target Changed • Oct 10
Price target decreased by 17% to Rp331 Down from Rp396, the current price target is an average from 12 analysts. New target price is 56% above last closing price of Rp212. Stock is down 20% over the past year. The company is forecast to post a net loss per share of Rp1.97 compared to earnings per share of Rp19.25 last year. Reported Earnings • Aug 01
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: Rp5.99 (up from Rp57.80 loss in 2Q 2022). Revenue: Rp1.18t (up 30% from 2Q 2022). Net income: Rp616.7b (up Rp6.57t from 2Q 2022). Profit margin: 53% (up from net loss in 2Q 2022). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Multiline Retail industry in Indonesia. Buying Opportunity • Jul 20
Now 20% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be Rp293, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last year. Meanwhile, the company became loss making. Revenue is forecast to grow by 31% in a year. Earnings is forecast to grow by 95% in the next year. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: Rp19.25 (vs Rp16.23 loss in FY 2021) Full year 2022 results: EPS: Rp19.25 (up from Rp16.23 loss in FY 2021). Revenue: Rp3.62t (up 94% from FY 2021). Net income: Rp1.98t (up Rp3.66t from FY 2021). Profit margin: 55% (up from net loss in FY 2021). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Multiline Retail industry in Indonesia. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp268, the stock trades at a trailing P/E ratio of 9x. Average forward P/E is 16x in the Multiline Retail industry in Asia. Total loss to shareholders of 23% over the past year. Price Target Changed • Jan 28
Price target decreased by 8.2% to Rp444 Down from Rp484, the current price target is an average from 15 analysts. New target price is 53% above last closing price of Rp290. Stock is down 12% over the past year. The company is forecast to post earnings per share of Rp11.09 next year compared to a net loss per share of Rp16.23 last year. Major Estimate Revision • Jan 10
Consensus EPS estimates increase by 115% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from Rp3.26b to Rp3.36b. EPS estimate increased from Rp5.14 to Rp11.09 per share. Net income forecast to shrink 116% next year vs 29% growth forecast for Online Retail industry in Indonesia . Consensus price target down from Rp501 to Rp474. Share price fell 3.0% to Rp260 over the past week. Price Target Changed • Dec 15
Price target decreased to Rp501 Down from Rp567, the current price target is an average from 12 analysts. New target price is 79% above last closing price of Rp280. Stock is down 39% over the past year. The company is forecast to post earnings per share of Rp6.14 next year compared to a net loss per share of Rp16.23 last year. Board Change • Nov 16
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Commissioner Zhang Lu is the most experienced director on the board, commencing their role in 2020. Independent President Commissioner Bambang Permadi Brojonegoro was the last independent director to join the board, commencing their role in 2021. 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. Major Estimate Revision • Oct 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from Rp35.89 to Rp29.15. Revenue forecast unchanged from Rp3.13b at last update. Net income forecast to shrink 96% next year vs 22% growth forecast for Online Retail industry in Indonesia . Consensus price target of Rp567 unchanged from last update. Share price rose 7.8% to Rp276 over the past week. Major Estimate Revision • Aug 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from Rp2.94b to Rp3.15b. Now expected to report loss of -Rp9.17 instead of Rp28.80 per share profit. Online Retail industry in Indonesia expected to see average net income growth of 21% next year. Consensus price target broadly unchanged at Rp549. Share price fell 5.4% to Rp314 over the past week. Major Estimate Revision • Aug 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from Rp24.25 to Rp30.14. Revenue forecast steady at Rp2.94b. Net income forecast to shrink 93% next year vs 20% growth forecast for Online Retail industry in Indonesia . Consensus price target of Rp576 unchanged from last update. Share price was steady at Rp298 over the past week. Major Estimate Revision • Aug 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from Rp24.25 to Rp30.14. Revenue forecast steady at Rp2.94b. Net income forecast to shrink 93% next year vs 20% growth forecast for Online Retail industry in Indonesia . Consensus price target of Rp576 unchanged from last update. Share price was steady at Rp298 over the past week. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 17% share price gain to Rp296, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Online Retail industry in Asia. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to Rp316, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Online Retail industry in Asia. Reported Earnings • May 06
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: Rp787.9b (up 86% from 1Q 2021). Net income: Rp15t (up Rp15t from 1Q 2021). Revenue missed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 43%, compared to a 34% growth forecast for the industry in Indonesia. Major Estimate Revision • Apr 27
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from Rp3.10b to Rp2.81b. Losses expected to increase from Rp9.03 per share to Rp10.66. Online Retail industry in Indonesia expected to see average net income growth of 21% next year. Consensus price target down from Rp747 to Rp654. Share price was steady at Rp364 over the past week. 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, 2 were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Commissioner Zhang Lu is the most experienced director on the board, commencing their role in 2020. Independent President Commissioner Bambang Permadi Brojonegoro was the last independent director to join the board, commencing their role in 2021. 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 • Apr 17
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: Rp16.23 loss per share. Revenue: Rp1.87t (up 38% from FY 2020). Net loss: Rp1.67t (loss widened 24% from FY 2020). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 66%, compared to a 36% growth forecast for the retail industry in Indonesia. Major Estimate Revision • Dec 07
Consensus EPS estimates fall to -Rp19.28 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from Rp2.03b to Rp1.95b. Losses expected to increase from -Rp17.10 to -Rp19.28. Online Retail industry in Indonesia expected to see average net income growth of 31% next year. Consensus price target down from Rp1,240 to Rp1,036. Share price fell 16% to Rp456 over the past week. Announcement • Aug 08
PT Bukalapak.com Tbk has completed an IPO in the amount of IDR 21.900679 trillion. PT Bukalapak.com Tbk has completed an IPO in the amount of IDR 21.900679 trillion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,765,504,800
Price\Range: IDR 850
Discount Per Security: IDR 5.1
Transaction Features: ESOP Related Offering; Sponsor Backed Offering