Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Rp1,640, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 9x in the Infrastructure industry in Indonesia. Total loss to shareholders of 4.1% over the past three years. Announcement • Apr 18
PT Citra Marga Nusaphala Persada Tbk, Annual General Meeting, May 26, 2026 PT Citra Marga Nusaphala Persada Tbk, Annual General Meeting, May 26, 2026. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: Rp169 (vs Rp175 in FY 2024) Full year 2025 results: EPS: Rp169 (down from Rp175 in FY 2024). Revenue: Rp5.80t (up 41% from FY 2024). Net income: Rp1.04t (down 1.3% from FY 2024). Profit margin: 18% (down from 26% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp1,550, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 11x in the Infrastructure industry in Indonesia. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to Rp1,580, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Infrastructure industry in Indonesia. Total loss to shareholders of 23% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp35.11 (vs Rp59.75 in 3Q 2024) Third quarter 2025 results: EPS: Rp35.11 (down from Rp59.75 in 3Q 2024). Revenue: Rp1.21t (up 17% from 3Q 2024). Net income: Rp194.3b (down 40% from 3Q 2024). Profit margin: 16% (down from 31% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Board Change • Oct 24
Insufficient new 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. Independent Director Djoko Sapto Mulyo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 16
PT Citra Marga Nusaphala Persada Tbk, Annual General Meeting, May 22, 2025 PT Citra Marga Nusaphala Persada Tbk, Annual General Meeting, May 22, 2025. Location: jakarta Indonesia Announcement • Apr 04
PT Citra Marga Nusaphala Persada Tbk (IDX:CMNP) announces an Equity Buyback for 543,740,000 shares, for IDR 815,000 million. PT Citra Marga Nusaphala Persada Tbk (IDX:CMNP) announces a share repurchase program. Under the program, the company will repurchase up to 543,740,000 shares for IDR 815,000 million worth of its shares. The repurchases will be funded from company's internal cash. The repurchased shares will be sold in the future at an optimal value. The program will be valid till June 2, 2025. New Risk • Nov 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 25% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: Rp56.32 (vs Rp44.19 in 2Q 2023) Second quarter 2024 results: EPS: Rp56.32 (up from Rp44.19 in 2Q 2023). Revenue: Rp795.2b (down 49% from 2Q 2023). Net income: Rp306.2b (up 28% from 2Q 2023). Profit margin: 39% (up from 15% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • May 17
PT Citra Marga Nusaphala Persada Tbk, Annual General Meeting, Jun 20, 2024 PT Citra Marga Nusaphala Persada Tbk, Annual General Meeting, Jun 20, 2024. New Risk • May 12
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (40% net debt to equity). Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • May 05
Full year 2023 earnings released: EPS: Rp188 (vs Rp168 in FY 2022) Full year 2023 results: EPS: Rp188 (up from Rp168 in FY 2022). Revenue: Rp7.65t (up 71% from FY 2022). Net income: Rp1.02t (up 12% from FY 2022). Profit margin: 13% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: Rp79.17 (vs Rp48.54 in 3Q 2022) Third quarter 2023 results: EPS: Rp79.17 (up from Rp48.54 in 3Q 2022). Revenue: Rp17.8b (down 99% from 3Q 2022). Net income: Rp431.0b (up 63% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: Rp44.39 (vs Rp47.88 in 2Q 2022) Second quarter 2023 results: EPS: Rp44.39 (down from Rp47.88 in 2Q 2022). Revenue: Rp1.56t (up 204% from 2Q 2022). Net income: Rp240.2b (down 7.7% from 2Q 2022). Profit margin: 15% (down from 51% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 18% share price gain to Rp2,190, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 11x in the Infrastructure industry in Indonesia. Total returns to shareholders of 31% over the past three years. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: Rp48.27 (vs Rp29.39 in 3Q 2021) Third quarter 2022 results: EPS: Rp48.27 (up from Rp29.39 in 3Q 2021). Revenue: Rp1.45t (up 110% from 3Q 2021). Net income: Rp263.8b (up 65% from 3Q 2021). Profit margin: 18% (down from 23% 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 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. President Director Fitria Yusuf is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: Rp48.21 (vs Rp33.89 in 2Q 2021) Second quarter 2022 results: EPS: Rp48.21 (up from Rp33.89 in 2Q 2021). Revenue: Rp512.0b (down 31% from 2Q 2021). Net income: Rp260.3b (up 41% from 2Q 2021). Profit margin: 51% (up from 25% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. President Director Fitria Yusuf is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improved over the past week After last week's 17% share price gain to Rp2,000, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 22x in the Infrastructure industry in Indonesia. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 23% share price gain to Rp1,700, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 26x in the Infrastructure industry in Indonesia. Total returns to shareholders of 42% over the past three years. Reported Earnings • Dec 06
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: Rp29.58 (down from Rp32.47 in 3Q 2020). Revenue: Rp691.8b (up 44% from 3Q 2020). Net income: Rp159.6b (up 36% from 3Q 2020). Profit margin: 23% (down from 25% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to Rp1,200, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 22x in the Infrastructure industry in Indonesia. Negligible returns to shareholders over past three years. Board Change • Sep 02
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. President Director Fitria Yusuf is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jul 03
Full year 2020 earnings released: EPS Rp118 (vs Rp210 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp2.59t (down 27% from FY 2019). Net income: Rp448.1b (down 41% from FY 2019). Profit margin: 17% (down from 22% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improved over the past week After last week's 16% share price gain to Rp1,825, the stock is trading at a trailing P/E ratio of 10.5x, up from the previous P/E ratio of 9x. This compares to an average P/E of 34x in the Infrastructure industry in Indonesia. Total returns to shareholders over the past three years are 37%. Is New 90 Day High Low • Mar 05
New 90-day high: Rp1,750 The company is up 48% from its price of Rp1,185 on 04 December 2020. The Indonesian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 18% share price gain to Rp1,690, the stock is trading at a trailing P/E ratio of 9.7x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 34x in the Infrastructure industry in Indonesia. Total returns to shareholders over the past three years are 19%. Is New 90 Day High Low • Feb 09
New 90-day high: Rp1,600 The company is up 68% from its price of Rp950 on 11 November 2020. The Indonesian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to Rp1,305, the stock is trading at a trailing P/E ratio of 7.5x, down from the previous P/E ratio of 8.8x. This compares to an average P/E of 37x in the Infrastructure industry in Indonesia. Total return to shareholders over the past three years is a loss of 5.3%. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 16% share price gain to Rp1,460, the stock is trading at a trailing P/E ratio of 8.4x, up from the previous P/E ratio of 7.2x. This compares to an average P/E of 39x in the Infrastructure industry in Indonesia. Total returns to shareholders over the past three years are 9.5%. Is New 90 Day High Low • Dec 28
New 90-day high: Rp1,360 The company is up 24% from its price of Rp1,100 on 30 September 2020. The Indonesian market is also up 24% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Infrastructure industry, which is up 36% over the same period. Valuation Update With 7 Day Price Move • Nov 27
Market bids up stock over the past week After last week's 25% share price gain to Rp1,270, the stock is trading at a trailing P/E ratio of 7.3x, up from the previous P/E ratio of 5.8x. This compares to an average P/E of 25x in the Infrastructure industry in Indonesia. Total return to shareholders over the past three years is a loss of 5.7%. Is New 90 Day High Low • Nov 25
New 90-day high: Rp1,175 The company is up 7.0% from its price of Rp1,100 on 27 August 2020. The Indonesian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 19% share price gain to Rp1,105, the stock is trading at a trailing P/E ratio of 6.3x, up from the previous P/E ratio of 5.3x. This compares to an average P/E of 25x in the Infrastructure industry in Indonesia. Total return to shareholders over the past three years is a loss of 17%. Valuation Update With 7 Day Price Move • Nov 13
Market pulls back on stock over the past week After last week's 16% share price decline to Rp915, the stock is trading at a trailing P/E ratio of 5.2x, down from the previous P/E ratio of 6.3x. This compares to an average P/E of 21x in the Infrastructure industry in Indonesia. Total return to shareholders over the past three years is a loss of 33%. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of Rp560.8b, down 32% from the prior year. Total revenue was Rp2.83t over the last 12 months, down 29% from the prior year. 
