Tillkännagivande • May 21
PT Adhi Kartiko Pratama Tbk, Annual General Meeting, Jun 26, 2026 PT Adhi Kartiko Pratama Tbk, Annual General Meeting, Jun 26, 2026. New Risk • May 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.70t (US$95.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks High level of debt (83% net debt to equity). Market cap is less than US$100m (Rp1.70t market cap, or US$95.4m). Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp10.02 (vs Rp8.75 in 1Q 2025) First quarter 2026 results: EPS: Rp10.02 (up from Rp8.75 in 1Q 2025). Revenue: Rp379.8b (up 53% from 1Q 2025). Net income: Rp60.9b (up 14% from 1Q 2025). Profit margin: 16% (down from 22% in 1Q 2025). The decrease in margin was driven by higher expenses. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 4.6% 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 Risk Earnings have declined by 4.6% per year over the past 5 years. Minor Risk High level of debt (83% net debt to equity). New Risk • Mar 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.68t (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (83% net debt to equity). Market cap is less than US$100m (Rp1.68t market cap, or US$99.0m). Reported Earnings • Mar 27
Full year 2025 earnings released: Rp4.40 loss per share (vs Rp5.58 profit in FY 2024) Full year 2025 results: Rp4.40 loss per share (down from Rp5.58 profit in FY 2024). Revenue: Rp1.18t (up 91% from FY 2024). Net loss: Rp26.7b (down 179% from profit in FY 2024). New Risk • Mar 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 83% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp316, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 21x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 14% over the past year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Rp342, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 23x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 5.6% over the past year. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp452, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 28x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 27% over the past year. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: Rp7.71 (vs Rp4.40 in 3Q 2024) Third quarter 2025 results: EPS: Rp7.71 (up from Rp4.40 in 3Q 2024). Revenue: Rp354.0b (up 73% from 3Q 2024). Net income: Rp46.9b (up 75% from 3Q 2024). Profit margin: 13% (in line with 3Q 2024). Board Change • Oct 15
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. 8 non-independent directors. Vice President Director Sang Lee was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jul 08
PT Indo Tambangraya Megah Tbk (IDX:ITMG) acquired 9.62% stake in PT Adhi Kartiko Pratama Tbk (IDX:NICE) for approximately IDR 260 billion. PT Indo Tambangraya Megah Tbk (IDX:ITMG) acquired 9.62% stake in PT Adhi Kartiko Pratama Tbk (IDX:NICE) for approximately IDR 260 billion on July 4, 2025. A cash consideration of IDR 438 per share will be paid by PT Indo Tambangraya Megah Tbk.
PT Indo Tambangraya Megah Tbk (IDX:ITMG) completed the acquisition of 9.62% stake in PT Adhi Kartiko Pratama Tbk (IDX:NICE) on July 4, 2025. Tillkännagivande • Apr 09
PT Adhi Kartiko Pratama Tbk, Annual General Meeting, May 15, 2025 PT Adhi Kartiko Pratama Tbk, Annual General Meeting, May 15, 2025. New Risk • Nov 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp398, the stock trades at a trailing P/E ratio of 74.8x. Average trailing P/E is 18x in the Metals and Mining industry in Indonesia. Tillkännagivande • May 16
PT Adhi Kartiko Pratama Tbk, Annual General Meeting, Jun 20, 2024 PT Adhi Kartiko Pratama Tbk, Annual General Meeting, Jun 20, 2024. Reported Earnings • May 02
First quarter 2024 earnings released First quarter 2024 results: Revenue: Rp136.3b (down 28% from 1Q 2023). Net income: Rp2.33b (down 89% from 1Q 2023). Profit margin: 1.7% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: Rp30.00 (vs Rp17.90 in FY 2022) Full year 2023 results: EPS: Rp30.00. Revenue: Rp900.3b (up 3.7% from FY 2022). Net income: Rp62.0b (down 43% from FY 2022). Profit margin: 6.9% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp625, the stock trades at a trailing P/E ratio of 53.3x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Tillkännagivande • Jan 17
PT. Energy Battery Indonesia completed the acquisition of a 60% stake in PT Adhi Kartiko Pratama. PT. Energy Battery Indonesia agreed to acquire a 60% stake in PT Adhi Kartiko Pratama from PT Sungai Mas Minerals, PT Inti Mega Ventura, Michael Adhidaya Susantyo and Victor Agung Susantyo for approximately KRW 130 billion on November 7, 2023. The transaction was resolved by the Board of Directors of LX International. PT Adhi Kartiko reported total assets of KRW 25.4 billion, sales of KRW 70.2 billion and net income of KRW 8.8 billion for 2022. The transaction is expected to be completed by February 29, 2024.PT. Energy Battery Indonesia completed the acquisition of a 60% stake in PT Adhi Kartiko Pratama from PT Sungai Mas Minerals, PT Inti Mega Ventura, Michael Adhidaya Susantyo and Victor Agung Susantyo on January 16, 2024. This transaction was carried out with a value per share of IDR 438 (KRW 37.19496). In line with this transaction, shares in NICE were transferred, including those owned by PT Sungai Mas Minerals amounting to 1,859,577,615, PT Inti Mega Ventura amounting to 1,739,634,385, Michael Adhidaya Susantyo amounting to 25,000,000, and Victor Agung Susantyo amounting to 25,000,000 to PT Energy Battery Indonesia. 
