New Risk • Aug 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 15130x earnings per share. Dividend per share is over 5017x cash flows per share. Dividend yield: 80,116% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 15130x earnings per share. Dividend per share is over 5017x cash flows per share. Earnings have declined by 31% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Jul 29
Second quarter 2026 earnings released: EPS: US$0.005 (vs US$0.006 loss in 2Q 2025) Second quarter 2026 results: EPS: US$0.005 (up from US$0.006 loss in 2Q 2025). Revenue: US$45.9m (up 134% from 2Q 2025). Net income: US$2.28m (up US$5.08m from 2Q 2025). Profit margin: 5.0% (up from net loss in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Duyuru • Apr 23
PT Indo Kordsa Tbk, Annual General Meeting, Jun 04, 2026 PT Indo Kordsa Tbk, Annual General Meeting, Jun 04, 2026. Reported Earnings • Apr 01
Full year 2025 earnings released: US$0.005 loss per share (vs US$0.027 profit in FY 2024) Full year 2025 results: US$0.005 loss per share (down from US$0.027 profit in FY 2024). Revenue: US$124.3m (down 46% from FY 2024). Net loss: US$2.32m (down 119% from profit in FY 2024). 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. Reported Earnings • Nov 03
Third quarter 2025 earnings released: US$0.002 loss per share (vs US$0.011 profit in 3Q 2024) Third quarter 2025 results: US$0.002 loss per share (down from US$0.011 profit in 3Q 2024). Revenue: US$32.2m (down 47% from 3Q 2024). Net loss: US$1.05m (down 122% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 55% 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. Board Change • Oct 24
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. 3 non-independent directors. Independent Commissioner Andreas Lesmana was the last independent director to join the board, commencing their role in 2015. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 25
PT Indo Kordsa Tbk, Annual General Meeting, Jun 03, 2025 PT Indo Kordsa Tbk, Annual General Meeting, Jun 03, 2025. Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: US$0.011 (vs US$0.001 in 3Q 2023) Third quarter 2024 results: EPS: US$0.011 (up from US$0.001 in 3Q 2023). Revenue: US$60.5m (flat on 3Q 2023). Net income: US$4.84m (up US$4.18m from 3Q 2023). Profit margin: 8.0% (up from 1.1% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: US$0.007 (vs US$0.01 in 2Q 2023) Second quarter 2024 results: EPS: US$0.007 (down from US$0.01 in 2Q 2023). Revenue: US$63.3m (down 4.7% from 2Q 2023). Net income: US$3.10m (down 29% from 2Q 2023). Profit margin: 4.9% (down from 6.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jun 17
Upcoming dividend of Rp200 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 27 June 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 6.8%. Within top quartile of Indonesian dividend payers (6.8%). Higher than average of industry peers (2.6%). Duyuru • May 22
PT Indo Kordsa Tbk, Annual General Meeting, Jun 11, 2024 PT Indo Kordsa Tbk, Annual General Meeting, Jun 11, 2024. Location: gerbera meeting room - hotel mulia senayan jalan, asia afrika senayan, kota jakarta pusat kota adm., jakarta pusat dki. jakarta indonesia, jakarta Indonesia Reported Earnings • May 05
First quarter 2024 earnings released: EPS: US$0.008 (vs US$0.01 in 1Q 2023) First quarter 2024 results: EPS: US$0.008 (down from US$0.01 in 1Q 2023). Revenue: US$56.4m (down 14% from 1Q 2023). Net income: US$3.36m (down 26% from 1Q 2023). Profit margin: 6.0% (down from 7.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Apr 07
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: 6.1% Last year net profit margin: 9.5% 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.1% net profit margin). Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: US$0.001 (vs US$0.018 in 3Q 2022) Third quarter 2023 results: EPS: US$0.001 (down from US$0.018 in 3Q 2022). Revenue: US$60.7m (down 26% from 3Q 2022). Net income: US$662.8k (down 92% from 3Q 2022). Profit margin: 1.1% (down from 9.8% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$0.01 (vs US$0.012 in 2Q 2022) Second quarter 2023 results: EPS: US$0.01 (down from US$0.012 in 2Q 2022). Revenue: US$66.5m (down 24% from 2Q 2022). Net income: US$4.35m (down 22% from 2Q 2022). Profit margin: 6.5% (up from 6.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: US$0.071 (vs US$0.055 in FY 2021) Full year 2022 results: EPS: US$0.071 (up from US$0.055 in FY 2021). Revenue: US$335.2m (up 29% from FY 2021). Net income: US$32.0m (up 28% from FY 2021). Profit margin: 9.5% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Bulent Bozdogan was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: US$0.018 (vs US$0.018 in 3Q 2021) Third quarter 2022 results: EPS: US$0.018 (in line with 3Q 2021). Revenue: US$82.5m (up 25% from 3Q 2021). Net income: US$8.10m (flat on 3Q 2021). Profit margin: 9.8% (down from 12% 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 54% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 21% share price gain to Rp9,125, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 10x in the Auto Components industry in Indonesia. Total returns to shareholders of 39% over the past three years. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: US$0.012 (vs US$0.014 in 2Q 2021) Second quarter 2022 results: EPS: US$0.012 (down from US$0.014 in 2Q 2021). Revenue: US$87.7m (up 45% from 2Q 2021). Net income: US$5.57m (down 10% from 2Q 2021). Profit margin: 6.4% (down from 10% 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 35% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 4 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: 4 new directors. 4 experienced directors. 2 highly experienced directors. 1 independent director (4 non-independent directors). Independent Commissioner Adil Turan is the most experienced director on the board, commencing their role in 2007. Independent Director Bulent Bozdogan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 33% share price gain to Rp12,725, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 19x in the Auto Components industry in Indonesia. Total returns to shareholders of 147% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improved over the past week After last week's 19% share price gain to Rp8,950, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 15x in the Auto Components industry in Indonesia. Total returns to shareholders of 98% over the past year. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS US$0.018 (vs US$0.002 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$66.0m (up 68% from 3Q 2020). Net income: US$8.10m (up US$9.13m from 3Q 2020). Profit margin: 12% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 16% share price gain to Rp6,700, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 15x in the Auto Components industry in Indonesia. Total returns to shareholders of 29% over the past three years. Board Change • Jul 27
Less than half of directors are independent There are 4 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: 4 new directors. 5 experienced directors. 1 highly experienced director. 1 independent director (4 non-independent directors). Independent Commissioner Adil Turan is the most experienced director on the board, commencing their role in 2007. Independent Director Bulent Bozdogan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Mar 31
Full year 2020 earnings released: US$0.009 loss per share (vs US$0.03 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$168.5m (down 31% from FY 2019). Net loss: US$3.90m (down 129% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 11
New 90-day low: Rp4,700 The company is down 6.0% from its price of Rp5,000 on 11 December 2020. The Indonesian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 20% share price gain to US$5,300, the stock is trading at a trailing P/E ratio of 78.4x, up from the previous P/E ratio of 65.2x. This compares to an average P/E of 66x in the Auto Components industry in Indonesia. Total return to shareholders over the past three years is a loss of 21%. Is New 90 Day High Low • Oct 13
New 90-day high: Rp6,100 The company is up 15% from its price of Rp5,325 on 14 July 2020. The Indonesian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 22% share price gain to US$5,225, the stock is trading at a trailing P/E ratio of 36.1x, up from the previous P/E ratio of 29.7x. This compares to an average P/E of 16x in the Auto Components industry in Indonesia. Total return to shareholders over the past three years is a loss of 14%. 
