New Risk • Jun 09
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 12% 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. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (635% accrual ratio). Revenue is less than US$1m (Rp7.7b revenue, or US$421k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (Rp1.75t market cap, or US$96.1m). New Risk • Jun 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.57t (US$86.6m) 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 Risks High level of non-cash earnings (635% accrual ratio). Revenue is less than US$1m (Rp7.7b revenue, or US$421k). Minor Risk Market cap is less than US$100m (Rp1.57t market cap, or US$86.6m). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to Rp328, the stock trades at a trailing P/E ratio of 64.3x. Average trailing P/E is 39x in the Capital Markets industry in Indonesia. Total returns to shareholders of 143% over the past three years. Duyuru • May 22
PT Buana Artha Anugerah Tbk, Annual General Meeting, Jun 29, 2026 PT Buana Artha Anugerah Tbk, Annual General Meeting, Jun 29, 2026. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp1.02 (vs Rp0.58 in 1Q 2025) First quarter 2026 results: EPS: Rp1.02 (up from Rp0.58 in 1Q 2025). Net income: Rp4.91b (up 76% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: Rp4.78 (vs Rp0.88 in FY 2024) Full year 2025 results: EPS: Rp4.78 (up from Rp0.88 in FY 2024). Net income: Rp22.9b (up 442% from FY 2024). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. New Risk • Nov 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indonesian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 10% per year over the past 5 years. High level of non-cash earnings (58% accrual ratio). Revenue is less than US$1m (Rp5.6b revenue, or US$334k). Minor Risk Market cap is less than US$100m (Rp892.8b market cap, or US$53.6m). Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp88.00, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 40x in the Capital Markets industry in Indonesia. Total loss to shareholders of 35% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp0.57 (vs Rp0.70 in 3Q 2024) Third quarter 2025 results: EPS: Rp0.57 (down from Rp0.70 in 3Q 2024). Net income: Rp2.75b (down 19% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Duyuru • May 10
PT Buana Artha Anugerah Tbk, Annual General Meeting, Jun 20, 2025 PT Buana Artha Anugerah Tbk, Annual General Meeting, Jun 20, 2025. Reported Earnings • Aug 03
Second quarter 2024 earnings released: Rp0.14 loss per share (vs Rp0.005 loss in 2Q 2023) Second quarter 2024 results: Rp0.14 loss per share (further deteriorated from Rp0.005 loss in 2Q 2023). Revenue: Rp977.4m (down 13% from 2Q 2023). Net loss: Rp663.2m (loss widened Rp639.8m from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Duyuru • May 24
PT Buana Artha Anugerah Tbk, Annual General Meeting, Jun 27, 2024 PT Buana Artha Anugerah Tbk, Annual General Meeting, Jun 27, 2024. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: Rp0.57 (vs Rp0.36 in FY 2022) Full year 2023 results: EPS: Rp0.57 (up from Rp0.36 in FY 2022). Revenue: Rp4.74b (up 4.6% from FY 2022). Net income: Rp2.73b (up 56% from FY 2022). Profit margin: 58% (up from 39% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to Rp55.00, the stock trades at a trailing P/E ratio of 79.7x. Average trailing P/E is 23x in the Capital Markets industry in Indonesia. Total loss to shareholders of 46% over the past three years. New Risk • Mar 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 8.0% 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. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (Rp4.8b revenue, or US$301k). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (Rp278.4b market cap, or US$17.5m). New Risk • Aug 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 142% 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 High level of non-cash earnings (142% accrual ratio). Revenue is less than US$1m (Rp4.8b revenue, or US$313k). Minor Risks Profit margins are more than 30% lower than last year (41% net profit margin). Market cap is less than US$100m (Rp652.8b market cap, or US$43.0m). Reported Earnings • Aug 03
Second quarter 2023 earnings released: Rp0.005 loss per share (vs Rp0.16 loss in 2Q 2022) Second quarter 2023 results: Rp0.005 loss per share (improved from Rp0.16 loss in 2Q 2022). Revenue: Rp1.12b (up 7.1% from 2Q 2022). Net loss: Rp23.4m (loss narrowed 97% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp155, the stock trades at a trailing P/E ratio of 74.3x. Average trailing P/E is 69x in the Retail Distributors industry in Indonesia. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp139, the stock trades at a trailing P/E ratio of 59.3x. Average trailing P/E is 22x in the Retail Distributors industry in Indonesia. Total returns to shareholders of 65% over the past three years. Reported Earnings • Sep 05
Second quarter 2021 earnings released: EPS Rp0.84 (vs Rp0.23 in 2Q 2020) Second quarter 2021 results: Net income: Rp4.02b (up 256% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 17% share price gain to Rp120, the stock trades at a trailing P/E ratio of 69x. Average trailing P/E is 34x in the Retail Distributors industry in Indonesia. Total returns to shareholders of 52% over the past three years. Reported Earnings • Jul 03
Full year 2020 earnings released: EPS Rp1.21 (vs Rp0.41 in FY 2019) Full year 2020 results: Net income: Rp5.81b (up 198% from FY 2019). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 21
New 90-day low: Rp89.00 The company is down 23% from its price of Rp116 on 20 November 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 6.0% over the same period. Is New 90 Day High Low • Feb 02
New 90-day low: Rp92.00 The company is down 21% from its price of Rp117 on 05 November 2020. The Indonesian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: Rp95.00 The company is down 26% from its price of Rp128 on 15 October 2020. The Indonesian market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 12
New 90-day low: Rp100.00 The company is down 22% from its price of Rp128 on 11 September 2020. The Indonesian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 8.0% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS Rp0.68 Third quarter 2020 results: Revenue: Rp825.6m (down 90% from 3Q 2019). Net income: Rp3.28b (up 380% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 18
New 90-day low: Rp102 The company is down 27% from its price of Rp139 on 18 August 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: Rp119 The company is down 18% from its price of Rp145 on 05 August 2020. The Indonesian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 4.0% over the same period.