Upcoming Dividend • Jun 29
Upcoming dividend of Rp1.00 per share Eligible shareholders must have bought the stock before 06 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Indonesian dividend payers (6.7%). Lower than average of industry peers (6.4%). New Risk • Jun 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.79t (US$98.3m) 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 Interest payments are not well covered by earnings (0.08x net interest cover). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (Rp1.79t market cap, or US$98.3m). New Risk • Jun 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.08x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.08x net interest cover). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). New Risk • May 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (28% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (5.1% net profit margin). Buy Or Sell Opportunity • May 22
Now 22% overvalued Over the last 90 days, the stock has fallen 47% to Rp171. The fair value is estimated to be Rp140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to Rp158, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 16x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 215% over the past three years. Duyuru • May 20
PT GTS Internasional Tbk, Annual General Meeting, Jun 25, 2026 PT GTS Internasional Tbk, Annual General Meeting, Jun 25, 2026. New Risk • May 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (15% average weekly change). Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp220, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 23x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 356% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp230, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 22x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 367% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to Rp183, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 16x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 279% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp268, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 16x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 455% over the past three years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp302, the stock trades at a trailing P/E ratio of 53.1x. Average trailing P/E is 17x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 525% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp370, the stock trades at a trailing P/E ratio of 65.1x. Average trailing P/E is 20x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 651% over the past three years. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp244, the stock trades at a trailing P/E ratio of 43.2x. Average trailing P/E is 20x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 386% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to Rp179, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 17x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 194% over the past three years. Buy Or Sell Opportunity • Dec 01
Now 42% overvalued after recent price rise Over the last 90 days, the stock has risen 77% to Rp179. The fair value is estimated to be Rp126, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: US$0 (vs US$0 in 3Q 2024) Third quarter 2025 results: EPS: US$0 (in line with 3Q 2024). Revenue: US$9.87m (up 17% from 3Q 2024). Net income: US$897.0k (down 73% from 3Q 2024). Profit margin: 9.1% (down from 39% in 3Q 2024). 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 only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to Rp136, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 13x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 120% over the past three years. Duyuru • May 22
PT GTS Internasional Tbk, Annual General Meeting, Jun 12, 2025 PT GTS Internasional Tbk, Annual General Meeting, Jun 12, 2025. Location: mangkuluhur city office tower one, 26th floor, jl. jend. gatot subroto kav. 1-3, karet semanggi, jakarta 12930 kota adm. jakarta selatan dki., jakarta Indonesia Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp41.00, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 38% over the past three years. Buy Or Sell Opportunity • Oct 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to Rp42.00. The fair value is estimated to be Rp34.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: US$0 (vs US$0 in 3Q 2023) Third quarter 2024 results: EPS: US$0 (in line with 3Q 2023). Revenue: US$8.43m (up 142% from 3Q 2023). Net income: US$3.31m (up US$4.92m from 3Q 2023). Profit margin: 39% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$0 (vs US$0 in 2Q 2023) Second quarter 2024 results: EPS: US$0 (in line with 2Q 2023). Revenue: US$7.69m (up 145% from 2Q 2023). Net income: US$1.65m (down 65% from 2Q 2023). Profit margin: 21% (down from 152% in 2Q 2023). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp27.00, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 47% over the past year. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp41.00, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 21% over the past year. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: US$0 (vs US$0 in 1Q 2023) First quarter 2024 results: EPS: US$0 (in line with 1Q 2023). Revenue: US$7.59m (down 27% from 1Q 2023). Net income: US$1.12m (down 48% from 1Q 2023). Profit margin: 15% (down from 21% in 1Q 2023). Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: US$0 (vs US$0 in FY 2022) Full year 2023 results: EPS: US$0 (in line with FY 2022). Revenue: US$32.2m (down 22% from FY 2022). Net income: US$3.99m (up 50% from FY 2022). Profit margin: 12% (up from 6.5% in FY 2022). Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: US$0 (vs US$0 in 3Q 2022) Third quarter 2023 results: EPS: US$0 (in line with 3Q 2022). Revenue: US$3.49m (down 65% from 3Q 2022). Net loss: US$1.61m (loss widened US$1.53m from 3Q 2022). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$0 (vs US$0 in 2Q 2022) Second quarter 2023 results: EPS: US$0 (in line with 2Q 2022). Revenue: US$3.14m (down 71% from 2Q 2022). Net income: US$4.76m (up 173% from 2Q 2022). Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: US$0 (vs US$0.002 loss in FY 2021) Full year 2022 results: EPS: US$0 (improved from US$0.002 loss in FY 2021). Revenue: US$41.2m (up 34% from FY 2021). Net income: US$2.66m (up US$14.2m from FY 2021). Profit margin: 6.5% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. 