Reported Earnings • May 19
Full year 2025 earnings released: Rp350 loss per share (vs Rp0.37 profit in FY 2024) Full year 2025 results: Rp350 loss per share (down from Rp0.37 profit in FY 2024). Revenue: Rp3.46t (down 12% from FY 2024). Net loss: Rp1.03t (down Rp1.04t 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 83 percentage points per year, which is a significant difference in performance. New Risk • Feb 19
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 18% 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 (18% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Earnings have declined by 31% per year over the past 5 years. Minor Risks High level of debt (154% net debt to equity). Market cap is less than US$100m (Rp855.0b market cap, or US$50.4m). Buy Or Sell Opportunity • Feb 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to Rp109. The fair value is estimated to be Rp140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.68t (US$99.2m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Earnings have declined by 31% per year over the past 5 years. Minor Risks High level of debt (154% net debt to equity). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (Rp1.68t market cap, or US$99.2m). New Risk • Jan 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 14% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Earnings have declined by 31% per year over the past 5 years. Minor Risks High level of debt (154% net debt to equity). Share price has been volatile over the past 3 months (14% average weekly change). Buy Or Sell Opportunity • Jan 09
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 9.0% to Rp218. The fair value is estimated to be Rp157, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 04
Third quarter 2025 earnings released: Rp8.73 loss per share (vs Rp0.35 loss in 3Q 2024) Third quarter 2025 results: Rp8.73 loss per share (further deteriorated from Rp0.35 loss in 3Q 2024). Revenue: Rp627.3b (down 42% from 3Q 2024). Net loss: Rp107.7b (loss widened Rp102.5b from 3Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Metals and Mining industry in Indonesia. Price Target Changed • Oct 14
Price target decreased by 26% to Rp200 Down from Rp270, the current price target is provided by 1 analyst. New target price is 5.3% above last closing price of Rp190. Stock is down 56% over the past year. The company posted earnings per share of Rp0.37 last year. Board Change • Oct 14
No independent 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. No independent directors (4 non-independent directors). Independent President Commissioner Tan Liang was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Duyuru • May 19
PT Hillcon Tbk, Annual General Meeting, Jun 24, 2025 PT Hillcon Tbk, Annual General Meeting, Jun 24, 2025. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: Rp3.80 (vs Rp10.97 in 2Q 2023) Second quarter 2024 results: EPS: Rp3.80 (down from Rp10.97 in 2Q 2023). Revenue: Rp854.8b (up 4.3% from 2Q 2023). Net income: Rp9.93b (down 69% from 2Q 2023). Profit margin: 1.2% (down from 3.9% in 2Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Metals and Mining industry in Indonesia. New Risk • Jul 31
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Interest payments are not well covered by earnings (1.2x net interest cover). High level of non-cash earnings (78% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (5.6% net profit margin). New Risk • Jul 02
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: 5.6% Last year net profit margin: 9.2% 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: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). High level of non-cash earnings (78% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (5.6% net profit margin). Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to Rp2,400, the stock trades at a trailing P/E ratio of 20.2x. Average forward P/E is 22x in the Metals and Mining industry in Indonesia. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 64% After last week's 64% share price gain to Rp2,340, the stock trades at a trailing P/E ratio of 19.7x. Average forward P/E is 16x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 31% over the past year. New Risk • Apr 22
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 9.6% 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 Interest payments are not well covered by earnings (1.7x net interest cover). High level of non-cash earnings (74% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp1,620, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 21x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 4.2% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Rp701 per share. Reported Earnings • Apr 04
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: Rp119. Revenue: Rp4.25t (up 30% from FY 2022). Net income: Rp351.1b (up 17% from FY 2022). Profit margin: 8.3% (down from 9.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Metals and Mining industry in Indonesia. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: Rp38.26 (vs Rp27.90 in 3Q 2022) Third quarter 2023 results: EPS: Rp38.26 (up from Rp27.90 in 3Q 2022). Revenue: Rp1.14t (up 32% from 3Q 2022). Net income: Rp112.8b (up 61% from 3Q 2022). Profit margin: 9.9% (up from 8.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 62% decline forecast for the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Rp2,440, the stock trades at a forward P/E ratio of 847x. Average forward P/E is 15x in the Metals and Mining industry in Indonesia. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 121% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Earnings are forecast to decline by an average of 121% per year for the foreseeable future. High level of non-cash earnings (56% accrual ratio). Minor Risks High level of debt (45% net debt to equity). Profit margins are more than 30% lower than last year (8.5% net profit margin). New Risk • Aug 06
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% 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: Major Risk High level of non-cash earnings (56% accrual ratio). Minor Risks High level of debt (45% net debt to equity). Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (8.5% net profit margin). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp2,580, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp3,020, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 12x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to Rp2,130, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to Rp2,020, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 13x in the Metals and Mining industry in Indonesia. Board Change • Mar 01
No independent directors There are 7 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: 7 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director - Hermansyah is the most experienced director on the board, commencing their role in 2021. Independent President Commissioner Tan Liang was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors.