New Risk • Jun 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 62% 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 (62% accrual ratio). Market cap is less than US$10m (Rp130.6b market cap, or US$7.31m). 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 Rp173, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 11x in the Chemicals industry in Indonesia. Negligible returns to shareholders over past three years. New Risk • May 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp172.5b (US$9.83m) This is considered a major 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. This is currently the only risk that has been identified for the company. Duyuru • May 04
PT OBM Drilchem Tbk, Annual General Meeting, Jun 10, 2026 PT OBM Drilchem Tbk, Annual General Meeting, Jun 10, 2026. Location: jakarta Indonesia New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 June 2025 fiscal period end). Market cap is less than US$100m (Rp188.6b market cap, or US$11.1m). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to Rp340, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 18x in the Chemicals industry in Indonesia. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp296, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 16x in the Chemicals industry in Indonesia. Total returns to shareholders of 50% over the past three years. 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. 3 experienced directors. 4 highly experienced directors. No independent directors (4 non-independent directors). Commissioner Andang Bachtiar was the last 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 • Jun 19
PT OBM Drilchem Tbk, Annual General Meeting, Jun 19, 2025 PT OBM Drilchem Tbk, Annual General Meeting, Jun 19, 2025. Location: conference room suite 7e 7th fl dipo business, center jl gatot subroto kav 50-52 rt 001 rw 007, kel tanah abang jakarta pusat dk jakarta kota adm, jakarta pusat dki, Indonesia Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp187, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 12x in the Chemicals industry in Indonesia. Total loss to shareholders of 27% over the past year. Recent Insider Transactions • Aug 29
President Director recently sold Rp1.2b worth of stock On the 23rd of August, Ryanto Husodo sold around 5m shares on-market at roughly Rp255 per share. This transaction amounted to 6.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Ryanto's only on-market trade for the last 12 months. New Risk • Jun 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (Rp212.8b market cap, or US$13.0m). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: Rp23.63 (vs Rp11.75 in 1Q 2023) First quarter 2024 results: EPS: Rp23.63 (up from Rp11.75 in 1Q 2023). Revenue: Rp53.4b (up 46% from 1Q 2023). Net income: Rp19.0b (up 101% from 1Q 2023). Profit margin: 36% (up from 26% in 1Q 2023). The increase in margin was driven by higher revenue. Duyuru • May 09
PT OBM Drilchem Tbk, Annual General Meeting, Jun 13, 2024 PT OBM Drilchem Tbk, Annual General Meeting, Jun 13, 2024. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: Rp30.26 (vs Rp12.15 in FY 2022) Full year 2023 results: EPS: Rp30.26 (up from Rp12.15 in FY 2022). Revenue: Rp154.5b (up 50% from FY 2022). Net income: Rp24.4b (up 205% from FY 2022). Profit margin: 16% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue. Reported Earnings • Dec 03
Third quarter 2023 earnings released Third quarter 2023 results: EPS: Rp21.13. Net income: Rp17.0b (up Rp17.0b from 3Q 2022). Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: EPS: Rp12.47. Net income: Rp11.9b (up Rp11.9b from 2Q 2022). Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp276, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 18x in the Chemicals industry in Indonesia. Total returns to shareholders of 96% over the past year. New Risk • Jul 07
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 8.4% 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: Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (Rp178.9b market cap, or US$11.8m). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to Rp222, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 16x in the Chemicals industry in Indonesia. Total returns to shareholders of 56% over the past year. New Risk • Jun 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (Rp145.1b market cap, or US$9.75m). Minor Risk Shareholders have been diluted in the past year (10% increase in shares outstanding). Reported Earnings • May 08
Full year 2022 earnings released: EPS: Rp12.15 (vs Rp8.27 in FY 2021) Full year 2022 results: EPS: Rp12.15 (up from Rp8.27 in FY 2021). Revenue: Rp103.3b (up 55% from FY 2021). Net income: Rp7.99b (up 76% from FY 2021). Profit margin: 7.7% (up from 6.8% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to Rp188, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 13x in the Chemicals industry in Indonesia. Total returns to shareholders of 100% over the past year. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to Rp216, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 13x in the Chemicals industry in Indonesia. Total returns to shareholders of 88% over the past year. Board Change • Nov 16
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. 4 non-independent directors. Independent Commissioner Tumbur Nainggolan was the last independent director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
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. 4 non-independent directors. Independent Commissioner Tumbur Nainggolan was the last independent director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
