Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp390, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Specialty Retail industry in Indonesia. Total loss to shareholders of 3.7% over the past three years. Declared Dividend • May 15
Dividend reduced to Rp50.00 Dividend of Rp50.00 is 17% lower than last year. Ex-date: 22nd May 2026 Payment date: 12th June 2026 Dividend yield will be 11%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio) nor is it adequately covered by cash flows (90.3% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. EPS is expected to grow by 11% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • May 14
PT Ramayana Lestari Sentosa Tbk announces Annual dividend, payable on June 12, 2026 PT Ramayana Lestari Sentosa Tbk announced Annual dividend of IDR 50.0000 per share payable on June 12, 2026, ex-date on May 22, 2026 and record date on May 25, 2026. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: Rp32.54 (vs Rp36.73 in 1Q 2025) First quarter 2026 results: EPS: Rp32.54 (down from Rp36.73 in 1Q 2025). Revenue: Rp985.2b (down 14% from 1Q 2025). Net income: Rp193.3b (down 11% from 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Specialty Retail industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Duyuru • Apr 03
PT Ramayana Lestari Sentosa Tbk, Annual General Meeting, May 11, 2026 PT Ramayana Lestari Sentosa Tbk, Annual General Meeting, May 11, 2026. New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 102% Dividend yield: 14% 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. This is currently the only risk that has been identified for the company. Price Target Changed • Jan 31
Price target decreased by 8.8% to Rp350 Down from Rp384, the current price target is an average from 4 analysts. New target price is 24% below last closing price of Rp458. Stock is up 26% over the past year. The company is forecast to post earnings per share of Rp46.57 for next year compared to Rp52.90 last year. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp7.18 (vs Rp0.82 in 3Q 2024) Third quarter 2025 results: EPS: Rp7.18 (up from Rp0.82 in 3Q 2024). Revenue: Rp375.0b (down 16% from 3Q 2024). Net income: Rp42.6b (up Rp37.7b from 3Q 2024). Profit margin: 11% (up from 1.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Specialty Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Oct 24
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. 6 highly experienced directors. No independent directors (5 non-independent directors). Independent Commissioner Kismanto Petros was the last independent director to join the board, commencing their role in 2016. 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 16
PT Ramayana Lestari Sentosa Tbk announces Annual dividend, payable on June 13, 2025 PT Ramayana Lestari Sentosa Tbk announced Annual dividend of IDR 60.0000 per share payable on June 13, 2025, ex-date on May 22, 2025 and record date on May 23, 2025. Duyuru • Apr 18
PT Ramayana Lestari Sentosa Tbk, Annual General Meeting, May 09, 2025 PT Ramayana Lestari Sentosa Tbk, Annual General Meeting, May 09, 2025. Location: ruang mahogani, hotel ashleytanah abang kota adm, jakarta pusat dki, jakarta Indonesia Reported Earnings • Nov 02
Third quarter 2024 earnings released: EPS: Rp0.82 (vs Rp1.32 in 3Q 2023) Third quarter 2024 results: EPS: Rp0.82 (down from Rp1.32 in 3Q 2023). Revenue: Rp447.8b (down 5.9% from 3Q 2023). Net income: Rp4.88b (down 39% from 3Q 2023). Profit margin: 1.1% (down from 1.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: Rp23.78 (vs Rp35.23 in 2Q 2023) Second quarter 2024 results: EPS: Rp23.78 (down from Rp35.23 in 2Q 2023). Revenue: Rp836.9b (down 23% from 2Q 2023). Net income: Rp141.0b (down 35% from 2Q 2023). Profit margin: 17% (down from 20% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Specialty Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 01
Now 26% overvalued Over the last 90 days, the stock has fallen 9.2% to Rp432. The fair value is estimated to be Rp343, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 2.9% in a year. Earnings are forecast to decline by 15% in the next year. Buy Or Sell Opportunity • Jun 21
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to Rp412. The fair value is estimated to be Rp342, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 2.9% in a year. Earnings are forecast to decline by 15% in the next year. Major Estimate Revision • Jun 08
Consensus revenue estimates increase by 31% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from Rp2.82b to Rp3.69b. EPS estimate increased from Rp48.00 to Rp49.94 per share. Net income forecast to shrink 15% next year vs 10% growth forecast for Specialty Retail industry in Indonesia . Consensus price target broadly unchanged at Rp484. Share price was steady at Rp430 over the past week. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: Rp17.94 (vs Rp4.89 in 1Q 2023) First quarter 2024 results: EPS: Rp17.94 (up from Rp4.89 in 1Q 2023). Revenue: Rp829.1b (up 42% from 1Q 2023). Net income: Rp106.8b (up 254% from 1Q 2023). Profit margin: 13% (up from 5.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Specialty Retail industry in Indonesia. 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 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 30
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: Rp49.30 (down from Rp56.17 in FY 2022). Revenue: Rp2.74t (down 8.4% from FY 2022). Net income: Rp300.4b (down 15% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.3%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Specialty Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: Rp1.32 (vs Rp1.93 in 3Q 2022) Third quarter 2023 results: EPS: Rp1.32 (down from Rp1.93 in 3Q 2022). Revenue: Rp475.9b (down 13% from 3Q 2022). Net income: Rp8.03b (down 34% from 3Q 2022). Profit margin: 1.7% (down from 2.2% in 3Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Specialty Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 18
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from Rp2.25b to Rp2.54b. EPS estimate increased from Rp48.75 to Rp49.76 per share. Net income forecast to grow 13% next year vs 14% growth forecast for Specialty Retail industry in Indonesia. Consensus price target of Rp573 unchanged from last update. Share price was steady at Rp560 over the past week. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: Rp35.23 (vs Rp40.81 in 2Q 2022) Second quarter 2023 results: EPS: Rp35.23 (down from Rp40.81 in 2Q 2022). Revenue: Rp1.08t (down 14% from 2Q 2022). Net income: Rp216.5b (down 15% from 2Q 2022). Profit margin: 20% (in line with 2Q 2022). Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 03
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from Rp3.50b to Rp3.04b. EPS estimate fell from Rp50.12 to Rp48.75 per share. Net income forecast to shrink 3.5% next year vs 4.3% growth forecast for Specialty Retail industry in Indonesia . Consensus price target down from Rp612 to Rp580. Share price fell 5.1% to Rp560 over the past week. Major Estimate Revision • May 18
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from Rp60.09 to Rp50.12 per share. Revenue forecast steady at Rp3.50b. Net income forecast to shrink 3.9% next year vs 12% growth forecast for Specialty Retail industry in Indonesia . Consensus price target broadly unchanged at Rp612. Share price was steady at Rp620 over the past week. Price Target Changed • Dec 09
Price target decreased to Rp629 Down from Rp696, the current price target is an average from 7 analysts. New target price is 10% above last closing price of Rp570. Stock is down 17% over the past year. The company is forecast to post earnings per share of Rp44.99 for next year compared to Rp26.12 last year. Buying Opportunity • Dec 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.4%. The fair value is estimated to be Rp717, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last 3 years. Earnings per share has declined by 28%. Revenue is forecast to grow by 49% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. 1 independent director (3 non-independent directors). Independent Commissioner - Selamat was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Jun 24
PT Ramayana Lestari Sentosa Tbk SHS to Be Deleted from OTC Equity PT Ramayana Lestari Sentosa Tbk SHS (Indonesia (ID) will be deleted from OTC Equity effective from June 24, 2022, due to Inactive Security. Board Change • Apr 27
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. 4 non-independent directors. Independent Commissioner Koh Kim was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 03
Price target increased to Rp803 Up from Rp735, the current price target is an average from 8 analysts. New target price is 27% above last closing price of Rp630. Stock is down 14% over the past year. The company is forecast to post earnings per share of Rp25.74 next year compared to a net loss per share of Rp20.60 last year. Price Target Changed • Sep 07
Price target decreased to Rp727 Down from Rp795, the current price target is an average from 12 analysts. New target price is 9.3% above last closing price of Rp665. Stock is up 3.1% over the past year. Reported Earnings • Apr 17
Full year 2020 earnings released: Rp20.60 loss per share (vs Rp96.12 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: Rp2.53t (down 55% from FY 2019). Net loss: Rp138.9b (down 121% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 17
New 90-day high: Rp860 The company is up 48% from its price of Rp580 on 18 September 2020. The Indonesian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp601 per share. Is New 90 Day High Low • Nov 18
New 90-day high: Rp720 The company is up 11% from its price of Rp650 on 19 August 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp527 per share. Reported Earnings • Nov 03
Third quarter 2020 earnings released: Rp14.93 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: Rp428.1b (down 54% from 3Q 2019). Net loss: Rp100.6b (down Rp123.2b from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 15% per year and the company’s share price has also fallen by 15% per year. Is New 90 Day High Low • Oct 03
New 90-day low: Rp510 The company is down 13% from its price of Rp585 on 03 July 2020. The Indonesian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Rp523 per share. Major Estimate Revision • Oct 02
Analysts lower EPS estimates to Rp7.31 The 2020 consensus revenue estimate was lowered from Rp3.56b to Rp3.52b. Earning per share (EPS) estimate was also lowered from Rp9.47 to Rp7.31 for the same period. Net income is expected to grow by 251% next year compared to 48% growth forecast for the Multiline Retail industry in Indonesia. The consensus price target was lowered from Rp658 to Rp656. Share price is down by 6.2% to Rp530 over the past week.