Buy Or Sell Opportunity • Jun 26
Now 22% overvalued Over the last 90 days, the stock has fallen 14% to Rp480. The fair value is estimated to be Rp392, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 31%. Buy Or Sell Opportunity • Jun 09
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to Rp476. The fair value is estimated to be Rp396, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 31%. Reported Earnings • May 31
First quarter 2026 earnings released: EPS: Rp16.11 (vs Rp18.66 in 1Q 2025) First quarter 2026 results: EPS: Rp16.11 (down from Rp18.66 in 1Q 2025). Revenue: Rp2.03t (up 27% from 1Q 2025). Net income: Rp37.3b (down 14% from 1Q 2025). Profit margin: 1.8% (down from 2.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: Rp89.94 (vs Rp79.19 in FY 2024) Full year 2025 results: EPS: Rp89.94 (up from Rp79.19 in FY 2024). Revenue: Rp8.47t (down 5.4% from FY 2024). Net income: Rp208.2b (up 14% from FY 2024). Profit margin: 2.5% (up from 2.0% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 01
PT Anabatic Technologies Tbk, Annual General Meeting, May 07, 2026 PT Anabatic Technologies Tbk, Annual General Meeting, May 07, 2026. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp560, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 68x in the IT industry in Indonesia. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp750, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 67x in the IT industry in Indonesia. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp740, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 69x in the IT industry in Indonesia. Total returns to shareholders of 85% over the past three years. New Risk • Nov 21
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 13% 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 High level of debt (132% net debt to equity). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (Rp1.64t market cap, or US$98.6m). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to Rp720, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 63x in the IT industry in Indonesia. Total returns to shareholders of 80% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: Rp23.98 (vs Rp15.26 in 3Q 2024) Third quarter 2025 results: EPS: Rp23.98 (up from Rp15.26 in 3Q 2024). Revenue: Rp3.00t (up 67% from 3Q 2024). Net income: Rp55.5b (up 57% from 3Q 2024). Profit margin: 1.9% (down from 2.0% 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 59% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Board Change • Oct 24
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. 5 non-independent directors. Independent President Commissioner Ignasius Jonan 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. Duyuru • May 12
PT Anabatic Technologies Tbk, Annual General Meeting, Jun 19, 2025 PT Anabatic Technologies Tbk, Annual General Meeting, Jun 19, 2025. Recent Insider Transactions • Oct 17
President Director recently bought Rp10m worth of stock On the 11th of October, Harry Hambali bought around 25k shares on-market at roughly Rp404 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Harry's only on-market trade for the last 12 months. Duyuru • May 18
PT Anabatic Technologies Tbk, Annual General Meeting, Jun 21, 2024 PT Anabatic Technologies Tbk, Annual General Meeting, Jun 21, 2024. Reported Earnings • May 05
Full year 2023 earnings released: EPS: Rp102 (vs Rp29.71 in FY 2022) Full year 2023 results: EPS: Rp102 (up from Rp29.71 in FY 2022). Revenue: Rp10t (up 31% from FY 2022). Net income: Rp235.2b (up 242% from FY 2022). Profit margin: 2.3% (up from 0.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp386, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 29x in the IT industry in Indonesia. Total loss to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp386, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 29x in the IT industry in Indonesia. Total loss to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp416, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 28x in the IT industry in Indonesia. Total loss to shareholders of 26% over the past three years. New Risk • Dec 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 41% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (41% accrual ratio). Minor Risk Market cap is less than US$100m (Rp833.5b market cap, or US$54.0m). Reported Earnings • Dec 02
Third quarter 2023 earnings released: Rp3.71 loss per share (vs Rp0.94 loss in 3Q 2022) Third quarter 2023 results: Rp3.71 loss per share (further deteriorated from Rp0.94 loss in 3Q 2022). Revenue: Rp2.31t (up 39% from 3Q 2022). Net loss: Rp8.58b (loss widened 293% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 07
Second quarter 2023 earnings released: EPS: Rp15.83 (vs Rp2.75 in 2Q 2022) Second quarter 2023 results: EPS: Rp15.83 (up from Rp2.75 in 2Q 2022). Revenue: Rp2.08t (up 2.5% from 2Q 2022). Net income: Rp36.6b (up 475% from 2Q 2022). Profit margin: 1.8% (up from 0.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Third quarter 2022 earnings released: Rp0.94 loss per share (vs Rp19.71 loss in 3Q 2021) Third quarter 2022 results: Rp0.94 loss per share (improved from Rp19.71 loss in 3Q 2021). Revenue: Rp1.67t (up 7.2% from 3Q 2021). Net loss: Rp2.19b (loss narrowed 95% from 3Q 2021). 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 17% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
No independent directors There are 4 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: 4 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). Director Adriansyah Adnan is the most experienced director on the board, commencing their role in 2005. Independent President Commissioner Ignasius Jonan 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 experienced directors. Reported Earnings • Aug 10
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Rp2.03t (up 50% from 2Q 2021). Net income: Rp6.38b (up Rp34.8b from 2Q 2021). Profit margin: 0.3% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 05
First quarter 2022 earnings released: EPS: Rp39.37 (vs Rp6.06 loss in 1Q 2021) First quarter 2022 results: EPS: Rp39.37 (up from Rp6.06 loss in 1Q 2021). Revenue: Rp1.71t (up 28% from 1Q 2021). Net income: Rp91.2b (up Rp105.2b from 1Q 2021). Profit margin: 5.3% (up from net loss in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
Full year 2021 earnings released: Rp119 loss per share (vs Rp266 loss in FY 2020) Full year 2021 results: Rp119 loss per share (up from Rp266 loss in FY 2020). Revenue: Rp6.46t (up 5.3% from FY 2020). Net loss: Rp276.7b (loss narrowed 55% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). Director Adriansyah Adnan is the most experienced director on the board, commencing their role in 2005. Independent Commissioner Betti Alisjahbana was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Jan 05
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: Rp1.56t (up 7.2% from 3Q 2020). Net loss: Rp45.6b (down Rp52.0b from profit in 3Q 2020). Revenue exceeded analyst estimates by 18%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 137 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 02
First quarter 2021 earnings released: Rp6.06 loss per share (vs Rp9.03 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: Rp1.34t (down 8.4% from 1Q 2020). Net loss: Rp14.0b (loss narrowed 20% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 180 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 12
Full year 2020 earnings released: Rp239 loss per share (vs Rp1.88 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: Rp6.16t (up 11% from FY 2019). Net loss: Rp554.5b (down Rp558.1b from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 156 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 08
New 90-day high: Rp855 The company is up 53% from its price of Rp560 on 09 October 2020. The Indonesian market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the IT industry, which is up 90% over the same period. Reported Earnings • Dec 05
Third quarter 2019 earnings released: Rp4.74 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2019 results: Revenue: Rp1.20t (down 14% from 3Q 2018). Net loss: Rp8.90b (loss widened 328% from 3Q 2018). Is New 90 Day High Low • Nov 04
New 90-day high: Rp695 The company is up 14% from its price of Rp610 on 06 August 2020. The Indonesian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 8.0% over the same period.