New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 44% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risk Earnings have declined by 44% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Rp187.6b market cap, or US$10.3m). New Risk • Jun 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp159.6b (US$8.94m) 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. 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). Market cap is less than US$10m (Rp159.6b market cap, or US$8.94m). Minor Risk Large one-off items impacting financial results. Duyuru • May 13
PT Distribusi Voucher Nusantara Tbk, Annual General Meeting, Jun 22, 2026 PT Distribusi Voucher Nusantara Tbk, Annual General Meeting, Jun 22, 2026. Reported Earnings • May 05
First quarter 2026 earnings released: Rp17.81 loss per share (vs Rp14.37 profit in 1Q 2025) First quarter 2026 results: Rp17.81 loss per share (down from Rp14.37 profit in 1Q 2025). Revenue: Rp716.5b (down 19% from 1Q 2025). Net loss: Rp24.9b (down 224% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to Rp191, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 102x in the Software industry in Indonesia. Total loss to shareholders of 71% over the past three years. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: Rp33.18 (vs Rp170 loss in FY 2024) Full year 2025 results: EPS: Rp33.18 (up from Rp170 loss in FY 2024). Revenue: Rp3.50t (down 16% from FY 2024). Net income: Rp46.5b (up Rp284.0b from FY 2024). Profit margin: 1.3% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. New Risk • Mar 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp166.6b (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. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (Rp166.6b market cap, or US$9.83m). Minor Risk Share price has been volatile over the past 3 months (18% average weekly change). New Risk • Feb 26
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: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (Rp228.2b market cap, or US$13.7m). Recent Insider Transactions • Feb 06
President Director recently bought Rp21m worth of stock On the 3rd of February, Raymond Loho bought around 150k shares on-market at roughly Rp140 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Raymond's only on-market trade for the last 12 months. Reported Earnings • Nov 04
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: Rp855.7b (down 16% from 3Q 2024). Net loss: Rp809.7m (down 103% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than 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. 5 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Independent Commissioner Artiko Samudro was the last independent director to join the board, commencing their role in 2020. 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 16
PT Distribusi Voucher Nusantara Tbk, Annual General Meeting, Jun 18, 2025 PT Distribusi Voucher Nusantara Tbk, Annual General Meeting, Jun 18, 2025. Location: gedung mangkuluhur city lantai 19 jalan, gatot subroto kavling 1-3, karet semanggi, setiabudi, jakarta selatan, 12930., kota adm. jakarta selatan dki, jakarta Indonesia Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: Rp17.38 (vs Rp173 loss in 3Q 2023) Third quarter 2024 results: EPS: Rp17.38 (up from Rp173 loss in 3Q 2023). Revenue: Rp1.02t (up 6.2% from 3Q 2023). Net income: Rp24.3b (up Rp265.9b from 3Q 2023). Profit margin: 2.4% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 03
Second quarter 2024 earnings released: Rp56.33 loss per share (vs Rp376 loss in 2Q 2023) Second quarter 2024 results: Rp56.33 loss per share (improved from Rp376 loss in 2Q 2023). Revenue: Rp1.18t (up 29% from 2Q 2023). Net loss: Rp78.9b (loss narrowed 85% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Duyuru • May 16
PT Distribusi Voucher Nusantara Tbk, Annual General Meeting, Jun 20, 2024 PT Distribusi Voucher Nusantara Tbk, Annual General Meeting, Jun 20, 2024. Reported Earnings • May 04
First quarter 2024 earnings released: Rp120 loss per share (vs Rp3.22 profit in 1Q 2023) First quarter 2024 results: Rp120 loss per share (down from Rp3.22 profit in 1Q 2023). Revenue: Rp1.00t (up 4.6% from 1Q 2023). Net loss: Rp168.2b (down Rp172.8b from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 04
Full year 2023 earnings released: Rp913 loss per share (vs Rp3.00 profit in FY 2022) Full year 2023 results: Rp913 loss per share (down from Rp3.00 profit in FY 2022). Revenue: Rp3.85t (down 21% from FY 2022). Net loss: Rp1.28t (down Rp1.28t from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. New Risk • Mar 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp149.8b (US$9.44m) 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 5.1% per year over the past 5 years. Market cap is less than US$10m (Rp149.8b market cap, or US$9.44m). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • Nov 02
Third quarter 2023 earnings released: Rp173 loss per share (vs Rp36.13 loss in 3Q 2022) Third quarter 2023 results: Rp173 loss per share (further deteriorated from Rp36.13 loss in 3Q 2022). Revenue: Rp964.0b (down 25% from 3Q 2022). Net loss: Rp241.5b (loss widened 378% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. New Risk • Aug 08
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 8.7% 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 (8.7% average weekly change). Market cap is less than US$100m (Rp302.4b market cap, or US$19.8m). Reported Earnings • Aug 04
Second quarter 2023 earnings released: Rp376 loss per share (vs Rp12.72 profit in 2Q 2022) Second quarter 2023 results: Rp376 loss per share (down from Rp12.72 profit in 2Q 2022). Revenue: Rp917.7b (down 28% from 2Q 2022). Net loss: Rp525.8b (down Rp543.7b from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp890, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 42x in the Software industry in Indonesia. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 18% share price gain to Rp945, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 46x in the Software industry in Indonesia. Total loss to shareholders of 45% over the past three years. Reported Earnings • Nov 30
Third quarter 2022 earnings released: Rp36.14 loss per share (vs Rp405 profit in 3Q 2021) Third quarter 2022 results: Rp36.14 loss per share (down from Rp405 profit in 3Q 2021). Revenue: Rp1.28t (up 5.1% from 3Q 2021). Net loss: Rp50.6b (down 109% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. 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 Artiko Samudro was the last independent director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
Second quarter 2022 earnings released: EPS: Rp12.72 (vs Rp355 in 2Q 2021) Second quarter 2022 results: EPS: Rp12.72 (down from Rp355 in 2Q 2021). Revenue: Rp1.28t (down 12% from 2Q 2021). Net income: Rp17.8b (down 96% from 2Q 2021). Profit margin: 1.4% (down from 34% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 03
First quarter 2022 earnings released: EPS: Rp53.04 (vs Rp132 in 1Q 2021) First quarter 2022 results: EPS: Rp53.04 (down from Rp132 in 1Q 2021). Revenue: Rp1.04t (up 11% from 1Q 2021). Net income: Rp74.3b (down 60% from 1Q 2021). Profit margin: 7.1% (down from 20% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buying Opportunity • May 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 41%. The fair value is estimated to be Rp1,146, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 119%. 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 Artiko Samudro was the last independent director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 19% share price gain to Rp2,150, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 83x in the Software industry in Indonesia. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment deteriorated over the past week After last week's 52% share price decline to Rp2,250, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 33x in the Software industry in Asia. Total returns to shareholders of 22% over the past year. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 17% share price gain to Rp4,650, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 34x in the Software industry in Asia. Total returns to shareholders of 124% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS Rp711 (vs Rp13.44 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp1.46t (up 58% from 2Q 2020). Net income: Rp497.7b (up Rp488.1b from 2Q 2020). Profit margin: 34% (up from 1.0% in 2Q 2020). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 16% share price gain to Rp3,350, the stock trades at a trailing P/E ratio of 69.9x. Average trailing P/E is 36x in the Software industry in Asia. Total returns to shareholders of 268% over the past year. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 19% share price gain to Rp2,950, the stock trades at a trailing P/E ratio of 61.5x. Average trailing P/E is 35x in the Software industry in Asia. Total returns to shareholders of 126% over the past year. Is New 90 Day High Low • Feb 21
New 90-day high: Rp2,600 The company is up 29% from its price of Rp2,010 on 20 November 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Software industry, which is up 82% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: Rp2,540 The company is up 14% from its price of Rp2,230 on 23 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: Rp2,480 The company is up 14% from its price of Rp2,180 on 08 October 2020. The Indonesian market is up 22% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Software industry, which is also up 14% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: Rp2,410 The company is up 21% from its price of Rp1,985 on 23 September 2020. The Indonesian market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 3.0% over the same period. Duyuru • Sep 08
Kejora Ventures cancelled the acquisition of an unknown minority stake in PT Distribusi Voucher Nusantara Tbk (IDX:DIVA) from PT M Cash Integrasi Tbk (IDX:MCAS). Kejora Ventures signed a sales and purchase agreement to acquire an unknown minority stake in PT Distribusi Voucher Nusantara Tbk (IDX:DIVA) from PT M Cash Integrasi Tbk (IDX:MCAS) on August 13, 2019.
Kejora Ventures cancelled the acquisition of an unknown minority stake in PT Distribusi Voucher Nusantara Tbk (IDX:DIVA) from PT M Cash Integrasi Tbk (IDX:MCAS) on August 13, 2020. 
