Valuation Update With 7 Day Price Move • 4h
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp374, the stock trades at a trailing P/E ratio of 79.4x. Average trailing P/E is 21x in the Software industry in Asia. Total returns to shareholders of 116% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp2.36 (vs Rp0.13 loss in 1Q 2025) First quarter 2026 results: EPS: Rp2.36 (up from Rp0.13 loss in 1Q 2025). Revenue: Rp170.7b (up 233% from 1Q 2025). Net income: Rp3.30b (up Rp3.93b from 1Q 2025). Profit margin: 1.9% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 10
PT Folago Global Nusantara Tbk, Annual General Meeting, May 18, 2026 PT Folago Global Nusantara Tbk, Annual General Meeting, May 18, 2026. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: Rp4.60 (vs Rp0.11 loss in FY 2024) Full year 2025 results: EPS: Rp4.60 (up from Rp0.11 loss in FY 2024). Revenue: Rp410.1b (down 51% from FY 2024). Net income: Rp25.3b (up Rp25.8b from FY 2024). Profit margin: 6.2% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 15
PT Folago Global Nusantara Tbk has filed a Follow-on Equity Offering in the amount of IDR 3.717028 trillion. PT Folago Global Nusantara Tbk has filed a Follow-on Equity Offering in the amount of IDR 3.717028 trillion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,390,094,754
Price\Range: IDR 300
Security Features: Attached Warrants
Transaction Features: Rights Offering New Risk • Jan 14
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 17% 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 Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Board Change • Dec 30
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. 3 non-independent directors. Independent Commissioner Nathaniel Kwai was the last independent director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Dec 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% 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: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Dec 10
Third quarter 2025 earnings released: EPS: Rp4.33 (vs Rp0.10 in 3Q 2024) Third quarter 2025 results: EPS: Rp4.33 (up from Rp0.10 in 3Q 2024). Revenue: Rp106.9b (down 56% from 3Q 2024). Net income: Rp25.0b (up Rp24.5b from 3Q 2024). Profit margin: 23% (up from 0.2% in 3Q 2024). The increase in margin was driven by lower expenses. Board Change • Oct 14
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. 3 non-independent directors. Independent Commissioner Nathaniel Kwai was the last independent director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jun 03
PT Aviana Sinar Abadi Tbk, Annual General Meeting, Jun 24, 2025 PT Aviana Sinar Abadi Tbk, Annual General Meeting, Jun 24, 2025. Location: hotel amaris tebet jl prof dr seopomo sh no 33, tebet barat jakarta selatan kota adm, jakarta selatan dki, Indonesia New Risk • Aug 09
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 13% 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 (13% average weekly change). Earnings have declined by 7.2% per year over the past 5 years. Market cap is less than US$10m (Rp45.0b market cap, or US$2.84m). New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings have declined by 7.2% 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 Risks Earnings have declined by 7.2% per year over the past 5 years. Market cap is less than US$10m (Rp50.0b market cap, or US$3.05m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Jun 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Rp155.0b (US$9.61m) 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 16
PT Aviana Sinar Abadi Tbk, Annual General Meeting, Jun 20, 2024 PT Aviana Sinar Abadi Tbk, Annual General Meeting, Jun 20, 2024. Reported Earnings • Apr 18
Full year 2023 earnings released: Rp0.47 loss per share (vs Rp1.02 profit in FY 2022) Full year 2023 results: Rp0.47 loss per share (down from Rp1.02 profit in FY 2022). Revenue: Rp248.8b (up 54% from FY 2022). Net loss: Rp2.32b (down 157% from profit in FY 2022). Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Rp60.00, the stock trades at a trailing P/E ratio of 55.7x. Average trailing P/E is 32x in the Software industry in Asia. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorates as stock falls 38% After last week's 38% share price decline to Rp50.00, the stock trades at a trailing P/E ratio of 46.5x. Average trailing P/E is 34x in the Software industry in Asia. Reported Earnings • Aug 02
Second quarter 2023 earnings released Second quarter 2023 results: EPS: Rp0.009. Net income: Rp32.9m (up Rp32.9m from 2Q 2022). Board Change • Feb 08
No independent directors There are 8 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: 8 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). President Commissioner Henry Panjaitan is the most experienced director on the board, commencing their role in 2022. Independent Commissioner Ecep Yasa was the last independent director to join the board, commencing their role in 2022. 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. 
