Reported Earnings • May 05
First quarter 2026 earnings released: EPS: Rp43.00 (vs Rp45.02 in 1Q 2025) First quarter 2026 results: EPS: Rp43.00 (down from Rp45.02 in 1Q 2025). Revenue: Rp779.7b (up 7.2% from 1Q 2025). Net income: Rp89.4b (down 4.8% from 1Q 2025). Profit margin: 12% (down from 13% 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 35% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 01
PT Cahaya Aero Services Tbk, Annual General Meeting, May 07, 2026 PT Cahaya Aero Services Tbk, Annual General Meeting, May 07, 2026. Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: Rp219 (vs Rp179 in FY 2024) Full year 2025 results: EPS: Rp219 (up from Rp179 in FY 2024). Revenue: Rp3.26t (up 19% from FY 2024). Net income: Rp456.9b (up 22% from FY 2024). Profit margin: 14% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp1,995, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 9x in the Infrastructure industry in Indonesia. Total returns to shareholders of 380% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp2,430, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 11x in the Infrastructure industry in Indonesia. Total returns to shareholders of 496% over the past three years. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: Rp77.11 (vs Rp37.81 in 3Q 2024) Third quarter 2025 results: EPS: Rp77.11 (up from Rp37.81 in 3Q 2024). Revenue: Rp832.8b (up 16% from 3Q 2024). Net income: Rp161.6b (up 105% from 3Q 2024). Profit margin: 19% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. 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. 6 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Independent Commissioner Armand Arief 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. Insufficient board refreshment. Duyuru • Mar 13
PT Cardig Aero Services Tbk, Annual General Meeting, Apr 25, 2025 PT Cardig Aero Services Tbk, Annual General Meeting, Apr 25, 2025. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp1,800, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 7x in the Infrastructure industry in Indonesia. Total returns to shareholders of 221% over the past three years. Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: Rp38.63 (vs Rp29.98 in 3Q 2023) Third quarter 2024 results: EPS: Rp38.63 (up from Rp29.98 in 3Q 2023). Revenue: Rp720.5b (up 23% from 3Q 2023). Net income: Rp78.9b (up 26% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp1,620, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 7x in the Infrastructure industry in Indonesia. Total returns to shareholders of 243% over the past three years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp1,330, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 7x in the Infrastructure industry in Indonesia. Total returns to shareholders of 291% over the past three years. Duyuru • Jun 02
PT Cardig Aero Services Tbk, Annual General Meeting, Jun 21, 2024 PT Cardig Aero Services Tbk, Annual General Meeting, Jun 21, 2024. Location: ruang kecapi 6, oakwood hotel & apartments taman, mini jakarta, jl. pintu taman mini indonesia, indah, jakarta timur 13880 kota adm. jakarta, timur dki. jakarta indonesia, jakarta Indonesia Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to Rp1,250, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 9x in the Infrastructure industry in Indonesia. Total returns to shareholders of 213% over the past three years. Reported Earnings • May 05
First quarter 2024 earnings released: EPS: Rp35.00 (vs Rp18.72 in 1Q 2023) First quarter 2024 results: EPS: Rp35.00 (up from Rp18.72 in 1Q 2023). Revenue: Rp618.5b (up 30% from 1Q 2023). Net income: Rp70.7b (up 81% from 1Q 2023). Profit margin: 11% (up from 8.2% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 26
PT Roket Cipta Sentosa completed the acquisition of 9.85% stake from Cemerlang Pte Ltd. PT Roket Cipta Sentosa entered into sale and purchase agreement to acquire 9.85% stake from Cemerlang Pte Ltd. for IDR170 billion on April 16, 2024. PT Roket Cipta Sentosa completed the acquisition of 9.85% stake from Cemerlang Pte Ltd. on April 25, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: Rp100.00 (vs Rp60.68 in FY 2022) Full year 2023 results: EPS: Rp100.00 (up from Rp60.68 in FY 2022). Revenue: Rp2.20t (up 27% from FY 2022). Net income: Rp212.3b (up 68% from FY 2022). Profit margin: 9.7% (up from 7.3% 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 105% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to Rp1,080, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 9x in the Infrastructure industry in Indonesia. Total returns to shareholders of 205% over the past three years. New Risk • Mar 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 7.4% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Rp900, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 9x in the Infrastructure industry in Indonesia. Total returns to shareholders of 233% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp810, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 8x in the Infrastructure industry in Indonesia. Total returns to shareholders of 166% over the past three years. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: Rp29.01 (vs Rp18.34 in 3Q 2022) Third quarter 2023 results: EPS: Rp29.01 (up from Rp18.34 in 3Q 2022). Revenue: Rp586.7b (up 27% from 3Q 2022). Net income: Rp62.6b (up 64% from 3Q 2022). Profit margin: 11% (up from 8.3% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: Rp21.23 (vs Rp15.13 in 2Q 2022) Second quarter 2023 results: EPS: Rp21.23 (up from Rp15.13 in 2Q 2022). Revenue: Rp525.9b (up 27% from 2Q 2022). Net income: Rp46.1b (up 46% from 2Q 2022). Profit margin: 8.8% (up from 7.6% 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 121% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: Rp61.00 (vs Rp16.17 in FY 2021) Full year 2022 results: EPS: Rp61.00 (up from Rp16.17 in FY 2021). Revenue: Rp1.74t (up 24% from FY 2021). Net income: Rp126.6b (up 275% from FY 2021). Profit margin: 7.3% (up from 2.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors There are 5 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: 5 new directors. 3 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Group Chief Corporate Affairs Officer, Corporate Secretary & Director Raden Ajeng Adhiningrat is the most experienced director on the board, commencing their role in 2011. Independent Commissioner Armand Arief 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 board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 16% share price gain to Rp446, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 14x in the Infrastructure industry in Indonesia. Total loss to shareholders of 32% over the past three years. Reported Earnings • Jun 03
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: Rp10.00 (up from Rp4.54 in 1Q 2021). Revenue: Rp358.1b (up 12% from 1Q 2021). Net income: Rp20.6b (up 118% from 1Q 2021). Profit margin: 5.8% (up from 3.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 15%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors There are 5 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: 5 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Chief Corporate Affairs Officer, Corporate Secretary & Director Raden Ajeng Adhiningrat is the most experienced director on the board, commencing their role in 2011. Independent Commissioner Armand Arief 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 board continuity. Lack of experienced directors. Reported Earnings • Jul 30
Full year 2020 earnings released: Rp42.00 loss per share (vs Rp66.66 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: Rp1.22t (down 44% from FY 2019). Net loss: Rp88.1b (loss narrowed 37% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 05
New 90-day high: Rp276 The company is up 23% from its price of Rp224 on 04 September 2020. The Indonesian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 11% over the same period. Reported Earnings • Nov 29
Third quarter 2020 earnings released: Rp7.31 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: Rp223.5b (down 61% from 3Q 2019). Net loss: Rp16.4b (down 146% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 121% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. 
