Financial Analysis Center

Green Flags

• There were: 1x monthly occurence of decrease in public holding --> buying activity
• Net public holding change within the past 6 months: -9.55%
• In the last 6 months: out of 12,357 million shares bought: 10 million shares came from Foreign holders
• Foreign holders had been net buying 1 months out of the last 6 months time period

Red Flags

• Within 6 months timeframe: total Sold value compared to average transaction value is 228.0x --> heavy shareholder selling, beware of stock overhang!
• There were 3 names of substantial holders selling
• Top 3 sellers were: ['Andrew Mulyadi', 'Henry Mulyadi', 'Tan Tjoe Ing']
• Total sold value in the last 6 months: IDR -494.7 billion
• Foreign holders had been net selling 5 months out of the last 6 months time period

Green Flags

Red Flags

• Multiple quarters of (-) Net Income
• Top line decreased by -14.0% in latest Q1 '26 quarter
• Current EBITDA -8.9 B insufficient to cover current Interest Exp -0.2 B
• Total EBITDA -14.2 B insufficient to cover Total Interest Exp -1.8 B in the last 8 quarters
• Negative Turnaround detected: 6 months Net Profit last year become Net Loss this year which fell -488.0%

Green Flags

• Current Ratio: 1.4x with an avg of 1.6x over 8 quarters

Red Flags

• Increasing DER for 4 consecutive quarters
• Annual avg shares o/s increase: 6.6%
• Detected buildup of inventory and receivables in the balance sheet (current).
• There's a buildup of inventory and receivables in the last 2 quarters

Green Flags

Red Flags

• Negative Net Profit with positive Operating CF --> check Noise and other Operating Losses