Financial Analysis Center

Green Flags

• Within 6 months timeframe: total Bought value compared to average transaction value is 70.4x --> heavy shareholder buying
• There were: 1x monthly occurence of decrease in public holding --> buying activity
• Net public holding change within the past 6 months: -1.52%
• In the last 6 months: out of 3,794 million shares bought: 0 million shares came from Foreign holders
• Foreign holders had been net buying 3 months out of the last 6 months time period

Red Flags

• Within 6 months timeframe: total Sold value compared to average transaction value is 54.1x --> heavy shareholder selling, beware of stock overhang!
• There were 3 names of substantial holders selling
• Top 3 sellers were: ['Damiano Investments Bv', 'PT. Multikarsa Investama', 'Peter V. Merkle']
• Total sold value in the last 6 months: IDR -4.9 billion
• Foreign holders had been net selling 3 months out of the last 6 months time period

Green Flags

• 6 months Net Loss decreasing -41.0% compared to last year

Red Flags

• Multiple quarters of (-) Net Income
• Current EBITDA -18.3 B insufficient to cover current Interest Exp -1.8 B
• Total EBITDA -870.0 B insufficient to cover Total Interest Exp -67.2 B in the last 8 quarters

Green Flags

• No buildup of inventory and receivables in the balance sheet (current).
• No buildup of inventory and receivables in the last 2 quarters

Red Flags

• Increasing DER for 4 consecutive quarters
• Current Ratio < 1x --> weak balance sheet
• Negative Equity (current)

Green Flags

Red Flags

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