Financial Analysis Center

Green Flags

• Foreign holders had been net buying 4 months out of the last 6 months time period

Red Flags

• Within 6 months timeframe: total Sold value compared to average transaction value is 3.4x --> heavy shareholder selling, beware of stock overhang!
• There were 3 names of substantial holders selling
• Top 3 sellers were: ['PT. Borneo Karya Persada', 'PT. Pelayaran Sentra Arung Makmur', 'Amir Sunarko']
• Total sold value in the last 6 months: IDR -2.6 billion
• There were: 2x monthly occurence of increase in public holding --> selling activity
• Net public holding change within the past 6 months: +3.65%
• In the last 6 months: out of 23,071 million shares sold: 4 million shares came from Foreign holders
• Foreign holders had been net selling 2 months out of the last 6 months time period

Green Flags

• 6 months Net Loss decreasing -36.0% compared to last year

Red Flags

• Multiple quarters of (-) Net Income
• Top line decreased by -43.1% in latest Q1 '26 quarter
• Current EBITDA -1.9 B insufficient to cover current Interest Exp -4.8 B
• Total EBITDA -8.4 B insufficient to cover Total Interest Exp -18.1 B in the last 8 quarters

Green Flags

Red Flags

• Annual avg shares o/s increase: 11.4%
• Shares o/s increased by 54.9% in the last 3 yrs
• Current Ratio < 1x --> weak balance sheet

Green Flags

Red Flags

• Negative Net Profit and Operating CF