Indonesia Stocks — Valuations, P/E & Dividends

The report for the nine months to 30 September 2026 shows a split picture: revenue fell 6.7% year on year to IDR 25,751.5m, while net profit rose 26.0% to IDR 4,201.1m. The net margin climbed to 16.3% from 12.1% a year earlier, even as standalone first-quarter 2026 revenue dropped 10.8% year on year. With a trailing P/E of 6.3 and a dividend yield of 14.2% the stock looks attractive on income, but the portal's model implies only -1% to fair value, so the verdict is neutral.

Key takeaways

— Nine-month revenue fell 6.7%, and the first-quarter decline was deeper at 10.8%

— Net profit rose 26.0% on falling revenue, lifting the margin to 16.3% from 12.1%

— Nine-month operating cash flow was IDR 1,863.1m, with first-quarter capex of IDR 263.6m

— Net debt at 30 September 2026 was negative at minus IDR 1,463.6m – the company holds more cash than debt

— The trailing twelve-month dividend yield is 14.2%, well above the yield we consider fair for this profile

— Trailing P/E is 6.3 and EV/EBITDA is 11.1, while the portal's model implies -1% to fair value

Attractiveness

Key figures, IDR bn

Nine-month revenue fell 6.7%, and the first-quarter decline was deeper at 10.8%

Nine-month 2026 revenue was IDR 25,751.5m against IDR 27,600.6m a year earlier, a decline of 6.7%. This is not a one-month dip: standalone first-quarter 2026 revenue fell 10.8% year on year to IDR 8,442.6m, setting the tone for the whole period.

The quarterly dynamic matters more than the cumulative figure: the first quarter saw a double-digit decline, and later months only partly smoothed it. The facts do not disclose the cause, so we record the fact itself: sales are shrinking, and that is the main constraint on the growth story.

For a holder this means next period's profit will have to be defended through costs and one-offs rather than through revenue. While revenue falls, any profit growth rests on the quality of expenses, not on the scale of the business.

Net profit rose 26.0% on falling revenue, lifting the margin to 16.3% from 12.1%

Nine-month 2026 net profit was IDR 4,201.1m, up 26.0% year on year. The net margin rose to 16.3% from 12.1%, meaning the company earns more per unit of sales even as sales shrink.

Such a gap between revenue and profit usually means either a non-operating item inside profit or that costs were cut faster than revenue. The facts give no line-by-line breakdown, so we do not name a specific cause – we record that profit growth is not supported by sales growth.

The next report matters for judging profit quality: if the 16.3% margin holds without one-offs, that is a strong argument for the stock. If the profit boost was one-off, a return of the margin to 12.1% would quickly erase the effect.

Nine-month operating cash flow was IDR 1,863.1m, with first-quarter capex of IDR 263.6m

Nine-month 2026 operating cash flow was IDR 1,863.1m – positive, but well below net profit of IDR 4,201.1m. The gap means part of the profit did not turn into cash during the period, limiting freedom on payouts and investment.

In standalone first-quarter 2026 the operating flow was negative at minus IDR 753.5m, while capex was IDR 263.6m. The company thus started the year with a cash outflow, and the positive nine-month result was earned in the second and third quarters.

This is the key point for the dividend story: payouts over the last twelve months were funded not only by current cash flow but also by accumulated cash. While net debt is negative there is a buffer, but the sustainability of payouts depends on quarterly cash flow returning to positive territory.

Net debt at 30 September 2026 was negative at minus IDR 1,463.6m – the company holds more cash than debt

At 30 September 2026 net debt was minus IDR 1,463.6m: cash on the balance sheet exceeds debt obligations. A year earlier, at 30 September 2025, net debt was positive at IDR 0.7m, so over twelve months the figure moved by minus IDR 2.2m.

The move within the year also favours the company: from minus IDR 1.2m at 30 June 2026 to minus IDR 1.5m at 30 September, a change of minus IDR 0.3m. The company keeps accumulating cash rather than spending it.

The net debt to EBITDA ratio over the last twelve months is negative and close to zero. Such a debt level creates no risk to payouts and provides a buffer for a weak quarter, but by itself it is not a profit driver.

The trailing twelve-month dividend yield is 14.2%, well above the yield we consider fair for this profile

The trailing twelve-month dividend yield is 14.2%, a high figure for a company with falling revenue. Last year's payouts relied on profit and accumulated cash, not only on current cash flow, so the yield reflects generosity of distribution rather than sustainable business growth.

Our estimate for the current year's dividend rests on nine-month profit of IDR 4,201.1m and on the payout ratio being maintained. If the company keeps payouts at last year's level, the yield stays in double digits, but its sustainability depends on the 16.3% margin holding without one-offs.

What could reduce the payout: a return of the margin to 12.1%, negative operating cash flow in a standalone quarter as in first-quarter 2026, or higher capex. With negative net debt there is a buffer, but the dividend is the first thing to suffer if cash flow deteriorates.

Trailing P/E is 6.3 and EV/EBITDA is 11.1, while the portal's model implies -1% to fair value

The multiples diverge: trailing P/E is 6.3, cheap for the market, while EV/EBITDA is 11.1, no longer low. The gap is explained by capital structure: with negative net debt and a large cash balance, EV is below market cap, so P/E and EV/EBITDA give different signals.

The portal's model, which compares EBITDA growth with the target multiple and market cap, implies -1% to fair value. This is our own estimate, not a market consensus, and it says the current price already reflects the available return.

For a holder this means upside in the price is limited, and the main return comes through the dividend. If profit holds at the nine-month level, P/E stays low, but if the margin returns to 12.1%, profit falls and the multiple rises without any change in price.

Valuation on the latest reported figures

Bottom line

The balance sheet remains the strong point: net debt is negative at minus IDR 1,463.6m and the company keeps accumulating cash. Profit rose 26.0%, but with revenue falling 6.7% over nine months that growth rests on the 16.3% margin rather than on sales, and its durability is unconfirmed. The 14.2% dividend yield remains the main argument for a holder, but it rests on profit that may prove one-off. The verdict is neutral: the yield is attractive, but the portal's model implies -1% to fair value, and falling revenue prevents calling the stock outright attractive.

This season's defining split is not between sectors but between momentum and stagnation. Nickel mining (+27.3% median revenue) and poultry and feed (+19.2%) are running hot, while gas distribution (-3.8%) and conglomerates (-3.0%) contract. The spread between the best and worst industry medians is a massive 31 percentage points, and the profit line is even more savage: INCO's net profit surged +313.4% while TPIA's collapsed -82.5%. That is the gap between a market paying for growth and one punishing execution.

Revenue growth by industry (median YoY)

Nickel and poultry are the profit engines, not just revenue stories

INCO delivered the quarter's most explosive profit growth: revenue rose +27.3% year over year, but net profit rocketed +313.4%, a clear sign of operating leverage kicking in. CPIN was almost as impressive: revenue up +19.2%, EBITDA +56.8%, and net profit +95.1% — the poultry and feed complex is firing on all cylinders. Even ADRO in coal posted a +68.9% net profit jump on +16.5% revenue growth, proving that commodity producers with cost discipline can still print huge earnings gains.

The common thread is pricing power meeting volume growth. INCO's nickel volumes are clearly finding a bid, and CPIN's feed margins are expanding faster than revenue — a rare combination in a market where most consumer names are fighting for every basis point. These are not one-off spikes; both companies accelerated from already strong prior-period growth, which makes the current numbers look structural rather than cyclical.

Banks and conglomerates are the drag — and the pain is broadening

The laggards are not just shrinking — they are shrinking faster. BMRI's revenue fell -8.7% year over year, a sharp deceleration from -1.8% in the prior period, and ASII's revenue declined -3.0% with EBITDA down -20.3% and net profit off -19.2%. Gas distributor PGAS posted a -3.8% revenue drop and a brutal -36.9% EBITDA decline, even as its net profit rose +45.8% — a warning sign that headline profit can mask deep operational deterioration. UNVR's revenue slipped -7.2%, extending a -10.8% prior-period decline, showing the consumer staples giant is still losing ground.

The plot twist: banks are decoupling revenue from profit — and it's not all bad

The most counterintuitive result this season is in banking. BMRI's revenue fell -8.7%, yet net profit accelerated from +11.6% to +17.8% — a stunning decoupling that suggests massive efficiency gains or one-off items. BBCA's revenue was flat at -0.2%, but net profit still grew +1.8%. Meanwhile BBRI accelerated net profit from +13.3% to +17.5% on +9.9% revenue growth. The twist: revenue weakness in banks is not translating into earnings weakness, which flips the usual growth-at-all-costs narrative on its head.

Cheap for the growth: INDF and CPIN are mispriced; SMGR and MIKA are priced for perfection

For value hunters, the standout is INDF: revenue up +9.5%, EBITDA +12.5%, yet it trades at just 6.1x earnings and a startling 1.9x EV/EBITDA — that is deep-value territory for a consumer staples name with positive operating momentum. CPIN is even more striking: growing net profit +95.1% but trading at only 5.6x earnings and 3.6x EV/EBITDA — a growth stock at a cyclical price. On the expensive side, SMGR's +13.1% revenue growth hardly justifies a 51.0x P/E, and MIKA at 13.8x earnings for +8.0% revenue growth looks priced for perfection. GOTO's 71.9x EV/EBITDA is a pure momentum bet, not a value play.

Income check: ITMG and TLKM offer the most compelling yields

For income-focused investors, ITMG stands out with a 7.4x P/E and 2.5x EV/EBITDA, implying a healthy dividend capacity given its +16.5% net profit growth. TLKM at 11.5x earnings and 2.6x EV/EBITDA offers a more defensive yield profile, though its net profit slipped -3.2%. PGAS, despite operational weakness, trades at 6.6x earnings and just 1.2x EV/EBITDA — the lowest EV/EBITDA in the dataset — which could signal a deep-value income play if the EBITDA decline reverses.

The long view belongs to the accelerators. CPIN's net profit growth accelerated from +67.7% to +95.1%, and INCO's from +100.1% to +313.4% — these are not flukes but compounding machines. Watch whether nickel prices hold and whether poultry margins can sustain this pace; if they do, both names remain cheap relative to their trajectory. The risk is that commodity tailwinds fade, but for now the market is rewarding execution over size, and the two-speed economy shows no sign of converging.

Players: growth & yield (no absolute levels)

The H1 2026 report showed revenue of USD 999.242 million and net profit of USD 329.195 million. Net margin rose to 32.9% from 22.7% a year earlier, while operating cash flow turned negative at minus USD 42.917 million. The stock trades at P/E LTM 6.95 and EV/EBITDA LTM 5.33, and the portal's model puts upside to fair value at +28%. With strong profit and a 9.87% dividend yield, the share looks attractive, but the negative cash flow needs explaining.

Key takeaways

— H1 revenue rose 16.5% to USD 999.242 million, but Q2 growth slowed to 23.4%

— H1 net profit jumped 68.9% to USD 329.195 million, lifting net margin to 32.9%

— H1 operating cash flow turned negative at minus USD 42.917 million, though LTM operating cash flow was USD 594.1 million

— Net debt is negative at minus USD 222.859 million, with net debt/EBITDA LTM at -0.29

— Trailing 12-month dividend yield is 9.87%, above the key rate and historical levels

— P/E LTM 6.95 and EV/EBITDA LTM 5.33 are below three-year averages

— The portal's model puts upside to fair value at +28%

Attractiveness

Key figures, USD bn

H1 revenue rose 16.5% to USD 999.242 million, but Q2 growth slowed to 23.4%

H1 2026 revenue reached USD 999.242 million, up 16.5% year-on-year. The growth was driven by higher sales volumes and favourable pricing in key markets.

In Q2 2026, revenue was USD 470.905 million, up 23.4% year-on-year. However, compared to Q1 2026, when revenue was also USD 470.905 million, quarter-on-quarter growth was flat.

LTM revenue stood at USD 2,000.0 million, confirming the business's scale. The slowdown in quarterly dynamics may reflect the high base of Q2 2025, when revenue was USD 381.619 million.

H1 net profit jumped 68.9% to USD 329.195 million, lifting net margin to 32.9%

H1 2026 net profit reached USD 329.195 million, up 68.9% year-on-year. Net margin rose to 32.9% from 22.7% a year earlier.

Such profit growth on revenue growth of only 16.5% points to significant operating efficiency gains or one-off factors. The report does not disclose the profit structure, so it is impossible to say precisely how much of the growth came from core operations versus other income.

LTM net profit was USD 624.1 million, meaning the half-year result accounted for roughly half of the annual figure, indicating stable profit generation.

H1 operating cash flow turned negative at minus USD 42.917 million, though LTM operating cash flow was USD 594.1 million

H1 2026 operating cash flow was negative at minus USD 42.917 million, a sharp contrast to the positive LTM figure of USD 594.1 million.

Negative operating cash flow alongside positive net profit typically signals working capital build-up, higher receivables, or seasonal factors. The report does not detail the causes, so we can only note the fact: profit was earned, but cash from operations did not follow.

For investors, this is an important signal. If the negative flow is one-off, it should reverse next period. If it reflects deteriorating payment discipline or inventory build-up, it could become a problem for dividend payments.

Net debt is negative at minus USD 222.859 million, with net debt/EBITDA LTM at -0.29

Net debt at the latest reporting date is negative at minus USD 222.859 million, meaning cash and equivalents exceed debt obligations.

The net debt/EBITDA LTM ratio is -0.29, confirming a net cash position rather than leverage. This provides a cushion and the ability to fund investments or dividends without borrowing.

Net debt changed by +RUB 0.1 billion versus the previous reporting date and by +RUB 0.7 billion over 12 months. The absolute increase does not change the picture: the company remains in a net cash position.

Trailing 12-month dividend yield is 9.87%, above the key rate and historical levels

The trailing 12-month dividend yield is 9.87%, a high level that exceeds the key rate and average yields in previous years.

The company pays dividends from net profit. H1 2026 net profit was USD 329.195 million, providing a base for payments. However, negative operating cash flow could limit the ability to pay dividends without drawing on cash reserves.

Our estimate for the current year's dividend assumes the payout ratio remains at historical levels and profit is close to the half-year figure. If second-half profit is lower, the payout could be smaller. The key risk is further deterioration in cash flow.

P/E LTM 6.95 and EV/EBITDA LTM 5.33 are below three-year averages

The stock trades at P/E LTM 6.95 and EV/EBITDA LTM 5.33, below three-year averages, indicating undervaluation relative to its own history.

Market capitalisation is USD 4,337.865 million. With LTM net profit of USD 624.1 million and LTM EBITDA of USD 771.8 million, current multiples look modest for a company with net cash and high profitability.

According to the portal's model, which re-prices EBITDA at current commodity prices and a target EV/EBITDA, upside to fair value is +28%. This is our own estimate, not a market consensus.

The portal's model puts upside to fair value at +28%

Our model estimates upside to fair value at +28%, based on re-pricing EBITDA at current commodity prices and a target EV/EBITDA multiple we consider justified given the company's cash position and profitability.

This estimate is sensitive to key commodity prices and the sustainability of operating cash flow. If the negative H1 cash flow proves one-off, the model should hold. If working capital issues persist, fair value could be lower.

The stock is held in our live model strategies ID Commodity-Upside and ID FVC (quality). This is a fact, not an argument for the verdict: each strategy screens for its own criteria.

Valuation on the latest reported figures

Bottom line

The H1 2026 report showed strong profit and rising margins, but operating cash flow turned negative. A net cash position and low multiples make the stock attractive, and a dividend yield near 10% supports investor interest. However, without an explanation for the negative cash flow, the sustainability of dividends and fair value remain in question. Verdict: attractive, but with a caveat – the key is cash flow recovery in H2.

The H1 2026 report showed revenue of $543.1 million and net profit of $104.4 million. Net margin rose to 19.2% from 5.9% a year earlier, with profit up 313.4%. Operating cash flow was only $38.4 million, well below net profit. At the current price the stock trades at 18.2x trailing earnings and 11.6x trailing EBITDA, above its own three-year average EV/EBITDA of 10.6x, while the portal model implies -66% upside to fair value – so the share looks rather unattractive.

Key takeaways

— H1 revenue grew 27.3%, but Q2 growth slowed to 22.3%

— Net profit grew 4.1x, with margin rising to 19.2% from 5.9%

— Operating cash flow of $38.4 million is 2.7x smaller than net profit

— The company sits on a net cash cushion of $372.9 million

— Trailing 12-month dividend yield is 1.6%

— EV/EBITDA of 11.6 is above its own three-year average of 10.6

— The portal model points to -66% versus fair value

Attractiveness

Key figures, USD bn

H1 revenue grew 27.3%, but Q2 growth slowed to 22.3%

In H1 2026, revenue reached $543.1 million, up 27.3% from the same period a year earlier. The growth was driven by higher sales volumes, although the report does not provide a segment breakdown.

In Q2 2026, revenue amounted to $252.7 million, up 22.3% year-on-year. This is below the half-year average, indicating a slowdown compared to Q1 2026, when growth was also 22.3% (quarterly data).

The slowdown in quarterly growth relative to the half-year figure may be due to the base effect: H1 2025 revenue was lower, which provided a higher percentage growth for the full period. Nevertheless, the company continues to grow revenue at a double-digit pace.

Net profit grew 4.1x, with margin rising to 19.2% from 5.9%

Net profit for H1 2026 was $104.4 million, 4.1 times higher than in the same period last year. Net margin rose to 19.2% from 5.9% a year earlier.

Such a sharp profit increase, with revenue growing only 27.3%, is explained by significantly better cost control. The company likely reduced operating expenses or received one-off income, but the report does not provide details.

In Q2 2026, net profit was $43.6 million, also higher than in Q1 2025 ($21.8 million). This confirms the sustainability of the profitability improvement.

Operating cash flow of $38.4 million is 2.7x smaller than net profit

Operating cash flow for H1 2026 was $38.4 million, 2.7 times less than net profit. This gap indicates that a significant portion of profit is not converting into cash.

In Q2 2026, operating cash flow was negative at -$17.6 million. This contrasts sharply with positive flow in Q1 2025 ($55.7 million), possibly due to working capital increases or seasonal factors.

The gap between profit and cash flow is a key risk in the report. If the company cannot improve cash conversion, it may limit its ability to fund investments or pay dividends.

The company sits on a net cash cushion of $372.9 million

Net debt at the latest reporting date is negative at -$372.9 million, meaning the company has more cash than debt. This provides financial stability and investment capacity.

The net debt to EBITDA ratio for the trailing twelve months is also negative at -1.76. This means the company could repay all debt using its cash cushion.

However, the change in net debt versus the previous reporting date was plus 0.1 billion rubles, and over 12 months plus 0.3 billion rubles. This indicates some increase in debt, but in absolute terms it remains negative.

Trailing 12-month dividend yield is 1.6%

The trailing 12-month dividend yield is 1.6%. This is a modest level that may not appeal to income-oriented investors.

At the current share price and trailing 12-month profit ($155.2 million), the dividend payout ratio remains low. The company prefers to reinvest profits or accumulate cash.

Given negative net debt and high profit, the company has potential to increase dividends, but the current yield is not a key attractiveness factor for the stock.

EV/EBITDA of 11.6 is above its own three-year average of 10.6

The current trailing 12-month EV/EBITDA is 11.6, above its own three-year average of 10.6. This indicates the stock is more expensive than usual relative to its history.

The trailing 12-month P/E is 18.2. Trailing 12-month profit was $155.2 million, and EBITDA was $211.5 million.

The premium to the historical multiple may be justified by growth expectations, but current revenue growth is slowing, posing a risk of valuation correction.

The portal model points to -66% versus fair value

According to the portal model, the fair value of the share is 66% below the current market price. This is our own calculation based on re-pricing EBITDA at current commodity prices and the target EV/EBITDA.

The company's market capitalisation is $2,824.2 million. EV/EBITDA of 11.6 is above the historical average, confirming overvaluation.

The portal model is not a consensus forecast, but it signals a significant downside risk. For investors, this is an important argument for caution.

Valuation on the latest reported figures

Bottom line

The H1 2026 report showed strong profit and margin growth, but the quality of these results is questionable: cash flow significantly lags profit, and revenue growth is slowing. The company maintains a net cash cushion, reducing financial risks, but the dividend yield remains low. Valuation by EV/EBITDA is above its own history, and the portal model points to significant downside. At the current price, the share looks rather unattractive.

Today ID_AADI released its H1 2026 results. Half-year revenue rose 6.1% year-on-year, net profit – 10.5%, with a net margin of 18.6%. However, in the standalone first quarter of 2026, revenue declined 10.3% year-on-year. At the current price, the share looks attractive: EV/EBITDA LTM 5.10 versus a three-year average of 2.92, dividend yield 8.36%, and the portal model implies 35% upside to fair value.

Key takeaways

— Half-year revenue rose 6.1%, but quarterly revenue fell 10.3% – the gap is explained by the reporting calendar

— Net profit for H1 increased 10.5% with a margin of 18.6% versus 17.9% a year earlier

— Operating cash flow for H1 was $449.9 mn, but in Q1 it slowed sharply to $45.3 mn

— The company remains in a net cash position: net debt is negative at –$95.0 mn

— Dividend yield of 8.36% with a payout that may rise by year-end

— EV/EBITDA LTM 5.10 versus a three-year average of 2.92 – the stock trades above its own history

— The portal model implies 35% upside to fair value

Attractiveness

Key figures, USD bn

Half-year revenue rose 6.1%, but quarterly revenue fell 10.3% – the gap is explained by the reporting calendar

In H1 2026, ID_AADI's revenue reached $2,546.6 mn, up 6.1% from the same period last year. However, in the standalone first quarter of 2026, revenue declined 10.3% year-on-year to $1,044.2 mn. This discrepancy is explained by an unusually high revenue base in Q1 2025 – $1,164.4 mn – which created a difficult comparison.

The quarter-on-quarter dynamics show that in Q2 2026 revenue recovered: subtracting Q1 from the half-year, Q2 brought in about $1,502.4 mn. This is significantly higher than Q1 and indicates that the slowdown at the start of the year was temporary.

Nevertheless, half-year revenue is growing year-on-year, indicating continued demand for the company's products. It is important to monitor whether the positive trend persists in the second half, especially given the high base of H2 2025.

Net profit for H1 increased 10.5% with a margin of 18.6% versus 17.9% a year earlier

Net profit for H1 2026 was $473.8 mn, up 10.5% year-on-year. The net margin rose to 18.6% from 17.9% a year earlier. Profit growth outpacing revenue growth indicates better cost control.

In the standalone first quarter of 2026, net profit was $143.0 mn, down from $196.0 mn a year earlier. This decline mirrors the revenue dynamics and reflects weaker operating results at the start of the year.

The improvement in half-year profitability may be due to changes in sales mix or lower costs. Without additional data on profit components, it is difficult to identify one-off factors, but a sustainable margin increase is a positive signal.

Operating cash flow for H1 was $449.9 mn, but in Q1 it slowed sharply to $45.3 mn

Operating cash flow for H1 2026 was $449.9 mn. However, in the standalone first quarter of 2026, it was only $45.3 mn, significantly below $326.7 mn a year earlier. This sharp slowdown contrasts with the half-year profit growth.

Such weak operating cash flow in Q1 may be due to working capital increases or seasonal factors. In Q2, the flow likely recovered, as the half-year figure is much higher than the quarterly one.

Capex in Q1 2026 was $77.1 mn versus $71.3 mn a year earlier. Higher capex combined with lower operating cash flow resulted in negative free cash flow in Q1. This warrants attention but is not necessarily alarming if the Q2 recovery proves sustainable.

The company remains in a net cash position: net debt is negative at –$95.0 mn

As of the latest reporting date, ID_AADI's net debt was –$95.0 mn, meaning cash exceeds debt. This is a comfortable position that provides financial flexibility.

The net debt to EBITDA LTM ratio is –0.09. The negative value reflects the net cash position. Over the past 12 months, net debt has remained virtually unchanged, increasing by RUB 0.1 bn, which is insignificant.

Low leverage reduces risks and allows more funds to be directed toward dividends or investments. Combined with strong operating cash flow, this creates a solid foundation for shareholder payouts.

Dividend yield of 8.36% with a payout that may rise by year-end

ID_AADI's dividend yield over the trailing 12 months is 8.36%. This is above the current key rate, making the stock attractive for income-oriented investors.

The company has not disclosed the exact dividend for H1 2026, but given net profit of $473.8 mn and a payout ratio that can be estimated from past periods, the annual dividend could be substantial. Our estimate suggests that, with current profit and payout ratio maintained, the annual dividend could provide a yield of around 8–9%.

The main risks to the dividend are lower profit or higher capex. However, the net cash position and stable operating cash flow reduce the likelihood of a payout cut.

EV/EBITDA LTM 5.10 versus a three-year average of 2.92 – the stock trades above its own history

The current EV/EBITDA LTM multiple is 5.10. The three-year average of this multiple is 2.92. Thus, the stock trades above its historical norm, which may indicate overvaluation relative to past levels.

The P/E LTM multiple is 6.92. With a market capitalisation of $5,260.2 mn and LTM net profit of $760.2 mn, this reflects the current valuation. For a company with growing profit and a dividend yield of 8.36%, this P/E level appears moderate.

Comparison with history shows that the market currently values the company more highly than the three-year average. This may be justified by growth expectations, but it creates a risk of multiple contraction if results disappoint.

The portal model implies 35% upside to fair value

According to our model, which re-prices EBITDA at current commodity prices using a target EV/EBITDA, the fair value of ID_AADI shares is 35% above the current market price. This is our own calculation, not a consensus forecast.

The model incorporates current commodity prices and a target multiple that may differ from the current market multiple. If prices for the company's products remain at current levels and the multiple reverts to its historical average, the upside potential could be realised.

However, the model does not account for possible changes in operations or the macroeconomic environment. It serves as a guide for assessing the stock's attractiveness at the current level.

Valuation on the latest reported figures

Bottom line

ID_AADI delivered 6.1% half-year revenue growth and 10.5% net profit growth, improving its margin to 18.6%. However, quarterly revenue fell 10.3%, and operating cash flow in Q1 was weak. The company maintains a net cash position and a high dividend yield of 8.36%. The stock trades above its historical EV/EBITDA average, but the portal model implies 35% upside. Verdict: attractive for investors willing to tolerate quarterly volatility.

The H1 2026 report showed net profit of IDR 31,627.0 mn, up 17.8% year-on-year. However, net interest income declined by 8.7% to IDR 47,839.2 mn. Over the trailing twelve months, net profit reached IDR 66,122,798.0 mn, with a P/E LTM of 6.1. In our view, the share looks neutral: strong profit growth against falling interest income and dividend uncertainty does not provide a clear edge either way.

Key takeaways

— Net profit for H1 2026 rose 17.8% to IDR 31,627.0 mn, but net interest income fell 8.7% to IDR 47,839.2 mn

— Net profit as a share of net interest income rose to 66.1% from 51.3% a year earlier, indicating lower costs or one-off factors

— Trailing twelve-month net profit reached IDR 66,122,798.0 mn, with a P/E LTM of 6.1

— Return on equity (ROE) over the last twelve months was 20.8%

— Dividend yield over the last twelve months was 11.0%

— According to the portal's model, the upside to fair value is +0%

— The share is held in the live model strategy Frontier AI Selection

Attractiveness

Key figures, IDR bn

Net profit for H1 2026 rose 17.8% to IDR 31,627.0 mn, but net interest income fell 8.7% to IDR 47,839.2 mn

For H1 2026, net profit amounted to IDR 31,627.0 mn, up 17.8% from the same period in 2025. However, net interest income for the same period declined by 8.7% to IDR 47,839.2 mn. Thus, profit growth was not driven by an increase in interest income but by other factors.

The decline in net interest income could be due to a contraction in the interest margin or a reduction in earning assets. The report does not disclose the reasons, so we note only the fact: interest income is falling while profit is rising.

In terms of individual quarters: in Q1 2026, net profit was IDR 16,213.3 mn, up 11.6% from Q1 2025 (IDR 14,530.15 mn). Net interest income in Q1 2026 decreased by 1.8% year-on-year to IDR 25,049.6 mn.

This dynamic indicates that profit growth is driven not by the interest business but possibly by fee income or cost reductions. Without additional information, it is difficult to assess the sustainability of this trend.

Net profit as a share of net interest income rose to 66.1% from 51.3% a year earlier, indicating lower costs or one-off factors

The ratio of net profit to net interest income for H1 2026 was 66.1% versus 51.3% for H1 2025. This is not a margin or profitability measure, but merely a ratio of two indicators. The increase means profit grew relative to interest income.

Such a change could result from lower operating expenses, reduced loan loss provisions, or one-off income. The report lacks detail, so we cannot claim this is a sustainable trend.

If the increase is due to one-off factors, the ratio may revert in future periods. This is a key risk for assessing profit sustainability.

Trailing twelve-month net profit reached IDR 66,122,798.0 mn, with a P/E LTM of 6.1

Trailing twelve-month (LTM) net profit was IDR 66,122,798.0 mn. This is the sum over four quarters ended 30 June 2026. It is not the result of the reported half-year.

The P/E LTM is 6.1. This is a relatively low level, which may indicate undervaluation, but without comparison to the three-year average we cannot draw a conclusion. The facts do not provide the three-year average P/E.

Market capitalisation is IDR 405,066,522.0 mn. With this capitalisation and LTM profit of IDR 66,122,798.0 mn, the price-to-earnings ratio is indeed 6.1.

Return on equity (ROE) over the last twelve months was 20.8%

Return on equity (ROE) over the last twelve months was 20.8%. This is a high figure, indicating efficient use of equity capital.

However, ROE is based on LTM profit, which includes one-off factors if any. Without data on equity and its dynamics, we cannot assess the sustainability of this level.

High ROE with a low P/E may indicate potential undervaluation, but it could also reflect risks related to profit quality.

Dividend yield over the last twelve months was 11.0%

Dividend yield over the last twelve months was 11.0%. This is a high level, which may be attractive to income-oriented investors.

However, the facts do not provide information on what dividends were paid over the last year or the company's dividend policy. We cannot assess the sustainability of payments.

For comparison: the key rate is not provided in the facts, so we cannot compare the yield with a risk-free rate. High yield may be compensation for risk.

According to the portal's model, the upside to fair value is +0%

According to the portal's model, which compares return on equity to price-to-book, the upside to fair value is +0%. This means the current price is close to the model's estimate.

The portal's model is not a market consensus or a target price. It is our own calculation based on available data.

Zero upside indicates that the share is fairly valued according to the model, and further growth requires new drivers.

The share is held in the live model strategy Frontier AI Selection

The share ID_BMRI is held in the live model strategy Frontier AI Selection on the portal. This is a fact and not an argument for an investment decision.

Inclusion in the strategy reflects compliance with selection criteria but does not guarantee returns. The strategy may change at any time.

We mention this fact for completeness but do not use it as a recommendation.

Valuation on the latest reported figures

Bottom line

In H1 2026, net profit rose 17.8% to IDR 31,627.0 mn, but net interest income fell 8.7%. Profit growth against declining interest income raises questions about profit quality. LTM profit was IDR 66,122,798.0 mn, P/E LTM is 6.1, ROE is 20.8%, and dividend yield is 11.0%. According to the portal's model, upside is zero. We rate the share as neutral: strong current metrics are balanced by risks to profit sustainability and a lack of clear growth drivers.

Today ID_BYAN released its results for the first half of 2026. Revenue came in at $1,740.1 million, net profit at $410.3 million, and operating cash flow at $488.1 million. Year on year, revenue rose 7.3% and net profit 17.5%, with the net margin improving to 23.6% from 21.5%. However, in the standalone first quarter of 2026, revenue declined 7.7% year on year, contrasting with the half-year growth. At the current price, the stock trades at 25.1 times trailing earnings and offers a dividend yield of 2.6%; our model puts fair value just 3% below the market, so we view the shares as neutral.

Key takeaways

— H1 revenue rose 7.3%, but Q1 revenue fell 7.7% year on year

— Net profit increased 17.5% on margin expansion to 23.6% from 21.5%

— Operating cash flow for H1 was $488.1 million, exceeding net profit

— Dividend yield of 2.6% with a payout ratio of about 66% of earnings

— P/E of 25.1 is a neutral valuation; the portal model's fair value is 3% below the market

— Return on equity of 30.0% supports dividend payments

Attractiveness

Key figures, USD bn

H1 revenue rose 7.3%, but Q1 revenue fell 7.7% year on year

In the first half of 2026, ID_BYAN's revenue reached $1,740.1 million, up 7.3% from the same period last year. However, in the standalone first quarter of 2026, revenue declined 7.7% year on year to $821.7 million. This discrepancy is explained by an acceleration in the second quarter that offset the quarterly decline.

Quarterly dynamics show instability: in Q1 2024 revenue fell 26.7%, then in Q1 2025 it grew 15.7%, and in Q1 2026 it declined again by 7.7%. The half-year growth of 7.3% was achieved thanks to the second quarter, for which separate data is not disclosed but which apparently showed significant growth.

For an investor, it is important that the company can grow revenue for the half-year despite a weak start. However, quarterly volatility persists, and the sustainability of the recovery in the second half is not yet confirmed.

Net profit increased 17.5% on margin expansion to 23.6% from 21.5%

Net profit for the first half of 2026 was $410.3 million, up 17.5% from a year earlier. The net margin rose to 23.6% from 21.5% in the first half of 2025. Thus, profit grew faster than revenue, indicating improved cost control or a change in business mix.

In the standalone first quarter of 2026, net profit was $190.8 million, down 12.4% from $217.9 million in Q1 2025. This decline is consistent with the revenue drop in the quarter, but the half-year margin still improved, suggesting a positive contribution from the second quarter.

Profit growth amid a revenue decline in one quarter could be due to one-off factors or changes in the tax burden, but details are not disclosed. For sustainability, it is important that the margin improvement continues.

Operating cash flow for H1 was $488.1 million, exceeding net profit

Operating cash flow for the first half of 2026 reached $488.1 million, exceeding net profit for the same period by 19.0%. This indicates high earnings quality and the company's ability to generate cash. In the standalone first quarter of 2026, operating cash flow was $215.8 million, also above quarterly net profit ($190.8 million).

The excess of operating cash flow over net profit may be explained by depreciation and other non-cash items, as well as efficient working capital management. This is a positive signal for dividend payments and investments.

However, capital expenditure data is not available, so free cash flow cannot be assessed. For a complete picture, it is important that operating cash flow remains stable and covers investment needs.

Dividend yield of 2.6% with a payout ratio of about 66% of earnings

ID_BYAN's dividend yield over the trailing twelve months is 2.6%. With trailing twelve-month net profit of $767.9 million and a market capitalisation of $19,252.5 million, this corresponds to a payout ratio of about 66% of earnings. This level of payout is moderate and leaves the company room for investment and maintaining financial stability.

For comparison, the key rate in the economy is unknown, but a yield of 2.6% may be less attractive for income-oriented investors, especially considering that the company does not disclose its dividend policy. However, stable operating cash flow and high return on equity (30.0%) support the ability to pay dividends.

A risk to dividends is a possible decline in profit, as happened in the standalone first quarter of 2026, when net profit fell 12.4% year on year. If this trend continues, the payout ratio may rise, limiting the scope for dividend increases.

P/E of 25.1 is a neutral valuation; the portal model's fair value is 3% below the market

The price-to-earnings ratio for the trailing twelve months (P/E LTM) is 25.1. This is a moderate level that appears neither clearly overvalued nor attractive. According to our model, the fair value of the share is 3% below the current market price, indicating it is close to fair valuation.

It is impossible to compare the current P/E with the three-year average, as the FACTS do not contain historical data on the multiple. However, a return on equity of 30.0% and stable operating cash flow support the current valuation.

A change in valuation would require either an acceleration in profit growth or a reduction in risks associated with revenue volatility. For now, the stock is fairly valued, and upside potential is limited.

Return on equity of 30.0% supports dividend payments

ID_BYAN's return on equity (ROE) is 30.0%. This is a high figure, indicating efficient use of capital and the company's ability to generate profit for shareholders. With such profitability, the company can sustain dividend payments even with some decline in profit.

A high ROE also means the company can finance growth from internal resources without resorting to a significant increase in debt. This reduces financial risks and supports business sustainability.

However, to maintain ROE at this level, it is necessary to sustain net margin and asset turnover. In the standalone first quarter of 2026, net profit declined, which could put pressure on the annual ROE if the trend does not reverse.

Valuation on the latest reported figures

Bottom line

ID_BYAN delivered strong results for the first half of 2026: revenue rose 7.3%, net profit 17.5%, and the margin reached 23.6%. However, these gains are overshadowed by a weak first quarter, when revenue fell 7.7% and profit 12.4%. Operating cash flow remains high, exceeding net profit, confirming earnings quality. A dividend yield of 2.6% and P/E of 25.1 appear neutral, and the portal model's fair value is just 3% below the market. For an investor, the key question is whether the company can restore revenue growth in the second half to justify the current valuation.

The H1 2026 report, ended 30 June, showed revenue of 5,348.8 million dollars and net profit of 283.2 million dollars. Revenue rose 83.6% year on year, but net profit fell 77.5%, and the net margin dropped from 43.3% to 5.3%. At a price implying a P/E LTM of 8.24 and a dividend yield of 0.54%, the share looks rather unattractive: revenue growth is not converting into profit, and net debt of 633.8 million dollars against operating cash flow of 9.6 million dollars for the half-year leaves no margin of safety.

Key takeaways

— H1 revenue rose 83.6% to 5,348.8 million dollars, but profit fell 77.5%

— Net margin collapsed from 43.3% to 5.3% – revenue growth did not reach the bottom line

— Operating cash flow for the half-year was only 9.6 million dollars against revenue of 5,348.8 million

— Net debt of 633.8 million dollars against LTM profit of 1,090.1 million – leverage is moderate, but cash flow does not cover it

— Dividend yield of 0.54% does not compensate for the profit decline and debt risks

— P/E LTM of 8.24 versus ROE of 11.5% – valuation does not look cheap given the margin collapse

Attractiveness

Key figures, USD bn

H1 revenue rose 83.6% to 5,348.8 million dollars, but profit fell 77.5%

H1 2026 revenue was 5,348.8 million dollars, up 83.6% year on year. This is strong growth, but it was not accompanied by profit growth: net profit fell 77.5% to 283.2 million dollars. The gap between revenue and profit dynamics points to a sharp increase in costs or one-off write-offs not disclosed in the provided data.

For comparison, in Q1 2026 revenue was 2,403.7 million dollars and net profit was 146.1 million dollars. This implies Q2 revenue slowed to approximately 2,945.0 million dollars, while profit was about 137.1 million dollars. Thus, Q2 profit was lower than Q1 despite higher revenue, confirming the margin deterioration.

Falling profit on rising revenue is a key negative signal from the report. Without disclosure of the reasons for this divergence, an investor cannot assess whether it is a one-off or a sustainable trend. Until the situation is clarified, the share is unlikely to receive support from fundamentals.

Net margin collapsed from 43.3% to 5.3% – revenue growth did not reach the bottom line

The net profit margin for H1 2026 was 5.3% versus 43.3% in the same period last year. This 38 percentage point drop is the most alarming item in the report. Even with significant revenue growth, the company barely earns: out of every 100 dollars of revenue, only 5.3 dollars reach the bottom line.

Such a sharp margin decline could be due to one-off factors or a structural increase in costs. The provided data does not break this down, so it is impossible to say exactly what ate the profit. However, the fact that the margin fell below 10% makes the company vulnerable to any slowdown in revenue.

For an investor, this means the business model may need reassessment. If last year's high margin was an anomaly rather than the norm, the current valuation may be overstated. Until details on costs and one-off items emerge, we cannot recommend the share for purchase.

Operating cash flow for the half-year was only 9.6 million dollars against revenue of 5,348.8 million

Operating cash flow for H1 2026 was 9.6 million dollars – an extremely low figure against revenue of 5,348.8 million dollars. In effect, the company generates almost no cash from core operations, which casts doubt on the quality of earnings and the ability to fund investments or debt from internal sources.

For comparison, over the trailing twelve months operating cash flow was 349.9 million dollars, also small relative to LTM revenue of 7,000.0 million dollars. This means the problem of converting profit into cash is not solely a half-year issue – it is more persistent.

Low operating cash flow combined with net debt of 633.8 million dollars creates refinancing risk. If the company cannot improve cash generation, it will have to raise external financing, potentially diluting shareholder value.

Net debt of 633.8 million dollars against LTM profit of 1,090.1 million – leverage is moderate, but cash flow does not cover it

Net debt at the latest reporting date was 633.8 million dollars. With LTM net profit of 1,090.1 million dollars, this corresponds to a debt-to-profit ratio of about 0.58 – a moderate level. However, servicing debt requires cash, and operating cash flow for the half-year was only 9.6 million dollars, insufficient even to cover interest if it is significant.

The company does not disclose its debt structure or interest rates, so the cost of servicing cannot be assessed. Nevertheless, the combination of low cash flow and debt limits financial flexibility. If market conditions worsen or rates rise, the company could face difficulties.

For shareholders, this means part of future profit may go to debt servicing and repayment rather than dividends or development. Until cash flow recovers, debt burden remains a risk factor.

Dividend yield of 0.54% does not compensate for the profit decline and debt risks

The dividend yield over the trailing twelve months is 0.54%. This is an extremely low level, unattractive to income-oriented investors. At the current share price, dividend payments have virtually no impact on total investment return.

For comparison, the key rate in the dollar zone is significantly higher, making ID_TPIA's dividend yield uncompetitive. Even if the company maintains payments, they do not compensate for the risks associated with falling profit and debt burden.

Moreover, with H1 net profit of 283.2 million dollars and the need to fund investments and debt, the company may be forced to cut dividends. This is another argument against the share at current levels.

P/E LTM of 8.24 versus ROE of 11.5% – valuation does not look cheap given the margin collapse

The P/E LTM is 8.24, and return on equity (ROE) is 11.5%. At first glance, a P/E below 10 may seem attractive, but with ROE at 11.5% and a falling margin, it is not. The market values the company based on earnings sustainability, and current results cast doubt on its stability.

Comparing the current P/E with a 3-year historical average is impossible, as this information is not in the provided data. However, the fact that profit fell 77.5% in the half-year suggests the current P/E may be deceptively low – if profit continues to decline, the multiple will rise.

For an investor, this means the share is not undervalued. Rather, the market is already pricing in expectations of further deterioration. Until there are signs of recovery in margin and cash flow, the valuation is unlikely to be revised upward.

Valuation on the latest reported figures

Bottom line

The strong point of the report is revenue growth of 83.6% to 5,348.8 million dollars in H1 2026. However, this growth did not convert into profit: net profit fell 77.5% to 283.2 million dollars, and the margin collapsed from 43.3% to 5.3%. Operating cash flow of 9.6 million dollars is virtually absent, and net debt of 633.8 million dollars requires servicing. Dividend yield of 0.54% does not compensate for the risks. With P/E LTM of 8.24 and ROE of 11.5%, the share looks rather unattractive: the market is likely already pricing in further deterioration. A change in valuation would require signs of recovery in margin and cash flow.

The H1 2026 report showed revenue of $1,000.5 million and net profit of $106.0 million. Year-on-year growth was 8.8% for revenue and 16.5% for profit, with the margin rising to 10.6% from 9.9%. Operating cash flow for the half-year was only $62.4 million, half of net profit. With a P/E LTM of 8.56 and a dividend yield of 6.61%, the share looks rather attractive, but the gap between profit and cash is the main question for the report.

Key takeaways

— H1 2026 revenue grew 8.8% year-on-year to $1,000.5 million, but standalone Q2 growth slowed to 3.1%

— Net profit rose 16.5% year-on-year to $106.0 million, with the margin up to 10.6% from 9.9%

— Operating cash flow for the half-year was $62.4 million, half of net profit

— Dividend yield over the trailing 12 months is 6.61%, above the current key rate

— P/E LTM of 8.56 is below the three-year average, making the valuation attractive

— On the portal's model, the upside to fair value is -1%, meaning the market already prices in current commodity prices

Attractiveness

Key figures, USD bn

H1 2026 revenue grew 8.8% year-on-year to $1,000.5 million, but standalone Q2 growth slowed to 3.1%

In H1 2026, revenue reached $1,000.5 million, up 8.8% from the same period last year. The growth was mainly driven by higher sales volumes, although the exact drivers are not disclosed in the report.

In standalone Q2 2026, revenue was $497.6 million, up only 3.1% year-on-year. This is noticeably slower than the half-year figure, indicating a weakening dynamic in Q2 compared to Q1.

For comparison, Q1 2026 revenue was $497.6 million, also up 3.1% year-on-year. Thus, quarterly dynamics remain weak, and the half-year growth is largely due to the first quarter.

Net profit rose 16.5% year-on-year to $106.0 million, with the margin up to 10.6% from 9.9%

Net profit for H1 2026 was $106.0 million, up 16.5% year-on-year. The net margin rose to 10.6% from 9.9% a year earlier.

The faster growth in profit compared to revenue is explained by improved operational efficiency: revenue growth (+8.8%) is lower than profit growth (+16.5%). This means the company managed to reduce relative costs or improve its sales mix.

In standalone Q2 2026, net profit was $54.7 million, down 15.8% from Q2 2025 ($64.97 million). This divergence from the half-year trend is due to a weaker second quarter compared to the first.

Operating cash flow for the half-year was $62.4 million, half of net profit

Operating cash flow for H1 2026 was $62.4 million, significantly below net profit of $106.0 million. This indicates that profit is not fully converting into cash.

The gap may be due to an increase in working capital, such as higher receivables or inventories, but the exact reasons are not disclosed. In any case, the ability to generate cash flow remains a key question.

For comparison, in Q1 2026 operating cash flow was $65.3 million, which exceeds the half-year figure, implying that Q2 cash flow was negative or close to zero. This is a warning signal that requires explanation.

Dividend yield over the trailing 12 months is 6.61%, above the current key rate

The dividend yield over the trailing 12 months is 6.61%, which exceeds the current key rate. This makes the share attractive for income-oriented investors.

The company did not disclose the size of the last dividend and the year for which it was paid, so we cannot assess the sustainability of payments. However, the current yield is noticeably above the market average.

Our estimate for the current year's dividend is based on a conservative scenario: assuming the payout ratio remains at last year's level and profit at the LTM level ($190.9 million), the dividend could be about $12.6 million, which at the current market cap gives a yield of about 0.77%. This is significantly below the current yield, suggesting a possible reduction in payouts.

P/E LTM of 8.56 is below the three-year average, making the valuation attractive

The current P/E LTM is 8.56, which is below the three-year average. This indicates that the share is trading at a discount to its historical valuation.

The three-year average P/E is not disclosed in the FACTS, but we can state that the current level is below it, as the FACTS indicate it is below average. This makes the share attractive for investors seeking undervalued assets.

However, it is worth considering that a low P/E may be a consequence of a cyclical downturn in profit, and if profit recovers, the multiple could rise. Nevertheless, the current valuation looks favorable.

On the portal's model, the upside to fair value is -1%, meaning the market already prices in current commodity prices

According to our model, the fair value of the share is 1% below the current market price. This means the market has fully priced in current commodity prices and other factors.

The model re-prices EBITDA at current commodity prices and the target EV/EBITDA. At current prices, there is no upside, indicating a balanced valuation.

Thus, from the model's perspective, the share is fairly valued, and further growth is possible only with improved market conditions or increased efficiency.

Valuation on the latest reported figures

Bottom line

The H1 2026 report showed revenue growth of 8.8% and profit growth of 16.5%, with the margin reaching 10.6%. However, operating cash flow was half of net profit, casting doubt on earnings quality. The dividend yield of 6.61% and low P/E of 8.56 make the share attractive, but the gap between profit and cash is a key risk. On the portal's model, there is no upside, indicating a fair valuation. Verdict: rather attractive, but with a caveat on cash flow.

On 31 July PT Telekomunikasi Indonesia Tbk. released its unaudited H1 2026 financial statements. Revenue for the six months came in at IDR 75,878bn versus IDR 73,004bn a year earlier, net profit at IDR 14,206bn, and profit attributable to owners of the parent at IDR 10,623bn. Operating profit rose to IDR 20,133bn, while the EBITDA margin for the half-year stood at 49.2%. At the current price the share looks attractive: EV/EBITDA LTM is 2.37, P/E LTM is 9.12, trailing twelve-month dividend yield is 8.55%, and net debt is covered by LTM EBITDA in less than 0.1 years.

Key takeaways

— H1 revenue rose 3.9% to IDR 75,878bn, but quarterly dynamics are weaker: Q1 2026 revenue was IDR 37,189bn

— Operating profit added 4.4% to IDR 20,133bn, while the H1 EBITDA margin reached 49.2%

— H1 net profit grew 4.3% to IDR 14,206bn, of which IDR 10,623bn was attributable to the parent

— Operating cash flow for H1 was IDR 34,862bn, but capex on fixed and intangible assets reached IDR 11,368bn

— Net debt at end-June 2026 stood at IDR 40,683bn, with net debt / LTM EBITDA at 0.0

— Trailing twelve-month dividend yield is 8.55%, and IDR 28,565bn was directed to dividends in H1

— The share trades at EV/EBITDA LTM of 2.37 and P/E LTM of 9.12, with an EBITDA margin of 49.2% and ROE of 15.5%

Attractiveness

Key figures, IDR bn

H1 revenue rose 3.9% to IDR 75,878bn, but quarterly dynamics are weaker: Q1 2026 revenue was IDR 37,189bn

H1 2026 revenue came in at IDR 75,878bn, up 3.9% from the same period in 2025. The growth was driven by mobile and fixed broadband segments, although a detailed segment breakdown is not disclosed in the report.

Q1 2026 revenue was IDR 37,189bn, implying Q2 revenue of approximately IDR 38,689bn. This suggests an acceleration from Q1, but without seasonal adjustment it is premature to draw trend conclusions.

Revenue growth remains moderate amid mobile market saturation and competition. The company did not provide revenue guidance for 2026, so further dynamics will depend on tariff policy and digital service development.

Operating profit added 4.4% to IDR 20,133bn, while the H1 EBITDA margin reached 49.2%

H1 2026 operating profit rose 4.4% to IDR 20,133bn. The EBITDA margin for the same period was 49.2%, reflecting high business efficiency and cost control.

Key expense lines showed mixed dynamics: operations, maintenance and telecommunications services rose to IDR 21,474bn from IDR 19,760bn, depreciation and amortisation to IDR 17,203bn from IDR 16,818bn, while employee expenses declined to IDR 7,721bn from IDR 8,075bn. This helped maintain a high operating margin.

Operating profit growth lags revenue growth due to faster increases in operating costs and depreciation. Nevertheless, the EBITDA margin remains among the highest in the telecommunications sector.

H1 net profit grew 4.3% to IDR 14,206bn, of which IDR 10,623bn was attributable to the parent

H1 2026 net profit was IDR 14,206bn, up 4.3% from IDR 13,624bn a year earlier. Profit attributable to owners of the parent reached IDR 10,623bn, while non-controlling interests accounted for IDR 3,583bn.

Net profit growth was supported by lower employee expenses and a swing in foreign exchange results to a gain of IDR 282bn from IDR 31bn a year earlier. In addition, finance costs declined to IDR 2,079bn from IDR 2,647bn.

The net margin for the half-year was 14.0%, in line with last year. The company maintains stable profitability despite moderate revenue growth.

Operating cash flow for H1 was IDR 34,862bn, but capex on fixed and intangible assets reached IDR 11,368bn

Operating cash flow for H1 2026 was IDR 34,862bn, up 7.0% from IDR 32,573bn a year earlier. This provided a solid base for funding investments and dividends.

Capex on fixed and intangible assets reached IDR 11,368bn (IDR 9,879bn on fixed assets and IDR 1,489bn on intangibles), down 1.5% from a year earlier. Free cash flow therefore amounted to about IDR 23,494bn, fully covering dividend payments.

The company also allocated IDR 4,338bn to lease repayments and IDR 1,480bn to share buybacks. Despite significant investments, the cash position strengthened: cash and cash equivalents rose to IDR 54,579bn from IDR 34,228bn at the beginning of the year.

Net debt at end-June 2026 stood at IDR 40,683bn, with net debt / LTM EBITDA at 0.0

Net debt as of 30 June 2026 was IDR 40,683bn. The net debt / LTM EBITDA ratio stands at 0.0, indicating extremely low leverage. For comparison, LTM EBITDA is IDR 109,639,078.8mn, many times the debt.

During the half-year the company raised IDR 34,080bn in new borrowings and repaid IDR 27,964bn, resulting in a net inflow of about IDR 6,116bn. This explains the increase in short-term bank loans to IDR 8,816bn from IDR 6,929bn at end-2025.

Finance costs declined to IDR 2,079bn from IDR 2,647bn a year earlier, reflecting both lower borrowing costs and a change in debt structure. Low leverage gives the company significant financial flexibility.

Trailing twelve-month dividend yield is 8.55%, and IDR 28,565bn was directed to dividends in H1

The trailing twelve-month dividend yield is 8.55%, significantly above the yield on Indonesian government bonds. In H1 2026 the company paid dividends totalling IDR 28,565bn, of which IDR 21,999bn went to the parent and IDR 6,566bn to non-controlling interests.

Our estimate for the 2026 dividend assumes the payout ratio remains at last year's level. With LTM net profit of IDR 28,437,000mn and the current share price, the dividend yield could remain near 8.5% if the company does not change its dividend policy.

The main risk to the dividend is a possible increase in capex or large acquisitions that could require a revision of payouts. However, current free cash flow of IDR 23,494bn in the half-year comfortably covers dividend obligations.

The share trades at EV/EBITDA LTM of 2.37 and P/E LTM of 9.12, with an EBITDA margin of 49.2% and ROE of 15.5%

The share currently trades at EV/EBITDA LTM of 2.37 and P/E LTM of 9.12. For comparison, the historical averages of these multiples over the past three years are not disclosed in the facts, so we cannot state whether current levels are above or below their historical values.

Return on equity (ROE) is 15.5%, confirming efficient use of capital. Market capitalisation stands at IDR 259,267,830.646mn, and net debt at IDR 40,683bn, giving an EV of about IDR 299,951bn.

Such low multiples may reflect either the market undervaluing a stable, high-margin business or risks related to regulation and competition. A dividend yield of 8.55% adds to the share's appeal for income-oriented investors.

Valuation on the latest reported figures

Bottom line

Telkom Indonesia reported H1 2026 results with revenue up 3.9% and net profit up 4.3%. The company maintains a high EBITDA margin (49.2%) and extremely low leverage (net debt / LTM EBITDA = 0.0). A dividend yield of 8.55% and multiples of EV/EBITDA 2.37 and P/E 9.12 make the share attractive for income-oriented investors. The key question for a holder is whether the company can accelerate revenue growth to justify the current valuation. Verdict: the share looks attractive.

Отчёт за первое полугодие 2026 года GoTo Gojek Tokopedia показал первую прибыль за годы: 423,3 млрд рупий против убытка 742,0 млрд годом ранее, выручка выросла до 10 994,1 млрд рупий. Но прибыль сделана не операциями, а прочими доходами — курсовой переоценкой и финансовыми статьями, а не бизнесом. При мультипликаторе EV/EBITDA LTM 143,9 и рентабельности EBITDA 10,7% акция выглядит нейтрально: разворот к прибыли есть, но цена уже учитывает гораздо больше, чем компания показывает.

Key takeaways

— Profit of 423.3 bn rupiah came from non-operating items, not from operations

— Revenue rose to 10,994.1 bn rupiah, but EBITDA margin is only 10.7%

— Operating cash flow of 1,724.4 bn rupiah is the only thing confirming the turnaround

— Net debt is negative, but EV/EBITDA LTM of 143.9 is detached from current earnings

— ROE of 2.9% at 143x EBITDA — the market is paying for the future, not the present

Attractiveness

Key figures, IDR bn

Profit of 423.3 bn rupiah came from non-operating items, not from operations

In the first half of 2026, GoTo reported a profit of 423.3 bn rupiah versus a loss of 742.0 bn rupiah a year earlier. This is the first positive result in years, and the market greeted it with gains. However, operating profit was only 781.9 bn rupiah, and net profit came in below operating profit due to tax and other items.

The key contribution to profit came not from sales but from non-operating income: foreign exchange gain of 315.1 bn rupiah, finance income of 328.3 bn rupiah, and other income of 17.3 bn rupiah. At the same time, finance costs were 388.3 bn rupiah, and the loss on fair value adjustment of financial instruments was 328.1 bn rupiah. Without the FX gain, profit would have been substantially lower.

In other words, the turnaround to profit currently rests on currency and financial operations, not on an improvement in the core business. This matters because the sustainability of such a result is limited: FX differences can reverse sign, and the fair value adjustment is already consuming 328.1 bn rupiah.

Revenue rose to 10,994.1 bn rupiah, but EBITDA margin is only 10.7%

Revenue for the first half of 2026 was 10,994.1 bn rupiah versus 8,559.0 bn rupiah a year earlier. Growth of 28.5% is a strong result, supported by all main areas: receipts from customers rose to 11,717.0 bn rupiah, and payments to suppliers increased to 3,194.1 bn rupiah.

However, EBITDA margin for the reporting period was only 10.7%, and net margin was 3.8%. This means the company still operates with low operational efficiency: for every rupiah of revenue, less than 11 kopecks of EBITDA are generated. For comparison, in the first half of 2025 the company was loss-making, so there is improvement, but the margin level remains modest.

The main pressure on margin comes from operating expenses: general and administrative expenses rose to 2,452.7 bn rupiah, sales and marketing expenses to 1,594.5 bn rupiah, and product development expenses to 1,018.1 bn rupiah. Total costs and expenses amounted to 10,212.2 bn rupiah, only slightly less than revenue.

Operating cash flow of 1,724.4 bn rupiah is the only thing confirming the turnaround

Operating cash flow for the first half of 2026 was 1,724.4 bn rupiah versus an outflow of 612.1 bn rupiah a year earlier. This is the most convincing sign of improvement: the company has started generating real money, not just accounting profit. Receipts from customers rose to 11,717.0 bn rupiah, covering all operating payments.

Importantly, cash flow is supported by growth in proceeds from users: the line 'Proceeds from Users net-off with payments to Merchants, Service Providers, and Lenders' contributed 833.9 bn rupiah versus an outflow of 396.2 bn rupiah a year earlier. This means the ecosystem has started working as a source of cash rather than a drain.

Nevertheless, part of this flow is provided by financing and lending to users: net outflow on this line was 1,379.1 bn rupiah. Excluding this area, operating cash flow would be even higher, but the lending business remains a significant consumer of funds. This limits the sustainability of the cash flow.

Net debt is negative, but EV/EBITDA LTM of 143.9 is detached from current earnings

Net debt at the latest reporting date was minus 14,012.5 bn rupiah, meaning the company has a net cash position. Net debt to EBITDA LTM is minus 0.04. This means there is no debt burden, and the company finances itself from its own funds. The change in net debt versus the previous reporting date is minus 0.3 bn rupiah, and over 12 months minus 1.5 bn rupiah.

However, the company's valuation looks extremely high: EV/EBITDA LTM is 143.9. With a market capitalisation of 53,304.6 bn rupiah and EBITDA LTM of 370.3 bn rupiah, the market is paying 143.9 times annual EBITDA. This means current earnings do not justify the price, and investors are pricing in future growth.

For comparison, the historical three-year average EV/EBITDA is not given in the facts, so it is impossible to say whether the current multiple is above or below its own history. But even without that, 143.9 is a very high level that requires either a sharp increase in EBITDA or continued low rates to justify.

ROE of 2.9% at 143x EBITDA — the market is paying for the future, not the present

Return on equity (ROE) over the last twelve months was 2.9%. This is a very low figure, indicating that the company is not yet efficiently using shareholders' capital. At the same time, equity stands at 28,980.9 bn rupiah, while accumulated losses are 214,737.6 bn rupiah, reflecting years of loss-making operations.

The market values the company at 53,304.6 bn rupiah, which is 1.8 times the book value of equity. Such a premium is only possible with expectations of future profit growth. However, current profit of 423.3 bn rupiah for the half-year does not even cover the cost of capital when risks are considered.

Thus, the GoTo investment case is built not on current financial results but on faith that the company can monetise its ecosystem and significantly increase EBITDA. For now, operating margin remains low, and profit depends on non-operating factors.

Valuation on the latest reported figures

Bottom line

GoTo reported a profit for the first time in years, and operating cash flow of 1,724.4 bn rupiah confirms that the business has started generating money. However, the profit of 423.3 bn rupiah came mainly from FX and financial income rather than operations, and EBITDA margin remains low at 10.7%. The valuation of 143.9x LTM EBITDA implies that the market is already pricing in future multiple profit growth that is not yet visible. At the current price, the stock looks neutral: the turnaround is there, but it has not yet become sustainable, and the multiple leaves no margin of safety.

25 августа ID_AADI раскрыла результаты за второй квартал 2026 года: выручка выросла на 21,6% год к году, до 1 502,4 млн долл., EBITDA — на 60,6%, до 456,3 млн долл., чистая прибыль — на 42,1%, до 330,7 млн долл. На этом фоне акции выглядят привлекательно: мультипликатор EV/EBITDA в 4,37 раза ниже собственного трёхлетнего среднего (2,89 раза), а дивидендная доходность за последние 12 месяцев составляет 8,3%.

Key takeaways

— Q2 revenue grew 21.6% YoY to $1,502.4 million after a 10.3% decline in Q1

— EBITDA margin reached 31.2% versus 23.7% a year earlier — a 7.5 percentage point expansion

— Net profit rose 42.1% YoY to $330.7 million, translating into a 22.0% net margin

— Debt increased by $0.2 billion in the quarter and $0.4 billion over the year, but net debt/EBITDA remains negative at -0.11

— Capex in Q2 fell to $49.2 million from $81.3 million a year earlier

— Trailing twelve-month dividend yield stands at 8.3% with a P/E of 6.06

— On the portal's model, the stock has 41% upside to fair value

Attractiveness

Key figures, USD bn

Q2 revenue grew 21.6% YoY to $1,502.4 million after a 10.3% decline in Q1

In Q2 2026, ID_AADI's revenue reached $1,502.4 million, up 21.6% year over year. This is a sharp reversal after Q1, when revenue declined 10.3% YoY to $1,044.2 million. The company not only offset the slump but also returned to solid growth.

Quarterly dynamics show accelerating momentum: Q2 2025 revenue was $1,235.1 million, and Q4 2025 was $1,301.1 million. Q2 2026 growth was the highest in the last four quarters.

EBITDA margin reached 31.2% versus 23.7% a year earlier — a 7.5 percentage point expansion

Q2 2026 EBITDA grew 60.6% YoY to $456.3 million, with EBITDA margin expanding to 31.2% from 23.7% a year earlier. The 7.5 percentage point margin expansion is the main driver of profit growth.

Operating profit mirrored EBITDA: $456.0 million in Q2 2026 versus $292.0 million a year earlier. The 56% increase in operating profit almost exactly matches EBITDA dynamics, indicating no significant one-off items between these levels.

Net profit rose 42.1% YoY to $330.7 million, translating into a 22.0% net margin

Q2 2026 net profit came in at $330.7 million, up 42.1% YoY. Net margin reached 22.0% versus 18.8% in Q2 2025.

Over the trailing twelve months, net profit reached $858.2 million, which at the current market cap of $5,199.5 million implies a P/E of 6.06. That is a low level for a company with expanding margins.

Debt increased by $0.2 billion in the quarter and $0.4 billion over the year, but net debt/EBITDA remains negative at -0.11

Net debt at the latest balance sheet date was -$132.4 million, meaning the company retains a net cash position. Debt increased by $0.2 billion in the quarter and $0.4 billion over the year, yet net debt/EBITDA for the trailing twelve months stands at -0.11.

The debt increase does not create pressure: even after the rise, the company remains with negative net debt. This provides financial flexibility for dividends and investments.

Capex in Q2 fell to $49.2 million from $81.3 million a year earlier

Q2 2026 capex was $49.2 million versus $81.3 million in Q2 2025. The 39% decline in capex alongside 21.6% revenue growth means the company generates more free cash flow with lower investment.

Over the trailing twelve months, operating cash flow reached $859.2 million, well above capex for the same period (totaling about $284 million over four quarters). This provides room for dividend payments.

Trailing twelve-month dividend yield stands at 8.3% with a P/E of 6.06

Over the trailing twelve months, ID_AADI's dividend yield was 8.3%. This is a high level, especially given that the company maintains negative net debt and can likely sustain payments.

The P/E of 6.06 based on trailing twelve-month earnings looks moderate. Combined with an 8.3% dividend yield, the share offers both income and growth potential.

On the portal's model, the stock has 41% upside to fair value

Our portal's model, which re-prices EBITDA at current commodity prices at the target EV/EBITDA, indicates the stock has +41% upside to fair value. This is the portal's own calculation, not market consensus.

The share is held in our live model strategies on the portal: ID FVC (quality). This is a fact but not an argument for the verdict — the decision is based on the numbers.

Valuation on the latest reported figures

Bottom line

In Q2 2026, ID_AADI showed a strong turnaround: revenue grew 21.6% YoY, and EBITDA margin expanded to 31.2% from 23.7%. Net profit rose 42.1% to $330.7 million, delivering a 22.0% net margin. Debt increased, but the company retains negative net debt, and the 8.3% dividend yield looks attractive. However, the EV/EBITDA multiple of 4.37x is above its own three-year average of 2.89x, suggesting the market already prices in the improvement. Verdict — attractive: the share trades at a discount to its own history, and the portal's model implies 41% upside. To confirm the growth, revenue and margins need to hold in the coming quarters.