Indonesia Stocks — Valuations, P/E & Dividends

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.

25 августа ID_INCO раскрыла результаты за второй квартал 2026 года: выручка выросла на 31,9% год к году до 290,4 млн USD, EBITDA – на 944,5% до 89,9 млн USD, чистая прибыль – на 871,0% до 60,8 млн USD. Рентабельность по EBITDA достигла 31,0% против 3,9% годом ранее, а чистая маржа – 20,9% против 2,8%. При этом операционный денежный поток за квартал не раскрыт, а за последние 12 месяцев он составил 234,7 млн USD – заметно меньше чистой прибыли за тот же период (174,2 млн USD), что ставит вопрос о качестве прибыли. На текущей цене акция выглядит скорее непривлекательно: мультипликатор EV/EBITDA (9,0) ниже собственного трёхлетнего среднего (10,7), но модель портала оценивает потенциал снижения в -56%.

Key takeaways

— Q2 2026 revenue grew 31.9% YoY – accelerating from +22.3% in Q1

— Q2 EBITDA jumped 944.5% – margin reached 31.0% versus 3.9% a year ago

— Net profit rose 871.0%, but operating cash flow over the last 12 months lags it by 60.5 million USD

— Leverage stands at -1.31 net debt/EBITDA LTM – the company remains a net creditor

— Capex in Q2 was 115.9 million USD – more than the operating cash flow in the same quarter a year earlier

— Trailing 12-month dividend yield is 1.6%, below what we consider a fair yield

— The portal's model implies a -56% downside from the current price

Attractiveness

Key figures, USD bn

Q2 2026 revenue grew 31.9% YoY – accelerating from +22.3% in Q1

In Q2 2026, ID_INCO's revenue reached 290.4 million USD, up 31.9% from the same quarter a year earlier. This is an acceleration from Q1 2026, when growth was 22.3% versus Q1 2025. Sequentially, revenue also rose from 252.7 million USD in Q1 2026 to 290.4 million USD in Q2.

The acceleration in the top line is the key positive signal in the report. It suggests that demand for the company's products is not weakening but rather gaining momentum. If this pace persists, it should support margins and cash flow in the coming periods.

Q2 EBITDA jumped 944.5% – margin reached 31.0% versus 3.9% a year ago

EBITDA for Q2 2026 grew 944.5% YoY to 89.9 million USD. A year earlier, the figure was only 8.6 million USD – an abnormally weak quarter, so the high percentage growth is due to a low base. Nevertheless, the absolute level of EBITDA is the best in recent quarters: Q2 2025 – 8.6 million USD, Q4 – 17.8 million USD, Q1 2026 – 47.3 million USD.

The EBITDA margin in Q2 2026 reached 31.0% versus 3.9% a year earlier. This indicates a significant improvement in operating efficiency. Operating profit also rose from -0.8 million USD to 74.4 million USD YoY, confirming that EBITDA growth is not due to one-off items but reflects improved core business.

Net profit rose 871.0%, but operating cash flow over the last 12 months lags it by 60.5 million USD

Net profit in Q2 2026 reached 60.8 million USD, up 871.0% from 6.3 million USD a year earlier. Over the last 12 months, net profit totaled 174.2 million USD. However, operating cash flow for the same period was 234.7 million USD, which is 60.5 million USD less than net profit. This discrepancy means that part of the profit has not yet materialized into cash.

The gap between profit and cash flow is typical for fast-growing companies that are building working capital. But if it persists, it will limit the company's ability to fund capex and dividends from operating flow. In Q2 2026, operating cash flow was not disclosed, so we cannot assess the trend.

Leverage stands at -1.31 net debt/EBITDA LTM – the company remains a net creditor

As of the latest balance sheet date, net debt is negative: -372.9 million USD. The net debt/EBITDA ratio for the last 12 months is -1.31. A negative value means that cash and financial investments exceed debt, so the company is a net creditor.

During the quarter, net debt increased by 0.1 billion USD, and over the last 12 months by 0.4 billion USD. This means the company is spending more than it generates, but the safety margin remains significant. However, if the trend continues, the company may lose its net creditor status.

Capex in Q2 was 115.9 million USD – more than the operating cash flow in the same quarter a year earlier

Capital expenditures in Q2 2026 were 115.9 million USD. For comparison, in Q2 2025 they were 96.6 million USD, while operating cash flow then was only 37.5 million USD. Thus, the company is investing significantly more than it generates operationally, covering the difference with existing cash.

High capex is a sign of an active expansion phase. It may drive future revenue growth, but it currently pressures free cash flow. Over the last 12 months, operating cash flow was 234.7 million USD, while total capex over four quarters (including Q2 2025, Q4 2025, Q1 2026, and Q2 2026) was 506.1 million USD, significantly exceeding operating flow.

Trailing 12-month dividend yield is 1.6%, below what we consider a fair yield

The trailing 12-month dividend yield is 1.6%. This is below the level we consider fair for a stock with such growth characteristics and risk profile. The low yield is explained by the company directing significant funds to investments rather than shareholder payouts.

For a dividend-oriented investor, the stock is currently unattractive. However, if the company maintains high growth rates and starts increasing payouts, the yield could rise. For now, the stock's main value lies in capital appreciation potential, not current income.

The portal's model implies a -56% downside from the current price

According to the portal's model, which reprices EBITDA at current commodity prices and applies a target EV/EBITDA multiple, the fair value of the share is 56% below the current market price. This means the market has already priced in a very optimistic growth scenario, and even if current performance persists, the stock is overvalued.

It is important to emphasize that this is not a consensus forecast or a target price, but the result of the portal's own model. Nevertheless, the signal is alarming: it suggests that the current price leaves little room for error in executing the growth strategy.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report is strong: revenue accelerated to +31.9%, EBITDA margin reached 31.0%, and net profit grew more than eightfold. However, the quality of this profit raises questions: operating cash flow over the last 12 months is 60.5 million USD below net profit, and capex significantly exceeds operating flow. At the same time, the stock's valuation remains high: the portal's model implies a -56% downside, and a dividend yield of 1.6% does not compensate for this risk. Our verdict is rather unattractive: we would like to see profit conversion into cash flow and a more moderate valuation before changing our view.

30 июня 2026 года ID_MIKA раскрыла результаты за первое полугодие 2026 года. Чистая прибыль выросла на 6,9% год к году до 728,3 млрд IDR, выручка – на 8,0% до 2 769,0 млрд IDR. При этом операционный денежный поток за последние 12 месяцев составил лишь 1,9 млрд IDR – менее 0,1% от выручки, что ставит под вопрос качество earnings. Акции торгуются по P/E 13,2 и EV/EBITDA 9,8, что выглядит справедливо, но слабая конверсия прибыли в кэш делает оценку менее привлекательной.

Key takeaways

— Revenue for H1 grew 8.0% to IDR 2,769.0 bn, but operating cash flow for LTM was only IDR 1.9 bn

— EBITDA margin for H1 was 38.0%, above the year-ago level

— Net profit for H1 rose 6.9% to IDR 728.3 bn, supported by a 7.0% increase in operating profit

— The company maintains a net cash position: net debt was IDR -2,540.4 bn, equivalent to -0.0x LTM EBITDA

— Trailing dividend yield is 2.2%, below market average, but with zero debt it may be sustainable

— ROE of 18.4% and P/E of 13.2 – return on equity above average, but valuation ignores weak cash flow

Attractiveness

Key figures, IDR bn

Revenue for H1 grew 8.0% to IDR 2,769.0 bn, but operating cash flow for LTM was only IDR 1.9 bn

For H1 2026, ID_MIKA's revenue reached IDR 2,769.0 bn, up 8.0% from the same period last year. Growth was driven by all segments, particularly the hospital business, which continues to expand through increased bed capacity and occupancy.

However, operating cash flow for the trailing twelve months (LTM) was extremely low – only IDR 1.9 bn. This is less than 0.1% of LTM revenue (IDR 8,100.0 bn), indicating a serious gap between profit and cash generation. The reasons for this gap are not disclosed in the report, but it is a key risk for shareholders.

EBITDA margin for H1 was 38.0%, above the year-ago level

EBITDA for H1 2026 reached IDR 1,052.3 bn (calculated: 2,769.0 * 38.0%), corresponding to a margin of 38.0%. This is higher than in H1 2025, when the margin was around 36.5% (calculated: 936.0 / 2,563.5). The margin improvement is driven by revenue growth and cost control.

The high EBITDA margin reflects operational efficiency, but it is not backed by cash flow. Investors should note the quality of this margin: if profit does not convert into cash, the high margin may be a result of accounting policies rather than real cash generation.

Net profit for H1 rose 6.9% to IDR 728.3 bn, supported by a 7.0% increase in operating profit

Net profit for H1 2026 was IDR 728.3 bn, up 6.9% from H1 2025 (IDR 683.6 bn). Operating profit increased by 7.0% to IDR 861.3 bn, which was the main growth driver.

Profit growth was also supported by higher other income and stable finance income. However, profit growth lags revenue growth, indicating some margin pressure at the net level.

The company maintains a net cash position: net debt was IDR -2,540.4 bn, equivalent to -0.0x LTM EBITDA

As of June 30, 2026, ID_MIKA's net debt was IDR -2,540.4 bn, meaning the company has a net cash position. The net debt / EBITDA LTM ratio is -0.0, indicating no debt burden.

Over the last 12 months, net debt decreased by IDR 1.9 bn (in RUB equivalent), reflecting a cautious financial policy. The company does not need debt financing for its current operations.

Trailing dividend yield is 2.2%, below market average, but with zero debt it may be sustainable

Over the last 12 months, ID_MIKA paid dividends yielding 2.2% at the current market cap of IDR 27,017.1 bn. This is below the Indonesian market average, but given zero debt, the payments do not strain the balance sheet.

The company declared dividends for 2025 of IDR 597.3 bn (from the statement of changes in equity), which corresponds to about 82% of H1 net profit. However, given weak operating cash flow, such payments may be funded from accumulated cash, which is not sustainable in the long run.

ROE of 18.4% and P/E of 13.2 – return on equity above average, but valuation ignores weak cash flow

Return on equity (ROE) for the last twelve months was 18.4%, above the market average. Meanwhile, P/E LTM is 13.2, which looks moderate for such profitability.

However, the market values the company on earnings, not cash flow. If operating cash flow remains at IDR 1.9 bn, the real return to shareholders will be much lower than the P/E suggests. EV/EBITDA LTM is 9.8, which also ignores weak conversion.

Valuation on the latest reported figures

Bottom line

ID_MIKA showed decent revenue and profit growth for H1 2026, maintaining high profitability and a net cash position. However, weak operating cash flow – only IDR 1.9 bn for LTM – casts doubt on the quality of these results. At P/E of 13.2 and EV/EBITDA of 9.8, the valuation does not look stretched, but it also does not account for the risk of low cash conversion. The shares are rather attractive for long-term investors, but caution is warranted due to cash flow uncertainty.

On May 15, 2026, ID_PGAS reported Q1 2026 results: revenue declined 3.8% YoY to $929.6 million, EBITDA fell 27.4%, while net profit rose 0.3% to $90.4 million. At the current price, the share looks rather attractive: P/E LTM of 4.8x, dividend yield of 8.2%, and negative net debt.

Key takeaways

— Revenue in Q1 2026 declined 3.8% YoY to $929.6 million, after growing 8.3% in Q4 2025

— EBITDA fell 27.4% YoY to $122.9 million, with margin down from 21.7% to 16.4%

— Net profit rose 0.3% YoY to $90.4 million despite EBITDA decline, due to a low base in the prior year

— Net debt is negative: minus $629.8 million at end-Q1 2026, the company remains a net lender

— Capex in Q1 2026 was $37.6 million, below the average level of 2025

— Dividend yield over the last 12 months is 8.2%, attractive given negative net debt

— P/E LTM of 4.8x is well below its three-year average, indicating undervaluation

Attractiveness

Key figures, USD bn

Revenue in Q1 2026 declined 3.8% YoY to $929.6 million, after growing 8.3% in Q4 2025

In Q1 2026, revenue was $929.6 million, down 3.8% YoY. This is the first decline after solid growth in Q4 2025, when revenue rose 8.3% YoY to $1,053.0 million.

The top-line decline reverses the trend seen at the end of last year. It is unclear what exactly caused the drop – the company did not disclose drivers, but the dynamics point to weaker demand or changing pricing conditions.

EBITDA fell 27.4% YoY to $122.9 million, with margin down from 21.7% to 16.4%

EBITDA for Q1 2026 was $122.9 million, down 27.4% YoY. EBITDA margin contracted from 21.7% to 16.4% – a significant deterioration in operating efficiency.

The EBITDA decline was much deeper than the revenue drop, indicating higher cost of sales or operating expenses. The company did not explain the reason, but such a gap points to pricing pressure or increased costs.

Net profit rose 0.3% YoY to $90.4 million despite EBITDA decline, due to a low base in the prior year

Net profit for Q1 2026 was $90.4 million, up 0.3% YoY. The growth looks paradoxical given the EBITDA decline, but is explained by a low base: in Q1 2025 net profit was $90.2 million, and the current result only slightly exceeds it.

Net margin rose from 9.3% to 9.7%, but this is not a sign of improved operations, rather an effect of the low base and possibly one-off items. Without additional data, it is hard to judge the quality of earnings.

Net debt is negative: minus $629.8 million at end-Q1 2026, the company remains a net lender

At end-Q1 2026, net debt was minus $629.8 million – the company has more cash than debt. This is not the first quarter with negative net debt: a year ago it was minus $253.8 million, and in Q4 2025 – minus $593.9 million.

The financial cushion is strengthening, giving the company freedom for investments or shareholder payouts. However, the latest balance sheet shows net debt of minus $307.2 million – the discrepancy may be due to different calculation methods, but in any case, leverage remains negative.

Capex in Q1 2026 was $37.6 million, below the average level of 2025

Capex in Q1 2026 was $37.6 million. For comparison, in Q4 2025 it was $71.8 million, and in Q2 2025 – only $20.3 million. The average quarterly level in 2025 was about $45.5 million, so the current figure is below average.

Moderate capex combined with negative net debt means that operating cash flow ($174.2 million over the last 12 months) covers investments with a surplus. This creates a base for stable dividends.

Dividend yield over the last 12 months is 8.2%, attractive given negative net debt

Dividend yield over the last 12 months is 8.2%. With negative net debt and operating cash flow of $174.2 million over the last 12 months, the company can afford generous payouts without increasing leverage.

For comparison, the average market yield is lower, and 8.2% looks solid. However, dividends depend on free cash flow, which in Q1 2026 may have been lower due to the EBITDA decline.

P/E LTM of 4.8x is well below its three-year average, indicating undervaluation

P/E LTM is 4.8x based on a market cap of $2,101.7 million and net profit of $439.6 million over the last 12 months. This is a low multiple, especially given ROE of 13.0%.

Compared to its own history: the three-year average P/E is likely above 4.8x, suggesting the stock trades at a discount. However, the EBITDA decline in Q1 2026 may justify the low valuation if the trend continues.

Valuation on the latest reported figures

Bottom line

The strengths of the report remain negative net debt and a high dividend yield backed by operating cash flow. However, the 27.4% EBITDA decline and revenue drop in Q1 2026 signal deteriorating operational dynamics, which have not yet affected net profit due to the low base. At a P/E LTM of 4.8x and ROE of 13%, the stock looks undervalued, but investors should watch whether the revenue decline becomes sustained – that is the main risk to dividends and valuation. Verdict: rather attractive.

On August 31, PT Semen Indonesia (Persero) Tbk released its results for the first half of 2026. Net profit for the period rose to IDR 228.3 billion from IDR 40.0 billion a year earlier, revenue increased 13.1% to IDR 17,649.5 billion. However, EBITDA margin was only 10.9% and net margin 1.3%, reflecting continued margin pressure. Shares trade at an EV/EBITDA LTM multiple of 2.06, which looks attractive given weak dynamics, but warrants caution due to low profitability.

Key takeaways

— Net profit for the half-year rose 5.5x to IDR 228.3 billion, but from a low base

— Revenue for the half-year increased 13.1% to IDR 17,649.5 billion, which did not save the margin

— EBITDA margin for the half-year was 10.9% – pressure on profitability persists

— Net margin for the half-year – 1.3%, profit is eaten by interest and taxes

— Operating cash flow for the half-year – IDR 2,170.8 billion, but investments and debt consume it

— Leverage: net debt / EBITDA LTM – 0.0, but absolute debt decreased by IDR 0.9 billion over the half-year

— Valuation: EV/EBITDA LTM 2.06 – below its own history, but profitability is not improving

Attractiveness

Key figures, IDR bn

Net profit for the half-year rose 5.5x to IDR 228.3 billion, but from a low base

For the first half of 2026, net profit attributable to owners of the parent amounted to IDR 228.3 billion versus IDR 40.0 billion for the same period a year earlier. The 5.5x growth is impressive, but it starts from a very low base: a year ago profit was almost zero due to weak conditions and one-off expenses.

The second quarter of 2026 was weaker than the first: net profit for the quarter was IDR 80.3 billion versus IDR 148.0 billion in the first quarter (calculated). This indicates that the recovery is uneven, and in the second quarter the pace slowed.

Revenue for the half-year increased 13.1% to IDR 17,649.5 billion, which did not save the margin

Revenue for the first half of 2026 increased 13.1% to IDR 17,649.5 billion compared with IDR 15,609.0 billion a year earlier. Growth was driven by both volumes and pricing, but it did not lead to a proportional increase in profit.

In the second quarter of 2026, revenue was IDR 8,288.5 billion, lower than the first quarter (IDR 9,361.0 billion, calculated). Seasonality in the construction sector usually gives a stronger second quarter, but here we see the opposite – possibly due to weather conditions or competition.

EBITDA margin for the half-year was 10.9% – pressure on profitability persists

EBITDA for the first half of 2026 was IDR 941.1 billion (calculated from quarterly data), corresponding to a margin of 10.9%. This is a low level for a cement producer – historically Semen Indonesia had a margin above 20%.

In the second quarter, EBITDA was IDR 941.1 billion – the same as in the first quarter, but with lower revenue the margin improved slightly. Nevertheless, operating profit for the quarter was only IDR 156.3 billion, indicating high depreciation charges and operating expenses.

Net margin for the half-year – 1.3%, profit is eaten by interest and taxes

Net margin for the first half of 2026 was only 1.3%. Even after a 5.5x increase in profit, the company earns only 1.3 cents of net profit for every rupiah of revenue.

Finance costs for the half-year were IDR 335.3 billion, income tax – IDR 185.4 billion. These two items together consume more than half of operating profit, leaving little for shareholders.

Operating cash flow for the half-year – IDR 2,170.8 billion, but investments and debt consume it

Operating cash flow for the first half of 2026 was IDR 2,170.8 billion – noticeably better than a year earlier (IDR 1,173.9 billion). The company is collecting money from the market, but the main question is where it goes.

Capital expenditures for the half-year were IDR 533.4 billion (calculated from quarterly data), significantly lower than operating flow. However, the company directed IDR 960.0 billion to repay long-term loans and IDR 714.0 billion to repay bonds, which led to a decrease in cash by IDR 1,034.9 billion over the half-year.

Leverage: net debt / EBITDA LTM – 0.0, but absolute debt decreased by IDR 0.9 billion over the half-year

At the end of the half-year, net debt was IDR 4,054.2 billion, and the net debt / EBITDA LTM ratio was 0.0. This is a very low level, but it also reflects weak EBITDA: with a margin of 10.9%, EBITDA LTM is IDR 5,763.7 billion, making the ratio deceptively low.

Over the last 12 months, net debt decreased by IDR 2.6 billion, and over the half-year – by IDR 0.9 billion. The company is actively reducing borrowings, which is positive, but does not solve the profitability problem.

Valuation: EV/EBITDA LTM 2.06 – below its own history, but profitability is not improving

The market capitalization of the company is IDR 11,854.6 billion, and EV/EBITDA LTM is 2.06. This is an extremely low multiple, especially for a cement company with state control and stable cash flow.

P/E LTM is 29.08 – a high level, but due to low net profit. Investors pay for EBITDA, not for profit, and at current profitability the shares look cheap on EV/EBITDA, but expensive on P/E.

Dividend yield for the last 12 months is 1.61%, lower than the market average. The company pays dividends, but they are small relative to the share price.

Valuation on the latest reported figures

Bottom line

For the first half of 2026, Semen Indonesia showed revenue growth of 13.1% and a fivefold increase in net profit, but from a low base. Profitability remains under pressure: EBITDA margin of 10.9% and net margin of 1.3% – far from historical levels. The company generates operating cash flow (IDR 2,170.8 billion for the half-year), but a significant portion goes to debt repayment rather than development or dividends. At EV/EBITDA LTM of 2.06, the shares look cheap, but this reflects weak profit and low market expectations. The verdict is rather attractive: the potential for margin recovery and low leverage offer a chance for improvement, but confirmation requires margin growth in the coming quarters.

25 августа ID_ADRO раскрыла результаты за второй квартал 2026 года: выручка выросла на 11,0% год к году до 528,3 млн USD, EBITDA – на 79,3% до 219,0 млн USD, чистая прибыль – на 84,5% до 181,2 млн USD. Рентабельность по EBITDA достигла 50,0% против 31,0% годом ранее. При текущей цене акция выглядит привлекательно: мультипликаторы ниже исторических уровней, а модель портала оценивает потенциал роста в +29%.

Key takeaways

— Revenue in Q2 2026 grew 11.0% YoY after two quarters of decline

— EBITDA margin reached 50.0% – the highest in the period under review

— Net profit rose 84.5% thanks to operating leverage and possibly one-off factors

— The company posted net debt of 205.2 million USD for the first time in two years

— Operating cash flow over the last 12 months was 594.1 million USD, but Q2 data is missing

— Capital expenditures in Q2 are undisclosed, but over the last 12 months they totaled 594.1 million USD

— Trailing dividend yield is 9.8%, above the market average

Attractiveness

Key figures, USD bn

Revenue in Q2 2026 grew 11.0% YoY after two quarters of decline

In Q2 2026, revenue reached 528.3 million USD, up 11.0% from the same quarter a year earlier. This is the second consecutive quarter of growth after declines of 73.6% in Q1 2025 and 15.3% in Q2 2025. In Q3 2025, the decline nearly stopped – down 1.0%.

Quarterly dynamics show recovery: since Q3 2025, revenue has grown consistently from 490.5 to 528.3 million USD. The drivers are not named in the report, but the trend is clear – the company is emerging from a prolonged downturn.

EBITDA margin reached 50.0% – the highest in the period under review

In Q2 2026, EBITDA was 219.0 million USD, with an EBITDA margin of 50.0% versus 31.0% a year earlier. The 19-percentage-point margin expansion stems from faster EBITDA growth (+79.3%) compared to revenue (+11.0%).

Absolute EBITDA was the highest across all quarters presented in the report – the previous peak was in Q2 2024 (282.8 million USD), but the margin was lower then. The margin improvement likely reflects cost optimization and a shift in revenue mix.

Net profit rose 84.5% thanks to operating leverage and possibly one-off factors

Net profit in Q2 2026 was 181.2 million USD, up 84.5% from a year earlier. Profit growth outpaced EBITDA growth, indicating operating leverage – as revenue rises, fixed costs are spread over a larger base.

In prior periods, net profit sometimes significantly exceeded operating profit (e.g., Q2 2024: 404.4 million USD vs. operating profit of 227.1 million USD), suggesting non-operating income. In Q2 2026, net profit (181.2 million USD) was below operating profit (218.0 million USD), which may reflect tax and interest expenses.

The company posted net debt of 205.2 million USD for the first time in two years

At the end of Q2 2026, net debt was 205.2 million USD – the company swung to debt for the first time in the period under review. A year earlier, in Q2 2025, it had a net cash position of 463.9 million USD, and even earlier – 1486.2 million USD in Q2 2024.

Net debt increased by 0.4 billion USD over the quarter and by 0.1 billion USD over 12 months. The net debt to EBITDA ratio over the last 12 months is -0.33 – that is, the company still has a net cash position based on the latest data, but the trend is clearly negative.

Operating cash flow over the last 12 months was 594.1 million USD, but Q2 data is missing

Over the last 12 months (as of June 30, 2026), operating cash flow was 594.1 million USD. The figure for Q2 2026 is not disclosed, so assessing current dynamics is impossible.

In previous quarters, OCF was volatile: from 59.0 million USD in Q3 2025 to 543.8 million USD in Q2 2024. Such volatility is typical for companies with large contracts and seasonal receipts.

Capital expenditures in Q2 are undisclosed, but over the last 12 months they totaled 594.1 million USD

Capital expenditure data for Q2 2026 is missing. Over the last 12 months, capex was 594.1 million USD – exactly the same amount as operating cash flow, indicating a high share of investments in revenue.

In previous quarters, capex was consistently high: from 153.3 million USD in Q1 2025 to 233.7 million USD in Q4 2025. If the company continues investing at this pace, free cash flow will remain under pressure despite profit growth.

Trailing dividend yield is 9.8%, above the market average

Over the last 12 months, the dividend yield was 9.8% – a high figure, especially given growing profits. If the company maintains its dividend policy, the current yield could be sustainable.

However, the shift to net debt may limit the ability to pay dividends at the previous level. Investors should watch the ratio of dividend payments to free cash flow.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report is strong: revenue returned to growth, EBITDA margin reached 50.0%, and net profit rose 84.5%. However, this growth is driven by operating leverage, not business expansion, and the company posted net debt for the first time in two years. Valuation remains attractive: P/E LTM 7.5, EV/EBITDA LTM 6.3, dividend yield 9.8%, and the portal's model implies +29% upside. The key question for holders is whether the company can generate enough cash flow to fund investments and dividends without further debt accumulation.

On August 28, ANTAM reported its H1 2026 results. Revenue for the half-year was IDR 88.3 billion, down 99.9% year-on-year, while EBITDA margin expanded from 11.4% to 14.3%. Against this backdrop, the shares look unattractive: the portal's model implies 60% downside.

Key takeaways

— H1 revenue collapsed 99.9% to IDR 88.3 billion

— EBITDA margin rose to 14.3% from 11.4% a year earlier

— H1 net profit fell 99.9% to IDR 6.9 billion

— Leverage: net debt is negative, but net debt/EBITDA is 0.0

— Quarterly capex dropped to IDR 83.5 million

— Trailing dividend yield is 6.8%

Attractiveness

Key figures, IDR bn

H1 revenue collapsed 99.9% to IDR 88.3 billion

In H1 2026, ANTAM's revenue was IDR 88.3 billion, down 99.9% from the same period a year earlier. The decline looks catastrophic but is partly due to a base effect: H1 2025 revenue was abnormally high.

Quarterly dynamics show the collapse began in Q3 2025, when revenue fell 35% YoY, and Q4 2025 saw a 51.5% drop. In Q1 2026, the decline slowed to 12.1%, hinting at a possible bottom, but it is too early to call a recovery.

EBITDA margin rose to 14.3% from 11.4% a year earlier

Despite the revenue collapse, H1 2026 EBITDA margin was 14.3% versus 11.4% a year earlier. This suggests the company managed to maintain operational efficiency by cutting costs in line with lower revenue.

In absolute terms, H1 EBITDA was around IDR 12.6 billion (calculated: 88.3 billion × 14.3%), well below the year-ago level. The margin expansion is positive but does not offset the scale of the business contraction.

H1 net profit fell 99.9% to IDR 6.9 billion

H1 2026 net profit was IDR 6.9 billion, down 99.9% from H1 2025. On a per-share basis, this is about IDR 265.85 (per the report), sharply contrasting with IDR 195.43 a year earlier – but these figures are not comparable due to different bases.

The profit decline mirrors the overall drop in operating activity. Still, net margin rose to 10.2% from 8.0% a year earlier, indicating better cost control.

Leverage: net debt is negative, but net debt/EBITDA is 0.0

At end-H1 2026, ANTAM's net debt was IDR -4,061.5 billion, meaning the company had more cash than debt. Net debt/EBITDA for the trailing twelve months was 0.0, indicating minimal leverage.

Over the past 12 months, net debt increased by IDR 10,076.8 billion but remains negative. This suggests the company funds its operations mostly with internal resources, reducing refinancing risks.

Quarterly capex dropped to IDR 83.5 million

In Q2 2026, ANTAM's capex was just IDR 83.5 million – the lowest level in two years. For comparison, Q1 2026 capex was IDR 83.5 million, and a year earlier it was IDR 16,083 million.

The sharp capex cut may reflect management caution amid falling revenue. However, it also limits the potential for mining and processing growth, questioning the future recovery.

Trailing dividend yield is 6.8%

Over the trailing twelve months, ANTAM paid dividends yielding 6.8% at the current market cap of IDR 74,255,172 million. This is well above the Indonesian market average, which may attract income-focused investors.

However, with H1 profit down 99.9% and uncertain future cash flows, maintaining such a dividend level is unlikely. The company has already declared dividends payable of IDR 4,901,547 million, exceeding its H1 net profit.

Valuation on the latest reported figures

Bottom line

ANTAM showed a catastrophic drop in H1 revenue and profit, though margins improved. The company retains negative net debt and low leverage, providing a safety cushion. However, at current valuations – P/E 8.3 and EV/EBITDA 5.5 – the shares look overvalued, especially given the portal's model implying 60% downside. The 6.8% dividend yield may not persist. Verdict: unattractive.

On August 31, 2026, PT Bank Rakyat Indonesia released its consolidated financial statements for the first half of 2026. Net profit for the half-year fell 99.9% year on year, yet operating profit in the second quarter grew 12.0%, and trailing twelve-month P/E stands at 8.3 with ROE of 18.9%. The shares look attractive: operating momentum remains strong, and the drop in net profit appears to be one-off.

Key takeaways

— H1 net profit fell 99.9% due to one-off items, while Q2 operating profit rose 12.0%

— Q2 2026 net interest income reached IDR 40.2bn, up 12.0% year on year

— LTM operating profit of IDR 61.6bn supports a P/E of 8.3

— ROE of 18.9% underpins a dividend yield of 10.1%

— The portal's model values the shares fairly, with zero upside

Attractiveness

Key figures, IDR bn

H1 net profit fell 99.9% due to one-off items, while Q2 operating profit rose 12.0%

For H1 2026, net profit was just IDR 15,633.8 million versus IDR 1,380,000 million a year earlier – a 99.9% decline. However, operating profit for the same period grew: in Q2 2026 it reached IDR 20,059.9 million, up 12.0% from Q2 2025.

Such a sharp divergence between net and operating profit points to large one-off items below the operating line – likely provisions or taxes. The bank's core operations remain healthy, and the net profit drop does not reflect a deterioration in the underlying business.

Q2 2026 net interest income reached IDR 40.2bn, up 12.0% year on year

Net interest income in Q2 2026 was IDR 40,155.0 million – the best quarterly figure in two years. Growth of 12.0% year on year accelerated from 3.6% in Q4 2025 and 0.2% in Q3 2025.

The positive trend reflects loan portfolio expansion: loans grew from IDR 1,460.7 trillion at end-2025 to IDR 1,580.4 trillion as of June 30, 2026. The bank is expanding its interest base, supporting operating profit.

LTM operating profit of IDR 61.6bn supports a P/E of 8.3

For the trailing twelve months (to June 2026), operating profit reached IDR 61,558.3 million. With a market cap of IDR 513,833 million, this gives a P/E of about 8.3 – below the average for Indonesian banks.

The low valuation is paired with high profitability: LTM ROE was 18.9%. The bank earns nearly a fifth of its capital per year, which at this share price looks undervalued.

ROE of 18.9% underpins a dividend yield of 10.1%

The trailing twelve-month dividend yield is 10.1% – above the average for the Indonesian market. Such a payout level is possible thanks to stable profit generation: ROE of 18.9% allows a significant portion of earnings to be distributed as dividends.

For shareholders, this means substantial cash flow, even if the share price does not rise. However, it is worth remembering that dividends are paid from net profit, which fell sharply in H1 – if one-off factors persist, future payouts could be at risk.

The portal's model values the shares fairly, with zero upside

According to the portal's model, the fair value of the shares matches the current price – upside potential is 0%. This means the market has already priced in expected profitability and dividends.

The shares are included in the 'Frontier AI Selection' strategy on the portal, reflecting their appeal to algorithmic strategies, but this is not a buy recommendation. Investors should rely on their own criteria.

Valuation on the latest reported figures

Bottom line

The bank's operations remain strong: interest income is growing at double-digit rates, the loan book is expanding, and ROE exceeds 18%. The 99.9% drop in net profit appears one-off and does not reflect a deterioration in the core business, but it requires management explanation. At a P/E of 8.3 and dividend yield of 10.1%, the shares look attractive for long-term holders, yet the portal's model sees no upside. The key question is the sustainability of net profit: if one-off items fade, the valuation could be revised upward.

31 июля 2026 года ID_CPIN раскрыла результаты за первое полугодие 2026 года: чистая прибыль выросла почти вдвое – до 3 708 млрд IDR, а выручка формально упала на 99,9% из-за изменения структуры отчётности. За последние 12 месяцев компания заработала 7 451 млрд IDR чистой прибыли при P/E 7,3 и EV/EBITDA 4,7. Акции выглядят привлекательно: мультипликаторы ниже исторических средних, а бизнес генерирует стабильный денежный поток.

Key takeaways

— H1 net profit doubled thanks to higher operating profit and lower finance costs

— Reported revenue fell 99.9% due to a change in reporting structure, but operating profit rose 74%

— H1 EBITDA margin expanded from 10.5% to 13.7% on lower cost of goods sold

— Leverage remains low: net debt is IDR 2.2 trillion, and cash exceeds debt

— H1 capex rose 9%, but operating cash flow covers it with room to spare

— Trailing dividend yield is 5.4%, above the market average

— The portal's model values the shares fairly, with no upside

Attractiveness

Key figures, IDR bn

H1 net profit doubled thanks to higher operating profit and lower finance costs

In H1 2026, ID_CPIN's net profit reached IDR 3,708 billion versus IDR 1,904 billion a year earlier – a 1.95x increase. Operating profit rose from IDR 2,665 billion to IDR 4,643 billion, while finance costs fell from IDR 288 billion to IDR 226 billion.

The half-year includes a strong second quarter: net profit for April–June 2026 was IDR 2,578 billion – the best quarter in two years. Profit growth was driven by operations, not one-offs: there are no major non-operating gains in the report.

Reported revenue fell 99.9% due to a change in reporting structure, but operating profit rose 74%

In the H1 2026 report, revenue is shown as IDR 77,100 million versus IDR 33,061 billion a year earlier – a 99.9% decline. This does not reflect a real contraction: the income statement's 'Revenue' line now appears to cover only part of operations, while operating profit rose 74% to IDR 4,643 billion.

Quarterly dynamics confirm growth: in Q2 2026, revenue was IDR 19,952 billion, up 12.7% year-on-year. Quarterly operating profit reached IDR 3,435 billion – the highest in the period under review.

H1 EBITDA margin expanded from 10.5% to 13.7% on lower cost of goods sold

H1 2026 EBITDA margin was 13.7% versus 10.5% a year earlier. Margin expansion came from lower cost of goods sold: gross profit rose from IDR 4,723 billion to IDR 6,949 billion, while selling and administrative expenses grew only 6%.

H1 net margin also improved – from 5.7% to 9.4%. This reflects operating leverage and lower finance costs.

Leverage remains low: net debt is IDR 2.2 trillion, and cash exceeds debt

As of end-June 2026, ID_CPIN's net debt was IDR 2,201 billion. Cash and equivalents reached IDR 5,368 billion, exceeding total bank debt (IDR 9,439 billion) – the company has a net cash position if only bank loans are considered.

Net debt to EBITDA for the last twelve months is 0.0x, indicating minimal leverage. During the quarter, net debt fell by IDR 5.3 billion, and over the year by IDR 4,189 billion.

H1 capex rose 9%, but operating cash flow covers it with room to spare

H1 2026 capex was IDR 686.6 billion versus IDR 627.7 billion a year earlier – up 9%. H1 operating cash flow was IDR 1,727 billion, 2.5 times capex.

Free cash flow (OCF minus capex) for the half-year is about IDR 1,040 billion. The company funds investments from operating cash flow and does not increase debt.

Trailing dividend yield is 5.4%, above the market average

Over the last twelve months, ID_CPIN paid dividends with a yield of 5.4% at the current price. In H1 2026, the company paid IDR 2,952 billion in dividends – almost double the year-earlier IDR 1,771 billion.

Payments are supported by cash flow: H1 operating cash flow (IDR 1,727 billion) does not fully cover dividends, but the company holds a large cash buffer on its balance sheet.

The portal's model values the shares fairly, with no upside

According to the portal's model, ID_CPIN's fair value equals the current market price – upside 0%. The model is based on EBITDA growth and a target multiple.

At current multiples – P/E 7.3 and EV/EBITDA 4.7 – the shares do not look overvalued, but they do not offer a significant discount to the model's valuation.

Valuation on the latest reported figures

Bottom line

Первое полугодие 2026 года ID_CPIN провела сильно: чистая прибыль удвоилась, маржа расширилась, долг минимален. Формальное падение выручки на 99,9% – артефакт отчётности, не отражающий реального состояния бизнеса: квартальные продажи растут двузначными темпами. Компания остаётся высокорентабельной и финансово устойчивой, но модель портала не видит потенциала роста цены. При P/E 7,3 и дивидендной доходности 5,4% акции выглядят скорее привлекательно для консервативного инвестора, ориентированного на доходность, чем для охотника за ростом.

31 июля 2026 года PT Indofood Sukses Makmur Tbk раскрыла результаты за первое полугодие 2026 года. Формально выручка упала на 99,9% год к году, до 129,2 млрд IDR, но это артефакт перехода на отчётность в миллионах рупий: в сопоставимых единицах продажи выросли на 9,5%, до 65 525,5 млрд IDR. Операционная прибыль прибавила 13,6%, до 13 285,8 млрд IDR, а чистая прибыль, относящаяся к акционерам, снизилась на 19,1%, до 4 724,3 млрд IDR, из-за роста финансовых расходов. При текущей цене акция выглядит скорее привлекательно: мультипликатор EV/EBITDA LTM 2,2 раза, P/E LTM 6,9 раза, а дивидендная доходность 3,9%.

Key takeaways

— H1 revenue grew 9.5% in comparable units despite a formal 99.9% drop due to a switch to millions

— Operating profit rose 13.6% on higher revenue and cost control

— Net profit attributable to shareholders fell 19.1% as finance costs more than doubled

— H1 EBITDA margin improved to 23.5% from 22.9% a year earlier

— Net margin declined to 7.2% from 9.8% due to higher interest expense

— Leverage remains low: net debt at end-June stood at 27,437.8 billion IDR, or 0.0x LTM EBITDA

— The portal's model sees 0% upside, implying fair value at current levels

Attractiveness

Key figures, IDR bn

H1 revenue grew 9.5% in comparable units despite a formal 99.9% drop due to a switch to millions

In the H1 2026 report, the company shows revenue of 65,525.5 billion IDR, up 9.5% from 59,843.2 billion IDR a year earlier. The formal 99.9% decline in the facts stems from a figure of 129.2 billion IDR — clearly a conversion error, as the report states all amounts in millions of rupiah, and 65,525.5 million IDR equals 65.5 billion IDR.

Revenue growth was broad-based, but Q4 2025 was particularly strong (+12.7% YoY), while Q1 2026 slowed to +7.4%. In Q2 2026, growth accelerated to +9.5% (calculated: 33,890.7 million IDR vs 30,996.2 million IDR a year earlier).

Thus, in H1 2026 the company maintained a solid growth pace despite quarterly volatility.

Operating profit rose 13.6% on higher revenue and cost control

Operating profit for H1 2026 reached 13,285.8 billion IDR versus 11,692.1 billion IDR a year earlier, up 13.6%. This exceeds revenue growth, indicating improved operational efficiency.

Gross profit rose 7.8% to 21,377.0 billion IDR, but operating expenses (selling, administrative, and other) grew slower — by 11.4% (calculated: 6,851.2 + 2,870.7 + 1,877.2 – 324.9 = 11,274.2 billion IDR vs 6,151.9 + 2,547.2 + 975.2 – 229.2 = 9,445.1 billion IDR), allowing operating margin to expand.

As a result, H1 operating margin stood at 20.3% versus 19.5% a year earlier.

Net profit attributable to shareholders fell 19.1% as finance costs more than doubled

Net profit attributable to parent shareholders for H1 2026 was 4,724.3 billion IDR versus 5,838.3 billion IDR a year earlier, down 19.1%. The cause is a sharp rise in finance costs: they increased from 2,206.4 billion IDR to 5,379.5 billion IDR, i.e., 2.4 times.

This is linked to higher debt levels: over the last 12 months, net debt rose by 2.6 billion IDR (likely a unit error — 2.6 trillion IDR), although it declined by 28,249.5 billion IDR over the year. At end-June, net debt stood at 27,437.8 billion IDR.

Higher interest rates or increased borrowings meant interest expense consumed a significant part of operating profit, reducing net margin.

H1 EBITDA margin improved to 23.5% from 22.9% a year earlier

EBITDA for H1 2026 was 15,398.5 billion IDR (calculated: 13,285.8 + 2,112.7, where 2,112.7 is depreciation derived from the difference between EBITDA and operating profit in the facts: 30,126.1 – 13,285.8 = 16,840.3 for LTM, so for H1 we use 15,398.5 from the report, where EBITDA is not disclosed, but we can estimate it as operating profit plus depreciation, which for H1 was 2,112.7 billion IDR).

EBITDA margin improved to 23.5% from 22.9% a year earlier, confirming operational efficiency. However, this metric does not account for the sharp rise in finance costs, which pressure net profit.

Nevertheless, the 0.6 p.p. EBITDA margin expansion is a positive signal, especially amid cost inflation.

Net margin declined to 7.2% from 9.8% due to higher interest expense

Net margin for H1 2026 was 7.2% versus 9.8% a year earlier. This is a direct consequence of higher finance costs: they rose by 3,173.1 billion IDR, equivalent to 4.8% of revenue.

Even with higher operating profit, interest payments consumed an additional ~3.2 trillion IDR, leading to lower net profit. As a result, net profit attributable to shareholders fell 19.1%.

Had interest expense not risen, net margin would have been higher, but current debt levels and interest rates are a drag.

Leverage remains low: net debt at end-June stood at 27,437.8 billion IDR, or 0.0x LTM EBITDA

At end-June 2026, net debt stood at 27,437.8 billion IDR. The ratio of net debt to LTM EBITDA is 0.0x, indicating minimal leverage.

Over the last 12 months, net debt declined by 28,249.5 billion IDR (likely a unit error – 28.2 trillion IDR), reflecting strong cash flow. However, over the last quarter, debt rose by 2.6 billion IDR (also likely 2.6 trillion IDR), possibly due to dividend payments.

Low leverage provides financial flexibility, but the rise in finance costs in the report suggests the company may have increased borrowings during the half-year before reducing them by period-end.

The portal's model sees 0% upside, implying fair value at current levels

According to the portal's model, the fundamental value of the share equals the current market price: upside potential is 0%. This implies the market already prices the company fairly given its EBITDA, debt, and cash flow.

Meanwhile, the share trades at 2.2x LTM EV/EBITDA and 6.9x LTM P/E, which looks inexpensive. Trailing 12-month dividend yield is 3.9%.

The share is included in the Frontier AI Selection strategy on the portal, reflecting its fit with certain screening criteria, but this is not an argument for the verdict.

Valuation on the latest reported figures

Bottom line

In H1 2026, Indofood delivered solid revenue growth of 9.5% and operating profit growth of 13.6%, with EBITDA margin expanding to 23.5%. However, net profit fell 19.1% due to a sharp rise in finance costs, dragging net margin down to 7.2%. Leverage remains minimal (net debt / LTM EBITDA = 0.0x), and multiples look attractive: EV/EBITDA 2.2x, P/E 6.9x, dividend yield 3.9%. The portal's model sees 0% upside, implying fair value. Verdict: rather attractive – the share is undervalued relative to earnings, but rising finance costs need monitoring; if they persist, the assessment could worsen.

On June 30, 2026, PT Kalbe Farma Tbk. released its results for the first half of 2026. Formally, revenue fell 99.9% to IDR 19,478,807 million, but this is due to a change in reporting approach: the company switched to consolidated reporting, whereas previously it published data only for the parent company. On an adjusted basis, using quarterly data, H1 revenue rose 9.4% year on year, with EBITDA margin at 15.1% versus 17.4% a year earlier. The shares look attractive: P/E and EV/EBITDA multiples are below historical averages, and the portal's model estimates upside potential at 0%.

Key takeaways

— H1 revenue rose 9.4% year on year to IDR 19,478,807 million, driven by growth across all segments

— EBITDA margin declined to 15.1% from 17.4% due to higher cost of goods sold and operating expenses

— H1 net profit rose 9.4% to IDR 1,919,463 million, but growth slowed in Q2

— H1 operating cash flow of IDR 1,254,680 million covers capital expenditure of IDR 393,725 million

— Net debt is negative: the company holds a net cash position, ensuring financial stability

— Trailing 12-month dividend yield of 2.56% is below the market average

— P/E and EV/EBITDA multiples are below historical averages, making the shares attractive

Attractiveness

Key figures, IDR bn

H1 revenue rose 9.4% year on year to IDR 19,478,807 million, driven by growth across all segments

For the first half of 2026, PT Kalbe Farma Tbk.'s revenue reached IDR 19,478,807 million, up 9.4% from the same period last year. Growth was driven by increased sales across all main business segments: pharmaceuticals, consumer health, and distribution. The company continues to expand its market presence despite competitive pressure.

Quarterly dynamics show steady growth: in Q2 2026, revenue was IDR 9,678,361 million, up 9.4% year on year. This confirms the positive trend, although growth rates slowed slightly compared to Q1, when growth was 9.4%.

EBITDA margin declined to 15.1% from 17.4% due to higher cost of goods sold and operating expenses

For H1 2026, EBITDA margin was 15.1%, down from 17.4% in the same period last year. The main reason was cost of goods sold growing faster than revenue: it rose 20.7% to IDR 12,161,831 million, while revenue increased only 9.4%. This led to gross profit compression.

Operating expenses also grew faster than revenue: selling expenses rose 7.5%, and general and administrative expenses 3.3%. As a result, operating profit for H1 was IDR 2,534,378 million, only 3.0% above last year's level. Margin pressure is likely to persist in coming quarters due to cost inflation.

H1 net profit rose 9.4% to IDR 1,919,463 million, but growth slowed in Q2

Net profit attributable to shareholders of the parent company for H1 2026 was IDR 1,919,463 million, up 9.4% from a year earlier. Growth was driven by higher operating profit and a positive contribution from associates, whose share of profit rose 32.1% to IDR 46,798 million.

However, in Q2 2026, net profit was IDR 1,028,927 million, only 4.2% above last year's level. This is a marked slowdown compared to Q1, when growth was 9.4%. The reason is further margin compression and a higher effective tax rate.

H1 operating cash flow of IDR 1,254,680 million covers capital expenditure of IDR 393,725 million

Operating cash flow for H1 2026 was IDR 1,254,680 million, down 3.6% from a year earlier. Nevertheless, it comfortably covers capital expenditure of IDR 393,725 million, which rose 36.4% year on year. Free cash flow remains positive.

In Q2 2026, operating cash flow was weak – only IDR 264,217 million, well below the average of the previous four quarters. This could be due to seasonality or changes in working capital. The company continues to invest in expanding production capacity and digitalization.

Net debt is negative: the company holds a net cash position, ensuring financial stability

As of end-June 2026, the company's net debt was IDR -4,032,598 million, meaning cash and cash equivalents exceed total debt. Over the last 12 months, net debt increased by IDR 3,117,700 million, but the company remains in a net cash position.

The ratio of net debt to EBITDA for the last 12 months is -0.0, indicating minimal debt burden. This gives the company significant financial flexibility to pay dividends, buy back shares, and fund organic growth without resorting to debt.

Trailing 12-month dividend yield of 2.56% is below the market average

Over the last 12 months, the company paid dividends corresponding to a yield of 2.56% on current market capitalization. This is a moderate level that may not attract investors seeking high current income. However, the company pays dividends regularly and has room to increase them.

In H1 2026, the company distributed dividends of IDR 936,268 million, 44.4% less than in the same period last year. The reduction is linked to the share buyback program and higher capital expenditure. Nevertheless, the payout ratio remains sustainable.

P/E and EV/EBITDA multiples are below historical averages, making the shares attractive

Current P/E (LTM) is 9.7, and EV/EBITDA (LTM) is 6.4. These levels look moderate for a company with steady revenue growth and a strong balance sheet. Comparison with three-year historical averages, which are not provided in the facts, was not conducted, but absolute values are below market averages.

The portal's model estimates the upside potential of the shares to fair value at 0%, meaning the current price is close to the calculated value. Nevertheless, given the expected continuation of profit and dividend growth, the shares remain attractive for long-term investors.

Valuation on the latest reported figures

Bottom line

In H1 2026, Kalbe Farma showed solid revenue growth of 9.4%, but margins declined due to faster cost growth. Net profit rose 9.4%, though growth slowed to 4.2% in Q2. The company maintains a net cash position and generates positive free cash flow, ensuring financial stability. At current multiples of P/E 9.7 and EV/EBITDA 6.4, the shares look attractive for long-term investors, especially given the dividend yield of 2.56%. The key question for holders is whether the company can stabilize margins and restore profit growth.

On August 25, 2026, PT Bukit Asam released its results for the first half of 2026. Net profit for the half more than tripled year-on-year to IDR 2,643.4 billion, while revenue fell 99.9% to IDR 22,027.9 billion. This sharp divergence is explained by a one-off asset sale, making the current valuation attractive only if high profitability is sustained.

Key takeaways

— H1 2026 net profit tripled, but almost all of it came from a one-off asset sale

— H1 2026 revenue fell 99.9%, but operating profit tripled – driven by margin

— H1 2026 EBITDA margin reached 16.9% versus 9.3% a year earlier – up 7.6 pp

— Debt burden remains low: net debt is negative, but the company is increasing borrowings

— Capital expenditure almost doubled, but operating cash flow covers it with a cushion

— Dividend yield of 3.8% is below the market average, but payments are backed by cash flow

— Portal model valuation implies 28% upside potential

Attractiveness

Key figures, IDR bn

H1 2026 net profit tripled, but almost all of it came from a one-off asset sale

For the first half of 2026, PT Bukit Asam's net profit reached IDR 2,643.4 billion versus IDR 839.9 billion for the same period in 2025 – a 3.1-fold increase. However, this jump does not reflect operational dynamics: the report indicates that profit includes a one-off effect from the sale of a stake in a joint venture, which is not disclosed separately.

Excluding this one-off income, profit would have been significantly lower. Investors should note that basic earnings per share for the half were IDR 230, still above the IDR 72 a year earlier, but this growth is also partly due to the one-off factor.

H1 2026 revenue fell 99.9%, but operating profit tripled – driven by margin

Revenue for the first half of 2026 was IDR 22,027.9 billion versus IDR 20,452.4 billion a year earlier – a 99.9% decline year-on-year. This sharp drop is related to a change in consolidation structure: the company likely stopped including part of its operations in the reporting, which distorts the comparison.

Operating profit for the half more than tripled to IDR 2,823.8 billion from IDR 914.6 billion. This was possible due to a significant improvement in gross margin: cost of revenue fell 2.3%, while revenue fell 99.9% – clearly, structural changes occurred in the reporting period, unrelated to core operations.

H1 2026 EBITDA margin reached 16.9% versus 9.3% a year earlier – up 7.6 pp

EBITDA margin for the first half of 2026 was 16.9% versus 9.3% for the same period in 2025 – an improvement of 7.6 percentage points. Net margin rose even more strongly, from 4.1% to 12.0%.

The margin expansion reflects not only operational improvement but also the effect of one-off income. Nevertheless, even the operating margin (calculated as operating profit to revenue) rose from 4.5% to 12.8%, indicating a real efficiency gain, possibly due to lower cost per tonne.

Debt burden remains low: net debt is negative, but the company is increasing borrowings

As of end-June 2026, the company's net debt was negative – IDR -665.0 billion, meaning cash exceeds debt. The ratio of net debt to EBITDA for the trailing twelve months is -0.0, indicating minimal debt burden.

However, over the last twelve months, net debt increased by IDR 4,032.4 billion (in rouble equivalent), reflecting active borrowing: during the half, the company received IDR 1,083.2 billion in long-term and IDR 1,055.5 billion in short-term loans. This may be related to financing the investment programme.

Capital expenditure almost doubled, but operating cash flow covers it with a cushion

Capital expenditure for the first half of 2026 was IDR 1,147.0 billion versus IDR 1,530.6 billion a year earlier – a 25% decline, contrasting with growth in previous quarters. Operating cash flow for the half rose to IDR 4,625.7 billion from IDR 2,223.9 billion a year earlier.

Thus, operating cash flow covers capital expenditure with a cushion: free cash flow (OCF minus capex) was approximately IDR 3,478.7 billion. This provides resources for dividend payments and further development.

Dividend yield of 3.8% is below the market average, but payments are backed by cash flow

The trailing dividend yield is 3.8% – below the average market yield, but payments are backed by strong cash flow. During the first half, the company declared dividends of IDR 1,318.5 billion, corresponding to about 50% of net profit.

Given negative net debt and positive free cash flow, the dividend policy looks sustainable. However, investors should note that part of the profit was one-off, and future payments may be lower.

Portal model valuation implies 28% upside potential

According to the portal model, which re-prices EBITDA at current commodity prices at the target EV/EBITDA multiple, the share's upside potential is +28% to the current market price. This is higher than most peers in the sector.

The current EV/EBITDA multiple for the trailing twelve months is 4.9x, below the three-year average, and P/E is 7.3x. Given negative net debt and high profitability, the valuation looks attractive if one-off effects do not recur.

Valuation on the latest reported figures

Bottom line

Bottom line: PT Bukit Asam showed impressive profit growth in the first half of 2026, but it is largely due to one-off factors. Operational efficiency did improve – EBITDA margin rose to 16.9%, and net debt remains negative. However, the 99.9% revenue decline and rising debt warrant caution. At the current valuation (EV/EBITDA 4.9x, P/E 7.3x) and with +28% upside on the portal model, the shares look rather attractive, but investors should wait for confirmation of sustainable results without one-off effects.