ID_MIKA: H1 profit up 6.9%, but cash conversion remains weak

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.