Cahayaputra Asa Keramik Tbk PT

CAKK's capital structure is highly leveraged, with a debt-to-equity ratio of 1.07, indicating significant reliance on long-term debt to fund operations. The company's liquidity position is weak, as evidenced by a current ratio of 0.73 and negative operating cash flow of -19.68 billion IDR. The price-to-book ratio of 0.93 suggests the market values the company slightly below its book value, reflecting poor asset performance and profitability.

Profitability metrics are deeply negative, with a return on equity (ROE) of -8.2% and return on assets (ROA) of -3.48%. These figures are well below the industry median for construction supplies, which typically shows positive ROE and ROA in the 5-10% range. The company's operating margin is negative, with operating income of -12.78 billion IDR on revenue of 54.55 billion IDR, indicating a failure to cover operating costs.

Geographically, CAKK is heavily concentrated in Indonesia, with no disclosed international revenue streams. Segment-wise, the company operates as a single business unit focused on ceramic tiles and construction materials. This lack of diversification increases exposure to domestic economic cycles and regulatory changes.

The company's growth trajectory is negative, with no disclosed revenue growth in the current fiscal year. Outlook data indicates a continuation of declining performance, with no clear path to profitability. Capital expenditures of -15.51 billion IDR suggest ongoing investment in operations, but without corresponding revenue growth, these expenditures are not improving returns.

Risk factors include high leverage, negative cash flow, and poor profitability. The risk assessment flags a negative net cash position after subtracting total debt, which increases financial distress risk. Dilution risk is currently low, but the company's weak financial position could lead to future equity offerings to service debt or fund operations.

Recent filings and transcripts show no material changes in strategy or operations. The company has not disclosed any new product launches, market expansions, or cost-cutting initiatives that could reverse its current performance trajectory.

Revenue surged 52.9% year-over-year to IDR 366.2 billion, demonstrating strong top-line growth momentum in the latest fiscal period.

Operating income improved significantly by 56.2% year-over-year, indicating a meaningful recovery in core operational profitability despite net losses.

Long-term debt decreased substantially from IDR 243.1 billion to IDR 269.6 billion over four years, showing a trend of deleveraging.

Cash conversion ratio of 1.19 exceeds the cohort median of 1.01, suggesting relatively efficient cash generation from operations.

Dilution risk is assessed as low, providing some protection for existing shareholders against immediate equity value erosion.

Debt-to-equity ratio of 1.07 is in the bottom quartile versus the cohort median of 0.29, reflecting excessive financial leverage.

The company carries a high credit risk flag, suggesting significant concerns regarding its ability to meet financial obligations.

Return on equity of -8.2% ranks in the bottom quartile, demonstrating poor capital efficiency compared to industry peers.