MNC Asia Holding Tbk PT

MNC Asia Holding Tbk PT maintains a capital structure characterized by significant leverage, with a debt-to-equity ratio of 1.56 and long-term debt totaling IDR 26.08 trillion against total equity of IDR 16.69 trillion. The company’s liquidity position is assessed as medium risk, supported by a current ratio of 1.12, which indicates limited short-term buffer. Net cash is negative after subtracting total debt, highlighting a reliance on external financing or operational cash flow to service obligations. The market capitalization stands at IDR 2.09 trillion, reflecting a price-to-book ratio of 0.13, suggesting the market values the company significantly below its book value.

Profitability metrics indicate weak returns on capital, with a return on equity of 0.77% and a return on assets of 0.17%. The company generated a net income of IDR 478.54 billion on revenues of IDR 14.49 trillion, resulting in a net margin of approximately 3.3%. Operating income was IDR 2.54 trillion, demonstrating that while the company is operationally profitable, the high interest burden associated with its debt load compresses net earnings. The price-to-earnings ratio of 16.36 appears elevated relative to the low absolute returns, though the low price-to-book multiple suggests potential distress or asset undervaluation.

Cash conversion ratio of 23.4% ranks as best-in-class, far surpassing the cohort median of 1.2%.

Operating income grew 6.8% year-over-year, demonstrating resilience in core profitability despite broader revenue declines.

Free cash flow recovered to 1.06 trillion IDR in FY-1, showing improvement from the previous year's lower generation.

Revenue declined at a 4.1% compound annual growth rate over four years, reflecting persistent top-line weakness.

Debt-to-equity ratio of 1.56 is in the bottom quartile, indicating excessive leverage compared to the cohort median of 0.4.

The company faces high credit risk and medium liquidity risk, posing significant financial stability concerns for investors.

Revenue IDR 3.85T; Operating income IDR 563.83B.

• ▍Revenue IDR 3.85T
• ▍Operating income IDR 563.83B
• ▍Net margin 2.9%

Revenue IDR 15.14T, −3,3% YoY; Operating income +6,4% YoY.

• ▍Revenue IDR 15.14T, −3,3% YoY
• ▍Operating income +6,4% YoY
• ▍Net income −38,0% YoY
• ▍Free cash flow +214,4% YoY
• ▍Net margin 1.3%

Revenue IDR 14.49T, −4,3% YoY; Operating income −6,4% YoY.

• ▍Revenue IDR 14.49T, −4,3% YoY
• ▍Operating income −6,4% YoY
• ▍Net income +151,8% YoY
• ▍Free cash flow +76,5% YoY
• ▍Net margin 3.3%

Revenue IDR 15.66T, −13,4% YoY; Operating income −48,7% YoY.

• ▍Revenue IDR 15.66T, −13,4% YoY
• ▍Operating income −48,7% YoY
• ▍Net income −58,0% YoY
• ▍Free cash flow −86,8% YoY
• ▍Net margin 2.0%

Revenue IDR 18.08T, +1,2% YoY; Operating income +5,3% YoY.

• ▍Revenue IDR 18.08T, +1,2% YoY
• ▍Operating income +5,3% YoY
• ▍Net income +12,8% YoY
• ▍Free cash flow −4,9% YoY
• ▍Net margin 4.0%

Revenue IDR 17.87T; Operating income IDR 4.71T.

• ▍Revenue IDR 17.87T
• ▍Operating income IDR 4.71T
• ▍Net margin 3.6%