Gaya Abadi Sempurna Tbk PT

The company's capital structure is characterized by a low debt-to-equity ratio of 0.15, indicating a conservative leverage profile. However, the negative net cash position after subtracting total debt raises liquidity concerns. The price-to-book ratio of 0.64 suggests the market values the company below its book value, potentially reflecting earnings challenges. The operating cash flow of 10,523,733,260 IDR supports liquidity, but the free cash flow of -18,802,244,830 IDR indicates significant cash outflows from operations [doc:HA-latest]. Profitability metrics are weak, with a return on equity of -7.05% and return on assets of -5.65%, both significantly below industry norms. The operating margin is negative at -7.74% (calculated from operating income of -15,115,605,360 IDR on revenue of 195,368,204,690 IDR), highlighting operational inefficiencies. The gross margin of 6.21% (12,119,674,910 IDR on revenue of 195,368,204,690 IDR) is also below the industry median for electronic component traders [doc:HA-latest]. The company's revenue is split between two segments: Electronic Component Sales and Electric Bicycles Supply and Sales. While the electric vehicle segment is growing in Indonesia, the company's geographic exposure is concentrated in the domestic market, with no disclosed international operations. The subsidiary PT Juara Bike supports the electric bicycle segment, but revenue concentration data is not available in the latest filings [doc:HA-latest]. The company's growth trajectory is uncertain, with no disclosed revenue growth rates in the latest financials. The operating cash flow of 10,523,733,260 IDR is a positive sign, but the net loss of 22,960,645,230 IDR suggests ongoing profitability challenges. The capital expenditure of -595,442,980 IDR indicates minimal investment in growth, which may limit future expansion [doc:HA-latest]. Risk factors include a negative net income and free cash flow, which could pressure liquidity. The dilution risk is assessed as low, with no near-term pressure expected. However, the negative net cash position after subtracting total debt is a key flag. The company has not disclosed any recent equity issuances or dilutive events in the latest filings [doc:HA-latest]. Recent events include the continued expansion of the electric vehicle market in Indonesia, which could benefit the company's electric bicycle segment. However, the company's financial performance has not yet reflected this growth. No recent filings or transcripts have been disclosed that provide additional insight into the company's strategic direction [doc:HA-latest].