Bakrie Sumatera Plantations Tbk PT

The company's capital structure is highly leveraged, with total liabilities of IDR 875.86 billion and total equity of -IDR 527.06 billion, resulting in a debt-to-equity ratio of -0.89. Despite a negative equity position, the company maintains a cash and equivalents balance of IDR 63.99 billion, but this is insufficient to cover the operating cash flow of IDR 383.99 billion, which is partially offset by a negative free cash flow of -IDR 171.43 billion. The liquidity position is further constrained by a current ratio of 0.11, indicating significant short-term liquidity risk. Profitability metrics show a weak return on assets of 0.46% and a negative return on equity of -0.31%, both of which are below the industry median for the Fishing & Farming sector. The company's operating income of IDR 383.75 billion is supported by a gross profit of IDR 757.17 billion, but the net income of only IDR 16.15 billion suggests high operating and financial costs. The company's revenue is distributed across three segments: Palm oil and derivatives, Rubber, and Oleochemicals. The Palm oil and derivatives segment is the largest contributor, followed by the Rubber and Oleochemicals segments. The geographic exposure is primarily concentrated in Indonesia, with no significant international revenue disclosed. The company's growth trajectory is mixed, with a revenue of IDR 255.73 billion in the latest period. The outlook for the current fiscal year is uncertain, with no clear direction provided. The capital expenditure of -IDR 349.45 billion indicates a reduction in investment, which may affect long-term growth potential. The risk assessment highlights a medium liquidity risk and a low dilution risk. The company's negative net cash position after subtracting total debt is a key flag, indicating potential liquidity constraints. The dilution risk is low, but the company's negative equity position and high leverage increase the potential for dilution in the future. Recent events include the company's 2023 annual report, which provides insights into its financial performance and strategic direction. The report highlights the company's focus on improving profitability and managing debt levels. No significant regulatory or geopolitical events have been disclosed that would impact the company's operations in the near term.