Wicaksana Overseas International Tbk PT

The company's capital structure is highly leveraged, with a debt-to-equity ratio of 22.89, indicating a significant reliance on debt financing. Its liquidity position is weak, as evidenced by a current ratio of 0.77, and it has negative free cash flow of -5.92 billion IDR, suggesting operational cash generation is insufficient to cover capital expenditures. The price-to-book ratio of 51.84 and the enterprise value to EBITDA ratio of 208.97 further highlight a valuation that is not supported by current earnings or asset base.

Profitability is severely underperforming, with a net loss of 8.48 billion IDR and a return on equity of -1.49, both of which are well below the typical performance of companies in the Food Retail & Distribution industry. The company's return on assets of -0.0266 also indicates that it is not generating returns from its asset base, which is a red flag for investors.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification, which increases exposure to regional economic downturns or supply chain disruptions. There is no information available on the geographic distribution of its revenue, but the lack of segmental or geographic diversification is a concern for long-term stability.

The company's growth trajectory is negative, with a net loss in the most recent reporting period and no indication of improvement in the near term. Analyst estimates for revenue and earnings are not positive, with the last actual EPS at -12.46 IDR and revenue at 518.29 billion IDR, suggesting a lack of momentum in the business.

The risk assessment indicates a medium liquidity risk and a low dilution risk, but the key flag of negative net cash after subtracting total debt is a significant concern. The company's capital structure is highly leveraged, and the negative operating cash flow of -23.90 billion IDR suggests that it is not generating sufficient cash to service its debt obligations.

Recent events, including the latest financial results and analyst estimates, indicate a deteriorating financial position. The company's negative net income and operating cash flow, combined with a high debt load, suggest that it may need to seek additional financing or restructuring in the near future.

Cash conversion of 2.82 ranks in the top quartile of the Food Retail & Distribution cohort, indicating superior cash generation efficiency.

Capital expenditure relative to revenue is above the cohort median, suggesting the company maintains investment levels despite challenging market conditions.

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

The company recorded a net loss of 160.5 billion IDR in fiscal year 2009, reflecting deepening profitability challenges and operational inefficiencies.

A debt-to-equity ratio of 22.89 is significantly higher than the cohort median of 0.51, indicating excessive leverage and elevated financial risk.

Credit risk is flagged as high, suggesting significant concerns regarding the company's ability to meet its financial obligations and service debt.

Revenue IDR 125.11B, −63,4% YoY; Operating income +10,0% YoY.

• ▍Revenue IDR 125.11B, −63,4% YoY
• ▍Operating income +10,0% YoY
• ▍Net income +5,4% YoY
• ▍Free cash flow +2,5% YoY
• ▍Net margin -25.0%

Revenue IDR 198.65B, −37,9% YoY; Operating income +21,7% YoY.

• ▍Revenue IDR 198.65B, −37,9% YoY
• ▍Operating income +21,7% YoY
• ▍Net income +7,7% YoY
• ▍Free cash flow +32,0% YoY
• ▍Net margin -15.7%

Revenue IDR 208.81B, −43,0% YoY; Operating income −113,9% YoY.

• ▍Revenue IDR 208.81B, −43,0% YoY
• ▍Operating income −113,9% YoY
• ▍Net income −101,8% YoY
• ▍Free cash flow −107,8% YoY
• ▍Net margin -18.4%

Revenue IDR 287.46B, −11,6% YoY; Operating income −3 406,5% YoY.

• ▍Revenue IDR 287.46B, −11,6% YoY
• ▍Operating income −3 406,5% YoY
• ▍Net income −780,8% YoY
• ▍Free cash flow −1 103,6% YoY
• ▍Net margin -26.0%

Revenue IDR 341.67B; Operating income -IDR 28.36B.

• ▍Revenue IDR 341.67B
• ▍Operating income -IDR 28.36B
• ▍Net margin -9.7%

Revenue IDR 320.07B; Operating income -IDR 31.12B.

• ▍Revenue IDR 320.07B
• ▍Operating income -IDR 31.12B
• ▍Net margin -10.5%

Revenue IDR 366.06B; Operating income -IDR 15.73B.

• ▍Revenue IDR 366.06B
• ▍Operating income -IDR 15.73B
• ▍Net margin -5.2%

Revenue IDR 325.20B; Operating income IDR 2.03B.

• ▍Revenue IDR 325.20B
• ▍Operating income IDR 2.03B
• ▍Net margin -2.6%

Revenue IDR 1.32T, −7,6% YoY; Operating income −56,6% YoY.

• ▍Revenue IDR 1.32T, −7,6% YoY
• ▍Operating income −56,6% YoY
• ▍Net income −44,5% YoY
• ▍Free cash flow −57,7% YoY
• ▍Net margin -12.2%

Revenue IDR 1.42T, −12,1% YoY; Operating income +28,3% YoY.

• ▍Revenue IDR 1.42T, −12,1% YoY
• ▍Operating income +28,3% YoY
• ▍Net income +19,4% YoY
• ▍Free cash flow +15,4% YoY
• ▍Net margin -7.8%

Revenue IDR 1.62T, −37,0% YoY; Operating income −19,6% YoY.

• ▍Revenue IDR 1.62T, −37,0% YoY
• ▍Operating income −19,6% YoY
• ▍Net income −19,7% YoY
• ▍Free cash flow −22,8% YoY
• ▍Net margin -8.5%

Revenue IDR 2.57T, −17,0% YoY; Operating income −169,5% YoY.

• ▍Revenue IDR 2.57T, −17,0% YoY
• ▍Operating income −169,5% YoY
• ▍Net income −180,8% YoY
• ▍Free cash flow −84,3% YoY
• ▍Net margin -4.5%