Ashmore Asset Management Indonesia Tbk PT

Ashmore maintains a strong liquidity position, with cash and equivalents amounting to IDR 192.19 billion, representing 50.95% of total assets. The company's liquidity FPT (free cash flow to total liabilities) is robust, with free cash flow of IDR 29.17 billion and total liabilities of IDR 77.95 billion, indicating a liquidity buffer that supports operational flexibility and debt servicing. The debt-to-equity ratio of 0.05 is significantly below the industry median, suggesting a conservative capital structure with minimal leverage risk.

Profitability metrics show Ashmore is outperforming industry benchmarks. Return on equity (ROE) of 9.47% and return on assets (ROA) of 7.52% are well above the median for investment management firms, indicating efficient use of equity and asset base to generate returns. Operating income of IDR 28.44 billion and net income of IDR 28.36 billion reflect strong earnings retention and cost control, with a net margin of 35.68% (net income / revenue).

The company's revenue is concentrated in its core investment management and fund operations segments, with no disclosed geographic diversification in the latest financials. This suggests a high degree of exposure to the domestic Indonesian market, which may increase vulnerability to local economic and regulatory shifts.

Growth trajectory appears stable, with revenue of IDR 79.47 billion in the latest period. While no forward-looking guidance is provided, the company's operating cash flow of IDR 107.51 billion and free cash flow of IDR 29.17 billion support reinvestment and potential expansion. The absence of capital expenditures (negative IDR 673 million) indicates no major infrastructure or asset investments in the period.

Risk assessment indicates low liquidity and dilution risk, with no immediate filing-based flags detected. The company's low debt-to-equity ratio and strong cash position reduce refinancing and dilution pressures. No dilution sources were identified in the latest filings, and the probability of near-term dilution is low.

Recent filings and transcripts do not highlight any material events or strategic shifts. The company's financials remain stable, with no significant changes in operating performance or capital structure in the latest reporting period.

Ashmore demonstrates best-in-class cash conversion at 3.79, far surpassing the 0.31 cohort median.

The firm maintains a conservative debt-to-equity ratio of 0.05, indicating low financial leverage risk.

Total equity decreased 6.0% year-over-year to IDR 281.5 billion, reducing the capital base.

Revenue IDR 324.31B, −0,9% YoY; Operating income −4,5% YoY.

• ▍Revenue IDR 324.31B, −0,9% YoY
• ▍Operating income −4,5% YoY
• ▍Net income +13,8% YoY
• ▍Free cash flow +198,0% YoY
• ▍Net margin 32.5%

Revenue IDR 327.40B, −16,8% YoY; Operating income −22,9% YoY.

• ▍Revenue IDR 327.40B, −16,8% YoY
• ▍Operating income −22,9% YoY
• ▍Net income −21,9% YoY
• ▍Free cash flow −211,8% YoY
• ▍Net margin 28.3%

Revenue IDR 393.64B, +17,4% YoY; Operating income +24,7% YoY.

• ▍Revenue IDR 393.64B, +17,4% YoY
• ▍Operating income +24,7% YoY
• ▍Net income +18,9% YoY
• ▍Free cash flow −56,0% YoY
• ▍Net margin 30.1%

Revenue IDR 335.38B; Operating income IDR 116.38B.

• ▍Revenue IDR 335.38B
• ▍Operating income IDR 116.38B
• ▍Net margin 29.7%