Acset Indonusa Tbk PT

Acset Indonusa Tbk PT has a liquidity position that is constrained, with a current ratio of 0.96, indicating that its current liabilities exceed its current assets. The company's cash and equivalents amount to 99,350,000,000 IDR, but this is offset by long-term debt of 195,000,000,000 IDR, resulting in a negative net cash position. The liquidity risk is further compounded by a negative operating cash flow of -131,935,000,000 IDR and a free cash flow of -77,467,000,000 IDR, which suggests the company is not generating sufficient cash from operations to sustain its activities.

In terms of profitability, the company is underperforming, with a return on equity of -0.3924 and a return on assets of -0.0332, both of which are negative and significantly below the industry median for construction and engineering firms. The operating income is also negative at -75,406,000,000 IDR, and the net income is -93,494,000,000 IDR, indicating a substantial loss for the period. The gross profit is also negative at -36,066,000,000 IDR, suggesting that the company's cost of goods sold exceeds its revenue.

The company's revenue is concentrated in a single business segment, as no specific segments are disclosed in the available data. The geographic exposure is not detailed, but the company is based in Indonesia, and its operations are likely concentrated in the region. The lack of segmental and geographic diversification increases the company's exposure to local economic and regulatory risks.

The company's growth trajectory is negative, with a net income of -93,494,000,000 IDR and a revenue of 580,386,000,000 IDR. The negative operating and free cash flows indicate that the company is not generating sufficient cash to support its operations or fund growth. The capital expenditure of -18,545,000,000 IDR suggests that the company is not investing in new projects or infrastructure, which could hinder its long-term growth prospects. 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 highlights the company's financial instability.

Recent events and filings do not provide specific details on the company's operations or financial performance. The available data does not include recent transcripts or filings that could provide insight into the company's strategic direction or operational challenges. The lack of detailed information makes it difficult to assess the company's future performance or the impact of any recent events on its financial position.

The company's risk profile is characterized by a medium liquidity risk and a low dilution risk. The negative net cash position after subtracting total debt is a key flag that indicates the company's financial instability. The dilution risk is low, but the company's financial performance and liquidity position suggest that it may need to raise additional capital in the future, which could lead to dilution of existing shareholders.

Revenue grew at a 12.2% CAGR over four years, indicating top-line expansion despite recent volatility.

Cash conversion of 1.41 exceeds the cohort median of 0.66, suggesting superior cash generation efficiency.

Gross profit turned positive in 2021 at IDR 150.9 billion, marking a reversal from previous negative margins.

Dilution risk is assessed as low, providing some stability for existing shareholders regarding equity structure.

The company posted a net loss of IDR 694.6 billion in 2021, worsening from the prior year.

Long-term debt surged to IDR 1.76 trillion in 2021, significantly increasing leverage and credit risk.

Free cash flow deteriorated to -IDR 619.4 billion in 2021, reflecting significant cash burn.

Revenue IDR 466.10B, −34,7% YoY; Operating income −40,3% YoY.

• ▍Revenue IDR 466.10B, −34,7% YoY
• ▍Operating income −40,3% YoY
• ▍Net income −105,2% YoY
• ▍Free cash flow −111,5% YoY
• ▍Net margin -1.7%

Revenue IDR 550.54B, −48,1% YoY; Operating income −188,2% YoY.

• ▍Revenue IDR 550.54B, −48,1% YoY
• ▍Operating income −188,2% YoY
• ▍Net income −125,9% YoY
• ▍Free cash flow −143,6% YoY
• ▍Net margin -107.2%

Revenue IDR 602.74B, −38,5% YoY; Operating income +19,7% YoY.

• ▍Revenue IDR 602.74B, −38,5% YoY
• ▍Operating income +19,7% YoY
• ▍Net income +51,6% YoY
• ▍Free cash flow +58,3% YoY
• ▍Net margin -12.0%

Revenue IDR 503.46B, −13,2% YoY; Operating income +123,1% YoY.

• ▍Revenue IDR 503.46B, −13,2% YoY
• ▍Operating income +123,1% YoY
• ▍Net income +70,1% YoY
• ▍Free cash flow +94,7% YoY
• ▍Net margin -5.5%

Revenue IDR 713.61B; Operating income IDR 20.56B.

• ▍Revenue IDR 713.61B
• ▍Operating income IDR 20.56B
• ▍Net margin -0.5%

Revenue IDR 1.06T; Operating income -IDR 191.99B.

• ▍Revenue IDR 1.06T
• ▍Operating income -IDR 191.99B
• ▍Net margin -24.6%

Revenue IDR 980.69B; Operating income -IDR 65.13B.

• ▍Revenue IDR 980.69B
• ▍Operating income -IDR 65.13B
• ▍Net margin -15.3%

Revenue IDR 580.39B; Operating income -IDR 75.41B.

• ▍Revenue IDR 580.39B
• ▍Operating income -IDR 75.41B
• ▍Net margin -16.1%

Revenue IDR 2.37T, −25,3% YoY; Operating income −56,0% YoY.

• ▍Revenue IDR 2.37T, −25,3% YoY
• ▍Operating income −56,0% YoY
• ▍Net income −26,9% YoY
• ▍Free cash flow −30,4% YoY
• ▍Net margin -29.3%

Revenue IDR 3.17T, +35,0% YoY; Operating income −91,1% YoY.

• ▍Revenue IDR 3.17T, +35,0% YoY
• ▍Operating income −91,1% YoY
• ▍Net income −102,6% YoY
• ▍Free cash flow −159,1% YoY
• ▍Net margin -17.3%

Revenue IDR 2.35T, +126,6% YoY; Operating income +59,0% YoY.

• ▍Revenue IDR 2.35T, +126,6% YoY
• ▍Operating income +59,0% YoY
• ▍Net income +39,8% YoY
• ▍Free cash flow +46,4% YoY
• ▍Net margin -11.5%

Revenue IDR 1.04T, −30,6% YoY; Operating income +24,4% YoY.

• ▍Revenue IDR 1.04T, −30,6% YoY
• ▍Operating income +24,4% YoY
• ▍Net income +35,5% YoY
• ▍Free cash flow +41,2% YoY
• ▍Net margin -43.3%