Maharaksa Biru Energi Tbk PT

The company’s capital structure is characterized by a high price-to-book ratio of 4.18, indicating a market valuation significantly above its book value, while its debt-to-equity ratio of 0.05 suggests a conservative leverage profile. Despite a negative net income of -IDR62.8 billion, the firm maintains a strong equity base of IDR604.5 billion and a current ratio of 0.59, which signals moderate liquidity risk. Profitability metrics are weak, with a return on equity of -10.39% and a return on assets of -8.53%, both well below industry norms for construction and renewable energy firms. The gross margin of 19.8% (IDR13.2 billion gross profit on IDR66.8 billion revenue) is modest, and the operating loss of -IDR43.5 billion highlights significant cost overruns or underperformance in core operations. The company operates across four segments: goods sales, construction services, woodchip production, and installation, consulting, and maintenance services. Revenue concentration data is not disclosed, but the firm’s involvement in high-profile projects like the Bengkulu Rest Area Development and the Integrated Waste Treatment Plant (TPST IKN) suggests geographic exposure to infrastructure and waste management hubs in Indonesia. Growth appears constrained, with no clear revenue acceleration in recent periods. The firm’s free cash flow is negative at -IDR171.5 billion, driven by capital expenditures of -IDR114.3 billion, which may reflect ongoing investments in renewable energy infrastructure. Outlook data does not provide forward-looking revenue or margin guidance, but the firm’s focus on waste-to-energy and bioenergy projects aligns with long-term regulatory and environmental trends. Risk factors include a negative net cash position after subtracting total debt, which raises concerns about short-term liquidity. The firm’s diluted share count is unchanged from basic shares, indicating no near-term dilution pressure. However, the operating loss and negative free cash flow suggest potential need for external financing, which could introduce future dilution or debt risk. Recent events include the firm’s engagement in the TPST IKN project and waste management consultancy services, which are disclosed in its business description. No recent filings or transcripts are provided in the input data, so no additional events can be cited.