Indo Acidatama Tbk PT

Indo Acidatama Tbk PT maintains a conservative capital structure, with a debt-to-equity ratio of 0.14 and a current ratio of 2.93, indicating strong short-term liquidity. However, the company reports negative net cash after subtracting total debt, signaling potential liquidity constraints despite its low leverage. The price-to-book ratio of 0.52 suggests the market values the company below its book value, while the price-to-earnings ratio of 5.45 reflects a low valuation relative to earnings. Profitability metrics show a return on equity (ROE) of 9.55% and return on assets (ROA) of 7.35%, both below the typical thresholds for high-margin chemical producers. Gross profit of IDR 312.1 billion and operating income of IDR 122.1 billion represent 24.8% and 9.7% of revenue, respectively, indicating moderate efficiency in cost control and operational leverage. The company’s revenue is concentrated across three segments: Ethanol, Acetic Acid, and Others. While the Ethanol and Acetic Acid segments are core to its operations, the "Others" category likely includes agro-input products such as biofertilizers and soil conditioners. No geographic breakdown is provided, but the company operates primarily in Indonesia, exposing it to local demand and regulatory risks. Outlook data is not provided for future revenue or earnings, but historical revenue of IDR 1.26 trillion and operating cash flow of IDR 255.8 billion suggest stable cash generation. The company’s capital expenditure of IDR 35.0 billion in the latest period indicates ongoing investment in production capacity or maintenance. Risk factors include medium liquidity risk due to negative net cash and low dilution risk, as shares outstanding remain unchanged between basic and diluted measures. No recent equity issuance or dilutive events are reported, and the company has not disclosed material dilution risks in its filings. No recent events such as earnings calls, regulatory actions, or major business developments are disclosed in the provided data. The company’s operations appear to be in a steady state, with no immediate catalysts or disruptions flagged.