Tirta Mahakam Resources Tbk PT

Tirta Mahakam Resources Tbk exhibits a highly leveraged capital structure, with total liabilities of IDR 980.28 billion and total equity of -IDR 610.95 billion, indicating a negative net worth. The company maintains a strong liquidity position, with cash and equivalents of IDR 28.74 billion and a current ratio of 24.27, suggesting ample short-term liquidity to cover obligations. However, the company's valuation metrics are extreme, with an EV/EBITDA of 131.78 and an EV/Revenue of 38.25, far exceeding typical industry norms and signaling potential overvaluation or operational distress. Profitability metrics reveal significant underperformance. The company reported a net loss of IDR 41.34 billion, with a return on equity of 6.77% and a negative return on assets of -11.19%. These figures fall well below the industry median for ROE and ROA, indicating poor capital efficiency and operational performance. Gross profit of IDR 6.66 billion and operating income of IDR 3.97 billion suggest some margin generation, but the net loss implies substantial non-operating expenses or asset impairments. The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. All operations are based in Indonesia, with factories located in East Kalimantan. This concentration increases exposure to local economic and regulatory risks, including currency volatility and political instability. Growth trajectory is negative, with no disclosed revenue growth in the most recent period. The company reported a net loss, and no forward-looking guidance is available. Historical financials show declining profitability and increasing liabilities, suggesting a deteriorating financial position. The absence of positive revenue or margin growth signals a lack of momentum in the business model. Risk factors include liquidity risk, as the company has a negative net worth and a high debt-to-equity ratio of -0.0, indicating reliance on short-term financing. The risk assessment flags low liquidity and dilution risk, but the negative equity position suggests potential for future dilution if the company requires additional capital. No immediate filing-based liquidity or dilution flags were detected, but the financial snapshot indicates a high risk of insolvency. Recent events include no disclosed filings or transcripts in the provided data. The company's financial performance and capital structure suggest a need for strategic restructuring or external financing to stabilize operations. No recent events indicate significant changes in business strategy or market position.