Here’s a detailed breakdown for IDX: CLEO (PT Sariguna Primatirta Tbk):
Shareholding structure (as of Mar 2025):
Tancorp Global Abadi (Hermanto Tanoko/Tanobel Group) holds ~55.8% of the company .
Insiders (including key executives) own around 1% directly; institutional investors hold about 0.8% .
Significant recent moves:
Tancorp acquired 40.12 million treasury shares in March 2025 .
Strong historical growth:
Q1 2024 net profit +92.5% YoY (Rp115.3 bn vs Rp59.9 bn) on sales of Rp626.5 bn (+38%) .
H1 2024 net profit soared 75% YoY (Rp225 bn vs Rp128.8 bn) on revenue +33% to Rp1.30 tn .
Q3 2024 net profit +61% YoY to Rp336.5 bn; YTD through Sep 2024 also Rp336.5 bn on sales Rp2 tn (+32%) .
High and expanding margins:
Gross margin ~58%, net profit margin ~17–21% (Bareksa projects 20–25% for 2024) .
Broker Verdhana forecasts net profit margin rising from 15.5% (2023) to ~19% in 2025 .
Balance sheet position (Q2‑2024):
Debt-to‑equity ≈ 0.48×; current ratio ≈ 1.04× .
Latest full‑year stats (12 months to Feb 2025 via StockAnalysis):
Debt/Debt+Equity ~0.27×, interest coverage ~24× .
Operating cash flow of Rp596 bn vs capex Rp614 bn → slightly negative free cash flow (~–Rp19 bn) .
Altman Z‑Score ~10.6 indicates very low bankruptcy risk .
Rapid expansion:
Network grew to 32 plants across Indonesia; plans for 3–4 more (Palu, Pontianak, Pekanbaru, Palembang) in 2024–25 .
Capex budget ~Rp450–600 bn in 2024–25 .
Drivers of growth:
Distributor count rose from 342 to 400 (target >500 by 2026), strong outside‑Java expansion .
Lower oil prices help reduce packaging costs (≈40% of COGS), boosting margins .
MSCI Small Cap inclusion:
Announced 11 Feb 2025, effective 3 Mar 2025; triggered ~5–14% share price jump .
Record FY 2024:
Mar 2025 reported net profit +46% YoY; Q1–Q3 2024 profit +61% .
Strategic moves:
Tancorp’s major buy of treasury shares and insider purchasing suggest confidence .
Established ice‑production subsidiary (SSI) in mid‑2024 .
Rumours:
No credible market rumors of takeover or regulatory issues found—most coverage spotlights expansion, capex, and share purchases.
| Aspect | Status & Takeaways |
|---|---|
| Ownership | Dominated by majority Tancorp; insider purchases align incentives |
| Earnings & Margins | Rapid profit and margin growth; outpacing FMCG peers |
| Solvency | Healthy leverage, strong liquidity, minimal debt risk |
| Growth Strategy | Aggressive geographic expansion and rising distribution |
| Valuation Caution | Despite fundamentals, valuations elevated: PER ~37–46×, PBV ~8–10× |
CLEO demonstrates a robust growth and margin profile underpinned by strategic capex and efficient operations. However, richly priced multiples mean much future growth is already anticipated. Watch for:
Execution of new plant operations and distribution scaling.
Evolution of packaging costs (linked to oil prices).
Institutional interest post‑MSCI inclusion.
Free cash flow turning sustainably positive once capex normalizes.
Would you like to dive deeper into valuation models, peer comparisons, or capex scenarios?
Berikut adalah terjemahan lengkap analisis saham IDX: CLEO (PT Sariguna Primatirta Tbk) dalam bahasa Indonesia:
Struktur Pemegang Saham (per Maret 2025):
Tancorp Global Abadi (Hermanto Tanoko/Tanobel Group) memegang sekitar 55,8% saham CLEO.
Pihak internal (termasuk manajemen) memiliki sekitar 1%; investor institusi sekitar 0,8%.
Aksi korporasi terbaru:
Tancorp membeli kembali 40,12 juta saham treasury pada Maret 2025.
Pertumbuhan laba yang kuat:
Laba bersih Q1 2024 tumbuh +92,5% YoY menjadi Rp115,3 miliar dari Rp59,9 miliar. Pendapatan naik 38% ke Rp626,5 miliar.
Semester I 2024: laba bersih naik 75% YoY menjadi Rp225 miliar. Pendapatan naik 33% menjadi Rp1,30 triliun.
Q3 2024: laba bersih naik 61% YoY menjadi Rp336,5 miliar. Total pendapatan 9 bulan: Rp2 triliun (+32%).
Margin tinggi & meningkat:
Margin kotor sekitar 58%, margin laba bersih 17–21%. (Bareksa proyeksikan 20–25% di 2024).
Verdhana Sekuritas memproyeksikan margin laba bersih naik dari 15,5% (2023) ke ~19% pada 2025.
Posisi neraca (Q2 2024):
Debt-to-equity sekitar 0,48×; current ratio sekitar 1,04×.
Statistik terbaru (12 bulan hingga Feb 2025):
Rasio utang terhadap total modal ~0,27×, interest coverage ~24×.
Arus kas operasi Rp596 miliar vs belanja modal Rp614 miliar → arus kas bebas negatif (~–Rp19 miliar).
Altman Z‑Score ~10,6 menunjukkan risiko kebangkrutan sangat rendah.
Ekspansi agresif:
Saat ini CLEO memiliki 32 pabrik di seluruh Indonesia; target 3–4 pabrik baru di Palu, Pontianak, Pekanbaru, dan Palembang (2024–2025).
Anggaran belanja modal 2024–2025: sekitar Rp450–600 miliar.
Pendorong pertumbuhan:
Jumlah distributor naik dari 342 ke 400; target >500 distributor pada 2026.
Harga minyak yang rendah membantu menekan biaya kemasan (≈40% dari HPP), memperkuat margin.
Masuk indeks MSCI Small Cap:
Diumumkan 11 Feb 2025, efektif per 3 Maret 2025; memicu kenaikan harga saham ~5–14%.
Laporan kinerja 2024:
Maret 2025: laba bersih FY 2024 naik 46% YoY; Q1–Q3 2024 naik 61%.
Aksi strategis:
Pembelian saham treasury oleh Tancorp dan aksi beli dari pihak internal → sinyal keyakinan jangka panjang.
CLEO mendirikan anak usaha es batu (SSI) pada pertengahan 2024.
Rumor pasar:
Tidak ditemukan isu negatif atau rumor akuisisi. Fokus pasar lebih ke ekspansi dan fundamental.
| Aspek | Status & Catatan Penting |
|---|---|
| Kepemilikan | Dikuasai Tancorp; aksi beli internal menunjukkan kepercayaan |
| Laba & Margin | Pertumbuhan sangat kuat, margin meningkat signifikan |
| Solvabilitas | Utang rendah, posisi kas sehat, risiko kebangkrutan sangat kecil |
| Ekspansi | Investasi agresif ke luar Jawa dan distribusi nasional |
| Valuasi | PER tinggi (~37–46×), PBV tinggi (~8–10×) → valuasi premium |
CLEO menunjukkan kombinasi pertumbuhan dan efisiensi operasional yang solid, didukung ekspansi pabrik dan jaringan distribusi. Namun, valuasi saat ini sudah mencerminkan banyak harapan pertumbuhan ke depan.
Realisasi pembangunan pabrik baru dan ekspansi distribusi.
Biaya kemasan (terkait harga minyak).
Ketertarikan investor institusi pasca masuk MSCI.
Arus kas bebas (free cash flow) berbalik positif saat capex stabil.
Apakah Anda ingin saya bantu lanjut ke valuasi (DCF atau peer comparison), analisis risiko, atau strategi investasi jangka panjang?