Here’s a comprehensive analysis of PT ITSEC Asia Tbk (IDX: CYBR):
Major shareholders:
INV Management Pte Ltd – ~46.3% after selling ~7.26 million shares around Jan 13‑23, 2025 .
MB Investment Management Pte Ltd – ~27.5% following a 300k‑share sale on Jan 13, 2025 .
Insider selling in early 2025:
INV offloaded 3.5M+ shares on Jan 23 and 1.15M on Jan 22 .
Directors (Bambang Susilo, Bima Kurniawan) and Commissioner (Andri Hutama Putra) collectively sold ~3.1 million shares between Dec 2024 and Feb 2025 .
CYBR responded to BEI’s inquiry on Feb 7, stating no material undisclosed info drove these trades and no major corporate actions planned in next 3 months .
Takeaway: High stake by foreign institutions makes sense for control, but recent heavy insider selling triggered regulatory interest and raises governance questions.
Gross margin: ~29.7%—solid for a services provider .
Operating margin: –20.6% (losses on core operations) .
Net profit margin: –18.7%, confirming company remains unprofitable .
Insight: Healthy revenue margin, but operating and net margins are negative due to heavy costs or investment. Needs scale-up or cost control to become profitable.
Current ratio: 2.29 (comfortable short-term liquidity) .
Debt/Equity: ~1.08 (moderate leverage) .
Interest coverage: –11.2 (cannot cover interest from earnings) .
Net debt: ~IDR 53 billion (total debt 58B – cash 5B) .
Conclusion: Liquidity is fine for day-to-day operations, but negative earnings and weak interest coverage may pressure solvency if revenue dips.
Volatility alert: BEI inquired on Feb 5 about unusual trading. CYBR responded Feb 7, saying it’s unaware of material undisclosed info influencing stock moves .
Consistent insider exits: Multiple rounds of share disposals from major holders in late 2024 – early 2025 .
IPO high-flyer: CYBR debuted in Aug 2023 and promptly hit auto-rejection upper limit (35% gain), reflecting earlier market enthusiasm .
| Category | Highlight |
|---|---|
| Ownership | INV ~46.3%, MB ~27.5%. Heavy insider and controller selling in early 2025. |
| Margins | Gross: healthy ( |
| Solvency | Liquidity strong, leverage moderate, earnings too weak to cover interest. |
| News & Risk | BEI probe into trading volatility; insider sell-offs raise questions. |
Strengths: Grew market cap to ~IDR 4 trillion (~US$270 million), maintains good short-term liquidity, and operates with healthy gross margins reflecting solid underlying demand .
Risks: Operating at a loss with negative interest coverage and repeated insider selling. Latest BEI inquiry highlights elevated monitoring risk.
Watchlist: Stay alert to upcoming earnings reported on Mar 27, 2025, future insider/shareholder behavior, and whether operating losses narrow.
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