Here’s an analysis of PT Indoritel Makmur Internasional Tbk (DNET) based on the provided information:
Original Business: DNET began as an internet service provider (ISP) under the name PT Dyviacom Intrabumi Tbk.
Current Focus: The company transitioned into an investment holding company, primarily focused on Indonesia’s consumer and retail sector.
This pivot from a tech/ISP background to a retail investment company shows strategic realignment to tap into Indonesia’s robust consumer market, particularly retail and food & beverage.
DNET raised Rp7 trillion through a rights issue of 14 billion shares at Rp500/share.
This substantial capital infusion allowed DNET to expand into high-growth consumer businesses.
The proceeds were strategically distributed into prominent companies in the Salim Group ecosystem:
PT Fast Food Indonesia Tbk (FAST) – Franchise holder of KFC in Indonesia
28.55% of funds used to buy 35.84% of FAST
Strengthens DNET’s footprint in the food & beverage (F&B) industry.
PT Nippon Indosari Corpindo Tbk (ROTI) – Producer of Sari Roti products
30.45% of funds used to acquire 31.50% of ROTI
Captures growth in packaged food and bakery segments.
PT Indomarco Prismatama (Indomaret) – Convenience store network (unlisted)
37.65% of funds allocated to acquire 40% stake
Key move: Indirectly brings Indomaret exposure into the stock market, despite it being unlisted – a clever backdoor listing strategy.
Working Capital – 3.35% reserved for operations, indicating minimal internal use, with most funds directed toward strategic investments.
By focusing on:
Retail (Indomaret),
F&B quick-service (KFC),
Packaged goods (Sari Roti),
DNET positions itself at the core of daily consumer spending in Indonesia. These are resilient, high-frequency sectors that benefit from a growing middle class and urbanization trends.
The acquisition of 40% of Indomarco Prismatama (manager of Indomaret) without an IPO means DNET effectively acts as a proxy for investors to gain Indomaret exposure, making it a unique and attractive asset in the market.
| Aspect | Analysis |
|---|---|
| Industry Shift | From ISP to retail-focused investment |
| Capital Raised | Rp7 trillion via rights issue |
| Main Investments | Indomaret (unlisted), KFC Indonesia, Sari Roti |
| Strategy | Focus on high-frequency consumer sectors |
| Listing Trick | Indomaret made “market-accessible” via DNET’s stake |
DNET is no longer just a holding company—it’s a consumer powerhouse conduit. It gives investors a rare opportunity to tap into Indomaret, while also riding the growth waves of F&B and staple food segments through FAST and ROTI. It’s a play on Indonesia’s domestic consumption story, orchestrated through one of the country’s most powerful conglomerates: The Salim Group.
Would you like a breakdown of financials or potential investment insights too?