AMRT Why Did the Stock Fall 28% in a Quarter Every Segment Grew?

All Three Segments Grew Again - Just Not the Stock

This is PT Sumber Alfaria Trijaya Tbk's unaudited interim consolidated financial statements for the three months ended March 31, 2025, authorized for issue by the Board of Directors on April 29, 2025. Net revenue rose 11.75% to Rp32,772,512 million, from Rp29,325,594 million, and net income attributable to owners rose 9.53% to Rp975,117 million, from Rp890,314 million (see Key Financial Metrics) - a real return to growth after FY2024's first full-year profit decline this site has recorded for the company.

More notably, this quarter closes the segment story FY2024 left open. That filing's derived standalone fourth quarter showed Jabodetabek reversing four straight declines to +27.62% while Java (excl. Jabodetabek) (-20.85%) and Outside Java (-4.79%) both turned negative standalone for the first time outside the 2020 pandemic-lockdown quarter - a reshuffle, not a recovery. This quarter's actual reported figures (no standalone-quarter derivation needed - Q1 is reported directly against Q1) show all three segments growing both revenue and segment income simultaneously: Jabodetabek's segment income rose 11.58%, Java (excl. Jabodetabek)'s rose 9.06%, and Outside Java's rose 21.45% - the fastest of the three on both revenue (+15.71%) and segment income (see Segment Performance). The reshuffle didn't continue; it reversed.

None of that explains what happened to the stock, though. Alfamart's shares fell 28.07% over the same three months - a decline that happened alongside a well-documented, broad selloff across the Indonesian market in March 2025, not anything company-specific in this filing (see Target Valuation Range for the price detail and multiples).

The Prescription

Outside Java is now the segment doing the most work: it grew revenue (+15.71%) and segment income (+21.45%) faster than either Jabodetabek or Java (excl. Jabodetabek) this quarter, and its margin (6.61%, up from 6.29%) has overtaken Java (excl. Jabodetabek)'s (6.02%, up from 5.94%) for the first time this site has recorded (see Segments Compared). With store-count and expansion-pace data unavailable this quarter (no corporate presentation was filed alongside the financial statements - see Key Operational Metrics), management should prioritize disclosing where new store growth is actually being allocated next quarter, so a reader can tell whether capital is following Outside Java's stronger returns or still defaulting to the more saturated Java market out of habit. What the company should stop doing is leaving "unallocated operating expenses" as a single undifferentiated line that keeps outgrowing the business it's supposed to support - it grew 27.65% this quarter against 14.47% combined segment income growth, meaning even a quarter with no single overhead shock still saw overhead eat into segment-level gains faster than the business generated them. That's not a one-off anymore; it's a trend across at least two consecutive filings, and it still gets no breakdown anywhere in the notes.

Key Financial Metrics

Q1 2025 vs. Q1 2024 (P&L and cash flow), March 2025 vs. December 2024 (balance sheet) - consolidated, unaudited

FX: IDR 16,829 = USD 1 (the exchange rate at the reporting date, per the filing's own monetary-assets-in-foreign-currency note).

Metric	Q1 2025 (IDR)	Q1 2025 (USD)	Q1 2024 (IDR)	YoY
Net Revenue	Rp32,772,512M	~$1,947.4M	Rp29,325,594M	✅ +11.75%
Gross Profit	Rp7,172,013M	~$426.2M	Rp6,389,005M	✅ +12.26% ✅ margin 21.88% vs 21.79%
Income from Operations ("Operating Income")	Rp1,260,173M	~$74.9M	Rp1,148,756M	✅ +9.70% ⚠️ margin 3.85% vs 3.92%
Income Before Final Tax and Corporate Income Tax	Rp1,264,798M	~$75.2M	Rp1,152,455M	✅ +9.75%
Income for the Year (total, incl. non-controlling interests)	Rp1,008,326M	~$59.9M	Rp921,549M	✅ +9.42%
Net Income (attributable to owners)	Rp975,117M	~$57.9M	Rp890,314M	✅ +9.53% ⚠️ margin 2.98% vs 3.04%
EPS	Rp23.48	~$0.0014	Rp21.44	✅ +9.51%
EBITDA» (Operating Income + D&A)	Rp2,356,472M	~$140.0M	Rp2,146,512M	✅ +9.78% ⚠️ margin 7.19% vs 7.32%

Balance sheet metric	Mar 2025 (IDR)	Mar 2025 (USD)	Dec 2024 (IDR)	Change
Total Assets	Rp46,449,188M	~$2,760.1M	Rp38,798,382M	✅ +19.72%
Total Liabilities	Rp27,766,597M	~$1,649.9M	Rp21,102,439M	⚠️ +31.58%
Total Equity (attributable to owners)	Rp17,331,113M	~$1,029.8M	Rp16,377,674M	✅ +5.82%
Total Cash (incl. time deposits)	Rp7,010,913M	~$416.6M	Rp4,895,208M	✅ +43.22%

Every mandatory profit metric grew YoY this quarter, but margins moved the other way on every line except gross profit - the same shape FY2024 closed with, just less severe: operating margin fell to 3.85% from 3.92%, net margin to 2.98% from 3.04%, EBITDA margin to 7.19% from 7.32%. Growth is real; unit economics are still compressing slightly even as the top line accelerates.

"Adjusted EBITDA^»" remains a metric Alfamart doesn't report; the EBITDA line above is Income from Operations plus depreciation and amortization (Rp1,096,299M for Q1 2025, versus Rp997,756M for Q1 2024, per the segment note).

Free cash flow (net cash from operating activities minus capex - "acquisition of fixed assets" only, same basis as prior posts): surged to +Rp3,023,691M, up 1,048.99% from +Rp263,161M a year earlier - by far the widest swing this site has recorded for the company, wider even than Q1 2023's inventory-driven -Rp485,382M low. Net cash from operating activities rose to +Rp3,546,841M (from +Rp795,170M), while capex on fixed assets actually fell 1.66% to Rp523,150M (from Rp532,009M). The driver isn't the P&L at all: inventories grew 28.68% to Rp15,151,515M while trade payables to third parties grew faster, 35.83% to Rp17,743,587M - suppliers effectively financed more of this quarter's inventory build than the business did itself, a working-capital swing rather than an operating improvement (see Beyond the Usual for the related-party dimension of that purchasing growth).

Debt-to-Equity Ratio (DER)^» (interest-bearing debt - short and long-term bank loans and consumer financing payables, excluding the right-of-use lease liability): exactly zero at March 31, 2025, unchanged from Dec 2024's zero balance. But the period-end balance masks real activity during the quarter - see Beyond the Usual for the Rp31.9 trillion in gross short-term bank borrowing and repayment that ran through the Group's revolving facilities and netted to nothing by March 31.

A seasonal note: short-term employee benefits liabilities fell 30.59% to Rp308,916M (from Rp445,028M at Dec 2024), consistent with year-end/holiday-related employee benefit payouts clearing in the first quarter - a recurring pattern for a retailer whose fiscal Q1 straddles the year-end bonus cycle and, this year, the run-up to Ramadan/Eid, rather than a signal about headcount or compensation trends.

Key Operational Metrics

• Store network, market share: not available this quarter - no corporate investor presentation was filed alongside the financial statements (only the quarterly financial report itself is available in the source documents for this period), and the statements themselves don't disclose store count or Nielsen market-share figures. The next post with a presentation on file should re-establish continuity with FY2024's 23,277-store, 13.9%-share baseline.
• Net revenue from franchises: Rp6,376,048 million, 19.46% of net revenue, versus Rp5,860,476 million (19.98% of net revenue) a year earlier - franchise revenue itself grew 8.80% YoY, slower than overall net revenue's 11.75%, so its share of the business fell this quarter. That's a reversal of the trend FY2024 tracked (franchise share rising to 18.25% for the full year, from 17.87%), worth watching to see if it's a genuine shift or a single-quarter wobble once a full-year comparison exists.
• Customer and supplier concentration: the filing states plainly that no single customer accounted for more than 10% of net revenue and no single supplier for more than 10% of net purchases in either Q1 2025 or Q1 2024 - a routine disclosure, included here because it's the same note that discloses the related-party purchase growth in Beyond the Usual.

Segment Performance

Alfamart reports the same three geographic segments as every prior post - Jabodetabek (greater Jakarta), Java excluding Jabodetabek, and Outside Java. Unlike the last two posts, no standalone-quarter derivation is needed here: Q1 2025 is reported directly against Q1 2024 in this filing.

Segment	External Revenue (Q1 2025)	External Revenue (Q1 2024)	YoY	Segment Income (Q1 2025)	Segment Income (Q1 2024)	YoY	Margin (2025 vs 2024)
Jabodetabek	Rp9,106,469M	Rp8,099,261M	✅ +12.44%	Rp299,161M	Rp268,112M	✅ +11.58%	⚠️ 3.29% vs 3.31%
Java (excl. Jabodetabek)	Rp12,111,676M	Rp11,241,320M	✅ +7.74%	Rp728,567M	Rp668,034M	✅ +9.06%	✅ 6.02% vs 5.94%
Outside Java	Rp11,554,367M	Rp9,985,013M	✅ +15.71%	Rp763,195M	Rp628,413M	✅ +21.45%	✅ 6.61% vs 6.29%

Every segment grew on both revenue and segment income this quarter - a genuine departure from FY2024's derived standalone fourth quarter, where Jabodetabek's recovery (+27.62% standalone) came while Java (excl. Jabodetabek) (-20.85%) and Outside Java (-4.79%) both fell for the first time outside the pandemic. Jabodetabek's growth continues the recovery FY2024's standalone quarter first showed after Q1 2024's -4.06%, Q2 2024's -15.31%, and 9M 2024's -32.66% run of standalone declines - though its margin (3.29%) is still the thinnest of the three and slipped slightly further this quarter (from 3.31%). Outside Java is now both the fastest-growing segment and, for the first time this site has recorded, the highest-margin one (6.61%, ahead of Java excl. Jabodetabek's 6.02%) - see Segments Compared for how that shifts the overall mix.

Segments Compared

Combined segment income grew 14.47% year-over-year (Rp1,564,559M to Rp1,790,923M), and the combined margin across all three segments improved slightly to 5.46% from 5.34% - a real, broad-based improvement, not one segment masking weakness in the others. Unallocated corporate overhead grew 27.65% to Rp530,750M, from Rp415,803M - still outpacing segment income growth by a wide margin, but nowhere near FY2024's derived standalone-fourth-quarter reading of an eightfold jump (Rp57,952M to Rp477,145M). This quarter's overhead growth is closer to what a reader might call a normal, if still unexplained, run rate for the line - see The Prescription for why "normal but still faster than the business" is itself worth flagging, not just the standalone-quarter spike.

Operating income grew 9.70% - slower than combined segment income's 14.47% - almost entirely because overhead absorbed roughly a third of the segment-level gain. Net income to owners grew a similar 9.53%, with non-operating items adding little net drag or lift this quarter: finance cost rose to Rp31,800M (from Rp30,261M) on the short-term borrowing activity detailed in Beyond the Usual, finance income rose to Rp41,248M (from Rp29,980M), and the Group's share of associates swung to a Rp4,823M loss from a Rp3,980M gain a year earlier - each individually small, netting out close to flat.

Beyond the Usual

The rights issue mandate stays unaddressed for a seventeenth consecutive filing

Shareholders approved the up-to-5-billion-share Capital Increase with Pre-emptive Rights (HMETD) at the May 6, 2021 Extraordinary General Meeting - a mandate this site has now tracked across seventeen consecutive filings, most recently FY2024. This filing was authorized for issue on April 29, 2025 - roughly 1,089 days (about 35.8 months) past the mandate's own May 6, 2022 regulatory deadline under OJK Regulation No. 32/POJK.04/2015 - and contains no reference anywhere to the rights issue having lapsed, been extended, been formally cancelled, or been replaced by a fresh shareholder approval. The issued share count remains unchanged at 41,524,501,700, the same figure disclosed at every quarter since the approval was granted.

The Bank Aladin stake's paper loss deepened again, though the near-filing mark held flat

The Rp500,000 million stake in PT Bank Aladin Syariah Tbk, first flagged at H1 2022 and tracked through FY2024's 51.47% period-end reading, shows an accumulated unrealized fair-value loss of Rp263,235 million at March 31, 2025 - a 52.65% paper loss, the deepest period-end reading this site has recorded for the stake. The note's near-filing-date reading, based on the same Rp800-per-share market price used in the FY2024 filing, again implies a carrying value of Rp235,294 million - a 52.94% loss from cost, unchanged from FY2024's near-date mark, since the reference share price itself didn't move between the two filings.

Rp31.9 trillion moved through the Group's revolving bank facilities this quarter and left the balance at exactly zero

Alfamart's short-term bank loan facilities - Rp8.45 trillion in total available limits across five relationship banks (BCA, Mandiri, SMBC, and BNI, among the facilities itemized in the notes) - showed a zero balance at both March 31, 2025 and December 31, 2024, continuing the debt-free position first reached at 9M 2024. But the cash flow statement shows Rp31,900,000 million was drawn from short-term bank loans during the quarter and an identical Rp31,900,000 million was repaid - gross activity nearly four times the Group's total available facility limit, cycling through the revolving lines multiple times over, with no net balance left outstanding at quarter-end. The headline "zero debt" figure is accurate at each period-end snapshot, but it understates how actively the Group used its short-term credit lines for intra-quarter cash management.

Related-party purchases reached their highest share of total purchases this site has recorded, with two new counterparties disclosed for the first time

Net purchases from related parties totaled Rp443,319 million for Q1 2025, 1.53% of total net purchases - up from Rp292,374 million (1.05%) a year earlier, and above FY2024's full-year reading of 1.26%, extending the multi-quarter growth this site has tracked since H1 2024. The related-party trade-payables and purchases notes name two counterparties not previously itemized in this site's coverage - PT Sinergi Global Indonesia and PT Karakter Paloma Sejati - alongside the familiar PT Atri Distribusindo, PT Yamazaki Indonesia, PT Alfindo LF Makmur, and PT Benfood Ekamakmur Nusajaya (now disclosed as "PT Benfood Eka Makmur Nusajaya" in this filing's purchases table).

The related-party building lease to PIM rose again, extending the pattern of quarter-to-quarter reversals

The lease liability to PT Perkasa Internusa Mandiri ("PIM"), an entity under common control that the Company rents building space, equipment, and services from, rose to Rp82,389 million at March 31, 2025, from Rp77,528 million at Dec 2024 - up 6.27% in the quarter, though its share of total consolidated liabilities actually fell slightly (0.30%, from 0.37%) since total liabilities grew faster than the lease balance itself. The liability has now reversed direction in five of the last six quarters this site has tracked, still with no explanation offered in any filing.

Coverage Table

Metric	Q1 2025	Q1 2024	YoY	Why it matters
Net Revenue	Rp32,772,512M	Rp29,325,594M	✅ +11.8%	Growth accelerated from FY2024's full-year 10.55% pace
Net Income (to owners)	Rp975,117M	Rp890,314M	✅ +9.5%	Real return to growth after FY2024's first-ever annual decline
Combined segment income (all 3 segments)	Rp1,790,923M	Rp1,564,559M	✅ +14.5%	Every segment grew - the standalone Q4 reshuffle didn't continue
Unallocated overhead	Rp530,750M	Rp415,803M	⚠️ +27.6%	Still outgrowing segment income, but no repeat of Q4's 8x spike
Free cash flow	+Rp3,023,691M	+Rp263,161M	✅ +1,049%	Driven by suppliers financing inventory, not operating improvement
Share price (quarter-end)	Rp2,050	-	🔴 -28.1% vs Dec 2024	Fell alongside a broad market selloff, not company-specific news
Rights issue disclosure	Zero mentions	Zero mentions	🔴 unchanged	Seventeenth consecutive silent filing, now ~1,089 days past deadline

Target Valuation Range

Enterprise value ~Rp78.11 trillion (~$4.64B), implying 9.22x EV/EBITDA and a trailing P/E of ~26.33x - undervalued relative to where the multiples sat a quarter ago, if the earnings and segment-growth trends shown here continue. The stock fell far more than the business did this quarter, and nothing company-specific in this filing explains the gap.

Alfamart's shares closed at Rp2,050 on March 27, 2025 (the last trading session before the Idul Fitri market closure) - down 28.07% from FY2024's Rp2,850 close, and down 38.25% from the trailing two years' Rp3,320 high in October 2024. No stock split has occurred since July 2013, so no price adjustment is needed.

The decline coincided with a broad, well-reported selloff across Indonesia's stock market in March 2025 - the Jakarta Composite Index fell sharply enough on March 18, 2025 to trigger a trading halt and had lost roughly 13% year-to-date by that point, on macro concerns (fiscal position, currency, foreign capital outflows) unrelated to any single listed company.¹ Whatever the cause, the multiples compressed well beyond what this quarter's actual operating results would suggest on their own:

Market cap → enterprise value	Q1 2025
Share price (period-end)	Rp2,050
Shares outstanding	41,524,501,700
Market capitalization	Rp85.13 trillion (~$5.06B)
Plus: interest-bearing debt	Rp0
Less: cash and equivalents	Rp7.01 trillion
Enterprise value	Rp78.11 trillion (~$4.64B)

Peer-multiple sanity check	FY2024	Q1 2025	Change
Trailing P/E	~37.59x	~26.33x	✅ down sharply
EV/EBITDA	~13.72x	~9.22x	✅ down sharply
P/B	~7.23x	~4.91x	✅ down sharply

Market cap fell sharply from Rp118.34 trillion (~$7.32B) at FY2024. Trailing P/E (using trailing-twelve-month net income to owners of Rp3,232,910 million: FY2024's Rp3,148,107 million, less Q1 2024's Rp890,314 million, plus this quarter's Rp975,117 million) compressed sharply as the share price fell 28.07% while trailing earnings actually grew slightly - the multiple compressed by more than the price decline alone would imply. EV/EBITDA (against trailing-twelve-month EBITDA of Rp8,476,470 million) fell as both the falling price and the growing cash balance pulled enterprise value down. P/B (book value of approximately Rp17,331,113 million equity attributable to owners ÷ 41.52 billion shares) fell as equity kept growing while the price fell.

No listed domestic peer still exists for a direct minimarket-format comparison - Indomaret remains privately held under the Salim Group. A full DCF still isn't included here, for the same reason as prior posts: the rights issue mandate's continued silence (see Beyond the Usual) leaves an unresolved capital-structure question a forward model would need to take a view on either way. The share price moved within a Rp2,050-Rp3,320 range across the trailing two years to this quarter-end (based on month-end closes) - a 38.25% peak-to-trough swing, the widest this site has recorded for the company, with the high from October 2024 and the low from this quarter's own close.

The business got measurably better this quarter - broader segment growth, a real margin floor forming outside Jabodetabek - while the market, distracted by a selloff that had nothing to do with Alfamart, wasn't paying attention to it.

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