Growth Showed Up in the Top Line - Not the Bottom One
Over these 12 quarters: share price Rp2,930 to Rp1,320 (-55%); operating income 1.55 to 0.51 Rp trillion; operating income margin 5.8% to 1.5%. One graph in actual numbers: bars are the quarter's operating income, over them the share price at quarter-end (left axis) and the operating income margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.
Revenue grew 8.71% in the quarter standing alone, but operating income fell 13.52% and net income to owners fell 12.40%, because selling, distribution and overhead costs all grew faster than the business generating them. On a nine-month cumulative basis, PT Sumber Alfaria Trijaya Tbk's unaudited interim consolidated financial statements for the period ended September 30, 2026 look healthy enough: net revenue rose 7.21% to Rp101,288,166 million, from Rp94,475,921 million, and net income attributable to owners rose 3.80% to Rp2,402,777 million, from Rp2,314,904 million (see Key Financial Metrics). But isolating the third quarter alone (9M total less the already-published H1 2026 figures) flips that story: revenue held up fine (Rp33,332,518 million, from Rp30,663,189 million), yet operating income fell to Rp512,136 million and net income to owners fell to Rp377,658 million, against a quarter a year earlier that itself wasn't especially strong.
Gross Margin Still Expanded
The leak wasn't at the top. Standalone Q3 gross profit grew 11.59% to Rp7,050,793 million, ahead of revenue's 8.71% growth, and gross margin actually widened to 21.15% from 20.61% a year earlier. Whatever went wrong this quarter happened below the gross-profit line.
Selling, Distribution and General Costs Grew Faster Still
Standalone Q3 selling and distribution expense rose 13.36% to Rp6,217,785 million and general and administrative expense rose 12.80% to Rp638,079 million - both comfortably ahead of gross profit's 11.59% growth, and well ahead of revenue's 8.71%. A separate "other expenses" line also more than doubled (Rp20,073 million to Rp41,677 million), though it's too small on its own to matter much. Combined, these are what turned a quarter of real revenue and gross-profit growth into a quarter of shrinking operating income and net income - see Segments Compared for how the same pattern shows up in the segment note's own unallocated-overhead line.
The Filing Also Showed the Controlling Family Selling Down
Separately, and unrelated to this quarter's operating numbers, the filing's own share-ownership table shows controlling shareholder PT Sigmantara Alfindo's stake falling to 38.90% from 50.19% at FY2025-end, as a previously-unseen holder, PT Amanda Cipta Persada, appears for the first time with 14.04%. Nothing in the document explains who moved what to whom, or why (see Beyond the Usual).
The Prescription
Whatever is driving selling, distribution and overhead costs to outgrow both revenue and gross profit this quarter deserves a direct answer, not silence - the Company already shows readers a detailed cost-of-revenue and segment breakdown every quarter, so naming the specific driver behind this one (store-network growth outpacing per-store sales, wage inflation, a one-off logistics cost) would cost little and would turn a worrying standalone quarter into an explained one. What the Company should stop doing is letting a change this material in its own ownership structure go unmentioned: a controlling shareholder's stake moving by more than eleven percentage points, with a new double-digit holder appearing in the same filing, is exactly the kind of fact a reader of a public company's accounts should not have to notice by comparing two tables by hand (see Beyond the Usual). A single sentence identifying PT Amanda Cipta Persada and the nature of the transaction would resolve it.
Key Financial Metrics
Rp trillion; margin is operating income as a percent of net revenue, per quarter. Values are standalone quarters; 9 derived from annual, half-year or nine-month figures (Q4 2023, Q2 2024, Q3 2024, Q4 2024, Q2 2025, Q3 2025, Q4 2025, Q2 2026, Q3 2026).
9M 2026 vs. 9M 2025 (P&L and cash flow), September 2026 vs. December 2025 (balance sheet) - consolidated, unaudited
FX: IDR 17,998 = USD 1 (the exchange rate at the reporting date, implied by the filing's own monetary-assets-in-foreign-currency note: Rp83,800 million of US-dollar cash against US$4,656,048).
| Metric | 9M 2026 (IDR) | 9M 2026 (USD) | 9M 2025 (IDR) | YoY |
|---|---|---|---|---|
| Net Revenue | Rp101,288,166M | ~$5,627.7M | Rp94,475,921M | +7.21% |
| Gross Profit | Rp22,202,732M | ~$1,233.6M | Rp20,303,813M | +9.35% margin 21.92% vs 21.49% |
| Income from Operations ("Operating Income") | Rp3,191,738M | ~$177.3M | Rp2,958,391M | +7.89% margin 3.15% vs 3.13% |
| Income Before Final Tax and Corporate Income Tax | Rp3,197,494M | ~$177.7M | Rp2,984,760M | +7.13% |
| Income for the Year (total, incl. non-controlling interests) | Rp2,558,885M | ~$142.2M | Rp2,420,885M | +5.70% |
| Net Income (attributable to owners) | Rp2,402,777M | ~$133.5M | Rp2,314,904M | +3.80% margin 2.37% vs 2.45% |
| EPS | Rp58.43 | ~$0.0032 | Rp55.75 | +4.81% |
| EBITDA» (Operating Income + D&A) | Rp6,759,228M | ~$375.6M | Rp6,289,759M | +7.46% margin 6.67% vs 6.66% |
| Free Cash Flow» | +Rp4,560,591M | ~$253.4M | +Rp2,937,744M | +55.24% |
"Adjusted EBITDA»" is still not a metric Alfamart reports; the EBITDA line above is Income from Operations plus depreciation and amortization (Rp1,562,917 million of fixed-asset depreciation plus Rp2,004,573 million of right-of-use-asset depreciation, Rp3,567,490 million combined, per the segment note - versus Rp3,331,368 million in 9M 2025). Net income grew more slowly to owners (+3.80%) than net income in total (+5.70%) because non-controlling interests' share jumped 47.30% (Rp105,981 million to Rp156,108 million), a larger swing than the owners' share this period. Free cash flow (net cash from operating activities minus capex - "acquisition of fixed assets" only) rose 55.24% to +Rp4,560,591 million against this filing's own restated 9M 2025 comparative of +Rp2,937,744 million (net cash from operating activities Rp6,210,057 million, +30.03% YoY, less capex of Rp1,649,466 million, down 10.26%) - see Beyond the Usual for why that comparative differs from the Rp3,039,392 million originally reported in the 9M 2025 post.
| Balance sheet metric | Sep 2026 (IDR) | Sep 2026 (USD) | Dec 2025 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp42,288,059M | ~$2,349.6M | Rp42,579,101M | -0.68% |
| Total Liabilities | Rp22,707,069M | ~$1,261.6M | Rp23,196,204M | -2.11% |
| Total Equity (attributable to owners) | Rp18,174,299M | ~$1,009.8M | Rp18,021,330M | +0.85% |
| Total Cash (cash and cash equivalents) | Rp3,565,356M | ~$198.1M | Rp4,679,823M | -23.81% |
Debt-to-Equity Ratio (DER)» (interest-bearing debt - short and long-term bank loans, excluding the right-of-use lease liability, over total equity including non-controlling interests): 0x at September 30, 2026, from ~0.0393x at FY2025 and ~0.0391x at H1 2026. The Bank Mandiri Term Loan II drawn in December 2025 shows a zero outstanding balance in both the current and long-term bank loan lines - see Beyond the Usual.
Where Q3 2026's Revenue Went
Net revenue, and how much of it was left as operating profit and net income, in one view. Figures are the same standalone-quarter figures as the metrics table.
Rp billion, Q3 2026. Percentages are of net sales. Standalone quarter; derived from an annual, half-year or nine-month row in the filings.
Key Operational Metrics
Network growth
- Store network (Group-wide, all retail formats including subsidiaries): 25,045 retail stores as of the presentation's reference date, up 611 net new stores since December 31, 2025 (per the company's own presentation).
- Store network (Alfamart brand only, per NielsenIQ modern-trade tracking in the presentation): 21,613 stores YTD September 2026, up from 21,120 YTD September 2025.
- Headcount: 98,731 permanent employees at September 30, 2026, up 0.22% from 98,515 at December 31, 2025.
- Store geography (Group): the presentation's own store-mix trend shows Outside Java's share of the total network rising to 37.7% (YTD September 2026), from 36.6% at FY2025. The presentation flags that this period's Java/Greater Jakarta split isn't directly comparable to earlier periods: "following back-office consolidation, stores from two branches were reclassified from Java to Greater Jakarta," which moved several points between those two categories; Outside Java's own figure isn't affected by that reclassification.
Market position
- Market share (NielsenIQ, per company presentation): Alfamart's share of total Indonesia grocery rose to 14.0% (YTD September 2026), from 13.5% a year earlier (YTD September 2025) - a genuine like-for-like share gain, extending H1 2026's 14.2%/13.6% reading on the same measurement basis. Combined with Alfamidi, the group's share of total Indonesia grocery rose to 16.5%, from 15.9%.
Segment Performance
Alfamart reports the same three geographic segments as every prior post - Jabodetabek (greater Jakarta), Java excluding Jabodetabek, and Outside Java. The figures below are the nine-month period as directly reported, not a derived standalone quarter.
| Segment | 9M 2026 Revenue | 9M 2025 Revenue | YoY | 9M 2026 Income | 9M 2025 Income | YoY | Margin |
|---|---|---|---|---|---|---|---|
| Jabodetabek | Rp25,523,263M | Rp24,703,499M | +3.32% | Rp701,768M | Rp601,928M | +16.59% | 2.75% vs 2.44% |
| Java (excl. Jabodetabek) | Rp35,116,728M | Rp33,663,564M | +4.32% | Rp1,973,794M | Rp1,879,049M | +5.04% | 5.62% vs 5.58% |
| Outside Java | Rp40,648,175M | Rp36,108,858M | +12.57% | Rp2,196,697M | Rp1,954,784M | +12.38% | 5.40% vs 5.41% |
All three regions grew both revenue and segment income this period, extending H1 2026's pattern. Outside Java remains the fastest-growing region by revenue (+12.57%) and by income (+12.38%), continuing its role as the group's growth engine, though its margin is essentially flat and fractionally lower (5.40%, from 5.41%) rather than expanding. Jabodetabek again posted the sharpest income growth of any segment (+16.59%) on modest revenue growth (+3.32%), pushing its 9M margin to 2.75% (from 2.44%) - the same margin-recovery thread H1 2026 first confirmed held up over a full half, now extending to a full nine months, a genuinely different trajectory than the multi-quarter Jabodetabek weakness tracked since Q1 2024. Isolating the standalone third quarter (9M total less already-published H1 2026 figures) shows the three regions diverging sharply from their 9M averages: Jabodetabek's standalone revenue grew 7.45% YoY with income up only 3.71%; Java excluding Jabodetabek's standalone revenue grew 5.90% but its standalone income fell 1.59%, its first standalone-quarter income decline since H1 2025; and Outside Java's standalone income grew 8.33% on 12.02% standalone revenue growth, a slower income/revenue pairing than its 9M average.
Segments Compared
Combined segment income across all three regions grew 9.84% cumulatively (Rp4,435,761 million to Rp4,872,259 million) while unallocated overhead grew faster, 13.75% (Rp1,477,370 million to Rp1,680,521 million) - continuing the pattern tracked since Q3 2022 where overhead outgrows the segment business sitting beneath it, a reversal that briefly looked to be ending at Q1 2026. Isolating the standalone third quarter makes the gap considerably wider: combined segment income grew only 3.20% standalone (Rp1,090,182 million to Rp1,125,048 million) while unallocated overhead grew 23.08% standalone (Rp497,997 million to Rp612,912 million) - the widest single-quarter gap between the two since the multi-quarter overhead-discipline break first flagged across Q3-Q4 2020. The filing's own segment note (Note 31) itemizes the bridge from combined segment income down to net income in full, re-derived below:
| Step (9M 2026 / 9M 2025) | 9M 2026 | 9M 2025 |
|---|---|---|
| Jabodetabek segment income | Rp701,768M | Rp601,928M |
| Java (excl. Jabodetabek) segment income | Rp1,973,794M | Rp1,879,049M |
| Outside Java segment income | Rp2,196,697M | Rp1,954,784M |
| Total segment income | Rp4,872,259M | Rp4,435,761M |
| Not attributed to any segment (unallocated operating expenses) | (Rp1,680,521M) | (Rp1,477,370M) |
| = Income from Operations | Rp3,191,738M | Rp2,958,391M |
| Not attributed to any segment (unallocated other income, net) | +Rp5,756M | +Rp26,369M |
| = Income Before Final Tax and Corporate Income Tax | Rp3,197,494M | Rp2,984,760M |
| Less: final tax expense | (Rp42,834M) | (Rp41,823M) |
| Less: corporate income tax expense, net | (Rp595,775M) | (Rp522,052M) |
| = Income for the Year (total) | Rp2,558,885M | Rp2,420,885M |
Alfamart's segments reconcile to the group figure entirely through these two bridging lines - there is no further corporate-overhead layer the filing leaves unitemized. Operating income grew 7.89% (Rp2,958,391 million to Rp3,191,738 million), slower than it would have if overhead had merely kept pace with the 9.84% segment growth above it, and ahead of what the standalone-quarter figures alone would suggest, because H1 2026's overhead discipline (see H1 2026) is still carrying the nine-month average even as Q3 standalone reversed it. The unallocated other-income line that sits between operating income and income before tax shrank to +Rp5,756 million from +Rp26,369 million, a smaller net gain than a year earlier, though too small on its own to move the headline numbers.
Beyond the Usual
The controlling shareholder's stake fell 11 points as a new holder appeared, with no explanation
The Company's own share-ownership table (Note 16) shows PT Sigmantara Alfindo - the Djoko Susanto family's holding company and AMRT's controlling shareholder in every prior quarterly filing - holding 16,151,783,259 shares (38.90%) at September 30, 2026, down from 20,839,251,059 shares (50.19%) at December 31, 2025, a drop of 4,687,467,800 shares (22.49% of its own prior position, or 11.29 percentage points of the Company). In the same table, a holder not named in any prior AMRT filing, PT Amanda Cipta Persada, appears with 5,828,544,500 shares (14.04%). The public float (each holder below 5% ownership) also fell, from 19,984,783,441 shares (48.13%) to 18,557,161,541 shares (44.69%), a drop of 1,427,621,900 shares. Combined, the Sigmantara and public-float reductions (6,115,089,700 shares) match Amanda Cipta Persada's new position plus the quarter's own treasury-share change (5,828,544,500 + 286,507,700 = 6,115,052,200) to within rounding - so the arithmetic is consistent with shares moving out of both the controlling family's holding company and the public float, not solely a direct transfer from one to the other.
Nowhere in this 139-page filing - not in the related-party transactions note, not in the subsequent-events note, not anywhere else in the document - is PT Amanda Cipta Persada named, its relationship to the Company or its other shareholders described, or the transaction (or transactions) that moved this much stock explained. A change this size in a controlling shareholder's position, with a new double-digit holder appearing in the same reporting period, is a governance-relevant fact a reader should not have to find by comparing two tables by hand.
The rights issue mandate remains unaddressed, 1,636 days past its own deadline
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 also covered in [H1 2026](/analysis/amrt/2026-06/#beyond-the-usual). This filing was authorized for issue on October 28, 2026 - roughly 1,636 days 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 buyback program bought zero shares for a third straight quarter
Cumulative treasury share purchases stood at 432,669,000 shares (Rp812,464 million) at March 31, June 30, and now September 30, 2026 - the Company has made no additional purchases under its Rp1,500,000 million / up-to-650,000,000-share authorization since Q1 2026. That authorization was explicitly bounded, in the filing's own wording, to proceed "gradually until" an end date of March 6, 2026 - a deadline Q1 2026 already flagged as passed with no disclosure. This filing, authorized for issue October 28, 2026 - nearly eight months past the program's own stated end date - still contains no statement that the program completed, lapsed, or was extended.
A third consecutive quarter of zero purchases makes it harder to read this as anything other than a program that has functionally stopped, but the filing itself still doesn't say so. A single sentence confirming the program's actual status would resolve an ambiguity that's now been open for three consecutive filings.
The Bank Aladin stake's paper loss deepened again, and its near-filing mark is worse still
The Company's Rp500,000 million investment in listed digital bank PT Bank Aladin Syariah Tbk was carried at Rp69,412 million at September 30, 2026 - an accumulated unrealized fair-value loss of Rp430,588 million, or 86.12% of cost - deeper than H1 2026's 85.29% and far worse than FY2025's 44.12%. The filing's near-authorization-date reading, using a market price of Rp175 per share, implies a carrying value of Rp51,470 million - an 89.71% loss from cost, meaning the stake kept falling between quarter-end and the October 28, 2026 authorization date, the more typical pattern for this disclosure and the opposite of H1 2026's reading, where the near-completion mark had briefly looked better than period-end.
This stake's period-end mark has deepened sharply since its first loss at [FY2022](/analysis/amrt/2022-12/#beyond-the-usual) - 16.76% of cost then, 86.12% now - even though the quarter-by-quarter path hasn't been a straight line down (both FY2025 and Q1 2026 narrowed from the quarter before, before this quarter's reading deepened again). It remains a small, illiquid minority holding the Company doesn't control and isn't obligated to exit - but at under 14% of cost still carried, it's effectively a write-off in all but name.
The 9M 2025 comparative for operating cash flow was restated
This filing's own 9M 2025 comparative column states net cash provided by operating activities of Rp4,775,876 million - Rp101,648 million lower than the Rp4,877,524 million the 9M 2025 filing itself originally stated. The difference traces to two line items inside the same statement: the "other operating activities" cash-receipts line was restated down to Rp999,814 million from Rp1,548,048 million (a cut of Rp548,234 million), while "income taxes" paid was restated down to Rp654,709 million from Rp1,101,295 million (a cut of Rp446,586 million in the outflow, which adds back to cash) - the two moves net to the Rp101,648 million difference. Every other operating-activities line (cash receipts from customers, payments to suppliers, payments for salaries and wages, payments for operating expenses) is unchanged between the two filings. No note in this filing explains the reclassification.
This doesn't change the direction of this quarter's own free cash flow story - it still grew sharply year over year either way (see [Key Financial Metrics](#key-financial-metrics)) - but it's the kind of quiet comparative-figure change flagged before in AMRT's coverage (a FY2021 headcount restatement, an [H1 2024](/analysis/amrt/2024-06/#beyond-the-usual) segment-income restatement), with no accompanying note either time.
Interest-bearing bank debt fell to exactly zero - but the loan note's own text wasn't updated to say so
Both the current and long-term bank loan lines on the balance sheet show a zero balance at September 30, 2026, down from Rp761,223 million (combined) at December 31, 2025 - the Bank Mandiri Term Loan II drawn in December 2025 (Rp760,000 million) appears to have been repaid in full, nine months into a facility that matures December 1, 2030. The loan note's own supporting table confirms a zero balance for the facility at this date. Oddly, the same note's narrative text, unchanged from the prior filing's wording, still describes the Term Loan II facility as "fully used" as of this date - the opposite of what the balance now shows.
This is a genuine deleveraging event (DER» fell to 0x from ~0.0391x at H1 2026), paired with a drafting inconsistency in the same note - the kind of thing worth noting precisely because the two don't agree with each other.
Related-party purchases hit a new high as a share of total net purchases, again
Net purchases from related parties reached Rp1,693,528 million, or 2.13% of total net purchases, for 9M 2026 - up from Rp1,333,465 million (1.80%) a year earlier, extending the streak of new highs recorded every quarter since Q1 2025's then-record 1.53%, through H1 2026's 1.91%.
The related-party lease to PIM ticked back up after two quarters of decline
The related-party lease liability to PT Perkasa Internusa Mandiri ("PIM"), an entity under common control, stood at Rp50,993 million at September 30, 2026 - still down 48.27% from Rp98,576 million at December 31, 2025, but up 1.56% from H1 2026's Rp50,211 million, snapping two straight quarters of decline. The related-party rent deposit held with PIM also ticked up, to Rp8,343 million (from H1 2026's Rp7,767 million, though still below FY2025's Rp9,044 million) - as with every prior quarter, no note explains what drives either line.
An interim dividend was declared from H1 2026 earnings and paid after quarter-end
A subsequent-events note discloses that on October 1, 2026, shareholders approved an interim cash dividend of Rp595,832 million, or Rp14.50 per share, drawn from net income for the six months ended June 30, 2026. The dividend was paid on October 27, 2026, the day before this filing was authorized for issue.
Coverage Table
| Metric | 9M 2026 | 9M 2025 | YoY | Why it matters |
|---|---|---|---|---|
| Net Revenue | Rp101,288,166M | Rp94,475,921M | +7.2% | Cumulative growth held up |
| Standalone Q3 operating income | Rp512,136M | Rp592,185M | -13.5% | The quarter alone shows profit shrinking despite revenue growth |
| Free cash flow | +Rp4,560,591M | +Rp2,937,744M | +55.2% | Continued H1 2026's turnaround |
| Controlling shareholder's stake | 38.90% | 50.19% (FY2025) | -11.3 pts | A new 14.04% holder appeared, unexplained |
| Buyback purchases this quarter | Zero | n/a | unchanged | Third straight quarter with no purchases |
| Rights issue disclosure | Zero mentions | Zero mentions | unchanged | Still unaddressed, 1,636 days past deadline |
| Share price (period-end) | Rp1,320 | Rp1,930 | -31.6% | See Target Valuation Range |
Target Valuation Range
Verdict: marginally cheaper than its own prior quarter on every multiple shown, with no listed peer to compare against. Enterprise value is ~Rp50.68 trillion (~$2.82B), or 5.32x EV/EBITDA and ~15.50x trailing P/E (from ~5.55x and ~15.85x at H1 2026), despite growing trailing earnings, EBITDA and book value.
Alfamart's shares closed at Rp1,320 on September 30, 2026 - down 3.65% from the Rp1,370 close at H1 2026 and down 31.61% from a year earlier's Rp1,930. No stock split falls within the two-year price window used here (the last was the 10-for-1 split in July 2013), so no price adjustment is needed. The outstanding share count of 41,091,832,700 (total issued less treasury shares) is unchanged from Q1, H1 and now Q3 2026, since the buyback program made no further purchases this quarter (see Beyond the Usual); the filing's own weighted-average count for EPS, 41,120,284,671, reflects the Q1 2026 buyback's mid-period effect and is used only for the EPS line in Key Financial Metrics, not here.
| Market cap → enterprise value | 9M 2026 |
|---|---|
| Share price (period-end) | Rp1,320 |
| Shares outstanding | 41,091,832,700 |
| Market capitalization | Rp54.24 trillion (~$3.01B) |
| Plus: interest-bearing debt | Rp0 |
| Less: cash and equivalents | Rp3.57 trillion |
| Enterprise value | Rp50.68 trillion (~$2.82B) |
| Peer-multiple sanity check | H1 2026 | 9M 2026 | Change |
|---|---|---|---|
| Trailing P/E | ~15.85x | ~15.50x | down |
| EV/EBITDA | ~5.55x | ~5.32x | down |
| P/B | ~3.16x | ~2.98x | down |
Enterprise value here does not add non-controlling interests (Rp1.41 trillion at September 30, 2026), although EBITDA is consolidated; adding them would put EV/EBITDA at about 5.46x instead of 5.32x.
Market cap fell to Rp54.24 trillion (~$3.01B), down from Rp56.30 trillion (~$3.15B) at H1 2026, tracking the modest share-price decline since the outstanding share count didn't move this quarter (see Beyond the Usual on why it didn't). Trailing P/E (using trailing-twelve-month net income to owners of Rp3,498,762 million: FY2025's Rp3,410,889 million, less 9M 2025's Rp2,314,904 million, plus this period's Rp2,402,777 million) compressed further even as trailing earnings grew, meaning the multiple compression again came from the price move rather than weaker fundamentals. EV/EBITDA (against trailing-twelve-month EBITDA of Rp9,533,128 million) and P/B (book value of Rp18,174,299 million equity attributable to owners ÷ 41.09 billion outstanding shares) both moved the same way.
Over the trailing two years to this quarter-end (based on month-end closes), the share price moved within a Rp1,150-Rp3,320 range - a 65.36% peak-to-trough swing, unchanged from H1 2026's reading since both windows capture the same October 2024 high and May 2026 low. Unlike H1 2026's sharp within-quarter recovery, Q3 2026 was comparatively quiet: the price held in a narrow Rp1,320-Rp1,335 band across July, August and September, essentially flat against June's Rp1,370 close. Nothing in this filing or the accompanying presentation points to a company-specific reason for the quarter's modest further slide.
No listed domestic peer still exists for a direct minimarket-format comparison - Indomaret remains privately held under the Salim Group.
The stock barely moved this quarter, pricing in neither the standalone-quarter profit squeeze nor the unexplained shift in who controls the company.
Source: PT Sumber Alfaria Trijaya Tbk's unaudited interim consolidated financial statements as of and for the nine months ended September 30, 2026, authorized for issue October 28, 2026, and the Company's own YTD September 2026 corporate investor presentation.