A Base-Effect Quarter, Not a New Trend
PT Indoritel Makmur Internasional Tbk opens fiscal year 2022 picking up exactly where the FY2021 post left off: profit growing fast, and the market not reacting to it. Net income attributable to owners came in at Rp296.4 billion for the three months ended March 31, 2022, up 387.5% from Rp60.8 billion a year earlier — but the year earlier is the thing to hold onto. Q1 2021 was still deep in Indonesia's second COVID-19 wave, with PPKM (Indonesia's tiered pandemic mobility-restriction regime) mobility restrictions in effect for most of the quarter and Indomaret's own recovery only beginning. This quarter's headline growth rate is real, but it's measuring a strong quarter against a genuinely weak one, not a strong quarter against a normal one — the FY2021 post already showed the bulk of this recovery happening over the full year, and Q1 2022 is simply the leading edge of that same story continuing into the new fiscal year.
The Company's combined share of associate profit rose to Rp227.4 billion from Rp26.9 billion — an 744.8% jump that on its own would look extraordinary, except the underlying associates' individual Q1 2021 figures aren't broken out in this filing (only the combined line is disclosed for the comparative quarter), so there's no way to tell from this document alone how much of that swing is Indomaret specifically versus a low base across all three associates at once. What is disclosed for this quarter: Indomaret's own Q1 2022 net sales came to Rp23,498 million (note: this figure is disclosed in the filing's associate footnote at a materially smaller scale than the FY2021 annual net sales of Rp90,601.7 billion, which appears to reflect a reporting/rounding artifact in the interim filing rather than an actual 99.97% collapse in Indomaret's sales — flagged in Beyond the Usual below), with quarterly profit attributable to owners of Rp532.3 billion, of which the Company's 40% share is Rp212.6 billion — by far the largest single driver of this quarter's associate-profit line.
The Prescription
FiberStar just formalized a piece of its international ambitions this quarter: subsidiary Fiberstar Pte. Ltd. was newly consolidated in Singapore as of March 31, 2022 (established March 2, per the FY2021 post's subsequent-events disclosure), though the entity shows no assets or revenue yet in this quarter's filing. Management should treat this as a genuine option on the Company's existing submarine-cable connectivity into Singapore rather than a distraction — but only if it starts disclosing what the subsidiary is actually for once it becomes operationally material, rather than leaving readers to guess from a bare consolidation line.
What it should stop doing: leaving customer concentration risk to swing without comment. PT Cyberindo Aditama's share of FiberStar's revenue fell sharply this quarter — see Key Financial Metrics — which sounds like good news for diversification, but a swing of that size in one counterparty's share, in either direction, deserves a sentence of management explanation the filing simply doesn't provide. A network operator this dependent on one customer should be telling shareholders why that dependence is changing, not just disclosing the percentage and moving on.
Key Financial Metrics
Q1 2022 (three months ended March 31, 2022) vs. Q1 2021, consolidated
FX: IDR 14,351 = USD 1 (March 31, 2022 rate, independently sourced spot data).
| Metric | Q1 2022 (IDR) | Q1 2022 (USD) | Q1 2021 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp224.824B | ~$15.67M | Rp135.417B | ✅ +66.03% |
| Share of profit of associates» | Rp227.424B | ~$15.85M | Rp26.917B | ✅ +744.8% |
| Operating Income» | Rp318.524B | ~$22.20M | Rp73.441B | ✅ +333.7% |
| Net Income» (total, incl. NCI) | Rp314.766B | ~$21.94M | Rp63.906B | ✅ +392.4% |
| Net income attributable to owners | Rp296.439B | ~$20.66M | Rp60.807B | ✅ +387.5% |
| EPS (basic, quarterly) | Rp20.90 | ~$0.00146 | Rp4.29 | ✅ +387.2% |
| Operating cash flow | Rp11.214B | ~$0.78M | -Rp46.360B | ✅ Turned positive |
"Adjusted EBITDA" isn't a metric this Company reports, and it genuinely doesn't map onto a pure holding company's accounts: Operating Income above already embeds Rp227.4 billion of non-cash equity-method associate profit — an add-back on top would double-count it, the same reasoning used in every prior post in this series.
| Balance sheet | Mar 31, 2022 (IDR) | Mar 31, 2022 (USD) | Dec 31, 2021 (IDR) | QoQ |
|---|---|---|---|---|
| Total Assets | Rp18,342.561B | ~$1.278B | Rp18,046.214B | ✅ +1.64% |
| Total Liabilities | Rp6,701.275B | ~$467.0M | Rp6,825.270B | ✅ -1.82% |
| Total Equity | Rp11,641.286B | ~$811.2M | Rp11,220.944B | ✅ +3.75% |
| Cash and cash equivalents | Rp654.125B | ~$45.58M | Rp440.052B | ✅ +48.65% |
As with the Q1 2026 post, this Company's interim balance sheet only carries a prior-year-end comparative (Dec 31, 2021) under Indonesian interim reporting rules, not a year-ago quarter — so the table above is quarter-over-quarter, not YoY. Operating cash flow turned positive for the first time in this backlog's coverage, Rp11.2 billion against a Rp46.4 billion outflow a year earlier — a genuinely healthy signal after the FY2021 post flagged persistent operating cash burn through 2020-2021. Cash and equivalents grew nearly 50% quarter-over-quarter, split between the operating cash improvement and a Rp100 billion bank-loan drawdown plus a fresh Rp100 billion capital-subscription advance received (see Beyond the Usual).
FiberStar's Revenue Mix and Customer Concentration Both Moved
FiberStar's revenue splits into the same three types disclosed in the FY2021 post — Corporate, Retail, and Other — though this interim filing discloses them by customer type (third-party vs. related-party) rather than by the full segment table the annual report uses:
| Revenue type | Q1 2022 | Q1 2021 | YoY |
|---|---|---|---|
| Corporate (third-party) | Rp87.708B | Rp68.062B | ✅ +28.87% |
| Retail (third-party) | Rp87.038B | Rp51.414B | ✅ +69.31% |
| Other (third-party) | Rp47.529B | Rp11.918B | ✅ +298.9% |
| Corporate (related party) | Rp2.549B | Rp4.023B | ⚠️ -36.64% |
| Total | Rp224.824B | Rp135.417B | +66.03% |
The Other category nearly quadrupled, growing faster than either Corporate or Retail and outpacing FiberStar's overall 66% growth by a wide margin — the same disclosure gap flagged in the FY2021 post persists here: this line still folds together access-point rental income and any remaining e-commerce activity without a standalone figure for either, so it isn't possible to tell from this filing whether the near-quadrupling reflects a genuine new revenue stream or a low base in one small component.
PT Cyberindo Aditama, which had crossed 50% of total revenue in the FY2021 post, fell back to 49.06% of revenue this quarter, down from 68.54% a year earlier — a large swing in the opposite direction of the multi-year concentration trend this backlog has been tracking. Revenue from Cyberindo still grew in absolute terms (Rp125.1 billion vs. Rp85.5 billion), just slower than FiberStar's other customers combined.
Key Operational Metrics
- Ownership stakes (equity-method associates): Indomarco Prismatama (Indomaret) 40%, Fast Food Indonesia (KFC) 35.84%, Nippon Indosari Corpindo (Sari Roti) 25.77% — all unchanged from the FY2021 post
- FiberStar consolidation (MAP): the Company's direct-plus-indirect stake in PT Mega Akses Persada held at 66.76% (63.44% direct + 3.32% via PT Indoritel Persada Nusantara) — unchanged from December 31, 2021, no dilution movement this quarter
- Cyberindo Aditama revenue concentration: 49.06% of total revenue (Q1 2022) vs. 68.54% (Q1 2021) — see above
- Fiberstar Pte. Ltd.: newly consolidated Singapore subsidiary, 100%-owned via MAP, no assets or revenue reported yet this quarter
- Not available this quarter: home-passed/home-connected subscriber counts (not disclosed in the interim filing, only in the annual report per the FY2021 post); FAST's and ROTI's own Q1 2021 comparative net sales and profit (only the combined associate-profit line is disclosed for the comparative period)
Beyond the Usual
The associate footnote's disclosed Q1 2022 net sales figure for Indomaret looks internally inconsistent
The investment-in-associates footnote's summarized balance-sheet-and-sales table for Indomarco Prismatama ("Indomaret") discloses Q1 2022 assets of Rp43,137 million and net sales of Rp23,498 million, both roughly three orders of magnitude smaller than the same table's own December 31, 2021 comparative figures (Rp40,454,113 million assets, Rp90,601,737 million FY2021 net sales, consistent with the FY2021 post). A minimarket chain with over Rp40 trillion of assets and Rp90 trillion of annual sales cannot plausibly report Rp43 billion of assets and Rp23.5 billion of quarterly sales three months later — this reads as a scale/units artifact in this specific table of the interim filing (the current-period column appears to be missing a factor of roughly 1,000) rather than an actual collapse in Indomaret's business, especially since the same footnote's profit line for the quarter (Rp532.3 billion) is entirely consistent with a normal, healthy quarter for a business this size. The Company's own equity-method profit pickup (Rp212.6 billion, 40% of Rp532.3 billion) ties out correctly regardless, so this doesn't appear to affect the numbers that actually flow into DNET's own income statement — but it means Indomaret's disclosed assets and net sales figures in this specific table shouldn't be relied on for a quarter-over-quarter comparison.
The Rp145 billion advance-for-shares agreement flagged a year ago is still sitting on the balance sheet, unconverted
FiberStar's ownership dilution mechanism — flagged in both the FY2020 and FY2021 posts — remains unresolved as of this quarter: MAP's direct-plus-indirect ownership by the Company held flat at 66.76%, and the Rp145 billion "advance for shares subscription" that PT Mega Akses Perkasa ("MAK") committed to in July 2021 still sits on the balance sheet as a liability/non-controlling-interest item, not yet converted into MAP equity. Nothing moved on this front in Q1 2022 — the position is exactly where the FY2021 post left it, with the resolution (in either direction) still pending.
Fresh bank borrowing and a new capital-subscription advance both landed this quarter
The financing section of the cash flow statement shows two new inflows that didn't appear in FY2021: a Rp100 billion "advance for shares subscription" received and Rp100 billion of net new bank loan proceeds, alongside Rp186.2 billion of bank loan principal repaid. The advance-for-shares-subscription language is the same terminology used elsewhere in this backlog for the MAK/MAP dilution mechanism, but this particular Rp100 billion advance is received by the Group (a cash inflow), the opposite direction from the MAK advance discussed above — the filing doesn't specify further which entity or agreement this relates to, so it's worth checking against the next quarter's filing for clarification rather than assuming it's connected to the MAK situation.
Target Valuation Range
Bottom line: mechanically cheaper on a P/E basis than FY2021's already-cheap level, continuing the same direction as the last two posts in this series — but the underlying comparison quarter (Q1 2021) was unusually weak, so this reading should be treated as a continuation of an existing trend, not fresh evidence the market is getting more attractive.
The Company's shares closed the quarter at Rp3,200 (independently sourced spot data for March 31, 2022), down 2.4% from Rp3,280 at the end of FY2021. No stock split has occurred for this ticker since the FY2019 filing, so this price remains directly comparable to the Company's own historical reporting throughout this backlog.
| Market cap → book value | Q1 2022 | FY2021 (year-ago) | Change |
|---|---|---|---|
| Share price (period-end) | Rp3,200 | Rp3,280 | ⚠️ down 2.4% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp45,388.8B (~$3.163B) | Rp46,523.5B | ⚠️ down 2.4% |
| Basic EPS (quarterly) | Rp20.90 | — | — |
| Book value per share (total equity basis) | Rp820.79 | Rp791.05 | ✅ up |
| P/B» | ~3.90x | ~4.15x | ✅ down |
A trailing-twelve-month P/E isn't computed here since this backlog doesn't yet have four consecutive quarters of this Company's own disclosed net income on file — the first genuinely comparable trailing-twelve-month figure will be available once Q1 2023 closes the loop on a full year of quarters covered in this series.
| Sum-of-the-parts sanity check | Q1 2022 |
|---|---|
| Fast Food Indonesia stake, at market (Rp970/share, March 30, 2022) | ~Rp1.387 trillion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp1,285/share, March 30, 2022) | ~Rp2.049 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.081 trillion |
| Sum, excluding Indomaret | ~Rp4.517 trillion |
| Company's market capitalization | Rp45.389 trillion |
| Implied value of 40% Indomaret stake | ~Rp40.872 trillion |
| Implied value of all of Indomaret | ~Rp102.180 trillion |
Both FAST's and ROTI's own market prices are sourced from the filing itself (per share, dated March 30, 2022) — the same disclosure the FY2020 annual report used and the FY2021 filing didn't repeat. Using those, the implied value of 100% of Indomaret comes to roughly Rp102.2 trillion — close to FY2020's ~Rp109.8 trillion reading and well above FY2021's ~Rp105.2 trillion, though a precise multiple-of-profit comparison isn't attempted here since Indomaret's own trailing-twelve-month profit figure isn't independently available from this quarter's filing (only the Q1 2022 quarterly figure of Rp532.3 billion, which isn't annualized given retail's H2 seasonality flagged in the Q1 2026 post).
A full discounted cash flow model still isn't attempted, for the same reason as every prior post in this series: this Company's fair value depends on three associates' multi-year trajectories, and Indomaret in particular isn't separately listed or independently modelable from what this backlog has on file. The sum-of-the-parts and reverse-valuation reads remain the honest lens. The real number to watch through the rest of 2022 isn't this quarter's growth rate — it's whether Q2 and Q3 keep growing against genuinely normal comparison quarters, once the pandemic-depressed base effect from Q1 2021 rolls out of the trailing comparison.
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the period ended March 31, 2022 (with March 31, 2021 comparatives), including notes to the consolidated financial statements.