The Ownership Recovery Finally Shows Up on the Balance Sheet
The dilution mechanism this backlog has tracked since the FY2020 post — reversed at a shareholder vote in May 2022, still not reflected in the balance sheet as of Q3 2022 — has finally moved: as of December 31, 2022, the Company's direct-plus-indirect ownership of PT Mega Akses Persada ("MAP," the entity that owns FiberStar) stands at 71.97% (69.17% direct plus 2.80% via PT Indoritel Persada Nusantara), up from 66.76% at both December 31, 2021 and September 30, 2022. This is higher than the Company's stake at the end of FY2020 (71.88%) — the multi-year dilution trend this backlog opened with in the FY2020 post has not just stopped, it has fully reversed within a single fiscal year. The mechanics: MAP's shareholders sold PT Mega Akses Perkasa's ("MAK") Rp150 billion of mandatory convertible notes to the Company itself rather than letting MAK convert them, and the Rp145 billion advance-for-shares agreement flagged as a live overhang in the FY2021 and Q1 2022 posts was repaid in cash in June 2022 instead of converting into MAK equity (see Beyond the Usual for the full mechanics of how the ownership percentage actually moved).
Set against that structural win, the underlying financial performance for FY2022 was solid but decelerating from the pace Q1 and Q2 showed earlier in the year: net income attributable to owners came to Rp1,289.6 billion, up 39.1% from a restated Rp926.9 billion in FY2021 — a normal, un-flattered growth rate now that the pandemic-depressed comparison quarters have fully rolled out of the trailing twelve months. Two things complicate a clean read of this quarter, though, and both are worth understanding before taking the headline growth number at face value: the FY2021 comparative figures used throughout this post were restated downward after this filing's own year-end audit, and operating cash flow reversed hard in the fourth quarter after three consecutive quarters of improvement (see both in Beyond the Usual).
The Prescription
The Company has now demonstrated it can win a genuine governance fight over a subsidiary's ownership structure — the MAP reversal is a real accomplishment, not just a favorable footnote. Management's next job is to keep exercising that same discipline elsewhere: FiberStar's home-passed and home-connected buildout (last disclosed at 925,964 and 269,727 respectively in the FY2021 post) should keep getting funded from the Company's now-stronger balance sheet rather than any structure that risks re-opening a dilution question.
What it should stop doing: letting Q4 operating cash flow swing this hard without explanation. Nine months of steady positive operating cash flow (see the Q1, Q2, and Q3 posts) reversed into a full-year negative figure once Q4 alone is accounted for — a swing large enough that it deserves a sentence of management explanation in the next filing, not just a number sitting in the cash flow statement (see Beyond the Usual).
Key Financial Metrics
FY 2022 vs. FY 2021 (restated), consolidated
FX: IDR 15,620 = USD 1 (December 31, 2022 rate, independently sourced spot data).
| Metric | FY 2022 (IDR) | FY 2022 (USD) | FY 2021 (IDR, restated) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp1,138.330B | ~$72.88M | Rp844.412B | ✅ +34.80% |
| Share of profit of associates» | Rp1,012.022B | ~$64.79M | Rp732.287B | ✅ +38.20% |
| Operating Income» | Rp1,386.939B | ~$88.79M | Rp987.087B | ✅ +40.51% |
| Net Income» (total, incl. NCI) | Rp1,357.750B | ~$86.92M | Rp968.473B | ✅ +40.19% |
| Net income attributable to owners | Rp1,289.623B | ~$82.56M | Rp926.917B | ✅ +39.14% |
| EPS (basic, annual) | Rp90.92 | ~$0.00582 | Rp65.35 | ✅ +39.14% |
| Operating cash flow | -Rp65.131B | ~-$4.17M | -Rp47.696B | ⚠️ Widened 36.5% |
| Free Cash Flow» (op. cash flow - capex) | ~-Rp338.635B | ~-$21.68M | ~-Rp434.570B | ✅ Burn narrowed 22.1% |
"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 Rp1,012.0 billion of non-cash equity-method associate profit — an add-back would double-count it, the same reasoning used throughout this series.
| Balance sheet | Dec 31, 2022 (IDR) | Dec 31, 2022 (USD) | Dec 31, 2021 (IDR, restated) | YoY |
|---|---|---|---|---|
| Total Assets | Rp18,918.152B | ~$1.211B | Rp18,122.481B | ✅ +4.39% |
| Total Liabilities | Rp6,590.854B | ~$421.9M | Rp6,825.270B | ✅ -3.44% |
| Total Equity | Rp12,327.298B | ~$789.1M | Rp11,297.211B | ✅ +9.12% |
| Cash and cash equivalents | Rp369.058B | ~$23.63M | Rp440.052B | ⚠️ -16.13% |
Total equity grew a strong 9.1% for the year even as liabilities fell — a genuinely healthy balance-sheet trend. Cash and equivalents, though, ended the year lower than where FY2021 finished, despite the Rp775.2 billion balance disclosed as recently as Q3 2022 — a reminder that this quarter's negative operating cash flow (see Beyond the Usual) is a real cash story, not just an accounting one. Free cash flow, while still negative, improved 22.1% YoY on lower capital expenditure (Rp273.5 billion in FY2022 vs. Rp386.9 billion in FY2021) even as operating cash flow itself worsened — the capex reduction did more work than the operating line this year.
FiberStar's Segments: Retail Keeps Closing the Gap, Concentration Eases Slightly
| Segment | FY2022 Revenue | FY2021 Revenue | YoY | % of Total FY2022 |
|---|---|---|---|---|
| Corporate (third-party) | Rp550.490B | Rp422.434B | ✅ +30.31% | 48.4% |
| Retail (third-party) | Rp478.361B | Rp349.647B | ✅ +36.82% | 42.0% |
| Other (third-party) | Rp101.821B | Rp62.505B | ✅ +62.90% | 8.9% |
| Related-party revenue (all types) | Rp7.658B | Rp9.826B | ⚠️ -22.06% | 0.7% |
| Total | Rp1,138.330B | Rp844.412B | +34.80% | 100% |
Retail again grew faster than Corporate (36.8% vs. 30.3%), continuing the multi-year shift toward home broadband the FY2021 post first flagged, and its share of the mix ticked up slightly to 42.0% from 41.4%. The Other segment kept growing fastest of the three (62.9%), continuing to fold together access-point rental income and any remaining e-commerce activity without a standalone breakdown — the same disclosure gap flagged in every prior post in this series.
PT Cyberindo Aditama's concentration eased for the full year: 48.59% of FY2022 revenue, down from 50.70% in FY2021 — the first full-year decline in this metric anywhere in this backlog's coverage, though it moved around considerably within the year (49.06% in Q1, an implied ~61-62% for Q2 standalone, 53.47% cumulative through Q3, per the Q1, Q2, and Q3 posts). Revenue from Cyberindo still grew in absolute terms, to Rp553.1 billion from Rp428.1 billion.
Two Associates Grow, One Ends the Year Still Negative
| Associate | FY2022 share of profit | FY2021 share of profit (restated) | Carrying value, Dec 31, 2022 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp932.218B | — | Rp6,811.298B |
| Nippon Indosari Corpindo (Sari Roti) | Rp111.398B | — | Rp2,476.674B |
| Fast Food Indonesia (KFC) | -Rp27.758B | — | Rp1,980.561B |
| PT Jaringan Mega Sedayu (joint venture) | -Rp3.836B | — | Rp22.888B |
| Total | Rp1,012.022B | Rp732.287B | Rp11,291.421B |
Fast Food Indonesia's Q3 reversal held through year-end: the franchisee ends FY2022 with a Rp27.8 billion equity-method loss, giving back the brief positive stretch the Q2 2022 post flagged and confirming the multi-year loss pattern from the FY2021 post hadn't actually ended, just paused for two quarters. Indomaret remains overwhelmingly the largest contributor (92% of the combined associate-profit line) and Sari Roti had its strongest year yet in this backlog's coverage, its profit share more than doubling from the FY2021 comparative disclosed in this same filing.
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
- FiberStar consolidation (MAP): 71.97% direct-plus-indirect (69.17% direct + 2.80% via PT Indoritel Persada Nusantara) as of December 31, 2022 — up from 66.76% at both December 31, 2021 and September 30, 2022; the highest stake anywhere in this backlog's coverage, including FY2020's 71.88%
- Cyberindo Aditama revenue concentration: 48.59% of FY2022 revenue vs. 50.70% (FY2021) — the first full-year decline in this series
- Permanent headcount: 190 (Dec 31, 2022) vs. 167 (Dec 31, 2021), ✅ +13.8%
- Not available this quarter: home-passed/home-connected subscriber counts (the FY2022 annual report was not independently sourced beyond the year-end financial statements for this post; the FY2021 post remains the most recent disclosed figures on file for this metric)
Beyond the Usual
FY2021's comparative figures were restated downward in this filing — without a stated reason
This filing's own statement of changes in equity shows FY2021 net income attributable to owners restated from the originally reported Rp943.114 billion (per the FY2021 post) down to Rp926.917 billion — a Rp16.197 billion reduction — with total comprehensive income attributable to owners similarly restated from Rp899.247 billion down to Rp851.733 billion (a Rp47.514 billion reduction, larger than the net-income restatement alone, implying an additional adjustment somewhere in other comprehensive income). Share of associate profit for FY2021 is also restated in this filing, from the originally disclosed Rp748.484 billion down to Rp732.287 billion. This filing's own notes don't state a specific reason for the restatement — no prior-period error correction, accounting policy change, or reclassification is called out by name in what's disclosed here. Every FY2021 comparative figure used throughout this post reflects this filing's own restated numbers, which may create a small, disclosed discontinuity against the FY2021 post's originally reported figures for a reader comparing the two directly.
Nine months of positive operating cash flow reversed entirely in the fourth quarter
Operating cash flow ran positive through Q1 (Rp11.2 billion), H1 (Rp61.6 billion cumulative), and 9M 2022 (Rp95.1 billion cumulative) — three consecutive quarters of a genuine, improving trend this backlog covered as a positive development each time. The full-year figure came in at negative Rp65.1 billion, meaning Q4 alone consumed roughly Rp160 billion of operating cash, more than erasing the entire nine-month gain. The filing's supplementary cash flow breakdown shows interest expense (Rp509.5 billion) and income tax paid (Rp55.7 billion) as the two largest cash operating outflows for the year, but doesn't provide a discrete Q4-only breakdown that would explain why the reversal was concentrated so heavily in the final quarter. This is worth checking against the Q1 2023 post (outside the scope of this backfill) for whether it was a one-quarter timing effect or the start of a new pattern.
The Company still hasn't disclosed what its Singapore subsidiary is for
Fiberstar Pte. Ltd., the Singapore entity consolidated as of Q1 2022 following its March 2022 establishment, is now explicitly described in this filing's consolidated-subsidiaries table as "Dormant" — a full year after incorporation. This confirms what the Q1 2022 post could only infer from the absence of assets or revenue: the subsidiary has not become operationally active in its first year, and the Company still hasn't disclosed what it was originally intended for.
Target Valuation Range
Bottom line: the stock closed FY2022 more expensive on both an earnings and book-value basis than at any prior point in this backlog, and for the first time in this series that re-rating is backed by a genuine structural improvement — the FiberStar ownership recovery — rather than just a mechanical base effect.
The Company's shares closed FY2022 at Rp4,140 (independently sourced spot data for December 30, 2022), up 11.6% from Rp3,710 at the end of Q3 2022 and up 26.2% from Rp3,280 at the end of FY2021. No stock split has occurred for this ticker since the FY2019 filing.
| Market cap → book value | FY2022 | FY2021 | Change |
|---|---|---|---|
| Share price (period-end) | Rp4,140 | Rp3,280 | ✅ up 26.2% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp58,721.8B (~$3.759B) | Rp46,523.5B | ✅ up 26.2% |
| Basic EPS (annual) | Rp90.92 | Rp65.35 (restated) | ✅ up |
| P/E» | ~45.5x | ~50.2x (restated basis) | ✅ down |
| Book value per share (total equity basis) | Rp869.06 | Rp796.42 (restated) | ✅ up |
| P/B» | ~4.76x | ~4.12x | ⚠️ up |
The P/E fell despite the share price rising 26.2%, because earnings grew even faster (39.1%) — a genuine improvement in the earnings-to-price relationship, not just a repeat of FY2021's pattern of profit growth against a flat price.
| Sum-of-the-parts sanity check | FY2022 |
|---|---|
| Fast Food Indonesia stake, at market (Rp820/share, December 30, 2022) | ~Rp1.173 trillion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp1,320/share, December 30, 2022) | ~Rp2.105 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.036 trillion |
| Sum, excluding Indomaret | ~Rp4.314 trillion |
| Company's market capitalization | Rp58.722 trillion |
| Implied value of 40% Indomaret stake | ~Rp54.408 trillion |
| Implied value of all of Indomaret | ~Rp136.019 trillion |
Both FAST's and ROTI's own December 30, 2022 closing prices are disclosed directly in this filing. The implied full value of Indomaret comes to roughly Rp136.0 trillion — the highest reading anywhere in this backlog (FY2020's ~Rp109.8 trillion, FY2021's ~Rp105.2 trillion, Q1 2022's ~Rp102.2 trillion, 9M 2022's ~Rp120.3 trillion) — continuing the same trajectory Q3's sharp jump started. A precise implied P/E on Indomaret's own FY2022 profit isn't computed here since Indomaret's full FY2022 net sales and profit weren't independently sourced as part of this filing beyond the equity-method profit-share figure already shown above — the FY2021 post found an implied ~53.5x on Indomaret's FY2021 profit, and this year's much higher implied enterprise value strongly suggests that multiple expanded further, consistent with the pattern the Q1 2026 post later confirmed reaching ~105.7x by 2026.
A full discounted cash flow model still isn't attempted, for the reasons stated throughout this series — Indomaret's own multi-year trajectory isn't independently modelable from what this backlog has on file. This year closes with the cleanest positive story of any post in this 2022 backfill: a real governance win (the FiberStar ownership reversal), a genuinely improving business (FCF burn narrowing, Sari Roti's best year), and a stock that, for once, re-rated in the same direction as the fundamentals rather than against them.
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the year ended December 31, 2022 (with December 31, 2021 comparatives, restated), including notes to the consolidated financial statements.