The Consolidated Business Is Growing. The Associate Portfolio Is Slowing.
For the first time in this backlog's coverage, PT Indoritel Makmur Internasional's two halves are pulling in opposite directions within the same quarter. FiberStar's consolidated revenue from contracts with customers grew 47.5% year-over-year to Rp331.660 billion (from Rp224.824 billion in Q1 2022) — the strongest top-line growth rate anywhere in this series. But the Company's share of profit from its equity-method associates (Indomaret, Sari Roti, Fast Food Indonesia) came to just Rp120.409 billion, down 47.0% from Rp227.424 billion a year earlier. Because associate profit still outweighs FiberStar's own operating contribution in this holding company's P&L, the net effect is that Operating Income» fell 18.6% (Rp259.443 billion vs Rp318.524 billion) and net income attributable to owners fell 28.5% (Rp211.904 billion vs Rp296.439 billion) even as the headline segment the Company actually operates grew fastest it has all backlog.
This is the mirror image of the FY2022 post's full-year read, where FiberStar's growth (+34.8%) and associate growth (+38.2%) moved together. One quarter of divergence isn't a trend yet — the FY2021 post already showed how volatile a single equity-method profit-share figure can be quarter to quarter — but it's the first quarter this backlog has to explicitly flag that a reader following only FiberStar's own revenue line would come away with a materially rosier picture than the consolidated bottom line actually shows.
The Prescription
The Company should keep pressing FiberStar's own operating momentum — a 47.5% revenue quarter, on top of Retail's continuing share gains against Corporate, is the genuine organic growth story in this holding-company structure and the only lever management actually controls directly (unlike the associate stakes, which are passive minority positions). What it should stop doing: letting a single quarter's swing in disclosed associate profit — with no accompanying commentary on which associate drove the swing or why — stand as the entire explanation for a 28.5% decline in the number that actually reaches owners. A one-paragraph note in the filing on what happened at Indomaret, Sari Roti, or Fast Food Indonesia this quarter would let a reader distinguish a timing effect from a real deceleration (see Beyond the Usual).
Key Financial Metrics
Q1 2023 vs. Q1 2022, consolidated
FX: IDR 15,020 = USD 1 (March 30, 2023 rate, independently sourced spot data).
| Metric | Q1 2023 (IDR) | Q1 2023 (USD) | Q1 2022 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp331.660B | ~$22.08M | Rp224.824B | ✅ +47.53% |
| Share of profit of associates» | Rp120.409B | ~$8.02M | Rp227.424B | ⚠️ -47.05% |
| Operating Income» | Rp259.443B | ~$17.27M | Rp318.524B | ⚠️ -18.55% |
| Net Income» (total, incl. NCI) | Rp236.090B | ~$15.72M | Rp314.766B | ⚠️ -24.99% |
| Net income attributable to owners | Rp211.904B | ~$14.11M | Rp296.439B | ⚠️ -28.53% |
| EPS (basic, quarterly) | Rp14.94 | ~$0.000995 | Rp20.90 | ⚠️ -28.52% |
| Operating cash flow | Rp120.486B | ~$8.02M | Rp11.214B | ✅ +974.6% |
| Free Cash Flow» (op. cash flow - capex) | -Rp126.418B | ~-$8.42M | -Rp120.112B | ⚠️ Burn widened 5.3% |
"Adjusted EBITDA" isn't a metric this Company reports and doesn't map cleanly onto a pure holding company's accounts — Operating Income above already embeds Rp120.4 billion of non-cash equity-method associate profit, so an add-back would double-count it, the same reasoning used throughout this series.
| Balance sheet | Mar 31, 2023 (IDR) | Mar 31, 2023 (USD) | Dec 31, 2022 (IDR) | QoQ |
|---|---|---|---|---|
| Total Assets | Rp18,911.394B | ~$1.259B | Rp18,918.152B | ➖ -0.04% |
| Total Liabilities | Rp6,349.469B | ~$422.7M | Rp6,590.854B | ✅ -3.66% |
| Total Equity | Rp12,561.925B | ~$836.3M | Rp12,327.298B | ✅ +1.90% |
| Cash and cash equivalents | Rp334.027B | ~$22.24M | Rp369.058B | ⚠️ -9.49% |
Operating cash flow swung dramatically positive this quarter (Rp120.486 billion vs Rp11.214 billion in Q1 2022) — a genuine improvement worth watching against the FY2022 post's flagged concern about a Q4 2022 reversal wiping out nine months of gains. One strong quarter doesn't resolve that concern, but it's a positive starting point for FY2023. Free cash flow still ran negative, though, since capital expenditure (Rp246.904 billion including intangibles) more than absorbed the operating cash gain — capex itself grew 84.4% YoY from Rp131.326 billion, funding FiberStar's continued buildout.
FiberStar's Segments: Corporate Widens Its Lead, Cyberindo Concentration Falls Further
| Segment | Q1 2023 Revenue | Q1 2022 Revenue | YoY | % of Total Q1 2023 |
|---|---|---|---|---|
| Corporate (third-party) | Rp173.575B | Rp87.708B | ✅ +97.90% | 52.3% |
| Retail (third-party) | Rp137.019B | Rp87.038B | ✅ +57.42% | 41.3% |
| Other (third-party) | Rp21.066B | Rp47.529B | ⚠️ -55.68% | 6.4% |
| Related-party revenue (Corporate) | Rp0B | Rp2.549B | ⚠️ n/a | 0.0% |
| Total | Rp331.660B | Rp224.824B | +47.53% | 100% |
Corporate grew nearly twice as fast as Retail this quarter (97.9% vs 57.4%), reversing the multi-year shift toward Retail this backlog tracked through FY2021 and FY2022 — Corporate's share of the mix jumped to 52.3% from 39.0% a year earlier. The Other segment shrank both in absolute terms and as a share of revenue, 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 revenue concentration continued easing: 50.34% of Q1 2023 revenue, down from 55.64% in Q1 2022 and down from 48.59% for full-year FY2022 (though this quarter is a touch higher than that annual figure — concentration still moves around within the year, as prior posts have noted).
Associates: Indomaret Still Growing, Sari Roti Slows, Fast Food Stays Loss-Making
| Associate | Q1 2023 share of profit | Q1 2022 comparative | Carrying value, Mar 31, 2023 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp116.452B | — | Rp6,928.801B |
| Nippon Indosari Corpindo (Sari Roti) | Rp12.670B | — | Rp2,489.344B |
| Fast Food Indonesia (KFC) | -Rp7.907B | — | Rp1,970.140B |
| PT Jaringan Mega Sedayu (joint venture) | -Rp0.806B | — | Rp22.082B |
| Total | Rp120.409B | Rp227.424B | Rp11,410.367B |
Indomaret still contributed positively and remains overwhelmingly the largest of the three (96.7% of the combined associate-profit line this quarter), but Sari Roti's contribution fell sharply from the strong FY2022 pace the FY2022 post flagged as its best year yet in this series. Fast Food Indonesia stayed loss-making, continuing the pattern from Q3-Q4 2022 rather than the brief H1 2022 profitable stretch. A precise Q1 2022 associate-level comparative isn't shown in this filing's rollforward table (only the Q4 2022 and prior-year totals are), so the YoY comparison above is limited to the consolidated share-of-profit line already shown in Key Financial Metrics.
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 March 31, 2023 — unchanged from December 31, 2022, holding the recovered level reached at year-end
- Cyberindo Aditama revenue concentration: 50.34% of Q1 2023 revenue vs. 55.64% (Q1 2022) and 48.59% (FY2022)
- Permanent headcount: not separately disclosed as of March 31, 2023 in a form independently comparable to prior quarters beyond the FY2022 figure of 190 already reported in the FY2022 post
- Not available this quarter: home-passed/home-connected subscriber counts, unchanged from the gap flagged in every prior post since FY2021
Beyond the Usual
The associate-profit rollforward table is dated for a different quarter than the filing covers
This filing's own Note 9 (Investment in Associates and Joint Venture) headers its current-period rollforward table "Period Ended September 30, 2022" rather than "Period Ended March 31, 2023," even though the table's own share-of-profit total (Rp120.409 billion) matches this quarter's consolidated P&L line exactly and its dividend/addition columns tie out to nothing from September 2022. This reads as a template-carryover documentation error rather than a substantive misstatement — the underlying figures are internally consistent with the rest of the filing — but it's the second data-quality issue of this kind flagged in this backlog (the Q1 2022 post found a similar units/scale inconsistency in the same footnote a year earlier), suggesting this specific note isn't being carefully proofread each quarter before filing.
FiberStar's capex grew 84% while operating cash flow grew nearly tenfold — both real, but not obviously connected
Operating cash flow jumped from Rp11.214 billion (Q1 2022) to Rp120.486 billion (Q1 2023), while capital expenditure and intangible-asset acquisitions grew from Rp131.326 billion to Rp246.904 billion over the same period. The filing's cash flow statement shows the operating improvement came mostly from higher cash receipts from customers (Rp310.161 billion vs Rp210.658 billion) rather than from lower operating payments, consistent with the segment revenue growth shown above — a genuine operating improvement, not a working-capital timing trick. The capex increase funds continued fiber buildout but isn't broken out by segment or purpose in this filing beyond the aggregate figure.
Target Valuation Range
Bottom line: the stock held flat through Q1 2023 (Rp4,000, essentially unchanged from Rp4,140 at FY2022-end) while both EPS and the implied Indomaret valuation moved — this is a quarter where the price simply didn't react to a genuinely mixed set of numbers, not a quarter where it should have moved sharply in either direction.
The Company's shares closed Q1 2023 at Rp4,000 (independently sourced spot data for March 31, 2023), down 3.4% from Rp4,140 at the end of FY2022. No stock split has occurred for this ticker in the period covered by this backlog.
| Market cap → book value | Q1 2023 | FY2022 | Change |
|---|---|---|---|
| Share price (period-end) | Rp4,000 | Rp4,140 | ⚠️ down 3.4% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp56,736.0B (~$3.777B) | Rp58,721.8B | ⚠️ down 3.4% |
| Basic EPS (quarterly, not annualized) | Rp14.94 | Rp90.92 (annual) | n/a, different basis |
| Book value per share (total equity basis) | Rp885.65 | Rp869.06 | ✅ up |
| P/B» | ~4.52x | ~4.76x | ✅ down |
A trailing P/E isn't shown this quarter since Q1 2023's quarterly EPS isn't directly comparable to FY2022's annual figure — the Q2 2023 and Q3 2023 posts will build toward a cleaner trailing-twelve-month figure as the year accumulates.
| Sum-of-the-parts sanity check | Q1 2023 |
|---|---|
| Fast Food Indonesia stake, at market (Rp760/share, March 31, 2023) | ~Rp1.088 trillion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp1,490/share, March 31, 2023) | ~Rp2.377 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.152 trillion |
| Sum, excluding Indomaret | ~Rp4.617 trillion |
| Company's market capitalization | Rp56.736 trillion |
| Implied value of 40% Indomaret stake | ~Rp52.119 trillion |
| Implied value of all of Indomaret | ~Rp130.298 trillion |
Both FAST's and ROTI's own March 31, 2023 closing prices are independently sourced spot data. The implied full value of Indomaret comes to roughly Rp130.3 trillion — essentially flat against FY2022's ~Rp136.0 trillion (a market-cap-driven change tracking the stock's own 3.4% decline, not a change in Indomaret's own fundamentals, which aren't independently sourced this quarter beyond the equity-method profit-share figure already shown above). 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, and this holding company's own value is a pass-through of associates this backlog can only observe at the equity-method level, not model directly.
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the three months ended March 31, 2023 (with March 31, 2022 comparatives), including notes to the consolidated financial statements.