Two Quarters In, the Divergence From Q1 Is Holding
The pattern the Q1 2023 post flagged — FiberStar's own revenue growing faster than the associate portfolio's profit contribution — held through the first half. Cumulative six-month revenue from contracts with customers came to Rp670.263 billion, up 42.7% from Rp469.736 billion in H1 2022, while the Company's share of associate profit fell to Rp309.295 billion from Rp491.071 billion, down 37.0%. Operating Income» fell 16.7% (Rp542.520 billion vs Rp651.182 billion) and net income attributable to owners fell 25.2% (Rp459.468 billion vs Rp614.604 billion) — both declines narrower than Q1's standalone -18.6%/-28.5%, meaning Q2 on its own was a somewhat better quarter than Q1, but not enough to reverse the year-to-date trend.
The two halves of this business are still telling different stories, and that gap is now confirmed across two consecutive quarters rather than a single one. FiberStar's Corporate segment keeps growing fastest of the three revenue lines (see below), while Sari Roti paid its first dividend anywhere in this backlog's coverage — a genuine cash return from an associate, distinct from (and a partial offset to) its slower profit-share contribution this year (see Beyond the Usual).
The Prescription
FiberStar's own operating business remains the Company's clearest lever, and management should keep funding its buildout aggressively — capex (including intangibles) roughly doubled year-over-year this half (Rp436.4 billion vs Rp303.9 billion), and cash receipts from customers are growing in line with the segment revenue figures below, a sign the growth is real cash, not just booked revenue. What it should stop doing: continuing to disclose associate profit as a single blended line with no per-associate quarterly breakdown in the interim filing's face statements — a reader has to wait for the Note 9 rollforward table to see that Indomaret alone still grew its contribution this half (see below) while the disclosed consolidated figure looks like a uniform decline. That's a presentation gap the Company controls and could close with one more line in the face of the income statement.
Key Financial Metrics
H1 2023 vs. H1 2022, consolidated, cumulative six-month figures per Indonesian interim reporting convention
FX: IDR 15,064 = USD 1 (June 29, 2023 rate, independently sourced spot data).
| Metric | H1 2023 (IDR) | H1 2023 (USD) | H1 2022 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp670.263B | ~$44.49M | Rp469.736B | ✅ +42.69% |
| Share of profit of associates» | Rp309.295B | ~$20.53M | Rp491.071B | ⚠️ -37.01% |
| Operating Income» | Rp542.520B | ~$36.02M | Rp651.182B | ⚠️ -16.69% |
| Net Income» (total, incl. NCI) | Rp498.082B | ~$33.06M | Rp645.208B | ⚠️ -22.81% |
| Net income attributable to owners | Rp459.468B | ~$30.50M | Rp614.604B | ⚠️ -25.24% |
| EPS (basic, six months) | Rp32.39 | ~$0.00215 | Rp43.33 | ⚠️ -25.24% |
| Operating cash flow | Rp182.334B | ~$12.10M | Rp61.619B | ✅ +195.9% |
| Free Cash Flow» (op. cash flow - capex) | -Rp253.148B | ~-$16.81M | not computed | n/a |
"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 Rp309.3 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 | Jun 30, 2023 (IDR) | Jun 30, 2023 (USD) | Dec 31, 2022 (IDR) | YTD |
|---|---|---|---|---|
| Total Assets | Rp18,879.314B | ~$1.253B | Rp18,918.152B | ➖ -0.21% |
| Total Liabilities | Rp6,063.490B | ~$402.5M | Rp6,590.854B | ✅ -8.00% |
| Total Equity | Rp12,815.824B | ~$850.7M | Rp12,327.298B | ✅ +3.96% |
| Cash and cash equivalents | Rp630.852B | ~$41.88M | Rp369.058B | ✅ +70.94% |
Operating cash flow's positive Q1 start (see the Q1 2023 post) carried through the second quarter, nearly tripling on a cumulative basis to Rp182.334 billion from Rp61.619 billion in H1 2022. Cash and equivalents grew 70.9% year-to-date, a genuinely strong liquidity build even with free cash flow still negative on continued heavy capex.
FiberStar's Segments: Corporate Still Leads, Cyberindo Concentration Falls Further
| Segment | H1 2023 Revenue | H1 2022 Revenue | YoY | % of Total H1 2023 |
|---|---|---|---|---|
| Corporate (third-party) | Rp338.985B | Rp204.288B | ✅ +65.94% | 50.6% |
| Retail (third-party) | Rp280.509B | Rp207.856B | ✅ +34.96% | 41.9% |
| Other (third-party, plus related-party) | Rp50.769B | Rp57.592B | ⚠️ -11.85% | 7.6% |
| Total | Rp670.263B | Rp469.736B | +42.69% | 100% |
Corporate's Q1 lead over Retail (see the Q1 2023 post) held through the half, though the gap narrowed slightly (65.9% vs 35.0% growth this half, versus 97.9% vs 57.4% in Q1 alone) — Q2 standalone growth for Retail was faster than Q1's, a small sign the multi-year retail-broadband shift this backlog has tracked hasn't disappeared, just been outpaced by a stronger Corporate quarter.
PT Cyberindo Aditama's concentration kept easing: 52.31% of H1 2023 revenue, down from 55.19% in H1 2022. Revenue from Cyberindo still grew in absolute terms, to Rp350.022 billion from Rp259.259 billion.
Associates: Indomaret Grows Again, Sari Roti Pays Its First Dividend, Fast Food Still a Drag
| Associate | H1 2023 share of profit | Dividend received | Carrying value, Jun 30, 2023 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp282.469B | — | Rp7,094.882B |
| Nippon Indosari Corpindo (Sari Roti) | Rp30.607B | -Rp169.890B | Rp2,337.391B |
| Fast Food Indonesia (KFC) | -Rp1.994B | — | Rp1,967.896B |
| PT Jaringan Mega Sedayu (joint venture) | -Rp1.787B | — | Rp21.101B |
| Total | Rp309.295B | -Rp169.890B | Rp11,421.270B |
Indomaret's own contribution actually grew this half to Rp282.469 billion — a real acceleration from what the consolidated 37.0% YoY decline in total associate profit might suggest at first glance, since it's Sari Roti's and Fast Food's weaker contributions doing the dragging, not Indomaret's. Sari Roti paid a Rp169.890 billion cash dividend to the Company this half — the first dividend disclosed anywhere in this backlog's associate rollforward tables — a real cash return on top of (not instead of) its equity-method profit share. Fast Food Indonesia posted a small loss for the half, narrower than the Rp7.907 billion loss shown for Q1 alone (implying a small Q2-standalone profit), continuing the volatile quarter-to-quarter pattern this series has tracked since FY2022.
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 June 30, 2023 — unchanged
- Cyberindo Aditama revenue concentration: 52.31% of H1 2023 revenue vs. 55.19% (H1 2022)
- Permanent headcount: 200 (June 30, 2023, unaudited) vs. 190 (Dec 31, 2022), ✅ +5.3%
- Not available this quarter: home-passed/home-connected subscriber counts, unchanged from the gap flagged in every prior post since FY2021
Beyond the Usual
Sari Roti's first dividend to the Company (Rp169.890 billion, described above) is a genuinely interesting piece of footnote-level color, not a criticism of anyone — worth noting simply that it's disclosed only inside Note 9's associate rollforward table, not called out anywhere in the face financial statements or a dedicated cash-flow line, so a reader relying on the income statement alone would miss that a real cash distribution happened this half on top of the equity-method profit-share accounting.
Target Valuation Range
Bottom line: the stock rose 5.0% through H1 2023 (Rp4,200 vs Rp4,140 at FY2022-end) even as trailing profitability weakened — a small re-rating against a softer fundamental picture, the opposite direction from what FY2022's price-and-fundamentals-moving-together pattern showed.
The Company's shares closed H1 2023 at Rp4,200 (independently sourced spot data for June 29, 2023), up 5.0% from Rp4,000 at the end of Q1 2023 and up 1.4% 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 | H1 2023 | FY2022 | Change |
|---|---|---|---|
| Share price (period-end) | Rp4,200 | Rp4,140 | ✅ up 1.4% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp59,572.8B (~$3.955B) | Rp58,721.8B | ✅ up 1.4% |
| Book value per share (total equity basis) | Rp903.44 | Rp869.06 | ✅ up |
| P/B» | ~4.65x | ~4.76x | ✅ down |
A trailing-twelve-month P/E isn't shown yet — this is the second of four quarters this backfill needs to accumulate before a clean TTM figure exists; the Q3 2023 and FY2023 posts will complete it.
| Sum-of-the-parts sanity check | H1 2023 |
|---|---|
| Fast Food Indonesia stake, at market (Rp800/share, June 29, 2023) | ~Rp1.144 trillion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp1,345/share, June 29, 2023) | ~Rp2.145 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.395 trillion |
| Sum, excluding Indomaret | ~Rp4.684 trillion |
| Company's market capitalization | Rp59.573 trillion |
| Implied value of 40% Indomaret stake | ~Rp54.889 trillion |
| Implied value of all of Indomaret | ~Rp137.222 trillion |
The implied full value of Indomaret rose slightly to roughly Rp137.2 trillion from FY2022's ~Rp136.0 trillion, tracking the Company's own modest share-price gain rather than any independently sourced change in Indomaret's own fundamentals this half. 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.
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the six months ended June 30, 2023 (with June 30, 2022 comparatives), including notes to the consolidated financial statements.