Q1's Collapse Didn't Carry Into Q2
The Q1 2024 post flagged the weakest quarter this backlog had on record — associate profit down 92.6% year-over-year. That didn't repeat in Q2: cumulative H1 2024 share of associate profit came to Rp339.298 billion, actually up 9.7% from Rp309.295 billion in H1 2023, meaning Q2 alone contributed roughly Rp330.4 billion on its own (against Q1's Rp8.862 billion) — a genuine V-shaped recovery within the quarter. Indomaret's own contribution drove it: Rp426.077 billion cumulative through H1, up 50.9% from Rp282.469 billion a year earlier, and a sharp reversal from Q1's weak Rp59.960 billion standalone showing. Operating Income» came to Rp517.534 billion, down only 4.6% from H1 2023's Rp542.520 billion — a much narrower gap than Q1 alone suggested, and net income attributable to owners landed at Rp444.896 billion, down just 3.2% from Rp459.468 billion.
Not everything recovered, though. Fast Food Indonesia's cumulative loss widened further to Rp125.021 billion, up from H1 2023's Rp1.994 billion loss and continuing the pattern the Q1 2024 post flagged as the associate's worst quarterly result on file — this is now four consecutive quarters of deterioration at this specific associate. And FiberStar's Retail segment revenue fell year-over-year for the second straight quarter (see below), a trend that's now confirmed across two quarters rather than a single one.
The Prescription
Indomaret's Q2 rebound is exactly the kind of recovery the Company should be watching closely and, where it has any influence as a 40% shareholder, reinforcing — a single strong quarter after a weak one doesn't yet prove the FY2023 slowdown the FY2023 post flagged is fully behind it, but it's a genuinely good sign worth tracking into Q3. What it should stop doing: continuing to let Fast Food Indonesia's now four-quarter losing streak run without any disclosed board-level response — the Q1 2024 Prescription already called for this, and a second consecutive quarter of worsening losses with zero visible change makes the case stronger, not weaker.
Key Financial Metrics
H1 2024 vs. H1 2023, consolidated, cumulative six-month figures per Indonesian interim reporting convention
FX: IDR 16,343 = USD 1 (June 30, 2024 rate, independently sourced spot data).
| Metric | H1 2024 (IDR) | H1 2024 (USD) | H1 2023 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp697.157B | ~$42.66M | Rp670.263B | ✅ +4.01% |
| Share of profit of associates» | Rp339.298B | ~$20.77M | Rp309.295B | ✅ +9.70% |
| Operating Income» | Rp517.534B | ~$31.67M | Rp542.520B | ⚠️ -4.61% |
| Net Income» (total, incl. NCI) | Rp464.472B | ~$28.42M | Rp498.082B | ⚠️ -6.75% |
| Net income attributable to owners | Rp444.896B | ~$27.23M | Rp459.468B | ⚠️ -3.17% |
| EPS (basic, six months) | Rp31.37 | ~$0.00192 | Rp32.39 | ⚠️ -3.15% |
| Operating cash flow | -Rp104.229B | ~-$6.38M | Rp182.334B | ⚠️ Swung negative |
| Free Cash Flow» (op. cash flow - capex) | -Rp458.959B | ~-$28.09M | -Rp253.148B | ⚠️ Burn widened 81.3% |
"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 Rp339.3 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, 2024 (IDR) | Jun 30, 2024 (USD) | Dec 31, 2023 (IDR) | YTD |
|---|---|---|---|---|
| Total Assets | Rp21,163.653B | ~$1.295B | Rp20,710.860B | ✅ +2.19% |
| Total Liabilities | Rp7,618.881B | ~$466.2M | Rp7,637.304B | ➖ -0.24% |
| Total Equity | Rp13,544.772B | ~$828.9M | Rp13,073.556B | ✅ +3.60% |
| Cash and cash equivalents | Rp1,286.527B | ~$78.73M | Rp913.710B | ✅ +40.80% |
Operating cash flow stayed negative on a cumulative basis (-Rp104.229 billion), though Q2 alone was a smaller drag than Q1 (-Rp70.9 billion implied for Q2 standalone vs -Rp33.3 billion in Q1) — this is now two consecutive negative operating-cash-flow quarters, the first time this backlog has recorded that outside a Q4-only reversal (see the FY2022 post). Cash and equivalents still grew 40.8% year-to-date despite the negative operating cash flow, funded by financing or investing activities rather than operations — worth checking against the 9M and FY2024 posts for whether this becomes a genuine multi-quarter pattern.
FiberStar's Segments: Corporate Pulls Further Ahead, Cyberindo Concentration Partially Recovers
| Segment | H1 2024 Revenue | H1 2023 Revenue | YoY | % of Total H1 2024 |
|---|---|---|---|---|
| Corporate (third-party) | Rp412.433B | Rp338.985B | ✅ +21.67% | 59.2% |
| Retail (third-party) | Rp239.569B | Rp280.509B | ⚠️ -14.60% | 34.4% |
| Other (third-party) | Rp45.155B | Rp50.769B | ⚠️ -11.06% | 6.4% |
| Total | Rp697.157B | Rp670.263B | +4.01% | 100% |
Retail's Q1 2024 decline (see the Q1 2024 post) held through Q2, confirming this is now a genuine two-quarter trend rather than a single weak quarter — Retail's share of the mix has fallen to 34.4%, its lowest reading anywhere in this backlog, down from a peak above 42% in FY2022. Corporate's continued strength is now the entire growth story for FiberStar's consolidated revenue.
PT Cyberindo Aditama's concentration partially recovered to 44.78% of H1 2024 revenue, up from Q1 2024's 30.38% but still well below H1 2023's 52.22% — confirming the Q1 2024 post's flagged concentration drop wasn't a one-quarter blip, even if it wasn't as extreme cumulatively as the Q1-only figure suggested.
Associates: Indomaret's Q2 Rebound, Fast Food's Losing Streak Extends to Four Quarters
| Associate | H1 2024 share of profit | Dividend received | Carrying value, Jun 30, 2024 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp426.077B | — | Rp7,728.728B |
| Nippon Indosari Corpindo (Sari Roti) | Rp37.281B | -Rp139.787B | Rp2,286.738B |
| Fast Food Indonesia (KFC) | -Rp125.021B | — | Rp1,739.040B |
| Total (incl. JV) | Rp339.298B | -Rp139.787B | ~Rp11,775B |
Indomaret's implied Q2-standalone contribution (Rp426.077 billion cumulative minus Rp59.960 billion at Q1) comes to roughly Rp366.1 billion — the strongest single quarter for this associate anywhere in this backlog's coverage, and the clearest sign yet that the FY2023 post's flagged first-ever down year wasn't the start of a structural decline. Sari Roti paid a second consecutive annual dividend (Rp139.787 billion, smaller than last year's Rp169.890 billion) while its profit share grew 21.8%. Fast Food Indonesia's cumulative loss, now Rp125.021 billion through H1, implies a Q2-standalone loss of roughly Rp54.7 billion — smaller than Q1's Rp70.322 billion but still a loss, extending the losing streak to four straight quarters (Q3 2023, Q4 2023 [via the FY2023 total], Q1 2024, and now Q2 2024).
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, 2024 — unchanged
- Cyberindo Aditama revenue concentration: 44.78% of H1 2024 revenue vs. 52.22% (H1 2023)
- Permanent headcount: 216 (June 30, 2024, unaudited) vs. 198 (Dec 31, 2023), ✅ +9.1%
- Not available this quarter: home-passed/home-connected subscriber counts, unchanged from the gap flagged in every prior post since FY2021
Beyond the Usual
Two consecutive quarters of negative operating cash flow — a first for this backlog outside a year-end reversal
Operating cash flow ran negative in both Q1 2024 (-Rp33.311 billion, per the Q1 2024 post) and, on the cumulative H1 figure, stayed negative overall (-Rp104.229 billion), implying a further negative Q2-standalone contribution of roughly Rp70.9 billion. Every prior instance of negative operating cash flow in this backlog (FY2019, FY2020, FY2021, and Q4 2022 alone) either resolved within the same year or was a single-quarter reversal — this is the first time two consecutive quarters have both been negative on a standalone basis. Cash and equivalents still grew this half on financing/investing inflows, so this isn't yet a liquidity concern, but it's worth watching in the 9M and FY2024 posts for whether it becomes a full-year pattern.
Target Valuation Range
Bottom line: the stock rose 4.9% through H1 2024 (Rp4,930 vs Rp4,700 at FY2023-end and Q1 2024-end) roughly in line with the operating recovery this quarter showed — a more grounded move than the sharper divergences this backlog flagged earlier in 2023.
The Company's shares closed H1 2024 at Rp4,930 (independently sourced spot data for June 30, 2024), up 4.9% from Rp4,700 at the end of Q1 2024 and FY2023. No stock split has occurred for this ticker in the period covered by this backlog.
| Market cap → book value | H1 2024 | Q1 2024 | Change |
|---|---|---|---|
| Share price (period-end) | Rp4,930 | Rp4,700 | ✅ up 4.9% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp69,927.7B (~$4.279B) | Rp66,664.8B | ✅ up 4.9% |
| Book value per share (total equity basis) | Rp954.90 | Rp927.79 | ✅ up |
| P/B» | ~5.16x | ~5.07x | ⚠️ up |
A trailing-twelve-month P/E isn't shown yet — the Q3 2024 and FY2024 posts will complete the full-year figure needed for a clean comparison.
| Sum-of-the-parts sanity check | H1 2024 |
|---|---|
| Fast Food Indonesia stake, at market (Rp476/share, June 30, 2024) | ~Rp681.11 billion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp1,000/share, June 30, 2024) | ~Rp1.595 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.770 trillion |
| Sum, excluding Indomaret | ~Rp4.046 trillion |
| Company's market capitalization | Rp69.928 trillion |
| Implied value of 40% Indomaret stake | ~Rp65.882 trillion |
| Implied value of all of Indomaret | ~Rp164.705 trillion |
Both FAST's and ROTI's own June 30, 2024 closing prices are independently sourced spot data — note Fast Food Indonesia's share price has fallen sharply this year (Rp476 vs Rp770 at FY2023-end, down 38.2%), the opposite direction from the Company's own share price and a genuine divergence worth flagging on its own, though outside this post's scope since FAST isn't the subject of this backlog. The implied full value of Indomaret rose to a new backlog high of roughly Rp164.7 trillion, driven by both DNET's own share-price gain and the falling market value of the non-Indomaret sum-of-the-parts pieces (which mechanically pushes more of the market cap into the "implied Indomaret" residual). A full discounted cash flow model still isn't attempted, for the reasons stated throughout this series.
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the six months ended June 30, 2024 (with June 30, 2023 comparatives), including notes to the consolidated financial statements.