Indomaret's Best Year in This Backlog, and Fast Food's Worst
The recovery this backlog tracked building through Q2 and Q3 2024 held all the way through year-end: Indomaret's full-year profit contribution to the Company came to Rp1,106.557 billion, up 103.4% from Rp544.004 billion in FY2023 and now the highest annual figure this backlog has recorded for this associate, surpassing even the FY2022 post's previous high of Rp932.218 billion. Combined with Sari Roti's continued modest growth (Rp93.445 billion, +8.8%), total associate profit for the year reached Rp914.150 billion, up 90.7% from Rp479.474 billion — a genuine, sustained business recovery now confirmed across four consecutive quarters. Operating Income» rose 24.7% to Rp1,166.286 billion and net income attributable to owners rose 48.7% to Rp1,072.071 billion, the strongest full-year growth rate this backlog has recorded outside the pandemic-recovery years.
Fast Food Indonesia went the opposite direction. Its full-year loss came to Rp285.041 billion, nearly double FY2023's Rp148.970 billion and the worst annual result this backlog has ever recorded for this associate — confirming what every quarter of 2024 already showed building toward. This is now the fourth straight fiscal year of losses at this specific associate (FY2021, FY2022, FY2023, now FY2024), each year materially worse than a simple continuation of the prior trend would predict.
The Prescription
Indomaret's record year is a genuine result worth the Company continuing to support with its 40% stake's governance standing — and the number ($71.9M of the ~$142.5M in total associate profit for the year, translating that share into dollar terms for scale) is large enough that whatever operational or macro tailwind drove it deserves the Company's own investor materials actually naming it, rather than leaving readers to infer it purely from the equity-method rollforward. What it should stop doing: continuing to absorb Fast Food Indonesia's now four-year losing streak with zero disclosed governance response, even as the loss just posted its worst annual figure yet — this Prescription has now repeated across three consecutive posts in this backlog (Q1, Q2 2024, and now here) with no visible change in either the trend or the Company's disclosed response to it.
Key Financial Metrics
FY 2024 vs. FY 2023, consolidated
FX: IDR 16,086 = USD 1 (December 31, 2024 rate, independently sourced spot data).
| Metric | FY 2024 (IDR) | FY 2024 (USD) | FY 2023 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp1,427.731B | ~$88.75M | Rp1,390.105B | ✅ +2.71% |
| Share of profit of associates» | Rp914.150B | ~$56.83M | Rp479.474B | ✅ +90.65% |
| Operating Income» | Rp1,166.286B | ~$72.51M | Rp935.185B | ✅ +24.72% |
| Net Income» (total, incl. NCI) | Rp1,091.610B | ~$67.87M | Rp786.842B | ✅ +38.73% |
| Net income attributable to owners | Rp1,072.071B | ~$66.65M | Rp721.040B | ✅ +48.69% |
| EPS (basic, annual) | Rp75.58 | ~$0.00470 | Rp50.83 | ✅ +48.69% |
| Operating cash flow | Rp199.496B | ~$12.40M | Rp333.657B | ⚠️ -40.20% |
| Free Cash Flow» (op. cash flow - capex) | -Rp410.345B | ~-$25.51M | -Rp61.616B | ⚠️ Burn widened sharply |
"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 Rp914.2 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 | Dec 31, 2024 (IDR) | Dec 31, 2024 (USD) | Dec 31, 2023 (IDR) | YoY |
|---|---|---|---|---|
| Total Assets | Rp21,359.796B | ~$1.328B | Rp20,710.860B | ✅ +3.13% |
| Total Liabilities | Rp7,123.860B | ~$443.0M | Rp7,637.304B | ✅ -6.72% |
| Total Equity | Rp14,235.936B | ~$885.0M | Rp13,073.556B | ✅ +8.89% |
| Cash and cash equivalents | Rp1,067.505B | ~$66.37M | Rp913.710B | ✅ +16.83% |
Operating cash flow ended the year positive (Rp199.496 billion) — resolving the Q2 2024 post's flagged two-quarter negative streak — but came in 40.2% below FY2023's figure, since capex (including intangibles) grew to Rp609.841 billion from Rp395.273 billion, widening free cash flow burn sharply even as the operating side stayed positive. Total liabilities fell for the year despite the heavier capex, a genuinely healthy balance-sheet trend alongside equity's strong 8.9% growth.
FiberStar's Segments: Corporate Extends Its Lead, Retail's Decline Continues for a Full Year
| Segment | FY2024 Revenue | FY2023 Revenue | YoY | % of Total FY2024 |
|---|---|---|---|---|
| Corporate (third-party) | Rp777.329B | Rp664.860B | ✅ +16.92% | 54.4% |
| Retail (third-party) | Rp564.150B | Rp627.262B | ⚠️ -10.06% | 39.5% |
| Other (third-party) | Rp86.252B | Rp97.983B | ⚠️ -11.97% | 6.0% |
| Total | Rp1,427.731B | Rp1,390.105B | +2.71% | 100% |
Retail's decline held for a full year (-10.1%), confirming the trend this backlog tracked building through Q1, H1, and 9M 2024 is a genuine, sustained shift for the full year, not a temporary dip — Retail's share of the mix (39.5%) is now well below the >42% peak this backlog observed in FY2022.
PT Cyberindo Aditama's concentration eased further for the full year: 45.27% of FY2024 revenue, down from 49.30% in FY2023. Revenue from Cyberindo fell in absolute terms too, to Rp646.352 billion from Rp685.246 billion, continuing the Q1 2024 post's flagged concentration drop at a more moderate full-year pace than that single quarter's extreme reading suggested.
Two Associates at Extremes: Indomaret's Best Year, Fast Food's Worst
| Associate | FY2024 share of profit | FY2023 share of profit | Carrying value, Dec 31, 2024 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp1,106.557B | Rp544.004B | Rp8,423.847B |
| Nippon Indosari Corpindo (Sari Roti) | Rp93.445B | Rp85.900B | Rp2,358.445B |
| Fast Food Indonesia (KFC) | -Rp285.041B | -Rp148.970B | Rp1,618.126B |
| Total (incl. JV) | Rp914.150B | Rp479.474B | ~Rp12,401B |
Indomaret's FY2024 contribution (Rp1,106.557 billion) is now the largest single-year figure this backlog has on file — exceeding even FY2022's Rp932.218 billion, which this series had previously called Indomaret's strongest year. Fast Food Indonesia's Rp285.041 billion loss is the mirror-image record: its worst full year, nearly double FY2023's already-elevated Rp148.970 billion loss (see Beyond the Usual).
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, and disclosed explicitly with a percentage column in this filing's Note 9 for the first time in this backlog's coverage
- FiberStar consolidation (MAP): 71.97% direct-plus-indirect (69.17% direct + 2.80% via PT Indoritel Persada Nusantara) as of December 31, 2024 — unchanged for the eighth straight quarter this backlog has recorded
- Cyberindo Aditama revenue concentration: 45.27% of FY2024 revenue vs. 49.30% (FY2023)
- Permanent headcount: 233 (Dec 31, 2024) vs. 198 (Dec 31, 2023), ✅ +17.7%
- Not available this quarter: home-passed/home-connected subscriber counts, unchanged from the gap flagged in every prior post since FY2021
Beyond the Usual
Fast Food Indonesia's loss nearly doubled to a new backlog-wide annual worst
Fast Food Indonesia's FY2024 equity-method loss of Rp285.041 billion is nearly double FY2023's Rp148.970 billion (itself already flagged as a backlog-worst at the time), and confirms the deterioration the Q3 2024 post tracked mid-year, when the cumulative nine-month loss had already exceeded the entire prior fiscal year. This is now the fourth consecutive fiscal year of losses at this associate, each one worse than the last two put together in absolute terms (FY2021's Rp295.7 billion was actually larger in isolation, but the FY2022→FY2023→FY2024 trajectory of Rp27.8B→Rp149.0B→Rp285.0B is a clean, accelerating multi-year deterioration with no reversal since the brief H1 2022 profitable stretch). No filing this backlog has reviewed discloses an operational explanation for any of it.
The associate ownership table now discloses percentage stakes directly for the first time
This year's Note 9 rollforward table adds a "Percentage of ownership" column showing 40.00% (Indomaret), 25.77% (Sari Roti), and 35.84% (Fast Food Indonesia) directly alongside the profit-share rollforward — a genuinely useful disclosure improvement over prior years, where this backlog had to source the ownership percentages from a separate part of each filing. The percentages themselves are unchanged from what this series has tracked throughout, but the improved presentation is worth noting as a positive, if minor, disclosure change.
Target Valuation Range
Bottom line: the stock closed FY2024 at Rp9,000, essentially flat against Q3 2024's Rp9,050 but still nearly double where it started the year (Rp4,700) — a genuine re-rating that's now been sustained for two consecutive quarters rather than a single spike, though still well ahead of the pace of the underlying earnings growth over the same period.
The Company's shares closed FY2024 at Rp9,000 (independently sourced spot data for December 31, 2024), down slightly (-0.6%) from Rp9,050 at the end of Q3 2024 but up 91.5% from Rp4,700 at the end of FY2023. No stock split has occurred for this ticker in the period covered by this backlog.
| Market cap → book value | FY2024 | FY2023 | Change |
|---|---|---|---|
| Share price (period-end) | Rp9,000 | Rp4,700 | ✅ up 91.5% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp127,656.0B (~$7.936B) | Rp66,664.8B | ✅ up 91.5% |
| Basic EPS (annual) | Rp75.58 | Rp50.83 | ✅ up 48.7% |
| P/E» | ~119.1x | ~92.5x | ⚠️ up |
| Book value per share (total equity basis) | Rp1,003.53 | Rp921.65 | ✅ up |
| P/B» | ~8.97x | ~5.10x | ⚠️ up sharply |
The P/E climbing from ~92.5x to ~119.1x, even as EPS grew a strong 48.7%, confirms the price move (+91.5% for the year) ran well ahead of the earnings growth supporting it — the stock got meaningfully more expensive on a per-dollar-of-earnings basis in the same year its earnings grew the most this backlog has recorded outside the pandemic recovery.
| Sum-of-the-parts sanity check | FY2024 |
|---|---|
| Fast Food Indonesia stake, at market (Rp292/share, December 31, 2024) | ~Rp417.70 billion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp970/share, December 31, 2024) | ~Rp1.547 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.835 trillion |
| Sum, excluding Indomaret | ~Rp3.799 trillion |
| Company's market capitalization | Rp127.656 trillion |
| Implied value of 40% Indomaret stake | ~Rp123.857 trillion |
| Implied value of all of Indomaret | ~Rp309.643 trillion |
Both FAST's and ROTI's own December 31, 2024 closing prices are independently sourced spot data — note Fast Food Indonesia's own share price has now fallen 62.1% for the year (Rp292 vs Rp770 at FY2023-end), a genuinely severe decline that tracks its own widening equity-method loss much more directly than DNET's own share price tracks anything at Indomaret. The implied full value of Indomaret held roughly flat at ~Rp309.6 trillion against Q3's ~Rp310.8 trillion, consistent with DNET's own near-flat Q4 price action. 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 valuation method continues to function primarily as a sentiment gauge on DNET's own stock rather than an independent estimate of Indomaret's worth (see the Q3 2024 post's discussion of the same limitation).
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the year ended December 31, 2024 (with December 31, 2023 comparatives), including notes to the consolidated financial statements.