A Genuinely Strong Quarter — With a Caveat This Backlog Can Already See Coming
Q1 2025 continued the recovery this backlog tracked building through all of 2024: revenue reached Rp379.408 billion, up 9.9% from Rp345.207 billion in Q1 2024, and associate profit came to Rp182.190 billion, up from just Rp8.862 billion a year earlier — a number small enough last year that this quarter's comparison looks almost like a different business. Indomaret's own contribution grew again, to Rp188.384 billion from Rp59.960 billion (+214.2%), and Fast Food Indonesia's loss narrowed sharply to Rp13.171 billion from Rp70.322 billion (-81.3%) — the best quarterly result for that associate anywhere since the brief H1 2022 profitable stretch. Operating Income» more than doubled to Rp245.531 billion (+116.9%) and net income attributable to owners nearly tripled to Rp204.743 billion (+185.6%).
This backlog's own Q1 2026 post already discloses that Fast Food Indonesia's full-year FY2025 loss came to Rp366.0 billion — meaning the strong Q1 2025 narrowing shown here didn't hold, and the associate's loss actually widened for the full year versus FY2024's Rp285.041 billion despite this encouraging start. That's a genuine reversal within the year this backlog's own Q2, Q3, and FY2025 posts will need to trace quarter by quarter — this post covers only what was knowable as of Q1 2025's own filing, but flags the caveat upfront since a reader following this series in order would otherwise take Q1's strength as the full story.
The Prescription
Retail's return to growth this quarter (see below) — the first year-over-year increase in that segment since Q4 2023 — deserves real attention from management as a possible inflection point worth reinforcing with renewed investment, after three straight quarters of decline through 2024. What it should stop doing: treating a single strong quarter at Fast Food Indonesia as validation that the multi-year loss pattern this backlog has tracked since FY2021 is resolved — this post's own framing above shows why that reading would have been premature, and the Company's own governance posture toward that associate shouldn't loosen on the strength of one encouraging quarter.
Key Financial Metrics
Q1 2025 vs. Q1 2024, consolidated
FX: IDR 16,652 = USD 1 (March 31, 2025 rate, independently sourced spot data).
| Metric | Q1 2025 (IDR) | Q1 2025 (USD) | Q1 2024 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp379.408B | ~$22.78M | Rp345.207B | ✅ +9.91% |
| Share of profit of associates» | Rp182.190B | ~$10.94M | Rp8.862B | ✅ +2,056% |
| Operating Income» | Rp245.531B | ~$14.75M | Rp113.247B | ✅ +116.86% |
| Net Income» (total, incl. NCI) | Rp202.121B | ~$12.14M | Rp84.823B | ✅ +138.31% |
| Net income attributable to owners | Rp204.743B | ~$12.30M | Rp71.683B | ✅ +185.62% |
| EPS (basic, quarterly) | Rp14.43 | ~$0.000867 | Rp5.05 | ✅ +185.74% |
| Operating cash flow | Rp107.731B | ~$6.47M | -Rp33.311B | ✅ Swung positive |
| Free Cash Flow» (op. cash flow - capex) | -Rp218.293B | ~-$13.11M | -Rp182.718B | ⚠️ Burn widened 19.5% |
"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 Rp182.2 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 | Mar 31, 2025 (IDR) | Mar 31, 2025 (USD) | Dec 31, 2024 (IDR) | QoQ |
|---|---|---|---|---|
| Total Assets | Rp21,902.793B | ~$1.315B | Rp21,359.796B | ✅ +2.54% |
| Total Liabilities | Rp7,466.820B | ~$448.4M | Rp7,123.860B | ⚠️ +4.81% |
| Total Equity | Rp14,435.973B | ~$867.0M | Rp14,235.936B | ✅ +1.41% |
| Cash and cash equivalents | Rp1,258.088B | ~$75.55M | Rp1,067.505B | ✅ +17.86% |
Operating cash flow swung sharply positive (Rp107.731 billion, against Q1 2024's -Rp33.311 billion) — a genuine turnaround that also confirms the FY2024 post's year-end positive figure wasn't a one-quarter fluke. Capex kept rising, though, pushing free cash flow burn 19.5% wider despite the operating cash flow improvement.
FiberStar's Segments: Retail Grows Again, Cyberindo Concentration Rebounds Sharply
| Segment | Q1 2025 Revenue | Q1 2024 Revenue | YoY | % of Total Q1 2025 |
|---|---|---|---|---|
| Corporate (third-party) | Rp224.369B | Rp201.325B | ✅ +11.45% | 59.1% |
| Retail (third-party) | Rp135.606B | Rp120.458B | ✅ +12.58% | 35.7% |
| Other (third-party) | Rp19.433B | Rp23.424B | ⚠️ -17.04% | 5.1% |
| Total | Rp379.408B | Rp345.207B | +9.91% | 100% |
Retail's return to growth (+12.6%) is the first year-over-year increase this backlog has recorded for that segment since Q4 2023 (implied from the full-year figure), breaking a three-quarter decline that ran through all of Q1, H1, and 9M 2024. Corporate still grew slightly faster and keeps the larger share of the mix, but the gap between the two segments' growth rates has narrowed to its tightest point in over a year.
PT Cyberindo Aditama's revenue concentration rebounded sharply to 51.78% of Q1 2025 revenue, up from 30.38% in Q1 2024 — nearly back to the >50% range this backlog observed through most of 2023, after the sharp Q1 2024 drop and the roughly 45% level it held through most of 2024. Cyberindo's own revenue grew 87.3% year-over-year in absolute terms (Rp196.462 billion vs Rp104.882 billion) — a real recovery in this customer relationship's own spending, not just faster growth elsewhere shrinking its share.
Associates: Indomaret Keeps Climbing, Fast Food's Best Quarter Since Mid-2022
| Associate | Q1 2025 share of profit | Q1 2024 comparative | Carrying value, Mar 31, 2025 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp188.384B | Rp59.960B | Rp8,611.317B |
| Nippon Indosari Corpindo (Sari Roti) | Rp5.954B | Rp19.016B | Rp2,364.399B |
| Fast Food Indonesia (KFC) | -Rp13.171B | -Rp70.322B | Rp1,603.785B |
| PT Jaringan Mega Sedayu (joint venture) | Rp1.023B | — | Rp21.640B |
| Total | Rp182.190B | Rp8.862B | ~Rp12,601B |
Indomaret's contribution more than tripled year-over-year — the fifth consecutive quarter of strong growth for this associate, now stretching back to Q1 2024's weak base. Fast Food Indonesia's loss narrowing 81.3% is the best result for this associate since it briefly turned profitable in H1 2022, though see the caveat in the opening section above about how the full FY2025 year actually played out. Sari Roti had a genuinely weak quarter, its contribution down 68.7% — a reminder that this associate, while smaller than the other two, isn't immune to its own swings.
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, 2025 — unchanged for the ninth straight quarter this backlog has recorded
- Cyberindo Aditama revenue concentration: 51.78% of Q1 2025 revenue vs. 30.38% (Q1 2024) — see FiberStar's Segments above
- Permanent headcount: 242 (March 31, 2025, unaudited) vs. 233 (Dec 31, 2024), ✅ +3.9%
- Not available this quarter: home-passed/home-connected subscriber counts, unchanged from the gap flagged in every prior post since FY2021
Target Valuation Range
Bottom line: the stock rose 2.2% through Q1 2025 (Rp9,200 vs Rp9,000 at FY2024-end) — a modest move that roughly tracks the quarter's genuine operational strength, a much more grounded relationship between price and fundamentals than the sharp divergences this backlog flagged through most of 2024.
The Company's shares closed Q1 2025 at Rp9,200 (independently sourced spot data for March 31, 2025), up 2.2% from Rp9,000 at the end of FY2024. No stock split has occurred for this ticker in the period covered by this backlog.
| Market cap → book value | Q1 2025 | FY2024 | Change |
|---|---|---|---|
| Share price (period-end) | Rp9,200 | Rp9,000 | ✅ up 2.2% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp130,492.8B (~$7.836B) | Rp127,656.0B | ✅ up 2.2% |
| Book value per share (total equity basis) | Rp1,017.63 | Rp1,003.53 | ✅ up |
| P/B» | ~9.04x | ~8.97x | ⚠️ up slightly |
A trailing-twelve-month P/E isn't shown this quarter since Q1 2025's quarterly EPS isn't directly comparable to FY2024's annual figure — the Q2 and Q3 2025 posts will build toward a cleaner trailing figure as the year accumulates.
| Sum-of-the-parts sanity check | Q1 2025 |
|---|---|
| Fast Food Indonesia stake, at market (Rp193/share, March 31, 2025) | ~Rp276.08 billion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp940/share, March 31, 2025) | ~Rp1.499 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.835 trillion |
| Sum, excluding Indomaret | ~Rp3.610 trillion |
| Company's market capitalization | Rp130.493 trillion |
| Implied value of 40% Indomaret stake | ~Rp126.883 trillion |
| Implied value of all of Indomaret | ~Rp317.208 trillion |
Both FAST's and ROTI's own March 31, 2025 closing prices are independently sourced spot data — note Fast Food Indonesia's own share price has kept falling (Rp193, down 33.9% from Rp292 at FY2024-end), continuing the severe decline the FY2024 post already flagged, even as this associate's own equity-method result improved sharply this quarter — a genuine disconnect between FAST's own market pricing and the one-quarter operational improvement shown above. The implied full value of Indomaret rose modestly to roughly Rp317.2 trillion. 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 three months ended March 31, 2025 (with March 31, 2024 comparatives), including notes to the consolidated financial statements.