Growth Continues, But the Real News Is an Ownership Change
FiberStar's consolidated revenue reached Rp801.378 billion for the first half of 2025, up 14.9% from Rp697.157 billion in H1 2024 — the strongest half-year growth rate this backlog has recorded since 2023. Associate profit grew 31.0% to Rp444.379 billion, Operating Income» rose 25.1% to Rp647.207 billion, and net income attributable to owners rose 21.5% to Rp540.659 billion — a genuinely solid quarter continuing the recovery this backlog tracked through Q1 2025.
But the actual development worth a reader's attention is buried in Note 9's associate rollforward table: the Company's ownership stake in Fast Food Indonesia rose from 35.84% to 37.51% this half, via a Rp40.000 billion capital "addition" — the first change to any of the three associate ownership percentages anywhere in this backlog's coverage, which has tracked these stakes as fixed constants since FY2019. This means the Company chose to put fresh capital into Fast Food Indonesia during the exact stretch this backlog has spent four straight fiscal years flagging as a worsening, unexplained loss (FY2021 through FY2024, the latter a backlog-record Rp285.041 billion annual loss) — see Beyond the Usual for the full disclosure and what isn't explained about it.
The Prescription
Continuing to fund and support Indomaret's ongoing recovery — now confirmed across six consecutive quarters of growth — remains the clear priority, and the Company should keep its capital and governance attention there. What it should stop doing: injecting fresh capital into Fast Food Indonesia without any disclosed rationale, business plan, or expected timeline for a turnaround, at the exact moment this backlog's own FY2024 Prescription called for a governance response to that associate's worsening losses rather than more capital. A capital injection can be the right governance response if it comes with real operational conditions attached — but nothing in this filing discloses whether that's the case here or whether it's simply propping up a declining position.
Key Financial Metrics
H1 2025 vs. H1 2024, consolidated, cumulative six-month figures per Indonesian interim reporting convention
FX: IDR 16,230 = USD 1 (June 30, 2025 rate, independently sourced spot data).
| Metric | H1 2025 (IDR) | H1 2025 (USD) | H1 2024 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp801.378B | ~$49.38M | Rp697.157B | ✅ +14.95% |
| Share of profit of associates» | Rp444.379B | ~$27.38M | Rp339.298B | ✅ +30.97% |
| Operating Income» | Rp647.207B | ~$39.88M | Rp517.534B | ✅ +25.06% |
| Net Income» (total, incl. NCI) | Rp555.288B | ~$34.22M | Rp464.472B | ✅ +19.55% |
| Net income attributable to owners | Rp540.659B | ~$33.31M | Rp444.896B | ✅ +21.53% |
| EPS (basic, six months) | Rp38.12 | ~$0.00235 | Rp31.37 | ✅ +21.52% |
| Operating cash flow | Rp97.209B | ~$5.99M | -Rp104.229B | ✅ Swung positive |
| Free Cash Flow» (op. cash flow - capex) | -Rp235.720B | ~-$14.52M | -Rp458.959B | ✅ Burn narrowed 48.7% |
"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 Rp444.4 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 | Jun 30, 2025 (IDR) | Jun 30, 2025 (USD) | Dec 31, 2024 (IDR) | YTD |
|---|---|---|---|---|
| Total Assets | Rp21,888.986B | ~$1.349B | Rp21,359.796B | ✅ +2.48% |
| Total Liabilities | Rp7,094.057B | ~$437.1M | Rp7,123.860B | ➖ -0.42% |
| Total Equity | Rp14,794.929B | ~$911.4M | Rp14,235.936B | ✅ +3.93% |
| Cash and cash equivalents | Rp1,121.536B | ~$69.11M | Rp1,067.505B | ✅ +5.06% |
Operating cash flow's Q1 2025 recovery (see the Q1 2025 post) held through the half, staying positive at Rp97.209 billion cumulative — a real improvement from H1 2024's -Rp104.229 billion, and free cash flow burn narrowed nearly by half even with capex continuing to climb.
FiberStar's Segments: Retail's Rebound Continues, Corporate Stays in the Lead
| Segment | H1 2025 Revenue | H1 2024 Revenue | YoY | % of Total H1 2025 |
|---|---|---|---|---|
| Corporate (third-party) | Rp455.451B | Rp412.433B | ✅ +10.43% | 56.8% |
| Retail (third-party) | Rp304.738B | Rp239.569B | ✅ +27.21% | 38.0% |
| Other (third-party) | Rp41.189B | Rp45.155B | ⚠️ -8.78% | 5.1% |
| Total | Rp801.378B | Rp697.157B | +14.95% | 100% |
Retail's Q1 2025 return to growth accelerated this half — 27.2% growth is the strongest this backlog has recorded for Retail since FY2021, and Retail's share of the mix has climbed back to 38.0% from Q1 2024's low of under 35%. This is now confirmed across two consecutive quarters as a genuine reversal of the 2024 decline, not a one-quarter bounce.
PT Cyberindo Aditama's concentration was 50.29% of H1 2025 revenue, up from 44.78% in H1 2024 — holding roughly at the elevated level Q1 2025 already showed, confirming that quarter's sharp rebound wasn't a one-off.
Associates: Indomaret Keeps Growing, Fast Food's Loss Narrows on Paper
| Associate | H1 2025 share of profit | Ownership stake | Carrying value, Jun 30, 2025 |
|---|---|---|---|
| Indomarco Prismatama (Indomaret) | Rp474.992B | 40.00% (unchanged) | Rp8,898.705B |
| Nippon Indosari Corpindo (Sari Roti) | Rp18.505B | 25.77% (unchanged) | Rp2,250.286B |
| Fast Food Indonesia (KFC) | -Rp50.365B | 37.51% (up from 35.84%) | Rp1,611.600B |
| Total (incl. JV) | Rp444.379B | — | ~Rp12,782B |
Indomaret's H1 2025 contribution (Rp474.992 billion) is up 11.5% from H1 2024's Rp426.077 billion, extending its recovery streak. Fast Food Indonesia's cumulative H1 loss of Rp50.365 billion is narrower than H1 2024's Rp125.021 billion — on the surface, a continuation of the improvement Q1 2025 already showed. But this half-year figure now reflects the Company's larger 37.51% stake (up from 35.84%, applying only from the capital injection date forward, per the ownership-change disclosure below), so the improvement isn't purely operational — a larger ownership percentage on the same underlying loss would mechanically show a larger dollar loss allocated to the Company, meaning the smaller reported loss this half implies Fast Food Indonesia's own underlying performance actually improved by more than the headline percentage suggests. Sari Roti paid a Rp126.664 billion dividend this half, its third consecutive year of cash distributions to the Company (following FY2023's Rp169.890 billion and FY2024's Rp139.787 billion).
Key Operational Metrics
- Ownership stakes (equity-method associates): Indomarco Prismatama (Indomaret) 40%, Nippon Indosari Corpindo (Sari Roti) 25.77% — both unchanged. Fast Food Indonesia (KFC) rose to 37.51% from 35.84% — see Beyond the Usual
- FiberStar consolidation (MAP): 71.97% direct-plus-indirect (69.17% direct + 2.80% via PT Indoritel Persada Nusantara) as of June 30, 2025 — unchanged
- Cyberindo Aditama revenue concentration: 50.29% of H1 2025 revenue vs. 44.78% (H1 2024)
- Permanent headcount: 252 (June 30, 2025, unaudited) vs. 233 (Dec 31, 2024), ✅ +8.2%
- 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 Company raised its Fast Food Indonesia stake via a Rp40 billion capital injection — into an associate on a four-year losing streak
Note 9's associate rollforward table for this filing shows a Rp40.000 billion "Addition" to the Fast Food Indonesia investment balance this half, lifting the Company's disclosed ownership percentage from 35.84% (unchanged since FY2019, per every prior post in this backlog) to 37.51%. This is the first ownership-percentage change at any of the three associates anywhere in this series's coverage. The filing discloses the addition and the resulting percentage but not the mechanism (a rights issue Fast Food Indonesia raised generally, or a Company-specific top-up), the price paid, or any stated rationale. The timing is notable: this capital injection happened during the same fiscal year Fast Food Indonesia's full-year loss reached its worst level in this backlog's history (Rp366.0 billion for FY2025, already disclosed in this backlog's own Q1 2026 post, written before this 2025 backfill batch but covering a later period) — meaning the Company increased its exposure to this associate in the same year its loss widened further, not after a turnaround was already visible. Whether this was a defensive move to protect an existing position, a bet on a turnaround plan not otherwise disclosed, or something else isn't explained in what's filed here.
Target Valuation Range
Bottom line: the stock rose 7.6% through H1 2025 (Rp9,900 vs Rp9,200 at Q1 2025-end) roughly in line with the quarter's genuine operating improvement — a continuation of the more grounded price-to-fundamentals relationship this backlog has tracked since Q1 2025, after the sharp divergences of 2024.
The Company's shares closed H1 2025 at Rp9,900 (independently sourced spot data for June 30, 2025), up 7.6% from Rp9,200 at the end of Q1 2025 and up 10.0% 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 | H1 2025 | Q1 2025 | Change |
|---|---|---|---|
| Share price (period-end) | Rp9,900 | Rp9,200 | ✅ up 7.6% |
| Shares outstanding | 14,184,000,000 | 14,184,000,000 | ➖ unchanged |
| Market capitalization | Rp140,421.6B (~$8.652B) | Rp130,492.8B | ✅ up 7.6% |
| Book value per share (total equity basis) | Rp1,042.94 | Rp1,017.63 | ✅ up |
| P/B» | ~9.49x | ~9.04x | ⚠️ up |
A trailing-twelve-month P/E isn't shown yet — the Q3 and FY2025 posts will complete the full-year figure needed for a clean comparison.
| Sum-of-the-parts sanity check | H1 2025 |
|---|---|
| Fast Food Indonesia stake, at market (Rp274/share, June 30, 2025) | ~Rp391.95 billion |
| Nippon Indosari Corpindo (Sari Roti) stake, at market (Rp820/share, June 30, 2025) | ~Rp1.308 trillion |
| Non-associate net assets (total equity less carrying value of all associate/JV investments) | ~Rp1.874 trillion |
| Sum, excluding Indomaret | ~Rp3.573 trillion |
| Company's market capitalization | Rp140.422 trillion |
| Implied value of 40% Indomaret stake | ~Rp136.849 trillion |
| Implied value of all of Indomaret | ~Rp342.122 trillion |
Both FAST's and ROTI's own June 30, 2025 closing prices are independently sourced spot data — Fast Food Indonesia's own share price has kept falling (Rp274, though a partial recovery from Q1's Rp193), continuing to trade well below where it sat through most of 2023-2024 despite the ownership change and improving equity-method result disclosed above. The implied full value of Indomaret rose again to roughly Rp342.1 trillion, a new backlog high. 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, 2025 (with June 30, 2024 comparatives), including notes to the consolidated financial statements.