One Ticker, Four Businesses, Only One It Actually Runs
PT Indoritel Makmur Internasional Tbk doesn't run a business so much as hold three of them and directly operate a fourth. Its 40% stake in PT Indomarco Prismatama (the unlisted operator of the Indomaret minimarket chain), 25.77% of PT Nippon Indosari Corpindo Tbk ("Sari Roti"), and 35.84% of PT Fast Food Indonesia Tbk (KFC's Indonesian franchisee) are all accounted for under the equity method» — the Company books its share of each associate's profit as a single line, not their revenue, cost of goods, or anything else that would let a reader see the underlying business directly. Only FiberStar, a fiber-optic ISP held 71.97% through subsidiary PT Mega Akses Persada ("MAP"), is actually consolidated: its revenue, costs, and margins show up in full on the Company's own income statement.
That structural split matters more than usual this quarter, because the two halves of the P&L moved in opposite directions. FiberStar's own consolidated revenue grew a solid 12.0% YoY to Rp425.0 billion, but the cash the business actually generated from operations fell 49.1% to Rp54.8 billion — a divergence covered in Key Financial Metrics below. Meanwhile the Company's combined share of associate profit grew 11.4% to Rp202.9 billion, on the back of a genuinely different quarter for each of the three associates: Indomaret grew, Sari Roti barely moved, and Fast Food Indonesia swung from a loss a year ago into the black. None of that, on its own, explains why the stock trades where it does — see Target Valuation Range, where the real story of this quarter actually lives.
The Prescription
FiberStar is the one lever this Company actually controls, and the multi-year dilution overhang flagged in the FY2020 and FY2021 posts has genuinely reversed — see Beyond the Usual. With that overhang cleared, management's real job now is to keep funding FiberStar's buildout without giving any of it back through a new dilutive structure, and to actually explain the operating cash flow deterioration flagged this quarter before it becomes a pattern rather than a one-off.
What it should stop doing: leaving its own capital structure to communicate the Indomaret story for it. Indomaret isn't separately listed, so the only signal a reader gets about what the market thinks it's worth is backed out of DNET's own share price — and that back-of-the-envelope math (below) currently implies close to 105.7 times Indomaret's FY2025 profit, nearly double what the same math implied back in FY2021. This backlog's own coverage has a gap between the FY2021 and Q1 2026 posts — every quarter from 2022-03 through 2025-12 has a downloaded report but no post written yet — so the trend between these two points isn't confirmed by anything in between; treat it as a two-point comparison, not a smooth multi-year trend. A holding company whose main asset is unlisted has every reason to publish more of what it actually knows about that asset — even a simplified operating metric set for Indomaret, beyond the bare summarized balance sheet and P&L already required by equity-method accounting — instead of leaving the market to price a business it structurally cannot see.
Key Financial Metrics
Q1 2026 (three months ended March 31, 2026) vs. Q1 2025, consolidated
FX: IDR 16,936.40 = USD 1 (March 31, 2026) and IDR 16,652 = USD 1 (March 31, 2025), both from independently sourced spot data for the respective period-end dates.
| Metric | Q1 2026 (IDR) | Q1 2026 (USD) | Q1 2025 (IDR) | YoY |
|---|---|---|---|---|
| Revenue (FiberStar, consolidated) | Rp425.022B | ~$25.10M | Rp379.408B | ✅ +12.03% |
| Share of profit of associates» | Rp202.876B | ~$11.98M | Rp182.190B | ✅ +11.35% |
| Operating Income» | Rp264.762B | ~$15.63M | Rp245.531B | ✅ +7.83% |
| Net Income» (total, incl. NCI) | Rp234.534B | ~$13.85M | Rp202.121B | ✅ +16.04% |
| Net income attributable to owners | Rp233.624B | ~$13.80M | Rp204.743B | ✅ +14.11% |
| EPS (basic, quarterly) | Rp16.47 | ~$0.00097 | Rp14.43 | ✅ +14.14% |
| Operating cash flow | Rp54.835B | ~$3.24M | Rp107.731B | ⚠️ -49.10% |
| Free Cash Flow» (op. cash flow - capex) | -Rp215.127B | ~-$12.70M | -Rp202.874B | ⚠️ Burn widened 6.04% |
"Adjusted EBITDA" isn't a metric this Company reports, and it genuinely doesn't map onto a pure holding company's accounts: Operating Income above already embeds Rp202.9 billion of non-cash equity-method associate profit that has nothing to do with FiberStar's own cost structure, so an EBITDA add-back on top would double-count it.
| Balance sheet | Mar 31, 2026 (IDR) | Mar 31, 2026 (USD) | Dec 31, 2025 (IDR) | QoQ |
|---|---|---|---|---|
| Total Assets | Rp23,728.887B | ~$1.401B | Rp23,700.330B | ➖ +0.12% |
| Total Liabilities | Rp7,999.400B | ~$472.4M | Rp8,211.386B | ✅ -2.58% |
| Total Equity | Rp15,729.487B | ~$928.8M | Rp15,488.944B | ✅ +1.55% |
| Cash and cash equivalents | Rp313.260B | ~$18.50M | Rp744.590B | ⚠️ -57.93% |
The balance sheet only carries a prior-year-end comparative under Indonesian interim reporting rules, not a year-ago quarter, so the table above is quarter-over-quarter rather than YoY — worth keeping in mind given cash fell by more than half in just three months (see below).
The operating cash flow drop is the one number in this quarter's filing that doesn't have an obvious explanation in the disclosed line items: "payments for operating activities" jumped 4.4x YoY, from Rp37.7 billion to Rp164.0 billion, while receipts from customers grew a much more modest 24.3% (Rp324.3 billion to Rp403.0 billion) — a working-capital or payment-timing swing large enough to erase most of the operating cash the business generated, even as reported profit grew (see Beyond the Usual). Cash and cash equivalents fell 57.9% quarter-over-quarter, split between that operating cash weakness, Rp270.0 billion of capex, and a Rp167.1 billion net financing outflow — mostly Rp175.1 billion of bank loan repayment (2025's comparable quarter had a Rp360.0 billion capital-subscription-advance inflow that didn't repeat).
The Four Holdings, One by One
The Company reports four material holdings, not operating segments: three equity-method associates whose individual P&Ls never touch its own income statement beyond a single "share of profit" line, and one consolidated subsidiary (FiberStar) whose full financials do. The associates' own summarized balance sheets and income statements are disclosed in the filing's investment-in-associates footnote — this is where almost all the real color for this section comes from.
Indomarco Prismatama (Indomaret) — 40% stake
Indomaret's own Q1 2026 net sales came to Rp33,154.2 billion, with profit attributable to its owners of Rp489.0 billion — a run-rate equal to roughly 16.6% of its full Rp2,946.0 billion FY2025 profit, which is unsurprising for a minimarket chain whose volumes skew toward the second half of the year (holiday-season and year-end restocking). The Company's 40% share of that quarter's profit, Rp195.3 billion, is by far the largest single contributor to the Rp202.9 billion combined associate-profit line. Indomaret alone accounts for roughly 71.8% of the Company's total investment-in-associates carrying value (Rp9,844.7 billion of Rp13,707.2 billion) — this is, functionally, an Indomaret holding company with three smaller positions attached.
Nippon Indosari Corpindo (Sari Roti) — 25.77% stake
Sari Roti's Q1 2026 net sales were Rp871.0 billion against Rp2,216 million of profit attributable to owners — a genuinely thin quarter, equal to just 0.9% of FY2025's full-year Rp258.5 billion profit. The Company's 25.77% share of that, Rp571 million, barely moves the combined associate-profit total. Nothing in the filing explains the drop directly (no cost or margin breakdown is disclosed at this level of detail), but a bread producer's Q1 is also typically its softest — the same seasonal logic that flatters Indomaret's disclosed run-rate cuts the other way for a lower-margin fast-moving consumer good with less of a year-end spending catalyst.
Fast Food Indonesia (KFC) — 35.84% stake
Fast Food Indonesia swung to a Rp13.3 billion profit attributable to owners in Q1 2026, against a Rp366.0 billion loss for full-year FY2025 — the clearest directional improvement of the three associates, even though the absolute profit is still small. Net sales of Rp1,423.1 billion for the quarter run well ahead of an annualized pace against FY2025's Rp4,881.5 billion, suggesting real same-store recovery rather than just cost-cutting against a shrinking base. The ownership percentage disclosed for this stake is worth a closer look, though — see Beyond the Usual.
FiberStar — 71.97% consolidated (via MAP)
FiberStar is the only holding whose numbers show up in full on the Company's own income statement, and the only one this post can say anything about beyond a single profit-share line. Revenue grew 12.0% YoY to Rp425.0 billion, continuing a growth trend covered in the FY2019–2021 posts, though the quarterly filing doesn't break FiberStar's revenue down by Corporate/Retail/Other segment the way the annual reports have — a disclosure gap specific to the interim filing, not a new omission by the Company generally. Customer concentration is still visible in the trade-receivables note: PT Cyberindo Aditama represented 46.15% of total revenue this quarter, down from 51.78% a year ago — a real de-concentration, though still comfortably the largest single counterparty. See Beyond the Usual for a new entrant in that same customer list.
Beyond the Usual
The dilution overhang flagged in FY2020 and FY2021 has actually reversed
FiberStar's ownership structure diluted in each of the last two annual posts covered by this backlog — the Company's stake in MAP fell from 71.88% (FY2020) to 66.76% (FY2021) as minority co-shareholder PT Mega Akses Perkasa ("MAK") converted mandatory notes into MAP equity, with a further Rp145 billion advance-for-shares agreement flagged as more dilution already queued up. That queued agreement never converted into equity: per this quarter's filing, MAP and MAK terminated the advance-for-shares subscription agreement on November 1, 2024, and MAP repaid the full Rp420,000 million advance to MAK in cash instead of issuing shares against it. The Company's combined direct-plus-indirect stake in MAP now stands at 71.97% (69.17% direct plus 2.80% via subsidiary PT Indoritel Persada Nusantara) as of March 31, 2026 — higher than either FY2020 or FY2021's disclosed figure, and unchanged from December 31, 2025. The multi-year dilution thread this backlog has tracked since the FY2020 post is, for now, over.
Fast Food Indonesia's disclosed ownership percentage doesn't match the profit-share math in the same footnote
The investment-in-associates footnote's summary table lists the Company's ownership of Fast Food Indonesia at 35.84% as of both March 31, 2026 and December 31, 2025. But the same footnote's own rollforward for FY2025 shows the ownership rising to 37.51% after a May 2025 non-preemptive rights issue (the Company subscribed for 266.66 million additional FAST shares at Rp150 each) — and the Rp4,985 million "share of profit" actually recorded for FAST this quarter is 37.51% of FAST's disclosed Rp13,289 million quarterly profit, not 35.84% of it (35.84% would imply roughly Rp4,762 million). The percentage printed in the summary table appears to be stale, left over from before the May 2025 rights issue, while the actual profit pickup used the correct, higher post-issue ownership. It's a documentation inconsistency inside the Company's own filing rather than an accounting error — the numbers that flow through to profit are internally consistent with 37.51%, just not with the label attached to them.
Operating cash flow fell by half on a working-capital swing the filing doesn't explain
Net cash from operating activities fell 49.1% YoY, from Rp107.7 billion to Rp54.8 billion, even as both revenue and reported profit grew. The driver visible in the cash flow statement is "payments for operating activities," which rose 4.4x YoY (Rp37.7 billion to Rp164.0 billion) against a much smaller 24.3% rise in cash receipts from customers. The filing doesn't break this line down further, so it isn't possible to tell from what's disclosed whether this is a genuine step-change in the underlying cost base, a working-capital timing effect (e.g., supplier payments pulled forward or a prior-year payable balance catching up), or something else. One quarter isn't enough to call it a trend, but it's worth checking against the next quarter's filing before assuming it reverses on its own.
A satellite ISP is now a disclosed FiberStar customer
PT Starlink Services Indonesia appears in the trade-receivables footnote's list of customers exceeding the disclosure threshold, at Rp7.5 billion receivable as of March 31, 2026 (Rp7.2 billion at December 31, 2025) — a top-eight counterparty by receivable balance. Starlink competes with FiberStar for retail broadband subscribers, so its presence as a wholesale customer of FiberStar's own network is a genuinely interesting footnote detail: the same company selling direct-to-consumer satellite internet is apparently also buying capacity from a terrestrial fiber operator it competes with at the retail level.
The Company's currency exposure is close to nothing
Per the financial risk management footnote, a hypothetical 1% move in the Rupiah against foreign currencies would have moved pre-tax income for the quarter by only Rp9.9 million — immaterial next to a Rp247.6 billion pre-tax profit. For a company whose associates are all Rupiah-denominated Indonesian retailers, this is expected rather than notable on its own, but it does rule out currency risk as something this backlog needs to track closely going forward.
The Company has pledged its stakes in all three associates as loan collateral
The investment-in-associates footnote discloses that the Company's holdings in Indomaret, Fast Food Indonesia, and Sari Roti are all pledged as collateral for the Company's own bank loan facilities. That's the entire equity-method associate book — the same stakes this post's whole valuation exercise turns on — standing behind the Company's own debt, not just sitting on the balance sheet as a passive investment.
The Company is holding Rp500 billion in privately placed bonds paying a 2% coupon
A separate footnote shows the Company participated in a private placement of long-term fixed-rate debt instruments in October 2025 — Rp250 billion in 5-year bonds and Rp250 billion in 7-year bonds, both carrying a 2% annual coupon. A 2% fixed return is a notably low yield to lock up Rp500 billion in for as long as seven years, especially for a company that's simultaneously running a widening free-cash-flow deficit (see Key Financial Metrics). The filing doesn't disclose the counterparty or purpose beyond the instrument's own terms, so it's worth watching for more detail in a future filing rather than a conclusion to draw now.
Target Valuation Range
Bottom line: the market is paying roughly Rp130.5 trillion for a company whose own filed net asset value is Rp15.7 trillion — an 8.3x price-to-book» that only makes sense if Indomaret, still unlisted, is worth far more than what it sits on DNET's books for. Backing that out from the Company's own numbers implies the market is pricing 100% of Indomaret at roughly Rp311.5 trillion — about 105.7x Indomaret's own FY2025 profit, up sharply from the ~53.5x implied at the end of FY2021.
A standard three-scenario discounted cash flow doesn't fit this Company for the same reason the FY2019-2021 posts didn't attempt one: DNET's fair value depends almost entirely on Indomaret, which isn't separately listed, discloses only a summarized balance sheet and P&L as an equity-method associate, and has no independently observable multi-year free-cash-flow trajectory available to this backlog. What follows instead is a sum-of-the-parts read using the Company's own filed numbers, plus a reverse-valuation read on the one genuinely unknown input — what the market is actually paying for Indomaret.
| Market cap → enterprise value | Mar 31, 2026 |
|---|---|
| Share price (period-end) | Rp9,200 |
| Shares outstanding | 14,184,000,000 |
| Market capitalization | Rp130,492.8B (~$7.706B) |
| Total liabilities | Rp7,999.4B |
| Less: cash and equivalents | Rp313.3B |
| Enterprise value | Rp138,178.9B (~$8.159B) |
| Book-value sum-of-the-parts | Mar 31, 2026 |
|---|---|
| Investment in Indomarco Prismatama (Indomaret), carrying value | Rp9,844.7B |
| Investment in Nippon Indosari (Sari Roti), carrying value | Rp2,296.9B |
| Investment in Fast Food Indonesia (KFC), carrying value | Rp1,536.9B |
| Investment in joint ventures, carrying value | Rp28.7B |
| Non-associate net assets (FiberStar + cash + other, net of all liabilities) | Rp2,022.3B |
| Total book equity (= filed Total Equity) | Rp15,729.5B |
| Market capitalization | Rp130,492.8B |
| Implied price-to-book» | ~8.30x |
That 8.3x P/B is the real story of this quarter's valuation: a holding company trading at more than eight times its own filed net asset value only makes sense if its largest, unlisted holding is worth dramatically more than the equity-method book figure sitting on the balance sheet. Backing that out — market cap, less the book value of everything except Indomaret (Sari Roti, Fast Food Indonesia, the joint ventures, and FiberStar plus other net assets) — gives an implied value for the Company's 40% Indomaret stake, and from there, for all of Indomaret:
| Reverse valuation: what the market is paying for Indomaret | Value |
|---|---|
| Market capitalization | Rp130,492.8B |
| Less: Sari Roti, Fast Food Indonesia, JVs, non-associate net assets (book) | Rp5,884.8B |
| Implied value of the Company's 40% Indomaret stake | Rp124,608.0B |
| Implied value of 100% of Indomaret | Rp311,520.1B |
| Indomaret FY2025 profit (attributable to owners) | Rp2,946.0B |
| Implied P/E on Indomaret's FY2025 profit | ~105.7x |
This is the same reverse-valuation exercise the FY2020 and FY2021 posts ran, with one methodology difference worth flagging: those posts valued Sari Roti and Fast Food Indonesia at their own live-quoted market prices (both are separately listed), while this post uses their book carrying value instead, because current per-share market data for those two names wasn't independently verified against a downloaded filing this quarter. Since both stakes are a small fraction of the total (Rp3.8 trillion combined book value against a Rp130.5 trillion market cap), the choice moves the implied Indomaret multiple by at most a percentage point or two either way — not enough to change the conclusion.
The FY2021 post found this same implied multiple at ~53.5x, itself down from FY2020's ~102.2x purely because Indomaret's own profit caught up to a flat stock price. This quarter's ~105.7x shows the opposite move: DNET's share price nearly tripled from Rp3,280 (end of FY2021) to Rp9,200 (end of Q1 2026), while Indomaret's own FY2025 profit (Rp2,946.0 billion) grew only about 50% versus FY2021's Rp1,965.8 billion. The market re-rated Indomaret's implied multiple back up toward FY2020 territory, not because Indomaret's growth accelerated, but because DNET's stock price ran well ahead of it.
| Scenario | Key assumption | Implied share price |
|---|---|---|
| Bear | Implied Indomaret multiple reverts to FY2021's ~53.5x on FY2025 profit | ~Rp4,860 |
| Base | Implied Indomaret multiple holds near the current ~105.7x | ~Rp9,200 (current) |
| Bull | Implied Indomaret multiple expands further to ~150x | ~Rp12,879 |
| Current (period-end close) | — | Rp9,200 |
These aren't a discounted cash flow projection — they're a sensitivity read on the one number this whole valuation actually turns on: what multiple the market is willing to keep paying for a business it can't directly buy. There's no independent evidence in this quarter's filing that the multiple should revert or expand from here; it's simply the one lever with the most room to move DNET's own price in either direction, since Indomaret's underlying profit growth has been comparatively steady. A reader with a strong view on Indomaret's true worth — informed by Indonesian minimarket-sector comparables, none of which are directly analogous since Indomaret's chief rival Alfamart's operator (Sumber Alfaria Trijaya) is separately listed — has more information to work with here than this backlog does on its own.
PT Indoritel Makmur Internasional Tbk's consolidated financial statements for the period ended March 31, 2026 (with March 31, 2025 comparatives), authorized for issuance by the Company's Board of Directors on April 28, 2026.