PT JASA ARMADA INDONESIA TBK

Financials PT Jasa Armada Indonesia Tbk

Equities

IPCM

ID1000141708

Marine Freight & Logistics

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
266 ^IDR	+0.76%		+0.76%	-5.00%

29/04	PT Jasa Armada Indonesia Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
28/03	PT Jasa Armada Indonesia Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	25,89,557	9,24,842	18,78,531	15,51,371	14,45,835	14,77,496
Enterprise Value (EV) ¹	22,54,675	4,58,678	13,56,400	9,28,583	8,81,137	11,08,011
P/E ratio	35.6 x	10.3 x	23.4 x	11.4 x	9.6 x	9.37 x
Yield	-	-	3.42%	7.04%	7.82%	-
Capitalization / Revenue	3.56 x	1.36 x	2.7 x	1.89 x	1.48 x	1.3 x
EV / Revenue	3.1 x	0.67 x	1.95 x	1.13 x	0.9 x	0.97 x
EV / EBITDA	17.4 x	3.21 x	11.2 x	4.62 x	4.12 x	4.91 x
EV / FCF	-15.6 x	2.12 x	5.76 x	9.24 x	10.4 x	1,006 x
FCF Yield	-6.43%	47.2%	17.4%	10.8%	9.63%	0.1%
Price to Book	2.49 x	0.86 x	1.72 x	1.34 x	1.21 x	1.19 x
Nbr of stocks (in thousands)	52,84,811	52,84,811	52,76,771	52,76,771	52,76,771	52,76,771
Reference price ²	490.0	175.0	356.0	294.0	274.0	280.0
Announcement Date	28/03/19	27/03/20	08/04/21	29/03/22	13/04/23	28/03/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	7,27,051	6,81,677	6,96,561	8,20,161	9,80,168	11,38,537
EBITDA ¹	1,29,746	1,42,855	1,21,413	2,01,093	2,13,644	2,25,703
EBIT ¹	1,01,144	1,13,004	91,345	1,60,284	1,74,995	1,84,488
Operating Margin	13.91%	16.58%	13.11%	19.54%	17.85%	16.2%
Earnings before Tax (EBT) ¹	1,21,356	1,34,139	1,14,168	1,71,605	1,87,040	1,96,669
Net income ¹	72,807	90,047	80,234	1,36,583	1,50,655	1,57,662
Net margin	10.01%	13.21%	11.52%	16.65%	15.37%	13.85%
EPS ²	13.78	17.04	15.19	25.86	28.55	29.88
Free Cash Flow ¹	-1,44,908	2,16,300	2,35,336	1,00,522	84,835	1,101
FCF margin	-19.93%	31.73%	33.79%	12.26%	8.66%	0.1%
FCF Conversion (EBITDA)	-	151.41%	193.83%	49.99%	39.71%	0.49%
FCF Conversion (Net income)	-	240.21%	293.31%	73.6%	56.31%	0.7%
Dividend per Share	-	-	12.17	20.71	21.42	-
Announcement Date	28/03/19	27/03/20	08/04/21	29/03/22	13/04/23	28/03/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	3,34,883	4,66,164	5,22,131	6,22,788	5,64,698	3,69,485
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-1,44,908	2,16,300	2,35,336	1,00,522	84,835	1,101
ROE (net income / shareholders' equity)	7.12%	8.49%	7.39%	12.2%	12.8%	12.9%
ROA (Net income/ Total Assets)	5.03%	5.79%	4.25%	7.06%	7.5%	7.66%
Assets ¹	14,48,641	15,54,496	18,88,574	19,33,449	20,08,410	20,58,116
Book Value Per Share ²	197.0	204.0	207.0	219.0	227.0	235.0
Cash Flow per Share ²	63.40	88.20	109.0	124.0	108.0	77.50
Capex ¹	35,013	76,725	1,784	1,06,541	3,426	14,522
Capex / Sales	4.82%	11.26%	0.26%	12.99%	0.35%	1.28%
Announcement Date	28/03/19	27/03/20	08/04/21	29/03/22	13/04/23	28/03/24

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
PT JASA ARMADA INDONESIA TBK	-5.00%	87.09M
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+43.21%	13.54B
WALLENIUS WILHELMSEN ASA	+37.42%	4.77B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+38.06%	4.16B
STAR BULK CARRIERS CORP.	+20.88%	2.91B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+91.19%	2.27B
HÖEGH AUTOLINERS ASA	+32.57%	2.12B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-9.85%	2.01B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+26.49%	2.01B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+41.92%	1.7B

Deep Sea Freight

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Financials PT Jasa Armada Indonesia Tbk

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