PT INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK

Financials PT Industri Jamu dan Farmasi Sido Muncul Tbk

Equities

SIDO

ID1000130305

Pharmaceuticals

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
705 ^IDR	-2.76%		+2.92%	+34.29%

Apr. 25	PT Industri Jamu dan Farmasi Sido Muncul Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 18	Nomura Adjusts Industri Jamu Dan Farmasi’s Price Target to IDR800 From IDR670, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,977,560	23,963,821	25,947,816	22,650,000	15,750,000	21,150,000	-	-
Enterprise Value (EV) ²	18,113	22,939	24,868	21,727	14,929	20,174	20,116	20,004
P/E ratio	23.5 x	25.7 x	20.5 x	20.5 x	16.6 x	18.8 x	18.3 x	16.5 x
Yield	3.84%	3.9%	3.95%	-	-	4.69%	5.17%	5.73%
Capitalization / Revenue	6.19 x	7.18 x	6.45 x	5.86 x	4.42 x	5.3 x	5.09 x	4.64 x
EV / Revenue	5.9 x	6.88 x	6.18 x	5.62 x	4.19 x	5.06 x	4.84 x	4.39 x
EV / EBITDA	16.4 x	18.5 x	15 x	14.8 x	11.1 x	13.4 x	12.5 x	11.2 x
EV / FCF	25.9 x	24.4 x	23.1 x	23.4 x	14.9 x	19.2 x	17.8 x	16.5 x
FCF Yield	3.86%	4.1%	4.33%	4.27%	6.73%	5.21%	5.6%	6.05%
Price to Book	6.19 x	7.44 x	7.47 x	6.46 x	4.65 x	5.91 x	5.69 x	5.45 x
Nbr of stocks (in thousands)	29,995,964	29,995,964	29,997,475	30,000,000	30,000,000	30,000,000	-	-
Reference price ³	632.7	798.9	865.0	755.0	525.0	705.0	705.0	705.0
Announcement Date	2/18/20	2/8/21	2/7/22	2/10/23	2/19/24	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,067	3,335	4,021	3,866	3,566	3,990	4,154	4,558
EBITDA ¹	1,105	1,243	1,654	1,470	1,347	1,509	1,607	1,787
EBIT ¹	1,018	1,146	1,560	1,375	1,244	1,425	1,520	1,711
Operating Margin	33.17%	34.35%	38.8%	35.56%	34.88%	35.71%	36.6%	37.54%
Earnings before Tax (EBT) ¹	1,074	1,200	1,613	1,420	1,220	1,460	1,529	1,683
Net income ¹	807.7	934	1,261	1,105	950.6	1,134	1,175	1,286
Net margin	26.33%	28%	31.36%	28.58%	26.66%	28.43%	28.29%	28.21%
EPS ²	26.94	31.14	42.28	36.82	31.69	37.51	38.45	42.65
Free Cash Flow ³	699,564	940,615	1,076,764	928,734	1,005,007	1,051,667	1,127,333	1,210,500
FCF margin	22,806.16%	28,200.87%	26,778.65%	24,026.09%	28,183.59%	26,360.64%	27,140.37%	26,555.66%
FCF Conversion (EBITDA)	63,335.27%	75,693.06%	65,101.71%	63,173.55%	74,586.95%	69,678.45%	70,152.51%	67,745.7%
FCF Conversion (Net income)	86,613.04%	100,706.52%	85,396.6%	84,070.09%	105,718.1%	92,717.11%	95,950.87%	94,147.11%
Dividend per Share ²	24.31	31.16	34.20	-	-	33.09	36.45	40.39
Announcement Date	2/18/20	2/8/21	2/7/22	2/10/23	2/19/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	1,655	1,245	880.5	731.6	1,612	1,002	1,252	907.3	746.5	707.5	1,205	1,053	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	517.5	-	-	-	-	-
EBIT	-	498.2	354.1	185.2	539.4	342.4	493	362.3	210.1	165.2	506.1	491.6	-	-	-	-	-
Operating Margin	-	40.03%	40.22%	25.32%	33.46%	34.18%	39.38%	39.93%	28.14%	23.35%	42.01%	46.67%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	464.6	-	-	-	-	-	-
Net income	502	-	-	150.6	445.6	-	-	-	-	-	364.1	390.5	-	-	-	-	-
Net margin	30.34%	-	-	20.58%	27.64%	-	-	-	-	-	30.22%	37.07%	-	-	-	-	-
EPS	-	13.21	9.830	5.020	-	9.160	12.81	10.01	4.930	4.610	12.14	-	-	-	-	-	-
Dividend per Share ¹	-	18.90	-	13.50	-	-	-	-	23.00	-	-	-	11.49	-	15.18	-	12.43
Announcement Date	7/27/21	2/7/22	4/22/22	7/29/22	7/29/22	10/26/22	2/10/23	4/28/23	7/26/23	10/30/23	2/19/24	4/25/24	-	-	-	-	-

¹IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	865	1,025	1,080	923	821	976	1,034	1,146
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	699,564	940,615	1,076,764	928,734	1,005,007	1,051,667	1,127,333	1,210,500
ROE (net income / shareholders' equity)	27.1%	29.7%	37.7%	31.7%	27.6%	31.5%	33%	35.2%
ROA (Net income/ Total Assets)	23.5%	25.3%	31.8%	27.1%	23.8%	29.5%	28.7%	30.1%
Assets ¹	3,437	3,690	3,959	4,075	3,986	3,850	4,101	4,276
Book Value Per Share ³	102.0	107.0	116.0	117.0	113.0	119.0	124.0	129.0
Cash Flow per Share ³	27.90	34.50	40.20	36.90	35.20	46.10	47.40	51.90
Capex ¹	137	95.1	123	178	50.4	128	161	150
Capex / Sales	4.48%	2.85%	3.05%	4.62%	1.41%	3.21%	3.87%	3.28%
Announcement Date	2/18/20	2/8/21	2/7/22	2/10/23	2/19/24	-	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PT Industri Jamu dan Farmasi Sido Muncul Tbk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

705 IDR

Average target price

696.6 IDR

Spread / Average Target

-1.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Alternative Medicine

	1st Jan change	Capi.
PT INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK	+34.29%	1.3B
DONG-E-E-JIAO CO.,LTD.	+35.04%	5.92B
SHIJIAZHUANG YILING PHARMACEUTICAL CO., LTD.	-15.13%	4.51B
TASLY PHARMACEUTICAL GROUP CO., LTD	-9.75%	3.15B
TIANJIN PHARMACEUTICAL DA REN TANG GROUP CORPORATION LIMITED	+2.14%	3.1B
SHANDONG BUCHANG PHARMACEUTICALS CO., LTD.	-6.82%	2.42B
HENAN LINGRUI PHARMACEUTICAL CO., LTD.	+47.87%	1.97B
GUANGYUYUAN CHINESE HERBAL MEDICINE CO., LTD.	-7.89%	1.68B
TIBET CHEEZHENG TIBETAN MEDICINE CO., LTD.	+0.09%	1.65B
TIANJIN CHASE SUN PHARMACEUTICAL CO.,LTD	-12.97%	1.53B

Alternative Medicine