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Elang Mahkota Teknologi Bloomberg: EMTK.IJ | Reuters: EMTK.JK Technology Sector 29 April 2021 JCI Index: 5,964

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Elang Mahkota Teknologi Bloomberg: EMTK.IJ | Reuters: EMTK.JK Technology Sector 29 April 2021 JCI Index: 5,964 Elang Mahkota Teknologi Bloomberg: EMTK.IJ | Reuters: EMTK.JK Technology Sector 29 April 2021 JCI Index: 5,964 Not Rated Proxy of Indonesia’s Technology Target Price (IDR) n.a EMTK telah berkomitmen membangun ekosistem teknologi sejak tahun 2012, dimulai dari didirikannya KMK Online, yang saat ini menjadi induk dari bisnis digital. Selain itu, EMTK memiliki investasi pada nama-nama besar di dunia digital seperti: Bukalapak, Price Comparison DANA, Vidio, dan KlikDokter. Harga saham EMTK telah naik +366% dalam setahun Cons. Target Price (IDR) 3,400 terakhir, dan saat ini menempati urutan 10 di daftar saham dengan market cap terbesar SSI vs. Cons. (%) n.a di BEI. EMTK baru saja melakukan private placement dengan jumlah signifikan yaitu IDR 9.3 triliun (75% dari total equity FY20). Terdapat banyak rumor dan spekulasi dari aksi korporasi tersebut, namun manajemen menyatakan belum dapat memberikan Stock Information tanggapan maupun informasi lebih lanjut atas hal tersebut. Saat ini kami belum Last Price (IDR) 2,230 membuat proyeksi untuk EMTK, namun kami berharap laporan ini akan memberikan Shares Issued (Mn) 55,032 Market Cap. (IDR Bn) 141,366 pemahaman mengenai bisnis EMTK saat ini serta potensinya ke depan. 52-Weeks High/Low (IDR) 2,680/397 Memiliki ekosistem teknologi dan eksposur pada e-commerce. EMTK memiliki investasi 3M Avg. Daily Value (IDR Bn) 61.4 pada beberapa perusahaan digital ternama seperti: Bukalapak, DANA, Vidio, dan Free Float (%) 38.3 KlikDokter. Perjalanan digital EMTK dimulai sejak 2012, dengan didirikannya KMK Online Shareholder Structure: Eddy Sariaatmadja 22.3 yang saat ini menjadi holding dari bisnis digital EMTK. Beberapa spekulasi terkait rencana IPO dari Bukalapak dengan valuasi USD 4-5 miliar, dan merger Gojek-Tokopedia (GoTo) juga turut mendorong valuasi perusahaan e-commerce lain menjadi lehih tinggi. Saat ini, EMTK adalah satu-satunya emiten di BEI yang memiliki eksposur terhadap e-commerce. Stock Performance Selain bisnis digitalnya, EMTK juga memiliki 61% saham Surya Citra Media (SCMA) yang (%) YTD 1M 3M 12M merupakan bisnis media dan konten, dan Elang Medika Corpora (EMC) yang merupakan Absolute 65.0 (7.2) 16.1 366.7 bisnis rumah sakit. EMC baru saja mengakuisisi 100% saham Sarana Meditama JCI Return 0.2 (4.2) (5.0) 30.5 Metropolitan (SAME) dengan nilai IDR 1.35 triliun. Relative 64.6 (3.2) 22.2 257.7 Private placement sebesar IDR 9.3 triliun di akhir Maret. EMTK baru saja melakukan private placement sebesar 4.76 miliar saham di harga IDR 1,954 dengan jumlah nilai total Stock Price & Volumes, 12M mencapai IDR 9.3 triliun. Penambahan jumlah saham adalah setara dengan 8.4% dari total 3,000 140 saham sebelumnya. Investor yang masuk antara lain Naver Corporation, perusahaan 2,500 120 Korea Selatan yang dikenal dengan salah satu produk mobile messengernya yang populer 100 yaitu LINE. Kemudian juga ada H Holdings Inc, yang diduga merupakan perusahaan 2,000 terafiliasi dengan Grab yang didukung Softbank. Nilai investasi dari H Holdings setara 80 1,500 dengan IDR 4 triliun (43% dari total private placement). Sedangkan investor lainnya 60 berasal dari beberapa institusi asuransi dan aset manajemen. 1,000 40 Harga saham telah naik +366%, menjadi 10 besar market cap di BEI. Dalam setahun 500 20 terakhir, harga saham EMTK telah naik +366.7%, dan dengan market cap sebesar IDR - - 142.6 triliun, EMTK merupakan emiten dengan market cap terbesar ke-10 di BEI. Likuiditas Jan-20 May-20 Sep-20 Jan-21 saham EMTK pun telah meningkat setelah stock split 1:10, yang membuat rata-rata nilai Volume Last Price Millions transaksi harian naik menjadi IDR 2,632 miliar pada 1Q21 (vs.90.6 miliar di 4Q20). Saat ini, kami belum membuat proyeksi untuk EMTK, namun mengingat market cap yang sudah besar dan rata-rata transaksi harian yang tinggi, EMTK layak untuk dicermati, sebagai proxy dari pertumbuhan sektor teknologi di BEI. Company Background Forecast and Valuations (at IDR 2,230/share) Elang Mahkota Teknologi Tbk (EMTK) merupakan Y/E Dec 16A 17A 18A 19A 20A perusahaan induk dari Surya Citra Media (SCMA) Revenue (IDRBn) 7,369 7,593 8,960 11,030 11,936 yang telah berinvestasi di beberapa startup EBITDA (IDRBn) 3,549 2,753 2,694 3,851 3,852 ternama seperti Bukalapak, Dana, Vidio, dan EV/EBITDA (x) 16.3 21.6 18.9 9.0 33.9 klikdokter. Didirikan pada 1983 dan listing sejak Net Profit (IDRBn) 354 44 (2,622) (1,516) 2,058 2010, EMTK didirikan oleh Eddy Sariaatmadja dan EPS (IDR) 6.4 0.8 (47.6) (27.6) 37.4 EPS Growth (%) (73.4) (87.6) n.m n.m n.m dimiliki oleh keluarga Sariaatmadja. P/E Ratio (x) 155.4 1,193.6 n.m n.m 62.0 BVPS (IDR) 286.5 324.4 281.0 222.9 225.3 P/BV Ratio (x) 3.5 2.9 3.0 2.6 10.3 DPS (IDR) 4.0 4.0 n.a n.a n.a Dividend Yield (%) 0.4 0.4 n.a n.a n.a ROAE (%) 2.5 0.3 n.a n.a 19.3 Nashrullah Putra ROAA (%) 1.7 0.2 n.a n.a 11.5 Interest Coverage (x) n.a n.a n.a n.a n.a +62 21 2854 8339 Net Gearing (%) n.c n.c n.c n.c n.c [email protected] www.samuel.co.id Page 1 of 7 Elang Mahkota Teknologi Bloomberg: EMTK.IJ | Reuters: EMTK.JK Technology Sector 29 April 2021 JCI Index: 5,964 Financial Highlight Profit and Loss Cash Flow Y/E Dec (IDR Bn) 16A 17A 18A 19A 20A Y/E Dec (IDR Bn) 16A 17A 18A 19A 20A Revenue 7,369 7,593 8,960 11,030 11,936 Net Profit 354 44 (2,622) (1,516) 2,058 Cost of Revenues (4,169) (4,755) (6,125) (8,270) (9,043) D&A 2,175 2,264 2,590 2,975 2,594 Gross Profit 3,200 2,838 2,835 2,760 2,893 Chg in Working Capital (1,340) (1,268) 795 (3,061) (2,883) Operating Expenses (1,826) (2,348) (2,731) (1,883) (1,635) Operating Cash Flow 1,189 1,040 763 (1,603) 1,770 Operating Profit 1,374 490 104 877 1,258 Capital Expenditure (294) (1,191) (1,240) (845) (306) EBITDA 3,549 2,753 2,694 3,851 3,852 Others (5,063) 2,687 (1,998) 69 115 Other Income (Expense) (63) 379 (2,041) (314) 2,444 Investing Cash Flow (5,357) 1,497 (3,238) (775) (192) Finance Expense - - - - - Net - Borrowing (362) (28) (11) 1,467 1,287 Pre-tax profit 1,311 868 (1,938) 563 3,703 Other Financing (254) 1,704 (356) (319) (3,101) Income Tax (449) (420) (368) (267) (346) Financing Cash Flow (616) 1,676 (367) 1,148 (1,813) Profit for Period 862 448 (2,306) 296 3,357 Net - Cash Flow (4,784) 4,212 (2,842) (1,230) (235) Net Extraordinary Gain (Losses) - - - (2,640) (1,639) Cash at beginning 7,700 2,915 7,181 4,665 3,339 Minority Interest (508) (404) (316) 827 341 Forex Adjustment - 54 325 (96) (266) Net Profit 354 44 (2,622) (1,516) 2,058 Cash at ending 2,915 7,181 4,665 3,339 2,838 Balance Sheet Key Ratios Y/E Dec (IDR Bn) 16A 17A 18A 19A 20A Y/E Dec 16A 17A 18A 19A 20A Cash & equivalents 2,915 7,181 4,665 3,339 2,838 Gross Profit Margin (%) 43.4 37.4 31.6 25.0 24.2 Receivables 1,711 1,719 1,752 1,932 2,230 Operating Margin (%) 18.6 6.4 1.2 7.9 10.5 Others 4,927 1,595 3,402 3,336 2,262 EBITDA Margin (%) 48.2 36.3 30.1 34.9 32.3 Total Current Asset 9,553 10,496 9,819 8,607 7,330 Pre-Tax Margin (%) 17.8 11.4 (21.6) 5.1 31.0 Net Fixed Asset 2,367 2,334 2,519 3,029 4,727 Net Profit Margin (%) 4.8 0.6 (29.3) (13.7) 17.2 Other Non-Current Asset 8,516 9,380 7,188 5,905 5,827 Debt to Equity (%) 1.4 1.6 1.9 17.2 23.6 Total Asset 20,437 22,210 19,525 17,541 17,884 Net Gearing (%) n.c n.c n.c n.c n.c ST. Bank loan 130 135 148 110 416 Payables 531 1,492 1,824 2,266 1,468 Major Assumption Other current Liability 1,220 234 301 314 982 16A 17A 18A 19A 20A Total Current Liability 1,881 1,861 2,273 2,689 2,865 LT.Debt 60 95 77 1,588 2,109 Other LT Liabilities 2,727 2,403 1,711 998 512 Total Liabilities 4,668 4,359 4,061 5,275 5,485 Minority Interest 1,830 3,320 3,545 2,389 1,711 Total Equity 13,939 14,530 11,919 9,876 10,688 www.samuel.co.id Page 2 of 7 Elang Mahkota Teknologi Bloomberg: EMTK.IJ | Reuters: EMTK.JK Technology Sector 29 April 2021 JCI Index: 5,964 Company Background Emtek Group (EMTK) didirikan tahun 1983 oleh Eddy Sariaatmadja, dan memulai debutnya di bursa pada 2010. Awalnya, EMTK didirikan dengan nama ‘Elang Mahkota Komputer’, dengan fokus bisnis distribusi perangkat keras komputer. Pada 2005, EMTK berhasil mengakuisisi stasiun televisi Surya Citra Media (SCTV), dan pada 2011, Emtek mengakuisisi satu stasiun televisi lainnya, Indosiar Visual Mandiri (IVM).
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