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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 started its journey to build a tech ecosystem in 2012, with the establishment of KMK Online. Since then, EMTK has invested in several major players in Indonesia’s digital sector, such as Bukalapak, DANA, Vidio, and KlikDokter. EMTK's share price went Price Comparison up by +366% in the past year, and currently ranks 10th on the list of companies with the Cons. Target Price (IDR) 3,400 biggest market cap on the IDX. In March 2021, EMTK conducted a private placement, SSI vs. Cons. (%) n.a obtaining IDR 9.3 trillion (75% of its equity in FY20). There have been many rumors and speculations about the corporate action, but the company’s management hasn’t given any response or information on this matter. We have not made any projection for Stock Information EMTK, but we hope this report will provide an understanding of EMTK's businesses and Last Price (IDR) 2,230 its future potential. Shares Issued (Mn) 55,032 Market Cap. (IDR Bn) 141,366 Tech ecosystem and e-commerce exposure. EMTK has invested in several major players 52-Weeks High/Low (IDR) 2,680/397 in Indonesia’s digital sector; Bukalapak, DANA, Vidio, and KlikDokter. EMTK's digital 3M Avg. Daily Value (IDR Bn) 61.4 journey began in 2012, with the establishment of KMK Online, which is currently the Free Float (%) 38.3 holding company for EMTK's digital business lines. Several speculations related to Shareholder Structure: Eddy Sariaatmadja 22.3 Bukalapak's IPO plan, with a valuation of USD 4-5 billion, and the Gojek-Tokopedia (GoTo) merger have also boosted the valuation of other e-commerce companies. At present, EMTK is the only listed company on the IDX with e-commerce exposure. In addition to its digital business, EMTK also owns 61% of Surya Citra Media (SCMA), a media company, and Stock Performance Elang Medika Corpora (EMC), which runs two hospitals in Sentul and Tangerang. EMC had (%) YTD 1M 3M 12M also acquired 100% of Sarana Meditama Metropolitan (SAME) shares for IDR 1.35 trillion. Absolute 65.0 (7.2) 16.1 366.7 An IDR 9.3 trillion private placement. In March 2021, EMTK conducted a private JCI Return 0.2 (4.2) (5.0) 30.5 placement, issuing 4.76 billion new shares valued at IDR 9.3 trillion. The number of new Relative 64.6 (3.2) 22.2 257.7 shares issued was equivalent to 8.4% of the total number of EMTK shares before the private placement. Some of the investors purchased those shares including Naver Stock Price & Volumes, 12M Corporation (a South Korean company known for its popular mobile messenger, LINE) and 3,000 140 H Holdings Inc, alleged to be an affiliate of Grab. H Holdings purchased IDR 4 trillion worth 2,500 120 of EMTK’s new shares (43% of the total value of new shares issued). Several insurance and 100 asset management institutions also participated in the private placement. 2,000 80 Share price growth of +366% yoy, tenth biggest market cap on the IDX. EMTK's share 1,500 price had gone up by +366.7% in a year, and with a market cap of IDR 142.6 trillion, EMTK 60 1,000 is the company with the tenth biggest market cap on the IDX. EMTK's stock liquidity has 40 also improved after its 1:10 stock split, which resulted in an increase in the average daily 500 20 transaction value to IDR 2.632 billion in 1Q21 (vs.90.6 billion in 4Q20). At present, we - - have not made any projection for EMTK. However, considering its market cap and average Jan-20 May-20 Sep-20 Jan-21 daily transaction value, EMTK is one of the ones to watch, as a proxy for the growth of the Volume Last Price Millions technology sector on the IDX. Company Background Forecast and Valuations (at IDR 2,230/share) Elang Mahkota Teknologi TBk (EMTK) is the holding Y/E Dec 16A 17A 18A 19A 20A company of Surya Citra Media (SCMA). Aside from Revenue (IDRBn) 7,369 7,593 8,960 11,030 11,936 SCMA, EMTK has also invested in several well-known EBITDA (IDRBn) 3,549 2,753 2,694 3,851 3,852 startups such as Bukalapak, DANA, Vidio, and KlikDokter. EV/EBITDA (x) 16.3 21.6 18.9 9.0 33.9 Established in 1983 and listed since 2010, EMTK was Net Profit (IDRBn) 354 44 (2,622) (1,516) 2,058 founded by Eddy Sariaatmadja and is currently EPS (IDR) 6.4 0.8 (47.6) (27.6) 37.4 controlled by the Sariaatmadja family. EPS Growth (%) (73.4) (87.6) n.m n.m n.m 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 +62 21 2854 8339 Interest Coverage (x) n.a n.a n.a n.a n.a [email protected] Net Gearing (%) n.c n.c n.c n.c n.c 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) was founded in 1983 by Eddy Sariaatmadja, and made its debut on the IDX in 2010.
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