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PT Steel Pipe Industry of Indonesia Tbk

PT Steel Pipe Industry of Indonesia Tbk

ISSP.JK
PT Steel Pipe Industry of Indonesia TbkID flagIndonesia Stock Exchange
386.00
IDR
+2.00
- -
2.72TMarket Cap
PT Steel Pipe Industry of Indonesia Tbk
ISSP.JK
(Indonesia Stock Exchange)

Recent

price

386.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
430.37
541.91
470.08
500.18
460.86
517.94
631.74
690.88
534.37
761.29
885.44
913.66
865.97
840.83
840.14
Revenue per Share
15.47
31.21
29.99
22.19
14.55
1.22
6.89
26.26
24.89
68.8
43.29
70.5
75.03
75.72
75.56
Basic EPS, GAAP
-8.44
-36.55
-50.66
-74.7
-43.82
-29.91
-10.6
-19.69
-6.66
-15.79
-15.38
-9.35
-37.42
-70.56
-54.23
Free Cash Flow per Basic Share
- -
- -
2.01
- -
5
1.5
- -
- -
- -
6
9
6
15
15.99
- -
Dividend per Share
61.13
143.1
158.25
180.44
192.36
192.08
198.97
225.23
250.32
311.7
344.58
407.66
466.27
525.2
479.05
Book Value per Share
106.56
295.5
319.27
349.87
366.2
395.17
407.99
434.96
469.15
534.04
585.42
653.27
713.63
803.91
727.27
Tangible Book Value per Share
7,186
6,521
7,164
7,164
7,072
7,072
7,072
7,072
7,065
7,065
7,065
7,065
7,065
7,056
7,065
Basic Weighted Avg Shares
3,092,658
3,534,018
3,367,873
3,583,541
3,259,200
3,662,810
4,467,590
4,885,875
3,775,530
5,378,808
6,255,945
6,455,329
6,118,364
5,932,797
5,935,900
Sales/Revenue/Turnover
10.59
10.94
10.54
15.8
13.07
8.78
8.21
9.88
10.83
15.76
10.35
13.67
15.2
15.19
15.43
Operating Margin (%)
2,386
6,163
8,083
13,059
18,885
23,230
20,538
12,440
11,486
8,472
7,740
8,054
3,558
2,763
3,315
Depreciation Expense
111,191
203,561
214,898
159,014
102,917
8,639
48,723
185,695
175,825
486,062
305,860
498,087
530,082
534,247
533,854
Net Income, GAAP
25.43
18.98
17.99
18.42
26.03
57.74
18.27
20.4
- -
26.29
22.22
22.25
21.54
20.56
21.14
Effective Tax Rate (%)
3.6
5.76
6.38
4.44
3.16
0.24
1.09
3.8
4.66
9.04
4.89
7.72
8.66
9
8.99
Profit Margin (%)
241,919
906,819
943,551
590,677
450,778
1,151,989
1,061,337
1,004,388
951,289
1,661,186
1,794,511
2,577,216
3,643,093
3,397,092
3,340,946
Working Capital
132,194
150,557
255,778
291,977
287,931
787,270
632,565
422,337
246,531
209,950
325,059
569,490
1,367,511
1,156,050
1,156,880
LT Debt
768,710
1,931,607
2,304,834
2,553,475
2,645,057
2,840,941
2,915,416
3,098,666
3,335,340
3,787,113
4,144,535
4,618,346
5,043,751
5,673,359
5,140,054
Total Equity
- -
10.37
7.56
10.18
6.09
2.47
5.26
6.51
- -
10.5
7.75
9.79
9.86
9.22
10.29
Return on Invested Capital (%)
- -
10.69
11.84
8.46
6.84
2.31
4.3
7.27
- -
12.57
7.89
11.33
11.24
11.22
12.36
Return on Capital (%)
- -
29.66
20.79
13.11
7.76
0.64
3.52
12.38
10.46
24.48
13.19
18.74
17.17
15.26
16.79
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
1,121,458
1,095,372
1,199,333
LT Borrowings
1,364,100
1,364,100
1,156,050
LT Finance Leases
3,411
2,262
830
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
7,065
7,065
7,065
Market Capitalization
1,893,511
1,851,119
2,331,562

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
5,254,241
5,286,308
5,160,904
Cash, Cash Equivalents & STI
503,649
620,357
809,745
Accounts Receivable, Net
1,121,787
898,271
753,947
Inventories
3,519,974
3,621,062
3,482,672
Total Current Liabilities
1,611,148
1,636,454
1,819,958
Payables & Accruals
- -
- -
- -
ST Debt
1,121,458
1,095,372
1,199,333
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.37%
11.22%
12.48%
Free Cash Flow
36.5%
96.77%
88.33%
Net Income, GAAP
82.23%
41.89%
0.79%
Sales/Revenue/Turnover
6.56%
10.74%
-3.03%
Total Cash Common Dividend
- -
94.55%
6.46%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,373,303
1,423,508
1,517,629
1,803,924
6,118,364
2025
1,280,458
1,333,889
1,769,550
- -
5,932,797
2026
1,221,490
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
15.41
- -
- -
- -
75.03
2025
11.96
- -
- -
- -
75.72
2026
10.93
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
15
2025
- -
- -
- -
- -
15.99
2026
- -
- -
- -
- -
- -
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Business
PT Steel Pipe Industry of Indonesia Tbk (SPINDO) is a leading Indonesian manufacturer and distributor of steel pipes and related products operating since 1971 and headquartered in Surabaya, Indonesia. The company produces a comprehensive portfolio that includes standard carbon steel pipes, stainless steel pipes (marketed under the Tetsura brand), spiral pipes, black pipes, American Petroleum Institute (API) certified pipes, water pipes, mechanical pipes, furniture pipes, steel poles, and industrial and ornamental stainless steel pipes. Its product offerings span multiple segments: Steel Pipe Mill; Spiral Steel Pipe Mill; Strips and Plate; and Services and Others. Beyond manufacturing, SPINDO provides ancillary services such as galvanizing, shearing, slitting, three-layer polyethylene (3LPE) coating, internal and external epoxy coating, cement lining, and quality control testing through its laboratory facilities. The company serves diverse industries including construction, infrastructure, utilities, oil and gas, furniture, and automotive sectors, with operations extending to both domestic and international markets including Japan, Singapore, Taiwan, the USA, and Australia. In recent developments, SPINDO plans to significantly enhance its manufacturing capacity with the installation of advanced ERW machines capable of producing pipes with diameters up to 24 inches, aiming to increase product quality and operational efficiency while reducing downtime. The company targets a net profit range of approximately IDR 550 billion to 600 billion for 2025, supported by sustained high steel pipe demand driven by Indonesian government infrastructure and energy projects as well as private sector expansion. SPINDO also actively participates in national strategic projects, contributing to key infrastructure endeavors such as the Cirebon-Semarang II Gas Pipeline. Strategic partnerships include shareholding by Japan's JFE Steel Corporation and Marubeni-Itochu Steel Inc., which together hold a combined minority stake to bolster supply chain stability and expand market reach in Southeast Asia. SPINDO maintains a network of six production facilities and four distribution centers across Indonesia to support its sales and service operations. Overall, PT Steel Pipe Industry of Indonesia Tbk positions itself as Indonesia's most comprehensive steel pipe company with a strong product range, growing production capabilities, strategic international alliances, and consistent support for major national infrastructure projects, underpinning its ambitions for profitable growth and industry leadership in the region.