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    Basic Materials

  3. •

    Paper, Lumber & Forest Products
PT Indah Kiat Pulp & Paper Tbk

PT Indah Kiat Pulp & Paper Tbk

PIKQF
PT Indah Kiat Pulp & Paper TbkUS flagOther OTC
0.53
USD
- -
- -
2.90BMarket Cap
PT Indah Kiat Pulp & Paper Tbk
PIKQF
(Other OTC)

Recent

price

0.53

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.46
0.47
0.46
0.48
0.48
0.52
0.5
0.57
0.61
0.59
0.55
0.64
0.73
0.64
0.58
- -
0.59
Revenue per Share
- -
- -
0.01
0.04
0.02
0.04
0.04
0.08
0.11
0.05
0.05
0.1
0.16
0.08
0.08
- -
0.09
Basic EPS, GAAP
-0.03
-0.05
-0.07
-0.06
-0.03
-0.07
-0.01
-0.02
-0.07
-0.01
-0.03
-0.07
-0.03
-0.11
-0.23
- -
-0.15
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
0.01
0.01
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
0.4
0.37
0.38
0.42
0.44
0.48
0.51
0.58
0.68
0.73
0.77
0.86
1.02
1.09
1.16
- -
1.27
Book Value per Share
0.37
0.36
0.37
0.41
0.43
0.47
0.51
0.58
0.68
0.72
0.77
0.87
1.02
1.09
1.16
- -
1.27
Tangible Book Value per Share
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
5,471
- -
5,471
Basic Weighted Avg Shares
2,510
2,560
2,518
2,651
2,635
2,834
2,720
3,128
3,335
3,223
2,986
3,517
4,003
3,479
3,196
3,171
3,205
Sales/Revenue/Turnover
7.6
3.18
2.86
6.65
7.41
11.65
10.64
19.35
26.87
17.47
17.87
24.47
28.49
22.72
20.51
21.13
22.73
Operating Margin (%)
- -
10
9
11
12
9
12
12
10
10
14
13
11
13
11
8
7
Depreciation Expense
13
16
50
221
126
223
203
413
588
274
294
526
858
411
424
453
469
Net Income, GAAP
82.29
30.01
- -
- -
0.14
3.1
- -
9.58
20.05
31.04
23.31
20.34
18.14
25.15
19.47
17.26
16.38
Effective Tax Rate (%)
0.52
0.63
1.97
8.34
4.79
7.86
7.45
13.21
17.63
8.51
9.85
14.97
21.42
11.83
13.28
14.3
14.64
Profit Margin (%)
10
80
678
563
457
594
819
1,642
2,449
2,382
2,419
2,437
3,237
3,501
3,919
3,862
3,954
Working Capital
1,049
2,656
3,339
3,033
2,694
2,721
2,534
2,706
2,977
2,367
2,031
1,670
1,523
1,708
2,744
2,951
3,029
LT Debt
2,007
2,023
2,073
2,294
2,401
2,623
2,819
3,218
3,772
4,006
4,257
4,765
5,605
6,000
6,408
6,844
7,000
Total Equity
0.93
1.21
- -
- -
3.2
5.09
- -
7.93
9.28
4.81
5.15
8.39
10.71
6.38
5.13
4.89
5.25
Return on Invested Capital (%)
0.74
1.43
- -
- -
3.95
5.23
- -
7.74
9.64
5.23
5.63
8.87
12.3
6.85
6.54
6.27
6.25
Return on Capital (%)
0.59
0.76
2.43
10.16
5.4
8.9
7.5
13.77
16.93
7.1
7.16
11.74
16.67
7.15
6.91
6.92
7
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1,959
1,770
1,765
LT Borrowings
2,971
2,945
3,024
LT Finance Leases
8
6
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
5,471
5,471
5,471
Market Capitalization
2,038
2,038
2,902

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
6,436
6,134
6,296
Cash, Cash Equivalents & STI
3,584
3,375
3,492
Accounts Receivable, Net
1,640
1,530
1,569
Inventories
410
415
418
Total Current Liabilities
2,504
2,272
2,342
Payables & Accruals
- -
- -
- -
ST Debt
1,959
1,770
1,765
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.15%
10.04%
6.8%
Free Cash Flow
93.61%
82.06%
-37.88%
Net Income, GAAP
19.08%
19.97%
6.84%
Sales/Revenue/Turnover
1.65%
1.92%
-0.77%
Total Cash Common Dividend
18.54%
-3.09%
-0.45%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
805
798
818
775
3,196
2025
783
781
799
808
3,171
2026
816
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
- -
- -
- -
0.08
2025
0.03
- -
- -
- -
- -
2026
0.03
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
PT Indah Kiat Pulp & Paper Tbk (INKP) manufactures pulp, cultural paper, industrial paper, tissue, and packaging products across its integrated mills in Perawang-Riau Province, Serang-Banten Province, and Tangerang-Banten Province, Indonesia; core offerings include pulp as raw material for paper and tissue, cultural papers such as writing, printing, and photocopying paper, industrial papers encompassing containerboard (linerboard and corrugated medium), corrugated shipping containers, food packaging, boxboard, and colored paper, alongside cigarette packaging board, folding boxes, ivory, triplex, duplex, and specialty colored papers. Founded in 1976 and headquartered in Serang, Banten, the company, part of the Sinarmas Group and Asia Pulp & Paper (APP), operates with a total annual production capacity exceeding 3 million tons of pulp, 1.7 million tons of cultural paper, 108 thousand tons of tissue, and 2.1 million tons of packaging; it exports approximately 52% of production to Asia, Europe, the United States, Middle East, Africa, and Australia, with the balance serving domestic markets. Recent developments include the January 2025 acquisition of a 175.1 MW power plant from affiliated PT Dian Swastatika Sentosa Tbk (DSSA), including supporting machinery, buildings, inventories, and spare parts, as part of intra-Sinarmas Group transactions; ongoing construction of a new 3.9 million tons per year industrial paper mill in Karawang backed by a US$3.6 billion capex allocation (60% internal cash, 40% external loans) and bond issuances such as phase III sustainable bonds totaling US$150 million in 2024 and an additional US$25 million phase in 2024, with equipment deliveries expected in 2026 to boost capacity and support pulp/paper price recovery.