PT Metrodata Electronics TbkFull report →1 / 14
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PT Metrodata Electronics Tbk

PT Metrodata Electronics is Indonesia's largest ICT distributor and enterprise-IT solutions provider, family-controlled and net-cash, whose profits have compounded steadily even as the shares de-rated to roughly book value and under eight times earnings.

The stock reached Rp845 in early 2022; the four years since took it to Rp510, and the past six months have chopped between Rp488 and Rp605 — a de-rating, not a decline.
Net cash Rp1.2TP/E FY27E 6.4×
Rp510
Share price
Rp6.3T
Market cap
Rp27.2T
FY2025 revenue
7.7×
Trailing owner P/E
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IThe business
How it earns

Three-quarters of revenue, but only 40% of the profit that reaches owners

FY2025 group profit of Rp1,143bn
The distribution engine runs through 50%-owned Synnex Metrodata Indonesia; the group consolidates all of its revenue but keeps only half its profit.
  • The engine is half-owned. Distribution supplies about 76% of revenue but only ~40% of owner earnings, because it flows through the 50%-owned Synnex Metrodata Indonesia joint venture.
  • A large, sticky leak. Rp329 billion of FY2025 profit — 28.8% of the group total — went to minorities and never reached Metrodata shareholders.
  • Why per-share growth lags. In Q1 FY2026 revenue jumped 21.4% but owner profit rose just 3.4%, because the reaccelerating engine was distribution and the minority share climbed with it.
Two-speed business

A thin distributor bolted to a higher-margin, wholly-owned solutions arm

Segment economics, FY2025
SegmentRevenueGross marginOwner earnings
DistributionRp20.7T6.0%~40%
Solution & ConsultationRp6.5T14.7%~60%
Solutions earns roughly 2.5x the gross margin on a quarter of the revenue, and it is 100% owned.
  • Volume vs value. Distribution moves hardware at ~6% gross margin; Solution & Consultation earns ~15% on IT services, software and managed contracts the group owns outright.
  • Mix is the lever. Because Solutions is wholly owned and higher-margin, owner earnings move on which engine grows — not on how fast the top line grows.
  • The catch. Solutions external revenue has sat near Rp6.5 trillion since 2023, so the recent growth has come from the leakier distribution side.
The demand backdrop

A ~12% enterprise-IT market, briefly stalled by a public-sector freeze

Indonesia enterprise-IT growth by category
Software and services grow faster than hardware; the blended enterprise-IT market runs near 12% a year (IDC).
  • Structural demand. Indonesian enterprise IT is estimated to grow around 12% a year, with software (~18%) and services (~12%) outpacing hardware (~8%) — a mix that favours the solutions arm.
  • The 2025 stall. A government budget freeze (Inpres 1/2025) delayed public-sector and state-enterprise projects, cooling growth for part of the year.
  • The offset. A data-centre capital cycle is building behind it, anchored by a US$1.7bn hyperscaler build-out in Indonesia.
IIThe record
The statements

Steady growth on a thin, flat margin — with cash that rarely shows up

FY2021 → FY2025as reported · Rp
RevenueRp27.2T+8%
Gross margin8.2%−0.3pp
Operating margin5.3%−0.2pp
Net incomeRp814.0B+10%
EPSRp66.30+10%
Free cash flow−Rp106.3B−Rp257.1B
As reported · Rp. Consolidated statements of profit or loss, FY2021–FY2025.
  • Top line. Net revenue compounded about 9% a year over FY2022–FY2025 to Rp27.2 trillion, driven by volume in a distribution-weighted business rather than by price.
  • Thin and flat. Gross margin holds a narrow ~8.2–8.7% band and net margin to owners sits near 3.0%; this is a scale business where volume, not pricing, is the lever.
  • The missing line. Owner EPS rose from Rp47 to Rp66 on an unchanged 12.28 billion shares, yet cumulative free cash flow over the four years was just Rp29 billion — profits fund growth, not cash out.
Management's record

A reliable compounder, but margins haven't moved with the story

Group margins
Five years of near-flat margins, despite a narrative of mix shift toward higher-value digital solutions.
  • Delivery you can trust. Revenue and owner profit grew every year over FY2022–FY2025, compounding owner EPS about 12% annually with no dilution.
  • The gap. Group gross margin has held near 8.2–8.7% throughout, so the reported record supports the reliable distributor, not a re-rating on margin expansion.
  • What it means. The credible base case is trusting this team to compound the distributor — the mix-shift upside is the part the numbers have yet to show.
Cash conversion

Rising profit, near-zero cumulative free cash flow

Group net profit vs free cash flow
Free cash flow swung positive-to-negative year to year and summed to just Rp29bn over four years.
  • Growth eats the cash. Financing an expanding book absorbs the profit: over FY2022–FY2025 trade receivables rose Rp605bn, inventory Rp314bn and contracts-in-progress Rp279bn.
  • Not an accrual mirage. Rp1,497bn of cash income tax was actually paid over the four years, so the earnings are real even when the cash isn't there yet.
  • Financed on the balance sheet. With operating cash absorbed by the growing book, the expansion — and lately the dividend — has leaned on short-term facilities rather than internally generated cash.
IIIThe story now
The setup

Earnings up ~60%, the share price down ~40% — the fall is in the multiple

Owner EPS
Owner EPS rose ~60% over five years while the share price fell ~40% from its Rp845 peak; the P/E went from ~20x to 7.7x.
  • A fallen star. The stock changed hands near 20x trailing earnings at its January 2022 peak of Rp845; at Rp510 it sits at about 7.7x FY2025 earnings, with the compression entirely in the multiple.
  • Earnings never stalled. Owner profit rose every year through the de-rating, from Rp509 billion in 2021 to Rp814 billion in 2025 — the market re-rated the business down while its results kept climbing.
  • A fall without a stumble. The re-rating came with no down year — owner profit rose in each of the four years the shares fell, the shape of a name the market has quietly given up on rather than one in trouble.
What the price is

Cheap on the P&L, not on the assets

7.7×
Trailing owner P/E≈12.9% earnings yield
1.33×
Price to owner bookvs ~1.0x on total equity
Rp29bn
Free cash flow, FY22–250.7% of group profit
Rp1,497bn
Cash tax paid, FY22–25the profits are real
Multiples struck on the Rp510 close of 27 July 2026 against FY2025 owner earnings and owner equity.
  • Cheap on the P&L, not on the assets. The de-rating that left Metrodata at 7.7x earnings looks cheap only on the income statement: its FY2022-FY2025 profits converted into just Rp29bn of cumulative free cash flow (0.7% of Rp4,021bn group profit), and on the Rp4,712bn of equity that actually belongs to owners the stock trades at 1.33x book
  • (Rp384/share at Rp510), not the ~1.0x the total-equity headline implies.
  • The earnings are real. Rp1,497bn of cash tax was paid over FY2022–FY2025, and the negative free-cash years are the cost of financing growth off the balance sheet, not distress — the downside rests on a 12.9% owner yield, net cash, and Rp5.13tn of undrawn facilities, not an asset floor.
Who owns it

Family-controlled, with a value fund alongside and modest management pay

Shareholder register
Register as reported; the Ciputra family holds control through PT Ciputra Corpora.
  • Aligned control. The founding Ciputra family holds 36.2%, and Singapore value investor Pangolin has built a 6.4% stake — long-term holders who have sat through the drawdown, not exited it.
  • Restrained pay. Key-management compensation was Rp94.8bn in FY2025, about 11.7% of owner profit, and directors hold little direct equity of their own.
  • Reader fit. A founder-run, net-cash business the market has left for dead is exactly the profile a value or special-situation buyer screens for.
IVThe price
The payout

A dividend more than doubled — now partly funded by the revolver

Dividend per share
The payout ratio rose from about 25% to roughly 40% of owner profit over four years.
  • Cash back to owners. The dividend rose from Rp10.5 to Rp24.0 a share, a ~4.7% trailing yield on a payout the board lifted toward 40% of owner earnings.
  • The tension. Because free cash sits near zero, that rising dividend has recently been bridged by short-term borrowing rather than by operating cash.
  • What to weigh. The Rp27 dividend approved for 2026 continues the policy, but its funding is the cleanest early tell of whether cash conversion is turning.
Three paths

The downside is a flat share price plus a yield; the upside roughly doubles

3-year implied price
Owner EPS grown three years off the FY2025 base of Rp66; price change is capital only, excluding the ~5% dividend.
  • Bear. Distribution keeps leading, the minority share rises, the multiple holds — the stock stays near Rp510 and the holder is paid the dividend to wait.
  • Base. Near-10% owner-EPS growth at today's multiple returns roughly the earnings growth plus the yield; nothing re-rates.
  • Bull. Solutions re-accelerates, mix shifts to owners and owner free cash turns positive; on a re-rating to ~11x the shares roughly double over three years.
What Rp510 assumes

At Rp510, the price pays for a slowdown Metrodata has not shown

Six-month range Rp488–Rp605, last Rp510 on 27 July 2026.
  • The arithmetic. Rp510 is 7.7x trailing and about 7.0x forward owner earnings — a single-stage model backs out only ~6–8% perpetual growth, below the ~10% consensus and the ~12% delivered.
  • The trigger is specific. A re-rating needs evidence growth reaches owners: owner EPS reaccelerating and, above all, working capital releasing so owner free cash turns positive.
  • The floor. Net cash, a 1.9x current ratio and Rp5.13tn of undrawn facilities put the bankruptcy this reader fears near zero — the safety is earnings- and balance-sheet-based, not asset-based.
What to watch

A self-funding compounder priced for permanent deceleration — cheap on earnings, if growth ever reaches owners.

Read the full report →

This distills a guided study built chapter by chapter — the statements, the profit leak, cash conversion, stewardship, and what the price implies.

Compiled from the full report · 2026-07-28 · For information, not investment advice.