Chapter 2

Look-Through Earnings

Metrodata's distribution engine — 76% of group revenue — runs almost entirely through PT Synnex Metrodata Indonesia (SMI), a subsidiary the company owns 50% of but consolidates in full. On a look-through basis that engine delivers only about 40% of the profit that belongs to Metrodata shareholders; the higher-margin, wholly-owned Solutions business supplies the majority. The minority's half is real cash: Rp196 billion left the group in FY2025 dividends to the partner alone [1].

The engine sits in a half-owned subsidiary

Metrodata reports through two segments — Distribution and Solution and Consultation — but the Distribution business does not sit inside the parent [2]. It runs through a set of subsidiaries led by PT Synnex Metrodata Indonesia, the ICT-distribution vehicle Metrodata formed with Taiwan's Synnex Technology International (now part of TD SYNNEX) [3]. Metrodata holds 50% of SMI's shares and 50% of its voting rights [4].

That a 50/50 arrangement is consolidated in full — rather than equity-accounted as a joint venture — rests on a judgment the company flags as critical. Metrodata controls SMI because the current composition of SMI's board of directors, which holds decision-making authority over its planning, operating and financial policies, gives the parent the power to govern those policies and exposure to variable returns [5]. The consequence is arithmetic: SMI's entire Rp21.0 trillion of revenue and Rp7.1 trillion of assets are consolidated at 100%, while half of its equity and half of its profit belong to the partner [6].

The non-controlling interest on the balance sheet is almost entirely SMI: of Rp1,602.5 billion of NCI equity at end-2025, Rp1,595.1 billion — 99.5% — is the distribution partner's half of SMI, with two small subsidiaries making up the rest [7]. That NCI is a quarter of the group's Rp6,314.8 billion of total equity [8]. A second distribution subsidiary, PT Synnex Metrodata Technology and Services, is also 50%-owned, so the half-ownership pattern is specific to the distribution side of the house [9].

Source: FY2025 Annual Report, Note 20 Non-Controlling Interests [10].

Revenue optics versus owner earnings

On the segment page the two businesses look lopsided. Distribution sold Rp20.7 trillion to external customers in FY2025 against Solution and Consultation's Rp6.5 trillion — roughly 76% versus 24% of revenue [11]. But the two segments earn at very different rates. Distribution's gross margin is about 6% (Rp1,276.8 billion of gross profit on Rp21.4 trillion of segment revenue); Solutions runs near 15% (Rp950.0 billion on Rp6.5 trillion) [12]. Pre-tax, the gap narrows: Distribution contributed Rp843.0 billion of segment profit before tax and Solutions Rp591.5 billion — 59% versus 41% [13].

The ownership overlay changes the picture again. Because the Distribution engine is half-owned and Solutions is wholly owned, the share of profit that actually reaches Metrodata shareholders tilts toward the smaller, higher-margin business.

Sources: revenue split per FY2025 segment note [14]; owner-earnings split derived from Note 20 and the consolidated profit split [15].

The look-through works from the group's own numbers. SMI earned Rp656.3 billion of net profit in FY2025 [16]. Of the group's Rp1,143.1 billion of profit for the year, Rp814.0 billion is attributable to owners of the parent and Rp329.1 billion to non-controlling interests [17]. That NCI line is, within a rounding error, the partner's half of SMI — meaning Metrodata's own half is roughly the same, about Rp328 billion. The rest of owner profit, roughly Rp486 billion, comes from the wholly-owned Solutions business, its associates and the parent [18].

Source: derived from FY2025 consolidated profit split and Note 20 [19]; [20].

Sources: FY2025 segment note [21]; consolidated profit split [22]; Note 20 [23].

So the headline that Distribution is three-quarters of the business is true of revenue and roughly true of pre-tax segment profit, but on the profit that reaches shareholders the weight flips: the wholly-owned Solutions layer and the parent are the majority, and the commodity distribution engine — for all its scale — is the minority contributor to owner earnings.

The minority's half is cash, not just an accounting line

The partner's share is not a paper adjustment that nets out below the line; it is settled in cash. SMI paid Rp196.2 billion of dividends to its non-controlling interest in FY2025 and Rp202.3 billion in FY2024 [24], following Rp143.3 billion in 2023 and Rp252.5 billion in 2022 [25]. Across those four years roughly Rp794 billion of cash left the group for the distribution partner. For scale, the parent paid its own shareholders Rp294.6 billion in FY2025, so the partner's draw runs at about two-thirds of Metrodata's own dividend [26].

Sources: FY2025 Note 20 for 2024–2025 [27]; FY2023 Note 20 for 2022–2023 [28].

SMI's distribution profit has ground higher — from Rp572.2 billion in 2022 to Rp656.3 billion in 2025 — but the retained share still accrues half to the partner, whose balance-sheet stake rose from Rp1,193.2 billion to Rp1,595.1 billion over the same window [29]. One footnote in the same disclosure is worth carrying into a later cash chapter: SMI generated only Rp58.6 billion of operating cash flow in FY2025 against its Rp656.3 billion of profit, the mark of a working-capital-heavy distributor [30].

What the split means for the thesis

The look-through cuts both ways against a simple reading of the multiple. The bear framing — a thin-margin distributor of which shareholders own only half — is accurate about revenue and the balance sheet, but overstated about earnings: the profit shareholders actually keep is majority the higher-margin, wholly-owned Solutions business, not the 6%-gross-margin distribution flow. The compounding a bull would pay up for lives in the part of the group Metrodata owns outright.

Two facts sit against reading this as hidden value. First, the reported multiple is not fooled by the structure. Per-share earnings of Rp66.30 and the roughly 7.7-times multiple are struck on the Rp814.0 billion that belongs to owners, not on consolidated profit, so the minority's half is already netted out of the valuation [31]. The open question is whether a stream that is roughly 60% higher-margin solutions earnings should carry the distributor's multiple the shares trade on today. Second, the full consolidation of a 50/50 venture depends on a board-composition judgment rather than a majority stake [32]; a change in the TD SYNNEX relationship is a governance dependency that a look-through investor should price, even if the arrangement has been stable for years and both sides keep reinvesting in it [33].

The read that would change is a shift in either lever: SMI's ownership moving toward a majority stake — which would pull the distribution engine's earnings fully to owners — or the Solutions share of look-through profit continuing to climb, which would keep re-weighting shareholder earnings toward the business that compounds fastest.