PT Dyandra Media International Tbk, together with its subsidiaries, provides integrated event solutions in Indonesia. The company organizes events and exhibitions; and provides supporting events. It also operates venues and halls, including convention and exhibition halls; and hotels. The company was founded in 1994 and is headquartered in Central Jakarta, Indonesia. PT Dyandra Media International Tbk is a subsidiary of PT Teletransmedia.

Indonesia

PT Dyandra Media International Tbk

Communication Services

The company pays dividends on rare occasions. There have only been a few years with dividend payments in the past ten years. Dividend per share (DPS) has grown yearly, but the dynamics are unclear. In the past 12 months, the dividend yield has barely been above zero and was substantially below that of its peers. 

DYAN.JK reported revenue of IDR 1 451 810mn in the last 12 months, down 0% from FY24. At the same time, the dynamics of cash flow, as measured by free cash flow (FCF), were drastically different. EPS fell 20% from FY24 to IDR 17.62.

The stock's performance has been mixed in the past six months, with growth following a decline. There is no clear price trend compared to its global peers from the same sector and industry (as shown above). It has underperformed this peer group by 8ppts over six months and grown 4ppts slower in the past month. This is largely true for peers from the same country and sector. With respect to the stock's valuation against its peers, its overall price performance is neutral.

The company has reported modest EBITDA margins compared to its global peers in recent years. EBITDA margin amounted to 11.6% in the last 12 months, a decline from 13.3% in FY23. 

Historically, DYAN.JK has reported modest net margins compared to its global peers. Specifically, in the last 12 months, this metric equalled 5.2%, down from 5.8% in FY23. 

PT Dyandra Media International Tbk reported a return on equity (RoE) of 12.1% in the last 12 months, down from 14.8% in FY23. 

In the last 12 months, the return on capital employed (RoCE) declined to 9.5%, below the peers. 

Another important profitability metric, return on assets (RoA), amounted to 6.1% in the last 12 months, a decrease from 6.8% in FY23. 

The ratio of return on invested capital (RoIC) to the weighted average cost of capital (WACC) has been 1.2 in the past several years. This ratio implies a average shareholder value creation. 

The institutional, legal, and compliance risks associated with the company's country are close to minimal. In combination with rigorous business standards, shareholder rights are well protected.

DYAN.JK has very poor trading liquidity. It will take considerable time for the average private investor to sell a common position under normal market conditions. Liquidity is unstable and becomes extremely unfavourable on the days with the lowest activity. The trading volume mostly stays the same even under highly turbulent market conditions. The stock has a tiny market capitalisation, which usually makes its trading liquidity erratic and unpredictable. 

No other major risks have been identified.

The risk of default is moderate. We note resilient historical revenue growth, solid cash flow generation, and an favourable capital structure, among the positive credit factors. Among the negative credit factors and we point to weak positions in its industry, poor working capital management.

In highly turbulent market conditions, DYAN.JK is highly volatile. In other words, the stock will fall substantially more than the index in times of extreme market volatility or shocking company news. Standalone, the worst-day losses (less than 1% of the time) will likely be significant. 

In normal market circumstances, DYAN.JK is highly volatile. Put differently, without outstanding market volatility or shocking company news, the stock's price will change somewhat erratically. The stock's losses on its worst days (less than 1-5% of the time) will range from limited to average. We would also like to highlight the mild intraday volatility of the instrument. 

Based on key historical and expected multiples, the stock is greatly undervalued relative to its peers. In particular, the stock is underpriced on P/E, 'cheap' on EV/EBITDA, undervalued on P/FCF. 

PT Dyandra Media International Tbk

IDR 88

3

PT Dyandra Media International Tbk

IDR 88

3

Risk factor

Profitability factor

Risk / Profitability

Risk factor

Profitability factor

IDR 88

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