AVENIR RESEARCH · EQUITY ANALYSIS

Riset & Publikasi

Laporan riset ekuitas mendalam berbasis Annual Report audited. Data terverifikasi, valuasi FCFE tiga skenario.

14
Riset Tersedia
4 Tahun
Data Historis
FCFE
Model Valuasi
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hero
⚡ Valuasi 3 Skenario✓ FY2025 Audited
Ritel Khusus IDX: HERO

DFI Retail Nusantara

Dahulu PT Hero Supermarket. Transformasi ke fokus Guardian (Health & Beauty) & IKEA; bagian Jardine/Dairy Farm. Closing ref Rp370 — P/BV 0,93x.

Rp4,85T
Pendapatan FY25
+6,7%
YoY Growth
45,3%
Margin Kotor
Guardian IKEA Home Turnaround P/BV 0,93x
● Tim Avenir ⏳ 📅 Juni 2026 · FY2025
TINS tin smelting
Multi-Valuation✓ Q1-2026
⛏ Metals & Tin Mining IDX: TINS

PT TIMAH Tbk

Indonesia tin pure-play dengan leverage ke LME tin, normalisasi legal supply, dan Q1-2026 earnings reset. Q1-26: Revenue Rp5,47T | PATMI Rp1,50T | Sales 6.009t

Rp5,47T
Revenue Q1-26
Rp1,50T
PATMI Q1-26
6.009t
Sales Q1-26
Tin Macro Ore Recovery Q1 Inflection Avenir Take
● Tim Avenir ⏳ 📅 11 Mei 2026 · Deep Dive TINS
smar
🎁 GRATISEV/EBITDA✓ Mei 2026
🌿 Agribisnis & CPO IDX: SMAR

PT Sinar Mas Agro Resources & Technology Tbk

CPO terintegrasi terbesar RI. Filma® & Kunci Mas®. 1/5/26: Rp6.150 · CPO US$1.154 · Q1-NI +517% · P/E 6,8x

Rp829M
NI Q1-2026
+517%
YoY NI Q1
5,2x
EV/EBITDA
EV/EBITDA 5,2x CPO US$1.154 Q1 Strong P/BV 0,76x
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + FY2025 & AR 2021–2025
✓ Akses Gratis · Tanpa Pembayaran
cbrs wafer
⚡ WSE-3 Deep Dive✓ IPO 14 Mei 2026
AI Infrastructure NASDAQ: CBRS

Cerebras Systems

Wafer-Scale AI compute — WSE-3 (46.225 mm², 900K cores, 21 PB/s), OpenAI MRA USD 20B, AWS Bedrock. IPO Day-1: $311 (open $350)

USD 510jt
Revenue FY2025
+76%
YoY Growth
USD 24,6B
Backlog (RPO)
Wafer-Scale IPO 2026 OpenAI Deal Inference
● Tim Avenir ⌛ 📅 27 Mei 2026 · FY2025
mrvl
⚡ FCFE DCF⚡ UPDATE Q1 FY2027⚡ Huang: Trillion-$
AI Semiconductor NASDAQ: MRVL

Marvell Technology — Update Q1 FY2027

Update: revenue rekor Q1 FY2027 $2,418B (+28% YoY), data center 76%. Huang (Computex): MRVL calon perusahaan triliun dolar — saham ~+17% overnight.

$2,42B
Revenue Q1 FY27
+28%
YoY Growth
76%
Data Center
Custom ASIC AI Infrastructure FCFE DCF Optical 1.6T Update Computex
● Tim Avenir ⏳ 📅 2 Juni 2026 · Update Q1 FY2027
mrvl
⚡ FCFE DCF✓ Q1-2026
AI Semiconductor NASDAQ: MRVL

Marvell Technology

AI data infrastructure chipmaker — custom ASIC, 1.6T optical interconnect, DC switching. Closing 17/3/26: $91,07

$8,20B
Revenue FY2026
+42%
YoY Growth
74%
Data Center
Custom ASIC AI Infrastructure FCFE DCF Optical 1.6T
● Tim Avenir ⏳ 📅 18 Mar 2026 · FY2026
crm
NYSE: CRMGRATIS

Salesforce, Inc.

#1 AI CRM global — Agentforce, Data 360, MuleSoft, Slack, Tableau. Closing 4/5/26: $183,82

$41,5B
Revenue FY2026
+10%
YoY Growth
34,1%
Non-GAAP OM
Agentforce AI CRM Leader FCF Valuation $63B FY30
● Tim Avenir ⏳ 📅 4 Mei 2026 · FY2026
ptro
⚡ FCFE DCF✓ Mar 2026
⛏ Mining & EPC Services IDX: PTRO

PT Petrosea Tbk

Deep research multi-segmen: Contract Mining, EPC, Offshore EPCI & Oil Gas. Backlog rekor US$4,44 miliar dan ekspansi agresif ke segmen baru.

US$284M
Revenue Q1-26
+84%
YoY Revenue
US$1,1M
Laba Bersih Q1-26
Backlog RekorEPC EkspansiFCFE DCFHigh Leverage
● Tim Avenir ⏳ 📅 18 Mar 2026 · AR 2022–2025
cmry
⚡ FCFE DCF✓ Q1-2026
🥛 Premium Consumer IDX: CMRY

PT Cisarua Mountain Dairy Tbk

Market leader susu premium dan makanan olahan Indonesia. Ekspansi Miss Cimory 10.099 agen, ROE 29,8%, dan revenue CAGR 18,8% selama 3 tahun.

Rp3,12T
Revenue Q1-26
+16%
YoY NI
43,2%
Gross Margin
Net Margin 18,9%DER 0,29xFCFE DCFMiss Cimory
● Tim Avenir ⏳ 📅 18 Mar 2026 · AR 2022–2025
avia
⚡ FCFE DCF✓ Q1-2026
🎨 Cat Dekoratif IDX: AVIA

PT Avia Avian Tbk

Market leader cat nasional 26% pangsa pasar. 129 DC milik sendiri, 99 kota, pabrik baru Cirebon 225.000 ton/tahun. Neraca ultra-bersih DER 0,16x.

Rp2,36T
Revenue Q1-26
+17%
YoY Revenue
Rp503M
Laba Bersih Q1-26
Market LeaderDER 0,16xFCFE DCFWatch: Margin Trade
● Tim Avenir ⏳ 📅 18 Mar 2026 · AR 2022–2025
POWR PLTU
DDM & EV/EBITDA✓ FY2025
⚡ Power & Utilities IDX: POWR

PT Cikarang Listrindo Tbk

IPP swasta terdepan di kawasan Cikarang. Kapasitas 1,144 MW + 45.7 MWp PLTS. Dual customer industri (90%) + PLN (10%). FY25: Revenue USD 553jt | EBITDA margin 33.8% | Div yield 9.4%

USD 553jt
Revenue FY2025
9.4%
Div Yield TTM
USD 187jt
EBITDA FY2025
Defensive Beta 0.25 Investment Grade Energy Transition Take-or-Pay PPA
● Tim Avenir ⏳ 📅 9 Mei 2026 · FY2025 Audited + Pubex Mar 2026
nisp
P/BV & DDM✓ Mar 2026
🏢 Perbankan KBMI 3 IDX: NISP

PT Bank OCBC NISP Tbk

Bank #8 Indonesia (Rp308T aset). Backing OCBC Group Singapore. Q1-26: NI +5,3% YoY | Laba Ops Rp1,68T | TA Rp312,9T

Rp1,36T
Laba Bersih Q1-26
+5,3%
YoY NI
Rp312,9T
Total Aset
P/BV 0,78x AAA(idn) Fitch Div Yield 7,1% OCBC Group
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + Pubex
bbri
P/BV & DDM✓ Q1-2026
🏭 Perbankan KBMI 4 IDX: BBRI

PT Bank Rakyat Indonesia (Persero) Tbk

Bank #1 Indonesia. Dominasi mikro-ultra mikro. Q1-26: NI +13,8% YoY | EPS Rp103 | TA Rp2.250T

Rp15,6T
Laba Bersih Q1-26
+13,8%
YoY NI
Rp2.250T
Total Aset
P/BV 1,59x BUMN Sistemik Div Yield ~9,9% Holding Ultra Mikro
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + FY2025
pyfa
EV/Revenue & P/B✓ FY2025
💊 Healthcare Pharma IDX: PYFA

PT Pyridam Farma Tbk

Pharma Indonesia transform via 4 akuisisi: HOLI (2021), ETHICA (2022), Probiotec Australia (2024 - Rp 2,7T). Roll-up multinasional dengan high leverage. ⚠️ FY25: Rev +43% | Rugi (Rp 380M) | D/E 5,9x | Goodwill Rp 1,77T

Rp 2,76T
Revenue FY25
(380)M
Rugi Bersih
5,9x
D/E Ratio
Cross-border M&A Goodwill Rp 1,77T 3 Pabrik · 2 Negara Rejuve 60,45%
● Tim Avenir ⏳ 📅 7 Mei 2026 · LK Audited FY2025 (E&Y)
gfs
EV/EBITDA & DCF✓ Q1-2026
📱 Semiconductor Foundry NASDAQ: GFS

GlobalFoundries Inc.

Pure-play foundry #3 dunia — essential chips specialist (FDX, RF SOI, BCD, eMRAM, Silicon Photonics). 4 fabs di USA, Jerman, Singapura. 🚀 Q1-26: GM 29% (+510bps) | EPS $0,40 (+18%) | Renesas + SCALE deals

$1,63B
Revenue Q1-26
+510bps
GM Expansion YoY
$561M
Adj. EBITDA Q1-26
Net Cash $1,9B CHIPS Act $3,1B 4 End Markets Mubadala-backed
● Tim Avenir ⏳ 📅 6 Mei 2026 · Earnings Decks FY21-Q1 2026
dmas
DDM & NAV✓ Q1-2026
🏢 Industrial Estate IDX: DMAS

PT Puradelta Lestari Tbk

Pengembang Kota Deltamas — JV Sinarmas Land + Sojitz. Net margin 78% (Q1 2026), dividend yield konsisten high. 🚀 Q1-26: Rev +107% | NI Rp819M (+130%) | NM 77,7%

Rp1.053M
Revenue Q1-26
+130%
YoY NI
Rp819M
Laba Bersih Q1-26
DER 0,08x 170+ Tenants Div Yield High Sojitz JV
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + FY2025 + Pubex
asgr
P/E & EV✓ Q1-2026
📋 Printing & IT Services IDX: ASGR

PT Astra Graphia Tbk

Anak Astra (76,87% own). Solusi Dokumen (Fujifilm) + IT Services (AGIT). Margin expansion story — net profit 5,7x dalam 5 tahun. 🔥 Q1-26: Rev +5% | NI Rp69,5M (+47,5%) | NM 9,1%

Rp759,8M
Revenue Q1-26
+47%
YoY NI
Rp69,5M
Laba Bersih Q1-26
P/E 7,1x Zero Debt Div ~16,9%* Astra Group
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + FY2025
EV/EBITDA✓ Q1-2026
⛏ Mining Contractor IDX: DEWA

PT Darma Henwa Tbk

Kontraktor tambang batubara dalam transformasi struktural. KPC+Arutmin = 95% revenue. Q1-26: Rev -2% YoY | NI +35% | GP Rp269M +9%

Rp1,55T
Revenue Q1-26
+35%
YoY NI
Rp93M
Laba Bersih Q1-26
EV/EBITDA 12x Transformasi GMR Gold Asset Fleet Expand
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + FY2025
ades
P/E & EV✓ Q1-2026
💧 AMDK & Kosmetik IDX: ADES

PT Akasha Wira International Tbk

5 brand: NPL, Vica, Makarizo, Inoskin, Wonhae. Revenue CAGR 5-tahun 32%. 🔥 Q1-26: Rev Rp942M (+66% YoY) | NI Rp256M (+75%) | NM 27,1%

Rp942M
Revenue Q1-26
+75%
YoY Net Profit
51,9%
Gross Margin
FCF Positive Zero Debt ROE 28% Free Float 8%
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + FY2025
wifi
EV/HP✓ Q1-2026
📡 Telco & Digital Infra IDX: WIFI

PT Solusi Sinergi Digital Tbk

FWA & FTTH internet rakyat Rp100K/bulan. Target 5 juta Homepass. Q1-26: Rev +238% YoY | EBIT Rp365M +164% | NI Rp242M +192%

Rp784M
Revenue Q1-26
+238%
YoY Revenue
Rp242M
Laba Bersih Q1-26
FWA N50 FTTH Rights Issue Infrastructure Play
● Tim Avenir ⏳ 📅 6 Mei 2026 · LK Q1-2026 + FY2025
P/E & EV✓ Q1-2026
⚙ Manufacturing & Otomotif IDX: PART

PT Cipta Perdana Lancar Tbk

Komponen metal B2B ke OEM otomotif. IPO Jul 2024. 29/3/26: Rp168 · Rev +38% · NI +30% · P/E 14,9x

Rp369,6M
Revenue 2025
+38,2%
YoY Revenue
+30,0%
YoY NI
P/E 14,9x Food Tray MBG Kas Tipis New IPO
● Tim Avenir ⏳ 📅 29 Mar 2026 · LK 2025