Daily Brief Indonesia: Puradelta Lestari, Cahaya Bintang Medan and more

• Puradelta Lestari (DMAS IJ) Industrial revenue surged 218% YoY to Rp1,744 Bn in 1H26, driven by data-center transactions that reached Rp1,676.6 Bn, or 93.6% of total sales.
• Sojitz Corp.’s 25% ownership provides strategic context to GIIC’s positioning, while DMAS is becoming an indirect beneficiary of Indonesia’s data-center build-out. 
• We test, through a forensic examination of DMAS’s land, recurring-income and balance-sheet economics, whether the stock can still support more than 25% upside after the market’s data-center repricing.

• Severe Operational and Top-Line Contraction: PT Cahaya Bintang Medan Tbk (CBMF IJ) has experienced an acute contraction in operating scale, with annual revenues dropping from IDR 79.47bn in FY20 to IDR 23.62bn in FY22, further deteriorating to sub-IDR 1bn quarterly revenue runs across 2023 (Q3 2023 revenue of IDR 380.12m) amid weak regional demand and distribution bottlenecks.
• Critical Profitability and Margin Degradation: Operating margins have deteriorated into steep deficits, with net income falling from IDR 5.29bn in FY20 to a net loss of IDR -1.59bn in FY22, culminating in deep quarterly operating deficits in 2023 (Q3 2023 gross margin of -881.33% and net loss of IDR -8.24bn) due to severe overhead under-absorption.
• Distressed Valuation Profile with Turnaround Uncertainty: Although CBMF reflects a maximum Smartkarma Value score of 5/5 due to deep optical discounts relative to net book value, the company’s lack of cash generation, zero dividend distributions (1/5 score), and operational distress indicate substantial uncertainty regarding fundamental recovery.

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