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3Q26 Top-line
3Q26 revenue IDR1,033bn (+25.0% QoQ, +14.7% YoY), the first YoY growth this year after -20.5% YoY in 2Q26. Herbal +4.3% YoY (2Q26: -48.3%) as distributor destocking ended in May 2026; F&B +33.0% YoY. 9M26 revenue IDR2,499bn (-8.4% YoY), in line with the FY26 guide of about -10% YoY.
3Q26 Bottom-line
3Q26 net profit IDR285bn (+53.1% QoQ, +30.9% YoY), NPM 27.6% (+342bps YoY). Opex-to-sales of 19.8% (-641bps YoY) on AnP-to-sales of 10.0% (-523bps) outweighed GPM of 54.6% (-157bps YoY). 9M26 net profit IDR619bn (-24.4% YoY; Guidance 26F: -10%), NPM 24.8% (-522bps YoY).
9M26 Cost & Net Cash
9M26 COGS +1.0% YoY on revenue -8.4% YoY, GPM 52.2% (-448bps YoY). SG&A IDR557bn (+0.9% YoY), 22.3% of sales (+207bps YoY); 3Q26 SG&A -13.3% YoY on AnP-to-sales of 10.0% (-523bps). Net cash rose to IDR883bn (FY25: IDR463bn) with no debt, as operating cash flow of IDR914bn more than covered dividends paid of IDR441bn.
Important Ratios
9M26 GPM 52.2% (-448bps YoY), OPM 29.9% (-655bps), NPM 24.8% (-522bps). 3Q26 OPM 34.8% (2Q26: 26.3%) on lower AnP. Annualised 9M26 ROAE 25.8% (FY25: 37.2%). Annualised EPS IDR28.1 puts SIDO on 11.5x P/E at IDR324; TTM dividend yield 10.9%.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
