Nusantarainvestasi.com - Analysis of IDX:RAFI Stock
IDX : RAFI |
PT Sari Kreasi Boga, Tbk (IDX: RAFI) has 3,128,117,451 shares. Share ownership composition as of July 31, 2023.
1. PT Globalasia Capital Investama holds 1,200,000,000 shares, equivalent to 38.36%.
2. Mr. Jadug Trimulyo Ainul Amri (President Commissioner) holds 421,400,000 shares, equivalent to 13.47%.
3. Yuni Ayuningsih holds 196,000,000 shares, equivalent to 6.27%.
4. Nilamsari (Director) holds 147,000,000 shares, equivalent to 4.7%.
5. Fuad Iskandar holds 58,800,000 shares, equivalent to 1.88%.
6. Joe Steven holds 49,000,000 shares, equivalent to 1.57%.
7. Velliq Arsapranata (Director) holds 49,000,000 shares, equivalent to 1.57%.
8. Nur Arief Budiyanto (Director) holds 39,200,000 shares, equivalent to 1.25%.
9. Yuli Prasetya Adi holds 19,600,000 shares, equivalent to 0.63%.
10. National Investor Community holds 933,765,551 shares, equivalent to 29.85%.
11. Foreign Investor Community holds 8,126,500 shares, equivalent to 0.26%.
The composition of share ownership, according to the author, is already quite good with the Public holding 30%. This aligns with the author's preference.
The company was listed on August 5, 2022, so when the article was written, it had been more than 1 year and 18 days since listing. The author avoids companies that are less than 5 years old since listing. This is to avoid potential exit strategies by early investors.
The current market capitalization is at 184 billion rupiah.
The equity value is 278 billion, while the liabilities are only 37 billion.
The PBV ratio is only 0.6x
What's interesting from the Balance Sheet is the posting in Investment Property amounting to 117 billion, which, according to the author, is obtained from the proceeds of the IPO. As of the writing of this article, there hasn't been a disclosure of the IPO Proceeds Utilization Report.
According to the author, the Income Statement reveals that.
1. Revenue increased from the initial 50 billion to 228 billion.
2. Gross profit followed the increase, rising from 7 billion to 39 billion.
3. Operating profit also followed, rising from 4.3 billion to 17.8 billion.
4. There was a posting of Other Income of 87.8 billion, resulting in a significant increase in Profit Before Tax from 4.9 billion to 105.7 billion. If the amount of Other Income is deducted, the actual profit is only 14 billion compared to the previous period's 4.9 billion.
Cash Flow Statement
1. The recognized revenue of 228 billion is indeed confirmed by the Cash Receipts from Customers amounting to 222 billion.
2. The cash flow from operating activities is recorded as positive 39.9 billion.
3. There is an acquisition of investment properties amounting to 28 billion.
Financial Notes Report : 117.2 billion for land acquisition
There has been no change in shareholders over the course of 1 year.
RAFI Milestone
Kebab Turki Babaradi started its journey in Surabaya with the marketing of a simple cart in 2003. In 2005, PT Baba Rafi Indonesia was established with its headquarters in Surabaya. During that year, the company began to expand through the franchise system. The franchise system grew rapidly, resulting in 336 outlets spread across Indonesia. Just two years later, Kebab Turki Babarafi began its international expansion by opening its first outlets in Malaysia and the Philippines.
To enhance the quality and nutritional value of its meat products, Kebab Turki Babarafi collaborated with Belfoods Indonesia. The company also obtained official certification from the Indonesian Food and Drug Authority (BPOM) and halal certification from the Indonesian Ulema Council. By 2015, the company had 1,200 outlets both in Indonesia and abroad. A significant milestone occurred in 2022 when the company went public, PT Sumber Alam Sejahtera was established, and the acquisition of PT Lazizaa Rahmat Semesta was completed.
The company's franchise business model:
1. Kebab Turki Babarafi
2. Container Kebab
3. Kebab Kitchen
4. Baba Rafi Café
5. Smokey Kebab
6. Lazizaa
According to the author, the F&B business is relatively easy but also prone to bankruptcy. In the author's opinion, when someone buys a franchise from the company, it can easily happen that after a few years of operation, the franchisee terminates the contract and rebrands with their own name.
Profitability
1. GPM = 17,2%
2. OPM = 46,2%
3. NPM = 44,3%
Valuation
1. PBV (Price to Book Value) = 0,66x
2. PER (Price to Earning Ratio ) = 1,8x
3. ROE (Return to Equity) = 36,4%
4. Stock Price = 59
5. Graham Number = 255
6. Book Value = 89
Even though the valuation seems favorable, I'm not interested in investing in IDX:RAFI because:
1. The company hasn't been listed on the stock exchange for at least 5 years.
2. The F&B business is easy to replicate.
3. In the 2023-Q2 Financial Report, there is an asset revaluation which significantly boosted the Profit and Loss statement.
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