A Comprehensive Fundamental Analysis of PT Makmur Berkah Amanda Tbk (AMNA)
PT Makmur Berkah Amanda Tbk (AMNA) is a prominent player in Indonesia's industrial real estate sector. The company's primary business activities involve developing and managing industrial estates, which includes selling and leasing land, as well as providing related services and facilities. A fundamental analysis of AMNA is essential for investors seeking to understand its financial stability and growth prospects. This analysis will cover key financial metrics, profitability, and valuation to provide a complete picture of the company.
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| A Comprehensive Fundamental Analysis of PT Makmur Berkah Amanda Tbk (AMNA) |
Company and Business Overview
AMNA's business model is directly tied to the growth of Indonesia's manufacturing and logistics sectors. The company develops strategically located industrial parks that attract a wide range of tenants, from local manufacturers to multinational corporations. This model provides a dual revenue stream: from the one-time sale of land plots and from recurring income generated through long-term leases and service fees. The company's success is highly dependent on factors like government policies on foreign direct investment, infrastructure development, and the overall economic climate.
Financial Performance Analysis
Analyzing AMNA's financial statements provides crucial insights into its operational efficiency and financial health.
Revenue and Profitability
The company's revenue is a key indicator of its sales performance. For instance, in 2023, AMNA reported a revenue of Rp 241 billion, which saw a significant increase to Rp 353 billion in 2024. This growth, however, needs to be viewed in the context of its profitability.
Gross Margin: AMNA's gross margin has been robust, standing at 60.1% in 2024. A high gross margin indicates that the company is efficient in managing its direct costs of sales, which for an industrial estate developer includes land acquisition, development, and construction costs.
Net Profit: The company's net profit also showed a positive trend, increasing from Rp 84.4 billion in 2023 to Rp 150.9 billion in 2024. This translates to a healthy Net Profit Margin of 42.7% in 2024, demonstrating its ability to convert revenue into profit after all expenses are accounted for. This high profitability is a significant positive for investors.
Balance Sheet and Financial Health
A review of the balance sheet reveals the company's financial structure and stability.
Assets: As of March 31, 2025, AMNA reported total assets of Rp 2.9 trillion. The composition of these assets, primarily in land and development properties, reflects the nature of its business.
Debt-to-Equity (D/E) Ratio: The company's D/E ratio is a crucial measure of its leverage. A D/E ratio of 0.36 indicates that AMNA uses relatively little debt to finance its assets. This low leverage suggests a strong and stable financial position, making it less vulnerable to economic downturns or interest rate fluctuations.
Valuation Ratios
Valuation ratios help determine whether the stock is trading at a fair price relative to its fundamentals.
Price-to-Earnings (P/E) Ratio: AMNA has a P/E ratio of 10.74. This is a crucial metric that shows how many times the market values the company's earnings. A P/E ratio of around 10 suggests that the stock might be reasonably valued, especially when compared to industry peers or the broader market.
Price-to-Book (P/B) Ratio: The P/B ratio is 1.48. This ratio compares the company's market value to its book value (assets minus liabilities). A P/B ratio above 1 indicates that the market values the company at a premium to its net assets, which can be justified by its strong profitability and growth prospects.
Return on Equity (ROE): AMNA’s ROE stands at 13.75%. This is a strong indicator of management's effectiveness in generating profits from shareholder investments. An ROE in the double digits is generally considered healthy and attractive to investors.
Conclusion
Based on a thorough fundamental analysis, PT Makmur Berkah Amanda Tbk (AMNA) presents a compelling investment case. The company demonstrates strong financial health, characterized by consistent revenue and profit growth, healthy margins, and a low debt-to-equity ratio. Its valuation metrics, including a reasonable P/E and P/B ratio, suggest that the stock is not overvalued and offers a good balance between growth and value.
While the company is subject to risks associated with economic cycles and land development, its solid fundamentals and strong profitability make it an attractive prospect. For long-term investors, AMNA appears to be a fundamentally sound company with significant potential for sustained growth in Indonesia's expanding industrial real estate sector.
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