Equal · Financial Report

Tempo Scan Pacific

TSPC/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-07-06

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.78x	1.51x	1.18x	0.83x	0.86x
Interest burden	0.96x	0.91x	0.93x	0.96x	0.96x
Operating margindriver	9.8%	5.9%	8.2%	13.2%	12.1%
Asset turnover	1.16x	1.08x	1.16x	1.09x	1.07x
Leverage (equity mult.)	1.40x	1.50x	1.40x	1.36x	1.35x
= Return on Equity (consolidated)	12.0%	13.3%	14.6%	15.8%	14.6%
Return on Invested Capital (ROIC)	12.5%	9.7%	13.4%	16.5%	15.2%

Consolidated (pre-minority-interest) basis; the headline ROE in the ratio grid is owners’ basis.

Liquidity

	FY2021	FY2022	FY2023	FY2024	FY2025
Current Ratio(Current Assets / Current Liabilities)	3.29x	2.48x	2.69x	3.09x	3.15x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	2.44x	1.84x	2.03x	2.32x	2.36x
Cash Ratio(Cash / Current Liabilities)	1.42x	1.13x	1.31x	1.56x	1.61x
Working Capital(Current Assets − Current Liabilities)	Rp 4.3 T	Rp 4.6 T	Rp 4.8 T	Rp 5.9 T	Rp 6.2 T

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	0.14x	0.19x	0.14x	0.09x	0.11x
Liabilities to Equity(Total Liabilities / Total Equity)	0.40x	0.50x	0.40x	0.36x	0.35x
Debt to Assets(Total Debt / Total Assets)	0.10x	0.13x	0.10x	0.07x	0.08x
Net Debt(Total Debt − Cash)	-Rp 1.8 T	-Rp 2.0 T	-Rp 2.6 T	-Rp 3.6 T	-Rp 3.6 T
Interest Coverage(EBIT / Interest Expense)	22.95x	11.24x	13.85x	25.25x	25.67x
Equity Multiplier (Assets ÷ Equity)	1.40x	1.50x	1.40x	1.36x	1.35x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	35.4%	33.7%	35.6%	37.6%	37.7%
Operating Margin(EBIT / Revenue)	9.8%	5.9%	8.2%	13.2%	12.1%
Net Margin(Net Income / Revenue)	7.3%	8.2%	9.0%	10.6%	10.0%
EBITDA(EBIT + D&A)	Rp 1.3 T	Rp 984 M	Rp 1.4 T	Rp 2.2 T	Rp 2.0 T
EBITDA Margin(EBITDA / Revenue)	11.6%	8.0%	10.3%	16.1%	14.1%
Return on Assets (ROA)(Net Income / Total Assets)	8.5%	8.8%	10.4%	11.6%	10.8%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	12.6%	13.9%	15.3%	16.7%	15.3%
Tax Burden (Net ÷ Pretax)	0.78x	1.51x	1.18x	0.83x	0.86x
Interest Burden (Pretax ÷ EBIT)	0.96x	0.91x	0.93x	0.96x	0.96x
Return on Invested Capital (ROIC)	12.5%	9.7%	13.4%	16.5%	15.2%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	1.16x	1.08x	1.16x	1.09x	1.07x
Inventory Turnover(COGS / Inventory)	4.51x	4.10x	4.53x	3.89x	3.86x
Receivables Turnover(Revenue / Receivables)	9.52x	8.65x	8.82x	9.08x	9.84x
Payables Turnover(COGS / Payables)	6.51x	5.79x	8.06x	5.97x	6.44x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	80.9 days	89.1 days	80.6 days	93.9 days	94.5 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	38.3 days	42.2 days	41.4 days	40.2 days	37.1 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	56.0 days	63.0 days	45.3 days	61.1 days	56.7 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	63.2 days	68.3 days	76.7 days	73.0 days	74.9 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	Rp 304 M	-Rp 106 M	Rp 873 M	Rp 1.3 T	Rp 866 M

Valuation

price as-of 2026-07-31fundamentals: FY2025

Price Rp 2,880 · market cap Rp 13 T

Multiple	TSPC	Peer median	vs median
P/E	9.23x	9.09x	+2%
P/B	1.41x	1.41x	+0%
P/S	0.93x	0.93x	-0%
EV/EBITDA	4.99x	5.35x	-7%
EV/EBIT	5.81x	6.62x	-12%
EV/Sales	0.71x	0.78x	-10%
FCF Yield	6.67%	7.21%	-8%
Dividend Yield	6.94%	6.85%	+1%

EV = mkt cap Rp 13 T + debt Rp 1.1 T − cash Rp 4.6 T + minority interest Rp 468 M = Rp 9.9 T

What the price implies

At today’s price, the market is paying for 6.3%/yr FCF growth (3.3% at 12.0% to 9.2% at 16.0% discount rates). Delivered over the last 4 years: 30.0% FCF · 5.7% revenue.

Reverse DCF: single-stage FCF, terminal growth 2.5%, discount band 12.0–16.0% (β=1; build cited in Methodology). Not a forecast.

Forward DCF (glass-box)

This model projects the operating cash the whole business generates, discounts it back at the blended cost of capital, and subtracts net debt. What remains is the equity value, stated per share. Every input below comes from the company's own audited record or from cited market data, and you can adjust each one yourself.

Assumption	Value	Basis
Rf (risk-free)	7.26%	Indonesia 10Y government bond, 8 Jul 2026
ERP (Rm − Rf)	6.69%	Damodaran Indonesia, Jul 2026 (Baa2, CRP 2.46%)
β	0.89 → 0.95	Drugs (Pharmaceutical) (unlevered) relevered at own D/E 0.08
Cost of equity	13.62%	Rf + β × ERP
Cost of debt	6.24%	FY2025 interest expense ÷ total debt
Tax rate	16.7%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	12.98%	92% E × CoE + 8% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	5.7%	delivered 4-yr revenue CAGR 5.7%, fading linearly to terminal
EBIT margin	11.2%	mean EBIT margin, last 3 FYs
D&A / revenue	2.3%	mean D&A/revenue, last 3 FYs
Capex / revenue	3.1%	mean capex/revenue, last 3 FYs, for the explicit years; in the terminal year capex falls to replacement level (equal to depreciation, 2.3% of revenue) because holding a build-phase or pause-phase ratio in perpetuity misprices the company in whichever direction that phase points
ΔNWC / Δrevenue	24.2%	median ΔNWC/Δrevenue across the seeded years (NWC = AR + inventory − AP)
Terminal growth	2.5%	BI inflation-target midpoint (2.5% ± 1%)

Growth path

year 1 → fading to terminal over 5 yrs5.7%

EBIT margin11.2%

WACC13.0%

Terminal growth2.5%

Explicit years5

Year	+1	+2	+3	+4	+5	T∞
Growth	5.7%	4.9%	4.1%	3.3%	2.5%	2.5%
Revenue	Rp 15 T	Rp 16 T	Rp 16 T	Rp 17 T	Rp 17 T	Rp 18 T
EBIT	Rp 1.7 T	Rp 1.7 T	Rp 1.8 T	Rp 1.9 T	Rp 1.9 T	Rp 2.0 T
NOPAT	Rp 1.4 T	Rp 1.4 T	Rp 1.5 T	Rp 1.6 T	Rp 1.6 T	Rp 1.6 T
+ D&A	Rp 342 M	Rp 359 M	Rp 373 M	Rp 386 M	Rp 395 M	Rp 405 M
− Capex	Rp 459 M	Rp 481 M	Rp 501 M	Rp 517 M	Rp 530 M	Rp 405 M
− ΔNWC	Rp 192 M	Rp 175 M	Rp 153 M	Rp 129 M	Rp 101 M	Rp 104 M
FCFF	Rp 1.1 T	Rp 1.2 T	Rp 1.2 T	Rp 1.3 T	Rp 1.4 T	Rp 1.5 T
PV	Rp 949 M	Rp 902 M	Rp 851 M	Rp 796 M	Rp 739 M	Rp 7.9 T

Check it yourself: revenue × margin = EBIT · NOPAT = EBIT × (1 − tax) · FCFF = NOPAT + D&A − Capex − ΔNWC · PV = FCFF ÷ (1+WACC)^yr · TV = FCFF(T∞) ÷ (WACC − g), discounted from year 5

EV = PV(explicit) Rp 4.2 T + PV(TV) Rp 7.9 T = Rp 12 T · TV 65% of EV · − net debt -Rp 3.6 T − minority Rp 468 M

Model output: Rp 3,390/share (+18% vs price Rp 2,880)· exit-multiple check (5.4x): Rp 3,119

Under these assumptions the model lands 18% above today's price. The market, in other words, is paying for slower growth, a thinner margin, or a higher discount rate than the inputs here assume.

Sensitivity (per share, Rp)

g \ WACC	12.0%	13.0%	14.0%
2.0%	3,582	3,306	3,077
2.5%	3,689	3,390	3,144
3.0%	3,808	3,483	3,218

Model output under the stated assumptions. Every input above comes from the company's own audited record or from cited market data, and every one can be adjusted. This is not a price target and not advice.

Educational analysis. Multiples pair today’s price with the latest audited fiscal year (trailing-FY convention); peer figures are the covered peer sample, not the whole market. Never a price target.

Macro backdropfull backdrop + sensitivity map →

BI Rate 5.75%IDR/USD 18,05810Y government bond yield 7.26%Inflation 3.34%(as-of 2026-07-31)

Rupiah weaker(H)GDP/consumption ↑(M)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 11 T	Rp 12 T	Rp 13 T	Rp 14 T	Rp 14 T
Cost of Goods Sold	Rp 7.3 T	Rp 8.1 T	Rp 8.4 T	Rp 8.5 T	Rp 8.7 T
Gross Profit	Rp 4.0 T	Rp 4.1 T	Rp 4.7 T	Rp 5.1 T	Rp 5.3 T
Operating Income (EBIT)	Rp 1.1 T	Rp 729 M	Rp 1.1 T	Rp 1.8 T	Rp 1.7 T
Interest Expense	Rp 48 M	Rp 65 M	Rp 78 M	Rp 72 M	Rp 66 M
Net Income	Rp 824 M	Rp 1.0 T	Rp 1.2 T	Rp 1.4 T	Rp 1.4 T
Net Income Attributable to Owners	Rp 824 M	Rp 1.0 T	Rp 1.2 T	Rp 1.4 T	Rp 1.4 T
Depreciation & Amortization	Rp 193 M	Rp 255 M	Rp 271 M	Rp 392 M	Rp 279 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 2.7 T	Rp 3.5 T	Rp 3.7 T	Rp 4.5 T	Rp 4.6 T
Accounts Receivable	Rp 1.2 T	Rp 1.4 T	Rp 1.5 T	Rp 1.5 T	Rp 1.4 T
Inventory	Rp 1.6 T	Rp 2.0 T	Rp 1.9 T	Rp 2.2 T	Rp 2.3 T
Current Assets	Rp 6.2 T	Rp 7.7 T	Rp 7.6 T	Rp 8.8 T	Rp 9.0 T
Total Assets	Rp 9.6 T	Rp 11 T	Rp 11 T	Rp 12 T	Rp 13 T
Accounts Payable	Rp 1.1 T	Rp 1.4 T	Rp 1.0 T	Rp 1.4 T	Rp 1.4 T
Current Liabilities	Rp 1.9 T	Rp 3.1 T	Rp 2.8 T	Rp 2.8 T	Rp 2.9 T
Total Liabilities	Rp 2.8 T	Rp 3.8 T	Rp 3.3 T	Rp 3.3 T	Rp 3.4 T
Total Interest-Bearing Debt	Rp 932 M	Rp 1.5 T	Rp 1.1 T	Rp 859 M	Rp 1.1 T
Total Equity	Rp 6.9 T	Rp 7.6 T	Rp 8.1 T	Rp 9.2 T	Rp 9.7 T
Equity Attributable to Owners	Rp 6.5 T	Rp 7.2 T	Rp 7.7 T	Rp 8.7 T	Rp 9.2 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 690 M	Rp 486 M	Rp 1.2 T	Rp 1.7 T	Rp 1.4 T
Capital Expenditure	Rp 386 M	Rp 592 M	Rp 327 M	Rp 393 M	Rp 551 M

Company Deep Analysis

Reviewed: 2026-07-31

Analyst Verdict

TSPC revenue (T IDR): 11.23 (2021) → 12.25 (2022) → 13.12 (2023) → 13.65 (2024) → 14.01 (2025); growth every year, +25% cumulative. Gross margin: 35.4% → 33.7% → 35.6% → 37.6% → 37.7%. OPM: 9.8% → 6.0% → 8.2% → 13.3% → 12.1%. Net margin: 7.3% → 8.2% → 9.0% → 10.6% → 10.0%. ROE: 12.6% → 13.9% → 15.3% → 16.7% → 15.3%. ROA: 8.5% → 8.8% → 10.4% → 11.6% → 10.8%. ROIC: 12.5% → 14.6% → 15.7% → 16.5% → 15.2%. D/E: 0.14× → 0.19× → 0.14× → 0.09× → 0.11×. Net debt (T IDR): −1.76 → −2.03 → −2.58 → −3.60 → −3.58 (net cash every year, growing). Interest coverage: 22.9× → 11.2× → 13.9× → 25.2× → 25.7×. FCF (T IDR): +0.30 → −0.11 → +0.87 → +1.32 → +0.87 (the only negative year, FY2022). Current ratio: 3.29× → 2.48× → 2.69× → 3.09× → 3.15×. Asset turnover: 1.17× → 1.08× → 1.16× → 1.09× → 1.07×. The pattern is a single soft year (FY2022: every margin line at its five-year low, interest coverage at its weakest 11.2×, the only FCF-negative year) bracketed by steady revenue growth throughout and a broad FY2023–24 recovery. Note the gap between gross margin (a comparatively narrow 33.7–37.7% band) and operating margin (a much wider 6.0–13.3% swing): TSPC runs three segments; Pharmaceuticals, Consumer Products & Cosmetics, and Distribution Services; of visibly different economics, and the wide OPM swing sits below the gross-margin line, consistent with a shifting mix and/or opex timing across that structurally lower-margin distribution business rather than a COGS-driven story. Leverage stayed low and the balance sheet net-cash throughout.

Business Model

One of Indonesia’s largest diversified consumer-health groups (part of the Tempo Group, founded 1970 as PT Scanchemie), operating three segments: Pharmaceuticals (prescription and branded OTC; Bodrex, Bodrexin, Oskadon, Neo Rheumacyl), Consumer Products & Cosmetics (Hemaviton, Neo Hormoviton, Vidoran, Marina, Claudia, Total Care, ULTIMA II, Natural Honey) and Distribution Services. The group also manufactures inputs adjacent to its own products: soap, herbal preparations, powdered milk, food & beverage and plastic packaging; giving it some backward integration beyond pharma itself.

Segments

Three segments of visibly different economics: Pharmaceuticals (prescription + branded OTC pain/cold relief), Consumer Products & Cosmetics (vitamins/energy drinks, personal care and cosmetics brands) and Distribution Services (third-party product distribution; typically a lower-margin, higher-turnover business). Exact segment revenue splits are not independently confirmed here, but the shape of the numbers is consistent with that mix: gross margin sits in a comparatively narrow 33.7–37.7% band while operating margin swings far more (6.0–13.3%), the signature of a lower-margin distribution business whose weight in the mix (and/or opex timing) moves year to year beneath a steadier gross-margin line.

Value Chain & Positioning

Own/contracted manufacturing (pharma formulation, cosmetics, and adjacent inputs like soap and plastic packaging) → branded marketing across pharma, OTC and cosmetics lines → national distribution (own Distribution Services arm, which also carries third-party/principal products) → pharmacies, modern retail and traditional trade. The Distribution segment gives TSPC a logistics footprint beyond its own brands, at distribution-typical (thinner) margins.

Competitive Forces (Porter’s 5)

Supplier powerMedium

How much leverage input/funding providers have over pricing.

Pharma actives (APIs) and some cosmetics/packaging inputs carry import content, but in-house manufacturing of soap, packaging and other adjacent inputs gives some backward-integration buffer.

Implication → Import/FX cost swings are a plausible driver of the FY2022 gross-margin dip (33.7%, the five-year low): an interpretation, not a confirmed disclosure.

Buyer powerMedium

How much leverage customers have to push prices down.

Branded OTC/consumer lines (Bodrex, Hemaviton) carry real pricing power from brand loyalty, but the Distribution segment is more of an intermediary business where customers/principals hold more leverage.

Implication → Blended pricing power sits between a strong-brand consumer business and a thinner-margin distribution business: visible in the wide OPM swing (6.0–13.3%) against a steadier gross margin.

Threat of new entryLow

How easily new competitors can enter the market.

Heritage since 1970, a broad multi-category brand portfolio (pharma, OTC, cosmetics) and a national distribution network are substantial barriers for a new entrant to replicate.

Implication → The scale and breadth of the group defend its position, though individual brands still face category-level competition (see rivalry).

Threat of substitutesMedium

Risk that alternative products/services replace demand.

Generic OTC drugs, herbal alternatives (e.g. SIDO’s Tolak Angin for cold/flu relief) and other consumer personal-care brands compete for the same ailments and shelf space.

Implication → Caps pricing power at the individual-brand level; the group’s response is portfolio breadth across categories rather than dominance in any single one.

Competitive rivalryHigh

Intensity of competition among existing players.

Competes with KLBF (also diversified pharma/consumer), SIDO (herbal OTC), multinational personal-care/cosmetics brands, and other distributors in the Distribution segment: competition on multiple fronts simultaneously.

Implication → No single dominant category position; scale and portfolio breadth, not category dominance, are the defence.

Moat / Competitive Edge

Moderate. TSPC’s brand portfolio in Pharmaceuticals and Consumer Products & Cosmetics (Bodrex, Oskadon, Hemaviton, Marina and others, some dating to the 1970s) is a genuine narrow moat: real brand equity built over decades. But the Distribution Services segment is inherently lower-moat, more competitive, agency-like economics, and blending the two caps the group’s overall moat below a pure-branded peer such as SIDO. The wide gap between a comparatively stable gross margin (33.7–37.7%) and a much more volatile operating margin (6.0–13.3%) is the numeric signature of that mixed-moat structure.

Key Drivers & Sensitivities

Branded OTC/consumer mix (Bodrex, Hemaviton, Marina, Vidoran)
A richer branded mix supports the margin recovery visible FY2023–25 (operating margin 8.2%→13.3%→12.1%); deepening any one franchise’s household penetration is the core lever on the consumer side.
Distribution-segment scale / mix
A structurally lower-margin, higher-turnover business; its relative weight in the revenue mix (and opex timing) plausibly explains why operating margin swings far more (6.0–13.3%) than gross margin (33.7–37.7%), not independently broken out here, but the shape of the numbers is consistent with this.
Imported input costs / rupiah
Pharma APIs and some cosmetics/packaging inputs carry import content; FY2022’s margin trough (gross margin 33.7%, the period low) coincides with a year of broad global input-cost and rupiah pressure: a plausible driver, not a confirmed company disclosure.
Consumer health & personal-care demand
Vitamins/energy products and OTC cold/pain categories benefit from steady self-medication demand and rising health awareness: a structural tailwind across both the Pharmaceuticals and Consumer Products segments.
Working-capital / FCF discipline
FY2022 was the only free-cash-flow-negative year of the period (−Rp0.11tn) despite still being profitable: showing FCF is sensitive to working-capital swings on top of the margin cycle; FY2024 (+Rp1.32tn) shows the upside when both align.

Linkages

Tied to consumer discretionary and healthcare spending, domestic consumption strength, and rupiah/import-cost exposure on pharma APIs and select cosmetics/packaging inputs. The Distribution segment additionally links results to the performance of the third-party products it carries: a pass-through exposure beyond TSPC’s own brands. BPOM regulatory changes affect registration timelines across all three segments.

Recent Developments

FY2022 was the trough of the window and FY2024 the peak. Operating margin ran 9.8%, 5.9%, 8.2%, 13.2% and 12.1%, while net margin rose almost throughout, 7.3% to 10.0%, so the recovery was broader than the trough was deep. ROE followed, 12.6% to a 16.7% peak in FY2024 and 15.3% in FY2025. FY2022 was also the only year free cash flow went negative, at minus Rp0.11tn, against Rp1.32tn at the FY2024 high. Revenue grew in every year of the window, Rp11.23tn to Rp14.01tn. Leverage stayed low but not flat, debt to equity between 0.09× and 0.19×, and the current ratio ranged 2.48× to 3.29× rather than sitting above 3× throughout.

Regulation

Regulated by BPOM (pharmaceutical, OTC and cosmetic registration, GMP/CPOB) and the Ministry of Health; halal certification is relevant across its consumer and cosmetics lines. Distribution activities are subject to standard trade/logistics regulation. Listed on the IDX.

ESG & Sustainability

Material issues: product quality/safety across a very broad SKU portfolio (pharma, OTC, cosmetics), plastic packaging use (partly self-manufactured), and workforce across a large, diversified manufacturing base. Part of the Tempo Group; governance follows standard IDX-listed disclosure and related-party rules.

Risks

Blended-margin volatility from the lower-margin Distribution segment: operating margin swung 6.0–13.3% against a much steadier 33.7–37.7% gross margin
Import/FX exposure on pharma APIs and select cosmetics/packaging inputs
Simultaneous competition across OTC, cosmetics and distribution (KLBF, SIDO, multinationals and other distributors)
Regulatory (BPOM) and product-safety/recall risk across a very broad SKU portfolio
Working-capital swings can turn FCF negative even in a profitable year (FY2022: −Rp0.11tn)

Outlook & What to Watch

Base case: margins hold near FY2024–25 levels (ROE 15–17%, low leverage). Bull: the branded OTC/consumer mix keeps gaining share relative to the lower-margin Distribution segment, structurally lifting blended margins toward the FY2024 high. Bear: a repeat of the FY2022-style trough (gross margin ~34%, ROE ~14%); though the net-cash balance sheet (net cash Rp3.6tn by FY2025) means this would compress returns, not threaten solvency. (Interpretation, not a forecast.)

Key KPIs

Operating margin: Swings far more than gross margin (6.0–13.3% vs 33.7–37.7%): the clearest signal of segment-mix/opex shifts below the COGS line
Net cash position: Rp1.76tn → Rp3.58tn (FY21–25), growing every year despite carrying some debt (D/E 0.09–0.19×)
ROE: 12.6% → 15.3%, peaking 16.7% in FY2024
FCF: One negative year (FY2022, −Rp0.11tn) in an otherwise cash-generative five-year run (peak +Rp1.32tn FY2024)
Interest coverage: 11.2× (FY2022 low) → 25.7× (FY2025): tracks the margin cycle

Sources

Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic. Not investment advice.