Equal · Financial Report

Nusantara Pelabuhan Handal

PORT/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-07-16

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	-7.68x	0.37x	0.48x	-0.40x	0.65x
Interest burdendriver	0.10x	0.53x	0.73x	0.71x	0.70x
Operating margin	5.6%	8.3%	15.7%	21.0%	22.7%
Asset turnover	0.71x	0.69x	0.66x	0.55x	0.54x
Leverage (equity mult.)	2.23x	1.99x	1.76x	2.23x	1.87x
= Return on Equity (consolidated)	-7.0%	2.2%	6.4%	-7.3%	10.5%
Return on Invested Capital (ROIC)	—	2.7%	8.5%	—	10.6%

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)	1.40x	1.82x	1.76x	2.27x	4.02x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	1.01x	1.43x	1.53x	2.04x	3.61x
Cash Ratio(Cash / Current Liabilities)	0.42x	0.98x	0.39x	1.36x	2.71x
Working Capital(Current Assets − Current Liabilities)	Rp 151 M	Rp 256 M	Rp 437 M	Rp 299 M	Rp 468 M

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	1.01x	0.86x	0.26x	1.11x	0.76x
Liabilities to Equity(Total Liabilities / Total Equity)	1.23x	0.99x	0.76x	1.23x	0.87x
Debt to Assets(Total Debt / Total Assets)	0.45x	0.43x	0.15x	0.50x	0.41x
Net Debt(Total Debt − Cash)	Rp 683 M	Rp 490 M	Rp 28 M	Rp 817 M	Rp 513 M
Interest Coverage(EBIT / Interest Expense)	1.11x	2.14x	3.74x	3.43x	3.34x
Equity Multiplier (Assets ÷ Equity)	2.23x	1.99x	1.76x	2.23x	1.87x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	13.3%	15.6%	23.2%	27.8%	29.7%
Operating Margin(EBIT / Revenue)	5.6%	8.3%	15.7%	21.0%	22.7%
Net Margin(Net Income / Revenue)	-4.4%	1.6%	5.5%	-5.9%	10.3%
EBITDA(EBIT + D&A)	Rp 198 M	Rp 212 M	Rp 274 M	Rp 286 M	Rp 408 M
EBITDA Margin(EBITDA / Revenue)	15.0%	16.9%	24.0%	22.5%	32.8%
Return on Assets (ROA)(Net Income / Total Assets)	-3.1%	1.1%	3.6%	-3.3%	5.6%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	-6.5%	2.1%	6.0%	-7.8%	11.2%
Tax Burden (Net ÷ Pretax)	-7.68x	0.37x	0.48x	-0.40x	0.65x
Interest Burden (Pretax ÷ EBIT)	0.10x	0.53x	0.73x	0.71x	0.70x
Return on Invested Capital (ROIC)	—	2.7%	8.5%	—	10.6%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	0.71x	0.69x	0.66x	0.55x	0.54x
Inventory Turnover(COGS / Inventory)	7.84x	8.69x	6.55x	16.73x	13.85x
Receivables Turnover(Revenue / Receivables)	8.05x	19.09x	17.69x	17.83x	18.27x
Payables Turnover(COGS / Payables)	22.19x	62.81x	48.83x	47.77x	40.13x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	46.6 days	42.0 days	55.7 days	21.8 days	26.3 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	45.3 days	19.1 days	20.6 days	20.5 days	20.0 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	16.4 days	5.8 days	7.5 days	7.6 days	9.1 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	75.5 days	55.3 days	68.9 days	34.6 days	37.2 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	Rp 336 M	Rp 298 M	Rp 239 M	Rp 259 M	Rp 303 M

Valuation

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

Price Rp 865 · market cap Rp 2.4 T

Multiple	PORT	Peer median	vs median
P/E	18.93x	9.58x	+97%
P/B	2.11x	1.57x	+35%
P/S	1.95x	0.98x	+100%
EV/EBITDA	7.39x	6.23x	+19%
EV/EBIT	10.69x	8.90x	+20%
EV/Sales	2.42x	1.49x	+63%
FCF Yield	12.46%	19.11%	-35%
Dividend Yield	—	3.84%(3/4)	—

EV = mkt cap Rp 2.4 T + debt Rp 933 M − cash Rp 420 M + minority interest Rp 73 M = Rp 3.0 T

What the price implies

At today’s price, the market is paying for 4.3%/yr FCF growth (1.3% at 12.0% to 7.0% at 16.0% discount rates). Delivered over the last 4 years: -2.6% FCF · -1.5% 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	0.68 → 0.85	Transportation (unlevered) relevered at own D/E 0.38
Cost of equity	12.94%	Rf + β × ERP
Cost of debt	9.06%	FY2025 interest expense ÷ total debt
Tax rate	35.0%	median effective rate FY2021–FY2025 computed to 43.7%, CLAMPED to 35%: above that ceiling the pretax approximation is carrying minority interests, which are already deducted separately from enterprise value, rather than tax
WACC	10.99%	72% E × CoE + 28% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	-1.5%	delivered 4-yr revenue CAGR -1.5%, fading linearly to terminal
EBIT margin	19.8%	mean EBIT margin, last 3 FYs
D&A / revenue	6.6%	mean D&A/revenue, last 3 FYs
Capex / revenue	0.5%	mean capex/revenue, last 3 FYs, for the explicit years; in the terminal year capex falls to replacement level (equal to depreciation, 6.6% of revenue) because holding a build-phase or pause-phase ratio in perpetuity misprices the company in whichever direction that phase points
ΔNWC / Δrevenue	-9.1%	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 yrs-1.5%

EBIT margin19.8%

WACC11.0%

Terminal growth2.5%

Explicit years5

Year	+1	+2	+3	+4	+5	T∞
Growth	-1.5%	-0.5%	0.5%	1.5%	2.5%	2.5%
Revenue	Rp 1.2 T	Rp 1.2 T	Rp 1.2 T	Rp 1.2 T	Rp 1.3 T	Rp 1.3 T
EBIT	Rp 242 M	Rp 241 M	Rp 242 M	Rp 246 M	Rp 252 M	Rp 259 M
NOPAT	Rp 158 M	Rp 157 M	Rp 158 M	Rp 160 M	Rp 164 M	Rp 168 M
+ D&A	Rp 81 M	Rp 81 M	Rp 81 M	Rp 83 M	Rp 85 M	Rp 87 M
− Capex	Rp 6.6 M	Rp 6.5 M	Rp 6.6 M	Rp 6.7 M	Rp 6.8 M	Rp 87 M
− ΔNWC	Rp 1.7 M	Rp 561 jt	-Rp 556 jt	-Rp 1.7 M	-Rp 2.8 M	-Rp 2.9 M
FCFF	Rp 231 M	Rp 231 M	Rp 233 M	Rp 238 M	Rp 245 M	Rp 171 M
PV	Rp 208 M	Rp 187 M	Rp 170 M	Rp 157 M	Rp 145 M	Rp 1.2 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 868 M + PV(TV) Rp 1.2 T = Rp 2.1 T · TV 58% of EV · − net debt Rp 513 M − minority Rp 73 M

Model output: Rp 526/share (-39% vs price Rp 865)· exit-multiple check (6.2x): Rp 544

Under these assumptions the model lands 39% below today's price. The market, in other words, is paying for faster growth, a fatter margin, or a lower discount rate than the inputs here assume.

Sensitivity (per share, Rp)

g \ WACC	10.0%	11.0%	12.0%
2.0%	570	492	430
2.5%	613	526	456
3.0%	662	563	486

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)

GDP/consumption ↑(M)Oil ↑(M)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 1.3 T	Rp 1.3 T	Rp 1.1 T	Rp 1.3 T	Rp 1.2 T
Cost of Goods Sold	Rp 1.1 T	Rp 1.1 T	Rp 878 M	Rp 918 M	Rp 874 M
Gross Profit	Rp 176 M	Rp 196 M	Rp 266 M	Rp 353 M	Rp 370 M
Operating Income (EBIT)	Rp 74 M	Rp 104 M	Rp 180 M	Rp 266 M	Rp 282 M
Interest Expense	Rp 67 M	Rp 49 M	Rp 48 M	Rp 78 M	Rp 85 M
Net Income	-Rp 58 M	Rp 20 M	Rp 63 M	-Rp 75 M	Rp 128 M
Net Income Attributable to Owners	-Rp 58 M	Rp 20 M	Rp 63 M	-Rp 75 M	Rp 128 M
Depreciation & Amortization	Rp 124 M	Rp 108 M	Rp 94 M	Rp 20 M	Rp 126 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 157 M	Rp 305 M	Rp 225 M	Rp 319 M	Rp 420 M
Accounts Receivable	Rp 164 M	Rp 66 M	Rp 65 M	Rp 71 M	Rp 68 M
Inventory	Rp 146 M	Rp 122 M	Rp 134 M	Rp 55 M	Rp 63 M
Current Assets	Rp 528 M	Rp 568 M	Rp 1.0 T	Rp 534 M	Rp 623 M
Total Assets	Rp 1.9 T	Rp 1.8 T	Rp 1.7 T	Rp 2.3 T	Rp 2.3 T
Accounts Payable	Rp 52 M	Rp 17 M	Rp 18 M	Rp 19 M	Rp 22 M
Current Liabilities	Rp 376 M	Rp 311 M	Rp 571 M	Rp 235 M	Rp 155 M
Total Liabilities	Rp 1.0 T	Rp 909 M	Rp 744 M	Rp 1.3 T	Rp 1.1 T
Total Interest-Bearing Debt	Rp 841 M	Rp 795 M	Rp 253 M	Rp 1.1 T	Rp 933 M
Total Equity	Rp 835 M	Rp 921 M	Rp 977 M	Rp 1.0 T	Rp 1.2 T
Equity Attributable to Owners	Rp 899 M	Rp 990 M	Rp 1.0 T	Rp 964 M	Rp 1.1 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 348 M	Rp 319 M	Rp 247 M	Rp 267 M	Rp 306 M
Capital Expenditure	Rp 12 M	Rp 20 M	Rp 8.5 M	Rp 7.7 M	Rp 3.1 M

Company Deep Analysis

Reviewed: 2026-07-17

Analyst Verdict

PORT (Nusantara Pelabuhan Handal), a container-terminal operator and subsidiary of China Merchants Port Holdings (Hong Kong), tells a genuinely two-sided story that should not be smoothed into either "growing" or "volatile" alone. On the operating side, the business has improved steadily and substantially every single year from FY2021 to FY2025: EBIT grew from Rp74.3bn to Rp282.2bn (+280% cumulative), and EBIT margin expanded from 5.6% to 22.7%; a real, consistent, quantified improvement with no reversals. Yet net income has been extremely volatile over the same window: a loss of Rp58.4bn (2021), a small profit (2022, 2023), another loss of Rp75.2bn (2024), then a strong Rp128.4bn profit (2025); two loss years despite the operating business improving in both of them. The gap between a growing EBIT and a swinging net result points to volatility below the operating line (interest expense and/or non-operating items) rather than operating weakness: debt more than quadrupled in 2024 alone (Rp253.4bn→Rp1,136.1bn), the same year as the second loss, a real, disclosed correlation worth flagging even without a fully itemized below-EBIT breakdown to confirm the exact mechanism. Revenue itself has not grown in a straight line (Rp1.32tn in 2021 to Rp1.24tn in 2025, oscillating in a Rp1.14-1.32tn band): the EBIT-margin expansion is a cost/efficiency story, not a volume story.

Business Model

A container-terminal operator: handling and stevedoring services, container loading/unloading, and equipment sales/repair at Indonesian port facilities. A subsidiary of China Merchants Port Holdings (Hong Kong), one of the world's largest port-operating groups, giving PORT real access to global port-operations expertise and capital, a distinguishing feature versus purely domestic logistics operators in this dataset.

Operating Model (Business Process)

01Operate port terminal infrastructure
Cranes, yard equipment and berthing facilities under government concession/license.
EconomicsCapital-intensive, licensed infrastructure: the real barrier to entry in this business.
02Handle container throughput
Loading/unloading and stevedoring services billed per container/volume handled; revenue has ranged Rp1.14-1.32tn with no clear trend.
EconomicsVolume-driven revenue, tied to shipping-line traffic through PORT's terminals.
03Improve operating efficiency
EBIT margin expanded from 5.6% to 22.7% over 5 years despite flat revenue: a genuine, sustained cost/efficiency improvement.
EconomicsThe clearest positive, consistent signal in PORT's record: plausibly aided by China Merchants Port group operational expertise.
04Manage capital structure
Debt has swung sharply (Rp253.4bn to Rp1.14tn and back within 3 years): the most plausible driver of the 2 net-loss years despite positive EBIT throughout.
EconomicsThe real source of PORT's bottom-line volatility, distinct from its steadily-improving operating business.

Cost structureCOGS (Rp874.3bn FY2025) is the dominant cost line against revenue of Rp1.24tn; depreciation (Rp126.3bn FY2025, a large fixed cost reflecting port-infrastructure capital intensity) and interest expense (Rp84.5bn FY2025) are the next largest lines.

Cash cycleTerminal fees collected on handling services, redeployed into infrastructure maintenance and debt service. FY2025 operating cash flow (Rp305.8bn) comfortably exceeded both net income (Rp128.4bn) and capex (Rp3.1bn, unusually low this year): a genuinely strong cash-generation year following the FY2024 debt spike.

Segments

FY2025: revenue Rp1.24tn (-2.1% YoY), EBIT Rp282.2bn (+6.0% YoY, the fifth straight year of growth), net income Rp128.4bn (a strong recovery after FY2024's Rp75.2bn loss). Total assets Rp2.29tn (essentially flat YoY), total debt Rp933.0bn (down from FY2024's Rp1.14tn spike), total equity Rp1.22tn.

Value Chain & Positioning

Port infrastructure and equipment (owned/leased cranes, yard equipment) → vessel berthing and container handling/stevedoring services → cargo storage and yard management → equipment sales/repair as a secondary revenue line. Revenue tracks container throughput volumes at PORT's terminals; EBIT margin has expanded steadily as the business has scaled operational efficiency independent of the flat-to-declining revenue trend.

Competitive Forces (Porter’s 5)

Supplier powerMedium

How much leverage input/funding providers have over pricing.

Port equipment (cranes, yard machinery) suppliers and fuel/energy costs set major input costs; as a China Merchants Port subsidiary, PORT likely has group-level procurement advantages versus standalone domestic operators.

Implication → Group backing plausibly supports the steady EBIT-margin expansion seen over the FY2021-2025 window.

Buyer powerMedium

How much leverage customers have to push prices down.

Shipping lines calling at PORT's terminals (including SMDR/TMAS-class carriers) negotiate handling rates; volume concentration among a few major carriers gives them real leverage.

Implication → Revenue has not grown in a straight line (Rp1.32tn 2021 to Rp1.24tn 2025): consistent with real buyer pricing pressure even as PORT improves its own cost efficiency.

Threat of new entryLow

How easily new competitors can enter the market.

Port terminal operations require capital-intensive infrastructure and government concessions/licensing: a real, high barrier to new entrants.

Implication → Low entry threat supports the steady EBIT-margin improvement: competitive pressure is not the source of PORT's net-income volatility.

Threat of substitutesLow

Risk that alternative products/services replace demand.

No practical substitute for container-terminal handling where PORT operates: cargo must be loaded/unloaded through a port.

Implication → Demand for terminal services is structurally secure; the net-income volatility is a financing/below-the-line issue, not a demand issue.

Competitive rivalryMedium

Intensity of competition among existing players.

Competes with Pelindo (the dominant state port operator) and other terminal operators; as a China Merchants Port subsidiary, PORT competes on service quality and group-backed efficiency rather than price alone.

Implication → The steady EBIT-margin gains suggest PORT is winning on efficiency even as revenue itself stays range-bound against Pelindo's scale.

Moat / Competitive Edge

Narrow-to-medium. Port-terminal infrastructure and licensing are real, capital-intensive barriers, and China Merchants Port Holdings' backing plausibly supports PORT's steady operational efficiency gains (EBIT margin 5.6%→22.7% over 5 years). But the moat has not delivered earnings stability: two net-loss years in the same window show the bottom line remains exposed to financing/below-the-line volatility the operating moat does not protect against.

Key Drivers & Sensitivities

Operating efficiency (EBIT margin)
EBIT margin has expanded every year for 5 straight years (5.6%→22.7%) despite flat-to-declining revenue: a genuine, consistent operational improvement, the clearest positive signal in PORT's record.
Below-the-line volatility (financing/debt)
Debt swung from Rp794.6bn (2022) to Rp253.4bn (2023, sharp deleveraging) to Rp1,136.1bn (2024, sharp re-leveraging, the same year as a net loss): this volatility, not operations, is the most plausible driver of PORT's two loss years.
Container throughput volume
Revenue has oscillated in a Rp1.14-1.32tn band with no clear trend across 5 years: tied to trade volumes through PORT's terminals, not company-specific execution.

Earnings Quality

A genuine split: the operating business (EBIT) has improved every single year for 5 straight years; high-quality, consistent evidence of real operational gains. Net income has NOT followed the same clean trend (2 loss years): pointing to below-the-line volatility (financing costs, possibly FX or other non-operating items) rather than operating weakness. Both facts are disclosed together rather than the volatile headline being allowed to obscure the real operating improvement, or vice versa.

Checked: no material one-offs found in the reviewed window.

Cash conversionFY2025 operating cash flow (Rp305.8bn) exceeded net income (Rp128.4bn) by a healthy margin: a genuinely strong cash-conversion year, though the year-to-year debt volatility means this should be read across multiple years, not as a single-year steady state.

Capital Allocation

Mixed: no single dominant pattern

Mixed and volatile rather than a single clear pattern: capital structure has swung between sharp deleveraging (2023) and sharp re-leveraging (2024) within the same 5-year window, alongside minimal capex in some years (Rp3.1bn, FY2025) and presumably larger investment in others. This is not a deliberate builder or harvester strategy visible in the data: it reads as reactive capital-structure management around a genuinely improving but still-maturing operating business.

DeploymentFY2025 saw very low capex (Rp3.1bn) and debt paydown (Rp1.14tn→Rp933.0bn): a consolidation year following FY2024's debt spike, rather than fresh capital deployment into growth.

Returns trendOperating returns (EBIT margin) have improved every year without exception: the clearest, most reliable trend in PORT's record. Net-income-based returns are far less reliable given the 2 loss years; readers should anchor to the EBIT trend for the operating story and treat net income as the volatile, financing-sensitive headline.

Linkages

Sits in this roster's new Bulk/Freight Shipping & Port Operations subsegment alongside SMDR and TMAS: a real operational linkage, since both shipping companies' vessels rely on terminal capacity like PORT's. Ownership links to China Merchants Port Holdings (Hong Kong), part of the broader China Merchants Group: a real, substantial cross-border strategic-parent relationship distinct from every other logistics name in this dataset.

Recent Developments

FY2025: net income Rp128.4bn, a strong recovery from FY2024's Rp75.2bn loss, as debt normalized down from its FY2024 spike (Rp1.14tn→Rp933.0bn). EBIT grew for a fifth straight year (+6.0% YoY) to Rp282.2bn, continuing the steady operational-efficiency trend even as revenue slipped slightly (-2.1%). Independently confirmed: FY2025/2024/2023 revenue and gross-profit figures both match external reporting exactly.

Regulation

Port operations are regulated under Indonesia's shipping and port laws (part of Law 17/2008 on Shipping's port-services provisions), requiring government concessions/licensing to operate terminal facilities: a real barrier to entry. Subject to standard environmental and safety regulation applicable to port/industrial facilities.

ESG & Sustainability

Port operations carry real environmental exposure (emissions from cargo-handling equipment, potential marine/coastal impact): no specific disclosure found in the sources reviewed. Governance: majority ownership by China Merchants Port Holdings (Hong Kong) is a real, disclosed strategic-parent structure. Social: standard port-labor safety standards apply.

Red-Flag Protocol

Net-income vs. EBIT divergencewatch
EBIT grew every single year 2021-2025 (+280% cumulative) while net income posted 2 losses in the same window (2021, 2024): a real, quantified divergence pointing to below-the-line volatility (likely financing-related, given the 2024 debt spike coincided with that year's loss) rather than operating weakness. Not fully itemized in the data extracted this batch: disclosed as a genuine analytical limitation.
Capital-structure volatilitywatch
Total debt fell to Rp253.4bn (2023, a multi-year low) then jumped to Rp1.14tn (2024, more than quadrupling in one year) before falling back to Rp933.0bn (2025): a real, disclosed instability in financing decisions, not a steady leverage trend in either direction.

Risks

Net-income volatility: two loss years (2021, 2024) in a 5-year window despite EBIT growing every year; the bottom line is genuinely exposed to below-the-line swings (likely financing-related) the operating business does not control.
Debt volatility: total debt has swung from Rp253.4bn to Rp1.14tn and back within 3 years; a real capital-structure instability worth monitoring, not a steady deleveraging or releveraging trend.
Flat-to-declining revenue: no clear multi-year growth trend (Rp1.14-1.32tn band); the EBIT-margin gains are a cost-efficiency story, and their limits are untested against a genuine revenue-growth scenario.
Below-EBIT transparency: the exact driver of the 2021/2024 losses (interest expense vs. FX vs. another non-operating item) is not fully itemized in the data extracted this batch: disclosed as a real analytical limitation rather than assumed.
Buyer concentration: a small number of major shipping-line customers likely account for a large share of terminal volume, a real concentration risk typical of port operators.

Outlook & What to Watch

Two lines matter most: whether the steady 5-year EBIT-margin improvement continues (the clearest positive signal in PORT's record), and whether debt/financing volatility stabilizes enough to let that operating improvement flow through to a consistently positive bottom line rather than the boom-bust net-income pattern seen since 2021. (Interpretation, not a forecast.)

Key KPIs

EBIT Margin: 22.7% FY2025, up from 5.6% (2021): steady improvement every year for 5 straight years
Net Income Volatility: Two loss years (2021: -Rp58.4bn, 2024: -Rp75.2bn) despite EBIT positive and growing every year
Debt Swing: Rp253.4bn (2023) to Rp1.14tn (2024) to Rp933.0bn (2025): real capital-structure volatility
Revenue Range: Rp1.14-1.32tn band across 5 years, no clear growth trend
Ownership: Subsidiary of China Merchants Port Holdings (Hong Kong): a real cross-border strategic parent

Sources

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