PT Budi Starch & Sweetener Tbk

BUDI.JK

Packaged Foods · Consumer Defensive

Exchange

Indonesia Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

PT Budi Starch & Sweetener Tbk is an Indonesian company that turns cassava (a root vegetable) into starch and sweeteners. Its main products include tapioca starch, glucose syrup, and sorbitol, which it sells to food and beverage manufacturers, pharmaceutical companies, and industrial customers across Indonesia. It is one of the largest cassava processors in Indonesia.

The company makes money by selling these processed ingredients in bulk to other businesses, so its revenue depends heavily on cassava prices and demand from its industrial customers. It operates primarily in Indonesia, with some export sales to regional markets in Asia. Its scale and long-running relationships with cassava farmers give it a supply advantage, but its thin gross margin of around 14% means profitability is sensitive to swings in raw material costs. The key risk is that rising cassava prices or competition from cheaper imported starch could squeeze margins further.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+79.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+706.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

59.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

301.9B IDR cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

PT Budi Starch & Sweetener Tbk grew revenue 80% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

14.7%

Thin — 14.7% gross margin

Profit after running costs

Operating Margin

8.6%

Modest — 8.6% operating margin

Return on the money invested

ROCE

7.8%

Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+9.0%

Steady sales growth (+9.0% YoY)

Profit growth

EPS YoY

+248.7%

Earnings growing fast (+248.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

159%

Turns 159% of profit into real cash

Spare cash per sale

FCF Margin

1.8%

Thin free cash flow (1.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.29

Elevated debt (1.29)

Covers its interest

Interest Cover

2.31x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.0x

no trend

Attractive valuation — P/E 6.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

4.27%

no trend

Healthy income — 4.27% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-34.9%

no trend

Dividend cut (-34.9% YoY) — warning sign

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