PT Hexindo Adiperkasa Tbk

HEXA.JK

Industrial - Distribution · Industrials

Price

4340.00 IDR

-20.00 (-0.46%)

Market Cap

3.65T IDR

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

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

PT Hexindo Adiperkasa Tbk is an Indonesian company that sells and services heavy equipment. It is the exclusive distributor of Hitachi construction and mining machinery in Indonesia, selling excavators, wheel loaders, and other large machines to customers in mining, construction, and forestry. Hitachi equipment is well-known in these industries, and Hexindo's exclusive dealership rights give it a strong position in one of Southeast Asia's largest resource-rich economies.

The company makes money by selling heavy equipment and providing after-sales services like spare parts, maintenance, and repairs. It operates primarily across Indonesia, with a network of branches and service centers spread across major islands including Kalimantan, Sumatra, and Java. Its exclusive Hitachi distribution rights act as a meaningful competitive moat, but the business is closely tied to Indonesia's mining and construction activity, meaning a slowdown in commodity prices or infrastructure spending could significantly hurt demand for new equipment.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 840.0M (2022) → 840.0M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.2%

Thin — 17.2% gross margin

Profit after running costs

Operating Margin

5.6%

Thin — 5.6% operating margin

Return on the money invested

ROCE

8.0%

Weak — 8.0% 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

-9.6%

Shrinking sales (-9.6% YoY)

Profit growth

EPS YoY

-57.2%

Earnings shrinking (-57.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

717%

Turns 717% of profit into real cash

Spare cash per sale

FCF Margin

19.2%

Converts sales into free cash efficiently (19.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.52

Conservative — low debt load (0.52)

Covers its interest

Interest Cover

3.25x

Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.0x

Attractive valuation — P/E 15.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly 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

9.83%

Healthy income — 9.83% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+6.0%

Dividend growing modestly (6.0% YoY)

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