PT Hexindo Adiperkasa Tbk

HEXA.JK

Industrial - Distribution · Industrials

Price

4510.00 IDR

-40.00 (-0.88%)

Market Cap

3.79T IDR

Exchange

Indonesia Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

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.

Winston Score History

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

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Quality

Gross Margin

11.1%

Thin — 11.1% gross margin

Operating Margin

-4.6%

Losing money on operations — -4.6%

ROCE

-2.0%

Weak — -2.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-1.6%

Shrinking sales (-1.6% YoY)

EPS YoY

-48.8%

Earnings shrinking (-48.8% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

632%

Turns 632% of profit into real cash

FCF Margin

18.9%

Converts sales into free cash efficiently (18.9%)

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

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Stability

Debt / Equity

0.57

Conservative — low debt load (0.57)

Interest Cover

3.46x

Tight — interest eats into profit (3.5x)

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

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Valuation

P/E Ratio (TTM)

13.1x

Attractive valuation — P/E 13.1

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

9.83%

Healthy income — 9.83% yield

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

Dividend Growth

+6.0%

Dividend growing modestly (6.0% YoY)

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