PT Surya Toto Indonesia Tbk

TOTO.JK

Construction Materials · Industrials

Price

234.00 IDR

+2.00 (+0.86%)

Market Cap

2.41T IDR

Exchange

Indonesia Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

PT Surya Toto Indonesia Tbk makes bathroom and plumbing products for homes and buildings in Indonesia. Its core products include toilets, faucets, sinks, and other sanitary ware sold under the TOTO brand — a well-known Japanese brand licensed through a partnership with Japan's TOTO Ltd. The company sells to homebuilders, contractors, and individual consumers in the construction and renovation market.

The company earns money by manufacturing and selling its products directly to distributors, retailers, and construction projects across Indonesia. It operates primarily within Indonesia, where it has built a strong distribution network and benefits from brand recognition tied to the TOTO name. Its main competitive advantage is the licensed use of a trusted premium brand combined with local manufacturing scale. The key growth driver is Indonesia's expanding middle class and ongoing residential construction activity, though the business faces risk from rising raw material costs and competition from lower-priced local and imported alternatives.

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: 10.32B (2021) → 10.32B (2025)

Score breakdown

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Quality

Gross Margin

19.7%

Thin — 19.7% gross margin

Operating Margin

10.7%

Modest — 10.7% operating margin

ROCE

1.9%

Weak — 1.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-2.1%

Shrinking sales (-2.1% YoY)

EPS YoY

-9.1%

Earnings shrinking (-9.1% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

83%

Modest — 83% of profit becomes cash

FCF Margin

7.6%

Modest free cash flow (7.6%)

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

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

21.93x

Comfortably covers interest (21.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

7.8x

Attractive valuation — P/E 7.8

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

9.50%

Healthy income — 9.50% yield

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

Dividend Growth

+23.7%

Dividend growing fast (23.7% YoY)

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