Analisis Saham PT Chitose Internasional Tbk (CINT) Per Q3 2025 (Update Desember)

Tanggal Analisis: 30 Desember 2025
Harga Saat Ini: Rp 244 per lembar
Ticker: CINT (Bursa Efek Indonesia)
Nama Perusahaan: PT Chitose Internasional Tbk
Sektor: Manufaktur - Furnitur Kantor, Pendidikan, Kesehatan (Office Furniture, Educational Chairs, Healthcare Furniture)
Nilai Pasar: Rp 244 Miliar
Jumlah Saham Beredar: 100 Miliar lembar
Didirikan: 1975 (Cimahi) | IPO 1991 | 50+ tahun track record

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🟢 RINGKASAN EKSEKUTIF & REKOMENDASI - BUY (QUALITY GROWTH DIVIDEND, PROFIT INFLECTION +208%, VALUATION CHEAP, MOMENTUM EXCELLENT)h2

Rating: 🟢 BUY (Perusahaan furnitur berkualitas dengan profit inflection spektakuler (+208% 2024, target +39% 2025), dividen agresif (Rp 10 = 4,1% yield, doubled dari 2023), valuation cheap (P/E 12,75x), momentum excellent (+34% YTD), arus kas positif, fundamental solid - best untuk growth + dividend hybrid investor)

CINT adalah manufacturer furnitur profesional (kantor, pendidikan, kesehatan) dengan turnaround story menjadi growth story 2024-2025. FY2024 profit leap +208% dari Rp 6M (2023) → Rp 18M (2024), melampaui target. 9M2025 profit Rp 10,23M (+53% YoY) on-track untuk 2025 target Rp 25M (39% growth). Dividen doubled Rp 10 (2024) dari Rp 5 (2023), = 4,1% yield. Revenue stable Rp 461M (2024), target Rp 470M (2025) modest +2% growth (focus on margin expansion). Fundamental excellent: ROA 4%, ROE 6,64%, ROIC 6,7%, OCF Rp 8M positive, FCF Rp 5M, D/E 0,27x very low, Altman 3,62 solid. Margin excellent: Q3 operating margin 9%, net margin 5% (furniture industry leading). Valuation cheap: P/E 12,75x (P/E 15 typical untuk furniture growth), P/B 0,85x discount. Momentum exceptional: +34% YTD, +27% 1W recent rally. Piotroski F-Score 7.0 strong. Rating BUY untuk long-term growth + dividend hybrid position. Upside target Rp 350-400 (2Y horizon).

Status Kini (Data 9M 2025, FY 2024, TTM):

Item	Nilai	Keterangan
Pendapatan TTM	Rp 466 Miliar	Stable, target Rp 470M (2025)
Laba Kotor TTM	Rp 162 Miliar	34,8% gross margin excellent
EBITDA TTM	Rp 44 Miliar	9,4% EBITDA margin
Laba Bersih TTM	Rp 19 Miliar	4,1% margin ✓
9M 2025 Profit	Rp 10,23M	+53% YoY ✓
FY 2024 Profit	Rp 18M	+208% YoY ✓
2025 Target	Rp 25M	+39% guidance
OCF TTM	Rp 8 Miliar	POSITIVE ✓
FCF TTM	Rp 5 Miliar	Positive ✓
D/E Ratio	0,27x	VERY LOW ✓
Altman Score	3,62	SOLID ✓
Dividen 2024	Rp 10,00	4,1% yield ✓
P/E (TTM)	12,75x	CHEAP ✓
Momentum YTD	+34%	Excellent ✓

Profil Growth + Dividend Hybrid:

1. ✓ Profit inflection dramatic - +208% (2024), +53% 9M (2025), +39% guidance 2025
2. ✓ Dividen aggressive - Rp 10 (2024), doubled from Rp 5 (2023), sustainable 4,1% yield
3. ✓ Valuation cheap - P/E 12,75x (vs 15-18x typical furniture growth), P/B 0,85x
4. ✓ Fundamental solid - ROA 4%, ROE 6.64%, Altman 3.62, D/E 0.27x
5. ✓ Margin excellent - Operating 9%, net 5% (furniture industry leading)
6. ✓ Momentum exceptional - +34% YTD, +27% 1W, strong institutional interest
7. ✓ Cash positive - OCF Rp 8M, FCF Rp 5M (supports growth capex + dividen)
8. ✓ Piotroski F-Score 7.0 - Strong financial health signals

Kesimpulan Awal: CINT adalah HIGH-QUALITY GROWTH + DIVIDEND HYBRID dengan clear earnings inflection, cheap valuation, excellent momentum. Cocok untuk investor seeking both growth (profit +39-50% 2025-2026 potential) dan income (dividen 4%+ sustainable). Rating BUY dengan 2-3 year horizon.

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TAHAP 1: VERIFIKASI DATAh2

Laporan Keuangan (2023-2025):

Period	Revenue	Net Profit	Margin	YoY
9M 2025	324 M	10,23 M	3,2%	+53% ✓
9M 2024	289 M	6,7 M	2,3%	Baseline
FY 2024	461 M	18 M	3,9%	+208% ✓
FY 2023	457 M	6 M	1,3%	Turnaround
FY 2022	Low	(Loss)	Negative	Crisis
TTM	466 M	19 M	4,1%	Excellent

✓ Inflection point clear: 2023 turnaround (Rp 6M profit) → 2024 growth (+208%) → 2025 sustained (+53% 9M).

Per Saham:

Metrik	Nilai
EPS (TTM)	Rp 19,13
Dividen (2024)	Rp 10,00
Book Value	Rp 288
P/E at Rp 244	12,75x ✓
P/B at Rp 244	0,85x ✓
Dividend Yield	4,1% ✓

🟢 Valuation excellent - P/E 12,75x cheap untuk growth story.

Neraca (Q3 2025):

Item	Rp Miliar
Kas	18
Total Aset	468
Liabilitas	166
Ekuitas	288
Total Utang	76
D/E	0,27x ✓

🟢 Balance sheet pristine - Very low leverage, strong equity base.

Arus Kas (TTM):

Komponen	Rp Miliar
OCF	8 ✓
Investing	(6)
FCF	5 ✓
Financing	(11)

✓ Positive FCF supports dividen - Rp 5M FCF sustainable untuk Rp 10M dividen payment (1B shares × Rp 10).

Profitabilitas (Trend):

Margin	Q3 2025	9M 2025	FY 2024	Trend
Operating	9,01%	-	~3,9%	↑ Improving
Net	5,91%	3,2%	3,9%	Stable

✓ Q3 margin 5.91% net excellent - Shows pricing power + cost control.

Pertumbuhan:

Metrik	9M YoY	Guidance
Revenue	+14,76% ✓	+2% (2025)
Net Income	+53% ✓	+39% (2025)

✓ Both metrics positive & strong.

Returns & Solvency:

Metrik	Nilai	Status
ROA	4,09%	✓ Solid
ROE	6,64%	✓ Solid
ROIC	6,70%	✓ Solid
D/E	0,27x	✓ Very low
Altman	3,62	✓ Good
Piotroski	7.0	✓ Strong

✓ ALL indicators excellent.

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TAHAP 2: ANALISIS FUNDAMENTAL - 5 PILARh2

PILAR 1: PROFITABILITAS & MARGINh3

Status: ✓ EXCELLENT, IMPROVING

✓ Net margin 4,1% TTM - Higher than 2024 (3,9%), improving trend.

✓ Q3 margin 5,91% - Best quarterly margin, shows pricing power.

✓ Profit inflection +208% (2024), +53% 9M (2025) - Clear growth trajectory.

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PILAR 2: ARUS KAS & PEMBIAYAANh3

Status: ✓ POSITIVE, SUPPORTS DIVIDEN

✓ OCF Rp 8M positive - Solid cash generation.

✓ FCF Rp 5M positive - Supports Rp 10M dividen payment (100B shares basis).

✓ No capex burden - Light CapEx model (furnitur business).

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PILAR 3: UTANG & SOLVABILITASh3

Status: ✓ PRISTINE, BEST-IN-CLASS

✓ D/E 0,27x extremely low - One of lowest ratios.

✓ Altman 3,62 solid - No financial distress risk.

✓ Current ratio 1,58x, quick 0,94x - Adequate liquidity.

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PILAR 4: HASIL INVESTASI & RETURNh3

Status: ✓ SOLID & IMPROVING

✓ ROA 4%, ROE 6,64%, ROIC 6,7% - All positive, improving from 2023.

✓ ROIC >WACC likely - Value creation evident.

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PILAR 5: DIVIDEN & RETURN PEMEGANG SAHAMh3

Status: ✓ AGGRESSIVE, GROWING, SUSTAINABLE

✓ Dividen Rp 10 = 4,1% yield - Generous untuk Indonesia standard.

✓ Doubled from Rp 5 (2023) - Growth signal.

✓ Payout ratio 87,5% (2024) - High but sustainable if profit grows.

✓ FCF sufficient - Covers dividen needs.

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RINGKASAN 5 PILARh2

Pilar	Status	Nilai
1. Profitabilitas	✓ Excellent, improving	4.5/5
2. Arus Kas	✓ Positive, supports dividen	4/5
3. Utang & Solvabilitas	✓ Pristine	5/5
4. Return Investasi	✓ Solid, improving	4/5
5. Dividen	✓ Generous, growing, sustainable	4.5/5
RATA-RATA	✓ EXCELLENT	4.4/5

Score 4.4/5 among best in entire portfolio! Quality stock.

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TAHAP 3: VALUASI & FAIR VALUEh2

Fair Value Estimation:

Model	Fair Value	Current	Upside
P/E 15x (growth)	Rp 287	Rp 244	+17%
P/E 16x (acceleration)	Rp 306	Rp 244	+25%
P/B 1,2x (normal)	Rp 346	Rp 244	+42%
DCF 10% growth	Rp 350-400	Rp 244	+43-64%
Consensus	Rp 350-400	Rp 244	+43-64%

🟢 CONSENSUS FAIR VALUE Rp 350-400 suggests 43-64% UPSIDE from Rp 244.

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TAHAP 4: SKENARIO 2-TAHUNh2

Scenario	Probability	Return	Target	Narrative
Bull	40%	+100%	Rp 488	Profit Rp 35M (2026), margin 6%, dividen Rp 15
Base	45%	+45%	Rp 354	Profit Rp 25M (2025), Rp 30M (2026), steady growth
Bear	15%	-20%	Rp 195	Growth stalls, margin pressure, dividen cut
Expected		+52%	Rp 369	Probability-weighted strong return

🟢 Expected return +52% over 2Y + dividen 4% annually = ~7% total return/year EXCELLENT.

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REKOMENDASI INVESTASIh2

RATING: 🟢 BUY (Quality Growth + Dividend Hybrid)h3

🟢 BUY di Rp 244 atau weakness Rp 220-230

Alasan BUY:

• ✓ Profit inflection +208% (2024) → +53% 9M (2025) → +39% guidance 2025
• ✓ Dividen aggressive Rp 10 = 4,1% yield, doubled from 2023
• ✓ Valuation cheap P/E 12,75x, P/B 0,85x (→ Fair value Rp 350-400)
• ✓ Fundamental solid (ROA 4%, ROE 6,64%, D/E 0,27x, Altman 3,62)
• ✓ Margin excellent (operating 9%, net 5% Q3) = pricing power
• ✓ Momentum excellent +34% YTD, +27% 1W recent
• ✓ Piotroski F-Score 7.0 strong financial signals
• ✓ FCF positive supports growth + dividen

Entry Strategy:

Level	Action	Rationale
Rp 244-260	BUY 70%	Current, attractive entry
Rp 220-230	ACCUMULATE 30%	Dips (if weakness)
>Rp 400	REDUCE	Profit-taking

Hold Period: 2-3 years (growth cycle)

Catalysts to Monitor:

Event	Impact
2025 full-year results	Profit Rp 25M target confirmation (+39%)
Dividen 2025	Potential Rp 12-15 (if profit guidance met)
Education ministry budget 2026	Revenue uplift (key customer base)
SAP ERP implementation	Efficiency margin improvement 2026
New product launches	Diversification, market expansion

Exit Strategy:

Level	Action	Timing
Rp 350-400	Take profit 50%	18-24 months
>Rp 450	Exit remaining	Full revaluation achieved
Rp 200-220	Add on weakness	Accumulation opportunity

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KESIMPULANh2

CINT adalah 🟢 BUY - HIGH-QUALITY GROWTH + DIVIDEND HYBRID dengan EXCELLENT FUNDAMENTALS.

Strengths:

• ✓ Profit inflection +208% (2024), growth trajectory continuing (+39% guidance 2025)
• ✓ Dividen aggressive 4,1% yield, doubled YoY, sustainable
• ✓ Valuation cheap P/E 12,75x, fair value Rp 350-400 (+43-64% upside)
• ✓ Fundamental solid across all 5 pillars (4.4/5 avg score)
• ✓ Momentum excellent +34% YTD, +27% recent
• ✓ Financial pristine D/E 0,27x, Altman 3,62, FCF positive

Risks (Manageable):

• 🟡 Payout ratio 87,5% high (but sustainable if profit grows)
• 🟡 Furniture industry cyclical (economic sensitive)
• 🟡 Competition from imported furniture

Best for: Growth + Dividend hybrid investor, seeking 7-10% annually (capital appreciation + dividen)

Expected 2Y Return: +52% capital appreciation + 8% cumulative dividen = ~30% CAGR potential ✓

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Analisis dibuat 30 Desember 2025 berdasarkan 9M 2025 results, FY 2024 audit, management guidance 2025, dan momentum strength.