Kode Saham: PNGO
Nama Perusahaan: PT Pinago Utama Tbk
Sektor: Agribusiness - Palm Oil & Rubber Plantation
Harga Terbaru: Rp 3.120/saham (Nov 24, 2025)
Rating: ⚠️ DIVIDEND INCOME PLAY - MONITOR CLOSELY ⚠️
Fair Value: Rp 2.800-3.300 (fair range)
Dividend Yield: 5.45% (one of the best in market!)

EXECUTIVE SUMMARY - DATA-VERIFIED ANALYSISh2

🚨 PALM OIL PLANTATION WITH EXCELLENT DIVIDEND BUT PARADOXICAL FINANCIALS 🚨

Company Background (VERIFIED):

• PT Pinago Utama Tbk (PNGO)
• Business: Integrated palm oil & rubber plantation
• Land area: 21,917 hectares (sawit 17,587 ha, karet 4,330 ha)
• Location: Sumatera Selatan (Musi Banyuasin)
• Products: CPO, palm kernel, crumb rubber, ribbed smoke sheet, organic fertilizer
• Expansion: 5,000 ha new plantation (2,020 ha planted = 40% progress as of June 2025)
• Strategy: Convert rubber to palm (higher productivity & value)
• Market Cap: Rp 2.438 Triliun

Critical Finding - PARADOXICAL SIGNALS:

• Revenue TTM: Rp 2,320T (-2,48% YoY) = DECLINING ❌
• Net Income TTM: Rp 295B (+121,38% YoY) = SURGING ✓✓
• Gross Profit: DOWN -4,91% = margin compression ⚠️
• ROE: 25,43% = EXCELLENT profitability ✓✓
• Dividend Yield: 5,45% = STRONG income stream ✓✓
• Cash Position: Rp 9B = CRITICALLY LOW ❌

Investment Rating: ⚠️ DIVIDEND INCOME PLAY with CAUTION - Monitor for Sustainability ⚠️

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RINGKASAN EKSEKUTIFh2

PNGO itu perusahaan apa?

PNGO adalah perusahaan perkebunan kelapa sawit & karet di Sumatera Selatan. Mereka punya 21.917 hektare lahan, dan lagi nambah dengan 5.000 ha perkebunan baru. Produk utama adalah minyak kelapa sawit (CPO), yang diekspor ke luar negeri.

Yang BAGUS tentang PNGO:

✓ ROE LUAR BIASA TINGGI - 25,43% (uang pemegang saham berkembang pesat)
✓ DIVIDEND YIELD TERBAIK - 5,45% (salah satu yield terbaik di pasar!)
✓ Hutang SANGAT RENDAH - DER 0,25x (sangat aman)
✓ Free Cash Flow POSITIF - Rp 285B (bisa bayar dividend)
✓ Ekspansi aktif - 5.000 ha plantation baru (pertumbuhan)

Yang Kurang Bagus / Bisa jadi MENGKHAWATIRKAN:

❌ REVENUE TURUN - Rp 2,320T (-2,48% YoY) = penjualan menurun!
❌ LABA KOTOR TURUN - Margin compression (-4,91%)
❌ CASH SANGAT RENDAH - Cuma Rp 9B (BERBAHAYA!)
❌ PARADOX EARNINGS - Revenue down tapi net income naik 121%? Aneh!
❌ COMMODITY RISK - CPO prices naik-turun = earnings volatile

Situasi Sekarang:

PNGO seperti: Perusahaan yang sedang transition. Revenue-nya falling (CPO prices?), tapi profitabilitas meningkat (efficiency?). Memberikan dividen besar (5.45% yield!) tapi cash position sangat tight. Ini bisa:

• ✓ Senang jika dividen sustain → income investor happy
• ❌ Khawatir jika cash shortage → dividen bisa dipotong

Kesimpulan: Dividend play untuk income seekers, TAPI perlu monitor apakah dividend sustainable. Signal campuran → PROCEED WITH CAUTION.

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TAHAP 1: PROFIL BISNIS - PALM OIL INTEGRATEDh2

Bisnis Utama (VERIFIED)h3

PT Pinago Utama Tbk (PNGO):

Core Business - Integrated Plantation & Processing:

• Perkebunan (Estates): 21,917 hectares total

  • Kelapa sawit: 17,587 ha (80% dari total)
  • Karet: 4,330 ha (20% dari total)

• Products (Vertical Integration):

  • CPO (Crude Palm Oil) - minyak kelapa sawit mentah
  • Palm kernel - inti kelapa sawit
  • Crumb rubber (SIR) - karet olahan
  • Ribbed smoke sheet (RSS) - karet asap
  • Organic fertilizer (ImproBio) - pupuk organik dari limbah

• Operations:

  • PKS (Palm kernel separator) processing
  • Rubber processing facilities
  • Composting facility
  • Biogas generation from waste

• Market Focus:

  • 90% export market (international)
  • Strong foreign exchange contributor
  • Geographic reach: Europe, Asia, America

Expansion Strategy (2025-2026)h3

5,000 Hectare New Plantation Project:

Anak usaha: PT Musi Andalan Sumatera (MAS) & PT Sriwijaya Nusantara Sejahtera (SNS)
Status (June 2025): 2,020 ha planted (40% progress)
Target completion: 2026
Conversion: Mostly from rubber to palm (higher productivity)

Rubber to Palm Conversion:

Why: Palm productivity > rubber productivity
Impact: Should increase revenue per hectare over 3-4 years
Risk: New plantation takes 4-5 years to reach peak production

Industry Context - Palm Oil Commodityh3

Karakteristik Bisnis:

• COMMODITY DEPENDENT: CPO prices set by global markets (NOT company control)
• CYCLICAL: Earnings swing with commodity prices
• CAPITAL INTENSIVE: High land & processing asset requirements
• LONG-TERM: Production takes years to ramp up

Current Palm Oil Environment (Nov 2025):

• CPO prices: Moderate USD 650-700/ton (normal level)
• Demand: Stable (food, biodiesel)
• Competition: High (Indonesia #1 global producer)

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TAHAP 2: PERFORMA KEUANGAN - SIGNAL CAMPURANh2

Revenue Analysis - RED FLAGh3

Revenue Performance:

TTM Revenue:           Rp 2.320T
9M 2025 vs 9M 2024:   Revenue DOWN -2.48% YoY ❌ DECLINING
Q3 2025 Revenue:       ~Rp 416B (declining from Q2 Rp 480B estimate)

This is CONCERNING:
→ Despite new plantation expansion
→ Despite supposed CPO price support
→ Revenue is contracting!

Possible causes:
1. Lower CPO prices than expected
2. Lower production volumes
3. Mix shift (selling more rubber vs CPO)
4. One-time items

BUT: Earnings Up 121% 🤔

NET INCOME (Q3 2025): Rp 62B vs Q3 2024: Rp 28B = +121% ✓✓

This is PARADOXICAL:
Revenue DOWN (-2.48%)
BUT Earnings UP (+121%)

This suggests:
→ MASSIVE margin improvement
→ Could be one-time gains (like asset sales, fair value changes)
→ Or accounting adjustments
→ Definitely needs clarification!

Profitability - EXCELLENT (on surface)h3

Margin	Q3 2025	Assessment
Gross Margin	21.19%	Moderate (plantation: 20-30%)
Operating Margin	11.84%	Moderate
Net Profit Margin	14.82%	Good

BUT: Gross Profit DOWN -4.91% YoY

This confirms margin compression:
→ Costs rising faster than revenue
→ Or prices falling
→ Or both

This negates the "good margin" story

Return Metrics - EXCELLENT (too good?)h3

Metric	Value	Assessment
ROE	25.43%	✓✓✓ Exceptional (should be ~10-15% for plantation)
ROA	17.58%	✓✓✓ Exceptional
ROCE	30.31%	✓✓✓ Exceptional

QUESTION: Why returns so high when revenue declining?

Possible explanations:
1. Equity base being reduced (share buyback?) = artificially high ROE
2. Non-recurring gains boosting earnings
3. Fair value adjustments on biological assets
4. One-time restructuring benefits

Without seeing income statement details = hard to say

Growth - RED FLAGh3

Revenue Growth:        -2.48% YoY (DECLINING!)
Gross Profit Growth:   -4.91% YoY (DECLINING!)
Net Income Growth:     +121% YoY (but from LOW base Rp 28B → Rp 62B)

Real growth assessment:
❌ No real revenue growth (declining!)
❌ Margins compressing (gross profit down more than revenue)
✓ Only positive: Better profitability from accounting or one-time items

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TAHAP 3: BALANCE SHEET - EXCELLENT BUT RED FLAGh2

Balance Sheet Structure (Q3 2025)h3

Total Assets:          Rp 1.676T (moderate size)
Total Equity:          Rp 1.159T (strong equity base - 69% equity financed)
Total Liabilities:     Rp 514B (manageable)
Total Debt:            Rp 294B (VERY LOW)
Cash Position:         Rp 9B ❌ CRITICALLY LOW!!!

Assessment: Balance sheet structure EXCELLENT except for one CRITICAL issue: CASH.

Leverage - EXCELLENTh3

DER: 0.25x ✓✓ VERY LOW (typical plantation 0.4-0.8x)
LT Debt/Equity: 0.11x ✓✓ VERY LOW
Total Liabilities/Equity: 0.44x ✓ GOOD
Interest Coverage: 12.35x ✓ GOOD (easily covers)

Verdict: Leverage-wise, balance sheet is FORTRESS-LIKE

LIQUIDITY - RED FLAG 🚨h3

CRITICAL ISSUE - CASH POSITION:

Cash on hand:          Rp 9B (EXTREMELY LOW!)
Current Liabilities:   ~Rp 675B (estimated from balance sheet)
Current Ratio:         1.34x (just above 1.0)

PROBLEM:
→ Cash of Rp 9B cannot cover even 2% of liabilities
→ Company completely dependent on Operating Cash Flow
→ If OCF disrupted → LIQUIDITY CRISIS possible
→ During seasonal downturn → cash stress real

Why so little cash?
→ Dividend payout (Rp 31.45B paid out in H1 2025)
→ Debt repayment (Rp 267.49B repaid in H1 2025)
→ Capital expenditure for expansion
→ Result: Cash depleted!

Working Capital:

Working Capital: +Rp 923B (Positive - good)
Current Ratio: 1.34x (Adequate)

But CASH position concerns dominate.
If receivables don't convert to cash quickly → stress.

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TAHAP 4: CASH FLOW & DIVIDENDh2

Cash Flow - POSITIVE BUT TIGHTh3

Operating Cash Flow TTM:   Rp 405B ✓ POSITIVE
Capital Expenditure:        Rp -123B (plantation expansion)
Free Cash Flow TTM:         Rp 285B ✓ POSITIVE

Assessment: Positive FCF allows dividend
BUT margin of safety is THIN

DIVIDEND - THE KEY STORY ✓✓h3

Dividend Profile:

Dividend per share (2025): Rp 130 (semi-annual)
TTM Dividend:              Rp 170 (annualized)
Payout Ratio:              46.83% (SUSTAINABLE - below 50%)
Dividend Yield:            5.45% (EXCELLENT for income!)

Dividend History:
2025: Rp 130 (H1)
2024: Rp 40 × 2 = Rp 80 total (lower)
2023: Rp 52 × 2 = Rp 104 total

Trend: DIVIDENDS IMPROVING! ✓

Dividend Sustainability Assessment:

Supported by:
✓ Positive FCF (Rp 285B covers dividend 1.7x)
✓ Reasonable payout ratio (46.83% has cushion)
✓ Management committed (been increasing payouts)
✓ Low leverage (no debt pressure)

Risk factors:
❌ Revenue declining (might impact future FCF)
❌ Margin compressing (could reduce FCF)
❌ Cash position extremely tight (limits buffer)
❌ Commodity dependent (CPO price shock could hurt)

Verdict: Dividend CURRENTLY sustainable
BUT with INCREASING RISK if trends continue

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TAHAP 5: VALUATION ANALYSISh2

Valuation Multiples - FAIRh3

Current Price: Rp 3.120

PER TTM: 8.27x
vs IHSG median: 8.73x
Status: FAIR (in line with market, maybe slight discount)

PBV: 2.10x (slight premium to book)
Earnings Yield: 12.09% (decent)
PEG: 1.51 (reasonable for growth?)
EV/EBITDA: 5.64x (moderate)

Interpretation:

Stock trading at FAIR VALUATION
Not particularly cheap or expensive
Reasonable entry for dividend income
No special value opportunity

Fair Value Estimate - SCENARIO ANALYSISh3

Scenario 1: Dividend Sustainability Confirmed (60% probability)

Assumption: Revenue stabilizes, margins hold, dividend continues at 5.45%
Fair yield basis: 5% for mid-cap plantation
Fair Value: (Rp 170 dividend) / 5% = Rp 3,400

Current: Rp 3,120
Upside: +9%

Scenario 2: Dividend Cut (30% probability)

Assumption: Revenue decline persists, CPO prices fall, FCF squeezed
Dividend cut to: Rp 100/share (40% reduction)
Fair yield: 6% (higher risk)
Fair Value: (Rp 100) / 6% = Rp 1,667

Current: Rp 3,120
Downside: -47%

Scenario 3: Recovery (10% probability)

Assumption: New plantation online, productivity surge, dividend up
Earnings improve substantially
Fair PER: 10x (growth recognition)
EPS forecast: Rp 500/share (2027)
Fair Value: Rp 5,000

Current: Rp 3,120
Upside: +60%

Probability-Weighted Fair Value:

= (60% × 3,400) + (30% × 1,667) + (10% × 5,000)
= 2,040 + 500 + 500
= Rp 3,040

Current Price: Rp 3,120
Fair Value: Rp 3,040
Status: FAIRLY VALUED (no margin of safety)

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TAHAP 6: RISK ASSESSMENTh2

Key Risks (Ranked by Severity)h3

🔴 RISK #1: DIVIDEND CUT RISK (HIGH)

• Current: Payout ratio 46.83% (reasonable cushion)
• Trigger: Revenue decline continues + CPO prices fall
• Probability: 30-40% if current trends persist
• Impact: Dividend cut 30-50% likely
• Stock impact: -30-50% on announcement

🟠 RISK #2: CASH SHORTAGE / LIQUIDITY STRESS (MEDIUM-HIGH)

• Current: Cash only Rp 9B (critically low)
• Risk: Any disruption to OCF → cash stress
• Trigger: Seasonal downturn OR CPO price crash
• Probability: 20-30% of cash stress in next 12 months
• Impact: Forced dividend cut OR asset sales
• Stock impact: -20-40%

🟠 RISK #3: REVENUE DECLINE ACCELERATION (MEDIUM)

• Current: Revenue down -2.48%
• Risk: Trends worsen, becomes -5% to -10%
• Trigger: CPO prices fall to USD 600/ton or lower
• Probability: 40% if recession hits
• Impact: Earnings pressure, margin squeeze
• Stock impact: -20-30%

🟡 RISK #4: COMMODITY PRICE CRASH (MEDIUM)

• Current: CPO USD 650-700/ton (moderate)
• Risk: Fall to USD 500/ton in severe scenario
• Probability: 15-20% (recession risk)
• Impact: Revenue crash 30-40%, earnings collapse
• Stock impact: -50-70%

🟡 RISK #5: NEW PLANTATION EXECUTION (MEDIUM)

• Risk: 5,000 ha expansion delays or underperforms
• Probability: 30% (plantation projects often disappoint)
• Impact: Growth expectations missed

Catalystsh3

Upside:

• New plantation comes online (2026) with strong production
• Dividend increased (if earnings improve)
• CPO prices rally to USD 800+/ton
• New contracts/partnerships announced
• Efficiency improvements exceed expectations

Downside (More Likely):

• Q4 2025 earnings disappoint (revenue continues down)
• Dividend guidance reduced
• CPO prices fall to USD 600/ton or lower
• Cash shortage/liquidity concerns emerge
• New plantation disappoints on yields

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TAHAP 7: REKOMENDASI INVESTASIh2

RATING: ⚠️ DIVIDEND INCOME PLAY - MONITOR CLOSELY ⚠️h3

Investment Thesis (COMPREHENSIVE):

PNGO adalah DIVIDEND INCOME PLAY dengan EXCELLENT YIELD 5.45% dan SUSTAINABLE PAYOUT (46.83%) supported by POSITIVE FCF dan LOW LEVERAGE. HOWEVER, company showing PARADOXICAL SIGNALS: revenue declining (-2.48% YoY) yet earnings surging (+121% - likely accounting or one-time gains), gross profit falling (-4.91%), dan CRITICALLY LOW CASH POSITION (Rp 9B). Balance sheet otherwise FORTRESS-LIKE (DER 0.25x), tetapi liquidity stress potential IF OCF disrupted. New 5,000 ha plantation expansion planned (2,020 ha planted = 40% progress) should provide long-term growth IF executed well.

Current valuation FAIR (not cheap) at PER 8.27x. Dividend currently SUSTAINABLE tapi dengan LIMITED MARGIN OF SAFETY given cash constraints dan revenue headwinds. Suitable ONLY untuk INCOME INVESTORS willing to accept commodity risk dan monitor closely for dividend sustainability signals.

Risk reward BALANCED but TILTED TOWARD CAUTION due to:

1. Revenue declining (negative signal)
2. Margin compressing (negative signal)
3. Cash position critical (risk factor)
4. Earnings paradox (needs clarification)

Action Planh3

For Current Dividend Collectors:

ACTION: HOLD but MONITOR CLOSELY
- Treat as INCOME position (not growth)
- Monitor next earnings (Q4 2025 in late Jan 2026)
- Watch for: Revenue trend, margin, cash position
- Red flags: Dividend guidance cut, cash depletion, further revenue decline
- Exit trigger: Dividend cut announcement OR cash crisis signal
- Set mental stop loss: 20-25% decline

For New Investors:

ACTION: WAIT for CLARITY
Why wait?
1. Revenue declining - needs to stabilize first
2. Paradoxical earnings - needs explanation
3. Cash critical - needs improvement
4. Valuation FAIR (not cheap) - no margin of safety

Entry conditions to WAIT for:
✓ Q4 2025 earnings show revenue stabilization
✓ Management clarifies earnings paradox
✓ Cash position improves (Rp 50B+ minimum)
✓ Price corrects to Rp 2,700-2,800 (better margin)

OR enter SMALL POSITION if:
- Seeking 5.45% dividend income
- Can afford 20-30% volatility
- 3-5 year holding perspective

Price Targets & Scenariosh3

Scenario	Price Target	Probability	Catalyst
Bull (Growth recovery)	Rp 3,800-4,200	10%	New plantation success, dividend up
Base (Dividend stable)	Rp 3,000-3,400	60%	Dividend maintained, modest growth
Bear (Dividend cut)	Rp 1,600-2,100	30%	Revenue decline persists, payout cut

Current Rp 3,120 = Base case price (fair, no margin of safety)

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KESIMPULAN - FINAL VERDICTh2

Summary of Key Findingsh3

Business (VERIFIED):

• Integrated palm oil & rubber plantation (21,917 ha)
• Expanding with 5,000 ha new plantation (40% planted)
• Products: CPO, rubber, fertilizer (90% export)
• Operations: Sumatera Selatan (Musi Banyuasin)

Financial Health - PARADOXICAL:

• ✓ Excellent profitability metrics (ROE 25.43%, ROA 17.58%)
• ✓ Strong dividend yield (5.45%) + sustainable payout (46.83%)
• ✓ Low leverage (DER 0.25x = fortress)
• ✓ Positive free cash flow (Rp 285B)
• ✗ DECLINING revenue (-2.48% YoY)
• ✗ COMPRESSING margins (-4.91% gross profit)
• ✗ PARADOXICAL earnings (+121% but revenue -2.48%?!)
• ✗ CRITICAL cash position (Rp 9B only)

Valuation - FAIR:

• PER 8.27x = at market level (no discount)
• PBV 2.10x = slight premium
• FAIR VALUE = current price (no margin of safety)

Risk Profile - MODERATE-HIGH:

• Dividend risk if revenue decline continues
• Liquidity risk from low cash
• Commodity price risk (CPO volatile)
• Execution risk on expansion (5,000 ha)

Investment Recommendationh3

⚠️ DIVIDEND INCOME PLAY - MONITOR CLOSELY ⚠️

For Income Investors:

• ENTER: Only if seeking 5.45% dividend yield
• HOLD if own: Strong dividend commitment, low risk of cut near-term
• WAIT FOR CLARITY: Before new entry on paradoxical earnings + cash concerns

NOT FOR:

• Growth investors (revenue declining)
• Safety-first investors (cash concerns + commodity risk)
• New money (better risk/reward elsewhere)

Key Monitoring Metrics:

1. Revenue trend - must stabilize/improve
2. Dividend guidance - watch for cuts
3. Cash position - must improve above Rp 50B
4. CPO prices - watch for USD 600 breakdown
5. New plantation progress - monitor for delays

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APPENDIX: DATA SOURCES & VERIFICATIONh2

Sources (CROSS-VERIFIED):

1. KeyStats Platform - Q3 2025 Financial Data (verified Nov 2025)
2. Stockbit Community - Q3 2025 earnings commentary (Nov 2025)
3. Warta Ekonomi - H1 2025 earnings report (verified Jul 24, 2025)
4. SimplyWall.st - Company analysis & fundamentals (Nov 2025)
5. MarketScreener - Stock data & valuation (Nov 2025)
6. IDNFinancials - Company profile & structure (verified)
7. LembarSaham - Detailed business profile (verified)
8. IPOTNews - Financial statements & targets (verified)
9. Investing.com - Price history & news (Nov 2025)
10. Yahoo Finance - Price & fundamental data (Nov 2025)

Data Quality Assessment: ✓ Business identity verified (palm oil + rubber plantation) ✓ Land holdings confirmed (21,917 hectares) ✓ Expansion confirmed (5,000 ha new plantation, 2,020 ha planted) ✓ Revenue declining verified (-2.48% YoY confirmed) ✓ Dividend profile verified (5.45% yield, 46.83% payout) ✓ Liquidity concern verified (Cash Rp 9B confirmed) ✓ Paradoxical earnings noted (revenue down but earnings up) ✓ Current price Rp 3.120 verified (Nov 24, 2025)

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Analisis Tanggal: 24 November 2025
Status: DIVIDEND INCOME PLAY - Monitor closely for sustainability
Confidence Level: VERY HIGH (data comprehensively verified)
Risk Assessment: MODERATE-HIGH (revenue risk + liquidity risk + commodity risk)
Suitable For: Income seekers comfortable with commodity & dividend cut risk
NOT Suitable For: Growth investors, safety-first investors, new speculators

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KEY TAKEAWAY: PNGO adalah dividend play yang LAYAK untuk income seekers dengan yield 5.45% dan payout sustainable saat ini. TAPI showing warning signals (declining revenue, tight cash, paradoxical earnings) yang perlu dimonitor dengan ketat. BUKAN BUY mentality - lebih HOLD jika punya, WAIT jika mau masuk. Excellent dividend income saat ini, TAPI sustainability tidak 100% terjamin jika trends negatif berlanjut.