PT Mastersystem Infotama TbkFull report →1 / 14
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PT Mastersystem Infotama Tbk

PT Mastersystem Infotama is a founder-controlled Indonesian IT system integrator that builds and maintains the data-centre, network and security infrastructure behind the country's banks and telecoms, funded almost entirely by its own cash.

Listed near Rp1,355 in November 2023, the shares reached about Rp1,675 by August 2025, slid to Rp1,155 by mid-2026, and sit at Rp1,350 today — roughly flat with the IPO as earnings rose and the multiple compressed.
Rp1,350
Share price
Rp4.2T
Market cap
Rp5.5T
FY2025 revenue
Rp1.6T
Net cash · 38% of cap
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The statements

Steady compounding, then a FY2025 stall

FY2021 → FY2025as reported · Rp
RevenueRp5.5T+2%
Operating margin12.2%+0.1pp
Net incomeRp549.1B+4%
EPSRp174.90+4%
Free cash flowRp874.6B+0%
As-reported income statement and cash flow, FY2021–FY2025.
  • Revenue. Sales compounded about 15% a year to Rp5.45T in FY2025, but growth stalled to +1.7% as a one-off 2024 hardware project rolled off.
  • Profit. Net income rose 3.5% to Rp549bn, a 10.1% margin; return on equity has held above 20% for five straight years, near 24%.
  • Cash. The model is asset-light — capex under 1% of sales — and free cash flow ran near Rp666bn, funding a ~70% dividend payout.
Financials & mix

The only line that grew earns the thinnest margin

Software share vs blended gross margin
Software climbs; the blended margin drifts down with it.
  • Growth without profit. MSTI's growth is concentrated in its lowest-margin line: software license resale at ~8% gross margin rose 39% in FY2025 and 26.8% in Q1 FY2026 — climbing from 22.8% to 38.6% of sales — as hardware fell 14% then 21%, so the surge added almost nothing to profit (blended gross profit +2.0%, gross margin flat ~18%).
  • The other side. Hardware's own product margin improved, from 13.4% to 15.9%, and higher-margin maintenance grew 13.5% — a real shift into managed services could still make the mix a margin story.
First FY2026 quarter

Cheap on the multiple, shrinking on the base

4.9x
EV / FY2025 earningsex net cash
4.1x
EV / operating profit
−8.0%
Q1 net sales, YoY
−7.5%
Q1 net profit, YoY
Credit the cash pile and the operating business is priced near five times earnings.
  • Cheap on a falling base. After crediting ~Rp1.5T of net cash (about 36% of market value), MSTI's operating business trades at only ~4.9x FY2025 earnings and ~4.1x operating profit — but that trailing base is already contracting, with Q1 FY2026 net sales down 8.0% to Rp1,096.0bn and net profit down 7.5% to Rp106.6bn.
  • Or a cyclical washout. Hardware's drop is the unwind of the one-off 2024 AI-Factory boom — still above 1Q23 levels — while software keeps compounding and margins held; consensus now needs ~8% growth across the rest of FY2026.
What it sells

Four revenue lines, reweighting toward software

FY2025 revenue by product line
Hardware still about half of sales; software now nearly a third.
  • Reseller-integrator. MSTI plans, installs and maintains data-centre, network and security infrastructure for Indonesian banks and telecoms, reselling and configuring third-party hardware and software.
  • Recurring core. Maintenance — the highest-quality, recurring line — grew 13.5% to Rp792bn; hardware fell 14% as the 2024 project rolled off while software rose 39%.
  • Concentrated demand. Financial services and telecoms supply 73–81% of revenue, and the single largest account rotates each year — Bank Indonesia was 12.3% of FY2025 sales.
Forward estimates

Consensus sees a modest reset, not a rebound

Rp5.70T
FY2026e revenue+4.5%
Rp183
FY2026e EPS
Rp6.05T
FY2027e revenue+6.1%
Rp1,767
Mean target · Strong Buy
Three analysts; a modest step-up off the FY2025 stall, a fraction of the 15% four-year pace.
  • Below the old pace. Management guides single-digit growth and consensus models +4.5% then +6.1% — a return to trend after a project-driven spike, not a reacceleration.
  • What flips it. A new project cycle in cybersecurity, cloud or managed services is the path the company points to back toward double-digit growth.
Cash conversion

Profits turn to cash across the cycle, lumpily

Operating cash flow vs net income (Rp bn)
Cumulative cash flow is ~98% of profit; any single year swings on tax and project timing.
  • Backed by cash. Over FY2021–FY2025 operating cash flow equalled about 98% of reported profit and capex ran below 1% of sales — the earnings are real.
  • Why one year misleads. A project-delivery book and a chronic VAT-refund cycle swing conversion from 32% of profit in FY2022 to 171% in FY2024; FY2025's Rp697bn is a timing dip, not weakness.
  • The line to watch. Trade receivables jumped 37% on flat sales, lifting days-sales-outstanding from 39 to 53 — a further climb would mean profit running ahead of cash.
Margin of safety

A balance sheet built to make wipeout unlikely

Rp1.6T
Net cash
38%
Net cash / market cap
Rp17.6bn
Drawn bank debt
3.1x
Current assets / liabilities
Net cash worth roughly 38% of market value; interest cost is a rounding error.
  • Debt-free. FY2025 cash of Rp1.63T sat against just Rp17.6bn of bank borrowings; the business needs no leverage and pays almost nothing in interest.
  • Not entirely idle. About Rp43bn of cash is formally restricted and a further undisclosed slice is pledged behind the bank guarantees the project book requires.
  • Paid to wait. The cash funds an ~8.7% dividend from its own pocket, and current assets cover current liabilities 3.1 times over.
Control & capital

Founders own 85% and take cash as minorities do

Shareholding
Three founders hold ~85%; the public float is the 15% sold at IPO.
  • Aligned pay. All directors and commissioners together earned Rp49bn in FY2025 — flat, and about 9% of profit — while the founders collected roughly Rp315bn through the same per-share dividend every holder receives.
  • Clean books. No material related-party dealing ran through FY2025; the family monetises the business the one way that cannot shortchange the 15% minority.
  • The cost of caution. Around Rp1.6T of net cash earns about 2%, dragging reported return on equity to ~24% from roughly 76% for the operating business alone.
The dividend

A rising payout is the return in hand

Dividend per share (Rp)
A third straight annual rise; the payout has settled at the 70% ceiling.
  • Resolved. Shareholders approved Rp122 per share for FY2025 — a first-ever interim plus final, a 70% payout, and a ~9% yield at Rp1,350.
  • Capped, for now. Company policy limits dividends to 70% of profit, so FY2025 delivered the top of the range rather than a break above it.
  • The bigger lever. The idle Rp1.6T is untouched — a second interim, a payout above 70%, or a buyback would be the clearest sign the family means to close the value gap.
Moat & market

Growing markets, but MSTI grows slower than them

Indonesian cybersecurity market (US$B)
A ~13.7% forecast CAGR — one of several double-digit end-markets MSTI serves.
  • The tailwind is real. Indonesia's ICT market runs near US$47bn, with cloud, data-centre and cybersecurity sub-markets compounding at double digits — the FY2025 pause is not a market that stopped growing.
  • Share is earned yearly. MSTI is the third-largest player at 6.9% share, anchored by three-decade banking ties and top-tier Cisco status — in a business its own filings call low-barrier and fragmented.
  • Below its own market. At +1.7% in FY2025 MSTI grew slower than its end-markets; closing that gap, with margins turning up, is what a genuine services pivot would look like.
Valuation

At Rp1,350 the market is paying the bear case

Implied value per share (Rp)
Net cash at face value plus operating earnings at 5x/7x/9x; today sits at the bottom.
  • The cash is the anchor. Net cash worth about Rp487 per share — 36% of the price — comes at face value; the residual pays for the operating business at roughly five times earnings.
  • Mostly a re-rating. The Rp1,767 analyst target is 9.6x forward earnings against ~5% EPS growth — upside that leans on the multiple, not a growth rebound.
  • Cheap, if it converts. The gap only closes if the family returns or redeploys the cash, or growth reaccelerates — levers the 15% minority cannot pull.
Two readings

The same facts, read two ways

Bull and bear on the same balance sheet
Shared factBull readsBear reads
Net cash ≈38% of capDownside floor and optionalityIdle capital dragging ROE, no plan
~5x EV / earningsCheap for a 24%-ROE businessEarned by a growth reset
+1.7% FY2025 revenueBase effect after a one-offShare loss to a growing market
85% founder-ownedAligned; pro-rata dividendMinority cannot force change
Each row is a filing item, read in opposite directions.
  • Not different numbers. Bull and bear agree on every figure; they disagree on whether the cheapness is quality on sale or a value trap earned by the slowdown.
  • What decides it. Capital-return follow-through and the FY2026 revenue and margin path — the checkable events that would tip the read either way.
What to watch

Cheap, cash-rich and paused: a margin-of-safety holding whose upside the 15% minority cannot compel.

Read the full report →

This distils a guided study built chapter by chapter — financials, cash conversion, control, moat and valuation.

Compiled from the full report · 2026-07-22 · For information, not investment advice.