Chapter 1

PT Cipta Perdana Lancar: What the Company Is

PT Cipta Perdana Lancar (IDX: PART) is a founder-controlled Indonesian metal-stamping manufacturer that makes components for vehicles, electronics and household goods. It is profitable and growing — net sales reached Rp369.6 billion and net profit Rp30.2 billion in FY2025 [1] — but it is small, carries more bank debt than cash, and, two years past its July 2024 listing, its shares have already round-tripped from the Rp105 offer price up to Rp240 and back to about Rp106.

What it makes, and where it came from

The company was founded in 2009 by Hamim — a vocational-school graduate and former machinery salesman — and is run from a single factory in Tangerang, Banten, with 336 employees at the end of 2025 [2]. Its business is metal fabrication: it designs, stamps, assembles, paints and quality-tests parts, then ships them to customers as an original-equipment supplier. Production is organised around three long-standing product lines — automotive components (two-, three- and four-wheel vehicles), electronics components, and sanitary/cleaning-equipment parts — and in 2025 the company added a fourth: metal household goods such as food trays and oil-and-water frying machines, its first deliberate step to reduce reliance on the automotive segment [3].

This is a contract manufacturer, not a brand. Its economics turn on winning and holding OEM programs, converting steel into parts at a controlled cost, and delivering on time — the "Quality, Cost, Delivery" language that recurs through its filings. That framing matters for everything that follows: the durability of the customer relationships, the capital the plant consumes, and the margin the company can defend are the levers, not pricing power over a consumer.

The scale, and the growth record

By the standards of a listed equity, PART is tiny. FY2025 revenue of Rp369.6 billion is roughly $22 million; net profit of Rp30.2 billion is under $2 million; and at Rp106 per share the whole company is worth about Rp291 billion, near $16 million.

Sources: FY2025 net sales and net profit per FY2025 Annual Report, Financial Highlights [4]; ROE per FY2025 Annual Report, Key Ratios [5]; market value derived from 2,742,123,779 shares outstanding [6] at the reported closing price of Rp106 (exchange data, as reported).

Small does not mean stagnant. Over five years the business has nearly tripled its sales and grown profit alongside it, with only one soft year (FY2023, when net profit dipped despite higher revenue).

Source: FY2025 Annual Report, Financial Highlights (FY2023–FY2025) [7]; FY2021–FY2022 from the IPO prospectus audited accounts, as reported.

The quality of that growth is middling but real: gross margin has run near 19–22%, operating margin around 11%, and net margin near 8% [8]. Return on equity was 16.3% in FY2025, though that figure is flattered by comparison: before the IPO recapitalised the balance sheet, thin equity produced an ROE above 25% on much smaller absolute profit [9]. How much of this reported profit converts to cash — operating cash flow was well below net income in the year the plant was being built out — is a question this report will need to test, not assume.

From listing to round-trip

PART came to the Indonesia Stock Exchange on 5 July 2024, selling 680 million new shares — a quarter of its enlarged capital — at Rp105 each and raising Rp71.4 billion gross [10]. Almost all of the proceeds went into the business itself — moulding tools, production machines and working capital — rather than to selling shareholders [11]. The offer also carried one free Series I warrant per new share, exercisable at Rp110; with the stock spending most of its life below that strike, take-up was negligible and shares outstanding rose only to about 2.74 billion before the exercise window closed in July 2026 [12]. The dilution overhang many recent Indonesian IPOs still carry is, for PART, largely spent.

The share price since has been a full round-trip rather than a trend.

Source: exchange daily closing prices (Indonesia Stock Exchange), as reported; IPO reference price of Rp105 per FY2024 Annual Report [13].

From the Rp105 offer the stock ran to Rp182 within weeks, sank to Rp60 by the end of 2024, recovered through 2025, spiked to Rp240 in February 2026, and fell back below Rp70 in June before settling near Rp106. That volatility is characteristic of thinly-owned Indonesian small caps and tells you little about the business; what it does establish is that the market has no settled view of what PART is worth. At Rp106 the shares trade at roughly 9–10 times FY2025 earnings and about 1.6 times book value — undemanding multiples, and close to where public shareholders started. There is no sell-side coverage and no published consensus estimate to lean on.

Ownership and the balance sheet, at a glance

Two facts frame the risk. First, this is a genuine founder company: the founding family holds 74.4% of the shares, with the public float just 25.6% [14]. Founder and chief executive Hamim runs the business he built. The alignment a minority investor wants is present; the flip side — a controlling owner whose interests a 25% float cannot outvote — is present too.

Second, the balance sheet is the pressure point. The company funds its plant partly with bank debt: against Rp184.9 billion of equity it carries roughly Rp99 billion of long-term bank loans [15], a net-debt-to-EBITDA ratio near 1.8x and EBITDA covering interest about 6 times [16]. The reported leverage looks moderate, but the liquidity behind it is thin: cash fell to Rp2.9 billion at the end of 2025 from Rp55.2 billion a year earlier, as the IPO proceeds were spent on capacity [17]. A profitable, cash-generative business with almost no cash buffer is a specific kind of animal, and for an investor whose stated priority is a near-zero chance of permanent loss, it is exactly the animal to examine closely. The company did pay a maiden dividend — Rp1.7 per share, about Rp4.65 billion, one-fifth of FY2024 profit — which signals confidence but also spends scarce cash [18].

The question this report will answer

Everything above sketches a company that is easy to like at a glance — founder-run, growing, cheap after a sell-off, in an industry with Indonesian localisation tailwinds — and easy to worry about on a second look — sub-scale, customer-concentrated by nature, bank-funded, and short of cash. The report exists to resolve that tension. The through-line it will follow:

Whether PT Cipta Perdana Lancar's fast, founder-controlled growth is compounding into durable value that a minority shareholder can own with a genuine margin of safety — or whether a business this small, this reliant on bank debt, and this thin on cash is too fragile to clear that bar at any price.

Answering it means testing what the surface numbers only hint at: how the money is actually made and whether the economics are improving or eroding; whether reported profit becomes cash; how safe the balance sheet really is under stress; and whether the founder's control works for minority holders or around them. The evidence for each is in the filings; the work is to weigh it.