Gowa Makassar Tourism Develop

GMTD.JK · Real Estate · Real Estate - Development · IDR · Fundamentals
Heavy & aging

Physical assets are 70.0% of total assets, a heavy footprint. Capex is 0.52x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.

Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.93x.

Physical asset ratio
70.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 309.80BpropertyPlantAndEquipmentNetInventoryIDR 672.82BinventoryTotal assetsIDR 1,404.54BtotalAssetsResult 70.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.93xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueIDR 288.53BtotalRevenueNet PP&EIDR 309.80BpropertyPlantAndEquipmentNetResult 0.93x
Revenue per dollar of the physical asset base.
Capex / D&A
0.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexIDR 2.90BcapitalExpendituresD&AIDR 5.52BdepreciationAndAmortizationResult 0.52x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
IDR 846.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,404.54BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 71.44MintangibleAssetsLiabilitiesIDR 545.29BtotalLiabTangible bookIDR 859.17BShares1,015,380,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result IDR 846.16
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.01xPrice / tangible bookPrice / tangible book per sharePriceIDR 855.00Latest quoteTangible book / shareIDR 846.162025-12-31Result 1.01x
Price IDR 855.00.
Fixed-charge coverage
2.71xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAIDR 39.91BebitdaCapexIDR 2.90BcapitalExpendituresInterestIDR 13.64BinterestExpenseShort-term debtIDR 0.00shortTermDebtEBITDA − capexIDR 37.01BPrincipal due is short-term debt.Result 2.71x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowIDR 13.83BfreeCashFlowMarket capIDR 888.46BMarketCapitalizationResult 1.6%
Latest free cash flow divided by current market cap (IDR 888.46B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 34.39BoperatingIncomeTax expenseIDR 641.06MincomeTaxExpensePretax incomeIDR 32.82BincomeBeforeTaxTax rate2.0%EquityIDR 859.24BtotalStockholderEquityDebt—Not reportedCashIDR 86.90BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 0.11x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 66.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 407.81BpropertyPlantAndEquipmentNetInventoryIDR 429.54BinventoryTotal assetsIDR 1,252.86BtotalAssetsResult 66.8% 0.60xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueIDR 245.04BtotalRevenueNet PP&EIDR 407.81BpropertyPlantAndEquipmentNetResult 0.60x 0.96xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexIDR 675.85McapitalExpendituresD&AIDR 703.85MdepreciationAndAmortizationResult 0.96x IDR 7.52KTangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,252.86BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 0.00Not reported, treated as 0LiabilitiesIDR 488.79BtotalLiabTangible bookIDR 764.07BShares101,538,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result IDR 7.52K 1.78xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAIDR 72.73BebitdaCapexIDR 675.85McapitalExpendituresInterestIDR 8.39BinterestExpenseShort-term debtIDR 32.11BshortTermDebtEBITDA − capexIDR 72.05BPrincipal due is short-term debt.Result 1.78x IDR 7.18BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowIDR 7.85BtotalCashFromOperatingActivitiesCapexIDR 675.85McapitalExpendituresFree cash flowIDR 7.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 7.18B 8.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 72.47BoperatingIncomeTax expenseIDR 598.91MincomeTaxExpensePretax incomeIDR 62.04BincomeBeforeTaxTax rate1.0%EquityIDR 764.07BtotalStockholderEquityDebtIDR 70.00BshortLongTermDebtTotalCashIDR 17.57BcashInvested capitalIDR 816.50BResult 8.8% 0.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeIDR 72.47BoperatingIncomeNet PP&EIDR 407.81BpropertyPlantAndEquipmentNetResult 0.18x
2019 31.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 2.16BpropertyPlantEquipmentInventoryIDR 346.30BinventoryTotal assetsIDR 1,107.52BtotalAssetsResult 31.5% 95.13xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueIDR 205.52BtotalRevenueNet PP&EIDR 2.16BpropertyPlantEquipmentResult 95.13x 1.28xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexIDR 419.12McapitalExpendituresD&AIDR 328.33MdepreciationAndAmortizationResult 1.28x IDR 6.80KTangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,107.52BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 0.00Not reported, treated as 0LiabilitiesIDR 417.35BtotalLiabTangible bookIDR 690.17BShares101,538,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result IDR 6.80K -1.46xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-IDR 60.35BebitdaCapexIDR 419.12McapitalExpendituresInterestIDR 8.84BinterestExpenseShort-term debtIDR 32.92BshortTermDebtEBITDA − capex-IDR 60.77BPrincipal due is short-term debt.Result -1.46x IDR 5.52BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowIDR 5.94BtotalCashFromOperatingActivitiesCapexIDR 419.12McapitalExpendituresFree cash flowIDR 5.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 5.52B —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 40.55BoperatingIncomeTax expenseIDR 599.70MincomeTaxExpensePretax income-IDR 69.52BincomeBeforeTaxTax rate—EquityIDR 690.17BtotalStockholderEquityDebtIDR 70.00BshortLongTermDebtTotalCashIDR 17.46BcashInvested capitalIDR 742.71BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — 18.77xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeIDR 40.55BoperatingIncomeNet PP&EIDR 2.16BpropertyPlantEquipmentResult 18.77x
2020 37.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 2.50BpropertyPlantEquipmentInventoryIDR 365.78BinventoryTotal assetsIDR 987.32BtotalAssetsResult 37.3% 67.09xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueIDR 167.58BtotalRevenueNet PP&EIDR 2.50BpropertyPlantEquipmentResult 67.09x 1.83xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexIDR 746.45McapitalExpendituresD&AIDR 408.79MdepreciationAndAmortizationResult 1.83x IDR 5.76KTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 987.32BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 0.00Not reported, treated as 0LiabilitiesIDR 402.38BtotalLiabTangible bookIDR 584.94BShares101,538,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result IDR 5.76K -4.08xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-IDR 96.66BebitdaCapexIDR 746.45McapitalExpendituresInterestIDR 8.43BinterestExpenseShort-term debtIDR 15.43BshortTermDebtEBITDA − capex-IDR 97.40BPrincipal due is short-term debt.Result -4.08x IDR 1.27BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowIDR 2.02BtotalCashFromOperatingActivitiesCapexIDR 746.45McapitalExpendituresFree cash flowIDR 1.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 1.27B —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 21.63BoperatingIncomeTax expenseIDR 451.22MincomeTaxExpensePretax income-IDR 105.50BincomeBeforeTaxTax rate—EquityIDR 584.94BtotalStockholderEquityDebtIDR 70.00BshortLongTermDebtTotalCashIDR 18.53BcashInvested capitalIDR 636.41BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — 8.66xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeIDR 21.63BoperatingIncomeNet PP&EIDR 2.50BpropertyPlantEquipmentResult 8.66x
2021 36.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 14.37BpropertyPlantEquipmentInventoryIDR 379.22BinventoryTotal assetsIDR 1,072.93BtotalAssetsResult 36.7% 9.66xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueIDR 138.81BtotalRevenueNet PP&EIDR 14.37BpropertyPlantEquipmentResult 9.66x 10.84xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexIDR 13.11BcapitalExpendituresD&AIDR 1.21BdepreciationAndAmortizationResult 10.84x IDR 548.60Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,072.93BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 34.69MintangibleAssetsLiabilitiesIDR 515.86BtotalLiabTangible bookIDR 557.04BShares1,015,380,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result IDR 548.60 -0.14xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-IDR 3.39BebitdaCapexIDR 13.11BcapitalExpendituresInterestIDR 22.44BinterestExpenseShort-term debtIDR 98.16BshortTermDebtEBITDA − capex-IDR 16.50BPrincipal due is short-term debt.Result -0.14x IDR 57.31BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowIDR 70.42BtotalCashFromOperatingActivitiesCapexIDR 13.11BcapitalExpendituresFree cash flowIDR 57.31BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 57.31B —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-IDR 4.88BoperatingIncomeTax expenseIDR 334.36MincomeTaxExpensePretax income-IDR 27.04BincomeBeforeTaxTax rate—EquityIDR 557.07BtotalStockholderEquityDebtIDR 25.00BshortLongTermDebtTotalCashIDR 30.79BcashInvested capitalIDR 551.29BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -0.34xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-IDR 4.88BoperatingIncomeNet PP&EIDR 14.37BpropertyPlantEquipmentResult -0.34x
2022 39.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 19.04BpropertyPlantEquipmentInventoryIDR 442.84BinventoryTotal assetsIDR 1,160.94BtotalAssetsResult 39.8% 16.56xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueIDR 315.37BtotalRevenueNet PP&EIDR 19.04BpropertyPlantEquipmentResult 16.56x 2.94xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexIDR 7.26BcapitalExpendituresD&AIDR 2.47BdepreciationAndAmortizationResult 2.94x IDR 5.58KTangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,160.94BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 94.78MintangibleAssetsLiabilitiesIDR 594.50BtotalLiabTangible bookIDR 566.34BShares101,538,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result IDR 5.58K 0.18xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAIDR 46.03BebitdaCapexIDR 7.26BcapitalExpendituresInterestIDR 34.17BinterestExpenseShort-term debtIDR 177.58BshortTermDebtEBITDA − capexIDR 38.76BPrincipal due is short-term debt.Result 0.18x IDR 1.74BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowIDR 9.00BtotalCashFromOperatingActivitiesCapexIDR 7.26BcapitalExpendituresFree cash flowIDR 1.74BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 1.74B 10.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 65.16BoperatingIncomeTax expenseIDR 390.00MincomeTaxExpensePretax incomeIDR 9.39BincomeBeforeTaxTax rate4.2%EquityIDR 566.44BtotalStockholderEquityDebtIDR 41.98BshortLongTermDebtTotalCashIDR 17.23BcashInvested capitalIDR 591.18BResult 10.6% 3.42xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeIDR 65.16BoperatingIncomeNet PP&EIDR 19.04BpropertyPlantEquipmentResult 3.42x
2023 45.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 17.76BpropertyPlantAndEquipmentNetInventoryIDR 529.01BinventoryTotal assetsIDR 1,203.94BtotalAssetsResult 45.4% 23.64xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueIDR 419.99BtotalRevenueNet PP&EIDR 17.76BpropertyPlantAndEquipmentNetResult 23.64x 0.85xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexIDR 2.28BcapitalExpendituresD&AIDR 2.69BdepreciationAndAmortizationResult 0.85x IDR 6.86KTangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,203.94BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 64.75MintangibleAssetsLiabilitiesIDR 507.65BtotalLiabTangible bookIDR 696.22BShares101,538,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result IDR 6.86K 5.32xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAIDR 162.10BebitdaCapexIDR 2.28BcapitalExpendituresInterestIDR 30.01BinterestExpenseShort-term debtIDR 32.87MshortTermDebtEBITDA − capexIDR 159.82BPrincipal due is short-term debt.Result 5.32x IDR 37.93BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowIDR 40.21BtotalCashFromOperatingActivitiesCapexIDR 2.28BcapitalExpendituresFree cash flowIDR 37.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 37.93B 22.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 157.17BoperatingIncomeTax expenseIDR 376.58MincomeTaxExpensePretax incomeIDR 129.39BincomeBeforeTaxTax rate0.3%EquityIDR 696.28BtotalStockholderEquityDebtIDR 228.25MshortLongTermDebtTotalCashIDR 12.87BcashAndShortTermInvestmentsInvested capitalIDR 683.64BResult 22.9% 8.85xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeIDR 157.17BoperatingIncomeNet PP&EIDR 17.76BpropertyPlantAndEquipmentNetResult 8.85x
2024 47.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 21.27BpropertyPlantEquipmentInventoryIDR 597.31BinventoryTotal assetsIDR 1,294.08BtotalAssetsResult 47.8% 18.78xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueIDR 399.63BtotalRevenueNet PP&EIDR 21.27BpropertyPlantEquipmentResult 18.78x 1.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexIDR 10.88BcapitalExpendituresD&AIDR 5.98BdepreciationAndAmortizationResult 1.82x IDR 818.26Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,294.08BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 42.48MintangibleAssetsLiabilitiesIDR 463.19BtotalLiabTangible bookIDR 830.85BShares1,015,380,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result IDR 818.26 6.75xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAIDR 166.21BebitdaCapexIDR 10.88BcapitalExpendituresInterestIDR 23.00BinterestExpenseShort-term debtIDR 0.00shortTermDebtEBITDA − capexIDR 155.33BPrincipal due is short-term debt.Result 6.75x IDR 67.89BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowIDR 78.78BtotalCashFromOperatingActivitiesCapexIDR 10.88BcapitalExpendituresFree cash flowIDR 67.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 67.89B 17.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 134.59BoperatingIncomeTax expenseIDR 378.17MincomeTaxExpensePretax incomeIDR 137.23BincomeBeforeTaxTax rate0.3%EquityIDR 830.89BtotalStockholderEquityDebtIDR 205.08MshortLongTermDebtTotalCashIDR 78.40BcashAndShortTermInvestmentsInvested capitalIDR 752.70BResult 17.8% 6.33xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeIDR 134.59BoperatingIncomeNet PP&EIDR 21.27BpropertyPlantEquipmentResult 6.33x
2025 70.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EIDR 309.80BpropertyPlantAndEquipmentNetInventoryIDR 672.82BinventoryTotal assetsIDR 1,404.54BtotalAssetsResult 70.0% 0.93xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueIDR 288.53BtotalRevenueNet PP&EIDR 309.80BpropertyPlantAndEquipmentNetResult 0.93x 0.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexIDR 2.90BcapitalExpendituresD&AIDR 5.52BdepreciationAndAmortizationResult 0.52x IDR 846.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsIDR 1,404.54BtotalAssetsGoodwillIDR 0.00Not reported, treated as 0IntangiblesIDR 71.44MintangibleAssetsLiabilitiesIDR 545.29BtotalLiabTangible bookIDR 859.17BShares1,015,380,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result IDR 846.16 2.71xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAIDR 39.91BebitdaCapexIDR 2.90BcapitalExpendituresInterestIDR 13.64BinterestExpenseShort-term debtIDR 0.00shortTermDebtEBITDA − capexIDR 37.01BPrincipal due is short-term debt.Result 2.71x IDR 13.83BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowIDR 16.73BtotalCashFromOperatingActivitiesCapexIDR 2.90BcapitalExpendituresFree cash flowIDR 13.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result IDR 13.83B —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeIDR 34.39BoperatingIncomeTax expenseIDR 641.06MincomeTaxExpensePretax incomeIDR 32.82BincomeBeforeTaxTax rate2.0%EquityIDR 859.24BtotalStockholderEquityDebt—Not reportedCashIDR 86.90BcashAndShortTermInvestmentsInvested capital—Result — 0.11xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeIDR 34.39BoperatingIncomeNet PP&EIDR 309.80BpropertyPlantAndEquipmentNetResult 0.11x
  • Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: IDR 309.80B
Inventory: IDR 672.82B
Total assets: IDR 1,404.54B
Goodwill: IDR 0.00
Intangibles: IDR 71.44M
Liabilities: IDR 545.29B
Tangible book: IDR 859.17B
Shares: 1,015,380,000
Revenue: IDR 288.53B
Capex: IDR 2.90B
D&A: IDR 5.52B
EBITDA: IDR 39.91B
Interest: IDR 13.64B
Short-term debt: IDR 0.00
Free cash flow: IDR 13.83B
Operating income: IDR 34.39B
Invested capital: —
Tax rate: 2.0%