IMPC - Scaling Up on Strong Operational Footing

KBVS Update
Tuesday, 30 June 2026

IMPC: Scaling Up on Strong Operational Footing
(Non-Rated)

Major capacity expansion ahead.  Management is targeting to double its roofing production capacity at its Batang Industrial Estate facility. This expansion is backed by an FY26F capex budget of IDR500 bn, weighted 52% toward buildings and 39% toward machinery.

1Q26: Earnings inflection driven by input cost tailwind and deleveraging. IMPC’s 1Q26 results mark a meaningful inflection in its earnings trajectory. Revenue accelerated to IDR1,176 bn (+25.5% YoY). Net profit  IDR202,4 bn, significantly supported  reduction in finance expenses

Premium multiple with thin trading volume. IMPC currently trades at 112.0x P/E, The stock's average daily transaction value over five year period has remained thin at IDR27.0 bn

Regards,
Atikah Tri Adriyanti - KBVS Research team