The power behind digital transformation
Mastersystem Infotama (MSTI) is a renowned system integration company, with more than 30 years of experience. MSTI's customer base primarily consists of financial services industry clients, as it serves approximately 80% of such major Indonesian banks as BCA, Mandiri, BSI, BNI, along with others. This business accounted for 50% of the Company's 9M24 revenue, followed by the telecommunications industry (30%) and other sectors, covering consumer-related, oil and gas, manufacturing, and SOE (20%). Implementation Law No 27 of 2022 regarding Personal Data Protection (PDP Law) has translated into a healthy 9M24 revenue stream for MSTI, with adaptive security architecture (+114% YoY, 16% 0f total revenue) and data center and cloud infrastructure (+76% YoY, 76% of total revenue). Note that recent project collaboration with Lintasarta and NVDIA for artificial intelligence-data centers (AI-DC) in bringing AI cloud services to the country, signals a nominal reaching USD 200 mn, highlighting strong growth in the telecommunications sector (+44% YoY in 9M24) for the next 5 years, with a possibility of yearly adjustment.

Strong results in 9M24
MSTI recorded solid profitability in 9M24, with revenue growing +52% YoY, operating profit +48% YoY, and net profit +63% YoY. The company maintained a DER of 0.11x and a current ratio of 2.75x. MSTI also distributed its first dividend, since its market debut on 07 Nov-23, with a DPR of 78% (DPS IDR 99.84/share), and plans to consistently maintain a minimum payout ratio of 70%. For 2025, management expects a similar revenue growth trajectory, aligning with its historical CAGR of +10% (2020–2022); security adaptive architecture services are identified as a key growth driver.

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PANR - Sustainable Growth Amidst Uncertainty

Economic Update - BI Rate - Emergency Rate Hike

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