Indonesia Kendaraan Terminal (IPCC) Strengthens Its Foothold in Logistics Industry, Stock Seen as Attractive
Key Takeaways
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JAKARTA, Investortrust.id — PT Indonesia Kendaraan Terminal Tbk, or IPCC, has strengthened its position in Indonesia’s logistics and automotive port handling industry, supported by rising trade activity and the rapid expansion of the electric-vehicle ecosystem. The company has posted solid financial results through the third quarter of 2025, signaling continued business momentum.
IPCC recorded a net profit of Rp 190.29 billion for the first nine months of 2025, up 28.55 percent from a year earlier. Earnings per share rose to Rp 104.65 from Rp 81.40 in the same period last year, in line with a 12.74 percent increase in revenue to Rp 660.24 billion as of September.
According to Phillip Sekuritas analyst Edo Ardiansyah, terminal services contributed the largest share of revenue at Rp 591.13 billion, followed by cargo-handling and ancillary services. IPCC maintained a healthy balance sheet with total assets of Rp 1.92 trillion, liabilities of Rp 586.72 billion, and shareholders’ equity of Rp 1.34 trillion.
The company commands about 79.26 percent of the national market for completely built-up (CBU) vehicle handling and is transitioning from a terminal operator into an integrated automotive logistics provider. “This strategy is being pursued through partnerships with car manufacturers such as Suzuki and BYD, as well as through the expansion of vertical services including the Pre-Delivery Center. These initiatives are expected to expand margins and reduce reliance on traditional throughput volumes,” Ardiansyah wrote in a research note published in Jakarta last week.
He added that IPCC also benefits from high barriers to entry at state-owned ports and increasing operational efficiency. The stock is viewed as attractive due to its high dividend payout ratio of around 80 percent and the potential for further shareholder value enhancement.
Phillip Sekuritas projects IPCC’s revenue to reach Rp 872 billion in 2025 and Rp 929 billion in 2026, with net profit rising to Rp 247 billion and return on equity of 17.7 percent. Assuming a payout ratio of 83 percent, the company could offer a dividend yield of around 6.9 percent.
Given these factors, Phillip Sekuritas maintains a “buy” recommendation for IPCC with a target price of Rp 1,600 per share, implying a potential upside of 33.8 percent. The valuation corresponds to a 2026 price-to-earnings ratio of 11.8 times, price-to-book value of 2.1 times, and enterprise-value-to-EBITDA multiple of 8.1 times.
Disclaimer: InvestingPro market and valuation data are based on the snapshot captured on the time of publication, and may differ from real-time market values. This information is provided for analytical and educational purposes and does not constitute investment advice.
According to data compiled by InvestingPro as of March 26, 2025, IPCC shares traded at Rp 1,195 within a 52-week range of Rp 655 to Rp 1,230. The platform’s fair value model estimated the average intrinsic value at Rp 1,483 per share, suggesting a 24.1 percent potential upside.
Two analysts set price targets between Rp 1,150 and Rp 1,630, while InvestingPro’s aggregated models placed fair value within a range of Rp 901 to Rp 2,313. The company’s financial health ranked above the industry average, scoring four out of five across relative value, profitability, cash flow, and price momentum categories.