{"id":582,"date":"2026-04-29T03:39:59","date_gmt":"2026-04-29T03:39:59","guid":{"rendered":"https:\/\/bbs.binus.ac.id\/master-program\/?p=582"},"modified":"2026-04-29T03:41:16","modified_gmt":"2026-04-29T03:41:16","slug":"ipo-analysis-on-pt-sumber-tani-agung-resources-tbk-staa","status":"publish","type":"post","link":"https:\/\/bbs.binus.ac.id\/master-program\/2026\/04\/29\/ipo-analysis-on-pt-sumber-tani-agung-resources-tbk-staa\/","title":{"rendered":"IPO Analysis on PT Sumber Tani Agung Resources TbK (STAA)"},"content":{"rendered":"

Oleh: Noviar<\/span>\u00a0<\/span>Wicaksono<\/span>|NIM: 2702760553<\/span><\/span><\/p>\n

A. Introduction<\/p>\n

    \n
  1. Company Profile<\/span><\/li>\n<\/ol>\n

    PT\u00a0Sumber\u00a0Tani Agung Resources\u00a0Tbk\u00a0(hereafter will be referred to as “STAA”), formerly\u00a0known as PT\u00a0Sinarlika\u00a0Portibijaya\u00a0Plantation and was officially\u00a0established\u00a0on July 31,\u00a01993. The name change to PT\u00a0Sumber\u00a0Tani Agung Resources was carried out in 2018\u00a0with the company’s status changed from a closed company to a public company on\u00a0September 1, 2021. This STAA is\u00a0designated\u00a0as a holding company with several\u00a0companies owned through direct or indirect participation in subsidiaries (PT\u00a0Sumber\u00a0Tani\u00a0Agung Resources\u00a0Tbk, 2024).\u00a0<\/span>\u00a0<\/span><\/p>\n

    The structure of STAA is a highly concentrated ownership guide, where controlling\u00a0shareholders dominate directly or through holdings such as PT Maju Indah Lestari and\u00a0PT\u00a0Kedaton\u00a0Perkasa. This\u00a0reflects\u00a0the strong control by a handful of parties who\u00a0support strategy consistency but have the potential to weaken the influence of minority\u00a0shareholders.\u00a0<\/span>\u00a0<\/span><\/p>\n

    From\u00a0operational\u00a0point of view,\u00a0the\u00a0subsidiary companies that include plantation\u00a0activities, processing, trading, to downstream activities included in the refinery\u00a0development. Most subsidiaries are owned at\u00a0a very high\u00a0level of ownership (\u224899%), so\u00a0that strict control and efficient consolidation can be achieved.\u00a0\u00a0Overall, this structure\u00a0indicates\u00a0that strategic integration along the palm oil value chain has been carried out\u00a0by the company, with the aim of maximizing efficiency, margins, and growth in the long\u00a0term.<\/span>\u00a0<\/span><\/p>\n

      \n
    1. Industry Overview<\/span><\/li>\n<\/ol>\n

      STAA has been\u00a0operating\u00a0in the palm oil plantation and processing sector since 1970\u00a0with an integrated process from planting to processing FFB into CPO and its derivative\u00a0products. Its operations are spread across North Sumatra, South Sumatra, West\u00a0Kalimantan, Central\u00a0Kalimantan, and Singapore. In addition, STTA also partners with\u00a0plasma farmers through a core-plasma scheme.<\/span>\u00a0<\/span><\/p>\n

        \n
      1. IPO Overview<\/span><\/li>\n<\/ol>\n

        The Initial Public Offering (IPO) in 2022 was carried out by STAA as part of the strategy\u00a0to strengthen the modeling structure by supporting long-term business expansion. A total\u00a0of 903,372,600 shares\u00a0have\u00a0been issued to the public, including shares\u00a0allocated\u00a0to\u00a0employee participation programs such as issued to the public, including shares\u00a0allocated\u00a0to the Employee Stock Allocation (ESA) and Management and Employee Stock Option\u00a0Program (MESOP) programs. The shares have been offered at a price of IDR 600 per\u00a0share, so that it can make funds of\u00a0approximately IDR\u00a0542.02 billion before the emission\u00a0costs are successfully obtained. In addition, options on the overall offer were also\u00a0included in this IPO to accommodate the\u00a0excess\u00a0demand in the market by\u00a0indicating\u00a0high investor interest at the time of listing.\u00a0After the IPO, the Company’s paid-up share capital increased to IDR 1.09 trillion or 10.9\u00a0billion shares with a nominal value of IDR 100 per share.\u00a0Additional\u00a0funds are recorded\u00a0as\u00a0additional\u00a0paid-up capital\u00a0so as to\u00a0provide financial strengthening. Overall, IPOs help\u00a0to form a more balanced capital structure, improve risk management and returns, and\u00a0support shareholder value and sustainable growth.<\/span> Post-IPO Financial Performance<\/p>\n

        B. Below is the analysis of Balance Sheet of PT Sarana Tani after IPO. <\/span>\u00a0<\/span><\/p>\n

        In\u00a02025\u00a0current assets have experienced a significant increase of 66%, from IDR\u00a02.37 trillion in 2024 to IDR 3.93 trillion in 2025. The increase\u00a0indicates\u00a0higher liquidity\u00a0and greater short-term asset turnover. Meanwhile, fixed assets with non-current assets\u00a0have declined in a gradual manner from 2024 to 2025,\u00a0indicating\u00a0a reduction\u00a0in investment expansion in the long term with fixed asset ownership. Overall, STTA’s\u00a0total assets grew by 18%, from IDR 8.08 trillion to IDR 9.56 trillion. Short-term liabilities\u00a0increased by around 6% to Rp1.24 trillion more specifically due to long-term debt\u00a0maturing. Long-term liabilities increased by 31% to Rp1.32 trillion due to\u00a0additional\u00a0loans.<\/span>\u00a0<\/span><\/p>\n

        STAA’s equity grew 19% to IDR 7.00 trillion as earnings were withheld. Overall, total\u00a0liabilities and equities increased by 18% in line with asset growth, reflecting solid financial\u00a0performance despite increased short-term liabilities.\u00a0<\/span>\u00a0<\/span><\/p>\n

        <\/span>Source : STAA<\/span><\/p>\n

        Below is the analysis of\u00a0Profit and Loss\u00a0of PT Sarana Tani after IPO.\u00a0<\/span><\/p>\n

        <\/span>Source : STAA<\/span><\/p>\n

        Net sales were recorded at IDR 6.44 trillion or an increase of 21.84% compared to the previous year which amounted to IDR 5.29 trillion. This increase reflects the increase in revenue from the Company’s core business activities.\u00a0\u00a0Cost of goods sold also increased by 9.80%, from IDR 3.88 trillion in 2023 to IDR 4.26 trillion in 2024 in line with the increase in operational scale. As a result of this revenue growth, gross profit increased sharply by 54.96%, from IDR 1.41 trillion to IDR 2.18 trillion. Operating profit also experienced a significant increase of 77.56%, from IDR 1.05 trillion in 2023 to IDR 1.87 trillion in 2024. In addition, profit before income tax also increased dramatically by 81.79%, from IDR 1.01 trillion to IDR 1.83 trillion which was boosted by an increase in the selling price of CPO, PK, and CPKO. In 2024, where the average price was recorded to increase by 18.26%, 51.92%, and 63.62%, respectively. This condition was able to generate an annual net profit of IDR 1.45 trillion which increased by 85.89% compared to IDR 782.25 billion in the previous year.<\/span><\/p>\n

        <\/p>\n

        The analysis of cash flow showed\u00a0significant improvement in STAA.\u00a0Net cash flow from operating activities increased by 11% to Rp1.64 trillion, in line with\u00a0increased profitability, while cash outflows from investment activities decreased by 45%\u00a0to Rp425 billion,\u00a0indicating\u00a0efficiency through the construction of palm oil mills with the\u00a0development of refineries. On the other\u00a0hand, where\u00a0outflows from funding activities\u00a0have increased sharply by 31% to Rp550 billion, which is specifically due to loan\u00a0disbursement users with dividend distribution. As a result, the company’s net cash\u00a0position was recorded with a significant increase from IDR 278.33 billion in 2024 to IDR\u00a0633.44 billion in 2025, as well as an increase in cash with final cash equivalents reaching\u00a051% to IDR 1.99 trillion.\u00a0Overall,\u00a0this condition\u00a0indicates\u00a0that an increase in\u00a0liquidity, the effectiveness in managing cash flow, and a good balance between\u00a0investment activities and funding have been successfully achieved.<\/span><\/p>\n

        <\/p>\n

        The analysis of\u00a0financial performance\u00a0ratio shows relatively stable\u00a0conditions.\u00a0\u00a0The liquidity level is also still in\u00a0healthy\u00a0condition as reflected in the\u00a0current ratio and the cash ratio is stronger than the previous year. This condition provides\u00a0an indication\u00a0that short-term liabilities can still be fulfilled by STAA with the use of its\u00a0current assets.\u00a0From a capital structure perspective, the debt-to-asset ratio and debt-to-equity ratio\u00a0showed a more conservative trend compared to previous years. This reflects its efforts\u00a0to\u00a0maintain\u00a0a balance between debt and equity usage to finance operational activities\u00a0and investments.\u00a0<\/span>\u00a0<\/span><\/p>\n

        Compared to\u00a02024,\u00a0STTA’s profitability\u00a0in 2025\u00a0gave hints of a significant\u00a0increase. The return on assets (ROA) and return on equity (ROE) ratio\u00a0indicates\u00a0that\u00a0higher profits are successfully generated by the Company from its assets and capital. In\u00a0addition, gross profit margin, operating profit margin, and business profit margin also\u00a0increased, reflecting efficient cost management and increased revenue from core\u00a0business activities.<\/span>\u00a0<\/span><\/p>\n

        The decline in the Debt Service Coverage Ratio (DSCR) trend\u00a0indicated\u00a0by the\u00a0company’s capacity to meet its debt obligations was from 12.1x to 3.5x, which was\u00a0specifically due to a significant increase in total debt repayment obligations (especially\u00a0CPLTD\/principal repayment). This\u00a0indicates\u00a0that although debt payments can still be\u00a0fulfilled quite comfortably\u00a0by\u00a0the company, the\u00a0security margin\u00a0is getting narrower\u00a0along with the increase in commitment\u00a0in\u00a0payments. Nevertheless, the Interest Service\u00a0Coverage Ratio (ISCR)\u00a0remains\u00a0in\u00a0strong\u00a0condition and has even increased from 12.1x\u00a0to 27.2x, which means that interest costs can be easily covered\u00a0by\u00a0the company’s\u00a0operating income.<\/span><\/p>\n

        C. Stock Price STAA from IPO until now<\/span>\u00a0<\/span><\/p>\n

        At the time of the IPO, the price of IDR 600 per share was used to list STAA, which was\u00a0also,\u00a0the lowest price ever recorded. After stocks are listed, fluctuations that are common in\u00a0companies that are newly listed on the stock exchange begin to be experienced with\u00a0initial\u00a0volatility given by market adjustments and investor sentiment (IDN Financials, 2026).\u00a0<\/span>\u00a0<\/span><\/p>\n

        The price movement of the same as STTA over the last 6 months, namely October 2025 to\u00a0March 2026, has\u00a0indicated\u00a0a moderate downward trend followed by a gradual recovery.\u00a0After the peak of around Rp1,700 in October 2025 was reached, the price decline\u00a0consistently occurred up to the range of Rp1,150\u20131,200 in early 2026,\u00a0indicating\u00a0a\u00a0correction period (Trading View, 2026). This decline was influenced by profit-taking actions\u00a0from investors, broader market adjustments, or external pressures, for\u00a0example\u00a0commodity\u00a0price fluctuations in the palm oil sector. In addition, the decrease in trading volume is also\u00a0seen with the passage of time which\u00a0indicates\u00a0a decline in market activity and the possibility\u00a0of a decrease in investor interest in the short term.\u00a0<\/span>\u00a0<\/span><\/p>\n

        However, towards March\u00a02026\u00a0where signs of stabilization and a slight increase began to\u00a0be shown by stocks with prices recovering to the range of IDR 1,250+ (Investing.com,\u00a02026). This is\u00a0an indication\u00a0that a certain level of confidence in the company’s fundamentals\u00a0is still\u00a0maintained\u00a0by the market even though there was volatility previously. Overall,\u00a0STAA\u00a0remains\u00a0relatively stable\u00a0above its IPO price with price movements\u00a0being influenced by internal performance as well as external market conditions.<\/span>\u00a0<\/span><\/p>\n

        <\/span>Source :\u00a0<\/span>https:\/\/www.google.com\/search?q=staa&sca<\/span><\/a>\u00a0<\/span><\/p>\n

        D. <\/span>Decision Analysis<\/p>\n

        If I had the opportunity to invest in STAA during the IPO where I would choose an\u00a0investment with a long-term perspective. This decision was\u00a0mainly supported\u00a0by the\u00a0company’s strong fundamental performance as reflected in significant revenue and profit\u00a0growth, solid operating cash flow, as well as improved efficiency\u00a0demonstrated\u00a0through high\u00a0profitability ratios such as ROA and ROE. In addition, the effective and disciplined use of\u00a0IPO proceeds has also been\u00a0demonstrated\u00a0by the company by\u00a0allocating\u00a0these funds for\u00a0expansion projects including refinery development and investment in the plantation sector.<\/span>\u00a0<\/span><\/p>\n

        This is a guide to focus on long-term value creation through strategic capital allocation that\u00a0is prioritized by management over short-term or speculative spending.\u00a0In addition, there is also the potential for attractive returns offered by STAA which can be\u00a0seen from the significant increase in its share price from IDR 600 at the time of the IPO to\u00a0more than IDR 1,700 at its peak so that capital gains of more than 200% were obtained by\u00a0the initial investors. The company also\u00a0operates\u00a0in the palm oil industry, which is still a\u00a0strategic sector in Indonesia, with strong demand driven by food consumption and biodiesel\u00a0development. However, various key risks still need to be considered in making an\u00a0investment decision, including commodity price volatility, dependence on export markets,\u00a0and broader macroeconomic conditions. Despite this, attractive investment opportunities\u00a0for long-term investors\u00a0remain\u00a0demonstrated\u00a0by the company due to its strong\u00a0fundamentals and position within the industry.<\/span><\/p>\n

        E. Conclusion<\/p>\n

        I will conclude this analysis with the decision to\u00a0invest in STAA during the IPO because of its strong fundamentals, effective capital\u00a0allocation, and significant growth potential shown by the company despite exposure to risks\u00a0related to commodities. For long-term investors themselves, a solid opportunity to be able\u00a0to\u00a0benefit\u00a0from business expansion and stock price appreciation can be represented by\u00a0STAA.<\/span>\u00a0<\/span><\/p>\n

        \u00a0F. <\/span>Reference<\/p>\n

        PT\u00a0Sumber\u00a0Tani Agung Resources\u00a0Tbk. (2024).\u00a0<\/span>Annual Report 2024<\/span><\/i>. Retrieved from<\/span>\u00a0<\/span><\/p>\n

        https:\/\/www.sta.co.id<\/span>\u00a0<\/span><\/p>\n

        IDN Financials. (2026).\u00a0<\/span>PT\u00a0Sumber\u00a0Tani Agung Resources\u00a0Tbk\u00a0(STAA) \u2013 Company Profile<\/span><\/i>\u00a0<\/span><\/p>\n

        & IPO Data<\/span><\/i>. Retrieved from https:\/\/www.idnfinancials.com<\/span>\u00a0<\/span><\/p>\n

        Investing.com. (2026).\u00a0<\/span>PT\u00a0Sumber\u00a0Tani Agung Resources\u00a0Tbk\u00a0Historical Stock Data<\/span><\/i>.<\/span>\u00a0<\/span><\/p>\n

        Retrieved from https:\/\/www.investing.com<\/span>\u00a0<\/span><\/p>\n

        TradingView. (2026).\u00a0<\/span>STAA Stock Price Chart and Historical Performance<\/span><\/i>. Retrieved from<\/span>\u00a0<\/span><\/p>\n

        https:\/\/www.tradingview.com<\/span>\u00a0<\/span><\/p>\n

        Investing.com. (2026).\u00a0<\/span>STAA Stock Performance Trends and Analysis<\/span><\/i>. Retrieved from<\/span>\u00a0<\/span><\/p>\n

        https:\/\/www.investing.com<\/span>\u00a0<\/span><\/p>\n

        \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

        Oleh: Noviar\u00a0Wicaksono|NIM: 2702760553 A. Introduction Company Profile PT\u00a0Sumber\u00a0Tani Agung Resources\u00a0Tbk\u00a0(hereafter will be referred to as “STAA”), formerly\u00a0known as PT\u00a0Sinarlika\u00a0Portibijaya\u00a0Plantation and was officially\u00a0established\u00a0on July 31,\u00a01993. The name change to PT\u00a0Sumber\u00a0Tani Agung Resources was carried out in 2018\u00a0with the company’s status changed from a closed company to a public company on\u00a0September 1, 2021. This STAA is\u00a0designated\u00a0as a […]<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-582","post","type-post","status-publish","format-standard","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/comments?post=582"}],"version-history":[{"count":2,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/582\/revisions"}],"predecessor-version":[{"id":591,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/582\/revisions\/591"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/media?parent=582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/categories?post=582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/tags?post=582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}