Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price6,725.00 IDR
Fair value10,906.25
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-26Read Distribution7,000.00-3.9% to today ✓Markdown gives way to Distribution
2026-10-02Read Markdown7,000.00-3.9% to today ✓Accumulation gives way to Markdown after a 9% rise in 5 weeks
2026-08-30Read Accumulation6,425.00+4.7% to today ✓Markdown gives way to Accumulation first Accumulation read since July
2026-07-25Read Markdown6,425.00+4.7% to today Accumulation gives way to Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Indofood Sukses Makmur holds its Distribution at $6,725.00. Elevated stress, defensive posture warranted, held for 9 days.
As held on the ledger · 2026-11-05
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 9 days
Price at the screen
$6,725.00
Valuation
5.63 trailing · 5.38 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.05
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
34.39%
Below 33%
Interest-bearing debt is 34.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
2.30%
Below 33%
Cash held in interest-bearing accounts and securities is 2.3% of assets, under the one-third limit.
Pass
Receivables
26.64%
Below 49%
Money owed to the company is 26.6% of assets, under the 49% limit.
Pass
Revenue purity
1.35%
Below 5%
Only 1.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Indofood Sukses Makmur's business is in a permissible area, but its interest-bearing debt is about 34% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when INDF.JK's ethical verdict changes
Today INDF.JK does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 40% discount to our 10,906.25 IDR fair value, 7.40% revenue growth.
Fair value range in IDR, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 38.3% discount to the base estimate.
Where our models see it going: fair-value estimate 10,906.25 IDR, with a range of 10,906.25 IDR to 13,100.00 IDR, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
A 7%-growth business trading at just 5.4x forward earnings. That is a 40% discount to our 10,906.25 IDR fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 12 analysts rate it Strong Buy with a 8,725.00 IDR average target, about 30% above the screened price.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Indonesia and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
INDF.JK trades on IDX (the company is based in Indonesia). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-06Distribution$6,725.00-3.9%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 3.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading oversold. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading oversold. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812.
2026-10-19Markdown$7,000.00+0.0%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812.
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 8.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812.
2026-07-30Markdown$6,425.00+0.0%Entry 10
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-28Markdown$6,425.00+0.0%Entry 9
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-27Markdown$6,425.00+0.0%Entry 8
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-26Markdown$6,425.00+0.0%Entry 7
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-25Markdown · changed$6,425.00+0.0%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (12 analysts) rates it strong buy, with a mean price target of $8812. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$6,925.00
-9.8%
·
$903
-9.8%
2 months
$6,700.00
-6.7%
·
$933
-6.7%
3 months
$6,050.00
+3.3%
·
$1,033
+3.3%
6 months
$6,775.00
-7.8%
·
$923
-7.8%
1 year
$7,920.00
-21.1%
$280.00
$824
-17.6%
2 years
$5,707.30
+9.5%
$547.00
$1,191
+19.1%
3 years
$6,625.89
-5.7%
$804.00
$1,065
+6.5%
5 years
$5,143.32
+21.5%
$1,360.00
$1,480
+48.0%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever INDF.JK does next, these words stay.
Indofood Sukses Makmur · INDF.JK · Distribution · $6,725.00
Recorded 2026-11-05 · before the outcome · scored mechanically