PT Grahaprima Suksesmandiri TbkFull report →1 / 14
GTRAIDXThe short version

PT Grahaprima Suksesmandiri Tbk

PT Grahaprima Suksesmandiri, trading as Graha Trans, is a founder-controlled Indonesian trucking company that grew revenue about 45% a year into a roughly 1,200-truck operator by buying trucks with borrowed money, and now trades near book value after a sharp sell-off.

The visible feed opens near Rp350 in February 2026, peaks at Rp378, slides to a June trough of Rp161, then recovers to Rp242 by late July — about 36% below the February high.
Net debt Rp595.0B
Rp242
Share price
Rp656bn
FY2025 revenue
80%
Founder ownership
41%
Top-customer share
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IThe business
The business

A founder-run trucking fleet hauling freight across Java and Sumatra

FY2025 revenue by segment
Land Transportation is 89% of revenue; the Karoseri body-building unit is the balance.
  • Full-truck-load trucking. Graha Trans runs about 1,200 trucks from pools around Jakarta, Bandung, Surabaya and Pasuruan, serving FMCG, e-commerce and last-mile logistics customers across Java, Bali and Sumatra.
  • Two segments. Land Transportation — the core hauling business — brought in Rp585bn of FY2025 revenue; the Karoseri unit, which builds truck bodies, added Rp71bn.
  • Closely held, newly listed. Two founders control roughly 80% of the equity, with a 20% public float; the company has traded on the IDX only since March 2023.
Market

A tiny player in a large, fragmented, price-taking freight market

Rp53.9tn
Indonesian land-freight market
~0.07%
GTRA's share of it
+5.7%
Market growth, per year
A large, growing market that GTRA barely dents.
  • Structural tailwind. Indonesian road freight is a large market growing mid-single digits, pulled along by the FMCG and e-commerce distribution that also drives GTRA's own volume.
  • Price-taker, not price-maker. The market is fragmented and competitive; against listed peer Sidomulyo, whose revenue fell 18.7% in FY2025, GTRA grew 53% — so the gain was share and a big customer, not simply a rising tide.
  • No proprietary moat. Scale, pools and customer ties help, but nothing here is protected; the edge is execution and access to the capital that keeps buying trucks.
IIThe record
Track record

Revenue up about 45% a year, profit nearly ninefold since 2021

Revenue, gross profit, net profit (Rp bn)
Revenue grew every year; FY2025 alone was up 53%.
  • E-commerce did the lifting. The FY2025 jump came mainly from one customer — Shopee's courier arm — whose volume carried the top line past its earlier trajectory, alongside a growing FMCG book.
  • Real, not accounting. The revenue is billed to genuine logistics customers and the fleet backing it expanded in step; net profit rose from Rp7.8bn to Rp69.3bn in four years.
  • Funded by debt. Every truck behind that growth was bought with borrowed money — the engine, and the risk, examined next.
Unit economics

Gross margin fell from 48% to 34%, yet net margin edged up to 11%

Gross margin vs net margin
The two margins diverged sharply in FY2025.
  • The gross line thinned. As GTRA fulfilled more freight with bought-in haulage rather than its own trucks, gross margin dropped eight points in FY2025 alone.
  • Net margin rose anyway. Costs below the gross line — financing and tax as a share of revenue — fell faster still, lifting net margin to 10.6%.
  • A flag, not a verdict. A falling gross margin beside a rising net margin is unusual; whether it holds is one of the report's central questions.
Balance sheet

Operating profit covers the interest bill — but the cash buffer is thin

Operating profit vs finance cost (Rp bn)
Interest cover widened to about 2.4x in FY2025.
  • Self-servicing, for now. FY2025 operating profit of Rp156bn covered the Rp65bn finance bill about 2.4 times, and operating cash flow of Rp93bn cleared it too.
  • Little margin for error. Interest-bearing debt reached Rp728bn against just Rp20bn of cash — net debt is about 1.9x equity, so a bad freight year would bite fast.
  • Growth hides on the balance sheet. The 2025 'deleveraging' was an artefact: Rp241bn of new trucks were added off the cash-flow statement via financing, so debt actually rose.
IIIThe story now
What's happening

A fallen star, down about 36% from its February high

The visible feed begins February 2026; closing prices.
  • A sharp sell-off. From the February high the shares more than halved into a June trough, then recovered about half the drop by late July.
  • Cheap on the face of it. At Rp242 the market values the business at about Rp458bn — roughly 6.6x trailing earnings and 1.2x book, below its own growth rate.
  • No analyst covers it. There is no published consensus or price target; the only forward figure on record is management's own revenue guidance.
Concentration

The growth was single-sourced on both sides — one customer, one affiliate

41%
Revenue from the top customer (Shopee's courier arm)
68%
Of the revenue growth from that one name
38%
Of revenue paid to one affiliated hauler
Both the demand and the capacity behind the near-doubling trace to a single source.
  • GTRA's revenue near-doubling to Rp656.3bn was driven 68% by one customer — Shopee's courier arm Nusantara Ekspres Kilat (Rp269.1bn, 41% of FY2025 revenue) on one-year rolling contracts — while the incremental capacity to serve it was bought largely from commonly-controlled affiliate PT Gama Putra Sukses Prima, to which GTRA paid Rp245.0bn in FY2025, 82.5% of its Rp296.9bn haulage line and 38% of total revenue.
  • The other side. The Shopee arrangement has been renewed repeatedly, and the book already absorbed the loss of a customer worth 13% of FY2023 revenue without a break in revenue.
Durability

The rising net margin leans on a financing cost sitting at a trough

Financing cost as a share of revenue
A full year of interest on new debt reverses the 9.9% trough that flattered FY2025.
  • The finding. GTRA's net margin rose from 9.2% to 10.6% in FY2025 even as gross margin fell 8 points to 34.2% (related-party bought-in haulage reaching Rp249.6bn, 57.8% of cost of revenue) only because financing cost fell to a 9.9%-of-revenue trough,
  • yet Rp240.8bn of new debt-funded fixed assets added late in the year carry ~Rp25-29bn of annual interest (28-32% of pre-tax profit) and a 10% affiliate-haulage repricing would cost Rp25.0bn (27.5%) — so the offset that holds the margin up is itself about to erode.
  • The other side. Administrative operating leverage is genuine and recurring, so a high-single-digit net margin may prove sustainable rather than a one-year peak.
IVThe price
Valuation

Cheap on earnings, ordinary on enterprise value

How the market prices GTRA
BasisMultiple
Trailing P/E6.6x
Forward P/E (Q1 run-rate)~5.9x
Price / book1.2x
EV / EBIT7.5x
EV / EBITDA5.8x
The equity multiple looks cheaper than the enterprise multiple because of leverage.
  • 6.6x earnings, 1.2x book. On its equity the stock is priced below its own growth rate — the kind of number a value buyer looks for after a sell-off.
  • Leverage closes the gap. Add Rp708bn of net debt and enterprise value is Rp1.17tn — an ordinary 7.5x EBIT for a business carrying 1.9x net debt to equity.
  • What the multiple prices in. At about 6x the market is discounting margin compression, customer concentration, thin liquidity and governance opacity — not assuming the growth simply continues.
Scenarios

Small changes in the exit multiple swing the price hard

Share price at different exit P/E multiples
A re-rating to 8-10x on stable earnings implies a much higher price.
  • Downside cushioned. In a bear case — the Shopee line reprices, margin compresses — a 5-6x multiple lands the shares around Rp150-205, near the Rp204 book value per share.
  • Base case near here. Steady volume and a net margin near 10% point to about Rp250-290, close to today's Rp242.
  • Upside on a re-rating. If concentration and governance fears ease, 8-10x on stable earnings implies Rp328-410 — roughly 35-70% above the current price.
Downside

Behind the equity sits a fleet of trucks and land carried at cost

Rp387bn
Book equity (1.2x)
Rp1.24tn
Total assets, mostly trucks and land
Rp97bn
FY2025 truck sales, above book
The asset base backs the debt before the equity.
  • Carried at fair value, not above it. In FY2025 GTRA sold trucks with a Rp96bn book value for Rp97bn of cash — a small gain, so the fleet is not marked optimistically.
  • Land may be understated. Property sits at historical cost — the one asset line where book could understate value — though the disclosures leave it unquantified.
  • The floor protects lenders first. At 1.9x net debt to equity, that asset base backs the debt before the equity — a real cushion, but not a deep-discount asset play.
What to watch

A cheap founder-owned compounder — or a thin-cash, related-party-dependent fleet one bad freight year from trouble.

Read the full report →

This distills a guided study built chapter by chapter — the business, its record, what is happening now, and what the market asks you to pay.

Compiled from the full report · 2026-08-01 · For information, not investment advice.