Competition

Competitors describe PT Saratoga Investama Sedaya Tbk's market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

PT Provident Investasi Bersama Tbk (PALM)

The closest listed analog to Saratoga in Indonesia and the one peer whose filings name Saratoga. PALM sits in the same IDX-IC G512 'Investment Companies' bucket, was built by the Provident founders who co-invested alongside Saratoga for two decades, and holds positions in the same asset families — Merdeka Copper Gold, Merdeka Battery Materials, and, until 2025, logistics and telecom. Its FY2024 register also carried PT Saratoga Sentra Business as a >5% shareholder of PALM itself, and until 17 March 2025 the two shared people as well as assets — PALM's Investment Committee included Michael W. P. Soeryadjaya, disclosed there as President Director of Saratoga since 2015. Read as the mirror of Saratoga's own mandate written by someone chasing the same assets.

PALM's own statement of its investment mandate, from the company-history section of the FY2025 annual report. The sector list — natural resources, technology, media, telecommunications, logistics — overlaps Saratoga's stated pillars almost item for item, and the selection criteria (attractive valuations, growth prospects, solid business models) are the same generic screen. What the passage also dates is how recent the rivalry is: PALM only became an investment company in August 2022, after selling out of palm oil. It is a mandate statement, not evidence of execution.

The Company's transformation continued following the divestment of all plantation-related Subsidiaries, with a new focus as an investment company. This change was accompanied by a name change to PT Provident Investasi Bersama Tbk, effective as of August 23, 2022 pursuant to Deed No. 122/2022 as stated in the Company Profile section of the Annual Report. In carrying out its role, the Company directs investments toward Indonesian companies with attractive valuations, strong growth prospects, and solid business models, particularly in national priority sectors such as natural resources, technology, media, telecommunications, and logistics, while maintaining discipline in risk management and investment.

p. 41 · Read in context →

PALM's supervisory board describing the 2025 rotation: out of logistics and telecommunications, deeper into natural resources, including a first-ever investment in a private (unlisted) gold vehicle in North Sumatra. Two things matter for the comparison with Saratoga. First, the direction of travel — concentrating rather than diversifying, and into gold specifically. Second, the move into a private company, which is where Saratoga has historically claimed an edge. 'Optimal returns' is the board's characterisation; the underlying transactions are itemised on p.52 of the same report.

Hardi Wijaya Liong (President Commissioner) — Report of the Board of Commissioners: During the reporting year, the Board of Directors undertook strategic actions through divestments in the logistics and telecommunications sectors generating optimal returns, while strengthening investment focus through new initiatives in the natural resources sector. The Company, for the first time, made an investment in Aurum, a private entity with strategic ownership in gold exploration and development projects in North Sumatra. […] The Board of Commissioners concurs with the Board of Directors' strategic approach in positioning the Company's investments in the natural resources sector as a key pillar.

p. 21 · Read in context →

The one place in the peer set where Saratoga appears by name in a competitor's filing. PALM's FY2024 portfolio review of Merdeka Copper Gold lists Saratoga first among MDKA's prominent shareholders, alongside PALM's own holding vehicle PT SAM and PALM's controlling shareholder PT Provident Capital Indonesia. It documents that on Saratoga's single largest listed position the relationship is co-ownership rather than rivalry — the same cap table, entered at different times. PALM's FY2025 report drops the shareholder sentence and describes MDKA without naming its owners.

PT Merdeka Copper Gold Tbk (“MDKA”) is a holding company that oversees various companies in the mining sector, including the production and exploration of gold, silver, nickel, and other minerals. Established in 2012, MDKA became a public company in 2015 with the share code MDKA. MDKA's Shareholders include several prominent Shareholders, such as PT Saratoga Investama Sedaya Tbk, PT PCI (via PT Mitra Daya Mustika), the Company (via PT SAM), and Mr. Garibaldi Thohir.

p. 41 · Read in context →

PT Indika Energy Tbk (INDY)

The Indonesian holding company redeploying coal cash flow into the same energy-transition and minerals assets Saratoga targets — gold, nickel, logistics infrastructure, EV, solar — and the peer that discloses hard capital-allocation numbers for the pivot. Indika is also the clearest read on how long a portfolio rotation of this kind actually takes: its own reports document the non-coal revenue target slipping by three years. Only the investment-holding and diversification discussion is used here; the Kideco mining and energy-services operations are outside the comparison.

Indika's statement of where it intends to put capital. The sector list — minerals, logistics and infrastructure, EV, nature-based solutions, solar, battery storage — is the same hunting ground Saratoga describes as energy transition, infrastructure and digital infrastructure. The Awak Mas figures are the operational anchor: a gold project 47.6% built at the end of 2025 with US$100.1m spent, targeting trial production end-2026. The 50%-by-2028 revenue split is a company target, not a result; the achieved mix is on p.312 of the same report.

Our transition is focused and disciplined—to achieve at least 50% of revenue from non-coal businesses by 2028 while strengthening portfolio resilience. Through Diversification, Decarbonization, and Divestment, we are accelerating toward a lower-carbon future, unlocking new growth and supporting Indonesia's energy security and climate goals as well as achieving its net-zero emissions target by 2050. We are expanding our portfolio by investing in low-carbon and high-growth sectors, including minerals, logistics & infrastructure, electric vehicles, nature-based solutions, solar energy, and battery storage. This supports the development of a more balanced, resilient, and future-oriented business. […] The Awak Mas gold project is currently in the construction phase, with trial production targeted for the end of 2026. As of the end of 2025, construction progress had reached 47.60%, with capital expenditure absorption amounting to US$100.1 million.

p. 26 · Read in context →

The two numbers side by side in Indika's operational review: 95.4% of 2025 capex went to non-coal businesses, yet non-coal was still only 18.0% of revenue, up 2.1 points on the year. This is the arithmetic of a listed Indonesian holding company rotating a portfolio in public — near-total redirection of new capital producing incremental movement in the revenue mix — and it is the closest disclosed benchmark for how quickly a peer's asset base can actually turn over. Revenue mix, not NAV mix; Indika consolidates its coal operations, so the denominator is operating revenue rather than portfolio value.

Of the total capital expenditure of US$139.0 million during 2025, the Company allocated US$132.6 million, or more than 95.4%, to the development of non-coal businesses. One of the key investment focuses is Awak Mas, a gold mining project in Luwu, South Sulawesi, which represents an important part of Indika's expansion into the minerals sector. […] As the transition is still ongoing, the coal business continues to serve as the main pillar of Indika Energy. In 2025, the coal business segment contributed 82.0% of the Company's revenue. Meanwhile, the proportion of non-coal business increased to 18.0%, up from 15.9% in 2024.

p. 312 · Read in context →

From the year-by-year transformation timeline printed at the front of the FY2025 report, which runs newest first — so the 2024 entry (the deferral) is quoted here ahead of the 2023 entry (the original target). Indika set a 50% non-coal revenue goal for 2025, then moved it to 2028. Management's own framing calls the original target 'highly ambitious' and the revision 'strategic adaptation'; the disclosure is unusually direct about a missed target, and it is the peer group's clearest evidence of the lag between announcing a portfolio pivot and delivering one.

As a form of strategic adaptation, the Company realistically adjusted its target of 50% non-coal revenue to 2028. […] In this phase, the Company set a highly ambitious target of achieving 50% of its revenue from non-coal sectors by 2025.

p. 5 · Read in context →

PT Astra International Tbk (ASII)

Indonesia's largest listed diversified group and the best-capitalised domestic bidder for the growth-stage minority stakes Saratoga pursues. Astra is a conglomerate, so only the capital-allocation and new-investment discussion in the FY2025 management reports is used here — the automotive, heavy-equipment and financial-services operations are outside the comparison. What the exhibits show is Astra explicitly targeting healthcare, industrial and logistics infrastructure and natural resources, and taking 20–31% minority positions in exactly the format Saratoga uses.

Astra's board naming its three target areas for new investment: healthcare, industrial and logistics infrastructure, and natural-resource ventures. That list is a near-complete overlap with Saratoga's stated pillars, and it comes from a balance sheet an order of magnitude larger — Rp507tn of total assets at end-2025. 'Significant headroom' is management's characterisation of the opportunity, not a sized market. The same page notes a Strategic Review still in progress, so the 2026 allocation is not yet fixed.

Djony Bunarto Tjondro (President Director) — Report of the Board of Directors: The Group will continue its strategic priorities: strengthening and optimizing its core business, developing businesses that are adjacent to its core business, and investing in new strategic area. The Board of Directors sees significant headroom in healthcare, industrial and logistics infrastructure and potential natural-resource ventures. Future growth will be financed pursuant to a disciplined capital management, strict performance monitoring and a focus on operational efficiency.

p. 51 · Read in context →

The concrete version of the strategy above, and the exhibit that most directly prices the competition for assets. Astra discloses Rp8.6tn committed to healthcare across a listed hospital operator (Hermina, 20.2%), a digital health platform (Halodoc, 31.3%) and a specialist hospital, built up over four years. These are non-controlling stakes in Indonesian growth companies — the same instrument and the same sector Saratoga has used — funded from a group that generated Rp40.2tn of profit in 2025. Astra does not disclose the entry valuations or the mark on these positions.

Djony Bunarto Tjondro (President Director) — Report of the Board of Directors: The Group increased its ownership in Halodoc to 31.3% and PT Medikaloka Hermina Tbk (Hermina) to 20.2%. As of the end of 2025, the Group's total investment in the healthcare sector, including Hermina, Halodoc and Heartology Hospital, amounts to Rp8.6 trillion. These transactions build on the Group's initial investments in Halodoc in 2021 and Hermina in 2022, reflecting a long-term commitment to developing a healthcare ecosystem.

p. 48 · Read in context →

Astra's six-year retrospective on how it invests, which separates two different activities that a diversified group can run at once: adjacency deals inside its existing franchises (used cars, financing, digital banking) and 'selective investments' in genuinely new sectors, healthcare and mineral mines. Only the second category competes with Saratoga for assets. The distinction matters for judging how much of Astra's capacity is actually pointed at the same deals — the adjacency spending is core-business capex that would happen regardless.

Djony Bunarto Tjondro (President Director) — Report of the Board of Directors: Throughout this period, Astra continued to pursue opportunities in strategic investments in sectors with strong long-term growth potential. The Group has expanded into adjacent areas naturally connected to its core capabilities, such as increasing its investments in used car segment and broadening product offerings beyond traditional automotive financing (e.g. multipurpose financing, digital banking). The Group has also pursued new growth opportunities through selective investments in sectors such as healthcare and mineral mines.

p. 45 · Read in context →

PT Indoritel Makmur Internasional Tbk (DNET)

Listed alongside Saratoga in the IDX 'Perusahaan Investasi' grouping and running the same structural model: a small holding company whose reported earnings are equity income from long-held non-controlling stakes in Indonesian consumer champions, valued by the market on portfolio value rather than operating profit. Its one consolidated asset, the fibre network FiberStar, puts it directly in Saratoga's digital-infrastructure pillar, and its disclosures give a rare like-for-like read on the operating scale behind an Indonesian holdco's digital-infrastructure position.

DNET's entire portfolio in one sentence: one consolidated fibre subsidiary plus three associate stakes in Indonesian consumer businesses — the Indomaret convenience chain, KFC Indonesia and Sari Roti. It is the structural template Saratoga uses — a handful of concentrated, long-held minority positions in domestic champions — applied to consumer rather than resources and infrastructure. The disclosure gives no ownership percentages or carrying values; those sit in the financial statements.

Currently, the Company's core business focuses on investments through its ownership in the subsidiary PT Mega Akses Persada (“FiberStar”), supported by the performance of three associates, PT Indomarco Prismatama (“Indomaret”), PT Fast Food Indonesia Tbk (“FAST”), and PT Nippon Indosari Corpindo Tbk (“ROTI”).

p. 9 · Read in context →

The operating scale behind DNET's digital-infrastructure position: 483,455 customers, 63,758 km of fibre, 17 provinces, and subsea capacity reaching Singapore. This is the asset a rival Indonesian holding company has built in the same infrastructure category Saratoga lists among its pillars, and the customer and route-kilometre counts are the concrete yardstick for comparison. All figures are FiberStar's own disclosures via its parent; the 'national resilience' framing is the company's.

As of 2025, FiberStar has served 483,455 customers, supported by a fiber optic cable network spanning 63,758 km, delivering high-speed internet services with strong reliability. Currently, FiberStar services cover 17 provinces, including undersea cable networks connecting 145 cities/districts in Sumatra, Java, Bali, Kalimantan, and Sulawesi to Singapore. This terrestrial and submarine infrastructure is expected to strengthen national resilience, particularly in the development of Indonesia's digital economy.

p. 78 · Read in context →

DNET stating the analytical problem that all listed Indonesian holding companies share, Saratoga included: reported earnings are an accounting composite of one consolidated subsidiary and equity-method income from associates, so headline profit tracks the operating performance of whichever asset is consolidated rather than the value of the portfolio. Useful as the peer-set articulation of why these companies are read on portfolio value rather than reported earnings — DNET does not itself publish a net asset value.

As an investment company, the Company's financial performance is highly dependent on the performance of FiberStar as its subsidiary, which contributes revenue from customer contracts, as well as the performance of its three associates, which contribute to the Company's share of profit from associates and joint ventures. Accordingly, the achievement of the Company's financial performance is closely correlated with the operational performance of FiberStar.

p. 102 · Read in context →

PT Multipolar Tbk (MLPL)

The Lippo group's listed investment holding vehicle, competing for the same pool of investors who allocate to Indonesian holdco equity and, on the technology side, for the same growth-stage digital assets. Included mainly as a contrast case: MLPL states the same disciplined-capital-allocation doctrine as its larger peers while operating at roughly a twentieth of Astra's asset base and reporting a loss for 2025 — a reminder that the listed-holdco format in Indonesia spans very different underwriting outcomes.

MLPL's investment criteria followed immediately by its 2025 result, in the company's own sequence. The stated focus — healthtech, data and AI platforms, cloud, digital retail integration — is where MLPL says new money goes. The financial paragraph sets the scale: Rp15.1tn of assets, Rp6.3tn of equity, gearing of 0.3x, and a loss attributable to owners of Rp156.4bn. The 'remain solid' and 'solid operational performance' framing is management's; the loss line is disclosed in the same breath, so the exhibit carries both.

Adrian Suherman (President Director) — Report from the President Director: Furthermore, the Board of Directors directs the investment and divestment process based on an assessment of business feasibility, growth potential, and contribution to the overall portfolio strategy. The focus is on high-value initiatives such as healthcare technology, data and AI platforms, cloud solutions, and digital integration opportunities in the retail and consumer services industries. […] On a consolidated basis, the Company's financial fundamentals remain solid. Total assets increased to Rp15.1 trillion or increased 14.9%, driven by growth in current assets and optimization of the investment portfolio. Total equity also increased 29.5% to Rp6.3 trillion, reflecting its commitment to a sound financial foundation. Financial discipline is evident in the Debt-to-Equity Ratio of 0.3x and consolidated bank loans, which were successfully reduced to Rp2.0 trillion by year-end. Operational performance improved, with consolidated Net Sales growing 1.3% to Rp11.5 trillion. The Company also recorded gross profit of Rp1.9 trillion, reflecting solid operational performance, while loss attributable to owners of the parent entity amounted to Rp156.4 billion.

p. 31 · Read in context →

MLPL's claim to regional standing, from the corporate-history section: a repositioning in 2021 as 'a leading technology investment company in Southeast Asia' with a mandate to back local and regional startups. It is an unquantified self-assessment — no portfolio value, deal count or ranking is attached — but it marks where MLPL says it wants to compete, and the early-stage regional tilt is the one place in this peer set that differs from Saratoga's later-stage domestic approach.

At the end of 2021, the Company transformed into MPC to enhance its commitment to supporting and accelerating digital economic growth in Indonesia, thereby solidifying its position as a leading technology investment company in Southeast Asia. This transformation emphasizes the commitment to embrace more local and regional startups, in line with the vision to become a leading investment company and contribute positively to society.

p. 41 · Read in context →

Competition

PT Provident Investasi Bersama Tbk (PALM)

PT Indika Energy Tbk (INDY)

PT Astra International Tbk (ASII)

PT Indoritel Makmur Internasional Tbk (DNET)

PT Multipolar Tbk (MLPL)

More peer documents