$ASGR
Key interesting points from 4Q25 results:

- Net Cash per share has reached all-time high at IDR 1,371 > Expecting potential surprise from special dividend, higher dividend payout ratio or M&A initiatives.

- Finally, ASGR has taken out its Office service solution Business from their financial statement, resulting in overall higher margin. (OSS business has been dragging margin and profitability for years due to loss-making operational)

- As of FY25, interest income contributes approx. 25% of net profit.

- IT solution grew 23% yoy in FY25, which we expect to be the growth driver for ASGR in the future.