Mini Hydro: Water + Power, But Not Much Profit
July 16, 2025 – Based on TTM Cashflows

Mini-hydro sounds like a smart future bet — clean water + clean energy.
But for now, the returns aren’t flowing.

We reviewed the three main players — HGII, KEEN, and ARKO.
None made it into the Sharpfokus Top 100.

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HGII.jk – Almost Balanced
CFROA: 5%
Market Value Equivalent: 6%
Leverage (Liabilities – Cash / Assets): 0%
A solid but unspectacular performer. Debt-free, but returns too low to excite.

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KEEN.jk – Clean but Heavy
CFROA: 1%
Market Value Equivalent: 3%
Leverage: 44%
Carries a lot of financial weight for such a low return.

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ARKO.jk – The Risky One
CFROA: -14%
Market Value Equivalent: 10%
Leverage: 60%
Losing money, yet valued like it’s doing well. High risk, high expectations.

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Ranking
AGII.jk is currently the highest ranked of the group — but at #107, it’s still outside the Top 100.

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Data 💧⚡️
• HGII: 5% | 6% | 0%
• KEEN: 1% | 3% | 44%
• ARKO: -14% | 10% | 60%

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For information purposes only, not investment advice.