SharpFokus Brief – Monday, July 7, 2025
Where Should Tax Come From — the Top or the Bottom?
Indonesia’s newly released tax revenue data shows something interesting:
Nearly half of all tax revenue now comes from VAT and other transaction-based taxes — collected on sales, not profit.
In contrast, the United States collects most of its tax from income — only after profit and cashflow have already been generated.
That raises a simple question:
Isn’t it better to collect tax after value has been created,
rather than at the start, when cash may not even be there yet?
We’ll leave that question open. But it’s a reminder of why we track CFROA — cashflow return on assets — to see what companies actually generate after tax, capital, and operating costs.
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📢 New: One Free Report Every Week
Starting this week, we’re including one free research report with the SharpFokus Brief — so you can see the kind of insight we deliver to subscribers every day.
⸻
Today’s Free Report:
⛏️ Miners Still Delivering Cashflow
Despite weaker sentiment in the sector, several mining stocks continue to generate solid cashflow:
• GEMS – 35% CFROA, with market value equivalent at 15%
• ITMG – 15% CFROA, market value equivalent 4%
• UNTR – 9% CFROA, market value equivalent 3%
• ABMM – 7% CFROA, market value equivalent 1%
Each of these companies is producing cashflow well above the level implied by their current market value equivalents — a signal we think is worth watching.
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Get Reports Like This Every Day — Not Just Once a Week
SharpFokus subscribers receive 7 reports per week, covering Indonesia’s Top 100 CFROA stocks, updated as new results come in.
Each report includes:
• Real CFROA
• Market Value Equivalent
• Leverage
• SharpFokus ranking
• Clear, factual analysis — focused on long-term performance
IDR 1,000,000 per quarter
Bank: Permata
Account Name: PT Sharpfokus Research Indonesia
Account Number: 702593212
Confirm your payment via WhatsApp
Or explore all options →
sharpfokus.com/subscribe
⸻
For informational purposes only, not investment advice.
Where Should Tax Come From — the Top or the Bottom?
Indonesia’s newly released tax revenue data shows something interesting:
Nearly half of all tax revenue now comes from VAT and other transaction-based taxes — collected on sales, not profit.
In contrast, the United States collects most of its tax from income — only after profit and cashflow have already been generated.
That raises a simple question:
Isn’t it better to collect tax after value has been created,
rather than at the start, when cash may not even be there yet?
We’ll leave that question open. But it’s a reminder of why we track CFROA — cashflow return on assets — to see what companies actually generate after tax, capital, and operating costs.
⸻
📢 New: One Free Report Every Week
Starting this week, we’re including one free research report with the SharpFokus Brief — so you can see the kind of insight we deliver to subscribers every day.
⸻
Today’s Free Report:
⛏️ Miners Still Delivering Cashflow
Despite weaker sentiment in the sector, several mining stocks continue to generate solid cashflow:
• GEMS – 35% CFROA, with market value equivalent at 15%
• ITMG – 15% CFROA, market value equivalent 4%
• UNTR – 9% CFROA, market value equivalent 3%
• ABMM – 7% CFROA, market value equivalent 1%
Each of these companies is producing cashflow well above the level implied by their current market value equivalents — a signal we think is worth watching.
⸻
Get Reports Like This Every Day — Not Just Once a Week
SharpFokus subscribers receive 7 reports per week, covering Indonesia’s Top 100 CFROA stocks, updated as new results come in.
Each report includes:
• Real CFROA
• Market Value Equivalent
• Leverage
• SharpFokus ranking
• Clear, factual analysis — focused on long-term performance
IDR 1,000,000 per quarter
Bank: Permata
Account Name: PT Sharpfokus Research Indonesia
Account Number: 702593212
Confirm your payment via WhatsApp
Or explore all options →
sharpfokus.com/subscribe
⸻
For informational purposes only, not investment advice.