SharpFokus Brief
Not That Overleveraged After All – But Still, Cashflow Is King
June 9, 2025
🔍 Headline Insight
There’s been a lot of talk about US debt levels lately. But is the US really overleveraged?
We looked at a simple proxy:
JPMorgan (US) vs. Bank Mandiri (Indonesia)
• JPM: Liabilities minus cash = 79% of assets
• BMRI: Liabilities minus cash = 78%
📌 Banks are naturally more leveraged — that’s how they operate.
Zooming out further:
📊 Household + Government + Corporate Leverage:
• US: ~30%
• Indonesia: ~30%
Even big corporates reflect this:
• MSFT: ~30% liabilities to assets
• TLKM.jk: ~30%
So 30% leverage isn’t high or low — it’s just typical.
✅ The real question is: does the company (or country) have the cashflow to support it?
⸻
🚗 Stock Spotlight: AUTO.jk
June 9, 2025 – Based on March Cashflows
CFROA steady at 8%, with slightly higher sales and cashflow.
Most cashflow was kept as cash this quarter.
Market value equivalent: 3%
Leverage is low at 9%, leaving room for more dividends or buybacks.
Share performance: -10% YTD, but still +7% YoY — better than the market.
SharpFokus Top 100 Rank: #70
🛞 AUTO is still rolling — steady returns, low leverage, and room to pay shareholders.
📊 Data 🚗
• CFROA: 8%
• Market Value Equivalent: 3%
• Liabilities – Cash / Assets: 9%
• Share Price: YoY +7%, YTD -10%
• Top 100 Rank: #70
⸻
📌 This is an example of the research available through our Full Access Upgrade.
🎯 Upgrade to Full Access – IDR 1,000,000 per quarter
Includes daily company reports, full CFROA & market value data, and access to morning meetings.
Bank Transfer:
Bank: Permata
Account Name: PT. Sharpfokus Research Indonesia
Account Number: 702593212
Confirm via WhatsApp:
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Not That Overleveraged After All – But Still, Cashflow Is King
June 9, 2025
🔍 Headline Insight
There’s been a lot of talk about US debt levels lately. But is the US really overleveraged?
We looked at a simple proxy:
JPMorgan (US) vs. Bank Mandiri (Indonesia)
• JPM: Liabilities minus cash = 79% of assets
• BMRI: Liabilities minus cash = 78%
📌 Banks are naturally more leveraged — that’s how they operate.
Zooming out further:
📊 Household + Government + Corporate Leverage:
• US: ~30%
• Indonesia: ~30%
Even big corporates reflect this:
• MSFT: ~30% liabilities to assets
• TLKM.jk: ~30%
So 30% leverage isn’t high or low — it’s just typical.
✅ The real question is: does the company (or country) have the cashflow to support it?
⸻
🚗 Stock Spotlight: AUTO.jk
June 9, 2025 – Based on March Cashflows
CFROA steady at 8%, with slightly higher sales and cashflow.
Most cashflow was kept as cash this quarter.
Market value equivalent: 3%
Leverage is low at 9%, leaving room for more dividends or buybacks.
Share performance: -10% YTD, but still +7% YoY — better than the market.
SharpFokus Top 100 Rank: #70
🛞 AUTO is still rolling — steady returns, low leverage, and room to pay shareholders.
📊 Data 🚗
• CFROA: 8%
• Market Value Equivalent: 3%
• Liabilities – Cash / Assets: 9%
• Share Price: YoY +7%, YTD -10%
• Top 100 Rank: #70
⸻
📌 This is an example of the research available through our Full Access Upgrade.
🎯 Upgrade to Full Access – IDR 1,000,000 per quarter
Includes daily company reports, full CFROA & market value data, and access to morning meetings.
Bank Transfer:
Bank: Permata
Account Name: PT. Sharpfokus Research Indonesia
Account Number: 702593212
Confirm via WhatsApp:
Click to confirm