XA Update Report | PT ITSEC Asia Tbk. (CYBR) – Profitability Inflection Complete — Entering AI-Assisted Scalable Growth

 

By NHKSI Research Team

9-Apr-2026

 

 

 

We maintain our BUY rating on CYBR with an upgraded target price of IDR 2,100, implying +38.6% upside, based on our DCF valuation. FY25 marked a decisive inflection point: CYBR completed its profitability turnaround and is now on a structurally stronger, AI-assisted growth trajectory. The combination of expanding margins, an integrated ecosystem, and growing institutional relevance across enterprise and consumer segments underpins our conviction.

 

 

 

🔹 FY25 Performance Highlights

 

 

• Decisive Profitability Turnaround. Net profit reached IDR 64 bn, with a net margin of 12.2% (vs. 0.2% in FY24) — a step-change in the quality of earnings. Gross margin expanded sharply to 54.0% (vs. 36.2% in FY24), reflecting a successful mix-shift toward higher-value services.

 

 

• Strong Revenue Growth. Revenue rose to IDR 527 bn (+62.1% YoY), driven by growth in cybersecurity services. EBITDA reached IDR 97 bn, with margins of 18.4% (vs. 0.9% in FY24), as operating leverage began to materialise.

 

 

• Integrated Product and Ecosystem Strategy. CYBR is deepening monetisation through three-pillars: (1) IntelliBroń Aman, embedded in Infinix smartphones via an OEM partnership for mass-market consumer acquisition; (2) IntelliBroń Orion, targeting the SME segment with AI-assisted threat intelligence; and (3) ITSEC Cyber Academy, strengthening Indonesia’s digital sovereignty through structured cybersecurity & AI training and certification.

 

 

• Strengthening Institutional Positioning. CYBR secured a landmark USD 60 mn contract (approx. IDR 1 tn) through its subsidiary ITSEC Academy, providing multi-year revenue visibility. Recurring contributions from Professional Security Services and Managed Security Services further stabilise earnings. The company’s participation in the National Cybersecurity Movement alongside ADIGSI and BSSN broadens CYBR’s national footprint and should reinforce the company’s future project pipeline.

 

 

• Disciplined Capital Allocation. FY25 growth was supported by targeted investments in technology infrastructure and operational capacity — balanced against a disciplined approach to capital structure that preserves financial flexibility.

 

 

 

🔹 Maintain BUY Recommendation with Target Price at IDR 2,100 / Share

 

 

• We maintain our BUY rating on CYBR with an upgraded target price of IDR 2,100. implying an upside of +38.6% based on our DCF valuation. In our view, CYBR has successfully moved beyond its turnaround phase and is entering a more scalable growth trajectory. The combination of improving profitability, AI-assisted expansion, and diversification across enterprise and consumer segments provides a strong foundation for long-term growth.

 

 

• Key Risks : (1) Execution risk on large-scale contracts, (2) Intensifying competition within the Indonesian and regional cybersecurity sector, and (3) Sensitivity to cyclical corporate IT security budgets during economic slowdowns

 

 

 

Download full report HERE.

 

 

 

 

NH Korindo Sekuritas Indonesia berizin dan diawasi Otoritas Jasa Keuangan (OJK). Untuk informasi lebih lanjut, anda dapat menghubuni CS kami via email CSO@nhsec.co.id