Indonesia's first listed commercial-EV company — thinking for itself.
#1 TransJakarta electric fleet
BYD CKD assembler · Magelang
Rights issue · executes Q3 2026
Thursday · 5 June 2026 · 09:12 WIB
Good morning. What do you want to do today?
Three questions, one Context Graph above your filings — fresh capital about to flow into the exact places the cash is leaking. Ask the system anything, act on what changed, or open a playbook below.
The playbook library
◧ Capital · UC1 — make the raise compound
◎ Tenders · UC3 — stop the losses
◭ Leasing · UC2 — de-risk the book
CalvinBall Intelligence · ✦ Ask
Ask the system anything.
Reasoning across all three questions
Ask →
Capital · UC1 · ◐ Brief
The deployment canvas
◆ The CFO asked: "Which CKD turns, which sits, which receivables do we chase by name — and how do we sequence the raise so capital compounds instead of leaking?"● Filed● Simulated
Since yesterday
▲Damri aged to 78d (+1)
▼SinarJaya promised IDR 6B by 14 Jun
◆2 CKD configs crossed 138d into "dead"
Today's recommended action
Free IDR 31B of existing capital first — then deploy fresh money into what already turns.
IDR 44B sits in CKD kits that haven't moved in 138 days, and IDR 47.4B in receivables is overdue across three operators. Clearing both funds a third of your CKD plan before the rights issue lands — and stops the new money refilling the same leak.
Freeable now
IDR 0B
~$1.9M · before the raise
Working capital trappedIDR 312B~29% of revenue · ~$19.3M
Inventory days138d▲ 26d vs sector median
Receivables overdueIDR 47.4B3 operators · avg 61d late
Cash conversion cycle164d▲ every day = IDR ~6.6B tied
CKD inventory by age · IDR billion
Stock-age scan · WMS feed · refresh every 6hBrief generated automatically · no human compilation
Capital · UC1 · ◎ Why
Where the cash is stuck.
▴ Freeable working capital · modeled
IDR 31B
~$1.9M · 10% of trapped WC · before the raise
Holding a 45-day buffer and protecting your top-3 operators, the conservative free-up is IDR 31B. Loosen either lever and the number moves — but so does operational risk. This is the honest band, not the headline.
Where the cash is stuck · IDR billion
Decomposition reasons over WMS + AR ledger + payablesWhy · root-cause, not a dashboard
Tenders · UC3 · ◎ Why
The loaded-margin teardown.
▴ The gut-punch · FY2025 awarded tenders
2 of 7 lost money
headline margin looked positive · plant cost was never loaded
Every tender below was won. Two were booked as wins on a headline margin that ignored loaded Magelang plant cost. Loaded properly, they lost IDR 11.4B combined — the entire FY2025 net loss. Click any row to see the load.
Awarded tenders · headline vs loaded margin · tap to expand
Tenders · UC3 · ✦ Ask
Scenario the next tender.
Live now · TransJakarta Corridor 14 · 52 units
Move the levers to find the floor that breaks even, before you submit.
−5%+0.0%+12%
40%62%95%
Loaded margin · this scenario
−2.4%
WIN AT A LOSS
At the current draft and 62% plant utilisation, this contract loses IDR 1.9B over its life.
Loads plant cost, residual, financing into every bidAsk · scenario before you commit
Tenders · UC3 · ◐ Brief
Live bid pipeline.
Live pipeline · decide before close
One of three live tenders wins at a loss. Reprice it or walk — before bid lock.
Corridor 14 is the next Corridor 13. The draft bid clears the competition and loses IDR 1.9B loaded. A 4.1% floor price turns it profitable without losing the award. The other two are healthy.
At risk this cycle
IDR 0B
Corridor 14 · loaded loss
Live tenders · loaded verdict
TransJakarta Corridor 14 · 52 units
draft loaded margin −2.4% · floor +4.1% to break even
⏱ Bid lock: 6 days · Fri 13 Jun
−IDR 1.9B
reprice or walkDamri tourism · 18 units
loaded margin +3.2% · healthy
+IDR 0.9B
bidSinarJaya expansion · 30 units
loaded margin +0.4% · thin, watch financing
+IDR 0.2B
tightenLeasing · UC2 · ◐ Brief
Book health.
◆ The board asked: "Leasing dies on utilisation, residual and collections — and we have no instrument to run it. How do we price, structure and monitor the book?"● Simulated
Since yesterday
▲Cohort C util −1.2pt to 58%
◆Cohort B collections drift now 41d
▼New MOU draft in · SinarJaya +6 units
Install before funding
Your book isn't funded yet. Install the decision instrument on day one — protect IDR 5.4B before the leak can start.
Across the six MOUs, projected utilisation lands at 68% — seven points under the 75% the economics assume. Three pilot assets are already dragging, and one cohort's collections are slipping. The cheapest time to govern a book is before it's written.
Loss avoided · day one
IDR 0B
~$333K · 6.4% of book
Projected book sizeIDR 84B6 MOUs · 18-month ramp
Utilisation68%▼ 7 pts vs 75% target
Residual at riskIDR 5.4B6.4% of book · resale softening
Collections rate94%Cohort B slipping 11d
Utilisation by cohort · % of fleet-hours
Telematics + lease ledger · refresh dailyBrief · book health, auto-compiled
Leasing · UC2 · ◭ Signal
The early-warning board.
3 active signals
● Simulated live feed
▼
Cohort C utilisation fell below breakevenhigh2h ago◈ Owner · Fleet Ops · Budi
Three pilot buses are running at 58% utilisation — under the 63% breakeven. At this rate the cohort turns loss-making in ~5 weeks. Residual exposure on these units: IDR 2.1B.
◷
Cohort B collections slippingmediumYesterday◈ Owner · Collections · Rina
Average days-to-collect on Cohort B drifted from 30 to 41 days over the last three cycles. No single account dominates — it's a process drift. IDR 1.8B now ages past 30 days.
◇
Residual assumption richer than marketmedium2 days ago◈ Owner · Pricing · Andre
The Mayasari MOU prices residual at 52% of cost at 36 months. Recent EV-bus resale comps land closer to 44%. Re-pricing the residual protects IDR 1.5B over the book.