My journey with WIFI (PT Solusi Sinergi Digital Tbk.) began with a simple quantitative screen on Stockbit. I was searching for undervalued gems, and WIFI caught my eye with its low PBV and PE ratios. A quick glance at their financial statements showed a remarkable trend: a consistent and significant increase in net profit from 2020 through mid-2024.

The Deep Dive: A Unique Competitive Advantage

Intrigued, I delved into their annual reports and public exposes. I discovered what I believed to be a "moat"—a massive competitive advantage. Surge had secured a long-term contract with PT Kereta Api Indonesia (KAI) to utilize the railway right-of-way for their fiber optic backbone.

Their mission was ambitious: providing affordable, high-speed internet to millions of households situated along the railway tracks. The addressable market was enormous. Convinced by this thesis, I began accumulating shares, eventually investing approximately IDR 16 million across two brokerages, IPOT and RHB, with average prices of 274 and 288, respectively.

The Dilemma: Growth vs. Cash Flow

By early November 2024, the company released an impressive earnings report. On paper, the profit growth was staggering compared to previous quarters. However, as I looked closer, I saw a red flag: the quality of earnings. While profits soared, the company’s cash position remained tight. The growth was largely driven by accounts receivable (piutang) rather than actual cash-in-hand.

This specific situation triggered a memory of the SRIL (Sritex) case. To be clear, WIFI’s debt profile was not nearly as dire or "catastrophic" as Sritex’s—WIFI’s balance sheet was still relatively manageable. However, the pattern of soaring receivables amid aggressive expansion made me uneasy. WIFI needed massive capital to achieve its grand goals, and with limited cash flow, I feared the risks of future liquidity issues. I decided that "safe is better than sorry."

I decided to lock in my gains, selling most of my holdings for a profit of 40% to 50%. However, I left a small "sentimental" position—about IDR 246,000 worth of shares in my IPOT account—just to keep the company on my radar.

The 2025 Surge: Geopolitics and Partnerships

The narrative shifted dramatically in February 2025. Two major catalysts hit the news:

1. The Strategic Partnership: WIFI signed a deal with Japanese giants (specifically Nippon Telegraph and Telephone / NTT and Mitsui) to bolster their infrastructure and AI-based edge computing capabilities.
2. The Political Link: It was confirmed that Hashim Djojohadikusumo, the brother of President-elect Prabowo Subianto, had taken a significant interest/stake in the ecosystem, signaling strong backing for the company’s mission to digitize Java.

Almost overnight, the stock price skyrocketed. My tiny remaining position in IPOT surged by nearly 1,000%. I chose not to sell or "average up" because the valuation had entered a premium/expensive zone, and I didn't need the cash for other maneuvers at that moment.

The Final Exit and Reflection

I finally liquidated my remaining WIFI holdings in June 2025. By then, the profit had retraced slightly to around 600%. I exited because I saw a superior opportunity in JAPFA, where the valuation was more attractive.

Looking back, this experience taught me a vital lesson: market timing and fundamental quality do not always move in lockstep. Today, I still keep an eye on WIFI. Their plan to provide "Internet for the People" is progressing well, and their earnings continue to climb. However, as a disciplined investor, I refuse to chase a "late train." The valuation is currently too high for my risk profile. Should the price ever align with its intrinsic value again, I might consider a homecoming. But for now, I am content watching from the sidelines.

"Know what you own, and know why you own it."
- Peter Lynch