What Are CNMA Shares? Get to Know the Company Behind Cinema XXI

For investors looking to gain exposure to the Indonesian entertainment industry, CNMA stock is an attractive issuer to keep an eye on. The ticker symbol refers to PT Nusantara Sejahtera Raya Tbk, the company behind the Cinema XXI theater network.

Contrary to the assumption that the cinema business relies solely on ticket sales, Cinema XXI has multiple revenue streams ranging from movie tickets, food and beverages (F&B), advertising, digital platforms, to event hosting. 

This diversification makes analyzing Cinema XXI stock require a look at the company's entire business ecosystem.

So, what is CNMA stock and how is the performance of the company behind it? Here is a detailed discussion covering the issuer's profile, Cinema XXI's business, financial performance, dividends, and key factors investors should consider.

Key Takeaways

• CNMA is the ticker symbol for PT Nusantara Sejahtera Raya Tbk, the company operating the Cinema XXI and The Premiere theater chains in Indonesia.
• The company's revenue does not come from cinema tickets alone, but also from F&B, advertising, digital platforms, and events.
• The 2025 performance recorded revenue of IDR 5.9 trillion and net profit of IDR 776.2 billion, while in Q1 2026 revenue reached IDR 1.1 trillion.

What is CNMA Stock and Who Owns Cinema XXI?

CNMA stock belongs to PT Nusantara Sejahtera Raya Tbk, widely known through the Cinema XXI brand. The company was established in 1988 in Jakarta and has a long history in Indonesia's film exhibition industry.

Initially, the company was founded under the name PT Subentra Nusantara based on Deed of Establishment No. 67 dated June 7, 1988. During that period, the company opened Studio 21, which became one of the pioneers of the modern multiplex concept in Indonesia.

Currently, Cinema XXI has grown into a nationwide cinema chain. As of March 31, 2026, the company operates 268 cinema locations with 1,391 screens across 55 cities and 30 regencies. The network includes Cinema XXI as well as premium services such as The Premiere.

This means that when investors buy Cinema 21 shares or look for Cinema XXI stock, the issuer in question is PT Nusantara Sejahtera Raya Tbk with the ticker symbol CNMA.

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How is PT Nusantara Sejahtera Raya Tbk's Business?

The business model of Nusantara Sejahtera Raya stock is quite interesting because the company does not rely solely on ticket sales.

Primary revenue comes from movie screenings, while F&B serves as another essential income source. The company also generates revenue from advertising, digital platforms, and event hosting.

In 2025, Cinema XXI posted revenue of IDR 5.9 trillion. Ticket sales contributed around IDR 3.6 trillion, while F&B generated around IDR 2 trillion. Revenue from advertising, digital platforms, and events reached around IDR 298 billion.

This structure demonstrates that the cinema stock business does not rely purely on the volume of tickets sold. Consumer spending on food and beverages while watching movies also forms a critical part of monetizing every visit.

Cinema XXI has also expanded its digital channels through m.tix for ticket purchases. The presence of digital services helps the company bridge cinema activities with the customer experience before and during their visit.

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CNMA Performance and Recent Developments

Financial performance is one of the main factors when analyzing CNMA stock.

Throughout 2025, PT Nusantara Sejahtera Raya Tbk posted revenue of IDR 5.9 trillion, up 2.6% compared to IDR 5.7 trillion in 2024. In the same period, net profit reached IDR 776.2 billion, while EBITDA stood at around IDR 1.8 trillion.

That performance subsequently showed acceleration in early 2026. In Q1 2026, CNMA recorded revenue of IDR 1.1 trillion, a year-on-year increase of 18.2% from IDR 929.2 billion in the same period of the previous year.

Ticket sales accounted for 60.6% of the quarter's revenue, while F&B contributed 32.6%. Ticket revenue rose 14.3% to IDR 665.3 billion and F&B revenue climbed 15.9% to IDR 357.6 billion.

These figures indicate that CNMA's growth needs to be viewed from two angles: the ability to attract moviegoers and the ability to increase average spending per customer.

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Cinema XXI Expansion and Growth Potential

Source: cinema21.co.id

Network expansion remains one of the company's crucial strategies. Throughout 2025, Cinema XXI opened 12 new locations and added 43 screens. By the end of the year, the network reached 267 cinemas with 1,388 screens.

This expansion provides opportunities for Cinema XXI stock as adding screens can increase ticket and F&B sales capacity.

However, expansion also needs to be executed selectively. Opening new theaters requires investment, while occupancy rates depend heavily on movie quality and popularity, location, public purchasing power, and competition from other entertainment options.

Thus, growth in the number of cinemas does not automatically translate to profit growth at the same rate.

CNMA IPO and Stock Offering Price

PT Nusantara Sejahtera Raya Tbk officially listed on the Indonesia Stock Exchange on August 2, 2023, under the ticker symbol CNMA.

In that IPO, the company offered approximately 8.335 billion shares to the public at an offering price of IDR 270 per share. Total listed shares reached around 83.345 billion shares.

The IPO granted public investors access to own a stake in the company that operates the largest cinema chain in Indonesia. Since then, CNMA's stock price movement has been influenced by financial performance, capital market sentiment, entertainment industry prospects, corporate expansion, and general economic conditions.

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CNMA Stock Dividend

In addition to business growth, dividends are another factor that investors can look out for.

For the 2025 financial year, shareholders approved a cash dividend distribution of IDR 12 per share, totaling around IDR 980 billion. 

That amount consisted of an interim dividend of IDR 5 per share paid in November 2025 and a final dividend of IDR 7 per share paid in April 2026.

This dividend payout shows that CNMA focus is not solely on expansion, but also on distributing profits back to shareholders.

Nevertheless, investors should not treat historical dividends as a guarantee that the same amount will be paid in subsequent years. The dividend amount remains dependent on earnings, company policy, capital requirements, and AGM decisions.

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What to Consider Before Buying CNMA?

Several factors could affect CNMA stock performance going forward. First is viewership and the overall performance of the movie industry. Blockbuster films can significantly drive foot traffic, whereas periods with few popular releases can put pressure on ticket sales.

Second, F&B is a vital driver because higher spending per customer helps boost revenue without relying solely on ticket price hikes.

Third, investors need to pay attention to expansion. Adding new locations unlocks new revenue potential, but overly aggressive investment can increase operational and capital burdens.

Fourth, general economic conditions play a role as well. Watching movies and purchasing concessions are entertainment expenditures that can be influenced by public purchasing power.

Therefore, analyzing Cinema XXI stock should not rely solely on the popularity of the Cinema XXI brand, but should also consider financial statements, revenue growth, profit margins, cash flow, expansion plans, valuation, and dividend policy.

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Is Cinema XXI Stock Attractive?

CNMA is an issuer that offers direct exposure to the cinema and entertainment business in Indonesia. Its primary strength lies in its extensive Cinema XXI network, revenue diversification, and the company's ability to develop its F&B business and digital services.

Recent performance also demonstrates positive momentum. Q1 2026 revenue grew by 18.2% year-over-year, while the company continues to expand its cinema network.

However, CNMA continues to face risks related to consumption cycles, movie performance, expansion costs, and shifting public trends in entertainment consumption.

Therefore, Cinema 21 stock is best analyzed as an investment in an entertainment ecosystem business, rather than merely a movie ticket vendor.

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FAQ

What stock is CNMA?

CNMA is the stock ticker symbol for PT Nusantara Sejahtera Raya Tbk, the company that operates the Cinema XXI and The Premiere chains in Indonesia.

Is CNMA the owner of Cinema XXI?

Yes. Cinema XXI operates under PT Nusantara Sejahtera Raya Tbk, whose shares are traded on the Indonesia Stock Exchange under the ticker CNMA.

What is CNMA's primary business?

CNMA's primary business includes film screenings through its cinema network, food and beverage sales, advertising, digital platforms, and event hosting.

How many Cinema XXI theaters are there?

As of March 31, 2026, Cinema XXI operates 268 theaters with a total of 1,391 screens across 55 cities and 30 regencies in Indonesia.

Does CNMA stock pay dividends?

Yes. For the 2025 financial year, CNMA approved a cash dividend distribution of IDR 12 per share, totaling approximately IDR 980 billion.

When did CNMA hold its IPO?

PT Nusantara Sejahtera Raya Tbk held its IPO on August 2, 2023, with an offering price of IDR 270 per share.