PTBA:IDXPT Bukit Asam (Persero) Tbk Analysis

PT Bukit Asam (Persero) Tbk trades around IDR 2,620, well below its DCF‑derived fair value, implying roughly a 12.5% upside potential. The stock benefits from a low trailing PE of 9.0 versus the industry average of 21.5, and an attractive dividend yield of 12.7%, albeit with a high payout ratio of 114.6%. Technicals show a neutral price near the 20‑day SMA (2,722) with a bearish MACD divergence and an RSI of 42, suggesting limited short‑term momentum but room for a bounce from the support zone at IDR 2,460. Volume is increasing, and the beta of –0.16 indicates the stock moves independently of broader market swings, while a 30‑day volatility of 46% underscores price swings. Fundamentally, the company delivers solid margins (gross 17%, operating 8.3%) and strong cash generation (operating cash flow > IDR 7.1 trillion), yet its revenue is flat (‑0.3% YoY) and debt‑to‑equity is high at 11.5, flagging balance‑sheet leverage concerns. Overall, the valuation appears undervalued with a value‑oriented profile, but regulatory and sector transition risks temper the long‑term outlook.