Board Change • 20h
No independent directors There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). President Director Arsal Ismail is the most experienced director on the board, commencing their role in 2021. Independent Commissioner Dewi Hanggraeni was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • May 06
PT Bukit Asam (Persero) Tbk, Annual General Meeting, Jun 11, 2026 PT Bukit Asam (Persero) Tbk, Annual General Meeting, Jun 11, 2026. Announcement • May 07
PT Bukit Asam Tbk, Annual General Meeting, Jun 12, 2025 PT Bukit Asam Tbk, Annual General Meeting, Jun 12, 2025. Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: Rp108 (vs Rp140 in 2Q 2023) Second quarter 2024 results: EPS: Rp108 (down from Rp140 in 2Q 2023). Revenue: Rp10t (up 15% from 2Q 2023). Net income: Rp1.24t (down 23% from 2Q 2023). Profit margin: 12% (down from 18% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 39% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 29
Now 42% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to €0.17. The fair value is estimated to be €0.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 2.1% in 2 years. Earnings are forecast to decline by 22% in the next 2 years. Buy Or Sell Opportunity • Jul 02
Now 47% overvalued Over the last 90 days, the stock has fallen 18% to €0.13. The fair value is estimated to be €0.086, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 0.3% in 2 years. Earnings are forecast to decline by 26% in the next 2 years. Buy Or Sell Opportunity • Jun 19
Now 28% overvalued Over the last 90 days, the stock has fallen 7.0% to €0.15. The fair value is estimated to be €0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to decline by 1.6% in 2 years. Earnings are forecast to decline by 27% in the next 2 years. Buy Or Sell Opportunity • Jun 18
Now 30% overvalued Over the last 90 days, the stock has fallen 5.1% to €0.15. The fair value is estimated to be €0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to decline by 1.6% in 2 years. Earnings are forecast to decline by 27% in the next 2 years. Buy Or Sell Opportunity • May 24
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to €0.16. The fair value is estimated to be €0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to decline by 0.8% in 2 years. Earnings are forecast to decline by 28% in the next 2 years. Reported Earnings • May 05
First quarter 2024 earnings released First quarter 2024 results: Revenue: Rp9.41t (down 5.5% from 1Q 2023). Net income: Rp790.9b (down 32% from 1Q 2023). Profit margin: 8.4% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Mar 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 198% Dividend per share is over 5x cash flows per share. Earnings are forecast to decline by an average of 13% per year for the foreseeable future. High level of non-cash earnings (28% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (16% net profit margin). Reported Earnings • Mar 06
Full year 2023 earnings released Full year 2023 results: Revenue: Rp38t (down 9.8% from FY 2022). Net income: Rp6.11t (down 51% from FY 2022). Profit margin: 16% (down from 30% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to decline by 4.5% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €0.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to decline by 4.0% in 2 years. Earnings is forecast to decline by 22% in the next 2 years. New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 198% Cash payout ratio: 217% Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (16% net profit margin). Buying Opportunity • Oct 12
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be €0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to decline by 15% in 2 years. Earnings is forecast to decline by 41% in the next 2 years. Buying Opportunity • Sep 20
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 63%. Revenue is forecast to decline by 14% in 2 years. Earnings is forecast to decline by 41% in the next 2 years. Reported Earnings • Sep 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: Rp8.90t (down 13% from 2Q 2022). Net income: Rp1.61t (down 59% from 2Q 2022). Profit margin: 18% (down from 38% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 17
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 58%. Revenue is forecast to decline by 15% in 2 years. Earnings is forecast to decline by 48% in the next 2 years. Buying Opportunity • Jul 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be €0.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 58%. Revenue is forecast to decline by 15% in 2 years. Earnings is forecast to decline by 44% in the next 2 years. Reported Earnings • May 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: Rp9.96t (up 21% from 1Q 2022). Net income: Rp1.16t (down 49% from 1Q 2022). Profit margin: 12% (down from 28% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 15
Now 24% undervalued Over the last 90 days, the stock is up 3.6%. The fair value is estimated to be €0.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 60%. For the next 3 years, revenue is forecast to decline by 7.1% per annum. Earnings is also forecast to decline by 25% per annum over the same time period. Reported Earnings • Mar 09
Full year 2022 earnings released Full year 2022 results: Revenue: Rp43t (up 46% from FY 2021). Net income: Rp13t (up 59% from FY 2021). Profit margin: 30% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.7% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 8.0%. Buying Opportunity • Feb 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.7%. The fair value is estimated to be €0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to decline by 6.8% in 2 years. Earnings is forecast to decline by 35% in the next 2 years. Buying Opportunity • Jan 20
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to decline by 6.8% in 2 years. Earnings is forecast to decline by 35% in the next 2 years. Board Change • Nov 16
No independent directors There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 10 new directors. No experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). Independent President Commissioner Agus Suhartono is the most experienced director on the board, commencing their role in 2013. Independent Commissioner Andi Pawi was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: Rp335 (vs Rp267 in 3Q 2021) Third quarter 2022 results: EPS: Rp335 (up from Rp267 in 3Q 2021). Revenue: Rp13t (up 39% from 3Q 2021). Net income: Rp3.84t (up 29% from 3Q 2021). Profit margin: 30% (down from 33% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 8.3% p.a. on average during the next 3 years compared to a 4.7% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Oct 25
PT Bukit Asam Tbk (IDX:PTBA) acquired PLTU Pelabuhan Ratu from Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara. PT Bukit Asam Tbk (IDX:PTBA) acquired PLTU Pelabuhan Ratu from Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara on October 23, 2022.
PT Bukit Asam Tbk (IDX:PTBA) completed the acquisition of PLTU Pelabuhan Ratu from Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara on October 23, 2022. Buying Opportunity • Oct 01
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €0.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 39%. Revenue is forecast to decline by 1.8% in 2 years. Earnings is forecast to decline by 33% in the next 2 years. Buying Opportunity • Aug 06
Now 22% undervalued Over the last 90 days, the stock is up 8.3%. The fair value is estimated to be €0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 8.6% in 2 years. Earnings is forecast to decline by 13% in the next 2 years. Reported Earnings • May 30
First quarter 2022 earnings released: EPS: Rp202 (vs Rp44.73 in 1Q 2021) First quarter 2022 results: EPS: Rp202 (up from Rp44.73 in 1Q 2021). Revenue: Rp8.21t (up 105% from 1Q 2021). Net income: Rp2.28t (up 355% from 1Q 2021). Profit margin: 28% (up from 13% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 17%, compared to a 51% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • May 30
Upcoming dividend of Rp689 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 8.7% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (1.2%). Board Change • Apr 27
No independent directors There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 1 experienced director. 1 highly experienced director. No independent directors (4 non-independent directors). Independent President Commissioner Agus Suhartono is the most experienced director on the board, commencing their role in 2013. Independent Commissioner Andi Pawi was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: Rp29t (up 69% from FY 2020). Net income: Rp7.91t (up 231% from FY 2020). Profit margin: 27% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 25%, compared to a 61% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buying Opportunity • Feb 11
Now 24% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be Rp0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% per annum over the last 3 years. Earnings per share has declined by 22% per annum over the last 3 years. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: Rp9.09t (up 137% from 3Q 2020). Net income: Rp2.99t (up Rp2.55t from 3Q 2020). Profit margin: 33% (up from 12% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 03
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp6.30t (up 62% from 2Q 2020). Net income: Rp1.28t (up 232% from 2Q 2020). Profit margin: 20% (up from 9.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • May 03
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: Rp3.99t (down 22% from 1Q 2020). Net income: Rp500.5b (down 45% from 1Q 2020). Profit margin: 13% (down from 18% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp17t (down 21% from FY 2019). Net income: Rp2.39t (down 41% from FY 2019). Profit margin: 14% (down from 19% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 12
PT Bukit Asam Tbk, Annual General Meeting, Apr 05, 2021 PT Bukit Asam Tbk, Annual General Meeting, Apr 05, 2021, at 02:00 Coordinated Universal Time. Location: Grand on Thamrin Ballroom - Hotel Pullman Jakarta Jl. M.H. Thamrin Kav. 59, 10350 Central Jakarta Jakarta Indonesia Agenda: To consider approval of the annual report of the board of directors in accordance with the conditions and management during the financial year of 2020, including the supervisory duty report of the board of commissioners; to consider determination of the net profit appropriation, including the distribution of dividends for the Financial Year of 2020; to consider determination of tantiem (bonuses) for the Board of Directors and the Board of Commissioners of the Company for the Financial Year of 2020, and salaries/honorarium including facilities and incentives for the Financial Year of 2021; to consider approval of the appointment of a Public Accountant's Office to audit the Financial Statement of the Company and the Partnership and Community Development Program for the Financial Year of 2021; and to consider other matters. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS Rp39.67 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: Rp3.84t (down 32% from 3Q 2019). Net income: Rp439.4b (down 60% from 3Q 2019). Profit margin: 12% (down from 19% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of Rp3.34t, down 24% from the prior year. Total revenue was Rp20t over the last 12 months, down 5.2% from the prior year. 
