Temas (IDX:TMAS) - Share price, News & Analysis

Q: What is the Fair Price of TMAS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TMAS (IDR2560) is trading below our estimate of [[fair value]] (IDR7615.1)

TMAS fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	5/6
Financial Health	6/6
Dividends	3/6

TMAS Stock Overview

PT Temas Tbk. provides ship charter services in Indonesia.

Rewards

Trading at 66.4% below our estimate of its fair value

Earnings grew by 209.2% over the past year

Risk Analysis

Unstable dividend track record

Volatile share price over the past 3 months

Large one-off items impacting financial results

Temas Competitors

Samudera Indonesia

IDX:SMDR

Rp9.6t

Pelita Samudera Shipping

IDX:PSSI

Rp3.3t

Habco Trans Maritima

IDX:HATM

Rp2.0t

Mitrabahtera Segara Sejati

IDX:MBSS

Rp1.7t

Price History & Performance

Summary of all time highs, changes and price drops for Temas
Historical stock prices
Current Share Price	Rp2,560.00
52 Week High	Rp3,360.00
52 Week Low	Rp248.00
Beta	-0.16
1 Month Change	-1.92%
3 Month Change	34.74%
1 Year Change	720.51%
3 Year Change	1,595.36%
5 Year Change	1,053.15%
Change since IPO	5,788.00%

Shareholder Returns

	TMAS	ID Shipping	ID Market
7D	3.2%	-12.0%	1.6%
1Y	720.5%	26.3%	12.1%

Return vs Industry: TMAS exceeded the ID Shipping industry which returned 26.3% over the past year.

Return vs Market: TMAS exceeded the ID Market which returned 12.1% over the past year.

Price Volatility

Is TMAS's price volatile compared to industry and market?
TMAS volatility
TMAS Average Weekly Movement	10.8%
Shipping Industry Average Movement	9.9%
Market Average Movement	6.2%
10% most volatile stocks in ID Market	11.9%
10% least volatile stocks in ID Market	3.0%

Stable Share Price: TMAS is more volatile than 75% of ID stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: TMAS's weekly volatility (11%) has been stable over the past year, but is still higher than 75% of ID stocks.

About the Company

Founded	Employees	CEO	Website
1987	574	Faty Khusumo	https://www.temasline.com

PT Temas Tbk. provides ship charter services in Indonesia. The company operates through Shipping and Stevedoring segments. It also provides shipping management and stevedoring services, as well as engages in domestic and international transportation activities in transporting passengers, cargoes, and animals by vessels.

Temas Fundamentals Summary

How do Temas's earnings and revenue compare to its market cap?
TMAS fundamental statistics
Market Cap	Rp14.61t
Earnings (TTM)	Rp1.04t
Revenue (TTM)	Rp4.16t

14.0x

P/E Ratio

3.5x

P/S Ratio

Is TMAS overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TMAS income statement (TTM)
Revenue	Rp4.16t
Cost of Revenue	Rp2.91t
Gross Profit	Rp1.25t
Other Expenses	Rp207.94b
Earnings	Rp1.04t

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	182.53
Gross Margin	30.05%
Net Profit Margin	25.05%
Debt/Equity Ratio	72.4%

How did TMAS perform over the long term?

See historical performance and comparison

Dividends

3.4%

Current Dividend Yield

36%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is TMAS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TMAS?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TMAS. This is calculated by dividing TMAS's market cap by their current preferred multiple.
What is TMAS's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	Rp14.61t

TMAS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.7x
Enterprise Value/EBITDA	12.5x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does TMAS's PE Ratio compare to its peers?

TMAS PE Ratio vs Peers

The above table shows the PE ratio for TMAS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	9.7x
SMDR Samudera Indonesia	3.5x	n/a	Rp9.6t
PSSI Pelita Samudera Shipping	6.1x	n/a	Rp3.3t
HATM Habco Trans Maritima	22.4x	n/a	Rp2.0t
MBSS Mitrabahtera Segara Sejati	7.1x	n/a	Rp1.7t
TMAS Temas	14x	n/a	Rp14.6t

Price-To-Earnings vs Peers: TMAS is expensive based on its Price-To-Earnings Ratio (14x) compared to the peer average (9.7x).

Price to Earnings Ratio vs Industry

How does TMAS's PE Ratio compare vs other companies in the Asian Shipping Industry?

Price-To-Earnings vs Industry: TMAS is expensive based on its Price-To-Earnings Ratio (14x) compared to the ID Shipping industry average (11.4x)

Price to Earnings Ratio vs Fair Ratio

What is TMAS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TMAS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TMAS's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of TMAS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TMAS (IDR2560) is trading below our estimate of fair value (IDR7615.1)

Significantly Below Fair Value: TMAS is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Temas forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-34.2%

Forecasted Transportation industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Temas has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Check out Temas's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.

Past Performance

How has Temas performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

63.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TMAS has a large one-off gain of IDR284.8B impacting its June 30 2022 financial results.

Growing Profit Margin: TMAS's current net profit margins (25%) are higher than last year (11.6%).

Past Earnings Growth Analysis

Earnings Trend: TMAS's earnings have grown significantly by 63.6% per year over the past 5 years.

Accelerating Growth: TMAS's earnings growth over the past year (209.2%) exceeds its 5-year average (63.6% per year).

Earnings vs Industry: TMAS earnings growth over the past year (209.2%) exceeded the Shipping industry 186%.

Return on Equity

High ROE: TMAS's Return on Equity (57.3%) is considered outstanding.

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Financial Health

How is Temas's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: TMAS's short term assets (IDR1,457.1B) exceed its short term liabilities (IDR1,009.0B).

Long Term Liabilities: TMAS's short term assets (IDR1,457.1B) exceed its long term liabilities (IDR1,418.1B).

Debt to Equity History and Analysis

Debt Level: TMAS's net debt to equity ratio (28.3%) is considered satisfactory.

Reducing Debt: TMAS's debt to equity ratio has reduced from 150.8% to 72.4% over the past 5 years.

Debt Coverage: TMAS's debt is well covered by operating cash flow (72.5%).

Interest Coverage: TMAS's interest payments on its debt are well covered by EBIT (9x coverage).

Balance Sheet

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Dividend

What is Temas's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

3.42%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: TMAS's dividend (3.42%) is higher than the bottom 25% of dividend payers in the ID market (1.11%).

High Dividend: TMAS's dividend (3.42%) is low compared to the top 25% of dividend payers in the ID market (4.55%).

Stability and Growth of Payments

Stable Dividend: TMAS has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TMAS's dividend payments have increased, but the company has only paid a dividend for 9 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (36%), TMAS's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (71.6%), TMAS's dividend payments are covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

10.6yrs

Average management tenure

CEO

Faty Khusumo (46 yo)

1.17yrs

Tenure

Ms. Faty Khusumo has been the President Director and Director at PT Temas Tbk since June 11, 2021 and June 26, 2018 respectively. Ms. Khusumo had been Managing Director at PT Temas Tbk. (formerly known as...

Leadership Team

Experienced Management: TMAS's management team is seasoned and experienced (10.6 years average tenure).

Board Members

Experienced Board: TMAS's board of directors are considered experienced (4.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/06 00:00
End of Day Share Price	2022/08/05 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31