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Coal & heavy equipment

BYAN

Bayan Resources

Unearned premiumPBV far above what its ROE can justify.

This is an educational tool, not a recommendation to buy, sell or hold any stock. Figures come from Yahoo Finance automatically and can be late or wrong; check the official filings before deciding anything.

Data as of · Yahoo Finance

Its accounts are in US dollars, converted at Rp18,161 per USD.

01

Net assets

Equity (net assets)
Rp50.9T
Shares outstanding
33.3 billion
Net assets per share
Rp1,526
Price
Rp8,975
PBV
5.88x

Price is 488% above net assets.

02

Earning power

Trailing 12-month net profit
Rp11.8T
Earnings per share (EPS)
Rp355
Price
Rp8,975
PER
25.3x

You pay 25.3x a year's earnings per share. Peer median: 7.43x.

03

ROE: is the premium earned?

Return on equity (ROE)
32.6%
PBV justified by ROE
2.72x
PBV
5.88x

An ROE of 33% justifies a PBV around 2.72x, at most 5.43x. 5.88x is far beyond it.

04

Cash

Cash & equivalents
Rp14.0T
Total debt
Rp2.7T
Net cash (cash − debt)
Rp11.3T
Cash per share
Rp419
Market cap
Rp299T
Cash ÷ market cap
5%

05

Red flags

  • PBV is 7.2 times the peer median (limit 3).
  • PER is 3.4 times the peer median (limit 2).
  • Free float 3.3%, below 15%. Few shares actually trade, so the price moves easily.

Positive signs

  • More cash than debt: net cash Rp11.3T.

Free float 3.3% (estimate). Free float marked * is estimated from Yahoo's insider holdings, not the official IDX figure.

06

Against peers

Price if PBV = peer median
Rp1,242
0.81x → -86% vs Rp8,975
Price if PER = peer median
Rp2,640
7.43x → -71% vs Rp8,975

A rough calculation from the other stocks in the group, not a price target.

Middle range: PBV 0.78x – 1.40x · PER 6.82x – 11.5x

StockPBVPERROEDiv. yieldCategory
BYAN5.88x25.3x33%2.9%Unearned premium
HRUM0.55x12.0x7%0.0%Discount
ITMG0.80x7.79x11%7.0%Discount
UNTR0.83x11.0x7%3.6%Discount
PTBA1.59x6.28x21%3.5%Fair
ADRO0.76x7.07x14%9.9%Discount
AADI1.21x6.58x24%8.7%Fair
Group median0.83x7.79x