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PT Asahimas Flat Glass Tbk (AMFG) Fair Value & Analysis

Basic Materials · ID · Market cap 1.3T IDR

PA PT Asahimas Flat Glass Tbk AMFG · JK
Price3,300 IDR
Fair Value5,360 IDR
Upside+62.4%
Quality51/100
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Mixed Growth
Thin margins · 0.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/14)
Narrow moat 24/100
Evidence: High Range 4,020 IDR – 6,700 IDR Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from 3,853 IDR to 5,360 IDR (+39.1%) since Jul 14, 2026. Share price +7.5% over the past month.

A solid business, screening 62% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (4,020 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

7,566 IDR 2,727 IDR Fair Value 5,360 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 2,727 IDR – 7,566 IDR · fair‑value band 4,020 IDR – 6,700 IDR · the 3,300 IDR price screens below the 5,360 IDR fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

PT Asahimas Flat Glass Tbk (AMFG) currently trades at 3,300 IDR, while our model-based Fair Value estimate is 5,360 IDR, implying the stock looks roughly 62.4% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, PT Asahimas Flat Glass Tbk generated revenue of 5.1T IDR at a net margin of 0.5%. Revenue grew 3.5% year over year. It earns a return on equity of 0.6%. Net debt stands at 1.1T IDR. Fundamentals as of Jul 19, 2026

Our scenario range runs from 4,020 IDR (bear case) to 6,700 IDR (bull case); at 3,300 IDR, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at 62%, AMFG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 7,280 IDR 11,200 IDR 17,011 IDR 80
Residual Income 7,638 IDR 7,240 IDR 5,698 IDR 76
Rev-Margin DCF 4,684 IDR 7,365 IDR 10,404 IDR 74
All 24 models by family
DCF Models
FCF DCF 7,081 IDR 11,403 IDR 18,172 IDR 38
Owner Earnings 8,997 IDR 14,379 IDR 22,808 IDR 31
5Y Revenue Exit 4,684 IDR 7,288 IDR 10,511 IDR 39
5Y EBITDA Exit 12,448 IDR 21,568 IDR 32,116 IDR 41
5Y P/E Exit 3,614 IDR 5,320 IDR 7,030 IDR 38
10Y Revenue Exit 5,322 IDR 7,904 IDR 11,184 IDR 36
10Y EBITDA Exit 10,488 IDR 17,956 IDR 27,795 IDR 37
10Y P/E Exit 4,766 IDR 6,519 IDR 8,508 IDR 35
Earnings-Based
Graham-Dodd 1,248 IDR 3,552 IDR 4,680 IDR 54
Lynch FV 725.67 IDR 1,037 IDR 1,348 IDR 50
PEG = 1.0 725.67 IDR 1,037 IDR 1,348 IDR 46
EPV 2,694 IDR 3,298 IDR 3,835 IDR 59
Multiples
P/E Multiple 2,890 IDR 3,853 IDR 4,816 IDR 63
P/S Multiple 2,339 IDR 3,119 IDR 3,899 IDR 58
P/B Multiple 2,339 IDR 3,119 IDR 3,899 IDR 55
EV/EBIT 5,440 IDR 7,496 IDR 9,553 IDR 53
EV/EBITDA 17,255 IDR 23,249 IDR 29,243 IDR 54
EV/Revenue 3,674 IDR 5,561 IDR 7,448 IDR 43
Asset-Based
NCAV (Graham) 5,393 IDR 7,226 IDR 10,786 IDR 50
Growth DCF
Growth DCF 7,280 IDR 11,200 IDR 17,011 IDR 80
Rev-Margin DCF 4,684 IDR 7,365 IDR 10,404 IDR 74
Economic Profit
Residual Income 7,638 IDR 7,240 IDR 5,698 IDR 76
ROIC Compounder 2,694 IDR 3,298 IDR 3,835 IDR 72
Growth Earnings
Growth-Adj P/E 2,319 IDR 3,313 IDR 4,307 IDR 68

Widest divergence: DCF Models (7,904 IDR) versus Earnings-Based (1,037 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.1T IDR
Revenue growth (YoY) +3.5%
Net margin 0.5%
Return on equity 0.6%
Free cash flow 289B IDR FY2025
P/E ratio 52.6
More key figures
Operating margin 1.2%
EPS (TTM) 58.90 IDR
EPS growth (YoY) -87.2%
Net debt 1.1T IDR FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 51 · Market factors (momentum, volatility) 57

Profitability 26
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Asahimas Flat Glass Tbk manufactures and sells and glass products in Indonesia. It operates in two segments, Flat Glass and Automotive Glass.

Full company description

PT Asahimas Flat Glass Tbk manufactures and sells and glass products in Indonesia. It operates in two segments, Flat Glass and Automotive Glass. The Flat Glass segment offers a range of clear and tinted glass, figured glass, reflective glass, coated glass, and mirror glass, which are used primarily for glass curtain walls, window glass, and suspended glass in building construction and as raw materials for downstream industry. The Automotive Glass segment provides tempered glass and laminated glass that are primarily used in the automotive industry. The company also offers automotive glass repair and installation services. In addition, it engages in the export and import, and other activities. PT Asahimas Flat Glass Tbk was founded in 1971 and is headquartered in Jakarta Utara, Indonesia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Asahimas Flat Glass Tbk reported revenue of 5.1T IDR in FY2025 versus 4.7T IDR in FY2021, a compound +1.7%/yr. Reported net income was 79.6B IDR in FY2025, compounding −29.3%/yr from FY2021.

Growth Quality 61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
5.1T IDR
Latest YoY
−6.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.2%
Avg. growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.6%
Revenue +1.7%/yr
FY21 4.7T IDR
FY22 5.6T IDR
FY23 5.9T IDR
FY24 5.4T IDR
FY25 5.1T IDR
Net income −29.3%/yr
FY21 319B IDR
FY22 437B IDR
FY23 583B IDR
FY24 239B IDR
FY25 79.6B IDR
Character of growth · EPS growth decomposed (2014-2025) −1.8 % p.a.
Revenue per share +4.5 pp

of which total revenue +4.5 pp · buybacks/dilution +0.0 pp

EBIT margin −2.9 pp
Tax rate −0.1 pp
Residual (interest, one-offs) −3.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "PT Asahimas Flat Glass Tbk Fair Value". https://www.fairvalue-calculator.com/stock/AMFG

Peer Group

Building Materials · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median
Fair Value upside +62% · Top 25%
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth 4% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.08× · Lower than median

Valuation Multiples vs Building Materials median · lower = cheaper

P/E (TTM) 52.6× · Pricier than 75% of peers
P/B 0.29× · Cheaper than median
P/S (TTM) 0.26× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 2.3× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 27
FUTURE 18 · sector 2
PAST 2 · sector 15
HEALTH 96 · sector 92
DIVIDEND 0 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is PT Asahimas Flat Glass Tbk (AMFG) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 5,360 IDR versus a price of 3,300 IDR, about +62% (undervalued).
What is the fair value of AMFG?
Our model-based fair value for PT Asahimas Flat Glass Tbk is 5,360 IDR (as of Jul 19, 2026), built from audited fundamentals. The current price is 3,300 IDR.
What is the quality score of AMFG?
PT Asahimas Flat Glass Tbk has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PT Asahimas Flat Glass Tbk (AMFG)?
PT Asahimas Flat Glass Tbk reported trailing-twelve-month revenue of about 5.1T IDR (latest available figure, as of Jul 19, 2026).
What is the net profit margin of AMFG?
The net profit margin of PT Asahimas Flat Glass Tbk is about 0.5%, meaning it keeps roughly 0.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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