Asahimas Flat Glass Tbk (AMFG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Asahimas Flat Glass Tbk IDR 5,863, price IDR 3,180, upside +84.4%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PT Asahimas Flat Glass Tbk manufactures and sells and glass products in Indonesia. It operates in two segments, Flat Glass and Automotive Glass.
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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.
Stock analysis
Asahimas Flat Glass Tbk (AMFG) currently trades at 3,180 IDR, while our model-based Fair Value estimate is 5,863 IDR, implying the stock looks roughly 45.8% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 7,226 IDR per share, and 18 of the 24 models we run sit above the 3,180 IDR price.
Bear case: the Earnings-Based group reads lowest at 1,037 IDR, and 6 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 4,827 IDR (bear) to 5,863 IDR (bull), the price of 3,180 IDR sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap 1.4T IDR (≈ $77.1M) · P/E ratio 54.0 · P/S ratio 0.85 · EPS (TTM) 58.90 IDR · Net margin 1.6% · Return on equity 0.6% · Return on assets (EBIT) 7.6% · Operating margin 1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at 84%, AMFG screens cheaper than that median.
Fair Value models
Bear 4,827 IDRFair Value 5,863 IDRBull 5,863 IDR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (43.25 IDR per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.5%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−3.0%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Start year 2020 (pandemic). Over 10 years: +3.3% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
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What shareholders gained per year (last 5 years), in IDR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in IDR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−24.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−24.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−24% vs −14%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−8% → 4%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about −2.1% a year for the price.
Compare Asahimas Flat Glass Tbk with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Building Materials · 258 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+84% · Top 25%
Profitability
Return on equity (TTM)1% · Below median
Return on assets1% · Below median
Net margin (TTM)1% · Below median
Operating margin (TTM)1% · Below median
Growth and dividend
Revenue growth4% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
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Is Asahimas Flat Glass Tbk (AMFG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 5,863 IDR versus a price of 3,180 IDR, about +84% upside (undervalued).
What is the fair value of AMFG?
Our model-based fair value for Asahimas Flat Glass Tbk is 5,863 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,180 IDR.
What is the quality score of AMFG?
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 price target for Asahimas Flat Glass Tbk (AMFG)?
Our model-based price target is the fair value of 5,863 IDR (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 4,827 IDR, optimistic scenario 5,863 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Asahimas Flat Glass Tbk stock forecast for 2026?
Our models put fair value at 5,863 IDR, about +84% upside versus a price of 3,180 IDR (undervalued). Cautious scenario 4,827 IDR, optimistic scenario 5,863 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Asahimas Flat Glass Tbk (AMFG)?
Asahimas Flat Glass Tbk reported trailing-twelve-month revenue of about 5.1T IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Asahimas Flat Glass Tbk (AMFG)?
For today's price to be fair in a discounted-cash-flow model, Asahimas Flat Glass Tbk would have to grow free cash flow by +0.5 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of AMFG use?
Our models discount Asahimas Flat Glass Tbk at 13.5 %: a base by market capitalisation (micro), damped by beta 0.21, country premium for Indonesia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Asahimas Flat Glass Tbk that is +0.5 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Asahimas Flat Glass Tbk (AMFG) delivered so far?
Over the past 5 years revenue at Asahimas Flat Glass Tbk grew +6.2 % a year. The price currently implies +0.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Asahimas Flat Glass Tbk (AMFG) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Asahimas Flat Glass Tbk (+0.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Asahimas Flat Glass Tbk (AMFG)?
The free-cash-flow yield on the price is 20.97 %: that much free cash flow Asahimas Flat Glass Tbk produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Asahimas Flat Glass Tbk (AMFG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asahimas Flat Glass Tbk it is 5,863 IDR per share (as of Sep 24, 2026), against a price of 3,180 IDR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Asahimas Flat Glass Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AMFG trades below its calculated fair value: price 3,180 IDR, fair value 5,863 IDR, a gap of about +84% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AMFG?
No. The price is what the market pays today (3,180 IDR); the fair value is what the company's own numbers justify (5,863 IDR). For Asahimas Flat Glass Tbk the two are 2,683 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Asahimas Flat Glass Tbk worth?
The market values Asahimas Flat Glass Tbk at about 1.4T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 3,180 IDR; our models calculate a fair value of 5,863 IDR per share.
What do the bullish and bearish scenarios say about AMFG?
Our models span a range for Asahimas Flat Glass Tbk: cautious scenario 4,827 IDR, base 5,863 IDR, optimistic 5,863 IDR per share (as of Sep 24, 2026, price 3,180 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AMFG?
Asahimas Flat Glass Tbk trades at a price-to-earnings ratio of 54.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 5,863 IDR is built from several models across several years. Other multiples: P/B 0.3, P/S 0.3, EV/EBITDA 2.3.
How solid is the balance sheet of Asahimas Flat Glass Tbk (AMFG)?
Balance-sheet figures for Asahimas Flat Glass Tbk (as of Sep 24, 2026): return on equity 0.6%, debt of 0.08 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is AMFG from its 52-week high?
Asahimas Flat Glass Tbk trades at 3,180 IDR, about 13% below its 52-week high of 3,643 IDR and 17% above the low of 2,727 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 5,863 IDR is for.
Which stocks are comparable to Asahimas Flat Glass Tbk?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Asahimas Flat Glass Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 3,180 IDR, calculated fair value 5,863 IDR (+84%), Quality Score 51/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AMFG calculated?
We run Asahimas Flat Glass Tbk through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 5,863 IDR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Asahimas Flat Glass Tbk currently trades 84 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Asahimas Flat Glass Tbk (AMFG)?
The closing price on Sep 24, 2026 was 3,180 IDR. Our model-based fair value is 5,863 IDR, about +84% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asahimas Flat Glass Tbk right now?
The price is below even our cautious bear case (4,827 IDR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Asahimas Flat Glass Tbk (AMFG) come from?
Earnings per share at Asahimas Flat Glass Tbk grew −1.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin −2.9 %, tax rate −0.1 %, residual (interest, one-offs) −3.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Asahimas Flat Glass Tbk
How large is the market capitalisation of Asahimas Flat Glass Tbk (AMFG)?
The market capitalisation of Asahimas Flat Glass Tbk is 1.4T IDR (≈ $77.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Asahimas Flat Glass Tbk (AMFG)?
The price-to-sales ratio of Asahimas Flat Glass Tbk is 0.85 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Asahimas Flat Glass Tbk (AMFG)?
Earnings per share at Asahimas Flat Glass Tbk are 58.90 IDR (price ÷ EPS = P/E 54.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Asahimas Flat Glass Tbk (AMFG)?
The net margin of Asahimas Flat Glass Tbk is 1.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Asahimas Flat Glass Tbk (AMFG)?
The return on equity (ROE) of Asahimas Flat Glass Tbk is 0.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Asahimas Flat Glass Tbk (AMFG)?
On an EBIT basis the return on assets of Asahimas Flat Glass Tbk is 7.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Asahimas Flat Glass Tbk (AMFG)?
The operating margin of Asahimas Flat Glass Tbk is 1.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Asahimas Flat Glass Tbk (AMFG)?
Revenue at Asahimas Flat Glass Tbk is growing +3.5% versus a year earlier (3y avg −3.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Asahimas Flat Glass Tbk (AMFG)?
Earnings per share at Asahimas Flat Glass Tbk are growing −87.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Asahimas Flat Glass Tbk (AMFG) carry?
The net debt of Asahimas Flat Glass Tbk is 1.1T IDR (fiscal year 2025, ≈ 3.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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