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PT Alam Sutera Realty Tbk (ASRI) Fair Value & Analysis

Real Estate · ID · Market cap 2.4T IDR

PA PT Alam Sutera Realty Tbk ASRI · JK
Price123.00 IDR
Fair Value307.50 IDR
Upside+150.0%
Quality63/100
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Mixed Growth
Thin margins · 9.9% net margin
Low debt · generates free cash flow
1.28% dividend yield
Ranks above peers (13/15)
Moderate moat 47/100
Evidence: High Range 307.50 IDR – 451.85 IDR Share as image

Fair value as of: Jul 15, 2026

From 14 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 280.00 IDR to 307.50 IDR (+9.8%) since Jun 26, 2026. Share price +5.1% over the past month.

A solid business, screening 150% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (307.50 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

258.55 IDR 95.72 IDR Fair Value 307.50 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 95.72 IDR – 258.55 IDR · fair‑value band 307.50 IDR – 451.85 IDR · the 123.00 IDR price screens below the 307.50 IDR fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

PT Alam Sutera Realty Tbk (ASRI) currently trades at 123.00 IDR, while our model-based Fair Value estimate is 307.50 IDR, implying the stock looks roughly 150.0% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate 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 Alam Sutera Realty Tbk generated revenue of 3.0T IDR at a net margin of 9.9%. Revenue grew 14.7% year over year. It earns a return on equity of 2.7%. Net debt stands at 5.3T IDR. Fundamentals as of Jul 15, 2026

Our scenario range runs from 307.50 IDR (bear case) to 451.85 IDR (bull case); at 123.00 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 40% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 150%, ASRI 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 495.38 IDR 801.79 IDR 1,238 IDR 80
Residual Income 428.04 IDR 414.97 IDR 350.76 IDR 76
Rev-Margin DCF 305.15 IDR 560.50 IDR 832.08 IDR 74
All 14 models by family
DCF Models
FCF DCF 469.78 IDR 793.03 IDR 1,272 IDR 38
5Y Revenue Exit 305.15 IDR 550.57 IDR 847.74 IDR 39
5Y EBITDA Exit 445.72 IDR 798.07 IDR 1,187 IDR 41
10Y Revenue Exit 344.09 IDR 576.44 IDR 854.40 IDR 36
10Y EBITDA Exit 448.11 IDR 746.70 IDR 1,105 IDR 37
Multiples
P/S Multiple 203.22 IDR 270.96 IDR 338.69 IDR 58
P/B Multiple 203.22 IDR 270.96 IDR 338.69 IDR 55
EV/EBIT 644.68 IDR 939.99 IDR 1,235 IDR 53
EV/EBITDA 530.65 IDR 787.96 IDR 1,045 IDR 54
EV/Revenue 247.34 IDR 456.75 IDR 666.15 IDR 43
Asset-Based
NCAV (Graham) 293.35 IDR 393.09 IDR 586.70 IDR 50
Growth DCF
Growth DCF 495.38 IDR 801.79 IDR 1,238 IDR 80
Rev-Margin DCF 305.15 IDR 560.50 IDR 832.08 IDR 74
Economic Profit
Residual Income 428.04 IDR 414.97 IDR 350.76 IDR 76

Widest divergence: DCF Models (746.70 IDR) versus Asset-Based (393.09 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.0T IDR
Revenue growth (YoY) +14.7%
Net margin 9.9%
Return on equity 2.7%
Free cash flow 1.3T IDR FY2025
P/E ratio 8.0
More key figures
Operating margin 25.6%
EPS (TTM) 15.25 IDR
Dividend yield 1.3%
EPS growth (YoY) -42.0%
Net debt 5.3T IDR FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 32

Profitability 22
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 16
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 Alam Sutera Realty Tbk operates as a property development company in Indonesia. The company engages in the construction and management of residential and commercial areas, as well as management of shopping centers, leisure centers, and hotels.

Full company description

PT Alam Sutera Realty Tbk operates as a property development company in Indonesia. The company engages in the construction and management of residential and commercial areas, as well as management of shopping centers, leisure centers, and hotels. It is also involved in the provision of building management, consultancy, and investment, as well as provision of support and tourism services, goods sales, organizing art events, and real estate activities. The company was formerly known as PT Adhihutama Manunggal and changed its name to PT Alam Sutera Realty Tbk in September 2007. PT Alam Sutera Realty Tbk was founded in 1993 and is headquartered in Jakarta, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Alam Sutera Realty Tbk reported revenue of 2.9T IDR in FY2025 versus 2.8T IDR in FY2021, a compound +0.8%/yr. Reported net income was 313B IDR in FY2025, compounding +21.1%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.9T IDR
Latest YoY
−14.5%
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.
−13.2%
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.
+15.7%
Avg. growth/yr (18Y) 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.
+13.3%
Revenue +0.8%/yr
FY21 2.8T IDR
FY22 4.5T IDR
FY23 4.0T IDR
FY24 3.4T IDR
FY25 2.9T IDR
Net income +21.1%/yr
FY21 146B IDR
FY22 1.1T IDR
FY23 632B IDR
FY24 55.2B IDR
FY25 313B IDR
Character of growth · EPS growth decomposed (2014-2025) −8.4 % p.a.
Revenue per share +1.4 pp

of which total revenue +1.4 pp · buybacks/dilution +0.0 pp

EBIT margin −3.1 pp
Tax rate +1.0 pp
Residual (interest, one-offs) −7.7 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 Alam Sutera Realty Tbk Fair Value". https://www.fairvalue-calculator.com/stock/ASRI

Peer Group

Real Estate - Development · 588 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 65 · Top 25%
Fair Value upside +150% · Top 25%
Return on equity (TTM) 3% · Above median
Return on assets 3% · Above median
Net margin (TTM) 10% · Above median
Operating margin (TTM) 26% · Top 25%
Revenue growth 15% · Above median
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.48× · Higher than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 8.0× · Cheaper than median
P/B 0.21× · Cheaper than 75% of peers
P/S (TTM) 0.79× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 6.2× · Cheaper than median
PEG 0.18× · 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 48
FUTURE 74 · sector 0
PAST 11 · sector 10
HEALTH 76 · sector 84
DIVIDEND 26 · sector 38

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is PT Alam Sutera Realty Tbk (ASRI) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 307.50 IDR versus a price of 123.00 IDR, about +150% (undervalued).
What is the fair value of ASRI?
Our model-based fair value for PT Alam Sutera Realty Tbk is 307.50 IDR (as of Jul 15, 2026), built from audited fundamentals. The current price is 123.00 IDR.
What is the quality score of ASRI?
PT Alam Sutera Realty Tbk has a Quality Score of 63/100. 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 Alam Sutera Realty Tbk (ASRI)?
PT Alam Sutera Realty Tbk reported trailing-twelve-month revenue of about 3.0T IDR (latest available figure, as of Jul 15, 2026).
What is the net profit margin of ASRI?
The net profit margin of PT Alam Sutera Realty Tbk is about 9.9%, meaning it keeps roughly 9.9% of revenue as net income. Based on the latest reported figures.
Does PT Alam Sutera Realty Tbk pay a dividend?
PT Alam Sutera Realty Tbk currently shows a dividend yield of about 1.28% relative to its recent price (as of Jul 15, 2026).

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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