Bekasi Fajar Industrial Estate (BEST) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Bekasi Fajar Industrial Estate IDR 152, price IDR 121, upside +25.2%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 77.00 IDR – 191.00 IDR · fair‑value band 107.21 IDR – 151.51 IDR · the 121.00 IDR price screens below the 151.51 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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PT Bekasi Fajar Industrial Estate Tbk develops and operates industrial estates in Indonesia. It operates through Industrial Estate and Other segments. The company provides industrial estate land; offers and maintains supporting infrastructure and facilities; and develops supporting facilities, such as coffee shops, restaurants, hotels, and others.
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PT Bekasi Fajar Industrial Estate Tbk develops and operates industrial estates in Indonesia. It operates through Industrial Estate and Other segments. The company provides industrial estate land; offers and maintains supporting infrastructure and facilities; and develops supporting facilities, such as coffee shops, restaurants, hotels, and others. It also engages in the development of hotels and facilities. PT Bekasi Fajar Industrial Estate Tbk was founded in 1989 and is headquartered in Bekasi, Indonesia.
Stock analysis
Bekasi Fajar Industrial Estate (BEST) currently trades at 121.00 IDR, while our model-based Fair Value estimate is 151.51 IDR, implying the stock looks roughly 20.1% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 309.43 IDR per share, and 11 of the 14 models we run sit above the 121.00 IDR price.
Bear case: the Multiples group reads lowest at 102.15 IDR, and 3 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 107.21 IDR (bear) to 151.51 IDR (bull), the price of 121.00 IDR sits inside 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 60/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Bekasi Fajar Industrial Estate reported revenue of 427B IDR in FY2025 versus 230B IDR in FY2021, a compound +16.8%/yr. Reported net income was 30.1B IDR in FY2025.
Key figures
Market cap 1.2T IDR (≈ $65.2M) · P/E ratio 5.0 · P/S ratio 0.35 · EPS (TTM) 24.14 IDR · Net margin 7.0% · Return on equity 5.2% · Return on assets (EBIT) 2.5% · Operating margin 54.0%.
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 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 25%, BEST screens richer than that median.
Fair Value models
Bear 107.21 IDRFair Value 151.51 IDRBull 151.51 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 (17.72 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
−6.7%
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.
−7.7%
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.
+12.0%
Start year 2020 (pandemic). Over 10 years: −4.2% a year
Revenue growth 16 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.
+4.6%
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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.
−39.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−39.8%
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.−40% vs −21%, 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.10% → 29%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 5.9%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+7.8%
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 +5.0% a year for the price.
Compare Bekasi Fajar Industrial Estate with another stock
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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.Real Estate - Development · 578 stocks
Beats the industry median on 12/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside+25% · Above median
Profitability
Return on equity (TTM)5% · Above median
Return on assets4% · Top 25%
Net margin (TTM)33% · Top 25%
Operating margin (TTM)54% · Top 25%
Growth and dividend
Revenue growth496% · Top 25%
Balance sheet
Debt / equity0.22× · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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Is Bekasi Fajar Industrial Estate (BEST) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 151.51 IDR versus a price of 121.00 IDR, about +25% upside (undervalued).
What is the fair value of BEST?
Our model-based fair value for Bekasi Fajar Industrial Estate is 151.51 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 121.00 IDR.
What is the quality score of BEST?
Bekasi Fajar Industrial Estate has a Quality Score of 60/100. 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 Bekasi Fajar Industrial Estate (BEST)?
Our model-based price target is the fair value of 151.51 IDR (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 107.21 IDR, optimistic scenario 151.51 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bekasi Fajar Industrial Estate stock forecast for 2026?
Our models put fair value at 151.51 IDR, about +25% upside versus a price of 121.00 IDR (undervalued). Cautious scenario 107.21 IDR, optimistic scenario 151.51 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bekasi Fajar Industrial Estate (BEST)?
Bekasi Fajar Industrial Estate reported trailing-twelve-month revenue of about 713B IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Bekasi Fajar Industrial Estate (BEST)?
For today's price to be fair in a discounted-cash-flow model, Bekasi Fajar Industrial Estate would have to grow free cash flow by +7.8 % 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 +12.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BEST use?
Our models discount Bekasi Fajar Industrial Estate at 13.5 %: a base by market capitalisation (micro), damped by beta 0.17, 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 Bekasi Fajar Industrial Estate that is +7.8 % 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 Bekasi Fajar Industrial Estate (BEST) delivered so far?
Over the past 5 years revenue at Bekasi Fajar Industrial Estate grew +12.0 % a year. The price currently implies +7.8 % 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 Bekasi Fajar Industrial Estate (BEST) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Bekasi Fajar Industrial Estate (+7.8 % 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 Bekasi Fajar Industrial Estate (BEST)?
The free-cash-flow yield on the price is 14.24 %: that much free cash flow Bekasi Fajar Industrial Estate 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 Bekasi Fajar Industrial Estate (BEST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bekasi Fajar Industrial Estate it is 151.51 IDR per share (as of Sep 24, 2026), against a price of 121.00 IDR. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Bekasi Fajar Industrial Estate stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BEST trades below its calculated fair value: price 121.00 IDR, fair value 151.51 IDR, a gap of about +25% (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 BEST?
No. The price is what the market pays today (121.00 IDR); the fair value is what the company's own numbers justify (151.51 IDR). For Bekasi Fajar Industrial Estate the two are 30.51 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bekasi Fajar Industrial Estate worth?
The market values Bekasi Fajar Industrial Estate at about 1.2T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 121.00 IDR; our models calculate a fair value of 151.51 IDR per share.
What do the bullish and bearish scenarios say about BEST?
Our models span a range for Bekasi Fajar Industrial Estate: cautious scenario 107.21 IDR, base 151.51 IDR, optimistic 151.51 IDR per share (as of Sep 24, 2026, price 121.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BEST?
Bekasi Fajar Industrial Estate trades at a price-to-earnings ratio of 5.0 (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 151.51 IDR is built from several models across several years. Other multiples: P/B 0.3, P/S 1.6, EV/EBITDA 5.2.
How solid is the balance sheet of Bekasi Fajar Industrial Estate (BEST)?
Balance-sheet figures for Bekasi Fajar Industrial Estate (as of Sep 24, 2026): return on equity 5.2%, debt of 0.22 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is BEST from its 52-week high?
Bekasi Fajar Industrial Estate trades at 121.00 IDR, about 13% below its 52-week high of 139.00 IDR and 42% above the low of 85.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 151.51 IDR is for.
Which stocks are comparable to Bekasi Fajar Industrial Estate?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Bekasi Fajar Industrial Estate stock attractive at the current price?
The data as of Sep 24, 2026: price 121.00 IDR, calculated fair value 151.51 IDR (+25%), Quality Score 60/100, from 14 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 BEST calculated?
We run Bekasi Fajar Industrial Estate through 14 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 151.51 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. Bekasi Fajar Industrial Estate currently trades 25 % 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 Bekasi Fajar Industrial Estate (BEST)?
The closing price on Sep 24, 2026 was 121.00 IDR. Our model-based fair value is 151.51 IDR, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bekasi Fajar Industrial Estate right now?
Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Bekasi Fajar Industrial Estate (BEST) come from?
Earnings per share at Bekasi Fajar Industrial Estate grew −19.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −5.2 %, EBIT margin −3.8 %, tax rate −0.3 %, residual (interest, one-offs) −11.7 %. 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 Bekasi Fajar Industrial Estate
How large is the market capitalisation of Bekasi Fajar Industrial Estate (BEST)?
The market capitalisation of Bekasi Fajar Industrial Estate is 1.2T IDR (≈ $65.2M). 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 Bekasi Fajar Industrial Estate (BEST)?
The price-to-sales ratio of Bekasi Fajar Industrial Estate is 0.35 (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 Bekasi Fajar Industrial Estate (BEST)?
Earnings per share at Bekasi Fajar Industrial Estate are 24.14 IDR (price ÷ EPS = P/E 5.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bekasi Fajar Industrial Estate (BEST)?
The net margin of Bekasi Fajar Industrial Estate is 7.0% (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 Bekasi Fajar Industrial Estate (BEST)?
The return on equity (ROE) of Bekasi Fajar Industrial Estate is 5.2% (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 Bekasi Fajar Industrial Estate (BEST)?
On an EBIT basis the return on assets of Bekasi Fajar Industrial Estate is 2.5% (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 Bekasi Fajar Industrial Estate (BEST)?
The operating margin of Bekasi Fajar Industrial Estate is 54.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bekasi Fajar Industrial Estate (BEST)?
Revenue at Bekasi Fajar Industrial Estate is growing +496% versus a year earlier (3y avg −7.7%). 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 Bekasi Fajar Industrial Estate (BEST)?
Earnings per share at Bekasi Fajar Industrial Estate are growing +83.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bekasi Fajar Industrial Estate (BEST) carry?
The net debt of Bekasi Fajar Industrial Estate is 813B IDR (fiscal year 2025, ≈ 4.9 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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