Bank Maspion Indonesia PT (BMAS) fair value: what the stock is really worth
As of Oct 26, 2026: fair value (intrinsic value) of Bank Maspion Indonesia PT stock IDR 263, price IDR 410, upside -35.9%, quality 29 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?No
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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 Oct 26, 2026.
How to read this chart
60‑month range 380.00 IDR – 1,110 IDR · fair‑value band 197.05 IDR – 328.41 IDR · the 410.00 IDR price screens above the 262.73 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 26, 2026.
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PT Bank Maspion Indonesia Tbk operates as a commercial bank in Indonesia. It offers savings, deposit, and current accounts; and loan products, including working capital, investment, consumer, and general personal loans, as well as bank guarantee services.
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The company also provides trade finance products, such as letters of credit import and export; export and import documentary collection; and outwards and inwards remittance services.
In addition, it engages in issuing and receiving SKBDN and SBLC. Further, the company offers priority and weekend banking; automated teller machines; mobile and internet banking; Maspion auto payroll; safe deposit box; payment point; money transfer; and foreign currency money transfer services.
The company was founded in 1989 and is headquartered in Surabaya, Indonesia. PT Bank Maspion Indonesia Tbk operates as a subsidiary of Kasikorn Vision Financial Company Pte. Ltd.
Stock analysis
Bank Maspion Indonesia PT (BMAS) currently trades at 410.00 IDR, while our model-based Fair Value estimate is 262.73 IDR, 35.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 240.53 IDR per share, and 1 of the 4 models we run sit above the 410.00 IDR price.
Bear case: the Economic Profit group reads lowest at 183.13 IDR, and 3 of the 4 models stay below the price. Data coverage for this calculation is low.
Scenario range: 197.05 IDR (bear) to 328.41 IDR (bull), the price of 410.00 IDR sits above 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 29/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Bank Maspion Indonesia PT reported revenue of 1.6T IDR in FY2025 versus 958B IDR in FY2021, a compound +13.1%/yr. Reported net income was 31.8B IDR in FY2025, compounding −20.6%/yr from FY2021.
Key figures
Market cap 7.4T IDR (≈ $413M) Small · P/E ratio 577.5 · P/S ratio 8.79 · EPS (TTM) 0.7100 IDR · Net margin 1.6% · Return on equity 0.2% · Return on assets (EBIT) 0.2% · Operating margin 1.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).
What moves the price
The share trades about 43% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at −36%, BMAS screens richer than that median.
Fair Value models
Bear197.05 IDRFair Value 262.73 IDRBull328.41 IDR
Price 410.00 IDR · Upside -35.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5836 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+0.6%
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.
+16.1%
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.
+17.5%
Start year 2020 (pandemic). Over 10 years: +11.6% a year
Revenue growth 17 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.
+12.6%
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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.
−21.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.2%
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.−21.2% vs −12.4%, 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.13% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
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).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
Compare Bank Maspion Indonesia PT 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.Banks - Regional · 1062 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score29 · Bottom 25%
Fair Value upside−35.9% · Bottom 25%
Profitability
Return on equity (12 months)0.2% · Bottom 25%
Return on assets0.1% · Bottom 25%
Net margin (12 months)1.6% · Bottom 25%
Operating margin (12 months)1.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)156.8% · Top 25%
Balance sheet
Debt / equity0.21× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)577.5× · Priciest 25%
P/B1.14× · Cheaper than median
P/S (12 months)8.79× · Priciest 25%
EV/EBITDA94.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 14
FUTURE (revenue growth)100· sector 50
PAST (return on equity)1· sector 41
HEALTH (low debt)90· sector 84
DIVIDEND (yield)0· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bank Maspion Indonesia PT Fair Value". https://www.fairvalue-calculator.com/stock/BMAS
Frequently asked questions
Is Bank Maspion Indonesia PT (BMAS) overvalued or undervalued?
As of Oct 26, 2026, our model estimates a fair value of 262.73 IDR versus a price of 410.00 IDR, about −36% upside (overvalued).
What is the fair value of BMAS?
Our model-based fair value for Bank Maspion Indonesia PT is 262.73 IDR (as of Oct 26, 2026), built from audited fundamentals. The current price: 410.00 IDR.
What is the quality score of BMAS?
Bank Maspion Indonesia PT has a Quality Score of 29/100. 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 Bank Maspion Indonesia PT (BMAS)?
Our model-based price target is the fair value of 262.73 IDR (as of Oct 26, 2026) from 4 valuation models. Cautious scenario 197.05 IDR, optimistic scenario 328.41 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Maspion Indonesia PT stock forecast for 2026?
Our models put fair value at 262.73 IDR, about −36% upside versus a price of 410.00 IDR (overvalued). Cautious scenario 197.05 IDR, optimistic scenario 328.41 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Maspion Indonesia PT (BMAS)?
Bank Maspion Indonesia PT reported trailing-twelve-month revenue of about 844B IDR (latest available figure, as of Oct 26, 2026).
What growth is priced into Bank Maspion Indonesia PT (BMAS)?
For today's price to be fair in a discounted-cash-flow model, Bank Maspion Indonesia PT would have to grow free cash flow by more than 80 % 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 +17.5 % per year. As of Oct 26, 2026.
What discount rate (WACC) does the fair value of BMAS use?
Our models discount Bank Maspion Indonesia PT at 13.5 %: a base by market capitalisation (small), 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 Bank Maspion Indonesia PT that is more than 80 % 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 Bank Maspion Indonesia PT (BMAS) delivered so far?
Over the past 5 years revenue at Bank Maspion Indonesia PT grew +17.5 % a year. The price currently implies more than 80 % 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 Bank Maspion Indonesia PT (BMAS) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Bank Maspion Indonesia PT (more than 80 % 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 Bank Maspion Indonesia PT (BMAS)?
The free-cash-flow yield on the price is 0.13 %: that much free cash flow Bank Maspion Indonesia PT 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 Bank Maspion Indonesia PT (BMAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Maspion Indonesia PT it is 262.73 IDR per share (as of Oct 26, 2026), against a price of 410.00 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Bank Maspion Indonesia PT stock overvalued or undervalued in 2026?
As of Oct 26, 2026, BMAS trades above its calculated fair value: price 410.00 IDR, fair value 262.73 IDR, a gap of about −36% (overvalued). 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 BMAS?
No. The price is what the market pays today (410.00 IDR); the fair value is what the company's own numbers justify (262.73 IDR). For Bank Maspion Indonesia PT the two are 147.27 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Maspion Indonesia PT worth?
The market values Bank Maspion Indonesia PT at about 7.4T IDR (market capitalisation, as of Oct 26, 2026). Per share that is 410.00 IDR; our models calculate a fair value of 262.73 IDR per share.
What do the bullish and bearish scenarios say about BMAS?
Our models span a range for Bank Maspion Indonesia PT: cautious scenario 197.05 IDR, base 262.73 IDR, optimistic 328.41 IDR per share (as of Oct 26, 2026, price 410.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Bank Maspion Indonesia PT (BMAS)?
Balance-sheet figures for Bank Maspion Indonesia PT (as of Oct 26, 2026): return on equity 0.2%, debt of 0.21 per unit of equity. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is BMAS from its 52-week high?
Bank Maspion Indonesia PT trades at 410.00 IDR, about 43% below its 52-week high of 715.00 IDR and 8% above the low of 380.00 IDR (as of Oct 26, 2026). Distance from the high says nothing about value: that is what the fair value of 262.73 IDR is for.
Which stocks are comparable to Bank Maspion Indonesia PT?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 Bank Maspion Indonesia PT stock attractive at the current price?
The data as of Oct 26, 2026: price 410.00 IDR, calculated fair value 262.73 IDR (−36%), Quality Score 29/100, from 4 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 BMAS calculated?
We run Bank Maspion Indonesia PT through 4 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 262.73 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 12.7 % above its aggregate fair value. Bank Maspion Indonesia PT itself currently trades above fair value. 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 Bank Maspion Indonesia PT (BMAS)?
The closing price on Oct 26, 2026 was 410.00 IDR. Our model-based fair value is 262.73 IDR, about −36% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Maspion Indonesia PT right now?
The price sits above even our optimistic bull case (328.41 IDR). The favourable scenario is already priced in. Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Bank Maspion Indonesia PT (BMAS) come from?
Earnings per share at Bank Maspion Indonesia PT grew −7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.3 %, EBIT margin −9.9 %, tax rate −0.2 %, residual (interest, one-offs) +0.0 %. 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 Bank Maspion Indonesia PT
How large is the market capitalisation of Bank Maspion Indonesia PT (BMAS)?
The market capitalisation of Bank Maspion Indonesia PT is 7.4T IDR (≈ $413M). 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/E ratio of Bank Maspion Indonesia PT (BMAS)?
The price-to-earnings ratio of Bank Maspion Indonesia PT is 577.5. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Bank Maspion Indonesia PT (BMAS)?
The price-to-sales ratio of Bank Maspion Indonesia PT is 8.79 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bank Maspion Indonesia PT (BMAS)?
Earnings per share at Bank Maspion Indonesia PT are 0.7100 IDR (price ÷ EPS = P/E 577.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bank Maspion Indonesia PT (BMAS)?
The net margin of Bank Maspion Indonesia PT is 1.6% (last twelve months). 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 Bank Maspion Indonesia PT (BMAS)?
The return on equity (ROE) of Bank Maspion Indonesia PT is 0.2% (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 Bank Maspion Indonesia PT (BMAS)?
On an EBIT basis the return on assets of Bank Maspion Indonesia PT is 0.2% (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 Bank Maspion Indonesia PT (BMAS)?
The operating margin of Bank Maspion Indonesia PT is 1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Maspion Indonesia PT (BMAS)?
Revenue at Bank Maspion Indonesia PT is growing +157% versus a year earlier (3y avg +16.1%). 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 Bank Maspion Indonesia PT (BMAS)?
Earnings per share at Bank Maspion Indonesia PT are growing −91.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bank Maspion Indonesia PT (BMAS) carry?
The net debt of Bank Maspion Indonesia PT is 2.7T IDR (fiscal year 2025). 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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Thin data
Oct 26, 2026