Bank Maybank Indonesia Tbk PT (BNII) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bank Maybank Indonesia Tbk PT IDR 384, price IDR 192, upside +100.0%, quality 53 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 167.21 IDR – 349.87 IDR · fair‑value band 288.00 IDR – 480.00 IDR · the 192.00 IDR price screens below the 384.00 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 Bank Maybank Indonesia Tbk provides various banking products and services in Indonesia and internationally. It operates through three segments: Global Banking, Business Banking, and Retail.
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PT Bank Maybank Indonesia Tbk provides various banking products and services in Indonesia and internationally. It operates through three segments: Global Banking, Business Banking, and Retail. The company provides current accounts; savings, demand, and time deposits; business deposit accounts; credit cards; mortgage, multifunction, car, working capital, SME, and motorcycle loans; and property financing. It also offers wealth management; cash management and trade financing; investment; depository and settlement; fund administration; business banking, investment, corporate, and commercial financing; liquidity management; payment; custody and clearing, agency, and e-statement; bancassurance; collection services. In addition, the company provides bank guarantees; mutual funds and bonds; insurance products; electronic trade finance and ATM services; and mobile and internet banking services. The company was formerly known as PT Bank Internasional Indonesia Tbk and changed its name to PT Bank Maybank Indonesia Tbk in 2015. The company was founded in 1959 and is headquartered in Jakarta, Indonesia. PT Bank Maybank Indonesia Tbk operates as a subsidiary of Malayan Banking Berhad.
Stock analysis
Bank Maybank Indonesia Tbk PT (BNII) currently trades at 192.00 IDR, while our model-based Fair Value estimate is 384.00 IDR, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 304.29 IDR per share, and 4 of the 4 models we run sit above the 192.00 IDR price.
Bear case: the Multiples group reads lowest at 282.75 IDR, and 0 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 288.00 IDR (bear) to 480.00 IDR (bull), the price of 192.00 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 53/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Bank Maybank Indonesia Tbk PT reported revenue of 15.2T IDR in FY2025 versus 12.1T IDR in FY2021, a compound +5.8%/yr. Reported net income was 1.7T IDR in FY2025, compounding −0.1%/yr from FY2021.
Key figures
Market cap 14.6T IDR (≈ $1.5B) · P/E ratio 9.2 · P/S ratio 1.00 · EPS (TTM) 20.75 IDR · Net margin 10.9% · Return on equity 5.0% · Return on assets (EBIT) 1.2% · Operating margin 19.0%.
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 14% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 100%, BNII screens cheaper than that median.
Fair Value models
Bear 288.00 IDRFair Value 384.00 IDRBull 480.00 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 (15.18 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 weak: less than 2 % a year.
Revenue growth 1 year
+14.8%
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.
+10.3%
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.
+0.9%
Start year 2020 (pandemic). Over 10 years: −0.7% 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.
+5.5%
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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.
−0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.1%
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.0% vs 3%, steady
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% → 15%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.4%/yr over ~10Y (margins intact) ⓘ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
Price in line with expectations
The price assumes about as much growth as 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).
−1.3%
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 −3.8% a year for the price.
Compare Bank Maybank Indonesia Tbk PT 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.Banks - Regional · 1074 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)5% · Bottom 25%
Return on assets1% · Below median
Net margin (TTM)19% · Bottom 25%
Operating margin (TTM)19% · Bottom 25%
Growth and dividend
Revenue growth0% · Bottom 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Bank Maybank Indonesia Tbk PT Fair Value". https://www.fairvalue-calculator.com/stock/BNII
Frequently asked questions
Is Bank Maybank Indonesia Tbk PT (BNII) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 384.00 IDR versus a price of 192.00 IDR, about +100% upside (undervalued).
What is the fair value of BNII?
Our model-based fair value for Bank Maybank Indonesia Tbk PT is 384.00 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 192.00 IDR.
What is the quality score of BNII?
Bank Maybank Indonesia Tbk PT has a Quality Score of 53/100. 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 Maybank Indonesia Tbk PT (BNII)?
Our model-based price target is the fair value of 384.00 IDR (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 288.00 IDR, optimistic scenario 480.00 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Maybank Indonesia Tbk PT stock forecast for 2026?
Our models put fair value at 384.00 IDR, about +100% upside versus a price of 192.00 IDR (undervalued). Cautious scenario 288.00 IDR, optimistic scenario 480.00 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Maybank Indonesia Tbk PT (BNII)?
Bank Maybank Indonesia Tbk PT reported trailing-twelve-month revenue of about 8.4T IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Bank Maybank Indonesia Tbk PT (BNII)?
For today's price to be fair in a discounted-cash-flow model, Bank Maybank Indonesia Tbk PT would have to grow free cash flow by -1.3 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BNII use?
Our models discount Bank Maybank Indonesia Tbk PT at 12.0 %: a base by market capitalisation (small), damped by beta 0.20, 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 Maybank Indonesia Tbk PT that is -1.3 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Bank Maybank Indonesia Tbk PT (BNII) delivered so far?
Over the past 5 years revenue at Bank Maybank Indonesia Tbk PT grew +0.9 % a year. The price currently implies -1.3 % 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 Maybank Indonesia Tbk PT (BNII) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Bank Maybank Indonesia Tbk PT (-1.3 % 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 Maybank Indonesia Tbk PT (BNII)?
The free-cash-flow yield on the price is 13.26 %: that much free cash flow Bank Maybank Indonesia Tbk PT produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), 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 Maybank Indonesia Tbk PT (BNII)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Maybank Indonesia Tbk PT it is 384.00 IDR per share (as of Sep 24, 2026), against a price of 192.00 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Bank Maybank Indonesia Tbk PT stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BNII trades below its calculated fair value: price 192.00 IDR, fair value 384.00 IDR, a gap of about +100% (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 BNII?
No. The price is what the market pays today (192.00 IDR); the fair value is what the company's own numbers justify (384.00 IDR). For Bank Maybank Indonesia Tbk PT the two are 192.00 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Maybank Indonesia Tbk PT worth?
The market values Bank Maybank Indonesia Tbk PT at about 14.6T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 192.00 IDR; our models calculate a fair value of 384.00 IDR per share.
What do the bullish and bearish scenarios say about BNII?
Our models span a range for Bank Maybank Indonesia Tbk PT: cautious scenario 288.00 IDR, base 384.00 IDR, optimistic 480.00 IDR per share (as of Sep 24, 2026, price 192.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BNII?
Bank Maybank Indonesia Tbk PT trades at a price-to-earnings ratio of 9.2 (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 384.00 IDR is built from several models across several years. Other multiples: PEG 0.3, P/B 0.5, P/S 1.7, EV/EBITDA 6.7.
What is the PEG ratio of BNII?
The PEG ratio of Bank Maybank Indonesia Tbk PT is 0.32 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Bank Maybank Indonesia Tbk PT (BNII)?
Balance-sheet figures for Bank Maybank Indonesia Tbk PT (as of Sep 24, 2026): return on equity 5.0%, debt of 0.35 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is BNII from its 52-week high?
Bank Maybank Indonesia Tbk PT trades at 192.00 IDR, about 14% below its 52-week high of 223.43 IDR and 10% above the low of 174.00 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 384.00 IDR is for.
Which stocks are comparable to Bank Maybank Indonesia Tbk PT?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 Bank Maybank Indonesia Tbk PT stock attractive at the current price?
The data as of Sep 24, 2026: price 192.00 IDR, calculated fair value 384.00 IDR (+100%), Quality Score 53/100, 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 BNII calculated?
We run Bank Maybank Indonesia Tbk 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 384.00 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 14.1 % above its aggregate fair value. Bank Maybank Indonesia Tbk PT currently trades 100 % 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 Bank Maybank Indonesia Tbk PT (BNII)?
The closing price on Sep 23, 2026 was 192.00 IDR. Our model-based fair value is 384.00 IDR, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Maybank Indonesia Tbk PT right now?
The price is below even our cautious bear case (288.00 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 (53/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Maybank Indonesia Tbk PT (BNII) come from?
Earnings per share at Bank Maybank Indonesia Tbk PT grew +0.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.1 %, EBIT margin +3.7 %, tax rate +0.1 %, residual (interest, one-offs) −0.2 %. 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 Maybank Indonesia Tbk PT
How large is the market capitalisation of Bank Maybank Indonesia Tbk PT (BNII)?
The market capitalisation of Bank Maybank Indonesia Tbk PT is 14.6T IDR (≈ $1.5B). 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 Bank Maybank Indonesia Tbk PT (BNII)?
The price-to-sales ratio of Bank Maybank Indonesia Tbk PT is 1.00 (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 Bank Maybank Indonesia Tbk PT (BNII)?
Earnings per share at Bank Maybank Indonesia Tbk PT are 20.75 IDR (price ÷ EPS = P/E 9.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bank Maybank Indonesia Tbk PT (BNII)?
The net margin of Bank Maybank Indonesia Tbk PT is 10.9% (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 Bank Maybank Indonesia Tbk PT (BNII)?
The return on equity (ROE) of Bank Maybank Indonesia Tbk PT is 5.0% (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 Maybank Indonesia Tbk PT (BNII)?
On an EBIT basis the return on assets of Bank Maybank Indonesia Tbk PT is 1.2% (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 Maybank Indonesia Tbk PT (BNII)?
The operating margin of Bank Maybank Indonesia Tbk PT is 19.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Maybank Indonesia Tbk PT (BNII)?
Revenue at Bank Maybank Indonesia Tbk PT is growing −0.2% versus a year earlier (3y avg +10.3%). 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 Maybank Indonesia Tbk PT (BNII)?
Earnings per share at Bank Maybank Indonesia Tbk PT are growing −20.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bank Maybank Indonesia Tbk PT (BNII) carry?
The net debt of Bank Maybank Indonesia Tbk PT is 24.5T IDR (fiscal year 2025, ≈ 12.7 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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