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PT Jaya Konstruksi Manggala Pratama Tbk (JKON) Fair Value & Analysis

Industrials · ID · Market cap 1.1T IDR

PJ PT Jaya Konstruksi Manggala Pratama Tbk JKON · JK
Price87.00 IDR
Fair Value115.93 IDR
Upside+33.3%
Quality56/100
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Mixed Growth
Thin margins · 3.5% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)
Narrow moat 31/100
Evidence: High Range 86.95 IDR – 144.91 IDR Share as image

Fair value as of: Jul 18, 2026

From 12 valuation models · updated 24 days ago

Share price +31.8% over the past month.

A solid business, screening 33% undervalued on our models.

What matters now

  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 86.95 IDR (bear) to 144.91 IDR (bull), base 115.93 IDR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 56/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

219.84 IDR 58.54 IDR Fair Value 115.93 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 58.54 IDR – 219.84 IDR · fair‑value band 86.95 IDR – 144.91 IDR · the 87.00 IDR price screens below the 115.93 IDR fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PT Jaya Konstruksi Manggala Pratama Tbk (JKON) currently trades at 87.00 IDR, while our model-based Fair Value estimate is 115.93 IDR, implying the stock looks roughly 33.3% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Industrials 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 Jaya Konstruksi Manggala Pratama Tbk generated revenue of 4.1T IDR at a net margin of 3.5%. Revenue grew 45.9% year over year. It earns a return on equity of 4.5%. The balance sheet holds a net cash position of 628B IDR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 86.95 IDR (bear case) to 144.91 IDR (bull case); at 87.00 IDR, the current price sits within 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 22% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at 33%, JKON 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 189.19 IDR 243.43 IDR 340.23 IDR 80
Residual Income 146.67 IDR 145.31 IDR 129.98 IDR 76
Rev-Margin DCF 104.47 IDR 118.85 IDR 138.52 IDR 74
All 12 models by family
DCF Models
Owner Earnings 138.73 IDR 176.69 IDR 249.82 IDR 31
5Y P/E Exit 152.01 IDR 197.17 IDR 250.33 IDR 38
10Y P/E Exit 162.29 IDR 201.37 IDR 241.19 IDR 35
Earnings-Based
Graham-Dodd 46.37 IDR 80.81 IDR 99.06 IDR 54
Dividend Discount
Gordon GGM 31.26 IDR 40.40 IDR 50.04 IDR 70
DDM Multi-Stage 31.26 IDR 43.13 IDR 58.16 IDR 61
Multiples
P/E Multiple 107.41 IDR 143.21 IDR 179.01 IDR 63
P/B Multiple 86.95 IDR 115.93 IDR 144.91 IDR 55
Asset-Based
NCAV (Graham) 97.99 IDR 131.30 IDR 195.97 IDR 50
Growth DCF
Growth DCF 189.19 IDR 243.43 IDR 340.23 IDR 80
Rev-Margin DCF 104.47 IDR 118.85 IDR 138.52 IDR 74
Economic Profit
Residual Income 146.67 IDR 145.31 IDR 129.98 IDR 76

Widest divergence: DCF Models (197.17 IDR) versus Dividend Discount (40.40 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 4.1T IDR
Revenue growth (YoY) +45.9%
Net margin 3.5%
Return on equity 4.5%
Free cash flow 216B IDR FY2025
P/E ratio 7.9
More key figures
Operating margin 2.0%
EPS (TTM) 8.77 IDR
EPS growth (YoY) -5.5%
Net cash 628B IDR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 57 · Market factors (momentum, volatility) 54

Profitability 32
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 56
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 Jaya Konstruksi Manggala Pratama Tbk engages in the construction business in Indonesia. The company is involved in pertamina asphalt and liquefied petroleum gas trading; station LPG and bulk transportation; chartering of vessels; supply of electricity, gas, and steam; transportation, warehousing, professional, scientific, and engineering activities; …

Full company description

PT Jaya Konstruksi Manggala Pratama Tbk engages in the construction business in Indonesia. The company is involved in pertamina asphalt and liquefied petroleum gas trading; station LPG and bulk transportation; chartering of vessels; supply of electricity, gas, and steam; transportation, warehousing, professional, scientific, and engineering activities; construction and trading, building services, and industry activities; provision of contractor and services; and general trading, manufacturing, and workshop and industry activities. It also engages in the production and trading of building goods, production of prestressed concrete piles, directing of concrete piles, and design and planning of pile foundations, as well as carrying out and analyzing load bearing tests. In addition, the company owns or leases real estate properties; and trades in materials and chemical goods. The company was founded in 1982 and is based in Jakarta, Indonesia. PT Jaya Konstruksi Manggala Pratama Tbk operates as a subsidiary of PT Pembangunan Jaya.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Jaya Konstruksi Manggala Pratama Tbk reported revenue of 3.9T IDR in FY2025 versus 3.5T IDR in FY2021, a compound +2.6%/yr. Reported net income was 111B IDR in FY2025.

Growth Quality 58/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.9T IDR
Latest YoY
−0.6%
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.
−4.8%
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.
+5.0%
Avg. growth/yr (19Y) 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.
+5.1%
Revenue +2.6%/yr
FY21 3.5T IDR
FY22 4.5T IDR
FY23 4.5T IDR
FY24 3.9T IDR
FY25 3.9T IDR
Net income
FY21 −37.1B IDR
FY22 201B IDR
FY23 237B IDR
FY24 186B IDR
FY25 111B IDR
Character of growth · EPS growth decomposed (2014-2025) −4.0 % p.a.
Revenue per share −1.5 pp

of which total revenue −1.5 pp · buybacks/dilution +0.0 pp

EBIT margin −8.6 pp
Tax rate +0.7 pp
Residual (interest, one-offs) +5.4 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 Jaya Konstruksi Manggala Pratama Tbk Fair Value". https://www.fairvalue-calculator.com/stock/JKON

Peer Group

Conglomerates · 369 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 56 · Above median
Fair Value upside +33% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 2% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth 46% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 7.9× · Cheaper than 75% of peers
P/B 0.35× · Cheaper than median
P/S (TTM) 0.27× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 2.2× · 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 78 · sector 20
FUTURE 100 · sector 16
PAST 18 · sector 20
HEALTH 100 · sector 88
DIVIDEND 0 · sector 39

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.

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PT Astra International Tbk, ASII 4,810 IDR 9,620 IDR +100%
Grupo Carso, S.A. GCARSOA1 127.02 MXN 66.21 MXN -48%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
SRF Limited SRF ₹2,875 ₹1,053 -63%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
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Frequently asked questions

Is PT Jaya Konstruksi Manggala Pratama Tbk (JKON) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 115.93 IDR versus a price of 87.00 IDR, about +33% (undervalued).
What is the fair value of JKON?
Our model-based fair value for PT Jaya Konstruksi Manggala Pratama Tbk is 115.93 IDR (as of Jul 18, 2026), built from audited fundamentals. The current price is 87.00 IDR.
What is the quality score of JKON?
PT Jaya Konstruksi Manggala Pratama Tbk has a Quality Score of 56/100. 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 Jaya Konstruksi Manggala Pratama Tbk (JKON)?
PT Jaya Konstruksi Manggala Pratama Tbk reported trailing-twelve-month revenue of about 4.1T IDR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of JKON?
The net profit margin of PT Jaya Konstruksi Manggala Pratama Tbk is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.

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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