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PT Kawasan Industri Jababeka Tbk, (KIJA) Fair Value & Analysis

Real Estate · ID · Market cap 2.7T IDR

PK PT Kawasan Industri Jababeka Tbk, KIJA · JK
Price133.00 IDR
Fair Value350.00 IDR
Upside+163.2%
Quality61/100
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Healthy Growth
Thin margins · 8.7% net margin
Moderate debt · generates free cash flow
Ranks above peers (12/15)
Moderate moat 54/100
Evidence: Medium Range 238.71 IDR – 461.29 IDR Share as image

Fair value as of: Jul 16, 2026

From 16 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from 295.00 IDR to 350.00 IDR (+18.6%) since Jul 7, 2026. Share price +4.7% over the past month.

A solid business, screening 163% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (238.71 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (238.71 IDR to 461.29 IDR) leaves room in how you read the outcome.
  • 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)

348.14 IDR 109.16 IDR Fair Value 350.00 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 109.16 IDR – 348.14 IDR · fair‑value band 238.71 IDR – 461.29 IDR · the 133.00 IDR price screens below the 350.00 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

PT Kawasan Industri Jababeka Tbk, (KIJA) currently trades at 133.00 IDR, while our model-based Fair Value estimate is 350.00 IDR, implying the stock looks roughly 163.2% undervalued today. The Quality Score stands at 61/100 (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: medium), always confirm before acting.

Over the trailing twelve months, PT Kawasan Industri Jababeka Tbk, generated revenue of 5.1T IDR at a net margin of 8.7%. Revenue declined 7.7% year over year. It earns a return on equity of 10.2%. Net debt stands at 987B IDR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 238.71 IDR (bear case) to 461.29 IDR (bull case); at 133.00 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 63% below its 52-week high and 27% 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 163%, KIJA 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 1,116 IDR 2,118 IDR 3,974 IDR 80
Residual Income 247.66 IDR 260.12 IDR 280.79 IDR 76
Rev-Margin DCF 727.27 IDR 1,257 IDR 1,962 IDR 74
All 16 models by family
DCF Models
FCF DCF 1,129 IDR 2,229 IDR 4,307 IDR 38
5Y Revenue Exit 727.27 IDR 1,266 IDR 1,997 IDR 39
5Y EBITDA Exit 928.60 IDR 1,693 IDR 2,664 IDR 41
10Y Revenue Exit 824.96 IDR 1,397 IDR 2,280 IDR 36
10Y EBITDA Exit 985.03 IDR 1,722 IDR 2,867 IDR 37
Dividend Discount
Gordon GGM 16.27 IDR 35.52 IDR 59.77 IDR 70
DDM Multi-Stage 16.27 IDR 29.10 IDR 37.02 IDR 61
Multiples
P/S Multiple 262.01 IDR 349.34 IDR 436.68 IDR 58
P/B Multiple 262.01 IDR 349.34 IDR 436.68 IDR 55
EV/EBIT 1,036 IDR 1,395 IDR 1,754 IDR 53
EV/EBITDA 903.26 IDR 1,218 IDR 1,532 IDR 54
EV/Revenue 553.60 IDR 808.06 IDR 1,063 IDR 43
Asset-Based
NCAV (Graham) 152.07 IDR 203.78 IDR 304.14 IDR 50
Growth DCF
Growth DCF 1,116 IDR 2,118 IDR 3,974 IDR 80
Rev-Margin DCF 727.27 IDR 1,257 IDR 1,962 IDR 74
Economic Profit
Residual Income 247.66 IDR 260.12 IDR 280.79 IDR 76

Widest divergence: DCF Models (1,693 IDR) versus Dividend Discount (29.10 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.1T IDR
Revenue growth (YoY) -7.7%
Net margin 8.7%
Return on equity 10.2%
Free cash flow 1.7T IDR FY2025
P/E ratio 5.4
More key figures
Operating margin 25.1%
EPS (TTM) 21.25 IDR
EPS growth (YoY) +33.2%
Net debt 987B IDR FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 61 · Market factors (momentum, volatility) 20

Profitability 30
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 80
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 Kawasan Industri Jababeka Tbk, together with its subsidiaries, engages in the real estate business in Indonesia. It operates in five segments: Real Estate, Golf, Service and Maintenance, Power Plant, and Tourism.

Full company description

PT Kawasan Industri Jababeka Tbk, together with its subsidiaries, engages in the real estate business in Indonesia. It operates in five segments: Real Estate, Golf, Service and Maintenance, Power Plant, and Tourism. The Real Estate segment develops and sells industrial estates, and related facilities and services, including residential estates, apartments, office buildings, and shopping centers; and develops and installs water treatment plants, wastewater treatment, telephone, electricity, and sports and recreational facilities to support the industrial estates. This segment also exports and imports goods for businesses related to the development and management of industrial estates. Its Golf segment develops and manages golf courses, clubhouses, recreation and sports facilities, and supporting facilities. The Service and Maintenance segment is involved in the development and infrastructure management of industrial estates, hotels, and residential estates; and development and management of public infrastructure. Its Power Plant segment develops power plants; manages, supplies, and distributes energy; and provides energy management services to third parties. The Tourism segment is involved in the tourism objects, tourism hotels, tourism estates and education, and tourism training center businesses. PT Kawasan Industri Jababeka Tbk was founded in 1989 and is headquartered in Bekasi, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Kawasan Industri Jababeka Tbk, reported revenue of 5.1T IDR in FY2025 versus 2.5T IDR in FY2021, a compound +19.9%/yr. Reported net income was 423B IDR in FY2025, compounding +48.2%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
5.1T IDR
Latest YoY
+11.9%
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.
+23.7%
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.
+16.5%
Avg. growth/yr (25Y) 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.
+22.7%
Revenue +19.9%/yr
FY21 2.5T IDR
FY22 2.7T IDR
FY23 3.3T IDR
FY24 4.6T IDR
FY25 5.1T IDR
Net income +48.2%/yr
FY21 87.6B IDR
FY22 41.0B IDR
FY23 306B IDR
FY24 363B IDR
FY25 423B IDR
Character of growth · EPS growth decomposed (2014-2025) −0.7 % p.a.
Revenue per share +4.5 pp

of which total revenue +4.4 pp · buybacks/dilution +0.2 pp

EBIT margin −0.3 pp
Tax rate +0.0 pp
Residual (interest, one-offs) −4.9 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 Kawasan Industri Jababeka Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/KIJA

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 62 · Top 25%
Fair Value upside +163% · Top 25%
Return on equity (TTM) 10% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 25% · Top 25%
Revenue growth -8% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.71× · Higher than median

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

P/E (TTM) 6.2× · Cheaper than 75% of peers
P/B 0.43× · Cheaper than median
P/S (TTM) 0.54× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 2.4× · Cheaper than 75% of peers
PEG 0.65× · Cheaper than median

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 0 · sector 0
PAST 41 · sector 10
HEALTH 65 · sector 84
DIVIDEND 0 · 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 16, 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 Kawasan Industri Jababeka Tbk, (KIJA) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 350.00 IDR versus a price of 133.00 IDR, about +163% (undervalued).
What is the fair value of KIJA?
Our model-based fair value for PT Kawasan Industri Jababeka Tbk, is 350.00 IDR (as of Jul 16, 2026), built from audited fundamentals. The current price is 133.00 IDR.
What is the quality score of KIJA?
PT Kawasan Industri Jababeka Tbk, has a Quality Score of 61/100. 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 Kawasan Industri Jababeka Tbk, (KIJA)?
PT Kawasan Industri Jababeka Tbk, reported trailing-twelve-month revenue of about 5.1T IDR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of KIJA?
The net profit margin of PT Kawasan Industri Jababeka Tbk, is about 8.7%, meaning it keeps roughly 8.7% 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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