Resource Alam Indonesia Tbk (KKGI) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Resource Alam Indonesia Tbk IDR 382, price IDR 304, upside +25.5%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PT Resource Alam Indonesia Tbk, together with its subsidiaries, engages in the coal mining business in Indonesia and internationally. It operates through Coal, Electricity, Nickel Ore Trade, Mining Service, Property, and Others segments. The company offers high-pressure laminates (HPL) and decorative sheets; and mining and excavation support services.
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PT Resource Alam Indonesia Tbk, together with its subsidiaries, engages in the coal mining business in Indonesia and internationally. It operates through Coal, Electricity, Nickel Ore Trade, Mining Service, Property, and Others segments. The company offers high-pressure laminates (HPL) and decorative sheets; and mining and excavation support services. It also engages in the sale of melamine laminated particle boards; development and operation of mini hydro power plants; ownership, development, and management of residential, commercial, and retail spaces; excavation of quartz; leasing of mining machinery and equipment; electricity supply; wholesale of fuel solid, liquid gas, and other products; and trading, real estate, and industrial activities. The company exports its products. The company was formerly known as PT Kurnia Kapuas Utama Tbk and changed its name to PT Resource Alam Indonesia Tbk in December 2003. PT Resource Alam Indonesia Tbk was founded in 1981 and is headquartered in Jakarta Pusat, Indonesia.
Stock analysis
Resource Alam Indonesia Tbk (KKGI) currently trades at 304.00 IDR, while our model-based Fair Value estimate is 381.60 IDR, implying the stock looks roughly 20.3% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 397.06 IDR per share, and 7 of the 15 models we run sit above the 304.00 IDR price.
Bear case: the DCF Models group reads lowest at 198.53 IDR, and 8 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 251.86 IDR (bear) to 381.60 IDR (bull), the price of 304.00 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 45/100 (below-average quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Resource Alam Indonesia Tbk reported revenue of $153M in FY2025 versus $132M in FY2021, a compound +3.8%/yr. Reported net income was $2.4M in FY2025, compounding −43.1%/yr from FY2021.
Key figures
Market cap 1.4T IDR (≈ $79.3M) · P/E ratio 33.7 · P/S ratio 0.53 · EPS (TTM) 9.01 IDR · Net margin 1.6% · Return on equity 1.4% · Return on assets (EBIT) 22.8% · Operating margin 7.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at 26%, KKGI screens cheaper than that median.
Fair Value models
Bear 251.86 IDRFair Value 381.60 IDRBull 381.60 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 (6.62 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
−53.1%
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.
−15.6%
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.
+16.2%
Start year 2020 (pandemic). Over 10 years: +3.3% 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.
−24.5%
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What shareholders gained per year (last 5 years) ⓘ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.
−29.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−29.8%
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.−30% vs −11%, 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.−2% → 4%
Compare Resource Alam Indonesia Tbk 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.Thermal Coal · 101 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside+16% · Above median
Profitability
Return on equity (TTM)1% · Below median
Return on assets2% · Below median
Net margin (TTM)2% · Below median
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth−14% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Thermal Coal median · lower = cheaper
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). "Resource Alam Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/KKGI
Frequently asked questions
Is Resource Alam Indonesia Tbk (KKGI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 381.60 IDR versus a price of 304.00 IDR, about +26% upside (undervalued).
What is the fair value of KKGI?
Our model-based fair value for Resource Alam Indonesia Tbk is 381.60 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 304.00 IDR.
What is the quality score of KKGI?
Resource Alam Indonesia Tbk has a Quality Score of 45/100. 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 Resource Alam Indonesia Tbk (KKGI)?
Our model-based price target is the fair value of 381.60 IDR (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 251.86 IDR, optimistic scenario 381.60 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Resource Alam Indonesia Tbk stock forecast for 2026?
Our models put fair value at 381.60 IDR, about +26% upside versus a price of 304.00 IDR (undervalued). Cautious scenario 251.86 IDR, optimistic scenario 381.60 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Resource Alam Indonesia Tbk (KKGI)?
Resource Alam Indonesia Tbk reported trailing-twelve-month revenue of about $148M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Resource Alam Indonesia Tbk (KKGI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Resource Alam Indonesia Tbk it is 381.60 IDR per share (as of Sep 24, 2026), against a price of 304.00 IDR. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Resource Alam Indonesia Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KKGI trades below its calculated fair value: price 304.00 IDR, fair value 381.60 IDR, a gap of about +26% (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 KKGI?
No. The price is what the market pays today (304.00 IDR); the fair value is what the company's own numbers justify (381.60 IDR). For Resource Alam Indonesia Tbk the two are 77.60 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Resource Alam Indonesia Tbk worth?
The market values Resource Alam Indonesia Tbk at about 1.4T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 304.00 IDR; our models calculate a fair value of 381.60 IDR per share.
What do the bullish and bearish scenarios say about KKGI?
Our models span a range for Resource Alam Indonesia Tbk: cautious scenario 251.86 IDR, base 381.60 IDR, optimistic 381.60 IDR per share (as of Sep 24, 2026, price 304.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KKGI?
Resource Alam Indonesia Tbk trades at a price-to-earnings ratio of 33.7 (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 381.60 IDR is built from several models across several years. Other multiples: PEG 0.1, P/B 1.0, P/S 1.0, EV/EBITDA 12.9.
What is the PEG ratio of KKGI?
The PEG ratio of Resource Alam Indonesia Tbk is 0.11 (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 Resource Alam Indonesia Tbk (KKGI)?
Balance-sheet figures for Resource Alam Indonesia Tbk (as of Sep 24, 2026): return on equity 1.4%, debt of 0.01 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is KKGI from its 52-week high?
Resource Alam Indonesia Tbk trades at 304.00 IDR, about 17% below its 52-week high of 366.68 IDR and 45% above the low of 210.08 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 381.60 IDR is for.
Which stocks are comparable to Resource Alam Indonesia Tbk?
From the same area (Energy) we also value China Shenhua Energy Company, Adani Enterprises Limited, Shaanxi Coal Industry Company, Yankuang Energy Group, 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 Resource Alam Indonesia Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 304.00 IDR, calculated fair value 381.60 IDR (+26%), Quality Score 45/100, from 15 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 KKGI calculated?
We run Resource Alam Indonesia Tbk through 15 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 381.60 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 13.0 % above its aggregate fair value. Resource Alam Indonesia Tbk currently trades 26 % 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 Resource Alam Indonesia Tbk (KKGI)?
The closing price on Sep 24, 2026 was 304.00 IDR. Our model-based fair value is 381.60 IDR, about +26% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Resource Alam Indonesia Tbk right now?
Solid quality (45/100) 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.
Where does the earnings growth of Resource Alam Indonesia Tbk (KKGI) come from?
Earnings per share at Resource Alam Indonesia Tbk grew +13.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.9 %, EBIT margin +3.1 %, tax rate +0.4 %, residual (interest, one-offs) −0.5 %. 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 Resource Alam Indonesia Tbk
How large is the market capitalisation of Resource Alam Indonesia Tbk (KKGI)?
The market capitalisation of Resource Alam Indonesia Tbk is 1.4T IDR (≈ $79.3M). 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 Resource Alam Indonesia Tbk (KKGI)?
The price-to-sales ratio of Resource Alam Indonesia Tbk is 0.53 (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 Resource Alam Indonesia Tbk (KKGI)?
Earnings per share at Resource Alam Indonesia Tbk are 9.01 IDR (price ÷ EPS = P/E 33.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Resource Alam Indonesia Tbk (KKGI)?
The net margin of Resource Alam Indonesia Tbk is 1.6% (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 Resource Alam Indonesia Tbk (KKGI)?
The return on equity (ROE) of Resource Alam Indonesia Tbk is 1.4% (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 Resource Alam Indonesia Tbk (KKGI)?
On an EBIT basis the return on assets of Resource Alam Indonesia Tbk is 22.8% (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 Resource Alam Indonesia Tbk (KKGI)?
The operating margin of Resource Alam Indonesia Tbk is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Resource Alam Indonesia Tbk (KKGI)?
Revenue at Resource Alam Indonesia Tbk is growing −14.1% versus a year earlier (3y avg −15.6%). 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 Resource Alam Indonesia Tbk (KKGI)?
Earnings per share at Resource Alam Indonesia Tbk are growing +20.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Resource Alam Indonesia Tbk (KKGI) generate?
The free cash flow of Resource Alam Indonesia Tbk is −$12.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Resource Alam Indonesia Tbk (KKGI) hold?
Resource Alam Indonesia Tbk holds more cash than debt, $39.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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