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PT Resource Alam Indonesia Tbk, (KKGI) Fair Value & Analysis

Energy · ID · Market cap 1.4T IDR

PR PT Resource Alam Indonesia Tbk, KKGI · JK
Price278.00 IDR
Fair Value342.34 IDR
Upside+23.1%
Quality45/100
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Expensive Growth
Thin margins · 1.8% net margin
Low debt · negative free cash flow
Trails peers (5/14)
Narrow moat 28/100
Evidence: Medium Range 342.34 IDR – 342.34 IDR Share as image

Fair value as of: Jul 19, 2026

From 15 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from 179.39 IDR to 342.34 IDR (+90.8%) since Jul 18, 2026. Share price +6.1% over the past month.

Below-average quality, screening 23% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (342.34 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

564.79 IDR 143.06 IDR Fair Value 342.34 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 143.06 IDR – 564.79 IDR · the 278.00 IDR price screens below the 342.34 IDR fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

PT Resource Alam Indonesia Tbk, (KKGI) currently trades at 278.00 IDR, while our model-based Fair Value estimate is 342.34 IDR, implying the stock looks roughly 23.1% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Energy 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 Resource Alam Indonesia Tbk, generated revenue of 148M IDR at a net margin of 1.8%. Revenue declined 14.1% year over year. It earns a return on equity of 1.4%. The balance sheet holds a net cash position of 39.1M IDR. Fundamentals as of Jul 19, 2026

The share trades about 32% below its 52-week high and 38% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -12% fair-value upside, at 23%, KKGI 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
Residual Income 357.80 IDR 357.80 IDR 357.80 IDR 76
ROIC Compounder 178.90 IDR 357.80 IDR 357.80 IDR 72
Gordon GGM 357.80 IDR 536.70 IDR 715.60 IDR 70
All 15 models by family
DCF Models
Owner Earnings 178.90 IDR 178.90 IDR 357.80 IDR 31
Earnings-Based
Graham-Dodd 178.90 IDR 178.90 IDR 54
EPV 178.90 IDR 357.80 IDR 357.80 IDR 59
Dividend Discount
Gordon GGM 357.80 IDR 536.70 IDR 715.60 IDR 70
DDM Multi-Stage 357.80 IDR 536.70 IDR 715.60 IDR 61
Multiples
P/E Multiple 178.90 IDR 178.90 IDR 178.90 IDR 63
P/S Multiple 178.90 IDR 178.90 IDR 178.90 IDR 58
P/B Multiple 178.90 IDR 178.90 IDR 178.90 IDR 55
EV/EBIT 357.80 IDR 357.80 IDR 357.80 IDR 53
EV/EBITDA 357.80 IDR 357.80 IDR 357.80 IDR 54
EV/Revenue 357.80 IDR 357.80 IDR 536.70 IDR 43
Asset-Based
NCAV (Graham) 357.80 IDR 357.80 IDR 536.70 IDR 50
Economic Profit
Residual Income 357.80 IDR 357.80 IDR 357.80 IDR 76
ROIC Compounder 178.90 IDR 357.80 IDR 357.80 IDR 72
Growth Earnings
Growth-Adj P/E 178.90 IDR 178.90 IDR 68

Widest divergence: Dividend Discount (536.70 IDR) versus DCF Models (178.90 IDR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 148M IDR
Revenue growth (YoY) -14.1%
Net margin 1.8%
Return on equity 1.4%
Free cash flow −12.0M IDR FY2025
P/E ratio 30.9
More key figures
Operating margin 7.9%
EPS (TTM) 9.01 IDR
EPS growth (YoY) +20.5%
Net cash 39.1M IDR FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 46 · Market factors (momentum, volatility) 41

Profitability 30
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 92
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 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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Resource Alam Indonesia Tbk, reported revenue of 153M IDR in FY2025 versus 132M IDR in FY2021, a compound +3.8%/yr. Reported net income was 2.4M IDR in FY2025, compounding −43.1%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
153M IDR
Latest YoY
−53.1%
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.
−15.6%
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.
+16.2%
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.
−24.5%
Revenue +3.8%/yr
FY21 132M IDR
FY22 255M IDR
FY23 295M IDR
FY24 327M IDR
FY25 153M IDR
Net income −43.1%/yr
FY21 23.1M IDR
FY22 38.7M IDR
FY23 26.9M IDR
FY24 40.1M IDR
FY25 2.4M IDR
Character of growth · EPS growth decomposed (2014-2025) +13.1 % p.a.
Revenue per share +9.9 pp

of which total revenue +9.6 pp · buybacks/dilution +0.3 pp

EBIT margin +3.1 pp
Tax rate +0.4 pp
Residual (interest, one-offs) −0.2 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 Resource Alam Indonesia Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/KKGI

Peer Group

Thermal Coal · 101 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 45 · Below median
Fair Value upside +22% · Above median
Return on equity (TTM) 1% · Below median
Return on assets 2% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 8% · Below median
Revenue growth -14% · Bottom 25%
Dividend yield (TTM) 0.0% · Below median
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/E (TTM) 30.9× · Pricier than 75% of peers
P/B 0.90× · Cheaper than median
P/S (TTM) 0.92× · Cheaper than median
EV/EBITDA 10.8× · Pricier than 75% of peers
PEG 0.11× · 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 63 · sector 22
FUTURE 0 · sector 0
PAST 6 · sector 21
HEALTH 99 · sector 92
DIVIDEND 0 · sector 31

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

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Frequently asked questions

Is PT Resource Alam Indonesia Tbk, (KKGI) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 342.34 IDR versus a price of 278.00 IDR, about +23% (undervalued).
What is the fair value of KKGI?
Our model-based fair value for PT Resource Alam Indonesia Tbk, is 342.34 IDR (as of Jul 19, 2026), built from audited fundamentals. The current price is 278.00 IDR.
What is the quality score of KKGI?
PT 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 revenue of PT Resource Alam Indonesia Tbk, (KKGI)?
PT Resource Alam Indonesia Tbk, reported trailing-twelve-month revenue of about 148M IDR (latest available figure, as of Jul 19, 2026).
What is the net profit margin of KKGI?
The net profit margin of PT Resource Alam Indonesia Tbk, is about 1.8%, meaning it keeps roughly 1.8% 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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