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PT Kokoh Exa Nusantara Tbk (KOCI) Fair Value & Analysis

Real Estate · ID · Market cap 447B IDR

PK PT Kokoh Exa Nusantara Tbk KOCI · JK
Price107.00 IDR
Fair Value38.23 IDR
Upside-64.3%
Quality55/100
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Weak Growth
Highly profitable · 24.6% net margin
Low debt
Ranks above peers (6/9)
Moderate moat 61/100
Evidence: High Range 28.89 IDR – 60.34 IDR Share as image

Fair value as of: Jul 12, 2026

From 13 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from 38.06 IDR to 38.23 IDR (+0.4%) since Jun 26, 2026. Share price +7.0% over the past month.

A solid business, but screening 64% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (60.34 IDR). The favourable scenario is already priced in.
  • Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (28.89 IDR to 60.34 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 (3 years)

253.16 IDR 43.51 IDR Fair Value 38.23 IDR Oct 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

34‑month range 43.51 IDR – 253.16 IDR · fair‑value band 28.89 IDR – 60.34 IDR · the 107.00 IDR price screens above the 38.23 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

PT Kokoh Exa Nusantara Tbk (KOCI) currently trades at 107.00 IDR, while our model-based Fair Value estimate is 38.23 IDR, implying the stock looks roughly 64.3% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, PT Kokoh Exa Nusantara Tbk generated revenue of 58.1B IDR at a net margin of 24.6%. Revenue declined 51.8% year over year. It earns a return on equity of 10.2%. Fundamentals as of Jul 12, 2026

Our scenario range runs from 28.89 IDR (bear case) to 60.34 IDR (bull case); at 107.00 IDR, the current price sits above 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 62% below its 52-week high and 122% 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 -64%, KOCI screens richer 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 26.61 IDR 36.65 IDR 54.53 IDR 80
Residual Income 30.28 IDR 37.69 IDR 77.56 IDR 76
Rev-Margin DCF 34.02 IDR 52.68 IDR 75.25 IDR 74
All 13 models by family
DCF Models
FCF DCF 25.36 IDR 35.62 IDR 55.36 IDR 38
5Y Revenue Exit 34.02 IDR 52.13 IDR 78.51 IDR 39
10Y Revenue Exit 29.40 IDR 42.87 IDR 57.62 IDR 36
Dividend Discount
Gordon GGM 28.52 IDR 31.37 IDR 35.74 IDR 70
DDM Multi-Stage 28.52 IDR 36.40 IDR 47.80 IDR 61
Multiples
P/S Multiple 55.40 IDR 73.87 IDR 92.33 IDR 58
P/B Multiple 45.47 IDR 60.63 IDR 75.78 IDR 55
EV/EBIT 76.29 IDR 101.33 IDR 126.38 IDR 53
EV/Revenue 42.59 IDR 60.35 IDR 78.11 IDR 43
Asset-Based
NCAV (Graham) 15.16 IDR 20.31 IDR 30.31 IDR 50
Growth DCF
Growth DCF 26.61 IDR 36.65 IDR 54.53 IDR 80
Rev-Margin DCF 34.02 IDR 52.68 IDR 75.25 IDR 74
Economic Profit
Residual Income 30.28 IDR 37.69 IDR 77.56 IDR 76

Widest divergence: Multiples (60.63 IDR) versus Asset-Based (20.31 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 58.1B IDR
Revenue growth (YoY) -51.8%
Net margin 24.6%
Return on equity 10.2%
Operating margin 14.7%
EPS growth (YoY) -79.5%

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 56 · Market factors (momentum, volatility) 38

Profitability 60
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 19
Disciplined investing over empire-building
Low Volatility 2
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 63
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 Kokoh Exa Nusantara Tbk engages in the construction and real estate business in Indonesia. It also provides construction, consulting, architecture, and planning services. The company was founded in 2019 and is based in Bangkalan, Indonesia.

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

PT Kokoh Exa Nusantara Tbk reported revenue of 68.5B IDR in FY2025 versus 66.8B IDR in FY2022, a compound +0.8%/yr. Reported net income was 19.4B IDR in FY2025, compounding −3.9%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
68.5B IDR
Latest YoY
−5.6%
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.
+0.8%
Revenue +0.8%/yr
FY22 66.8B IDR
FY23 77.0B IDR
FY24 72.6B IDR
FY25 68.5B IDR
Net income −3.9%/yr
FY22 21.9B IDR
FY23 22.0B IDR
FY24 20.9B IDR
FY25 19.4B IDR

KOCI screens 64% overvalued. Compare with DLF Limited →

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Cite: Fair Value Calculator (2026). "PT Kokoh Exa Nusantara Tbk Fair Value". https://www.fairvalue-calculator.com/stock/KOCI

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 55 · Above median
Fair Value upside −64% · Bottom 25%
Return on equity (TTM) 10% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 25% · Top 25%
Operating margin (TTM) 15% · Above median
Revenue growth -52% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%

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 0 · sector 48
FUTURE 0 · sector 0
PAST 41 · sector 10
HEALTH 100 · sector 84
DIVIDEND 0 · sector 38

VALUE 0: the price sits above our fair-value range.

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 12, 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 Kokoh Exa Nusantara Tbk (KOCI) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 38.23 IDR versus a price of 107.00 IDR, about −64% (overvalued).
What is the fair value of KOCI?
Our model-based fair value for PT Kokoh Exa Nusantara Tbk is 38.23 IDR (as of Jul 12, 2026), built from audited fundamentals. The current price is 107.00 IDR.
What is the quality score of KOCI?
PT Kokoh Exa Nusantara Tbk has a Quality Score of 55/100. 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 Kokoh Exa Nusantara Tbk (KOCI)?
PT Kokoh Exa Nusantara Tbk reported trailing-twelve-month revenue of about 58.1B IDR (latest available figure, as of Jul 12, 2026).
What is the net profit margin of KOCI?
The net profit margin of PT Kokoh Exa Nusantara Tbk is about 24.6%, meaning it keeps roughly 24.6% 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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