PT Trimegah Bangun Persada Tbk (NCKL) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of PT Trimegah Bangun Persada Tbk IDR 3,129, price IDR 845, upside +270.3%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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PT Trimegah Bangun Persada Tbk
NCKL · JKClearly undervaluedStrong Fair Value upside, but quality is only moderate.
What runs behind every stock
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
42‑month range 506.63 IDR – 1,465 IDR · fair‑value band 1,723 IDR – 5,895 IDR · the 845.00 IDR price screens below the 3,129 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Company profile
PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing in Indonesia and distributes the products to China, Switzerland, Hong Kong, Sweden, and Singapore.
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PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing in Indonesia and distributes the products to China, Switzerland, Hong Kong, Sweden, and Singapore. The company owns and operates two nickel laterite mining projects located at Kawasi and Loji on Obi Island; and mining concessions for two nickel mining prospects located in Tabuji, Fluk dan Gambaru and Jikodolong village, Indonesia. It also manufactures non-ferrous base metals; and provides laboratory testing, real estate, and other management consulting services. In addition, the company is involved in the trading and consultancy businesses. PT Trimegah Bangun Persada Tbk was founded in 2004 and is headquartered in Jakarta Pusat, Indonesia. PT Trimegah Bangun Persada Tbk is a subsidiary of PT Harita Jayaraya Inc.
Stock analysis
PT Trimegah Bangun Persada Tbk (NCKL) currently trades at 845.00 IDR, while our model-based Fair Value estimate is 3,129 IDR, implying the stock looks roughly 73.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 5,463 IDR per share, and 21 of the 26 models we run sit above the 845.00 IDR price.
Bear case: the Asset-Based group reads lowest at 411.11 IDR, and 5 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,723 IDR (bear) to 5,895 IDR (bull), the price of 845.00 IDR sits below 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 67/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
PT Trimegah Bangun Persada Tbk reported revenue of 29.6T IDR in FY2025 versus 8.2T IDR in FY2021, a compound +37.8%/yr. Reported net income was 9.0T IDR in FY2025, compounding +44.1%/yr from FY2021.
Key figures
Market cap 59.8T IDR (≈ $3.3B) · P/E ratio 5.0 · P/S ratio 1.51 · EPS (TTM) 169.29 IDR · Dividend yield 5.0% · Net margin 30.2% · Return on equity 26.0% · Return on assets (EBIT) 14.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at 270%, NCKL screens cheaper than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 68 · Market factors (momentum, volatility) 29
Revenue & earnings trend
Growth Forecast
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Compare PT Trimegah Bangun Persada Tbk with another stock
Price, fair value, quality and upside side by side.
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.Other Industrial Metals & Mining · 354 stocks
Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
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| Saudi Arabian Mining Company 1211 | 61.10 SAR | 67.21 SAR | +10% |
| CMOC Group 603993 | ¥17.08 | ¥19.15 | +12% |
| Hindustan Zinc Limited HINDZINC | ₹588.95 | ₹647.85 | +10% |
| China Tungsten And Hightech Materials Co 000657 | ¥57.18 | ¥29.56 | −48% |
| Korea Zinc Company 010130 | 1,116,000 KRW | 646,063 KRW | −42% |
| Boliden AB BOL | kr 521.00 | kr 464.45 | −11% |
| Western Mining Co 601168 | ¥35.19 | ¥38.71 | +10% |
| Ivanhoe Mines Ltd IVN | C$12.06 | C$4.46 | −63% |
| Xiamen Tungsten Co 600549 | ¥46.90 | ¥23.62 | −50% |
| Vedanta Limited VEDL | ₹266.35 | ₹655.92 | +146% |
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Key figures of PT Trimegah Bangun Persada Tbk
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