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Sumber Mas Konstruksi Tbk PT (SMKM) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Sumber Mas Konstruksi Tbk PT IDR 11, price IDR 91, upside -88.4%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · ID · ISIN ID1000166408

SM Thin data Sep 24, 2026

Sumber Mas Konstruksi Tbk PT

SMKM · JK

Weakest SetupStrongly overvalued and low quality.

!Fair value 10.54 IDR · Strongly overvalued (−88%)
!Quality 46/100
!Weak Growth (revenue 5y +3.0 %/yr)
!Loss-making · 0.0% net margin (TTM)
!negative free cash flow
!Trails peers (1/8)
!Narrow moat 23/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

991.76 IDR 42.56 IDR Fair Value 10.54 IDR Mar 2022 Sep 2026

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

55‑month range 42.56 IDR – 991.76 IDR · fair‑value band 10.12 IDR – 10.96 IDR · the 91.00 IDR price screens above the 10.54 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 Sumber Mas Konstruksi Tbk operates as a general contractor and interior designer company in Indonesia. The company engages in the construction of highways and tolls, office buildings, apartments, hospitality buildings, roads, bridges, shophouses, housing areas, hospitals, universities, and public facilities.

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PT Sumber Mas Konstruksi Tbk operates as a general contractor and interior designer company in Indonesia. The company engages in the construction of highways and tolls, office buildings, apartments, hospitality buildings, roads, bridges, shophouses, housing areas, hospitals, universities, and public facilities. It also provides building structure renovation services; air and seaport construction services; interior design services; development supervision works; and telecommunication construction services, including base transceiver station tower construction and network installation, network optimization drive test, and radio transmission installation services. The company was founded in 1981 and is based in Jakarta Selatan, Indonesia.

Stock analysis

Sumber Mas Konstruksi Tbk PT (SMKM) currently trades at 91.00 IDR, while our model-based Fair Value estimate is 10.54 IDR, implying the stock looks roughly 763.6% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 10.54 IDR per share, and 1 of the 6 models we run sit above the 91.00 IDR price.

Bear case: the Earnings-Based group reads lowest at 9.38 IDR, and 5 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: 10.12 IDR (bear) to 10.96 IDR (bull), the price of 91.00 IDR sits above 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 46/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Sumber Mas Konstruksi Tbk PT reported revenue of 69.5B IDR in FY2025 versus 127B IDR in FY2021, a compound −13.9%/yr. Reported net income was −11.0M IDR in FY2025.

Key figures

Market cap 114B IDR (≈ $11.4M) · P/E ratio 6.3 · P/S ratio 1.17 · EPS (TTM) 14.54 IDR · Net margin 0.0% · Return on equity 0.0% · Return on assets (EBIT) 3.1% · Operating margin 2.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 66% below its 52-week high and 54% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −88%, SMKM screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (9.38 IDR to 110.51 IDR). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 10.12 IDR Fair Value 10.54 IDR Bull 10.96 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 (10.68 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.
Highest evidence
EPV 9.30 IDR 9.38 IDR 9.44 IDR 70
ROIC Compounder 9.30 IDR 9.38 IDR 9.44 IDR 68
EV/EBITDA 34.67 IDR 43.28 IDR 51.89 IDR 64
All 6 models by family
Earnings-Based
EPV 9.30 IDR 9.38 IDR 9.44 IDR 70
Multiples
EV/EBIT 10.12 IDR 10.54 IDR 10.96 IDR 63
EV/EBITDA 34.67 IDR 43.28 IDR 51.89 IDR 64
EV/Revenue 9.75 IDR 10.14 IDR 10.53 IDR 52
Asset-Based
NCAV (Graham) 82.47 IDR 110.51 IDR 164.94 IDR 51
Economic Profit
ROIC Compounder 9.30 IDR 9.38 IDR 9.44 IDR 68

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Quality Score breakdown

Overall quality 46/100

Of which business quality 48 · Market factors (momentum, volatility) 36

Profitability 14
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 75
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 12/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−18.5%
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.
−21.4%
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.
+3.0%
Start year 2020 (pandemic)
Revenue growth 6 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.
+5.6%
Profit margin (trend) ⓘ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.
5.1% (2020) → 0.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

SMKM screens 764% overvalued. Compare with Quanta Services, Inc →

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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.Engineering & Construction · 836 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside −88% · Bottom 25%
Profitability
Return on assets 1% · Below median
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 3% · Below median
Growth and dividend
Revenue growth −17% · Bottom 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 6.3× · Cheapest 25%

Context: sector, industry, market

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

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $642.63 $163.08 −75%
Vinci SA DG €112.30 €185.62 +65%
Comfort Systems USA, Inc FIX $1,625 $1,122 −31%
Larsen & Toubro Limited LT ₹3,930 ₹1,994 −49%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 256,792 KRW −30%
HOCHTIEF Aktiengesellschaft HOT €403.60 €203.87 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €95.95 €75.04 −22%
EMCOR Group EME $756.50 $521.87 −31%
MasTec, Inc MTZ $221.69 $106.05 −52%

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Sumber Mas Konstruksi Tbk PT · Fair Value
10.54 IDR −764%Fair Value
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Cite: Fair Value Calculator (2026). "Sumber Mas Konstruksi Tbk PT Fair Value". https://www.fairvalue-calculator.com/stock/SMKM

Frequently asked questions

Is Sumber Mas Konstruksi Tbk PT (SMKM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 10.54 IDR versus a price of 91.00 IDR, about −88% upside (overvalued).
What is the fair value of SMKM?
Our model-based fair value for Sumber Mas Konstruksi Tbk PT is 10.54 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 91.00 IDR.
What is the quality score of SMKM?
Sumber Mas Konstruksi Tbk PT has a Quality Score of 46/100. 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 Sumber Mas Konstruksi Tbk PT (SMKM)?
Our model-based price target is the fair value of 10.54 IDR (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 10.12 IDR, optimistic scenario 10.96 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Sumber Mas Konstruksi Tbk PT stock forecast for 2026?
Our models put fair value at 10.54 IDR, about −88% upside versus a price of 91.00 IDR (overvalued). Cautious scenario 10.12 IDR, optimistic scenario 10.96 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Sumber Mas Konstruksi Tbk PT (SMKM)?
Sumber Mas Konstruksi Tbk PT reported trailing-twelve-month revenue of about 69.5B IDR (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Sumber Mas Konstruksi Tbk PT (SMKM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sumber Mas Konstruksi Tbk PT it is 10.54 IDR per share (as of Sep 24, 2026), against a price of 91.00 IDR. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sumber Mas Konstruksi Tbk PT stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SMKM trades above its calculated fair value: price 91.00 IDR, fair value 10.54 IDR, a gap of about −88% (overvalued). 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 SMKM?
No. The price is what the market pays today (91.00 IDR); the fair value is what the company's own numbers justify (10.54 IDR). For Sumber Mas Konstruksi Tbk PT the two are 80.46 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Sumber Mas Konstruksi Tbk PT worth?
The market values Sumber Mas Konstruksi Tbk PT at about 114B IDR (market capitalisation, as of Sep 24, 2026). Per share that is 91.00 IDR; our models calculate a fair value of 10.54 IDR per share.
What do the bullish and bearish scenarios say about SMKM?
Our models span a range for Sumber Mas Konstruksi Tbk PT: cautious scenario 10.12 IDR, base 10.54 IDR, optimistic 10.96 IDR per share (as of Sep 24, 2026, price 91.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SMKM?
Sumber Mas Konstruksi Tbk PT trades at a price-to-earnings ratio of 6.3 (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 10.54 IDR is built from several models across several years.
How solid is the balance sheet of Sumber Mas Konstruksi Tbk PT (SMKM)?
Balance-sheet figures for Sumber Mas Konstruksi Tbk PT (as of Sep 24, 2026): return on equity 0.0%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is SMKM from its 52-week high?
Sumber Mas Konstruksi Tbk PT trades at 91.00 IDR, about 66% below its 52-week high of 268.00 IDR and 54% above the low of 59.00 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 10.54 IDR is for.
Which stocks are comparable to Sumber Mas Konstruksi Tbk PT?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Sumber Mas Konstruksi Tbk PT stock attractive at the current price?
The data as of Sep 24, 2026: price 91.00 IDR, calculated fair value 10.54 IDR (−88%), Quality Score 46/100, from 6 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 SMKM calculated?
We run Sumber Mas Konstruksi Tbk PT through 6 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 10.54 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 14.1 % above its aggregate fair value. Sumber Mas Konstruksi Tbk PT itself currently trades above fair value. 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 Sumber Mas Konstruksi Tbk PT (SMKM)?
The closing price on Sep 23, 2026 was 91.00 IDR. Our model-based fair value is 10.54 IDR, about −88% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sumber Mas Konstruksi Tbk PT right now?
The price sits above even our optimistic bull case (10.96 IDR). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (10.12 IDR to 10.96 IDR), unusually little disagreement for a valuation.

Key figures of Sumber Mas Konstruksi Tbk PT

How large is the market capitalisation of Sumber Mas Konstruksi Tbk PT (SMKM)?
The market capitalisation of Sumber Mas Konstruksi Tbk PT is 114B IDR (≈ $11.4M). 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 Sumber Mas Konstruksi Tbk PT (SMKM)?
The price-to-sales ratio of Sumber Mas Konstruksi Tbk PT is 1.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sumber Mas Konstruksi Tbk PT (SMKM)?
Earnings per share at Sumber Mas Konstruksi Tbk PT are 14.54 IDR (price ÷ EPS = P/E 6.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Sumber Mas Konstruksi Tbk PT (SMKM)?
The net margin of Sumber Mas Konstruksi Tbk PT is 0.0% (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 Sumber Mas Konstruksi Tbk PT (SMKM)?
The return on equity (ROE) of Sumber Mas Konstruksi Tbk PT is 0.0% (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 Sumber Mas Konstruksi Tbk PT (SMKM)?
On an EBIT basis the return on assets of Sumber Mas Konstruksi Tbk PT is 3.1% (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 Sumber Mas Konstruksi Tbk PT (SMKM)?
The operating margin of Sumber Mas Konstruksi Tbk PT is 2.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sumber Mas Konstruksi Tbk PT (SMKM)?
Revenue at Sumber Mas Konstruksi Tbk PT is growing −17.2% versus a year earlier (3y avg −21.4%). 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 Sumber Mas Konstruksi Tbk PT (SMKM)?
Earnings per share at Sumber Mas Konstruksi Tbk PT are growing +230% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sumber Mas Konstruksi Tbk PT (SMKM) generate?
The free cash flow of Sumber Mas Konstruksi Tbk PT is −26.9B IDR (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 Sumber Mas Konstruksi Tbk PT (SMKM) hold?
Sumber Mas Konstruksi Tbk PT holds more cash than debt, 11.1B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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