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PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) Fair Value & Analysis

Basic Materials · ID · Market cap 16.8T IDR

PP PT Pabrik Kertas Tjiwi Kimia Tbk TKIM · JK
Price7,225 IDR
Fair Value6,376 IDR
Upside-11.8%
Quality47/100
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Expensive Growth
Highly profitable · 26.1% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/14)
Moderate moat 50/100
Evidence: High Range 4,748 IDR – 8,004 IDR Share as image

Fair value as of: Jul 12, 2026

From 24 valuation models · updated 28 days ago

Fair value updated Jul 12, 2026, revised from 8,437 IDR to 6,376 IDR (−24.4%) since Jun 24, 2026. Share price +35.7% over the past month.

Below-average quality, and screening another 12% overvalued on our models.

What matters now

  • Our model range runs from 4,748 IDR (bear) to 8,004 IDR (bull), base 6,376 IDR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 47/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

15,319 IDR 4,405 IDR Fair Value 6,376 IDR Feb 2021 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

60‑month range 4,405 IDR – 15,319 IDR · fair‑value band 4,748 IDR – 8,004 IDR · the 7,225 IDR price screens above the 6,376 IDR fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) currently trades at 7,225 IDR, while our model-based Fair Value estimate is 6,376 IDR, implying the stock looks roughly 11.8% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Basic Materials 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 Pabrik Kertas Tjiwi Kimia Tbk generated revenue of 991M IDR at a net margin of 26.1%. Revenue grew 2.5% year over year. It earns a return on equity of 8.9%. Net debt stands at 591M IDR. Fundamentals as of Jul 12, 2026

Our scenario range runs from 4,748 IDR (bear case) to 8,004 IDR (bull case); at 7,225 IDR, the current price sits within 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 36% below its 52-week high and 64% 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 -12%, TKIM 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 BearBaseBull Evidence
Highest evidence
Growth DCF 180.50 IDR 1,083 IDR 80
Residual Income 14,982 IDR 16,426 IDR 27,075 IDR 76
Rev-Margin DCF 722.00 IDR 2,347 IDR 4,152 IDR 74
All 24 models by family
DCF Models
FCF DCF 1,083 IDR 38
Owner Earnings 11,913 IDR 17,689 IDR 28,700 IDR 31
5Y Revenue Exit 722.00 IDR 2,347 IDR 4,513 IDR 39
5Y EBITDA Exit 1,444 IDR 3,430 IDR 6,137 IDR 41
5Y P/E Exit 9,567 IDR 17,509 IDR 27,075 IDR 38
10Y Revenue Exit 180.50 IDR 1,264 IDR 2,527 IDR 36
10Y EBITDA Exit 722.00 IDR 1,986 IDR 3,610 IDR 37
10Y P/E Exit 5,776 IDR 11,011 IDR 16,065 IDR 35
Earnings-Based
Graham-Dodd 10,830 IDR 13,177 IDR 14,801 IDR 54
EPV 1,805 IDR 2,347 IDR 2,888 IDR 59
Dividend Discount
Gordon GGM 180.50 IDR 361.00 IDR 361.00 IDR 70
DDM Multi-Stage 180.50 IDR 361.00 IDR 361.00 IDR 61
Multiples
P/E Multiple 20,216 IDR 26,895 IDR 33,573 IDR 63
P/S Multiple 6,318 IDR 8,484 IDR 10,650 IDR 58
P/B Multiple 20,216 IDR 26,895 IDR 33,573 IDR 55
EV/EBIT 2,347 IDR 3,610 IDR 5,054 IDR 53
EV/EBITDA 3,430 IDR 5,054 IDR 6,679 IDR 54
EV/Revenue 1,805 IDR 3,249 IDR 4,874 IDR 43
Asset-Based
NCAV (Graham) 8,484 IDR 11,552 IDR 17,148 IDR 50
Growth DCF
Growth DCF 180.50 IDR 1,083 IDR 80
Rev-Margin DCF 722.00 IDR 2,347 IDR 4,152 IDR 74
Economic Profit
Residual Income 14,982 IDR 16,426 IDR 27,075 IDR 76
ROIC Compounder 1,805 IDR 2,347 IDR 2,888 IDR 72
Growth Earnings
Growth-Adj P/E 14,260 IDR 20,577 IDR 26,714 IDR 68

Widest divergence: Growth Earnings (20,577 IDR) versus Growth DCF (180.50 IDR). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 991M IDR
Revenue growth (YoY) +2.5%
Net margin 26.1%
Return on equity 8.9%
Free cash flow 20.8M IDR FY2025
P/E ratio 3.5
More key figures
Operating margin 7.7%
EPS (TTM) 1,510 IDR
EPS growth (YoY) -17.2%
Net debt 591M IDR FY2025

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

Quality Score breakdown

Overall quality 47/100

Of which business quality 47 · Market factors (momentum, volatility) 41

Profitability 42
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 18
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 46
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 Pabrik Kertas Tjiwi Kimia Tbk manufactures and sells writing and printing paper products in Asia, Africa, Europe, the Middle East, the United States, and internationally. The company operates in two segments, Cultural Paper Products, and Industrial Paper Products and Other.

Full company description

PT Pabrik Kertas Tjiwi Kimia Tbk manufactures and sells writing and printing paper products in Asia, Africa, Europe, the Middle East, the United States, and internationally. The company operates in two segments, Cultural Paper Products, and Industrial Paper Products and Other. It offers white grade paper products, including uncoated woodfree, uncoated photocopy, coated carbonless, specialty grease proof, specialty kraft paper, specialty drawing p., and specialty briefcard products; brown grade paper comprising medium fluting, test liner, and core board products; and stationery products, such as writing products, writing product spirals, writing product pads, writing product loose leaves, writing product hard cover books, office product envelopes, office product register rolls, office product plotters, and office product computer papers. The company also provides chemicals, including sodium hypochlorite, hydrochloric acid, chlorine liquid, calcium chloride, caustic soda liquid, caustic soda flake, and caustic soda flake. In addition, it offers carton boxes, such as single wall, double wall, layer and partition, and boxes, as well as single face packaging products, food wraps, maps and name cards, and folding boxes. The company was founded in 1972 and is based in Jakarta Pusat, Indonesia. PT Pabrik Kertas Tjiwi Kimia Tbk operates as a subsidiary of PT APP Purinusa Ekapersada.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Pabrik Kertas Tjiwi Kimia Tbk reported revenue of 973M IDR in FY2025 versus 1.0B IDR in FY2021, a compound −1.3%/yr. Reported net income was 272M IDR in FY2025, compounding +2.3%/yr from FY2021.

Growth Quality 41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
973M IDR
Latest YoY
−1.3%
Avg. growth/yr (3Y)
−5.3%
Avg. growth/yr (5Y)
+2.3%
Avg. growth/yr (25Y)
+0.6%
Revenue −1.3%/yr
FY21 1.0B IDR
FY22 1.1B IDR
FY23 1.1B IDR
FY24 985M IDR
FY25 973M IDR
Net income +2.3%/yr
FY21 248M IDR
FY22 463M IDR
FY23 172M IDR
FY24 297M IDR
FY25 272M IDR

TKIM screens 12% overvalued. Compare with Klabin S.A →

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Cite: Fair Value Calculator (2026). "PT Pabrik Kertas Tjiwi Kimia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/TKIM

Peer Group

Paper & Paper Products · 113 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 47 · Above median
Fair Value upside −12% · Below median
Return on equity (TTM) 9% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 8% · Above median
Revenue growth 3% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.14× · Lower than median

Valuation Multiples vs Paper & Paper Products median · lower = cheaper

P/E (TTM) 3.6× · Cheaper than 75% of peers
P/B 0.57× · Cheaper than median
P/S (TTM) 1.70× · Pricier than 75% of peers
P/FCF 80.8× · Pricier than 75% of peers
EV/EBITDA 17.3× · Pricier 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 18 · sector 20
FUTURE 13 · sector 7
PAST 36 · sector 12
HEALTH 93 · sector 91
DIVIDEND 0 · sector 41

Insider activity: 30/100

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 Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Klabin S.A KLBN11 R$17.58 R$3.89 -78%
UPM-Kymmene Oyj UPM €23.45 €15.47 -34%
Suzano S.A SUZB3 R$41.70 R$138.01 +231%
Svenska Cellulosa Aktiebolaget SCA (publ) SCAB kr 103.00 kr 49.40 -52%
Shandong Sunpaper Co 002078 ¥14.13 ¥17.29 +22%
Holmen AB HOLMB kr 305.40 kr 217.72 -29%
Nine Dragons Paper (Holdings) Limited 2689 HK$7.55 HK$8.73 +16%
Empresas CMPC S.A CMPC 1,078 CLP 1,269 CLP +18%
Xianhe Co 603733 ¥22.05 ¥24.32 +10%
Billerud AB BILL kr 68.70 kr 48.60 -29%

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Frequently asked questions

Is PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 6,376 IDR versus a price of 7,225 IDR, about −12% (overvalued).
What is the fair value of TKIM?
Our model-based fair value for PT Pabrik Kertas Tjiwi Kimia Tbk is 6,376 IDR (as of Jul 12, 2026), built from audited fundamentals. The current price is 7,225 IDR.
What is the quality score of TKIM?
PT Pabrik Kertas Tjiwi Kimia Tbk has a Quality Score of 47/100. 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 Pabrik Kertas Tjiwi Kimia Tbk (TKIM)?
PT Pabrik Kertas Tjiwi Kimia Tbk reported trailing-twelve-month revenue of about 991M IDR (latest available figure, as of Jul 12, 2026).
What is the net profit margin of TKIM?
The net profit margin of PT Pabrik Kertas Tjiwi Kimia Tbk is about 26.1%, meaning it keeps roughly 26.1% 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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