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PT Temas Tbk. (TMAS) Fair Value & Analysis

Industrials · ID · Market cap 6.8T IDR

PT PT Temas Tbk. TMAS · JK
Price124.00 IDR
Fair Value149.24 IDR
Upside+20.4%
Quality50/100
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Expensive Growth
Solidly profitable · 11.7% net margin
Low debt · negative free cash flow
Mixed vs. peers (7/13)
Moderate moat 60/100
Evidence: High Range 106.46 IDR – 186.55 IDR Share as image

Fair value as of: Jul 12, 2026

From 16 valuation models · updated 28 days ago

Fair value updated Jul 12, 2026, revised from 152.09 IDR to 149.24 IDR (−1.9%) since Jun 24, 2026. Share price +9.7% over the past month.

A solid business, screening 20% undervalued on our models.

What matters now

  • Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 106.46 IDR (bear) to 186.55 IDR (bull), base 149.24 IDR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 50/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

288.52 IDR 8.96 IDR Fair Value 149.24 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 8.96 IDR – 288.52 IDR · fair‑value band 106.46 IDR – 186.55 IDR · the 124.00 IDR price screens below the 149.24 IDR fair value. Dashed = 300-day average. As of Jul 12, 2026.

Full chart & analysis →

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Analysis

PT Temas Tbk. (TMAS) currently trades at 124.00 IDR, while our model-based Fair Value estimate is 149.24 IDR, implying the stock looks roughly 20.4% undervalued today. The Quality Score stands at 50/100 (solid quality), in the Industrials 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: high), always confirm before acting.

Over the trailing twelve months, PT Temas Tbk. generated revenue of 4.4T IDR at a net margin of 11.7%. Revenue grew 9.6% year over year. It earns a return on equity of 18.1%. Net debt stands at 1.2T IDR. Fundamentals as of Jul 12, 2026

Our scenario range runs from 106.46 IDR (bear case) to 186.55 IDR (bull case); at 124.00 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 39% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 67% fair-value upside, at 20%, TMAS 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
Residual Income 59.82 IDR 76.68 IDR 223.61 IDR 76
ROIC Compounder 78.53 IDR 112.31 IDR 159.99 IDR 72
Gordon GGM 38.48 IDR 84.00 IDR 141.33 IDR 70
All 16 models by family
Earnings-Based
Graham-Dodd 59.70 IDR 245.49 IDR 334.41 IDR 54
Lynch FV 61.76 IDR 88.23 IDR 114.69 IDR 50
PEG = 1.0 61.76 IDR 88.23 IDR 114.69 IDR 46
EPV 71.32 IDR 86.14 IDR 99.31 IDR 59
Dividend Discount
Gordon GGM 38.48 IDR 84.00 IDR 141.33 IDR 70
DDM Multi-Stage 38.48 IDR 68.81 IDR 87.54 IDR 61
Multiples
P/E Multiple 138.26 IDR 184.35 IDR 230.44 IDR 63
P/S Multiple 111.93 IDR 149.24 IDR 186.55 IDR 58
P/B Multiple 111.93 IDR 149.24 IDR 186.55 IDR 55
EV/EBIT 106.31 IDR 145.97 IDR 185.63 IDR 53
EV/EBITDA 146.66 IDR 199.78 IDR 252.89 IDR 54
EV/Revenue 72.25 IDR 108.64 IDR 145.04 IDR 43
Asset-Based
NCAV (Graham) 26.48 IDR 35.48 IDR 52.95 IDR 50
Economic Profit
Residual Income 59.82 IDR 76.68 IDR 223.61 IDR 76
ROIC Compounder 78.53 IDR 112.31 IDR 159.99 IDR 72
Growth Earnings
Growth-Adj P/E 106.46 IDR 152.09 IDR 197.71 IDR 68

Widest divergence: Growth Earnings (152.09 IDR) versus Asset-Based (35.48 IDR). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 4.4T IDR
Revenue growth (YoY) +9.6%
Net margin 11.7%
Return on equity 18.1%
Free cash flow −557B IDR FY2025
P/E ratio 11.9
More key figures
Operating margin 17.3%
EPS (TTM) 10.00 IDR
EPS growth (YoY) +15.4%
Net debt 1.2T IDR FY2025

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

Quality Score breakdown

Overall quality 50/100

Of which business quality 50 · Market factors (momentum, volatility) 44

Profitability 52
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 28
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 Temas Tbk. engages in the transportation activities in Indonesia and internationally. It operates in two segments, Shipping and Stevedoring.

Full company description

PT Temas Tbk. engages in the transportation activities in Indonesia and internationally. It operates in two segments, Shipping and Stevedoring. The company offers cargo handling and seaport services, such as stevedoring and cargodoring services, receiving and shipping containers, rental of loading and, discharging equipment, warehousing and logistics distribution, general cargo handling, and trucking; shipping solution; and depot solutions, including inspection, repair and cleaning, stuffing and stripping, precool and preset, storage, warehousing, empty container trucking, and handling and rental heavy lift. It is also involved in leasing of vessels; depot container management and related services; and transportation and energy procurement activities. The company was founded in 1987 and is headquartered in Jakarta Utara, Indonesia. PT Temas Tbk. is a subsidiary of Pt Temas Lestari.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Temas Tbk. reported revenue of 4.3T IDR in FY2025 versus 3.4T IDR in FY2021, a compound +6.6%/yr. Reported net income was 499B IDR in FY2025, compounding −8.0%/yr from FY2021.

Growth Quality 53/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.3T IDR
Latest YoY
+0.1%
Avg. growth/yr (3Y)
−3.8%
Avg. growth/yr (5Y)
+10.2%
Avg. growth/yr (22Y)
+15.6%
Revenue +6.6%/yr
FY21 3.4T IDR
FY22 4.9T IDR
FY23 4.3T IDR
FY24 4.3T IDR
FY25 4.3T IDR
Net income −8.0%/yr
FY21 696B IDR
FY22 1.4T IDR
FY23 783B IDR
FY24 673B IDR
FY25 499B IDR

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Cite: Fair Value Calculator (2026). "PT Temas Tbk. Fair Value". https://www.fairvalue-calculator.com/stock/TMAS

Peer Group

Marine Shipping · 231 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 50 · Below median
Fair Value upside +20% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 12% · Above median
Operating margin (TTM) 17% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.40× · Higher than median

Valuation Multiples vs Marine Shipping median · lower = cheaper

P/E (TTM) 11.9× · Cheaper than median
P/B 2.25× · Pricier than 75% of peers
P/S (TTM) 1.52× · Pricier than median
EV/EBITDA 7.6× · Pricier than median

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 61 · sector 29
FUTURE 48 · sector 18
PAST 72 · sector 27
HEALTH 80 · sector 88
DIVIDEND 0 · sector 47

Insider activity: 45/100

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 Marine Shipping stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Adani Ports and Special Economic Zone Limited ADANIPORTS ₹1,828 ₹1,041 -43%
A.P. Møller - Mærsk A/S MAERSKA kr 16,520 kr 3,033 -82%
COSCO SHIPPING Holdings 601919 ¥13.98 ¥40.37 +189%
Shanghai International Port (Group) Co 600018 ¥5.17 ¥6.57 +27%
HMM Co 011200 20,050 KRW 33,855 KRW +69%
Ningbo Zhoushan Port Company 601018 ¥3.35 ¥5.58 +67%
Qingdao Port International Co 601298 ¥8.88 ¥15.97 +80%
JSW Infrastructure Limited JSWINFRA ₹330.05 ₹126.31 -62%
Wan Hai Lines Ltd 2615 80.70 TWD 212.79 TWD +164%
Wallenius Wilhelmsen ASA WAWI kr 137.70 kr 50.56 -63%

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Frequently asked questions

Is PT Temas Tbk. (TMAS) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 149.24 IDR versus a price of 124.00 IDR, about +20% (undervalued).
What is the fair value of TMAS?
Our model-based fair value for PT Temas Tbk. is 149.24 IDR (as of Jul 12, 2026), built from audited fundamentals. The current price is 124.00 IDR.
What is the quality score of TMAS?
PT Temas Tbk. has a Quality Score of 50/100. 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 Temas Tbk. (TMAS)?
PT Temas Tbk. reported trailing-twelve-month revenue of about 4.4T IDR (latest available figure, as of Jul 12, 2026).
What is the net profit margin of TMAS?
The net profit margin of PT Temas Tbk. is about 11.7%, meaning it keeps roughly 11.7% 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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