Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

ITMG IJ: Steady Coal Prices, Mine Life Upgrade, 43% of the Mkt Cap in Cash and 11% Dividend Yield

ITMG IJ: Q4 2023 Inline, Deep Value, 45% of the Mkt Cash and ~11% Dividend Yield on Spot

Indo Tambangraya Megah (ITMG IJ): Pure Coal Play at 4.5x PE, 50% of the Market Cap in Cash

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Indo Tambangraya Megah / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-tambangraya-megah-tbk-p" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah (ITMG IJ)</a> recently had a decent move when it reported strong 3Q 2024 earnings in November. Despite that, it trades at a 12% dividend yield (65% payout).</li>
<li>In our last<a href="https://www.smartkarma.com/insights/itmg-ij-steady-coal-prices-mine-life-upgrade-43-of-the-mkt-cap-in-cash-and-11-dividend-yield" target="_blank" rel="noopener"> insight</a>, we flagged an increase in mine life to 19 years (vs 14 years), further clarifying high-margin cash flows for longer. </li>
<li>The company has 926 mn USD in net cash, ~50% of its market capitalization, and is trading at 5.5x PE (assuming 350 mn USD profits vs. 9MFY24 273 mn USD).</li>
</ul>



Indo Tambangraya Megah (ITMG IJ) recently had a decent move when it reported strong 3Q 2024 earnings in November. Despite that, it trades at a 12% dividend yield (65% payout).
In our last insight, we flagged an increase in mine life to 19 years (vs 14 years), further clarifying high-margin cash flows for longer. 
The company has 926 mn USD in net cash, ~50% of its market capitalization, and is trading at 5.5x PE (assuming 350 mn USD profits vs. 9MFY24 273 mn USD).


Indo Tambangraya Megah (ITMG IJ): 50% of Mkt Cap in Cash, 12% Yield