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: Coal Softer, Cash ~50% of Mkt Cap, Yield to Remain >20% in 2023

ITMG: Ex-Dividend, Dividend Yield Compelling at 20% With 33% of the Market Cap in Cash

ITMG - Q1 2023, Decline in Coal Prices And Increasing Costs Weigh on Profits, Yield Sturdy >20%

ITMG - Insights from the Q2 2022 Presentation

ITMG Q3 2022: 25% FY22 Dividend Yield 40% of Mkt Cap in Cash, Coal Stronger For Longer

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>We expect a 10,000-12,000 Rph dividend for FY22 (div yield 28%-33%) from <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> as earnings are set to improve &gt;70% HoH (H1 dividend - 4128 Rph/share).</li>
<li>With coal prices remaining elevated, if volumes remain flat YoY, we could see &gt;50% of the stock price returned in dividends throughout FY22e/23e.</li>
<li>There is an excellent margin of safety, with almost 40% of the market capitalization in net cash. With a &gt;65% payout ratio, we will see cash levels build further. </li>
</ul>


We expect a 10,000-12,000 Rph dividend for FY22 (div yield 28%-33%) from Indo Tambangraya Megah (ITMG IJ) as earnings are set to improve &gt;70% HoH (H1 dividend - 4128 Rph/share).
With coal prices remaining elevated, if volumes remain flat YoY, we could see &gt;50% of the stock price returned in dividends throughout FY22e/23e.
There is an excellent margin of safety, with almost 40% of the market capitalization in net cash. With a &gt;65% payout ratio, we will see cash levels build further. 


ITMG - Div Yield >28%, Net Cash 40% of Mkt Cap, Deep Value with High Coal Price