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 Q2 2023 Weak But Stock At 20% Dividend Yield with ~50% of Mkt Cap In Cash

ITMG IJ: A Healthy 15% Yield Despite the Coal Price Correction, With >50% Mkt Cap In Cash

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

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

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

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> suffered a &gt;30% decline in market capitalization owing to the drastic drop in coal prices from 400 USD/ton to 160 USD/ton.</li>
<li>At a 1.9 bn USD market cap, the company can generate 700 mn USD profit at current coal prices/paying a 5000-6000 Rph dividend equating to a 20-25% yield. </li>
<li>Also, with 1.0 bn USD of net cash after accounting for the dividend liability (&gt;50% of the market capitalization is cash), there is an excellent margin of safety. </li>
</ul>



Indo Tambangraya Megah (ITMG IJ) suffered a &gt;30% decline in market capitalization owing to the drastic drop in coal prices from 400 USD/ton to 160 USD/ton.
At a 1.9 bn USD market cap, the company can generate 700 mn USD profit at current coal prices/paying a 5000-6000 Rph dividend equating to a 20-25% yield. 
Also, with 1.0 bn USD of net cash after accounting for the dividend liability (&gt;50% of the market capitalization is cash), there is an excellent margin of safety. 


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