Daily BriefsIndonesia

Daily Brief Indonesia: Bukit Asam and more

By September 23, 2026 No Comments

In today’s briefing:

  • ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure


ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure

By Defriansyah Has

  • Indonesian thermal coal prices are trending higher, creating a constructive cyclical backdrop for domestic coal producers: Indo Tambangraya Megah (ITMG IJ) & Bukit Asam (PTBA IJ) 
  • Indo Tambangraya Megah (ITMG IJ) combines the lowest valuation with substantial net cash, while Bukit Asam (PTBA IJ)  combines stronger observed cash conversion with deeper logistics and resource-duration advantages.
  • We test, through a forensic examination of business economics and a value-investing lens, which company, if either, can offer more than 25% upside from current prices.

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