In today’s briefing:
- Bayan Resources (BYAN IJ): Ultra-Low-Cost Coal Champion Trading at a Steep Premium
Bayan Resources (BYAN IJ): Ultra-Low-Cost Coal Champion Trading at a Steep Premium
- Bayan Resources delivered solid H1 2025 results with strong volumes and margins but faces an ambitious ramp-up challenge in H2 to meet full-year targets.
- The company’s 2025 guidance calls for 70–72 million tonnes sales, revenue of US$4.1–4.4 billion, and EBITDA of US$1.4–1.6 billion, supported by Tabang expansion and stable costs.
- Despite solid fundamentals, Bayan trades at a steep premium with P/E of ~39x and EV/EBITDA of ~27x, far above Indonesian coal peers.
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