Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 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

Indo Tambangraya Megah (ITMG IJ): Improving Quarterlies And Walk Back Of Government Intervention

Indo Tambangraya Megah (ITMG IJ): 10% Buy Back A Major Catalyst, Cash 67% of Mkt Cap

Indo Tambangraya Megah (ITMG IJ): Massive ~10% Buyback Approved, Cash 58% of Market Capitalization

Indo Tambangraya Megah (ITMG IJ) Q1 FY25: Solid Despite The Coal Price Drop

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

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<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> EGMS (Nov 2025) approved a one-year buyback of up to 113 million shares (10% of outstanding shares), with IDR 2.49 trillion in headroom.</li>
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At a Newcastle equivalent of US$130/t (our sensitivity row closest to spot), ITMG trades at just 5.3x P/E and 1.4x EV/EBITDA on FY26e</li>
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~65% payout = compelling dividend yield: ITMG has sustained a ~65% payout ratio since FY22, returning ~23,000RpH in dividends to shareholders over the FY21-FY25 cycle.</li>
</ul>



Indo Tambangraya Megah (ITMG IJ) EGMS (Nov 2025) approved a one-year buyback of up to 113 million shares (10% of outstanding shares), with IDR 2.49 trillion in headroom.

At a Newcastle equivalent of US$130/t (our sensitivity row closest to spot), ITMG trades at just 5.3x P/E and 1.4x EV/EBITDA on FY26e

~65% payout = compelling dividend yield: ITMG has sustained a ~65% payout ratio since FY22, returning ~23,000RpH in dividends to shareholders over the FY21-FY25 cycle.


Indo Tambangraya Megah (ITMG IJ): Coal Price Optionality + Buyback + 12% Div Yield @ $130/T Coal