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): Coal Price Optionality + Buyback + 12% Div Yield @ $130/T Coal

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

ITMG IJ Q4 FY24: Coal Price Decline Squeezes Margins, FY25 Costs To Increase

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

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

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> approved the buyback of 150 mn USD at its EGM on 3rd November, in addition to approving a 50 mn USD dividend payment. </li>
<li>Net cash on the balance sheet was &gt;USD 920 million at the end of 3Q 2025 (representing 58% of the market capitalization), easily enough to complete its capital allocation commitments.</li>
<li>At the cyclical low, the company will still generate free cash flow of 250 million USD in FY25, representing a free cash flow yield of 15%. </li>
</ul>



Indo Tambangraya Megah (ITMG IJ) approved the buyback of 150 mn USD at its EGM on 3rd November, in addition to approving a 50 mn USD dividend payment. 
Net cash on the balance sheet was &gt;USD 920 million at the end of 3Q 2025 (representing 58% of the market capitalization), easily enough to complete its capital allocation commitments.
At the cyclical low, the company will still generate free cash flow of 250 million USD in FY25, representing a free cash flow yield of 15%. 


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