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Bayan Resources (BYAN) USD

At a glance: strengths & risks
✓Net cash balance sheet✓Commodity price +23% vs 1-yr · +20% vs 3-yr✓Cheaper than own history (EV/EBITDA 21.7 vs avg 27.3)✗Profit falling (-17%)✗Margins compressing (38%→33%)

Sector: Mining

ID_BYAN

Price chart

12 050 IDRDay 0.21%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
12 050 IDR · 0.21%
Market cap
22.5 bn USD

Growth

Δ revenue y/y
-0.5%
Δ EBITDA y/y
-17.4%

Multiples

P/E (LTM)
29.3x
3y avg: 36.5x
P/B (FY)
9.7x
P/E (ann.)
29.5x
EV/EBITDA (LTM)
21.7x
3y avg: 27.3x
EV/EBITDA (ann.)
22.2x

Cash return

Dividend yield
2.2%
FCF yield (LTM)
3.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-3.5%
↓ details

Liquidity

Daily turnover (listing)
121.2 mln IDR

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK821.6
y/y —
244.3
y/y —
0.5
y/y —
244.8
y/y —
190.8
y/y —
215.8-50.63507.2
y/y —
2762.3
y/y —
28.0%-727.6Link
2025-12-31FY 2025 (12M)OK3428.0
y/y -0.5%
1002.0
y/y -17.4%
2.0
y/y 12.6%
1004.0
y/y -17.4%
768.0
y/y -16.8%
977.6-170.93375.0
y/y -4.1%
2695.0
y/y 16.5%
30.7%-574.6Link
2024-12-31FY 2024 (12M)OK3446.0
y/y -3.8%
1213.0
y/y -24.5%
1.8
y/y 6.6%
1214.8
y/y -24.5%
923.0
y/y -25.5%
1059.8-179.63521.0
y/y 2.2%
2314.0
y/y 23.0%
44.0%-574.6Link
2023-12-31FY 2023 (12M)OK3581.0
y/y —
1607.0
y/y —
1.6
y/y —
1608.6
y/y —
1239.0
y/y —
731.4-215.83444.3
y/y —
1881.3
y/y —
—-1000.0Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)0
− Cash & equivalents728
Net debt-728

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002023 FY2024 FY2025 FY2026 q1

Year-over-year change

-30%-20%-10%0%2023 FY2024 FY2025 FY2026 q1

Cash flow

FCF ($ mln)

02004006008002023 FY2024 FY2025 FY2026 q1

Net debt / cash ($ mln)

-1 000-800-600-400-20002023 FY2024 FY2025 FY2026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.15x of reported net profit; after capex, 0.95x.
year202320242025
cash flow / profit0.59x1.15x1.27x
accruals, % of assets14.7%-3.9%-6.2%
Last twelve months (to 2025-12-31): 1.27x of profit came back as operating cash flow.
net debt / EBITDA -0.5x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Coal

Proved reserves
920 Mt
2024
Reserve life (R/P)
16.4 yrs
reserves ÷ annual output
Annual production
56 Mt
2024

Production, Mt

49.702023562024

Proved reserves

YearReserves, Mt
2024920

Production

YearProduction, Mt
202456
+12.7%
202349.70

PT Bayan Resources (BYAN): proven+probable reserves ~920 Mt (H1 2024; total resources+reserves ~7.5 Bt); production ~56 Mt 2024 (49.7 Mt 2023); low Tabang strip ratio ~4.3 = low-cost. Reserve life ~16 yr on P+P. Source: bayan.com.sg / indonesiaminer.

Indonesia — currency context

USD/IDR17871
1-week-0.5%
1-month-1.3%
room to 52w-weakest1.8%
DXY (dollar index)99.8
US 10Y4.67%

A weaker rupiah lowers the USD value of Indonesian equities for a foreign holder; for banks, BI's high policy rate (defending the currency) pressures margins.

as of 2026-08-12 (Yahoo)

Key-commodity price — Steam coal AU

Current 133spot vs LTM +20%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -3.5%

Main driver: Steam coal AU +23% vs LTM; revenue ×1.20 vs costs ×1.04; EBITDA 1 002→1 550; at 11.8× EV/EBITDA → -3%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Steam coal AU (rev)+88%133.68108.64130.04+23%+20%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 428
LTM EBITDA1 002
LTM cash costs (revenue − EBITDA)2 426
2 · Revenue projection
Revenue multiplier — spot×1.203 (+20%)
= Spot revenue4 123
Revenue multiplier — 3y price×1.173 (+17%)
= 3-year-price revenue4 022
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 523
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 523
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 600
= 3-year-price EBITDA1 499
Conservative EBITDA = min(spot, avg)1 550
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)11.8x
Target EV = EV/EBITDA × conservative EBITDA18 230
Net debt-575
Target market cap = EV − net debt18 805
Current market cap19 478

Upside = target market cap ÷ current − 1 = -3.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 FY3 4462 878+19.7%1 316901+46.0%
2025 FY3 4282 835+20.9%1 124620+81.3%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -1% vs -4% the year before — a +3.2 pp move. 3-year CAGR —.
revenue growth by year: 2024 -4% · 2025 -1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-22267.285 IDREx-dividend: 267.285 IDR per sharePaidYahoo Finance (ex-div)
2025-07-07194.84 IDREx-dividend: 194.84 IDR per sharePaidYahoo Finance (ex-div)
2024-12-18144.9 IDREx-dividend: 144.9 IDR per sharePaidYahoo Finance (ex-div)
2024-07-08146.385 IDREx-dividend: 146.385 IDR per sharePaidYahoo Finance (ex-div)
2023-12-18232.74 IDREx-dividend: 232.74 IDR per sharePaidYahoo Finance (ex-div)
2023-05-09354.168 IDREx-dividend: 354.168 IDR per sharePaidYahoo Finance (ex-div)
2022-12-20468.24 IDREx-dividend: 468.24 IDR per sharePaidYahoo Finance (ex-div)
2022-05-30436.32 IDREx-dividend: 436.32 IDR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.bayan.com.sg/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Bayan Resources (BYAN) — from primary filings.

PT Bayan Resources Tbk. mines and sells coal in Indonesia through open cut mining operations, and also provides mining contractor, coal transshipment, and electric power supply services, along with operating an oil palm plantation.

Frequently asked questions

What is Bayan Resources (BYAN)'s P/E ratio?
Bayan Resources (BYAN) trades at a P/E of 29.3x (price to trailing 12-month earnings).
What is Bayan Resources (BYAN)'s EV/EBITDA?
Bayan Resources (BYAN) trades at 21.7x EV/EBITDA.
What is Bayan Resources (BYAN)'s P/B ratio?
Bayan Resources (BYAN) trades at a P/B of 9.7x.
What is Bayan Resources (BYAN)'s dividend yield?
Bayan Resources (BYAN)'s trailing 12-month dividend yield is 2.2%.
What is Bayan Resources (BYAN)'s return on equity (ROE)?
Bayan Resources (BYAN)'s ROE is 28.0%.
What is Bayan Resources (BYAN)'s market capitalization?
Bayan Resources (BYAN)'s market cap is 22.5 bn USD.

See also: Indonesian Stocks (2026): The Cheapest Big Emerging Market · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map