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Bayan Resources (BYAN) USD

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.

At a glance: strengths & risks
✓Revenue growing (+7% y/y, H1 2026)✓Profit growing (+17% y/y, H1 2026)✓Net cash balance sheet✓Commodity price +35% vs 1-yr · +19% vs 3-yr✓Cheaper than own history (EV/EBITDA 20.9 vs avg 30.1)

Sector: Coal mining

ID_BYAN

Price chart

11 525 IDRDay 1.54%

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
11 525 IDR · 1.54%
Market cap
21.7 bn USD

Growth

Δ revenue y/y
7.3%
Δ EBITDA y/y
-17.3%

Multiples

P/E (LTM)
28.3x
3y avg: 36.8x
P/B (FY)
8.1x
P/E (ann.)
26.5x
EV/EBITDA (LTM)
20.9x
3y avg: 30.1x
EV/EBITDA (ann.)
21.5x

Cash return

Dividend yield
2.3%
FCF yield (LTM)
1.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+3.7%
↓ details

Liquidity

Daily turnover (listing)
33.5 bln 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
2026-06-30Q2 2026 (3M)OK918.5
y/y 7.3%
—
y/y —
—
y/y —
—
y/y —
219.5
y/y 17.5%
272.3-44.33780.1
y/y 18.3%
2584.1
y/y 13.8%
30.0%≈ -727.6Report (PDF)
2026-03-31Q1 2026 (3M)OK821.6
y/y -7.7%
244.3
y/y -16.8%
0.5
y/y 10.6%
244.8
y/y -16.8%
190.8
y/y -12.4%
215.8-50.63507.2
y/y 8.0%
2890.0
y/y 13.9%
27.3%-727.6Report (PDF)
2025-12-31Q4 2025 (3M)OK987.7
y/y 1.1%
—
y/y -17.3%
—
y/y 12.6%
—
y/y -17.3%
245.8
y/y -18.6%
173.3-54.13375.0
y/y -4.2%
2694.6
y/y 16.5%
29.9%-574.6Report (PDF)
2025-09-30Q3 2025 (3M)OK818.1
y/y -1.2%
—
y/y —
—
y/y —
—
y/y —
172.9
y/y -15.9%
222.7-41.63044.4
y/y -2.8%
2444.5
y/y 5.9%
29.5%≈ -498.4Report (PDF)
2025-06-30Q2 2025 (3M)OK731.7
y/y —
—
y/y —
—
y/y —
—
y/y —
131.3
y/y —
302.6-23.13194.4
y/y —
2270.5
y/y —
29.1%≈ -498.4Report (PDF)
2025-03-31Q1 2025 (3M)OK890.1
y/y 15.7%
293.7
y/y 1.6%
0.5
y/y —
294.1
y/y 1.8%
217.9
y/y 3.5%
278.9-52.23246.9
y/y 13.8%
2536.7
y/y 15.5%
35.9%-498.4Report (PDF)
2024-12-31Q4 2024 (3M)OK976.6
y/y 18.5%
—
y/y -24.5%
—
y/y 6.6%
—
y/y -24.5%
301.8
y/y -8.0%
317.8-65.63521.5
y/y 2.2%
2313.8
y/y 16.9%
39.9%-574.6Report (PDF)
2024-09-30Q3 2024 (3M)OK1700.4
y/y -10.4%
—
y/y —
—
y/y —
—
y/y —
410.2
y/y -31.8%
244.4-65.13133.1
y/y 10.7%
2308.2
y/y 6.5%
36.8%—Report (PDF)
2024-03-31Q1 2024 (3M)OK769.1
y/y -26.7%
289.0
y/y —
—
y/y —
289.0
y/y —
210.6
y/y -49.7%
497.7-49.02853.5
y/y -17.9%
2195.9
y/y -11.7%
40.4%—Report (PDF)
2023-12-31Q4 2023 (3M)OK824.3
y/y —
—
y/y —
—
y/y —
—
y/y —
328.1
y/y —
132.2-78.03444.3
y/y —
1978.8
y/y —
59.8%—Report (PDF)
2023-09-30Q3 2023 (3M)OK717.9
y/y —
—
y/y —
—
y/y —
—
y/y —
186.7
y/y —
260.7-48.72831.5
y/y —
2166.8
y/y —
58.6%—Report (PDF)
2023-06-30Q2 2023 (3M)OK990.2
y/y —
—
y/y —
—
y/y —
—
y/y —
304.9
y/y —
-98.8-41.32744.3
y/y —
1974.5
y/y —
64.9%—Report (PDF)
2023-03-31Q1 2023 (3M)OK1049.0
y/y —
—
y/y —
—
y/y —
—
y/y —
418.9
y/y —
437.3-47.73473.9
y/y —
2488.1
y/y —
——Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002023 q42024 q12024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%150%2023 q42024 q12024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

01002003004002023 q42024 q12024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-800-600-400-20002023 q42024 q12024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

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 2026-06-30): 1.07x of profit came back as operating cash flow.
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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/IDR17707
1-week+0.7%
1-month-0.7%
room to 52w-weakest2.7%
DXY (dollar index)99.7
US 10Y4.96%

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 2026-09-16 (Yahoo)

Key-commodity price — Steam coal AU

Current 145spot vs LTM +31%

Commodity-player potential

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

Upside: +3.7%

Main driver: Steam coal AU +35% vs LTM; revenue ×1.31 vs costs ×1.04; EBITDA 1 002→1 722; at 12.0× EV/EBITDA → +4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Steam coal AU (rev)+88%146.82108.64129.27+35%+19%

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×1.309 (+31%)
= Spot revenue4 488
Revenue multiplier — 3y price×1.167 (+17%)
= 3-year-price revenue4 001
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 965
= 3-year-price EBITDA1 478
Conservative EBITDA = min(spot, avg)1 722
5 · Valuation → target market cap
Target EV/EBITDA (EV / peak-FY EBITDA — no daily history)12.0x
Target EV = EV/EBITDA × conservative EBITDA20 659
Net debt-575
Target market cap = EV − net debt21 234
Current market cap20 482

Upside = target market cap ÷ current − 1 = +3.7%

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).

Peer comparison

Group: Coal mining. Each peer is shown as it trades and re-priced onto this company's market (Indonesia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Whitehaven CoalAustralia4.72.7x1.4x
Yancoal AustraliaAustralia5.73.4x1.8x
Exxaro ResourcesSouth Africa2.95.0x4.0x
Bukit AsamIndonesia2.04.0x4.0x
Adaro Andalan IndonesiaIndonesia5.54.5x4.5x
New HopeAustralia3.89.7x5.0x
Alamtri Resources IndonesiaIndonesia4.45.1x5.1x
Group median4.5x4.0x
Group average4.9x3.7x
This companyIndonesia21.720.9x20.9x

Group median 4.5x as traded, 4.0x adjusted; this company 20.9x — a 417% premium.

Group average 4.9x as traded, 3.7x adjusted; against the average this company is at a 470% premium.

At the adjusted group median the market cap would be -79% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.2x, Russia 3.8x, South Africa 5.3x, Kazakhstan 5.0x, India 18.3x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-17; the company's own is live.

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.

Frequently asked questions

What is Bayan Resources (BYAN)'s P/E ratio?
Bayan Resources (BYAN) trades at a P/E of 28.3x (price to trailing 12-month earnings).
What is Bayan Resources (BYAN)'s EV/EBITDA?
Bayan Resources (BYAN) trades at 20.9x EV/EBITDA.
What is Bayan Resources (BYAN)'s P/B ratio?
Bayan Resources (BYAN) trades at a P/B of 8.1x.
What is Bayan Resources (BYAN)'s dividend yield?
Bayan Resources (BYAN)'s trailing 12-month dividend yield is 2.3%.
What is Bayan Resources (BYAN)'s return on equity (ROE)?
Bayan Resources (BYAN)'s ROE is 30.0%.
What is Bayan Resources (BYAN)'s market capitalization?
Bayan Resources (BYAN)'s market cap is 21.7 bn USD.

See also: Indonesian Stocks (2026): The Cheapest Big Emerging Market · The Cheapest Coal Stocks (2026): Out of Favour, Cash-Rich, High-Yield · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map