Kiwoom Research | Equity Update - 07 September 2026 PT. Bukit Asam Tbk. (PTBA) Strong 1H26 Performance, Logistics Expansion to Sustain Growth Key Takeaways - Higher ASP Drives Earnings. 1H26 EBITDA and net profit surged 91% and 218% y/y, supported by higher ASP and an improved stripping ratio to 5.26x. - 2Q26 Momentum Strengthened. EBITDA and net profit grew 76% and 130% y/y, with EBITDA margin expanding to 18.8% on stronger pricing and operating leverage. - Logistics Supports 2H26 Growth. Tanjung Enim-Kramasan and Kertapati expansions should lift sales volume and logistics efficiency, with earnings mainly driven by ASP, volume, mix, and costs. Recommendation “BUY” We maintain our Buy rating with a revised 12-month target price of IDR 3,320/share (previously IDR 3,260), based on a blended valuation approach using NAV reserves and DCF. This valuation implies a P/E of 8.20x, EV/EBITDA of 4.80x, and PBV of 1.60x. At the current price of IDR 2,880, PTBA is trading at a forward P/E of 7.12x (vs. peers’ average of 13.7x) and estimated PBV of 1.30x (vs. peers’ average of 0.89x). We also project potential dividend yields of 9.1% in 2026F and 9.6% in 2027F, assuming a 75% dividend payout ratio (DPR). Key downside risks include a global economic slowdown, coal price volatility, a stronger rupiah, energy transition risks, and regulatory changes. Sukarno Alatas Equity research KIWOOM SEKURITAS INDONESIA