PTBA - 2Q25 missed estimates, mild recovery in volume

PTBA - 2Q25 missed estimates, mild recovery in volume Bukit Asam (PTBA) posted 2Q25 revenue of IDR10.5 tn (+5.4% qoq, +2.5% yoy), driven by stronger coal offtake, though ASP declined. (Source : Company, KBVS Research) Comment : Net profit rose 12.8% qoq to IDR442 bn, but still -64.4% yoy, dragging 6M25 earnings to IDR833 bn (-59% yoy), well below our and consensus forecasts. (KBVS: 30.9%, cons.: 22.3%). Operational recovery was supported by tighter inventory, but weak pricing remained a drag. We maintain a SELL with TP IDR1,700, noting valuation remains rich at 12.1x PE.