SRTGIDXThe short version
PT Saratoga Investama Sedaya Tbk
Saratoga is a Jakarta-listed holding company with no operating business of its own: it owns stakes in Indonesian towers, mining, coal, healthcare and solar, and reports its own worth as the market value of those stakes less net debt.
The window opens at Rp1,825 in January 2026, peaks at Rp2,010 on 26 January, troughs at Rp1,250 on 8 June — four days before the Rp103.3 dividend went out — and closes at Rp1,760 on 27 July.
Net debt $10.8MP/E FY27E 9.0×
$0.097
Share price, 27 Jul 2026
$0.244
NAV per share, 31 Dec 2025
60%
Discount to published NAV
89%
Register held by three parties
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IThe business
Portfolio
Four listed holdings are three-quarters of the book, and roughly half of it prices off commodities
Portfolio value at 31 December 2025
Tower Bersama, 30.7%$1,120M31%
Merdeka Copper Gold, 17.8%$648M18%
Alamtri Resources, 14.5%$527M14%
Adaro Andalan, 13.5%$494M14%
Everything else, 23.5%$857M24%
Sum of investee companies, $3,646 million; the four core names are $2,789 million of it.
- No operating business. Saratoga buys stakes, sits on boards, collects dividends and occasionally sells. Sixty-seven people run it, and its own worth is the market value of those stakes less net debt — $0.244 a share at 31 December 2025.
- Concentration, and what sits under it. Towers, gold and copper, metallurgical coal and thermal coal are 76.5% of investee value between them. Roughly 46% of the portfolio prices off commodities, and coal funds most of the cash that reaches Jakarta.
- The rest is being built. A 57.7% stake in the motorcycle distributor MPMX, six Brawijaya hospitals, ZAP's 118 clinics, the solar developer Xurya and a Jakarta data-centre platform — $711 million, against $476 million in 2021.
The cash engine
What reaches Jakarta is a dividend cheque, and $14.0 million a year runs the whole company
Recurring cash at the holding company ($ million)
| $ million | FY2024 | FY2025 |
|---|---|---|
| Dividends received | 263.4 | 150.6 |
| Interest and other received | 3.8 | 9.7 |
| Interest paid | (8.6) | (10.6) |
| Payments to employees | (7.3) | (7.1) |
| Income tax paid | (0.3) | (1.6) |
| Other operating payments | (5.6) | (3.4) |
| Recurring cash income | 245.5 | 137.6 |
Audited consolidated statements of cash flows, with the discretionary disposal and deployment lines stripped out.
- What the price buys in cash. $137.6 million is $0.0101 a share against the $0.0968 close — a 9.6% cash yield before any value is placed on the portfolio itself. On the 2024 base it was $0.0181 a share and 16.6%.
- The cost line barely moves. Operating expenses were $14.0 million in 2025 against $14.4 million in 2024 — 0.39% of net asset value, and 13% below the company's own $16.0 million target. A third-party manager charging 1.5% would bill $54.2 million.
- The swing between the two years is coal. Dividends collected fell 41% because Alamtri cut its payment from $193.5 million to $90.9 million; Adaro Andalan's first $38.0 million after the thermal-coal separation covered part of it.
Who owns it
Three parties hold 89% of the register, and the boardroom costs 5.8 basis points of the assets
89.0%
Held by three partiesPublic float 10.995%, across 22,383 holders
35.9%
Edwin Soeryadjaya's direct stakeCo-founder and president commissioner
$2.09M
All eight board members, FY20255.8 basis points of net asset value
$784M
The founder's own share of the discount375 times the annual boardroom bill
Shareholder register, governance disclosures and the related-party note, FY2025 annual report.
- The owners bear the discount alongside the minority. The founder's direct stake is worth $1,297 million at the published net asset value and $514 million at the July price, and the FY2025 dividend paid him roughly $30.2 million in June 2026.
- Pay has not tracked the assets. The bill is 0.3% higher in nominal terms than six years ago against a portfolio that grew 76%, and the incentive plan has the three directors buy stock at the market close each July — 1,860,200 shares at $0.086 on 1 July 2026.
- The float is the other edge. An 11% free float, in a market trading $0.6 million to $1.1 million of the stock a day, leaves no room for an institution to build a position. Two brokers cover the shares and the company holds no earnings calls.
IIThe record
The statements
Two engines share one income statement: a mark-to-market ledger and a small cash one
Fair-value movement against dividend and interest income
Consolidated statements of profit or loss, FY2021 to FY2025.
- The top line is a revaluation. Fair value swung from an $897.7 million loss in 2023 to a $248.4 million gain in 2025, and reported profit followed it — minus $659.8 million to $439.3 million, or minus $0.0488 to $0.0324 a share.
- The cash line stays in a band. Dividend and interest income never left $116.0 million to $238.6 million across the five years, against $14.0 million a year of running cost and $9.9 million of interest.
- One quarter shows it plainly. The first quarter of 2026 reported $292.7 million of profit on a $380.1 million fair-value gain, while dividend and interest income recognised in the three months was $0.3 million.
Getting cash out
Nine named exits in thirteen listed years, none of them from the four core holdings
The Divestment row of the company's own Investment Milestones
| Year | What was sold |
|---|---|
| 2016 | Pulau Seroja Jaya, freight chartering, and Provident Agro's plantation assets |
| 2017 | Lintas Marga Sedaya, the Cikampek–Palimanan toll road |
| 2017 | Medco Power Indonesia |
| 2018 | Batu Hitam Perkasa, the Paiton Energy holding vehicle |
| 2023 | Famon Awal Bros Sedaya, hospitals |
| 2023 | AtriaDC, a data centre first bought in 2022 |
| 2024 | Deltomed Laboratories, herbal medicine |
| 2024 | Provident Investasi Bersama, listed |
No divestment is recorded for 2019, 2020, 2021, 2022 or 2025.
- The flows run the other way. Across FY2021 to FY2025 the company collected $1,551 million from disposals and deployed $1,945 million. Strip out the 2022 tower restructuring, which recycled its own proceeds inside the year, and it is $239 million against $756 million.
- The treasury account funds pay, not the share count. $4.1 million of stock has been repurchased in six years, none of it since 2023, while the incentive plan takes about five million shares a year out of a 15,002,100-share balance.
- The balance sheet is clean regardless. Borrowings were $87.0 million against $58.0 million of cash at the end of 2025, a loan-to-value ratio of 0.8%, and by 31 March 2026 the company held net cash. It guarantees no investee's debt.
IIIThe story now
Key finding
Two coal names are 28% of the portfolio and four-fifths of the dividend income
Share of portfolio value against share of dividend income, FY2025
Net asset valuation table and dividend income breakdown at 31 December 2025.
- Key finding. Alamtri and Adaro Andalan are 28.0% of Saratoga's $3,646 million portfolio but supplied $128.9 million, 79.4%, of the $162.3 million of FY2025 dividend income out of which the roughly $84.1 million FY2025 distribution was paid —
- and because every $0.0060 of dividend per share is worth 3.43 percentage points of annual holder return at an unchanged price-to-net-asset ratio, about 2.8 of the 3.5 points that the $0.0062 payout is worth traces to coal dividends, while Tower Bersama and Merdeka Copper Gold, 48% of the portfolio, supplied 8% and nothing respectively.
- The split is not fixed. Adaro Andalan's first $38.0 million payment after the thermal-coal separation cut the coal share from 82.4% to 79.4% with no action by the company, and Tower Bersama paid $22.5 million in 2024 against $13.5 million in 2025.
The distribution
The 2026 payment was seven times the year before and the largest in the listed history
Dividends received from investees against dividends distributed
Dividends attributable to each financial year; the FY2025 amount of $0.0062 a share was paid on 12 June 2026.
- Three years of retention, then half. The FY2023 and FY2024 distributions were 11% and 5% of the dividends the company had itself collected. The FY2025 payment is about half of them — $0.0062 a share, a 5.9% yield at $0.0968.
- Nothing is written down. The stated policy specifies no payout ratio; the May 2026 meeting framed the amount as 19.13% of a reported profit that was itself 57% fair-value gain. The same formula applied to the 2023 loss year would have paid nothing.
- What has to hold for it to repeat. Dividends collected fell to $150.6 million in 2025 from $263.3 million, and management targets $100–150 million of new investment a year; together the two claims are 134% to 171% of 2025 recurring cash.
Marks without prices
$543 million of the portfolio has no quoted price, and no sensitivity is disclosed for it
$543M
Portfolio with no quoted price behind it14.9% of the book, from 5.0% in 2022
85%
Traces to a listed quoteDirectly or one level down
53%
Discount if that slice is written to zero60% on the published figure
$3.1M
Digital technology book at end-2025$34 million at its 2022 peak
Auditor's key audit matter and Note 17, FY2025 annual report.
- The methods are named; the inputs are not. Three short paragraphs cover cost, investee net assets and discounted cash flow. No discount rate, growth rate, multiple or range appears anywhere, and the note states that a sensitivity analysis would not be practicable.
- The contrast sits in the same accounts. Note 18(e) quantifies a 10% share-price move holding by holding — $277 million in total — for the 85% that is observable, and nothing at all for the 15% that is not.
- What a markdown looks like here. The digital technology book fell from $34 million to $3.1 million. Of the $14.4 million decline during 2025, $14.2 million was a fair-value change and $0.2 million a divestment.
IVThe price
Coverage
Tower Bersama and Merdeka alone cover the whole share price 1.23 times
Marked value per SRTG share, cumulative
Tower Bersama
$0.1
plus Merdeka Copper Gold
$0.1
plus Alamtri Resources
$0.2
plus Adaro Andalan
$0.2
All seven priced stakes
$0.2
Each listed holding at its own 31 December 2025 close, divided across 13,564,835,000 shares.
- What comes with them. A buyer at $0.0968 pays for the two largest quoted positions at a 19% discount and receives the coal complex, MPMX, the industrial gas and construction stakes, the whole unlisted book and the net cash at no cost.
- The named haircuts do not close it. Writing the unpriced book to zero is $0.0452 a share, the deferred tax $0.0083 and the entire cost base capitalised at 10% $0.0094. $0.0846 a share, 35% of published net asset value, has no disclosed cause.
- A fresher balance sheet does not narrow it. The same arithmetic run on the 31 March 2026 interim gives $0.2693 a share after the June dividend, and a 64.0% discount rather than 60.4%.
Peers
Indonesian holding companies traded between 0.36 and 8.31 times their own net assets
Price to net assets, 31 December 2025
| Company | Investments carried at | Price / net assets |
|---|---|---|
| Multipolar (MLPL) | Equity method and cost | 0.36x |
| Saratoga (SRTG) | Fair value through profit or loss | 0.36x |
| Indika Energy (INDY) | Consolidated at cost | 0.52x |
| Provident (PALM) | Fair value through profit or loss | 1.01x |
| Astra International (ASII) | Consolidated at cost | 1.18x |
| Indoritel (DNET) | Equity method | 8.31x |
Each company's own 2025 annual report; Indoritel traded 132,200 shares in the whole year.
- Only one peer keeps the same books. Provident carries its investments at fair value as Saratoga does, and trades at net assets — with four parties holding 91.03% and more debt. Format, concentration and float do not produce a 60% discount here.
- What Provident did differently. It sold its whole EXCL holding in April 2025 and its whole MMLP holding in September, retired treasury stock, and had raised equity at a 21% premium to book the year before.
- The comparison is bounded. Provident is a tenth of Saratoga's size and its own multiple has run between 1.0 and 1.7 times in two years, while its shares fell 39% across them. Full net asset value is a rating, not a return.
What has to move
On an unchanged net asset value, the gap alone spans $0.087 to $0.165 a share
Implied price at $0.2444 of net asset value per share
At 64.4%, the end-2025 gap
$0.1
At 60.4%, today
$0.1
At 48.5%, the five-year average
$0.1
At 32.6%, the end-2021 gap
$0.2
Each discount is a reading the record has actually produced between 2021 and 2025.
- The other direction. Halving the coal complex at today's discount implies $0.0832; run on the 31 March 2026 construction, the same four discounts give $0.0959 to $0.1815.
- Return without a re-rating. With the ratio frozen, a holder earns about 5.2% a year on the four-year portfolio rate and the current dividend — below the 5.45% to 7.88% Saratoga pays its own banks — and 16.5% on the twelve-year rate with all recurring cash distributed.
- The street is one house. The $0.157 mean target is a 35.9% discount rather than an asset-value forecast, and the one covering broker cut its own to $0.143 from $0.165 in July 2025. That model carries $0.0062 for 2026 and $0.0046 for 2027.
What to watch
A real asset base at 40 cents on the dollar, and no mechanism yet that hands the other 60 to a minority holder.
- 01Dividends received in the 2026 cash flow statement. $150.6 million arrived in 2025 against $263.3 million in 2024, and that line sets the ceiling on repeating the $84.1 million distribution without disposals or borrowing.
- 02A second payment near $0.0060 a share for FY2026, or a written payout ratio replacing a policy that specifies none. One year is an event; two is a claim.
- 03Any treasury purchase beyond the roughly five million shares a year the incentive plan consumes. That would be the first time the discount is used rather than described.
- 04A named entry in the divestment row of the Investment Milestones chart. Nine exits in thirteen listed years, none from the four core holdings, none at all in 2025.
This distils a guided study built chapter by chapter — the portfolio, the cash income, the marks behind it, the record, the discount and the peer set.
Compiled from the full report · 2026-07-28 · For information, not investment advice.