PT Saratoga Investama Sedaya TbkFull report →1 / 14
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 Rp197.0BP/E FY27E 9.0×
Rp1,760
Share price, 27 Jul 2026
Rp4,444
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
Sum of investee companies, Rp60,768 billion; the four core names are Rp46,484 billion 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 — Rp4,444 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 — Rp11,842 billion, against Rp6,799 billion in 2021.
The cash engine

What reaches Jakarta is a dividend cheque, and Rp233 billion a year runs the whole company

Recurring cash at the holding company (Rp billion)
Rp billionFY2024FY2025
Dividends received4,2482,510
Interest and other received62161
Interest paid(138)(177)
Payments to employees(117)(118)
Income tax paid(5)(26)
Other operating payments(91)(56)
Recurring cash income3,9592,294
Audited consolidated statements of cash flows, with the discretionary disposal and deployment lines stripped out.
  • What the price buys in cash. Rp2,294 billion is Rp169 a share against the Rp1,760 close — a 9.6% cash yield before any value is placed on the portfolio itself. On the 2024 base it was Rp292 a share and 16.6%.
  • The cost line barely moves. Operating expenses were Rp233 billion in 2025 against Rp232 billion in 2024 — 0.39% of net asset value, and 13% below the company's own Rp267 billion target. A third-party manager charging 1.5% would bill Rp904 billion.
  • The swing between the two years is coal. Dividends collected fell 41% because Alamtri cut its payment from Rp3,121 billion to Rp1,515 billion; Adaro Andalan's first Rp634 billion 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
Rp34.8bn
All eight board members, FY20255.8 basis points of net asset value
Rp13,060bn
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 Rp21,624 billion at the published net asset value and Rp8,564 billion at the July price, and the FY2025 dividend paid him roughly Rp503 billion in June 2026.
  • Pay has not tracked the assets. The bill is 0.3% higher in nominal rupiah 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 Rp1,560 on 1 July 2026.
  • The float is the other edge. An 11% free float, in a market trading Rp10 billion to Rp20 billion 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 a Rp13,811 billion loss in 2023 to a Rp4,140 billion gain in 2025, and reported profit followed it — minus Rp10,151 billion to Rp7,322 billion, or minus Rp750 to Rp540 a share.
  • The cash line stays in a band. Dividend and interest income never left Rp1,657 billion to Rp3,849 billion across the five years, against Rp233 billion a year of running cost and Rp165 billion of interest.
  • One quarter shows it plainly. The first quarter of 2026 reported Rp5,321 billion of profit on a Rp6,911 billion fair-value gain, while dividend and interest income recognised in the three months was Rp6 billion.
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
YearWhat was sold
2016Pulau Seroja Jaya, freight chartering, and Provident Agro's plantation assets
2017Lintas Marga Sedaya, the Cikampek–Palimanan toll road
2017Medco Power Indonesia
2018Batu Hitam Perkasa, the Paiton Energy holding vehicle
2023Famon Awal Bros Sedaya, hospitals
2023AtriaDC, a data centre first bought in 2022
2024Deltomed Laboratories, herbal medicine
2024Provident 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 Rp24,005 billion from disposals and deployed Rp30,296 billion. Strip out the 2022 tower restructuring, which recycled its own proceeds inside the year, and it is Rp3,805 billion against Rp12,006 billion.
  • The treasury account funds pay, not the share count. Rp62.5 billion 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 Rp1,450 billion against Rp966 billion 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 Rp60,768 billion portfolio but supplied Rp2,149 billion, 79.4%, of the Rp2,705 billion of FY2025 dividend income out of which the roughly Rp1,401 billion FY2025 distribution was paid —
  • and because every Rp100 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 Rp103.3 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 Rp634 billion 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 Rp363 billion in 2024 against Rp225 billion 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 Rp103.3 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 — Rp103.3 a share, a 5.9% yield at Rp1,760.
  • 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 Rp2,510 billion in 2025 from Rp4,247 billion, and management targets US$100–150 million of new investment a year; together the two claims are 134% to 171% of 2025 recurring cash.
Marks without prices

Rp9.1 trillion of the portfolio has no quoted price, and no sensitivity is disclosed for it

Rp9,058bn
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
Rp52bn
Digital technology book at end-2025Rp525 billion 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 — Rp4,617 billion 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 Rp525 billion to Rp52 billion. Of the Rp240 billion decline during 2025, Rp236 billion was a fair-value change and Rp4 billion a divestment.
IVThe price
Coverage

Tower Bersama and Merdeka alone cover the whole share price 1.23 times

Marked value per SRTG share, cumulative
Each listed holding at its own 31 December 2025 close, divided across 13,564,835,000 shares.
  • What comes with them. A buyer at Rp1,760 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 Rp822 a share, the deferred tax Rp151 and the entire cost base capitalised at 10% Rp171. Rp1,539 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 Rp4,896 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
CompanyInvestments carried atPrice / net assets
Multipolar (MLPL)Equity method and cost0.36x
Saratoga (SRTG)Fair value through profit or loss0.36x
Indika Energy (INDY)Consolidated at cost0.52x
Provident (PALM)Fair value through profit or loss1.01x
Astra International (ASII)Consolidated at cost1.18x
Indoritel (DNET)Equity method8.31x
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 Rp1,582 to Rp2,995 a share

Implied price at Rp4,444 of net asset value per share
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 Rp1,512; run on the 31 March 2026 construction, the same four discounts give Rp1,743 to Rp3,300.
  • 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 Rp2,850 mean target is a 35.9% discount rather than an asset-value forecast, and the one covering broker cut its own to Rp2,600 from Rp3,000 in July 2025. That model carries Rp103.5 for 2026 and Rp77.4 for 2027.
What to watch

A real asset base at 40 cents on the rupiah, and no mechanism yet that hands the other 60 to a minority holder.

Read the full report →

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.