# GJTL (Gajah Tunggal) — Equity Research Example
**Date:** 16 July 2026 | **Price:** IDR 1,120 | **Ticker:** GJTL.JK / IDX:GJTL

## Key Data Sources (Verified Working)

| Source | URL | Data Available |
|--------|-----|----------------|
| **TradingView** | `https://www.tradingview.com/symbols/IDX-GJTL/` | Price, P/E, EPS, market cap, debt, revenue, net income, dividend yield, beta, enterprise value |
| **TradingView Financials Tab** | `https://www.tradingview.com/symbols/IDX-GJTL/financials/` | Income statement, balance sheet, cash flow (annual/quarterly) |
| **TradingView Dividends Tab** | Select Financials → Dividends subtab | Ex-dividend date, payment date, dividend amount, yield TTM |
| **Stockbit** | `https://stockbit.com/symbol/GJTL` | Community discussion, streaming sentiment, company background |
| **Yahoo Finance API** | `https://query2.finance.yahoo.com/v10/finance/quoteSummary/GJTL.JK?modules=summaryDetail,defaultKeyStatistics,financialData` | Often rate-limited; fallback to TradingView |

## Verified Key Metrics (July 2026)

```
Harga:           IDR 1,120
Market Cap:      IDR 3.87T
P/E (TTM):       3.04x
EPS (TTM):       IDR 364.66
Revenue (FY):    IDR 17.66T
Net Income (FY): IDR 1.24T
Dividend/Yield:  IDR 80 per share / 7.14% indicated yield
Debt:            IDR 5.27T
Cash:            IDR 1.33T
Enterprise Value: IDR 7.80T
Beta (1Y):       0.77
Free Float:      34.74% (1.21B of 3.48B shares)
Last Ex-Date:    5 Jun 2026
```

## DCF Assumptions Used

```
Discount Rate (WACC):  10%
Terminal Growth Rate:    3%
Revenue Growth (5Y):    5% per annum
FY2024 FCF estimate:    ~IDR 1T (from Net Income)
Net Debt:               IDR 3.94T (5.27T - 1.33T)
Shares Outstanding:      3.48B
```

## DCF Result

```
Intrinsic Value:  IDR 3,471 per share
Current Price:     IDR 1,120
Upside:           +210%
Margin of Safety: ~68%
```

## Dividend Sustainability

```
Dividend per share:     IDR 80
Dividend yield (TTM):   7.21%
Payout ratio:           22.4% (278.4B / 1,240B)
Dividend cover ratio:  4.5x
→ VERY SAFE
```

## IDX-Specific Pitfalls

- **Indonesian橡胶股 (tire/rubber stocks)** have high commodity price risk (rubber, carbon black)
- **Family-controlled companies** often have high closely-held shares (>60%) → low free float → limited institutional interest → depressed P/E multiples
- **High debt** in capital-intensive manufacturing → P/E discount vs growth peers
- **Dividend yields >5%** on IDX often signal value trap OR genuine undervaluation — verify with P/E and DCF

## Peer P/E Reference (Automotive Aftermarket / Tires)

| Company | P/E | Notes |
|---------|-----|-------|
| GJTL | 3.04x | This stock — significantly undervalued |
| SMSM | 9x | Sector peer (multifinance) |
| Industry avg | 10x | Auto components sector |
| GDYR | ~4x | Goodyear Indonesia (tire peer) |
| TYRE | ~3x | King Tire Indonesia |

## Price Target Methodology

For GJTL at EPS IDR 364.66:
- Conservative (P/E 6x):     IDR 2,188 (+95%)
- Base case (P/E 9x, SMSM):  IDR 3,282 (+193%)
- Optimistic (P/E 10x, avg): IDR 3,647 (+226%)
- DCF intrinsic value:        IDR 3,471 (+210%)

## Risk Quick-Scan

| Risk | Level | Indicator |
|------|-------|-----------|
| Commodity (rubber) | HIGH | Tire manufacturing = rubber-intensive |
| Interest rate | MEDIUM | Net debt IDR 3.94T; rate-sensitive |
| Exchange rate | MEDIUM | Export-oriented; beta 0.77 |
| Competition | MEDIUM | Chinese dumping threat in ASEAN |

## Output File Template

Save analysis as `/{TICKER}_analysis.md` with sections:
1. Data Table (source all metrics)
2. DCF Valuation (assumptions → intrinsic value)
3. P/E Peer Comparison (table + fair value)
4. Dividend Sustainability (yield, payout, cover)
5. Risk Factors (5-category table)
6. Investment Recommendation (BUY/HOLD/SELL + price targets + stop loss)
7. Summary Table (one-liner per category)