PT Saratoga Investama Sedaya Tbk (SRTG) Stock Analysis 2026: Is This Indonesian Investment Company Undervalued?
Investment view: SRTG is fundamentally different from a conventional operating company. It is an active investment holding company whose value depends largely on the market value, dividends, and eventual monetization of its portfolio companies. For investors who understand holding-company structures, SRTG's large discount to estimated net asset value (NAV) is potentially attractive. However, the discount can remain wide for years, and reported earnings can be highly volatile because portfolio valuations influence accounting results.
What Is SRTG?
Worldreview1989 -PT Saratoga Investama Sedaya Tbk is an Indonesian investment company founded in 1997 and listed on the Indonesia Stock Exchange in 2013.
Rather than generating most of its economic value by selling a single product, Saratoga invests in businesses across sectors such as:
Natural resources and mineral processing
Energy transition
Digital infrastructure
Healthcare
Consumer and automotive businesses
Renewable energy
Logistics
Technology and digital businesses
Saratoga describes its strategy as active investing: providing capital, strategic direction, operational support and eventually monetizing investments through IPOs or strategic sales.
For a U.S. investor, a useful comparison is a combination of a private-equity firm, investment holding company and listed portfolio vehicle—although SRTG's structure and accounting are different from a U.S. private-equity fund.
Why American Investors May Find SRTG Interesting
From the perspective of U.S. investors accustomed to analyzing Berkshire Hathaway, Brookfield, Fairfax Financial or other holding-company structures, SRTG presents an interesting question:
How much are investors paying for the underlying assets?
That question is arguably more important than simply looking at SRTG's P/E ratio.
Saratoga's portfolio includes listed companies such as:
Merdeka Copper Gold (MDKA)
Tower Bersama Infrastructure (TBIG)
Alamtri Resources Indonesia (ADRO)
Adaro Andalan Indonesia (AADI)
Mitra Pinasthika Mustika (MPMX)
Nusa Raya Cipta (NRCA)
Samator Indo Gas (AGII)
Its portfolio also contains private investments in healthcare, logistics, technology, renewable energy and other growth businesses.
This diversification is one of SRTG's biggest attractions—but it also makes the company harder to value than a normal operating business.
SRTG Financial Performance
The 2025 financial year was particularly strong.
According to the company's 2025 Annual Report, Saratoga's portfolio contributed approximately IDR 60.3 trillion of NAV at year-end 2025, representing an 11.7% increase from 2024. The company also generated approximately IDR 2.7 trillion in dividend income during 2025.
Independent financial-data reporting based on the FY2025 financial statements shows:
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Revenue | IDR 5.34T | IDR 7.02T | +31.4% |
| Net income | IDR 3.29T | IDR 7.32T | +122.4% |
| EPS | ~IDR 240 | ~IDR 539 | +124% |
| Total liabilities | IDR 6.07T | IDR 3.59T | -41% |
| Long-term/total borrowings | ~IDR 3.21T | ~IDR 1.45T | -55% |
| Equity | — | ~IDR 58.9T | — |
The FY2025 figures show a major improvement in reported profitability and a substantial reduction in liabilities.
The important warning about SRTG earnings
A U.S. investor should not treat SRTG's IDR 7.32 trillion net income exactly like the earnings of Apple, Coca-Cola or a bank.
Saratoga's earnings are affected by changes in the value of its investment portfolio. Consequently, a strong year in the stock market can produce very large accounting gains, while a market downturn can sharply reduce reported earnings even if the underlying businesses remain operationally healthy.
For that reason, I would prioritize:
NAV growth
Portfolio-company performance
Dividend and investment cash flow
Debt and liquidity
Portfolio monetization
Discount/premium to NAV
over P/E alone.
SRTG's Most Important Number: NAV
The key figure is IDR 60.3 trillion NAV at the end of 2025.
This is important because SRTG itself owns valuable stakes in other businesses. The NAV attempts to capture the economic value of those investments.
The company's NAV increased from approximately IDR 53.9 trillion in 2024 to IDR 60.3 trillion in 2025.
That means Saratoga added roughly:
IDR 6.4 trillion of NAV in one year.
This is a much more meaningful indicator of long-term value creation than simply looking at one year's accounting profit.
SRTG Stock Valuation: The NAV Discount
This is where the investment thesis becomes interesting.
Using approximately 13.6 billion shares and FY2025 NAV of approximately IDR 60.3 trillion:
Estimated NAV per share:
IDR 60.3 trillion ÷ 13.6 billion shares
≈ IDR 4,434 per share
Financial-data sources reported SRTG around IDR 1,555 per share at the end of FY2025. By August 2026, the stock was around IDR 1,770 in the available market data.
Using IDR 1,770:
NAV discount ≈ 60%
or:
Price/NAV ≈ 0.40x
That is a substantial discount.
Why does the discount exist?
The market does not necessarily believe shareholders can immediately receive IDR 4,434 for every SRTG share.
There are several reasons.
1. Holding-company discount
SRTG owns stakes in other companies rather than directly owning all of their operating assets.
Investors therefore typically apply a discount to the value of the portfolio.
2. Taxes and transaction costs
Selling investments may create taxes, transaction expenses and other costs.
3. Illiquidity
Some portfolio assets are private investments.
A private company valued at IDR 1 trillion cannot necessarily be sold tomorrow for exactly IDR 1 trillion.
4. Management and capital-allocation risk
Investors must trust management to allocate capital effectively.
5. Market volatility
A substantial portion of the NAV is connected to listed companies. If MDKA, TBIG, ADRO or other major holdings decline, SRTG's NAV can fall as well.
SRTG's Balance Sheet Looks Relatively Conservative
One of the strongest aspects of the investment case is leverage.
The FY2025 annual report shows total liabilities declining from approximately IDR 6.07 trillion to IDR 3.59 trillion, primarily because borrowings were reduced.
The reported FY2025 borrowings were approximately IDR 1.45 trillion, compared with IDR 3.21 trillion a year earlier.
That is significant.
A highly leveraged investment company can be dangerous because falling portfolio values can collide with debt obligations.
SRTG's lower leverage gives management greater flexibility during market corrections.
Simplified balance-sheet interpretation
At FY2025:
Assets: roughly IDR 62.5T
Equity: roughly IDR 58.9T
Liabilities: roughly IDR 3.6T
Borrowings: roughly IDR 1.45T
This suggests a relatively strong balance sheet compared with the size of its investment portfolio.
Dividend Analysis
SRTG is not primarily a dividend stock.
However, dividends are becoming an important part of the shareholder return story.
For FY2025, Saratoga announced a cash dividend of approximately IDR 1.40 trillion, equivalent to IDR 103.3 per share, with payment scheduled for June 12, 2026.
At an illustrative SRTG price of IDR 1,770:
Dividend yield ≈ 103.3 ÷ 1,770 = 5.84%
That is attractive compared with many Indonesian equities.
But investors should not automatically assume a 5–6% dividend yield will continue indefinitely.
SRTG's dividend capacity depends partly on:
Dividends received from portfolio companies
Investment monetization
Cash position
Capital allocation
New investment opportunities
This is different from a mature operating company with predictable recurring free cash flow.
The Portfolio Is the Real Business
Understanding SRTG means understanding its major investments.
Merdeka Copper Gold — MDKA
MDKA is strategically important to Saratoga because it provides exposure to gold, copper and mineral processing.
Saratoga's own reporting highlights MDKA as one of the key contributors to portfolio value.
For investors bullish on:
Gold
Copper
Electric vehicles
Energy transition
Battery materials
MDKA provides indirect exposure.
But it also introduces commodity-price risk, project execution risk, capital expenditure requirements and regulatory risk.
Tower Bersama Infrastructure — TBIG
TBIG provides exposure to Indonesia's telecommunications infrastructure.
This is attractive because mobile-data consumption and digital connectivity require long-term infrastructure investment.
Saratoga specifically identified TBIG as one of the major contributors to NAV growth in 2025.
For an American investor, this is conceptually similar to investing in the infrastructure supporting telecom operators rather than betting on a single wireless carrier.
ADRO / AADI and Energy
Saratoga has historically generated significant value from the Adaro ecosystem.
The corporate restructuring of Adaro created separate listed exposures, including ADRO and AADI. Saratoga's 2024 report noted that AADI became publicly listed following the restructuring.
This gives SRTG exposure to:
Energy
Mining
Metallurgical coal
Mineral processing
Renewable energy
The benefit is diversification.
The risk is that commodity markets can be cyclical.
What U.S. Investors Should Like About SRTG
Based on the characteristics that tend to matter to value-oriented investors, SRTG has several appealing features.
1. Large discount to NAV
This is the strongest part of the thesis.
If NAV is IDR 60.3T and the market capitalization is substantially below that value, investors are effectively buying a diversified portfolio at a discount.
2. Strong portfolio diversification
SRTG is not dependent on one business.
Its portfolio spans mining, telecommunications infrastructure, healthcare, technology, logistics, automotive and renewable energy.
3. Lower leverage
Debt declined significantly in 2025.
4. NAV growth
NAV increased 11.7% in 2025.
5. Dividend income
Saratoga generated IDR 2.7T of dividend income during 2025.
6. Experienced investment management
Saratoga has operated for decades and has demonstrated an ability to invest in businesses and eventually monetize investments.
Its historical record includes investments associated with Adaro, TBIG and MDKA.
What Could Go Wrong?
A discounted stock is not automatically a bargain.
There are several important risks.
Risk #1: The NAV Discount May Never Close
This is probably the biggest risk.
Suppose NAV per share is IDR 4,434 but SRTG trades at IDR 1,770.
An investor might think:
"The stock is obviously worth IDR 4,434."
Not necessarily.
The market could continue valuing SRTG at 0.4x NAV for years.
This is known as a value trap risk.
Risk #2: NAV Can Fall
NAV is not a guaranteed cash value.
If major listed holdings decline sharply, SRTG's NAV can decline.
For example, a 20% decline in a major portfolio holding can have a meaningful effect on SRTG's asset value depending on the size of that investment.
Risk #3: Commodity Exposure
MDKA and other resource-related investments expose SRTG to commodity cycles.
Gold and copper prices can be favorable, but commodity businesses can also experience:
Cost inflation
Lower commodity prices
Production problems
Regulatory changes
Large capital expenditures
Project delays
Risk #4: Foreign-Exchange Risk
U.S. investors also have to deal with the Indonesian rupiah.
An American investor can make money on SRTG in IDR terms but receive a smaller USD return if the rupiah depreciates against the dollar.
This is an important difference between buying SRTG and buying a U.S.-listed stock.
Risk #5: Corporate Governance and Emerging-Market Risk
Indonesia offers attractive growth opportunities but also carries emerging-market risks.
Investors should monitor:
Related-party transactions
Minority shareholder treatment
Capital allocation
Regulatory changes
Political developments
Corporate governance
Disclosure quality
SRTG publishes extensive corporate governance and annual-report information, which is important for foreign investors conducting due diligence.
SRTG vs. a Traditional Operating Company
| Factor | SRTG | Typical Operating Company |
|---|---|---|
| Main source of value | Investment portfolio | Products/services |
| Earnings stability | Lower | Usually higher |
| NAV importance | Very high | Usually secondary |
| P/E usefulness | Limited | High |
| Portfolio diversification | High | Usually lower |
| Commodity exposure | Significant | Depends on company |
| Holding-company discount | Yes | Usually no |
| Dividend predictability | Moderate/variable | Depends on company |
| Balance-sheet leverage | Relatively conservative | Varies |
This is why investors should avoid evaluating SRTG solely using conventional P/E analysis.
My Financial Valuation Framework for SRTG
For a holding company, I would use a Sum-of-the-Parts (SOTP) framework rather than relying primarily on P/E.
A simplified model is:
SRTG Fair Value = Portfolio NAV – Holding Company Discount
If NAV per share is approximately IDR 4,434, we can construct several scenarios.
| Scenario | NAV Discount | Implied Value |
|---|---|---|
| Very conservative | 65% | ~IDR 1,552 |
| Conservative | 55% | ~IDR 1,995 |
| Base case | 45% | ~IDR 2,439 |
| Bull case | 30% | ~IDR 3,104 |
| Very bullish | 20% | ~IDR 3,547 |
These are illustrative valuation scenarios, not price targets.
The key question is not whether SRTG can reach 1.0x NAV.
The more realistic question is:
Can the company grow NAV while gradually reducing the market discount?
If the answer is yes, shareholder returns could come from two sources:
NAV growth
Discount narrowing
That combination can produce substantial long-term returns.
A Simple Investor Return Example
Suppose an investor buys SRTG at IDR 1,770.
Assume:
NAV/share = IDR 4,434
Current discount ≈ 60%
NAV grows 8% annually
Dividend yield averages around 5%
Holding-company discount eventually narrows from 60% to 45%
After five years:
NAV/share could theoretically grow to:
IDR 4,434 × 1.08⁵ ≈ IDR 6,510
At a 45% discount:
Estimated share value ≈ IDR 3,581
That would represent a substantial capital gain from IDR 1,770, before dividends.
However, this is a scenario analysis—not a forecast.
If NAV declines or the discount remains at 60%, returns could be dramatically lower.
What American Investors Are Likely to Ask
"Is SRTG a good stock?"
It can be attractive for investors who are comfortable with emerging markets and holding-company structures.
The strongest argument is the substantial discount to NAV combined with NAV growth and relatively low leverage.
But it is not a simple buy-and-hold dividend stock.
"Is SRTG undervalued?"
On a conventional price-to-NAV basis, it appears significantly discounted.
Using FY2025 NAV of approximately IDR 60.3T and approximately 13.6 billion shares produces an indicative NAV of roughly IDR 4,434 per share.
Compared with a market price around IDR 1,770, the discount is roughly 60%.
That is objectively large, although the discount exists for reasons.
"Does SRTG pay dividends?"
Yes.
For FY2025, the company announced IDR 103.3 per share. At IDR 1,770, that would represent an illustrative yield of approximately 5.8%.
"Is SRTG a mining stock?"
No.
It has meaningful exposure to mining through investments such as MDKA, but SRTG itself is an investment holding company with a diversified portfolio.
"Can Americans buy SRTG?"
Foreign investors can participate in Indonesian equities subject to the applicable Indonesian brokerage, custody, market-access, tax and regulatory requirements.
A U.S. investor should also consider currency conversion, withholding taxes, brokerage access and the practical implications of investing directly on the IDX.
Final Investment Verdict
SRTG Scorecard
| Category | Assessment |
|---|---|
| NAV valuation | ⭐⭐⭐⭐⭐ |
| Balance sheet | ⭐⭐⭐⭐⭐ |
| Portfolio diversification | ⭐⭐⭐⭐⭐ |
| NAV growth potential | ⭐⭐⭐⭐ |
| Dividend attractiveness | ⭐⭐⭐⭐ |
| Earnings predictability | ⭐⭐⭐ |
| Commodity risk | ⭐⭐⭐ |
| Holding-company discount risk | ⭐⭐⭐ |
| Emerging-market risk | ⭐⭐⭐ |
| Long-term value proposition | ⭐⭐⭐⭐ |
My conclusion
SRTG is one of the more interesting value-oriented investment holding companies in Indonesia, but the investment thesis is not simply "low P/E = cheap."
The stronger thesis is:
Buy a diversified portfolio of Indonesian businesses at a substantial discount to estimated NAV, provided you believe management can continue growing NAV and eventually unlock value.
The FY2025 numbers strengthen that argument.
NAV increased to approximately IDR 60.3 trillion, up 11.7% year over year, while net income more than doubled to approximately IDR 7.32 trillion. At the same time, liabilities and borrowings declined materially.
The biggest attraction is therefore the combination of:
Large NAV discount + NAV growth + strong balance sheet + diversified portfolio + dividend income.
The biggest weakness is:
There is no guarantee that the NAV discount will close.
For a U.S. value investor, I would therefore classify SRTG as a high-risk/high-potential emerging-market holding-company value play, rather than a conventional growth or dividend stock.
What I Would Monitor Before Buying SRTG
A disciplined investor should monitor these six numbers every quarter:
NAV per share
SRTG share price/NAV discount
MDKA and TBIG performance
Dividend and monetization cash flow
Net debt/NAV
Capital allocation and new investments
If NAV continues growing while the stock remains deeply discounted, the opportunity may become increasingly interesting.
If NAV falls while management increases leverage or invests aggressively in weak businesses, the discount may be justified.
That distinction is critical.
Primary and Credible References
For investors doing their own due diligence, the most important source is Saratoga's own investor-relations disclosure.
Saratoga 2025 Annual Report — primary company source for financial performance, NAV, portfolio and governance.
Saratoga 2025 Annual Report — Financial Performance — primary source for the IDR 60.3T NAV and IDR 2.7T dividend income figures.
Saratoga Portfolio and Investment Strategy — primary source describing the company's portfolio and investment approach.
Saratoga Corporate Governance — primary source for management and governance information.
OJK — Indonesia Financial Services Authority — regulatory source confirming SRTG's inclusion in the relevant Indonesian securities list.
SRTG FY2025 Financial Statements Data — financial-data report based on the company's FY2025 financial statements.
Important: This article is educational analysis, not individualized investment advice. SRTG is an Indonesian equity and carries market, currency, commodity, liquidity, governance and emerging-market risks. U.S. investors should verify current IDX filings, SRTG's latest NAV, share price, tax treatment and brokerage access before investing.
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David Mulyana is the founder and editor of WorldReview1989, an independent publication dedicated to finance, investing, insurance, business, technology, and digital marketing.
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