PT Daaz Bara Lestari Tbk (DAAZ) Stock Analysis 2026: Financial Performance, Valuation, Risks and Growth Outlook
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| PT Daaz Bara Lestari Tbk (DAAZ) |
PT Daaz Bara Lestari Tbk (DAAZ) Stock Analysis
Worldreview1989 - PT Daaz Bara Lestari Tbk (IDX: DAAZ) is one of Indonesia's newer publicly listed commodity companies, with exposure to coal, nickel, fuel trading, shipping and mining services.
For U.S. investors, DAAZ offers an interesting emerging-market commodity story: the company combines physical commodity trading with logistics and mining-related services rather than relying exclusively on ownership of mining reserves.
However, DAAZ should not be viewed simply as an Indonesian mining stock. Its earnings profile is also influenced by commodity prices, trading volumes, working-capital requirements, shipping activity, leverage and regulatory conditions.
The company completed its IPO in November 2024 at Rp880 per share, offering 300 million shares, equivalent to approximately 15.02% of its listed shares. (E-IPO)
As of September 9, 2026, market data showed DAAZ around Rp1,670, versus a 52-week range of approximately Rp1,350–Rp5,050. (Google)
That large price range illustrates one of the most important characteristics of DAAZ: the stock can be substantially more volatile than its underlying financial statements might suggest.
Important Ticker Correction: DAAZ vs. ITMA
Investors searching for this company should use DAAZ, not ITMA.
| Company | Ticker | Business |
|---|---|---|
| PT Daaz Bara Lestari Tbk | DAAZ | Commodity trading, shipping, mining services |
| PT Sumber Energi Andalan Tbk | ITMA | Energy/mining-related services |
The official e-IPO documentation identifies Daaz Bara Lestari with ticker DAAZ, while ITMA belongs to Sumber Energi Andalan. (E-IPO)
This distinction is particularly important for U.S. investors using international stock screeners because entering the wrong ticker can produce a completely different company and financial profile.
What Does Daaz Bara Lestari Do?
Daaz Bara Lestari was established in 2009 as a commodity trading company.
Its business has subsequently expanded into an integrated ecosystem covering:
Coal trading
Nickel ore trading
Fuel trading
Marine transportation
Shipping logistics
Mining services
Commodity supply-chain management
The company's IPO documentation describes its activities as wholesale trading of metals and ores, supported by subsidiaries involved in trading, marine transportation and mining services. (E-IPO)
The company's own investor-relations materials provide annual reports, financial statements, prospectuses and corporate disclosures, making them the preferred starting point for fundamental analysis. (Daaz Group)
2025 Financial Performance: Revenue Remained Strong, But Profit Fell
One of the most important findings from the 2025 financial statements is that revenue remained above Rp13 trillion, while net income declined substantially from 2024.
According to the FY2025 financial data:
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Revenue | ~Rp13.77T | Rp13.41T | Decline |
| Gross Profit | ~Rp1.03T | Rp902.3B | Decline |
| EBITDA | ~Rp984B | Rp801.1B | Decline |
| Net Profit | ~Rp455.4B | Rp263.7B | -42.1% |
| EPS | — | Rp132.06 | — |
The FY2025 results therefore show a company that continued generating significant sales but experienced pressure on profitability. (IPOT News)
This is an important distinction for investors.
Revenue growth alone does not make DAAZ attractive.
Investors need to monitor whether the company can translate its large trading volume into sustainable margins and free cash flow.
Profit Margin Analysis
Using FY2025 figures, DAAZ generated approximately:
Gross margin: 6.7%
EBITDA margin: 6.0%
Net margin: 2.0%
These are relatively thin margins compared with asset-light technology companies or high-margin consumer businesses.
However, thin margins are not necessarily unusual for commodity trading.
A commodity trader can generate billions of rupiah in revenue while earning only a small percentage as net profit.
The key question is therefore:
Can DAAZ maintain high transaction volumes while controlling financing, logistics and operating costs?
For investors, margin stability may be more important than headline revenue growth.
2026 First-Half Results Show Moderate Improvement
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| PT Daaz Bara Lestari Tbk |
The 2026 first-half results provide a more encouraging picture.
For the six months ended June 30, 2026, DAAZ reported:
Revenue: approximately Rp6.91 trillion
Net income: approximately Rp163.47 billion
EPS: approximately Rp81.86
Revenue increased from approximately Rp6.21 trillion in the comparable period, while net income increased from approximately Rp154.11 billion. (MarketScreener Australia)
That represents roughly:
Revenue growth: +11.3%
Net profit growth: +6.1%
This is positive, but the profit growth rate remains below revenue growth.
That suggests investors should continue watching margins carefully.
Balance Sheet and Leverage
DAAZ's balance sheet deserves significant attention because commodity trading is inherently working-capital intensive.
FY2025 data indicate approximately:
Cash: Rp841.9 billion
Total assets: Rp6.32 trillion
Total equity: Rp2.18 trillion
Short-term debt: Rp2.12 trillion
Long-term debt: Rp2.02 trillion
The resulting debt burden is significant relative to equity.
One reported FY2025 calculation places:
Debt/equity at approximately 1.90x
Debt/EBITDA at approximately 5.17x
EBITDA/interest expense at approximately 3.98x
From a conservative U.S. investor's perspective, this is probably one of the biggest fundamental concerns.
A company with high trading volume can require substantial financing because inventory and receivables consume working capital.
Therefore, investors should not evaluate DAAZ solely through P/E.
Cash flow and debt management are equally important.
PEFINDO Gives DAAZ an idA Rating
One positive signal comes from Indonesia's domestic credit-rating agency PEFINDO.
In May 2026, PEFINDO affirmed DAAZ's corporate rating at:
idA / Stable
PEFINDO cited factors including DAAZ's vertically integrated operations, financial profile and commodity demand.
At the same time, PEFINDO identified important constraints, particularly:
Commodity-price volatility
Regulatory risk
Potential weakening of cash-flow generation
Potential increases in debt
PEFINDO stated that a downgrade could occur if cash-flow generation materially weakens or if debt increases without a corresponding improvement in the company's business profile. (PEFINDO)
For investors, this is an important independent credit-quality reference.
DAAZ's Competitive Advantage: Vertical Integration
One of the more interesting aspects of the company is its vertically integrated model.
Instead of simply buying and selling commodities, DAAZ has exposure to multiple parts of the supply chain.
For example:
Commodity sourcing → Trading → Transportation → Logistics → Mining services
This potentially creates several advantages.
1. Better supply-chain control
The company can coordinate commodity movement with its own logistics capabilities.
2. Additional revenue streams
Shipping and mining services can generate revenue outside the core trading business.
3. Potential cost efficiencies
Vertical integration can reduce dependence on external service providers.
4. Better customer relationships
An integrated logistics and commodity platform can provide customers with a broader service offering.
PEFINDO specifically highlighted the company's vertically integrated operations in its 2026 rating assessment. (Petromindo)
Commodity Price Risk Is Still Significant
The biggest structural risk is that DAAZ operates within commodity markets.
Coal, nickel and fuel prices can change rapidly due to:
Chinese industrial demand
Global economic growth
Indonesian export policies
China commodity inventories
Steel production
Energy prices
Geopolitical developments
Shipping costs
Currency movements
Even when physical trading volumes remain stable, declining commodity prices can compress trading margins.
This is why DAAZ should be analyzed differently from a traditional defensive company.
Nickel and Indonesia's Battery Supply Chain
One potentially interesting long-term opportunity is DAAZ's participation in Indonesia's broader mineral and battery ecosystem.
Indonesia has become increasingly important to the global nickel and EV-battery supply chain.
DAAZ's business model gives it exposure to nickel trading and logistics.
The company has also been associated with an Indonesia battery ecosystem involving ANTAM, Indonesia Battery Corporation and international battery-related companies. Independent industry reporting has noted DAAZ's participation in an agreement involving EVE Energy, Huayou Cobalt, ANTAM and Indonesia Battery Corporation. (AfMA)
For investors, this should be viewed as an optionality story rather than guaranteed future earnings.
The battery opportunity could become important, but investors should wait for measurable revenue, EBITDA and cash-flow contributions before assigning a large valuation premium to the narrative.
Dividend Appeal
DAAZ has demonstrated a willingness to distribute earnings to shareholders.
The company approved a dividend of approximately Rp249.62 billion, representing around 55% of the relevant net profit distribution discussed for FY2024. (idnfinancials.com)
Market data in September 2026 indicated a dividend yield around 2.3%–2.4%, depending on the price used. (Google)
This is not a high-income stock by U.S. dividend-investor standards.
Instead, the dividend should be viewed as a supplement to a commodity-growth thesis, rather than the primary investment case.
What American Investors Might Like About DAAZ
There is no large body of verified U.S.-reader reviews specifically covering DAAZ, so it would be misleading to invent American customer or investor testimonials.
Instead, from the perspective of an American investor evaluating an emerging-market commodity stock, several characteristics could be attractive.
1. Exposure to Southeast Asian commodities
DAAZ provides exposure to Indonesia's commodity ecosystem without requiring investors to directly own a coal or nickel mine.
2. High revenue scale relative to market capitalization
The company generated more than Rp13 trillion of FY2025 revenue while its market capitalization in September 2026 was around Rp3.3 trillion based on market data. (Google)
3. Multiple business segments
The combination of trading, shipping and mining services reduces dependence on a single operational activity.
4. Potential battery-supply-chain upside
Indonesia's nickel and EV-battery ecosystem provides a potentially attractive long-term growth theme.
5. Credit-rating support
The idA Stable rating from PEFINDO provides an additional reference point when assessing the company's debt and credit quality. (PEFINDO)
What Could Concern American Investors?
The concerns are equally important.
1. High volatility
DAAZ's 52-week range has been approximately Rp1,350 to Rp5,050. (Google)
That is a very wide range.
A U.S. investor accustomed to large-cap stocks such as ExxonMobil, Chevron or Rio Tinto should recognize that DAAZ has a much smaller market capitalization and potentially much higher liquidity and volatility risk.
2. Thin net margins
FY2025 net margin was approximately 2%.
A relatively small deterioration in gross margin, financing costs or operating expenses can therefore have a disproportionate impact on net income.
3. Leverage
Debt relative to EBITDA is an important risk factor.
PEFINDO's own rating commentary emphasizes that materially higher debt or weaker cash-flow generation could pressure the credit profile. (Petromindo)
4. Commodity exposure
DAAZ remains exposed to commodity cycles.
An investor buying the stock during a strong commodity cycle should not automatically extrapolate those conditions indefinitely.
5. Market-structure risk
DAAZ has experienced substantial share-price volatility.
The Indonesia Stock Exchange previously issued an Unusual Market Activity (UMA) announcement for DAAZ in 2025. IDX emphasized that a UMA designation does not automatically mean a regulatory violation, but advised investors to examine company disclosures, corporate actions and possible risks carefully. (suit-baze)
For international investors, this is a reminder that liquidity and market structure can be just as important as fundamental valuation in smaller Indonesian stocks.
DAAZ Valuation
At around Rp1,670 per share in early September 2026, DAAZ's market capitalization was approximately Rp3.3 trillion. (Google)
Google Finance reported an EPS figure around Rp137 and a P/E ratio near 12x at that time. (Google)
That valuation is considerably more reasonable than the stock's valuation at its much higher price levels.
A simplified valuation framework can therefore be constructed:
| Scenario | Illustrative P/E | EPS assumption | Implied value |
|---|---|---|---|
| Bear | 8x | Rp120 | Rp960 |
| Base | 12x | Rp140 | Rp1,680 |
| Bull | 15x | Rp150 | Rp2,250 |
These are scenario calculations, not analyst price targets.
The biggest variable is whether DAAZ can maintain EPS around Rp130–Rp150 while managing leverage and commodity volatility.
DAAZ Bull Case
The bullish thesis would look like this:
Commodity demand remains strong → trading volumes increase → shipping utilization rises → mining services expand → margins stabilize → debt declines → EPS grows.
Under this scenario, investors could justify a higher valuation multiple.
The battery/mineral supply-chain opportunity could also add a long-term growth component.
If DAAZ eventually develops more stable recurring earnings from logistics and mining services, the market could potentially value the company at a higher multiple than a pure commodity trader.
DAAZ Bear Case
The bearish scenario is equally straightforward:
Commodity prices weaken → trading margins compress → working-capital requirements increase → interest expense rises → free cash flow deteriorates → leverage increases → valuation multiple contracts.
Because net margins are relatively thin, even a modest deterioration in operating conditions could significantly affect earnings.
This is why debt and cash flow should remain central to any DAAZ investment thesis.
DAAZ vs. Traditional U.S. Mining Stocks
For an American investor, DAAZ is not directly comparable with a company such as ExxonMobil or Freeport-McMoRan.
| Characteristic | DAAZ | Large U.S. Commodity Company |
|---|---|---|
| Market capitalization | Small | Large |
| Commodity exposure | High | High |
| Trading business | Significant | Varies |
| Shipping/logistics | Important | Varies |
| Earnings stability | Lower | Generally higher |
| Liquidity | Lower | Much higher |
| Emerging-market risk | High | Lower |
| Currency risk | High for U.S. investors | Lower |
| Growth potential | Potentially high | Moderate |
| Volatility | High | Generally lower |
The appropriate investor profile is therefore different.
DAAZ is more suitable for an investor who understands emerging markets, commodities and small-cap volatility.
Is DAAZ Stock a Buy in 2026?
My fundamental assessment would be:
DAAZ: SPECULATIVE HOLD / WATCHLIST
The reason is not that the business is weak.
Quite the opposite.
DAAZ has several attractive characteristics:
Large revenue base
Integrated commodity ecosystem
Exposure to coal and nickel
Shipping capabilities
Mining services
Potential battery-supply-chain exposure
Dividend distribution
idA Stable corporate rating
But there are also significant risks:
Thin net margins
High leverage relative to EBITDA
Commodity-price exposure
Working-capital requirements
Significant share-price volatility
Emerging-market liquidity risk
At approximately Rp1,670, the valuation looks considerably more interesting than it did at extreme price levels, but investors should demand evidence of sustainable earnings and cash-flow improvement before treating DAAZ as a core long-term holding. (Google)
Key Metrics Investors Should Monitor
For the next two to four quarters, investors should focus on these indicators:
Financial
Revenue growth
EBITDA margin
Net profit margin
Operating cash flow
Free cash flow
Net debt/EBITDA
Interest coverage
Receivables growth
Inventory growth
EPS
Business
Coal trading volume
Nickel trading volume
Fuel trading volume
Shipping utilization
Mining-services revenue
Battery/mineral projects
Capital expenditure
Market
Free float
Trading liquidity
Institutional ownership
Corporate actions
Regulatory disclosures
The company's official investor-relations site provides annual reports and periodic financial statements, including FY2025 and 1Q/2Q2026 reports. (Daaz Group)
Final Verdict
PT Daaz Bara Lestari Tbk is an interesting but high-risk Indonesian small-cap commodity stock.
The investment thesis is more sophisticated than simply betting on coal prices.
DAAZ combines:
commodity trading + nickel + fuel + shipping + mining services + potential mineral/battery supply-chain exposure.
Its FY2025 results, however, demonstrate why investors need to look beyond revenue. Revenue remained extremely large, but net profit fell to approximately Rp263.7 billion. (IPOT News)
The first half of 2026 showed some improvement, with revenue increasing to approximately Rp6.91 trillion and net income reaching approximately Rp163.5 billion. (MarketScreener Australia)
The company's idA Stable rating is another positive factor, although PEFINDO continues to highlight commodity and leverage risks. (PEFINDO)
For an American investor, DAAZ could therefore be considered a speculative emerging-market commodity position rather than a core portfolio holding.
The most compelling bull case is not simply higher coal prices. It is the possibility that DAAZ can transform its vertically integrated commodity, logistics and mining platform into more stable, higher-quality cash flows.
If that happens while leverage falls, the stock could deserve a higher valuation multiple.
If margins deteriorate and debt rises, however, the downside could be substantial.
Bottom line: DAAZ is worth monitoring, but investors should prioritize cash flow, leverage and sustainable EPS growth over short-term price momentum.
Primary & Authority Sources
Daaz Group – Investor Relations — annual reports, financial statements, prospectus and corporate disclosures. (Daaz Group)
Daaz Group – Financial Statements — FY2024, FY2025 and 2026 interim financial statements. (Daaz Group)
Indonesia Stock Exchange (IDX) – DAAZ — listed-company and market disclosures. (IDX)
e-IPO Indonesia – DAAZ Prospectus Information — IPO structure, business description and offering details. (E-IPO)
OJK – DAAZ as Sharia Security — regulatory confirmation. (OJK)
PEFINDO – DAAZ Rating Report — idA Stable corporate rating and credit-risk assessment. (PEFINDO)
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