Temas Lestari Adds to Stake in TMAS with Sudden Share Purchase Amid Stagnant Price
Key Takeaways
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JAKARTA, Investortrust.id — Temas Lestari has increased its stake in PT Temas Tbk, or TMAS, after acquiring more than 4 million shares in early September 2025, even as the stock price has remained stagnant. The move strengthens the controlling shareholder’s position in the national shipping and logistics company.
According to a disclosure to the Indonesia Stock Exchange (IDX) this week, the company’s first purchase was made on Tuesday, Sept 2, 2025, involving 86,900 shares at Rp 132 per share. The following day, it added 4 million shares at Rp 134 per share.
Before the transaction, Temas Lestari held 47.73 billion shares, equal to 83.65% of the company’s total outstanding shares. With the latest purchase, its ownership has risen slightly to 83.66%.
Temas Lestari said the additional acquisition was part of a direct investment strategy to reinforce its majority control. Temas is ultimately controlled by the Kusuma family, which has long played a dominant role in the domestic shipping sector.
Earlier this year, on March 24, 2025, President Director Ricky Effendi announced that the company would distribute dividends of Rp 228.2 billion, or Rp 4 per share, from its 2024 net profit.
Financial performance showed resilience despite pressure on revenue. In the first half of 2025, Temas posted revenue of Rp 2.07 trillion, slightly down from Rp 2.10 trillion in the same period a year earlier.
Operating profit, however, climbed 14.4% to Rp 394.09 billion, supported by a sharp increase in gains from asset disposals, which surged from Rp 3.89 billion to Rp 80.79 billion.
Net profit also rose to Rp 314.07 billion, up from Rp 300.37 billion in the first half of 2024, while earnings per share remained steady at Rp 5.
Despite the improved profitability, TMAS shares have been largely flat, closing this week at Rp 138, little changed year to date.
Potential Downside
PT Temas Tbk (TMAS) is currently trading at Rp 138 per share, near the upper end of its 52-week range of Rp 115 to Rp 155. InvestingPro’s fair value models suggest an average valuation of Rp 128.43, implying a potential downside of around 6.9% from the current market price.
The valuation spread ranges from Rp 94.63 to Rp 143.01, with a low level of uncertainty, indicating relatively stable fundamentals within the marine transportation sector.
Despite being assessed as a prominent player in Indonesia’s shipping and stevedoring industry, TMAS shows mixed financial health indicators.
Its profitability is rated moderately strong, but growth health remains weak, suggesting challenges in sustaining earnings expansion. The company also trades at a high P/E ratio relative to near-term earnings growth, which raises concerns about overvaluation in the short term.
On the other hand, TMAS continues to benefit from its position in the marine transportation industry, and its stock price often moves independently of broader market trends, offering diversification potential.
While the stock is priced above the InvestingPro fair value average, investors may view its current valuation as reflecting market optimism toward its sectoral role and dividend potential, balanced against risks of slower earnings growth.
Source: InvestingPro. The data is current at the time of publication.
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