Indonesia’s third-largest company Dian Swastatika Sentosa is mainly a producer of coal — yet its valuation reflects the boundless optimism of a Silicon Valley start-up.
Shares in the miner are worth 135 times the company’s earnings, a valuation even the fastest-growing company would struggle to justify. Nvidia, whose AI chips have made it a stock market darling and pushed its market capitalisation to $4.6tn, has a price-to-earnings multiple of 38.
Dian Swastatika Sentosa is one of eight of the top 25 listed companies in Indonesia with P/E multiples of more than 100, according to an FT analysis. Many are linked to conglomerates controlled by Indonesia’s richest tycoons.
您已阅读10%（675字），剩余90%（5888字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。