Company Update

23 September 2022

AKRA IJ - MNC Sekuritas Equity Report September 23, 2022

Solid Performance Growth with Commodities Rally
Key Takeaways
• AKRA booked an impressive increase of revenue to IDR22.1 tn in 1H22 (+106.5% YoY) with the main contributor being trading and distribution segment, which was reported at IDR21.1 tn (+119.4% YoY) and contributed 95% of AKRA's total revenue.
• Petroleum sales were reported to increase by +120.6% YoY to IDR16.9 tn with ASP recorded at >IDR12,500/L.
• AKRA booked a rise in the basic chemical sales of IDR4.3 tn (+114.7% YoY) with a stable chemical volume of >1 mn MT since 8M21.
• The company booked a gross profit of IDR1.6 tn (+48.1% YoY), making the gross profit margin to be 7.3% (vs 10.2% in 1H21).
• AKRA also recorded a rise of net income by +73.6% YoY to IDR955 bn, translating to net profit margin of 4.3%.
• AKRA also targeted 40-45 Ha land sales in JIIPE by FY22E.
• Leasing 185 Ha of land in JIIPE, PT Freeport Indonesia planned to finish its biggest copper smelter construction with its commissioning date set to be at FY24F.
• We recommend HOLD with target price of IDR1,550 (+9.2% upside), implying FY22E EV/EBITDA of 10.3x.
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