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*Prime beneficiary of spiking charter rates on geopolitical war disruptions.* Amid the Iran war, BULL, with no exposure to Hormuz, is well-positioned to benefit from rising charter rates, as spot freight accounts for 98% of its oil vessel revenues. This drives 2026F EBITDA up 269% YoY to USD 179mn, with a 688% YoY increase in bottom-line growth. Aframax charter rates surged to USD 105K (+222% YoY) in Feb-26, helping total revenues reach USD 434mn (+193% YoY), boosted by USD 51mn from new LNG business.
*USD 125mn vessel capex & potential strategic investor as growth catalysts.* BULL is expanding its fleet from 9 oil and gas ships to 5 LNG vessels by 2026F, securing 1 LNG vessel in Dec-25 and another in 1Q26, with plans to add 3 more in 2H26F. The company is also in discussions to secure a strategic investor through a rights issue and plans to appoint a new independent commissioner affiliated with the Sinarmas Group. Simultaneously, Sinarmas is expanding into global LNG shipping with a potential acquisition of Hyundai LNG Shipping (HLS), which operates 12 LNG carriers and 6 LPG carriers.
*Initiate with BUY and 43% upside to TP on cheapest EV/EBITDA in the sector.* We initiate coverage on BULL with a BUY rating and TP of IDR 700, implying 43% upside, driven by higher freight rates and LNG expansion. BULL’s 2026F EV/EBITDA of 4.0x reflects a 20% discount to larger tankers. Upside risks include balance sheet improvements, while key risks are lower freight rates, higher costs from the Iran war, and slower LNG expansion.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
