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■ Ancara Logistics Indonesia (ALII), the country’s largest listed tug and barge service provider by both market cap and fleet, is projected to experience significant average earnings growth of more than 65% in 2025-26F, up from 55% in FY24F, mainly due to volume expansions.
■ This year’s revenue is expected to rise +36.3% YoY to IDR 1.3tn, driven by higher barging at 6.7mn tons (+50.1% YoY) and loading/unloading volumes (+48.3% YoY), supported by higher barge fleet from 49 in 2024 to 57 in 2025F, before reaching 70 in 2026F.
■ In 2H25, ALII will also see volume growth stemming from plans to extend loading and unloading segment in a new port (Kotabangun), generating additional incomes.
■ One key advantage that ALII holds over its peers is long-term contracts with its two largest clients, APT and GPB. These two clients, we expect to account for 95% of ALII’s 2025F freight and loading/ unloading top line, have signed long-term contracts (25 years), aligned with expected lifetime of their mines.
■ We initiate coverage with a BUY and DCF-based TP of IDR 550, reflecting 44% upside potential.
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.
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