Research & Stock Picks

Economic Reports

05 November 2024

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HRUM: 3Q24 Results – SELL, SSI TP: IDR 1,100

SWOT Analysis of The Results (SSI: Below, Cons: Below)

Strength

Robust 3Q24 top-line growth on higher coal sales volumes (+2.8% QoQ) and the surge in nickel sales volumes to 17,623 tons (+27.0% QoQ) thanks to the company’s nickel commercialization efforts (52% of total revenue)

Weakness

3Q24 production costs rose to USD 296 million (+17.6% QoQ) due to nickel smelter commissioning; this, along with lower ASPs (nickel: -4.1% QoQ; coal: -0.3% QoQ), led to a decline in GPM to 20.6% (-320 bps QoQ)

Opportunity

Coal demand may see moderate rise in the upcoming quarter due to winter restocking and Chinese New Year; market underperformance throughout offers investors buying opportunities

Threat

The growing shift toward LFP batteries in EV market is likely to pressure demand for nickel-based batteries; weak results could lead to further market underperformance

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TR_HRUM 3Q24

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TR_HRUM 3Q24

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