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Strength
Robust 1H24 revenue growth driven by gas transmission revenue of USD 134 million (+10.8% YoY) and LNG trading revenue of USD 94 million; NPM increased to 10.1% (+200 bps YoY) due to higher GPM of 22.1% (+150 bps YoY), attributable to lower gas cost of USD 5.3/mmbtu (-5% YoY)
Weakness
Increased HGBT gas sales led to lower 2Q24 gas trading ASP of USD 7.5/mmbtu (+5.5% YoY, -6.2% QoQ), resulting in QoQ revenue decline; 2Q24 G&A expenses surged to USD 74.9 million (+65.8% QoQ), causing EBIT margin to fall to 14% (-380 bps QoQ)
Opportunity
LNG trading is expected to boost PGAS’ revenue growth, driven by 5-year extension of its LNG MSA contracts and the expansion of cargo operations; favorable gas purchase agreements with MEDC are expected to lower costs in upcoming quarters
Threat
The expansion of PGAS' HGBT gas distribution scope to 13 industries (up from 11) is projected to generate zero margins, which could negatively impact earnings; 2Q relatively weak result may cause further market underperformance
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.
