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Strength
Robust 3Q24 earnings performance at the operating level driven by solid top-line and margins on the back of higher ASP (+c.15% YoY) due to higher gas prices (tracking oil movements) coupled with lower sales under HGBT price scheme
Weakness
3Q24 GPM contracted to 18.4% (-360 bps QoQ, +130 bps YoY) on lower gas spread of USD 1.5/mmbtu (-4.7% QoQ, +2.4% YoY), which we attribute to increased sales under HGBT price cap at USD 4-5/mmbtu
Opportunity
LNG trading (9M24: 57 bbtud) should boost PGAS’ revenue growth, supported by 5-year extension of its MSA contracts cargo operation expansions; Management guided for >10% FY25F LNG trading revenue growth; our earnings upgrades to buoy sentiment
Threat
Expansion of HGBT price scheme recipient from 11 to 13, along with Jargas project initiation (88% completion as of 9M24 is set to launch in 1Q25 with zero-spread yield), to exert further margin pressures; possible profit taking on strong YTD market outperformance
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.
