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Strength
Despite La Niña challenges, 2Q24 production remained robust at 11.5 million tons (+58% QoQ), while stripping ratio fell to 5.8x (-8% YoY); strong 1H24 sales volume of 20.1 million tons (+15% YoY), driven by coal sales through trucking (capacity: up to 350k tons/month) and entry into new export markets
Weakness
2Q24 earnings plummeted to IDR 1,2 trillion (-23% YoY), with EBIT margin of 16.1% (-290 bps YoY), attributable to lower ASP (IDR 1,0
million/ton, -20.3% YoY) and lower cash margin of IDR 296k/ton (-21,8% YoY) caused by shipping issues; 75,8% YoY lower interest
income in 2Q24 amounting to IDR 54 billion
Opportunity
The construction of 158 km-long Keramasan Railway Project (expected commencement: 2Q25), is estimated to increase coal production capacity by 20 million tpa (+60%)
Threat
The ongoing global shipping shortage, driven by high demand for containers, could adversely affect coal export costs (42% of rev);
2H24 ICI-3 coal price is unlikely to improve, pressuring cash margins and earnings
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.
