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Company Reports

04 November 2024

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PTBA: 3Q24 Results – BUY, SSI TP: IDR 3,200

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

Strength

In 3Q24, PTBA reported positive growth in both production (to 13.1mn tons; +23.0% QoQ, +8.2% YoY) and sales volumes (to 9.6mn tons; +7.0% QoQ, +16.5% YoY), boosting revenue to IDR 11tn (+7.6% QoQ, +24.0% YoY)

Weakness

EBITDA faced pressure in 3Q24, primarily due to the increase in OB removal to 86 Mt (+28.5% QoQ, +20.5% YoY), which raised stripping ratio to 6.1x; FX loss of IDR -236.1bn stemming from USD cash  applied additional  pressure on earnings

Opportunity

A boost in future earnings from the implementation of coal MIP scheme which favours coal players with high domestic sales, like PTBA; recent market underperformance provides investors with buying opportunities

Threat

China’s robust domestic supply, increased availability of alternative power sources, and decreased power consumption for air conditioning in India during the rainy season, could weaken overall coal demand

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