NDR feedback – Firing all growth engines Quick Note

Research evidence excerpt

NDR feedback – Firing all growth engines Quick Note

Nomura Securities Malaysia Sdn Bhd

AKR Corporindo AKRA.JK AKRA IJ 13 July 2026

EQUITY: POWER & UTILITIES

RatingNDR feedback – Firing all growth engines Remains Buy

Target price IDR 1,700 RemainsQuick Note

Closing priceWe attended AKRA NDR and met with foreign investors in Malaysia, Singapore and Hong 10 July 2026 IDR 1,320

Kong on 5–10 Jul. Investors’ reception to AKRA was constructive, even though their views

on the country were bearish. Investors' disinterest is Indonesia, not AKRA. Indeed, AKRA

has demonstrated strong record in the past six decades and its development growth is still Research Analysts

exciting considering its liquefied natural gas (LNG) business. AKRA’s commitment to Indonesia Research Teamshareholder includes: 1) an unchanged dividend policy; 2) will not ask shareholders for

Ahmad Maghfur Usman - NSMmoney (no rights issue or similar); and 3) will not put balance sheet at risk. We maintain ahmad.maghfurusman@nomura.com

our Buy rating on AKRA. +603 2027 6892

Constructive view in all meetings — concerns centred on Indonesia, not AKRA

Onshore expertMost of the meetings were met with questions regarding Indonesia, such as the

government’s policy direction and consistency, and Chinese foreign direct investment Jupriadi Tan (jupriadi.tan@verdhana.id)

(FDI) continuity, while company-specific queries included identifying when to buy stocks and

and prior-guidance disappointment. Investors were generally excited about AKRA’s

David Tjahjadibottom-up analysis, both in terms of growth and dividend yield, as underpinned by AKRA's

(david.tjahjadi@verdhana.id)

strong record of building businesses from scratch — chemical and petroleum distribution,