Quick Note - AKR Corporindo (AKRA IJ) (Buy) - A proven track record of shareholder value creation

研报英文原文证据摘录

Quick Note - AKR Corporindo (AKRA IJ) (Buy) - A proven track record of shareholder value creation

Nomura Securities Malaysia Sdn Bhd

AKR Corporindo AKRA.JK AKRA IJ 29 June 2026

EQUITY: POWER & UTILITIES

RatingA proven track record of shareholder value creation Remains Buy

Target price IDR 1,700 RemainsQuick Note

Closing priceAKR Corporindo (AKRA) has demonstrated a strong track record of shareholder 25 June 2026 IDR 1,290

value growth, and we believe a runway for growth still exists. The group has

reinvented its growth drivers from chemicals trading to fuel distribution and logistics, then

to JIIPE (Java Integrated Industrial and Port Estate [unlisted]), and sees potential for Research Analysts

future growth in liquefied natural gas (LNG). AKRA’s net profit has recorded significant Indonesia Research Team

growth from around IDR17.5bn in 1994, and our estimate pegs its net profit at ~IDR2.7tn Ahmad Maghfur Usman - NSMin FY26F – which translates roughly into a 17% CAGR over three decades. ahmad.maghfurusman@nomura.com

The earnings compounding has flowed straight into shareholder returns: on a split- +603 2027 6892

adjusted basis the share price has risen from IDR18 as of end-2003 to the current level Onshore expertof IDR1,200, and with dividends the cumulative total shareholder return is ~119x as cash,

or ~183x if dividend was reinvested – about 26% p.a. over 22 years. Dividends have Jupriadi Tan (jupriadi.tan@verdhana.id)

compounded alongside profits, with payout now at ~80–85% and the stock yielding ~8%. and

We expect the next leg of growth to come from industrial estate, recurring income, and

David Tjahjadimid- to long-term growth in the LNG business, underpinning ~10% profit growth, and ~8%

(david.tjahjadi@verdhana.id),

yield. We maintain our Buy rating.