AKR Corporindo (AKRA.JK): Good Set of 2Q26 Amid Lower T&D Margin

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AKR Corporindo (AKRA.JK): Good Set of 2Q26 Amid Lower T&D Margin

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23 Jul 2026 12:11:03 ET │ 12 pages

AKR Corporindo (AKRA.JK)

Good Set of 2Q26 Amid Lower T&D Margin

CITI'S TAKE

Buy AKRA reported 2Q26 NPAT of Rp774bn (+18%QoQ/+26%YoY), a beat to

Citi's/Street's FY26E (54%/52%) on a seasonally slow quarter, supported Price (23 Jul 26 16:00) Rp1,410

by resilient petroleum and chemical trading, accelerating industrial estate Target price Rp1,600

monetization, and higher utilities contribution. Despite geopolitical Expected share price 13.5% disruptions around the Strait of Hormuz and ongoing retail fuel pricing return

pressure, which resulted in a -10%QoQ lower T&D GP (albeit +6%YoY), Expected dividend yield 7.1%

management maintained FY26 earnings growth guidance of "continuing Expected total return 20.6%

current phase," which has been enacted since 1Q26 against 7–10%

Market Cap Rp28,303,599M previously, reflecting continued strength in its core franchise and healthy

US$1,583M momentum entering 2H26. We believe AKRA’s vertically integrated

logistics network, diversified earnings base, and strong net cash balance

continue to differentiate during volatile market conditions. Longer term,

expansion into LNG infrastructure (FSRU and receiving terminal) and Ryan DavisAC

renewable power should further strengthen recurring earnings. Together +62-21-2924-9218

with disciplined capital allocation and attractive shareholder returns, we ryan1.davis@citi.com

continue to view AKRA as a preferred downstream infrastructure play.

Maintain Buy.

B2B Petroleum — Trading and distribution remained as a topical earnings driver,

with 2Q26 petroleum revenue rising 39%YoY, chemical revenue up 26%YoY, while

segment gross profit increased 6%YoY (but down -10%QoQ) despite a challenging