XA Initiation Report | PT Soechi Lines Tbk. (SOCI) — Fueling Up, Bulking Up
By Ezaridho Ibnutama (Head of Research) & Graceline Melinda (Associate)
13-Feb-2026
We are initiating a rating at BUY with a TP of 1,110 due to the company’s structurally resilient domestic tanker market, anchored by over 45 years of operating experience in Indonesia and underpinned by the country’s archipelagic geography and energy distribution demand.
🔹 Steering The Rudder Into The Right Direction
• 3Q25 Annual Underperformance, Quarterly Recover. 3Q25 Revenue sunk down -1.7% YoY to USD 41.8 mn, but regained buoyancy with a 19.3% QoQ lift due to entrenched domestic demand, enabling Soechi to navigate near-term performance fluctuations while maintaining a solid operational footing in Indonesia’s market.
• 9M25 Anchored Down In 1H25. Revenue floundered with -2% YoY to USD 118 mn (9M24: USD 120 mn). The main driver stems from the ship time charter segment which brings aboard 78% of the revenue, followed by the shipyard segment which soaks up about 13% of the revenue on 9M25.
🔹 Economic Gains Arising from Geopolitical Inefficiencies
• Re-Routes From Wars. Due to the conflicts throughout 2025 in primary chokepoints for oil and gas logistics routes (Russia-Ukraine, USA-Venezuela, Israel-Iran), there has been re-routing of tankers from those regional zones to avoid the tankers’ seizures. As of 15-Jan-2026 during Trump’s second term, the U.S. has seized its sixth Venezuelan oil tanker in the Caribbean Sea to halt its oil exports.
• The Rise Of The Dark Fleet. The seizures are linked to the U.S. government crackdown on a fleet of more than 1,000 tankers carrying sanctioned Venezuelan oil – known as the ‘Dark Fleet’ (DF). DF vessels are characterized by 4 main features : (1) 15 years or older; (2) Obfuscated ownership; (3) Engaging in sanctioned Oil Trade; and (4) Engaged in deceptive practices. DF vessels most frequently originate from Russia, Venezuela, and Iran.
🔹 Profiting From Inefficiency Caused By Geo-Political Factors
• Pulling Up LNG Production. Indonesia’s LNG production is aimed to increase above 40 million CBM as there are plans for new LNG production facilities in the project pipeline to be completed and current facilities to have higher production capacity with expansions.
• LNG Usage Shooting Up, Doubling Down On Energy Logistics. On the demand front, LNG is anticipated to utilize 15 million CBM in 2025, and LNG vessels for domestic transportation has almost doubled in the past three years
🔹 Indonesia’s Maritime Crucial Point, Repairing The Engines To Rev Up
• Multifaceted Industry Situated In Calmer Waters. There are two types of shipyards : Shipbuilding and Ship repair. In Indonesia, there are approx. 250 shipyard companies with a new ship production capacity of 1 mn DWT and with ship repair capacity of 12 mn DWT. For shipyard facilities, new building can accommodate at most 50,000 DWT, and ship repair at most 300,000 DWT (Graving Dock). Indonesia’s domestic shipyards have a capacity and capability to build various types of ships reaching 50,000 DWT.
• Locations Concentrated Within Batam and Java. While shipyards are scattered across Indonesia, a majority are concentrated in Batam and in Java, and almost 80% of domestic shipyards have been categorized as small and medium shipyard; production capacity for small-and-medium shipyards range between 50 DWT to 5,000 DWT.
• Government Policy Set to Reignite Indonesia’s Domestic Shipyard Industry. Indonesia’s domestic shipyard industry is a strategic manufacturing anchor for an archipelagic nation, yet capacity remains underutilized as aging second-hand vessel imports crowd out local orders. Finance Minister Purbaya Yudhi Sadewa noted that this persists despite 2,491 domestic vessels over 25 years old requiring renewal. To lift utilization, the government is preparing zero import duties on ship components, incentives for new builds at local shipyards, and 15–30 year financing, measures expected to strengthen the maritime supply chain
🔹 BUY Recommendation With a TP 1,110
• We are initiating a rating at BUY with a TP of 1,110, We initiate coverage with a BUY rating and a target price of 1,110, anchored by improving shipping industry tailwinds in 2026-2027. Maintaining a utilization rate of above 80%, our forecasted increase in top-line for FY26 (26.4% YoY) is supported by global geopolitical uncertainties raising the oil and gas route logistical rates across the globe. It is currently trading at 16.70x P/E which is lower than its peer average of 44.75x P/E. We also favor the stock because it boasts a hefty fleet of 30 oil tankers.
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NH Korindo Sekuritas Indonesia berizin dan diawasi Otoritas Jasa Keuangan (OJK). Untuk informasi lebih lanjut, anda dapat menghubuni CS kami via email CSO@nhsec.co.id
