XA Update Report | Petrosea Tbk. (PTRO) – Expanding Into New Horizons

 

 

By Axell Ebenhaezer (Senior Analyst) & Kevin Pratama (Research associate)

11-May-2026

 

 

PTRO reported strong financial figures across the board in 3M26, with revenue jumping 84% YoY to USD 284.1 M while bottom line improved by 51% to USD 1.4 M. The Mining segment remains the biggest contributor to revenue at USD 154.4 M, followed closely by Engineering & Construction at USD 106.4 M. Aggressive expansion in these two sectors, alongside venturing into offshore oil & gas EPC, are the main drivers behind the company’s explosive growth.

 

 

 

🔹 New contracts to boost earnings

 

• PTRO is actively expanding its operations by acquiring new contracts and assets across all business segments.

 

 

• This includes the massive EPC contract with Aster which was announced in December, with a contract value of over USD 29 M.

 

 

• The company also announced an agreement with INPEX Masela to develop a strategic onshore gas & LNG project in Maluku, forming a consortium with Nindya Karya and ETI. PTRO owns a 36% participation in the consortium, with total project value standing at IDR 989 B and a contract duration of 36 months.

 

 

• These contracts, alongside those already in the company’s backlog, provides clarity on future company revenue and further bolster the company’s position in the mining service and EPC sectors.

 

 

 

🔹 Investment in Tolu Minerals expands revenue stream

 

• PTRO announced an AUD 23.75 M investment in Tolu Minerals Limited via convertible notes in April 2026.

 

 

• Tolu Minerals owns the Tolukuma gold mine in the Goilala District of Papua New Guinea, providing PTRO with further exposure to both the PNG and the gold mining market.

 

 

• We see PTRO securing mining services and EPC contracts with Tolu for both their Tolukuma mine as well as their other exploration projects in PNG.

 

 

• This is part of the company’s strategic focus towards expanding into gold mining in PNG, which was first signaled last year with the acquisition of HBS, itself in-line with PTRO’s overall view of international projects being its avenue for growth.

 

 

• We expect the gold mining segment, which we see has untapped upside in PNG, to be a key catalyst for PTRO’s top line growth down the line.

 

 

 

🔹 BUY recommendation with a TP of IDR 8,000

 

• We give PTRO a BUY rating with a TP of IDR 8,000. This implies a future PE of 69.8x, EV/EBITDA of 20.6x, and PBV of 12.9x. Our target reflects further future revenue inflection from new projects as well as expansion into new business segments. Potential inclusion into MSCI big cap down the line is also factored into our price outlook. However, potential changes in domestic mining regulations remain a big risk factor for the company, with RKAB cuts and tax hikes potentially discouraging investments in new mining projects.

 

 

• Risks: 1) Regulatory Risks 2) Execution delays 3) Weather

 

 

 

Download full report HERE.

 

 

 

 

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