XA Initiation Report | PT Buana Lintas Lautan Tbk. (BULL) — Unfurling The Sails After Headwinds

 

By Ezaridho Ibnutama (Head of Research) & Steven Willie

30-Jan-2026

 

 

 

We are initiating a rating at BUY with a TP of 800 due to the Company’s strategic network allowing it to grab higher yielding contracts from the global energy trade. With instability and geopolitical uncertainty, rate fluctuations may remain high for the medium-term that can push the Company’s preferred choice of spot contracts to increase revenues which we forecast to be 118.6% YoY in FY26F boosted by plans for acquisitions in additional fleets in 2026.

 

 

 

🔹 Raising The Sails, Waiting For The Winds To Start Blowing In The Right Direction :

• 9M25 Barely Buoying Above Water. 9M25 Revenue buoyed up only +4.6% YoY to USD 107.29 mn (~75% run-rate to our FY25F) due to slower-pace of oil and gas shipments from global logistical disruption due to logistical disruption in the Middle Easter particularly from the Iran-Israel conflict during.

 

 

• 2Q25. As a byproduct, 9M25 Gross Profits sunk -18.4% YoY to USD 27.19 mn, but bottom-line stayed sturdy with +1.3% YoY to USD 12.76 mn.

 

 

• 3Q25 Performance Surfacing After 2Q25 Dip Down. 3Q25 Revenue drifted up 48% YoY to USD 37 mn, and on a quarterly basis, resurfaced by 21.89% QoQ. While 3Q25 Gross Profit slipped 2.35% QoQ, 3Q25 Net Profit leapt by 110.86% QoQ to USD 4.66 mn.

 

 

• Forecasting Higher Wave of Revenue. While we maintained a modest 2.4% top-line growth for FY25F to USD 144 mn, we are of the opinion revenue will continue to surf up higher in 2026F as the company claims it has plans for both organic and inorganic growth—particularly in expanding its fleet capacity to accommodate increasing demand in LNG shipments.

 

 

 

🔹 Global Oil and Gas Tanker Logistics Industry :

• 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.

 

 

 

🔹 Domestic Oil and Gas Tanker Logistics Industry :

• 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.

 

 

• PLN To Electrify The Gas Sector. The electricity infrastructure State-Owned Entity (SOE) PLN has planned to procure 5 large Floating Storage Regasification Unit (FSRU) and an additional smaller LNG FSRUs and logistical clusters under its corporate plan for providing electrical power (RUPTL) for 2025—2034.

 

 

 

🔹 BUY Recommendation With a TP 800

• We are initiating a rating at BUY with a TP of 800 due to the Company’s strategic network allowing it to grab higher yielding contracts from the global energy trade. With instability and geopolitical uncertainty, rate fluctuations may remain high for the medium-term that can push the Company’s preferred choice of spot contracts to increase revenues which we forecast to be 118.6% YoY in FY26F boosted by plans for acquisitions in additional fleets in 2026. The Company is currently trading at 2.5x P/BV which is below peers’ average at 3.2x P/BV. We also favor the company because it has already formed an extensive backlog of spot orders that it claims to stretch for 3-4 months preventing utilization rate below 90% at a given period of time.

 

 

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