XA Update Report | PT Soechi Lines Tbk. (SOCI) — Improved Profitability Through Efficiencies, Climbing Spot Contract Contribution
By Ezaridho Ibnutama (Head of Research) & Graceline Melinda (Associate)
26-Feb-2026
We are maintaining our rating at BUY with a TP of 1,110. While the company’s NP did show a dent, it was mainly due to a one-time sale of its FA. We are of the opinion the company has actually become more efficient as our adjusted NPM stood at 14.78% vs 11.55% in FY24.
🔹 Dipping In FY25:
• FY25 Charter Contracts And Shipyard Revenue Slightly Below Water, Only Spot Jumping Out. FY25 Charter contract revenue decreased -10.08% YoY to USD 115.14, and FY25 Shipyard segment anchored down -7.98% YoY to USD 19.37 mn. However, FY25 Spot contracts is the only segment jumping out by 25.93% YoY to have USD 20.41 mn. Others segment faced a major leak with a -60.8% YoY to USD 44,808. Overall FY25 revenue dipped down -6.23% to USD 155.32 mn.
• FY25 Spot Contract Segment Slipped To Second Biggest Contributor. While FY25 charter contract still holds the crown for highest contributor with 74.3%, FY25 spot contract contributed 13.17% which is higher than 9.80% in FY24; it leapt in front of the Shipyard segment contributing slightly lower at 12.50% (vs 12.72% in FY24). Others segment has sunk further to 0.03% in FY25 (vs 0.07% in FY24).
• Falling Pertamina Revenue. Revenue from Pertamina Charter Contract fell by -32.7% YoY to IDR 61.5 mn. Pertamina contribution to SOCI’s FY25 revenue stood at 39.63% (vs 55.21% in FY24).
🔹 Declining Expenses, But Lower NP From Loss on FA Sale
• Cost of Revenue Declined, GPM Thickened. The Company’s FY25 GPM climbed higher to 26.54% vs. 25.28% in FY24. The increased efficiency is due to a -7.81% YoY lower Cost of Revenue to USD 114.1 mn. Aside from FY25 Vessel Operational expenses shrunk -13.83% to USD 49.6 mn, FY25 vessel rental expenses dropped -71.72% to USD 2.38 mn. Others expenses segment also had no contribution (Previously stood at USD 41,020 in FY24).
• Raising The Sails For Operational Efficiency. SOCI’s FY25 OPM raised up to 19.3% (from 18.49% in FY24) as operational expenses had a minor slump of -0.12% to IDR 11.24 mn. Employee Benefits posted the largest slip by 85.3% to USD 40,817 followed by Donations (-85.30% YoY). Depreciation only nudged down by – 3.72% to USD 1.22 mn.
• FY25 Net Profit Dented From Fixed Asset Sale. FY25 Net Profit got cut in half (50.24% YoY) to USD 9.52 mn. FY25 NPM was squeezed to 6.13% (vs 11.55% in FY24). This negative downturn is rooted in an irregular sale of the company’s Fixed Asset (FA). Disposals of FA turned from a positive USD 1.45 mn in FY24 into a loss of USD -7.64 mn in FY25. Based on our assumptions adjusting to discount the FA sale, our adjusted FY25 Net Profit reaches ~22.96 mn (+20% YoY) with our adjusted NPM of 14.78%.
🔹 Missed NHKSI Targets, No Forecast Adjustments For FY26F
• Drowning Below Our Targets. FY25 revenue was -14.9% below our last FY25 estimates at USD 181 mn. While the posted FY25 NP deviated as much as -61.9% from our FY25 estimate, our adj. NP indicated only slight deviation by -8.16%. Currently, we are not adjusting our FY26F numbers.
🔹 Missed NHKSI Targets, No Forecast Adjustments For FY26F
• Drowning Below Our Targets. FY25 revenue was -14.9% below our last FY25 estimates at USD 181 mn. While the posted FY25 NP deviated as much as -61.9% from our FY25 estimate, our adj. NP indicated only slight deviation by -8.16%. Currently, we are not adjusting our FY26F numbers.
🔹 VLCC Rate At A Six-Year-High Spurred On By Geopolitical Tension
• VLCC Rate At An Uptrend From US-Iran Conflict. With Iran holding the critical oil and gas logistics global chokepoint of the Strait of Hormuz, the daily rate of for Very Large Crude Carrier (VLCC) surged ahead to USD 170,000—a near 300% YTD. While the US and Iran are hammering out a bilateral deal to calm tensions, US military warships have been sent near the coast of Iran and ready.
🔹 Maintaining a BUY recommendation with a TP 1,110
• We are maintaining our rating at BUY with a TP of 1,110. While the company’s NP did show a dent, it was mainly due to a one-time sale of its FA. We are of the opinion the company has actually become more efficient as our adjusted NPM stood at 14.78% vs 11.55% in FY24. While SOCI is currently trading at its reported 38.31x P/E, our adjusted P/E stands at 12.55x–below its +1 std. deviation. On top of increased efficiency, we also favor the stock due to its long-standing experience in the Shipyard business which we forecast to show healthy growth in FY26 from the governmentincentive programs.
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