Kiwoom Research | Equity Update - 12 August 2026 PT AKR Corporindo Tbk (AKRA) Robust 1H26 Performance Drives Earnings and Target Price Upgrade Key Takeaways - Stronger Earnings Realization. 1H26 net profit reached 59% of FY25 earnings, exceeding the historical 40-48% range and indicating stronger profitability momentum. - Estimate Upgrade. We raise our FY26 revenue forecast by 23.1% to IDR 60.9tn and net profit forecast by 20.9% to IDR 3.14tn (EPS: IDR 156/share) on stronger operational performance. - Higher Oil Prices Support Outlook. Firmer oil prices and solid execution provide additional earnings upside potential for 2H26 and FY26. Recommendation “Buy” Based on a blended valuation approach (P/E and DCF) and improved earnings outlook, we raise our 12-month target price for AKRA to IDR 1,700/share (previously IDR 1,565). This valuation implies 2026F multiples of 10.88x P/E, 2.08x P/BV, and 7.44x EV/EBITDA. At the current share price of IDR 1,395, AKRA is trading at an estimated P/E of 8.9x (vs. peer avg. of 58x and 5Y avg. of 12.2x) and an estimated P/BV of 1.7x (vs. peer avg. of 1.9x and 5Y avg. of 2.32x). Key downside risks include commodity price volatility, rising competition, industrial reliance, regulatory changes, logistical disruptions, FX volatility, and ESG/energy transition pressures. Sukarno Alatas Equity research KIWOOM SEKURITAS INDONESIA