AKR Corporindo: Receiving triple subsidized petroleum distribution allocation for year 2013 (AKRA, Rp5,800, Not Rated)
AKRA has just announced that it has just received triple quota allocation for year 2013 for distribution of Mogas gasoline RON 88 and diesel (solar) than previous year. The new allocation has been increased to 880,850 KL from 267,892 KL earlier.
On the other hand, AKRA also expands its distribution area to include cities in the province of North Sumatera, Lampung, DKI Jakarta, Yogyakarta, South Kalimantan, West Kalimantan, East Kalimantan, Banten, West Java, Central Java, East Java, Bali and South Sulawesi.
Comment: Contribution from distribution subsidized fuel to FY12 revenue is around 5%. With the higher allocation subsidized fuel, AKRA estimate that the contribution of distribution subsidized fuel to FY13F revenue would increase to 15% up to 20%. Distribution subsidized fuel generates profit margin around 4% up to 5%.
for Indonesia Market Summaries 4 June 2013
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