[%Vvci%]: A bullion bank beneficiary
Jeremy - Bahana

Full report: [%FiYC%]

Yesterday, we hosted an investor call with Mr. Thendra Crisnanda, IR director of PT Hartadinata Abadi Tbk. Here are some key takeaways:

- HRTA partnered with Pegadaian and BRIS to leverage the bullion bank ecosystem, potentially adding 6 tons of gold bar sales annually. This could contribute up to 30% of HRTA’s consolidated revenue in FY25E and could help achieve the company's target of 50-60% top line growth in FY25E alongside with organic growth driven by stronger gold bar demand.

- HRTA is pursuing LBMA certification to enhance its competitiveness, allowing its gold bars to command higher prices and narrow the price gap with Antam. Due diligence is scheduled for April 2025, with certification expected by early 2026. Achieving this certification could strengthen HRTA’s market positioning and improve pricing power in the gold industry.

- HRTA’s gold-backed balance sheet provides financial flexibility and ensures a low cost of funds. Its outstanding IDR 1tn bond holds a Triple-A Corporate Guarantee rating and is guaranteed by CGIF, a trust fund of the Asian Development Bank. This strong financial position supports HRTA’s growth strategy and ability to expand its market presence.

$HRTA: A bullion bank beneficiary
Jeremy - Bahana

Full report: bit.ly/BahanaCA_HRTA

Yesterday, we hosted an investor call with Mr. Thendra Crisnanda, IR director of PT Hartadinata Abadi Tbk. Here are some key takeaways:

- HRTA partnered with Pegadaian and BRIS to leverage the bullion bank ecosystem, potentially adding 6 tons of gold bar sales annually. This could contribute up to 30% of HRTA’s consolidated revenue in FY25E and could help achieve the company's target of 50-60% top line growth in FY25E alongside with organic growth driven by stronger gold bar demand.

- HRTA is pursuing LBMA certification to enhance its competitiveness, allowing its gold bars to command higher prices and narrow the price gap with Antam. Due diligence is scheduled for April 2025, with certification expected by early 2026. Achieving this certification could strengthen HRTA’s market positioning and improve pricing power in the gold industry.

- HRTA’s gold-backed balance sheet provides financial flexibility and ensures a low cost of funds. Its outstanding IDR 1tn bond holds a Triple-A Corporate Guarantee rating and is guaranteed by CGIF, a trust fund of the Asian Development Bank. This strong financial position supports HRTA’s growth strategy and ability to expand its market presence.