PTRO Gold Mining Expansion Becomes New Growth Catalyst, Here’s the Recommendation
The performance outlook of PT Petrosea Tbk (PTRO) is projected to remain promising throughout 2026 as the company accelerates its business expansion into the gold mining sector in Papua New Guinea.
This strategic move marks PTRO’s commodity diversification beyond its long-established strength in coal mining services. Earlier, the company completed a binding offer transaction with Tolu Minerals Limited on April 20, 2026.
Through the deal, Petrosea secured a convertible note worth AU$23.75 million, opening opportunities for operational collaboration in the gold mining industry.
Kiwoom Sekuritas Senior Equity Research Analyst Sukarno Alatas stated that the expansion into gold mining represents a positive strategy to broaden the company’s revenue streams while reducing dependence on the coal business.
“This diversification is considered favorable because gold offers attractive long-term prospects amid elevated global commodity prices,” Sukarno said on Wednesday (May 13, 2026).
Based on the company’s financial report, PTRO posted revenue of US$284.13 million in the first quarter of 2026, surging 84.24% year-on-year (YoY) compared to US$154.22 million recorded in the same period last year.
Meanwhile, the company booked net profit attributable to parent entity owners of US$1.39 million, up 50.54% YoY from US$920,000 previously.
According to Sukarno, PTRO’s performance this year still has strong growth potential, supported by a solid contract backlog, contributions from new projects, and the gradual expansion of its non-coal businesses.
Beyond the gold mining expansion, the analyst sees continued growth in mining services activity and the possibility of securing additional contracts as key catalysts for PTRO throughout 2026.
In addition, contributions from engineering, procurement, and construction (EPC) projects, along with infrastructure developments, are expected to support the company’s revenue growth this year.
“From a macro perspective, relatively stable coal prices, strong gold price trends, and increasing spending in the national energy and downstream sectors remain positive sentiments for the company,” he explained.
However, Sukarno reminded investors to remain cautious of several risks, including commodity price volatility, rising operational costs, and potential global economic slowdowns that could affect the mining sector’s performance.
Fundamentally, PTRO shares are still viewed as attractive, backed by business expansion initiatives and strong revenue visibility.
Therefore, Kiwoom Sekuritas maintains a buy recommendation for PTRO shares with a target price of Rp8,325 per share.