CONRAD ASIA ENERGY LIMITED (CRD)
Share Price Analysis and Chart

13/03/2025

1

Speculative Buy

$1.60

113.33%

The Indonesian ministry has directed PT PLN Engi Primer Indonesia to finalise a gas sales agreement with Conrad Asia Energy for 100% offtake of Mako gas into the domestic market.

Bell Potter highlights this is a better deal for Conrad than the previous gas sales agreements, making a pathway to a final investment decision (mid-2025) easier.

The broker also notes Indonesia's focus on securing domestic gas bodes well for demand and Conrad's broader portfolio.

The broker cut target price to $1.60 from $1.90 pm on delays to final investment decision and development timing. Speculative Buy rating remains.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -3.52 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -6.43 cents.

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13/03/2025

1

Overweight

$1.52

102.67%

Conrad Asia Energy announced the Indonesian Energy Ministry directed all Mako gas be made available for the domestic market via retailer PT PLN Energi Primer. 

Wilsons didn't anticipate this development but notes the terms are favourable for Conrad and in line with the existing gas sales agreements which will now be terminated.

Looking forward, the broker believes a sell-down is imminent but its current model assumes a US$20m raising in 1H25 in case debt or sell-down doesn't materialise.

Target price is $1.52 and rating remains Overweight.

FORECAST
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.90 cents.
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -16.39 cents.