The Indonesian government recently announced a proposal to revamp the royalty schemes for natural resources.

METALS AND MINING Michael Wildon Ng Edward Prima

We like INCO for its vast nickel resources and extensive concession areas

METALS AND MINING INCO INCO JK INCO IJ Michael Wildon Ng Edward Prima

The government introduced the new HPM (index for metals) and HPB (index for coal)

COAL Michael Wildon Edward Prima

ARNA delivered 4Q24 revenue of IDR710bn (+1.4% q-q, +17.3% y-y), bringing FY24 revenue to IDR2.63tn (+8% y-y).

CONSTRUCTION MATERIALS ARNA ARNA JK ARNA IJ Michael Wildon Ng Edward Prima

ANTM's 4Q operational results indicate a strong FY24 earnings outlook, with projected earnings of >IDR3tn,

METALS AND MINING ANTM ANTM JK ANTM IJ Michael Wildon Ng Edward Prima

Rising global gold prices and the substantial progress on the Awak Mas Gold Project

COAL INDY INDY JK INDY IJ Michael Wildon Ng Edward Prima

AKRA’s share price has declined by -19% over the past three months,

POWER AND UTILITIES AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

We reduce FY24F/25F/26F earnings estimates by 20%/12%/5.1% as JIIPE (Java Integrated Industrial and Port Estat

POWER UTILITIES AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo

On 6 December, we were invited to visit Arwana Citramulia’s Plant 2 in West Java to observe and learn about AR

Construction Materials ARNA ARNA JK ARNA IJ

With the gap between crude palm oil (CPO) and crude oil widening, blending biodiesel into diesel has become ev

Agri-Related CPO Nicholas Goei

NCKL booked an outstanding 3Q result, with 9M24 earnings comprising 90% of our forecas

Metals Mining NCKL NCKL JK NCKL IJ Michael Wildon Edward Prima

As of Oct-24, the government introduced several regulations that will benefit the local ceramic industry,

Construction Materials ARNA ARNA JK ARNA IJ Michael Wildon Edward Prima Gerald Hugo

We hosted several investor meetings at our annual Verdhana-Nomura Conference on 7-8 Nov 2024. The companies in

Metals Mining Michael Wildon Edward Prima

The ceramic industry is currently benefiting from three significant tailwinds, in our view.

Construction Materials ARNA ARNA JK ARNA IJ Michael Wildon Edward Prima Gerald Hugo

Crude palm oil (CPO) prices have recently broken above USD1,000/ton this year,

Agri-Related TAPG TAPG JK TAPG IJ Nicholas Goei Sandy Ham