Adaro Minerals Indonesia (ADMR IJ) (Buy) - Soft performance as expected
MW EPOverall 1Q25 results were soft and behind our expectations...
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United Tractors (UNTR IJ) (Buy) - 1Q25 earnings miss due to one-off loss
MW EPUNTR booked 1Q25 earnings of IDR3.2tn...
ENGINEERING AND CONSTRUCTION UNTR UNTR JK UNTR IJ Michael Wildon Edward Prima
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Indonesia Commodity - Royalty scheme: Minor changes for non-coal resources
MWThe Indonesian government has officially...
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Indonesia Mining - Royalty proposal: Good for coal, bad for minerals
MW EPThe Indonesian government recently announced a proposal to revamp the royalty schemes for natural resources.
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Vale Indonesia (INCO IJ) (Buy) - Clearer picture: ore sales to drive financials
MW EPWe like INCO for its vast nickel resources and extensive concession areas
METALS AND MINING INCO INCO JK INCO IJ Michael Wildon Ng Edward Prima
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Indonesia Coal - New Pricing Regulation: Fair but concerning
MW EPThe government introduced the new HPM (index for metals) and HPB (index for coal)
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Arwana Citramulia (ARNA IJ) (Buy) - 4Q24 results: Solid finish
MW EPARNA 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
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Aneka Tambang (ANTM IJ) (Buy) - Strong operational numbers signal earnings beat
MW EPANTM'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
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Indika Energy (INDY IJ) (Buy) - Gold price drives Awak Mas valuation
MW EPRising global gold prices and the substantial progress on the Awak Mas Gold Project
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Adaro Andalan Indonesia PT (AADI IJ) (Buy) - Best in class
MW EPOperating for more than 30 years, AADI is a fully integrated coal mining business with
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Trimegah Bangun Persada (NCKL IJ) (Buy) - Superior performance
MW EPNCKL booked an outstanding 3Q result, with 9M24 earnings comprising 90% of our forecas
Metals Mining NCKL NCKL JK NCKL IJ Michael Wildon Edward Prima
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Indonesia Equity Strategy - Passing the Baton – Full takeaways
JT GH NS EW SH JW SC MW EP FJWe hosted Verdhana Indonesia Conference 2024 – Passing the Baton on 4-8 November 2024.
Equity Strategy Jupriadi Tan Gerald Hugo Nicholas Santoso Erwin Wijaya Sandy Ham Jody Wijaya Samuel Christian Michael Wildon Edward Prima Felix Justin
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Arwana Citramulia (ARNA IJ) (Buy) - Conference takeaways: Silver lining for the local ceramic industry
MW EP GHAs 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
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Indonesia Commodity - Verdhana Conference takeaways
MW EPWe hosted several investor meetings at our annual Verdhana-Nomura Conference on 7-8 Nov 2024. The companies in
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Arwana Citramulia (ARNA IJ) (Buy) - Setting the stage for a robust recovery
MW EP GHThe 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