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

Operating for more than 30 years, AADI is a fully integrated coal mining business with

Coal AADI AADI JK AADI IJ Michael Wildon Edward Prima

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

We 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

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

Largely in line with our view (see Indonesia Nickel: Nickel ore drives downstream prices, 16 August 2024),

Metals Mining Michael Wildon Edward Prima

ANTM’s subsidiary, PT Gag Nikel (PTGN, unlisted), has announced a 30% stake acquisition of a Tsingshan-owned R

Metals Mining ANTM JK ANTM IJ Michael Wildon Edward Prima

HRUM has announced a strategic partnership with Eternal Tsingshan (ET, unlisted) to release up to 49% of its n

Coal HRUM JK HRUM IJ Michael Wildon Edward Prima

MDKA recorded 2Q24 earnings of USD3mn, below our/consensus estimates.

Basic Materials MDKA JK MDKA IJ Michael Wildon Ng Edward Prima

Brent Crude futures are back to USD81/bbl, recovering from a 13% decline in July.

Oil Gas Michael Wildon

All local nickel producers under our coverage posted significant margin recoveries following the rise in

Mining Nickel Michael Wildon Edward Prima

ANTM recorded a strong earnings recovery in 2Q24, with profits surging 450% q-q and 479% y-y.

Mining ANTM Michael Wildon Edward Prima

In our recent report, we mentioned that one of the main catalysts for MEDC is AMMN IJ (Not rated)s operational

MEDC JK MEDC IJ OIL GAS Michael Wildon