Medco Energi Internasional (MEDC IJ) (Buy) - An improved production profile ahead
MW EPMEDC recorded 1Q25 earnings of USD18mn (-81% q-q, -76% y-y)...
OIL AND GAS CHEMICALS ASIA MEDC MEDC JK MEDC IJ Michael Wildon Edward Prima
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Aneka Tambang (ANTM IJ) (Buy) - Upgrade earnings following impressive results
MW EPANTM booked strong 1Q25 earnings of IDR2.1tn...
METALS AND MINING ANTM ANTM JK ANTM IJ Michael Wildon Edward Prima
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Indika Energy (INDY IJ) (Buy) - Margin improvement due to lower stripping ratio
MW EPINDY booked 1Q25 earnings of USD3mn (-85% y-y)...
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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 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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Arwana Citramulia (ARNA IJ) (Buy) - Site visit to ARNA: A clearer path ahead
MW EPOn 6 December, we were invited to visit Arwana Citramulia’s Plant 2 in West Java to observe and learn about AR
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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 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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Commodity Outlook - Indonesia 3Q24F nickel preview
MW EPLargely in line with our view (see Indonesia Nickel: Nickel ore drives downstream prices, 16 August 2024),