Aneka Tambang (ANTM IJ) (Buy) - Gold margin recovery with nickel ore momentum
MW NSANTM’s 1H26 revenue/net profit (NP) were...
METALS AND MINING Aneka Tambang ANTM ANTM JK ANTM IJ Michael Wildon Ng Nizam Syafik
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Indonesia CPO - De-risked and re-rated
SH SC JW NYWe maintain our bullish forecasts on the CPO sector...
AGRI-RELATED Indonesia CPO Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Indonesia Oil and Gas - Upside risk to crude oil from sudden surge in China demand
MW NSWe hold a constructive view on the Indonesia oil & gas sector...
OIL AND GAS OR CHEMICALS Indonesia Oil and Gas Michael Wildon Ng Nizam Syafik
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Merdeka Gold Resources (EMAS IJ) (Buy) - On the ground at Asia-Pacific's next large-scale gold mine
MW NSOn 3 August 2026, we visited PT Merdeka Gold Resources’ (EMAS)...
METALS AND MINING Merdeka Gold Resources EMAS EMAS JK EMAS IJ Michael Wildon Ng Nizam Syafik
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AKR Corporindo (AKRA IJ) (Buy) - Record-high first-half results; strong cashflow
JT DT GHAKRA posted a record 1H26 net profit of IDR1.43tn (+21% yoy)...
POWER AND UTILITIES AKR Corporindo AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia CPO - Supercycle zone
SH SC JW NYWe believe global crude palm oil (CPO) production is...
AGRI-RELATED Indonesia CPO Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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AKR Corporindo (AKRA IJ) (Buy) - NDR feedback – Firing all growth engines
JT DTWe attended AKRA NDR and met with foreign investors...
POWER AND UTILITIES AKR Corporindo AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi
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Amman Mineral Internasional (AMMN IJ) (Buy) - Top-tier copper-gold asset at inflection point
MW NSAMMN operates one of the world's most strategic...
METALS AND MINING Amman Mineral Internasional AMMN AMMN JK AMMN IJ Michael Wildon Nizam Syafik
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Indonesia Commodity - Royalty rate change: Gold, silver, nickel, tin
MW NSIndonesia is revising PP 19/2025 to increase mining...
METALS AND MINING Indonesia Commodity Michael Wildon Ng Nizam Syafik
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Surya Esa Perkasa (ESSA IJ) (Buy) - Potential beneficiary during ammonia transition phase
MW NS1Q26 revenue of USD95mn (+1% q-q, +37% y-y) came in...
OIL AND GAS CHEMICALS ASIA Surya Esa Perkasa ESSA ESSA JK ESSA IJ Michael Wildon Ng Nizam Syafik
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Adaro Andalan Indonesia (AADI IJ) (Buy) - Meaningful Kestrel divestment
MW NS1Q26 revenue of USD1,044mn (-20% q-q, -10% y-y) accounted for...
COAL Adaro Andalan Indonesia AADI AADI JK AADI IJ Michael Wildon Ng Nizam Syafik
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Aneka Tambang (ANTM IJ) (Buy) - Revise up earnings following robust results
MW NSANTM announced its 1Q26 results that were well above...
METALS AND MINING Aneka Tambang ANTM ANTM JK ANTM IJ Michael Wildon Ng Nizam Syafik
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Arwana Citramulia (ARNA IJ) (Buy) - Strong demand, temporary hiccup
GH FJARNA posted 1Q26 results below our expectation...
CONSTRUCTION MATERIALS Arwana Citramulia ARNA ARNA JK ARNA IJ Gerald Hugo Felix Justin
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AKR Corporindo (AKRA IJ) (Buy) - 1Q26 results – Solid start to the year
JT DT GHAKRA posted 1Q26 results in line with our...