External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Alamtri Resources Indonesia / Equity Bottom-Up

PT Alamtri Resources Indonesia is an integrated mining, energy, and minerals company that produces thermal coal (marketed as Envirocoal) and hard coking coal. The company also engages in mining services, logistics, mineral processing, and renewable energy businesses through its subsidiaries. It was founded in 2004 and is headquartered in Jakarta, Indonesia.

<ul><li>Alamtri Resources Indonesia (ADRO IJ)Coal Laggard with Intact Price Tailwind.</li><li>We retain our 6.0Mt FY26F sales forecast for ADMR despite weak 3Q26; catch-up expected in 4Q26 as Barito conditions normalize.</li><li>AADI currently expects to maintain existing contractor structure, pending more details on the implementation of Kepmen 365/ 2026.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alamtri Resources Indonesia (ADRO IJ)Coal Laggard with Intact Price Tailwind.We retain our 6.0Mt FY26F sales forecast for ADMR despite weak 3Q26; catch-up expected in 4Q26 as Barito conditions normalize.AADI currently expects to maintain existing contractor structure, pending more details on the implementation of Kepmen 365/ 2026.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alamtri Resources Indonesia (ADRO.IJ) Coal Laggard with Intact Price Tailwind

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>DC company share prices are rolling over, foreshadowing increasing pressure on their hyperscaler customers.  Since the July swoon in semiconductor stocks, the DC sector has underperformed both hyperscalers and semiconductors.</li>
<li>DC players face strong headwinds on multiple fronts, including high leverage/circular financing, supply chain delays, public opposition, and questions about aggressive forecasts of future compute demand.</li>
<li>Leverage is the most prominent risk in the DC sector, with questions looming about completion dates and customers' ability to meet their contracted offtake agreements.</li>
</ul>


DC company share prices are rolling over, foreshadowing increasing pressure on their hyperscaler customers.  Since the July swoon in semiconductor stocks, the DC sector has underperformed both hyperscalers and semiconductors.
DC players face strong headwinds on multiple fronts, including high leverage/circular financing, supply chain delays, public opposition, and questions about aggressive forecasts of future compute demand.
Leverage is the most prominent risk in the DC sector, with questions looming about completion dates and customers' ability to meet their contracted offtake agreements.


DATA CENTER SECTOR: From the Tip of the Spear to Canary in the Coal Mine

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>Negeri Sembilan’s palace dispute is now a constitutional crisis, with UMNO bearing most of the reputational cost after its state cabinet backed the ruler’s removal. </li>
<li>Perikatan Nasional’s suspension by the Registrar of Societies makes deregistration a real possibility, while Bersatu explores an electoral pact with Pakatan Harapan, starting in Melaka. </li>
<li>Melaka’s assembly is dissolved but UMNO has yet to confirm partners; disputes over seats and branding are making UMNO-PAS ties more transactional and fragile.</li>
</ul>


Negeri Sembilan’s palace dispute is now a constitutional crisis, with UMNO bearing most of the reputational cost after its state cabinet backed the ruler’s removal. 
Perikatan Nasional’s suspension by the Registrar of Societies makes deregistration a real possibility, while Bersatu explores an electoral pact with Pakatan Harapan, starting in Melaka. 
Melaka’s assembly is dissolved but UMNO has yet to confirm partners; disputes over seats and branding are making UMNO-PAS ties more transactional and fragile.


Malaysia Politics: Flashpoints Complicate Coalition-Building

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

Mahanadi Coalfields Limited / Equity Capital Markets

Mahanadi Coalfields Limited (0808507D IN)

<ul>
<li>This insight discusses about the broad structure of upcoming IPO of <a href="https://www.smartkarma.com/entities/mahanadi-coalfields-limited" target="_blank" data-smartkarma-citation="entities:58636:1" rel="noopener">Mahanadi Coalfields Limited (0808507D IN)</a> .</li>
<li>It discusses about the company profile, key customers and financial snapshots.</li>
<li>Finally, we highlight the various points to look forward to in this IPO.</li>
</ul>


This insight discusses about the broad structure of upcoming IPO of Mahanadi Coalfields Limited (0808507D IN) .
It discusses about the company profile, key customers and financial snapshots.
Finally, we highlight the various points to look forward to in this IPO.


Indonesian Equities | Buy-Side Investment Research

Defriansyah Has

PT Bukit Asam (Persero) Tbk is an Indonesian state-owned enterprise primarily engaged in coal mining activities, encompassing general surveying, exploration, exploitation, processing, refining, transportation, and trading of coal. The company also operates steam-fired power plants, manages special coal dock facilities, and provides services such as briquette processing, mining services, palm plantation and processing, and health services. It was founded in 1919 with the initiation of coal mining by the Dutch Colonial Government and is headquartered in Tanjung Enim, South Sumatra, Indonesia.

<ul>
<li>Indonesian thermal coal prices are trending higher, creating a constructive cyclical backdrop for domestic coal producers: <a href="https://www.smartkarma.com/entities/pt-indo-tambangraya-megah-tbk" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah (ITMG IJ)</a> &amp; <a href="https://www.smartkarma.com/entities/pt-bukit-asam-persero-tbk" target="_blank" data-smartkarma-citation="entities:1189:1" rel="noopener">Bukit Asam (PTBA IJ)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-indo-tambangraya-megah-tbk" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah (ITMG IJ)</a> combines the lowest valuation with substantial net cash, while <a href="https://www.smartkarma.com/entities/pt-bukit-asam-persero-tbk" target="_blank" data-smartkarma-citation="entities:1189:1" rel="noopener">Bukit Asam (PTBA IJ)</a>  combines stronger observed cash conversion with deeper logistics and resource-duration advantages.</li>
<li>We test, through a forensic examination of business economics and a value-investing lens, which company, if either, can offer more than 25% upside from current prices.</li>
</ul>


Indonesian thermal coal prices are trending higher, creating a constructive cyclical backdrop for domestic coal producers: Indo Tambangraya Megah (ITMG IJ) &amp; Bukit Asam (PTBA IJ) 

Indo Tambangraya Megah (ITMG IJ) combines the lowest valuation with substantial net cash, while Bukit Asam (PTBA IJ)  combines stronger observed cash conversion with deeper logistics and resource-duration advantages.
We test, through a forensic examination of business economics and a value-investing lens, which company, if either, can offer more than 25% upside from current prices.


ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure

Coal
Insights on Coal and Coal Companies

Alamtri Resources Indonesia (ADRO.IJ) Coal Laggard with Intact Price Tailwind

We raise FY26/27/28F coking coal assumptions to US$230/ 220/ 200/t, driving earnings upgrades and a higher TP of Rp3,300.

BRI Danareksa Research

DATA CENTER SECTOR: From the Tip of the Spear to Canary in the Coal Mine

The sudden plunge in demand for an Nvidia-backed data center company’s initial public offering is revealing fresh cracks in the AI funding boom....

David Mudd

Malaysia Politics: Flashpoints Complicate Coalition-Building

A palace crisis in Negeri Sembilan, the suspension of Perikatan Nasional and the Melaka state election are redrawing Malaysia’s coalition map ahead...

Manu Bhaskaran

Mahanadi Coalfields IPO – First Cut

This insight discusses about the broad structure of upcoming IPO of Mahanadi Coalfields Limited (0808507D IN) . It discusses about the company...

Sreemant Dudhoria

ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure

A stronger coal cycle does not automatically mean better equity returns. We dissect ITMG and PTBA through cash generation, mining economics and...

Defriansyah Has