Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a> continues to extract huge gains from increased production of coal and higher prices, hitting record levels of sales in 3Q2022 coupled with record margins. </li>
<li>There may be some ASP impact from greater domestic market obligation in 4Q but prices remain firm and production should easily make it if not beat guidance. </li>
<li>
<a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro</a>'s efforts to diversify away from coal are bearing fruits with the construction of its aluminium smelter in Kalimantan already underway with Hyundai already signing an offtake MOU.  </li>
</ul>

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a> showed a sequential decline in earnings owing to a 6.8% QoQ decrease in pricing as discounts for their coal continued to build Vs. Newcastle.</li>
<li>While the stock trades at a 2.8x FY22 PE and 1.3x EV-EBTIDA FY22E with a 21% dividend yield, the market is pricing in a substantial decline in coal prices.</li>
<li>Adaro offers a significant margin of safety with 25% of the market cap in cash and decent capital allocation, but we prefer ITMG for its superior grades.</li>
</ul>

Charles Macgregor

Head of Asia

Lucror Analytics

High Yield Experts

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-35927'>Adaro Minerals</a></li><li><a href='#lucror-entity-12705'>Greenland Holdings Corp</a></li><li><a href='#lucror-entity-8149'>Longfor Properties</a></li><li><a href='#lucror-entity-20776'>UPL Ltd</a></li></ul>

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/gajah-tunggal-tbk-pt' target='_blank' rel='noopener'>Gajah Tunggal</a></li><li><a href='/entities/china-hongqiao-group-ltd' target='_blank' rel='noopener'>China Hongqiao</a></li><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li></ol>and more...

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-35927'>Adaro Minerals</a></li><li><a href='#lucror-entity-1909'>China Hongqiao</a></li><li><a href='#lucror-entity-1632'>Gajah Tunggal</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</a></li></ul>

Indonesia

PT Adaro Energy Tbk is a coal mining company. The Company and its subsidiaries currently deal in coal mining and trade, coal infrastructure and logistics, and mining contractor services.

ADTV (USDm)	0.00
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
P/B	0.00
EV/EBITDA	0.00
EV/Sales	0.00
Dividend (Yield)	0.00

Adaro Energy - ADRO IJ

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