External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>China's coal inventory reached its peak in Sep-24 at 642.4mn tons, marking a robust demand of +22.7% YoY (Exhibit 01).</li><li>This was supported by import volume of +11.9% YoY (Indonesia: +2.1% YoY, accounting for 43.3% of total imports), amid a moderate growth in coal thermal output +1.0% YoY in 9M24.</li><li>This increase aligns with policies aimed at enhancing energy security and rising consumption trends that have been evident over the past two years.</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.

China's coal inventory reached its peak in Sep-24 at 642.4mn tons, marking a robust demand of +22.7% YoY (Exhibit 01).This was supported by import volume of +11.9% YoY (Indonesia: +2.1% YoY, accounting for 43.3% of total imports), amid a moderate growth in coal thermal output +1.0% YoY in 9M24.This increase aligns with policies aimed at enhancing energy security and rising consumption trends that have been evident over the past two years.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.

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

BRI Danareksa Research

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.

<ul><li>Indonesia’s Jul24 coal production rose +10.7% mom/ +3.2% yoy to 72Mt, driving an improved 7M24 growth to 5.8% yoy (477Mt).</li><li>China and India’s 6M24 imports have remained resilient, while Indonesia’s high production cost continues to offer support for price.</li><li>We maintain OW rating on the sector but shift our preference to UNTR amid the ST supply risk from Indonesia.</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.

Indonesia’s Jul24 coal production rose +10.7% mom/ +3.2% yoy to 72Mt, driving an improved 7M24 growth to 5.8% yoy (477Mt).China and India’s 6M24 imports have remained resilient, while Indonesia’s high production cost continues to offer support for price.We maintain OW rating on the sector but shift our preference to UNTR amid the ST supply risk from Indonesia.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.

Coal Sector: Rising Indonesia Production, but Demand and Cost Curve Remain Supportive for Price

Equity Bottom-Up

<ul><li>ADRO booked a healthy 2Q24 sales volume growth (+12% qoq/ +9% yoy) despite qoq production drop.</li><li>We deem 1H24 sales volume as inline amid higher weather uncertainty in 2H24, and estimate 1H24 EBITDA of US$1.1-1.2bn (54-55% of FY24F).</li><li>We reiterate our Buy rating on improving earnings growth amid our view of a favourable coal S-D outlook.</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.

ADRO booked a healthy 2Q24 sales volume growth (+12% qoq/ +9% yoy) despite qoq production drop.We deem 1H24 sales volume as inline amid higher weather uncertainty in 2H24, and estimate 1H24 EBITDA of US$1.1-1.2bn (54-55% of FY24F).We reiterate our Buy rating on improving earnings growth amid our view of a favourable coal S-D outlook.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.

Adaro Energy - 2Q24E Preview: Strong Sales Volume to Offset Possible Slight ASP Drop

<ul><li>Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).</li><li>We see mixed growth prospects for 1Q24 with ST headwinds in Banks and Telco, but possible outperformers in Consumers, Retail, Healthcare.</li><li>We reiterate our view on commodities as a possible ST tactical play, along with the defensive domestic names for preferred 2Q24 exposure.</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.

Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).We see mixed growth prospects for 1Q24 with ST headwinds in Banks and Telco, but possible outperformers in Consumers, Retail, Healthcare.We reiterate our view on commodities as a possible ST tactical play, along with the defensive domestic names for preferred 2Q24 exposure.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.

Equity Strategy: Short-Term Domestic Growth Challenges in 2Q24 May Drive Further De-Risking

<ul><li>The 4Q23/FY23 net profit beat was supported by solid production/sales volumes (+5/+7% yoy) and better ASP from coking coal</li><li>The Mgmt’s FY24 sales volume growth target implies a soft thermal coal market, inline with our view of further price normalization in FY24-25F</li><li>We fine-tuned our FY24-25F estimates (+10.5%/+28%vs.prev); Buy rating maintained with slightly higher TP of Rp2,850</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.

The 4Q23/FY23 net profit beat was supported by solid production/sales volumes (+5/+7% yoy) and better ASP from coking coalThe Mgmt’s FY24 sales volume growth target implies a soft thermal coal market, inline with our view of further price normalization in FY24-25FWe fine-tuned our FY24-25F estimates (+10.5%/+28%vs.prev); Buy rating maintained with slightly higher TP of Rp2,850Content 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.

Adaro Energy (ADRO IJ) - Solid Operationals and Coking Coal ASP Drove FY23 NP Beat

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.

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Adaro Energy (ADRO IJ)

Coal Sectoral Update December 3, 2024

China's coal inventory reached its peak in Sep-24 at 642.4mn tons, marking a robust demand of +22.7% YoY. This was supported by import volume of...

MNC Sekuritas

Coal Sector: Rising Indonesia Production, but Demand and Cost Curve Remain Supportive for Price

Indonesia’s Jul24 coal production rose +10.7% mom/ +3.2% yoy to 72Mt, driving an improved 7M24 growth to 5.8% yoy (477Mt).

BRI Danareksa Research

Adaro Energy - 2Q24E Preview: Strong Sales Volume to Offset Possible Slight ASP Drop

We deem 1H24 sales volume as inline amid higher weather uncertainty in 2H24, and estimate 1H24 EBITDA of US$1.1-1.2bn (54-55% of FY24F).

BRI Danareksa Research

Equity Strategy: Short-Term Domestic Growth Challenges in 2Q24 May Drive Further De-Risking

Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).

BRI Danareksa Research

Adaro Energy (ADRO IJ) - Solid Operationals and Coking Coal ASP Drove FY23 NP Beat

The 4Q23/FY23 net profit beat was supported by solid production/sales volumes (+5/+7% yoy) and better ASP from coking coal

BRI Danareksa Research

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