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
261 Views
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).
383 Views
Coal Mining - FY24 Outlook: Soft demand and steady supply flow to drive further price normalization
We expect the thermal coal market to remain in a supply-driven surplus in FY24, and expect the Newcastle coal price to moderate to US$120/t.
590 Views
Coal Mining | FY24 Outlook: Soft Demand and Steady Supply Flow to Drive Further Price Normalization
We think miners with higher exposure to the low-medium CV products shall fare better given the smaller projected decline in ASP. Our pecking order...
677 Views
Coal Mining - A Tactical Opportunity in 4Q23 on Possible Seasonal Demand Recovery
Coal market’s Aug23 trade and inventory data in China and India indicated possible seasonal demand recovery may be under way.
324 Views