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.

Thematic (Sector/Industry)

<ul><li>Average coal prices YTD are below our expectations, driven by weak imports amid strong domestic production in China and India.</li><li>While current prices already near cost support levels, ST price rebound may be capped by weak imports as restocking only starts by end of 3Q.</li><li>We maintain a Neutral rating on the sector with preferences for UNTR&gt; ADRO&gt; AADI&gt; ITMG&gt; PTBA</li></ul><p><em>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.</em></p>

Average coal prices YTD are below our expectations, driven by weak imports amid strong domestic production in China and India.While current prices already near cost support levels, ST price rebound may be capped by weak imports as restocking only starts by end of 3Q.We maintain a Neutral rating on the sector with preferences for UNTR&gt; ADRO&gt; AADI&gt; ITMG&gt; PTBAContent 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: Coal Price Downside May Be Limited, but Weak Demand May Cap ST Rebound (NEUTRAL)

Indonesia

PT Adaro Minerals Indonesia Tbk. operates as a mining company. The Company engages in the mining and trading of metallurgical coal through its subsidiaries and carries out business activities in the form of management consulting services. Adaro Minerals Indonesia serves customers in Indonesia.

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