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

Adaro Andalan Indonesia / Equity Bottom-Up

<ul><li>Adaro Andalan Indonesia (AADI IJ)Firmer ASP to Support 2H26 Outlook.</li><li>We expect 2H26 earnings to be supported by stronger coal prices, underpinned by firmer demand from key importers.</li><li>The Kestrel sale remains on track, with estimated gross proceeds of c.US$888mn, although regulatory approvals are still pending. </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.

Adaro Andalan Indonesia (AADI IJ)Firmer ASP to Support 2H26 Outlook.We expect 2H26 earnings to be supported by stronger coal prices, underpinned by firmer demand from key importers.The Kestrel sale remains on track, with estimated gross proceeds of c.US$888mn, although regulatory approvals are still pending. 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 Andalan Indonesia (AADI.IJ Rp) Firmer ASP to Support 2H26 Outlook

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/pt-adaro-andalan-indonesia-tbk">Adaro Andalan Indonesia</a> (AADI) is a major, vertically integrated Indonesian energy company with a core business in thermal coal mining, supported by extensive logistics and power generation assets.</li>
 <li>The company exhibits strong financial characteristics, including a high dividend yield and solid profitability, but faces revenue and margin pressure from volatile global coal prices.</li>
 <li>AADI is strategically pivoting towards a more sustainable business model by investing in non-coal segments, including aluminum smelting and renewable energy, to mitigate long-term risks associated with the global energy transition.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Adaro Andalan Indonesia (AADI) is a major, vertically integrated Indonesian energy company with a core business in thermal coal mining, supported by extensive logistics and power generation assets.
  The company exhibits strong financial characteristics, including a high dividend yield and solid profitability, but faces revenue and margin pressure from volatile global coal prices.
  AADI is strategically pivoting towards a more sustainable business model by investing in non-coal segments, including aluminum smelting and renewable energy, to mitigate long-term risks associated with the global energy transition.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Adaro Andalan Indonesia (AADI IJ) - Aug 2026

Indonesian Equities | Buy-Side Investment Research

Defriansyah Has

<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

Thematic (Sector/Industry)

<ul><li>Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.</li><li>We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.</li><li>Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. </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.

Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. 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.

Macro Strategy: The Fed Tightens: Can BI Hold the Line?

<ul><li>Coal Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings. 5M26 S-D was tighter, but not a full moderate shock; RKAB upward revision may release more supply in 2H26.</li><li>Prices likely normalize, but downside should be cushioned by DMO pull-forward and buyers’ inventory preference.</li><li>Maintain OW, downgrade tactical view to Neutral: DSI risk should ease, but 2Q26 EBITDA may be flattish for AADI and ITMG.S-D: tighter than a normal downcycle, but not a full moderate shock. </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.

Coal Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings. 5M26 S-D was tighter, but not a full moderate shock; RKAB upward revision may release more supply in 2H26.Prices likely normalize, but downside should be cushioned by DMO pull-forward and buyers’ inventory preference.Maintain OW, downgrade tactical view to Neutral: DSI risk should ease, but 2Q26 EBITDA may be flattish for AADI and ITMG.S-D: tighter than a normal downcycle, but not a full moderate shock. 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: Valuation Mispricing Remains; Better Entry Post 2Q26 Earnings (OVERWEIGHT)

Indonesia

PT Adaro Andalan Indonesia Tbk is an Indonesia-based company primarily engaged in coal mining and related logistics, including coal barging, transshipment, and river channel management. The company also provides mining services, water resources management, and operates in power generation and specialized freight services. It was founded in 2004 and is headquartered in Jakarta, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Adaro Andalan Indonesia (AADI IJ)