Indonesian Equities | Buy-Side Investment Research

Defriansyah Has

Equity Bottom-Up

<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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Barito Pacific, Bukit Asam, Adaro Andalan Indonesia, PT Indofood Sukses Makmur, Bank Central Asia, Merdeka Copper Gold.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Barito Pacific, Bukit Asam, Adaro Andalan Indonesia, PT Indofood Sukses Makmur, Bank Central Asia, Merdeka Copper Gold.


MS-Indonesia Index Earning Revision (Sep): Barito Pacific, Bukit Asam, Adaro Andalan Indonesia

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.

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Adaro Andalan Indonesia (AADI IJ)

ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure

A stronger coal cycle does not automatically mean better equity returns. We dissect ITMG and PTBA through cash generation, mining economics and...

Defriansyah Has

MS-Indonesia Index Earning Revision (Sep): Barito Pacific, Bukit Asam, Adaro Andalan Indonesia

We analyzed MS-Indonesia's consensus for Sep 2026 and highlighted changes of EPS in Barito Pacific (BRPT IJ), Bukit Asam (PTBA IJ), Adaro Andalan...

Ke Yan, CFA, FRM

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52-week Range

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