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

Alamtri Resources Indonesia / 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

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-6061'>Adaro Energy</a></li><li><a href='#lucror-entity-8954'>Greentown China</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Adaro EnergyGreentown ChinaVedanta Resources

Morning Views Asia: Adaro Energy, Greentown China, Vedanta Resources

<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

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-6061'>Adaro Energy</a></li><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Adaro EnergyChina Jinmao Holdings

Morning Views Asia: Adaro Energy, China Jinmao Holdings

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Lippo Malls Indonesia Retail TrustVedanta ResourcesReNew Energy Global China Jinmao HoldingsGeely Autoand more...

Indonesia

PT Alamtri Resources Indonesia is an integrated mining, energy, and minerals company that produces thermal coal (marketed as Envirocoal) and hard coking coal. The company also engages in mining services, logistics, mineral processing, and renewable energy businesses through its subsidiaries. It was founded in 2004 and is headquartered in Jakarta, Indonesia.

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Alamtri Resources Indonesia (ADRO IJ)

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

Morning Views Asia: Adaro Energy, Greentown China, Vedanta Resources

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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

Morning Views Asia: Adaro Energy, China Jinmao Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Weekly Wrap - 19 Jan 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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