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

DZT Research

DZT 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 XL Axiata, Telkom Indonesia (Persero), Vale Indonesia, Bank Mandiri Persero, Astra International, Sariguna Primatirta, Aneka Tambang Persero.</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 XL Axiata, Telkom Indonesia (Persero), Vale Indonesia, Bank Mandiri Persero, Astra International, Sariguna Primatirta, Aneka Tambang Persero.


MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

<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 Indo Tambangraya Megah, Bumi Resources Minerals, Bank Mandiri Persero, Astra International, PT Indofood Sukses Makmur, Indah Kiat Pulp &amp; Paper, XL Axiata.</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 Indo Tambangraya Megah, Bumi Resources Minerals, Bank Mandiri Persero, Astra International, PT Indofood Sukses Makmur, Indah Kiat Pulp &amp; Paper, XL Axiata.


MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Bayan Resources delivered solid H1 2025 results with strong volumes and margins but faces an ambitious ramp-up challenge in H2 to meet full-year targets.</li>
<li>The company’s 2025 guidance calls for 70–72 million tonnes sales, revenue of US$4.1–4.4 billion, and EBITDA of US$1.4–1.6 billion, supported by Tabang expansion and stable costs.</li>
<li>Despite solid fundamentals, Bayan trades at a steep premium with P/E of ~39x and EV/EBITDA of ~27x, far above Indonesian coal peers.</li>
</ul>


Bayan Resources delivered solid H1 2025 results with strong volumes and margins but faces an ambitious ramp-up challenge in H2 to meet full-year targets.
The company’s 2025 guidance calls for 70–72 million tonnes sales, revenue of US$4.1–4.4 billion, and EBITDA of US$1.4–1.6 billion, supported by Tabang expansion and stable costs.
Despite solid fundamentals, Bayan trades at a steep premium with P/E of ~39x and EV/EBITDA of ~27x, far above Indonesian coal peers.


Bayan Resources (BYAN IJ): Ultra-Low-Cost Coal Champion Trading at a Steep Premium

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Alamtri Resources Indonesia / Event-Driven

<ul>
<li>Yesterday, Indonesia's second largest coal mining business <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a> announced a buyback. This follows another buyback which ended in December 2022.</li>
<li>The Sep21-Dec22 buyback bought back 1bn shares, but did not spend all the money allocated to the buyback. This new one might buy back a similar quantity.</li>
<li>Looking at Real World Float is the right frame of reference. And the stock was at a recent low vs a Peer Basket. </li>
</ul>


Yesterday, Indonesia's second largest coal mining business Adaro Energy (ADRO IJ) announced a buyback. This follows another buyback which ended in December 2022.
The Sep21-Dec22 buyback bought back 1bn shares, but did not spend all the money allocated to the buyback. This new one might buy back a similar quantity.
Looking at Real World Float is the right frame of reference. And the stock was at a recent low vs a Peer Basket. 


Adaro Energy (ADRO IJ) Buyback - A Decent Chunk of 1 Year ADV

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (LR HK)</a>, a nickel play, is set to open its books for an HKEx IPO to raise US$700-800 million, according to press reports.</li>
<li>Lygend had the largest nickel ore trading volume in China in 2019, 2020 and 2021, with a market share of 26.8% in 2021.</li>
<li>The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.</li>
</ul>



Lygend Resources &amp; Technology (LR HK), a nickel play, is set to open its books for an HKEx IPO to raise US$700-800 million, according to press reports.
Lygend had the largest nickel ore trading volume in China in 2019, 2020 and 2021, with a market share of 26.8% in 2021.
The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.


Lygend Resources & Technology IPO: Riding the Wave

Indonesia

PT Bukit Asam (Persero) Tbk is an Indonesian state-owned enterprise primarily engaged in coal mining activities, encompassing general surveying, exploration, exploitation, processing, refining, transportation, and trading of coal. The company also operates steam-fired power plants, manages special coal dock facilities, and provides services such as briquette processing, mining services, palm plantation and processing, and health services. It was founded in 1919 with the initiation of coal mining by the Dutch Colonial Government and is headquartered in Tanjung Enim, South Sumatra, Indonesia.

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Bukit Asam (PTBA IJ)

MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

We analyzed MS-Indonesia's consensus for Jan 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Telkom Indonesia (Persero) (TLKM IJ), Vale...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

We analyzed MS-Indonesia's consensus for Dec 2025 and highlighted changes of EPS in Indo Tambangraya Megah (ITMG IJ), Bumi Resources Minerals (BRMS...

Ke Yan, CFA, FRM

Bayan Resources (BYAN IJ): Ultra-Low-Cost Coal Champion Trading at a Steep Premium

Bayan Resources reports strong H1 results but faces challenge in meeting ambitious H2 targets, trading at a premium compared to Indonesian coal...

Rahul Jain

Adaro Energy (ADRO IJ) Buyback - A Decent Chunk of 1 Year ADV

Adaro Energy (ADRO IJ) just announced another buyback. This should have some decent impact, and the stock is a bit cheap to similar-sized peers.

Travis Lundy

Lygend Resources & Technology IPO: Riding the Wave

The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

We analyzed MS-Indonesia's consensus for Jan 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Telkom Indonesia (Persero) (TLKM IJ), Vale...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

We analyzed MS-Indonesia's consensus for Dec 2025 and highlighted changes of EPS in Indo Tambangraya Megah (ITMG IJ), Bumi Resources Minerals (BRMS...

Ke Yan, CFA, FRM

Bayan Resources (BYAN IJ): Ultra-Low-Cost Coal Champion Trading at a Steep Premium

​Bayan Resources reports strong H1 results but faces challenge in meeting ambitious H2 targets, trading at a premium compared to Indonesian coal...

Rahul Jain

Adaro Energy (ADRO IJ) Buyback - A Decent Chunk of 1 Year ADV

Adaro Energy (ADRO IJ) just announced another buyback. This should have some decent impact, and the stock is a bit cheap to similar-sized peers.

Travis Lundy

Lygend Resources & Technology IPO: Riding the Wave

The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.

Arun George

Bayan Resources reports strong H1 results but faces challenge in meeting ambitious H2 targets, trading at a premium compared to Indonesian coal...