Category

Indonesia

Jul 27
0

Daily Brief Indonesia: Bank Central Asia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • IDX30/​​LQ45/IDX80 Index Rebalance: Changes Across the Indices

IDX30/​​LQ45/IDX80 Index Rebalance: Changes Across the Indices

By Brian Freitas

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Jul 16
0

Daily Brief Indonesia: Amman Mineral Internasional and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • [Quiddity Index] Van Eck Gold Miners ETF (GDX) – Benchmark Change for Sep Rebal – $2.8bn One Way

[Quiddity Index] Van Eck Gold Miners ETF (GDX) – Benchmark Change for Sep Rebal – $2.8bn One Way

By Travis Lundy

  • The VanEck Gold Miners ETF/USA (GDX US) announced last month it would change its benchmark for the September rebalance, to the Market Vectors Global Gold Miners Index. 
  • That means name changes based on methodology and universe changes. So we introduce coverage of the index, its rebalances, and the big flow in September.
  • We also add in cross flows from the MV Junior Gold Miners Index, offer spreadsheets, flow tables, leaderboards for the GDX index. Lots of data here.

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Jul 15
0

Daily Brief Indonesia: Dian Swastatika Sentosa and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

By Brian Freitas

  • The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.
  • We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.
  • Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.

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Jul 04
0

Daily Brief Indonesia: MAP Aktif Adiperkasa PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • MAP Aktif (MAPA IJ) — 2025 Update

MAP Aktif (MAPA IJ) — 2025 Update

By Michael Fritzell

  • MAP Aktif is the sportswear subsidiary of Indonesian retail giant Mitra Adiperkasa.

  • I wrote a deep dive on MAP Aktif in January 2022, during the depths of the COVID-19 pandemic.

  • At the time, it was suffering from Indonesia’s large-scale social distancing restrictions. But I thought that it would eventually recover, continue growing its store count, and end up with a single-digit P/E ratio.

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Jul 03
0

Daily Brief Indonesia: Aneka Tambang Persero and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

By Rahul Jain

  • CATL, Antam, and IBC officially broke ground on a $6 billion integrated battery project in Indonesia on July 1, 2025.
  • What it is: A full value-chain initiative spanning nickel mining to battery recycling, anchored across Karawang (cell production) and East Halmahera (mining, cathode, and recycling).
  • Why it matters: Positions CATL to secure long-term upstream supply and expand regional capacity (~15% of global base), while Antam gains transformative exposure to high-margin downstream battery economics.

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Jul 01
0

Daily Brief Indonesia: SGX Rubber Future TSR20, Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Indonesia Defies Headwinds To Post Robust Rubber Exports In Early 2025
  • Lucror Analytics – Morning Views Asia

Indonesia Defies Headwinds To Post Robust Rubber Exports In Early 2025

By Vinod Nedumudy

  • Price edge and stable grades help Indonesia stage a good show  
  • US demand strengthens despite Trump tariffs  
  • China demand softens, Japan slides as tariffs take effect  

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy
  • UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.
  • This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.

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Jun 25
0

Daily Brief Indonesia: Amman Mineral Internasional and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Gold Miners ETF (GDX US): Impact of Benchmark Change – Update

Gold Miners ETF (GDX US): Impact of Benchmark Change – Update

By Brian Freitas

  • The VanEck Gold Miners ETF/USA (GDX US) has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.
  • The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.
  • The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.

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Jun 23
0

Daily Brief Indonesia: Chandra Dayua Investasi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Chandra Dayua Pre-IPO: Very Expensive, Avoid

Chandra Dayua Pre-IPO: Very Expensive, Avoid

By Nicholas Tan

  • Chandra Dayua Investasi (2556380D IJ)  is looking to raise up to $145m in its upcoming Hong Kong IPO.
  • It is the infrastructure arm of Chandra Asri Pacific (TPIA), backed by Indonesian billionaire Prajogo Pangestu.
  • In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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Jun 20
0

Daily Brief Indonesia: Amman Mineral Internasional, PT Perusahaan Listrik Negara and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • AMMN.IJ – Smelter Ramp-Up Underway, Elang Optionality in Focus, Valuation Reflects Long-Term Upside
  • Lucror Analytics – Morning Views Asia

AMMN.IJ – Smelter Ramp-Up Underway, Elang Optionality in Focus, Valuation Reflects Long-Term Upside

By Rahul Jain

  • Q1 2025 results reflected a transitional quarter with lower grades, but FY2025 guidance was maintained.
  • Ongoing investments in smelter ramp-up, power infrastructure, and long-term plans for Elang underscore AMMN’s integrated growth strategy.
  • Valuations appear premium vs peers, but are partly justified by structural cost advantages, downstream leverage, and world-class Elang optionality—though single-asset exposure remains a key risk.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Perusahaan Listrik (PLN), Vedanta Resources
  • US treasuries ended little changed yesterday. Yields inched down earlier in the day, after the Fed retained its projections for two rate cuts this year, but rebounded after Fed Chairman Jerome Powell reiterated the risk of higher inflation from tariffs. The yield on the 2Y UST fell 1 bp to 3.94%, while that on the 10Y UST was unchanged at 4.39%.
  • Similarly, equities ended flat, as a rally fizzled out following Mr Powell’s latest warning on tariffs. The S&P 500 was unchanged at 5,981, while the Nasdaq edged up 0.1% to 19,546. The US market is closed for Juneteenth today.

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Jun 17
0

Daily Brief Indonesia: Duta Intidaya Tbk PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Mr DIY Indonesia IPO Lockup: US$2.1bn Lockup Release; Creador Likely to Begin Monetization

Mr DIY Indonesia IPO Lockup: US$2.1bn Lockup Release; Creador Likely to Begin Monetization

By Nicholas Tan

  • PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (MDIY IJ)  raised US$296m from its Indonesia IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
  • It is a home improvement retailer. The entity is the Indonesian entity under the Mr DIY group’s list of subsidiaries.
  • In this note, we will talk about the lockup dynamics and possible placement.

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