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
- 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
- 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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