In today’s briefing:
- ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure
ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure
- Indonesian thermal coal prices are trending higher, creating a constructive cyclical backdrop for domestic coal producers: Indo Tambangraya Megah (ITMG IJ) & 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.
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