The Indonesian government recently announced a proposal to revamp the royalty schemes for natural resources.

METALS AND MINING Michael Wildon Ng Edward Prima

We like INCO for its vast nickel resources and extensive concession areas

METALS AND MINING INCO INCO JK INCO IJ Michael Wildon Ng Edward Prima

The government introduced the new HPM (index for metals) and HPB (index for coal)

COAL Michael Wildon Edward Prima

ARNA delivered 4Q24 revenue of IDR710bn (+1.4% q-q, +17.3% y-y), bringing FY24 revenue to IDR2.63tn (+8% y-y).

CONSTRUCTION MATERIALS ARNA ARNA JK ARNA IJ Michael Wildon Ng Edward Prima

ANTM's 4Q operational results indicate a strong FY24 earnings outlook, with projected earnings of >IDR3tn,

METALS AND MINING ANTM ANTM JK ANTM IJ Michael Wildon Ng Edward Prima

Rising global gold prices and the substantial progress on the Awak Mas Gold Project

COAL INDY INDY JK INDY IJ Michael Wildon Ng Edward Prima

Operating for more than 30 years, AADI is a fully integrated coal mining business with

Coal AADI AADI JK AADI IJ Michael Wildon Edward Prima

NCKL booked an outstanding 3Q result, with 9M24 earnings comprising 90% of our forecas

Metals Mining NCKL NCKL JK NCKL IJ Michael Wildon Edward Prima

We hosted Verdhana Indonesia Conference 2024 – Passing the Baton on 4-8 November 2024.

Equity Strategy Jupriadi Tan Gerald Hugo Nicholas Santoso Erwin Wijaya Sandy Ham Jody Wijaya Samuel Christian Michael Wildon Edward Prima Felix Justin

As of Oct-24, the government introduced several regulations that will benefit the local ceramic industry,

Construction Materials ARNA ARNA JK ARNA IJ Michael Wildon Edward Prima Gerald Hugo

We hosted several investor meetings at our annual Verdhana-Nomura Conference on 7-8 Nov 2024. The companies in

Metals Mining Michael Wildon Edward Prima

The ceramic industry is currently benefiting from three significant tailwinds, in our view.

Construction Materials ARNA ARNA JK ARNA IJ Michael Wildon Edward Prima Gerald Hugo

Largely in line with our view (see Indonesia Nickel: Nickel ore drives downstream prices, 16 August 2024),

Metals Mining Michael Wildon Edward Prima

ANTM’s subsidiary, PT Gag Nikel (PTGN, unlisted), has announced a 30% stake acquisition of a Tsingshan-owned R

Metals Mining ANTM JK ANTM IJ Michael Wildon Edward Prima

HRUM has announced a strategic partnership with Eternal Tsingshan (ET, unlisted) to release up to 49% of its n

Coal HRUM JK HRUM IJ Michael Wildon Edward Prima