Indika Energy (INDY IJ) (Buy) - Margin improvement due to lower stripping ratio
MW EPINDY booked 1Q25 earnings of USD3mn (-85% y-y)...
INDY booked 1Q25 earnings of USD3mn (-85% y-y)...
Overall 1Q25 results were soft and behind our expectations...
The Indonesian government recently announced a proposal to revamp the royalty schemes for natural resources.
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
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
MDKA recorded 2Q24 earnings of USD3mn, below our/consensus estimates.
Basic Materials MDKA JK MDKA IJ Michael Wildon Ng Edward Prima