Amman Mineral Internasional (AMMN IJ) (Buy) - Upgrade gold concentrate production guidance
MW NSAMMN’s 2Q26 revenue/net income rose...
METALS AND MINING Amman Mineral Internasional AMMN AMMN JK AMMN IJ Michael Wildon Ng
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Indonesia CPO - Regulatory overhang lifts as draft bill softens
SH SC JW NYFor the background, the Indonesia government...
AGRI-RELATED Indonesia CPO Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Indonesia CPO - CPKO: additional source of upside
SH SC JW NYIn this report, we highlight the importance of...
AGRI-RELATED Indonesia CPO CPO Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Aneka Tambang (ANTM IJ) (Buy) - Gold margin recovery with nickel ore momentum
MW NSANTM’s 1H26 revenue/net profit (NP) were...
METALS AND MINING Aneka Tambang ANTM ANTM JK ANTM IJ Michael Wildon Ng Nizam Syafik
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Indonesia CPO - De-risked and re-rated
SH SC JW NYWe maintain our bullish forecasts on the CPO sector...
AGRI-RELATED Indonesia CPO Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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Indonesia Oil and Gas - Upside risk to crude oil from sudden surge in China demand
MW NSWe hold a constructive view on the Indonesia oil & gas sector...
OIL AND GAS OR CHEMICALS Indonesia Oil and Gas Michael Wildon Ng Nizam Syafik
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Merdeka Gold Resources (EMAS IJ) (Buy) - On the ground at Asia-Pacific's next large-scale gold mine
MW NSOn 3 August 2026, we visited PT Merdeka Gold Resources’ (EMAS)...
METALS AND MINING Merdeka Gold Resources EMAS EMAS JK EMAS IJ Michael Wildon Ng Nizam Syafik
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AKR Corporindo (AKRA IJ) (Buy) - Record-high first-half results; strong cashflow
JT DT GHAKRA posted a record 1H26 net profit of IDR1.43tn (+21% yoy)...
POWER AND UTILITIES AKR Corporindo AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi Gerald Hugo
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Indonesia CPO - Supercycle zone
SH SC JW NYWe believe global crude palm oil (CPO) production is...
AGRI-RELATED Indonesia CPO Sandy Ham Samuel Christian Jody Wijaya Nayla Yasmin
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AKR Corporindo (AKRA IJ) (Buy) - NDR feedback – Firing all growth engines
JT DTWe attended AKRA NDR and met with foreign investors...
POWER AND UTILITIES AKR Corporindo AKRA AKRA JK AKRA IJ Jupriadi Tan David Tjahjadi
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Amman Mineral Internasional (AMMN IJ) (Buy) - Top-tier copper-gold asset at inflection point
MW NSAMMN operates one of the world's most strategic...
METALS AND MINING Amman Mineral Internasional AMMN AMMN JK AMMN IJ Michael Wildon Nizam Syafik
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Indonesia Commodity - Royalty rate change: Gold, silver, nickel, tin
MW NSIndonesia is revising PP 19/2025 to increase mining...
METALS AND MINING Indonesia Commodity Michael Wildon Ng Nizam Syafik
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Surya Esa Perkasa (ESSA IJ) (Buy) - Potential beneficiary during ammonia transition phase
MW NS1Q26 revenue of USD95mn (+1% q-q, +37% y-y) came in...
OIL AND GAS CHEMICALS ASIA Surya Esa Perkasa ESSA ESSA JK ESSA IJ Michael Wildon Ng Nizam Syafik
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Adaro Andalan Indonesia (AADI IJ) (Buy) - Meaningful Kestrel divestment
MW NS1Q26 revenue of USD1,044mn (-20% q-q, -10% y-y) accounted for...
COAL Adaro Andalan Indonesia AADI AADI JK AADI IJ Michael Wildon Ng Nizam Syafik