ADRO’s performance in 6M-21 indicates major growth with 14.2% YoY increase in revenue and 9.6% YoY decrease in the stripping ratio. We maintain our earnings estimates, due to positive trend towards winter demand and increasing global coal prices. ADRO has manage to produce more solid performance than in Q1-21. Additionally, rise in sales of thermal coal to China and Japan consumers also grew by 15.3% and 11.8% YoY and its revenues triggered by the upbeat selling prices of thermal coal which we estimate to exceed ~USD65/ tonne.
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