Indonesia Coal Is Attractive Albeit Gloomy Outlook
Projection of Coal Prices We project ICE Newcastle coal (CV: 6,000 kcal/kg) for 2020F-2021F to fall short in the range
Erajaya Swasembada Tbk (ERAA IJ) Focuses on Strategic Growth Drivers
Initiative Coverage of Buy Rating with the Price Target of IDR2,000 over PT Erajaya Swasembada Tbk (ERAA) Our price
Company Report | Pakuwon Jati Tbk Banks on Mixed-Use Projects
Recurring Income Dominating Largest Portion of Revenues PWON secured 3Q19's revenues of IDR1.7 trillion slightly
Company Report | Medco Energi Internasional Tbk (MEDC IJ) Boosts Performance amid Sluggish Market
Stellar Performance MEDC succeeded to gain revenues of USD1.02 billion (+10.3% YoY), backed by the oil & gas
Malindo Feedmill Tbk (MAIN IJ) Is Potential for Growing
Strengthening Top Line, Weakening Bottom Line MAIN posted 9M19's revenue of IDR5.7 trillion (+17.2% YoY) dominated by
Gudang Garam Tbk (GGRM) Persistently Retains Strong Sales
Higher-Than-Estimate Earnings GGRM achieved net profits of IDR2.96 trillion (+34% y-y, +54% q-q) in 3Q19. Net profits
Mitra Adiperkasa Tbk (MAPI IJ) Proves Solid Regardless of Tough 3Q19
Steady Top Line MAPI after the 2Q19 Eid Mubarak succeeded to post the 3Q19 revenues of IDR 5.3 trillion (+14.2% y-y,
Astra Agro Lestari Tbk (AALI IJ) Begins to Show Improving Performance
Improvement in Quarterly Performance Weak prices of CPO in 1H19 is a hiccup in matching up its 2018 performance, but
Kalbe Farma Tbk (KLBF IJ) Discerns Cost Efficiency Vital to Earnings
Cost Efficiency Bolsters 3Q19 Profits The 3Q19 revenues stood at IDR5.6 trillion (+6.6% y-y,-3% q-q) to show contracted
