Coal Average Selling Price Increase

ADRO’s export share increased to 77% 1H22 (Vs. 72% 1H21), as coal sales to India grew significantly. ADRO’s export performance was also supported by sales to Taiwan, the Philippines and Hong Kong in 2Q22. Meanwhile, exports to Malaysia as the second largest portion after India, grew 133% YoY. NHKSI Research sees the current electricity crisis in India and the European Geopolitical conflict, will still make ADRO’s export portion, in an increasing trend at least until FY22F

Asset Growth

ADRO’s export share increased to 77% 1H22 (Vs. 72% 1H21), as coal sales to India grew significantly. ADRO’s export performance was also supported by sales to Taiwan, the Philippines and Hong Kong in 2Q22.

Download full report HERE.