Top Stories
Initiate Coverage | Indika Energy (INDY IJ/BUY/Rp2,610/Target: Rp3,050)
Awak Mas remains on track for trial production in Dec 26 and commercial operations in Feb 27, with 57% construction completion in 1Q26. Output should start at 100,000 oz annually and ramp to 150,000 oz by 2029. Kideco’s quota is expected to remain at 30.3mt, while a potential US$943m divestment could lead to a net cash position. INDY’s 2027 net profit may reach US$101m (+125% yoy). Initiate coverage with BUY with a SOTP-based target price of Rp3,050.
Technical Analysis
Barito Pacific | BRPT IJ
Trading Buy Range: We have a technical Buy at Rp1,745, and take profit at Rp1,900.
Astra International | ASII IJ
Trading Buy Range: We have a technical Buy at Rp4,970, and take profit at Rp5,300.
Top Stories
Initiate Coverage | Indika Energy (INDY IJ/BUY/Rp2,610/Target: Rp3,050)
Awak Mas remains on track for trial production in Dec 26 and commercial operations in Feb 27, with 57% construction completion in 1Q26. Output should start at 100,000 oz annually and ramp to 150,000 oz by 2029. Kideco’s quota is expected to remain at 30.3mt, while a potential US$943m divestment could lead to a net cash position. INDY’s 2027 net profit may reach US$101m (+125% yoy). Initiate coverage with BUY with a SOTP-based target price of Rp3,050.
Technical Analysis
Barito Pacific | BRPT IJ
Trading Buy Range: We have a technical Buy at Rp1,745, and take profit at Rp1,900.
Astra International | ASII IJ
Trading Buy Range: We have a technical Buy at Rp4,970, and take profit at Rp5,300.
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