Energy: The Rise in World Oil Prices Also Drove up The Stocks Of ELSA and RAJA
Crude oil prices surged amid rumors that the United States (US) is preparing to evacuate itsembassy in Iraq due to increasing security concerns in the Middle East. News about the evacuation of the US embassy in Iraq shocked market participants, leading them to immediately purchase significant amounts of oil futures contracts. WTI oil futures closed up 4.9 percent at USD 68.15 per barrel, while Brent increased 4.3 percent to USD 69.77 per barrel. The rise in world oil prices also contributed to the increase in stocks of PT Rukun Raharja Tbk (RAJA) and PT Elnusa Tbk (ELSA) in yesterday’s trading.
Mining: MIND ID Distributes 55% of FY2024 Profits as Dividends Amid Robust Growth
State-owned mining holding company MIND ID approved a 55% dividend payout from its FY2024 net income, amounting to IDR 20.1T, reflecting a strong performance with revenue rising 34.56% YoY to IDR 145.2T and net profit surging 46% to IDR 40.2T. Total assets grew to IDR 292.1T, supported by expanding downstream projects and production. The remainder of earnings (IDR 16.44T) will fund ongoing downstream initiatives. MIND ID completed key projects in 2024 such as SGAR Phase I and copper refining facilities, and now prioritizes strategic mineral industrialization to support Indonesia’s long-term economic goals, including EV ecosystem development. The company emphasizes sustainability and good mining practices as integral to long-term value creation. (Investor)
ANTM Established a JV for HPAL Project
PT Aneka Tambang Tbk (ANTM) and HongKong CBL Limited (HKCBL) have jointly established a new joint venture entity, PT Nickel Cobalt Halmahera (HPAL JVCO), as part of their broader electric vehicle (EV) battery project. Formed on June 10, 2025, HPAL JVCO is structured with 30% ownership by ANTM (equivalent to IDR 3B) and 70% by HKCBL (IDR 7B). The company will focus on the development, financing, construction, and operation of High Pressure Acid Leaching (HPAL) facilities to produce and sell Mixed Hydroxide Precipitate (MHP), a key intermediate product for EV batteries. ANTM clarified that this JV formation will not materially impact its operating margins or profit growth in the near term. (Kontan)
ANTM Distributes IDR 3.6T in Dividends, 100% of 2024 Profit
The Annual General Meeting of Shareholders (AGM) of PT Aneka Tambang Tbk (ANTM) decided to distribute a dividend of IDR 3.6T or IDR 151.77 per share from the earnings of the 2024 fiscal year. This amount is equivalent to 100% of the net profit for the 2024 fiscal year and indicates a dividend yield of 4.6% based on ANTM’s intraday share price on Thursday (June 12, 2025) at IDR 3,300/share. ANTM achieved the highest revenue in its history of IDR 69.19T, with a current year’s profit of IDR 3.85T (+25% yoy). (CNBC Indonesia)
CGAS Targets IDR 650B Revenue in 2025, Expands CNG Infrastructure and Eyes LNG Growth
PT Citra Nusantara Gemilang Tbk (CGAS) aims to grow revenue to IDR 650B in 2025 through CNG (Compressed Natural Gas) infrastructure expansion and business diversification into LNG(Liquefied Natural Gas). In Q1-2025, CGAS recorded IDR 135.01B in revenue (+3.53% YoY) and IDR 1.50B in net profit. Three new CNG stations in Central Java, East Java, and West Java are expected to contribute IDR 100B in additional revenue by year-end. CGAS also plans to develop a second LNG project in Riau and South Sumatra, targeting USD 4.3M in annual revenue starting 2027. The company eyes IDR 1T in revenue over five years, up fourfold from 2023, driven by infrastructure growth and retail demand. FY2024
performance included revenue of IDR 508.50B (+34.67% YoY) and IDR 9.76B in net profit (+14.84% YoY), with IDR 4.7B in dividends approved. (Investor)
MASA to Distribute USD 21M in Dividends
PT Multistrada Arah Sarana Tbk (MASA), a subsidiary of the Michelin Group, declared a cash dividend of USD 21M (approx. IDR 340B) for fiscal year 2024, despite a 52% drop in net income to IDR 553B and amid an ongoing delisting and goprivate process. The dividend amount is unchanged from 2023, with a payout ratio of 61.5% or IDR 37 per share. The remaining profit is allocated to statutory reserves and retained earnings. MASA’s shares are currently suspended on the IDX, and its parent company has acquired 99.64% of shares through a three-phase tender offer at IDR 8,400, above the last traded price of IDR 6,200. Shareholders who did not participate will retain untradeable shares in the company. (IDX Channel)
NICL Declares IDR 159.5B Interim Dividend
PT PAM Mineral Tbk (NICL) has announced an interim dividend of IDR 159.5B for Q1 2025, equivalent to IDR15 per share—representing 82.6% of its IDR 193B net profit during January– March. According to CEO Ruddy Tjanaka, the distribution complies with Indonesian Law No. 40/2007, ensuring the company’s remaining equity of IDR 909.6B post-dividend still exceeds its paid-in capital and reserves. The dividend does not hinder NICL’s obligations or operations. As of midday, NICL’s stock remains flat at IDR 1,290, offering a 1.16% dividend yield, and has surged nearly 400% year-to-date. (IDX Channel)
PTBA to Distribute IDR 3.82T in Dividends, Equal to 75% of 2024 Profit
PT Bukit Asam (PTBA) will distribute IDR 3.82T in dividends for FY 2024, or 75% of its IDR 5.1T net
profit. The decision was made at the Annual General Meeting of Shareholders on June 12, 2025. Though revenue rose 11.1% to IDR 42.76T, net profit fell 16.4% due to higher production costs and a decline in non-operating income. Operational expenses also climbed, causing a 21.5% drop in operating profit. (Bloomberg Technoz)
TOBA Experiences a Sharp Rise in Stock Prices Again
The rise in TOBA’s stock prices occurred alongside the completion of the divestment of a 100 MW coal fired power plant (PLTU) asset in North Minahasa, where TOBA is expected to reduce carbon emissions by more than 45% (equating to 777 thousand tons of CO2e per year). The divestment of another asset, namely the PLTU in Gorontalo, has also been completed. Actions regarding these two assets will contribute to a total reduction in TBS’s carbon emissions by 80% (or about 1.3 million tons of CO2e per year).
WIKA has once again secured a new contract in the National Capital City(IKN) through a Joint Operation (KSO) company
WIKA has obtained a contract for the Improvement of Road Package G in the Core Area of the National Government Center (KIPP IKN) 1B- 1C in Sepaku, Penajam Paser Utara, East Kalimantan. The contract value obtained by the WIKA and KSO consortium has amounted to IDR 427B, in which WIKA holds a 70% stake in the KSO. Specifically, WIKA’s scope of work includes the construction of a roadbed with cement concrete and six-lane asphalt pavement, handling roundabouts and intersections, building three box culvert units, a Type 1 MUT facility (two cells) on two road segments, as well as PIT work, taping, and MUT crossings. The project also includes the construction of an arch bridge as part of the supporting infrastructure in the area. Our view: WIKA’s capability and success in executing the IKN project has the potential to further strengthen the company’s business portfolio going forward.
