Coal: Coal Sector Weakens Amid Declining Demand due to Falling Exports to China
On Tuesday (24/6/2025), the price of coal in the ICE Newcastle market for the next month’s delivery contract closed at USD 106.6/ton. This represents a decrease of 0.61% compared to the previous day. News from China seems to serve as negative sentiment for coal. According to Bloomberg News, China’s coal exports surged and flooded the global market. From January to May 2025, China’s coal exports were recorded at 2.5 million tons. This is an increase of 13% compared to the first five months of 2024. Japan, Indonesia, and South Korea are the largest destinations for China’s coal exports. Other countries that also purchase Chinese coal include the Netherlands.
CPO: The Decline in CPO Prices May Reduce Stock Performance
The price of crude palm oil (CPO) plummeted in yesterday’s trading. The price movements of
several other commodities also influence the formation of CPO prices. On Tuesday (May 24, 2026), the price of CPO on the Malaysian Exchange for the September delivery contract closed at MYR 3,986/ton. It dropped 3.39% and became the lowest since June 13 or nearly the last 2 weeks. The 3.39% decline is also the deepest daily correction since April 4 or more than 2 months.
ASSA Distributes 75.6% of FY2024 Net Profit as IDR 50 per Share Dividend
PT Adi Sarana Armada Tbk (ASSA) has decided to distribute a dividend of IDR 110.7B. This decision
for dividend distribution was approved at the Annual General Meeting of Shareholders (RUPST) held in Jakarta on Tuesday (June 24, 2025). The total agreed dividend amounts to IDR 184.55B or IDR 50 per share. This amount represents 75.6% of the company’s net profit for the fiscal year 2024, which is recorded at IDR 243.74B. Of the total dividend, ASSA has previously distributed an interim dividend of IDR 73.8B or IDR 20 per share on November 22, 2024.
DGWG to Distribute IDR 52.94B Dividend and Greenlights Upstream Expansion into Agrochemical Sector
PT Delta Giri Wacana Tbk (DGWG) will distribute a cash dividend of IDR 52.94B from its 2024 net profit of IDR 178.68B, reflecting a sharp 1,072.78% year-on-year increase. The decision was approved during the Annual General Meeting on June 23, 2025, with IDR 5B set aside for reserves and the remainder retained for working capital. In an Extraordinary General Meeting held on the same day, shareholders also approved DGWG’s move to activate and expand its agrochemical raw materials business (KBLI 20211) through its subsidiary PT Dharma Guna Wibawa, in preparation for the operation of its carbamate plant. Management views this upstream expansion as a key growth catalyst aligned with national food security goals, particularly in light of the government’s IDR 139.4T agricultural budget for 2025. (Kontan)
ENRG to Launch Private Placement of 2.48 Billion Shares to Fund Drilling and Strengthen Capital
Energi Mega Persada (ENRG) plans to conduct a private placement of 2.48 billion new shares, equivalent to 10% of its issued and paid-up capital, aiming to bolster its capital structure and financial position. About 70% of the proceeds will fund drilling activities in the Malacca Strait Block, operated by its subsidiary PT Imbang Tata Alam (ITA), covering both operational and capital expenditures. The remaining 30% will be provided to ITA as a loan for working capital outside drilling-related procurement. This mechanism allows the funds to be recycled for future corporate needs. The work plan has received SKK Migas approval for 2025. The action is expected to increase total assets by 2.10%, equity by 4.94%, and current ratio by 11.86%, while diluting existing shareholders by 9.091%. The initiative will be launched within two years following shareholder approval scheduled for June 26, 2025. (Emiten)
PWON to Distribute IDR 626B in Dividends from FY2024 Net Profit
Pakuwon Jati (PWON) will distribute IDR 626B in cash dividends for fiscal year 2024, equivalent to
IDR 13 per share, as approved during its Annual General Meeting. This marks a 45% increase from the previous year’s dividend, representing 30% of the IDR 2.08T in net profit attributable to the parent entity. In 2024, PWON recorded IDR 6.67T in revenue, driven by an 11% increase in recurring income from retail malls, office leasing, and hospitality. The company allocated IDR 1.8T in capital expenditure for ongoing projects in Bekasi, Surabaya, and land acquisition in Semarang. In Q1 2025, PWON reported IDR 1.55T in
revenue, with a 10% increase in adjusted net profit to IDR 603B, reflecting improved operational
efficiency. (Kontan)
TOTL Secures IDR 2.17T in New Contracts by May 2025; Maintains Debt- Free Position and Strategic Caution
PT Total Bangun Persada Tbk (TOTL) reported securing IDR 2.17 trillion in new contracts as of
May 2025, covering construction projects in industrial, educational, office, hospitality, and data center sectors. According to Corporate Secretary Anggie S. Sidharta, the Bank Indonesia’s decision to hold its benchmark interest rate at 5.5% is viewed positively, potentially encouraging investment and consumption. TOTL remains unaffected by this rate stance due to its zero debt position and sees minimal impact from Middle East geopolitical tensions. The company emphasizes a cautious approach through strategic initiatives focusing on maintaining positive cash flow, efficiency, and operational cost optimization. (Kontan)
UDNG Cash Flow is Decreasing due to High Weather Anomalies and a Decline in The Quality of Shrimp Seeds
PT Agro Bahari Nusantara Tbk (UDNG), a vannamei shrimp farming company, recorded a sharp decline in cash throughout 2024. As of December 31, 2024, the company’s cash plummeted nearly 50% to IDR 4.3 billion (December 2023: IDR 7.2 billion). Agro Bahari’s management explained that the dwindling cash was caused by reduced income due to weather anomalies, heavy rainfall, and the genetic quality of shrimp seeds which are beyond management’s control. These factors also affected cultivation parameters and pond productivity. Moreover, cash from operating activities decreased because harvest targets were not met due to high mortality rates caused by extreme weather, decreased quality of seawater parameters, and the emergence of new diseases. Management confirmed that operational expenses did not change significantly as most consisted of fixed costs such as employee salaries and electricity bills. To maintain the quality of shrimp cultivation, the company must increase the dosage of shrimp feed. The use of plant supplements (vitamins, minerals, and treatments) is higher compared to the previous year.
