Aldira Sunrise 29 November 2024

• AMMN revised down production target FY24
Amman Mineral Internasional (AMMN) has revised its 2024 production guidance, adjusting
its copper and gold output targets downward. The company now anticipates producing
715,000 dry metric tons of concentrate, containing approximately 374 million pounds of
copper and 900,000 ounces of gold. This revision reflects a decrease from the initial targets
of 833,000 dry metric tons of concentrate, with 456 million pounds of copper and 1,009,000
ounces of gold. The adjustment is attributed to changes in the mining plan configuration,
considering factors such as the smelter production schedule, the transition from Phase 7 to
Phase 8 mining operations, and the expansion of the concentrator plant. President Director
Alexander Ramlie emphasized that these considerations are crucial for optimizing
production efficiency and aligning with operational timelines. (Bisnis Indonesia)
• ENRG aims for a 10% increase in oil and gas production next year
Energi Mega Persada (ENRG) aims to increase oil and gas production by 10% next year.
ENRG’s Investor Relations Advisor, Herwin W. Hidayat, said the company will continue to
explore opportunities to acquire new oil and gas assets in 2025. The company will also
increase oil and gas production from recently acquired assets. Herwin explained that several
assets that had been acquired by ENRG included the Siak & Kampar oil assets in Riau, both
of which currently produce around 2,500 barrels per day and were just acquired on Apr 24,
as well as the Sengkang gas asset in Sulawesi, which currently produces around 40M cubic
feet of gas per day and the acquisition process completed at the end of Oct 24. (Kontan)
• ERAA overshadowed by iPhone 16 sales ban and 12% VAT increase
Erajaya Swasembada (ERAA), a leading Indonesian retailer of electronic devices, is
confronting two significant challenges. The Indonesian government has prohibited the sale
of Apple’s iPhone 16 due to non-compliance with the 40% local content requirement. This
regulation mandates that a substantial portion of the product’s components be sourced
domestically. Given ERAA’s role as a major distributor of Apple products, this ban is expected
to adversely affect its revenue streams. The other is the upcoming VAT Increase. Effective 1
Jan 25, Indonesia plans to raise the Value-Added Tax (VAT) rate from 11% to 12%. This tax hike
is anticipated to elevate consumer prices, potentially dampening purchasing power and
impacting sales volumes across ERAA’s product range. Despite these hurdles, ERAA reported
a substantial 59.88% yoy increase in net profit, reaching IDR 791.16B in 9M24. However, the
combined effects of the iPhone 16 sales ban and the impending VAT increase present
considerable risks to the company’s future financial performance. (Bisnis Indonesia)
• POWR to distribute an USD 28M interim dividend
Cikarang Listrindo (POWR) will distribute an interim dividend of USD 28M or IDR 28.24
dividend per share. This distribution is based on its 9M24 net profit of USD 72.59M. The cum
dividend date is on 6 Dec 24, while the payment date is on 18 Dec 24. (Kontan)