- Coal: China’s recent rate cut benefits coal exporters
China’s recent 20-basis-point rate cut aims to boost domestic liquidity and demand for energy, benefiting Indonesian coal exporters like Adaro Energy (ADRO). ADRO’s coal exports to China grew by 15% in Q1 2024 and 18% in H1 2024, driven by China’s increased energy needs. The company’s 2024 sales target is 65-67 million tons, including thermal and metallurgical coal. While this policy may temporarily enhance commodity demand, risks like global market fluctuations and China’s economic uncertainty remain. (Kabarbursa) - ARTO reached 14.1M users in 3Q24
Bank Jago (ARTO) reached 14.1M users by 3Q24, including 11.1M funding customers, with 67% sourced from partnerships like GoTo and Bibit. Total deposits grew to IDR 16.9T, a 64% increase, with 57% in CASA. Loans reached IDR 17.3T, a 59% rise, while maintaining a low 0.2% NPL. The bank’s growth strategy focuses on digital ecosystem integration, leveraging partnerships and personalized financial services, such as GoPay Tabungan by Jago, to expand reach and enhance profitability. (Kabarbursa) - BSDE achieved IDR 6.84T marketing sales in 9M24
Bumi Serpong Damai (BSDE) recorded IDR 6.84T marketing sales in 9M24 (+1% yoy). The biggest contributor was the residential segment at IDR 3.85T or 56% of total marketing sales, followed by the commercial segment, including commercial lots, apartments, and shophouses with a contribution of IDR 2.43T or 36% of total marketing sales. BSDE is optimistic that it can achieve the marketing sales target in FY24 of IDR 9.5T. (Bisnis Indonesia) - CMRY recorded IDR 6.74T revenue in 9M24
Cisarua Mountain Dairy (CMRY) posted a net profit of IDR 966.6B (+10% yoy). Revenue was recorded at IDR 5.74T (+20% yoy). In line, the cost of goods sold went up to IDR 3.36T compared to IDR 2.73T in 9M23. Gross profit was at IDR 2.37T, an increase compared to IDR 2.02T in 9M23. (Emiten News) - ENRG acquired remaining 51% stake in the Sengkang Gas Block
Energi Mega Persada (ENRG) has acquired the remaining 51% stake in the Sengkang gas block, making it the sole owner with 100% control over production and financials. The gas block has a proven reserve of 380B cubic feet and a potential 1.3T cubic feet. The block’s gas supply contract, 50M cubic feet per day, was extended to Oct 42. ENRG plans to boost production and begin exploration for new reserves. This acquisition expands ENRG’s gas assets and strengthens its revenue potential. (emitennews) - MARK recorded revenue of IDR 698.11B in 9M24
Mark Dynamics Indonesia (MARK) recorded revenue of IDR 698.11B in 9M24 (+71.84% yoy). In detail, most revenues came from export sales at IDR 582.89B (+90.67% yoy). Meanwhile, local sales contributed IDR 115.216B (+20.8% yoy). In line with revenue, net profit increased 124.55% yoy to IDR 221.162B. (Kontan) - PTRO’s net profit down 72.84% in 9M24
Petrosea (PTRO) saw a 72.89% decline in net profit to USD 2.86M in 9M24, despite a 21.76% increase in revenue to USD 509.91M. Revenue growth came from coal sales, construction, mining, and services, but rising operational expenses by 20.46% weighed on profitability. Major customers include Freeport Indonesia and Kideco Jaya Agung. Total assets increased to USD 765.76M, while liabilities rose to USD 509.5M, indicating higher leverage. (Emitennews)