Category: Commodities

Palm Oil Outlook

Indonesia recorded export revenues of US$1.81 billion from vegetable oil last month, down 12.23% from March. In the first four months of 2017, however, export revenues from the product surged by 52.8% to US$8.06 billion, the largest non oil and gas export commodity for the country. Prospect for the whole year?

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Coal Journal No. 19/2017: Output

Thermal coal retreated to US$73.6 per ton Thursday (May 18), representing 12.5% decline month-on-month, but a 43.2% gain year-on-year. Global dynamics, including coal production in US, China, and Indonesia affecting the commodity. For the week ended May 13, the estimated US coal production grew 17.6% from the comparable week last year.

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Coal Journal No. 14

Reports about economic reform in China, which is focused on phasing-out of sub-standard production capacity in iron-steel and coal-fired power plants, continue to weigh recovery of thermal coal prices, which fell to US$73 per ton last week. At the same time, some coal producers in Indonesia continue to boost their output.

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IPO to Watch: Kirana Megatara

PT Kirana Megatara, crumb rubber producer, has kicked off an initial public offering (IPO) of 1.15 billion shares at Rp400 to Rp480 per share. The company expects to raise between Rp460 billion and Rp550 billion from the IPO to strengthen equity and finance expansion plans. The IPO is interesting because natural rubber rallied from 150 yen/Kg in third quarter of 2016 to as high as 350 yen/kg early this year, but has since retreated to around 200 yen/Kg.

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Sinarmas Coal Play

Strategic investor will acquire 588.24 million new shares issued by PT Golden Energy Mines Tbk (GEMS), a company controlled by Sinarmas Group, for Rp2,900 per share or Rp1.7 trillion or around US$128 million. Proceeds from the rights issue will clearly strengthening the group’s position in the country’s coal mining business.

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Revisiting PGN’s Saka Energi

PT Saka Energi, subsidiary of Perusahaan Gas Negara (PGAS), lists US$625 million 4.45% Senior Notes due 2024 on Singapore Exchange (SGX). The Notes will be listed and quoted in the Bonds Market with effect from Monday, May 8, 2017. BNP Paribas, Citigroup, UBS, HSBC, Mandiri Securities, and Mizuho Securities are lead managers/bookrunners of the Notes.

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The Growing Oil-Gas Deficit

Indonesia booked trade surplus of US$1.66 billion in the first three months of 2017, jumped 137% from the corresponding period of 2016. When it comes to oil and gas, however, Indonesia suffered US$2.6 billion of deficit, skyrocketing almost 500% from US$436 million only in the first quarter of 2016.

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Coal Journal No. 13/2017: Q1 Results

Toba Bara Sejahtera (TOBA), coal producer linked to the family of Luhut B Panjaitan (coordinating minister for maritime affairs), booked net profit of US$10.2 million in the first quarter of 2017, jumped 96.2% from the corresponding period of 2016. The Company’s production and sales volume actually dropped by 26.7% (reportedly due to wet weather) and 21.4% respectively, but 22.2% increase in average selling price of coal contributed to higher margins.

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Sampoerna Agro (SGRO): Q1 Results & Outlook

Sampoerna Agro (SGRO) booked net profit of Rp158 billion in the first quarter of 2017, skyrocketed from Rp14 billion only in the corresponding period last year, thanks to improved margins. The palm oil producer recorded sales revenue of Rp1.03 trillion in the quarter, jumped by 43% from the same period last year, while gross profit soared by 121% to Rp328.3 billion.

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Aneka Tambang & Gosowong Gold Mine

Gosowong gold mine in Halmahera Island, North Maluku province is one of the remaining gold mines controlled by foreign investors in Indonesia other than Grasberg mine in Papua province (controlled by Freeport McMoRan). The government has demanded Freeport to divest up to 51% shares in Grasberg. How about Gosowong gold mine?

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Revisiting Bukit Asam & Resource Alam

State coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) booked net profit of Rp870.8 billion in the first quarter 2017, skyrocketed 162% from the corresponding period of 2016, thanks to improved margins. Bukit Asam’s sales revenue actually grew only by 28% to Rp4.55 trillion, but gross profit doubled to Rp1.69 trillion.

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Why Grasberg is So Important to Freeport…

Shares of Freeport McMoRan (FCX) jumped 9% Tuesday morning in New York to respond the Company’s strong performance in the first quarter and resumption of copper concentrate export from its Grasberg mine in Papua, Indonesia. In the quarter, Freeport booked net profit of US$228 million against loss of US$4.18 billion in the corresponding period of 2016.

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