Category: Commodities

Freeport & Papua Economy

Papua is among few provinces with positive economic growth last year, thanks to recovery of PT Freeport Indonesia’s gold and copper operations. Papua grew 2.32%, whilst lower than North Maluku (+4.92%) and Central Sulawesi (+4.86%), home to the country’s nickel smelters and steel investments. 

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Antam: Strong Q1, but lots of issues to settle

Aneka Tambang (ANTM) reported net profit of Rp630 billion in the first quarter of 2021 against net loss of Rp281.8 billion in the corresponding period last year, thanks to higher volume and average prices of metals. Still, there are lots of issues that should be immediately settled, including receivables from Bakrie Group and commercial operation of ferronickel smelter in Halmahera Timur (FeNi Haltim).

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Q1/21 Results: PTBA & ADRO

State coal producer Bukit Asam (PTBA) booked a net profit of Rp510 billion in the first quarter (Q1) of 2021, declined 2020, declined 43.9% from Rp4909 billion in the corresponding period of 2020. Revenue fell 23.5% to year on year (y/y), and gross profit declined 33.3% to Rp1.02 trillion. Operating profit also dropped 52.5% to Rp514.5 billion. 

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The FeNiHaltim Construction Standstill

State-owned (BUMN) mining company PT Aneka Tambang Tbk (ANTM) has been constructing a ferronickel smelter with an annual production capacity of 13,500 tons of nickel in ferronickel (TNi) in Halmahera Timur, Maluku Utara, since 2012. The so-called FeNiHaltim project has made ANTM shell out at least 3.5 trillion rupiah from its own coffers and additional state capital placement. The project is supposedly over 90 percent completed, but it still can’t be completely wrapped up—the reason: electricity supply.

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A Faster EV-olution

France, the second largest auto market in Europe, recorded market share of 16.1% from plug-in cars last month. In the first quarter of 2021, the country recorded market share of 13.95% from all plug-in cars, jumped from 9.69% only in the corresponding period of 2020. Germany, the largest auto market, meanwhile, reported an even more impressive market share at 22.5% against 9.2% only in March 2020. 

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EV Battery Race

Minister of state-owned enterprises Erick Thohir, minister of foreign affairs Retno Marsudi, and minister of trade M Lutfi were in China late last week to meet various companies in the country related to the ambitious US$5 billion partnership with Indonesian Battery Company (IBC)—-a consortium of state companies Aneka Tambang (ANTM), Pertamina, PLN, and MIND ID. 

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The EV Disruption & Tsingshan

Tsingshan’s announcement of a disruptive technology converting nickel ore into nickel sulphate—-precursor for electric vehicle battery—-via matte has largely been considered responsible for recent correction of nickel price from as high as US$19,689 on February 22 to as low as US$15,907 per ton on March 9. While the technology will likely change the supply side of nickel sulphate, question remains as to whether it will be fast enough to cope with the growing demand side.

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FY20 Results of Adaro

Coal miner Adaro Energy (ADRO) booked a net profit of US$146.93 million in 2020, dropped 63.6% from US$404.19 million in 2019, as revenue declined 27% year on year (y/y) to US$2.53 billion and gross profit dropped 40% y/y to US$577 million. Operating profit also fell 54% y/y to US$285 million. Operating EBITDA declined 27% y/y to US$883 billion.

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Turnaround of Chandra Asri

Petrochemical firm Chandra Asri Petrochemical (TPIA) booked a net profit of US$51.5 million in 2020, surged 121% from US$23.6 million in 2019, thanks to an income tax benefit. Its revenue was maintained at US$1.8 billion, equal to US$1.88 million in 2019. TPIA reported lower average selling prices across all products last year, and then it increased sales volume both scale and capacity.

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Outliers of 2020: Geo Energy Resources

Unlike other coal producers, SGX-listed Geo Energy Resources Ltd, which operates some coal mines in Kalimantan Island, recorded net profit of US$95.1 million last year against loss of US$47.7 million in 2019. The Company generated sales revenue of US$306.8 million last year, an increase of 23% from 2019, thanks to significantly higher production and sales volume.

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