One strong quarter was enough for coal miners to turn things around. In the quarter, average reference price of Indonesian thermal coal was US$85.2 per ton, an increase of 54.6% from fourth quarter of 2015. While retreating from its recent high, thermal coal has been relatively stable around US$80 per ton in international market in the past few months.

Strong performance in the fourth quarter was not enough for Eagle High Plantation (BWPT) to end 2016 in green. The Company booked net loss of Rp390 billion, expanded 117% from 2015, due to huge finance cost. Combined with steady correction of crude palm oil (CPO) in the futures market, BWPT shares have retreated almost 21% from its recent peak.

Shares of Medco Energy (MEDC) advanced 3.68% to Rp3100 on Monday (March 27) as investors responding positively the Company’s acquisition of additional 35% shares in South Natuna Sea Block B from Inpex Corp. MEDC, accordingly, has gained 152% since December to become a company with market value of Rp10.3 trillion, slightly above its equity as at Sept 30, 2016.

Small coal producer PT Resource Alam Indonesia Tbk (KKGI) booked net profit of US$9.66 million last year, jumped by 69% from 2015 thanks to improved margins. Unlike peers, however, KKGI’s sales revenues fell 38% in the fourth quarter, when coal prices rallied to their high.

Plantation firm Sampoerna Agro (SGRO) booked net profit of Rp442 billion last year, jumped 78.2% from 2015 even though sales revenue slipped 2.8%, while operating profit fell 12.2%. With earning per share (EPS) of Rp243, the current price of SGRO looks very cheap, traded with PE multiple 6.2, way below peers. Really?

Thermal coal has been stabilizing around US$80 per ton in the past three months, supported by strong import by China, the world’s largest consumer, due to difficulties in restoring output at local mines. China Coal Energy Co Ltd, for example, saw its output declining 1.1% to 13.2 million tons in the first two months of 2017.

President Joko ‘Jokowi’ Widodo inaugurated eight gas-fired mobile power plants (PLTG MPP) with combined capacity of 500 MW late last week. This week, the first unit of Sarulla geothermal power plant enters commercial operation in North Sumatra with design capacity of 110 MW. The second unit, meanwhile, will enter the grid sometime in September 2017, followed by the third unit in March 2018 to make a total of 330 MW from Sarulla project.

Indika Energy (INDY) booked net loss of US$67.59 million last year, expanded by 51.6% from 2015 due to falling sales revenues and squeezed margins. Unlike other coal miners and mining contractors, Indika reported a disappointing fourth quarter. Sales revenues dropped 17.7% in the quarter, while net loss skyrocketed 172% to US$51 million in the quarter.

Bumi Resources (BUMI), the largest coal producer in Indonesia, booked net profit of US$67.7 million last year against loss of US$1.93 billion in 2015. Bumi Resources Minerals (BRMS), meanwhile, posted net loss of US$315 million last year due to huge impairment of asset (US$660 million, investment-and-divestment of shares in PT Newmont Nusa Tenggara).