FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Coal: Coal Price Downside May be Limited, but Weak Demand May Cap ST Rebound (NEUTRAL) ·         Average coal prices YTD are below our expectations, driven by weak imports amid strong domestic production in China and India. ·         While current prices already near cost support levels, ST price rebound may be capped by weak imports as restocking only starts by end of 3Q. ·         We maintain a Neutral rating on the sector with preferences for UNTR> ADRO> AADI> ITMG> PTBA. To see the full version of this report, please click here   To see the full version of this snapshoot, please click here   MARKET NEWS

SECTOR

Commodity Price Daily Update July 10, 2025

Indonesia Sets June 2025 Crude Oil Price at US$63.90 per Barrel

The Ministry of Energy and Mineral Resources (MEMR) has set the Indonesian Crude Price (ICP) for Jun25 at US$63.90 per barrel. This represents a 10.48% increase compared to the ICP in May25, which was US$57.85 per barrel. The rise in the Jun25 ICP, along with the increase in major international crude oil prices, was driven by market concerns over potential supply disruptions due to escalating geopolitical tensions in the Middle East. (Investor Daily)

 

CORPORATE

AMMN Spends US$2.85mn for 2Q25 Exploration Across Elang, Rinti & Lampui

AMMN, through its unit PT AMNT, spent US$2.85mn in 2Q25 to advance copper-gold exploration in NTB. The Elang Block was the primary focus, with US$2.2mn used for 3,500.7m of core drilling, IP surveys (19.7 km), and geological mapping. Rinti Block saw US$37,700 allocated for IP prep, with 65% of line clearing completed. Lampui received USD605k for two holes (1,048.2m) and 5.4 km of IP. (Emiten News)

 

MBMA Invests Rp36.69bn in Nickel Mine Exploration in Southeast Sulawesi

MBMA has invested around Rp36.69bn (US$2.23mn) in exploration at the Sulawesi Cahaya Mineral (SCM) nickel mine in Konawe, Southeast Sulawesi. In 2Q25, the company drilled 673 holes totaling 20,274 meters, along with conducting geological mapping, sampling, and GPR surveys. The program aims to strengthen resource data and identify potential new reserves. (Emiten News)

 

MEDC Allocates US$67.73mn for 2Q25 Exploration Activities

MEDC allocated US$67.73mn for exploration activities during April–June 2025 across several project sites. Funding included: West Bangkanai (US$230k), Barramundi well (US$12.5mn), Corridor (US$36.65mn across two locations), and Dayung-2B & Dayung-5B (US$18.35m). Activities involved geophysical surveys, exploratory drilling, and 3D seismic acquisition. (Emiten News)

 

MTEL Said to Weigh Reviving US$5.5bn Merger with TBIG

MTEL is reportedly considering reviving merger talks with rival TBIG. According to sources familiar with the matter, the companies have held preliminary discussions with potential advisers about a deal that could create a combined entity valued at around Rp90tr (US$5.5bn). However, the deliberations are still at an early stage, and there is no guarantee the merger will proceed. Both MTEL and TBIG, as well as parent company Telkom, have yet to issue official comments on the matter. (Bloomberg)

 

TCPI Secures Nickel Ore Transportation Contract Worth US$885mn

TCPI has secured a nickel ore transportation contract with an estimated value of US$885mn, equivalent to approximately Rp14.38tr. According to the company, it has signed a transportation agreement with a nickel mining company based in Southeast Sulawesi. The initial contract period is set for five years, with an option to extend for an additional five years. Over the course of the 10-year period, the total cargo volume is estimated to reach 100mn tons. (Bisnis)