Daily Brief Indonesia: Adaro Energy, Kawasan Industri Jababeka and more

• Adaro Energy (ADRO IJ) continues to extract huge gains from increased production of coal and higher prices, hitting record levels of sales in 3Q2022 coupled with record margins. 
• There may be some ASP impact from greater domestic market obligation in 4Q but prices remain firm and production should easily make it if not beat guidance. 
• Adaro‘s efforts to diversify away from coal are bearing fruits with the construction of its aluminium smelter in Kalimantan already underway with Hyundai already signing an offtake MOU.  

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Kawasan Industri Jababeka