In today’s briefing:
- Mitra Adiperkasa (MAPI IJ) – Vibrant Start to Very Different Year
- Pertamina Hulu Energi Early Look – The Positives – High Domestic Market Share
- Morning Views Asia: Adaro Energy, Azure Power Global Ltd, ENN Natural Gas, Vedanta Resources
- Pertamina Hulu Energi Early Look – The Negatives – Past Growth Record Seems Lackluster
Mitra Adiperkasa (MAPI IJ) – Vibrant Start to Very Different Year
- Mitra Adiperkasa (MAPI IJ) 1Q2023 numbers reflected a strong start to the New Year, with vibrant sales growth, improved profitability, and growth across all segments.
- The company maintained the momentum behind its omnichannel strategy with online sales making up 8.1% of total sales despite more offline activity as COVID restrictions were dropped.
- Mitra Adiperkasa continues to expand its footprint both in Indonesia and with selective brands in South-East Asia, most recently in the Philippines. Valuations are attractive versus historical levels.
Pertamina Hulu Energi Early Look – The Positives – High Domestic Market Share
- Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO.
- PHE is a subsidiary of Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
- In this note, we will talk about the positive aspects of the deal.
Morning Views Asia: Adaro Energy, Azure Power Global Ltd, ENN Natural Gas, Vedanta Resources
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.
Pertamina Hulu Energi Early Look – The Negatives – Past Growth Record Seems Lackluster
- Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO.
- PHE is a subsidiary of Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
- In this note, we will talk about the not-so-positive aspects of the deal.
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