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Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
 Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high, even as they moderate from unprecedented levels in 2022. This should keep net leverage at manageable levels for most Fitch-rated entities, supporting adequate rating headroom.
We forecast the sector’s median EBITDA-based net leverage to remain low at 0.5x in 2023 (2022: 0.3x), underpinned by strong earnings, with coal prices staying above pre-2022 levels. Cash outlays are likely to be driven by diversification-related investments, with some miners initiating projects to move away from thermal coal amid investors’ heightened ESG concerns and tightening funding access. Nevertheless, most entities have sufficient cash buffers to support these investments. We expect capex requirements at most entities, except at PT ABM Investama Tbk (B+/Stable), to remain low, as none have major growth plans.
We also expect entities with a high accumulated cash balance to continue bond buy backs over the next 12 months, taking advantage of price discounts on their bonds to reduce debt and interest expenses. We believe the buy backs will lower refinancing requirements and improve companies’ financial flexibility amid the sector’s evolving funding access due to environmental considerations.
Source: Fitch Ratings
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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- London Commodity Brokers - England
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
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