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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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Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
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- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
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