Our economics team and oil analyst recently cut our regional GDP growth and oil price forecasts. We believe coal prices and coal stocks have priced in a subdued economic outlook and low oil prices. Downside should be limited, but we also believe upside would very much depend on positive surprises from two current key price negotiations. Hence, we maintain Neutral on the sector for now, with Bukit Asam as our top pick given its strongest pricing and earnings visibility and low-cost structure among Indonesian producers.
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