Adaro Energy
Quick takes - Mixed feedback - by Rania Rahmundita
(ADRO IJ / ADRO.JK, OUTPERFORM - Maintained, Rp770 - Tgt. Rp1,030, Basic Resources)
Adaro gave an upbeat presentation during our recent Kuala Lumpur road show. It highlighted that the company is in a good shape to weather the financial turbulence with more resilient demand for its coal, healthy balance sheet and extensive financing reach, and vertical integration. Feedback was mixed. While most investors agree with its strengths, most would rather wait in the near term due to macro reasons and anticipation of share-price weakness from additional share liquidity in the near term. There were also corporate governance and transparency concerns from a few fund managers. We maintain Outperform and DCF-based target price of Rp1,030. Given time, these concerns could be proven wrong, in our view.
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