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Indika Energy

Indika is a leading integrated Indonesian energy group with a portfolio of businesses spanning the Energy Resources, Energy Services and Energy Infrastructure sectors. The Energy Resources undertakes energy coal mining at a 50,921 hectare concession in East Kalimantan, Indonesia. The Energy Services segment provides mining, engineering, construction and offshore supply base services in the coal and oil and gas sectors, alongside operation, maintenance, and logistics services. The Energy Infrastructure segment operates 660 megawatt coal-fired power plant in Cirebon, West Java. It also provides sea logistics and transshipment solutions for bulk materials and natural resources; and offshore supply logistics services for oil and gas companies. Kideco, the key coal mining unit, became a fully consolidated subsidiary of Indika in FY17. Petrosea, Tripatra and MBSS have generated strong and steady cashflows from long-term operating agreements. Indika's top customers include BP Berau Ltd., Freeport, Eni Muara Bakau, Kideco, Indonesia Pratama etc. (24 Aug 2018)

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Indika: Investment in Gold Miner

Worth Watching: 12 Dec 2018, 5:15 AM ET - Indika or Indika Energy (Bond Ratings: NR/ Ba3/ BB-), through its subsidiary Indika Mineral Investindo, announced an investment in Nusantara Resources (Nusantara). Nusantara is a gold development company listed on the Australian Stock Exchange. ..

Asian High Yield Outlook: 8 Themes for 2019

Strategy Analysis: 11 Dec 2018, 9:12 PM ET - 1) Easing $ supply risk. 2) China onshore funding. 3) Fundamental credit headwinds. 4) Rising funding costs.  5) Equity volatility and share-backed financing.  6) Elections in India and Indonesia.  7) LGFV refinancing. 8) China slowdown. 

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 
Focused

Metals & Mining ESG: Sector View and Ratings

Sector Analysis: 26 Nov 2018, 9:04 PM ET - We are following up on the formal launch of the CreditSights ESG investment framework with an in-depth look at ESG issues in the metals & mining sector.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.
Focused

Indonesia Coal: Lower Tax Rates for Coal Miners

Worth Watching: 15 Nov 2018, 3:59 AM ET - Indonesia Coal: The Indonesian Government proposes to slash the income tax rates for Indonesian coal miners from 45% to 25%. The move is aimed at placating miners whose coal contacts of work (CCoW) is poised to expire soon. A few coal mining ..

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Asia Credit: New York City Investor Meetings

Strategy Analysis: 03 Oct 2018, 12:13 AM ET - Our Asia corporate analysts spent two days meeting investors in New York earlier this month. We met a mix of investor types, including US and non-US based asset managers, investment advisers, investment banks, hedge funds and private banks.
Focused

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Weekly: Stabilizing IDR Drives Returns

Asia Weekly: 20 Sep 2018, 11:49 PM ET - The Indonesian Rupiah (IDR) continued to stay in the IDR 14,800 - 14,900/$ range after recovering from IDR 14,938/$ at the start of September. In both IG and HY, Indonesian bonds performed the best, recording strong positive total returns. 

Asia Weekly: Rain After a Long Drought of Issuance

Asia Weekly: 06 Sep 2018, 11:49 PM ET - Asian $-bond markets were weighed down slightly this week by a strong return of investment grade $-bond supply and depreciating Asian EM currencies such as the Indonesian Rupiah. 

Indon & India Corporates: Currency Risk

Worth Watching: 06 Sep 2018, 6:30 AM ET - Indon & India Corporates : Both INR and IDR are in another renewed bout of weakness against the $. $/INR recently breached 70 for the first time ever and is currently trading at 71.9. The $/IDR is just shy of the 15,000 mark, presently trading ..
Focused

Indika 1H18: Kideco Impact Transforms Financials

Worth Watching: 03 Sep 2018, 7:09 AM ET - Indika 1H18 (or Indika Energy; Bond Ratings: NR/ Ba3/ B+) revenues tripled to $1.4 bn in 1H18 (1H17: $453 mn) largely due to the full consolidation of its recently-acquired subsidiary, Kideco in 4Q17. Kideco comprised 65% of the company's reven ..

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.
Focused

Asia Credit Calendar: Week of 27 August 2018

Strategy Analysis: 24 Aug 2018, 3:15 AM ET - 13 Chinese property developers, 12 Chinese financial institutions and 6 Chinese industrial companies will release results next week.

Asia Weekly: Bank Indonesia Raises Rates Again

Asia Weekly: 17 Aug 2018, 2:00 AM ET - We approach the peak of Chinese earnings season next week. Primary markets are relatively quiet as a result of the regulatory black-out periods. 
Focused

HK/SG Conference 2018: Commodities

Transcript: 06 Aug 2018, 6:14 AM ET - Transcript of our commodities presentation from CreditSights' SG/HK conferences outlining our top-down views on commodities and single name recommendations.

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.
Focused

Indonesia Coal: Govt. Mulls Lifting DMO

Worth Watching: 30 Jul 2018, 12:22 PM ET - Indonesia Coal : The Indonesian government is said to be mulling scrapping an obligation on Indonesian coal miners to supply coal to the domestic power stations. The Indonesian coal miners are currently bound to supply a minimum quantity of coa ..

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