Alamtri Minerals Indonesia (ADMR IJ): Scaling up new heights

Alamtri Minerals Indonesia (ADMR IJ)
BUY / TP: IDR:1,300 (+31.3%)
Analyst: Alditya Galih Ramadhan

Scaling up new heights
• Met coal > thermal, future anchor of the business
• Aluminum project buffers softening met coal operations
• Sound organic growth alongside re-investment potential
• Future cash cow for its holding, initiating with BUY IDR1,300