Research reports and articles I've written.
August 2026
Why Indonesian thermal coal prices are surging even as coal's share of global power generation keeps falling, with a case study on PT Adaro Andalan Indonesia (AADI).
July 2026
Maps an 88% probability of a Strong to Very Strong El Niño and its likely effect on Indonesian food inflation, CPO price lag, and equity exposure across plantations and consumer staples.
June 2026
A look at PT Lippo Cikarang's township and industrial-estate business: 3,250 hectares in Cikarang housing 20,400+ homes and 680,000+ jobs.
February 2026
A profile of PT Amman Mineral Internasional (AMMN), Indonesia's #2 copper & gold producer, and the Batu Hijau and Elang growth story.
A turnaround thesis on PT Pan Brothers Tbk (PBRX), the export-focused garment producer behind global brands like Uniqlo, Adidas, and The North Face.
April 2026
A breakdown of Mastersystem Infotama Tbk (MSTI), covering its ICT systems-integration business, NVIDIA Platinum Partner status, and whether its low multiples signal a value trap.