Periodic/Sector reports

报告摘要

Following 1H26 production of 19.45mt, PTBA's output could reach 28.55mt in 2H26 (+46.8% hoh), implying 2026 production of around 48mt. Earnings should be supported by firmer coal prices, a higher export mix, and manageable cost pressures. Longer-term growth catalysts include the Kramasan project completion, Sumsel 8 ramp-up, and Mempawah power plant expansion. PTBA currently trades at 7.8x 2026F PE and offers an attractive dividend yield potential of 6-10%.