Pemerintahan era Presiden RI Prabowo Subianto menyatakan akan tetap melanjutkan program hilirisasi yang digencarkan di era presiden Jokowi. Prabowo menyebut bahwa hilirisasi akan dimulai dengan pelaksanaan 15 megaproyek. Tak tanggung-tanggung hilirisasi yang akan dijalankan akan sampai pada level end user atau konsumen akhir. Proyek hilirisasi industri pertambangan juga dinilai akan berdampak pada harga saham emiten pertambangan.
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TVTranscript
00:00We are back with us, Pomirsa, and in this segment we will review some information about the market.
00:10But first, we present the Spotlight Market, Pomirsa.
00:13There is a clean lead from Emeten Batubara Dwi Gunalaksana TBK or DWGL,
00:17which experienced an increase of 657% throughout 2024.
00:22Its shares also dropped by almost 7% per day or in trading as before.
00:27Then there is Wijaya Karya TBK or WIKA, which was suspended as it failed to pay its obligations.
00:32Goldman Sachs raised the projection of gold prices at the end of 2025.
00:36There is an estimate to become US$3,100 from the current position in the range of US$2,900, which is also a record.
00:45And we go to the economy agenda, Pomirsa.
00:47There is the President of the United States, Donald Trump.
00:51Then the consumer price index from the UK, consumer confidence from Spain,
00:55and several other agendas, such as the king of trade from Japan,
00:58and the decision of the flower tribe from Indonesia or BI, Pomirsa, and the inflation rate from New Zealand.
01:07There is the Emeten Agenda, including the general meeting of shareholders of DNAR.
01:11Then there is also BRAU, the form of WIKA-continued obligation,
01:16then the Rupsusukuk Mudarabah continued from WIKA.
01:21An update from Asia this morning, when the global index of the United States and Europe,
01:26the compact record, Nikkei, Japan, fell slightly.
01:290.03%, Street Times rose 0.47%,
01:33KOSPI Korea rose 1.52%,
01:37and Hang Seng, Hong Kong, fell 0.87%.
01:41The President of the United States, Donald Trump.
01:47Yes, Pomirsa, President Prabowo Subianto ensured that he would continue the hillarization program
01:51through the implementation of 15 megaprojects in 2025.
01:55And Prabowo insisted that hillarization needs to be continued
01:58so that the wealth of Indonesia's natural resources can be used optimally
02:02for the welfare of the people.
02:05President Prabowo Subianto
02:08President Prabowo Subianto ensured that the government he led
02:13would continue the hillarization program that was pursued in the previous government era.
02:20Prabowo will say that hillarization will begin with the implementation of 15 megaprojects in 2025.
02:2915 megaprojects, billions of dollars,
02:36we will start without asking for investment from abroad.
02:45We will realize the dreams of Bung Karno,
02:48standing on our own feet.
02:54We will not ask for it.
02:59If someone comes from abroad,
03:03please, if you want to enter Indonesia, we are open.
03:07But we will not be stingy.
03:13Prabowo insisted that hillarization needs to be continued
03:16so that the wealth of Indonesia's natural resources can be used optimally
03:22for the welfare of the people.
03:26Prabowo also said that the Merah Putih Cabinet
03:28is based on openness for investors,
03:31but it will not be forced.
03:36According to the hillarization, President Prabowo Subianto was known to have formed
03:40the Association of Hillarization and National Energy Preservation Acceleration Tasks.
03:46This task was chaired by Minister of Energy and Mineral Resources, Pahlil Lahad Dahlia.
03:53These tasks were laid out in the President's Decision No. 1 of 2025,
03:58which was signed on January 3, 2025.
04:03From Jakarta, IDX Jenai coverage team.
04:12That's it, viewers.
04:13The hillarization of mining industries is estimated to have an impact on the price of mining emitters.
04:17Hillarization can also increase the added value and competitiveness of products
04:21so that it can improve the country's position in global trade.
04:25Today, we will discuss the opportunity of mining industry
04:27in the middle of the hillarization program with Pak Candra Pasaripu,
04:31Head of Research Analysis PT Yuanta Securities Indonesia.
04:34Good morning, Pak Candra.
04:35Hello, good morning.
04:37Thank you, Pak Candra, for joining us this morning.
04:40If we look at the strengthening of the IHSG this weekend,
04:44we can see what the prospect of mining industry is like
04:47because other sectors seem to be better.
04:52The biggest function of mining industry is the commodity price.
04:57And we know that so far,
04:59the commodity price seems to be a bit of a peaking off,
05:02or down from the peak,
05:04including coal and oil.
05:09While the relatively strong one lately is in gold.
05:13Nickel may be relatively stable, not changing.
05:16So it seems that the main function is still in the commodity price.
05:21So far, it seems that the energy side is a bit weak
05:25because there is a fear of price war globally,
05:30so maybe it will slow down global growth a bit.
05:34Okay, still more concerned about the commodity price.
05:38We just saw, Pak Candra and also Mr. Miyarsa,
05:41President Prabowo will continue the 15 megaprojects of hillarization
05:45which was the main project in the previous government.
05:50How far can it be a fresh wind,
05:52especially for companies like ANTAM, PTB ACS?
05:57Yes, I think hillarization is a continued program.
06:02Maybe in terms of spirit, it's good.
06:05We are trying to get a longer value added.
06:08But we need to remember that if we are in the process of hillarization,
06:12maybe it's only at the stage of graduating from high school.
06:15Because we are just purification,
06:17and as far as purification or smelting is concerned,
06:21the value added should still be low.
06:23The high value added will appear when we continue to go down towards the finished product.
06:29So like batteries, then it becomes EV,
06:32and that's where the bigger value added appears.
06:36As I said, we just graduated from high school,
06:38because we are just purification.
06:40So this is still in a longer process,
06:43and maybe in terms of the mining sector itself,
06:47the relative value added will shift precisely in the hillarization or downstream.
06:53So the mining itself will enjoy the volume,
06:57but if the mining company does not have a continued investment downstream,
07:02maybe it will be like that.
07:05Okay, good spirit.
07:07And in the future it will be said that it will be unbearable,
07:11it will reach the end-user level.
07:13But as far as you can see the way there,
07:15we are still at the stage of high school, high school, purification.
07:18It means it's still quite long.
07:20Does it mean that the sentiment of the mega-project,
07:24there are 15 mega-projects of hillarization that the government plans to continue now,
07:28maybe it will not be translated too much by the market players
07:33in the stocks related to the purification earlier?
07:39It should be like that.
07:40So that's why the variable is especially valuable,
07:44because from the point of view of downstream hillarization,
07:48it's still in the process.
07:50We may have gone in the right direction,
07:53but back again, Mr. President said,
07:56we don't want to depend on foreigners.
07:58Which is, once again, the spirit is good,
08:01but it should be remembered that if we start moving towards less commodity,
08:06it means we enter the battery, or we enter the EV,
08:09or even in the energy sector,
08:12coal is liquefied into renewable energy,
08:16it all involves technology.
08:18The question is, do we have the technology or not?
08:21If we don't have the technology,
08:23whether we want it or not, we finally look for a partner from abroad.
08:26Okay.
08:27Well, in this condition, our spirit is good,
08:30but to achieve it, the road is still quite long,
08:33there are still quite a lot of challenges,
08:35especially if you want to be a product and user,
08:38or the final product.
08:40What is your recommendation for investors in mining?
08:43We cross-check the data first,
08:45like this, Mr. President.
08:47We took a special one that was brought by MindID first,
08:50which is listed in the Indonesian Stock Exchange, there is Antam,
08:53last week it was 11%,
08:56if it is related to the price of commodities,
08:58maybe it is related, because gold is on the record.
09:00Then, if year-to-date or since the beginning of the year,
09:03it has increased by 2%.
09:04Bukit Asam or PTBA, last week,
09:07increased by almost 3%,
09:09and still minus 2% if we talk about year-to-date.
09:12Timah also increased by 3.57% per week,
09:15but fell by 1.69% year-to-date,
09:18and there is Vale or Inko,
09:20which increased by 10.33% per week,
09:23but still fell by 17.5% year-to-date.
09:28How do you measure the prospects of Samsam?
09:31Which one is interesting, according to you, Mr. Chandra?
09:36Back to earlier,
09:37we will try to look at the price of commodities themselves,
09:40so it looks like gold is the most interesting,
09:43so this derivative is reflected in Antam,
09:47because it is the closest relative to the gold mine.
09:52While for coal, we know that the price of coal itself
09:57has recently dropped,
09:58approaching the price of US$100 per ton,
10:01so it means that the positive sentiment towards PTBA
10:04has become smaller.
10:07Timah itself, if we look at it,
10:09is quite big,
10:11the question for me is actually why,
10:12because in Timah itself,
10:14we are the dominant as the largest producer globally,
10:18but we have no control over the price,
10:21so it's a bit weird.
10:22If we can have a large line of control over the price,
10:28the value added or control over the stock price in Timah
10:32should be more positive,
10:33but so far it hasn't happened.
10:36Actually, from our side,
10:41we prefer minerals,
10:42which means two things,
10:44non-energy, which is basically nickel and gold,
10:47so in nickel itself,
10:49we are a bit hopeful with the EV ecosystem,
10:53which may be a bit pushed by the government
10:56to develop faster.
10:59Okay, so if we look at the four items,
11:02in perspective,
11:03if we talk about commodities,
11:05Antam, then Vale or Inco?
11:10Yes, correct.
11:12The latest news is that Goldman Sachs
11:14has increased the projection of the world's gold price.
11:18At the end of 2025,
11:19it said it could be at least US$3,100 per ounce,
11:23while now it has a record of around US$2,900,
11:27which means there is still room for further growth.
11:30How about Antam?
11:31After the last week,
11:32it has also dropped by 11%.
11:35If the positive sentiment continues to grow,
11:41it will have a chance to continue to rise.
11:44And this also means for the stock outside the BBMN,
11:49including MDKA or BRMS,
11:51which are in the same gold ecosystem.
11:54And maybe MDKA and BRMS
11:58exposure to gold mining
12:02may be slightly larger than Antam.
12:04Antam is a bit of a mix,
12:06there are several other mineral commodities.
12:09So maybe in the end,
12:11if we want to bet on the price of gold,
12:16the stock price in MDKA or BRMS
12:19may have higher correlations than Antam.
12:23If you want to choose a commodity,
12:26especially gold,
12:27the stock price in MDKA or BRMS
12:30may have higher correlations than Antam.
12:35Because Antam may also have more nickel.
12:38Yes.
12:39Okay.
12:40In short, what is the recommendation of Vale?
12:43Inko?
12:44Inko is actually a bit more long-term.
12:49Recently, the price of nickel has not been very good.
12:54But actually they are in a pretty good position
12:57for the EV ecosystem itself.
13:00Including MBMA and NCKL.
13:05But back again,
13:07maybe the sentiment is a bit negative
13:10because on the EV side,
13:12the demand is a bit slow.
13:14But if we look at the domestic market,
13:16from BYD,
13:18the volume of sales is quite good.
13:20We hope that we are in the early stage of adaptation
13:24where there may still be growth
13:26so that it can help manufacturing,
13:29including industrialization, in the EV.
13:31Okay.
13:32And based on the sales opening data,
13:34Inko fell by 1% this morning,
13:36while Antam experienced an increase in sales
13:39at the beginning of the opening at 1.29%.
13:42Meanwhile, the index of the joint sales price,
13:44I mentioned a little,
13:45also fell by 1% at 6,855.
13:50But a little has started to drop, my audience.
13:53Now it's down by about 0.25%.
13:55We will review it later, Mr. Chandra.
13:57Here are also your stock recommendations.
13:59After the presentation, stay tuned on MarketBas.