BCAS: DEWA IJ - 4Q25 - Strong Earnings Boost from One-Off Gains, Above Ours and Street

BCAS: DEWA IJ - 4Q25 - Strong Earnings Boost from One-Off Gains, Above Ours and Street
- In 4Q25, DEWA delivered solid revenue of IDR 1.7 tn (+13.0% QoQ, +15.5% YoY), supported by higher mining activity and volume expansion. This brought FY25 revenue to IDR 6.4 tn (+6.0% YoY), broadly in line with our (98.4%) and consensus estimate (100.8%).
- Operationally, profitability improved on a quarterly basis, with gross profit rising to IDR 289 bn (+46.9% QoQ, –14.4% YoY), while EBIT reached IDR 235 bn (+64.2% QoQ, –7.8% YoY), supported by better cost control amid extreme weather conditions. FY25 EBIT surged to IDR 726 bn (+252.7% YoY), broadly in line with our estimate (99.3%) and consensus (101.6%), reflecting operational recovery despite earlier margin pressure.
- At the bottom line, earnings were significantly boosted by a large one-off gain of IDR 3.7 tn, mainly driven by negative goodwill (IDR 4.5 tn), more than offsetting impairment losses (IDR 501.4 bn). This lifted 4Q25 net profit to IDR 4.1 tn (+5,617.4% QoQ, +1,589.8% YoY). Consequently, FY25 net profit reached IDR 4.3 tn (+7,698.7% YoY), far exceeding our estimate (1,329.9%) and consensus (1,669.9%). Excluding one-offs, core earnings remained more moderate, with core profit at IDR 317 bn in 4Q25 (+568.0% QoQ, +32.7% YoY) and IDR 535 bn in FY25 (+681.2% YoY), coming in above our estimate (165.1%) and consensus (207.4%), indicating underlying earnings normalization.

Vale Indonesia (INCO) Secured USD 500 mn Revolving Credit Facility to Support Expansion
INCO secured a USD 500 mn revolving credit facility, aimed at strengthening liquidity and supporting ongoing expansion projects, particularly in downstream nickel processing. The facility provides financial flexibility for working capital needs, refinancing, and capital expenditure as the co. accelerates development of its growth pipeline. This move aligns with INCO’s strategy to enhance production capacity and support Indonesia’s nickel downstream ecosystem amid rising global demand for battery materials. (Kontan)

Amman Mineral Internasional (AMMN) Posted 60% YoY Net Profit Decline in FY25 
AMMN booked net profit of USD 258 mn in FY25, down 60% YoY, pressured by lower sales following export restrictions and smelter ramp-up phase. Revenue declined to USD 1.85 bn from USD 2.66 bn, reflecting transition to refined products and lower production, with copper and gold output falling 47% YoY and 87% YoY, respectively. The result also reflects lower ore grades and higher mining costs, while 2025 marked a transition year with smelter operations strengthening toward year-end. (CNBC Indonesia) 

Medco Energi (MEDC) Assigned idAA- Rating by Pefindo for Bond Maturity in Jul-26 
MEDC received an idAA- rating from Pefindo for its Obligasi Berkelanjutan V Tahap I 2023 Seri A worth IDR 150 bn, which is set to mature on 7-Jul-26. The co. plans to repay the maturing bond using proceeds from its Obligasi Berkelanjutan VI Tahap I 2025 issuance amounting to IDR 1.0 tn. As of 30-Sep-25, MEDC maintained a strong liquidity position with cash balance of USD 697 mn, supporting its refinancing strategy and debt servicing capability. (Emitennews)