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Transformation beyond coal underway with new investors as upside risk. Bakrie Capital Indonesia bought a 6% stake in BIPI at IDR 248/share for IDR 948bn (USD 56.35mn) on 24 Feb-26, supporting management’s transition from coal to clean energy. We expect further equity raising in 2026 to accelerate this shift, with new capital injections potentially reducing funding overhang and becoming an upside catalyst.
Current stronger energy prices to ensure smooth future non-coal transition. BIPI remains primarily a coal player and should benefit from stronger energy prices and higher RKAB supported volumes, supporting a return to positive earnings in 2026. Management is targeting roughly 1mn tons of annual production growth toward 8mn tons over the medium term, which should strengthen cash flow and help fund expansion into LNG, waste to energy, and geothermal.
Unlocking value through business shifts and upcoming corporate actions. BIPI has rallied 126.1% YTD, driven by optimism over its non coal transition and potential value creation from new investors, while management sees medium term renewable growth supported by rising power demand from AI and data centers.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
