Coal: Outlook Negative
» Excess supply will keep prices depressed.
» Newcastle thermal coal price to remain weak: at or below $55-$60 per tonnein 2016.
» Weakening import demand in China weighing on Indonesian exports.
Oil & Gas: Outlook Stable
» Evolving policy on subsidy reform to impact Pertamina’sworking capital and debt levels.
» Low crude oil price will deter independent upstream producers from increasing investments and acquisitions
Telcos: Outlook Stable
» Revenue to trend with GDP growth in 2016.
» Rising demand for data services will support earnings, but pressure margins amid intense competition.
» Lower capex, but still high, due to continued need to strengthen 3G.
Property: Outlook Stable
» Marketing sales growth to slow in 2016, impacted by slower economic growth and regulatory uncertainties.
» Reduced headroom on financial metrics from rupiah depreciation but overall liquidity position remains adequate