Bisnis.com, JAKARTA — JP Morgan maintains its neutral rating on coal miner Indo Tambangraya Megah (ITMG) after the company’s release of first-half earnings results.
In H1, the Banpu Group subsidiary saw declining performance in both top and bottom line, mainly due to a drop in the average selling price (ASP) of coal amid the global price slump, despite the company’s aggressive expansion in export markets.