JPMorgan Downgrades Adaro Energy to Neutral on Valuation

JPMorgan cut Adaro Energy (ADRO) rating from Overweight to Neutral, raising price target to IDR2,600 from IDR2,540.
Stock posted 42% YTD gain, narrowing valuation discount from 45% to under 30% and trading near its 52‑week high.
Company announced a Rp4 trillion share buyback over 12 months, equating to roughly a 5% buyback yield.
Prior dividend-driven upgrade realized with $197.5 million final dividend (~5% yield) and total 2025 payout of $450 million, 100% earnings.