April 24, 2025
INDY Stock Jumps as Market Responds to Renewed Optimism

Market Commentary
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After months of persistent decline, Indika Energy (INDY) shares staged a dramatic comeback in April 2025. The stock, which had been in a downtrend since late 2024, bottomed out around early April before exploding higher on a surge of volume—an indication of renewed investor interest and buying conviction.
 


This sharp reversal came on the heels of a disappointing Q4 2024 earnings report, where INDY posted a $24 million quarterly loss. Yet despite the near-term pain, our analysts reiterated a “BUY” rating, citing long-term prospects including cost efficiencies at its core coal asset Kideco, favorable royalty regulation shifts, and the Awakmas gold project set to begin production in 2026​.
Following this catalyst, INDY shares soared 67% within days, breaking above both its 7-day and 14-day simple moving averages. The price soared from Rp 905 to Rp 1515 on the closing of April 23rd 2025.

 


The dramatic volume spike alongside the price breakout suggests a potential shift in sentiment, possibly signaling a trend reversal after prolonged weakness. If momentum holds and fundamentals begin to align, this could mark the beginning of a rerating cycle long anticipated by the market.
 

Therefore we reiterate our buy recommendation of Rp3100.

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