Indonesia’s equity market has no shortage of well-known conglomerates. Yet, some of the biggest opportunities often come from those that have yet to command the same attention and remain outside the consensus.
Andi Syamsuddin Arsyad, better known as Haji Isam, is increasingly looking like the “Dark Horse” that remains overlooked but could potentially become the next source of alpha within Indonesia’s conglomerate universe.
Recently, there has been speculation that Haji Isam, through his business empire Jhonlin Group, could acquire 62% of Bayan Resources (BYAN) at a valuation of $5.5 billion, implying an $8.8 billion market cap.
As of the time of writing, there is no confirmation. However, if this is true, it could make Jhonlin Group as the largest coal player by production in Indonesia, surpassing Bumi Resources (BUMI) and Adaro (AADI).
Reportedly, Jhonlin Group’s total coal production stood at 24 million tons in 2025. However, note that this includes Jhonlin Baratama, which operates as both a coal miner and contractor, so this figure should be viewed as an approximation.
Meanwhile, BYAN produced 68 million tons of coal with an average selling price of $48/ton and sales of 70.8 million tons in 2025, implying revenue of around $3.4bn.
Thus, the theoretical total coal production of Jhonlin Group and Bayan Resources could reach 92 million tons (11% market share), assuming the production quota is granted by the Indonesian government.
Assuming a $50/ton selling price, annual revenue could reach $4.6bn (equivalent to IDR 82 trillion using USD/IDR of 17,800), representing significant cashflows to support Jhonlin Group’s expansion across agribusiness, nickel and industrials.
Among Haji Isam’s listed stocks and affiliated companies, including those in which he holds >10% minority ownership, Abadi Nusantara Hijau Investama (PACK) could potentially offer the highest upside given its exposure as a proxy to CNGR Advanced Material Co Ltd.
As such, we add PACK into our Algo Research Alpha index (replacing TPIA) as part of the corporate action and momentum trade play. The index has generated +13.3% return (IHSG: +11.2%) since its inception in June 2026.