Author Archive: Ghee Peh

Energy Finance Analyst Ghee Peh has worked in investment research since 1995, including at Jefferies, BNP Paribas, and UBS. He has covered Asian coal, cement and metal companies.

IEEFA Indonesia: DME coal gasification project could lose US$377 million annually

Investing in DME doesn’t make economic sense

10 November 2020 (IEEFA Indonesia): A proposed coal gasification plant for Sumatra could lose US$377 million dollars annually, finds a new report by the Institute for Energy Economics and Financial Analysis (IEEFA). Author and energy finance Analyst Ghee Peh says that with the COVID-induced economic contraction, this is not the time to be subsidizing a […]

and November 10, 2020 Read More →

IEEFA Indonesia: No bailout – only one listed coal company is profitable, the rest are in the red

50% fall in coal prices since January hammers a structurally broken industry

September 14, 2020 (IEEFA Indonesia) — With only one leading coal company currently making a profit, the Indonesian government must let the market decide the future for financially broken coal companies wishing to avoid payments of much-needed royalties and loans, finds a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). Exacerbated […]

and September 14, 2020 Read More →

IEEFA report: China unlikely to come to rescue of overbuilt U.S. LNG industry

Falling prices and shrinking demand constrain market, even before coronavirus crisis

July 29, 2020 (IEEFA) — A rebound of the ailing U.S. liquefied natural gas (LNG) industry isn’t likely to come from Chinese demand, according to a new study by the Institute for Energy Economics and Financial Analysis (IEEFA). Global LNG markets have been hammered by collapsing prices, falling consumption, and an enormous supply glut in […]

IEEFA: Tough times ahead for Indonesian coal producers as China and India demand drops

Indonesian coal at the mercy of the 'dragon and tiger'

June 26, 2020 (IEEFA Indonesia) – Weaker coal demand in China and India in the wake of the COVID-19 epidemic and compounded by policies favoring domestic coal industries will cause severe shortfalls in output for 10 major listed Indonesian coal producers in 2020, finds a new report from the Institute of Energy Economics and Financial […]

IEEFA report: Can Indonesia’s coal industry survive COVID-19?

Coal’s steep price fall raises questions of cash-flow viability

May 11, 2020 (IEEFA Indonesia) – A steep fall in coal prices as the COVID-19 pandemic spreads has raised questions about the cash flow viability of six out of 11 listed Indonesian coal producers, finds a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). The IEEFA study of the 11 listed […]

IEEFA op ed: China’s “clean” coal technology dream describes a problem, not a solution

China should lock in real gains for its economy and set the standard on clean energy

China is a global technological leader in renewable energy and is the world’s largest consumer of solar power. Both of these accomplishments came after Chinese policy leaders realized that coal-fired power generation stood in the way of cleaner skies and lower cost power. Yet in October, Chinese Premier Li Keqiang renewed focus on what the […]

and November 12, 2019 Read More →

IEEFA South Korea: Doosan Heavy – time for a forensic audit

Analysts find issues with financial accounting and outlook for growth potential

(IEEFA South Korea) – A new report finds the past five years have been dire for Korea’s Doosan Heavy Industries & Construction and its shareholders, with the company enjoying a market capitalization today of just USD $1.0 billion following a massive drop in share price of nearly 75%. Produced by the Institute for Energy Economics […]

IEEFA 한국: 두산중공업

부정적발감사(Forensic Audit)가 필요한 시점

2019년 9월 23일(IEEFA 한국): 새로 발간된 보고서에 따르면, 최근 5년은 두산중공업 주주들에게는 암담한 시간이었던 것으로 나타났다. 주가가 거의 75% 급락한 두산중공업의 현재 시가총액은 10억 달러에 불과하다. 에너지경제·재무분석연구소(IEEFA)에서 발간한 ‘두산중공업―부정적발감사가 필요한 시점’ 보고서는 조심스러운 문구로 작성된 두산중공업의 재무제표와 회사의 국내외 성장 잠재력을 분석하여 각각에 내재된 심각한 문제점을 지적하고 있다. IEEFA의 분석에 따르면, 두산중공업의 2018년도 감사필 재무제표에는 […]