External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>ANTM’s gold supply agreement with PTFI exposes the company to supply risk amid PTFI’s current operation suspension.</li><li>Despite lingering uncertainty on timing and resolution of PTFI supply, our sensitivity analysis sees limited 2.1-5.7% impact on FY26 earnings.</li><li>Reiterate Buy rating; 2.4-4.9% downside risk on our TP if worse scenarios materialize.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ANTM’s gold supply agreement with PTFI exposes the company to supply risk amid PTFI’s current operation suspension.Despite lingering uncertainty on timing and resolution of PTFI supply, our sensitivity analysis sees limited 2.1-5.7% impact on FY26 earnings.Reiterate Buy rating; 2.4-4.9% downside risk on our TP if worse scenarios materialize.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aneka Tambang (ANTM.IJ) - Limited Potential Earnings Impact from Freeport Supply Disruption

<ul><li>Despite a more conservative 2H25 operational outlook, we expect favorable Ni ore and gold prices to continue support FY25-26 earnings.</li><li>We raise our FY25-27F net profit forecast by 22.2-46.3% to reflect higher ore and gold price assumptions.</li><li>We maintain Buy rating with higher TP of Rp4,100 given steady earnings outlook and on track growth projects development.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite a more conservative 2H25 operational outlook, we expect favorable Ni ore and gold prices to continue support FY25-26 earnings.We raise our FY25-27F net profit forecast by 22.2-46.3% to reflect higher ore and gold price assumptions.We maintain Buy rating with higher TP of Rp4,100 given steady earnings outlook and on track growth projects development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aneka Tambang (ANTM.IJ) - Riding on Sustained Strength in Ni Ore and Gold Px

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>CATL, Antam, and IBC officially broke ground on a $6 billion integrated battery project in Indonesia on July 1, 2025.</li>
<li>What it is: A full value-chain initiative spanning nickel mining to battery recycling, anchored across Karawang (cell production) and East Halmahera (mining, cathode, and recycling).</li>
<li>Why it matters: Positions CATL to secure long-term upstream supply and expand regional capacity (~15% of global base), while Antam gains transformative exposure to high-margin downstream battery economics.</li>
</ul>


CATL, Antam, and IBC officially broke ground on a $6 billion integrated battery project in Indonesia on July 1, 2025.
What it is: A full value-chain initiative spanning nickel mining to battery recycling, anchored across Karawang (cell production) and East Halmahera (mining, cathode, and recycling).
Why it matters: Positions CATL to secure long-term upstream supply and expand regional capacity (~15% of global base), while Antam gains transformative exposure to high-margin downstream battery economics.


CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

<ul>
<li>ANTAM’s Q1 2025 EBITDA surged over 250% YoY, supported by strong gold and nickel sales and improved cost efficiencies.</li>
<li>Plans include new RKEF and HPAL plants in East Halmahera, targeting growth in battery-grade nickel output.</li>
<li>Despite a recent rally, ANTAM trades at just 7x forward P/E—well below regional peers—while its strong cash balance of IDR 462 per share offers downside support, stock is attractively valued.</li>
</ul>


ANTAM’s Q1 2025 EBITDA surged over 250% YoY, supported by strong gold and nickel sales and improved cost efficiencies.
Plans include new RKEF and HPAL plants in East Halmahera, targeting growth in battery-grade nickel output.
Despite a recent rally, ANTAM trades at just 7x forward P/E—well below regional peers—while its strong cash balance of IDR 462 per share offers downside support, stock is attractively valued.


ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive

<ul><li>1Q25 result was well above estimates due to strong ore sales and sustained high gold sales vol.</li><li>BRANKAS gold app provides a slight discount of c.Rp57.9k/gr compared to physical gold price, though it charges minting and membership fees.</li><li>Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 result was well above estimates due to strong ore sales and sustained high gold sales vol.BRANKAS gold app provides a slight discount of c.Rp57.9k/gr compared to physical gold price, though it charges minting and membership fees.Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aneka Tambang (ANTM.IJ) - Upgrading FY25-27F Earnings on Solid Gold Margin

Indonesia

Aneka Tambang Persero Tbk PT is a diversified mining and metals company. The Company produces ferronickel, nickel ore, gold, silver, bauxite and coal. Aneka Tambang is currently building a chemical grade alumina smelter and is looking to build  a smelter grade alumina smelter as well as a nickel pig iron smelter.

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Aneka Tambang Persero (ANTM IJ)

Aneka Tambang (ANTM.IJ) - Limited Potential Earnings Impact from Freeport Supply Disruption

espite lingering uncertainty on timing and resolution of PTFI supply, our sensitivity analysis sees limited 2.1-5.7% impact on FY26 earnings.

BRI Danareksa Research

Aneka Tambang (ANTM.IJ) - Riding on Sustained Strength in Ni Ore and Gold Px

Despite a more conservative 2H25 operational outlook, we expect favorable Ni ore and gold prices to continue support FY25-26 earnings.

BRI Danareksa Research

CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.

Rahul Jain

ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive

ANTAM is pursuing a $500 million syndicated loan to support its expansion plans, particularly in nickel processing and battery materials. This move...

Rahul Jain

Aneka Tambang (ANTM.IJ) - Upgrading FY25-27F Earnings on Solid Gold Margin

Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.

BRI Danareksa Research

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Aneka Tambang (ANTM.IJ) - Limited Potential Earnings Impact from Freeport Supply Disruption

espite lingering uncertainty on timing and resolution of PTFI supply, our sensitivity analysis sees limited 2.1-5.7% impact on FY26 earnings.

BRI Danareksa Research

Aneka Tambang (ANTM.IJ) - Riding on Sustained Strength in Ni Ore and Gold Px

Despite a more conservative 2H25 operational outlook, we expect favorable Ni ore and gold prices to continue support FY25-26 earnings.

BRI Danareksa Research

CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

​CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.

Rahul Jain

ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive

ANTAM is pursuing a $500 million syndicated loan to support its expansion plans, particularly in nickel processing and battery materials. This move...

Rahul Jain

Aneka Tambang (ANTM.IJ) - Upgrading FY25-27F Earnings on Solid Gold Margin

Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.

BRI Danareksa Research

CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.