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

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Market review: JCI performed in line with the regional markets, down - 0.5% w-w.</li><li>Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).</li><li>JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. </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.

Market review: JCI performed in line with the regional markets, down - 0.5% w-w.Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. 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.

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

Thematic (Sector/Industry)

<ul><li>Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).</li><li>The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.</li><li>Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. </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.

Market review: JCI outperformed the EM peers, up 1.5% w-w, amid strengthening of IDR (1.3% w-w).The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.Sustained positive sentiment from the 25bps policy rate cut by Bank Indonesia have induced further inflows into large-cap banks particularly BBCA and BBRI. 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.

BRIDS Market Pulse : Chart of the Week – JCI Vs. IDR

<ul><li>The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.</li><li>The impact on royalty hike varies, though INCO and TINS are most impacted due to their large exposure to affected products.</li><li>We reiterate our Neutral rating on the metal mining sector with a pecking order of ANTM&gt; NCKL&gt; TINS&gt; INCO&gt; MBMA&gt; MDKA.</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.

The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.The impact on royalty hike varies, though INCO and TINS are most impacted due to their large exposure to affected products.We reiterate our Neutral rating on the metal mining sector with a pecking order of ANTM&gt; NCKL&gt; TINS&gt; INCO&gt; MBMA&gt; MDKA.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.

Metal Mining: Proposed Royalty Hike Will Pressure FY25 Earnings (NEUTRAL)

<ul><li>We estimate a slightly weaker 4Q24 earnings trend from declining ASPs, though some companies excel through soaring sales volume.</li><li>We expect ANTM and NCKL to beat consensus’ FY24 estimate at 132%/ 111% from increased sales volume.</li><li>We maintain our Neutral rating with a revised pecking order of ANTM&gt; NCKL&gt; INCO&gt; TINS&gt; MBMA&gt; MDKA</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.

We estimate a slightly weaker 4Q24 earnings trend from declining ASPs, though some companies excel through soaring sales volume.We expect ANTM and NCKL to beat consensus’ FY24 estimate at 132%/ 111% from increased sales volume.We maintain our Neutral rating with a revised pecking order of ANTM&gt; NCKL&gt; INCO&gt; TINS&gt; MBMA&gt; MDKAContent 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.

Metal Mining: 4Q24 preview: A Softer Quarter on Easing Commodity Prices (NEUTRAL)

<ul><li>Jan25 tin exports declined -67% mom due to a delay in export permits, supporting tin price, though exports are back on track by mid-Feb.</li><li>Ni ore premium rises on a strong restocking phase, whilst NPI rose to US$12k/ton after Gunbuster downsized its operations.</li><li>We reiterate our Neutral rating on the se</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.

Jan25 tin exports declined -67% mom due to a delay in export permits, supporting tin price, though exports are back on track by mid-Feb.Ni ore premium rises on a strong restocking phase, whilst NPI rose to US$12k/ton after Gunbuster downsized its operations.We reiterate our Neutral rating on the seContent 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.

Metal Mining: Nickel Ore Premium Might Be Here to Stay

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)

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

We expect investors to be focusing on domestic-sector growth momentum, with potential catalysts from the boost in government’s fiscal stimulus to...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Vs. IDR

The Indonesian equity market saw continuation of foreign funds inflow (US$131mn) while majority of EM markets experienced outflows during the week.

BRI Danareksa Research

Metal Mining: Proposed Royalty Hike Will Pressure FY25 Earnings (NEUTRAL)

The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.

BRI Danareksa Research

Metal Mining: 4Q24 preview: A Softer Quarter on Easing Commodity Prices (NEUTRAL)

We estimate a slightly weaker 4Q24 earnings trend from declining ASPs, though some companies excel through soaring sales volume.

BRI Danareksa Research

Metal Mining: Nickel Ore Premium Might Be Here to Stay

Jan25 tin exports declined -67% mom due to a delay in export permits, supporting tin price, though exports are back on track by mid-Feb.

BRI Danareksa Research

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