Metal Mining: Better earnings prospect from possible price bottoming (OVERWEIGHT)
We believe the supply surplus may be buffered by demand from batteries and SS; our FY24-25F Ni price assumptions at US$18k/17.5k/t
332 Views
Equity Strategy - Looking into potential late-cycle plays in commodity sectors
Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase. we see copper’s outlook as...
366 Views
Aneka Tambang - Expect Soaring Nickel Ore Volume to Provide a Cushion...
Maintain Buy rating with higher TP of Rp2,100. ANTM’s nickel ore segment should provide a cushion against low FeNi prices.
482 Views
Nickel: Expect NPI Price to Decouple and Stabilize
While we expect LME nickel price to decline further in FY24F, we project NPI price will decouple and stabilize at US$14k/t.
415 Views
Aneka Tambang (ANTM.IJ) - Expect Heavier Margin Pressure in FY24
We trim our nickel ore price assumption by 7.0% to US$40/t, which lead to lower FY24F earnings estimate for ANTM by 6.4% to Rp3.7tr.
453 Views