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.

Equity Bottom-Up

<ul><li>Aneka Tambang (ANTM IJ)A More Balanced Outlook: Easing Gold Supply Easing, but Softer Demand and Nickel Pricing. As gold is no longer supply-constrained, ANTM reset FY26 sales guidance to 34-36t, shifting the bottleneck to demand and margin.</li><li>We raised FY26F net profit estimates, but lowered FY27-28F on weaker gold and nickel ore assumptions.</li><li>Maintain Buy, lower TP to Rp4,400: tighter nickel ore HPM spreads and softer gold monetization raise execution risk. Lower FY26 gold sales target</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.

Aneka Tambang (ANTM IJ)A More Balanced Outlook: Easing Gold Supply Easing, but Softer Demand and Nickel Pricing. As gold is no longer supply-constrained, ANTM reset FY26 sales guidance to 34-36t, shifting the bottleneck to demand and margin.We raised FY26F net profit estimates, but lowered FY27-28F on weaker gold and nickel ore assumptions.Maintain Buy, lower TP to Rp4,400: tighter nickel ore HPM spreads and softer gold monetization raise execution risk. Lower FY26 gold sales targetContent 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 - Easing Gold Supply Easing, but Softer Demand and Nickel Pricing

Thematic (Sector/Industry)

<ul><li>Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.</li><li>We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.</li><li>Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. </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.

Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. 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.

Macro Strategy: The Fed Tightens: Can BI Hold the Line?

<ul><li>Metal Mining Nickel Ore HPM Revised Further, Improving Pricing Certainty. Low-grade limonite sees a lower pricing floor, narrowing the gap with market prices.</li><li>The revised formula differentiates ore economics, with the largest impact below 1.2% Ni.MBMA, NCKL and INCO see greater exposure, with improved pricing certainty across mining and HPAL.</li><li>Closing the Gap Between HPM and Selling Prices. Following our previous report on the HPM revision under MoEMR Ministerial Decree 144/2026</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.

Metal Mining Nickel Ore HPM Revised Further, Improving Pricing Certainty. Low-grade limonite sees a lower pricing floor, narrowing the gap with market prices.The revised formula differentiates ore economics, with the largest impact below 1.2% Ni.MBMA, NCKL and INCO see greater exposure, with improved pricing certainty across mining and HPAL.Closing the Gap Between HPM and Selling Prices. Following our previous report on the HPM revision under MoEMR Ministerial Decree 144/2026Content 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 HPM Revised Further, Improving Pricing Certainty (OVERWEIGHT)

<ul><li>Aneka Tambang (ANTM) Stellar 1Q26 Earnings (Beat); FY26F Raised with Gold Normalized and HPM TailwindANTM booked a strong 1Q26 result, with net profit of Rp3.4tr (+60% y-y) beat vs. our and cons. est. (37.4%/36.7% of FY26F).</li><li>We raise FY26F revenue/EBITDA/net profit by 3.5%/2.0%/2.9% to Rp118.7tr/Rp13.5tr/Rp9.2tr, while keeping FY27-28F unchanged.</li><li>Maintain Buy rating with upgraded TP of Rp4,900, supported by resilient nickel economics and improving gold sourcing.</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.

Aneka Tambang (ANTM) Stellar 1Q26 Earnings (Beat); FY26F Raised with Gold Normalized and HPM TailwindANTM booked a strong 1Q26 result, with net profit of Rp3.4tr (+60% y-y) beat vs. our and cons. est. (37.4%/36.7% of FY26F).We raise FY26F revenue/EBITDA/net profit by 3.5%/2.0%/2.9% to Rp118.7tr/Rp13.5tr/Rp9.2tr, while keeping FY27-28F unchanged.Maintain Buy rating with upgraded TP of Rp4,900, supported by resilient nickel economics and improving gold sourcing.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) Stellar 1Q26 Earnings (Beat)

<ul><li>Aneka Tambang (ANTM) Higher Cost and Levy Risks Offset by Stronger Nickel Ore and Gold Volume Outlook.</li><li>FY26FANTM secured ~18.1mn wmt of Ni ore for FY26 RKAB, supporting higher nickel ore volume; gold sales are also expected to recover.</li><li>We see limited risk on export levy implementation, as ANTM’s exposure is mainly on FeNi (~2% of total revenue). </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.

Aneka Tambang (ANTM) Higher Cost and Levy Risks Offset by Stronger Nickel Ore and Gold Volume Outlook.FY26FANTM secured ~18.1mn wmt of Ni ore for FY26 RKAB, supporting higher nickel ore volume; gold sales are also expected to recover.We see limited risk on export levy implementation, as ANTM’s exposure is mainly on FeNi (~2% of total revenue). 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) Higher Cost and Levy Risks Offset by Stronger Nickel Ore...

Indonesia

PT ANTAM (Persero) Tbk is a diversified, vertically integrated, state-owned mining and metals company in Indonesia. It engages in the exploration, mining, processing, and marketing of mineral resources, with core businesses in nickel, gold, silver, bauxite, and alumina. Its products include ferronickel, nickel ore, gold bullion, and alumina, serving various industries domestically and internationally. The company is headquartered in Jakarta, Indonesia, and was established in 1968.

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Antam (ANTM IJ)

Aneka Tambang - Easing Gold Supply Easing, but Softer Demand and Nickel Pricing

Easing Gold Supply Easing, but Softer Demand and Nickel Pricing. As gold is no longer supply-constrained, ANTM reset FY26 sales guidance to 34-36t...

BRI Danareksa Research

Macro Strategy: The Fed Tightens: Can BI Hold the Line?

The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in...

BRI Danareksa Research

Metal Mining: Nickel Ore HPM Revised Further, Improving Pricing Certainty (OVERWEIGHT)

Metal Mining Nickel Ore HPM Revised Further, Improving Pricing Certainty. Low-grade limonite sees a lower pricing floor, narrowing the gap with...

BRI Danareksa Research

Aneka Tambang (ANTM.IJ) Stellar 1Q26 Earnings (Beat)

FY26F Raised with Gold Normalized and HPM TailwindANTM booked a strong 1Q26 result, with net profit of Rp3.4tr (+60% y-y) beat vs. our and cons....

BRI Danareksa Research

Aneka Tambang (ANTM.IJ) Higher Cost and Levy Risks Offset by Stronger Nickel Ore...

We maintain Buy with unchanged TP of Rp4,800, supported by resilient nickel ore economics and improving gold segment FY26F.

BRI Danareksa Research

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