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>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

<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

<ul><li>4Q24 earnings grew to Rp1.4tr, +122% qoq, supported by robust gold sales of 15.2 tons, +21% qoq, and FeNi sales of 7.7kt, +61% qoq.</li><li>ANTM will build its 2 nd gold minting plant in Gresik with c.30mn tons capacity; construction of RKEF and HPAL plants will commence in 2H24.</li><li>Maintain our Buy rating with an unchanged TP of Rp2,000. 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.

4Q24 earnings grew to Rp1.4tr, +122% qoq, supported by robust gold sales of 15.2 tons, +21% qoq, and FeNi sales of 7.7kt, +61% qoq.ANTM will build its 2 nd gold minting plant in Gresik with c.30mn tons capacity; construction of RKEF and HPAL plants will commence in 2H24.Maintain our Buy rating with an unchanged TP of Rp2,000. 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 Est. And TP on More Optimistic Sales Outlook

Macroeconomics

<ul><li>Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.</li><li>Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).</li><li>Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).</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.

Foreign flows reversed; Poultry and Metals outperformed. After four consecutive weeks of inflows (US$680mn), foreign equity flows reversed to -US$254mn, partly driven by last week’s street protests, despite signs of deescalation this week.Foreign investors have continued to de-risk on largecap banks, namely BBCA (-US$195mn w-w, YTD: US$1.4bn) and BMRI (- US$45mn w-w, YTD: US$814mn).Despite this, JCI managed to close +0.5% on the week, supported by metals sectors (ANTM +12% w-w, AMMN +3%, MDKA +6%), and conglomerate groups stocks (+DSSA +7% w-w, EMTK +7%, SMMA). ttractive at 11.9x P/E (-1.5SD to 5-year mean), following underperformance (-14% YTD).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 – Metal sector vs. gold price

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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