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

Bumi Resources Minerals Tbk / Equity Bottom-Up

<ul><li>3Q25 in line: Revenue US$62.7mn (+9% qoq), EBITDA US$21.6mn, net profit US$14.9mn (+76% qoq).</li><li>Project progress: Pushback to finish 1Q26, CIL #1 (2,000tpd) Oct-26, underground 350m, completion mid-2027.</li><li>Potential Funding secured: US$500mn loan for underground, CIL upgrade, Gorontalo drilling, and Banten–Aceh mines.</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.

3Q25 in line: Revenue US$62.7mn (+9% qoq), EBITDA US$21.6mn, net profit US$14.9mn (+76% qoq).Project progress: Pushback to finish 1Q26, CIL #1 (2,000tpd) Oct-26, underground 350m, completion mid-2027.Potential Funding secured: US$500mn loan for underground, CIL upgrade, Gorontalo drilling, and Banten–Aceh mines.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.

Bumi Resource Minerals (BRMS.IJ) Key Takeaways from 3Q25 Earnings Call

<ul><li>CPM project progress is on track: tunneling at 2nd stage, CIL #1 upgrade to 2,000tpd (from 500tpd), 4Q27 production target intact.</li><li>We raise our FY25/26/27F EPS by 12%/79%/96% on higher gold price assumptions of US$3,500/4,100/4,400/oz.</li><li>Maintain Buy rating, but raise our SOTP-based TP to Rp1,080 on higher SOTP valuation; underground mining progress shall be key catalysts.</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.

CPM project progress is on track: tunneling at 2nd stage, CIL #1 upgrade to 2,000tpd (from 500tpd), 4Q27 production target intact.We raise our FY25/26/27F EPS by 12%/79%/96% on higher gold price assumptions of US$3,500/4,100/4,400/oz.Maintain Buy rating, but raise our SOTP-based TP to Rp1,080 on higher SOTP valuation; underground mining progress shall be key catalysts.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.

Bumi Resource Minerals (BRMS.IJ) - On Track Project Progress; Valuation Upside from Gold Price

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.</li>
<li>Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.</li>
<li>Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.</li>
</ul>


Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.
Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.
Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.


BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

<ul><li>BRMS is poised to double its gold production to 150k oz in FY28, backed by CPM underground mining, and GM’s gold pour starts by FY26.</li><li>We project earnings to grow by 94%/28% in FY25-26F, mainly driven by production growth in CPM and gold price assumption of US$3,100/Oz.</li><li>We initiate coverage with a Buy rating and SOTP-based TP of Rp480 amid strong growth outlook and potential upside on reserve.</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.

BRMS is poised to double its gold production to 150k oz in FY28, backed by CPM underground mining, and GM’s gold pour starts by FY26.We project earnings to grow by 94%/28% in FY25-26F, mainly driven by production growth in CPM and gold price assumption of US$3,100/Oz.We initiate coverage with a Buy rating and SOTP-based TP of Rp480 amid strong growth outlook and potential upside on reserve.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.

Bumi Resources Minerals (BRMS.IJ) - Monetizing Assets, Accelerating Growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

Indonesia

Bumi Resources Minerals Tbk PT is an exploration and exploitation mining company.

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Bumi Resources Minerals Tbk (BRMS IJ)

Bumi Resource Minerals (BRMS.IJ) Key Takeaways from 3Q25 Earnings Call

3Q25 in line: Revenue US$62.7mn (+9% qoq), EBITDA US$21.6mn, net profit US$14.9mn (+76% qoq).Project progress: Pushback to finish 1Q26, CIL #1...

BRI Danareksa Research

Bumi Resource Minerals (BRMS.IJ) - On Track Project Progress; Valuation Upside from Gold Price

CPM project progress is on track: tunneling at 2nd stage, CIL #1 upgrade to 2,000tpd (from 500tpd), 4Q27 production target intact.

BRI Danareksa Research

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

Bumi Resources Minerals (BRMS.IJ) - Monetizing Assets, Accelerating Growth

BRMS is poised to double its gold production to 150k oz in FY28, backed by CPM underground mining, and GM’s gold pour starts by FY26.

BRI Danareksa Research

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

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Bumi Resource Minerals (BRMS.IJ) Key Takeaways from 3Q25 Earnings Call

3Q25 in line: Revenue US$62.7mn (+9% qoq), EBITDA US$21.6mn, net profit US$14.9mn (+76% qoq).Project progress: Pushback to finish 1Q26, CIL #1...

BRI Danareksa Research

Bumi Resource Minerals (BRMS.IJ) - On Track Project Progress; Valuation Upside from Gold Price

CPM project progress is on track: tunneling at 2nd stage, CIL #1 upgrade to 2,000tpd (from 500tpd), 4Q27 production target intact.

BRI Danareksa Research

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

​BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

Bumi Resources Minerals (BRMS.IJ) - Monetizing Assets, Accelerating Growth

BRMS is poised to double its gold production to 150k oz in FY28, backed by CPM underground mining, and GM’s gold pour starts by FY26.

BRI Danareksa Research

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.