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>We forecast ammonia prices to be ~8% lower in FY25F vs FY24, and continue to normalize, lowering ESSA's GPM by ~300bps ex-maintenance.</li><li>We project the Blue ammonia project will enhance ESSA earningsto US$42- 52mn/yr in FY29F-FY35F (vs. US$30-40mn/yr currently). </li><li>Initiate ESSA with a Buy rating and TP of Rp750. Downside risks are delay of blue ammonia project and lower blue ammonia premium.</li></ul><p><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.</em></p>

We forecast ammonia prices to be ~8% lower in FY25F vs FY24, and continue to normalize, lowering ESSA's GPM by ~300bps ex-maintenance.We project the Blue ammonia project will enhance ESSA earningsto US$42- 52mn/yr in FY29F-FY35F (vs. US$30-40mn/yr currently). Initiate ESSA with a Buy rating and TP of Rp750. Downside risks are delay of blue ammonia project and lower blue ammonia premium.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.

ESSA Industries Indonesia (ESSA.IJ) Blue Ammonia as Future Value Driver

Canada

Esstra Industries Inc., through a subsidiary, owns six buildings with 122 townhouses in Eagan, Minnesota. The Company is also pursuing merchant and investment banking opportunities in the areas of telecommunications and mining.

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