External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

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Equity Bottom-Up

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. </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.

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. 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.

Company Report: Fortress Minerals Ltd. (FMIL SP): Resetting the Strip and Pushing Out Growth

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation.</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.

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in outputRethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation.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.

Fortress Minerals Ltd. (FMIL SP / OAJ.SI): Resetting the Strip and Pushing Out Growth

<ul><li>Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.</li><li>Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.</li><li>The increase in margins showcased the company’s efforts to improve the operational efficiency of its business. </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.

Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.The increase in margins showcased the company’s efforts to improve the operational efficiency of its business. 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.

Fortress Minerals Ltd. (FMIL SP/ OAJ.SI): China Stimuli to Support Iron Ore Prices.

<ul><li>Stable margins.Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.</li><li>Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.</li><li>The increase in margins showcased the company’s efforts to improve the operational efficiency of its business.</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.

Stable margins.Fortress Mineral reported a better gross profit margin of 68.8% in 1H25, despite a drop in revenue YoY.Net profit margin also improved to 27.1% in 1H25, compared to 23.2% in 1H24.The increase in margins showcased the company’s efforts to improve the operational efficiency of its business.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.

Fortress Minerals Ltd. - China Stimuli to Support Iron Ore Prices

<ul><li>Stable 3Q24. While the company saw a higher average selling price for iron ore concentrates for the quarter, this was offset by a decline in sales volume over the quarter.</li><li>The company’s profitability is also negatively affected by the presence of high inflationary pressures which kept average unit cost elevated.</li><li>3Q24 revenue decreased slightly by 3.4% YoY to US$10.9mn, and GPM fell slightly to 66.1%. </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.

Stable 3Q24. While the company saw a higher average selling price for iron ore concentrates for the quarter, this was offset by a decline in sales volume over the quarter.The company’s profitability is also negatively affected by the presence of high inflationary pressures which kept average unit cost elevated.3Q24 revenue decreased slightly by 3.4% YoY to US$10.9mn, and GPM fell slightly to 66.1%. 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.

Fortress Minerals Ltd - Iron Ore Prices Recovering

Malaysia

Fortress Minerals Limited mines, processes, and distributes iron ore. The Company focuses on exploration, mining, production, and distribution of iron ore concentrates. Fortress Minerals serves customers in Singapore and Malaysia.

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Fortress Minerals Ltd (FMIL SP)

Company Report: Fortress Minerals Ltd. (FMIL SP): Resetting the Strip and Pushing Out Growth

We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress...

KGI Securities