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.

Thematic (Sector/Industry)

<ul><li>China’s latest stimulus offers hope for improving productivity, but we see challenges as property prices have continued to fall in recent months.</li><li>NPI prices could face ST weakness from increased domestic output but may stand to benefit the most if China’s stimulus works.</li><li>We reiterate our Overweight rating on the sector, with TINS and NCKL as top picks due to stronger earnings visibility.</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.

China’s latest stimulus offers hope for improving productivity, but we see challenges as property prices have continued to fall in recent months.NPI prices could face ST weakness from increased domestic output but may stand to benefit the most if China’s stimulus works.We reiterate our Overweight rating on the sector, with TINS and NCKL as top picks due to stronger earnings visibility.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: Hope from China’s Latest Stimulus, Albeit More Is Needed (OVERWEIGHT)

<ul><li>Tin price strengthened to US$32k/t in Aug24, as inventory (SHFE and LME) and Indonesian exports fell -23% mom.</li><li>Nickel ore supply remained tight, which boosted the NPI price in Aug24. However, the LME price fell on weaker fundamentals.</li><li>We reiterate our Overweight rating on the sector, with TINS and NCKL as our top picks due to stronger earnings visibility.</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.

Tin price strengthened to US$32k/t in Aug24, as inventory (SHFE and LME) and Indonesian exports fell -23% mom.Nickel ore supply remained tight, which boosted the NPI price in Aug24. However, the LME price fell on weaker fundamentals.We reiterate our Overweight rating on the sector, with TINS and NCKL as our top picks due to stronger earnings visibility.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: Aug24 Metal Sector Update: Supports for Tin Price

<ul><li>Tin price weakened in Jul24 despite a tight supply in China and declining inventory levels globally.</li><li>Nickel prices stabilized in Jul24. Yet, we remain cautious of further decline from weak seasonal demand.</li><li>We maintain our Overweight rating on the sector, with TINS and NCKL as our top picks due to their better earnings visibility</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.

Tin price weakened in Jul24 despite a tight supply in China and declining inventory levels globally.Nickel prices stabilized in Jul24. Yet, we remain cautious of further decline from weak seasonal demand.We maintain our Overweight rating on the sector, with TINS and NCKL as our top picks due to their better earnings visibilityContent 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: Jul24 Update: Weaker Nickel and Tin Price, Despite Tight Ore Supply (OVERWEIGHT)

<ul><li>We estimate the sector’s 2Q earnings to proliferate on the back of a stronger ASP and volume, yet still leading to a slightly below 1H.</li><li>We expect TINS to be the best performer in 2Q24 as its ASP and volume improve, while NCKL has the least growth as it already had a solid 1Q24</li><li>We reiterate our Overweight rating on the sector with TINS and NCKL as our top picks due to their stronger earnings visibility</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.

We estimate the sector’s 2Q earnings to proliferate on the back of a stronger ASP and volume, yet still leading to a slightly below 1H.We expect TINS to be the best performer in 2Q24 as its ASP and volume improve, while NCKL has the least growth as it already had a solid 1Q24We reiterate our Overweight rating on the sector with TINS and NCKL as our top picks due to their stronger earnings visibilityContent 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: Strong Qoq Earnings Growth on Higher ASP, Expect 1H24 to Be Mixed

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Countries across the ASEAN region continue to invest on developing their respective EV markets with governments introducing new initiatives and offering further incentives.</li>
<li>The price war among Chinese EV players has escalated in recent month, causing pressure on non-Chinese players. European and Japanese EV makers are increasingly looking at ASEAN for cost advantage.</li>
<li>The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.</li>
</ul>


Countries across the ASEAN region continue to invest on developing their respective EV markets with governments introducing new initiatives and offering further incentives.
The price war among Chinese EV players has escalated in recent month, causing pressure on non-Chinese players. European and Japanese EV makers are increasingly looking at ASEAN for cost advantage.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.


ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

Indonesia

PT Merdeka Battery Materials Tbk. is an integrated strategic minerals and EV battery materials company. The Company focuses on discovering nickel resources and producing advanced products to continuously improve clean energy supply. Merdeka Battery Materials serves customers in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Merdeka Battery Materials (MBMA IJ)

Metal Mining: Hope from China’s Latest Stimulus, Albeit More Is Needed (OVERWEIGHT)

China’s latest stimulus offers hope for improving productivity, but we see challenges as property prices have continued to fall in recent months.

BRI Danareksa Research

Metal Mining: Aug24 Metal Sector Update: Supports for Tin Price

Tin price strengthened to US$32k/t in Aug24, as inventory (SHFE and LME) and Indonesian exports fell -23% mom. Nickel ore supply remained tight,...

BRI Danareksa Research

Metal Mining: Jul24 Update: Weaker Nickel and Tin Price, Despite Tight Ore Supply (OVERWEIGHT)

Tin price weakened in Jul24 despite a tight supply in China and declining inventory levels globally. Nickel prices stabilized in Jul24.

BRI Danareksa Research

Metal Mining: Strong Qoq Earnings Growth on Higher ASP, Expect 1H24 to Be Mixed

We estimate the sector’s 2Q earnings to proliferate on the back of a stronger ASP and volume, yet still leading to a slightly below 1H.

BRI Danareksa Research

ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

ASEAN countries continue to invest on developing the EV markets. The price war among Chinese EV players has escalated, and European and Japanese...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Metal Mining: Hope from China’s Latest Stimulus, Albeit More Is Needed (OVERWEIGHT)

China’s latest stimulus offers hope for improving productivity, but we see challenges as property prices have continued to fall in recent months.

BRI Danareksa Research

Metal Mining: Aug24 Metal Sector Update: Supports for Tin Price

Tin price strengthened to US$32k/t in Aug24, as inventory (SHFE and LME) and Indonesian exports fell -23% mom. Nickel ore supply remained tight,...

BRI Danareksa Research

Metal Mining: Jul24 Update: Weaker Nickel and Tin Price, Despite Tight Ore Supply (OVERWEIGHT)

Tin price weakened in Jul24 despite a tight supply in China and declining inventory levels globally. Nickel prices stabilized in Jul24.

BRI Danareksa Research

Metal Mining: Strong Qoq Earnings Growth on Higher ASP, Expect 1H24 to Be Mixed

We estimate the sector’s 2Q earnings to proliferate on the back of a stronger ASP and volume, yet still leading to a slightly below 1H.

BRI Danareksa Research

ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

​ASEAN countries continue to invest on developing the EV markets. The price war among Chinese EV players has escalated, and European and Japanese...

Shifara Samsudeen, FCMA, CGMA

ASEAN countries continue to invest on developing the EV markets. The price war among Chinese EV players has escalated, and European and Japanese...