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

Merdeka Battery Materials / Equity Bottom-Up

<ul><li>1Q results were below estimates, however we remain optimistic on 2Q earnings as nickel matte ASP could improve on higher LME price</li><li>SCM could double its production capacity to &gt;20mt by 2025 as demand pour in from HPAL plants in IMIP</li><li>We maintain our FY24-25F and an unchanged TP of Rp700. Reiterate Buy rating on value upside from growth projects</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.

1Q results were below estimates, however we remain optimistic on 2Q earnings as nickel matte ASP could improve on higher LME priceSCM could double its production capacity to &gt;20mt by 2025 as demand pour in from HPAL plants in IMIPWe maintain our FY24-25F and an unchanged TP of Rp700. Reiterate Buy rating on value upside from growth projectsContent 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.

Merdeka Battery Materials - 1Q24 Earnings Miss..

Thematic (Sector/Industry)

<ul><li>We believe the supply surplus may be buffered by demand from batteries and SS; our FY24-25F Ni price assumptions at US$18k/17.5k/t</li><li>We see NPI demand remaining robust as global SS demand is expected to grow by 5%, implying 9.5% higher nickel demand in FY24F.</li><li>We resume coverage with an OW rating as we expect market balances to stabilize; our pecking order: NCKL&gt; MDKA&gt; MBMA&gt; ANTM&gt; INCO</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 believe the supply surplus may be buffered by demand from batteries and SS; our FY24-25F Ni price assumptions at US$18k/17.5k/tWe see NPI demand remaining robust as global SS demand is expected to grow by 5%, implying 9.5% higher nickel demand in FY24F.We resume coverage with an OW rating as we expect market balances to stabilize; our pecking order: NCKL&gt; MDKA&gt; MBMA&gt; ANTM&gt; INCOContent 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: Better earnings prospect from possible price bottoming (OVERWEIGHT)

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>Prabowo looks to have scored a resounding victory in Indonesia's Presidential election, according to quick count results, with around 58% of the vote, which is positive from a visibility perspective.</li>
<li>Initial reaction suggests continuity from Jokowi's legacy, with concerns centred around potentially nationalistic policies and increased government borrowing in the future, which may pressurise Indonesia's budgetary position. </li>
<li>We remain positive on the outlook for Indonesia, with increased government spending to fast-track Jokowi's legacy projects. Prabowo also looks set on driving higher GDP growth next year.</li>
</ul>


Prabowo looks to have scored a resounding victory in Indonesia's Presidential election, according to quick count results, with around 58% of the vote, which is positive from a visibility perspective.
Initial reaction suggests continuity from Jokowi's legacy, with concerns centred around potentially nationalistic policies and increased government borrowing in the future, which may pressurise Indonesia's budgetary position. 
We remain positive on the outlook for Indonesia, with increased government spending to fast-track Jokowi's legacy projects. Prabowo also looks set on driving higher GDP growth next year.


Indonesia's Election - When the Music's Over?

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.

<ul>
<li>EV supply chain is at a nascent stage in ASEAN and EV adoption in the region lags behind developed markets despite boasting a large population with a burgeoning middle class.</li>
<li>However, Governments in the region continue to introduce new initiatives and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.</li>
<li>The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.</li>
</ul>


EV supply chain is at a nascent stage in ASEAN and EV adoption in the region lags behind developed markets despite boasting a large population with a burgeoning middle class.
However, Governments in the region continue to introduce new initiatives and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.


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

<ul><li>The smooth elections bode well for stability, while the likelihood of a one-round Presidential election lowers market uncertainty.</li><li>In our view, potential positives from a Prabowo govt are the prospect of higher economic growth, aided fiscal expansion and the key programs.</li><li>We maintain our FY24-end JCI target of 7,830 and see themes to play ST sentiment on big caps, select metals and cons. discretionary proxies.</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.

The smooth elections bode well for stability, while the likelihood of a one-round Presidential election lowers market uncertainty.In our view, potential positives from a Prabowo govt are the prospect of higher economic growth, aided fiscal expansion and the key programs.We maintain our FY24-end JCI target of 7,830 and see themes to play ST sentiment on big caps, select metals and cons. discretionary proxies.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.

Possible Positive ST Sentiment from the Likelihood of a One-Round Presidential Election

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.

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Merdeka Battery Materials (MBMA IJ)

Merdeka Battery Materials - 1Q24 Earnings Miss..

1Q results were below estimates, however we remain optimistic on 2Q earnings as nickel matte ASP could improve on higher LME price

BRI Danareksa Research

Metal Mining: Better earnings prospect from possible price bottoming (OVERWEIGHT)

We believe the supply surplus may be buffered by demand from batteries and SS; our FY24-25F Ni price assumptions at US$18k/17.5k/t

BRI Danareksa Research

Indonesia's Election - When the Music's Over?

We remain positive on the outlook for Indonesia, with increased government spending to fast-track Jokowi's legacy projects. Prabowo also looks set...

Angus Mackintosh

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

Development of a robust EV ecosystem remains a primary goal of the governments in the region. Governments continue to introduce new initiatives...

Shifara Samsudeen, FCMA, CGMA

Possible Positive ST Sentiment from the Likelihood of a One-Round Presidential Election

We maintain our FY24-end JCI target of 7,830 and see themes to play ST sentiment on big caps, select metals and cons. discretionary proxies.

BRI Danareksa Research

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