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>Amid our expectation of stabilizing price and margin in 2H23, we see the sectors’ performance in 2H23 to be driven by volumes and thus, prefer producers with volume growth improvements namely MBMA, NCKL.</li><li>Expect nickel prices and producers’ margin to stabilize in 2H23.</li><li>Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply from Indonesia. </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>

Amid our expectation of stabilizing price and margin in 2H23, we see the sectors’ performance in 2H23 to be driven by volumes and thus, prefer producers with volume growth improvements namely MBMA, NCKL.Expect nickel prices and producers’ margin to stabilize in 2H23.Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply from Indonesia. 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 - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23

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.

Merdeka Battery Materials (MBMA IJ)

Metal Mining - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23

Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply...

BRI Danareksa Research