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>While Tin prices have softened, China still struggles to source tin ore, which has decreased refined tin production by 31% mom. </li><li>We expect Ni ore premium to ease after WBN’s RKAB quota release, while NPI price surged due to china’s temporary ss restocking. </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.

While Tin prices have softened, China still struggles to source tin ore, which has decreased refined tin production by 31% mom. We expect Ni ore premium to ease after WBN’s RKAB quota release, while NPI price surged due to china’s temporary ss restocking. We reiterate our Overweight rating on the sector, with TINS and NCKL as our top picks due to their 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: NPI Price Could Weaken on RKAB Release

<ul><li>We estimate the sector’s 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.</li><li>We expect TINS to be the best performer in 3Q24 amid stable ASP with improvements in volume, while NCKL could be the strongest nickel play.</li><li>We reiterate our Overweight rating on the sector with TINS and NCKL as top picks due to a 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 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.We expect TINS to be the best performer in 3Q24 amid stable ASP with improvements in volume, while NCKL could be the strongest nickel play.We reiterate our Overweight rating on the sector with TINS and NCKL as top picks due to a 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: Expect a Slower Quarter, but a Majority Beat in 9M24 Due to Low Expectations

<ul><li>Foreign funds outflow to China may continue with YTD flow into JCI still stood at net inflow of US$3,135mn as of October 4, 2024.</li><li>Potential impact from China stimulus on commodities demand remains to be seen, but fund flow from hedge funds still has room to increase.</li><li>JCI consensus est. saw a cut to 4.5%, though it still stands out among peers; we believe better entry will emerge when outflow subsides.</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.

Foreign funds outflow to China may continue with YTD flow into JCI still stood at net inflow of US$3,135mn as of October 4, 2024.Potential impact from China stimulus on commodities demand remains to be seen, but fund flow from hedge funds still has room to increase.JCI consensus est. saw a cut to 4.5%, though it still stands out among peers; we believe better entry will emerge when outflow subsides.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.

Equity Strategy: Headwind from Outflows May Persist

Equity Bottom-Up

Merdeka Copper Gold Tbk PT / Equity Bottom-Up

<ul><li>MDKA managed a net profit of US$2.7mn from its nickel and gold operations, but we expect to see further weakness in 3Q24 earnings.</li><li>Despite a positive cash margin for its copper, Wetar posted a net loss due to higher amortization costs as its mine is near depletion.</li><li>We lowered our FY24-26F forecasts by -72%/+318%/+510% and TP to Rp3,000; reiterate Buy rating on upsides 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.

MDKA managed a net profit of US$2.7mn from its nickel and gold operations, but we expect to see further weakness in 3Q24 earnings.Despite a positive cash margin for its copper, Wetar posted a net loss due to higher amortization costs as its mine is near depletion.We lowered our FY24-26F forecasts by -72%/+318%/+510% and TP to Rp3,000; reiterate Buy rating on upsides from growth projects.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.

Merdeka Copper Gold - 1H24 Earnings Miss, a Potential Breakeven in FY24

Indonesia

PT Merdeka Copper Gold Tbk is a mineral and mining company.  The Company mines for gold and copper.

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Merdeka Copper Gold Tbk PT (MDKA IJ)

Metal Mining: NPI Price Could Weaken on RKAB Release

While Tin prices have softened, China still struggles to source tin ore, which has decreased refined tin production by 31% mom.

BRI Danareksa Research

Metal Mining: Expect a Slower Quarter, but a Majority Beat in 9M24 Due to Low Expectations

We estimate the sector’s 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.

BRI Danareksa Research

Metal Mining: 3Q24 Preview

We estimate the sector’s 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.

BRI Danareksa Research

Equity Strategy: Headwind from Outflows May Persist

JCI consensus est. saw a cut to 4.5%, though it still stands out among peers; we believe better entry will emerge when outflow subsides.

BRI Danareksa Research

Merdeka Copper Gold - 1H24 Earnings Miss, a Potential Breakeven in FY24

MDKA managed a net profit of US$2.7mn from its nickel and gold operations, but we expect to see further weakness in 3Q24 earnings.

BRI Danareksa Research

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