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

<ul><li>We expect gold sales normalization in FY26 (~38t), with expected normalization of PTFI supply and resumption of import.</li><li>Higher nickel ore and gold price anchors our FY26-27 net profit estimates upgrade by 2-16%.</li><li>We reiterate Buy rating with a higher TP of Rp4,800, reflecting our higher earnings expectation.</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 expect gold sales normalization in FY26 (~38t), with expected normalization of PTFI supply and resumption of import.Higher nickel ore and gold price anchors our FY26-27 net profit estimates upgrade by 2-16%.We reiterate Buy rating with a higher TP of Rp4,800, reflecting our higher earnings expectation.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.

Aneka Tambang (ANTM.IJ) Normalizing PTFI Supply, Supported by Resilient Gold...

Thematic (Sector/Industry)

<ul><li>Macro Strategy 2027 Proposed Budget: The Growth-Fiscal Trade-Off Growth increasingly relies on private demand and investment as government spending growth moderates in 2027.</li><li>Fiscal priorities are being rebalanced toward education and social protection, following the broad spending ramp-up seen in 2026.</li><li>A stronger primary balance improves financing flexibility, but higher FX and oil sensitivity raise fiscal vulnerability. The 2027 Budget: Three Key Takeaways.</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.

Macro Strategy 2027 Proposed Budget: The Growth-Fiscal Trade-Off Growth increasingly relies on private demand and investment as government spending growth moderates in 2027.Fiscal priorities are being rebalanced toward education and social protection, following the broad spending ramp-up seen in 2026.A stronger primary balance improves financing flexibility, but higher FX and oil sensitivity raise fiscal vulnerability. The 2027 Budget: Three Key Takeaways.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.

Macro Strategy: 2027 Proposed Budget: The Growth-Fiscal Trade-Off

<ul><li>Metal Mining2Q26F Preview: Selective Earnings Momentum, Diverging FY26F Delivery We expect the sector’s 2Q26F revenue of US$4.5bn (+12% q-q/ +38% y-y), driven more by pricing and mix than volume recovery.</li><li>Margins should normalize on elevated fuel and sulfur costs, with AMMN and INCO being the names posting q-q earnings growth.</li><li>We overweight the sector, preferring AMMN &gt; INCO for 2Q26F momentum and ANTM &gt; TINS for 2H26F stability. Top-line resilience, but margin normalization. </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.

Metal Mining2Q26F Preview: Selective Earnings Momentum, Diverging FY26F Delivery We expect the sector’s 2Q26F revenue of US$4.5bn (+12% q-q/ +38% y-y), driven more by pricing and mix than volume recovery.Margins should normalize on elevated fuel and sulfur costs, with AMMN and INCO being the names posting q-q earnings growth.We overweight the sector, preferring AMMN &gt; INCO for 2Q26F momentum and ANTM &gt; TINS for 2H26F stability. Top-line resilience, but margin normalization. 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: 2Q26F Preview: Selective Earnings Momentum, Diverging FY26F Delivery (OVERWEIGHT)

<ul><li>Metal Mining: Moderating Regulatory Risks. We believe the regulatory risks for the sector are moderating as the punitive proposals are becoming more accommodative.</li><li>Single-SOE exporter (DSI) remains a key overhang as goods ownership, pricing, settlement and implementation remain unclear.</li><li>We prefer ANTM and TINS, given limited exposure to DSI, resilient demand drivers, and improving 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.

Metal Mining: Moderating Regulatory Risks. We believe the regulatory risks for the sector are moderating as the punitive proposals are becoming more accommodative.Single-SOE exporter (DSI) remains a key overhang as goods ownership, pricing, settlement and implementation remain unclear.We prefer ANTM and TINS, given limited exposure to DSI, resilient demand drivers, and improving 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: Moderating Regulatory Risks (OVERWEIGHT)

<ul><li>Metal Mining: Potential Impact from Proposed Royalty Revision: Tin Worst Hit; Limited Impact on Nickel MEMR’s proposed royalty revision raises fiscal take on high-priced metals, targeting windfall gains from stronger HMA.</li><li>The biggest royalty increase is on tin, followed by gold; consequently, we estimate TINS to see the biggest earnings impact.</li><li>We maintain OW but revise our pecking order to ANTM &gt; INCO &gt; NCKL &gt; MBMA &gt; TINS, based on risk and impact assessment.</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.

Metal Mining: Potential Impact from Proposed Royalty Revision: Tin Worst Hit; Limited Impact on Nickel MEMR’s proposed royalty revision raises fiscal take on high-priced metals, targeting windfall gains from stronger HMA.The biggest royalty increase is on tin, followed by gold; consequently, we estimate TINS to see the biggest earnings impact.We maintain OW but revise our pecking order to ANTM &gt; INCO &gt; NCKL &gt; MBMA &gt; TINS, based on risk and impact assessment.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: Potential Impact from Proposed Royalty Revision

Indonesia

PT ANTAM (Persero) Tbk is a diversified, vertically integrated, state-owned mining and metals company in Indonesia. It engages in the exploration, mining, processing, and marketing of mineral resources, with core businesses in nickel, gold, silver, bauxite, and alumina. Its products include ferronickel, nickel ore, gold bullion, and alumina, serving various industries domestically and internationally. The company is headquartered in Jakarta, Indonesia, and was established in 1968.

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Antam (ANTM IJ)

Aneka Tambang (ANTM.IJ) Normalizing PTFI Supply, Supported by Resilient Gold...

We expect gold sales normalization in FY26 (~38t), with expected normalization of PTFI supply and resumption of import.Higher nickel ore and gold...

BRI Danareksa Research

Macro Strategy: 2027 Proposed Budget: The Growth-Fiscal Trade-Off

Macro Strategy 2027 Proposed Budget: The Growth-Fiscal Trade-Off Growth increasingly relies on private demand and investment as government spending...

BRI Danareksa Research

Metal Mining: 2Q26F Preview: Selective Earnings Momentum, Diverging FY26F Delivery (OVERWEIGHT)

We overweight the sector, preferring AMMN > INCO for 2Q26F momentum and ANTM > TINS for 2H26F stability. Top-line resilience, but margin...

BRI Danareksa Research

Metal Mining: Moderating Regulatory Risks (OVERWEIGHT)

Metal Mining: Moderating Regulatory Risks. We believe the regulatory risks for the sector are moderating as the punitive proposals are becoming...

BRI Danareksa Research

Metal Mining: Potential Impact from Proposed Royalty Revision

Tin Worst Hit; Limited Impact on Nickel MEMR’s proposed royalty revision raises fiscal take on high-priced metals, targeting windfall gains from...

BRI Danareksa Research

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