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>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

Equity Bottom-Up

Bumi Resources Minerals / Equity Bottom-Up

<ul><li>3Q25 in line: Revenue US$62.7mn (+9% qoq), EBITDA US$21.6mn, net profit US$14.9mn (+76% qoq).</li><li>Project progress: Pushback to finish 1Q26, CIL #1 (2,000tpd) Oct-26, underground 350m, completion mid-2027.</li><li>Potential Funding secured: US$500mn loan for underground, CIL upgrade, Gorontalo drilling, and Banten–Aceh mines.</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.

3Q25 in line: Revenue US$62.7mn (+9% qoq), EBITDA US$21.6mn, net profit US$14.9mn (+76% qoq).Project progress: Pushback to finish 1Q26, CIL #1 (2,000tpd) Oct-26, underground 350m, completion mid-2027.Potential Funding secured: US$500mn loan for underground, CIL upgrade, Gorontalo drilling, and Banten–Aceh mines.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.

Bumi Resource Minerals (BRMS.IJ) Key Takeaways from 3Q25 Earnings Call

<ul><li>CPM project progress is on track: tunneling at 2nd stage, CIL #1 upgrade to 2,000tpd (from 500tpd), 4Q27 production target intact.</li><li>We raise our FY25/26/27F EPS by 12%/79%/96% on higher gold price assumptions of US$3,500/4,100/4,400/oz.</li><li>Maintain Buy rating, but raise our SOTP-based TP to Rp1,080 on higher SOTP valuation; underground mining progress shall be key catalysts.</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.

CPM project progress is on track: tunneling at 2nd stage, CIL #1 upgrade to 2,000tpd (from 500tpd), 4Q27 production target intact.We raise our FY25/26/27F EPS by 12%/79%/96% on higher gold price assumptions of US$3,500/4,100/4,400/oz.Maintain Buy rating, but raise our SOTP-based TP to Rp1,080 on higher SOTP valuation; underground mining progress shall be key catalysts.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.

Bumi Resource Minerals (BRMS.IJ) - On Track Project Progress; Valuation Upside from Gold Price

<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)

Macroeconomics

<ul><li>BRIDS Market Pulse In the spotlight JCI major correction and foreign outflow post MSCI comment JCI posted a -6.9% w-w correction alongside US$831mn of foreign outflows following MSCI’s latest statement on Indonesia.</li><li>Selling pressure was most visible in index-aspirant names (IMPC, BUMI, MORA), followed by several MSCI-heavy / large-liquid names (BREN, BRMS, BBCA, DSSA).</li><li>On the other hand, GOTO outperformed on domestic and foreign buying amid renewed merger speculation...</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.

BRIDS Market Pulse In the spotlight JCI major correction and foreign outflow post MSCI comment JCI posted a -6.9% w-w correction alongside US$831mn of foreign outflows following MSCI’s latest statement on Indonesia.Selling pressure was most visible in index-aspirant names (IMPC, BUMI, MORA), followed by several MSCI-heavy / large-liquid names (BREN, BRMS, BBCA, DSSA).On the other hand, GOTO outperformed on domestic and foreign buying amid renewed merger speculation...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.

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

Indonesia

PT Bumi Resources Minerals Tbk, through its subsidiaries, engages in the exploration and development of mineral properties across Asia. The company primarily explores for lead, zinc, gold, copper, and iron ore, and also engages in investment activities, funding, financing, and offers mining advisory and marketing services. It was founded in 2003 and is headquartered in Jakarta, Indonesia.

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

Bumi Resources Minerals (BRMS IJ)

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

Bumi Resource Minerals (BRMS.IJ) Key Takeaways from 3Q25 Earnings Call

3Q25 in line: Revenue US$62.7mn (+9% qoq), EBITDA US$21.6mn, net profit US$14.9mn (+76% qoq).Project progress: Pushback to finish 1Q26, CIL #1...

BRI Danareksa Research

Bumi Resource Minerals (BRMS.IJ) - On Track Project Progress; Valuation Upside from Gold Price

CPM project progress is on track: tunneling at 2nd stage, CIL #1 upgrade to 2,000tpd (from 500tpd), 4Q27 production target intact.

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

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

Selling pressure was most visible in index-aspirant names (IMPC, BUMI, MORA), followed by several MSCI-heavy / large-liquid names (BREN, BRMS,...

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)