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.

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Bumi Resources Minerals / Equity Bottom-Up

<ul><li>Bumi Resource Minerals (BRMS): A Steeper FY26F Recovery Path, But Near-Term Risks Largely Priced In.</li><li>1H26 earnings missed, with net profit of US$12.9mn (-44.0% y-y), as lower production and constrained sales drove a 2Q26 loss.</li><li>Mgmt’s FY26 target of 70-75koz appears challenging; we cut FY26–28F production to 60.9koz/81.6koz/158.2koz. </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.

Bumi Resource Minerals (BRMS): A Steeper FY26F Recovery Path, But Near-Term Risks Largely Priced In.1H26 earnings missed, with net profit of US$12.9mn (-44.0% y-y), as lower production and constrained sales drove a 2Q26 loss.Mgmt’s FY26 target of 70-75koz appears challenging; we cut FY26–28F production to 60.9koz/81.6koz/158.2koz. 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.

BRMS.IJ -  A Steeper FY26F Recovery Path, But Near-Term Risks Largely Priced In

<ul><li>1H26 earnings missed, with net profit of US$12.9mn ( - 44.0% y - y), as lower production and constrained sales drove a 2Q26 loss.</li><li>Mgmt’s FY26 target of 70 - 75koz appears challenging; we cut FY26 –28F production to 60.9koz/81.6koz/158.2koz.</li><li>Maintain Buy rating with lower TP of Rp700, reflecting weaker volume and ASP s, with CIL and underground ramp - up as 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.

1H26 earnings missed, with net profit of US$12.9mn ( - 44.0% y - y), as lower production and constrained sales drove a 2Q26 loss.Mgmt’s FY26 target of 70 - 75koz appears challenging; we cut FY26 –28F production to 60.9koz/81.6koz/158.2koz.Maintain Buy rating with lower TP of Rp700, reflecting weaker volume and ASP s, with CIL and underground ramp - up as 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: A Steeper FY26F Recovery Path, But Near-Term Risks Largely Priced In

Thematic (Sector/Industry)

<ul><li>Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.</li><li>We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.</li><li>Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. </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: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. 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: The Fed Tightens: Can BI Hold the Line?

<ul><li>Bumi Resource Minerals (BRMS)In-Line 1Q26 Earnings Despite Pit Pushback; Recovery Hinges on CPM Ramp-Ups. 1Q26 earnings were broadly in-line, with net profit of US$17.5mn (+21.3% y-y), supported by higher ASP despite lower CPM volumes.</li><li>Expect CPM recovery by early Jun26, driven by grade normalization and Oct26 CIL plant upgrade.</li><li>Maintain Buy with higher TP of Rp1,100, underpinned by elevated gold prices, CPM underground monetization from 3Q27F.1Q26 in-line earnings despite ongoing pushback activity</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.

Bumi Resource Minerals (BRMS)In-Line 1Q26 Earnings Despite Pit Pushback; Recovery Hinges on CPM Ramp-Ups. 1Q26 earnings were broadly in-line, with net profit of US$17.5mn (+21.3% y-y), supported by higher ASP despite lower CPM volumes.Expect CPM recovery by early Jun26, driven by grade normalization and Oct26 CIL plant upgrade.Maintain Buy with higher TP of Rp1,100, underpinned by elevated gold prices, CPM underground monetization from 3Q27F.1Q26 in-line earnings despite ongoing pushback activityContent 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) In-Line 1Q26 Earnings Despite Pit Pushback

<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

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.

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Bumi Resources Minerals (BRMS IJ)

BRMS.IJ - A Steeper FY26F Recovery Path, But Near-Term Risks Largely Priced In

Maintain Buy rating with lower TP of Rp700, reflecting weaker volume and ASPs, with CIL and underground ramp-up as catalysts.1H26 earnings miss on...

BRI Danareksa Research

Bumi Resource Minerals: A Steeper FY26F Recovery Path, But Near-Term Risks Largely Priced In

We maintain our Buy rating but lower our SOTP - based TP to Rp700 from Rp1,100, following cuts to our FY26F –28F forecasts.

BRI Danareksa Research

Macro Strategy: The Fed Tightens: Can BI Hold the Line?

The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in...

BRI Danareksa Research

Bumi Resource Minerals (BRMS.IJ) In-Line 1Q26 Earnings Despite Pit Pushback

Maintain Buy with higher TP of Rp1,100, underpinned by elevated gold prices, CPM underground monetization from 3Q27F.1Q26 in-line earnings despite...

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

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