Merdeka Battery Materials (MBMA.IJ) In-Line 1H26 EBITDA...
We maintain Buy but cut our TP to Rp710 as our lower nickel price and higher costs assumptions weigh on FY27F-28F earnings.
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Metal Mining: Nickel Ore HPM Revised Further, Improving Pricing Certainty (OVERWEIGHT)
Metal Mining Nickel Ore HPM Revised Further, Improving Pricing Certainty. Low-grade limonite sees a lower pricing floor, narrowing the gap with...
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Merdeka Battery Materials (MBMA.IJ) Earnings Miss Due to FX Loss...
We see geopolitical-driven cost pressure emerges, with sulfur surging to ~US$170/ton impacting HPAL and mining cost structure.
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MBMA.IJ - Earnings Acceleration on Stronger Monetization and Downstream Execution
All eyes on RKAB Approval In our latest discussion with mgmt. , MBMA indicated that official RKAB approval from MEMR has yet to be received.
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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...
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