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

Merdeka Battery Materials / Equity Bottom-Up

<ul><li>Merdeka Battery Materials (MBMA)Earnings Miss due to FX Loss; Lowering Our Est. on Potential Higher CostFY25 net profit missed estimate dragged by fx loss with weaker JV income despite strong EBITDA growth (+34% y-y). </li><li>We see geopolitical-driven cost pressure emerges, with sulfur surging to ~US$170/ton impacting HPAL and mining cost structure. </li><li>Maintain BUY with lower TP of Rp880, as trimmed 26F–27F margin assumptions are largely offset by AIM acid hedge benefits.</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.

Merdeka Battery Materials (MBMA)Earnings Miss due to FX Loss; Lowering Our Est. on Potential Higher CostFY25 net profit missed estimate dragged by fx loss with weaker JV income despite strong EBITDA growth (+34% y-y). We see geopolitical-driven cost pressure emerges, with sulfur surging to ~US$170/ton impacting HPAL and mining cost structure. Maintain BUY with lower TP of Rp880, as trimmed 26F–27F margin assumptions are largely offset by AIM acid hedge benefits.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 Battery Materials (MBMA.IJ) Earnings Miss Due to FX Loss...

<ul><li>All eyes on RKAB Approval In our latest discussion with mgmt. , MBMA indicated that official RKAB approval from MEMR has yet to be received.</li><li>Nonetheless, management remains confident that downstream ore requirements of c.23mn wmt will be secured, comprising 7 –8mn wmt of saprolite and 10 –15mn wmt of limonite.</li><li>For FY26F, the key priority will shift toward cash flow stabilization, particularly amid the planned overhaul of 1 –2 RKEF lines.</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.

All eyes on RKAB Approval In our latest discussion with mgmt. , MBMA indicated that official RKAB approval from MEMR has yet to be received.Nonetheless, management remains confident that downstream ore requirements of c.23mn wmt will be secured, comprising 7 –8mn wmt of saprolite and 10 –15mn wmt of limonite.For FY26F, the key priority will shift toward cash flow stabilization, particularly amid the planned overhaul of 1 –2 RKEF lines.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.

MBMA.IJ - Earnings Acceleration on Stronger Monetization and Downstream Execution

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: 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 Merdeka Battery Materials Tbk specializes in the mining and processing of strategic minerals, including nickel and cobalt, essential for electric vehicle (EV) batteries. The company operates through mining, manufacturing, and other segments, producing various nickel products and other metals. It was founded in 2019 and is headquartered in Jakarta Selatan, Indonesia.

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Merdeka Battery Materials (MBMA IJ)