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>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

<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>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.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: Tin Worst Hit...

<ul><li>Metal Mining: Revised 2026 HPM Reshapes Nickel Ore Economics. Latest MEMR decree shifts nickel ore HPM to a multi-variable formula, lifting the regulatory floor and narrowing the gap.</li><li>Upstream miners gain pricing power, while downstream ore buyers face higher feedstock cost and royalty-based risk.</li><li>We continue to prefer upstream ore-levered names, with ANTM&gt; INCO&gt; NCKL&gt; MBMA as our top picks.</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: Revised 2026 HPM Reshapes Nickel Ore Economics. Latest MEMR decree shifts nickel ore HPM to a multi-variable formula, lifting the regulatory floor and narrowing the gap.Upstream miners gain pricing power, while downstream ore buyers face higher feedstock cost and royalty-based risk.We continue to prefer upstream ore-levered names, with ANTM&gt; INCO&gt; NCKL&gt; MBMA as our top picks.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 : Revised 2026 HPM Reshapes Nickel Ore Economics (OVERWEIGHT)

<ul><li>4Q25E earnings are driven by ASP appreciation and margin expansion, despite muted volume growth across companies in the sector.</li><li>We expect ANTM and MBMA to lead earnings performance, supported by cost efficiency and HGNM production normalization.</li><li>We upgraded the sector to Overweight with a revised pecking order of ANTM &gt; NCKL &gt; TINS &gt; INCO.</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.

4Q25E earnings are driven by ASP appreciation and margin expansion, despite muted volume growth across companies in the sector.We expect ANTM and MBMA to lead earnings performance, supported by cost efficiency and HGNM production normalization.We upgraded the sector to Overweight with a revised pecking order of ANTM &gt; NCKL &gt; TINS &gt; INCO.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: 4Q25 Preview: Less Volume, But Better Margins (OVERWEIGHT)

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)

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: 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

Metal Mining: Potential Impact from Proposed Royalty Revision: Tin Worst Hit...

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

Metal Mining : Revised 2026 HPM Reshapes Nickel Ore Economics (OVERWEIGHT)

Metal Mining: Revised 2026 HPM Reshapes Nickel Ore Economics. Latest MEMR decree shifts nickel ore HPM to a multi-variable formula, lifting the...

BRI Danareksa Research

Metal Mining: 4Q25 Preview: Less Volume, But Better Margins (OVERWEIGHT)

4Q25E earnings are driven by ASP appreciation and margin expansion, despite muted volume growth across companies in the sector.

BRI Danareksa Research

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