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>We believe the supply surplus may be buffered by demand from batteries and SS; our FY24-25F Ni price assumptions at US$18k/17.5k/t</li><li>We see NPI demand remaining robust as global SS demand is expected to grow by 5%, implying 9.5% higher nickel demand in FY24F.</li><li>We resume coverage with an OW rating as we expect market balances to stabilize; our pecking order: NCKL&gt; MDKA&gt; MBMA&gt; ANTM&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.

We believe the supply surplus may be buffered by demand from batteries and SS; our FY24-25F Ni price assumptions at US$18k/17.5k/tWe see NPI demand remaining robust as global SS demand is expected to grow by 5%, implying 9.5% higher nickel demand in FY24F.We resume coverage with an OW rating as we expect market balances to stabilize; our pecking order: NCKL&gt; MDKA&gt; MBMA&gt; ANTM&gt; INCOContent 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: Better earnings prospect from possible price bottoming (OVERWEIGHT)

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>Prabowo looks to have scored a resounding victory in Indonesia's Presidential election, according to quick count results, with around 58% of the vote, which is positive from a visibility perspective.</li>
<li>Initial reaction suggests continuity from Jokowi's legacy, with concerns centred around potentially nationalistic policies and increased government borrowing in the future, which may pressurise Indonesia's budgetary position. </li>
<li>We remain positive on the outlook for Indonesia, with increased government spending to fast-track Jokowi's legacy projects. Prabowo also looks set on driving higher GDP growth next year.</li>
</ul>


Prabowo looks to have scored a resounding victory in Indonesia's Presidential election, according to quick count results, with around 58% of the vote, which is positive from a visibility perspective.
Initial reaction suggests continuity from Jokowi's legacy, with concerns centred around potentially nationalistic policies and increased government borrowing in the future, which may pressurise Indonesia's budgetary position. 
We remain positive on the outlook for Indonesia, with increased government spending to fast-track Jokowi's legacy projects. Prabowo also looks set on driving higher GDP growth next year.


Indonesia's Election - When the Music's Over?

<ul><li>The smooth elections bode well for stability, while the likelihood of a one-round Presidential election lowers market uncertainty.</li><li>In our view, potential positives from a Prabowo govt are the prospect of higher economic growth, aided fiscal expansion and the key programs.</li><li>We maintain our FY24-end JCI target of 7,830 and see themes to play ST sentiment on big caps, select metals and cons. discretionary proxies.</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.

The smooth elections bode well for stability, while the likelihood of a one-round Presidential election lowers market uncertainty.In our view, potential positives from a Prabowo govt are the prospect of higher economic growth, aided fiscal expansion and the key programs.We maintain our FY24-end JCI target of 7,830 and see themes to play ST sentiment on big caps, select metals and cons. discretionary proxies.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.

Possible Positive ST Sentiment from the Likelihood of a One-Round Presidential Election

<ul>
<li>CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.</li>
<li>This week we look at the prospects and dynamics for e-commerce in Indonesia after a down-year by value in 2023, with a heating of the competitive landscape a likely feature.</li>
<li>We also look at the IPO market for 2024, after 2023 saw several delayed listings, some of which may return to market but likely in 2H due to impending elections. </li>
</ul>


CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.
This week we look at the prospects and dynamics for e-commerce in Indonesia after a down-year by value in 2023, with a heating of the competitive landscape a likely feature.
We also look at the IPO market for 2024, after 2023 saw several delayed listings, some of which may return to market but likely in 2H due to impending elections. 


CrossASEAN Ground Zero - E-Commerce Down and What of the 2024 IPO Market?

<ul>
<li>CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core focus on Indonesia. </li>
<li>This week is focused on GoTo's sustainability credentials and the recent scientific validation of its emission targets. </li>
<li>2024 will also see a ramp-up of Indonesia's 2W EV charging infrastructure to power growth in numbers. We also look at key themes in 2024 for the digital economy.</li>
</ul>


CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core focus on Indonesia. 
This week is focused on GoTo's sustainability credentials and the recent scientific validation of its emission targets. 
2024 will also see a ramp-up of Indonesia's 2W EV charging infrastructure to power growth in numbers. We also look at key themes in 2024 for the digital economy.


CrossASEAN Ground Zero - GoTo's Sustainability Verified, 2W EVs, and the Stormy Year Ahead

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: Better earnings prospect from possible price bottoming (OVERWEIGHT)

We believe the supply surplus may be buffered by demand from batteries and SS; our FY24-25F Ni price assumptions at US$18k/17.5k/t

BRI Danareksa Research

Indonesia's Election - When the Music's Over?

We remain positive on the outlook for Indonesia, with increased government spending to fast-track Jokowi's legacy projects. Prabowo also looks set...

Angus Mackintosh

Possible Positive ST Sentiment from the Likelihood of a One-Round Presidential Election

We maintain our FY24-end JCI target of 7,830 and see themes to play ST sentiment on big caps, select metals and cons. discretionary proxies.

BRI Danareksa Research

CrossASEAN Ground Zero - E-Commerce Down and What of the 2024 IPO Market?

CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus...

Angus Mackintosh

CrossASEAN Ground Zero - GoTo's Sustainability Verified, 2W EVs, and the Stormy Year Ahead

CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core...

Angus Mackintosh

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