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 estimate the sector’s 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.</li><li>We expect TINS to be the best performer in 3Q24 amid stable ASP with improvements in volume, while NCKL could be the strongest nickel play.</li><li>We reiterate our Overweight rating on the sector with TINS and NCKL as top picks due to a stronger earnings visibility.</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 estimate the sector’s 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.We expect TINS to be the best performer in 3Q24 amid stable ASP with improvements in volume, while NCKL could be the strongest nickel play.We reiterate our Overweight rating on the sector with TINS and NCKL as top picks due to a stronger earnings visibility.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: Expect a Slower Quarter, but a Majority Beat in 9M24 Due to Low Expectations

<ul><li>Foreign funds outflow to China may continue with YTD flow into JCI still stood at net inflow of US$3,135mn as of October 4, 2024.</li><li>Potential impact from China stimulus on commodities demand remains to be seen, but fund flow from hedge funds still has room to increase.</li><li>JCI consensus est. saw a cut to 4.5%, though it still stands out among peers; we believe better entry will emerge when outflow subsides.</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.

Foreign funds outflow to China may continue with YTD flow into JCI still stood at net inflow of US$3,135mn as of October 4, 2024.Potential impact from China stimulus on commodities demand remains to be seen, but fund flow from hedge funds still has room to increase.JCI consensus est. saw a cut to 4.5%, though it still stands out among peers; we believe better entry will emerge when outflow subsides.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.

Equity Strategy: Headwind from Outflows May Persist

<ul><li>China’s latest stimulus offers hope for improving productivity, but we see challenges as property prices have continued to fall in recent months.</li><li>NPI prices could face ST weakness from increased domestic output but may stand to benefit the most if China’s stimulus works.</li><li>We reiterate our Overweight rating on the sector, with TINS and NCKL as top picks due to stronger earnings visibility.</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.

China’s latest stimulus offers hope for improving productivity, but we see challenges as property prices have continued to fall in recent months.NPI prices could face ST weakness from increased domestic output but may stand to benefit the most if China’s stimulus works.We reiterate our Overweight rating on the sector, with TINS and NCKL as top picks due to stronger earnings visibility.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: Hope from China’s Latest Stimulus, Albeit More Is Needed (OVERWEIGHT)

<ul><li>Tin price strengthened to US$32k/t in Aug24, as inventory (SHFE and LME) and Indonesian exports fell -23% mom.</li><li>Nickel ore supply remained tight, which boosted the NPI price in Aug24. However, the LME price fell on weaker fundamentals.</li><li>We reiterate our Overweight rating on the sector, with TINS and NCKL as our top picks due to stronger earnings visibility.</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.

Tin price strengthened to US$32k/t in Aug24, as inventory (SHFE and LME) and Indonesian exports fell -23% mom.Nickel ore supply remained tight, which boosted the NPI price in Aug24. However, the LME price fell on weaker fundamentals.We reiterate our Overweight rating on the sector, with TINS and NCKL as our top picks due to stronger earnings visibility.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: Aug24 Metal Sector Update: Supports for Tin Price

Indonesia

PT Merdeka Copper Gold Tbk is an Indonesian metal and mineral mining holding company that explores, extracts, and produces gold, silver, copper, and other related minerals. The company operates the Tujuh Bukit Gold Mine, Wetar Copper Mine, and is developing the Pani Gold Mine and Tujuh Bukit Copper Project, along with Merdeka Battery Materials for nickel production. It was founded in 2012 and is headquartered in Jakarta, Indonesia.

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Merdeka Copper Gold (MDKA IJ)

Metal Mining: Expect a Slower Quarter, but a Majority Beat in 9M24 Due to Low Expectations

We estimate the sector’s 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.

BRI Danareksa Research

Metal Mining: 3Q24 Preview

We estimate the sector’s 3Q24 earnings to fall back on lower ASP, though they may still beat estimates due to low expectations.

BRI Danareksa Research

Equity Strategy: Headwind from Outflows May Persist

JCI consensus est. saw a cut to 4.5%, though it still stands out among peers; we believe better entry will emerge when outflow subsides.

BRI Danareksa Research

Metal Mining: Hope from China’s Latest Stimulus, Albeit More Is Needed (OVERWEIGHT)

China’s latest stimulus offers hope for improving productivity, but we see challenges as property prices have continued to fall in recent months.

BRI Danareksa Research

Metal Mining: Aug24 Metal Sector Update: Supports for Tin Price

Tin price strengthened to US$32k/t in Aug24, as inventory (SHFE and LME) and Indonesian exports fell -23% mom. Nickel ore supply remained tight,...

BRI Danareksa Research

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