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

Trimegah Bangun Persada Tbk PT / Equity Bottom-Up

<ul><li>1Q25 net profit was below our estimate due to lower JV contribution as KPS is in the process of ramping up, and higher minority interest.</li><li>Growth projects remain intact, focusing more on GTS’ initiation in 2H25.</li><li>Reiterate our Buy rating with a lower TP of Rp1,300. Key risks to our call include lower nickel prices and a lower utilization rate.</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.

1Q25 net profit was below our estimate due to lower JV contribution as KPS is in the process of ramping up, and higher minority interest.Growth projects remain intact, focusing more on GTS’ initiation in 2H25.Reiterate our Buy rating with a lower TP of Rp1,300. Key risks to our call include lower nickel prices and a lower utilization rate.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.

NCKL.IJ - Lowering FY25-26F Est. Post 1Q25 Earnings Miss; Valuation Remains at a Bargain

<ul><li>NCKL recorded a weaker 4Q24 NP of Rp1.5tr, -24% qoq, due to a weaker FeNi sales volume and contribution from JV as ASP were trending down.</li><li>We slightly revise our FY25-27 earnings estimate by +8.4%/+4.5%/ +4.4% on the back of solid cash cost management, which lifted margins.</li><li>Reiterate our Buy rating with an unchanged TP of Rp1,500. Key risks to our call include lower nickel prices and a lower utilization rate.</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.

NCKL recorded a weaker 4Q24 NP of Rp1.5tr, -24% qoq, due to a weaker FeNi sales volume and contribution from JV as ASP were trending down.We slightly revise our FY25-27 earnings estimate by +8.4%/+4.5%/ +4.4% on the back of solid cash cost management, which lifted margins.Reiterate our Buy rating with an unchanged TP of Rp1,500. Key risks to our call include lower nickel prices and a lower utilization rate.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.

Trimegah Bangun Persada (NCKL.IJ) - In Line FY24 Earnings, Upgrading Our FY25 Estimate

<ul><li>NCKL bought a 10% stake for Rp2.1tr, growing its income from JV to Rp3.2tr/ Rp3.3tr in FY25/ 26F.</li><li>We raised our FY25/26F forecast by +9.7%/+9.1% on the back of a stronger income from JV and a growing ore contribution.</li><li>Reiterate our Buy rating with a higher TP of Rp1,500. Key risks to our call include lower nickel prices and a lower utilization rate.</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.

NCKL bought a 10% stake for Rp2.1tr, growing its income from JV to Rp3.2tr/ Rp3.3tr in FY25/ 26F.We raised our FY25/26F forecast by +9.7%/+9.1% on the back of a stronger income from JV and a growing ore contribution.Reiterate our Buy rating with a higher TP of Rp1,500. Key risks to our call include lower nickel prices and a lower utilization rate.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.

Trimegah Bangun Persada -  Additional 10% Stake in ONC Lifts FY25 Earnings

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

Thematic (Sector/Industry)

<ul><li>The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.</li><li>The impact on royalty hike varies, though INCO and TINS are most impacted due to their large exposure to affected products.</li><li>We reiterate our Neutral rating on the metal mining sector with a pecking order of ANTM&gt; NCKL&gt; TINS&gt; INCO&gt; MBMA&gt; MDKA.</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 MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.The impact on royalty hike varies, though INCO and TINS are most impacted due to their large exposure to affected products.We reiterate our Neutral rating on the metal mining sector with a pecking order of ANTM&gt; NCKL&gt; TINS&gt; INCO&gt; MBMA&gt; MDKA.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: Proposed Royalty Hike Will Pressure FY25 Earnings (NEUTRAL)

Indonesia

PT Trimegah Bangun Persada Tbk is a nickel resource and mining company. The Company offers laterite nickel ore, which consists of limonite and saprolite ore, as well as operates nickel smelters in Obi Island that process saprolite ore to produce ferronickel, which can be further processed into stainless steel. Trimegah Bangun Persada Tbk serves customers in Indonesia.

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Trimegah Bangun Persada Tbk PT (NCKL IJ)

NCKL.IJ - Lowering FY25-26F Est. Post 1Q25 Earnings Miss; Valuation Remains at a Bargain

1Q25 net profit was below our estimate due to lower JV contribution as KPS is in the process of ramping up, and higher minority interest.

BRI Danareksa Research

Trimegah Bangun Persada (NCKL.IJ) - In Line FY24 Earnings, Upgrading Our FY25 Estimate

NCKL recorded a weaker 4Q24 NP of Rp1.5tr, -24% qoq, due to a weaker FeNi sales volume and contribution from JV as ASP were trending down.

BRI Danareksa Research

Trimegah Bangun Persada - Additional 10% Stake in ONC Lifts FY25 Earnings

Reiterate our Buy rating with a higher TP of Rp1,500. Key risks to our call include lower nickel prices and a lower utilization rate.

BRI Danareksa Research

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

Metal Mining: Proposed Royalty Hike Will Pressure FY25 Earnings (NEUTRAL)

The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.

BRI Danareksa Research

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