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 / Equity Bottom-Up

<ul><li>NCKL aims to focus on cost efficiency and commissioning in FY26, with KPS Phase 1&amp;2 commissioning lifting nameplate capacity to ~305kt Ni.</li><li>Earnings quality structurally improves from FY26F, driven by higher effective JV ownership with ONC’s 40% stake fully reflected.</li><li>Resume coverage with Buy rating and higher TP of Rp1,800, supported by stronger earnings visibility and a more sustainable operating profile</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 aims to focus on cost efficiency and commissioning in FY26, with KPS Phase 1&amp;2 commissioning lifting nameplate capacity to ~305kt Ni.Earnings quality structurally improves from FY26F, driven by higher effective JV ownership with ONC’s 40% stake fully reflected.Resume coverage with Buy rating and higher TP of Rp1,800, supported by stronger earnings visibility and a more sustainable operating profileContent 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 - Commissioning Underway, Earnings Growth Supported by Higher JV Ownership

Trimegah Bangun Persada (NCKL.IJ) Commissioning Underway...

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 Trimegah Bangun Persada Tbk (NCKL) is an Indonesian company engaged in nickel mining, processing, and refining, with operations primarily on Obi Island in North Maluku province. The company produces ferronickel, mixed hydroxide precipitate (MHP), nickel sulfate, and cobalt sulfate. It was founded in 2004 and is headquartered in Central Jakarta, Indonesia.

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Trimegah Bangun Persada (NCKL IJ)

NCKL.IJ - Commissioning Underway, Earnings Growth Supported by Higher JV Ownership

NCKL aims to focus on cost efficiency and commissioning in FY26, with KPS Phase 1&2 commissioning lifting nameplate capacity to ~305kt Ni.

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