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 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)

<ul><li>Despite reasonable FY26 earnings expectations, a gradual recovery should continue to favor bottom-up stock picking.</li><li>While we still see upside for conglo/ index stocks, our fundamental view also favors Telco, Metals, Consumers, and Poultry sectors.</li><li>We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key 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.

Despite reasonable FY26 earnings expectations, a gradual recovery should continue to favor bottom-up stock picking.While we still see upside for conglo/ index stocks, our fundamental view also favors Telco, Metals, Consumers, and Poultry sectors.We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key 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.

Equity Strategy: FY26 Outlook: Still a Stock Picker’s Market Amid Gradual Growth Recovery

<ul><li>Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.</li><li>Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.</li><li>Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.</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.

Growth momentum improving. Accelerating disbursement and BI’s policy easing expected to strengthen growth toward year-end.Beyond yield gaps. Foreign inflows often rise despite narrower BI–Fed spreads, showing growth differential drives sustained capital inflows.Long-term foreign investment depends on Indonesia maintaining solid, broad-based, and stable economic growth momentum.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: Growth Over Differentials

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)

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

Equity Strategy: FY26 Outlook: Still a Stock Picker’s Market Amid Gradual Growth Recovery

We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key picks.

BRI Danareksa Research

Macro Strategy: Growth Over Differentials

Indonesia’s economy maintained solid momentum in 3Q25, recording 5.04% y-y (1.43% q-q) growth, although slightly easing from 2Q25’s 5.12%.

BRI Danareksa Research

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