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.
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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.
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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.
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Trimegah Bangun Persada - Expect Strong Production Growth
NCKL recorded FY23 net profit of Rp5.6tn, up 20.4% yoy which was broadly inline with ours (103.8%) and consensus (98.1%). Both FeNi and MHP...
449 Views
Trimegah Bangun Persada (NCKL IJ) - Indonesian HPAL First Mover
Going forward, the company plans to transform itself into an integrated upstream-to-downstream nickel play, supported by its huge FeNi capacity
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