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

<ul><li>Vale Indonesia (INCO IJ)Logistics Recovery and HPM Benefits Set the Stage for FY26F-27F Earnings Boost.</li><li>INCO’s 2Q26 ore sales recover as Bahodopi and Pomalaa logistics improve, supporting our 6.4mn wmt FY26F saprolite target. Integrated infrastructure supports INCO’s mine-to-matte platform and long-term production scalability.</li><li>We cut our TP to Rp7,300 (prev. Rp8,000) on slower monetization, partly offset by new HPM implementation and higher matte output. </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.

Vale Indonesia (INCO IJ)Logistics Recovery and HPM Benefits Set the Stage for FY26F-27F Earnings Boost.INCO’s 2Q26 ore sales recover as Bahodopi and Pomalaa logistics improve, supporting our 6.4mn wmt FY26F saprolite target. Integrated infrastructure supports INCO’s mine-to-matte platform and long-term production scalability.We cut our TP to Rp7,300 (prev. Rp8,000) on slower monetization, partly offset by new HPM implementation and higher matte output. 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.

Vale Indonesia (INCO.IJ) Logistics Recovery and HPM Benefits Set the Stage for FY26F-27F...

Thematic (Sector/Industry)

<ul><li>Macro Strategy: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.</li><li>We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.</li><li>Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. </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: The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in 2022–23.We revisit our study on Indonesia’s three differentials, finding that policy carry provides the strongest ST buffer.Earlier hikes also strengthened BI’s policy buffer, allowing targeted measures to take priority rather than another rate hike. 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: The Fed Tightens: Can BI Hold the Line?

<ul><li>Metal Mining Nickel Ore HPM Revised Further, Improving Pricing Certainty. Low-grade limonite sees a lower pricing floor, narrowing the gap with market prices.</li><li>The revised formula differentiates ore economics, with the largest impact below 1.2% Ni.MBMA, NCKL and INCO see greater exposure, with improved pricing certainty across mining and HPAL.</li><li>Closing the Gap Between HPM and Selling Prices. Following our previous report on the HPM revision under MoEMR Ministerial Decree 144/2026</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 Nickel Ore HPM Revised Further, Improving Pricing Certainty. Low-grade limonite sees a lower pricing floor, narrowing the gap with market prices.The revised formula differentiates ore economics, with the largest impact below 1.2% Ni.MBMA, NCKL and INCO see greater exposure, with improved pricing certainty across mining and HPAL.Closing the Gap Between HPM and Selling Prices. Following our previous report on the HPM revision under MoEMR Ministerial Decree 144/2026Content 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: Nickel Ore HPM Revised Further, Improving Pricing Certainty (OVERWEIGHT)

<ul><li>Secured quota, expanding ore sales support earnings growth</li><li>In our recent meeting with INCO , mgmt. reaffirm its FY26F outlook, confirming 2026 RKAB approval ( obtained on 15th Jan26) with a total quota of ~22mn wmt, comprising ~14mn wmt for internal Sorowako feed and ~8mn wmt for ore monetization (6.4mn wmt saprolite; 1.6mn wmt limonite), with potential upside from the Apr –Jun 26 window to accommodate JV/HPAL requirements in 2H26F.</li><li>Nickel matte production volume guidance remains at ~63 –70ktpa despite EF#3 rebuild, while FY 26F ore sales are targeted at 10 - 12mn wmt on h igher premiums.</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.

Secured quota, expanding ore sales support earnings growthIn our recent meeting with INCO , mgmt. reaffirm its FY26F outlook, confirming 2026 RKAB approval ( obtained on 15th Jan26) with a total quota of ~22mn wmt, comprising ~14mn wmt for internal Sorowako feed and ~8mn wmt for ore monetization (6.4mn wmt saprolite; 1.6mn wmt limonite), with potential upside from the Apr –Jun 26 window to accommodate JV/HPAL requirements in 2H26F.Nickel matte production volume guidance remains at ~63 –70ktpa despite EF#3 rebuild, while FY 26F ore sales are targeted at 10 - 12mn wmt on h igher premiums.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.

Vale Indonesia (INCO.IJ) Earnings Uplift from Stronger Ore Monetization and Downstream Contribution

<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

Indonesia

PT Vale Indonesia Tbk is Indonesia's largest integrated nickel producer, engaged in the exploration, mining, processing, and production of nickel in matte from lateritic ores. The company also operates hydroelectric power generating plants that supply electricity for its smelting and nickel ore processing facilities. It is headquartered in Jakarta, Indonesia, and was founded on July 25, 1968.

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Vale Indonesia (INCO IJ)