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>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

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>INCO reaffirms its FY26 ore monetization plan of up to 20mn wmt, driven by Pomalaa mining start, despite current delay in RKAB approval.</li><li>We raise our FY26-27 net profit est. by 47-16% on higher nickel prices assumption amid potential cut in Indonesia’s ore production in FY26.</li><li>Resume coverage with Buy rating (unchanged) but a higher SOTP-based TP of Rp6,800, supported by ore sales ramp-up and HPAL execution.</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.

INCO reaffirms its FY26 ore monetization plan of up to 20mn wmt, driven by Pomalaa mining start, despite current delay in RKAB approval.We raise our FY26-27 net profit est. by 47-16% on higher nickel prices assumption amid potential cut in Indonesia’s ore production in FY26.Resume coverage with Buy rating (unchanged) but a higher SOTP-based TP of Rp6,800, supported by ore sales ramp-up and HPAL execution.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) On-Track Ore Monetization to Drive FY26-27 Earnings

<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 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)