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.

Macroeconomics

<ul><li>Market review: JCI ended the week up 0.7% w-w, outperforming majority of EM peers.</li><li>Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).</li><li>In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). </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.

Market review: JCI ended the week up 0.7% w-w, outperforming majority of EM peers.Amid negative performances from the big sectors (Banks +0.5%, Telco -2.5% Consumer Staples -1.8% w-w), JCI’s positive return for the week was driven by Oil &amp; Gas (+10.6% w-w), Cement (+7.8% w-w) and Industrial Estate (+4.6% w-w).In line with the majority of EM peers, foreign investors flow into JCI was a net positive (US$80mn), with mixed flows into large-cap banks (except for BBRI), TLKM, and metals (ANTM and BRMS). 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.

BRIDS Market Pulse: Chart of the Week – Telco Sector 5-Year EV/EBITDA

Thematic (Sector/Industry)

<ul><li>The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.</li><li>The impact on royalty hike varies, though INCO and TINS are most impacted due to their large exposure to affected products.</li><li>We reiterate our Neutral rating on the metal mining sector with a pecking order of ANTM&gt; NCKL&gt; TINS&gt; INCO&gt; MBMA&gt; MDKA.</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.

The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.The impact on royalty hike varies, though INCO and TINS are most impacted due to their large exposure to affected products.We reiterate our Neutral rating on the metal mining sector with a pecking order of ANTM&gt; NCKL&gt; TINS&gt; INCO&gt; MBMA&gt; MDKA.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: Proposed Royalty Hike Will Pressure FY25 Earnings (NEUTRAL)

<ul><li>We estimate a slightly weaker 4Q24 earnings trend from declining ASPs, though some companies excel through soaring sales volume.</li><li>We expect ANTM and NCKL to beat consensus’ FY24 estimate at 132%/ 111% from increased sales volume.</li><li>We maintain our Neutral rating with a revised pecking order of ANTM&gt; NCKL&gt; INCO&gt; TINS&gt; MBMA&gt; MDKA</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.

We estimate a slightly weaker 4Q24 earnings trend from declining ASPs, though some companies excel through soaring sales volume.We expect ANTM and NCKL to beat consensus’ FY24 estimate at 132%/ 111% from increased sales volume.We maintain our Neutral rating with a revised pecking order of ANTM&gt; NCKL&gt; INCO&gt; TINS&gt; MBMA&gt; MDKAContent 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: 4Q24 preview: A Softer Quarter on Easing Commodity Prices (NEUTRAL)

<ul><li>Jan25 tin exports declined -67% mom due to a delay in export permits, supporting tin price, though exports are back on track by mid-Feb.</li><li>Ni ore premium rises on a strong restocking phase, whilst NPI rose to US$12k/ton after Gunbuster downsized its operations.</li><li>We reiterate our Neutral rating on the se</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.

Jan25 tin exports declined -67% mom due to a delay in export permits, supporting tin price, though exports are back on track by mid-Feb.Ni ore premium rises on a strong restocking phase, whilst NPI rose to US$12k/ton after Gunbuster downsized its operations.We reiterate our Neutral rating on the seContent 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 Premium Might Be Here to Stay

<ul><li>Though implementation is still uncertain, a royalty hike to 15% could strain FY25E earnings by -2% to -9% based on our estimation.</li><li>The Philippine’s nickel ore export ban is tougher than it seems as market condition are no longer favorable and has a lower average ore grade.</li><li>We reiterate our Neutral rating on the sector, with TINS, NCKL, and ANTM as our top picks due to their stronger earnings visibility.</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.

Though implementation is still uncertain, a royalty hike to 15% could strain FY25E earnings by -2% to -9% based on our estimation.The Philippine’s nickel ore export ban is tougher than it seems as market condition are no longer favorable and has a lower average ore grade.We reiterate our Neutral rating on the sector, with TINS, NCKL, and ANTM as our top picks due to their stronger earnings visibility.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: Possible Royalty Hike Could Pressure FY25F Earnings (NEUTRAL)

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vale Indonesia (INCO IJ)

BRIDS Market Pulse: Chart of the Week – Telco Sector 5-Year EV/EBITDA

The week’s positive performance brought JCI to a 1.2% YTD increase, better than majority of ASEAN EM peers, while foreign investors were still at...

BRI Danareksa Research

Metal Mining: Proposed Royalty Hike Will Pressure FY25 Earnings (NEUTRAL)

The MEMR on Saturday 8th Mar25 officially proposed an increase in royalty rate for Coal, Nickel, Copper, Gold, Silver, and Tin.

BRI Danareksa Research

Metal Mining: 4Q24 preview: A Softer Quarter on Easing Commodity Prices (NEUTRAL)

We estimate a slightly weaker 4Q24 earnings trend from declining ASPs, though some companies excel through soaring sales volume.

BRI Danareksa Research

Metal Mining: Nickel Ore Premium Might Be Here to Stay

Jan25 tin exports declined -67% mom due to a delay in export permits, supporting tin price, though exports are back on track by mid-Feb.

BRI Danareksa Research

Metal Mining: Possible Royalty Hike Could Pressure FY25F Earnings (NEUTRAL)

Though implementation is still uncertain, a royalty hike to 15% could strain FY25E earnings by -2% to -9% based on our estimation.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)