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>JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.</li>
<li>In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).</li>
<li>Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.</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.


JCI closed slightly up (+0.3% w-w) despite correcting from all-time high level during the week.
In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental stocks underperformed (BBCA -3.6% w-w, TLKM -4.1%, BMRI -1.6%).
Within our coverage universe, the Metal sector has regained leadership (+9.5% w-w), following recovery in gold price, followed by Media (+6.2% w-w, led by SCMA) and Tech (+2.0% w-w, led by GOTO); Industrial Estate, Heavy Equipment and Cigarettes underperformed.

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 – JCI vs. LQ45 Forward P/E Band

<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

<ul><li>Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.</li><li>Despite recent reversal of nickel ore premium trend, 2H25 outlook hinges on supply addition, restocking season and RKAB approval.</li><li>We reiterate our Neutral rating on the sector and continue to favor ore over MHP and NPI; INCO and MBMA are our current 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.

Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.Despite recent reversal of nickel ore premium trend, 2H25 outlook hinges on supply addition, restocking season and RKAB approval.We reiterate our Neutral rating on the sector and continue to favor ore over MHP and NPI; INCO and MBMA are our current 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: Ore Premium Reversal in Jul25

<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)

Indonesia

PT Timah Tbk is an Indonesian state-owned enterprise primarily engaged in integrated tin mining and smelting operations, including exploration, processing, and marketing of tin metal and its derivatives. The company also produces non-tin products such as coal, nickel, and quartz sand, and is involved in industrial, trading, transportation, and various services. Headquartered in Pangkalpinang, Bangka, Indonesia, the company was founded on August 2, 1976.

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Timah (TINS IJ)

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

In terms of performance, however, the market was mainly driven by the conglo names (BUMI +54.6% w-w, BRMS +25.5%, DSSA), while the fundamental...

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

Metal Mining: Ore Premium Reversal in Jul25

Nickel ore price has risen +19% YTD, while NPI declined -2%, pressuring non-integrated mines from inventory stocking at thin margins.

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

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