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

Trimegah Bangun Persada Tbk PT / Equity Bottom-Up

<ul><li>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.</li><li>Growth projects remain intact, focusing more on GTS’ initiation in 2H25.</li><li>Reiterate our Buy rating with a lower TP of Rp1,300. Key risks to our call include lower nickel prices and a lower utilization rate.</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.

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.Growth projects remain intact, focusing more on GTS’ initiation in 2H25.Reiterate our Buy rating with a lower TP of Rp1,300. Key risks to our call include lower nickel prices and a lower utilization rate.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.

NCKL.IJ - Lowering FY25-26F Est. Post 1Q25 Earnings Miss; Valuation Remains at a Bargain

<ul><li>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.</li><li>We slightly revise our FY25-27 earnings estimate by +8.4%/+4.5%/ +4.4% on the back of solid cash cost management, which lifted margins.</li><li>Reiterate our Buy rating with an unchanged TP of Rp1,500. Key risks to our call include lower nickel prices and a lower utilization rate.</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.

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.We slightly revise our FY25-27 earnings estimate by +8.4%/+4.5%/ +4.4% on the back of solid cash cost management, which lifted margins.Reiterate our Buy rating with an unchanged TP of Rp1,500. Key risks to our call include lower nickel prices and a lower utilization rate.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.

Trimegah Bangun Persada (NCKL.IJ) - In Line FY24 Earnings, Upgrading Our FY25 Estimate

<ul><li>NCKL bought a 10% stake for Rp2.1tr, growing its income from JV to Rp3.2tr/ Rp3.3tr in FY25/ 26F.</li><li>We raised our FY25/26F forecast by +9.7%/+9.1% on the back of a stronger income from JV and a growing ore contribution.</li><li>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.</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.

NCKL bought a 10% stake for Rp2.1tr, growing its income from JV to Rp3.2tr/ Rp3.3tr in FY25/ 26F.We raised our FY25/26F forecast by +9.7%/+9.1% on the back of a stronger income from JV and a growing ore contribution.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.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.

Trimegah Bangun Persada -  Additional 10% Stake in ONC Lifts FY25 Earnings

Thematic (Sector/Industry)

<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

Macroeconomics

<ul><li>JCI rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.</li><li>The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).</li><li>Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. </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 rallied by a strong 4.8% w-w and was the top performer among the EM markets last week.The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and illiquid and conglo stocks (DCII, DSSA).Market’s rally was also driven by the strong return in foreign investors’ flow which amounted to US$412mn, which put Indonesia among the only market with positive flow among the Asian EMs, with notable inflows into large-cap banks and TLKM. 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 – Banking Sector’s P/BV Band Chart (5-Year)

Indonesia

PT Trimegah Bangun Persada Tbk is a nickel resource and mining company. The Company offers laterite nickel ore, which consists of limonite and saprolite ore, as well as operates nickel smelters in Obi Island that process saprolite ore to produce ferronickel, which can be further processed into stainless steel. Trimegah Bangun Persada Tbk serves customers in Indonesia.

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Trimegah Bangun Persada Tbk PT (NCKL IJ)

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.

BRI Danareksa Research

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.

BRI Danareksa Research

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.

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

BRIDS Market Pulse: Chart of the Week – Banking Sector’s P/BV Band Chart (5-Year)

The index’s performance was driven by a combination of large-cap ‘fundamental’ stocks (i.e., BBRI +11% w-w, TLKM 13%, BBCA +5%, BMRI +4%) and...

BRI Danareksa Research

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