Metal Mining - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23
Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply...
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Strategy - Sustaining Growth
The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.
356 Views
Vale Indonesia (INCO IJ) - Down but Still Impressive
INCO’s performance was robust in 1H23 amid normalizing nickel prices, with earnings reaching USD168 mn, up 12% yoy, which was above our estimate...
302 Views
Vale Indonesia (INCO IJ) - Best Class 1 Proxy
We keep INCO as our top pick in the sector although we expect there will be a short-term overhang on its share price as a result of the ongoing...
481 Views
Macro and Flows Tracker - Liquidity Headwind
Domestically, weaker growth was signalled by the slowing of Money Supply (M2) growth to 5.5% y-o-y in April, the slowest in four years, partly due...
392 Views