In today’s briefing:
- Vale Indonesia: Struggle Against Weak Nickel Continues
Vale Indonesia: Struggle Against Weak Nickel Continues
- INCO’s rally could slow as the industry outlook remains weak and its ongoing major operational transformation may not be fully derisked and priced in until well into 2026
- Q2/25 remained challenging with revenue inline but a major net income miss, as weak nickel offset rising volume and strong cost control, with margins and ROE near zero
- While the 2025E P/B of 0.9x has priced in a large degree of industry distress, we still see risks of stagnation for the prices of both nickel and INCO
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