External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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

<ul><li>Aneka Tambang (ANTM) Stellar 1Q26 Earnings (Beat); FY26F Raised with Gold Normalized and HPM TailwindANTM booked a strong 1Q26 result, with net profit of Rp3.4tr (+60% y-y) beat vs. our and cons. est. (37.4%/36.7% of FY26F).</li><li>We raise FY26F revenue/EBITDA/net profit by 3.5%/2.0%/2.9% to Rp118.7tr/Rp13.5tr/Rp9.2tr, while keeping FY27-28F unchanged.</li><li>Maintain Buy rating with upgraded TP of Rp4,900, supported by resilient nickel economics and improving gold sourcing.</li></ul><p><em>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.</em></p>

Aneka Tambang (ANTM) Stellar 1Q26 Earnings (Beat); FY26F Raised with Gold Normalized and HPM TailwindANTM booked a strong 1Q26 result, with net profit of Rp3.4tr (+60% y-y) beat vs. our and cons. est. (37.4%/36.7% of FY26F).We raise FY26F revenue/EBITDA/net profit by 3.5%/2.0%/2.9% to Rp118.7tr/Rp13.5tr/Rp9.2tr, while keeping FY27-28F unchanged.Maintain Buy rating with upgraded TP of Rp4,900, supported by resilient nickel economics and improving gold sourcing.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.

Aneka Tambang (ANTM.IJ) Stellar 1Q26 Earnings (Beat)

Antam

Aneka Tambang (ANTM.IJ) Stellar 1Q26 Earnings (Beat)