External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products.

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)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

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.

Equity Bottom-Up

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. </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>

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. 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.

Company Report: Fortress Minerals Ltd. (FMIL SP): Resetting the Strip and Pushing Out Growth