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

BRI Danareksa Research

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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.

Thematic (Sector/Industry)

Indonesia Materials / Thematic (Sector/Industry)

<ul><li>Metal Mining2Q26F Preview: Selective Earnings Momentum, Diverging FY26F Delivery We expect the sector’s 2Q26F revenue of US$4.5bn (+12% q-q/ +38% y-y), driven more by pricing and mix than volume recovery.</li><li>Margins should normalize on elevated fuel and sulfur costs, with AMMN and INCO being the names posting q-q earnings growth.</li><li>We overweight the sector, preferring AMMN &gt; INCO for 2Q26F momentum and ANTM &gt; TINS for 2H26F stability. Top-line resilience, but margin normalization. </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>

Metal Mining2Q26F Preview: Selective Earnings Momentum, Diverging FY26F Delivery We expect the sector’s 2Q26F revenue of US$4.5bn (+12% q-q/ +38% y-y), driven more by pricing and mix than volume recovery.Margins should normalize on elevated fuel and sulfur costs, with AMMN and INCO being the names posting q-q earnings growth.We overweight the sector, preferring AMMN &gt; INCO for 2Q26F momentum and ANTM &gt; TINS for 2H26F stability. Top-line resilience, but margin normalization. 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.

Metal Mining: 2Q26F Preview: Selective Earnings Momentum, Diverging FY26F Delivery (OVERWEIGHT)