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>INCO is the only nickel company in Indonesia with its ASP directly linked to the LME price, and although the LME price declined by around 14% qoq in 2Q23, the NPI price fell even further by almost 20% qoq.</li><li>As such, we believe INCO may achieve better margins than NPI producers.</li><li>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 divestment process.</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>

INCO is the only nickel company in Indonesia with its ASP directly linked to the LME price, and although the LME price declined by around 14% qoq in 2Q23, the NPI price fell even further by almost 20% qoq.As such, we believe INCO may achieve better margins than NPI producers.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 divestment process.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.

Vale Indonesia (INCO IJ) - Best Class 1 Proxy

Vale Indonesia Tbk

Vale Indonesia (INCO IJ) - Best Class 1 Proxy