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’s performance was robust in 1H23 amid normalizing nickel prices, with earnings reaching USD168 mn, up 12% yoy, which was above our estimate (63.7%) and the consensus (62.7%).</li><li>INCO was able to maintain production at 16,922 tons (+0.9% qoq), bringing the 1H23 production volume to 33,691 tons (+27.6% yoy) or reaching 48.1% of INCO’s FY23 target of 70k tons. Maintain BUY.</li><li>1H23 earnings above our estimate and the consensus. INCO’s performance was robust in 1H23 amid normalizing nickel prices, with earnings reaching USD168 mn, up 12% yoy, thanks to improving revenues from higher sales volume during this period</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’s performance was robust in 1H23 amid normalizing nickel prices, with earnings reaching USD168 mn, up 12% yoy, which was above our estimate (63.7%) and the consensus (62.7%).INCO was able to maintain production at 16,922 tons (+0.9% qoq), bringing the 1H23 production volume to 33,691 tons (+27.6% yoy) or reaching 48.1% of INCO’s FY23 target of 70k tons. Maintain BUY.1H23 earnings above our estimate and the consensus. INCO’s performance was robust in 1H23 amid normalizing nickel prices, with earnings reaching USD168 mn, up 12% yoy, thanks to improving revenues from higher sales volume during this periodContent 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) - Down but Still Impressive

Vale Indonesia Tbk

Vale Indonesia (INCO IJ) - Down but Still Impressive