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>Secured quota, expanding ore sales support earnings growth</li><li>In our recent meeting with INCO , mgmt. reaffirm its FY26F outlook, confirming 2026 RKAB approval ( obtained on 15th Jan26) with a total quota of ~22mn wmt, comprising ~14mn wmt for internal Sorowako feed and ~8mn wmt for ore monetization (6.4mn wmt saprolite; 1.6mn wmt limonite), with potential upside from the Apr –Jun 26 window to accommodate JV/HPAL requirements in 2H26F.</li><li>Nickel matte production volume guidance remains at ~63 –70ktpa despite EF#3 rebuild, while FY 26F ore sales are targeted at 10 - 12mn wmt on h igher premiums.</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>

Secured quota, expanding ore sales support earnings growthIn our recent meeting with INCO , mgmt. reaffirm its FY26F outlook, confirming 2026 RKAB approval ( obtained on 15th Jan26) with a total quota of ~22mn wmt, comprising ~14mn wmt for internal Sorowako feed and ~8mn wmt for ore monetization (6.4mn wmt saprolite; 1.6mn wmt limonite), with potential upside from the Apr –Jun 26 window to accommodate JV/HPAL requirements in 2H26F.Nickel matte production volume guidance remains at ~63 –70ktpa despite EF#3 rebuild, while FY 26F ore sales are targeted at 10 - 12mn wmt on h igher premiums.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) Earnings Uplift from Stronger Ore Monetization and Downstream Contribution