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

BRI Danareksa Research

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>3Q24 core profit grew slightly (+9% qoq), driven by robust gold sales, though nickel segment lagged behind due to a poor sales volume.</li><li>ANTM has obtained 12wmt of nickel ore RKAB and targets 15wmt of production in FY25, while FeNi output remains flat. </li><li>Maintain Buy rating with an unchanged TP of Rp2,000. Key risks include lower commodity prices, lower utilization, and project delays.</li></ul>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.

3Q24 core profit grew slightly (+9% qoq), driven by robust gold sales, though nickel segment lagged behind due to a poor sales volume.ANTM has obtained 12wmt of nickel ore RKAB and targets 15wmt of production in FY25, while FeNi output remains flat. Maintain Buy rating with an unchanged TP of Rp2,000. Key risks include lower commodity prices, lower utilization, and project delays.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.

Aneka Tambang - Upside Potentials from Ore Sales to Boost FY25 Earnings

<ul><li>We expect ANTM to deliver improvements in its 3Q24 operational performance, mainly from FeNi, Ore, and Gold sales.</li><li>Gag Nikel’s CSPA to acquire a minority stake in Tsingshan’s RKEF may represent best option to fulfill its downstream investment requirement.</li><li>Maintain Buy on ANTM with an unchanged TP of Rp2,000. Key risks include lower commodity prices, lower utilization, and project delays.</li></ul>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.

We expect ANTM to deliver improvements in its 3Q24 operational performance, mainly from FeNi, Ore, and Gold sales.Gag Nikel’s CSPA to acquire a minority stake in Tsingshan’s RKEF may represent best option to fulfill its downstream investment requirement.Maintain Buy on ANTM with an unchanged TP of Rp2,000. Key risks include lower commodity prices, lower utilization, and project delays.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.

Aneka Tambang - Upbeat 3Q24 Operational Outlook

<ul><li>ANTM is hopeful of further RKAB approval by July based on the release of PP no.25.</li><li>Cost savings are sought at both FeNi plants (Pomalaa and P3FH) from switching energy sources that will lead to c.8-12% lower cash costs.</li><li>Maintain Buy on ANTM with an unchanged TP of Rp2,000. Key risks include lower commodity prices, lower utilization, and project delays.</li></ul>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.

ANTM is hopeful of further RKAB approval by July based on the release of PP no.25.Cost savings are sought at both FeNi plants (Pomalaa and P3FH) from switching energy sources that will lead to c.8-12% lower cash costs.Maintain Buy on ANTM with an unchanged TP of Rp2,000. Key risks include lower commodity prices, lower utilization, and project delays.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.

Aneka Tambang - Positive Update from the Meeting with ANTM’s CFO

<ul><li>We expect ANTM to book higher ore sales volume in FY24F to 15 mn tons (+28% yoy) vs. our previous est. of 11 mn tons.</li><li>We raised FY23F earnings forecast by 14.7% to Rp3.6tn due to one-off gains of Rp600bn booked in 4Q23.</li><li>Maintain Buy rating with higher TP of Rp2,100. ANTM’s nickel ore segment should provide a cushion against low FeNi prices.</li></ul>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.

We expect ANTM to book higher ore sales volume in FY24F to 15 mn tons (+28% yoy) vs. our previous est. of 11 mn tons.We raised FY23F earnings forecast by 14.7% to Rp3.6tn due to one-off gains of Rp600bn booked in 4Q23.Maintain Buy rating with higher TP of Rp2,100. ANTM’s nickel ore segment should provide a cushion against low FeNi prices.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.

Aneka Tambang - Expect Soaring Nickel Ore Volume to Provide a Cushion...

<ul><li>We trim our nickel ore price assumption by 7.0% to US$40/t, which lead to lower FY24F earnings estimate for ANTM by 6.4% to Rp3.7tr.</li><li>The Halmahera smelter needs more time to reach commercial stage; expect trial stage to begin in 1Q24 and ramp up in 2Q24.</li><li>Maintain Buy with a lower TP of Rp1,960. Potential downside risk to our earnings forecasts is a higher cash cost on the Halmahera smelter.</li></ul>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.

We trim our nickel ore price assumption by 7.0% to US$40/t, which lead to lower FY24F earnings estimate for ANTM by 6.4% to Rp3.7tr.The Halmahera smelter needs more time to reach commercial stage; expect trial stage to begin in 1Q24 and ramp up in 2Q24.Maintain Buy with a lower TP of Rp1,960. Potential downside risk to our earnings forecasts is a higher cash cost on the Halmahera smelter.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.

Aneka Tambang (ANTM.IJ)  - Expect Heavier Margin Pressure in FY24

Indonesia

Aneka Tambang Persero Tbk PT is a diversified mining and metals company. The Company produces ferronickel, nickel ore, gold, silver, bauxite and coal. Aneka Tambang is currently building a chemical grade alumina smelter and is looking to build  a smelter grade alumina smelter as well as a nickel pig iron smelter.

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