Equity Strategy - Looking into potential late-cycle plays in commodity sectors
Looking into potential late-cycle plays in commodity sectorsAs metal prices are likely entering a ‘late-cycle’ phase. we see copper’s outlook as...
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Nickel: Expect NPI Price to Decouple and Stabilize
While we expect LME nickel price to decline further in FY24F, we project NPI price will decouple and stabilize at US$14k/t.
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Aneka Tambang (ANTM IJ) - Expect More Pressure from Lower Nickel Price
We expect nickel ore will remain as ANTM’s main driver (37% of total GP) in FY24, despite more pressure from the expected further nickel price...
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Metal Mining - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23
Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply...
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Aneka Tambang (ANTM IJ) - The Unsung Hero
We believe ANTM will be the main beneficiary from the improving nickel surplus balance in 2023 as more nickel ore is required to feed the smelters
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