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

Bumi Resources Minerals Tbk / Equity Bottom-Up

<ul><li>We visited BRMS’ second gold plant (CPM) in Palu, whose annual production is now estimated to be 4,500 tpd.</li><li>CPM’s third facility is scheduled to begin operation in 4Q24 with average capacity of 4,000 tpd, following raised production rate in FY24.</li><li>BRMS currently trades at EV/resources of US$99/oz, with potential earnings growth driver from higher production.</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 visited BRMS’ second gold plant (CPM) in Palu, whose annual production is now estimated to be 4,500 tpd.CPM’s third facility is scheduled to begin operation in 4Q24 with average capacity of 4,000 tpd, following raised production rate in FY24.BRMS currently trades at EV/resources of US$99/oz, with potential earnings growth driver from higher production.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.

PT Bumi Resources Minerals (BRMS) - CPM Site Visit Affirms Plan to Raise FY24 Production Volume

<ul><li>BRMS aims to further boost gold production rate in FY24; significant gold reserves (+730k oz) discovered in its Palu asset.</li><li>Its second Gold Plant in Palu was successfully ramped up in 2H23 and the 3Q production rate was on par with 1H23.</li><li>With its target gold production potentially rising 40% in 2024F to 35koz, we see BRMS as a pure play on gold. </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.

BRMS aims to further boost gold production rate in FY24; significant gold reserves (+730k oz) discovered in its Palu asset.Its second Gold Plant in Palu was successfully ramped up in 2H23 and the 3Q production rate was on par with 1H23.With its target gold production potentially rising 40% in 2024F to 35koz, we see BRMS as a pure play on gold. 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.

PT Bumi Resources Minerals (BRMS): A Pure Gold Proxy with Strong Production Growth Potentials

Thematic (Sector/Industry)

<ul><li>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </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.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. 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.

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

<ul><li>The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia</li><li>While China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset prices</li><li>Domestic economic activity has been lacklustre, with more companies reporting lower-than-expected results</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.

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including IndonesiaWhile China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset pricesDomestic economic activity has been lacklustre, with more companies reporting lower-than-expected resultsContent 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.

Macro and Flows Tracker - Not All Is Well

Indonesia

Bumi Resources Minerals Tbk PT is an exploration and exploitation mining company.

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Bumi Resources Minerals Tbk (BRMS IJ)

PT Bumi Resources Minerals (BRMS) - CPM Site Visit Affirms Plan to Raise FY24 Production Volume

We visited BRMS’ second gold plant (CPM) in Palu, whose annual production is now estimated to be 4,500 tpd. CPM’s third facility is scheduled to...

BRI Danareksa Research

PT Bumi Resources Minerals (BRMS): A Pure Gold Proxy with Strong Production Growth Potentials

P T Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for...

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

Macro and Flows Tracker - Not All Is Well

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia

BRI Danareksa Research

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52-week Range

Market Cap (USDm)

P/E

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