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>2Q24 net profit of US$31mn was still below estimate (39.5%/34.1% of our/ cons. FY24F), however the result was well anticipated.</li><li>INCO has the potential to sell up to 14Mt of saprolite and 42.5Mt of limonite once all mines are fully operational in FY25-26.</li><li>We maintain Buy rating with a SOTP-based TP of Rp5,700. Key risks to our call include lower nickel prices and a lower utilization rate.</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.

2Q24 net profit of US$31mn was still below estimate (39.5%/34.1% of our/ cons. FY24F), however the result was well anticipated.INCO has the potential to sell up to 14Mt of saprolite and 42.5Mt of limonite once all mines are fully operational in FY25-26.We maintain Buy rating with a SOTP-based TP of Rp5,700. Key risks to our call include lower nickel prices and a lower utilization rate.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 -  2Q24 Strong Earnings as Expected, Albeit 1H24 Still Below Seasonal Achievements

Vale Indonesia - 2Q24 Strong Earnings as Expected, Albeit 1H24 Still Below Seasonal Achievements

<ul><li>1Q24 net profit miss (4.5/4.9% of our/ cons. FY24F) was caused by lower cash margin due to unexpectedly higher fuel costs and lower ASP</li><li>We cut FY24-25F net profit est. by -31.3%/-21.9% to account for lower matte output, ore grade, and a higher fuel consumption</li><li>We maintain Buy rating with a lower SOTP-based TP of Rp5,700. Key risks to our call include lower nickel prices and a lower utilization rate</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.

1Q24 net profit miss (4.5/4.9% of our/ cons. FY24F) was caused by lower cash margin due to unexpectedly higher fuel costs and lower ASPWe cut FY24-25F net profit est. by -31.3%/-21.9% to account for lower matte output, ore grade, and a higher fuel consumptionWe maintain Buy rating with a lower SOTP-based TP of Rp5,700. Key risks to our call include lower nickel prices and a lower utilization rateContent 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 - Lowering Our FY24-25F Post 1Q24 Earnings Miss

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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.

<ul><li>INCO’s revenue throughout FY23 stood in-line with our estimates of USD1,209.7mn, coming in at USD1,232.3 (reflecting 101.9% of MNCS' estimate), growing by +4.5% YoY on solid production performance.</li><li>Production jumped +17.7% YoY to 70.7k tons, credits due to their impeccable maintenance implementation throughout the year.</li><li>The bottom-line stood at USD274.3mn, overshooting our estimate of USD221.2mn for the year (reflecting 124.0%), growing by +36.9% YoY despite ASP slump (-10.4% YoY to USD17.3k/ton in FY23).</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.

INCO’s revenue throughout FY23 stood in-line with our estimates of USD1,209.7mn, coming in at USD1,232.3 (reflecting 101.9% of MNCS' estimate), growing by +4.5% YoY on solid production performance.Production jumped +17.7% YoY to 70.7k tons, credits due to their impeccable maintenance implementation throughout the year.The bottom-line stood at USD274.3mn, overshooting our estimate of USD221.2mn for the year (reflecting 124.0%), growing by +36.9% YoY despite ASP slump (-10.4% YoY to USD17.3k/ton in FY23).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.

INCO IJ - MNC Sekuritas Equity Report February 20, 2024

<ul><li>We expect INCO’s FY24F production volume to be sustained similar as FY23F at 70k tons. </li><li>We trim our FY24F earnings forecast by 28% due to our lower LME price assumption of US$17k/t (prev. US$19k/t).</li><li>Maintain Buy but with a lower DCF-based TP of Rp6,500 due to our lower FY24F earnings forecast given lower ASP assumptions.</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 INCO’s FY24F production volume to be sustained similar as FY23F at 70k tons. We trim our FY24F earnings forecast by 28% due to our lower LME price assumption of US$17k/t (prev. US$19k/t).Maintain Buy but with a lower DCF-based TP of Rp6,500 due to our lower FY24F earnings forecast given lower ASP assumptions.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) - Weak Nickel Price to Hit FY24 Margin

Indonesia

PT Vale Indonesia Tbk produces nickel in matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Soroako, Sulawesi

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Vale Indonesia Tbk (INCO IJ)

Vale Indonesia - 2Q24 Strong Earnings as Expected, Albeit 1H24 Still Below Seasonal Achievements

2Q24 net profit of US$31mn was still below estimate (39.5%/34.1% of our/ cons. FY24F), however the result was well anticipated.

BRI Danareksa Research

Vale Indonesia - 2Q24 Strong Earnings as Expected, Albeit 1H24 Still Below Seasonal Achievements

2Q24 net profit of US$31mn was still below estimate (39.5%/34.1% of our/ cons. FY24F), however the result was well anticipated.

BRI Danareksa Research

Vale Indonesia - Lowering Our FY24-25F Post 1Q24 Earnings Miss

We maintain Buy rating with a lower SOTP-based TP of Rp5,700. Key risks to our call include lower nickel prices and a lower utilization rate

BRI Danareksa Research

INCO IJ - MNC Sekuritas Equity Report February 20, 2024

INCO’s revenue throughout FY23 stood in-line with our estimates of USD1,209.7mn, coming in at USD1,232.3 (reflecting 101.9% of MNCS' estimate)

MNC Sekuritas

Vale Indonesia (INCO.IJ) - Weak Nickel Price to Hit FY24 Margin

We expect INCO’s FY24F production volume to be sustained similar as FY23F at 70k tons. We trim our FY24F earnings forecast by 28% due to our lower...

BRI Danareksa Research

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