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...
369 Views
Strategy - Sustaining Growth
The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.
283 Views
Vale Indonesia (INCO IJ) - Down but Still Impressive
INCO’s performance was robust in 1H23 amid normalizing nickel prices, with earnings reaching USD168 mn, up 12% yoy, which was above our estimate...
181 Views
The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...
449 Views
Vale Indonesia (INCO IJ) - Best Class 1 Proxy
We keep INCO as our top pick in the sector although we expect there will be a short-term overhang on its share price as a result of the ongoing...
422 Views