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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

Vale Indonesia Tbk

INCO IJ - MNC Sekuritas Equity Report February 20, 2024