External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. 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)

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.

Thematic (Sector/Industry)

Indonesia Materials / Thematic (Sector/Industry)

<ul><li>Amid our expectation of stabilizing price and margin in 2H23, we see the sectors’ performance in 2H23 to be driven by volumes and thus, prefer producers with volume growth improvements namely MBMA, NCKL.</li><li>Expect nickel prices and producers’ margin to stabilize in 2H23.</li><li>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 from Indonesia. </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>

Amid our expectation of stabilizing price and margin in 2H23, we see the sectors’ performance in 2H23 to be driven by volumes and thus, prefer producers with volume growth improvements namely MBMA, NCKL.Expect nickel prices and producers’ margin to stabilize 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 from Indonesia. 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.

Metal Mining - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23