Bayon Financial

Graeme Cunningham

Mr. Cunningham is a CFA Charterholder with over 15 years of experience as an equity research analyst, mostly on the sell side at investment banks, including Goldman and Jefferies, and with some time on the buy side. He has covered the consumer, telecoms, financials, energy and mining sectors, with a focus mainly on Southeast Asia, including Thailand and Vietnam.

Vale Indonesia: Potential Lull Before Big Transition For Pure Nickel Play

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

Equity Bottom-Up

<ul>
<li>Vale Indonesia has released the first guidance for its new projects with nickel matte to shift from 100% of revenue to 49% by 2029E, with nickel ore rising to 48%</li>
<li>S&amp;P has upgraded the company’s credit rating to BB+ from BB, placing it ahead of Indonesia’s BB- country rating and below the BBB rating of parent company Vale   </li>
<li>We expect a weak nickel price will weigh on the shares in early 2025, although there could be considerable long-term upside from new projects and multiples remain low </li>
</ul>


Vale Indonesia has released the first guidance for its new projects with nickel matte to shift from 100% of revenue to 49% by 2029E, with nickel ore rising to 48%
S&amp;P has upgraded the company’s credit rating to BB+ from BB, placing it ahead of Indonesia’s BB- country rating and below the BBB rating of parent company Vale   
We expect a weak nickel price will weigh on the shares in early 2025, although there could be considerable long-term upside from new projects and multiples remain low 


Vale Indonesia: First New Project Guidance, Rating Upgrade

Vale Indonesia Tbk

Vale Indonesia: First New Project Guidance, Rating Upgrade