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.

Equity Bottom-Up

<ul><li>While INCO’s 3Q23 net profit fell to USD52.6 mn (-25.3% qoq/ +193% yoy), its 9M23 net profit of USD221mn (+31.3% yoy) is broadly in-line with ours and above consensus forecast (at 77.1%/ 82.3% of 2023F).</li><li>We maintain our 2023-24F earnings forecasts, which are already based on conservative nickel price outlook, and retain Buy rating with an unchanged DCF-based TP of IDR7,000</li><li>9M23 earnings were broadly in-line with our 2023F but above consensus. INCO’s 3Q23 net profit fell to USD52.6mn (-25.3% qoq/ 193% yoy), reflecting the drop in nickel prices, with ASP falling to USD16,204/ton (-9.8% qoq/ -9.2% yoy).</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>

While INCO’s 3Q23 net profit fell to USD52.6 mn (-25.3% qoq/ +193% yoy), its 9M23 net profit of USD221mn (+31.3% yoy) is broadly in-line with ours and above consensus forecast (at 77.1%/ 82.3% of 2023F).We maintain our 2023-24F earnings forecasts, which are already based on conservative nickel price outlook, and retain Buy rating with an unchanged DCF-based TP of IDR7,0009M23 earnings were broadly in-line with our 2023F but above consensus. INCO’s 3Q23 net profit fell to USD52.6mn (-25.3% qoq/ 193% yoy), reflecting the drop in nickel prices, with ASP falling to USD16,204/ton (-9.8% qoq/ -9.2% yoy).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) - Lower 3Q23 Profit, but In-Line 9M23

Vale Indonesia Tbk

Vale Indonesia (INCO IJ) - Lower 3Q23 Profit, but In-Line 9M23