Merdeka Battery Materials (MBMA IJ): Greater output leads to positive earnings

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:740 (+32.1%)
Analyst: Alditya Galih Ramadhan

Greater output leads to positive earnings
• Below our estimates
• HPAL portfolios fortified despite minor delay in *CATL
• Key assumptions revised
• Downgrade TP to IDR740 but re-iterate BUY