Merdeka Battery Materials (MBMA IJ): Operational hiccups to this year

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:580 (+121%)
Analyst: Alditya Galih Ramadhan

Operational hiccups to this year
• Earning beat estimates
• HGNM operation halts, while other guidance is unchanged
• Operation monetization to leverage the expansion
• We trim our TP to IDR580