Dharma Polimetal (DRMA IJ): Margin missed estimates

Dharma Polimetal (DRMA IJ)
BUY / TP: IDR:1,200 (+25.7%)
Analyst: Alditya Galih Ramadhan

Margin missed estimates
• Results below estimates
• Margin in 2Q25: seasonal slowdown and high raw material costs
• DKI’s strategy is tactical amid softer demand
• Slight forecast adjustment; maintain our TP at IDR1,200