Merdeka Battery Materials (MBMA IJ): Results upend in second half

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:580 (+25.8%)
Analyst: Alditya Galih Ramadhan

Results upend in second half
• Obstacles to lower production outputs
• Higher efficiency led to improved margin
• Lower NPI guidance vs. before, expecting full swing in 2H25
• Expect operational rebound; unchanged TP at IDR580