Merdeka Battery Materials (MBMA IJ): Staying the course

Merdeka Battery Materials (MBMA IJ)
BUY / TP: IDR:850 (+30.8%)
Analyst: Alditya Galih Ramadhan

Staying the course
• Top line is in line despite flattish QoQ
• RKAB remains an overhang, but guidance is within ours
• Key projects for this year: SLNC and AIM
• Still our nickel champion: Re-iterate BUY call with new TP of IDR850