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■ 2Q25 results: Below-expected earnings due to USD 14mn one-off losses. In 2Q25, BRMS booked revenue of USD 58mn (+40.5% YoY, -9.1% QoQ), bringing 1H25 revenue to USD 121mn (+97.2% YoY), in line with both our and consensus estimates. On the bottom line, BRMS reported net earnings of USD 8.6mn (+59.4% YoY; -40.6% QoQ), bringing 1H25 net profit to USD 22.9mn (+156.5% YoY), below our and consensus expectations at 42.2% and 44.1%, respectively
■ Several short-term speed bumps; long-term outlook intact. While we see higher average 3Q25 gold prices of USD 3,342 (+1.6% QoQ) thus far, BRMS’ earnings are expected to decline further in 3Q25, driven by 1) potentially flattish gold production on reliance of lower-grade stockpiles during the ongoing pushback, and 2) higher royalty expenses in 2Q25 onwards in line with the new rate implementation.
■ Fine-tuning our forecasts, reiterate BUY with SOTP of IDR 550. We have fine-tuned our forecasts to incorporate 2Q25 one-off losses, leading to 27.6% downward revision in our 2025 earnings. Despite this, we maintain our positive stance on BRMS, supported by expected production growth and upcoming catalysts such as Gorontalo Minerals project.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
