Research & Stock Picks

Company Reports

20 December 2024

By

MDKA: 3Q24 Results – BUY, SSI TP: IDR 2,000

SWOT Analysis of The Results (SSI: Below, Cons: Below)

Strength

Gold cash margin rose to USD 1,455/oz due to robust ASP of USD 2,407/oz on strong commodity price; robust cash margins drove higher gold segment EBITDA to USD 40.4mn (+40% QoQ, -28% YoY), offsetting MDKA’s overall EBITDA drop

Weakness

3Q24 net loss was attributable to lower GPM of 5.1% (-490 bps QoQ, -600 bps YoY) due to NPI cash margins dropped to USD 1,264/ton (+1.4% QoQ, -30.1% YoY), negative HGNM cash margins of USD -469/ton (vs. USD 1,832/ton in 2Q24), and FX loss amounting to USD 34.6 mn

Opportunity

MDKA is able to capitalize its 13.8Mt limonite resources (largest in the world) through direct selling to HPAL at a premium due to domestic limonite shortage; Expected gold price rally >USD 2,500/oz should serve as additional positive catalyst

Threat

NPI revenue (42.4% of sales) will continue to be under pressure due to weak ASP driven by oversupply issue and lower China demand on lack of stimulus; High mining cost will also persist on ores deficit and high energy cost causing persistent YTD underperformance

Share This:

penurunan nikel

Download PDF

Download PDF

TR_MDKA 3Q24

Download PDF

TR_MDKA 3Q24

More Related

Economic Reports

Feb 17, 2025

Morning Briefs

Feb 17, 2025

Technical Stock Analysis

Feb 17, 2025

Morning Briefs

Feb 14, 2025

Technical Stock Analysis

Feb 14, 2025

Economic Reports

Feb 13, 2025

Technical Stock Analysis

Feb 13, 2025

Morning Briefs

Feb 13, 2025

Economic Reports

Feb 12, 2025

Morning Briefs

Feb 12, 2025

Technical Stock Analysis

Feb 12, 2025

Economic Reports

Feb 11, 2025

Technical Stock Analysis

Feb 11, 2025

Economic Reports

Feb 10, 2025

Technical Stock Analysis

Feb 10, 2025

Morning Briefs

Feb 10, 2025

Technical Stock Analysis

Feb 7, 2025

Morning Briefs

Feb 7, 2025

Economic Reports

Feb 6, 2025

Technical Stock Analysis

Feb 6, 2025

Morning Briefs

Feb 6, 2025

Economic Reports

Feb 6, 2025

Economic Reports

Feb 5, 2025

Technical Stock Analysis

Feb 5, 2025

Morning Briefs

Feb 5, 2025

Economic Reports

Feb 5, 2025

Technical Stock Analysis

Feb 4, 2025

Economic Reports

Feb 4, 2025

Economic Reports

Feb 3, 2025

Economic Reports

Feb 3, 2025

Morning Briefs

Feb 3, 2025

Technical Stock Analysis

Feb 3, 2025

Technical Stock Analysis

Jan 31, 2025

Morning Briefs

Jan 31, 2025

Economic Reports

Jan 30, 2025

Morning Briefs

Jan 30, 2025

Technical Stock Analysis

Jan 30, 2025

Company Reports

Jan 24, 2025

tren positif rumah sakit

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

sektor media

Company Reports

Jan 24, 2025

penurunan penjualan semen

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

Company Reports

Jan 24, 2025

Morning Briefs

Jan 24, 2025

Economic Reports

Jan 23, 2025

Morning Briefs

Jan 23, 2025

Economic Reports

Jan 22, 2025

Morning Briefs

Jan 22, 2025

Economic Reports

Jan 21, 2025

Company Reports

Jan 21, 2025

Economic Reports

Jan 20, 2025

Morning Briefs

Jan 20, 2025

Technical Stock Analysis

Jan 20, 2025

Technical Stock Analysis

Jan 17, 2025