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<a href="https://market.bisnis.com/read/20231121/192/1716436/smelter-hpal-harita-nickel-nckl-beroperasi-pertengahan-2024">Bisnis.com, JAKARTA</a> - Nickel issuer PT Trimegah Bangun Persada Tbk (NCKL) is targeting to operate a High Pressure Acid Leach (HPAL) based refining facility with a capacity of 65,000 tons per year by mid-2024.
Harita Nickel's Chief Executive Officer, Roy Arman Arfandy, announced that NCKL is currently preparing for the construction of its second HPAL refining facility. This facility is expected to be operational by the middle of next year.
"The production capacity of this High Pressure Acid Leach Mixed Hydroxide Precipitate (MHP) is 65,000 tons of nickel metal per year," Roy told Bisnis on Tuesday (21/11/2023). The construction of this HPAL will be carried out through a subsidiary, namely PT Obi Nickel Cobalt (ONC). The plant is expected to have three production lines with a production capacity of 65,000 tons of nickel content in mixed hydroxide precipitate (MHP) per year.
NCKL has expansion plans to increase production capacity to 120,000 tons of metal per year for ferronickel and MHP by the end of 2024. In addition, ferronickel capacity is expected to increase with the planned construction of the third Rotary Kiln Electric Furnace (RKEF) technology smelter, which is expected to be commissioned in 2025.
The construction of RKEF will be carried out by the affiliate PT Karunia Permai Sentosa (KPS), which is expected to have 12 production lines with a production capacity of 185,000 tons of ferronickel nickel per year.
Roy emphasizes NCKL's commitment to continue with previously planned projects.
"We will operate efficiently to ensure that all projects run smoothly and on schedule," he said.
Currently, Harita Nickel has a mining license (IUP) covering approximately 9,000 hectares, consisting of four mining concessions. Two mines are already in operation while the other two will be activated to support the supply of nickel ore feedstock in the future.
Roy also affirms NCKL's intention to continually increase the age of the mines and nickel ore reserves by acquiring new mining concessions and partnering with local mining companies. Through these projects, NCKL hopes to strengthen its position in the nickel industry and support the growth of the domestic mining sector.

Harita Nickel's (NCKL) High Pressure Acid Leach (HPAL) smelter to be operational by mid-2024.

<a href="https://www.beritasatu.com/ekonomi/1071534/hilirisasi-tambang-harita-nickel-bisa-jadi-acuan-perusahaan-lain/all">Jakarta, Beritasatu.com</a>-The mine downstream of PT Trimegah Bangun&nbsp;Persada Tbk (NCKL) or Harita&nbsp;Nickel, which considers the welfare of the community and its surrounding environment, can serve as an example for other companies.The leaders of B-Universe visited the office of Harita Nickel in Central&nbsp;Jakarta on Thursday, (12/10). During the visit, the Executive Chairman of B-Universe, Enggartiasto Lukita, stated that they are ready to establish cooperation with Harita Nickel.Enggar stated that as a media company, B-Universe is committed to informing the public about mining activities that are beneficial and do not harm the environment."Harita serves as an example of profitable business activities that do not cause harm. It is a real corporate responsibility. So I hope that we, B-Universe, as a media group, have an obligation to raise this issue," said Enggartiasto Lukita, on Thursday (10/12/2023).
Furthermore, Enggar stated that this issue needs to be explained in the form of articles and serialized shows. According to him, companies that want to engage in downstreaming should take Harita Nickel as an example.
Enggar explained that Harita Nickel has made several efforts for the welfare of the communities around the mine area.
"The news about mines destroying settlements can be countered by the steps Harita has taken. They are digging, but they are also using the excavation for various other purposes and are immediately engaged in reforestation," Enggar clarified.
The President Director of Harita Nickel, Roy Arman Arfandy, also explained that 86% of the workers at Harita Nickel are local residents. The company has also made several changes to facilitate knowledge transfer so that more local workers can master relatively new technologies.

Harita Nickel's mine downstreaming could serve as a benchmark for other companies

<a href="https://www.idntimes.com/business/economy/ridwan-aji-pitoko-1/harita-nickel-sabet-penghargaan-cbf-indonesia-achievement-award-2023">Jakarta, IDN Times</a> - PT Trimegah Bangun Persada Tbk, or Harita Nickel, has received the CEO Business Forum (CBF) Indonesia Achievement Award 2023.
The award is a result of Harita Nickel's consistent support for the government's nickel downstream program, which creates value and benefits for Indonesia.
The award received by Harita Nickel is "Best Performance Company 2023 in Supporting Mineral Industry Downstreaming through Integrated Technology and Sustainable Implementation".
<h2>1. Reasons&nbsp;Harita Nickel received award from CBF Indonesia</h2>
The award was given based on the assessment of the implementation of green energy usage for the smelter plant in the processing of nickel sulfate (raw material for the production of electric vehicle batteries) using High-Pressure Acid Leach (HPAL) technology.
In addition, the award takes into account the company's efforts to comply with the government's program for the use of green technology and the implementation of environmental, social, and governance (ESG) and sustainability initiatives.
This was evidenced by the company's plans to build a 300-megawatt solar power plant (PLTS) on Obi Island, Maluku, by the end of 2025. "We are very grateful for this award because it means that what we are doing to develop Indonesia from the eastern part within the framework of sustainability is appreciated and recognized," said Tonny Gultom, Director of Health, Safety & Environment (HSE) at Harita Nickel, in an official statement to IDN Times on Wednesday, October 18, 2023.
<h2>2.&nbsp;Harita Nickel to open two nickel mine reserves</h2>
On the other hand, the company with the stock code NCKL is preparing to open two nickel mine reserves to meet long-term demand. This is also to support the acceleration of the electric vehicle ecosystem in Indonesia.
The locations of these two nickel mine reserves are close to the company's operational industrial areas. The exploration of these two reserves is part of Harita Nickel's expansion to optimize the total of four mining concessions it owns.
In line with this, Harita Nickel is also expanding by developing downstream processing from saprolite (high-grade nickel ore) to ferro-nickel and then to stainless steel. The planned production capacity is estimated at 2-3 million tons per year.
<h2>3. NCKL always supports the government</h2>
Meanwhile, Tonny stated that Harita Nickel supports the government's downstream program to add value to nickel mining and processing.
This is to provide a multiplier effect in the form of technology transfer, contribution to the transformation of green energy use, and sustainable economic impact, which will be implemented in accordance with applicable regulatory corridors.
"This award will serve as a driving force for the company to always strive for the best and make a positive contribution within the framework of sustainability," said Tonny.

Harita Nickel Receives CBF Indonesia Achievement Award 2023

<a href="https://investor.id/market/343831/harita-nickel-nckl-bangun-pelabuhan-dan-dermaga-di-pulau-obi">JAKARTA, investor.id</a>&nbsp;-&nbsp;PT Trimegah Bangun Persada Tbk (NCKL), or Harita Nickel, plans to build a port and eight piers this year. The development of this mega project is part of the company's strategic plan for 2023.
PT Trimegah Bangun Persada Tbk President Director Roy Arman Arfandy said the construction of various projects and facilities by Harita Nickel on Obi Island, North Maluku, is still ongoing.
"This includes the company's need for port and pier infrastructure, which will continue in the future," Roy told Investor Daily recently.
Roy revealed that the construction of port and pier facilities will absorb funds from NCKL's planned capital expenditure (capex) for this year. Roy declined to disclose the exact amount the company has allocated for the construction of these infrastructures.
"We don't do specific calculations (for the port and pier)," Roy added.
However, the company hopes that these port and pier infrastructures can improve operational efficiency and support the company's growth and expansion. "The funding for the construction of this port will come from the company's internal cash reserves," said Roy.
This year, Harita Nickel has allocated approximately Rp900 billion to Rp1 trillion in capital expenditure, which will be used to complete several projects currently underway by 2023.<h2>High Stock Prices</h2>
An analyst from Danareksa BRI Danareksa Sekuritas, Hasan Barakwan, in a recently published research, expects nickel prices and production margins to remain stable in the second half of 2023. The key lies in the volume factor.
"So, we see that the performance of the metal mining sector in the second half of 2023 will be driven by the volume factor, so we prefer producers with growing volume, one of which is NCKL," Hasan explained in his research.
The expectation of stabilizing nickel prices and production margins is reflected in the price of Chinese nickel pig iron (NPI) as a proxy. Hasan noted that the nickel price reached its lowest point at $13,182/ton in July 2023, continuing its decline since the second quarter of 2023 due to excessive supply from Indonesia.
"We estimate that the price of nickel for class I (MHP, NiSO4, matte) and its second class will remain stable in the third quarter of 2023 until the fourth quarter of 2023 amid expectations of increased demand for stainless steel and battery precursors. As for costs, we expect cash costs to remain flat QoQ as the ICI coal price remains relatively stable," explained Hasan.This is supported by the stability of nickel prices and production margins. As such, we believe that the performance of the metals mining sector in the second half of 2023 will be largely driven by volumes, which will benefit nickel producers with higher volumes.
In fact, the completion of Harita Nickel's business unit smelter, PT Halmahera Jaya Feronikel (HJF), which uses rotary kiln electric furnace (RKEF) technology, has resulted in a 122% QoQ production growth for HJF in the second quarter of 2023, reaching 16,323 tons.
By the end of 2022, HJF officially launched two production lines, followed by three production lines, which will be completed in January 2023, February 2023 and March 2023, respectively.
"We estimate that HJF will reach full production capacity in the third quarter of 2023, and management targets production of appr,oximately 65,000 tons in 2023. With HJF's cumulative production reaching 23,676 tons in the first half of 2023, we estimate that HJF can produce 41,324 tons in the second half of 2023, resulting in total ferronickel production of up to 90,000 tons, or a 260% year-on-year increase," Hasan revealed.
"Therefore, we recommend buying NCKL shares with a target price of Rp 1,400 per share," he said. As of Friday's trading (10/20/2023), NCKL's share price closed at Rp 995. This price increased by 1.53% or equivalent to 15 points compared to the previous closing price of Rp 980 per share.

Harita Nickel (NCKL) to Build Port and Pier on Obi Island

In an era marked by a growing awareness of the importance of the environment, companies must make every effort to meet these demands. This is especially true in Indonesia, where approximately 62% of the population is made up of millennials and Generation Z, who are highly concerned about the importance of environmental protection. One aspect of this effort is the management of hazardous waste (B3 waste).
According to Stevi Thomas C, Director of External Relations at PT Trimegah Bangun Persada (TBP, the parent company of the Harita Group), like any other industry, every industry generates waste. This waste, Stevi explains, includes leftovers from production processes that have no economic value.

"Similarly, in mining and downstream activities, TBP generates both hazardous (B3) and non-hazardous waste," Stevi explained during a recent discussion with several national media executives on Obi Island, North Maluku, where the integrated company is located.

Stevi mentioned that the company is committed to minimizing the negative impact of the waste it generates to avoid disturbing the local area. Efforts include implementing the Reduce-Reuse-Recycle (3R) initiative to minimize the amount of waste generated.

"Based on government permits and standards for waste management, the residual materials from the processing of nickel saprolite and limonite do not contain hazardous chemicals," he emphasized.

In short, Stevi continued, TBP uses the residual materials from the processing of saprolite nickel ore, such as nickel slag mixed with coal ash, to produce valuable building materials. These materials are used in the construction industry, including products such as pavers, bricks and other precast concrete products. They are also used as raw material replacements in ready-mix concrete production and as aggregate replacements in road construction.

"The results are remarkable. Their strength exceeds that of standard bricks. Even nails cannot penetrate them," said an employee who accompanied the journalists to inspect the use of bricks and pavers in houses.

Residual materials from saprolite nickel processing plants are used as construction materials in industry, while some are used in former mining areas. Similarly, residues from limonite nickel processing and refining facilities are disposed of as solid waste in designated dry pile areas.

"The use of former mining areas sets an example in the mineral industry," said Rico Windy Albert, Head of Technical Support at HJF (Halmahera Jaya Feronikel) and HPALA (Halmahera Persada Lygend), subsidiaries of TBP.

Stevi emphasized that this is in line with the company's vision to optimize resource value and provide the best contribution to shareholders, stakeholders and the nation.

"We are committed to sustainable mining and downstream operations while actively participating in environmental protection, social responsibility and corporate governance," he affirmed.

Harita Group's Efficiency: Transforming Waste into Homes

Harita Group is increasingly committed to building an integrated nickel industry ecosystem on Obi Island, North Maluku. When KONTAN visited on Friday, September 15, it was evident that they are building new factories and supporting facilities on the western side of the 2,542 km2 island to increase the production of ferronickel, nickel sulfate and cobalt sulfate.
Heavy machinery is working around the clock to complete the construction of these new factories, accompanied by the sounds of mining and the production of various nickel ore derivative products.
"I myself have been coming to Obi Island almost every month and there's always something new happening," said Stevi Thomas, Director of External Relations for PT Trimegah Bangun Persada Tbk, a subsidiary of the Harita Group responsible for managing the integrated nickel mining complex.
There are also plans for the Lim family conglomerate to build a stainless steel plant on the island, which is a 12-hour journey from Jakarta, with a connecting flight at Ternate and a three-hour speedboat ride from Labuha.
South Korean steel giant Posco is also rumored to be interested and has recently taken steps in that direction.According to PT Trimegah Bangun Persada Tbk's President Director, Roy Arfandi, in a recent statement to KONTAN, they have been continuously negotiating with potential partners for the stainless steel factory construction project. "At present, the negotiation phase is still ongoing. Hopefully, we can finalize it by the end of this year," Roy said.
Currently, the company can extract 1,353 metric tons of saprolite and 1,276 metric tons of limonite, which has a lower nickel content, annually from a total area of 5,524 hectares under the mining license (IUP). In addition, Harita also holds mining permits at several locations on Obi Island.
Not content with just the upstream mining business, in 2015, after 5 years of nickel ore mining, Harita built a ferronickel smelter with 4 production lines. Two years later, the downstream processing of saprolite nickel resulted in the production of the first ferronickel products.
As for limonite nickel, which used to be considered mining waste, they found a way to turn it into a high-value added product. Harita's founder, Lim Gunawan Hariyanto, was intrigued by the success of Chinese mining giant Ningbo Lygend in developing the PNG Ramu Nickel Laterite Project. The technology developed by ENFI was then refined into High-Pressure Acid Leach (HPAL).
"At the time, my friends were skeptical about the success of the HPAL technology because it had been tried unsuccessfully in several projects. They asked me to tell the boss not to use this technology," Stevi said.Harita's founder, Lim Gunawan Hariyanto, was intrigued by the success of Chinese mining giant Ningbo Lygend in developing the PNG Ramu nickel laterite project. The technology developed by ENFI was then refined into High-Pressure Acid Leach (HPAL).
"At the time, my friends were skeptical about the success of the HPAL technology because it had been tried unsuccessfully in several projects. They asked me to tell the boss not to use this technology," says Stevi.
However, Harita remained determined to partner with Lygend to process limonite into mixed hydroxide precipitate (MHP).
In 2019, the joint venture, PT Halmahera Persada Lygend, began construction of a limonite nickel processing and refining plant using the hydrometallurgical system. The following year, they successfully harvested MHP production.<h2>World's largest producer of nickel sulfate</h2><h2><img alt="Nikel sulfat hpl" src="https://api.tbpnickel.com/storage/images/old/news_assets/Nikel Sulfat HPL.jpg"></h2>Harita has actively pursued downstream processing of both limonite and saprolite simultaneously. Their competitive advantage lies in the integration of the upstream mining operations with the downstream processing of mining products within the same industrial zone, along with access to a jetty and port for import and export. This integration has resulted in high levels of efficiency," says Stevi.
The original ferronickel smelter with 4 production lines has doubled in capacity with the addition of a second plant with 8 production lines.
Currently, with an input capacity of 7.8 million tons of saprolite nickel ore per year, PT Halmahera Jaya Feronikel is capable of producing 780,000 tons of ferronickel per year. This means they are ready to build a stainless steel plant.
What's equally fascinating is that Halmahera Persada Lygend produces more than 365,000 tons of MHP per year.With an investment of approximately US$1 billion from the proceeds of the Initial Public Offering (IPO) of PT Trimegah Bangun Persada Tbk under the stock code NCKL, they are now capable of producing 247,000 tons of nickel sulfate and 32,000 tons of cobalt sulfate per year.
"You could say that we are currently the largest nickel sulfate producer in the world," said Rico Windy Albert, Head of Technical Support Department at PT Halmahera Persada Lygend.
Nickel sulfate and cobalt sulfate are derivatives of MHP that are only three steps away from becoming electric vehicle (EV) batteries: from nickel sulfate and cobalt sulfate, they need to be further processed into precursors, then cathodes, and finally EV batteries.
It is clear that Harita is fully committed to developing downstream products from limonite nickel. They are currently in the process of building a larger capacity version of the limonite processing plant, essentially replicating it at a higher capacity, and this plant is under construction.
It's no surprise that NCKL is optimistic about achieving their goals. If they were able to achieve sales of IDR 9.57 trillion in 2022, their sales are projected to jump to IDR 23 trillion in 2023. Similarly, their profit is estimated to increase to IDR 5.46 trillion compared to the previous year's profit of IDR 4.67 trillion.

Harita Nickel consolidates its position as the leader in integrated nickel mining in Indonesia

,,,It has been one week since the students of Loji Permai Middle School (SMP) and Tunas Muda High School (SMA) in Kawasi Village, Obi Subdistrict, South Halmahera, North Maluku started studying in their new school building. They left their old schools and moved to the new school, which is located in the new housing area of Kawasi Village, about 5 kilometers away. During this time, the teaching and learning process, as well as the two computer-based national assessments (ANBK) for SMP and SMA, went smoothly and satisfactorily.
The Kawasi village government, the management of Tunas Muda High School and the management of Loji Permai Middle School started the teaching and learning process at the new school site for 232 students on Monday (23/09/11), facilitated by the Sustainable Integrated Mining and Downstreaming Company, PT Trimegah Bangun Persada Tbk (NCKL) or Harita Nickel. Each morning, the students were picked up at around 06:30 WIT not far from their homes. With 3 (three) buses and 1 (one) minibus provided by Harita Nickel, they all went to the new school building. The SMP and SMA buildings are actually located in the same area. A total of 125 SMP students are in the building on the right, while 107 SMA students are in the building on the left."
The principal of Loji Permai Middle School, Nahor Difu, said, "The school building in the new residential area of Kawasi Village is very good and excellent. It has many facilities, such as computer labs and Internet access, which make the students feel comfortable during their learning activities."
From field observations, several students expressed their happiness to experience something new.
"It is an exciting experience. Before, we used to go to school individually, but now we can go together with our friends," said Meltri Impun, an 11th grader at Tunas Muda High School.
Meanwhile, Apesia Aviani, a seventh-grade student at Loji Permai Middle School, also expressed her happiness and satisfaction with the comfortable learning environment in the new school building.
In addition to the new experience of using transportation provided by the company to go to school, students in this new school building can also practice in the computer lab for the first time.
"The facilities are more complete. There was no computer lab in the old school, but now we have one here," said Christin S. Sambur, an 8th-grade student at Loji Permai Middle School.<img alt="Picture4" src="https://api.tbpnickel.com/storage/images/old/news_assets/Picture4.jpg"> 
The relocation of learning activities has had a significant impact, especially on the eighth and eleventh graders who are directly involved in the National Computer-Based Examination (ANBK) in the computer lab located in their own village.
Ligia Matinahor, a teacher and computer operator for the ANBK at Loji Permai Middle School, said that in the past, students had to take the ANBK in Obi, the district capital, in Laiwui village. As recently as two years ago, students were sent to the South Halmahera Regency capital of Labuha because there were no schools in the local district with adequate facilities for ANBK.
"We were always hit by waves on the way, and when we arrived, we had to stay with local people until the ANBK was completed. Thank God, this year we don't have to go to Bacan or Laiwui because we can now do ANBK in the new settlement with the help of laptops and internet provided by Harita Nickel," said Ligia.
Obet Siar, principal of Tunas Muda High School, also expressed his appreciation for Harita Nickel's attention to the continuity of education for his students. According to him, this concern is a tangible manifestation of the company's commitment to the future of education for the children of Kawasi Village. He believes the move is a necessary part of the learning process. The improved facilities have made the teaching and learning process more effective.
"This is something positive; we can now conduct ANBK in our own school. Conducting ANBK in Laiwui sub-district and the district capital requires a significant budget. We had to pay for boat tickets and accommodation, which cost between 10 and 20 million rupiahs for transportation alone," said Obet Siar.
Stevi Thomas, Harita Nickel's director of external relations, said the school's move to the new settlement in Kawasi village was done by mutual agreement to provide more appropriate educational facilities for local children. According to him, education as a crucial foundation for improving the quality of human resources must be supported with adequate infrastructure and resources.
"From the first day to today, the fourth day, we have seen renewed enthusiasm on the faces of both students and teachers. We understand the message that this new school location is having a positive impact and has generated new enthusiasm," said Stevi, while attending the school relocation ceremony on Thursday (14/9/2023).
Stevi reaffirmed the company's commitment to supporting the government's efforts to improve the quality of education. He explained that education is one of the five focus areas of the Community Development and Empowerment Program (PPM) that Harita Nickel is implementing in the vicinity of its operations on Obi Island. These five aspects include education, health, economy, infrastructure and socio-cultural development.
According to him, education, which is a critical foundation for improving the quality of human resources, must be supported with adequate facilities and infrastructure.
"We already have a computer lab, and we are continuously expanding the library's book collection. In the future, we will also have a physics laboratory. We will continue to push for improvements in facilities and infrastructure. We have a long-term vision. Graduates from this school, especially from the high school, should be competitive not only regionally but also nationally," he concluded.

By moving into the new building with full facilities, learning activities at Loji Permai Middle School and Tunas Muda High School in Kawasi Village have improved

Jakarta, CNBC Indonesia - Trimegah Bangun Persada (NCKL), a nickel mining company and subsidiary of Harita Group, will soon have two new smelters that will be operational within next two years.
Previously, the company has operated several nickel plants to increase the value of nickel ore, including the first nickel sulfate plant in Indonesia, which is also the largest in the world in product
President Director of PT Trimegah Bangun Persada (NCKL), Roy Arman Arfandy, revealed that the new nickel plant will operate on Obi Island.
"We have good operations there. We are strategically located on Obi Island and also [have] an integrated business there," Roy said at the "Nickel Conference 2023" event. CNBC Indonesia in Jakarta, Tuesday (07/25/2023).
Roy also revealed that they are a major contributor to the presence of mining activities on Obi Island and are the largest nickel producer on the island.
He further disclosed that the two new projects consist of the company's second High-Pressure Acid Leach (HPAL) nickel plant and the company's third Rotary Kiln Electric Furnace (RKEF) nickel plant.
The second HPAL project is operated by PT Obi Nickel Cobalt (ONC) and has a total capacity of 65 thousand metric tons of metal per year. The resulting product is Mixed Hydroxide Precipitate (MHP), a high-grade class 1 nickel that can be used in the construction of electric vehicle ecosystems.
The President Director of NCKL revealed that the company's second HPAL project began in 2022 and is expected to start commercial operations for the first time in the second quarter of next year.
Meanwhile, the company's third RKEF plant is being executed through PT Karunia Permai Sentosa (KPS), which is currently in its early stages but is expected to be operational by mid-2025.
The RKEF plant aims to achieve an annual production capacity of up to 185 thousand metric tons of Ferronickel (FeNi). Furthermore, Roy also disclosed that the RKEF plant will be integrated with a stainless steel plant in the future, although he did not reveal a specific timeline for the stainless steel plant.
The addition of these new plants is expected to serve as a driving force in strengthening the company's financial performance.
As of the end of the first quarter of 2023, NCKL recorded revenues of IDR 4.79 trillion with a net profit of IDR 1.37 trillion.
During the first trading session on Tuesday, July 25, NCKL shares opened higher by 2.78% at IDR 925 per share, with a market capitalization of IDR 58.37 trillion, making it one of the most valuable nickel companies listed on the Indonesia Stock Exchange.
Source:&nbsp;<a href="https://www.cnbcindonesia.com/market/20230725105305-17-457061/nckl-bakal-bangun-pabrik-nikel-raksasa-baru-di-ri">CNBC Indonesia</a>

NCKL Plans to Build a New Giant Nickel Plant in Indonesia

Several risks continue to loom over nickel producers in 2023. However, the shares of PT Trimegah Bangun Persada Tbk (NCKL) are still considered an investment opportunity, supported by the company's financial performance and expansion.
In PT BCA Sekuritas’s research on July 20, 2023, quoted on Friday (July 21, 2023), PT Trimegah Bangun Persada Tbk emerged as one of the largest nickel companies in Indonesia, holding a strong position to achieve significant revenue growth.
This positive outlook is supported by its high production volumes, which have led to capacity expansions. Additionally, the company has established strong strategic partnerships, ensuring a smooth investment process.
“Trimegah Bangun Persada Tbk is also determined to monitor operating costs as a critical factor in maintaining a healthy margin,” quoted from the research report prepared by analyst Muhammad Fariz.
BCA Sekuritas predicts that Trimegah Bangun Persada will be able to achieve revenue growth of IDR 26.73 trillion and IDR 30 trillion in 2023 and 2024, respectively. These figures are expected to grow by approximately 179% and 12%.
Furthermore, the research report quotes, “NCKL’s EBITDA and profit offer attractive growth prospects as we project a CAGR of 48% and 63% for EBITDA and profit, respectively, from 2022 to 2025.”
EBITDA is predicted to reach IDR 5.38 trillion and IDR 14.43 trillion in 2023 and 2024, respectively. Meanwhile, its net profit is expected to reach IDR 6.32 trillion in 2023 and IDR 14.3 trillion in 2024.
The report also quotes, “Additionally, the company promises a dividend yield growth from 2% in 2023 to 7% in 2025, making it an attractive investment opportunity.”
Huge IPO to support the company's future projects
PT Trimegah Bangun Persada Tbk (NCKL), through its subsidiary PT Halmahera Persada Lygend (PT HPL), officially made its maiden nickel sulfate export to China today, June 16, 2023.
Despite the less encouraging prospects in the nickel industry, BCA Sekuritas believes that Trimegah Bangun Persada will navigate the situation successfully, given the company's strong cash position. The company raised IDR 9.99 trillion from its initial public offering (IPO) by offering 7.99 billion shares to the public at a nominal value of IDR 100 per share, with an IPO price set at IDR 1,250 per share.
“A strong cash flow will have future implications as it enables the company to invest in long-term nickel projects and continuously expand its business scale.”
BCA Sekuritas expects the company's free cash flow to achieve a compounded annual growth rate (CAGR) of 9% from 2022 to 2025.
Oversupply disrupts nickel market as nickel pig iron (NPI) and mixed hydroxide precipitate (MHP) rise
According to the research report by BCA Sekuritas, the global primary nickel market is currently facing an excess supply, driven by production and supply exceeding demand.
“The price of Nickel Pig Iron (NPI) is expected to remain challenging, with the industry facing supply disruptions for several years due to excess supply. However, the increasing supply of NPI from Indonesia poses a threat to NPI production in China,”
Furthermore, the nickel and cobalt sulfate markets are also under pressure due to oversupply caused by intense competition in the electric vehicle market. The emergence of Mixed Hydroxide Precipitate (MHP) and Mixed Sulfide Precipitate (MSP) in battery production offers promising opportunities, particularly for investment in High-Pressure Acid Leaching (HPAL) or processing and refining nickel ore with HPAL technology in Indonesia.
“Despite the specter of oversupply, the outlook for HPAL in the sulfate market remains positive,”
Stock Recommendation
BCA Sekuritas recommends a “buy” rating for NCKL shares with a target price of IDR 1,690 per share based on the price-earning (PE) method.
“We have set the EPS for 2024 at IDR 228, and our target PE is determined at 7.4 times. We set this PE ratio close to that of global nickel and metal companies in 2024, considering the sector is expected to continue experiencing a downturn due to excess supply,”
The majority of profits in this sector come from volume growth and cost management. However, there are some main risks in this sector, including:
1. Declining nickel prices in NPI, MHP, and sulfate.
2. Low cobalt value affecting HPAL costs due to cobalt price volatility.
3. Regulatory and tax risks.
4. Operational risks and variability in nickel ore grades.
As of the closing of Thursday's stock trading on July 20, 2023, NCKL shares surged by 3.43% to reach IDR 905 per share. The opening price for NCKL shares was stagnant at Rp 875 per share. The highest and lowest levels for NCKL shares were IDR 915 and IDR 875 per share, respectively. The total trading frequency was 3,142 times with a trading volume of 281,835 lots of shares, resulting in a transaction value of IDR 25.3 billion.
Source: <a href="https://www.liputan6.com/saham/read/5349652/menakar-prospek-investasi-di-saham-trimegah-bangun-persada">Liputan6</a>

Assessing the Investment Prospects in Trimegah Bangun Persada Stocks

The Technical Implementation Unit of the Integrated One-Stop Administration System (Samsat) in South Halmahera Regency, North Maluku, has expressed appreciation to Harita Nickel for their compliance in paying motor vehicle taxes and surface water taxes.
“If I can issue an award certificate, I will definitely give it to HARITA Nickel as a form of appreciation for the company's cooperative efforts. The company has been diligent in paying vehicle taxes and surface water taxes,” said Head of UPTD Samsat Halsel, Fikri Abusama, during the data collection of Motor Vehicle Tax (PKB) and Surface Water Tax (PAP) objects at the Obi Island Site, Thursday, July 20, 2023.
HARITA Nickel as an integrated nickel mining and downstream company makes tax payments through PT Trimegah Bangun Persada Tbk (TBP), PT Megah Surya Pertiwi (MSP), PT Halmahera Persada Lygend (HPL), PT Halmahera Jaya Feronikel (HJF), and all its contractors.
Fikri said HARITA Nickel is one of the largest contributors to South Halmahera's Regional Original Revenue (PAD) for both PKB and PAP. From PAP until May 2023 alone, Harita Nickel has deposited at least Rp 30 billion into the Regional General Cash Account (RKUD) of the North Maluku Provincial Government. No wonder South Halmahera Regency is one of the largest PAP contributors in North Maluku.
For additional information, the target of South Halmahera PAD through UPTD Samsat this year was Rp 49 billion rupiah from PKB, PAP and motor vehicle title transfer fees (BBNKB). Currently, Samsat Halsel has managed to collect about Rp 40 billion.
UPTD Samsat Halsel hopes that other companies and agencies will follow the tax compliance steps taken by HARITA Nickel. Considering that the funds from taxes contribute to regional income, which will redistributed to the community through sustainable development.
“We hope that Harita Nickel will continue to be a cooperative company in providing vehicle data within the company, as well as surface water data. With that, the cooperation between the company and Samsat Halsel can be maintained and run smoothly,” said Fikri.
Head of Corporate Communications at Harita Nickel, Haviez Gautama, stated his gratitude for the appreciation. "UPTD Samsat Halsel appreciates Harita Nickel's commitment to supporting development in Bumi Saruma, including timely tax payments."
Head of Corporate Communications at HARITA Nickel, Haviez Gautama, express his gratitude for the appreciation. “UPTD Samsat Halsel appreciates HARITA Nickel’s commitment to supporting development in Bumi Saruma, including timely tax payments.”
Haviez also emphasized that the company's compliance with tax regulations is one of the core principles firmly held by HARITA Nickel and all of its business units operating on Obi Island. HARITA Nickel has proven that corporate social responsibility is not merely rhetoric but also an integral part of the company's operational sustainability.
Harita Nickel recognizes that tax compliance can be achieved through support and good cooperation between the company and the authorities. The active role of UPTD Samsat Halsel in providing guidance and assistance related to tax obligations has had a positive impact in promoting the company's awareness of the importance of timely tax payments.
Source:&nbsp;<a href="https://nasional.tempo.co/read/1751969/taat-bayar-pajak-harita-nickel-dapat-apresiasi">Tempo</a>