Indonesia EV

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Norman Choong
Nickel breakout
Narrative of a new economic proxy and a class 1 nickel shortage
norman.choong@clsa.com
+62 21 5088 7827 The LME nickel price has risen 21% since its low in April, and closed at US$20k/t,
again due to the continued drawdown of LME and SHFE nickel inventory. We believe
Chelene Indriani EV battery demand is playing a significant role, with producers turning to LME pure
+62 21 5088 7812 nickel stock to cover the shortage in intermediate battery materials. As more marginal
supply from Indonesia will only come online by year-end and is still troubled by ESG
issues and uncertainty in ore pricing, we expect nickel prices to trend higher in the
short term and to remain far above the street estimate of US$16k/t, further lifting the
earnings and growth visibility of Antam (ANTM) and Vale Indonesia (INCO); we
reiterate our BUY rating on both.
26 July 2021
Class 1 nickel shortage is taking place
Indonesia q LME and SHFE nickel inventories are seeing continued drawdown since April.
Materials q In our previous sector note, the supply/demand conundrum, we’ve highlighted a shortage of
class 1 nickel that had continue to play out, despite a pullback in early June on fed tapering
fear, nickel price continue to march on in July.
Antam ANTM IJ q The tight market and shortage narrative is often underappreciated by the market with
Rec BUY expectation of a surge of Indonesia supply, it appears that demand is stronger than expected,
Market cap US$4.3bn
3M ADV US$21.8m and supplies are less than initially feared.
Price Rp2,620
Target Rp3,800 EV demand continue to be strong
Up/downside +45%
q We’ve also highlighted that global EV sales grew 142% YoY in 1Q21, we do not have data
Vale Indonesia INCO IJ on global sales for 2Q21, however, main nickel based EV players such as Tesla and NIO are
Rec BUY seeing continued MoM growth from April to June.
Market cap US$3.7bn q Largest EV market China are seeing LFP batteries gaining market share due to numerous
3M ADV US$7.1m
Price Rp5,375 entry level models, that said, we believe the Europe and US market are still dominated by
Target Rp7,500 nickel based batteries.
Up/downside +39.5%
Indonesia might implement stricter ESG related mining measures
q Nickel price action is also supported by a news on late June, that Indonesia government is
drawing plans to restrict future NPI capacity growth.
q There are no details at this juncture, we believe the government aims to implement measures
to improve ESG scores on nickel mining which is increasingly important, but also likely to
drive up production costs curve and long term price expectation.

Reiterate BUY on ANTM and INCO

q ANTM and INCO are proxies to the global EV value chain and arguably also part the fast
growing new economies that will continue to play over the next few years.
q As average nickel price YTD of USD17,800 remains higher than consensus (USD16k), we
expect a 2H21 earnings beat, we reiterate BUY ratings on both Antam (Rp3,800 target price)
and Vale Indonesia (Rp7,500 target price), implying 42% and 38% upside.

LME + SHFE nickel inventory.

280,000 (tonnes)

270,000

260,000

250,000

240,000

230,000

220,000

210,000

200,000
Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21
www.clsa.com
Source: CLSA, Bloomberg
CLSA and CL Securities Taiwan Co., Ltd. (“CLST”) do and seek to do business with companies covered in its research reports. As such,
investors should be aware that there may be conflicts of interest which could affect the objectivity of the report. Investors should consider
this report as only a single factor in making their investment decisions. For important disclosures please refer to page 10.
 
 

 Nickel breakout Indonesia EV

Class 1 nickel shortage is taking place

The class 1 nickel market is LME and SHFE nickel inventories are seeing continued drawdown since April. In
tight our previous sector note, the Supply-demand conundrum, we highlighted a shortage
of class 1 nickel that had continue to play out, despite a pullback in early June on
fed tapering fear, nickel price continue to march on in July.

Figure 1 Figure 2

LME + SHFE nickel inventory Nickel price trend since Jan 2020
280,000 (tonnes) 22,000 (US$/ MT)
270,000
20,000
260,000
18,000
250,000
16,000
240,000

230,000 14,000

220,000 12,000
210,000
10,000
200,000
Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21

Source: CLSA, Bloomberg Source: CLSA, Bloomberg

The tight market and shortage narrative is often underappreciated by the market
due to expectation of a surge of Indonesia supply, it appears that demand is
stronger than expected, and supplies surge are not as straight forward and could
be less than initially feared .

Consultant Wood The strong demand is driven by both class 2 and class 1 nickel, i.e. stainless steel and EV
Mackenzie raised its batteries. We have been tracking data from nickel consultant Wood Mackenzie and
demand forecast observed a continuous upgrade of demand forecast for 2021, from 8.3% YoY in January, to
9.5% YoY in March, and a significant upgrade to 15.7% YoY in June.

Wood Mackenzie also further highlight the expectation for global stainless steel demand to
recover by 14% YoY, higher than the 6-8% range that we’ve gathered since beginning of
2021.

Figure 3

It also forecast a deficit in Global nickel supply and demand forecast by Wood Mackenzie (dated June)
its latest monthly outlook, 2020 YoY change 2021 YoY change
from a surplus Global (kt) 2,654
Mine production 2,654 4.9% 2,848 7.3%
Smelter production 2,541 6.0% 2,698 6.2%
Refined production 2,569 5.5% 2,755 7.2%
Consumption 2,398 (0.9%) 2,774 15.7%

Market balance 171 (19)

Cash LME price

US$/t - current 13,772 17,304
c/lb - current 625 785
Source: Wood Mackenzie

26 July 2021 norman.choong@clsa.com 2

 
 

 Nickel breakout Indonesia EV

EV demand continues to be strong

EV demand will still be We’ve also highlighted that global EV sales grew 142% YoY in 1Q21, we do not have
strong after Covid-19 data on global sales for 2Q21, however, main nickel battery based EV players such
as Tesla and NIO are seeing continued MoM growth from April to June.

Figure 4 Figure 5

Tesla China sales NIO China sales

40,000 2020 2021 9,000 2018 2019 2020 2021

35,000 8,000

7,000
30,000
6,000
25,000
5,000
20,000
4,000
15,000 3,000

10,000 2,000

5,000 1,000

0
0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: CLSA, Inside Evs Source: CLSA, Inside Evs

Largest EV market China are seeing LFP batteries gaining market share due to
numerous entry level models, that said, we believe the Europe and US market are
still dominated by nickel based batteries. Tesla China introduced nickel based model
Y in May and actually see the model being 2nd best-selling model in the month.

We remain bullish on nickel, while most commodities might see prices normalising
next year, with price drivers being a one off recovery from Covid-19. Nickel demand
is driven by strong structural growth of EV penetration going forward.

The narrative is that EV batteries demand contributed to 6% of total nickel demand,

but EV sales to total global new car sales is at a mere 4.1% in 1Q21.

Figure 6

Global EV sales growth in EV as a percentage to total yearly sales

1Q21 is equal to the full
year of 2021

Source: JATO

26 July 2021 norman.choong@clsa.com 3

 
 

 Nickel breakout Indonesia EV

Indonesia might implement stricter ESG related

mining measures
Nickel price action is also supported by a news on late June, that Indonesia
government is drawing plans to restrict future NPI capacity growth and conserve
reserves for batteries. There are no details at this juncture, we believe the
government aims to implement measures to improve ESG scores on nickel mining
which is increasingly important, but also likely to drive up production costs.

Figure 7

Indonesia nickel production Comparison of carbon emission between different nickel production methods (add BHP)
and its associated carbon 50 (tonnes) CO2 emission per ton of metal
emissions are notably 45
higher than Australia
40
35
30
25
20
15
10
5
0
Steel BHP HPAL average Coal-powered Vale Indonesia Indonesia nickel
aluminum hydropower pig iron
RKEF
Source: CLSA, Bloomberg

The most recent development of the nickel market is that Tesla has signed a supply
deal with BHP group to secure nickel supply at its Nickel West operation at
Australia. We understand that Australia has higher class 1 nickel production cost
curve of US$18-20k, compared to Indonesia’s forecasted US$15k (subject to coal
fired and low limonite ore pricing that is not finalized).

That being said, we also believe the nickel operations at Australia scored better in
terms of ESG and carbon emissions, which could be an increasingly important
criteria for battery makers going forward.

Figure 8

Indonesia might restrict Hydro powered industrial park planned at Kalimantan

class 1 nickel that is
produced from coal fired
NPI conversion route

Source: CLSA, Ministry of Maritime

26 July 2021 norman.choong@clsa.com 4

 
 

 Nickel breakout Indonesia EV

Reiterate BUYs on ANTM and INCO

ANTM and INCO are proxies to the global EV value chain and arguably also part the
fast growing new economies that will continue to play over the next few years.

Figure 9 Figure 10

Antam and Vale 21-23CL Ebitda Antam (ore sales) and Vale 2021-2023 sales volume
14,000 (Rp bn) INCO ANTM 14 (mn wmt) ANTM ore sales (LHS) (kt) 120

INCO nickel matte sales (RHS)

12,000 12 100

10,000 10
80

8,000 8
60
6,000 6
40
4
4,000

2 20
2,000
0 0
0 21CL 22CL 23CL
21CL 22CL 23CL
Source: CLSA Source: CLSA

As average nickel price YTD of US$17,800 is higher than consensus (US$16k), we

expect 2H21 earnings beat, we reiterate BUY ratings on both Antam (Rp3,800
target price) and Vale Indonesia (Rp7,500 target price), implying 42% and 38%
upside

Figure 11 Figure 12

Antam EV/Ebitda band INCO EV/Ebitda band

(X) (X)
22 20
20 18
18
16
16
14
14 +1sd 14.41x
12
12 +1sd 11.21x
avg 10.68x 10
10
8 8 avg 8.46x
-1sd 6.94x
6 6 -1sd 5.7x
4
4
2
2
Jul 16 Jul 17 Jul 18 Jul 19 Jul 20
Jul 16 Jul 17 Jul 18 Jul 19 Jul 20

Source: CLSA Source: CLSA

26 July 2021 norman.choong@clsa.com 5

 
 

 Nickel breakout Indonesia EV

Figure 13

ANTM valuation summary

Unit Value
Ebitda US$m 6,525
Target multiple x 14
EV US$m 91,348
Less Net debt US$m (607)
Equity value US$m 91,955
Num shares million 24,031
Value per share Rp/share 3,800
Source: CLSA

Figure 14

INCO valuation summary

Unit Value
Ebitda US$m 519
Target multiple x 9
EV US$m 4,669
Less Net debt US$m (389)
Equity value US$m 5,058
Num shares million 9,936
Exch rate IDR/USD 15,000
Value per share Rp/share 7,500
Source: CLSA

26 July 2021 norman.choong@clsa.com 6

 
 

 Nickel breakout Indonesia EV

Valuation details - Aneka Tambang (Persero) Tbk ANTM IJ

We based our target price on a 14x EV/Ebitda, close to 1sd above the stock’s five-
year average, applying to our 2022 forecasts. The 1sd above multiple reflects our
expectation that Antam’s profitability would be structurally higher than before in
the foreseeable future, with its 22CL Ebitda margin of 22% being all time high and
above previous peak of 14% in 2012. We also believe this improvement would
continue under our nickel price forecast of US$18.0k-18.5k/t for 21-22CL and a
mid-long term forecast of USD20k/t, driven by rising demand for electric vehicles,
economic recovery, as well as a soft US dollar.

Investment risks - Aneka Tambang (Persero) Tbk ANTM IJ

The biggest risk is nickel price volatility brought by resurfacing of additional supplies
globally from producers that previously could not generate positive cashflow. A
previous government’s ban on nickel ore export had sparked a sell-off of nickel
futures and the stock. Relaxation of the export ban could benefit Antam as it is one
of the biggest ore exporters. The Covid-19 pandemic may continue to dampen the
demand for and prices of nickel.

Valuation details - Vale Indonesia Tbk INCO IJ

We base our target price on a 9x EV/Ebitda, close to 1sd above the stock’s 5-year
average, applying this to our 2022 forecasts. The 1sd above multiple reflects our
view that Vale’s profitability would be structurally higher than before in the
foreseeable future, with its 22CL 46% Ebitda margin already higher than the
previous high of 40% in 2014 and closing in to the 42-54% range in 2009-10. We
also expect such improvement to continue as we forecast average nickel price to
reach US$18.0-18.5k/t in 21-22CL, and US$20k/t in the medium- to long-term.
Our forecast on nickel price is based on data showing strong demand for EVs,
possible economic recovery, as well as a soft US dollar.

Investment risks - Vale Indonesia Tbk INCO IJ

The biggest risk is nickel price volatility. This includes resurfacing of supplies from
overseas producers who failed to generate positive cashflow previously. The
government's decision to lift the ban on mineral-ore exports had sparked a sell-off
of nickel futures and Vale’s stock. Further relaxation of the export ban would be
detrimental to the company and the industry dynamics. A prolonged pandemic may
lower nickel demand and price, hence, harming the company’s earnings.

26 July 2021 norman.choong@clsa.com 7

 
 

 Nickel breakout Indonesia EV

ANTM Financials at a glance

Year to 31 December 2019A 2020A 2021CL (% YoY) 2022CL 2023CL

Profit & Loss (Rpbn)

Revenue 32,719 27,372 27,149 (0.8) 29,739 31,932
Cogs (ex-D&A) (27,534) (21,899) (18,671) (19,497) (20,162)
Gross Profit (ex-D&A) 5,184 5,473 8,478 54.9 10,242 11,770
SG&A and other expenses (3,492) (2,443) (3,394) (3,717) (3,992)
Op Ebitda 1,693 3,030 5,085 67.8 6,525 7,779
Depreciation/amortisation (737) (998) (1,050) (1,076) (1,101)
Op Ebit 956 2,032 4,034 98.5 5,449 6,678
Net interest inc/(exp) (113) (455) (463) (433) (358)
Other non-Op items (156) 64 (71) (171) (171)
Profit before tax 687 1,641 3,500 113.3 4,845 6,149
Taxation (493) (492) (1,049) (1,452) (1,843)
Profit after tax 194 1,149 2,451 113.3 3,393 4,306
Minority interest 37 0 0 0 0
Net profit 230 1,149 2,451 113.3 3,393 4,306
Adjusted profit 230 1,149 2,451 113.3 3,393 4,306
Cashflow (Rpbn) 2019A 2020A 2021CL (% YoY) 2022CL 2023CL
Operating profit 956 2,032 4,034 98.5 5,449 6,678
Depreciation/amortisation 737 998 1,050 5.3 1,076 1,101
Working capital changes (1,674) (88) 282 (200) (167)
Other items (895) (1,022) (1,694) (2,205) (2,605)
Net operating cashflow (877) 1,920 3,673 91.3 4,120 5,007
Capital expenditure (113) 68 (2,041) (703) (703)
Free cashflow (990) 1,988 1,631 (17.9) 3,417 4,305
M&A/Others 1,820 (557) 110 149 233
Net investing cashflow 1,707 (489) (1,931) (554) (469)
Increase in loans (1,364) (966) 103 114 125
Dividends (306) (215) (459) (635) (806)
Net equity raised/other 177 97 0 0 -
Net financing cashflow (1,492) (1,083) (355) (521) (680)
Incr/(decr) in net cash (662) 348 1,387 298.3 3,045 3,857
Exch rate movements - - - - -
Balance sheet (Rpbn) 2019A 2020A 2021CL (% YoY) 2022CL 2023CL
Cash & equivalents 3,636 3,984 5,371 34.8 8,416 12,274
Accounts receivable 1,002 1,344 1,333 (0.8) 1,460 1,568
Other current assets 3,027 3,822 3,458 (9.5) 3,555 3,635
Fixed assets 18,866 18,248 19,239 5.4 18,866 18,467
Investments 745 1,072 1,072 0 1,072 1,072
Intangible assets 0 0 0 0 0
Other non-current assets 2,919 3,259 3,259 0 3,259 3,259
Total assets 30,195 31,730 33,732 6.3 36,629 40,275
Short-term debt 2,993 4,204 4,308 2.5 4,421 4,546
Accounts payable 640 673 579 (13.9) 604 625
Other current liabs 1,660 2,676 2,676 0 2,676 2,676
Long-term debt/CBs 5,564 3,388 3,388 0 3,388 3,388
Provisions/other LT liabs 1,204 1,749 1,749 0 1,749 1,749
Shareholder funds 18,133 19,039 21,032 10.5 23,790 27,291
Minorities/other equity 0 0 0 0 0 0
Total liabs & equity 30,195 31,729 33,732 6.3 36,629 40,275
Ratio analysis 2019A 2020A 2021CL (% YoY) 2022CL 2023CL
Revenue growth (% YoY) 29.4 (16.3) (0.8) 9.5 7.4
Ebitda margin (%) 5.2 11.1 18.7 21.9 24.4
Ebit margin (%) 2.9 7.4 14.9 18.3 20.9
Net profit growth (%) (83.1) 398.9 113.3 38.4 26.9
Op cashflow growth (% YoY) (122.0) nm 91.3 12.2 21.5
Capex/sales (%) 0.3 0.2 7.5 2.4 2.2
Net debt/equity (%) 27.1 18.9 11.1 (2.6) (15.9)
Net debt/Ebitda (x) 2.9 1.2 0.5 - -
ROE (%) 1.3 6.2 12.2 15.1 16.9
ROIC (%) 1.1 6.1 11.9 15.9 19.7
Source: www.clsa.com

26 July 2021 norman.choong@clsa.com 8

 
 

 Nickel breakout Indonesia EV

INCO Financials at a glance

Year to 31 December 2019A 2020A 2021CL (% YoY) 2022CL 2023CL

Profit & Loss (US$m)

Revenue 782 765 945 23.5 1,127 1,718
Cogs (ex-D&A) (533) (492) (559) (600) (787)
Gross Profit (ex-D&A) 249 273 386 41.3 526 930
SG&A and other expenses (14) (7) (6) (7) (11)
Op Ebitda 235 266 380 42.9 519 919
Depreciation/amortisation (132) (149) (139) (149) (153)
Op Ebit 103 117 240 105.5 370 766
Net interest inc/(exp) 1 1 4 417 8 10
Other non-Op items (14) (13) 0 - -
Profit before tax 89 105 245 133.7 378 776
Taxation (32) (22) (73) (113) (233)
Profit after tax 57 83 171 106.7 264 543
Minority interest 0 0 0 0 0
Net profit 57 83 171 106.7 264 543
Adjusted profit 57 83 171 106.7 264 543
Cashflow (US$m) 2019A 2020A 2021CL (% YoY) 2022CL 2023CL
Operating profit 103 117 240 105.5 370 766
Depreciation/amortisation 132 149 139 (6.4) 149 153
Working capital changes (16) 57 (15) (15) (50)
Other items (89) (37) (77) (117) (236)
Net operating cashflow 130 286 287 0.4 387 632
Capital expenditure (166) (151) (125) (275) (125)
Free cashflow (36) 135 162 19.7 111 507
M&A/Others 5 4 8 73.8 11 14
Net investing cashflow (161) (146) (118) (264) (111)
Increase in loans (21) 0 6 62,295.6 6 21
Dividends 0 0 0 0 0
Net equity raised/other 0 0 0 0 0
Net financing cashflow (21) 0 6 62,295.6 6 21
Incr/(decr) in net cash (53) 140 176 25.9 129 541
Exch rate movements - - - - -
Balance sheet (US$m) 2019A 2020A 2021CL (% YoY) 2022CL 2023CL
Cash & equivalents 249 389 565 45.2 693 1,235
Accounts receivable 107 60 74 23.5 88 135
Other current assets 232 247 261 5.4 272 317
Fixed assets 1,467 1,500 1,486 (0.9) 1,613 1,585
Investments - - - - -
Intangible assets 0 0 0 0 0
Other non-current assets 167 110 110 0.2 110 110
Total assets 2,223 2,306 2,496 8.2 2,777 3,381
Short-term debt 1 0 - - -
Accounts payable 97 113 123 9 132 166
Other current liabs 39 48 50 4.2 51 58
Long-term debt/CBs - - - - -
Provisions/other LT liabs 144 121 128 5.2 134 155
Shareholder funds 1,941 2,024 2,195 8.5 2,459 3,002
Minorities/other equity 0 0 0 0 0
Total liabs & equity 2,223 2,306 2,496 8.2 2,777 3,381
Ratio analysis 2019A 2020A 2021CL (% YoY) 2022CL 2023CL
Revenue growth (% YoY) 0.7 (2.2) 23.5 19.3 52.4
Ebitda margin (%) 30.0 34.7 40.2 46.0 53.5
Ebit margin (%) 13.1 15.3 25.5 32.8 44.6
Net profit growth (%) (5.1) 44.3 106.7 54.4 105.5
Op cashflow growth (% YoY) (33.9) 120.1 0.4 34.5 63.5
Capex/sales (%) 21.2 19.7 13.3 24.4 7.3
Net debt/equity (%) (12.8) (19.2) (25.7) (28.2) (41.1)
Net debt/Ebitda (x) - - - - -
ROE (%) 3.0 4.2 8.1 11.4 19.9
ROIC (%) 3.7 5.2 9.6 14.2 28.0
Source: www.clsa.com

26 July 2021 norman.choong@clsa.com 9

 
 

 Important disclosures Indonesia EV

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Companies mentioned
Antam (ANTM IJ - RP2,620 - BUY)
BHP (BHP AU - A$51.27 - U-PF)
JATO (N-R)
NIO (NIO US - US$43.99 - BUY)
Tesla (N-R)
Vale Indonesia (INCO IJ - RP5,375 - BUY)

Analyst certification
The analyst(s) of this report hereby certify that the views expressed in this research report accurately reflect my/our
own personal views about the securities and/or the issuers and that no part of my/our compensation was, is, or will
be directly or indirectly related to the specific recommendation or views contained in this research report.

Important disclosures
Recommendation history of Vale Indonesia Tbk INCO IJ

Date Rec Target Date Rec Target

21 Jun 2021 BUY 7,500.00 02 Sep 2019 BUY 5,500.00
15 Jan 2021 BUY 8,600.00 06 Aug 2019 U-PF 3,000.00
20 Oct 2020 BUY 5,000.00 24 May 2019 O-PF 3,000.00
12 Aug 2020 O-PF 4,000.00 30 Jan 2019 O-PF 4,100.00
17 Jul 2020 O-PF 3,800.00 04 Oct 2018 BUY 4,400.00
03 Apr 2020 BUY 2,700.00 29 Jul 2018 BUY 6,200.00
07 Jan 2020 BUY 4,500.00
Source: CLSA

26 July 2021 norman.choong@clsa.com 10

 
 

 Important disclosures Indonesia EV

Recommendation history of NIO Inc NIO US

Date Rec Target Date Rec Target

23 Apr 2021 BUY 50.00
Source: CLSA

Recommendation history of Aneka Tambang (Persero) Tbk ANTM IJ

Date Rec Target Date Rec Target

21 Jun 2021 BUY 3,800.00 02 Sep 2019 O-PF 1,250.00
15 Jan 2021 BUY 4,000.00 20 Jun 2019 O-PF 900.00
20 Oct 2020 O-PF 1,200.00 30 Jan 2019 BUY 1,250.00
17 Jul 2020 U-PF 670.00 29 Jul 2018 BUY 1,100.00
07 Jan 2020 O-PF 950.00
Source: CLSA

26 July 2021 norman.choong@clsa.com 11

 
 

 Important disclosures Indonesia EV

Recommendation history of BHP Ltd BHP AU

Date Rec Target Date Rec Target

21 Jul 2021 U-PF 48.05 08 Feb 2019 U-PF 36.00
17 Jul 2021 U-PF 46.86 22 Jan 2019 O-PF 35.00
18 Jun 2021 U-PF 45.40 16 Jan 2019 O-PF 35.80
28 May 2021 U-PF 45.53 01 Nov 2018 O-PF 35.09*
10 Jul 2019 Dropped Coverage 17 Oct 2018 O-PF 34.90*
03 Jun 2019 U-PF 38.00 15 Oct 2018 O-PF 35.09*
17 Apr 2019 U-PF 37.50 22 Aug 2018 O-PF 33.07*
15 Apr 2019 U-PF 37.40 27 Jul 2018 O-PF 33.85*
20 Feb 2019 U-PF 36.10
Source: CLSA; * Adjusted for corporate action

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forecast return (including dividends) for the stock against the 12-
month forecast return (including dividends) for the market on which
the stock trades.
"High Conviction" Ideas are not necessarily stocks with the most
upside/downside, but those where the Research Head/Strategist
believes there is the highest likelihood of positive/negative returns.
The list for each market is monitored weekly.
Overall rating distribution for CLSA (exclude CLST) only Universe:
Overall rating distribution: BUY / Outperform - CLSA: 77.02%,
Underperform / SELL - CLSA: 22.98%, Restricted - CLSA: 0.18%; Data
as of 30 Jun 2021. Investment banking clients as a % of rating
category: BUY / Outperform - CLSA: 12.59%, Underperform / SELL -
CLSA: 1.76%; Restricted - CLSA: 0.18%. Data for 12-month period
ending 30 Jun 2021.
Overall rating distribution for CLST only Universe: Overall rating
distribution: BUY / Outperform - CLST: 93.44%, Underperform / SELL
- CLST: 6.56%, Restricted - CLST: 0.00%. Data as of 30 Jun 2021.
Investment banking clients as a % of rating category: BUY /
Outperform - CLST: 0.00%, Underperform / SELL - CLST: 0.00%,
Restricted - CLST: 0.00%. Data for 12-month period ending 30 Jun

26 July 2021 norman.choong@clsa.com 12

 



 Important disclosures
2021.
There are no numbers for Hold/Neutral as CLSA/CLST do not
have such investment rankings. For a history of the recommendation,
price targets and disclosure information for companies mentioned in
this report please write to: CLSA Group Compliance, 18/F, One Pacific
Place, 88 Queensway, Hong Kong and/or; (c) CLST Compliance (27/F,
95, Section 2 Dun Hua South Road, Taipei 10682, Taiwan, telephone
(886) 2 2326 8188). EVA® is a registered trademark of Stern, Stewart
& Co. "CL" in charts and tables stands for CLSA estimates, “CT” stands
for CLST estimates, "CRR" stands for CRR Research estimates and
“CS” for Citic Securities estimates unless otherwise noted in the
source.
Charts and tables sourced to CLSA in this report may include data
extracted from CLSA’s automated databases, which derive their
original data from a range of sources. These can include: companies;
analyst estimates/calculations; local exchanges and/or third-party
data or market pricing providers such as Bloomberg, FactSet or IBES.
Additional information on data sources for specific charts or tables
can be obtained by contacting the publishing analysts.
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and/or CLST. CLSA, CLSA Americas and/or CLST has/have produced
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estimates herein are not directed at, or intended for distribution to or
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26 July 2021 norman.choong@clsa.com
Indonesia EV
laws and regulations, CLSA, CLSA Americas, and/or CLST accept(s) no
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and United Kingdom by CLSA Europe BV or CLSA (UK).
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 Important disclosures
Participant of ASX Limited and CHI-X. This material is issued and
distributed by CAPL in Australia to "wholesale clients" only. This
material does not take into account the specific investment
objectives, financial situation or particular needs of the recipient. The
recipient of this material must not distribute it to any third party
without the prior written consent of CAPL. For the purposes of this
paragraph the term "wholesale client" has the meaning given in
section 761G of the Corporations Act 2001. CAPL’s research
coverage universe spans listed securities across the ASX All
Ordinaries index, securities listed on offshore markets, unlisted
issuers and investment products which Research management deem
to be relevant to the investor base from time to time. CAPL seeks to
cover companies of relevance to its domestic and international
investor base across a variety of sectors.
India: CLSA India Private Limited, incorporated in November 1994
provides equity brokerage services (SEBI Registration No:
INZ000001735), research services (SEBI Registration No:
INH000001113) and merchant banking services (SEBI Registration
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please contact Compliance-India@clsa.com.
Singapore: This report is distributed in Singapore by CLSA
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Singapore Pte Ltd, 80 Raffles Place, #18-01, UOB Plaza 1, Singapore
048624, Tel: +65 6416 7888, in respect of any matters arising from,
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CLSA Singapore Pte Ltd is exempted from complying with certain
requirements under the Financial Advisers Act (Chapter 110), the
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Guidelines issued thereunder (as disclosed in Part C of the Securities
Dealing Services – Singapore Annex of the CLSA terms of business),
in respect of any financial advisory services that CLSA Singapore Pte
Ltd may provide to you. MCI (P) 024/12/2020
26 July 2021 norman.choong@clsa.com
Indonesia EV
United States of America: Where any section of the research is
compiled by US analyst(s), it is distributed by CLSA Americas. Where
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However, the delivery of this research report to any person in the
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to any prohibition on dealing ahead of the dissemination of
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professional experience in matters relating to investments you should
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this research is prepared and intended as substantive research
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For all other jurisdiction-specific disclaimers please refer to
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jurisdictions.© 2021 CLSA and/or CL Securities Taiwan Co., Ltd.
(“CLST”).
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