BRMS - 2Q25 softer quarter, strong 1H25 performance

BRMS - 2Q25 softer quarter, strong 1H25 performance Bumi Resources Minerals (BRMS) booked 2Q25 revenue of USD58 mn (-9.1% qoq, +40.5% yoy) as gold volume fell on lower grades from River Reef pushbacks, though ASP rose to USD3,282/oz. (Source: Company, KBVS Research) Comment : Margins narrowed due to higher tax-related costs, bringing net profit to USD9 mn (-41.2% qoq), lifting 6M25 to USD23 mn (+158% yoy), above our forecast (60.5%) but below cons. (42.6%). Adjusted for non-recurring costs, 6M25 core profit could reach USD36.5 mn. Higher grades and underground output are expected to support growth starting 4Q25, with our TP maintained at IDR560.