BRMS - 9M24 missed, but promising outlook

BRMS - 9M24 missed, but promising outlook Bumi Resources Minerals (BRMS) posted 9M24 revenue of USD108.48 mn (+231.3% yoy), driven by higher gold production (45.4 koz) and stronger selling prices (USD2,347/oz). Despite a lower NPM of 14.4% due to rising COGS, we view this as a strategic move to ensure quality and meet future demand. With underground mining in Palu underway and a JORC report on higher-grade reserves expected soon, we maintain our TP of IDR236, projecting a USD121 mn net profit by 2029 from optimized CPM and GM operations. We remain optimistic about updating our report, driven by improving production and strong gold prices. (Source : Company, KBVS research)