Amid the continued weakness in the rupiah and heightened global uncertainty, we believe investors should focus on companies that generate US dollar-denominated revenues (USD earners). One of our preferred names is BRMS, as the company earns most of its revenue from gold sales in US dollars, while the majority of its operating costs are denominated in rupiah. This provides a natural hedge that supports margins and profitability during periods of US dollar strength.

The recent weakness in BRMS' share price has been primarily driven by technical selling from fund managers and ETFs following index rebalancing, rather than any deterioration in the company's fundamentals. While this selling pressure may persist in the near term as passive funds continue to adjust their portfolios, we view it as sentiment-driven rather than fundamental.

Beyond the short-term technical pressure, BRMS' long-term outlook remains compelling. The company continues to hold substantial untapped gold reserves, while its fully funded expansion plan eliminates the need for additional rights issues or significant debt financing. A key catalyst is the underground mining transition at Citra Palu Mineral (CPM), which is expected to significantly increase production from mid-2027 as higher ore grades improve operational efficiency and profitability. In addition, the upside from BRMS' copper assets has yet to be fully reflected in its valuation, with recent exploration results and gradual production capacity expansion providing further long-term growth potential. Together, these factors position BRMS to deliver one of the strongest production growth profiles among Indonesia's listed gold miners and support a potential valuation re-rating over the medium term.

Overall, we believe the recent share price correction reflects temporary technical factors rather than weaker business fundamentals. Supported by its USD-earner profile, strong production growth outlook, and solid fundamentals, we see the current weakness as an attractive accumulation opportunity for medium- to long-term investors.