In 3Q20, ADRO recorded a modest performance with net loss of USD47 million or -180% QoQ (-142% YoY). Meanwhile, in 9M20 ADRO was able to booked bottom line of USD109 million or decreased 73% YoY. We revised our forecast for 2020-2022F to adjust with company and industry outlook. Thus, we revised our recommendation to OVERWEIGHT with Target Price at IDR1,580.
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