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ADRO – Modest Performance During the Pandemic

  • Author
  • Recent Posts
Maryoki Pajri
Maryoki Pajri
Analyst - Mining, Basic Ind., Agri.
Maryoki Pajri
Latest posts by Maryoki Pajri (see all)
  • PTBA – FY2020 Result Below Expectations - March 22, 2021
  • UNTR – Lower Sales Volume in 2020 - March 15, 2021
  • AALI – Higher ASP Boosts Performance - March 4, 2021

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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