ANTM recorded a modest performance with a net loss of IDR282 billion due to a decrease in revenue of up to 16.7% YoY. We revised ANTM’s estimated performance in 2020F assuming a gold sales volume of 19,888 kg and ferronickel sales volume of 26,588 TNi for 2020F plus gold ASP of IDR991 million/kg and ASP ferronickel of IDR165 million/TNi for 2020F. We still recommend BUY with TP of IDR850.
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