ANTM posted a net profit of IDR85 billion in 1H20 and outperformed our expectations. In 2Q20, ANTM recorded a net profit of IDR367 billion as nickel segment posted better margin of 18.9%. So, we change our estimates for 2020-2022F after ANTM’s better results in 2Q20 and the assumption of average gold prices to USD1,830/ons for 2020F. We maintain BUY recommendation for ANTM.
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