During the uncertain situations due to the global pandemic, ANTM managed to post a bottom line of IDR751 billion in 3Q20, +104.8% QoQ or +463.8% YoY and outperformed our previous expectations (IDR372 billion). Meanwhile, in 9M20 ANTM was able to book IDR836 billion in bottom line, increased by 48.9% YoY. Thus, we revised our forecast for 2020-2022F to adjust with the company’s outlook. We maintain BUY recommendation for ANTM with higher TP: 1,480.
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