INCO succeeded to book FY19 revenue of USD782 million, increasing by 0.7% YoY equal to 104.4% (+4.4%) from our estimate in 2019. We revised the 2020F/2021F estimate as follows:

1) nickel in matte production amounting to 72,025/tonne for 2020F and 73,156/tonne for 2021F;

2) HSFO volume of 1.45 million barrels for 2020F and 1.50 million barrels;

3) sales volume of 72,231 tonnes for 2020F and 75,716 tonnes for 2021F;

4) ASP of USD10,113/tonne for 2020F and USD11,229/tonne for 2021F.

Because INCO gets the least exposure to the pandemic; hence, we still recommend BUY with the lower TP of IDR2,000.

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