INCO recorded a total Revenue of USD953.2 Mn (+24.6% YoY) in FY21, with higher ASP managed to offset declines in both Production and Sales volume. EBITDA also grew by 47.8% YoY, which resulted in FY21 net profit to be USD165.8 Mn (+100.2% YoY). With nickel prices forecasted to remain high in 2022 and stable production level, we continue to our BUY call for INCO with a higher TP at IDR6,250/share.
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