Amid the global pandemic, INCO managed to record a net profit of USD24 million in 3Q20, -2.7% QoQ or -10.7% YoY. This figure exceeds our previous estimation (USD19 million). Meanwhile, during 9M20 INCO was able to book USD76 million in net profit, jump significantly higher by 47,800% YoY (88% of 2020F). We revise our forecast for 2020-2022F to adjust with the company’s outlook. Meanwhile, we consider INCO’s price to be at a fair level. Thus, we revised the recommendation to HOLD with TP: 4,530.
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