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INCO – Nickel Price Boosts Performance

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Maryoki Pajri
Maryoki Pajri
Analyst - Mining, Basic Ind., Agri.
Maryoki Pajri
Latest posts by Maryoki Pajri (see all)
  • PTBA – FY2020 Result Below Expectations - March 22, 2021
  • UNTR – Lower Sales Volume in 2020 - March 15, 2021
  • AALI – Higher ASP Boosts Performance - March 4, 2021

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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