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INCO – Solid Earnings in The First Semester

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  • Recent Posts
Meilki Darmawan
Meilki Darmawan
Analyst - Mining, Basic Ind., Agri.
Meilki Darmawan
Latest posts by Meilki Darmawan (see all)
  • UNTR – The Prospect of Coal Still Sluggish - October 1, 2020
  • INCO – Solid Earnings in The First Semester - September 23, 2020
  • PGAS – Lower Results than Expected - September 15, 2020

INCO posted a net profit of USD53 million in 1H20 and in-line with our expectation. The result was supported by higher production, higher ASP, and lower production cost as crude oil and coal prices decline. We maintain estimates for 2020-2022F after INCO’s better results in 1H20 and estimate the nickel prices to hover at USD15,300-15,800/tonne until the end of 2020. Hence, we retain BUY recommendation for INCO.

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