INCO posted a robust sales of US$687.2 million and net earnings of US$122.3 million in 9M-21. The result was supported by higher ASP, which follows the uptrend in nickel prices globally. Previously, we suspect crude oil and coal prices growth will increase INCO’s operational costs and thus hinder their performance, but INCO’s better than expected results in 9M21 allow us to give overweight recommendation for INCO.
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