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INCO – Solid Earnings Supported by Global Nickel Price

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Samuel Glenn Tanuwidjaja
Samuel Glenn Tanuwidjaja
Analyst - Telco, Mining
Samuel Glenn Tanuwidjaja
Latest posts by Samuel Glenn Tanuwidjaja (see all)
  • TLKM – Positive Outlook on Cellular and Digital Business - December 3, 2021
  • ANTM – Solid Earnings Driven by Stable Gold Price - December 1, 2021
  • INCO – Solid Earnings Supported by Global Nickel Price - November 10, 2021

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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