In 1Q20, INCO posted a net profit after recorded a net loss in the same period of last year. The operational side has improved, nickel in matte production increased by 34.7%, sales volume increased by 20.5% YoY, and ASP increased by 14.6% YoY. We believe nickel demand to decline in 2020 due to lower consumption from stainless steel industry but we still recommend BUY for INCO with TP of IDR3,500.
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