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INCO – Step Forward in The First Quarter

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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

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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