In 2020, PTBA managed to record a top line of IDR17.3 trillion or down by 20.5% YoY and 2.7% below our expectations. It resulted in bottom line of IDR2.4 trillion, or decline significantly by 41.2% YoY driven by decrease in ASP and lower coal production. We upgrade recommendation to BUY with higher Target Price at IDR3,280.
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