Modest performance in 1Q20 because revenue and net profit slipped by 4% YoY and 20.6% YoY. Assumptions for 2020F/2021F:
1) coal production of 28.4 million tonnes for 2020F and 28.8 million tonnes for 2021F;
2) strip ratio of 4.8x for 2020F and 5.1x for 2021F;
3) sales volume of 28 million tonnes for 2020F and 28.9 million tonnes for 2021F;
4) ASP of IDR693,971/tonne for 2020F and IDR742,341/tonne for 2021F.
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