In 3Q20, PTBA managed to book a net profit of IDR439 billion or equal to +14% QoQ although on year-on-year period, it is still at -60% YoY. Meanwhile, in 9M20 period, PTBA managed to record a bottom line of IDR1.7 trillion or down 44% YoY. We revised our forecast for 2020-2022F to adjust with company and industry outlook. Thus, we downgrade our recommendation to HOLD with higher Target Price at IDR3,030.
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