Upbeat ASP Aligning with Uptrend of Global Tin Price
TINS posted the growth of 13.5% y-y into IDR2.6 trillion in 4Q17’s sales underpinned by the incline in ASP. Tin metal and tin solder’s respective ASP were USD20,429/TNi (+11.0% y-y) and USD19,983/TNi (+11.8% y-y). We oversee that the hike in ASP aligned with the uptrend of global tin price.
4Q17’s Constrained Margin
Although it experienced the increment in sales, it posted the hike of 24.6% y-y into IDR2.2 trillion in COGS. It constrained margin; indeed, 4Q17’ gross margin was only 14.4% lower than 4Q16’s gross margin of 22.0%. Furthermore, 4Q17’s EBIT margin was 5.4% lower than 4Q16’s EBIT margin of 14.7%, yet the upswing in other income slightly nudged bottom line up. 4Q17’s net profit was IDR202 billion edging up by 0.3% y-y.
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