TINS posted a net loss in 1Q20 due to high inventory cost and lower ASP but we are still optimistic for the 2020F performance. We expect TINS to reach tin ore production of 58,391 tonnes, refined tin sales volume of 56,930 tonnes, and ASP of USD15,691/tonnes for 2020F. We initiate a BUY recommendation considering operational efficiency, bullish potential of global tin prices in 2H20, and the prospect of new smelter project.
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