1Q20 result is below our expectation with a decrease in net profit by 40% YoY, which is the result of a 19% YoY decrease in revenue and an increase in forex loss by 418% YoY. We cut our assumptions as follow:
1) Komatsu sales to 2,467 units for 2020F;
2) coal production to 123 million tonnes for 2020F. Revised down our 2020F revenue estimate by 8.7% but we still maintain BUY rating with TP of IDR19,000.
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