ANTM: 3Q19 SOLID EARNINGS
29 Oct 2019
ANTM: 3Q19 SOLID EARNINGS
ANTM reported solid earnings in 3Q19 on the back of strong nickel price led to solid operating results. Net profit became Rp 195bn (+0.7% QoQ, -31.8% YoY). We still like ANTM with a promising outlook for 2H19 earnings. We retain our BUY recommendation with TP Rp 1,300 as we roll forward our valuation basis to FY20F. ANTM is currently trading at 24.5x and 16.8x of PER in 2019F and 2020F.
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