INCO: Better outlook led to solid earnings
29 Oct 2019
INCO: Better outlook led to solid earnings
INCO’s booked strong net profit in 3Q19 of US$ 26.5mn (vs. US$ 6.2mn net loss in 2Q19). We believe INCO’s financial performance will improve as indicated by +8% and +21% higher ASP in 4Q19 and 2020F, respectively. Hence, we maintain BUY for INCO at Rp 4,500/ share implies 2020F PER target of 25.1x and EV/EBITDA target of 6.7x
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