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TINS: A Gruesome Outlook, Downgrade and Lowered to Rp900
08 Nov 2019

TINS: A Gruesome Outlook

TINS’s 9M19 revenue was great, but its bottom line was below our (and consensus) expectations due to higher operating cost despite strong contribution from tin sales volume. We have more conservative on TINS earnings and cut our FY20-21F EPS by -65.1% and -48.4%, mainly to adjust higher COGS and operating cost. We downgrade rating to neutral recommendation and TP also lowered to Rp 900/share, from previously Rp 1.700/share. Our TP implies 20.0x P/E and 11.1x EV/EBITDA, based on FY20F forecasts.

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