In Riset

BNIS Daily Report of July 30, 2020




ASII: 1H20 Result – Largely In Line with the Expectations


Key Highlight:

Astra’s 1H20 results came in largely in line with our expectation, 2Q20’s severe sales drop is not a surprise due to Covid-19- induced movement restriction.


Analyst: Firman Hidayat (




INCO: 1H20 Result – Above Expectations


Yesterday, INCO’s management announced its consolidated financial results for the period ended June 30, 2020. Our highlights are:


  1. Top line: INCO booked revenue of USD360mn, increased by 23.3% YoY, came in above our forecast but is slightly below consensus estimates. Revenue represented 61.2% of our full-year forecast and 44.8% of the full-year consensus estimate.
  2. Bottom line: INCO enjoyed the net profit of USD53mn, significantly higher than 1H19 when INCO booked a net loss of USD26.2mn, ostensibly due to there are planned maintenance activities related to the Larona Canal Relining and unplanned electric furnace issues in 1Q19.


Analyst: Firman Hidayat (