In Riset

BNIS Daily Report of July 30, 2020

 

 

RESEARCH REPORT

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 (firman@bnisekuritas.co.id)

 

 

RESEARCH REPORT

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 (firman@bnisekuritas.co.id)

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