TLKM displayed positive performance on multiple revenue streams in 9M21. Data and internet segment posted +6.1% YoY growth to IDR 60,245 billion, supported by strong market share (59.2% of total domestic market) and steady growth of subscribers (2.2% YoY) to 173.5 million. Furthermore, IndiHome segment increased by 21.9% YoY to reach IDR 19.6 trillion. Also, traffic data increased 50.4%YoY to 9.812 Petabytes.
ANTM posted a strong 9M21 earnings with revenue grew by 46.7% YoY to IDR 26.5 trillion and net earnings rose 104.1% YoY to IDR 1.71 trillion. ANTM’s better-than-expected results were on the back of surging global gold price (4.4% from July to August) after The Fed’s tapering announcement. This also helped increase ASP by 1.7% throughout Q3-21 and boosted ANTM’s domestic gold sales volume by 34.3% YoY.
INCO posted a robust sales of US$687.2 million and net earnings of US$122.3 million in 9M-21. The result was supported by higher ASP, which follows the uptrend in nickel prices globally. Previously, we suspect crude oil and coal prices growth will increase INCO’s operational costs and thus hinder their performance, but INCO’s better than expected results in 9M21 allow us to give overweight recommendation for INCO.
Overall, exports to primary consumers such as China, India and South Korea are increasing by double digit than previous period, with their percentages accounting half of total export. Uptrend in global coal also helped push PTBA’s ASP from $54/mt in 6M-20 to $66/mt in 6M-21.
ADRO’s performance in 6M-21 indicates major growth with 14.2% YoY increase in revenue and 9.6% YoY decrease in the stripping ratio.
