TINS posted a net loss of IDR390 billion in 1H20 but improved quarterly as the company recorded revenue recovery with a net profit of IDR23 billion in 2Q20. China’s refined tin imports in May already rose 1.762% YoY, hence we see that the condition will strengthen global tin prices and have the potential to improve TINS’s ASP in 2H20. We revised our estimates for 2020F and revised up the assumption of average global tin prices to USD16,805/tonnes. We maintain BUY recommendation for TINS.
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