Analisa Saham TINS
Timah (TINS IJ) aims to book net profit of IDR1trn in 2018
It is reported that TINS is targeting to achieve a net profit of IDR1trn in 2018, a huge jump from estimated FY17 profit of IDR506bn. At present, the final figure for 2017 financials is still in process of audit. In order to meet the target, the company aims to boost its tin ore production by 13% in 2018 and increase the contribution from chemical tin and solder tin, which had higher margin. Management is plan to allocate total capex of IDR2.6trn in 2018 which mostly used to add equipments, machinery maintenance and exploration. (Bisnis Indonesia)
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20 Feb 2018
Danareksa (OD)
TINS BUY TP 1350
Moderating growth
We recently arranged a Non-Deal Roadshow with the management of Timah
(TINS) in Singapore and Hong Kong. The key takeaways from the meetings are:
a) with slower-expected refined tin production growth of 10 – 12% yoy in 2018
(2017F: +27% yoy) to maintain prices coupled with cost efficiencies, net
profits should post a further increase in 2018 and b) global supply risk should
help to sustain tin prices amid muted global tin demand. We maintain our
BUY call on the stock with a higher target price of IDR1,350 (based on DCF
valuation) as we raise our tin production volume estimate and lower our cost
of production assumption.
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15 Feb 2018
Yuanta (FS)
TINS BUY TP 1440
Timah (TINS IJ) Profit growth through margin expansion ► Initiate with a BUY. Recovery in global economy, notably major countries such as US and China should pose well for industrial metal commodity such as Tin. LME inventory level for tin continue to decelerate and pose upside potential for tin price. These catalysts will be positive for TINS. Adding to that, the company’s effort to adding value to enhance its product mix stars to bear fruit in form of margin improvement. With these catalyst in hand, we initiate our coverage on TINS with BUY recommendation and a target price of IDR1,440/share based on target PBV FY18F of 1.54x
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