Analisa Saham ANTM | 3 Agustus 2018

CLSA (KZ)

ANTM IJ – Aneka Tambang 2Q18 operational highlights by Andrew Hotama and Norman Choong

Stock: Aneka Tambang, ANTM IJ
Market cap, ADTO: US$1.6bn, US$4.6m
Rec: BUY, TP: Rp1,100
Event: 2Q18 operational results

2Q18 operational result highlight:

•     Gold production: 503 kg (-7% QoQ, +20% YoY), 6M18: 47% of 18CL
•     Gold sales volume: 6,815 kg (-2% QoQ, +933% YoY), 6M18: 46% of 18CL
•     Ferronickel production: 6,724 tni (+10% QoQ, +5% YoY), 6M18: 49% of 18CL
•     Ferronickel sales volume: 7,516 tni (+40% QoQ, +44% YoY), 6M18: 50% of 18CL
•     Nickel ore production: 1.7mn wmt (-21% QoQ, +58% YoY), 6M18: 63% of 18CL
•     Nickel ore sales volume: 0.6mn wmt (-49% QoQ, +136% YoY), 6M18: 38% of 18CL

Comment:

•     Unaudited 2Q18 revenue came at Rp6.1tn (+7% QoQ, +350% YoY), we believe this is mostly on the back of higher ferronickel sales volume which was up by 10% QoQ, 5% YoY.
•     2Q18 gold revenue was recorded at Rp4.1tn, +1% QoQ and +539.5% YoY, as gold sales volume during 2Q18 was -2% QoQ but +933% YoY.
•     Gold represent 69% of total revenue in 1H18.
•     2Q18 Ferronickel revenue recorded at Rp1.56tn or up by 60.2% QoQ and 198.3% YoY.
•     This is largely driven by higher sales volume (+40% QoQ and 44% YoY) as well as higher ASP (+11% QoQ, +98% YoY)
•     2Q18 Ferronickel ASP recorded at US$6.7/lbs (+11% QoQ, +98% YoY)
•     Ferronickel represent 21% of total revenue in 1H18.
•     2Q18 revenue from nickel ore down by 48% QoQ but still up by 129% YoY, on the back of lower sales volume (-49% QoQ, +136% YoY).
•     The company stated it has exported a total of 1.96mn wmt of ore out of the total quota of 3.7mn wmt of ore.