Aneka Tambang (ANTM) – SELL (Maintain)
Price: Rp1,130 – Target Price: Rp760
Saved by deferred tax
- FY13 revenue grew 8% while net income fell 86% YoY, below our estimates
- However, 4Q13 performance slumped with -25% YoY on revenue and net loss on bottom line.
- Revenue growth was supported by high volume on nickel ore and gold as well as higher ASP on nickel ore. [Read more...]