INCO Q4 2023 Result

26 February 2024 Price Rp 3.950 Target Price Rp5.600 with 43% potential upside BUY Investment Consideration Production grew in 4Q23 Maintaining lower costs Valuation: 43% upside For 2024F, we adjust our target price within a year to IDR 5,600. The target price is based on a 2024F EV/EBITDA target at 7.6x. With 43% potential upside, […]

INCO Q1 2024 Result

29% upside, Buy 11 July, 2024 Price Rp 3980 Target price Rp5100 Investment Consideration Expecting higher revenue in 2Q2024 Margin remain positive, Cost efficiency maintained Valuation: 29% upside

INCO Q1 2026 Result

56,5% Upside, Buy 2nd July 2026 Price Rp 4330 Target Price Rp 6780 Investment Consideration New Revenue Streams Support Long-Term Growth Q1 2026 Results: Higher Nickel Prices Drive Margin Expansion Regulation Update Valuation: Maintain Buy, TP IDR 6,780 (56.5% upside)