Vale Indonesia (INCO.IJ) - Weak Nickel Price to Hit FY24 Margin
We expect INCO’s FY24F production volume to be sustained similar as FY23F at 70k tons. We trim our FY24F earnings forecast by 28% due to our lower...
346 Views
Vale Indonesia (INCO IJ) - Lower 3Q23 Profit, but In-Line 9M23
While INCO’s 3Q23 net profit fell to USD52.6 mn (-25.3% qoq/ +193% yoy), its 9M23 net profit of USD221mn (+31.3% yoy) is broadly in-line with ours...
131 Views
Metal Mining - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23
Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply...
366 Views
Strategy - Sustaining Growth
The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.
280 Views
Vale Indonesia (INCO IJ) - Down but Still Impressive
INCO’s performance was robust in 1H23 amid normalizing nickel prices, with earnings reaching USD168 mn, up 12% yoy, which was above our estimate...
179 Views