Antm Upgrade to BUY TP 840
For Antam, we upgrade our rating to BUY from HOLD with TP of Rp840/share (+29% ), valuing it using a PBR multiple of 1.3x, its 8-year historical average.
We use PBR valuation in line with Vale Indonesia.
We believe Antam shows strong value proposition at present (0.9x-1x PBV) with the potential to go up once the nickel price overshoots on the supply dynamic changes.
Deutsche (DB)
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