ANTM - 1Q23 earnings grew 13.5% yoy, beats estimate

ANTM - 1Q23 earnings grew 13.5% yoy, beats estimate Aneka Tambang (ANTM) booked 1Q23 earnings of IDR1.66 tn Or grew by 13.5% yoy, meanwhile revenue rose 19% yoy to IDR11.59 tn. Profitability wise, 1Q23 gross profit margin was slightly down by 50bps yoy to 24.6% while net margin stood at 14.3% (-70bps yoy). From operational side, Ferronickel sales volume reached 4,287 TNi while nickel ore sales surged 48% yoy to 3.44mn tonne. ld production in 1Q23 reached 9,774 oz, largely in-line to meet FY23 target of 37,519 oz, while total ld sales grew 10% yoy to 232.2k oz. (Source : Kontan) Comment : ANTM's 1Q23 earnings came ahead of ours/consensus' estimate at around 42% of FY23 despite revenue came largely in-line at 25% of FY23.