ANTM - 1H23 results missed as 2Q23 earnings dropped 86% qoq

ANTM - 1H23 results missed as 2Q23 earnings dropped 86% qoq Aneka Tambang (ANTM) booked weak 2Q23 performance with revenue down 13% yoy to IDR10.07 tn while net profit dropped by 86% yoy at only IDR227 bn. These brought 1H23 revenue came at IDR21.66 tn (+15% yoy) while earnings only grew by 24% yoy at IDR1.89 tn and rather weak as those only made up 47% and 45% of consensus' 23F numbers. The flattish COGS in 2Q23 was not enough to offset the downside from revenue which might driven by lower Nickel's ASP. Note also that ANTM's 2Q23 earnings was also dragged by IDR319 bn of forex loss which brought it's core profit at IDR546 bn, yet still down by 67% qoq. (Source : Bisnis Indonesia) Comment : We anticipate potential earnings downgrade from consensus amid weak 2Q23 results while we are waiting for further operational details from the company.