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MarketScreener Homepage  >  Equities  >  INDONESIA STOCK EXCHANGE  >  PT TIMAH Tbk    TINS   ID1000111800

PT TIMAH TBK

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PT TIMAH Tbk : Copper prices fall on weaker-than-expected China demand

04/07/2021 | 02:29am EDT

HANOI, April 7 (Reuters) - Copper prices fell on Wednesday as declining premiums and rising inventories showed signs of weaker-than-expected demand in China, the world's biggest metals consumer.

Three-month copper on the London Metal Exchange was down 0.8% at $8,975.50 a tonne by 0715 GMT, while the most-traded May copper contract on the Shanghai Futures Exchange ended down 0.5% at 66,900 yuan ($10,226.86) a tonne.

The Yangshan copper premium <SMM-CUYP-CN> was last at $57 a tonne, hovering around its lowest since Nov. 30, 2020, indicating subdued demand for imported copper into China, where consumption is expected to be strong in the second quarter.

Meanwhile, inventories have been rising in LME and ShFE warehouses. <MCUSTX-TOTAL> <CU-STX-SGH>

"At present, because copper prices are still relatively high, downstream buying is still not very strong," said Huatai Futures in a note.

"But with the arrival of the peak consumption season, downstream purchases will gradually begin to recover, and destocking in the second quarter is still a relatively high probability event," they said.

The price drop in metals also came amid fears of policy tightening in China following recent strong economic data in the world's second-largest economy that have already pressured its equities market.

FUNDAMENTALS

* LME aluminium fell 0.75% to $2,253 a tonne, nickel was almost unchanged at $16,735 a tonne, while tin rose 0.6% to 25,970 a tonne.

* ShFE aluminium declined 0.5% to 17,460 yuan a tonne, tin dropped 0.6% to 184,820 yuan a tonne, while zinc rose 0.3% to 21,865 yuan a tonne.

* Major Indonesian tin producer PT Timah's 2021 refined tin output is seen falling 25.6% on-year to 34,000 tonnes, while sales of the product are set to fall 44.4% annually to 31,000 tonnes this year, a company official said.

* However, refined tin exports from Indonesia jumped 33.1% in March from 6,043.21 tonnes in the year-ago period.

($1 = 6.5416 yuan) (Reporting by Mai Nguyen; Editing by Uttaresh.V and Sherry Jacob-Phillips and Kirsten Donovan)


© Reuters 2021
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PT TIMAH TBK -3.81% 1515 End-of-day quote.2.02%
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Financials
Sales 2021 15 582 B 1,06 B 1,06 B
Net income 2021 288 B 0,02 B 0,02 B
Net Debt 2021 - - -
P/E ratio 2021 40,7x
Yield 2021 -
Capitalization 11 730 B 803 M 798 M
Capi. / Sales 2021 0,75x
Capi. / Sales 2022 0,66x
Nbr of Employees 4 574
Free-Float 35,0%
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 1 437,50 IDR
Last Close Price 1 575,00 IDR
Spread / Highest target 36,5%
Spread / Average Target -8,73%
Spread / Lowest Target -49,2%
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Managers and Directors
NameTitle
Mochtar Riza Pahlevi Tabrani President Director
M. Subuh Wibisono Finance Director
M. Alfan Baharudin President Commissioner
Aidil Yuzar Head-Research & Development Division
Budhi Darmawan Head-Information Technology
Sector and Competitors
1st jan.Capitalization (M$)
PT TIMAH TBK6.06%803
SOUTHERN COPPER CORPORATION9.00%54 873
MINING AND METALLURGICAL COMPANY NORILSK NICKEL0.00%49 847
FREEPORT-MCMORAN INC.30.82%49 647
ANTOFAGASTA PLC20.10%23 405
HINDUSTAN ZINC LIMITED33.47%17 447