Timah (TINS.IJ, BUY) - Waiting on LME price rebound

Timah 9M11 net profit was Rp860b, increasing from 81% y/y from last year. 
However, the current tin export ban means that Timah would not book further 
revenue from tin exports for the remainder of the year under the worst case 
scenario, and will be operating at a loss in the fourth quarter. We maintain 
our forecast and BUY recommendation with Rp2,700 TP for Timah until further 
development on the export ban.


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