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TINS - Tighter Regulation to Support the Tin Price
January 12, 2015 09:20

The company’s outlook remains bright given recent improvements in the tin industry. Notably, the issuance of tighter regulation should reduce Indonesia’s exports of refined tin and further bolster the tin price even in the face of muted demand growth. Furthermore, the continuation of cost efficiency initiatives should also help to maintain margins. As such, we maintain our BUY recommendation on the stock with a Target Price of Rp1,400 based on DCF valuation (WACC: 12.5% and long-term growth of 0%). Our Target Price implies 16x 2015F PE. Selengkapnya