So far this year shares of Indonesian tin miner Timah have fallen 34.15 percent to IDR 700 a piece amid declining tin prices. These prices have weakened more than five percent since the year-start. However, does this mean that Timah is an uninteresting stock pick? What do the experts think? And do they agree?
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6 July 2020 (closed)
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Today's Headlines Timah
Indonesia Investments added a preliminary company profile of Timah (TINS), an Indonesian manufacturer and exporter of tin. The company, a state-controlled enterprise (SOE), has an integrated tin mining business ranging from exploration, mining, processing to marketing. The company is one of the largest integrated tin mining companies in the world and accounts for eight percent of total global tin production. Recently, the company has been eager to expand to Myanmar in order to increase production volumes.
Latest Columns Timah
After years of struggle and negotiations there now seems light at the end of the tunnel for the Indonesian government and US mining giant Freeport-McMoRan Inc. Both sides signed a Head of Agreement on Thursday 12 July 2018 that will give Indonesia’s state-owned mining company Indonesia Asahan Aluminum (better known as Inalum) and the local government of Papua a 51.23 percent stake in Freeport Indonesia, implying the company - the operator of the Grasberg mine, which is the world’s largest gold mine and second-largest copper mine – will come under Indonesian control.
State-controlled, yet listed on the Indonesia Stock Exchange, tin producer and exporter Timah is expected to experience improving corporate earnings in 2017 supported by recovering production volumes and the rising trend of global commodity prices. Danareksa Sekuritas expects the price of refined tin to rise 12.4 percent to USD $20,000 per ton this year, followed by a further rise to USD $21,000 per ton in 2018. Meanwhile, Danareksa Sekuritas also expects Timah's production volume to rise around 25 percent (y/y) to 28,000 tons this year (slightly below the company's target of 30,000 tons).
Despite sharp rupiah depreciation and generally falling Asian stock indices, the benchmark stock index of Indonesia (Jakarta Composite Index or IHSG) managed to climb 0.12 percent to 4,898.21 points on Tuesday (22/04). Factors that contributed to push the IHSG into green territory were dividend payment announcements and optimism regarding companies' financial performances in the first quarter of 2014. Foreign investors accounted for 34 percent of today’s total trading, recording net buying of IDR 1 trillion (USD $87.7 million).
The positive response of Asian stock markets towards manufacture data from Europe, and the rebound of American and European stocks turned the Indonesia Stock Exchange (IHSG) back into green territory. Positive market sentiments impacted - as usual - on commodity stocks, particularly mining stocks, and which thus gained the most: Vale Indonesia (INCO), Antam (ANTM), Timah (TINS), and Resource Alam Indonesia (KKGI) all increased significantly.
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