INCO reported 1H10 net income of US$219mn (+61.1%yoy),represented 66.3%of our FY forecast and 63.4%of consensus estimates.
Actual average HSFO (High Sulphur Fuel Oil)price of US$76.79 per barrel in 2Q10 and US$76.03 per barrel in 1Q10 was lower than our average HSFO price assumption of US$95.00 per barrel.
The company ’s 1H10 sales grew by 27.8%yoy.2Q10 sales was higher than in 1Q10 of,42.3%qoq,margin reached 47.4%,which increase from 41.2%in 1H09 (vs our target for FY10 of 41.6%)
At current price,INCO is trading at 2010F and 2011F PER of 13.8x and 9.4x.We maintain our BUY recommendation on the counter.
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