production in june they say, page-10

I think the potential flaw is the profit margin. I would bet the farm that they won't achieve, let alone sustain a $10/kg margin. You just can't predict feedstock prices and/or final product prices. MAYBE $10 is a rule-of-thumb figure right now but it can be VERY different from that within a few weeks. I think this refinery will add to the global capacity noticeably (remember it's the biggest one outside of the PRC) so a simple supply demand consideration should explain an also noticeable shrinking of the profit margins of all tungsten refineries. How significant this effect might be is anybody's guess. But unless we know actual profit margins, ATC could be valued very conservatively.