JAKARTA. The majority of nickel producer issuers have published their\n2025 financial reports with fairly positive results. This serves as\nvaluable capital for them as they enter 2026, when nickel commodity\nprices are on a positive trend.<\/p>\n
One nickel issuer, PT Vale Indonesia Tbk (INCO), recorded a 4.18%\nyear-on-year (yoy) revenue increase to US$990.19 million in 2025. INCO\u2019s\nnet profit for the year also grew 31.68% yoy to US$76.06 million.<\/p>\n
Additionally, PT Central Omega Resources Tbk (DKFT) achieved a 7.87%\nyoy sales increase to Rp1.58 trillion in 2025, while net profit\nattributable to the parent entity\u2019s owners rose 56.89% yoy to Rp574.39\nbillion.<\/p>\n
PT Aneka Tambang Tbk (ANTM) also noted a 56% yoy performance increase\nin its nickel segment revenue to Rp14.85 trillion in 2025, where this\nsegment contributed 18% to the company\u2019s total revenue.<\/p>\n
Only PT Merdeka Battery Materials Tbk (MBMA) faced performance\npressure in the form of a 22.28% yoy revenue decline to US$1.43 billion\nin 2025. However, MBMA\u2019s net profit attributable to the parent entity\u2019s\nowners still grew 29.76% yoy to US$29.56 million.<\/p>\n
Arinda Izzaty, analyst at Pilarmas Investindo Sekuritas, stated that\nthe performance improvement in nickel issuers indeed reflects the\ndynamics of global nickel prices and operational activities throughout\nthe year. Although nickel prices were pressured at the start of 2025 due\nto oversupply, particularly from Indonesia and China, price recovery in\nthe second half, along with cost efficiencies and increased production\nvolumes, drove profit growth for issuers like INCO, DKFT, and NICL.<\/p>\n
Moreover, ANTM benefited from increased domestic nickel ore sales in\nline with the massive downstreaming projects. \u201cMBMA\u2019s performance\ndecline indicates that exposure to selling prices and cost structures\nremains a crucial factor,\u201d she said on Monday (6\/4).<\/p>\n
Arinda continued that the outlook for nickel issuers\u2019 performance\ntends to be positive in 2026, along with nickel prices rising to around\nUS$17,000 per tonne, driven by potential improvements in demand for\nstainless steel products and electric vehicle batteries.<\/p>\n
However, the performance of nickel producer issuers will still be\ninfluenced by factors such as global nickel price stability,\nexport-import policies, energy costs, and the sustainability of\ndownstreaming projects. \u201cThe downstreaming trend is expected to\nstrengthen further due to more stable margins and higher added value\ncompared to upstream businesses,\u201d she added.<\/p>\n
David Kurniawan, Equity Analyst at PT Indo Premier Sekuritas,\nassessed that when nickel prices climb to the range of\nUS$17,000\u2013US$19,500 per tonne, profit margins for issuers in the sector\nare predicted to widen further. Issuers also have the opportunity to\nminimise risks from raw nickel ore price volatility if they can execute\ndownstreaming projects for the commodity.<\/p>\n
On the other hand, nickel producer issuers also need to beware of the\nthreat of rupiah depreciation to Rp17,000 per US dollar. \u201cCurrency\nweakening could inflate import costs for spare parts and heavy equipment\nlogistics,\u201d he said on Monday (6\/4).<\/p>\n
According to David, nickel producer issuers poised to deliver\nsuperior performance in 2026 are those with the lowest production costs\n(low-cost producers) and clear offtake agreements with smelters or\nglobal battery producers.<\/p>\n
Meanwhile, Arinda opined that nickel issuers likely to become leaders\nin 2026 are those with integrated business models from upstream to\ndownstream and exposure to high-value-added products like nickel matte\nor battery raw materials. This is because products in the downstream\nsegment tend to have more stable margins and are less sensitive to\nfluctuations in raw ore prices.<\/p>\n
In addition, issuers with high cost efficiencies, large nickel\nreserves, and strategic partnerships with global companies will be more\nresilient and able to achieve more consistent growth.<\/p>\n
On a sectoral level, nickel issuer stocks remain attractive for\nconsideration, especially for medium- to long-term oriented investors\nlooking to capitalise on the major theme of energy transition and\nelectric vehicles. However, stock selection must be selective, focusing\non fundamentals, cost structures, and positioning in the downstream\nvalue chain.<\/p>\n
From there, Arinda recommends buying INCO shares with a target price\nof Rp7,800 per share.<\/p>\n
On the other hand, David considers the nickel sector quite attractive\nfor medium-term investment in line with the green energy narrative. ANTM\nshares are seen as quite appealing due to aggressive growth in the\nnickel segment performance. INCO shares can also be a choice for\ninvestors thanks to operational efficiency advantages.<\/p>\n
Attractive options also point to MBMA and NICL shares. MBMA has\npotential for performance recovery post-major investments, while NICL\noffers appeal due to highly consistent upstream nickel business\nperformance.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/positive-performance-trend-of-nickel-issuers-poised-to-continue-into-2026-1775613251", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }