PT Aneka Tambang Tbk (ANTM), known as Antam, posted a 46% increase in\nnet profit to Rp9.66 trillion through September 2026, supported by\nrevenue growth of 23% to Rp88.48 trillion. Several brokerages believe\nthe company\u2019s strong performance will continue through the end of 2026\nand have set high price targets for ANTM shares.<\/p>\n
During the period, EBITDA rose 45% to Rp13.48 trillion, while\noperating profit increased 53% to Rp12.05 trillion.<\/p>\n
The company\u2019s total assets reached Rp59.74 trillion, up 24%. Equity\ngrew 17% to Rp41.22 trillion, cash and cash equivalents stood at Rp10.54\ntrillion, and net cash generated from operating activities was Rp5.06\ntrillion.<\/p>\n
Cash receipts from customers totalled Rp87.92 trillion, an increase\nof 29%, in line with sales growth and effective working capital\nmanagement.<\/p>\n
Phintraco Sekuritas said Antam\u2019s performance through September 2026\nremained in line with its estimates, with downstreaming serving as the\nmain growth catalyst. The brokerage expects a combination of solid\naverage selling prices (ASPs) and higher sales volumes to lift Antam\u2019s\n2026 revenue by 43% to Rp120.93 trillion.<\/p>\n
As a result, 2026 EBITDA is forecast to rise 67.4% to Rp16.12\ntrillion. Alongside EBITDA growth and increased contributions from\nassociates, particularly PT Bintan Alumina Indonesia (BAI) and PT Weda\nBay Nickel (WBN), Phintraco Sekuritas expects Antam\u2019s full-year net\nprofit to reach Rp11.65 trillion, up 61.6% from its 2025 result. The\nbrokerage retained its buy recommendation on ANTM shares, with a fair\nvalue of Rp4,840, implying price-to-earnings ratios of 10 times for 2026\nand 9.6 times for 2027.<\/p>\n
Sucor Sekuritas analyst Andreas T said Antam\u2019s net profit this year\nwould be supported by nickel ore sales and higher selling prices. Low\ncapital expenditure would also allow the company to convert net profit\ninto cash.<\/p>\n
He forecasts net profit of Rp10 trillion this year, with free cash\nflow (FCF) of around Rp9\u201310 trillion in 2027. Capital expenditure next\nyear is expected to be only Rp1.5 trillion.<\/p>\n
\u201cThis creates sufficient room to support investment growth while also\nproviding returns to shareholders,\u201d he said in a research note on\nThursday, 29 October 2026.<\/p>\n
Assuming a dividend payout ratio of 65%, he forecasts ANTM\u2019s dividend\nyield could reach 10%, potentially providing a floor for the share\nprice. The fundamentals of its commodity business also remain highly\nsupportive, he said.<\/p>\n
Sucor maintained its buy recommendation on ANTM shares, with a high\nprice target of Rp5,500, based on a price-to-earnings ratio of 5.4\ntimes.<\/p>\n
Antam President Director Untung Budiharto said the company\u2019s solid\nperformance through September 2026 reflected strong business\nfundamentals and the effectiveness of its strategy to maintain\noperational performance and profitability.<\/p>\n
\u201cThe continued growth in performance reflects Antam\u2019s commitment to\nconsistently transform the company in support of sustainable long-term\nbusiness growth,\u201d Untung said.<\/p>\n
Antam Finance and Risk Management Director Arini Kasmira said the\npositive performance through September demonstrated the company\u2019s\nability to optimise business growth while maintaining financial\ndiscipline.<\/p>\n
Through effective working capital management, ongoing cost control\nand measured risk management, Antam had strengthened profitability and\nmaintained sound financial fundamentals amid market volatility, she\nsaid.<\/p>\n
Gold products were Antam\u2019s largest sales contributor, accounting for\n77% of total sales during the period. Gold sales rose 17% to Rp68.41\ntrillion as of the end of September.<\/p>\n
Nickel products, comprising ferronickel and nickel ore, accounted for\n19% of total sales. Revenue from the nickel segment reached Rp16.98\ntrillion, up 52% from Rp11.15 trillion in the same period a year\nearlier.<\/p>\n
The bauxite and alumina segment contributed 3% of total sales, with\nrevenue of Rp2.64 trillion, up 35% from Rp1.95 trillion.<\/p>\n
Arini added that, alongside efforts to boost operational and\nfinancial performance, Antam was stepping up its environmental, social\nand governance (ESG) initiatives. The company has also developed its own\nESG roadmap.<\/p>\n
\u201cPlans, targets and initiatives have been prepared to guide the\ncompany\u2019s sustainability journey,\u201d she said.<\/p>\n
On the environmental front, Antam\u2019s ESG targets focus on greenhouse\ngas emissions, wastewater and land rehabilitation. Its social priorities\ninclude improving community livelihoods, raising and maintaining safety\nstandards, and respecting human rights and indigenous communities.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/strong-performance-sends-antam-shares-to-lofty-price-targets-1793274742", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }