After Jumbo Dividend, Analysts Reveal Business Prospects for Antam

Jakarta, CNBC Indonesia - PT Aneka Tambang Tbk (ANTM) or Antam has decided to distribute a jumbo dividend of Rp 5.04 trillion, equivalent to Rp 210 per share, from its 2025 fiscal year profits. This was approved at the Annual General Meeting of Shareholders (RUPST) held on Wednesday (10/6/2026). Senior Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, stated that fundamentally, Antam still has a solid financial position, supported by a healthy balance sheet structure and strong liquidity. Furthermore, Antam’s consistency in distributing dividends reflects the company’s commitment to providing optimal added value for shareholders. This corporate action also demonstrates that the company’s operational cash flow is in robust condition. “Going forward, Antam’s profitability will be maintained thanks to ongoing operational cost efficiency and optimisation of production volumes for their core commodities,” he told CNBC Indonesia on Friday (12/6/2026). He further assessed that Antam’s prospects remain bright in the future, influenced by geopolitical and macroeconomic uncertainty sentiments that drive up global gold prices. Additionally, the expected policy on the benchmark interest rate from The Fed is hoped to maintain gold’s attractiveness as a safe-haven asset. This situation means Antam’s precious metals refining division’s profit margin is predicted to be very strong in 2026. On the other hand, regulations related to the development of the electric vehicle battery ecosystem will also affect Antam’s performance, as the company also focuses on nickel and ferronickel businesses that can create added value. Moreover, through Indonesia Battery Corporation (IBC), Antam is collaborating with CATL and LG Energy Solution to develop the electric vehicle battery ecosystem in Indonesia. He further noted that the government’s increasingly strict policy on raw material exports actually benefits Antam, because they already have established processing infrastructure (ferronickel smelters). Nafan also sees the phenomenon of increasing public interest in gold instalment schemes as having a real positive impact for Antam. As the largest gold bar producer in Indonesia with London Bullion Market Association (LBMA) certification, Antam clearly has strong capital both upstream and downstream. “Many banking institutions, pawnshops, and digital platforms providing gold instalment services absorb their gold bar supply directly from Antam to maintain quality standards and customer trust. This certainly expands Antam’s domestic retail market base,” Nafan said. Echoing this sentiment, Head of Research at Korea Investment & Sekuritas Indonesia, Muhammad Wafi, mentioned that Antam still has solid fundamentals given that diversification in gold, nickel, and alumina is a structural advantage for the company. The decision to distribute a cash dividend reaching Rp 5.04 trillion reflects the company’s healthy cash flow. “Prospects remain positive. Catalysts come from gold prices still above US$ 4,000, the operation of the SGAR project, and the weakening of the rupiah benefiting issuers with US dollar revenue,” Wafi stated. Wafi also assessed that the gold instalment programme will have a direct impact on Antam, as the company has the potential to obtain higher margins from sales volume through the programme. Additionally, the gold segment contributes more than 60% to Antam’s total revenue. Moreover, Antam still holds the status as a gold proxy stock on the Indonesian market. The issuer has the advantage as a state-owned enterprise with the largest gold market share in Indonesia, both as an upstream producer and downstream gold bar seller. “Yes, (Antam is) the best gold proxy on the IDX. More than 60% of revenue comes from gold. The nickel and alumina segments also serve as additional buffers when gold corrects,” he added. Going forward, Wafi said Antam needs to ensure its Work Plan and Budget (RKAB) is approved, production runs according to plan, it hedges some revenue when prices are high, and makes All In Sustaining Cost (AISC) efficient. For investors holding Antam shares, they also need to monitor global gold price developments and the rupiah exchange rate.