Analyst Reveals Reasons Behind Strong Investor Demand for ANTM Shares

Jakarta, CNBC Indonesia - Investor enthusiasm for collecting shares of PT Aneka Tambang Tbk (ANTM) or Antam remains high despite being overshadowed by a decline in gold prices, which had previously reached a record high above USD5,500 per ounce.

This is not without reason, considering the outlook for world gold and nickel prices is still believed to strengthen and potentially boost ANTM’s performance. In addition, ANTM has consistently distributed dividends to shareholders every year. Consequently, it is unsurprising that over the past week, specifically since 22 June, foreign investors recorded a net buy of ANTM shares amounting to Rp306.45 billion.

Senior Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, stated that ANTM’s consistency in distributing dividends is supported by solid profitability improvements. “The ability to generate strong cash flow from the gold and nickel segments provides certainty to the market that the historical dividend payout ratio (DPR) in the range of 70% to 100% is still sustainable to please shareholders,” he told CNBC Indonesia on Wednesday (1/7/2026).

For the record, ANTM posted an improved financial performance in the first quarter of 2026, with profit for the period growing to Rp3.66 trillion. This figure represents a 58% increase compared to the first quarter of 2025, which was Rp2.32 trillion. In line with this increase, ANTAM also recorded a 55% growth in Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), reaching Rp5.05 trillion in the first quarter of 2026 compared to Rp3.26 trillion in the first quarter of 2025.

ANTAM’s financial performance was driven by increasingly strong operational fundamentals. This is reflected in the optimal performance of the nickel segment, the strengthening of gold sourcing to maintain supply continuity, and the commencement of operations at the smelter grade alumina (SGA) plant, which strengthens growth in the bauxite and alumina segment.

For information, ANTM distributed a dividend of Rp128.07 per share for the 2024 fiscal year, followed by Rp151.77 per share for 2025, and Rp209.90 per share for 2026. With this track record, investors can obtain returns from dividends of 5-10% annually.

Meanwhile, in the first trading session on Thursday, 2 July 2026, ANTM shares closed up Rp160, or 6.13%, at a price of Rp2,770.