Analyst: Rising Nickel Prices to Boost Antam’s Contribution
Jakarta (ANTARA) — Mirae Asset Sekuritas Indonesia senior market analyst Nafan Aji Gusta said rising nickel prices could make an additional contribution to the revenue and profit of state-owned PT Aneka Tambang Tbk (ANTM), known as Antam.
In a statement in Jakarta on Wednesday, he said higher nickel prices would raise the company’s average selling price for nickel, strengthening margins and profitability in the segment.
“From the stock market’s perspective, firmer nickel prices could also improve investors’ expectations for earnings prospects and prompt a revaluation of ANTM shares. However, the catalyst’s sustainability will depend on the consistency of nickel price rises, sales volumes, production costs, as well as production quota and downstreaming policies,” he said.
Nafan said investors should also be alert to the risk of global oversupply, which could limit further gains in the commodity’s price. Confirmation of the nickel price trend and the company’s financial performance would therefore be needed before concluding that the share-price rally would continue.
Nickel was trading at around US$16,000 a tonne on the London Metal Exchange (LME).
By September 2026, Antam had posted net profit of Rp9.66 trillion, up 46 per cent from Rp6.61 trillion in the same period a year earlier. Revenue rose 23 per cent to Rp88.4 trillion from Rp72 trillion.
Domestic sales contributed Rp83.86 trillion, equivalent to 95 per cent of total revenue. This was a 21 per cent increase, reflecting strong demand for the company’s gold, nickel ore and bauxite ore.
The nickel segment, comprising ferronickel and nickel ore, accounted for 19 per cent of Antam’s total revenue through September 2026. Revenue from the segment reached Rp16.98 trillion, up 52 per cent from Rp11.15 trillion in the same period last year.
As part of efforts to optimise mining activities and operational management, Antam produced 12.16 million wet metric tonnes (wmt) of nickel ore through September 2026, with sales reaching 10.73 million wmt.
Ferronickel production stood at 11,638 tonnes of nickel in ferronickel (TNi), supported by stable operations and adequate raw material availability. Cumulative ferronickel sales reached 13,971 TNi, up 71 per cent from 8,182 TNi in the same period a year earlier.
BNI Sekuritas forecast that Antam’s net profit would grow 92 per cent to Rp12.4 trillion in 2026. It also considered the state-owned company’s shares relatively cheap, with a price-to-earnings ratio (PER) of 5.3 times.
Antam Finance and Risk Management Director Arini Kasmira said the nickel performance in the first half of this year demonstrated the importance of diversifying the commodity portfolio to maintain the quality of the company’s performance.
“The stronger contribution from the nickel business in the first half of 2026 is part of the company’s efforts to maintain a balanced portfolio amid commodity market dynamics,” Arini said.
She added that the company would continue to monitor market developments and maintain flexibility in its business strategy to optimise the potential of each commodity.
“Our focus is to maintain healthy growth through disciplined portfolio management, improved efficiency and measured business development, so that we can continue to deliver sustainable added value for the company,” Arini said.