Assessing Antam's Share Prospects: Still Bright?
A number of analysts assess that shares of PT Aneka Tambang Tbk (Antam) remain prospective in the future. This is because ANTM’s fundamentals are considered solid going forward, particularly supported by performance growth in the gold and nickel segments.
ANTM’s financial performance in the first quarter of 2026 was quite convincing, with strongly growing profits. The company’s decision to distribute a cash dividend for the 2025 financial year amounting to Rp 5.04 trillion also reflects that the company’s cash flow and profitability are healthy.
Even so, ANTM remains an issuer whose performance is heavily dependent on the development of commodity prices such as gold, nickel, and bauxite, as well as regulatory policy developments in the mineral and coal mining sector.
Investment Analyst at Infovesta Utama, Ekky Topan, stated that ANTM’s prospects are also still quite positive, especially because gold prices remain at high levels and demand for gold as a safe haven is still strong. Moreover, there are several sentiments that could drive its shares, including geopolitical uncertainty, expectations for the future direction of global interest rates, and increasing public investment interest in gold.
ANTM is indeed often one of the shares hunted when gold prices rise. This is because the market views ANTM as one of the gold proxies on the Indonesia Stock Exchange (IDX), even though ANTM is not a pure gold company as it still has significant exposure to nickel and bauxite.
“So when gold prices rise, investors usually immediately associate it with the potential increase in Antam’s gold revenue, increased demand for precious metals, and potential profit improvement,” Ekky told CNBC Indonesia on Friday (12/6/2026).
Nevertheless, investors still need to observe several risks regarding ANTM shares. First, global gold price volatility. Second, nickel prices which can still affect ANTM’s consolidated performance.
Third, he continued, the Work Plan and Budget (RKAB) policy, royalties, and export regulations could also pose challenges for ANTM. Fourth, investors need to pay attention to ANTM’s ability to maintain gold supply and precious metal sales margins.
So the catalysts are indeed positive, but the risks remain because this is a commodity stock,” Ekky explained.
Furthermore, Ekky views ANTM shares as still attractive. For investors wanting to trade ANTM shares, a strategy that can be pursued is buy or buy on weakness because the share price movement of this issuer is quite volatile, with a price target of Rp 3,000-Rp 3,200 per share and a follow-up or swing target to the Rp 3,350 per share area.
“If gold momentum and investor interest remain strong, the next target could head towards Rp 3,500-Rp 3,600. Cut loss can be considered if the price fails to hold above the Rp 2,500 area,” he clarified.
On a separate occasion, Senior Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, stated that fundamentally, ANTM still has a solid financial position. This is supported by a healthy balance sheet structure and strong liquidity.
ANTM’s consistency in distributing dividends reflects the company’s commitment to providing optimal added value to shareholders. This corporate action also demonstrates that the company’s operational cash flow is in a 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 said.
Based on this, Nafan recommends buying ANTM shares with a target price of Rp 2,810 to Rp 3,390 per share.