Financial Reports Fuel Mining Stocks: Which Are the Most Attractive?
The cumulative revenue of mining issuers is projected to reach US$4.5 billion, representing a 38% increase year-on-year (yoy) in the first half of 2026. This is considered a positive sentiment for the share price movements of state-owned mining companies.
According to research from BRI Danareksa Sekuritas (BRIDS), revenues for metal mining issuers in the second quarter of 2026 are predicted to reach US$4.5 billion, growing 12% quarter-on-quarter (qoq) and 38% year-on-year. However, this increase is not seen as a reflection of a broad recovery in production volumes, but is rather supported by factors such as selling prices, sales timing, inventory movements, and product mix.
Alongside the increase in revenue, BRIDS estimates that the profit growth momentum in this sector for Q2-2026 remains concentrated among certain issuers. “If extending the horizon to the second half of 2026, we prefer ANTM, TINS, AMMN, INCA, NCKL, MBMA, and BRMS, considering their earnings delivery capabilities, policy risk insulation, and business execution visibility,” the BRIDS research stated.
On the other hand, Nafan Aji Gusta, Senior Market Analyst at Mirae Asset Sekuritas, noted that the sentiment from Q2-2026 financial reports serves as a primary catalyst for mining sector stocks. Investors will closely monitor whether the improvement in commodity prices during parts of Q2 can be translated into increased margins and corporate profitability. “Generally, state-owned mining stocks are beginning to show signs of a rebound, although the strengthening remains selective and has not yet formed a full upward trend,” concluded Nafan.
Furthermore, issuers with better operational efficiency and strong business diversification have the potential to receive a more positive market response. Financial performance that exceeds expectations can also trigger short-term share price increases. As an illustration, two subsidiaries of MIND ID that have released financial reports as of 30 June showed increases in their top-line figures: INCO and TINS.
PT Vale Indonesia Tbk (INCO) recorded a current period profit of US$104.37 million (approximately Rp1.89 trillion) for the first half of 2026, growing more than fourfold compared to US$25.24 million in the first half of 2025, a 313.4% increase.
Meanwhile, PT Timah (Persero) Tbk (TINS) recorded a net profit of Rp2.71 trillion in the first half of 2026. This achievement exceeded the 2026 net profit target of Rp1.61 trillion, representing 169% of the target.
Following these reports, several state-owned mining stocks were observed to rise by the close of the first trading session today. PT Aneka Tambang (Persero) Tbk (ANTM) rose 0.35% to Rp2,870, while PT Vale Indonesia (Persero) Tbk (INCO) strengthened by 7.65% to Rp5,275. Conversely, PT Bukit Asam (Persero) Tbk (PTBA) remained stagnant at Rp2,350, while PT Timah Tbk (TINS) rose 5.62% to Rp3,760 during the same period.