Indonesian Shares Remain Robust as State-Owned Mining Issuers Deliver the Proof

Jakarta - The fundamentals of state-owned mining issuers in Indonesia are considered strong amidst the weakening of the Composite Stock Price Index (IHSG), which has fallen by 32.8% year to date (ytd). Examining their financial reports, all members of the MIND ID holding group recorded solid and consistently positive performance throughout last year. These issuers include ANTM, PTBA, TINS, and INCO. University of Indonesia (UI) state-owned enterprise observer Toto Pranoto assessed that the MIND ID Group’s performance achievements have exceeded expectations and are not solely the result of rising commodity prices. “This performance demonstrates MIND ID’s increasingly improved ability to integrate upstream to downstream businesses, beyond the windfall profit obtained due to rising commodity prices amid unstable geopolitical situations,” Toto stated in writing, cited on Wednesday (10/6/2026). Separately, Mirae Asset Sekuritas Senior Analyst Nafan Aji Gusta said that the fundamentals of state-owned mining issuers are solid because, in terms of performance, the companies managed to exceed annual targets. This indicates that the companies’ operations are optimal. “Moreover, the dividend contribution to the state, along with loyalty tax contributions, can be a positive signal that its cash flow is healthy. Thus, these issuers from MIND ID have good sustainability,” Nafan explained. Broken down by commodity, the gold segment through PT Aneka Tambang Tbk. (ANTM) recorded a profit for the year of Rp7.92 trillion in the 2025 financial year. That achievement soared by 106% compared to the profit for the year in 2024, which amounted to Rp3.85 trillion. The profit growth was in line with an increase in the company’s revenue, which rose 22% to Rp84.64 trillion in 2025, compared to Rp69.19 trillion in the previous year. This performance was mainly supported by the gold business, which contributed around 79% to the company’s total sales. In the coal commodity segment, PT Bukit Asam Tbk. (PTBA) recorded a net profit of Rp2.93 trillion in 2025, with relatively stable revenue of Rp42.65 trillion compared to the previous year. This performance occurred amid ongoing global coal price pressures. In the tin segment, PT Timah Tbk. (TINS) recorded a net profit of Rp1.31 trillion, achieving 119% of the 2025 company work plan and budget (RKAP) target. TINS revenue was recorded at Rp11.55 trillion, an increase of 6.41% compared to Rp10.86 trillion in 2024. From nickel mining products, PT Vale Indonesia Tbk. (INCO) also recorded profit growth of 32% to US$76.1 million in 2025. Its revenue also rose to US$990.19 million. These achievements are in line with an earlier statement by Indonesia Stock Exchange (BEI) Temporary Acting President Director Jeffrey Hendrik. He said that the fundamentals of Indonesia’s capital market are currently in good condition, reflected in the financial performance of listed companies that continue to record profit growth. According to Jeffrey, all listed companies on the IDX recorded profit growth of more than 21% at the end of the 2025 financial year. Meanwhile, in the first quarter of 2026, issuers incorporated in the LQ45 group recorded net profit growth of 29.9% compared to the same period in the previous year.