Mineral Mining Stock Recommendations for Monday (21/9): Check the Options
Shares in mineral mining companies are likely to attract investor attention at the start of the trading week. Several analysts have provided buy recommendations for PT Merdeka Battery Materials Tbk (MBMA), PT Vale Indonesia Tbk (INCO), PT Trimegah Bangun Persada Tbk (NCKL), and PT Aneka Tambang Tbk (ANTM).
These recommendations are supported by several catalysts, ranging from nickel price prospects and increased production and sales of nickel ore to rising gold price assumptions. Nevertheless, investors must remain mindful of risks such as rising production costs, the potential for nickel ore price corrections, and pressure on gold sales.
Below are the mineral mining sector stock recommendations from various analysts for Monday’s trading (21/09/2026).
- MBMA Stock
UBS Sekuritas Indonesia analyst, Igor Putra, recommends a ‘buy’ for MBMA with a target price of Rp 860 per share. MBMA recorded strong overall operational performance in the second quarter of 2026, in line with estimates and guidance. Although cash margins per tonne for limonite and nickel pig iron (NPI) decreased quarter-on-quarter in Q2, both remained higher than the same period last year.
Nickel ore production from the Sulawesi Cahaya Mineral (SCM) mine has reached 53% of the 2026 projection, higher than the normal seasonal pattern in the first semester. Sales of high-grade nickel matte (HGNM) recorded an increase in volume. However, higher low-grade NPI costs caused HGNM to record a net loss in Q2.
We expect solid nickel prices, driven by the reduction in mining production quotas (RKAB) and HPAL supply, to support the return on equity (ROE) of Indonesian nickel companies such as MBMA. MBMA is one of our top picks in the metals sector.
- INCO Stock
Kiwoom Sekuritas Indonesia Equity Research Analyst, Adrian Djie, recommends a ‘buy’ for INCO with a target price of Rp 6,300 per share. Strong revenue realisation was primarily supported by the Nickel Matte segment, which contributed US$ 401 million in revenue. Meanwhile, the Nickel Ore segment also recorded very high growth, with revenue reaching US$ 142 million, a 2,840% increase year-on-year.
INCO recorded nickel matte production of 16,15 and 3 tons in Q2 2026, an increase of 19% quarter-on-quarter (qoq). Consequently, total nickel matte production in the first half of 2026 reached 29,773 tons. This growth was primarily driven by strengthened operational performance following the completion of the Electric Furnace 3 Rebuild project in June 2026.
Nickel ore sales also recorded solid growth. The Bahodopi block recorded saprolite ore sales of 1.07 million wet metric tons (wmt) in Q2 2026, while the Pomalaa block recorded a significant increase in ore sales to 496,000 wmt in Q2 2026.
- NCKL Stock
OCBC Sekuritas Equity Analyst, Devi Harjoto, recommends a ‘buy’ for NCKL with a target price of Rp 1,220 per share. NCKL’s revenue growth in Q2 2026 was primarily driven by increased nickel ore sales. We believe this performance is supported by strong ASP for saprolite and limonite following the implementation of the new HPM formula. We expect saprolite sales volume to reach 14.6 million WMT in 2026, with cash margins remaining above 60%.
In the nickel processing segment, our assumption that LME nickel prices will increase annually to US$ 17,500 per tonne is expected to offset the increase in cash costs due to rising saprolite and fuel prices.
We expect the cash margin for ferronickel (FeNi) to reach 2t% in 2026. Total FeNi sales volume, including KPS Phase 3 which was completed in the first half of 2026, is projected to reach 230,000 tonnes. Meanwhile, limonite sales volume is expected to remain around 18 million WMT, with cash margins maintained at approximately 60% in 2026.
- ANTM Stock
KB Valbury Sekuritas Equity Analyst, Ashalia Fitri Yuliana, recommends a ‘buy’ for ANTM with a target price of Rp 4,000 per share. While the 2026 gold price assumption has been raised, the nickel outlook still requires close monitoring. We have raised our 2026 gold price assumption to US$ 4,500 per ounce, up from the previous US$ 4,400 per ounce. Year-to-date gold prices have reached US$ 4,544 per ounce, while in August 2026, gold prices surged 13.3% to US$ 4,563 per ounce. This increase was driven by global capital inflows into gold ETFs of approximately US$ 17.7 billion, equivalent to 120 tonnes of gold.
Accordingly, we have raised ANTM’s 2026 revenue projection to Rp 109.4 trillion, from the previous Rp 99.8 trillion. Net profit projections have also been raised to Rp 9.4 trillion. However, there is a downside risk to gold sales. The newly implemented export duties have encouraged more domestic producers to sell gold in the domestic market, potentially worsening the oversupply condition in ANTM’s primary market.
In the nickel business, ANTM has obtained additional RKAB quotas, bringing its total quota to approximately 19 million tonnes. This additional quota is expected to support future sales volumes. However, with the average ASP for nickel ore reaching US$ 73.9 per wmt in the first half of 2026, there is a potential for correction in the second half of 2026. A relaxation of production quotas in the industry could increase the national nickel ore supply and push the ASP closer to the HPM level.