Bisnis.com, JAKARTA -- Stocks of state-owned miners are on an uptrend with various tailwinds and improvement in earnings for some. PT Aneka Tambang or Antam (ANTM), PT Timah (TINS), and PT Bukit Asam (PTBA) are among those whose stock gained since the start of the year, while co-majority owned PT Vale Indonesia (INCO) corrected.
Indonesia Stock Exchange (IDX) data shows that ANTM has jumped 103.9% year-to-date (YtD) as of Monday (26/5) when it closed at IDR 3,310 as investors retreat to gold assets amid global uncertainties. Meanwhile, TINS and PTBA each gained 10.28% and 2.9% YtD, respectively, closing at IDR 1.180 and IDR 2,830.
At the same time, INCO, co-majority owned by mining holding MIND ID, weakened 0.55% yesterday, closing at IDR 3,600.
Aside from improvements in stock performance, Antam also saw its earnings improving in Q1. Kiwoom Sekuritas analyst Miftahul Khaer explained the financial upside was not only due to the drastic rise in gold demand, but also because of the company’s efforts to cut costs, diversify products, and downstreaming strategies.
According to the company’s earnings report, Antam’s profit attributable to owners of parent or net profit surged 794.05% year-on-year (YoY) to IDR 2.13 trillion in Q1 from IDR 238.37 billion in the same period last year.
“This shows that ANTM’s performance is not just the result of momentum, but also from good cost management,” Miftahul told Bisnis, Monday (26/5/2025).
Similarly, Indo Premier Sekuritas analysts Ryan Winipta and Reggie Parengkuan considered ANTM’s rally to be correlated with the gold demand boom and reflects global gold price movements.
In their report, they mentioned that even though gold prices saw short-term contractions due to easing geopolitical tensions, ANTM is still being targeted by investors eyeing windfall gains.
“We still forecast ANTM’s net profit to exceed the consensus by at least around 40%, and we project future corrections to only be caused by risk-on sentiments,” he said.
