Aneka Tambang We’re holding on, even if it does not look great in the near term

Research evidence excerpt

Aneka Tambang We’re holding on, even if it does not look great in the near term

J P M O R G A N Asia Pacific Equity Research

12 June 2026

Aneka Tambang Overweight

ANTM.JK, ANTM IJ

We’re holding on, even if it does not look great in the Price (11 Jun 26):Rp2,720

near term ▼Price Target (Jun-27):Rp4,700 Prior (Jun-27):Rp6,000

ANTM’s share price has declined 26% over the past month, underperforming the

broader index by 12%. We attribute the move primarily to (1) uncertainty around ASEAN Metals, Indo Auto &

Consumer Researchroyalty rates, potential windfall taxes and broader government take in ANTM’s ore

business, and (2) softer gold prices that have weighed on margins in its gold Benny Kurniawan, CFA AC

refining segment. Reflecting these near-term uncertainties, we cut our PT by 21% (62-21) 5291 8024

benny.kurniawan@jpmorgan.com

from IDR6,000 to IDR4,700, which still implies ~73% upside from current levels. PT J.P. Morgan Sekuritas Indonesia

Near term, we acknowledge several overhangs: (1) the announced 70% dividend

Anuja Mandvekar

payout for 2025 came in below our prior 100% payout assumption; (2) the (91-22) 6157-3369

government’s plan to add quotas in 2H26 could increase refined nickel supply; and anuja.mandvekar@jpmorgan.com

(3) a continued drift lower in gold prices could cap refining margins. With limited J.P. Morgan India Private Limited

immediate catalysts, we expect sentiment to remain cautious, even as we think 2Q

results should come in broadly okay and investor expectations appear skewed to

Key Changes (FYE Dec)the high side. That said, we see valuation and yield as meaningful supports at

current levels. ANTM is trading at just 5.3x/4.4x FY26/27 P/E, which makes a Prev Cur Δ

Revenue - 26E (Rp bn) 139,398 130,821 -6.2%

downgrade difficult to justify.