Key Indices


Top Stories
Company Update | Aneka Tambang (ANTM IJ/BUY/Rp3,050/Target: Rp4,100)
- ANTM’s earnings outlook is supported by recovering gold margins, driven by lower inventory exposure, broader domestic sourcing, and stronger gold prices. The company also benefits from a higher nickel ore quota, while ferronickel and bauxite volumes are set to increase further in 2027 following the commissioning of the Halmahera FeNi plant and Mempawah alumina project. Meanwhile, SGAR continues to provide stable downstream earnings contributions. We maintain BUY with a target price of Rp4,100, reflecting stronger earnings visibility and growth prospects.
Technical Analysis
Semen Indonesia | SMGR IJ
- Trading Buy Range: We have a technical Buy at Rp1,635, and take profit at Rp1,750.
Charoen Pokphand Indonesia | CPIN IJ
- Trading Buy Range: We have a technical Buy at Rp3,010, and take profit at Rp3,190.
Top Stories
Company Update | Aneka Tambang (ANTM IJ/BUY/Rp3,050/Target: Rp4,100)
- ANTM’s earnings outlook is supported by recovering gold margins, driven by lower inventory exposure, broader domestic sourcing, and stronger gold prices. The company also benefits from a higher nickel ore quota, while ferronickel and bauxite volumes are set to increase further in 2027 following the commissioning of the Halmahera FeNi plant and Mempawah alumina project. Meanwhile, SGAR continues to provide stable downstream earnings contributions. We maintain BUY with a target price of Rp4,100, reflecting stronger earnings visibility and growth prospects.
Technical Analysis
Semen Indonesia | SMGR IJ
- Trading Buy Range: We have a technical Buy at Rp1,635, and take profit at Rp1,750.
Charoen Pokphand Indonesia | CPIN IJ
- Trading Buy Range: We have a technical Buy at Rp3,010, and take profit at Rp3,190.
Key Indices


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