Kiwoom Research | 1Q26 Equity Update - 16 July 2026 PT. Aneka Tambang Tbk (ANTM) Riding the Nickel and Gold Rally to a Stellar 1Q26 Key Takeaways: - Record-Breaking Quarterly Profit. Supported by a 12% increase in revenue to IDR 29.3tn, ANTM successfully drove its net profit up to a historic high of IDR 3.4tn. - Significant Margin Expansion Ahead. The combination of robust nickel prices and tightly controlled cash costs provides excellent visibility for widening operating margins in the coming quarters. - Solid Balance Sheet Expansion. The company's financial footing remains exceptionally strong, with total assets expanding by 31% y/y to reach IDR 63.3tn Recommendation: "BUY” We maintain our "BUY" call on ANTM with a revised Target Price of IDR 4,100 (lowered from IDR 4,800 to account for unfavorable broader market conditions). Derived using an 11x P/E target multiple (near the SD -1 PE band) applied to a 2026F net profit of IDR 8,937bn, our TP still implies a substantial 34.87% upside potential from the last closing price of IDR 3,040 (as of 15 Jul 26). Valuations remain attractive at a 2026F P/E of 11.0x and P/BV of 2.5x. Downside risks include: supply disruption, increasing fuel cost, and broader volatility in global gold prices Adrian Djie Equity Research KIWOOM SEKURITAS INDONESIA