BRIDS keeps IDR 4,800 target for Antam stock

Published on 10/14/2026 at 13:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half 2026 net income reached IDR 6.4 trillion, up 36.00 percent. BRIDS expects IDR 118.7 trillion revenue for Antam stock in fiscal 2026.

Profit growth and operating mix

First-half 2026 net income reached IDR 6.4 trillion, up 36.00 percent year over year.
Nickel revenue increased 32.40 percent in the first half of 2026.
Antam stock was last at IDR 3,050.00 on October 14, 2026 at 4:14 p.m. WIB.

Antam, ID1000106602, Illustration mit AI erstellt.

BRI Danareksa Sekuritas retained its IDR 4,800.00 price target and buy recommendation for Antam on October 12, 2026, while its fiscal 2026 revenue projection stood at IDR 118.7 trillion, according to Kompas.com. The recommendation followed first-half earnings that exceeded the broker's expectations.

Three milestones shape the year

On August 28, 2026, Antam reported first-half net income of IDR 6.91 trillion and net sales of IDR 62.71 trillion, according to Kapitales. On September 11, 2026, a public-expose report cited first-half revenue of IDR 62.71 trillion and cash of IDR 9.23 trillion, according to Media Asuransi News. On October 12, 2026, Kompas.com reported first-half net income of IDR 6.4 trillion, up 36.00 percent year over year, alongside the retained target.

What drives the earnings mix?

The first-half revenue picture was uneven across commodities. Nickel revenue rose 32.40 percent year over year, while bauxite and alumina revenue increased 28.30 percent, according to Pantau. The nickel business also posted a 54.50 percent net profit margin in the second quarter of 2026, giving the earnings story a stronger industrial component than the headline gold business alone suggests.

BRIDS projected fiscal 2026 net income at IDR 9.2 trillion. First-half net income represented 69.70 percent of that estimate, while first-half revenue represented 52.90 percent of the broker's IDR 118.7 trillion revenue forecast, according to IDXChannel. Those ratios make the second half important for converting the strong profit start into the full-year projection.

Antam's Indonesian quote

Antam stock was last at IDR 3,050.00 on the Indonesia Stock Exchange on October 14, 2026 at 4:14 p.m. WIB. The quote stood within the IDR 2,450.00 to IDR 4,970.00 52-week range, while market capitalization was IDR 73.3 trillion.

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