CGS sets IDR 7,000 target for Amman Mineral Internasional stock
Published on 10/19/2026 at 09:25 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSProfit and production outlook
- On October 9, 2026, CGS International set a target of IDR 7,000 for Amman Mineral Internasional.
- First-half 2026 sales reached USD 2.05 billion and net income reached USD 497.93 million.
- The next earnings report is scheduled for November 4, 2026.
Amman Mineral Internasional (ISIN ID1000191109) was trading at IDR 3,480 on the Indonesia Stock Exchange on October 19, 2026 at 2:14 p.m. WIB, while CGS International set a target of IDR 7,000 for the stock on October 9, 2026. The research points to higher output from Batu Hijau and greater contributions from the company's processing facilities.
CGS International began coverage with an add recommendation and a target of IDR 7,000, according to Kontan in a report dated October 9, 2026. The analyst forecast revenue growth at a 10 percent compound annual growth rate from 2026 through 2028.
Three events changed the picture
MarketScreener reported on September 21, 2026 that first-half sales reached USD 2,052.41 million, compared with USD 182.60 million a year earlier, while net income reached USD 497.93 million versus a USD 148.72 million loss. On October 1, 2026, RCTI+ reported that Nomura raised 2026 gold production guidance by 34 percent to 775,000 ounces and lifted its target from IDR 5,400 to IDR 6,400. CGS then published its IDR 7,000 target on October 9.
What supports the IDR 7,000 target?
The CGS case rests on operating leverage rather than a single commodity assumption. Kontan reported that copper cathode sales were projected to rise 63 percent to 124,000 tons in 2026, while refined gold sales were projected to increase 113 percent to 243,000 ounces. The smelter and precious metals refinery had reached full operation in July 2026.
The same research projected net gearing to fall from 1.1 times in 2025 to 0.3 times in 2028, while earnings per share were forecast to grow at a 29 percent compound annual growth rate from 2026 through 2028. The report also identified regulatory changes, mining execution and the renewal of the special mining permit after 2030 as risks.
Dates that shape the next view
TradingView lists November 4, 2026 as Amman Mineral Internasional's next earnings-report date. Kontan's October 9 research places the Elang mine's expected first production in 2032 or 2033, giving investors a longer-dated development milestone alongside the near-term earnings cycle.
Stock value and operating scale
Amman Mineral Internasional's market capitalization was IDR 252.0 trillion as of October 19, 2026. Its latest reported first-half sales and profit figures give the IDR 7,000 target a direct operating backdrop, while the stock's IDR 3,480 market level keeps the valuation debate tied to execution at Batu Hijau, the smelter and the refinery.
Market context: Market report IDX Composite.
