Nomura cut Antam stock target to IDR 5,300 from IDR 6,100

Published on 10/09/2026 at 12:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Antam earned IDR 6.91 trillion in first-half 2026, up 34.40 percent. Antam stock costs EUR 0.16 on October 9, 2026 after EUR 0.16.

Key points in brief

Nomura cut its Antam target to IDR 5,300 from IDR 6,100 on September 16, 2026, while keeping a Buy rating.
Antam reported IDR 6.91 trillion in first-half 2026 net income, up 34.40 percent year over year.
Lang & Schwarz showed Antam stock unchanged at EUR 0.16 on October 9, 2026, versus a EUR 0.16 prior close.
Antam's next earnings date is scheduled for October 27, 2026.

Antam, ID1000106602, Illustration mit AI erstellt.

Nomura cut its target for Antam stock to IDR 5,300 from IDR 6,100 on September 16, 2026, while keeping a Buy rating, IDXChannel reported. The change reflects pressure on domestic gold trading margins and higher financial expenses during the first half of 2026.

Three recent catalysts changed the picture

On September 10, 2026, Antam reported first-half revenue of IDR 62.71 trillion, up 6.30 percent from IDR 59.02 trillion a year earlier, while net income rose to IDR 6.91 trillion from IDR 5.14 trillion, according to ANTARA.

On September 11, 2026, Antam outlined IDR 6.00 trillion of 2026 capital expenditure for gold and the nickel-based electric-vehicle battery chain, IDXChannel reported.

What did the target cut signal?

Nomura's September 16 assessment put the emphasis on a changing profit mix. Antam's second-quarter 2026 net income reached IDR 2.98 trillion, down 12.00 percent from the prior quarter but up 16.00 percent year over year, while the nickel segment's EBITDA increased 41.00 percent quarter over quarter, according to IDXChannel.

The counterweight was margin pressure in precious metals. Gross margin fell to 15.70 percent in the second quarter of 2026 from 19.20 percent in the prior quarter, which helps explain why the target moved lower even as nickel operations improved.

Next reporting date is October 27

Antam's next earnings release is scheduled for October 27, 2026, according to InvestPane. The same source identifies ANTM as an Indonesia Stock Exchange listing and places it in the LQ45 index.

Euro quote stays unchanged

Antam was trading at EUR 0.16 at Lang & Schwarz on October 9, 2026 at 12:44 p.m. CEST, unchanged versus the EUR 0.16 prior close dated October 8, 2026. The Indonesia Stock Exchange quote was IDR 3,180 on October 9, 2026 at 4:14 p.m. WIB, compared with IDR 3,150 previously; the two prices are separate venue references. Pintu identifies ANTM as Antam's Indonesia Stock Exchange ticker.

The further course of trading is shown by the continuously updated real-time quote of Antam stock.