Alamtri Minerals Indonesia, ID1000165608

Phintraco kept its IDR 2,310 target for Alamtri Minerals Indonesia stock

Published on 10/08/2026 at 12:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 39.30 percent to USD 584.00 million. Alamtri Minerals Indonesia stock was valued at IDR 61.3 trillion on October 8, 2026.

Alamtri Minerals Indonesia, ID1000165608, Illustration mit AI erstellt.

Phintraco Sekuritas kept its IDR 2,310 target for Alamtri Minerals Indonesia stock on September 23, 2026, according to Kontan. Alamtri Minerals Indonesia (ID1000165608) combines metallurgical coal mining with an aluminum smelter project in Indonesia.

Revenue growth meets expansion risk

According to Kontan on September 23, 2026, first-half 2026 revenue reached USD 584.00 million, up 39.30 percent from the same period of 2025. Gross profit increased 54.20 percent to USD 227.80 million, lifting the gross margin to 47.60 percent.

Net income rose 24.00 percent to USD 174.20 million in the first half of 2026, compared with USD 140.50 million a year earlier, Kontan reported. Metallurgical coal sales volume increased 9.00 percent year over year, showing that the earnings improvement extended beyond pricing alone.

Aluminum is the next valuation test

The company website identifies aluminum processing as a central growth project alongside five coal contract areas in East and Central Kalimantan. Its first-half 2026 revenue still came almost entirely from mining products, while the smelter was in its production ramp-up phase.

Kontan reported that the first smelter stage was targeted to reach annual capacity of 500,000 tons by the end of 2026. The analyst view makes the operational transition important because aluminum revenue would broaden the earnings base beyond metallurgical coal.

Short-term logistics remain a counter-factor. Phintraco cited disruption along the Barito River during the dry season, while the same report highlighted energy commodity volatility and weaker global steel demand as risks to the outlook.

IDR 61.3 trillion market value

Alamtri Minerals Indonesia had a market capitalization of IDR 61.3 trillion on October 8, 2026. The stock was quoted at IDR 1,500 on the IDX in the latest finance-market reading, compared with IDR 1,495 previously, a 0.33 percent increase.